MIRA INFORM REPORT

 

 

 

Report Date :

30.09.2008

 

IDENTIFICATION DETAILS

 

Name :

BANG JIN PADDING AND QUILTING LIMITED

 

 

Registered Office :

Joy bangla Sarak, Kumia KB Bazar, Joydevpur, District: Gazipur

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2007

 

 

Date of Incorporation :

February 1998

 

 

Com. Reg. No.:

C-34775

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing, Exporting and Selling of Polyester Padding and Needle Punch

 

 

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:                                                   Bang Jin Padding and Quilting Limited

 

Address:                                   Joy bangla Sarak,

                                                Kumia KB Bazar,

                                                Joydevpur,

                                                District: Gazipur

                                               

Country:                                    Bangladesh      

 

Tel No :                                     880-2-9291516, 9293144

 

Fax No:                                     880-2-9292144,

 

E-Mail:                                      bjtrading@bdcom.com

                                                bangjin@bdcom.com

 

Established:                              February 1998

 

Incorporation No :                       C-34775

 

Incorporation Date:                     1st February 1998

 

Legal Structure:                         The subject is a private limited company incorporated

                                                with the Registrar of Joint Stock Companies, Dhaka

 

 

Business Type:                          Manufacturers, Exporter and Sellers

 

Status:                                      Satisfactory

 

 

Payments:                                No complaints have been heard regarding payments 

                                                from local suppliers or banks.

 

Litigation:                                  NIL

 

 

LOCATIONS

 

Head Office:                              16,Kamal Ataturk Avenue (4th Floor),

                                                Dhaka1213,

           

Tel No:                                     880-2-9883216, 9883406

 

Fax No:                                    880-2-8827054

 

E-Mail:                                     bjtrading@bdcom.com

                                                bangjin@bdcom.com                             

 

Branch:                                    NIL

 

Factory:                                    Joy bangla Sarak,

                                                Kumia KB Bazar,

                                                Joydevpur,

                                                District: Gazipur

 

 

Warehouse:                               Joy bangla Sarak,

                                                Kumia KB Bazar,

                                                Joydevpur,

                                                District: Gazipur

 

                                               

SHAREHOLDER & DIRECTORS

 

Name:                                       Mr.Nasimul Alam Chowdhury

Designation:                             Chairman & Managing Director

 

Name:                                       Mr.Shoheb Chowdhury

Designation:                              Director

 

 

BUSINESS DETAILS

 

Line of Business:                       Manufacturers, Exporter and Sellers

 

Items Dealing In:                        Quilted Home Textiles

 

Terms of Sale:                           1 Against L/C

                                               

                       

 BANKERS    

 

Name:                                       Prime Bank Limited

Branch:                                     Banani Branch

 

Address:                                   Banani,

Dhaka

 

Name:                                       Standard Chartered Bank

Branch:                                     Gulshan Branch,

 

Address:                                   Gulshan Avenue,

                                                Dhaka

 

FINANCIAL INFORMATION

 

 

 

2007

 

2006

2005

Capital Investment

Tk.35 million

Tk.35 million

Tk.35 million

Turnover

Tk.125 million

Tk.123.2 million

Tk.123 million

Liability

Tk.4 million

Tk.4.8 million

Tk.5.3 million

Fixed Assets

Tk.50 million

Tk.50 million

Tk.50 million

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.30 million

Paid Up Capital

:

Tk.200, 000.00

Each Share Value

:

Tk.100.00

 

EXCHANGE RATE

 

CURRENCY

UNIT

BANGLADESHI TAKA

GB Pound

1

137.1626

U.S Dollar

1

  69.4000

European Euro

1

108.8231

Japanese Yen

1

   0.6729

Australian Dollar

1

 65.7102

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees:                     295

Executives--------------------3 

Junior Executives-----------4

Engineers---------------------3

Quality Control-------------15

Supervisory Staffs--------22

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

General Staffs--------------8

Technicians-----------------4

Workers-------------------231 

 

 

Range of Products:                    1 Quality Polyester Padding & Needle Punch

                                                                                               

Yearly Production Capacity:        40 million yarts

 

Last Year Production:                  35 million yarts

                                                                       

Office Area:                               4,200 sq.ft (rented)

 

Factory Area:                            37,000 sq.ft (rented)

 

Warehouse Area:                       5,200  sq.ft.(renetd)

                                               

Name of the Group:                    Bang Jin Group

 

Subsidiaries:                             1 B.A.Bed Co Limited

                                                1 B.J.Geo Textile Limited

                                                1 B.J.Spinning Mills Limited                 

                                   

Members :                                 1 Dhaka Chamber of Commerce & Industries, Dhaka

 

 

COMMENTS

 

The subject is a private limited company engaged in manufacturing, exporting and selling of Polyester Padding & Needle Punch. The subject exports their products in foreign countries and also sells it in the domestic market. The qualities of their products are satisfactory.

 

The directors are reported to be financially solvent and fair in their trade terms.

 

The company is good for normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.94

UK Pound

1

Rs.85.57

Euro

1

Rs.67.79

 

 

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