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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

497306

Report Date :

12.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

EUROTEX KNITWEAR LTD

 

 

Registered Office :

Shibu Market, Shastapur, Fatullah, Narayanganj,

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 (Summarized)

 

 

Date of Incorporation :

12.05.1998

 

 

Com. Reg. No.:

C-35359

 

 

Legal Form :

Private Co Ltd

 

 

Line of Business :

Manufacturer, Exporter and Importer T-Shirt, Tank top, Long Sleeve T-Shirt, Polo Shirt, Shorts, Sweat Shirt, Knit Jacket, Pajama Set, Ladies & Kids, Infant Knitwear & All Kind of Knit Garments & Knit Fabrics.

 

 

No. of Employees :

1991

 

 

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

 

 

 

 

EXECUTIVE SUMMARY

                    

                                                IDENTIFICATION DETAILS

Correct company Name

:

Eurotex Knitwear Ltd.

Head Office

:

Shibu Market, Shastapur, Fatullah, Narayanganj, Bangladesh

Tel No

:

88-01714367015

Fax No

:

N/A

E-mail

:

islam@eurotexbd.net, belayet@eurotexbd.net

Website

:

www.eurotexbd.net

Date/ Year of Incorporation

:

12.05.1998

Incorporation No.

:

C-35359

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/ (Loss)

30th June, 2016

BDT 756 Million

BDT 972.83 Million

BDT 35.25 Million

30th June, 2017

BDT 980 Million

BDT 1031.25 Million

BDT 39.40 Million

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Shahidul Islam

Designation

:

Managing Director

Contract No

:

Nil

 

                                                               Locations Details

Operating Address

:

Shibu Market, Shastapur, Fatullah, Narayanganj, Bangladesh

Tel No

:

88-01714367015

Fax No

:

N/A

E-mail

:

islam@eurotexbd.net, belayet@eurotexbd.net

Website

:

www.eurotexbd.net

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office area

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Nayamati, Kutubpur, Fatullah, Narayanganj-1400, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

  3

Acres

 

Branch:

 

 

 

Address

:

House# 1/A (Flat# 3/A), Road# 02, Sector# 03, Uttara, Dhaka-1230. Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

30

In Factory

:

1961

Sales

:

N/A

Total

:

1991

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mr. Md. Shahidul Islam

120000

Mr. Md. Belayet Hossain

90000

Mr. Md. Shakawat Hossain

90000

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Belayet Hossain

Chairman

Mr. Md. Shahidul Islam

Managing Director

Mr. Md. Shakawat Hossain

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Shahidul Islam

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Shakhawat Hossain

Job Description

:

Director

Nationality

:

Bangladeshi.

Email address

:

shakhawat@eurotexbd.net

Other details

:

88-01714367015

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

T-Shirt, Tank top, Long Sleeve T-Shirt, Polo Shirt, Shorts, Sweat Shirt, Knit Jacket, Pajama Set, Ladies & Kids, Infant Knitwear & All Kind of Knit Garments & Knit Fabrics

Production Capacity

:

Garments: 50,000 pcs. Per day

Knitting: 10 tons per day

Dyeing: 15 tons per day

Printing 20000 pcs /day

EMB machine 4x 20 header

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

 

Imports(Country)

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 800 Million

 

Paid-up Capital

:

BDT 30000000

 

No. of Shares

:

300000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 1031.25 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary information has been given.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Euro Tex Group

Subsidiary

:

N/A

Sister Concerns

:

Tex Asia

Euro Spinning

Euro Sourcing

 

BANKING

 

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Narayangonj Branch

Mid Town Complex (Bew-79), 54, B.B. Road, Narayangonj-1400,

Bangladesh

 

Bank Name  

:

Standard Bank Limited

Bank Address

:

Narayangonj Branch

Khan Super Market, 47/9, BB Road, DIT, Narayangonj, Bangladesh.

Tel: 88-02-7646153, 7647082, 01727426037

 

 

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 Shibu Market, Shastapur, Fatullah, Narayanganj, Bangladesh. It is situated at a Semi-commercial office Area.

 

 

GENERAL COMMENTS

The subject company is a well-known reputed company in Bangladesh.  Their products popular to the local customers. So day by day the subject companies increase their goodwill. As well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

             

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.07

UK Pound

1

INR 89.85

Euro

1

INR 80.85

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 :

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.