MIRA INFORM REPORT

 

 

Report Date :

03.01.2014

 

IDENTIFICATION DETAILS

 

Name :

SECTION SEVEN LIMITED

 

 

Registered Office :

House#128-130, Lane#05, New DOHS, Mohakhali, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

10.08.2004

 

 

Com. Reg. No.:

C-54090

 

 

Legal Form :

Private Company 

 

 

Line of Business :

Manufacturer and Exporter of Shirts, Pants, Fashion wears.   

 

 

No. of Employees :

4800

 

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

:

SECTION SEVEN LIMITED

Head Office

:

House#128-130, Lane#05, New DOHS, Mohakhali, Dhaka-1212, Bangladesh.

Tel No

:

880-2-9886160, 8811862,  9885760, 01713148190, 01711826656

Fax No

:

880-2-8829168

E-mail

:

info@sectionsevenltd.com, belal@shirtmakersltd.com,

smldime@dhaka.agni.com

Website

:

www.shirtmakersltd.com

Date/ Year of Incorporation

:

10.08.2004

Incorporation No.

:

C-54090

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. 475 Million

Tk. 79 Million

Tk. 31.40 Million

July’ 12~June’ 13

Tk. 492 Million

Tk. 80 Million

Tk. 47.20 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. Kutubuddin Ahmed Sardar.

Designation

:

Deputy General Manager

Contract No

:

88-01711826656

 

 

Locations Details

 

Operating Address

:

House#128-130, Lane#05, New DOHS, Mohakhali, Dhaka-1212, Bangladesh.

Tel No

:

880-2-9886160, 8811862,  9885760, 01713148190, 01711826656

Fax No

:

880-2-8829168

E-mail

:

info@sectionsevenltd.com,

belal@shirtmakersltd.com,

smldime@dhaka.agni.com

Website

:

www.shirtmakersltd.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# 21-26 (Part), Road#4, Sector - 3, C.E.P.Z. Chittagong – 4223, Bangladesh.                                                                                  

Tel No

:

88-031 801242/ 741961

Fax No

:

88- 031 800821 

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

85,000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Khalor Ghat I/A, Kaptai Road, Chittagong, Bangladesh.

Tel No

:

88-031-670549, 672944, 670132

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

                        100

In Factory

:

4700

In Branch:

:

-

Total

:

4800

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Shahadat Mosharraf Khan                                                                                     

                                318750

Dr. Mirza Ezaz Ahmed

                                  85000

Mrs. Nusrat Khan

                                  21250

 

 

DIRECTORS

 

Name

Designation

Dr. Mirza Ezaz Ahmed                                                                           

Chairman

Mr. Shahadat Mosharraf Khan

Managing Director

Mrs. Nusrat Khan

Director

 

 

MANAGEMENT

 

Name

:

Mr. Kutubuddin Ahmed Shordar.

Job Description

:

Deputy General Manager (Accounts & finance)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01711826656

 

 

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Shirts, Pants, Fashion wears.   

Production Capacity

:

7, 80, 000 doz 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

:

Target-USA, Wal-Mart-USA

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

 

Imports

 

:

China, India, Pakistan.

 

 

 

 

Brand Name

:

N/A

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association, Dhaka.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 10 Crore.

 

Paid-up Capital

:

Tk. 4, 25,00,000

    No. of Shares

:

4, 25,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 80 Million.

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Excel Apparels Ltd.

Shirt Makers Ltd.

Share Knit Wear Ltd.

Excel Apparels Ltd.

Section Seven Apparels Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Shirt Makers Group.

 

 

BANKING

 

Bank Name  

:

Prime Bank Limited.

Bank Address

:

Agrabad Branch.

Al Islam Chamber

91, Agrabad Commercial Area

Chittagong

Tel : 714418, 717204,728256

Mobile : 01711825200 (Branch)

Fax : 880-031-714418

Telex : 633081 PREAG BJ

 

Bank Name  

:

IFIC Bank Ltd.

Bank Address

:

Agrabad Branch.

30, Agrabad C/A Chittagong

Phone: 88-031-712347-8, 710531, 726727, 711036

Fax: 880-31-710078

E-mail : ificagra@spctnet.net

 

 

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 House#128-130, Lane#05, New DOHS, Mohakhali, Dhaka-1212, Bangladesh. They are financially solvent & get good support from their bank.

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 09 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.90

UK Pound

1

Rs.102.74

Euro

1

Rs.85.16

 

 

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.