MIRA INFORM REPORT

 

 

Report Date :

06.12.2014

 

IDENTIFICATION DETAILS

 

Name :

PHP STEELS LIMITED

 

 

Registered Office :

PHP House, (2nd Floor), 31, Agrabad C/A, Chittagong-4100

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

15.02.2000

 

 

Com. Reg. No.:

CH-3556

 

 

Legal Form :

Private Company

 

 

Line of Business :

Manufacturer, Distributor and Exporter of CR Coil, Sheets.         

 

 

No. of Employees :

689

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

PHP Steels Limited

Head Office

:

PHP House, (2nd Floor), 31, Agrabad C/A, Chittagong-4100, Bangladesh.

Tel No

:

880-31-2511037- 41

Fax No

:

880-31- 726982

E-mail

:

info@phpgroupbd.com

Website

:

www.phpgroupbd.com

Date/ Year of Incorporation

:

CH-3556

Incorporation No.

:

15-02-2000

Legal Form (General)

:

 Public Listed Co        Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships  Partnership                     Not Registered

 others (please specify) ________________

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

Iss

uing Authority

:

Registrar of Joint Stock Companies & Firms   City Corporation

 Municipal Administration                                   Union Council

 Cantonment Board                                              Chief Controller of  Import & Export (CCIE)

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

July’ 12~June’ 13

BDT  245 Million

BDT  5650.40Million

BDT  52.60 Million

July’ 13~June’ 14

BDT 459Million

BDT  5705.38Million

BDT  42.85 Million

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. M.E Mustafa

Designation

:

Assistant General Manager

Contract No

:

88-01819328328

 

 

                                                               Locations Details

Business Address

:

PHP House, (2nd Floor), 31, Agrabad C/A, Chittagong- 4100, Bangladesh.

Tel No

:

880-31-2511037- 41, 01914326683

E-mail

:

info@phpgroupbd.com

Fax No

:

880-31- 726982

Website

:

www.phpgroupbd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

3600

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

 

Factory:

 

 

Address

:

Borokumera, Sitakunda, Chittagong-4100, Bangladesh.

Tel No

:

880-31-727049

Fax No

:

880-31- 724504

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

73000

Sq. ft.

 

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

45

In Factory

:

644

In Branch:

:

-

Total

:

689

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Mohd. Mizanur Rahman Chowdhury

                                    100

Mrs. Tahmina Rahman Chowdhury

                                    100

Mr. Mohd. Mohsin Chowdhury  

                                   244900

Mr. Mohd. Iqbal Hossain Chowdhury

                                   244900

Mr. Mohd. Anwarul Haque Chowdhury

                                   244900

Mr. Mohd. Amir Hossain Chowdhury

                                   244900

Mr. Mohd. Zahirul Islam Chowdhury

                                   244900

Mr. Mohd. Akhter Parvez Chowdhury

                                   244900

Mr. Mohd. Ali Hossain Chowdhury

                                   244900

 

 

DIRECTORS

 

Name

Designation

Mr. Mohd. Mizanur Rahman Chowdhury

                                     Chairman

Mr. Mohd. Mohsin Chowdhury

                              Managing Director

Mrs. Tahmina Rahman Chowdhury

                                     Director

Mr. Mohd. Iqbal Hossain Chowdhury

                                     Director

Mr. Mohd. Anwarul Haque Chowdhury

                                     Director

Mr. Mohd. Amir Hossain Chowdhury

                                     Director

Mr. Mohd. Zahirul Islam Chowdhury

                                     Director

Mr. Mohd. Akhter Parvez Chowdhury

                                     Director

Mr. Mohd. Ali Hossain Chowdhury

                                     Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. M.E Mustafa

Job Description

:

Assistant General Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-01819328328

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

 

Item Dealings In:

 

Products

:

CR Coil, Sheets.         

Production Capacity

:

N/A

Last Year Production

:

N/A

 

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

 

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

N/A

 

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

:

N/A

 

Imports

:

China, India, Turkey.

 

 

 

Brand Name

:

N/A

Certified

:

Nil

Auditors

:

N/A

Operation Status

:

Active

Member

:

Chittagong Chamber of Commerce & Industry.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT  1000 Million

 

Paid-up Capital

:

BDT  17, 14,50,000

    No. of Shares

:

17,14,500

Share Value

:

BDT 100.00Each

Main Assets

:

BDT  5705.38Million

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

PHP Corporation Ltd.

PHP Cold Rolling Mills Ltd.

PHP Continuous Galvanizing Mills Ltd

PHP Power Generation Plant Ltd.

PHP NOF Continuous Galvanizing Mills Ltd

Bay Terminal & Distribution Co. Ltd.

PHP Fisheries Ltd.

PHP Latex & Rubber Products Ltd.

PHP Latex & Rubber Products Ltd.

PHP Float Glass Industries Ltd.

PHP Power Company Ltd.

Fast Shipping Agency Ltd.

PHP Stocks & Securities Ltd.

Pelican Properties Ltd.

Subsidiary

:

N/A

Name of  The Group

:

PHP Group.

 

 

BANKING

 

Bank Name  

:

Bank Al-Falah Ltd.

Bank Address

:

Agrabad Branch,

57, Agrabad, Chittagong, Bangladesh.

Tel- 88 0171 888727

 

Bank Name  

:

United Commercial Bank Ltd

Bank Address

:

Agrabad Bran

Kashfia Plaza (1st Floor), 923/A, Sheikh Mujib Road,

Agrabad C/A, Chitagong-PC.4000

Tel-88-031-710706,716020, 710706,711054, 725997

Mobile - 88-01711804129, 0171725136

Fax- 88-031-711054

Email- agd@ucbl.com

 

Bank Name  

:

Rupali Bank Ltd.

Bank Address

:

Agrabad Branch, 99, Agrabad Comm. Area

Chittagong - 4100

Telephone: 031-716388

 

Bank Name  

:

Mutual Trust Bank ltd.

Bank Address

:

Agrabad Branch.

Akhtaruzzaman Centre

21-22 Agrabad C/A, Chittagong

Phone: 031-2523287, 031-2524269,

031-2510754, 031-716487

 

Bank Name  

:

Premier Bank Ltd.

Bank Address

:

Agrabad Branch.

Al Islam Chamber 91, Agrabad Commercial Area Chittagong

Tel : 714418, 717204,728256

Mobile : 01711825200 (Branch)

Fax : 880-031-714418

Telex : 633081 PREAG BJ

 

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

:

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our representative visited their Head office which is situated at PHP House, (2nd Floor), 31, Agrabad C/A, Chittagong- 4100, Bangladesh. It is situated at residential area & their office is well decorated by western type furniture.

 

 

GENERAL COMMENTS

 

Established in 2000, Subject is mainly engaged in manufacturer & distributors.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.85

UK Pound

1

Rs.96.73

Euro

1

Rs.76.53

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIT

 

               

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.