MIRA INFORM REPORT

 

 

Report No. :

506513

Report Date :

30.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

FAROOQUE CHEMICAL CO

 

 

Registered Office :

319, Senpara Parbata (2nd Floor, Flat#A-2), Kafrul, Mirpur, Dhaka-1216

 

 

Country :

Bangladesh 

 

 

Financials (as on) :

30.06.2017

 

 

Date of Incorporation :

1993

 

 

Legal Form :

Sole Proprietorship 

 

 

Line of Business :

Distributor, Importer, of Chemical & Acid

 

 

No. of Employees :

10

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Bangladesh 

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

 

EXECUTIVE SUMMARY

    

IDENTIFICATION DETAILS

Correct company Name

:

Farooque Chemical Co

Head Office

:

319, Senpara Parbata (2nd Floor, Flat#A-2), Kafrul, Mirpur, Dhaka-1216, Bangladesh

Tel No

:

88-01711525254, 01611120111

Fax No

:

Nil

E-mail

:

faruque.chem@gmail.com

Website

:

Nil

Date/ Year of Incorporation

:

1993

Incorporation No.

:

N/A

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

 

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

30th June’2016

BDT 58 Million

BDT 12.73 Million

BDT 1.62  Million

30th June’2017

BDT 66 Million

BDT 13.10 Million

BDT 2.35  Million

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Mahmud Amin Faruque

Designation

:

Proprietor

Contract No

:

88-01711525254

 

                                                               Locations Details

Business Address

:

319, Senpara Parbata (2nd Floor, Flat#A-2), Kafrul, Mirpur, Dhaka-1216,

Bangladesh

Tel No

:

88-01711525254, 01611120111

Fax No

:

Nil

E-mail

:

faruque.chem@gmail.com

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

1200

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Warehouse:

Address

:

1223, East Monipur, Mirpur, Dhaka-1216, Bangladesh 

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

2400

Sq. ft.

 

Branch:

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

3

Warehouse

:

-

Sales

:

7

Total

:

10

Details:

 

                    

 

 

 

PROPRIETOR

 

Names of Proprietor            

:

Mr. Mahmud Amin Faruque

 

 

MANAGEMENT

 

Name

:

Mr. Mahmud Amin Faruque

Job Description

:

Proprietor

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01711525254

 

Name

:

Mr. Monirul Islam

Job Description

:

Chef Executive Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01611120111

 

 

BUSINESS OPERATIONS

 

Nature of Activity    :

Manufacturer

 

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

Ö

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Chemical & Acid

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

 

 

 DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

 

Local Clients

:

Local Wholesaler

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

N/A

 

Imports

:

India, China

 

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 13.10 Million

 

 

 

ASSOCIARES/SUBSIDIARIES

 

Sister Concerns

:

M/S. Monir Associates

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Habib Bank Ltd.

Bank Address

:

Gulshan Branch

South Avenue Tower, 7, Gulshan Avenue, Road # 3, Gulshan,

1, Dhaka-1212 Bangladesh

Tel:88-02-9884954, 9883505                   

Fax:88-02-9883064

 

 

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 Head Office which is situated at 319, Senpara Parbata (2nd Floor, Flat#A-2), Kafrul, Mirpur, Dhaka-1216, Bangladesh. It’s situated at semi commercial area.

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be Below Average. SC has been in its line of business for about 25 years. Taking into account its standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in C.O.D to small amount.

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 67.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

BDT

1

INR 0.79

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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)

 

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.