MIRA INFORM REPORT

Report Date :

07.09.2013

IDENTIFICATION DETAILS

Name :	ADURY KNIT COMPOSITE LTD.

Registered Office :	30/A VIP Road (14^th Floor) Nayapaltan,Dhaka-1000

Country :	Bangladesh.

Date of Incorporation :	31.03.2004

Com. Reg. No.:	C-52306

Legal Form :	Private Company

Line of Business :	Subject is mainly engaged in trading business of Knitting & dyeing

No. of Employees :	780 (In Office 27 + 753 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 :	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

IDENTIFICATION DETAILS

Correct company Name

ADURY KNIT COMPOSITE LTD.

Head office

30/A VIP Road (14^th Floor) Nayapaltan,Dhaka-1000, Bangladesh.

Tel No

880-2-9333274, 9342526, 9359852.

Fax No

880-2-9342526

E-mail

emon@adury.com , kona@adury.com

Website

www.adury.com

Date/ Year of Incorporation

31.03.2004

Registered No.

C-52306

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
2011	Tk.140 million	Tk. 45 Crore		Tk.1.10 million
2012	Tk.150 million	Tk.45.2 Crore		Tk.1.50 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
-	-	-	-	-	-	-

Information Parted By

Name

Mr. Tareque Khan

Designation

Deputy General Manager

Contract No

Locations Details

Business Address	:	30/A VIP Road (14^th Floor) Nayapaltan,Dhaka-1000, Bangladesh.
Tel No	:	880-2-9333274, 9342526, 9359852.
Fax	:	880-2-9342526
Email	:	emon@adury.com , kona@adury.com
Website	:	www.adury.com

Location :

: Owned

Rented

Leased

Area

2500

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	:	Karadi, Shibpur, Narshingdi, Bangladesh
Tel No	:	88-02-9451652
Fax No	:	88-02-9451654

Location :

Owned

Rented

Leased

Area

45,000

Sq. ft.

Employee:

No. of Employees	In Office	:	27	In Factory	:	753
	In Branch:	:		Total	:	780
Details:	-


Names of Shareholders	No. of Share
Mrs. Nasima Begum	625000
Mr. Abdul KadirMolla	625000

Name

Designation

Mr. Abdul KadirMolla

Chairman & Managing Director

Mrs. Nasima Begum

Director

Name

Mr. Tareque Khan

Email address

Nationality

Bangladeshi

Job Description

Deputy General Manager

Other details

Nature of Activity :

Manufacturer

Trader

Dealer

Distributor

Exporter

Importer

Dyeing

Range of Products/Item Dealings In:

Products	:	T-Shirt, Polo Shirt, Sweat Shirt, Tank Top, Boxer Shorts, Jackets. Ladies Fancy Top, Boys/Kids Wear, Trousers
Production Capacity	:	3.6 m. kgs
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		Others
	Credit :		30 days		60 days	Ö	90 days			days

Trade Reference & Related Parties

Overseas Clients

N/A

Local Clients

N/A

Overseas Suppliers

Wal-Mart -Canada

Sears/K-Mart-Canada

Mervyns -USA

M&S Mode- Holland

K&L-Germany

Yves Dorsey -France

Local Suppliers

N/A

Trade Markets

Exports

Canada, USA, Germany, France

Imports

China, India

Brand Name

N/A

Certified

N/A

Auditors

N/A

Operation Status

Active

Member

Bangladesh Garments Manufacturer & Exporters Associati

Authorized Capital

Tk.50 Crore

Paid-up Capital

Tk.12500000

No. of Shares

1250000

Share Value

Tk.100.00Each

Main Assets

Tk.45.2 Crore

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

Sister Concerns

Thermax Textile Mills Ltd

Thermax Textile Mills Ltd. (Spinning Unit)

Adury Printing & Washing Ltd

Thermax Knit Yarn Ltd

Thermax Yarn Dyeing Ltd

Thermax Cotton Spinning Ltd

Thermax Home Fabrics Ltd

Thermax Spinning Ltd

Thermax Blended Yarn Ltd

Adury Knit Composite Ltd

Adury Apparels Ltd

ThermaxMelange Spinning Mills Ltd

Subsidiary

N/A

Name of The Group

Thermax Group


Bank Name	:	Janata Bank Ltd.
Bank Address	:	Motijheel Corporate Branch, 48 Motijheel C/A, Dhaka-1000 Bangladesh.

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

Bank Name

Dutch Bangla Bank Ltd

Bank Address

Shantinagar Branch

41, Chamelibagh,(Green Peace), Shantinagar,Dhaka-1217

Bank Name

Eastern Bank Ltd.

Bank Address

Shantinagar Branch

Shan Tower

(1st Floor) 24/1 chamelibag

Shantinagar, Dhaka

Email: shantinagar@ebl-bd.com

Phone: 02-9346406, 9344110

Fax: 02-9346406

Bank Name

Bank Asia Ltd.

Bank Address

Principal Branch

111-113, Motijheel C/A.

Dhaka - 1000

Telex: 632513 BAPO BJ

Ph.: 880-2-9571450, 9571451

Fax: 880-2-9566223


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 address of 30/A VIP Road (14^th Floor) Nayapaltan,Dhaka-1000, Bangladesh.

Established in 2004, the subject is mainly engaged in trading business of Knitting & dyeing. Having been in operation for several years, subject maintains acceptable business volume.

As well as the subject financial condition we recommend that Credit can proceed promptly in Fairly large amount

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.96
UK Pound	1	Rs.102.91
Euro	1	Rs.86.58

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.