MIRA INFORM REPORT

Report Date :

02.06.2014

IDENTIFICATION DETAILS

Name :	PHP CONTINUOUS GALVANIZING MILLS LTD.
Registered Office :	PHP House, 31, Agrabad C/A, Chittagong-4100,
Country :	Bangladesh
Date of Incorporation :	15.02.2000
Com. Reg. No.:	CH-3557
Legal Form :	Private Co
Line of Business :	Manufacturer of GP Coil, GP Sheet and CI Sheet.
No. of Employees	350

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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Bangladesh	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderate Low Risk	B1
Moderate Risk	B2
Moderate High Risk	C1
High Risk	C2
Very High Risk	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

Company name and address

Correct company Name	:	PHP Continuous Galvanizing Mills Ltd.
Head Office	:	PHP House, 31, Agrabad C/A, Chittagong-4100, Bangladesh.
Tel No	:	88-031-2511037- 41
Fax No	:	88-031-726982
E-mail	:	info@phpgroupbd.com
Website	:	www.phpgroupbd.com
Date/ Year of Incorporation	:	15.02.2000
Incorporation No.	:	CH-3557
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. 465 Million	Tk. 2378.65 Million	Tk. 32.29 Million
July’ 12~June’ 13	Tk. 521 Million	Tk. 2456.24 Million	Tk. 38.75 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

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FULLCHECK REPORT DETAILS

Information Parted By
Name	:	Mr. Md. Roman Sarkar
Designation	:	Deputy Manager.
Contract No	:	88-01713487772

Locations Details
Operating Address	:	PHP House, 31, Agrabad C/A, Chittagong-4100, Bangladesh.
Tel No	:	88-031-2511037- 41
Fax No	:	88-031-726982
E-mail	:	info@phpgroupbd.com
Website	:	www.phpgroupbd.com

Location :

: Owned

Ö

Rented

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	:	Borokumira, Sitakunda, Chittagong, Bangladesh.
Tel No	:	88-031-727049
Fax No	:	88-031-724504

Location :

Owned

Ö

Rented

Leased

Area

5.5

acores

Branches:
Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	30	In Factory	:	320
	In Branch:	:	-	Total	:	350
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Alhaj Mohamed Mizanur Rahman Chy.	400
Mrs. Tahmina Rahman Chy.	100
Mr. Mohd Mohsin Chy.	2000
Mr. Mohd Iqbal Hossain Chy.	2000
Mr. Mohd. Anowarul Haque Chy.	2000
Mr. Mohd Ali Hossain Chy.	2000
Mr. Mohd. Amir Hossain Chy.	2000
Mr. Mohd Zahirul Islam Chy.	2000
Mr. Mohd.Akhter Parvez Chy.	2000
PHP Cold Rolling Mills Ltd	985500

DIRECTORS

Name	Designation
Mr. Mohd. Anowarul Haque Chy.	Managing Director
Mr. Mohd Ali Hossain Chy.	Director
Mr. Mohd. Amir Hossain Chy.	Director
Mr. Mohd Zahirul Islam Chy.	Director
Mr. Mohd.Akhter Parvez Chy.	Director
Mr. Alhaj Mohamed Mizanur Rahman Chy.	Director
Mrs. Tahmina Rahman Chy.	Director
Mr. Mohd Mohsin Chy.	Director
Mr. Mohd Iqbal Hossain Chy.	Director

MANAGEMENT

Name	:	Mr. Md. Roman Sarkar
Job Description	:	Deputy Manager.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01713487772

BUSINESS OPERATIONS

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

Range of Products:
Products	:	GP Coil, GP Sheet and CI Sheet.
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, Korea
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active.
Member			:	Chittagong Chamber of Commerce & Industry.

CAPITAL STRUCTURE

Authorized Capital	:	Tk. 50 Crore.
Paid-up Capital	:	Tk. 10, 00,00,000	No. of Shares	:	10, 00,000	Share Value	:	Tk.100.00Each
Main Assets	:	Tk. 2456.24 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	PHP Corporation Ltd. PHP Cold Rolling Mills Ltd. PHP Steels Limited PHP Galvanizing Mills Ltd PHP Power Generation Plant Ltd. PHP Fisheries Ltd. Bay Terminal & Distribution Co. Ltd. PHP Latex & Rubber Products Ltd. PHP Float Glass Industries Ltd. PHP Power Company Ltd. Fast Shipping Agency Ltd. PHP Stock & Securities Ltd. Palican Properties Ltd. Daemuddin Hospital University of Information Technology & Science Independent University Php Nof Continuous Galvanizing Mills Limited R.M. Corporation Limited PHP Oxygen Ltd. PHP Ship Breaking & Recycling Industries Ltd PHP Spinning Mills Ltd. PHP Overseas Ltd PHP Petro Refinery Limited PHP Shipping Lines Limited
Subsidiary	:	Nil
Name of The Group	:	PHP Group

BANKING

Bank Name	:	Standard Chartered bank Ltd.
Bank Address	:	Agrabad Branch PHP House, 31 Agrabad C/A
Bank Name	:	Prime Bank Ltd.
Bank Address	:	Agrabad Branch Chittagong Chamber House, 38 Agrabad C/A, Chittagong-4100 Phone: (031) 727018, 716724-5 Fax: 88-031-718971 Telex: 633028 PBLAG BJ SWIFT: PRBLBDDH015 Email: pblagrabad@primebank.com.bd

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	:	Al-Arafa Islami Bank Ltd.
Bank Address	:	Jubilee Road Branch Kader Plaza 221 Jubilee Road Chittagong Ph: 031-637680-1 01819-315480 Fax: 031-637680

Bank Name

:

Dhaka Bank Ltd. Jamuna Bank Ltd. National Bank Ltd. One Bank Ltd Pubali bank Ltd. Shahjalal Islami Bank Ltd. Social Investment 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 Head office which is situated at PHP House, 31, Agrabad C/A, Chittagong-4100, Bangladesh. The subject company Deputy Manager Mr. Md. Roman Sarkar given us all information. Is situated at commercial area which is a well decorated modern office.

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. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

Adopted Abbreviations:
NA- Not Available	TK- Bangladeshi Taka

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.03
UK Pound	1	Rs.98.91
Euro	1	Rs.80.34

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	NIS

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.