MIRA INFORM REPORT

Report No. :	327696
Report Date :	22.06.2015

IDENTIFICATION DETAILS

Name :	COMILLA SPINNING MILLS LTD.

Registered Office :	House # CWN-3(5th floor), Road # 49, Gulshan- 2, Dhaka-1213

Country :	Bangladesh

Date of Incorporation :	27.05.1993

Com. Reg. No.:	C-23986

Legal Form :	Private Co

Line of Business :	Subject is manufacturer and distributor of yarns

No. of Employee :	450

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 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 – 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

COMILLA SPINNING MILLS LTD.



*IDENTIFICATION DETAILS*

Correct company Name	:	Comilla Spinning Mills Ltd.
Head Office	:	House # CWN-3(5th floor), Road # 49, Gulshan- 2, Dhaka-1213, Bangladesh
Tel No	:	88-0-2-9883884, 9883886
Fax No	:	88-02-8813090
E-mail	:	info@united.com.bd, spinning.comilla@gmail.com cspinning@yahoo.com,
Website	:	Nil
Date/ Year of Incorporation	:	27/05/1993
Incorporation No.	:	C-23986
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 1419.59 Million	BDT 857.51 Million	BDT 148.32 Million
July’ 13~June’ 14	BDT 1682.60 Million	BDT 961.43 Million	BDT 131.95 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. Gopal Vottacharjo

Designation

Deputy General Manager

Contract No

N/A

*Locations Details*

Operating Address	:	House # CWN-3(5th floor), Road # 49, Gulshan- 2, Dhaka-1213, Bangladesh
Tel No	:	88-0-2-9883884, 9883886
Fax No	:	88-02-8813090
E-mail	:	info@united.com.bd, spinning.comilla@gmail.com cspinning@yahoo.com,
Website	:	Nil

Location :

: Owned

Rented

Leased

Area

1800

Sq. ft.

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

Factory:

Address	:	Mouja: Gokshur, Burichong, Comilla-B.Baria Road, Comilla, Bangladesh
Tel No	:	N/A
Fax No	:	N/A

Location :

Owned

Rented

Leased

Area

Acores

Group Head Office:

Address	:	United Canter House# NW (J) 6, Road# 51, Gulshan – 2, Dhaka-1212, Bangladesh
Tel No	:	88-02-9861000, 9850161-5
Fax No	:	88-02-9893445, 9893446

Employee:

No. of Employees	In Office	:	30	In Factory	:	420
	In Branch:	:		Total	:	450
Details:


Names of Shareholders	No. of Share
Mr. Faridur Rahman Khan	200000
Mr. Abul Kalam Azad	200000
Mr. K.M.A Shamim	720000
Mr. Nasiruddin Akhter Rashid	7950
Mr. Akhter Mahmud Rana	712050
Mr. Moinuddin Hasan Rashid	1432050
Mr. Hasan Mahmood Raja	7950
Mr. Malik Talha Ismail Bari	7950
Mr. Ahmed Ismail Hossain	712050
Mr. Wasim sajjad	400000
Mrs. Sultana Shaheda Islam	400000
Mr. Aminul Karim	400000
Mr. Afzal Karim	600000
Mr. Azizul Karim	400000
Mr. Anwar Karim	600000
Mr. Shabbir Islam	400000
Mr. Tanveer Islam	400000
Maj. (Retd.) Md. Quamrul Islam	400000


Name	Designation
Mr. Ahmed Ismail Hossain	Managing Director
Mr. Abul Kalam Azad	Director
Mr. K.M.A Shamim	Director
Mr. Nasiruddin Akhter Rashid	Director
Mr. Akhter Mahmud Rana	Director
Mr. Moinuddin Hasan Rashid	Director
Mr. Hasan Mahmood Raja	Director
Mr. Malik Talha Ismail Bari	Director
Mr. Faridur Rahman Khan	Director
Mr. Wasim sajjad	Director
Mrs. Sultana Shaheda Islam	Director
Mr. Aminul Karim	Director
Mr. Afzal Karim	Director
Mr. Azizul Karim	Director
Mr. Anwar Karim	Director
Mr. Shabbir Islam	Director
Mr. Tanveer Islam	Director
Maj. (Retd.) Md. Quamrul Islam	Director


Name	:	Mr. Gopal Vottacharjo
Job Description	:	Deputy General Manager
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A


Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor	Ö

	Exporter		Importer	Services	Others

Range of Products:

Products	:	Yarns
Production Capacity	:	14 tons per day
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

Trade Reference & Related Parties

Overseas Clients

N/A

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 Textile Mills Association

Authorized Capital

BDT 500 Million

Paid-up Capital

BDT 800000000

No. of Shares

8000000

Share Value

BDT100.00Each

Main Assets

BDT 961.43 Million

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

Sister Concerns

Unimart Limited

IPCO Hotels Ltd.

IPCO Resorts Ltd

United Polymers Ltd

United Hospital Ltd

Novo Real Estate Ltd.

United Residency Ltd

Gunze United Limited

United Medical College

United power Co. Ltd

M/S, Hossain Trading Co

Neptune Commercial Ltd

Gulshan Properties Ltd

IPCO Developments Ltd.

Shugandha Holdings Ltd.

UG Security Services Ltd.

United Ashuganj Power Ltd

United Elevator World Ltd

United Enterprise & Co.Ind

United Refinery & Bulk Ltd

United Ashuganj Energy Ltd

United International University

United Property Solutions Ltd

United Land Port Teknaf Ltd

United Enterprises & Co. Ltd

Soya Products Bangladesh Ltd.

United Group Brokerage House

Hafez Zamiruddin Fisheries Ltd

Neptune Land Development Ltd

Khulna Power Company Limited

Novo Healthcare and Pharma Ltd

M.Hossain Spinning Mills (Pvt) Ltd

United Leather Industries ( pvt) Ltd

Westmont Power (Bangladesh) Ltd

Khanjahan Ali Power Company Ltd.

Khulna Power Company Unit II Ltd.

Time Electronic and Print Media Ltd

Novo Health Care Pharmaceuticals Ltd.

United City Twin Tower Developers Ltd

United Engineering & Power Services Ltd

Shajahanullah Power Generation Co. Ltd.

United Plastic Wood Industries ( Pvt) Ltd

M. Hossain Cotton Spinning Mills (Pvt) Ltd.

United Management & Trading Services Ltd

United Power Generaltion & Distribution Co. Ltd

United Makkah Madina Travel & Assistance Co. Ltd

Subsidiary

Nil

Name of The Group

United Group


Bank Name	:	Dutch Bangla Bank Ltd.
Bank Address	:	Gulshan Branch The Grand Delvistaa,CES (A) 1/A, Road # 113,Gulshan Avenue, Dhaka-1212 Bangladesh

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 House # CWN-3(5th floor), Road # 49, Gulshan- 2, Dhaka-1213, Bangladesh. It is Situated at Residential area.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.82
UK Pound	1	Rs.101.26
Euro	1	Rs.72.36

INFORMATION DETAILS

Analysis Done by :	KAR

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.