MIRA INFORM REPORT

Report Date :

18.09.2013

IDENTIFICATION DETAILS

Name :	BENGAL FISHERIES LIMITED

Registered Office :	House# 17/2, Road #4, Khulshi R/A, Chittagong

Country :	Bangladesh

Date of Incorporation :	28.07.79

Com. Reg. No.:	2-C7196

Legal Form :	Private Co

Line of Business :	Manufacturer, Exporter, Packaging, Catching and Processing of Fishes.

No. of Employees :	80 (In Office 25 + 55 In Factory)

RATING & COMMENTS

MIRA’s Rating :

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 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Bangladesh

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

BENGAL FISHERIES LIMITED

Head office

House# 17/2, Road #4, Khulshi R/A, Chittagong, Bangladesh

Tel No

88-031-652296-7, 955970

Fax No

88-031-654550, 651277

E-mail

bfl@spectnet.com

Website

Date/ Year of Incorporation

28-JUL-79

Incorporation No.

2-C7196

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)


Year	Turnover/ Sales	Assets		Income
2011	Tk.204 Million	Tk.34.5 million		Tk.1.75 Million
2012	Tk.210 Million	Tk.35 million		Tk.2.20 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

Sales Trend – Analysis:
2002	2003	2004	2005	2006	2007	2008	2010	2011	2012
-	-	-	-	-	-	-



Information Parted By

Name	:	Mr. RezaulHaque
Designation	:	Assistant Manager Finance
Contract No	:	-

Locations Details

Business Address	:	House# 17/2, Road #4, Khulshi R/A, Chittagong, Bangladesh
Tel No	:	88-031-652296-7, 955970
Fax	:	88-031-654550, 651277
Email	:	bfl@spectnet.com
Website	:	-

Location :

: Owned

Rented

Leased

Area

2400

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	:	House# 17/2, Road #4, Khulshi R/A, Chittagong, Bangladesh
Tel No	:	88-031-652296-7, 955970
Fax No	:	88-031-654550, 651277

Location :

Owned

Rented

Leased

Area

20,000

Sq. ft.

Branch:

Address	:	Batali Hills, Chittagong-4000, GPO Box: 223, Bangladesh.
Tel No	:	88-031-611050-2
Fax No	:	88-031-610596

Employee:

No. of Employees	In Office	:	25	In Factory	:	55
No. of Employees	In Branch:	:		Total	:	80
Details:


Names of Shareholders	No. of Share
A.K. Khan And Company -Re. By MR. A. K. Shamsuddin Khan	930
Pacific Traders Ltd. -Re. By Mrs. Ayesha Khan	310
Maruha Nichiro Sea food Inc.-Rep. By Mr.Seiki Nakagawa	1190

Name

Designation

Mr.Seiki Nakagawa (Nominated by Maruha Nichiro Sea food Inc.)

Chairman

Mr. A. K. Shamsuddin Khan (Nominated A.K. Khan And Company Ltd.)

Director

SalauddinKashem Khan (Nominated A.K. Khan And Company Ltd.)

Director

Mr. A. M. Ziauddin Khan (Nominated A.K. Khan And Company Ltd.)

Director

Mrs. Aysha Khan (Nominated by Pacific Traders Ltd. )

Director

Mr. Masayuki Nakajima (Nominated Maruha Nichiro Seafoods Inc.)

Director

Mr.Naruhito Okuda (Nominated Maruha Nichiro Seafoods Inc.)

Director

Name

Mr. RezaulHaque

Email address

Nationality

Bangladeshi

Job Description

Assistant Manager Finance

Cell

88-01828384918

Name	:	Mr. AshuitoshBhoumick
Email address	:	-
Nationality	:	Bangladeshi
Job Description	:	Manager Finance
Cell	:	88-01841023344

Nature of Activity :

Manufacturer

Trader

Packaging

Processing

Exporter

Importer

Catching

Range of Products/Item Dealings In:

Products	:	Fishes.
Production Capacity	:	N/A
Last Year Production	:	N/A

Trading Terms:

Selling Terms :	L/C	Ö	Cash		Others
	Credit :		30 days	Ö	60 days		90 days			days

Trade Reference & Related Parties

Overseas Clients

Local Clients

N/A

Overseas Suppliers

N/A

Local Suppliers

N/a

Trade Markets

Exports

Europe, Middle East

Imports

N/A

Brand Name

N/A

Certified

Nil

Auditors

N/A

Operation Status

Active

Member

N/A

Authorized Capital

Tk.50 Million

Paid-up Capital

Tk.2,43,00,000

No. of Shares

2430

Share Value

Tk.10,000.00Each

Main Assets

Tk.35 million

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

Sister Concerns

A.K. Khan & Company Ltd.

A.K. Khan Jute Mill

Chittagong Textile Mills Ltd.

A.K. Khan Rubber Plantation

A. K. Khan Plywood Factory

A.K. Khan Match Factory

A.K. Khan Cold Storage Ltd.

A.K. Khan Securities Ltd.

A.K.Khan Telecom Limited

Infocom Lt.

AndharManik Tea State

A K Khan WaterHealth (Bangladesh) Ltd.

CEAT AK Khan Bangladesh Ltd.

A.K. Khan Penfabric Company Ltd.

Coats Bangladesh Ltd

AKCeycom Limited

Subsidiary

N/A

Name of The Group

A.K. Khan Goup

Bank Name

Prime Bank Ltd.

Bank Address

Agrabad Branch,

Chittagong Chamber House, 38 Agrabad C/A,

Chittagong-4100

Phone: (031) 727018, 716724-5

Fax: 88-031-718971

Telex: 633028 PBLAG BJ

SWIFT: PRBLBDDH015

Email: pblagrabad@primebank.com.bd


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

Our representative visited the subject company address which we received. This company office is well furnished &Mr. RezaulHaque-Assistant Manager Financewelcome our representative & given us all information.

Established in 1979, Subject is mainly engaged in Catching, Processing Packaging & Export. Having been in operation for several years, Subject maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be Above Average. SC has been in its line of business forabout 34 years. Talking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed normally in Moderate amount

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.37
UK Pound	1	Rs.100.85
Euro	1	Rs.84.59

INFORMATION DETAILS

Report Prepared by :

NLM

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.

MIRA INFORM REPORT

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