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MIRA INFORM REPORT
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Report No. : |
497255 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
MASCOTEX LIMITED |
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Registered Office : |
Syed Grand Center (Level#13th & 15th),
Plot# 89, Sector# 07, Uttara, Dhaka-1230, |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 (Financial summarized) |
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Date of Incorporation : |
25.11.2008 |
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Com. Reg. No.: |
C-73809 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer, Exporter, Importer of T-shirt, Polo Shirt, Legging. |
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No. of Employees : |
1597 |
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 |
EXECUTIVE
SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Mascotex Limited |
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Head Office |
: |
Syed Grand Center (Level#13th & 15th),
Plot# 89, Sector# 07, Uttara, Dhaka-1230, Bangladesh. |
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Tel No |
: |
88-02-58954130 |
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Fax No |
: |
Nil |
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E-mail |
: |
masco@mascoknit.com |
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Website |
: |
Nil |
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Date/ Year of Incorporation |
: |
25.11.2008 |
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Incorporation No. |
: |
C-73809 |
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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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Year |
Turnover/ Sales |
Assets |
Income |
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30th
June’2016 |
BDT 652 Million |
BDT 618.90 Million |
BDT 35.18 Million |
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30th
June’2017 |
BDT 943 Million |
BDT 827.10 Million |
BDT 47.27 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Shahin Mohammad |
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Designation |
: |
General Manager (HR & Admin) |
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Contract No |
: |
88-01985505353 |
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Locations
Details |
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Operating Address |
: |
Syed Grand Center (Level#13th & 15th),
Plot# 89, Sector# 07, Uttara, Dhaka-1230, Bangladesh. |
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Tel No |
: |
88-02-58954130 |
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Fax No |
: |
Nil |
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E-mail |
: |
masco@mascoknit.com |
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Website |
: |
Nil |
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Location : |
:
Owned |
Ö |
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Rented |
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Leased |
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Area |
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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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Mannan Mansion, 31/32,
Khartail, Shataish Road, Tongi, Gazipur, Bangladesh. |
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Tel No |
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88-02-9813362 |
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Fax No |
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88-02-9810790 |
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Branch Address : |
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Address |
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Masco Center, House# 06, Road#
01, Sector# 03, Jashimuddin Avenue,
Uttara, Dhaka-1230, 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 |
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30 |
In Factory |
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1567 |
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In Branch: |
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- |
Total
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1597 |
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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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Mrs. Fahima Akhter |
1250 |
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Mrs. Farhana Akhter |
1250 |
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Mr. Ahmed Arif Billah |
2500 |
DIRECTORS
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Name |
Designation |
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Mr. Ahmed Arif Billah |
Managing Director
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Mr. M.A Sabur |
Director |
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Mrs. Farhana Akhter |
Director |
MANAGEMENT
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Name |
: |
Mr. Ahmed Arif Billah. |
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Job Description |
: |
Managing Director. |
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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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Contract No |
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88-01619260048 |
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Name |
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Mr. Shahin Mohammad |
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Job Description |
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General Manager (HR & Admin) |
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Nationality |
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Bangladeshi. |
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Email address |
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shahin@mascoknit.com |
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Other details |
: |
88-01985505353 |
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Name |
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Mr. Tarikul Islam. |
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Job Description |
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Manager (Commercial) |
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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 |
: |
Mr.
Nurul Islam. |
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Job Description |
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Assistant
Manager. |
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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 |
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88-01916939393 |
BUSINESS
OPERATIONS
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Nature of Activity
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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 |
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T-shirt, Polo Shirt,
Legging. |
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Production Capacity |
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N/A |
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Last
Year Production |
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N/A |
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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 |
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DETAILED
DATA
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Trade Reference & Related Parties |
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Overseas Clients |
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N/A |
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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 |
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Imports(Country) |
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India, China |
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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 |
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Active |
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Member |
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Bangladesh Knitwear
Manufacturers & Exports Association. |
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CAPITAL
STRUCTURE
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Authorized Capital |
: |
BDT 30 Million |
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Paid-up Capital |
: |
BDT 500000 |
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No.
of Shares |
: |
5000 |
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Share
Value |
: |
BDT 100.00 Each |
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Main Assets |
: |
BDT 827.10 Million |
FINANCIAL
STATEMENT- DETAILED
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Summary information has been
provided |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Name of The Group |
: |
Masco Group |
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Subsidiary |
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N/A |
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Sister Concerns |
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Masco Center Virgin Grace Ltd Masco Dying Ltd Masco Linens Ltd Laurel fabrics Ltd. Masco Poultry Ltd Masco Exports Ltd. Masco Knitting Ltd Masco Services Ltd MPL Wear Limited Masco Overseas Ltd Masco Properties Ltd. Shanta Expression Ltd. Masco Cottons Limited Shanta Expressions Ltd. Tasniah Fabrics Limited Masco Industries Limite Concept Knitting Limited Masco Shares & Securities Ltd. Masco Printing & Embroidery Ltd. Masco Yarn Dyeing & Printing Ltd |
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BANKING
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Bank Name |
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Export
Import Bank of Bangladesh Limited. |
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Bank Address |
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Motijheel Branch, Sharif Mansion, 56-57,
Motijheel C/A, Dhaka, Bangladesh |
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Bank Name |
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Premier Bank Limited |
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Bank Address |
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Bangshal Branch 70, Shahid Syed Nazrul Islam
Sarani (1st Floor, North-South Road), Bangshal, Dhaka, Bangladesh Tel: 88-02-9565684, 9565738 Fax: 88-02-9565807 |
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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 |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE
VISIT COMMENTARY
|
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Our Representative Visited the subject company address at
Syed Grand Center (Level#13th & 15th), Plot# 89, Sector# 07, Uttara, Dhaka-1230,
Bangladesh. It is Situated at Residential area. |
GENERAL
COMMENTS
|
The subject company is reputed company in this line of
business. We recommended that Credit can proceed normally in Moderate amount |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.99 |
|
|
1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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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 : |
KET |
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.