MIRA INFORM REPORT

Report Date :

23.04.2012

IDENTIFICATION DETAILS

Name :	IQBAL SILK MILLS (PRIVATE) LIMITED
	s
Registered Office :	D-49, S.I.T.E., Karachi

Country :	Pakistan

Year of Establishment :	1952

Com. Reg. No.:	0000514

Legal Form :	Private Limited Company

Line of Business :	Manufacture, Marketing & Export of Fabrics, Home Textile Products, Raw Silk etc

No. of Employees :	200

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

NOTES:

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Pakistan

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Business Name

IQBAL SILK MILLS (PRIVATE) LIMITED

Full Address

Registered Address & Factory

D-49, S.I.T.E., Karachi, Pakistan

Tel #	92 (21) 32580867, 32575371, 32575374
Fax #	92 (21) 32561091, 32561923
Email	mhg@cyber.net.pk

Short Description Of Business

a.	Nature of Business	Manufacture, Marketing & Export of Fabrics, Home Textile Products, Raw Silk etc
b.	Year Established	1952
c.	Registration #	0000514

Branches

Address	2^nd Floor, Riaz Mansion Aiwan-e-Tijarat Road, Karachi, Pakistan
Tel #	92 (21) 32428304, 32438141
Fax #	92 (21) 32436932, 32561091

Auditors

M. Saleem Associates

(Chartered Accountants)

401, Land Mark Plaza, Off: I.I. Chundrigar Road, Karachi, Pakistan

Legal Status

Subject Company was established as a Private Limited Company in 1952

Authorised Capital	Rs. 5,000,000/- divided into 50,000 shares of Rs. 100/- each
Issued & Paid up Capital	Rs. 4,500,000/- divided into 45,000 shares of Rs. 100/- each

Details of Directors

Names

Nationality

Address

Occupation

Designation

Mr. Muhammad Rafiq A. Aziz

Mrs. Zubeda Bai Tayub

Mr. Majyd Aziz

Mr. Muhammad Anwar A. Aziz

Mr. Asif A. Aziz

Mrs. Shahina Najib

Pakistani

A-25, KDA Scheme No. 1, Karachi

Business

Chief Executive

Director

Shareholders

Names

No. of Shares

Mr. Muhammad Asif A. Aziz

Mrs. Rukiya Bai Abdul Aziz

Mr. Majyd Aziz

Mr. Muhammad Rafiq A. Aziz

Mr. Anwar A. Aziz

Mrs. Zubeda Bai Tayub

Mrs. Munira Bai Abdul Aziz

Mrs. Hafsa Bai Abdul Aziz

Mrs. Almas Rafiq

Mrs. Tasneem Majyd

Mrs. Haniza Anwar

Mrs. Shahina Najeeb

Delta Apparel (Pvt) Limited, Pakistan

Muhammad Haji Gani (Pvt) Limited, Pakistan

2,945

1,573

445

5,857

1,422

1,423

2,500

2,945

15,000

5,000

Associates

A. Subsidiary

None

B. Associated Companies

(1) Varsato, Pakistan.

Business Activities

Subject Company is engaged in manufacture, marketing & export of Fabrics, Home Textile Products, Raw Silk etc.

Its mainly import Textile Raw Materials, Textile Machineries through L/C, D/A basis.

Its main products are Fabrics, Home Textile Products, Raw Silk etc.

It sells its product through L/C, D/A basis.

Its main customers are reputable companies, worldwide.

Subject operates from caption leased office premises measuring 600 Sq.ft. which is situated at commercial area.

Subject employs more than 200 persons in its set up.

Annual Sales Volume

Year	In Pak Rupees
2010	350,000,000/- (Estimated)

Production Capactiy

500,000 Pieces per month

Customers

(Foreign)

Various International, Worldwide

Bankers

(1) Habib Bank Limited, Pakistan.

(2) KASB Bank Limited, Pakistan.

(3) Bank Alfalah Limited, Pakistan.

(4) MCB Bank Limited, Pakistan.

Memberships

· Karachi Chamber of Commerce & Industry.(KCCI)

Foreign Exchange Rates

Currency	Unit	Pakistani Rupee
US Dollar	1	Rs. 91.00
UK Pound	1	Rs. 145.50
Euro	1	Rs. 119.00

Comments

Subject Company was established in 1952 and is engaged in manufacture, marketing & export business. Market reputation is satisfactory. Subject can be considered for normal business dealings at usual trade terms and conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.99
UK Pound	1	Rs.83.54
Euro	1	Rs.63.40

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	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
----	NB	New Business	----

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.