MIRA INFORM REPORT

Report Date :

07.11.2011

IDENTIFICATION DETAILS

Name :	PROGRESSIVE ENGINEERING COMPANY

Registered Office :	Plot # 10-C, 3rd Floor, Khayaban-e-Bukhari, Commercial Lane-3, Phase VI, D.H.A., Karachi,

Country :	Pakistan

Year of Establishment :	1995

Legal Form :	Partnership

Line of Business :	Suppliers of mass transfer component, bulk piping material, valves, hoses and accessories for the Oil, Gas, Petrochemical, Power generation & Water and General Engineering industry

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Business Name

PROGRESSIVE ENGINEERING COMPANY

Full Address

Registered Address

Plot # 10-C, 3rd Floor, Khayaban-e-Bukhari, Commercial Lane-3, Phase VI, D.H.A., Karachi, Pakistan

Tel #	92 (21) 35846652, 35242641
Fax #	92 (21) 35242641
Email	peco@cyber.net.pk

Short Description Of Business

a.	Nature of Business	Suppliers of mass transfer component, bulk piping material, valves, hoses and accessories for the Oil, Gas, Petrochemical, Power generation & Water and General Engineering industry
b.	Year Established	1995

Branches

None

Legal Status

Subject Company was established as a Partnership business in 1995

Details of Managing Partner / Partners

Names

Nationality

Address

Occupation

Designation

Mr. Syed Ashfaq Hussain

Mr. Muhammad Abbas

Mr. Muhammad Ali

Pakistani

Plot # 10-C, 3rd Floor, Khayaban-e-Bukhari, Commercial Lane-3, Phase VI, D.H.A., Karachi

Business

Managing Partner

Partner

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Business Activities

Subject is basically suppliers of mass transfer component, bulk piping material, valves, hoses and accessories for the Oil, Gas, Petrochemical, Power generation & Water and General Engineering industry.

It purchases against D/A, D/P basis.

It sells against Cash / Credit terms to its local customers.

It’s mainly import from European Countries, U.K., U.S.A., Taiwan, Japan, Korea & China.

Its’ major customers are Industrial Organizations, Private Companies etc

Subject operates from caption leased office premises of area measuring 700 Sq.ft. which is situated at residential + commercial area of Karachi.

Subject employs about 14 persons in its set up.

Trade Suppliers (Foreign)

Subject mainly import from suppliers belongs to Europe, U.K., U.S.A., Taiwan, Japan, Korea & China

Annual Sales Volume

Year	In Pak Rupees
2009	40,000,000/- (Estimated)

Benkers

(1) Bank Alfalah Limited, Pakistan.

(2) Askari Bank Limited, Pakistan.

(3) Habib Bank Limited, Pakistan.

(4) Faysal Bank Limited, Pakistan.

Memberships

· Karachi Chamber of Commerce & Industry.(KCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 86.30
UK Pound	1	Rs. 137.60
Euro	1	Rs. 118.50

Comments

Subject Company was established in 1995 and is a supplier of mass transfer component, bulk piping material, valves, hoses and accessories for the Oil, Gas, Petrochemical, Power generation & Water and General Engineering industry. Trade relations are reported as fair. Subject can be considered for normal business dealings at usual trade terms & conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

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%)

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