MIRA INFORM REPORT

 

 

Report Date :

22.09.2014

 

IDENTIFICATION DETAILS

 

Name :

SHINEST APPARELS LIMITED

 

 

Registered Office :

Azim Tower, Plot# 217/1, Beribadh, Mohammadpur, Dhaka-1207

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.03.2013

 

 

Com. Reg. No.:

C-107899

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of Woven Shirt, Pajama.

 

 

No. of Employees :

800

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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

B2

 

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

:

Shinest Apparels  Limited

Head Office

:

Azim Tower, Plot# 217/1, Beribadh, Mohammadpur, Dhaka-1207, Bangladesh.

Tel No

:

88-02-9132358 , 9140145, 01716682066

Fax No

:

Nil

E-mail

:

shinest@dhaka.net,

asad@shinestgroup.com

mostofa@shinestgroup.com  

Website

:

www.shinestgroup.com  

Date/ Year of Incorporation

:

13.03.2013

Incorporation No.

:

C- 107899

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’ 13~June’ 14

Tk. 281 Million

Tk. 25.75 Million

Tk. 14.05 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

 

 

 

 

 

 

 

 

 

Information Parted By

 

 

 

 

Name

:

Mr. Md. Asaduzzaman

Designation

:

Commercial Manager

Contract No

:

88-01716682066

 

 

Locations Details

 

Operating Address

:

Azim Tower, Plot# 217/1, Beribadh, Mohammadpur, Dhaka-1207, Bangladesh.

Tel No

:

88-02-9132358 , 9140145, 01716682066

Fax No

:

Nil

E-mail

:

shinest@dhaka.net,

asad@shinestgroup.com

mostofa@shinestgroup.com  

Website

:

www.shinestgroup.com  

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

 

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

:

Plot# 217/1, Beribadh, Mohammadpur, Dhaka-1207, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

 

Sq. ft.

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee

 

No. of Employees 

 

In Office

:

75

In Factory

:

725

In Branch:

:

-

Total

:

800

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Md. Ali Azim Khan

40000

Mrs. Syeda Nasrin Azim

10000

 

 

DIRECTORS

 

Name

Designation

Mrs. Syeda Nasrin Azim

Chairman

Mr. Ali Azim Khan

Managing Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Asaduzzaman

Job Description

:

Commercial Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01716682066

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Woven Shirt, Pajama     

Production Capacity

:

Nil

Last Year Production

:

Nil

 

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

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

Imports

:

China, India

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 50 Million

 

Paid-up Capital

:

Tk. 50, 00,000

    No. of Shares

:

50, 000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 25.75 Million

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nasrin Garments Ltd

Shinest Garments Ltd

Shinest Burroms Ltd

IIKwang Textile Ltd.

Young-A Textile Co., Ltd

Ashraf Plastic & label

Silver Packaging Ltd.

Silver Thread

Four brothers Fashion

Tamim Int’l Ltd. (C & F)

Subsidiary

:

N/A

Name of  The Group

:

Shinest Group

 

 

BANKING

 

Bank Name  

:

Social Investment Bank Ltd.

Bank Address

:

Moulvi Bazar Branch

77/7, Wahid Center (1st Floor) Moulvi Bazar, Dhaka, Bangladesh

Phone: 02-7316225, 7315323, 7312911

Fax: 7312911

 

Bank Name  

:

Al-Arafah Islami Bank Ltd.                                                                                  

Bank Address

:

Moulvi Bazar Branch

Al-Shahani Complex 130 Chowk Mogoltuly, Moulvibazar, Dhaka

Ph: 7311989 7320201 01819-211828 01730-355388

Fax: 7313900

 

 

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 Azim Tower, Plot# 217/1, Beribadh, Mohammadpur, Dhaka-1207, Bangladesh. The subject company Commercial Manager Mr. Md. Asaduzzaman given us all information. Is situated at Residential area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter. 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.60.81

UK Pound

1

Rs.100.06

Euro

1

Rs.78.47

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.