MIRA INFORM REPORT

Report No. :	515103
Report Date :	22.06.2018

IDENTIFICATION DETAILS

Name :	PICARD BANGLADESH LTD
Registered Office :	Skylark Point (9^th Floor, Suite# 9J1-2), 24/A, Bijoy Nagar, Dhaka-1000,
Country :	Bangladesh
Financials (as on) :	30.06.2017
Date of Incorporation :	13.08.1995
Com. Reg. No.:	C-29963
Legal Form :	Private Co Ltd
Line of Business :	Manufacturer, Distributor, Exporter and Importer of Leather goods, Leather & Exocrine
No. of Employees :	2000

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd 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 (31.12.2017)	Current Rating (01.04.2018)
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 2005 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 $28 billion in FY 2016-17. The sector continues to grow despite the need for improvements in factory safety conditions and workers’ rights to avert further high-profile accidents that killed more than 1,000 workers in 2012 and 2013. In FY 2016-17, steady export growth in the garment sector, combined with $13 billion in remittances from overseas Bangladeshis, contributed to Bangladesh's rising foreign exchange reserves.

The recent influx of over 700,000 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 record flooding. Recent improvements to energy infrastructure, including the start of liquefied natural gas imports in 2018, represent a major step forward in resolving a key growth bottleneck.

Source : CIA

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS
Correct company Name	:	Picard Bangladesh Ltd
Head Office	:	Skylark Point (9^th Floor, Suite# 9J1-2), 24/A, Bijoy Nagar, Dhaka-1000, Bangladesh
Tel No	:	88-02-9354570, 9354993-4
Fax No	:	88-02- 9332569
E-mail	:	info@picardbangladesh.com, picardbd@picardbangladesh.com
Website	:	www.picardbd.com
Date/ Year of Incorporation	:	13.08.1995
Incorporation No.	:	C-29963
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

Value Added Tax(VAT) No		:	17101002223		Date of Registration	:	N/A
Issuing Authority		:	National Board of Revenue
Organization Name	:			Dhaka Chamber of Commerce & Industry
Membership No	:			N/A

FINANCIALS- SUMMARY
Year	Turnover/ Sales	Assets	Income/ (Loss)
30^th June’2016	BDT 1193 Million	BDT 672.80 Million	BDT 13.58 Million
30^th June’2017	BDT 1421 Million	BDT 708.97 Million	BDT 19.73 Million

FULLCHECK REPORT DETAILS
Information Parted By
Name	:	Mr. Kamruzzaman Manik
Designation	:	Manager (Production)
Contract No	:	N/A

Locations Details
Operating Address	:	Skylark Point (9th Floor, Suite# 9J1-2), 24/A, Bijoy Nagar, Dhaka-1000, Bangladesh
Tel No	:	88-02-9354570, 9354993-4
Fax No	:	88-02- 9332569
E-mail	:	info@picardbangladesh.com, picardbd@picardbangladesh.com
Website	:	www.picardbd.com

Location :

: Owned

Rented

Ö

Leased

Area

1200

Sq. ft.

Type of Office :	: Commercial Office Bldg.	Ö		Semi-commercial office Bldg.
Retail shop			Industrial Park
Business Center			Home Office
Residential Bldg.

Factory Address:
Address	:	Kundolbag, Zirabo, Savar, Bangladesh
Tel No	:	88-02-7792798, 7792930, 7793162, 7791202, 7791203
Fax No	:	88-02-7793133

Branch Address:
Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	70	In Factory	:	1930
	In Branch:	:	Nil	Total	:	2000
Details:

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share
Mr. Thomas Picard	14543
Mr. Georg Picard	13878
Mr. Md. Saiful Islam	2781
Dr. Shamim Imam	21640
Ms. Amrita Makin Islam	2780

DIRECTORS
Name	Designation
Mr. Md. Saiful Islam	Managing Director
Mr. Thomas Picard	Director
Mr. Georg Picard	Director
Dr. Shamim Imam	Director
Ms. Amrita Makin Islam	Director

MANAGEMENT
Name	:	Mr. Md. Saiful Islam
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Kamruzzaman Manik
Job Description	:	Manager (Production)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Enamul Haque
Job Description	:	Officer (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

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

Range of Products:
Products	:	Leather goods, Leather & Exocrine
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	Ö	Cash	Others	Ö
	Credit :		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			:	Europe
		Imports			:	India, China
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active

CAPITAL STRUCTURE
Authorized Capital	:	BDT 10 Million
Paid-up Capital	:	BDT 5562200
No. of Shares	:	55622
Share Value	:	BDT100.00Each
Main Assets	:	BDT 708.97 Million

FINANCIAL STATEMENT- DETAILED
Summary Information Given.
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns	:	Nil
Subsidiary	:	Nil
Name of The Group	:	Nil

BANKING
Bank Name	:	Prime Bank Ltd
Bank Address	:	Foreign Exchange Branch Al-Haj Mansion, 82, Motijheel C/A, Dhaka-1000, Bangladesh Tel: 88-02-9551682, 9564976, 7161146 Fax: 88-02-9553078
Bank Name	:	Bank Asia Ltd.
Bank Address	:	Dilkusha Branch 4, Dilkusha C/A, Dhaka-1000, Bangladesh Tel: 88-02-9568871-3 Fax: 88-02-9563649

Bank Name	:	NRB Bank Limited
Bank Address	:	Corporate Head Office Richmond Concord (7^th Floor), 68, Gulshan Avenue, Gulshan-1, Dhaka-1212, Bangladesh. Tel: 88-02-9855161-4, 9855223-4 Fax: 88-02-9855001

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 Skylark Point (9th Floor, Suite# 9J1-2), 24/A, Bijoy Nagar, Dhaka-1000, Bangladesh. It is situated at Commercial Office Area.

GENERAL COMMENTS

The subject company is a well-known reputed company in Bangladesh. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 68.15
UK Pound	1	INR 90.31
Euro	1	INR 79.15
BDT	1	INR 0.81

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

INFORMATION DETAILS

Analysis Done by :	NIY
Report Prepared by :	POJ

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)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.