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Report No. : |
307704 |
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Report Date : |
14.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SQUARE DENIMS LTD. |
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Registered Office : |
Square Centre, 48 Mohakhali C/A Dhaka 1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
09.07.2012 |
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Com. Reg. No.: |
C-103285 |
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Legal Form : |
Private Company |
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Line of Business : |
Manufacturer, Exporter & Distributor of Denim Fabric |
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No of Employees : |
137 (22 in Office, 110 in Factory, 05 in Branch) |
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 |
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Payment Behaviour : |
No Complaints |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Bangladesh |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 |
IDENTIFICATION DETAILS
|
||
|
Correct company Name |
: |
Square Denims Ltd. |
|
Head Office |
: |
Square Centre,
48 Mohakhali C/A Dhaka 1212, Bangladesh. |
|
Tel No |
: |
88-02-9859007,
8833047-56 |
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Fax No |
: |
88-02-8834941, 8828768 |
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E-mail |
: |
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|
Website |
: |
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Date of Incorporation |
: |
09.07.2012 |
|
Incorporation No. |
: |
C-103285 |
|
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’ 13~June’ 14 |
BDT 138 Million |
BDT 465.50 Million |
BDT 5.65 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
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Name |
: |
Mr. Sazedur Rahman |
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Designation |
: |
Officer (Commercial) |
Locations
Details
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|
Business Address |
: |
Square Centre,
48 Mohakhali C/A Dhaka 1212, Bangladesh. |
|
Tel No |
: |
88-02-9859007,
8833047-56 |
|
E-mail |
: |
|
|
Fax No |
: |
88-02-8834941, 8828768 |
|
Website |
: |
|
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Location : |
: Owned |
Ö |
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Rented |
|
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Leased |
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Area |
4500 |
Sq. ft. |
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Type of Office : |
: Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential
Bldg. |
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Factory: |
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Address |
: |
Olipur, Shayestagonj, Habiganj,
Sylhet, Bangladesh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
2.5 |
Acores |
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Branches: |
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Address |
: |
Mascot Plaza (11-12floor),
Plot#107/A, Sector # 7, Uttara,
Dhaka-1230, Bangladesh |
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Tel No |
: |
88-02-8951101-7 |
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Fax No |
: |
88-02-8952652, 8931932 |
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Location : |
Owned |
|
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Rented |
Ö |
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Leased |
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Area |
1800 |
Sq. ft. |
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Employee: |
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No. of
Employees |
In
Office |
: |
22 |
In
Factory |
: |
110 |
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In
Branch: |
: |
5 |
Total |
: |
137 |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of Share |
|
Square Fashion Ltd |
995000 |
|
Mrs. Anita Chowdhury |
1000 |
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Mr.Anjan Choowdhury |
1000 |
|
Mr.Samuels
Choowdhury |
1000 |
|
Mr.Tapan Choowdhury |
1000 |
|
Mrs.Ratna Patra |
1000 |
DIRECTORS
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|
|
Name |
Designation |
|
Mr.Tapan Choowdhury |
Managing Director |
|
Mr.Samuels
Choowdhury |
Director |
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Mr.Anjan Choowdhury |
Director |
|
Mrs. Anita Chowdhury |
Director |
|
Mrs.Ratna Patra |
Director |
MANAGEMENT
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||
|
Name |
: |
Mr. Sazedur Rahman |
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Job Description |
: |
Officer (Commercial) |
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Nationality |
: |
Bangladesh |
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Nature of
Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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|||||||
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of Products/Item Dealings In: |
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Products |
: |
Denim Fabric |
Trading Terms:
|
Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
|
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
|
Selling
Terms : |
L/C |
Ö |
Cash |
|
Others |
|
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|||
|
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED DATA
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||||||||
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Trade Reference & Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|||
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Trade Markets |
: |
Exports |
: |
Europe |
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Imports |
: |
China, India |
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Brand Name |
: |
N/A |
||||||
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Certified |
: |
N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
Bangladesh Textile Mills Association |
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CAPITAL STRUCTURE
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||||||||
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Authorized Capital |
: |
BDT 500 Million |
||||||
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Paid-up Capital |
: |
BDT 10000000 |
No. of Shares |
: |
100000 |
Share Value |
: |
BDT 100.00Each |
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Main Assets |
: |
BDT 465.50 Million |
||||||
FINANCIAL STATEMENT- DETAILED
|
|
The subject company
don’t submit update financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
||
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Sister Concerns |
: |
Square Yarns Ltd. Unitrend Limited Square Fashion Ltd. Square Air Limited Mediacom Limited Square Textiles Ltd. Square Hospitals Ltd. Square Spinning Ltd. Square InformatiX Ltd. Square Knit fabrics Ltd. Square Toiletries Limited Square pharmaceuticals Ltd. Square Consumer Products Ltd. Square Herbal and Nutraceuticals Ltd. Square Agro Development and Processing Ltd |
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Subsidiary |
: |
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Name of The Group |
: |
Square Group |
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Bank Name |
: |
Standard Chartered
Bank, |
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Bank Address |
: |
Gulshan Head office Branch, 67 Gulshan Avenue, Dhaka, Bangladesh. |
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|
|
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Bank Name |
: |
Hong Kong Shanghai Banking Corporation |
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Bank Address |
: |
Dhaka Main Office Anchor Tower, 108, Bir Uttam C R Dutta
Road, Dhaka - 1205 Facsimile: 8802- 9660554, 9669457 |
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Dishonored
Checks |
: |
No Record
Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
: |
No Record
Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
|
|
Our representative visited
the subject company Head office address which is situated at Square Centre,
48 Mohakhali C/A Dhaka 1212, Bangladesh |
GENERAL COMMENTS
|
|
The subject company
is engaged in Manufacturer, Exporter & Distributor. It is reputed company
in this line of business. We recommended that Credit can proceed normally in
Moderate amount. |
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Adopted Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
UK Pound |
1 |
Rs.95.78 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.