MIRA INFORM REPORT

Report Date :

10.02.2014

IDENTIFICATION DETAILS

Name :	RAHIMAFROOZ BATTERIES LTD. (UNIT-2)
Registered Office :	705, Nakhalpara, Tejgaon, Dhaka-1208
Country :	Bangladesh
Financials (as on) :	30.06.2013
Date of Incorporation :	28.12.1973
Com. Reg. No.:	C-4167
Legal Form :	Private Company
Line of Business :	Manufacturer and Exporter of Lead-Acid Battery.
No. of Employees :	2000

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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	:	RAHIMAFROOZ BATTERIES LTD. (UNIT-2)
Head Office	:	705, Nakhalpara, Tejgaon, Dhaka-1208, Bangladesh.
Tel No	:	88-02-9113696, 9113522, 8851542, 8811853, 8815382, 9893442, 9565221, 9562260
Fax No	:	88-02-8115305, 9126968
E-mail	:	info@rahimafrooz.com, rabi@agni.com
Website	:	www.rahimafrooz.com
Date/ Year of Incorporation	:	28.12.1973
Incorporation No.	:	C-4167
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	Tk.2,48,83,25,050.00	Tk.176,03,56,249.00	Tk.3,53,19,790.00
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	:	Mr. Mithu Ranjankor.
Designation	:	Executive officer.
Contract No	:	-

Locations Details
Operating Address	:	705, Nakhalpara, Tejgaon, Dhaka-1208, Bangladesh.
Tel No	:	88-02-9113696, 9113522, 8851542, 8811853, 8815382, 9893442, 9565221, 9562260
Fax No	:	88-02-8115305, 9126968
E-mail	:	info@rahimafrooz.com, rabi@agni.com
Website	:	www.rahimafrooz.com

Location :

: Owned

Rented

Ö

Leased

Area

10500

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 Panisial, Zirani Bazar, Kashimpur, Gazipur, Bangladesh.
Tel No	:	88-02-9113696
Fax No	:	88-02-8115305

Location :

Owned

Ö

Rented

Leased

Area

48000

Sq. ft.

Branches:
Address	:	ABC Heritage (4th Floor), Plot 2 & 4, Jashimuddin Avenue, Sector 3, Uttara C/A, Dhaka-1230, Bangladesh.
Tel No	:	N/A
Fax No	:	88-02-8911415
Branches2:
Address	:	242, Tejgaon I/A, Dhaka, Bangladesh.
Tel No	:	88-02-8858022
Fax No	:	88-02-8858023
Distribution Office:
Address	:	Globe Chamber (1st Floor), 104 Motijheel C/A, Dhaka 1000, Bangladesh.
Tel No	:	88-02-9565238
Fax No	:	88-02-9554160

Employee:
No. of Employees	In Office	:	100	In Factory	:	1900
	In Branch:	:	-	Total	:	2000
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Rahimafrooz (Bangladesh) Ltd	1113309
Mr. Afroz Rahim	520
Mr. Feroz Rahim	37
Mr. Niaz Rahim	43

DIRECTORS

Name	Designation
Mr. Feroz Rahim	Chairman
Mr. Munawer M. Moni	Managing Director
Mr. Afroz Rahim	Director
Mr. Niaz Rahim	Director

MANAGEMENT

Name	:	Mr. Mithu Ranjankor.
Job Description	:	Executive officer.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor	Ö
	Exporter	Ö	Importer	Services	Others

Range of Products:
Products	:	Lead-Acid Battery.
Production Capacity	:	1 Million Per year.
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			:	Lucas Battery Company, Technical support Group (TSG), Hawker Batteries, Invensys-UK,Eltek – Norway AEES – France	Local Clients	:	N/A
		Overseas Suppliers			:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	South Asia
		Imports			:	China, India, Australia, Malaysia, japan, Singapore, Italy, Hong Kong,
Brand Name			:	Lucus, Spark.
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active.
Member			:	N/A

