MIRA INFORM REPORT

 

 

Report No. :

315208

Report Date :

02.04.2015

 

 

IDENTIFICATION DETAILS

 

Name :

PADMA OIL COMPANY LIMITED

 

 

Formerly Known As :

BURMAH EASTERN LIMITED

 

 

Registered Office :

Padma Bhaban, Strand Road, Chittagong-4000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

27.04.1965

 

 

Com. Reg. No.:

CH-2337A

 

 

Legal Form :

Public Listed Company      

 

 

Line of Business :

Refinery, Distributor and Importer of Oil.

 

 

No. of Employees :

1092

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Bangladesh

A2

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

 

 

 

EXECUTIVE SUMMARY

 

                                            IDENTIFICATION DETAILS

Correct company Name

:

Padma Oil Company Limited

Company previous Name                       

:

Burmah Eastern Limited

Head Office

:

Padma Bhaban, Strand Road, Chittagong-4000, Bangladesh 

Tel No

:

88-031- 614235-37, 637748-49

Fax No

:

88-031-618312

E-mail

:

info@pocl.gov.bd, padma@spnetctg.com

Website

:

www.pocl.gov.bd

Date/ Year of Incorporation

:

27/04/1965

Incorporation No.

:

CH-2337A

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

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

30 June 2014

BDT 185,67,13,000

BDT8,893,38,92,000

BDT 212,72,55,000

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

:

Naresh Chandra Das

Designation

:

GM (Operation & Planning)

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Padma Bhaban, Strand Road, Chittagong-4000, Bangladesh 

Tel No

:

88-031- 614235-37, 637748-49

Fax No

:

88-031-618312

E-mail

:

info@pocl.gov.bd, padma@spnetctg.com

Website

:

www.pocl.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.

 

 

 

 

 

 

Plant Address:

Address

:

Guptakhal, Patenga, Chittagong, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

100

Acores

 

Resident Office :

Address

:

6, Elephant Road, Paribag, Dhaka-1000, Bangladesh

Tel No

:

88-031-9669660

Fax No

:

88-031-8617041

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

250

             In Factory

:

842

In Branch:

:

 

             Total

:

1092

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

              No. of Share     

Mr.Amm Rafique Uddin , Mr. Abdul Rashid and Mr. Md. Faizullah

                            99

Mr. Atm Fariduddin Ahmed, Mr. Nur Mohammad and Mr. Taimur Khan

                             99

Mr. Shaik Ahmed

                             99

Mr. Md. Abdul Quader

                            379

Mr.Mujibur Rahman

                            379

Mr. Anwaduddin Ahmed and Mrs. Nazma Ahmed

                             781

Mr.Ruhul Amin

                             781

Mr. Adani Mohan Dewanjee

                            2745

Mr. Mohammed Abdul Awwal

                            10945

General Public

                     9022333493    

 

 

DIRECTORS

 

Name

Designation

Mr. A.M.Badrudduja

Chairman

Md. Abul Khair

Managing Director

Mamtaz-Ala-Shakoor Ahmed

Director

Md. Masud Sadiq

Director

Md. Masud Sadiq

Director

Mrs. Begum Farzana Mamtaz

Director

AKM Afzalur Rahman Babu

Director

Ahmed Jamal Khan Chowdhuri

Independent Director

 

 

MANAGEMENT

 

Name

:

Kafiluddin Mahmud Chowdhury

Job Description

:

GM (Marketing)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mohiuddin Ahmed

Job Description

:

GM (Accounts & Finance)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Refinery

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Oil

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

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

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

:

Middle East countries

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1000 Million

 

Paid-up Capital

:

BDT 90,22,34,98,000

No. of Shares

: 902,23,49,800

Share Value

:

BDT10.00Each

Main Assets

:

BDT 1289606000

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

Summery Given

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

LP Gas Limited

Eastern Refinery Limited

Megna Petroleum Limited

Jamuna Oil Company Limited

Bangladesh Petroleum Corporation

Eastern Lubricant Blenders Limited

Standard Asiatic Oil Company Limited.

Subsidiary

:

N/A

Name of  The Group

:

Bangladesh Petroleum Corporation

 

 

BANKING

 

Bank Name  

:

Sonali Bank Ltd

Bank Address

:

Shah Amanat (R) Int. Air Port.               

Potenga, Chittagong, Bangladesh

Tel: 88-01713-108897, 2500646

 

Bank Name  

:

Janata Bank Ltd.

Bank Address

:

Potenga Branch

Potenga Road, PO- North Patenga,

 Thana-Bandar Chittagong-4204, Bangladesh

Tel: 88-02-2500022

 

 

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 Padma Bhaban, Strand Road, Chittagong-4000, Bangladesh. It is situated at commercial area.  

 

 

GENERAL COMMENTS

 

The subject company is engaged in Importer, Refinery & distributors.  It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate amount.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.