MIRA INFORM REPORT

 

 

Report Date :

04.12.2013

 

IDENTIFICATION DETAILS

 

Name :

WELL ACCESSORIES LTD.

 

 

Registered Office :

Serene Apartment (Level- 1), House # 114(1st Floor), Road # 3,  Block # F, Banani, Dhaka-1213

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

20.12.2006

 

 

Com. Reg. No.:

C-60135

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer & distributor of Carton, Poly, Hook, Plastic Cone, Hanger & Gum Tap

 

 

No. of Employees :

250

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

TATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

 

 

EXECUTIVE SUMMARY

                                 

IDENTIFICATION DETAILS

 

Correct company Name

:

Well Accessories Ltd.

Head Office

:

Serene Apartment (Level- 1), House # 114(1st Floor), Road # 3,

Block # F, Banani, Dhaka-1213, Bangladesh.

Tel No

:

88-02-9860857, 9896158, 8858032

Fax No

:

88-02-8858029

E-mail

:

comm.acc@wellbd.com

Website

:

www.wellbd.com

Date/ Year of Incorporation

:

20.12.2006

Incorporation No.

:

C-60135

 

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. 237.4 Million

Tk. 8.5 Million

Tk. 0.7 Million

     2012

Tk. 388.30 Million

Tk. 9 Million

Tk. 8.3 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

 

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. Saifuddin Khokon

Designation

:

Commercial Officer

Contract No

:

88-01817149498

 

 

Locations Details

 

Business Address

:

Serene Apartment (Level- 1), House # 114(1st Floor), Road # 3, Block # F, Banani, Dhaka-1213, Bangladesh.

Tel No

:

88-02-9860857, 9896158, 8858032

E-mail

:

88-02-8858029

Fax No

:

comm.acc@wellbd.com

Website

:

www.wellbd.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

2400

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Baaniarchala, Post-Bhabanipur Union-Mirzapur, Sub-Dist. Gazipur sadar Dist. Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

52000

Sq. ft.

 

 

Branches-1:

 

 

 

Address

:

Plot # A-6, (Part) 7-8, (Part) BSCIC Industrial Estate, Kallurghat, Chittagong, Bangladesh.

Tel No

:

88-031-671198, 671604, 671173

Fax No

:

88-031-671983, 671989

 

Branches-2:

 

 

 

Address

:

A-23, 24, 25, 26 Bscic Industrial Estates, Kalurghat, Chittagong, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

200

In Branch:

:

-

Total

:

250

Details:

-

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Syed Sirajul Islam

                                 400

Mr.Syed Nurul Islam

                                 400

Mr.Syed Asif Hasan                                                                    

                                 300

Mr.Syed Shahidul Islam

                                 300

Mr. Tariquel Islam

                                 300

Mr. Nazrul Islam

                                 300

 

 

DIRECTORS

 

                Name

Designation

        Mr.Syed Nurul Islam

Chairman

        Mr. Syed Sirajul Islam

Managing Director

        Mr.Syed Asif Hasan                                                                     

Director

       Mr.Syed Shahidul Islam

Director

       Mr. Tariquel Islam

Director

        Mr. Nazrul Islam

Director

 

 

MANAGEMENT

 

Name

:

Mr. Shovon Barua

Job Description

:

Compliance Manager ( Import)

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

88-01819329401

 

 

 

Name

:

Mr. Saifuddin Khokon

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

88-01817149498

 

 

 

BUSINESS OPERATIONS

 

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

Range of Products:

 

 

 

Products

:

Carton, Poly, Hook, plastic Cone, Hanger & Gum Tap

 

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 Garments

 

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. 10 Million

 

Paid-up Capital

:

Tk. 2,00,000

    No. of Shares

:

2000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 9 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update financial figure to local registry office.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Well Mart Ltd.

Well Designers Ltd.

Well Dresses Ltd.

Well Designers Washing Plant Ltd.

Well Threads Ltd.

Well Dyed Yarn Ltd.

Well Trading Ltd.

Well Foods Ltd.

Well Fashion Limited

Well Real Estate Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Well Group

 

 

BANKING

 

Bank Name  

:

AB Bank Ltd.

Bank Address

:

Station Road Branch,

86 Station Road, Nupur Market, Chittagong

Tel:88- (031) 615029, 613376, 616665, 611030 (PABX)

Fax: 88-(031) 615029

E-mail: strmg@abbank.com.bd

 

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 address which is situated at Serene Apartment (Level- 1), House # 114(1st Floor), Road # 3, Block # F, Banani, Dhaka, Bangladesh.

 

 

GENERAL COMMENTS

 

Based on the financial statement, the subject company financial performance appears to be Average. 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.

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.34

UK Pound

1

Rs.102.06

Euro

1

Rs.84.46

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.