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MIRA INFORM REPORT
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Report No. : |
506566 |
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Report Date : |
30.04.2018 |
IDENTIFICATION DETAILS
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Name : |
MODERN STEEL MILLS LIMITED |
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Registered Office : |
Nahar Mansion, 116, CDA Avenue, Muradpur,
Chittagong, Bangladesh. |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 |
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Date of Incorporation : |
23.07.2003 |
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Com. Reg. No.: |
C-49976 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer, Importer, Distributor, of MS Billet |
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No. of Employees : |
1200 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
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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IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Modern Steel Mills Limited |
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Head Office |
: |
Nahar Mansion, 116, CDA Avenue, Muradpur,
Chittagong, Bangladesh. |
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Tel No |
: |
88-031-652255-7 |
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Fax No |
: |
88-031-650001 |
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E-mail |
: |
fprocurementrsrm@gmail.com |
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Website |
: |
www.rsrmbd.com |
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Date/ Year of Incorporation |
: |
23.07.2003 |
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Incorporation No. |
: |
C-49976 |
|
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) ________________ |
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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 (CCIE) |
FINANCIALS-
SUMMARY
|
Year |
Turnover/ Sales |
Assets |
Income |
|
30th
June’2016 |
BDT 7423.00 Million |
BDT 6683.25 Million |
BDT 367.75 Million |
|
30th
June’2017 |
BDT 7180.00 Million |
BDT 6520.91 Million |
BDT 281.35 Million |
FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr.
Mobassher Ahmed |
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Designation |
: |
Manager
(Commercial) |
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Contract No |
: |
88-01730783363 |
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Locations Details |
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Operating Address |
: |
Nahar Mansion, 116, CDA Avenue, Muradpur,
Chittagong, Bangladesh. |
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Tel No |
: |
88-031-652255-7 |
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Fax No |
: |
88-031-650001 |
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E-mail |
: |
fprocurementrsrm@gmail.com |
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Website |
: |
www.rsrmbd.com |
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Location : |
:
Owned |
Ö |
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Rented |
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Leased |
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Area |
2050 |
Sq. ft. |
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Type of Office : |
:
Commercial Office area |
Ö |
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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 Bldg. |
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Factory: |
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Address |
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181-182, Baizid Bostami Road,
Nasirabad I/A, Chittagong, Bangladesh |
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Tel No |
: |
88-031-2580380-4, 862580, 683196 |
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Fax No |
: |
88-031-681474 |
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Owned |
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Rented |
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Leased |
Ö |
Area |
200 |
Decimal |
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Branch: |
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Address |
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Rupayan Golden Age (7th
Floor), 99, Gulshan Avenue, Dhaka-1212, Bangladesh. |
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Tel No |
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88-02-8812621, 9891415, 9890457 |
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Fax No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
50 |
In Factory |
: |
1090 |
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Sales |
: |
60 |
Total
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: |
1200 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No.
of Share |
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Mr. Mizanur Rahman |
196250 |
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Mr. Mofiqul Hasan Tripti |
750 |
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Mr. Md. Alauddin |
500 |
DIRECTORS
|
Name |
Designation |
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Mr. Mizanur Rahman |
Managing Director |
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Mr. Mofiqul Hasan Tripti |
Director |
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Mr. Md. Alauddin |
Director |
MANAGEMENT
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Name |
: |
Mr.
Mizanur Rahman |
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Job Description |
: |
Managing
Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr.
Mobassher Ahmed |
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Job Description |
: |
Manager
(Commercial) |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
88-01730783363 |
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Name |
: |
Mr.
Shawkat Ali |
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Job Description |
: |
Officer. |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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 |
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Importer |
Ö |
Services
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Others |
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Range
of Products: |
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Products |
: |
MS Billet |
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Production Capacity |
: |
460,000 MT. |
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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 |
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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 |
: |
N/A |
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Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
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Local Suppliers |
: |
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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China, India. |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Auditors |
: |
N/A |
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Operation Status |
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Active |
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Member |
: |
N/A |
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Authorized Capital |
: |
BDT 1000 Million |
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Paid-up Capital |
: |
BDT
197500000 |
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No.
of Shares |
: |
197500 |
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Share
Value |
: |
BDT 1000.00 Each |
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Main Assets |
: |
BDT 6520.91 Million |
FINANCIAL
STATEMENT- DETAILED
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Summary information is given. |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Name of The Group |
: |
RSRM Group |
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Subsidiary |
: |
Nil |
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Sister Concerns |
: |
RSRM Developers Limited Ratanpur Steel Mills Limited Ratanpur Steel Re-Rolling Mills Limited |
BANKING
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Bank Name |
: |
Janata
Bank Ltd. |
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Bank Address |
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Foreign Exchange Branch CDA Annex Building, Kotuali, Chittagong-4000,
Bangladesh Tel: 88-031-630829. |
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Bank Name |
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City Bank Ltd. |
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Bank Address |
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Agrabad Branch 11, Rnlay House Agrabad
Commercial Area, Chittagong-4100, Bangladesh Tel: 88-031-716210, 502638 Fax: 88-031-720962 |
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Bank Name |
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Islami Bank Bangladesh Ltd. |
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Bank Address |
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Head Office Islami Bank Tower, 40 Dilkusha
C/A, Dhaka-1000, Bangladesh Tel: 88-02-9563182 |
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Bank Name |
: |
Bank Asia Ltd. |
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Bank Address |
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Principal Branch 111-113, Motijheel C/A, Dhaka –
1000, Bangladesh Tel: 88-02-9571450, 9571451 Fax: 88-02-9566223 |
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 |
: |
No Record Found |
SITE
VISIT COMMENTARY
|
Our representative visited the subject company Head Office
which is situated at Nahar Mansion, 116, CDA Avenue, Muradpur, Chittagong,
Bangladesh. It is Situated at Commercial Area. |
GENERAL
COMMENTS
|
The subject company is a well-known reputed company in
Bangladesh. It is reputed company in
this line of business. We recommended that Credit can proceed normally in
Moderate amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.78 |
|
|
1 |
INR 92.89 |
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Euro |
1 |
INR 80.74 |
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BDT |
1 |
INR 0.79 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
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Report Prepared
by : |
KET |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
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 |
|
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 |
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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.