MIRA INFORM REPORT

 

 

Report Date :

19.02.2014

 

IDENTIFICATION DETAILS

 

Name :

SHIRIN SPINNING MILLS LIMITED.

 

 

Registered Office :

House# 1A, Road # 16A, Gulshan-1, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.07.2004

 

 

Com. Reg. No.:

C-55188

 

 

Legal Form :

Public (but not listed)

 

 

Line of Business :

Manufacturer, Distributor and Exporter of Cotton Yarn.      

 

 

No of Employees :

800 (In Office – 55, In Factory - 745)

 

 

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

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

 

Source : CIA

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Shirin Spinning Mills Limited.

Head Office

:

House# 1A, Road # 16A, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8811731-2

Fax No

:

88-02-8811564

E-mail

:

ssmlheadoffice@gmail.com

Website

:

www.masafigroupbd.com

Date/ Year of Incorporation

:

07.13.2004

Incorporation No.

:

C-55188

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships  Partnership                     Not Registered

 others (please specify) ________________

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

Issuing Authority

:

Registrar of Joint Stock Companies & Firms      City Corporation

 Municipal Administration                                   Union Council

 Cantonment Board                                              Chief Controller of  Import & Export (CCIE)

 

 

FINANCIALS- SUMMARY

 

 

 

 

      Year

Turnover/ Sales

 Assets

     Income

July’ 11~June’ 12

Tk. 2310.50 Million

Tk. 3255.65 Million

Tk. 56.30 Million

July’ 12~June’ 13

Tk. 2550.20 Million

Tk. 3308.35 Million

Tk. 72.90 Million

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Obaidur Islam.

Designation

:

Manager.

Contract No

:

88-01713173319

 

 

                                                               Locations Details

 

Operating Address

:

House# 1A, Road # 16A, Gulshan-1, Dhaka-1212, Bangladesh.

Tel No

:

88-02-8811731-2

Fax No

:

88-02-8811564

E-mail

:

ssmlheadoffice@gmail.com

Website

:

www.masafigroupbd.com

 

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

7500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Gorai, Mirzapur, Tnagail, Bangladesh.                                                                               

Tel No

:

88-01714110665

Fax No

:

Nil

 

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

110000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

55

In Factory

:

745

In Branch:

:

-

Total

:

800

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mrs. Shirin Ali Chowdhury

                                      4850

Mr. Mohammad Ali Chowdhury

                                    47000

Ms. Zinia Sharmin Chowdhury

                                    12000

Mr. Saiful Huda Chowdhury

                                    12000

Ms. Sazia Afrin Chowdhury

                                    12000

Mr. Sayedul Huda Chowdhury

                                    12000

Mr. Sanaullah Chowdhury

                                        100

 

 

DIRECTORS

 

Name

Designation

Mr. Mohammad Ali Chowdhury

Managing Director

Mrs. Shirin Ali Chowdhury

Director

Ms. Zinia Sharmin Chowdhury

Director

Mr. Saiful Huda Chowdhury

Director

Ms. Sazia Afrin Chowdhury

Director

 

 

 

MANAGEMENT

 

Name

:

Mr. Obaidur Islam.

Job Description

:

Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01713173319

 

 

 

Name

:

Mr. Kamrun Nahar.

Job Description

:

Ass. Accounts Manager.

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Cotton Yarn.      

Production Capacity

:

25,175 KG per day.

Last Year Production

:

Do.

 

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

N/A

 

 

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

N/A

Member

:

Bangladesh Textile Mills Association.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 80 Crore.

 

Paid-up Capital

:

Tk. 99,95,000

    No. of Shares

:

99,950

Share Value

:

Tk.100.00Each

Main Assets

:

Tk. 3308.35 Million.

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update full financial figure to local registry office.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Masafi Bread & Biscuit Ind. Ltd.

AB.R-Spinning Mills Ltd.

Apon Food Products Ltd.

Masafi Flour Mills Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Masafi Group.

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

Bank Address

:

Bijoy nagar Branch.

 

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation.

Bank Address

:

House No SWG-2, Gulshan Avenue, Dhaka - 1212

Telephone : 88-02-9553053-6(Direct), 7113711-2, 7113714-8 Ext: 149-162

Mobile: 88-01199-88HSBC(4722), 01199-88LOAN(5626)

Facsimile : (880 2) 9884515 (Ext-108)

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Subject is mainly engaged in Manufacturer & Exporter of Readymade Garments. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be average. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

 

 

GENERAL COMMENTS

 

Our Representative Visited the subject company Head office which is situated at House# 1A, Road # 16A, Gulshan-1, Dhaka-1212, Bangladesh. The subject company Manager Mr. Obaidur Islam given us all information. Is situated at Residential area which is a well decorated modern office.

 

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.12

UK Pound

1

Rs. 103.93

Euro

1

Rs. 85.16

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

 

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.