MIRA
INFORM REPORT
|
Report Date : |
11.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADVANCED CHEMICAL INDUSTRIES LIMITED |
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Registered Office : |
ACI Centre, 245,Tejgaon Industrial Area, Dhaka-1208 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
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 : |
Manufacturing
and Selling of Medicines, Consumer and Agricultural Products. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY DETAILS
Name: Advanced Chemical
Industries Limited
Address: ACI
Centre,
245,Tejgaon Industrial Area,
Dhaka-1208,
Country: Bangladesh
Tel No : 880-2-9885694
Fax
No. : 880-2-9884784,
9886029
E-Mail: adab@aci-bd.com
edab@aci-bd.com
Established: January
1973
Incorporation
No: C-3885
Incorporation
Date: 24th January 1973
Legal Structure: The
subject is a Public Limited Company that was
Incorporated in the Registrar of
Joint Stock of
Companies, Dhaka.
Business
Type:
Manufacturer
& Seller
Status: Satisfactory
Payments: No
complaints have been heard regarding payments
from
local suppliers or banks.
Litigation: NIL
LOCATIONS
Head Office: ACI Centre,
245,Tejgaon Industrial Area,
Dhaka-1208,
Telephones: 880-2-9885694
Fax : 880-2-9884784,
9886029
E-Mail: adab@aci-bd.com
edab@aci-bd.com
Branch: 1 Barishal
1 Sylhet
1 Chittagong
1 Comilla
1 Cox’s Bazar
1 Dinajpur
1 Jessore
1 Rangpur
1 Rajshahi
1 Narayanganj
1 Faridpur
1 Mymensingh
1 Kustia
1 Khulna
1 Maijdee
1 Bogra
Factory: 7,Hajiganj Road,
Narayanaganj
Rajbari,
Sreepur,
Gazipur
Murapara,
Rupganj,
Narayanaganj
6/3,Dewli Chowrapara,
Bondar,
Narayanaganj
Nil Nagar,
Konabari
Gazipur,
DIRECTORS & SHAREHOLDERS
Name: Mr.M.Anis
Ud Dowla
Designation: Chairman
Name: Dr.Arif
Dowla
Designation: Managing
Director
Name: Mr.Syed
Manzur Elahi
Designation
: Director
Name: Mr.M.Ziaul Haque Khondakar
Designation: Director
Name: Mrs.Nazma
Dowla
Designation: Director
Name: Mr.Waliur Rahman
Designation: Director
Name: Mr.Wajed Salam
Designation: Director
Name: Ms.Sheema Abed Rahman
Designation: Director
BUSINESS DETAILS
Line
of Business: Manufacturer,
selling of drugs, Medicine,
Consumers & Agri
Products
Terms of Sale: 1 Cash
1 Credit
BANKERS
Name: Standard
Chartered Bank
Branch: Main
Branch,
Address: Dilkusha
Commercial Area,
Dhaka
Name
: HSBC,
Branch
: Main
Branch,
Address
: Motijheel
Commercial Area,
Dhaka
Name: Commerce Bank of Ceylon
Limited
Branch: Main Branch,
Address: Motijheel Commercial Area,
Dhaka
The
company performs most of the business transactions with the above-mentioned
bank. No more details were provided.
