MIRA
INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
SINGER BANGLADESH LIMITED |
|
|
|
|
Registered Office : |
39 Dilkusha Commercial Area, Dhaka-1000 |
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|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
12.06.1983 |
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|
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Com. Reg. No.: |
C-7287 |
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|
|
Legal Form : |
Public Limited |
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|
|
|
Line of Business : |
Manufacturer &
Seller of Electronics Goods & Others |
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$ 40,000.00 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Singer
Bangladesh Limited |
|
Address |
39 Dilkusha
Commercial Area, Dhaka-1000 |
|
Country |
Bangladeshi |
|
Telephone No |
880-2-9564438, 8813415 |
|
Fax No |
880-2-9564431 |
|
E-Mail |
|
|
Website |
www.singerbd.com |
|
Established |
1905 |
|
Company Registration No |
C-7287 |
|
Registration date |
12th
January 1983 (As Public Limited Company) |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer & Seller |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Registered Address |
39 Dilkusha
Commercial Area, Dhaka-1000 |
|
Telephone No |
880-2-9564438, 8813415 |
|
Fax No |
880-2-9564431 |
|
E-Mail |
|
|
Website |
www.singerbd.com |
|
Corporate Office |
5B, Road No.
-126, Gulshan-1, Dhaka-1212 |
|
Whole Sales Office |
Wahab Complex,
55 Zoar Sahara, Nikunja-2, Dhaka-1219 |
|
Sales Network |
All
District of Bangladesh |
|
Factory |
Rajfulbaria,
Jhamur, Savar, Dhaka-1340 |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
Rajfulbaria,
Jhamur, Savar, Dhaka-1340 |
DIRECTORS
|
Name |
Mr. Mahbub Jamil |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. A. M. Hamim
Rahmatullah |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Akhtar Imam |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. C. K. Hyder |
|
Designation |
Director |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Tobias Brown |
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Designation |
Director |
|
Nationality |
Unknown |
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|
|
|
Name |
Mr. Peter James O'Donnell |
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Designation |
Director |
|
Nationality |
Unknown |
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|
|
Name |
Mr. Gavin J. Walker |
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Designation |
Director |
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Nationality |
Unknown |
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|
|
|
Name |
Mr. Sajidur Rahman Khan |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Gelmart M. Gellecanao |
|
Designation |
Director |
|
Nationality |
Unknown |
|
|
|
|
Name |
Mr. Mohammad Sanaullah |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Akram Uddin Ahmed |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
SHAREHOLDERS
|
Name |
Sponsor/Director |
|
Share Percent |
75.00% |
|
Country |
Bangladesh |
|
|
|
|
Name |
General
Public |
|
Share Percent |
25% |
|
Country |
Bangladesh |
BUSINESS DETAILS
|
Line of Business |
Manufacturer & Seller |
|
Items Dealing In |
Electronics
Goods & Others |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit |
BANKERS
|
Name |
Citibank N.A. |
|
Branch |
Dilkusha Branch |
|
Address |
Dilkusha Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
Trust Bank
Limited |
|
Branch |
Dilkusha Branch |
|
Address |
Dilkusha Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
Pubali Bank
Limited |
|
Branch |
Dilkusha Branch |
|
Address |
Dilkusha Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
Eastern Bank
Limited |
|
Branch |
Gulshan Branch |
|
Address |
Gulshan, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
Commercial Bank
of Ceylon Plc. |
|
Branch |
Gulshan Branch |
|
Address |
Gulshan, Dhaka |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
Balance
Sheet
As
At 31 December 2010
Currency:
Taka
|
Assets |
2010 |
|
Non-current assets: |
|
|
Property,
plant and equipment |
655,887,492 |
|
Investments |
4,416,700 |
|
Total non-current assets |
660,304,192 |
|
Current assets: |
|
|
Inventories |
1,009,211,317 |
|
Trade
and other receivables |
542,510,111 |
|
Advances,
deposits and prepayments |
157,878,215 |
|
Investment
in short term deposit |
267,000,000 |
|
Cash
and cash equivalents |
1,482,168,592 |
|
Total current assets |
3,458,768,235 |
|
Total assets |
4,119,072,427 |
|
Equity and liabilities |
|
|
Shareholders' equity: |
|
|
Share
capital |
224,386,200 |
|
Reserves |
292,851,005 |
|
Retained
earnings |
2,623,280,510 |
|
Total equity |
3,140,517,715 |
|
Non-current liabilities: |
|
|
Deferred
tax liabilities |
40,383,928 |
|
Retirement
benefit obligations |
43,506,411 |
|
Other
liabilities |
320,438,413 |
|
Total non-current liabilities |
404,328,752 |
|
Current liabilities: |
|
|
Trade
and other payables |
529,974,431 |
|
Short-term
borrowings (secured) |
3,281,569 |
|
Income
tax payable, net |
40,969,960 |
|
Total current liabilities |
574,225,960 |
|
Total liabilities |
978,554,712 |
|
Total equity and liabilities |
4,119,072,427 |
Income
Statement
For
the Year Ended 31 December 2010
Currency:
Taka
|
|
2010 |
|
Sales |
4,693,875,115 |
|
Earned
carrying charges |
135,142,526 |
|
Turnover |
4,829,017,641 |
|
Cost
of sales |
(3,597,485,580) |
|
Gross profit |
1,231,532,061 |
|
Operating
expenses |
(733,357,461) |
|
Profit from operations |
498,174,600 |
|
Interest
income/(expense) |
2,181,148 |
|
Non-operating
income: |
1,886,310,272 |
|
Profit
for the year |
2,386,666,020 |
|
Contribution
to Workers' Profit Participation Fund (WPPF) |
(119,333,301) |
|
Profit before tax |
2,267,332,719 |
|
Provision
for tax |
(293,572,361) |
|
Net profit for the year |
1,973,760,358 |
|
Other comprehensive income: |
|
|
Gain
on revaluation of property, plant and equipment |
53,242,751 |
|
Total comprehensive income |
2,127,003,109 |
|
Basic
earnings per share (par value Tk. 100) |
879.63 |
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.400 million |
|
Paid Up Capital |
Tk.393 million |
|
Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
120.3664 |
|
U.S Dollar |
1 |
76.5300 |
|
European Euro |
1 |
103.0170 |
ADVERSE DATA MONITORING
|
Dishonored Checks |
No Found |
|
Debt |
No Records Found |
|
Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
|
Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 40,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
799 |
|
Office Area (Sq.
Ft) |
5,500 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
50,500 sq.ft (rented) |
|
Warehouse Area
(Sq. Ft) |
10,800 sq.ft.(rented) |
|
Range of
Products |
4 Air Conditioner 4 Computer 4 DVD Player 4 Electric Kettle 4 Electric Oven 4 Instant Power
Supply 4 Iron 4 Microwave Oven 4 Motor Cycle 4 Refrigerator 4 Sewing Machine 4 Television 4 Washing Machine 4 Water Purifier 4 Led Television |
|
Certifications |
NIL |
|
Parent Company |
4 Singer Bhold
B.V. |
|
Subsidiaries /
Affiliates |
N/A |
|
Stock Code |
4 SINGERBD |
|
Enlisted With |
4 Dhaka Stock Exchange Ltd, Dhaka 4 Chittagong Stock Exchange Ltd, Chittagong |
|
Member |
4 Dhaka Chamber of Commerce & Industries, Dhaka |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.72 |
|
|
1 |
Rs.79.88 |
|
Euro |
1 |
Rs.68.46 |
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 |
|
-- |
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.