MIRA INFORM REPORT

 

 

Report Date :

06.11.2014

 

IDENTIFICATION DETAILS

 

Name :

CIDATEX APPAREL LTD.

 

 

Registered Office :

House# 162(3rd Floor), Lane# 3, Eastern Road, NBEW DOHS, Mohakhali, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

20.07.2009

 

 

Com. Reg. No.:

C-78682

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Importer of Kids Item, Polo Shirts, T-Shirts. 

 

 

No. of Employees :

470

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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

:

Cidatex Apparel Ltd.

Head Office

:

House# 162(3rd Floor), Lane# 3, Eastern Road, NBEW DOHS, Mohakhali, Dhaka-1212, Bangladesh. 

Tel No

:

88-02-9893602

Fax No

:

Nil

E-mail

:

mannan@cidatex.com, bekash@cidatex.com

Website

:

Nil

Date/ Year of Incorporation

:

20/07/2009

Incorporation No.

:

C-78682

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’ 12~June’ 13

Tk. 185  Million

Tk. 55.60  Million

Tk. 5.40 Million

July’ 13~June’ 14

Tk. 218  Million

Tk. 61.07  Million

Tk.8.93 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. Abdul Mannan

Designation

:

Accounts Officer

Contract No

:

-

 

                                                               Locations Details

 

Operating Address

:

House# 162(3rd Floor), Lane# 3, Eastern Road, NBEW DOHS, Mohakhali, Dhaka-1212, Bangladesh. 

Tel No

:

88-02-9893602, 01720545831, 01717052736

Fax No

:

Nil

E-mail

:

mannan@cidatex.com, bekash@cidatex.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2000

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

Ö

 

 

 

 

 

Factory:

 

 

Address

:

Ward# 07, Holding# J-01, Chandra, Kaliakoir, Gazipur, Bangladesh.

Tel No

:

880-682251065, 682251068, 01711533586

Fax No

:

-

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

48000

Sq. ft.

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

25

In Factory

:

445

In Branch:

:

 

Total

:

470

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Rezaul Karim

5000

Mr. Syed Sayeed Munir

5000

Mohammed Borhan Uddin        

5000

Mr. Jayanta Kumar Bhowmik

5000

 

DIRECTORS

 

Name

Designation

Mr. Rezaul Karim

Chairman

Mr. Jayanta Kumar Bhowmik

Managing Director

Mohammed Borhan Uddin                    

Director

Mr. Syed Sayeed Munir

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Abdul Awal Byorun

Job Description

:

Sinner. Commercial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Abdul Mannan

Job Description

:

Accounts Officer

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

:

Kids Item, Polo Shirts, T-Shirts. 

Production Capacity

:

40,000 Pcs 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, H & M, Wal Mart, Mascot, K-Mart.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

N/A

 

Imports

:

China, India, Canada, Germany.

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

 N/A

Operation Status

:

Active

Member

:

 Bangladesh Garments Manufacturer & Exporters Association, Dhaka

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 30 Million

 

Paid-up Capital

:

Tk.2000000

    No. of Shares

:

20000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk.61.07  Million

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Cida Tex Resources Bangladesh Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Local Office

75, Motijheel C/A, Dhaka-1000

Phone: 88-02-9571201-2, 9568187, PABX-9552897

Mobile:  01711-694317 G B # 01711-693901-03

Fax: 880-2-9561105, 9561995

Email: ibbl@bttb.net.bd, ibbllofx@aitlbd.net 

 

 

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 House# 162(3rd Floor), Lane# 3, Eastern Road, NBEW DOHS, Mohakhali, Dhaka-1212, Bangladesh. It is situated at residential area & their office is well decorated.

 

 

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 Fair

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.41

UK Pound

1

Rs.98.06

Euro

1

Rs.76.67

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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.