MIRA INFORM REPORT

 

 

Report No. :

351140

Report Date :

25.11.2015

 

IDENTIFICATION DETAILS

 

Name :

S M KNITWEARS LIMITED

 

 

Registered Office :

SM Tower (7th & 11th), House # 4, Road # 2, Jasim Uddin Avenue, Sector # 3, Uttara, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

22.08.2001

 

 

Com. Reg. No.:

C-43813

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Dyeing, Washing, Exporter and Importer of T-Shirts, Polo Shirts, Trousers, Fleece Jackets, Knit Pants.

 

 

No. of Employees :

2200

 

 

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

:

S M Knitwears Limited

Head Office

:

SM Tower (7th & 11th), House # 4, Road # 2, Jasim Uddin Avenue,

Sector # 3, Uttara, Dhaka-1230, Bangladesh

Tel No

:

88-02-8931250-1

Fax No

:

Nil

E-mail

:

smgroup@smknitwear.com

Website

:

www.smknitwear.com

Date/ Year of Incorporation

:

22.08.2001

Incorporation No.

:

C-43813

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’13~ Jun’14

BDT 491 Million

BDT 28.50 Million

BDT 19.73 Million

July’14~ Jun’15

BDT 618 Million

BDT 41.63 Million

BDT 33.99 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. Monirul Bari Chowdhury

Designation

:

Senior Officer (Commercial)

Contract No

:

88-01617143585

 

                                                               Locations Details

 

Business Address

:

SM Tower (7th & 11th), House # 4, Road # 2, Jasim Uddin Avenue,

Sector # 3, Uttara, Dhaka-1230, Bangladesh

Tel No

:

88-02-8931250-1

Fax No.

:

Nil

E-mail

:

smgroup@smknitwear.com

Website

:

www.smknitwear.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

3500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

Ö

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Shirirchala, Bhabanipur, Gazipur, Dhaka, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

42500

Sq. ft.

 

Corporate Address:

 

 

 

Address

:

House # SE-4, Road # 137, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8812568, 8814597

Fax No

:

88-02-8819358

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

82

In Factory

:

2120

In Branch:

:

-

Total

:

2200

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Syed A. K. Anwaruzzaman

                                    5144

Mrs. Anwara Begum

                                      956

Mr. A K Ekramuzzaman

                                      480

Farah ABD Elhamid Farah

                                    1140

Mr. Ghassan Jacques Khayat

                                    1140

Mr. Abdul Rahman Yousuf Abdul Rahman Al Bigishi

                                    1140

 

 

DIRECTORS

 

Name

Designation

Mr. Syed A K Anwaruzzaman

                             Managing Director

Mrs. Anwara Begum

                                    Director

Mr. A K Ekramuzzaman

                                    Director

Farah ABD Elhamid Farah

Director

Mr. Ghassan Jacques Khayat

Director

Mr. Abdul Rahman Yousuf Abdul Rahman Al Bigishi

Director

 

 

MANAGEMENT

 

Name

:

Mr. Sawpan Kumar Ghos

Job Description

:

Executive Director (Marketing & Operation)

Nationality

:

Bangladeshi.

Email address

:

sawpan@smknitwear.com

Other details

:

88-01617143564

 

 

 

Name

:

Mr. Monirul Bari Chowdhury

Job Description

:

Senior Officer (Commercial)

Nationality

:

Bangladeshi.

Email address

:

Nil

Other details

:

88-01617143585

 

Name

:

Mr. Akter Rashid Sunny

Job Description

:

General Manager (Marketing & Merchandising)

Nationality

:

Bangladeshi.

Email address

:

sunny@smknitwear.com

Other details

:

88-01617143565

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Dyeing

Ö

Washing

Ö

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Embroidery

Ö

Others

 

 

 

Range of Products :

 

Products

:

T-Shirts, Polo Shirts, Trousers, Fleece Jackets, Knit Pants     

Production Capacity

:

Garments Printing Capacity - 30,000 Pcs / Day

Embroidery Capacity - 15,000 Pcs/ Day

Washing Capacity - 12,000 Pcs/ Day

Dyeing capacity 15,000.00 Kg per day

Knitting capacity 15,000.00 Kg per day

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

:

C&A

Sainsbury’s

M & S Mode

Lasha Sports inc

V&DMexx

Next

Sprots World

Best And Less Pty Ltd.

Lojas Renner SA

NKD

LIDL

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 Knitwear Manufacturers & Exports Association.

Bangladesh GarmentsManufacturers & Exports Association.

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 30 Million.

 

Paid-up Capital

:

BDT 10,00,000

    No. of Shares

:

10000

Share Value

:

BDT 100.00Each

Main Assets

:

BDT Million.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

SM Agro

SM Style Ltd.

SM Aabashon Ltd.

Marina Property (BD) Ltd.

S.M. knitting Industries Ltd                                            

Subsidiary

:

N/A

Name of  The Group

:

SM Group of Companies Ltd

 

 

BANKING

 

Bank Name  

:

Dutch Bangladesh Bank Ltd.

Bank Address

:

Banani Branch

Plot # 75, Block-B, Kemal Ataturk Avenue,

Banani, Dhaka-1213, Bangladesh

 

Bank Name  

:

Eastern bank Ltd.

Bank Address

:

Principal Branch.

Jiban Bima Bhaban, 10, Dilkusha C/A

Dhaka-1000, Bangladesh

Tel: 88-02-9556360

 

 

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 registered address which is situated at House # SE-4, Road # 137, Gulshan-1, Dhaka-1212, Bangladesh. It is Situated at Residential area.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer, Dyeing, Washing, Embroidery, Importer & Exporter. The subject company maintains acceptable business volume.

 

Based on the financial statements, SC’s financial performance appears to be average. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.35

UK Pound

1

Rs.100.66

Euro

1

Rs.70.47

 

INFORMATION DETAILS

 

Analysis Done by :

AMR

 

 

Report Prepared by :

NIT

 

               

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.