MIRA INFORM REPORT
|
Report No. : |
342377 |
|
Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MALEK SPINNING
MILLS LTD. |
|
|
|
|
Registered Office : |
117/A Tejgaon I/R, Dhaka-1215 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
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Date of Incorporation : |
02.11.1989 |
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|
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Com. Reg. No.: |
C-19018 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
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Line of Business : |
Manufacturer, Distributor, Exporter and Importer of Card
& Combed Yarn. |
|
|
|
|
No. of Employees : |
1549 |
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 |
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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 |
|
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 |
EXECUTIVE
SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Malek Spinning Mills Ltd. |
|
Head Office |
: |
Mehnaj Monsur Tower, House # 11A, Road # 130, Gulshan-1, Dhaka-1212,
Bangladesh |
|
Tel No |
: |
880-2-8832771-82, 8816128 |
|
Fax No |
: |
880-2-8828953, |
|
E-mail |
: |
allabj@dhaka.net |
|
Website |
: |
www.malekspinning.com |
|
Date/ Year of Incorporation |
: |
02 November, 1989 |
|
Incorporation No. |
: |
C-19018 |
|
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/
(Loss) |
|
30-06-2014 |
BDT 6,574,307,511 (01.07.2013~31.03.2014) |
BDT 15,406,729,858 |
BDT 300,672,163 (01.07.2013~31.03.2014) |
|
31.03.2015 |
BDT 5,985,075,784 (01.07.2014~31.03.2015) |
BDT 14,678,419,910 |
BDT 240,804,630 (01.07.2014~31.03.2015) |
|
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. Syed Saiful Haque |
|
Designation |
: |
Company Secretary |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
Operating Address |
: |
Mehnaj Monsur Tower, House # 11A, Road # 130, Gulshan-1, Dhaka-1212, Bangladesh |
|
Tel No |
: |
880-2-8832771-82, 8816128 |
|
Fax No |
: |
880-2-8828953, |
|
E-mail |
: |
allabj@dhaka.net |
|
Website |
: |
www.malekspinning.com |
|
Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
3600 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
|
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial Park |
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|
|
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Business Center |
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Home Office |
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Residential Bldg. |
Ö |
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Factory: |
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|
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Address |
: |
Shafipur, Kaliakor, Gazipur, Bangladesh |
|
Tel No |
: |
88-02- 9289208 |
|
Fax No |
: |
Nil |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
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Area |
150000 |
Sq. ft. |
|
Branches: |
||
|
Address |
: |
5, Mohakhali C/A , Gulshan , Dhaka 1212
Bangladesh. |
|
Tel No |
: |
880 -2- 9882107, 9887242 |
|
Fax No |
: |
880 -2 -8821394
|
|
Registered Address: |
||
|
Address |
: |
117/A Tejgaon I/R, Dhaka-1215, Bangladesh |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Employee: |
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No. of Employees |
In Office |
: |
250 |
In Factory |
: |
1299 |
||
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In Branch: |
: |
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Total |
: |
1549 |
|||
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Details: |
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|||||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of
Share |
|
Mr. A.F.M. Zubair Chairman |
8470000 |
|
Mr. A. Matin Chowdhury |
13358400 |
|
Dr. Shamim Matin Chowdhury |
13310000 |
|
Mr. Azizur Rahim Chowdhury |
18585600 |
|
Ms. Saima Matin Chowdhury |
15004000 |
|
Mr. Moshiur Rahman |
12100000 |
|
Mr. Shyan Zubair |
3872000 |
|
General Public |
108900000 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. A.F.M. Zubair Chairman |
Chairman |
|
Mr. A. Matin Chowdhury |
Managing Director |
|
Dr. Shamim Matin Chowdhury |
Director |
|
Mr. Azizur Rahim Chowdhury |
Director |
|
Ms. Saima Matin Chowdhury |
Director |
|
Mr. Moshiur Rahman |
Director |
|
Mr. M. Sekander Ali |
Director |
|
Md. Qamrul Huda |
Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Ghaus
Mohammad |
|
Job Description |
: |
Director HR &
Admin |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Hasan Mahmood |
|
Job Description |
: |
Executive
Director |
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Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
||||||||
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
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|
|||||||
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Exporter |
Ö |
Importer |
Ö |
Services |
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Others |
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Range of
Products: |
||
|
|
||
|
Products |
: |
Card & Combed Yarn |
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Production Capacity |
: |
32 tons Per Day |
|
Last Year
Production |
: |
Do |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
|
Selling Terms : |
L/C |
|
Cash |
Ö |
Others |
|
|
|||
|
|
Credit : |
Ö |
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED
DATA
|
|
||||||||||
|
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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|||||
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Trade Markets |
: |
Exports |
: |
Europe, USA, Canada |
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||||||
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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 |
: |
N/A |
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Operation Status |
: |
Active |
|||||||||
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Member |
: |
Bangladesh Textile Mills Association |
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CAPITAL STRUCTURE
|
|
|||||||
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Authorized
Capital |
: |
BDT 3000,000,000 |
|
|||||
|
Paid-up Capital |
: |
BDT 1936000000 |
No. of Shares |
:193600000 |
Share
Value |
: |
BDT10.00Each |
|
|
Main Assets |
: |
BDT 14,678,419,910 |
|
|||||
FINANCIAL
STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31.03.2015 |
|
|
||
|
Income Statement : |
||
|
|
Currency |
:BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31.03.2015 |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
||
|
Sister Concerns |
: |
Usha Feed Ltd. Jessore Feed Ltd. Sports Zone Ltd., Usha Poultry Ltd. Paragon Press Ltd. Paragon Agro Ltd. Paragon Poultry Ltd Paragon Poultry Ltd. Hazinagar Tea Estate Rangpur Poultry Ltd. Rahmania Teas Estate Chittatgong Feed Ltd. Chittagong Chicks Ltd. Paragon Plast Fiber Ltd. Grand Parent Breeding Farm |
|
Subsidiary |
: |
Salek Textile Ltd. J.M. Fabrics Ltd. NewAsia Synthetics Ltd. |
|
Name of The Group |
: |
Paragon Group |
BANKING
|
||
|
Bank Name
|
: |
HSBC Main, -Dhaka AB Bank Ltd.
-Principal Br, Dhaka One Bank Ltd.
-Principal Br, Dhaka BRAC Bank Ltd. -Head
Office, Dhaka Eastern Bank Ltd.
-Principal Br, Dhaka Dhaka Bank Ltd.
-Karwan Bazar Br, Dhaka The Trust Bank
Ltd. -Sena Kalyan Br, Dhaka |
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 Mehnaj Monsur Tower, House # 11A, Road # 130, Gulshan-1,
Dhaka-1212, Bangladesh. It is Situated at Residential area. |
GENERAL
COMMENTS
|
|
The subject company is engaged in Manufacturer, Exporter &
Distributors. It is reputed company in this line of business. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
|
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
NIT |
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.