MIRA INFORM REPORT

Report Date :

17.10.2014

IDENTIFICATION DETAILS

Name :	YOUNG-A TEXTILE CO. LTD.
Registered Office :	Azim Tower, Plot # 217/1 Beribadh, Mohammadpur, Dhaka-1207,
Country :	Bangladesh
Date of Incorporation :	01.07.2003
Com. Reg. No.:	C-49725
Legal Form :	Private Co
Line of Business :	Fabric dyeing and exporter of woven fabric T/C, CVC, dyeing & finishing
No. of Employees :	51

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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Bangladesh	B1	B1

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

Company name and address

Correct company Name	:	YOUNG-A TEXTILE CO. LTD.
Head Office	:	Azim Tower, Plot # 217/1 Beribadh, Mohammadpur, Dhaka-1207, Bangladesh.
Tel No	:	88-02-9132358, 9140145, 8125607, 8158175
Fax No	:	88-02-8113878
E-mail	:	sadinay@yahoo.com iqbal@miraabd.com
Website	:	www.shinestgroup.com
Date/ Year of Incorporation	:	01.07.2003
Incorporation No.	:	C-49725
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	Tk. 256 Million	Tk. 131.75 Million	Tk. 10.24 Million
July’ 13~June’ 14	Tk. 282 Million	Tk. 136.50 Million	Tk. 11.24 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. Asaduzzaman
Designation	:	Commercial Manager
Contract No	:	88-01716682066

Locations Details
Operating Address	:	Azim Tower, Plot # 217/1 Beribadh, Mohammadpur, Dhaka-1207, Bangladesh.
Tel No	:	88-02-88-02-9132358 , 9140145, 8125607, 8158175
Fax No	:	88-02-8113878
E-mail	:	sadinay@yahoo.com iqbal@miraabd.com
Website	:	www.shinestgroup.com

Location :

: Owned

Rented

Ö

Leased

Area

1800

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	:	Eastern Side of FS SFB# 3 & 4 DEPZ, Savar, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Ö

Rented

Leased

Area

25400

Sq. ft.

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

Employee:
No. of Employees	In Office	:	11	In Factory	:	40
	In Branch:	:	-	Total	:	51
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Md. Ali Azim Khan	7900
Mrs. Syeda Nasrin Azim	2100

DIRECTORS

Name	Designation
Mr. Md.Ali Azim Khan	Managing Director
Mrs. Syeda Nasrin Azim	Director

MANAGEMENT

Name	:	Mr. Md. Asaduzzaman
Job Description	:	Commercial Manager
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	88-01716682066

BUSINESS OPERATIONS

Nature of Activity :	Fabric Dyeing	Ö	Trader	printing	Ö	Distributor
	Exporter	Ö	Importer	Finishing	Ö	Others

Range of Products:
Products	:	Woven Fabric T/C, CVC, Dyeing & Finishing.
Production Capacity	:	3.5 1.2 million Yards
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			:	N/A
		Imports			:	China, India, Pakistan, Korea, Taiwan
Brand Name			:	Nil
Certified			:	Nil
Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Garments Manufacturer & Exporters Association Dhaka Chamber of Commerce & Industry

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 18,00,00,000.00
Paid-up Capital	:	Tk. 10, 00,000	No. of Shares	:	10000	Share Value	:	Tk.100.00Each
Main Assets	:	Tk. 136.50 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Nasrin Garments Ltd Shinest Garments Ltd Shinest Burroms Ltd IIKwang Textile Ltd. Young-A Textile Co., Ltd Ashraf Plastic & label Silver Packaging Ltd. Silver Thread Four brothers Fashion Tamim Int’l Ltd. (C & F)
Subsidiary	:	N/A
Name of The Group	:	Shinest Group

BANKING

Bank Name	:	Woori Bank
Bank Address	:	Gulshan Branch, NAVANA TOWER, 14thFL, 45 Gulshan South Avenue, Gulshan -1. Dhaka 1212, Bangladesh Tel: 8802-881-3270-3 Fax: 8802-881-3274, 3241 SWIFT CODE: HVBKBDDH E-mail: wbd@wooribank-dhaka.com
Bank Name	:	Standered Chartered Bank Ltd.
Bank Address	:	Gulshan Branch, Gulshan-1, Dhaka-1212, Bangladesh Tel: 88-02-8811641 Email: gulshan1@standardbankbd.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

ADVERSE DATA MONITORING

Our Representative Visited the subject company Head office which is situated at Azim Tower, Plot # 217/1 Beribadh, Mohammadpur, Dhaka-1207, Bangladesh. The subject company Commercial Manager Mr. Md. Asaduzzaman given us all information. Is situated at Residential area which is a well decorated modern office.

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 11 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.61.47
UK Pound	1	Rs.98.23
Euro	1	Rs.78.66

INFORMATION DETAILS

Report Prepared by :

TPT

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.