|
Report Date : |
09.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
FASHION SUITS
& TROUSERS LIMITED |
|
|
|
|
Registered Office : |
Shanta Western Tower, Suite # 505 (5th Floor) 186,
Tejgaon I/A, Dhaka-1208 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
16.03.1995 |
|
|
|
|
Com. Reg. No.: |
C-28008 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacturer & Exporter of Readymade Garments such as Blazers, Trousers & Suits |
|
|
|
|
No of Employees : |
650 (50 in Office & 600 in 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
IDENTIFICATION DETAILS
|
||
|
|
||
|
Correct
company Name |
: |
Fashion Suits &
Trousers Limited |
|
Head
Office |
: |
Shanta Western
Tower, Suite # 505 (5th Floor) 186, Tejgaon I/A, Dhaka-1208, Bangladesh. |
|
Tel
No |
: |
88-02-8878741-4, 8824083,
8812178,9898111,8823910 |
|
Fax
No |
: |
88-02-8878745 |
|
E-mail |
: |
|
|
Website |
: |
|
|
Date/
Year
of Incorporation |
: |
16/03/1995 |
|
Incorporation No. |
: |
C-28008 |
|
Legal
Form (General) |
: |
Public Listed Co Public (but not listed) Private Co
State-owned Co Sole
Proprietorship 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
|
|||
|
Turnover/ Sales |
Assets |
Income |
|
|
Tk. 314 Million |
Tk. 27.65 Million |
Tk. 4.08 Million |
|
|
Tk. 360 Million |
Tk. 29.72 Million |
Tk. 6.15 Million |
|
|
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. Jahangir Alam
Shahin |
|
Designation |
: |
Commercial
Officer. |
|
Contact No |
: |
88-01617166422 |
Locations Details
|
||
|
|
||
|
Operating
Address |
: |
Shanta Western
Tower, Suite # 505 (5th Floor) 186, Tejgaon I/A, Dhaka - 1208, Bangladesh. |
|
Tel
No |
: |
88-02-8878741-4, 8824083, 8812178, 9898111,
8823910 |
|
Fax
No |
: |
88-02-8878745 |
|
E-mail |
: |
|
|
Website |
: |
|
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
3200 |
Sq. ft. |
|
Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
|
Residential
Bldg. |
|
|
|
|
|
|
|
Garments Factory: |
|
|
|
|
|
|
|
Address |
: |
Rumana Fashion
Building (2nd Floor) Chayadana, P.O. National University, Gazipur,
Bangladesh. |
|
Tel
No |
: |
+880-2-9291397-8 |
|
Fax
No |
: |
+880-2-9291458 |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
19,163.86 |
Sq. ft. |
|
Employee: |
|
||||||
|
|
|
||||||
|
No.
of Employees |
In
Office |
: |
50 |
In
Factory |
: |
600 |
|
|
In Branch: |
: |
- |
Total
|
: |
650 |
||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of Share |
|
Mr. Md.
Harun-Ur-Rashid |
150 |
|
Mrs. Nargis Rashid |
150 |
|
Ms. Rumana Rashid |
200 |
|
Mr. Tanvir-Z-Rashid |
200 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Md.
Harun-Ur-Rashid |
Managing Director |
|
Mrs. Nargis Rashid |
Director |
|
Ms. Rumana Rashid |
Director |
|
Mr. Tanvir-Z-Rashid |
Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Jahangir Alam
Shahin |
|
Job Description |
: |
Commercial Officer. |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
88-01617166422 |
|
|
|
|
|
Name |
: |
Mr. Md. Sattar |
|
Job Description |
: |
Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Nature
of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Range of Products: |
||
|
Products |
: |
Readymade
Garments such as Blazers, Trousers & Suits |
|
Production
Capacity |
: |
1,000 Pes 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 |
|
Cash |
|
Others |
|
|
|||
|
|
Credit
: |
Ö |
30
days |
|
60
days |
Ö |
90
days |
|
|
days |
DETAILED DATA
|
|
||||||||||
|
Trade Reference & Related Parties |
: |
Overseas Clients |
: |
Marks & Spencer
(M&S), Next, H & M, C&A, Calvin Klein (CK),
Phillips-Van Heusen (PVH), Haggar, Perry Ellis, Sainsbury's, Raymond, Chums,
JD Williams, Little Woods, Louis Raphael, The Cooperative, Matalan, Peter Christian,
Amico, Wal-Mart, Tesco. |
Local Clients |
: |
N/A |
|
|||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
|||||
|
Trade Markets |
: |
Exports |
: |
N/A |
|
||||||
|
Imports |
: |
China, India,
Italy, Germany. |
|
||||||||
|
|
|
||||||||||
|
Brand Name |
: |
Nil |
|||||||||
|
Certified |
: |
Nil |
|||||||||
|
Auditors |
: |
N/A |
|||||||||
|
Operation Status |
: |
Active |
|||||||||
|
Member |
: |
Bangladesh Garments Manufacturer & Exporters Association |
|||||||||
CAPITAL STRUCTURE
|
|
||||||||
|
Authorized Capital |
: |
Tk.10 Million |
|
||||||
|
Paid-up Capital |
: |
Tk.70000 |
No. of Shares |
: |
700 |
Share Value |
: |
Tk.100.00Each |
|
|
Main Assets |
: |
Tk.29.72 Million |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
|
The subject company
don’t submit update financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
||
|
Sister Concerns |
: |
East Garments Ltd. East West Fashions
Ltd. Pantalon Fashion
Ltd. Rumana Fashion Ltd. Fashion Trousers
Ltd. United Fashion Ltd Fit Elegance Ltd. East West Suiting
Mills Ltd. East West Jute
& Craft Ltd. East West Dress
Pant Limited. East West Fashion
Garments Ltd. Fashion Skirts
& Trousers Ltd. United Fashion
& Trousers Ltd Fashion Suit &
Trousers Ltd. East Wet Trousers
Ltd Pantalon Fashions
Ltd East West
Industrial Park Ltd Aliza Fashion Ltd East West Park
Industries Ltd. Yarn to suits Compo
Tex Ltd East Garments Ltd East Wast Fashion
Ltd |
|
Subsidiary |
: |
N/A |
|
Name of The Group |
: |
East West
Industrial Park Ltd. |
|
Bank Name |
: |
Sonali Bank Ltd. |
|
Bank Address |
: |
Froeign Exchange
Corp, 1, Dilkusha, Dhaka,
Dhaka-1000, Bangladesh. Tel: 88-02-9564014,
9552180 |
|
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 Shanta Western Tower,
Suite # 505 (5th Floor) 186, Tejgaon I/A, Dhaka-1208, Bangladesh. The subject
company Commercial Officer Mr. Jahangir Alam Shahin given us all information.
Is situated at Industrial 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 average. Having been in operation for several years, Subject enjoys some recognition and impact in the line. |
|
Adopted
Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
UK Pound |
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.