MIRA INFORM REPORT

 

 

Report Date :

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

BANGLADESH SUGAR & FOOD INDUSTRIES CORPORATION

 

 

Registered Office :

Chinishilpa Bhaban, 3, Dilkusha C/A., Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

01.07.1976

 

 

Legal Form :

Sector Corporation 

 

 

Line of Business :

Maintenance of Sugar Mills & Others

 

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$ 45,000.00

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

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

Bangladesh Sugar & Food Industries Corporation

Address

Chinishilpa Bhaban, 3, Dilkusha C/A., Dhaka-1000

Country

Bangladesh

Telephone No

880-2-9555616, 9565868, 9565868

Fax No

880-2-9550481, 955780

E-Mail

chinikal@yahoo.com, ict@bsfic.gov.bd

Website

www.bsfic.gov.bd

Established

1st July 1976

Company Registration No

N/A

Registration date

N/A

Legal Status

Sector Corporation 

Business Type

Manufacturer & Seller 

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

Chinishilpa Bhaban, 3, Dilkusha C/A., Dhaka-1000

Telephone No

880-2-9555616, 9565868, 9565868

Fax No

880-2-9550481, 955780

E-Mail

chinikal@yahoo.com, ict@bsfic.gov.bd

Website

www.bsfic.gov.bd

Branch

NIL

Factory

N/A

Factory Telephone No

N/A

Factory Fax No

N/A

Warehouse

N/A

 

 

DIRECTORS

 

Name

Mr. Parikhet Datta Chowdhurary

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Munsur Ali Sikder, ndc

Designation

Director (Marketing)

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Ishaque

Designation

Director (Planning & Development )

Nationality

Bangladeshi

 

 

Name

Mr. A.K.M Delwer Hussain

Designation

Director (Finance)

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Abul Kashem

Designation

Director (Production & Engineering)

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Yahya Mian

Designation

Director (CD & R)

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Maintenance of Sugar Mills  

Items Dealing In

Sugar & Others

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Local: Cash or Credit

Production Capacity

2,10,440 Mile Tons per year

 

BANKERS

 

Name

Sonali Bank Limited

Branch

Dilkusha Branch

Address

Dilkusha C/A, Dhaka

SWIFT

N/A

 

 

Name

Janata Bank Limited

Branch

Dilkusha Branch

Address

Dilkusha C/A, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

Year

2010

2009

 

2008

Investment

Tk.4 billion

Tk.3.8 billion

Tk.3.2 billion

Turnover

Tk.3 billion

Tk.2.9 billion

Tk.2.4 billion

Liability

Tk.37 million

Tk.38 million

Tk.40 million

Assets

Tk.5 billion

Tk.5 billion

Tk.4.8 billion

 

* Collected un-officially as the subject has flatly refused to reveal any financial information.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

N/A

Paid Up Capital

N/A

Each Share Value

N/A

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

116.3994

U.S Dollar

1

75.1400

European Euro

1

101.5592

 

 

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$ 45,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

12,633

Office Area (Sq. Ft)

4,500 sq.ft (own)

Factory Area (Sq. Ft)

N/A

Warehouse Area (Sq. Ft)

3,850 sq.ft (own)

Range of Products & Services

Products of Controlled Enterprises:

4 Sugar

4 Spirits

4 Alcohol Drinks

4 Spare Parts

 

Services:

4 Production of high yielding & high sucrose content sugarcane in mills zone through extension activities.

4 Maximize production of sugar by optimum utilization of installed capacity of the sugar mills and thereby save hard earned foreign exchange.

4 Maintain stable price of sugar in the domestic market through efficient marketing.

4 To under take BMR/BMRE works of existing sugar mills as well as to take steps for establish sugar mills with a view to attain self-sufficiency in sugar.

Name of the Mills

Sugar Mills:

4 Panchagarh Sugar Mills Ltd., Panchagarh

4 Setabganj Sugar Mills Ltd., Setabganj, Dinajpur

4 Thakurgaon Sugar Mills Ltd., Thakurgaon

4 Shyampur Sugar Mills Ltd., Shyampur, Rangpur

4 Jaipurhat Sugar Mills Ltd., Jaipurhat

4 Natore Sugar Mills Ltd., Natore

4 North Bengal Sugar Mills Ltd., Gopalpur, Natore

4 Rajshahi Sugar Mills Ltd., Rajshahi

4 Kushtia Sugar Mills Ltd., Jagati, Kushtia

4 Mobarakganj Sugar Mills Ltd., Naldanga, Jhenaidah

4 Carew & Co(BD) Ltd., Darsana, Chuadanga

4 Faridpur Sugar Mills Ltd., Madhukhali, Faridpur

4 Pabna Sugar Mills Ltd., Dashuria, Pabna

4 Zeal Bangla Sugar Mills Ltd., Dewanganj, Jamalpur

4 Rangpur Sugar Mills Ltd., Mohimagonj, Gaibanda

 

Other Units:

4 Carew,s Pharma

4 Carew,s Distillery

4 Renwick, Jagneswar & Co.(BD) Ltd

4 Sheikh Mostafa & Co

Number of Mills 

4 15

Name of The Controlling Ministry

4 Ministry of  Industries, Government of People’s

    Republic of Bangladesh

Certifications

NIL

Group Name

NIL

Subsidiaries / Affiliates

NIL

Member

N/A

 

 

COMMENTS

 

The subject is a fully state owned public sector corporation under Ministry of Industries engaged in maintaining of state owned sugar mills in Bangladesh. Bangladesh Sugar & Food Industries Corporation (BSFIC) emerged as a single corporate body from 1st July, 1976 due to merging of two separate Corporations viz .Bangladesh Sugar Mills Corporation (BSMC) and Bangladesh Food & Allied Industries Corporation (BFAIC) which were established under presidential Order No.27 of 26th march,1972. BSFIC is a sector Corporation under the ministry of Industries.

 

The members of Board of Directors are all senor government employee, who are well experienced in their line of trade.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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.