MIRA INFORM REPORT

 

 

Report No. :

330483

Report Date :

09.07.2015

 

IDENTIFICATION DETAILS

 

Name :

CREATIVE SHIRTS LIMITED

 

 

Registered Office :

124-125 Darussalam, (3rd Floor) Mirpur Road, Dhaka-1210

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

25.03.1998

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of All Kinds Shirts.    

 

 

No. of Employees :

1807

 

 

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

 

IDENTIFICATION DETAILS

 

Correct company Name

:

CREATIVE SHIRTS LIMITED

Head Office

:

124-125 Darussalam, (3rd Floor) Mirpur Road, Dhaka-1210, Bangladesh.

Tel No

:

88-02-9007033, 01733332570

Fax No

:

Nil

E-mail

:

sadeq@creativeshirtsltd.com

Website

:

Nil

Date/ Year of Incorporation

:

25-03-1998

Incorporation No.

:

C-35140

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 218 Million

BDT  35.25 Million

BDT  3.65 Million

July’ 13~June’ 14

BDT 423 Million

BDT 46.50 Million

BDT  20.72 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. Laboni Akter

Designation

:

Executive Officer

Contract No

:

N/A

 

                                     Locations Details

Business Address

:

124-125 Darussalam, (3rd Floor) Mirpur Road, Dhaka-1210, Bangladesh.

Tel No

:

88-02-9007033, 01733332570

E-mail

:

Nil

Fax No

:

sadeq@creativeshirtsltd.com

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

2300

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

Ö

 

 

 

 

 

Corporate Address:

Address

:

133-134, Hemayetpur, Savar, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Factory (Unit-1):

Address

:

124-125 Darussalam, (2nd~4th Floor) Mirpur Road, Dhaka-1210, Bangladesh.

Tel No

:

88-02-9007033, 01733332570

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

41,500

Sq. ft.

 

Factory (Unit-2):

 

 

 

Address

:

South Panishail, Kashimpur, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

35

In Factory

:

1772

In Branch:

:

-

Total

:

1807

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

                       No. of Share     

Mr. Abdulla Al Hasib

                            2455

Mr. Ronen Ben Josef

                           14241

Mr. Choi Tak Chuen

                            7857

 

DIRECTORS

 

Name

Designation

Mr. Abdulla Al Hasib

                             Managing Director

Mr. Ronen Ben Josef

Director

Mr. Choi Tak Chuen

Director

 

MANAGEMENT

 

Name

:

Mr. Md. Sadeq

Job Description

:

Executive Director

Nationality

:

Bangladeshi

Email address

:

sadeq@creativeshirtsltd.com

Other details

:

88-01733332570

 

Name

:

Mr. Rafiqul Islam

Job Description

:

Assistant Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01733332598

 

Name

:

Mr. Md. Abu Zafar

Job Description

:

General Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Others

 

 

 

Range of Products :

 

Products

:

All Kinds Shirts.    

Production Capacity

:

420000 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

:

Kappa,

Mascot,

 Khols,

H&M,

C&A,

Wal Mart,

JC Penny,

K-Mart,

Okaidi

Local Clients

:

N/A

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

USA, Europe

Imports

:

China, India

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

Nil

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT  30 Million

Paid-up Capital

:

BDT 24553000

No. of Shares

:

245530

 Share Value

:

BDT 100.00Each

Main Assets

:

BDT 46.50 Million

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

BANKING

 

 

Bank Name  

:

Exim Bank Ltd.

Bank Address

:

Gulshan Branch

75, Gulshan Avenue, CWSA-10, Gulshan, Dhaka

Phone: 88-02-9862262, 9886296

Fax: 880-2-8818703

 

 

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 at124-125 Darussalam, Mirpur Road, Dhaka-1210, Bangladesh. It is situated at Residential area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of Readymade Garments. The subject company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears to be average.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.98.22

Euro

1

Rs.69.93

 

 

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.