MIRA
INFORM REPORT
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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ISLAM GARMENTS LTD. |
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Registered Office : |
Rangs Arcade, (5th Floor), Gulshan, Dhaka-1212 |
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Country : |
Bangladesh. |
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Date of Incorporation : |
12.02.1985 |
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Com. Reg. No.: |
C- 13755 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer of Shirts, Blouses, Pants. |
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No. of Employees : |
3045 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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.
Source
: CIA
IDENTIFICATION DETAILS
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Correct company Name |
: |
Islam
Garments Ltd. |
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Registered office |
: |
Rangs Arcade, (5th Floor),
Gulshan, Dhaka-1212 Bangladesh. |
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Tel No |
: |
880-2-8827770,
9863004, 9863040 |
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Fax No |
: |
880-2-8816093 |
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E-mail |
: |
islam@islam-garments.com |
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Website |
: |
www.islam-garments.com |
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Date/ Year of Incorporation |
: |
12.02.1985 |
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Registered No. |
: |
C- 13755 |
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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)
________________ |
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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
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Year |
Turnover/
Sales |
Assets |
Income |
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2011 |
Tk.305 Million |
Tk.14.5 Crore |
Tk.1.65Million |
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2012 |
Tk.310 |
Tk.15 Crore |
Tk.1.80 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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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Khalid Hossai |
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Designation |
: |
Commercial Manager |
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Contract No |
: |
88-0171333 1126 |
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Locations Details |
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Business Address |
: |
Rangs Arcade, (5th Floor),
Gulshan, Dhaka-1212 Bangladesh. |
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Tel No |
: |
880-2-8827770,
9863004, 9863040 |
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Fax No |
: |
880-2-8816093 |
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E-mail |
: |
islam@islam-garments.com |
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Website |
: |
www.islam-garments.com |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
3200 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
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Semi-commercial
office Bldg. |
Ö |
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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(Unit-1): |
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Address |
: |
Zamgora, Ashulia, Savar, Dhaka,
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 |
45000 |
Sq. ft. |
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Factory(Unit-2): |
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Address |
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Zarun, Kona Bari, Gazipur, 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 |
40000 |
Sq. ft. |
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Employee: |
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No. of Employees |
In Office |
: |
65 |
In Factory |
: |
3,000 |
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In Branch: |
: |
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Total |
: |
3045 |
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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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Mr. Shafiqul Islam |
2,00,000 |
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Mr. Atiqul Islam |
50,000 |
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Islam Knit Designs Ltd |
6,00,000 |
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Mr. Shahrier Ahmed |
50,000 |
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Mr. Shaker Ahmed |
50,000 |
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Mrs. Hasmat Ara Islam |
50,000 |
DIRECTORS
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Name |
Designation |
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Mr. Shafiqul Islam |
Chairman & Managing Director |
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Mr. Atiqul Islam |
Director |
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Mr. Shahrier Ahmed |
Director |
MANAGEMENT
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Name |
: |
Mr.
Khalid Hossain |
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Email address |
: |
N/A |
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Nationality |
: |
Bangladeshi |
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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 |
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Exporter |
Ö |
Importer |
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Others |
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Range of
Products/Item Dealings In: |
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Products |
: |
Shirts, Blouses,
Pants. |
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Production Capacity |
: |
Weaving Division
- 15000
yards per day Knitting
Division-4000 kg per day Garments Division : Woven Garments -Tops and bottoms-8500 PCs Knit Garments-T- Shirt, Polo and bottoms:
4000 PCs Fabric Dyeing,
Printing and Finishing: 20,000 yards Yarn Dyeing
Division-2000 Kg per day. |
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Last Year
Production |
: |
Do |
Trading Terms:
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Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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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 |
Ö |
Cash |
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Others |
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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 |
DETAILED DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
Mart-USA Wal Mart-Canada Bry Lane-USA Justin Allen-USA Empire-U.K. H. Bay-Canada Otto Versand-U.K., Reg No-6070343 GUS-U.K. Zellers-Canada |
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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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USA, Canada, UK |
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Imports |
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China, India, Thailand |
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Brand Name |
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N/A |
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Certified |
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N/A |
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Auditors |
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N/A |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Garments
Manufacturer & Exporters
Association |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.20 crore |
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Paid-up Capital |
: |
Tk.10,00,00,000 |
No.
of Shares |
: |
10,00,000 |
Share Value |
: |
Tk.100.00Each |
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Main Assets |
: |
Tk. Tk. 15Crore |
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FINANCIAL STATEMENT- DETAILED
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The subject company don’t submit update financial
figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Islam Dress Ltd Islam Knit Design Ltd Islam Products Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Islam Group |
BANKING
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Bank Name
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: |
IFIC Bank Ltd. |
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Bank Address |
: |
Motijheel Branch Pabx: 880-2-9563020-29 Fax: 880-2-09566352 Phone: 880-2-9565215-18 125/A Motijheel C/A, Dhaka-1000,
Bangladesh |
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Bank Name
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: |
Shahajalal Islami Bank Ltd. |
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Bank Address |
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Gulshan Branch Gulshan-1, Dhaka-1212. 53, Gulshan South C/A, Gulshan
Avenue, Nafi Tower (Level-2), |
REPUTATION
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Reference
checking for purpose of establishing the Islam Garments Ltd’s reputation within the
respective industry failed to reveal any adverse information |
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 COMMENTARY
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Our
representative visited the subject company head office which is situated at Residential
area. There office is well decorated& Mr.Khalid Hossain -Commercial Manager of the company was given us all information |
GENERAL COMMENTS
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Based on the
financial statement, the subject company financial performance appears to be Fair. The subject company has been in its
line of business about 28 years. Taking into account its standing history,
reputation in the market, as well as its financial condition, we recommend
that Credit can proceed promptly in Fairly large amount. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
|
|
1 |
Rs.99.42 |
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Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.