MIRA INFORM REPORT

 

 

Report Date :

27.09.2014

 

IDENTIFICATION DETAILS

 

Name :

IMPRESS-NEWTEX COMPOSITE TEXTILES LIMITED

 

 

Registered Office :

“Evergreen Plaza" (6th Floor), 260/B Tejgaon Industrial Area, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.06.1995

 

 

Legal Form :

Public (but not listed)  

 

 

Line of Business :

Manufacturer, Exporter and Dyeing of all Kinds of Readymade Garments.

 

 

No. of Employees :

4000

 

 

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

:

Impress-Newtex Composite Textiles Limited

Head Office

:

"Evergreen Plaza" (6th Floor), 260/B Tejgaon Industrial Area,

Dhaka-1208, Bangladesh.

Tel No

:

88-02-9830329, 9830330-2

Fax No

:

88-02-9830337

E-mail

:

khan@impress-newtex.com

iqbal.ahammad@impress-newtex.com

Website

:

www.impress-newtex.com

Date/ Year of Incorporation

:

13.06.1995

Incorporation No.

:

C-28585

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’ 11~June’ 12

Tk. 859.74 Million

Tk. 4325.25 Million

Tk. 32.65 Million

July’ 12~June’ 13

Tk. 931.25 Million

Tk. 4592.10 Million

Tk. 37.25 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. Arun Kumar Mandal

Designation

:

Sr. GM Operations

Contract No

:

-

 

                                                               Locations Details

 

Operating Address

:

"Evergreen Plaza" (6th Floor), 260/B Tejgaon Industrial Area, Dhaka-1208, Bangladesh.

Tel No

:

88-02-9830329, 9830330-2

Fax No

:

88-02-9830337

E-mail

:

khan@impress-newtex.com

iqbal.ahammad@impress-newtex.com

Website

:

www.impress-newtex.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

3600

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

Address

:

Gorai Industrial Area, Mirzapur, Tangail, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

120000

Sq. ft.

 

Branches:

 

 

 

Address

:

Nil

 

Tel No

:

Nil

 

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

70

In Factory

:

3930

In Branch:

:

-

Total

:

4000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Nurul Amin Mehedi

126828

Mr. Reaz Ahmed Khan

192366

Mr. Akram Khan

680700

Mrs. Meshkat Khan

206025

Mr. Nafis-ud-Daula

107009

Mr. Tariful Islam Taskeen

107009

Mr. Javed Ahmed Khan

107009

Mr. Faridur Reza

192366

Mr. Zahiruddin Mahmud

192366

Mr. Hasan Abdullah Sharfuddin

223966

Mr. Abdur Rashid Majumder

192366

Mr. abdul Muqeed Majumdar

192366

Mrs, Rumana Sharif

107009

Mr. Rashad Hossain Khan

107009

Mr. Md. Nurul Islam

 63616

Mr. Mohammad Nurul Islam

 63616

Mr. Enayet Husain

192366

Mr. Sharful Islam Rasail

126828

 

 

DIRECTORS

 

Name

Designation

Mr. Reaz Ahmed Khan

Chairman

Mr. Akram Khan

Managing Director

Mr. Nafis-ud-Daula

Director

Mr. Tariful Islam Taskeen

Director

Mr. Javed Ahmed Khan

Director

Mr. Hasan Abdullah Sharfuddin

Director

 

MANAGEMENT

 

Name

:

Mr. Arun Kumar Mandal

Job Description

:

Sr. GM Operations

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Iqbal Ahmed

Job Description

:

Senior Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dyeing

Ö

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

All Kinds of Readymade Garments.

Production Capacity

:

360,500 kg/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

:

H & M, Lidl, Kappa, Lotto, Prenatal, Brova

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

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 100 Crore

 

Paid-up Capital

:

Tk. 31, 80,82,000

    No. of Shares

:

3180820

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 4592.10 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Import Logistics Ltd

Fashrobe Garments Ltd

Impress Telefilm Ltd/ Channel I

Impress Ltd.

Incepta Pharmaceuticals Ltd.

Impress Fashions ltd

Impress Trading Ltd

Impress Garments Limited

Incepta Vaccine Limited.

R.R. Brothers Ltd

Nexus Internationl

Allied Garments Ltd

Impress Audio Vision Ltd

Maheen Label Tex Ltd.

M.R.S. Syndicate Ltd

Dhak- Beijing Dyeing & Weaving Ind. ltd

New Age Business Ltd

Maheen Dizayan Etiket (BD) Limited

Subsidiary

:

Newtex Design Ltd

Karnaphuli Fabrics Ltd

Name of  The Group

:

Impress Group

 

 

BANKING

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Gulshan Branch.

House No SWG-2, Gulshan Avenue, Dhaka - 1212 Bangladesh

Telephone: (880 2) 9859134

Fax: (880 2) 8817604 (Ext 127)

 

Bank Name  

:

Eastern Bank Ltd

Bank Address

:

Gulshan Branch.

Concord Richmond, 68 Gulshan Avenue,

Plot 8A Block CES (F) Gulshan 1, Dhaka

Phone:02 9897703, 9897594, 8827254, 8827101-2

Fax:02 9897703

Email:gulshan@ebl-bd.com

 

Bank Name  

:

Social Islami Bank Ltd

Bank Address

:

Gulshan Branch.

Head: Mr. Kazi Ahsan Khalil

Address: 80, Gulshan Avenue, Level-3, Gulshan, Dhaka-1212

Phone: 8829137

Fax: 02-9888857

                                    

 

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 "Evergreen Plaza" (6th Floor), 260/B Tejgaon Industrial Area, Dhaka-1208, Bangladesh. The subject company Sr. GM Operations Mr. Arun Kumar Mandal given us all information. Is situated at Industrial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Whilst interviewed, Mr. Arun Kumar Mandal, Sr. GM Operations of the subject, provided us with a basic outline of the subject's present state-of-affairs (as given above).The information provided in this report is based on the information procured from the subject's file at Official Registry (ROC).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.57

UK Pound

1

Rs.100.42

Euro

1

Rs.78.45

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.