MIRA INFORM REPORT

Report Date :

23.05.2014

IDENTIFICATION DETAILS

Name :	MAB DENIM LTD.
Registered Office :	UTC Building (Level-09), 8, Panthapath, Kawaran Bazar, Dhaka-1215
Country :	Bangladesh
Date of Incorporation :	29.05.2005
Com. Reg. No.:	C-57303
Legal Form :	Private Co
Line of Business :	Manufacturer, Distributor and Exporter of Denim Fabrics
No of Employees :	850 (In Office – 20, In Factory - 830)

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, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
Bangladesh	B1	B1

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	:	Mab Denim Ltd.
Head Office	:	UTC Building (Level-09), 8, Panthapath, Kawaran Bazar, Dhaka-1215, Bangladesh.
Tel No	:	88-02-9103062, 9103063
Fax No	:	88-02-9103064
E-mail	:	hossain@mabgroup-bd.com, info@mabgroup-bd.com
Website	:	www.mabgroup-bd.com
Date/ Year of Incorporation	:	29.05.2005
Incorporation No.	:	C-57303
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. 275 Million	Tk. 24.65 Million	Tk. 14.35 Million
July’ 12~June’ 13	Tk. 321 Million	Tk. 28.90 Million	Tk. 21.57 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. Md. Jasim Uddin
Designation	:	Executive Director
Contract No	:	88-01713234157

Locations Details
Operating Address	:	UTC Building (Level-09), 8, Panthapath, Kawaran Bazar, Dhaka-1215, Bangladesh.
Tel No	:	88-02-9103062, 9103063
Fax No	:	88-02-9103064
E-mail	:	hossain@mabgroup-bd.com, info@mabgroup-bd.com
Website	:	www.mabgroup-bd.com

Location :

: Owned

Rented

Ö

Leased

Area

1400

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	:	Sukran Mirzanagar, Nabinagar, Savar, Bangladesh.
Tel No	:	88-01713234157
Fax No	:	Nil

Location :

Owned

Rented

Ö

Leased

Area

1, 00,000

Sq. me

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

Employee:
No. of Employees	In Office	:	20	In Factory	:	830
	In Branch:	:	-	Total	:	850
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Md. Mazakat Harun	949999
Mr. Golam Monzur Ahmed	50000

DIRECTORS

Name	Designation
Mr. Md. Mazakat Harun	Managing Director
Mr. Golam Monzur Ahmed	Director

MANAGEMENT

Name	:	Mr. Md. Jasim Uddin
Job Description	:	Executive Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713234157

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor	Ö
	Exporter	Ö	Importer	Services	Others

Range of Products:
Products	:	Denim Fabrics.
Production Capacity	:	7 Million Yards per Annum Product.
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			:	Tesco, Complices, Tom Tailor, Best Seller, George, Carrefour, Jennifer, Kmart, Boden, Casual Male, Us Polo, Walmart.	Local Clients	:	N/A
		Overseas Suppliers			:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	N/A
		Imports			:	India, china, Thailand
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active.
Member			:	Bangladesh Textile Mills Association.

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 35 Crore
Paid-up Capital	:	Tk. 9, 99,99,900	No. of Shares	:	9, 99,999	Share Value	:	Tk.100.00 Each
Main Assets	:	Tk. 28.90 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Chemitan Limited Chemitan Trading House Mab Spinning Mills Ltd.
Subsidiary	:	Nil
Name of The Group	:	Mab Group

BANKING

Bank Name	:	South East Bank Ltd.
Bank Address	:	Elephant Road 39 New Elephant Road, Kazi Bhaban, Dhanmondi, Dhaka-1205 Phone: 88-02-9674588, 9674327, 9674324 - 5 Fax: 88 - 02 - 9674326 Swift: SEBDBDDHNER

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 UTC Building (Level-09), 8, Panthapath, Kawaran Bazar, Dhaka-1215, Bangladesh. The subject company Executive Director Mr. Md. Jasim Uddin given us all information. Is situated at commercial area which is a well decorated modern office.

GENERAL COMMENTS

Subject is mainly engaged in Manufacturer, Exporter & Distributor. 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. 58.57
UK Pound	1	Rs. 98.87
Euro	1	Rs. 80.05

INFORMATION DETAILS

Analysis Done by :	DIV
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.