MIRA INFORM REPORT

Report No. :	504322
Report Date :	23.04.2018

IDENTIFICATION DETAILS

Name :	ACI FOODS LIMITED
Registered Office :	ACI Centre, 245, Tejgaon I/A, Dhaka-1208
Country :	Bangladesh
Financials (as on) :	30.06.2017
Date of Incorporation :	14.09.2006
Com. Reg. No.:	C-63738
Legal Form :	Private Co
Line of Business :	Manufacturer, Distributor and Importer of Processing of Spices and Different Snack, Rice.
No. of Employees :	200200

RATING & COMMENTS

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

MIRA’s Rating :

B

Credit Rating	Explanation	Rating Comments
B	Medium Risk	Business dealings permissible on a regular monitoring basis

Status :	Moderate
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

IDENTIFICATION DETAILS
Correct company Name	:	ACI FOODS LIMITED
Head Office	:	ACI Centre, 245, Tejgaon I/A, Dhaka-1208, Bangladesh
Tel No	:	88-02-8878603
Fax No	:	88-02-8878626, 8878619
E-mail	:	info@aci-bd.com
Website	:	www.aci-bd.com
Date/ Year of Incorporation	:	14.09.2006
Incorporation No.	:	C-63738
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

Other Registry & Certification Details
Organization Name	:	Metropolitan Chamber of Commerce and Industry (MCCI)
Membership No	:	N/A

FINANCIALS- SUMMARY
Year	Turnover/ Sales	Assets	Income/ (Loss)
30^th June, 2016	BDT 1853688302	BDT 1184477649	(BDT 220009300)
30^th June, 2017	BDT 3543142302	BDT 1847710628	(BDT 117417995)

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Sheema Abed Rahman
Designation	:	Company Secretary
Contract No	:	N/A

Locations Details
Operating Address	:	ACI Centre, 245, Tejgaon I/A, Dhaka-1208, Bangladesh
Tel No	:	88-02-8878603
Fax No	:	88-02-8878626, 8878619
E-mail	:	info@aci-bd.com
Website	:	www.aci-bd.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 (Food Unit):
Address		:	Kutirchar, Bhadraghat, Kamarkandi, Sirajgonj, Bangladesh.
Tel No		:	88-01709650770
Fax No		:

Factory (Rice Unit):
Address	:	Sarashawtipur, Mohadevpur, Naogaon, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	50	In Factory	:	150
	In Branch	:	N/A	Total	:	200

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share	Country
Dr. Arif Dowla	380000	Bangladesh.
Mr. M. Anis Ud Dowla	20000	Bangladesh.

DIRECTORS
Name	:	Mr. Syed Alamgir
Designation	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. M. Anis Ud Dowla
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Dr. Arif Dowla
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mrs. Najma Dowla
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Juned Ahmed Choudhury
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Ms. Shusmita Anis
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

MANAGEMENT
Name	:	Mr. Syed Alamgir
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. H.M. Fazle Rabbi- Sr.
Job Description	:	Manager (Brand)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Sheema Abed Rahman
Job Description	:	Company Secretary
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS
Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö
	Exporter		Importer	Ö	Services	Processing	Ö

Range of Products:
Products	:	Spices and Different Snack, Rice.
Production Capacity	:	N/A
Last Year Production	:	N/A
Import Products	:	N/A
Export Products	:	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(Country)			:	N/A
		Imports(Country)			:	India, China
Brand Name			:	Pure, Fun ACI Pure ACI Aroma
Certified			:	N/A
Name of Auditors			:	N/A
Operation Status			:	Active

CAPITAL STRUCTURE
Authorized Capital	:	BDT 1000 Million
Paid-up Capital	:	BDT 40000000
No. of Shares	:	400000
Share Value	:	BDT 100.00 Each
Main Assets	:	BDT 1847710628

