3decades

MIRA INFORM REPORT

Report No. :	506575
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	EASTERN CHEMICAL WORKS LIMITED

Registered Office :	333, Asadgonj, Chittagong

Country :	Bangladesh

Financials (as on) :	30.06.2017 (Summarized)

Date of Incorporation :	29.03.2009

Com. Reg. No.:	CH-6525

Legal Form :	Private Co

Line of Business :	Manufacturer, Distributor and Importer of Paints

No. of Employees :	81

RATING & COMMENTS

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

MIRA’s Rating :

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

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	:	Eastern Chemical Works Limited
Head Office	:	333, Asadgonj, Chittagong, Bangladesh
Tel No	:	88-031-610883, 610038
Fax No	:	88-031-634647
E-mail	:	easternchemical.ctg@gmail.com
Website	:	Nil
Date/ Year of Incorporation	:	29.03.2009
Incorporation No.	:	CH-6525
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/ (Loss)
30^th June’2016	BDT 162 Million	BDT 15.31 Million	BDT 5.80 Million
30^th June’2017	BDT 187 Million	BDT 18.24 Million	BDT 6.90 Million

FULLCHECK REPORT DETAILS

*Information Parted By*
Name	:	Mr. Produt Majumder
Designation	:	Managing Director
Contract No	:	N/A

*Locations Details*
Operating Address	:	333, Asadgonj, Chittagong, Bangladesh
Tel No	:	88-031-610883, 610038
Fax No	:	88-031-634647
E-mail	:	easternchemical.ctg@gmail.com
Website	:	Nil

Location :

: Owned

Rented

Leased

Area

2500

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	:	BSCIC Industrial Estate, Block# B, Sholosahar, Chittagong, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

38,000

Sq. ft.

Branch:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	12	In Factory	:	69
	In Branch:	:	Nil	Total	:	81
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mrs. Asha Rani Mazumder	6926
Mr. Madhu Sudan Sikder	11457
Mrs. Anita Mazumder	16927
Mr. Anuj Mazumder	16926
Mr. Rattan Kumar Mazumder	6732
Mr. Pradip Mazumder	6732
Mr. Dipak Mazumder	6732
Mr. Pradyut Kumar Mazumder	6732
Mr. Subrata Ranjan Sikder	11198
Mrs. Gopa Sikder	11198

DIRECTORS

Name	Designation
Mr. Pradyut Kumar Mazumder	Chairman & Managing Director
Mrs. Asha Rani Mazumder	Director
Mr. Madhu Sudan Sikder	Director
Mrs. Anita Mazumder	Director
Mr. Anuj Mazumder	Director
Mr. Subrata Ranjan Sikder	Director

MANAGEMENT

Name	:	Mr. Pradyut Kumar Mazumder
Job Description	:	Chairman & Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Narayan Gosh
Job Description	:	Manager (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01819398634

Name	:	Mr. Moksedul Alam
Job Description	:	Deputy General Manager (Sales & Marketing)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713162716

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö

	Exporter		Importer	Ö	Services	Others

Range of Products:

Products	:	Paints
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			:	N/A
		Imports			:	India, China
Brand Name			:	Olympic Paint
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	N/A

CAPITAL STRUCTURE

Authorized Capital	:	BDT 20 Million

Paid-up Capital	:	BDT 10156000

No. of Shares	:	101560

Share Value	:	BDT 100.00 Each

Main Assets	:	BDT 18.24 Million

FINANCIAL STATEMENT- DETAILED

Summary information is given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	RMF Corporation (Pvt.) Ltd
Subsidiary	:	Nil
Name of The Group	:	Nil

BANKING

Bank Name

Basic Bank Ltd.

Bank Address

Asadgonj Branch

M.A. Salam Market, 774, Asadgonj, Chittagong-4100, Bangladesh

Tel: 88-031-614569, 632112, 614942

Fax: 88-031-614942

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 333, Asadgonj Chittagong, Bangladesh. It is situated at Commercial Area.

GENERAL COMMENTS

SC is considered medium-sized in its line with fairly stable financial conditions.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
BDT	1	INR 0.79

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

INFORMATION DETAILS

Analysis Done by :	VIV

Report Prepared by :	TRU

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.