MIRA INFORM REPORT

 

 

Report No. :

322760

Report Date :

19.05.2015

 

IDENTIFICATION DETAILS

 

Name :

COMFIT COMPOSITE KNIT LTD.

 

 

Registered Office :

Youth Tower, 822/2, Rokeya Sarani, Dhaka-1216

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

29.09.2005

 

 

Com. Reg. No.:

C-59178

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer and Exporter T-Shirts, Polo Shirts, Tank Tops.       

 

 

No of Employees :

4150

 

 

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

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

:

COMFIT COMPOSITE KNIT LTD.

Head office

:

Youth Tower, 822/2, Rokeya Sarani, Dhaka-1216, Bangladesh.

Tel No

:

880-2-8052343, 8052417, 01713432201

Fax No

:

880-2-8052351 

E-mail

:

mabari@youthbd.com, enayet@youthbd.com , billa@youthbd.com

Website

:

www.youthbd.com

Date/ Year of Incorporation

:

29.09.2005

Registered No.

:

C-59178

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’2012~June’2013

Tk. 3750.5 million

Tk. 1869.3 Million

Tk. 453.8 Million

July’2013~June’2014

Tk. 4157.65 million

Tk. 2061.54 Million

Tk. 415.90 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

 

 

 

 

 

 

 

 

 

 

 

 

 

Information Parted By

 

 

 

 

Name

:

Mr. Jasim Uddin Bhuiyan

Designation

:

Manager (Commercial)

Contract No

:

-

 

 

 

 

Locations Details

 

 

Business Address

:

Youth Tower, 822/2, Rokeya Sarani, Dhaka-1216, Bangladesh.

Tel No

:

880-2-8052343, 8052417, 01713432201

Fax

:

880-2-8052351 

Email

:

mabari@youthbd.com, enayet@youthbd.com , billa@youthbd.com

Website

:

www.youthbd.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

:

Gorai, Mirzapur, Tangail Bangladesh.

Tel No

:

88-01713432201

Fax No

:

-

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

65,000

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

4100

In Branch:

:

-

Total

:

4150

Details:

-

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

                            No. of Share     

Mr. Fereoz Alam

                                3800

Mr. Razakul Haider

                                3800

Mr. Asgor Haider

                                3200

Mr. Akbor Haider

                                2300

Mr. Faridul Islam

                                2300

Mr. Faisal Alam

                                2300

Mr. Anis Salauddin Ahmad

                                2300

 

DIRECTORS

 

Name

Designation

Mr. Razakul Haider

Chairman

Mr. Fereoz Alam

Managing Director

Mr. Asgor Haider

Director

Mr. Akbor Haider

Director

Mr. Faridul Islam

Director

Mr. Faisal Alam

Director

Mr. Anis Salauddin Ahmad

Director

 

 

MANAGEMENT

 

Name

:

Mr. Jasim Uddin Bhuiyan

Job Description

:

Manager (Commercial)

Nationality

:

Bangladesh

Email

:

N/A

Other details

:

-

 

Name

:

Mr. M.A. Bari Khan

Job Description

:

Admin & HR Officer

Nationality

:

Bangladesh

Email

:

N/A

Other details

:

01713432201

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

Exporter

Ö

Importer

 

Others

 

 

 

Range of Products:

 

Products

:

T-Shirts, Polo Shirts, Tank Tops.       

Production Capacity

:

10, 00,000 Pcs. per Year.

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

:

Wal mart – USA

K-Mart     - USA

Local Clients

:

N/A

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

USA

Imports

:

China, India

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

 Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 50 crore

Paid-up Capital

:

Tk. 20000000

No. of Shares

:

200000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 2061.54 Million

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Youth Spinning Mills.

Unicom Textile Mills Ltd

Youth Garments Ltd

Youth Fashions Ltd

Subsidiary

:

N/A

Name of  The Group

:

Youth Group  

 

BANKING

 

 

Bank Name  

:

Export Import Bank Bangladesh Ltd.

Bank Address

:

Motijheel Branch

Sharif Mansion, 56-57, Motijheel C/A, Dhaka

E-mail: motijheel@eximbankbd.com 

Fax: 880-2-9569983

Mobile:88- 01713-001122

Swift: EXBKBDDH001

Phone: 88-02-9568534, 9552800, 9568093, 9554988

Bank Name  

:

Islami Bank Bangladesh Ltd

Bank Address

:

Foreign Exchange Branch

41 Dilkusha C/A, Dhaka-1000

Email: fex@islamibankbd.com

Phone:88- (02) 9565657, 9569413, 9552444

Mobile:88- 01711693906, 01713164489

Fax:88- (02) 9569412

 

 

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 address at Youth Tower, 822/2, Rokeya Sarani, Dhaka-1216, Bangladesh. The subject company Commercial manager Mr. Jasim Uddin Bhuiyan welcome us & given us all information. Its office is decorated by modern furniture.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.55

UK Pound

1

Rs.99.86

Euro

1

Rs.72.67

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

VNT

 

               

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.