MIPL-Logo

3decades

 

MIRA INFORM REPORT

 

 

Report No. :

488315

Report Date :

29.01.2018

 

IDENTIFICATION DETAILS

 

Name :

ASIATIC TEXTILE MILL (PVT.) LTD.

 

 

Registered Office :

28, Dilkusha (4th Floor), Dhaka-1000,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

06.06.1984

 

 

Com. Reg. No.:

C-12213

 

 

Legal Form :

Private Co Ltd

 

 

Line of Business :

Manufacturer, Printing, Dyeing, Distributor, Exporter and Importer of Bed Sheet Fabrics.

 

 

No. of Employees :

320

 

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 :

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

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

:

Asiatic Textile Mill (Pvt.) Ltd.

Head Office

:

28, Dilkusha (4th Floor), Dhaka-1000, Bangladesh.

Tel No

:

88-02-9578614, 9558534, 9566052, 9580202

Fax No

:

88-02-9578615

E-mail

:

info@asiatictextile.com, asiatic1@dhaka.net

Website

:

www.asiatictextile.com

Date/ Year of Incorporation

:

06.06.1984

Incorporation No.

:

C-12213

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

30th June’2016

BDT 681 Million

BDT 351.92 Million

BDT 47.35 Million

30th June’2017

BDT 795 Million

BDT 428.31 Million

BDT 59.21 Million

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Delwar Hossain       

Designation

:

Managing Director

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

28, Dilkusha (4th Floor), Dhaka-1000, Bangladesh.

Tel No

:

88-02-9578614, 9558534, 9566052, 9580202

Fax No

:

88-02-9578615

E-mail

:

info@asiatictextile.com, asiatic1@dhaka.net

Website

:

www.asiatictextile.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2400

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

:

Barabo, Tarabo, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

88-01761491295

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

264

Decimal

 

Branch:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

300

In Branch:

:

-

Total

:

320

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                          No. of Share     

Mr. Delwar Hossain

2000

Mrs. Afia Begum

1500

Mr. Md. Akter Hossain

1500

 

 

 

 

DIRECTORS

 

Name

Designation

Mr. Delwar Hossain

Managing Director

Mrs. Afia Begum

Director

Mr. Md. Akter Hossain

Director

 

 

MANAGEMENT

 

Name

:

Mr. Delwar Hossain       

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Sojib Kumer Gopi

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01817035916

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Printing

Ö

Dyeing

Ö

Distributor

Ö

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Bed Sheet Fabrics

Production Capacity

:

53, 00,000 Mtr per year

Last Year Production

:

Do

 

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

:

KIK   

Suzy

Tesco

C & A

H& M

Okaidi

K Mart

Li & Fung Group

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

Europe

 

Imports(Country)

:

China, India

 

Brand Name

:

N/A

Certified

:

ISO-9001:2008

ISO-14001:2004

Name of Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 9 Million

 

Paid-up Capital

:

BDT 500000

 

No. of Shares

:

5000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 428.31 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary information has been given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Asiatic Group.

Subsidiary

:

Nil

Sister Concerns

:

Sbi Treading Ltd

Afaz Treading Ltd

Asiatic Properties Ltd

Sanjana Fabrics Limited.

Hh Textile Mill (Pvt) Ltd

Afaz Textile & Composite Mills Ltd.

Asiatic Shopping Mall Cum Resedential Complex

 

BANKING

 

 

1.

 

Bank Name  

:

Agrani Bank Ltd.                                                                              

Bank Address

:

Amin Court Corp.         

62/63, Motijheel C/A, Motijheel, Dhaka-1000, Bangladesh

Tel: 88-02-9572045        

 

 

 

2.

 

 

Bank Name  

:

The Premier Bank Limited

Bank Address

:

Dilkusha Branch,

44, Dilkusha C/A, Dhaka-1000, Bangladesh

Tel: 88-02-9552328, 9552303, 9552801

 

 

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# 43 (7th Floor), Dilkusha, C/A, Dhaka-1000, Bangladesh. It is Situated at a 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 recommend that Credit can proceed normally in Moderate amount.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.50

UK Pound

1

INR 90.92

Euro

1

INR 79.07

BDT

1

INR 0.76

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

POJ

 

 

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.