MIRA INFORM REPORT

 

 

Report Date :

28.06.2007

 

IDENTIFICATION DETAILS

 

Name :

Sorna Rice Mill

 

 

Registered Office :

Ballavpur, Poradaha, District : Kustia

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

January,1988

 

 

Legal Form :

Proprietorship Company

 

 

Line of Business :

Engaged in purchasing rice and selling it after milling and refining/ cleaning.

 

 

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

 

 

Report on  

 

Sorna Rice Mill

 

 

Address

 

Ballavpur,

Poradaha,

District : Kustia

Bangladesh.

Telephones        : 880-71-55153

                          880-1714-235607

Fax                   : NIL

E-mail               : NIL

                                                                                     

                                                             

SUMMARY

 

Established                               : January,1988

Incorporation No.                        : N/A

Incorporation Dated                    : N/A

Proprietor & CEO                       : Mr. Abdus Samad

 

 

Employees 

 

15

 

Executives-                   2

Junior Executive-            4

Sales Staffs-                  4

General Staffs-               5

 

                                                           

BANK

 

Arab Bank Bangladesh Limited

Kustia Branch,

Kustia

 

                                                           

BRANCH

                                                                       

NIL                                                                      

 

 

 

 

 

 

 

FACTORY

 

Ballavpur,

Poradaha,

District : Kustia

 

 

OFFICE AREA

 

850  sq. ft.(own)

 

                                   

FACTORY AREA

 

18,000 sq. ft (own)

 

 

WAREHOUSE AREA

 

3,000 sq. ft (own)

 

 

PROPRIETOR

 

Mr. Abdus Salam

 

                                                           

HISTORY

 

The subject was established in January, 1988 by Mr. Abdus Salam at Ballavpur, Poradaha district : Kustia for milling rice.

                                               

 

BUSINESS

 

The company is a engaged in purchasing rice and selling it after milling and refining/ cleaning.

 

 

ITEM DEALING IN

 

Rice     

 

                                                                       

PRODUCTION POSITION

 

Production Capacity       : 10,000 m/tons

Last year Production      : 6,800 m/tons

 

 

TERMS OF SALES

 

Cash

Credit

 

 

NAME OF GROUP

                                   

NIL

 

 

SISTER CONCERN

 

NIL

                                                                       

 

MEMBER

 

Kushtia Chamber of Commerce & Industries, Kushtia

 

 

LEGAL FORM

 

The subject is a proprietorship company

 

 

FINANCIAL INFORMATION    

 

                                    2006                             2005                             2004    

                       

Capital Invested             Tk.35 million                  Tk.35 million                  Tk.35 million     

 

Turnover                        Tk.170 million                Tk.169.4 million             Tk.169.7 million

                                   

Liability                         Tk.5.9 million                 Tk.6.8 million                 Tk.7.3 million

                                   

Fixed Assets                 Tk.50 million                  Tk.50 million                  Tk.49 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      N/A

Paid up Capital                          N/A

Each share value                       N/A

 

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.130.9764

US Dollar                      1.00=Tk. 69.8000

Europe Euro                  1.00=Tk. 89.3847

Japanese Yen                1.00=Tk.  0.6098

Australian Dollar            1.00=Tk. 53.3891

 

 

COMMENTS

 

The subject is a proprietorship company engaged in the business of procuring rice and selling it after milling and refining. The company is quite well known in the local area.

 

The proprietor Mr. Abdus Samad is well acquainted in his line of trade. He is financially solvent and good at their business commitment, 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