FINANCIAL INFORMATION
BALANCE
SHEET
As
at 31 December 2007
|
Assets |
Taka
|
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Property,
Plant and equivalent : |
|
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At
Cost/ revelation |
1,327,308 |
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Accumulated
depreciation |
(467,726,369) |
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|
859,424,939 |
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capital
work-in-progress |
213,870,224 |
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|
1,073,295,163 |
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Investments |
536,629,241 |
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|
1,609,924,404 |
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Current
Assets: |
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Inventory |
1,091,397,629 |
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Trade
debtors |
898,891,044 |
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other
debtors |
136,565,703 |
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Advance,
deposits and prepayments |
179,761,041 |
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Advance
Income Tax |
205,661,524 |
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Inter
company receivable |
551,416,377 |
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Cash
and bank balances |
57,195,473 |
|
|
3,120,888,791 |
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Total
assets |
4,730,813,195 |
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Equity
and liabilities |
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Shareholders
equity |
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Share
capital |
161,700,000 |
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Share
premium |
250,022,474 |
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Capital
reserve |
1,671,386 |
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Revaluation
reserve |
294,901,646 |
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Retained
earnings |
563,800,530 |
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|
1,272,096,036 |
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Current
Liabilities |
|
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Bank
overdraft |
271,195,982 |
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Short
term bank loan |
1,142,396,717 |
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Long
term bank loan-current portion |
62,504,602 |
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Trade
creditors |
132,277,207 |
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Other
creditors |
478,332,706 |
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Inter
company liabilities |
758,658,669 |
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Obligation
under finance lease current portion |
10,220,408 |
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Provision
for taxation |
277,961,183 |
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|
3,133,547,474 |
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Long
term liabilities |
325,169,685 |
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Total
equity and liabilities |
4,730,813,195 |
PROFIT
& LOSS ACCOUNT
for the year ended 31
December 2007
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Taka
|
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Sales |
4,917,304,331 |
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Cost of Sales |
(3,250,711,677) |
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Gross Profit |
1,666,592,654 |
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Administrative, selling and distribution expenses |
(1,235,098,936) |
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Operating profit |
431,493,718 |
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Other income |
23,346,716 |
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Profit from sale of shares of ACI Trading Ltd |
118,818,000 |
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|
573,658,434 |
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Financing cost |
(119,087,159) |
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|
454,571,275 |
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Provision for contribution to WPPF |
(22,728,564) |
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Profit before tax |
431,842,711 |
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Income tax expenses: |
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Current tax expense |
(124,518,213) |
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Deferred tax income |
5,710,733 |
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|
(118,807,480) |
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Net profit after tax |
313,035,231 |
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Earning per share |
19.36 |
CAPITAL STRUCTURE
|
Authorized
Capital |
: |
Tk.500
million |
|
Paid
Up Capital |
: |
Tk.162
million |
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Each
Share Value |
: |
Tk.100.00 |
Auditors: Rahman
Rahman Huq
Chartered
Accountants
Dhaka
EXCHANGE RATE
|
CURRENCY |
UNIT |
BANGLADESHI TAKA |
|
Great Britain Pound |
1 |
137.1626 |
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U.S Dollar |
1 |
69.4000 |
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European Euro |
1 |
108.8231 |
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Japanese Yen |
1 |
0.6729 |
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Australian Dollar |
1 |
65.7102 |
GENERAL INFORMATION
No.
of Employees: 1,822
Executives------------------20
Junior Executives---------28
Engineers-------------------10
Junior Engineers- ----------8
Chemist-----------------------5
Quality
Control-----------145
Supervisory
Staffs------176
Support Staffs-----------
-40
General
Staffs------------112
Technicians----------------47
Workers-----------------1,231
Office Area: 6,800
sq.ft (own)
Factory
Area: 2
acres of lands (Own)
Warehouse
Area: 20,000 sq.ft.(Own)
Stock Code: aci
Range of Products: 1 Health Care
Injection
Capsules
Powders
Liquids
Creams
Ointments
Gels
Ophthalmic
1 Consumer Goods
ACI Mosquito Coils
ACI Angelic (Air Freshener)
Savlon Femme (Sanitary Napkin)
ACI Aerosol (Insecticide)
1 Agri Products
Insecticides
Pesticides
Weedicides
Poultry Seeds (Watermelon)
Foreign Principals: 1 Astrazeneca----UK
1 Eli
Lily-USA----Italy
1 UCB-Belgium—Hungary
1 Cava Sante
Animate-France
Marketing Representative of: 1 Beierdorf
BDF-Germany
1 Sarah Lee
Household
1 Kiwi Brand Shoe
Care
1 Godrej Consumer
Products Ltd-India
1 Parle
Group---India
1 Haldiram------India
Terms
of Sales: 1 Cash
1 Credit
Subsidiaries: 1 ACI Formulations Limited
1 ACI Salt Limited
1 ACI Foods Limited
1 ACI Pure Flour Limited
1 Apex Leather Craft Limited
1 Flyban Insecticides Limited
1 ACI Agrochemicals Limited
1 Creative Communication Limited
1 ACI Motors Limited
1 Premiaflex Plastics Limited
Member 1 Dhaka Chamber of Commerce & Industries, Dhaka
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
directors are well conversant in their line of trade and they are also
experienced businessman. They are financially solvent and good at their
business commitments, it is reported.
The
company is good for normal business engagements.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.20 |
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UK Pound |
1 |
Rs.81.48 |
|
Euro |
1 |
Rs.64.27 |
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%)