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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

506559

Report Date :

03.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

RAHIM STEEL MILLS CO. (PVT) LTD.

 

 

Registered Office :

29/10, K. M. Das Lane, Tikatuly, Dhaka -1203

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2017

 

 

Date of Incorporation :

19.01.1984

 

 

Com. Reg. No.:

C-11554 

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer, Distributor and Importer of Steel   

 

 

No. of Employees :

2850

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

:

RAHIM STEEL MILLS CO. (PVT) LTD.

Head Office

:

29/10, K. M. Das Lane, Tikatuly, Dhaka -1203, Bangladesh.

Tel No

:

88-02-9563004, 9557621, 9563005

Fax No

:

Nil  

E-mail

:

marketing@rahimgrop.org, rahimsteel_marketing@yahoo.com

Website

:

www.rahimgroup.org

Date/ Year of Incorporation

:

19/01/1984

Incorporation No.

:

C-11554 

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

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

30th June’2016

BDT 1197 Million

BDT 262.97 Million

BDT 39.68 Million

30th June’2017

BDT 1253 Million

BDT 319.38 Million

BDT 57.90 Million

 

 

 

 

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                                             Information Parted By

Name

:

Mr. Mohammad Ali

Designation

:

General Manager (Commercial)

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

29/10, K. M. Das Lane, Tikatuly, Dhaka -1203, Bangladesh.

Tel No

:

88-02-9563004, 9557621, 9563005

Fax No

:

Nil  

E-mail

:

marketing@rahimgrop.org, rahimsteel_marketing@yahoo.com

Website

:

www.rahimgroup.org

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

3200

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office area

Ö

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Nayabari, Kanchpur, Sonargaon, Narayangonj, Bangladesh.

Tel No

:

88-01711-688086

Fax No

:

Nil

 

Branch:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

30

             In Factory

:

2770

Sales

:

50

             Total

:

2850

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

No. of Share

Mr. Mohammed Mohsin

310250

Mr. Mohammed Ibrahim

310250

Mr. Mohammed Israil

310250

Mrs. Fatema Rahim

34625

Mrs. Salama Begum

34625

 

 

DIRECTORS

 

Name

Designation

Mr. Mohammed Mohsin

Chairman

Mr. Mohammed Israil

Managing Director

Mr. Mohammed Ibrahim

Director

Mrs. Fatema Rahim

Director

Mrs. Salama Begum

Director

 

 

MANAGEMENT

 

Name

:

Mr. Mohammed Israil

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Mohammad Ali

Job Description

:

General Manager (Commercial)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Farid Hasan

Job Description

:

Assistant General Manager (Marketing)

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   

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, Korea

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 100000000

 

No. of Shares

:

1000000

 

Share Value

:

BDT 100.00 Each

 

Main Assets

:

BDT 319.38 Million

 

 

FINANCIAL STATEMENT- DETAILED

 

 

Summary information is given.

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Rahim Group

Subsidiary

:

Nil

Name of  The Group

:

Rahim Energy Limited.

Sonargaon Steels Limited.

Ferro Alloy Co. (Pvt.) Limited.

Carbon Bangladesh (Pvt.) Limited.

Diamond Steel Products Co. (Pvt.) Limited.

 

 

 

BANKING

 

 

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

 

Bank Address

:

Local Office

75, Motijheel C/A, Dhaka-1000, Bangladesh

Tel: 88-02-9571201-2, 9568187

 

 

 

Bank Name  

:

Standard Chartered Bank Ltd.

 

Bank Address

:

Motijheel Branch

Alico Building, 18-20, Motijheel C/A, Dhaka, Bangladesh

 

 

 

 

 

Bank Name  

:

Hong Kong Shanghai Banking Corporation

 

Bank Address

:

Motijheel Office

City Centre, 103, Motijheel C/A, Dhaka- 1000, Bangladesh

Tel: 88-02-9553053-6

 

 

Bank Name  

:

Dhaka Bank Ltd.

Bank Address

:

Motijheel Branch

159 – 160, Toyenbee Road (Ground Floor), Ward # 31, Dhaka South City

Corporation, Motijheel, Dhaka-1000, Bangladesh

Tel: 88-01755693332

 

Bank Name  

:

City Bank Ltd

Bank Address

:

Motijheel Branch

Ismail Mansion, 9/H, Motijheel Commercial area, Dhaka-1000, Bangladesh

Tel: 88-02-7177038, 7176827, 9571432

Fax: 88-02-9563897

 

 

 

Bank Name  

:

One Bank Ltd

Bank Address

:

Motijheel Branch

Sharif Mansion (Ground Floor), 56-57, Motijheel C/A, Dhaka, Bangladesh

Phone: 88-02-9564191, 9566896, 9570544

Fax: 88-02-9563746

 

 

 

 

Bank Name  

:

Uttara Bank Ltd

Bank Address

:

Hatkhola Branch

29/4, K.M Das Lane, Hatkhola Road, Dhaka-1203, Bangladesh   

Telephone: 88-02-7120167, 01991144127

 

 

 

Bank Name  

:

Prime Bank Ltd

Bank Address

:

Jatrabari Branch

NUR Tower, 76/Ga, Bibir Bagicha, North Jatrabari, Dhaka-1204, Bangladesh

Phone: 88-02-7552158, 7552178

Fax: 88-02-7552169

 

 

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 29/10, K. M. Das Lane, Tikatuly, Dhaka-1203, Bangladesh. It is Situated at Semi-Commercial Office Area.

 

 

GENERAL COMMENTS

The subject company is a well-known reputed company in Bangladesh.  It is reputed company in this line of business.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.66

UK Pound

1

INR 90.66

Euro

1

INR 80.00

BDT

1

INR 0.78

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TPT

 

 

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.