MIRA INFORM REPORT

 

 

Report No. :

307008

Report Date :

09.02.2015

 

IDENTIFICATION DETAILS

 

Name :

EXPERIENCE CLOTHING CO. LTD

 

 

Registered Office :

Plot# 72 & 82, D.E.P.Z, Ganakbari, Saver

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

03.04.2005

 

 

Com. Reg. No.:

C-29436

 

 

Legal Form :

Private Company

 

 

Line of Business :

Engaged as Manufacturer & Exporter of Readymade Garments such  as Dresses, Jackets, Blouses, Jeans Pants, Denim Pant & Trousers for Men’s, Women’s and Children’s    

 

 

No of Employees :

3100 (85 in Office & 3015 in Factory)

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 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

:

Experience Clothing Co. Ltd

Head Office

:

Plot# 72 & 82, D.E.P.Z, Ganakbari, Saver, Bangladesh.

Tel No

:

880- 2- 7789101-3

Fax No

:

88-02-7789104

E-mail

:

info@experience-bd.com

Website

:

www.experienceclothing.com

Date of Incorporation

:

03/04/2005

Incorporation No.

:

C-29436

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorship  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

BDT  331 Million

BDT 112.60  Million

BDT 13.90  Million

July’ 13~June’ 14

BDT 372  Million

BDT 117.89  Million

BDT 16.62  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

 

Information Parted By

 

 

 

Name

:

Mr. Anwar Pervez

Designation

:

Officer (Commercial)

Contact No

:

88-01714098230

 

 

Locations Details

 

Operating Address

:

Plot# 72 & 82, D.E.P.Z, Ganakbari, Saver, Bangladesh.

Tel No

:

880- 2- 7789101-3

Fax No

:

88-02-7789104

E-mail

:

info@experience-bd.com

Website

:

www.experienceclothing.com

 

Location :

: Owned

 

 

Rented

 

 

Leased

Ö

Area

5500

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Plot # 72& 82, D.E.P.Z, Ganakbari, Savar, Bangladesh

 

Location :

   Owned

 

 

Rented

 

 

Leased

Ö

Area

32,850

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Boroda, Valuka, Mymensingh, Bangladesh 

Tel No

:

88-02-9817584

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

85

In Factory

:

3015

In Branch:

:

 

Total

:

3100

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share      

Mr. Mian Maqsood Ahmed

100

Mr. Zulfikar Maksud

450

Mr. Harun Maksud

400

Mr. Sayef Uddin

50

 

 

DIRECTORS

 

Name

Designation

Mr. Mian Maqsood Ahmed

Managing Director

Mr. Harun Maksud

Director

Mr. Zulfikar Maksud

Director

 

 

MANAGEMENT

 

Name

:

Mr. Abdul Kader Helal

Job Description

:

Ass. Manager Commercial

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Naeem

Job Description

:

Manager Merchandiser

Nationality

:

Bangladeshi

Email address

:

naeem@experience-bd.com

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Engaged as Manufacturer & Exporter of Readymade Garments such as Dresses, Jackets, Blouses, Jeans Pants, Denim Pant & Trousers for Men’s, Women’s and Children’s    

 

 

Range of Products:

Products

:

Dresses, Jackets, Blouses, Jeans Pants, Denim Pant & Trousers

Production Capacity

:

450,000 Doz. yearly

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

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

UK

 

Imports

:

China, Pakistan, USA

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

 N/A

Operation Status

:

Active

Member

:

 Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 200 Million

 

Paid-up Capital

:

BDT 100000

    No. of Shares

:

1000

Share Value

:

BDT 100.00Each

Main Assets

:

BDT 117.89 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Experience Textile Ltd.

Fazil & Co. Ltd- UK

Harry Fashion Ltd

Subsidiary

:

N/A

Name of  The Group

:

Experience Group 

 

BANKING

           

Bank Name  

:

National Bank Ltd.

Bank Address

:

Mohakhali Branch

9, Mohakhali, Dhaka,

 Bangladesh

 

 

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 Plot# 72 & 82, D.E.P.Z, Ganakbari, Saver, Bangladesh. It is at Industrial Park & their office is well decorated.

 

 

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.

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.74

UK Pound

1

Rs.94.65

Euro

1

Rs.70.79

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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.