MIRA INFORM REPORT

 

 

Report Date :

09.03.2012

 

IDENTIFICATION DETAILS

 

Name :

GPH ISPAT LIMITED

 

 

Registered Office :

Crown Chamber, 325 Asadgonj, Chittagong-4000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.04.2011

 

 

Date of Incorporation :

12.02.2006

 

 

Com. Reg. No.:

CH-5853

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Manufacturer & Seller of Steel Billet, Bar. Scrap Steel

 

 

No. of Employees :

547

 

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$ 60,000.00

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 – 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

 

COMPANY DETAILS

 

Name

GPH Ispat Limited

Address

Crown Chamber, 325 Asadgonj, Chittagong-4000

Country

Bangladesh

Telephone No

880-31-638507, 614921, 840358, 84286, 611313, 634387, 624281, 2850110, 635877, 622248

Fax No

880-31-610995

E-Mail

info@gphispat.com.bd

Website

www.gphispat.com.bd

Established

February 2006

Commercial Operation From

July 2008

Company Registration No

CH-5853

Registration date

12th February 2006

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock Companies, Chittagong

Business Type

Manufacturer & Seller

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

Crown Chamber, 325 Asadgonj, Chittagong-4000

Telephone No

880-31-638507, 614921, 840358, 84286, 611313, 634387, 624281, 2850110, 635877, 622248

Fax No

880-31-610995

E-Mail

info@gphispat.com.bd

Website

www.gphispat.com.bd

Branch

Dhaka Office

Hamid Tower (4th Floor)

24 Gulshan C/A,

Circle-2, Dhaka-1213

Phone: +880 1730087702, +880 1730087711

Email: salesdhk@gphispat.com.bd

Factory

Mashjiddah, Kumira, Sitakunda, Chittagong

Factory Telephone No

+880 1723912387

Factory Fax No

NIL

Warehouse

Mashjiddah, Kumira, Sitakunda, Chittagong

 

 

DIRECTORS

 

Name

Mr. Jahangir Alam

Designation

Chairman & Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Abdur Rouf

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Alamgir Kabir

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Almas Shimul

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Ashrafuzzaman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Salahuddin Roman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Abdul Ahad

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Azizul Haque Raju

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Iqbal Hossain

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mr. Jahangir Alam

Share Percent

50%

Nationality

Bangladeshi

 

 

Name

Mr. Abdur Rouf

Share Percent

05%

Nationality

Bangladeshi

 

 

Name

Mr. Alamgir Kabir

Share Percent

08%

Nationality

Bangladeshi

 

 

Name

Mr. Almas Shimul

Share Percent

18%

Nationality

Bangladeshi

 

 

Name

Mr. Ashrafuzzaman

Share Percent

05%

Nationality

Bangladeshi

 

 

Name

Mr. Salahuddin Roman

Share Percent

05%

Nationality

Bangladeshi

 

 

Name

Mr. Abdul Ahad

Share Percent

04%

Nationality

Bangladeshi

 

 

Name

Mr. Azizul Haque Raju

Share Percent

03%

Nationality

Bangladeshi

 

 

Name

Mr. Iqbal Hossain

Share Percent

02%

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturer & Seller

Items Dealing In

Steel Billet, Bar. Scrap Steel

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Local: Cash or Credit

 

 

BANKERS

 

Name

AB Bank Limited

Branch

Agrabad Branch

Address

Agrabad Commercial Area, Chittagong

SWIFT

N/A

 

 

Name

Trust Bank Ltd

Branch

Agrabad Branch

Address

Agrabad Commercial Area, Chittagong

SWIFT

N/A

 

FINANCIAL INFORMATION

 

GPH Ispat Limited

Statement of Financial Position

As At 30 April 2011

 

