MIRA INFORM REPORT

 

 

Report Date :

10.07.2014

 

IDENTIFICATION DETAILS

 

Name :

H.R. TEXTILE MILLS LIMITED

 

 

Registered Office :

Mirandale (2nd Floor), House# 3, Road# 5, Block# J, Baridhara Town, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2013

 

 

Date of Incorporation :

03.12.1984

 

 

Com. Reg. No.:

C-13328

 

 

Legal Form :

Public Listed Co      

 

 

Line of Business :

Manufacturer and Exporter of Fabrics

 

 

No of Employees :

150 (In Office – 15, In Factory - 135)

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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 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

:

H.R. Textile Mills Limited

Head Office

:

Mirandale (2nd Floor), House# 3, Road# 5, Block# J, Baridhara Town, Dhaka-1212, Bangladesh.

Tel No

:

880-2-9893747, 9899149, 9899159

Fax No

:

Nil

E-mail

:

momen@pride-grp.com

Website

:

www.pride-grp.com

Date/ Year of Incorporation

:

03.12.1984

Incorporation No.

:

C-13328

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

31st September’2012

Tk. 1,618,091,942

Tk.807,232,633

Tk. 64,689,706

31st September’2013

Tk. 1,780,820,020

Tk.744,736,781

Tk. 70,013,341

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

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Md. Wali Uallah

Designation

:

Company Secretary

Contract No

:

-

 

 

                                                               Locations Details

 

Operating Address

:

Mirandale (2nd Floor), House# 3, Road# 5, Block# J, Baridhara Town, Dhaka-1212, Bangladesh.

Tel No

:

880-2-9893747, 9899149, 9899159

Fax No

:

Nil

E-mail

:

momen@pride-grp.com

Website

:

www.pride-grp.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

3500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

Ö

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

4, Karnapar, (Near Bank Town) Savar, Dhaka, Bangladesh.

Tel No

:

88-02-7748694-96

Fax No

:

88-02-7745819

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

1.2

Acres

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

15

In Factory

:

135

In Branch:

:

-

Total

:

150

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Sponsor/Director

12911855

Financial Institution

1336290

ICB

178020

ICB Mutual Fund

60836

ICB Unit Fund

1293615

General Public

9519384

 

 

DIRECTORS

 

Name

Designation

Professor Mohammed Abdul Momen

Chairman

Mr. Mohammad Abdul Moyeen

Managing Director

Professor Mohammed Abdul Moyeen

Director

Ms. Ruhey Rawa

Director

Ms. Sumbal Azwad Momen

Director

Ms. Sana Kainat Moyeen

Director

Professor Mushtaque Ahmed

Independent Director

Mr. Mohammed Kabiruzzaman

Independent Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Wali Uallah

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Fabrics.

Production Capacity

:

4 Million Metre per year.

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

:

Zara, Bershka, New Look, Stradivarius,

El Corte Inglés

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

 

Imports

 

:

China, India, Pakistan, Italy, Canada.

 

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

ATA Khan & Co.

Chartered Accountants

67, Motijheel C/A, Dhala-1000.

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 1,000,000,000

 

Paid-up Capital

:

Tk. 253,000,000

    No. of Shares

:

25300000

Share Value

:

Tk.10.00Each

Main Assets

:

Tk.744,736,781

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st September’2013

 

  

 

Income Statement :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st September’2013

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Fashion Knit Garments Limited

Dacca Textiles Limited

Pride Limited

Pride Textiles

Urban Truth

MODA

Subsidiary

:

Nil

Name of  The Group

:

Pride Group

 

 

BANKING

 

Bank Name  

:

AB Bank Ltd.

Trust Bank Ltd.

Mutual Truat Bank Ltd.

The Hong Kong & Sanghai Banking Corporation Ltd.

 

 

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 Mirandale (2nd Floor), House# 3, Road# 5, Block# J, Baridhara Town, Dhaka-1212, Bangladesh. The subject company Secretary Mr. Md. Wali Uallah given us all information. Is situated at Residential area which is a well decorated modern office

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of Readymade Garments. 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:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 59.72

UK Pound

1

Rs. 102.35

Euro

1

Rs. 81.38

 

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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.