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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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Name : |
HEAVY MECHANICAL COMPLEX (PVT) LIMITED |
|
|
|
|
Registered Office : |
Hattar Road, Taxila District,
Rawalpindi |
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|
|
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Country : |
Pakistan |
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Date of Incorporation : |
1975 |
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|
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Com. Reg. No.: |
0004875
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|
|
Legal Form : |
Private Limited Company |
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|
|
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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 |
|
|
|
|
No. of Employees |
4,000 - 5,000 |
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 |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
PAKISTAN - ECONOMIC OVERVIEW
Decades of internal political
disputes and low levels of foreign investment have led to slow growth and
underdevelopment in Pakistan. Agriculture accounts for more than one-fifth of
output and two-fifths of employment. Textiles account for most of Pakistan's
export earnings, and Pakistan's failure to expand a viable export base for
other manufactures has left the country vulnerable to shifts in world demand.
Official unemployment was 6.6% in 2013, but this fails to capture the true
picture, because much of the economy is informal and underemployment remains
high. Over the past few years, low growth and high inflation, led by a spurt in
food prices, have increased the amount of poverty. As a result of political and
economic instability, the Pakistani rupee has depreciated more than 40% since
2007. The government agreed to an International Monetary Fund Standby
Arrangement in November 2008 in response to a balance of payments crisis.
Although the economy has stabilized since the crisis, it has failed to recover.
Foreign investment has not returned, due to investor concerns related to
governance, energy, security, and a slow-down in the global economy.
Remittances from overseas workers, averaging about $1 billion a month since
March 2011, remain a bright spot for Pakistan. However, after a small current
account surplus in fiscal year 2011 (July 2010/June 2011), Pakistan's current account
turned to deficit in the following two years, spurred by higher prices for
imported oil and lower prices for exported cotton. Pakistan remains stuck in a
low-income, low-growth trap, with growth averaging about 3.5% per year from
2008 to 2013. Pakistan must address long standing issues related to government
revenues and energy production in order to spur the amount of economic growth
that will be necessary to employ its growing and rapidly urbanizing population,
more than half of which is under 22. Other long term challenges include
expanding investment in education and healthcare, adapting to the effects of
climate change and natural disasters, and reducing dependence on foreign donors
|
Source
: CIA |
HEAVY MECHANICAL COMPLEX
(PVT) LIMITED
|
Registered
Address |
|
Hattar Road, Taxila District,
Rawalpindi, Pakistan |
|
Tel # |
92 (51) 9270562 (4Lines),
9314181 |
|
Fax # |
92 (51) 9270560, 9314203 |
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Email |
|
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
|
|
In Lahore & Rawalpindi |
|
Hameed Khan & Company (Chartered
Accountants) 16-A, Link Farid Kot
Road, AG Office, Lahore, Pakistan |
|
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 |
|
Names |
Designation |
|
Mr.
Chaudhry Anwer Ali Cheema Dr.
Mohammad Ashraf Butt Mr.
Gul Muhammad Rind Lt.
Gen (R) Shahid Niaz Dr.
Shaukat Hameed Khan Dr.
Sheikh Mukhtar Ahmed Mr.
Waqar Murtaza Butt |
Chairman Managing
Director Director Director Director Director Director
|
|
Names |
No. of Shares |
|
Ministry of Industries &
Production, Government of Pakistan Mr. Syed Wajid Ali Shah Mr. Muhammad Ashraf Butt Mr. Mushtaq Ahmed |
107,700,847 1 1 1 |
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.
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 4,000 - 5,000 persons in its set up.
|
Year |
In Pak Rupees |
|
2012 |
More than
20,000,000,000/- |
|
(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 is indeterminable as it mainly depends upon the demand / requirements
from their local as well as international customers |
|
Mainly Cement Manufacturing Companies, Sugar
Mills, Petrochemical Companies, Engineering Companies etc |
|
(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. |
·
Rawalpindi Chamber of
Commerce & Industry. (RCCI)
|
Currency |
Unit |
Pakistani Rupee |
|
US Dollar |
1 |
Rs. 99.50 |
|
UK Pound |
1 |
Rs.
167.10 |
|
Euro |
1 |
Rs.
137.50 |
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.60.03 |
|
|
1 |
Rs.101.96 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.