MIRA INFORM REPORT

 

 

Report No. :

308958

Report Date :

20.02.2015

 

IDENTIFICATION DETAILS

 

Name :

THE CONSOLIDATED TEA AND LANDS COMPANY (BANGLADESH) LIMITED

 

 

Registered Office :

Finlay House (1st floor), Agrabad, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

10.09.209

 

 

Legal Form :

Private Company

 

 

Line of Business :

Processing, Distributor and Exporter of Tea, Rubber

 

 

No. of Employees :

16,404

 

 

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 – 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

:

THE CONSOLIDATED TEA AND LANDS COMPANY (BANGLADESH) LIMITED

Head Office

:

Finlay House (1st floor), Agrabad, Chittagong, Bangladesh.

Tel No

:

88-031-716182, 88 031 723829 723829

Fax No

:

88-031-2521650

E-mail

:

info@jfbdltd.com

Website

:

www.jfteabd.com

Date/ Year of Incorporation

:

10-09-2009

Incorporation No.

:

CH-7227

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

BDT 1261.50 Million

BDT 4150.20  Million

BDT 57.70  Million

July’ 13~June’ 14

BDT 1698.63  Million

BDT 4347.37  Million

BDT 71.34  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. Iftekhar Ahmed

Designation

:

Company Secretary

Contract No

:

-

 

 

 

Locations Details

 

Operating Address

:

Finlay House (1st floor), Agrabad, Chittagong, Bangladesh.

Tel No

:

88-031-716182, 88 031 723829 723829

Fax No

:

88-031-2521650

E-mail

:

info@jfbdltd.com

Website

:

www.jfteabd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

6800

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

Retail shop

 

 

Industrial Park

 

Business Center

 

 

Home Office

 

Residential Bldg.

 

 

 

 

 

 

Balisera Tea Estate:

 

 

 

Address

:

Kalighat, , Srimangal, Moulavi Bazar,  Sylhet, Bangladesh

Tel No

:

01711 563695

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

15987.82

Hector

 

Branches:

 

 

 

 

 

Address

:

Finlay House, House# 3; Road # 94, Gulshan-2, Dhaka-1212, Bangladesh.

Tel No

:

88-02-9850271-4

Fax No

:

88-02-8850120  

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

85

Tea Estate

:

1498

In Branch:

:

25

Total

:

16404

Details:

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

 No. of Share

Silva Shipmanagement Ltd.-200000 Shares

200000

Uttara Automobiles Manufacturer Ltd

300000

M.M. Ispahani limited

100000

Gazipore & Mirzapore Tea Estate (BD) Ltd.

100000

Nawreen Enterprise Ltd

400000

Pedrollo NK Limited

300000

Mr. Ahmed Qumrul Islam Chowdhury

100000

Mr. Mohammed Sawkat Ali Chowdhury

100000

EC Securities Ltd.-

200000

Mr. Anis Ahmed Ahmed

200000

 

 

DIRECTORS

 

Name

Designation

Mr. Azam J Chowdhury

Chairman

Mr. A.Q.I. Chowdhury, OBE

Managing Director

Mr. Mohammed Sawkat Ali Chowdhury

Director

Mr. Nader Khan

Director

Mr. Motiur Rahman

Director

Mr. Anis Ahmed Ahmed

Director

Mr. Salman Ispahani

Director

 

 

MANAGEMENT

 

Name

:

Mr. Iftekhar Ahmed

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Processing

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Item Dealings In:

 

Products

:

Tea, Rubber

Production Capacity

:

Tea: 12 million Kilos per annum

Rubber: 850 Tonnes per annum

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

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

T. Suleman & Company

Javed Ali Paracha

Bantvawalla Ltd

A.S.S Kudia

Karachi Tea Company

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

Europe

 

Imports

:

China, India.

 

Balisera Tea Estate

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

Nil

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 1000 Million

 

Paid-up Capital

:

BDT 200000000

No. of Shares : 2000000

Share Value

:

BDT100.00Each

Main Assets

:

BDT 4347.37  Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Baraoora (Sylhet) Tea Company Limited

Tea & Plantation Ltd.

JF ( Bangladesh) Limited

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

Main Branch

Sheikh Mujib Road, Agrabad

Chittagong, Bangladesh

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

Osman Court, 70 Agrabad C/A, Chittagong 4100, Bangladesh

Tel: 880 31-710008, 711154, 724406, 723750, 2523280-2, 2510172-4

Fax: (880 31) 710007, 720130

 

 

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 Finlay House (1st floor), Agrabad, Chittagong, Bangladesh. It is situated at commercial area.

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line with fairly stable financial conditions. A credit line up to USD 85,000 would appear to be within SC’s capacities.

  

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.25

UK Pound

1

Rs.95.57

Euro

1

Rs.71.00

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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.