MIRA INFORM REPORT

 

 

Report Date :

29.06.2007

 

IDENTIFICATION DETAILS

 

Name :

Novo Healthcare Pharmaceutical Limited

 

 

Registered Office :

Unit-2, East Narshinghehapur, Earpur Union, Savar, Dhaka,

 

 

Country :

Bangladesh

 

 

Financials (as on) :

2006

 

 

Date of Incorporation :

14.04.2004

 

 

Com. Reg. No.:

C-51838

 

 

Legal Form :

Private limited company

 

 

Line of Business :

Manufacture and Sells high quality drugs and medicines

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Clear

 

 

COMPANY NAME & ADDRESS

 

Novo Healthcare Pharmaceutical Limited

 

 

Address

 

UNIT-2

East Narshinghehapur,

Earpur Union,

Savar,

Dhaka,

Bangladesh.

Telephones        : 880-2-9861000

Fax                   : 880-2-9893445

E-mail               : alh@United.Com.Bd

                          lemon@novohealthcare.com

 

                                                                         

SUMMARY

 

Established                                                                   : April,2004

 

Commercial production From                                          : November,2007

 

Incorporation No.                                                            : C-51838

 

Incorporation Dated                                                        : 14th April,2004

 

Status                                                                           : Satisfactory

 

Chairman & CEO                                                           : Mr.M.Hasan Mahmood Reza

 

Payment                                                                       : Regular

 

Litigation                                                                       : Nil

 

Capital Invested                                                             : Tk.45 million

 

Sales                                                                            : Production not yet started

 

Employees                                                                    : 30

                                                                                     Executives-                  4

                                                                                     Engineers-                    6

                                                                                     Junior Executive-           8

                                                                                     Support Staffs-              6

                                                                                     General Staffs-              6

 

 

BANK

 

Dhaka Bank Limited

Motijheel Commercial Area,,

Dhaka

 

 

BRANCH

                                                                       

NIL                                                                      

 

 

FACTORY

 

UNIT-2

East Narshinghehapur,

Earpur Union,

Savar,

Dhaka,

 

 

OFFICE AREA

 

1,420  sq.ft.(own)

 

                                   

FACTORY AREA

 

29,300 sq.ft (own)

 

 

WAREHOUSE AREA

 

3,200 sq.ft (own)

 

 

DIRECTORS

 

Mr.Hasan Mahmood Reza

Chairman

 

Mr.M.Ahmed Ismail Hossain Masud

Managing Director

 

                                                           

HISTORY

 

The subject is a established in April,2004 by Mr.Hasan Mahmood Raza and other director  in Dhaka city as number 2 unit (unit number 1 at Mirpur, Dhaka) for producing drugs and medicines.

                                               

 

BUSINESS

 

The company on completion will manufacture and sells high quality drugs and medicines.

 

 

RANGE OF PRODUCTS

 

Capsules

Tablets

Suspensions

Ointments

Creams      

 

 

RAW MATERIALS  FROM

 

EEC Countries

Singapore

Japan

Korea

Indonesia

Malaysia

Australia

China

 

 

TERMS OF SALES

 

Cash

Credit

 

 

NAME OF GROUP

                                   

United Group

 

 

SISTER CONCERN

 

United Hospital Ltd, Dhaka

United Power Company Ltd, Dhaka

Comilla Spinning Mills Limited, Dhaka

United –Summit Power Ltd, Dhaka

United Medical College,  Dhaka

 

                                                                       

MEMBER

 

Dhaka Chamber of Commerce &  

Industries, Dhaka.

 

Bangladesh Association of

Pharmaceutical Industries, Dhaka

 

 

LEGAL FORM

 

The subject is a private limited company incorporated with the Registrar of Joint Stock Companies, Dhaka

 

 

FINANCIAL INFORMATION     

 

                                                2006                                                                

                       

Capital Invested                         Tk.45 million                 

 

Turnover                                    New Company

                                   

Liability                                     Tk.28.5 million

                                   

Fixed Assets                             Tk.60 million                 

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      : Tk.100 million

 

Paid up Capital                          : Tk.200,000.00

 

Each share value                       : Tk.100.00

 

 

EXCHANGE RATE

 

GB Pound                                 1.00=Tk.130.9764

US Dollar                                  1.00=Tk. 69.8000

Europe Euro                              1.00=Tk. 89.3847

Japanese Yen                            1.00=Tk.  0.6098

Australian Dollar                        1.00=Tk. 53.3891

 

 

COMMENTS

 

Subject is a private limited company under construction and on completion they will manufacture and sells drugs and medicines. The company is expected to go in to production November, 2007.

 

Directors are well known businessmen of Dhaka city who are running other business successfully.

 

The company can be considered normal for business dealings at usual trade terms and conditions  

 

 

 

 

         

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

 

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