MIRA INFORM REPORT

Report No. :	506531
Report Date :	03.05.2018

IDENTIFICATION DETAILS

Name :	REGENT TEXTILE MILLS LTD.
Registered Office :	HG Tower, 1182, Jubilee Road (Nur Ahmed Road) ,Chittagong-4000
Country :	Bangladesh
Financials (as on) :	31.12.2017
Date of Incorporation :	30.11.1994
Com. Reg. No.:	CH-1780
Legal Form :	Public Listed Co
Line of Business :	Manufacturer, Dyeing, Printing, Distributor, Exporter and Importer of Woven Fabrics, Home Furnishing Items
No. of Employees :	1995

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	:	REGENT TEXTILE MILLS LTD.
Head Office	:	HG Tower, 1182, Jubilee Road (Nur Ahmed Road) ,Chittagong-4000, Bangladesh.
Tel No	:	88-031-2868841-3
Fax No	:	88-031-2868207
E-mail	:	rtml@regenttex.com, cs@regenttex.com
Website	:	www.regenttex.com
Date/ Year of Incorporation	:	30.11.1994
Incorporation No.	:	CH-1780
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

Taxpayer’s Identification No (TIN)

:

682886648942

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

Value Added Tax(VAT) No

:

24151001808

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

Import Registration Certificate No

:

Ba-112881

Date of Registration

:

N/A

Issuing Authority

:

Chief Controller of Import & Export (CCIE)

Export Registration certificate No

:

Ra-27754

Date of Registration

:

N/A

Issuing Authority

:

Chief Controller of Import & Export (CCIE)

FINANCIALS- SUMMARY
Year	Turnover/ Sales	Assets	Income/ (Loss)
30^th June,2017	BDT 561717109 (1 July 2016 To 31 Dec 2016)	BDT 5433835547	BDT 59164217 (1 July 2016 To 31 Dec 2016)
31^st Dec’2017	BDT 680192718 (1 July 2017 To 31 Dec 2017)	BDT 5870443583	BDT 59932401 (1 July 2017 To 31 Dec 2017)

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Mr. M. R. H. Sikder, ACS
Designation	:	Company Secretary
Contract No	:	N/A

Locations Details
Operating Address	:	HG Tower, 1182, Jubilee Road (Nur Ahmed Road) ,Chittagong-4000, Bangladesh.
Tel No	:	88-031-2868841-3
Fax No	:	88-031-2868207
E-mail	:	rtml@regenttex.com, cs@regenttex.com
Website	:	www.regenttex.com

Location :

: Owned

Ö

Rented

Leased

Area

4500

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	:	East Kalurghat, Charkhidirpur, Bandar Chittagong-4000, Bangladesh.
Tel No	:	88-031-671170, 671439
Fax No	:	88-031-671000

Location :

Owned

Ö

Rented

Leased

Area

604.66

Decimal

Commercial Office:
Address	:		Siaam Tower (Level# 7), Plot# 15, Road # 2, Sector# 3, Uttara Model Town, Dhaka-1230, Bangladesh.
Tel No	:		Nil
Fax No	:		Nil
Branch:
Address		:		Rang Arcade (2^nd Floor), Plot# 10/ A, House# 153/A, Gulshan Avenue, Gulshan-2, Dhaka-1212, Bangladesh.
Tel No		:		88-02-8835719, 9883744
Fax No		:		Nil

Employee:
No. of Employees	In Office	:	360	In Factory	:	1630
	In Branch:	:	5	Total	:	1995

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share	Country
Mr. Md. Yakub Ali	13926313	Bangladesh.
Mr. Md. Yasin Ali	14000049	Bangladesh.
Mrs. Anjumanara Begum	3734690	Bangladesh.
Mrs. Amina Mahabub	8749918	Bangladesh.
Mrs. Salma Yasin	3660967	Bangladesh.
Mr. Mashruf Habib	3339000	Bangladesh.
Mr. Tanvir Habib	6125023	Bangladesh.
Mrs. Tanima Mahabub	3062518	Bangladesh.
Ms. Sarfinaz Mahabub	3062518	Bangladesh.
Mr. Salman Habib	3339000	Bangladesh.
General Public	52500004	Bangladesh.

DIRECTORS
Name	:	Mr. Md. Yakub Ali
Designation	:	Chairman
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Salman Habib
Designation	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Mashruf Habib
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Md. Yasin Ali
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Tanvir Habib
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Eng. Md. Abul Quasem
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Jabed Iqbal
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

MANAGEMENT
Name	:	Mr. Salman Habib
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Mohammed Abdur Rashid FCA, FCMA
Job Description	:	Director (Finance & Operations)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Mohammad Masud Hossain
Job Description	:	Director, Marketing
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Saiful Islam
Job Description	:	General Manager (Marketing)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Anwar Sadat Siddiqi
Job Description	:	General Manager (Admin, HR & Compliance)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Amalendu Pandey
Job Description	:	General Manager (Production)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Joydip Das Gupta
Job Description	:	General Manager (Marketing & Home Textile)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Anjan Kumar Bhattacharyya
Job Description	:	Chief Financial Officer
Nationality	:	Bangladeshi.
Email address	:	anjan.rtml@regenttex.com
Other details	:	N/A

Name	:	Mr. A. K. Bhattacharyya
Job Description	:	Chief Financial Officer
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. M. R. H. Sikder, FCA
Job Description	:	Company Secretary
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

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

Range of Products :
Products	:	Woven Fabrics, Home Furnishing Items
Production Capacity	:	Weaving : 12 Million Meters per year Dyeing & Printing : 14 Million Meters per year
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		Cash	Ö	Others
	Credit :	Ö	30 days		60 days	90 days	days

