MIRA
INFORM REPORT
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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
COMFIT COMPOSITE KNIT LTD. |
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Registered Office : |
Youth Tower, 822/2, Rokeya Sarani, Dhaka-1216 |
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Country : |
Bangladesh |
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Date of Incorporation : |
29.09.2005 |
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Com. Reg. No.: |
C-59178 |
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Legal Form : |
Private
Company |
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Line of Business : |
Manufacturer & Exporter of T-Shirts, Polo Shirts, Tank Tops. |
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No. of Employees : |
4000 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
|
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 |
: |
Comfit Composite Knit
Ltd. |
|
Head office |
: |
Youth Tower, 822/2, Rokeya Sarani,
Dhaka-1216, Bangladesh. |
|
Tel No |
: |
880-2-8052343, 8052417, 01713432201 |
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Fax No |
: |
880-2-8052351 |
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E-mail |
: |
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Website |
: |
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Date/ Year
of Incorporation |
: |
29.09.2005 |
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Registered No. |
: |
C-59178 |
|
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.295 million |
Tk.45 Crore |
Tk2.80 million |
|
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2012 |
Tk.305 million |
Tk.48 crore |
Tk.3.10 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. M.A. Bari
Khan |
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Designation |
: |
Admin & HR
Officer |
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Contract No |
: |
- |
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Locations
Details |
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Business Address |
: |
Youth Tower, 822/2, Rokeya Sarani,
Dhaka-1216, Bangladesh. |
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Tel No |
: |
880-2-8052343, 8052417, 01713432201 |
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Fax |
: |
880-2-8052351 |
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Email |
: |
mabari@youthbd.com,
enayet@youthbd.com , billa@youthbd.com, |
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Website |
: |
www.youthbd.com |
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Location : |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
4500 |
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 |
: |
Gorai, Mirzapur,
Tangail Bangladesh |
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Tel No |
: |
88-01713432201 |
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Fax No |
: |
- |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
65,000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In
Office |
: |
55 |
In
Factory |
: |
3945 |
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In
Branch: |
: |
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Total |
: |
4000 |
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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. Fereoz Alam |
3800 |
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Mr. Razakul
Haider |
3800 |
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Mr. Asgor Haider |
3200 |
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Mr. Akbor Haider |
2300 |
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Mr. Faridul
Islam |
2300 |
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Mr. Faisal Alam |
2300 |
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Mr. Anis
Salauddin Ahmad |
2300 |
DIRECTORS
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Name |
Designation |
|
Mr. Razakul
Haider |
Chairman |
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Mr. Fereoz Alam |
Managing
Director |
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Mr. Asgor Haider |
Director |
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Mr. Akbor Haider |
Director |
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Mr. Faridul
Islam |
Director |
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Mr. Faisal Alam |
Director |
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Mr. Anis
Salauddin Ahmad |
Director |
MANAGEMENT
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||
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Name |
: |
Mr. M.A. Bari Khan |
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Email address |
: |
- |
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Nationality |
: |
Bangladesh |
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Job Description |
: |
Admin & HR Officer |
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Other details |
: |
- |
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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 |
: |
T-Shirts,
Polo Shirts, Tank Tops. |
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Production
Capacity |
: |
10,
00,000 Pcs. per Year. |
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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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|||
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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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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
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|
days |
DETAILED DATA
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Trade
Reference & Related Parties |
: |
Overseas
Clients |
: |
Wal mart – USA K-Mart - USA |
Local
Clients |
: |
N/A |
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Overseas
Suppliers |
: |
N/A |
Local
Suppliers |
: |
N/A |
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Trade
Markets |
: |
Exports |
: |
USA |
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Imports |
: |
China, India |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Garments
Manufacturer & Exporters Association |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.50 crore |
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Paid-up Capital |
: |
Tk.20000000 |
No.
of Shares |
: |
200000 |
Share Value |
: |
Tk.100.00Each |
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Main Assets |
: |
Tk.48 crore |
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FINANCIAL STATEMENT- DETAILED
|
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The subject company don’t submit update
financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Youth Spinning Mills. Unicom Textile Mills Ltd Youth Garments Ltd Youth Fashions
Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Youth
Group |
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Bank Name
|
: |
Export Import Bank Bangladesh Ltd. |
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Bank Address |
: |
Motijheel Branch Sharif Mansion, 56-57, Motijheel C/A,
Dhaka E-mail: motijheel@eximbankbd.com Fax: 880-2-9569983 Mobile:88- 01713-001122 Swift: EXBKBDDH001 Phone: 88-02-9568534, 9552800, 9568093,
9554988 |
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Bank Name
|
: |
Islami Bank
Bangladesh Ltd |
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Bank Address |
: |
Foreign Exchange Branch 41 Dilkusha C/A, Dhaka-1000 Email: fex@islamibankbd.com Phone:88- (02) 9565657, 9569413, 9552444 Mobile:88- 01711693906, 01713164489 Fax:88- (02) 9569412 |
ADVERSE DATA MONITORING
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Dishonored Checks |
:
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No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse
Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
|
Our
representative visited the subject company address of Youth Tower, 822/2,
Rokeya Sarani, Dhaka-1216, Bangladesh. |
GENERAL COMMENTS
|
|
Based on financial
statement, the subject company financial performance appears to be fair. |
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Adopted Abbreviations: |
|||
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NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.04 |
|
UK Pound |
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
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 |
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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.