MIRA INFORM REPORT

 

 

Report Date :

09.09.2014

 

IDENTIFICATION DETAILS

 

Name :

JESSORE JUTE INDUSTRIES LTD.

 

 

Registered Office :

Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000,

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

15.10.1967

 

 

Com. Reg. No.:

C-2641

 

 

Legal Form :

State-owned Co

 

 

Line of Business :

Manufacturer & Exporter of Jute Yarn, Hessian, Carpet Backing Cloth (CBC).

 

 

No. of Employees

300

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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

 

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

:

JESSORE JUTE INDUSTRIES LTD.

Head Office

:

Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh.                                                                          

 

:

88-02-955-8182 -6, 955-8192 -6

Fax No

:

88-02-042271266

E-mail

:

jesrjute@gmail.com,

bjmc.bd@gmail.com

Website

:

www.bjmc.gov.bd

Date/ Year of Incorporation

:

15.10.1967

Incorporation No.

:

C-2641

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’2011~June’2012

Tk. 248 million

Tk. 150 Crore

Tk. 3.90 Million

July’2012~June’2013

Tk. 275 million

Tk. 151 Crore

Tk. 6.82 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

 

 

FULLCHECK REPORT DETAILS

 

                                    Information Parted By

 

 

 

Name

:

Mr. Mojibur Rahman Mollick

Designation

:

General Manager

Contract No

:

88-01711306274

 

                                     Locations Details

 

Business Address

:

Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh.                                                                 

Tel No

:

88-02-955-8182 -6, 955-8192 -6

E-mail

:

88-02-042271266

Fax No

:

jesrjute@gmail.com,

bjmc.bd@gmail.com

Website

:

www.bjmc.gov.bd

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

10,000

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

:

Rajghat-7461, Noapara, Jessore, Bangladesh.

Tel No

:

88-04222-71316

Fax No

:

-

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

79.63

Acores

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

55

In Factory

:

245

In Branch:

:

-

Total

:

300

Details:

 

                    

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

            No. of Share     

Peoples Republic Of Bangladesh government

            100%

 

 

DIRECTORS

 

Name

Designation

Major General Humayun Khaled, psc

Chairman

Mr. Arif Khan Jo

Director

Col. K. Lenin Kamal, psc (Retd.)

Director

Mr. A.E. Muhammed Ali Chowdhury

Director

Mr. Md. Abdul Maji

Director

Mr. Md. Abu Sayed

Director

 

 

MANAGEMENT

 

Name

:

Md. Abu Sayed

Job Description

:

Director Marketing

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

-

 

 

 

Name

:

Mr. Mojibur Rahman Mollick

Job Description

:

Meneral Manager

Nationality

:

Bangladeshi

Email address

:

-

Other details

:

88-01711306274

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Jute Yarn, Hessian, Carpet Backing Cloth (CBC)     

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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local market

Overseas Suppliers

:

N/A

Local Suppliers

:

Local whole sellers

 

Trade Markets

 

:

 

Exports

:

India, Pakistan

Imports

 

:

N/A

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Jute Mills Corporation

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.100 crore

Paid-up Capital

:

Tk.1,00,000

No. of Shares

:

1000

 Share Value

:

Tk.100.00Each

Main Assets

:

Tk.151 crore

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

The Crescent Jute Mills Co. Ltd.

Aleem Jute Mills Ltd.

Khalishpur Jute Mills Ltd.

Star Jute Mills Ltd.

Platinum Jubilee Jute Mills Ltd.

Eastern Jute Mills Ltd

Carpeting Jute Mills Industries Ltd.

Latif Bawany Jute Mills Ltd.

U.M.C. Jute Mills Ltd.

Jatio Jute Mills Ltd.

Bangladesh Jute Mills Ltd.

Rajshahi Jute Mills

R. R Jute Mills Ltd.

Gul Ahmed Jute Mills Ltd.

Hafiz Jute Mills Ltd.

Amin Jute Mills Ltd.

Baghdad – Dhaka Carpet Factory

M. M Jute Mills Ltd.

Subsidiary

:

N/A

Name of  The Mother Company

:

Bangladesh Jute Mills Corporation (BJMC)

 

 

BANKING

 

Bank Name  

:

Janata Bank Ltd.

Bank Address

:

Khulna Corporate Branch,

Khulna, Bangladesh

 

 

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 Factory address which is situated at Rajghat-7461, Noapara, Jessore, Bangladesh. The subject company General Manager Mr. Mojibur Rahman Mollick given us all information. Is situated at commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is Bangladesh’s leading Jute Industry engaged in Manufacturer & Exporter of Jute Yarn, Hessian, Carpet Backing Cloth (CBC).

The company exports their products in many countries.

We recommended that credit may proceed in moderate amounts.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.26

UK Pound

1

Rs.97.51

Euro

1

Rs.77.94

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.