MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

489946

Report Date :

02.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AKIJ TEXTILE MILLS LTD.

 

 

Registered Office :

Akij Chamber, 73, Dilkusha C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

28.02.1995

 

 

Com. Reg. No.:

C-27926

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer, Distributor, Dyeing, Importer and Exporter of Cotton Yarns. Woven Fabrics

 

 

No. of Employees :

1600

 

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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 surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Akij Textile Mills Ltd.

Head Office

:

Akij Chamber, 73, Dilkusha C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9577573, 9552262, 9563009

Fax No

:

88-02-9564519, 9569537

E-mail

:

info_atml@akij.net

Website

:

www.akijtextilebd.com

Date/ Year of Incorporation

:

28.02.1995

Incorporation No.

:

C-27926

Vat registration No

:

17161002675/ Dhaka

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

 

Organization Name

:

Bangladesh Textile Mills Association

Membership No

:

N/A

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

July’ 14~June’ 15

BDT 835 Million

BDT 2739.41 Million

BDT 46.76 Million

July’ 15~June’ 16

BDT 1297 Million

BDT 3450.80 Million

BDT 78.20 Million

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Arif

Designation

:

Officer (Marketing)

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Akij Chamber, 73, Dilkusha C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9577573, 9552262, 9563009

Fax No

:

88-02-9564519, 9569537

E-mail

:

info_atml@akij.net

Website

:

www.akijtextilebd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

5500

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

:

Golora, Charkhanda, Manikgonj, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

4.5

Acores

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

68

In Factory

:

1532

In Branch:

:

Nil

Total

:

1600

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mr. Sk. Nasiruddin

225216

Mr. Sk Bashiruddin

225216 

Mr. Sk. Jamiluddin

225216

Mr. Sk. Jasimuddin

225216

Mr. Sk. Shamimuddin

225216

 

 

DIRECTORS

 

Name

Designation

Mr. Sk. Nasiruddin

Chairman

Mr. Sk. Bashiruddin

Managing Director

Mr. Sk. Jamiluddin

Director

Mr. Sk. Jasimuddin

Director

Mr. Sk. Shamimuddin

Director

 

 

MANAGEMENT

 

Name

:

Mr. Sk. Bashiruddin

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Arif

Job Description

:

Officer (Marketing)

Nationality

:

Bangladeshi

Email address

:

arif.atml@akij.net

Other details

:

N/A

 

Name

:

Mr. Md. Sohel

Job Description

:

Officer (Marketing)

Nationality

:

Bangladeshi

Email address

:

a.shohel@akij.net

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Dyeing

Ö

Importer

Ö

Exporter

Ö

Others

 

 

Range of Products:

 

Products

:

Cotton Yarns. Woven Fabrics, Dyeing  

Production Capacity

:

40, 000 kg 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)

:

Europe, USA

 

Imports(Country)

:

China, India.

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1500 Million

 

Paid-up Capital

:

BDT 1126080000

    No. of Shares

:

1126080

Share Value

:

BDT 1000 Each

Main Assets

:

BDT 3450.80 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary information given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nebula Ink Ltd.

Akij Online Ltd.

Akij Clorite Ltd.

Ad-Din Hospital

Akij Housing Ltd.

Saf Industries Ltd.

Akij Shipping Ltd.

Akij Footwear Ltd.

Akij Securities Ltd

Akij Computer Ltd

Akij Jute Mills Ltd

Akij Poly Fibre Ltd.

Akij Corporation Ltd.

Akij Biri Factory Ltd.

Leaf Processing Plant

Ad-Din Welfare Trust

Akij Jarda Factory Ltd.

Akij Foundation School

Dhaka Tobacco Industries

Akij Pharmaceuticals Ltd.

Sonar Bangla Cement Ltd.

Savar Industries (Pvt.) Ltd.

Akij Food & Beverage Ltd.

Akij Transport Agency Ltd.

Akij Cement Company Ltd.

Akij Match Factory Limited

DTI Leaf Purchasing Centre

Akij Particle Board Mills Ltd.

Akij Printing & Packages Ltd.

Dhaka Tobacco Industries Ltd.

Seikh Akij Uddin High School

Ad-Din Shishu Kishore Niketon

Akij Particle And Hard Board Mills Ltd.

Subsidiary

:

Nil

Name of  The Group

:

Akij Group

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Head Office Complex   

Islami Bank Tower, 40, Dilkusha C/A, Dhaka-1000, Bangladesh

Tel: 88-02-9570910, 9570911,7166598

Fax: 88-02-9564532      

 

 

 

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 Akij Chamber, 73, Dilkusha C/A, Dhaka-1000, Bangladesh. It is situated at Commercial area.

 

 

GENERAL COMMENTS

 

The subject company is a well-known reputed company in Bangladesh.  Their products popular to the local customers.   So day by day the subject companies increase their goodwill. As well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.61

UK Pound

1

INR 89.32

Euro

1

INR 78.95

BDT

1

INR 0.77

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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)

 

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.