MIRA INFORM REPORT
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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
APPAREL-21 LTD. |
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Registered Office : |
House#43, Road#12, Baridhara, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
13.11.2000 |
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Com. Reg. No.: |
C-41780 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer & Exporter of Woven Garments. |
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No. of Employees : |
2000 |
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
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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 |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Apparel-21 Ltd. |
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Head Office |
: |
House#43,
Road#12, Baridhara, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-9897951,
01715832220 |
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Fax No |
: |
- |
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E-mail |
: |
nzmul@lithegroup.com,
md@lithegroup.com, lithe@lithegroup.com |
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Website |
: |
- |
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Date/ Year
of Incorporation |
: |
13.11.2000 |
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Incorporation No. |
: |
C-41780 |
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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.180 Million |
Tk.8 Million |
Tk.1.65Million |
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2012 |
Tk.195 Million |
Tk.8.5million |
Tk.2.95 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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Information Parted By |
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Name |
: |
Mr.
Nazmul |
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Designation |
: |
Executive
Director |
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Contract No |
: |
88-01715832220 |
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Locations Details |
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Business Address |
: |
House#43,
Road#12, Baridhara, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-9897951,
01715832220 |
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E-mail |
: |
- |
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Fax No |
: |
nzmul@lithegroup.com,
md@lithegroup.com, lithe@lithegroup.com |
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Website |
: |
- |
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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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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 |
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Shirir Chala,
Bagher Bazar, Gazipur Sadar, Gazipur, Bangladesh |
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Tel No |
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88-02-7161288 |
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Fax No |
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- |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
35,000 |
Sq. ft. |
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Employee: |
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No. of Employees |
In Office |
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55 |
In Factory |
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1945 |
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In
Branch: |
: |
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Total |
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2000 |
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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. Jasim Uddin |
100 |
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Mr. Kabir
Mohiuddin |
900 |
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DIRECTORS
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Name |
Designation |
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Mr.
Kabir Mohiuddin |
Managing Director |
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Mr.
Jasim Uddin |
Director |
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MANAGEMENT
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Name |
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Mr.
Nazmul |
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Job Description |
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Executive
Director |
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Nationality |
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Bangladeshi |
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Email address |
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Other details |
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88-01715832220 |
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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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Others |
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Range of Products/Item Dealings In: |
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Products |
: |
Woven Garments. |
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Production
Capacity |
: |
3, 20,000~3,
50,000 Pcs per month |
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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 |
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Overseas
Clients |
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Jen Ken -France PRI
Mark- -UK |
Local
Clients |
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N/A |
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Overseas
Suppliers |
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N/A |
Local
Suppliers |
: |
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Trade Markets |
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Exports |
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France,
UK |
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Imports |
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China, Pakistan, India |
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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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Nil
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Operation Status |
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Active |
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Member |
: |
Bangladesh Garments Manufacturer &
Exporters Association |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.10 million |
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Paid-up Capital |
: |
Tk.1,00,000 |
No.
of Shares |
: |
1000 |
Share Value |
: |
Tk.100.00Each |
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Main Assets |
: |
Tk.8.5 Million |
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FINANCIAL STATEMENT- DETAILED
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The subject company don’t submit update
financial figure to local registry office. |
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ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Sister Concerns |
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Lithe Apparels Ltd. Lithe Cloth eon (BD.) Ltd. Lithe Enterprise
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Subsidiary |
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N/A |
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Name of The Group |
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Lithe Group |
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BANKING
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Bank Name
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Islami Bank
Bangladesh Ltd. |
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Bank Address |
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Nawabpur Road Branch, 210-211 Nawabpur Road, Dhaka Phone: (02) 9557258, 9556748 Mobile: 01711693907, 01711631349 Fax:-88-(02) 9556748 Email:
nowabpur@islamibankbd.com |
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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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Our representative visited the subject company address which we
received. This company office is well furnished & Mr. Nazmul-Executive
Director welcome our representative & given us all information. |
GENERAL COMMENTS
Established in 2000, Subject is mainly engaged in Manufacturer &
exporting . Having been in operation for several years, Subject maintains
acceptable business volume.
Based on the financial statements, SC’s financial performance appears to
be Above Average. SC has
been in its line of business for a bout 13 years.
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Adopted Abbreviations: |
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NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.36 |
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UK Pound |
1 |
Rs.101.20 |
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Euro |
1 |
Rs.84.54 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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.