MIRA INFORM REPORT

 

 

Report No. :

357578

Report Date :

31.12.2015

 

IDENTIFICATION DETAILS

 

Name :

GENERATION NEXT FASHIONS LIMITED

 

 

Registered Office :

House # 348, Road # 05, DOHS Baridhara, Dhaka-1206

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2015

 

 

Date of Incorporation :

19.08.2004

 

 

Com. Reg. No.:

C-53966

 

 

Legal Form :

Public Listed Co      

 

 

Line of Business :

Manufacturer, Exporter and Importer of T- Polo Shirt, T- Shirt, Men Polo Shirt Short Sleeve, Ladies Polo Shirt, Short Sleeve, Basic T- Shirt and Printed T- Shirt, Women’s or Girls Trouser, Ladies Pant, Ladies Jacket, Men’s 2PK Woven Short Trial, Basic T- Shirt, Static T- Shirt, Ladies Night Wear Set, Military Jogger, Women Flannel Trouser, Basic Drive + Fusion Tee, Ladies Tank Top

 

 

No. of Employee :

3000

 

 

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

 

The Guyanese economy exhibited moderate economic growth in recent years and is based largely on agriculture and extractive industries. The economy is heavily dependent upon the export of six commodities - sugar, gold, bauxite, shrimp, timber, and rice - which represent nearly 60% of the country's GDP and are highly susceptible to adverse weather conditions and fluctuations in commodity prices. Guyana's entrance into the Caricom Single Market and Economy (CSME) in January 2006 has broadened the country's export market, primarily in the raw materials sector. Guyana has experienced positive growth almost every year over the past decade. Inflation has been kept under control. Recent years have seen the government's stock of debt reduced significantly - with external debt now less than half of what it was in the early 1990s. Chronic problems include a shortage of skilled labor and a deficient infrastructure. Despite recent improvements, the government is still juggling a sizable external debt against the need for expanded public investment. In March 2007, the Inter-American Development Bank, Guyana's principal donor, canceled Guyana's nearly $470 million debt, equivalent to 21% of GDP, which along with other Highly Indebted Poor Country (HIPC) debt forgiveness, brought the debt-to-GDP ratio down from 183% in 2006 to 58% in 2014. Guyana had become heavily indebted as a result of the inward-looking, state-led development model pursued in the 1970s and 1980s. Much of Guyana's growth in recent years has come from a surge in gold production in response to global prices, although downward trends in gold prices may threaten future growth. In 2014, production of sugar dropped to a 24-year low.

 

Source : CIA

 

Company name

 

GENERATION NEXT FASHIONS LIMITED

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

GENERATION NEXT FASHIONS LIMITED

Head Office

:

House # 348, Road # 05, DOHS Baridhara, Dhaka-1206, Bangladesh.

Tel No

:

88-02-8413189, 8410190, 8414302, 8412625, 8411623, 8419210

Fax No

:

88-02-8826491

E-mail

:

info@gnf-bd.com

Website

:

www.gnf-bd.com

Date/ Year of Incorporation

:

19.08.2004

Incorporation No.

:

C-53966

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)

31.12.2014

BDT 1,971,972,005

(01.01.2014~30.09.2014)

BDT 4,603,066,077

BDT 372,666,196

(01.01.2014~30.09.2014)

30.09.2015

BDT 2,040,922,734

(01.01.2015~30.09.2015)

BDT 4,865,287,707

BDT 330,786,856

(01.01.2015~30.09.2015)

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. M.A Hayee

Designation

:

General Manager (Admin, HR & Compliance)

Contract No

:

N/A

 

                                                               Locations Details

 

Operating Address

:

House # 348, Road # 05, DOHS Baridhara, Dhaka-1206, Bangladesh.

Tel No

:

88-02-8413189, 8410190, 8414302, 8412625, 8411623, 8419210

Fax No

:

88-02-8826491

E-mail

:

info@gnf-bd.com

Website

:

www.gnf-bd.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

:

Dhonaid, Earpur, Savar, Dhaka, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

3, 50,000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

80

In Factory

:

2920

In Branch:

:

 

Total

:

3000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

 No. of Share     

Mr. Tauhidul Islam Chaudhury

6014549

Mr. Rajiv Sethi

2343300

Mr. Md. Akhter

11812290

Mr. Javed Opgenhaffen

9310091

New England Equity Ltd.

13000000

Mehmood Equities Ltd.

2350000

Assign Holding Ltd.

150000

Meghna Life Insurance Co. Ltd.

50000

Karnaphuli Insurance Co. Ltd.

50000

Olympic Industries Limited

100000

BRAC Bank Limited

1000000

Cosmopolitan Traders (Pvt.) Ltd.

700000

Marina Tea Company Limited

100000

Monipur Tea Company Limited

100000

BRAC EPL Stock Brokerage Ltd.

1000000

Beximco Holdings Limited

13000000

Mercantile Securities Limited

100000

IFIC Securities Limited

2000000

Equity Growth Ltd

2798000

Absolute Return Ltd

1245000

Agrovita Limited

1000000

General Public

48941770

 

 

DIRECTORS

 

Name

Designation

Mr. Tauhidul Islam Chaudhury

Chairman

Mr. Javed Opgenhaffen

Managing Director

Mr. Mohd. Akhter

Director

Mr. Rajiv Sethi

Director

Mr. Mark Niranjan Chowdhury

Director

Mr. Ratan Sengupta

Independent Director

Mr. Atiar Rahman

Independent Director

 

 

MANAGEMENT

 

Name

:

Mr. M.A Hayee

Job Description

:

General Manager (Admin, HR & Compliance)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

T- Polo Shirt, T- Shirt, Men Polo Shirt Short Sleeve, Ladies Polo Shirt, Short Sleeve, Basic T- Shirt and Printed T- Shirt, Women’s or Girls Trouser, Ladies Pant, Ladies Jacket, Men’s 2PK Woven Short Trial, Basic T- Shirt, Static T- Shirt, Ladies Night Wear Set, Military Jogger, Women Flannel Trouser, Basic Drive + Fusion Tee, Ladies Tank Top

Production Capacity

:

Garments: 13, 10,000 Dozens

Fabrics: 5,000 MT

Dyeing: 5,000 MT

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

 

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

:

Europe

 

Imports

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

Ata Khan & Co Chartered Accountants

67, Motijheel C/A, Dhaka-1000, Bangladesh

Operation Status

:

Active

Member

:

Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 2000 Million

 

Paid-up Capital

:

BDT 1171650000

 No. of Shares

:

117165000

Share Value

:

BDT10.00Each

Main Assets

:

BDT 4,865,287,707

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

Currency

BDT

 

Denomination

: 1

 

Financial Year Ending

: 30.09.2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement :

 

  Currency

:BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 30.09.2015

 

 

 

 

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

 

Bank Name  

:

IFIC Bank Limited

Exim Bank Limited

Prime Bank Limited

Jamuna Bank Limited

National Bank Limited

Southeast Bank Limited

 

 

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 # 348, Road # 05, DOHS Baridhara, Dhaka-1206, Bangladesh. It is Situated at Commercial area.

 

 

GENERAL COMMENTS

The subject company is engaged in manufacturer & Exporter. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.42

UK Pound

1

Rs.98.54

Euro

1

Rs.72.60

BDT

1

Rs. 0.85

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ASH

 

 

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.