MIRA INFORM REPORT

 

 

Report No. :

342374

Report Date :

30.09.2015

 

IDENTIFICATION DETAILS

 

Name :

AMAN SPINNING MILLS LTD.

 

 

Registered Office :

Taher Tower (5th Floor), Plot # 10,  Gulshan North, Gulshan-2, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

27.11.2007

 

 

Legal Form :

Public (but not listed) 

 

 

Line of Business :

Manufacturer and Exporter of Cotton Yarn.

 

 

No. of Employee :

1000

 

 

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

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

 

Correct company Name

:

Aman Spinning Mills Ltd.

Head Office

:

Taher Tower (5th Floor), Plot # 10,  Gulshan North, Gulshan-2, Dhaka-1212, Bangladesh

Tel No

:

88-02-9851895, 8825471

Fax No

:

N/A

E-mail

:

info@amanspinning.com , tahrin.a@amanspinning.com

Website

:

www.amangroup-bd.com

Date/ Year of Incorporation

:

27/11/2007

Incorporation No.

:

C- 64638

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

31st December 2013

BDT 1632.51  Million

BDT  1210.27  Million

BDT 56.54  Million

31st December 2014

BDT 1821.30  Million

BDT 1349.18  Million

BDT 81.94   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

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

 

 

 

Name

:

Mr. Md. Mustafuzur Rahman

Designation

:

Manager ( Import)

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Taher Tower (5th Floor), Plot # 10,  Gulshan North, Gulshan-2, Dhaka-1212, Bangladesh

Tel No

:

88-02-9851895, 8825471

Fax No

:

N/A

E-mail

:

info@amanspinning.com, tahrin.a@amanspinning.com

Website

:

www.amangroup-bd.com

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

3500

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

Ö

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Zirabo, Ashulia, Savar, Dhaka, Bangladesh. 

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

1,00,000

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

950

In Branch:

:

 

Total

:

1000

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Arena Industries Ltd.

                                    75,00,000

Mr. Amanullah                                                                                 

75,00,000

Mr. Tahrin Aman                                                                                  

60,00,000

Nusrat Aman

3,00,000

Mr. Tahsin Aman

75,00,000

Anowara Aana Aman

3,00,000

Tazneen Aman

9,00,000

 

 

DIRECTORS

 

Name

Designation

Mr. Tahrin Aman

Managing Director                                                                                

Mr. Amanullah                                                                                 

Director  

Nusrat Aman

Director  

Mr. Tahsin Aman

Director  

Anowara Aana Aman

Director  

Tazneen Aman

Director  

 

 

MANAGEMENT

 

Name

:

Mr. Md. Mustafuzur Rahman

Job Description

:

Manager ( Import)

Nationality

:

Bangladeshi

Email address

:

mostafej.r@amanspinning.com

Other details

:

N/A

 

 

 

 

 

BUSINESS OPERATIONS

 

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

 

 

 

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

Cotton Yarn.

Production Capacity

:

4735110.08 Kgs

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

 

Others

 

 

 

Credit :

Ö

30 days

 

60 days

Ö

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

 

Trade Markets

:

 

Exports

:

Europe

 

Imports

:

China, India, USA, Australia.

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

 N/A

Operation Status

:

Active

Member

:

 Bangladesh Textile Mills Association

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 1000 Million

Paid-up Capital

:

BDT 30,00,00,000

    No. of Shares

:3,00,00,000

Share Value

:

BDT 10Each

 

Main Assets

:

BDT 1349.18  Million

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

 

Given in report

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Imon Traders

Samp Limited.

Ilma Enterprise

Erina HRT Ltd.

Erina Consumers

Arena Securities Ltd

Arena Industries Ltd.

Aman Group Foundation

Aman Knit Composite Ltd.

Mousumi Enterprises Limited.

 

Subsidiary

:

N/A

Name of  The Group

:

Aman Group of Companies Ltd.

 

 

BANKING

 

Bank Name  

:

Dhaka Bank Ltd.                                                                       

Bank Address

:

Local Office,

Adamjee Court (GF), 115-120 Motijheel C/A, Dhaka-1000

Tel : 8802 9556587, 9556592-3

 Fax: 8802 9556583      

 

Bank Name  

:

National Bank Ltd.

Bank Address

:

Dilkusha Branch,

18 Dilkusha, Dhaka, Bangladesh

Phone: 88-02-956-3081, 966-6584

Fax: 88-02-956-3953, 88-02-966-9404

Bank Name  

:

Social Islami Bank Ltd.   

Bank Address

:

Foreign Exchange Branch

Address: 141-143, Motijheel C/A, BIWTA Bhaban, Dhaka.

Phone: 02-9571254, 9571100

Fax: 02-9571100

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation                                                        

Bank Address

:

Dhaka Main Office

Tower, 108, Bir Uttam C R Dutta Road,

 Dhaka – 1205, Bangladesh

 Tel: 88-02-9660536-43

 Fax: 8802- 9660554, 9669457

 

 

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 Taher Tower (5th Floor), Plot # 10, Gulshan North, Gulshan-2, Dhaka-1212, Bangladesh. It is situated at residential area & their office is well decorated by western furniture.

 

 

 

GENERAL COMMENTS

 

Subject is mainly engaged in Manufacturer & Exporter of yarns. The subject company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears to be average. As well as condition we recommended that Credit can proceed normally

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.18

UK Pound

1

Rs.100.46

Euro

1

Rs.74.61

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.