MIRA INFORM REPORT

 

 

Report Date :

01.03.2014

 

IDENTIFICATION DETAILS

 

Name :

ACS TEXTILES (BANGLADESH) LIMITED

 

 

Registered Office :

Tetlabo, Word# 3, Po: Parabo, Rupgonj, Narayangonj

 

 

Country :

Bangladesh

 

 

Financials (as on) :

December 2012

 

 

Date of Incorporation :

13.04.2004

 

 

Com. Reg. No.:

C-52450

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer and Exporter of Bed Sheet Set, Quilt Cover Set, Comforter Grey Fabric in any Quality

 

 

No of Employees :

6000 (In Office – 35, in Factory – 5957, In Branch - 8)

 

 

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

 

 

EXECUTIVE SUMMARY

 

 

 

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Acs Textiles (Bangladesh) Limited

Head Office

:

Tetlabo, Word# 3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-02-7449593, 7450204, 7450242, 7450724

Fax No

:

88-02-7450786

E-mail

:

acsinfo@acstextiles.com,

hr@acstextiles.com

Website

:

www.acstextiles.com

Date/ Year of Incorporation

:

13.04.2004

Incorporation No.

:

C-52450

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. 294, 55, 02,580

Tk. 210, 75, 45,753

Tk. 18,00,35,035

July’ 12~June’ 13

Tk. 595,85,46,155

Tk. 183,67,28,152

Tk. 24,10,34,171

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. Aktaruzzaman

Designation

:

Senior Admin Officer

Contract No

:

-

 

 

                                                               Locations Details

 

Operating Address

:

Tetlabo, Word-3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-02-7449593, 7450204, 7450242, 7450724

Fax No

:

88-02-7450786

E-mail

:

acsinfo@acstextiles.com, hr@acstextiles.com

Website

:

www.acstextiles.com

 

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2000

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

:

Tetlabo, Word-3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-02-7449593, 7450204, 7450242, 7450724

Fax No

:

88-02-7450786

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

550000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

House# 1D, Road# 10, Block# K, Baridhara, Dhaka-1212, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

35

In Factory

:

5957

In Branch:

:

8

Total

:

6000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Masood Dawood Akbani

                              1, 72,167

Martin Sluckis

                                93,351

Max Cohen

                                93,351

 

 

DIRECTORS

 

Name

Designation

Masood Dawood Akbani

Managing Director

Martin Sluckis

Director

Max Cohen

Director

 

 

MANAGEMENT

 

Name

:

Mr. Aktaruzzaman

Job Description

:

Senior Admin Officer

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Bed Sheet Set, Quilt Cover Set, Comforter Grey Fabric in Any Quality

Production Capacity

:

30,000 pieces per day

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 :

Ö

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

 

:

Sweden, Holland, Denmark, Norway, Australia

 

Imports

 

:

China, Japan, Australia

 

 

 

Brand Name

:

N/A

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.50,00,00,000

 

Paid-up Capital

:

Tk.358869000

No. of Shares

:

358869

 Share Value

:

Tk.1000.00Each

Main Assets

:

Tk.183,67,28,152

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

Balance Sheet :

 

 

  Currency

: Tk

 

 

       Denomination

: 1

 

 

         Financial Year Ending

:July,31~June,30

 

     Financial Highlights

 

2012 Annual

SL.

Source Of Fund(BDT)

        2012

1,

Capital/ Shareholder’s Equity

122,25,25,175.00

 

1.1 Paid Up capital

35,88,69,000.00

 

1.2 Reserved and Surplus

86,36,56,175.00

2.

Loans

00.00

 

2.1Long Term Secured Loans

0.00

 

2.2 long Term Un- secured Loans

0.00

Total ( Source of Fund)

 

                              Application of Funds (BDT)

SL.

 

 

1.

Non-current Assets

289,43,66,438.00

 

1.1 Fixed Assets Net of Depreciation

234,01,45,989.00

 

1.2 Investment

55,42,20,449.00

2.

Current Asset Loan and Advances

183,67,28,152.00

 

2.1 Inventories

92,83,88,293.00

 

2.2 Sundry Debtors

64,95,15,473.00

 

2.3 Cash in Bank

2,40,58,541.00

 

2.4 Cash in Hand

7,51,710.00

 

2.5 Others Current Assets

2,90,55,632.00

 

2.6 Loans and Advances

20,49,58,503.00

3.

Less Current Liabilities and Provisions

350,85,69,415.00

 

3.1 Less: Current liabilities

335,14,60,061.00

 

3.2 Less: Current Provisions

15,71,09,354.00

4.

Miscellaneous

00.00

 

 

 

 

 

Profit & Loss :

 

  Currency

: Tk

 

       Denomination

: 1

 

               Financial Year Ending

: December

 Financial Highlights

2012 Annual

 

1.

Turn Over Income

595,85,46,155.00

2.

Gross Profit

29,90,63,875.00

3.

Net Profit (after income Tax)

24,10,34,171.00

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

South East Bank Ltd.

Bank Address

:

Principal Branch,

1, Dilkusha C/A, Dhaka - 1000

Phone: 9550081, 9567271 - 2, 9563101

Fax : 88 - 02 - 9551575

Tlx : 632463 SBLPB BJ

Swift: SEBDBDDHSPB

Email: hob.pb@sebankbd.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 rFactory address which is situated at Tetlabo, Word-3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

 

 

GENERAL COMMENTS

 

Established in 2004, the subject is mainly engaged in Manufacturer & Exporter of Bed Sheet Set, Quilt Cover Set, and Comforter Grey Fabric in Any Quality. Having been in operation for several years, the subject maintains accepted business volume.

 

Reputation in the market, as well as its financial condition, we recommended that Credit can proceed promptly in Fairly large amount

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.07

UK Pound

1

Rs. 103.61

Euro

1

Rs. 85.02

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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.