MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
PROCON ENGINEERING (PRIVATE) LIMITED |
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Registered Office : |
54 - Darul Aman Co-operative Housing Society, Shahrah-e-Faisal,
Karachi |
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Country : |
Pakistan |
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Date of Incorporation : |
1988 |
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Com. Reg. No.: |
K-00932 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer & Supplier of all types of Automotive Car
Seats & Automotive Parts |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Business Name
PROCON ENGINEERING (PRIVATE) LIMITED
Full Address
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Registered
Address |
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54 - Darul Aman Co-operative Housing Society, Shahrah-e-Faisal,
Karachi, Pakistan |
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Tel # |
92 (21) 4389515, 4389516 |
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Fax # |
92 (21) 4541974 |
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Email |
Short Description Of
Business
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Nature of Business |
Manufacturer & Supplier of all types of Automotive Car
Seats & Automotive Parts |
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Year Established |
1988 |
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Registration # |
K-00932 |
Factory Location
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Address |
D-54 To D-57, N.W.I. Zone, Port Qasim Authority, Karachi, Pakistan. |
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Tel # |
92 (21) 2560022, 2560023, 2579980, 2579981 |
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Fax # |
92 (21) 2563894 |
Auditors
Rao & Company
(Chartered Accountants)
4 - Karachi Chambers, Hasrat Mohani Road, Karachi, Pakistan.
Legal Status
Subject Company was established as a Private Limited Company in 1988
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Authorised Capital |
Rs. 50,000,000/- divided into 500,000 shares of Rs. 100/- each. |
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Issued & Paid up Capital |
Rs. 30,000,000/- divided into 300,000 shares of Rs. 100/- each. |
Details of Directors
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Names |
Nationality |
Address |
Occupation |
Designation |
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Mr. Nadeem Malik Mr. Naveed Malik Mr. Najeeb Malik Mrs. Jamshed Malik |
Pakistani Pakistani Pakistani Pakistani |
Plot # 75,
Khayaban-e-Shaheen, Phase VI, D.H.A., Karachi House # 126-Y,
Street # 18, DHA, Karachi Plot # 321,
Block K, Phase 1, Lahore Cantt, Co-operative Housing Society, Lahore 168/E, Block
III, P.E.C.H.S., Karachi |
Business Business Business Business |
Chief Executive Director Director Director |
Details of
Shareholders
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Names |
No. of Shares |
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Mr. Nadeem Malik Mr. Naveed Malik Mr. Najeeb Malik Mrs. Jamshed Malik |
75,000 75,000 75,000 75,000 |
Associated
Companies
(1) Durafoam (Pvt) Limited, Pakistan.
(2) Master Chemicals Limited,
Pakistan.
(3) Procon Engineering (Pvt) Limited, Pakistan.
(4) Khyber Plastic & Polymers Inds.
Limited, Pakistan.
(5) Fomulation Company (Pvt) Limited,
Pakistan.
(6) Master Textile Mills Limited, Pakistan.
(7) Master Motor Company Limited, Pakistan.
(8) Master Enterprises (Private) Limited,
Pakistan.
Product/Services
All types of Automobile seats, Sports car seats for Export, Reclining Mechanism with Side Assembly, Automotive fabrics, Roof headlining (moulded, suspended & perforated types), Door Trim (Moulded & Flate Types), Steering wheels (PU-Type), Rear Package Tray, Sun Visors, Fender Liner / Engine Under Cover, Sheet Metal / Body Parts, Armrest, Floor Mats, Wiring Harness, Cargo Deck, Chassis Frame
Number of Employees
More than 200
Annual Sales Volume
(In Pak Rupees)
More than 300,000,000/-
Production Capacity
4000 seats in a month on a single shift basis, Procon has the capability to fulfill any requirements for car seats or interior.
Trade Suppliers
(Foreign)
(1) COMPACT TRADING CO. LIMITED.
(2) HONDA TRADING (THAILAND) CO.
Exporting Countries
Mainly to U.S.A. & European Countries
Customers
Procon supplies finished products of high quality to car ,truck, bus, motorcycle, pickup & tractor manufacturers like Suzuki, Toyota, Honda, Nissan, Hyundai, Kia Motors, Daihatsu, Hino, Nissan Diesel, Volvo, Honda Motorcycle, Yamaha Motorcycle, Suzuki Motorcycle, Millat Tractor & Al-Ghazi Tractor
Bankers & their
addresses
Bank Al Habib Limited, Mackinnons Building, I.I. Chundrigar Road, Karachi, Pakistan.(Mortgage obtained PKR 503,000,000/-)
ABN AMRO Bank N.V., 16, Abdullah Haroon Road, Karachi, Pakistan.
(Mortgage obtained PKR 266,700,000/-)
Financial Position
Sound
Market Reputation of
Directors
Very Good.
Foreign Exchange
Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.75 |
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UK Pound |
1 |
Rs. 117.80 |
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Euro |
1 |
Rs. 80.50 |
Comments
Subject Company was established in 1988 and is engaged in manufacture & Sale of all types of Automotive Car Seats
& Automotive Parts. Market reputation is good. Trade relations are reported
as fair. Subject Company can be considered for normal business dealings at
usual trade terms and conditions.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)