MIRA INFORM REPORT

Report No. :	314333
Report Date :	11.04.2015

IDENTIFICATION DETAILS

Name :	JATIO JUTE MILLS LIMITED
Formerly Known As :	QAUMI JUTE MILLS LIMITED
Registered Office :	Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000
Country :	Bangladesh
Date of Incorporation :	01.01.1964
Com. Reg. No.:	C-2090
Legal Form :	State-owned Co
Line of Business :	Manufacturer, Exporter and Distributor of Hessian, Sacking, Jute Carpet Backing Cloths
No. of Employee :	350

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
Bangladesh	A2	A2

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	:	JATIO JUTE MILLS LIMITED
Company Previous Name	:	QAUMI JUTE MILLS LIMITED
Head Office	:	Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh
Tel No	:	88-02-9558182-6, 9560383, 9553605
Fax No	:	N/A
E-mail	:	oaumi.export@gmail.com
Website	:	www.bjmc.gov.bd
Date/ Year of Incorporation	:	01.01.1964
Incorporation No.	:	C-2090
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

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income
July’ 12~June’ 13	BDT 450 Million	BDT 2450.32 Million	BDT 24.75 Million
July’ 13~June’ 14	BDT 561 Million	BDT 2843.95 Million	BDT 30.85 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	:	Md. Sultan UddinAhamed
Designation	:	Deputy Manager (Marketing, Export )
Contract No	:	N/A

Locations Details
Operating Address	:	Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh
Tel No	:	88-02-9558182-6, 9560383, 9553605
Fax No	:	N/A
E-mail	:	oaumi.export@gmail.com
Website	:	www.bjmc.gov.bd

Location :

: Owned

Ö

Rented

Leased

Area

3500

Sq. ft.

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

Factory:
Address	:	Raipura, Sirajgonj, Bangladesh
Tel No	:	N/A
Fax No	:	N/A

Location :

Owned

Ö

Rented

Leased

Area

75.21

Acres

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

Employee:
No. of Employees	In Office	:	30	In Factory	:	320
	In Branch:	:		Total	:	350
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Peoples Republic of Bangladesh government	100%

DIRECTORS

Name	Designation
Major General HumayunKhaled, PSC	Chairman
Mr. Colonel (Retd.) K Lenin Kamal, PSC	Director
Mr. Md.Sirajul Islam	Director
Mr. Md. Abdul Majid	Director
Mr. Babul Chandra Roy	Director
Mr. A.K. Nazmuzzaman	Director

MANAGEMENT

Name	:	Md. Sultan UddinAhamed
Job Description	:	Deputy Manager (Marketing Export )
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Nurul Islam
Job Description	:	Project Head
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

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

Range of Products:
Products	:	Hessian, Sacking, Jute Carpet Backing Cloths
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			:	N/A	Local Clients	:	N/A
		Overseas Suppliers			:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	India, Pakistan
		Imports			:	India, China
Brand Name			:	Nil
Certified			:	Nil
Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Jute Mills Corporation

CAPITAL STRUCTURE

Authorized Capital	:	BDT 50Million
Paid-up Capital	:	BDT 150	No. of Shares	:	15	ShareValue	:	BDT10.00Each
Main Assets	:	BDT2843.95 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Star Jute Mills Ltd. Rajshahi Jute Mills R. R Jute Mills Ltd. M. M Jute Mills Ltd. Hafiz Jute Mills Ltd. Amin Jute Mills Ltd. Aleem Jute Mills Ltd. Eastern Jute Mills Ltd U.M.C. Jute Mills Ltd. Khalishpur Jute Mills Ltd. Gul Ahmed Jute Mills Ltd. Bangladesh Jute Mills Ltd. Jessore Jute Industries Ltd. Carpeting Jute Mills, Limited LatifBawany Jute Mills Limited Platinum Jubilee Jute Mills Ltd. The Crescent Jute Mills Co. Ltd Baghdad – Dhaka Carpet Factory
Subsidiary	:	N/A
Name of The Group	:	Bangladesh Jute Mills Corporation (BJMC)

BANKING

Bank Name	:	Sonali Bank Ltd.
Bank Address	:	Sirajganj Branch, Sirajgonj, 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 Head Office which is situated atAdamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh. It is Situated at Commercial area.

GENERAL COMMENTS

The subject company is engaged in manufacturer, Exporter & distributors. The subject company “Oaumi Jute Mills Ltd” acquired by “Jatio Jute Mills Limited”. It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate amount.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.37
UK Pound	1	Rs.91.60
Euro	1	Rs.66.49

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.