MIRA INFORM REPORT

Report Date :

19^th February, 2007

IDENTIFICATION DETAILS

Name :	FORWARD SPORTS (PRIVATE) LIMITED

Registered Office :	Pacca Garah, Wazirabad Road, Sialkot, Pakistan

Country :	Pakistan

Date of Incorporation :	1989

Com. Reg. No.:	L-01437/19890302

Legal Form :	Private Limited Company

Line of Business :	Manufacture of Sports Goods, Sports Wear, Sports Garments

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Usually Correct

Litigation :	Clear

Business Name

FORWARD SPORTS (PRIVATE) LIMITED

Full Address

Registered Address & Factory

Pacca Garah, Wazirabad Road, Sialkot, Pakistan

Tel	92 (52) 4260897, 4260896
Fax	92 (52) 4260511
Email	khawaja@brain.net.pk

Short Description Of Business

a.	Nature of Business	Manufacture of Sports Goods, Sports Wear, Sports Garments
b.	Year Established	1989
c.	Registration #	L-01437/19890302

Branches

None

Auditors

M/s Hassan Farooq & Co.

(Chartered Accountants)

7-G, Gulberg-II, Mushtaq Ahmed Gormani Road, Lahore, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 1989

Authorised Capital

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

Issued & Paid up Capital

Rs. 920,000/- divided into 9,200 shares of Rs. 100/- each

Details of Chief Executive / Directors

Names

Nationality

Address

Occupation

Designation

Mr. Khawaja Masud Akhtar

Mrs. Rahat Masud

Pakistani

B-111, IIS-183, Pacca Garha, Sialkot

Business

Chief Executive

Director

Shareholders

Names

Percentage of Shareholding (%)

Mr. Khawaja Masud Akhtar

Mrs. Rahat Masud

Associates

A. Subsidiary

None

B. Associated Companies

- Do -

Business Activities

Subject Company is engaged in manufacture of Sports Goods, Sports Wear, Sports Garments including Soccer Balls, Gloves, Sports Jacket, Leather Gloves etc.

Its main exporting countries are European Countries.

Payments would be accepted through L/C basis.

Its major customers are world recognized soccer ball associations, Traders from European Countries.

Subject operates from caption leased factory premises acquired a covered area of 5,000 Sq Yards which is situated in industrial area in Wazirabad, Sialkot.

Subject employs about 167 - 175 persons in its set up.

Annual Sales Volume

Year	In Pak Rupees
2005	200,000,000 (Estimated)

Production Volume

Its mainly depends upon the requirement from their foreign clients / customers according to the demand and supply in the markets.

Bankers

Habib Metropolitan Bank Limited, Main Branch, Allama Iqbal Chowk Sialkot, Pakistan.(Mortgage obtained PKR 1,300,000,000/-)

Bank Alfalah Limited, Khadim Ali Road, Sialkot, Pakistan.(Mortgage obtained PKR 50,000,000/-).

Meezan Bank Limited, Kashmir Road, Sialkot, Pakistan. (Mortgage obtained PKR 425,600,000/-)

(4) Habib Metropolitan Bank Limited, Railway Road Branch, Sialkot, Pakistan.

Memberships

· Sialkot Chamber of Commerce & Industry. (SCCI)

· Pakistan Readymade Garments Manufacturers Association.(PRGMA)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 60.65
UK Pound	1	Rs. 117.85
Euro	1	Rs. 79.35

Comments

Subject Company was established in 1989 and is engaged in manufacture & export of Sports Goods, Sports Wear and Sports Garments. Company’s market reputation is good. Trade relations are reported as fair. Subject 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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