MIRA INFORM REPORT
|
Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
M.I. CEMENT
FACTORY LTD. |
|
|
|
|
Registered Office : |
House# 1 & 7, Road# 95, Block# CEN (A), Gulshan North Avenue,
Gulshan 2, Dhaka-1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.06.2013 |
|
|
|
|
Date of Incorporation : |
31.12.1994 |
|
|
|
|
Com. Reg. No.: |
C-27586 |
|
|
|
|
Legal Form : |
Public Listed Company Limited |
|
|
|
|
Line of Business : |
Manufacturer, Exporter & Distributor of
Portland Cement
bearing the brand name "Crown
Cement" |
|
|
|
|
No of Employees : |
800 (40 in office &
760 In Factory) |
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 – 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 |
: |
M.I. Cement Factory
Ltd. |
|
Head
Office |
: |
House# 1 & 7, Road# 95, Block# CEN (A), Gulshan
North Avenue, Gulshan 2, Dhaka-1212, Bangladesh. |
|
Tel
No |
: |
88-02-9852631, 9852633, 9852634, 9852636,
9852641 |
|
Fax
No |
: |
88-02-9852643 |
|
E-mail |
: |
|
|
Website |
: |
|
|
Previous
Office Address |
: |
“Senya Kalyan
Bhaban 19th Floor 195 Motijheel C/A, 1000 Dhaka Bangladesh” address |
|
Year
of Incorporation |
: |
31.12.1994 |
|
Incorporation No. |
: |
C-27586 |
|
Legal
Form (General) |
: |
Public Listed Co Public (but not listed) Private Co
State-owned Co Sole
Proprietorship 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 |
|
30th
June’2013 |
Tk. 6, 829,697,132 |
Tk. 9, 783,395,912 |
Tk. 822, 467,019 |
|
30th June’2012 |
Tk. 5, 657,601,485 |
Tk. 9, 921,478,513 |
Tk. 574, 892,238 |
|
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. Md. Mozharul
Islam |
|
Designation |
: |
Company Secretary |
Locations Details
|
||
|
|
||
|
Operating
Address |
: |
House# 1 & 7,
Road# 95, Block# CEN (A), Gulshan North Avenue, Gulshan 2, Dhaka-1212, Bangladesh. |
|
Tel
No |
: |
88-02-9852631, 9852633, 9852634, 9852636,
9852641 |
|
Fax
No |
: |
88-02-9852643 |
|
E-mail |
: |
|
|
Website |
: |
|
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
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. |
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|
|
|
|
|
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Factory: |
|
|
|
Address |
: |
West
Mukterpur, Union Parishad Panchasor, Thana& District: Munshigonj,
Bangladesh. |
|
Tel
No |
: |
88-02-7648077, 01190861425 |
|
Fax
No |
: |
88-02-7648070 |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
27.67 |
Decimal Land |
|
Branches: |
|
|
|
Address |
: |
Crown Chamber,
325 Asadgonj Chittagong, Bangladesh. |
|
Tel
No |
: |
88-031-631460, 611313 |
|
Fax
No |
: |
88-031-610995 |
|
E-mail |
: |
|
Location : |
Owned |
|
|
Rented |
|
|
Leased |
|
Area |
5500 |
Sq. ft. |
|
Employee: |
|
||||||
|
No.
of Employees |
In
Office |
: |
40 |
In
Factory |
: |
760 |
|
|
In Branch: |
: |
- |
Total
|
: |
800 |
||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of Share |
|
Mr. Md. Jahangir
Alam |
23, 024,925 |
|
Mr. Alhaj Md.
Kabiuddin Molla |
20, 790,000 |
|
Mr. Alamgir Kabir |
14, 397,075 |
|
Mrs. Alhaj Rokeya
Begum |
10, 395,000 |
|
Mr. Molla Mohammad
Majnu |
10, 395,000 |
|
Mr. Md. Mizanur Rahman |
10, 395,000 |
|
Mr. Md. Almas
Shimul |
7, 276,500 |
|
Mr. Alhaj Md. Abdur
Rouf |
2, 598,750 |
|
Mr. Md.
