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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506020

Report Date :

25.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

GPH ISPAT LIMITED

 

 

Registered Office :

Crown Chambers, 325, Asadganj, Chittagong-4000

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2017

 

 

Date of Incorporation :

17.05.2006

 

 

Com. Reg. No.:

CH-5853

 

 

Legal Form :

Public Listed Company    

 

 

Line of Business :

Manufacturer, Distributor and Importer of Steel Materials & Other Metallic Materials

 

 

No. of Employees :

1360

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

 

Explanation

 

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Bangladesh

A2

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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 prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

 

The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.

 

Source : CIA

 

 

 

IDENTIFICATION DETAILS

Correct company Name

:

GPH ISPAT LIMITED

Head Office

:

Crown Chambers, 325, Asadganj, Chittagong-4000, Bangladesh.

Tel No

:

88-031-631460, 2854997

Fax No

:

88-031-610995

E-mail

:

info@gphispat.com.bd

Website

:

www.gphispat.com.bd

Date/ Year of Incorporation

:

17.05.2006

Incorporation No.

:

CH-5853

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)

 

 

Other Registry & Certification Details

 

 

Taxpayer’s Identification No (TIN)

:

875829530252

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

 

 

 

Value Added Tax(VAT) No

:

24241012302

Date of Registration

:

N/A

Issuing Authority

:

National Board of Revenue

 

 

 

Import Registration Certificate  No

:

Ba-0165484

Date of Registration

:

N/A

 

Issuing Authority

:

Chief Controller of  Import & Export (CCIE)

 

 

 

Export Registration certificate  No

:

Ra-0088918

Date of Registration

:

N/A

 

Issuing Authority

:

Chief Controller of  Import & Export (CCIE)

 

 

 

Trade License No

:

180048

Date of Registration

:

N/A

Issuing Authority

:

North Dhaka City Corporation

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

30th June’2017

BDT 1844481831

(01.07.2016-30.09.2016)

BDT 12866206824

BDT 104923570

(01.07.2016-30.09.2016)

30th Sep’2017

BDT 2082832099

(01.07.2017- 30.09.2017)

BDT 13642060421

BDT 137454481

(01.07.2017- 30.09.2017)

 

                 

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. H. M. Ashraf-Uz-Zaman, FCA

Designation

:

Chief Financial Officer

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

Crown Chambers, 325, Asadganj, Chittagong-4000, Bangladesh.

Tel No

:

88-031-631460, 2854997

Fax No

:

88-031-610995

E-mail

:

info@gphispat.com.bd

Website

:

www.gphispat.com.bd

 

Location :

: Owned

 

Rented

Ö

 

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

:

Mosjiddah, Kumira, Sitakunda, Chittagong, Bangladesh. 

Tel No

:

88-01723912387

Fax No

:

Nil

Email

:

factory@gphispat.com.bd,  hossainmd71@yahoo.com

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

10

Acores

 

Dhaka Office:

 

 

 

Address

:

Hamid Tower (3rd Floor), 24, Gulshan C/A, Circle-2, Dhaka-1213, Bangladesh.

Tel No

:

88-02-9840177

Fax No

:

88-02-9880366

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

60

In Factory

:

1300

In Branch:

:

N/A

Total

:

1360

Details:

 

                    

 

 

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

 

 

Names of Shareholders

No. of Share

County

 

Mr. Md. Alamgir Kabir

15004000

Bangladesh.

 

Mr. Mohammed Jahangir Alam

93525000

Bangladesh.

 

Mr. Md. Almas Shimul

33759000

Bangladesh.

 

Mr. Md. Abdur Rouf

9355500

Bangladesh.

 

Mr. Md. Ashrafuzzaman

9355500

Bangladesh.

 

Mr. Md. Abdul Ahad

7484400

Bangladesh.

 

Mr. Md. Azizul Haque Raju

6237000

Bangladesh.

 

General Public

137129600

Bangladesh.

 

 

 

DIRECTORS

 

1.      

 

 

 

Name

:

Mr. Md. Alamgir Kabir

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

2.      

 

 

 

Name

:

Mr. Mohammad Jahangir Alam

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

3.      

 

 

 

Name

:

Mr. Md. Almas Shimul

Designation

:

Additional Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

4.      

 

 

 

Name

:

Mr. Md. Ashrafuzzaman

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

5.      

 

 

 

Name

:

Mr. Md. Abdul Ahad

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

6.

 

 

 

Name

:

Mr. Md. Azizul Haque

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

7.

 

 

 

Name

:

Mr. Md. Abdur Rouf

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

8.

 

 

 

Name

:

Professor Dr. Mohammad Saleh Jahur

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

9.

