MIRA INFORM REPORT

 

 

Report Date :

29.07.2014

 

IDENTIFICATION DETAILS

 

Name :

ULTIMATE FASHIONS LIMITED

 

 

Registered Office :

284, Ibrahimpur (7th & 8th Floor), Kafrul, Mirpur, Dhaka-1216

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

04.02.1999

 

 

Com. Reg. No.:

C-37221

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer & Exporter of Shirts, Jackets, Trousers     

 

 

No. of Employees

900

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

Source : CIA

 

 

 

EXECUTIVE SUMMARY       

 

                               IDENTIFICATION DETAILS

 

Correct company Name

:

ULTIMATE FASHIONS LIMITED

Head Office

:

284, Ibrahimpur (7th & 8th Floor), Kafrul, Mirpur, Dhaka-1216, Bangladesh

Tel No

:

88-02-9891286

Fax No

:

-

E-mail

:

mahbub@usl-bd.com

Website

:

-

Date/ Year of Incorporation

:

04.02.1999

Incorporation No.

:

C-37221

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. 135 million

Tk. 8 million

Tk. 2.25 Million

July’2012~June’2013

Tk. 155 million

Tk. 10.25 million

Tk. 4.70 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. Mahababur Rahman

Designation

:

Commercial Manager

Contract No

:

88-016781 28704

 

                                     Locations Details

 

Business Address

:

284, Ibrahimpur (7th & 8th Floor), Kafrul, Mirpur, Dhaka-1216, Bangladesh

Tel No

:

88-02-9891286

E-mail

:

-

Fax No

:

mahbub@usl-bd.com

Website

:

-

 

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

:

284, Ibrahimpur (7th & 8th Floor), Kafrul, Mirpur, Dhaka-1216, Bangladesh

Tel No

:

88-02-9891286

Fax No

:

-

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

35,500

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

18

In Factory

:

882

In Branch:

:

-

Total

:

900

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

            No. of Share     

Mr. Rajesh Sethi

660

Mr. Sudhir Mullick

400

 

 

DIRECTORS

 

Name

Designation

Mr. Rajesh Sethi

Managing Director

Mr. Sudhir Mullick

Director

 

 

MANAGEMENT

 

Name

:

Mr. Mahababur Rahman

Job Description

:

Commercial Manager

Nationality

:

Bangladeshi

Email address

:

mahbub@usl-bd.com

Other details

:

88-016781 28704

           

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Others

 

 

 

Range of Products:

 

Products

:

Shirts, Jackets, Trousers     

Production Capacity

:

4, 30,000 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

:

N/A

Local Clients

:

N/A

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

Europe

 

Imports

 

:

China, India, Thailand

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

 N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.10 million

Paid-up Capital

:

Tk.1, 06,000

No. of Shares

:

1060

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk.10.25 million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Up2date Apparels Ltd

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

National Bank Ltd.

Bank Address

:

Banani Branch,

H # SW 71, R # 11, Banani, Dhaka;

Phone: 88-02-883717

 

 

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 284, Ibrahimpur

(7th & 8th Floor), Kafrul, Mirpur, Dhaka, Bangladesh. The subject company Commercial Manager Mr. Mahababur Rahman given us all information. Is situated at semi-commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of Readymade Garments. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be Fair. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.102.04

Euro

1

Rs.80.74

                

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SDA

               

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.