MIRA INFORM REPORT

 

 

Report Date :

11.09.2014

 

IDENTIFICATION DETAILS

 

Name :

EASTERN JUTE MILLS LIMITED

 

 

Registered Office :

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

 

 

Country :

Bangladesh   

 

 

Date of Incorporation :

01.11.1967

 

 

Legal Form :

State-Owned Company

 

 

Line of Business :

Manufacturer, Exporter and Distributor of Jute Yarn, Hessian, Carpet Backing Cloth (CBC)

 

 

No of Employees :

1400

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

B1

A2

 

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

:

EASTERN JUTE MILLS LIMITED

Head Office

:

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

Tel No

:

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

Fax No

:

88-02-042271266

E-mail

:

export.ejm@gmail.com

Website

:

www.bjmc.gov.bd

Date/ Year of Incorporation

:

01-11-1967

Incorporation No.

:

C-579

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’ 12~June’ 13

Tk. 2275.75 Million

Tk. 3547.90 Million

Tk. 102.37 Million

July’ 13~June’ 14

Tk. 2461.20 Million

Tk. 3850.00 Million

Tk. 115.74 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. Shafiqul Islam

Designation

:

General Manager

Contract No

:

88-01766680566

 

 

Locations Details

 

Operating Address

:

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

Tel No

:

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

Fax No

:

88-02-042271266

E-mail

:

export.ejm@gmail.com

Website

:

www.bjmc.gov.bd

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

5000

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

:

Atra I/A, Khulna, Bangladesh.

Tel No

:

88-041-785564, 785384

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

40.87

Acores.

 

 

BRANCHES:

 

 

 

 

 

Address

:

Hadiz Uddin Road, Charer Hat, Khalishpur, Khulna, Bangladesh.

Tel No

:

88-041-761746, 761825

Fax No

:

880-041-762237, 761802

 

Location :

Owned

 

 

Rented

 

 

Leased

 

Area

 

Sq. ft.

 

EMPLOYEE:

 

 

 

No. of Employees 

 

In Office

:

60

In Factory

:

1340

In Branch:

:

-

Total

:

1400

Details:

 

                     

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Peoples Republic Of Bangladesh government

                                  100%

 

DIRECTORS

 

Name

Designation

Mr. Major General Humayun Khaled, PSC

Chairman

Mr. Colonel (Retd.) K Lenin Kamal, PSC

Director

Mr. Paresh Chandra Roy

Director

Mr. Md. Abdul Majid

Director

Mr. Babul Chandra Roy

Director

Mr. A.K. Nazmuzzaman

Director (Research & Quality Control)

 

MANAGEMENT

 

 

Name

:

Mr. A.K. Nazmuzzaman

Director (Research & Quality Control)

Job Description

:

Director (Research & Quality Control)

 

Nationality

:

Bangladeshi

 

Email address

:

N/A

 

Other details

:

N/A

 

 

 

 

 

Name

:

Mr. Shafiqul Islam

 

Job Description

:

General Manager

 

Nationality

:

Bangladeshi

 

Email address

:

N/A

 

Other details

:

88-01766680566

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

RANGE OF PRODUCTS:

 

Products

:

Jute Yarn, Hessian, Carpet Backing Cloth (CBC)          

Production Capacity

:

Hessian-146 ton

Sacking-432 ton

CBC-84 ton

Last Year Production

:

Nil

 

 

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

 

:

India, China

 

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Jute Mills Corporation

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 50 Million

 

Paid-up Capital

:

Tk. 92, 000

    No. of Shares

:

920

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 3850.00 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update full 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.

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

Jessore Jute Industries Limited

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 Head office which is situated at Adamjee Court (Annexe-1), 115-120, Motijheel C/A, Dhaka-1000, Bangladesh. The subject company General Manager Mr. Shafiqul Islam given us all information. Is situated at commercial area which is a well decorated modern office.

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line with fairly stable financial conditions. A credit line up to USD 1,500,000 would appear to be within SC’s capacities.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.83

UK Pound

1

Rs.98.15

Euro

1

Rs.78.65

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

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.