MIRA INFORM REPORT

 

 

Report Date :

22.01.2013

 

IDENTIFICATION DETAILS

 

Name :

SQUARE FASHIONS LIMITED

 

 

Registered Office :

Mascot Plaza (11-12th Floor), Plot-107/A, Sector-7,Uttara Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

16.11.2000

 

 

Com. Reg. No.:

C-41834

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturer & Exporter of Ready Made Garments

 

 

No. of Employees :

650

 

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 :

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

 

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

 

 

COMPANY DETAILS

 

Name

SQUARE FASHIONS LIMITED

Address

Jamirdia, Habirbari, Valuka, Mymenshing

Country

Bangladesh

Telephone No

880-2-8833047-56, 8859007

Fax No

88-02-8834941, 8828768, 8828609

E-Mail

info@squaregroup.com

Website

www.squaregroup.com

Established

2000

Company Registration No

C-41834

Registration date

16th November 2000

Legal Status

Private Limited

Issuing Authority

The Register of Joint Stock Companies & Firms, Dhaka

Business Type

Manufacturer & Exporter

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

LOCATIONS

 

Corporate Headquarter

Square Centre, 48 Mohakhali Commercial Area, Dhaka-1212

Telephone No

880-2-8833047-56, 8859007

Fax No

88-02-8834941, 8828768, 8828609

E-Mail

info@squaregroup.com

Website

www.squaregroup.com

Head Office

Mascot Plaza (11-12th Floor), Plot-107/A, Sector-7,Uttara Dhaka-1230

Tel No: 880-2-8963227, 8963547,8951101-7

Fax No: 880-2-8952652

Factory

Jamirdia, Habirbari, Valuka, Mymenshing

Factory Telephone No

NIL

Factory Fax No

NIL

Warehouse

Jamirdia, Habirbari, Valuka, Mymenshing

 

DIRECTORS

 

Name

Mr. Samuel S. Chowdhury

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Tapan Chowdhury

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Anjan Chowdhury

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Ratna Patra

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Sanchia Chowdhury

Designation

Director

Nationality

Bangladeshi

 

SHAREHOLDERS

 

Name

Mr. Samuel S. Chowdhury

Share Percent

8%

Country

Bangladesh

 

 

Name

Mr. Tapan Chowdhury

Share Percent

12.9%

Country

Bangladesh

 

 

Name

Mr. Anjan Chowdhury

Share Percent

12.9%

Country

Bangladesh

 

 

Name

Ms. Ratna Patra

Share Percent

12.9%

Country

Bangladesh

 

 

Name

Square Pharmaceuticals Ltd

Share Percent

48.5%

Country

Bangladesh

 

 

Name

Ms. Sanchia Chowdhury

Share Percent

4.8%

Country

Bangladesh

 

BUSINESS DETAILS

 

Line of Business

Manufacturer & Exporter

Items Dealing In

Ready Made Garments

Production Capacity

4 1400 dozen of T-Shirt

4 1200 dozen of Polo Shirt

4 1400 dozen of Women & Kids wear

4 1000 dozen of Undergarment

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Export: Against L/C

 

BANKERS

 

Name

Standard Chartered Bank

Branch

Gulshan Branch

Address

Gulshan Avenue, Dhaka

SWIFT

N/A

 

 

Name

Janata Bank Limited

Branch

Dilkusha Branch

Address

Dilkusha Commercial Area, Dhaka

SWIFT

N/A

 

FINANCIAL INFORMATION

 

Year

2011

2010

 

2009

Investment

Tk.42 million

Tk.40 million

Tk.40 million

Turnover

Tk.472 million

Tk.470.7 million

Tk.470 million

Liability

Tk.9 million

Tk.11.5 million

Tk.12 million

Assets

Tk.113 million

Tk.110 million

Tk.110 million

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.500 million

Paid Up Capital

Tk.52,000,000.00

Each Share Value

Tk.100.00

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

127.2957

U.S Dollar

1

79.5300

European Euro

1

105.7192

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

GENERAL INFORMATION

 

Employees

650

Office Area (Sq. Ft)

3,500 sq.ft (own)

Factory Area (Sq. Ft)

170,000 sq.ft (own)

Warehouse Area (Sq. Ft)

5,200  sq.ft.(own)

Range of Products

4 T-shirts

4 Polo shirts

4 Tank tops

4 Pajamas

4 Sports wear

4 Under garments

4 Men’s & Ladies fashion wear

4 Kids wear

Major Market

4 USA

4 EU Countries

Certifications

NIL

Group Name

4 Square Group

Subsidiaries / Affiliates

4 Square Pharmaceuticals Ltd

4 Square Textiles Ltd

4 Square Toiletries Ltd

4 Square Consumer Products Ltd

4 Square Knit Fabrics Ltd

4 Square Hospitals Limited

4 Square Informatix Limited

4 Square Herbal And Nutraceuticals Ltd

4 Square Securities Management Ltd

4 Square Health & Hygiene Products Ltd

4 Square Cephalosporins Ltd

4 Square Agro Development And Processing Ltd

4 Square Holdings Ltd

4 Square Yarns Limited

4 Media Com Limited

4 Square Infosystems Ltd

4 Astras Limited

4 Pharma Packages (Pvt.) Ltd

4 Barnali Printers Ltd

4 Aegis Services Limited

4 Sabazpur Tea Company Ltd

4 Square Biotech Ltd

4 Square Air Ltd

Member

4 Bangladesh Garments Manufacturers & Exporters Association

4 Dhaka Chamber of Commerce & Industries, Dhaka

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Fairly Large

Business Trend

Growing

Management Capability

Excellent

Reputation

Excellent

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.87

UK Pound

1

Rs.85.52

Euro

1

Rs.71.77

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.