MIRA INFORM REPORT

 

 

Report No. :

346178

Report Date :

20.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SUNGARH TEX LTD.

 

 

Registered Office :

TK Bhaban (10th Floor), 13, Karwan Bazar, Dhaka-1215

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

23.05.2006

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Distributor and Exporter of Yarn

 

 

No. of Employee :

250

 

 

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

:

Sungarh Tex Ltd.

Head Office

:

TK Bhaban (10th Floor), 13, Karwan Bazar, Dhaka-1215, Bangladesh.

Tel No

:

88-02-9116334, 9116219

Fax No

:

88-02-8114534

E-mail

:

info@mfgbd.net, sungarhtex@gmail.com

Website

:

Nil

Date/ Year of Incorporation

:

23.05.2006

Incorporation No.

:

C-61854

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 393 Million

BDT 435.46 Million

BDT 5.89 Million

July’ 14~June’ 15

BDT 421 Million

BDT 449.50 Million

BDT 22.73 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. Zakir Hossain

Designation

:

Manager (Commercial)

Contract No

:

88-01713036946

 

                                                               Locations Details

 

Operating Address

:

TK Bhaban (10th Floor), 13, Karwan Bazar, Dhaka-1215, Bangladesh.

Tel No

:

88-02-9116334, 9116219

Fax No

:

88-02-8114534

E-mail

:

info@mfgbd.net, sungarhtex@gmail.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Girani Bazar, P.T.C Girani Bazar, Gazipur, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

55000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

230

In Branch:

:

 

Total

:

250

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                          No. of Share     

Mr. Al-Haj Engr. Abdul Awal

5000

Mr. Al-Haj Md. Abdul Haque

15000

Mr. Al-Haj Zohra Afroza

 4000

Mr. Al-Haj Mahmuda Rahman

5000

Mrs. Mehjabeen Farzana

13068

Mrs. Barister Mahjabeen Fatima Omar

 23180

Mr. Barister Shahwar Jamal Nijam

10000

Mr. Adnan Omar Aushi

16200

Dr. Mohammad Shah Alom

27004

Mr. Sk Mojibur Rahman

5000

Mrs. Shahida Rahman

 4000

Mr. Tanvir Rahman

5000

Mr. Barister A.K.M Fakrul Islam

 3000

Mr. Sabbir Ahmed

5000

Mr. Md. Jahangir Zamadder

 2500

Mr. Md. Zahurul Islam

 2500

Mrs. Nasim Akan

 4400

Dr. Ali Asker Quoreshi

19260

Mrs. Fahima Nasrin

 2000

Mr. Shabab Asker Quoreshi

4000

Mrs. Fariha Tasmin Quoreshi

2000

Mr. Md.Abu Noman

 6000

Mrs. Kanak Islam

5000

Mr. Md.Rashidul Islam

6000

Mr. Md.Mamun Sharker

 5000

Mrs. Mazeda K. Alam

 6834

Mr. Md. Mahfuzul Haque

1900

Mr. Mohammad Shahjalal Shameem

1500

Mr. Mohammad Ishaque Hossain

1000

Mr. Mr. Mafizur Rahman

1000

Mr. Md.Abu Masum

 5000

 

 

DIRECTORS

 

Name

Designation

Mr. Al-Haj Md. Abdul Haque

Managing Director

Mr. Al-Haj Engr. Abdul Awal

Director

Mrs. Barister Mahjabeen Fatima Omar

Director

Mr. Adnan Omar Aushi

Director

Mr. Tanvir Rahman

Director

 

MANAGEMENT

 

Name

:

Mr. Md. Mohi Uddin

Job Description

:

Assistant General Manager

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Rafique

Job Description

:

Officer ( Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Yarn

Production Capacity

:

24,000 Spindles (Installed)

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

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

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

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1500 Million

 

Paid-up Capital

:

BDT 147932000

 No. of Shares

:

147932

Share Value

:

BDT1000.00Each

Main Assets

:

BDT 449.50 Million

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Micro Fibre Ltd

A-One Polar Ltd

Orient Chem-Tex Ltd.

Tangon Garments Ltd

Midland Knitwear Ltd

Subsidiary

:

Nil

Name of  The Group

:

Micro Fiber Group

 

 

BANKING

 

Bank Name  

:

Islami  Bank  Bangladesh  Ltd.

Bank Address

:

Motijheel Branch           

9/1, Motijheel, Swantex Court Bhaban,

Dhaka-1000, Bangladesh

Tel: 88-02- 9514979-80

Fax: 88-02-7110531

 

Bank Name  

:

UCBL Bank Ltd

Bank Address

:

Bangshal Branch

32/3, Malitola Road

North South Road,

Dhaka -1000, Bangladesh

 

 

 

Bank Name  

:

Standard Bank Ltd.

Bank Address

:

Gulshan Branch,

32, Gulshan Avenue,

Gulshan-2, Dhaka, Bangladesh

Tel: 88-02- 8811641

Fax: 88-02-8827850

 

 

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 TK Bhaban (10th Floor), 13, Karwan Bazar, Dhaka-1215, Bangladesh. It is Situated at Semi-Commercial area.

 

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer, Exporter & Distributor. 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.64.82

UK Pound

1

Rs.100.12

Euro

1

Rs.73.75

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.