MIRA INFORM REPORT
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Report No. : |
354201 |
|
Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BANGLADESH STEEL RE-ROLLING MILLS LTD |
|
|
|
|
Registered Office : |
Ali Mansion, 1207/1009, Sadarghat Road, Chittagong |
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Country : |
Bangladesh |
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Financial (as on) : |
30.06.2015 |
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Date of Incorporation : |
28.12.1960 |
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|
Legal Form : |
Public Listed Co |
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|
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Line of Business : |
Manufacturer and Distributor of MS Road, Channel, Angle, Flat Bar. |
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No. of Employee : |
360 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Bangladesh |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh's current account surplus and rising foreign exchange holdings.
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Source
: CIA |
EXECUTIVE
SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Bangladesh Steel Re-Rolling Mills Ltd |
|
Head Office |
: |
Ali Mansion, 1207/1009, Sadarghat Road, Chittagong, Bangladesh. |
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Tel No |
: |
88-031-2854901-10, 613282, 613759, 637758,
634280, 635382 |
|
Fax No |
: |
880-31-610101 |
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E-mail |
: |
mail@bsrm.com, bsrmsteels@bsrm.com |
|
Website |
: |
www.bsrm.com |
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Date/ Year of Incorporation |
: |
28.12.1960 (As a private Limited) Change
Public limited, Dated: 18.05.2002 |
|
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 |
|
31-12-2014 |
BDT 3,064,374,525 (01-01-2014~30-06-2014) |
BDT 22,766,018,821 |
BDT
31,870,759 (01-01-2014~30-06-2014) |
|
30-06-2015 |
BDT 4,314,962,042 (01-01-2015~30-06-2015) |
BDT 24,718,661,075 |
BDT
185,185,511 (01-01-2015~30-06-2015) |
|
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 FCA |
|
Designation |
: |
Group CFO and
Company Secretary |
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Contract No |
: |
N/A |
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Locations Details |
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|
Operating Address |
: |
Ali Mansion, 1207/1009, 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 |
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Location : |
: Owned |
Ö |
|
Rented |
|
|
Leased |
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Area |
6500 |
Sq. ft. |
|
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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Re-Rolling Mills: |
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Address |
: |
148/149, Baizid Bostami Road, Nasirabad
I/A, Chittagong, Bangladesh |
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Tel No |
: |
88-031-683164 |
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Fax No |
: |
88-031-2770190 |
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Steel Melting Works: |
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Address |
: |
78/79, Baizid Bostami Road, Nasirabad I/A,
Chittagong, Bangladesh |
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Tel No |
: |
Nil |
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Fax No |
: |
Nil |
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Branches: |
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Address |
: |
Mahbub Castle (2nd & 4th
Floor), 35/A Purana Paltan Line, VIP Road, Dhaka-1000, Bangladesh |
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Tel No |
: |
88-02-9358135, 8311994 |
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Fax No |
: |
88-02-8312905 |
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E-mail |
: |
dhaka@bsrm.com |
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Employee: |
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No. of Employees |
In Office |
: |
50 |
In Factory |
: |
310 |
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In Branch: |
: |
- |
Total |
: |
360 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Mr. Alihussain Akberali |
21967130 |
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Mr. Aameir Alihussain |
17069955 |
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Mr. Zohair Taherali |
5682204 |
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Mrs. Tehseen Zohair Taherali |
6147822 |
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Mrs. Sabeen Aameir |
4004600 |
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Mrs. Bilkis Alihussain |
16148581 |
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Mr. Abdul Qadir Zohair |
4600 |
|
Vortex Investments Ltd. |
3645890 |
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Mr. Saifuddin Abbas Unwala |
8399000 |
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Mr. Iqbal Hussain |
10870000 |
|
Mr. Abbas Jumani |
10000000 |
|
Mr. Ali Asgar Badruddin |
20000000 |
|
H Akberali & Co. Ltd. |
26270116 |
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Karnafully Engineering Works Limited |
4000850 |
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Mrs. Munira Saifuddin |
13880 |
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Mr. Md. Hussain Habib |
4650 |
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Mr. Faisal Iqbal Poonawala |
4520 |
