MIRA INFORM REPORT

Report Date :

23.06.2008

IDENTIFICATION DETAILS

Name :	FARID AHMED VAWDA & CO (PVT) LIMITED

Registered Office :	B-66/A, S.I.T.E., Karachi-75700

Country :	Pakistan

Date of Incorporation :	1990

Com. Reg. No.:	0022928

Legal Form :	Proprietorship

Line of Business :	Import of Dyes, Pigments, Chemicals, Textile Lab Machineries

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 :	No Complaints

Litigation :	Clear

Business Name

FARID AHMED VAWDA & CO (PVT) LIMITED

Full Address

Registered Address

B-66/A, S.I.T.E., Karachi-75700, Pakistan

Tel	92 (21) 2550093 - 98
Fax	92 (21) 2550099
Email	vawda@cyber.net.pk

Short Description Of Business

Nature of Business	Import of Dyes, Pigments, Chemicals, Textile Lab Machineries.
Year Established	1990
Registration #	0022928

Branches

Address	307/E Nadir Street Ferry Meadowlane West Canal Bank, Lahore, Pakistan
Tel #	92 (42) 6113239, 5292819
Fax #	92 (42) 5292819

Address	P-68, Vawda House, Vawda Street 4, Zia Town, Faisalabad, Pakistan
Tel #	92 (41) 8524576
Fax #	92 (41) 8524947

Auditors

A.R. Khan & Co

(Chartered Accountants)

6/33 - A, Arkay Square (Ext), Shahrah-e-Faisal, Karachi, Pakistan.

Legal Status

Subject Company was established as a Proprietorship business in 1984. In 1990 the Company legal status was changed to Private Limited Company

Authorized Capital	Rs. 1,000,000/- divided into 100,000 shares of Rs. 10/- each
Issued & Paid up Capital	Rs. 67,000/- divided into 6,700 shares of Rs. 10/-each

Details of Directors

Names

Nationality

Address

Occupation

Designation

Farid Ahmed Vawda

Yaqoob Vawda

Abdul Rehman Vawda

Ebrahim Raza Kazi

Ayesha Farid Ahmed

Hajra Bibi

Pakistani

8/A/11, Khayaban-e-Janbaz, Phase V, D.H.A., Karachi

9/7-E, Surat House, Appt # A3, Nazimabad, Karachi

B-3, Surat House, 9/7F, Nazimabad, Karachi

9/7-E, Surat House, Appt # A3, Nazimabad, Karachi

Business

Chief Executive

Director

Shareholders

Names

Address

No. of Shares

Farid Ahmed Vawda

Yaqoob Vawda

Abdul Rehman Vawda

Ebrahim Raza Kazi

Ayesha Farid Ahmed

Hajra Bibi

8/A/11, Khayaban-e-Janbaz, Phase V, D.H.A., Karachi

9/7-E, Surat House, Appt # A3, Nazimabad, Karachi

B-3, Surat House, 9/7F, Nazimabad, Karachi

9/7-E, Surat House, Appt # A3, Nazimabad, Karachi

2,000

1,500

1,150

1,000

Associates

A. Subsidiary

None

B. Associated Companies

(1) Galaxy Engineering, Pakistan.

Business Activities

Import of Dyes, Pigments, Chemicals, Textile Lab Machineries.

Number of Employees

120

Annual Sales Volume

Year	In Pak Rupees
2007	220,000,000/- (Estimated)

Principals (Foreign)

EVERLIGHT CHEMICAL INDUSTRIES CORPORATION, TAIWAN.

JINTEX CORPORATION LIMITED, TAIWAN.

ZYDEX INDUSTRIES, INDIA.

VEE CHEM INDUSTRIES, INDIA.

Q-PANEL LAB PRODUCTS, U.S.A.

NEW WAVE LAB. EQUIPMENT COMPANY, TAIWAN.

RESIL CHEMICALS PRIVATE LIMITED, INDIA.

GTI GRAPHIC TECHNOLOGY, U.S.A.

Customers

Manufacturing Companies, Textile Companies, Garment Factories, Government Organizations etc.

Bankers

Habib Metropolitan Bank Limited, Pakistan.

Bank Alhabib Limited, Pakistan.

Faysal Bank Limited, Pakistan.

Soneri Bank Limited, Pakistan.

NIB Bank Limited, Pakistan.

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 68.00
UK Pound	1	Rs. 134.60
Euro	1	Rs. 106.35

Comments

Subject Company was established in 1984 and is engaged in import of Dyes, Pigments, Chemicals & Textile Lab Machineries. The directors are reported as experienced and resourceful businessmen. The 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.	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