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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

495796

Report Date :

03.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

KEYA COSMETIC LIMITED

 

 

Registered Office :

Navana Tower(4th Floor), 45, South Gulshan Avenue, Gulshan-1, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017

 

 

Date of Incorporation :

14.07.1996

 

 

Com. Reg. No.:

C-30932

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Manufacturer, Selling, Exporter and Services of Cosmetics, Toiletries Product, Detergent Powder and Soap Noodles   

 

 

No. of Employees :

350

 

 

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

(30.09.2017)

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

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Keya Cosmetic Limited

Head Office

:

Navana Tower(4th Floor), 45, South Gulshan Avenue, Gulshan-1,

Dhaka-1212, Bangladesh.

Tel No

:

88-02-9899326

Fax No

:

88-02-8831032

E-mail

:

keyacosmetics@keya-bd.com, kgroup@keya-bd.com

Website

:

www.keyagroupbd.com

Date/ Year of Incorporation

:

14.07.1996

Incorporation No.

:

C-30932

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’2016

BDT 9367999144

BDT 24498078737

BDT 1325679167

30th June’2017

BDT 10406605367

BDT 28638650875

BDT 1675039066

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Noor Hossain

Designation

:

Company Secretary

Contract No

:

N/A

 

                                                               Locations Details

Corporate Address

:

Navana Tower (4th Floor), 45, South Gulshan Avenue, Gulshan-1,

Dhaka-1212, Bangladesh.

Tel No

:

88-02-9899326

Fax No

:

88-02-8831032

E-mail

:

keyacosmetics@keya-bd.com, kgroup@keya-bd.com

Website

:

www.keyagroupbd.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2400

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

Ö

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Jarun, Konabari, Gazipur, Bangladesh.

Tel No

:

88-02-9297779, 9297766, 9297029

Fax No

:

88-02-9297778

 

Corporate Office:

 

 

 

Address

:

Navana Tower (4th Floor), 45, South Gulshan Avenue, Gulshan-1,

Dhaka-1212, Bangladesh.

Tel No

:

88-02-9897651, 9897734

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

85

In Factory

:

265

In Branch:

:

N/A

Total

:

350

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Country

Mr. Abdul Khaleque Pathan

306491259

Bangladesh.

Mrs. Feruza Begum

38429110

Bangladesh.

Mrs. Khaleda Pervin

17705800

Bangladesh.

mrs. Tansin keya

19412339

Bangladesh.

Mr. Masum Pathan

13883433

Bangladesh.

Khaleque & co (pvt)Ltd

3636914

Bangladesh.

Keya Yarn Mill Ltd

124407193

Bangladesh.

Keya Sweater Ltd

255819

Bangladesh.

General Public

310867016

Bangladesh.

 

 

DIRECTORS

 

Name

:

Mr. Abdul Khaleque Pathan

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mrs. Khaleda Pervin

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mr. Masum Pathan

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Ms. Tansin Keya

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

 

 

 

Name

:

Mr. Md. Faizuddin

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mrs. Khaleda Pervin     

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Alhaj Akkas Ali Pathan

Job Description

:

Sr. Executive Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Parimal Kumar Paramanik

Job Description

:

General Manager (Production)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. A. K. Azad

Job Description

:

General Manager (Merchandising)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mrs. Soniya Ferdousi

Job Description

:

General Manager (Supply Chain)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Delowar Hossain

Job Description

:

Deputy General Manager (Production & Knitting)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr.Shahinur Rahman

Job Description

:

Assistant General Manager (Marketing & Sales)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Homaun Kabir FCA

Job Description

:

Head Of Accounts

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Sheikh Ashafuzzaman FCA

Job Description

:

Chief Financial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Shamim Uddin

Job Description

:

Officer (Corporate Affairs)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Noor Hossain

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Selling

Ö

Distributor

 

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Cosmetics, Toiletries Product, Detergent Powder and Soap Noodles   

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

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

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)

:

India, Bhutan, Saudi Arabia, Nepal & Kuwait

 

Imports(Country)

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

M/S Artisan

Chartered Accountants

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1000 Million

 

Paid-up Capital

:

BDT 8350888830

 

No. of Shares

:

835088883

 

Share Value

:

BDT10.00Each

 

Main Assets

:

BDT 28638650875

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

BDT

 

