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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

484883

Report Date :

13.01.2018

 

IDENTIFICATION DETAILS

 

Name :

SITALPUR AUTO STEEL MILLS LTD

 

 

Registered Office :

House# A/19, Road# 3, CDA Colonel Hat, Pahartali, Chittagong- 4217

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

05.06.2011

 

 

Com. Reg. No.:

CH-8737

 

 

Legal Form :

Private Company  

 

 

Line of Business :

Manufacturer, Distributor and Importer of MS Rod.

 

 

No. of Employees :

300

 

 

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

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

(30.06.2017)

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

 

Company name

 

SITALPUR AUTO STEEL MILLS LTD

 

 

EXECUTIVE SUMMARY

 

                                                IDENTIFICATION DETAILS

Correct company Name

:

Sitalpur Auto Steel Mills Ltd

Head Office

:

House# A/19, Road# 3, CDA Colonel Hat, Pahartali, Chittagong- 4217,

Bangladesh.

Tel No

:

88-031-752418, 751946

Fax No

:

88-031-2770289

E-mail

:

sitalpurauto@gmail.com

Website

:

www.sasm.com.bd

Date/ Year of Incorporation

:

05.06.2011

Incorporation No.

:

CH-8737

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

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

Income/ (Loss)

30th June, 2016

BDT 2042 Million

BDT 3557.57 Million

(BDT 0.17 Million)

30th June, 2017

BDT 2195 Million

BDT 3610.80 Million

BDT 8.90 Million

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Md. Fazlul Karim

Designation

:

General Manager

Contract No

:

88-01777705300

 

                                                               Locations Details

Operating Address

:

House# A/19, Road# 3, CDA Colonel Hat, Pahartali, Chittagong-4217,

Bangladesh.

Tel No

:

88-031-752418, 751946

Fax No

:

88-031-2770289

E-mail

:

sitalpurauto@gmail.com

Website

:

www.sasm.com.bd

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

2400

Sq. ft.

 

 

Type of Office :

  :       Commercial Area.

Ö

 

Semi-commercial office Bldg.

 

Retail shop

 

 

Industrial Park

 

Business Center

 

 

Home Office

 

Residential Bldg.

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Sitalpur, Sitakunda, Chittagong, Bangladesh

Tel No

:

Nil

Fax No

:

Nil

 

Branch:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

50

In Factory

:

250

In Branch

:

N/A

Total

:

300

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Country

Mr. Md. Nazim Uddin

458300

Bangladesh

Mr. Md. Jashim Uddin

177600

Bangladesh

Mr. Md. Jane Alam

123800

Bangladesh

Mr. Md. Hossain

141700

Bangladesh

Mr. Md. Mahabub Alam

98600

Bangladesh

 

 

DIRECTORS

 

1.      

 

 

 

Name

:

Mr. Md. Nazim Uddin

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

2.      

 

 

 

Name

:

Mr. Md. Jashim Uddin

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

3.      

 

 

 

Name

:

Mr. Md. Jane Alam

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

4.      

 

 

 

Name

:

Mr. Md. Hossain

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

5.      

 

 

 

Name

:

Mr. Md. Mahabub Alam

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Md. Nazim Uddin

Job Description

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Fazlul Karim

Job Description

:

General Manager

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01777705300

 

Name

:

Mr. Md. Haidar

Job Description

:

Chief Financial Officer

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

88-01743614189

 

 

BUSINESS OPERATIONS

 

Nature of Activity :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

MS Rod

Production Capacity

:

150000

Last Year Production

:

N/A

Import Products

:

N/A

Export Products

:

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

:

Prime Steel

RS Enterprise

AK Corporation

Allahr Dan Steel

Galaxy Enterprise

Chowdhury Enterprise

Saju & Brothers (Joint Iron)

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

N/A

 

Imports(Country)

:

India, China

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

N/A

Operation Status

:

Active

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 250 Million

 

Paid-up Capital

:

BDT 10,00,00,000

 

No. of Shares

:

10,00,000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 3610.80 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

Summary Information Given.

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Name of  The Group

:

Sasm Group

Name of Mother Company

:

Nil

Subsidiary

:

Nil

Sister Concerns

:

Sitalpur Steel Mills Ltd.

 

 

BANKING

 

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

:

Agrabad AD Branch     

3, CDA Sheikh Mujib Road, Agrabad C/A, Chittagong-4100, Bangladesh

Tel: 88-031-716286, 01711889901, 01711889902

Fax: 88-031-2511381

 

Bank Name  

:

The City Bank Ltd

Bank Address

:

Agrabad SSC

Banani Complex, 942/A, Sheik Mujib Road, Agrabad, Double Mooring, Chittagong-4100, Bangladesh

Tel: 88-031-720631-33, 716210, 726279-80, 2519961-63, 2519964

01971404116

 

 

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 House# A/19, Road# 3, CDA Colonel Hat, Pahartali, Chittagong-4217, Bangladesh. It’s in Commercial 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 normally in Moderate amount.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.53

UK Pound

1

INR 86.05

Euro

1

INR 76.53

BDT

1

INR 0.77

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.