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MIRA
INFORM REPORT
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Report No. : |
509086 |
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Report Date : |
15.05.2018 |
IDENTIFICATION DETAILS
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Name : |
MEGHNA EDIBLE OILS REFINERY LIMITED |
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Formerly Known As : |
MEGHNA EDIBLE OILS LIMITED |
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Registered Office : |
Fresh Villa, House# 15, Road# 34, Gulshan-1, Dhaka-1212 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2017 [Summarized] |
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Date of Incorporation : |
14.12.2010 |
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Com. Reg. No.: |
C-88842 |
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Legal Form : |
Private Company |
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Line of Business : |
Refining, Blending, Distributor and Importer of Fats and Oils |
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No. of Employees : |
450 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source : CIA |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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Correct company Name |
: |
Meghna Edible Oils
Refinery Limited |
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Previous Name |
: |
Meghna Edible Oils Limited |
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Head Office |
: |
Fresh Villa, House# 15, Road# 34, Gulshan-1, Dhaka-1212, Bangladesh |
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Tel No |
: |
88-02-9889306, 9884791,
9887545, 9889490 |
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Fax No |
: |
88-02-9884896, 9889361 |
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E-mail |
: |
info@meghnagroup.biz |
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Website |
: |
www.meghnagroup.biz |
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Date/ Year of Incorporation |
: |
14.12.2010 |
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Incorporation No. |
: |
C-88842 |
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Legal Form (General) |
: |
Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorship Partnership Not Registered others (please specify)
________________ |
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Legal form (Specific) |
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LTD CORP INC CO others (please specify)
________________ |
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Issuing Authority |
: |
Registrar
of Joint Stock Companies & Firms
City Corporation Municipal Administration Union Council |
FINANCIALS- SUMMARY
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Year |
Turnover/
Sales |
Assets |
Income/
(Loss) |
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30th June, 2017 |
BDT 265 Million |
BDT
878.19Million |
BDT
15.60 Million |
FULLCHECK REPORT DETAILS
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Information
Parted By |
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Name |
: |
Mohammed Moniruzzaman |
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Designation |
: |
Deputy General Manager
Project |
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Contract No |
: |
N/A |
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Locations Details |
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Operating Address |
: |
Meghna Edible Oils Limited |
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Tel No |
: |
Fresh Villa, House# 15, Road# 34, Gulshan-1, Dhaka-1212, Bangladesh |
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Fax No |
: |
88-02-9889306, 9884791,
9887545, 9889490 |
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E-mail |
: |
88-02-9884896, 9889361 |
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Website |
: |
info@meghnagroup.biz |
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Location : |
:
Owned |
Ö |
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Rented |
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Leased |
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Area |
2400 |
Sq. ft. |
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Type of
Office : |
: Commercial Office Bldg. |
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Semi-commercial office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
Ö |
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Factory: |
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Address |
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Meghnaghat, Sonargaon,
Narayanganj, Bangladesh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Branch: |
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Address |
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Fresh Cottage, House# 48,
Sector# 13, Garib-E-Newaz Avenue, Uttara, Dhaka-1230, Bangladesh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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No. of
Employees |
In Office |
: |
50 |
In Factory |
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400 |
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In Branch |
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N/A |
Total |
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450 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of
Share |
County |
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Mostafa Kamal |
10000 |
Bangladeshi |
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Beauty Akhter |
10000 |
Bangladeshi |
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Tahmina Binthe Mostafa |
10000 |
Bangladeshi |
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Tanjima Binthe Mostafa |
10000 |
Bangladeshi |
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Tanveer Ahmed Mostafa |
10000 |
Bangladeshi |
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Tasnim Binthe Mostafa |
10000 |
Bangladeshi |
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United Edible Oils Ltd.( Rep. by Yousuf Ali) |
470000 |
Bangladeshi |
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Tanveer Food Ltd. ( Rep. by Md. Afzal Hossain) |
470000 |
Bangladeshi |
DIRECTORS
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Name |
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Mr. Mostafa Kamal |
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Designation |
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Managing Director |
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Nationality |
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Bangladeshi. |
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Email address |
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N/A |
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Other details |
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N/A |
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Name |
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Beauty Akhter |
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Designation |
: |
Director |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Tahmina Binthe Mostafa |
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Designation |
: |
Director |
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Nationality |
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Bangladeshi. |
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Email address |
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N/A |
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Other details |
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N/A |
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Name |
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Tanjima Binthe Mostafa |
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Designation |
: |
Director |
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Nationality |
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Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
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Mr. Tanveer Ahmed Mostafa |
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Designation |
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Director |
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Nationality |
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Bangladeshi. |
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Email address |
