3decades

MIRA INFORM REPORT

Report No. :	516378
Report Date :	26.06.2018

IDENTIFICATION DETAILS

Name :	WESTERN ENGINEERING (PVT.) LTD

Registered Office :	TCB Bhaban (7^th Floor), 1, Kawran Bazar, Dhaka-1215

Country :	Bangladesh

Financials (as on) :	30.06.2017 [Summarized]

Date of Incorporation :	21.10.1998

Com. Reg. No.:	C-36609

Legal Form :	Private Company

Line of Business :	Constriction, Distributor, Importer, Engineering and Supplier of Solar Powered Pumping System, Solar Power System, Diesel Pump, Construction Works Including Rubber Dam, Bridge, River Bank Protection Works.

No. of Employees :	330

RATING & COMMENTS

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

MIRA’s Rating :

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

(31.12.2017)

Current Rating

(01.04.2018)

Bangladesh

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 2005 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 surpassed $28 billion in FY 2016-17. The sector continues to grow despite the need for improvements in factory safety conditions and workers’ rights to avert further high-profile accidents that killed more than 1,000 workers in 2012 and 2013. In FY 2016-17, steady export growth in the garment sector, combined with $13 billion in remittances from overseas Bangladeshis, contributed to Bangladesh's rising foreign exchange reserves.

The recent influx of over 700,000 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 record flooding. Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in 2018, represent a major step forward in resolving a key growth bottleneck.

Source : CIA

Company name

WESTERN ENGINEERING (PVT.) LTD

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS
Correct company Name	:	Western Engineering (Pvt.) Ltd
Head Office	:	TCB Bhaban (7^th Floor), 1, Kawran Bazar, Dhaka-1215, Bangladesh
Tel No	:	88-02-9116270
Fax No	:	88-02-8189199
E-mail	:	info@westernengineeringbd.com, md@westernengineeringbd.com
Website	:	www.westernengineeringbd.com
Date/ Year of Incorporation	:	21.10.1998
Incorporation No.	:	C-36609
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

Other Registry & Certification Details

Organization Name

Dhaka Chamber of Commerce & Industry

Membership No

N/A

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income/ (Loss)
30^th June’2016	BDT 387 Million	BDT 262.67 Million	BDT 21.63 Million
30^th June’2017	BDT 225 Million	BDT 250.25 Million	BDT 11.10 Million

FULLCHECK REPORT DETAILS

Information Parted By
Name	:	Mr. Md. Suja Uddin
Designation	:	Senior Officer (Admin & H.R)
Contract No	:	N/A

Locations Details
Operating Address	:	TCB Bhaban (7^th Floor), 1, Kawran Bazar, Dhaka-1215, Bangladesh
Tel No	:	88-02-9116270
Fax No	:	88-02-8189199
E-mail	:	info@westernengineeringbd.com, md@westernengineeringbd.com
Website	:	www.westernengineeringbd.com

Location :

: Owned

Rented

Leased

Area

2400

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:

Address	:	TCB Bhaban (7th Floor), 1, Kawran Bazar, Dhaka-1215, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Branch Address:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	20	In Warehouse	:	Nil
	Worker	:	310	Total	:	330
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Bashir Ahmed	700
Mrs. Nargis Ahmed	500
Miss. Samaun Ahmed (Mousumi)	100
Miss. Sumrin Ahmed (Kushum)	100
Mr. Md. Nagir Ahmed (Apurbo)	100

DIRECTORS

Name	Designation
Mrs. Nargis Ahmed	Chairman
Mr. Bashir Ahmed	Managing Director

MANAGEMENT

Name	:	Mr. Bashir Ahmed
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	md@westernengineeringbd.com
Other details	:	N/A

Name	:	Miss. Sumrin Ahmed (Kushum)
Job Description	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Brig General Mr. Shawkat Hossain
Job Description	:	Executive Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Suja Uddin
Job Description	:	Senior Officer (Admin & H.R)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Constriction	Ö	Trader		Dealer		Distributor	Ö

	Exporter		Importer	Ö	Engineering	Ö	Supplier	Ö

Item dealings in :

Products	:	Solar Powered Pumping System, Solar Power System, Diesel Pump, Construction Works Including Rubber Dam, Bridge, River Bank Protection Works Etc.
Production Capacity	:	Nil
Last Year Production	:	Nil

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	:	Nil
		Local Clients	:	Nil
		Overseas Suppliers	:	Nil
		Local Suppliers	:	Nil
Trade Markets	:	Exports	:	Nil
Trade Markets	:	Imports	:	India, China

Brand Name	:	N/A
Certified	:	N/A
Auditors	:	N/A
Operation Status	:	Active

CAPITAL STRUCTURE

Authorized Capital	:	BDT 10 Million

Paid-up Capital	:	BDT 1500000

No. of Shares	:	1500

Share Value	:	BDT100.00Each

Main Assets	:	BDT 250.25 Million

FINANCIAL STATEMENT- DETAILED

Summary Information Given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Name of The Group

Nil

Subsidiary

Nil

Sister Concerns

Ecomatic Ltd.

Vincen Gtech Ltd

The Impero Properties Ltd

Vincen Consultancy Pvt. Ltd

BANKING

Bank Name

Shahjalal Islami Bank Ltd

Bank Address

Kawran Bazar Branch

T K Bhaban, 13, Kazi Nazrul Islam Avenue, Kawran Bazar, Dhaka,

Bangladesh

Tel: 88-02-9114044 , 9122396, 91412, 01755556111, 01755556211

Fax: 88-02-9126604

Bank Name

Prime Bank Ltd

Bank Address

Kawran Bazar Branch

54, Kawran Bazar C/A, Dhaka-1215, Bangladesh

Tel: 88-02-9145394, 9145397, 9124296-7

Fax: 88-02-9129004

Bank Name

Social Islami Bank Ltd

Bank Address

Kawran Bazar Branch

Khansons Centre, 37, Kawran Bazar, Dhaka, Bangladesh

Tel: 88-02- 8180206, 8180207, 01711145891

Bank Name

United Commercial Bank Limited

Bank Address

Kawran Bazar Branch

Titas Gas Bhaban, 11, Kawran Bazar, Dhaka, Bangladesh

Tel: 88-02-8115757, 9141572, 01711-881048

Fax : 88-02-9140581

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 TCB Bhaban (7th Floor), 1, Kawran Bazar, Dhaka-1215, Bangladesh. It is situated at situated Semi-commercial office Area.

GENERAL COMMENTS

The subject company is a well-known reputed company in Bangladesh. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.15
UK Pound	1	INR 90.27
Euro	1	INR 79.35
BDT	1	INR 0.81

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

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	SYL

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.