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Report No. : |
340308 |
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Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRIME TEXTILE SPINNING MILLS LTD. |
|
|
|
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Registered Office : |
Sena Kalyan Bhaban (8th Floor), 195 Motijheel C/A,
Dhaka-1000 |
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|
|
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Country : |
Bangladesh |
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|
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Financials (as on) : |
31.03.2015 |
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|
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Date of Incorporation : |
22.06.1989 |
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Com. Reg. No.: |
C-11626 |
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|
Legal Form : |
Public Listed Co |
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Line of Business : |
Subject is manufacturer and exporter of cotton yarn |
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|
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No. of Employee : |
4300 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
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 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
PRIME TEXTILE SPINNING MILLS LTD.
IDENTIFICATION DETAILS
|
||
|
|
||
|
Correct company Name |
: |
Prime Textile Spinning 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 |
: |
22.06.1989 |
|
Incorporation No. |
: |
C-11626 |
|
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 |
|
31 March 2014 |
BDT 1,314,958,000 |
BDT 1,108,871,000 |
BDT 28,240,000 |
|
31 March 2015 |
BDT 1,505,582,000 |
BDT 1,130,127,000 |
BDT 32,379,000 |
|
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 |
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FULLCHECK
REPORT DETAILS
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Information Parted By |
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|
|
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Name |
: |
Mr. Sultan Ahmed,
FCA |
|
Designation |
: |
Director-(Finance)
& Company Secretary |
|
Contract No |
: |
N/A |
|
Locations Details |
||
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||
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Operating Address |
: |
Sena Kalyan Bhaban (8thFloor), 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. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
Nandalalpur, Pagla, Narayangonj,
Bangladesh. |
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Tel No |
: |
88-02- 7604194-95, 7604161, 7604038, 011850140,
011863892 |
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Fax No |
: |
88-02- 9712202 |
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Owned |
Ö |
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Rented |
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|
Leased |
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Area |
4.5 |
Acores |
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Registered Address: |
||
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Address |
: |
Kadamtali, Shyampur, Dhaka-1204,
Bangladesh. |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Employee: |
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No. of Employees |
In Office |
: |
100 |
In Factory |
: |
4200 |
||
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In Branch: |
: |
- |
Total |
: |
4300 |
|||
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of
Share |
|
Mr. Md. Abdul Awal |
2335370 |
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Mr. Md. Abul Basher |
1910000 |
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Mrs. Fatema Khatun |
1910000 |
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Mr. Md. Abdul Hafiz |
642510 |
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Mr. Md. Abdul Karim |
233070 |
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Late Abdul Halim |
385520 |
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Mrs. Sanjida Awal |
128500 |
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Prime Steel Re-Rolling Mills Ltd |
10705030 |
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Bangladesh Development Bank Ltd |
850000 |
|
General Public |
19100000 |
DIRECTORS
|
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|
Name |
Designation |
|
Mr. Md. Abdul Awal |
Chairman |
|
Mr. Md. Abul Basher |
Deputy Managing Director |
|
Mrs. Fatema Khatun |
Director |
|
Mr. Md. Abdul Hafiz |
Director |
|
Mr. Md. Abdul Karim |
Director |
|
Mr. Md. Abdul Halim |
Director |
|
Mr. Manzurul Hassan Talukder |
Director (PSRML Nominee) |
|
Dr. Nazmul Bari |
Director (BSB Nominee) |
MANAGEMENT
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||
|
Name |
: |
Mr. S.S.K
Goswami |
|
Job Description |
: |
General Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Mohsin Patwary |
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Job Description |
: |
Deputy General Manager ( Utility) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
|
Name |
: |
Mr. Md Azizur Rahman |
|
Job Description |
: |
Asst. General Manager (Production) |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of
Products: |
||
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Products |
: |
Cotton Yarn |
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Production Capacity |
: |
10274528 kg per year |
|
Last Year
Production |
: |
Do |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
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Selling Terms : |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED
DATA
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|
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Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
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||
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
N/A |
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Imports |
: |
India, China |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
M/s Saha Mazumder & Co. Chartered Accountant. 21, Purana Paltan Lane, Dhaka Zahir Ahmed & Co. Chartered Accountant. 22, Dilkusha CA. Dhaka |
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Operation Status |
: |
Active |
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Member |
: |
N/A |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
BDT 150 Million |
|
||||||
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Paid-up Capital |
: |
BDT 382000000 |
No. of Shares |
: |
38200000 |
Share
Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
BDT 1,130,127,000 |
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FINANCIAL
STATEMENT- DETAILED
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|
Attached copy |
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ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
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Sister Concerns |
: |
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. Prime Melange Mills Ltd. |
|
Subsidiary |
: |
Nil |
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Name of The Group |
: |
Prime Group |
BANKING
|
|
|
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Bank Name
|
: |
Janata Bank Ltd. Bangladesh Shilpa
Bank |
ADVERSE
DATA MONITORING
|
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|
Dishonored Checks |
:
|
No Record Found |
|
Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance Defaults |
: |
No Record Found |
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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 (8thFloor), 195 Motijheel C/A, Dhaka - 1000, Bangladesh.
The subject company General Manager Mr. Mohsin Patwary given us all
information. 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. Having been in operation for several years, Subject enjoys
some recognition and impact in the line. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.