MIRA INFORM REPORT

 

 

Report Date :

15.01.2007

 

IDENTIFICATION DETAILS

 

Name :

Evitex Polycot Limited

 

 

Registered Office :

Plot No.33, Section No. 7, Mirpur, Dhaka - 1216

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

2005

 

 

Legal Form :

Proposed Private Limited Company

 

 

Line of Business :

Manufacture and sale all types of yarns.

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

New Company

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Report on

 

Evitex Polycot Limited

 

 

Address

 

Plot No.33,

Section No.7,

Mirpur,

Dhaka-1216,

Bangladesh.

Telephone         : 880-2-8011227,8013356,9004405,

Fax                   : 880-2-8013504,

E-Mail               : evnclbl@bangla.net

                                                                         

                                               

SUMMARY

 

Established                                           : 2005

 

Commercial Production From                  : October, 2007

 

Incorporation No.                                    : Under process at ROC

 

Incorporation Dated                                : ==Do==

 

Managing Director & CEO                       : Mr. Anwar Ul- Alam Chowdhury

 

 

Employees 

 

12

                                                                       

Executives-                     3

Junior Executives-          2

Textile Engineer-            2

Junior Textile Engineer-  3

General Staffs-               2

                       

                                                                       

BANK

 

Southeast Bank Limited

Dhanmondi Branch,

Dhaka.

 

Islami Bank (BD) Limited,

Motijheel Commercial Area,

Dhaka,

 

 

FACTORY

 

Mirzapore,

Distt. Gazipur,

                                                           

 

BRANCH

 

NIL

 

 

OFFICE AREA

 

1,200  sq. ft. (own)

 

                                   

FACTORY AREA

 

30,400 sq. ft (own)

 

 

WAREHOUSE AREA

 

3,800 sq. ft. (rented)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. Anwar-Ul-Alam Chowdhury    -Chairman & Managing Director

Mr. Badrul Alam Chowdhury

Mr. Ashraf Hossain Mridha

Mr. M. Masum

 

                                   

HISTORY

 

Subject was established in 2005 by Mr. Anwar-Ul-Alam and other director in Dhaka city and factory is still under construction and expected to go on production from October, 2007.

 

 

BUSINESS

 

The company on completion of the factory will manufacture and sale all types of yarns.

 

 

PRODUCTION POSITION

 

Yearly production Capacity                     : New Company

Last year Production                              : New Company

 

 

PROPOSED MAJOR CLIENTS

 

1 Local Export Oriented Composite Textiles Mills

                                               

                                   

TERM OF PAYMENT

 

Cash

Credit

                                               

 

MACHINERY FROM

 

1 China

 

 

NAME OF GROUP

                                   

Evince Group

 

 

SISTER CONCERN

 

Evince Textile Limited, Dhaka

Evince Computerized Labels Ltd, Dhaka

Evince Garments Limited, Dhaka

Evince Ladies Wear Limited, Dhaka

Evince Limited, Dhaka

 

 

MEMBER

 

Dhaka Chamber of Commerce & Industries, Dhaka

 

LEGAL FORM

 

Subject is a proposed private limited company whose papers are under submission with the Registrar of Joint Stock of Companies Dhaka.

 

 

FINANCIAL INFORMATION    

 

                                    2005                            

 

Capital Invested             Tk.35 million                   

 

Turnover                        New Company

           

Liability                         Tk.21 million                             

           

Fixed Assets                 Tk.55 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’s plant is a under construction yarn manufacturing unit which will be in commercial production from the end of 2007. Their main clients would be the local export oriented composite textile mills.

 

Managing director of the company is an experienced businessman and knows his job well. He is financially solvent and good at his business commitments, as reported.

 

Initially, it can be considered for any business dealings on safe and secured 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

 

 

 

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