MIRA INFORM REPORT

 

 

Report Date :

07.08.2007

 

IDENTIFICATION DETAILS

 

Name :

Around Star Sweaters Limited

 

 

Registered Office :

A. Aziz Super Markat ((1st Floor), Golakandail, P. O. Bhulta, P. S. Rupganj, District : Narayanganj

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

12th February,2001

 

 

Com. Reg. No.:

C-42444

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in manufacturing and exporting of sweaters to overseas countries.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Report on

 

Around Star Sweaters Limited

 

 

Address     

 

A. Aziz Super Markat ((1st Floor),

Golakandail,

P. O. Bhulta,

P. S. Rupganj,

District : Narayanganj,

Bangladesh

Telephones        : 880-2-8016032,

Fax                   : 880-2-8016032,

E-mail               : aroundstar@yahoo.com

 

                                                                         

SUMMARY

 

Established                               : February,2001

Incorporation No.                        : C-42444

Incorporation Dated                    : 12th February,2001

Managing Director & CEO           : Mr.M.Ashrafuddin

 

 

Employees

 

522

 

Executives-                   4    

Junior Executives-         5                                                                                                           

Merchandisers-              7 

Quality Control-             22

Supervisory Staffs-         35

Support Staffs-              10

General Staffs-               14

Technicians-                  6

Workers-                                   419

 

 

BANK

 

Prime Bank Limited

Motijheel Commercial Area,

Dhaka

 

Basic Bank Limited

Shantinagar Branch,

Dhaka

 

 

 

BRANCH

 

NIL

 

                                                                            

FACTORY

 

A. Aziz Super Markat ((1st Floor),

Golakandail,

P. O. Bhulta,

P. S. Rupganj,

District : Narayanganj,

 

 

WAREHOUSE

                                                                       

A. Aziz Super Markat ((1st Floor),

Golakandail,

P. O. Bhulta,

P. S. Rupganj,

District : Narayanganj,

 

 

OFFICE AREA

 

1,500 sq.ft.(rented)

 

                                   

FACTORY AREA

 

17,400 sq.ft (rented)

 

 

WAREHOUSE AREA

 

3,100 sq.ft (rented)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. M. Ashrafuddin -Chairman & Managing Director

Mrs. Marium Akhter

 

 

 

 

 

 

HISTORY

 

The subject was established in February, 2001 by Mr.M.Ashrafuddin and other director in Dhaka city for export of sweaters.

 

 

BUSINESS

 

The company is engaged in manufacturing and exporting of sweaters to overseas countries.

 

 

RANGE OF PRODUCTS

                       

Sweaters

Cardigans

Pullovers

Children Sweaters

                                                                       

 

PRODUCTION POSITION

 

Yearly Production Capacity                     : 100,000 dozens

Last year Production                              : 100,000 dozens

 

 

MAJOR CLIENTS

           

Wal-Mart------USA

J.C-------------USA

Sears----------USA

Fashion Style--Germany

                                                                                   

 

 

FABRIC & ACCESSORIES FROM

 

China

Hong Kong

Local Sources

Thailand

Pakistan

India

 

 

TERMS OF SALES

 

Against L/C

 

 

NAME OF GROUP

                       

NIL

 

 

SISTER CONCERN

 

Nil

 

 

MEMBER

 

Bangladesh Garments Manufacturers Association, Dhaka.

Dhaka Chamber of Commerce & Industries, Dhaka.

 

 

LEGAL FORM

 

The subject is a private limited company incorporated with the Registrar of Joint Stock of Companies Dhaka.

 

 

FINANCIAL INFORMATION    

 

                                    2006                             2005                             2004                                        

                       

Capital Invested             Tk.23 million                  Tk.23 million                  Tk.23 million                 

 

Turnover                        Tk.320 million                Tk.319.5 million             Tk.319.7 million

                                   

Liability                         Tk.6.2 million                 Tk.6.7 million                 Tk.7 million

                                   

Fixed Assets                 Tk.36 million                  Tk.36 million                  Tk.36 million

 

                       

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.20 million

 

Paid up Capital                          Tk.100,000.00

 

Each share value                       Tk.100.00 each

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.138.0118

US Dollar                      1.00=Tk. 70.4700

Europe Euro                  1.00=Tk. 92.7535

Japanese Yen                1.00=Tk.  0.5992

Australian Dollar            1.00=Tk. 55.5718

 

 

COMMENTS

 

The subject is a family owned private limited company who is engaged in manufacturing and exporting of sweaters. The qualities of their products are good and they are well known in overseas markets.

 

The directors are well conversant in their line of trade and they are also experienced businessman.

 

The company is good for normal business engagements.

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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