MIRA INFORM REPORT

 

 

Report Date :

18.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

ADVANCED CHEMICAL INDUSTRIES LTD (ACI)

 

 

Registered Office :

ACI Centre, 245, Tejgaon Industrial Area, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

24.01.1973

 

 

Com. Reg. No.:

C-3885

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

manufacturing and selling of medicines, consumer & agricultural products

 

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

 

Maximum Credit Limit :

US$ 40,000.00

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Bangladesh

b1

b1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COMPANY DETAILS

 

Name

Advanced Chemical Industries Ltd (ACI)

Address

ACI Centre, 245, Tejgaon Industrial Area, Dhaka-1208,

Country

Bangladesh

Telephone No

880-2-9885694

Fax No

880-2-9884784, 9886029

E-Mail

adab@aci-bd.com

edab@aci-bd.com

Website

www.aci-bd.com

Established

January 1973

Company Registration No

C-3885

Registration date

24th January 1973

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock of Companies, Dhaka.

Business Type

Manufacturer & Seller

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

ACI Centre, 245, Tejgaon Industrial Area, Dhaka-1208, Bangladesh

Telephone No

880-2-9885694

Fax No

880-2-9884784, 9886029

E-Mail

adab@aci-bd.com

edab@aci-bd.com

Website

www.aci-bd.com

Branch

4 Barishal

4 Sylhet

4 Chittagong

4 Comilla

4 Cox’s Bazar

4 Dinajpur

4 Jessore

4 Rangpur

4 Rajshahi

4 Narayanganj

4 Faridpur

4 Mymensingh

4 Kustia

4 Khulna

4 Maijdee

4 Bogra

Factory

4 7, Hajiganj Road,

   Narayanaganj

   Rajbari, Sreepur,

   Gazipur

 

4 Murapara,

   Rupganj,

   Narayanaganj

 

4 6/3,Dewli Chowrapara,

   Bondar,

   Narayanaganj

 

4 Nil Nagar,

    Konabari

   Gazipur,

Factory Telephone No

N/A

Factory Fax No

N/A

Warehouse

4 7, Hajiganj Road,

   Narayanaganj

   Rajbari, Sreepur,

   Gazipur

 

4 Murapara,

   Rupganj,

   Narayanaganj

 

4 6/3,Dewli Chowrapara,

   Bondar,

   Narayanaganj

 

4 Nil Nagar,

   Konabari

    Gazipur,

 

 

DIRECTORS

 

Name

Mr. M. Anis Ud Dowla

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Dr. Arif Dowla

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Syed Manzur Elahi

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. M. Ziaul Haque Khondakar

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mrs. Nazma Dowla

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Waliur Rahman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Wajed Salam

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Sheema Abed Rahman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Waliur Rahman Bhuiyan OBE

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Md. Humayun Kabir

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Golam Mainuddin

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Shusmita Anis Salam

Designation

Director

Nationality

Bangladeshi

 

 

BUSINESS DETAILS

 

Line of Business

Manufacturer & Seller

Items Dealing In

Drugs, Medicine, Consumers & Agro Products

Terms of Purchase

Local: cash or Credit

Import: Against L/C

Terms of Sale

Local: cash or Credit

 

 

BANKERS

 

Name

Standard Chartered Bank

Branch

Main Branch

Address

Dilkusha C/A, Dhaka

SWIFT

N/A

 

 

Name

HSBC,

Branch

Main Branch

Address

Motijheel C/A, Dhaka

SWIFT

N/A

 

 

Name

Commercial Bank of Ceylon Limited

Branch

Main Branch

Address

Motijheel C/A, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

1st Quarter BALANCE SHEET

As at 31 March 2010

 

Assets

Taka

Property, Plant and equivalent :

 

At Cost/ revelation

1,848,232

Accumulated depreciation

(683,823)

 

1,164,409

capital work-in-progress

171,828

Intangible assets

                2,595

Investments

             892,213

Total non-current assets

        2,231,045

Current Assets:

 

Inventory

          1,464,366

Trade receivables

          1,328,815

Other receivables

             110,895

Advance, deposits and prepayments

             554,460

Advance Income Tax

             298,207

Inter company receivable

          1,874,351

Cash and bank balances

             118,745

 

        5,749,839

Total assets

        7,980,884

Equity and liabilities

 

Shareholders' equity:

 

Share capital

             194,040

Share premium

             250,022

Capital reserve

                1,671

Revaluation surplus

             589,529

Retained earnings

          1,973,118

 

          3,008,380

Minority interest

             412,901

 

        3,421,281

Current liabilities:

 

Bank overdraft

             456,831

Short term bank loan

          3,372,578

Trade payables

             657,104

Other payables

          1,151,470

Current portion of lease obligation

                1,581

Provision for tax

             621,211

 

        6,260,775

Long term liabilities

        2,011,647

Total equity and liabilities

      11,693,703

                                                

Income Statement

For the 1st Quarter Ended 31 March 2010

 

 

Taka

Sales

      2,201,563

Cost of Sales

 (1,484,693)

Gross Profit

716,870

Administrative, selling and distribution expenses

 (460,386)

 

256,484

Other income

1,216

 

257,700

Financing cost

 (56,796)

 

200,904

Provision for contribution to WPPF

 (10,045)

Profit before tax

190,859

Income tax expenses:

 (50,079)

Profit after tax

140,780

Earning per share

7.26

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.500 million

Paid Up Capital

Tk.161.70 million

Each Share Value

Tk.100.00

 

 

Auditors:                                  Rahman Rahman Huq

                                                Chartered Accountants  

                                                Dhaka

 

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

112.7066

U.S Dollar

1

71.0500

European Euro

1

95.0365

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Records Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

MAXIMUM RECOMMENDED CREDIT

 

Amount

Based On

US$ 40,000.00

90 days

 

 

GENERAL INFORMATION

 

Employees

4,027

Office Area (Sq. Ft)

6,800 sq.ft (own)

Factory Area (Sq. Ft)

2 acres of lands (Own)

Warehouse Area (Sq. Ft)

20,000 sq.ft.(Own)

Range of Products

4 Health Care

    Injection

    Capsules

    Powders

    Liquids

    Creams

    Ointments

    Gels

    Ophthalmic

                                               

4 Consumer Goods

    ACI Mosquito Coils

   ACI Angelic (Air Freshener)

   Savlon Femme (Sanitary Napkin)

   ACI Aerosol (Insecticide)

                                               

4 Agri Products

   Insecticides

   Pesticides

   Weedicides

   Poultry Seeds (Watermelon)

Foreign Principals

4 Astrazeneca----UK

4 Eli Lily-USA----Italy

4 UCB-Belgium—Hungary

4 Cava Sante Animate-France

Marketing Representative of

4 Beierdorf BDF-Germany

4 Sarah Lee Household

4 Kiwi Brand Shoe Care

4 Godrej Consumer Products Ltd-India

4 Parle Group---India

4 Haldiram------India

Group Name

ACI Group

Subsidiaries / Affiliates

4 ACI Formulations Limited

4 ACI Salt Limited

4 ACI Foods Limited

4 ACI Pure Flour Limited

4 Apex Leather Craft Limited

4 Flyban Insecticides Limited

4 ACI Agrochemicals Limited

4 Creative Communication Limited

4 ACI Motors Limited

4 Premiaflex Plastics Limited

Member

4 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 company has a market share of 4.48% and is in the eighth place. It is to be noted in 2009 market size has grown by 16.83%.

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.59

UK Pound

1

Rs.72.31

Euro

1

Rs.60.73

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.