MIRA INFORM REPORT

 

 

Report Date :

24.02.2014

 

IDENTIFICATION DETAILS

 

Name :

PHP SPINNING MILLS LIMITED

 

 

Formerly Known As :

SEKANDAR SPINNING MILLS LIMITED

 

 

Registered Office :

PHP House, 31, Agrabad C/A, Chittagong-4100

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

05.11.1992

 

 

Com. Reg. No.:

CH-1259

 

 

Legal Form :

Private Company   

 

 

Line of Business :

Manufacturer and Exporter of Yarns

 

 

No. of Employees :

180

 

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

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

 

Correct company Name

:

PHP SPINNING MILLS LIMITED

Company Previous Name

:

Sekandar Spinning Mills Limited

Head Office

:

PHP House, 31, Agrabad C/A, Chittagong-4100, Bangladesh

Tel No

:

880-31-2511037- 41

Fax No

:

880-31-726982

E-mail

:

info@phpgroupbd.com,

Website

:

www.phpgroupbd.com

Date/ Year of Incorporation

:

05.11.1992

Incorporation No.

CH-1259

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.228 Million

Tk.82.35 million

Tk.14.60 Million

July, 12~June, 13

Tk.285 Million

Tk.89.60 Million

Tk. 22.50 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

 

 

Information Parted By

 

 

 

Name

:

Mr. Ershadul Mustafa

Designation

:

Senior Manager

Contract No

:

88-01914326683

 

 

Locations Details

 

Business Address

:

PHP House, 31, Agrabad C/A, Chittagong-4100, Bangladesh

Tel No

:

880-31-2511037- 41

E-mail

:

880-31-726982

Fax No

:

info@phpgroupbd.com,

Website

:

www.phpgroupbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

1400

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

:

Hathazari Road, Natunpara, Chittagong, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

60,000

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

N/A

Fax No

:

N/A

 

Location :

Owned

 

 

Rented

 

 

Leased

 

Area

 

Sq. ft.

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

20

In Factory

:

160

In Branch:

:

 

Total

:

180

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

PHP Cotton Mills Ltd

                               60400

Alhaj Mohammed Mizanur Rahman Chowdhury

                               3000

Mrs. Tahmina Rahman Chowdhury

                                3000

Mr. Mohammed Mohsin Chowdhury

                                12000

Mr. Mohd. Iqbal Hossain Chowdhury

                                12000

Mr. Mohd. Anowarul Haque Chowdhury

                                12000

Mr. Mohammad Ali Hossain Chowdhury

                                12000

Mr. Mohd. Amir Hossain Chowdhury

                                12000

Mohammed Zahirul Islam Chowdhury

                                12000

Mr. Mohd. Akhter Parvez Chowdhury

                                12000

PHP Cold Rolling Mills Ltd

                                849600

 

 

DIRECTORS

 

Name

Designation

Mohammed Zahirul Islam Chowdhury

Managing Director

Mrs. Tahmina Rahman Chowdhury

Director

Mr. Mohammed Mohsin Chowdhury

Director

Mr. Mohd. Iqbal Hossain Chowdhury

Director

Mr. Mohd. Anowarul Haque Chowdhury

Director

Mr. Mohammad Ali Hossain Chowdhury

Director

Mr. Mohd. Amir Hossain Chowdhury

Director

Alhaj Mohammed Mizanur Rahman Chowdhury

Director

Mr. Mohd. Akhter Parvez Chowdhury

Director

 

 

MANAGEMENT

 

Name

:

Mr. Ershadul Mustafa

Job Description

:

Senior Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01914326683

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products/Item Dealings In:

 

Products

:

Yarns

Production Capacity

:

 N/A

Last Year Production

:

N/A

 

 

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

:

Europe

 

Imports

:

China, India

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.15 Crore

 

Paid-up Capital

:

Tk.10,00,00,000

    No. of Shares

:

10,00,000

Share Value

:

Tk.100.00Each

Main Assets

:

Tk.89.60 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

PHP Corporation Ltd.

PHP Cold Rolling Mills Ltd.

PHP Steels Ltd.

PHP Continuous Galvanizing Mills Ltd

PHP NOF Continuous Galvanizing Mills Ltd

Bay Terminal & Distribution Co. Ltd.

PHP Fisheries Ltd.

PHP Latex & Rubber Products Ltd.

PHP Float Glass Industries Ltd.

PHP Power Company Ltd.

PHP Shipping Lines Ltd.

PHP Stocks & Securities Ltd.

PHP Power Generation Plant Limited

PHP Ship Breaking & Recycling Industries Limited

PHP Oxygen Limited

Fast Shipping Agency Ltd.

PHP Cotton Mills Ltd

Subsidiary

:

N/A

Name of  The Group

:

PHP Group.

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

  Agrabad Branch.

  PHP House, 31 Agrabad C/A

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

Bank Address

:

 Chittagong Main Office,

 Osman Court, 70 Agrabad C/A, Chittagong - 4100

Telephone: 88-03-710008, 711154, 724406, 723750Facsimile: 88-031-710007

 

Bank Name  

:

Eastern Bank Ltd

Bank Address

:

  Agrabad branch

  33 Agrabad C/A, Chittagong

  Phone: 88-031-720755-9

   Fax: 88- 031-710262

   Email: agarbad@ebl-bd.com

 

 

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

 

Our representative visited the subject company Head Office which is situated at PHP House, 31, Agrabad C/A, Chittagong-4100, Bangladesh. It is situated at Commercial area. Their Senior Manager-Mr. Ershadul Mustafa welcome us & given us information.

 

 

GENERAL COMMENTS

 

Based on the financial statements, SC’s financial performance appears to be average. SC has been in its line of business for about 21 year.

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.16

UK Pound

1

Rs.103.44

Euro

1

Rs.85.27

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.