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MIRA INFORM REPORT
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Report No. : |
505436 |
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Report Date : |
24.04.2018 |
IDENTIFICATION DETAILS
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Name : |
THERMAX YARN DYED
FABRICS LTD. |
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Registered Office : |
Green City Edge (12th -14th
Floor), 89, Kakrail, Dhaka-1000 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 (Summarized) |
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Date of Incorporation : |
14.06.2010 |
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Com. Reg. No.: |
C-85032 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer, Exporter and Importer of Yarn, Fabrics. |
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No. of Employees : |
662 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company
Name
THERMAX YARN DYED
FABRICS LTD.
EXECUTIVE
SUMMARY
|
IDENTIFICATION
DETAILS |
||
|
Correct company Name |
: |
Thermax Yarn Dyed Fabrics Ltd. |
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Head Office |
: |
30/A, VIP Road (14th Floor), Nayapaltan, Dhaka-1000,
Bangladesh |
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Tel No |
: |
88-02-9333274, 9359852 |
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Fax No |
: |
88-02-9342526 |
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E-mail |
: |
headoffice@thermaxgroup.com |
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Website |
: |
www.thermaxgroup.com |
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Date/ Year of Incorporation |
: |
14.06.2010 |
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Incorporation No. |
: |
C-85032 |
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Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
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Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
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Issuing Authority |
: |
Registrar of
Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export |
Other
Registry & Certification Details
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Organization
Name |
: |
Bangladesh Garments Manufacturer &
Exporters Association |
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Membership No |
: |
Nil |
FINANCIALS-
SUMMARY
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|||
|
Year |
Turnover/
Sales |
Assets |
Income |
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30th June’2016 |
BDT 1867.00 Million |
BDT 1025.97 Million |
BDT 112.25 Million |
|
30th
June’2017 |
BDT 2242 Million |
BDT 1511.26 Million |
BDT 63.35 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
||
|
Name |
: |
Mr. Abdul Kadir Molla |
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Designation |
: |
Chairman & Managing Director |
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Contract No |
: |
N/A |
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Locations
Details |
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Operating Address |
: |
30/A, VIP Road (14th Floor), Nayapaltan, Dhaka-1000,
Bangladesh |
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Tel No |
: |
88-02-9333274, 9359852 |
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Fax No |
: |
88-02-9342526 |
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E-mail |
: |
headoffice@thermaxgroup.com |
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Website |
: |
www.thermaxgroup.com |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
2400 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
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Semi-commercial
office area |
Ö |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory-1: |
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Address |
: |
Karardi, Shibpur, Narshingdi, Bangladesh. |
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Tel No |
: |
88-0628-51652 |
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Fax No |
: |
88-0628-51654 |
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Factory-2: |
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Address |
: |
Pratab Mahal, Gotashia, Manohardi,
Narshingdi, Bangladesh. |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
65,000 |
Sq. ft. |
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Branch: |
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Address |
: |
House# 93, Road# 25, Block# A, Banani,
Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-8832808 |
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Fax No |
: |
88-02-8833329 |
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Registered Address : |
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Address |
: |
Green City Edge (12th -14th
floor), 89, Kakrail, Dhaka-1000, Bangladesh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
12 |
In Factory |
: |
645 |
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In Branch: |
: |
5 |
Total |
: |
662 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of
Share |
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Mr. Abdul Kadir Molla |
200000 |
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Mrs. Nasima Begum |
200000 |
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Mrs. Nahida Sultana (Kona) |
200000 |
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Mrs. Nasrin Sultana (Dina) |
200000 |
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Miss Nawrin Sultana (Adury) |
200000 |
DIRECTORS
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Name |
Designation |
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Mr. Abdul Kadir Molla |
Chairman & Managing Director |
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Mrs. Nasima Begum |
Director |
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Mrs. Nahida Sultana (Kona) |
Director |
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Mrs. Nasrin Sultana (Dina) |
Director |
MANAGEMENT
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Name |
: |
Mr. Abdul Kadir Molla |
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Job Description |
: |
Chairman & Managing Director |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Mahafujur Rahaman |
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Job Description |
: |
Deputy General Manager (Admin) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
88-01713303097 |
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Name |
: |
Mr. Md. Mazahar Uddin |
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Job Description |
: |
Assistant Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
88-01755537083 |
BUSINESS
OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
Ö |
Services |
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Others |
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Range of
Product: |
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Products |
: |
Yarn, Fabrics |
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Production Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
Trading Terms:
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Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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days |
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Selling Terms : |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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|
days |
DETAILED
DATA
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Trade Reference & Related Parties |
: |
Overseas Clients |
: |
K&L Mervyns Wal-Mart Yves Dorsey M&S Mode Sears/K-Mart |
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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) |
: |
USA, Canada, and Germany , Holland ,
Europe |
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Imports(Country) |
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India, China |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Name of Auditors |
: |
N/A |
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Operation Status |
: |
Active |
CAPITAL
STRUCTURE
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Authorized Capital |
: |
BDT 500 Million |
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Paid-up Capital |
: |
BDT 100000000 |
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No. of Shares |
: |
1000000 |
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Share Value |
: |
BDT 100.00 Each |
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Main Assets |
: |
BDT 1511.26 Million |
FINANCIAL STATEMENT- DETAILED
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Summary information is shared |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Thermax Group |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Adury Apparels Ltd Thermax Spinning Ltd Thermax Knit Yarn Ltd. Thermax Yarn Dyeing Ltd Thermax Textile Mills Ltd Adury Knit Composite Ltd Thermax Blended Yarn Ltd. Thermax Home Fabrics Ltd Thermax Check Fabrics Ltd. Thermax woven Dyeing Ltd Sister Denim Composite Ltd Thermax Sewing Thread Ltd Thermax Cotton Spinning Ltd Adyri Washing & Printing Ltd. Thermax Mills Ltd. (Spinning Unit) Thermax Melange Spinning Mills Ltd. |
BANKING
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Bank Name
|
: |
United Commercial
Bank Ltd |
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Bank Address |
: |
Principal Branch 58, Motijheel C/A, Dhaka-1000, Bangladesh. Tel: 88-02-9555799, 9561054, 9559744 |
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Bank Name
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Al-Arafah Islami Bank Limited |
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Bank Address |
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Vip Road Branch Ridge Ahmed Square, 50/1, Inner Cercular
(Vip) Road, Naya Paltan, Dhaka-1000, Bangladesh. Tel: 88-02-9353801, 9345871-2 Fax: 88-02-8316222 |
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Bank Name
|
: |
Bangladesh Krishi Bank |
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Bank Address |
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Local Principal Office 83-85, Motijheet C/A, Dhaka-1000,
Bangladesh. |
ADVERSE
DATA MONITORING
|
Dishonored Checks |
:
|
No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance Defaults |
: |
No Record Found |
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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 30/A, VIP Road (14th Floor), Nayapaltan, Dhaka-1000,
Bangladesh. It is situated at Semi-Commercial Area. |
GENERAL
COMMENTS
|
The subject company maintains acceptable business volume. We
recommended that Credit can proceed normally in Moderate Amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 66.22 |
|
|
1 |
INR 92.84 |
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Euro |
1 |
INR 81.27 |
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BDT |
1 |
INR 0.78 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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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 |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.