MIRA INFORM REPORT

 

 

Report Date :

26.03.2014

 

IDENTIFICATION DETAILS

 

Name :

FRANK APPAREL LIMITED. 

 

 

Registered Office :

Upahar Complex, CDA Plot # 10 Agrabad C/A, Chittagong-4100,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

31.10.1993

 

 

Com. Reg. No.:

CH-1499

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer and Exporter of Trousers, Denim pants, Dress pants, Cargo pants, Overall, Shorts, Twill pants.     

 

 

No. of Employees :

550

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Bangladesh

B1

B1

 

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

 

 

 

 

Company name and address

 

Correct company Name

:

FRANK APPAREL LIMITED. 

Head Office

:

Upahar Complex, CDA Plot # 10 Agrabad C/A, Chittagong-4100, Bangladesh.

Tel No

:

88- 031-716145, 723084, 01733244322, 8917567

Fax No

:

88-031-710515, 8917513

E-mail

:

frnkgrp@colbd.com

ratnsrnk@colbd.com

Website

:

Nil

Date/ Year of Incorporation

:

31.10.1993

Incorporation No.

:

CH-1499

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. 215 Million

Tk. 17.60 Million

Tk. 3.72 Million

July’ 12~June’ 13

Tk. 265 Million

Tk. 18.95 Million

Tk. 4.23 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. Raton Kumer Dhor.

Designation

:

Deputy Executive Director.

Contract No

:

-

 

                                                               Locations Details

 

Operating Address

:

Upahar Complex, CDA Plot # 10 Agrabad C/A, Chittagong-4100, Bangladesh.

Tel No

:

88- 031-716145, 723084, 01733244322, 8917567

Fax No

:

88-031-710515, 8917513

E-mail

:

frnkgrp@colbd.com

ratnsrnk@colbd.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3500

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

:

Upahar Complex, CDA Plot # 10 Agrabad C/A, Chittagong-4100, Bangladesh.

Tel No

:

88-031-716145, 723084, 01733244322, 8917567

Fax No

:

88-031-710515, 8917513

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

25000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

500

In Branch:

:

-

Total

:

550

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Farid Ahmed Chowdhury

2500

Mr. Nasiruddin Ahmed Chowdhury

3500

Mr. Iftekharuddin Ahmed Chowdhury

2000

Mrs. Khodeza Begum

                                       1100

 

 

DIRECTORS

 

Name

Designation

Mr. Farid Ahmed Chowdhury

Managing Director

Mr. Nasiruddin Ahmed Chowdhury

Director

Mr. Iftekharuddin Ahmed Chowdhury

Director

Mrs. Khodeza Begum

Director

 

 

MANAGEMENT

 

Name

:

Mr. Raton Kumer Dhor.

Job Description

:

Deputy Executive Director.

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

:

Trousers, Denim pants, Dress pants, Cargo pants, Overall, Shorts, Twill pants.     

Production Capacity

:

145000 doz 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

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

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

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

CAPITAL STRUCTURE

 

 

 

Authorized Capital

:

Tk. 10 Million

 

Paid-up Capital

:

Tk. 9, 10,000

    No. of Shares

:

9, 100

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 18.95 Million.

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Anowara Dress Makers Limited

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name   

:

Southeast Bank Ltd.

Bank Address

:

Agrabad Branch.

Jahan Building, 59, Agrabad Commercial Area, Chittagong

Phone: 031 - 713097 - 8, 713094 - 5, 721151 - 3

Fax: 880 - 31 - 713096

Tlx: 633162 SBLAG BJ

Swift: SEBDBDDHAGR

Email: hob.ab@sebankbd.com

 

Bank Name  

:

Janata Bank ltd.

Bank Address

:

Agrabad Branch.

76/77, Agrabad C/A, Chittagong

Phone : 031-727727, 2523272, 710071, 2511611, 2529611

Email : manager.agrabad@jamunabank.com.bd

Branch Manager : Md. Khurshed Ul Alam

Manager Designation : Senior Executive Vice President & Head of Chittagong zone

 

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 address at Upahar Complex, CDA Plot # 10 Agrabad C/A, Chittagong-4100, Bangladesh. The subject company Deputy Executive Director Mr. Raton Kumer Dhor welcome us & given us all information. Its office is decorated by western furniture.

 

 

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.60.49

UK Pound

1

Rs.99.77

Euro

1

Rs.83.67

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.