3decades

MIRA INFORM REPORT

Report No. :	486758
Report Date :	22.01.2018

IDENTIFICATION DETAILS

Name :	S. N SPINNING MILLS LTD

Registered Office :	House# 69, Road# 17, Block# C, Banani, Dhaka-1213

Country :	Bangladesh

Date of Incorporation :	30.07.2006

Com. Reg. No.:	C-63022

Legal Form :	Private Co

Line of Business :	Manufacturer Exporter and Importer of Yarn, Raw Material

No. of Employees :	100

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: 27, Dilkusha C/A Baitual Hossain Building, Suit- 1206 (11^th Floor), Dhaka- 1000, Bangladesh

*IDENTIFICATION DETAILS*
Correct company Name	:		S. N Spinning Mills Ltd
Head Office	:		House# 69, Road# 17, Block# C, Banani, Dhaka-1213, Bangladesh
Tel No	:		88-02-9821868-9
Fax No	:		Nil
E-mail	:		agc_sn@yahoo.com
Website	:		Nil
Date/ Year of Incorporation	:		30.07.2006
Incorporation No.	:		C-63022
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

Other Registry & Certification Details

Organization Name	:	Bangladesh Textile Mills Association
Membership No	:	N/A

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income/ (Loss)
30^th June, 2016	BDT 356 Million	BDT 221.80 Million	BDT 11.35 Million
30^th June, 2017	BDT 410 Million	BDT 238.38 Million	BDT 14.90 Million

FULLCHECK REPORT DETAILS

*Information Parted By*
Name	:	Mr. Riazul Islam
Designation	:	Manager (Commercial)
Contract No	:	N/A

*Locations Details*
Operating Address	:	House# 69, Road# 17, Block# C, Banani, Dhaka-1213, Bangladesh
Tel No	:	88-02-9821868-9
Fax No	:	Nil
E-mail	:	agc_sn@yahoo.com
Website	:	Nil

Location :

: Owned

Rented

Leased

Area

1400

Sq. ft.

Type of Office	: Commercial Office Bldg.		Semi-commercial office Bldg.
Retail shop		Industrial Park
Business Center		Home Office
Residential Area.	Ö

Factory:

Address	:	Adhuria, Duptara, Rupgonj, Narayangonj-1400, Bangladesh
Tel No	:	Nil
Fax No	:	Nil

Branch:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	25	In Factory	:	75
	In Branch	:	N/A	Total	:	100
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share		Country
Mr. Abdul Gaffar Chowdhury		25	Bangladesh.
Mr. Md. Sharif Chowdhury		25	Bangladesh.
Mr. Md. Nayeem Chowdhury		25	Bangladesh.
Mr. Md. Mazharul Arif Chowdhury		25	Bangladesh.

DIRECTORS

Name	:	Mr. Abdul Gaffar Chowdhury
Designation	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A


Name	:	Mr. Md. Sharif Chowdhury
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A


Name	:	Mr. Md. Nayeem Chowdhury
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A


Name	:	Mr. Md. Mazharul Arif Chowdhury
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

MANAGEMENT

Name	:	Mr. Abdul Gaffar Chowdhury
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Riazul Islam
Job Description	:	Manager (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Shahin Khandakar
Job Description	:	Officer (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor

	Exporter	Ö	Importer	Ö	Services	Others

Range of Products:

Products	:	Yarn, Raw Material, etc.
Installed Capacity	:	30,240 Spindles
Production Capacity	:	5325 M. Ton Per Year
Year Production	:	5.10 M. Ton
Raw Material Requirements	:	31,500 Bales
Raw materials Consumption	:	31,500 Bales
Import Products	:	N/A
Export Products	:	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	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
Trade Markets	:	Exports(Country)			:	Europe
		Imports(Country)			:	India, China
Brand Name			:	N/A
Certified			:	N/A
Name of Auditors			:	N/A
Operation Status			:	Active

CAPITAL STRUCTURE

Authorized Capital	:	BDT 500 Million

Paid-up Capital	:	BDT 1,00,000

No. of Shares	:	100

Share Value	:	BDT 1000.00 Each

Main Assets	:	BDT 238.38 Million

FINANCIAL STATEMENT- DETAILED

Financial summary information has been given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Name of The Group	:	Nil
Name of Mother Company	:	Nil
Subsidiary	:	Nil
Sister Concerns	:	AGC Spinning Mills Limited

BANKING

Bank Name	:	N/A
Bank Address	:	N/A

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# 69, Road# 17, Block# C, Banani, Dhaka-1213, Bangladesh. It’s situated at a Residential Area.

GENERAL COMMENTS

The subject company is engaged in Manufacturer, Importer & Exporter. It is reputed company in this line of business.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 63.72
UK Pound	1	INR 88.64
Euro	1	INR 78.14
BDT	1	INR 0.77

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

INFORMATION DETAILS

Analysis Done by :	PRA

Report Prepared by :	TRU

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.