MIRA INFORM REPORT

Report Date :

12.11.2013

IDENTIFICATION DETAILS

Name :	SQUARE DENIMS LTD.

Registered Office :	Square Centre, 48 Mohakhali C/A Dhaka 1212

Country :	Bangladesh.

Date of Incorporation :	09.07.2012

Com. Reg. No.:	C-103285

Legal Form :	Private Co Ltd

Line of Business :	Manufacturer and Exporter of Denim Fabric

No. of Employees :	120 (In Office 25 + 95 In Factory)

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, 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

IDENTIFICATION DETAILS

Correct company Name

SQUARE DENIMS LTD.

HeadOffice

Square Centre, 48 Mohakhali C/A Dhaka 1212, Bangladesh.

Tel No

88-02-9859007, 8833047-56

Fax No

88-02-8834941, 8828768

E-mail

textiles@squregroup.com

Website

www.squregroup.com

Date/ Year of Incorporation

09.07.2012

Incorporation No.

C-103285

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)


Year	Turnover/ Sales	Assets		Income
2012	New company	Tk.45 crore		New Company
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



Information Parted By

Name	:	Mr.SazedurRahman
Designation	:	Commercial Officer
Contract No	:	Nil

Locations Details

Business Address	:	Square Centre, 48 Mohakhali C/A Dhaka 1212, Bangladesh.
Tel No	:	88-02-9859007, 8833047-56
E-mail	:	textiles@squregroup.com
Fax No	:	88-02-8834941, 8828768
Website	:	www.squregroup.com

Location :

: Owned

Rented

Leased

Area

4500

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	:	Olipur, Shayestagonj, Habiganj, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

2.5

Acores

Branches:

Address	:	Mascot Plaza(11-12floor), Plot#107/A, Sector # 7, Uttara, Dhaka-1230, Bangladsh
Tel No	:	88-02-8951101-7
Fax No	:	88-02-8952652, 8931932

Location :

Owned

Rented

Leased

Area

1800

Sq. ft.

Employee:

No. of Employees	In Office	:	25	In Factory	:	95
	In Branch:	:		Total	:	120
Details:


Names of Shareholders	No. of Share
Square Fashion Ltd	995000
Mrs. Anita Chowdhury	1000
Mr.AnjanChoowdhury	1000
Mr.SamuelsChoowdhury	1000
Mr.TapanChoowdhury	1000
Mrs.RatnaPatra	1000

Name

Designation

Mr.TapanChoowdhury

Managing Director

Mr.SamuelsChoowdhury

Director

Mr.AnjanChoowdhury

Director

Mrs. Anita Chowdhury

Director

Mrs.RatnaPatra

Director

Name

Mr.SazedurRahman

Job Description

Commercial Officer

Nationality

Bangladesh

Email address

Nil

Other details

Nil


Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor

	Exporter	Ö	Importer	Services	Others

Range of Products/Item Dealings In:

Products	:	Denim Fabric
Production Capacity	:	N/A
Last Year Production	:	N/A

Trading Terms:

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

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

Trade Reference & Related Parties

Overseas Clients

N/A

Local Clients

N/A

Overseas Suppliers

N/A

Local Suppliers

N/A

Trade Markets

Exports

N/A

Imports

China, India

Brand Name

N/A

Certified

N/A

Auditors

N/A

Operation Status

Active

Member

Bangladesh Textile Mills Association, Dhaka

Authorized Capital

Tk.50 Crore

Paid-up Capital

Tk.10000000

No. of Shares

100000

Share Value

Tk.100.00Each

Main Assets

Tk.45 Crore

The subject company don’t submit update financial figure to local registry office.

Sister Concerns

Square pharmaceuticals Ltd.

Square InformatiX Ltd.

Square Textiles Ltd.

Square Spinning Ltd.

Square Consumer Products Ltd.

Square Knit fabrics Ltd.

Square Fashion Ltd.

Square Agro Development and Processing Ltd.

Square Hospitals Ltd.

Square Herbal and Nutraceuticals Ltd.

Square Toiletries Limited

Unitrend Limited

Squre Yarns Ltd.

Mediacom Limited

Unitrend Limited

Squre Yarns Ltd.

Square Air Limited

Subsidiary

Name of The Group

Square Group


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

Bank Name	:	Hong Kong Shanghai Banking Corporation
Bank Address	:	Dhaka Main Office Anchor Tower, 108, BirUttam C R Dutta Road, Dhaka - 1205 Telephone: 88-02-9660536-43 Facsimile: 8802- 9660554, 9669457


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

Our representative visited the subject company Head office address which is situated at Square Centre, 48 Mohakhali C/A Dhaka 1212, Bangladesh

Established in 2012, Subject is mainly engaged in Manufacturer &Exporting. Having been in operation for several years, Subject maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be Above Average. Talking into account its long-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.63.29
UK Pound	1	Rs.101.36
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

NLM

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.