3decades

MIRA INFORM REPORT

Report No. :	505488
Report Date :	24.04.2018

IDENTIFICATION DETAILS

Name :	M.M. KNITWEAR LTD.

Registered Office :	House# 16 (3^rd Floor), Road# 10, Sector# 1, Uttara, Dhaka-1230

Country :	Bangladesh

Financials (as on) :	30.06.2017

Date of Incorporation :	21.07.1999

Com. Reg. No.:	C-38202

Legal Form :	Private Co

Line of Business :	Manufacturer, Exporter and Importer of Basic & Fancy T-Shirt, Polo Shirt, Ruggby Shirt, Tanktop, Knitted Jacket, Cut N Sewn Dress/Shorts, Long pant

No. of Employees :	5326

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.

Source : CIA

EXECUTIVE SUMMARY

*IDENTIFICATION DETAILS*
Correct company Name	:	M.M. Knitwear Ltd.
Head Office	:	House# 16 (3^rd Floor), Road# 10, Sector# 1, Uttara, Dhaka-1230, Bangladesh.
Tel No	:	88-02-48950966, 48952061
Fax No	:	88-02-58951483
E-mail	:	info@mmknitwear.com, mislam@mmknitwear.com
Website	:	www.mmknitwear.com
Date/ Year of Incorporation	:	21.07.1999
Incorporation No.	:	C-38202
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)

Other Registry & Certification Details

Organization Name	:	Bangladesh Garments Manufacturer & Exporters Association.
Membership No	:	Nil

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income
30^th June’2016	BDT 1321 Million	BDT 112.83 Million	BDT 65.10 Million
30^th June’2017	BDT 2056 Million	BDT 351.46 Million	BDT 79.25 Million

FULLCHECK REPORT DETAILS

*Information Parted By*
Name	:	Mr. Md. Mohsin Ahmed
Designation	:	General Manager
Contract No	:	N/A

*Locations Details*
Operating Address	:	House# 16 (3^rd Floor), Road# 10, Sector# 1, Uttara, Dhaka-1230, Bangladesh.
Tel No	:	88-02-48950966, 48952061
Fax No	:	88-02-58951483
E-mail	:	info@mmknitwear.com, mislam@mmknitwear.com
Website	:	www.mmknitwear.com

Location :

: Owned

Rented

Leased

Area

2400

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	:	Ambagh Road, Konabari, Nilnagar, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Branch:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	50	In Factory	:	5276
	In Branch:	:	-	Total	:	5326
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Md. Mafizul Islam	330
Mr. S. M. Motiur Rahman	270

DIRECTORS

Name	Designation
Mr. Md. Mafizul Islam	Managing Director
Mr. S. M. Motiur Rahman	Director

MANAGEMENT

Name	:	Mr. Md. Mafizul Islam
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. A. K. M. Shaheed Ahmed
Job Description	:	Executive Director (Head office)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Abdul Hye (Chanchal)
Job Description	:	Assistant General Manager (Marketing & Merchandising)
Nationality	:	Bangladeshi.
Email address	:	chanchal@mmknitwear.com
Other details	:	88-01716498856

Name	:	Mr. Md. Mohsin Ahmed
Job Description	:	General Manager
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Monirul Islam
Job Description	:	Deputy General Manager (Audit & HR)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. A. B. M Mahbubul Alam.
Job Description	:	Assistant General Manager (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01720184258

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor

	Exporter	Ö	Importer	Ö	Services	Others

Range of Products:

Products	:	Basic & Fancy T-Shirt, Polo Shirt, Ruggby Shirt, Tanktop, Knitted Jacket, Cut N Sewn Dress/Shorts, Long pant
Production Capacity	:	If only Basic T-Shirt/Tops= 85,000 Pcs/Day. If only Polo or Fancy Items = 45,000 Pcs/Day. Average Styles= 70,000 Pcs/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	Ö	Cash		Others
	Credit :		30 days		60 days	Ö	90 days			days

DETAILED DATA

Trade Reference & Related Parties	:	Overseas Clients			:	Best & Less La Halle Dressman Sinsbury’s George Springfield
		Local Clients			:	N/A
		Overseas Suppliers			:	N/A
		Local Suppliers			:	N/A
Trade Markets	:	Exports(Country)			:	Europe
		Imports(Country)			:	India, Pakistan, China.
Brand Name			:	N/A
Certified			:	N/A
Name of Auditors			:	N/A
Operation Status			:	Active

CAPITAL STRUCTURE

Authorized Capital	:	BDT 70 Million

Paid-up Capital	:	BDT 6000000

No. of Shares	:	600

Share Value	:	BDT 100.00 Each

Main Assets	:	BDT 351.46 Million

FINANCIAL STATEMENT- DETAILED

Summary information is given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

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

BANKING

Bank Name

United Commercial bank Ltd.

Bank Address

Bongshal Branch

32/3, Malitola Road, North South Road, Dhaka -1000, Bangladesh

Tel: 88-01713-017589

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 at House# 16 (3^rd Floor), Road# 10, Sector# 1, Uttara, Dhaka-1230, Bangladesh. It is Situated at Residential area.

GENERAL COMMENTS

The subject company maintains acceptable business volume.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.22
UK Pound	1	INR 92.84
Euro	1	INR 81.27
BDT	1	INR 0.78

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	TRU

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.