MIRA INFORM REPORT
|
Report Date : |
29.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
BEXIMCO PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
17 Dhanmondi R/A, Road No. 2, Dhaka- 1205 |
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|
|
|
Country : |
Bangladesh |
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|
|
|
Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
17.03.1976 |
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|
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Com. Reg. No.: |
C-4744 |
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|
|
Legal Form : |
Public Limited Company |
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|
|
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Line of Business : |
Manufacturing, Selling and Marketing of all types of drugs and
medicine |
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$ 50,000.00 |
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
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 |
Beximco
Pharmaceuticals Limited |
|
Address |
17 Dhanmondi
R/A, Road No. 2, Dhaka- 1205 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8611891 (5
lines) |
|
Fax No |
880-2-8613470 |
|
E-Mail |
|
|
Website |
|
|
Established |
March 1976 |
|
Company Registration No |
C-4744 |
|
Registration date |
17th
March 1976 |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer,
Seller, Marketing & Exporter |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from
local suppliers or banks. |
LOCATIONS
|
Head Office |
17 Dhanmondi
R/A, Road No. 2, Dhaka- 1205 |
|
Telephone No |
880-2-8611891 (5
lines) |
|
Fax No |
880-2-8613470 |
|
E-Mail |
|
|
Website |
|
|
Operational Headquarter |
19 Dhanmondi
R/A, Road No. 7, Dhaka- 1205, Bangladesh Phone : +880-2-8619151
(5 lines), +880-2-8619091 (5 lines) Fax :
+880-2-8613888 |
|
Branch |
Domestic: 4 Chittagong 4 Sylhet 4 Khulna 4 Bogra 4 Rajshahi 4 Comilla 4 Rangpur 4 Mymensingh Overseas Offices &
Associates 4 Australia 4 Bhutan 4 Cambodia 4 Chile 4 Ghana 4 Hong Kong 4 Indonesia 4 Jordan 4 Kenya 4 Kuwait 4 Malaysia 4 Myanmar 4 Nepal 4 Pakistan 4 Philippines 4 Saudi Arabia 4 Singapore 4 Sri Lanka 4 Vietnam 4 Yemen |
|
Factory |
4
126,Kathaldia, Tongi, Gazipur 4 Plot No.1070/1083, Mouchak, Kaliakoir,
Gazipur |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
4
126,Kathaldia, Tongi, Gazipur 4 Plot No.1070/1083, Mouchak, Kaliakoir, Gazipur |
DIRECTORS
|
Name |
Mr. A.S.F.
Rahman |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Salman F.
Rahman |
|
Designation |
Vice Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Nazmul Hasan
|
|
Designation |
Managing
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. M.A. Iqbal Ahmed |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Osman Kaiser
Chowdhury |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Abu Bakar
Siddique Rahman |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Dr. Farida Huq |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Barrister
Faheemul Huq |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Advocate Ahsanul
Karim |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Abul Quasem |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Dr. Abdul Alim
Khan |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
Manufacturer,
Seller, Marketing & Exporter |
|
Items Dealing In |
Drugs &
Medicine |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
BANKERS
|
Name |
Janata Bank
Limited |
|
Branch |
Local office
Branch |
|
Address |
1,Dikusha Commercial Area, Dhaka |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
Beximco Pharmaceuticals Ltd.
Statement of Financial Position (Un-Audited)
As at 31 March,
2011
|
Assets: |
2011 |
|
Non-Current
Assets |
15,222,716 |
|
Property, Plant and equivalent carrying value |
15,149,270 |
|
Intangible assets |
67,147 |
|
Investment in Share |
6,299 |
|
Current Assets |
6,458,435 |
|
Inventories |
2,084,166 |
|
Spare & Supplies |
292,957 |
|
Account Receivable |
887,309 |
|
Loan Advances and Deposits |
866,709 |
|
Short term investments |
889,483 |
|
Cash and Cash Equivalents |
1,437,811 |
|
Total Assets |
21,681,151 |
|
Equity and
Liabilities |
|
|
Shareholders' Equity |
16,172,452 |
|
Issued Share Capital |
2,098,065 |
|
Share Premium |
5,269,475 |
|
Excess of Issue price over free value of GDRs |
1,689,637 |
|
Capital Reserve on Merger |
294,951 |
|
Revaluation Surplus |
1,474,471 |
|
Retained Earnings |
5,345,853 |
|
Non-Current
Liabilities |
2,968,640 |
|
Long Term Borrowing-net off Current Maturity |
1,920,346 |
|
Fully Convertible, 5% Dividend, preference Share |
4,100,000,000 |
|
Liability for Gratuity and WPPF |
346,890 |
|
Deferred Tax Liabilities |
701,404 |
|
Current
Liabilities and Provisions |
2,540,059 |
|
Short Term Borrowings |
1,651,895 |
|
Long term Borrowing-Current Maturity |
330,998 |
|
Creditors and other Payables |
441,409 |
|
Accrued Expenses |
114,322 |
|
Dividend payable |
1,435 |
|
Total
Liabilities and Shareholder’s Equity |
21,681,151 |
Beximco Pharmaceuticals Ltd.
