MIRA INFORM REPORT

 

 

Report Date :

26.05.2014

 

IDENTIFICATION DETAILS

 

Name :

TAQWA FABRICS LTD.

 

 

Registered Office :

Road# 13/B, House#51/C, Sector#3, Uttara, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

25.05.2007

 

 

Com. Reg. No.:

C-66963  

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer and Exporter of T-Shirt, Polo Shirt.   

 

 

No of Employees :

500 (In Office – 50 In Factory - 450)

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

:

Taqwa Fabrics Ltd.

Head Office

:

Road# 13/B, House#51/C, Sector#3, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-7913038-43

Fax No

:

88-02-8963905 

E-mail

:

salmanlibas@gmail.com,

taqwa@bracnet.com,

makin@libasknit.com

Website

:

Nil

Date/ Year of Incorporation

:

25.05.2007

Incorporation No.

:

C-66963  

Tin No                                                                  

:

175-201-7854

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. 265 Million

Tk. 300 Million

Tk. 26.50 Million

July’ 12~June’ 13

Tk. 272 Million

Tk. 310 Million

Tk. 28.50 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. Makin.

Designation

:

Senior Merchandiser.

Contract No

:

Nil

 

 

                                                               Locations Details

 

Operating Address

:

Road# 13/B, House#51/C, Sector#3, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-7913038-43

E-mail

:

salmanlibas@gmail.com,

taqwa@bracnet.com,

makin@libasknit.com

Fax No

:

88-02-8963905 

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

1600

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

:

Kewa Boherarchala, Gila Beraeed Sreepur Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

50000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

450

In Branch:

:

-

Total

:

500

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Salamat Ali

                                   72000

Mr. Mohammed Salman

                                 108000

Mr. Raheel Anjum

                                   75000

Ms. Tasnim Saffana

                                   45000

 

 

DIRECTORS

 

Name

Designation

Mr. Mohammed Salman

Managing Director

Mr. Salamat Ali

Director

Mr. Raheel Anjum

Director

Ms. Tasnim Saffana

Director

 

 

MANAGEMENT

 

Name

:

Mr. Makin.

Job Description

:

Senior Merchandiser.

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-Shirt, Polo Shirt.   

Production Capacity

:

7, 00,000 Doz 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

:

Target, Kappa, Mascot, Zara, H&M, C&A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Pakistan, Italy.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 20 Crore.

 

Paid-up Capital

:

Tk. 3,00,00,000

    No. of Shares

:

3, 00,000

Share Value

:

Tk.100.00Each

 

 

 

 

 

 

 

 

 

Main Assets

:

Tk. 310 Million.

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Libas Knitwear Limited.

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Head Office Complex

Islami Bank Tower, 40 Dilkusha C/A,

Dhaka-1000

Phone: (02) 9563182, PABX-(02) 9563040

Mobile: 01711693908, 01714034155

Fax: (02) 9564532

Email: hocc@islamibankbd.com

 

Bank Name  

:

Premier Bank Ltd.

Bank Address

:

Gulshan Branch.

140, Gulshan Avenue, Gulshan Circle 2, Dhaka-1212

Tel: 880-2-8815268, 880-2-9882781, 880-2-9890391

Fax: 880-2-8818338

Telex: 642541 PRBGL BJ S.W.I.F.T.: PRMRBDDHGUL

 

Bank Name  

:

Sonali Bank Ltd.

Bank Address

:

Local Office.

35-44, Motijheel C/A Dhaka, Dhaka

Tel: 88-02-89553382, 9551482, 988-02-9568002

 

Bank Name  

:

Bank Asia Ltd.

Bank Address

:

Gulshan Branch.

Bay's Gallaria 57, Gulshan Avenue (Ground Floor), Dhaka – 1212

Ph: 880-2-8828103, 8828179

Fax: 880-2-8816739

Telex: 642450 BAGUL BJ

 

Bank Name  

:

National Bank Ltd.

Bank Address

:

Gulshan Branch.

97/1, Gulshan Avenue, Dhaka-1212;

Phone: 880-2-9889913

 

 

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 Road# 13/B, House#51/C, Sector#3, Uttara, Dhaka-1230, Bangladesh. The subject company Senior Merchandiser Mr. Makin given us all information. Is situated at Residential 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. 58.48

UK Pound

1

Rs. 98.67

Euro

1

Rs. 79.80

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.