MIRA INFORM REPORT

 

 

Report No. :

320584

Report Date :

04.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ESQUIRE KNIT COMPOSITE LIMITED

 

 

Registered Office :

Ideal Trade Center (9th & 10th floor), 102, Shaheed Tajuddin Ahmed Sarani, Tejgaon I/A, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

16-02-2000

 

 

Com. Reg. No.:

C-39663  

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Men's and Ladies T-shirt, Singlet, Vest, Tank, Tops, Blouse, Girls Shirts.

 

 

No. of Employees :

5800

 

 

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

:

Esquire Knit Composite Limited

Head Office

:

Ideal Trade Center (9th & 10th floor), 102, Shaheed Tajuddin Ahmed

 Sarani, Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-9556686, 0960233884

Fax No

:

Nil

E-mail

:

ehsan@esquirebd.com, ekcl@esquirebd.com

Website

:

www.esquirebd.com

Date/ Year of Incorporation

:

16-02-2000

Incorporation No.

:

C-39663  

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

31st December’2012

Tk. 3811.8 Million

Tk. 1475.10 Million

Tk. 171.531 Million

31st December’2013

Tk. 4121.65 Million

Tk. 1747.75 Million

Tk. 185.47 Million

Note: The subject company published new financial figure which year ending is 31st December.

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. Md. Musleh Uddin Ahmad Sikder

Designation

:

Commercial Officer

Contract No

:

-

 

                                                               Locations Details

Operating Address

:

Ideal Trade Center (9th & 10th floor), 102, Shaheed Tajuddin Ahmed

 Sarani, Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-9556686, 0960233884

Fax No

:

Nil

E-mail

:

ehsan@esquirebd.com, ekcl@esquirebd.com

Website

:

www.esquirebd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

4500

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

:

22/58, Kanchpur, Sonargaon, Narayanganj, Bangladesh.

Tel No

:

-

Fax No

:

-

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

259500

Sq. ft.

 

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

No. of Employees 

 

In Office

:

68

In Factory

:

5735

In Branch:

:

-

Total

:

5800

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Md. Mofazzal Hossain

                                   1,0000

Mr. Md. Muddasar Hossain

                                     2000

Mr. Md. Ehsanul Habib

                                     2000

Mr. Md. Arifur Rahman

                                     2000

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Ehsanul Habib

Managing Director

Mr. Md. Muddasar Hossain

Director

Mr. Md. Mofazzal Hossain

Director

Mr. Md. Arifur Rahman

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Musleh Uddin Ahmad Sikder

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Dyeing

Ö

Embroidery

Ö

Printing

Ö

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

 

Range of Products:

Products

:

Men's and Ladies T-shirt, Singlet, Vest, Tank, Tops, Blouse, Girls Shirts    

Production Capacity

:

Dyeing: 15 ton per day

Knitting: 20 ton per day

Garments:  1.20 million pcs per month

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

:

Esprit-Germany

Marks & Spencer-UK

Bhs-UK

Zara-Spain

Jordache-USA

Mascot-Denmar

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

Europe, USA

 

Imports

:

China, India

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Knit Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 20 million

 

Paid-up Capital

:

Tk. 16,00,000

No. of Shares

:

16000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 1747.75 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Esquire Electronics Limited 

Esquire Accessories Ltd

Esquire Dyeing Ind. Ltd

Esquire Sourcing Ltd

Thakral Information System Limited

MMH Textile Limited

Fashion Paradise Limited

Esquire Chemicals Industries Limited

Esquire Knit Wear Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Esquire Group 

 

 

BANKING

 

Bank Name  

:

Dutch Bangla Bank Limited

Bank Address

:

Dilkusha Branch

Dhaka, Bangladesh

1 Dilkusha C/A

 

Bank Name  

:

Eastern Bank Limited

Bank Address

:

Principal Branch

Jiban Bima Bhaban

10, Dilkusha C/A Dhaka

PABX-88-02-9556360,

Tel: 88-02-9554830, 9565696

 

 

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 address which is situated at Ideal Trade Center (9th & 10th floor) 102, Shaheed Tajuddin Ahmed Sarani, Tejgaon I/A, Dhaka-1208, Bangladesh. Is situated at industrial area which is a well decorated modern office.

 

 

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.63.57

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

 

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.