MIRA INFORM REPORT

 

 

Report No. :

334102

Report Date :

31.07.2015

 

IDENTIFICATION DETAILS

 

Name :

DELSEY COTTON SPINNING MILLS LIMITED

 

 

Registered Office :

BSRS Bhaban (12th Floor), 12, Kawran C/A, Dhaka-1215

 

 

Country :

Bangladesh.

 

 

Date of Incorporation :

07.07.2002

 

 

Com. Reg. No.:

C-46294

 

 

Legal Form :

Private Co 

 

 

Line of Business :

Manufacture and Exporter of Cotton Yarn.

 

 

No. of Employees :

532

 

 

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 – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Bangladesh.

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BANGLADESH.- ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector, accounted for more than 80% of total exports and surpassed $18 billion in 2014. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis - which totaled $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.

 

Source : CIA

IDENTIFICATION DETAILS

 

Correct company Name

:

Delsey Cotton Spinning Mills Limited

Head Office

:

BSRS Bhaban (12th Floor), 12, Kawran C/A, Dhaka-1215, Bangladesh.

Tel No

:

88-02-9123142, 9138186, 9123142

Fax No

:

N/A 

E-mail

:

naheed@citechco.net

Website

:

www.naheedgroup.com

Date/ Year of Incorporation

:

07.07.2002

Incorporation No.

:

C-46294

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’ 12~June’ 13

BDT 272 Million

BDT  3650.10 Million

BDT  103.21 Million

July’ 13~June’ 14

BDT 395 Million

BDT 3689.53 Million

BDT 94.50 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. Baitul Ahmed.

Designation

:

Manager.

 

 

Locations Details

 

Operating Address

:

BSRS Bhaban (12th Floor), 12, Kawran C/A, Dhaka-1215, Bangladesh.

Tel No

:

88-02-9123142, 9138186, 9123142

E-mail

:

N/A 

Fax No

:

naheed@citechco.net

Website

:

www.naheedgroup.com

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

3200

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, Tagail, Bangladesh.

Tel No

:

88-09229-87012

Fax No

:

88-09229-87020

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

322000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

No. of Employees 

 

In Office

:

28

In Factory

:

504

In Branch:

:

-

Total

:

532

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Md. Abdul Waheed

                                 50800

Mrs. Nargis Delwara Begum

                               150500

Mrs. Tanzina Naheed

                             1585500

Mrs. Farzana Naheed

                             1585500

Ms. Naheed Shabnam

                             1585500

Mr. Md. Zakiullah

                                     100

Mr. Mir. Zobair Kashem

                                     100

DIRECTORS

 

Name

Designation

Mr. Md. Abdul Waheed

Managing Director

Mrs. Nargis Delwara Begum

Director

Mrs. Tanzina Naheed

Director

Mrs. Farzana Naheed

Director

Ms. Naheed Shabnam

Director

 

 

MANAGEMENT

 

Name

:

Mr. Baitul Ahmed

Job Description

:

Manager

Nationality

:

Bangladeshi

Email address

:

Nil

Other details

:

Nil

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Cotton Yarn.

Production Capacity

:

10.94 M. Kgs Yearly.

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

:

Europe

Imports

:

China, India, CIS Countries

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

Bangladesh Textile Mills Association.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

Paid-up Capital

:

BDT  495800000

No. of Shares

:

4958000

Share Value

:

BDT 100.00Each

Main Assets

:

BDT 3689.53 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Waheed & Co. Ltd.

Naheed Tea Estate ltd.

Naheed Cotton Spinning Mills Ltd.

Naheed Composite Textile Mills Ltd.

Subsidiary

:

N/A

Name of  The Group

:

Naheed Group.

 

 

BANKING

 

Bank Name  

:

HSBC

Bank Address

:

Dhaka Main Office

Anchor Tower, 108, Bir Uttam C R Dutta Road,

Dhaka - 1205 Bangladesh

Tel: 88-02-9660536-43 (Hunting)

Fax : 88-02-9660554

          

Bank Name  

:

Premier Bank Ltd.

Bank Address

:

Dilkusha Branch

44, Dilkusha C/A,

Dhaka – 1000, Bangladesh

Tel: 88-02-9552303, 9569180, 9552328

Fax: 88-02-9552801

 

Bank Name  

:

Dutch Bangla Bank Ltd.

Bank Address

:

Local Office Branch.

1, Dilkusha C/A,

Dhaka-1000, Bangladesh

 

 

Bank Name  

:

Prime Bank Ltd.

Bank Address

:

Motijheel Branch.

Adamjee Court Annexe,

Building -2, 119-120, Motijheel C/A,

Dhaka-1000, Bangladesh

Tel: 88-02-7175491-2, 9567225, 9562982

Fax: 88-02-9567223

 

 

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 their Head office which is situated at BSRS Bhaban (12th Floor), 12, Kawran C/A, Dhaka-1215, Bangladesh. It is situated at commercial area & their office is well decorated by modern furniture.

 

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer, Exporter & Distributor. It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate amount.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.01

UK Pound

1

Rs.99.83

Euro

1

Rs.70.07

 

INFORMATION DETAILS

 

Analysis Done by :

TRI

 

 

Report Prepared by :

TRU

 

               

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.