|
Report Date : |
23.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
STITCHWELL DESIGNS LIMITED |
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|
|
|
Registered Office : |
430/1/A, Tejgaon I/A, Tejgaon, Dhaka-1208 |
|
|
|
|
Country : |
Bangladesh |
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|
|
|
Date of Incorporation : |
28.11.1994 |
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|
|
|
Com. Reg. No.: |
C-27192 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Manufacturer & Exporter of Ready Made Garments |
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|
|
|
No. of Employees : |
570 |
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 |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow |
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|
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Bangladesh - ECONOMIC OVERVIEW
The economy has grown 5-6% 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 |
|
Name |
Stitchwell
Designs Limited Note: The subject registered by this name. |
|
Address |
430/1/A, Tejgaon
I/A, Tejgaon, Dhaka-1208 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-9882034, 8829214 |
|
Fax No |
880-2-9897814 |
|
E-Mail |
|
|
Website |
|
|
Established |
1994 |
|
Company Registration No |
C-27192 |
|
Registration date |
28th November 1994 |
|
Legal Status |
Private Limited |
|
Issuing Authority |
The
Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer
& Exporter |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from
local suppliers or banks. |
|
Head Office |
430/1/A,
Tejgaon I/A, Tejgaon, Dhaka-1208 |
|
Telephone No |
880-2-9882034, 8829214 |
|
Fax No |
880-2-9897814 |
|
E-Mail |
|
|
Website |
|
|
Branch |
NIL |
|
Factory |
430/1/A,
Tejgaon I/A, Tejgaon, Dhaka-1208 |
|
Factory Tel No |
NIL |
|
Factory Fax No |
NIL |
|
Warehouse |
430/1/A, Tejgaon I/A, Tejgaon, Dhaka-1208 |
|
Name |
Mrs. Rubina
Yasmin |
|
Designation |
Chairperson |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Iqbal Hossain |
|
Designation |
Managing
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Delwar Hossain |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Akhtar Hossain |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Zakir Hossain |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Imam Hossain |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Mahbubur Reza |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Mrs. Rubina
Yasmin |
|
Share Percent |
40% |
|
Country |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Iqbal Hossain |
|
Share Percent |
26.66% |
|
Country |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Delwar Hossain |
|
Share Percent |
6.66% |
|
Country |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Akhtar Hossain |
|
Share Percent |
6.66% |
|
Country |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Zakir Hossain |
|
Share Percent |
6.66% |
|
Country |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Imam Hossain |
|
Share Percent |
6.66% |
|
Country |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Mahbubur Reza |
|
Share Percent |
6.66% |
|
Country |
Bangladeshi |
|
Line of Business |
Manufacturer
& Exporter |
|
Items Dealing In |
Ready Made
Garments |
|
Terms of Purchase |
Import: Against L/C Local: Cash or Credit |
|
Terms of Sale |
Export: Against L/C |
|
Name |
Uttara Bank Limited |
|
Branch |
Dilkusha Branch |
|
Address |
54, Dilkusha C/A, Dhaka-1000 |
|
SWIFT |
UTBLBDDH433 |
|
Year |
2011 |
2010 |
2009 |
|
Investment |
Tk.32 million |
Tk.30 million |
Tk.30 million |
|
Turnover |
Tk.318 million |
Tk.316.6 million |
Tk.316 million |
|
Liability |
Tk.5 million |
Tk.5.6 million |
Tk.6 million |
|
Assets |
Tk.44 million |
Tk.42 million |
Tk.42 million |
|
Authorized
Capital |
Tk.10 million |
|
Paid Up Capital |
Tk.3 million |
|
Each Share Value |
Tk.100.00 |
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
118.4226 |
|
U.S Dollar |
1 |
78.4100 |
|
European Euro |
1 |
101.4625 |
|
Dishonored
Checks |
No Found |
|
Debt |
No Found |
|
Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
|
Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
|
Employees |
570 |
|
Office Area (Sq.
Ft) |
1,800 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
30,200 sq.ft (rented) |
|
Warehouse Area
(Sq. Ft) |
6,300 sq.ft (rented) |
|
Range of
Products |
4 Shirts 4 Knit
Garments 4 Pants |
|
Major Clients |
4 USA
4 Canada 4 EU Countries |
|
Certifications |
NIL |
|
Group Name |
4 Patriot Group |
|
Subsidiaries /
Affiliates |
N/A |
|
Member |
4 Dhaka Chamber
of Commerce & Industries, Dhaka 4 Bangladesh
Garments Manufacturers & Exporters Association,
Dhaka |
|
Business Scale |
Large |
|
Business Trend |
Growing |
|
Management
Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.