MIRA
INFORM REPORT
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Report Date : |
7th March, 2007 |
IDENTIFICATION
DETAILS
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Name : |
HEIDELBURGCEMENT BANGLADESH LIMITED |
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Registered Office : |
South Halishahar, Chittagong-4204, Bangladesh |
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Country : |
Bangladesh |
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Financials (as on): |
31.12.2005 |
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Date of Incorporation : |
30.06.1979 |
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Com. Reg. No.: |
C-7249 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in manufacturing selling of Portland Cement. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
Company Name
HEIDELBURGCEMENT BANGLADESH LIMITED
Address
South Halishahar,
Chittagong-4204
Bangladesh
Mailing Address : G.P.O.Box No.372
Telephones : 880-31-740902/3 PABX
Fax : 880-31-740904
E-mail : cccgcl@rubynumberone.com
Head Office
Red-Cresent Concord Tower
17,Mohakhali Commercial Area,
Dhaka-1212,
Tel. 880-2-8811691
Fax. 880-2-8812584
E-mail. scancem@scancembd.com
SUMMERY
Established : February,1966
Incorporation No : C-7249
Incorporation dated : 30th June,1979
Status : Satisfactory
Managing Director & CEO : Mr.Jean-Claude Jamar
Payment : Regular
Litigation : NIL
Investment Capital : Tk.1.09 billion
Sales : Tk.3.6 billion
Employees : 269
Executives- 8
Junior Executives- 17
Chemist- 5
Engineers- 8
Junior Engineers- 15
Quality Control- 18
Supervisory Staffs- 19
Support Staffs- 18
Sales Staffs- 24
General Staffs- 31
Technicians- 24
Workers- 82
BANK
Standard Chartered Bank
Sheikh Mujib Road,
Agrabd Commercial Area,
Chittagong
HSBC
Motijheel Commercial Area,
Dhaka
Citibank.N.A
Agrabad Commercial Area,
Chittagong,
Uttara Bank Limited,
Motijheel Commercial Area,
Dhaka
Mercantile Bank Limited
Motijheel Commercial Area,
Dhaka
FACTORY
Mouja : Tatki,
P.O.Jatramora,
Union :Tarabow,
P.S.Rupganj
District: Narayanganj
PABX-880-2-8815602-3
Fax. 880-2-8815598
E-mail. kanfab@scancembd.com
South Halishahar,
G.P.O.Box No.372
Chittagong-4204,
Tel. 880-31-740902/3,
Fax. 880-31-740904
E-mail. cccgcl@rubynumberone.com
BRANCH
NIL
OFFICE AREA
3,500 sq.ft (own)
FACTORY AREA
6.5 acres land (own)
WAREHOUSE AREA
85,000 sq.ft (own)
DIRECTOR & SHAREHOLDERS
Mr.Jean-Claude Jamar
-Chairman & Managing Director
Mr.Daniel Lavalle
Mr.Henri Thijssen
Mr.Abdul Awal Minto
Mr.A.K.M.Jahangir Khan
Mr.M.Ziaul Haque Khondaker
Mr.Bart DeLeewu
Mr.Khurrum Hussain
Mr.Golam Farook
HISTORY
A public sector corporation established the subject in 1966 and on 30th June it was converted into private limited company and they are after it was made public limited company in February 1989. In June 1993 it was sold a private company who again sold it to ENCI holding N.V.--a subsidiary of Heidelburg Cement Group in 2002.
BUSINESS
The company in engaged in manufacturing selling of Portland Cement.