FINANCIAL STATEMENT- DETAILED
BALANCE SHEET :
	Currency	BDT
	Denomination	: 1
	Financial Year Ending	: 30^th June’2017
Financial Highlights	30^th June 2017	30^th June 2016
Assets
Property, Plant And Equipment:	661,380,545	572,008,500
Capital Work-In-Progress	22,080,407	3,520,589
Deferred Tax Asset	61,813,329	50,112,764
Non-Current Assets	745,274,281	625,641,853
Inventories	528,686,014	231,880,978
Trade Receivables	379,332,588	174,478,964
Other Receivables	28,407,109	28,376,663
Advances, Deposits And Prepayments	50,732,551	40,041,484
Inter-Company Receivables	439,166	3,274,711
Advance Income Tax	10,173,500	9,985,179
Cash And Cash Equivalents	104,665,419	70,797,816
Current Assets	1,102,436,347	558,835,796
Total Assets	1,847,710,628	1,184,477,649
Equity
Share Capital	40,000,000	40,000,000
Revaluation Surplus	27,318,125	27,318,125
Retained Earnings	(1,427,430,045)	(1,310,012,049)
Total Equity	(1,360,111,920)	(1,242,693,925)
Liabilities
Long Term Bank Loan	80,164,565	-
Non-Current Liabilities	80,164,565	-
Bank Overdraft	106,636,323	171,195,887
Short Term Bank Loan	165,818,793	791,155,703
Long Term Bank Loan -Current Portion	21,507,245	-
Trade Payables	99,956,986	65,838,368
Other Payables	63,297,957	68,918,019
Inter-Company Liabilities	2,637,813,870	1,311,868,961
Current Tax Liability	32,626,808	18,194,635
Current Liabilities	3,127,657,983	2,427,171,573
Total Liabilities	3,207,822,548	2,427,171,573
Total Equity And Liabilities	1,847,710,628	1,184,477,649

INCOME STATEMENT :
Currency		:	BDT
Denomination		:	1
Financial Year Ending		:	30^th June’2017
Financial Highlights	30^th June 2017			30^th June 2016
Revenue	3,543,142,302			1,853,688,302
Cost of Sales	(3,086,422,733)			(1,467,412,193)
Gross Profit	456,719,569			386,276,109
Administration, Selling And Distribution Expenses	(392,148,527)			(408,085,171)
Other Income	19,963,159			25,524,930
Operating Profit	84,534,200			3,715,868
Finance Cost	(191,800,259)			(225,718,148)
Profit/(Loss) Before Tax	(107,266,059)			(222,002,279)
Income Tax Expenses
Current Tax Expenses	(21,852,502)			(11,248,175)
Deferred Tax Income	11,700,565			13,241,154
	(10,151,937)			1,992,979
Net Loss After Tax	(117,417,995)			(220,009,300)
Other Comprehensive Income:
Revaluation of Property
Plant And Equipment	-			28,811,796
Deferred Tax Expense On Revaluation	-			(1,493,671)
Net Other Comprehensive Income	-			27,318,124
Total Profit or Loss And Other
Comprehensive Income	(117,417,995)			(192,691,176)

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Name of The Group		:	ACI Group
Name of Mother Company		:	Advanced Chemical Industries (ACI)
Subsidiary		:	Nil
Sister Concerns		:	ACI Motors Ltd. ACI Salt Limited ACI Foods Limited ACI Logistics Limited ACI Pure Flour Limited ACI Edible Oils Limited ACI Formulations Limited Apex Leathercraft Limited ACI Consumer Electronics Tetly ACI (Bangladesh) Ltd Flyban Insecticides Limited Premiaflex Plastics Limited ACI Agrochemicals Limited Asian Consumer Care (Pvt.) Ltd ACI Chemical Industries Limited Creative Communication Limited ACI Godrej Agrovet Private Limited
BANKING
Bank Name	:	Standard Chartered Bank Ltd.
Bank Address	:	Motijheel Branch Alico Building, 18-20, Motijheel C/A, Dhaka-1000, Bangladesh

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 ACI Centre, 245, Tejgaon I/A, Dhaka-1208, Bangladesh. It’s in an Industrial Park.

GENERAL COMMENTS

The subject company is engaged in manufacturer, Importer & Distributor Processing. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.02
UK Pound	1	INR 92.72
Euro	1	INR 81.45
BDT	1	INR 16.24

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

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	TPT

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.