MIRA INFORM REPORT

 

 

Report No. :

330750

Report Date :

03.07.2015

 

IDENTIFICATION DETAILS

 

Name :

BANGLADESH FOREST INDUSTRIES DEVELOPMENT CORPORATION

 

 

Registered Office :

Banashilpa Bhavan, 73, Motijheel C/A, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

03.10.1959

 

 

Legal Form :

State-Owned Co.

 

 

Line of Business :

Producer and Distributor of Rubber, Wood.

 

 

No. of Employees :

5322

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.

 

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 


                                                IDENTIFICATION DETAILS

Correct company Name

:

Bangladesh Forest Industries Development Corporation

Head Office

:

Banashilpa Bhavan, 73, Motijheel C/A, Dhaka-1000, Bangladesh

Tel No

:

88-02-9560086-8

Fax No

:

88-02-9563035

E-mail

:

cm.bdidc@gmail.com

Website

:

www.bfidc.info

Date/ Year of Incorporation

:

03/10/1959

Incorporation No.

:

N/A

Presidential Order

:

48

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        Presidential

 Municipal Administration                                    Union Council

 Cantonment Board                                               Chief Controller of  Import & Export

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

July’ 12~June’ 13

N/A

N/A

BDT 511.1 Million       

July’ 13~June’ 14

N/A

N/A

BDT 150.242 Million (Provisional)

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. S. M. Abu Taher

Designation

:

Director (P & C)

Contract No

:

N/A

 

                                                               Locations Details

Business Address

:

Banashilpa Bhavan, 73, Motijheel C/A, Dhaka-1000, Bangladesh

Tel No

:

88-02-9560086-8

Fax No

:

88-02-9563035

E-mail

:

cm.bdidc@gmail.com

Website

:

www.bfidc.info

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

 

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Plant Address 1:

Address

:

Cabinet Manufacturing Plant, Mirpur-2, Dhaka, Bangladesh

Tel No

:

 88-02-9003486.

Fax No

:

Nil

 

 

 

Plant Address 2:

Address

:

Estern Wood Works, Tejgaon, Dhaka, Bangladesh

Tel No

:

88-02-9893163.

Fax No

:

Nil

 

 

 

Plant Address 3:

Address

:

Sango Matamuhuri unit, Kalurghat, Chittagong, Bangladesh

Tel No

:

88-02-670325.

Fax No

:

Nil

 

 

 

Plant Address 4:

Address

:

Cabinet Manufacturing Plant (CMP), Kalurghat,  Chittagong, Bangladesh

Tel No

:

88-02-670920.

Fax No

:

Nil

 

 

 

Plant Address 5:

Address

:

FIDCO Furniture Complex, Kalurghat, Chittagong, Bangladesh

Tel No

:

 88-02-670923.

Fax No

:

Nil

 

 

 

Plant Address 6:

Address

:

Wood Treating Plant (WTP), Kalurghat, Chittagong, Bangladesh

Tel No

:

88-02-670922.

Fax No

:

Nil

 

 

 

Plant Address 7:

Address

:

Lumber Processing Complex (LPC), Kaptai, Rangamati Hill  Tracts, Bangladesh

Tel No

:

88-02-03529-271.

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

3263500

Acores

 

Branches:

Address

:

(Government Office):

Block # B, Chandgaon R/A, Chittagong, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

 

Plant Address

:

 

In Branch:

:

 

Total

:

5322

Details:

 

                    

 

 

 

Board of Director

 

Board of Director

               

:

 

Mr. Saraf Uddin Ahmed- Chairman (Additional Secretary)

Mr. Mohammed Abdul Quadir - Director (P & D)

Mr. Nepur Ahmed- Director (Finance)

Mr. S. M. Abu Taher- Director (P & C)

 

 

MANAGEMENT

 

Name

:

Mr. Nepur Ahmed

Job Description

:

Director (Finance)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity    :

Producer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

 Range of Products :

 

Products

:

Rubber, Wood     

Production Capacity

:

4315.40 MT 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

:

N/A

 

Brand Name

:

Nil

Number of Rubber Garden

:

17

Certified

:

Nil

Auditors

:

 Nil

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Capital Invested

:

N/A

 Assets

:

N/A

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

Sonali bank Ltd.

Janata bank Ltd.

 

 

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 Banashilpa Bhavan, 73, Motijheel C/A, Dhaka-1000, Bangladesh. It is Situated at Commercial area.

 

 

GENERAL COMMENTS

 

The subject is a government own corporation. The subject company is engaged in Producing & distributors. It is reputed company in this line of business.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.57

UK Pound

1

Rs.99.20

Euro

1

Rs.70.35

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

               

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.