MIRA INFORM REPORT

 

 

Report No. :

342835

Report Date :

29.09.2015

 

IDENTIFICATION DETAILS

 

Name :

LEGACY FASHION LIMITED

 

 

Registered Office :

HG Tower, 1182, Nur Ahmed Road, (Jublee Road), Love Lane, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

01.08.2004

 

 

Com. Reg. No.:

CH-5148

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacturer and Exporter Pant, Cargo Shorts, Shirt, Denim Shirt, Ladies Blouse, Shorts, Jumper, Jacket

 

 

No. of Employees :

3219

 

 

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 :

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

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Legacy Fashion Limited

Head Office

:

HG Tower, 1182, Nur Ahmed Road, (Jublee Road), Love Lane,

 Chittagong, Bangladesh.

Tel No

:

88-031-2868204-7, 2868841-3

Fax No

:

88-031-2868208

E-mail

:

info@valiantbd.com

Website

:

www.habibgroupbd.com

Date/ Year of Incorporation

:

01.08.2004

Incorporation No.

:

CH-5148

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)

July’ 13~June’ 14

BDT 2155.35  Million

BDT 1061.65 Million

BDT 118.52 Million

July’ 14~June’ 15

BDT 2481.47 Million

BDT 1128.13 Million

BDT 137.95 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. Rafiqui Uddin Siddiqui

Designation

:

General Manager

Contract No

:

N/A

 

 

Locations Details

 

Operating Address

:

HG Tower, 1182, Nur Ahmed Road, (Jublee Road), Love Lane,

 Chittagong, Bangladesh.

Tel No

:

88-031-2868204-7, 2868841-3

Fax No

:

88-031-2868208

E-mail

:

info@valiantbd.com

Website

:

www.habibgroupbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

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

:

BSCIC Industrial Estate, Kalurghat, Chittagong,Bangladesh

Tel No

:

88-031-670365,671529

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

2,47,517

Sq. ft.

 

Registered Address:

 

 

 

Address

:

220, Strand Road Chittagong-4000, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Branches:

 

 

 

 

 

Address

:

Plot # 10 A, House# 153/A, (2nd floor), Gulshan Avenue, Gulshan-2, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9883744, 8835719

Fax No

:

88-02-8826437

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

48

In Factory

:

3171

In Branch:

:

 

Total

:

3219

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Yakub Ali

5300

Mr. Md. Yasin Ali

5300

Mr. Tanvir Habib

2318

Mrs. Amina Mahabub

3662

Ms. Tanima Mahabub

1160

Ms. Sarfinaz Mahabub

1160

Ms. Anjuman Ara Begum

3000

Ms. Salma Yasin

3000

Anowara Fashion Limited

25100

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Yasin Ali

Managing Director

Mr. Tanvir Habib

Director

Mrs. Amina Mahabub

Director

Ms. Tanima Mahabub

Director

Ms. Sarfinaz Mahabub

Director

Ms. Anjuman Ara Begum

Director

Ms. Salma Yasin

Director

Mr. Yakub Ali

Director

 

 

MANAGEMENT

 

Name

:

Mr. Rafiqui Uddin Siddiqui

Job Description

:

General Manager

Nationality

:

Bangladeshi.

Email address

:

rafiqui@valiantbd.com

Other details

:

N/A

 

Name

:

Mr. Rupom Das

Job Description

:

Commercial

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

:

Woven Pant, Cargo Shorts, Shirt, Denim Shirt, Ladies Blouse, Shorts, Jumper, Jacket

Production Capacity

:

4, 00,000 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

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Wall-Mart,

PVH,

May’s,

VF Asia,

Kohl’s

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Europe, USA

 

Imports

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

 Bangladesh Garments Manufacturer & Exporters Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT30 Million

 

Paid-up Capital

:

BDT50,00,000

 No. of Shares

:

50,000

Share Value

:

BDT100.00Each

Main Assets

:

BDT 1128.13 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Habib Salt

Regent Power

HG Aviation Ltd.

Noor Garments Ltd.

Anowara Paper Mill

Habib Steels Limited

Valiant Fashions Ltd.

Valiant Garments Ltd.

Diamond Cement Ltd. 

Anowara Apparels Ltd

Regent Textile Mills Ltd

Regent Weaving Limited

Regent Spinning Mills Ltd

Mudys Navigation Limited

Anowara Fashions Limited

MTS Re-rolling mills Limited

Tariq‑Adib Heimtex Mills Ltd.

Habib Shares and Securities Ltd

Bangladesh Fertilizers & Agrochemicals Limited.

Subsidiary

:

Nil

Name of  The Group

:

Habib Group.

 

 

BANKING

 

Bank Name  

:

Commercial Bank of Ceylon

 

Bank Address

:

Agrabad Branch

Chittagong Branch

71, Agrabad c/A, P. O. Box 787, Chittagong

Ph# (88 031) 713325-7

 

Bank Name  

:

Exim Bank Ltd.

Bank Address

:

Agrabad Branch

World Trade Center,

102,103 Agrabad C/A, Chittagong

Bangladesh

Phone: 88-031-727657, 727658, 2510733, 2511264

 

 

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 HG Tower, 1182, Nur Ahmed Road, (jublee Road), Love Lane, Chittagong, Bangladesh. It is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be average. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.08

UK Pound

1

Rs.100.32

Euro

1

Rs.73.81

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

TRU

 

               

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.