       Denomination

: 1

 

         Financial Year Ending

: 30th June 2017

     Financial Highlights

30th June’2017

 30th June’2016

Assets

 

 

Non-Current Assets

3890915180

4176538958

Fixed assets

3738108317

3979370530

Investment

152806863

197168428

Current Assets:

24747735695

20321539779

Stock of Good, Materials & Stores

9959332466

8274569142

Material In Transit

613556645

454808007

Loans, Advances & Deposit

1604347904

1573991884

Current Account With Sister Concern

1968754257

1975842103

Trade Receivable

9968454576

7586676525

Other Receivable

587836673

417923646

Cash & Bank Balance

45453174

37728472

Total Assets:

28638650875

24498078737

Equtiy And Liabilities

 

 

Share Holders” Equity:

12833559638

11158520572

Share Capital

8350888830

7077024440

Share Premium (Net of Tax)

4615642

4615642

Revaluation Reserves

468576

468576

Tax Holiday Reserves

45744731

45744731

Capital Reserves

2704988012

2704988012

Retained Earnings

1726853847

1325679171

Non -Current Liabilities :

8786464096

8545161663

Long Term Loan

8598513232

8359000194

Deferred Tax Liabilities

187950864

186161469

Current Liabilities :

7018627141

4794396502

Bank Loan & Overdraft

6344520762

4201428984

Trade Payable

101987451

74586124

Outstanding Liabilities

47679846

35068374

Provision for Income Tax

466599966

420034625

Unclaimed Dividend

7936784

7936784

Workers Profit Participation & Welfare Fund

49902332

55341611

Total Equity & Liabilities

28638650875

24498078737

Net Asset Value (NAV) per Share

15.37

15.77

Net Asset Value (NAV) per Share (Restated)

-

13.36

 

Income Statement :

 

                                                                                               Currency

:

BDT

                                                                                     Denomination

:

1

                                                                         Financial Year Ending

:

30th June 2017

                                                                                    

     Financial Highlights

30th June’2017        

     30th June’2016

Turnover

10406605367

9267999144

Less: Cost of Goods Sold

7421611733

6840200428

Gross Profit

2984993634

2427798716

Less: Operating Expenses:

348512326

422679029

Administrative Expenses

165887575

202600289

Marketing, Selling & Distribution Expenses

182624751

220078740

Operating Profit

2636481308

2005119687

Less: Non-Operating (Expenses)/Income

(725621038)

(433914357)

Financial Expenses

884832907

1022683668

Non Operative Income

159211869

588769311

Net Profit before WPPF & Tax

1910860270

1571205330

Less: Contribution To WPPF

91707067

74819301

Net Profit before Tax

1819153203

1496386029

Less: Provision For Taxation

144114137

170706862

Provision for Income Tax

142324742

167850438

Provision for Deferred Tax

1789395

2856424

Net profit After Tax

1675039066

1325679167

Add: Other Comprehensive Income

-

-

Total Comprehensive Income

1675039066

1325679167

Earnings Per Share (EPS)

2.01

1.87

Earnings Per Share (Restated)

-

1.59

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Keya Transport.

Keya Agro Process

Polly Advertising.

Keya Detergent Ltd.

Keya Yarn Mills Ltd.

Keya Cosmetics Ltd

Keya Sweaters Limited

Keya Spinning Mills Ltd.

Keya Knit Composite Ltd.

Keya Soap Chemicals Ltd.

Khaleque & Co. (Pvt.) Ltd.

Khaleque Knitting & Garments Industries (Pvt.) Ltd

Subsidiary

:

Nil

Name of  The Group

:

Keya Group

 

 

BANKING

 

Bank Name  

:

Bank Asia Ltd.

Sonali Bank Ltd

National Bank Ltd

Southeast Bank Ltd

Pubali Bank Limited

The Premier Bank Ltd

Standerd Bank Limited

 

 

 

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 address at Navana Tower, 45, south Gulshan Avenue, (4th floor), Gulshan-1, Dhaka-1212, Bangladesh. Its office is decorated by Western Furniture.

 

 

GENERAL COMMENTS

 

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

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 64.10

UK Pound

1

INR 94.44

Euro

1

INR 79.59

BDT

1

INR 0.79

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

KET

                                                


 

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.