MIRA INFORM REPORT

 

 

Report Date :

03.01.2014

 

IDENTIFICATION DETAILS

 

Name :

SHORE TO SHORE TEXTILE LIMITED.

 

 

Registered Office :

Shanta Western Tower (9th Floor), Suite# 901), 186 Tejgaon I/A, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

22-02-2006

 

 

Com. Reg. No.:

CH-5752

 

 

Legal Form :

Private Company 

 

 

Line of Business :

Manufacturer and Exporter of T-Shirts, Polo Shirts. 

 

 

No. of Employees :

1500

 

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

:

SHORE TO SHORE TEXTILE LIMITED.

Head Office

:

Shanta Western Tower (9th Floor), Suite# 901), 186 Tejgaon I/A,

Dhaka-1208, Bangladesh.                                                                                                                                                                                                                           

Tel No

:

88-02-8878735, 8878737-39

Fax No

:

88-02-8878736

E-mail

:

aziz_a@shoretoshoretextile.com

Website

:

www.s2sbd.com

Date/ Year of Incorporation

:

22-02-2006

Incorporation No.

:

CH-5752

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. 315 Million

Tk. 75 Million

Tk. 21.50 Million

July’12~June’13

Tk. 368 Million

Tk. 76.5 Million

Tk. 24.10 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. Abdul Aziz.

Designation

:

Commercial Manager.

Contract No

:

88-0175555513

 

 

Locations Details

 

Operating Address

:

Shanta Western Tower (9th Floor), Suite# 901, 186 Tejgaon I/A, Dhaka-1208, Bangladesh.                                                                                                                                                                                                                           

Tel No

:

88-02-8878735, 8878737-39

E-mail

:

masum@s2sbd.com

Fax No

:

88-02-8878736

Website

:

www.s2sbd.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

1500

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

:

224-233, Adamjee Epz, Siddirganj, Narayanganj, Bangladesh. 

Tel No

:

88-02-7691085.

Fax No

:

88-02-7691092

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

30000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

35/A-B, Kalurghat H/I Area, Chittagong-4208, Bangladesh.

Tel No

:

88-031-670434, 946, 672274-76

Fax No

:

88-031-670229

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

150

In Factory

:

1350

In Branch:

:

-

Total

:

1500

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mrs. Khaleda Khnam

                                   500

Mr. Hajee Yunus Ahmed

                                 3500

Mr. Kaiser Ahmed

                                 3000

Mr. Imran Ahmed

                                 3000

 

 

DIRECTORS

 

Name

Designation

Mr. Hajee Yunus Ahmed

Managing Director

Mrs. Khaleda Khnam

Director

Mr. Kaiser Ahmed

Director

Mr. Imran Ahmed

Director

 

 

MANAGEMENT

 

Name

:

Mr. Abdul Aziz.

Job Description

:

Commercial Manager.

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-0175555513

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

T-Shirts, Polo Shirts. 

Production Capacity

:

3000000 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

:

Celio, H&M, vf, C&A, Target, TEMA Magazacilik.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India

 

 

 

Brand Name

:

Nil

Certified

:

ISO 9001: 2008

Auditors

:

Habib Sarwar and Co.

Chartered Accountants

Operation Status

:

Active.

Member

:

Dhaka Chamber of Commerce & Industry

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 10 Crore.

 

Paid-up Capital

:

Tk. 10, 00,000

    No. of Shares

:

10, 000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 76.5 Million.

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Shore to Shore (Pvt) Ltd.

Shore To Shore Bangladesh Ltd.

Wonder Corporation.

Subsidiary

:

N/A

Name of  The Group

:

Yunusco Group.

 

BANKING

 

Bank Name  

:

South East Bank Ltd.

Bank Address

:

Gulshan Branch.

Phone: 9883491, 9883401 - 5, 9883492

Fax: 88 - 02 - 9883495

Tlx: 632478 SBGUL BJ

Swift: SEBDBDBHGUL

Locker: Yes

 

 

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 Manufacturer & Exporter of T-Shirts, Polo Shirts. Its head office is situated Shanta Western Tower (9th Floor), Suite# 901, 186 Tejgaon I/A, Dhaka-1208, Bangladesh. They get good support from their buyers.

 

Mr. Hajee Yunus Ahmed-Managing Director of the company. He is very experienced businessman in this line of trade.

 

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

 

The company is good for normal business engagements.                                                                                                                                                                                                       

 

 

GENERAL COMMENTS

 

Repeated attempts to obtain and verify information from SC were unsuccessful as they declined all information citing confidentiality. Please note that our credit rating is based on information gathered from external sources as well as information obtained from past interviews. Hence, the maximum credit limit of USD 90000 is feasible.

 

 

 

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.