MIRA INFORM REPORT
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Report Date : |
18.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ASHUGANJ POWER STATION COMPANY LIMITED |
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Registered Office : |
Ashuganj, B-Baria-3402 |
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Country : |
Bangladesh |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
July 1970 |
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Com. Reg. No.: |
C-40630 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Production,
Purchase & Distribution of Power |
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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Maximum Credit Limit : |
US$ 60,000.00 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COMPANY DETAILS
|
Name |
Ashuganj Power
Station Company Limited |
|
Address |
Ashuganj, B-Baria-3402 |
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Country |
Bangladesh |
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Telephone No |
880-8528-74004 |
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Fax No |
880-8528-74014,
88-08528-74044 |
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E-Mail |
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|
Website |
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Established |
July 1970 |
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Company Registration No |
C-40630 |
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Registration date |
28th July 2000 |
|
Legal Status |
Private
Limited |
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Business Type |
Production, Purchase & Distribution of Power |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Head Office |
Ashuganj, B-Baria-3402, Bangladesh |
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Telephone No |
880-8528-74004 |
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Fax No |
880-8528-74014,
88-08528-74044 |
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E-Mail |
|
|
Website |
www.apscl.com |
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Branch |
NIL |
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Plant Address |
Ashuganj, B-Baria-3402, Bangladesh |
DIRECTOR
|
Name |
Mr. Khan Md. Belayet Hossain |
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Designation |
Chairman |
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Nationality |
Bangladeshi |
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Name |
Mr. Mohammad Nurul Alam |
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Designation |
Managing
Director |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Ahmed Ullah |
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Designation |
Director |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Dr. Md. Quamrul Ahsan |
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Designation |
Director |
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Nationality |
Bangladeshi |
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|
|
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Name |
Mr. Md. Mostafa Kamal |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Md. Anwar Hosain |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Md. Harunur Rashid |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Mamtaz Uddin Ahmed |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Md. Zakir Hossain Nayon |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Masum-Al-Beruni |
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Designation |
Director |
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Nationality |
Bangladeshi |
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|
Name |
Mr. Md. Giasuddin |
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Designation |
Director |
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Nationality |
Bangladeshi |
SHAREHOLDER
|
Name |
Bangladesh Power Development Board |
|
Share Percentage |
51% |
|
Country |
Bangladesh |
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|
|
Name |
Government of Peoples Republic of Bangladesh |
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Share Percentage |
49% |
|
Country |
Bangladesh |
BUSINESS DETAILS
|
Line of Business |
Production, Purchase & Distribution of Power |
|
Items Dealing In |
Power for
domestic & Industries |
|
Terms of Purchase |
Local: Cash or Credit |
|
Terms of Sale |
Local: Cash or Credit |
|
Production
Capacity |
642 MW |
BANKERS
|
Name |
Sonali Bank
Limited |
|
Branch |
Ashuganj Branch |
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Address |
Ashuganj |
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SWIFT |
N/A |
FINANCIAL INFORMATION
Balance
Sheet
As
At 30 June 2010
Currency:
BDT
|
|
2010 |
|
ASSETS |
|
|
Non Current Assets |
23,446,671,252 |
|
Property, Plant And Equipment |
16,704,265,898 |
|
Project in Progress |
6,715,345,333 |
|
License Fee |
2,172,000 |
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Deferred Expenditure |
24,888,021 |
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Current Assets |
4,270,195,331 |
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Stock on Stores |
837,495,955 |
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Advance, Deposit & Pre-Payments |
139,465,801 |
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Accounts Receivables |
2,174,772,925 |
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Other Receivable |
18,316,914 |
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Cash & Bank Balances |
1,100,143,736 |
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Total assets |
27,716,866,583 |
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Equity & Liabilities |
|
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Shareholders
Equity: |
11,984,703,570 |
|
Share Capital |
1,000,000 |
|
Equity of BPDB |
11,440,534,164 |
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Retained Earnings |
543,169,406 |
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Non-Current
Liabilities |
15,442,386,169 |
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Govt. Loan |
2,611,721,693 |
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Foreign Loan |
2,418,386,783 |
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Debt Service Liability |
10,252,300,000 |
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Liabilities for Deferred Tax |
159,977,693 |
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Current
Liabilities |
289,776,843 |
|
Outstanding Liabilities |
289,776,843 |
|
Total Equity & Liabilities |
27,716,866,583 |
Income
Statement
For
the Year Ended 30 June 2010
Currency:
BDT
|
|
2010 |
|
Revenue Against Power Dispatched (Sales) |
6,258,110,680 |
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Less: Fuel Cost |
4,013,874,956 |
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Gross Profit |
2,244,235,724 |
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Less: Operation
& Maintenance Expenses |
1,557,544,283 |
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Personal Expenses |
223,638,137 |
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Repairs & Maintenance |
115,679,696 |
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Office & Other Expenses |
9,930,751 |
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Depreciation Expenses |
1,207,571,699 |
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Amortization & License Fee |
724,000 |
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Operating Profit
|
686,691,441 |
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Add: Non-operation Income |
61,863,776 |
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Profit Before
Interest & Tax |
748,555,217 |
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Profit Before
Income Tax |
391,549,048 |
|
Net Profit After Tax |
250,049,048 |
Auditor: Rahman Mostafa
Alam & Co
Chartered
Accountants
Dhaka
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.1500,00,00,000 |
|
Paid Up Capital |
Tk.10,00,000 |
|
Each Share Value |
Tk.100 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
120.0157 |
|
U.S Dollar |
1 |
74.5300 |
|
European Euro |
1 |
105.4823 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
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Debt |
No Records Found |
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Litigation |
No Records Found |
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Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
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Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 60,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
5,000 |
|
Office Area (Sq.
Ft) |
8,780 sq.ft (own) |
|
Power Plant Area
(Sq. Ft) |
311.22 Acres of lands (own) |
|
Warehouse Area
(Sq. Ft) |
20,500 sq.ft (own) |
|
Range of
Products |
4 Power for domestic &
Industries |
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Number of
Plants |
4 3 |
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Number of units |
4 8 |
|
Certifications |
NIL |
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Group Name |
NIL |
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Subsidiaries /
Affiliates |
4 Power Grid Company of Bangladesh (PGCB) 4 Dhaka Electric
Supply Company Ltd (DESCO) 4 West Zone Power Distribution Company Limited (WZPDCL) 4 Electricity Generation Company of Bangladesh (EGCB) 4 North West Zone Power Distribution Company Limited |
|
Member |
NIL |
COMMENTS
The subject is a private limited company engaged as power station to generate electric power and dispatch same through
transmission line of PGCB Ltd. and ultimately to BPDB. The subject is the second largest power station in
Bangladesh. At present the total capacity of its 8 units is 642 MW. Ashuganj
Power Station fulfills about 15% of loads through the country.
The subject was established as Government organization in
1970. As a part of the Power Sector Development & Reform Program of
Government of Bangladesh (GOB), APSCL has been incorporated under the Companies
Act 1994. APSCL has been registered in the office of the Register of the Joint
Stock Companies & Firms of Bangladesh on 28 June 2000.
The directors are all high ranked Government officials and
experienced person.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.53 |
|
UK Pound |
1 |
Rs.71.91 |
|
Euro |
1 |
Rs.62.98 |
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 |
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.