MIRA INFORM REPORT
|
Report No. : |
327637 |
|
Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ISLAM KNIT DESIGNS LIMITED |
|
|
|
|
Registered Office : |
House#21, Road #10, Baridhara, Dhaka-1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
30.06.2005 |
|
|
|
|
Com. Reg. No.: |
C-57941 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of
T-Shirt, Polo Shirts, Divider. |
|
|
|
|
No. of Employees : |
2259 |
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 |
EXECUTIVE
SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Islam Knit Designs Limited |
|
Head Office |
: |
House#21, Road #10, Baridhara, Dhaka-1212, Bangladesh. |
|
Tel No |
: |
880-2-8827770 |
|
Fax No |
: |
880-2-8816093 |
|
E-mail |
: |
shaker@islam-garments.com, islam@islam-garments.com |
|
Website |
: |
www.islam-garments.com |
|
Date/ Year of Incorporation |
: |
30.06.2005 |
|
Incorporation No. |
: |
C-57941 |
|
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
315 Million |
BDT 25.00 Million |
BDT 15.00 Million |
|
July’ 13~June’
14 |
BDT 421 Million |
BDT 37.14 Million |
BDT 21.47 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. Motiur
Rahman. |
|
Designation |
: |
Commercial
Officer. |
|
Contract No |
: |
88-01713331125 |
|
Locations Details |
||
|
|
||
|
Operating Address |
: |
House#21, Road #10, Baridhara, Dhaka-1212, Bangladesh. |
|
Tel No |
: |
880-2-8827770 |
|
E-mail |
: |
880-2-8816093 |
|
Fax No |
: |
shaker@islam-garments.com, islam@islam-garments.com |
|
Website |
: |
www.islam-garments.com |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
1800 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
|
Residential Bldg. |
|
|
|
|
|
|
Factory: |
|
|
|
Address |
: |
Zarun, Kona Bari, Shakhipur, Gazipur,
Bangladesh. |
|
Tel No |
: |
88-02-92971014 |
|
Fax No |
: |
Nil |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
42,000 |
Sq. ft. |
|
Registered Office: |
|||
|
Address |
: |
House # 156 Shantinagar, Dhaka-1217,
Bangladesh. |
|
|
Tel No |
: |
Nil |
|
|
Fax No |
: |
Nil |
|
|
Corporate Address: |
||
|
Address |
: |
Rangs Arcada (5th Floor), 153/A,
Gulshan Avenue, Gulshan-2, Dhaka-1212, Bangladesh. |
|
Tel No |
: |
88-2-9863040, 9863004, 01673-000630 |
|
Fax No |
: |
880-2-8816093 |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
48 |
In Factory |
: |
2211 |
||
|
In Branch: |
: |
- |
Total |
: |
2259 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Mr. Shafiqul Islam |
80000 |
|
Mr. Atiqul Islam |
80000 |
|
Mrs. Hasmat Ara Islam |
172000 |
|
Mr. Shahrier Ahmed |
80000 |
|
Mr. Shaker Ahmed |
80000 |
DIRECTORS
|
Name |
Designation |
|
Mr. Shafiqul Islam |
Chairman |
|
Mrs. Hasmat Ara Islam |
Managing Director |
|
Mr. Atiqul Islam |
Director |
MANAGEMENT
|
Name |
: |
Mr. Motiur Rahman. |
|
Job Description |
: |
Commercial Officer. |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
88-01713331125 |
BUSINESS
OPERATIONS
|
Nature of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Item Dealings
In: |
||
|
|
||
|
Products |
: |
T-Shirt, Polo Shirts, Divider. |
|
Production Capacity |
: |
10, 10,000 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 |
: |
Wal Mart Bry Lane Justin Allen Zellers H. Bay |
Local Clients |
: |
|
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
||||
|
Trade Markets |
: |
Exports |
: |
USA, Canada |
|
|||||
|
Imports |
: |
China, India. |
|
|||||||
|
Brand Name |
: |
Nil |
||||||||
|
Certified |
: |
Nil |
||||||||
|
Auditors |
: |
N/A |
||||||||
|
Operation Status |
: |
Active. |
||||||||
|
Member |
: |
Bangladesh Knitwear Manufacturers &
Exports Association. |
||||||||
CAPITAL
STRUCTURE
|
Authorized
Capital |
: |
BDT 100 Million |
|
||||||
|
Paid-up Capital |
: |
BDT 4, 92,00,000 |
No. of Shares |
: |
4, 92,000 |
Share
Value |
: |
BDT 100.00Each |
|
|
Main Assets |
: |
BDT 37.14 Million |
|
||||||
|
|
|||
The subject company don’t submit update full
financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Sister Concerns |
: |
Islam Dress Ltd. Islam Garments Ltd. Islam Products Ltd. |
|
Subsidiary |
: |
N/A |
|
Name of The Group |
: |
Islam Group. |
BANKING
|
Bank Name
|
: |
IFIC Bank Ltd |
|
Bank Address |
: |
Motijheel Branch. 125/A, Motijheel C/A, Dhaka-1000,
Bangladesh Fax: 880-2-09566352, 9563020-29 Phone: 880-2-9565215-18 |
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 Factory which is
situated at Zarun, Kona Bari, Shakhipur, Gazipur, Bangladesh. It is situated at
middle of the Industrial area & well manage modern factory. Their
environment is beautiful for working. |
GENERAL
COMMENTS
|
Based on the financial statements, SC’s financial performance appears to
be average. SC has been in its line of business for about 9 years. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
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.