MIRA INFORM REPORT

 

 

Report Date :

05.09.2013

 

IDENTIFICATION DETAILS

 

Name :

FAKIR KNITWEARS LTD.

 

 

Registered Office :

Lucky Chamber (1st Floor), 89, Motijheel C/A, Dhaka- 1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

18.05.1995

 

 

Com. Reg. No.:

C-28421

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Exporter of Men’s wear, Women’s wear, under wear      

 

 

No. of Employees :

5115

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

 

Correct company Name

:

FAKIR KNITWEARS LTD.

Registered office

:

Lucky Chamber (1st Floor), 89, Motijheel C/A, Dhaka- 1000, Bangladesh

Tel No

:

88-02-9553075, 9560742

Fax No

:

88-02-9569852

E-mail

:

fklinfo@fakirgroup.com

Website

:

www.fakirknit.com

Date/ Year of Incorporation

:

18.05.1995

Registered No.

:

C-28421

Legal Form (General)

:

 Public Listed Co      Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships  Partnership            Not Registered

 others (please specify) ________________

 

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

 

Issuing Authority

:

Registrar of Joint Stock Companies & Firms   City Corporation

 Municipal Administration                 Union Council

 Cantonment Board                      Chief Controller of  Import & Export (CCIE)

 

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

     2011

Tk.375Million

Tk.29.5 Crore

Tk.3.5 million

     2012

Tk.380 million

Tk.30 Crore

Tk.4 million

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

 

 

 

 

 

 

 

 

 

 

Sales Trend – Analysis:

2002

2003

2004

2005

2006

2007

2008

2010

2011

2012

-

-

-

-

-

-

-

 

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. Saiful Islam

Designation

:

DGM

Contract No

:

88-0161 3368077

 

 

Locations Details

 

Business Address

:

Lucky Chamber (1st Floor), 89, Motijheel C/A, Dhaka- 1000, Bangladesh

Tel No

:

88-02-9553075, 9560742

E-mail

:

fklinfo@fakirgroup.com

Fax No

:

88-02-9569852

Website

:

www.fakirknit.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

4500

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Kayempur, Fatullah, Narayanganj-1400, Bangladesh

Tel No

:

88-02-7641379-80, 7643242, 7643271

Fax No

:

88-02-7634611

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

1,20,000

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

38

In Factory

:

5077

In Branch:

:

 

Total

:

5115

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

            No. of Share     

Mr. F. Badruzzaman

          45399

Mr. F. Akteruzzaman

          36309

Mr. F. Samsuzzaman

          36309

Mrs. Munni Zaman

          5000

Mrs. Farzana Zaman

          14088

Mr. F. Mashrequzzaman (Neaz)

          36309

Mr. F. Kamruzzaman (Nahid)

          14089

Mr. F. Ashaduzzaman (Asad)

          36309

Mr. F. Moniruzzaman

          36309

 

 

DIRECTORS

 

Name

Designation

Mr. F. Badruzzaman

Chairman

Mr. F. Akteruzzaman

Managing Director

Mr. F. Samsuzzaman

Director

Mrs. Munni Zaman

Director

Mrs. Farzana Zaman

Director

Mr. F. Mashrequzzaman (Neaz)

Director

Mr. F. Kamruzzaman (Nahid)

Director

Mr. F. Ashaduzzaman (Asad)

Director

Mr. F. Moniruzzaman

Director

 

 

MANAGEMENT

 

Name

:

Mr. Saiful Islam

Email address

:

saiful@fakirgroup.com

Nationality

:

Bangladeshi

Job Description

:

DGM

Other details

:

-

           

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Others

 

 

 

Range of Products/Item Dealings In:

 

Products

:

Men’s wear, Women’s wear, under wear      

Production Capacity

:

2600000 Doz per year

Last Year Production

:

Do

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

Overseas Suppliers

:

N/A

Local Suppliers

:

 

 

Trade Markets

 

:

 

Exports

 

:

UK, France, Canada

 

Imports

:

China, India

Brand Name

:

N/A

Certified

:

ISO 9001:2008, SCR, BSCI, SEDX, GOATS & OEKO

Auditors

:

Nil

Operation Status

:

Active

Member

:

 Bangladesh Garments Manufacturer & Exporters Association

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.25 Crore

Paid-up Capital

:

Tk.2,23,81,200

No. of Shares

:

223812

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk.30 Crore

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update financial figure to local registry office.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

National Bank of Pakistan

Bank Address

:

Motijheel Branch

Fax: 88-02-9560247

Tel: 88-02-9560249

Tlx: 632393 NBP BJ

79, Motijheel C/A, Dhaka-1000, Bangladesh

 

 

Bank Name  

:

One Bank Ltd

Bank Address

:

Principal Branch

45, Dilkusha C/A

Dhaka

SWIFT:Description: spacerONEBBDDH001

Phone:Description: spacer +88-02-9564249

Mobile:Description: spacer 01730353521

Fax:Description: spacer+88-02-9561960

E-mail:Description: spacermanager.prb@onebankbd.com

 

 

 

REPUTATION

 

Reference checking for purpose of establishing the Fakir Knitwears Ltd’s reputation within the respective industry failed to reveal any adverse information.

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our representative visited the subject company head office which is situated at commercial area. There office is well decorated& Mr. Saiful Islam –DGM of the company was given us all information.

 

 

GENERAL COMMENTS

 

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 18 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.67.03

UK Pound

1

Rs.104.32

Euro

1

Rs.88.24

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.