MIRA INFORM REPORT

Report Date :

23.01.2014

IDENTIFICATION DETAILS

Name :	QUALITEX INDUSTRIES BD LTD.

Registered Office :	Premium Building, Plot#41-47, Sector#07, CEPZ, Bangladesh, Chittagong, Chittagong

Country :	Bangladesh

Date of Incorporation :	17.10.1993

Com. Reg. No.:	CH-1486

Legal Form :	Private Company

Line of Business :	Exporter of Terry Towel

No of Employees :	1000 (In Office – 77, In Factory - 923)

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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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	:	Qualitex Industries BD Ltd.
Head Office	:	Premium Building, Plot#41-47, Sector#07, CEPZ, Bangladesh, Chittagong, Chittagong, Bangladesh.
Tel No	:	88-031740270-1, 801482, 01713160024
Fax No	:	Nil
E-mail	:	asheak@qualitexbd.com
Website	:	Nil
Date/ Year of Incorporation	:	17.10.1993
Incorporation No.	:	CH-1486
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.175 Million	Tk. 1050 Million	Tk. 4.30 Million
July’ 12~June’ 13	Tk. 210 Million	Tk. 1085 Million	Tk. 5.45 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. Asheak.
Designation	:	General Manager of Sales.
Contract No	:	-

Locations Details

OPERATING ADDRESS	:	Premium Building, Plot#41-47, Sector#07, CEPZ, Bangladesh, Chittagong, Chittagong, Bangladesh.
Tel No	:	88-031-740270-1, 801482, 01713160024
Fax No	:	Nil
E-mail	:	asheak@qualitexbd.com
Website	:	Nil

Location :

: Owned

Rented

Leased

Area

2200

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	:	Plot# 12 - 16, Sector# 1, Chittagong E P Z, Chittagong, Bangladesh.
Tel No	:	88-031-740429
Fax No	:	-

Location :

Owned

Rented

Leased

Area

48000

Sq. ft.

WAREHOUSE:

Address	:	Premium Building, Plot#41-47, Sector#07, CEPZ, Bangladesh, Chittagong, Chittagong, Bangladesh.
Tel No	:	88-031-740270-1, 801482, 01713160024
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

5000

Sq. ft.

EMPLOYEE:

No. of Employees	In Office	:	77	In Factory	:	923
	In Branch:	:	-	Total	:	1000
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
ESN Limited	3999
Mr. Abdul Rahman Yaqub	1

DIRECTORS

Name	Designation
Mr. Abdul Rahman Yaqub	Chairman
Mr. Mohammad Sulaiman	Managing Director

MANAGEMENT

Name	:	Mr. Asheak.
Job Description	:	General Manager of Sales.
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer		Trader	Dealer	Distributor

	Exporter	Ö	Importer	Services	Others

RANGE OF PRODUCTS:

Products	:	Terry Towel.
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 :	Ö	30 days		60 days		90 days			days

DETAILED DATA

Trade Reference & Related Parties	:	Overseas Clients	:	USA & EURUP	Local Clients	:	N/A
Trade Reference & Related Parties	:	Overseas Suppliers	:	N/A	Local Suppliers	:
Trade Markets	:	Exports	:	N/A
Trade Markets	:	Imports	:	China, India, Italy.

Brand Name	:	N/A
Certified	:	N/A
Auditors	:	N/A
Operation Status	:	Active.
Member	:	N/A

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 10 Crore.
Paid-up Capital	:	Tk. 40, 00,000	No. of Shares	:	4, 000	Share Value	:	Tk.1000.00Each
Main Assets	:	Tk. 1085 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Premier Towels BD Ltd.
Subsidiary	:	N/A
Name of The Group	:	N/A

BANKING

Bank Name	:	Bank Asia Ltd.
Bank Address	:	Agrabad Branch. 69, Agrabad C/ A, Chittagong Ph: 880-31-714665, 724876, 714703, Fax: 880-31-714548, Telex: 633274 BAAGR BJ

Bank Name	:	Standard Chartered Bank ltd.
Bank Address	:	Agrabad Branch. PHP House, 31 Agrabad C/A

Bank Name

Hong Kong Shanghai Banking Corporation

Bank Address

Chittagong Main Office,

Osman Court, 70 Agrabad C/A, Chittagong - 4100

Tel: 88-03-710008, 711154, 724406, 723750

Fax: 88-031-710007

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

The subject company is a private limited company engaged in 100% export oriented Towel Industry. Its factory is situated at Plot# 12 - 16, Sector# 1, Chittagong E P Z, Chittagong, Bangladesh. The subject company is financially solvent & gets good support from their banks.

Mr. Mohammad Sulaiman -Managing Director of the company. He is very experienced businessmen in this line of trade.

We checked the local registry office & found that information’s.

The subject company is ok for normal business engagements.

GENERAL COMMENTS

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 21 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in moderate amounts.

Adopted Abbreviations:
NA- Not Available	TK- Bangladeshi Taka

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 61.92
UK Pound	1	Rs. 101.98
Euro	1	Rs. 83.92

INFORMATION DETAILS

Report Prepared by :

DPT

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.

MIRA INFORM REPORT

IDENTIFICATION DETAILS

FINANCIALS- SUMMARY

Information Parted By

Locations Details

OWNERSHIP/SHAREHOLDERS

DIRECTORS

MANAGEMENT

BUSINESS OPERATIONS

DETAILED DATA

CAPITAL STRUCTURE

FINANCIAL STATEMENT- DETAILED

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

BANKING

ADVERSE DATA MONITORING

SITE VISIT COMMENTARY

GENERAL COMMENTS

Unit