ABOUT PAKISTAN IRON & STEEL MERCHANTS ASSOCIATION
Hello and welcome to the Pakistan Iron Steel Merchants – PISMA website.
Let we introduce PISMA.
PAKISTAN IRON & STEEL MERCHANTS ASSOCIATION – PISMA was established in 1961 under the Ministry of Commerce License no. 63 under section of 26 of Companies Act 1913. PISMA also registered with Securities and Exchange Commission of Pakistan – SECP (2007) and Director General Trade Organization.
PISMA is a non-profit, non-political association with clear objective to unite the merchants of iron, steel and allied products and to promote their business interests to take up various issues with concerned authorities for resolving issues keeping in view the highest ethical standards.
MISSION & VISION
PISMA has the clear vision to provide the iron & steel traders a platform that unit them in their business.
We are on mission to a prosperous working environment for iron & steel traders working in peaceful working eviroment
All sponsors of PISMA enjoy a reputable position in the iron & steel sector and their contribution towards the establishment of Association is fully committed and recognized.
Executive Committee consists of well-reputed industrialists, importers, exporters and merchants to look after the functions of the PISMA. These committee organizes the meeting to frame policies, rules and regulations to be followed strictly.
ACTIVITIES/ACHIEVEMENTS OF PISMA
- PISMA received license no 43 date 19-06-2008 from the Ministry of Commerce.
- Sub committees were formed with 12 Executive Committee meeting at Pimsa Central Office.
- Pisma played vital role in the determination Iron & Steel item values for custom duties and tax computation.
- One of Pisma member in Customs Committee examines Steel items to fix the dispute between importers and Customs.
- In recent years Pisma HIGHLIGHTED the misuses of SROs 450.565 and DTRE by the steel industries resulting massive evasion of Duties, Sales Tax and Income taxes.
- Pisma saves its members from the great loss of demurrage due to valuation dispute between customs and importer as the Association was successfully got the permission inbounding consignments U/S.81 which saves Millions of Rupees on account of Demurrage.
- Pisma helps Government to generate more revenue by keeping an eye on the importers who are involved in miss declaration and evasion of Custom Duties.
- Pisma has filed review appeal before the GD Valuation in case if members are not satisfied with ITP of the Valuation Department.
Central and Executive committee are obliged to
- Organize and co-ordinate actions on all matters pertaining to business members.
- Advise and assists the government information of policies relating to iron & steel business.
- Help government in keeping cordial relation with industry.
- PISMA has been granted license of the Trade Organizations Ordinance 1961 from the ministry of Commerce, Government of Pakistan.
- The Operation of the PISMA are managed through the funds provided by the sponsors in the form of fees and subscriptions.
- The business object of PISMA are guided by its Memorandum and Articles of Association prepared in accordance with the companies ordinance 1984.
FUNCTIONS OF PISMA
- To promote and protect the business interests of the Traders of Iron & Steel Merchants Association.
- To hold seminars and lectures in order to educate the members about the latest developments and techniques in the steel industry.
- To secure, organize and coordinate action on all matters pertaining to or affecting the business of the its members.
- To advise and assist the government in the formulation of useful and progressive policies
- The Organizational setup of the PISMA is developed in the line with the basic requirements needed to achieve its objectives.
TAX & FINANCIAL REPORTING REGULATIONS
- The PISMA follows the tax, financial regulations as envisaged in the ordinance and statuary laws of the country.
- The PISMA maintained a fund in a schedule bank to which all income form subscription is deposited and submitted.
- PISMA maintained proper books of accounts for recording receipts, expenditures, assets and liabilities at Head Office. A firm of chartered Accountants audit the financial statements annually.
- The audited financial statement are submitted to the Members as well as to the securities & Exchange commission of Pakistan and Government authorities.
- PISMA has clear object to not make profit but to retain the earnings to achieve its objectives.
PROPOSED PLAN OF ACTIVITIES
PISMA comprises of IRON & STEEL IMPORTERS and currently it has around 150 active members from all over Pakistan.
Pisma has Central Office in Karachi and one regional office in Lahore.
TO BROADEN THE BASE MEMBERSHIP OF PISMA
The prospective members of the Association are carrying out their business activities in almost all cities and town of Pakistan.
Association has achieve the criteria of the DTO and the Membership of the Association is in accordance with the requirements of Trade Organization Rules 2013.
ESTABLISHMENT OF REGIONAL OFFICIES
The membership target of almost 150 members is achieved, the Association has established a regional office at Lahore to cover the North Zone and render services to the members belonging to the Punjab, KPK and Balochistan.
Pisma have done great effort to increase membership in the year 2021 and it is volume of members are remarkably increased.
BUDGETING AND FINANCIAL CONTROL
The Association is already exercising maximum austerity in the expenditures.
The Executive committee shall ensure that it strives it utmost to enhance the financial resources of the Association.
Pisma exercises the maximum budgetary control expenditure so as the promotion of the cause of Association and productive activities and operations.
PROMOTION OF EFFECTIVE SAFETY MEASURES
Dealing with iron & steel products is a hazardous and risky job to do which often become very dangerous to the people and property.
The Association conducts the awareness studies to minimize such risks and suggest adequate safety measures for the safety.
Pisma very keen to provide such safety measurement to its members like uses of gloves, long boots proper clothes must be used in the working areas.
This type of awareness has been done on regular basis through issuance of newsletters, etc.