MIRA INFORM REPORT
|
Report Date : |
07.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
M.I. CEMENT FACTORY LIMITED |
|
|
|
|
Registered Office : |
Sena Kalyan Bhaban, (19th Floor ), Suite #
1901-1902, 195, Motijheel C/A, Dhaka- 1000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2011 |
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|
|
|
Date of Incorporation : |
11.12.1998 |
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|
|
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Com. Reg. No.: |
C-27586 |
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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 : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$ 50,000.00 |
|
Status : |
Satisfactory |
|
Payment
Behaviour : |
Usually Correct |
|
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 |
M.I. Cement Factory Limited |
|
Address |
Sena
Kalyan Bhaban, (19th Floor ), Suite # 1901-1902, 195, Motijheel C/A, Dhaka-
1000 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-9569437,9564885,
9553022 |
|
Fax No |
880-2-9570392 |
|
E-Mail |
|
|
Website |
|
|
Established |
December 1998 |
|
Commercial Production From |
2000 |
|
Registration No |
C-27586 |
|
Registration Date |
11th December 1998 |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The Registrar of
Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer, Exporter & Seller |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from
local suppliers or banks. |
LOCATIONS
|
Head Office |
Sena
Kalyan Bhaban, (19th Floor ), Suite # 1901-1902, 195, Motijheel C/A, Dhaka-
1000 |
|
Telephone No |
880-2-9569437,9564885,
9553022 |
|
Fax No |
880-2-9570392 |
|
E-Mail |
|
|
Website |
|
|
Registered Office
|
West
Mukterpur, Munshigonj |
|
Branch |
Chittagong liaison Office : Crown Chamber |
|
Factory |
West
Mukterpur, Munshigonj |
|
Factory Telephone No |
880-2-7618077 |
|
Factory Fax No |
880-2-7618070,
011-861425 |
|
Warehouse |
West
Mukterpur, Munshigonj |
DIRECTORS
|
Name |
Mr. Mohammed
Jahangir Alam |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Al-haj Md. Khabiruddin Molla |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad Alamgir
Kabir |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Molla
Mohammed Maznu |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Mizanur Rahman Molla |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Almas Shimul |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
SHAREHOLDER
|
Name |
Mr. Mohammad Jahangir
Alam |
|
Share Percent |
22.15% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Al-Haj
Khabiruddin Molla |
|
Share Percent |
20.00% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad Alamgir
Kabir |
|
Share Percent |
13.85% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Molla
Mohammed Maznu |
|
Share Percent |
10.00% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammed
Mizanur Rahman Molla |
|
Share Percent |
10.00% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammed
Almas Shimul |
|
Share Percent |
7.00% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Al-Haj Abdur
Rouf |
|
Share Percent |
2.50% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mrs. Al-haj
Rokeya Begum |
|
Share Percent |
10.00% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Ashrafuzzaman |
|
Share Percent |
2.50% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Abdul Ahad |
|
Share Percent |
2.00% |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
Manufacturer, Exporter & Seller |
|
Items Dealing In |
Portland Cement |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
|
Production
Capacity |
1,008,000 M Tons per year |
FINANCIAL INFORMATION
Balance
Sheet (Un Audited)
As
At 31st March 2011 (Taka)
|
ASSETS |
2011 |
|
Non-current assets |
1,552,391,229 |
|
Property, plant and equipment |
1,044,708,223 |
|
Capital work-in-progress |
507,683,006 |
|
Investment in
Associate |
280,842,299 |
|
Current assets |
5,231,949,928 |
|
Inventories |
413,890,625 |
|
Trade receivables |
556,622,114 |
|
Other receivables |
46,794,487 |
|
Advance, prepayments & deposits |
215,867,678 |
|
Advance income tax |
341,954,339 |
|
Cash & bank balance |
3,656,820,685 |
|
Total Assets |
7,066,183,456 |
|
EQUITY |
|
|
Shareholders' equity |
5,092,631,118 |
|
Share capital |
1,000,000,000 |
|
Retained earnings |
775,335,014 |
|
Share premium |
3,048,000,000 |
|
Revaluation reserve |
269,296,434 |
|
LIABILITIES |
|
|
Non-current liabilities |
153,423,711 |
|
Long time borrowing not off current maturity |
96,771,195 |
|
Deferred tax liability |
56,652,515 |
|
|
|
|
Current liabilities and provision |
1,819,128,296 |
|
Trade and other payables |
89,292,428 |
|
Subscription money payable |
173,493,360 |
|
Current portion of loan |
22,023,000 |
|
Short term loan |
979,354,076 |
|
Provision for tax liability |
553,738,360 |
|
Total liabilities |
1,972,552,007 |
|
Total equity and liabilities |
7,065,183,455 |
Statement
of Comprehensive Income
For
the Period from 1 July 2010 to 31 March 2011 (TAKA)
|
Sales |
2,919,130,072 |
|
Cost of goods sold |
( 2,104,489,221) |
|
Gross profit |
814,640,851 |
|
Other operating Income |
47,604,688 |
|
Selling & distributing expenses |
(108,196,300) |
|
Administrative expenses |
(42,932,467) |
|
Operating Profit |
711,116,772 |
|
Other non operating
income |
10,899,824 |
|
Financial Expenses |
(68,202,893) |
|
Profit before income tax |
653,813,703 |
|
Income Tax Expenses |
|
|
Current year |
((237,381,877) |
|
Deferred Tax |
(7,798,256) |
|
Net profit
during the year |
408,633,565 |
|
|
|
|
Earning per share |
5.53 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
118.3119 |
|
U.S Dollar |
1 |
74.2000 |
|
European Euro |
1 |
118.3119 |
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$ 50,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
650 |
|
Range of
Products |
4 Ordinary
Portland cement Type-I 4 Composite
Portland cement |
|
Brands |
4 Crown Cement |
|
Certifications |
4 9001:2000 |
|
Group Name |
NIL |
|
Subsidiaries /
Affiliates |
4 Crown Power
Generation Limited. 4 GPH Ispat Ltd. 4 Premier Cement
Mills Ltd 4 Jahangir and
others Ltd. 4 GPH Power
Generation Limited 4 Premier Power
Generation Ltd. 4 M.M. Salt
Industries Limited 4 Molla Salt
(triple refined) Industries Ltd |
|
Member |
4 Dhaka Chamber
of Commerce & Industries, Dhaka 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 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.46.13 |
|
UK Pound |
1 |
Rs.74.18 |
|
Euro |
1 |
Rs.64.88 |
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 |
|
---- |
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.