MIRA INFORM REPORT

 

 

Report Date :

24.09.2014

 

IDENTIFICATION DETAILS

 

Name :

DOREEN GARMENTS LIMITED

 

 

Registered Office :

House#192/A, Road#1(Eastern Road), New DOHS Mohakhali,

Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

26.04.1984

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer and Exporter of Shirts, Jacket, Ladies blouses, Paints, Shorts. Overall

 

 

No. of Employees :

1750

 

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

:

Doreen Garments Limited

Head Office

:

House#192/A, Road#1(Eastern Road), New DOHS Mohakhali,

Dhaka-1212, Bangladesh.

Tel No

:

88-02-8711629

Fax No

:

Nil

E-mail

:

akther@doreenattrebd.com

Website

:

Nil

Date/ Year of Incorporation

:

26.04.1984

Incorporation No.

:

C-12014

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. 269 Million

Tk. 165.20 Million

Tk. 10.76 Million

July’ 13~June’ 14

Tk. 321 Million

Tk. 173.84 Million

Tk. 13.80 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. Md. Kuddus

Designation

:

General Manager (Finance)

Contract No

:

88-01783593333

 

                                                               Locations Details

 

Operating Address

:

House#192/A, Road#1(Eastern Road), New DOHS Mohakhali,

Dhaka-1212, Bangladesh.

Tel No

:

88-02-8711629

Fax No

:

Nil

E-mail

:

akther@doreenattrebd.com

Website

:

Nil

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2400

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

:

50 & 60 Dakkhin Panishail, N. K. Link Road, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

45000

Sq. ft.

 

Branch:

 

 

 

 

 

Address

:

Walsow Tower (2nd Floor) 21& 23 Kazi Nazrul Islam Avenue, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9665338-40

Fax No

:

88-02-8828089

 

Branch:

 

 

 

 

 

Address

:

Doreen Tower (Level # 03), 6-A, North Avenue, Gulshan-2, Dhaka-1212, Bangladesh.                                                                                                                                    

Tel No

:

88-02-988 2019-20, 9896220, 9614422

Fax No

:

88-02-882 8089

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

1700

In Branch:

:

-

Total

:

1750

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Nur-E-Alam Siddique

5500

Mrs. Parveen Alam

4400

Mr. Tahjib Alam Siddique

100

Doreen Fashion Ltd

(Rep: by Mr. Nur-E- Alam Siddique)

90000

 

 

DIRECTORS

 

Name

Designation

Mr. Nur-E-Alam Siddique

Managing Director

Mrs. Parveen Alam

Director

Mr. Tahjib Alam Siddique

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Kuddus

Job Description

:

General Manager (Finance)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01783593333

 

 

 

Name

:

Mr. Akther Hossain

Job Description

:

Asst. General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

akther@doreenattirebd.com

Other details

:

88-01963627704

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Shirts, Jacket, Ladies blouses, Paints, Shorts. Overall.     

Production Capacity

:

25,000 dozen 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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

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

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

Dhaka Chamber of Commerce & Industry, Dhaka

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 50 Million

 

Paid-up Capital

:

Tk. 1, 00,00,000

    No. of Shares

:

1, 00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 173.84 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Doreen Garments Limited

Doreen Attire Ltd.

Doreen  Hotels &Resorts Ltd

Doreen Fashion Ltd

Doreen Development Ltd.

Doreen Power Generations and Systems Ltd

Doreen Power House and Technologies Ltd

Seven  Horse Cement

Eastern Cement Industries Limited

S.O.B Apparels Ltd

Nurun Nahae Textiles Ltd

Nur Nabi Textiles Ltd

Nas Dyeing & Finishing Ltd

Doreen Washing ltd

Doreen Tower

Doreen Hotel

Doreen Executive Suites

Doreen Pharmaceuticals Ltd

Subsidiary

:

Nil

Name of  The Group

:

Siddique Group of Industries

BANKING

 

Bank Name  

:

Eastern Bank Ltd.                                                                               

Bank Address

:

Principal Branch ,

JibanBimaBhaban,10DilkushaC/A,Dhaka-1000
Phone:02-9558392,9565696,9571262,7160747
Email:principal@ebl-bd.com

 

Bank Name  

:

Premier Bank Ltd.

Bank Address

:

Gulshan Branch,

140, Gulshan Avenue, Gulshan Circle 2, Dhaka-1212

Tel: 880-2-8815268, 880-2-9882781, 880-2-9890391

Fax: 880-2-8818338,

Mobile: 01711595720 (Manager)

 

 

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 House#192/A, Road#1(Eastern Road), New DOHS Mohakhali, Dhaka-1212, Bangladesh. The subject company General Manager (Finance) Mr. Md. Kuddus given us all information. Is situated at commercial area which is a well decorated modern office.

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of Readymade Garments. 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.60.87

UK Pound

1

Rs.99.63

Euro

1

Rs.78.22

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

PDT

 

               

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.