MIRA INFORM REPORT
|
Report Date : |
19.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRIME TEXTILE SPINNING MILLS LIMITED |
|
|
|
|
Registered Office : |
Sena Kalyan Bhaban(Floor-8), 195 Motijheel
Commercial Area, Dhaka-1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
14.10.1989 |
|
|
|
|
Com. Reg. No.: |
C-18634 |
|
|
|
|
Legal Form : |
Public Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer, Seller & Exporter of Yarn |
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 |
|
Maximum Credit Limit : |
US$ 45,000.00 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bangladesh |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Prime Textile Spinning
Mills Limited Note: The subject operates by this name. |
|
Address |
Sena kalyan
Bhaban(Floor-8), 195 Motijheel Commercial Area, Dhaka-1000 |
|
Country |
Bangladeshi |
|
Telephone No |
880-2- 9564851-3, 9564846, 7176013-4, 7175688, 9560051 |
|
Fax No |
880-2- 9564857 |
|
E-Mail |
|
|
Website |
|
|
Established |
1989 |
|
Commercial
Production From |
1992 |
|
Company Registration No |
C-18634 |
|
Registration date |
14th
October 1989 |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer, Seller & Exporter |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Registered Address |
Sena kalyan
Bhaban(Floor-8), 195 Motijheel Commercial Area, Dhaka-1000 |
|
Telephone No |
880-2- 9564851-3, 9564846, 7176013-4, 7175688, 9560051 |
|
Fax No |
880-2- 9564857 |
|
E-Mail |
|
|
Website |
|
|
Branch |
NIL |
|
Factory |
Prime
City, Nandalalpur, Pagla, Narayangonj, Bangladesh |
|
Factory Telephone No |
880-2-7604194-95, 7604161, 7604038, 011850140, 011863892 |
|
Factory Fax No |
8802-9712202 |
|
Warehouse |
Prime City,
Nandalalpur, Pagla, Narayangonj, Bangladesh |
DIRECTORS
|
Name |
Mr. M. Awal |
|
Designation |
Chairman &
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Md. Abul
Bashar |
|
Designation |
Deputy Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mst. Fatema
Khatun |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Md. Abdul
Hafiz |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Md. Abdul
Karim |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Md. Abdul
Halim |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Manzurul
Hassan Talukder |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Dr. Nazmul
Bari |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
SHAREHOLDERS
|
Name |
Sponsor/Director |
|
Share Percent |
50% |
|
Country |
Bangladesh |
|
|
|
|
Name |
Institute |
|
Share Percent |
12.43% |
|
Country |
Bangladesh |
|
|
|
|
Name |
Foreign |
|
Share Percent |
0.25% |
|
Country |
Bangladesh |
|
|
|
|
Name |
General
Public |
|
Share Percent |
37.32% |
|
Country |
Bangladesh |
BUSINESS DETAILS
|
Line of Business |
Manufacturer, Seller & Exporter
|
|
Items Dealing In |
Yarn |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
BANKERS
|
Name |
Bangladesh
Shilpa Bank |
|
Branch |
Motijheel Branch |
|
Address |
Motijheel Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
Janata Bank
Limited |
|
Branch |
Motijheel Branch |
|
Address |
Motijheel Commercial Area, Dhaka |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
Balance
Sheet
As
At 31 March 2011
Currency:
Taka
|
Assets |
2011 |
|
Non-current assets |
2,600,382 |
|
Tangible
Fixed Assets, net of Accumulated Depreciation |
2,599,973 |
|
Preliminary
and other Deferred Expenditure |
409 |
|
Investment
in Shares |
64,508 |
|
Current
Assets |
1,210,845 |
