MIRA INFORM REPORT

 

 

Report Date :

15.03.2014

 

IDENTIFICATION DETAILS

 

Name :

BENGAL JUTE INDUSTRIES LIMITED.

 

 

Registered Office :

BSEC Bhaban (1st Floor), 102 Kazi Nazrul Islam, Avenue, Kawran Bazar C/A, Dhaka-1215

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

08.01.1979

 

 

Com. Reg. No.:

C-6718   

 

 

Legal Form :

Public Limited Company (but not listed)

 

 

Line of Business :

Manufacturer, Exporter & Distributor of Eco-Friendly Jute Products including Jute Yarn, Jute Rope, Jute Tape, Jute Bulk, Packaging Bags, Jute Mat & Jute Geotextile.

 

Subject also produces yarn and also dyed yarn.

 

 

No. of Employees

1000 (30 in office & 970 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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

 

 

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Bengal Jute Industries Limited.

Head Office

:

BSEC Bhaban (1st Floor), 102 Kazi Nazrul Islam, Avenue, Kawran Bazar C/A, Dhaka-1215, Bangladesh.

Tel No

:

88-02 -9144457, 9881738, 9894520, 01711 541210

Fax No

:

Nil

E-mail

:

info@bjil.com.bd

Website

:

Nil

Date/

Year of Incorporation

:

08.01.1979

Incorporation No.

:

C-6718   

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. 475 Million

Tk. 2456.50 Million

Tk. 27.81 Million

July’ 12~June’ 13

Tk. 590 Million

Tk. 2610.19 Million

Tk. 38.25 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. J. N. Hoque.

Designation

:

Senior Vice Chairman.

 

 

Locations Details

 

Operating Address

:

BSEC Bhaban (1st Floor), 102 Kazi Nazrul Islam, Avenue, Kawran Bazar, C/A, Dhaka-1215, Bangladesh.

Tel No

:

88-02-9144457, 9881738, 9894520, 01711 541210

Fax No

:

Nil

E-mail

:

info@bjil.com.bd

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

1200

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

:

Fordnagar ll, Dhamrai, Savar, Bangladesh.

Tel No

:

88-01199859385

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

6

Acores.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

30

In Factory

:

970

In Branch:

:

-

Total

:

1000

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Abul Khair

425

Mr. Abdul Khaleq

250

Mr. Mushtaq Alam Chowdhury

250

Mrs. Mahua Khair

250

Mr. Naqkeen Khaliq

   5

Mrs. Momtaz khaleq

250

 

 

DIRECTORS

 

Name

Designation

Mr. Abul Khair

Managing Director

Mr. Abdul Khaleq

Director

Mr. Mushtaq Alam Chowdhury

Director

Mrs. Mahua Khair

Director

Mrs. Momtaz khaleq

Director

 

 

MANAGEMENT

 

Name

:

Mr. J. N. Hoque.

Job Description

:

Senior Vice Chairman.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. S. M. Morsheed.

Job Description

:

AVP (Marketing).

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

:

Jute Yarn, Jute Rope, Jute Tape, Jute Bulk, Packaging Bags, Jute Mat & Jute Geotextile.       

Production Capacity

:

4000 MT per year.

Last Year Production

:

Do.

 

BUSINESS OPERATIONS

                  

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

Products

:

Jute Yarn, Jute Rope, Jute Tape, Jute Bulk, Packaging Bags, Jute Mat, Jute Geotextile.       

Production Capacity

:

4000 MT per year.

Last Year Production

:

Do.

 

 

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

:

Pakistan

 

Imports

:

China, India.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Bangladesh Jute Association.

 

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 50, 000,000

 

Paid-up Capital

:

Tk. 1, 43,000

    No. of Shares

:

1,430

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 2610.19 Million.

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update full financial figure to local registry office.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Bengla Braided Rugs Limited.  

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

Prime Bank Ltd.

Bank Address

:

Kawran Bazer Branch.

54, Kawran Bazar C/A, Dhaka-1215

Phone:(02) 9145394, 9145397, 9124296-7

Fax: 88-02-9129004

Telex:671595 PBLKB BJ

SWIFT: PRBLBDDH010

Email: pblkawran@primebank.com.bd                  

 

Bank Name  

:

Bank Asia Ltd.

Bank Address

:

Kawran Brazer Branch.

 

 

Bank Name  

:

NCC Bank.

Bank Address

:

Kawran Bazar Branch.

Hasney Tower, 3/A, Kawran Bazar C/A, Dhaka

Tel: 88-02-9124902, 9124903, 8141148

Fax: 02-9124902

Email: kawran_bazar@nccbank.com.bd

Swift: NCCLBDDHKWB

 

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 BSEC Bhaban (1st Floor), 102 Kazi Nazrul Islam, Avenue, Kawran Bazar C/A, Dhaka-1215, Bangladesh. The subject company Senior Vice Chairman Mr. J. N. Hoque given us all information. Is situated at Commercial area which is a well decorated modern office.

 

 

 

GENERAL COMMENTS

 

Established in Jan. 1979, Subject is mainly engaged in Manufacturer, Exporter & Distributor of Eco-Friendly Jute Products. Subject also produces yarn and also dyed yarn. Having been in operation for several years, Subject maintains acceptable business volume. 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.61.52

UK Pound

1

Rs.102.22

Euro

1

Rs.85.23

 

 

INFORMATION DETAILS

 

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%)

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.