MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
TUSUKA PROCESSING LIMITED |
|
|
|
|
Registered Office : |
Nilnagar, Konabari, Gazipur |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
04.04.2002 |
|
|
|
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Com. Reg. No.: |
C-45462 |
|
|
|
|
Legal Form : |
Private Limited |
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|
|
|
Line of Business : |
Washing
of Denim Garments |
|
|
|
|
No. of Employees : |
3,200 |
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 |
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|
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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) |
|
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 |
|
Name |
TUSUKA PROCESSING LIMITED |
|
Address |
Nilnagar, Konabari, Gazipur |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8826296, 8827745 |
|
Fax No |
880-2-8826297 |
|
E-Mail |
info@tusuka.com |
|
Website |
www.tusuka.com |
|
Established |
2002 |
|
Company Registration No |
C-45462 |
|
Registration date |
4th April 2002 |
|
Legal Status |
Private Limited |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Washing |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local suppliers or banks. |
|
Head Office |
House No.50 (5th Floor), Road
No.11, Block-F, Banani, Dhaka-1213 |
|
Telephone No |
880-2-8853748 |
|
Fax No |
880-2-8853748 |
|
E-Mail |
info@tusuka.com |
|
Website |
www.tusuka.com |
|
Branch |
NIL |
|
Factory |
Nilnagar, Konabari, Gazipur |
|
Factory Tel No |
880-2-8826296, 8827745 |
|
Factory Fax No |
880-2-8826297 |
|
Warehouse |
Nilnagar, Konabari, Gazipur |
|
Name |
Mr. Arshad Jamal Dipu |
|
Designation |
Chairman & Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Fayzur Rahman Badal |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Rafayet Ullah Khan |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Feroz Alam |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Mr. Arshad Jamal Dipu |
|
Share Percent |
37.5% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Fayzur Rahman Badal |
|
Share Percent |
27.5% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Rafayet Ullah Khan |
|
Share Percent |
17.5% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Feroz Alam |
|
Share Percent |
17.5% |
|
Nationality |
Bangladeshi |
|
Line of Business |
Washing
|
|
Items Dealing In |
Denim Garments |
|
Terms of
Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit |
|
Name |
Southeast Bank Limited |
|
Branch |
Banani Branch |
|
Address |
Banani, Dhaka |
|
Swift |
N/A |
|
Year |
2011 |
2010 |
2009 |
|
Investment |
Tk.30 million |
Tk.28 million |
Tk.28 million |
|
Turnover |
Tk.260 million |
Tk.258 million |
Tk.258 million |
|
Liability |
Tk.5.8 million |
Tk.6.6 million |
Tk.7 million |
|
Assets |
Tk.36 million |
Tk.34 million |
Tk.34 million |
|
Authorized
Capital |
Tk.80 million |
|
Paid Up Capital |
Tk.46,500,000.00 |
|
Each Share Value |
Tk.1000.00 |
|
Currency |
Unit |
Bangladeshi Taka
(BDT) |
|
Great Britain Pound |
1 |
119.0817 |
|
U.S Dollar |
1 |
77.7600 |
|
European Euro |
1 |
101.1580 |
|
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 |
|
Employees |
3,200 |
|
Office Area (Sq.
Ft) |
3,100 sq.ft (own) |
|
Factory Area
(Sq. Ft) |
90,000 sq.ft (own) |
|
Warehouse Area
(Sq. Ft) |
10,000 sq.ft.(own) |
|
Range of
Services |
4 Washing & Drying of Denim Garments |
|
Major
Clients |
4 Local Ready-Made Garments Industries
|
|
Certifications |
NIL |
|
Group Name |
4 Tusuka Group |
|
Subsidiaries /
Affiliates |
4 Tusuka Fashions Limited 4 Tusuka Trousers Limited 4 Tusuka Apparels Limited 4 Tusuka Jeans Limited 4 Universal Textile Alliance Limited 4 Jeans & Polo Limited 4 Parkview Dresses Limited 4 Needle Art Embroidery Unit Limited 4 Novo Air Limited 4 Texel Limited 4 Novo Tel Limited |
|
Member |
4 Dhaka Chamber
of Commerce & Industries, Dhaka 4 Bangladesh
Garments Manufacturers & Exporters Association |
|
Business Scale |
Fairly Large |
|
Business Trend |
Growing |
|
Management
Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.91.14 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.