|
Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAK CERAMICS (BANGLADESH) LIMITED |
|
|
|
|
Registered Office : |
Dhanua, Sreepur, Gazipur |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
26.11.1998 |
|
|
|
|
Com. Reg. No.: |
C-36813 |
|
|
|
|
Legal Form : |
Public Limited |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Seller of
Porcelain and Sanitary Tiles |
|
|
|
|
No. of Employees : |
780 |
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 – 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 |
|
Name |
RAK CERAMICS (BANGLADESH) LIMITED |
|
Address |
Dhanua, Sreepur, Gazipur |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8917393, 8912303, 8915831, 8916548,
8922285, 8911642, 8922078 |
|
Fax No |
880-2-8917096 |
|
E-Mail |
|
|
Website |
www.rakcerambd.com |
|
Established |
November 1998 |
|
Company Registration No |
C-36813 |
|
Registration date |
26th November 1998 |
|
Legal Status |
Public Limited (In 11th February
2009) |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer, Exporter and Seller |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local suppliers or banks. |
|
Head Office |
RAK Tower (7th, 8th, 9th floor), Plot No. 1/A, Sector- 3 Jasimuddin
Avenue, Uttara Model Town, Dhaka – 1230, |
|
Telephone No |
880-2-8917393, 8912303, 8915831, 8916548,
8922285, 8911642, 8922078 |
|
Fax No |
880-2-8917096 |
|
E-Mail |
|
|
Website |
www.rakcerambd.com |
|
Branch |
Domestic: Dhaka Hatrilpool: 318, Free School Street, Hatrilpool, Dhaka. Phone : 9664295, Fax : 9613826 Email mktg@rakcerambd.com Chittagong Office: Delwar Bhaban (5th Floor) 104 Agrabad C/A, Chittagong. Email mktg@rakcerambd.com Overseas: 4 Germany 4 Switzerland 4 France 4 UAE 4 Australia 4 India 4 China 4 Iran 4 Saudi Arabia 4 Sudan 4 Belgium 4 Georgia 4 UK 4 Italy |
|
Factory |
Dhanua, Sreepur, Gazipur, Bangladesh |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
Dhanua, Sreepur, Gazipur, Bangladesh |
|
Name |
DR. Khater Massaad |
|
Designation |
Chairman |
|
Nationality |
Arabian |
|
|
|
|
Name |
Mr. S.A.K. Ekramuzzaman |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Hamad
Abdullah al Muttawa |
|
Designation |
Director |
|
Nationality |
Arabian |
|
|
|
|
Name |
Mr.
Abdallah Massaad |
|
Designation |
Director |
|
Nationality |
Arabian |
|
|
|
|
Name |
Mr. Manoj
Aheeray |
|
Designation |
Director |
|
Nationality |
Indian |
|
|
|
|
Name |
Mr.
Rafique-ul Huq, Barrister-at-Law |
|
Designation |
Independent Director |
|
Nationality |
Indian |
|
Name |
Sponsor Directors |
|
Share Percent |
79.92% |
|
Nationality |
N/A |
|
|
|
|
Name |
Corporate Bodies |
|
Share Percent |
6.97% |
|
Nationality |
N/A |
|
|
|
|
Name |
General Investors |
|
Share Percent |
13.11% |
|
Nationality |
N/A |
|
Line of Business |
Manufacturer, Exporter and Seller |
|
Items Dealing In |
Porcelain and Sanitary Tiles |
|
Terms of
Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
|
Name |
Standard Chartered Bank |
|
Branch |
Main Branch |
|
Address |
Dilkusha Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
HSBC |
|
Branch |
Main Branch |
|
Address |
Motijheel Commercial Area, Dhaka |
|
SWIFT |
N/A |
Balance Sheet
AS AT 31 March
2012
Currency: Taka
|
ASSETS: |
2012 |
|
Non-Current
Assets |
|
|
Property, Plant and Equipment |
3,189,151,277 |
|
Intangible Assets |
113,328,770 |
|
Capital Works-in-progress |
35,51 1,479 |
|
Investment in associate company |
13 1,608,5s0 |
|
Investment in shares |
2,840.245 |
|
Non-current Receivables |
41,9 10,160 |
|
Total
non-current Assets |
3,5 14,3s0,481 |
|
Current Assets: |
|
|
Inventories |
1.71 1.750,818 |
|
Trade & other receivables |
622,519,816 |
|