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 25, 50,00,000
Paid-up Capital	:	Tk.11,13,90,900	No. of Shares	:	11,13,909	Share Value	:	Tk.100.00Each
Main Assets	:	Tk.176,03,56,249.00

FINANCIAL STATEMENT- DETAILED

Balance Sheet :
	Currency	: Tk
	Denomination	: 1
	Financial Year Ending	: July’2012~June’2013

Source of Founds (BDT)
SL.	Head Name	2013
1.	Capital/Share Holder’s Equity	79,84,54,247.00
	1.1 Paid up Capital	11,13,90,900.00
	1.2 Reserved and Surplus	68,70,63,347.00
2.	Loans	16,96,05,232.00
	2.1 Long Term Secured Loans	16,96,05,232.00
	2.2 Long Term Un-Secured Loans	0.00

Total (Source 0f Funds)

Application of Funds ( BDT)

SL.

Head Name

Prasent Year

1.

Non-Current Assets

71,07,47,798.00

1.1 Fixed Assets Net of Depreciation

67,47,09,798.00

1.2 Investment

3,60,38,000.00

2.

Current Asset Loan and Advances

168,92,81,451.00

2.1 Inventories

42,97,04,836.00

2.2 Sundry Debtors

56,29,19,410.00

2.3 Cash in Bank

1,14,91,450.00

2.4 Cash in hand

50,000.00

2.5 Others Current Assets

26,88,33,303.00

2.6 Loans and Advances

41,62,82,452.00

3.

Less Current Liabilities and Provisions

143,19,69,770.00

3.1Less : Current Liabilities

143,19,69,770.00

3.2 Less : Current Provisions

0.00

4.

Miscellaneous

0.00

4.1Expenditures to the extent not written off

0.00

4.2 Debit Balance of Profit an Loss Account

0.00

Total (Application of Funds)

Income Statement :
	Currency	: Tk
	Denomination	: 1
	Financial Year Ending	: July’2012~June’2013
Turn over Income(BDT)	248,83,25,050.00
Gross Profit (BDT)	29,36,28,249.00
Net Profit (After Tax)(BDT)	3,53,19,790.00

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Rahimafrooz (Bangladesh) Ltd. Rahimafrooz Accumulators Ltd. Rahimafrooz Globatt Ltd. Rahimafrooz Distribution Ltd. Rahimafrooz Gastech Ltd. Rahimafrooz Renewable Energy Ltd Rahimafrooz Energy Services Ltd. Rahimafrooz Superstores Ltd. Rahimafroz Super Stores Limited RZ Power Systems Limited Rahimafrooz Gastech Ltd Excel Resources Ltd. MetroNet Bangladesh Ltd. RZ Power Ltd
Subsidiary	:	N/A
Name of The Group	:	Rahimafrooz Group.

BANKING

Bank Name	:	Eastern Bank Ltd.
Bank Address	:	Principal Branch 10 Dilkusha C/A
Bank Name	:	Jiban Bima Bahaban, Dhaka.
Bank Address	:	Principal Branch. Phone: 88-02-9565696, 9558392, 9571262 Fax: 88-02- 7160747 Email: principal@ebl-bd.com

Bank Name	:	Habib Bank Ltd.
Bank Address	:	Motijheel Branch Motijheel C/A Dhaka, Bangladesh.

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

The subject company is a private limited company engaged in Manufacturer & Distributors of Batteries. Its Office is situated at 705, Nakhalpara, Tejgaon, Dhaka -1215, Bangladesh. It is sister concerns of Rahimafrooz Group. The subject company is financially solvent & gets good support from their banks.

Mr. Monowar M. Moin-Managing Director of the company. He is very experienced businessmen in this line of trade.

We checked the local registry office & found that information’s.

The subject company is ok for normal business engagements.

GENERAL COMMENTS

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 40 years.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.32
UK Pound	1	Rs.101.78
Euro	1	Rs.84.68

INFORMATION DETAILS

Report Prepared by :

NNA

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.