MIRA INFORM REPORT

 

 

Report Date :

30.06.2014   

 

IDENTIFICATION DETAILS

 

Name :

MARICO BANGLADESH LIMITED

 

 

Registered Office :

House#1 (4th & 5th Floor), Road#1, Sector# 1, Uttara, Dhaka-1230

 

 

Country :

Bangladesh

 

 

Financial as on :

31.03.2013

 

 

Date of Incorporation :

06.09.1999

 

 

Com. Reg. No.:

C-38527

 

 

Legal Form :

Public Listed Co

 

 

Line of Business :

Manufacturer of Soap, Coconut oil, Editable Oil, Herbal Hair oil     

 

 

No. of Employees

127

 

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.

 

 

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

Company name and address

 

Correct company Name

:

Marico Bangladesh Limited.

Head Office

:

House#1 (4th & 5th Floor), Road#1, Sector# 1, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-8931202

Fax No

:

88-02-8932322

E-mail

:

info@maricobangladesh.net.

Website

:

www.maricobd.com

www.marico.com

Date/ Year of Incorporation

:

06/09/1999Marico Bangladesh listed on Dhaka and

Chittagong Stock Exchange in 2009

Incorporation No.

:

C-38527

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 March’2012

Tk. 6, 036,260,121

Tk. 4, 202,631,482

Tk. 547, 537,067

31st March’2013

Tk. 6, 119,893,866

Tk. 5, 183,078,478

Tk. 948, 074,250

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. Sorwar Alam

Designation

:

Company Secretary

Contract No

:

-

 

                                                               Locations Details

 

Operating Address

:

House#1 (4th & 5th Floor), Road#1, Sector# 1, Uttara, Dhaka-1230, Bangladesh.

Tel No

:

88-02-8931202

Fax No

:

88-02-8932322

E-mail

:

info@maricobangladesh.net.

Website

:

www.maricobd.com

www.marico.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

8500

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

:

Mouchak, Kaliakoir, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Factory2:

 

 

 

 

 

Address

:

Sirirchala, Mahona, Bobanipur, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

1,50,000

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

27

In Factory

:

100

In Branch:

:

-

Total

:

127

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Marico Limited

28,349,993

Mr. Saugata Gupta

               1

Mr. Milind Sarwate

               1

Mr. B. Sridhar

               1

Mr. Rohit Jaiswal

               1

Mr. Aditya Shome

               1

Iqbal Chowdhury,

(CFO and Spouse and Minor Children)

          6,200

Balaji K.S. Head of Internal Audit and Spouse and Minor Children

               1

Sorwar Alam,

(Company Secretary and Spouse and Minor Children)

         1500

General public

     3142301

 

 

DIRECTORS

 

Name

Designation

Mr. Saugata Gupta

Chairman

Mr. Aditya Shome

Managing Director

Mr. Milind Sarwate

Director

Mr. B. Sridhar

Director

Mr. Rohit Jaiswal

Director

Mr. Ghulam Mostafa

Independent Director

Mrs. Rupali Chowdhury

Independent Director

 

MANAGEMENT

 

Name

:

Mr. Ashikur Rahman  

Job Description

:

Director-Marketing

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Ipsit Chakrabarti

Job Description

:

Director-Sales

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Sorwar Alam

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Soap, Coconut oil, Editable Oil, Herbal Hair oil    

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

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Parachute, Beliphool, Aromatic Gold, Camellia,                                                                                           Saffola Gold, etc

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

 M/s. A. Qasem & Co.

Chartered Accountants

Gulshan Pink City, Suites-01-03, Level-7,

Plot-15, Road-103, Gushan-2, Dhaka

Operation Status

:

Active

Member

:

Dhaka Chamber of Commerce & Industry

Chittagong Chamber of Commerce & Industry

 

 

CAPITAL STRUCTURE

 

 

 

Authorized Capital

:

Tk. 40 Crore

 

Paid-up Capital

:

Tk. 31, 50,00,000

    No. of Shares

:

3, 15,00,000

Share Value

:

Tk.10.0Each

Main Assets

:

Tk. 5, 183,078,478

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

 

 

Balance Sheet :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st March’2013

  

 

 

Income Statement :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st March’2013

    

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Marico Limited

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

BANKING

 

Bank Name  

:

Citibank N.A.

HSBC

Standard Chartered Bank

BRAC 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 address at House#1 (4th & 5th Floor), Road#1, Sector# 1, Uttara, Dhaka-1230, Bangladesh. The subject company Secretary Mr. Sorwar Alam welcome us & given us all information. Its office is decorated by western furniture.

 

 

 

GENERAL COMMENTS

 

SC is considered large-sized in its line with fairly stable financial conditions.

 

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 :

KAR

 

 

Report Prepared by :

NIS

 

               

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.