MIRA INFORM
REPORT
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Report Date : |
23.02.2011 |
IDENTIFICATION DETAILS
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Name : |
NIAGARA TEXTILES LTD |
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Registered Office : |
27, Bijoy Nagar, Suite No C-1 (1st Floor), Dhaka-1000 |
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Country : |
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Date of Incorporation : |
16.04.1980 |
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Com. Reg. No.: |
C-41635 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & Exporting of Ready-made Sweaters |
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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Maximum Credit Limit : |
US$ 30,000.00 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY DETAILS
|
Name |
Niagara Textiles Ltd |
|
Address |
27, Bijoy
Nagar, Suite No C-1 (1st Floor), Dhaka-1000 |
|
Country |
|
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Telephone No |
880-2-9347303,
9341370, 9339903, 9345807, 9352328, 9340945 |
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Fax No |
880-2- 9353480, 8363061 |
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E-Mail |
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Website |
www.niagaratex.com |
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Established |
1980 |
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Company Registration No |
C-41635 |
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Registration date |
16th
April 1980 |
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Legal Status |
Private Limited |
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Issuing Authority |
The Registrar of Joint Stock Companies & Firms, |
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Business Type |
Manufacturing
& Exporting |
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Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Head Office |
27, Bijoy
Nagar, Suite No C-1 (1st Floor), Dhaka-1000 |
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Telephone No |
880-2-9347303,
9341370, 9339903, 9345807, 9352328, 9340945 |
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Fax No |
880-2- 9353480, 8363061 |
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E-Mail |
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Website |
www.niagaratex.com |
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Branch |
Tel: +44(0)
20 7729 0312 |
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Factory |
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Factory Telephone No |
88-0-6822-51233-4 |
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Factory Fax No |
88-0-6822-51231 |
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Warehouse |
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DIRECTORS
|
Name |
Mr. Nurul Hasan |
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Designation |
Chairman & Managing Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Mirza
Ishtiaq Ahmed |
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Designation |
Director |
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Nationality |
Bangladeshi |
SHAREHOLDERS
|
Name |
Mr. Nurul Hasan |
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Share Percent |
60% |
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Nationality |
Bangladeshi |
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Name |
Mr. Mirza
Ishtiaq Ahmed |
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Share Percent |
40% |
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Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
Manufacturing
& Exporting |
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Items Dealing In |
Ready-made Sweaters |
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Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
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Terms of |
Export: Against L/C |
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Production
Capacity |
TEXTILE DIVISION 70, 00,000 Kg fabric per year GARMENTS DIVISION 140, 00,000 pieces per year (based on basic items) |
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Last Year
Production |
TEXTILE DIVISION 70, 00,000 Kg fabric GARMENTS DIVISION 140, 00,000 pieces (based on basic items) |
BANKERS
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Name |
Islami Bank ( |
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Branch |
Motijheel Branch |
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Address |
Motijheel Commercial Area, |
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SWIFT |
N/A |
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Name |
Bank Al-Falah
Limited |
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Branch |
Motijheel Branch |
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Address |
Motijheel Commercial Area, |
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SWIFT |
N/A |
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Name |
Shahjalal Islami
Bank Limited |
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Branch |
Bijoy Nagar Branch |
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Address |
Bijoy Nagar, |
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SWIFT |
N/A |
FINANCIAL INFORMATION
|
Year |
2009 |
2008 |
2007 |
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Investment |
Tk.50 million |
Tk.48 million |
Tk.48 million |
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Turnover |
Tk.552 million |
Tk.550 million |
Tk.549.6 million |
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Liability |
Tk.10 million |
Tk.11 million |
Tk.12 million |
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Assets |
Tk.88 million |
Tk.86 million |
Tk.86 million |
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.35 million |
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Paid Up Capital |
Tk.350,000.00 |
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Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
|
1 |
111.9315 |
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U.S Dollar |
1 |
71.0000 |
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European Euro |
1 |
93.2656 |
ADVERSE DATA MONITORING
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Dishonored
Checks |
No Found |
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Debt |
No Records Found |
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Litigation |
No Records Found |
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Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
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Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 30,000.00 |
90 Days |
GENERAL INFORMATION
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Employees |
4,500 |
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Office Area (Sq.
Ft) |
5,000 sq.ft (own) |
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Factory Area
(Sq. Ft) |
108,500 sq.ft (own) |
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Warehouse Area
(Sq. Ft) |
40,000 sq.ft.(own) |
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TEXTILE DIVISION 4 Single/ Double
Lacoste 4 Pique 4 Wafle 4 Fleece 4 Terry 4 Interlock 4 Interlock
Pique 4 Pleated 4 Mesh Fabric 4 Rib with or
without Spandex 4 All kinds of
knitted tops and bottom |
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Export Market |
4 Tesco 4 C & A 4 BHS 4 Woolworth 4 DCC 4 H & M 4 Newlook 4 Techibo 4 H&M 4 New Look 4 Big Star 4 Target 4 Loblaws 4 Sears 4 Okaidi 4 Lazy Jacks 4 Techibo |
|
Fabrics &
Accessories |
4 4 4 4 4 |
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Certifications |
NIL |
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Group Name |
NIL |
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Subsidiaries /
Affiliates |
NIL |
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Member |
4 Dhaka Chamber of Commerce &
Industries, 4 (BKMEA), 4 Industrial and
Business Welfare Foundation (IBWF) |
COMMENTS
The subject is a private limited company engaged in
manufacturing and exporting of under garments to overseas countries. The
qualities of their products are of international and are very popular among
their buyers which can easily be understood from their long list of clientele.
The subject has a very modern factory equipped with the latest garments
machines.
The directors are well conversant in their line of trade and
they are also experienced businessman. They are reported to be financially
solvent and fair in their trade terms.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.20 |
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|
1 |
Rs.73.07 |
|
Euro |
1 |
Rs.61.41 |
RATING EXPLANATIONS
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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 |
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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 |
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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NB |
New Company |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.