MIRA INFORM REPORT

Report Date :

18.04.2014

IDENTIFICATION DETAILS

Name :	PIDILITE SPECIALITY CHEMICALS BANGLADESH PRIVATE LTD.

Registered Office :	House # 167 (3^rdFloor), Road # 3, DOHS Mohakhali, Dhaka-1212, Bangladesh.

Country :	Bangladesh

Date of Incorporation :	29.12.2005

Com. Reg. No.:	C-60121

Legal Form :	Private Co

Line of Business :	Manufacturer and Distributor of Adhesives

No of Employees :	70

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 – September 30, 2013

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	D

BANGLADESH ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

Source : CIA



IDENTIFICATION DETAILS

Correct company Name	:	Pidilite Speciality Chemicals Bangladesh Private Ltd.
Head Office	:	House # 167 (3^rdFloor), Road # 3, DOHS Mohakhali, Dhaka-1212, Bangladesh.
Tel No	:	88-02-8714577
Fax No	:	88-02-8713047
E-mail	:	kowser.ahm@pidiliti.com.bd
Website	:	www.pidiliti.com
Date/ Year of Incorporation	:	29.12.2005
Incorporation No.	:	C-60121
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
31^st March’2011	Tk. 194, 845,040.80	Tk. 276,917,318	Tk. 8, 729,413.85
31^st March’2012	Tk. 234, 468,263.92	Tk. 451, 218,626	Tk. 9, 259,945.12
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

Information Parted By

Name

Mr. A. H. M. Kowser

Designation

Commercial Manager.

Contract No

88-01714681926

Locations Details

Operating Address	:	House # 167 (3^rd Floor), Road # 3, DOHS Mohakhali, Dhaka-1212, Bangladesh.
Tel No	:	88-02-8714577
Fax No	:	88-02-8713047
E-mail	:	kowser.ahm@pidiliti.com.bd
Website	:	www.pidiliti.com

Location :

: Owned

Rented

Leased

Area

4500

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	:	West Mukterpur, Panchashar Munshiganj, Bangladesh.
Tel No	:	88-0691-7648014
Fax No	:	88-0691-7647798

Location :

Owned

Rented

Leased

Area

2.5

Acores

Warehouse:

Address	:	Plot # 161, Himardhighi, Tongi-I/A, Gazipur-1710, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

Sq. ft.

Employee:

No. of Employees	In Office	:	7	In Factory	:	63
	In Branch:	:	-	Total	:	70
Details:


Names of Shareholders	No. of Share
Pidilite International Pte. Ltd. (Singapore)	3491505
Pidilite Middle East Ltd (U. A. E)	35268

Name

Designation

Mr. B K Parekh

Chairman

Mr. S K Parekh

Vice Chairman

Mr. M B Parekh

Managing Director

Mr. N K Parekh

Joint Managing Director

Mr. R M Gandhi

Director

Mr. N J Jhaveri

Director

Mr. Bansi S Mehta

Director

Mr. Ranjan Kapur

Director

Mr. Yash Mahajan

Director

Mr. Bharat Puri

Director

Mr. D Bhattacharya

Director

Mr. Patwary Saifuddin Hyder

Director


Name	:	Mr. A. H. M. Kowser
Job Description	:	Commercial Manager.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01714681926


Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor	Ö

	Exporter		Importer	Services	Others

Range of Products:

Products	:	Adhesives.
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

Trade Reference & Related Parties

Overseas Clients

N/A

Local Clients

N/A

Overseas Suppliers

N/A

Local Suppliers

N/A

Trade Markets

Exports

N/A

Imports

India, China.

Brand Name

FEVICOL

Certified

N/A

Auditors

N/A

Operation Status

Active.

Member

N/A

Authorized Capital

Tk. 318, 110,624

Paid-up Capital

Tk. 35,26,77,300

No. of Shares

3526773

Share Value

Tk.100.00Each

Main Assets

Tk. 451, 218,626

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

Sister Concerns

Pidilite Industry Ltd. (India)

Subsidiary

Nil

Name of The Group

Nil


Bank Name	:	City Bank N/A
Bank Address	:	Gulshan Branch. United House, 10, Gulshan Avenue, Gulshan 1, Dhaka Phone:8825206(PABX),8853741(PABX), 8855363(BSSM DIRECT) Mobile:01199806831


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 Head office which is situated at House # 167 (3rdFloor), Road # 3, DOHS Mohakhali, Dhaka-1212, Bangladesh. The subject company Commercial Manager Mr. A. H. M. Kowser given us all information. Is situated at commercial area which is a well decorated modern office.

Subject is mainly engaged in Manufacturer & Distributor. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be average. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.38
UK Pound	1	Rs.101.63
Euro	1	Rs.83.57

INFORMATION DETAILS

Analysis Done by :	SUB

Report Prepared by :	SHG

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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