Advance corporate income tax |
1,054, l 49,581 |
|
Cash & Bank Balances |
1,156,626,910 |
|
Total Current
Assets |
4,545,047,125 |
|
Total Assets |
8,059,397,606 |
|
EQUITY &
LIABILITIES |
|
|
Capital &
Reserve |
|
|
Share Capital |
2,530,808,500 |
|
Share Premium |
1 ,473,647 ,979 |
|
Retained Earnings |
1,476,423,624 |
|
Total shareholders' funds |
5.480.880, 1 03 |
|
Non-Controlling Interests |
146,930,462 |
|
Non-current
Liabilities |
|
|
Borrowings |
29,678,498 |
|
Total
Non-current Liabilities |
29,678,498 |
|
|
|
|
Current
Liabilities |
|
|
Provision for employee benefits |
7,0 1 0,535 |
|
Trade & other payable |
611,631,687 |
|
Borrowings-current portion |
138,375.885 |
|
Provision for expenses |
200,255,421 |
|
Provision for corporate income tax |
1,175,289,885 |
|
Provision for royalty & technical know-how fee |
134,703,332 |
|
Deferred tax liabilities |
134.641.798 |
|
Total Current
Liabilities |
2,401,908,543 |
|
Total Equity and
Liabilities |
8,059,397,606 |
Profit And Loss
Account
For the Period
Ended 31 March 2012
Currency: TAKA
|
Sales |
1.206,415,959 |
|
Less: Cost & Goods Sold |
726,430,743 |
|
GROSS PROFIT |
479.9855216 |
|
Less: Operating Expenses |
|
|
Administrative Expenses |
85,413,487 |
|
Selling and Marketing Expenses |
167.528.124 |
|
|
252,741,611 |
|
Operating Profit |
227,243,605 |
|
Financial Expenses |
12,650,191 |
|
|
214,593,414 |
|
Other Income |
4,168,696 |
|
Net Profit
Before Tax |
218.762.110 |
|
Less: lncome tax expenses |
89,823,465 |
|
NET PROFIT AFTER
TAX |
128,938,645 |
|
Non-Controlling Interest |
29,306,371 |
|
Net Profit after
Tax and Non-Controlling Interest |
158,245,016 |
|
Earnings Per
Share (EPS) |
0.63 |
Auditor:
S.F. Ahmed & Co.
Chartered Accountants
(A technical assistant firm of Ernst & Young
International Inc of New York, USA, in Bangladesh)
House-25, Road-13A, Block-D
Banani, Dhaka-1213
Note: No latest financial information is
available.
|
Authorized
Capital |
Tk.3,000 million |
|
Paid Up Capital |
Tk.2,784 million |
|
Each Share Value |
Tk.10.00 |
|
Currency |
Unit |
Bangladeshi Taka
(BDT) |
|
Great Britain Pound |
1 |
117.6664 |
|
U.S Dollar |
1 |
77.7600 |
|
European Euro |
1 |
100.6214 |
|
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 |
|
Employees |
780 |
|
Office Area (Sq.
Ft) |
1,900 sq.ft (own) |
|
Factory Area
(Sq. Ft) |
35,000 sq.ft (own) |
|
Warehouse Area
(Sq. Ft) |
4,800 sq.ft. (own) |
|
Range of
Products |
4 Wall-Tiles 4 Floor Tiles 4 Boarder Tiles 4 Homogenous Tiles 4 Polished/Unpolished Tiles 4 Decor Tiles 4 Porcelains 4 Sanitary Wears |
|
Export Market |
4 UAE 4 Germany 4 France 4 Switzerland |
|
Certifications |
4 ISO 9001:2008 |
|
Group Name |
4 RAK Group |
|
Subsidiaries / Affiliates |
4 Rakeen Development Company (BD) Ltd 4 RAK Ceramics (Bangladesh) Ltd 4 RAK Power Pvt. Ltd 4 RAK Security and Services Pvt. Ltd 4 RAK Security and Services Pvt. Ltd 4 RAK Paints Pvt. Ltd 4 RAK Capital Limited 4 RAK Piling Bangladesh Pvt. Ltd 4 RAK Food & Beverage Private Limited 4 RAK Holdings Limited 4 RAK Moshfly (BD) Pvt. Limited 4 RAK Power Pvt. Limited 4 RAK Pharmaceuticals Limited |
|
Enlisted With |
4 Dhaka Stock Exchange Limited 4 Chittagong Stock Exchange Limited |
|
Member |
4 Bangladesh Ceramic & Sanitary Wears Mfg. Association 4 Dhaka Chamber of Commerce & Industries, Dhaka 4 Foreign Chamber of Commerce & Industries, Dhaka |
|
Business Scale |
Large |
|
Business Trend |
Growing |
|
Management Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.49 |
|
|
1 |
Rs.86.81 |
|
Euro |
1 |
Rs.73.68 |
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 |
|
---- |
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.