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MIRA INFORM REPORT
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Report No. : |
493324 |
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Report Date : |
26.02.2018 |
IDENTIFICATION DETAILS
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Name : |
MEDLAR APPARELS LTD. |
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Registered Office : |
82, Mohakhali Tower (13th Floor),
Mohakhali, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
21.08.2000 |
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Com. Reg. No.: |
C-41078 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer, Exporter and Importer of Shirts, Pants, Jackets. |
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No. of Employees : |
4322 |
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 |
EXECUTIVE
SUMMARY
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IDENTIFICATION DETAILS |
||
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Correct company Name |
: |
Medlar
Apparels Ltd. |
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Head Office |
: |
82, Mohakhali Tower (13th Floor),
Mohakhali, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-58817913,
58817531 |
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Fax No |
: |
88-02-9883871 |
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E-mail |
: |
medlar@sinha-medlar.com |
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Website |
: |
www.sinha-medlar.com |
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Date/ Year of Incorporation |
: |
21.08.2000 |
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Incorporation
No. |
: |
C-41078 |
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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 (CCIE) |
Other
Registry & Certification Details
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Organization
Name |
: |
Bangladesh
Garments Manufacturer & Exporters Association |
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Membership
No |
: |
N/A |
FINANCIALS-
SUMMARY
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Year |
Turnover/ Sales |
Assets |
Income/ (Loss) |
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30th
June’2016 |
BDT 1297 Million |
BDT 125.73 Million |
BDT 47.21 Million |
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30th
June’2017 |
BDT 1885 Million |
BDT 159.81 Million |
BDT 18.93 Million
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FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Akter
Hossain |
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Designation |
: |
AGM
(Commercial) |
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Contract No |
: |
88-01713438748 |
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Locations Details |
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Operating Address |
: |
82, Mohakhali Tower (13th Floor),
Mohakhali, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-58817913,
58817531 |
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Fax No |
: |
88-02-9883871 |
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E-mail |
: |
medlar@sinha-medlar.com |
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Website |
: |
www.sinha-medlar.com |
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Location
: |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
3800 |
Sq. ft. |
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Type
of Office |
: Commercial Office Bldg. |
Ö |
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Semi-commercial office Bldg. |
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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: |
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Address |
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Narshinghpur
East Union, Yearpur, Zirabo,
Assulia, Savar, Bangladesh. |
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Tel No |
: |
88-02-7790500,
7790784 |
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Fax No |
: |
Nil
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Branch: |
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Address |
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Plot# 4,
Darussalam Road, Section# 1, Mirpur, Dhaka-1216, 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 |
: |
60 |
In Factory |
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4262 |
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In Branch: |
: |
Nil |
Total
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: |
4322 |
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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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Medlar Garments Ltd. |
20000 |
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Sinha Fashions Ltd. |
40000 |
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Medlar Fashions Ltd. |
139000 |
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Mr. Anisur Rahman Sinha |
600500 |
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Mr. Arifur Rahman Sinha |
600500 |
DIRECTORS
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Name |
Designation |
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Mr. Anisur Rahman Sinha |
Managing
Director |
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Mr. Arifur Rahman Sinha |
Director |
MANAGEMENT
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Name |
: |
Mr. Anisur
Rahman Sinha |
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Job Description |
: |
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. Akter
Hossain |
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Job Description |
: |
AGM ( Commercial) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
88-01713438748 |
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Name |
: |
Mr. Md.
Faroque |
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Job Description |
: |
Admin Officer |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
88-01720274189 |
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 Products: |
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Products |
: |
Shirts, Pants, Jackets. |
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Production
Capacity |
: |
4, 50,000 pcs. Per month. |
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Last
Year Production |
: |
Do |
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 |
: |
Wal Mart H & M Target |
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Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
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Local Suppliers |
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N/A |
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Trade Markets |
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Exports(Country) |
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USA, Sweden |
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Imports(Country) |
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India, China, Thailand |
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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 |
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CAPITAL
STRUCTURE
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Authorized
Capital |
: |
BDT 500 Million |
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Paid-up
Capital |
: |
BDT 140000000 |
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No.
of Shares |
: |
1400000 |
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Share
Value |
: |
BDT 100.00 Each |
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Main
Assets |
: |
BDT 159.81 Million |
FINANCIAL
STATEMENT- DETAILED
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Summary Information has been provided |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
JK Fashions Ltd. Sinha Fabrics Ltd. Sinha Apparels Ltd. Sinha Designers Ltd. Medlar Fashions Ltd. Sinha Denim wears Ltd. Venture Energy Resource Limited |
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Subsidiary |
: |
Nil |
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Affiliated |
: |
Sinha Fashions Ltd. Medlar Garments Ltd |
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Name of The Group |
: |
Sinha-Medlar Group |
BANKING
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Bank Name |
: |
One Bank
Limited. |
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Bank Address |
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Principal
Branch 45, Dilkusha
C/A, Dhaka-1000, Bangladesh Tel:
88-02-9564249 Fax:
88-02-9561960 |
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Bank Name |
: |
Standard
Chartered Bank Limited |
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Bank Address |
: |
Motijheel
Branch Alico
Building, 18-20 Motijheel C/A, Dhaka-1000, Bangladesh. |
ADVERSE
DATA MONITORING
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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 82, Mohakhali Tower, (13th Floor),
Mohakhali, Dhaka-1212, Bangladesh. It is Situated at Commercial Area. |
GENERAL
COMMENTS
|
The subject company is engaged in
manufacturer & Exporter. It is reputed company in this line of business.
We recommended that Credit can proceed normally. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.82 |
|
|
1 |
INR 90.40 |
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Euro |
1 |
INR 79.76 |
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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
: |
VIV |
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|
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Report Prepared
by : |
TRU |
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.