MIRA INFORM REPORT

 

 

Report Date :

15.12.2014

 

IDENTIFICATION DETAILS

 

Name :

PATRIOT INTERNATIONAL

 

 

Registered Office :

430/1/A, Tejgaon Ind. Area, (BD) Dhaka-1208

 

 

Country :

Bangladesh

 

 

Year of Establishments :

1990

 

 

Legal Form :

Sole Proprietorship Concern

 

 

Line of Business :

Manufacturer & Distributor of Ready-Made Garments & Garments Accessories

 

Subject product ranges includes

·         Shirts

·         Pants

·         Garments Accessories

 

 

No of Employees :

200 (25 in Office & 175 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

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Bangladesh

a2

a2

 

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

:

Patriot International

Head Office

:

430/1/A, Tejgaon Ind. Area, (BD) Dhaka-1208, Bangladesh

Tel No

:

880-2-9898290, 8829214, 8891816, 8891541

Fax No

:

88-02-8891716

E-mail

:

 iqbal@patriotgroup.com, dilip@patriotgroupbd.com

Website

:

http://www.patriotgroupbd.com

Year of Incorporation

:

1990

Tread License No.

:

N/A

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorship  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’ 12~June’ 13

BDT 155 Million

BDT 16.50 Million

BDT 5.97  Million

July’ 13~June’ 14

BDT 173  Million

BDT 19.62  Million

BDT 7.95  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. M.A Taher

Designation

:

D.M.D

Contact No

:

88-01713033480

 

 

Locations Details

 

Business Address

:

430/1/A, Tejgaon Ind. Area, (BD) Dhaka-1208, Bangladesh

Tel No

:

880-2-9898290, 8829214, 8891816, 8891541

Fax No

:

88-02-8891716

E-mail

:

 iqbal@patriotgroup.com, dilip@patriotgroupbd.com

Website

:

www.patriotgroup.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

1200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory Address :

 

 

 

Address

:

Plot# B-35 & B-50, Basic Industrial Estate, Tongi Gazipur, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

 

 

Rented

 

 

Leased

Ö

Area

20,000

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

25

In Factory

:

175

In Branch:

:

 

Total

:

200

 

 

PROPRIETOR/PARTNERS

 

Names of Proprietor

               

:

 

Md. Iqbal Hossain

 

 

MANAGEMENT

 

Name

:

Mr. M.A Taher

Job Description

:

D.M.D

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01713033480

 

BUSINESS OPERATIONS

 

Manufacturer & Distributor of Ready-Made Garments & Garments Accessories

 

Range of Products:

 

Products

:

·         Shirts

·         Pants

·         Garments Accessories

Production Capacity

:

 N/A

Last Year Production

:

N/A

 

Trading Terms:

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

Ö

60 days

 

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

 

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

Ö

 

days

 

 

DETAILED DATA

 

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

:

 Nil

Operation Status

:

Active

Member

:

 N/A

 

CAPITAL STRUCTURE

 

Capital Invested

:

BDT 10 Million

 Assets

:

BDT 19.62  Million

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Cote De France (Cdf) Design

Patriot Apparels Limited

Stitchwell Designs Ltd

Apparel Stitch Ltd.

Tivoli Apparels Ltd.

CDF Design (BD)

Fahim Overseas Internet

Patriot C& F Ctg

Subsidiary

:

N/A

Name of  The Group

:

Patriot Group

 

BANKING

 

Bank Name  

:

Exim Bank Ltd

Bank Address

:

Motijheel Branch

Address: Sharif Mansion,

56-57, Motijheel C/A, Dhaka.

Phone: 9568534, 9552800, 9568093, 9554988, 9554988

Fax: 880-2-9569983

 

Bank Name  

:

Uttara Bank Ltd                                                                     

Bank Address

:

B.B. Avenue Branch

 

 

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 at430/1/A, Tejgaon Ind. Area, (BD) Dhaka-1208, Bangladesh. It is situated at industrial area & their office is well decorated.

 

GENERAL COMMENTS

 

Subject is Bangladesh’s leading company engaged in Manufacturer & Distributors of  Garments Accessories. We recommended that Credit should proceed with monitor in Small amount-periodical review

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.38

 

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%)

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.