MIRA
INFORM REPORT
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Report Date : |
03.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
ISLAM GARMENTS LIMITED |
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Registered Office : |
House No.156 Shantinagar, Dhaka 1217 |
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Country : |
Bangladesh |
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Financials (as on) : |
2007 |
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Date of Incorporation : |
02.02.1985 |
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Com. Reg. No.: |
C-13755 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing and Exporting of Ready-Made Garments |
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 : |
No Complaints |
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Litigation : |
Clear |
COMPANY DETAILS
Name: Islam Garments Limited
Address: House No.156
Shantinagar,
Dhaka 1217,
Country: Bangladesh
Tel No : 880-2-8816179,8827770,608280
Fax No : 880 - 2 - 8816093
E-Mail: islam@islam-garments.com
Established: February 1985
Incorporation No: C-13755
Incorporation Date: 2th February 1985
Legal Structure:
The subject is a Private
Limited Company that was
Incorporated in the Registrar of
Joint Stock of
Companies, Dhaka.
Business Type:
Manufacturer &
Exporter
Status: Satisfactory
Payments: No complaints
have been heard regarding payments
from local suppliers or banks.
Litigation: NIL
LOCATIONS
Head Office: House No.156
Shantinagar,
Dhaka 1217,
Country: Bangladesh
Tel No : 880-2-8816179,8827770,608280
Fax No : 880 - 2 - 8816093
E-Mail: islam@islam-garments.com
Branch: NIL
Factory: Zarun,
Konabari,
District:
Gazipur,
Warehouse: Zarun,
Konabari,
District:
Gazipur,
DIRECTORS & SHAREHOLDERS
Name: Mr.
M.Shafiqul Islam
Designation: Chairman
Name: Mr.
Itiqul Islam
Designation: Managing Director
Name: Mrs.
Hasnatara Islam
Designation: Director
BUSINESS DETAILS
Line of Business: Manufacturer
& Exporter
Items Dealing
In: Ready-made Garments
Terms of Sale: Against
L/C
Production Capacity: 100,000
dozens per year
Last Year Production: 100,000
dozens
BANKERS
Name: IFIC Bank Limited
Branch: Main
Branch
Address: Motijheel
Commercial Area,
Dhaka
The company performs most of the business transactions with the
above-mentioned bank. No more details were provided.
FINANCIAL INFORMATION
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2007 |
2006 |
2005 |
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Capital Invested |
Tk.24 million |
Tk.24 million |
Tk.24 million |
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Turnover |
Tk.195 million |
Tk.194.3 million |
Tk.193.8 million |
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Liability |
Tk.2 million |
Tk.3.6 million |
Tk.4 million |
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Fixed Assets |
Tk.31 million |
Tk.31 million |
Tk.31 million |
Source: Mr.Itiqul Islam/
Managing Director
CAPITAL STRUCTURE
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Authorized Capital |
: |
Tk.100 million |
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Paid Up Capital |
: |
Tk.1.5 million |
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Each Share Value |
: |
Tk.100.00 |
EXCHANGE RATE
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CURRENCY |
UNIT |
BANGLADESHI TAKA |
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Great Britain Pound |
1 |
137.1626 |
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U.S Dollar |
1 |
69.4000 |
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European Euro |
1 |
108.8231 |
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Japanese Yen |
1 |
0.6729 |
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Australian Dollar |
1 |
65.7102 |
GENERAL INFORMATION
No. of Employees: 552
Executives-------------------4
Junior Executives----------5
Merchandisers--------------6
Quality
Control------------28
Supervisory
Staffs--------35
Support
Staffs----------------5
General
Staffs-------------10
Technicians------------------6
Workers---------------------453
Office Area: 2,000
sq.ft (rented)
Factory Area: 26,000
sq.ft (own)
Warehouse Area: 3,600 sq.ft.(own)
Range of
Products: 1 Shirts
1 Pants
1 Blouses
1 Shorts
Major
Clients: 1 Wal-Mart------Canada/ USA
1
Broylane Group-USA
1
Gellerf Hudson Bay-Canada
Fabrics
& Accessories: 1 Hong Kong
1 China
1 Thailand
1 Local Sources
1 Pakistan
1 India
Name of the Group: NIL
Subsidiaries: NIL
Member: 1 Bangladesh Garments Manufacturers
& Exporters,
Association, Dhaka
1 Dhaka Chamber of Commerce &
Industries, Dhaka
COMMENTS
The subject is a private limited company who is engaged in
manufacturing and exporting of ready-made garments. The qualities of their
products are good and they are well reputed among their overseas buyers.
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 is reported.
The company is good for normal business engagements.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.96 |
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UK Pound |
1 |
Rs.80.26 |
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Euro |
1 |
Rs.63.08 |
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%)