RANGE OF PRODUCTS
Portland Cement
PRODUCTION POSITION
Yearly Production Position -----0.8 million M/Tons
Last year Production -----0.8 million M/tons
MAJOR CLIENTS
Local Construction companies
Government Construction Departments
Local Individuals
CLINKER FROM
Pakistan
India
Turkey
Iran
China
TERMS & SALES
Cash
Credit
CERTIFICATION
ISO : 14001
NAME OF GROUP
Heidelburgcement Group
SISTERN CONCERN
Scan Cement International Ltd,
ENLISTED WITH
Dhaka Stock Exchange Limited, Dhaka
Chittagong Stock Exchange Limited, Chittagong
MEMBER
Dhaka Chamber of Commerce & Industries, Dhaka
Chittagong Chamber of Commerce & Industries,
Chittagong
LEGAL FORM
The subject is public limited company incorporated with the Registrar of Joint Stock Companies, Dhaka
BALANCE SHEET
as at 31 december 2005
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ASSETS |
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Non-current assets |
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Property, plan and equipment |
2,876,364 |
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Capital work-in-progress |
2,930 |
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Intangible assets |
4,386 |
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Preliminary and pre-operational expenses |
----- |
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2,883,680 |
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Current assets |
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Inventories |
735,362 |
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Trade and other receivables |
453,440 |
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Current account with Meghna Energy Limited |
6,787 |
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Advance, deposits and prepayments |
86,676 |
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Advance Income tax paid |
133,306 |
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Cash and bank balances |
19,888 |
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1,435,459 |
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Total assets |
4,319139 |
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EQUITY |
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Shareholder's equity |
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Share capital |
489,209 |
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Capital reserves |
605,657 |
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Revenue reserve and surplus : |
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General reserve |
15,000 |
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Dividend equalization fund |
8,600 |
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Retained earnings |
720,461 |
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1,838,927 |
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LIABILITIES |
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Non-current liabilities |
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Long term loan |
291,126 |
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Suppliers' credit-blocked |
2,565 |
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Quasi equity loan |
122,636 |
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ADP Loan |
12,,699 |
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Deferred liability-gratuity |
5,735 |
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434,761 |
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Current Liability |
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Bank overdraft |
10,073 |
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Trade and other payables |
886,225 |
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Long term loan (Current portion) |
110,616 |
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Short term loan |
1,016,867 |
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Provisions for other liabilities and charges |
8,023 |
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Unclaimed dividend |
13,647 |
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2,045,451 |
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Total liabilities |
2,480,212 |
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Total equity and liabilities |
4,319,139 |
INCOME STATEMENT
for the period 1 January 2005 to 31 December,2005
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Revenue |
3,654,632 |
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Cost of Goods sold |
(3,075,038 |
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Gross profit |
579,594 |
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Other operating income |
10,125 |
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Warehousing, distribution and selling expenses |
(95,567) |
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Administrative expenses |
(206,608) |
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Other operating expenses |
-------- |
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Operating profit |
287,544 |
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Other non-operating income |
4,548 |
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Financial expenses |
(143,394) |
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Contribution to Workers Profit Participation Fund |
(8,023) |
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Profit before income tax |
140,675 |
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Income tax expenses |
(823) |
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Profit for the year |
139,852 |
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Earning Per Share (EPS) |
31 |
Auditors : Hoda Vasi Chowdhury & Co
Chartered Accountants
BTMC Bhaban (8th Floor),
7-8,Kawran bazar,
Dhaka-1215,
SHAREHOLDING POSITION
ENCI Holding N.V.-------39.80%
HC Asia Holding GmbH--20.86%
Local Shareholders------39.34%
CAPITAL STRUCTURE
Authorized Capital : Tk.1 billion
Paid up Capital : Tk.489.20 million
Each share value : Tk.100.00
EXCHANGE RATE
GB Pound 1.00=Tk.138.0118
US Dollar 1.00=Tk. 70.4700
Europe Euro 1.00=Tk. 92.7535
Japanese yen 1.00=Tk. 0.5992
Australian Dollar 1.00=Tk. 55.5718
COMMENTS
Subject is a public limited company engaged in manufacture and selling of Portland Cement. The quality of the company's products are very good and they are very popular in the local market.
Directors are well acquainted in their line of trade. They are experienced businessman of good reputation, financially solvent and good at their business commitments, as reported.
The company can be considered good for normal business dealings at usual trade terms and conditions. .
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)