MIRA
INFORM REPORT
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Report No. : |
342380 |
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Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
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Name : |
SALEK TEXTILE LTD. |
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Registered Office : |
Mehnaj Monsur Tower, House # 11A, Road # 130, Gulshan-1, Dhaka-1212 |
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Country : |
Bangladesh |
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Financial As on : |
30.06.2014 |
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Date of Incorporation : |
09.09.2007 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer and Exporter of Distributor Denim Fabrics. |
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No. of Employee : |
375 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Salek Textile Ltd. |
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Head Office |
: |
Mehnaj Monsur Tower, House # 11A, Road # 130, Gulshan-1, Dhaka-1212,
Bangladesh |
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Tel No |
: |
880-2-8832771-82, 8816128 |
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Fax No |
: |
880-2-8828953, |
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E-mail |
: |
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Website |
: |
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Date/ Year of Incorporation |
: |
09.09.2007 |
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Incorporation No. |
: |
C-68304
|
|
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 |
|
June'13 |
BDT 2,291,717,388 |
BDT 3,415,368,125 |
BDT 143,749,214 |
|
June'14 |
BDT 2,178,916,498 |
BDT 5,680,194,562 |
BDT 135,713,206 |
|
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 |
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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Syed Saiful
Haque |
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Designation |
: |
Company Secretary |
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Contract No |
: |
N/A |
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Locations
Details |
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Operating Address |
: |
Mehnaj Monsur Tower, House # 11A, Road # 130, Gulshan-1, Dhaka-1212,
Bangladesh |
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Tel No |
: |
880-2-8832771-82, 8816128 |
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Fax No |
: |
880-2-8828953, |
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E-mail |
: |
allabj@dhaka.net |
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Website |
: |
www.malekspinning.com |
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Location : |
: Owned |
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Rented |
Ö |
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Leased |
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Area |
2400 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
Ö |
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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 |
: |
Mahna, Bhabanipur, Gazipur, 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 |
35000 |
Sq.ft |
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Branches: |
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Address |
: |
5, Mohakhali C/A, Gulshan , Dhaka 1212
Bangladesh. |
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Tel No |
: |
880 -2- 9882107, 9887242 |
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Fax No |
: |
880 -2 -8821394
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Registered Address: |
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Address |
: |
117/A Tejgaon I/R, Dhaka-1215, Bangladesh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
30 |
In Factory |
: |
345 |
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In Branch: |
: |
- |
Total |
: |
375 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Malek Spinning Mills limited |
4,725,970 |
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Mr. A. Matin Chowdhury |
48,978 |
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Mr. Dr. Shamim Matin Chowdhury |
33,934 |
|
Ms. Saima Matin Chowdhury |
41 |
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Mr. Azizur R Chowdhury |
51 |
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Mr. A. F. M. Zubair |
17,048 |
|
Mr. Moshiur Rahman |
65 |
DIRECTORS
|
Name |
Designation |
|
Mr. A. F. M. Zubair |
Chairman |
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Mr. A. Matin Chowdhury |
Managing Director |
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Mr. Dr. Shamim Matin Chowdhury |
Director |
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Ms. Saima Matin Chowdhury |
Director |
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Mr. Azizur R Chowdhury |
Director |
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Mr. M. Sekander Ali, |
Director |
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Mr.Moshiur Rahman |
Director |
MANAGEMENT
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Name |
: |
Mr. Mohiuddin |
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Job Description |
: |
Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
Nil |
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Name |
: |
Mr. Mamunur
Rashid |
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Job Description |
: |
Commercial Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
88-01741679090, 01675918315 |
BUSINESS OPERATIONS
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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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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of
Products: |
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Products |
: |
Denim Fabrics |
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Production Capacity |
: |
Yarns: 14,621,000 kgs per year Fabrics: 9,600,000 yards per year |
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Last Year
Production |
: |
Do. |
Trading Terms:
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Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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|
days |
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Selling Terms : |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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|
days |
DETAILED DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
Avon Bershka Zara Decathlon Hanes H&M |
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, Italy |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
Malek Siddiqui Wali Chartered Accountants 9-G, Motijheel, C/A, Dhaka-1000, Bangladesh |
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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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Authorized
Capital |
: |
BDT 3,000,000,000 |
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Paid-up Capital |
: |
BDT 482,608,700 |
No. of Shares |
: |
4,826,087 |
Share
Value |
: |
BDT 100.0Each |
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Main Assets |
: |
BDT 5,680,194,562 |
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FINANCIAL STATEMENT- DETAILED
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Balance Sheet : |
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Currency |
:BDT |
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Denomination |
: 1 |
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Financial Year Ending |
:July,31~June,30 |
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Income Statement : |
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Currency |
:BDT |
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Denomination |
: 1 |
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Financial Year
Ending |
:July,31~June,30 |
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ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Sister Concerns |
: |
Rahim Textile Mills Ltd. JM Fabrics Ltd. Knit Asia Ltd Design Asia Ltd. New Asia Limited |
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Mother Company |
: |
Malek Spinning Mills Limited |
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Name of The Group |
: |
Nil |
BANKING
|
Bank Name
|
: |
Islami Bank
Bangladesh Ltd. |
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Bank Address |
: |
Kawran Bazar branch. AD Branch T.
K. Bhaban (1st Floor), 13, Kazi Nazrul Islam Avenue, Dhaka Phone: (02) 9137571, 8155211 Mobile: 01711-439094 Fax: (02) 8117587 Email: kawran@islamibankbd.com |
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Bank Name
|
: |
Hong Kong
Shanghai Banking Corporation. |
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Bank Address |
: |
Dhaka Main Branch. Anchor Tower, 108, Bir Uttam C R Dutta Road,
Dhaka - 1205 Bangladesh Telephone: 880 2 9660536-43 Fax : 880 2 9660554 |
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Bank Name
|
: |
Eastern Bank Ltd.
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Bank Address |
: |
Agrabad Branch Jiban Bima Bhaban, 10 Dilkusha C/A, Dhaka
1000 Phone:02 9558392, 9565696, 9571262 Fax:02 7160747 |
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ADVERSE DATA MONITORING
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Dishonored Checks |
:
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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 |
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SITE VISIT COMMENTARY
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Our
Representative Visited the subject company address at 117/A, Tejgon I/A, Dhaka-1208,
Bangladesh. The subject company Manager Mr. Mohiuddin welcome us & given
us all information. Its office is decorated by modern furniture. |
GENERAL COMMENTS
|
The subject
company is engaged in manufacturer, Exporter, Importer & Distributor. It
is reputed company in this line of business. We recommended that Credit can
proceed normally in Moderate |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.18 |
|
|
1 |
Rs.100.46 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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.