MIRA INFORM REPORT

 

 

Report No. :

343634

Report Date :

02.10.2015

 

IDENTIFICATION DETAILS

 

Name :

CLASSIC COTTON CLIPS

 

 

Registered Office :

House #04, Road #02, Block #I, East Delpara, Kutubpur, Fatulla,  Narayangonj

 

 

Country :

Bangladesh

 

 

Year of Establishment :

2005

 

 

Legal Form :

Sole Proprietorships 

 

 

Line of Business :

Exporter of Cotton Waste, Hosiery Cotton Clips, Wiping, Rags, Garments Stock Cot.     

 

 

No. of Employees :

8

 

 

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 :

Small Company

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bangladesh

A2

A2

 

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

IDENTIFICATION DETAILS

 

Correct company Name

:

Classic Cotton Clips

Head Office

:

House #04, Road #02, Block #I, East Delpara, Kutubpur, Fatulla,  Narayangonj, Bangladesh.

Tel No

:

88-02-7696353

Fax No

:

Nil

E-mail

:

moderncotton@gmail.com, bashar@moderncottonenterprise.com

tanimimpex@gmail.com

Website

:

www.moderncottonenterprise.com

Date/ Year of Incorporation

:

2005

Bank Account No.

:

001048146

ERC No

:

RA-0105382

Trade Licence No

:

702(2013-2014)

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’ 13~June’ 14

BDT  52 Million

BDT 13.47 Million

BDT 2.13 Million

July’ 14~June’ 15

BDT  71 Million

BDT 18.15 Million

BDT 3.40 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. Ashraful Haque

Designation

:

Manager

Contract No

:

88-01678710455

 

Locations Details

 

Operating Address

:

House #04, Road #02, Block #I, East Delpara, Kutubpur, Fatulla,  Narayangonj, Bangladesh.

Tel No

:

88-02-7696353

Fax No

:

Nil

E-mail

:

moderncotton@gmail.com, bashar@moderncottonenterprise.com

tanimimpex@gmail.com

Website

:

www.moderncottonenterprise.com

 

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

:

House # 04, Road # 02, Block # I, East Delpara, Kutubpur, Fatulla,  Narayangonj, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

5500

Sq. ft.

 

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

2

Warehouse

:

6

In Branch:

:

-

Total

:

8

Details:

 

                    

 

 

 

PROPRIETOR

 

Names of Proprietor

:

Mr. M. A. Basher Mridha

 

 

MANAGEMENT

 

Name

:

Mr. M. A. Basher Mridha

Job Description

:

Proprietor.

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01678170483

 

 

 

Name

:

Mr. Ashraful Haque

Job Description

:

Manager

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01678710455

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Cotton Waste, Hosiery Cotton Clips, Wiping, Rags, Garments Stock Cot.     

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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

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

:

Thailand, Pakistan, China and India

 

Imports

:

N/A

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

N/A

 

 

CAPITAL STRUCTURE

Capital Invested

:

BDT  8 Million

 Assets

:

BDT 18.15 Million

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Modern Cotton Enterprise.

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

Janata Bank Ltd.

Bank Address

:

Nitaigong Corporate Branch.

 

 

 

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 House #04, Road #02, Block #I, East Delpara, Kutubpur, Fatulla, Narayangonj, Bangladesh. Its office is decorated by modern furniture.

GENERAL COMMENTS

 

Established in 2005, Subject is mainly engaged in Exporter. Having been in operation for several years, Subject maintains acceptable business volume. Subject enjoys some recognition and impact in the line.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.65.55

UK Pound

1

Rs.99.17

Euro

1

Rs.73.08

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

VNT

 

               

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.