MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
EVINCE TEXTILES LTD |
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Registered Office : |
Plot No. 33, Section 07, Mirpur, Dhaka |
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Country : |
Bangladesh |
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Date of Incorporation : |
June, 1999 |
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Com. Reg. No.: |
C – 37874 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and selling of fabrics |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Report on
Evince Textiles Limited
Address
Plot No.33,
Section-7,
Mirpur,
Dhaka
Bangladesh
Telephones: 880-2-8011227, 9004405,
Fax: 880-2-8013504,
E-mail: evincetl@itblbd.net
SUMMARY
Established : June, 1999
Incorporation No. : C-37874
Incorporation Dated : 3rd June, 1999
Status : Satisfactory
Managing Director & CEO : Mr.Anwar-Ul-Alam Chowdhury
Payment : Regular
Litigation : NIL
Capital Invested : Tk.42 million
Sales : Tk.630 million
Employees : 190
Executives- 3
Junior Executive- 4
Textile Engineers- 3
Junior Textile Engineers- 2
Quality Control- 9
Supervisory Staffs- 12
Support Staffs- 7
General Staffs- 8
Technicians- 6
Workers- 136
BANK
1 Southeast Bank Limited
Dhanmondi Branch,
Dhaka,
SALES CENTRE
Plot No.28,
Main Road-1,
Sen Para,
Mirpur-10,
Dhaka-1216,
Tel.8050349, 9004404,
Fax.880-2-9012190
FACTORY
Shirir Chala,
P.O.Bhabanipur,
P.S. Joydevpur Sadar,
District : Gazipur,
Tel.880-2-8050349, 8059017
OFFICE AREA
2,000 sq.ft.(rented)
FACTORY AREA
80,000 sq.ft (rented)
WAREHOUSE AREA
4,900 sq.ft (rented)
DIRECTORS & SHAREHOLDERS
Mr.Anwar-Ul-Alam Chowdhury
-Chairman & Managing Director
Mr.Badrul Alam Chowdhury
Mr.Ashraf Hossain Mridha
Mr.Mohammad Masum
HISTORY
The subject was established in June, 1999 by Mr. and the other director in Dhaka city having its factory at Shirir Chala, Bhabanipur, Joydevpur, district : Gazipur.
BUSINESS
The company is engaged in manufacturing and selling of fabrics.
RANGE OF PRODUCTS
1 Fabrics
PRODUCTION POSITION
Yearly Production Capacity : 6.48 million meters
Last year Production : 6.45 million meters
MAJOR CLIENTS
1 Local Export Oriented Ready-made Garments
Industries.
YARNS FROM
1 China
1 Hong Kong
1 Local Sources
1 Korea
1 Pakistan
TERMS OF SALES
1 Cash
1
Credit
NAME OF GROUP
Evince Group
SISTER CONCERN
1 Evince Garments Limited, Dhaka
1 Evince Limited, Dhaka
1 Evince Dress Shirts Limited, Dhaka
1 Evince Ladies Wear Limited, Dhaka
1 Etafil (Bangladesh) Limited, Dhaka
1 Evince Labels Limited,
1 Evince Accessories Limited,
1 Evince Computerized Labels Limited, Dhak
1 Evince Suisse Limited, Dhaka
MEMBER
1 Bangladesh Textile Mills Association,
Dhaka.
1 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.42 million Tk.42 million Tk.42 million
Turnover Tk.630 million Tk.628 million Tk.627.7 million
Liability Tk.11 million Tk.11.6 million Tk.12 million
Fixed Assets Tk.75 million Tk.75 million Tk.75 million
CAPITAL STRUCTURE
Authorized Capital Tk.50 million
Paid up Capital Tk.300, 000.00
Each share value Tk.100.00 each
EXCHANGE RATE
GB Pound 1.00=Tk.140.1706
US Dollar 1.00=Tk. 69.4850
Europe Euro 1.00=Tk. 94.9041
Japanese Yen 1.00=Tk. 0.5712
Australian Dollar 1.00=Tk. 59.7270
COMMENTS
The subject is a one unit of Evince Group Company’s private limited company who is engaged in manufacturing and selling of yarns. The qualities of their products are good and they are well known in the local ready-made garment markets.
The directors are well conversant in their line of trade and they are also experienced businessman. They are financially solvent and good at their business commitments, it reported.
The company is good for normal business engagements.
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)