|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
FARIHA KNIT TEX LIMITED |
|
|
|
|
Registered Office : |
Baroibag, Enayet Nagar, Fatullah, Narayangonj-1400 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
1993 |
|
|
|
|
Com. Reg. No.: |
C-34136 |
|
|
|
|
Legal Form : |
Private Limited |
|
|
|
|
Line of Business : |
Manufacturer & Exporter of Ready-made
Knitwear |
|
|
|
|
No. of Employees : |
1,500 |
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 |
|
|
|
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
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 |
|
Name |
Fariha Knit Tex Limited |
|
Address |
Baroibag, Enayet Nagar, Fatullah, Narayangonj-1400 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-7612161,
7601188 |
|
Fax No |
880-2-7601188 |
|
E-Mail |
|
|
Website |
|
|
Established |
1993 |
|
Company Registration No |
C-34136 |
|
Registration date |
15th
July 2000 |
|
Legal Status |
Private Limited |
|
Issuing Authority |
The Registrar of joint Stock Companies, Dhaka |
|
Business Type |
Manufacturer & Exporter |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
|
Head Office |
House No.345 (Ground floor), Lane-25, New D.O.H.S., Mohakhali,
Dhaka-1206 |
|
Telephone No |
880-2-8815915,
9891182, 8850833, 8753512 |
|
Fax No |
880-2-8813542 |
|
E-Mail |
|
|
Website |
www.farihabd.com |
|
Sales Office |
NIL |
|
Factory |
Baroibag,
Enayet Nagar, Fatullah, Narayangonj-1400 |
|
Factory Telephone No |
880-2-7612161,
7601188 |
|
Factory Fax No |
880-2-7601188 |
|
Warehouse |
Baroibag, Enayet
Nagar, Fatullah, Narayangonj-1400 |
|
Name |
Mr. Mamun
Bhuiyan |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Asadul Islam |
|
Designation |
Managing
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Hafiz Iqbal |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mostaq Ahmed |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Faroque Ahmed |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Mr. Mamun
Bhuiyan |
|
Share Percent |
30% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Asadul Islam |
|
Share Percent |
40% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Hafiz Iqbal |
|
Share Percent |
10% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mostaq Ahmed |
|
Share Percent |
10% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Faroque
Ahmed |
|
Share Percent |
10% |
|
Nationality |
Bangladeshi |
|
Line of Business |
Manufacturer & Exporter |
|
Items Dealing In |
Ready-made
Knitwear |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Export: Against L/C |
|
Production
Capacity |
20,520,000 pieces
per year |
|
Last Year
Production |
20,520,000
pieces |
|
Name |
Janata Bank Ltd |
|
Branch |
Kemal Ataturk
Avenue Corporation Branch |
|
Address |
20 Kemal Ataturk Avenue, Banani, Dhaka-1213 |
|
SWIFT |
N/A |
|
Year |
2011 |
2010 |
2009 |
|
Investment |
Tk.38 million |
Tk.37 million |
Tk.37 million |
|
Turnover |
Tk.325.8 million |
Tk.324.6 million |
Tk.324 million |
|
Liability |
NIL |
NIL |
NIL |
|
Assets |
Tk.50 million |
Tk.48 million |
Tk.48 million |
|
Authorized
Capital |
Tk.20 million |
|
Paid Up Capital |
Tk.100,00.00 |
|
Each Share Value |
Tk.100.00 |
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
120.8148 |
|
U.S Dollar |
1 |
77.9400 |
|
European Euro |
1 |
102.1014 |
|
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 |
1,500 |
|
Office Area (Sq.
Ft) |
1,800 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
60,000 sq.ft (rented) |
|
Warehouse Area
(Sq. Ft) |
3,900 sq.ft.(own |
|
Range of
Products |
4 Basic T-Shirt 4 Pique Polo Shirt 4 Tank Top 4 Vest 4 Short Pant 4 Round & V-Neck T-Shirt 4 Short
& Long Sleeve T-Shirt |
|
Export
Market |
4 Kik Textile GMBH, Germany 4 Dr. Rehfeld, Germany 4 STP
TEXTILHANDELSGESELLSCHAFT MBH, Germany 4 Instyle, Italy 4 Monte Carlo, S.P.A.,
Italy 4 Rhonetex, France 4 Wibra, Netherlands 4 CONFORAMA ITALIA SPA,
Italy 4 Eurosel S.R.L., Italy 4 Bogaards
International B.V., Germany 4 Stampa E Disegno S.L,
Spain |
|
Fabrics &
Accessories |
4 Hong
Kong 4 China 4 Thailand 4 Local
Sources 4 Pakistan 4 India |
|
Certification |
NIL |
|
Group Name |
4 Astrotex Group |
|
Subsidiaries /
Affiliates |
4 Astrotex Limited 4 Astrotex 4 Rimshad
Tex Limited |
|
Member |
4 Bangladesh Knitwear Manufacturers & Exporters Association, 4 Dhaka
Chamber of Commerce & Industries, Dhaka |
|
Business Scale |
Fairly Large |
|
Business Trend |
Growing |
|
Management
Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.