MIRA INFORM REPORT
|
Report Date : |
19.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BSRM STEEL MILLS LIMITED |
|
|
|
|
Registered Office : |
Ali Mansion, 1207/1099 Sadarghat Road,
Chittagong |
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|
|
|
Country : |
Bangladesh |
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|
|
|
Financials (as on) : |
30.09.2011 |
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|
|
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Date of Incorporation : |
11.12.2009 |
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Com. Reg. No.: |
CH-6561 |
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|
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|
Legal Form : |
Private Limited
Company |
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|
|
|
Line of Business : |
Manufacturer of Steel Products |
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|
|
|
No. of Employees
: |
1,200 |
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 – September 30th, 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 |
BSRM Steel Mills
Limited |
|
Address |
Ali
Mansion, 1207/1099 Sadarghat Road, Chittagong |
|
Country |
Bangladesh |
|
Telephone No |
880-31-2854901-10, 613282, 613759, 637758, 635380, 635382 |
|
Fax No |
880-31-610101 |
|
E-Mail |
|
|
Website |
|
|
Established |
2009 |
|
Company Registration No |
CH-6561 |
|
Registration date |
11th December 2009 |
|
Legal Status |
Private Limited |
|
Issuing Authority |
The Register 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. |
|
Head Office |
Ali Mansion,
1207/1099 Sadarghat Road, Chittagong |
|
Telephone No |
880-31-2854901-10, 613282, 613759, 637758, 635380, 635382 |
|
Fax No |
880-31-610101 |
|
E-Mail |
|
|
Website |
|
|
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 |
Nasirabad
Industrial Area, Chittagong |
|
Factory Telephone No |
UNKNOWN |
|
Factory Fax No |
UNKNOWN |
|
Warehouse |
Nasirabad
Industrial Area, Chittagong |
|
Name |
Mr. Ali Hossain
Akbar Ali |
|
Designation |
Chairman &
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Aameir Ali
Hossain |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Zoheir Taher
Ali |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Hadi Akbar
Ali |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Ali Asgar
Africawala |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Mr. Ali Hossain
Akbar Ali |
|
Share Percent |
30% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Aameir Ali
Hossain |
|
Share Percent |
20% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Zoheir Taher
Ali |
|
Share Percent |
20% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Hadi Akbar
Ali |
|
Share Percent |
15% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Ali Asgar
Africawala |
|
Share Percent |
15% |
|
Nationality |
Bangladeshi |
|
Line of Business |
Manufacturer |
|
Items Dealing In |
Steel Products |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit |
|
Name |
Mutual Trust Bank Ltd |
|
Branch |
Agrabad Branch |
|
Address |
Agrabad Commercial Area, Chittagong |
|
SWIFT |
N/A |
Parent
Company Balance Sheet
As
At 30 September 2011
Currency:
BDT
|
Assets |
2011 |
|
Property, plant and equipment at cost |
6,669,823,587 |
|
Accumulated Depreciation |
(827,562.791) |
|
|
5,842,260,796 |
|
Capital Work-in-progress |
646,188,341 |
|
Total non-current assets |
6,488,449,137 |
|
Inventories |
5,238,638,003 |
|
Accounts receivables |
1,758,681,519 |
|
Due from affiliated company |
4,315,279,408 |
|
Advances, deposits and pre-payments |
1,624,356,302 |
|
Cash and Bank balances |
445,342,677 |
|
Total current
assets |
13,392,297,909 |
|
Total assets |
19,870,747,046 |
|
Equity |
|
|
Share Capital |
3,255,000,000 |
|
Accumulated Profit/ (Loss) |
71,756.712 |
|
Equity
attributable to owners of the Company |
3,326,756,712 |
|
Non-controlling interest |
67,789,203 |
|
Total equity |
3,394,545,9I5 |
|
Liabilities |
|
|
Long Term Loan |
2,455.089. I 90 |
|
Total
non-current liabilities |
2,455,089,190 |
|
Short term liabilities |
10,670,734,492 |
|
Liabilities for expenses |
1,341,263,953 |
|
Trade Creditors |
13,862,986 |
|
Advance against sales |
238,719,588 |
|
Long Term Loan - Current portion |
84s,002,666 |
|
Liability against Share Application Money |
7,911,824 |
|
Due to affiliated companies |
662,364,790 |
|
Provision for Income Tax |
l 38,868,658 |
|
Provision for WPPF and Welfare fund |
6s,104,956 |
|
Other liabilities |
37,278,028 |
|
Total current
liabilities |
14,021,111,941 |
|
Total
liabilities |
16,476,201,131 |
|
Total equity and
liabilities |
19,970,747,046 |
Parent
Company Income Statement
For
the Quarter Ended 30 September 2011
Currency:
BDT
|
|
2011 |
|
Revenue |
22,497,703,729 |
|
Cost of sales |
(20,212,295,024) |
|
Gross Profit |
2,285.408.705 |
|
Selling and Distribution cost |
226.960,905 |
|
General and Administrative cost |
(167,713,272) |
|
|
(394,674,177) |
|
|
1,890,734,529 |
|
Other income |
6,388,976 |
|
Results from
operating activities |
1,997,123,504 |
|
Finance Costs |
(638,797,952) |
|
Finance Income |
37,908,780 |
|
|
(600,889,172) |
|
Net Profit
before tax and WPPF and Welfare fund |
1,296,234.332 |
|
Contribution to Workers' Profit Participation Fund and Welfare Fund |
64,811 ,716) |
|
Net Profit before tax |
1,231,422,616 |
|
Income Tax Provision (Minimum Tax @ 0.50%) |
(135,533,565) |
|
Net Profit after
tax for the year |
1,095,889,051 |
|
Total
comprehensive income for the year |
1,095,889,051 |
|
Net Profit after
tax attributable to: |
|
|
Shareholders of the company |
1,088,538,911 |
|
Non-controlling interest |
7,350,140 |
|
|
1,095,889,051 |
|
Earning per share (EPS) |
33.44 |
Note: No latest financials are available.
|
Authorized
Capital |
Tk.300 billion |
|
Paid Up Capital |
Tk.20 million |
|
Each Share Value |
Tk.100 |
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
128.7708 |
|
U.S Dollar |
1 |
81.7800 |
|
European Euro |
1 |
107.5652 |
|
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$ 50,000.00 |
90 Days |
|
Employees |
1,200 |
|
Office Area |
1,500 sq.ft (own) |
|
Factory
Area |
8 acres of lands (own) |
|
Warehouse Area |
10,000 sq.ft.(own) |
|
Range of
Products |
4 Steel Billets |
|
Brand Name |
4 BSRM |
|
Certifications |
4 ISO 9001 |
|
Group Name |
4 BSRM Group |
|
Subsidiaries /
Affiliates |
4 Bangladesh Steel Re-Rolling Mills Limited 4 Meghna Engineering Works Limited 4 Karnafully Engineering Works Limited 4 BSRM Wires Limited 4 BSRM Re-Cycling Industries Ltd. 4 BSRM Iron & Steels Co Ltd. 4 Chittagong Power Company Limited 4 H. Akberali & Co Ltd. 4 Bangladesh Steels Limited 4 East Bengal Trading & Industrial Corporation Limited 4 BSRM Ispat Limited 4 BSRM Logistics Limited 4 South Asia Securities Limited |
|
Member |
4 Chittagong Chamber of Commerce
& Industries, Chittagong 4
Bangladesh Steel Re-Rolling Mills Association |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.31 |
|
UK Pound |
1 |
Rs.79.04 |
|
Euro |
1 |
Rs.65.82 |
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.