MIRA INFORM REPORT

 

 

Report Date :

25.06.2014

 

IDENTIFICATION DETAILS

 

Name :

NAHEED COMPOSITE TEXTILE MILLS LTD.

 

 

Registered Office :

BSRS Bhaban (12th Floor), 12, Kawran Bazar C/A, Dhaka-1215

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

17.03.2005

 

 

Com. Reg. No.:

C-56436  

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Importer & Exporter of Cotton Yarn.    

 

 

No of Employees :

270 (20 in Office & 250 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

:

Naheed Composite Textile Mills Ltd.

Head Office

:

BSRS Bhaban (12th Floor), 12, Kawran Bazar C/A,

Dhaka-1215, Bangladesh. 

Tel No

:

880-2-9123142, 9138186, 9138186, 9132534, 9123142.

Fax No

:

880-2-9138187 

E-mail

:

naheedcotton@yahoo.com

Website

:

Nil

Date/

Year of Incorporation

:

17.03.2005

Incorporation No.

:

C-56436  

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.690 million

Tk.1560.00Million

Tk.11.5 Million

July’ 12~June’ 13

Tk.750 million

Tk.2410.00Million

Tk.24.25 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

 

Information Parted By

 

 

 

 

 

Name

:

Mr. Farid Ahmed

 

Designation

:

Asst. General Manager

 

Contact No

:

88-01717043366

 

Locations Details

 

Operating Address

:

BSRS Bhaban (12th Floor), 12, Kawran Bazar C/A,

Dhaka-1215, Bangladesh. 

Tel No

:

880-2-9123142, 9138186, 9138186, 9132534, 9123142.

Fax No

:

naheedcotton@yahoo.com

E-mail

:

880-2-9138187 

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2600

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

:

Gorai Mirzapur, Tangail, Bangladesh.

Tel No

:

88-09229-56233

Fax No

:

88-03799687020

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

65,000

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

250

In Branch:

:

-

Total

:

270

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Abdul Waheed        

                              3000

Mrs. Nargis Dewara Begum

                              3000

Ms. Tanzina Naheed      

                            12500

Ms. Farzana Naheed

                            12500

Ms.Naheed Shabnam

                            12500

Mr. Zubair Kassshem

                              3250

Mr. Md. Jakirullah

                              3250

 

 

DIRECTORS

 

Name

Designation

Mr. Abdul Waheed

Managing Director

Ms. Naheed Shabnam

Director

Mrs. Nargis Dewara

Director

Ms. Tanzina Naheed

Director

Mr. Zubair Kashem

Director

Ms. Farzana Naheed

Director

Mr. Md. Jakirullah

Director

 

 

MANAGEMENT

 

Name

:

Mr. Sanjoy Shaha

Job Description

:

Ass. Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01719559892

 

 

 

Name

:

Mr. Farid Ahmed

Job Description

:

Ass. General  Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Cotton Yarn.    

Production Capacity

:

14.72 Million kgs per Year.

Last Year Production

:

Do

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local Garments

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

USA, Europe

 

Imports

:

China, India, Australia, USA

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

 N/A

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 50 Crore

 

Paid-up Capital

:

Tk. 50,00,000

    No. of Shares

:

50,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 2410.00 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Naheed Cotton Mills Ltd,

Delsey Cotton Spinning Mills Ltd

Subsidiary

:

N/A

Name of  The Group

:

Naheed Group

 

BANKING

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

Gulshan Head office Branch,

67 Gulshan Avenue, Dhaka, Bangladesh

 

Bank Name  

:

The Premier Bank Ltd

Bank Address

:

Mohakhali Branch

99 Mohakhali C/A, Dhaka

Mobile : 01713-007659 (Manager

Tel : 8853503, 8859223, 8858118(Direct)

 

Bank Name  

:

Prime Bank Ltd

Bank Address

:

Mohakhali Branch

69, Mohakhali C/A, Dhaka-1212

Phone:(02) 9882291, 8826483

Fax:88-02-9888873

Email: pblmohakhali@primebank.com.bd

Telex:632355 PBLMK BJ

SWIFT:PRBLBDDH007

 

Bank Name  

:

Dutch Bangla Bank Ltd.

Bank Address

:

Kawran Bazar Branch,

BSRS Bhaban (2nd Floor),

12, Kawran Bazar,

Dhaka-1215, Bangladesh.

 

 

REPUTATION

 

Reference checking for purpose of establishing the Naheed Composite Textile Mills Ltd’s reputation within the respective industry failed to reveal any adverse information.

 

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 BSRS Bhaban (12th Floor), 12, Kawran Bazar C/A, Dhaka-1215, Bangladesh.

 

The subject company Asst. General Manager Mr. Farid Ahmed given us all information. Is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer, Importer & Exporter of Cotton Yarn.   

 

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.60.11

UK Pound

1

Rs.102.32

Euro

1

Rs.81.75

 

 

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%)

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.