MIRA
INFORM REPORT
|
Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
BERGER PAINTS BANGLADESH LIMITED |
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Registered Office : |
27-D, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Year of Establishment : |
1950 |
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Com. Reg. No.: |
CH-39974 |
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Legal Form : |
Public Limited |
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Line of Business : |
Manufacturer & Seller of Paints, Varnishes and Coatings |
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 |
|
Maximum Credit Limit : |
US$ 35,000.00 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
|
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY DETAILS
|
Name |
Berger Paints Bangladesh Limited |
|
Address |
27-D, |
|
Country |
Bangladeshi |
|
Telephone No |
880-31-670472 |
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Fax No |
880-31-671639 |
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E-Mail |
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|
Website |
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Established |
1950 |
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Company Registration No |
CH-39974 |
|
Registration date |
18th June
2005 (As Public Limited Company) |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, |
|
Business Type |
Manufacturer & Seller |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Registered Address |
43/3, |
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Telephone No |
880-31-615893-4,
620960 |
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Fax No |
880-31-620507 |
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E-Mail |
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|
Website |
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Corporate Office |
Berger House,
House No.8, Road No.2, Sector-3, Phone : 880-2-8953665 |
|
Sales Office |
272
Tejgaon Industrial Area, Dhaka-1208 Phone :
02-9897717 (Hunting), 02-9892708 Fax :
02-8825770 43/3, Phone :
031-615893-4, 031-620960 Fax :
88-031-620507 Rajshahi Sales Office 1458,
Ramchandrapur, P.O.: Ghoramara Phone :
0721-773512 Shabuj
Baag Khulna-9000 Phone :
041-722262 Bogra Sales Office 31, Bogra-5800 Phone :
051-62567 Sylhet Sales Office 70,
Antarango, Shahi Eidgah, ( Kazitulla,
Sylhet-3100 Phone :
0821-2831237 Comilla Sales Office 576, Comilla-3500 Phone :
081-63403 Mymensingh Sales Office 304,
Maskanda, Mymensingh-2200 Phone :
091-51754 |
|
Factory |
Mouja-
Taksur, Nabinagar, Savar, Phone No:
880-2-7708450 Fax No:
880-2-7708091 27-D, Phone No:
880-31-670472 Fax No:
880-2-671639 |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
Mouja-
Taksur, Nabinagar, Savar, Phone No:
880-2-7708450 Fax No: 880-2-7708091 27-D, Phone No:
880-31-670472 Fax No:
880-2-671639 |
DIRECTORS
|
Name |
Mrs. Rupali Chowdhury |
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Designation |
Chairman &
Managing Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Abdul Khalek FCA |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
|
|
Designation |
Director |
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Nationality |
Bangladeshi |
SHAREHOLDERS
|
Name |
Sponsors
|
|
Share Percent |
95.00% |
|
Country |
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|
Name |
Institutions
|
|
Share Percent |
2.80% |
|
Country |
|
|
|
|
|
Name |
General
Public |
|
Share Percent |
2.20% |
|
Country |
|
BUSINESS DETAILS
|
Line of Business |
Manufacturer & Seller |
|
Items Dealing In |
Paints,
Varnishes and Coatings |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of |
Local: Cash or Credit |
BANKERS
|
Name |
Standard
Chartered Bank |
|
Branch |
Main Office
Branch |
|
Address |
Motijheel Commercial Area, |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
Balance
Sheet
As
At 31 March 2011
|
Assets |
2011 |
|
Current Assets: |
|
|
Inventory
|
1,029,605 |
|
Debtors
|
339,354 |
|
Advances,
deposits & prepayments |
70,218 |
|
Inter-company
balance |
13,886 |
|
Cash
and bank balances |
966,628 |
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Total current
assets |
2,419,691
|
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Non-current
Assets: |
|
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Fixed
assets, net |
674,455 |
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Capital
work-in-progress |
12,183 |
|
Investments
- at cost |
100 |
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Total non-current
assets |
686,738
|
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Total Assets |
3,106,429
|
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Current
Liabilities: |
|
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Creditors
and accruals |
710,181 |
|
Provisions
|
335,901 |
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Other
Current Liabilities |
105,021 |
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Total current
liabilities |
1,151,103
|
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Non-current
liabilities: |
|
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Employees'
retirement gratuity |
4,170 |
|
Tax
equalization reserve |
82,675 |
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Total non-current
liabilities |
86,845
|
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Total Liabilities
|
1,237,948
|
|
Equity: |
|
|
Share
capital |
231,890 |
|
Reserves
and surplus |
125,068 |
|
Retained
Earnings |
1,511,523 |
|
Total Equity |
1,868,481
|
|
Total Liabilities
and Equity |
3,106,429
|
|
BVPS |
80.58
|
Income
Statement
For
31 March 2011
|
|
2011 |
|
Sales - net |
7,128,035
|
|
Cost
of sales |
4,633,223 |
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Gross profit |
2,494,812
|
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Operating
Expenses |
1,448,199 |
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Other
operating charges |
66,925 |
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Other
operating income |
81,139 |
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Gross operating
profit |
1,060,826
|
|
Contribution
to WPP&WF (5% of gross operating profit) |
53,041 |
|
Net operating
profit |
1,007,785
|
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Dividend
income |
10,000 |
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Other
non-operating income |
1,413 |
|
Profit before tax
|
1,019,198
|
|
Provision
for current tax |
262,443 |
|
Tax
equalization reserve |
12,000 |
|
Profit after tax |
744,755
|
|
No. of shares
outstanding |
23,189
|
|
EPS |
32.12
|
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
|
1 |
117.3026 |
|
U.S Dollar |
1 |
72.8000 |
|
European Euro |
1 |
103.5653 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
|
Debt |
No Records Found |
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Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 35,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
350 |
|
Office Area (Sq.
Ft) |
7,500 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
60,400 sq.ft (rented) |
|
Warehouse Area
(Sq. Ft) |
3,800 sq.ft.(rented) |
|
|
4 Decorative 4 Industrial 4 Marine 4 Powder Coating 4 Adhesive 4 Textile
Products 4 Brush &
Roller 4 Pre-Treatment
Chemicals 4 Auto Refinish 4 Wood Coating |
|
Certifications |
NIL |
|
Group Name |
NIL |
|
Subsidiaries /
Affiliates |
4 Jenson &
Nicholson ( |
|
Member |
4 Dhaka Chamber of Commerce & Industries, |
COMMENTS
The subject is a public limited company engaged in
manufacturing and marketing of paints, varnishes and coatings. The company has
been involved in the business in this part of the world since 1950, when paints
were first imported from Berger
The directors are well conversant in their line of trade and
they are also experienced businessman. They are financially solvent and good at
his business commitments, it as reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.65 |
|
|
1 |
Rs.71.93 |
|
Euro |
1 |
Rs.63.24 |
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 |
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 |
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-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.