MIRA INFORM REPORT

 

 

Report Date :           

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

VIRGO PHARMACEUTICALS LIMITED

 

 

Registered Office :

House No.178, Road No.02, DOHS Baridhara, Dhaka-1206

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

13.04.2005

 

 

Com. Reg. No.:

C-56907

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Manufacturing, Selling & Exporting of Pharmaceutical 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

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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

Virgo Pharmaceuticals Limited

Address

House No.178, Road No.02, DOHS Baridhara, Dhaka-1206

Country

Bangladesh

Telephone No

880-2-8410674, 9880442, 8411905

Fax No

880-2-8413048

E-Mail

 info@virgo.com.bd

Website

www.virgo.com.bd  

Established

April 2005 

Commercial Production From

2009

Company Registration No

C-56907

Registration date

13th April 2005 

Legal Status

Private Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka

Business Type

Manufacturing & Selling

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

House No.178, Road No.02, DOHS Baridhara, Dhaka-1206

Telephone No

880-2-8410674, 9880442, 8411905

Fax No

880-2-8413048

E-Mail

 info@virgo.com.bd

Website

www.virgo.com.bd  

Branch 

NIL

Factory

Village- Gazipura, P.O. Kaultia, P.S. Gazipur Sadar, District-Gazipur

Factory Telephone No

NIL

Factory Fax No

NIL

Warehouse

Village- Gazipura, P.O. Kaultia, P.S. Gazipur Sadar, District-Gazipur

 

DIRECTORS

 

Name

Mrs. Syeda Mahbuba Akhter

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Major General Syed Shafayetul Islam (Retd.)

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Syed Nafiz Nazrul Raiyan

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Syed Ishmum Farooqui

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Mrs. Syeda Mahbuba Akhter

Share Percent

30%

Nationality

Bangladeshi

 

 

Name

Major General Syed Shafayetul Islam (Retd.)

Share Percent

30%

Nationality

Bangladeshi

 

 

Name

Mr. Syed Nafiz Nazrul Raiyan

Share Percent

20%

Nationality

Bangladeshi

 

 

Name

Mr. Syed Ishmum Farooqui

Share Percent

20%

Nationality

Bangladeshi

 

BUSINESS DETAILS

 

Line of Business

Manufacturing, Selling & Exporting

Items Dealing In

Pharmaceutical products 

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Purchase

Local: Cash or Credit

Export: Against L/C

 

 

BANKERS

 

Name

Prime Bank Ltd

Branch

Banani Branch

Address

Banani C/A, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

 

2010

 

Investment

Tk.50 million

Turnover

Tk.468 million

Liability

NIL

Assets

Tk.68 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.30 million

Paid Up Capital

Tk.2 million

Each Share Value

Tk.100.00

 

EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

121.6763

U.S Dollar

1

76.1000

European Euro

1

105.9769

 

 

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$ 27,000.00

90 days

 

 

GENERAL INFORMATION

 

Employees

1,150

Office Area (Sq. Ft)

2,200 sq.ft (rented)

Factory Area (Sq. Ft)

30,000 sq.ft (owned)

Warehouse Area (Sq. Ft)

4,500 sq.ft (owned)

Range of Products

4 Oral Hypoglycemic Drugs

4 Nonsteroidal Anti Inflammatory Drugs

4 Opioid Analgesic

4 Cardiovascular Drugs

4 Gastrointestinal Disorders & Antiemetic

4 Anti-Allergic Agents

4 Drugs for Cough & Cold

4 Antibiotics

4 Multivitamin & Multimineral

Major Clients 

4 Local Medical

4 Local Specialized Hospitals

4 Local Consumer  

Certifications

NIL

Group Name

4 Virgo Group

Subsidiaries / Affiliates

4 Virgo Distributions Company Ltd

4 Virgo Media Ltd. (Channel 9)

4 Virgo Communication Ltd.

4 Virgo Fish And Agro Process Ltd.

4 Virgo Ltd.

4 Virgo Fashions Ltd

Member

4 Bangladesh Association of Pharmaceuticals, Dhaka

4 Dhaka Chamber of Commerce & Industries, Dhaka

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.07

UK Pound

1

Rs.79.16

Euro

1

Rs.69.04

 

 

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.