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N/A |
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Other details |
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N/A |
MANAGEMENT
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Name |
: |
Mr. Mostafa Kamal |
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Job Description |
: |
Managing Director |
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Nationality |
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Bangladeshi. |
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Email address |
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N/A |
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Other details |
: |
N/A |
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Name |
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Mr. S.M. Muzibur Rahman |
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Job Description |
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Sr. G.M. Accounts &
Finance |
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Nationality |
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Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
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N/A |
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Name |
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Mr. K.C. Das |
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Job Description |
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Sr. General Manager
(Technical) |
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Nationality |
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Bangladeshi. |
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Email address |
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kcdas@meghnagroup.biz |
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Other details |
: |
N/A |
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Name |
: |
Mohammed
Moniruzzaman
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Job Description |
: |
Deputy General Manager
Project |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
mohammed.moniruzzaman@meghnagroup.biz |
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Other details |
: |
N/A |
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Name |
: |
Mohammed Moniruzzaman |
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Job Description |
: |
Deputy General Manager
Project |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS OPERATIONS
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Nature of
Activity : |
Refining |
Ö |
Blending |
Ö |
Dealer |
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Distributor |
Ö |
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Exporter |
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Importer |
Ö |
Services |
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Others |
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Range of Products: |
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Products |
: |
Fats and Oils |
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Production
Capacity |
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N/A |
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Last Year
Production |
: |
N/A |
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Import
Products |
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N/A |
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Export
Products |
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N/A |
Trading
Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit : |
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30 days |
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60 days |
Ö |
90 days |
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days |
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Selling
Terms : |
L/C |
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Cash |
Ö |
Others |
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Credit : |
Ö |
30 days |
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60 days |
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90 days |
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days |
DETAILED DATA
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Trade Reference & Related Parties |
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Overseas Clients |
: |
N/A |
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Local Clients |
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Local Wholesalers |
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Overseas Suppliers |
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N/A |
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Local Suppliers |
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N/A |
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Trade Markets |
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Exports(Country) |
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N/A |
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Imports(Country) |
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Malaysia |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Name of Auditors |
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N/A |
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Operation Status |
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Active |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
BDT 500 Million |
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Paid-up
Capital |
: |
BDT 100000000 |
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No. of
Shares |
: |
1000000 |
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Share
Value |
: |
BDT 100.00 Each |
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Main
Assets |
: |
BDT 878.19
Million |
FINANCIAL STATEMENT- DETAILED
|
Summary
information is given. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Name of The Group |
: |
Meghan Group of Industries Ltd. |
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Name of Mother Company |
: |
Nil |
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Affiliate’s |
: |
United Edible Oils Ltd. Tanveer Food Ltd. |
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Sister Concerns |
: |
United Feeds Ltd Tanveer Oil's Ltd Unique Infoway Ltd Dhaka Securities Ltd. G. Shipping Lines Ltd. Meghna Tea Company Meghna Properties Ltd. United Sugar Mills Ltd Kamal Trading Co. Ltd Tanveer Steel Mills Ltd. Unique Power Plant Ltd Tanveer Paper Mills Ltd. United Salt industries Ltd United Fibre Industries Ltd Kamal Import & Export Ltd Fresh Cement Industries Ltd. Janata Flour & Dal Mills Ltd. Sonargaon Salt Industries Ltd. Unique Hatchery & Feeds Ltd Unique Cement Industries Ltd Mercantile Shipping Lines Ltd Meghna Flour & Dal Mills Ltd Unique Polymer Industries Ltd Tasnim Chemical Complex Ltd. Tanveer Polymer Industries Ltd Tasnim Condensed Milk Limited Global Ad Star Bag Industries Ltd Meghna Seeds Crushing Mills Ltd. Everest Power Generation Co. Ltd Dhaka Plastic Bottle (PET) Ind. Ltd Meghna Dairy & Food Products Ltd. Bagdad Vegetable Oil Industries Ltd. Meghna Vagetable Oil Industries Ltd Meghna Shipbuilders & Dockyard Ltd. Bangladesh National Insurance Co. Ltd Everest CNG Refueling & Conversion Ltd Meghna Coconut & Mustard Oil Mills Ltd. M.M. Printing & Packaging Company Ltd. United Mineral Water & Pet Industries Ltd |
BANKING
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Bank Name |
: |
Sonali Bank Ltd Prime Bank Limited Janata Bank Limited Uttara Bank Limited BASIC Bank Limited Premier Bank Limited Mutual Trust Bank Limited Dutch Bangle Bank Limited |
ADVERSE DATA MONITORING
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Dishonored
Checks |
: |
No Record Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
: |
No Record Found |
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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 Fresh Villa, House # 15, Road # 34, Gulshan-1,
Dhaka-1212, Bangladesh. It’s situated at a Residential Area. |
GENERAL COMMENTS
|
The subject company maintains acceptable business volume.
We recommended that Credit can proceed normally |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.32 |
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|
1 |
INR 91.25 |
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Euro |
1 |
INR 80.51 |
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BDT |
1 |
INR 0.79 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.