MIRA INFORM REPORT
|
Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BSRM STEELS
LIMITED |
|
|
|
|
Registered Office : |
Ali Mansion,
1207/1099 Sadarghat Road, Chittagong |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
20.07.2002 |
|
|
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|
Com. Reg. No.: |
CH-4392 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Manufacturer & Distributor of Extreme 500W”
deformed bars of reinforced steel |
|
|
|
|
No of Employees : |
300 (20 in Office & 280 in Factory) |
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 – 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 |
IDENTIFICATION DETAILS
|
||
|
|
||
|
Correct
company Name |
: |
BSRM Steels Limited |
|
Head
Office |
: |
Ali Mansion, 1207/1099 Sadarghat Road, Chittagong, Bangladesh. |
|
Tel
No |
: |
88-031-2854901-10,031-613282, 613759, 637758,635380,635382 |
|
Fax
No |
: |
880-31-610101 |
|
E-mail |
: |
|
|
Website |
: |
|
|
Date/
Year
of Incorporation |
: |
20/07/2002 |
|
Incorporation No. |
: |
CH- 4392 |
|
Legal
Form (General) |
: |
Public Listed Co Public (but not listed) Private Co
State-owned Co Sole
Proprietorship 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’2011 |
Tk. 31, 234,710,327 |
Tk. 21, 610,096,506 |
Tk. 839, 205,050 |
|
31st
December’2012 |
Tk. 38, 253,464,657 |
Tk. 22, 454,708,032 |
Tk. 1, 160,385,361 |
|
31st
December’2013 |
Tk. 36, 229,050,933 |
Tk. 23,
37,90,83,281 |
Tk. 2, 314,398453 |
|
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. Shekhar
Ranjan Kar |
|
Designation |
: |
Company
Secretary. |
Locations Details
|
||
|
|
||
|
Operating
Address |
: |
Ali Mansion, 1207/1099 Sadarghat Road, Chittagong, Bangladesh. |
|
Tel
No |
: |
88-031-2854901-10, 613282, 613759, 637758, 635380, 635382 |
|
E-mail |
: |
|
|
Fax No |
: |
880-31-610101 |
|
Website |
: |
|
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
6800 |
Sq. ft. |
|
Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
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Residential
Bldg. |
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|
|
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Factory: |
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|
|
|
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|
Address |
: |
4, Fouzderhat Industrial
Estate, Latifpur, Sitakunda, Chittagong, Bangladesh. |
|
Tel
No |
: |
88-031-2770192-3 |
|
Fax
No |
: |
88-031-751452 |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
10 |
Acores |
|
Branches: |
|
|
|
|
|
|
|
Address |
: |
Mahbub Castle
(2nd & 4th Floor) 35, Purana Paltan Line, Inner Circular Road (VIP Road),
Dhaka-1000, Bangladesh. |
|
Tel |
: |
88-02-8311994,
8313135 |
|
Fax |
: |
88-02-8312905 |
|
Employee: |
|
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||||||
|
No.
