MIRA
INFORM REPORT
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Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
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Name : |
SHASHA DENIMS LTD. |
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Registered Office : |
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Country : |
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Date of Incorporation : |
18.10.1996 |
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Com. Reg. No.: |
C-31649 |
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Legal Form : |
Private Co
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Line of Business : |
Manufacturer and Exporter of Denim Fabric |
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No of Employees : |
1349 (In Office – 24 and In Factory - 1325) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Bangladesh |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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..
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Source
: CIA |
IDENTIFICATION DETAILS
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Correct
company Name |
: |
Shasha Denims Ltd. |
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Head
Office |
: |
Mascot Plaza (10th floor), Plot#
107/A, Sector# 7, Uttara, Dhaka-1230, Bangladesh |
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Tel
No |
: |
88-02-8952801-3 |
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Fax
No |
: |
88-02-8952748 |
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E-mail |
: |
anam1975@gmail.com |
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Website |
: |
www.shashadenim.com |
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Date/
Year of Incorporation |
: |
28-10-1996 |
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Incorporation No. |
: |
C-31649 |
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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) ________________ |
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Issuing
Authority |
: |
Registrar
of Joint Stock Companies & Firms
City
Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
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Year |
Turnover/ Sales |
Assets |
Income |
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July’
11~June’ 12 |
Tk. 210 Million |
Tk. 205.5 Crore |
Tk. 1.95 Million |
|
July’
12~June’ 13 |
Tk. 262 Million |
Tk. 206.82 Crore |
Tk. 4.75 Million |
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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 |
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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Kamruzzaman Saju |
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Designation |
: |
Front Desk Officer |
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Contract No |
: |
- |
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Locations Details |
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Operating
Address |
: |
Mascot Plaza (10th floor), Plot# 107/A,
Sector# 7, Uttara, Dhaka-1230, Bangladesh |
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Tel
No |
: |
88-02-8952801-3 |
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Fax
No |
: |
88-02-8952748 |
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E-mail |
: |
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Website |
: |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
2200 |
Sq. ft. |
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Type of Office : |
: Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential
Bldg. |
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Factory: |
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Address |
: |
184-193 DEPZ Extension
Ganakbari, Savar, Bangladesh. |
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Tel
No |
: |
88-02-7789302 – 5 |
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Fax
No |
: |
88-02-7789307 |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
0.3 Million |
Sq. ft. |
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Branches: |
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Address |
: |
Nil |
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Tel
No |
: |
Nil |
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Fax
No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
24 |
In Factory |
: |
1325 |
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In Branch: |
: |
- |
Total
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: |
1349 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of Share |
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Mr. Anisul Islam Mahmud |
11000000 |
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Mr. Syed Maeenul Haq |
2500 |
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Zareen Mahmud |
1217500 |
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Mr. Shams Mahmud |
5510000 |
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Shasha Garments Ltd |
1500000 |
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A.R. Jafree (Nominee Director
of Shasha Garments Limited) |
2500 |
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Dr. Moinul Islam Mahmud |
5000 |
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Mr. Mahmud Issa |
5000 |
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Parveen Mahmud |
3005000 |
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Naznin Rahman |
5000 |
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Mr. Javed Hosein |
5000 |
DIRECTORS
|
Name |
Designation |
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Mr. Anisul Islam Mahmud |
Chairman |
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Mr. Shams Mahmud |
Managing Director |
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Mr. Javed Hosein |
Director |
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Mr. A. R. Jafree |
Director |
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Parveen Mahmud |
Director |
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Zareen Mahmud |
Director |
MANAGEMENT
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Name |
: |
Mr. Shams Mahmud |
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Job
Description |
: |
Managing Director |
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Nationality |
: |
Bangladeshi |
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Email
address |
: |
N/A |
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Other
details |
: |
N/A |
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BUSINESS OPERATIONS
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Nature
of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of Products: |
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Products |
: |
Denim
Fabric. |
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Production
Capacity |
: |
1.8
million yards per year |
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Last Year Production |
: |
Do. |
Trading Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit
: |
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30
days |
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60
days |
Ö |
90
days |
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days |
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Selling
Terms : |
L/C |
Ö |
Cash |
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Others |
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Credit
: |
|
30
days |
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60
days |
Ö |
90
days |
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days |
DETAILED DATA
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Trade
Reference & Related Parties |
: |
Overseas Clients |
: |
Kappa, Mascot, H & M, Target, Wal-Mart. |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
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Exports |
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USA, Europe |
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Imports |
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China, India |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Textile Mills
Association, Dhaka |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.2,25,00,00,000 |
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Paid-up
Capital |
: |
Tk.22,25,75,000 |
No. of Shares |
: |
22257500 |
Share Value |
: |
Tk.10.00Each |
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Main
Assets |
: |
Tk.206.82 Crore |
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FINANCIAL STATEMENT- DETAILED
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The
subject company don’t submit update financial figure to local registry
office. |
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
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Sister
Concerns |
: |
Shasha
Apparels & Washing Ltd Shasha
Textiles Ltd. (Proposed) Shasha Spinning Ltd. (Proposed) |
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Subsidiary |
: |
N/A |
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Name of
The Group |
: |
Shasha Group |
BANKING
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Bank
Name |
: |
Premier Bank Ltd. |
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Bank
Address |
: |
Uttara
Branch Ground
floor, House # 39, Road # 7, Sector 4, Uttara, Dhaka Mobile:
01199812862 (Manager) Tel: 880-2-8956430, 8953945 |
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Bank
Name |
: |
Sonali Bank Ltd. |
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Bank
Address |
: |
Local
Office 35-44,
Motijheel C/A, Dhaka, Dhaka Tel: 88-02-89553382, 9551482,
988-02-9568002 |
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Bank
Name |
: |
Bank Asia Ltd. |
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Bank
Address |
: |
Corporate
Branch Noor
Tower (1st floor) 73,
Sonargaon Road, (1/F Free School Street) Dhaka-1205, Bangladesh |
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Bank
Name |
: |
United Commercial Bank Ltd |
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Bank
Address |
: |
Gulshan
Branch Concord
I.K. Tower (1st Floor), Gulshan-2,
Dhaka, Bangladesh Plot
No. CEN (A)-2, North Avenue, Tel: 88- 01711-888358 |
ADVERSE DATA MONITORING
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Dishonored Checks |
: |
No Record
Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance Defaults |
: |
No Record
Found |
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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 Mascot Plaza (10th floor), Plot#
107/A, Sector# 7, Uttara, Dhaka-1230, Bangladesh. There office is well
decorated& Mr. Kamruzzaman Saju-Front Desk Officer of the company was
given us all information |
GENERAL COMMENTS
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Based on the financial statement, the
subject company financial performance appears to be Fair. The subject company
has been in its line of business about 17 years. Taking into account its
standing history, reputation in the market, as well as its financial
condition, we recommend that Credit can proceed promptly in Fairly large
amount. |
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Adopted
Abbreviations: |
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NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
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|
1 |
Rs.97.25 |
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Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
SHG |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.