MIRA INFORM REPORT

 

 

Report Date :

11.10.2007

 

IDENTIFICATION DETAILS

 

Name :

The Shanin Limited

 

 

Registered Office :

964, Shewrapara (6th & 7th Floor), Rokeya Sarani, Mirpur, Dhaka -1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

12th April, 1993

 

 

Com. Reg. No.:

C-23724

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing, exporting and selling of ready-made garments

 

 

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

 

The Shanin Limited *

 

 

Please note that the name of the subject Found at the address provided by you is THE SHAUIN LIMITED

 

 

Address

 

964,Shewrapara (6th & 7th Floor),

Rokeya Sarani,

Mirpur,

Dhaka-1000,

Bangladesh

Telephones                    : 880-2-9005562, 8621384, 8621050,

Fax                               : 880-2-8116713, 8118718

E-mail                           : faruk@shaningroup.net

                       

                                                                                                             

SUMMARY

 

Established                                           : April, 1993

Incorporation No.                                    : C-23724

Incorporation Dated                                : 12th April, 1993

Managing Director & CEO                       : Mr. Faruk Al-Nasir

 

 

Employees                 

 

615

 

Executives-                         3

Junior Executive-                  4

Merchandisers-                  10

Quality Control-                  23   

Supervisory Staffs-             45

Support Staffs-                   10

General Staffs-                   12

Technicians-                        9

Workers-                          499

 

                                                                                   

BANK

 

Islami Bank Limited

Farmgate Branch,

Tejgoan,

Dhaka

 

                                                                 

BRANCH

 

NIL

 

                                                                            

FACTORY

 

964,Shewrapara (6th & 7th Floor),

Rokeya Sarani,

Mirpur,

 

 

OFFICE AREA

 

1,300 sq. ft. (rented)

 

                                   

FACTORY AREA

 

28,300 sq. ft (rented)

 

 

WAREHOUSE AREA

 

3,100 sq. ft (rented)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. Faruk-Al-Nasir -Chairman

Mrs. Naima Faizee - Managing Director

 

           

HISTORY

 

Subject was established in April, 1993  by Mr.Faruk-Al-Nasir and other director in Dhaka city.

 

 

BUSINESS

 

The company is engaged in manufacturing, exporting and selling of ready-made garments to overseas countries.

 

 

RANGE OF PRODUCTS

                       

Pants

Shorts

Skirts

 

 

PRODUCTION POSITION

 

Yearly Production Capacity—90,000 dozens

                                                           

Last Year Production--------90,000 dozens

 

 

MAJOR CLIENT

                       

DEER Hunter----France

Moller-----------France

Wool Worth---U.K

Russels---------Germany

 

                                                           

TERMS OF SALES

 

Against L/C

 

 

NAME OF GROUP

                                   

Shanin Group

 

 

GROUP COMPANIES

 

M & M Shirts Limited, Dhaka

The Shanin Corporation Limited, Dhaka

Alpha Knitting Wears Limited, Dhaka

M & M Dresses Limited, Dhaka

FEM Accessories Limited, Dhaka

The Shanin Clothing Limited, Dhaka

Faiyat Apparels Limited, Dhaka

The Faiyat Limited, Dhaka

Shanin Packers Limited, Dhaka

                                                           

                                                                                                                       

MEMBER

 

Bangladesh Garments Manufacturers & Exporters Association, Dhaka

 

Dhaka Chamber of Commerce & Industries, Dhaka.

 

 

LEGAL FORM

 

Subject is a private limited company incorporated with the Registrar of Joint Stock of Companies Dhaka.

 

 

FINANCIAL INFORMATION    

 

                                    2006                             2005                             2004                                                    

 

Capital Invested             Tk.22 million                  Tk.22 million                  Tk.22 million                             

 

Turnover                        Tk.330 million                Tk.329 million                Tk.328.7 million

 

Liability                         Tk.6 million                    Tk.6.8 million                 Tk.7 million

                                   

Fixed Assets                 Tk.33 million                  Tk.33 million                  Tk.32 million

 

                       

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.20 million

 

Paid up Capital                          Tk.150, 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

 

Subject is a private limited company who is engaged in manufacturing and exporting ready-made garments. The qualities of their products are good and they are well known in overseas garment markets.

 

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, as 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.

 

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