MIRA INFORM REPORT

Report No. :	338858.2
Report Date :	05.09.2015

IDENTIFICATION DETAILS

Name :	SATTAR JUTE AND FIBRES LTD.

Registered Office :	Baitul Hossain Bhaban, (9^th Floor), Rom# 1002, 27, Dilkusha C/A, Dhaka-1000

Country :	Bangladesh

Date of Incorporation :	25.05.2009

Com. Reg. No.:	C-77607

Legal Form :	Private Company

Line of Business :	Exporter of Raw Jute.

No. of Employees :	18

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

EXECUTIVE SUMMARY

Comments	:	SC’s changed their floor 4^th floor to 9^th floor.

*IDENTIFICATION DETAILS*

Correct company Name	:		Sattar Jute and Fibres Ltd.
Head Office	:		Baitul Hossain Bhaban, (9^th Floor), Rom# 1002, 27, Dilkusha C/A, Dhaka-1000, Bangladesh.
Tel No	:		88-02-9558445
Fax No	:		Nil
E-mail	:		jutenfibre@gmail.com, jutenfibre@hotmail.com
Website	:		www.jute-bd.com
Date/ Year of Incorporation	:		25-05-2009
Incorporation No.	:		C-77607
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/ (Loss)
July’ 13~June’ 14	BDT 78 Million	BDT 12.58 Million	BDT 0.95 Million
July’ 14~June’ 15	BDT 59 Million	BDT 14.50Million	BDT 1.85 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	:	Mr. Alem Ali
Designation	:	Officer( Export)
Contract No	:	88-01818122140

*Locations Details*

Operating Address	:	Baitul Hossain Bhaban, (9^th Floor), Rom# 1002, 27, Dilkusha C/A, Dhaka-1000, Bangladesh.
Tel No	:	88-02-9558445
Fax No	:	NIl
E-mail	:	jutenfibre@gmail.com, jutenfibre@hotmail.com
Website	:	www.jute-bd.com

Location :

: Owned

Rented

Leased

Area

1200

Sq. ft.

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

Warehouse:

Address	:	Kumudini Premises, 72, Sirajuddowla Road, PO Box: 62, Narayangonj, Bangladesh
Tel No	:	N/A
Fax No	:	N/A

Location :

Owned

Rented

Leased

Area

12000

Sq. ft.

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

Employee:

No. of Employees	In Office	:	5	In Factory	:	13
	In Branch:	:		Total	:	18
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Shiful Haq Paton	1
Ms. Shamima Haq	999

DIRECTORS

Name	Managing Director
Mr. Shiful Haq Paton	Director
Mr. Lutfar Rahman	Director
Ms. Shamima Haq	Director

MANAGEMENT

Name	:	Mr. Lokman Mollah
Job Description	:	Executive Director
Nationality	:	Bangladesh
Email address	:	N/A
Other details	:	01720-271188

Name	:	Mr. A.K.M. Nazrul Islam
Job Description	:	Manager
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	01712904014

Name	:	Mr. Alem Ali
Job Description	:	Officer( Export)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01818122140

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer		Trader	Dealer	Distributor

	Exporter	Ö	Importer	Services	Others

Item Dealings In:

Products	:	Raw Jute
Production Capacity	:
Last Year Production	:

Trading Terms:

Purchasing Terms:	L/C		Cash	Ö	Others
	Credit :		30 days		60 days		90 days	Ö	0	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			:	India, Pakistan, China
		Imports			:	N/A
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	Nil

CAPITAL STRUCTURE

Authorized Capital	:	BDT 1 Million
Paid-up Capital	:	BDT 1,00,000	No. of Shares	:	1000	Share Value	:	BDT100.00Each
Main Assets	:	BDT 14.50Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Nil
Subsidiary	:	N/A
Name of The Group	:	N/A

BANKING

Bank Name	:	Pubali Bank Ltd.
Bank Address	:	Local office 34, Dilkusha Commercial Area Dhaka-1000, Bangladesh

Bank Name	:	Agrani Bank Ltd.
Bank Address	:	Principal Branch 9-D, DilkushaC/A, Motijheel, Dhaka-1000. Tel: 02-9551569, 9554497, 9561556, 9553064, 9560770. SWIFT: AGBKBDDH 001 Dhaka-1000, 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 at Baitul Hossain Bhaban, (9th Floor), Rom# 1002, 27, Dilkusha C/A, Dhaka-1000, Bangladesh.

GENERAL COMMENTS

The subject company is engaged in exporter of Raw Jute. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be Fair.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.40
UK Pound	1	Rs.101.19
Euro	1	Rs.73.89

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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.