MIRA INFORM REPORT

 

 

Report Date :

24.10.2011

 

IDENTIFICATION DETAILS

 

Name :

H.R. TEXTILE MILLS LIMITED

 

 

Registered Office :

National Scout Bhaban (6th Floor), 70/1, Inner Circular Road, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

20.06.2006

 

 

Com. Reg. No.:

C-13328

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Manufacturer & Exporter of Ready-made Knitwear 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 30,000.00

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY DETAILS

 

Name

H.R. Textile Mills Limited

Address

National Scout Bhaban (6th Floor), 70/1, Inner Circular Road, Dhaka-1000

Country

Bangladesh

Telephone No

880-2-7712952-5

Fax No

880-2-7710819

E-Mail

info@pride-grp.com

Website

www.pride-grp.com

Established

2004

Company Registration No

C-13328

Registration date

20th June 2006

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka

Business Type

Manufacturer & Exporter

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

National Scout Bhaban (6th Floor), 70/1, Inner Circular Road, Dhaka-1000

Telephone No

880-2-7712952-5

Fax No

880-2-7710819

E-Mail

info@pride-grp.com

Website

www.pride-grp.com

Corporate Office

Green Deluxe (2nd floor) House no. 67/D, Road No. 11 Block No. E, Banani, Dhaka -1213

Tel No. 880-2-8828911, 9893747

Fax No. 880-2-7710819

Factory

2B-4, Kanpara (Near Bank Town), Savar, Dhaka, Bangladesh

Factory Telephone No

NIL

Factory Fax No

NIL

Warehouse

2B-4, Kanpara (Near Bank Town), Savar, Dhaka, Bangladesh

 

DIRECTORS

 

Name

Mr. Mohammad Abdul Momen

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Abdul Moyeed

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Dr. Mohammad Abdul Moyeen

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Sponsor Directors  

Share Percent

50%

Nationality

Bangladeshi

 

 

Name

Institutes   

Share Percent

16.26%

Country

Bangladesh

 

 

Name

Public   

Share Percent

33.74%

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturer & Exporter 

Items Dealing In

Ready-made Knitwear 

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Purchase

Local: Cash or Credit

Production Capacity:      

Solid Dyeing-6,240,000 per year

Printed Fabrics-960, 000 per year

 

 

BANKERS

 

Name

AB Bank Limited

Branch

Motijheel Branch

Address

Motijheel C/A, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

H.R. Textile Mills Limited

Balance Sheet (Un-Audited)

As At 3rd Quarter 30 June 2011

Currency: Taka

 

Capital Employed in

2011

Property, Plant and Equipment

445,987,112

Deferred Lease Interest

6,596,387

Total Non-Current Assets

452,583,499

Current Assets

 

Stocks and Stores

88,277,119

Trade Debtors

536,956,708

Export Incentive Receivables

47,047,420

Advance, Deposits and Prepayments

23,748,370

Cash and Bank Balances

28,338,443

Total Current Assets

724,368,060

Less Current Liabilities

 

Bank Overdraft - Secured

22,218,365

Liability against Trust Receipts

39,163,509

Creditors

444,042,594

Accrued Expenses

38,462,393

Provision for Taxation

7,672,275

Bills Receivable Discounted

148,645,868

Workers' Participation /Welfare Funds

13,865,338

Dues to Associated Companies

30,872,122

Total Current Liabilities

744,942,464

Working Capital

(20,574,404)

Net Assets

432,009,095

Financed by

 

Share Capital

200,000,000

Bonus share

20,000,000

General Reserve

6,956,752

Tax Holiday Reserve

22,378,988

Dividend Equalisation Reserve

10,000,000

Capital Reserve

4,777,020

Unappropriated Profit

27,243,462

Total Shareholders' Equity

291,356,222

Long Term Loan

131,537,447

Provision for Gratuity

9,115,426

 

432,009,095

Net Assets value per share of Tk.100

32.43

 

 

H.R. Textile Mills Limited

Profit and Loss Account (Un-Audited)

For the Third Quarter ended 30th June 2011

 

 

2011

Sales

1,302,181,077

Export Incentives

5,896,354

Turnover

1,308,077,431

Less Cost of Goods Sold

1,139,477,024

Gross Profit

168,600,407

Less Administrative and General Expenses

142,664,301

Operating Profit

25,936,106

Less Contribution to Workers' Participation/Welfare Funds

1,296,805

Net Profit before Tax

24,639,301

Less Provision for Income-tax

3,695,895

Net Profit

20,943,406

Unappropriated Profit brought forward

6,300,056

Profit available for appropriations

27,243,462

Unappropriated Profit carried forward

27,243,462

Earning Per Share (EPS) of Tk. 100

9.52

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.500 million

Paid Up Capital

Tk.220 million

Each Share Value

Tk.100.00

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

121.2861

U.S Dollar

1

75.9700

European Euro

1

105.5983

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Records Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

MAXIMUM RECOMMENDED CREDIT

 

Amount

Based On

US$ 30,000.00

90 days

 

 

GENERAL INFORMATION

 

Employees

1,100

Office Area (Sq. Ft)

2,500 sq.ft (rented)

Factory Area (Sq. Ft)

75,000 sq.ft (rented)

Warehouse Area (Sq. Ft)

5,300 sq.ft (rented)

Range of Products

4 T-Shirts  

4 Polo Shirts

4 Sweat Shirts

4 Trousers

4 Textiles

Export Market  

4 Zara

4 Bershka

4 New Look

4 Stradivarius

4 El Corte Inglés

Certifications

NIL

Group Name

4 Pride Group

Subsidiaries / Affiliates

4 Fashion Knit Garments Limited

4 Dacca Textiles Limited

4 Pride Limited

4 MODA

4 Urban Truth

Member

4 Bangladesh Knitwear Manufacturers & Exporters Association,

     Dhaka

4 Dhaka Chamber of Commerce & Industries, Dhaka

Enlisted With

4 Dhaka Stock Exchange (DSE)

4 Chittagong Stock Exchange (CSE)

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.06

UK Pound

1

Rs.79.15

Euro

1

Rs.69.03

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

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.