MIRA INFORM REPORT

 

 

Report Date :

18.09.2007

 

IDENTIFICATION DETAILS

 

Name :

Shaw Wallace Bangladesh Ltd

 

 

Registered Office :

P. O. Box No.12, Rashid Building, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

1948

 

 

Com. Reg. No.:

C-4187

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in shipping business.

 

 

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

 

Shaw Wallace Bangladesh Ltd

 

 

Address     

 

P. O. Box No.12,

Rashid Building,

Chittagong,

Bangladesh

Telephones                    : 880-31-710416, 716271-5, 710669

Fax                               : 880-31-710245

E-mail                           : swbl@spnetctg.com

                                                                                   

 

SUMMARY

 

Established                                           : 1948

Incorporation No.                                    : C-4187

Incorporation Dated                                : 1st January, 1972

Managing Director & CEO                       : Mr. Mijanur Rahman

 

 

Employees       

 

326                                                                                                                                         

 

Executives-                 5

Junior Executives-      9                 

Ship Captains-          12

Ship Officers-          120

Ship Crew-              135

Support  Staffs-        20      

General Staffs-         25                    

 

 

BANK

 

Standard Chartered Bank

Agrabad Branch,

Chittagong

 

State Bank of Seylon

Agrabad Branch,

Chittagong,

  

 

BRANCH

 

Rupayan Centre (15th Floor),

72, Mohakhali Commercial Area,

Dhaka-1212,

Bangladesh

Tel: 880-2-9895760, 9895747, 8826987

Fax: 880-2-9899112

E-mail: sw@citechco.net

 

65, Shamsur Rahman Road,

Khulna-9100,

Tel.880-41-721220, 721205

Fax.880-41-725763

E-Mail.swl@akijonline.com

 

 

FACTORY

 

N/A

                                                                       

 

OFFICE AREA

 

3,600 sq. ft. (rented)

 

                                   

FACTORY AREA

 

N/A

 

 

WAREHOUSE AREA

 

8,500 sq. ft (rented)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. Rezaur Rahman       - Chairman 

Mr. Mijanur Rahman      - Managing Director

Mr. Moinuddin

 

 

HISTORY

 

The subject was established in January, 1972 by Mr.Mijanur Rahman and the other directors in Chittagong city.

 

 

BUSINESS

 

The company is engaged in shipping business

 

 

FOREIGN PRINCIPALS             

                                               

Hapag-LIoyd Aktiengesellschaft, Hamburg

Ballindamm 25.20095 Hamburg, Germany

                                               

                                                           

MEMBER

 

Bangladesh Shipowners Association, Chittagong.

Chittagong Chamber of Commerce & Industries, Chittagong

                       

 

LEGAL FORM

 

The subject is a private limited company incorporated with the Registrar of Joint Stock of Companies Dhaka.

 

 

FINANCIAL INFORMATION*   

 

                                    2006                             2005                             2004

 

Capital Invested             Tk. 15 million                 Tk. 15 million                 Tk. 14.5 million

 

Turnover                        Tk. Tk.250 million           Tk. Tk.248 million           Tk. Tk.248 million

 

Liability                         NIL                               NIL                               NIL

 

Fixed Assets                 Tk. 10 million                 Tk. 10 million                 Tk. 10 million    

 

*The subject refused to reveal any financial information. All information was collected unofficially and as such its authenticity could not be checked.

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.100 million

 

Paid up Capital                          Tk.40 million

 

Each share value                       Tk.100.00

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.140.1706

US Dollar                      1.00=Tk. 69.4850

Europe Euro                  1.00=Tk. 94.9041

Japanese Yen                1.00=Tk.  0.5712

Australian Dollar            1.00=Tk. 59.7270

 

COMMENTS

 

The subject is a private limited company engaged in as a shipping agent. The subject represents the two giants in shipping business Hapag-lloyd and Balindamm. Their major clients include the ready made garment industries, leather good exporters and the frozen food exporters and they are well reputed among their clients.

 

The directors are well conversant in their line of trade. They are 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.

 

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