MIRA INFORM REPORT

 

 

Report Date :

03.04.2012

 

IDENTIFICATION DETAILS

 

Name :

MAKSONS SPINNING MILLS LIMITED

 

 

Registered Office :

Dilkusha Centre, 28 Dilkusha C/A, Suite # 401, Dhaka 1000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

2003

 

 

Com. Reg. No.:

C-50587

 

 

Legal Form :

Public Limited (2008)

 

 

Line of Business :

Manufacturer & Seller of Yarn

 

 

No. of Employees :

1200

 

 

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$ 50,000.00

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

Maksons Spinning Mills Limited

Address

Dilkusha Centre, 28 Dilkusha C/A, Suite # 401, Dhaka 1000

Country

Bangladesh

Telephone No

880-2-7168613-4, 9559349, 9566470, 9564543

Fax No

880-2-9564503

E-Mail

info@maksonsgroup.com.bd

Website

www.maksonsgroup.com.bd

Established

2003 (As Private Limited Company)

Company Registration No

C-50587

Registration date

12th June 2003

Legal Status

Public Limited (2008)

Business Type

Manufacturer & Seller

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

Dilkusha Centre, 28 Dilkusha C/A, Suite # 401, Dhaka 1000

Telephone No

880-2-7168613-4, 9559349, 9566470, 9564543

Fax No

880-2-9564503

E-Mail

info@maksonsgroup.com.bd

Website

www.maksonsgroup.com.bd

Corporate Office

House # 17, Road # 6, Sector # 1,Uttara Model Town, Dhaka 1230

Tel No: 880-2-8933612, 8933613, 8933767, 8933739, 8933740

Fax No: 880-2-8933656

Factory

Gouripur, Ashulia, Savar, Dhaka

Factory Telephone No

N/A

Factory Fax No

N/A

Warehouse

Gouripur, Ashulia, Savar, Dhaka

 

 

DIRECTORS

 

Name

Al-Haj Abdul Ali

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Ali Khokon

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Showkot Ali

Designation

Deputy Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Ferdous Kawser Masud

Designation

Director (Finance)

Nationality

Bangladeshi

 

 

Name

Mrs. Laila Ali

Designation

Korean

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Amjad Ali

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Dina Ahsan

Designation

Director (ICB Nominated)

Nationality

Bangladeshi

 

 

Name

Mr. Mohd. Mohsin Adnan

Designation

Executive Director & Company Secretary

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Sponsor Director

Share Percent

25.44%

Nationality

Bangladeshi

 

 

Name

Institute

Share Percent

22.78%

Country

Bangladesh

 

 

Name

General Public

Share Percent

51.78%

Nationality

Bangladeshi

 

 

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: Against L/C

 

 

BANKERS

 

Name

Southeast Bank Limited

Branch

Dilkusha Branch

Address

1, Dilkusha C/A, Dhaka-1000.

SWIFT

N/A

 

FINANCIAL INFORMATION

 

Balance Sheet (Un-Audited)

AS AT 31st December 2011

Currency: Taka

 

ASSETS

2011

Non-Current Assets

1,505,343,329

Property, Plant & Equipment net of accumulated depreciation

1,505,343,329

Current Assets

 4,473,484,324

Inventories

1,146,889,975

Trade Debtors

1,081,624,576

Investment

 13,397,465

Advance, Deposit & Prepayments

546,527,158

Cash & Bank Balances

1,685,045,150

TOTAL ASSETS

  5,978,827,653

EQUITY AND LIABILITIES

 

Shareholders' Equity

3,961,384,863

Share Capital

1,716,300,000

Reserve & Surplus

2,245,084,863

Non-Current Liabilities

268,287,857

Long Term Loan

268,287,857

Current Liabilities

1,749,154,932

Trade and Other Payables

4,352,050

WPPF

31,101,171

Short Term Loan from Bank

1,603,616,385

Liabilities for Expenses

 110,085,327

TOTAL EQUITY AND LIABILITIES

5,978,827,653

 

Statement of Comprehensive Income

For the 1st Quarter Ended 31st December 2011

Currency: Taka

 

 

 

Turnover

   307,662,174

Cost of Goods Sold

351,719,055

Gross Profit

(44,056,881)

 

 

Operating Expenses

74,275,569

Administrative Expenses

  13,268,013

Selling Expenses

2,363,665

Financial Expenses

58,643,891

Operating Profit

    (118,332,450)

Other Income

74,578,228

Net Profit before WPPF

(43,754,222)

Contribution for WPPF

----------------

Net Profit before Tax

(43,754,222)

Provision for Tax

   2,153,635

Profit after tax

(45,907,857)

 

 

Auditor:                                               Hoda Vasi Chowdhury & Co.

Dhaka, 4 June 2008 Chartered Accountants

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.5000.00 million

Paid Up Capital

Tk.1960.00 million

Each Share Value

Tk.10.00

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

130.9280

U.S Dollar

1

81.8300

European Euro

1

109.1776

 

 

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$ 50,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

1,200

Office Area (Sq. Ft)

2,000 sq.ft (leased)

Factory Area (Sq. Ft)

42,500 sq.ft (leased)

Warehouse Area (Sq. Ft)

8,700 sq.ft (leased)

Range of Products

4 Cotton Yarn

Major Clients 

4 Local Export Oriented Garments Industries

Certifications

NIL

Group Name

4 Maksons Group

Subsidiaries / Affiliates

4 Metro Spinning Limited

4 Coeval Textiles Limited

4 MAK Fashion Limited

4 Mutual Capital Limited

Enlisted With

4 Dhaka Stock Exchange Ltd

4 Chittagong Stock Exchange Ltd

Member

4 Bangladesh Textiles Mills Association, Dhaka

4 Dhaka Chamber of Commerce & Industries, Dhaka

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.15

UK Pound

1

Rs.81.79

Euro

1

Rs.68.34

 

 

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.