MIRA INFORM REPORT

 

 

Report No. :

316545

Report Date :

09.04.2015

 

IDENTIFICATION DETAILS

 

Name :

ASWAD COMPOSITE MILLS LTD.

 

 

Registered Office :

Confidence Centre (16th Floor), 9/Kha, Shahajadpur, Gulshan,  Dhaka-1212,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

14.05.2007

 

 

Com. Reg. No.:

C-66849

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Dyeing, Embroidery, Exporter and Printing of All types of Fabrics dyeing and hundred percent Composite knit items.

 

 

No. of Employees :

4,395

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Bangladesh

A2

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

Note

 

They changed their address “House # 2/B, Road # 29, Gulshan-1, Dhaka-1212,  Bangladesh”

 

 

Executive Summary 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Aswad Composite Mills Ltd.

Head Office

:

Confidence Centre (16th Floor), 9/Kha, Shahajadpur, Gulshan,

Dhaka-1212, Bangladesh

Tel No

:

880-2-9855491, 8951579

Fax No

:

Nil

E-mail

:

hafiz@palmalgarments.com

Website

:

Nil

Date/ Year of Incorporation

:

14.05.2007

Incorporation No.

:

C-66849

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

31st Dec’2012

Tk. 7400.00 Million

Tk. 3560.00 Million

Tk. 125.00 Million

31st Dec’2013

Tk. 7159.00 Million

Tk. 3627.35Million

Tk. 178.55.00 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.  Zillur Rahman

Designation

:

Senior Officer.

Contract No

:

N/A

 

 

                                                               Locations Details

Business Address

:

Confidence Centre (16th Floor), 9/Kha, Shahajadpur, Gulshan,

Dhaka-1212, Bangladesh

Tel No

:

880-2-9855491, 8951579

E-mail

:

Nil

Fax No

:

hafiz@palmalgarments.com

Website

:

Nil

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

4500

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Factory (Unit-1):

 

 

 

 

 

Address

:

1317, Beridar Chala, CNB Bazar, Sreepur, Gazipur, Bangladesh.

 

Tel No

:

N/A

 

Fax No

:

N/A

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

2.5

Acores

 

 

 

Factory (Unit-2):

Address

:

Kabirpur, Ashulia, Savar, Bangladesh

Tel No

:

88-02-7788649

Fax No

:

Nil

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

30,000

Sq. Ft

 

Employee:

 

No. of Employees 

 

In Office

:

75

In Factory

:

4320

In Branch:

:

-

Total

:

4395

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Adnan Imtiaz Majid                           

                                 5000

Mr. Nafis Sikder

                               95000

 

 

MANAGEMENT

 

Name

:

Mr. Md. Zillur Rahman.

Job Description

:

Senior Officer.

Nationality

:

Bangladeshi.

Email address

:

Nil

Other details

:

N/A

 

 

 

Name

:

Mr. Rashed Ahmed

Job Description

:

Deputy Manager

Nationality

:

Bangladeshi.

Email address

:

Nil

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Dyeing

Ö

Embroidery

Ö

Distributor

 

 

 

 

Exporter

Ö

Printing

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

All types of Fabrics dyeing and hundred percent Composite knit items.   

Production Capacity

:

Fabric Dyeing: 25 M/ton per day,

Knit items: 165, 00000 Pcs. 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

:

Hudson’s Bay Co

Joe Fresh Lable

Wal-Mart          

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

Canada, USA, Europe

 

Imports

:

China, Thailand

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacture & Exporter Association.

 

 

 CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 50 Million

Paid-up Capital

:

Tk. 100, 00,000

    No. of Shares

:

1,00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 3627.35Million

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N.K.K. Knitwear Ltd

N.K.K. Sweaters Ltd

Aswad Composite Mills Ltd

Palmal Apparels Limited

Palmal Design Limited

Palmal Weaving Limited

Palmal Garments Limited

Ayesha Fashion Ltd.

Palmal Fashion Ltd

Palmal Dresses Ltd

Palmal Garments Hosiery Ltd

Palmal Knitwear Factory Ltd

Palmal Styles Ltd

Ammajan Garments Ltd.

Palmal Washing Ltd

Palmal Garments. Ltd.

MK Dress Ltd.

Floral Accessories Ltd.

Palmal Garments Washing Ltd.

Pragati Fashion Wear Ltd.

The Dacca Dyeing Garments Ltd.

Nafa Apparels Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Palmal Group of Industries.

 

 

BANKING

 

Bank Name  

:

One Bank Ltd.                                                                 

Bank Address

:

Gulshan Branch,

Ka-43, Jagannathpur, Norda

Dhaka, Bangladesh

Phone: 88-02-8415612-14, 01711-812605

Bank Name  

:

EXIM Bank Limited

Bank Address

:

Motijheel Branch,

Sharif Mansion,

56-57, Motijheel C/A, Dhaka

Phone: 9568534, 9552800, 9568093, 9554988

 

Bank Name  

:

South East Bank Limited

Bank Address

:

Motijheel Branch (Islamic Banking)

125, Motijheel C/A, (1st Floor), Motijheel, Dhaka - 1000

Phone: 9567286, 9567202, 9567303, 9567262

Fax: 88 - 02 - 9567701

Swift: SEBDBDDHMIB

Email: hob.mt@sebankbd.com

 

 

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 factory(Unit-1) which is situated at is situated at 1317, Beridar Chala, CNB Bazar, Sreepur, Gazipur, Bangladesh. The subject company Senior Officer-Mr. Zillur Rahman welcome us & given us all information. Its office is situated at Commercial area which is well decorated.

 

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.33

UK Pound

1

Rs.92.53

Euro

1

Rs.67.60

 

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.