of Employees |
In
Office |
: |
20 |
In
Factory |
: |
280 |
|
|
In Branch: |
: |
- |
Total
|
: |
300 |
||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of Shareholders |
No. of Share |
|
Mr. Alihussain Akberali, FCA |
34, 987,995 |
|
Mr. Aameir
Alihussain |
6, 835,500 |
|
Mr. Zohair Taherali |
8, 932,980 |
|
Mrs. Tehseen Zohair
Taherali |
6, 835,500 |
|
Mrs. Sabeen Aameir |
7254 |
|
Mr. Shekhar Ranjan
Kar FCA |
27279 |
|
Mrs. Bilkis
Alihussain |
1, 168,272 |
|
Bangladesh Steel
Re-Rolling Mills Limited (Mrs. Sabeen
Aameir) |
106, 594,173 |
|
General Public |
176386056 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. Alihussain
Akberali |
Chairman |
|
Mr. Aameir
Alihussain |
Managing Director |
|
Mr. Zohair Taherali |
Director |
|
Mrs. Tehseen Zohair
Taherali |
Director |
|
Mrs. Sabeen Aameir |
Director |
|
Mr. Qazi Sarwar E
Alam |
Independent Director |
MANAGEMENT
|
||
|
Name |
: |
Mr. Tapan Sengupta |
|
Job Description |
: |
Executive Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. S.K. Das |
|
Job Description |
: |
Head of Operation |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Mohammad Rezaul
Kabir |
|
Job Description |
: |
Head of finance
& Accounts |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Shekhar Ranjan
Kar |
|
Job Description |
: |
Company Secretary. |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
Nature
of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
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Exporter |
|
Importer |
|
Services |
|
Others |
|
|
Item Dealings In: |
||
|
Products |
: |
Extreme 500W” deformed bars of reinforced
steel. |
|
Production
Capacity |
: |
600000 Metric Ton per year. |
|
Last Year Production |
: |
5,80,148 MT |
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 |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|
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Trade Markets |
: |
Exports |
: |
N/A |
|
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Imports |
: |
N/A |
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||||||||||
|
Brand Name |
: |
Nil |
|||||||||
|
Certified |
: |
Nil |
|||||||||
|
Auditors |
: |
Syful Shamsul Alam
& Co. Chartered
Accountants, Bashar Square (5th Floor) 108, Agrabad C/A,
Chittagong. |
|||||||||
|
Operation Status |
: |
Active |
|||||||||
|
Member |
: |
Chittagong Chamber of Commerce & Industry. |
|||||||||
CAPITAL STRUCTURE
|
|
||||||||
|
Authorized Capital |
: |
Tk. 5,000,000,000 |
|
||||||
|
Paid-up Capital |
: |
Tk. 3,417,750,000 |
No. of Share |
: 3,417,75,000 |
|
Share Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
Tk. 23, 37, 90,83,281 |
|
||||||
FINANCIAL STATEMENT- DETAILED
|
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|
|
||
|
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 |
: |
Meghna Engineering
Works Ltd. Bangladesh Steel
Re-Rolling Mills Limited BSRM Steels Mills
Ltd. BSRM Recycling
Industries Ltd. BSRM Wires Ltd. KEW Ltd. BSRM Logistics
Limited BSRM Metals Limited BSRM Real Estates
Limited BSRM Ispat
Limited Chittagong Power
Company Ltd |
|
Subsidiary |
: |
BSRM Iron &
Steel Co. Ltd (BISCO) |
|
Name of The Group |
: |
BSRM Group of
Companies |
BANKING
|
Bank Name |
: |
Agrani Bank Ltd. Al Arafa Islami
Bank Ltd. Basic Bank Ltd Southeast Bank Ltd. State Bank of India Commercial Bank of
Ceylon HSBC National Bank Ltd. NCC Bank Ltd. AB Bank Ltd. Dhaka Bank Ltd. The Trust Bank Ltd. Bank Al Falah Ltd. Eastern Bank Ltd. United Commercial
Bank Ltd. Bank Asia Ltd. Dutch Bangla Bank
Ltd IFIC Bank Ltd. Islami Bank
Bangladesh Ltd. One Bank Ltd. Premier Bank Ltd. Prime Bank Ltd. Shahjalal Islami
Bank Ltd. Social Islami Bank
Ltd. Sonali Bank Ltd. Uttara Bank Ltd. BRAC Bank Ltd. Mercantile Bank
Ltd. Jamuna Bank Ltd Standard Chartered
Bank |
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 Ali Mansion, 1207/1099 Sadarghat Road,
Chittagong, Bangladesh. It is situated at outside of Dhaka city but
well-furnished office. Their Company Secretary Mr. Shekhar Ranjan Kar
received us & given us all information |
GENERAL COMMENTS
|
|
The subject
company is a well-known reputed company in Bangladesh. Their products popular to the local
customers. So day by day the subject
companies increase their goodwill. |
|
Adopted
Abbreviations: |
|||
|
NA- Not Available |
TK- Bangladeshi Taka |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.26 |
|
UK Pound |
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.