MIRA INFORM REPORT

 

 

Report Date :

17.08.2013

 

IDENTIFICATION DETAILS

 

Name :

GLAXO SMITHKLINE BANGLADESH LTD.

 

 

Registered Office :

Fouzderhat Industrial Area, Dhaka Trunk Road, G.P.O. Box 53,

Chittagong 4217

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

25.02.1974

 

 

Com. Reg. No.:

CH-4214A

 

 

Legal Form :

Public Listed Co    

 

 

Line of Business :

Manufacturer, Exporter and Importer of Pharmaceutical, Chemicals and Consumer products     

 

 

No. of Employees :

651

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

 

Source : CIA

 

EXECUTIVE SUMMARY

 

IDENTIFICATION DETAILS

 

Correct company Name

:

GLAXO SMITHKLINE BANGLADESH LTD.

Registered office

:

Fouzderhat Industrial Area, Dhaka Trunk Road, G.P.O. Box 53,

Chittagong 4217, Bangladesh

Tel No

:

88-031-751508, 711324, 752071-7

Fax No

:

88-031-751051

E-mail

:

gsk.bangladesh.info@gsk.com

Website

:

www.gsk.com.bd

Date/ Year of Incorporation

:

25.02.1974

Registered No.

:

CH-4214A

Legal Form (General)

:

 Public Listed Co      Public (but not listed)   Private Co   State-owned Co

 Sole Proprietorships  Partnership            Not Registered

 others (please specify) ________________

 

Legal form (Specific)

:

LTD   CORP    INC  CO    

 others (please specify) ________________

 

Issuing Authority

:

Registrar of Joint Stock Companies & Firms   City Corporation

 Municipal Administration                 Union Council

 Cantonment Board                      Chief Controller of  Import & Export (CCIE)

 

 

 

FINANCIALS- SUMMARY

      Year

Turnover/ Sales

 Assets

     Income

     2011

Tk.4,735,121,000

Tk.2,2,601,454,000

Tk.282,068,000

     2012

Tk.5804064000

Tk.2,686,775,000

Tk.570030000

Exchange Rate

USD1-Tk. 77.8200

EUR 1- Tk. 100.2711

GBP 1- Tk.118.5354

AUD 1 - Tk.82.8563

JPY 1 - Tk.0.9286

CAD 1 - Tk.80.1887

SEK 1 - Tk.12.2870

SGD 1 - Tk.65.3045

CNH 1 - Tk.12.8399

 

Sales Trend – Analysis:

2002

2003

2004

2005

2006

2007

2008

2010

2011

2012

-

-

-

-

-

-

-

 

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

Description: http://www.asiancredit.com/Manage/image/up_arrow_04.gif

 

 

FULLCHECK REPORT DETAILS

 

Information Parted By

 

 

 

Name

:

Mr. Sarwar Azam Khan

Designation

:

Company Secretary.

Contract No

:

-

 

 

Locations Details

 

Business Address

:

House# 2A, Road# 138, Gulshan-1,Dhaka-1212, Bangladesh

Tel No

:

88-02-9858870-75

E-mail

:

gsk.bangladesh.info@gsk.com

Fax No

:

88-02-8826628

Website

:

www.gsk.com.bd

 

Location :

: Owned

 

 

Rented

Ö

 

Leased

 

Area

8500

Sq. ft.

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Fouzderhat Industrial Area, Dhaka Trunk Road, G.P.O. Box 53,

Chittagong 4217, Bangladesh

Tel No

:

88-031-751508, 711324, 752071-7

Fax No

:

88-031-751051

 

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

56800

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

350

In Factory

:

301

In Branch:

:

 

Total

:

651

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

                   Names of Shareholders

         No. of Share     

Setfirst Limited, UK

          9875144

Investment Corporation of Bangladesh & ICB Unit & Mutual Funds

             1456225

Mr. M Azizul Huq

              200

Sarwar Azam Khan

              100

Mr. Md. M H Khan

              100

Mr. A K M Firoz Alam

               50

Sadharon Bima Corporation

            76437

Shamim Rabbani

              100

General Public

         11970063

 

