MIRA
INFORM REPORT
|
Report Date : |
18.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
Eastern Diplomatic Services Ltd. |
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Registered Office : |
House # 23, Road # 108, 1, Gulshan Avenue, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
29.01.1991 |
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Com. Reg. No.: |
C-21308 |
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Legal Form : |
Public (but not listed) |
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Line of Business : |
Importer and Seller of Whisky, Beer, Gin, Rum, Vodka & bonded
Items |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
IDENTIFICATION DETAILS
|
Correct company Name |
: |
Eastern Diplomatic Services Ltd. |
|
Corporate Office |
: |
House # 23, Road # 108, 1, Gulshan Avenue, Dhaka-1212, Bangladesh |
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Tel No |
: |
880-2-9892759, 9891322, 8822074 |
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Fax No |
: |
88-02-8823466 |
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E-mail |
: |
eds@bangla.net |
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Website |
: |
www.galaxybd.com |
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Date/ Year of Incorporation |
: |
29.01.1991 |
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Incorporation No. |
: |
C-21308 |
|
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 |
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|
2011 |
Tk.35 Million |
Tk.8 Million |
Tk.1.83 Million |
|
|
2012 |
Tk.55 Million |
Tk.8.5 Million |
Tk.3.14 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. Kabir Hossain |
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Designation |
: |
Public Relation Officer |
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Contract No |
: |
N/A |
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Locations Details |
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Business Address |
: |
House # 23, Road # 108, 1, Gulshan Avenue, Dhaka-1212, Bangladesh |
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Tel No |
: |
880-2-9892759, 9891322, 8822074 |
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Fax No |
: |
88-02-8823466 |
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E-mail |
: |
eds@bangla.net |
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Website |
: |
www.galaxybd.com |
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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. |
Ö |
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Semi-commercial office Bldg. |
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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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Warehouse: |
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Address |
: |
House # 23, Road # 108, 1, Gulshan Avenue, Dhaka-1212, Bangladesh |
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Tel No |
: |
N/A |
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Fax No |
: |
N/A |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
1200 |
Sq. ft. |
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Head office : |
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Address |
: |
Taj Marrif (5th Floor) 25 Gulshan Avenue, Dhaka-1212,
Bangladesh |
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Tel No |
: |
88-02-8817884, 8817885 |
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Fax No |
: |
88-02-8831210 |
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Location : |
Owned |
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Rented |
Ö |
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Leased |
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Area |
5000 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In Office |
: |
26 |
In Warehouse |
: |
2 |
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In Branch: |
: |
2 |
Total |
: |
30 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of Share |
|
Mr. Taufiq Uddin Ahmed |
1250
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Mrs. Naziba Begum |
1250 |
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Mr. Ahmed Yusuf Walid |
1250 |
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Mr. Ahmed Mainul Bari |
1000 |
|
Mr. Rafiq Uddin Ahmed |
250 |
DIRECTORS
|
Name |
Designation |
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Mr. Taufiq Uddin Ahmed |
Managing Director |
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Mrs. Naziba Begum |
Director |
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Mr. Ahmed Yusuf Walid |
Director |
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Mr. Rafiq Uddin Ahmed |
Director |
MANAGEMENT
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Name |
: |
Mr. Taufiq Uddin Ahmed |
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Job Description |
: |
Managing Director |
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Nationality |
: |
Bangladesh |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Kabir Hossain |
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Job Description |
: |
Public Relation officer |
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Nationality |
: |
Bangladesh |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS OPERATIONS
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Nature of
Activity : |
Manufacturer |
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Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
Ö |
Sellers |
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Others |
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Range of
Products/Item Dealings In: |
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Products |
: |
Whisky, Beer, Gin, Rum, Vodka
& bonded Items |
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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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|||
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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 |
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Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
0 days |
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60 days |
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90 days |
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|
days |
DETAILED DATA
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
Local Foreigner |
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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 |
: |
India, china, japan, Europe |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
Dhaka Chamber of Commerce & Industry, Dhaka |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.10Million |
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Paid-up
Capital |
: |
Tk.5,00,000 |
No.
of Shares |
: |
5000 |
Share Value |
: |
Tk.100.00Each |
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Main
Assets |
: |
Tk.8.5 million |
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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 |
: |
Galaxy Healthcare Services ABC International Air Galaxy Ltd. Galaxy Healthcare Services Galaxy
Travel International Galaxy Lines Ltd. Galaxy World Logistics Ltd Jet Aviation Ltd. United Link Ltd Oryx Aviation Ltd Galaxy Facilitation Services Limited Galaxy Distripark Bellagio Ltd. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Galaxy Group |
BANKING
|
Bank Name |
: |
Hong Kong Shanghai Banking Corporation ,
Dhaka Main Office |
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Bank Address |
: |
Anchor Tower, 108, Bir Uttam C R Dutta
Road, Dhaka – 1205, Bangladesh. Telephone: (880 2) 9660536-43 (Hunting) Facsimile : (880 2) 9660554 (5th Floor), 9669457 (2nd Floor |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
: |
No Record Found |
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Debt |
: |
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 registered address
which is situated at House # 23, Road # 108, 1, Gulshan Avenue, Dhaka-1212, Bangladesh |
GENERAL COMMENTS
|
Subject company is considered large sized in its line with fairly good
financial conditions. We recommend that Credit
should be extended under guarantee in C.O.D to
small amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.