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MIRA INFORM REPORT
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Report No. : |
497264 |
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Report Date : |
10.03.2018 |
IDENTIFICATION DETAILS
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Name : |
DIVINE TEXTILE LTD. |
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Registered Office : |
House# 348, Road# 26, New DOHS, Mohakhali,
Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
21.05.1996 |
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Com. Reg. No.: |
C-30697 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer, Exporter and Importer of
T-Shirts, Polo Shirt, Tank Tops. Men Wear, Women Wear, Children Wear, Infant
Wear, Night Wear, Under Sports Wear. |
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No. of Employees : |
2450 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
The recent influx of hundreds of millions of 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 adverse weather.
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Source
: CIA |
IDENTIFICATION DETAILS
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Correct company Name |
: |
DIVINE TEXTILE LTD. |
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Head Office |
: |
House# 348, Road# 26, New DOHS, Mohakhali, Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-9886163, 8816000, 9889707, 9862528 |
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Fax No |
: |
Nil |
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E-mail |
: |
info@divinetextile.com, divinetex@worldnetbd.net |
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Website |
: |
www.divinetextile.com |
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Date/ Year of Incorporation |
: |
21.05.1996 |
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Incorporation No. |
: |
C-30697 |
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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 |
FINANCIALS-
SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
|
30th June’2016 |
BDT 613 Million |
BDT 49.28 Million |
BDT 34.02 Million |
|
30th June’2017 |
BDT 1223 Million |
BDT 105.98 Million |
BDT 49.70 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Touhidul Islam |
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Designation |
: |
Assistant General Manager |
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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# 348, Road# 26, New DOHS, Mohakhali, Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-9886163, 8816000, 9889707, 9862528 |
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Fax No |
: |
Nil |
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E-mail |
: |
info@divinetextile.com, divinetex@worldnetbd.net |
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Website |
: |
www.divinetextile.com |
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Location : |
:
Owned |
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Rented |
Ö |
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Leased |
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Area |
2850 |
Sq. ft. |
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Type of
Office : |
: Commercial Office Bldg. |
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Semi-commercial office Bldg. |
Ö |
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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. |
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Factory: |
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Address |
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Palli Biddut, Chandra,
Kaliakoir, Gazipur,Bangladesh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Branches: |
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Address |
: |
Nil |
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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 |
: |
50 |
In
Factory |
: |
2400 |
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In Branch: |
: |
Nil |
Total |
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2450 |
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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. Maruful Islam |
909 |
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Mr. Md. Hasanuzzaman |
2797 |
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Mr. Md. Anwar Hossain |
909 |
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Mr. Abu M Shahidul Alam |
455 |
DIRECTORS
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Name |
Designation |
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Mrs. Fatima Zaman |
Chairman |
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Mr. Md. Hasanuzzaman |
Managing Director |
MANAGEMENT
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Name |
: |
Mr. Md. Hasanuzzaman |
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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 |
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Mr. Md. Salim Reza |
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Job Description |
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General Manager
(Operation) |
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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 |
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Mr. Ahsanul Habib Kajal |
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Job Description |
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Chief of Commercial |
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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 |
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Name |
: |
Mr. Touhidul Islam |
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Job Description |
: |
Assistant General Manager |
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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 : |
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 Shirt, Tank Tops. Men Wear, Women
Wear, Children Wear, Infant Wear, Night Wear, Under Sports Wear |
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Production
Capacity |
: |
72,000 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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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 |
: |
Sears Target Okaidi K-Mart Wal-Mart |
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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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Europe, USA |
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Imports(Country) |
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China, India |
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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 |
: |
Active |
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CAPITAL
STRUCTURE
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Authorized
Capital |
: |
BDT 100 Million |
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Paid-up
Capital |
: |
BDT 507000 |
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No. of
Shares |
: |
5070 |
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Share
Value |
: |
BDT 100.00 Each |
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Main
Assets |
: |
BDT 105.98 Million |
FINANCIAL
STATEMENT- DETAILED
Summary
information has been given.
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Divine Fabrics Ltd. Divine Sourcing Ltd. Divine Packaging Ltd. Divine Center Limited. Divine Elastic Limited. Divine Cold Storage Ltd. Divine Yarn Dyeing Unit. Divine Garments Limited. Divine Poly & Printing Ltd. Divine Rice Processing Unit. Divine All over Printing Unit. Chawgacha Fashions Limited. Divine Spinning Mills Limited. Divine Agro Tissue Culture Ltd. Dr. Anisuzzaman Nahar Welfare Trust |
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Subsidiary |
: |
Nil |
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Name of The Group |
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Divine Group Ltd. |
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Member |
: |
Bangladesh Knitwear Manufacturers &
Exports Association |
BANKING
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Bank Name |
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National Bank Ltd. |
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Bank Address |
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Mohakhali Branch 9, Mohakhali C/A,
Dhaka-1212, Bangladesh. Tel: 88-02-8821059 |
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Bank Name |
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One Bank Ltd |
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Bank Address |
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Banani Branch Plot#158, Block # E,
Banani R.A, Dhaka, Bangladesh Phone: 88-02-8824423,
8823427 Fax: 88-02-8824561 |
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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 |
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No Record Found |
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Adverse Local
Media Coverage/ Adverse Filling History |
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No Record Found |
SITE
VISIT COMMENTARY
|
Our representative visited the subject company Head
Office which is situated at House# 348, Road # 26, New DOHS, Mohakhali, Dhaka-1212,
Bangladesh. It is Situated at a residential 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 65.07 |
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UK Pound |
1 |
INR 89.85 |
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Euro |
1 |
INR 80.16 |
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BDT |
1 |
INR 0.78 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
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Report Prepared
by : |
TPT |
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.