MIRA INFORM REPORT

 

 

 

Report Date :

20.12.2008

 

IDENTIFICATION DETAILS

 

Name :

BSRM STEELS LIMITED

 

 

Registered Office :

Ali Mansion, Sadarghat Road, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.04.2005

 

 

Com. Reg. No.:

CH-5415

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing Steel Items which are mainly used for Construction Work

 

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

 

COMPANY DETAILS

 

Name:                              BSRM Steels Limited

                                   

Address:                        Ali Mansion,

                                        Sadarghat Road,

                                        Chittagong.

                                        Bangladesh.

                                                                                               

Country:                        Bangladesh      

 

Tel No:                          880-31-637758, 616402,613759,613282

 

Fax No:                         880-31-610101

 

E-Mail:                          bsrm@globalctg.net

                                               

Established:                  April, 2005

 

Commercial Production from: 2007

 

Incorporation No:            CH-5415

 

Incorporation Date:         13th April, 2005

 

 

 

 

Legal Structure:             Subject is a Private Limited Company that was 

 Incorporated in the Registrar of Joint Stock of 

 Companies, Dhaka

 

Business Type:                Manufacturer & Seller

 

Status:                          Satisfactory

 

Payments:                    No complaints have been heard regarding payments 

                                    from local suppliers or banks.

 

Litigation:                       NIL

 

 

LOCATIONS

 

Head Office:                  Ali Mansion,

                                        Sadarghat Road,

                                        Chittagong.

                                        Banglades

                                   

Tel No:                          880-31-637758, 616402,613759,613282

 

                                   

Fax No:                        880-31-610101

 

E-Mail:                         bsrm@globalctg.net

 

Branch:                           Dhaka Office:

                                         Mahbub Castle,  

                                         35,Purana Paltan Line,

                                          Dhaka

                                          Tel.880-2-8313135,9358135

                                          Fax.880-2-8312905

                                          E-Mail.bsrm@bangla.net

 

                                           Sylhet Office :

                                           Samad Mansion,

                                            Mehedibagh,

                                            Upa-shahar,

                                            Sylhet

                                            Tel.880-821-721239

                                            E-Mail.bsrm@sol-bd.com

 

                                          Bogra Office:

                                          Mohammad Ali Plaza

                                          Shantahar Road

                                          Charmatha

                                          Bogra

                                          Tel.880-51-60792

 

                                         Comilla Office:

                                         Chandrima Super Maraket

                                        Air Port Road,(Near to EPZ Main Gate)

                                        Comilla

                                        Tel.880-81-71988

 

                                       Khulna Office:

                                       Plot No.C-7

                                       Road No.4,

                                       Shirmoni Industrial Area,

                                       Khulna

 

                                      4-6 Monowara Complex

                                      100,Shamsher Nagar Road ,Beside

                                       Shah Mostafa College

                                       Mouluvi Bazar,Bangladesh

                                       Mobile.01711-322037   

 

Factory:                        Fozdarhat Industrial Area

                                        Dhaka Trunk Road,

                                        Chittagong

 

Warehouse:                   Fozdarhat Industrial Area

                                        Dhaka Trunk Road,

                                        Chittagong

 

 

DIRECTORS & SHAREHOLDERS

 

Name:                                       Mr.Ali Hossain Akbar Ali

Designation:                             Chairman & Managing Director

 

Name:                                       Mr. Aameir Ali Hossain

Designation:                              Deputy Managing Director

 

Name:                                       Mr.Zoheir Taher Ali

Designation:                              Director

 

Name:                                       Mr.Ali Asgar Africawala

Designation:                              Director

 

Name:                                       Mr.Hadi Akbar Ali

Designation:                              Director

 

 

BUSINESS DETAILS

 

Line of Business:                       Manufacturer & Seller

 

Items Dealing In:                        Steel Bars

 

Terms of Sale:                           1 Cash

                                                1 Credit

 

Production Capacity:                  400,000 m/tons

 

Last Year Production:                 400,000 m/tons

 

 

BANKERS

 

Name:                                       Habib Bank Limited

Branch:                                     Laldighi East Branch,

                                       

Address:                                   Chittagong

 

Name:                                       Agrani Bank

Branch:                                     Laldighi Branch

 

Address:                                   Chittagong

 

Name:                                       AB Bank Limited

Branch:                                     Agrabad

 

Address:                                    Agrabad Commercial Area

                                                            Chittagong.

                                                           

 

The company performs most of the business transactions with the above-mentioned bank. No more details were provided.

 

 

FINANCIAL INFORMATION*

 

 

2007

2006

 

Capital Invested

Tk.37.5 billion

Tk.37 billion

 

Turnover

---------------

-------------

 

Liability

Tk.31 million

Tk.32 billion

 

Fixed Assets

Tk.10 billion

Tk.9.5 billion

 

 

*The subject has flatly refused to reveal any financial information. Whatever shown here are collected unofficially and as such its authenticity could not be verified.

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.2 billion

Paid Up Capital

:

Tk.500,00.00

Each Share Value

:

Tk.100.00

 

 

EXCHANGE RATE

 

CURRENCY

UNIT

BANGLADESHI TAKA

Great Britain Pound

1

137.1626

U.S Dollar

1

  69.4000

European Euro

1

108.8231

Japanese Yen

1

    0.6729

Australian Dollar

1

   65.7102

 

 

 

 

 

 

GENERAL INFORMATION

 

No. of Employees:                     380

Executives-------------------5  

Junior Executives----------7                                                          

Engineers------------------15

                                                Junior Engineers---------10    

                                                Supervisory Staffs-------12   

                                                Support Staffs---------------9      

                                                General Staffs------------10    

                                                Technicians---------------12

                                                Workers-------------------300  

                                                 

 

Office Area:                               1,500 sq.ft.(own)

 

Factory Area:                            10 acres land (own)

 

Warehouse Area:                       8,000 sq.ft.(own)

 

Range of Products:                    1 Deformed Bar

                                                1 M.S. Channel

                                                1 M.S. Angles

                                                1 Spring Steel                                     

                                                                                               

Major Clients:                            1 Local Construction Companies

                                                1 Local Domestic Consumer

                                               

Raw Materials From:                  1 Singapore

                                                1 Ukraine

                                                1 USA

                                               

 

Name of the Group:                    H Akber Ali Group

 

Group companies                       1  Bangladesh Steel Re-Rolling Mills Limited

1  Meghna Engineering Works Limited

1      Kharnaphuli Engineering Works Limited

1      Chittagong Power Company Limited

1      BSRM Wires Limited

 

 

Member:                                   1 Bangladesh Steel Re-Rolling Mills

                                                   Association, Chittagong

 

1 Chittagong Chamber of Commerce &

    Industries,Chittagong                              

                                               

 

COMMENTS

 

Subject is a private limited company and a member of H Akber Ali group who are very famous in manufacturing steel items which are mainly used for construction work. The company is the largest mills of its kind in Bangladesh.

 

The directors are well conversant in their line of trade and they are also experienced businessman. They are financially very solvent and good at their business commitments, it is reported.

 

The company is good for normal business engagements..

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.08

UK Pound

1

Rs.71.17

Euro

1

Rs.66.98

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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