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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

489314

Report Date :

01.02.2018

 

IDENTIFICATION DETAILS

 

Name :

BANGLADESH EXPORT IMPORT COMPANY LTD.

 

 

Registered Office :

House No# 17, Road No# 2, Dhanmondi R/A, Dhaka-1205

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2017

 

 

Year of Establishment :

1972

 

 

Com. Reg. No.:

C-3821

 

 

Legal Form :

Public Listed Company       

 

 

Line of Business :

Manufacturing, Distributors, Marketing and Exporter of Fabric, Fisheries, Internet, Marine Food, Ceramics and aviation.

 

 

No. of Employees :

8200

 

 

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+

Low Risk

Business dealings permissible with low risk of default

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

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 surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

 

Source : CIA

 

 

COMPANY NAME

 

BANGLADESH EXPORT IMPORT COMPANY LTD

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Bangladesh Export Import Company Ltd.

Head Office

:

17, Dhanmondi R/A, Road # 2, Dhaka-1205, Bangladesh.

Tel No

:

88-02-58611891, 5861040, 58612040-7

Fax No

:

88-02-58613470, 9615523

E-mail

:

chq@beximco.net

Website

:

www.beximcoltd.com, www.beximco.com

Date/ Year of Incorporation

:

1972

Incorporation No.

:

C-3821

Trading Code

:

Beximco

Company Trading No

:

99613

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

30th June’2017

BDT 6860278000

(30th Sep 2016)

BDT 114800509000

BDT 273219000

(30th Sep 2016)

30th Sep’2017

BDT  5965028000

(30th Sep’2017)

BDT 114932487000

 

BDT 275811000

(30th Sep’2017)

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Mohammad Asad Ullah, FCS

Designation

:

Executive Director & Company Secretary

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

17, Dhanmondi R/A, Road # 2, Dhaka-1205, Bangladesh.

Tel No

:

88-02-58611891, 5861040, 58612040-7

Fax No

:

88-02-58613470, 9615523

E-mail

:

chq@beximco.net

Website

:

www.beximcoltd.com, www.beximco.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

4500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

Ö

 

 

 

 

Registered Head Office:

 

 

 

Address

:

House No# 17, Road No# 2, Dhanmondi R/A, Dhaka-1205, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

 

Commercial Head Office:

 

 

 

Address

:

BEL Tower (Level-10), 19, Dhanmondi R/A, Road # 7, Dhaka-1205, Bangladesh.

Tel No

:

88-02-58611891, 5861040

Fax No

:

88-02-58613470, 9615523

 

Online Division:

Address

:

Plot # 19, Road # 35, Gulshan, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8815559, 09609000999

Fax No

:

88-02-881 5747

 

Factory-1:

 

 

 

Address

:

Beximco Industrial Park, Sarabo, Kashimpur, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

Factory-2:

 

 

 

Address

:

126, Kathaldia, Tongi, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

Factory-3:

 

 

 

Address

:

Plot # 1070/1083, Mouchak, kaliakoir, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Firm:

 

 

 

Address

:

Cox's Bazzar, Chittagong, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

8120

In Branch:

:

30

Total

:

8200

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Country

Mr. A S F Rahman

57328792

Bangladesh.

Mr. Salman F Rahman

64326253

Bangladesh.

Associates

36037657

Bangladesh.

Foreign Investors

76686447

Bangladesh.

ICB including ICB Investors’ Account

92811222

Bangladesh.

General Public

465187193

Bangladesh.

 

 

DIRECTORS

 

1.      

 

 

Name

:

Mr. A S F Rahman        

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

2.      

 

 

Name

:

Mr. Salman F Rahman  

Designation

:

Vice-Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

3.      

 

 

Name

:

Mr. Iqbal Ahmed

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

4.      

 

 

Name

:

Mr. O K Chowdhury

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

5.      

 

 

Name

:

Mr. A B S Rahman

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

6.

 

 

Name

:

Mr. Barrister Faheemul Huq

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. A S F Rahman

Job Description

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Mohammad Asad Ullah, FCS

Job Description

:

Executive Director & Company Secretary

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Syed Samiul Wadood

Job Description

:

Chief Executive Officer (IT Division)

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Luthfor Rahman

Job Description

:

Chief Financial Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Syed Naved Hussain

Job Description

:

Chief Executive Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Parvez Hassan

Job Description

:

Chief Executive Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Anil Kumar Maheshwari

Job Description

:

Head of MIS

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturing

Ö

Provider

Ö

Distributors

Ö

Fisheries

Ö

 

 

 

Marketing

Ö

ICT

Ö

Services

Ö

Exporter

Ö

 

Range Of Products :

 

Products

:

Fabric, Fisheries, Internet, Marine Food, Ceramics and aviation.

