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MIRA INFORM REPORT
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Report No. : |
497294 |
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Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ECHOTEX LIMITED |
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Registered Office : |
House# 139, Lane# 4, New DOHS, Mohakhali, Dhaka-1206 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 [Summarized] |
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Date of Incorporation : |
03.04.2001 |
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Com. Reg. No.: |
C-42803 |
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Legal Form : |
Private Co
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Line of Business : |
Manufacturer, Exporter and Importer of Knit Tops, Bottoms, T Shirt, Polo Shirt. |
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No. of Employees : |
7894 |
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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||
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Correct company Name |
: |
ECHOTEX LIMITED |
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Head Office |
: |
House# 139, Lane# 4, New DOHS, Mohakhali,
Dhaka-1206, Bangladesh |
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Tel No |
: |
88-02-9882177,
9881717 |
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Fax No |
: |
88-02-9883430 |
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E-mail |
: |
info@ecolenbd.com, mannan@echosourcing.com, toufiq@echosourcing.com |
|
Website |
: |
Nil |
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Date/ Year of Incorporation |
: |
03.04.2001 |
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Incorporation No. |
: |
C-42803 |
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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) |
FINANCIALS- SUMMARY
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|||
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Year |
Turnover/
Sales |
Assets |
Income |
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30th
June, 2016 |
BDT 1156 Million |
BDT 421.72 Million |
BDT 59.31 Million |
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30th
June, 2017 |
BDT 1895 Million |
BDT 531.20 Million |
BDT 105.63 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Redwan R.
Chowdhury |
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Designation |
: |
Director (HR
& Ethical Trade) |
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Contract No |
: |
88-01713432394 |
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Locations Details |
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Operating Address |
: |
House# 139, Lane# 4, New DOHS, Mohakhali,
Dhaka-1206, Bangladesh |
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Tel No |
: |
88-02-9882177,
9881717, 9883430 |
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Fax No |
: |
Nil |
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E-mail |
: |
info@ecolenbd.com, mannan@echosourcing.com, kabir@echosourcing.com |
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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 |
2400 |
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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Chandra, Palli Biddut, Mouchak,
Kalliakoir, Gazipur, Bangladesh |
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Tel No |
: |
88-02-06822-51876 |
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Fax No |
: |
Nil |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
1,20,000 |
Sq. ft. |
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Branch: |
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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 |
: |
200 |
In Factory |
: |
7694 |
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In Branch: |
: |
Nil |
Total |
: |
7894 |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of
Share |
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Mr. Syed Abdul Mannan |
221577 |
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Mr. Mohammed Bin Quasem |
2540906 |
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Mr. M. Taher Chowdhury |
1791881 |
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Mr. Masum Chowdhury |
985052 |
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Echo Sourcing Ltd. |
18545000 |
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DIRECTORS
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Name |
Designation |
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Mr. Shafiqul Hasan |
Managing Director |
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Mr. Syed Abdul Mannan |
Director |
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Mr. M. Taher Chowdhury |
Director |
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Mr. Mohammed Bin Quasem |
Director |
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Mr. Masum Chowdhury |
Director |
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Ms. Para Hamilton |
Director |
MANAGEMENT
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Name |
: |
Mr. Shafiqul
Hasan |
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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. Redwan R.
Chowdhury |
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Job Description |
: |
Director (HR
& Ethical Trade) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
redwan@echosourcing.com |
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Other details |
: |
88-01713432394 |
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Name |
: |
Mr. Toufiq Islam |
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Job Description |
: |
Manager (Commercial) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
toufiq@echosourcing.com |
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Other details |
: |
Nil |
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Name |
: |
Mr. Anisur Rob
Chowdhury |
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Job Description |
: |
Controller
(Financial) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
Nil |
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Other details |
: |
Nil |
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Name |
: |
Mr. Md. Kamal
Hossain |
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Job Description |
: |
Officer (Commercial) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
monir@echosourcing.com |
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Other details |
: |
88-01713482285 |
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 |
: |
Knit Tops, Bottoms, T Shirt, Polo Shirt. |
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Production Capacity |
: |
5,50,000 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 |
: |
Kappa K-Mart Mascot Wal Mart JC Penny |
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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 |
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UK, USA |
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Imports |
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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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Auditors |
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N/A |
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Operation Status |
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Active |
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Member |
: |
Bangladesh Garments Manufacturer &
Exporters Association |
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CAPITAL
STRUCTURE
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Authorized Capital |
: |
BDT 500 Million |
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Paid-up Capital |
: |
BDT 240844160 |
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No. of Shares |
: |
24084416 |
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Share Value |
: |
BDT 10.00 Each |
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Main Assets |
: |
BDT 531.20 Million |
FINANCIAL
STATEMENT- DETAILED
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Summary information has been given. |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
Echo Sourcing Ltd Far East Knitting & Dyeing Industries
Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
N/A |
BANKING
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Bank Name
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Bank Asia Ltd. |
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Bank Address |
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Gulshan Branch Bay's Gallaria, 57, Gulshan Avenue (Ground
Floor), Dhaka- 1212, Bangladesh Tel: 88-02-8828103, 8828179 |
ADVERSE
DATA MONITORING
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Dishonored Checks |
:
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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# 139, Lane# 4, New DOHS, Mohakhali, Dhaka-1206, Bangladesh.
It is situated at a Residential Area. |
GENERAL
COMMENTS
|
|
The subject company
maintains acceptable business volume. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.02 |
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|
1 |
INR 90.12 |
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Euro |
1 |
INR 80.09 |
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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
: |
VIV |
|
|
|
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Report Prepared
by : |
TPT |
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 |
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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.