Ashrafuzzaman |
2, 598,750 |
|
Mr. Md. Abdul Ahad |
2, 079,000 |
|
General Public |
44, 550,000 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Md. Jahangir
Alam |
Chairman |
|
Mr. Alhaj Md.
Kabiuddin Molla |
Managing Director |
|
Mr. Alamgir Kabir |
Director |
|
Mrs. Alhaj Rokeya
Begum |
Director |
|
Mr. Molla Mohammad
Majnu |
Director |
|
Mr. Md. Mizanur
Rahman |
Director |
|
Mr. Md. Almas
Shimul |
Director |
|
Mr. Alhaj Md. Abdur
Rouf |
Director |
|
Mr. Md.
Ashrafuzzaman |
Director |
|
Mr. Md. Abdul Ahad |
Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Md. Mozharul
Islam |
|
Job Description |
: |
Company Secretary |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md. Mayeenuddin
Thakur |
|
Job Description |
: |
General Manager
(Supply Chain Manager) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
Nature
of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
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Exporter |
Ö |
Importer |
Ö |
Services |
|
Others |
|
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Range of Products: |
||
|
Products |
: |
Portland Cement |
|
Production
Capacity |
: |
28 MT per Day |
|
Last Year Production |
: |
5800TPD i.e. 1.740 Million Mt |
|
Brand Name |
|
"Crown Cement" |
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
|
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|
Trade Reference & Related Parties |
: |
Overseas Clients |
: |
Northeastern States of India Including Tripura, Meghalaya, Eastern and
Western Region of Assam |
Local Clients |
: |
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|||
|
Overseas Suppliers |
: |
Japan, Indonesia,
Thailand, Malaysia, Korea |
Local Suppliers |
: |
|
|
|||||
|
Trade Markets |
: |
Exports |
: |
Orion Group,
Bangladesh Council of Sports. New Market City Complex, GPT Health Care Pvt,
Ltd |
|
||||||
|
Imports |
: |
China, India, and
Thailand |
|
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|
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|
||||||||||
|
Brand Name |
: |
Crown Cement |
|||||||||
|
Certified |
: |
ISO 9001: 2008 |
|||||||||
|
Auditors |
: |
ACNABIM Chartered
Accountant BDBI Bhaban (13th
Floor), 12, Kamal Bazar,
Tejgaon, Dhaka, Bangladesh |
|||||||||
|
Operation Status |
: |
Active |
|||||||||
|
Member |
: |
N/A |
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CAPITAL STRUCTURE
|
|
||||||||
|
Authorized Capital |
: |
Tk. 500 Crore |
|
||||||
|
Paid-up Capital |
: |
Tk. 1, 485,000,000 |
No. of Shares |
: |
148, 500,000 |
Share Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
Tk. 9, 783,395,912 |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
||
|
|
||
|
Balance Sheet : |
||
|
|
Currency |
: Tk. |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30th June’2013 |
|
|
||
|
Income Statement : |
||
|
|
Currency |
:
Tk. |
|
|
Denomination |
:
1 |
|
|
Financial Year Ending |
:
30th June’2013 |
|
|
||
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
||
|
Sister Concerns |
: |
Crown Cement
Concrete & Building Product Ltd Crown Cement
Trading Company |
|
Associates |
: |
Crown Mariners Ltd Crown Polymer
Begging Ltd Crown Polymer
Generation Crown
Transportation & Logistics Ltd. |
|
Name of The Group |
: |
GPH Group |
BANKING
|
Bank Name |
: |
One Bank Ltd. Prime Bank Ltd. Jamuna Bank Ltd. Rupali Bank Ltd. Southeast Bank Ltd. National bank Ltd. |
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 House# 1 & 7,
Road# 95, Block# CEN (A), Gulshan North Avenue, Gulshan 2, Dhaka-1212,
Bangladesh. The subject company Secretary Mr. Md. Mozharul Islam 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 of Portland Cement. The
subject company maintains acceptable business volume. Based on the
financial statements, SC’s financial performance appears to be fair. 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.60.10 |
|
UK Pound |
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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.