MIRA INFORM REPORT

Report Date :

29.12.2014

IDENTIFICATION DETAILS

Name :	HEROK JUTE INTERNATIONAL

Registered Office :	Khan-E-Sabur Road, Daulatpur, Khulna

Country :	Bangladesh

Year of Establishments :	2010

Legal Form :	Sole Proprietorship

Line of Business :	Engaged as exporter of Raw Jute [We tried to confirm / obtain the detailed activity but the same is not available from any sources.]

No of Employees :	10 (3 in Office & 7 in Factory)

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 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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Bangladesh

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

Identification details

Correct concern Name	:	Herok Jute International
Head Office	:	Khan-E-Sabur Road, Daulatpur, Khulna, Bangladesh.
Tel No	:	88-01766295814, 01718130815
Fax No	:	Nil
E-mail	:	herokjute@gmail.com
Website	:	Nil
Year of Incorporation	:	2010
Tread License No.	:	N/A
Legal Form (General)	:	Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorship 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
July’ 12~June’ 13	BDT 42 Million	BDT 14.75 Million	BDT 2.85 Million
July’ 13~June’ 14	BDT 87 Million	BDT 16.29 Million	BDT 3.05 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. Md. Anisur Rahaman Gazi
Designation	:	Manager
Contact No	:	88-01718930815

Locations Details

Business Address	:	Khan-E-Sabur Road, Daulatpur, Khulna, Bangladesh
Tel No	:	88-01766295814, 01718130815
Fax No	:	Nil
E-mail	:	herokjute@gmail.com
Website	:	Nil

Location :

: Owned

Rented

Leased

Area

850

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	:	Khan-E-Sabur Road, Daulatpur, Khulna, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

20,500

Sq. ft.

Employee:

No. of Employees	In Office	:	3	In Factory	:	7
No. of Employees	In Branch:	:	---	Total	:	10

PROPRIETOR/PARTNERS

Names of Proprietor

Mr. Md. Sariful Islam

MANAGEMENT
Name	:	Mr. Md. Sariful Islam
Job Description	:	Proprietor
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	88-01766295814

Name	:	Mr. Md. Anisur Rahaman Gazi
Job Description	:	Manager
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	88-01718930815

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer		Trader	Dealer	Distributor

	Exporter	Ö	Importer	Services	Others

Item Dealings In:

Products	:	Raw Jute.
Production Capacity	:	N/A
Last Year Production	:	N/A

Trading Terms:

Purchasing Terms:	L/C		Cash	Ö	Others
	Credit :	Ö	30 days		60 days		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	:	N/A
Trade Markets	:	Exports			:	N/A
		Imports			:	China, India

Brand Name			:	Nil
Certified			:	Nil
Auditors			:	Nil
Operation Status			:	Active
Member			:	Bangladesh Jute Association

CAPITAL STRUCTURE

Capital Invested

BDT 8 Million

Assets

BDT 16.29 Million

BANKING

Bank Name

Sonali Bank Ltd.

Bank Address

Daulatpur Branch

Po & Th: Daulatpur, Khulna,

88-041-762257, 762380, 760549

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 concern Head Office which is situated at Khan-E-Sabur Road, Daulatpur, Khulna, Bangladesh. It is situated at commercial area.

GENERAL COMMENTS

Established in 2010, Subject is mainly engaged in exporter of raw Jute. Having been in operation for several years, Subject maintains acceptable business volume

Adopted Abbreviations:
NA- Not Available	TK- Bangladeshi Taka

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.64
UK Pound	1	Rs.98.98
Euro	1	Rs.77.74

INFORMATION DETAILS

Analysis Done by :	DIV

Report Prepared by :	MNL

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%)

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