MIRA INFORM REPORT
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Report Date : |
25.01.2012 |
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 : |
28.07.2000 |
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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 of Power for domestic & Industries |
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No. of Employees
: |
700 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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$ 60,000.00 |
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Status : |
Good |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Ashuganj Power
Station Company Limited |
|
Address |
Ashuganj, B-Baria-3402 |
|
Country |
Bangladesh |
|
Telephone No |
880-8528-74004 |
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Fax No |
880-8528-74014,
88-08528-74044 |
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E-Mail |
|
|
Website |
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|
Established |
July 1970 |
|
Company Registration No |
C-40630 |
|
Registration date |
28th July 2000 |
|
Legal Status |
Private
Limited |
|
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 |
|
|
Branch |
NIL |
|
Plant Address |
Ashuganj, B-Baria-3402, Bangladesh |
DIRECTOR
|
Name |
Mr. Foiz Ahamed |
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Designation |
Chairman |
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Nationality |
Bangladeshi |
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|
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|
Name |
Engr. Mr. Md. Nurul Alam P.Engg. |
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Designation |
Managing
Director |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Shafat Ahmed Chowdhury |
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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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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. Abul Quasem |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Md. Shamsul Haque |
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Designation |
Director |
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Nationality |
Bangladeshi |
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Name |
Mr. Md. Abduhu Ruhullah |
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Designation |
Director |
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Nationality |
Bangladeshi |
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|
|
|
Name |
Mr. Tamal Chacrabarty |
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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 1 |
Sonali Bank
Limited |
|
Branch |
Ashuganj Branch |
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Address |
Ashuganj |
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Name 2 |
Standard Chartered Bank |
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Name 3 |
Janata Bank |
Information Parted
By:
Name : Mr. Mahfuzul Haque
Designation : Head in Finance
Mobile No. : 01711594958
Date : 23.01.2012
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 |
|
Deferred Expenditure |
24,888,021 |
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Current Assets |
4,270,195,331 |
|
Stock on Stores |
837,495,955 |
|
Advance, Deposit & Pre-Payments |
139,465,801 |
|
Accounts Receivables |
2,174,772,925 |
|
Other Receivable |
18,316,914 |
|
Cash & Bank Balances |
1,100,143,736 |
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Total assets |
27,716,866,583 |
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Equity & Liabilities |
|
|
Shareholders
Equity: |
11,984,703,570 |
|
Share Capital |
1,000,000 |
|
Equity of BPDB |
11,440,534,164 |
|
Retained Earnings |
543,169,406 |
|
Non-Current
Liabilities |
15,442,386,169 |
|
Govt. Loan |
2,611,721,693 |
|
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 |
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Outstanding Liabilities |
289,776,843 |
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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 |
|
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 |
|
Profit Before
Interest & Tax |
748,555,217 |
|
Profit Before
Income Tax |
391,549,048 |
|
Net Profit After Tax |
250,049,048 |
Auditor: Mr. Khan M S Rahman
Chartered
Accountants
Dhaka
Note: No latest
financial information is available.
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 |
131.3583 |
|
U.S Dollar |
1 |
84.3500 |
|
European Euro |
1 |
131.3583 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
|
Debt |
No Records Found |
|
Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
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Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 60,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
700 |
|
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 9 |
|
New Project |
Contract Signed between Ashuganj Power Station Company Ltd and Hyundai
Engineering Co., Ltd. and Daewoo International Corporation, Korea for
Construction of Ashuganj 225 MW Combined Cycle Power Plant on 05 October,
2011 |
|
Certifications |
NIL |
|
Group Name |
NIL |
|
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 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.24 |
|
UK Pound |
1 |
Rs.78.13 |
|
Euro |
1 |
Rs.64.79 |
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 |
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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.