MIRA INFORM REPORT

 

 

Report Date :

07.03.2011

 

IDENTIFICATION DETAILS

 

Name :

ATLAS ENGINEERING LIMITED

 

 

Registered Office :

15th Mile, National Highway, Landhi, Karachi-75120

 

 

Country :

Pakistan

 

 

Financials (as on) :

30.06.2010

 

 

Year of Establishment :

1963

 

 

Com. Reg. No.:

0001665

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing of components and parts for automotive vehicles and tractors

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Pakistan

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

                       

Business Name

 

ATLAS ENGINEERING LIMITED

 

 

Full Address       

 

Registered Address

15th Mile, National Highway, Landhi, Karachi-75120, Pakistan

                       

Tel #

92 (21) 111-111-235

Fax #

92 (21) 35011709

Email

aelkhi@atlasengineering.com.pk

 

 

Short Description Of Business

 

Nature of Business        

Engaged in manufacturing of components and parts for automotive vehicles and tractors

Year Established

1963

Registration #

0001665

 

 

Branches

           

In Lahore, Multan, Faisalabad, Rawalpindi & Peshawar

 

 

Auditors

 

Ernst & Young Ford Rhodes Sidat Hyder

(Chartered Accountants)

 

 

Legal Status

 

Subject Company was incorporated as a Private Limited Company in 1963 then afterwards it converted to Public Limited Company in 1966

 

 

 

Details of Directors

 

Names

Designation

Mr. Yusuf H. Shirazi

 

Mr. Sadaqat Ali

 

Mr. Ali H. Shirazi

 

Mr. Bashir Makki

 

Mr. H. Masood Sohail

 

Mr. Jawaid Iqbal Ahmed

 

Mr. Mohammad Atta Karim

 

Mr. Sohail Wajahat H. Siddiqui

Chairman

 

Chief Executive Officer

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Categories of Shareholders                

 

Categories

Shareholding (%)

Associated Companies, Undertakings and Related Parties

 

NIT & ICP

 

Directors / Spouse

 

Executive

 

Public Sector Companies & Corporations

 

Individuals

 

Others

 

86.80

 

0.01

 

0.00

 

---

 

 

5.71

 

  7.47

 

0.00

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

            None    

                                       

           

B.         Associated Companies

 

(1)     Atlas Honda Limited, Pakistan.

(2)     Atlas Battery Limited, Pakistan.

(3) Allwin Engineering Industries Limited, Pakistan.

(4) Honda Atlas Cars (Pakistan) Limited, Pakistan.

(5) Atlas Bank Limited, Pakistan.

(6) Atlas Insurance Limited, Pakistan.

(7) Atlas Asset Management Limited, Pakistan.

(8) Atlas Capital Markets Limited, Pakistan.

(9) Honda Atlas Power Products (Pvt) Limited, Pakistan.

(10) Total Atlas Lubricants Pakistan (Pvt) Limited, Pakistan.

(11) Shirazi Trading Co. (Pvt) Limited, Pakistan. 

 

 

Products

 

Engaged in manufacturing of components and parts for automotive vehicles and tractors

           

 

Number of Employees

 

200 - 300

 

 

Annual Production Volume

 

The production capacity of the plant cannot be determined as this depends on the relative proportions of various types of components and parts of vehicles and tractors produced.

 

 

Annual Sales Volume

 

Years

In Pak Rupees

2009

2010

1,135,161,000/-

1,529,328,000/-

 

 

Clientele (Pakistan based)

 

(1)     ATLAS HONDA LIMITED, PAKISTAN.

(2)     PAK SUZUKI MOTOR COMPANY LIMITED, PAKISTAN.

(3)     INDUS MOTOR COMPANY LIMITED, PAKISTAN.

(4)     AL-GHAZI TRACTORS LIMITED, PAKISTAN.

(5)     MILLAT TRACTORS LIMITED, PAKISTAN.

(6)     DYL MOTORCYCLES LIMITED, PAKISTAN.

 

 

Exporting Countries

 

Mainly to Sri Lanka, Afghanistan, and Turkmenistan.

 

 

Bankers

 

(1)     Atlas Bank Limited, Pakistan.

(2)     Bank Alfalah Limited, Pakistan.

(3)     Faysal Bank Limited, Pakistan.

(4)     Habib Bank Limited, Pakistan.

(5)     Habib Metropolitan Bank Limited, Pakistan.

(6)     MCB Bank Limited, Pakistan.

(7)     Meezan Bank Limited, Pakistan.

(8)     National Bank of Pakistan.

(9)     Soneri Bank Limited, Pakistan.

(10) Standard Chartered Bank, Pakistan.

 

 

Contribution to National Exchequer

 

During the year under review, the company contributed an amount of Rs. 325.92 million in respect of sales tax, income tax and custom duty. moreover, the atlas group of which the company is a constituent member contributed Rs. 16.83 billion during the year 2009-2010 – one of the highest contributions in the country.  

 

Memberships

 

·         Federation Pakistan Chamber of Commerce & Industry.

·         Karachi Chamber of Commerce & Industry.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 85.40

UK Pound

1

           Rs. 138.25

Euro

1

           Rs. 118.72

 

Comments

 

Atlas is a diversified group dealing in engineering, financial services and trading. It consists of seven public limited companies out of which six are quoted on the Stock Exchanges in Pakistan, and four private limited companies. Atlas shareholders equity now stands over 25 billion rupees; assets have increased to over 60 billion rupees; personnel strength is over 7000 and annual sales have crossed 60 billion rupees. The Group paid taxes of Rs. 15 billion over 2% of the total government revenues. The Company can be considered for normal business dealings at usual trade terms and conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.99

UK Pound

1

Rs.73.24

Euro

1

Rs.62.80

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.