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MIRA INFORM REPORT
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Report No. : |
485480 |
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Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FOUNTAIN GARMENTS MANUFACTURING LIMITED |
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Registered Office : |
The Alliance Building (9th Floor), 63/A Pragati Sarani, Baridhara, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
Private Co |
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Com. Reg. No.: |
C-32218 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer , Exporter, Importer Shorts, Pants, Jacket, Jumpers etc. |
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No. of Employees : |
1150 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
: |
Fountain Garments Manufacturing
Limited. |
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Head Office |
: |
The Alliance Building (9th Floor), 63/A
Pragati Sarani, Baridhara, Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-55048284-6
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Fax No |
: |
88-02-55048287 |
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E-mail |
: |
info@ahbd.com |
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Website |
: |
www.ahlbd.com |
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Date/ Year of Incorporation |
: |
22.01.1997 |
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Incorporation No. |
: |
C-32218 |
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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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Value Added Tax(VAT) No |
: |
17121004430 |
Date of Registration |
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N/A |
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Issuing Authority |
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National
Board of Revenue |
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Organization
Name |
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Bangladesh Garments
Manufacturer & Exporters Association |
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Membership
No |
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N/A |
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FINANCIALS- SUMMARY
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Year |
Turnover/ Sales |
Assets |
Income/ (Loss) |
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31st December’2015 |
BDT 1410.00 Million |
BDT 862.83 Million |
BDT 26.10 Million |
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31st December’2016 |
BDT 1232 Million |
BDT 956.20 Million |
BDT 21.35 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr.
Noor Alam |
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Designation |
: |
Manager
(Compliance) |
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Contract No |
: |
N/A |
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Locations Details |
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Operating Address |
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The Alliance Building, 63/A Pragati Sarani,
Baridhara, Dhaka-1212, Bangladesh |
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Tel No |
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88-02-55048284-6
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Fax No |
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88-02-55048287 |
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E-mail |
: |
info@ahbd.com |
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Website |
: |
www.ahlbd.com |
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Location : |
:
Owned |
Ö |
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Rented |
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Leased |
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Area |
3600 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
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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. |
Ö |
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Factory: |
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Address |
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Plot# 61-62, Gazir Chat Epz Rd, Baipal, Savar, Bangladesh |
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Tel No |
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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 |
96,400 |
Sq. ft. |
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Branch: |
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Address |
: |
Nil |
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Tel No |
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Nil |
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Fax No |
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Nil |
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Employee: |
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No. of Employees |
In Office |
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25 |
In Factory |
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1125 |
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In Branch: |
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N/A |
Total
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1150 |
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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. Syed Ali Asghar Rizvi |
113 |
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Mr. Quaji Fazle Alamgir |
354 |
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Mr. Zakaria Mahmud |
50 |
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Syed Muntazir Hasnain Zaidi |
135 |
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Mr. Mohammed Neaz Morshed |
100 |
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Mr. Syed Ali Haider Rizvi |
225 |
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Syed Jafar Hasnain Zaidi |
135 |
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Mr. Syed Zaki Haider Rizvi |
263 |
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Mr. Syed Razi Haider Rizvi |
125 |
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Alliance Holdings Ltd. |
750 |
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Mr. Lutfe M. Ayub |
250 |
DIRECTORS
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Name |
Designation |
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Mr. Lutfe M. Ayub |
Chairman |
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Mr. Quaji Fazle Alamgir |
Managing
Director |
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Mr. Zakaria Mahmud |
Director |
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Mr. Syed Ali Haider Rizvi |
Director |
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Syed Jafar Hasnain Zaidi |
Director |
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Mr. Syed Zaki Haider Rizvi |
Director |
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Mr. Syed Ali Jowher Rizvi |
Director |
MANAGEMENT
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Name |
: |
Mr.
Quaji Fazle Alamgir |
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Job Description |
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Managing
Director |
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Nationality |
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Bangladeshi. |
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Email address |
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N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr.
Noor Alam |
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Job Description |
: |
Manager
(Compliance) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS
OPERATIONS
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Nature of Activity
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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 |
: |
Shorts, Pants, Jacket, Jumpers
etc. |
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Production Capacity |
: |
4,00,000 Pes 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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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 |
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Cash |
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Others |
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Credit : |
Ö |
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 |
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Overseas Clients |
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Target Corporation Wal-Mart Kohl’s |
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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 |
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Imports(Country) |
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India, China |
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Brand Name |
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N/A |
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Certified |
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N/A |
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Name of Auditors |
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N/A |
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Operation Status |
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Active |
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CAPITAL
STRUCTURE
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Authorized Capital |
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BDT 50 Million |
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Paid-up Capital |
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BDT 250,000 |
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No.
of Shares |
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2500 |
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Share
Value |
: |
BDT 100.00 Each |
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Main Assets |
: |
BDT 956.20 Million |
FINANCIAL
STATEMENT- DETAILED
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Summary Information has been
Given |
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ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Ejab Alliance Ltd. Alliance Media Ltd. Ocean Containers Ltd. Peb Steel Asia Limited PEB Steel Alliance Ltd Alliance TG-Supply Ltd. Panigram Resort Limited Panigram Resort Limited Nekan Alliance PEB Ltd Global Beverage Co. Ltd Union Accessories Limited Alliance Properties Limited Nekan Engineering Limited Alliance Knit Composite Ltd. Union Knitting & Dyeing Ltd Summit Alliance Port Limited Oriental Oil Company Limited Alliance Spence Power Limited 1 Asia Alliance Gateway Limited Rabab Fashion Industries Limited Rabab Washing Industries Limited Alliance Building Materials Limited 1 Asia Alliance Communications Limited Ispahani Summit Alliance Terminal Limited Ispahani Summit Alliance Terminal Limited |
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Subsidiary |
: |
Nil |
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Name of The Group |
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Alliance Holdings Limited |
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BANKING
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Bank Name |
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United
Commercial Bank Ltd
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Bank Address |
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Gulshan Branch
Concord I.K. Tower (1st Floor),
Plot# CEN (A)-2, North Avenue, Gulshan-2, Dhaka-1212,
Bangladesh Tel: 88-02-8824198, 8824564,
9895500 Fax: 880-02-8824564 |
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Bank Name |
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South Bangla Agriculture and
Commerce Bank Ltd |
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Bank Address |
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Principal Branch. Sun Moon Star Tower,
37,Dilkusha C/A, Dhaka-1000, Bangladesh |
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Bank Name |
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Mutual Trust Bank Ltd. |
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Bank Address |
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Progati Sarani Branch 15/5, Progati Sarani,
Dhaka-1229, Bangladesh Tel: 88-02-8411804, 8410948, 8413082 Fax: 88-02-8411863 |
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Bank Name |
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Jamuna Bank Ltd. |
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Bank Address |
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Kawran Bazar Branch, Dhaka,
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 The Alliance Building, 63/A Pragati Sarani, Baridhara,
Dhaka-1212, Bangladesh. It is Situated at Residential Area. |
GENERAL
COMMENTS
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The subject company is reputed company in this line of
business. We recommended that Credit can proceed normally in Moderate amount |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.53 |
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|
1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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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
: |
DIV |
|
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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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 |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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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.