MIRA INFORM REPORT

 

 

Report Date :

23.10.2013

 

IDENTIFICATION DETAILS

 

Name :

RAPID TRANSIT FREIGHT LTD.

 

 

Registered Office :

House 14, (2nd Floor), Road# 6, Sector# 1, Uttara, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

02.08.2003

 

 

Com. Reg. No.:

C-50085

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Freight Forwarding in Air Freight Import & Export, Ocean Freight Import & Export, Air-Ocean & Ocean-Air Service, Consolidation, Inland Transportation

Multi Modal Transportation, Warehousing & Distribution, Door to Door Service

Customs Brokerage, Transshipment Service, Project Cargo Handling

 

 

No. of Employees :

12

 

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

 

 

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

:

RAPID TRANSIT FREIGHT LTD.

Head Office

:

House 14, (2nd Floor), Road# 6, Sector# 1, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-7914318, 8957564

Fax No

:

88-02-8960327

E-mail

:

info@raptransit.com ; shalam@raptransit.com 

Website

:

Nil

Date/ Year of Incorporation

:

02.08.2003

Incorporation No.

:

C-50085

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.25 Million

Tk.7 million

Tk.1.15 million

     2012

Tk.34Million

Tk.7.5 million

Tk.1.90 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

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

  Information Parted By

 

 

 

Name

:

Mr. Kazi Azizul Islam

Designation

:

Customer Services Officer

Contract No

:

01841494858

 

Locations Details

 

Business Address

:

House 14, (2nd Floor), Road# 6, Sector# 1, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-7914318, 8957564

E-mail

:

info@raptransit.com ; shalam@raptransit.com 

Fax No

:

88-02-8960327

Website

:

Nil

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

1500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Branches:

 

 

 

 

 

Address

:

59 Agrabad (2nd Floor), Chittagong, Bangladesh.

Tel No

:

88-031-2510707

Fax No

:

88-031-2525175

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

2800

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

7

In Factory

:

 

In Branch:

:

5

Total

:

12

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

            No. of Share     

Mr. Sayful Haque Alam

540 Shares

Mr. Iftekhar Ahmeed

100 Shares

Mr. Mainul Haque

360 Shares

 

 

DIRECTORS

 

Name

Designation

Mr. Sayful Haque Alam

Managing Director

Mr. Iftekhar Ahmeed

Director

Mr. Mainul Haque

Director

 

 

MANAGEMENT

 

Name

:

Mr. Kazi Azizul Islam

Job Description

:

Customer Services Officer

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

 

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Freight Forwarding

Ö

 

Range of Products/Item Dealings In:

 

Products

:

Air Freight Import & Export

Ocean Freight Import & Export

Air-Ocean & Ocean-Air Service

Consolidation

Inland Transportation

Multi Modal Transportation

Warehousing & Distribution

Door to Door Service

Customs Brokerage

Transshipment Service

Project Cargo Handling

Production Capacity

:

N/A

Last Year Production

:

N/A

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local Garments & Importers

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

Imports

 

:

N/A

Brand Name

:

N/A

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

Independent Freight Forwarder -Baffa

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 10 Million

Paid-up Capital

:

Tk. 100000

No. of Shares

:

1000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk.7.5 Million

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Dhaka Main Office

Anchor Tower, 108, Bir Uttam C R Dutta Road,

Dhaka – 1205, Bangladesh

Tel: 88-02-9660536-43

Fax: 8802- 9660554, 9669457  

 

 

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 registered address which is situated at House 14, (2nd Floor), Road# 6, Sector# 1, Uttara, Dhaka-1230, Bangladesh.

 

 

GENERAL COMMENTS

 

Subject company is considered large sized in its line with Below Average 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.61.78

UK Pound

1

Rs.99.66

Euro

1

Rs.84.49

 

 

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%)

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.