MIRA INFORM REPORT

 

 

Report Date :

21.11.2014

 

IDENTIFICATION DETAILS

 

Name :

MASCO INDUSTRIES LIMITED

 

 

Registered Office :

Masco Centre, House# 6, Road# 1, Jashimuddin Avenue, Sector# 3, Uttara, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

09.12.1999

 

 

Com. Reg. No.:

C-39217

 

 

Legal Form :

Private Company

 

 

Line of Business :

Exporter of Composite Knit Garments, T-Shirts, Polo Shirts.

 

 

No. of Employees :

2,096

 

 

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

B1

 

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

:

Masco Industries Limited

Head Office

:

Masco Centre, House# 6, Road# 1, Jashimuddin Avenue, Sector# 3, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-8914130, 8914134

Fax No

:

88-02-8923126, 9814731

E-mail

:

commercial@mascogrp.com,rafique@mascoknit.com, apu@mascoknit.com

Website

:

www.mascoknit.com

Date/ Year of Incorporation

:

09.12.1999

Incorporation No.

:

C-39217

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. 350 Million

Tk. 5269.16 Million

Tk. 65.00 Million

July’13~June’14

Tk. 445 Million

Tk. 5431.68 Million

Tk. 51.24 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. Tarikul Islam

Designation

:

Deputy Manager (Commercial)

Contract No

:

N/A

 

 

Locations Details

 

Business Address

:

Masco Centre, House# 6, Road# 1, Jashimuddin Avenue, Sector# 3, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-8914130, 8914134

Fax No

:

88-02-8923126, 9814731

E-mail

:

commercial@mascogrp.com, rafique@mascoknit.com  apu@mascoknit.com

Website

:

www.mascoknit.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

5500

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

:

221-223, Khartail, Shataish Road, Gazipura Tongi, Gazipur, Bangladesh.

Tel No

:

88-02-9813362

Fax No

:

88- 02- 9810790

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

5,56,300

Sq. ft.

 

 

Employee

 

No. of Employees 

 

In Office

:

75

In Factory

:

2021

In Branch:

:

 

Total

:

2096

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Ms. Farhana Akhter

                             340

Ms. Fahima Akhter                                                                                    

                             660

 

 

DIRECTORS

 

Name

Designation

Mr. M.A Sabur

Chairman

Mr. Ahmed Arif Billah                                                                                  

Managing Director

Mr. Fahima Akhter                                                                                   

Director

Mr. Farhana Akhter                                                                                   

Director

 

 

MANAGEMENT

 

Name

:

Mr. Tarikul Islam

Job Description

:

Deputy Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Composite Knit Garments.

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

T-Shirts, Polo Shirts, etc.       

Production Capacity

:

10920000 pcs per year.

Last Year Production

:

N/A

 

 

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

:

C & A,  Tchibo, Zara, Pull & Bear                                             Bon Prix, Mayoral   

Local Clients

:

N/A

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

Trade Markets

:

 

Exports

:

Europe, USA

Imports

:

China, India, Italy, Canada.

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Knitwear Manufacturers & Exports Association      

                                                       

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 30 Million

 

Paid-up Capital

:

Tk. 1,00,000

    No. of Shares

:

1000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 5431.68 Million

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Masco Center

Masco Industries Limited

Masco Tex Limited

Tasniah Fabrics Limited

MPL Wear Limited

Masco Cottons Limited

Concept Knitting Limited

Masco Printing & Embroidery Ltd

Subsidiary

:

N/A

Name of  The Group

:

Masco Group

 

 

BANKING

 

Bank Name  

:

Export Import Bank of Bangladesh Limited,

Bank Address

:

Motijheel Branch,

Sharif Mansion, 56-57, Motijheel C/A, Dhaka

Phone: 88-02-9568534, 9552800, 9568093,

9554988, Dir-9553778

Fax: 880-2-9569983

Mobile: 88- 01713-001122

Swift: EXBKBDDH001

E-mail: motijheel@eximbankbd.com 

 

Bank Name  

:

Prime Bank Ltd.

Bank Address

:

Motijheel Branch

Adamjee Court Annexe Building -2,

119-120, Motijheel C/A, Dhaka-1000

Phone: (02) 7175491-2, 9567225,9562982

Fax:88-02-9567223

Telex: 671543 PBLMJ BJ

SWIFT: PRBLBDDH001

Email: pblmotijheel@primebank.com.bd

 

Bank Name   

:

Bank Asia Ltd.

Bank Address

 

:

Principal Office Branch

111-113, Motijheel C/A.

Dhaka – 1000

Ph: 880-2-9571450, 9571451

Fax: 880-2-9566223

Telex: 632513 BAPO BJ

 

Bank Name  

:

National Bank Ltd.

Bank Address

:

Motijheel Branch

3, Rajuk Avenue, Motijheel C/A ,

Dhaka - 1000;

Phone: 88-02-9567558-9

 

Bank Name  

:

Standard Bank Ltd.

Bank Address

:

Motijheel Branch

Alico Building, 18-20 Motijheel C/A

 

Bank Name  

:

IFIC Bank

Bank Address

:

Motijheel Branch

Islam Chamber 125/A, Motijheel C/A

Dhaka-1000

Tel : 88-02-9565215-8, 7111934

7111923-26

Fax: : 880-2-9566352

Email: ificmoti@bol-online.com

 

Bank Name  

:

The City Bank Ltd.

Bank Address

:

Dhaka Chamber Branch

Chamber Bhaban 65-06

Motijheel C/A, Dhaka-l000

Phone: 9563897 9571

 

 

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 which is situated at Masco Center, House# 06, Road# 01, Sector# 03 Jashimuddin Avenue, Uttara, Dhaka-1230, Bangladesh.

 

 

GENERAL COMMENTS

 

Based on the financial statement, the subject company financial performance appears to be Average. Taking into account its standing history, reputation in the market, as well as its financial condition.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.10

UK Pound

1

Rs.97.32

Euro

1

Rs.77.91

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

VNT

 

               

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.