MIRA INFORM REPORT

 

 

Report Date :

21.10.2013

 

IDENTIFICATION DETAILS

 

Name :

GEMINI SEA FOOD LTD.

 

 

Registered Office :

House # 44, Road # 16 (New), 27 (Old), Dhanmondi, Dhaka-1205

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

16.09.1982

 

 

Com. Reg. No.:

C-10241

 

 

Legal Form :

Public Listed Co    

 

 

Line of Business :

Exporter, Producer & Processor of Frozen Raw Shrimp, Cooked Shrimp & White Fish     

 

 

No. of Employees :

250

 

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

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

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

 

Correct company Name

:

GEMINI SEA FOOD LTD.

Head Office

:

House # 44, Road # 16 (New), 27 (Old), Dhanmondi, Dhaka-1205, Bangladesh

Tel No

:

88-02-9138249-52, 9142197

Fax No

:

880-2-8152061

E-mail

:

gemini@gemcongroup.com, nazrul@gemcongroup.com

Website

:

www.geminiseafood.com

Date/ Year of Incorporation

:

16.09.1982

Incorporation No.

:

C-10241

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.1,07,78,83,336

Tk.20,01,11,062.18

Tk.1,9,61,05,472

     2012

Tk.1,21,62,93,005

Tk.17,03,64,642.75

Tk.1,97,82,500

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

 

Sales Trend – Analysis:

2002

2003

2004

2005

2006

2007

2008

2010

2011

2012

-

-

-

-

-

-

-

 

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. AFM Nazrul Islam

Designation

:

Company Secretary

Contract No

:

-

 

 

 Locations Details

 

Business Address

:

House # 44, Road # 16 (New), 27 (Old), Dhanmondi, Dhaka-1205, Bangladesh

Tel No

:

88-02-9138249-52, 9142197

E-mail

:

880-2-8152061

Fax No

:

gemini@gemcongroup.com, nazrul@gemcongroup.com

Website

:

www.geminiseafood.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

4500

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Jabusha, Rupsha, Khulna-9241, Bangladesh.

Tel No

:

880-41-800151, 800415, 800416

Fax No

:

88-041-800361

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

5

Acores

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

55

In Factory

:

195

In Branch:

:

 

Total

:

250

Details:

 

                    

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

            No. of Share     

Mrs. Ameenah Ahmad

            238630

Lt. Col. Kazi Shahid Ahmad(Retd)-

            388220

Mr. Kazi Nabil Ahmad

            33000

Dr. Kazi Anis Ahmad

            78800

Mr. Kazi Inam Ahmad

            75280

Public -

            286070

 

 

DIRECTORS

 

                Name

Designation

Mrs. Ameenah Ahmad

Chairperson

Lt. Col. Kazi Shahid Ahmad(Retd)-

Managing Director

Mr. Kazi Nabil Ahmad

Director

Dr. Kazi Anis Ahmad

Director

Mr. Kazi Inam Ahmad

Director

Barrister Kazi Rehan Nabi                                                                          

Independent Director

Bangladesh Krishi Bank

Director

 

 

MANAGEMENT

 

Name

:

Lt. Col. Kazi Shahid Ahmad(Retd)-

Job Description

:

Managing Director

Nationality

:

Bangladesh

Email address

:

-

Other details

:

-

 

 

 

Name

:

Mr. Kazi Nabil Ahmad

Job Description

:

Director

Nationality

:

Bangladesh

Email address

:

-

Other details

:

-

 

Name

:

Mr. Kazi Inam Ahmad

Job Description

:

Director & CEO

Nationality

:

Bangladesh

Email address

:

-

Other details

:

-

 

Name

:

Mr. M. Mustaque  Amin

Job Description

:

Chief Operating Officer

Nationality

:

Bangladesh

Email address

:

-

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

 

Trader

 

Dealer

 

Packer

 

 

 

 

Exporter

Ö

Importer

 

Producer

Ö

Processor

Ö

 

Range of Products/Item Dealings In:

 

Products

:

 Frozen Raw Shrimp, Cooked Shrimp & White Fish     

Production Capacity

:

Block    : 15 Tons per Day                                        

IQF      : 10 Tons per Day

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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

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

:

Europe, USA

Imports

:

N/A

Brand Name

:

“MEENA” & “GEMINI”

Certified

:

HACCP Certified-By FIQC-1998

EU Approved-KLN-14

US FDA Code-BK-14

US Public Health Security & Bio-Terrorism Reg. No-1252970880

BRC Global Standard –Food Certificate No-GBO8/74364

IFS Certificate No.-DE 08/61818917

Auditors

:

Ashraf Uddin & Co

Chartered Accountants

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.2, 00, 00,000

Paid-up Capital

:

Tk.1 10 00000

No. of Shares

:

1100000

 Share Value

:

Tk.10.00Each

Main Assets

:

Tk.17,03,64,642.75

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: Tk

 

       Denomination

: 1

 

         Financial Year Ending

:30th Sept., 2012

     Financial Highlights

2012 Annual

      2011 Annual

 

 

 

Fixed Assets :

 

 

Gross Block

11,33,16,272.02  

       10,73,26,733.02

Less: Accumulated Depreciation

6,66,39,066.63

        6,17,23,923.08

Net Block

4,66,77,205.36

        4,56,02,809.94

Current Assets:

 

 

Inventories

10,27,75,352.00

       17,43,36,678.00

Bills Receivables

5,58,05,315.00

        1,33,07,160.00

Advance, Deposit & Prepayments

4,00,350.00

           4,00,350.00

Cash and Bank Balances

1,13,83625.75

        1,20,66,874.18

 

17,03,64,642.75

       20,01,11,062.18

Preliminary Expenses

1,56,000.00

           1,56,000.00

Retained Earning

12,80,190.07

         1,16,01,448.80

 

21,84,78,038.18

        25,74,71,320.92

 

Capital & Liabilities

 

 

Authorized Capital

 

 

20,00,000 ordinary shares of Tk. 10 each

2,00,00,000.00

          2,00,00,000.00

Issued, subscribed & paid up capital:

 

 

11,00,000 ordinary Shares of Tk.

