MIRA INFORM REPORT

 

 

Report Date :

07.05.2014

 

IDENTIFICATION DETAILS

 

Name :

KNIT PLUS LIMITED.

 

 

Registered Office :

78, Motijheel C/A (7th floor, Room-801), Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

14.07.2003

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer and Exporter of T shirts, polo Shirts, Trousers     

 

 

No. of Employees

1200

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  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

 

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Knit Plus Limited.

Head Office

:

78, Motijheel C/A (7th floor, Room-801), Dhaka-1000, Bangladesh.

Tel No

:

88-02-7160505

Fax No

:

N/A

E-mail

:

knitplus@sparkbd.net

azad@knitplusltd.com                                                                                    ishtiaque_ahmeddkpl@yahoo.com

ishtiaque@knitplusltd.com

Website

:

www.knitplusltd.com

Date/ Year of Incorporation

:

14.07.2003

Incorporation No.

:

C-49854

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. 350 Million

Tk. 110 Million

Tk. 12.6 Million

( July’12~ June’13)

Tk. 378 Million

Tk. 115 Million

Tk. 14.5 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

:

Akramul Azam Salim.                                                                                          

Designation

:

General Manager.

Contract No

:

88-01713-060773

 

                                                               Locations Details

 

Operating Address

:

78, Motijheel C/A (7th floor, Room-801), Dhaka-1000, Bangladesh.

Tel No

:

88-02-7160505

E-mail

:

knitplus@sparkbd.net,

azad@knitplusltd.com                                                                                     ishtiaque_ahmeddkpl@yahoo.com,

ishtiaque@knitplusltd.com

Fax No

:

N/A

Website

:

www.knitplusltd.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1800

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

:

Plot# 2036, Mouchak, Kaliakour, Gazipur, Bangladesh.                                                                           

Tel No

:

880-2-929785, 9297859

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

45000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

90

In Factory

:

1110

In Branch:

:

-

Total

:

1200

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Salahuddin Ahmed Patwary

                             11650

Mr. Ishtiaque Ahmed Patwary

                             11700

Mr. Azad Ahmed Patwary                                                                             

                             11650  

 

 

DIRECTORS

 

Name

Designation

Mr. Ishtiaque Ahmed Patwary

Managing Director

Mr. Salahuddin Ahmed Patwary

Director

Mr. Azad Ahmed Patwary                                                                             

Director

 

 

MANAGEMENT

 

Name

:

Mr. Akramul Azam Salim.                                                                                          

Job Description

:

Deputy General Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713-060773

 

 

 

Name

:

Md. Jamal Uddin.

Job Description

:

Merchandising Manager (Marketing)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

01914-257746                                                                                              -                                                                                            

 

Name

:

Mr. Ahmed Patwary.

Job Description

:

CEO

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A                                                                                       

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

T shirts, polo Shirts, Trousers     

Production Capacity

:

Knitting: 12,900 kg per Day.

Cuff & Collar: Sets. Per day

Brushing (Rising): 5000 kg per day

Dyeing: 5880 kg per Day

Printing: 15,000 Pcs per Day

Embroidery: 4,000 Pcs per Day

Garments : 3, 60,000 pcs per month

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

Ö

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

OTTO International- Germany

Multiline - - Germany

Happy Size Company - Germany.

Red Cats Asia - France

Shop Direct - U.K.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

 

Imports

 

:

China, India.

 

 

 

 

Brand Name

:

N/A

Certified

:

ISO: 9001: 2008

SWISO

BSCI

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Knitwear Manufacturers & Exports Association.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 15 Crore.

 

Paid-up Capital

:

Tk.3, 50,00,000

    No. of Shares

:

35000

Share Value

:

Tk.1000.00Each

Main Assets

:

Tk. 115 Million

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

CNG Zone.

Maa- Moni Chemicals.

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

One Bank Llimited.

Bank Address

:

45 Dilkusha C/A, Dhaka-1000, Bangladesh

Phone   : 880 - 2 - 9564249

Fax: 880 - 2 - 9561960

Telex: 642491 oblpb bj

Swift: onebbddh001

E-mail:onebankid@bdcom.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 Head Office address which is situated at 78, Motijheel C/A (7th floor, Room-801), Dhaka-1000, Bangladesh. The subject company situated at commercial area which is well furnished. The subject company General Manager Mr. Akramul Azam Salim given us all information.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 10 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.20

UK Pound

1

Rs.101.67

Euro

1

Rs.83.55

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.