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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

504062

Report Date :

18.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

DANISH FOODS LIMITED

 

 

Registered Office :

Shanta Western Tower (Level-13), Bir Uttam Mir Shawkat Road, 186, Tejgaon I/A, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2017 (Summarized)

 

 

Date of Incorporation :

06.07.2004

 

 

Com. Reg. No.:

C-53400 

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Distributor, Exporter  and Importer of Biscuits, Tea, Candy, Snacks.

 

 

No. of Employees :

1700

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

 

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Bangladesh

A2

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.

 

 

Source : CIA

 

 

Company name

 

DANISH FOODS LIMITED

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Danish Foods Limited

Head Office

:

Shanta Western Tower (Level-13), Bir Uttam Mir Shawkat Road, 186,

Tejgaon I/A, Dhaka-1208, Bangladesh

Tel No

:

88-02-8878800-11

Fax No

:

88-02-8878815

E-mail

:

danish@psgbd.com

Website

:

www.partexstargroup.com

Date/ Year of Incorporation

:

06.07.2004

Incorporation No.

:

C-53400 

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

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

31st Dec,2016

BDT 1092 Million

BDT 532.94 Million

BDT 13.60 Million

31st Dec,2017

BDT 1128 Million

BDT 561.25 Million

BDT 23.73 Million

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Imtiaz

Designation

:

Officer

Contract No

:

88-01755644464

 

                                                               Locations Details

Operating Address

:

Shanta Western Tower (Level-13), Bir Uttam Mir Shawkat Road, 186,

Tejgaon I/A, Dhaka-1208, Bangladesh

Tel No

:

88-02-8878800-11

Fax No

:

88-02-8878815

E-mail

:

danish@psgbd.com

Website

:

www.partexstargroup.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Shimrail, Siddirgonj, Narayangonj, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

 

Branch Address:

 

 

 

Address

:

Shabar Plaza (Baric Building), 116, Agrabad C/A, Chittagong, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

95

In Factory

:

1600

In Branch:

:

5

Total

:

1700

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

No. of Share

Mrs. Sultana Hashem

35000

Mr. Aziz Al Kaiser

52500

Mr. Aziz Al Mahmood

262500

 

 

DIRECTORS

 

Name

Designation

Mrs. Sultana Hashem

Chairman

Mr. Aziz Al Mahmood

Managing Director

Mr. Aziz Al Kaiser

Director

 

 

MANAGEMENT

 

Name

:

Mr. Aziz Al Mahmood

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Debasish

Job Description

:

Deputy General Manager (Exporter)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713396354

 

Name

:

Mr. Dipan Kumar Das

Job Description

:

Assistant General Manager  

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

 

 

Name

:

Mr. Imtiaz

Job Description

:

Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01755644464

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Biscuits, Tea, Candy, Snacks.

Production Capacity

:

Nil

Last Year Production

:

Nil

 

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

:

Nil

 

Local Clients

:

Nil

 

Overseas Suppliers

:

Nil

 

Local Suppliers

:

Nil

 

Trade Markets

:

 

Exports

:

Middle est.

 

Imports

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 200 Million

 

Paid-up Capital

:

BDT 35000000

 

No. of Shares

:

350000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 561.25 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary of financial information is submitted

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Partex Star Group

Subsidiary

:

Nil

Sister Concerns

:

Radio Dhaka

Patex Denim Ltd

Fotoroma Limited

Partex Energy Ltd.

Partex Builders Ltd

Partex  Housing Ltd

Partex MillS Limited

Partex Superware Ltd

Partex Real Estate Limited

Star Coconut Mills Limited

Partex Spinning MillS Limited

Partex PP_ Pipes & Fitting Ltd

Partex Plastic  Furniture Limited

Star Vegetable Oil Mills Limited

Partex uPVC Pipes & Fitting Ltd

Hashem Corporation (Pvt.)Limited

Partex Trading & Shipping Limited

Bangladesh Electrinic Payment Systm

Amber Pulp and Paper Mills Limited

Danish Condensed Milk Bangladesh Limited

 

 

BANKING

 

Bank Name  

:

Mutual Trust Bank Limited

Bank Address

:

Uttara Model Town Branch

House# 41, Road# 07, Sector# 04, Uttara, Dhaka-1230, Bangladesh

Tel: 88-02-8924379, 8951474

Fax: 88-02-8951474

 

Bank Name  

:

Arab Bangladesh Bank Ltd.

Bank Address

:

Motijheel  Branch

BSB Building, 08, DIT Avenue, Dhaka, Bangladesh

Tel: 88-02-9563011-5, 9556077, 9555586

Fax: 88-02-9556077

 

 

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 Shanta Western Tower (Level-13), Bir Uttam Mir Shawkat Road, 186, Tejgaon I/A, Dhaka-1208, Bangladesh. It is situated at Industrial Park

 

 

GENERAL COMMENTS

 

SC is considered medium-sized in its line with financial performance appears to be average.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.61

UK Pound

1

INR 94.21

Euro

1

INR 81.32

BDT

1

INR 0.78

Note: Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

NIT

 

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

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.