MIRA INFORM REPORT

 

 

Report Date :

07.04.2008

 

 

IDENTIFICATION DETAILS

 

Name :

JAMUNA FERTILIZER CO LIMITED

 

 

Registered Office :

Tarakandi, Sarishabari, District: Jamalpur,

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2007

 

 

Date of Incorporation :

05.03.1988

 

 

Com. Reg. No.:

C-17333

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer, Exporter of Granular Urea Fertilizers

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

Fairly Large

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

COMPANY DETAILS

 

Name:                                                   Jamuna Fertilizer Co Limited

                                                (Bangladesh Chemical Industries Corporation)

 

Address:                                   Tarakandi,

                                                Sarishabari,

District: Jamalpur,

 

Country:                                    Bangladesh      

 

Tel No :                                     880-61-2593, 3565,

 

Fax No. :                                   880-61-3926

 

 

Established:                              March, 1988

                                               

Incorporation No:                        C-17333

 

Incorporation Date:                     5th March, 1988

 

Legal Structure:                         The subject is a Private Limited Company that was 

            Incorporated in the Registrar of Joint Stock of 

            Companies, Dhaka.

 

Business Type:                          Manufacturer, Exporter of granular urea Fertilizers

 

Status:                                      Satisfactory

 

Payments:                                No complaints have been heard regarding payments 

                                                from local suppliers or banks.

 

 

 

 

LOCATIONS

 

Head Office:                              BCIC,

                                                30-31, Dilkusha Commercial Area,

                                                Dhaka-1000,

                                               

Telephones:                               880-2-9352293, 9351483,

 

Fax :                                         880-2-9334288,

           

Branch:                                    NIL

 

Factory:                                    Tarakandi,

                                                Sarishabari,

District: Jamalpur,

 

Warehouse:                               Tarakandi,

                                                Sarishabari,

District: Jamalpur,

 

                                   

DIRECTORS & SHAREHOLDERS

 

Name:                                       Mr.Hasunul Murshed

Designation:                             Chairman

 

Name:                                       Mr.Dilip Kumar Kunda

Designation:                             Managing Director

 

Name:                                       Faruque Ahmed Chowdhury

Designation :                             Director

 

Name:                                       Mr.A.B.M.Shamsuddin

Designation:                              Director

 

Name:                                       Mr.M.Shah Alam

Designation:                              Director

 

 

BUSINESS DETAILS

 

Line of Business:                       Manufacturer & Seller

 

Items Dealing In:                        1 Granular Urea Fertilizers

 

Terms of Sale:                           1 Cash

                                                1 Credit

 

BANKERS

 

Name:                                       Janata Bank Limited

Branch:                                     Dilkusha Branch,

 

Address:                                   Dilkusha Commercial Area,

Dhaka

 

Name :                                      Agrani Bank Limited

Branch :                                    Jamalpur Branch,

 

Address :                                  Jamalpur

 

                                                                      

The company performs most of the business transactions with the above mentioned bank. No more details were provided.

 

 

 

 

 

 

 

 

FINANCIAL INFORMATION*

 

 

 

2007

 

2006

2005

Capital Investment

Tk. 5 billion

Tk. 5 billion

Tk. 5 billion

Turnover

Tk. 3.4 billion

Tk. 3.5 billion

Tk. 3.1 billion

Liability

Tk. 1.5 billion

Tk. 1.8 billion

Tk. 1.4 billion

Fixed Assets

Tk. 3 billion

Tk. 3 billion

Tk. 3 billion

 

* The subject refused to reveal any financial information. Whatever given here is collected unofficially and as such its authenticity couldn’t be verified.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.1500 million

Paid Up Capital

:

Tk.1000 million

Each Share Value

:

Tk.100.00

 

 

EXCHANGE RATE

 

CURRENCY

UNIT

BANGLADESHI TAKA

Great Britain Pound

1

143.7238

U.S Dollar

1

 69.4023

European Euro

1

101.3730

Japanese Yen

1

   0.6176

Australian Dollar

1

 63.2055

 

GENERAL INFORMATION

 

No. of Employees:         2,828

Executives-------------------20  

Junior Executives----------80

Engineers--------------------60                                             

Junior Engineers- ---------75                      

                                                Quality Control-------------40    

                                                Supervisory Staffs--------50   

                                                 Support Staffs--------------30      

                                                General Staffs-------------25

                                                Technicians----------------25   

                                                Workers----------------2,423

 

 

Office Area:                               5,500 sq.ft (own)

 

Factory Area:                            2 acres of lands (Own)

 

Warehouse Area:                       20,000  sq.ft.(Own)

 

Range of Products:                    1 Granular Urea Fertilizers

 

Yearly Production          :           544000 metric tonnes

                                                                                               

 

Subsidiaries:                             1  Sylhet Pulp & Paper Mills

                                                1  Meghna Fertilizer, Lakshmipur

  1  Lafarge Surma Cement Ltd

1  Square Agro Development & Processing Ltd

1      Meghna Fertilizer, Lakshmipur

1      Jamuna Fertilizer Project at Jamalpur in association

1      Chittagong Chemical complex,

1      Ranipukur Hard Rock Minning Project,

1      Khulna Cement Clinker and Grinding Factory

1      Chittagong Urea Fertilizer Project,

1      Noakhali Textile Mills at Raipur in association

1      Natural Gas Fertilizer Factory

 

                                               

Member                                    1 Dhaka Chamber of Commerce & Industries, Dhaka

                                                1 Bangladesh Cement Manufacturers Association, Dhaka.

 

 

COMMENTS

 

The subject is the country’s biggest state owned fertilizer unit owned by public sector corporation Bangladesh Chemical Industries Corporation. The company is situated at Tarakandi Sarishabari, which is about 60 miles from Dhaka city.

 

The directors are well conversant in their line of trade and they are also experienced businessman. They are financially solvent and good at their business commitments, it is reported.

 

The company is good for normal business engagements.

 

 

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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