MIRA INFORM REPORT

Report No. :	486018
Report Date :	15.01.2018

IDENTIFICATION DETAILS

Name :	KARIM JUTE SPINNERS LTD
Registered Office :	Chandrashila Suvastu Tower (4^th Floor), 69/1, Pantha Path Green Road, Dhaka-1205,
Country :	Bangladesh
Date of Incorporation :	11.12.1995
Com. Reg. No.:	C-27310
Legal Form :	Private Co Ltd
Line of Business :	Manufacturer, Distributor and Exporter of Jute Yarn.
No. of Employees :	4100

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 :	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 (30.06.2017)	Current Rating (30.09.2017)
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 surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

Source : CIA

EXECUTIVE SUMMARY
IDENTIFICATION DETAILS
Correct company Name	:	Karim Jute Spinners Ltd
Head Office	:	Chandrashila Suvastu Tower (4^th Floor), 69/1, Pantha Path Green Road, Dhaka-1205, Bangladesh
Tel No	:	88-02-9641129-39
Fax No	:	Nil
E-mail	:	kjsldoc@karimgroup.com, info@karimgroup.com
Website	:	www.karimgroup.com
Date/ Year of Incorporation	:	11.12.1995
Incorporation No.	:	C-27310
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)
30^th June’2016	BDT 1562 Million	BDT 117.21 Million	BDT 76.30 Million
30^th June’2017	BDT 1681 Million	BDT 131.97 Million	BDT 85.46 Million

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Mr. Delwar Hossain
Designation	:	Manager (Import)
Contract No	:	88-01713488113

Locations Details
Operating Address	:	Chandrashila Suvastu Tower (4^th floor), 69/1, Pantha Path Green Road, Dhaka-1205, Bangladesh
Tel No	:	88-02-9641129-39
Fax No	:	Nil
E-mail	:	kjsldoc@karimgroup.com, info@karimgroup.com
Website	:	www.karimgroup.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	:	Kanipur, Faridpur, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Ö

Rented

Leased

Area

10

Acores

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

Employee:
No. of Employees	In Office	:	110	In Factory	:	3990
	In Branch:	:	Nil	Total	:	4100
Details:

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share
Al-Haj Abdul Karim Miah	1500
Mr. Md. Jahangir Miah	1000
Mr. Md. Zahid Miah	1000
Mr. Md. Wahid Miah	1000
Ms. Feroza Begum	1
Ms. Rehana Begum	1
Ms. Shahana Begum	1
Ms. Shamia Karim	1
Ms. Jobada Khatun	500

DIRECTORS
Name	Designation
Mr. Md. Zahid Miah	Managing Director
Mr. Md. Wahid Miah	Director
Ms. Feroza Begum	Director
Ms. Rehana Begum	Director
Ms. Shahana Begum	Director
Al-Haj Abdul Karim Miah	Director
Mr. Md. Jahangir Miah	Director
Ms. Jobada Khatun	Director

MANAGEMENT
Name	:	Mr. Md. Zahid Miah
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Mahmudul Haque
Job Description	:	Deputy General Manager (Export)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Murad
Job Description	:	Manager (Export)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Delwar Hossain
Job Description	:	Manager (Import)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713488113

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

Range of Products:
Products	:	Jute Yarn
Production Capacity	:	2500 M. Tons per month
Last Year Production	:	N/A

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(Country)			:	Belgium, USA, Canada, Germany, UK, Spain, Poland, Moldova, Estonia, China, Hong Kong, Korea, Iran, Turkey, Saudi Arabia, Syria.
		Imports(Country)			:	India, 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 500400
No. of Shares	:	5004
Share Value	:	BDT100.00Each
Main Assets	:	BDT 131.97 Million

FINANCIAL STATEMENT- DETAILED

Summary Information Given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns	:	J.K. Fillings Station Karim Jute Trading Abdul Karim Limited Jobyada Filling Station Al- Haj Karim Textiles Ltd Hypoid Composite Knit Ltd. Jobaida Karim Jute Mills Ltd. Aragya Sadan (Pvt) Hospital Ltd
Subsidiary	:	Nil
Name of The Group	:	Karim Group

BANKING
Bank Name	:	Agrani Bank Ltd
Bank Address	:	Faridpur Branch Ahladipur, Goalondo Mor, Ahladipur, Rajbari-7711, Faridpur, Bangladesh Tel: 88-0641-65986
Bank Name	:	Islami Bank Bangladesh Ltd
Bank Address	:	Elephant Road AD Branch Chowrangi Bhaban, 124/A, Elephant Road, Dhaka-1205, Bangladesh Tel: 88-02-9676984, 58610032, 58610036 Fax: 88-02-9670801

Bank Name	:	Mutual Trust Bank Limited
Bank Address	:	Panthapath Branch Chandrashila Suvastu, Tower 69/1, Panthapath, Dhaka-1205, Bangladesh Tel: 88-02-8613807, 8629887 Fax: 88-02-8624687
Bank Name	:	Habib Bank Ltd
Bank Address	:	Gulshan Branch South Avenue Tower, 7, Gulshan Avenue, Gulshan -1, Dhaka -1212. Bangladesh Tel: 88-02-9883505, 9888492 Fax: 88-02-9883064

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 Chandrashila Suvastu Tower (4th Floor), 69/1, Pantha Path, Green Road, Dhaka-1205, Bangladesh. It is situated at

Commercial Office Area.

GENERAL COMMENTS

The subject company maintains acceptable business volume. We recommended that Credit can proceed normally

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.53
UK Pound	1	INR 86.05
Euro	1	INR 76.53
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 :	POJ

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.