SR Fish glory returns with Meghna Bank support

News Desk: Once a mere fish supplier to the export oriented fish factories in Khulna, SR Fish was trapped in high receivables- causing extreme cash crunch in the company. The story is dated back in 2018-19, when SR Fish’s financial partner Meghna Bank Ltd had too many things to worry about. The situation went so bad the account reached the verge of classification.

However, the Bank was sure about the client’s “willingness to pay”- and that, the bank realized during the turmoil. Apart from chasing the customer only for money, the bank sat with the client, understood the real problem - studied its receivables in the market, devised strategies that allowed the client stay afloat in difficult times and regain its honor gradually. The outcome is now visible. Meghna Bank Corporate Head Mr Kimiwa Saddat recently visited Khulna to congratulate SR Fish owner Mr Siddiqur Rahman on his few recent achievements. The once wholesaler of fish, has taken a controlling stake in an export oriented factory （Bionic Seafood Export Ltd). Whereas SR Fish once had large receivables piled up, now, the fish vendor owns a complete integration in its fish business - from sourcing fish to direct export to the buyers. His export by now has made him amongst the top 15 fish exporters of his region. SR Fish is now being paid on the same day the export proceeds are received.

“Meghna Bank went extra miles for me, in my dire situation. The situation was not like today. The bank believed in me- advised and supported like a real partner. And today we have reached where we are with their continuous help” - Said Mr Siddiqur Rahman, owner of SR Fish. “We tried to figure out why SR Fish was struggling. We found a huge part of its sales is stuck in receivables aging over a year even. When further analyzed we found the major part is with one single buyer, who by then, was sick itself and on the verge of being collapsed.

Mr Siddiqur Rahman, owner of SR Fish, a Fish supplier, had spent a major part of his career in export oriented fish industries before he started his own business. He was given the idea of taking over controlling shareholding with the help of the other bank dealing with that non performing factory. By that, Mr Siddiq attained full integration in his business - from sourcing of fish locally to exporting it abroad by processing it in a full compliant processing plant. Rest are the success stories. Even the COVID couldn’t stop him” - said Mr Kimiwa Saddat, Head of Corporate Banking, Meghna Bank Ltd.