MIRA INFORM REPORT

 

 

 

Report Date :

15th May 2006

 

IDENTIFICATION DETAILS

 

Name :

I.A. CORPORATION

 

 

Registered Office :

Plot No.26, Sector 7-A, Korangi Industrial Area, Karachi, Pakistan

 

 

Date of Incorporation :

1997

 

 

Legal Form :

Partnership

 

 

Line of Business :

Manufacture and export of Leather Gloves & Leather Garments

Also engaged in import of leather raw materials such as hides & skins

 

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

 

 

 

 

Business Name   

 

I.A. CORPORATION

 

 

Full Address                 

 

Registered Address & Factory

Plot No.26, Sector 7-A, Korangi Industrial Area, Karachi, Pakistan

                  

Tel

92 (21) 5061222, 5061221

Fax

92 (21) 5069067

Email

riazt@cyber.net.pk

 

 

         

Short Description Of Business

 

Nature of Business       

Manufacture and export of Leather Gloves & Leather Garments

Year Established

1997

 

 

 

Branches

 

Address

617 Uni Plaza, I. I. Chundrigar Road, City G.P.O. Box-4899, Karachi, Pakistan

Tel #

92 (21) 2414658, 2413223

Fax #

92 (21) 2416526

 

 

         

Legal Status

 

Subject Company was established as a Partnership Business in 1997

 

 

Details of Managing Partner/Partners

 

Names

Nationality

Address

Occupation

Designation

Mr. Sheikh Imtiaz Ahmed

 

 

Mr. Sheikh Aijaz Ahmad

Pakistani

 

 

 

Pakistani

 

 

Plot No.26, Sector 7-A, Korangi Industrial Area, Karachi

 

Plot No.26, Sector 7-A, Korangi Industrial Area, Karachi

Business

 

 

 

Business

 

 

Managing Partner

 

 

Partner

 

 

 

 

 

Associates

 

A.      Subsidiary

 

               None                                          

         

B.      Associated Companies

 

(1) Riaz Traders, Pakistan.

(2) Naveed Tanneries, Pakistan.

 

 

 

Business Activities

 

 (1) Manufacture and Export of Leather Gloves & Leather Garments.

 

(2) Also engaged in import of leather raw materials such as hides & skins.

 

 

 

Number of Employees

 

More than 150

 

 

Annual Production Volume

 

Actual production of the subject company is indeterminable as it’s mainly depends upon the contracts from foreign buying houses & agencies.

 

 

 

Annual Sales Volume

 

Year

In Pak Rupees

2004

50,978,000/- (Estimated)

 

 

 

Exporting Countries

 

France, Sweden, Norway, Germany & U.S.A.

 

 

 

Bankers and their addresses

 

(1) Soneri Bank Limited, Korangi Industrial Area Branch, Karachi, Pakistan.

(2) Bank Al-Habib Limited, Korangi Industrial Area Branch, Karachi, Pakistan.

(3) Faysal Bank Limited, Korangi Industrial Area Branch, Karachi, Pakistan.

 

 

 

Foreign Exchange Rates

 

Currency

 

Unit

Pakistani Rupee

US Dollar

1

Rs. 60.23

UK Pound

1

  Rs. 113.20

Euro

1

Rs. 77.15

 

 

 

Memberships

 

Pakistan Tanners Association, Pakistan

 

 

 

Comments

 

Subject Company was established in 1997 and is engaged in manufacture and export of Leather Gloves & Leather Garments. Trade relations are reported as fair. The Company can be considered for normal business dealings at usual trade terms and conditions.

 

 

 

 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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

 

 

 

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