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Report Date : |
02.10.2012 |
IDENTIFICATION DETAILS
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Name : |
GEMINI SEA FOOD LIMITED |
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Registered Office : |
116, Arjatpara, Mohakhali C/A, Dhaka-1215 |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
03.04.1982 |
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Legal Form : |
Public Limited |
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Line of Business : |
Producer, Processor & Exporter of Sea Food |
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No. of Employees : |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Bangladesh |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BANGLADESH - ECONOMIC OVERVIEW
The economy has grown 5-6%
per year since 1996 despite political instability, poor infrastructure,
corruption, insufficient power supplies, and slow implementation of economic
reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed
nation. Although more than half of GDP is generated through the service sector,
45% of Bangladeshis are employed in the agriculture sector with rice as the
single-most-important product. Bangladesh's growth was resilient during the
2008-09 global financial crisis and recession. Garment exports, totaling $12.3
billion in FY09 and remittances from overseas Bangladeshis, totaling $11
billion in FY10, accounted for almost 12% of GDP.
Source : CIA
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Name |
Gemini Sea Food Limited |
|
Address |
Jabusha, Rupsha,
Khulna-9241 |
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Country |
Bangladesh |
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Telephone No |
880-41-800151,
800415, 800416 |
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Fax No |
880-41-800361 |
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E-Mail |
|
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Website |
www.geminiseafood.com |
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Established |
1982 |
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Company Registration No |
C-10241 |
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Registration date |
3rd April 1982 |
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Legal Status |
Public Limited |
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Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
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Business Type |
Producer,
Processor & Exporter |
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Status |
Satisfactory |
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Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
|
Head Office |
116, Arjatpara,
Mohakhali C/A, Dhaka-1215 |
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Telephone No |
880-2-
9138249-52, 9142197, 9141214, 9145125 |
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Fax No |
880-2-8152061 |
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E-Mail |
|
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Website |
www.geminiseafood.com |
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Liaison Office |
House 44, Road
27 (Old), 16 (New), Dhanmondi, Dhaka-1209 |
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Khulna Office |
15 Ahsan Ahmed
Road, Khulna |
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Factory |
Jabusha, Rupsha,
Khulna-9241, Bangladesh |
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Factory Telephone No |
880-41-800151,
800415, 800416 |
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Factory Fax No |
880-41-800361 |
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Warehouse |
Jabusha, Rupsha,
Khulna-9241, Bangladesh |
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Name |
Lt. Col. Kazi
Sahed Ahmed |
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Designation |
Chairman & Managing Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Moniruzzaman
Sheikh |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Lt. Col. Kazi
Sahed Ahmed |
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Share Percent |
60% |
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Nationality |
Bangladeshi |
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Name |
Mr. Moniruzzaman
Sheikh |
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Share Percent |
20% |
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Nationality |
Bangladeshi |
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Name |
Col. Abdur
Rahman |
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Share Percent |
20% |
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Nationality |
Bangladeshi |
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Line of Business |
Producer,
Processor & Exporter |
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Items Dealing In |
Sea Food |
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Terms of Purchase |
Local: Cash or Credit |
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Terms of Sale |
Export: Against L/C |
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Name |
Bangladesh Krishi Bank |
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Branch |
Sir Iqbal Road Branch |
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Address |
155, Sir Iqbal Road, Khulna, Bangladesh |
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SWIFT |
N/A |
Balance Sheet
(Un-audited)
For the Half year
ended 31 March, 2012
Currency: Taka (In
Thousand)
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Fixed Assets : |
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Long-term Investment, |
44,555 |
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Total Long-term Assets |
44,555 |
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Current Assets: |
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Inventories |
192,887 |
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Bills Receivable |
