MIRA INFORM REPORT

 

 

Report Date :           

26.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TAMIJUDDIN TEXTILE MILLS LIMITED

 

 

Registered Office :

Sena Kalyan Bhaban (9th floor), 195 Motijheel C/A, Dhaka

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2009

 

 

Date of Incorporation :

05.08.1970

 

 

Com. Reg. No.:

C-1021

 

 

Legal Form :

Public Limited  Company

 

 

Line of Business :

manufacturing of cotton and polyester yarns

 

 

No. of Employees :

1400 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

Poor

Payment Behaviour :

Slow

Litigation :

---

 

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

Tamijuddin Textile Mills Limited

Address

 
Sena Kalyan Bhaban (9th floor), 195 Motijheel C/A, Dhaka

Country

Bangladeshi

Telephone No

 
880-2-9563805,  9551545

Fax No

 
880-2-9564897

E-Mail

ttml1@dhaka.net

Website

NIL

Established

1970

Company Registration No

C-1021

Registration date

5th August 1970 

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka

Business Type

Manufacturer & Seller

Payment Behavior

Slow

 

 

LOCATIONS

 

Registered Address

Sena Kalyan Bhaban (9th floor), 195 Motijheel C/A, Dhaka

Telephone No

 
880-2-9563805,  9551545

Fax No

 
880-2-9564897

E-Mail

ttml1@dhaka.net           

Website

NIL

Branch 

NIL

Factory

BSCIC Industrial Estate, Konabari, Gazipur

Factory Telephone No

880-2-9297129, 9297758

Factory Fax No

NIL

Warehouse

BSCIC Industrial Estate, Konabari, Gazipur

 

 

DIRECTORS

 

Name

Al-Haj Abdul Kader Mia

Designation

Chairman & Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Mohsinuddin Ahmed 

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mrs. Kamrunnahar

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Sponsor/Director

Share Percent

66%

Country

Bangladesh 

 

 

Name

Institute

Share Percent

16.1%

Country

Bangladesh

 

 

Name

General Public 

Share Percent

17.9%

Country

Bangladesh

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturer & Seller

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

 

Financial Summary

As At 2009

Currency: Taka

 

 

2009

Paid-up-Capital 14,34,730 shares @ tk.100 each

143,473,000

Net Worth

94,024,770

Working Capital

133,745,827

Debt to Equity (times)

9.22

NAV per Share

65.53

Turnover

554,377,458

Gross Profit

100,026,782

Net Profit/ (Loss) after Tax

4,779,986

Earning per Share

3.33

Cash Dividend

5%

Net operating Cash Flow per share

(192.12)

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.350 million

Paid Up Capital

Tk.143.47  million 

Each Share Value

Tk.100.00

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

119.0307

U.S Dollar

1

76.7000

European Euro

1

102.3101

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No 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

No Recommendation

No Recommendation

 

 

GENERAL INFORMATION

 

Employees

1,400

Office Area (Sq. Ft)

2,300 sq.ft (rented)

Factory Area (Sq. Ft)

45,500 sq.ft (rented)

Warehouse Area (Sq. Ft)

8,800  sq.ft.(rented)

Range of Products

4 Cotton Yarns

4 Polyester Yarn 

Certifications

NIL

Group Name 

N/A

Subsidiaries / Affiliates

N/A

Stock Code 

4 TAMIJTEX

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

4 Bangladesh Textile Mills Association (BTMA)

 

 

COMMENTS

 

The subject is Public Limited Company engaged in manufacturing of cotton and polyester yarns. The company has been delisted by Chittagong Stock Exchange Limited with the effect from 6th October 2009 as per SEC Directive No. SEC/CMRRCD/2001-16/168 dated October 01, 2009.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.17

UK Pound

1

Rs.80.64

Euro

1

Rs.69.43

 

 

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%)

 

 

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.