ASSETS & PROPERTIES

2011

NON CURRENT ASSETS & PROPERTIES

1,427,022,724

Property, Plant & Equipment

1,110,647,506

Capital work in progress

301,488,186

Investments

14,887,032

CURRENT ASSETS & PROPERTIES

2,567,289,192

Advances, Deposits & Prepayments

449,451,790

Inventory

1,591,242,389

Trade Receivables

462,647,365

Cash & Bank Balances

63,947,648

TOTAL ASSETS & PROPERTIES

3,994,311,916

SHARE HOLDERS' EQUITY & LIABILITIES

 

SHAREHOLDERS' EQUITY

611,744,777

Share Capital

500,000,000

Tax Holiday Reserve

103,729,009

Retained Earnings

8,015,768

NON CURRENT LIABILITIES

860,023,732

Long term portion of Term Loan

805,477,668

Long term portion of Lease Liabilities

54,546,064

CURRENT LIABILITIES AND PROVISIONS

2,522,543,407

Current portion of Long Term Loan

120,312,595

Current portion of Lease Liabilities

17,465,991

Short Term Loan

2,115,349,096

Creditors & Accruals

38,734,303

Provision for Taxation

30,681,422

Proposed Dividend

200,000,000

TOTAL SHAREHOLDERS' EQUITY & LIABILITIES

3,994,311,916

NET ASSET VALUE PER SHARE

12.23

 

GPH Ispat Limited

Statement of Comprehensive Income

For The Year Ended 30 April 2011

 

 

2011

Net Turnover

3,688,519,184

Cost of Sales

(3,044,732,767)

Gross Profit/ (Loss)

643,786,417

Operating expenses

 

Administrative Expenses

(50,935,771)

Selling & Distribution Expenses

(66,399,399)

 

(117,335,170)

Trading profit

526,451,247

Financial Expenses

(307,777,860)

Profit before Amortization

218,673,387

Profit before non-operating income

218,673,387

Non-operating income

3,121,013

 

221,794,400

Contribution to WPPF @ 5% after charging WPPF

(10,561,638)

Profit before Tax & Reserve

211,232,762

Provision for Tax

 

Current

(16,376,503)

Deferred

(11,946,135)

 

(28,322,638)

Profit after Tax

182,910,124

Tax Holiday Reserves

(54,282,291)

Profit after Tax & Reserve

128,627,833

Unappropriated Profit, brought forward

79,387,935

Profit available for appropriation

208,015,768

Appropriations:

 

Proposed dividend:

 

Stock dividend @40% (2010 -

Nil)

200,000,000

 

200,000,000

Unappropriated Profit, carried forward

8,015,768

 

208,015,768

Earnings per share (Basic)

3.66

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk. 2,500,000,000.00

Paid Up Capital

Tk.500 million

Each Share Value

Tk.10.00

 

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

128.7708

U.S Dollar

1

81.7800

European Euro

1

107.5652

 

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$ 60,000.00

90 Days

 

 

GENERAL INFORMATION

 

Employees

547

Office Area (Sq. Ft)

3,500 sq.ft (own)

Factory Area (Sq. Ft)

2.1 acres lands (own)

Warehouse Area (Sq. Ft)

7,800 sq.ft.(Own)

Range of Products

4 Iron & Steel

4 Metal Parts

4 Metal Related Equipments

4 Steel Scraps

4 Tin Scraps

4 Steel Billets & Mild Steel Deformed Bar

Raw Materials From 

4 Singapore

4 Ukraine

4 USA

Certifications

NIL

Group Name

4 Crown Group

Subsidiaries / Affiliates

4 Jahangir & Other's Ltd

4 GPH Power Generation Ltd.

4 Indo Steel Re-Rolling Industries Ltd.

4 Chittagong Capital Ltd.

4 Brothers Corporation

4 A-Ahad Corporation

Member

4 Bangladesh Cold Rolled Steel Mfg. Association, Dhaka

4 Chittagong Chamber of Commerce & Industries, Chittagong

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.57

UK Pound

1

Rs.79.57

Euro

1

Rs.66.49

 

 

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.