MIRA
INFORM REPORT
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Report Date : |
18.09.2007 |
IDENTIFICATION DETAILS
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Name : |
ACI Limited |
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Registered Office : |
ACI Centre, 245, Tejgoan Industrial Area, Dhaka-1208 |
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Country : |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
24th January, 1973 |
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Com. Reg. No.: |
C-3885 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Engaged in manufacturing and selling of drugs &
medicines, consumer & agri products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Report on
ACI
Limited
Address
ACI Centre,
245, Tejgoan Industrial Area,
Dhaka-1208,
Telephones : 880-2-9885694, 9556254-8,
Fax : 880-2-9884784,
9886029
E-mail : adab@aci-bd.com
edab@aci-bd.com
SUMMARY
Established : January, 1973
Incorporation
No. : C-3885
Incorporation
Dated : 24th
January, 1973
Managing
Director & CEO : Mr. M. Anis
Ud Dowla
Employees
1,810
Executives- 20
Junior
Executives- 27
Engineers- 10
Junior
Engineer- 6
Chemist- 5
Quality
Control- 150
Supervisory
Staffs- 180
Support
Staffs- 50
General Staffs- 110
Technicians- 45
Workers- 1,207
BANK
Standard
Chartered Bank
Dikusha
Commercial Area
American Express Bank Limited
Motijheel Commercial Area,
Mutual Trust Bank Limited
Local Office Branch,
Motijheel Commercial Area,
BRANCH
Barishal
Bogra
Comilla
Cox’ Bazar
Dinajpur
Faridpur
Jessore
Kustia
Maijdee
Mymensingh
Narayanganj
Rajshahi
Rangpur
Sreemangal
Sylhet
FACTORY
7,
Narayanganj,
Tel.880-2-7630496, 7630525, 7630493
Fax.880-2-7630524
Rajbari,
Sreepur,
Gazipur,
Tel.880-2-9885694,
OFFICE AREA
6,800 sq.
ft. (own)
FACTORY AREA
2 acres land
(own)
WAREHOUSE AREA
20,000 sq.
ft (own)
DIRECTORS
Mr. M. Anis
Ud Dowla - Chairman & Managing
Director
Mrs. Nasima
Dowla
Mr. Syed
Manzur Elahi
Mr. Rafiqul Islam Khan
Mr. M. Ziaul haque Khondaker
Ms. Shusmita Anis Salam
Dr. Arif Dowla
Mr. Waliur Rahman
Mr. Wajed Salam
Ms. Sheema Abed Rahman
HISTORY
ICI Plc of
BUSINESS
The company is engaged in manufacturing and selling of drugs
& medicines, consumer & agri products.
1 HEALTH CARE
Tablets
Capsules
Powders
Liquids
Creams
Ointments
Gels
Ophthalmic
Injections
1 CONSUMER GOODS
ACI Aerosol (Insecticide)
ACI Mosquito Coil
ACI Savlon (Antiseptic solution, creams & soap)
ACI Angelic (Air Freshener)
Savlon Femme (Sanitary Napkin)
1 AGRI PRODUCTS
Insecticides
Pesticides
Weedicides
Poultry Vaccines
Hybrid Seeds (Watermelon)
FOREIGN PRINCIPALS
Astrazeneca-UK
Eli Lilly-USA,
Cava Sante Animale-France
MARKETING
REPRESENTATIVE OF
Beiersdorf BDF –
Sarah Lee Household
Kiwi Brand Shoe Care
Godrej Consumer Products Ltd –
Parle Group -
Haldiram -
TERMS OF SALES
Cash
Credit
NAME OF GROUP
NIL
SISTER CONCERN
ACI Trading Ltd,
Computer Technology Ltd,
ACI Formulation Ltd,
Apex Leather Crafts Ltd,
Flyven Insecticides Ltd,
Tetly ACI Ltd,
Asian Consumer Care (Pvt) Ltd,
ACI Salt Ltd,
ACI Godrej Agrovet (Pvt) Ltd,
ENLISTED WITH
Dhaka Stock Exchange Limited,
Chittagong Stock Exchange Limited,
STOCK CODE
aci
MEMBER
Dhaka Chamber of commerce & Industries,
LEGAL FORM
The subject is a public limited company incorporated with
the Registrar of Joint Stock of Companies Dhaka.
AUDITORS
Rahman Rahman Huq
Chartered Accountants
BALANCE SHEET
As
at 31 December, 2005
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Source of Funds |
Taka |
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Shareowner’ Equity : |
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Share Capital |
161,7000,000 |
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Share Premium |
250,022,474 |
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Capital Reserve |
1,671,386 |
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Special reserve |
1,111,822 |
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Revolution Reserve |
229,578,470 |
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Tax holiday reserve |
--------------- |
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Proposed dividend |
72,765,000 |
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Dividend distribution tax |
--------------- |
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Retained earnings |
189,086,117 |
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905,935,269 |
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Applications of funds |
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Property, plant and equipment : |
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At Cost/revelation |
1,073,394,360 |
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Accumulated depreciation |
(329,928,253) |
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743,466,107 |
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Capital work-in-progress |
13,290,851 |
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Investment |
380,581,241 |
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Current assets: |
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Inventories |
703,566,536 |
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Trade debtors |
326,908,970 |
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Other debtors |
47,896,041 |
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Advances, deposits and prepayments |
183,152,700 |
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Inter-company receivables |
218,927,411 |
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Cash and bank balances |
56,704,288 |
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1,537,155,946 |
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Current liabilities : |
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Bank overdraft |
258,820,408 |
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Bank term loan |
536,785,727 |
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Trade creditors |
76,038,463 |
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Other creditors |
294,733,476 |
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Inter-company liabilities |
248,463,517 |
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Current portion of lease obligation |
18,862,138 |
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Provision for taxation |
90,500,000 |
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1,524,203,729 |
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Net current assets |
12,952,217 |
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Long term liabilities |
(244,355,147) |
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Net assets employed |
905,935,269 |
PROFIT
AND LOSS ACCOUNT
For
the year ended 31 December,2005
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Taka |
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Sales |
3,088,714,707 |
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Cost of
goods sold |
(2,131,538,267) |
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Gross
profit |
957,176,440 |
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Other
income |
30,326,861 |
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987,503,301 |
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Administrative,
selling and distribution expenses |
(726,132,328) |
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261,370,973 |
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Financing
cost |
(83,396,936) |
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177,974,037 |
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Provision
for contribution to WPPF |
(8,898,702 |
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Profit
before tax |
169,075,335 |
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Provision
tax |
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Current
tax |
(51,448,831) |
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Deferred
tax |
(5,355,691) |
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(56,804,522) |
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Net profit
after tax |
112,,270,813 |
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Earning
per share |
6.94 |
CAPITAL STRUCTURE
Authorized Capital Tk.500 million
Paid up
Capital Tk.161.7 million
EXCHANGE RATE
GB Pound 1.00=Tk.140.1706
US Dollar 1.00=Tk.
69.4850
Japanese
Yen 1.00=Tk. 0.5712
Australian
Dollar 1.00=Tk.
59.7270
COMMENTS
The subject is a public limited company engaged in
manufacturing and selling of medicines, consumer & agricultural products. The
subject also markets a selective range of products in the country and
represents the top names in the business.
The qualities of their products are of international
standard and they maintain a very high standard in ensuring their quality.
Their factory is equipped with all the modern facilities.
The directors are well conversant in their line of trade.
They are financially solvent and good at their business commitments, it is
reported.
The company is good for normal business engagements.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)