|
|
|
MIRA
INFORM REPORT
|
Report No. : |
484239 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
BANGLADESH STEEL RE-ROLLING MILLS LTD |
|
|
|
|
Registered Office : |
Ali Mansion, 1207/1009, Sadarghat Road,
Chittagong-4000 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.06.2017 |
|
|
|
|
Date of Incorporation : |
28.12.1960 |
|
|
|
|
Com. Reg. No.: |
CH-186A |
|
|
|
|
Legal Form : |
Public Listed Co |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Distributor, MS Road, Channel, Angle, Flat Bar Etc |
|
|
|
|
No. of Employees : |
360 |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.
|
Source
: CIA |
EXECUTIVE SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Bangladesh Steel Re-Rolling Mills
Ltd |
|
Head Office |
: |
Ali Mansion, 1207/1009, Sadarghat Road,
Chittagong-4000, 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 |
: |
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) |
Other Registry & Certification Details
|
|
|||||
|
Value Added Tax(VAT) No |
: |
24101004480 |
Date of Registration |
: |
N/A |
|
|
Issuing Authority |
: |
National
Board of Revenue |
|
|||
FINANCIALS- SUMMARY
|
Year |
Turnover/ Sales |
Assets |
Income |
|
30th
June’2016 |
BDT 17265182648 (Jan’2016~June’2016) |
BDT 28809123760 |
BDT 1313318100 (Jan’2016~June’2016) |
|
30th
June’2017 |
BDT 32683571946 (July’2016~June’2017) |
BDT 32624960953 |
BDT 1648035691 (July’2016~June’2017) |
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
Name |
: |
Md.
Moklesur Rahman Akhter |
|
Designation |
: |
Chief
Financial Officer |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
Operating Address |
: |
Ali Mansion, 1207/1009, Sadarghat Road,
Chittagong-4000, 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 |
6500 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
|
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial
Park |
|
|
|
|
Business Center |
|
|
Home
Office |
|
|
|
|
Residential Area. |
Ö |
|
|
|
|
|
Re-Rolling Mills: |
||
|
|
|
|
|
Address |
: |
148/149, Baizid Bostami Road,
Nasirabad I/A, Chittagong, Bangladesh |
|
Tel No |
: |
88-031-683164 |
|
Fax No |
: |
88-031-2770190 |
|
Steel Melting Works: |
||
|
|
|
|
|
Address |
: |
78/79, Baizid Bostami Road,
Nasirabad I/A, Chittagong, Bangladesh |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Plant: |
||
|
|
|
|
|
Address |
: |
4, Fouzderhat Industrial
Estate, Chittagong, |
|
Tel No |
: |
88-031-2770192-3 |
|
Fax No |
: |
Nil |
|
Branch-1: |
|
|
|
|
|
|
|
Address |
: |
Mahbub Castle (2nd
& 4th Floor), 35/A, Purana Paltan Line, VIP Road, Dhaka-1000, Bangladesh |
|
Tel No |
: |
88-02-9358135, 8311994 |
|
Fax No |
: |
88-02-8312905 |
|
Branch-2: |
|
|
|
|
|
|
|
Address |
: |
Chandrima Super Market, Dr
Akhtar Hameed Khan Road, Near Epz, Main Gate, Comilla-3500, Bangladesh |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Branch-3: |
|
|
|
|
|
|
|
Address |
: |
Atlanta Trade Center (Level-6),
Plot# 1, Road# 1/A, Sector# 4, Uttara Model Town, Dhaka-1230, Bangladesh |
|
Tel No |
: |
88-02-8957027, 8958029, |
|
Fax No |
: |
88-02-8956496 |
|
Employee: |
|
||||||||||
|
|
|
||||||||||
|
No. of Employees |
In Office |
: |
40 |
In Factory |
: |
320 |
|||||
|
Sales |
: |
N/A |
Total
|
: |
360 |
||||||
|
Details: |
|
|
|
||||||||
OWNERSHIP/SHAREHOLDERS
|
|
|
|||||||||
|
Names of Shareholders |
No. of
Share |
Country |
|
||||||||
|
Mr. Alihussain Akberali FCA |
34987995 |
Bangladesh. |
|
||||||||
|
Mr. Aameir Alihussain |
6835500 |
Bangladesh. |
|
||||||||
|
Mr. Zohair Taherali |
8932980 |
Bangladesh. |
|
||||||||
|
Mrs. Tehseen Zohair Taherali |
6835500 |
Bangladesh. |
|
||||||||
|
Mrs. Sabeen Aameir |
7245 |
Bangladesh. |
|
||||||||
|
Mrs. Bilkis Alihussain |
1168272 |
Bangladesh. |
|
||||||||
|
Mr. Shekhar Ranjan Kar Fca |
27279 |
Bangladesh. |
|
||||||||
|
General Public |
282980229 |
Bangladesh. |
|
||||||||
DIRECTORS
|
||
|
1.
