MIRA INFORM REPORT

 

 

Report Date :

19.02.2014

 

IDENTIFICATION DETAILS

 

Name :

NOMAN COMPOSITE TEXTILE LTD.

 

 

Registered Office :

Adamjee Court Main Building (4th & 5th Floor), 115-120, Motijheel C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

07.10.2007

 

 

Com. Reg. No.:

C-68674

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer, Distributor and Exporter of Gray Cotton Fabrics.     

 

 

No. of Employees :

8000

 

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Bangladesh

B1

B1

 

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

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

NOMAN COMPOSITE TEXTILE LTD.

Head Office

:

Adamjee Court Main Building (4th & 5th Floor), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9558629, 9569669, 9577069,957731

Fax No

:

88-02-9565282

E-mail

:

nomangr@bangla.net,

sales@znzfab.com

Website

:

www.nomangroup.com

Date/ Year of Incorporation

:

07.10.2007

Incorporation No.

:

C-68674

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’ 11~June’ 12

Tk. 1580 Million

Tk. 2484.61 Million

Tk. 73.20 Million

July’ 12~June’ 13

Tk. 1825 Million

Tk. 2530.25 Million

Tk. 89.47 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. Mustafa Kamal.

Designation

:

Deputy General Manager.

Contract No

:

88-01714103591

 

                                                               Locations Details

 

Operating Address

:

Adamjee Court Main Building (4th & 5th Floor), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9558629, 9569669, 9577069,957731

Fax No

:

88-02-9565282

E-mail

:

nomangr@bangla.net, sales@znzfab.com

Website

:

www.nomangroup.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

2400

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

:

Jamirdia, Valuka, Mymensingh, Bangladesh.

Tel No

:

88-01714103583

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

80,000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

90

In Factory

:

7010

In Branch:

:

-

Total

:

8000

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Md. Nurul Islam

                                      23500

Mr. A. S. M. Rafiqul Islam

                                      23300

Mr. Md. Abdullah Zaber

                                      23300

Mr. Md. Abdullah Zubayer

                                      23300

Mr. Abdullah Muhammad Talha

                                      23300

Mrs. Nur-E-Yasmin Fatima

                                      23300

Mr. A. M. Saad Hossain

                                      30000

Ms. Shamiha Khadija Saan

                                      30000

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Nurul Islam

Chairman

Ms. Shamiha Khadija Saan

Managing Director

Mr. A. S. M. Rafiqul Islam

Director

Mr. Md. Abdullah Zaber

Director

Mr. Md. Abdullah zubayer

Director

Mr. Abdullah Muhammad Talha

Director

Mrs. Nur-E-Yasmin Fatima

Director

Mr. A. M. Saad Hossain

Director

 

 

MANAGEMENT

 

Name

:

Mr. Mustafa Kamal.

Job Description

:

Deputy General Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01714103591

 

 

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Gray Cotton Fabrics.     

Production Capacity

:

25536000 Metres per year.

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

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

India, Chia, Australia, USA.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Textile Mills Association.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 50 Crore.

 

Paid-up Capital

:

Tk. 2, 00,00,000

    No. of Shares

:

2, 00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 2530.25 Million.

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Ismail Anjumanara Fabrics Ltd.

Zaber Spinning Mills Ltd.

Artex Fabrics Ltd.

Zaber & Zubair Fabrics Ltd.

Sufia Cotton Mills Ltd.

Talha Spinning Mills Ltd.

Mariom Textile Mills Ltd.

Noman Febrics Ltd.

Zaber Spinning Mills Ltd.

Noman Textile Mills Ltd.

Talha Tex-Pro Ltd.

Zaber & Zubair Accosories Ltd.

Zaber Textile Mills Ltd.

Yasmin Spinning Mills Ltd.

Saad-Saan Textile Mills Ltd.

Noman Weaving Mills Ltd.

Zubaiar Spinning Mills Ltd.

Noman Home Textile Mills Ltd.

Sufia Fabrics Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Noman Group.

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Paltan Branch.

Darus Salam Aarked, 14, Purana Paltan, Dhaka

Phone: (02) 9564860, 9559506

 

 

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 Adamjee Court Main Building (4th & 5th Floor), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh. The subject company Deputy General Manager Mr. Mustafa Kamal welcome us & given us all information. Its office is situated at Commercial area which is a normal flat but well decorated.

 

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of Readymade Garments. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be average. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.12

UK Pound

1

Rs.103.93

Euro

1

Rs.85.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.