|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
PARTEX DENIM MILLS LIMITED |
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Registered Office : |
House# 02, Road# 9, Block# G, Banani, Dhaka-1213 |
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Country : |
Bangladesh |
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Date of Incorporation : |
14.06.2010 |
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Com. Reg. No.: |
C-85047 |
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Legal Form : |
Private Company |
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Line of Business : |
engaged in Manufacturer, Dyeing & Exporter of Woven Dyeing & Woven Fabrics. |
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|
No. of Employees |
600 (55 in Office + 545 in Factory) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
|
Off-credit |
D |
Bangladesh ECONOMIC OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite
political instability, poor infrastructure, corruption, insufficient power
supplies, slow implementation of economic reforms, and the 2008-09 global
financial crisis and recession. Although more than half of GDP is generated
through the service sector, almost half of Bangladeshis are employed in the
agriculture sector with rice as the single-most-important product. Garment
exports, the backbone of Bangladesh’s industrial sector and 80% of total
exports, surpassed $21 billion last year, 18% of GDP. The sector has remained
resilient in recent years amidst a series of factory accidents that have killed
over 1,000 workers and crippling strikes that shut down virtually all economic
activity. Steady garment export growth combined with remittances from overseas
Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the
largest contributors to Bangladesh’s current account surplus and record foreign
exchange holdings.
|
Source
: CIA |
IDENTIFICATION
DETAILS
|
||
|
Correct company Name |
: |
Partex Denim Mills
Limited |
|
Head Office |
: |
House# 02, Road# 9, Block# G, Banani, Dhaka-1213, Bangladesh. |
|
Tel No |
: |
88-02-9872370, 9872380 |
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Fax No |
: |
88-02-9872360 |
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E-mail |
: |
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|
Website |
: |
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Date/ Year of Incorporation |
: |
14.06.2010 |
|
Incorporation No. |
: |
C-85047 |
|
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
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|||
|
Year |
Turnover/ Sales |
Assets |
Income |
|
July’ 11~June’ 12 |
Tk. 260 Million |
Tk. 318.92 Million |
Tk. 7.25 Million |
|
July’ 12~June’ 13 |
Tk. 295 Million |
Tk. 312.65 Million |
Tk. 11.47 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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Information
Parted By
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Name |
: |
Mr. Faridur
Rahman |
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Designation |
: |
Commercial DGM |
Locations Details
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Operating Address |
: |
House# 02, Road# 9, Block# G, Banani, Dhaka-1213, Bangladesh. |
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Tel No |
: |
88-02-9872370, 9872380 |
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Fax No |
: |
88-02-9872360 |
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E-mail |
: |
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|
Website |
: |
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Location : |
: Owned |
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Rented |
Ö |
|
Leased |
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Area |
3400 |
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 |
: |
Jangalipara, Banglabazar, Bhoual Mirzapur,
Gazipur, Bangladesh. |
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Tel No |
: |
88-02-9201144-509611444410 |
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Fax No |
: |
88-02-9201141 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
2.5 |
Acres |
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Holding Office Address: |
||
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Address |
: |
74, Bir Uttam A.K. Khandaker Sarak,
Mohakhali, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-8822888 |
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Fax No |
: |
- |
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Branch: |
||
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Address |
: |
Navana Tower (7th Floor), Plot# 45,
Dhaka-1212, Bangladesh. |
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Employee: |
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No. of
Employees |
In Office |
: |
55 |
In Factory |
: |
545 |
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In Branch: |
: |
- |
Total |
: |
600 |
||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of Share |
|
Mr. M. A. Hashem |
1250000 |
|
Mr. Showkat Aziz |
3750000 |
DIRECTORS
|
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|
Name |
Designation |
|
Mr. M. A. Hashem |
Chairman |
|
Mr. Showkat Aziz |
Managing Director |
MANAGEMENT
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||
|
Name |
: |
Mr. Faridur Rahman |
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Job Description |
: |
Commercial DGM |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Nature of Activity : |
Manufacturer |
Ö |
Dyeing |
Ö |
Dealer |
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Distributor |
Ö |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of
Products: |
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Products |
: |
Woven Dyeing & Woven Fabrics. |
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Production Capacity |
: |
Woven Fabrics: 24140000 Meters per year Woven Dyeing: 26335040 Meters per year |
|
Last Year
Production |
: |
Do. |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
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60 days |
Ö |
90 days |
|
|
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 |
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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 |
: |
N/A |
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Imports |
: |
China, India,
Canada, Japan. |
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Brand Name |
: |
Nil |
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Certified |
: |
Nil |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Textile Mills Association |
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CAPITAL
STRUCTURE
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Authorized Capital |
: |
Tk.50 Crore |
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||||||
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Paid-up Capital |
: |
Tk.50000000 |
No. of Shares |
: |
5000000 |
Share Value |
: |
Tk.10.00Each |
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Main Assets |
: |
Tk.318.92 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
|
||
|
Sister Concerns |
: |
Star Particle Board
Mills Ltd. Danish Condensed
Milk Bangladesh Limited. Danish Food
Products Danish Milk
Bangladesh Limited. Amber Cotton Mills
Limited. Amber Pulp and Paper
Mills Limited Partex Beverage
Limited. Partex Furniture
Industries Limited. Danish Distribution
Network Limited. Partex Plastics
Limited. Rubel Steel Mills
Limited. Partex Real Estate
Limited. Star Vegetable Oil
Mills Limited. Star Coconut Mills
Limited. Dhakacom Limited
(ISP). Corvee Maritime Co.
Limited Fotoroma Limited. Partex Limited. Hashem Corporation
(Pvt.) Limited Ferrotechnic
Limited Partex Energy Ltd. Partex Denim Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Amber Group. |
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Bank Name |
: |
Dutch Bangla Bank
Ltd. |
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Bank Address |
: |
Mohakhali Branch. Hotel Zakaria (1st
Floor), 35 Gulshan Road,
Mohakhali C/A, Dhaka – 1212,
Bangladesh |
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||
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Bank Name |
: |
Hong Kong Shanghai
Banking Corporation |
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Bank Address |
: |
Dhaka Main Office Anchor Tower, 108,
Bir Uttam C R Dutta Road, Dhaka – 1205,
Bangladesh Tel:
88-02-9660536-43 Fax: 8802- 9660554,
9669457 |
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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 House# 02, Road# 9, Block# G, Banani, Dhaka-1213, Bangladesh. The subject company Commercial DGM Mr. Faridur Rahman welcome us & given us all information. Its office is situated at Residential area which is well decorated. |
GENERAL
COMMENTS
|
|
Subject is mainly
engaged in Manufacturer, Dyeing & Exporter. The subject company maintains
acceptable business volume. Based on the
financial statements, SC’s financial performance appears to be average.
Having been in operation for several years, Subject enjoys some recognition
and impact in the line. |
|
Adopted Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.