MIRA INFORM REPORT

Report No. :	506562
Report Date :	30.04.2018

IDENTIFICATION DETAILS

Name :	S.S. STEEL (PVT.) LIMITED
Registered Office :	Pearl Trade Center, Cha-90/3 Pragati Sarani North Badda, Dhaka-1212,.
Country :	Bangladesh
Financials (as on) :	31.12.2017
Date of Incorporation :	22.12.2001
Com. Reg. No.:	C-44670
Legal Form :	Public (but not listed)
Line of Business :	Manufacturer, Distributor, Importe of Steel Rods
No. of Employees :	520

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 :	Satisfactory
Payment Behaviour :	Slow but correct
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

EXECUTIVE SUMMARY

IDENTIFICATION DETAILS
Correct company Name	:	S.S. Steel (Pvt.) Limited
Head Office	:	Pearl Trade Center, Cha-90/3 Pragati Sarani North Badda, Dhaka-1212, Bangladesh.
Tel No	:	88-02-9815966-7, 01709644980, 01709644381
Fax No	:	88-02-9815968
E-mail	:	info@sssteel.biz, purchase@sssteel.biz
Website	:	www.sssteel.biz
Date/ Year of Incorporation	:	22.12.2001
Incorporation No.	:	C-44670
Legal Form (General)	:	Public Listed Co Public (but not listed) Private Co State-owned Co Sole Proprietorship 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

Other Registry & Certification Details

Taxpayer’s Identification No (TIN)

:

350149606594

Date of Registration

:

10-02-2014

Issuing Authority

:

National Board of Revenue

Value Added Tax(VAT) No

:

18041005458 Area code: 180104

Date of Registration

:

20-04-2013

Issuing Authority

:

National Board of Revenue

Import Registration Certificate No

:

Ba-127461

Date of Registration

:

28-05-2002

Issuing Authority

:

Chief Controller of Import & Export (CCIE)

Trade License

:

38

Date of Registration

:

07-03-2017

Issuing Authority

:

Gazipur City Corporation

FINANCIALS- SUMMARY

Year	Turnover/ Sales	Assets	Income/ (Loss)
30^th June’2017	BDT 1461146845 (1 Jul 2016 to 31 Dec 2016)	BDT 3295768116	BDT 121501643 (1 Jul 2016 to 31 Dec 2016)
31^st Dec’2017	BDT 1497818900 (1 Jul 2017 to 31 Dec 2017)	BDT 3508914984	BDT 127270970 (1 Jul 2017 to 31 Dec 2017)

FULLCHECK REPORT DETAILS

Information Parted By
Name	:	Mr. Mohammad Golam Sabur
Designation	:	Chief Financial Officer
Contract No	:	N/A

Locations Details
Operating Address	:	Pearl Trade Center, Cha-90/3 Pragati Sarani North Badda, Dhaka-1212, Bangladesh.
Tel No	:	88- 02-9815966-7, 01709644980, 01709644381
Fax No	:	88-02-9815968
E-mail	:	info@sssteel.biz, purchase@sssteel.biz
Website	:	www.sssteel.biz

Location :

: Owned

Ö

Rented

Leased

Area

2400

Sq. ft.

Type of Office :	: Commercial Office Bldg.		Semi-commercial office Bldg.
Retail shop		Industrial Park
Business Center		Home Office
Residential Bldg.	Ö

Factory:
Address	:	Plot# 4, Block# B, Tongi I/A, Gazipur, Bangladesh
Tel No	:	88-02-9815966-7, 01730006755-56
Fax No	:	Nil

Branch:
Address	:	SS Steel Building (6^th Floor), 17/C, Panthapath, Dhaka-1207, Bangladesh
Tel No	:	88- 02-9813680
Fax No	:	88-02-9815968

Employee:
No. of Employees	In Office	:	35	In Factory	:	485
	In Branch:	:	N/A	Total	:	520
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share	Country
Mr. Tauhidul Islam Chaudhury	156668	Bangladesh.
Mr. Javed Opgenhaffen	156666	Bangladesh.
Mr. Mohammed Shirajul Islam	156666	Bangladesh.
General Public	219530000	Bangladesh.

DIRECTORS

Name	:	Mr. Javed Opgenhaffen
Designation	:	Chairman
Nationality	:	Bangladeshi.
Email address	:	javed.opgenhaffen@sssteel.biz
Other details	:	N/A
Name	:	Mr. Mohammed Shirajul Islam
Designation	:	Managing Director
Nationality	:	Bangladeshi.
Email address	:	shirajul.islam@sssteel.biz
Other details	:	N/A
Name	:	Mr. Sayed Rezaraj Ahmed
Designation	:	Director
Nationality	:	Bangladeshi.
Email address	:	sayeed.rezaraj@sssteel.biz
Other details	:	N/A
Name	:	Mr. Sadad Rahman
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	sadad.rahman@sssteel.biz
Other details	:	N/A
Name	:	Mr. Bhuban Chandra Sil
Designation	:	Independent Director
Nationality	:	Bangladeshi.
Email address	:	paddhapalash@gmail.com
Other details	:	N/A

