MIRA INFORM REPORT

 

 

Report Date :

18.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

KARNAPHULI LIMITED

 

 

Registered Office :

HR Bhaban, 26/1, Kakrail, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2007

 

 

Date of Incorporation :

1964

 

 

Com. Reg. No.:

C-B-101

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

All Types of Freight Forwarding including Air and Land And Sea

Transportation Services and is the Local Representative of Many Foreign Manufacturers

Also offer Customs Brokerage Service.

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

COMPANY DETAILS

 

Name:                                                   Karnaphuli Limited

 

Address:                                   HR Bhaban,

                                                26/1, Kakrail,

Dhaka-1000,

 

Country:                                    Bangladesh      

 

Tel No :                                     880-2-9334141-6,

 

Fax No :                                    880-2-8314948

 

E-Mail:                                      cmskl@karnaphuli.com

                                                kgrouphq@bol-online.com

 

Established:                              1964

                                                                                               

Incorporation No :                       C-B-101

 

Incorporation Date:                     22nd March,1991

 

Legal Structure:                         The subject is a Private Limited Company that was 

            Incorporated in the Registrar of Joint Stock of 

            Companies, Dhaka.

 

 

Business Type:                          1 Transportation

                                                1 Indenting

                                                1 Import of Commercial Products

                                                1 Customs Clearing & Forwarding

                                                1 Freight Forwarding

                                                1 Cargo Consolidation

                                                1 Shipping Agents                   

 

Status:                                      Satisfactory

 

Payments:                                No complaints have been heard regarding payments 

                                                from local suppliers or banks.

 

Litigation:                                  NIL

 

 

LOCATIONS

 

Head Office:                              HR Bhaban,

                                                26/1, Kakrail,

Dhaka-1000,

 

Telephone:                                880-2-9334141-6,

 

Fax:                                          880-2-8314948

 

E-Mail:                                      cmskl@karnaphuli.com

                                                kgrouphq@bol-online.com

 

Branch:                                    CHITTAGONG OFFICE

                                                94, Agrabad Commercial Area,

                                                Chittagong-4100

                                                Tel. 880-31-7135510-2,

                                                Fax. 880-31-710282

                                                E-Mail. klmrinal@spnetctg.com

 

                                                KHULNA OFFICE

                                                HR Bhaban

                                                34/B,Majid Shawrani Road,

                                                Sonadanga,

                                                Khulna,

                                                Tel.880-41-722890, 721382, 722886

                                                Fax.880-41-731232

                                                E-Mail.kirsl@khulna.bangla.net

 

                                     

DIRECTORS & SHAREHOLDERS

 

Name:                                       Mr.Hedayet Hossain

Designation:                             Chairman

 

Name:                                       Mr.Saber Hossain

Designation:                             Managing Director

 

 

BUSINESS DETAILS

 

Line of Business:                       1 Transportation

                                                1 Indenting

                                                1 Import of Commercial Products

                                                1 Customs Clearing & Forwarding

                                                1 Freight Forwarding

                                                1 Cargo Consolidation

                                                1 Shipping Agents       

 

Terms of Sale:                           1 Cash

                                                1 Credit

 

 BANKERS    

 

Name:                                       Standard Chartered Bank

Branch:                                     Dilkusha Branch,

 

Address:                                   Dilkusha Commercial Area,

                                                            Dhaka

 

Name :                                      United Commercial Bank Limited

Branch:                                     Main Branch,

 

Address :                                  Motijheel Commercial Area,

                                                Dhaka

                                                                                  

The company performs most of the business transactions with the above mentioned bank. No more details were provided.

 

 

FINANCIAL INFORMATION

 

 

2007

2006

2005

Capital Invested

Tk.15 million

Tk.15 million

Tk.15 million

Turnover

Tk.260 million

Tk.257.9 million

Tk.254.8 million

Liability

Tk.7 million

Tk.8 million

Tk.8.9 million

Fixed Assets

Tk.50 million

Tk.50 million

Tk.50 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

TK.50 million

Paid Up Capital

:

Tk.200,000

Each Share Value

:

Tk.100.00

 

 

EXCHANGE RATE

 

CURRENCY

UNIT

BANGLADESHI TAKA

Great Britain Pound

1

143.7238

U.S Dollar

1

 69.4023

European Euro

1

101.3730

Japanese Yen

1

   0.6176

Australian Dollar

1

 63.2055

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees:                     35

Executives--------------------8  

Junior Executives--------- 10                                                        

Field Staffs--------------------5    

                                                General Staffs--------------12    

                                               

Office Area:                               3,000 sq.ft (own)

 

Factory Area:                            N/A

 

Warehouse Area:                       3,500  sq.ft.(Own)

 

Range of Services:                     1 Project Handling

                                                1 Air Freight

                                                1 Sea Freight

                                                1 Sea & Air Services

                                                1 Customs Brokerage

                                                1 Shipping Line

                                               

Foreign Principal:                       1 Waterman Steamship Corporation---USA

                                                 

Name of the Group:                    Karnaphuli Group

 

Subsidiaries:                             1  Karnaphuli Industries Limited

1      Karnaphuli Works Limited,

1      Karnaphuli Engineering Limited,

1  Karnaphuli Distribution Services Limited                                 

 

Member                                    1 Dhaka Chamber of Commerce & Industries, Dhaka

                                                1 Bangladesh Freight Forwarder Association, Dhaka

                                               

 

COMMENTS

 

The subject is a private limited company engaged in all types of freight forwarding including air & land and sea. The company is also engaged in transportation services and is the local representative of many foreign manufacturers. Additional to that they also offer customs brokerage service.

 

The directors are well conversant in their line of trade and they are also experienced businessman. 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