MIRA
INFORM REPORT
|
Report No. : |
345772 |
|
Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SQUARE TEXTILES LTD. |
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|
|
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Registered Office : |
Mascot Plaza (11-12th Floor) Plot # 107/A, Sector-7, Uttara, Dhaka-1230 |
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Country : |
Bangladesh |
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|
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Financials (as on) : |
30.06.2015 (Consolidated – Unaudited) |
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Year of Establishment : |
1994 |
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Com. Reg. No.: |
C-26860 |
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Legal Form : |
Public Listed Co |
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Line of Business : |
Manufacturer, Distributor, Exporter and Importer of Cotton Ring Spun Yarn. |
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No. of Employees : |
2044 |
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 |
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|
|
|
Payment Behaviour : |
Regular |
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|
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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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 thasn 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 |
: |
Square Textiles Ltd. |
|
Head Office |
: |
Mascot Plaza (11-12th
Floor) Plot # 107/A, Sector-7, Uttara, Dhaka-1230, Bangladesh. |
|
Tel No |
: |
88-02-8963227, 8951101 |
|
Fax No |
: |
88-02-8952652 |
|
E-mail |
: |
textiles@squaregroup.com |
|
Website |
: |
www.textile.squaregroup.com |
|
Date/ Year of
Incorporation |
: |
1994 |
|
Incorporation No. |
: |
C-26860 |
|
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 |
|
31st
December, 2014 |
BDT 4,226,828,749 (01.01.2014~30.06.2014) |
BDT
3,429,013,220 |
BDT
475,112,155 (01.01.2014~30.06.2014) |
|
30-June-2015 |
BDT 4,037,152,489 (01.01.2015~30.06.2015) |
BDT
3,460,292,075 |
BDT
403,928,984 (01.01.2015~30.06.2015) |
|
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.
Khandaker Habibuzzaman. |
|
Designation |
: |
Company
Secretary. |
|
Contract No |
: |
N/A
|
Locations Details
|
Operating Address |
: |
Mascot Plaza (11-12th
Floor) Plot # 107/A, Sector-7, Uttara, Dhaka-1230, Bangladesh. |
|
Tel No |
: |
88-02-8963227, 8951101 |
|
Fax No |
: |
88-02-8952652 |
|
E-mail |
: |
textiles@squaregroup.com |
|
Website |
: |
www.textile.squaregroup.com |
|
Location : |
:
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
4800 |
Sq. ft. |
|
Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
Saradaganj, Kashimpur,
Gazipur, Bangladesh. |
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Tel No |
: |
88-02-7701232, 7788257-8 |
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Fax No |
: |
880 2 7701231, 7789231 |
|
Owned |
Ö |
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Rented |
|
|
Leased |
|
Area |
1.5 |
Acres |
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Corporate Headquarter
Address: |
||
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|
Address |
: |
Square Centre, 48, Mohakhali C/A, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-8833047-56, 9859007 |
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Fax No |
: |
88-02-8834941, 8828768 |
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Employee: |
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No. of Employees
|
In Office |
: |
50 |
In Factory |
: |
1994 |
||
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In Branch: |
: |
- |
Total |
: |
2044 |
|||
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Mr. Samuel S Chowdhury |
4212774 |
|
Mrs. Ratna Patra |
3049210 |
|
Mr. Tapan Chowdhury |
4489604 |
|
Mrs. Anita Chowdhury |
3981856 |
|
Mr. Anjan Chowdhury |
3681212 |
|
Mr. Khandaker Habibuzzaman |
1473 |
|
Mr. Mostaque Ahmed Siddiqui |
4288 |
|
Square Pharmaceuticals Limited |
61607069 |
|
General Public |
81621041 |
DIRECTORS
|
Name |
Designation |
|
Mr. Samuel S Chowdhury |
Chairman |
|
Mrs. Ratna Patra |
Vice Chairman |
|
Mr. Tapan Chowdhury |
Managing Director |
|
Mrs. Anita Chowdhury |
Director |
|
Mr. Anjan Chowdhury |
Director |
|
Mr. M. Sekander Ali |
Independent Director |
|
Syed Afzal Hasan Uddin |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr.
Khandaker Habibuzzaman. |
|
Job Description |
: |
Company
Secretary. |
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Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
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|
|
|
|
Name |
: |
Mr. Mostaque Ahmed
Siddiqui |
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Job Description |
: |
Chief Operating Officer |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Alamgir Hossain |
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Job Description |
: |
Chief Financial Officer. |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS OPERATIONS
|
Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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|||||||
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Exporter |
Ö |
Importer |
Ö |
Services |
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Others |
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Range of
Products: |
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||
|
Products |
: |
Cotton Ring Spun
Yarn |
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Production Capacity |
: |
Unit 1 : Daily
production capacity of 20,000 kgs. Unit 2 : Daily
production capacity of 20,000 kgs Unit 3 : Daily
production capacity of 20,000kgs |
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Last Year Production |
: |
Do. |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
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Selling Terms : |
L/C |
|
Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED DATA
|
Trade
Reference & Related Parties |
: |
Overseas Clients |
: |
Target, Kappa,
Levis, Mascot, Zara, H&M, C&A, Wal-Mart, K-Mart |
Local Clients |
: |
N/A |
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||
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade
Markets |
: |
Exports |
: |
Europe, USA |
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Imports |
: |
China, India |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
M/s. Das Chowdhury Dutta & Co. Chartered Accountants Das Chowdhury Dutta & Co. Chartered Accountants |
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Operation Status |
: |
Active. |
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Member |
: |
Bangladesh Garments Manufacturer &
Exporters Association |
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CAPITAL STRUCTURE
|
Authorized
Capital |
: |
BDT 30,000,000,000 |
|
|||||
|
Paid-up
Capital |
: |
BDT 1,626,485,270 |
No. of Shares |
: 162648527 |
Share
Value |
: |
BDT10.0Each |
|
|
Main
Assets |
: |
BDT
3,460,292,075 |
|
|||||
FINANCIAL STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
:BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30/06/2015 |
|
Income Statement : |
||
|
|
Currency |
:BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30/06/2015 |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Unitrend Limited. Unitrend Limited. Mediacom Limited. Mediacom Limited. Square Fashion Ltd. Square Air Limited. Square Textiles Ltd. Square Spinning Ltd. Square Hospitals Ltd. Square InformatiX Ltd. Square Knit Fabrics Ltd. Square Pharmaceuticals Ltd. Square Consumer Products Ltd. Square Herbal and Nutraceuticals Ltd. Square Agro Development and Processing Ltd. |
|
Subsidiary |
: |
Square Yarns Ltd. Square Texcom Ltd. |
|
Name of The Group |
: |
Square Group. |
BANKING
|
Bank Name |
: |
Standard
Chartered Bank Bank
Al Falah Limited. HSBC
Prime
Bank Ltd. |
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 Mascot Plaza (11-12th Floor) Plot-107/A, Sector# 7,
Uttara, Dhaka-1230, Bangladesh. The subject company Mr. Khandaker
sHabibuzzaman.-Company Secretary welcome us & given us all information.
Its office is decorated by western furniture. |
GENERAL COMMENTS
|
The subject company is engaged in manufacturer, Exporter & Distributors. It is reputed company in this line of business. We recommended that Credit can proceed promptly in Fairly large amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.11 |
|
UK Pound |
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.