MIRA INFORM REPORT

 

 

Report Date :

10.12.2013

 

IDENTIFICATION DETAILS

 

Name :

THE CRESCENT JUTE MILLS CO. LTD.

 

 

Registered Office :

Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

20.03.1952

 

 

Com. Reg. No.:

C-1763

 

 

Legal Form :

State-owned Co

 

 

Line of Business :

Manufacturer Exporter Jute Yarn, Hessian, Sacking, Jute Bag, Carpet Backing Cloth (CBC).

 

 

No. of Employees :

11,000

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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

B2

B2

 

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

:

THE CRESCENT JUTE MILLS CO. LTD.

Head Office

:

Adamjee Court (Annexe-1), 115-120, Motijheel C/A,     

Dhaka-1000, Bangladesh.                                                                                                                                                           

Tel No

:

88-02-955-8182 -6, 955-8192 -6

Fax No

:

88-02-956-4740, 956-7508

E-mail

:

cresexport@gmail.com

Website

:

www.bjmc.gov.bd

Date/ Year of Incorporation

:

20-03-1952

Incorporation No.

:

C-1763

Export License No

:

51692

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

(Dec’11~ Dec’12)

Tk. 12000 Billion

Tk. 1000 Crore

Tk. 50 Million

(Dec’12~ Dec’13)

Tk. 12,500 Billion

Tk. 1050 Crore

Tk. 60.50 Million

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

 

FULLCHECK REPORT DETAILS

I

nformation Parted By

Name

:

Mr. Sahidul Islam                      

Designation

:

Manager (Exporter)

Contact No

:

88-01710350350

 

                                                               Locations Details

 

Operating Address

:

Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh.                                                                                                                                                                    

Tel No

:

88-02-955-8182 -6, 955-8192 -6

E-mail

:

cresexport@gmail.com

Fax No

:

88-02-956-4740, 956-7508

Website

:

www.bjmc.gov.bd

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

15000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Town Khalishpur District-Khulna, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

 

 

Rented

 

 

Leased

 

Area

113.03

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

N/A

Tel No

:

N/A

Fax No

:

N/A

 

Location :

Owned

 

 

Rented

 

 

Leased

 

Area

 

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

100

In Factory

:

10900

In Branch:

:

 

Total

:

11,000

Details:

 

                    

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Peoples Republic of Bangladesh

                               100%

 

 

DIRECTORS

 

Name

Designation

Major General Humayun Khaled, psc

                                Chairman

Mr. Arif Khan Jo

                                Director

Col. K. Lenin Kamal, psc (Retd.)

                                Director

Mr. A.E. Muhammed Ali Chowdhury

                                Director

Mr. Md. Abdul Maji

                                Director

Mr. Md. Abu Sayed

                                Director

 

 

MANAGEMENt

 

Name

:

Mr. Sahidul Islam                      

Job Description

:

Manager (Exporter)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01710350350

 

 

 

Name

:

Mr. Kazi Shadat Hossain

Job Description

:

DGM

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Abu Syed Md. Mamunur Rahman

Job Description

:

DGM (Admin)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01715166785

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Jute Yarn, Hessian, Sacking, Jute Bag, Carpet Backing Cloth (CBC).

Production Capacity

:

2222 Tons per Month.

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

 

Cash

Ö

Others

 

 

 

Credit :

 

30 days

Ö

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

India, China.

 

Imports

 

:

N/A

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

 N/A

Operation Status

:

Active

Member

:

Bangladesh Jute Mills Corporation

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.2, 00,000

 

Paid-up Capital

:

Tk.200

    No. of Shares

:

100%

Share Value

:

Tk.1000.00Each

Main Assets

:

Tk. 1050 Crore

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Jessore Jute Industries Ltd.

Aleem Jute Mills Ltd.

Khalishpur Jute Mills Ltd.

Star Jute Mills Ltd.

Platinum Jubilee Jute Mills Ltd.

Eastern Jute Mills Ltd

Carpeting Jute Mills Industries Ltd.

Latif Bawany Jute Mills Ltd.

U.M.C. Jute Mills Ltd.

Jatio Jute Mills Ltd.

Bangladesh Jute Mills Ltd.

Rajshahi Jute Mills

R. R Jute Mills Ltd.

Gul Ahmed Jute Mills Ltd.

Hafiz Jute Mills Ltd.

Amin Jute Mills Ltd.

Baghdad – Dhaka Carpet Factory

M. M Jute Mills Ltd.

Subsidiary

:

N/A

Name of Mother Name

:

Bangladesh Jute Mills Corporation (BJMC)

 

 

BANKING

 

Bank Name  

:

Rupali Bank Ltd.

Bank Address

:

Shams Building Branch

Khulna, Bangladesh.

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 address which is situated at Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh.                                                                                

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be strong. SC has been in its line of business for about 61 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed with favorable terms Large amount.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.18

UK Pound

1

Rs.100.01

Euro

1

Rs.83.82

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIS

 

 

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.