MIRA INFORM REPORT
|
Report No. : |
325969 |
|
Report Date : |
09.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
FAR EAST KNITTING & DYEING INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
Moyeen Center, House # 9/B, Road # 3, Gulshan # 1, Dhaka-1212 |
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|
|
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Country : |
Bangladesh |
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|
|
|
Financials (as on) : |
30.06.2014 |
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|
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Date of Incorporation : |
19.04.1994 |
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Com. Reg. No.: |
C-25772 |
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|
|
Legal Form : |
Public Listed Co |
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Line of Business : |
Manufacturer, Dyeing, Printing, Exporter, Importer, Embroidery of Ladies Dresses, T-Shirts, Kinds Wears |
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|
|
|
No. of Employees : |
4298 |
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 : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
: |
Far East Knitting & Dyeing Industries
Limited |
|
Head Office |
: |
Moyeen Center, House # 9/B, Road # 3, Gulshan # 1, Dhaka-1212, Bangladesh |
|
Tel No |
: |
88-02-8828508 |
|
Fax No |
: |
88-02-8828509 |
|
E-mail |
: |
N/A |
|
Website |
: |
www.fareastknit.com |
|
Date/ Year of Incorporation |
: |
19.04.1994 |
|
Incorporation No. |
: |
C-25772 |
|
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 |
FINANCIALS- SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
|
July’ 12~June’
13 |
BDT 2,316,680,977 |
BDT 2,674,460,070 |
BDT 231,659,132 |
|
July’ 13~June’
14 |
BDT 2,678,222,296 |
BDT 7,161,020,402 |
BDT 241,870,048 |
|
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 |
|
Information
Parted By
|
Name |
: |
Mr. M.S. Zaman |
|
Designation |
: |
Sr. Manager
(Company Secretory & Accounts) |
|
Contract No |
: |
N/A |
Locations Details
|
Operating Address |
: |
Moyeen Center, House # 9/B, Road # 3, Gulshan # 1, Dhaka-1212, Bangladesh |
|
Tel No |
: |
88-02-8828508 |
|
Fax No |
: |
88-02-8828509 |
|
E-mail |
: |
N/A |
|
Website |
: |
www.fareastknit.com |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
4800 |
Sq. ft. |
|
Type of Office : |
: Commercial
Office Bldg. |
|
|
Semi-commercial
office Bldg. |
|
|
|
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Retail shop |
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|
Industrial Park |
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|
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Business Center |
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Home Office |
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Residential Bldg. |
Ö |
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Factory: |
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|
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Address |
: |
Chandra, Kaliakor, Gazipur, Bangladesh |
|
Tel No |
: |
N/A |
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Fax No |
: |
N/A |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
25,000 |
Sq. Ft |
|
Share Office: |
|
|
|
Address |
: |
13/A/2, Kamal Ataturk Avenue, Level # 6, Gulshan
# 2, Dhaka-1212, Bangladesh |
|
Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
Employee
|
No. of Employees |
In Office |
: |
56 |
In Factory |
: |
4242 |
||
|
In Branch: |
: |
|
Total |
: |
4298 |
|||
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Details: |
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|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Mrs. Farhana Lazina |
8,123,202 |
|
Mr. Asif Moyeen |
65,119,302 |
|
Mr. M.K.M. Mohiuddin |
8,400,000 |
|
Mr. Mohammed Bin Quasem |
2,685,690 |
|
Mrs. Sadia Moyeen |
3,021,301 |
|
Mr. Omar Moyeen |
2,800,000 |
|
Mr. Syed Mazharul Haq |
221,301 |
|
Mr. Md. Salamatullah |
438,704 |
|
Mr. Nasir Uddin Md. Oliullah |
221,300 |
|
General Public |
25,00,000 |
DIRECTORS
|
Name |
Designation |
|
Mrs. Farha Lazina |
Chairperson |
|
Mr. Asif Moyeen |
Managing Director |
|
Mr. Mohammed Bin Quasem |
Director |
|
Mr. M.K.M. Mohiuddin |
Director |
|
Mrs. Sadia Moyeen |
Director |
|
Mr. Omar Moyeen |
Director |
|
Mr. Iftekhar Karim |
Independent Director |
|
Mr. Irteza Reza Chowdhury |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr. Kamal Uddin Ahmed |
|
Job Description |
: |
General Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Rezwan Salam |
|
Job Description |
: |
Deputy General Manager( Admin & Compliance) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. M.S. Zaman |
|
Job Description |
: |
Sr. Manager (Company Secretory & Accounts) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS OPERATIONS
|
Nature of Activity : |
Manufacturer |
Ö |
Dyeing |
Ö |
Printing |
Ö |
Distributor |
|
|
|
|
|||||||
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Exporter |
Ö |
Importer |
Ö |
Embroidery |
Ö |
Others |
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Range of
Products: |
||
|
|
||
|
Products |
: |
Ladies Dresses, T-Shirts, Kinds Wears |
|
Production Capacity |
: |
Garments:1,233,333 Dozens Fabrics:2368 MT Dyeing:3108 MT |
|
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 |
: |
N/A |
Local Clients |
: |
N/A |
|
||
|
Overseas Suppliers |
: |
Factory Style -Spain M. G. N Trading Inc. Premieere Vision Samino Mascot Wal-Mart |
Local Suppliers |
: |
N/A |
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||||
|
Trade Markets |
: |
Exports |
: |
Europe |
|
|||||
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Imports |
: |
India, China, Italy, Pakistan |
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|||||||
|
Brand Name |
: |
Nil |
||||||||
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Certified |
: |
Nil |
||||||||
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Auditors |
: |
Masih Muthith Haque & Com Chartered Accountants Level 13 UTC Building, 8 Panthopoth, Dhaka-1215 |
||||||||
|
Operation Status |
: |
Active |
||||||||
|
Member |
: |
Bangladesh Garments Manufacturer &
Exporters Association |
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CAPITAL STRUCTURE
|
Authorized
Capital |
: |
BDT 1,500,000,000 |
|
||||||
|
Paid-up Capital |
: |
BDT 1,160,308,000 |
No.
of Shares |
: |
116,030,800 |
Share
Value |
: |
BDT10.00Each |
|
|
Main Assets |
: |
BDT 7,161,020,402 |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
The subject company don’t submit update
financial figure to local registry office. |
||
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Balance Sheet : |
||
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|
Currency |
: Tk |
|
|
Denomination |
: 1 |
|
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Financial Year Ending |
:July,31~June,30 |
|
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||
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Income Statement : |
||
|
|
Currency |
: Tk |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
:July,31~June,30 |
|
|
||
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Asianet Ltd. Skynet.Com Ltd. Prestige Bengal Ltd. Far East International Ltd. Far East Spinning Industries Ltd. Far East Yarn Dyeing Industries Limited |
|
Subsidiary |
: |
Nil |
|
Name of The Group |
: |
Nil |
BANKING
|
Bank Name
|
: |
Janata Bank
Limited Dhaka Bank
Limited Brac Bank Limited Bank Asia Limited Mutual Trust Bank
Limited Shahjalal Islami Bank
Limited Commercial Bank
Of Ceylon Plc |
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 Moyeen Center, House # 9/B, Road # 3, Gulshan # 1, Dhaka-1212, Bangladesh.
It is Situated at Residential area.
GENERAL COMMENTS
The subject company
is engaged in manufacturer & Exporter of Readymade garments. It is reputed
company in this line of business. We recommended that Credit can proceed
promptly in Fairly large amount.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
|
|
1 |
Rs.97.84 |
|
Euro |
1 |
Rs.71.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
VNT |
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.