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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

493061

Report Date :

19.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

TURAG GARMENTS AND HOSIERY MILLS LTD.

 

 

Registered Office :

Serenity, House # 15, Road # 12, Sector # 1, Uttara, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

18.11.1999

 

 

Com. Reg. No.:

C-39114  

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Dyeing, Exporter and Importer of Men’s Wear, Women’s Wear, Kid’s Wears.   

 

 

No. of Employees :

3500

 

 

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 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

 

 

 

IDENTIFICATION DETAILS

Correct company Name

:

TURAG GARMENTS AND HOSIERY MILLS LTD.

Head Office

:

Serenity, House # 15, Road # 12, Sector # 1, Uttara, Dhaka-1230, Bangladesh

Tel No

:

88-02-8931728, 8931738

Fax No

:

Nil

E-mail

:

info@turagbd.net

Website

:

www.turagbd.net

Date/ Year of Incorporation

:

18.11.1999

Incorporation No.

:

C-39114  

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 Knitwear Manufacturers & Exporters Association

Membership No

:

395

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

31st Dec’2015

BDT 979 Million

BDT 71.83 Million

BDT 49.20 Million

31st Dec’2016

BDT 1361 Million

BDT 112.25 Million

BDT 51.90 Million

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Nasirul Haque

Designation

:

Deputy General Manager (Commercial & Finance)

Contract No

:

88-01618331756

 

                                                               Locations Details

Operating Address

:

Serenity, House # 15, Road # 12, Sector # 1, Uttara, Dhaka-1230, Bangladesh

Tel No

:

88-02-8931728, 8931738

Fax No

:

Nil

E-mail

:

info@turagbd.net

Website

:

www.turagbd.net

 

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

:

South Panishail, Zirani Bazar, Kashimpur, Gazipur, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

426500

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

65

In Factory

:

3435

In Branch:

:

Nil

Total

:

3500

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mrs. Samia Rahman

5000

Mr. Hossain Bin M.A. Khaleque Babu

5000

 

DIRECTORS

 

Name

Designation

Mrs. Samia Rahman

Chairman

Mr. Hossain Bin M.A. Khaleque Babu

Managing Director

 

MANAGEMENT

 

Name

:

Mr. Hossain Bin M.A. Khaleque Babu

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. S.M. Kamran

Job Description

:

Senior Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Nasirul Haque

Job Description

:

Deputy General Manager (Commercial & Finance)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01618331756

 

Name

:

Mr. Monirul Islam

Job Description

:

Officer (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Mehedi Hasan

Job Description

:

Officer (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01717142214

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Dyeing

Ö

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Men’s wear, Women’s wear, Kid’s wears.    

Production Capacity

:

Knitting- 12000 Kg per day

Dyeing- 27055 Kg per day

Printing Division- 45000 Pcs per day

Garments Division-18000 Pcs per day

Finishing- 30000 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

:

Wetx GmbH

 

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 30 Million

 

Paid-up Capital

:

BDT 1000000

No. of Shares

:

10000

 Share Value :BDT 100.00Each

Main Assets

:

BDT 112.25 Million

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information Given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

BANKING

 

 

Bank Name  

:

Al- Arafah Islami Bank Limited

Bank Address

:

Uttara Model Town Branch

House # 13, Road # 14/A, Sector # 4, Uttara Model Town, Dhaka-1230, Bangladesh
Tel: 88-02-8916454, 8962249
Fax: 88-02-8962249

 

Bank Name  

:

Premier Bank Ltd

Bank Address

:

Gulshan Branch,

140, Gulshan Avenue, Gulshan Circle-2, Dhaka-1212, Bangladesh
Tel: 88-02-8815268, 9882781, 9890391
Fax: 88-02-8818338

 

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 Serenity, House # 15, Road # 12, Sector # 1, Uttara, Dhaka-1230, Bangladesh. It is situated at Residential area.

 

GENERAL COMMENTS

The subject company maintains acceptable business volume.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.90

UK Pound

1

INR 90.31

Euro

1

INR 80.17

BDT

1

INR 0.77

 

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.