MIRA
INFORM REPORT
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Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
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Name : |
EVINCE TEXTILE LIMITED |
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Registered Office : |
Plot#33, Section# 7, Milkvita Road, Mirpur, Dhaka-1216 |
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Country : |
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Date of Incorporation : |
03.06.1999 |
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Com. Reg. No.: |
C-37874 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer, Exporter and Dyeing & Finishing. Woven Fabrics. |
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No. of Employees : |
225 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
EVINCE TEXTILE LIMITED |
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Head Office |
: |
Plot#33, Section# 7, Milkvita Road, Mirpur, Dhaka-1216, Bangladesh. |
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Tel No |
: |
88-02-8059830, 8900871-4, 9020491-5,
9004405 |
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Fax No |
: |
88-02-9020490 |
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E-mail |
: |
jalal@evincebd.com, evince@evincebd.com |
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Website |
: |
www.evincegroup.com |
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Date/ Year of Incorporation |
: |
03.06.1999 |
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Incorporation No. |
: |
C-37874 |
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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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July’2011~June’2012 |
Tk. 450 Million |
Tk. 2404.04 Million |
Tk. 7.00 Million |
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July’2012~June’2013 |
Tk. 492 Million |
Tk. 2512.10 Million |
Tk. 13.20 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 |
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Mr. Md. Bashar |
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Designation |
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Commercial Officer |
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Contract No |
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88-01923637032 |
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Locations Details |
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Business Address |
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Plot#33, Section# 7, Milkvita Road, Mirpur, Dhaka- 1216, Bangladesh. |
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Tel No |
: |
88-02-8059830, 8900871-4, 9020491-5,
9004405 |
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Fax No |
: |
88-02-9020490 |
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E-mail |
: |
jalal@evincebd.com, evince@evincebd.com |
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Website |
: |
www.evincegroup.com |
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Location : |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
4500 |
Sq. ft. |
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Type of Office :
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: 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 |
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Shirir Chala, Bhabanipur, Mirzapur,
Gazipur, Bangladesh.
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Tel No |
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N/A |
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Fax No |
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N/A |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
3.5 |
Sq. ft. |
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Branches: |
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Address |
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Lotus Kamal Tower-1 (Level-7 & 12), 57
Joar Shahara, Nikunja, New Airport Road, Dhaka-1229, Bangladesh. |
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Tel No |
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88-02-8961552-4 |
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Fax No |
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88-02-8961941 |
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Location : |
Owned |
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Rented |
Ö |
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Leased |
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Area |
3000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
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50 |
In Factory |
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175 |
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In Branch: |
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- |
Total |
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225 |
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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. Anwar-Ul-Alam Chowdhury(Parvez) |
5,51,250 |
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Mrs. Shabnam Shehnaz Chowdhury |
5,51,250 |
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Evance Labels Limited |
2500 |
DIRECTORS
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Name |
Designation |
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Mr. Anwar-Ul-Alam Chowdhury(Parvez) |
Managing Director |
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Mrs. Shabnam Shehnaz Chowdhury |
Director |
MANAGEMENT
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Name |
: |
Mr. Md. Bashar |
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Job Description |
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Commercial Officer |
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Nationality |
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Bangladesh |
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Email address |
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N/A |
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Other details |
: |
88-01923637032 |
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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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Services |
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Dyeing & Finishing. |
Ö |
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Range of
Products: |
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Products |
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Woven Fabrics. |
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Production
Capacity |
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18 Million Meter. |
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Last Year
Production |
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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 |
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Cash |
Ö |
Others |
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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 |
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Overseas Clients |
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N/A |
Local Clients |
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Local Garments. |
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Overseas Suppliers |
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N/A |
Local Suppliers |
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N/A |
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Trade Markets |
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Buyers |
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Children Place-Usa Deleco-France Bhs-Uk., Rasy Loss- Usa Longla B.P-Usa Trexco-Europe Charls Houghly-Netherland |
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Imports |
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China, India, Taiwan, Italy. |
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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 |
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Active |
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Member |
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Bangladesh Textile Mills Association |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk. 50 Crore |
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Paid-up
Capital |
: |
Tk.11,05,00,000 |
No.
of Shares |
: |
11,05,000 |
Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk. 2404.04 Million |
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FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local
registry office.
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
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Sister Concerns |
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Evitex Apparels Ltd Argon Denims Ltd. Evitex Polycot Ltd. Evince Suise Ltd. Evince Garments Ltd. Evince Ltd. Evince dress Shirts Ltd. Evince ladies wear Ltd. Evince Fashion Ltd. Evence Computerized Limited. Evince Buttons Ind. Ltd. Etafil Bangladesh Ltd Evitex Apparels Ltd EDAF Ltd. Evance Labels Ltd. Evitex Dress Shirts Ltd. Argon Spinning Ltd. Argon Jeans Ltd. Eviance Model School |
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Subsidiary |
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N/A |
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Name of The Group |
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Evince Group |
BANKING
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Bank Name |
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Prime Bank Ltd. |
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Bank Address |
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Motijheel Branch, Pallabi Branch, Sataras Dream (1st Floor) Holding No: 1/11 & 1/12 Word No: 7, Pallabi, Mirpur, Dhaka Phone: (02) 9000559, 9001913,
9013629 Fax :( 02) 9001883 Email: pblpallabi@primebank.com.bd |
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Bank Name |
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Pubali Bank Ltd. |
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Bank Address |
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Motijheel Branch, Sena Kallyan Bhaban 195, Motijheel Comm. Area Dhaka-1000 Bangladesh |
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Bank Name |
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Exim Bank Ltd. |
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Bank Address |
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Mirpur Branch Shreyasi Tower, 10 No. Crossing, Mirpur, Dhaka - 1212 Phone: 8054226, 8056776 Mobile:01730-019973 Fax: 880-2-8033801 Swift:EXBKBDDH017 E-mail: mirpur@eximbankbd.com |
ADVERSE DATA MONITORING
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Dishonored
Checks |
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No Record Found |
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Debt |
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No Record Found |
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Litigation |
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Clear |
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Performance
Defaults |
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No Record Found |
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Adverse Local
Media Coverage/ Adverse Filling History |
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No Record Found |
SITE VISIT COMMENTARY
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The subject is a private limited company engaged in Manufacturer,
Dyeing & Finishing of Woven Fabrics. It is a sister concern of Evince
Group. It is situated at Shirir Chala, Bhabanipur, Mirzapur, Gazipur, Bangladesh.
They get good support from their clients. Mr. Anowarul Alam Chowdhury-Managing Director of the company. He is
very experienced businessman in this line of trade. We checked local registry (ROC) & found information’s. The company is good for normal business engagements. |
GENERAL COMMENTS
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Repeated attempts to obtain and
verify information from SC were unsuccessful as they declined all information
citing confidentiality. Please note that our credit rating is based on information
gathered from external sources as well as information obtained from past
interviews. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.62.00 |
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|
1 |
Rs.102.17 |
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Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.