MIRA INFORM REPORT

 

 

Report Date :

11.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TITAS SPINNING & DENIM LIMITED

 

 

Registered Office :

42 Kemal Ataturk Avenue, Banani, Dhaka-1213

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

03.07.2005

 

 

Com. Reg. No.:

C-45276

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing & Selling of Fabrics 

 

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$ 28,000.00

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

Titas Spinning & Denim Limited

Note: The subject operates by this name.

Address

42 Kemal Ataturk Avenue, Banani, Dhaka-1213

Country

Bangladesh

Telephone No

880-2-7115410, 7119604

Fax No

880-2-7121445

E-Mail

info@knitasia.com

Website

www.knitasia.com

Established

2005

Company Registration No

C-45276

Registration date

3rd July 2005

Legal Status

Private Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka

Business Type

Manufacturing & Selling

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

117/A Tejgaon I/A, Dhaka-1208

Telephone No

880-2-7115410, 7119604

Fax No

880-2-7121445

E-Mail

info@knitasia.com

Website

www.knitasia.com

Branch

42 Kemal Ataturk Avenue, Banani, Dhaka-1213

Factory

Mahna-Bhabanipur, Gazipur

Factory Telephone No

NIL

Factory Fax No

NIL

Warehouse

Mahna-Bhabanipur, Gazipur

 

DIRECTORS

 

Name

Mr. A. Matin Chowdhury

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. A. F. M. Zubair

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Dr. Shamim Matin Chowdhury

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Azizur Rahim Chowdhury

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Shyan Zubair

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Saima Matin Chowdhury

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Moshiur Rahman

Designation

Independent Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mr. A. Matin Chowdhury

Share Percent

20%

Nationality

Bangladeshi

 

 

Name

Mr. A. F. M. Zubair

Share Percent

30%

Nationality

Bangladeshi

 

 

Name

Dr. Shamim Matin Chowdhury

Share Percent

10%

Nationality

Bangladeshi

 

 

Name

Mr. Azizur Rahim Chowdhury

Share Percent

10%

Nationality

Bangladeshi

 

 

Name

Mr. Shyan Zubair

Share Percent

10%

Nationality

Bangladeshi

 

 

Name

Ms. Saima Matin Chowdhury

Share Percent

10%

Nationality

Bangladeshi

 

 

Name

Mr. Moshiur Rahman

Share Percent

10%

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturing & Selling

Items Dealing In

Fabrics 

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Export: Against L/C

Production Capacity

16,500,000 linear yards per year

Last Year Production

16,500,000 linear yards

 

BANKERS

 

Name

Janata Bank  Limited

Branch

Local Office Branch

Address

Motijheel Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

United Commercial Bank Limited

Branch

Motijheel Branch

Address

Motijheel Commercial Area, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

Year

2010

2009

 

2008

Investment

Tk.32 million

Tk.32 million

Tk.30 million

Turnover

Tk.258.6 million

Tk.258 million

Tk.256 million

Liability

NIL

NIL

NIL

Assets

Tk.50 million

Tk.50 million

Tk.48 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.50 million

Paid Up Capital

Tk.3 million

Each Share Value

Tk.100.00

 

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

121.6358

U.S Dollar

1

76.3900

European Euro

1

103.5237

 

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$ 28,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

1,200

Office Area (Sq. Ft)

2,200 sq.ft (own)

Factory Area (Sq. Ft)

35,500 sq.ft (own)

Warehouse Area (Sq. Ft)

5,400  sq.ft.(own)

Range of Products

4 Denim Fabrics

Major Clients 

4 Local Export Oriented Garments Industries

Certifications

NIL

Group Name

NIL

Subsidiaries / Affiliates

4 Knit Asia Ltd

4 Malek Spinning Mills Ltd

4 Rahim Textile Mills Ltd

4 Salek Textile Ltd

4 JM Fabrics Ltd

4 Design Asia Ltd

4 New Asia Ltd

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

4 Bangladesh Textile Mills Association, Dhaka

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.78

UK Pound

1

Rs.80.10

Euro

1

Rs.68.82

 

 

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

--

NB

                                       New Business

 

--

 

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.