MIRA INFORM REPORT

Report Date :

06.08.2013

IDENTIFICATION DETAILS

Name :	NAHEED COMPOSITE TEXTILE MILLS LTD.

Registered Office :	BSRS Bhaban (12^th Floor), 12, Kawran Bazar C/A, Dhaka 1215

Country :	Bangladesh

Date of Incorporation :	17.03.2005

Com. Reg. No.:	C-56436

Legal Form :	Private Co

Line of Business :	Manufacturer, Distributor & Importer of Cotton Yarn.

No. of Employees :	270

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 :	Good

Payment Behaviour :	Regular

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,2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Bangladesh

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

BANGLADESH - ECONOMIC OVERVIEW

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

Source : CIA

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS
Correct company Name	:	NAHEED COMPOSITE TEXTILE MILLS LTD.
Registered office	:	BSRS Bhaban (12^th Floor), 12, Kawran Bazar C/A, Dhaka 1215, Bangladesh.
Tel No	:	880-2-9123142 / 9138186 /9138186, 9132534, 9123142.
Fax No	:	880-2-9138187
E-mail	:	naheedcotton@yahoo.com
Website	:	-
Date/ Year of Incorporation	:	17.03.2005
Registered No.	:	C-56436
Legal Form (General)	:	Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify) ________________
Legal form (Specific)	:	LTD CORP INC CO others (please specify) ________________
Issuing Authority	:	Registrar of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE)

FINANCIALS- SUMMARY

Year

Turnover/ Sales

Assets

Income

2011

Tk.685 Million

Tk.1549.67 Million

Tk.11 Million

2012

Tk.690 million

Tk.1560.00Million

Tk.11.5 Million

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

Sales Trend – Analysis:
2002	2003	2004	2005	2006	2007	2008	2010	2011	2012
-	-	-	-	-	-	-

FULLCHECK REPORT DETAILS

Information Parted By

Name	:	Mr. Farid Ahmed
Designation	:	Asst. general Manager
Contract No	:	-

Locations Details

Business Address	:	BSRS Bhaban (12^th Floor), 12, Kawran Bazar C/A, Dhaka 1215, Bangladesh.
Tel No	:	880-2-9123142 / 9138186 /9138186, 9132534, 9123142.
E-mail	:	naheedcotton@yahoo.com
Fax No	:	880-2-9138187
Website	:	-

Location :

: Owned

Rented

Leased

Area

2600

Sq. ft.

Type of Office :	: Commercial Office Bldg.	Ö		Semi-commercial office Bldg.
Retail shop			Industrial Park
Business Center			Home Office
Residential Bldg.

Factory:

Address	:	Gorai Mirzapur, Tangail, Bangladesh
Tel No	:	88-09229-56233
Fax No	:	88-03799687020

Location :

Owned

Rented

Leased

Area

65,000

Sq. ft.

Employee:

No. of Employees	In Office	:	-	In Factory	:	-
	In Branch:	:	-	Total	:	270
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Abdul Waheed	3000
Mrs. Nargis Dewara Begum	3000
Ms. Tanzina Naheed	12500
Ms. Farzana Naheed	12500
Ms.Naheed Shabnam	12500
Mr. Zubair Kassshem	3250
Mr. Md. Jakirullah	3250

DIRECTORS

Name	Designation
Mr. Abdul Waheed	Managing Director
Ms. Naheed Shabnam	Director
Mrs. Nargis Dewara	Director
Ms. Tanzina Naheed	Director
Mr. Zubair Kashem	Director
Ms. Farzana Naheed	Director
Mr. Md. Jakirullah	Director

MANAGEMENT

Name	:	Mr. Sanjoy Shaha
Contract	:	88-01719559892
Nationality	:	Bangladeshi
Job Description	:	Ass. Manager
Other details	:

Name	:	Mr. Farid Ahmed
Email address	:	-
Nationality	:	Bangladeshi
Job Description	:	Ass. General Manager
Other details	:	-

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader		Dealer		Distributor	Ö
	Exporter	Ö	Importer	Ö	Others

Range of Products/Item Dealings In:

Products	:	Cotton Yarn.
Production Capacity	:	14.72 Million kgs per Year.
Last Year Production	:	Do

Trading Terms:

Purchasing Terms:	L/C	Ö	Cash		Others
	Credit :		30 days		60 days	Ö	90 days			days

Selling Terms :	L/C	Ö	Cash	Ö	Others
	Credit :	Ö	30 days		60 days		90 days			days

DETAILED DATA

Trade Reference & Related Parties	:	Overseas Clients		:	N/A	Local Clients	:	Local Garments
		Overseas Suppliers		:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports		:	USA, Europe
		Imports		:	China, India, Australia, USA
Brand Name	:		N/A
Certified	:		N/A
Auditors	:
Operation Status	:		Active
Member	:		Bangladesh textile Mills Associations

CAPITAL STRUCTURE

Authorized Capital

Tk.50 Crore

Paid-up Capital

Tk.50,00,000

No. of Shares

50,000

Share Value

Tk.100.00 Each

Main Assets

Tk.1560.00Million

FINANCIAL STATEMENT- DETAILED

The subject company don’t submit yet balance sheet to local registry office

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns

Naheed Cotton Mills Ltd,

Delsey Cotton Spinning Mills Ltd

Subsidiary

N/A

Name of The Group

Naheed Group

BANKING

Bank Name	:	Standard Chartered Bank
Bank Address	:	Gulshan Head office Branch, 67 Gulshan Avenue, Dhaka, Bangladesh

Bank Name	:	The Premier Bank Ltd
Bank Address	:	Mohakhali Branch 99 Mohakhali C/A, Dhaka Mobile : 01713-007659 (Manager Tel : 8853503, 8859223, 8858118(Direct)

Bank Name

Prime Bank Ltd

Bank Address

Mohakhali Branch

69, Mohakhali C/A, Dhaka-1212

Phone:(02) 9882291, 8826483

Fax:88-02-9888873

Email: pblmohakhali@primebank.com.bd

Telex:632355 PBLMK BJ

SWIFT:PRBLBDDH007

Bank Name

Dutch Bangla Bank Ltd.

Bank Address

Kawran Bazar Branch,

BSRS Bhaban (2nd Floor),

12, Kawran Bazar,

Dhaka-1215, Bangladesh.

REPUTATIOn

Reference checking for purpose of establishing the Naheed Composite Textile Mills Ltd’s reputation within the respective industry failed to reveal any adverse information.

ADVERSE DATA MONITORING

Dishonored Checks	:	No Record Found
Debt		No Record Found
Litigation	:	Clear
Performance Defaults	:	No Record Found
Adverse Local Media Coverage/ Adverse Filling History		No Record Found

SITE VISIT COMMENTARY

Our representative visited the subject company head office which is situated at commercial area. There office is well decorated& Mr. Farid Ahmed –Agm of the company was given us all information.

GENERAL COMMENTS

Based on the financial statement, the subject company financial performance appears to be Average. The subject company has been in its line of business about 8 years. Taking into account its standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed normally in Moderate amount

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.82
UK Pound	1	Rs.92.97
Euro	1	Rs.80.73

INFORMATION DETAILS

Report Prepared by :

SDA

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.