MIRA INFORM REPORT
|
Report Date : |
20.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
HEIDELBERG CEMENT BANGLADESH LIMITED |
|
|
|
|
Registered Office : |
Symphony, Plot No - SE(F) 9, Road No - 142 (6th Floor) Gulshan Avenue
(South), Dhaka – 1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2011 |
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|
|
|
Date of Incorporation : |
February 1966 |
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|
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Com. Reg. No.: |
CH-7115a |
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|
|
|
Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
manufacturing of High Quality Portland Cement |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 70,000.00 |
|
Status : |
Good |
|
Payment
Behaviour : |
Regular |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Bangladesh |
b1 |
b1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Heidelberg Cement Bangladesh Ltd |
|
Address |
Symphony, Plot
No - SE(F) 9, Road No - 142 (6th Floor) Gulshan Avenue (South), Dhaka - 1212 |
|
Country |
Bangladesh |
|
Telephone No |
+88-02-8811691 |
|
Fax No |
+88-02-8812584 |
|
E-Mail |
|
|
Website |
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|
Established |
February 1966 |
|
Registration No |
CH-7115a |
|
Legal Status |
Public Limited Company |
|
Issuing Authority |
Registrar of
Joint Stock Companies & Firms, Chittagong |
|
Business Type |
Manufacturer |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from
local suppliers or banks. |
LOCATIONS
|
Head Office |
Symphony, Plot
No - SE(F) 9, Road No - 142 (6th Floor) Gulshan Avenue (South), Dhaka – 1212,
Bangladesh |
|
Telephone No |
+88-02-8811691 |
|
Fax No |
+88-02-8812584 |
|
E-Mail |
|
|
Website |
|
|
Registered Office
|
South
Halishahar, GPO Box # 372 Chittagong –4204, Bangladesh |
|
Telephone No |
+88-031-740902 |
|
Fax No |
+88-031-740904 |
|
E-mail |
|
|
Factory (1) |
South
Halishahar, GPO Box # 372 Chittagong –4204, Bangladesh |
|
Factory Telephone No |
+88-031-740902 |
|
Factory Fax No |
+88-031-740904 |
|
Factory (2) |
Mouja: Tatki
P.O.: Jatramora Union: Tarabow P.S.: Rupgonj Narayanganj |
|
Factory Telephone No |
+88-02-8815602/3 |
|
Factory Fax No |
+88-02-8815598 |
|
Warehouse (1) |
South
Halishahar, GPO Box # 372 Chittagong –4204, Bangladesh |
|
Warehouse (2) |
Mouja: Tatki
P.O.: Jatramora Union: Tarabow P.S.: Rupgonj Narayanganj |
DIRECTORS
|
Name |
Mr. Daniel
Lavalle |
|
Designation |
Chaieman |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Jean-Claude
Jamar |
|
Designation |
Managing Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Nelson Borch |
|
Designation |
Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Bart De
Leewu |
|
Designation |
Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Defalque
Francisco |
|
Designation |
Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Golam Farook |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Jashimuddin
Chowdhury |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. A K M
Jahangir Khan |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Abdul Awal
Mintoo |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Ziaul Haque Khondker |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. M. Abul
Hashem |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
SHAREHOLDER
|
Name |
Heilderberg
Cement Netherlands Holding B.V |
|
Share Percent |
39.80 |
|
Country |
Netherlands |
|
|
|
|
Name |
HC Asia Holding
GmbH |
|
Share Percent |
20.86 |
|
Country |
Germany |
|
|
|
|
Name |
ICB, Other
Financial Institutions & General Public |
|
Share Percent |
39.34 |
|
Country |
Bangladesh |
BUSINESS DETAILS
|
Line of Business |
Manufacturer |
|
Items Dealing In |
Construction
Material |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
|
Production
Capacity |
1.5 Million Tons per year |
FINANCIAL INFORMATION
Consolidated
Balance Sheet
As
At 31st March 2011 (In thousand Taka)
