MIRA INFORM REPORT

 

 

Report Date :

28.06.2007

 

IDENTIFICATION DETAILS

 

Name :

Purbani Rotor Spinning Limited

 

 

Registered Office :

Sena Kalyan Bhaban (15th Floor), 195,Motijheel Commercial Area, Dhaka-1000,

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2006

 

 

Date of Incorporation :

10.01.2005

 

 

Com. Reg. No.:

C-55662

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Company is engaged in yarns spinning

 

 

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/normal.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COMPANY NAME & ADDRESS

 

Purbani Rotor Spinning Limited

 

 

Address

 

Sena Kalyan Bhaban (15th Floor),

195,Motijheel Commercial Area,

Dhaka-1000,

Bangladesh

Telephones        : 880-2-9556468-70

Fax                   : 880-2-9556482

E-mail               : pfabrics@bangla.net

                          info@purbanigroup.com

                                                                         

 

SUMMARY

 

Established                                                                   : January,2005

 

Commercial Production From                                          : December,2007

 

Incorporation No.                                                            : C-55662

 

Incorporation Dated                                                        : 10th January,05

 

Status                                                                           : Satisfactory

 

Managing Director & CEO                                               : Mr.M.Abul Hai Sarkar

 

Payment                                                                       : Regular

 

Litigation                                                                       : Nil

 

Capital Invested                                                             : Tk.70 million

 

Sales                                                                            : New Company

 

Employees                                                                    : 26                                                                                                                                                                   Executives-                              4

                                                                                     Junior Executives-                     6                       

                                                                                     Supervisory Staffs-                    8

                                                                                     General Staffs-                          8

                                                                                   

 

BANK

 

Standard Chartered Bank

Dilkusha Commercial Area,

Dhaka.

 

Janata Bank

Corporate Office

Motijheel Commercial Area,

Dhaka

 

Mercantile Bank Limited

Motijheel Branch,

Dhaka

 

                                                                           

BRANCH

 

NIL

 

                                                                            

FACTORY

 

Dewalia Bari,

Konabari,

District : Gazipur

 

 

OFFICE AREA

 

1,700 sq.ft.(rented)

 

                                   

FACTORY AREA

 

30,500 sq.ft (rented)

 

 

WAREHOUSE AREA

 

3,100 sq.ft (rented)

 

 

DIRECTORS & SHAREHOLDERS

 

Mr.M.Abdul Hai Sarkar                                                                                                              

Chairman & Managing

 

Mr.Yousuf Khan

Mr.Shameem Shawkat

 

 

HISTORY

 

The subject was established in January,2005 by Mr.M.Abudul Hai Sarkar and other directors in Dhaka city for yarn spinning business.

 

 

BUSINESS

 

The company on completion will be in the  business of yarns spinning.

 

 

PROPOSSED RANGE OF PRODUCTS

                       

Yarn Spinning

                                                                       

 

PROPOSSED MAJOR CLIENTS

                       

Local Export Oriented Composite Textile Mills.

 

 

TERMS OF SALES

 

Cash

Credit

 

 

NAME OF GROUP

                                   

Purbani Group

 

 

SISTER CONCERN

 

Shohagpur Textile Mills Ltd, Dhaka

Purbani Fabrics Ltd, Dhaka

Purbani Yarn Dyeing Ltd, Dhaka

Rahmat Textiles Ltd, Dhaka

Purbani Fisheries Ltd, Dhaka

Purbani Traders 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.70 million                 

 

Turnover                                    New Company  

 

Liability                                     Tk.45 million     

 

Fixed Assets                             Tk.125 million   

                       

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.65 million

 

Paid up Capital                          Tk.150, 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 company who are under construction and will go into production December,2007.

 

The directors are experienced in textile business and they are already successfully running other textiles business in Dhaka city and they are expected to do well in this new venture also.

 

           

 

 

 

 

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