MIRA INFORM REPORT
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Report No. : |
322313 |
|
Report Date : |
16.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHASHA DENIMS LTD. |
|
|
|
|
Registered Office : |
Mascot Plaza (10th floor), Plot# 107/A, Sector# 7, Sonargaon Janapath, Uttara , Dhaka-1230 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
28.10.1996 |
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Com. Reg. No.: |
C-31649 |
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Legal Form : |
Public Listed Co |
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Line of Business : |
Manufacturer and Exporter of Denim Febrics |
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|
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No. of Employees : |
832 |
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 |
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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, 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 |
: |
Shasha Denims Ltd. |
|
Head Office |
: |
Mascot Plaza (10th floor), Plot# 107/A, Sector# 7,
Sonargaon Janapath, Uttara , Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8952803, 8952720-1 |
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Fax No |
: |
88-02-8952748 |
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E-mail |
: |
|
|
Website |
: |
www.shashadenim.com |
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Date/ Year of Incorporation |
: |
28-10-1996 |
|
Incorporation
No. |
: |
C-31649 |
|
Trade Licence No |
: |
01-00514 |
|
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 |
BDT
3,735,256,633 |
BDT 7,788,958,323 |
BDT 377,604,943 |
|
31st
December’2013 |
BDT
3,824,190,283 |
BDT 7,402,257,932 |
BDT
149,241,826 |
|
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 |
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FULLCHECK
REPORT DETAILS
|
Information Parted By |
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Name |
: |
Lt. Col. Md. Quaderuzzaman (Retd.) |
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Designation |
: |
Company Secretary |
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Contract No |
: |
N/A |
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Locations Details |
||
|
Operating Address |
: |
Mascot Plaza (10th floor), Plot# 107/A, Sector# 7,
Sonargaon Janapath, Uttara , Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8952803, 8952720-1 |
|
Fax No |
: |
88-02-8952748 |
|
E-mail |
: |
|
|
Website |
: |
www.shashadenim.com |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
2200 |
Sq. ft. |
|
Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial office Bldg. |
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|
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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. |
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Factory: |
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Address |
: |
Plot # 184-193 & 277, DEPZ (Extn), Ganak Bari, Savar, Bangladesh. |
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Tel No |
: |
88-02-7789302 – 5 |
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Fax No |
: |
88-02-7789307 |
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Owned |
|
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Rented |
Ö |
|
Leased |
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Area |
24000 |
Sq. ft. |
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Branches: |
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|
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Address |
: |
Nil |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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|||||||
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|||||||
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No. of Employees |
In Office |
: |
217 |
In Factory |
: |
615 |
||
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In Branch: |
: |
- |
Total |
: |
832 |
|||
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Mr. Anisul Islam Mahmud |
19,800,000 |
|
Mr. Shams Mahmud |
8,918,000 |
|
Parveen Mahmud |
5,409,000 |
|
Zareen Mahmud |
2,191,500 |
|
Shasha Garments Ltd. |
1,700,000 |
|
Mahmud Issa |
9,000 |
|
Moinul Islam Mahmud |
9,000 |
|
Syed Mayeenul Huq |
4,500 |
|
javed Hosein |
9,000 |
|
Aftabur Rahman Jafree |
4,500 |
|
Naznin Rahman |
9,000 |
|
Mohammad Jamal Abdun Naser |
500,000 |
|
Md. Ahasanul Haque |
500,000 |
|
Mr. Syed Mohammad Hasan |
90,000 |
|
Mr. Mohammad Rafiqul Alam |
110,000 |
|
Mr. Mazharul Islam Bhuiyan |
95,000 |
|
Mr. Md. Helal Uddin |
25,000 |
|
Mr. Robiul Hoque |
70,000 |
|
Mr. Mohammed Anamul Hasan |
50,000 |
|
Mr. Md. Shah Newaz |
25,000 |
|
Mr. A.K.M Moynul Haque |
40,000 |
|
Mr. Mohammad Ali Khan |
50,000 |
|
Mr. Md. Golam Rabbani |
25,000 |
|
Mr. Kazi Obaidur Rahman |
50,000 |
