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MIRA INFORM REPORT
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Report No. : |
501500 |
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Report Date : |
02.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MINAR ASSOCIATES |
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Registered Office : |
Plot# 1 (5th Floor, Flat# 5, A/B), Road# 4,
Middale Badda (Ghodara Ghat), Dhaka-1212 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
1996 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributor and Importer of Pharmaceutical Raw Materials |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
BANGLADESH - ECONOMIC
OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.
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Source
: CIA |
EXECUTIVE
SUMMARY
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Comments |
: |
SC has changed their address of: House 157 2nd Floor
Dhaka 1206 Bangladesh |
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Minar
Associates |
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Head Office |
: |
Plot# 1 (5th Floor, Flat# 5, A/B), Road#
4, Middale Badda (Ghodara Ghat), Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-9883163-4 |
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Fax No |
: |
Nil |
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E-mail |
: |
minarul1957@gmail.com |
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Website |
: |
Nil |
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Date/ Year of Establishment |
: |
1996 |
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Trade
License No |
: |
Nil |
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Legal Form (General) |
: |
Public Listed
Co Public (but not
listed) Private Co State-owned Co Sole Proprietorship Partnership Not Registered others (please
specify) ________________ |
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Legal form (Specific) |
: |
LTD CORP INC CO
others (please
specify) ________________ |
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Issuing Authority |
: |
Registrar
of Joint Stock Companies & Firms
City Corporation Municipal
Administration Union Council Cantonment
Board Chief Controller
of Import & Export |
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FINANCIALS-
SUMMARY
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Year |
Turnover/ Sales |
Assets |
Income |
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30th June,
2016 |
BDT 28 Million |
BDT 6.50 Million |
BDT 0.51 Million |
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30th June,
2017 |
BDT 42 Million |
BDT 7.21 Million |
BDT 0.78 Million |
FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Gopal Ram
Saha |
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Designation |
: |
General
Manger |
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Contract No |
: |
88-01711407580 |
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Locations Details |
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Business Address |
: |
Plot# 1 (5th Floor, Flat# 5, A/B), Road#
4, Middale Badda (Ghodara Ghat), Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-9883163-4 |
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Fax No |
: |
Nil |
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E-mail |
: |
minarul1957@gmail.com |
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Website |
: |
Nil |
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Location
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: Owned |
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Rented |
Ö |
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Leased |
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Area |
1100 |
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 |
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Business Center |
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Home Office |
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Residential Area. |
Ö |
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Warehouse: |
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Address |
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Plot# 1 (5th
Floor, Flat# 5, A/B), Road# 4, Middale Badda (Ghodara Ghat), Dhaka- 1212,
Bangladesh. |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Owned |
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Rented |
Ö |
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Leased |
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Area |
1200 |
Sq. ft. |
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Branch Address: |
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Address |
: |
Nil |
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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 |
: |
5 |
Warehouse |
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N/A |
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Sales |
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10 |
Total
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15 |
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Details: |
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PROPRIETOR
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Names
of Proprietor |
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Mr. Syed Minarul Islam |
MANAGEMENT
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Name |
: |
Mr. Syed
Minarul Islam |
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Job Description |
: |
Proprietor |
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Nationality |
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Bangladeshi |
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Email address |
: |
minarul1957@gmail.com |
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Other details |
: |
N/A |
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Name |
: |
Mr. Gopal Ram
Saha |
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Job Description |
: |
General
Manger |
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Nationality |
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Bangladeshi |
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Email address |
: |
grsaha@e-home24.com |
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Other details |
: |
88-01711407580 |
BUSINESS
OPERATIONS
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Nature
of Activity : |
Manufacturer |
Trader |
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Dealer |
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Distributor |
Ö |
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Exporter |
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Importer |
Ö |
Services |
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Others |
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Item
Dealings In: |
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Products |
: |
Pharmaceutical Raw
Materials |
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Import
Products |
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N/A |
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Export
products |
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N/A |
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 |
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Cash |
Ö |
Others |
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Credit : |
Ö |
30 days |
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60 days |
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90 days |
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days |
DETAILED
DATA
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Trade Reference & Related Parties |
: |
Overseas Clients |
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N/A |
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Local Clients |
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N/A |
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Overseas Suppliers |
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N/A |
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Local Suppliers |
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N/A |
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Trade Markets |
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Exports |
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N/A |
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Imports |
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India, China |
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Brand Name |
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N/A |
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Certified |
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N/A |
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Auditors |
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N/A |
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Operation Status |
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Active |
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CAPITAL
STRUCTURE
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Capital Invested |
: |
BDT
6 Million |
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Assets |
: |
BDT
7.21 Million |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Name of The Group |
: |
Nil |
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Name of Mother Company |
: |
Nil |
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Subsidiary |
: |
Nil |
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Sister Concerns |
: |
Nil |
BANKING
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Bank Name |
: |
Standard
Charterad Bank Ltd |
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Bank Address |
: |
Gulshan
Branch 67, Gulshan
Avenue, Dhaka-1212, Bangladesh. |
ADVERSE
DATA MONITORING
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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 |
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No Record
Found |
SITE
VISIT COMMENTARY
|
Our representative visited the subject
company Head Office which is situated at Plot# 1 (5th Floor, Flat#
5, A/B), Road# 4, Middale Badda (Ghodara Ghat), Dhaka-1212, Bangladesh. It’s
situated at a Residential Area. |
GENERAL
COMMENTS
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Subject is mainly engaged in Importer &
Distributors. The subject company maintains acceptable business volume. Based
on the financial statements, SC’s financial performance appears to be Below
Average. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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|
1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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BDT |
1 |
INR 0.78 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.