MIRA
INFORM REPORT
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Report No. : |
328125 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
ENVOY TEXTILES LTD. |
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Registered Office : |
Envoy Tower, (5th-8th Floor) 18/E, Lake Circus, Kalabagan, West Panthapath, Dhaka-1205 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.09.2014 |
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Date of Incorporation : |
15.06.1995 |
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Com. Reg. No.: |
C-28622 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Manufacturer and Exporter of
Denim Fabrics. |
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No. of Employees : |
720 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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.
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Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Envoy Textiles Ltd. |
|
Head Office |
: |
Envoy Tower, (5th-8th Floor) 18/E, Lake Circus,
Kalabagan, West Panthapath, Dhaka-1205, Bangladesh. |
|
Tel No |
: |
88-02-9102583- 90 |
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Fax No |
: |
88-02-9103128, 9130123 |
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E-mail |
: |
info@envoy-group.com |
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Website |
: |
www.envoy-group.com |
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Date/ Year of Incorporation |
: |
15.06.1995 |
|
Incorporation No. |
: |
C-28622 |
|
Tin No. |
: |
657558493737 |
|
Vat No. |
: |
5141029861 |
|
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)
________________ |
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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 |
|
30th
Sep’2014 |
BDT 1,843,601,771 (31st March 2014) |
BDT 10,262,555,483 |
BDT 101,193,329 (31st March 2014) |
|
31st
March,2015 |
BDT 2,721,291,817 (31st March 2015) |
BDT 11,188,787,130 |
BDT 353,728,200 (31st March 2015) |
|
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. Atiqur Rahman |
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Designation |
: |
Deputy General
Manager(Commercial) |
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Contract No |
: |
N/A |
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Locations Details |
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Operating Address |
: |
Envoy Tower, (5th-8th Floor) 18/E, Lake Circus,
Kalabagan, West Panthapath, Dhaka-1205, Bangladesh. |
|
Tel No |
: |
88-02-9102583- 90 |
|
Fax No |
: |
88-02-9103128-29 |
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E-mail |
: |
info@envoy-group.com |
|
Website |
: |
www.envoy-group.com |
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Location : |
: Owned |
Ö |
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Rented |
|
|
Leased |
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Area |
4500 |
Sq. ft. |
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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 |
: |
Jamirdia, Bhaluka, Mymensingh, Bangladesh. |
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Tel No |
: |
88-0682-555037-40 |
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Fax No |
: |
0682-555008 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
360139 |
Sq. ft. |
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Branches: |
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Address |
: |
Nil |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
145 |
In Factory |
: |
575 |
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In Branch: |
: |
- |
Total |
: |
720 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Mr. Kutubuddin Ahmed |
4217850 |
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Mr. Abdus Salam Murshedy |
4217850 |
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Mrs. Sharmin Salam |
3514875 |
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Mrs. Rashida Ahmed |
3514875 |
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Mr. Tanvir Ahmed |
3514875 |
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Ms. Shehrin Salam Oishee |
3514875 |
|
Dornick Apparels Ltd |
10833385 |
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Envoy Towers Ltd. |
9463125 |
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Pastel Apparels Ltd. |
6708544 |
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Fontia Fashions Ltd |
6489000 |
|
Olio Apparels Ltd. |
319425 |
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Nadia Garments Ltd |
2898420 |
|
Sureme Apparels Ltd. |
2811900 |
|
General Public |
82793851 |
DIRECTORS
|
Name |
Designation |
|
Mr. Kutubuddin Ahmed |
Chairman |
|
Mr. Abdus Salam Murshedy |
Managing Director |
|
Mrs. Sharmin Salam |
Director |
|
Mrs. Rashida Ahmed |
Director |
|
Mr. Tanvir Ahmed |
Director |
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Ms. Shehrin Salam Oishee |
Director |
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Mr. Abul Kalam Azad |
Independent Director |
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Mr. SK Bashir Ahmed |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr. Tushar
Tripathi |
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Job Description |
: |
Chief Executive
Director |
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Nationality |
: |
Indian |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Manish Joginder Khanna |
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Job Description |
: |
Director(Marketing) |
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Nationality |
: |
Indian |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Pranab Karmaker |
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Job Description |
: |
GM, QA & ipa |
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Nationality |
: |
Indian |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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 |
: |
20.00 Million Meter. |
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Last Year
Production |
: |
Do. |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
|
30 days |
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60 days |
Ö |
90 days |
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|
days |
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Selling Terms : |
L/C |
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Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
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60 days |
|
90 days |
|
|
days |
DETAILED DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
Li & Fung Marks & Spencer H & M Walmart Carrefour Tema VF Asia |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
USA, Canada, Italy, Germany |
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Imports |
: |
China, India, Pakistan |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
MBBS & J Partners (Formerly M/S Saha Mazumder & Co.) Chartered Accountants 21, Purana Paltan Line (4th & Top Floor) Dhaka-1000. |
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Operation Status |
: |
Active. |
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Member |
: |
Bangladesh Textile Mills Association. |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
BDT 1,500,000,000 |
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Paid-up Capital |
: |
BDT 1448128500 |
No.
of Shares |
: |
144812850 |
Share
Value |
: |
Tk.10.0Each |
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Main Assets |
: |
BDT 11,188,787,130 |
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FINANCIAL STATEMENT- DETAILED
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Balance Sheet : |
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Currency |
:
Tk. |
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Denomination |
:
1 |
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Financial Year Ending |
:
31st march, 2015 |
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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 |
: 30th
Sep’2013 |
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ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Platinum Suits Envoy Design Ltd. Olio Apparels Ltd. Sheltech (Pvt.) Ltd Nadia Garments Ltd. Envoy Garments Ltd. Fountain Water Ltd. Epoch Garments Ltd. Regal Garments Ltd Astras Garments Ltd. Envoy Fashions Ltd. Manta Apparels Ltd. Pastel Apparels Ltd. Fontina Fashions Ltd. Emerald Trading Ltd The Premier Bank Ltd Dornick Apparels Ltd. Armour Garments Ltd. Laundry Industries Ltd Supreme Apparels Ltd. Envoy Towers Limited Lunar International Ltd Peridot International Ltd. Lunar International Ltd Pinata Air International Ltd. OIA Global Logistics (BD) Ltd National System Solutions (Pvt) Ltd Information Technology Consultants Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Envoy Group. |
BANKING
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Bank Name
|
: |
Pubali Bank
Ltd.
|
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Bank Address |
: |
Mohakhali Branch, 99, Mohakhali Comm. Area Dhaka-1212, Bangladesh Tel: 880 2 8811044 |
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Bank Name
|
: |
HSBC |
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Bank Address |
: |
Dhaka Main Office Anchor Tower, 108, Bir Uttam C R Dutta
Road, Dhaka – 1205, Bangladesh Tel: 88-02-9660536-43 Fax: 8802- 9660554, 9669457 |
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Bank Name
|
: |
Standard
Chartered bank |
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Bank Address |
: |
SCB House, 67 Gulshan Avenue, Dhaka-1212, Bangladesh. |
ADVERSE DATA MONITORING
|
Dishonored Checks |
:
|
No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
|
Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
|
Our Representative Visited the subject company address at Envoy Tower,
18/E, Lake Circus, Kalabagan, West Panthapath, Dhaka-1205, Bangladesh. Its
office is decorated by western furniture. |
GENERAL COMMENTS
|
The subject company is engaged in manufacturer, Distributors &
Exporter of denim Fabric. 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.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
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.