DETAILED DATA
Trade Reference & Related Parties	:	Overseas Clients			:	Lidl Siplec. Bonfrix Wall Mart Heimtex AB Princess Groppen AS New wave Group SA Red Cats Asia Limited
		Local Clients			:	N/A
		Overseas Suppliers			:	N/A
		Local Suppliers			:	N/A
Trade Markets	:	Exports			:	Europe, Sweden, Norway, Switzerland, Germany
		Imports			:	China, India
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	Hoda Vasi Chowdhury & Co Chartered Accountants
Operation Status			:	Active
Member			:	Bangladesh Textile Mills Association

CAPITAL STRUCTURE
Authorized Capital	:	BDT 150000 Million
Paid-up Capital	:	BDT 1155000000
No. of Shares	:	115500000
Share Value	:	BDT 10.00 Each
Main Assets	:	BDT 5870443583

FINANCIAL STATEMENT- DETAILED
Balance Sheet :
	Currency	BDT
	Denomination	: 1
	Financial Year Ending	: 31^st Dec’2017
Financial Highlights	31^st Dec’2017	30^th June,2017
Assets
NON-CURRENT ASSETS	2646186922	2222538689
Property, Plant and Equipment	1999896052	1954612056
Capital Work in Progress	646290870	267926633
CURRENT ASSETS:	3224256661	3211296858
Investment	1433649914	1427298081
Inventories	400922679	399684058
Accounts & other Receivable	644813478	600712291
Interest Receivables	15284190	3296553
Advance, Deposit and Prepayments	452931663	607329420
Due from affiliated companies	270710004	167695056
Cash and cash Equivalents	5944733	5281399
TOTAL ASSETS	5870443583	5433835547
SHAREHOLDERS’ EQUITY & LIABILITIES
SHARE HOLDERS EQUITY	3481974240	3478466042
Share Capital	1155000000	1155000000
Revaluation surplus	984448607	986342088
Share premium account	724782034	724782034
Retained Earnings	617743599	612341920
NON- CURRENT LIABILITIES	882284024	855634904
Non-current portion of long term loan	811962113	785745277
Deferred Tax Liabilities	70321911	69889627
CURRENT LIABILITIES	1506185319	1099734601
Current portion of long term loan	44404553	14254723
Accounts payable	335058854	252625973
Other payable	331586014	61124641
Short term loan	711359500	687690657
Directors/Sponsors current Account	35729762	51405915
Provision for current tax	48046636	32632692
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES	5870443583	5433835547
NAV per Share	30.15	30.12

Income Statement :
	Currency	BDT
	Denomination	: Taka
	Financial Year Ending	: 31^st Dec’2017
Financial Highlights	1 July 2017 To 31 Dec 2017	1 July 2016 To 31 Dec 2016
Revenue	680192718	561717109
Cost of Goods Sold	(553461139)	(439805205)
Gross Profit	126731580	121911904
Operating Expenses
Administrative Expenses	(30605986)	(21770117)
Selling & Distribution Expenses	(18373401)	(16212998)
	(48979387)	(37983115)
Operating Profit	77752193	83928789
Financial Expenses	(49264725)	(47907494)
Profit before non-operating income	28487468	36021295
Other non- operating income	51279510	48159681
Profit before distribution of WPP & WF	79766978	84180976
Contribution to WPP & WF	(3988349)	(4209048)
Profit before income tax	75778629	79971928
Income Tax Expenses:
Current	(15413944)	(16413850)
Deferred	(432284)	(4393861)
	(15846228)	(20807711)
Profit after income tax	59932401	59164217
Other comprehensive income
Unrealized gain /(loss) on Available-for-sale Financial Assets
Financial assets	(3924199)	(4086824)
Total comprehensive income for the period	56008202	63251041
Earnings per share (Basic)	0.52	0.51

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns		:		Habib Salt Regent Power Securities Ltd Ali Fashion Ltd. HG Aviation Ltd. Habib Steels Ltd. Regent Power Ltd. Diamond Pack Ltd. Regent Fabrics Ltd. Noor Garments Ltd. Legacy Fashion Ltd. ANZ Properties Ltd. Siam’s Superior Ltd. Regent Weaving Ltd. Valiant Fashions Ltd. Habib Steels Limited Valiant Garments Ltd. DCL Auto Bricks Ltd. Anowara Fashion Ltd. Anowara Apparels Ltd. Mudy‟s navigation Ltd. Maam Textile Mills Ltd. Union Cement Mills Ltd. Anowara Paper Mills Ltd. Valiant Fashion Wear Ltd. Diamond Cement Limited Regent Spinning Mills Ltd. MTS Re-Rolling Mills Ltd. Union Fertilizer Complex Ltd. Regent Energy and Power Ltd. H G Aviation (Regent Airways) Tariq‑Adib Heimtex Mills Ltd. Habib Shares and Securities Ltd Habib Printers & Publishers Ltd. Southern Medical College and Hospital Ltd. Bangladesh Fertilizer & Agro Chemicals Ltd.
Subsidiary		:		N/A
Name of The Group		:		Habib Group
BANKING
Bank Name	:		Idlc Fiancé Ltd Sonali Bank Limited National Bank Limited Mercantile Bank Limited Langkabangla Finace Ltd Shahjalal Islami Bank Ltd Dutch Bangla Bank Limited Standard Chartered Bank Ltd
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 their Head office which is situated at HG Tower, 1182, Jubilee Road (Nur Ahmed Road), Chittagong-4000, Bangladesh. It is situated at Commercial Area.

GENERAL COMMENTS

SC has been in its line of business for about 23 years. As well as its financial condition,

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.66
UK Pound	1	INR 90.66
Euro	1	INR 80.00
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 :	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.