|
|
|
|
|
||
|
Name |
: |
Mr.
Alihussain Akberali FCA |
|
Designation |
: |
Chairman |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
2.
|
|
|
|
|
||
|
Name |
: |
Mr.
Aameir Alihussain |
|
Designation |
: |
Managing
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
3.
|
|
|
|
|
||
|
Name |
: |
Mr.
Zohair Taherali |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
4.
|
|
|
|
|
||
|
Name |
: |
Mrs.
Tehseen Zohair Taherali |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
5.
|
|
|
|
|
||
|
Name |
: |
Mr.
Mono Ranjan Dey FCA |
|
Designation |
: |
Independent
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
MANAGEMENT
|
||
|
Name |
: |
Mr.
Aameir Alihussain |
|
Job Description |
: |
Managing
Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Tapan Sengupta |
|
Job Description |
: |
Executive
Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Mohammed Reazul Kabir |
|
Job Description |
: |
Head
of Finance & Accounts |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. M.
Firoze |
|
Job Description |
: |
Head
Of Marketing (Product & Development) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Kazi Anwar Ahmed, |
|
Job Description |
: |
Head
Of Corporate Affairs |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr.
Jamil Ahmed |
|
Job Description |
: |
Head
of Human Resources |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Mohd. Imtiaz Uddin Chowdhury |
|
Job Description |
: |
Head
Of Supply Chain |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Md.
Moklesur Rahman Akhter |
|
Job Description |
: |
Chief
Financial Officer |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr.
Shekhar Ranjan Kar FCA |
|
Job Description |
: |
Group
CFO And Company Secretary |
|
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 |
: |
MS Road, Channel, Angle, Flat
Bar Etc. |
|
Production Capacity |
: |
120,000 M. Tones per Year. |
|
Last
Year Production |
: |
Do. |
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 |
: |
Nil |
|
||
|
Local Clients |
: |
Nil |
|
||||
|
Overseas Suppliers |
: |
Nil |
|
||||
|
Local Suppliers |
: |
Nil |
|
||||
|
Trade Markets |
: |
Exports |
: |
Nil |
|
||
|
Imports |
: |
China, India, Japan |
|
||||
|
Brand Name |
: |
N/A |
|||||
|
Certified |
: |
ISO-9001 Certified. |
|||||
|
Auditors |
: |
Basu Banerjee Nath & Co. Chartered Accountants |
|||||
|
Operation Status |
: |
Active |
|||||
|
Member |
: |
N/A |
|||||
CAPITAL STRUCTURE
|
||
|
|
||
|
Authorized Capital |
: |
BDT 5000 Million |
|
|
||
|
Paid-up Capital |
: |
BDT 3417750000 |
|
|
||
|
No.