Statement of Comprehensive Income (Un-Audited)
For the 1st Quarter
ended 31 March 2011
|
Net Sales
Revenue |
1,671,741 |
|
Cost of Goods Sold |
(908,964) |
|
Materials |
(645,923) |
|
Factory Overhead |
(129,302) |
|
Depreciation |
(133,739) |
|
Gross Profit |
762,777 |
|
Operating Expenses : |
(384,160) |
|
Administrative Expenses |
(51,169) |
|
Selling, Marketing and Distribution Expenses |
(332,990) |
|
Profit from Operations |
378,617 |
|
Other Income |
71,434 |
|
Finance Cost |
(131,743) |
|
Profit Before Contribution to WPPF |
318,308 |
|
Contribution to workers' Profit Participation / Welfare
Funds |
(15,158) |
|
Profit Before Tax |
303,150 |
|
Income Tax Expenses |
(50,500) |
|
Profit After Tax |
252,650 |
|
Total Comprehensive Income |
252,650 |
|
Earning Per Share (EPS) |
Tk.1.20 |
|
Number of Shares used to compute EPS |
209,806,509 |
Auditors: M.J Abedin &
Co
Chartered
Accountants
National
plaza (6th Floor),
1/G,Free
School Street,
Sonagaon
Road,
Dhaka-1205
CAPITAL STRUCTURE
|
Authorized Capital |
Tk.9,100 million |
|
Paid Up Capital |
Tk.1,824 million |
|
Each Share Value |
Tk.10.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
118.2387 |
|
U.S Dollar |
1 |
73.3400 |
|
European Euro |
1 |
103.0574 |
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$ 50,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
2,680 |
|
Office Area (Sq.
Ft) |
5,875 sq.ft (own) |
|
Factory Area
(Sq. Ft) |
2.8 acres of lands (own) |
|
Warehouse Area
(Sq. Ft) |
6,975 sq.ft.(own) |
|
Range of
Products |
4 Tablets 4
Capsules 4 Syrup 4 Creams 4 Eye Drops 4 Suspension 4 Injection 4 Ointments 4 I.V. Fluid 4 Active
Pharmaceutical Ingredients (API) |
|
Export Market |
4 Cambodia 4 Kenya 4 Mozambique 4 Myanmar
4 Nepal 4
Pakistan 4
Singapore 4
Philippines 4 Vietnam 4 Yemen 4 Sri Lanka |
|
Major Clients |
4 Medical College 4 Private Clinic 4 Local Markets |
|
Name Of Brands |
4 Napa 4 Neoceptin R 4 Neofloxin 4 Tycil 4 Aristovit M 4 Lactameal |
|
Certifications |
NIL |
|
Stock Code |
bxph |
|
Group Name |
4 Beximco Group |
|
Subsidiaries /
Affiliates |
4
Bangladesh Export Import Co Limited 4 Beximco Synthetics Limited 4 Shinepukur Holdings Limited 4 Beximco Fisheries Limited 4 Beximco Knitting Limited 4 Beximco Apparels Limited 4 Bangladesh On-Line Limited 4 Beximco Engineering Limited 4 Beximco Foods Limited 4 Beximco Media Limited 4 Sonali Aash Limited 4 Beximco Computer Limited 4 Beximco Systems Limited 4 I & I Services Limited 4 Padma Textile Mills Limited 4 Shinepukur Ceramics Limited |
|
Enlisted With |
4 Dhaka Stock Exchange Limited,
Dhaka 4 Chittagong Stock Exchange Limited,
Chittagong 4 AIM of London Stock Exchange |
|
Award |
4 Awarded SUPER BRANDS 2009-2011 |
|
Member |
4 Bangladesh Aushad Manufacturers
Association, Dhaka 4 Dhaka Chamber of Commerce &
Industries, Dhaka |
COMMENTS
The subject is a public limited company engaged in manufacturing,
selling and marketing of all types of drugs and medicine to our country. The
qualities of their products are good and are well demanded in the local
markets. The subject is concern of Beximco Group, a leading business house of
Bangladesh.
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 commitment, it reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.91 |
|
UK Pound |
1 |
Rs.76.53 |
|
Euro |
1 |
Rs.66.43 |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.