MIRA INFORM REPORT

 

 

Report Date :

02.07.2007

 

IDENTIFICATION DETAILS

 

Name :

Ishraq Spinning Mills Limited

 

 

Registered Office :

House No. 15, Road No. 72, Gulshan - 2, Dhaka – 1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

1st January, 2004

 

 

Com. Reg. No.:

C - 51469

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in the business of yarn spinning.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

Report on

 

Ishraq Spinning Mills Limited

 

 

Address

 

House No.15,

Road No. 72,

Gulshan-2,

Dhaka-1212,

Bangladesh

Telephones        : 880-2-7410736, 7412139, 7412498,

Fax                   : 880-2-7410714

E-mail               : ahmedgroup@dhaka.net

                                                                         

 

SUMMARY

 

Established                               : January, 2004

Incorporation No.                        : C-51469

Incorporation Dated                    : 1st January,2004

Managing Director & CEO           : Mr. Al-Haj M.Nasir Uddin Ahmed

 

 

Employees                 

 

490                                                                                                                                                        

 

Executives-                               4

Junior Executives-                      5

Textile Engineers-                      4

Junior Textile Engineers-             3

Quality Control-                          12                      

Supervisory Staffs-                     25

Support Staffs-                           8

General Staffs-                           10

Technicians-                              5

Workers-                                   414

 

                                                                                   

BANK

 

Janata Bank Limited

Principal Office Branch,

Motijheel Commercial Area,

Dhaka.

 

 

 

 

 

BRANCH

 

NIL

 

                                                                            

FACTORY

 

Modhukola,

Sreepur,

District : Gazipur

 

 

OFFICE AREA

 

1,600 sq. ft. (own)

 

                                   

FACTORY AREA

 

35,500 sq. ft (own)

 

 

WAREHOUSE AREA

 

3,300 sq. ft (own)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. Al-Haj M.Nasir Uddin Ahmed -Chairman

Mr. Fazlul Hoque - Managing Director

 

 

HISTORY

 

The subject was established in 1st January,2004 by Mr. M. Nasir Uddin Ahmed and other director in Dhaka city having its factory at, Sreepur, district Gazipur.

 

 

BUSINESS

 

The company is engaged in the business of yarn spinning.

 

 

RANGE OF PRODUCTS

                       

Yarn Spinning

                       

MAJOR CLIENTS

                       

Local Export Oriented Composite Textile Mills.

 

 

TERMS OF SALES

 

Cash

Credit

 

 

NAME OF GROUP

                       

Ahmed Group

 

 

SISTER CONCERN

 

Lufa Fashions Ltd, Dhaka

Sabit Sportswear Ltd, Dhaka

Sajib Fashion wears 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                             2005                             2004

 

Capital Invested             Tk.55 million                  Tk.55 million                  Tk.55 million                 

 

Turnover                        Tk.380 million                Tk.379.7 million             Tk.379 million   

 

Liability                         Tk.16.5 million               Tk.16.9 million               Tk.17 million     

 

Fixed Assets                 Tk.100 million                Tk.100 million                Tk.100 million

                       

 

           

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.50 million

 

Paid up Capital                          Tk.120, 000.00

 

Each share value                       Tk.100.00

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.129.1870

US Dollar                      1.00=Tk. 68.6654

Europe Euro                  1.00=Tk. 87.0154

Japanese Yen                1.00=Tk.  0.5831

Australian Dollar            1.00=Tk. 52.3228

 

 

COMMENTS

 

The subject is a private limited engaged in the business of spinning of yarns and their jobs are quite popular in the local market. The major clients are the local export oriented composite textile mills.

 

The directors are experienced and knows their job well. They are financially solvent and good 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/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%)

 

 

 

 

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