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Report No. : |
311508 |
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Report Date : |
13.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAGPIE COMPOSITE TEXTILE LTD. |
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Registered Office : |
House # 5, Rabibdra Sarani Road, Section # 3, Uttara, Dhaka-1230 |
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Country : |
Bangladesh |
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Date of Incorporation : |
23.08.2005 |
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Com. Reg. No.: |
C-58729 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer
& Exporter of Readymade Garments such as
T-Shirts, Polo Shirts
& Leggings |
|
|
|
|
No of Employees : |
1150 (50 in Office & 1100 in Factory) |
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 |
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
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 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 |
IDENTIFICATION DETAILS
|
||
|
Correct
company Name |
: |
Magpie Composite
Textile Ltd. |
|
Head
Office |
: |
House # 5, Rabibdra Sarani Road, Section # 3,
Uttara, Dhaka-1230, Bangladesh. |
|
Tel
No |
: |
88-02-8954194, 8962437, 7914034 |
|
E-mail |
: |
|
|
Website |
: |
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|
Year
of Incorporation |
: |
23.08.2005 |
|
Incorporation No. |
: |
C-58729 |
|
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) |
Information
Parted By
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||
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|
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|
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Name |
: |
Mr. Md. Anwar Hossain |
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Designation |
: |
Senior Officer
(commercial) |
Locations Details
|
||
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Operating
Address |
: |
House # 5, Rabibdra Sarani Road, Section # 3,
Uttara, Dhaka-1230, Bangladesh. |
|
Tel
No |
: |
88-02-8954194, 8962437, 7914034 |
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Fax
No |
: |
Nil |
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E-mail |
: |
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|
Website |
: |
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Location : |
: Owned |
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Rented |
Ö |
|
Leased |
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Area |
2500 |
Sq. ft. |
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Type of Office : |
: Commercial Office Bldg. |
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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. |
Ö |
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Factory: |
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Address |
: |
832/833, Dewan
Idris Road, Kathgara, Amtala, Savar, Bangladesh. |
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Owned |
Ö |
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Rented |
|
|
Leased |
|
Area |
36000 |
Sq. ft. |
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Employee: |
|
||||||
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No.
of Employees |
In
Office |
: |
50 |
In
Factory |
: |
1100 |
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|
In Branch: |
: |
- |
Total
|
: |
1150 |
||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of Share |
|
Mr. Mujumder Arifur
Rahman |
90,000 |
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Mr. Al-Haj Habibur
Rahman |
1,10,000 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Al-Haj Habibur
Rahman |
Chairman |
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Mr. Mujumder Arifur
Rahman |
Managing Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Md. Anwar
Hossain |
|
Job Description |
: |
Senior Officer
(commercial) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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|
|
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Name |
: |
Mr. Sowmel Sarkar |
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Job Description |
: |
Asst. General manager
(Accounts& Finance). |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
|
Other details |
: |
88-01717592975 |
|
Name |
: |
Mr. Nazmul Sakib |
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Job Description |
: |
Admin Officer. |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
|
Other details |
: |
88-01712747904 |
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Nature
of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
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Distributor |
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|||||||
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of Products: |
||
|
Products |
: |
T-Shirts, Polo Shirts & Leggings |
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Production
Capacity |
: |
3, 50,000 Doz per Year. |
|
Last Year Production |
: |
Do. |
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 |
|
Selling
Terms : |
L/C |
Ö |
Cash |
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Others |
|
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|||
|
|
Credit
: |
|
30
days |
|
60
days |
Ö |
90
days |
|
|
days |
DETAILED DATA
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||||||||||
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
La-Redoute Daxon-Movitex Vertbaudet Celio Mark |
Local Clients |
: |
N/A |
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|||
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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|||||
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Trade Markets |
: |
Exports |
: |
USA, Canada, Europe |
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Imports |
: |
China, India,
Pakistan. |
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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 220 Million |
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||||||
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Paid-up Capital |
: |
BDT 2, 00,00,000 |
No. of Shares |
: |
2, 00,000 |
Share Value |
: |
BDT 100.00Each |
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Main Assets |
: |
BDT 534.50 Million |
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||||||
FINANCIAL STATEMENT- DETAILED
|
|
The subject company
don’t submit update full financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
||
|
Sister Concerns |
: |
Labib Zippers
(Ind.) Ltd. Magpie Knitwear
Ltd. Magpie Fine Unit
Ltd. |
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Name of The Group |
: |
Magpie Group |
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Bank Name |
: |
Agrani Bank Ltd. |
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Bank Address |
: |
Principal Branch Motijheel C/A,P.O.
Box: 531 Dhaka-1000,
Bangladesh Tel: 88-02-9563659,
9569562, 9565055 Fax No:
88-02-9563662 Account No: C/D
14462-2 |
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Dishonored
Checks |
: |
No Record
Found |
|
Debt |
: |
No Record Found |
|
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 Head office which is situated at House # 5, Rabibdra
Sarani Road, Section # 3, Uttara, Dhaka-1230, Bangladesh. The subject company Senior commercial Officer Mr. Anwar given us
all information. Is situated at industrial area which is a well decorated
modern office. |
GENERAL COMMENTS
|
|
Subject is mainly engaged in Manufacturer & Exporter of Readymade
Garments. The subject company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears
to be average. |
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Adopted
Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.57 |
|
UK Pound |
1 |
Rs.93.57 |
|
Euro |
1 |
Rs.65.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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.