MIRA
INFORM REPORT
|
Report No. : |
330780 |
|
Report Date : |
10.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
RAK CERAMICS
(BANGLADESH) LTD. |
|
|
|
|
Formerly Known As : |
RAK CERAMICS
(BANGLADESH) PVT. LIMITED |
|
|
|
|
Registered Office : |
RAK Tower (7th, 8th & 9th) House
# 9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town, Dhaka-1230 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
26.11.1998 |
|
|
|
|
Com. Reg. No.: |
C-36813 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Manufacturer, Marketing, Distributor and Exporter of
Ceramic, Gres Porcellanato, Sanitary Ware, Marble & Mosaic Tiles/Stone,
Ceramics Tiles, Bathroom sets, & all types of sanitary ware.
|
|
|
|
|
No. of Employees : |
1250 |
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 |
: |
RAK Ceramics (Bangladesh) Ltd. |
|
Previous Name |
: |
RAK Ceramics
(Bangladesh) Pvt. Limited |
|
Head Office |
: |
RAK Tower (7th, 8th & 9th) House
# 9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town, Dhaka-1230,
Bangladesh. |
|
Tel No |
: |
880-2-58957393, 58952303 |
|
Fax No |
: |
880-2-58957096 |
|
E-mail |
: |
acs@rakcerambd.com, rak@rakcerambd.com |
|
Website |
: |
www.rakcerambd.com |
|
Date/ Year of Incorporation |
: |
26.11.1998 |
|
Incorporation No. |
: |
C-36813 |
|
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 |
|
|
31st
December 2013 |
BDT 4,687,262,509 |
BDT 9,266,255,808 |
BDT 868,387,075 |
|
|
31st
December 2014 |
BDT 5,009,387,118 |
BDT 9,736,849,086 |
BDT 589,153,693 |
|
|
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. Muhammad Shahidul Islam FCS |
|
Designation |
: |
Company Secretary |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
|
||
|
Operating Address |
: |
RAK Tower (7th, 8th & 9th) House #
9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town, Dhaka-1230,
Bangladesh. |
|
Tel No |
: |
880-2-58957393, 58952303 |
|
Fax No |
: |
880-2-58957096 |
|
E-mail |
: |
acs@rakcerambd.com, rak@rakcerambd.com |
|
Website |
: |
www.rakcerambd.com |
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
12000 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
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|
Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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|
Address |
: |
Dhanua, Sreepur, Gazipur, Bangladesh. |
|
Tel No |
: |
- |
|
Fax No |
: |
- |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
6.5 |
Acres |
|
Branch office: |
||
|
Address |
: |
House # 5 (2nd Floor, 3rd Floor), Road #
1/A, Sector # 4, Uttara, Dhaka-1230, Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Showroom-1: |
||
|
Address |
: |
RAK Tower (7th Floor), Plot #
1/A, Jasimuddin Avenue, Sector # 3, Uttara Dhaka-1230. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Showroom-2: |
||
|
Address |
: |
318 Free School Street, Hatrilpool, Dhaka. |
|
Tel No |
: |
88-02-9664295, 01713-143220 |
|
Fax No |
: |
88-02-9613826 |
|
Showroom-3: |
||
|
Address |
: |
Soto Pool, Agrabad Access Road, Agrabad,
Chittagong. |
|
Tel No |
: |
88-01713-489186 |
|
Showroom-4: |
||
|
Address |
: |
Gazi Burhan Uddin Road, Mendibag, Sylhet,
Bangladesh. |
|
Tel No |
: |
88-0821-729011, 01714-035343 |
|
Fax No |
: |
Nil |
|
Employee: |
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|||||||
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No. of Employees |
In Office |
: |
80 |
In Factory |
: |
1170 |
||
|
In Branch: |
: |
- |
Total |
: |
1250 |
|||
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
RAK Ceramics Co. PSC, UAE |
243910021 |
|
Mr. Abdallah Massaad |
14 |
|
Mr. S.A.K. Ekramuzzaman |
16211985 |
|
Mr. Mahbubur Rahman |
40728 |
|
General Public |
76687863 |
DIRECTORS
|
Name |
Designation |
|
Mr. Abdallah Massaad |
Chairman |
|
Mr. S.A.K. Ekramuzzaman |
Managing Director |
|
Mr. Khaled Abdulla Yousef Aal Abdulla Aal
Abdulla |
Director |
|
Mr. Pramod Kumar Chand |
Director |
|
Mr. Rafique-ul Huq, Barrister-at-Law |
Independent Director |
|
Mr. Wassim Moukahhal |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr. Mohammmad Jahirull Reza |
|
Job Description |
: |
General Manager-Purchase |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Imtiaz Hussain |
|
Job Description |
: |
Chief Executive Officer |
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Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Abhijit Chakraborty |
|
Job Description |
: |
Chief Financial Officer |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS OPERATIONS
|
Nature of Activity : |
Manufacturer |
Ö |
Marketing |
Ö |
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Range of
products : |
||
|
|
||
|
Products |
: |
Ceramic, Gres Porcellanato, Sanitary Ware,
Marble & Mosaic Tiles/Stone. ceramics tiles, Bathroom sets, & all
types of sanitary ware.
|
|
Production Capacity |
: |
225000 square meters per day of Ceramics & 8500 pieces of sanitary wares per day. |
|
Last Year
Production |
: |
Do. |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
|
Others |
|
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|||
|
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
|
Selling Terms : |
L/C |
Ö |
Cash |
Ö |
Others |
|
|
|||
|
|
Credit : |
Ö |
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED DATA
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
Local whole sellers |
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
||||
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Trade Markets |
: |
Exports |
: |
USA, Eurozone |
|
|||||
|
Imports |
: |
China, India, Thailand & Malaysia |
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|||||||
|
Brand Name |
: |
RAK |
||||||||
|
Certified |
: |
ISO 9001:2008 |
||||||||
|
Auditors |
: |
M/s Rahman Rahman Huq, Chartered Accountants |
||||||||
|
Operation Status |
: |
Active |
||||||||
|
Member |
: |
Dhaka Chamber of Commerce & Industry |
||||||||
CAPITAL STRUCTURE
|
Authorized
Capital |
: |
BDT
6,000,000,000 |
|
||||||
|
Paid-up Capital |
: |
BDT
3368506110 |
No.
of Shares |
: |
336850611 |
Share
Value |
: |
BDT10.00Each |
|
|
Main Assets |
: |
BDT 9,736,849,086 |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
:BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st December |
|
||
%20LTD.%20-%20330780%2010-Jul-2015_files/image009.gif)
|
Income Statement : |
||
|
|
Currency |
:BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st December |
|
|
||
%20LTD.%20-%20330780%2010-Jul-2015_files/image011.gif)
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
RAK Paints Pvt. Ltd. RAK Security & Services Pvt. Ltd. RAK-Mosfly(Bangladesh) Pvt. Ltd. |
|
Subsidiary |
: |
RAK Power Pvt. Ltd. RAK Pharmaceuticals Pvt. Ltd. |
|
Name of The Group |
: |
RAK Group |
BANKING
|
Bank Name
|
: |
HSBC Citibank, N.A. Dutch-Bangla Bank
Ltd. Standard
Chartered Bank |
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 RAK Tower (7th, 8th & 9th)
House # 9, Road # 1/A, Jasimuddin Avenue, Sector# 3, Uttara Model Town,
Dhaka-1230, Bangladesh. Its office is situated at Residential area which is a
normal flat but well decorated. |
GENERAL COMMENTS
|
The subject company is engaged in manufacturer, Exporter &
Distributors. It is reputed company in this line of business. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.97.85 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.