MIRA INFORM REPORT
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Report No. : |
326311 |
|
Report Date : |
16.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ARGON DENIMS LIMITED |
|
|
|
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Registered Office : |
Plot # 33, Section # 7, Mirpur, Dhaka-1216 |
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Country : |
Bangladesh
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Financials (as on) : |
31.03.2015 |
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Date of Incorporation : |
13.07.2006 |
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Legal Form : |
Public Listed Co. |
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Line of Business : |
Manufacturer and Exporter of Denim Fabrics |
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No. of Employees : |
520 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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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 |
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Payment Behaviour : |
Regular |
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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 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
: |
ARGON DENIMS LIMITED |
|
Head Office |
: |
Lotus Kamal Tower One ( Level # 7), 57, Joar Sahara
C/A, Nikunja-2, New Airport Road, Dhaka-1229, Bangladesh.
|
|
Tel No |
: |
88-02-8961552-3 |
|
Fax No |
: |
88-02-8961941 |
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E-mail |
: |
info@argondenims.com |
|
Website |
: |
www.argondenims.com |
|
Date/ Year of Incorporation |
: |
13.07.2006 |
|
Incorporation No. |
: |
C-62713 |
|
Trading Name |
: |
ARGONDENIM |
|
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 |
|
31/12/2014 |
BDT 699,896,970 |
BDT
1,670,938,612 |
BDT 159,708,035 |
|
31/03/2015 |
BDT 568,145,311 |
BDT
1,643,956,230 |
BDT 116,719,717 |
|
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 |
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FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Md.
Moniruzzaman Bhuiyan |
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Designation |
: |
Company Secretary |
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Contract No |
: |
N/A |
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Locations Details |
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|
Operating Address |
: |
Lotus Kamal Tower One ( Level # 7), 57, Joar Sahara C/A, Nikunja-2, New Airport Road, Dhaka-1229, Bangladesh.
|
|
Tel No |
: |
88-02-8961552-3 |
|
Fax No |
: |
88-02-8961941 |
|
E-mail |
: |
info@argondenims.com |
|
Website |
: |
www.argondenims.com |
|
Location : |
: Owned |
Ö |
|
Rented |
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|
Leased |
|
Area |
|
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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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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Address |
: |
Beraider Chala, P.O.:Gilaberaid, P.S:
Sreepur, Gazipur, Bangladesh. |
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Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Owned |
Ö |
|
Rented |
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|
Leased |
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Area |
85,000 |
Sq. ft. |
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Registered Address: |
||
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Address |
: |
Plot # 33, Section # 7, Mirpur, Dhaka-1216,
Bangladesh.
|
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Tel No |
: |
88-02-9020492-5 |
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Fax No |
: |
88-02-9020490. |
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Employee: |
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No. of Employees |
In Office |
: |
48 |
In Factory |
: |
472 |
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In Branch: |
: |
- |
Total |
: |
520 |
|||
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of
Share |
|
Mr. Shabnam Shehnaz Chowdhury |
5,175,000 |
|
Mr. Anwar -ul Alam Chowdhury |
6,198,500 |
|
Mr. Shah Adeeb Chowdhury |
4,140,000 |
|
Mr. Shah Rayeed Chowdhury |
2,760,000 |
|
Mrs. Sanjana Shehnaz Chowdhury |
151,800 |
|
Mr. Md. Akhter Shahid |
5,956,080 |
|
Mrs. Suraya Akhter |
107,640 |
|
Mrs. Adiba Akhter |
107,640 |
|
Mr. Samir Akhter |
107,640 |
|
Mr. A.K.Gouhor Rabbani |
8,268,500 |
|
Mrs. Farhana Haque |
260,820 |
|
Mrs. Elma Zuairia Rabbani |
153,180 |
|
Mrs. Elham Farhan Rabbani |
153,180 |
|
Mr. Ibram Farhan Rabbani |
153,180 |
|
Mr. Abu Kawser Majumder |
8,268,960 |
|
Mr. Areefa Akhter |
256,680 |
|
Mr. Farhan Majumder |
153,180 |
|
Mr. Farhaz Kawser |
153,180 |
|
Institution & General Public |
40,274,840 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mrs. Shabnam Shehnaz Chowdhury |
Chairperson |
|
Mr. Anwar-ul Alam Chowdhury |
Managing Director |
|
Mr. Abu Kawser Majumder |
Director |
|
Mr. A.K. Gouhor Rabbani |
Director |
|
Mr. Md. Akhter Shahid |
Director |
|
Mr. Shah Adeeb Chowdhury |
Director |
|
Mr. Shah Rayeed Chowdhury |
Director |
|
Mr. Faizul hakim Khan |
Independent Director |
|
Prof. Dr. Shahid Uddin Ahmed |
Independent Director |
|
Prof. Dr. Md. Hasibur Rashid |
Independent Director |
MANAGEMENT
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||
|
Name |
: |
Mr. Md.
Moniruzzaman Bhuiyan |
|
Job Description |
: |
Company Secretary |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
itrat@argondenims.com |
|
Other details |
: |
Nil |
|
|
|
|
|
Name |
: |
Mr. M. Shakil
Islam Bhuiyan |
|
Job Description |
: |
Chief Executive
Officer |
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Nationality |
: |
Bangladeshi |
|
Email address |
: |
shakil.bhuiyan@lankabanglainvestments.com |
|
Other details |
: |
Nil |
BUSINESS
OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of
Products: |
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Products |
: |
Denim Fabrics |
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Production Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
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Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
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Selling Terms : |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
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|
days |
DETAILED
DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
Europe |
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Imports |
: |
India, China |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
PINAKI & CO. Chartered Accountants |
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Operation Status |
: |
Active. |
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Member |
: |
Bangladesh Garments Manufacturer &
Exporters Association. |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
BDT
1,000,000,000 |
|
||||||
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Paid-up Capital |
: |
BDT
82,800,0000 |
No. of Shares |
: |
82,800,000 |
Share
Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
BDT
1,643,956,230 |
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FINANCIAL
STATEMENT- DETAILED
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Income Statement : |
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Currency |
: Tk. |
|
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Denomination |
: 1 |
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Financial Year Ending |
: 31.03.2015 |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Nil |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Nil |
BANKING
|
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Bank Name
|
: |
One Bank Ltd. BRAC Bank Ltd. Standard
Charterad Bank Mercantile Bank
Ltd. Prime Bank Ltd. |
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ADVERSE
DATA MONITORING
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Dishonored Checks |
:
|
No Record Found |
|||
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Debt |
: |
No Record Found |
|||
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Litigation |
: |
Clear |
|||
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Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
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SITE
VISIT COMMENTARY
|
|
Our Representative Visited the subject company Head office which is
situated at Lotus Kamal Tower One (Level 7), 57, Joar Sahara C/A, Nikunja-2,
New Airport Road, Dhaka-1229, Bangladesh. Its office is situated at Semi-commercial
area which is well decorated. |
GENERAL
COMMENTS
|
|
The subject company is engaged in manufacturer & Exporter of Denim
Fabrics. 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.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
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|
-- |
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.