MIRA INFORM REPORT

Report No. :	506565
Report Date :	27.04.2018

IDENTIFICATION DETAILS

Name :	BSRM STEEL MILLS LIMITED
Registered Office :	Ali Mansion, 1207/1009, Sadarghat Road, Chittagong
Country :	Bangladesh
Date of Incorporation :	16.04.2008
Com. Reg. No.:	CH-6561
Legal Form :	Private Company
Line of Business :	Manufacturer, Distributor and Importer of MS Billet.
No. of Employees :	300

RATING & COMMENTS

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

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate 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

Company name

BSRM STEEL MILLS LIMITED

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS
Correct company Name	:	BSRM Steel Mills Limited
Head Office	:	Ali Mansion, 1207/1009, Sadarghat Road, Chittagong, Bangladesh.
Tel No	:	88-031-2854901-10, 613282, 613759, 637758, 634280, 635382
Fax No	:	88-031-610101
E-mail	:	mail@bsrm.com, bsrmsteels@bsrm.com
Website	:	www.bsrm.com
Date/ Year of Incorporation	:	16.04.2008
Incorporation No.	:	CH-6561
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

Value Added Tax(VAT) No	:	24241034595	Date of Registration	:	N/A
Issuing Authority	:	National Board of Revenue

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income
30^th June’2017	BDT 20754.17 Million	BDT 28750.11 Million	(BDT -890.92 Million)

FULLCHECK REPORT DETAILS

Information Parted By
Name	:	Mr. Sajjad Hossain
Designation	:	Human Resources (BSRM Group)
Contract No	:	N/A

Locations Details
Operating Address	:	Ali Mansion, 1207/1009, Sadarghat Road, Chittagong, Bangladesh.
Tel No	:	88-031-2854901-10, 613282, 613759, 637758, 634280, 635382
Fax No	:	88-031-610101
E-mail	:	mail@bsrm.com, bsrmsteels@bsrm.com
Website	:	www.bsrm.com

Location :

: Owned

Ö

Rented

Leased

Area

2500

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	:	Sonapahar, Mirsarai, Chittagong, Bangladesh.
Tel No	:	Nil
Fax No	:	Nil

Location :

Owned

Ö

Rented

Leased

Area

5

Acores

Branch:
Address	:	Mahbub Castle (2^nd Floor), 35, Purana Paltan Line, Dhaka-1000, Bangladesh.
Tel No	:	88-02-8313135, 9358135, 8311994
Fax No	:	88-02-8312905

Employee:
No. of Employees	In Office	:	50	In Factory	:	240
	In Branch:	:	10	Total	:	300
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Alihussain Akberali	2541675
Mr. Zohair Taherali	7032097
Mr. Aameir Alihussain	9339400
Mrs. Tehseen Zohair Taherali	1477300
Mrs. Bilkis Alihussain	10645728
Mrs. Sabeen Aameir	176660
Mr. Abdul Qadir Zohair	33340
BSRM Steels Limited	100000000
Bangladesh Steel Re- Rolling Mills Ltd.	177364600
H. Akberali And Co. Limited	44264600
BSRM Foundation	100000
Mr. Ali Asghar Badruddin Africawala	3160000
Mr. Abbas Jumani	100000
Mr. Saifuddin Abbas Unwala	18100000
Mr. Iqbal Hussain	20100000

DIRECTORS

Name	Designation
Mr. Zohair Taherali	Chairman
Mr. Aameir Alihussain	Managing Director
Mr. Alihussain Akberali	Director
Mrs. Tehseen Zohair Taherali	Director

MANAGEMEN

Name	:	Mr. Aameir Alihussain
Job Description	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	Bangladeshi.

Name	:	Mr. Alihussain Akberali
Job Description	:	Director
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01711723530

Name	:	Mr. Imtiaz Uddin Chowdhury
Job Description	:	Head of Supply Chain
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Imran
Job Description	:	Deputy Manager
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	88-01973432792

Name	:	Mr. Joynal Abedin
Job Description	:	Manager (Commercial)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Bipin Sharma
Job Description	:	Head (Plant)
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Sajjad Hossain
Job Description	:	Human Resources (BSRM Group)
Nationality	:	Bangladeshi.
Email address	:	sajjad.hossain@bsrm.com
Other details	:	N/A

BUSINESS OPERATIONS

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

Range of products:
Products	:	MS Billet.
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, Singapore, Hong Kong
Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active
Member			:	N/A

CAPITAL STRUCTURE

Authorized Capital	:	BDT 6000 Million
Paid-up Capital	:	BDT 3944354000
No. of Shares	:	394435400
Share Value	:	BDT10.00Each
Main Assets	:	BDT 28750.11 Million

FINANCIAL STATEMENT- DETAILED

Summary Information Given.

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 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. Bangladesh Steel Re-Rolling Mills Ltd East Bengal Trading & Industrial Corporation Limited
Subsidiary	:	N/A
Name of The Group	:	BSRM Group of Companies

BANKING

Bank Name	:	Hong Kong Shanghai Banking Corporation.
Bank Address	:	Agrabad Branch. Osman Court, 70, Agrabad C/A, Chittagong-4100, Bangladesh Tel: 88-031-710008, 711154, 724406, 723750 Fax: 88-031-710007
Bank Name	:	Standard Chartered Bank Limited
Bank Address	:	Agrabad Branch. PHP House, 31, Agrabad C/A, Chittagong-4100, Bangladesh

Bank Name	:	Prime Bank Ltd.
Bank Address	:	Agrabad Branch. Chittagong Chamber House, 38, Agrabad C/A, Chittagong-4100, Bangladesh Tel: 88-031-727018, 716724-5 Fax: 88-031-718971

Bank Name	:	Islami Bank Bangladesh Ltd.
Bank Address	:	Jubilee Road Branch. 200/B, Jubilee Road, Chittagong, Bangladesh Tel: 88-031-2854747

Bank Name	:	NCC Bank Ltd
Bank Address	:	Agrabad Branch Rafique Tower (1st & 2nd Floor), 92, Agrabad C/A, Chittagong, Bangladesh Tel: 88-031-712219, 713336, 713440, 721045 Fax: 88-031-721045

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

We talked with of the Company. Our Representative Visited the subject company address at Ali Mansion, 1207/1099, Sadarghat Road, Chittagong-4000, Bangladesh. It is Situated at Commercial Area.

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 9 years. Taking into account its long-standing history, reputation in the market, as well as its financial condition, we recommend that Credit can proceed promptly in Fairly Large Amount

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 66.83
UK Pound	1	INR 93.17
Euro	1	INR 81.38
BDT	1	INR 0.78

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

INFORMATION DETAILS

Analysis Done by :	PRA
Report Prepared by :	TRU

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.