MIRA INFORM REPORT

Report Date :

02.09.2008

IDENTIFICATION DETAILS

Name :	AARAS SHIPPING AGENCIES (PRIVATE) LIMITED

Registered Office :	701, 7th Floor Business Plaza, Mumtaz Hassan Road, off I.I.Chundrigar Road, Karachi - 74000

Country :	Pakistan

Date of Incorporation :	1980

Com. Reg. No.:	0065450

Legal Form :	Proprietorship

Line of Business :	Shipping and Freight Forwarding Services

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

AARAS SHIPPING AGENCIES (PRIVATE) LIMITED

Registered Office

Registered Address

701, 7th Floor Business Plaza, Mumtaz Hassan Road, off I.I.Chundrigar Road, Karachi - 74000, Pakistan

Tel	92 (21) 2415450, 2415451, 2435269
Fax	92 (21) 2420412, 2420413
Email	aaras@cyber.net.pk

Short Description Of Business

Nature of Business	Shipping & Freight Forwarding Services
Year Established	1980
Registration #	0065450

Branches

In Lahore & Islamabad

Legal Status

Subject Company was established as a Proprietorship business in 1980. In 2008 it legal status was changed to Private Limited Company

Authorized Capital	Rs. 1,000,000/- divided into 10,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 400/- divided into 4 shares of Rs. 100/- each

Details of Management

Names

Nationality

Address

Occupation

Designation

Mr. Akbar Ali

Mr. Rajab Ali Sana

Mr. Rizwan Ali Sana

Mr. Riaz Ali Sana

Pakistani

701, 7th Floor Business Plaza, Mumtaz Hassan Road, off I.I.Chundrigar Road, Karachi

Business

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Akbar Ali

Mr. Rajab Ali Sana

Mr. Rizwan Ali Sana

Mr. Riaz Ali Sana

Associates

A. Subsidiary

None

B. Associated Companies

(1) Aaras Traders, Pakistan.

Services Provided

Off Dock Containers Terminal, Containers Freight Station, Warehousing & Distribution Facilities, Transit Containers/Project handling special for Afghanistan, Logistic Centers, Air / Sea Freight forwarding, Shipping Agency/Liner/Tremp/Charter Business, Worldwide Chartering, Containerized Cargo handling and Terminal Operation, NOVOCC Consolidation Services, Owners Protecting/Husbandry services, Project Cargo handling, Inland Transportation of General/Containerized Cargos, Project Cargos, heavy lift Haulage throughout the country with take special care, Stevedoring Contractors and Terminal operators

No. of Employees

Annual Revenue / Income

Year	In Pak Rupees
2006 - 2007	30,000,000/- (Estimated)

Clientele

Several large corporate business establishments who are involved in the Import/Export related industries.

Bankers

Union Bank Limited, Al-Rahim Tower, I.I. Chundrigar Road, Karachi, Pakistan.(A/C # 6208-310407-001)

Memberships

· Karachi Chamber of Commerce & Industry. (KCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupees
US Dollar	1	Rs. 76.10
UK Pound	1	Rs. 138.20
Euro	1	Rs. 111.40

Comments

Subject Company was established in 1980 and is engaged in freight forwarding and shipping business. Chief Executive is reported as qualified, resourceful and experienced professional in this field for the last 20 years. Trade relations are reported as fair. Company can be considered for normal business dealings at usual trade terms and conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.37
UK Pound	1	Rs.78.09
Euro	1	Rs.63.41

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