MIRA INFORM REPORT

 

 

Report Date :

05.09.2013

 

IDENTIFICATION DETAILS

 

Name :

LIBERTY KNITWEAR LIMITED

 

 

Registered Office :

TK Bhaban (10th floor), 13, Karwan Bazar, Dhaka-1215

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

20.01.1998

 

 

Com. Reg. No.:

C-34705 

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer and exporter of all Kind of Knit Items.

 

 

No. of Employees :

3050

 

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

 

 

 

 IDENTIFICATION DETAILS

 

Correct company Name

:

Liberty Knitwear Limited

Head  office

:

TK Bhaban (10th floor), 13, Karwan Bazar, Dhaka-1215, Bangladesh

Tel No

:

88-02-9116334, 9116219, 9337058, 9338114

Fax No

:

88-02-8114534

E-mail

:

info@ntgbd.com

Website

:

www.ntgbd.com

Date/ Year of Incorporation

:

20.01.1998

Registered No.

:

C-34705 

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.310 Million

Tk.24 Million

Tk.1.75 Million

     2012

Tk.320 Million

Tk.24.5 Million

Tk.2.10 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. Zakir Hossain

Designation

:

Commercial Manager

Contract No

:

88-0173036946

 

Locations Details

 

Business Address

:

TK Bhaban (10th floor), 13, Karwan Bazar, Dhaka-1215, Bangladesh

Tel No

:

88-02-9116334, 9116219, 9337058, 9338114

Fax

:

88-02-8114534

Email

:

info@ntgbd.com

Website

:

www.ntgbd.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

3200

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

:

Ramarbagh, Kutubpur, Fatullah, Narayangonj, Bangladesh.

Tel No

:

88-02-7671856

Fax No

:

88-02-7641773

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

65,000

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

25

In Factory

:

3025

In Branch:

:

 

Total

:

3050

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

            No. of Share     

Mr. Md. Shamsuzzaman

             2000

Mrs. Ferdous Ara Begum

             2000

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Shamsuzzaman

Managing Director

Mrs. Ferdous Ara Begum

Director

 

 

MANAGEMENT

 

Name

:

Mr. Zakir Hossain

Email address

:

-

Nationality

:

Bangladeshi

Job Description

:

Commercial Manager

Other details

:

-

                                                                                                             

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Others

 

 

 

 

Range of Products/Item Dealings In:

 

Products

:

 All Kind of Knit Items.         

Production Capacity

:

350,000 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

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

UK, USA

 

Imports

 

:

China, India

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Knitwear Manufacturers & Exports Association.

 

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.10 million

Paid-up Capital

:

Tk.40000

No. of Shares

:

4000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk.24.5 Million

 

 

 

 

 

 

 

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Micro Fibre Ltd

Orient Chem-Tex Ltd.

Tangon Garments Ltd

A-One Polar Ltd

Midland Knitwear Ltd

Subsidiary

:

N/A

Name of  The Group

:

Micro Fiber Group

 

 

BANKING

 

 

Bank Name  

:

UCBL Bank Ltd

Bank Address

:

Bangshal Branch

32/3, Malitola Road

North South Road, Dhaka -1000

MOBILE-01713-017589

 

 

Bank Name  

:

Standard Bank Ltd.

Bank Address

:

Gulshan Branch,

32, Gulshan Avenue, Gulshan-2, Dhaka

Phone : 88-02-8811641, 01711-675320
Fax : 88-02-8827850

 

 

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 address which is situated at TK Bhaban (10th floor), 13, Karwan Bazar, Dhaka-1215, Bangladesh

 

GENERAL COMMENTS

 

Established in 1998, the subject is mainly engaged in Manufacturer, Exporter of All Kind of Knit items. Having been in operation for several years, the subject maintains accepted business volume.

 

Reputation in the market, as well as its financial condition.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

 

 

 

 

 

 

 

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 :

NIS

 

 

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.