MIRA INFORM REPORT

Report No. :	322898
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	PROGRESS IMPEX LTD.

Registered Office :	Plot # 21 (Flat-A-8), Road # 17, Banani C/A, Dhaka-1213

Country :	Bangladesh

Date of Incorporation :	14.06.2012

Com. Reg. No.:	C-102481

Legal Form :	Private Co

Line of Business :	Subject is distributor and importer of agricultural commodities, stone

No. of Employee :	23

RATING & COMMENTS

MIRA’s Rating :

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 – December 31, 2014

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Bangladesh

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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.

Source : CIA

Company name

PROGRESS IMPEX LTD.


*IDENTIFICATION DETAILS*
Correct company Name	:	Progress Impex Ltd.
Head Office	:	Plot # 21 (Flat-A-8), Road # 17, Banani C/A, Dhaka-1213, Bangladesh
Tel No	:	88-02-9821213, 9821214
Fax No	:	Nil
E-mail	:	arifeng37@yahoo.com
Website	:	Nil
Date/ Year of Incorporation	:	14/06/2012
Incorporation No.	:	C-102481
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)

Year

Turnover/ Sales

Assets

Income

July’ 13~June’ 14

BDT 64 Million

BDT 93.15 Million

BDT 2.35 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. Arif M.A. Akbar

Designation

Managing Director

Contract No

N/A

*Locations Details*
Operating Address	:	Plot # 21 (Flat-A-8), Road # 17, Banani C/A, Dhaka-1213, Bangladesh
Tel No	:	88-02-9821213, 9821214
Fax No	:	Nil
E-mail	:	arifeng37@yahoo.com
Website	:	Nil

Location :

: Owned

Rented

Leased

Area

12000

Sq. ft.

Type of Office :	: Commercial Office Bldg.			Semi-commercial office Bldg.
	Retail shop		Industrial Park
	Business Center		Home Office
	Residential Bldg.	Ö

Warehouse:

Address	:	Sonamosjid, Chapai Nowabgong, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

4000

Sq. ft.

Branches:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	22	In Factory	:	1
	In Branch:	:		Total	:	23
Details:


Names of Shareholders	No. of Share
Mr. Md. Ali Akbar	2500
Mr. Arif M.A. Akbar	2500

Name

Designation

Mr. Md. Ali Akbar

Managing Director

Mr. Arif M.A. Akbar

Director

Name

Mr. Arif M.A. Akbar

Job Description

Managing Director

Nationality

Bangladeshi.

Email address

N/A

Other details

N/A


Nature of Activity :	Manufacturer	Trader		Dealer	Distributor	Ö

	Exporter	Importer	Ö	Services	Others

Range of Products :

Products	:	Agricultural Commodities, Stone.
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


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			:	India
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	Dhaka Chamber of Commerce & Industry


Authorized Capital	:	BDT 0.05 Million
Paid-up Capital	:	BDT 50000	No. of Shares	:	5000	Share Value	:	BDT100.00Each
Main Assets	:	BDT 93.15 Million

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

Sister Concerns

Progress Tech Ltd.

Progress Motors Ltd.

Progress Construction Ltd.

Progress Steel & Structure Ltd.

Subsidiary

Nil

Name of The Group

Progress Group


Bank Name	:	Al-Arafah Islami Bank Limited
Bank Address	:	Motijheel Branch Rahman Mansion,161, Motijheel C/A Dhaka-1000, Bangladesh Ph: 9569350 (D) 7125266, 9564190 01715028067 Fax: 9567664


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

Our representative visited the subject company Head Office which is situated at Plot # 21, (Flat-A-8), Road # 17, Banani C/A, Dhaka-1213, Bangladesh. It is Situated at Residential area.

Subject is mainly engaged in Importer & Distributor.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.89
UK Pound	1	Rs.98.90
Euro	1	Rs.72.31

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	ASH

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.

MIRA INFORM REPORT

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