MIRA INFORM REPORT

 

Report Date :

09.06.2007

 

IDENTIFICATION DETAILS

 

Name :

Sidlaw Textiles Bangladesh Ltd

 

 

Registered Office :

392,New Eskaton Road, Dhaka-1000,

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2006

 

 

Date of Incorporation :

18th May,1997

 

 

Com. Reg. No.:

C-30674

 

 

Legal Form :

Joint Stock of Companies

 

 

Line of Business :

Engaged in producing and exporting of jute 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

 

 

COMPANY NAME

 

Sidlaw Textiles Bangladesh Ltd

 

 

Address                           

 

392,New Eskaton Road,

Dhaka-1000,

Bangladesh

Telephones        : 880-2-9340284,9331820

Fax                   : 880-2-8312943

E-mail               : haris@bangla.net

                                                                    

 

SUMMARY

 

Established                                                                   : May,1997

 

Incorporation No.                                                            : C-30674

 

Incorporation Dated                                                        : 18th May,1997

 

Status                                                                           : Satisfactory

 

Managing Director & CEO                                               : Mr.Gias Uddin Ahmed

 

Payment                                                                       : Regular

 

Litigation                                                                       : Nil

 

Capital Invested                                                             : Tk.35 million

 

Sales                                                                            : Tk.378 million

 

Employees                                                                    : 1,055

                                                                                                Executives-                               05

                                                                                                Junior Executives-                      12

                                                                                                Textile Engineers-                      04

                                                                                                Junior Textile Engineers-             05

                                                                                                Quality Control-                          18

                                                                                                Supervisory Staffs-                     45

                                                                                                Support Staffs-                           10

                                                                                                General Staffs-                           20

                                                                                                Technicians-                              09

                                                                                                Workers-                                  927             

 

 

BANK

 

Agrani Bank

Khulna Branch

Khulna

 

 

BRANCH

                                                                       

NIL                                                                      

 

 

FACTORY

 

Mohakahl,

Noa Para,

District : Jessore

 

 

OFFICE AREA

 

1,900  sq.ft.(rented)

 

                            

FACTORY AREA

 

32,200 sq.ft (Leased)

 

 

WAREHOUSE AREA

 

3,000 sq.ft (rented)

 

 

DIRECTORS

 

Mr.Golam Mostafa Khan - Chairman

Mr.M.Gias Uddin Ahmed - Managing Director

Mr.Syed Bashirul Hoque

 

 

HISTORY

 

The subject was established in May,1997 by Mr.Doglas Henderson and other directors in Dhaka city having its factory at Noa Para district : Jessore. The original name was Purbachal Jute mills Ltd and few years back it was changed to the present name. Mr Doglas Henderson sold his shares to the present directors in 2001 and left the country.

 

 

BUSINESS

                                                                       

The company is engaged in producing and exporting of jute yarns.                                                            

                                                         

 

RANGE OF PRODUCTS

                  

Jute Yarns

                                     

 

MAJOR CLIENTS

                       

Iran

Turkey

EEC Countries

                                               

 

TERMS OF SALES

 

Against L/C

 

 

NAME OF GROUP

                            

NIL

 

 

SISTER CONCERN

 

NIL

                                                         

 

MEMBER

 

Bangladesh Jute Mills Association, Dhaka.

 

Dhaka Chamber of Commerce &  Industries, 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.35 million                  Tk.35 million                  Tk.35 million     

 

Turnover                        Tk.378 million                Tk.378.1 million             Tk.377.8 million

                                   

Liability                         Tk.7.8 million                 Tk.7.5 million                 Tk.7.9 million

                                   

Fixed Assets                 Tk.72.6 million               Tk.74 million                  Tk.75 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.100 million

 

Paid up Capital                          Tk.500,000.00

 

Each share value                       Tk.100.00 each

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.130.9764

US Dollar                      1.00=Tk. 69.8000

Europe Euro                  1.00=Tk. 89.3847

Japanese Yen                1.00=Tk.  0.6098

Australian Dollar            1.00=Tk. 53.3891

 

 

COMMENTS

 

The subject is a private limited company engaged in the business of producing and exporting jute yarns to overseas countries. The factory of the subject is fitted with the most modern machineries imported from abroad. The quality of their jute yarns are of finest quality and they are well reputed in the overseas markets markets.

 

The directors are well conversant in their line of trade. They are financially solvent and good at their business commitment, 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