MIRA INFORM REPORT

 

 

Report Date :

27.06.2012

 

IDENTIFICATION DETAILS

 

Name :

BANGLADESH SHIPPING CORPORATION

 

 

Registered Office :

BSC Bhaban, Saltgola Road, P.O. Box No. 641, Chittagong-4100

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2011

 

 

Date of Incorporation :

05.02.1972

 

 

Legal Form :

State Owned Public Sector Corporation Established Under President’s Order No. 10 of 1972

 

 

Line of Business :

Service Provider of Ship Management & Handling  

 

 

No. of Employees :

2,500

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

Bangladesh Shipping Corporation

Address

BSC Bhaban, Saltgola Road, P.O. Box No. 641, Chittagong-4100

Country

Bangladesh

Telephone No

880-31-2521162-8

Fax No

880-31-710506, 722380

E-Mail

info@bsc.gov.bd

Website

www.bsc.gov.bd

Established

5th February 1972

Company Registration No

N/A

Registration date

N/A

Legal Status

State Owned Public Sector Corporation Established Under

President’s Order No. 10 of 1972

Issuing Authority

N/A 

Business Type

Service Provider

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

BSC Bhaban, Saltgola Road, P.O. Box No. 641, Chittagong-4100

Telephone No

880-31-2521162-8

Fax No

880-31-710506, 722380

E-Mail

info@bsc.gov.bd

Website

www.bsc.gov.bd

Regional Office

Regional Office Dhaka

Amin Court (4th Floor)

62-63 Motijheel C/A

P.O. Box No. 53

Dhaka-1000

Bangladesh

Telephone: 880-2-9567820, 9567821, 9553524, 9553568, 9553521, 9553585

Fax: 880-2-9565589

E-mail: gm-dhk@bsc.gov.bd

 

 

Regional Office Khulna

K.D.A. Building (2nd Floor)

Lower Jessore Road

Khulna

Bangladesh

Telephone: 880-41-720001-2 (PABX), 722326, 721142, 723702, 720930

Fax: 0088-041-722643

E-mail: gm-khl@bsc.gov.bd

Factory

N/A

Factory Telephone No

NIL

Factory Fax No

NIL

Warehouse

N/A

 

 

DIRECTORS

 

Name

Mr. Shajahan Khan

Designation

Chairman, Hon'ble Minister, Ministry of Shipping

Nationality

Bangladeshi

 

 

Name

Commodore Moqsumul Quader

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Md. Abdul Mannan Howlader

Designation

Director

Nationality

Bangladeshi

 

 

Name

Dr. Chowdhury Saleh Ahmed

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Md. Golam Mowla

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mostafa Kamal Uddin

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Md. Saeedullah

Designation

Director

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Service Provider

Items Dealing In

Ship Management & Handling  

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Local: Cash or Credit

Export: Against L/C

 

 

BANKERS

 

Name

Agrani Bank Limited

Branch

BSC Building Branch

Address

BSC Building, Saltgola Road, Chittagong

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

Bangladesh Shipping Corporation

Statement of Financial Position

As At June 30, 2011

 

Assets :

2011

Non Current Assets :

 

Property. Plant & Equipment

1,323,027,550

Capital Work-In-Progress

2,550,597

 

1,325,578,147

Current Assets:

 

Inventories, Spares and Bunker

375,469,202

Trade Debtors

550,147,086

Advances, Deposits & Pre-payments

47,027,594

Other Receivables

562,034,691

Cash and Cash Equivalents

597,269,126

Total Current Assets

2,131,947,699

Total Assets :

3,457,525,846

Equity and Liabilities

 

Shareholders' Equity :

 

Share Capital

200,000,000

Government of Bangladesh (GOB) Equity

2,672,600,000

Capital Reserve

293,790,825

Retained Earnings / (Loss)

(1,381,495,651)

Total Shareholders' equity

1,784,895,174

Non-Current Liabilities :

 

Long Term Loans

697,851,496

Deferred Liability- Gratuity

342,975,602

Total Non-current Liabilities

1,040,827,098

Current Liabilities

 

Creditors and Accruals

203,299,808

Interest on Long Term Loans

428,503,766

Total Current Liabilities

631,803,574

Total Liabilities

1,672,630,672

Total Equity and Liabilities

3,457,525,846

 

Bangladesh Shipping Corporation

Statement of Comprehensive Income

For The Year Ended June 30, 2011

 

Operating Income:

2011

Freight Earning

2,512,712,635

Other Operating Income

153,496,237

 

2,666,208,872

Less : Operating Expenses:

 

Fleet Expenses - Direct

2,397,015,344

Fleet Expenses - Indirect

9,294,846

Vac-u-Vator Expenses

4,343,448

Depreciation

147,949,165

 

2,558,602,803

Operating Profit /(Loss)

107,606,069

Administrative Expenses

184,501,386

 

(76,895,317)

Non-operating Income

94,339,929

Profit/( loss) before tax

17,444,612

Profit/( loss) after tax

17,444,612

Add/Less: Other Comprehensive Income / (loss).

915,508

Total Comprehensive Income for the year

18,360,120

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.250 million  

Paid Up Capital

Tk.200 million

Each Share Value

Tk.100.00

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

128.6197

U.S Dollar

1

81.8400

European Euro

1

103.9695

 

 

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

 

 

GENERAL INFORMATION

 

Employees

2,500

Office Area (Sq. Ft)

3,500 sq.ft (owned)

Factory Area (Sq. Ft)

N/A

Warehouse Area (Sq. Ft)

10,500  sq.ft.(owned)

Range of Services

4 Break Bulk Cargo Carrying 

4 Chartering & Tramping service

4 Feeder Service

4 Crude Oil Carrying

4 Crude Oil Lightening

4 Food Grain Carrying

4 Food Grain lightening

4 Agency Service

4 Ship Repair

Name of Fleets

4 M.V. Banglar Kakoli 

4 M.V. Banglar Kallol

4 M.V. Banglar Mamata

4 M.V. Banglar Maya

4 M.V. Banglar Robi

4 M.V. Banglar Gourab

4 M.V. Banglar Moni

4 M.T. Banglar Jyoti

4 M.V. Banglar Urmi

4 M.T. Banglar Shourabh

4 M.V. Banglar Doot

4 M.V. Banglar Mookh

4 M.V. Banglar Shikha

Owned By

4 Ministry of Shipping, Government of People’s Republic of Bangladesh

Certification

NIL

Group Companies

NIL

Member

4 Bangladesh Shipping Council-Dhaka

4 Bangladesh Ship Owners Association-Dhaka

4 Chittagong Chamber of Commerce & Industry

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Large 

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.57.07

UK Pound

1

Rs.88.96

Euro

1

Rs.71.40

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.