MIRA INFORM REPORT

Report No. :	315640
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	PADMA CANS & CLOSURES LTD

Registered Office :	Padma Centre, 32/1, Dilu Road, New Eskaton, Dhaka

Country :	Bangladesh

Date of Incorporation :	11.06.1994

Com. Reg. No.:	C-26078

Legal Form :	Public Listed Co

Line of Business :	Subject is Manufacturer and Distributor of Aluminum Collapsible Tubes, Multicolored Self-Adhesive Labels, Glass Bottles caps, Pet Bottles

No. of Employee :	85

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

Payment Behaviour :	Slow but correct

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

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

PADMA CANS & CLOSURES LTD



*IDENTIFICATION DETAILS*
Correct company Name	:	PADMA CANS & CLOSURES LTD
Head Office	:	Padma Centre, 32/1, Dilu Road, New Eskaton, Dhaka, Bangladesh
Tel No	:	880-2-8312263
Fax No	:	880-2-8312273
E-mail	:	padmagroup@dhaka.net
Website	:	www.padmagroupbd.com
Date/ Year of Incorporation	:	11/06/1994
Incorporation No.	:	C-26078
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


Year	Turnover/ Sales	Assets	Income
July’ 12~June’ 13	BDT 131 Million	BDT 24.50 Million	BDT 5.89 Million
July’ 13~June’ 14	BDT 159 Million	BDT 31.37 Million	BDT 7.63 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. Shahidul Islam

Designation

Assistant Manager (Commercial)

Contract No

88-01713399367

*Locations Details*
Operating Address	:	Padma Centre, 32/1, Dilu Road, New Eskaton, Dhaka, Bangladesh
Tel No	:	880-2-8312263
Fax No	:	880-2-8312273
E-mail	:	padmagroup@dhaka.net
Website	:	www.padmagroupbd.com

Location :

: Owned

Rented

Leased

Area

3600

Sq. ft.

Type of Office :	: Commercial Office Bldg.		Semi-commercial office Bldg.	Ö
Retail shop		Industrial Park
Business Center		Home Office
Residential Bldg.

Factory:
Address	:	Jamur, Muchipara, Hemayetpur, Saver, Bangladesh
Tel No	:	88-02-774291
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

25,000

Sq. ft.

Branches:
Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	5	In Factory	:	80
	In Branch:	:		Total	:	85
Details:


Names of Shareholders	No. of Share
Mr. Mainul Huq Khan	1000
Mrs. Sultana Khaleda Khan	1000

Name

Designation

Mr. Mainul Huq Khan

Chairman & Managing Director

Mrs. Sultana Khaleda Khan

Director

Name

Mr. Shahidul Islam

Job Description

Assistant Manager (commercial)

Nationality

Bangladeshi

Email address

N/A

Other details

88-01713399367


Nature of Activity :	Manufacturer	Ö	Trader	Dealer	Distributor	Ö

	Exporter		Importer	Services	Others

Range of Products:

Products	:	Aluminum Collapsible Tubes, Multicolored Self-Adhesive Labels, Glass Bottles caps, Pet Bottles
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

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

Nil

Certified

Nil

Auditors

Nil

Operation Status

Active

Member

Dhaka Chamber of Commerce & Industry

Authorized Capital

BDT 5 Million

Paid-up Capital

BDT 200000

No. of Shares

2000

Share Value

BDT100.00Each

Main Assets

BDT 31.37 Million

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

Sister Concerns

Padma Glass Ltd.

Padma Plastic Ltd.

Padma Crown Ltd.

Padma Blowing Ltd.

Padma Lami Tube Ltd.

Padma Paper Mills Ltd.

Cap Manufacturing Co. Ltd.

Bovs Apparels Ltd.

Subsidiary

Nil

Name of The Group

Padma Group of Converters


Bank Name	:	Uttara Bank Ltd.
Bank Address	:	Shantinagar Branch 40 -41, Siddeswari Circular Road, Kulsum (1st Floor), Dhaka-1217, Bangladesh Tel: 880-2-8319041,9333898


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

Our representative visited the subject company Head Office which is situated at Padma Centre, 32/1, Dilu Road, New Eskaton, Dhaka, Bangladesh. It is Situated at Semi-Commercial area.

The subject company is engaged in manufacturer & Distributor. 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.62.33
UK Pound	1	Rs.68.08
Euro	1	Rs.68.08

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ASH

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

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