MIRA INFORM REPORT

 

 

 

Report Date :

28.09.2008

 

IDENTIFICATION DETAILS

 

Name :

MYTAS SPINNING MILLS (PVT) LIMITED

 

 

Registered Office :

27,Dilkusha Commercial Area (9th Floor), Suite No.1002, Dhaka-1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2007

 

 

Date of Incorporation :

January 1998

 

 

Com. Reg. No.:

C-34651

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Spinning and Dyeing 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 :

No Complaints

 

 

Litigation :

Clear

 

 

COMPANY DETAILS

 

Name:                                                    Mytas Spinning Mills (Pvt) Limited

 

Address:                                   27,Dilkusha Commercial Area (9th Floor),

                                                Suite No.1002,

                                                Dhaka-1000,

 

Country:                                    Bangladesh      

 

Tel No:                                      880-2-9555700, 9564054, 7169183, 9564051

 

Fax No:                                     880-2-9568350

 

E-Mail:                                      tanaka@msnbd.net
                                 

Established:                              January 1998

 

Incorporation No:                        C-34651

 

Incorporation Date:                     11th January 1998

 

Legal Structure:                         The subject is a private limited company in corporate

                                                With the Registrar of Joint Stock Companies,

                                                Dhaka,

 

Business Type:                          Spinning Dyeing of Yarns

 

Status:                                      Satisfactory

 

Payments:                                No complaints have been heard regarding payments 

                                                from local suppliers or banks.

 

Litigation:                                  NIL

 

 

LOCATIONS

 

Head Office:                             

                                                27,Dilkusha Commercial Area (9th Floor),

                                                Suite No.1002,

                                                Dhaka-1000,

           

Tel No:                                     880-2-9555700, 9564054, 7169183, 9564051

 

Fax No:                                    880-2-9568350

 

E-Mail:                                      tanaka@msnbd.net  
                                 

Branch:                                    NILMeherba Plaza,

                                                33,Topkhana Road,

                                                Dhaka,

                                                Tel.880-2-9564537, 7169491

 

                                                Adachi-Ku-Ayasee-3-25-16

                                                Tokyo 120005,

                                                Japan

                                                Tel.81-03-561605689

                                                Fax.81-03-5616-8887

                                                E-Mail.worldisminehoney@yahoo.co.jp

 

Factory:                                    Kashimpur,

                                                District: Gazipur

 

                                                                                   

SHAREHOLDER’S AND DIRECTORS

 

Name:                                       Mr.M.Mohiuddin (Mohin)

Designation:                             Chairman & Managing Director

 

Name:                                       Mr.Shawkat Ali

Designation:                              Director

 

 

BUSINESS DETAILS

 

Line of Business:                       Spinning & Dyeing of Yarns

 

Terms of Sale:                           1 Cash

                                                1 Credit

 

 

BANKERS

 

Name:                                       Islami Bank Bangladesh Limited

Branch:                                     Motijheel Branch

 

Address:                                   Motijheel Commercial Area,

Dhaka-1000

 

Name:                                       AB Bank Limited

Branch:                                     Principal Branch,

Address:                                   Motijheel Commercial Area,

                                                Dhaka-1000

 

 

FINANCIAL INFORMATION

 

 

 

2007

 

2006

 

2005

 

Capital Investment

Tk.40 million

Tk.40 million

Tk.40 million

Turnover

Tk.250 million

Tk.248.8 million

Tk.247 million

Liability

Tk.7 million

Tk.8.8 million

Tk.9 million

Fixed Assets

Tk.65 million

Tk. 65 million

Tk.65 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.30 million

Paid Up Capital

:

Tk.100, 000.00

Each Share Value

:

Tk.100.00

 

EXCHANGE RATE

 

CURRENCY

UNIT

BANGLADESHI TAKA

GB Pound

1

137.1626

U.S Dollar

1

  69.4000

European Euro

1

108.8231

Japanese Yen

1

   0.6729

Australian Dollar

1

 65.7102

 

 

 

 

 

 

 

 

 

GENERAL INFORMATION

 

No of Employees:          165

Executives--------------------3 

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

Textile Engineers-----------3

Junior Textile Engineers--4

Quality Control--------- ---10

Supervisory Staffs- -------12

Support Staffs- --------------5                                                         

General Staffs----------------8

Technicians- -----------------5

Workers---------------------111

 

Range of Products:                    1 Yarns

 

Office Area:                               3,500 sq.ft (rented)

 

Factory Area:                            1 acres lands (own)

 

Warehouse Area:                       5,500 sq.ft.(own)

 

Raw Cotton From:                       1 China

                                                 1 Uzbekistan

1 Kazakhstan

 

Main Client:                               1 Local Export Oriented Ready-Made Garments Industries                                             

Member:                                   1 Bangladesh Textile Mills Association, Dhaka

                                                1 Dhaka Chamber of Commerce & Industries,

                                                    Dhaka

                                   

Name of the Group:                    Tanaka Group

 

Subsidiaries:                             1 Mytas Dyeing & Finishing Industries Limited,

                                                1 Mytas Synthetic Mills Limited,

                                                1 Tanaka Tradecom International

                                                1 Tanaka  (Plastic) Company Ltd,

                                                1  Tanaka C.N.G. Refueling & Station,

                                                1 Air Tanaka Limited,

 

                                                                       

COMMENTS

 

The subject is a private limited company engaged in Spinning and Dyeing of yarns. The qualities of their products are very good.

 

The subject is a unit of Tanaka Group, one of the most renowned and biggest conglomerates of the country.

 

The directors are well conversant in their line of trade and they are also experienced businessman. They are financially solvent and good at his business commitments, it is reported.

 

The company is good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.43

UK Pound

1

Rs.85.38

Euro

1

Rs.67.95

 

 

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