MIRA INFORM REPORT

 

 

Report No. :

308760

Report Date :

23.02.2015

 

IDENTIFICATION DETAILS

 

Name :

B.P. ACCESSORIES (PVT.) LTD.

 

 

Registered Office :

11/1, Joynag Road (1st Floor), Lalbagh, Dhaka-1211

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

22.04.1998

 

 

Com. Reg. No.:

C-35265

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer of all Kinds of Garments Accessories.       

 

 

No. of Employees :

35

 

 

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 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

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

:

B.P. Accessories (Pvt.) Ltd.

Registered office

:

11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211, Bangladesh

Tel No

:

880-2- 9613773, 9670576, 9677372

Fax No

:

880-2-9677372

E-mail

:

flgalbd@flgalbd.com, flgalbd@yahoo.com

Website

:

www.flgalbd.com

Date/ Year of Incorporation

:

22.04.1998

Registered No.

:

C-35265

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 37 Million

BDT 9.00 Million

BDT 0.60 Million

July’ 13~June’ 14

BDT 62 Million

BDT 12.20 Million

BDT 2.17 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. Md. Zynal Abdin Jewel

Designation

:

Manager (Commercial)

Contract No

:

01715689759

 

 

                                     Locations Details

Business Address

:

11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211, Bangladesh

Tel No

:

880-2- 9613773, 9670576, 9677372

E-mail

:

880-2-9677372

Fax No

:

flgalbd@flgalbd.com, flgalbd@yahoo.com

Website

:

www.flgalbd.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

3500

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

:

11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211, Bangladesh

Tel No

:

 

Fax No

:

 

 

Location :

   Owned

 

 

Rented

Ö

 

Leased

 

Area

10,000

Sq. ft.

 

Branches:

 

 

Address

:

21, Khaja Dewan (1st Lane), Lalbagh, Dhaka -1211, Bangladesh.  

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

7

             In Factory

:

28

In Branch:

:

 

             Total

:

35

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Md. Farid Mia       

             200

Mr. Abdul Kae Zilani

             400

Md. Arman

             650

Md. Bashir Mia

             500

 

 

DIRECTORS

 

Name

Designation

Md. Bashir Mia     

Managing Director

Mr. Abdul Kae Zilani

Director

Md. Arman

Director

Md. Farid Mia 

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md.  Zynal Abdin Jewel

Job Description

:

Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

flgalbd01@yahoo.com

Other details

:

01715689759

 

 

 

Name

:

Mohammed Atikul Islam

Job Description

:

Chief Accountant

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mohammed Tofael Ahmed

Job Description

:

Manager (Factory)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

01712-680480

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

 All Kinds of Garments Accessories           

Production Capacity

:

N/A

Last Year Production

:

B/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

:

Local market

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports

:

N/A

Imports

:

Malaysia, China, Korea, Japan, India

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 10 Million

 

Paid-up Capital

:

BDT 175000

No. of Shares

:

1750

Share Value

:

BDT100.00Each

Main Assets

:

BDT 12.20 Million

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

F.L. Packaging Industries Ltd.

F.L. Garments Accessories Limited

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

Dutch Bangla Bank ltd.

Bank Address

:

Imamgonj Branch

41 Imamgonj, Dhaka

Roy Iswar Chandra Shil Bahadur S.,

Dhaka, Bangladesh

 

Bank Name  

:

Uttara Bank Limited

Bank Address

:

Shantinagar Branch

Kulsum (1st Floor), 40 -41, Siddeswari Circular

Road, Dhaka-1217

Tel: 880-2-8319041,9333898, 01711-405144

 

 

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 their Head office which is situated at 11/1, Joynag Road (1st floor), Lalbagh, Dhaka-1211, Bangladesh.  It is situated at residential area & their office is as will as normal flat office.

 

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line of business.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.26

UK Pound

1

Rs.96.01

Euro

1

Rs.70.72

 

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.