MIRA INFORM REPORT

 

 

Report Date :

29.12.2014

 

IDENTIFICATION DETAILS

 

Name :

FAKIR APPARELS LIMITED

 

 

Registered Office :

Plot #127-131, 135-138, 142-145, B-501-503, BSCIC Hosiery I/A, Shasongoan, Fatullah, Narayanganj

 

 

Country :

Bangladesh

 

 

Com. Reg. No.:

C- 35460

 

 

Date of Incorporation :

11.06.1998

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Dyeing, Embroidery, Exporter, Importer and Printing  Polo Shirt, Night wear, Shorts , Fleece Jacket, Kids items, Tank Top.

 

 

No. of Employee :

9200

 

 

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

:

27-Dec-14

Order Ref. No

:

301286

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Fakir Apparels Limited

Head Office

:

Plot #127-131, 135-138, 142-145, B-501-503, BSCIC Hosiery I/A, Shasongoan, Fatullah, Narayanganj, Bangladesh.

Tel No

:

88-02-7670226, 7671300, 7671684, 7671685, 7672660

Fax No

:

88-02-7672661

E-mail

:

commercial@fakirapparels.com 

Website

:

www.fakirapparels.com

Date/ Year of Incorporation

:

11.06.1998

Incorporation No.

:

C-35460   

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

31st December, 2012

BDT 5896.20 Million

BDT 1268.65 Million

BDT 300.69 Million

31st December, 2013

BDT 6148.52  Million

BDT 1422.15 Million

BDT 319.87 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. Md. Ismail

Designation

:

Commercial Officer

Contract No

:

-

 

 

                                                               Locations Details

 

Operating Address

:

Plot #127-131, 135-138, 142-145, B-501-503, BSCIC Hosiery I/A, Shasongoan, Fatullah, Narayanganj, Bangladesh.

Tel No

:

88-02-7670226, 7671300, 7671684, 7671685, 7672660

Fax No

:

88-02-7672661

E-mail

:

commercial@fakirapparels.com  

Website

:

www.fakirapparels.com

 

Location :

: Owned

 

 

Rented

 

 

Leased

Ö

Area

4800

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Plot-127-131, 135-138, 142-145.B 501-53 BSCIC Hosiery I/A, Shasongoan, Fatullah, Narayanganj, Bangladesh.

Tel No

:

88-02-7670226, 7671300, 7671684, 7671685, 7672660

Fax No

:

88-02-7672661

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

2101

Decimals

 

 

Branches:

 

 

 

 

 

Address

:

Lucky Chamber (5th floor), 89, Motijheel, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9571377

Fax No

:

Nil

 

Employee:

 

No. of Employees 

 

In Office

:

60

In Factory

:

9140

In Branch:

:

-

Total

:

9200

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Ms. Salma Zaman

223000

Mr. Fakir Nafizuzzaman

105000

Mr. Fakir Maniruzzaman

956000

Ms. Monjarin Zaman

140000

 

 

DIRECTORS

 

Name

Designation

Ms. Salma Zaman

Chairman

Mr. Fakir Maniruzzaman

Managing Director

Mr. Fakir Nafizuzzaman

Director

Ms. Monjarin Zaman

Director

 

 

MANAGEMENT

 

Name

:

Mr. Jakir Mahmud

Job Description

:

Admin Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Ismail

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Dyeing

Ö

Embroidery

Ö

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Printing

Ö

Others

 

 

Range of Products:

 

Products

:

Polo Shirt, Night wear, Shorts , Fleece Jacket, Kids items, Tank Top etc.

Production Capacity

:

2080000 Pcs per Month.

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

:

Factory Style

M. G. N Trading Inc. Premieere Vision

Samino

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

Canada, USA, Europe

 

Imports

:

China, India, Pakistan, Italy

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Knitwear Manufacturers & Exports  Association

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 150 Million

Paid-up Capital

:

BDT  14, 24,00,000

    No. of Shares

:

14, 24,000

Share Value

:

BDT100.00Each

 

Main Assets

:

BDT 1422.15 Million

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Fakir Knitwear’s Ltd.

Knitivo Fashion Ltd.

Zaman Label Industries

Zaman Packaging Ltd.

Zaman Knitwear’s Ltd.

Knitivo Industries Ltd.

Fakir Dyes & Chemicals 

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Dhaka Bank Ltd.

Bank Address

:

Narayanganj Branch.

26-29 S. M. Maleh Road, Tanbazar, Narayanganj

Tel: +8802 7630427, +8802 9750300, +8802 9750400, +8802 7630439

Fax: +8802 7631864

E-mail: narayangonj@dhakabank.com.bd

 

Bank Name  

:

United Commercial Bank Ltd.

Bank Address

:

Narayangonj Branch

10, S.M Maleh Road

Tanbazar, Narayangonj-1400. 01730-076131

 

Bank Name  

:

Premier Bank Ltd.

Bank Address

:

Narayangonj Branch

2nd Floor, Rahat Complex, Old-56, New 53/3

SM Maleh Road, Tanbazar, Narayangonj

Tel: 9750102-3; Mobile: 01713031878 (Manager)

Fax: 9752493 (Opening: 15 Feb 2004)

 

 

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 Plot #127-131, 135-138, 142-145.B 501-53 BSCIC Hosiery I/A, Shasongoan, Fatullah, Narayanganj, Bangladesh. The subject company Commercial Officer Mr. Md. Ismail given us all information. Is situated at Industrial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 16 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed promptly in Fairly large amount.

 

 

 

 

 

 

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 :

KAR

 

 

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.