|
Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
NICE COTTON LTD |
|
|
|
|
Registered Office : |
RAK Tower (5th Floor), Plot # 1/A,
Jasim Uddin Avenue, Section# -3, Uttara, Dhaka-1230 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
01.01.2007 |
|
|
|
|
Com. Reg. No.: |
C-60815 |
|
|
|
|
Legal Form : |
Private Co |
|
|
|
|
Line of Business : |
Subject is mainly engaged in dyeing of yarns. |
|
|
|
|
No of Employees : |
600 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Bangladesh |
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 |
: |
NICE COTTON LTD |
|
Head Office |
: |
RAK Tower (5th Floor), Plot # 1/A,
Jasim Uddin Avenue, Section# -3, Uttara, Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8914276 |
|
Fax No |
: |
88-02-8923255 |
|
E-mail |
: |
alamgir@matrixsweatersbd.com,
hrd@labibyeingbd.com mamun@nicecotton.net |
|
Website |
: |
Nil |
|
Date/ Year of Incorporation |
: |
01/01/2007 |
|
Incorporation No. |
: |
C-60815 |
|
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 |
|
July’ 12~June’
13 |
BDT 267 Million |
BDT 810.50 Million |
BDT 12.01
Million |
|
July’ 13~June’
14 |
BDT 322
Million |
BDT 831.27
Million |
BDT 15.45
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 |
|
FULLCHECK
REPORT DETAILS
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Information Parted By |
||
|
|
|
|
|
Name |
: |
Muhammad
Al-Mamun
|
|
Designation |
: |
Executive
Director |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
|
||
|
Operating Address |
: |
RAK Tower (5th Floor), Plot #1/A, Jasim Uddin Avenue, Section# -3, Uttara,
Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8914276 |
|
Fax No |
: |
88-02-8923255 |
|
E-mail |
: |
alamgir@matrixsweatersbd.com,
hrd@labibyeingbd.com mamun@nicecotton.net |
|
Website |
: |
Nil |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
1800 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
|
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
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Residential Bldg. |
Ö |
|
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|
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Factory: |
|
|
|
|
|
|
|
Address |
: |
South Panishail, Kashimpur , Gazipur,
Bangladesh |
|
Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
28,000 |
Sq. ft. |
|
Branches: |
|
|
|
|
|
|
|
Address |
: |
Nil |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
75 |
In Factory |
: |
525 |
||
|
In Branch: |
: |
|
Total |
: |
600 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of
Share |
|
Salahuddin Alamgir |
300000 |
|
Mrs. Sultana Jahan |
460000 |
|
Zahirurddin Mohammad Alamgir |
40000 |
DIRECTORS
|
|
|
Name |
Designation |
|
Salahuddin Alamgir |
Managing Director |
|
Mrs. Sultana Jahan |
Director |
|
Zahirurddin Mohammad Alamgir |
Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Monir-Uz-Zaman |
|
Job Description |
: |
AGM (Marketing) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
zaman@nicecottonbd.com |
|
Other details |
: |
88-01715 243253 |
|
|
|
|
|
Name |
: |
Mr. Osman Gani |
|
Job Description |
: |
General Manager (Production)
|
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
osman@nicecotton.net |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
||||||||
|
Nature of Activity : |
Dyeing |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
|
Exporter |
|
Importer |
|
Services |
|
Others |
|
|
Range of
Products: |
||
|
|
||
|
Products |
: |
Yarn Dyeing |
|
Production Capacity |
: |
N/A |
|
Last Year
Production |
: |
N/A |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
|
Selling Terms : |
L/C |
|
Cash |
Ö |
Others |
|
|
|||
|
|
Credit : |
Ö |
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED
DATA
|
|
|||||||||
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
La Redoute -France
Vert Baudet -France
Kiabi -Germany
Best Seller-Denmark
BHS -UK
Bonmarche-Uk
Stradivariuos-Spain Ellos-Sweden
Jcpenney -USA Lpp-Poland
Casino-France Auchan-France |
Local Clients |
: |
N/A |
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
||||
|
Trade Markets |
: |
Exports |
: |
N/A |
|
|||||
|
Imports |
: |
China, India |
|
|||||||
|
|
|
|||||||||
|
Brand Name |
: |
Nil |
||||||||
|
Certified |
: |
Nil |
||||||||
|
Auditors |
: |
N/A |
||||||||
|
Operation Status |
: |
Active |
||||||||
|
Member |
: |
N/A |
||||||||
CAPITAL STRUCTURE
|
|
||||||||
|
Authorized
Capital |
: |
BDT 200 Million |
|
||||||
|
Paid-up Capital |
: |
BDT 80000000 |
No.
of Shares |
: |
800000 |
Share
Value |
: |
BDT 100.00Each |
|
|
Main Assets |
: |
BDT 831.27
Million |
|
||||||
FINANCIAL
STATEMENT- DETAILED
|
|
The subject company don’t submit update financial
figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
||
|
Sister Concerns |
: |
Labib Dyeing Mills Limited. Starlight Sweaters Limited. Knitwears Limited. Sweater Cottage Limited. Labib Fashions Limited. Matrix Sweaters Limited. Juthi Packaging Industries |
|
Subsidiary |
: |
N/A |
|
Name of The Group |
: |
Libib Group |
BANKING
|
|
|
|
Bank Name
|
: |
Mercantile Bank
Ltd |
|
Bank Address |
: |
Mohakhali Branch "Green Delta Aims Tower" (2nd, 3rd
and 4th Floor) 51-52, Mohakhali C/A Dhaka – 1212, Bangladesh Tele: 02-9888346, 9891520, 9860094 (PABX) 02-9863215 (Manager) Fax: 02-9895797 |
|
|
||
|
Bank Name
|
: |
The Premier Bank Ltd |
|
Bank Address |
: |
Uttara Branch. House # 39, Road # 07 Sector # 04 Uttara, Dhaka-1230, Bangladesh |
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 their Head office which is situated at RAK Tower
(5th Floor), Plot #1/A, Jasim Uddin
Avenue, Section# -3, Uttara, Dhaka-1230, Bangladesh, It is situated at residential area &
their office isdecorated by modern furniture. |
GENERAL
COMMENTS
|
|
Established in 2006, Subject is mainly engaged in dyeing of yarns.
Having been in operation for several years, Subject maintains acceptable
business volume. |
|
Adopted Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
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.