MIRA INFORM REPORT

 

 

Report Date :

24.02.2014

 

IDENTIFICATION DETAILS

 

Name :

AHSAN COMPOSITE LTD.

 

 

Registered Office :

Concord Tower (5th floor), Suite-503, 113, Kazi Nazrul Avenue, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

20.05.2004

 

 

Com. Reg. No.:

C-52831

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer and Exporter of Polo Shirt, T-shirt, and other knit garments.        

 

 

No. of Employees :

800  (65 office + 735 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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

:

AHSAN COMPOSITE LTD.

Head Office

:

Concord Tower (5th floor), Suite-503, 113, Kazi Nazrul Avenue,

Dhaka-1000, Bangladesh.

Tel No

:

88-02-8319059, 9352064, 01678006701

Fax No

:

88-02-82252101

E-mail

:

quamrul@ahsangroup.com

commercial@ahsangroup.com

Website

:

www.ahsangroup.com  (Under Construction)

Date/ Year of Incorporation

:

20-05-2004

Incorporation No.

:

C-52831

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’2011~June’2012

Tk. 278 Million

Tk. 20.5 Crore

Tk. 2.90 Million

July’2012~June’2013

Tk. 295 Million

Tk. 21 Crore

Tk. 3.58 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. Abu Syed.

Designation

:

Commercial Manager.

Contract No

:

88-01678682102

 

Locations Details

 

Operating Address

:

Concord Tower (5th floor), Suite-503, 113, Kazi Nazrul Avenue, Dhaka-1000, Bangladesh.

Tel No

:

88-02-8319059, 9352064, 01678006701

E-mail

:

quamrul@ahsangroup.com

Fax No

:

88-02-82252101

Website

:

N/A

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2200

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

:

Word No, Chandra Kaliakoir, Gazipur, Bangladesh.

Tel No

:

88-02-8319059

Fax No

:

88-02-9352064

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

52000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

N/A

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

65

In Factory

:

735

In Branch:

:

-

Total

:

800

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mrs. Iffat Ara

                               150500

Mr. A. S. M. Qumrul Ahsan

                               150500

Mr. A. S. M. Qumrul Ahsan

                                10000

 

 

DIRECTORS

 

Name

Designation

Mr. A. S. M. Qumrul Ahsan

Managing Director

Mrs. Iffat Ara

Director

Mr. A. S. M. Qumrul Ahsan

Director

 

 

MANAGEMENT

 

Name

:

Mr. Abu Syed.

Job Description

:

Commercial Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01678006708

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Polo Shirt, T-shirt, and other knit garments.        

Production Capacity

:

Polo Shirts: 20,000 DZ per month

T-Shirts & others: 67,000 DZ per month

Fabric Delivery: 14 tons 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

:

USA, European Countries & Canada.

Kwintet, Cotton Group of Belgium

(B & C Label), Solo Invest of France

(Sol’s Label), Wal-Mart of Canada.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Pakistan, Italy, Germany.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association, Dhaka.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 10 Crore.

 

Paid-up Capital

:

Tk.3, 11,00,000

    No. of Shares

:

3, 11,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 21 crore

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

A K Fashions Ltd. (Knit).

Ahsan Knitting Ltd. (Knit).

Ahsan Composite Ltd. (Knit Dyeing). 

Subsidiary

:

N/A

Name of  The Group

:

Ahsan Group.

 

 

BANKING

 

Bank Name  

:

Mutual Trust Bank Ltd.

Bank Address

:

Panthapath Branch.

Dhaka, Bangladesh.

Phone : 8802-8613807

Fax: 8802-8624687, 8613807.

Telex: 632129 MTBPP BJ.

SWIFT: MTBL BDD HPPB

 

 

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 registered address which is situated at Concord Tower (5th floor), Suite-503, 113, Kazi Nazrul Avenue, Dhaka-1000, Bangladesh. The subject company Commercial Manager Mr. Abu Syed welcome us & given us all information. Its office is decorated by western furniture.

 

 

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 9 years.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.16

UK Pound

1

Rs.103.44

Euro

1

Rs.85.27

 

 

INFORMATION DETAILS

 

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.