MIRA
INFORM REPORT
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Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
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Name : |
STAR ASSOCIATES LTD |
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Registered Office : |
House # 60/B, Road # 130, Gulshan-1, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
14.07.2002 |
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Com. Reg. No.: |
C-46279 |
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Legal Form : |
Private Co
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Line of Business : |
Trader, Dealer and Distributor of Sewing Thread, Twill Tape, Zipper,
Hanger, Elastic, Poly Bag, Drawstring, Gum Tape, Sticker, Tape, Label,
Cartoon, Back-Neck Board, Printing |
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No. of Employees : |
400 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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.
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Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
STAR ASSOCIATES
LTD |
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Registered office |
: |
House # 60/B, Road # 130, Gulshan-1, Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-8860911, 9899940, 9889767, 988750 |
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Fax No |
: |
88-02-8861767 |
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E-mail |
: |
starinfo@salbd.com info@zeyshagroup.com |
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Website |
: |
- |
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Date/ Year of Incorporation |
: |
14.07.2002 |
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Registered No. |
: |
C-46279 |
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Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorships Partnership Not Registered others (please specify)
________________ |
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Legal form (Specific) |
: |
LTD CORP INC CO others (please specify)
________________ |
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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.31Crore |
Tk.23.5 Crore |
Tk.1.5 Million |
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2012 |
Tk.31.5 crore |
Tk.24 Crore |
Tk.2.00 Million |
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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 |
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Sales Trend – Analysis: |
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2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2010 |
2011 |
2012 |
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- |
- |
- |
- |
- |
- |
- |
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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Taj Uddin |
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Designation |
: |
Manager ( Admin) |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
House # 60/B, Road # 130, Gulshan-1, Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-8860911, 9899940, 9889767, 988750 |
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E-mail |
: |
starinfo@salbd.com info@zeyshagroup.com |
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Fax No |
: |
88-02-8861767 |
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Website |
: |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
2400 |
Sq. ft. |
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Type of Office :
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: Commercial Office Bldg. |
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Semi-commercial office Bldg. |
Ö |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
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Shampur, Hemayetpur, Savar, Bangladsh |
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Tel No |
: |
88-01713-004894, 01731-759474 |
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Fax No |
: |
- |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
65,000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
: |
36 |
In Factory |
: |
364 |
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In Branch: |
: |
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Total |
: |
400 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of Share |
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Mr. Mhadi Hasan |
25000 |
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Mr. Salman O’ Karim |
22,360 |
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Ms. Zarin Karim |
30,240 |
DIRECTORS
|
Name |
Designation |
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Mr. Mhadi Hasan |
Managing Director |
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Mr. Ms. Zarin Karim Salman O’ Karim |
Director |
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|
Director |
MANAGEMENT
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Name |
: |
Mr. Taj Uddin |
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Email address |
: |
- |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
Manager ( Admin) |
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Other details |
: |
- |
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Name |
: |
Mr. Abu Zafar Mukti |
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Email address |
: |
- |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
Manager ( Store) |
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Contract |
: |
88-01713004894 |
BUSINESS OPERATIONS
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Nature of
Activity : |
Manufacturer |
Ö |
Trader |
Ö |
Dealer |
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Distributor |
Ö |
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Exporter |
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Importer |
Ö |
Others |
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Range of
Products/Item Dealings In: |
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Products |
: |
Sewing Thread, Twill Tape, Zipper, Hanger, Elastic, Poly Bag,
Drawstring, Gum Tape, Sticker, Tape, Label, Cartoon, Back-Neck Board,
Printing |
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Production
Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
Trading Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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days |
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Selling
Terms : |
L/C |
Ö |
Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
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60 days |
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90 days |
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|
days |
DETAILED DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
Local garments |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
N/A |
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Imports |
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China, India |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
N/A |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.10 Million |
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Paid-up
Capital |
: |
Tk.77,60,000 |
No.
of Shares |
:77600 |
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Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk.24 Crore |
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FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local
registry office.
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
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Sister Concerns |
: |
Zeysha Fashionwear Ltd. Zeysha General Trading Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Zeysha Group |
BANKING
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Bank Name |
: |
South East Bank Ltd |
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Bank Address |
: |
Corporate Branch Eunoos Trade Centre, 52–53, Dilkusha (Ground Floor), Tel: 88-02- 9567764, 9564878, 9554447 Dhaka – 1000 SWIFT: SEBDBDDHCRP |
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Bank Name |
: |
Shahjalal Islami Bank Ltd. |
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Bank Address |
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Gulshan South Avenue Branch UDAY SANZ (Ground Floor), 2/B Gulshan South Avenue Fax: 88-02-8827406 Gulshan–1, Dhaka – 1212 Tel: 88-02-8819029 |
REPUTATION
The subject company has good reputation in
local market.
ADVERSE DATA MONITORING
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Dishonored
Checks |
: |
No Record Found |
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Debt |
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No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
: |
No Record Found |
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Adverse Local
Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
Our representative visited the subject
company Head office which is situated at House # 60/B, Road # 130, Gulshan-1,
Dhaka-1212, Bangladesh. It is situated at residential area but well decorated.
GENERAL COMMENTS
Based on the financial statement, the subject
company financial performance appears to be Average. The
subject company has been in its line of business about 10 years. Taking into
account its standing history, reputation in the market, as well as its
financial condition, we recommend that Credit can proceed normally in Moderate
amount
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.51 |
|
|
1 |
Rs.94.98 |
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Euro |
1 |
Rs.81.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
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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.