MIRA INFORM REPORT

 

 

Report No. :

355173

Report Date :

17.12.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITEX SPINNING LTD

 

 

Registered Office :

C.N.F. Tower( 6th  Floor), 1712, SK. Road, Agrabad, Chittagong,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

29.01.1992

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer and Exporter of Cotton Yarns.

 

 

No. of Employee :

650

 

 

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 globalFINANCIAL 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

:

Unitex Spinning Ltd

Head Office

:

C.N.F. Tower( 6th  Floor), 1712, SK. Road, Agrabad, Chittagong,

Bangladesh

Tel No

:

88-031-2519861-63, 712470

Fax No

:

88-031-2519860

E-mail

:

accounts@unitexbd.com , gm_spinning@unitexbd.com 

Website

:

www.unitexbd.com

Date/ Year of Incorporation

:

29.01.1992

Incorporation No.

:

CH-1055

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/ (Loss)

July’ 13~June’ 14

BDT 10,188.84 Million

BDT 486.59  Million

BDT 254.64  Million

July’ 14~June’ 15

BDT 9850.65  Million

BDT521.30  Million

BDT 210.38  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. ArifulHoque

Designation

:

In charge

Contract No

:

88-01716308244

 

Locations Details

 

Operating Address

:

C.N.F. Tower( 6th  Floor), 1712, SK. Road, Agrabad, Chittagong,

Bangladesh

Tel No

:

88-031-2519861-63, 712470

Fax No

:

88-031-2519860

E-mail

:

accounts@unitexbd.com, gm_spinning@unitexbd.com

Website

:

www.unitexbd.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3200

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

:

Bansbaria, Sitakunda, Chittagong, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

2

Acores

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

600

In Branch:

:

 

Total

:

650

Details:

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

 No. of Share

Mr. Mohammad HanifChowdhory

500000

Mr. Md. Belal Ahmed

750000

 

 

DIRECTORS

 

Name

Designation

Mr. Mohammad HanifChowdhory

Managing Director

Mr. Md. Belal Ahmed

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Iddress

Job Description

:

General Manager

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01716308244

 

 

 

Name

:

Mr. MukkmelHossain

Job Description

:

Assistant Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

Nil

 

 

Name

:

Mr. ArifulHoque

Job Description

:

In charge

Nationality

:

Bangladeshi.

Email address

:

ariful- commercial@unitexbd.com

Other details

:

88-01716308244

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Cotton Yarns

Production Capacity

:

7700000 kgs 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

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

N/A

 

Imports

:

China. Pakistan , Australia ,India, USA, CIS Countries

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 125000000

No. of Shares

:

1250000

Share Value

:

BDT100.00Each

Main Assets

:

BDT 521.30 Million

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Padma Wears Ltd.

Unitex (PVT) Ltd.

Unitex Composite Ltd.

Subsidiary

:

Nil

Name of  The Group

:

Unitex Group

 

 

BANKING

 

Bank Name  

:

Al ArafaIslami Bank Ltd.

Bank Address

:

Khatongong Branch,

146, Chand Meah Lane Khatungonj,

Chittagong, Bangladesh

Tel: 88-031-622229-30

Fax: 88-031-622229

 

Bank Name  

:

First Security Bank Ltd.

Bank Address

:

Khatungong Branch,

142, Chand Miah Lane,

Bangladesh

Tel:88-031-620729,619414

Fax:880-31-622702

 

 

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Asadgong Branch,

Chittagong, 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 which is situated atC.N.F. Tower (6th Floor), 1712, SK. Road, Agrabad, Chittagong, Bangladesh. It is Situated at Commercial area.

 

 

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer & Exporter. It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate amount.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.85

UK Pound

1

Rs.100.57

Euro

1

Rs.73.15

BDT

1

Rs.0.85

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

 

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.