MIRA INFORM REPORT

Report No. :	492700
Report Date :	19.02.2018

IDENTIFICATION DETAILS

Name :	ASWAD COMPOSITE MILLS LIMITED
Registered Office :	Confidence Centre (16^th Floor), 9/Kha, Shahajadpur, Gulshan, Dhaka-1212
Country :	Bangladesh
Date of Incorporation :	14.05.2007
Com. Reg. No.:	C-66849
Legal Form :	Private Co
Line of Business :	Manufacturer, Dyeing, Embroidery, Distributor, Exporter and Printing of Dyeing, T Shirts, Polo Shirts
No. of Employees :	4395

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+	Low Risk	Business dealings permissible with low risk of default

Status :	Good
Payment Behaviour :	Regular
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

IDENTIFICATION DETAILS
Correct company Name	:	ASWAD COMPOSITE MILLS LIMITED
Head Office	:	Confidence Centre (16^th Floor), 9/Kha, Shahajadpur, Gulshan, Dhaka-1212, Bangladesh.
Tel No	:	88-01730010397, 01730668404
Fax No	:	Nil
E-mail	:	info@palmalgarments.com, momin@palmalgarments.com
Website	:	Nil
Date/ Year of Incorporation	:	14.05.2007
Incorporation No.	:	C-66849
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
31^st Dec’2015	BDT 12416.61 Million	BDT 5498.08 Million	BDT 396.85 Million
31^st Dec’2016	BDT 12567.40 Million	BDT 8268.57 Million	BDT 643.25 Million

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Mr. Md. Masud Rana
Designation	:	Merchandiser
Contract No	:	88-01713048036

Locations Details
Business Address	:	Confidence Centre (16^th Floor), 9/Kha, Shahajadpur, Gulshan, Dhaka-1212, Bangladesh.
Tel No	:	88-01730010397, 01730668404
E-mail	:	Nil
Fax No	:	info@palmalgarments.com, momin@palmalgarments.com
Website	:	Nil

Location :

: Owned

Rented

Ö

Leased

Area

4500

Sq. ft.

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

Factory-1:
Address	:	1317, Beridar Chala, CNB Bazar, Sreepur, Gazipur, Bangladesh.
Tel No	:	N/A
Fax No	:	N/A

Factory-2:
Address	:	Kabirpur, Ashulia, Savar, Bangladesh.
Tel No	:	88-02-7788649
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	50	In Factory	:	4345
	In Branch:	:	-	Total	:	4395

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share
Mr. Adnan Imtiaz Majid	100
Mr. Nafis Sikder	99900

DIRECTORS
Name	Designation
Mr. Adnan Imtiaz Majid	Chairman
Mr. Nafis Sikder	Managing Director

MANAGEMENT
Name	:	Mr. Nafis Sikder
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Emdad Hossain
Job Description	:	Executive Director (Production)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713060279

Name	:	Mr. Abdul Monir
Job Description	:	Assistant Manager (Import)
Nationality	:	Bangladeshi.
Email address	:	momin@palmalgarments.com
Other details	:	N/A

Name	:	Mr. N. Alahi
Job Description	:	Senior Merchandiser
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01730010407

Name	:	Mr. Md. Masud Rana
Job Description	:	Merchandiser
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713048036

BUSINESS OPERATIONS
Nature of Activity :	Manufacturer	Ö	Dyeing	Ö	Embroidery	Ö	Distributor	Ö
	Exporter	Ö	Printing	Ö	Services		Others

Range of Products:
Products	:	Dyeing, T Shirts, Polo Shirts
Production Capacity	:	Fabric Dyeing: 25 M/Ton Per Day Knit Items: 165, 00000 Pcs. Per Month
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				:	Wal-Mart, Joe Fresh Lable, Hudson’s Bay Co.
		Local Clients				:	N/A
		Overseas Suppliers				:	N/A
		Local Suppliers				:	N/A
Trade Markets	:	Exports				:	Canada, USA, Europe
		Imports				:	China, Thailand
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Garments Manufacturer & Exporters Association
CAPITAL STRUCTURE
Authorized Capital				:	BDT 30 Million
Paid-up Capital				:	BDT 10000000
No. of Shares				:	100000
Share Value				:	BDT 100.00 Each
Main Assets				:	BDT 8268.57 Million

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Name of The Group	:	Palmal Group of Industries.
Subsidiary	:	N/A
Sister Concerns	:	MK Dress Ltd. Palmal Styles Ltd Nafa Apparels Ltd. Palmal Dresses Ltd Palmal Fashion Ltd Ayesha Fashion Ltd. Palmal Washing Ltd N.K.K. Sweaters Ltd N.K.K. Knitwear Ltd Palmal Garments. Ltd. Floral Accessories Ltd. Palmal Design Limited Ammajan Garments Ltd. Palmal Weaving Limited Palmal Apparels Limited Pragati Fashion Wear Ltd. Palmal Garments Limited Palmal Knitwear Factory Ltd Palmal Garments Hosiery Ltd Palmal Garments Washing Ltd. The Dacca Dyeing Garments Ltd.

BANKING
Bank Name	:	One Bank Ltd.
Bank Address	:	Gulshan Branch, Ka-43, Jagannathpur, Norda, Dhaka-1212, Bangladesh. Tel: 88-02-8415612-14
Bank Name	:	Exim Bank Limited
Bank Address	:	Motijheel Branch, Sharif Mansion, 56-57, Motijheel C/A, Dhaka-1000, Bangladesh. Tel: 88-02-9568534, 9552800, 9568093, 9554988
Bank Name	:	South East Bank Limited
Bank Address	:	Motijheel Branch, 125, Motijheel C/A (1^st Floor), Motijheel, Dhaka-1000, Bangladesh. Tel: 88-02- 9567286, 9567202, 9567303, 9567262 Fax: 88-02-9567701

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 officer which is situated at Confidence Centre (16^th Floor), 9/Kha, Shahajadpur, Gulshan, Dhaka-1212, Bangladesh. It’s office is situated at Residential Area.

GENERAL COMMENTS

The subject company is a well-known reputed company in Bangladesh. Their products popular to the local customers. So day by day the subject companies increase their goodwill.As well as its financial condition, We recommended that Credit can proceed promptly in Fairly large amount.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.90
UK Pound	1	INR 90.31
Euro	1	INR 80.17
BDT	1	INR 0.77

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.