MIRA INFORM REPORT
|
Report No. : |
305502 |
|
Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SALEK TEXTILE LTD. |
|
|
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Registered Office : |
117/A, Tejgon I/A, Dhaka-1208 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2014 |
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Date of Incorporation : |
09.09.2007 |
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Com. Reg. No.: |
C-68304
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer and Exporter of Yarns
Denim Fabrics. |
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|
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No. of Employees : |
375 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Bangladesh |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 |
EXECUTIVE
SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Salek Textile Ltd. |
|
Head Office |
: |
117/A, Tejgon I/A, Dhaka-1208, Bangladesh. |
|
Tel No |
: |
88-02-8832771-82, 9888917 |
|
Fax No |
: |
88-02-8828953 |
|
E-mail |
: |
titasdenim@yahoo.com
|
|
Website |
: |
www.knitasia.com |
|
Date/ Year of Incorporation |
: |
09.09.2007 |
|
Incorporation No. |
: |
C-68304 |
|
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 |
|
June'13 |
BDT 2,291,717,388 |
BDT 3,415,368,125 |
BDT 143,749,214 |
|
June'14 |
BDT 2,178,916,498 |
BDT 5,680,194,562 |
BDT 135,713,206 |
|
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 |
||
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|
|
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Name |
: |
Mr. Mohiuddin |
|
Designation |
: |
Manager |
|
Contract No |
: |
- |
|
Locations Details |
||
|
Operating Address |
: |
117/A, Tejgon I/A, Dhaka-1208, Bangladesh. |
|
Tel No |
: |
88-02-8832771-82, 9888917 |
|
Fax No |
: |
88-02-8828953 |
|
E-mail |
: |
titasdenim@yahoo.com
|
|
Website |
: |
www.knitasia.com |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
2400 |
Sq. ft. |
|
Type of Office :
|
: Commercial Office Bldg. |
|
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
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Industrial Park |
Ö |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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|
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Address |
: |
Mahna,
Bhabanipur, Gazipur, Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
35000 |
Sq.ft |
|
Corporate Address: |
||
|
Address |
: |
Mehnaj
Mansoor Tower, House# 1/A, Road# 130, Gulshan-1, Dhaka-1206, Bangladesh. |
|
Tel No |
: |
88-02-8832771-82, 9888917 |
|
Fax No |
: |
88-02-8828953 |
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Employee: |
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No. of Employees |
In Office |
: |
30 |
In Factory |
: |
345 |
||
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In Branch: |
: |
- |
Total
|
: |
375 |
|||
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Malek Spinning Mills limited |
4,725,970 |
|
Mr. A. Matin Chowdhury |
48,978 |
|
Mr. Dr. Shamim Matin Chowdhury |
33,934 |
|
Ms. Saima Matin Chowdhury |
41 |
|
Mr. Azizur R Chowdhury |
51 |
|
Mr. A. F. M. Zubair |
17,048 |
|
Mr. Moshiur Rahman |
65 |
DIRECTORS
|
Name |
Designation |
|
Mr. A. F. M. Zubair |
Chairman |
|
Mr. A. Matin Chowdhury |
Managing
Director |
|
Mr. Dr. Shamim Matin Chowdhury |
Director |
|
Ms. Saima Matin Chowdhury |
Director |
|
Mr. Azizur R Chowdhury |
Director |
|
Mr. M. Sekander Ali, |
Director |
|
Mr.Moshiur Rahman |
Director |
MANAGEMENT
|
Name |
: |
Mr. Mohiuddin |
|
Job Description |
: |
Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
Nil |
|
|
|
|
|
Name |
: |
Mr. Mamunur Rashid |
|
Job Description |
: |
Commercial Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
88-01741679090, 01675918315 |
BUSINESS
OPERATIONS
|
Nature of
Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
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|||||||
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Exporter |
Ö |
Importer |
|
Services |
|
Others |
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Range
of Products: |
||
|
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||
|
Products |
: |
, Yarns Denim
Fabrics |
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Production
Capacity |
: |
Yarns:
14,621,000 kgs per year Fabrics: 9,600,000
yards per year |
|
Last Year Production |
: |
Do. |
Trading Terms:
|
Purchasing
Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
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|
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 |
: |
Avon Bershka Zara Decathlon Hanes H&M |
Local Clients |
: |
N/A |
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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||||
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Trade
Markets |
: |
Exports |
: |
Europe |
|
|||||
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Imports |
: |
China, India, Italy |
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Brand Name |
: |
N/A |
||||||||
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Certified |
: |
N/A |
||||||||
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Auditors |
: |
Malek Siddiqui Wali Chartered Accountants 9-G, Motijheel, C/A, Dhaka-1000, Bangladesh |
||||||||
|
Operation Status |
: |
Active. |
||||||||
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Member |
: |
Bangladesh Textile Mills Association |
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CAPITAL
STRUCTURE
|
Authorized Capital |
: |
BDT 3,000,000,000 |
|
||||||
|
Paid-up Capital |
: |
BDT 482,608,700 |
No. of Shares |
: |
4,826,087 |
Share Value |
: |
BDT 100.0Each |
|
|
Main Assets |
: |
BDT 5,680,194,562 |
|
||||||
FINANCIAL
STATEMENT- DETAILED
|
Balance Sheet : |
||
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|
Currency |
:
Tk |
|
|
Denomination |
:
1 |
|
|
Financial Year Ending |
:July,31~June,30 |
|
|
||
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Income Statement
: |
||
|
|
Currency |
:
Tk |
|
|
Denomination |
:
1 |
|
|
Financial Year Ending |
:July,31~June,30 |
|
|
||
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Sister Concerns |
: |
Rahim Textile Mills Ltd. JM Fabrics Ltd. Knit Asia Ltd Design Asia Ltd. New Asia Limited |
|
Mother Company |
: |
Malek Spinning Mills Limited |
|
Name of
The Group |
: |
Nil |
BANKING
|
Bank Name |
: |
Islami Bank Bangladesh Ltd. |
|
Bank Address |
: |
Kawran Bazar
branch. AD Branch T. K. Bhaban (1st Floor), 13, Kazi Nazrul
Islam Avenue, Dhaka Phone: (02)
9137571, 8155211 Mobile:
01711-439094 Fax: (02)
8117587 Email:
kawran@islamibankbd.com |
|
Bank Name |
: |
Hong Kong Shanghai Banking Corporation. |
|
Bank Address |
: |
Dhaka Main
Branch. Anchor Tower,
108, Bir Uttam C R Dutta Road, Dhaka - 1205 Bangladesh Telephone:
(880 2) 9660536-43 (Hunting) Fax : (880
2) 9660554 |
|
Bank Name |
: |
Eastern Bank Ltd. |
|
Bank Address |
: |
Agrabad
Branch Jiban Bima
Bhaban, 10 Dilkusha C/A, Dhaka 1000 Phone:02
9558392, 9565696, 9571262 Fax:02
7160747 Email:principal@ebl-bd.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 address at 117/A, Tejgon
I/A, Dhaka-1208, Bangladesh. The subject company Manager Mr. Mohiuddin
welcome us & given us all information. Its office is decorated by modern
furniture. |
GENERAL
COMMENTS
|
Whilst interviewed, Mr. Mohiuddin, Manager of the subject, provided us with
a basic outline of the subject's present state-of-affairs (as given
above).The information provided in this report is based on the information
procured from the subject's file at Official Registry (ROC). |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
|
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.