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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

516693

Report Date :

25.06.2018

 

IDENTIFICATION DETAILS

 

Name :

PROGRESS APPARELS (BANGLADESH) LIMITED

 

 

Registered Office :

House# 490 Road# 08 (East) New DOHS Baridhara, Dhaka-1206,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

23.06.2015

 

 

Com. Reg. No.:

C-124366

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Shirts, Blouses, Trousers & Pants

 

 

No. of Employees :

800

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

Country Name

Previous Rating

(31.12.2017)

Current Rating

(01.04.2018)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 2005 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 $28 billion in FY 2016-17. The sector continues to grow despite the need for improvements in factory safety conditions and workers’ rights to avert further high-profile accidents that killed more than 1,000 workers in 2012 and 2013. In FY 2016-17, steady export growth in the garment sector, combined with $13 billion in remittances from overseas Bangladeshis, contributed to Bangladesh's rising foreign exchange reserves.

 

The recent influx of over 700,000 additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of record flooding. Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in 2018, represent a major step forward in resolving a key growth bottleneck.

 

Source : CIA

 

 

 

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

Correct company Name

:

Progress Apparels (Bangladesh) Limited

Head Office

:

House# 490 Road# 08 (East) New DOHS Baridhara, Dhaka-1206,

 

Bangladesh

Tel No

:

88-02-8991290

Fax No

:

Nil

E-mail

:

imtiaz.miah@progress-bd.com

Website

:

Nil

Date/ Year of Incorporation

:

23.6.2015

Incorporation No.

:

C-124366

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

 

 

Other Registry & Certification Details

 

 

Value Added Tax(VAT) No

:

2109101109

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

31st March’2017

N/A

N/A

N/A

 

Note

:

SC’s didn’t submit financials to local registry office. Therefore no financials are available for this entity.

 

 

INQUIRER SPECIFIED CREDIT –TRADE FINANC

 

Recommended Credit Range

:

USD 26,000 based on 90 days.            

 

FULLCHECK REPORT DETAILS

Information Parted By

Name

:

Mr. Abu Jafar (Hasan)

Designation

:

Ass. Manager (Accounts & Finance)

Contract No

:

88-01712904047

 

 

Locations Details

Operating Address

:

House# 490 Road# 08 (East) New DOHS Baridhara, Dhaka-1206,

Bangladesh

Tel No

:

88-02-8991290

Fax No

:

Nil

E-mail

:

imtiaz.miah@progress-bd.com

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

Semi-commercial office Bldg.

 

 

Retail shop

 

Industrial Park

 

Business Center

 

Home Office

 

Residential Bldg.

Ö

 

 

Factory Address Unit-1:

 

 

 

Address

:

M.S-S.F.B# 01 & 02 Adamjee EPZ, Dhaka-1213, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

 

Factory Address Unit-2:

 

 

 

Address

:

Ishwardi, Pabna, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

 

Branch Address:

 

Address

:

Doyel Center (3rd & 5th Floor), 15, Sonargon Janapatah Road,

Dhaka, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

No. of Employees 

 

In Office

:

220

In Factory

:

780

In Branch:

:

N/A

Total

:

800

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Progress Manufacturing Group Limited

40091

Mr. Ajai Singh

1

Mr. Makam Suryanarayan Settee Omprakash

10

Mr. Pallak Seth

10

 

 

DIRECTORS

 

Name

Designation

Mr. Muhammad Shahed Mahmud

Managing Director

Mr. Makam Suryanarayan Settee Omprakash

Director

Mr. Pallak Seth

Director

Mr. Ajai Singh

Director

 

 

Management

 

Name

:

Mr. Muhammad Shahed Mahmud

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713248836

 

Name

:

Mr. Abu Jafar (Hasan)

Job Description

:

Ass. Manager (Accounts & Finance)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01712904047

 

Name

:

Mr. Imtiaz

Job Description

:

Manager (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01708152479

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Item dealing in:

 

Products

:

Shirts, Blouses, Trousers & Pants

Production Capacity

:

N/A

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

:

Europe

 

Imports

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 100 Million

 

Paid-up Capital

:

BDT 4011200

 

No. of Shares

:

40112

 

Share Value

:

BDT100.00Each

 

Main Assets

:

N/A

 

 

FINANCIAL STATEMENT- DETAILED

 

SC’s didn’t submit financials to local registry office. Therefore no financials are available for this entity.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Twins Asia Limited

Grupo Sourcing Limited

JJ Star Industrial Limited

Green Smart Shirts Limited

Multi Tech Venture Limited

Nor Lanka Progress Pvt. Limited

Green Apparel Industries Limited

Redwood Internet Ventures Limited

Digital Internet Technologies Limited

Progress Manufacturing Group Limited

Subsidiary

:

Nil

Name of  The Group

:

PDS Group

 

 

BANKING

 

Bank Name  

:

Commercial Bank of Ceylon

Bank Address

:

Gulshan Branch

49, Gulshan Avenue, Dhaka-1212, Bangladesh

Tel: 88-02-8824275, 8813125

Fax: 88-02- 8824147

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Gulshan Office

House No SWG-2, Gulshan Avenue, Dhaka-1212 Bangladesh

Tel: 88-02-9890123

 

 

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# 490 Road# 08 (East) New DOHS Baridhara, Dhaka-1206, Bangladesh. It is Situated at Residential Area.

 

 

GENERAL COMMENTS

Based on the financial statements, SC’s financial performance appears to be Below Average. SC has been in its line of business for about 3 years. Taking into account its standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in C.O.D to small amount.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.76

UK Pound

1

INR 89.95

Euro

1

INR 78.85

BDT

1

INR 0.81

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

SUJ

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.