MIRA INFORM REPORT
|
Report No. : |
342412 |
|
Report Date : |
26.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MOZAFFAR HOSSAIN
SPINNING MILLS LTD. |
|
|
|
|
Registered Office : |
House # 315, Road # 04, Baridhara DOHS, Dhaka-1206 |
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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 : |
29.11.2005 |
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Com. Reg. No.: |
C-59784 |
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|
|
Legal Form : |
Public Listed Company |
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Line of Business : |
Manufacturer, Distributor and Exporter of Cotton Yarns. |
|
|
|
|
No. of Employees : |
380 |
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 |
: |
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 |
: |
29/11/2005 |
|
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 |
|
FULLCHECK
REPORT DETAILS
|
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 |
|
|
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Residential Bldg. |
Ö |
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Factory: |
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|
|
|
|
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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 |
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Employee: |
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|||||||
|
No. of Employees |
In Office |
: |
50 |
In Factory |
: |
330 |
||
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In Branch: |
: |
|
Total |
: |
380 |
|||
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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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|||||||
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Exporter |
Ö |
Importer |
|
Services |
|
Others |
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Range of
Products: |
||
|
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||
|
Products |
: |
Cotton Yarns |
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Production Capacity |
: |
15.00 ton/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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||
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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||||
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Trade Markets |
: |
Exports |
: |
Europe |
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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 |
: |
Ahmed Zaker & Co Chartered Accountants |
||||||||
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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 |
|
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Financial Year Ending |
: 31.03.2015 |
|
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||
|
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. |
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.