MIRA INFORM REPORT

 

 

Report Date :

16.09.2014

 

IDENTIFICATION DETAILS

 

Name :

LIBAS TEXTILES LIMITED

 

 

Registered Office :

Jabbar Tower, (11th Floor), 42, Gulshan Avenue, Gulshan-1, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

08.12.2005

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of Single / Double Jersey, Single/ Double Lacoste, Pique, Wafle, Fleece, Terry, Interlock, Interlock Pique, Plated, Jersey, Mesh, Rib Etc. with or without Lycra.  

 

 

No of Employees :

3500

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

B1

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

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

:

LIBAS TEXTILES LIMITED.

Head Office

:

Jabbar Tower, (11th Floor), 42, Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh. 

Tel No

:

88-02-9859690-1, 9859609-11

Fax No

:

Nil

E-mail

:

info@libastex.com,

mrahman@libastex.com

Website

:

www.libastex.com

Date/ Year of Incorporation

:

08.12.2005

Incorporation No.

:

C-59864

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. 580 Million

Tk. 128 Million

Tk. 36.60 Million

July’ 13~June’ 14

Tk. 562 Million

Tk. 135.50 Million

Tk. 32.25 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. Mahbubur Rahman.

Designation

:

Commercial Manager.

Contract No

:

88-01915471132

 

 

Locations Details

 

Operating Address

:

Nichintopur, Mouchak, Kaliakar, Gazipur, Bangladesh.

Tel No

:

88-02-9298495-6

E-mail

:

info@libastex.com,

mrahman@libastex.com

Fax No

:

88-02-9298497

Website

:

www.libastex.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

4000

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

:

Nichintopur, Mouchak, Kaliakar, Gazipur, Bangladesh.

Tel No

:

88-02-9298495-6

Fax No

:

88-02-9298497

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

260000

Sq. ft.

 

Branch:

 

 

 

 

 

Address

:

Elaipur, East Rupsa, Khulna-9241, Bangladesh.

Tel No

:

88-041-800164, 800369

Fax No

:

88-041-800190, 800370

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

65

In Factory

:

3435

In Branch:

:

-

Total

:

3500

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share     

Mr. M. Towhidur Rashman

 250000

Mr. Masudur Rahman

                               250000

 

 

DIRECTORS

 

Name

Designation

Mr. M. Towhidur Rashman

Chairman

Mr. Masudur Rahman

Managing Director

 

 

MANAGEMENT

 

Name

:

Mr. Mahbubur Rahman.

Job Description

:

Commercial Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01915471132

 

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Single / Double Jersey, Single/ Double Lacoste, Pique, Wafle, Fleece, Terry, Interlock, Interlock Pique, Plated, Jersey, Mesh, Rib Etc. with or without Lycra.  

Production Capacity

:

N/A

Last Year Production

:

Knitting: 9 Ton Per Day.

Dyeing: 16 Ton Per Day.

Printing: 30, 000 Pes Per Day.

Garments: 54, 000 Pes Per Day.

 

 

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

:

BHS, Sains Burys, LIDL, Ferrari, Abarth,

Adams, Moss Bross.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Italy, Canada.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Dhaka Chamber of Commerce.

Bangladesh Knitwear Manufacturers & Exports Association.

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 200 Million.

 

Paid-up Capital

:

Tk. 5, 00, 00,000

No. of Shares

:

5, 00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 135.50 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Fresh Food Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Fresh Group of Companies.

 

BANKING

 

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Gulshan Branch.

Gulshan-1, Dhaka

Phone: (02) 8850352

Mobile: 01713-141980

Email: gulshan1@islamibankbd.com

 

Bank Name  

:

Standard Bank Ltd.

Bank Address

:

Gulshan Branch.

4/A, Kemal Ataturk Avenue , Gulshan-2,

Dhaka - 1212

Telephone : 88-02-9881015 , 02-8852679

Fax : 88-02-9885164

Bank Name  

:

Shajalal Islami Bank Ltd.

Bank Address

:

Gulshan Branch.

40/5, North Avenue, Gulshan-2, Dhaka-1212

Phone: 02-9890520-1, 9893454, 9890322

sblgul@shahjalalbank.com.bd

 

           

Bank Name  

:

Jamuna Bank Ltd.

Bank Address

:

Gulshan Branch.

Land View Commercial Center, 28, Gulshan North C/A, Gulshan Circle-2, Gulshan, Dhaka

Tel: 88-02-8852540, 8861281

 

 

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 at Jabbar Tower, (11th Floor), 42, Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh. The subject company Commercial Manager Mr. Mahbubur Rahman welcome us & given us all information. Its office is decorated by western furniture.

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 8 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.99

UK Pound

1

Rs.99.10

Euro

1

Rs.79.03

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

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.