MIRA INFORM REPORT

 

 

Report Date :

05.07.2007

 

IDENTIFICATION DETAILS

 

Name :

Noami Sweaters Limited

 

 

Registered Office :

Plot No. A-46/47, BSCIC Industrial Estate, Konabari, Gazipur

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

22nd October, 2001

 

 

Com. Reg. No.:

C-44256

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing and exporting of high quality sweaters

 

 

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

 

Noami Sweaters Limited

 

 

Address     

 

Plot No. A-46/47, BSCIC Industrial Estate,

Konabari,

Gazipur,

Bangladesh

Telephones        : 880-2-9297255

Fax                   : 880-2-9335357

E-mail               : carimpo@aitlbd.net

                       

                                     

Head Office

 

70/F, Purana Paltan Line,

Dhaka.

 

 

SUMMARY

 

Established                                           : October,2001

Incorporation No.                                    : C-44256

Incorporation Dated                                : 22nd October,2001

Managing Director & CEO                       : Mr. Shafiqul Islam Masum

 

 

Employees       

 

395

 

Executives-                      3

Junior Executives-           5                                                                                                                       Merchandisers-               5

Quality Control-             20

Supervisory Staffs-       26

Support Staffs-               6

General Staffs-             10

Technicians-                  5

Workers-                   315

 

 

BANK

 

EXIM Bank Limited

Motijheel Commercial Area,

Dhaka,

 

Arab Bangladesh Bank Limited

Kakrail Branch,

Dhaka,

                                               

 

FACTORY

 

Plot No. A-46/47, BSCIC Industrial Estate

Konabari,

Gazipur,

 

 

BRANCH

 

NIL

 

                                               

OFFICE AREA

 

1,300 sq. ft. (own)

 

                                   

FACTORY AREA

 

16,420  sq. ft (own)

 

 

WAREHOUSE AREA

 

2,500 sq. ft. (own)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. Shafiqul Islam Masum -Chairman & Managing Director              

Mr. Rashedul Islam Mazed

 

                                   

HISTORY

 

The subject was established in October, 2001 by Mr. Shafiqul Islam masum and other director in Dhaka city for producing of all kind of sweaters.

 

 

BUSINESS

 

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

 

 

RANGE OF PRODUCTS

                                               

Sweaters

Pullover,

Cardigan

Children Sweaters

                                               

 

PRODUCTION POSITION

 

Yearly production Capacity                     : 100,000  dozens

Last year Production                              : 100,000 dozens

 

 

MAJOR CLIENTS

 

Wal-Mart------USA

KIK------------Germany

                                                           

 

TERMS OF PAYMENT

 

Against   L/C

                                   

                                   

RAW MATERIALS FROM

 

China

Hong Kong

Pakistan

Local Sources

Thailand

India

 

 

NAME OF GROUP

                                   

NIL

 

 

SISTER CONCERN

 

Car Import, Dhaka

 

 

 

 

 

                                   

MEMBER

 

Bangladesh Garments Manufacturers and Exporters 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.21 million                  Tk.21 million                  Tk.20 million

 

Turnover                        Tk.365 million                Tk.364.6 million             Tk.364.7 million

 

Liability                         Tk.8.8 million                 Tk.8.3 million                 Tk.9.2 million

 

Fixed Assets                 Tk.50 million                  Tk.50 million                  Tk.50 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.10 million

Paid up Capital                          Tk.100,000.00

Each share value                       Tk.100.00 each

 

 

EXCHANGE RATE

 

GB Pound                    1.00=Tk.118.9771

US Dollar                      1.00=Tk. 67.0139

Europe Euro                  1.00=Tk. 81.6356

Japanese Yen                1.00=Tk.  0.5858

Australian Dollar            1.00=Tk. 50.6070

 

 

COMMENTS

 

The subject is a private limited company engaged in manufacturing and exporting of all kind of sweaters to overseas countries. The quality of their products are good and their order book remains full round the year.

 

The directors are well acquainted in their line of trade. They are financially solvent and good at their business commitments, it is reported.

 

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