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MIRA INFORM REPORT
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Report No. : |
508431 |
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Report Date : |
14.05.2018 |
IDENTIFICATION DETAILS
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Name : |
VIYELLATEX SPINNING LTD. |
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Registered Office : |
297, Khortoil, Tongi, Gazipura, Gazipur-1712 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2016 |
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Date of Incorporation : |
24.02.2004 |
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Com. Reg. No.: |
C-51913 |
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Legal Form : |
Private Co
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Line of Business : |
Subject is engaged in Manufacturer, Distributor, Exporter and Importer
of Cotton Yarns. |
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No. of Employees : |
450 |
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 : |
Slow but Correct |
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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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Correct company Name |
: |
Viyellatex Spinning
Ltd. |
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Head Office |
: |
297, Khortoil, Tongi, Gazipura, Gazipur-1712, Bangladesh |
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Tel No |
: |
88-02-9813001-10 |
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Fax No |
: |
88-02-9812512, 984400 |
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E-mail |
: |
info@viyellatexgroup.com |
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Website |
: |
www.viyellatexgroup.com |
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Date/ Year of
Incorporation |
: |
24.02.2004 |
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Incorporation No. |
: |
C-51913 |
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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) |
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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’2015 |
BDT 2760 Million |
BDT 3267.90 Million |
BDT 562.71 Million |
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30th
June’2016 |
BDT 1806 Million |
BDT 2420.06 Million |
BDT 75.94 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr.
Saidul Karim |
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Designation |
: |
Commercial
(Team Leader) |
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Contract No |
: |
N/A |
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Locations Details |
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Operating Address |
: |
297, Khortoil, Tongi, Gazipura, Gazipur-1712, Bangladesh |
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Tel No |
: |
88-02-9813001-10 |
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Fax No |
: |
88-02-9812512 |
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E-mail |
: |
info@viyellatexgroup.com |
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Website |
: |
www.viyellatexgroup.com |
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Location : |
:
Owned |
Ö |
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Rented |
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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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Plot# 346/1, Tapir Bari,
Mulaid, Sreepur, Gazipur, Bangladesh |
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Tel No |
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N/A |
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Fax No |
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N/A |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
150,000 |
Sq. ft. |
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Employee: |
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No. of Employees
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In Office |
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20 |
In Factory |
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430 |
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In Branch: |
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- |
Total |
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450 |
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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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Mr. K. M. Rezaul Hasanat |
200000 |
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Mr. Ahsan Kabir Khan |
40000 |
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Ms. Kaniz Fatema Zareen |
120000 |
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Ms. Amina Salima Khan |
40000 |
DIRECTORS
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Name |
Designation |
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Mr. K. M. Rezaul Hasanat |
Managing Director |
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Ms. Amina Salima Khan |
Director |
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Ms. Kaniz Fatema Zareen |
Director |
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Mr. Ahsan Kabir Khan |
Director |
MANAGEMENT
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Name |
: |
Mr.
K. M. Rezaul Hasanat |
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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 |
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N/A |
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Name |
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Mr.
QHM Shamsuzzaman |
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Job Description |
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Manager
(HR) |
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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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N/A |
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Name |
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Mr.
Parvez Saiful Islam |
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Job Description |
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Chief
Operating Officer |
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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.
Saidul Karim |
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Job Description |
: |
Commercial
(Team Leader) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS
OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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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 |
: |
Cotton Yarns |
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Spindles |
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40320 |
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Production Capacity |
: |
6701237 Kgs (Per
Year) |
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Export Capacity |
: |
9000000 Kgs (Per
Year) |
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Last Year Production |
: |
9912000 Kgs |
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Raw Material Requirements |
: |
49452 Bales (Per
Year) |
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Raw Material Consumption |
: |
49452 Bales (Last
Year) |
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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 |
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Cash |
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Others |
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Credit : |
Ö |
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 |
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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, USA |
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Imports(Country) |
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China, India, U.S.A, Australia |
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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 Textile Mills Association |
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CAPITAL
STRUCTURE
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Authorized Capital |
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BDT 1000 Million |
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Paid-up Capital |
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BDT 400000000 |
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No. of
Shares |
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400000 |
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Share
Value |
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BDT 1000.00 Each |
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Main Assets |
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BDT 2420.06 Million |
FINANCIAL
STATEMENT- DETAILED
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Summary information is given. |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Name of The Group |
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Viyellatex Group |
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Subsidiary |
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Nil |
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Sister Concerns |
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Eco Fab Viyellatex Ltd Ruthna Tea State Eco Couture Limited Royal Valley Planters Viyellatex Apparels Ltd Gothic Design (Printing) Textile Testing Corp. (Lab) Fashion Plastic & Packaging Ltd Midland Power Company Limited Interfab Shirt Manufacturing LimitedEco Couture Limited |
BANKING
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Bank Name |
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Hong
Kong Shanghai Banking Corporation Uttara Office |
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Bank Address |
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Uttara Office N R Complex, Plot# 4/A,
Road# 5, Sector# 4, Uttara Model Town,
Dhaka-1230, Bangladesh Tel: 88-02-8932935-6 Fax: 88-02-8932937 |
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Bank Name |
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Arab Bangladesh Bank Ltd. |
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Bank Address |
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Uttara Branch. House 11, Road 14D,
Sector-4, Uttara, Dhaka-1230, Bangladesh Tel: 88-02-8918758,
8922253, 8919865 Fax: 88-02-8921566 |
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Bank Name |
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Standard Chartered Bank |
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Bank Address |
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Gulshan Branch 67, Gulshan Avenue,
Dhaka-1230, Bangladesh |
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Bank Name |
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Eastern Bank Ltd |
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Bank Address |
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Gulshan Branch Concord Richmond, 68, Gulshan
Avenue, Plot# 8A Block CES (F),
Gulshan-1, Dhaka-1212, Bangladesh Tel: 88-02-9897703,
9897594, 8827254, 8827101-2 Fax: 88-02-9897703 |
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
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: |
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 Head
Office which is situated at 297, Khortoil, Tongi, Gazipura, Gazipur-1712,
Bangladesh. It is situated at Commercial Area. |
GENERAL
COMMENTS
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The subject company maintains acceptable business
volume. We recommended that Credit can proceed normally in Moderate amount. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.22 |
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|
1 |
INR 90.87 |
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Euro |
1 |
INR 80.87 |
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BDT |
1 |
INR 0.80 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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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.