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Mrs. Shahnaz Hussain |
35840 |
|
Mrs Fatema Jangbarwala |
245000 |
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Mr. Yusuf Nosir Jangbarwala & Batul Alivhoy Tyebkhan |
90000 |
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Mrs. Rizwana Khandwala |
101000 |
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260 Employees of BSRM Group |
335400 |
|
General Public |
22320523 |
DIRECTORS
|
Name |
Designation |
|
Mr. Aameir Alihussain |
Chairman |
|
Mr. Alihussain Akberali FCA |
Managing Director |
|
Mr. Zohair Taherali |
Director |
|
Mrs. Sabeen Aameir |
Director |
|
Mr. Mono Ranjan Dey FCA |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr. Tapan
Sengupta |
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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 |
: |
Kazi Anwar Ahmed |
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Job Description |
: |
Head of Corporate
Affairs |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
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Name |
: |
Mr. M. Firoze |
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Job Description |
: |
Head of Marketing
& Product Development |
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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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|||||||
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Exporter |
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Importer |
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Services |
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Others |
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Range of
Products: |
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Products |
: |
MS Road, Channel, Angle, Flat Bar Etc. |
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Production Capacity |
: |
120,000 M. Tones per Year. |
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Last Year
Production |
: |
Do. |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
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60 days |
Ö |
90 days |
|
|
days |
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Selling Terms : |
L/C |
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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 |
: |
China, India, Japan |
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Brand Name |
: |
N/A |
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Certified |
: |
ISO-9001 Certified. |
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Auditors |
: |
Rahman Rahman Huq Chartered Accountants 102 Agrabad C/A, Chittagong, Bangladesh Tel: 88-031-710704, 710996 Fax: 88-031-2520795 |
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Operation Status |
: |
Active. |
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CAPITAL
STRUCTURE
|
Authorized
Capital |
: |
BDT 5,000,000,000 |
|
||||
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Paid-up Capital |
: |
BDT 1773615610 |
No. of Shares |
: |
177361561 |
Share
Value :BDT10.00Each |
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|
Main Assets |
: |
BDT 24,718,661,075 |
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||||
FINANCIAL
STATEMENT- DETAILED
|
Balance Sheet : |
||
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Currency |
: BDT |
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Denomination |
: 1 |
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Financial Year Ending |
: 30-06-2015 |
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||
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Income Statement : |
||
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|
Currency |
: BDT |
|
|
Denomination |
: 1 |
|
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Financial Year Ending |
: 30-06-2015 |
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|
||
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Sister Concerns |
: |
KEW Ltd. Burhani Estates Ltd. BSRM Ispat Limited BSRM Steel Limited. BSRM Wears Limited BSRM Metals Limited. H. Akbar Ali & Co. Ltd. BSRM Logistics Limited Bangladesh Steels Limited BSRM Steel Mills Limited. BSRM Real Estate Limited. BSRM Iron & Steel Co. Ltd. South Asia Securities Limited Meghna Engineering Works Ltd. Chittagong Power Company Ltd. Karnafully Engineering Works Ltd. BSRM Recycling Industries Limited. East Bengal Trading & Industrial Corporation Limited |
|
Subsidiary |
: |
N/A |
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Name of The Group |
: |
BSRM Group of Companies. |
BANKING
|
Bank Name
|
: |
HSBC One Bank Ltd Prime Bank Ltd. Trust Bank Ltd Dhaka bank Ltd. Habib Bank Ltd. Agrani bank Ltd. Jamuna Bank Ltd. The City Bank
Ltd. State Bank of
India Merchantile Bank
Ltd. Mutual Trust bank
ltd Dutch bangle Bank
Ltd. Social Islamic
Bank Ltd Al- Arafa Islami
Bank Ltd |
ADVERSE
DATA MONITORING
|
Dishonored Checks |
:
|
No Record Found |
|
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, 1207/1009 Sadarghat Road, Chittagong, Bangladesh. It is
situated at situated at commercial area which is a well decorated modern
office. |
GENERAL
COMMENTS
|
Subject is Bangladesh’s leading company engaged in Manufacturer &
Distributor of MS Road, Channel, Angle, and Flat Bar Etc. We recommended that
Credit can proceed with favorable terms in Large amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
BDT |
1 |
Rs.0.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ANK |
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.