MIRA INFORM REPORT

 

 

Report Date :

13.12.2014

 

IDENTIFICATION DETAILS

 

Name :

IDEAL POLYMER EXPORT LIMITED

 

 

Registered Office :

Akram Tower (9th Floor), 199, Sayed Nazrul Islam Sarani, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

02.02.2012

 

 

Com. Reg. No.:

C- 99129

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturers and Distributors of Master Carton, Inner Carton.

 

 

No. of Employees :

160

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Ideal Polymer Export Limited

Head Office

:

Akram Tower (9th Floor), 199, Sayed Nazrul Islam Sarani, Dhaka-1000,

Bangladesh      

Tel No

:

88-02-9351158

Fax No

:

88-0466356016

E-mail

:

Ipel.bd.office@gmail.com

Website

:

www.lockpurgroup.com

Date/ Year of Incorporation

:

02/02/2012

Incorporation No.

:

C- 99129

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

July’ 12~June’ 13

BDT 179 Million

BDT 16.50 Million

BDT 7.05  Million

July’ 13~June’ 14

BDT 225  Million

BDT 21.37 Million

BDT 9.35  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

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Md. Habibur Rahaman

Designation

:

Manager (Commercial)

Contract No

:

-

 

 

                                                               Locations Details

Operating Address

:

Akram Tower (9th Floor), 199, Sayed Nazrul Islam Sarani, Dhaka-1000,

Bangladesh      

Tel No

:

88-02-9351158

Fax No

:

88-0466356016

E-mail

:

Ipel.bd.office@gmail.com

Website

:

www.lockpurgroup.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

1200

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

:

Vill: Uthura, PO:  Uthura Bazar, PS: Bhaluka , Mymensingh, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

20,000

Sq. ft.

 

Branches:

 

 

Address

:

51, Khan-A-Sabur Road, Khulna-9100, Bangladesh

Tel No

:

88-041-720318, 722347, 733942

Fax No

:

88-041-731256

 

Employee:

 

No. of Employees 

 

In Office

:

20

In Factory

:

140

In Branch:

:

 

Total

:

160

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

S.M Amzad Hossain

60000

Ms. Nasima Parveen

60000

Shamim Ahmed

60000

Md. Amzad Hossain

20000

 

 

DIRECTORS

 

Name

Designation

S.M Amzad Hossain

Managing Director

Ms. Nasima Parveen

Director

Shamim Ahmed

Director

Md. Amzad Hossain

Director

 

 

MANAGEMENT

 

Name

:

Md. Habibur Rahaman

Job Description

:

Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Range of Products:

Products

:

Master Carton, Inner Carton     

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

:

N/A

 

Imports

:

China, India

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

 N/A

Operation Status

:

Active

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 250 Million

 

Paid-up Capital

:

BDT 2000000

No. of Shares

:

200000

Share Value

:

BDT 10.00Each

Main Assets

:

BDT 21.37 Million

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Metro Bricks Ltd

Southern Foods Ltd

Westrn Inn.Intl.Ltd

Khulna Agro Export Ltd

Southern Food USA Inc

Shampa Ice & Cold Ltd

Bagerhat Sea Food Ind. Ltd

Lockpur Fish Processing Ltd

Shampa Ice & Cold Storage Ltd

Bangladesh Poly Printing Int.Ltd

Rupsha Fisheries & Allied Ind. Ltd

Khulna Printing and Packaging Ltd

Subsidiary

:

N/A

Name of  The Group

:

Lockpur Group

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh  Ltd

Bank Address

:

Local office

75, Motijheel C/A, Dhaka-1000

Phone: (02) 9571201-2, PABX-9552897, 9568187, 9568496

Fax: 880-2-9561105, 9561995

Email: logb@islamibankbd.com, fex1.lo@islamibankbd.com

 

Bank Name  

:

Al Arafa Islami Bank Ltd.

Bank Address

:

30. Motijheel Corporate Branch

125, Motijheel C/A Dhaka-1000

Ph: 88-02-7160808 (D) 9570608,9563884,9563873

Fax:88-02- 9556597

 

 

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 which is situated at Akram Tower (9th Floor), 199, Sayed Nazrul Islam Sarani, Dhaka-1000, Bangladesh. It is situated at commercial area & their office is well decorated.       

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be fair. SC has been in its line of business for about 2 years. As as well as its financial condition.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.44

UK Pound

1

Rs.98.15

Euro

1

Rs.77.38

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.