MIRA
INFORM REPORT
|
Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SIM FABRICS LTD. |
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Registered Office : |
House-315, Road-04, Baridhara DOHS, Dhaka-1206 |
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Country : |
Bangladesh |
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Date of Incorporation : |
March 2000 |
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Com. Reg. No.: |
C-42412 |
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Legal Form : |
Private Co
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Line of Business : |
Manufacturer and exporter of Yarns, Fabrics, dyes. |
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No. of Employees : |
700 |
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
Source
: CIA
IDENTIFICATION
DETAILS
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Correct company Name |
: |
Sim Fabrics Ltd. |
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Registered office |
: |
House-315, Road-04, Baridhara DOHS,
Dhaka-1206, Bangladesh |
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Tel No |
: |
88-02-8415961-3 |
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Fax No |
: |
88-02-8415964 |
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E-mail |
: |
info@simgroup-bd.com |
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Website |
: |
www.simgroup-bd.com |
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Date/ Year of Incorporation |
: |
March 2000. |
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Incorporation No. |
: |
C-42412
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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) |
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FINANCIALS- SUMMARY
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Year |
Turnover/
Sales |
Assets |
Income |
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2011 |
Tk. 230 Million |
Tk. 8 Million |
Tk. 2.5 Million |
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2012 |
Tk. 244 Million |
Tk. 8.5 Million |
Tk. 3.2 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 |
: |
Mr. Mohosin |
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Designation |
: |
Ass. General
Manager |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
House-315, Road-04, Baridhara DOHS,
Dhaka-1206, Bangladesh |
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Tel No |
: |
88-02-8415961-3 |
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Fax |
: |
88-02-8415964 |
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Email |
: |
info@simgroup-bd.com |
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Website |
: |
www.simgroup-bd.com |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
3200 |
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 |
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Thakurbari Teac, Masumabad, Bhulta,
Rupgonj, Narayangonj, Bangladesh |
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Tel No |
: |
- |
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Fax No |
: |
- |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
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Sq. ft. |
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Branches: |
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Address |
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476-B/2 Dit Road, Malibagh Dhaka 1217, Bangladesh. |
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Employee: |
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No. of Employees |
In Office |
: |
25 |
In Factory |
: |
675 |
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In Branch: |
: |
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Total |
: |
700 |
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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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Engr.
Mozaffar Hossain |
4500 |
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Ms.
Rahima Hossain |
4500 |
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Mr.
A.S.M. Rakibul Hasan |
4300 |
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Raisul
Hasan Shoeb |
4200 |
DIRECTORS
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Name |
Designation |
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Engr.
Mozaffar Hossain |
Managing Director |
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Ms.
Rahima Hossain |
Director |
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Mr.
A.S.M. Rakibul Hasan |
Director |
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A.S.M Raisul Hasan |
Director |
MANAGEMENT
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Name |
: |
Mr. Mohosin |
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Email address |
: |
- |
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Nationality |
: |
Bangladesh |
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Job Description |
: |
Ass. General 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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Dyeing |
Ö |
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Range of
Products/Item Dealings In: |
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Products |
: |
Yarns, Fabrics, dyes |
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Production Capacity |
: |
13.16 Ml. Mtr. 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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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 : |
Ö |
30 days |
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60 days |
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90 days |
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days |
DETAILED DATA
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Trade Reference
& Related Parties |
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Overseas Clients |
: |
N/A |
Local Clients |
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N/A |
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Overseas Suppliers |
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N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
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Exports |
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N/A |
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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 Textile Mills Association |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.10 Million |
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Paid-up Capital |
: |
Tk.1750000 |
No.
of Shares |
: |
17500 |
Share Value |
: |
Tk.100.00Each |
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Main Assets |
: |
Tk. 8.5 Million |
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FINANCIAL STATEMENT- DETAILED
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The subject company don’t submit update
financial figure to local registry office. |
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ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Mozaffar Hossain Spinning Mills Ltd. Authentic Color Ltd SIM Apparels Ltd. Shoaib Apparels Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Sim Group |
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BANKING
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Bank Name
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: |
Islami Bank Bangladesh Ltd. |
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Bank Address |
: |
Mouchack Branch, Hosaf Twin Towe, Malibag Morh, Dhaka -1217 Phone: (02) 8314659, 9345946, 9355625 Email: mouchak@islamibankbd.com |
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
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Our representative visited the subject company head office which is
situated at House-315, Road-04, Baridhara DOHS, Dhaka-1206, Bangladesh which
is Residential area. There office is well decorated & Mr. Mohosin -Ass. General Manager of the company
was given us all information |
GENERAL COMMENTS
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Based on the financial statement, the subject company financial
performance appears to be Average. 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. |
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Adopted Abbreviations: |
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NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
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UK Pound |
1 |
Rs.100.86 |
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Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
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 |
|
<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.