MIRA INFORM REPORT

Report No. :	505613
Report Date :	25.04.2018

IDENTIFICATION DETAILS

Name :	BELKUCHI SPINNING MILLS LTD.
Registered Office :	Senakalyan Bhaban (14^th Floor), 195, Motijheel C/A, Dhaka-1000
Country :	Bangladesh
Financials (as on) :	30.06.2017 (Summarized)
Date of Incorporation :	07.02.2005
Com. Reg. No.:	C-55780
Legal Form :	Private Company
Line of Business :	Manufacturer, Exporter and Importer of Cotton Yarn.
No. of Employees :	225

RATING & COMMENTS

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

MIRA’s Rating :

A

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	A2	A2

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

COMPANY NAME

BELKUCHI SPINNING MILLS LTD.

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS
Correct company Name	:	Belkuchi Spinning Mills Ltd.
Head Office	:	Senakalyan Bhaban (14^th Floor), 195, Motijheel C/A, Dhaka-1000, Bangladesh.
Tel No	:	88-02-9551857, 9553298
Fax No	:	88-02-9553362
E-mail	:	rtl_saidul@zipbd.com, belkuchiapinning@yahoo.com
Website	:	www.rahmatgroup.com
Date/ Year of Incorporation	:	07.02.2005
Incorporation No.	:	C-55780
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

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income/ (Loss)
30^th Jun, 2016	BDT 631 Million	BDT 926.30 Million	BDT 7.21 Million
30^th Jun, 2017	BDT 785 Million	BDT 937.43 Million	BDT 15.52 Million

FULLCHECK REPORT DETAILS

Information Parted By
Name	:	Mr. Rafikul Islam
Designation	:	Manager (Factory)
Contract No	:	88-01713361825

Locations Details
Operating Address	:	Senakalyan Bhaban (14^th Floor), 195, Motijheel C/A, Dhaka-1000, Bangladesh.
Tel No	:	88-02-9551857, 9553298
Fax No	:	88-02-9553362
E-mail	:	rtl_saidul@zipbd.com, belkuchiapinning@yahoo.com
Website	:	www.rahmatgroup.com

Location :

: Owned

Ö

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.
Factory:
Address		:	Mouchak, Kaliakoir, Gazipur, Bangladesh.
Tel No		:	00-1199-852066, 9298033, 9298673.
Fax No		:	88-02-9298672

Location :

Owned

Ö

Rented

Leased

Area

2.3

Acores

Branch:
Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	25	In Factory	:	200
	In Branch:	:	-	Total	:	225
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Al-Haj-Mohammad Ali Sarker	2000
Mrs. Amina Khatun	2000
Mr. Amanullah Sarker	273000
Mr. Amir Hamza Sarker	273000

DIRECTORS

Name	Designation
Mr. Amanullah Sarker	Chairman
Mr. Amir Hamza Sarker	Managing Director
Al-Haj-Mohammad Ali Sarker	Director
Mrs. Amina Khatun	Director

MANAGEMENT

Name	:	Mr. Amir Hamza Sarker
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Engr. Kazi Dabir Uddin
Job Description	:	Executive Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01711548845

Name	:	Md. Saidul Islam
Job Description	:	Executive
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713329831

Name	:	Mr. Rafikul Islam
Job Description	:	Manager Information ( Factory)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713361825

BUSINESS OPERATIONS

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

Range of Products:
Products	:	Cotton Yarn
Production Capacity	:	1973126 kgs
Last Year Production	:	N/A
Spindles	:	20,160

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			:	N/A
		Local Clients			:	N/A
		Overseas Suppliers			:	N/A
		Local Suppliers			:	N/A
Trade Markets	:	Exports			:	Europe
		Imports			:	China, India, Italy
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Textile Mills Association

CAPITAL STRUCTURE

Authorized Capital	:	BDT 100 Million
Paid-up Capital	:	BDT 55000000
No. of Shares	:	550000
Share Value	:	BDT 100.00 Each
Main Assets	:	BDT 937.43 Million

FINANCIAL STATEMENT- DETAILED

Summary information is given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Name of The Group	:	Rahmat Group
Subsidiary	:	Nil
Sister Concerns	:	M/S Shahi Products M/S Shahi Print Sharee China Plastic (BD) Ltd. Logos Apparels Limited Rahmat Textile Mills Ltd. Rahmat Fashion Wear Ltd. Rahmat Spinning Mills Ltd Rahmat Sweaters (Bd.) Ltd. Belkuchi Spinning Mills Ltd. Rahmat Plastic and Accessories Limited Rahmat Knit-Dyeing & Finishing Limited

BANKING

Bank Name	:	Al-Arafah Islami Bank Limited
Bank Address	:	Motijheel Branch (AD) Rahman Mansion,161, Motijheel C/A Dhaka-1000 , Bangladesh Tel: 88-02-9569350, 9564190,7121943, 7122075, 01730019595 Fax: 88-02-9567664
Bank Name	:	Mutual Trust Bank Limited
Bank Address	:	Principal Branch WW Tower (1^st -3^rd Floor) 68, Motijheel C/A, Dhaka- 1000, Bangladesh. Tel :88-02-7113237, 7113238 Fax: 88-02-9566181

Bank Name	:	Shahajalal Islami Bank Ltd.
Bank Address	:	Motijheel Branch Karim Chamber, 99, Motijheel C/A, Dhaka- 1000, Bangladesh. Tel: 88-02-9563156, 9562763, 9564029. Fax: 88-02-9564029

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 Senakalyan Bhaban (14^th Floor), 195, Motijheel C/A, Dhaka-1000, Bangladesh. It is situated at Commercial area.

GENERAL COMMENTS

The subject company is a well-known reputed company in Bangladesh. 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	INR 66.36
UK Pound	1	INR 92.51
Euro	1	INR 81.05
BDT	1	INR 0.79

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	NIT

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.