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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

502573

Report Date :

09.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ACS TEXTILES (BANGLADESH) LIMITED

 

 

Registered Office :

Tetlabo, Word# 3, Parabo, Rupgonj, Narayangon

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 (Financials- Summary)

 

 

Date of Incorporation :

13.04.2004

 

 

Com. Reg. No.:

C-52450

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Printing, Exporter, Weaving  And Importer Of  Bed Sheet, Cover Set, Grey Fabric

 

 

No. of Employees :

6000

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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

:

ACS Textiles (Bangladesh) Limited

Head Office

:

Tetlabo, Word# 3, Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-02-7449593, 09606500445, 09678500445

Fax No

:

88-02-7450786

E-mail

:

acsinfo@acstextiles.com, hr@acstextiles.com

Website

:

www.acstextiles.com

Date/ Year of Incorporation

:

13.04.2004

Incorporation No.

:

C-52450

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

30th June’2016

BDT 5965.00 Million

BDT 2175.62 Million

BDT 292.25 Million

30th June’2017

BDT 5881.40 Million

BDT 2039.24 Million

BDT 251.63 Million

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Johurul Kabir

Designation

:

Executive Director

Contract No

:

88-01713229908

 

                                                               Locations Details

Operating Address

:

Tetlabo, Word# 3, Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-09606500445, 09678500445

Fax No

:

Nil

E-mail

:

acsinfo@acstextiles.com, hr@acstextiles.com

Website

:

www.acstextiles.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office area

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Tetlabo, Word# 3, Parabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

550000

Sq. ft.

 

Branch Address:

 

 

 

Address

:

House# 1/D, Road# 10, Block# K, Baridhara, Dhaka-1212, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

5925

In Branch:

:

25

Total

:

6000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                        No. of Share     

Mr. Masood Dawood Akbani

172167

Mr. Martin Sluckis

93351

Mr. Max Cohen

93351

 

DIRECTORS

 

Name

Designation

Mr. Masood Dawood Akbani

Chairman & Managing Director

Mr. Martin Sluckis

Director

Mr. Max Cohen

Director

 

 

MANAGEMENT

 

Name

:

Mr. Masood Dawood Akbani

Job Description

:

Chairman & Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Johurul Kabir

Job Description

:

Executive Director

Nationality

:

Bangladeshi

Email address

:

gmkabir@acstextiles.com

Other details

:

88-01713229908

 

Name

:

Mr. Shahab Aijaz

Job Description

:

General Manager (Co-Ordination)

Nationality

:

Bangladeshi

Email address

:

shahab@acstextiles.com

Other details

:

88-01711593393

 

Name

:

Mr. Md. Ruhul Alam Sharif

Job Description

:

General Manager (Compliance)

Nationality

:

Bangladeshi

Email address

:

rasharif@acstextiles.com

Other details

:

88-01712201556

 

Name

:

Mr. Rafiq

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Printing

Ö

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Weaving

Ö

Importer

Ö

Others

 

 

Range of Products:

 

Products

:

Bed Sheet, Cover Set, Grey Fabric

Production Capacity

:

30,000 Pieces Per Day

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(Country)

:

Sweden, Holland, Denmark, Norway, Australia

 

Imports(Country)

:

China, Japan, Australia

 

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 358869000

 

No. of Shares

:

358869

 

Share Value

:

BDT 1000.00 Each

 

Main Assets

:

BDT 2039.24 Million

 

FINANCIAL STATEMENT- DETAILED

 

Financial summary information is given

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

 

Sister Concerns

:

ACS Towel Limited

 

Subsidiary

:

Nil

 

Name of  The Group

:

Nil

 

Member

:

Bangladesh Textile Mills Association

 

 

 

BANKING

 

 

 

Bank Name  

:

South East Bank Ltd.

 

Bank Address

:

Principal Branch

1, Dilkusha C/A, Dhaka-1000, Bangladesh.

Tel: 88-02-9550081,  9567271-2,  9563101

Fax: 88-02-9551575

 

 

 

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 Factory address which is situated at Tetlabo, Word# 3, Parabo, Rupgonj, Narayangonj, Bangladesh. It’s situated at a Semi-commercial office area.

 

GENERAL COMMENTS

Based on the financial statements, SC’s financial performance appears to be Above Average. SC has been in its line of business for about 14 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed promptly in Fairly large amount

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.99

UK Pound

1

INR 90.96

Euro

1

INR 79.51

BDT

1

INR 0.78

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

KET

                                                


 

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)

 

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.