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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
REGENCY THREE LIMITED. |
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Registered Office : |
Plot# 37 ~ 40, Sector# 1-7, CEPZ, Halishahar, Chittagong |
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Country : |
Bangladesh |
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Date of Incorporation : |
23.01.2002 |
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Com. Reg. No.: |
C-44936 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer & Exporter of Readymade
Garments including Woven Pants, Trousers, Shorts and
Skirts. |
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|
No. of Employees : |
3000 (60 in Offices & 2940
in Factory) |
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 |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Bangladesh ECONOMIC OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite
political instability, poor infrastructure, corruption, insufficient power
supplies, slow implementation of economic reforms, and the 2008-09 global
financial crisis and recession. Although more than half of GDP is generated
through the service 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 and 80% of total
exports, surpassed $21 billion last year, 18% of GDP. The sector has remained
resilient in recent years amidst a series of factory accidents that have killed
over 1,000 workers and crippling strikes that shut down virtually all economic
activity. Steady garment export growth combined with remittances from overseas
Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the
largest contributors to Bangladesh’s current account surplus and record foreign
exchange holdings.
|
Source
: CIA |
IDENTIFICATION
DETAILS
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Correct
company Name |
: |
Regency Three
Limited. |
|
Head
Office |
: |
Plot# 37 ~ 40, Sector# 1-7, CEPZ, Halishahar,
Chittagong, Bangladesh. |
|
Tel
No |
: |
88-031-741412, 741185, 742161-2 |
|
Fax
No |
: |
88-031-740020 |
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E-mail |
: |
|
|
Website |
: |
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|
Date/
Year
of Incorporation |
: |
23.01.2002 |
|
Incorporation No. |
: |
C-44936 |
|
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) |
FINANCIALS-
SUMMARY
|
|||
|
Year |
Turnover/ Sales |
Assets |
Income |
|
July’ 11~June’ 12 |
Tk. 275 Million |
Tk. 40 Million |
Tk. 7.59 Million |
|
July’ 12~June’ 13 |
Tk. 315 Million |
Tk. 42.13 Million |
Tk. 8.37 Million |
|
Exchange Rate |
USD1-Tk. 77.8200 EUR 1-
Tk. 100.2711 GBP 1-
Tk.118.5354 AUD 1 -
Tk.82.8563 JPY 1 -
Tk.0.9286 |
CAD 1 -
Tk.80.1887 SEK 1 -
Tk.12.2870 SGD 1 -
Tk.65.3045 CNH 1 -
Tk.12.8399 |
|
Information
Parted By
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Name |
: |
Mr. Moslem Uddin. |
|
Designation |
: |
Commercial
Manager. |
Locations Details
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Operating
Address |
: |
Plot# 37 ~ 40, Sector# 1-7, CEPZ, Halishahar,
Chittagong, Bangladesh. |
|
Tel
No |
: |
88-031-741412, 741185, 742161-2 |
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Fax
No |
: |
88-031-740020 |
|
E-mail |
: |
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|
Website |
: |
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Location : |
: Owned |
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Rented |
Ö |
|
Leased |
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Area |
6500 |
Sq. ft. |
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Type of Office : |
: Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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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 |
: |
Plot # 13-18,
Sector # 8, CEPZ, Chittagong, Bangladesh. |
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Tel
No |
: |
Nil |
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Fax
No |
: |
Nil |
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Owned |
|
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Rented |
Ö |
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Leased |
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Area |
150000 |
Sq. ft. |
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Employee: |
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No.
of Employees |
In
Office |
: |
60 |
In
Factory |
: |
2940 |
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In
Branch: |
: |
- |
Total |
: |
3000 |
||
OWNERSHIP/SHAREHOLDERS
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|
Names of Shareholders |
No. of Share |
|
Mr. Janak
Bhagawandas Hirdaramani |
500 |
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Mr. Mahesh Lalchand
Hirdaramani |
500 |
|
Mr. Vijayalingam
Velupillai |
500 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Janak
Bhagawandas Hirdaramani |
Managing Director |
|
Mr. Mahesh Lalchand
Hirdaramani |
Director |
|
Mr. Vijayalingam
Velupillai |
Director |
MANAGEMENT
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||
|
Name |
: |
Mr. Moslem Uddin. |
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Job Description |
: |
Commercial Manager. |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Nature
of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of Products: |
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Products |
: |
Readymade Garments including Woven Pants, Trousers, Shorts and Skirts. .
