MIRA INFORM REPORT

 

 

Report No. :

308959

Report Date :

20.02.2015

 

IDENTIFICATION DETAILS

 

Name :

DEUNDI TEA CO LTD.

 

 

Operating Office :

Agrabad Centre (2nd Floor), 2470/A,  SK Mujib Road, Agrabad, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

24.05.1918 (UK)

 

 

Com. Reg. No.:

00150515   (Bangladesh Permission No.F-261)

 

 

Legal Form :

Private Company  

 

 

Line of Business :

engaged in producing and exporting of Tea

 

 

No of Employees :

750 (45 in Office & 705 in Tea Garden)

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow

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

 

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Deundi Tea Co Ltd.

Country Office

:

Agrabad Centre (2nd Floor), 2470/A,  SK Mujib Road, Agrabad,

 Chittagong, Bangladesh.

Tel No

:

88-031-711527, 718394

Fax No

:

88-031-710507

E-mail

:

rkarimdeundi@iolbd.net , deundi@abnetbd.com

Website

:

Nil

Year of Incorporation

:

24/05/1918 (UK)

Incorporation No.

:

00150515   (Bangladesh Permission No.F-261)

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorship  Partnership                     Not Registered

 others (please specify) ________________

 

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

 

Issuing Authority

:

 United Kingdom                                                 City Corporation

 Municipal Administration                                    Union Council

 Cantonment Board                                               Chief Controller of  Import & Export (CCIE)

 

 

FINANCIALS- SUMMARY- Bangladesh Operations

 

      Year

Turnover/ Sales

 Assets

     Income

July’ 13~June’ 14

BDT 255 Million

BDT 1138 Million

BDT 14.79 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. Newaz Ahmed

Designation

:

Accountants

 

Locations Details

Operating Address

:

Agrabad Centre (2nd Floor), 2470/A,  SK Mujib Road, Agrabad,

 Chittagong, Bangladesh.

Tel No

:

88-031-711527, 718394

Fax No

:

88-031-710507

E-mail

:

rkarimdeundi@iolbd.net , deundi@abnetbd.com

Website

:

Nil

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

5500

 

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Registered  Office Address:

Address

:

69-85, Second Floor, Tabernacle Street, Postcode: EC2A 4RR, London, United Kingdom.

Tel No

:

N/A

Fax No

:

N/A

 

Mertinga Tea Estate:

Address

:

Munshibazar, Kamalganj, Manu-Doloi, Maulvibazar, Sylhet, Bangladesh

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

1000

Acores

 

Lalchand Tea State:

 

 

 

Address

:

Shahajibazar, Chunarughat, Luskerpore, Habiganj, Sylhet, Bangladesh

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

750

Acores

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

45

Tea Garden

:

705

In Branch:

:

-

Total

:

750

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

REA Holdings plc-UK

                                         100%

 

 

DIRECTORS

 

Name

Designation

M. Wahidul Haque

Managing Director

Mr. Janice Dawn Chemweno

Director

Mr. Philip Anthony Archer Rapp

Director

 

 

MANAGEMENT

 

Name

:

Mr. Rafiqul Karim.

Job Description

:

Country Manager.

Nationality

:

Bangladeshi.

 

Name

:

Mr. Newaz Ahmed

Job Description

:

Accountants

Nationality

:

Bangladeshi.

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Processing

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

Products

:

Tea.      

 

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

:

UK, Europe.

 

Imports

:

China, India.

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active.

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

N/A

 

Paid-up Capital

:

N/A

    No. of Shares

:

N/A

Share Value

:

N/A

Main Assets

:

BDT 1138 Million

 

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank.

Bank Address

:

Agrabad Branch.

PHP House, 31 Agrabad C/A,

Chittagong,

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

 

The subject company country Office which is situated Agrabad Centre (2nd Floor), 2470/A SK Mujib Road, Agrabad, Chittagong, Bangladesh. Their Office is situated at residential area which is well furnished with European furniture

 

 

GENERAL COMMENTS

 

Established in 1918, Subject is mainly engaged in producing and exporting of Tea. We recommended that Credit should be extended under guarantee in C.O.D to small amount.

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.25

UK Pound

1

Rs.95.57

Euro

1

Rs.71.01

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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.