MIRA INFORM REPORT

 

 

Report Date :

30.11.2013

 

IDENTIFICATION DETAILS

 

Name :

BOMBAY SWEETS & COMPANY LIMITED

 

 

Registered Office :

Delta Life Tower, (8th floor), Gulshan South, Road#19, Gulshan-2, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

19.03.1986

 

 

Com. Reg. No.:

C-15403 

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer  and Exporter  of all type of Snack Food

 

 

No. of Employees :

62

 

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

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

 

 

Comments for Address Change

:

The subject company changed their address “Red Crescent Concord Tower, 9th Floor 17 Mohakhali CA 1212 Dhaka, Bangladesh.”

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Bombay Sweets & Company Limited

Head Office

:

Delta Life Tower, (8th floor), Gulshan South, Road#19, Gulshan-2,

Dhaka-1212, Bangladesh.

Tel No

:

88-02-9893800-1, 9896800, 9897100, 9896799.

Fax No

:

880-2-9893077, 8814780 

E-mail

:

info@bombayweetsbd.com

Website

:

www.bombaysweetsbd.com

Date/ Year of Incorporation

:

19-03-1986

Incorporation No.

:

C-15403 

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. 230 Million

Tk. 100 Million

Tk. 2.5 Million

     2012

Tk. 285 Million

Tk. 100.5 Million

Tk.

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

 

Name

:

Mr. Md. Razaul

Designation

:

Commercial Executive

Contract No

:

N/A

 

                                                               Locations Details

 

Business Address

:

Delta Life Tower, 8th floor, Gulshan South, Road# 19, Gulshan- 2,

Dhaka-1212, Bangladesh.          

Tel No

:

88-02-9893800-1, 9896800, 9897100, 9896799.

E-mail

:

info@bombayweetsbd.com

Fax No

:

88-02-9893077, 8814780 

Website

:

www.bombaysweetsbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

2500

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

:

Alibahar, Shyampur, Dhaka, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

28000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

N/A

Fax No

:

N/A

 

Location :

Owned

 

 

Rented

 

 

Leased

 

Area

 

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

15

In Factory

:

47

In Branch:

:

 

Total

:

62

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Kairm Sher Ali Jibani

                                6625

Mr. Selim Sher Ali Jibani

                                6625

Mr. Sher Ali Abdul Aziz

                                6625

Mr. Nurbanu Kamal Uddin

                                6625

 

DIRECTORS

 

Name

Designation

Mr. Kairm Sher Ali Jibani

 Managing Director

Mr. Selim Sher Ali Jibani

Director

Mr. Sher Ali Abdul Aziz

Director

Mr. Nurbanu Kamal Uddin

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Razaul

Job Description

:

Commercial Executive

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

All type of Snack Food. 

Production Capacity

:

N/A

Last Year Production

:

N/A

 

 

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 :

Ö

30 days

 

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

 

:

Nepal, Bhutan, India, Pakistan, Korea, Middle East, Far East, Spain, Australia.

 

Imports

 

:

China, India, Pakistan, Singapore

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Dhaka Chamber of Commerce & Industry, Dhaka

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 50 Million

 

Paid-up Capital

:

Tk. 2,65,00,000

    No. of Shares

:

26500

Share Value

:

Tk.1000.00

Each

Main Assets

:

Tk. 100.5 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Tricepack Limited

Fuji Chemical Limited

Kuliarchar Dairy Complex

Bombay Agro 

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

BANKING

 

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Dhaka Main Office

Anchor Tower, 108, Bir Uttam C R Dutta Road,

Dhaka - 1205

Telephone: 88-02-9660536-43

Facsimile: 8802- 9660554, 9669457

 

Bank Name  

:

Standard Chartered Bank Ltd.

Bank Address

:

Gulshan Head office Branch,

67 Gulshan Avenue, Dhaka, Bangladesh

 

Bank Name  

:

Al-Falah Bank Ltd

Bank Address

:

Motijheel Branch

5,Rajuk Avenue, Motijheel CA, Dhaka, Bangladesh          

00880-2-7168821-05       00880-2-9557413

 

 

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 Delta Life Tower, (8th floor), Gulshan South, Road# 19, Gulshan-2, Dhaka-1212, Bangladesh.

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 27 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that credit may proceed in moderate amounts.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.102.06

Euro

1

Rs.84.98

 

 

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.