MIRA INFORM REPORT
|
Report Date : |
22.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BSRM STEELS LIMITED |
|
|
|
|
Registered Office : |
Ali Mansion, 1173/1207 Sadarghat Road, Chittagong |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Date of Incorporation : |
11.06.2002 |
|
|
|
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Com. Reg. No.: |
CH-4392 |
|
|
|
|
Legal Form : |
Public Limited Company |
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|
|
|
Line of Business : |
manufacturing of steel bars |
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 : |
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 – 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 |
BSRM Steels
Limited |
|
Address |
Ali Mansion, 1173/1207
Sadarghat Road, Chittagong |
|
Country |
Bangladesh |
|
Telephone No |
880-31-616402, 613759, 613282 |
|
Fax No |
880-31-610101 |
|
E-Mail |
|
|
Website |
www.bsrm.com |
|
Established |
2002 |
|
Commercial
Production From |
1st April
2008 |
|
Company Registration No |
CH-4392 |
|
Registration date |
11th June 2002 |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The 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 |
Ali Mansion,
1173/1207 Sadarghat Road, Chittagong |
|
Telephone No |
880-31-616402, 613759, 613282 |
|
Fax No |
880-31-610101 |
|
E-Mail |
info@bsrm.com |
|
Website |
www.bsrm.com |
|
Branch |
Mahbub Castle, 35, Purana Paltan Line, Dhaka Tel.880-2-8313135, 9358135 Fax.880-2-8312905 Samad Mansion, Mehedibagh, Upa-shahar, Sylhet Tel.880-821-721239 Mohammad Ali Plaza Shantahar Road Charmatha Bogra Tel.880-51-60792 Chandrima Super Maraket Air Port Road,(Near to EPZ Main Gate) Comilla Tel.880-81-71988 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 |
4, Fouzderhat
Industrial Estate, Latifpur, Sitakunda, Chittagong |
|
Factory Telephone No |
880-31-2770192-3 |
|
Factory Fax No |
880-31-751452 |
|
Warehouse |
4, Fouzderhat
Industrial Estate, Latifpur, Sitakunda, Chittagong |
DIRECTORS
|
Name |
Mr. Alihussain
Akberali |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Aameir
Alihussain |
|
Designation |
Managing
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Zohair
Taherali |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Tehseen
ZohairTaherali |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Sabeen
Aameir |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
SHAREHOLDERS
|
Name |
Mr. Ali Hossain
Akbar Ali |
|
Share Percent |
3.054% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Aameir Ali
Hossain |
|
Share Percent |
2.946% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Zoheir Taher
Ali |
|
Share Percent |
3.054% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Tehseen
Zohair Taherali |
|
Share Percent |
3.346% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Sabeen
Aameir |
|
Share Percent |
0.004% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Bangladesh Steel
Re-Rolling Mills Limited (BSRM) |
|
Share Percent |
63.54% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Others |
|
Share Percent |
24.06 |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
Manufacturer |
|
Items Dealing In |
Steel Bars |
|
Production
Capacity |
400,000 m/tons
per year |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit |
BANKERS
|
Name |
The Trust Bank Ltd |
|
Branch |
Dilkush Branch |
|
Address |
Peoples
Insurance Bhaban, 36, Dilkusha C/A, Dhaka- 1000 |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
Balance
Sheet
As
At 31 March 2008
Currency:
BDT
|
SOURCES OF FUNDS: |
2008 |
|
Shareholders' funds: |
|
|
Share Capital |
901,715,000 |
|
Share Money Deposits |
348,285,000 |
|
|
1,250,000,000 |
|
Loan funds: |
|
|
Syndicated Term Loan |
2,078,415,189 |
|
Total funds |
3,328,415,189 |
|
APPLICATION OF FUNDS: |
|
|
Fixed Assets - At Cost |
3,540,843,469 |
|
CURRENT ASSETS |
|
|
Inventories |
266,830,276 |
|
Trade Debtors |
8,605,267 |
|
Advances and deposits |
121,200,875 |
|
Cash and Bank balances |
2,586,104 |
|
|
399,222,522 |
|
Less: Current Liabilities: |
|
|
Advance against sales |
6,018,996 |
|
Trade Creditors |
57,417,551 |
|
Liabilities for expenses |
167,390,316 |
|
Current portion of Syndicated Term Loan |
191,935,493 |
|
Liability against import |
169,597,618 |
|
Other liabilities |
21,175,308 |
|
|
613,535,282 |
|
Net current assets |
(214,312,760) |
|
Preliminary expenses |
664,527 |
|
Deferred expenses |
1,219,953 |
|
|
3,328,415,189 |
Note:
The subject has not launched any financial report after 2008.
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.2000 million |
|
Paid Up Capital |
Tk.1250 million |
|
Each Share Value |
Tk.100 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
120.4046 |
|
U.S Dollar |
1 |
73.0300 |
|
European Euro |
1 |
108.3181 |
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 |
179 |
|
Range of
Products |
4 Steel Bars |
|
Brand Name |
4 BSRM |
|
Certifications |
4 ISO 9001 |
|
Group Name |
4 H Akber Ali
Group |
|
Subsidiaries /
Affiliates |
4 Bangladesh
Steel Re-Rolling Mill Limited 4 BSRM Logistics Limited 4 BSRM Wires Limited 4 BSRM Steel Mills Limited 4 BSRM Recycling Industries Limited
4 BSRM Steels Limited 4 BSRM Real Estates Limited 4 BSRM Ispat Limited 4 BSRM
Iron & Steel Co., Limited 4
Karnafully Engineering Works Limited 4 H.
Akberali & Co., Limited 4
Chittagong Power Company Limited |
|
Enlisted With |
4 Chittagong Stock Exchange Limited,
Chittagong |
|
Member |
4 Chittagong Chamber of Commerce
& Industries, Chittagong |
COMMENTS
The subject is a public limited company engaged in
manufacturing of steel bars which are mainly used for construction work. The
company is the largest mills of its kind in Bangladesh.
The company is a concern of H. Akber Ali Group, the pioneer
and the largest group manufacturing and trading various types of steel products
ion the country.
The directors are 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.47.89 |
|
UK Pound |
1 |
Rs.75.31 |
|
Euro |
1 |
Rs.65.64 |
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.