MIRA INFORM REPORT

 

 

Report Date :

28.05.2014              

 

IDENTIFICATION DETAILS

 

Name :

RFL PLASTIC LIMITED

 

 

Registered Office :

Pran-RFL Tower, 105/1, Ga, Middle Badda, Dhaka-1212 

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.02.2002

 

 

Com. Reg. No.:

C-45091  

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Exporter and Distributor of Hanger & Garments Accessories, Food Storage Products, Pitcher,  Food Preparation Accessories, Household Utilities, Waste & Trash, Washroom Accessories, Kids Corner, Travel Kits, Beverage Products, Shelving, Utility & Clearing Products, Medical Accessories, Outdoor Furniture.    

 

 

No. of Employees :

5000

 

 

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

 

Company IDENTIFICATION DETAILS

 

Correct company Name

:

RFL Plastic Limited.

Head Office

:

Pran-RFL Tower, 105/1, Ga, Middle Badda, Dhaka-1212, Bangladesh. 

Tel No

:

88-02-9881792-9

Fax No

:

88-02-8837464

E-mail

:

export@prangroup.com,

rfl@prangroup.com,

mktg@prangroup.com

Website

:

www.rflplastic.com,

www.prangroup.com

Date/ Year of Incorporation

:

13.02.2002

Incorporation No.

:

C-45091  

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. 310 Million

Tk. 2450 Million

Tk. 120.50 Million

July’ 12~June’ 13

Tk. 475 Million

Tk. 2630 Million

Tk. 138.20 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. Tanzil

Designation

:

Commercial Officer

Contract No

:

-

 

 

Locations Details

 

Operating Address

:

Pran-RFL Tower, 105/1, Ga, Middle Badda, Dhaka-1212, Bangladesh. 

Tel No

:

88-02-9881792-9

Fax No

:

88-02-8837464

E-mail

:

export@prangroup.com,

rfl@prangroup.com,

mktg@prangroup.com

Website

:

www.rflplastic.com,www.prangroup.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

4500

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

:

Bagpara, Palash, Gorashal, Narshingdi, Bangladesh.

Tel No

:

88-01924609668, 9466024

Fax No

:

Nil

 

 

 

Address

:

RIP Rangpur, Industrial Park, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

600,000

Sq. ft.

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee

 

No. of Employees 

 

In Office

:

150

In Factory

:

4850

In Branch:

:

-

Total

:

5000

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. May. Gen. Amzad Khan Chowdhury (Retd.)

                                   249900

Mr. Property Development Ltd.

(Rep. by Lt. Col. Mahtabuddin Ahmed (Retd.)

                                        200

Mr. Ahsan Khan Chowdhury

                                  124950

Mrs. Sabiha Amjad

                                  124950

 

 

DIRECTORS

 

Name

Designation

Mr. Lt. Col. Mahtabuddin Ahmed (Retd.)                             

Chairman

Mr. Ahsan Khan Chowdhury

Managing Director

Mr. May. Gen. Amzad Khan Chowdhury (Retd.)

Director

Mrs. Sabiha Amjad

Director

 

 

MANAGEMENT

 

Name

:

Mr. Tanzil

Job Description

:

Commercial Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Rabindranath Pule.

Job Description

:

Executive Director.

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

 

 

Item Dealings In:

 

Products

:

Hanger & Garments Accessories, Food Storage Products, Pitcher,

Food Preparation Accessories, Household Utilities, Waste & Trash, Washroom Accessories, Kids Corner, Travel Kits, Beverage Products,                 

Shelving, Utility & Clearing Products, Medical Accessories, Outdoor Furniture.     

Production Capacity

:

3300 tons of Resin per month.

Last Year Production

:

Do.

 

 

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, Thailand.

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

Dhaka Chamber of Commerce & Industry, Dhaka.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 20 Crore.

 

Paid-up Capital

:

Tk.5, 00,00,000

    No. of Shares

:

5, 00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 2630 Million.

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Banga Plastic International Ltd.

Banga Building Material Ltd.

Pran Agro ltd.

Pran Dairy Ltd.

Pran Foods Ltd.

Rangpur Foundry Ltd.

Bangladesh Lift Industries Ltd.

Agricultural Marketing Co. Ltd.

Subsidiary

:

All Plast Bangladesh

Durable Plastic Ltd.

Rangpur Industries

RFL Electronics

Regal Furniture

Name of  The Group

:

Pran-RFL Group.

 

 

BANKING

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Dhaka Main Office

Anchor Tower, 108, Bir Uttam C R Dutta Road,

Dhaka – 1205, Bangladesh

Tel: 88-02-9660536-43

Fax: 8802- 9660554, 9669457

 

Bank Name  

:

Arab Bangladesh Bank Ltd.

Bank Address

:

Principal Branch,

30-31, Dilkusha C/A, Dhaka

Tel: 9560312-6, 9560887-8

E-mail: pbbrmg@abbank.com.bd

 

Bank Name  

:

Standard Chartered Bank.                                                         

Bank Address

:

Alico Building, 18-20 Motijheel C/A

 

 

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

 

The subject is a private limited company engaged in Manufacturer, Exporter & Distributors of Hanger & Garments Accessories, Food Storage Products, Pitcher, Food Preparation Accessories, Household Utilities, Waste & Trash, Washroom Accessories, Kids Corner, Travel Kits, Beverage Products, Shelving, Utility & Clearing Products, Medical Accessories, Outdoor Furniture. It is situated at Bagpara, Palash, Gorashal, Narshingdi, Bangladesh. The subject company is sister concerns of Pran-RFL Group. They are financially solvent & get good support from their banks.

 

Mr. Ahsan Khan Chowdhury- Managing Director of the company. He is very experienced businessman in this line of trade.

 

We checked the local registry office & found that information’s.

 

The company is good for normal business engagements.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be Low. SC has been in its line of business for about 12 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed promptly Fairly large amount.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.06

UK Pound

1

Rs.99.61

Euro

1

Rs.80.60

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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.