MIRA INFORM REPORT

 

 

Report No. :

506522

Report Date :

27.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SINHA DENIM LIMITED

 

 

Registered Office :

Mohakhali Tower (13th Floor), 82, Mohakhali C/A, Dhaka-1212                                                                       

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

24.07.2004

 

 

Com. Reg. No.:

C-53626 

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer, Exporter and Importer of Denim Fabrics.

 

 

No. of Employees :

525

 

 

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

 

 

COMPANY NAME

 

SINHA DENIM LIMITED 

 

 

EXECUTIVE SUMMARY

 

                                       IDENTIFICATION DETAILS

Correct company Name

:

Sinha Denim Limited

Head Office

:

Mohakhali Tower (13th Floor), 82, Mohakhali C/A, Dhaka-1212,

Bangladesh                                                                          

Tel No

:

88-02-9854531-7, 9863346

Fax No

:

Nil

E-mail

:

info@opexgroup.com

Website

:

Nil

Date/ Year of Incorporation

:

24.07.2004

Incorporation No.

:

C-53626 

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 625 Million

BDT 1637.53 Million

BDT 38.10 Million

30th June’2017

BDT 672 Million

BDT 1705.21 Million

BDT 44.70 Million

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                  Information Parted By

Name

:

Mr. Anisur Rahman Sinha

Designation

:

Managing Director

Contract No

:

N/A

 

                                   Locations Details

Operating Address

:

Mohakhali Tower (13th Floor), 82, Mohakhali C/A, Dhaka-1212,

Bangladesh                                                                          

Tel No

:

88-02-9854531-7, 9863346

Fax No

:

Nil

E-mail

:

info@opexgroup.com

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

4500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

 

Retail shop

 

 

Industrial Park

 

 

 

Business Center

 

 

Home Office

 

 

 

Residential Bldg.

Ö

 

 

 

 

 

 

Factory:

 

 

Address

:

Kanchpur, Narayanganj, Sonargaon, Bangladesh.

Tel No

:

88-02-7648066, 7648055

Fax No

:

88-02-7648100

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

50,000

Sq. ft.

 

 

Branch:

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

35

In Factory

:

490

In Branch:

:

N/A

Total

:

525

Details:

 

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

                          No. of Share

Sinha Rotor Spinning Ltd

5000

Sinha Fashions Ltd

2500

Sinha Knitting Ltd

2500

 

 

DIRECTORS

 

Name

Designation

Mr. Anisur Rahman Sinha

Managing Director

Mr. Arifur Rahman Sinha

Director

 

 

MANAGEMENT

 

Name

:

Mr. Anisur Rahman Sinha

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Abdus Satter

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01914390057

 

Name

:

Mr. Bakaul Alam

Job Description

:

Deputy General Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713038228

 

 

 

Name

:

Mr. Sayed Towhid Hossain

Job Description

:

Officer (Admin)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Denim Fabrics.

Production Capacity

:

8, 00, 000 meters 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

:

Wal-Mart

Target

Jc Penny

H & M

Kappa

Local Clients

:

N/A

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

Trade Markets

:

 

Exports

:

Europe

Imports

:

China, India.

Brand Name

:

N/A

 

Certified

:

N/A

 

Auditors

:

N/A

 

Operation Status

:

Active

 

Member

:

Bangladesh Textile Mills Association.

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 50 Million

 

Paid-up Capital

:

BDT 1000000

 

No. of Shares

:

10000

 

Share Value

:

BDT100.00Each

 

Main Assets

:

BDT 1705.21 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information Given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Opex C & F Ltd

Sinha Fabrics Ltd.

Opex Swaters Ltd.

Opex Apparels Ltd. 

Sinha Apparels Ltd.

Opex Industries Ltd.

Opex Garments Ltd.

Opex Stylewear Ltd.

Opex Designers Ltd.

Sinha Denimwear Ltd.

Opex Readywears Ltd.

Opex Fashions Limited.

Opex Washing Plants Ltd.

Sinha Style Wears Limited.

Sinha Rotor Spinning Limited.

Opex Apparels Accessories Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Opex Group.

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank.

Bank Address

:

Gulshan Branch.

67, Gulshan Avenue, Dhaka, Bangladesh.

 

Bank Name  

:

One Bank Limited.                                                                                  

Bank Address

:

Principal Branch

45, Dilkusha C/A, Dhaka-1000, Bangladesh

Tel: 88-02-9564249

Fax: 88-02-9561960

 

 

Bank Name  

:

Arab Bangladesh Bank Ltd.                                                                                 

Bank Address

:

Motijheel Branch

BSB Building, 08, DIT Avenue, Dhaka, Bangladesh

Tel: 88-02-9563011-5, 9556077, 9555586

 

 

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 Mohakhali Tower (13th Floor), 82, Mohakhali C/A, Dhaka-1212, Bangladesh. It is situated at Residential Area.

 

 

GENERAL COMMENTS

 

The subject company is a well-known reputed company in Bangladesh.  It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate Amount.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.06

UK Pound

1

INR 85.76

Euro

1

INR 75.83

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 :

NIT

 

 

 

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.