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MIRA INFORM REPORT
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Report No. : |
484347 |
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Report Date : |
05.01.2018 |
IDENTIFICATION DETAILS
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Name : |
KNIT CONCERN LTD. |
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Registered Office : |
62, Water Works Road, Godnail, Narayanganj-1400,
Bangladesh |
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Country : |
Bangladesh |
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Date of Incorporation : |
02.03.1997 |
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Com. Reg. No.: |
C-32446 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer, Printing, Importer, Embroidery, Exporter,
Dyeing, Washing of Ladies Shirts,
Polo Shirts, Fancy Shirts, Embroidery, Basic Shirts |
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No. of Employees : |
3815 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 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.
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Source
: CIA |
EXECUTIVE
SUMMARY
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IDENTIFICATION DETAILS |
||
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Correct company Name |
: |
Knit Concern Ltd. |
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Head Office |
: |
62, Water Works Road, Godnail, Narayanganj-1400,
Bangladesh. |
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Tel No |
: |
88-7641088, 01713482598, 01711538831,
01712224789 |
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Fax No |
: |
Nil |
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E-mail |
: |
info@knitconcern.com,
jahangir@knitconcern.com |
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Website |
: |
www.knitconcern.com |
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Date/ Year of Incorporation |
: |
02.03.1997 |
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Incorporation No. |
: |
C-32446 |
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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) ________________ |
|
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) |
FINANCIALS-
SUMMARY
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|||
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Year |
Turnover/ Sales |
Assets |
Income/ (Loss) |
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30th
June’2016 |
BDT 3935.00 Million |
BDT 2245.80 Million |
BDT 216.42 Million |
|
30th
June’2017 |
BDT 3725.00 Million |
BDT 2140.76 Million |
BDT 181.25 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr.
Md. Joynal Abedin Mollah |
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Designation |
: |
Managing
Director |
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Contract No |
: |
88-01711538831 |
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Locations Details |
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Operating Address |
: |
62, Water Works Road, Godnail, Narayanganj-1400,
Bangladesh. |
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Tel No |
: |
88-7641088, 01713482598, 01711538831,
01712224789 |
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Fax No |
: |
Nil |
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E-mail |
: |
info@knitconcern.com,
jahangir@knitconcern.com |
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Website |
: |
www.knitconcern.com |
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Location : |
:
Owned |
Ö |
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Rented |
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Leased |
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Area |
1800 |
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: |
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Address |
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62, Water Works Road, Godnail,
Narayanganj-1400, 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 |
1,80,000 |
Sq. ft. |
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Branch: |
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Address |
: |
Nil |
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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 |
: |
3755 |
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In Branch: |
: |
Nil |
Total
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: |
3815 |
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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. Md. Monir Hossain Mollah |
9750 |
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Mr. Md. Joynal Abedin Mollah |
58500 |
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Mrs. Shamsun Nahar Lipi |
19500 |
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Mr. Md. Jahangir Hossain Mollah |
9750 |
DIRECTORS
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Name |
Designation |
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Mr. Md. Joynal Abedin Mollah |
Managing Director |
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Mr. Md. Monir Hossain Mollah |
Director |
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Mrs. Shamsun Nahar Lipi |
Director |
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Mr. Md. Jahangir Hossain Mollah |
Director |
MANAGEMENT
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||
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Name |
: |
Mr.
Md. Joynal Abedin Mollah |
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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 |
: |
88-01711538831 |
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Name |
: |
Mr.
Md. Jahangir Hossain Mollah |
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Job Description |
: |
Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
jahangir@knitconcern.com |
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Other details |
: |
N/A |
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Name |
: |
Mr. ABM
Rezaul Karim Murad |
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Job Description |
: |
Executive
Director (Finance) |
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Nationality |
: |
Bangladeshi. |
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Email address |
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murad@knitconcern.com |
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Other details |
: |
N/A |
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Name |
: |
Mrs.
Farhana (Sonia) |
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Job Description |
: |
Assistant
Manager (HR) |
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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.
Tanjir Wahid |
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Job Description |
: |
Senior
Manager (Merchandiser) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
tanjir@knitconcern.com |
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Other details |
: |
88-01713482598 |
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Name |
: |
Mr.
Abdul Awal Shohel |
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Job Description |
: |
Senior
Manager |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
a.shohel@knitconcern.com |
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Other details |
: |
88-01712224789 |
BUSINESS
OPERATIONS
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Nature of Activity
: |
Manufacturer |
Ö |
Printing |
Ö |
Importer |
Ö |
Embroidery |
Ö |
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Exporter |
Ö |
Dyeing |
Ö |
Washing |
Ö |
Others |
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Range
of Products: |
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Products |
: |
Ladies Shirts, Polo Shirts,
Fancy Shirts, Embroidery, Basic Shirts. |
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Production Capacity |
: |
Garments: 150000 Ps Per day Dyeing: 35 ton per day |
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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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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 |
: |
Jules Okaidi H & M Klingel Camaifu
Carrefour
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Local Clients |
: |
N/A |
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Overseas Suppliers |
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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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Europe |
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Imports(Country) |
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China, India. |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Name of Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Knitwear
Manufacturers & Exports Association |
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CAPITAL
STRUCTURE
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Authorized Capital |
: |
BDT 100 Million |
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Paid-up Capital |
: |
BDT 97500000 |
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No.
of Shares |
: |
97500 |
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Share
Value |
: |
BDT1000.00Each |
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Main Assets |
: |
BDT 2140.76 Million |
FINANCIAL
STATEMENT- DETAILED
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Summary information given. |
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ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
K.C.
Print Ltd. K.C.
Lingerie Ltd. K.C.
Apparels Ltd. K.C.
Yarn Dyeing Ltd. K.C.
Printing Unit Ltd. Knit
Concern Sports Ltd Knit Concern Fashion Ltd |
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Subsidiary |
: |
Nil |
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Name of The Group |
: |
Knit Concern Group |
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BANKING
|
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Bank Name |
: |
IFIC
Bank Ltd. |
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Bank Address |
: |
Nayarangonj Branch 66/1, Bangabandhu Road,
Narayanganj, Bangladesh. Tel: 88-02-7615000-3, 9716185,
7615004-5 Fax: 88-02-7633485 |
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 62, Water Works Road, Godnail, Narayangonj, Bangladesh.
It is Situated at Semi Commercial 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 63.39 |
|
|
1 |
INR 85.74 |
|
Euro |
1 |
INR 76.25 |
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BDT |
1 |
INR 0.77 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
KET |
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 |
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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.