MIRA
INFORM REPORT
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Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PARTEX JUTE MILLS LTD. |
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Registered Office : |
74, Bir Uttam, A. K. Khondokar Sarak, Mohakhali C/A, Dhaka-1212 |
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Country : |
Bangladesh |
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Date of Incorporation : |
15.06.2010 |
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Com. Reg. No.: |
C-85206 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer, Trader, Dealer and Importer of Jute Coils, Jute Balls, Sacking
Bags, Hessian Jute Yarn, Jute Twine, Jute Tubes, Jute Ropes |
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No. of Employees : |
1050 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
PARTEX JUTE
MILLS LTD. |
|
Registered office |
: |
74, Bir Uttam, A. K. Khondokar Sarak, Mohakhali C/A, Dhaka-1212, Bangladesh |
|
Tel No |
: |
88-02-8822888 |
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Fax No |
: |
88-02-8821888 |
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E-mail |
: |
rubelaziz@partex.net |
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Website |
: |
www.partexjute.com |
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Date/ Year of Incorporation |
: |
15.06.2010 |
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Registered No. |
: |
C-85206 |
|
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) |
FINANCIALS- SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
|
|
2011 |
Tk.820 Million |
Tk.19.5 Crore |
Tk.2.50 Million |
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|
2012 |
Tk.850 Million |
Tk.20 Crore |
Tk.3.00 million |
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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 |
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Sales Trend – Analysis: |
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2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2010 |
2011 |
2012 |
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- |
- |
- |
- |
- |
- |
- |
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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr. Shafiqul Islam Raju |
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Designation |
: |
General Manager |
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Contract No |
: |
88-01711722652 |
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Locations Details |
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Business Address |
: |
74, Bir Uttam, A. K Khondokar Sarak, Mohakhali C/A, Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-8822888 |
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E-mail |
: |
rubelaziz@partex.net |
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Fax No |
: |
88-02-8821888 |
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Website |
: |
www.partexjute.com |
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Location : |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
4500 |
Sq. ft. |
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Type of Office :
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: Commercial Office Bldg. |
Ö |
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Semi-commercial office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
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Vill: Dobra, 2 No. Satoire Union, Ps. Boalmari, Faridpur, Bangladsh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
10 |
Acors |
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Employee: |
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No. of
Employees |
In Office |
: |
67 |
In Factory |
: |
983 |
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In Branch: |
: |
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Total |
: |
1050 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of Share |
|
M.A. Hashem |
50,000 |
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Mr. Aziz Al-Kaiser |
1,50,000 |
DIRECTORS
|
Name |
Designation |
|
Mr. Aziz Al-Kaiser |
Managing Director |
|
M.A. Hashem |
Director |
MANAGEMENT
|
Name |
: |
Mr. Shafiqul Islam Raju |
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Email address |
: |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
General Manager |
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Other details |
: |
N/A |
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Name |
: |
Mr. Rupak |
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Email address |
: |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
Commercial Officer |
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Other details |
: |
N/A |
BUSINESS OPERATIONS
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Nature of
Activity : |
Manufacturer |
Ö |
Trader |
Ö |
Dealer |
Ö |
Distributor |
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Exporter |
Ö |
Importer |
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Others |
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Range of
Products/Item Dealings In: |
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Products |
: |
Jute Coils, Jute Balls, Sacking Bags, Hessian Jute Yarn, Jute Twine,
Jute Tubes, Jute Ropes |
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Production
Capacity |
: |
100 TPD per year |
|
Last Year
Production |
: |
100 TPD per year |
Trading Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
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60 days |
Ö |
90 days |
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|
days |
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Selling
Terms : |
L/C |
Ö |
Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
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60 days |
|
90 days |
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|
days |
DETAILED DATA
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
Local Market |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
Local Agent |
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Trade Markets |
: |
Exports |
: |
Belgium, Turkey, Iran |
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Imports |
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China, India |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active |
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Member |
: |
N/A |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk.10 Crore |
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Paid-up
Capital |
: |
Tk.20,00,000 |
No.
of Shares |
: |
2,00,000 |
Share
Value |
: |
Tk.10.00Each |
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Main
Assets |
: |
Tk.20 Crore |
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FINANCIAL STATEMENT- DETAILED
The subject company don’t submit update financial figure to local
registry office.
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
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Sister Concerns |
: |
Star Particle Board Mills Ltd. Danish Condensed Milk Bangladesh Limited Danish Food Products Danish Milk Bangladesh Limited Amber Cotton Mills Limited Amber Pulp and Paper Mills Limited Partex Beverage Limited Partex Furniture Industries Limited Danish Distribution Network Limited Rubel Steel Mills Limited Partex Real Estate Limited Star Vegetable Oil Mills Limited Star Coconut Mills Limited Dhaka com Limited (ISP) Corvee Maritime Co. Limited Fotoroma Limited Partex Limited Hashem Corporation (Pvt.) Limited Ferrotechnic Limited Partex Energy Ltd. Partex Rotor Spinning Mills Limited Partex Spinning Mills Limited Partex Rotor Mills Limited Partex Denim Ltd. Partex Sugar Mills Limited Partex uPVC Pipes & Fittings Ltd Partex PP-R Pipes & Fittings Ltd Partex Plastic Furniture Ltd Partex Superware Ltd. Bangladesh Electronic Payment System Radio Dhaka Partex Trading & Shipping Limited Partex Foundry Limited Rubel Steel Mills Ltd Partex Plastics Limited |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Partex Group |
BANKING
|
Bank Name |
: |
Al Arafa Islami Bank Ltd |
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Bank Address |
: |
Dilkusha Branch, 63, Dilkusha C/A (Ground Floor) Dhaka-1000 Fax: 88-02- 9554663 Ph: 88-02- 9554663 9559063, 9570000 |
REPUTATION
The subject company product is good
reputation in local market.
ADVERSE DATA MONITORING
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Dishonored
Checks |
: |
No Record Found |
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Debt |
|
No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
: |
No Record Found |
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Adverse Local
Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
Our representative visited the subject company Head Office address which
is situated at74, Bir Uttam, A. K
Khondokar Sarak, Mohakhali C/A, Dhaka-1212, Bangladesh
GENERAL COMMENTS
Established in 2010, the subject is mainly engaged in Manufacturer,
Exporter & Distributors of Jute Coils, Jute Balls, Sacking Bags, Hessian
Jute Yarn, Jute Twine, Jute Tubes, Jute Ropes. Having been in operation for
several years, the subject maintains accepted business volume.
Reputation in the market, as well as its financial condition, we
recommended that Credit can proceed promptly in Fairly large amount
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.51 |
|
|
1 |
Rs.94.98 |
|
Euro |
1 |
Rs.81.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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---- |
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.