MIRA INFORM REPORT

 

 

Report Date :

26.03.2008

 

 

IDENTIFICATION DETAILS

 

Name :

SUKHI TEXTILE & PROCESSING MILLS

 

 

Registered Office :

Konapara, Demra, Dhaka

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2007

 

 

Date of Incorporation :

August, 1985

 

 

Legal Form :

Proprietorship Concern

 

 

Line of Business :

Manufacturers and Sellers of Cotton Print Sari.

 

 

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 :

No Complaints

 

 

Litigation :

Clear

 

 

 

 

 

 

COMPANY DETAILS

 

Name:                           Sukhi textile & Processing Mills

 

Address:                       Konapara,

                                    Demra,

                                    Dhaka

                                   

Country:                       Bangladesh      

 

Tel No :                        880-2-7522332,

 

Fax No:                        880-2-7393967,

 

E-Mail:                         sukhi.texmills@yahoo.com

 

Established:                 August, 1985

 

Incorporation No :        N/A

 

Incorporation Date:     N/A

 

Legal Structure:           The subject is a proprietorship concern

 

Business Type:             Manufacturers and Sellers

 

Status:                         Satisfactory

 

Payments:                    No complaints have been heard regarding payments 

                                    from local suppliers or banks.

 

Litigation:                     NIL

 

 

LOCATIONS

 

Head Office:                 38/27, Islampur,

                                    Dhaka,

           

Tel No:                        880-2-7522332,

 

Fax No:                       880-2-7393967,

 

E-Mail:                        sukhi.texmills@yahoo.com                                

 

Branch:                        NIL

 

Factory:                       Konapara,

                                    Demra,

                                    Dhaka

 

 

 

                                               

PROPRIETOR & CEO

 

Name:                                      Al-Haj Mohammad Joynal Abedin

Designation:                           Proprietor

 

 

BUSINESS DETAILS

 

Line of Business:         Manufacturers and Sellers

 

Items Dealing In:                     Cotton Print Sari

 

Terms of Sale:             1 Cash

                                    1 Credit

 

                       

BANKERS

 

Name:                          Social Investment Bank Limited

Branch:                        Mitford Road Branch

Address:                       Mitford,

Dhaka

 

Name:                          Islami Bank (Bangladesh) Ltd

Branch:                        Islampur Branch,

Address:                       Islampur,

                                    Dhaka

 

 

FINANCIAL INFORMATION

 

 

 

2007

 

2006

2005

Capital Investment

Tk.10 million

Tk.10 million

Tk.10 million

Turnover

Tk.120 million

Tk.117 million

Tk.116 million

Liability

Tk.3 million

Tk.3.8 million

Tk.4.3 million

Fixed Assets

Tk.20 million

Tk.20 million

Tk.20 million

 

                                               CAPITAL STRUCTURE

 

Authorized Capital

:

N/A

Paid Up Capital

:

N/A

Each Share Value

:

N/A

 

 

 

 

EXCHANGE RATE

 

CURRENCY

UNIT

BANGLADESHI TAKA

GB Pound

1

143.7238

U.S Dollar

1

  69.4023

European Euro

1

101.3730

Japanese Yen

1

   0.6176

Australian Dollar

1

 63.2055

 

 

 

 

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees:        495

Executives------------------ 3  

Junior Executives-----------4

Engineers-------------------3

Quality Control-              35

Supervisory Staffs--------58

Support Staffs-------------10                                                          

General Staffs-------------10

Technicians-----------------8

Workers------------------364 

 

 

Range of Products:                  1 Cotton Print Sari

                                                                                               

Yearly Production Capacity:    5,000 dozens

 

Last Year Production:              4,500 dozens

 

Name of Brand :                      SUKHI PRINT SARI

                                                                       

Office Area:                             2,500 sq.ft (own)

 

Factory Area:                           32,000 sq.ft (own)

 

Warehouse Area:                     4,500  sq.ft.(own)

 

 

Main Clients:                            1 Local Markets

                                               

Fabrics & Raw Materials From:            1  India

                                                            1  Local Sources

 

Name of the Group:                 NIL

 

Subsidiaries:                            1 Shahida Trading,

                                                1 Sukhi Trading,

                                                1 Sukhi Enterprise,                  

                                   

Members :                                1 Dhaka Chamber of Commerce & Industries, Dhaka

 

COMMENTS

 

The subject is a proprietorship concern engaged in manufacturing and selling of all types’ cotton print saris. The quality of the product is good and is popular among the mass people.

 

The proprietor is well conversant in his line of trade and he is a very experienced businessman. He is financially solvent and good at his business commitments, it is reported.

 

The concern 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