MIRA INFORM REPORT

 

 

Report No. :

312067

Report Date :

17.03.2015

 

IDENTIFICATION DETAILS

 

Name :

ADIB DYEING MILLS LTD

 

 

Registered Office :

Mulaid, Mawna, Sreepur, Gazipur

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13-09-2003

 

 

Com. Reg. No.:

C-50453

 

 

Legal Form :

Private Company

 

 

Line of Business :

Dyeing, Washing, Distributor, Exporter and Importer of Yarn, Garments Washing.   

 

 

No. of Employees :

95

 

 

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 – 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

:

Adib Dyeing Mills Ltd

Head Office

:

Mulaid, Mawna, Sreepur, Gazipur, Bangladesh

Tel No

:

88-0682555119, 0682555001.

Fax No

:

Nil

E-mail

:

jahangir@weltexbd.com

Website

:

welltexgroup.com                                                                                                                        

Date/ Year of Incorporation

:

13-09-2003

Incorporation No.

:

C-50453

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

 

 

Financial Summary

      Year

Turnover/ Sales

 Assets

     Income

July’ 12~June’ 13

BDT 88 Million

BDT 310.50 Million

BDT 3.34 Million

July’ 13~June’ 14

BDT 115 Million

BDT 322.35 Million

BDT 4.71 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

 

 

 

 

 

 

Full Check Report Details

 

                                                             Information Parted By

Name

:

Mr. Md. Jahangir

Designation

:

Manager (Commercial)

Contract No

:

88-01746655450

 

                                                               Locations Details

Operating Address

:

Mulaid, Mawna, Sreepur, Gazipur, Bangladesh

Tel No

:

88-0682555119, 0682555001.

Fax No

:

Nil

E-mail

:

jahangir@weltexbd.com

Website

:

welltexgroup.com                                                                                                                        

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2400

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

:

Mulaid, Mawna, Sreepur, Gazipur, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

45,000

Sq. ft.

 

Commercial Address:

Address

:

Plot # 15, Road # 12, Sector # 1, Uttara, Dhaka-1230, Bangladesh

Tel No

:

88-01746655450, 01711063136

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

10

             In Factory

:

80

In Branch:

:

5

             Total

:

95

Details:

 

                    

 

 

 

Ownership/ Shareholders

 

         Names of Shareholders

                      No. of Share     

Mr. Majedul Haque Chisty

                                   2000

Dr. Anesha Hassan

                                   2000

 

 

Directors

 

Name

Designation

Mr. Majedul Haque Chisty

Managing Director

Dr. Anesha Hassan

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Jahangir

Job Description

:

Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

jahangir@weltexbd.com

Other details

:

88-01746655450

 

 

 

Name

:

Mr. Enamul Haque

Job Description

:

Manager (Marketing)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01711063136

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Dyeing

Ö

Washing

Ö

Distributor

Ö

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Yarn, Garments Washing   

Production Capacity

:

Dyeing:  5 Tons per day

Washing: 20,000 pcs 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

:

Zellers, Mango, Dickies, Billabong, Bonnie Togs, Springfield Jade Jeans, Zara Primark, Next Sourcing, Oved Apparel

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

Trade Markets

 

:

 

Exports

:

Europe, USA

 

Imports

:

India, China

 

Brand Name

:

Nil

 

Certified

:

Nil

 

Auditors

:

Nil

 

Operation Status

:

Active

 

Member

:

Bangladesh Dyed Yarn Exporters Association

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 20 Million

 

Paid-up Capital

:

BDT 400000

 No. of Shares

:

4000

Share Value

:

BDT100.00Each

Main Assets

:

BDT 322.35 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Welltex

Anan Socks Ltd

Sababa Apparels

The Welltex Ltd

Subsidiary

:

N/A

Name of  The Group

:

Welltex Group

 

 

BANKING

 

Bank Name  

:

Basic Bank Ltd.

Bank Address

:

Dilkusha Branch 

14, Dilkusha C/A, Dhaka-1000,

Bangladesh

Tel: 88-02-9563793-4

Fax: 88-02-9587150

 

 

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 Head Office which is situated at Mulaid, Mawna, Sreepur, Gazipur, Bangladesh. It is Situated at Commercial area.

 

 

GENERAL COMMENTS

 

The subject company is engaged in Dyeing, washing, Exporter & distributors. 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.82

UK Pound

1

Rs.92.83

Euro

1

Rs.66.17

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.