MIRA INFORM REPORT

 

 

Report Date :           

04.09.2011

 

IDENTIFICATION DETAILS

 

Name :

PROCON ENGINEERING (PRIVATE) LIMITED

 

 

Registered Office :

54 - Darul Aman Co-operative Housing Society, Shahrah-e-Faisal, Karachi

 

 

Country :

Pakistan

 

 

Year of Establishment :

1988

 

 

Com. Reg. No.:

0018460

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer & Supplier of all types of Automotive Car Seats & Automotive Parts

 

 

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

 

PROCON ENGINEERING (PRIVATE) LIMITED

 

 

Full Address  

 

Registered Address

54 - Darul Aman Co-operative Housing Society, Shahrah-e-Faisal, Karachi, Pakistan

                       

Tel #

92 (21) 34389515, 34389516

Fax #

92 (21) 34541974

Email

proconpk@super.net.pk

 

 

Short Description Of Business

a.

Nature of Business        

Manufacturer & Supplier of all types of Automotive Car Seats & Automotive Parts

b.

Year Established

1988

c.

Registration #

0018460

 

 

 

 

 

 

Factory Location

 

Address

D-54 To D-57, N.W.I. Zone, Port Qasim Authority, Karachi, Pakistan.

Tel #

92 (21) 2560022, 2560023, 2579980, 2579981

Fax #

92 (21) 2563894

 

 

Auditors

 

M/s 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

 

 

 

Authorised Capital           

Rs. 50,000,000/- divided into 500,000 shares of Rs. 100/- each.

Issued & Paid up Capital

Rs. 30,000,000/- divided into 300,000 shares of Rs. 100/- each.

 

 

Details of Directors

 

Names

Nationality

Address

Occupation

Designation

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

 

Names

No. of Shares

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

 

292

 

 

Annual Sales Volume (In Pak Rupees)

 

PKR 700,000,000/- (Estimated)

 

 

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

 

·         Bank Al Habib Limited, Pakistan.

·         The Royal Bank of Scotland, Pakistan.

·         Habib Bank Limited, Pakistan.

·         Bank Alfalah Limited, Pakistan.

·         Soneri Bank Limited, Pakistan.

·         United Bank Limited, Pakistan.

 

 

Financial Position

 

Sound

 

 

Market Reputation of Directors

 

Very Good.

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

           Rs. 86.75

UK Pound

1

           Rs. 141.90

Euro

1

           Rs. 125.30

 

           

 

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 can be considered for normal business dealings at usual trade terms and conditions.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.90

UK Pound

1

Rs.74.31

Euro

1

Rs.65.41

 

 

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.