MIRA INFORM REPORT

 

 

 

 

Report Date :

4th January, 2007

 

IDENTIFICATION DETAILS

 

Name :

GREENLAND GARMENTS LIMITED

 

 

Registered Office :

Hasna Tower, Khashimpur Road, Konabari, Gazipur, Bangladesh.

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

29.07.1993

 

 

Com. Reg. No.:

C-24320

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in manufacturing and exporting of high quality ready-made garments to overseas markets.

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

Company Name

 

GREENLAND GARMENTS LIMITED

 

 

Address                           

 

Hasna Tower

Khashimpur Road,

Konabari,

Gazipur,

Bangladesh.

 

 

Head Office

 

Hasney Tower (6th Floor),

3/A,Kawran Bazar Commercial Area,

Dhaka

 

Telephones        : 880-2-9130058,

Fax                   : 880-2-9133522

E-mail               : com.ggi@five-r.com

 

 

SUMMARY

 

Established                                                                   : July, 1993

 

Incorporation No.                                                            : C-24320

 

Incorporation Dated                                                        : 29th July, 1993

 

Status                                                                           : Satisfactory

 

Managing Director & CEO                                               : Mr.Zulfiquar Rahman

 

Payment                                                                       : Regular

 

Litigation                                                                       : Nil

 

Capital Invested                                                             : Tk.45  million

 

Sales                                                                            : Tk.320 million

 

Employees                                                                    : 1,607

Executives-                                 5

Junior Executives-                        8                                                                                                          Merchandiser-                                      15

Quality Control-                         120

Supervisory Staffs-                     55

Support Staffs-                           25

General Staffs-                           35

Technicians-                              10

Workers-                               1334

 

 

BANK

 

Standard Chartered Bank

Kawran Bazar, Branch,

Dhaka.

 

Prime Bank Limited

Karwan Bazar Branch,

Dhaka

 

 

FACTORY

 

Hasna Tower

Khashimpur Road,

Konabari,

Gazipur,

 

 

OFFICE AREA

 

1,500  sq.ft.(rented)

 

 

FACTORY AREA

 

65,500,000  sq.ft (rented)

 

 

WAREHOUSE AREA

 

5,500  sq.ft.(rented)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr.Lutfar Rahman

-Chairman

 

Mr.Zulfiquar Rahman

-Managing Director

 

Mr.Iftequar Rahman

 

 

HISTORY

 

The company was established in July, 1993 by Mr.Zulfiquar Rahman and other directors in Dhaka city having its factory at Kashimpur, Konabari district Gazipur.

 

 

BUSINESS

 

The company is engaged in manufacturing and exporting of high quality  ready-made garments to overseas markets.

 

 

RANGE OF PRODUCTS

 

Ø       T-Shirts

Ø       Polo-Shirts

Ø       Blouses

 

 

PRODUCTION POSITION

 

Yearly production Capacity                     : 11,000,00  Dozens

Last year Production                              : 11,000,00  Dozens

 

 

MAJOR CLIENTS

 

Ø       Logo-----------UK

Ø       Little Hoods-- UK

Ø       Sears--------- UK

Ø       HNES---------Canada

 

 

FABRICS & ACCESSORIES FROM

 

Ø       Hong Kong

Ø       China

Ø       Thailand

Ø       Local Sources

Ø       Pakistan

Ø       India

 

 

TERM OF SALES

 

Against L/C

 

 

NAME OF GROUP

 

NIL

 

 

SISTER CONCERN

 

NIL

 

 

MEMBER

 

Ø       Bangladesh Garments Manufacturer & Exporters Association,  Dhaka.

 

Ø       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

 

2005                             2004                             2003

 

Capital Invested                         Tk.45 million                  Tk.45 million                  Tk.45 million

 

Turnover                                    Tk.320 million                Tk.319.5 million             Tk.319.8 million

 

Liability                                     Tk.4.5 million                 Tk.5.7 million                 Tk.7.8 million

 

Fixed Assets                             Tk.75 million                  Tk.75    million               Tk.74 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.100 million

 

Paid up Capital                          Tk.200,000.00

 

Each share value                       Tk.100.00 each

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.129.1870

US Dollar                      1.00=Tk. 68.6654

Europe Euro                  1.00=Tk. 87.0154

Japanese Yen                1.00=Tk.  0.5831

Australian Dollar            1.00=Tk. 52.3228

 

 

COMMENTS

 

Subject is a private limited company which is engaged in manufacture and export ready-made garments. The quality of their products is good and they are well known in overseas markets.

 

Directors are well conversant in their line of trade and they are also experienced businessmen.

 

 

The company can be considered normal for business dealings at usual trade terms and conditions.


 

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

 

 

 

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