MIRA INFORM REPORT

 

 

Report Date :

27.08.2007

 

IDENTIFICATION DETAILS

 

Name :

Aswad Composite Mills Limited

 

 

Registered Office :

House No.16, Road No.30, Gulshan-1, Dhaka

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

27th March, 2006

 

 

Com. Reg. No.:

C-61001

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

The company on completion will be in the business of producing composite & knit garments

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

New Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Report on

 

Aswad Composite Mills Limited

 

 

Address

 

House No.16,

Road No.30,

Gulshan-1,

Dhaka,

Bangladesh

Telephones                    : 880-2- 8852646, 8852969

Fax                               : 880-2-8850330, 8852748

E-mail                           : hafiz@palmalgarments.com

                                                                                     

 

SUMMARY

 

Established                                                       : March, 2006

Commercial Production Will Start From               : December,2007

Incorporation No.                                                : C-61001

Incorporation Dated                                            : 27th March, 2006

Managing Director & CEO                                   : Engr. M. Nurul Haque Sikder

 

 

Employees            

 

9                                                                    

 

Executives-                        2

Junior Executives-              3                                                                                                     

Merchandisers-                   2

General Staffs-                   2     

 

                                                                       

BANK

 

Standard Chartered Bank

Dilkusha Commercial Area,

Dhaka

 

Janata Bank,

Dilkusha Commercial Area,

Dhaka

              

 

BRANCH

 

NIL

 

 

FACTORY

 

Ananda Bazar,

Sonargoan,

District : Narayanganj

                                                                       

 

OFFICE AREA

 

1,800 sq. ft.(own)

 

                                   

FACTORY AREA

 

50,000 sq. ft (own)

 

 

WAREHOUSE AREA

 

5,500 sq. ft (own)

 

 

DIRECTORS & SHAREHOLDERS

 

Engr. M. Nurul Haque Sikder - Chairman & Managing Director

Mr. Monwarul Islam

                                                                                                                                               

 

HISTORY

 

The subject was established in March, 2006 by Engr.M.Nurul Haque Sikder and the other director in Dhaka city having its factory at Ananda Bazar, Sonargoan district : Narayanganj.

 

 

BUSINESS

 

The company on completion will be in the business of producing composite & knit garments

 

 

PROPOSED RANGE OF PRODUCTS

                       

Composite knitting

                                                                                               

 

 

 

 

                                               

PRODUCTION POSITION

 

Yearly Production Capacity                     :  New Company

 

Last year Production                              :  New Company

 

 

NAME OF GROUP

                                   

Palmal Group

 

 

SISTER CONCERN

 

Palmal Garments Hosiery Limited, Dhaka

Palmal Garments Ltd, Dhaka

Palmal Knitwear Factory Ltd, Dhaka

Palmal Style Ltd, Dhaka

 

 

MEMBER

 

Dhaka Chamber of Commerce & Industries, Dhaka

Bangladesh Textile Mills Association, Dhaka                              

                                   

 

LEGAL FORM

 

The subject is a private limited company incorporated with the Registrar of Joint Stock of Companies Dhaka.

 

 

FINANCIAL INFORMATION    

 

                                    2006                

 

Capital Invested             Tk.45 million                 

 

Turnover                        New Company

 

Liability                         Tk.18 million

 

Fixed Assets                 Tk.64 million                             

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.20 million

 

Paid up Capital                          Tk.130, 000.00

 

Each share value                       Tk.100.00

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.140.1706

US Dollar                      1.00=Tk. 69.4850

Europe Euro                  1.00=Tk. 94.9041

Japanese Yen                1.00=Tk.  0.5712

Australian Dollar            1.00=Tk. 59.7270

 

 

COMMENTS

 

The subject is a private limited company, who is under construction and will go into production of December, 2007. The subject is being established to produce and export composite and knit garments to overseas countries. The company is a member of the Palmal Group, one of the most renowned and established garments group of the country.

 

The directors are experienced businessman in this line of trade. They are financially solvent and good at their business commitments, it 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.

 

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%)

 

 

 

 

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