MIRA INFORM REPORT

 

 

Report Date :

05.07.2012

 

IDENTIFICATION DETAILS

 

Name :

MODERN SEAFOOD INDUSTRIES LIMITED

 

 

Registered Office :

4 T B Boundary Road, Khulna 9100.

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

18.10.1988

 

 

Com. Reg. No.:

3-205

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Processor & Exporter of Frozen Sea Foods

 

 

No. of Employees :

200

 

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

 

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

COMPANY DETAILS

 

Name

Modern Seafood Industries Limited

Factory Address

Bagmara East Rupsha, Khulna

Country

Bangladesh

Telephone No

88-041-722221, 721774, 811267

Fax No

88-04-730478

E-Mail

rainbowbrand@gmail.com

Website

www.rainbowbrand.com

Established

1988

Company Registration No

3-205

Registration date

18th October 1988

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock Companies, Khulna 

Business Type

Processor & Exporter

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments

from local suppliers or banks.

 

 

LOCATIONS

 

Registrar / Head Office

4 T B Boundary Road, Khulna 9100. Bangladesh

Telephone No

88-041-722221, 721774, 811267

Fax No

88-041-730478

E-Mail

rainbowbrand@gmail.com

Website

www.rainbowbrand.com

Branch

NIL

Factory

Bagmara East Rupsha, Khulna

Factory Telephone No

88-041-800212, 800216, 800405

Factory Fax No

88-041-800212, 800216, 800405 EXT: 30

Warehouse

Bagmara East Rupsha, Khulna

 

 

 

 

DIRECTORS

 

Name

Mr. Mohammad Rezaul Hoque

Designation

Chairman & Managing Director

Nationality

Bangladeshi

 

 

Name

Mrs. Hasna Hena

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mehedi Hasan

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mr. Mohammad Rezaul Hoque

Share Percent

60%

Nationality

Bangladeshi

 

 

Name

Mrs. Hasna Hena

Share Percent

20%

Nationality

Bangladeshi

 

 

Name

Mr. Mehedi Hasan

Share Percent

20%

 

BUSINESS DETAILS

 

Line of Business

Processor & Exporter

Items Dealing In

Frozen Sea Foods

Terms of Purchase

Local: Cash or Credit

Terms of Sale

Export: Against L/C

 

BANKERS

 

Name

Uttara Bank Ltd

Branch

Khulna Branch

Address

Khulna

SWIFT

N/A

 

 

Name

Janata Bank

Address

Khulna Branch

 

 

FINANCIAL INFORMATION

 

Year

2011

2010

 

2009

Investment

Tk.18 million

Tk.18 million

Tk.15 million

Turnover

Tk.100.6 million

Tk.100 million

Tk.94.2 million

Liability

NIL

NIL

NIL

Assets

Tk.25 million

Tk.25 million

Tk.20 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.10 million

Paid Up Capital

Tk.150,000.00

Each Share Value

Tk.100.00

 

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

127.3602

U.S Dollar

1

81.8300

European Euro

1

102.0256

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Records Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

Information parted by

(General Details)

 

Name

Mr. Monir

Designation

Commercial Manager

Contact

88-041-721774

Date

03.07.2012

 

 

GENERAL INFORMATION

 

Employees

200

Office Area (Sq. Ft)

1,200 sq.ft (rented)

Factory Area (Sq. Ft)

18,000 sq.ft (rented)

Warehouse Area (Sq. Ft)

5,800 sq.ft (rented)

Range of Products

4 Black Tiger  Block Frozen Count
4 Black Tiger  HLSO   Frozen Count IQF
4 Black Tiger  PDTO  Frozen Count IQF
4 Black Tiger  HOSO   Frozen Count
4 Black Tiger PDTO Block Frozen  
4 Fresh Water Hl So Frozen Count
4 Fresh Water Frozen Count 
4 TITI Shrimp Cooked (The Pink One) Frozen Count
4 Bt Cooked Frozen Count

Export Market

4 Global

Customer

Wholesaler, Retailers, End Users

Brand Name

4 Rainbow

Certifications

4 ISO 22000
4 EU Approved
4 HACCP
4 USA FDA Registration

Group Name

NIL

Subsidiaries / Affiliates

4 Bright Sea Food Ltd 

Member

4 Bangladesh Frozen Foods Exporters Association, Dhaka

4 Khulna Chamber of Commerce & Industries, Khulna

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Fairly Large

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.55

UK Pound

1

Rs.85.48

Euro

1

Rs.68.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

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

--

NB

New Business

 

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.