3decades

MIRA INFORM REPORT

Report No. :	485265
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	SHAMSUDDIN SPINNING MILLS LTD.

Registered Office :	Delta Life Tower (5th Floor), House # 37, Road # 90, Ghulshan North, Ghulshan -2, Dhaka-1212

Country :	Bangladesh

Date of Incorporation :	14.08.1995

Com. Reg. No.:	C-29010

Legal Form :	Public (but not listed)

Line of Business :	Manufacturer, Distributor, Exporter and Importer of Yarn

No. of Employees :	930

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

BANGLADESH - ECONOMIC OVERVIEW

Bangladesh's economy has grown roughly 6% per year since 1996 despite prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

Source : CIA

EXECUTIVE SUMMARY

Comments	:	SC has changed their address of Senakalyan Bhaban (10^th Floor) 195, Motijhell C/A Dhaka-1000, Bangladesh

IDENTIFICATION DETAILS
Correct company Name	:		Shamsuddin Spinning Mills Ltd.
Head Office	:		Delta Life Tower (5^th Floor), House # 37, Road # 90, Ghulshan North, Ghulshan-2, Dhaka-1212, Bangladesh
Tel No	:		88-02-9858981-2
Fax No	:		Nil
E-mail	:		hrkkcl@gmail.com
Website	:		Nil
Date/ Year of Incorporation	:		14.08.1995
Incorporation No.	:		C-29010
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^th June’2016	BDT 712 Million	BDT 405.24 Million	BDT 49.28 Million
30^th June’2017	BDT 756 Million	BDT 421.90 Million	BDT 42.35 Million

FULLCHECK REPORT DETAILS

Information Parted By
Name	:	Mr. Alamgir Sikder
Designation	:	General Manager ( Accounts & Finance)
Contract No	:	N/A

Locations Details
Operating Address	:	Delta Life Tower (5^th Floor), House # 37, Road # 90, Ghulshan North, Ghulshan-2, Dhaka-1212, Bangladesh
Tel No	:	88-02-9858981-2
Fax No	:	Nil
E-mail	:	hrkkcl@gmail.com
Website	:	Nil

Location :

: Owned

Rented

Leased

Area

2200

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	:	Ratanpur, Shafipur, Kaliakoir, Gazipur, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Branch:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	80	In Factory	:	850
	In Branch:	:	Nil	Total	:	930
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Md. Kutubuddin Ahmed	1495900
Mrs. Nasreen Ahmed	875000
Mrs. Seyafinaz Rayen Ahmed	5100
Ms. Shararah Rayen Ahmed	5100
Mr. Md. Nazimuddin Ahmed (Karooni)	118750
Mr. Wahidul Hasan	50
Mr. Md. Ishaque Majumder	50

DIRECTORS

Name	Designation
Mr. Md. Kutubuddin Ahmed	Managing Director
Mrs. Nasreen Ahmed	Director
Mrs. Seyafinaz Rayen Ahmed	Director

MANAGEMENT

Name	:	Mr. Md. Kutubuddin Ahmed
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Jahirul Haque
Job Description	:	Executive Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01730700170

Name	:	Mr. Md. Mainul Ahasan
Job Description	:	Executive Director (Factory)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Alamgir Sikder
Job Description	:	General Manager (Accounts & Finance)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Almas Ali
Job Description	:	Deputy Manager (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö

	Exporter	Ö	Importer	Ö	Services	Others

Range of Products:

Products	:	Yarn
Spindles	:	32640
Production Capacity	:	7920000 Keg’s. Per Year
Yarn Exported	:	5959820 Keg’s. Per Year
Raw Material Requirement	:	34,000 Bales (Per Year)
Raw Material Consumption	:	32,8444 Bales (Last Year)
Last Year Production	:	6477123 Keg’s.

Trading Terms:

Purchasing Terms:	L/C	Ö	Cash		Others
	Credit :		30 days		60 days	Ö	90 days			days

Selling Terms :	L/C	Ö	Cash		Others
	Credit :		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(Country)			:	Europe
		Imports(Country)			:	India, China
Brand Name			:	N/A
Certified			:	N/A
Name of Auditors			:	N/A
Operation Status			:	Active
Member			:	Bangladesh Textile Mills Association

CAPITAL STRUCTURE

Authorized Capital	:	BDT 600 Million

Paid-up Capital	:	BDT 249995000

No. of Shares	:	2499950

Share Value	:	BDT100.00Each

Main Assets	:	BDT 405.24 Million

FINANCIAL STATEMENT- DETAILED

Summary Information Given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns

KNS Rotor Milk Ltd

Karooni Knit Composite Ltd.

Subsidiary

Nil

Name of The Group

Nil

BANKING

Bank Name	:	One Bank Ltd.
Bank Address	:	Banani Branch Plot # 158, Block # E, Banani, Dhaka-1213, Bangladesh Tel: 88-02-8824423, 8823427 Fax: 88-02-8824561

Bank Name	:	City Bank Ltd
Bank Address	:	Dilkusha Branch Jiban Bima Tower, 10, Dilkusha, Dhaka-1000, Bangladesh Tel: 88-02-9565915, 9553137, 9553147

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 their Head office which is situated at Delta Life Tower (5^th Floor), House # 37, Road # 90, Ghulshan North, Ghulshan-2, Dhaka-1212, Bangladesh. It is situated at Residential area.

GENERAL COMMENTS

The subject company is a well-known reputed company in Bangladesh. Their products popular to the local customers. So day by day the subject companies increase their goodwill.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.74
UK Pound	1	INR 86.01
Euro	1	INR 76.14
BDT	1	INR 0.77

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	SYL

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.