.

MIRA INFORM REPORT

 

 

Report Date :

29.01.2014

 

IDENTIFICATION DETAILS

 

Name :

IRIS FABRICS LTD.

 

 

Registered Office :

Civil Sarwar Complex (5th & 6th Floor), Plot# 42/A, Road# 17, Sector# 14, Uttara, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

11.10.2005

 

 

Legal Form :

Private Co

 

 

Line of Business :

Engaged in Manufacturer, Exporter, Knitting, Dyeing & printing of Cotton Blended Fabrics, Dyeing, T-Shirts, Polo Shirts, Vest, Lingerie

 

 

No. of Employees :

2050

 

 

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

 

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Iris Fabrics Ltd.

Head Office

:

Civil Sarwar Complex (5th & 6th Floor), Plot# 42/A, Road# 17, Sector# 14, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-7914886, 7914926, 7914907

Fax No

:

Nil

E-mail

:

dollar@irisgroupbd.com,

admin@irisgroupbd.com

probir@irisgroupbd.com,

habib@irisgroupbd.com

Website

:

www.irisgroupbd.com

Date/ Year of Incorporation

:

11.10.2005

Incorporation No.

:

C-59314 

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

     2010(Dec)

Tk.844.40 Million

Tk.934.40 Million

Tk.20.00 Million

     2011(Dec)

Tk.1268.00 Million

Tk.1320.50 Million

Tk.13.10 Million

     2012(Dec)

Tk.1552.30 Million

Tk.1125.40 million

Tk.65.60 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. Habibur Rahman

Designation

:

General Manager

Email

:

habib@irisgroupbd.com

 

 

Locations Details

 

Business Address

:

Civil Sarwar Complex (5th & 6th Floor), Plot# 42/A, Road# 17, Sector# 14, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-7914886, 7914926, 7914907

E-mail

:

Nil

Fax No

:

dollar@irisgroupbd.com,

admin@irisgroupbd.com,

probir@irisgroupbd.com,

habib@irisgroupbd.com

Website

:

www.irisgroupbd.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

8000

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

:

Zirani Bazar, Kashimpur, Joydebpur, Gazipur, Bangladesh.

Tel No

:

-

Fax No

:

-

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

1,96,000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

N/A

Tel No

:

N/A

Fax No

:

N/A

 

Location :

Owned

 

 

Rented

 

 

Leased

 

Area

 

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

150

In Factory

:

1900

In Branch:

:

 

Total

:

2050

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mohammad Rasheed Alam

                                20,000

Mr. Syed Wajid Alam Pappu

                                10,400

Mr. Al-Haj Abdul Kader

                                10,400

Mr. Md. Abdul Haque Munshi

                                10,400

Mr. Al-Haj Shamsul Haque Dulal

                                10,400

Mr. Abdul Mazed

                                10,400

 

 

DIRECTORS

 

Name

Designation

Mohammad Rasheed Alam

Managing Director

Mr. Syed Wajid Alam Pappu

Director

Mr. Al-Haj Abdul Kader

Director

Mr. Md. Abdul Haque Munshi

Director

Mr. Al-Haj Shamsul Haque Dulal

Director

Mr. Abdul Mazed

Director

 

 

MANAGEMENT

 

Name

:

Mr. Probin Sarkar

Job Description

:

Executive Director

Nationality

:

Bangladeshi

Email address

:

probin@@irisgroupbd.com

Other details

:

-

 

 

 

Name

:

Mr. Habibur Rahman

Job Description

:

General Manager

Nationality

:

Bangladeshi

Email address

:

habib@irisgroupbd.com

Other details

:

-

 

 

Name

:

Mr. Ahsan Halim

Job Description

:

Manager ( Admin)

Nationality

:

Bangladeshi

Email address

:

admin@irisgroupbd.com

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Knitting

Ö

Dyeing

Ö

Distributor

 

 

 

 

Exporter

Ö

Printing

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Cotton Blended Fabrics, Dyeing, T-Shirts, Polo Shirts, Vest, Lingerie etc.   

Production Capacity

:

Knitting: 410 Tons per Month

Dyeing: 450   Tons per Month

Garments:40,000 doz. Month

Last Year Production

:

Do.

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

 

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

H & M, Tapealoeil, Auchan, Ovs, Instyle Spa, Fila, LPP, B-Young, Exel SRL, Armani, Dunnes

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

USA, Europe

 

Imports

:

China, Pakistan, India

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.150 million

 

Paid-up Capital

:

Tk.720,00,000

    No. of Shares

:

72,000

Share Value

:

Tk.1000.00Each

Main Assets

:

Tk.1125.40 million

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Iris Fashion Ltd.

Iris Knitwear Ltd.

Iris S.S. Print Industries Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Iris Group

 

BANKING

 

Bank Name  

:

Standard Bank Limited

Bank Address

:

Uttara Branch.

Uttara Model Town

House 81, Road 7, Sector 4, Uttara

Phone: 88-02-8955171

Fax: 88-02-8955172

 

Bank Name  

:

Prime Bank Ltd.

Bank Address

:

Motijheel Branch

Adamjee Court Annexe Building -2,119-120,

Motijheel C/A, Dhaka-1000

Phone: (02) 7175491-2, 9567225, 9562982

Fax: 88-02-9567223

Telex: 671543 PBLMJ BJ

SWIFT: PRBLBDDH001

E-mail: pblmotijheel@primebank.com.bd  

 

 

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 Ready Made garments. It is situated at House#371, Road#6, DOHS Baridhara, Dhaka-1206, and Bangladesh. The company’s financially solvent and good at their business commitment, it is reported.

 

Mohammad Rasheed Alam-Managing Director of the company. He is very experienced businessman in this line of trade.

 

We checked local registry office (ROC) & found that information.

 

The company is good for normal business engagements.

 

 

GENERAL COMMENTS

 

Established in 2005, Subject is mainly engaged in Manufacturer, Exporter, Knitting, Dyeing & printing of Cotton Blended Fabrics, Dyeing, T-Shirts, Polo Shirts, Vest, Lingerie. Having been in operation for several years, Subject maintains acceptable business volume. Subject enjoys some recognition and impact in the line.

 

SC is considered large-sized in its line with fairly stable financial conditions. A credit line up to USD 1,80,000 would appear to be within SC’s capacities

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.98

UK Pound

1

Rs.104.61

Euro

1

Rs.86.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.