MIRA INFORM REPORT

Report Date :

10.07.2014

IDENTIFICATION DETAILS

Name :	ENVOY TEXTILES LTD.

Registered Office :	Envoy Tower, (5th-8th Floor) 18/E, Lake Circus, Kalabagan, West Panthapath, Dhaka-1205

Country :	Bangladesh

Financials (as on) :	30.09.2013

Date of Incorporation :	15.06.1995

Com. Reg. No.:	C-28622

Legal Form :	Public Listed Co

Line of Business :	Manufacturer and Exporter of Fabrics

No of Employees :	720 (In Office – 145, In Factory - 575)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

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, 2014

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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

IDENTIFICATION DETAILS

Correct company Name	:	Envoy Textiles Ltd.
Head Office	:	Envoy Tower, (5^th-8^th Floor) 18/E, Lake Circus, Kalabagan, West Panthapath, Dhaka-1205, Bangladesh.
Tel No	:	88-02-9102583- 90
Fax No	:	88-02-9103128-29
E-mail	:	envoy@envoy-group.com info@envoy-group.com
Website	:	www.envoy-group.com
Date/ Year of Incorporation	:	15.06.1995
Incorporation No.	:	C-28622
Tin No.	:	657558493737
Vat No.	:	5141029861
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
30^th Sep’2012	Tk. 3,983,610,866	Tk. 6,912,444,420	Tk. 657,714,262
30^th Sep’2013	Tk. 3,758,220,888	Tk. 8,901,336,893	Tk. 682,876,897
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. Atiqur Rahman
Designation	:	Commercial Deputy General Manager.
Contract No	:	-

*Locations Details*

Operating Address	:	Envoy Tower, (5^th-8^th Floor) 18/E, Lake Circus, Kalabagan, West Panthapath, Dhaka-1205, Bangladesh.
Tel No	:	88-02-9102583- 90
Fax No	:	88-02-9103128-29
E-mail	:	envoy@envoy-group.com info@envoy-group.com
Website	:	www.envoy-group.com

Location :

: Owned

Rented

Leased

Area

4500

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	:	Jamirdia, Bhaluka, Mymensingh, Bangladesh.
Tel No	:	88-0682-555037-40
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

360139

Sq. ft.

Branches:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	145	In Factory	:	575
	In Branch:	:	-	Total	:	720
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Sponsors/Director	63000000
General shareholder (Individual)	41369950
General shareholder Institution	26432450
Foreign Shareholder	5697600

DIRECTORS

Name	Designation
Mr. Kutubuddin Ahmed	Chairman
Mr. Abdus Salam Murshedy	Managing Director
Mrs. Sharmin Salam	Director
Mrs. Rashida Ahmed	Director
Mr. Tanvir Ahmed	Director
Ms. Shehrin Salam Oishee	Director
Mr. Abul Kalam Azad	Director
Mr. SK Bashir Ahmed	Director

MANAGEMENT

Name	:	Mr. Atiqur Rahman
Job Description	:	Commercial Deputy General Manager.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Imran Hossain
Job Description	:	Consultants Commercial
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. M Saiful Islam Chowdhury
Job Description	:	Company Secretary
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor

	Exporter	Ö	Importer	Services	Others

Item Dealings In:

Products	:	Fabrics.
Production Capacity	:	20.00 Million Meter.
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			:	Li & Fung-USA & Europe Marks & Spencer -UK H & M-Sweden Walmart-USA Carrefour-France Tema-Turkey VF Asia-USA	Local Clients	:	N/A
		Overseas Suppliers			:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	N/A
		Imports			:	China, India, Pakistan, Italy, Germany, Canada.

Brand Name			:	N/A
Certified			:	N/A
Auditors			:	MBBS & J Partners (Formerly M/S Saha Mazumder & Co.) Chartered Accountants 21, Purana Paltan Line (4^th & Top Floor) Dhaka-1000.
Operation Status			:	Active.
Member			:	Bangladesh Textile Mills Association. Bangladesh Association of Publicly Listed Company Korea-Bangladesh Chamber of Commerce & Industry India Bangladesh Chamber of Commerce & Industry

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 275 Crore.
Paid-up Capital	:	Tk. 1,365,000,000	No. of Shares	:	136, 500,000	Share Value	:	Tk.10.0Each
Main Assets	:	Tk. 8,90,13,36,893

FINANCIAL STATEMENT- DETAILED

Balance Sheet :
	Currency	: Tk.
	Denomination	: 1
	Financial Year Ending	: 30^th Sep’2013

Income Statement :
	Currency	: Tk.
	Denomination	: 1
	Financial Year Ending	: 30^th Sep’2013

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns

Fountain Water Ltd

Platinum Suits

Envoy Design Ltd.

Envoy Fashions Ltd.

Envoy Textiles Ltd.

Manta Apparels Ltd.

Olio Apparels Ltd.

Fontina Fashions Ltd.

Information Technology Consultants Ltd.

Emerald Trading Ltd

The Premier Bank Ltd

Dornick Apparels Ltd.

Pinata Air International Ltd.

Peridot International Ltd.

Pastel Apparels Ltd.

National System Solutions (Pvt) Ltd

Armour Garments Ltd.

OIA Global Logistics (BD) Ltd

Laundry Industries Ltd

Supreme Apparels Ltd.

Epoch Garments Ltd.

Regal Garments Ltd

Astras Garments Ltd.

Sheltech (Pvt.) Ltd

Nadia Garments Ltd.

Lunar International Ltd

Envoy Garments Ltd.

Envoy Towers Limited

Subsidiary

N/A

Name of The Group

Envoy Group.

BANKING

Bank Name	:	Pubali Bank Ltd.
Bank Address	:	Mohakhali Branch, 99, Mohakhali Comm. Area Dhaka-1212, Bangladesh Tel: 880 2 8811044

Bank Name	:	HSBC
Bank Address	:	Dhaka Main Office Anchor Tower, 108, Bir Uttam C R Dutta Road, Dhaka – 1205, Bangladesh Tel: 88-02-9660536-43 Fax: 8802- 9660554, 9669457

Bank Name

Standard Chartered bank

Bank Address

SCB House, 67 Gulshan Avenue,

Dhaka-1212, Bangladesh.

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 Envoy Tower, 18/E, Lake Circus, Kalabagan, West Panthapath, Dhaka-1205, Bangladesh. The subject company Commercial Deputy General Manager Mr. Atiqur Rahman welcome us & given us all information. Its office is decorated by western furniture.

GENERAL COMMENTS

Subject is mainly engaged in Manufacturer & Exporter of Readymade 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. 59.72
UK Pound	1	Rs. 102.35
Euro	1	Rs. 81.38

INFORMATION DETAILS

Analysis Done by :	KRN

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.