MIRA INFORM REPORT
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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
FL GARMENTS ACCESSORIES LTD. |
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Registered Office : |
11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211 |
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Country : |
Bangladesh |
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Date of Incorporation : |
16.06.2002 |
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Com. Reg. No.: |
C-46100 |
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Legal Form : |
Private Co
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Line of Business : |
Manufacturer, Distributor and Exporter of all Kinds of Garments
Accessories. |
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No. of Employees : |
170 |
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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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Bangladesh |
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 |
BANGLADESH -
ECONOMIC OVERVIEW
In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.
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Source : CIA |
IDENTIFICATION
DETAILS
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Correct company Name |
: |
F.L. Garments Accessories Limited |
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Registered office |
: |
11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211, Bangladesh |
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Tel No |
: |
880-2-9677372, 8621646, 8653605, 01715689759 |
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Fax No |
: |
880-2-9677372 |
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E-mail |
: |
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Website |
: |
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Date/ Year of Incorporation |
: |
16.06.2002 |
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Registered No. |
: |
C-46100 |
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Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
|
Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
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Issuing Authority |
: |
Registrar
of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import
& Export (CCIE) |
FINANCIALS – SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
|
|
2011 |
Tk.43 Million |
Tk.20Million |
Tk.0.85 milliomn |
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2012 |
Tk.45 Million |
Tk.22 Million |
Tk.0.95 Million |
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Exchange Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
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Sales Trend – Analysis: |
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2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2010 |
2011 |
2012 |
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- |
- |
- |
- |
- |
- |
- |
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FULL CHECK REPORT
DETAILS
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Information Parted By |
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Name |
: |
Mr.
MohammdZynalabdinJweel |
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Designation |
: |
Commercial
Manager |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211, Bangladesh |
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Tel No |
: |
880-2-9677372,
8621646, 8653605, 01715689759 |
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E-mail |
: |
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Fax No |
: |
880-2-9677372 |
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Website |
: |
ww.flgalbd.com |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
3500 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211, Bangladesh |
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Tel No |
: |
- |
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Fax No |
: |
- |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
48000 |
Sq. ft. |
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Branches: |
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Address |
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21, KhajaDewan (1st Lane), Lalbagh,
Dhaka -1211, Bangladesh. |
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Tel No |
: |
- |
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Fax No |
: |
- |
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Location : |
Owned |
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Rented |
Ö |
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Leased |
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Area |
2500 |
Sq. ft. |
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Employee: |
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No. of Employees |
In Office |
: |
8 |
In Factory |
: |
162 |
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In Branch: |
: |
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Total |
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170 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of Share |
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Md. Farid Mia |
100000 |
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Mr. Abdul Latif Khan |
10000 |
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Md. MotiurRahman Khan |
5000 |
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Md. Bashir Mia |
5000 |
DIRECTORS
|
Name |
Designation |
|
Md. Farid Mia |
Managing
Director |
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Mr. Abdul Latif Khan |
Director |
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Md. MotiurRahman Khan |
Director |
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Md. Bashir Mia |
Director |
MANAGEMENT
|
Name |
: |
Mr.
MohammdZynalabdinJweel |
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Email address |
: |
_ |
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Nationality |
: |
Bangladesh |
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Job Description |
: |
Commercial
Manager |
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Other details |
: |
- |
BUSINESS OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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Exporter |
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Importer |
Ö |
Others |
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Range of
Products/Item Dealings In: |
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Products |
: |
All Kinds of
Garments Accessories |
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Production Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
Trading Terms:
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Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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|
days |
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Selling Terms : |
L/C |
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Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
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60 days |
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90 days |
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|
days |
DETAILED DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
Local market |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
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Exports |
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N/A |
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Imports |
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China, India |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
N/A |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.30 Million |
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Paid-up Capital |
: |
Tk.3000000 |
No.
of Shares |
: |
30000 |
Share
Value |
: |
Tk.100.00Each |
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Main Assets |
: |
Tk.22 Million |
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FINANCIAL STATEMENT-DETAILED
The subject company don’t submit update
financial figure to local registry office.
ASSOCIARES/SUBSIDIRIES/RELATED
PARTIES
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Sister Concerns |
: |
F.L. Packaging Industries Ltd. B P Accessories (Pvt.) Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
N/A |
BANKING
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Bank Name
|
: |
Dutch Bangla Bank ltd. |
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Bank Address |
: |
Imamgonj Branch 41 Imamgonj, Dhaka Roy Iswar Chandra ShilBahadur S., Dhaka, Bangladesh |
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Bank Name
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: |
Uttara Bank Limited |
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Bank Address |
: |
Shantinagar Branch Dhaka, Bangladesh |
REPUTATION
The subject company product has good reputation in local market.
ADVERSE DATA
MONITORING
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Dishonored Checks |
:
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No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMNETARY
Our representative visited the subject company office which is
residential area.
GENERAL COMMENTS
Based on financial
statement, the subject company financial performance appears to be Average. Hence, we
recommended that Moderate amount in Credit can proceed normally.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
|
UK Pound |
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.