|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BSRM STEELS LIMITED |
|
|
|
|
Registered Office : |
Ali Mansion, 1173/1207 Sadarghat Road, Chittagong |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
2002 |
|
|
|
|
Com. Reg. No.: |
CH-4392 |
|
|
|
|
Legal Form : |
Public Limited |
|
|
|
|
Line of Business : |
Manufacturer of Steel Bars |
|
|
|
|
No. of Employees : |
600 |
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 |
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Bangladesh - ECONOMIC OVERVIEW
The economy has grown 5-6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.
|
Source : CIA |
|
Name |
BSRM STEELS LIMITED |
|
Address |
Ali Mansion, 1173/1207 Sadarghat Road, Chittagong |
|
Country |
Bangladesh |
|
Telephone No |
880-31-2854901-10, 613282,613759, 637758, 635380,
635382 |
|
Fax No |
880-31-610101 |
|
E-Mail |
|
|
Website |
www.bsrm.com |
|
Established |
2002 (As a Private Limited Company) |
|
Company Registration No |
CH-4392 |
|
Registration date |
20th July 2002 |
|
Legal Status |
Public Limited (2008) |
|
Issuing Authority |
The Registrar 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, 1173/1207 Sadarghat Road, Chittagong |
|
Telephone No |
880-31-2854901-10, 613282,613759, 637758, 635380,
635382 |
|
Fax No |
880-31-610101 |
|
E-Mail |
|
|
Website |
www.bsrm.com |
|
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 |
4, Fouzderhat Industrial Estate, Latifpur, Sitakunda, Chittagong |
|
Factory Tel No |
880-31-2770192-3 |
|
Factory Fax No |
880-31-751452 |
|
Warehouse |
4, Fouzderhat Industrial Estate, Latifpur, Sitakunda, Chittagong |
|
Name |
Mr. Ali Hossain Akbar Ali |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Aameir Ali Hossain |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Zohair Taherali |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Tehseen ZohairTaherali |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Sabeen Aameir |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Mr. Ali Hossain Akbar Ali |
|
Share Percent |
3.054% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Aameir Ali Hossain |
|
Share Percent |
2.946% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Zoheir Taher Ali |
|
Share Percent |
3.054% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Tehseen Zohair Taherali |
|
Share Percent |
3.346% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Sabeen Aameir |
|
Share Percent |
0.004% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Bangladesh Steel Re-Rolling Mills Limited (BSRM) |
|
Share Percent |
63.54% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Others |
|
Share Percent |
24.06 |
|
Nationality |
Bangladeshi |
|
Line of Business |
Manufacturer |
|
Items Dealing In |
Steel Bars |
|
Terms of
Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of
Purchase |
Local: Cash or Credit |
|
Name |
Trust Bank
Limited |
|
Branch |
Dilkusha Corporate Branch |
|
Address |
Peoples Insurance Bhaban, 36, Dilkusha C/A, Dhaka- 1000 |
|
SWIFT |
TTBLBDDH017 |
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 |
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 |
|
Earnings-per-share (EPS) |
33.44 |
Note: No latest financial information is
available.
|
Authorized
Capital |
Tk.2000 million |
|
Paid Up Capital |
Tk.1250 million |
|
Each Share Value |
Tk.100 |
|
Currency |
Unit |
Bangladeshi Taka
(BDT) |
|
Great Britain Pound |
1 |
121.0177 |
|
U.S Dollar |
1 |
77.8900 |
|
European Euro |
1 |
102.4877 |
Source: Bangladesh
Bank as on 30th March 2012
|
Dishonored
Checks |
No Found |
|
Debt |
No Found |
|
Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
|
Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
|
Employees |
600 |
|
Office Area (Sq.
Ft) |
2,200 sq.ft (rented) |
|
Factory Area
(Sq. Ft) |
2 acres of land (rented) |
|
Warehouse Area
(Sq. Ft) |
15,000 sq.ft (rented) |
|
Range of
Products |
4 Steel Bars |
|
Major
Clients |
4 Local Customers |
|
Certifications |
4 ISO 9001 |
|
Group Name |
4 BSRM Group |
|
Subsidiaries /
Affiliates |
4 Bangladesh Steel Re-Rolling Mills 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 Steel Mills Limited 4 BSRM Logistics Limited 4 South Asia Securities Limited 4 Meghna Engineering Works Limited |
|
Member |
4 Chittagong Chamber of Commerce & Industries, Chittagong 4 Bangladesh Steel Mills Association |
|
Enlisted With |
4 Chittagong Stock Exchange Limited, Chittagong 4 Dhaka Stock Exchange Limited, Dhaka |
|
Business Scale |
Large |
|
Business Trend |
Growing |
|
Management
Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.