MIRA INFORM REPORT

 

 

Report Date :

14.03.2012

 

IDENTIFICATION DETAILS

 

Name :

FAR GROUP

 

 

Registered Office :

M.L. Tower (5th Floor), 1, East Rampura, D.I.T Road, Dhaka-1219

 

 

Country :

Bangladesh

 

 

Year of Establishment :

1999

 

 

Legal Form :

The members of the group are public & private limited

 

 

Line of Business :

Manufacturing, Exporting, Selling & Service Providing of Yarn, Ready-Made Garments & Others

 

 

No. of Employees :

7,400

 

 

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

 

Maximum Credit Limit :

US$ 60,000.00

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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

Far Group

Address

M.L. Tower (5th Floor), 1, East Rampura, D.I.T Road, Dhaka-1219

Country

Bangladesh

Telephone No

880-2-9337472, 9338232, 8312878

Fax No

880-2-9337862

E-Mail

info@fargroupbd.com

Website

www.fargroupbd.com

Established

1999

Company Registration No

N/A

Registration date

N/A

Legal Status

The members of the group are public & private limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka

Business Type

Manufacturer, Exporter, Seller & Service Provider  

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

M.L. Tower (5th Floor), 1, East Rampura, D.I.T Road, Dhaka-1219

Telephone No

880-2-9337472, 9338232, 8312878

Fax No

880-2-9337862

E-Mail

info@fargroupbd.com

Website

www.fargroupbd.com

Branch

NIL

Factory

4 Zamirdia, 10-Hobirbari, Bhaluka, Mymensingh

4 Plot no. 100-107&127-134, CEPZ, Comilla

Factory Telephone No

N/A

Factory Fax No

N/A

Warehouse

4 Zamirdia, 10-Hobirbari, Bhaluka, Mymensingh

4 Plot no. 100-107&127-134, CEPZ, Comilla

 

 

DIRECTORS

 

Name

Al-Haj Mustafizur Rahman

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Md. Abdul Kader Faruk

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Abdul Quayum Mamun

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mrs. Shirin Faruk

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Abid Mostafizur Rahman)

Designation

Director

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturing, Exporting, Selling & Service Providing  

Items Dealing In

Yarn, Ready-Made Garments & Others

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Local: Cash or Credit

Export: Against L/C

 

 

BANKERS

 

Name

National Bank Limited

Branch

Dilkusha Branch

Address

Dilkusha C/A, Dhaka

SWIFT

N/A

 

 

Name

AB Bank Limited

Branch

Dilkusha Branch

Address

Dilkusha C/A, Dhaka

SWIFT

N/A

 

 

Name

Bank Asia Limited

Branch

Motijheel Branch

Address

Motijheel C/A, Dhaka

SWIFT

N/A

 

 

Name

The City Bank Limited 

Branch

Motijheel Branch

Address

Motijheel C/A, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

Year

2011

2010

 

2009

Investment

Tk.5.4 billion

Tk.4 billion

Tk.4 billion

Turnover

Tk.8.3 billion

Tk.7.4 billion

Tk.7 billion

Liability

Tk.52 million

Tk.53.6 million

Tk.54 million

Assets

Tk.6 billion

Tk.5 billion

Tk.5 billion

 

 

CAPITAL STRUCTURE

 

Authorized Capital

N/A

Paid Up Capital

N/A

Each Share Value

N/A

 

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

127.9530

U.S Dollar

1

81.7800

European Euro

1

107.6061

 

 

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

 

 

MAXIMUM RECOMMENDED CREDIT

 

Amount

Based On

US$ 60,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

7,400

Office Area (Sq. Ft)

3,200 sq.ft (rented)

Factory Area (Sq. Ft)

120,000 sq.ft (rented)

Warehouse Area (Sq. Ft)

20,500 sq.ft. (Rented)

Range of Products

4 Yarns

4 Ready-Made Sweaters

4 Ready-Made Garments

4 Building Construction

4 Residential Hotel

Export Market    

4 USA

4 Korea

4 Canada

4 Italy

Raw Materials From

4 M/s. Oxley Trading Limited, New Zealand

4 M/s. Darlon GmbhH Ltd., Germany

Certifications

NIL

Group Name

N/A

Group Companies

4 R.N. Spinning Mills Limited

4 M.L. Dying Limited

4 Far Apparels Limited

4 Far Homes Limited

4 Hotel Royal  

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

4 Bangladesh Textile Mills Association

4 Bangladesh Garments Manufacturers & Exporters Association

4 Real Estate & Housing Association of Bangladesh

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.84

UK Pound

1

Rs.77.97

Euro

1

Rs.65.61

 

 

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.