MIRA INFORM REPORT

 

 

Report Date :

21.02.2014

 

IDENTIFICATION DETAILS

 

Name :

GRAMEEN KNITWEAR LIMITED.

 

 

Registered Office :

Grameen Bank Complex, Mirpur-2, Dhaka-1216

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

04.11.1997

 

 

Com. Reg. No.:

C-34208  

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer and Exporter of Knit fabrics, garments of children, men and women.       

 

 

No. of Employees :

2769

 

 

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

:

GRAMEEN KNITWEAR LIMITED.

Head Office

:

Grameen Bank Complex, Mirpur-2, Dhaka-1216, Bangladesh. 

Tel No

:

88-02-8054034, 7701189

Fax No

:

88-02-8050395

E-mail

:

ashraf@intertelbd.net

gknit@grameen.com

salim@grameenknit.net

Website

:

www.grameenknitwear.com

Date/ Year of Incorporation

:

04.11.1997

Incorporation No.

:

C-34208  

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. 310 Million

Tk. 120 Million

Tk. 21.65 Million

July’ 12~June’ 13

Tk. 420 Million

Tk. 128.50 Million

Tk. 31.20 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. Mizanur Rahman.

Designation

:

Commercial Officer.

Contract No

:

88-01711547307

 

                                                               Locations Details

 

Operating Address

:

Grameen Bank Complex, Mirpur-2, Dhaka-1216, Bangladesh. 

Tel No

:

880-2-8054034, 7701189

Fax No

:

88-02-8050395

E-mail

:

ashraf@intertelbd.net, gknit@grameen.com, salim@grameenknit.net

Website

:

www.grameenknitwear.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3500

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

:

Plot-102, 103, 126, 127, DEPZ (Ext-11), Ganakbari, Savar, Dhaka, Bangladesh.

Tel No

:

88-02-7789293-4                     

Fax No

:

88-02-77890296

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

56200

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

69

In Factory

:

2700

In Branch:

:

-

Total

:

2769

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Sheikh Abdud Daiyan

                                 2252800

Mr. Md. Imamus Sultan

                                 9459200

DIRECTORS

 

Name

Designation

Mr. Md. Ashraful Hassan

Managing Director

Prof. Muhammad Yunus

Director

Mr. S. M. Anwar

Director

Mrs. Nurjahan Begum

Director

Sheikh Abdud Daiyan

Director

Mr. Gulam Mustafa

Director

Muhammad Imdadul Haque

Director

Mr. Md. Shahjahan

Director

Mr. Md. Imamus Sultan

Director

 

 

MANAGEMENT

 

Name

:

Mr. Mizanur Rahman.

Job Description

:

Commercial Officer.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01711547307

 

 

 

Name

:

Mr. Salim Ullah Bahadur.

Job Description

:

Chief Finance Officer.

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Knit fabrics, garments of children, men and women.       

Production Capacity

:

6, 00,000 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

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Kappa, Gap, Mascot, Zara, Wal-Mart, Tesco.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Pakistan, Italy, UK.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Knitwear Manufacturers & Exports Association.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 20 Crore.

 

Paid-up Capital

:

Tk.11, 71,20,000

    No. of Shares

:

1, 17,12,000

Share Value

:

Tk.10.0Each

Main Assets

:

Tk. 128.50 Million.

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

BANKING

 

Bank Name  

:

Standard Bank Ltd.

Bank Address

:

Uttara Branch.

Uttara Model Town

Dhaka, Bangladesh.

Phone: 8955171

Fax: 8955172

 

Bank Name  

:

Southeast Bank Ltd.

Bank Address

:

Uttara Branch.

House #1, Road #11, Sector #1, Uttara, Dhaka-1230

Phone: 8923680, 8916538, 8922538

Fax: 88 - 02 - 8918689

Tlx: 642463 SBLUB BJ

Swift: SEBDBDDHUTT

 

 

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

 

The subject company is a private limited company engaged in 100% export oriented composite knitwear factory. Our Representative Visited the subject company Head office which is situated at Grameen Bank Complex, Mirpur-2, Dhaka-1216, Bangladesh. The subject company Commercial Officer Mr. Mizanur Rahman given us all information. Is situated at Residential area which is a well decorated modern office. They are financially solvent.

 

Mr. Md. Ashraful Hassan-Managing Director of the company. He is very experienced business man in this line of trade.

 

We checked the local registry office & found that information’s.

 

The subject company is ok for normal business engagements.

 

 

GENERAL COMMENTS

 

Established in Nov. 1997, Subject is mainly engaged in 100% export oriented composite knitwear factory. Having been in operation for several years, Subject maintains acceptable business volume. Subject enjoys some recognition and impact in the line.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.28

UK Pound

1

Rs.103.84

Euro

1

Rs.85.70

 

 

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.