Production Capacity

:

N/A

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(Country)

:

Europe

Imports(Country)

:

China, India, Japan, Malaysia

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

M/s. M. J. Abedin & Co.,

National Plaza (3rd Floor), 109, Bir Uttam C. R. Datta Road

Dhaka-1205, Bangladesh

Operation Status

:

Active

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1000 Million

 

Paid-up Capital

:

BDT 7923775640

 

No. of Shares

:

792377564

 

Share Value

:

BDT 10.00 Each

 

Main Assets

:

BDT 114932487000

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet:

 

  Currency

: BDT

 

       Denomination

: 1000

 

         Financial Year Ending

: 30th Sep’2017

     Financial Highlights

30th Sep’2017

30th June’2017

Assets

 

 

Non-Current Assets

37261739

37461541

Property, Plant And Equipment

21419145

21549526

Investment Property

14015580

14015580

Investment In Shares

1827014

1896435

Current Assets

77670748

77338968

Inventories

2406481

2192909

Debtors

36306076

31790618

Advances, Deposits And Pre-Payments

38909863

43285016

Cash And Cash Equivalents

48328

70425

Total Assets

114932487

114800509

EQUITY AND LIABILITIES

 

 

Shareholders’ Equity

59853013

59646623

Share Capital

7948471

7948471

Reserves

35696534

35765955

Retained Earnings

16208008

15932197

Non-Current Liabilities

29185196

37182489

Long Term Loans-Net Off Current Maturity

 (Secured)

28156828

36149546

Deferred Tax Liability

1028368

1032943

Current Liabilities And Provisions

25894278

17971397

Short Term Loans

1895125

2106491

Long Term Loans-Current Maturity

17018571

8853526

Creditors And Other Payables

6980582

7011380

Total Liabilities And Shareholders’ Equity

114932487

114800509

Net Asset Value Per Share

75.30

75.04

 

 

Income Statement :

 

                                                                                               Currency

:

BDT

                                                                                     Denomination

:

1000

                                                                         Financial Year Ending

:

30th Sep’2017

 

     Financial Highlights

30th Sep 2017

      30th Sep 2016

Revenue

5965028

6860278

Cost Of Revenue

4055485

5151599

Gross Profit

1909543

1708679

Operating Expenses

171281

170055

Administrative Expenses

168373

162335

Selling And Distribution Expenses

2908

7720

Profit From Operation

1738262

1538624

Financial Cost

1400619

1217565

Net Profit Before Contribution To WRWF

337643

321059

Contribution To Workers’ Participation/Welfare Fund

16078

15288

Net Profit Before Income Tax

321565

305771

Income Tax Expenses

50330

36321

Deferred Tax (Income)/Expenses

(4576)

(3769)

Net Profit After Tax

275811

273219

Other Comprehensive Income

 

 

Fair Value Gain/(Loss)On Investment In Shares

(69420)

20940

Total Comprehensive Income

206391

294159

Earning Share (EPS)

0.35

0.34

Number Of Shares Used To Compute EPS (‘000’)

794847

794847

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Beximco Group.

Subsidiary

:

Beximco USA Ltd.

Shinepukur Ceramics Ltd.

Sister Concerns

:

Bextrade Ltd.

Sonali Ansh Ltd.

GMG Airlines Ltd.

Bangladesh Online

Essess Fashions Ltd.

Esses Exporters Ltd.

Beximco Media Ltd.

Beximco Apparels Ltd.

Beximco Fashions Ltd.

Beximco Holdings Ltd.

Beximco Securities Ltd.

Beximco Petroleum Ltd.

Beximco Synthetics Ltd. 

Beximco Computers Ltd.

Shinepukur Ceramics Ltd.

Beximco Engineering Ltd

Pharmatek Chemicals Ltd.

Beximco Pharmaceuticals Ltd.

New Dacca Industries Limited

Bangladesh Antibiotics Industries Ltd.

Crescent Fashion And Design Limited                           

International Knitwear & Apparels Ltd.

Beximco Property Development And Management Limited

 

 

BANKING

 

Bank Name  

:

IFIC Bank Ltd.

Sonali Bank Ltd.

Rupali Bank Ltd.

Jananta Bank Ltd.

Agrani 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 their registered address which is situated at 17, Dhanmondi R/A, Road # 2,

Dhaka-1205, Bangladesh. It is situated at a Residential Area.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 45 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, We recommend that Credit can proceed with favorable terms in Large amount.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.69

UK Pound

1

INR 90.35

Euro

1

INR 79.21

BDT

1

INR 0.76

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

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.