MIRA INFORM REPORT

Report Date :

29.03.2007

IDENTIFICATION DETAILS

Name :	METROFLEX INDUSTRIES (PRIVATE) LIMITED

Registered Office :	23-D, C-2 Wapda Colony Mirpur, (AJK)

Country :	Pakistan

Date of Incorporation :	2002

Legal Form :	Private Limited Company

Line of Business :	Manufacturing of Foam and Foam Products

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

METROFLEX INDUSTRIES (PRIVATE) LIMITED

Full Address

Registered Address

23-D, C-2 Wapda Colony Mirpur, (AJK), Pakistan

Tel	92 (58610) 35230, 34590
Fax	92 (58610) 35232
Email	sameel@nexlinx.net.pk

Short Description Of Business

Nature of Business	Manufacturing of Foam and Foam Products
Year Established	2002 (Incorporated in Mirpur, Azad Jammu Kashmir)

Factory Location

New Industrial Estate, Mirpur,

Azad Jammu Kashmir, Pakistan

Branch Office

Address	Plot # 6/2, Royal Park, Lahore, Pakistan
Tel #	92 (42) 6314334, 6366916, 6366926
Fax #	92 (42) 6366927

Legal Status

Subject Company was established as a Private Limited Company in 2002

Authorised Capital	Rs. 5,000,000/-
Issued & Paid up Capital	Rs. 20,000/-

Details of Chief Executive / Directors

Names

Nationality

Address

Occupation

Designation

Mr. Salahuddin

Mr. Aminuddin

Mr. Chiraguddin

Mrs. Rubina Amin

Pakistani

Plot # 6/2, Royal Park, Lahore

Business

Chief Executive

Director

Shareholders

Mr. Salahuddin

Mr. Aminuddin

Mr. Chiraguddin

Mrs. Rubina Amin

Associates

Subsidiary

None

Associated Companies

Mehran Falcon Industries (Private) Limited, Pakistan.

Supreme Gas Industries (Private) Limited, Pakistan.

Business Activities

Subject Company is engaged in the business as manufacture & marketing of Foam Products, Mattresses, Cushions and Pillows.

Its main brands are Chairman, Melody & Seagul.

It sells against Cash / Credit terms.

It purchases raw material through L/C, D/A basis.

Subject operates from caption leased office premises of area measuring 890 Sq.Yards which is situated in residential + commercial area.

Subject employs about 150 persons in its set up.

Trade Suppliers (Foreign)

(1) INEOS CHLOR LIMITED, U.K.

(2) URIMIRAE INC, KOREA.

(3) GOLDSCHMIDT AG, GERMANY.

(4) GE BAYER SILICONES, GERMANY.

Annual Sales Volume

Year	In Pak Rupees
2005	20,000,000/- (Estimated)

Production Volume

The capacity and production of the company’s plant is indeterminable as it is utilized according to the demand of the products.

Bankers and their addresses

Standard Chartered Bank, Pakistan.

Prime Commercial Bank Limited, Pakistan.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 60.68
UK Pound	1	Rs. 118.70
Euro	1	Rs. 80.65

Memberships

Lahore Chamber of Commerce & Industry.(LCCI)

Comments

Subject Company was established in 2002 and is engaged in manufacture & marketing of Foam Products, Mattresses, Cushions & Pillows. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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