MIRA INFORM REPORT

 

 

Report No. :

355877

Report Date :

22.12.2015

 

IDENTIFICATION DETAILS

 

Name :

SONARGAON TEXTILES LIMITED.

 

 

Registered Office :

Khansons Center (8th & 9th Floor), 37, Kawranbazar, Dhaka-1215,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

21.12.1985

 

 

Com. Reg. No.:

C-15136

 

 

Legal Form :

Public (But Not Listed) 

 

 

Line of Business :

Manufacturer, Distributor, Exporter and Importer of Cotton Yarn

 

 

No. of Employee :

1000

 

 

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

 

Comments  

 

The Subject Company Changed their address from “Senakalyan Bhaban (19th Floor), 195 Motijheel C/A Dhaka”

 

 

Company name

 

SONARGAON TEXTILES LIMITED.

 

 

IDENTIFICATION DETAILS

Correct company Name

:

SONARGAON TEXTILES LIMITED.

Head Office

:

Khansons Center (8th & 9th Floor), 37, Kawranbazar, Dhaka-1215,

Bangladesh

Tel No

:

88-02-55013500-1

Fax No

:

Nil

E-mail

:

info@khansonsgroup.com, arahman@khansonsgroup.com

khansonsgroup37@gmail.com

Website

:

Nil

Date/ Year of Incorporation

:

21.12.1985

Incorporation No.

:

C-15136

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 639 Million

BDT 591.30 Million

BDT 60.35 Million

July’ 14~June’ 15

BDT 788 Million

BDT 617.82 Million

BDT 88.68 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

:

Mrs. Syada Rahana  Parvin

Designation

:

Private Secretary

Contract No

:

N/A

 

                                                               Locations Details

 

Operating Address

:

Khansons Center (8th & 9th Floor), 37, Kawranbazar, Dhaka-1215,

Bangladesh

Tel No

:

88-02-55013500-1

Fax No

:

Nil

E-mail

:

info@khansonsgroup.com, arahman@khansonsgroup.com

khansonsgroup37@gmail.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1800

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Rupatoli, Barisal, Bangldesh

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

10.25

Acores

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

970

In Branch:

:

-

Total

:

1000

Details:

 

                    

 

 

 

oWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mr. A.K.M. Azizur Rahaman

5200851

 Mr. Bazlur Rahman

2211859

 Mrs. Rosy Rahman

3282468

 Mr. Habibur Rahman

186763

Mrs. Rita Rahman

101385

Mr. Mujibur Rahman

186763

Mrs. Sarita Rahman

620315

General Public

14676652

 

 

DIRECTORS

 

Name

Designation

Mr. A.K.M. Azizur Rahaman

Chairman

 Mr. Bazlur Rahman

Managing Director

 Mrs. Rosy Rahman

Director

 Mr. Shahinul Bari Chowdhury

Director

Mr. Md. Enamul Hakim

Director

Mr. Aminul Quader Khan

Director

Mr. Mohammad A. Hafiz

Independent Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Moin Ahmed

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mrs. Syada Rahana  Parvin

Job Description

:

Private Secretary

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

Business operation

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Cotton Yarn

Production Capacity

:

7,028 million in 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

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

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

:

Europe

 

Imports

:

India, China

 

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 2646705600

 No. of Shares

:264670560

Share Value

:

BDT10.00Each

Main Assets

:

BDT 617.82 Million

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

 

Summary Information Given.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Khansons Jutes Ltd 

Olympic Center Ltd

Continental Insurance Ltd.

Golden Life Insurance Ltd

Khansons Corporation Ltd

Khansons Holdings Limited

Khansons Automobiles Limited

Central Insurance Company Ltd.

Subsidiary

:

Nil

Name of  The Group

:

Khansons Group Ltd.

 

 

BANKING

 

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

 

Bank Address

:

Head Office Complex

AD Branch Islami Bank Tower,

40 Dilkusha C/A, Dhaka-1000, Bangladesh

Tel: 88-02-9570910, 9570911,7166598,7114561,7123968

Fax: 88-02-9564532 

 

 

 

 

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 Khansons Center (8th & 9th Floor), 37, Kawranbazar, Dhaka-1215, Bangladesh. It is Situated at Semi-Commercial area.

 

 

GENERAL COMMENTS

The subject company is engaged in manufacturer, Importer, Exporter & Distributor. 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.66.32

UK Pound

1

Rs.98.99

Euro

1

Rs.72.13

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 :

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.