MIRA INFORM REPORT

 

 

Report Date :

14.06.2007

 

IDENTIFICATION DETAILS

 

Name :

ALLTEX FABRICS LIMITED

 

 

Registered Office :

139,Motijheel Commercial Area, Dhaka-1000,

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2006

 

 

Date of Incorporation :

11th August,1985

 

 

Com. Reg. No.:

C-14609

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Engaged in Producing and Selling of Fabrics to Local Export Oriented Ready-Made Garment Industries.

 

 

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

 

 

COMPANY NAME

 

ALLTEX FABRICS LIMITED

 

 

Address

 

139,Motijheel Commercial Area, Dhaka-1000, Bangladesh

Telephones        : 880-2-9569192-6, 9566084-85,

Fax                   : 880-2-9564440

E-mail               : ail@bol-online.com

                                                                                                                                                              

 

SUMMARY

 

Established                                                                   : August,1985

 

Incorporation No.                                                            : C-14609

 

Incorporation Dated                                                        : 11th August,1985

 

Status                                                                           : Satisfactory

 

Managing Director & CEO                                               : Mr.Fahim Uddin Ahmed Arif

 

Payment                                                                       : Regular

 

Litigation                                                                       : Nil

 

Capital Invested                                                             : Tk.65 million

 

Sales                                                                            : Tk.722 million

 

Employees                                                                    : 2,601                                                                                                                                                                         Executives-                               5

                                                                                                Junior Executives-                      7                                                                                                                      Textile Engineers-                      5

                                                                                                Engineer-                                  1 

                                                                                                Quality Control-                         25

                                                                                                Supervisory Staffs-                    52

                                                                                                Support Staffs-                           10

                                                                                                General Staffs-                           14

                                                                                                Technicians-                                 8

                                                                                                Workers-                                 2,474

 

 

BANK

 

Sonali Bank

Local Office

Motijheel Commercial Area,

Dhaka.

 

 

BRANCH

 

NIL

 

 

FACTORY

 

Barpa,

Ariabo,

Rupgonj,

District : Narayanganj

                                                                       

 

OFFICE AREA

 

2,800 sq.ft.(rented)

 

 

FACTORY AREA

 

65,300 sq.ft (own)

 

 

WAREHOUSE AREA

 

4,100 sq.ft (own)

 

 

DIRECTORS & SHAREHOLDERS

 

Engr.Afser Uddin Ahmed            -Chairman 

Mr.Fahim Uddin Ahmed Arif        -Managing Director

Barrister.Imtiaz Uddin

 

 

HISTORY

 

The subject was established in August,1985 by Mr.Afser Uddin Ahmed  and other directors in Dhaka city having its factory at Barpo, Ariabo, Rupgonj, district : Narayangonj.

 

 

BUSINESS

 

The company is engaged in producing and selling of fabrics to local export oriented ready-made garment Industries.

RANGE OF PRODUCTS

                       

Fabrics

                                                           

                                                           

PRODUCTION POSITION

 

Yearly Production Capacity                     : 12 million metres

Last year Production                              : 11.8 million metres

 

 

MAJOR CLIENTS

                       

Local Export Oriented Ready-made Garment Industries

                                                           

 

RAW MATERIALS FROM

 

1 Pakistan

1 India

1 Uzbekistan

1 Kazakhstan

1 Russia

 

 

TERMS OF SALES

 

1 Cash

1 Credit

 

 

NAME OF GROUP

 

Bastushilpi Group

 

 

SISTER CONCERN

 

Alltex Industries Ltd, Dhaka

Alltex Garments Ltd, Dhaka

Bastushilpi Ltd, Dhaka

 

 

MEMBER

 

Bangladesh Textiles Mills 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.65 million                  Tk.65 million                  Tk.65 million

 

Turnover                                    Tk.722 million                Tk.721.5 million             Tk.721 million

 

Liability                                     Tk.33.2 million               Tk.33.7 million               Tk.34 million

 

Fixed Assets                             Tk.205 million                Tk.205 million                Tk.204 million               

 

           

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.50 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 producing and selling of good quality fabrics to local export oriented ready-made garment industries. The qualities of their products are good and they  always keep highest standard of quality as such they  get repeat order from their clients.

 

The directors 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