MIRA INFORM REPORT

 

 

Report Date :

16.09.2014

 

IDENTIFICATION DETAILS

 

Name :

BODY FASHION PVT LIMITED

 

 

Registered Office :

House # 73, Road # 17/A, Block# E, Banani, Dhaka-1213

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

30.08.2000

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer and Exporter of Sweaters, Pullover & Cardigan

 

 

No of Employees :

2500

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

B1

A2

 

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

:

BODY FASHION PVT LIMITED

Head Office

:

House # 73, Road # 17/A, Block# E, Banani, Dhaka-1213, Bangladesh

Tel No

:

88-02-9880840, 8825826, 8820720

Fax No

:

88-02-8823562

E-mail

:

khokan@classic-match.com

milon@classic-match.com

Website

:

Nil

Date/ Year of Incorporation

:

30.08.2000

Incorporation No.

:

C-41165

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’ 12~June’ 13

Tk. 295 Million

Tk. 12.75 Million

Tk. 11.80 Million

July’ 13~June’ 14

Tk. 421 Million

Tk. 18.05 Million

Tk. 16.84 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. Nasir Hossain

Designation

:

Senior Executive (Commercial)

Contract No

:

-

 

 

Locations Details

 

Operating Address

:

House # 73, Road # 17/A, Block# E, Banani, Dhaka-1213, Bangladesh

Tel No

:

88-02-9880840, 8825826, 8820720

Fax No

:

88-02-8823562

E-mail

:

khokan@classic-match.com

milon@classic-match.com

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

2400

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

:

Naojur, Kodda Joydebpur, Gazipur, Bangladesh

Tel No

:

88-02-9262356-7, 9262369

Fax No

:

88-02-9262368

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

145000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

40

In Factory

:

2460

In Branch:

:

-

Total

:

2500

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. M. A. Muttaleeb

                                90,000

Mrs. Shamima Nasrin

                                15,000

Mr. Mosharaf Hossain Chowdhury

                                50,000

Mr. Joel Louis Menco

                                20,000

Mr. Abdul Hannan Chowdhury

                                  5,000

Mr. Babul Ahmed

                                20,000

 

DIRECTORS

 

Name

Designation

Mrs. Shamima Nasrin

Chairman

Mr. M. A. Muttaleeb

Managing Director

Mr. Mosharaf Hossain Chowdhury

Director

Mr. Joel Louis Menco

Director

Mr. Abdul Hannan Chowdhury

Director

Mr. Babul Ahmed

Director

 

MANAGEMENT

 

Name

:

Mr. Mosharaf  Hossain Chowdhury

Job Description

:

Director (Marketing & Operation)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01713064021

 

 

 

Name

:

Mr. Md. Nazrul Islam

Job Description

:

Commercial Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01754589253

 

Name

:

Mr. Nasir Hossain

Job Description

:

Senior Executive (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Rafiqul Islam

Job Description

:

General Manager (Factory)

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

:

Sweaters, Pullover, Cardigan      

Production Capacity

:

1, 15,000 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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Starco, AH, Score, Bristol, Zara

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

USA, Canada

 

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. 10 Crore

 

Paid-up Capital

:

Tk. 2, 00,00,000

    No. of Shares

:

200000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 18.05 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Body Link Sweaters Ltd

International Classic Composite Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Classic Group

 

BANKING

 

 

Bank Name  

:

Basic Bank Ltd.

Bank Address

:

Main Branch

Bana Shilpa Bhaban (Ground floor)

73 Motijheel C/A, Dhaka-1000

Tel: 88-02-9563068, 9553322, 9570713

Fax: 88-02-9569417

SWIFT: BKSIBDDH002

E-mail: main@basicbanklimited.com

 

 

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 House # 73, Road # 17/A, Block# E, Banani, Dhaka-1213, Bangladesh. Its Head office is situated at residential area but well decorated office.

 

GENERAL COMMENTS

 

Whilst interviewed, Mr. Nasir Hossain, Senior Executive(Commercial) of the subject, provided us with a basic outline of the subject's present state-of-affairs (as given above).The information provided in this report is based on the information procured from the subject's file at Official Registry (ROC).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.99

UK Pound

1

Rs.99.10

Euro

1

Rs.79.03

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

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.