|
Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MEGHNA KNIT
COMPOSITE LTD |
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Registered Office : |
House # 49, Road # 7, Block# K, |
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Country : |
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Date of Incorporation : |
19.07.2005 |
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Com. Reg. No.: |
C-58196 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer & Exporter
T-Shirts, Polo Shirts, Tank Shirts.
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No of Employees : |
3000 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Bangladesh |
A2 |
A2 |
|
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
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|
Correct company Name |
: |
MEGHNA KNIT COMPOSITE LTD |
|
Head Office |
: |
House # 49, Road # 7, Block# K, Sharwady
Avenue, Baridhara, Gulshan,
Dhaka-1212, Bangladesh. |
|
Tel No |
: |
88-02-9854591-5 |
|
Fax No |
: |
88-02-9854597 |
|
E-mail |
: |
info@meghnaknit.com.bd, talha@meghnaknit.com.bd sifat@meghnaknit.com.bd |
|
Website |
: |
www.meghnaknit.com.bd |
|
Date/ Year of Incorporation |
: |
19-07-2005 |
|
Incorporation No. |
: |
C-58196 |
|
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’12~June’13 |
BDT 1750 Million |
BDT
1920.50 Million |
BDT
162.50 Million |
|
July’13~June’14 |
BDT
1681 Million |
BDT
2112.32 Million |
BDT
121.74 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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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Abu Talha |
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Designation |
: |
Assistant Manager( Merchandising) |
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Contract No |
: |
88-01613221999 |
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Locations Details |
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Operating Address |
: |
House # 49, Road # 7, Block# K, Sharwady
Avenue, Baridhara, Gulshan,
Dhaka-1212, Bangladesh. |
|
Tel No |
: |
88-02-9854591-5 |
|
Fax No |
: |
88-02-9854597 |
|
E-mail |
: |
info@meghnaknit.com.bd, talha@meghnaknit.com.bd sifat@meghnaknit.com.bd |
|
Website |
: |
www.meghnaknit.com.bd |
|
Location : |
: Owned |
|
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Rented |
Ö |
|
Leased |
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Area |
3500 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
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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. |
Ö |
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Factory: |
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Address |
: |
Gilarchala, Sreepur, Gazipur,
Bangladesh. |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
28000 |
Sq. ft. |
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Branches: |
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Address |
: |
Nil |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
90 |
In Factory |
: |
2910 |
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In Branch: |
: |
- |
Total |
: |
3000 |
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Details: |
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OWNERSHIP/SHAREHOLDERS |
|
|
Names of Shareholders |
No. of
Share |
|
Mr. Moklasur Rahman |
95000 |
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Mrs. Mujibunnessa |
5000 |
DIRECTORS |
|
|
Name |
Designation |
|
Mr. Moklasur Rahman |
Managing Director |
|
Mrs. Mujibunnessa |
Director |
MANAGEMENT |
||
|
Name |
: |
Mr. Saidur Rahman Sifat. |
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Job Description |
: |
Assistant Manager (Merchandising) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
88-01914229105 |
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Name |
: |
Mr. Abu Talha |
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Job Description |
: |
Assistant Manager( Merchandising) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
talha@meghnaknit.com.bd |
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Other details |
: |
88-01613221999 |
|
Name |
: |
Mr. Sintu Kumer Shah. |
|
Job Description |
: |
Deputy Manager. |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
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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Services |
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Others |
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Range of
Products: |
||
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Products |
: |
T-Shirts, Polo Shirts, Tank Shirts. |
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Production Capacity |
: |
13, 00,000 Doz 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 |
|
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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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED DATA |
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
C & A, Primark, Disneye, Tigili |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
USA, Germany, Turkey |
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Imports |
: |
China, India |
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Brand Name |
: |
N/A |
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Certified |
: |
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 |
: |
BDT 200 Million |
|
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Paid-up Capital |
: |
BDT 1, 00,00,000 |
No.
of Shares |
: |
1, 00,000 |
Share
Value |
: |
BDT 100.00Each |
|
|
Main Assets |
: |
BDT
2112.32 Million |
|
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ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES |
||
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Sister Concerns |
: |
Needle Drop Limited Meghna Bangladesh Ltd Transworld Bicycle Co Ltd M & U Cycles Ltd Meghna Aluminium Ltd Meghna Automobiles Ltd Executive Motors Ltd Meghna Associates Ltd Executive Technologies Ltd Meghna Components Ltd Uniglory Steel Products Ltd Meghna Wheels Ltd Meghna Innova Rubber
Co. Ltd Cycle Components Ltd. Acer Computers Ltd. Beta Packaging Ltd. Cycle Life Ltd |
|
Subsidiary |
: |
N/A |
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Name of The Group |
: |
Meghna Group.
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BANKING |
|
|
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Bank Name
|
: |
Dutch Bangla Bank Ltd. |
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Bank Address |
: |
Banani Branch. Plot No-75, Block-B, Kemal
Ataturk Avenue, Banani, Dhaka-1213 |
|
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||
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Bank Name
|
: |
City Bank Ltd. |
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Bank Address |
: |
Gulshan Branch. 136, Gulshan
Avenue, Gulshan - 2, Dhaka |
ADVERSE DATA MONITORING |
||
|
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 # 49, Sharwady Avenue, Block K, Baridhra, Gulshan, Dhaka-1212,
Bangladesh. The subject company Assistant Manager Mr. Abu Talha
given us all information. Is situated at Residential area which is a well
decorated modern office. |
GENERAL COMMENTS |
|
Subject is mainly engaged in Manufacturer & Exporter. The subject
company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears
to be average. |
|
Adopted Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
|
1 |
Rs.96.73 |
|
Euro |
1 |
Rs.76.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.