of Shares |
: |
341775000 |
|
|
||
|
Share
Value |
: |
BDT10.00Each |
|
|
||
|
Main Assets |
: |
BDT 32624960953 Million |
FINANCIAL STATEMENT- DETAILED
|
||
|
Balance Sheet : |
||
|
|
Currency |
BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30th June’2017 |
|
Financial Highlights |
30th June’2017 |
30th June’2016 |
|
Assets |
|
|
|
Property, Plant and Equipment |
7845717260 |
6984587003 |
|
Intangible Asset |
24855031 |
28199151 |
|
Investment In Subsidiary |
1045000000 |
1045000000 |
|
Investment In Associate |
1325036459 |
1550911049 |
|
Non-Current
Assets |
10240608750 |
9608697203 |
|
Short
Term Investment |
245502751 |
259905876 |
|
Inventories |
7015414276 |
5540833647 |
|
Trade And Other Receivables |
3448601088 |
2568997717 |
|
Current Account With Related Companies |
10037584376 |
7145824837 |
|
Advances, Deposits And Prepayment |
1563349721 |
3504385573 |
|
Cash And Cash Equivalents |
73899991 |
180478907 |
|
Current
Assets |
22384352203 |
19200426557 |
|
Total
Assets |
32624960953 |
28809123760 |
|
Equity
|
|
|
|
Share Capital |
3417750000 |
3417750000 |
|
Retained Earnings |
4820530247 |
3829602555 |
|
Revaluation Reserve |
2104010606 |
2123842107 |
|
Total
Equity |
10342290853 |
9371194662 |
|
Liabilities |
|
|
|
Long Term Borrowings- Non Current Portion |
1095324237 |
1547131995 |
|
Defined Benefit Obligations – Gratuity |
72632738 |
57366281 |
|
Deferred Tax Liabilities |
801274097 |
840590872 |
|
Non-Current
Liabilities |
1969231072 |
2445089148 |
|
Trade Payables |
79194710 |
46514219 |
|
Short Term Borrowings |
17914392772 |
14156306174 |
|
Current Portion Long Term Borrowings |
496382366 |
457704192 |
|
Current Account With Related Companies |
15547452 |
- |
|
Liabilities For Expenses |
288191966 |
344884653 |
|
Current Tax Liability |
897748213 |
1350541113 |
|
Provision For WPPF And Welfare Fund |
130308597 |
198906493 |
|
Other Liabilities |
491672953 |
437983106 |
|
Current
Liabilities |
20313439028 |
16992839950 |
|
Total
Liabilities |
22282670100 |
19437929096 |
|
Total
Equity And Liabilities |
32624960953 |
28809123760 |
|
Income Statement : |
||
|
|
Currency |
BDT |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 30th June’2017 |
|
Financial Highlights |
July’2016~June’2017 |
Jan’2016~June’2016 |
|
Revenue |
32683571946 |
17265182648 |
|
Cost of Sales |
(28444663016) |
(14150488526) |
|
Gross
Profit |
4238908930 |
3114694122 |
|
Selling And Distribution Costs |
(938883694) |
(591086940) |
|
Administrative Costs |
(330207378) |
(146594026) |
|
Other Operating Income |
3051576 |
2847002 |
|
Operating
Profit |
2972869434 |
2379860158 |
|
Finance Costs |
(380285683) |
(161287564) |
|
Finance Income |
13588198 |
27196599 |
|
Net
Finance Costs |
(366697485) |
(134090965) |
|
Profit
Before and WPPF and Welfare Fund |
2606171950 |
2245769193 |
|
Contribution To WPPF and Welfare Fund |
(130308597) |
(112288460) |
|
Share of (Loss)/Profit of Equity Accounted |
(225874590) |
(18555854) |
|
Investee, Net of Tax |
|
|
|
Profit
Before Tax |
2249988762 |
2114924879 |
|
Income Tax Expenses: |
|
|
|
Current Tax |
(634659347) |
(790193931) |
|
Deferred Tax |
32706275 |
(11412848) |
|
Total
Income Tax Expense |
(601953072) |
(801606779) |
|
Profit
After Tax |
1648035691 |
1313318100 |
|
Other
Comprehensive Income |
- |
- |
|
Total
Comprehensive Income |
1648035691 |
1313318100 |
|
Earnings
Per Share: |
|
|
|
Basic
Earnings Per Share (Taka) |
4.82 |
3.84 |
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 |
: |
BSRM Iron & Steel Co. Ltd. |
|
Name of The Group |
: |
BSRM Group of Companies. |
BANKING
|
|
|
|
Bank Name |
: |
HSBC One
Bank Ltd Trust
Bank Ltd Dhaka
bank Ltd. Habib
Bank Ltd. Prime
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 |
|
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, 1207/1009, Sadarghat Road, Chittagong,
Bangladesh. It is situated at situated at Residential Area. |
GENERAL COMMENTS
|
The subject company is engaged in manufacturer, Importer
& Distributor. It is reputed company in this line of business. We
recommended that Credit can proceed with favorable terms in Large amount. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.34 |
|
|
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
|
BDT |
1 |
INR 0.76 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
|
|
Report Prepared
by : |
KET |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.