|
Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
SINOBANGLA INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
Noor Tower, 4th Floor, 110 Bir Uttam C.R. Dutta Road (Sonargaon Road),
Dhaka |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.06.2012 |
|
|
|
|
Date of Incorporation : |
13.11.1996 |
|
|
|
|
Com. Reg. No.: |
C-31752 |
|
|
|
|
Legal Form : |
Public Limited (In
1999) |
|
|
|
|
Line of Business : |
Manufacturing & Exporting of Bags |
|
|
|
|
No. of Employees : |
1,041 employees |
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 |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
BANGLADESH - ECONOMIC OVERVIEW
The economy has grown 5-6% per year since 1996 despite political
instability, poor infrastructure, corruption, insufficient power supplies, and
slow implementation of economic reforms. Bangladesh remains a poor,
overpopulated, and inefficiently-governed nation. Although more than half of
GDP is generated through the service sector, 45% of Bangladeshis are employed
in the agriculture sector with rice as the single-most-important product.
Bangladesh's growth was resilient during the 2008-09 global financial crisis
and recession. Garment exports, totaling $12.3 billion in FY09 and remittances
from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost
12% of GDP.
|
Source : CIA |
|
Name |
Sinobangla Industries Limited |
|
Address |
Boro
Baluakandhi, Gazaria, Munshiganj |
|
Country |
Bangladesh |
|
Telephone No |
880-2-9676963,
8628561 |
|
Fax No |
880-2-8624495 |
|
E-Mail |
|
|
Website |
|
|
Established |
1996 |
|
Company Registration No |
C-31752 |
|
Registration date |
13th
November 1996 |
|
Legal Status |
Public Limited (In 1999) |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer & Exporter |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local suppliers or banks. |
|
Head Office |
Noor
Tower, 4th Floor, 110 Bir Uttam C.R. Dutta Road |
|
Telephone No |
880-2-9676963,
8628561 |
|
Fax No |
880-2-8624495 |
|
E-Mail |
|
|
Website |
|
|
Branch |
NIL |
|
Factory |
Boro
Baluakandhi, Gazaria, Munshiganj |
|
Factory Telephone No |
NIL |
|
Factory Fax No |
NIL |
|
Warehouse |
Boro
Baluakandhi, Gazaria, Munshiganj |
|
Name |
Mr. MA Jiang |
|
Designation |
Chairman |
|
Nationality |
Chinese |
|
|
|
|
Name |
Mr. Abdur Rashid
|
|
Designation |
Managing
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Enamul Haq |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Abul Hasnat
Khan |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Abdul
Ahad |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Sponsor
Directors |
|
Share Percent |
25.97% |
|
Country |
N/A |
|
|
|
|
Name |
Institute |
|
Share Percent |
7.78 % |
|
Country |
Bangladesh |
|
|
|
|
Name |
General Public |
|
Share Percent |
66.25 % |
|
Country |
Bangladesh |
|
Line of Business |
Manufacturing
& Exporting |
|
Items Dealing In |
Bags |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of
Purchase |
Export: Against L/C |
|
Name |
Janata
Bank Limited |
|
Branch |
Motijheel Branch |
|
Address |
Motijheel C/A. Dhaka-1000 |
|
SWIFT |
N/A |
Balance
Sheet
As
On 30 April 2012
Currency:
Taka (In Thousand)
|
|
2012 |
|
ASSETS |
|
|
Non Current
Asset |
|
|
Fixed Assets less accumulated depreciation |
