MIRA INFORM REPORT
|
Report Date : |
09.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MUTUAL CONCERN CORPORATION LTD. |
|
|
|
|
Registered Office : |
Baitul Khair Building (8th floor), Suit# 805, 48/A-B, Purana Paltan, Dhaka-1000, |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
24.06.2010 |
|
|
|
|
Com. Reg. No.: |
C-85380 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Subject engaged in trading business of cotton & cotton yarn |
|
|
|
|
No. of Employees : |
10 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BANGLADESH - ECONOMIC OVERVIEW
In real terms Bangladesh's economy has grown 5.8% 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
IDENTIFICATION DETAILS
|
|
||
|
Correct company Name |
: |
Mutual
Concern Corporation Ltd. |
|
Registered office |
: |
Baitul Khair Building (8th floor), Suit# 805, 48/A-B, Purana
Paltan, Dhaka-1000, Bangladesh |
|
Tel No |
: |
88-02-9511463 |
|
Fax No |
: |
88-02-9511464 |
|
E-mail |
: |
noushadjbl@gmail.com |
|
Website |
: |
www.jajbhuiyan.com |
|
Date/ Year of Incorporation |
: |
24.06.2010 |
|
Registered No. |
: |
C-85380 |
|
Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
|
Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
|
Issuing Authority |
: |
Registrar
of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
FINANCIALS- SUMMARY
|
||||
|
Year |
Turnover/
Sales |
Assets |
Income |
|
|
2011 |
Tk.150 Million |
Tk.1352 Million |
Tk.0.75 million |
|
|
2012 |
Tk.55 Million |
Tk.1452.75Million |
Tk.0.80 million |
|
|
Exchange
Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
||
|
Sales Trend – Analysis: |
|||||||||
|
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2010 |
2011 |
2012 |
|
- |
- |
- |
- |
- |
- |
- |
|
|
|
FULLCHECK REPORT DETAILS
|
||
|
|
||
|
Information Parted By |
||
|
|
|
|
|
Name |
: |
Mr. Mohammad Noushad(Masum) |
|
Designation |
: |
Commercial Accountant |
|
Contract No |
: |
88-01720010129 |
|
Locations Details |
||
|
|
||
|
Business Address |
: |
Baitul Khair Building (8th floor), Suit# 805, 48/A-B, Purana
Paltan, Dhaka-1000, Bangladesh |
|
Tel No |
: |
88-02-9511463 |
|
E-mail |
: |
noushadjbl@gmail.com |
|
Fax No |
: |
88-02-9511464 |
|
Website |
: |
www.jajbhuiyan.com |
|
Location : |
: Owned |
|
|
Rented |
Ö |
|
Leased |
|
Area |
2400 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
|||
|
Retail shop |
|
|
Industrial Park |
|
|
|
||||
|
Business Center |
|
|
Home Office |
|
|
|
||||
|
Residential Bldg. |
|
|
|
|
|
|||||
|
Warehouse: |
|
|
|||||||||
|
|
|
|
|||||||||
|
Address |
: |
Noapara, Post Code: 1604, Madhabdi,
Narshindi, Bangladesh |
|||||||||
|
Tel No |
: |
Nil |
|||||||||
|
Fax No |
: |
Nil |
|||||||||
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
20,000 |
Sq. ft. |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
10 |
In Factory |
: |
|
||
|
In Branch: |
: |
|
Total |
: |
10 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of
Shareholders |
No. of Share |
|
Mr. Md. Fayazur Rahman Bhuiyan |
600 |
|
Mrs. Mourium Akter |
400 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Md. Fayazur Rahman Bhuiyan |
Managing Director |
|
Mrs. Mourium Akter |
Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Mohammad Noushad
(Masum) |
|
Email address |
: |
N/A |
|
Nationality |
: |
Bangladeshi |
|
Job Description |
: |
Commercial Accountant |
|
Other details |
: |
N/A |
BUSINESS OPERATIONS
|
||||||||
|
Nature of Activity : |
Manufacturer |
|
Trader |
Ö |
Dealer |
|
Distributor |
|
|
|
Exporter |
|
Importer |
Ö |
Others |
|
|
|
|
Range of
Products/Item Dealings In: |
||
|
|
||
|
Products |
: |
Cotton & Cotton Yarn, Food items,
Chemicals |
|
Production Capacity |
: |
N/A |
|
Last Year
Production |
: |
N/A |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
|
90 days |
Ö |
|
days |
|
Selling Terms : |
L/C |
Ö |
Cash |
Ö |
Others |
|
|
|||
|
|
Credit : |
Ö |
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED DATA
|
|
||||||||
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
Local Textile Mills |
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
||||
|
Trade Markets |
: |
Exports |
: |
N/A |
|||||
|
Imports |
: |
India, China |
|||||||
|
Brand Name |
: |
N/A |
|
||||||
|
Certified |
: |
N/A |
|
||||||
|
Auditors |
: |
N/A |
|
||||||
|
Operation Status |
: |
Active |
|
||||||
|
Member |
: |
N/A |
|
||||||
CAPITAL STRUCTURE
|
||||||||
|
Authorized
Capital |
: |
Tk.20 Million |
||||||
|
Paid-up Capital |
: |
Tk.1,00,000 |
No.
of Shares |
: |
1000 |
Share
Value |
: |
Tk.100.00Each |
|
Main Assets |
: |
Tk.1452.75Million |
||||||
FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update
financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
||
|
Sister Concerns |
: |
F.M. textile yarn Trading Ltd. JAJ Bhuiyan Textile Mills JAJ Spinning Mills Ltd. M.M. Knitting & Embroidery Ltd. JB Traders Mahid Apparels Ltd. JB Tower JAJ Bhuiyan Complex Mahid Expo. Int. Tex. Ltd. JM Fashion Zakia Cottontex Ltd. J.B. Feed Processing Complex Ltd. J.B. telecom Ltd. Jewel Tower Jonayid Builders Ltd. Air Touch Complex Ltd. |
|
Subsidiary |
: |
N/A |
|
Name of The Group |
: |
JAJ Bhuiyan Group |
BANKING
|
Bank Name
|
: |
Agrani Bank Ltd. |
|
Bank Address |
: |
Principal Branch, 9-D, DilkushaC/A, Motijheel, Dhaka-1000 |
REPUTATION
|
|
The subject
company has good reputation in local market. |
ADVERSE DATA MONITORING
|
Dishonored Checks |
:
|
No Record Found |
|
Debt |
|
No Record Found |
|
Litigation |
: |
Clear |
|
Performance Defaults |
: |
No Record Found |
|
Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
|
|
Our representative visited the subject company which is well furnished
office. It is also situated at commercial place. Commercial Accountant Mr. Mohammad Noushad (Masum) was welcome
there office & given us information |
GENERAL COMMENTS
|
|
Established in 2010, the subject is mainly engaged in trading business
of cotton & cotton yarn. Having been in operation for several years,
subject maintains acceptable business volume. As well as the subject financial condition we recommend that Credit
can proceed normally in Moderate amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.94.77 |
|
Euro |
1 |
Rs.81.54 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.