MIRA INFORM REPORT

 

 

Report No. :

507249

Report Date :

05.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

NICE DENIM MILLS LTD.

 

 

Registered Office :

Adamjee Court Main Building (5th, 4th, 3rd  Floor), 115-120, Motijheel C/A, Dhaka 1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 (Summarized)

 

 

Date of Incorporation :

07.10.2009

 

 

Com. Reg. No.:

C-80011

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Denim Fabric.

 

 

No. of Employees :

1523

 

 

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

 

 

COMPANY NAME

 

NICE DENIM MILLS LTD.

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Nice Denim Mills Ltd.

Head Office

:

Adamjee Court Main Building (5th , 4th , 3rd  Floor), 115-120, Motijheel

C/A, Dhaka 1000, Bangladesh

Tel No

:

88-02-9853391-2

Fax No

:

88-02-9564252

E-mail

:

mejba@znzfab.com , sales@znzfab.com

Website

:

www.nomangroup.com

Date/ Year of Incorporation

:

07/10/2009

Date of Commercial

Production

:

June, 2016

Incorporation No.

:

C-80011

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorship    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

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

30th June, 2017

BDT 87 Million

BDT 59.73 Million

BDT 23.80 Million

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Nurul Islam

Designation

:

Managing Director

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Adamjee Court Main Building (5th,  4th , 3rd  Floor), 115-120, Motijheel

C/A, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9853391-2

Fax No

:

88-02-9564252

E-mail

:

mejba@znzfab.com, sales@znzfab.com

Website

:

www.nomangroup.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

18000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Mawna, Uttor Para, Sreepur, Gazipur-1722, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

60000

Sq. ft.

 

Marketing Office:

 

 

 

Address

:

House# 19, Road# 44, Gulshan-2, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9569669, 9852906

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

58

In Factory

:

1465

In Branch:

:

Nil

Total

:

1523

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

No. of Share

Mr. Md. Nurul Islam

960

Mr. A.S.M Rafiqul Islam

600

Nur-E-Yasmin Fatima

360

Mr. Abdullah Zaber

360

Mr. Abdullah Zubair

360

Mr. Abdullah Mohammad Talha

360

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Nurul Islam

Managing Director

Nur-E-Yasmin Fatima

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Nurul Islam

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Mejba Uddin Ahmed

Job Description

:

Assistant General Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

mejba@znzfab.com

Other details

:

N/A

 

Name

:

Mr. Sayed Shamshur Rayhan

Job Description

:

General Manager (Admin, Factory)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01709646898

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Denim Fabric

Production Capacity

:

Production Per Annum-Fabric-32,000,000, Yards

Production Per Annum-Garments-20,000,000 yards                                                                                                  

Last Year Production

:

N/A

 

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

:

Europe

 

Imports

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1000 Million

 

Paid-up Capital

:

BDT 300000

 

No. of Shares

:

3000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 59.73 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information has been Given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Noman Group

Subsidiary

:

Nil

Sister Concerns

:

Sufia Fabrics Ltd.

Talha Fabrics Ltd.

Artex Fabrics Ltd. 

Talha Tex-pro Ltd.

Noman Fabrics Ltd

Zubair & Brother Ltd.

Sufia Cotton Mills Ltd.

Zarba Textile Mills Ltd

Ismail Textile Mills Ltd.

Saad Saan Apparels Ltd

Noman Textile Mills Ltd.

Talha Spinning mills Ltd.

Zaber Spinning Mills Ltd.

Ismail Spinning Mills Ltd

Marium Textile Mills Ltd.

Zubair Spinning Mills Ltd.

Noman Weaving Mills Ltd

Yasmin Spinning mills Ltd

Noman Spinning Mills Ltd

Zaber & Zubair Fabrics Ltd.

Saad-Saan Textile Mills Ltd

Noman Fashion Fabrics Ltd

Noman Composite Mills Ltd.

Noman Terry Tower Mills Ltd

Noman Home Textile Mills Ltd

Ismail Anjumanara Fabrics Ltd

Zaber & Zubair Accessories Ltd.

 

 

BANKING

 

Bank Name  

:

Dutch Bangla Bank Ltd

Bank Address

:

Local Office     

1, Dilkusha Commercial Area, Dhaka-1000, Bangladesh

Tel: 88-02-956853941, 9559291, 9557846

Fax: 88-02-9568538

 

 

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 Adamjee Court Main Building (5th, 4th, 3rd Floor), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh. It is situated on Commercial Area.

 

 

GENERAL COMMENTS

 

The subject company maintains acceptable business volume. We recommended that Credit can proceed normally in Moderate amount.

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.77

UK Pound

1

INR 90.58

Euro

1

INR 79.97

BDT

1

INR 0.79

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.