MIRA INFORM REPORT
|
Report Date : |
03.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
WAVE JUTE MILLS LTD. |
|
|
|
|
Registered Office : |
H.M. Plaza (9th Floor), Suit # 5, Road#2, Sector#3, Uttara
Model Town, Dhaka-1230, |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
15.01.2008 |
|
|
|
|
Legal Form : |
Private Co |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Distributor of Jute Yarn, Twin
& Jute Goods |
|
|
|
|
No. of Employees : |
350 |
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 – 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 |
EXECUTIVE SUMMARY
|
IDENTIFICATION DETAILS |
||
|
|
||
|
Correct company Name |
: |
Wave
Jute Mills Ltd. |
|
Corporate Office |
: |
H.M. Plaza (9th Floor), Suit # 5, Road#2, Sector#3, Uttara
Model Town, Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8960472 |
|
Fax No |
: |
- |
|
E-mail |
: |
info@wavejute.com |
|
Website |
: |
www.wavejute.com |
|
Date/ Year of Incorporation |
: |
15.01.2008 |
|
Registered No. |
: |
C-69612 |
|
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.150 Million |
Tk.1190 Million |
Tk.1.75 million |
|
|
2012 |
Tk.155 Million |
Tk.1200Million |
Tk.1.80 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 |
||
|
Sales Trend – Analysis: |
|||||||||
|
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2010 |
2011 |
2012 |
|
- |
- |
- |
- |
- |
- |
- |
|
|
|
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
|
|
|
|
Name |
: |
Mr. Sumon |
|
Designation |
: |
Commercial Officer |
|
Contract No |
: |
88-01914077550 |
|
Locations Details |
||
|
|
||
|
Head Office Address |
: |
KDA Industrial Plot#6(A) Shiromoni I/A, Khanjahan Ali, Khulna- 1234, Bangladesh
|
|
Tel No |
: |
880- 41- 785312, 785313, 01914077530 |
|
E-mail |
: |
info@wavejute.com |
|
Fax No |
: |
880- 41-785314 |
|
Website |
: |
www.wavejute.com |
|
Location : |
:
Owned |
|
|
Rented |
Ö |
|
Leased |
|
Area |
3500 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
|
Retail shop |
|
|
Industrial
Park |
|
|
|
|
Business Center |
|
|
Home
Office |
|
|
|
|
Residential Bldg. |
|
|
|
|
|
|
|
Factory: |
|
|
|
|
|
|
|
Address |
: |
KDA Industrial Plot#6(A) Shiromoni I/A, Khanjahan Ali, Khulna- 1234, Bangladesh
|
|
Tel No |
: |
880- 41- 785312, 785313, 01914077530 |
|
Fax No |
: |
880- 41-785314 |
|
Owned |
|
|
Rented |
Ö |
|
Leased |
|
Area |
65,000 |
Sq. ft. |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In Office |
: |
30 |
In Factory |
: |
320 |
||
|
In Branch: |
: |
|
Total
|
: |
350 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names
of Shareholders |
No. of
Share |
|
Mr. Sarder Al Mamun |
55000 |
|
Mr. Sarder Al Mamun |
45000 |
DIRECTORS
|
Name |
Designation |
|
Mr. Sarder Al Mamun |
Chairman |
|
Mr. Sarder Al Mamun |
Managing Director |
MANAGEMENT
|
Name |
: |
Mr. Sarder Al Mamun |
|
Email address |
: |
- |
|
Nationality |
: |
Bangladeshi |
|
Job Description |
: |
Managing Director |
|
Other details |
: |
- |
|
Name |
: |
Mr. Jamshed Ali |
|
Email address |
: |
- |
|
Nationality |
: |
Bangladeshi |
|
Job Description |
: |
Accountants |
|
Other details |
: |
- |
|
Name |
: |
Mr. Sumon |
|
Email address |
: |
- |
|
Nationality |
: |
Bangladeshi |
|
Job Description |
: |
Commercial officer |
|
Other details |
: |
- |
BUSINESS OPERATIONS
|
Nature of Activity
: |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
Exporter |
Ö |
Importer |
|
Others |
|
|
|
|
Range
of Products/Item Dealings In: |
||
|
|
||
|
Products |
: |
Jute Yarn, Twin & Jute Goods
|
|
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 |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED DATA
|
Trade
Reference & Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
|
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
Local Dellears |
|||
|
Trade
Markets |
: |
Exports |
: |
UAE, Srilanka, China |
||||
|
Imports |
: |
China, India |
||||||
|
Brand Name |
: |
N/A |
||||||
|
Certified |
: |
N/A |
||||||
|
Auditors |
: |
N/A |
||||||
|
Operation Status |
: |
Active |
||||||
|
Member |
: |
N/A |
||||||
CAPITAL STRUCTURE
|
Authorized
Capital |
: |
Tk.50 million |
||||||
|
Paid-up
Capital |
: |
Tk.1,00,00,000 |
No. of Shares |
: |
1,00,000 |
Share Value |
: |
Tk.100.00Each |
|
Main
Assets |
: |
Tk.1200Million |
||||||
FINANCIAL STATEMENT- DETAILED
|
The subject company don’t submit
update financial figure to local registry office. |
|
||
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
|||
|
Sister Concerns |
: |
Nil |
|
|
Subsidiary |
: |
Nil |
|
|
Name of The Group |
: |
Nil |
|
BANKING
|
Bank Name |
: |
Basic
Bank Ltd. |
|
Bank Address |
: |
Khulna Branch 107, Sir Igbal Road, Khulna-9100 |
REPUTATION
|
The
subject company has good reputation in local market. |
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 which is
well furnished office. It is also situated at commercial place. Commercial Accountant Mr. Sumon commercial
officer was welcome there office &
given us information |
GENERAL COMMENTS
|
Established in 2008, the subject is mainly engaged in
trading business of Jute yarn. Having been in operation for several years,
subject maintains acceptable business volume. As well as the subject financial condition we recommend
that Credit can proceed normally in Moderate amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.86 |
|
|
1 |
Rs.102.50 |
|
Euro |
1 |
Rs.87.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.