MIRA INFORM REPORT

 

 

Report Date :

19.05.2014

 

IDENTIFICATION DETAILS

 

Name :

MULTICON CARGO SYSTEMS

 

 

Registered Office :

Facy Building (1st Floor) North West Block, 87, Agrabad, Chittagong, Bangladesh.

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

2004

 

 

Legal Form :

Sole Proprietorships 

 

 

Line of Business :

Importer and Sellers of all Kind of fresh Fruits.

 

 

No. of Employees

4

 

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately  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 holding

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Multicon Cargo Systems

Head Office

:

Facy Building (1st Floor) North West Block, 87, Agrabad, Chittagong, Bangladesh.

Tel No

:

88-031-2521529, 01711790229

Fax No

:

88-031-712436

E-mail

:

multicon_ctg@hotmail.com

Website

:

Nil

Date/ Year of Incorporation

:

 

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)

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

July’ 11~June’ 12

Tk. 75 Million

Tk. 9.50 Million

Tk. 1.15 Million

July’ 12~June’ 13

Tk. 92 Million

Tk. 11.25 Million

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

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Murshadul Alam Bhuiyan

Designation

:

Chief Financial Officer.

Contract No

:

88-01711761018

 

                                                               Locations Details

 

Operating Address

:

Facy Building (1st Floor) North West Block, 87, Agrabad, Chittagong, Bangladesh.

Tel No

:

88-031-2521529, 01711790229

Fax No

:

88-031-712436

E-mail

:

multicon_ctg@hotmail.com

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

550

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

:

Facy Building (1st Floor) North West Block, 87, Agrabad, Chittagong, Bangladesh.

Tel No

:

88-031-2521529, 01711790229

Fax No

:

88-031-712436

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

1500

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

4

In Factory

:

-

In Branch:

:

-

Total

:

4

Details:

 

                    

 

 

 

PROPRIETOR/PARTNERS

 

Names of Proprietor

               

:

 

Mr. Masudur Rahman Bhuiyan

 

 

 

MANAGEMENT

 

Name

:

Mr. Murshadul Alam Bhuiyan

Job Description

:

Chief Financial Officer.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01711761018

 

 

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

 

Trader

 

Sellers

Ö

Distributor

 

 

 

 

Exporter

 

Importer

Ö

Services

 

Others

 

 

Item Dealings In:

 

Products

:

All Kind of fresh Fruits.

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

 

 

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

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Capital Invested

:

Tk. 5 Million

 Assets

:

Tk. 11.25 Million

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Abrar Trade International.

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

National Bank Ltd.

Bank Address

:

Agrabad Branch,

67, Agrabad C/A,

Chittagong, Bangladesh.

Phone: 88-031-716163-4

 

 

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 address at Facy Building (1st Floor) North West Block, 87, Agrabad, Chittagong, Bangladesh. The subject company Chief Financial Officer Mr. Murshadul Alam Bhuiyan welcome us & given us all information. Its office is decorated by modern furniture.

 

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be below average. SC has been in its line of business for about 9 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.

 

 

 

                                   

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.86

UK Pound

1

Rs.98.82

Euro

1

Rs.80.71

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

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.