|
Report No. : |
343615 |
|
Report Date : |
03.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRIME MELANGE YARN
MILLS LTD. |
|
|
|
|
Registered Office : |
Sena Kalyan Bhaban (8th Floor), 195 Motijheel C/A,
Dhaka-1000, Bangladesh. |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
26.06.2000 |
|
|
|
|
Com. Reg. No.: |
C-40603 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Melange Yarn, Polyester/Cotton Blended Yarn |
|
|
|
|
No. of Employees : |
230 |
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 |
: |
Prime Melange Yarn Mills Ltd. |
|
Head Office |
: |
Sena Kalyan Bhaban (8th Floor), 195 Motijheel C/A,
Dhaka-1000, Bangladesh. |
|
Tel No |
: |
88-02-9564851-3, 9590570, 9564856 |
|
Fax No |
: |
88-02-9564857 |
|
E-mail |
: |
info@primegroup-bd.com |
|
Website |
: |
www.primegroup.com.bd |
|
Date/ Year of Incorporation |
: |
26.06.2000 |
|
Incorporation No. |
: |
C-40603 |
|
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) |
|
Year |
Turnover/
Sales |
Assets |
Income |
|
July’ 13~June’ 14 |
BDT
461 Million |
BDT 2231.25 Million |
BDT
18.90 Million |
|
July’ 14~June’ 15 |
BDT 895 Million |
BDT 2397.50 Million |
BDT 49.22 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. Mohsin
Patwary |
|
Designation |
: |
General Manager |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
|
||
|
Operating Address |
: |
Sena Kalyan Bhaban (8th Floor), 195 Motijheel C/A,
Dhaka-1000, Bangladesh. |
|
Tel No |
: |
88-02-9564851-3, 9590570, 9564856 |
|
Fax No |
: |
88-02-9564857 |
|
E-mail |
: |
info@primegroup-bd.com |
|
Website |
: |
www.primegroup.com.bd |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
3600 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
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Residential Bldg. |
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|
|
|
|
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Factory: |
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|
|
|
|
|
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Address |
: |
Nandalalpur, Pagla, Narayangonj,
Bangladesh. |
|
Tel No |
: |
88-02- 7604194-95, 7604161, 7604038, 011850140,
011863892 |
|
Fax No |
: |
88-02- 9712202 |
|
Owned |
|
|
Rented |
|
|
Leased |
|
Area |
454 |
DEcimals |
|
Registered Address: |
||
|
|
|
|
|
Address |
: |
Kadamtali, Shyampur, Dhaka-1204,
Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Employee: |
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|||||||
|
|
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|||||||
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No. of Employees |
In Office |
: |
20 |
In Factory |
: |
210 |
||
|
In Branch: |
: |
- |
Total |
: |
230 |
|||
|
Details: |
|
|
|
|||||
|
Names of Shareholders |
No. of Share |
|
Mr. Md. Abdul Awal |
5, 00,000 |
|
Mr. Md. Abul Basher |
40, 000 |
|
Mrs. Fatema Khatun |
75, 000 |
|
Mr. Md. Abdul Karim |
22, 000 |
|
Mrs. Sanjida Awal |
20, 000 |
|
Mrs. Sajia Awal |
20,000 |
|
Mr. Asif Mahmud |
25, 000 |
|
Prime Textile Spinning Spinning Mills Ltd |
400000 |
|
Prime Composite Mills Ltd |
400000 |
|
Prime Peoples Property Ltd |
50000 |
|
Prime Steel Re-Rolling Mills Ltd |
150000 |
|
Prime Dairy & poultry Ind. ltd |
300000 |
|
Prime Fisheries Ind. Ltd |
300000 |
|
Prime Blended yarn mills Ltd |
1650000 |
|
Mrs. Khaleda Begum |
2875 |
|
Mr. Khairul Alam Rabbi |
13417 |
|
Mrs. Hasna Nayna Rika |
6708 |
|
Mr. Md. Abdul Hafiz |
25000 |
|
Name |
Designation |
|
Mr. Md. Abdul Awal |
Chairman |
|
Mr. Md. Abul Basher |
Deputy Managing Director |
|
Mrs. Fatema Khatun |
Director |
|
Mr. Md. Abdul Karim |
Director |
|
Mr. Md. Abdul Hafiz |
Director |
|
Mr. Abdul Halim |
Director |
|
Name |
: |
Mr. Mohsin
Patwary |
|
Job Description |
: |
General Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Azizur Rahman |
|
Job Description |
: |
Deputy General Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Sirajul Haque |
|
Job Description |
: |
Asst. General Manager |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Nature of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
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Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Range of
Products: |
||
|
|
||
|
Products |
: |
Melange Yarn, Polyester/Cotton Blended Yarn |
|
Production Capacity |
: |
20822 kgs. 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 |
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
||||
|
Trade Markets |
: |
Exports |
: |
Europe, USA |
|
|||||
|
Imports |
: |
India, China |
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|||||||
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Brand Name |
: |
N/A |
||||||||
|
Certified |
: |
N/A |
||||||||
|
Auditors |
: |
N/A |
||||||||
|
Operation Status |
: |
Active |
||||||||
|
Member |
: |
Nil |
||||||||
|
Authorized
Capital |
: |
BDT 1000 Million |
|
||||||
|
Paid-up Capital |
: |
BDT
40, 00,00,000 |
No. of Shares |
: |
40, 00,000 |
Share
Value |
: |
BDT 100.0Each |
|
|
Main Assets |
: |
BDT 2397.50 Million |
|
||||||
|
The subject company don’t submit update full
financial figure to local registry office. |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
||
|
Sister Concerns |
: |
Prime Textile Spinning Mills Ltd. Prime Steel Re-Rolling Mills Ltd. Prime Dairy & Poultry Ind. Ltd. Prime Fisheries Industries Ltd. Prime Tran’s National ltd. Prime Peoples Property Ltd. Prime World Trade Ltd. Prime Super Printing Mills Ltd. Prime Synthetics Ltd. Prime Energy Limited Prime Weaving Mills Ltd Prime Dyeing & Finishing Mills Ltd Prime Blended Yarn Mills Ltd. Prime Rotor Spinning Mills Ltd. Prime Knitwear’s Ltd. Prime Information Technologies Ltd. Steel Enterprise Ltd. Doleswar Iron & Engineering Works Ltd. Unique Steel Industries Ltd Jahanabad Ship Breakers Ltd. Prime Ship Breakers Ltd. Prime FSS Recycling Ltd Prime Textile Fabrics Ltd. Prime Knit Fabrics Ltd. Doleswar Iron & Engineering Works Prime Specialized Yarn Mills Ltd. Prime Composite Mills ltd. |
|
Subsidiary |
: |
Nil |
|
Name of The Group |
: |
Prime Group |
BANKING
|
||
|
Bank Name
|
: |
Bangladesh
Development Bank Ltd. Janata Bank Ltd. |
|
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 Sena Kalyan Bhaban (8th Floor), 195 Motijheel C/A, Dhaka-1000,
Bangladesh. It is situated at
commercial area which is a well decorated modern office. |
GENERAL COMMENTS
|
|
Subject is mainly engaged in Manufacturer & Exporter. The subject
company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears
to be average. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.