MIRA
INFORM REPORT
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Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
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Name : |
ISLAM DRESSES LIMITED |
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Registered Office : |
Rangs Arcade (5th Floor), Gulshan, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
30.06.2005 |
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Com. Reg. No.: |
C-57936 |
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Legal Form : |
Private Co
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Line of Business : |
Manufacturer & Exporter of Top, Bottom, Woven Garments |
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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) |
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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 |
: |
ISLAM DRESSES LIMITED |
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Head office |
: |
Rangs Arcade (5th Floor), Gulshan, Dhaka-1212, Bangladesh. |
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Tel No |
: |
880-2-8827770, 9863004, 9863040 |
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Fax No |
: |
880-2-8816093 |
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E-mail |
: |
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Website |
: |
- |
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Date/ Year of Incorporation |
: |
30-06-2005 |
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Incorporation No. |
: |
C-57936 |
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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
|
Year |
Turnover/
Sales |
Assets |
Income |
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|
2011 |
Tk.174 Million |
Tk.25 Million |
Tk.2.65Million |
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2012 |
Tk.175 Million |
Tk.25.5 million |
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. Syed Bakar |
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Designation |
: |
Manager |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
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Rangs Arcade (5th Floor), Gulshan, Dhaka-1212, Bangladesh. |
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Tel No |
: |
880-2-8827770, 9863004, 9863040 |
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Fax |
: |
880-2-8816093 |
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Email |
: |
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Website |
: |
- |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
1800 |
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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Jamgara, Diakhali, Asulia,
Sava, Bangladesh |
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Tel No |
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88-0173031737, 01713331169 |
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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 |
35,000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
: |
18 |
In Factory |
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582 |
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In Branch: |
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- |
Total |
: |
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. Shafiqul Islam |
20000 |
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Mr. Atiqul Islam |
40000 |
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Mr. Shahrier Ahmed |
40000 |
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Mr. Shaker Ahmed |
40000 |
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Mrs. Hasmat Ara Islam |
40000 |
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A.T.M. Shakil Matin |
20000 |
DIRECTORS
|
Name |
Designation |
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Mr. Shafiqul Islam |
Managing Director |
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Mr. Atiqul Islam |
Director |
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Mr. Shahrier Ahmed |
Director |
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Mr. Shaker Ahmed |
Director |
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Mrs. Hasmat Ara Islam |
Director |
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A.T.M. Shakil Matin |
Director |
MANAGEMENT
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Name |
: |
Mr. Syed Bakar |
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Job Description |
: |
Manager |
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Nationality |
: |
Bangladeshi |
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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 |
: |
Top, Bottom, Woven
Garments |
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Production Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
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 |
: |
Mart-USA Wal Mart-Canada Bry Lane-USA Justin Allen-USA Empire-U.K. H. Bay-Canada Otto Versand-U.K., GUS-U.K. Zellers-Canada |
Local Clients |
: |
N/A |
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Overseas Suppliers |
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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, Canada |
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Imports |
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China, India |
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Brand Name |
: |
Nil |
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Certified |
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Nil |
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Auditors |
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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.30 Million |
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Paid-up
Capital |
: |
Tk.2,00,00,000 |
No.
of Shares |
: |
200000 |
Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk.25.5 million |
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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 |
: |
Islam Garments Ltd Islam Knit Design Ltd Islam Products Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Islam Group |
BANKING
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Bank Name |
: |
IFIC Bank Ltd. |
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Bank Address |
: |
Motijheel Branch Pabx: 880-2-9563020-29 Fax: 880-2-09566352 Phone: 880-2-9565215-18 125/A Motijheel C/A, Dhaka-1000, Bangladesh |
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Bank Name |
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Shahajalal Islami Bank Ltd. |
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Bank Address |
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Gulshan Branch Gulshan-1, Dhaka-1212. 53, Gulshan South C/A, Gulshan Avenue,
Nafi Tower (Level-2), |
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 the subject
company head office which is situated at Residential area. There office is well
decorated& Mr. Syed Bakar -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 Fair. 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.14 |
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|
1 |
Rs.100.48 |
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Euro |
1 |
Rs.84.37 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
---- |
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.