MIRA INFORM REPORT

 

 

Report Date :

07.06.2014

 

IDENTIFICATION DETAILS

 

Name :

KENPARK BANGLADESH APPAREL (PRIVATE) LIMITED 

 

 

Registered Office :

Plot# 69-85, North Patenga, KEPZ, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

14.09.2005

 

 

Com. Reg. No.:

CH-5590

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer and Exporter of Jackets, Trousers, Shorts

 

 

No of Employees :

6500 (In Office – 60,  In Factory - 6440)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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

:

Kenpark Bangladesh Apparel (Private) Limited 

Head Office

:

Plot# 69-85, North Patenga, KEPZ, Chittagong, Bangladesh. 

Tel No

:

88-031-2501413-6, 01713109028

Fax No

:

88-031-2501428-29 

E-mail

:

helal@kenparkbangladesh.com  

ajith@kenpark-bangladesh.com

info@kenpark-bangladesh.com

helaluddin@kenparkbangladesh.com

Website

:

Nil

Date/ Year of Incorporation

:

14.09.2005

Incorporation No.

:

CH-5590

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. 288 Million

Tk. 30 Crore

Tk. 38.5 Million

July’ 12~June’ 13

Tk. 325 Million

Tk. 35 Crore

Tk. 48.50 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

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Helal Uddin

Designation

:

Commercial Officer.

Contract No

:

-

 

 

                                                               Locations Details

 

Operating Address

:

Plot# 69-85, North Patenga, KEPZ, Chittagong, Bangladesh. 

Tel No

:

88-031-2501413-6

Fax No

:

88-031-2501428-29 

E-mail

:

helal@kenparkbangladesh.com 

ajith@kenpark-bangladesh.com

info@kenpark-bangladesh.com

helaluddin@kenparkbangladesh.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

6500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Plot# 69-85, North Potenga, KEPZ, Chittagong, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

2, 00,000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Plot# 31-42, Sector# 8, Chittagong, E.P.Z, Chittagong, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

60

In Factory

:

6440

In Branch:

:

-

Total

:

6500

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

                                 No. of Share     

Mr. Mahesh Lal Hirdaramani

100

Mr. Janak B Hirdaramani

100

International Group Venture Ltd.

69800

 

 

DIRECTORS

 

Name

Designation

Mr. Mahesh Lal Hirdaramani

Chairman

Mr. Janak B Hirdaramani

Managing Director

Mr. Ajith De Silva

Director

 

 

MANAGEMENT

 

Name

:

Mr. Helal Uddin

Job Description

:

Commercial Officer.

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

:

Jackets, Trousers, Shorts.        

Production Capacity

:

5, 80,000 Doz per month.

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

:

M&S, Levi’s, American eagle, Temma, Dunes Stores, Perry Ellis.

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Thailand.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 21 Crore.

 

Paid-up Capital

:

Tk. 70, 00,000

    No. of Shares

:

70, 000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 35 Crore.

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Regency Garments Limited

Kenpark Bangladesh Pvt. Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Hirdaramani Group 

 

 

BANKING

 

Bank Name  

:

Commercial Bank of Ceylon LLC                                                                       

Bank Address

:

Agrabad Branch,

71, Agrabad C/A, P. O. Box 787,Chittagong

Tel: 88-031-713325-7

 

Bank Name  

:

Standard Chartered Bank Ltd.

Bank Address

:

Chittagong Main Branch,

Sheikh Mujib Road,                                  

Agrabad C/A, Chittagong

 

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

KEPZ Branch

Zone Services Building, Ground Floor,

North Pothenga, Chittagong

 

 

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 Plot# 69-85, North Patenga, KEPZ, Chittagong, Bangladesh. The subject company Commercial Officer Mr. Helal 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. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be above 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. 59.19

UK Pound

1

Rs. 99.51

Euro

1

Rs. 80.83

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.