MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

SONALI ACCESSORIES CO

 

 

Registered Office :

Moulana Shansuddin Plaza (1st Floor), 28/C/2, Toyenbee Circular Road, Motijheel C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Year of Incorporation :

2008

 

 

Legal Form :

Sole Proprietorships

 

 

Line of Business :

Manufacturing Garments Accessories

 

 

No. of Employees :

35

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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

:

Sonali Accessories Co

Registered office

:

Moulana Shansuddin Plaza (1st Floor),

28/C/2, Toyenbee Circular Road, Motijheel C/A,

Dhaka-1000, Bangladesh

Tel No

:

88-02-9559453

Fax No

:

88-02-9569550

E-mail

:

sonaliskp@yahoo.com

Website

:

-

Date/ Year of Incorporation

:

2008

Registered No.

:

-

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.30 Million

Tk.9Million

Tk.0.75 Million

     2012

Tk.32 Million

Tk.10 Million

Tk.0.90 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

-

-

-

-

-

-

-

 

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

 

FULLCHECK REPORT DETAILS

 

                                    Information Parted By

 

 

 

Name

:

Mr. Murad

Designation

:

Commercial Officer

Contract No

:

88-01711446934

 

 

Locations Details

 

Business Address

:

Moulana Shansuddin Plaza (1st Floor),

28/C/2, Toyenbee Circular Road, Motijheel C/A,

Dhaka-1000, Bangladesh

Tel No

:

88-02-9559453

E-mail

:

sonaliskp@yahoo.com

Fax No

:

88-02-9569550

Website

:

-

 

Location :

 : Owned

 

 

Rented

Ö

 

Leased

 

Area

750

Sq. ft.

 

 

Type of Office :

  :    Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Shantidhara, Bhuigarm, Fatullah, Narayangonj

Tel No

:

-

Fax No

:

-

 

Location :

  Owned

Ö

 

Rented

 

 

Leased

 

Area

25,000

Sq. ft.

 

 

Employee:

 

No. of Employees 

 

In Office

:

8

In Factory

:

27

In Branch:

:

 

Total

:

35

Details:

 

                    

 

 

PROPRIETOR/PARTNERS

 

 

Names of Proprietor

               

:

 

Mr. Md. Abu Kauser Bhuiyan

 

 

MANAGEMENT

 

Name

:

Md. Murad

Nationality

:

Bangladesh

Job Description

:

Commercial Officer

Other details

:

-

                                                                                                             

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

Ö

Dealer

 

Distributor

 

 

Exporter

 

Importer

Ö

Others

 

 

 

Range of Products/Item Dealings In:

 

Products

:

Garment Accessories Like poly bags & packaging    

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

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 market & garments

Overseas Suppliers

:

 

Local Suppliers

:

 

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

Imports

 

:

China, India

 

Brand Name

:

N/A

 

Certified

:

N/A

 

Auditors

:

N/A

 

Operation Status

:

Active

 

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Capital Invested

:

Tk.8 Million

 Assets

:

Tk.10 Million

 

 

REPUTATION

 

The subject company products have 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 Head office which is situated at Moulana Shansuddin Plaza (1st Floor), 28/C/2, Toyenbee Circular Road, Motijheel C/A, Dhaka-1000, Bangladesh. This area is a commercial business area.

 

 

GENERAL COMMENTS

 

Established in 2008, Subject is mainly engaged in manufacturing Garments Accessories. Having been in operation for several years, we recommend that Credit is not recommended in C.O.D.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.82

UK Pound

1

Rs.96.57

Euro

1

Rs.82.45

 

 

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%)

 

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.