|
Inventories |
627,315 |
|
Trade
Debtors |
310,691 |
|
Advances,
Deposits and Pre-Payments |
220,437 |
|
Cash and
Bank Balances |
52,402 |
|
Current
Liabilities and Provisions |
1,201,109 |
|
Short
Term Loan (Secured) |
723,876 |
|
Creditors
for Goods (Including DPT L/C) |
371,758 |
|
Other
Liabilities |
105,475 |
|
Net
Current Assets |
9,736 |
|
Net
Assets |
2,674,626 |
|
Shareholders'
Equity : |
2,344,258 |
|
Share
Capital |
382,000 |
|
Share
Premium Account |
382,000 |
|
Revaluation
Surplus |
1,425,045 |
|
Tax Holiday
& Investment Reserve |
139,884 |
|
Retained
Earnings |
15,329 |
|
Non-Current
Liabilities |
|
|
Long Term
Loan (Secured) |
330,368 |
|
|
2,674,626 |
Income
Statement
For
the 3rd Quarter Ended 31 March 2011
Currency:
Taka
|
|
2011 |
|
Turnover |
1,633,525 |
|
Less: Cost
of Goods Sold |
1,482,398 |
|
Gross
Profit |
151,127 |
|
Less :
Administrative Expenses |
32,593 |
|
Selling and
Distribution Expenses |
6,654 |
|
Financial
Expenses |
61,771 |
|
Depreciation |
1,025 |
|
|
102,043 |
|
Operating
Profit |
49,084 |
|
Add : Non
-operating Income |
30 |
|
Net
Profit |
49,114 |
|
Add : Bonus
Share |
4,219 |
|
|
53,333 |
|
Appropriations
: |
|
|
Previous
years/Period Un-appropriated Balance |
(38,004) |
|
Un-appropriated
Balance |
15,329 |
|
Earning
Per Share |
12.86 |
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.1500 million |
|
Paid Up Capital |
Tk.382 million |
|
Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
120.3664 |
|
U.S Dollar |
1 |
76.5300 |
|
European Euro |
1 |
103.0170 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
|
Debt |
No Records Found |
|
Litigation |
No Records Found |
|
Performance Defaults |
No Records Found |
|
Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 45,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
2,200 |
|
Office Area (Sq.
Ft) |
2,600 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
50,500 sq.ft (rented) |
|
Warehouse Area
(Sq. Ft) |
8,800 sq.ft.(rented) |
|
Range of
Products |
4 All Types of
Yarns |
|
Certifications |
NIL |
|
Group Name |
4 Prime Group of
Industries |
|
Subsidiaries /
Affiliates |
4 Prime Composite
Mills Ltd. 4 Prime Steel
Re-Rolling Mills Ltd. 4 Prime Dairy
& Poultry Ind. Ltd. 4 Prime Fisheries
Industries Ltd. 4 Prime Tran’s
National ltd. 4 Prime Peoples
Property Ltd. 4 Prime World
Trade Ltd. 4 Prime Super
Printing Mills Ltd. 4 Prime
Synthetics Ltd. 4 Prime Energy Limited 4 Prime Weaving
Mills Ltd. 4 Prime Dyeing
& Finishing Mills Ltd. 4 Prime Blended
Yarn Mills Ltd. 4 Prime Rotor
Spinning Mills Ltd. 4 Prime
Knitwear’s Ltd. 4 Prime
Information Technologies Ltd. 4 Steel
Enterprise Ltd. 4 Doleswar Iron
& Engineering Works Ltd. 4 Unique Steel
Industries Ltd. 4 Jahanabad Ship
Breakers Ltd. 4 Prime Ship
Breakers Ltd. 4 Prime FSS
Recycling Ltd. 4 Prime Textile
Fabrics Ltd. 4 Prime Knit
Fabrics Ltd. 4 Doleswar Iron
& Engineering Works |
|
Stock Code |
4 PRIMETEX |
|
Enlisted With |
4 Dhaka Stock Exchange Ltd, Dhaka 4 Chittagong Stock Exchange Ltd, Chittagong |
|
Member |
4 Dhaka Chamber of Commerce & Industries, Dhaka 4 Bangladesh
Textile Mills Association (BTMA) 4 The Federation
of Bangladesh Chambers of Commerce & Industries (FBCCI) 4 Bangladesh
Association of Publicly Listed Company 4 International
Chamber of Commerce- Bangladesh |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.35 |
|
UK Pound |
1 |
Rs.80.97 |
|
Euro |
1 |
Rs.68.26 |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.