MIRA
INFORM REPORT
|
Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
SHASHA DENIMS LTD. |
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Registered Office : |
Mascot Plaza (10th floor), Plot# 107/A, Sector# 7, Uttara,
Dhaka-1230 |
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Country : |
Bangladesh |
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Date of Incorporation : |
28.10.1996 |
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Com. Reg. No.: |
C-31649 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer, Exporter of Denim Fabric. |
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No. of Employees : |
1349 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
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Moderate |
B1 |
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High |
B2 |
|
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
|
Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Shasha Denims Ltd. |
|
Head office |
: |
Mascot Plaza (10th floor), Plot# 107/A, Sector# 7, Uttara,
Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8952801-3 |
|
Fax No |
: |
88-02-8952748 |
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E-mail |
: |
sdlaccts@yahoo.com, anam1975@gmail.com |
|
Website |
: |
www.shashadenim.com |
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Date/ Year of Incorporation |
: |
28-10-1996 |
|
Incorporation No. |
: |
C-31649 |
|
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. 205Million |
Tk.205 Crore |
Tk.2.65 milliomn |
|
|
2012 |
Tk.210 Million |
Tk.205.5 Crore |
Tk.1.95 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 |
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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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INQUIRER SPECIFIED CREDIT –TRADE
FINANCE
|
Recommended Credit Range |
: |
USD 65,000 based on 90 days |
FULLCHECK REPORT DETAILS
|
Information
Parted By |
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Name |
: |
Mr. Kamruzzaman Saju |
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Designation |
: |
Front Desk Officer |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
Mascot Plaza (10th floor), Plot# 107/A, Sector# 7, Uttara,
Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8952801-3 |
|
Fax |
: |
88-02-8952748 |
|
Email |
: |
sdlaccts@yahoo.com, anam1975@gmail.com |
|
Website |
: |
www.shashadenim.com |
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Location : |
:
Owned |
|
|
Rented |
Ö |
|
Leased |
|
Area |
2200 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
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Semi-commercial
office Bldg. |
Ö |
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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 |
: |
184-193 DEPZ Extension
Ganakbari, SavarBangladesh. |
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Tel No |
: |
88-02-7789302 – 5 |
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Fax No |
: |
88-02-7789307 |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
0.3 million |
square feet |
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Employee: |
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No. of Employees |
In Office |
: |
24 |
In Factory |
: |
1325 |
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In Branch: |
: |
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Total
|
: |
1349 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names
of Shareholders |
No. of
Share |
|
Mr. Anisul Islam Mahmud |
11000000 |
|
Mr. Abdullah Al-Mamun |
10000 |
|
Mr. Syed Maeenul Haq |
2500 |
|
A.R. Jafree (Nominee Director
of Shasha Garments Limited) |
2500 |
|
Zareen Mahmud |
1217500 |
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Mr. Shams Mahmud |
5510000 |
|
Shasha Garments Ltd |
1500000 |
|
Mr. A. R. Jafree |
250 |
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Dr. Moinul Islam Mahmud |
5000 |
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Mr. Javed Hosein |
5000 |
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Parveen Mahmud |
300500 |
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Naznin Rahman |
5000 |
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Mr. Mahmud Issa |
5000 |
DIRECTORS
|
Name |
Designation |
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Mr. Anisul Islam Mahmud |
Chairman |
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Mr. Shams Mahmud |
Managing Director |
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Mr. Javed Hosein |
Director |
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Mr. A. R. Jafree |
Director |
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Parveen Mahmud |
Director |
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Zareen Mahmud |
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MANAGEMENT
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Name |
: |
Mr. Shams Mahmud |
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Email address |
: |
- |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
Managing Director |
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Other details |
: |
- |
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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 |
: |
Denim Fabric. |
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Production Capacity |
: |
1.8 million yards per year |
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Last
Year Production |
: |
Do |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
|
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 |
|
|
days |
DETAILED DATA
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Trade
Reference & Related Parties |
: |
Overseas Clients |
: |
Kappa, Mascot, H & M,
Target, Wal-Mart. |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade
Markets |
: |
Exports |
: |
USA, Europe |
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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 Textile Mills
Association, Dhaka |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.2,25,00,00,000 |
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Paid-up
Capital |
: |
Tk.22,25,75,000 |
No. of Shares |
: |
2225750 |
Share Value |
: |
Tk.10.00Each |
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|
Main
Assets |
: |
Tk.205.5 Crore |
|
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FINANCIAL STATEMENT- DETAILED
|
The subject company don’t submit
update financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
Sister Concerns |
: |
Shasha Apparels & Washing
Ltd Shasha Textiles Ltd.
(Proposed) Shasha Spinning Ltd.
(Proposed) |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Shasha Group |
BANKING
|
Bank Name |
: |
Premier Bank Ltd. |
|
Bank Address |
: |
Uttara Branch Ground floor, House # 39, Road
# 7, Sector 4, Uttara, Dhaka Mobile: 01199812862 (Manager) Tel: 880-2-8956430, 8953945 |
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Bank Name |
: |
Sonali Bank Ltd. |
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Bank Address |
: |
Local Office 35-44, Motijheel C/A, Dhaka,
Dhaka Tel: 88-02-89553382, 9551482,
988-02-9568002 |
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Bank Name |
: |
Bank Asia Ltd. |
|
Bank Address |
: |
Corporate Branch Noor Tower (1st floor) 73, Sonargaon Road, (1/F Free
School Street) Dhaka-1205, Bangladesh |
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Bank Name |
: |
United Commercial Bank Ltd |
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Bank Address |
: |
Gulshan Branch Concord I.K. Tower (1st
Floor), Gulshan-2, Dhaka, Bangladesh Plot No. CEN (A)-2, North
Avenue, Tel: 88- 01711-888358 |
ADVERSE DATA MONITORING
|
Dishonored Checks |
: |
No Record Found |
|
Debt |
: |
No Record Found |
|
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 Head office which is situated at Mascot
Plaza (10th floor), Plot# 107/A, Sector# 7, Uttara, Dhaka-1230, Bangladesh. There office is well
decorated& Mr. Kamruzzaman Saju-Front Desk Officer 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 17 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.63.37 |
|
|
1 |
Rs.100.85 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.