MIRA
INFORM REPORT
|
Report Date : |
01.08.2007 |
IDENTIFICATION DETAILS
|
Name : |
Delsey Cotton Spinning Mills Limited |
|
|
|
|
Registered Office : |
BSRS Bhaban (12th Floor), 12, Karwan Bazar Commercial Area,
Dhaka-1215, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
13th September, 2002 |
|
|
|
|
Com. Reg. No.: |
C-46722 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engaged in spinning and selling of yarns. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
Report on
Delsey Cotton Spinning Mills Limited
Address
BSRS Bhaban (12th Floor),
12, Karwan Bazar Commercial Area,
Dhaka-1215,
Telephones : 880-2- 9132534, 9123142, 8120837, 9144388
Fax : 880-2-9138187
E-mail :
mzq@dhaka.net
naheed@citechco.net
SUMMARY
Established :
September, 2002
Incorporation
No. :
C-46722
Incorporation
Dated : 13th
September, 2002
Managing
Director & CEO :
Mr. M. A. Naheed
:
Tk.780 million
Employees
4498
Executives- 5
Junior
Executives- 8
Textile
Engineers- 8
Junior
Textile Engineers- 4
Quality
Control- 22
Supervisory
Staffs- 45
Support
Staffs- 18
General Staffs- 19
Technicians- 12
Workers- 4,357
BANK
Prime Bank
Limited
Local Office
Branch,
Motijheel Commercial
Area,
HSBC
BRANCH
NIL
FACTORY
Mirzapur,
District : Tangail
OFFICE AREA
2,800 sq.
ft. (own)
FACTORY AREA
100,000 sq.
ft (own)
WAREHOUSE AREA
5,600 sq. ft
(own)
DIRECTORS & SHAREHOLDERS
Mr. M. A. Naheed - Chairman & Managing Director
Mr. M. A.
Waheed
Mr. Mir
Zubair Quasem
HISTORY
The subject was established in September, 2002 by Mr. M. A.
Naheed and the other directors in
BUSINESS
The company is engaged in spinning and selling of yarns.
Cotton Yarns
PRODUCTION POSITION
Yearly
Production Capacity : 30,000 m/tons
Last year
Production : 27,150 m/tons
MAJOR CLIENTS
Local Textiles Mills
Export Oriented Textile Mills
RAW MATERIALS FROM
TERMS OF SALES
Cash
Credit
CERTIFICATION
ISO 9001 :2000
NAME OF GROUP
NIL
SISTER CONCERN
Naheed Tea Estate Limited,
Waheed & Company Ltd,
Naheed Composite Textile Mills Ltd,
Naheed Cotton Mills Ltd,
MEMBER
Dhaka Chamber of Commerce & Industries,
LEGAL FORM
The subject is a private limited company incorporated with
the Registrar of Joint Stock of Companies Dhaka.
FINANCIAL
INFORMATION
2006 2005 2004
Capital
Invested Tk.74 million Tk.74 million Tk.74 million
Turnover Tk.780 million Tk.779.8 million Tk.779.4 million
Liability Tk.35.7 million Tk.35.8 million Tk.36 million
Fixed Assets Tk.145 million Tk.145 million Tk.145 million
CAPITAL STRUCTURE
Authorized
Capital Tk.30 million
Paid up
Capital Tk.250,
000.00
Each share
value Tk.100.00
EXCHANGE RATE
GB Pound 1.00=Tk.129.1870
US Dollar 1.00=Tk.
68.6654
Japanese
Yen 1.00=Tk. 0.5831
Australian
Dollar 1.00=Tk.
52.3228
COMMENTS
Subject is a private limited company engaged in spinning and
selling of yarns. The company’s is fitted with the latest machinery imported
from
Directors are experienced and well conversant in their line
of trade. They are financially solvent, good at their business commitments, it
is reported.
The company is good for normal business engagements.
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)