MIRA INFORM REPORT

 

 

Report No. :

321514

Report Date :

15.05.2015

 

IDENTIFICATION DETAILS

 

Name :

SAJID WASHING AND DYEING LIMITED

 

 

Registered Office :

198/A, Tejgaon Link Road, I/A, Dhaka-1208,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

18.11.2003

 

 

Com. Reg. No.:

C-51121

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Garments Dyeing & Washing      

 

 

No. of Employee :

165

 

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 :

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, 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.

 

Source : CIA

 

 IDENTIFICATION DETAILS

 

Correct company Name

:

SAJID WASHING AND DYEING LIMITED

Head Office

:

198/A, Tejgaon Link Road, I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8878430, 9889628, 9893865   

Fax No

:

Nil

E-mail

:

nitish@hameemgroup.net

Website

:

www.hameemgroup.net

Date/ Year of Incorporation

:

18.11.2003

Incorporation No.

:

C-51121

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 245 Million

BDT 9.5 Million

BDT 2.80 million

July’ 13~June’ 14

BDT 261 Million

BDT 12.70Million

BDT 7.74 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

:

Mr. Nitish

Designation

:

Commercial Manager

Contract No

:

88-01715996261

 

                                                               Locations Details

Business Address

:

198/A, Tejgaon Link Road, I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8878430, 9889628, 9893865   

E-mail

:

Nil

Fax No

:

nitish@hameemgroup.net

Website

:

www.hameemgroup.net

 

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

:

Nishat Nagar, Tongi, Gazipur, Bangladesh

Tel No

:

88-02-9813904

Fax No

:

88-02-9814430

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

40,000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Location :

Owned

 

 

Rented

 

 

Leased

 

Area

 

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

35

In Factory

:

130

In Branch:

:

 

Total

:

165

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Abul Kalam Azad

                                 250

A K Azad

                                5000

 

 

DIRECTORS

 

Name

Designation

A K Azad

Managing Director

Abul Kalam Azad

Director

 

 

MANAGEMENT

 

Name

:

Mr. Nitish

Job Description

:

Commercial Manager

Nationality

:

Bangladeshi

Email address

:

nitish@hameemgroup.net

Other details

:

88-01715996261

 

 

 

Name

:

Major (Retd) Sunil Kumar Sarker

Job Description

:

Production Manager

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Dyeing

Ö

Washing

Ö

 

Range of Products:

 

Products

:

Garments Dyeing & Washing      

Production Capacity

:

N/A

Last Year Production

:

N/A

 

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local garments

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

India

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 10 Million

 

Paid-up Capital

:

BDT 5,25,000

    No. of Shares

:

5250

Share Value

:

BDT 100.00Each

Main Assets

:

BDT 12.70Million

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Channel 24

Dainik Somokal

That’s It Knit Ltd.

That’s Printing Ltd

Sajid Apparels Ltd.

Asha Fashions Ltd.

Sakib Poly Ind. Ltd

Modern Cargo Carrier

That’s It Fashions Ltd.

That’s It Garments Ltd.

Modern washing Plant

That’s It Packaging Ltd.

Creative Wash Limited

Ha-Meem Fashions Ltd.

Ha-Meem Apparels Ltd.

Ha-Meem Washing Plant

That’s It Embroidery Ltd.

New Modern Garments Ind. Ltd

Modern Sand Brush & Blashing Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Ha-Meem Group 

 

 

BANKING

 

Bank Name  

:

Pubali Bank Ltd.

 

Bank Address

:

Motijheel Branch,

 Sena Kallyan Bhaban

 195, Motijheel Comm. Area

 Dhaka-1000, Bangladesh 

 Tel:  880 7163366

 Fax:  880 2 9550635/11

 

 

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

 

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

 

 

 

 

 

 

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 at198/A, Tejgaon Link Road, I/A, Dhaka-1208, Bangladesh.

 

 

GENERAL COMMENTS

 

The subject company is engaged in Dyeing & washing of garments. It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate amount.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.643.84

UK Pound

1

Rs.100.65

Euro

1

Rs.72.88

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SDA

 

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.