|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
DAEYU BANGLADESH
LTD. |
|
|
|
|
Registered Office : |
68/1, Gulshan Avenue, (4th Floor), Gulshan-1, Dhaka-1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
20.11.1996 |
|
|
|
|
Legal Form : |
Private Co |
|
|
|
|
Line of Business : |
Subject is mainly engaged in Dyeing of Acrylic Yarn, Acrylic/Wool Yarn, Cotton Yarn, Acrylic/Cotton Yarn,
Spinning, Yarn, Sweater |
|
|
|
|
No of Employees : |
1800 |
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 |
IDENTIFICATION DETAILS
|
||
|
|
||
|
Correct company Name |
: |
DAEYU BANGLADESH LTD. |
|
Head Office |
: |
68/1, Gulshan Avenue, (4th Floor), Gulshan-1, Dhaka-1212, Bangladesh. |
|
Tel No |
: |
88-02-9885771-2, 9856963-4 |
|
Fax No |
: |
88-02-8823454 |
|
E-mail |
: |
jnsarkar@daeyubangladesh.com masfique.murad@daeyubangladesh.com |
|
Website |
: |
www.uniongroup.com |
|
Date/ Year of Incorporation |
: |
20.11.1996 |
|
Incorporation No. |
: |
C- 31804
|
|
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. 290 Million |
Tk. 1550 Million |
Tk. 11.60 Million |
|
July’ 13~June’
14 |
Tk. 485 Million |
Tk. 1631.50 Million |
Tk. 23.05 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
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Information Parted By |
||
|
|
|
|
|
Name |
: |
Mr. Jitendranath
Sarkar |
|
Designation |
: |
Executive
Director |
|
Contract No |
: |
- |
|
Locations Details |
||
|
|
||
|
Operating Address |
: |
68/1, Gulshan Avenue, (4th Floor), Gulshan-1, Dhaka-1212, Bangladesh. |
|
Tel No |
: |
88-02-9885771-2, 9856963-4 |
|
Fax No |
: |
88-02-8823454 |
|
E-mail |
: |
jnsarkar@daeyubangladesh.com masfique.murad@daeyubangladesh.com |
|
Website |
: |
www.uniongroup.com |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
5600 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
|
Residential Bldg. |
|
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|
|
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Factory: |
|
Unit 1: |
|
|
|
|
|
Address |
: |
Plot # 106-123, DEPZ - Ext. Ganak Bari,
Savar, Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Factory: |
|
Unit 2: |
|
|
|
|
|
Address |
: |
731, Vannara, Mouchak, Kaliakoir, Gazipur,
Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Owned |
|
|
Rented |
Ö |
|
Leased |
|
Area |
65000 |
Sq. ft. |
|
Branches: |
|
|
|
|
|
|
|
Address |
: |
Nil |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
30 |
In Factory |
: |
1770 |
||
|
In Branch: |
: |
- |
Total |
: |
1800 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of Share |
|
Mr. Kang Ok Lee-(Representing of E-Euro Co. Ltd) |
10, 74,680 |
|
Mr. Md. Rana Shafiullah |
500 |
|
Mr. Raquibul Kabir |
500 |
|
Mr. Md. Shaun Rana |
500 |
|
Mr. Sang Sik Kwak |
500 |
|
Mr. Ungju Bang |
500 |
|
Mrs. Nasreen Kabir |
21, 49,860 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Md. Rana Shafiullah |
Chairman |
|
Mrs. Nasreen Kabir |
Vice- Chairman |
|
Mr. Raquibul Kabir |
Managing Director |
|
Mr. Md. Shaun Rana |
Director |
|
Mrs. Nazma Kabir Khan |
Director |
|
Mrs. Nazia Kabir |
Director |
|
Mrs. Juria Rana
|
Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Jitendranath
Sarkar |
|
Job Description |
: |
Executive
Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Sultan Mahmud |
|
Job Description |
: |
General Manager (Marketing) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Masfique Murad |
|
Job Description |
: |
Commercial Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
||||||||
|
Nature of Activity : |
Dyeing |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
|
Exporter |
|
Importer |
|
Services |
|
Others |
|
|
Range of
Products: |
||
|
|
||
|
Products |
: |
Acrylic Yarn, Acrylic/Wool Yarn, Cotton
Yarn, Acrylic/Cotton Yarn, Spinning, Yarn, Sweater |
|
Production Capacity |
: |
Knit: 200000 pec per Month |
|
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 |
|
Cash |
Ö |
Others |
|
|
|||
|
|
Credit : |
Ö |
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED
DATA
|
|
|||||||||
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
Saka Inc-USA Target-USA H & M-USA Peacock-Europe Wibre-UK |
Local Clients |
: |
N/A |
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
||||
|
Trade Markets |
: |
Exports |
: |
N/A |
|
|||||
|
Imports |
: |
China, India |
|
|||||||
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|||||||||
|
Brand Name |
: |
N/A |
||||||||
|
Certified |
: |
N/A |
||||||||
|
Auditors |
: |
N/A |
||||||||
|
Operation Status |
: |
Active |
||||||||
|
Member |
: |
Bangladesh Textile Mills Association |
||||||||
CAPITAL STRUCTURE
|
|
||||||||
|
Authorized Capital |
: |
Tk. 100 Crore |
|
||||||
|
Paid-up Capital |
: |
Tk. 3, 22,704,000 |
No. of Shares |
: |
3227040 |
Share
Value |
: |
Tk.100.0Each |
|
|
Main Assets |
: |
Tk. 1631.50 Million |
|
||||||
FINANCIAL
STATEMENT- DETAILED
|
|
The subject company don’t submit update full
financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
||
|
Sister Concerns |
: |
Union Power Systems Ltd. Union Properties Ltd. Union Hospitalities Ltd. Union Tours & Travels Ltd. Cellular Mobile Pte Ltd. Sam Ree Dyeing (BD) Ltd Lakhsma Fashions Ltd. Bangla International Airlines Ltd. HP Chemicals Ltd. Union Mercantile Ltd Union Tea Co. Ltd. Watches World Ltd. Union Bangladesh Ltd. Union Composite Tex Ltd. Dhaka Convention Center Ltd. |
|
Subsidiary |
: |
Nil |
|
Name of The Group |
: |
Union Group |
BANKING
|
|
|
|
Bank Name
|
: |
Dhaka Bank
Ltd.
|
|
Bank Address |
: |
EPZ Branch, Zone Service Building, Room # 51, DEPZ Ganakbari, Savar, Dhaka Tel: +8802 7701671-2 Fax: +8802 7701672 E-mail: depz@dhakabank.com.bd |
|
|
||
|
Bank Name
|
: |
Standard Chartered Bank Ltd.
|
|
Bank Address |
: |
Gulshan Branch 67 Gulshan Avenue, Gulshan – 1, Dhaka, Bangladesh |
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 68/1, Gulshan Avenue, (4th Floor), Gulshan-1, Dhaka-1212,
Bangladesh. The subject company Executive Director Mr. Jitendranath Sarkar
given us all information. Is situated at commercial area which is a well
decorated modern office. |
GENERAL
COMMENTS
|
|
Subject is mainly engaged in 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.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.