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MIRA INFORM REPORT
|
Report Date : |
31.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
RAK CERAMICS (BANGLADESH) LIMITED |
|
|
|
|
Registered Office : |
RAK Tower (7th, 8th, 9th floor), Plot No.
1/A, Sector- 3 Jasimuddin Avenue, Uttara Model Town, Dhaka – 1230 |
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|
|
|
Country : |
Bangladesh |
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|
|
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
26.11.1998 |
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Com. Reg. No.: |
C-36813 |
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|
|
Legal Form : |
Public Limited Company |
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|
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Line of Business : |
Manufacturing, Selling and Exporting of ceramics items and
sanitary wear |
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$ 70,000.00 |
|
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 30th, 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 |
RAK Ceramics (Bangladesh) Limited |
|
Address |
RAK Tower (7th,
8th, 9th floor), Plot No. 1/A, Sector- 3 Jasimuddin Avenue, Uttara Model
Town, Dhaka – 1230, |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8917393, 8912303, 8915831, 8916548, 8922285, 8911642, 8922078 |
|
Fax No |
880-2-8917096 |
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E-Mail |
|
|
Website |
|
|
Established |
November 1998 |
|
Company Registration No |
C-36813 |
|
Registration date |
26th
November 1998 |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The Registrar of
Joint Stock Companies, Dhaka |
|
Business Type |
Manufacturer, Exporter and Seller |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from
local suppliers or banks. |
LOCATIONS
|
Head Office |
RAK Tower (7th,
8th, 9th floor), Plot No. 1/A, Sector- 3 Jasimuddin Avenue, Uttara Model
Town, Dhaka – 1230, |
|
Telephone No |
880-2-8917393, 8912303, 8915831, 8916548, 8922285, 8911642, 8922078 |
|
Fax No |
880-2-8917096 |
|
E-Mail |
|
|
Website |
|
|
Branch |
Domestic: Dhaka Hatrilpool: 318, Free School Street, Hatrilpool, Dhaka. Phone : 9664295, Fax : 9613826 Email mktg@rakcerambd.com Chittagong Office: Delwar Bhaban (5th Floor) 104 Agrabad C/A, Chittagong. Email mktg@rakcerambd.com Overseas: 4 Germany 4 Switzerland 4 France 4 UAE 4 Australia 4 India 4 China 4 Iran 4 Saudi Arabia 4 Sudan 4 Belgium 4 Georgia 4 UK 4 Italy |
|
Factory |
Dhanua, Sreepur, Gazipur, Bangladesh |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
Dhanua, Sreepur, Gazipur, Bangladesh |
DIRECTORS
|
Name |
DR. Khater Massaad |
|
Designation |
Chairman |
|
Nationality |
Arabian |
|
|
|
|
Name |
Mr. S.A.K. Ekramuzzaman |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Hamad Abdullah al Muttawa |
|
Designation |
Director |
|
Nationality |
Arabian |
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|
|
|
Name |
Mr. Abdallah Massaad |
|
Designation |
Director |
|
Nationality |
Arabian |
|
|
|
|
Name |
Mr. Manoj Aheeray |
|
Designation |
Director |
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Nationality |
Indian |
|
|
|
|
Name |
Mr. Rafique-ul Huq, Barrister-at-Law |
|
Designation |
Independent Director |
|
Nationality |
Indian |
SHAREHOLDERS
|
Name |
Sponsor
Directors |
|
Share Percent |
72.59% |
|
Nationality |
N/A |
|
|
|
|
Name |
Corporate Bodies |
|
Share Percent |
7.65% |
|
Nationality |
N/A |
|
|
|
|
Name |
General Investors |
|
Share Percent |
1169% |
|
Nationality |
N/A |
BUSINESS DETAILS
|
Line of Business |
Manufacturer, Exporter and Seller |
|
Items Dealing In |
Porcelain and Sanitary Tiles |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
BANKERS
|
Name |
Standard
Chartered Bank |
|
Branch |
Main Branch |
|
Address |
Dilkusha Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
HSBC |
|
Branch |
Main Branch |
|
Address |
Motijheel Commercial Area, Dhaka |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
Balance
Sheet
AS
AT 30th June 2011
Currency:
Taka
|
ASSETS: |
2011 |
|
Non-Current Assets |
|
|
