MIRA INFORM REPORT

Report Date :

04.08.2014

IDENTIFICATION DETAILS

Name :	HRC TECHNOLOGIES LTD

Formerly Known As :	KARNAPHULI TELECOM SERVICES LTD

Registered Office :	House# 1/C (1^st & 2^nd Floor), Road# 10, Baridhara, Dhaka-1212

Country :	Bangladesh

Date of Incorporation :	26.05.1999

Com. Reg. No.:	C-37816

Legal Form :	Private Co

Line of Business :	IP Telephony Service Provider (IPTSP)

No of Employees :	110

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
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


Correct company Name	:	HRC Technologies Ltd.
Previse Name	:	Karnaphuli Telecom Services Ltd
Head Office	:	House# 1/C (1^st & 2^nd Floor), Road# 10, Baridhara, Dhaka-1212, Bangladesh
Tel No	:	88-02-8113319, 8158718-Ext-21
Fax No	:	88-02-8113319
E-mail	:	info@hrcigw.com, hafiz@hrcigw.com rakib@hrcigw.com info@hrctech.net
Website	:	www.hrcigw.com
Date/ Year of Incorporation	:	26.05.1999
Incorporation No.	:	C-37816
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)


Year	Turnover/ Sales	Assets	Income
July’ 11~June’ 12	Tk. 145 Million	Tk. 24.35 Million	Tk. 7.25 Million
July’ 12~June’ 13	Tk. 220 Million	Tk. 28.90 Million	Tk. 8.80 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

Name

Mr. Kamruzzaman

Designation

Head of Sales

Contract No

88-01613143723

Locations Details

Operating Address	:	House# 1/C (1^st & 2^nd Floor), Road# 10, Baridhara, Dhaka-1212, Bangladesh
Tel No	:	88-02-8113319, 8158718-Ext-21
Fax No	:	88-02-8113319
E-mail	:	info@hrcigw.com, hafiz@hrcigw.com rakib@hrcigw.com info@hrctech.net
Website	:	www.hrcigw.com

Location :

: Owned

Rented

Leased

Area

4500

Sq. ft.

Type of Office :	: Commercial Office Bldg.	Ö		Semi-commercial office Bldg.
	Retail shop		Industrial Park
	Business Center		Home Office
	Residential Bldg.

Corporate Address:

Address	:	26, Shyamoli, BU AW Chowdhury Road (Mirpur Road) Dhaka-1207, Bangladesh
Tel No	:	88-02-815871821, 815 8705
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

3500

Sq. ft.

Branches:

Address	:	Khaja Tower (7th Floor), 95 Mohakhali C/A, Dhaka-1212, Bangladesh
Tel No	:	88-02-9886762
Fax No	:	-

Employee:

No. of Employees	In Office	:	10	In Factory	:	100
	In Branch:	:	-	Total	:	110
Details:


Names of Shareholders	No. of Share
Karnaphuli Limited	47
Telecom Foundation	33
Mr. M. H. Chowdhury	20

Name

Designation

Mr. H. h. Chowdhury

Chairman

Mr. M. H. Chowdhury

Managing Director

Name

Mr. Kamruzzaman

Job Description

Head of Sales

Nationality

Bangladeshi

Email address

N/A

Other details

88-01613143723

Name

Mr. Abdul Razzak

Job Description

Executive

Nationality

Bangladeshi

Email address

N/A

Other details

N/A


Nature of Activity :	Internet Service Provider	Ö		Trader	Dealer	Distributor

	Exporter		Importer		Services	Others

Range of Products:

Products	:	IP Telephony Service Provider (IPTSP)
Production Capacity	:	N/A
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		Cash	Ö	Others
	Credit :	Ö	30 days		60 days		90 days			days

Trade Reference & Related Parties

Overseas Clients

N/A

Local Clients

N/A

Overseas Suppliers

N/A

Local Suppliers

N/A

Trade Markets

Exports

N/A

Imports

China, India

Brand Name

Nil

Certified

Nil

Auditors

N/A

Operation Status

Active

Member

N/A

Authorized Capital

Tk. 10 Crore

Paid-up Capital

Tk. 1, 00, 000

No. of Shares

100

Share Value

Tk.1000.0Each

Main Assets

Tk. 28.90 Million

The subject company don’t submit update full financial figure to local registry office.

Sister Concerns

GETCO Limited.

Greenland Engineers & Tractors Company Limited.

GETCO Trading Limited

GETCO Agro Vision Limited.

GETCO Agri-Technologies Limited.

GETCO Telecommunications Limited.

GETCO Business Solutions Limited.

GETCO Online Limited

GETCO International

Easy Fly Express Limited

Getco Digital

Getco Technolabs

Getco Ventures International

Karnafhuli Limited

Subsidiary

N/A

Name of The Group

GETCO Group of companies


Bank Name	:	Dutch Bangla Bank Ltd
Bank Address	:	Ring Road Branch Ring Road, Adabar, Dhaka-1207, Bangladesh

Bank Name	:	Al-Arafah Islami Bank Limited
Bank Address	:	Shyamoli Branch Mollah Khalilur Rahman AVP 13/1 Ring Road,shyamoli,Dhaka Ph: 9136517(D),9136532,01680-067911,01711-386891 8115098 (R) Fax: 9111024


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

Our Representative Visited the subject company Head office which is situated at House# 1/C (1st & 2nd Floor), Road# 10, Baridhara, Dhaka-1212, Bangladesh. The subject company Head of Sales Mr. Kamruzzaman given us all information. Is situated at Residential area which is a well decorated modern office.

Based on the financial statements, SC’s financial performance appears to be fair. SC has been in its line of business for about 15 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit should proceed with monitor Small amount-periodical review.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.85
UK Pound	1	Rs.102.68
Euro	1	Rs.81.46

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	SHG

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.

MIRA INFORM REPORT

IDENTIFICATION DETAILS

Information Parted By

Locations Details

Unit