MIRA INFORM REPORT

 

 

Report No. :

349851

Report Date :

19.11.2015

           

IDENTIFICATION DETAILS

 

Name :

THERMAX WOVEN DYEING LTD

 

 

Registered Office :

30/A, VIP Road (14th Floor), Nayapaltan, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

28.09.2006

 

 

Legal Form :

Private Co

 

 

Line of Business :

Subject is engaged in Woven Dyeing.

 

 

No. of Employee :

500

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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

 

EXECUTIVE SUMMARY

 

    IDENTIFICATION DETAILS

Correct company Name

:

Thermax Woven Dyeing Ltd

Head Office

:

30/A, VIP Road (14th Floor), Nayapaltan, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9333274, 9342526, 9359852

Fax No

:

88-02-9342526

E-mail

:

headoffice@thermaxgroup.com 

Website

:

www.thermaxgroup.com

Date/ Year of Incorporation

:

28.09.2006

Incorporation No.

:

C-63944

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/ (Loss)

July’ 13~June’ 14

BDT 1104.47 Million

BDT 1754.41 Million

BDT 11.52 Million

July’ 14~June’ 15

BDT 1239.50 Million

BDT 1797.85 Million

BDT 18.52 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. Joynal Abedin Joy

Designation

:

General Manager

Contract No

:

88-01766664868

 

                                                               Locations Details

 

Operating Address

:

30/A, VIP Road (14th Floor), Nayapaltan, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9333274, 9342526, 9359852

Fax No

:

88-02-9342526

E-mail

:

headoffice@thermaxgroup.com

Website

:

www.thermaxgroup.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

4000

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

:

Karadi, Shibpur, Narshingdi, Bangladesh.

Tel No

:

88-02-9451652

Fax No

:

88-02-9451654

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

45000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

480

In Branch:

:

 

Total

:

500

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mrs. Nasima Begum

400000

Mr. Abdul Kadir Molla

600000

 

 

DIRECTORS

 

Name

Designation

Mrs. Nasima Begum

Managing Director

Mr. Abdul Kadir Molla

Director

 

 

MANAGEMENT

 

Name

:

Mr. Joynal Abedin Joy

Job Description

:

General Manager

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01766664868

 

Name

:

Mr. Ananta Kumer Sarkar

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01713303095

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Woven

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Dyeing

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Woven Dyeing.

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

:

Wal-Mart

Sears/K-Mart

Mervyns

M&S Mode

K&L

Yves Dorsey

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Europe, USA

 

Imports

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Textile Mills Association, Dhaka

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT  500 Million

 

Paid-up Capital

:

BDT 100000000

 No. of Shares

:

1000000

Share Value

:

BDT100.00Each

Main Assets

:

BDT 1797.85 Million

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Thermax Mills Ltd.

Adury Apparels Ltd

Thermax Spinning Ltd

Thermax Knit Yarn Ltd.

Thermax Yarn Dyeing Ltd

Thermax Textile Mills Ltd

Thermax Blended yarn Ltd

Adury Knit Composite Ltd

Thermax Home Fabrics Ltd

Thermax Sewing Thread Ltd

Sister Denim Composite Ltd.

Thermax Cotton Spinning Ltd.

Adyri Washing & Printing Ltd

Thermax Yarn Dyed Fabrics Ltd

Thermax Melange Spinning Mills Ltd

Subsidiary

:

Nil

Name of  The Group

:

Thermax Group.

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

Gulshan Head office Branch

67 Gulshan Avenue, Dhaka, Bangladesh

 

Bank Name  

:

Eastern Bank Ltd

Bank Address

:

Shantinagar Branch

Shan Tower (1st Floor), 24/1 Chamelibag,

Shantinagar, Dhaka, Bangladesh

Tel: 88-02-9346406, 9344110

Fax: 88-02-9346406

 

 

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 30/A, VIP Road (14th Floor), Nayapaltan, Dhaka-1000, Bangladesh. It is situated at commercial area.

 

 

 

GENERAL COMMENTS

 

The subject company is engaged in Dyeing Woven. 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.66.11

UK Pound

1

Rs.100.51

Euro

1

Rs.70.39

 

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

Report Prepared by :

ANK

 

 

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.