MIRA INFORM REPORT

 

 

Report Date :

24.11.2008

 

 

IDENTIFICATION DETAILS

 

Name :

SALIM AND BROTHERS LIMITED

 

 

Registered Office :

A/3, BSCIC Industrial Estate, Sagarika Road, Chittagong

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2007

 

 

Date of Incorporation :

15.11. 1900

 

 

Com. Reg. No.:

CH-398

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing and Exporting of Ready-Made Garments to Overseas Countries

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

COMPANY DETAILS

 

Name:                                                   Salim and Brothers Limited

 

Address:                                   A/3, BSCIC Industrial Estate,

                                                Sagarika Road,

                                                Chittagong,

Bangladesh

 

Tel No:                                      880-31-751414, 751019

 

Fax No.:                                                880-31-751128

 

E-Mail:                                      salimb@salimbrothers.com
                                                haroon@click-online.net

 

Established:                              November 1988

 

Incorporation No:                        CH-398

 

Incorporation Date:                     15th November 1900

 

Legal Structure:                         The subject is a private limited company in corporate

                                                With the Registrar of Joint Stock Companies,

                                                Chittagong,

 

Business Type:                          Manufacturers and Exporters

 

 

Status:                                      Satisfactory

 

Payments:                                No complaints have been heard regarding payments 

                                                from local suppliers or banks.

 

Litigation:                                  NIL

 

 

LOCATIONS

 

Head Office:                              Al-Islam Chamber (1st Floor),

                                                91, Agrabad Commercial Area,

Chittagong ,

           

Tel No :                                    880-31-725631, 720709

                                   

Fax No :                                               880-31-710034

 

E-Mail:                                     salimb@salimbrothers.com
                                                haroon@click-online.net

                                 

Branch:                                    81/2, Kakrail,

                                                Dhaka-1000

                                                Tel.880-2-9362477, 9331294

 

Factory:                                                A/3, BSCIC Industrial Estate,

                                                Sagarika Road,

                                                Chittagong,

 

Warehouse:                               A/3, BSCIC Industrial Estate,

                                                Sagarika Road,

                                                Chittagong,

 

 

SHAREHOLDER’S AND DIRECTORS

 

Name:                                       Mrs.Begum Nurjahan Salam

Designation:                             Chairperson

 

Name:                                       Mr.Mamun Salam

Designation:                              Managing Director

 

 

BUSINESS DETAILS

 

Line of Business:                       Manufacturers Exporters

 

Items Dealing In:                        Ready-Made Garments

 

Terms of Sale:                           1 Against L/C

 

                       

BANKERS

 

Name:                                       Standard Chartered Bank

Branch:                                     Agrabad Branch

 

Address:                                   Agrabad Commercial Area,

Chittagong,

 

Name:                                       National Bank Limited

Branch:                                     Agrabad Branch,

 

Address:                                   Agrabad Commercial Area,

                                                Chittagong

 

FINANCIAL INFORMATION

 

 

 

2007

 

2006

 

2005

 

Capital Investment

Tk.20 million

Tk.20 million

Tk.18 million

Turnover

Tk.230 million

Tk.229.2 million

Tk.228 million

Liability

Tk.3 million

Tk.4.7 million

Tk.5.2 million

Fixed Assets

Tk.40 million

Tk.40 million

Tk.37 million

 

Source:                         Mr.Mamun Salam/ Managing Director

 

                                             

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.50 million

Paid Up Capital

:

Tk.1 million

Each Share Value

:

Tk.100.00

 

 

EXCHANGE RATE

CURRENCY

UNIT

BANGLADESHI TAKA

GB Pound

1

137.1626

U.S Dollar

1

  69.4000

European Euro

1

108.8231

Japanese Yen

1

   0.6729

Australian Dollar

1

 65.7102

 

 

 

 

 

 

 

 

 

 

GENERAL INFORMATION

 

No of Employees:          830

Executives--------------------4 

Junior Executives-----------5

Merchandisers---------------9

Quality Control--------------28

Supervisory Staffs- --------42

Support Staffs- --------------8                                                         

General Staffs---------------10

Technicians- ------------------7

Workers----------------------717 

 

Range of Products:                    1 Jackets

1 Trousers

1 Swim Wears

Office Area:                               3,000 sq.ft (rented)

 

Factory Area:                            28,500 Sqf (rented)

 

Warehouse Area:                       4,200  sq.ft.(rented)

 

Fabrics Accessories From          :1  China

1        Hong Kong

1        Local Sources

1        Thailand

1        Pakistan

1        India

 

Main Clients:                             1La-Hally-----France/USA
1 Baby Togs—USA

                                                1 Wal-Mart---USA

                                                                                   

Member:                                   1 Bangladesh Garments Manufacturers & Exporters

                                                   Association, Chittagong

                                                1 Chittagong Chamber of Commerce & Industries,

                                                    Chittagong

                                   

Name of the Group:                    Salam Group

 

Subsidiaries:                             1 Salam Brothers Logistics & Shipping,
1 Bengal Synthetic Fibers Limited,
1 Eastern Starw Board & Paper Mills Limited
1 A.R. Properties Development Limited,

                                                1 International Frozen Limited

                                                1 Salam International

                                                1 Reliance Specialized Washing Industries,

                                                1 Salam & brothers Accessories Limited

                                                1 Reliance Denim Industries Limited

                                                1 Accord Ready-Ware Limited

                                                1 Trend Knitwears Limited

                                                1 Reliance Apparels Limited

                                                1 Sunrise Apparels Pvt Limited

                                                1 Fashion Creaft Limited

                                               

 

COMMENTS

 

The subject is a family owned private limited company engaged in manufacturing and exporting of ready-made garments to overseas countries. The qualities of their products are good and they have some of the major buyers of ready made garments as their regular clients.

 

The directors are well conversant in their line of trade and they are also experienced businessman. They are financially solvent and good at his business commitments, it is reported.

 

The company is good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.09

UK Pound

1

Rs.74.90

Euro

1

Rs.63.40

 

 

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