MIRA INFORM REPORT

 

 

Report No. :

336055

Report Date :

11.08.2015

 

IDENTIFICATION DETAILS

 

Name :

FOUR H FASHIONS LTD.

 

 

Registered Office :

778 D.T. Road Ashkarabad, Double Mooring, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

02.10.2003

 

 

Com. Reg. No.:

CH-4826 

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer, Exporter, Dyeing and Printing of Cami, Bikini Set Boy Leg, Tanga, Hipster, and Thong.

 

 

No. of Employee :

1450

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

Correct company Name

:

Four H Fashions Ltd.

Head Office

:

778 D.T. Road Ashkarabad, Double Mooring, Chittagong, Bangladesh.

Tel No

:

88-031-2511512-4, 2511452-3, 2524229, 2520062

Fax No

:

88-031-2520072

E-mail

:

jamil@fourhgroup.com

Website

:

www.fourhgroup.com

Date/ Year of Incorporation

:

02-Oct-2003

Incorporation No.

:

CH-4826 

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 Dec’2013

BDT 5655.25 Million

BDT  3586.00 Million

BDT  231.86 Million

31st Dec’2014

BDT 5780.80 Million

BDT 3691.50 Million

BDT 260.13Million

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. Nazimul Islam

Designation

:

Officer (Commercial)

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

778 D.T. Road Ashkarabad, Double Mooring, Chittagong, Bangladesh.

Tel No

:

88-031-2511512-4, 2511452-3, 2524229, 2520062

E-mail

:

88-031-2520072

Fax No

:

jamil@fourhgroup.com

Website

:

www.fourhgroup.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

3150

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

:

778, D.T. Road Ashkarabad Double Mooring, Chittagong, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

28500

Sq. ft.

 

Branches:

 

 

Address

:

N/A

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

65

In Factory

:

1385

In Branch:

:

-

Total

:

1450

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mrs. Sahara Chowdhury

                                  6250

Mr. Gauhar Siraj Jamil

                                  6250

Mr. Md. Hasan

                                 3750

Mr. Kamrul Huda

                                  3750

 

 

DIRECTORS

 

Name

Designation

Mr. Gauhar Siraj Jamil

Managing Director

Mr. Md. Hasan

Director

Mr. Kamrul Huda

Director

Mrs. Sahara Chowdhury

Director

 

 

MANAGEMENT

 

Name

:

Mr. Nazimul Islam.

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Nawab

Job Description

:

Ass. Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01819958978

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Dyeing

Ö

Printing

Ö

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

Products

:

Cami, Bikini Set Boy Leg, Tanga, Hipster, and Thong.    

Production Capacity

:

78,000 Doz. per Month

Last Year Production

:

N/A

 

 

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

:

C&A                                                                              C&A Europe                                                                              Calvin Clain                                                                                           Carter's & Oshkosh      

Celio                                                                             DKNY                                                               Donna Karan                                                                 Etam                                                                H&M                                                                             KappAhl                                                                                   Kohl’s

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

Europe

 

Imports

:

China, India, Malaysia

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 40 Million

Paid-up Capital

:

BDT 2,00,00,000

    No. of Shares

:

20,000

Share Value  :  BDT 1000.00Each

Main Assets

:

BDT 3691.50 Million

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Four Knittex Ltd

Pegasi Textile Ltd

Four Apparels Ltd

Four H knittex Ltd.

Devine Design Ltd

Belamy Textile Ltd.

Nafisa Apparels Ltd

Four H Lingeric Ltd

Four H Intimates Ltd

Four H Composite Ltd.

Alamode Apparels Ltd

Badgetex Apparels Ltd.

Four Composite Limited

Islam Pack Association Ltd

Four H dyeing & Printing Ltd.

Intimate Elastic Industries Ltd.

Intimates Elastic Industries Ltd

Subsidiary

:

N/A

Name of  The Group

:

Four H Group

 

 

BANKING

 

Bank Name  

:

United Commercial Bank Ltd.                                                                                   

Bank Address

:

Agrabad Branch

Kashfia Plaza (1st Floor),

923/A, Sheikh Mujib Road, Agrabad C/A,

Chittagong- 4000, Bangladesh

Tel: 88- 01711804129, 0171725136

 

Bank Name  

:

Arab Bank Ltd.

Bank Address

:

Agrabad Branch

BCIC Sadan, 26, Agrabad C/A,

Chittagong, Bangladesh.

Tel: 88-031-713381-83

Fax: 88-031-713384 / 86

 

 

 

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 which is situated at 778 D.T. Road Ashkarabad, Double Mooring, Chittagong, Bangladesh. It is Situated Commercial area.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of Readymade Garments. As well as financial statements, SC’s financial performance appears to be average.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.98.76

Euro

1

Rs.69.88

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.