MIRA INFORM REPORT

 

 

Report No. :

337375

Report Date :

20.08.2015

 

IDENTIFICATION DETAILS

 

Name :

DENIMACH LIMITED

 

 

Registered Office :

House# 26, Road# 71, Gulshan-2, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

12.09.2001

 

 

Com. Reg. No.:

C-43994

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer and Exporter of Denim Pants.

 

 

No. of Employee :

5200

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

:

Denimach Limited

Previous Name

:

AcrytexSpinnears Ltd

Head Office

:

House# 26, Road# 71, Gulshan-2, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9899666, 9899604, 9898419, 9898456

Fax No

:

88-02-9899665

E-mail

:

info@denimach.com, info@armangroup.com

Website

:

www.armangroup.com

Date/ Year of Incorporation

:

12/09/2001

Incorporation No.

:

C-43994

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 585  Million

BDT  528.65  Million

BDT 56.97  Million

July’ 13~June’ 14

BDT 969   Million

BDT 632.70  Million

BDT 61.23  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. AwladHossain

Designation

:

General Manager

Contract No

:

01713206588

 

Locations Details

 

Operating Address

:

House# 26, Road# 71, Gulshan-2, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9899666, 9899604, 9898419, 9898456

Fax No

:

88-02-9899665

E-mail

:

info@denimach.com, info@armangroup.com

Website

:

www.armangroup.com

 

Location :

: Owned

 

Rented

 

Leased

 

Area

4500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

Retail shop

 

 

Industrial Park

 

Business Center

 

 

Home Office

 

Residential Bldg.

Ö

 

 

 

 

 

 

Factory:

 

 

Address

:

Kewa Mouja, Ward # 5, Gorgoria Masterbari, Sreepur, Gazipur-1740, Bangladesh

Tel No

:

88-068 2552700

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

4,27,000

Sq. Ft

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

49

In Factory

:

5151

In Branch:

:

-

Total

:

5200

Details:

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

 No. of Share

Mr. Ferdous Amin

17760

Mr. ZakariaTaher

17760

Mr. Emdad Khan

1200

Mr. Pavan Kumar Soni

17760

Mr. Vijay LakshmanVaswani

17760

Mr. UdagedaraYogasriUdayalal

17760

 

 

DIRECTORS

 

Name

Designation

Mr. Pavan Kumar Soni

Chairman

Mr. ZakariaTaher

Managing Director

Mr. Emdad Khan

Director

Mr. Ferdous Amin

Director

Mr. Vijay LakshmanVaswani

Director

Mr. UdagedaraYogasriUdayalal

Director

 

 

MANAGEMENT

 

Name

:

Mr. Kamrujjaman

Job Description

:

Commercial Manager

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01711647287

 

 

 

Name

:

Mr. AwladHossain

Job Description

:

General Manager

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

01713206588

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Denim Pants.

Production Capacity

:

1, 25,000 doz 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

:

GAP-USA.

Cub us-UK

H&M- Sweden

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

Imports

 

:

N/A

 

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 300 Million

 

Paid-up Capital

:

BDT 9,00,00,000

No. of Shares

:

90,000

ShareValue

:

BDT1000.0Each

Main Assets

:

BDT 632.70  Million

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/RELATED PARTIES

 

Sister Concerns

:

Armana Apparels Ltd

Armana East West Services Ltd

Zyta Apparels Ltd

Jeans Culture Washing

Denimach Washing Ltd

Zyta Garments  Ltd

Subsidiary

:

N/A

Name of  The Group

:

Armana Group

 

 

BANKING

 

Bank Name  

:

Dhaka Bank Ltd.

Bank Address

:

GulshanBaranch,

Plot # 7, Block # SE (D), Holding # 24,

Gulshan Avenue, Gulshan-1, Dhaka-1212

Tel: 88-02 8816442, 8825113, 9897431

Fax: 88-02-9881026

E-mail: gulshan@dhakabank.com.bd

 

Bank Name  

:

The City Bank Limited                                                                           

Bank Address

:

Gulshan Avenue Branch

136, Gulshan Avenue, Gulshan - 2, Dhaka-1212, Bangladesh

Phone: PABX: 88-02- 8813483, 8814375, 8813126

 

Bank Name  

:

Standard Chartered Bank                                                                                  

Bank Address

:

Gulshan Branch

67 Gulshan Avenue, Dhaka-1212, Bangladesh

 

 

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 address at House# 26, Road# 71, Gulshan-2, Dhaka-1212, Bangladesh. Its office is decorated by modern furniture.

 

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line with fairly stable financial conditions.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.25

UK Pound

1

Rs.102.25

Euro

1

Rs.72.20

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.