MIRA INFORM REPORT

 

 

Report Date :

21.08.2014              

 

IDENTIFICATION DETAILS

 

Name :

DIRD COMPOSITE TEXTILES LIMITED 

 

 

Registered Office :

Faruk Rupayan Tower (12th, 13th & 16th Floor), 32, Kamal Ataturk Avenue, Banani, Dhaka-1213

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

07.03.2005

 

 

Com. Reg. No.:

C-56239

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer of Fabric, Dyeing,  T-shirt, Polo shirt, Sweat shirt, Jackets, Hoody, Turtle neck, Strap Tee, Shorts, Trouser   

 

 

No. of Employees :

3,749

 

 

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

 

 

Payment Behaviour :

No Complaints

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

B1

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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

 

 

 

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Dird Composite Textiles Limited 

Head Office

:

Faruk Rupayan Tower (12th, 13th & 16th Floor),

32, Kamal Ataturk Avenue, Banani, Dhaka-1213, Bangladesh.                           

Tel No

:

880-2-9820592, 9820594, 9822271, 9822333, 9822334

Fax No

:

880-2-9820593.

E-mail

:

info@dirdgroup.org

dird@dirdgroup.org

hr@dirdgroup.org

Website

:

www.dirdgroup.org

Date/ Year of Incorporation

:

07.03.2005

Incorporation No.

:

C-56239

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

Dec’2011~Dec’2012

Tk. 2800 Million

Tk. 29 Crore

Tk. 35.5 million

Dec’2012~Dec’2013

Tk. 3112 Million

Tk. 30 Crore

Tk. 55 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

 

 

 

 

 

Information Parted By

 

Name

:

Mr. Mamun

Designation

:

Commercial Officer

Contract No

:

N/A

 

Locations Details

 

Business Address

:

Faruk Rupayan Tower (12th, 13th & 16th Floor),

32, Kamal Ataturk Avenue, Banani, Dhaka -1213, Bangladesh.                          

Tel No

:

880-2-9820592, 9820594, 9822271, 9822333, 9822334

E-mail

:

info@dirdgroup.org

dird@dirdgroup.org

hr@dirdgroup.org

Fax No

:

880-2- 9820593.

Website

:

www.dirdgroup.org

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

4500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

Address

:

Shatiabari, Dhaladia, Rajendrapur, Sreepur Gazipur, Bangladesh.

Tel No

:

88-02-9201184-5, 9201400-2

Fax No

:

88-02-9201183

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

5,20,000

Sq. ft.

 

 

Branches:

 

 

Address

:

N/A

Tel No

:

N/A

Fax No

:

N/A

 

 

Employee

 

No. of Employees 

 

In Office

:

75

In Factory

:

3674

In Branch:

:

-

Total

:

3749

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

 

                      No. of Share     

Mr. Engr. Itemad Ud Daulah

                             30000

Ms. Shikwa Nazneen Daulah

                             25000

Ms. Shejuti Daulah

                             20000

Mr. Nabeel Ud Daulah

                             25000

 

 

DIRECTORS

 

Name

 

Designation

Ms. Shikwa Nazneen Daulah

Chairman

Mr. Engr. Itemad Ud Daulah

Director

Ms. Shejuti Daulah

Director

Mr. Nabeel Ud Daulah

Director

 

 

MANAGEMENT

 

Name

:

Mr. Alim

Job Description

:

AGM (Admin)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Tomal

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Monirul Islam

Job Description

:

Commercial Manager

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Fabric, Dyeing,  T-shirt, Polo shirt, Sweat shirt, Jackets, Hoody, Turtle neck, Strap Tee, Shorts, Trouser   

Production Capacity

:

Fabric -20000 Kgs per day

Garment -80000 Pcs per day

Last Year Production

:

Do

 

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Marks & Spencer, s.Oliver, next, Tesco, Sainsbury’s, Tom Tailors, Hanes, Stanley & Stella, Decathlon, etc.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Pakistan

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association, Dhaka

Bangladesh Textile Mills Association, Dhaka

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 50 Crore

 

Paid-up Capital

:

Tk.1, 00,00,000

    No. of Shares

:

1,00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 30 Crore

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update financial figure to local registry office.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

DIRD Felt Ltd.

DIRD Printing & Embroidery Ltd.

DIRD Garments Ltd.

DIRD Washing Plant Ltd.

DIRD Private Ltd.

DIRD Polytex Ltd.

DIRD Private Ltd.

DIPTA Orchids Ltd.

Subsidiary

:

N/A

Name of  The Group

:

DIRD Group

 

 

BANKING

 

Bank Name  

:

Pubali Bank Ltd.

Bank Address

:

Jalalabad Bhaban

22, Karwan Bazar

Dhaka-1215

Bangladesh 880 2 8114080

 

Bank Name  

:

Brac Bank Ltd.

Bank Address

:

Gulshan Avenue, House-50 (GF),

Road-3 Gulshan, Dhaka-1212.

Phone: 88-02-8828054, 8819037-8

Fax: 88-02-8894801, 8818624

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our representative visited the subject company address which is situated at Faruk Rupayan Tower (12th, 13th & 16th Floor), 32, Kamal Ataturk Avenue, Banani, Dhaka-1213, Bangladesh. The subject company Commercial Officer Mr. Mamun given us all information. Is situated at Residential area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.67

UK Pound

1

Rs.100.81

Euro

1

Rs.80.73

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.