MIRA INFORM REPORT

Report No. :	329274
Report Date :	04.07.2015

IDENTIFICATION DETAILS

Name :	RISING SPINNING MILLS LTD

Registered Office :	Rising Complex, Plot-I/10, Block-K, Rupnagar I/A, Mirpur-2, Dhaka-1216

Country :	Bangladesh

Date of Incorporation :	05.04.2004

Com. Reg. No.:	C-52366

Legal Form :	Private Co

Line of Business :	Subject is manufacturer and exporter of yarns

No. of Employee :	884

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 complain

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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bangladesh

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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.

Source : CIA

Company name

RISING SPINNING MILLS LTD



*IDENTIFICATION DETAILS*

Correct company Name	:	RISING SPINNING MILLS LTD.
Head Office	:	Rising Complex, Plot-I/10, Block-K, Rupnagar I/A, Mirpur-2, Dhaka-1216, Bangladesh
Tel No	:	88-02-8057866, 9020398, 9003182, 9020401, 9003182
Fax No	:	88-02-9007093
E-mail	:	rising@rising-group.com
Website	:	www.rising-group.com
Date/ Year of Incorporation	:	05/04/2004
Incorporation No.	:	C-52366
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)


Year	Turnover/ Sales	Assets	Income/ (Loss)
July’ 12~June’ 13	BDT 497 Million	BDT 1091.50 Million	BDT 25.34 Million
July’ 13~June’ 14	BDT 552 Million	BDT 1443.26 Million	BDT 30.36 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. Gobindro Ghosh

Designation

Manager (Commercial)

Contract No

N/A

*Locations Details*

Operating Address	:	Rising Complex, Plot-I/10, Block-K, Rupnagar I/A, Mirpur-2, Dhaka-1216, Bangladesh
Tel No	:	88-02-8057866, 9020398, 9003182, 9020401, 9003182
Fax No	:	88-02-9007093
E-mail	:	rising@rising-group.com
Website	:	www.rising-group.com

Location :

: Owned

Rented

Leased

Area

1800

Sq. ft.

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

Factory:

Address	:	Nayadingi, Saturia, Manikjang-1800, Bangladesh
Tel No	:	88-02-9016738
Fax No	:	88-02-9007093

Location :

Owned

Rented

Leased

Area

127063

Sq. ft.

Branches:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	40	In Factory	:	844
	In Branch:	:		Total	:	884
Details:


Names of Shareholders	No. of Share
Mr. Mahmud Hasan Khan	598500
Ms. Nargis Akter	204250
Mr. Md. Masum Iqbal Khan	19000
Mr. Lam Kwok Ylu Jonny	128250

\
Name	Designation
Mr. Mahmud Hasan Khan	Managing Director
Ms. Nargis Akter	Director
Mr. Md. Masum Iqbal Khan	Director
Mr. Lam Kwok Ylu Jonny	Director


Name	:	Mr. Gobindro Ghosh
Job Description	:	Manager (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A


Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor

	Exporter	Ö	Importer	Services	Others

Range of Products:

Products	:	Yarns
Production Capacity	:	Ring 525,000 Kg Rotor 96,000 Kg
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

Trade Reference & Related Parties

Overseas Clients

WalMart Target Behaviour

Local Clients

N/A

Overseas Suppliers

N/A

Local Suppliers

N/A

Trade Markets

Exports

Europe

Imports

India, China

Brand Name

N/A

Certified

N/A

Auditors

N/A

Operation Status

Active

Member

Bangladesh Garments Manufacturer & Exporters Association


Authorized Capital	:	BDT 800 Million
Paid-up Capital	:	BDT 95000000	No. of Shares	:	950000	Share Value	:	BDT100.00Each
Main Assets	:	BDT 1443.26 Million


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

Sister Concerns	:	DMC Apparels Ltd. Fashion Accessories Rising Fashions Ltd Rising Apparels Ltd Aninda Printers Ltd. Rising Industries Ltd Mahmuda Attires Ltd. Arunima Apparels Ltd. Sabarang Fashions Ltd Rising Sourcing Service Arunima Sportswear Ltd. Active Composite Mills Ltd. Rising Knit Textile Mills Ltd Popular Packages & Accessories Ltd
Subsidiary	:	Nil
Name of The Group	:	Rising Group


Bank Name	:	Exim Bank Ltd
Bank Address	:	Uttara Branch Address: House # 61/A, Road # 7, Sector # 4, Uttara Model Town, Dhaka Bangladesh Phone: 88-02-8919785.8952847 Fax: 88-02-8952838

Bank Name	:	Jamuna Bank Limited
Bank Address	:	Banani Branch Tower Hamlet (2nd floor), 16, Kemal Ataturk Avenue, Banani C/A, Dhaka-1213, Bangladesh Phone : 88-02-9822107, 9822108

Bank Name	:	BRAC Bank Ltd.
Bank Address	:	Gulshan Branch House # 50 (GF), Road # 03, Gulshan 1, Dhaka-1212, Bangladesh Fax: 88-02-8818624


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

Our representative visited the subject company Head Office which is situated at Rising Complex, Plot-I/10, Block-K, Rupnagar I/A, Mirpur-2, Dhaka-1216, Bangladesh. It is situated at Semi-Commercial area.

The subject company is engaged in Manufacturer & Exporter. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	KAS

Report Prepared by :	ASH

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

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