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Production
Capacity |
: |
4, 50,000 Doz per year. |
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Last Year Production |
: |
Do. |
Trading Terms:
|
Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit
: |
|
30
days |
|
60
days |
Ö |
90
days |
|
|
days |
|
Selling
Terms : |
L/C |
|
Cash |
Ö |
Others |
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|||
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Credit
: |
Ö |
30
days |
|
60
days |
|
90
days |
|
|
days |
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Trade Reference & Related
Parties |
: |
Overseas
Clients |
: |
M&S,
Levi’s,
American eagle,
Temma, Dunes
stores Perry
Ellis |
Local
Clients |
: |
N/A |
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Overseas
Suppliers |
: |
N/A |
Local
Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
N/A |
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Imports |
: |
China,
Taiwan, Hong Kong, India. |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Garments Manufacturer
& Exporters Association. |
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CAPITAL
STRUCTURE
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Authorized Capital |
: |
Tk. 50 Million. |
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Paid-up Capital |
: |
Tk. 15, 00,000 |
No. of Shares |
: |
1500 |
Share Value |
: |
Tk.100.00Each |
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Main Assets |
: |
Tk. 42.13 Million. |
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FINANCIAL
STATEMENT- DETAILED
|
|
The subject company
don’t submit update full financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
||
|
Sister Concerns |
: |
Kenpark Bangladesh
Apparel Pvt. Ltd. Kenpark Bangladesh
(Pvt.) Limited Regency Garments
Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Hirdaramani
Group. |
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Bank Name |
: |
Commercial bank of
Ceylon. |
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Bank Address |
: |
Agrabad Branch, 71, Agrabad C/A, P.
O. Box 787, Chittagong Tel:
88-031-713325-7 |
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Bank Name |
: |
HSBC Bank Ltd. |
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Bank Address |
: |
Agrabad Branch, Osman Court 70 Agrabad
Commercial Area Chittagong 4100 Contact Details: Phone: (880) 31
724406, 723750, 711154, 710008 Fax: (880) 31
710007 |
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Bank Name |
: |
City Bank Ltd. |
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Bank Address |
: |
Agrabad Branch 11, Rnlay House
Agrabad Commercial Area
Chittagong-4100. Cable: CITYAGRA Phone: 716210,
502638 PABX: 720631-3 Fax: 880-31-720962 |
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Bank Name |
: |
Standard Chartered
Bank Ltd. |
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Bank Address |
: |
Agrabad Branch PHP House, 31
Agrabad C/A |
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Dishonored
Checks |
: |
No Record
Found |
|
Debt |
: |
No Record Found |
|
Litigation |
: |
Clear |
|
Performance Defaults |
: |
No Record Found |
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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 Plot# 37 ~ 40,
Sector# 1-7, CEPZ, Halishahar, Chittagong, Bangladesh. The subject company
Commercial Manager Mr. Moslem Uddin given us all information. Is situated at
Commercial area which is a well decorated modern office. |
GENERAL
COMMENTS
|
|
Subject is mainly
engaged in Manufacturer & Exporter of Readymade Garments including Woven Pants, Trousers, Shorts and Skirts. The subject company maintains acceptable business volume. Based on the
financial statements, SC’s financial performance appears to be average.
Having been in operation for
several years, Subject enjoys some recognition and impact in the line. |
|
Adopted
Abbreviations: |
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|
NA- Not Available |
TK- Bangladeshi Taka |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
UK Pound |
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.