MIRA INFORM REPORT

 

 

Report Date :

23.01.2014

 

IDENTIFICATION DETAILS

 

Name :

JEWEL JUTE LIMITED.

 

 

Registered Office :

Mohasin Mor, Khan-A-Sabor Road, Daulatpur, Khulna

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

29.06.2009

 

 

Com. Reg. No.:

KHC-823

 

 

Legal Form :

Private Company

 

 

Line of Business :

engaged in Exporter of Raw Jute

 

 

No. of Employees :

42

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Jewel Jute Limited.

Head Office

:

Mohasin Mor, Khan-A-Sabor Road, Daulatpur, Khulna, Bangladesh.

Tel No          

:

880-41-775223, 774393, 01711840543

Fax No

:

Nil

E-mail

:

mgislam@bttb.net.bd 

mjislam@btcl.net.bd

Website

:

Nil

Date/

Year of Incorporation

:

29.06.2009

Incorporation No.

:

KHC-823

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

July’ 11~June’ 12

Tk. 350 Million

Tk. 100 Million

Tk. 25.80 Million

July’ 12~June’ 13

Tk. 378 Million

Tk. 105 Million

Tk. 31.45 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. Sayed Nazrul Islam.

 

Designation

:

Accountant.

 

Contract No

:

-

 

Locations Details

 

Operating Address

:

Mohasin Mor, Khan-A-Sabor Road, Daulatpur, Khulna, Bangladesh.

Tel No

:

880-41-775223, 774393, 01711840543

Fax No

:

Nil

E-mail

:

mgislam@bttb.net.bd

mjislam@btcl.net.bd

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

2700

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

:

Mohasin Mor, Khan-A-Sabor Road, Daulatpur, Khulna, Bangladesh.

Tel No

:

880-41-775223, 774393, 01711840543

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

25000

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

42

In Factory

:

-

In Branch:

:

-

Total

:

42

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Md. Zahidul Islam

                                  140000

Mrs. Most. Afia Khatun

                                    30000

Mr. Md. Mazahidul Islam

                                    30000

 

 

 

DIRECTORS

 

Name

Designation

Mrs. Most. Afia Khatun

Chairman

Mr. Md. Zahidul Islam

Managing Director

Mr. Md. Mazahidul Islam

Director

 

MANAGEMENT

 

Name

:

Mr. Sayed Nazrul Islam.

Job Description

:

Accountant.

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Akram Hossain.

Job Description

:

Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01719687989

 

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

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

:

N/a

 

Trade Markets

 

:

 

Exports

:

China, India, Pakistan.

 

Imports

:

N/A

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Jute Exporters Association, Khulna.

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 15 Crore.

 

Paid-up Capital

:

Tk. 2, 00,00,000

    No. of Shares

:

2, 00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk.  105 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update full financial figure to local registry office.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank.                                                                                     

Bank Address

:

Motijheel Branch.

Alico Building, 18-20 Motijheel C/A

 

Bank Name  

:

Sonali Bank Limited.                                                                               

Bank Address

:

Khulna Corporate Branch,

Khulna, Khulna.

041-813294, 725435, 722437

 

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

 

The subject company Head Office is situated at Mohasin Mor, Khan-A-Sabor Road, Daulatpur, Khulna, Bangladesh. They are engaged in Exporter of Raw Jute & they are financially solvent.

 

 Mr. Md. Zahidul Islam-Managing Director of the subject company.

 

We checked the local registry office & found that information’s.

 

The subject company is ok for normal business engagements.

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 05 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.101.98

Euro

1

Rs.83.93

 

INFORMATION DETAILS

 

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%)

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.