MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	FAKHRUDDIN TEXTILE MILLS LIMITED

Registered Office :	235/B, Tejgaon I/A, Tejgaon Dhaka-1208

Country :	Bangladesh

Date of Incorporation :	02.04.2001

Com. Reg. No.:	C-42785

Legal Form :	Private Co

Line of Business :	Manufacturer, Exporter and Dyeing of Knit Fabric, Dyeing, Jackets, Ladies Dress, Means Wear.

No. of Employees :	4500

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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Bangladesh

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

EXECUTIVE SUMMARY

*IDENTIFICATION DETAILS*

Correct company Name	:	Fakhruddin Textile Mills Limited
Head Office	:	235/B, Tejgaon I/A, Tejgaon Dhaka-1208, Bangladesh
Tel No	:	88-02-8878579-85
Fax No	:	Nil
E-mail	:	asif@urmigroup.net, kabir@urmigroup.net
Website	:	www.urmigroup.net
Date/ Year of Incorporation	:	02/04/2001
Incorporation No.	:	C-42785
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’ 12~June’ 13	BDT 280 Million	BDT 85.00 Million	BDT 12.60 Million
July’ 13~June’ 14	BDT 591 Million	BDT 97.95 Million	BDT 26.59 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. Tahir Hossain
Designation	:	DGM
Contract No	:	Nil

*Locations Details*
Operating Address	:	235/B, Tejgaon I/A, Tejgaon Dhaka-1208, Bangladesh
Tel No	:	88-02-8878579-85
Fax No	:	Nil
E-mail	:	asif@urmigroup.net, kabir@urmigroup.net
Website	:	www.urmigroup.net

Location :

: Owned

Rented

Leased

Area

2200

Sq. ft.

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

Factory:
Address	:	Ghargharia, Master Bari, Kewa, Sreepur, Gazipur, bangladesh
Tel No	:	Tel: 88-01711684935
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

70,000

Sq. ft.

Branches:
Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	80	In Factory	:	4420
No. of Employees	In Branch:	:		Total	:	4500
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Ashfaque Ahmed	350667
Mr. Shamsul Alam	500
Ms. Shamarukh Fakhruddin	583
Mrs. Raihana Wadud	500
Mrs. Rumana Halim Ashraf	500
Mrs. Fahmida Fakhruddin	83

DIRECTORS

Name	Designation
Mr. Asif Ashraf	Managing Director
Mr. Ashfaque Ahmed	Director
Mr. Shamsul Alam	Director
Ms. Shamarukh Fakhruddin	Director
Mrs. Raihana Wadud	Director
Mrs. Rumana Halim Ashraf	Director

MANAGEMENT

Name	:	Mr. Asif Asraf
Job Description	:	Managing Director
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Shamsul Alam
Job Description	:	Director
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader	Dyeing	Ö	Distributor

	Exporter	Ö	Importer	Services		Others

Range of Products/Item Dealings In:

Products	:	Knit Fabric, Dyeing, Jackets, Ladies Dress, Means Wear
Production Capacity	:	9, 50,000 Doz. 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		Others
	Credit :		30 days		60 days	Ö	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			:	Europe, USA
		Imports			:	China, India

Brand Name			:	Nil
Certified			:	Nil
Auditors			:	Nil
Operation Status			:	Active
Member			:	Bangladesh Garments Manufacturer & Exporters Association

CAPITAL STRUCTURE

Authorized Capital	:	BDT100 Million
Paid-up Capital	:	BDT 7,03,50,000	No. of Shares	:	703500	Share Value	:	BDT 100.00Each
Main Assets	:	BDT 591 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns

Urmi Garments Ltd,

Attires Manufacturing Company Ltd

Subsidiary

N/A

Name of The Group

Urmi Group

BANKING

Bank Name

Islami Bank Bangladesh Ltd.

Bank Address

Local Office,

75, Motijheel C/A, Dhaka-1000

Phone: 88-02-9571201-2, 9568187, PABX-9552897

Mobile: 01711-694317

Fax: 880-2-9561105, 9561995

Email: ibbl@bttb.net.bd, ibbllofx@aitlbd.net

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 235/B, Tejgaon I/A, Tejgaon Dhaka-1208, Bangladesh. Its office is situated at industrial are & their office is well decorated.

GENERAL COMMENTS

SC is considered medium-sized in its line with fairly stable financial conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	NIT

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.