|
ASSETS |
2011 |
|
Non-current assets |
|
|
Property, plant and equipment |
2,433,599 |
|
Capital work-in-progress |
383,630 |
|
Intangible assets |
1,932 |
|
|
2,819,162 |
|
Current assets |
|
|
Inventories |
1,042,460 |
|
Trade and other receivables |
639,354 |
|
Advance, deposits & prepayments |
130,131 |
|
Cash and bank balance |
3,353,337 |
|
|
5,165,281 |
|
Total assets |
7,984,442 |
|
|
|
|
EQUITY |
|
|
Shareholders' equity |
|
|
Share capital |
565,036 |
|
Capital reserve |
605,657 |
|
Revenue reserves and surplus |
|
|
General reserve |
15,000 |
|
Dividend equalization fund |
8 ,600 |
|
Retained earnings |
3,873,091 |
|
|
5,067,384 |
|
LIABILITIES |
|
|
Non-current liabilities |
|
|
Suppliers' equity loan |
2 ,565 |
|
Quasi equity loan |
122,636 |
|
ADP loan |
12,699 |
|
Deferred liability-gratuity |
42,664 |
|
Deferred Tax liability |
382,076 |
|
|
562,640 |
|
|
|
|
Current liabilities |
|
|
Trade and other payables |
2,039,001 |
|
Short Term Loan |
28,961 |
|
Provision for other liabilities and charges |
23,060 |
|
Provision for Tax liability |
206,907 |
|
Unclaimed dividend |
56,489 |
|
|
2,354,419 |
|
Total
liabilities |
2,917,058 |
|
Total equity and liabilities |
7,984,442 |
Statement
of Comprehensive Income
For
the 1st Quarter Ended 2011 (In thousand Taka
|
REVENUE |
2,485,787 |
|
Cost of goods sold |
( 2,001,164) |
|
Gross profit |
484,623 |
|
Other operating Income |
25,972 |
|
Warehouse, distribution & selling expenses |
(29,876) |
|
Administrative expenses |
(97,816) |
|
Operating Profit |
382,903 |
|
Other non
operating income/(Loss) |
1,152 |
|
Financial Income |
6 ,332 |
|
Financial Expenses |
67,052 |
|
Contribution to
Workers' Profit Participation Fund |
(23,060) |
|
Profit before income tax |
428,047 |
|
Income Tax Expenses |
(117,164) |
|
Current year |
((98,000) |
|
Deferred Tax |
(19,164) |
|
Profit for the
year |
310,883 |
|
|
|
|
Earning per share |
55.02 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
123.6136 |
|
U.S Dollar |
1 |
74.7000 |
|
European Euro |
1 |
107.8519 |
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$ 70,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
340 |
|
Range of
Products |
4 Portland Composite Cement (PCC) |
|
Brands |
4 Ruby Cement 4 Scan Cement |
|
Certifications |
4 ISO 9001 |
|
Group Name |
4 Heidelberg
Cement Group AG - Germany |
|
Subsidiaries /
Affiliates |
The subject has Subsidiaries / Affiliates in the following countries 4 Bosnia and
Herzegovina 4 Croatia 4 Czech Republic 4 Georgia 4 Hungary 4 Kazakhstan 4 Poland 4 Romania 4 Russia 4 Slovakia 4 Ukraine 4 Baltics 4 Benelux 4 Denmark 4 Germany 4 Norway 4 Sweden 4 United Kingdom 4 USA 4 Canada 4 Australia 4 Bangladesh 4 Brunei 4 China 4 India 4 Indonesia 4 Malaysia 4 Singapore 4 Africa 4 Israel 4 Spain 4 Turkey 4 United Arab Emirates |
|
Member |
4 Dhaka Chamber
of Commerce & Industries, Dhaka 4 Chittagong
Chamber of Commerce & Industries, Chittagong 4 Bangladesh
cement Manufacturer’s Association, Dhaka |
COMMENTS
The subject is a
Public Limited Company that is engaged in manufacturing of High Quality
Portland Cement. The Company’s products are marketed and sold all over the
country and their products are very popular in the domestic market. Some of the
most renowned construction companies are the subject’s regular clients.
The company is a concern of Heidelberg cement Group AG of
Germany Group, a world famous business conglomerate with offices and plants in
around 30 countries across the globe.
The directors are all very experienced people in this line
of trade. They are reported to be fair in their trade terms and well reputed in
the trading circle.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
UK Pound |
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
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 |
|
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NB |
New Business |
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.