MIRA INFORM REPORT

 

 

Report No. :

352773

Report Date :

30.11.2015

 

IDENTIFICATION DETAILS

 

Name :

SOORTY TEXTILES (BD) LTD.

 

 

Registered Office :

Plot # 220-227, Comilla EPZ, Airport Road, Comilla

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

25.05.2011

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of Paints, Shirts, Shorts   

 

 

No. of Employees :

1100

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Recently Commenced Operations

Payment Behaviour :

Unknown

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

 

 

IDENTIFICATION DETAILS

Correct company Name

:

SOORTY TEXTILES (BD) LTD.

Head Office

:

Plot # 220-227, Comilla EPZ, Airport Road, Comilla, Bangladesh.

Tel No

:

88-01710805552, 01793484934

Fax No

:

Nil

E-mail

:

mahbubur.rahman@bd.soorty.com

Website

:

Nil

Date/ Year of Incorporation

:

25.05.2011

Incorporation No.

:

C-93045

Commercial production Date

:

January, 2015

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)

New Company

N/A

N/A

N/A

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

 

 

 

 

 

 

 

 

 

 

Rounded Rectangle: INQUIRER SPECIFIED CREDIT –TRADE FINANCE 


FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Imran

Designation

:

CFO

Contract No

:

88-01710805552

 

                                                               Locations Details

 

Operating Address

:

Plot # 220-227, Comilla EPZ, Airport Road, Comilla, Bangladesh.

Tel No

:

88-01710805552, 01793484934

Fax No

:

Nil

E-mail

:

mahbubur.rahman@bd.soorty.com

Website

:

Nil

 

Location :

: Owned

 

Rented

 

 

Leased

Ö

Area

1200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

Ö

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Plot # 220-227, Comilla EPZ, Airport Road, Comilla, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

 

 

Leased

Ö

Area

373445

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

House # 366/4, Lane # 06, New DOHS Baridhara, Gulshan, Dhaka, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

30

In Factory

:

1065

In Branch:

:

5

Total

:

1100

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mr. Shahid Rashid Soorty

100

Soorty Enterprise ( Private) Limited-Pakistan

630

 

DIRECTORS

 

Name

Designation

Mr. Shahid Rashid Soorty

Managing Director

Mr. Abdul Rashid Soorty

Director

Mrs. Nargis Shahid Soorty

Director

 

MANAGEMENT

 

Name

:

Mr. Imran

Job Description

:

CFO

Nationality

:

Pakistani

Email address

:

Nil

Other details

:

88-01710805552

 

 

 

Name

:

Mr. Mahbubur Rahman

Job Description

:

Executive (Commercial)

Nationality

:

Bangladeshi

Email address

:

mahbubur.rahman@bd.soorty.com

Other details

:

88-01710805552

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Paints, Shirts, Shorts   

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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

Europe

 

Imports

:

India, China

 

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 73000

 No. of Shares

:

730

Share Value

:

BDT100.00Each

Main Assets

:

N/A

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

BANKING

 

 

Bank Name  

:

Dutch Bangla Bank Ltd.

Bank Address

:

Comilla Branch

Bandhi Shahi Market,

Chawk Bazar, Comilla, Bangladesh

 

Bank Name  

:

HSBC

Bank Address

:

Dhaka Main Branch

Anchor Tower, 108, Bir Uttam C R Dutta Road,

Dhaka - 1205 Bangladesh

Tel: 88-02-9660536-43 (Hunting)

Fax : 88-02-9660554

 

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

Gulshan Head office  Branch

67, Gulshan Avenue,

Gulshan, Dhaka, Bangladesh

 

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 & factory which is situated at Plot # 220-227, Comilla EPZ, Airport Road, Comilla, Bangladesh. It is Situated at Industrial area.

 

GENERAL COMMENTS

 

SC’s started commercial production on January, 2015. It is fully Pakistan shareholder investment in Bangladesh.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.67

Euro

1

Rs.70.87

BDT

1

Rs.0.86

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

HEE

 

 

Report Prepared by :

TPT

 

               

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.