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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

503679

Report Date :

20.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

BISWAS FABRICS LTD.

 

 

Registered Office :

J.S. Bhaban, 95, Bir Uttam C.R. Dutta Road, (299/2-A, Sonargaon Road), Dhaka-1205

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 [Summarized]

 

 

Date of Incorporation :

19-07-2004

 

 

Com. Reg. No.:

C-53555

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Exporter and Importer of Micro Fleece (Fabric).       

 

 

No. of Employees :

230

 

 

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 :

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

 

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

 

 

 

IDENTIFICATION DETAILS

Correct company Name

:

BISWAS FABRICS LTD.

Head Office

:

J.S. Bhaban, 95, Bir Uttam C.R. Dutta Road, (299/2-A, Sonargaon Road), Dhaka-1205, Bangladesh.

Tel No

:

88-02-9668836-7

Fax No

:

Nil

E-mail

:

babu@biswasgroup.com

Website

:

Nil

Date/ Year of Incorporation

:

19-07-2004

Incorporation No.

:

C-53555

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

:

17131001880

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

 

 

 

Organization Name

:

Bangladesh Textile Mills Association, Dhaka

 

Membership No

:

N/A

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

30th June’2016

BDT 281 Million

BDT 21.30 Million

BDT 12.63 Million

30th June’2017

BDT 356 Million

BDT 24.21 Million

BDT 14.80 Million

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Faizul Kabir

Designation

:

Manager (Commercial)

Contract No

:

88-01713423139

 

                                                               Locations Details

Business Address

:

J.S. Bhaban, 95, Bir Uttam C.R. Dutta Road, (299/2-A, Sonargaon

Road), Dhaka-1205, Bangladesh.

Tel No

:

88-02-9668836-7

E-mail

:

Nil

Fax No

:

babu@biswasgroup.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Rajaghat, Rajfulbaria, Savar, Bangladesh.

Tel No

:

88-02-7710248

Fax No

:

Nil

 

Branch:

 

 

 

 

 

Address

:

Shokran, Mirza Nagar, Savar, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

210

In Branch:

:

-

Total

:

230

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Md. Mayenuddin Biswas     

8000

Mrs. Mahamuda Mayen

2000

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Moinuddin Biswas     

Managing Director

Mrs. Mahamuda Mayen

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Moinuddin Biswas        

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Faizul Kabir

Job Description

:

Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01713423139

 

Name

:

Mr. Md. Biplob

Job Description

:

Officer (Commercial)

Nationality

:

Bangladeshi

Email address

:

biplob@biswsgroup.com

Other details

:

88-01717148784

 

 

 

Name

:

Mr. Nasib Uddin

Job Description

:

General Manager (Accounts)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01713423107

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Micro Fleece (Fabric).       

Production Capacity

:

4.6 M. Meters 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

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Aldi

Ecko

C & A

Carrera

Defacto

H & M

Hurley

Inditex

JC Penney 

Calvin Klein

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

USA, Spain, Sweden, UK, Italy, Turkey, Germany

 

Imports(Country)

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 10 Million

 

Paid-up Capital

:

BDT 1000000

 

No. of Shares

:

10000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 24.21 Million

 

FINANCIAL STATEMENT- DETAILED

 

 

The subject company has provided summary of their financial information to local registry office

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Biswas Group

Subsidiary

:

N/A

Sister Concerns

:

M.A. Thread

M.A. Poly Plastic

Ab Accessories Ltd

Biswas Textiles Ltd.

Biswas Fashions Ltd

Biswas Spinning Ltd.

M.B.A. Fashions Ltd.

Biswas Synthetic Ltd.

Kushtia Fashions Ltd.

Biswas Garments Ltd.

Rajdhani Fashions Ltd.

Bangladesh Dresses Ltd.

Rajfulbaria Fashons Ltd.

Mba Garments & Textile Ltd.

Bangladesh Dresses Ltd.Unit-2

Sany Industries & Business Ltd

M.A. Zipper & Elasti Industries Ltd.

Kushtia Garments & Accessories Ltd

 

BANKING

 

 

 

Bank Name  

:

South East Bank Ltd.

 

Bank Address

:

Dhanmondi Branch

House# 23 (New), Road# 16 (New) / 27 (Old), Dhanmondi R/A, Dhaka

Tel: 88-02- 8126787, 8122474, 8126785 - 6

Fax: 88-02-8122420

 

 

 

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 J.S. Bhaban, 95, Bir Uttam C.R. Dutta Road, (299/2-A, Sonargaon Road), Dhaka-1205, Bangladesh. Its situated at a Commercial Office Area.

 

 

GENERAL COMMENTS

The subject company maintains acceptable business volume.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.78

UK Pound

1

INR 93.42

Euro

1

INR 81.39

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 :

TPT

 

 

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.