1,10,00,000.00

         1,10,00,000.00

Reserves:

 

 

Special reserve under section 45 of income tax ordinance 1994 

9,35,215.00

        9,35,215.00

Working Capital Loan: 

 

 

Bank overdraft(C/C)

12,43,34,343.87

         24,28,68,321.09

 

 

 

Short term Loan( Unsecured)

8,00,00,000.00

              -

 

 

 

Current Liabilities :

 

 

Trade Creditors

1,56,829.00

          1,47,076.00

Sundry Creditors

43,214.00

          5,95,308.54

Other liabilities

3,58,536.31

          2,75,400.29

Proposed dividend

16,50,000.00

         16,50,000.00

 

22,08,579.31

         26,67,784.83

Total

      21,84,78,038.18

  25,74,71,320.92

 

 

Income Statement :

 

  Currency

: Tk

 

       Denomination

: 1

 

         Financial Year Ending

: 30th Sept., 2012

     Financial Highlights

2012 Annual

      2011 Annual

Particulars

 

 

Sales/ Turnover

1,21,93,005.00

1,07,78,83,336.00

Cost of production 

1,06,05,16,906.00

1,06,35,23,979.00

Inventory Adjustment:

 

 

Add: Opening stock of finished Goods

16,90,51,039.00

10,94,67,800.00

 

1,22,95,67,945.00

1,17,29,91,779.00

Less: Closing stock of finished goods

9,67,12,640.00

16,90,51,039.00

Cost of Goods Sold

1,13,28,55,305.00

10,03,940,740.00

Gross Profit/(Loss)

8,34,37,700.00

7,39,42,596.00

Administrative & Selling expenses

3,58,91,274.14

4,19,56,195.33

 

4,75,46,425.86

3,19,56,195.33

Add: income tax

-

-

 

4,75,46,425.86

3,19,56,195.33

Non-operating expenses

2,77,63,925.86

1,58,50,723.33

Net Profit/(Loss)

1,97,82,500.00

1,61,05,472.00

Balance of profit & loss appropriation A/C as on 31 October 2011

(1,16,01,448.80)

(2,03,75,470.50)

 

81,81,051.20

(42,69,998.50)

 

 

 

Provision for Dividend

(16,50,000.00)

16,50,000.00)

Less: Income tax paid

(78,11,241.27)

(56,81,450.30)

Balance transferred To balance sheet

(12,80,190.07)

(1,16,01,448.80)

Earnings per share (EPS) per value Tk. 10.00

10.88

9.48

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Gemcon Food & Agriculture Products Ltd.

Meena Bazar.

Bengal Herbal Garden Limited

Kazi & Kazi Tea Estate Ltd.

University of Liberal Arts Bangladesh 

Castle Construction Ltd.

Charka SPC Pole Ltd.

Charka Steel Ltd.

Gemcon Limited

Gemcon City Ltd.

Gem Jute Ltd

Ajker Kagoj Ltd

Meena Sweets & confectionaries Ltd

Karotoya tea Estate Ltd

Rawshanpur Tea Forntiers Ltd.

Khaborer kagoj Prokashana ltd

Gemcon Tea Estate Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Gemcon Group

 

 

BANKING

 

Bank Name  

:

Bangladesh Krishi Bank

Bank Address

:

155, Sir Iqbal Road, Khulna, Bangladesh
Ph: 880-41-723282, 723617
TLX: 633342 BKB KN BJ, 642526 BKB BJ                                                                                                                                                                   

                                                                            

 

Bank Name  

:

United Commercial Bank Ltd

Bank Address

:

Dhanmondi Branch,

Nahar Green Summit (1st Floor)
Plot # 305 (Old), 43 (New)
Road # 27 (Old), 16 (New)
Dhanmondi R/A, Dhaka. 01713-068100

 

Bank Name  

:

Prime Bank Ltd.

Bank Address

:

Dhanmondi Branch,

Momtaz Plaza (1st floor), House No # 7, Road No # 4, Dhanmondi R/A, Dhaka

Phone:(02) 8622304, 9662704

Fax:(02) 9662705

Email: pbldhanmondi@primebank.com.bd

 

Bank Name  

:

Dutch Bangla Bank Ltd.

Bank Address

:

Dhanmondi Branch,

House No. 500-A/1 (1st floor), Road No.8,

Dhanmondi R. A. Dhaka-1205

 

 

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 Head Office  address which is situated at House # 44, Road # 16 (New), 27 (Old), Dhanmondi, Dhaka-1205, Bangladesh

 

 

GENERAL COMMENTS

 

Based on the financial statement, the subject company financial performance appears to be Fair. The subject company has been in its line of business about 31 years. Taking into account its standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed promptly in Fairly large amount.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.28

UK Pound

1

Rs.99.03

Euro

1

Rs.83.80

 

 

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%)

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.