MIRA INFORM REPORT
|
Report No. : |
342412 |
|
Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MOZAFFAR HOSSAIN SPINNING MILLS LTD. |
|
|
|
|
Registered Office : |
House # 315, Road # 04, Baridhara DOHS, Dhaka-1206 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2015 |
|
|
|
|
Date of Incorporation : |
23.11.2005 |
|
|
|
|
Com. Reg. No.: |
C-59784 |
|
|
|
|
Legal Form : |
Public Listed Co |
|
|
|
|
Line of Business : |
Manufacturer, Distributor and Exporter of Cotton Yarns |
|
|
|
|
No. of Employees : |
380 |
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 |
|
|
|
|
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 |
|
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 |
: |
Mozaffar
Hossain Spinning Mills Ltd. |
|
Head Office |
: |
House # 315, Road # 04, Baridhara DOHS, Dhaka-1206,
Bangladesh |
|
Tel No |
: |
88-02-8415961-3 |
|
Fax No |
: |
88-02-8415964 |
|
E-mail |
: |
info@simgroup-bd.com |
|
Website |
: |
www.simgroup-bd.com |
|
Date/ Year of Incorporation |
: |
29/09/2014 |
|
Incorporation
No. |
: |
C-59784 |
|
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 679,105,261 (01.07.2013~31.03.2014) |
BDT 1,451,891,718 |
BDT 78,852,192 (01.07.2013~31.03.2014) |
|
31.03.2015 |
BDT 987,257,234 (01.07.2014~31.03.2015) |
BDT 1,568,286,780 |
BDT 163,233,901 (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 |
|
Information
Parted By
|
|
||
|
Name |
: |
Mr. Md.
Shamsul Islam |
|
Designation |
: |
Company
Secretary |
|
Contract No |
: |
N/A |
Locations Details
|
Operating Address |
: |
House # 315, Road # 04, Baridhara DOHS, Dhaka-1206,
Bangladesh |
|
Tel No |
: |
88-02-8415961-3 |
|
Fax No |
: |
88-02-8415964 |
|
E-mail |
: |
info@simgroup-bd.com |
|
Website |
: |
www.simgroup-bd.com |
|
Location
: |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
3600 |
Sq. ft. |
|
Type
of Office : |
: Commercial Office Bldg. |
|
|
Semi-commercial office Bldg. |
|
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
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|
Home Office |
|
|
|
|
Residential Bldg. |
Ö |
|
|
|
|
|
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Factory: |
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|
|
|
|
|
|
Address |
: |
Thakurbari
Teac, Masumabad, Bhulta, Ropgonj, Narayangonj, Bangladesh |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
85000 |
Sq. ft. |
|
Branches: |
|
|
|
Address |
: |
Nil |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Employee: |
|
|||||||
|
No.
of Employees |
In Office |
: |
50 |
In Factory |
: |
330 |
||
|
In Branch: |
: |
|
Total
|
: |
380 |
|||
|
Details: |
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|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Mrs. Rahima Hossain |
1353750 |
|
Mr. Md. Mozzaffar Hossain |
1260000 |
|
Mr. Raisul Hasan |
1390000 |
|
Mr. A.S.M. Rakibul Hassan |
140500 |
|
Sim Fabrics Ltd. |
20600000 |
|
General Public |
53349500 |
DIRECTORS
|
Name |
Designation |
|
Mr. Md. Mozzaffar Hossain |
Managing
Director |
|
Mrs. Rahima Hossain |
Director |
|
Mr. Raisul Hasan |
Director |
|
Mr. A.S.M. Rakibul Hassan |
Nominee
Director |
|
Mr. Sanwar Hossain |
Nominee
Director |
|
Mr. Md. Kamrul Hossain |
Independent
Director |
|
Mr. Md. Alamgir Akando |
Independent
Director |
MANAGEMENT
|
Name |
: |
Mr. Md.
Shamsul Islam |
|
Job Description |
: |
Company
Secretary |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Shahin
Ahmed |
|
Job Description |
: |
Chief Financial
Officer |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
Nature
of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
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|
Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Range
of Products: |
||
|
|
||
|
Products |
: |
Cotton Yarns |
|
Production
Capacity |
: |
15.00 ton/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 |
|
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 |
|
||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
||||
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Trade
Markets |
: |
Exports |
: |
Europe |
|
|||||
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Imports |
: |
India, China |
|
|||||||
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Brand
Name |
: |
N/A |
||||||||
|
Certified |
: |
N/A |
||||||||
|
Auditors |
: |
Ahmed Zaker & Co Chartered Accountants |
||||||||
|
Operation
Status |
: |
Active |
||||||||
|
Member |
: |
N/A |
||||||||
CAPITAL
STRUCTURE
|
Authorized Capital |
: |
BDT 3000,000,000 |
|
|||||
|
Paid-up Capital |
: |
BDT 780,937,500 |
No. of Shares |
:78093750 |
Share Value |
: |
BDT10.00Each |
|
|
Main Assets |
: |
BDT 1,568,286,780 |
|
|||||
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 |
: |
SIM Fabrics Ltd. Sim Apparels Ltd. Shoaib Apparels Ltd Authentic Color Limited |
|
Subsidiary |
: |
Nil |
|
Name of The Group |
: |
SIM Group |
BANKING
|
Bank Name |
: |
Isalmi Bank
Bangladesh Limited |
|
Bank Address |
: |
|
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 House # 315, Road # 04, Baridhara
DOHS, Dhaka-1206, 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. We recommended that Credit can proceed promptly in Fairly large
amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
UK Pound |
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.