MIRA INFORM REPORT

 

 

Report No. :

334879

Report Date :

03.08.2015

 

IDENTIFICATION DETAILS

 

Name :

FAKIR FASHION LTD.

 

 

Registered Office :

Dohargaon, PO: Balipa, PS: Rupgonj, Narayanganj

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

03.12.1992

 

 

Com. Reg. No.:

C-23145

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Subject is manufacturer and Exporter of Dyeing, T Shirts, Polo Shirts, Tank Top

 

 

No. of Employee :

6500

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

FAKIR FASHION LTD.

Head Office

:

Dohargaon, PO: Balipa, PS: Rupgonj, Narayanganj, Bangladesh.

Tel No

:

88-09666778888

Fax No

:

Nil

E-mail

:

info@fakirfashion.com, nahid@fakirfashion.com

Website

:

www.fakirfashion.com

Date/ Year of Incorporation

:

03.12.1992

Incorporation No.

:

C-23145

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

BDT  2650 Million

BDT  98.00 Million

BDT  22.50 Million

July’ 13~June’ 14

BDT 2597 Million

BDT 112.50 Million

BDT 38.64 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. Shahjahan Siraj Sumon.

Designation

:

Commercial Manager.

Contract No

:

88-01712876178

 

                                                               Locations Details

 

Commercial Address

:

Lucky Chamber (2nd Floor), Room# 41, 89, Motijheel C/A,

Dhaka-1000, Bangladesh.

Tel No

:

88-02-9553075, 9560742, 7122502                                                                                       

E-mail

:

Nil

Fax No

:

88-02-9569852

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1200

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

:

Dohargaon, PO: Balipa, PS: Rupgonj, Narayangonj, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

1216

Decimals

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

80

In Factory

:

6420

In Branch:

:

-

Total

:

6500

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Alhaj Fakir Badruzzaman

                             2, 00,000

Mr. Fakir Kamruzzaman                                                                                   

                                 30,000

Mr. Fakir Towhiduzzaman                                                            

                                 30,000

Mr. Fakir Wahiduzzaman

                                 30,000                                                                                    

Mrs. Munni Zaman

                                 81,992                                                                                    

 

 

DIRECTORS

 

Name

Designation

Mr. Alhaj Fakir Badruzzaman

Chairman

Mr. Fakir Kamruzzaman                                                                                  

Managing Director

Mr. Fakir Towhiduzzaman-                                                                                     

Director

Mr. Fakir Wahiduzzaman

Director

Mrs. Munni Zaman

Director

 

 

MANAGEMENT

 

Name

:

Mr. Shahjahan Siraj Sumon.

Job Description

:

Commercial Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01712876178

 

 

 

 

BUSINESS OPERATIONS

 

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Dyeing, T Shirts, Polo Shirts, Tank Top.     

Production Capacity

:

Knitting: 3,450 MT per year, Dyeing: 3600 MT per year.

Garments: 11.2 million pcs per year.

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,

Tema,

Tom Tailor,

 Zara,

C&A,

Conbipel.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Europe, USA

 

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

:

BDT 120 Million

 

Paid-up Capital

:

BDT 3,71,99,200

    No. of Shares

:

3,71,992

Share Value

:

BDT 100.00Each

Main Assets

:

BDT 112.50 Million

 

 

 

 

 

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/RELATED PARTIES

 

Sister Concerns

:

Fakir Knit Wear Ltd.

Fakir Apparels Ltd.

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

 

Bank Name  

:

One Bank Ltd.

Bank Address

:

Principal Branch

45, Dilkusha C/A, Dhaka

SWIFT: ONEBBDDH001

Phone:  88-02-9564249

Fax: 88-02-9561960

 

 

Bank Name  

:

Dutch Bangla Bank Ltd.

Bank Address

:

Local Office Branch.

1, Dilkusha C/A,

Dhaka-1000

 

 

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 Dohargaon, PO: Balipa, PS: Rupgonj, Narayangonj, Bangladesh. The subject company is a private limited company engaged in

Manufacturer & exporter of readymade garments. They are financially solvent & get good support from their bank.

 

 

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 20 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.64.01

UK Pound

1

Rs.99.84

Euro

1

Rs.70.16

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ASH

 

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.