MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

AL- HAJ KARIM TEXTILES LTD

 

 

Registered Office :

Chandrashila Suvastu Tower (4th Floor), 69/1, Panthapath, Green Road, Dhaka-1205

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

27.04.2005

 

 

Com. Reg. No.:

C-56868

 

 

Legal Form :

Public Limited Company (but not listed) 

 

 

Line of Business :

Manufacturer, Exporter & Distributor of  Combed & Carded Yarn

 

 

No of Employees :

1120 (120 in Office & 1000 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 

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 – 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

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Al- Haj Karim Textiles Ltd

Head Office

:

Chandrashila Suvastu Tower (4th Floor), 69/1, Panthapath, Green Road, Dhaka-1205, Bangladesh

Tel No

:

88-02-8629391-3

Fax No

:

88-02-8629395

E-mail

:

info@karimgroup.com , dewar@karimgroup.com

Website

:

www.karimgroup.com

Year of Incorporation

:

27/04/2005

Incorporation No.

:

C-56868

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorship  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

31st December 2012

BDT 1974.92 Million

BDT 3087.73  Million

BDT 97.96  Million

31st December 2013

BDT 2265.70  Million

BDT 3197.59  Million

BDT 115.60  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. Delwar Hossain Shaidy

Designation

:

Manager (Commercial)

Contact No

:

88-01713488113

 

Locations Details

 

Operating Address

:

Chandrashila Suvastu Tower (4th Floor), 69/1, Panthapath, Green Road, Dhaka-1205, Bangladesh

Tel No

:

88-02-8629391-3

Fax No

:

88-02-8629395

E-mail

:

aktl@bdcom.net

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

1800

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

:

Kalampur, Dhamrai, Savar, Bangladesh

Tel No

:

88-01713488132, 01713050526

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

793.50

Decimal

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

120

In Factory

:

1000

In Branch:

:

 

Total

:

1120

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr.Md. Zahid Miah

678332

Md. Wahid Miah

678332

Ms.Feroza Begum

1

Ms.Rehana Begum

1

Ms Shahana Begum

1

Ms.Shamima Begum

1

Mr. Md. Jahangir Miah

678332

 

 

DIRECTORS

 

Name

Designation

Md. Wahid Miah

Managing Director

Mr.Md. Zahid Miah

Director

Mr. Md. Jahangir Miah

Director

 

 

MANAGEMENT

 

Name

:

Mr. Lutfullah Khan Muzahedy                                                                                                   

Job Description

:

Sr. Executive Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Saiful Islam

Job Description

:

General Manager (Marketing)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

Products

:

Combed & Carded Yarn

Production Capacity

:

30,000 Kgs per day

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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Europe

 

Imports

:

India, China

 

 

 

Brand Name

:

Mil

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 1000 Million

 

Paid-up Capital

:

BDT 203500000

    No. of Shares

: 2035000

Share Value

:

BDT 100.00Each

Main Assets

:

BDT 3197.59  Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Karim's CNG Refueling Station

Hypoid Composite Knit Ltd.

Karim Jute Spinners Ltd.

Jobaida Jute Mills Ltd

Al- Haj Karim Textiles Ltd

Abdul Karim Limited

Karim Jute Trading

AragyaSadan (Pvt) Hospital Ltd

Jobyada Filling Station

J.K. Fillings Station

Karim Filling Station

Subsidiary

:

Nil

Name of  The Group

:

Karim Group

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Limited

Bank Address

:

Elephant Road AD Branch         

Chowrangi Bhaban, 124/A, Elephant Road, Dhaka-1205

Phone: (02) 9676984, 8626214,8629547

Mobile: 01711693640 (GB Sec),01755543224 (Inv. Sec),017555

Fax: 88-02-9670801

 

 

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 Head Office which is situated at Chandrashila Suvastu Tower (4th Floor), 69/1, Panthapath, Green Road, Dhaka-1205, Bangladesh. It is situated at commercial area & their office is well decorated.

 

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line with fairly stable financial conditions.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

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%)

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.