MIRA
INFORM REPORT
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Report Date : |
29.12.2014 |
IDENTIFICATION DETAILS
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Name : |
RAK CERAMICS ( |
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Formerly Known As : |
RAK CERAMICS ( |
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Registered Office : |
RAK Tower (7th, 8th & 9th) House
# 9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town, Dhaka-1230 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.11.1998 |
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Com. Reg. No.: |
C-36813 |
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Legal Form : |
Public Listed Co |
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Line of Business : |
Manufacturer, Marketing, Distributor and Exporter of Ceramic, Gres Porcellanato, Sanitary Ware, Marble & Mosaic Tiles/Stone. Ceramics tiles, Bathroom sets, & all types of sanitary ware. |
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No. of Employee : |
1250 |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
EXECUTIVE SUMMARY
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Order Date |
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22-Dec-14 |
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Order Ref. No |
: |
300504 |
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
RAK Ceramics (Bangladesh) Ltd. |
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Previous Name |
: |
RAK Ceramics
(Bangladesh) Pvt. Limited |
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Head Office |
: |
RAK Tower (7th, 8th & 9th) House
# 9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town, Dhaka-1230,
Bangladesh. |
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Tel No |
: |
880-2-8917393, 8912303, 8915831, 8916548,
8922285, 8911642, 8922078 |
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Fax No |
: |
880-2-8917096 |
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E-mail |
: |
acs@rakcerambd.com, rak@rakcerambd.com |
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Website |
: |
www.rakcerambd.com |
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Date/ Year of Incorporation |
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26.11.1998 |
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Incorporation No. |
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C-36813 |
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Legal Form (General) |
: |
Public Listed Co Public (but
not listed) Private
Co State-owned
Co Sole
Proprietorships Partnership Not
Registered others
(please specify) ________________ |
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Legal form (Specific) |
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LTD CORP INC CO others
(please specify) ________________ |
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Issuing Authority |
: |
Registrar of Joint Stock Companies &
Firms City
Corporation Municipal
Administration Union Council Cantonment
Board Chief
Controller of Import & Export
(CCIE) |
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FINANCIALS- SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
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31st
December 2012 |
BDT
4,507,821,528 |
BDT 8,386,402,972 |
BDT 830,529,175 |
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31st
December 2013 |
BDT 4,687,262,509 |
BDT 9,266,255,808 |
BDT 868,387,075 |
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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 |
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FULLCHECK REPORT DETAILS
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Information Parted By |
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Name |
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Mr. Muhammad Shahidul Islam |
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Designation |
: |
Company Secretary |
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Contract No |
: |
- |
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Locations
Details |
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Operating Address |
: |
RAK Tower (7th, 8th & 9th) House
# 9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town, Dhaka-1230,
Bangladesh. |
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Tel No |
: |
880-2-8917393, 8912303, 8915831, 8916548,
8922285, 8911642, 8922078 |
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Fax No |
: |
880-2-8917096 |
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E-mail |
: |
acs@rakcerambd.com, rak@rakcerambd.com |
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Website |
: |
www.rakcerambd.com |
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Location : |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
12000 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
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Dhanua, Sreepur, Gazipur, Bangladesh. |
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Tel No |
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- |
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Fax No |
: |
- |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
6.5 |
Acres |
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Branch office: |
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Address |
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House # 5 (2nd Floor, 3rd Floor), Road #
1/A, Sector # 4, Uttara, Dhaka-1230, Bangladesh. |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Showroom: |
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Address |
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Dhaka Uttara: RAK Tower (7th Floor), Plot #
1/A, Jasimuddin Avenue, Sector # 3, Uttara Dhaka-1230. |
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Tel No |
: |
880-2-8917393, 8912303, 8915831, 8916548,
8922285, 8911642, 8922078 |
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Fax No |
: |
880-2-8917096 |
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E-mail |
: |
mktg@rakcerambd.com |
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Showroom: |
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Address |
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Dhaka Hatirpool: 318, Free School Street, Hatrilpool, Dhaka. |
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Tel No |
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88-02-9664295, 01713-143220 |
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Fax No |
: |
88-02-9613826 |
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E-mail |
: |
mktg@rakcerambd.com |
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Showroom: |
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Address |
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Chittagong Office: Soto Pool, Agrabad
Access Road, Agrabad, Chittagong. |
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Tel No |
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88-01713-489186 |
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E-mail |
: |
mktg@rakcerambd.com |
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Showroom: |
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Address |
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Sylhet Territory: Gazi Burhan Uddin Road,
Mendibag, Sylhet, Bangladesh. |
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Tel No |
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88-0821-729011, 01714-035343 |
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Fax No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
80 |
In Factory |
: |
1170 |
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In Branch: |
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- |
Total |
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1250 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of Share |
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RAK Ceramics PSC, UAE |
221736382 |
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S.A.K. Ekramuzzaman |
16,556,350 |
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Mr. Abdulla Massad (Nominee of RAK Ceramics PSC, UAE) |
13 |
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Mr. Manoj Uttamrao Ahire (Nominee of RAK
Ceramics PSC,UAE) |
13 |
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Mr. Mahbubur Rahman |
