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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

497270

Report Date :

10.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NORP KNIT INDUSTRIES LTD.

 

 

Registered Office :

North Khailkur, P.O. National University, Gazipur-1704

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.03.2016

 

 

Date of Incorporation :

05.05.2004

 

 

Com. Reg. No.:

C-52664

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer, exporter and importer of Basic Tee, Polo Tee, Lyera Fabric, Sweaters, Embroidery, Printing.     

 

 

No. of Employees :

5150

 

 

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

(30.09.2017)

Current Rating

(31.12.2017)

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 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.

 

Source : CIA

 

 

 

IDENTIFICATION DETAILS

Correct company Name

:

NORP KNIT INDUSTRIES LTD.

Head Office

:

North Khailkur, P.O. National University, Gazipur-1704, Bangladesh.

Tel No

:

88-02-9291936-7, 9292036-7

Fax No

:

Nil

E-mail

:

info@norpknit.com, hr@norpknit.com

Website

:

Nil

Date/ Year of Incorporation

:

05.05.2004

Incorporation No.

:

C-52664

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

31st March, 2015

BDT 369749.8 Million

BDT 203614.8 Million

BDT 10854.1 Million

31st March, 2016

BDT 493811.5 Million

BDT 227078.00 Million

BDT 11345.1  Million

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Shayem Uddin

Designation

:

Manager (Accounts)

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

North Khailkur, P.O. National University, Gazipur-1704, Bangladesh.

Tel No

:

88-02-9291936-7, 9292036-7

Fax No

:

Nil

E-mail

:

info@norpknit.com, hr@norpknit.com

Website

:

Nil

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office area

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory Unit-1:

Address

:

North Khailkur, P.O.: National University, Gazipur-1704, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

 

 

Factory Unit-2:

Address

:

Reliance Industrial Park, 93- Islampur, Kodda, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

87

In Factory

:

5063

In Branch:

:

N/A

Total

:

5150

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                          No. of Share     

Mr. Pallak Seth

10

Mr. Pulkit Seth

10

House of Pearl Fashions Ltd.

2415587

 

 

DIRECTORS

 

Name

Designation

Mr. Deepk Seth

Chairman

Mr. Sanjay Sarker

Managing Director

Mr. Pallak Seth

Director

Mr. Pulkit Seth

Director

 

 

MANAGEMENT

 

Name

:

Mr. Sanjay Sarker

Job Description

:

Managing Director

Nationality

:

Indian

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Shayem Uddin

Job Description

:

Manager (Accounts)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Iqbal

Job Description

:

Manager (Export)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713141331

 

Name

:

Mr. Anowar Shahadat Reaz

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713031579

 

Name

:

Mr. Md. Liton

Job Description

:

Manager (Import)

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

:

Basic Tee, Polo Tee, Lyera Fabric, Sweaters, Embroidery, Printing.     

Production Capacity

:

Garments: 50000 pcs per month.

Embroidery: 2, 00,000 pcs per month.

Printing: 450000 pcs per month.

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

:

N/A

Local Clients

:

N/A

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

Trade Markets

:

 

Exports(Country)

:

Europe, USA

Imports(Country)

:

China, India

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

G.Biswas & Co.

Chartered Accountants

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 250 Million

 

Paid-up Capital

:

BDT 241560700

 

No. of Shares

:

2415607

 

Share Value

:

BDT100.00Each

 

Main Assets

:

BDT 227078.00 Million

 

FINANCIAL STATEMENT- DETAILED

 

Summary information given

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

PAF International Limited

Mother Company

:

House of Perl Fashion Ltd.

Name of  The Group

:

Perl Global Industries Limited (India)

Member

:

Bangladesh Knitwear Manufacturers & Exports  Association

 

 

BANKING

 

 

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: 88-09666331000

 

 

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 address at North Khailkur, P.O.: National University, Gazipur-1704, Bangladesh. It is Situated at Industrial Area.

 

 

GENERAL COMMENTS

SC is considered medium-sized in its line with financial performance appears to be average.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.08

UK Pound

1

INR 89.85

Euro

1

INR 80.16

BDT

1

INR 0.78

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

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.