Property, Plant and Equipment |
2,872,527,808 |
|
Intangible Assets |
102,758.591 |
|
Capital Works-in-progress |
28,208,951 |
|
Investment in associate company |
79,790,000 |
|
Investment in shares |
4,733,834 |
|
Non-current Receivables |
41,773,720 |
|
Total
non-current Assets |
3,129,792,904 |
|
Current Assets: |
|
|
Inventories |
1,486,999,620 |
|
Trade & other receivables |
411,430,478 |
|
Advance corporate income tax |
699,530,745 |
|
Cash & Bank Balances |
1,475,685,600 |
|
Total Current
Assets |
4,073,646,443 |
|
Total Assets |
7,203,439,347 |
|
EQUITY &
LIABILITIES |
|
|
Capital &
Reserve |
|
|
Share Capital |
2,530,808,500 |
|
Share Premium |
1,473 ,647 ,979 |
|
Retained Earnings |
945, 113,851 |
|
Total shareholders' funds |
4,949,570,330 |
|
Non-Controlling Interests |
153,786,748 |
|
Non-current
Liabilities |
|
|
Borrowings |
26,760,202 |
|
Provision for employee benefits |
6,002,1 90 |
|
Total
Non-current Liabilities |
32,762,392 |
|
|
|
|
Current
Liabilities |
|
|
Trade & other payable |
441 ,671,315 |
|
Borrowings-current portion |
135,633,785 |
|
Provision for expenses |
120,397,22r |
|
Provision for corporate income tax |
955,761,687 |
|
Provision for royalty & technical know-how fee |
284,439,546 |
|
Deferred tax liabilities |
129,416,323 |
|
Total Current
Liabilities |
2,067,319,877 |
|
Total Equity and
Liabilities |
7,203,439,347 |
Profit
And Loss Account
For
the Period Ended 30 June 2011
Currency:
TAKA
|
Sales |
2,269,484,708 |
|
Less: Cost & Goods Sold |
1,335,428,305 |
|
GROSS PROFIT |
934,056,403 |
|
Less: Operating Expenses |
|
|
Administrative Expenses |
165,474,518 |
|
Selling and Marketing Expenses |
314,549,146 |
|
|
480,296,664 |
|
Operating Profit |
453,759,739 |
|
Financial Expenses |
26,132,118 |
|
|
427,627.621 |
|
Other Income |
75,902,710 |
|
Net Profit
Before Tax |
503,530,33
I |
|
Less: Income tax |
183,937,980 |
|
NET PROFIT AFTER
TAX |
31 9,592,35 I |
|
Non-Controlling Interest |
64,295,537 |
|
Net Profit after
Tax and Non-Controlling Interest |
383,887,888 |
|
Earnings Per
Share (EPS) |
1.52 |
Auditor:
S.F. Ahmed &
Co.
Chartered
Accountants
(A technical
assistant firm of Ernst & Young
International Inc
of New York, USA, in Bangladesh)
House-25,
Road-13A, Block-D
Banani, Dhaka-1213
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
121.6428 |
|
U.S Dollar |
1 |
76.1600 |
|
European Euro |
1 |
105.8700 |
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$ 70,000.00 |
90 days |
GENERAL INFORMATION
|
Employees |
720 |
|
Office Area (Sq.
Ft) |
1,900 sq.ft (own) |
|
Factory Area
(Sq. Ft) |
35,000 sq.ft (own) |
|
Warehouse Area
(Sq. Ft) |
4,800 sq.ft. (own) |
|
Range of
Products |
4 Wall-Tiles 4 Floor Tiles 4 Boarder Tiles 4 Homogenous Tiles 4 Polished/Unpolished Tiles 4 Decor Tiles 4 Porcelains 4 Sanitary Wears |
|
Export Market |
4 UAE 4 Germany 4 France 4 Switzerland |
|
Certifications |
ISO 9001:2008 |
|
Group Name |
NIL |
|
Subsidiaries /
Affiliates |
4 Ras Al-Khaimah Ceramics Co Plc 4 Ras Al-Khaimah, UAE, |
|
Member |
4 Bangladesh Ceramic & Sanitary
Wears Mfg. Association, Dhaka 4 Dhaka Chamber of Commerce &
Industries, Dhaka 4 Foreign Chamber of Commerce &
Industries, Dhaka |
COMMENTS
The subject is public limited company engaged in manufacturing, selling and exporting of ceramics items and sanitary wears. The company has been established by U.A.E based RAK Ceramics to take the advantage of cheap local labor. The factory is fitted with the latest machinery imported from European countries. The qualities of their products are of international standard and their products have got ready market inside and outside the country. RAK Ceramics (Bangladesh) Limited, a UAE-Bangladesh joint venture company, was incorporated in Bangladesh on 26 November, 1998 as a private company limited. The company became public limited on 2009.
The directors are all experienced businessmen. They are financially solvent and good at their business commitment, it is reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.82 |
|
UK Pound |
1 |
Rs.78.57 |
|
Euro |
1 |
Rs.69.29 |
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.