MIRA
INFORM REPORT
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Report Date : |
17.08.2013 |
IDENTIFICATION DETAILS
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Name : |
BERGER PAINTS BANGLADESH LTD. |
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Registered Office : |
43/3, Chatteswari Road, GPO.Box No. 353, Chittagong-4000 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.06.1973 |
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Com. Reg. No.: |
CH-3997A |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Subject engaged in producing & selling Decorative, Industrial, Marine, Powder Coating, Adhesive, Textile Products, Brush & Roller, Pre- Treatment Chemicals, Auto Refinish, Wood coating Color, Liquid & Non-Liquid paints, Varnishes, Emulsion and Coating. Having been in operation for several years, the subject maintains accepted business volume. |
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No. of Employees : |
1600 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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) |
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Bangladesh |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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.
Source
: CIA
IDENTIFICATION DETAILS
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Correct company Name |
: |
Berger Paints Bangladesh Ltd. |
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Registered office |
: |
43/3, Chatteswari Road, GPO.Box No. 353,
Chittagong-4000, Bangladesh |
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Tel No |
: |
88-
031-618807, 615893-4 |
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Fax No |
: |
88- 031-620507 |
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E-mail |
: |
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Website |
: |
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Date/ Year of Incorporation |
: |
06.06.1973 |
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Registered No. |
: |
CH-3997A |
|
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)
________________ |
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Issuing Authority |
: |
Registrar
of Joint Stock Companies & Firms City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
FINANCIALS- SUMMARY
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Year |
Turnover/
Sales |
Assets |
Income |
|
|
2011 |
Tk. 7,681,060,000 |
Tk. 2,264,647,000 |
Tk.721,163,000 |
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2012 |
Tk. 9,069,818,000 |
Tk. 2,291,222,000 |
Tk.752,790,000 |
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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. Abdul Khalek |
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Designation |
: |
Company Secratery |
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Contract No |
: |
- |
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Locations Details |
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Business Address |
: |
Berger House, House# 8 Road# 2, Sector# 3,
Uttara, Model Town, Dhaka-1230, Bangladesh |
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Tel No |
: |
88-02-8953665 |
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E-mail |
: |
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Fax No |
: |
88-02-8951350 |
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Website |
: |
www.bergerbd.com |
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Location : |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
15,000 |
Sq. ft. |
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Type of Office : |
:
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-1: |
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Address |
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102,
Mouja-Taksur, Nabinagar, Savar, Bangladsh |
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Tel No |
: |
88-02-7791964 |
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Fax No |
: |
88-02-7708091 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
50,000 |
Sq. ft. |
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Factory-2: |
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Address |
: |
27-D,
FIDC Road, Kalurghat Heavy I/A, Chittagong-4212, Bangladesh |
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Tel No |
: |
88-031-670472 |
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Fax No |
: |
88-031-671639 |
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Location : |
Owned |
Ö |
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Rented |
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Leased |
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Area |
45000 |
Sq. ft. |
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Factory-3(Powder
Coating Plant): |
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Address |
: |
102,
Mouja-Taksur, Nabinagar, Savar, Bangladesh
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Tel No |
: |
88-02-7708450 |
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Fax No |
: |
88-02-7708091 |
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Location : |
Owned |
Ö |
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Rented |
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Leased |
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Area |
30000 |
Sq. ft. |
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Factory-4(Emulsion Plant): |
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Address |
: |
102,
Mouja-Taksur, Nabinagar, Savar, Bangladsh Phone:
+880 (2) 7708450 Fax: +880 (2) 7708091 |
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Tel No |
: |
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Fax No |
: |
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Location : |
Owned |
Ö |
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Rented |
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Leased |
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Area |
25000 |
Sq. ft. |
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Number of Branches: |
: |
12 |
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Dhaka Main Branches: |
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Address |
: |
272, Tejgaon Industrial Area, Dhaka-1208, Bangladesh |
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Tel No |
: |
88-02-8870233-44 (Hunting), 9892708, 02-9897847 |
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Fax No |
: |
88-02-8825770 |
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Location : |
Owned |
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Rented |
Ö |
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Leased |
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Area |
8500 |
Sq. ft. |
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Employee: |
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No. of Employees |
In Office |
: |
250 |
In Factory |
: |
1050 |
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In Branch: |
: |
300 |
Total |
: |
1600 |
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Details: |
- |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of Share |
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J & N Investment (Asia) Ltd., UK |
22,029,370 |
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Ms.
Rupali Chowdhury |
10 |
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Mr.
K. R. Das |
10 |
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Mr.
Anil Bhalla |
10 |
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Mr.
Subir Bose |
10 |
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Mr.
M. Azizul Huq |
10 |
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Ms.
Rishma Kaur |
10 |
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Mr.
Abdul Khalek |
10 |
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Institutions
(Financial & Others)- Shares |
607500 |
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General
Public |
552000 |
DIRECTORS
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Name |
Designation |
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Mr.
