MIRA INFORM REPORT

 

 

Report Date :           

12.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HEAVY MECHANICAL COMPLEX (PVT) LIMITED

 

 

Registered Office :

Hattar Road, Taxila District, Rawalpindi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1975

 

 

Com. Reg. No.:

0004875  

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer & Exporter of Cement Plants, Industrial Acohol Plants, Heavy Casting & Forgings, General Steel Structures , Road Rollers, Heavy Processing Plants, Asphalt Mixing Plants, Boiler, Cranes, Oil & Gas Processing Plants, Petrochemical Plants , Fertilizer Plants, Thermal & HydroPower

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

HEAVY MECHANICAL COMPLEX (PVT) LIMITED

 

 

Full Address       

 

Registered Address

Hattar Road, Taxila District, Rawalpindi, Pakistan

                       

Tel #

92 (51) 9270562 (4 Lines), 9314181

Fax #

92 (51) 9270560, 9314203

 

 

Short Description Of Business

 

a.

Nature of Business        

Manufacturer & Exporter of Cement Plants, Industrial Acohol Plants, Heavy Casting & Forgings, General Steel Structures , Road Rollers, Heavy Processing Plants, Asphalt Mixing Plants, Boiler, Cranes, Oil & Gas Processing Plants, Petrochemical Plants , Fertilizer Plants, Thermal & HydroPower

b.

Year Established

1975

c.

Registration No.

0004875  

 

 

Branches

 

In Lahore & Rawalpindi

 

 

Auditors

 

Hameed Khan & Company

(Chartered Accountants)

16-A, Link Farid Kot Road, AG Office, Lahore, Pakistan

Legal Status

 

Subject Company was established as a Private Limited Company in 1975

 

 

Authorized Capital

Rs. 1,080,000,000/- divided into 100,800,000 shares of Rs. 10/- each

Issued & Paid up Capital

Rs. 1,077,008,500/- divided into 107,700,850 shares of Rs. 10/- each

 

Details of Directors

 

Names

Designation

Dr. Muhammad Ashraf Butt

 

Mr. Anwar Ali

 

Mr. Abdul Hai

 

Mr. Javed Iqbal Minhas

 

Dr. Syed Wilayat Hussain

 

Brig (Retd) Sajjad Ahmed

 

Mr. Munir Ahmed

 

Mr. Sohail Mazhar

 

Mr. Waqar Mumtaz Butt

 

Mr. Mohammad Iqbal Awan

Chief Executive

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

Director

 

 

Shareholders                

 

Names

No. of Shares

Ministry of Industries & Production

 

Mr. Syed Wajid Ali Shah

 

Mr. Muhammad Ashraf Butt

 

Mr. Mushtaq Ahmed

107,700,847

 

1

 

1

 

1

 

 

 

Associates                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     

 

A.         Subsidiary

 

            None

           

B.         Associated Companies

 

(1) Heavy Electrical Complex (Pvt) Limited, Pakistan.

(2) Pakistan Engineering Company, Pakistan.

(3) Pakistan Machine Tool Factory, Pakistan.

(4) ENAR Petrotech Services, Pakistan.             

 

 

Business Activities

 

Subject Company is engaged in manufacture & Export of Cement Plants, Industrial Acohol Plants, Heavy Casting & Forgings, General Steel Structures , Road Rollers, Heavy Processing Plants, Asphalt Mixing Plants, Boiler, Cranes, Oil & Gas Processing Plants, Petrochemical Plants , Fertilizer Plants, Thermal & Hydro Power.

 

Payment would be made through D/A, D/P basis.

 

Its mainly export to Bangladesh, Sudan, Tanzania, Bahrain  & Turkey.

 

It’s mainly import from U.S.A., European Countries, China, Korea.

 

Its main customers are Cement Manufacturing Companies, Sugar Mills, Petrochemical Companies, Engineering Companies etc.

 

Subject operates from caption leased factory premises which is situated at industrial area of Taxila, Rawalpindi.

 

Subject employs more than 3,000 - 3,500 persons in its set up.

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2009

More than 10,000,000,000/-

 

 

 

Trade Suppliers

(Foreign)

           

(1) GENERAL ELECTRIC, U.S.A..

(2) ALSTOM, FRANCE

(3) DEUTSCHE BABCOCK, GERMANY.

(4) BABCOCK, UNITED KINGDOM.

(5) FULLER / FL SMIDTH, U.S.A.

(6) ONODA, JAPAN.

(7) TECHNIP, FRANCE.

 

 

Actual Production Volume

 

Actual production volume is indeterminable as it mainly depends upon the demand / requirements from their local as well as international customers

 

 

Customers

           

Mainly Cement Manufacturing Companies, Sugar Mills, Petrochemical Companies, Engineering Companies etc

 

 

Bankers

 

(1) Habib Bank Limited, Pakistan.

(2) Bank Alfalah Limited, Pakistan.

(3) Citibank N.A., Pakistan.

(4) Soneri Bank Limited, Pakistan.

(5) Askari Bank Limited, Pakistan.

(6) KASB Bank Limited, Pakistan.

 

 

Memberships

 

·         Rawalpindi Chamber of Commerce & Industry. (RCCI)

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

            Rs. 88.20

UK Pound

1

            Rs. 137.50

Euro

1

            Rs. 119.50

 

 

Comments

 

Heavy Mechanical Complex (Pvt) Limited   is a unit of State Engineering Corporation. It is one of the largest infrastructure projects in the heavy engineering and hi-tech manufacturing sectors in Pakistan. HMC is among very few engineering establishment which has obtained ISO 9001 certification. 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.49.03

UK Pound

1

Rs.76.60

Euro

1

Rs.66.80

 

 

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.