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Board Memo Ofyouth Spinning - 07
Board Memo Ofyouth Spinning - 07
Sub: Proposal for opening of LC for USD 1,81,041.00 eqv. to Tk.12.56 million to import Spare
parts for Generators at 10% cash security on cash retirement basis in addition to existing
composite facility of Tk.1296.79 million – A/c. M/s. Youth Spinning Mills Ltd., a client of
Local Office, Dhaka.
D. Recommending Authority:
The E.C in its 1303rd Meeting held on 10.02.2008 discussed the above proposal and after
detailed discussion the EC recommended the same to the Board for approval. A copy of E.C Memo
No.2008/235 dated 08.02.2008 is enclosed for kind ready reference.
The proposal is now placed before the Board for kind approval and if agreed, the following
resolution may be adopted:
Resolution
“Resolved that the proposal for opening of LC for USD 1,81,041.00 eqv. to Tk.12.56 million to
import Spare parts for Generators at 10% cash security on cash retirement basis in addition to
existing composite facility of Tk.1296.79 million – A/c. M/s. Youth Spinning Mills Ltd. of Local
Office, Dhaka under the terms & conditions as envisaged in the E.C. Memo No.2008/235 dated
08.02.2008 and as per usual terms and conditions of the bank be and is hereby approved”
Resolution
“Resolved that the proposal for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million to
import Carding machine and some Spares/auxiliary machinery at 10% Cash Security on cash
retirement basis in addition to existing composite facility of Tk.1296.79 million – A/c. M/s. Youth
Spinning Mills Ltd. of Local Office, Dhaka under the terms & conditions as envisaged in the Memo
be and is hereby recommended to the Board for approval”
(MOHD. SHAMSUL
HAQUE)
DEPUTY EXECUTIVE
PRESIDENT
AND
EXECUTIVE PRESIDENT
(CC)
ISLAMI BANK BANGLADESH LIMITED
PROJECT INVESTMENT DIVISION
HEAD OFFICE, DHAKA.
Sub: Post-facto approval for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million to
import Carding machine and some Spares/auxiliary machinery at 10% Cash Security on cash
retirement basis in addition to existing composite facility of Tk.1296.79 million – A/c. M/s.
Youth Spinning Mills Ltd. of Local Office, Dhaka.
A. Particulars of the client:
i. Name of the Project : M/s. Youth Spinning Mills Ltd.
ii. Location of the Project : Gorai, Mirzapur, Tangail.
iii. Constitution of the Company : Private Limited Company.
iv. Capital Structure
Authorized Capital : Tk.750.00 million
Paid-up Capital :Tk. 9.90 million
v. Nature of the Project Textile Spinning Mill
vi. Installed Capacity of the Project Ring Spinning Unit : 24,000 Spindles
Rotor Unit : 576 -Rotor Head
vii. Production capacity of the project : As below
(Million
Kg/year)
Unit Average count Combed Carded Total
Ring Spinning 30 3.20 2.00 5.20
Rotor Spinning 16 1.00 1.00
Total 3.20 3.00 6.20
F. Recommending Authority:
The E.C in its 1291 st (Adj.) Meeting held on 18.11.2007 recommended the subject proposal to the
Board. A copy of E.C. Memo No.2007/2263 dated 18.11.2007 is enclosed for kind ready reference.
In view of the urgent requirement of the client and as approached by the branch we have issued
formal sanction advice to the branch upon kind concurrence of the Honourable Chairman, Board of
Directors pending post facto approval of the Board.
The proposal is now placed before the Board for kind consideration and if agreed the following
resolution may be adopted:
Resolution
“Resolved that the proposal for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million to
import Carding machine and some Spares/auxiliary machinery at 10% Cash Security on cash
retirement basis in addition to existing composite facility of Tk.1296.79 million – A/c. M/s. Youth
Spinning Mills Ltd. of Local Office, Dhaka under the terms & conditions as envisaged in the E.C.
Memo No.2007/2263 dated 18.11.2007 be and is hereby approved post – facto”
(M. FARIDUDDIN
AHMED)
EXECUTIVE PRESIDENT
Sub: Proposal for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million to import Carding
machine and some Spares/auxiliary machinery at 10% Cash Security on cash retirement basis
in addition to existing composite facility of Tk.1296.79 million – A/c. M/s. Youth Spinning
Mills Ltd. of Local Office, Dhaka.
A. . Banking information of the client
01. Date of banking with IBBL : 05.11.2000
02. Date of availing investment/first disbursement from IBBL : 20.08.2001
03. Date of last renewal/ Sanction of WC Limit : 10.11.2007
04. Date of expiry of the Working capital Limit : 09.11.2008
To meet up the increasing demand of the product the client intends to increase the capacity and
has approached the branch for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million
at 10% Cash Security under cash retirement to import Capital Machinery (Carding Machine) in
addition to existing facility of Tk.799.08 million – A/c. M/s. Youth Spinning Mills Ltd. of
Local Office, Dhaka.
Resolution
“Resolved that the proposal for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million to
import Carding machine and some Spares/auxiliary machinery at 10% Cash Security on cash
retirement basis in addition to existing composite facility of Tk.1296.79 million – A/c. M/s. Youth
Spinning Mills Ltd. of Local Office, Dhaka under the terms & conditions as envisaged in the Memo
be and is hereby recommended to the Board for approval”
(MOHD. SHAMSUL
HAQUE)
DEPUTY EXECUTIVE
PRESIDENT
AND
EXECUTIVE PRESIDENT
(CC)
Sub: Proposal for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million to import Carding
machine and some Spares/auxiliary machinery at 10% Cash Security on cash retirement basis
in addition to existing composite facility of Tk.1296.79 million – A/c. M/s. Youth Spinning
Mills Ltd. of Local Office, Dhaka.
Notes from pre-page may kindly be seen
The EC in its 1291st meeting held on 18.11.2007 recommended the subject proposal to the Board for
approval.
As per CIB report printed on 17.10.2007 there was a classified liability of Tk.0.10 million in the
name of Kazi Razzakul Haider. The branch confirmed that Jb. Kazi Razzakul Haider reported in
CIB report is not Jb. Md. Razzakul Haider , Director of M/s. Youth Spinning Mills Ltd. may be
some one else. They have also informed that the Director of the company did not avail such
investment /facility from any Bank/Financial institution and he has got no classified liability.
For urgency of the client and requirement of the project, we may issue formal sanction advice to
open the LC upon kind concurrence of the Honourable Chairman, Board pending post facto approval
of the Board
Sub: Proposal for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million at 10% Cash
Security under cash retirement to import Capital Machinery (Carding machine) in addition to
existing facility of Tk.799.08 million – A/c. M/s. Youth Spinning Mills Ltd. of Local Office,
Dhaka.
To meet up the increasing demand of the product the client intends to increase the capacity and
has approached the branch for opening of LC for EURO 1,91,724.00 eqv. to Tk.19.48 million
at 10% Cash Security under cash retirement to import Capital Machinery (Carding Machine) in
addition to existing facility of Tk.799.08 million – A/c. M/s. Youth Spinning Mills Ltd. of
Local Office, Dhaka.
AVP(PID) Please