MIRA INFORM REPORT

 

 

Report Date :

15.05.2014

 

IDENTIFICATION DETAILS

 

Name :

AKUNZEE BROTHERS

 

 

Registered Office :

No 40/1, Raligate, D.C. Road, Khulna

 

 

Country :

Bangladesh

 

 

Year of Establishment :

1980

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Exporter of Raw  Jute & Jute Goods

 

 

No of Employees :

40 (8 in Office & 32 in Factory)

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Bangladesh

B1

B1

 

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 Concern Name

:

Akunzee Brothers

Head Office

:

No 40/1, Raligate, D.C. Road, Khulna, Bangladesh.                                                                 

Tel No

:

88-041-774084, 774381, 01711218923, 01711295307

E-mail

:

akunzee@yahoo.com

Website

:

-

Date/

Year of Incorporation

:

1980

Trade Licence No

:

2/353

ERC No

:

J, B-(2)1100

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’ 11~June’ 12

Tk. 45 Million

Tk.12 million

Tk. 1.20 Million

July’ 12~June’ 13

Tk. 52 Million

Tk.13.25 million

Tk. 1.50 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. Nihar Ranjan Acharja

Designation

:

Export Manager

Contact No

:

88-01682894452

 

 

Locations Details

 

Business Address

:

No 40/1, Raligate, D.C. Road, Khulna, Bangladesh.                                                                 

Tel No

:

88-041-774084, 774381, 01711218923, 01711295307

Fax No

:

-

E-mail

:

akunzee@yahoo.com

Website

:

-

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

650

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

:

Khan A Sabur Road Daulatpur, Khulna, Bangladesh.

Tel No

:

88-041-774565, 01711-218923

Fax No

:

-

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

25000

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

8

In Factory

:

32

In Branch:

:

-

Total

:

40

 

 

PROPRIETOR/PARTNERS

 

Names of Proprietor

               

:

 

Mr. A. M. Harunar Rashid

 

 

 

MANAGEMENT

 

Name

:

Mr. Kashinath Aic

Job Description

:

Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Nihar Ranjan Acharja

Job Description

:

Export Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01682894452

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

 

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Raw  Jute & Jute Goods

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

Purchasing Terms:

L/C

 

Cash

 

Others

 

 

 

Credit :

 

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

:

Local peoples

 

Trade Markets

 

:

 

Exports

 

:

India, Pakistan

 

Imports

 

:

N/A

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Capital Invested

:

Tk. 10 Million

 Assets

:

Tk. 13.25 Million

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Abir Jute Fibers 

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

           

Bank Name  

:

Standard Bank Ltd

 

Bank Address

:

Kulna Branch,

Khulna                                                                                                                                                            

 

 

 

 

Bank Name  

:

Primer Bank Ltd.

 

Bank Address

:

Daulatpur Branch

Khulna

 

 

Bank Name  

:

Sonali Bank Ltd                                                                          

Bank Address

:

Daulatpur Branch

khulna

 

 

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 District representative visited the subject concern which is situated at No 40/1, Raligate, D.C. Road, Khulna, Bangladesh                                                                                 

 

 

GENERAL COMMENTS

 

Based on the financial statement, the subject concern financial performance appears to be Fairly High. The subject concern has been in its line of business about 33 years.

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.88

UK Pound

1

Rs.100.98

Euro

1

Rs.82.40

 

 

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%)

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.