MIRA INFORM REPORT

 

 

Report Date :

27.12.2014

 

IDENTIFICATION DETAILS

 

Name :

VIYELLATEX SPINNING LTD

 

 

Registered Office :

297, Khortoil, Tongi, Gazipura, Gazipur-1712

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

24.02.2004

 

 

Com. Reg. No.:

C-51913

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Exporter & Distributors of Yarns.

 

 

No. of Employee :

450

 

 

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

 

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

 

 

Order Date

:

20/12/2014

Order Ref. No

:

300251

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Viyellatex Spinning Ltd

Head Office

:

297, Khortoil, Tongi, Gazipura, Gazipur-1712, Bangladesh

Tel No

:

88-02-9813001-10

Fax No

:

88-02-9812512, 9811400

E-mail

:

info@viyellatexgroup.com,  dhasanat@viyellatexgroup.com

Website

:

www.viyellatexgroup.com

Date/ Year of Incorporation

:

24/02/2004

Incorporation No.

:

C-51913

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 2742.56 Million

BDT 2874.27  Million

BDT 502.24  Million

July’ 13~June’ 14

BDT 3050.21  Million

BDT 2988.55  Million

BDT 587.60  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

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. Saidul Karim

Designation

:

Commercial ( Team Leader)

Contract No

:

-

 

                                                               Locations Details

 

Operating Address

:

297, Khortoil, Tongi, Gazipura, Gazipur-1712, Bangladesh

Tel No

:

88-02-9813001-10

Fax No

:

88-02-9812512, 9811400

E-mail

:

info@viyellatexgroup.com,  dhasanat@viyellatexgroup.com

Website

:

www.viyellatexgroup.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2400

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Mulaid, Sreepur, Gazipur, Bangladesh 

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

150,000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

400

In Branch:

:

 

Total

:

450

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. K. M. Rezaul Hasanat

200000

Mr. Ahsan Kabir Khan

40000

Ms. Kaniz Fatema Zareen

120000

Ms. Amina Salima Khan

40000

 

 

DIRECTORS

 

Name

Designation

Mr. K. M. Rezaul Hasanat

                                Managing Director

  Ms. Amina Salima Khan

                                      Director

  Ms. Kaniz Fatema Zareen

                                      Director

  Mr. Ahsan Kabir Khan

                                      Director

 

 

MANAGEMENT

 

Name

:

Mr. Saidul Karim

Job Description

:

Commercial ( Team Leader)

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

:

Cotton Yarns    

Production Capacity

:

900 MT Per Month

Last Year Production

:

68.91 Kg

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

 

Others

 

 

 

Credit :

Ö

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

:

N/A

 

Imports

:

China, India, U.S.A, Australia

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1000000000

Paid-up Capital

:

BDT 400000000

    No. of Shares

:

400000

Share Value

:

BDT 1000.00Each

 

Main Assets

:

BDT 2988.55  Million

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Eco Fab

Viyellatex Ltd

Textile Testing Corp. (Lab)

Gothic Design (Printing)  

Ruthna Tea State

Eco Couture Limited

Royal Valley Planters

Viyellatex Apparels Ltd

Fashion Plastic & Packaging Ltd

Midland Power Company Limited

Interfab Shirt Manufacturing Limited

Eco Couture Limited

Subsidiary

:

Nil

Name of  The Group

:

Viyellatex Group

 

BANKING

 

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation Uttara Office

 

Bank Address

:

N R Complex, Plot No. 4/A, Road No. 5, Sector 4,Uttara   Model Town, Dhaka - 1230

Tel: 88-02- 8932935-6

 

 

 

Bank Name  

:

Arab Bangladesh Bank Ltd.

 

Bank Address

:

Uttara Branch.

House 11, Road 14D, Sector 4, Uttara, Dhaka

Tel: 8918758, 8922253, 8919865

Fax: 8921566

 

 

Bank Name  

:

Standard Chartered Bank

 

Bank Address

:

Gulshan Branch

67 Gulshan Avenue, Dhaka-1230, Bangladesh

 

 

 

 

 

Bank Name  

:

Eastern Bank Ltd

 

Bank Address

:

Gulshan Branch

Concord Richmond, 68 Gulshan Avenue,

Plot 8A Block CES (F) Gulshan 1, Dhaka, Bangladesh

Phone:02 9897703, 9897594, 8827254, 8827101-2

Fax:02 9897703

 

 

 

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 297, Khortoil, Tongi, Gazipura, Gazipur-1712, Bangladesh. It is situated at semi commercial area & their office is well decorated.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer, Exporter & distributors of yarns. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be average

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.63

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.