MIRA INFORM REPORT

 

 

Report Date :

02.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MIDLAND KNITWEAR LTD.

 

 

Registered Office :

TK Bhaban [10th Floor] 13, Karwan Bazar, Dhaka -1215

 

 

Country :

Bangladesh.

 

 

Date of Incorporation :

20.05.2003

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Exporter of Dyeing of Polo Shirt, T-Shirt, Tank tops, Trouser, Jacket, legging Sweat Shirt & Sweat pant, Ladies Wears (Long Pant), Children Item, Sports Wear, Tank Top (Ladies, Anita). 

 

 

No. of Employees :

2000

 

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

:

Midland Knitwear Ltd.

Head Office

:

TK Bhaban [10th Floor] 13, Karwan Bazar, Dhaka-1215, Bangladesh.

Tel No

:

88-02-9135039, 9140271, 8141050, 9116334, 9116219.

Fax No

:

Nil

E-mail

:

info@mfgbd.net

mizan@mfgbd.net

amirul@mfgbd.net

Website

:

www.mfgbd.com

Date/ Year of Incorporation

:

20-05-2003

Incorporation No.

:

C-49284

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

Julu’2012~June’2013

Tk. 355 Million

Tk. 205 Million

Tk. 3.78 Million

Julu’2013~June’2014

Tk. 381 Million

Tk. 211.69 Million

Tk. 8.95 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. Md. Mahmudul Hoque.

Designation

:

Commercial Manager.

Contract No

:

88-01973384696

 

                                                               Locations Details

 

Operating Address

:

TK Bhaban [10th Floor] 13, Karwan Bazar, Dhaka -1215, Bangladesh.

Tel No

:

88-02-9135039, 9140271, 8141050, 9116334, 9116219.

Fax No

:

Nil

E-mail

:

info@mfgbd.net

mizan@mfgbd.net

amirul@mfgbd.net

Website

:

www.mfgbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

4200

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

:

Ramarbagh, Kutubpur, Fatullah, Narayanganj, Bangladesh.

Tel No

:

880-2-7611772-3, 7672771, 7642242, 7671856, 7641772.

Fax No

:

880-2-7611773

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

199200

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

N/A

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

90

In Factory

:

1910

In Branch:

:

-

Total

:

2000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Md. Shamsuzzaman

                               60000

Mrs. Ferdous Ara

                               60000

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Shamsuzzaman

Managing Director

Mrs. Ferdous Ara

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Mahmudul Hoque.

Job Description

:

Commercial Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dyeing

Ö

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Polo Shirt, T-Shirt, Tank tops, Trouser, Jacket, legging Sweat Shirt & Sweat pant, Ladies Wears (Long Pant), Children Item, Sports Wear, Tank Top (Ladies, Anita).     

Production Capacity

:

Garments: 66700 Doz per day

Dyeing: 15000 kgs 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 :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

H&M, C&A, New Look, Coop, Ascot Sport, Americanino, Onze, Richfield, Ferrari.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Pakistan.

 

 

 

Brand Name

:

N/A

Certified

:

ISO 9001:2000.

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Knitwear Manufacturers & Exports Association. 

 

 

CAPITAL STRUCTURE

                                                                                                                                                                                          

 

Authorized Capital

:

Tk. 25 Crore.

 

Paid-up Capital

:

Tk.12, 00,00,000

    No. of Shares

:

1, 20,000

Share Value

:

Tk.1000.00Each

Main Assets

:

Tk. 211.69 Million

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Orient Chep-Tex Ltd.

Micro Fibre Ltd.

Liberty Knitwear Ltd.

A- One Polar Ltd.

Tangon Garments Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Micro Fibre Group. 

 

 

BANKING

 

Bank Name  

:

UCBL Bank Ltd.                                                                                    

Bank Address

:

Bangshal Branch

32/3, Malitola Road

North South Road, Dhaka -1000.

MOBILE-01713-017589

 

 

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 registered address which is situated at TK Bhaban [10th Floor] 13, Karwan Bazar, Dhaka -1215, Bangladesh. The subject company Commercial Manager Mr. Md. Mahmudul Hoque given us all information. Is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer, Exporter & Dyeing. 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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.75

UK Pound

1

Rs.100.06

Euro

1

Rs.77.95

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.