MIRA INFORM REPORT

Report Date :

16.12.2014

IDENTIFICATION DETAILS

Name :	GPH ISPAT LIMITED
Registered Office :	Crown Chambers, 325 Asadganj, Chittagong-4000
Country :	Bangladesh
Financials (as on) :	30.04.2014
Date of Incorporation :	17.05.2006
Legal Form :	Public Listed Company
Line of Business :	Manufacturer, Importer and Distributor of Steel Materials & Other Metallic Materials
No of Employees :	1350

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 :	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, 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

IDENTIFICATION DETAILS
Correct company Name	:	GPH ISPAT LIMITED
Head Office	:	Crown Chambers, 325 Asadganj, Chittagong-4000, Bangladesh.
Tel No	:	880-31-631460, 2854997,633007
Fax No	:	88-031-610995
E-mail	:	info@gphispat.com.bd
Website	:	www.gphispat.com.bd
Date/ Year of Incorporation	:	17.05.2006
Incorporation No.	:	CH-5853
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) ________________
Issuing 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
30^th April 12~1^st March 13	BDT 5,387,428,105	BDT 4,865,045,051	BDT 250,124,897
30^th April 13~1^st March 14	BDT 4,687,216,381	BDT 5,846,479,377	BDT 278,853,050
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. Arafat Kamal, ACA
Designation	:	Company Secretary
Contract No	:	-

Locations Details
Operating Address	:	Crown Chambers, 325 Asadganj, Chittagong-4000, Bangladesh.
Tel No	:	880-31-631460, 2854997,633007
Fax No	:	88-031-610995
E-mail	:	info@gphispat.com.bd
Website	:	www.gphispat.com.bd

Location :

: Owned

Rented

Ö

Leased

Area

4500

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	:	Mosjiddah, Kumira Sitakunda, Chittagong, Bangladesh.
Tel No	:	88-01723912387
Fax No	:	Nil

Location :

Owned

Ö

Rented

Leased

Area

10

Acores

Dhaka Office:
Address	:	Hamid Tower (3^rd Floor), 24 Gulshan C/A, Circle-2, Dhaka-1213, Bangladesh.
Tel No	:	88-02-9840177
Fax No	:	88-02-9880366

Employee:
No. of Employees	In Office	:	50	In Factory	:	1300
	In Branch:	:	-	Total	:	1350
Details:

OWNERSHIP/SHAREHOLDERS
Names of Shareholders	No. of Share
Mr. Md. Alamgir Kabir	73,92,000
Mr. Mohammad Jahangir Alam	44200000
Mr. Md. Almas Shimul	16,632,000
Mr. Md. Abdur Rouf	4,620,000
Mr. Md. Ashrafuzzaman	4,620,000
Mr. Md. Salauddin Roman	4,620,000
Mr. Md. Abdul Ahad	3,696,000
Mr. Md. Azizul Haque Raju	2,772,000
Mr. Md. Iqbal Hussain	1,848,000
General Public	28,400,000

DIRECTORS
Name	Designation
Mr. Md. Alamgir Kabir	Chairman
Mr. Mohammad Jahangir Alam	Managing Director
Mr. Md. Abdur Rouf	Director
Mr. Md. Almas Shimul	Additional Managing Director
Mr. Md. Ashrafuzzaman	Director
Mr. Md. Salauddin Roman	Director
Mr. Md. Abdul Ahad	Director
Mr. Md. Azizul Haque Raju	Director
Professor Dr. Mohammad Saleh Jahur	Independent Director
Mr. Md. Velayet Hossain	Independent Director

MANAGEMENT
Name	:	Mr. Arafat Kamal, ACA
Job Description	:	Company Secretary
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A
Name	:	Mr. Kamrul Islam, FCA
Job Description	:	Chief Financial Officer
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS
Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö
	Exporter		Importer	Ö	Services	Others

Range of Products:
Products	:	Steel Materials & Other Metallic Materials
Production Capacity	:	1, 68,000 Mt. per year
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
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	Syful Shamsul Alam & Co Chartered Accountants
Operation Status			:	Active
Member			:	N/A

CAPITAL STRUCTURE
Authorized Capital	:	BDT 2,500,000,000
Paid-up Capital	:	BDT 1,118,000,000	No. of Shares	:	111800000	Share Value	:	BDT 10.0Each
Main Assets	:	BDT 5,846,479,377

FINANCIAL STATEMENT- DETAILED
Balance Sheet :
	Currency	: Tk.
	Denomination	: 1
	Financial Year Ending	: 30^th April 2013

Income Statement :
	Currency	: Tk.
	Denomination	: 1
	Financial Year Ending	: 30^th April 2013

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns	:	Nil
Subsidiary	:	Nil
Name of The Group	:	Nil

BANKING
Bank Name	:	AB Bank Ltd. Trust Bank Ltd. Pubali Bank ltd. Slandered Chartered Bank Mercantile Bank ltd. Islami bank Bangladesh Limited. United Commercial bank ltd. NCC Bank Ltd. One bank Ltd. Janata Bank Ltd. Basic bank Ltd. Prime Bank ltd.

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 the subject company address at Crown Chambers, 325 Asadganj, Chittagong-4000, Bangladesh. The subject Company Secretary Mr. Arafat Kamal, ACA welcome us & given us all information. Its office is decorated by modern furniture.

GENERAL COMMENTS

Subject is mainly engaged in Manufacturer & Distributor. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be above average.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.65
UK Pound	1	Rs.98.53
Euro	1	Rs.78.02

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	TPT

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.