MIRA INFORM REPORT

 

 

Report Date :

15.10.2014

 

IDENTIFICATION DETAILS

 

Name :

TOWER FREIGHT LOGISTICS LTD

 

 

Registered Office :

Richmond Concord (2nd Floor), Plot# 8/A, Block # CES (F), 68 Gulshan Avenue Gulshan-1, Dhaka-1212,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

18.03.2004

 

 

Com. Reg. No.:

C-52157

 

 

Legal Form :

Private Company

 

 

Line of Business :

Subject is mainly engaged in Freight Forwarder

Such as Airfreight, Ocean Freight, Shipping Line Agency, Sea-Air / Air-Sea Services, Rail Services, Fairs & Exhibitions, Customs Brokerage, Warehousing & Distribution, Advisory Services 

 

 

No. of Employees :

88

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

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

 

 

 

 

Company name and address

 

Correct company Name

:

Tower Freight Logistics Ltd.

Head Office

:

Richmond Concord (2nd Floor), Plot# 8/A, Block # CES (F), 68 Gulshan Avenue Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9893007, 8824157, 9841024, 8835445, 8818361, 8835445

Fax No

:

88-02-98940994

E-mail

:

lawrence@towerfreight.com

nurul@towerfreight.com

kabir@towerfreight.com

Website

:

www.towerfreight.com

Date/ Year of Incorporation

:

18.03.2004

Incorporation No.

:

C-52157

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’ 12~June’ 13

Tk. 49.22 Million

Tk. 355.65 Million

Tk. 5.40 Million

July’ 13~June’ 14

Tk. 62.65 Million

Tk. 361.20 Million

Tk. 7.95 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. Kabir Ahmed

Designation

:

Director

Contract No

:

kadir@towerfreight.com

 

                                                               Locations Details

 

Operating Address

:

Richmond Concord (2nd Floor), Plot# 8/A, Block # CES (F), 68 Gulshan Avenue Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9893007, 8824157, 9841024, 8835445, 8818361, 8835445

Fax No

:

88-02-98940994

E-mail

:

lawrence@towerfreight.com

nurul@towerfreight.com

kabir@towerfreight.com

Website

:

www.towerfreight.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3930

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

:

Richmond Concord (2nd Floor), Plot# 8/A, Block # CES (F), 68 Gulshan Avenue Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9893007, 8824157, 9841024, 8835445, 8818361, 8835445

Fax No

:

88-02-98940994

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

4000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

88

In Factory

:

-

In Branch:

:

-

Total

:

88

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Enamul Haque

11230

Mr. Milton D Rozario

13500

Mr. Md. Omer Haider

7500

Mr. Md. Jashim Uddin Mollah

3000

Mr. Md. Nurul Amin

55270

Mr. Mustafizur Rahman

12000

Mr. Lopwrence Gomes

10500

Mr. Monindra Biswas

7500

Mr. Mohon Halder

12000

Mr. kabir Ahmed

13000

Tushish Ghosh

3000

Sukha Ranjan Indu

1500

 

 

DIRECTORS

 

Name

Designation

Mr. Md. Nurul Amin

Managing Director

Mr. Milton D Rozario

Director

Mr. Md. Omer Haider

Director

Mr. Md. Jashim Uddin Mollah

Director

Mr. Enamul Haque

Director

Mr. Mustafizur Rahman

Director

Mr. Lopwrence Gomes

Director

Mr. Monindra Biswas

Director

Mr. Mohon Halder

Director

Mr. kabir Ahmed

Director

 

 

MANAGEMENT

 

Name

:

Mr. Kabir Ahmed

Job Description

:

Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

kadir@towerfreight.com

 

 

 

Name

:

Mr. Jashim Uddin Mollah

Job Description

:

Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

jasim@towerfreight.com

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Freight Forwarder

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Airfreight, Ocean Freight, Shipping Line Agency, Sea-Air / Air-Sea Services, Rail Services, Fairs & Exhibitions, Customs Brokerage, Warehousing & Distribution, Advisory Services 

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

 

Cash

 

Others

 

 

 

Credit :

 

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

 

:

N/A

 

 

 

 

Accreditation/Affiliation                          

:

IATA, FIATA, BAFFA (Bangladesh Freight Forwarders Association)

(Shipper’s Council of Bangladesh), C-TPAT,                                                                                       

Certified

:

ISO 9001:2008

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

 

 

Authorized Capital

:

Tk. 30 Million

 

Paid-up Capital

:

Tk. 15000000

    No. of Shares

:

150000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 361.20 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Tower Aviation Limited  

SMI (BD) Limited          

NAT Aviation Limited    

Hawker Limited

Tower Properties Limited          

Aamar Tours Limited     

Aamar Trade Limited     

Aamar Food & Beverage Limited           

 Aamar Kitchen Limited

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

Account Number: 01 2324113 – 01

14 Kemal Ataturk Avenue, Banani

Dhaka – 1213, Bangladesh

 

Bank Name  

:

Bank Asia Ltd.

Bank Address

:

Account Number: 01236050514

24 Kemal Ataturk Avenue

Banani, Dhaka – 1213, Bangladesh

SWIFT: BALBBDDH

 

 

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 Head office which is situated at Richmond Concord (2nd Floor), Plot# 8/A, Block # CES (F), 68 Gulshan Avenue Gulshan-1, Dhaka-1212, Bangladesh. The subject company Director Mr. Kabir Ahmed given us all information. Is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Established in Mar. 2004, Subject is mainly engaged in Freight Forwarder. Having been in operation for several years, Subject maintains acceptable business volume. Subject enjoys some recognition and impact in the line.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.11

UK Pound

1

Rs.98.15

Euro

1

Rs.77.68

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.