37026 |
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Mr. Mohammad Jahirull Reza |
3,654 |
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Mr. Mohammed Shamsuddin |
1113 |
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General Public |
67893278 |
DIRECTORS
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Name |
Designation |
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Mr. Abdallah Massaad |
Chairman |
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Mr. S.A.K. Ekramuzzaman |
Managing Director |
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Mr. Khaled Abdulla Yousef Aal Abdulla Aal
Abdulla |
Director |
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Mr. Manoj Uttamrao Ahire |
Director |
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Mr. Rafiqul Haque |
Independent Director |
MANAGEMENT
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Name |
: |
Mr. Mohammmad Jahirull Reza |
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Job Description |
: |
General Manager-Purchase |
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Nationality |
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Bangladeshi |
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Email address |
: |
- |
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Other details |
: |
- |
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Name |
: |
Mr. Imtiaz Hussain |
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Job Description |
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Chief Operating Officer |
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Nationality |
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Bangladeshi |
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Email address |
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- |
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Other details |
: |
- |
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Name |
: |
Mr. Mohammmad Jahirull Reza |
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Job Description |
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General Manager-Purchase |
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Nationality |
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Bangladeshi |
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Email address |
: |
- |
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Other details |
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- |
BUSINESS OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Marketing |
Ö |
Dealer |
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Distributor |
Ö |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Item Dealings
In: |
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Products |
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Ceramic, Gres Porcellanato, Sanitary Ware,
Marble & Mosaic Tiles/Stone. ceramics tiles, Bathroom sets, & all
types of sanitary ware. |
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Production Capacity |
: |
225000 square meters per day of Ceramics & 8500 pieces of sanitary wares per day. |
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Last Year
Production |
: |
Do. |
Trading Terms:
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Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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days |
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Selling Terms : |
L/C |
Ö |
Cash |
Ö |
Others |
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Credit : |
Ö |
30 days |
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60 days |
Ö |
90 days |
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days |
DETAILED DATA
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Trade Reference
& Related Parties |
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Overseas Clients |
: |
N/A |
Local Clients |
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Local whole sellers |
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Overseas Suppliers |
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N/A |
Local Suppliers |
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N/A |
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Trade Markets |
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Exports |
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USA, Eurozone |
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Imports |
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China, India, Thailand & Malaysia |
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Brand Name |
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RAK |
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Certified |
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ISO 9001:2008 |
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Auditors |
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M/s Rahman Rahman Huq, Chartered Accountants |
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Operation Status |
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Active |
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Member |
: |
Dhaka Chamber of Commerce & Industry,
Dhaka |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
BDT
6,000,000,000 |
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Paid-up Capital |
: |
BDT 3062278290 |
No.
of Shares |
: |
306,227,829 |
Share
Value |
: |
BDT10.00Each |
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Main Assets |
: |
BDT 9,266,255,808 |
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FINANCIAL STATEMENT- DETAILED
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Balance Sheet : |
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Currency |
: Tk |
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Denomination |
: 1 |
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Financial Year Ending |
: 31st December |
%20LTD%20%20-%20300504%2029-Dec-2014_files/image002.gif)
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Income Statement : |
||
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Currency |
: Tk |
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Denomination |
: 1 |
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Financial Year Ending |
: 31st December |
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%20LTD%20%20-%20300504%2029-Dec-2014_files/image004.gif)
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
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Sister Concerns |
: |
RAK Security & Services Private Limited. RAK Paints Pvt. Ltd. RAK-Mosfl y (Bangladesh) Pvt. Ltd. |
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Subsidiary |
: |
RAK Power Pvt. Ltd. RAK Pharmaceuticals Pvt. Ltd. RAK Food & Beverage Pvt. Ltd. Classic Porcelain Pvt. Ltd. |
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Name of The Group |
: |
RAK Group |
BANKING
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Bank Name
|
: |
Prime Bank Ltd. Trust Bank Ltd. Eastern Bank Ltd. Southeast Bank
Ltd. |
ADVERSE DATA MONITORING
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Dishonored Checks |
:
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No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse Filling History |
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No Record Found |
SITE VISIT COMMENTARY
|
Our Representative Visited the subject
company Head office which is situated at RAK Tower (7th, 8th & 9th) House
# 9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town, Dhaka-1230,
Bangladesh. The subject company Company Secretary Mr. Muhammad Shahidul Islam
welcome us & given us all information. Its office is situated at
Residential area which is a normal flat but well decorated. |
GENERAL COMMENTS
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Based on the financial statements, SC’s financial performance appears to
be Strong. SC has been in its line of business for about 16 years. Taking
into account its long-standing history, reputation in the market, as well as
its financial condition, we recommend that Credit can proceed with favorable
terms in Large amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.63 |
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|
1 |
Rs.98.98 |
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Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.