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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

486365

Report Date :

17.01.2018

 

IDENTIFICATION DETAILS

 

Name :

PREMIER 1888 LTD.

 

 

Formerly Known As :

PREMIER TOWELS (BD) LTD.

 

 

Registered Office :

Plot # 41-47, Sector # 7, CEPZ, Chittagong-4223

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

11.03.2002

 

 

Com. Reg. No.:

CH-4244

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Terry Towels.    

 

 

No. of Employees :

1425

 

 

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

:

Premier 1888 Ltd.

Previous Name

:

Premier Towels (Bd) Ltd.

Head Office

:

Plot # 41-47, Sector # 7, CEPZ, Chittagong-4223, Bangladesh.

Tel No

:

88-031-740270, 740271, 741235

Fax No

:

88-031-740004

E-mail

:

murad@qualitexbd.com

Website

:

Nil

Date/ Year of Incorporation

:

11.03.2002

Incorporation No.

:

CH-4244

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)

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

July’ 14~June’ 15

BDT 1,697.50 Million

BDT 2,105.73 Million

BDT 410.84 Million

July’ 15~June’ 16

BDT 1,721.93 Million

BDT 2,167.82 Million

BDT 423.15 Million

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Sulaiman

Designation

:

Managing Director

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Plot # 41-47, Sector # 7, CEPZ, Chittagong-4223, Bangladesh.

Tel No

:

88-031-740270, 740271, 741235

Fax No

:

88-031-740004

E-mail

:

murad@qualitexbd.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1200

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

:

Plot # 41-47, Sector # 7, CEPZ, Chittagong-4223, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

35,000

Sq. ft.

 

Branch-1:

 

 

 

 

 

Address

:

Plot # 4-6, Sector #-5/A, CEPZ, Chittagong, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Branch-2:

 

 

 

 

 

Address

:

Plot # 9-11, Sector # 1, CEPZ, Chittagong, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Branch-3:

 

 

 

 

 

Address

:

Plot # 17-19, 7-38, Sector #-2, CEPZ, Chittagong, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Branch-4:

 

 

 

 

 

Address

:

Plot # 12-16, Sector #1, CEPZ, Chittagong, Bangladesh.

Tel No

:

88-031-740429

Fax No

:

Nil

 

Branch-4:

 

 

 

 

 

Address

:

Plot# 6-8 & 41-47, Sector-5 & 7, CEPZ South Halishahar, Chittagong-4223

Bangladesh.

Tel No

:

88-031-740429, 74027

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

52

In Factory

:

1373

In Branch:

:

-

Total

:

1425

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                        No. of Share     

ESN Limited (Rep by Mr. Sulaiman)

99

Mr. Abdur Rahman Yaqub

1

 

 

DIRECTORS

 

Name

Designation

Mr. Sulaiman

Managing Director

Mr. Abdur Rahman Yaqub

Director

 

 

MANAGEMENT

 

Name

:

Mr. Sulaiman

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Murad Ali Chowdhury

Job Description

:

Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

murad@qualitexbd.com

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Terry Towels.    

Production Capacity

:

Nil

Last Year Production

:

Nil

 

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

:

Nil

Local Suppliers

:

N/A

Trade Markets

 

:

 

Exports

:

Europe, USA

Imports

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 10 Million

 

Paid-up Capital

:

BDT 1,00,000

 

No. of Shares

:

100

 

Share Value

:

BDT 1,000.0 Each

 

Main Assets

:

BDT 2167.82 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

SC’s Financial Information has been Given. The Subject Company hasn’t further renewed their financial information.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Qualitex Group

Subsidiary

:

Nil

Sister Concerns

:

ESN Limited

Crown Mills (Bd) Ltd.

Modern Towels (BD) Ltd

Qualitex Industries (BD) Ltd

Mitali Textiles Industries (Bd) Limited

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

Agrabad Branch.

PHP House, 31 Agrabad C/A,

Chottagong, Bangladesh.

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation,    

Bank Address

:

Agrabad Branch

Osman Court, 70 Agrabad C/A, Chittagong- 4100, Bangladesh.

Tel: 88-031-710008, 711154, 724406, 723750, 2523280-2, 2510172-4

Fax: 88-031-710007, 720130

 

Bank Name  

:

Dutch Bangla Bank Ltd.

Bank Address

:

Agrabad Branch,

75, Agrabad C/A, Chittagong-4100, Bangladesh.

 

 

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 Plot # 41-47, Sector # 7, CEPZ, Chittagong-4223, Bangladesh. It is Situated at Commercial area.

 

 

GENERAL COMMENTS

 

The subject company is a well-known reputed company in Bangladesh. It is engaged in Importer, Manufacturer & Exporter and their products are popular to the local customers. So day by day the subject company is increasing their goodwill as well as its financial condition..

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.76

UK Pound

1

INR 87.91

Euro

1

INR 78.20

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 :

SYL

                                                


 

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.