MANAGEMENT

Name	:	Mr. Mohammed Shirajul Islam
Job Description	:	Managing Director
Nationality	:	shirajul.islam@sssteel.biz
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Mohammad Golam Sabur
Job Description	:	Chief Financial Officer
Nationality	:	Bangladeshi
Email address	:	golam.sabur@sssteel.biz
Other details	:	N/A

Name	:	Mr. M. M. Nazmul Hasan
Job Description	:	Chief Marketing Officer
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Md. Tanvir Alam Hira
Job Description	:	Executive (Commercial)
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	88-01730341331

BUSINESS OPERATIONS

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

Range of Products:
Products	:	Steel Rods
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			:	India, China, Japan
Brand Name			:	N/A
Certified			:	ISO 9001:2008
Auditors			:	MABS & J Partners Chartered Accountants SMC Tower (7^th Floor), 33, Road# 17, Banani C/A, Dhaka-1213, Bangladesh.
Operation Status			:	Active
Member			:	N/A

CAPITAL STRUCTURE

Authorized Capital	:	BDT 2500 Million
Paid-up Capital	:	BDT 2200000000
No. of Shares	:	220000000
Share Value	:	BDT 10.00 Each
Main Assets	:	BDT 3508914984

FINANCIAL STATEMENT- DETAILED

Summary information given.

Balance Sheet :
	Currency	: BDT
	Denomination	:
	Financial Year Ending	: 31^st Dec’2017
Financial Highlights	31-Dec-2017	30-Jun-2017
Assets & Properties:
Non-Current Assets	2,886,440,099	2,800,301,938
Property, Plant & Equipment	2,808,832,375	2,526,051,938
Investment Property	-	274,250,000
Capital Work-In-Progress	77,607,724	-
Current Assets	3,508,914,984	3,295,768,116
Inventories	1,319,230,873	1,322,158,531
Trade Receivables	1,179,572,328	1,058,198,012
Advances, Deposits And Prepayments	946,548,782	783,187,464
Cash And Cash Equivalents	63,563,001	132,224,109
	6,395,355,083	6,096,070,054
Shareholders' Equity & Liabilities:
Shareholders' Equity	3,541,850,896	3,414,579,925
Share Capital	2,200,000,000	2,200,000,000
Retained Earnings	601,230,404	468,613,452
Revaluation Surplus	731,503,120	736,849,102
Tax Holiday Reserve	9,117,371	9,117,371
Non Cur Rent Liabilities	814,933,155	693,089,905
Non-Current Portion Of Term Loan	492,039,841	397,417,501
Deferred Tax Liabilities	322,893,314	295,672,404
Current Liabilities	2,038,571,033	1,988,400,222
Trade And Other Payables	242,900,694	321,044,699
Accrued Expenses	161,354,347	99,775,105
Current Portion Of Term Loan	32,227,158	94,862,342
Short Term Loan	1,414,941,311	1,338,011,052
Provision For WPPF And Welfare Fund	46,885,856	35,754,970
Provision For Income Tax	140,261,666	98,952,054
	6,395,355,083	6,096,070,053
Net Assets Value Per Share Without Revaluation	12.63	12.00
Net Assets Value Per Share With Revaluation	15.95	15.35

Income Statement :
Currency		:	BDT
Denomination		:	1
Financial Year Ending		:	31^st Dec’2017
Financial Highlights	1 Jul 2017 to 31 Dec 2017			1 Jul 2016 to 31 Dec 2016
Revenue	1,497,818,900			1,461,146,845
Cost Of Goods Sold	(1,090,319,265)			(1,122,746,440)
Gross Profit	407,499,635			338,400,405
Operating Expenses	(63,282,925)			(63,475,351)
Selling And Distribution Expenses	(36,174,705)			(35,191,606)
Trading Profit	308,042,005			239,733,448
Financial Expenses	(105,969,744)			(73,307,845)
Profit Before Other Income	202,072,261			166,425,603
Other Income	3,519,306			1,964,505
Profit Before WPPF And
Provision For Income Tax	205,591,567			168,390,108
Contribution To WPPF And Welfare Fund	(9,790,075)			(8,018,576)
Profit Before Income Tax	195,801,492			160,371,532
Provision For Income Tax	(68,530,522)			(38,869,889)
Current Tax	(41,309,612)			(28,041,471)
Deferred Tax	(27,220,910)			(10,828,418)
Profit After Income Tax	127,270,970			121,501,643
Earnings Per Share (Basic)	0.58			0.55

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns

:

AG Corporation Ltd

Fu-Wang Ceramic Industry Ltd.

Generation Next Fashion Limited

Subsidiary

:

Nil

Name of The Group

:

Nil

BANKING

Bank Name	:	Mutual Trust Bank Ltd
Bank Address	:	Uttara Model Town Branch House # 41, Road # 07, Sector # 04, Uttara, Dhaka-1230, Bangladesh Tel: 88-02-8924379, 8951474 Fax: 88-02-8951474

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 SS Steel Building (6^th Floor), 17/C, Panthapath, Dhaka-1207, Bangladesh. It is Situated at Rasidential 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 67.78
UK Pound	1	INR 92.89
Euro	1	INR 80.74
BDT	1	INR 0.79

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

INFORMATION DETAILS

Analysis Done by :	VIV
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)

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.