MIRA INFORM REPORT
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Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
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Name : |
GREEN WORLD FASHIONS LTD. |
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Registered Office : |
Tunatuni House (3rd & 5th Floor), 30, Shahid Capt.
Monsur Ali Sarani, Boro Moghbazar, Dhaka-1217 |
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Country : |
Bangladesh |
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Date of Incorporation : |
22.03.1999 |
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Com. Reg. No.: |
C-37457 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer and Exporter of Shirts, Jackets, Jogging
Suits. |
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No. of Employees : |
600 |
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) |
|
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 |
: |
Green World Fashions Ltd. |
|
Head office |
: |
Tunatuni House (3rd & 5th Floor), 30, Shahid Capt.
Monsur Ali Sarani, Boro Moghbazar, Dhaka-1217, Bangladesh |
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Tel No |
: |
880-2-8331831 |
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Fax No |
: |
- |
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E-mail |
: |
info@greenworldbd.net |
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Website |
: |
www.greenworldbd.net |
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Date/ Year of Incorporation |
: |
22.03.1999 |
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Registered No. |
: |
C-37457 |
|
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) ________________ |
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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
|
Year |
Turnover/ Sales |
Assets |
Income |
|
|
2011 |
Tk.155 Million |
Tk.7Million |
Tk.2.65 Million |
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2012 |
Tk170 million |
Tk.7.5Million |
Tk.1.90 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. Zafar |
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Designation |
: |
Commercial Officer |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
Tunatuni House (3rd & 5th Floor), 30, Shahid Capt.
Monsur Ali Sarani, Boro Moghbazar, Dhaka-1217, Bangladesh |
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Tel No |
: |
880-2-8331831 |
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E-mail |
: |
- |
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Fax No |
: |
info@greenworldbd.net |
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Website |
: |
www.greenworldbd.net |
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Location : |
:
Owned |
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Rented |
Ö |
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Leased |
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Area |
3500 |
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 |
: |
Tunatuni House (3rd & 5th Floor), 30, Shahid Capt.
Monsur Ali Sarani, Boro Moghbazar, Dhaka-1217, Bangladesh |
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Tel No |
: |
880-2-8331831 |
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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 |
15,000 |
Sq. ft. |
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Employee: |
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No. of Employees |
In Office |
: |
20 |
In Factory |
: |
580 |
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In Branch: |
: |
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Total
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: |
600 |
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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. Syed Shahid Ahsan |
1700 |
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Mr. Syed Kamrul Ahsan |
1700 |
DIRECTORS
|
Name |
Designation |
|
Mr. Syed Shahid Ahsan |
Managing Director |
|
Mr. Syed Kamrul Ahsan |
Director |
MANAGEMENT
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Name |
: |
Mr. Zafar |
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Job Description |
: |
Commercial Officer |
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Nationality |
: |
Bangladesh |
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Email |
: |
- |
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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 |
: |
Shirts, Jackets, Jogging Suits. |
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Production Capacity |
: |
Pant = 100,000 PCS/ Month Jacket = 40,000 PCS/ 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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|||
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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 |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade
Markets |
: |
Exports |
: |
Canada, France, Germany, Italy, Australia, UK. |
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Imports |
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China, India |
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Brand Name |
: |
N/A |
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Certified |
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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.10 Million |
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Paid-up
Capital |
: |
Tk.3,40,000 |
No. of Shares |
: |
3400 |
Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk.7.5Million |
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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 |
: |
Greenworld FRL Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
N/A |
BANKING
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Bank Name |
: |
Uttara Bank Ltd. |
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Bank Address |
: |
Shantinagar Branch Kulsum(1st Floor), 40 -41,
Siddeswari Circular Road, Dhaka-1217, Tel: Tel:880-2-8319041, 9333898, Mobile 01711-405144 |
ADVERSE DATA MONITORING
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Dishonored Checks |
: |
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 there office which is situated
at Tunatuni House (3rd & 5th Floor), 30, Shahid Capt. Monsur Ali Sarani,
Boro Moghbazar, Dhaka-1217, Bangladesh |
GENERAL COMMENTS
|
Repeated attempts to obtain and verify information from
subject company were unsuccessful as they declined all information citing
confidentiality. Please not that our credit rating is based on information
gathered from external sources as well as information obtained from past
interviews. Hence, we recommended that Credit can proceed normally in
Moderate amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.14 |
|
|
1 |
Rs.100.48 |
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Euro |
1 |
Rs.84.36 |
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 |
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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 |
|
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 |
|
-- |
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.