MIRA INFORM REPORT

Report Date :

08.10.2007

IDENTIFICATION DETAILS

Name :	3M PAKISTAN (PRIVATE) LIMITED

Registered Office :	Islamic Chamber Of Comm. Bldg, ST-2/A, Block-9, Clifton, Karachi

Country :	Pakistan

Date of Incorporation :	1993

Com. Reg. No.:	4301/19930107

Legal Form :	Private Limited Company

Line of Business :	Marketing of 3M Products in a diverse range including Graphic Arts, Health Care & Dental, Utilities & Telecommunications, Transportation & Safety, Construction, Home Care, Manufacturing, Industrial & Automotive and Office.

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 :	Regular

Litigation :	Clear

Business Name

3M PAKISTAN (PRIVATE) LIMITED

Full Address

Registered Address

Islamic Chamber Of Comm. Bldg, ST-2/A, Block-9, Clifton, Karachi, Pakistan.

Tel	92 (21) 5877870, 5877875, 111-225-536
Fax	92 (21) 5877865
Email	innovation.pk@mmm.com

Short Description Of Business

Nature of Business	Marketing of 3M Products for domestic market & Export Market
Year Established	1993
Registration #	4301/19930107

Branch Office

In Islamabad & Lahore

Auditors

A.F. Ferguson & Co.

(Chartered Accountants)

Legal Status

Subject Company was incorporated as a Private Limited Company in 1993

Authorized Capital	Rs. 450,000,000/- divided into 4,500,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 252,729,100/- divided into 2,527,291 shares of Rs. 100/- each

Details of Directors

Names

Nationality

Address

Designation

Mr. Jean Joseph Assaad

Mr. John Henry Jansen Van Vauren

Mr. Benny Kanter

Belgian

South African

Belgian

ST-2/A, Block-9, K.D.A. Scheme 1, Clifton, Karachi

Drev Desbrule 5-1150, Brussels, Belgium

Avenue Detenu Zurets 14-1050, Brussels, Belgium

Chief Executive

Director

Shareholders

Names

No. of Shares

Minnesota Minning and Manufacturing Company, U.S.A., 3M Corporation 2501-Hudson Road, St-paul, Minnesota 5514-100, U.S.A.

Mr. John Henry Jansen Van Vauren

Mr. Benny Kanter

2,527,289

Holding Company

Minnesota Minning and Manufacturing Company, U.S.A. is the holding company of 3M Pakistan (Private) Limited, (100% shares held).

Business Activities

Marketing of 3M Products in a diverse range including Graphic Arts, Health Care & Dental, Utilities & Telecommunications, Transportation & Safety, Construction, Home Care, Manufacturing, Industrial & Automotive and Office.

Number of Employees

Annual Sales Volume

Year	In Pak Rupees
2006	230,000,000/- (Estimated)

Customers

Various local and international.

Bankers and their addresses

Bank Al-Habib Limited, Zamzama Branch, Karachi, Pakistan.

MCB Bank Limited, Clifton Road Branch, Karachi, Pakistan.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 60.60
UK Pound	1	Rs. 123.35
Euro	1	Rs. 85.35

Comments

Subject Company enjoys good reputation in Pakistan as well as in abroad. Directors are reported as qualified and experienced professionals. 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.	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