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Mr. Mohammad Ikbal Karim |
50,000 |
|
Mr. Mohammad Mustafizur Rahman |
30,000 |
|
Mr. Md. Shah Jahan |
35,000 |
|
Mr. Md. Eunus Khan |
35,000 |
|
Mr. Mohammad Ali Imam |
50,000 |
|
Mr. Md. Abdul Mukit |
15,000 |
|
Mr. Tanim Islam |
35,000 |
|
Mr. Shonjoy Kumar Das |
25,000 |
|
Mr. Mostufa Kamal |
25,000 |
|
Mr. Sabbir Hossain |
25,000 |
|
Mr. Farid Uddin |
20,000 |
|
Mr. Asish Kumar Bhadra |
25,000 |
|
General Public |
50,000,000 |
DIRECTORS
|
Name |
Designation |
|
Parveen Mahmud |
Chairman |
|
Mr. Shams Mahmud |
Managing Director |
|
Mr. Javed Hosein |
Director |
|
Aftabur Rahman Jafree |
Director |
|
Mr. Zareen Mahmud |
Director |
MANAGEMENT
|
Name |
: |
Md. Ahasanul Haque |
|
Job Description |
: |
Chief Financial Officer |
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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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Name |
: |
Mr. Monir Hossain |
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Job Description |
: |
Admin Officer |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Abdun Naser Jamal |
|
Job Description |
: |
Director (Technical) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
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: |
||
|
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|
Products |
: |
Denim Febrics |
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Production Capacity |
: |
1.8 million yards per year |
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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 |
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Selling 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 |
DETAILED
DATA
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
Kappa, Mascot, H & M, Target, Wal-Mart. |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
USA, Europe |
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Imports |
: |
China, India |
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Brand Name |
: |
N/A |
||||||||
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Certified |
: |
N/A |
||||||||
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Auditors |
: |
N/A |
||||||||
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Operation Status |
: |
Active |
||||||||
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Member |
: |
Bangladesh Textile Mills Association |
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CAPITAL
STRUCTURE
|
Authorized
Capital |
: |
BDT 2,250,000,000 |
|
||||||
|
Paid-up Capital |
: |
BDT
980,762,000 |
No.
of Shares |
: |
98,076,200 |
Share Value |
: |
Tk.10.00Each |
|
|
Main Assets |
: |
BDT 7,402,257,932 |
|
||||||
FINANCIAL
STATEMENT- DETAILED
|
The subject company don’t submit update
financial figure to local registry office. |
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|
Balance Sheet : |
||
|
|
Currency |
BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31.12.2013 |
|
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||
|
Income Statement : |
||
|
|
Currency |
:BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31.12.2013 |
|
|
||
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Sister Concerns |
: |
Shasha Apparels Ltd. Shasha Telecom Ltd. Shasha Spinnings Ltd. Superior Footwear Ltd. Shasha Textiles Limited Shasha Garments Limited Energis Power Corporation Ltd. |
|
Subsidiary |
: |
N/A |
|
Name of The Group |
: |
Shasha Group |
BANKING
|
Bank Name
|
: |
Premier Bank Ltd. |
|
Bank Address |
: |
Uttara Branch Ground floor, House # 39, Road # 7, Sector 4, Uttara, Dhaka Mobile: 01199812862 (Manager) Tel: 880-2-8956430, 8953945 |
|
|
||
|
Bank Name
|
: |
Sonali Bank Ltd. |
|
Bank Address |
: |
Local Office 35-44, Motijheel C/A, Dhaka, Dhaka Tel: 88-02-89553382, 9551482, 988-02-9568002 |
|
Bank Name
|
: |
Bank Asia Ltd. |
|
Bank Address |
: |
Corporate Branch Noor Tower (1st floor) 73, Sonargaon Road, (1/F Free School Street) Dhaka-1205, Bangladesh |
|
Bank Name
|
: |
United Commercial Bank Ltd |
|
Bank Address |
: |
Gulshan Branch Concord I.K. Tower (1st Floor), Gulshan-2, Dhaka, Bangladesh Plot No. CEN (A)-2, North Avenue, Tel: 88- 01711-888358 |
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 Mascot Plaza (10th floor), Plot# 107/A, Sector# 7, Uttara,
Dhaka-1230, Bangladesh. The subject company Admin Officer Mr. Monir Hossain given
us all information. Is situated at Residential area which is a well decorated
modern office.
GENERAL
COMMENTS
The subject company is engaged in manufacturer & Exporter of
Readymade garments. It is reputed company in this line of business. We recommended
that Credit can proceed promptly in Fairly large amount.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.57 |
|
|
1 |
Rs.100.30 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SHG |
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.