Gerald K Adams |
Chairman |
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Ms.
Rupali Chowdhury |
Managing
Director |
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Mr.
K. R. Das |
Director |
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Mr.
Anil Bhalla |
Independent
Director |
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Mr.
Subir Bose |
Director |
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Mr.
Jean-Claude Loutreuil |
Director |
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Mr.
M. Azizul Huq |
Director |
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Ms.
Rishma Kaur |
Director |
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Mr.
Abdul Khalek |
Director |
MANAGEMENT
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Name |
: |
Mr. Nazimuddin
Helali |
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Email address |
: |
_ |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
GM-Manufacturing |
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Other details |
: |
- |
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Name |
: |
Mr.
H. M. Rakib Ullah Bashar |
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Email address |
: |
- |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
GM-Financial
Planning & Monitoring |
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Other details |
: |
- |
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Name |
: |
Mr.
Syed Salahuddin Abu Naser |
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Email address |
: |
- |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
General
Sales Manager (GSM)-Trade |
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Other details |
: |
- |
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Name |
: |
Mr.
A. M. M. Sajjad |
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Email address |
: |
- |
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Nationality |
: |
Bangladeshi |
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Job Description |
: |
Manager-Admin
& Labor Relations |
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Other details |
: |
- |
BUSINESS OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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Exporter |
Ö |
Importer |
Ö |
Others |
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Range of
Products/Item Dealings In: |
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Products |
: |
Decorative,
Industrial, Marine, Powder Coating, Adhesive, Textile Products, Brush & Roller, Pre- Treatment Chemicals,
Auto Refinish,
Woodcoating
Color, Liquid & Non-Liquid paints,Varnishes, Emulsion and Coating
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Production Capacity |
: |
N/A |
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Last Year
Production |
: |
N/A |
Trading Terms:
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Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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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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Credit : |
Ö |
30 days |
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60 days |
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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 |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
Nepal, Sri Lanka, Bhutan |
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Imports |
: |
China, India, Germany |
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Brand Name |
: |
BERGER |
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Certified |
: |
N/A |
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Auditors |
: |
A.
Qasem & Co. Gulshan
Pink City, Suites#01-03 Level#
7, Plot# 15, Road#103 Gulshan Avenue, Dhaka-1212 |
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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.40 Million |
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Paid-up Capital |
: |
Tk.2,31,88,94,000 |
No.
of Shares |
: |
23188940 |
Share
Value |
: |
Tk.100.00Each |
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Main Assets |
: |
Tk. |
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FINANCIAL STATEMENT- DETAILED
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Balance Sheet : |
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Currency |
: Tk |
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Denomination |
: 1 |
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Financial Year Ending |
: December |
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Income Statement : |
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Currency |
: Tk. |
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Denomination |
: 1 |
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Financial Year Ending |
: December |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
N/A |
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Subsidiary |
: |
Jenson & Nicholson (Bangladesh) Limited |
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Associates Company |
: |
Berger Becker Bangladesh Ltd. |
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Name of The Group |
: |
N/A |
BANKING
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Bank Name
|
: |
Al-Arafah Islami Bank Ltd |
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Bank Address |
: |
Dilkusha Branch 63, Dilkusha C/A (Ground Floor) Dhaka-1000 |
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Bank Name
|
: |
Standard
Chartered Bank |
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Bank Address |
: |
Gulshan Head office Branch, 67 Gulshan Avenue, Dhaka, Bangladesh. |
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Bank Name
|
: |
Citibank
N. A. |
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Bank Address |
: |
Motijheel Main Branch |
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Bank Name
|
: |
HSBC |
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Bank Address |
: |
Dhaka Main Office Anchor Tower, 108, Bir Uttam C R Dutta
Road, Dhaka - 1205 Facsimile: 8802- 9660554, 9669457 |
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Bank Name
|
: |
Commercial
Bank of Ceylon |
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Bank Address |
: |
Motijheel Main Branch |
REPUTATION
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The subject
company products have good reputation in Bangladeshi market. |
ADVERSE DATA MONITORING
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Dishonored Checks |
:
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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 address which is
situated at Berger House, House# 8 Road# 2, Sector# 3, Uttara, Model Town,
Dhaka-1230, Bangladesh. Its office is most modern decorated office which is
situate at residential area. |
GENERAL COMMENTS
|
|
Established in 06.06.1973, the subject is mainly engaged in producing
& selling Decorative,
Industrial, Marine, Powder Coating, Adhesive, Textile Products, Brush & Roller, Pre- Treatment Chemicals,
Auto Refinish,
Wood coating
Color, Liquid & Non-Liquid paints, Varnishes, Emulsion and Coating.
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 with favorable terms in Large amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.96.57 |
|
Euro |
1 |
Rs.82.45 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.