MIRA INFORM REPORT

 

 

Report No. :

497282

Report Date :

17.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NORBAN COMTEX LTD.

 

 

Registered Office :

House# 8/B (3rd Floor), Road# 1, Gulshan-1, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 (Financials- Summary)

 

 

Date of Incorporation :

17.08.2007

 

 

Com. Reg. No.:

C-68027

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of T-Shirts, Polo Shirts.

 

 

No. of Employees :

2869

 

 

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

 

 

Company name

 

NORBAN COMTEX LTD.

 

 

EXECUTIVE SUMMAR

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Norban Comtex Ltd.

Head Office

:

House# 8/B (3rd Floor), Road# 1, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8833414-20, 09666707635

Fax No

:

88-02-8833423

E-mail

:

info@norbanfashion.com, norban@norbanfashion.com

Website

:

Nil

Date/ Year of Incorporation

:

17.08.2007

Incorporation No.

:

C-68027

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)

 

 

Other Registry & Certification Details

 

Organization Name

:

Bangladesh Garments Manufacturer & Exporters Association

Bangladesh Knitwear Manufacturers & Exports  Association

Membership No

:

N/A

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

30th June’2016

BDT 825 Million

BDT 735.80 Million

BDT 31.51 Million

30th June’2017

BDT 1074 Million

BDT 762.21 Million

BDT 38.20 Million

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Harun-Ur-Rashid Chowdhury

Designation

:

General Manager (Commercial)

Contract No

:

88-01755511870

 

                                                               Locations Details

Operating Address

:

House# 8/B (3rd Floor), Road# 1, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8833414-20, 09666707635

Fax No

:

88-02-8833423

E-mail

:

info@norbanfashion.com, norban@norbanfashion.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

 

Retail shop

 

 

Industrial Park

 

 

Business Center

 

 

Home Office

 

 

Residential Bldg.

Ö

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Sanabo, Kashimpur, Gazipur, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Registered address :

 

 

 

Address

:

Mehenaz Monsur Tower (1st, 2nd & 3rd Floor), House# 11/A, Road# 130,

Gulshan-01, Dhaka-1212, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

32

In Factory

:

2837

In Branch:

:

-

Total

:

2869

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                         No. of Share     

Mr. Wahidul Haque Siddique

200000

Mr. Md. Moynul Haque Siddique

160000

Mr. Mohammed Ali

40000

 

 

DIRECTORS

 

Name

Designation

Mr. Wahidul Haque Siddique

Chairman & Managing Director

Mr. Md. Moynul Haque Siddique

Director

Mr. Mohammed Ali

Director

 

 

MANAGEMENT

 

Name

:

Mr. Wahidul Haque Siddique

Job Description

:

Chairman & Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Harun-Ur-Rashid Chowdhury

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01755511870

 

Name

:

Mr. Salauddin Ahmed

Job Description

:

Admin

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01755511664

 

Name

:

Mr. Rezaul Karim

Job Description

:

Deputy General Manager (Admin & H.R)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01755511870

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

T-Shirts, Polo Shirts.

Production Capacity

:

6, 43,000 Doz. per Year.

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

:

Zara,

H&M,

Kohls, 

Target,

Kappa,

Wal Mart.

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

:

N/A

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 40000000

 

No. of Shares

:

400000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 762.21 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary information has been given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Norban Fashion Ltd.

Norban Services Ltd. 

Norban Corporation Ltd.

Norban Securities Limited

Norban Fashion and Design Ltd.

Norban Communications Limited

Subsidiary

:

N/A

Name of  The Group

:

Norban Group of Companies

 

 

BANKING

 

Bank Name  

:

Bank Asia Ltd.

Bank Address

:

Gulshan Branch

Bay's Gallaria 57, Gulshan Avenue

(Ground Floor), Dhaka-1212, Bangladesh

Tel: 88-02-8828103, 8828179

Fax: 88-02-8816739

Bank Name  

:

Shahjalal Islami Bank Ltd.

Bank Address

:

Gulshan Branch

40/5, North Avenue, Gulshan-2, Dhaka-1212

Tel: 88-02-9890520-1

Fax: 02-9893008

 

 

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 House# 8/B (3rd Floor), Road# 1, Gulshan-1, Dhaka-1212, 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 64.87

UK Pound

1

INR 90.49

Euro

1

INR 79.91

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 :

NIT

 

 

 

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.