274,440 |
|
Capital Work-in Progress |
62,650 |
|
Investment in Unit-2 |
90,196 |
|
Invest to Dutch Bangla Pack Ltd |
31,338 |
|
Total Non
Current Assets |
458,624
|
|
Current Assets,
Loans & Advances |
|
|
Inventories |
155,640 |
|
Trade Debtors |
103,504 |
|
Bills Receivables |
39,863 |
|
Advance, Deposits & Prepayments |
78,018 |
|
Inter Transfer to Unit-2 |
88,230 |
|
Cash & Bank Balances |
186,655 |
|
|
651,874 |
|
TOTAL ASSETS |
1,110,498
|
|
EQUITY &
LIABILITIES |
|
|
Shareholder’s
Equity |
|
|
Share Capital |
199,966 |
|
Share Premium |
99,983 |
|
General Reserve |
43,196 |
|
Reserve for Revaluation of Fixed Assets |
7,363 |
|
Retained Earnings |
113,984 |
|
|
464,492
|
|
Non-current
Liabilities |
|
|
Investment from Unit-1 |
90,196 |
|
Deferred Tax Liabilities/(Assets)
|
626 |
|
Secured Loan |
74,923 |
|
|
165,745
|
|
Current
Liabilities & Provisions |
|
|
Short Term Loan-Secured |
218,866 |
|
Sundry Creditors & Liability for Expenses |
146,252 |
|
Inter Transfer from Unit-1 |
88,230 |
|
Provision for WPPF |
2,480 |
|
Provision for Income Tax |
20,579 |
|
Advance Against Sales |
1,255 |
|
Unclaimed Dividend |
2,599 |
|
|
480,261 |
|
TOTAL EQUITY
& LIABILITIES |
1,110,498
|
|
Net Sales Value (NAV) Per Share |
23.23 |
Income
Statement
For
the Half Year Ended 30 June 2012
Currency:
Taka (In Thousand)
|
|
2012 |
|
Turnover |
498,192 |
|
Cost of Goods Sold |
439,942 |
|
Gross Profit |
58,250
|
|
Operating
Expenses: |
|
|
Administrative & Selling Expenses |
35,884 |
|
Operating Profit
|
22,366 |
|
Other Income |
14,543 |
|
Financial Expenses |
19,608 |
|
|
5,065 |
|
Profit Before
WPPF |
17,301
|
|
Contribution to WPPF |
824 |
|
Profit Before
Tax |
16,477 |
|
Provision for Income Tax |
2,302 |
|
Profit after Tax
|
14,175
|
|
Retained Earnings for Previous Year |
99,809 |
|
Retained
Earnings Carried Forward |
113,984
|
|
Earning Per
Share (EPS) |
0.71
|
|
Authorized
Capital |
Tk.320 million |
|
Paid Up Capital |
Tk.200 million |
|
Each Share Value |
Tk.10.00 |
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
129.3873 |
|
U.S Dollar |
1 |
81.7200 |
|
European Euro |
1 |
102.3870 |
|
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 |
|
Employees |
1,041 |
|
Office Area (Sq.
Ft) |
2,000 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
50,000 sq.ft (rented) |
|
Warehouse Area
(Sq. Ft) |
8,600 sq.ft.(own) |
|
Range of
Products |
4 FIBC 4 Tubular
Bags With Width up to 200 CM 4 Up
to Three Color Flexographic Printing On Both Sides 4 Bags
With Coating Inside Or Outside The Bag 4 Bags
With Or Without Gusset 4 Valved
Bags 4 Sandwiched
Bags With Kraft Paper Lining |
|
Major
Clients |
4 Local 100% Export
Oriented Garments Industries |
|
Certifications |
4 ISO 9001:2000 |
|
Stock Code |
4 SINOBANGLA |
|
Group Name |
NIL |
|
Subsidiaries /
Affiliates |
4 Dutch Bangla Pack Limited |
|
Enlisted With |
4 Dhaka
Stock Exchange Limited 4 Chittagong
Stock Exchange Limited |
|
Member |
4 European
Flexible Intermediate Bulk Container Association 4 Flexible
Intermediate Bulk Container Association 4 Dhaka
Chamber of Commerce & Industries, Dhaka |
|
Business Scale |
Fairly Large |
|
Business Trend |
Growing |
|
Management
Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.