MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	GMS COMPOSITE KNITTING IND. LTD.
Registered Office :	House# 365, (3^rd Floor), Road# 28, New D.O.H.S. Mohakhali, Dhaka-1206
Country :	Bangladesh
Date of Incorporation :	01.07.1999
Com. Reg. No.:	C-38061
Legal Form :	Private Company
Line of Business :	· Manufacturer & Exporter of garments, T-Shirts, Polo Shirt / Sweat Shirt for Men, Women & Children · Engaged in knitting, Fabric Dyeing, Yarn Dyeing, Printing & Embroidery
No of Employees :	8424 (147 in Office & 8277 in Factory)

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Bangladesh	A2	A2

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

IDENTIFICATION DETAILS
Correct company Name	:	Gms Composite Knitting Ind. Ltd.
Head Office	:	House# 365, (3^rd Floor), Road# 28, New D.O.H.S. Mohakhali, Dhaka-1206, Bangladesh.
Tel No	:	880-2-8837037, 8837217-8, 8831718, 01713145956.
Fax No	:	88-02-8711095
E-mail	:	gmsknit@gmsbd.com, eti@gmsbd.com
Website	:	www.gmsbd.com
Year of Incorporation	:	01/07/1999
Incorporation No.	:	C-38061
Vat registration No	:	18071006920
Legal Form (General)	:	Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorship 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’ 12~June’ 13	BDT 481.95 Million	BDT 2379.60 Million	BDT 23.14 Million
July’ 13~June’ 14	BDT 695 Million	BDT 2511.23 Million	BDT 47.91 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

Information Parted By
Name	:	Mr. Md. Mahmood
Designation	:	Commercial Officer.

Locations Details
Operating Address	:	House# 365, (3^rd Floor), Road# 28, New D.O.H.S. Mohakhali, Dhaka-1206, Bangladesh.
Tel No	:	880-2-8837037, 8837217-8, 8831718, 01713145956.
Fax No	:	88-02-8711095
E-mail	:	gmsknit@gmsbd.com, eti@gmsbd.com
Website	:	www.gmsbd.com

Location :

: Owned

Rented

Ö

Leased

Area

2800

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	:	Sardagonj, Kashempur, Gazipur, Bangladesh.
Tel No	:	88-02-7788931-3

Location :

Owned

Ö

Rented

Leased

Area

43200

Sq. ft.

Employee:
No. of Employees	In Office	:	147	In Factory	:	8277
	In Branch:	:	-	Total	:	8424

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share
Miss Umme Ayman	1000
Mr. Md. Alamgir	1000
Mrs. Yasmin P. Islam	1000
Mr. Md. Golam Mostafa	5000
Mrs. Rashida Yasmin	1000
Mr. Shamsul Arafin	1000

DIRECTORS
Name	Designation
Mr. Md. Golam Mostafa	Managing Director
Mrs. Rashida Yasmin	Director
Mr. Shamsul Arafin	Director
Mrs. Yasmin P. Islam	Director
Miss Umme Ayman	Director

MANAGEMENT
Name	:	Mr. Md. Mahmood
Job Description	:	Commercial Officer.
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

· Manufacturer & Exporter of garments, T-Shirts, Polo Shirt / Sweat Shirt for Men, Women & Children

· Engaged in knitting, Fabric Dyeing, Yarn Dyeing, Printing & Embroidery

Range of Products:
Products	:	garments, T-Shirts, Polo Shirt / Sweat Shirt
Production Capacity	:	Knitting-35,000 Kg/Day Dyeing -7500 Kg/Day Printing& Embroidery- 60,000 Pes/Day Garments- 1,00,000 Pes/Day
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	Others
	Credit :	Ö	30 days	60 days	Ö	90 days	days

DETAILED DATA
Trade Reference & Related Parties	:	Overseas Clients			:	H & M, Okaidi, Wal-Mart, JC Penny.	Local Clients	:	N/A
		Overseas Suppliers			:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	N/A
		Imports			:	China, India, Taiwan, Pakistan
Brand Name			:	Nil
Certified			:	Nil
Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Garments Manufacturer & Exporters Association

CAPITAL STRUCTURE
Authorized Capital	:	BDT 250 Million
Paid-up Capital	:	BDT 10,00,000	No. of Shares	:	10000	Share Value	:	BDT 100.00Each
Main Assets	:	BDT 2511.23 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns	:	Nil
Subsidiary	:	Nil
Name of The Group	:	Nil

BANKING

Bank Name Islami Bank Bangladesh Ltd.

Bank Address : Karwan Bazar Branch

T. K. Bhaban (1st Floor), 13, Kazi Nazrul Islam Avenue,

Dhaka

Phone: (02) 9137571, 8155211

Mobile: 01711-439094

Fax: (02) 8117587

Email: kawran@islamibankbd.com

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 address at House# 365, (1st Floor), Road# 28, New D.O.H.S. Mohakhali, Dhaka-1206, Bangladesh. The subject company Commercial Officer Mr. Mahmood welcome us & given us all information. Its office is decorated by modern furniture.

GENERAL COMMENTS

Subject is mainly engaged in Manufacturer & Exporter of 100% knit garments. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be average. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

Adopted Abbreviations:
NA- Not Available	TK- Bangladeshi Taka

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	MNL

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.