MIRA INFORM REPORT

 

 

Report Date :

23.07.2007

 

IDENTIFICATION DETAILS

 

Name :

Akij Textile Mills Limited

 

 

Registered Office :

Akij Chamber (3rd Floor), 73, Dilkusha Commercial Area, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

26th February, 1995

 

 

Com. Reg. No.:

C-27926

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Engaged in manufacturing 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 :

Regular

 

 

Litigation :

Clear

 

 

Report on

 

Akij Textile Mills Limited

 

 

Address                     

 

Akij Chamber (3rd Floor),

73, Dilkusha Commercial Area,

Dhaka-1000

Bangladesh

Telephones        : 880-2-9563008-9, 9667023-24,

Fax                   : 880-2-9563007,9564519

E-mail               : amin@citechco.net

                                                                                     

 

SUMMARY

 

Established                                           : February, 1995

Incorporation No.                                    : C-27926

Incorporation Dated                                : 26th February, 1995

Managing Director & CEO                       : Mr. Sheikh Akij Uddin

 

 

Employees       

 

1,808                                                                          

Executives-                               4

Junior Executives-                      7                                                                                                         

Textile Engineers-                      6

Junior Textile Engineers-             5

Quality Control-                          20

Supervisory Staffs-                     26

Support Staffs-                           12

General Staffs-                           16

Technicians-                              10

Workers-                                               1,702

 

 

BANK

 

Janata Bank

Local Office Branch,

Motijheel Commercial Area,

Dhaka

 

 

BRANCH

 

NIL

 

FACTORY

 

Golora,

Taraghat,

District :Manikganj

                                                                       

 

OFFICE AREA

 

2,100 sq. ft. (own)

 

                                   

FACTORY AREA

 

3.8 acres lands (own)

 

 

WAREHOUSE AREA

 

4,600 sq. ft (own)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr. Sheikh Akij Uddin -Chairman & Managing Director

Mr. Sheikh Zamil Uddin                                                                                                                                                 

 

HISTORY

 

The subject was established in February,1995 by Mr.Sheikh Akij Uddin  and the other director in Dhaka city having its factory at Golora, Taraghat, district : Manikganj.

 

 

BUSINESS

 

The company is engaged in engaged in manufacturing and selling of yarns.

 

 

RANGE OF PRODUCTS

                       

Yarns

                                                                                               

 

PRODUCTION POSITION

 

Yearly Production Capacity                     :  6,600 m/tons

 

Last year Production                              :  6,600 m/tons

 

 

MAJOR CLIENTS

                       

Export Oriented Ready-Made Garment Industries

                                   

 

RAW MATERIALS FROM

 

China

Pakistan

Uzbekistan

Kazakhstan

India

 

 

TERMS OF SALES

 

Cash

Credit

 

 

NAME OF GROUP

                                   

Akij Group

 

 

SISTER CONCERN

 

Akij Biri Factory ltd, Dhaka

SAF Industries Ltd, Dhaka

Dhaka Industries Ltd, Dhaka

Navaron Printing & Packaging Ltd, Dhaka

Akij Transport Agency Ltd, Dhaka

Dhaka Tobacco Company Ltd, Dhaka

Leaf Processing Plant, Dhaka

Amin Uddin Enterprise Ltd, Dhaka

Akij Pharmaceuticals Ltd, Dhaka

Akij Particle & Hard Board Mills Ltd, Dhaka

Sonar Bangla Cements Factory Ltd, Dhaka

Akij Match Factory Ltd, Dhaka

Akij Housing Ltd, Dhaka

Akij Jute Mills Ltd, Dhaka

Akij Cement Company 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.85 million                  Tk.85 million                  Tk.85 million

 

Turnover                        Tk.527 million                Tk.526.3 million             Tk.526.7 million

 

Liability                         Tk.36.2 million               Tk.36.6 million               Tk.37 million

 

Fixed Assets                 Tk.130 million                Tk.130 million                Tk.130 million               

 

           

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.500 million

 

Paid up Capital                          Tk.300, 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 family owned private limited company engaged in manufacturing and selling of yarns. The company’s is fitted with the latest machinery imported from Taiwan, Korea and China. The qualities of their products are very good and it has got good demand in local export oriented ready-made garment factories.

 

The 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%)

 

 

 

 

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