MIRA INFORM REPORT

 

 

Report Date :

29.07.2014

 

IDENTIFICATION DETAILS

 

Name :

BERGER PAINTS BANGLADESH LTD.

 

 

Registered Office :

Berger House, House# 8, Road# 2, Sector# 3, Uttara, Model Town, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

06.06.1973

 

 

Com. Reg. No.:

CH-3997A

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Manufacturer, Exporter and Importer of Decorative, Industrial, Marine, Powder Coating, Adhesive, Textile Products, Brush and Roller, Pre- Treatment Chemicals, Auto Refinish, Wood coating Color, Liquid and Non-Liquid paints, Varnishes, Emulsion and Coating.

 

 

No. of Employees :

1600

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

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

:

Berger Paints Bangladesh Ltd.

Head Office

:

Berger House, House# 8, Road# 2, Sector# 3, Uttara, Model Town,

Dhaka-1230, Bangladesh.

Tel No

:

88-02-8953665

Fax No

:

88-02-8951350

E-mail

:

info@bergerbd.com

Website

:

www.bergerbd.com

Date/ Year of Incorporation

:

06.06.1973

Incorporation No.

:

CH-3997A

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

31st December’2012

Tk. 7,611,213,000

Tk. 3,568,101,000

Tk. 1,012,798,000

31st December’2013

Tk. 8,796,778,000

Tk. 4,282,362,000

Tk. 1,207,215,000 

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. Abdul Khalek

Designation

:

Company Secretary

Contract No

:

-

 

 

Locations Details

 

Operating Address

:

Berger House, House# 8, Road# 2, Sector# 3, Uttara, Model Town,

Dhaka-1230, Bangladesh.

Tel No

:

88-02-8953665

Fax No

:

88-02-8951350

E-mail

:

info@bergerbd.com

Website

:

www.bergerbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

15,000

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

 

Business Center

 

 

Home Office

 

     

 

 

Residential Bldg.

 

 

 

 

 

 

Registrar Address:

Address

:

43/3, Chatteswari Road, GPO.Box No. 353, Chittagong-4000, Bangladesh.

Tel No

:

88- 031-618807, 615893-4

Fax No

:

88- 031-620507

 

Dhaka Factory:

Address

:

102, Mouja-Taksur, Nabinagar, Savar, Dhaka, Bangladesh.

Tel No

:

88-02-7791964, 7791620

Fax No

:

88-02-7791894

E-mail

:

dhakafactory@bergerbd.com

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

50,000

Sq. ft.

 

 

Chittagong Factory:

Address

:

27-D, FIDC Road, Kalurghat Heavy I/A, Chittagong-4212, Bangladesh.

Tel No

:

88-031-670472

Fax No

:

88-031-671639

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

45000

Sq. ft.

 

 

POWDER COATING PLANT:

Address

:

102, Mouja-Taksur, Nabinagar, Savar, Bangladesh.

Tel No

:

880-2-7791964

Fax No

:

880-2-7791894

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

30000

Sq. ft.

 

 

EMULSION PLANT:

Address

:

102, Mouja-Taksur, Nabinagar, Savar, Bangladesh.

Tel No

:

880-2-7791964

Fax No

:

880-2-7791894

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

25000

Sq. ft.

 

 

Number of Sales Office:

:

15 Nos.

Dhaka Main Branch:

 

 

Address

:

272, Tejgaon Industrial Area, Dhaka-1208, Bangladesh.

 

Tel No

:

88-02-8870233-44 (Hunting), 9892708, 02-9897847

 

Fax No

:

88-02-8825770

 

 

Location :

Owned

 

 

Rented

Ö

 

Leased

 

Area

8500

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

250

In Factory

:

1050

In Branch:

:

300

Total

:

1600

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

J & N Investment (Asia) Ltd., UK

          22,029,370

Ms. Rupali Chowdhury

                 10

Mr. K. R. Das

                 10

Mr. Anil Bhalla

                 10

Mr. Subir Bose

                 10

Mr. M. Azizul Huq

                 10

Ms. Rishma Kaur

                 10

Mr. Abdul Khalek

                 10

Institutions (Financial & Others)- Shares

             802604

Institutions (Financial)

             148300

General Public

             208596

 

 

DIRECTORS

 

Name

Designation

Mr. Gerald K Adams

Chairman

Ms. Rupali Chowdhury

Managing Director

Mr. K. R. Das

Director

Mr. Anil Bhalla

Independent Director

Mr. Subir Bose

Director

Mr. Jean-Claude Loutreuil

Director

Mr. M. Azizul Huq 

Director

Ms. Rishma Kaur

Director

Mr. Abdul Khalek

Director

 

 

MANAGEMENT

 

Name

:

Mr. Nazimuddin Helali

Job Description

:

GM-Manufacturing

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

 

Name

:

Mr. H. M. Rakib Ullah Bashar

Job Description

:

GM-Financial Planning & Monitoring

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Syed Salahuddin Abu Naser

Job Description

:

General Sales Manager (GSM)-Trade

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. A. M. M. Sajjad

Job Description

:

Manager-Admin & Labor Relations

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Decorative, Industrial, Marine, Powder Coating, Adhesive, Textile Products, Brush & Roller, Pre- Treatment Chemicals, Auto Refinish,

Wood coating Color, Liquid & Non-Liquid paints, Varnishes, Emulsion and Coating    

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

 

Others

 

 

 

Credit :

Ö

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local Market

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

Nepal, Sri Lanka, Bhutan

 

 

Imports

 

:

China, India, Germany

 

 

 

 

Brand Name

:

BERGER

Certified

:

N/A

Auditors

:

A. Qasem & Co.

Gulshan Pink City, Suites#01-03

Level# 7, Plot# 15, Road#103

Gulshan Avenue, Dhaka-1212

Operation Status

:

Active

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.400,000,000

 

Paid-up Capital

:

Tk.231,889,400

    No. of Shares

: 23188940

Share Value

:

Tk.10.00Each

Main Assets

:

Tk.4,282,362,000

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st December’2013

 

 

 

 

Income Statement :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st December’2013

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

Jenson & Nicholson (Bangladesh) Limited

Associates Company

:

Berger Becker Bangladesh Ltd.

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank

Citibank N. A.

Commercial Bank of Ceylon

HSBC

 

 

REPUTATION

 

The subject company products have good reputation in Bangladeshi market.

 

 

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 address at Berger House, House No. 8, Road No. 2, Sector No. 3, Uttara Model Town, Dhaka-1230, Bangladesh. The subject Company Secretary Mr. Abdul Khalek welcome us & given us all information. Its office is decorated by western furniture.

 

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer, Exporter & Importer. 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.60.10

UK Pound

1

Rs.102.04

Euro

1

Rs.80.74

 

INFORMATION DETAILS

 

Report Prepared by :

TPT

 

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.