MIRA INFORM REPORT

 

 

Report No. :

344910

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

RING SHINE TEXTILES LIMITED             

 

 

Registered Office :

House  # 5, Road  # 6, Block-k, Baridhara Model Town, Dhaka -1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

28/12/1997

 

 

Com. Reg. No.:

C-34597  

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of Cotton Yarns, Acrylic Yarn, Fancy Yarn, Polar Fleece Garments.    

 

 

No. of Employees :

2400

 

 

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

:

Ring Shine Textiles Limited             

Head Office

:

House  # 5, Road  # 6, Block-k, Baridhara Model Town, Dhaka -1212

 Bangladesh.

Tel No

:

88-02-9885580-1, 9885586

Fax No

:

88-02-9885587

E-mail

:

yarn@ringshine.com

Website

:

www.ringshine.com

Date/ Year of Incorporation

:

28/12/1997

Incorporation No.

:

C-34597  

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’ 12~June’ 13

BDT 410 Million

BDT  258 Million

BDT  28.00 Million

July’ 13~June’ 14

BDT  467 Million

BDT  263.75 Million

BDT  33.05 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. Md. Moula

Designation

:

Commercial Officer

Contract No

:

N/A

 

                                                               Locations Details

Corporate Address

:

House  # 5, Road  # 6, Block-k, Baridhara Model Town, Dhaka -1212

Bangladesh.

Tel No

:

88-02-9885580-1, 9885586

Fax No

:

88-02-9885587

E-mail

:

yarn@ringshine.com

Website

:

www.ringshine.com

 

Location :

: Owned

 

Rented

Ö

 

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

:

Plot # 224-260, Dhaka EPZ( Extension Area), Ganakbari, Savar, Bangladesh        

Tel No

:

88-02-7788951-59

Fax No

:

88-02-7788960

 

Location :

   Owned

 

 

Rented

 

 

Leased

Ö

Area

2,22,400

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

N/A

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

65

In Factory

:

2335

In Branch:

:

-

Total

:

2400

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Sung Jye Min

                                      1500

Mr. Sung Chung Yao

                                       800

MDM. Sheao Yen Shin

                                       800

Mr. Hsiao Hai He

                                      1500

Mrs. Hsiao Liu Yi Chi

                                       800

Mr. Sung Wey Min

                                      1500

MDM. Chuk Kwan

                                       800

Ms. Sung wen Li Angela

                                      1500

 

 

DIRECTORS

 

Name

Designation

Mr. Sung Jye Min

Managing Director

Mr. Sung Chung Yao

Director

MDM. Sheao Yen Shin

Director

Mr. Hsiao Hai He

Director

Mrs. Hsiao Liu Yi Chi

Director

Mr. Sung Wey Min

Director

MDM. Chuk Kwan

Director

Ms. Sung wen Li Angela

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Moula

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Md. Saidur Rahman

Job Description

:

Senior Executive( HR & Admin)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Cotton yarns, Acrylic yarn, Fancy yarn, Polar Fleece garments.    

Production Capacity

:

6 Million Kgs per Year.

Last Year Production

:

5 Million Kgs.

 

 

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 :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Solo Invest,

Li&Fung,

Primark,

Ruffel Corporation,

 Ewen,

Mutiline

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Europe

 

Imports

:

China, India, Italy, Pakistan.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 50 Million

 

Paid-up Capital

:

BDT 1, 00,00,000

 No. of Shares

:

10,000

Share Value :BDT 1000.00Each

Main Assets

:

BDT 263.75 Million

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

S.K. Sweaters Ltd.

Anupam Sweaters Ltd.

Avant Garde Fashion Ltd.

S.A. Rahman Sweaters Ltd.

Shine Fashion Co. (Pvt.) Ltd. 

Universe Knitting Garments Ltd.

Universe Knitting Garments Ltd. (Unit-2)

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

Dutch Bangla Bank Ltd.

Bank Address

:

Savar Branch.

Savar, Dhaka, Bangladesh.

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Anchor Tower,

1, Sonargaon Road,

 Dhaka, Bangladesh.

 

Bank Name  

:

Woori Bank                                                                                   

Bank Address

:

Dhaka Branch

45, Navana Tower (14th Floor),

Gulshan South Avenue, Gulshan, Bangladesh.

 

Bank Name  

:

Standard Chartered Bank.

Bank Address

:

Gulshan Head office Branch,

67 Gulshan Avenue,

Dhaka, Bangladesh.

 

Bank Name  

:

The City Bank Ltd.

Bank Address

:

Jiban Bima Tower

10 Dilkusha CIA,

Dhaka, Bangladesh

Tel: 88-02-9565915, 9553137,

9553147, 9565925-34

 

 

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 House No # 5 Road # 6 Block-k, Baridhara Model Town, Dhaka-1212 Bangladesh. It is situated at residential area.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of Cotton yarns, Acrylic yarn, Fancy yarn, Polar Fleece garments. The subject company maintains acceptable business volume.

 

Based on the financial statements, SC’s financial performance appears to be average.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.73

UK Pound

1

Rs.99.30

Euro

1

Rs.73.60

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.