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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

497303

Report Date :

16.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KNIT ASIA LIMITED

 

 

Registered Office :

117/A, Tejgaon I/A, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 [Summarized]

 

 

Date of Incorporation :

14.02.1999

 

 

Com. Reg. No.:

C-37255 

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer, Exporter and Importer of T-Shirts, Polo Shirts, Tank Tops.     

 

 

No. of Employees :

3107

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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

:

KNIT ASIA LIMITED

Head Office

:

117/A, Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8832771-82, 01730333467, 01720531793

Fax No

:

88-02-8828953

E-mail

:

info@newasiabd.com

Website

:

www.newasiabd.com

Date/ Year of Incorporation

:

14.02.1999

Incorporation No.

:

C-37255 

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

30th June’2016

BDT 1797 Million

BDT 2705.62 Million

BDT 109.15 Million

30th June’2017

BDT 2130 Million

BDT 2851.97 Million

BDT 111.28 Million

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Iqbal Kabir

Designation

:

General Manager (Commercial)

Contract No

:

88-01730333467

 

                                                               Locations Details

Operating Address

:

117/A, Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8832771-82, 01730333467, 01720531793

Fax No

:

88-02-8828953

E-mail

:

info@newasiabd.com

Website

:

www.newasiabd.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

Ö

 

 

 

 

 

Factory (Unit-1):

 

 

 

Address

:

East Narashinghapur Ashuila, Savar, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

 

 

Factory (Unit-2):

 

 

 

Address

:

Shafipur, Kaliakoir, Gazipur, Bangladesh.      

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

3057

In Branch:

:

-

Total

:

3107

 

 

OWNERSHIP/SHAREHOLDERS

 

 

Names of Shareholders

No. of Share

Country

Mr. A. Matin Chowdhury

425000

Bangladesh.

Dr. Shamim Matin Chowdhury

437500

Bangladesh.

Mr. Azizur R. Chowdhury

725000

Bangladesh.

Mr. A.F.M. Zubair

350000

Bangladesh.

Ms. Saima Matin Chowdhury

950000

Bangladesh.

Mr. Naeem Imran Salim

175000

Bangladesh.

Mr. Amer Salim

175000

Bangladesh.

Mr. Shayan Zubair

262500

Bangladesh.

 

 

DIRECTORS

 

Name

:

Mr. A. Matin Chowdhury

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Dr. Shamim Matin Chowdhury

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Azizur R. Chowdhury

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. A.F.M. Zubair

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Naeem Imran Salim

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Amer Salim

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Shayan Zubair

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. A. Matin Chowdhury

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Iqbal Kabir

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01730333467

 

Name

:

Mr. Mohammad Nurullah

Job Description

:

Officer

Nationality

:

Bangladeshi

Email address

:

nurullah@knitasia.com

Other details

:

88-01720531793

 

Name

:

Mr. Shamim Zaman

Job Description

:

Ass. Manager (Marketing & Merchandising)

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

:

T-Shirts, Polo Shirts, Tank Tops.     

Production Capacity

:

Knit Fabrics: 20000 Kg’s per Day

T-shirts: 130,000 Pcs per day

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

:

Kik

Zara

Avon

H& M

Kmart

Bershka

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

USA, Europe

 

Imports

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

 

 

 

Authorized Capital

:

BDT 2000 Million

 

 

 

Paid-up Capital

:

BDT 350000000

 

 

 

No. of Shares

:

3500000

 

 

 

Share Value

:

BDT 100.00 Each

 

 

 

Main Assets

:

BDT 2851.97 Million

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary information has been shared

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

New Asia Group

Subsidiary

:

N/A

Sister Concerns

:

JM Fabrics Ltd.

Design Asia Ltd.

Salek Textile Ltd.

New Asia Limited.

Aurum Sweater Ltd.

Rahim Textile Mills Ltd.

Malek Spinning Mills Ltd.

Titas Spinning & Denim Ltd.

 

 

 

BANKING

 

 

Bank Name  

:

Arab Bangladesh Bank Ltd.

Bank Address

:

Principal Branch

30-31, Dilkusha C/A, Dhaka-1000, Bangladesh.

Tel: 88-02-9560312-6, 9560887-8

 

Bank Name  

:

UCB Bank Ltd.

Bank Address

:

Gulshan Branch.

Concord I.K. Tower (1st Floor), Plot# Cen (A)-2, North Avenue,

Gulshan-2, Dhaka-1212, Bangladesh.

Tel: 88-02-8824198, 8824564, 9895500

Fax: 88-02-8824564

 

 

Bank Name  

:

Standard Chartered Bank Ltd.

 

Bank Address

:

Gulshan Head office Branch

67, Gulshan Avenue, Dhaka-1212, Bangladesh.

 

 

 

 

 

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 their Head office which is situated at Mehnaj Mansoor Tower, House # 11/A, Road # 130, Gulshan-1, Dhaka-1206, 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

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.94

UK Pound

1

INR 90.72

Euro

1

INR 80.32

BDT

1

INR 0.78

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.