MIRA
INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
BSRM IRON & STEEL CO. LTD. |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
13.04.2005 |
|
|
|
|
Com. Reg. No.: |
CH-5415 |
|
|
|
|
Legal Form : |
Private Co |
|
|
|
|
Line of Business : |
Manufacturer and Distributor of Graded Billet (Raw material for steel.) |
|
|
|
|
No of Employees : |
250 |
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 : |
Regular |
|
|
|
|
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 |
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
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 |
: |
BSRM Iron &
Steel Co. Ltd. |
|
Head Office |
: |
Ali Mansion,
1173/1207, Sadarghat Road, Chittagong, Bangladesh. |
|
Tel No |
: |
88-031-2854901-10,
613282, 613759, 637758, 635380, 635382 |
|
Fax No |
: |
88-031-610101 |
|
E-mail |
: |
mail@bsrm.com |
|
Website |
: |
www.bsrm.com |
|
Date/ Year of Incorporation |
: |
13.04.2005 |
|
Incorporation No. |
: |
CH-5415
|
|
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 |
|
31st
December’2012 |
Tk. 8, 004,947,641 |
Tk. 5, 742,633,219 |
Tk. 554, 764,913 |
|
31st
December’2013 |
Tk. 8, 861,773,842 |
Tk. 6, 542,814,543 |
Tk. 481, 515,613 |
|
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. Morshed |
|
Designation |
: |
Commercial
Officer |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
|
||
|
Business Address |
: |
Ali Mansion,
1173/1207, Sadarghat Road, Chittagong, Bangladesh. |
|
Tel No |
: |
88-031-2854901-10,
613282, 613759, 637758, 635380, 635382 |
|
E-mail |
: |
dhaka@bsrm.com mail@bsrm.com |
|
Fax No |
: |
880-31-610101 |
|
Website |
: |
www.bsrm.com |
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
Own |
Ö |
Area |
3500 |
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 |
: |
202-205, Nasirabad I/A, Baizid Bostami Road,
Chittagong, Bangladesh. |
|
Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
2.5 |
Acres |
|
Branches: |
|
|
|
|
|
|
|
Address |
: |
Mahbub Castle (2nd Floor) 35, Purana
Paltan Line, Dhaka-1000, Bangladesh. |
|
Tel No |
: |
88-02-8313135,
9358135 |
|
Fax No |
: |
88-02-8312905 |
|
Location : |
Owned |
|
|
Rented |
Ö |
|
Leased |
|
Area |
2500 |
Sq. ft. |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees |
In
Office |
: |
72 |
In
Factory |
: |
153 |
||
|
In
Branch: |
: |
25 |
Total |
: |
250 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Mr.
Aameir Alihussain |
59250 |
|
Mr.
Zohair Taherali |
247090 |
|
Mrs.
Tehseen Zohair Taherali |
25500 |
|
Mr.
Alihussain Akberali, FCA |
1258250 |
|
Ms.
Bilkis Alihussain |
44910 |
|
H.
Akberali And Co. Ltd. |
3649050 |
|
BSRM
Steel Ltd. |
104500000 |
|
Vortex
Investments Ltd. |
215950 |
DIRECTORS
|
Name |
Designation |
|
Mr.
Alihussain Akberali |
Chairman |
|
Mr.
Aameir Alihussain |
Managing
Director |
|
Mr.
Zohair Taherali |
Director |
|
Mrs.
Tehseen Zohair Taherali |
Director |
MANAGEMENT
|
Name |
: |
Mr. Md. Morshed |
|
Job Description |
: |
Commercial
Officer |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
- |
|
Other details |
: |
- |
BUSINESS OPERATIONS
|
Nature of
Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
|
Exporter |
|
Importer |
|
Services |
|
Others |
|
|
Item Dealings In: |
||
|
|
||
|
Products |
: |
Graded Billet (Raw material for steel.) |
|
Production
Capacity |
: |
1.50 lakh tons billet per year. |
|
Last Year Production |
: |
Do. |
Trading Terms:
|
Purchasing
Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
Ö |
60 days |
|
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 |
: |
Local
peoples |
|
|
Overseas
Suppliers |
: |
N/A |
Local
Suppliers |
: |
N/A |
|||
|
Trade Markets |
: |
Exports |
: |
N/A |
||||
|
Imports |
: |
China,
India, Germany |
||||||
|
Brand Name |
: |
BSRM |
||||||
|
Certified |
: |
ISO 9001:2008 |
||||||
|
Auditors |
: |
Nil |
||||||
|
Operation Status |
: |
Active |
||||||
|
Member |
: |
N/A |
||||||
CAPITAL STRUCTURE
|
Authorized
Capital |
: |
Tk. 300 Crore |
|
||||||
|
Paid-up Capital |
: |
Tk.1,10,00,00,000 |
No.
of Shares |
: |
1100,00,000 |
Share Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
Tk. 6, 542,814,543 million |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
: Tk. |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st December’2013 |
|
Income Statement : |
||
|
|
Currency |
: Tk. |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st December’2013 |
ASSOCIARES/SUBSIDIARIES/ RELATED
PARTIES
|
Sister Concerns |
: |
Bangladesh Steel Re-Rolling Mills Ltd. Meghna Engineering Works Ltd. BSRM Steels Limited (BSRMS) BSRM Recycling Industries Ltd BSRM Wires Ltd. KEW Ltd. BSRM Logistics Limited BSRM Metals Limited BSRM Real Estates Limited BSRM
Ispat Limited |
|
Subsidiary |
: |
N/A |
|
Name of The Group |
: |
BSRM
Group of Companies |
BANKING
|
Bank Name
|
: |
AB Bank Ltd. AL-Arafah Islami
Bank Ltd. Dhaka Bank Ltd. Eastern Bank Ltd Janata Bank Ltd. Islami Bank BD
Ltd. Mercantile Bank
Ltd Mutual Trust 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 Ali Mansion, 1173/1207, Sadarghat Road, Chittagong, Bangladesh. The subject company Commercial Officer Mr. Md. Morshed welcome us & given us all information. Its office is decorated by modern furniture.
GENERAL COMMENTS
Established in 2005, the subject is mainly engaged in Manufacturer & Distributors of Graded Billet (Raw material for steel). Having been in operation for several years, the subject maintains accepted business volume.
Reputation in the market, as well as its financial
condition, we recommended that Credit
can proceed promptly in Fairly large amount
|
Adopted Abbreviations: |
||
|
NA- Not Available |
TK- Bangladeshi Taka |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.