 

 

 

Name

:

Mr. Md. Velayet Hossain

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Mohammad Jahangir Alam

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Almas Shimul

Job Description

:

Additional Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Ashrafuzzaman

Job Description

:

Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Abu Bakar Siddique, FCMA

Job Description

:

Executive Director (Group)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Engr. Madani M. Imtiaz Hossain

Job Description

:

Executive Director (Plant)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Engr. A S M Shumon, Ph.D

Job Description

:

General Manager (Project)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Saroj Kanti Chakraborty

Job Description

:

General Manager (HR & Admin)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. S. M. Masud Ul Azim

Job Description

:

General Manager (Supply Chain)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Galib Mohammad

Job Description

:

General Manager (Head of Marketing & Sales)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Steel Materials & Other Metallic Materials

Production Capacity

:

1, 68,000 Mt. per year

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

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

M/S Hoda Vasi Choudhury & Co

Chartered Accountants

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 10,000 Million

 

Paid-up Capital

:

BDT 3118500000

 

No. of Shares

:

311850000

 

Share Value

:

BDT 10.00 Each

 

Main Assets

:

BDT 13642060421

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

: BDT

 

       Denomination

: Taka

 

Financial Year Ending

:  30th Sep’2017

 

 

 

     Financial Highlights

30th Sep’2017

      30th June’2017

Assets

 

 

Non-Current Assets

5410503580

4746153926

Property, Plant & Equipment

1632182831

1645280683

Capital Work-In-Progress

3393688501

2735692870

Intangible Asset

1309963

999000

Investments

383322285

364181373

 

 

 

Current Assets

8231556841

8120052898

Short Term Investment

2233067631

2443736696

Advance, Deposits and Prepayments

1423253694

1110464916

Inventories

2463920088

2454596463

Trade Receivables

1767594954

1799922366

Cash and Cash Equivalents

343720474

311332457

 

 

 

Total  Assets

13642060421

12866206824

 

 

 

Equity And Liabilities Equity

 

 

 

 

 

Shareholders’ Equity

5183384263

5035603612

Share Capital

3118500000

3118500000

Share Premium

1136440000

1136440000

Unrealized Gain/ (Loss) on Tradable Securities

27005471

16679301

Retained Earnings

901438792

763984311

 

 

 

Non-Current Liabilities

2381363180

1948609409

Long Term Loan

2155557775

1720967205

Finance Lease Obligation

98190669

101164102

Deferred Tax Liability

127614736

126478102

 

 

 

Current Liabilities And Provisions

6077312978

5881993803

Current Portion of Long Term Loan

95569472

60340400

Current Portion of Finance Lease Obligation

21845248

22001232

Short Term Borrowings

5036789307

4971423126

Creditors and  Accruals

695299457

644846114

Provision for Tax

227809494

183382931

 

 

 

Total Shareholders’ Equity & Liabilities

13642060421

12866206824

Net Asset Value Per Share

16.62

16.15

 

 

Income Statement :

 

  Currency

:BDT

 

       Denomination

: Taka

 

         Financial Year Ending

: 30th Sep’2017

 

 

 

     Financial Highlights

(01.07.2017-30.09.2017)

(01.07.2016-30.09.2016)

Net Revenue

2082832099

1844481831

Cost of Sales

(1739293037)

1569025348

Gross Profit

343539062

275456483

Operating Expenses

 

 

Administrative Expenses

(35019142)

(33223560)

Selling and Distribution Expenses

(38345591)

(35974857)

 

(73364733)

(69198417)

Operating Profit

270174329

206258066

Financial Expenses

(129365375)

(105871167)

Non-Operating Income

51841233

47942398

 

(77524142)

(57928769)

Profit Before Distribution of WPP & WF

192650187

148329297

Contribution to WPP & WF

(9632509)

(7867246)

Profit before tax & Reserve

183017678

140462051

Income Tax (expense) benefits

 

 

Current

(44426563)

(34186900)

Deferred

(1136634)

(1351581)

 

(45563197)

(35538481)

Profit After Tax

137454481

104923570

Other Comprehensive income

 

 

Unrealized Gain/ (Loss)

10326170

9015618

Total Comprehensive income

147780651

113939188

Basic Earnings Per Share

0.44

0.34

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

 

Bank Name  

:

Ab Bank Ltd.

One Bank Ltd.

Trust Bank Ltd

Bank Asia Ltd

Basic Bank Ltd

Prime Bank Ltd.

Janata Bank Ltd.

Pubali Bank Ltd

Meghna Bank Ltd

Midland Bank Ltd

Premier Bank Ltd

The City Bank Ltd

State Bank of India

Mercantile Bank Ltd

Modhumoti Bank Ltd

Dutch Bangla Bank Ltd

Standard Chartered Bank

United Commercial Bank Ltd.

Islami Bank Bangladesh Limited.

 

 

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 address at Crown Chambers, 325, Asadganj, Chittagong-4000, Bangladesh. It is Situated at Commercial area.

 

 

GENERAL COMMENTS

The subject company is engaged in manufacturer, Importer & Distributors. It is reputed company in this line of business.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.36

UK Pound

1

INR 92.51

Euro

1

INR 81.05

BDT

1

INR 0.79

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

RATING EXPLANATIONS

 

Credit Rating

 

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.