MIRA INFORM REPORT

 

 

Report Date :

03.01.2014

 

IDENTIFICATION DETAILS

 

Name :

BANGLADESH STEEL RE ROLLING MILLS LIMITED (BSRM)

 

 

Registered Office :

Ali Mansion, 1207/1009, Sadarghat Road, Chittagong

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

20.05.1987

 

 

Com. Reg. No.:

CH-186A

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Manufacturer & distributor of MS Road, Channel, Angle & Flat Bar      

 

 

No. of Employees :

350

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

In real terms Bangladesh's economy has grown 5.8% 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

 

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

Bangladesh Steel Re Rolling Mills Limited (Bsrm).

Head Office

:

Ali Mansion, 1207/1009, Sadarghat Road, Chittagong, Bangladesh.

Tel No

:

88-031-2854901-10, 613282, 613759, 637758, 634280, 635382

Fax No

:

880-31-610101

E-mail

:

mail@bsrm.com  , bsrmsteels@bsrm.com

Website

:

www.bsrm.com

Date/ Year of Incorporation

:

20.05.1987

Incorporation No.

:

CH-186A

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

July’ 11~June’ 12

Tk. 1900 Million

Tk. 15500 Million

Tk. 115.60 Million

July’ 12~June’ 13

Tk. 2200 Million

Tk. 16861.71 Million

Tk. 121.20 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

 

 

Information Parted By

 

Name

:

Mr. Md. Morshed.

Designation

:

Commercial Officer.

 

 

Locations Details

 

Operating Address

:

Ali Mansion, 1207/1009 Sadarghat Road, Chittagong, Bangladesh.

Tel No

:

88-031-2854901-10, 613282, 613759, 637758, 634280, 635382

E-mail

:

mail@bsrm.com , bsrmsteels@bsrm.com

Fax No

:

880-31-610101

Website

:

www.bsrm.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

6500

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

:

147-149, Baizid Bostami Road, Nasirabad, I/A, Chittagong, Bangladesh.

Tel No

:

88-031-683164

Fax No

:

88-031-2770190

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

20

Acores

 

 

Branches:

 

 

 

 

 

Address

:

Mahbub Castle (2nd Floor) 35, Purana Paltan Line, Dhaka-1000, Bangladesh.

Tel No

:

88-02-9358135, 8311994

Fax No

:

88-02-8312905

E-mail

:

dhaka@bsrm.com

Branch Area              

:

Sylhet, Bogra, Khulna, Comilla, Moulavi Bazar.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

300

In Branch:

:

-

Total

:

350

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Alihussain Akberali FCA

                                21967130

Mr. Aameir Alihussain

                                17069955

Mr. Zohair Taherali

                                  5682204

Mrs. Tehseen Zohair Taherali

                                  6147822

General Public

                              104983927

 

 

DIRECTORS

 

Name

Designation

Mr. Alihussain Akberali FCA

Managing Director

Mr. Aameir Alihussain

Director

Mr. Zohair Taherali

Director

Mrs. Tehseen Zohair Taherali

Director

 

 

MANAGEMENT

 

Name

:

Mr. Md. Morshed.

Job Description

:

Commercial Officer.

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

 

Range of Products:

 

Products

:

MS Road, Channel, Angle & Flat Bar

Production Capacity

:

120,000 M. Tones per Year.

Last Year Production

:

Do.

 

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

:

N/A

 

 

 

Brand Name

:

N/A

Certified

:

ISO-9001 Certified.

Auditors

:

Mr. Alihussain Akberali FCA.

Rahman Rahman Huq

Chartered Accountant.

Operation Status

:

Active.

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk. 500 Crore.

 

Paid-up Capital

:

Tk. 155, 85,10,380

    No.of Shares

:

15, 58,51,038

Share Value

:

Tk.10.00Each

Main Assets

:

Tk. 16861.71 Million.

 

 

 

FINANCIAL STATEMENT- DETAILED

 

The subject company don’t submit update full financial figure to local registry office.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

BSRM Metals Limited.

BSRM Recycling Industries Limited.

BSRM Real Estate Limited.

BSRM Steel Limited.

BSRM Steel Mills Limited.

Meghna Engineering Works Ltd.

Karnafully Engineering Works Ltd.

Chittagong Power Company Ltd.

H. Akbar Ali & Co. Ltd.

BSRM Wears Limited

BSRM Iron & Steel Co. Ltd.

BSRM Ispat Limited

BSRM Logistics Limited

Bangladesh Steels Limited

East Bengal Trading & Industrial Corporation Limited

South Asia Securities Limited

Burhani Estates Ltd.

KEW Ltd.

Subsidiary

:

N/A

Name of  The Group

:

BSRM Group of Companies.

 

 

BANKING

           

Bank Name  

:

HSBC

Jamuna Bank Ltd.

Merchantile Bank Ltd.

One Bank Ltd

Prime Bank Ltd.

State Bank of India

Trust Bank Ltd.

Dutch bangle Bank Ltd.

Al- Arafa Islami Bank Ltd.

Social Islamic Bank Ltd

Mutual Trust bank ltd

Agrani bank Ltd.

The City Bank Ltd.

Dhaka bank Ltd.

Habib 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

 

The subject company Head Office is situated at Ali Mansion, 1207/1009 Sadarghat Road, Chittagong, Bangladesh. They get good support from their banks.

 

Mr. Alihussain Akberali FCA-Managing Director of the company. He is very experienced businessman in this line of trade.

 

We checked the local registry office & found that information’s.

 

The company is good for normal business engagements.                                                                                                                                                                                                      

 

 

GENERAL COMMENTS

 

Repeated attempts to obtain and verify information from SC were unsuccessful as they declined all information citing confidentiality. Please note that our credit rating is based on information gathered from external sources as well as information obtained from past interviews.

 

Adopted Abbreviations:

NA- Not Available

 TK- Bangladeshi Taka

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.90

UK Pound

1

Rs.102.74

Euro

1

Rs.85.16

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.