MIRA INFORM REPORT

 

 

Report Date :

26.11.2011

 

IDENTIFICATION DETAILS

 

Name :

TARA SPINNING MILLS LIMITED

 

 

Registered Office :

North Norsingpur, Muslimnagar Nabinagar, Fatullah, Narayanganj

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

03.04.2004  

 

 

Com. Reg. No.:

C-51355

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Manufacturing & Exporter of Yarns 

 

 

No. of Employees :

1,020

 

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$ 28,000.00

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 30, 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

Tara Spinning Mills Limited

Address

North Norsingpur, Muslimnagar Nabinagar, Fatullah, Narayanganj

Country

Bangladesh

Telephone No

880-2-9334951, 7452176

Fax No

880-2-9357352

E-Mail

info@taraspinning.com

Website

www.taraspinning.com

Established

2004

Company Registration No

C-51355

Registration date

3rd April 2004  

Legal Status

Private Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka

Business Type

Manufacturing & Exporter

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

Adept S.T. Complex, A-7/1, &/2, Jagannathpur, Bashundhara Road (2nd floor), Dhaka

Telephone No

880-2-9334951

Fax No

880-2-9357352

E-Mail

info@taraspinning.com

Website

www.taraspinning.com

Branch

NIL

Factory

North Norsingpur, Muslimnagar Nabinagar, Fatullah, Narayanganj

Factory Telephone No

880-2-7452176

Factory Fax No

NIL

Warehouse

North Norsingpur, Muslimnagar Nabinagar, Fatullah, Narayanganj

 

DIRECTORS

 

Name

Mr. Mohammad Abdul Baten

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Sadekur Rahman

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Akil Ahad

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mr. Mohammad Abdul Baten

Share Percent

30%

Nationality

Bangladeshi

 

 

Name

Mr. Sadekur Rahman

Share Percent

50%

Nationality

Bangladeshi

 

 

Name

Mr. Akil Ahad

Share Percent

20%

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturing & Exporter

Items Dealing In

Yarns 

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Export: Against L/C

Production Capacity

7780 000 kg per year

Last Year Production

7780 000 kg

 

 

BANKERS

 

Name

Shahajalal Islami Bank Ltd

Branch

Main Branch

Address

Motijheel Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

One Bank Ltd

Branch

Narayanganj Branch

Address

Narayanganj

SWIFT

N/A

 

 

Name

Premier Bank Ltd

Branch

Narayanganj Branch

Address

Narayanganj

SWIFT

N/A

 

 

Name

Dhaka Bank Ltd

Branch

Narayanganj Branch

Address

Narayanganj

SWIFT

N/A

 

FINANCIAL INFORMATION

 

Year

2010

2009

 

2008

Investment

Tk.36 million

Tk.36 million

Tk.34 million

Turnover

Tk.280.6 million

Tk.280 million

Tk.277 million

Liability

NIL

NIL

NIL

Assets

Tk.52 million

Tk.52 million

Tk.50 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.30 million

Paid Up Capital

Tk.5 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

US$ 28,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

1,020

Office Area (Sq. Ft)

2,000 sq.ft (rented)

Factory Area (Sq. Ft)

40,500 sq.ft (rented)

Warehouse Area (Sq. Ft)

6,500  sq.ft.(rente)

Range of Products

4 Melange Yarn

Export Market  

4 USA

4 Canada

4 India

4 Pakistan

Certifications

NIL

Group Name

NIL

Subsidiaries / Affiliates

4 Karotoa Spinning Mills Limited

4 Tara Limited

4 Enayetpur Spinning Mills Limited

4 Karotoa Apparels Limited

4 Feroz Knitting Mills Limited

4 Karotoa Fibers Limited

4 Motaleb Monowara Composite Limited

4 Basic Impex

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

4 Bangladesh Textile Mills Association, Dhaka

 

 

 

 

 

 

 

 

 

 

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.