MIRA INFORM REPORT

Report Date :

26.08.2014

IDENTIFICATION DETAILS

Name :	ASIA INDUSTRIES (PVT) LIMITED

Registered Office :	11, North Brook Hall Road, Sutrapur, Dhaka-1100

Country :	Bangladesh

Date of Incorporation :	30.06.1988

Com. Reg. No.:	C-17637

Legal Form :	Private Co

Line of Business :	Manufacturer and Distributor of Springs &Automobile Parts

No. of Employees :	25

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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 – June 01, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

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

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings

Source : CIA

EXECUTIVE SUMMARY

*IDENTIFICATION DETAILS*

Correct company Name	:	Asia Industries (Pvt) Limited
Head Office	:	11, North Brook Hall Road, Sutrapur, Dhaka-1100, Bangladesh
Tel No	:	88-02-711955, 7115468
Fax No	:	88-02-9565276
E-mail	:	padma@agni.com
Website	:	www.padmagroup-bd.com
Date/ Year of Incorporation	:	30.06.1988
Incorporation No.	:	C-17637
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
July’ 11~June’ 12	Tk. 85 Million	Tk. 18.75 Million	Tk. 4.25 Million
July’ 12~June’ 13	Tk. 120 Million	Tk. 21.20 Million	Tk. 5.50 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

FULLCHECK REPORT DETAILS

*Information Parted By*

Name	:	Mr. Raihan Sharif
Designation	:	Commercial Officer
Contract No	:

*Locations Details*

Operating Address	:	11, North Brook Hall Road, Sutrapur, Dhaka-1100, Bangladesh
Tel No	:	88-02-711955, 7115468
Fax No	:	88-02-9565276
E-mail	:	padma@agni.com
Website	:	www.padmagroup-bd.com

Location :

: Owned

Rented

Leased

Area

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	:	Nandalalpur Road, (Delpara), Pagla, Fatullah, Narayangonj, Bangladesh
Tel No	:	88-02-7696262
Fax No	:	-

Location :

Owned

Rented

Leased

Area

Sq. ft.

Corporate Address:

Address	:	52, New Eskaton Road, TMC Building (7th Floor), Dhaka-1000, Bangladesh
Tel No	:	88-02-9350586, 9337552
Fax No	:	88-02-9350586 ext 103

Employee:

No. of Employees	In Office	:	5	In Factory	:	20
	In Branch:	:	-	Total	:	25
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Md. Altaf Hossain	27756
Mr. Mostafa Kamal	2313
Mrs. Farida Hossain	16191
Mr. Fida Hossain	8740

DIRECTORS

Name	Designation
Mr. Md. Altaf Hossain	Managing Director
Mr. Mostafa Kamal	Director
Mrs. Farida Hossain	Director
Mr. Fida Hossain	Director

MANAGEMENT

Name	:	Mr. Raihan Sharif
Job Description	:	Commercial Officer
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Kazi Nasirul Haque
Job Description	:	Commercial Officer Junior
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor	Ö

	Exporter		Importer	Services	Others

Range of Products:

Products	:	Springs &Automobile Parts
Production Capacity	:	100 kg (220 lbs) to 30,000 kg (66,000lbs.)
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		Cash	Ö	Others
	Credit :	Ö	30 days		60 days		90 days			days

DETAILED DATA

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			:	Dubai, USA, England, China, Pakistan and India

Brand Name			:	Nil
Certified			:	Nil
Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Motor Parts and Tyre Tube Samity, Dhaka, Federation of Bangladesh Chamber of Commerce & Industries

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 1, 20,00,000
Paid-up Capital	:	Tk. 55, 00,000	No. of Shares	:	55, 000	Share Value	:	Tk.100.00Each
Main Assets	:	Tk. 21.20 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns

Padma Traders

R. R. Automobiles Pvt. Ltd

Subsidiary

N/A

Name of The Group

Padma Group

BANKING

Bank Name

United Commercial Bank Ltd

Bank Address

Narayangonj Branch

10,S.M Maleh Road, Tanbazar, Narayangonj-1400

Tel- 88-02-7646628, 7641262, 01730-076131

Fax- 88-02-761126

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 11, North Brook Hall Road, Sutrapur, Dhaka-1100, Bangladesh. The subject company Commercial Officer Mr. Raihan Sharif given us all information. Is situated at Residential area which is a well decorated modern office.

GENERAL COMMENTS

Established in 30.06.1988, Subject is mainly engaged in Manufacturer & Distributor. Having been in operation for several years, Subject maintains acceptable business volume. Subject enjoys some recognition and impact in the line.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.42
UK Pound	1	Rs.100.11
Euro	1	Rs.79.74

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	PDT

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.