MIRA INFORM REPORT

 

 

Report No. :

311109

Report Date :

12.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ACS TEXTILES (BANGLADESH) LIMITED

 

 

Registered Office :

Tetlabo, Word# 3, Po: Parabo, Rupgonj, Narayangonj

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.04.2004

 

 

Com. Reg. No.:

C-52450

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Printing , Distributor , Exporter , Weaving  and Importer of Bed Sheet, Cover Set, Grey Fabric

 

 

No. of Employees :

6000

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

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

 

 

Payment Behaviour :

Regular

 

 

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 and 80% of total exports, surpassed $21 billion last year, 18% of GDP. 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 almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Acs Textiles (Bangladesh) Limited

Head Office

:

Tetlabo, Word# 3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-02-09606500445, 7449593, 7450204, 7450242, 7450724

Fax No

:

88-02-7450786

E-mail

:

acsinfo@acstextiles.com, , hr@acstextiles.com

Website

:

www.acstextiles.com

Date/ Year of Incorporation

:

13.04.2004

Incorporation No.

:

C-52450

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 5958.54 Million

BDT 1836.72 Million

BDT 241.03 Million

July’ 13~June’ 14

BDT 6137.80 Million

BDT 2159.25 Million

BDT 265.94 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

:

Md. Johurul Kabir

Designation

:

Executive Director

Contract No

:

Mobile: +8801713229908

 

 

                                                               Locations Details

Operating Address

:

Tetlabo, Word# 3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-02-09606500445, 7449593, 7450204, 7450242, 7450724

Fax No

:

88-02-7450786

E-mail

:

acsinfo@acstextiles.com, , hr@acstextiles.com

Website

:

www.acstextiles.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2000

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

:

Tetlabo, Word-3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

550000

Sq. ft.

 

 

Branches:

 

 

Address

:

House# 1D, Road# 10, Block# K, Baridhara, Dhaka-1212, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

5925

In Branch:

:

25

Total

:

6000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Masood Dawood Akbani

                              1, 72,167

Martin Sluckis

                                93,351

Max Cohen

                                93,351

 

 

DIRECTORS

 

Name

Designation

Masood Dawood Akbani

Managing Director

Martin Sluckis

Director

Max Cohen

Director

 

 

MANAGEMENT

 

Name

:

Md. Johurul Kabir

Job Description

:

Executive Director

Nationality

:

Bangladeshi

Email address

:

gmkabir@acstextiles.com

Other details

:

8801713229908

 

Name

:

Shahab Aijaz

Job Description

:

General Manager (Co-ordination)

Nationality

:

Bangladeshi

Email address

:

shahab@acstextiles.com

Other details

:

8801711593393

 

Name

:

Md. Ruhul Alam Sharif

Job Description

:

General Manager-Compliance

Nationality

:

Bangladeshi

Email address

:

rasharif@acstextiles.com

Other details

:

8801712201556

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Printing

Ö

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Weaving

Ö

Importer

Ö

Others

 

 

 

Range of Products:

 

Products

:

Bed Sheet, Cover Set, Grey Fabric

Production Capacity

:

30,000 pieces per day

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

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Sweden, Holland, Denmark, Norway, Australia

 

Imports

:

China, Japan, Australia

 

 

 

Brand Name

:

N/A

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 358869000

No. of Shares

:

358869

 Share Value

:

BDT 1000.00Each

Main Assets

:

BDT 2159.25 Million

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

ACS Towel Limited

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

South East Bank Ltd.

Bank Address

:

Principal Branch,

1, Dilkusha C/A, Dhaka - 1000

Phone: 9550081, 9567271 - 2, 9563101

Fax : 88 - 02 - 9551575

Tlx : 632463 SBLPB BJ

Swift: SEBDBDDHSPB

Email: hob.pb@sebankbd.com

 

 

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 address which is situated at Tetlabo, Word-3, Po: Parabo, Rupgonj, Narayangonj, Bangladesh.

 

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line with fairly stable financial conditions.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.75

UK Pound

1

Rs.94.60

Euro

1

Rs.67.10

 

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%)

 

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.