MIRA INFORM REPORT

 

 

Report Date :

07.08.2007

 

IDENTIFICATION DETAILS

 

Name :

Mithu Carpet

 

 

Registered Office :

258/B,New Elephant Road, Dhaka-1205,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

March,1997

 

 

Legal Form :

Sole Proprietor

 

 

Line of Business :

Importing and selling of all types of Carpets

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME                                                                       

 

Mithu Carpet

 

 

Address

 

258/B,New Elephant Road,

Dhaka-1205,

Bangladesh

Telephones        : 880-2-8615143, 8617416

Fax                   : 880-2-8618089

E-mail               : mitutrad@bdcom.com

                                                             

 

SUMMARY

 

Established                                                                   : March,1997

Incorporation No.                                                            : N/A

Incorporation Dated                                                        : N/A

Status                                                                           : Satisfactory

Proprietor & CEO                                                           : Mr.Amirul Islam

Payment                                                                       : Regular

Litigation                                                                       : Nil

Capital Invested                                                             : Tk.7 million

Sales                                                                            : Tk.80 million

Employees                                                                    : 10                                                                                                                                                                   Executives-                              2

                                                                                     Junior Executives-                     2                     

                                                                                     Sales Staffs-                             4

                                                                                     General Staffs-                          2

 

 

BANK

 

Islami Bank Bangladesh Ltd

New Elephant Road,

Dhaka

 

                                                                        

BRANCH

 

NIL

 

 

FACTORY

 

N/A

 

 

SHOWROOM AREA

 

650 sq.ft.(rented)

 

 

FACTORY AREA

 

N/A

 

 

WAREHOUSE AREA

 

1,200 sq.ft (rented)

 

 

PROPRIETOR

 

Mr.Amirul Islam

 

           

HISTORY

 

The subject was established in March,1997 by Mr.Amirul Islam in Dhaka city.

 

 

BUSINESS

 

The company is  engaged in importing and selling of all types of Carpets.

 

 

ITEMS DEALING IN

                       

Carpets & Rugs

Door Mats

Cushion Mats

Carpet Tiles

                                                                                               

           

PRODUCTION POSITION

 

Yearly Production Capacity                     :  N/A

Last year Production                              :  N/A

 

 

IMPORTED FROM

 

Oriental Weavers---Egypt

MAC-----------------Egypt

Devos-Caby--------Belgium

LG PVC Floor Cover-Korea

 

 

TERMS OF SALES

 

Cash

Credit

 

 

NAME OF GROUP

                                   

NIL

 

 

SISTER CONCERN

 

N/A

 

 

MEMBER

                              

Dhaka Chamber of Commerce & Industries,

Dhaka,

 

 

LEGAL FORM

 

The subject is a proprietorship company

 

 

FINANCIAL INFORMATION    

 

                                    2006                             2005                             2004

 

Capital Invested             Tk.7 million                    Tk.7 million                    Tk.7 million

 

Turnover                        Tk.80 million                  Tk.78.3 million               Tk.79.8 million

 

Liability                         Tk.2.2 million                 Tk.2.6 million                 Tk.2.7 million

 

Fixed Assets                 Tk.5 million                    Tk.5 million                    Tk.5 million                   

           

 

CAPITAL STRUCTURE

 

Authorized Capital                      N/A

 

Paid up Capital                          N/A

 

Each share value                       N/A

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.129.1870

US Dollar                      1.00=Tk. 68.6654

Europe Euro                  1.00=Tk. 87.0154

Japanese Yen                1.00=Tk.  0.5831

Australian Dollar            1.00=Tk. 52.3228

 

 

COMMENTS

 

The subject is a proprietorship engaged as importing and selling of all types carpets. The company is well known in the local market. The quality of their products are of international standard and so naturally is a little expensive.

 

The proprietor is a well conversant in their line of trade. He is financially solvent and good at their business commitments, it is reported.

 

The company is good for normal business engagements.

 

 

                                   

 

         

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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