MIRA INFORM REPORT

 

 

Report Date :

28.06.2014   

 

IDENTIFICATION DETAILS

 

Name :

SALEK TEXTILE LTD.

 

 

Registered Office :

117/A, Tejgon I/A, Dhaka-1208,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

09.09.2007

 

 

Com. Reg. No.:

C-68304  

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer  and Exporter of Denim Fabrics

 

 

No. of Employees

375

 

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

Comments

 

                                             

 

Company name and address

 

Correct company Name

:

SALEK TEXTILE LTD.

Head Office

:

117/A, Tejgon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8832771-82, 9888917

Fax No

:

88-02-8828953

E-mail

:

titasdenim@yahoo.com

Website

:

www.knitasia.com

Date/ Year of Incorporation

:

09.09.2007

Incorporation No.

:

C-68304  

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

31st December’2012

Tk. 275 Million

Tk. 1200 Million

Tk. 5.92 Million

31st December’2013

Tk. 330 Million

Tk. 1221 Million

Tk. 7.20 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. Mohiuddin

Designation

:

Manager

Contract No

:

-

 

                                                               Locations Details

 

Operating Address

:

117/A, Tejgon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8832771-82, 9888917

Fax No

:

88-02-8828953

E-mail

:

titasdenim@yahoo.com

Website

:

www.knitasia.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Mahna, Bhabanipur, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

35000

Sq.ft

 

 

Corporate Address:

 

 

 

Address

:

Mehnaj Mansoor Tower, House# 1/A, Road# 130, Gulshan-1, Dhaka-1206, Bangladesh.

Tel No

:

88-02-8832771-82, 9888917

Fax No

:

88-02-8828953

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

30

In Factory

:

345

In Branch:

:

-

Total

:

375

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share      

Malek Spinning Mills limited

                                3900100

Mr. A. Matin Chowdhury

                                    48891

Mr. Dr. Shamim Matin Chowdhury

                                    33934

Ms. Saima Matin Chowdhury

                                          41

Mr. Azizur R Chowdhury

                                          51

Mr. A. F. M. Zubair

                                    16983

 

 

DIRECTORS

 

Name

Designation

Mr. A. Matin Chowdhury

Managing Director

Mr. Dr. Shamim Matin Chowdhury

Director

Ms. Saima Matin Chowdhury

Director

Mr. Azizur R Chowdhury

Director

Mr. A. F. M. Zubair

Director

 

 

MANAGEMENT

 

Name

:

Mr. Mohiuddin

Job Description

:

Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

Nil

 

 

 

 

Name

:

Mr. Mamunur Rashid

Job Description

:

Commercial Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01741679090, 01675918315

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Denim Fabrics

Production Capacity

:

7.5 million metres 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

:

Avon- Usa

Bershka- Spain

Zara- Spain

Decathlon- France

Hanes- Germany

H&M- Sweden

Falk & Rose- Germany

Forever-21- Usa

Fruit Of The Loom- Uk

Kik- Germany

Kmart- New Zealand

Lmm- Usa

Matalan- Uk

Aeropostale- Hongkong

Tesco- Hongkong

Vetir- France

Charles Voegele- Switzerland

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

A/A

 

Imports

:

China, India, Italy.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 300 Crore.

 

Paid-up Capital

:

Tk. 40, 00,00,000

    No. of Shares

:

40, 00,000

Share Value

:

Tk.100.0Each

Main Assets

:

Tk. 1221 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Malek Spinning Mills Ltd.

Rahim Textile Mills Ltd.

Salek Textile Ltd.

JM Fabrics Ltd.

Knit Asia Ltd

Design Asia Ltd.

New Asia Limited

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Kawran Bazar branch.

AD Branch        T. K. Bhaban (1st Floor), 13, Kazi Nazrul Islam Avenue, Dhaka

Phone: (02) 9137571, 8155211

Mobile: 01711-439094

Fax: (02) 8117587

Email: kawran@islamibankbd.com         

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation.

Bank Address

:

Dhaka Main Branch.      

Anchor Tower, 108, Bir Uttam C R Dutta Road, Dhaka - 1205 Bangladesh

Telephone: (880 2) 9660536-43 (Hunting)

Fax : (880 2) 9660554

 

 

Bank Name  

:

Eastern Bank Ltd.

Bank Address

:

Agrabad Branch           

Jiban Bima Bhaban, 10 Dilkusha C/A, Dhaka 1000

Phone:02 9558392, 9565696, 9571262

Fax:02 7160747

Email:principal@ebl-bd.com

 

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 address at 117/A, Tejgon I/A, Dhaka-1208, Bangladesh. The subject company Manager Mr. Mohiuddin welcome us & given us all information. Its office is decorated by modern furniture.

 

 

GENERAL COMMENTS

 

Whilst interviewed, Mr. Mohiuddin, Manager of the subject, provided us with a basic outline

of the subject's present state-of-affairs (as given above).The information provided in this report is based on the information procured from the subject's file at Official Registry (ROC).

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.10

UK Pound

1

Rs.102.40

Euro

1

Rs.81.88

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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.