103,288 |
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Adv. Deposits & Prepayment |
5,482 |
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Preliminary Expenses |
156 |
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Cash and Bank Balances |
11,218 |
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Total Current
Assets |
313,031 |
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Less Current
Liabilities: |
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Bank Overdraft & Others |
308,755 |
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Creditors and Accruals |
40,630 |
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Total Current Liabilities : |
349,385 |
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Net Working Capital |
(36,354) |
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Net Assets |
8,201 |
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Financed by: |
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Shareholders
Equity: |
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Share Capital |
11,000 |
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General Reserves |
935 |
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Total
Shareholders’ Equity |
11,935 |
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Accumulated
Profit/(Loss) |
(3,734) |
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Net Equity |
8,201 |
Income Statement
(Un-audited)
For the Half year
ended 31 March, 2012
Currency: Taka (In
Thousand)
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Turnover and
Other Income |
892,804 |
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Cost and
Expenses: |
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Cost of Goods Sold |
841,015 |
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Administrative & Selling Expenses |
24,679 |
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Interest Expenses |
14,161 |
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Total Costs and
Expenses |
879,855 |
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Net
Profit/(Loss) before tax |
12,949 |
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Tax Paid |
(5,082) |
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Net
Profit/(Loss) after tax |
7,867 |
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Earning Per
Share (Per Value Tk. 100) |
7.15 |
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Authorized
Capital |
Tk.10 million |
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Paid Up Capital |
Tk.150,000.00 |
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Each Share Value |
Tk.100.00 |
General Details
|
Name |
Mr. Zubaer |
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Designation |
Accountants |
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Contact |
1713366916 |
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Date |
02.10.2012 |
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Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
131.8889 |
|
U.S Dollar |
1 |
81.6700 |
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European Euro |
1 |
104.9296 |
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Dishonored
Checks |
No Found |
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Debt |
No Found |
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Litigation |
No Found |
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Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
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Money Laundering |
No Records Found |
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Employees |
70 |
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Range of
Products |
4 Farm raised
Black Tiger (Penaeus Monodon) Headless Shell- on Block Frozen 4 Fresh water
Prawns (Macrobrachium Rosenbergii) Headless shell-on Block Frozen 4 Black
Tiger/Fresh water Prawns Raw P&D/PUD tail-on/off Block Frozen 4 Harina (Brown),
Chaka (white) Raw PUD Block Frozen. 4 Farm raised
Black Tiger (Penaeus Monodon) Head-on, Shell- on Semi IQF 4 Farm raised
Black Tiger (Penaeus Monodon) Headless, Shell- on IQF 4 Fresh water
Prawns (Macrobrachium Rosenbergii) Headless, Shell-on IQF 4 Fresh water
Prawns (Macrobrachium Rosenbergii) Head-on, Shell-on Semi IQF 4 Black
Tiger/Fresh water Prawns (Penaeus Monodon/ Macrobrachium Rosenbergii) Shell-on/Peeled,
Raw/Cooked Tail-on/off IQF. 4 Harina (Brown),
Chaka (White), Raw/Cooked PUD Tail-on/off IQF 4 Farm raised
Chaka (White)/Harina (Brown) Shell-on IQF 4 Cooked Cocktail
Rings 4 Shrimp Skewers 4 Butterfly |
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Brand |
4 Gemini 4 Meena |
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US FDA Code |
4 BK-14 |
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EU Approval No |
4 KLN-14 |
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Major
Clients |
4USA & EU
Countries |
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Group Name |
4 Gemcon Group |
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Subsidiaries /
Affiliates |
4 Kazi & Kazi
Tea Estate Ltd 4 Castle
Construction Co. Ltd 4 Gem Jute Ltd 4 Gemcon Ltd 4 Charka SPC
Poles Ltd 4 Charka Steel
Ltd 4 Meena Bazar |
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Member |
4 Dhaka Chamber
of Commerce & Industries, Dhaka 4 Bangladesh
Frozen Foods Exporters’ Associates |
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Business Scale |
Fairly Large |
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Business Trend |
Growing |
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Management
Capability |
Good |
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Reputation |
Good |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.78 |
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|
1 |
Rs.85.16 |
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Euro |
1 |
Rs.67.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.