MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FU WANG CERAMIC INDUSTRY LIMITED |
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Registered Office : |
House No.55, Road No.17, Banani Commercial Area,
Dhaka-1213 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2007 |
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Date of Incorporation : |
23.05.1995 |
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Com. Reg. No.: |
C-22197 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturing and Marketing all types of Tiles |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY DETAILS
Name: Fu Wang Ceramic
Industry Limited
Address: House No.55,
Road
No.17,
Banani
Commercial Area,
Dhaka-1213,
Country: Bangladesh
Tel No: 880-2-9889958,
9889864, 8825361, 8825573, 9883274-5,
Fax No: 880-2-889958,
8823985
E-Mail: info@fuwanggroup.com
Established: May
1995
Incorporation No: C-22197
Incorporation Date: 23rd May 1995
Legal Structure:
The subject is a public
limited company in corporate
With
the Registrar of Joint Stock Companies, Dhaka,
Stock Code: fwcr
Enlisted with: 1 Dhaka
Stock Exchange Limited, Dhaka
1 Chittagong
Stock Exchange Limited, Chittagong
Business Type:
Manufacturers and
Marketing
Status: Satisfactory
Payments: No complaints
have been heard regarding payments
from local suppliers or banks.
Litigation: NIL
LOCATIONS
Head Office: House No.55,
Road
No.17,
Banani
Commercial Area,
Dhaka-1213,
Country: Bangladesh
Tel No: 880-2-9889958,
9889864, 8825361, 8825573, 9883274-5,
Fax No: 880-2-889958,
8823985
E-Mail: info@fuwanggroup.com
Branch: NIL
Factory: Bokran
Monipur,
Hotapara,
District:
Gazipur,
Warehouse: Bokran Monipur,
Hotapara,
District:
Gazipur,
DIRECTORS
Name: Mr.Hsu
Chin Hua
Designation: Chairman & Managing
Director
Name: Mrs.Zhang
Ling
Designation: Director
Name: Mr.Chuan
Chi Hsu
Designation: Director
Name: Mr.Chiang
Chiu Chen
Designation: Director
Name: Mr.Yi
Chun Chou
Designation: Director
Name: Mr.Tseng
Mu Kuei
Designation: Director
Name: Mr.Huang
Chin Lien
Designation: Director
BUSINESS DETAILS
Line of Business: Manufacturers
and Marketing
Items Dealing
In: All types of Tiles
Terms of Sale: 1 Cash
1 Credit
BANKERS
Name: Dhaka
Bank Limited
Branch: Banani
Branch
Address: Banani
Commercial Area,
Dhaka
Name: Standard
Bank Limited
Branch: Gulshan
Branch,
Address: Gulshan
Commercial Area,
Dhaka
FINANCIAL INFORMATION
BALANCE
SHHET
As
at ended 30 June 2007
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|
Taka |
Taka |
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Net Assets: |
Unit-1 |
Unit-1 |
|
Non-Current Assets |
497,244,200 |
478,957,176 |
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Tangible Fixed Assets, net of accumulated depreciation |
497,199,140 |
478,912,116 |
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Trade Marks |
45,060 |
45,060 |
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Current Assets |
222,716,672 |
168,379,649 |
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Inventories |
165,213,629 |
122,298,078 |
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Loan and advances and Deposits |
47,979,988 |
35,783,284 |
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Cash and cash Equivalents |
9,523,055 |
10,298,287 |
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Current
Liabilities and Provision |
(273,497,454) |
(201,314,727) |
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Creditors Short term Loan-Secured |
(206,275,816) |
(147,909,253) |
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Creditor |
(31,287,895) |
(21,679,099) |
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Accrued Expenses |
(5,025,841) |
(2,933,486) |
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Provision for Income Tax |
(24,079,902) |
(19,233,689) |
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Proposed Dividend |
(6,828,000) |
(9,559,200) |
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Net Current
Assets/ Current Liabilities |
(50,780,782) |
(32,935,078) |
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Financed
By: Tk. |
446,463,418 |
446,022,098 |
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Shareholders
equity |
446,463,418 |
446,022,098 |
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Share Capital |
300,000,000 |
300,000,000 |
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Tax Holiday Reserve |
106,960,533 |
106,960,533 |
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Retained Earning-As per profit & Loss |
39,502,885 |
39,061,565 |
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Tk. |
446,463,418 |
446,022,098 |
PROFIT
AND LOSS ACCOUNT
For
the year ended 30 June 2007
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|
Unit-1 |
Unit-2 |
Total |
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Turnover |
180,579,681 |
123,853,969 |
304,433,650 |
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Cost of Goods sold |
(133,759,983) |
(98,475,802) |
(232,235,785) |
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Gross Profit |
46,819,698 |
25,378,167 |
72,197,865 |
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Operating
Expenses: |
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Administrative, Financial and Selling Expen |
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(59,917,555) |
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Operating Profit |
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12,280,310 |
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Non operating Income |
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441,000 |
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12,721,310 |
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Contribution to W.P. and Welfare Fund |
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(605,777) |
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Net profit
Before tax |
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12,115,533 |
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Provision for Income tax |
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(4,846,213) |
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7,269,320 |
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Tax Holding Reserve |
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------------- |
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Net profit After
tax |
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7,269,320 |
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Profit brought forward |
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39,061,565 |
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Profit available for Appropriation |
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46,,330,885 |
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Proposed Dividend @5% to all shareholder |
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(6,828,000) |
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39,502,885 |
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Earning per Share |
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2.42 |
Auditors: Zahir Ahmed &
Co
Chartered
Accountants
22,Dilkusha
C/A,
Dhaka-1000,
CAPITAL STRUCTURE
|
Authorized Capital |
: |
Tk.500 million |
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Paid Up Capital |
: |
Tk.300 million |
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Each Share Value |
: |
Tk.100.00 |
EXCHANGE RATE
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CURRENCY |
UNIT |
BANGLADESHI TAKA |
|
GB Pound |
1 |
137.1626 |
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U.S Dollar |
1 |
69.4000 |
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European Euro |
1 |
108.8231 |
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Japanese Yen |
1 |
0.6729 |
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Australian Dollar |
1 |
65.7102 |
GENERAL INFORMATION
No. of Employees: 498
Executives-------------------10
Junior Executives----------15
Engineers----------------------6
Chemist-------------------------4
Quality Control--------------28
Supervisory Staffs---------22
Support Staffs----------------8
General Staffs--------------12
Technicians-------------------4
Workers--------------------389
Range of
Products: 1 Floor
Tiles
1 Wall Tiles
1 Stair Tiles
1 Skirting
Office Area: 4,200
sq.ft (rented)
Factory Area: 1
acres of lands (own)
Warehouse Area: 28,000
sq.ft.(own)
Certification: 1 ISO-9002
Name of the Group: Fu-Wang
Group
Subsidiaries: 1 Fu Wang Foods
Ltd.
1 Fu Wang
Beverage Limited
Members: 1 Dhaka Chamber of Commerce &
Industries, Dhaka
COMMENTS
The subject is a public limited company engaged in
manufacturing and marketing all types of Tiles to our countries.
The directors are all Taiwanese citizens, well conversant in
their line of trade and they are also experienced businessman. They are
financially solvent and good at his business commitments, it is reported.
The company is good for normal business engagements.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.90 |
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UK Pound |
1 |
Rs.74.30 |
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Euro |
1 |
Rs.63.42 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)