MIRA INFORM REPORT

 

 

Report Date :

13.10.2014

 

IDENTIFICATION DETAILS

 

Name :

ISLAM GARMENTS LTD.

 

 

Registered Office :

Rangs Arcade, (5th Floor), 153/A, Gulshan, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

12.02.1985

 

 

Com. Reg. No.:

C- 13755

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of Shirts, Blouses, Pants.   

 

 

No. of Employees :

3045

 

 

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

:

Islam Garments Ltd.

Registered office

:

Rangs Arcade, (5th Floor), 153/A, Gulshan, Dhaka-1212, Bangladesh.

Tel No

:

880-2-8827770, 9863004, 9863040

Fax No

:

880-2-8816093   

E-mail

:

atiq@islam-garments.com,

islam@islam-garments.com

Website

:

www.islam-garments.com

Date/ Year of Incorporation

:

12.02.1985

Registered No.

:

C- 13755

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’2012~June’2013

Tk. 347 million

Tk. 155.50 Million

Tk. 4.95 million

July’2013~June’2014

Tk. 421 million

Tk. 163.20 Million

Tk. 8.75 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. Khalid Hossain

Designation

:

Commercial Manager

Contract No

:

88-0171333 1126

 

 

                                     Locations Details

Business Address

:

Rangs Arcade, (5th Floor), 153/A, Gulshan, Dhaka-1212, Bangladesh.

Tel No

:

880-2-8827770, 9863004, 9863040

Fax No

:

880-2-8816093   

E-mail

:

atiq@islam-garments.com,

islam@islam-garments.com

Website

:

www.islam-garments.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

3200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory(Unit-1):

Address

:

Zamgora, Ashulia, Savar, Dhaka, Bangladesh.

Tel No

:

-

Fax No

:

-

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

45000

Sq. ft.

 

Factory(Unit-2):

Address

:

Zarun, Kona Bari, Gazipur, Bangladesh.

Tel No

:

-

Fax No

:

-

 

Location :

Owned

 

 

Rented

Ö

 

Leased

 

Area

40000

Sq. ft.

 

Registered Address:

 

 

 

Address

:

156 Shantinagar, Dhaka-1217, Bangladesh.

Tel No

:

-

Fax No

:

-

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

65

In Factory

:

3,000

In Branch:

:

-

Total

:

3045

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

                          No. of Share     

Mr. Shafiqul Islam

                                2,00,000

Mr. Atiqul Islam

                                 50,000

Islam Knit Designs Ltd

                                6,00,000

Mr. Shahrier Ahmed

                                 50,000

Mr. Shaker Ahmed

                                 50,000

Mrs. Hasmat Ara Islam

                                 50,000

 

 

Directors

 

Name

Designation

Mr. Shafiqul Islam

Chairman & Managing Director

Mr. Atiqul Islam

Director

Mr. Shahrier Ahmed

Director

 

 

Management

 

Name

:

Mr. Khalid Hossain

Email address

:

N/A

Nationality

:

Bangladeshi

Job Description

:

Commercial Manager

Other details

:

-

 

 

Business Operations

                                                                                                             

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Others

 

 

 

Range of Products:

 

Products

:

Shirts, Blouses, Pants.   

Production Capacity

:

Weaving Division - 15000 yards per day

Knitting Division-4000 kg per day

          Garments Division :

Woven Garments -Tops and bottoms-8500 PCs

Knit Garments-T- Shirt, Polo and bottoms: 4000 PCs

Fabric Dyeing, Printing and Finishing: 20,000 yards

Yarn Dyeing Division-2000 Kg 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

:

N/A

Local Clients

:

Mart-USA

Wal Mart-Canada

Bry Lane-USA

Justin Allen-USA

Empire-U.K.

H. Bay-Canada

Otto Versand-U.K., Reg No-6070343

GUS-U.K.

Zellers-Canada

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

USA, Canada, UK

Imports

:

China, India, Thailand

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.10,00,00,000

No. of Shares

:

10,00,000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 163.20 Million

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Islam Dress Ltd

Islam Knit Design Ltd

Islam Products Ltd

Subsidiary

:

N/A

Name of  The Group

:

Islam Group

 

 

Banking

 

Bank Name  

:

IFIC Bank Ltd.

Bank Address

:

Motijheel Branch

Pabx: 880-2-9563020-29

Fax: 880-2-09566352

Phone: 880-2-9565215-18

125/A Motijheel C/A, Dhaka-1000, Bangladesh

 

Bank Name  

:

Shahajalal Islami Bank Ltd.

Bank Address

:

Gulshan Branch

Gulshan-1, Dhaka-1212.

53, Gulshan South C/A, Gulshan Avenue, 

Nafi Tower (Level-2),

 

 

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 Rangs Arcade, (5th Floor), 153/A, Gulshan, Dhaka-1212, Bangladesh. The subject company Commercial Manager Mr. Khalid Hossain given us all information. Is situated at Residential area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line with fairly stable financial conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.16

UK Pound

1

Rs.98.62

Euro

1

Rs.77.67

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.