MIRA INFORM REPORT
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Report Date : |
11.09.2013 |
IDENTIFICATION DETAILS
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Name : |
CROSSWEAR INDUSTRIES LTD. |
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Registered Office : |
House#4(A-5), Road # 10, Sector # 01, Uttara , Dhaka |
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Country : |
Bangladesh |
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Date of Incorporation : |
16.05.2006 |
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Com. Reg. No.: |
C-61723 |
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Legal Form : |
Private Co
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Line of Business : |
Manufacturer & Exporter of T-shirt, Vest, Knitted Pants, Knitted
Jackets, Pull Overs. |
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No. of Employees : |
1000 |
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
|
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 |
: |
CROSSWEAR INDUSTRIES LTD. |
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Head office |
: |
House#4(A-5), Road # 10, Sector # 01, Uttara , Dhaka, Bangladesh |
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Tel No |
: |
88-02-7913634, 8957316 |
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Fax No |
: |
- |
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E-mail |
: |
zahid@crosswear-bd.com, mehidy@crosswear-bd.com |
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Website |
: |
www.crosswear-bd.com |
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Date/ Year of Incorporation |
: |
16.05.2006 |
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Registered No. |
: |
C-61723 |
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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.225 Million |
Tk.8 Million |
Tk.1.85 Million |
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2012 |
Tk.230 million |
Tk.9Million |
Tk.2.00 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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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Shakh Babul Akter Zahid |
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Designation |
: |
Managing Director |
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Contract No |
: |
01730056999 |
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Locations Details |
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Business Address |
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House#4(A-5), Road # 10, Sector # 01, Uttara , Dhaka, Bangladesh |
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Tel No |
: |
88-02-7913634, 8957316 |
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E-mail |
: |
zahid@crosswear-bd.com, mehidy@crosswear-bd.com |
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Fax No |
: |
- |
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Website |
: |
www.crosswear-bd.com |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
3400 |
Sq. ft. |
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Type of Office :
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: 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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Durgapur, Kathgora Bazar, Zirabo, Ashulia, Savar, Bangladesh |
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Tel No |
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88-02-7792177, 01730056999 |
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Fax No |
: |
88-02-7791311 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
40,000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
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25 |
In Factory |
: |
975 |
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In Branch: |
: |
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Total |
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1000 |
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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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Gilles Le Baron |
5000 |
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Shaikh Babul
Akter Zahid |
5000 |
DIRECTORS
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Name |
Designation |
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Shaikh Babul Akter Zahid |
Managing Director |
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Gilles Le Baron |
Director |
MANAGEMENT
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Name |
: |
Mr. Mehidy Hasan |
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Email address |
: |
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Nationality |
: |
Bangladesh |
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Job Description |
: |
Commercial Manager |
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Other details |
: |
- |
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 |
: |
T-shirt, Vest, Knitted Pants, Knitted Jackets, Pull Overs. |
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Production
Capacity |
: |
200000 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 |
: |
883police, Bilka, Gallerie Lafayette, Gemo, Kanz, Lpp, Manor, Navigare, NewBalance, Champion Texman, Vroom &
Dressman, Wojcik Fashion, Oodji, Stooker Brands Gmbh, Tape Al Oeil, |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
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N/A |
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Trade Markets |
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Exports |
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USA, UK, France |
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Imports |
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China, 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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N/A |
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Operation Status |
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Active |
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Member |
: |
Bangladesh Knitwear Manufacturers
& Exports Association |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.10 million |
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Paid-up
Capital |
: |
Tk.1000000 |
No.
of Shares |
: |
10000 |
Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk.9Million |
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FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local
registry office.
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Sister Concerns |
: |
Syllabus Limited Seendid Accessories Industries Ltd Promi Printing and Design Ltd An and only Fashion Ltd. Zihan Knit Composite Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Zihan Group |
BANKING
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Bank Name |
: |
Bank Asia Ltd. |
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Bank Address |
: |
Uttara Branch House # 79A, Road #07 Fax: 880-2-8957431 Ph: 880-2-8957427 - 9 Uttara Model Town, Dhaka |
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Bank Name |
: |
Markentile Bank ltd |
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Bank Address |
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Mohakhali Branch Red Crescent Concord Tower(2nd Floor), 17, Mohakhali C/ A Dhaka-1212 Mobile : 01711-535957 Fax : 88-02-9895797, 9863215 (M) Phone : 9888346, 9891520 |
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 |
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No Record Found |
SITE VISIT COMMENTARY
Our representative visited the subject company
head office which is situated at residential area. Mr. Mehidy Hasan –
Commercial Manager of the company was given us all information.
GENERAL COMMENTS
Based on the financial statement, the subject
company financial performance appears to be Average. The
subject company has been in its line of business about 8 years. Taking into
account its standing history, reputation in the market, as well as its
financial condition, we recommend that Credit can proceed normally in Moderate
amount
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.21 |
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1 |
Rs.100.82 |
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Euro |
1 |
Rs.85.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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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.