MIRA
INFORM REPORT
|
Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
BSRM STEELS LIMITED |
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Registered Office : |
Ali Mansion, 1207/1099 Sadarghat Road, Chittagong |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
20.07.2002 |
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Com. Reg. No.: |
CH- 4392 |
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Legal Form : |
Public Listed Company |
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Line of Business : |
Manufacturer and Distributor of Extreme 500W” deformed bars of
reinforced steel. |
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No. of Employees : |
300 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
EXECUTIVE SUMMARY
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IDENTIFICATION DETAILS |
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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 |
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E-mail |
: |
mail@bsrm.com |
|
Website |
: |
www.bsrm.com |
|
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 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 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, 417,079,570 |
Tk. 865, 331,037 |
|
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
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Information Parted By |
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Name |
: |
Mr. Shekhar Ranjan Kar |
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Designation |
: |
Company Secretary. |
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Contract No |
: |
N/A |
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Locations Details |
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Operating Address |
: |
Ali Mansion, 1207/1099 Sadarghat Road,
Chittagong, Bangladesh. |
|
Tel No |
: |
88-031-2854901-10,031-613282, 613759,
637758,635380,635382 |
|
E-mail |
: |
mail@bsrm.com |
|
Fax No |
: |
880-31-610101 |
|
Website |
: |
www.bsrm.com |
|
Location : |
: Owned |
Ö |
|
Rented |
|
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Leased |
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Area |
6800 |
Sq. ft. |
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Type of Office :
|
: Commercial Office Bldg. |
Ö |
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Semi-commercial office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
4, Fouzderhat Industrial Estate, Latifpur,
Sitakunda, Chittagong, Bangladesh. |
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Tel No |
: |
88-031-2770192-3 |
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Fax No |
: |
88-031-751452 |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
10 |
Acores |
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Branches: |
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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 |
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Employee: |
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No. of
Employees |
In Office |
: |
20 |
In Factory |
: |
280 |
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In Branch: |
: |
- |
Total |
: |
300 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
|
Mr. Alihussain Akberali, FCA |
33,321,900 |
|
Mr. Aameir Alihussain |
6,510,000 |
|
Mr. Zohair Taherali |
8,507,600
|
|
Mrs. Tehseen Zohair Taherali |
6,510,000 |
|
Mrs. Sabeen Aameir |
6,900 |
|
Mr. Shekhar Ranjan Kar FCA |
25,980 |
|
Mrs. Bilkis Alihussain |
1,112,640 |
|
Bangladesh Steel Re-Rolling Mills Limited |
101,518,260 |
|
H.Akberali & Co. Ltd |
73,204,400 |
|
General Public |
3024282320 |
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 |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. S.K. Das |
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Job Description |
: |
Head of Operation |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
|
Name |
: |
Mr. Mohammad Rezaul Kabir |
|
Job Description |
: |
Head of finance & Accounts |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
|
Name |
: |
Mr. Shekhar Ranjan Kar |
|
Job Description |
: |
Company Secretary. |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS OPERATIONS
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Nature of
Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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Exporter |
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Importer |
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Services |
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Others |
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Item Dealings
In: |
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Products |
: |
Extreme 500W” deformed bars of reinforced steel. |
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Production
Capacity |
: |
600000 Metric Ton per year. |
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Last Year
Production |
: |
5,80,148 MT |
Trading Terms:
|
Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
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Selling
Terms : |
L/C |
|
Cash |
Ö |
Others |
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|||
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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 |
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Certified |
: |
Nil |
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Auditors |
: |
Syful Shamsul Alam & Co. Chartered Accountants, Bashar Square (5th Floor) 108, Agrabad C/A, Chittagong. |
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Operation Status |
: |
Active |
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Member |
: |
Chittagong Chamber of Commerce & Industry. |
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CAPITAL STRUCTURE
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Authorized
Capital |
: |
Tk. 5,000,000,000 |
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Paid-up
Capital |
: |
Tk. 32,550,000,000 |
No.
of Share |
: 3,255,000,000 |
|
Share
Value |
: |
Tk.10.0Each |
|
|
Main
Assets |
: |
Tk. 22, 417,079,570 |
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FINANCIAL STATEMENT- DETAILED
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Balance Sheet : |
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Currency |
: Tk |
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Denomination |
: 1 |
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Financial Year Ending |
:31st
December |
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Income Statement
: |
||
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Currency |
: Tk |
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Denomination |
: 1 |
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Financial Year Ending |
: 31st December |
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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 |
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Subsidiary |
: |
BSRM Iron & Steel Co. Ltd (BISCO) |
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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 |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
|
Performance
Defaults |
: |
No Record Found |
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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
Based on the financial statements, SC’s
financial performance appears to be Above Average. SC has been in its line of
business for about 11 years.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.