3decades

MIRA INFORM REPORT

Report No. :	487452
Report Date :	24.01.2018

IDENTIFICATION DETAILS

Name :	RING SHINE TEXTILES LIMITED

Registered Office :	House# 5, Road# 6, Block# K, Baridhara Model Town, Dhaka-1212

Country :	Bangladesh

Date of Incorporation :	28.12.1997

Com. Reg. No.:	C-34597

Legal Form :	Private Company

Line of Business :	Manufacturer, Exporter and Importer of Acrylic Yarn, Fancy Yarn, Cotton Yarn, Polar Fleece, Knit Fabrics, Sweater.

No. of Employees :	2482

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

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

(30.06.2017)

Current Rating

(30.09.2017)

Bangladesh

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

Company name

RING SHINE TEXTILES LIMITED.

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS
Correct company Name	:	Ring Shine Textiles Limited
Head Office	:	House# 5, Road# 6, Block# K, Baridhara Model Town, Dhaka-1212 Bangladesh.
Tel No	:	88-02-9885580-1, 9885586
Fax No	:	88-02-9885587
E-mail	:	info@ringshine.com, yarn@ringshine.com
Website	:	www.ringshine.com
Date/ Year of Incorporation	:	28.12.1997
Incorporation No.	:	C-34597
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
30^th June’2016	BDT 1295 Million	BDT 403.63 Million	BDT 86.25 Million
30^th June’2017	BDT 1676 Million	BDT 528.76 Million	BDT 71.95 Million

FULLCHECK REPORT DETAILS

*Information Parted By*
Name	:	Mr. Hsiao Hai He
Designation	:	Director
Contract No	:	88-01711532588

*Locations Details*
Corporate Address	:	House# 5, Road# 6, Block# K, Baridhara Model Town, Dhaka-1212 Bangladesh.
Tel No	:	88-02-9885580-1, 9885586
Fax No	:	88-02-9885587
E-mail	:	info@ringshine.com, yarn@ringshine.com
Website	:	www.ringshine.com

Location :

: Owned

Rented

Leased

Area

3500

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	:	Plot# 224-260, DEPZ (Extension Area), Ganakbari, Savar, Bangladesh
Tel No	:	88-02-7788951-59
Fax No	:	88-02-7788960

Location :

Owned

Rented

Leased

Area

2,22,400

Sq. ft.

Branch:
Address	:	N/A
Tel No	:	N/A
Fax No	:	N/A

Employee:

No. of Employees	In Office	:	80	In Factory	:	2402
	In Branch:	:	-	Total	:	2482
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
	1500
Mr. Sung Chung Yao	800
MDM. Sheao Yen Shin	800
Mr. Hsiao Hai He	1500
Mrs. Hsiao Liu Yi Chi	800
Mr. Sung Wey Min	1500
MDM. Chuk Kwan	800
Ms. Sung Wen Li Angela	1500
MDM. Hang Siew Lai	800

DIRECTORS

Name	Designation
Mr. Sung Wey Min	Managing Director
Mr. Sung Chung Yao	Director
MDM. Sheao Yen Shin	Director
Mr. Hsiao Hai He	Director
Mrs. Hsiao Liu Yi Chi	Director
Mr. Sung Jye Min	Director
MDM. Chuk Kwan	Director
Ms. Sung wen Li Angela	Director
MDM. Hang Siew Lai	Director

MANAGEMENT

Name	:	Mr. Sung Wey Min
Job Description	:	Managing Director
Nationality	:	N/A
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Hsiao Hai He
Job Description	:	Director
Nationality	:	N/A
Email address	:	hsiao@ringshine.com
Other details	:	88-01711532588

Name	:	Mr. Md. Moula
Job Description	:	Manager (Commercial)
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	88-01713044816

Name	:	Mr. Md. Nasir Uddin
Job Description	:	General Manager
Nationality	:	Bangladeshi
Email address	:	nasiruddin@ringshine.com
Other details	:	N/A

Name	:	Mr. Md. Saidur Rahman
Job Description	:	Senior Executive ( HR & Admin)
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS
Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor

	Exporter	Ö	Importer	Ö	Services	Others

Range of Products:

Products	:	Acrylic Yarn, Fancy Yarn, Cotton Yarn, Polar Fleece, Knit Fabrics, Sweater.
Production Capacity	:	7200000 Kg’s Per Year.
Last Year Production	:	6000000 Kg’s.

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			:	Zara Tesco Ewen C & A H & M Primark Mutiline Li & Fung J. C. Penny Solo Invest Ruffel Corporation
		Local Clients			:	N/A
		Overseas Suppliers			:	N/A
		Local Suppliers			:	N/A
Trade Markets	:	Exports			:	Europe
		Imports			:	China, India
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Textile Mills Association Bangladesh Knitwear Manufacturers & Exports Association

CAPITAL STRUCTURE

Authorized Capital	:	BDT 500 Million

Paid-up Capital	:	BDT 1,00,00,000

No. of Shares	:	10,000

Share Value	:	BDT 1000.00 Each

Main Assets	:	BDT 528.76 Million

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns

S.K. Sweaters Ltd.

Anupam Sweaters Ltd.

Avant Garde Fashion Ltd.

S.A. Rahman Sweaters Ltd.

Shine Fashion Co. (Pvt.) Ltd.

Universe Knitting Garments Ltd.

Subsidiary

N/A

Name of The Group

N/A

BANKING

Bank Name	:	Dutch Bangla Bank Ltd.
Bank Address	:	Savar Branch. Savar, Bangladesh.

Bank Name	:	Hong Kong Shanghai Banking Corporation
Bank Address	:	Dhaka Main Office Anchor Tower, 108, Bir Uttam C R Dutta Road, Dhaka-1205, Bangladesh Tel: 88-02-9660536-43 Fax: 88-02-9660554, 9669457

Bank Name	:	Woori Bank
Bank Address	:	Dhaka Branch 45, Navana Tower (14^th Floor), Gulshan South Avenue, Gulshan, Dhaka-1212, Bangladesh.
Bank Name	:	Standard Chartered Bank.
Bank Address	:	Gulshan Head office Branch 67, Gulshan Avenue, Dhaka-1212, Bangladesh.
Bank Name	:	City Bank Ltd.
Bank Address	:	Jiban Bima Tower 10, Dilkusha C/A, Dhaka-1000, Bangladesh Tel: 88-02-9565915, 9553137, 9553147, 9565925-34

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 House# 5 Road# 6 Block# K, Baridhara Model Town, Dhaka-1212 Bangladesh. It is situated at Residential Area.

GENERAL COMMENTS

The subject company 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 63.77
UK Pound	1	INR 89.20
Euro	1	INR 78.22
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 :	NIT

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.