MIRA INFORM REPORT

 

 

Report Date :

29.12.2014

 

IDENTIFICATION DETAILS

 

Name :

J. M. FABRICS LIMITED

 

 

Registered Office :

Mehnaj Monsur Tower (2nd & 4th Floor), House#11/A, Road# 130, Gulshan-1, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

25.05.2005

 

 

Com. Reg. No.:

CH-5461

 

 

Legal Form :

Private Company

 

 

Line of Business :

manufacturer and exporter of Readymade Garments  (including T-Shirts, Polo Shirts, Jacket & Trousers) & Knitwear Garments (including all Inner & Outerwear in Knits)

 

 

No of Employees :

3100 (150 in Office & 2950 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

:

J. M. Fabrics Limited

Head Office

:

Mehnaj Monsur Tower (2nd & 4th Floor), House#11/A, Road# 130, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8832771-82

Fax No

:

88-02-8828953 

E-mail

:

info@jmfabric.com  , buddha@knitasia.com  , tareq@jmfabric.com

Website

:

www.jmfabric.com 

Date of Incorporation

:

25/05/2005

Incorporation No.

:

CH-5461

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

July’ 12~June’ 13

BDT 295 Million

BDT 700.00  Million

BDT 13.27  Million

July’ 13~June’ 14

BDT 582  Million

BDT 721.50  Million

BDT 27.49  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. Md. Tareq

Designation

:

Commercial Officer

 

 

Locations Details

 

Operating Address

:

Mehnaj Monsur Tower (2nd & 4th Floor), House#11/A, Road# 130, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8832771-82

Fax No

:

88-02-8828953 

E-mail

:

info@jmfabric.com, buddha@knitasia.com, tareq@jmfabric.com

Website

:

www.jmfabric.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

3200

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

Ö

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

South Nayapara, 6 No. Dogri, P.O: Bhawal, Mirzapur, Gazipur, Bangladesh.

Tel No

:

88-02-9201256, 9201450-1

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

2,84,844

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Mozaher Market(Level-2), 222/228, Momin Road, Chittagong-4000, Bangladesh

 

 

Employee

 

 

 

No. of Employees 

 

In Office

:

150

In Factory

:

2950

In Branch:

:

 

Total

:

3100

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. A Matin Chowdhury

300000

Dr. Samim Matin Chowdhury

25000

Ms. Saima Matin Chowdhury

25000

Mr. Moshiur Rahman

25000

Mr. Shyan Zubair

25000

Mr. A. F. M. Zubair

25000

 

 

DIRECTORS

 

Name

Designation

Mr. A Matin Chowdhury

Chairman

Dr. Samim Matin Chowdhury

Managing Director

Ms. Saima Matin Chowdhury

Director

Mr. Moshiur Rahman

Director

Mr. Shyan Zubair

Director

Mr. A. F. M. Zubair

Director

Mr. A Matin Chowdhury

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Tareq

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

 

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Readymade Garments  (including T-Shirts, Polo Shirts, Jacket &Trousers)

Knitwear Garments ( including all Inner & Outerwear in Knits)

Production Capacity

:

Knitting: 05 tons per day

Dyeing: 08 tons per day

Dyeing Finishing: 15 tons per day

Garments: 27,000 Pcs. per day

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

:

Fila

Fw Sportswear

Tesco

Sainsbury

Dunnes

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

USA, Canada, Europe

 

Imports

:

China, India, Thailand, Pakistan

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 50 Crore

 

Paid-up Capital

:

BDT 62500000

    No. of Shares

:

625000

Share Value

:

BDT 100.00Each

Main Assets

:

BDT 721.50  Million

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

New Asia Ltd

Knit Asia Ltd

Malek Spinning Mills Ltd

Rahim Textiles Mills Ltd

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

           

Bank Name  

:

Eastern Bank Ltd

Bank Address

:

Principal Branch

10 Dilkusha C/A, Jiban Bima Bahaban, Dhaka

Phone: 88-02-9565696, 9558392, 9571262

Fax: 88-02- 7160747

 

Bank Name  

:

United Commercial Bank Ltd

Bank Address

:

Banani Branch

Sharif Plaza (1st & 2nd Floor)

39, Kamal Ataturk Avenue Banani

P.S- Gulshan, Dhaka.

Phone88-02-9891674

 

 

 

Bank Name  

:

City Bank Ltd

Bank Address

:

Dhaka Chamber Branch             

Chamber Bhaban 65-06, Motijheel C/A,

Dhaka-l000, Bangladesh

Phone: 9563897 9571

 

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 Mehnaj Monsur Tower (2nd & 4th Floor), House#11/A, Road# 130, Gulshan-1, Dhaka-1212, Bangladesh. It is situated at residential area.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in manufacturer and exporter of Readymade Garments (including T-Shirts, Polo Shirts, Jacket & Trousers) & Knitwear Garments (including all Inner & Outerwear in Knits).  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

 

 

 

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.