MIRA INFORM REPORT

 

 

Report Date :

22.09.2014

 

IDENTIFICATION DETAILS

 

Name :

TANVEER POLYMER INDUSTRIES LTD.

 

 

Registered Office :

Fresh Villa, House# 15, Road# 34, Gulshan-1, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

28.11.2002

 

 

Com. Reg. No.:

C-47787

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Exporter and Distributor of Fiber and PP Woven Bag.

 

 

No. of Employees :

155

 

 

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

A2

 

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

 

 

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Tanveer Polymer Industries Ltd.

Head Office

:

Fresh Villa, House# 15, Road# 34, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9887545, 9889490, 9884791

Fax No

:

88-02-9884896 

E-mail

:

riaz.chowdhury@meghnagroup.biz

monowarft@meghnagroup.biz

Website

:

www.meghnagroup.biz         

Date/ Year of Incorporation

:

28.11.2002

Incorporation No.

:

C-47787

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. 387 Million

Tk. 187.64 Million

Tk. 19.35 Million

July’ 13~June’ 14

Tk. 455 Million

Tk. 205.60 Million

Tk. 22.75 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. Md. Shah Alam

Designation

:

Asst. Secretary

Contract No

:

88-01711358328

 

Locations Details

 

Operating Address

:

Fresh Villa, House# 15, Road# 34, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9887545, 9889490, 9884791

Fax No

:

88-02-9884896 

E-mail

:

riaz.chowdhury@meghnagroup.biz

monowarft@meghnagroup.biz

Website

:

www.meghnagroup.biz         

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

3400

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

:

Meghna Ghat, Sonargoan, Narayangonj, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

2.5

Acores

 

 

Branches:

 

 

Address

:

Fresh Cottage, House# 48, Garib-E-Newaz Avenue, Sector#13, Uttara,

Dhaka-1230, Bangladesh.                                                                

Tel No

:

88-02-7912703, 7912718, 7912719

Fax No

:

88-02-7912381, 7912382

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

10

In Factory

:

145

In Branch:

:

-

Total

:

155

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Mostafa Kamal

2500

Mrs. Beauty Akhter

2500

Mrs. Tahmina Binthe Mostafa

2500

Mrs. Tanjima Binthe Mostafa

2500

 

 

DIRECTORS

 

Name

Designation

Mr. Mostafa Kamal

Managing Director

Mrs. Beauty Akhter

Director

Mrs. Tahmina Binthe Mostafa

Director

Mrs. Tanjima Binthe Mostafa

Director

Mr. Tanveer Ahmed

Director

 

 

MANAGEMENT

 

Name

:

Mr. Raiz Chowdhury

Job Description

:

Senior Manager

Nationality

:

Bangladeshi

Email address

:

riaz.chowdhury@meghnagroup.biz

Other details

:

N/A

 

 

 

Name

:

Mr. Monowar Hossain

Job Description

:

Deputy General Manager

Nationality

:

Bangladeshi

Email address

:

monowarft@meghnagroup.biz

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

Products

:

Fiber and PP Woven bag

Production Capacity

:

200,000 pcs bag per day

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

 

:

Dragon Asia Fertiliser -Hong Kong,

 Millinium Shipping Pte. Ltd-Singapore,

 GroupeChimiqueTunisien-Tunisia,

 Rawfert Offshore Sal-Lebanon

 

 

Imports

 

:

Saudi Arabia, UAE, Korea, Thailand, Taiwan, India& Australia

 

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 10 Crore

 

Paid-up Capital

:

Tk.10, 00,000

    No. of Shares

:

10, 000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 205.60 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Kamal Trading Co. Ltd.

Bagdad Vegetable Oil Industries Ltd

Meghna Dairy & Food Products Ltd.

Mercantile Shipping Lines Ltd

Meghna Flour & Dal Mills Ltd.

Meghna Tea Company

G.Shipping Lines Ltd.

United Fibre Industries Ltd

United Feeds Ltd

United Edible Oils Ltd

Unique Cement Industries Ltd

Unique Power Plant Ltd

United Sugar Mills Ltd

Tanveer Oil's Ltd

Tanveer Food Ltd.

Sonargaon Salt Industries Ltd.

Tanveer Steel Mills Ltd.

Tanveer Paper Mills Ltd.

Janata Flour & Dal Mills Ltd.

Meghna Properties Ltd.

Everest CNG Refueling & Conversion Ltd

Everest Power Generation Co. Ltd.

Meghna Shipbuilders & Dockyard Ltd.

Dhaka Plastic Bottle (PET) Ind. Ltd

Global Ad Star Bag Industries Ltd

Tasnim Chemical Complex Ltd.

Fresh Cement Industries Ltd.

Meghna Seeds Crushing Mills Ltd.

Dhaka Securities Ltd.

Bangladesh National Insurance Co. Ltd. 

Unique Infoway Ltd

Meghna Coconut & Mustard Oil Mills Ltd.

M.M. Printing & Packaging Company Ltd.

United Mineral Water & Pet Industries Ltd

Subsidiary

:

Nil

Name of  The Group

:

Meghna Group of Industries

 

 

BANKING

 

Bank Name  

:

Mutual Trust Bank Ltd.  

Bank Address

:

Motijheel Branch

WW Tower, (1st-3rd Floor) 68, Motijheel C/A

Dhaka-1000, Bangladesh

Phone: 7113237-38, 7119964, 7122049, 7122849

Fax: 880-2-7110930

Email: principal.br@mutualtrustbank.com

 

Bank Name  

:

Jamuna Bank Ltd.

Bank Address

:

Motijheel Branch.

Surma wer, 59/2, Purana Paltan, Dhaka-1000

Phone : 9554474, 9551606

Email : manager.motijheel@jamunabank.com.bd

Branch Manager : Masudur Rahman

Manager Designation : Vice President

 

 

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

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.81

UK Pound

1

Rs.100.06

Euro

1

Rs.78.47

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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.