MIRA INFORM REPORT

 

 

Report Date :

19.07.2007

 

IDENTIFICATION DETAILS

 

Name :

Al Hamedi Textiles Limited

 

 

Registered Office :

Plot No. 44-45, Road No. 4, Sector - 1, Export Processing Zone, Chitagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

9th July, 1986

 

 

Com. Reg. No.:

CH-32

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing and exporting of high quality Terry Towel

 

 

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

 

Al Hamedi Textiles Limited

 

 

Address

 

Plot No. 44-45,

Road No. 4,

Sector - 1,

Export Processing Zone,

Chitagong,

Bangladesh

Telephones        : 880-31-741319

Fax                   : 880-31-800158

E-mail               : ahtl@alhami.com

                                                                                     

 

SUMMARY

 

Established                               : July,1986

Incorporation No.                        : CH-32

Incorporation Dated                    : 9th July,1986

Managing Director & CEO           : Mr. Ali Asgar Fakhri

 

 

Employees       

 

601                                                                                                                                                        

 

Executives-                               6

Junior Executives-                      8         

Textile Engineers-                      2

Quality Control-                         10

Supervisory Staffs-                    25

Support Staffs-                          10

General Staffs-                          16

Technicians-                               8

Workers-                                 516

 

 

BANK

 

Bank of Ceylon

Agrabad Commercial Area,

Chittagong

                                                                        

One Bank Limited

Agrabad Branch,

Chittagong,

 

 

BRANCH

 

NIL

 

 

FACTORY

 

Plot No. 44-45,

Road No. 4,

Sector - 1,

Export Processing Zone,

Chitagong,

 

 

OFFICE AREA

 

1,800 sq. ft. (rented)

 

                                   

FACTORY AREA

 

20,300 sq. ft (rented)

 

 

WAREHOUSE AREA

 

3,600 sq. ft (rented)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. Firoz Ali Fakhri - Chairman

Mr. Ali Asghar Fakhri - Managing Director

Mr. Adam Fakhri

 

 

HISTORY

 

The subject was established in July, 1986 by Mr. Ali Asghar Fakhri  and other directors in Chittagong Export Processing Zone for producing and exporting and Terry Towels to U.S.markets.

 

 

BUSINESS

 

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

 

 

RANGE OF PRODUCTS

                       

All types Terry Towels

                                                                                               

           

RAGE OF ITEMS

                                                           

Hundred types of Terry Towels

 

 

PRODUCTION POSITION

 

Yearly Production Capacity                     :  25,000 pounds

Last year Production                              :  25,000 pounds

 

 

MAJOR CLIENTS

                       

USA

                                   

 

RAW MATERIALS FROM

 

China

Pakistan

Uzbekistan

Kazakhstan

India

 

 

TERMS OF SALES

 

Against L/C

 

 

NAME OF GROUP

                                   

NIL

 

 

SISTER CONCERN

 

Fabtex Limited, Chittagong

Adam Caps & Textiles Limited, Chittagong

Terry Fabrics Limited, Chittagong

 

 

 

MEMBER

 

Bangladesh Terry Towels Manufacturer & Exporters Association, Chittagong,

                              

Chittagong Chamber of Commerce & Industries, Chittagong,

 

 

LEGAL FORM

 

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

 

 

FINANCIAL INFORMATION    

 

                                    2006                             2005                             2004

 

Capital Invested             Tk.38 million                  Tk.38 million                  Tk.38 million

 

Turnover                        Tk.390 million                Tk.389.3 million             Tk.390 million

 

Liability                         Tk.8.2 million                 Tk.8.6 million                 Tk.9.8 million

 

Fixed Assets                 Tk.65 million                  Tk.65 million                  Tk.64 million                 

 

           

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.30 million

Paid up Capital                          Tk.150, 000.00

Each share value                       Tk.100.00

 

 

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

 

The subject is a private limited company engaged in manufacturing and exporting of all kind of terry towels to United State markets. The quality of their towels are good and they always get repeat orders from their clients.

 

The directors who are U. S. citizen and  are well conversant 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