MIRA INFORM REPORT

Report Date :

15.04.2011

IDENTIFICATION DETAILS

Name :	RISING STEEL LIMITED

Registered Office :	123 Fouzdarhat Station Road, South Bhatiari, Sitakunda, Chittagong

Country :	Bangladesh

Date of Incorporation :	15.02.2002

Com. Reg. No.:	CH-4349

Legal Form :	Private Limited Company

Line of Business :	Ship Re-Cycling

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 25,000.00
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 – December 31, 2010

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

COMPANY DETAILS

Name	Rising Steel Limited
Address	123 Fouzdarhat Station Road, South Bhatiari, Sitakunda, Chittagong Note: The subject operates from this address.
Country	Bangladesh
Telephone No	880-31-2780234, 280241
Fax No	880-31- 2780233
E-Mail	risingsteel@yahoo.com info@risinggroup.org
Website	www.risinggroup.org
Established	2002
Company Registration No	CH-4349
Registration date	15^th February 2002
Legal Status	Private Limited
Issuing Authority	The Registrar of joint Stock Companies & Firms, Chittagong
Business Type	Manufacturer & Exporter
Status	*Satisfactory*
Payment Behavior	No complaints have been heard regarding payments from local suppliers or banks.

LOCATIONS

Head Office	123 Fouzdarhat Station Road, South Bhatiari, Sitakunda, Chittagong
Telephone No	880-31-2780234, 280241
Fax No	880-31- 2780233
E-Mail	risingsteel@yahoo.com info@risinggroup.org
Website	www.risinggroup.org
Branch	NIL
Factory	123 Fouzdarhat Station Road, South Bhatiari, Sitakunda, Chittagong
Factory Telephone No	N/A
Factory Fax No	N/A
Warehouse	123 Fouzdarhat Station Road, South Bhatiari, Sitakunda, Chittagong

DIRECTORS

Name	Mrs. Jamila Nazneel Mowla
Designation	Chairman
Nationality	Bangladeshi

Name	Mr. Amzad Hossain Chowdhury
Designation	Managing Director
Nationality	Bangladeshi

Name	Mr. Jashimuddin Chowdhury
Designation	Director
Nationality	Bangladeshi

SHAREHOLDERS

Name	Mrs. Jamila Nazneel Mowla
Share Percent	30%
Nationality	Bangladeshi

Name	Mr. Amzad Hossain Chowdhury
Share Percent	50%
Nationality	Bangladeshi

Name	Mr. Jashimuddin Chowdhury
Share Percent	20%
Nationality	Bangladeshi

BUSINESS DETAILS

Line of Business	Ship Re-Cycling
Items Dealing In	Scrap Steel
Terms of Purchase	Local: Cash or Credit Import: Against L/C
Terms of Sale	Local: Cash or Credit
Production Capacity	202,000 m/ton per year
Last Year Production	202,000 m/ton

BANKERS

Name	Uttara Bank Limited
Branch	Fouzdarhat Branch
Address	Fouzdarhat, Chittagong
SWIFT	N/A

FINANCIAL INFORMATION

Year	2009	2008	2007
Investment	Tk.32 billion	Tk.30.5 billion	Tk.30.5 billion
Turnover	Tk.187 billion	Tk.185 billion	Tk.183 billion
Liability	Tk.2.3 billion	Tk.3 billion	Tk.4 billion
Assets	Tk.13 billion	Tk.12 billion	Tk.10 billion

CAPITAL STRUCTURE

Authorized Capital	Tk.50 million
Paid Up Capital	Tk.500,00.00
Each Share Value	Tk.100.00

EXCHANGE RATE

Currency	Unit	Bangladeshi Taka (BDT)
Great Britain Pound	1	118.4070
U.S Dollar	1	72.8300
European Euro	1	105.4433

ADVERSE DATA MONITORING

Dishonored Checks	No Found
Debt	No Records Found
Litigation	No Records Found
Performance Defaults	No Records Found
Adverse Press Coverage	No Records Found
Money Laundering	No Records Found

MAXIMUM RECOMMENDED CREDIT

Amount	Based On
US$ 25,000.00	90 Days

GENERAL INFORMATION

Employees	600
Office Area (Sq. Ft)	2,500 sq.ft (own))
Factory Area (Sq. Ft)	10 acres land (own)
Warehouse Area (Sq. Ft)	5,500 sq.ft.(own)
Range of Products	4 Scrap Steel
Major Clients	4 Local Construction Companies 4 Local Domestic Consumer 4 Overseas Clients
Certification	NIL
Group Name	4 Rising Group
Subsidiaries / Affiliates	4 Rising Advance Steel Ltd 4 Associated Oxygen Ltd 4 Potenga Refueling 4 Rising Re-Fueling 4 Rising Properties 4 Rising Ship Breaking 4 Rising Ship Re-Cycling 4 Rising Re-rolling Mills Ltd 4 Sonali CNG 4 Sonali Ship Breakers 4 Sonali Steel Enterprise 4 Rising Enterprise 4 Choloman Ltd 4 Flignt Link (BD) Ltd
Member	4 Bangladesh Steel Re-Rolling Mills Association, Chittagong 4 Chittagong Chamber of Commerce & Industries, Chittagong

COMMENTS

The subject is a private limited company who is engaged in ship re-cycling. The subject import used ships and breaks it down to pieces and sells the steel as scrap.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.48
UK Pound	1	Rs.72.37
Euro	1	Rs.64.42

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	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

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.