MIRA
INFORM REPORT
|
Report Date : |
21.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MAGNET SERVICES LIMITED |
|
|
|
|
Registered Office : |
Magnet
House, 71-72, Dilkusha Commercial Area, G.P.O.Box.No.123,Dhaka-1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
2007 |
|
|
|
|
Date of Incorporation : |
8.02.1982 |
|
|
|
|
Com. Reg. No.: |
C-49785 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importers and
Suppliers |
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 DETAILS
Name: Magnet Services
Limited
Address: Magnet House,
71-72,
Dilkusha Commercial Area,
G.P.O.Box.No.123,
Dhaka-1000,
Country: Bangladesh
Tel. No. : 880-2-9566031,
Fax No. : 880-2-9564517,
E-Mail: gec@bangla.net
Incorporation No.
: C-49785
Incorporation
Date: 8th February, 1982
Legal Structure: The subject is a Private
Limited Company that was
Incorporated in the Registrar of
Joint Stock of
Companies, Dhaka.
Business Type: Importers and
Suppliers
Status: Satisfactory
Payments: No complaints have
been heard regarding payments
from local suppliers or banks.
Litigation: NIL
LOCATIONS
Head Office: Magnet House,
71-72,
Dilkusha Commercial Area,
G.P.O.Box.No.123,
Dhaka-1000,
Branch: NIL
Factory: GEC More,
O.R.Nizam
Road,
Panchlaish,
Chittagong
Warehouse: GEC More,
O.R.Nizam
Road,
Panchlaish,
Chittagong
DIRECTORS & SHAREHOLDERS
Name: Mr.M.Saiful Hoque
Designation: Chairman &
Managing Director
Name: Mr.Mahabubur
Rahman
Designation: Director
Name : Mr.A.S.M.Obaidullah
Designation : Director
Name : Mr.A.B.M.Bashad
Designation : Director
BUSINESS DETAILS
Line of Business:
Importers and
Suppliers
Terms of Sale: 1 Cash
1 Credit
BANKERS
Name: Standard Chartered
Bank
Branch: Dilkusha Branch
Address: Dilkusha
Commercial Area,
Dhaka
Name: Standard Chartered
Bank
Branch: Agrabad Branch
Address: Agrabad Commercial
Area,
Chittagong
The company performs most of the business transactions with the above
mentioned bank. No more details were provided.
FINANCIAL INFORMATION*
|
|
2007 |
2006 |
2005 |
|
Capital Investment |
Tk.55 million |
Tk.55 million |
Tk.55 million |
|
Turnover |
Tk.176 million |
Tk.173.9 million |
Tk.173.7 million |
|
Liability |
NIL |
NIL |
NIL |
|
Fixed Assets |
Tk.100 million |
Tk.100 million |
Tk.100 million |
Collected
unofficially as the subject refused to reveal any information and as such its authenticity
could not be checked
CAPITAL STRUCTURE
|
Authorized Capital |
: |
Tk.30 million |
|
Paid Up Capital |
: |
Tk.200,000.00 |
|
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 : 29
Executives-----------------2
Junior Executives--------4
Engineers- ----------------4
Field
Staffs-----------------6
General
Staffs-------------8
Technicians---------------
5
Office Area: 5,500 sq.ft (own)
Factory Area: 15,200 sq.ft (Own)
Warehouse Area: 3,000 sq.ft.(Own)
Range of Products: 1 Magnet Power
1 Magnet Equipments
Imported From: 1 China
1 USA
1 UK
1 Hong Kong
1 France
Name of the Group: GEC Group
Subsidiaries: 1 Avery Bangladesh
Limited,
1 The
Electric Company Limited,
Member 1 Dhaka Chamber of Commerce & Industries, Dhaka
COMMENTS
The subject is a private limited company who is engaged in
importing and selling of all types magnets and other related items to local
markets.
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%)