MIRA INFORM REPORT

 

 

Report Date :           

14.03.2012

 

IDENTIFICATION DETAILS

 

Name :

MODERN POLY INDUSTRIES LIMITED

 

 

Registered Office :

BSM Cernter, 119/122, Amin Market, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

21.09.1999

 

 

Com. Reg. No.:

CH-5322

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Manufacturer of Yarn

 

 

No. of Employees :

450

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 28,000.00

Status :

Moderate

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 30th, 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

Modern Poly Industries Limited

Address

Dhaka Building ( 1st floor), 34 Chand Meah Lane, Khatungonj, Chittagong- 4000

Country

Bangladesh

Telephone No

880-31-624372,620910,610914

Fax No

880-31-636381, 631583

E-Mail

info@modernbd.com

Website

www.modernbd.com

Established

1999

Registration Number

CH-5322

Registration Date 

21st September 1999

Legal Status

Public Limited (3rd August 2009)

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Chittagong

Business Type

Manufacturer

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

BSM CERNTER, 119/122, Amin Market, Chittagong,. Bangladesh

Telephone No

880-31-624372,610914

Fax No

880-31-610841

E-Mail

info@modernbd.com

Website

www.modernbd.com

Branch

Dhaka Building ( 1st floor), 34 Chand Meah Lane, Khatungonj, Chittagong- 4000

Telephone No

88-031-624372,620910,610914

Fax No

880-31-636381, 631583

Factory

PAB Road, Charpatharghata, P.S - Karnafully, Chittagong

Warehouse

PAB Road, Charpatharghata, P.S - Karnafully, Chittagong

 

DIRECTORS

 

Name

Mr. Abul Bashar Chowdhury

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Abu Sufian Chowdhury

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Abul Mashud Chowdhury

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mohammed Mustafa Haider

Designation

Director

Nationality

Bangladeshi

 

 

Name

Miss Farzana Afroze

Designation

Director

Nationality

Bangladeshi

 

 

Name

Miss Rizwana Afroze

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mr. Abul Bashar Chowdhury

Share Percent

1.55%

Nationality

Bangladeshi

 

 

Name

Mr. Abu Sufian Chowdhury

Share Percent

1.55%

Nationality

Bangladeshi

 

 

Name

Mr. Abul Mashud Chowdhury

Share Percent

1.55%

Nationality

Bangladeshi

 

 

Name

Mr. Mohammed Mustafa Haider

Share Percent

3.10%

Nationality

Bangladeshi

 

 

Name

Miss Farzana Afroze

Share Percent

1.55%

Nationality

Bangladeshi

 

 

Name

Miss Rizwana Afroze

Share Percent

1.55%

Nationality

Bangladeshi

 

 

Name

Mrs. Khaleda Begum

Share Percent

3.10%

Nationality

Bangladeshi

 

 

Name

Modern Hatchery Limited

Share Percent

86.07%

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturer

Items Dealing In

Yarn

Terms of Purchase

Local: Cash or Credit

Import: Cash or Credit

Terms of Sale

Local: Cash or Credit

Export: Against L/C

 

BANKERS

 

Name

Mercantile Bank Ltd

Branch

Agrabad Branch

Address

Agrabad Commercial Area, Chittagong

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

The subject has not been launched any financial after Fiscal Year 2009.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.1,000 million

Paid Up Capital

Tk.504 million

Each Share Value

Tk.10.00

 

 

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$ 28,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

450

Office Area (Sq. Ft)

2,100 sq.ft (rented)

Factory Area (Sq. Ft)

40,000 sq.ft (rented)

Warehouse Area (Sq. Ft)

3,000 sq.ft (rented)

Range of Products

4 Synthetic Yarns

Clients

4 Local Ready Made Garments Industries

Export Market

4 European Union

Certifications

NIL

Group Name

Modern Group

Subsidiaries / Affiliates

4 Modern Hatchery Limited

4 Mutual Shipping Limited

4 Novegra Network Solutions Limited

4 Modern Fibre Industries Limited

4 Modern Properties Limited

4 Masud & Brothers

4 Happy Enterprise

Enlisted With

4 Chittagong Stock Exchange Limited

4 Dhaka Stock Exchange Limited 

Member

4 Chittagong Chamber of Commerce & Industries, Chittagong

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.85

UK Pound

1

Rs.77.97

Euro

1

Rs.65.62

 

 

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.