MIRA INFORM REPORT

 

 

Report Date :

26.11.2011

 

IDENTIFICATION DETAILS

 

Name :

OLYMPIC INDUSTRIES LIMITED (BISCUIT & CONFECTIONERY UNIT)

 

 

Formerly Known As :

BENGAL CARBIDE LTD

 

 

Registered Office :

Amin Court (6th Floor), 62-63 Motijheel C/A ,  Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

15.06.1979

 

 

Com. Reg. No.:

C-7096

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Manufacturer & Seller of Consumer Goods

 

 

No. of Employees :

2,200

 

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

 

Maximum Credit Limit :

US$ 40,000.00

Status :

Satisfactory

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

Restricted

 

C2

Off-credit

 

D

 

COMPANY DETAILS

 

Name

Olympic Industries Limited (Biscuit & Confectionery Unit)

Former Name

Bengal Carbide Ltd (Date of Change: June 1996)

Address

Amin Court (6th Floor), 62-63 Motijheel C/A ,  Dhaka-1000

Country

Bangladesh

Telephone No

880-2-9565228

Fax No

880-2-9565555

E-Mail

info@olympicbd.com

Website

www.olympicbd.com

Established

1979

Commencement Date of Unit

December 1996

Company Registration No

C-7096

Registration date

15th June 1979

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock of Companies & Firms, Dhaka

Business Type

Manufacturer & Seller

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

Amin Court (6th Floor), 62-63 Motijheel C/A ,  Dhaka-1000

Telephone No

880-2-9565228

Fax No

880-2-9565555

E-Mail

info@olympicbd.com

Website

www.olympicbd.com

Branch

NIL

Factory

Madanpur, Keodhala, Bondar, Narayanganj

Factory Telephone No

NIL

Factory Fax No

NIL

Warehouse

Madanpur, Keodhala, Bondar, Narayanganj

 

DIRECTORS

 

Name

Mr. Mohammad Bhai

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Mubarak Ali

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Aziz Mohammad Bhai

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Raza Mohammad Bhai

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Munir Ali

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mr. Mohammad Bhai

Share Percent

25 %

Nationality

Bangladeshi

 

 

Name

Mr. Mubarak Ali

Share Percent

40%

Nationality

Bangladeshi

 

 

Name

Mr. Aziz Mohammad Bhai

Share Percent

15%

Nationality

Bangladeshi

 

 

Name

Mr. Raza Mohammad Bhai

Share Percent

10%

Nationality

Bangladeshi

 

 

Name

Mr. Munir Ali

Share Percent

10%

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturer & Seller

Items Dealing In

Consumer Goods

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Local: Cash or Credit

Export: Against L/C

 

 

BANKERS

 

Name

Agrani Bank Limited

Branch

Corporate Branch

Address

Motijheel Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

The City Bank Limited

Branch

Principal Office Branch

Address

Dilkusha Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

National Bank of Pakistan

Branch

Motijheel Branch

Address

Motijheel Commercial Area, Dhaka

SWIFT

N/A

 

FINANCIAL INFORMATION

 

Olympic Industries Limited

Statement of Financial Position

As At 3Oth September, 2011

 

 

2011

NET ASSETS

 

Non-current Assets

830,553,370

Property, Plant and Equipment

824,787,631

Deferred Expenses

5,765,739

Current Assets:

1,212,918,705

Inventories

393,509,979

Accounts Receivables

31,976,203

Advances, Deposits & Prepayments

219,498,343

Cash and Cash Equivalents

567,934,180

Current Liabilities and Provisions:

(947,878,037)

Loans

196,804,387

Interest Payable

4,301,722

Creditors for Goods

309,469,888

Creditors for Services

12,666,832

Accrued Expenses

69,521,063

Advance against sales

114,130,724

Liabilities for other Finance

50,009,417

Lease Finance - Current portion

18,036,978

Provision for taxation

157,664,894

Unclaimed Dividend

15,272,132

Net Current Assets

2 65,040,668

Deferred Tax Liabilities

(22,901,932)

Deferred Liabilities

(78,452,048)

 

994,240,058

FINANCED BY:

 

Shareholders' Equity

817,666,719

Share Capital

348,272,500

Retained Earnings

469,394,219

Non-Current Liabilities

 

Long Term Loan (Secured)

161,691,386

Lease Finance - Long term

14,881,953

 

994,240,058

 

 

Olympic Industries Limited

Statement of Comprehensive Income

For The 1st Quarter Ended 30th September, 2011

 

 

2011

TURNOVER

1,262,769,219

Cost of Goods Sold

(964,122,093)

GROSS PROFIT

298,647,126

Expenses

(195,992,417)

 

102,654,709

Non Operating Income

4 ,891,017

 

107,545,726

Contribution to W. P.P & W.F

(5,121,225)

PROFIT - BEFORE TAX

102,424,501

Tax Expenses

( 28,166,738)

NET PROFIT - AFTER TAX

74,257,763

Basic Earnings Per Share (Par value Tk.100/- )

21.32

Number of Shares used to Compute EPS

3,482,725

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.1.00 billion

Paid Up Capital

Tk.348.00 million

Each Share Value

Tk.100

 

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

119.0307

U.S Dollar

1

76.7000

European Euro

1

102.3101

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No 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

2,200

Office Area (Sq. Ft)

6,500 sq.ft (rented)

Factory Area (Sq. Ft)

58,300 sq.ft (own)

Warehouse Area (Sq. Ft)

8,200  sq.ft.(own)

Range of Products

4 Biscuits

4 Confectioneries

Brand Name 

Biscuits:

4 Energy Plus

4 Crack Jack

4 Tip

4 Olympic G – Orange

4 Olympic G – Elachi

4 New Glucose

4 Milk Plus

4 Elachi Plus

4 OlympicGS

4 Marie Gold

4 Milk Marie

4 Choco Marie

4 Coconut Plus

 

Confectioneries:

4 Olympic Creamy Caramel

4 Olympic Green Mango

4 Olympic Choco Funn

4 Olympic Tasty Milk

Export Market

4 India

4 Pakistan

4 Nepal

4 Thailand

4 Sri Lanka

Certifications

ISO: 9001: 2008

Group Name

NIL

Subsidiaries / Affiliates

4 Ambee Pharmaceuticals

4 Manticore Technologies

4 Quantum electronics

4 Agro Biotek

4 RMB Fisheriess

4 Asia Commodites Limited

4 Opening Bell Investments

4 Hott Media Ltd.

4 Tripti Industry Limited

4 Bengal Steel Works Limited

Member

4 Bangladesh Association of Publicly Listed Companies

4 Metropolitan Chamber of Commerce and Industry

4 Bangladesh-Malaysia Chamber of Commerce and Industry

4 Bangladesh Auto Biscuits and Bread Manufacturers 

    Association

4 Bangladesh Agro Processors Association

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

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%)

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.