MIRA INFORM REPORT

 

 

Report Date :           

18.03.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SEA TEX LIMITED

 

 

Registered Office :

Plot No.8 & 9, Sector-6 Chittagong Export Processing Zone, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

18.07.1999

 

 

Com. Reg. No.:

CH-1607

 

 

Legal Form :

Private Limited company

 

 

Line of Business :

manufacturing and exporting 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

 

Maximum Credit Limit :

US$ 22,000.00

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Bangladesh

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY DETAILS

 

Name

Sea Tex Limited

Address

Plot No.8 & 9, Sector-6 Chittagong Export Processing Zone, Chittagong

Country

Bangladesh

Telephone No

880-31‑740086

Fax No

880-31‑740130

E-Mail

seatex@spctnet.com    

Website

NIL      

Established

1999

Company Registration No

CH-1607

Registration date

18th July 1999

Legal Status

Private Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Chittagong

Business Type

Manufacturer & Exporter

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

Plot No.8 & 9, Sector-6 Chittagong Export Processing Zone, Chittagong

Telephone No

880-31‑740086

Fax No

880-31‑740130

E-Mail

seatex@spctnet.com    

Website

NIL      

Branch

NIL

Factory

Plot No.8 & 9, Sector-6 Chittagong Export Processing Zone, Chittagong

Factory Telephone No

880-31‑740116

Factory Fax No

NIL

Warehouse

Plot No.8 & 9, Sector-6 Chittagong Export Processing Zone, Chittagong

 

DIRECTORS

 

Name

Mr. Javed Kaiser Ally

Designation

Chairman & Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Mehreen Asaf

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Pradip Paul

Designation

Executive Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mr. Javed Kaiser Ally

Share Percent

60%

Nationality

Bangladeshi

 

 

Name

Mr. Mehreen Asaf

Share Percent

40%

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturer & Exporter

Items Dealing In

Ready-Made Garments

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Export: Against L/C

Production Capacity

250,000 dozens per year

Last Year Production

250,000 dozens

 

BANKERS

 

Name

Southeast Bank Limited

Branch

Agrabad Branch

Address

Agrabad Commercial Area, Chittagong

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

Year

2009

2008

 

2007

Investment

Tk.22 million

Tk.22 million

Tk.21 million

Turnover

Tk.246.6 million

Tk.246 million

Tk.245 million

Liability

NIL

NIL

NIL

Assets

Tk.30 million

Tk.30 million

Tk.28 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.10 million

Paid Up Capital

Tk.200,000.00

Each Share Value

Tk.100.00

 

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

115.6423

U.S Dollar

1

71.8900

European Euro

1

100.6676

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Records Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

MAXIMUM RECOMMENDED CREDIT

 

Amount

Based On

US$ 22,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

650

Office Area (Sq. Ft)

2,000 sq.ft (rented)

Factory Area (Sq. Ft)

30,000 sq.ft (rented)

Warehouse Area (Sq. Ft)

5,500  sq.ft.(rented)

Range of Products

4 Knitting Fabrics

4 T-Shirts

4 Children Wears

Export Market

4 USA

4 UK

4 Canada

Fabrics & Accessories

4 Hong Kong

4 China

4 Thailand

4 Pakistan

4 India

4 Local Sources                      

Certifications

NIL

Group Name

NIL

Subsidiaries / Affiliates

4 Sea Blue Apparels Limited

4 Sea Sourcing Limited

4 Sea Blue Textiles Limited      

Member

4 Bangladesh Garments Manufacturers & Exporters, 

    Association, Chittagong

4 Chittagong Chamber of Commerce & Industries, Chittagong

 

 

COMMENTS

 

The 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.

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.24

UK Pound

1

Rs.72.57

Euro

1

Rs.63.00

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.