MIRA INFORM REPORT

 

 

Report No. :

303653

Report Date :

20.01.2015

 

IDENTIFICATION DETAILS

 

Name :

AKIJ CEMENT COMPANY LIMITED

 

 

Registered Office :

Mofiz Chamber (4th Floor), 75, Dilkusha C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

June 2014

 

 

Date of Incorporation :

26.02.1995

 

 

Com. Reg. No.:

C-17936

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer of Cement.

 

 

No. of Employee :

725

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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

 

Company name and address

 

 

Correct company Name

:

AKIJ CEMENT CO. LTD

Head Office

:

Mofiz Chamber (4th Floor), 75, Dilkusha C/A, Dhaka-1000, Bangladesh 

Tel No

:

88 02 9570732

Fax No

:

88-02-7175031

E-mail

:

mahfuz.accl@akij.net, bandhan@akij.net

Website

:

www.akijcement.com

Date/ Year of Incorporation

:

26/02/1995

Incorporation No.

:

C-27936

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 4759.54 Million

BDT 3268.34  Million

BDT 214.17  Million

July’ 13~June’ 14

BDT 5695.20 Million

BDT 3741.93  Million

BDT 279.05 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. Year Ahamed Tushar

Designation

:

A.G.M. (Sales & Marketing )

 

 

 

                                                               Locations Details

Operating Address

:

Mofiz Chamber (4th Floor), 75, Dilkusha C/A, Dhaka-1000, Bangladesh 

Tel No

:

88 02 9570732

Fax No

:

88-02-7175031

E-mail

:

mahfuz.accl@akij.net, bandhan@akij.net

Website

:

www.akijcement.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

4200

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

:

Nabigonj, Kadomrasul, Bandor, Narayangonj, Bangladesh

Tel No

:

88-02-7661713

Fax No

:

N/A

 

Location :

   Owned

 

 

Rented

 

 

Leased

 

Area

10

Acores

 

Corporate Office :

 

 

 

Address

:

Akij Chamber, 73 Dilkusha C/A, Dhaka-1000, Bangladesh

Tel No

:

880-2-9570732

Fax No

:

880-2-9564519, 9569537

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

675

In Branch:

:

 

Total

:

725

Details:

 

                    

 

 

 

OWNERSHIP / SHAREHOLDERS

 

         Names of Shareholders

No. of Share

Sk. Nasiruddin

98216

Sk. Bashiruddin

98216

Sk. Jamiluddin

98216

Sk. Jashimuddin

98216

Sk. Shamimuddin

98216

 

 

 

DIRECTORS

 

Name

Designation

Sk. Bashiruddin

Managing Director

Sk. Shamimuddin

Director

Sk. Jamiluddin

Director

Sk. Jashimuddin

Director

Sk. Nasiruddin

Director

 

 

MANAGEMENT

 

Name

:

Mr. Year Ahamed Tushar

Job Description

:

A.G.M. (Sales & Marketing)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Cement

Production Capacity

:

1.4 million M. Tones per year   

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

:

China, India, Japan

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

 N/A

Operation Status

:

Active

Member

:

 N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 110,00,00,000.00

 

Paid-up Capital

:

BDT 491080000

No. of Shares

:

491080

Share Value

:

BDT 1000.00Each

Main Assets

:

BDT 3741.93  Million

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES / SUBSIDIARIES / RELATED PARTIES

 

Sister Concerns

:

Dhaka Tobacco Industries

Akij Textile Mills Limited

Akij Food & Beverage Limited

Akij Jute Mills Limited

Leaf Processing Plant

Akij Shipping Limited

Akij Corporation Limited

Akij Printing & Packages Limited

Akij Poly Fibre Limited

Akij Match Factory Limited

Akij Transport Agency Limited

Akij Online Limited

Ad-Din Shishu Kishore Niketon

Akij Jarda Factory Limited

Akij Biri Factory Limited

Akij Pharmaceuticals Limited.

Saf Industries Limited

Akij Clorite Limited

Nebula Ink Limited

Savar Industries (Private.) Limited

Akij Securities Limited

Akij Footwear Limited

Akij Housing Limited

Akij Computer Limited

Sonar Bangla Cement Limited

DTI Leaf Purchasing Centre

Ad-Din Welfare Trust

Ad-Din Hospital

Akij Foundation School

Akij Shipping Line Limited

Sk. Akijuddin Limited

Akij Particle Board Mills Limited

Dhaka Tobacco Industries Limited

Seikh Akij Uddin High School

Akij Cement Ready-mix Concrete

Akij Particle & Hard Board Mills Limited

Dhaka Tobacco Industries Leaf Processing Factory

Subsidiary

:

N/A

Name of  The Group

:

Akij Group

 

 

BANKING

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation:

Bank Address

:

Dhaka Main Office

Anchor Tower, 108, Bir Uttam C R Dutta Road,

 Dhaka - 1205 Bangladesh

Telephone: (880 2) 9660536-43 (Hunting)

Fax : (880 2) 9660554

 

Bank Name  

:

Islami Bank Bangladesh Limited

Bank Address

:

Head Office Complex

Ad Branch         Islami Bank Tower, 40 Dilkusha C/A, Dhaka-1000

Phone: 9570910, 9570911,7166598,7114561,7123968;Pabx-(02)

Mobile: 01711693908, 01714034155,01755-636209,01713-425910

Fax: (02) 9564532

 

 

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 Mofiz Chamber (4th Floor), 75, Dilkusha C/A, Dhaka-1000, Bangladesh. It is situated at commercial area & their office is well decorated.

 

 

GENERAL COMMENTS

 

The subject company is a well-known reputed company in Bangladesh.  Their products popular to the local customers.   So day by day the subject companies increase their goodwill.

As well as its financial condition, we recommend that Credit can proceed promptly in Fairly large amount

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.69

UK Pound

1

Rs. 93.41

Euro

1

Rs. 71.33

 

 

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%)

 

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.