MIRA INFORM REPORT

 

 

Report Date :

22.01.2008

 

IDENTIFICATION DETAILS

 

Name :

Avery Dennison Bangladesh

 

 

Registered Office :

SFB # 5 (G/F & 1/F), West wing Extension, Gonakbari, Dhaka Export Processing Zone (DEPZ), Savar, Dhaka

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

05.09.2004

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturer, Seller & Exporter of Garments Accessories

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

 

 

COMPANY DETAILS

 

Name:                                                  Avery Dennison Bangladesh Limited

 

Address:                                   SFB # 5 (G/F & 1/F),

                                                West wing Extension,

                                                Gonakbari,

                                                Dhaka Export Processing Zone (DEPZ),

                                                Savar,

                                                Dhaka

 

Country:                                   Bangladesh      

 

Tel. No. :                                  880-2-8832615-24

 

Fax No. :                                  880-2-8827864, 9860852

 

E-Mail:                                     shahed.choudhury@paxar.com.bd

 

Incorporation No. :                   C-54151

 

Incorporation Date:                  5th September, 2004

 

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

            Incorporated in the Registrar of Joint Stock of 

            Companies, Dhaka.

 

Business Type:                         Manufacturer, Seller & exporter of garments accessories

 

Status:                                     Satisfactory

 

Payments:                                No complaints have been heard regarding payments 

                                                from local suppliers or banks.

 

Litigation:                                NIL

 

 

LOCATIONS

 

Head Office:                             3/F, Uday Tower,

                                                57, Gulshan Avenue,

                                                Gulshan-1,

                                                Dhaka-1212

                                   

Branch:                                   NIL

 

Factory:                                   SFB # 5 (G/F & 1/F),

                                                West wing Extension,

                                                Gonakbari,

                                                Dhaka Export Processing Zone (DEPZ),

                                                Savar,

                                                Dhaka

 

Warehouse:                             SFB # 5 (G/F & 1/F),

                                                West wing Extension,

                                                Gonakbari,

                                                Dhaka Export Processing Zone (DEPZ),

                                                Savar,

                                                Dhaka

 

 

DIRECTORS & SHAREHOLDERS

 

Name:                                      Mr.Rogar Chan

Designation:                           Chairman                     

 

Name:                                      Mr.Chin Hee Hing

Designation:                           Managing Director                     

 

 

BUSINESS DETAILS

 

Line of Business:                     Manufacturer & Seller & Exporter

 

Terms of Sale:                         1 Cash

                                                1 Credit

                                                1 Against Sight L/C

 

 

 BANKERS    

 

Name:                                      Standard Chartered Bank

 

Branch:                                    Gulshan Branch

 

Address:                                   Dhaka

                                               

                                       

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

 

 

 

FINANCIAL INFORMATION

 

 

 

2006

 

2005

 

Capital Investment

Tk.3.5 billion

Tk.3.5 billion

Turnover

Tk.7.4 billion

Tk.7 billion

Liability

Tk.500 million

Tk. 500 million

Fixed Assets

Tk.1.5 billion

Tk.1.5 billion

 

Collected unofficially as the subject refused to reveal any information and as such its authenticity could not be checked

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.30 million

Paid Up Capital

:

Tk.200.00

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:                    575

 

Executives-------------------3   

Junior Executives--------- 4    

Engineers--------------------2        

                                                Quality Control------------- 9    

                                                Supervisory Staffs--------13   

                                                 Support Staffs---------------5      

                                                General Staffs--------------10    

                                                Technicians----------------- -6   

                                                Workers---------------------523 

 

Office Area:                             2,500 sq.ft (Rented)

 

Factory Area:                           36,475 sq.ft (Own)

 

Warehouse Area:                     5,000  sq.ft.(Own)

 

Range of Products:                  1 Variable data Tickets & Labels

                                                1 Brand Promotion & Merchandising Tags

                                                1 Fabric Labels & Collections

                                                1 Brand Promotion & Security

                                                1 Printers & Related Accessories

                                                1 Monarch Brand Bar Code & RFID Products

                                                1 Handheld Labels, Tags & Attachers

 

 

Raw Materials From:               1  China

                                                1  Singapore

1      Taiwan

1      Hong Kong

                                               

 

Name of the Group:                 NIL

 

Subsidiaries:                            Paxar Bangladesh Limited

                                               

Member                                   1 Dhaka Chamber of Commerce & Industries, Dhaka

                                                1 Bangladesh Garments Manufacturers & Exporters 

                                                association, Dhaka

 

 

COMMENTS

 

The subject is a private limited company who is engaged in manufacturing, selling and exporting of all types of apparel labels and tags. The company is a joint venture between Paxar Group and Avery Dennison Corporation of U.S.A, one of the most renowned international company of this line of trade.

 

The qualities of their products are of international standard and they have the most modern factory with all the latest machines imported from China, Taiwan and EEC Countries.

 

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