MIRA INFORM REPORT

Report Date :

16.04.2014

IDENTIFICATION DETAILS

Name :	MS SHEIKH BROTHERS.

Registered Office :	Fultala Bazar, Fultala, Khulna

Country :	Bangladesh

Year of Establishment :	2000

Legal Form :	Sole Proprietorships

Line of Business :	Importer and Sellers of Agro Products, Urea fertilizer, TSP, DAP, Pulse

No of Employees :	15 (In Office)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

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 – September 30, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

Source : CIA

IDENTIFICATION DETAILS

Correct company Name	:	MS Sheikh Brothers.
Head Office	:	Rupayan Golden Age, (7^th Floor), Gulshan Avenue, Gulshan, Dhaka-1212, Bangladesh.
Tel No	:	88-02-9862557, 8827581, 8827425
Fax No	:	88-02-8833511
E-mail	:	s_b.joytun@yahoo.com
Website	:	www.sbgroupbd.net
Date/ Year of Incorporation	:	2000
Incorporation No.	:	N/A
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)


Year	Turnover/ Sales	Assets	Income
July’ 11~June’ 12	Tk. 182 Million	Tk. 38.35 Million	Tk. 3.78 Million
July’ 12~June’ 13	Tk. 215 Million	Tk. 41.90 Million	Tk. 4.20 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

Information Parted By

Name

Mr. Shafiur Rahman

Designation

Manager.

Contract No

*Locations Details*

Operating Address	:	Rupayan Golden Age, (7^th Floor), Gulshan Avenue, Gulshan, Dhaka-1212, Bangladesh.
Tel No	:	88-02-9862557, 8827581, 8827425
Fax No	:	88-02-8833511
E-mail	:	s_b.joytun@yahoo.com
Website	:	www.sbgroupbd.net

Location :

: Owned

Rented

Leased

Area

1200

Sq. ft.

Type of Office :	: Commercial Office Bldg.	Ö		Semi-commercial office Bldg.
	Retail shop		Industrial Park
	Business Center		Home Office
	Residential Bldg.

Warehouse:

Address	:	Rupayan Golden Age, (7^th Floor), Gulshan Avenue, Gulshan, Dhaka-1212, Bangladesh.
Tel No	:	88-02-9862557, 8827581, 8827425
Fax No	:	88-02-8833511

Location :

Owned

Rented

Leased

Area

4500

Sq. ft.

Registered Address:

Address	:	Fultala Bazar, Fultala, Khulna, Bangladesh.
Tel No	:	88-0041-701053, 01712286221
Fax No	:	Nil
Sales Center:

Address	:	Station Bazar, Noapara, Jessore, Bangladesh.
Tel No	:	880-4222-71279, 01711297293
Fax No	:	880-4222-71479
Dhaka Branch Office:

Address	:	Dhaka Stock Exchange Annex Building (9^th floor), Suite # 1033, Motijheel C/A, Dhaka-1000, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	15	In Factory	:	-
	In Branch:	:	-	Total	:	15
Details:

Names of Proprietor

Mr. Hafizur Rahaman Babu


Name	:	Mr. Shafiur Rahman
Job Description	:	Manager.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Sukumar
Job Description	:	Sales Manager.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A


Nature of Activity :	Sellers	Ö	Trader		Dealer	Distributor

	Exporter		Importer	Ö	Services	Others

Item Dealings In:

Products	:	Agro Products, Urea fertilizer, TSP, DAP, Pulse Etc.
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		Cash	Ö	Others
	Credit :	Ö	30 days		60 days		90 days			days

Trade Reference & Related Parties

Overseas Clients

N/A

Local Clients

N/A

Overseas Suppliers

N/A

Local Suppliers

N/A

Trade Markets

Exports

N/A

Imports

China, India, Thailand, Indonesia.

Brand Name

N/A

Certified

N/A

Auditors

N/A

Operation Status

Active.

Member

Jessore Chamber of Commerce & Industry.

Capital Invested

Tk. 12 Million

Assets

Tk. 41.90 Million


Sister Concerns	:	S.R. Enterprise. Joytune Development Ltd Joytune Securities Ltd Gemcon Cement Ltd. Islam Fertilizer Enterprise M/s. Hafizur Rahman Babu M/S. Rafiquel Islam M/S. S.R. Enterprise S.B Agro Fertilizer Industries Ltd. Joytun Securities International Ltd. Goldhill Properties Ltd. Joytun Developers Limited. Sheikh Cement Mills Ltd. Sheikh Jute Mills Ltd. Grand Developers Ltd. Regent Properties Ltd
Subsidiary	:	Nil
Name of The Group	:	SB Group.


Bank Name	:	Islami Bank Bangladesh Ltd.
Bank Address	:	Noapara Branch, Jessore, Bangladesh.

Bank Name	:	Uttara Bank Ltd.
Bank Address	:	Noapara Branch, Jessore, Bangladesh.


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

Our Representative Visited the subject company address at Rupayan Golden Age, (7th Floor), Gulshan Avenue, Gulshan, Dhaka-1212, Bangladesh. The subject company Manager Mr. Shafiur Rahman welcome us & given us all information. Its office is decorated by modern furniture.

Based on the financial statements, SC’s financial performance appears to be Below Average. SC has been in its line of business for about 13 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit should be extended under guarantee C.O.D to small amount.

Adopted Abbreviations:
NA- Not Available	TK- Bangladeshi Taka

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.26
UK Pound	1	Rs. 100.70
Euro	1	Rs. 83.27

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	DPT

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.

MIRA INFORM REPORT

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