MIRA INFORM REPORT
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Report Date : |
03.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
STITCH TONE APPARELS LIMITED |
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Registered Office : |
18/19 Champa Tower, Strand Road, Magirghat, Chittagong |
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Country : |
Bangladesh |
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Date of Incorporation : |
18.06.2005 |
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Com. Reg. No.: |
CH-4512 |
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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 |
|
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$ 22,000.00 |
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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 – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Stitch Tone
Apparels Limited |
|
Address |
18/19
Champa Tower, Strand Road, Magirghat, Chittagong |
|
Country |
Bangladesh |
|
Telephone No |
880-31-620297 |
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Fax No |
880-31-652642 |
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E-Mail |
|
|
Website |
NIL |
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Established |
2005 |
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Company Registration No |
CH-4512 |
|
Registration date |
18th
June 2005 |
|
Legal Status |
Private Limited |
|
Issuing Authority |
The Registrar of Joint Stock of Companies & Firms, Chittagong |
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Business Type |
Manufacturer & Exporter |
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Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from
local suppliers or banks. |
LOCATIONS
|
Head Office |
18/19
Champa Tower, Strand Road, Magirghat, Chittagong |
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Telephone No |
880-31-620297 |
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Fax No |
880-31-652642 |
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E-Mail |
|
|
Website |
NIL |
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Branch |
NIL |
|
Factory |
18/19
Champa Tower, Strand Road, Magirghat, Chittagong |
|
Factory Telephone No |
N/A |
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Factory Fax No |
N/A |
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Warehouse |
18/19 Champa
Tower, Strand Road, Magirghat, Chittagong |
DIRECTORS
|
Name |
Mr. Rajib Das
Sojoy |
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Designation |
Chairman & Managing Director |
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Nationality |
Bangladeshi |
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|
Name |
Mr. Bidhan Chandra Das |
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Designation |
Director |
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Nationality |
Bangladeshi |
SHAREHOLDERS
|
Name |
Mr. Rajib Das
Sojoy |
|
Share Percent |
60% |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Bidhan Chandra Das |
|
Share Percent |
40% |
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Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
Manufacturer & Exporter |
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Items Dealing In |
Ready-Made Garments |
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Terms of Purchase |
Local: cash or Credit Import: Against L/C |
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Terms of Sale |
Export: Against L/C |
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Production
Capacity |
7,00,000 dozens
per year |
|
Last Year
Production |
7,00,000
dozens |
BANKERS
|
Name |
Standard Bank
Limited |
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Branch |
Agrabad Branch |
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Address |
Agrabad C/A, Chittagong |
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SWIFT |
N/A |
FINANCIAL INFORMATION
|
|
2009 |
2008 |
2007 |
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Capital Investment |
Tk.30 million |
Tk.30 million |
Tk.28 million |
|
Turnover |
Tk.300 million |
Tk.299.6 million |
Tk.298 million |
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Liability |
NIL |
NIL |
NIL |
|
Fixed Assets |
Tk.38 million |
Tk.38 million |
Tk.36 million |
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.20 million |
|
Paid Up Capital |
Tk.150, 000.00 |
|
Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
121.9423 |
|
U.S Dollar |
1 |
72.9800 |
|
European Euro |
1 |
108.0688 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
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Debt |
No Records Found |
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Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
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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 |
450 |
|
Office Area (Sq.
Ft) |
2,100 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
38,000 sq.ft (rented) |
|
Warehouse Area
(Sq. Ft) |
8,500 sq.ft.(rented) |
|
Range of
Products |
4 Lingerie 4 Kids Wear 4 Dresses |
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Export
Market |
4 USA 4 Italy 4 Canada |
|
Fabrics &
Accessories |
4 Hong Kong 4 China 4 Thailand 4 Local Sources 4 Pakistan 4 India |
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Certifications |
NIL |
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Group Name |
NIL |
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Subsidiaries /
Affiliates |
NIL |
|
Member |
4 Bangladesh Garments Manufacturers
& Exporters Association, Chittagong 4 Chittagong Chamber of Commerce
& Industries, Chittagong |
COMMENTS
The subject is a 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 good demand among their
clients.
The directors are all experienced in this line of trade.
They are financially solvent and good at their business commitment, it
reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.33 |
|
UK Pound |
1 |
Rs.73.89 |
|
Euro |
1 |
Rs.65.57 |
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 |
|
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NB |
New Business |
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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.