MIRA INFORM REPORT

 

 

Report Date :

10.08.2013

 

IDENTIFICATION DETAILS

 

Name :

BAY POLY AND PACKAGING LTD.

 

 

Registered Office :

Sarika Topwer (1st Floor), Room# 103, 8, Segum Bagicha, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

02.02.1998

 

 

Com. Reg. No.:

C-34784

 

 

Legal Form :

Private Company

 

 

Line of Business :

Subject engaged in producing garments accessories

 

 

No. of Employees :

165

 

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:

USD40, 000

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

In real terms Bangladesh's economy has grown 5.8% 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

IDENTIFICATION DETAILS

 

Correct company Name

:

Bay Poly and Packaging Ltd.

Registered office

:

Sarika Topwer (1st Floor), Room# 103, 8, Segum Bagicha,

Dhaka-1000, Bangladesh

Tel No

:

88-02-9566862, 7167049, 01713014478

Fax No

:

Nil

E-mail

:

info@baypoly.com

baypoly12@gmail.com

bay_poly@yahoo.com

Website

:

www.baypoly.com

Date/ Year of Incorporation

:

2-02-1998

Registered No.

:

C-34784

Legal Form (General)

:

 Public Listed Co      Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships   Partnership            Not Registered

 others (please specify) ________________

 

Legal form (Specific)

:

 LTD   CORP    INC  CO    

 others (please specify) ________________

 

Issuing Authority

:

 Registrar of Joint Stock Companies & Firms  City Corporation

 Municipal Administration                 Union Council

 Cantonment Board                      Chief Controller of  Import & Export (CCIE)

 

 

 

 

CREDIT RATING & RISK ANALYSIS

 

Credit Score    

:

37

 

 

 

 

Credit Risk

:

Above   Average

 

Credit Risk Assessment

         Proposed Credit Limit

Financial  Condition

 

Credit should proceed with monitor

    Small amount-periodical review

     Fair

 

 

 

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

     2011

Tk.80Million

Tk.14 Million

Tk. 1.75 Million                          

     2012

Tk.86 Million

Tk.15 Million

Tk.1.80Milliom

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

Sales Trend – Analysis:

2002

2003

2004

2005

2006

2007

2008

2010

2011

2012

-

-

-

-

-

-

-

 

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

 

Inquirer specified credit – trade finance

 

Recommended Credit Range

:

USD40, 000 based on 90 Days            

 

 

FULLCHECK REPORT DETAILS

 

                                    Information Parted By

 

 

 

Name

:

Mr. Abdul Alim Khan

Designation

:

General Manager

Contract No

:

N/A

 

                                     Locations Details

 

Business Address

:

Sarika Topwer (1st Floor), Room# 103, 8, Segum Bagicha,

Dhaka-1000, Bangladesh

Tel No

:

88-02-9566862, 7167049, 01713014478

E-mail

:

info@baypoly.com

baypoly12@gmail.com

bay_poly@yahoo.com

Fax No

:

Nil

Website

:

www.baypoly.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

2000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

47/KA, East Islambagh Dhaka-1211, Bangladesh

Tel No

:

88-02-7311145

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

14,400

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

15

In Factory

:

150

In Branch:

:

 

Total

:

165

Details:

Administration: 15

Poly Section: 30

Hanger Section: 15

Others: 08

Elastic Section: 30

Mechanic / Maintenance: 05

Twill Tape Section:20              

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

            No. of Share     

Md.Golam Sorowar(Pintu)

              400

Mr. Sayedur Rahman

              300

Mr. Nazmul Hossain

              300

 

 

DIRECTORS

 

 

Name

Designation

 

Md.Golam Sorowar(Pintu)

Managing Director

 

Mr. Sayedur Rahman

Director

 

Mr. Nazmul Hossain

Director

 

 

 

MANAGEMENT

 

 

Name

:

Mr. Abdul Alim Khan

 

Email address

:

Nil

 

Nationality

:

Bangladeshi

 

Job Description

:

General Manager

 

Other details

:

N/A

                                                                                                             

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

Ö

Dealer

 

Distributor

 

 

Exporter

 

Importer

Ö

Others

 

 

 

Range of Products/Item Dealings In:

 

Products

:

Poly Bag, Elastic, Hanger, Twill-Tape, Drawstring etc

All types of Accessories, Readymade Garments like

Production Capacity

:

Injection Mold - 5,000 dzn /day

Off-set Printing - 50,000 pcs /day

Paper Cutting & Board Cutting -10,00000 pcs /day

Dye Cutting - 2,50,000 pcs /day

Twill Tape - 40,000 Meter /day

Side Selling - 80,000 pcs /day

Vopp Folded Deicer - 70,000 pcs /day

Flaxo - 80,000 pcs /day

PP/Poly Profiling - 1,356 pound/day

PE/LDPE/HDPE - 1,698 pound /day

Elastic - 25,000 Meter /day

Label Printing - 75,000 pcs /day

Last Year Production

:

Do

 

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Nasa Group

Fakir Apparels

Beximco Group

Hameem Group

Mondol Group

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

N/A

 

Imports

 

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.10 Million

Paid-up Capital

:

Tk.1,00,000

No. of Shares

:

1000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk.15 Million

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update financial figure to local registry office.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Riddick Knit Wear Ltd

Al fez Ltd

Bonito Button Industries Ltd

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

                                    

Bank Name  

:

Mercantile Bank Limited

Bank Address

:

Motijheel Branch,

Malek Mansion,

Phone: 88-02-7161923-4.

Dhaka-1000

128, Motijheel Commercial Area.

 

 

 

REPUTATION

 

Reference checking for the purpose of establishing the Bay Poly and Packaging Ltd.’s reputation within the respective industry failed to reveal any adverse information

 

 

ADVERSE DATA MONITORING

           

Dishonored Checks          

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our representative visited the subject company. Its Head Office is situated at 47/KA, East Islambagh, Dhaka-1211, Bangladesh. This area is old city of Dhaka & most crowded area.

 

 

GENERAL COMMENTS

 

Established in 1998, the subject company is mainly engaged in producing garments accessories. Having been in operation for several years, Subject maintains acceptable business volume. Hence, its financial condition, we recommend that Credit should proceed with monitor in Small amount-periodical review.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.11

UK Pound

1

Rs.94.77

Euro

1

Rs.81.54

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.