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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

510793

Report Date :

24.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ISLAM GARMENTS LTD.

 

 

Registered Office :

House# 21, Road# 10, Baridhara, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 [Summarized]

 

 

Date of Incorporation :

12.02.1985

 

 

Com. Reg. No.:

C- 13755

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Dyeing, Exporter and Importer of Knit items, Shirts, Blouses, Pants

 

 

No. of Employees :

2500

 

 

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+

Low Risk

Business dealings permissible with low risk of default

 

Status :

Good

 

 

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

 

EXECUTIVE SUMMARY

 

Comments

:

SC’s change their address of’ Rangs Arcade 5floor 153/A Gulshan Dhaka 1212 Bangladesh.

 

IDENTIFICATION DETAILS

Correct company Name

:

Islam Garments Ltd.

Head office

:

House# 21, Road# 10, Baridhara, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8816179

Fax No

:

88-02-8816093   

E-mail

:

islam@islam-garments.com, hrd@islam-garments.com,

Website

:

www.islam-garments.com

Date/ Year of Incorporation

:

12.02.1985

Registered No.

:

C- 13755

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

 

Value Added Tax(VAT) No

:

17141019914

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

 

 

 

Organization Name

:

Bangladesh Garments Manufacturer &  Exporters Association

 

 

Membership No

:

1333

 

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

30th June’2016

BDT 1521 Million

BDT 218.93 Million

BDT 72.95 Million

30th June’2017

BDT 1987 Million

BDT 392.80 Million

BDT 60.45 Million

 

 

FULLCHECK REPORT DETAILS

 

                                                                 Information Parted By

Name

:

Mr. Shahrier Ahmed

Designation

:

Managing Director

Contract No

:

N/A

 

                                                                   Locations Details

Business Address

:

House# 21, Road# 10, Baridhara, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8816179

Fax No

:

88-02-8816093   

E-mail

:

islam@islam-garments.com, hrd@islam-garments.com,

khalid@islam-garments.com

Website

:

www.islam-garments.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

4800

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

:

Zamgora, Ashulia, Savar, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Factory (Unit-2):

 

 

 

Address

:

Zarun, Kona Bari, Gazipur, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Registered Address:

 

 

 

Address

:

156, Shantinagar, Dhaka-1217, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

100

In Factory

:

2400

In Branch:

:

-

Total

:

2500

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Mr. Md. Shafiqul Islam

200000

Mr. Md. Atiqul Islam

50000

Islam Knit Designs Ltd

600000

Mr. Shahrier Ahmed

50000

Mr. Shaker Ahmed

50000

Mrs. Hasmat Ara Islam

50000

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Shafiqul Islam

Managing Director

Mr. Md. Atiqul Islam

Director

Mr. Shahrier Ahmed

Director

 

 

MANAGEMENT

 

Name

:

Mr. Shahrier Ahmed

Designation

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Morshed Alam

Designation

:

Officer (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Khalid Hossain

Designation

:

Manager( Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01713331126

 

Name

:

Mr. Sayem Ferdous

Designation

:

Manager( Merchandising)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01713331029

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Dyeing

Ö

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Knit items, Shirts, Blouses, Pants,   

Production Capacity

:

Germents:16,000 Pcs per day

Dyeing, Printing: 20,000 yards per day.

Weaving

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

:

Colins

Nygard

Reitman

Wal Mart

Benetton

JC Penny

USA Eagle

Charles Vogele

 

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

USA, Canada, Europe

 

Imports(Country)

:

China, India, Thailand

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

Member

:

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 200 Million

 

Paid-up Capital

:

BDT 100000000

 

No. of Shares

:

1000000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 392.80 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary information is given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Islam Garments Group

Subsidiary

:

N/A

Sister Concerns

:

Islam Dress Ltd

Islam Products Ltd

The Rose Dresses Ltd.

Islam Knit Design Ltd

 

 

BANKING

 

Bank Name  

:

IFIC Bank Ltd.

Bank Address

:

Motijheel Branch

125/A Motijheel C/A, Dhaka-1000, Bangladesh.

Tel: 88-02-9563020-29

Fax: 88-02-09566352

 

Bank Name  

:

Shahajalal Islami Bank Ltd.

Bank Address

:

Gulshan Branch

Uday Sanz, Plot No. SE (A),2/B Gulshan South Avenue,

Gulshan-1, Dhaka, Bangladesh.

Tel: 88-02-8827427, 8816560

Fax: 88-02-8827406

 

 

 

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 # 21, Road # 10, Baridhara, Dhaka-1212, Bangladesh. It is situated at Residential area.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be Above Average. SC has been in its line of business for about 33 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 68.21

UK Pound

1

INR 91.43

Euro

1

INR 80.24

BDT

1

INR 0.81 

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SYL

                                                


 

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.