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MIRA INFORM REPORT
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Report No. : |
516139 |
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Report Date : |
26.06.2018 |
IDENTIFICATION DETAILS
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Name : |
MEGHNA KNIT COMPOSITE LTD |
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Registered Office : |
House # 49, Road # 7, Block # K, Sharwady Avenue, Baridhara, Gulshan, Dhaka-1212 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 (Summarized) |
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Date of Incorporation : |
19.07.2005 |
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Com. Reg. No.: |
C-58196 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer, Exporter and Importer of T-Shirts, Polo Shirts, Tank
Shirts. |
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No. of Employees : |
1800 |
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 (31.12.2017) |
Current Rating (01.04.2018) |
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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 2005 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 $28 billion in FY 2016-17. The sector continues to grow despite the need for improvements in factory safety conditions and workers’ rights to avert further high-profile accidents that killed more than 1,000 workers in 2012 and 2013. In FY 2016-17, steady export growth in the garment sector, combined with $13 billion in remittances from overseas Bangladeshis, contributed to Bangladesh's rising foreign exchange reserves.
The recent influx of over 700,000 additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of record flooding. Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in 2018, represent a major step forward in resolving a key growth bottleneck.
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Source
: CIA |
EXECUTIVE
SUMMARY
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IDENTIFICATION DETAILS |
||
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Correct company Name |
: |
Meghna Knit Composite Ltd |
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Head Office |
: |
House # 49, Road # 7, Block # K, Sharwady Avenue, Baridhara, Gulshan, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-9854591-5 |
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Fax No |
: |
88-02-9854597 |
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E-mail |
: |
info@meghnaknit.com.bd, hrd@meghnaknit.com.bd |
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Website |
: |
Nil |
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Date/ Year of Incorporation |
: |
19.07.2005 |
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Incorporation No. |
: |
C-58196 |
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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 |
: |
18061005008 |
Date of Registration |
: |
N/A |
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Issuing Authority |
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National Board of Revenue |
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Organization
Name |
: |
Bangladesh Garments
Manufacturer & Exporters Association |
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Membership
No |
: |
4265 |
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FINANCIALS-
SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
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30th June’2016 |
BDT 2085 Million |
BDT 2263.15 Million |
BDT 131.90 Million |
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30th June’2017 |
BDT 1744 Million |
BDT 2180.91 Million |
BDT 87.64 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Md. Shahidul Islam
Jahid |
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Designation |
: |
General Manager (Accounts & Finance) |
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Contract No |
: |
N/A |
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Locations Details |
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Operating Address |
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House # 49, Road # 7, Block # K, Sharwady Avenue, Baridhara, Gulshan, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-9854591-5 |
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Fax No |
: |
88-02-9854597 |
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E-mail |
: |
info@meghnaknit.com.bd, hrd@meghnaknit.com.bd |
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Website |
: |
Nil |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
3500 |
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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Sreepur Road, Gilarchala,
Sreepur, Gazipur, Bangladesh. |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Corporate Address: |
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Address |
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222, Bir Uttam Mir
Showkat Ali Road (187-188-B, Gulshan Link Road), Dhaka-1208, Bangladesh |
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Tel No |
: |
88-02-8879125-30 |
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Fax No |
: |
Nil |
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Branch Address: |
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Address |
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Shanta Western Tower
(Level # 3), 186, Bir Uttam Mirpur, Shawkat Road, Tejgaon I/A,
Tejgaon, Dhaka-1208, Bangladesh. |
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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 |
: |
40 |
In Factory |
: |
1760 |
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In Branch: |
: |
N/A |
Total |
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1800 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of
Share |
Country |
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Mr. Md. Moklasur Rahman |
950000 |
Bangladeshi |
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Meghna Dresses Ltd |
50000 |
Bangladeshi |
DIRECTORS
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Name |
: |
Mr. Md. Moklasur Rahman |
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Designation |
: |
Managing Director |
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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 |
: |
Mrs. Farzana Sultana |
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Designation |
: |
Director |
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Nationality |
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Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
MANAGEMENT
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Name |
: |
Mr. Md. Moklasur Rahman |
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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 |
: |
N/A |
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Name |
: |
Mr. Khairul Islam |
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Job Description |
: |
Executive Director
(Finance) |
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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. Md. Shahidul Islam
Jahid |
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Job Description |
: |
General Manager (Accounts & Finance) |
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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. Saidur Rahman Sifat. |
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Job Description |
: |
Assistant Manager
(Merchandising) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
88-01914229105 |
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Name |
: |
Mr. Abu Talha |
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Job Description |
: |
Assistant Manager
(Merchandising) |
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Nationality |
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Bangladeshi |
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Email address |
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talha@meghnaknit.com.bd |
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Other details |
: |
88-01613221999 |
BUSINESS
OPERATIONS
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Nature of
Activity : |
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 |
: |
T-Shirts, Polo Shirts, Tank Shirts. |
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Production
Capacity |
: |
13, 00,000 Doz. per year. |
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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 |
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 |
DETAILED DATA
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Trade Reference & Related
Parties |
: |
Overseas Clients |
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Tigili C & A Primark Disneye |
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Local Clients |
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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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USA, Germany, Turkey |
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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 |
: |
N/A |
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Name
of Auditors |
: |
N/A |
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Operation
Status |
: |
Active |
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CAPITAL
STRUCTURE
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Authorized
Capital |
: |
BDT 200 Million |
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Paid-up
Capital |
: |
BDT 100000000 |
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No. of
Shares |
: |
1000000 |
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Share
Value |
: |
BDT100.00Each |
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Main
Assets |
: |
BDT 2180.91
Million |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Name of The Group |
: |
Meghna Group |
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Name of Mother Company |
: |
Nil |
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Subsidiary |
: |
Nil |
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Sister Concerns |
: |
Concept Cycling. Beta Packaging Ltd. Acer Computers Ltd.
Meghna Wheels Ltd. Needle Drop Limited. Executive Motors Ltd. Cycle Components Ltd.
Meghna Associates Ltd. Executive Machines Ltd. Meghna Aluminium Ltd.
Meghna Bangladesh Ltd. Meghna Rubber Ind. Ltd. Meghna Automobiles Ltd. Meghna Components Ltd. Executive Technologies Ltd. Transworld Bicycle Co. Ltd. Uniglory Steel Products Ltd. Meghna Innova Rubber Co. Ltd. Uniglory Cycle Components Ltd. Uniglory Steel Products Limited. |
BANKING
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Bank Name |
: |
Dutch Bangla Bank Ltd. |
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Bank Address |
: |
Banani Branch Plot # 75, Block # B,
Kemal Ataturk Avenue, Banani, Dhaka-1213, Bangladesh. Tel: 88-02-58815191-92,
55034190 Fax: 88-02-9887336 |
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Bank Name |
: |
City Bank Ltd. |
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Bank Address |
: |
Gulshan Branch. 49, Gulshan South (Near
Market-l), Gulshan R/A, Dhaka-1212, Bangladesh. Tel: 88-02-8825310.
8825206 |
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 House # 49, Road # 7, Block # K, Sharwady Avenue,
Baridhara, Gulshan, Dhaka-1212, Bangladesh. |
GENERAL
COMMENTS
|
|
The subject company is engaged in manufacturer &
Exporter of Readymade garments. It is reputed company in this line of
business. We recommended that Credit can proceed promptly in Fairly large
amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.14 |
|
|
1 |
INR 90.27 |
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Euro |
1 |
INR 79.34 |
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BDT |
1 |
INR 0.81 |
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 : |
SUJ |
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 |
|
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.