MIRA INFORM REPORT

 

 

Report No. :

357031

Report Date :

28.12.2015

 

IDENTIFICATION DETAILS

 

Name :

BENETEX INDUSTRIES LIMITED

 

 

Registered Office :

Anannya Complex (4th Floor), Lane #13, D.O.H.S  Baridhara, Dhaka-1206

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

16.09.1991

 

 

Com. Reg. No.:

C-21103

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer, Dying, Printing, Exporter and Importer of Polo Shirts, Basic Tees, Rugby Tees, Printed & Embroidery Tees & Other Knit Garments, Both Tops & Bottoms

 

 

No. of Employees :

9000

 

 

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, 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

:

Benetex Industries Limited

Head Office

:

Anannya Complex (4th Floor), Lane #13, D.O.H.S  Baridhara, Dhaka-1206 Bangladesh

Tel No

:

88-02-8413224-9

Fax No

:

88-02-8412993

E-mail

:

info@benetexindustries.com

Website

:

www.benetexindustries.com

Date/ Year of Incorporation

:

16.09.1991

Incorporation No.

:

C-21103

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/ (Loss)

31 December 2013

BDT 3537 Million

BDT 2489.20 Million

BDT 299.53 Million

31 December 2014

BDT 3891 Million

BDT 2657.95 Million

BDT 359.60 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. Md. Moniruzzaman

Designation

:

Executive Director

Contract No

:

N/A

 

                                                               Locations Details

 

Operating Address

:

Anannya Complex (4th Floor), Lane #13, D.O.H.S  Baridhara, Dhaka-1206 Bangladesh

Tel No

:

88-02-8413224-9

Fax No

:

88-02-8412993

E-mail

:

info@benetexindustries.com

Website

:

www.benetexindustries.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

4500

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

:

Vulta, Dhaka-Narshandi Highway, Rupgonj, Narayangonj, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

800000

Sa ft.

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

15

In Factory

:

8985

In Branch:

:

Nil

Total

:

9000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Globe Tannery Limited

                                238000

M. A. Bari

                                447500

DEG-Deutsche Inventions-UND

Entwicklungsgesellschaft MBH

                                800000

Bangladesh Engineering & Foundry Co. Ltd.

                                420000

Taati Fashion Apparels Limited

                                 1000

Harvest Rich Agro Industries Limited

                                 162000

Greenmac International Pte Ltd.

                                  91800

Common Threads Limited

                                  287500

Harvest Rich Multiple Feed Mills Limited

                                  379000

 

 

DIRECTORS

 

Name

Designation

Mr. M.A. Bari

Managing Director

Mrs. Nusrat Bari Asha

Director

Mr. Saad Khaled Bari

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Moniruzzaman

Job Description

:

Executive Director

Nationality

:

Bangladeshi.

Email address

:

monir@gmail.com

Other details

:

N/A

 

Name

:

Samaun Sarder

Job Description

:

Deputy General Manager

Nationality

:

Bangladeshi.

Email address

:

samaun@gmail.com

Other details

:

N/A

 

 

 

Name

:

Sohel Mahmud

Job Description

:

Deputy General Manager

Nationality

:

Bangladeshi.

Email address

:

sohel@gmail.com

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dying

Ö

Printing

Ö

 

 

 

Exporter

Ö

Importer

Ö

Embroidery

Ö

Others

 

 

Range of Products:

 

Products

:

Polo Shirts, Basic Tees, Rugby Tees, Printed & Embroidery Tees & Other Knit Garments, Both Tops & Bottoms

Production Capacity

:

Garments-120000 Pcs per day

Printing- 30000 Pcs per day

Embroidary-2500000 Stitch/ Hour

Washing-24000 Pcs per day

Dying-30000 Kg per day

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

Ö

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Wal-Mart

JC Penney

Regatta 

Kappa

Mascot

Uniform

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

USA, Canada, Italy, Denmark, Spain

 

Imports

:

China, India, Thailand, Pakistan, Korea

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

 Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 282680000

 No. of Shares

:

2826800

Share Value

:

BDT100.00Each

Main Assets

:

BDT 2657.95 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information Given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Harvest Rich Enterprises Limited  

Harvest Rich Spinning Mills Limited  

Harvest Rich Agro-Industries Limited  

Harvest Rich Poultry Industries Limited  

Harvest Rich Multiple Feed Mills Limited 

Harvest Rich Engineering Company Limited                                                                                      

Harvest Rich Concrete Products and Engineering Company Ltd

Subsidiary

:

Nil

Name of  The Group

:

Harvest Rich Group 

 

 

BANKING

 

Bank Name  

:

Rupali Bank Ltd.

Bank Address

:

Local Office,

34, Dilkusha C/A, Dhaka,

Bangladesh.

 

Bank Name  

:

One Bank Ltd.

Bank Address

:

Motijheel Branch.

 Sharif Mansion (Ground Floor)

 56-57, Motijheel C/A, Dhaka

Tel: 88-02-9564191, 9566896, 9570544

 

 

 

Bank Name  

:

Mutual Trust Bank Ltd.

Bank Address

:

Dilkusha Branch

 MNSN Tower

 60 Dilkusha C/A, Dhaka

 Tel:88- 02-7171301, 7171302, 9551627

 

 

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 Anannya Complex (4th Floor), Lane #13, D.O.H.S Baridhara, Dhaka-1206 Bangladesh. It is situated at Residential area.

 

 

GENERAL COMMENTS

The subject company is engaged in Manufacturer, Exporter, Importer, Embroidery, Dying, Printing. It is reputed company in this line of business.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.20

UK Pound

1

Rs.98.30

Euro

1

Rs.72.41

BDT

1

Rs.0.84

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               


 

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.