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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

493344

Report Date :

27.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SQUARE APPARELS LIMITED

 

 

Registered Office :

Square Centre, 48, Mohakhali C/A, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017 (Summarised)

 

 

Date of Incorporation :

10.10.2012

 

 

Com. Reg. No.:

C-105041

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Shirting, Exporter and Dying of Yarn, Woven, Fabric.

 

 

No. of Employees :

250

 

 

RATING & COMMENTS

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

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

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

 

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

IDENTIFICATION DETAILS

 

Correct company Name

:

Square Apparels Limited

Head Office

:

Mascot Plaza (11th -12th Floor), Sector# 7, Uttara, Dhaka-1230,

Bangladesh

Tel No

:

88-09613400400

Fax No

:

Nil

E-mail

:

info@squaregroup.com

Website

:

www.squaregroup.com

Date/ Year of Incorporation

:

10.10.2012

Commercial Production

:

December, 2015

Incorporation No.

:

C-105041

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/ (Loss)

30th June’ 2016

BDT 256 Million

BDT 28.90 Million

BDT 11.61 Million

30th June’ 2017

BDT 311 Million

BDT 33.24 Million

BDT 15.90 Million

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Shahriar Alam

Designation

:

Executive

Contract No

:

88-01729271297

 

                                                               Locations Details

Operating Address

:

Mascot Plaza (11th -12th Floor), Sector# 7, Uttara, Dhaka-1230, Bangladesh

Tel No

:

88-09613400400

Fax No

:

Nil

E-mail

:

info@squaregroup.com

Website

:

www.squaregroup.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Rokeyapur, Jamirdia, Habirbari, Valuka, Mymensing, Bangladesh.  

Tel No

:

N/A

Fax No

:

N/A

 

Corporate Office:

 

 

 

Address

:

Square Centre, 48, Mohakhali C/A, Dhaka-1212, Bangladesh

Tel No

:

88-02-883491

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

230

In Branch:

:

N/A

Total

:

250

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

County

Mrs. Anita Chowdhury

1000

Bangladesh.

Mr. Samuel S Chowdhury

1000

Bangladesh.

Mr. Tapan Chowdhury

1000

Bangladesh.

Mrs. Ratna Patra

1000

Bangladesh.

Mr. Anjan Chowdhury

1000

Bangladesh.

Square Fashions Limited

995000

Bangladesh.

 

 

DIRECTORS

 

Name

:

Mr. Samuel S Chowdhury

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mr. Tapan Chowdhury

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mrs. Ratna Patra

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mr. Anjan Chowdhury

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Tapan Chowdhury

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Shahriar Alam

Job Description

:

Executive

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01729271297

 

 

 

Name

:

Mr. Shajadur Rahman

Job Description

:

Officer (Commercial)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Shirting

Ö

Distributor

 

 

 

 

Exporter

Ö

Dying

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Yarn, Woven, Fabric

Production Capacity

:

821250 Dozen Yearly

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(Country)

:

Europe

 

Imports(Country)

:

N/A

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 100000000

 

No. of Shares

:

1000000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 33.24 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information has been submitted

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

 Square Group 

Name of Mother Company

:

Square Fashion Ltd.

Subsidiary

:

Nil

Sister Concerns

:

Sheltech.

Mediacom ltd

Unitred Lmited

Square Yarns Ltd

Square Air Limited

Square Denims Ltd

Square Textiles Ltd.

Square Fashions Ltd.

Square Spinning Ltd.

Square Hospitals Ltd

Square Informatix Ltd.

Mutual Trust Bank Ltd.

Square Denims Limited

Square Texcom Limited

Square Formulations Ltd.

Square Toiletries Limited.     

Maasranga Productions Ltd. 

Square Health Products Ltd. 

Square Pharmaceuticals Ltd.

Square Knit Fabrics Limited

Square Food & Beverage Ltd

Square Cephalosparins Limited

Square Consumer products Ltd

Pioneer Insurance Company Ltd.

Pharma Package (Private) Limited

 Square herbal & Nutraceuticals Ltd

Suare Agro Development& Processing Ltd

National Housing Finance and Investment Ltd        

 

 

BANKING

 

Bank Name  

:

Prime Bank Ltd

Bank Address

:

Gulshan Branch

Plot# 01, Block# CEN (H), Road# 109, Gulshan Avenue,

Dhaka-1212, Bangladesh

Tel: 88-02-9886171, 9890898

Fax: 88-02-8820276

 

Bank Name  

:

Standard Bank Limited

Bank Address

:

Gulshan Branch

Shezad Palace (1st & 2nd Floor), 32, Gulshan Avenue,

North Commercial Area, Dhaka-1212, Bangladesh

Tel: 88-02-9881015, 8852679

 

 

 

Bank Name  

:

Eastern Bank Ltd

Bank Address

:

Gulshan Branch

Concord Richmond, 68 Gulshan Avenue, Plot 8A Block CES (F) Gulshan 1, Dhaka-1212, Bangladesh

Tel- 88-02 9897703, 9897594, 8827254, 8827101-2

Fax:88-02-9897703

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Gulshan Branch

House No SWG-2, Gulshan Avenue, Dhaka- 1212 Bangladesh

Tel : 88-02-9890123

 

 

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 their Head office which is situated at Mascot Plaza (11th -12th Floor),

Sector# 7, Uttara, Dhaka-1230, Bangladesh. It is situated at Semi-Commercial Area

 

 

GENERAL COMMENTS

 

The subject company engaged in Manufacturer, Exporter, Dying and Shirting. SC’s trying to establish the company in good faith. 


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.66

UK Pound

1

INR 90.65

Euro

1

INR 79.69

BDT

1

INR 0.78

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

DNS

 

 

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.