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MIRA
INFORM REPORT
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Report No. : |
501442 |
|
Report Date : |
02.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHANTEX (PVT.) LTD. |
|
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|
|
Registered Office : |
Shanta Western Tower (Level-7), 186, Tejgaon
Industrial Area, Tejgaon, Dhaka-1208 |
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|
Country : |
Bangladesh |
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|
|
|
Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
29.10.2009 |
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Com. Reg. No.: |
C-80400 |
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|
Legal Form : |
Private Co |
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|
|
|
Line of Business : |
Manufacturer, Distributor, Exporter and Importer of Fabric Dyeing. |
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|
No. of Employees : |
50 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Bangladesh |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BANGLADESH - ECONOMIC
OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Shantex
(Pvt.) Ltd. |
|
Head Office |
: |
Shanta Western Tower (Level-7), 186, Tejgaon
Industrial Area, Tejgaon, Dhaka-1208, Bangladesh. |
|
Tel No |
: |
88-02-8878717-22 |
|
Fax No |
: |
88-02-8878715-6 |
|
E-mail |
: |
info@shaningroup.net,
faruk@shaningroup.net |
|
Website |
: |
www.shaningroup.net |
|
Date/ Year of Incorporation |
: |
29.10.2009 |
|
Incorporation
No. |
: |
C-80400 |
|
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) |
Other Registry & Certification Details
|
Value
Added Tax(VAT) No |
: |
17141015268 |
Date of Registration |
: |
N/A |
|||
|
Issuing Authority |
: |
National
Board of Revenue |
|
|||||
|
Organization
Name |
: |
Bangladesh
Garments Manufacturer & Exporters Association |
|
|||||
|
Membership
No |
: |
N/A |
|
|||||
FINANCIALS- SUMMARY
|
Year |
Turnover/ Sales |
Assets |
Income |
|
30th
June’2017 |
BDT 210 Million |
BDT 393.36 Million |
BDT 11.90 Million |
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
Name |
: |
Mr. Md.
Shanaar Bhuiyan |
|
Designation |
: |
General
Manager (Technical) |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
Operating Address |
: |
Shanta Western Tower (Level-7), 186, Tejgaon
Industrial Area, Tejgaon, Dhaka-1208, Bangladesh. |
|
Tel No |
: |
88-02-8878717-22 |
|
Fax No |
: |
88-02-8878714,
8878715 |
|
E-mail |
: |
info@shaningroup.net,
faruk@shaningroup.net |
|
Website |
: |
www.shaningroup.net |
|
Location
: |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
2400 |
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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||
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Business Center |
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Home Office |
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||
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Residential Bldg. |
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Factory: |
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Address |
: |
Gouripur,
Ashulia, Savar, Bangladesh |
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Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
|
Owned |
Ö |
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Rented |
|
|
Leased |
|
Area |
45000 |
Sq. ft. |
|
Branch Address: |
||
|
|
|
|
|
Address |
: |
Plot# 7,
Road# 4, EPZ, Ganakbari Savar, Bangladesh |
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Tel No |
: |
88-02-7789245 |
|
Fax No |
: |
Nil |
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Employee: |
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|||||||
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|
|||||||
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No.
of Employees |
In Office |
: |
5 |
In Factory |
: |
43 |
||
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In Branch: |
: |
2 |
Total
|
: |
50 |
|||
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Details: |
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|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Mrs. Naima Faizee |
1250 |
|
Mr. Junaid Khan |
500 |
|
Mrs. Humayra-Binta-Nasir |
500 |
|
Mr. Shanin-Al-Nasir |
500 |
|
Mr. Faruk-Al-Nasir |
21650 |
|
Mrs. Sumaiya-Binta-Nasir |
6000 |
|
The Shanin Ltd. |
41650 |
|
Shanin International |
27950 |
DIRECTORS
|
Name |
Designation |
|
Mrs. Naima Faizee |
Managing Director |
|
Mr. Junaid Khan |
Director |
|
Mrs. Humayra-Binta-Nasir |
Director |
|
Mr. Shanin-Al-Nasir |
Director |
|
Mr. Faruk-Al-Nasir |
Director |
|
Mrs. Sumaiya-Binta-Nasir |
Director |
MANAGEMENT
|
Name |
: |
Mrs. Naima
Faizee |
|
Job Description |
: |
Managing
Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md.
Shanaar Bhuiyan |
|
Job Description |
: |
General
Manager (Technical) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Liakot
Ali Khan |
|
Job Description |
: |
Deputy
General Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
88-01715734451 |
BUSINESS OPERATIONS
|
Nature
of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
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Exporter |
Ö |
Importer |
Ö |
Services |
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Others |
|
|
Range
of Products: |
||
|
|
||
|
Products |
: |
Fabric Dyeing. |
|
Production
Capacity |
: |
3030000 Mtr. Per year. |
|
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 |
Ö |
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED DATA
|
Trade Reference & Related Parties |
: |
Overseas Clients |
: |
Inoller Primark Deer Hunter Wool Worths |
|
||
|
Local Clients |
: |
N/A |
|
||||
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Overseas Suppliers |
: |
N/A |
|
||||
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Local Suppliers |
: |
N/A |
|
||||
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Trade Markets |
: |
Exports(Country) |
: |
U.K & France |
|
||
|
Imports(Country) |
: |
China & India |
|
||||
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Brand Name |
: |
N/A |
|||||
|
Certified |
: |
N/A |
|||||
|
Name of Auditors |
: |
N/A |
|||||
|
Operation Status |
: |
Active |
|||||
CAPITAL STRUCTURE
|
Authorized
Capital |
: |
BDT 500 Million |
|
|
||
|
Paid-up
Capital |
: |
BDT 100000000 |
|
|
||
|
No.
of Shares |
: |
100000 |
|
|
||
|
Share
Value |
: |
BDT 1000.00 Each |
|
|
||
|
Main
Assets |
: |
BDT 393.36 Million |
FINANCIAL STATEMENT- DETAILED
|
Summary information is given. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Name of The
Group |
: |
Shanin Group |
|
Subsidiary |
: |
N/A |
|
Sister Concerns |
: |
The Faiyaz Ltd The Shanin Ltd M&M Shirts Ltd M & M shirts Ltd Faiyaz Apparels Ltd. Shanin Packages Ltd Fem Accessories Ltd. Shan Embroidery Ltd. M & M Dresses Limited The Shanin Clothing Ltd Ancha knitting Wears Ltd Reaz Export Apparels Ltd. Mohammadi Apparels Ltd Fem Wendler Interlining Ltd Alpha Knitting Wear Limited The Shanin Corporation Limited |
BANKING
|
Bank Name |
: |
Bank Asia
Ltd. |
|
Bank Address |
: |
Local Branch 32, Kazi
Nazrul Islam Avenue Kawran Bazar, Dhaka, Bangladesh Tel:
88-02-8110161, 8125011 Fax:
88-02-9123077 |
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 Shanta Western Tower (Level 7), 186,
Tejgaon Industrial Area, Tejgaon, Dhaka-1208, Bangladesh. The subject company
Deputy General Manager Mr. Liakot Ali Khan given us all information. Is
situated at Industrial area which is a well decorated modern office. |
GENERAL COMMENTS
|
Based on the financial statements, SC’s
financial performance appears to be Below Average. SC has been in its line of
business for about 9 years. Taking into account its standing history,
reputation in the market, as well as its financial condition, we recommend
that Credit should proceed with monitor in Small amount-periodical review. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.04 |
|
|
1 |
INR 92.28 |
|
Euro |
1 |
INR 80.62 |
|
BDT |
1 |
INR 0.78 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to business
in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.