MIRA INFORM REPORT

 

 

Report Date :

10.09.2014

 

IDENTIFICATION DETAILS

 

Name :

NOVOTEL LTD.

 

 

Registered Office :

Novo Tower, House# 50, Road# 11, Block# F, Banani, Dhaka-1213

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

27.11.2007

 

 

Legal Form :

Private Company

 

 

Line of Business :

Distributor and Service Provider of International Voice Traffic Termination, Inter Connecting IP & TDM.

 

 

No of Employees :

100

 

 

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 :

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

B1

A2

 

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 company Name

:

NOVOTEL LTD.

Head Office

:

Novo Tower, House# 50, Road# 11, Block# F, Banani, Dhaka-1213, Bangladesh

Tel No

:

88-02-09666722222, 8853748, 8827745

Fax No

:

88-02-8826297

E-mail

:

info@novotel-bd.com

sajjad.majumder@novotel-bd.com

Website

:

www.novotel-bd.com

Date/ Year of Incorporation

:

27.11.2007

Incorporation No.

:

C-69137

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’2012~June’2013

Tk. 145 Million

Tk. 41.5 Crore

Tk. 7.25 Million

July’2013~June’2014

Tk. 182 Million

Tk. 47.20 Crore

Tk. 10.45 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. Shafiul Azam

Designation

:

Career Relation Manager

Contract No

:

-

 

 

Locations Details

 

Corporate Address

:

House # Ga-30/G, (4th Floor), Pragati Sharani, Gulshan-2, Dhaka-1212, Bangladesh

Tel No

:

88-02-8899657-9, 0 1713188731

E-mail

:

88-02-8899654

Fax No

:

info@novotel-bd.com

sajjad.majumder@novotel-bd.com

Website

:

www.novotel-bd.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

10,500

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

:

House # Ga-30/G, Pragati Sharani, Gulshan-2, Dhaka-1212, Bangladesh

Tel No

:

88-02-8899657 – 9, 0 1713188731

Fax No

:

88-02-8899654

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

4500

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

100

In Factory

:

-

In Branch:

:

-

Total

:

100

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

Names of Shareholders

                              No. of Share     

Mr. Arshad Jamal

                                  250

Mr. Ekramul

                                   50

Mr. Faiz Mohammad Khan

                                  230

Mr. Tanveer Ehsanur Rahman

                                   10

Mr. Rafayet Ullah Khan

                                   50

Mr. Hasibur Rashid

                                   40

Mr. Rezaul Kabir

                                   40

Mr. Feroj Alam

                                   50

Mr. Syed Moinul Haq

                                   80

Mr. Fayzur Rahman

                                 200

 

 

DIRECTORS

 

Name

Designation

Mr. Syed Moinul Haq

Managing Director

Mr. Ekramul

Director

Mr. Faiz Mohammad Khan

Director

Mr. Tanveer Ehsanur Rahman

Director

Mr. Rafayet Ullah Khan

Director

Mr. Hasibur Rashid

Director

Mr. Rezaul Kabir

Director

Mr. Feroj Alam

Director

Mr. Arshad Jamal

Director

Mr. Fayzur Rahman

Director

 

MANAGEMENT

 

Name

:

Mr. Moinul Haque

Job Description

:

General Manager

Nationality

:

Bangladesh

Email address

:

-

Other details

:

-

           

 

Name

:

Mr. Shafiul Azam

Job Description

:

Career Relation Manager

Nationality

:

Bangladesh

Email address

:

-

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

 

Trader

 

Dealer

 

Distributor

Ö

 

Exporter

 

Importer

 

Services

Ö

 

 

Item Dealings In:

 

Products

:

International voice traffic termination, Inter connecting IP & TDM.

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

 

:

Japan, Korea,

 

Brand Name

:

N/A

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

N/A

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.5 Million

Paid-up Capital

:

Tk.10,00,000

No. of Shares

:

1,000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk.47.20 Crore

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Novo Com Ltd.

Tusuka Fashions Ltd

Tusuka  Jeans Limited

Tusuka Processing Limited

Tusuka Teetjel Limited

Tusuka Trousers Limited

Tusuka apparels Ltd.

Univers Textile Alliance

Jeans & Polo Ltd

Parkview Dresses Ltd,

Needle Art Embroidery Unil Ltd

Subsidiary

:

N/A

Name of  The Group

:

Tusuka Group

 

 

BANKING

 

 

Bank Name  

:

The City Bank Ltd.

Bank Address

:

Principal Office

Jibon Bima Tower,10 Dilkusha C/A,Dhaka 1000

Cable-BANKCITY

Phone: 02-9553137, 02-9553147

Mobile:01970-338595

 

 

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 registered address which is situated at House # Ga-30/G, (4th Floor) Pragati Sharani, Gulshan-2, Dhaka-1212, Bangladesh. The subject company Career Relation Manager Mr. Shafiul Azam given us all information. Is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be fair. SC has been in its line of business for about 6 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit should proceed with monitor Small amount-periodical review.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.43

UK Pound

1

Rs.97.25

Euro

1

Rs.77.93

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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.