|
Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAFARGE SURMA CEMENT LIMITED |
|
|
|
|
Registered Office : |
Suvastu Imam Square (3rd Floor), 65, Gulshan
Avaenue, Gulshan-1, Dhaka-1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
2010 |
|
|
|
|
Year of Establishment : |
1997 |
|
|
|
|
Com. Reg. No.: |
C-34266 |
|
|
|
|
Legal Form : |
Public Limited
Company (20th January 2003) |
|
|
|
|
Line of Business : |
Manufacturer of Cements
& Clinkers |
|
|
|
|
No. of Employees : |
5,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
US$ 70,000.00 |
|
Status : |
Moderate |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bangladesh
|
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Name |
Lafarge Surma Cement
Limited |
|
Address |
Suvastu Imam
Square (3rd Floor), 65, Gulshan Avaenue, Gulshan-1, Dhaka-1212 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8854847,
8812026 |
|
Fax No |
880-2-8825413,
8815167 |
|
E-Mail |
info@bd.lafarge.com |
|
Website |
www.lafarge-bd.com |
|
Established |
1997 |
|
Registration No |
C-34266 |
|
Registration Date |
11th November 1997 (As Private Limited Company) |
|
Legal Status |
Public Limited Company (20th January 2003) |
|
Issuing Authority |
The Registrar of
Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
|
Head Office |
Suvastu Imam
Square (3rd Floor), 65, Gulshan Avaenue, Gulshan-1, Dhaka-1212 |
|
Telephone No |
880-2-8854847,
8812026 |
|
Fax No |
880-2-8825413,
8815167 |
|
E-Mail |
info@bd.lafarge.com |
|
Website |
www.lafarge-bd.com |
|
Branch |
NIL |
|
Factory |
Chhatak,
Sunamganj, Bangladesh |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
Chhatak,
Sunamganj, Bangladesh |
|
Name |
Mr. Martin Kriegner |
|
Designation |
Chairman |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Michael Andrew Cowell |
|
Designation |
Managing Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Jose Maria Fontdecaba |
|
Designation |
Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Anisur Rahman Sinha |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Manzurul Islam |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Shivesh Kumar Sinha |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Zakir Ahmed Khan |
|
Designation |
Independent
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Syed Md. Moazzem Hussain |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Jean Desazars de
Montgailhard |
|
Designation |
Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Enrique de Bobes Pellicer |
|
Designation |
Director |
|
Nationality |
UNKNOWN |
|
|
|
|
Name |
Mr. Salvador Fernandez Capo |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Surma Holdings
B.V. |
|
Share Percent |
58.87% |
|
Country |
Netherlands |
|
|
|
|
Name |
Asian
Development Bank |
|
Share Percent |
9.98% |
|
Country |
N/A |
|
|
|
|
Name |
International Finance
Corporation |
|
Share Percent |
3.93% |
|
Country |
N/A |
|
|
|
|
Name |
Sinha Fashions
Limited |
|
Share Percent |
3.02% |
|
Country |
Bangladesh |
|
|
|
|
Name |
Islam Cement
Limited |
|
Share Percent |
2.75% |
|
Country |
Bangladesh |
|
|
|
|
Name |
Other
Shareholders |
|
Share Percent |
21.45% |
|
Country |
Bangladesh |
|
Line of Business |
Manufacturer |
|
Items Dealing In |
Cements &
Clinkers |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
Consolidated
Balance Sheet
As
At 30 June 2010
Currency:
Taka (In Thousand)
|
ASSETS |
2010 |
|
NON-CURRENT
ASSETS |
|
|
Property, plant and equipment |
12,809,215 |
|
Intangible assets |
5,765 |
|
Investment in subsidiaries |
519,893 |
|
Loan to subsidiary company |
1,132,479 |
|
|
14,467,352 |
|
CURRENT ASSETS |
|
|
Inventories |
973,029 |
|
Trade receivables |
127,007 |
|
Accrued interest |
241,533 |
|
Advances, deposits & prepayments |
623,705 |
|
Derivative instruments-assets |
244 |
|
Cash and cash equivalents |
20,427 |
|
|
1,985,945 |
|
TOTAL ASSETS |
16,453,297 |
|
LIABILITIES |
|
|
Share capital |
5,806,868 |
|
Accumulated loss |
(790,805) |
|
SHAREHOLDERS'
EQUITY |
5,016,063 |
|
NON-CURRENT
LIABILITIES |
|
|
Long-term debt |
3,809,846 |
|
Deferred income tax liabilities |
586,448 |
|
Contribution to employee benefits |
46,132 |
|
|
4,442,426 |
|
CURRENT
LIABILITIES |
|
|
Trade payables |
858,562 |
|
Other payables |
395,784 |
|
Derivative instruments-liabilities |
21,765 |
|
Current portion of long term debt |
1,727,386 |
|
Bank overdrafts |
112,033 |
|
Short-term debt |
3,878,027 |
|
Income tax payable |
1,251 |
|
|
6,994,808 |
|
TOTAL EQUITY AND
LIABILITIES |
16,453,297 |
Statement
of Comprehensive Income
For
the Period Ended 30 June 2010
Currency:
Taka (In Thousand)
|
REVENUE |
3,471,118 |
|
Cost of sales |
(2,488,463) |
|
GROSS PROFIT |
982,655 |
|
General and administrative expenses |
(194,796) |
|
Selling and distribution expenses |
(60,587) |
|
Other income |
7,427 |
|
OPERATING INCOME |
734,699 |
|
Exchange
(loss)/income on foreign currency translation |
61,858 |
|
Finance costs |
(326,465) |
|
Finance income |
18,711 |
|
Contribution to
Workers' Profit Participation and Welfare Funds |
(24,440) |
|
NET
PROFIT/(LOSS) BEFORE TAX |
464,363 |
|
Income tax expenses |
(201,311) |
|
NET
PROFIT/(LOSS) AFTER TAX |
263,052 |
|
Earnings per share (Taka) |
4.53 |
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
130.2934 |
|
U.S Dollar |
1 |
83.0000 |
|
European Euro |
1 |
108.4727 |
|
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 |
|
Amount |
Based On |
|
US$ 70,000.00 |
90 Days |
|
Employees |
5,000 |
|
Range of
Products |
4 Ordinary
Portland cement 4 Blended Cement 4 Clinkers |
|
Brands |
4 Supercrete |
|
Awards |
4 Super Brands
2009 |
|
Group Name |
4 Lafarge Group,
France |
|
Subsidiaries /
Affiliates |
4 Lafarge Umiam
Mining Private Limited, India |
|
Enlisted With |
4 Dhaka Stock
Exchange Limited, Dhaka 4 Chittagong
Stock Exchange Limited, Chittagong |
|
Member |
4 Dhaka Chamber
of Commerce & Industries, Dhaka 4 Bangladesh
cement Manufacturer’s Association, Dhaka |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.25 |
|
|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
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.