MIRA INFORM REPORT

 

 

Report Date :

28.01.2013

 

IDENTIFICATION DETAILS

 

Name :

MARICO BANGLADESH LIMITED

 

 

Registered Office :

Mouchak, Shafipur, Kaliakoir, Gazipur

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

06.09.1999                   

 

 

Com. Reg. No.:

C-38527(485)/99

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Tanner & Exporter of Leather

 

 

No. of Employees :

1,800

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

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

 

COMPANY DETAILS

 

Name

Marico Bangladesh Limited

Address

Mouchak, Shafipur, Kaliakoir, Gazipur

Country

Bangladesh

Telephone No

880-2-8931202

Fax No

880-2-8932322

E-Mail

info@maricobd.com

Website

www.maricobd.com

Established

1999

Company Registration No

C-38527(485)/99

Registration date

6th September 1999                   

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka 

Business Type

Manufacturer & Seller  

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

House:01, Road: 01, Sector:01, (4th Floor), Uttara, Dhaka-1230

Telephone No

880-2-8625635-7

Fax No

880-2-8616567, 8613429

E-Mail

apex@apextannery.com

Website

www.apextannery.com

Branch

Dhaka Depot:

Tongi, Dhaka

 

Chittagong Depot:

Baizid Bostami, Chittagong

 

Comilla Depot:

Ashrafpur, Comilla

 

Jessore Depot:

Loan Offi ce Para, Jessore

 

Bogra Depot:

Bakshibazar Road, Bogra

Factory

Factory 1:

Mouchak, Kaliakoir, Gazipur

 

Factory 2:

Sirirchala, Mahona, Bobanipur, Gazipur

Factory Tel No

N/A

Factory Fax No

N/A

Warehouse

Factory 1:

Mouchak, Kaliakoir, Gazipur

 

Factory 2:

Sirirchala, Mahona, Bobanipur, Gazipur

 

 

DIRECTORS

 

Name

Mr. Harsh C. Mariwala

Designation

Chairman

Nationality

Indian

 

 

Name

Mr. Rohit Jaiswal

Designation

Managing Director

Nationality

Indian

 

 

Name

Mr. Milind Sarwate

Designation

Director

Nationality

Indian

 

 

Name

Mr. Vijay Subramaniam

Designation

Director

Nationality

Indian

 

 

Name

Mr. Debashish Neogi

Designation

Director

Nationality

Indian

 

 

Name

Mr. Aditya Ajit Kumar Shome

Designation

Executive Director & CFO

Nationality

Indian

 

 

Name

Mr. Ghulam Mostafa

Designation

Independent Director

Nationality

Bangladeshi

 

 

Name

Mrs. Rupali Chowdhury

Designation

Independent Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Marico Limited

Share Percent

90.00%

Country

India

 

 

Name

Institutions

Share Percent

7.85%

Country

N/A

 

 

Name

Individuals

Share Percent

2.15%

Country

N/A

 

 

BUSINESS DETAILS

 

Line of Business

Tanner & Exporter 

Items Dealing In

Leather

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Purchase

Export: Against L/C

 

BANKERS

 

Name

Citi bank N.A.

Branch

Uttara Branch

Address

Uttara Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

HSBC

Branch

Uttara Branch

Address

Uttara Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

Standard Chartered Bank

Branch

Uttara Branch

Address

Uttara Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

Commercial Bank of Ceylon

Branch

Uttara Branch

Address

Uttara Commercial Area, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

Marico Bangladesh Limited

Statement of Financial Position

As at 31 march 2012

Currency: Taka

 

Assets

 

Property, plant and equipment

325,642,856

Capital work in progress

16,275,280

Intangible assets

62,500

Deferred tax assets

88,282,527

Non-current assets

430,263,163

Inventories

1,777,938,918

Accrued interest

30,632,603

Investments

2,146

Advance income tax

717,730,520

Advances and deposits

464,859,208

Fixed deposits

610,000,000

Cash and cash equivalents

171,204,924

Current assets

3,772,368,319

Total assets

4,202,631,482

Equity and Liabilities

 

Equity

 

Share capital

315,000,000

Share premium

252,000,000

Retained earnings

2,036,194,216

Total equity

2,603,194,216

Liabilities

 

Provision for gratuity

12,388,093

Provision for leave encashment

6,419,607

Non-current liabilities

18,807,700

Short term finance

100,000,000

Liability for expenses

228,696,411

Provision for income tax

826,822,981

Trade creditors

215,678,285

Payable to holding company

177,772,739

Other liabilities

31,659,150

Current liabilities

1,580,629,566

Total liabilities

1,599,437,266

Total equity and liabilities

4,202,631,482

 

 

Marico Bangladesh Limited

Income Statement

For the year ended 31 March 2012

Currency: Taka

 

Revenue

6,036,260,121

Cost of sales

(4,537,754,462)

Gross profit

1,498,505,659

Distribution expenses

(573,579,913)

Administration expenses

(377,388,679)

Results from operating activities

547,537,067

Other income

223,841,807

Finance costs

(69,243,728)

Profit before tax

702,135,146

Tax expense

(166,515,359)

Profit for the year

535,619,787

Earnings per share

 

Basic earnings per share (par value of Tk. 10)

17.00

 

Auditor: Rahman Rahman Huq

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.400 million

Paid Up Capital

Tk.315 million    

Each Share Value

Tk.10.00

 

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

125.8569

U.S Dollar

1

79.4200

European Euro

1

105.7716

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

GENERAL INFORMATION

 

Employees

1,800

Office Area (Sq. Ft)

2,400 sqft

Plant Area (Sq. Ft)

95,000 sq.ft

Warehouse Area (Sq. Ft)

10,500 sq.ft.

Range of Products

4 Pure Coconut oil

4 Edible Oil

4 Hair care

4 Skin Care

Brand Name 

4 Parachute

4 Saffola

4 Hair Code

4 Aromatic

4 Camelia

4 Beliphool

Certifications

NIL

Parent Company

4 Marico Limited, India 

Subsidiaries / Affiliates

NIL

Stock Code

4 MARICO

Enlisted With

4 Dhaka Stock Exchange Limited

4 Chittagong Stock Exchange Limited

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Fairly Large

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.85

UK Pound

1

Rs.85.25

Euro

1

Rs.71.72

 

 

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.