|
Report Date : |
07.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
FARR CERAMICS
LTD. |
|
|
|
|
Registered Office : |
TMC Building, (Level-3 & 6), 52 New Eskaton Road, Dhaka-1000 |
|
|
|
|
Country : |
Bangladesh |
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|
|
|
Date of Incorporation : |
04.01.2005 |
|
|
|
|
Com. Reg. No.: |
C-55538 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
engaged in Manufacturer, Exporter & Distributor of Ceramic Products Like Dinner Sets, Tea Sets, Coffee Sets, Dessert
Sets, Cake Sets, Sweet Sets & Class Ultra-White Hard Porcelain Tableware. |
|
|
|
|
No of Employees : |
125 (10 in Office & 115 in Factory) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Bangladesh |
B1 |
B1 |
|
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 |
: |
Farr Ceramics Ltd. |
|
Head
Office |
: |
TMC Building, (Level-3 & 6), 52 New Eskaton
Road, Dhaka-1000, Bangladesh. |
|
Tel
No |
: |
88-02- 9340991-3, 9361178, 9360653 |
|
Fax
No |
: |
88-02-9337124 |
|
E-mail |
: |
|
|
Website |
: |
|
|
Date/
Year
of Incorporation |
: |
04.01.2005 |
|
Incorporation No. |
: |
C-55538 |
|
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’ 11~June’ 12 |
Tk. 1349.48 Million |
Tk. 3542.42 Million |
Tk. 236.22 Million |
|
July’ 12~June’ 13 |
Tk. 1567.60 Million |
Tk. 3841.11 Million |
Tk. 93.49 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 |
|
Information
Parted By
|
||
|
|
|
|
|
Name |
: |
Mr. Mahbubur
Rahman |
|
Designation |
: |
Senior Manager. |
Locations Details
|
||
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|
||
|
Operating
Address |
: |
TMC Building, (Level-3 & 6), 52 New Eskaton
Road, Dhaka-1000, Bangladesh. |
|
Tel
No |
: |
88-02- 9340991-3, 9361178, 9360653 |
|
Fax
No |
: |
88-02-9337124 |
|
E-mail |
: |
|
|
Website |
: |
|
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
3500 |
Sq. ft. |
|
Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
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|
Home Office |
|
|
|
|
Residential
Bldg. |
|
|
|
|
|
|
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Factory: |
|
|
|
|
|
|
|
Address |
: |
Noulapara,
Bhabanipur, Gazipur, Bangladesh. |
|
Tel
No |
: |
Nil |
|
Fax
No |
: |
Nil |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
25800 |
Sq. ft. |
|
Employee: |
|
||||||
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||||||
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No.
of Employees |
In
Office |
: |
10 |
In
Factory |
: |
115 |
|
|
In Branch: |
: |
- |
Total
|
: |
125 |
||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of Share |
|
Mr. Iftakher Uddin |
26195000 |
|
Mr. Imtiaz Uddin |
2500000 |
|
Mrs. Khodeza Farhad
Ruhi |
3000000 |
|
Mr. Ishfaque Uddin
Rubab |
2500000 |
|
Mr. Abu Rawshan
Mohammed Musa |
1250000 |
|
Mr. Muhammad
Mahbubur Rahman |
750000 |
|
Mercantile
Securities Ltd. |
300000 |
|
Sweadesh Investment
Management Ltd. |
200000 |
|
Bangladesh Mutual
Secutitirs Ltd. |
1378636 |
|
Sunlife Insurance
Co. Ltd. |
350000 |
|
Mr. Lokman Haki |
1201800 |
|
Mr. Mehmood
Equities Ltd. |
950000 |
|
Mr. Mir Mohammad
Tariqul Haider |
700000 |
|
Mr. Matiur Rahman |
500000 |
|
Mr. Abdul Momen |
2000000 |
|
Mr. Harun or Rashid
Khan |
750000 |
|
Mr. R. Y. Shamsher |
1800 |
|
Mr. Mostafa Zamanul
Bahar |
200000 |
|
Mr. Rabiul Islam |
1072764 |
|
Mr. Ashraf Kamal
Pasha |
1200000 |
|
Mr. Yousuf Ismail |
500000 |
|
Mr. Irfan Uddin |
2500000 |
DIRECTORS
|
|
|||
|
Name |
Designation |
|
||
|
Mr. Irfan Uddin |
Managing Director |
|
||
|
Mr. Imtiaz Uddin |
Director |
|
||
|
Mrs. Khodeza Farhad
Ruhi |
Director |
|
||
|
Mr. Ishfaque Uddin
Rubab |
Director |
|
||
|
Mr. Abu Rawshan
Mohammed Musa |
Director |
|
||
|
Mr. Iftakher Uddin |
Director |
|
||
MANAGEMENT
|
||||
|
Name |
: |
Mr. Mahbubur Rahman |
||
|
Job Description |
: |
Senior Manager. |
||
|
Nationality |
: |
Bangladeshi. |
||
|
Email address |
: |
N/A |
||
|
Other details |
: |
N/A |
||
|
Nature
of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Range of Products: |
||
|
|
||
|
Products |
: |
Ceramic Products Like Dinner Sets, Tea Sets,
Coffee Sets, Dessert Sets, Cake Sets, Sweet Sets & Class Ultra-White Hard
Porcelain Tableware. |
|
Production
Capacity |
: |
21.90 million pcs |
|
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 |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit
: |
|
30
days |
|
60
days |
Ö |
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. |
|
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|
|
|
||||||||||
|
Brand Name |
: |
FARR Euro Fine
Porcelain, FARR Fine Ivory FARR High Alumina
Porcelain |
|||||||||
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Certified |
: |
ISO 9001:2008 |
|||||||||
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Auditors |
: |
N/A |
|||||||||
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Operation Status |
: |
Active. |
|||||||||
|
Member |
: |
N/A |
|||||||||
CAPITAL STRUCTURE
|
|
||||||||
|
Authorized Capital |
: |
Tk. 100 Crores |
|
||||||
|
Paid-up Capital |
: |
Tk. 50, 00,00,000 |
No. of Shares |
: |
5, 00,00,000 |
Share Value |
: |
Tk.10Each |
|
|
Main Assets |
: |
Tk. 3841.11 Million |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
|
The subject company
don’t submit update full financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
||
|
Sister Concerns |
: |
Nil |
|
Subsidiary |
: |
Nil |
|
Name of The Group |
: |
Nil |
|
Bank Name |
: |
South East Bank Ltd. |
|
Bank Address |
: |
New Eskaton Branch Chowdhury Center,
23/Ka, New Eskaton Road
(1st Floor), P.S. : Ramna, Dhaka
- 1000 Phone:
88-02-9360953, 9340001, 9330176, 9340796 Fax: 88 - 02 -
9362177 Swift: SEBDBDDHESK Email: hob.es@sebankbd.com |
|
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 TMC Building,
(Level-3 & 6), 52 New Eskaton Road, Dhaka-1000, Bangladesh. The subject
company Senior Manager Mr. Mahbubur Rahman given us all information. Is
situated at commercial area which is a well decorated modern office. |
GENERAL COMMENTS
|
|
Subject is mainly engaged
in Manufacturer, Exporter & 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. |
|
Adopted
Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.20 |
|
UK Pound |
1 |
Rs.99.52 |
|
Euro |
1 |
Rs.80.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.