MIRA INFORM REPORT

 

 

Report No. :

342777

Report Date :

26.09.2015

 

IDENTIFICATION DETAILS

 

Name :

NORP KNIT INDUSTRIES LTD.

 

 

Registered Office :

North Khailkur, P.O.: National University, Gazipur-1704

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

05.05.2004

 

 

Com. Reg. No.:

C-52664

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer and Exporter of Basic Tee, Polo Tee, Lyera Fabric, Sweaters, Embroidery, Printing

 

 

No. of Employee :

5150

 

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 :

Slow but correct

 

 

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

:

Norp Knit Industries Ltd.

Head Office

:

North Khailkur, P.O.: National University, Gazipur-1704, Bangladesh.

Tel No

:

88-02-9292036-7

Fax No

:

Nil

E-mail

:

info@norpknit.com,hr@norpknit.com

Website

:

Nil

Date/ Year of Incorporation

:

05.05.2004

Incorporation No.

:

C-52664

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 March, 2013

BDT 3,221,961,762

BDT 1,548,687,011

BDT 50,829,556

31st March, 2014

BDT 4,222,890,169

BDT 1,729,549,959

BDT 25,429,600

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. Iqbal

Designation

:

Manager (Export).

Contract No

:

88-01713141331

 

Locations Details

Operating Address

:

North Khailkur, P.O.: National University, Gazipur-1704, Bangladesh.

Tel No

:

88-02-9292036-7

Fax No

:

Nil

E-mail

:

info@norpknit.com,hr@norpknit.com

Website

:

Nil

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

Retail shop

 

 

Industrial Park

 

Business Center

 

 

Home Office

 

Residential Bldg.

 

 

 

 

 

 

Factory(Unit-1):

Address

:

North Khailkur, P.O.: National University, Gazipur-1704, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

 

 

Factory(Unit-2):

Address

:

Reliance Industrial Park, 93- Islampur, Kodda, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

87

In Factory

:

5063

In Branch:

:

-

Total

:

5150

Details:

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

 No. of Share

Mr. Pallak Seth

10

Mr. Pulkit Seth

10

House of Pearl Fashions Ltd.

2415587

 

 

DIRECTORS

 

Name

Designation

Mr. Deepk Seth

Chairman

Mr. Sanjay Sarker

Managing Director

Mr. Pallak Seth

Director

Mr. Pulkit Seth

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. ShayemUddin

Job Description

:

Manager Accounts.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Iqbal

Job Description

:

Manager (Export).

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713141331

 

Name

:

Mr. Md. Liton

Job Description

:

Manager (Import).

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

:

Basic Tee, Polo Tee, Lyera Fabric, Sweaters, Embroidery, Printing.

Production Capacity

:

Garments: 50000 pcs per month.

Embroidery: 2, 00,000 pcs per month.

Printing: 450000 pcs per month.

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

:

N/A

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

:

G.Biswas& Co.

Chartered Accountants

Operation Status

:

Active.

Member

:

Bangladesh Knitwear Manufacturers & Exports  Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 250 Million

 

Paid-up Capital

:

BDT 24, 15, 60,700

No. of Shares

:

24, 15, 607

ShareValue

:

BDT 100.00Each

Main Assets

:

BDT  1,729,549,959

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: Tk

 

       Denomination

: 1

 

         Financial Year Ending

:31st March

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement :

 

  Currency

: Tk

 

       Denomination

: 1

 

         Financial Year Ending

:31st March

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

PAF International Limited

Name of Mother company

:

House of Perl Fashion Ltd.

Name of  The Group

:

Perl Global Industries Limited (India)

 

 

BANKING

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Dhaka Main Office

Anchor Tower, 108, BirUttam C R Dutta Road,

Dhaka – 1205, Bangladesh

Tel: 88-02-9660536-43

Fax: 8802- 9660554, 9669457

 

 

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 address at North Khailkur, P.O.: National University, Gazipur-1704, Bangladesh. Its office is decorated by western furniture.

 

 

 

GENERAL COMMENTS

 

Subject is Bangladesh’s medium company engaged in Manufacturer & Exporter of Readymade garments. The company exports their products all over the world. We recommended that credit may proceed in moderate amounts.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.10

UK Pound

1

Rs.100.89

Euro

1

Rs.73.96

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

SDA

 

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.