 

DIRECTORS

 

Name

Designation

Duncan Learmouth

Chairman

M. Azizul Huq

Managing Director

Mr. Md. Fayekuzzama

Director

Mr. Rajib Barua

Director

Sarwar Azam Khan

Director

Golam Quddus Rabbani

Director

Shamim Rabbani

Director

 

 

MANAGEMENT

 

Name

:

Mr. Abdul Quadr

Email address

:

-

Nationality

:

Bangladshi

Job Description

:

Manager-IR

Other details

:

-

           

Name

:

Mr. Rajib Barua

Email address

:

Rajib.s.barua@gsk.com

Nationality

:

Bangladshi

Job Description

:

Site Dirctor

Other details

:

88-01713104800

           

Name

:

Mr. Md. Safwan Bin Alam

Email address

:

-

Nationality

:

Bangladshi

Job Description

:

Officer Administration

Other details

:

-

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

Exporter

Ö

Importer

Ö

Others

 

 

 

Range of Products/Item Dealings In:

 

Products

:

Pharmaceutical, Chemicals and Consumer products     

Production Capacity

:

N/A

Last Year Production

:

N/A

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

 

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

Ö

Others

 

 

 

Credit :

Ö

30 days

 

60 days

 

90 days

 

 

days

 

 

DETAILED DATA

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

N/A

Local Clients

:

Local Pharmacy

Overseas Suppliers

:

N/A

Local Suppliers

:

N/A

 

Trade Markets

 

:

 

Exports

 

:

Nepal, Srilanka

 

Imports

 

:

China, India, Germany, Japan

 

Brand Name

:

N.A

Certified

:

N/A

Auditors

:

A Quasem & Co, Chartered Accountants

Operation Status

:

Active

Member

:

Bangladesh Aushad Shilpa Samity

 

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

Tk.200,000,000

 

Paid-up Capital

:

Tk.120,465,000

No. of Shares

:

12046500

 Share Value

:

Tk.10.00Each

Main Assets

:

Tk.2,686,775,000

 

 

 

FINANCIAL STATEMENT- DETAILED

 

 

Balance Sheet :

 

  Currency

: Tk.

 

       Denomination

: 1

 

        Financial Year Ending

: June

 

 

 

 

 

 

 

Income Statement :

 

  Currency

: Tk

 

       Denomination

: 1

 

         Financial Year Ending

: June

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

SmithKline Beecham (Bangladesh) Private Limited

Subsidiary

:

N/A

Name of  The Group

:

N/A

 

 

 

BANKING

 

Bank Name  

:

Standard Chartered Bank

Bank Address

:

Gulshan Branch

 

Bank Name  

:

HSBC

Bank Address

:

Had office

 

Bank Name  

:

Citi Bank NA

Bank Address

:

Motijheel Branch

 

Bank Name  

:

Agrani Bank Ltd.

Bank Address

:

Motijheel Branch

 

Bank Name  

:

Sonali Bank Ltd.

Bank Address

:

Motijheel Branch

 

 

REPUTATION

 

The subject company product is good reputation in local market

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks           

 

:     

No Record Found         

Debt

 

 

No Record Found

Litigation  

                   

:

Clear         

Performance Defaults

 

:

No Record Found         

Adverse Local Media Coverage/ Adverse Filling History

:

No Record Found

 

 

SITE VISIT COMMENTARY

 

Our representative visited the subject company registered address  & Factory which is situated at Fouzderhat Industrial Area, Dhaka Trunk Road, G.P.O. Box 53, Chittagong 4217, Bangladesh

 

 

GENERAL COMMENTS

 

Established in 1974, the subject is mainly engaged in Pharmaceutical, Chemicals and Consumer products. Having been in operation for several years, the subject maintains accepted business

volume.

 

Reputation in the market, as well as its financial condition, we recommended that Credit can proceed promptly in Fairly large amount

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.82

UK Pound

1

Rs.96.57

Euro

1

Rs.82.45

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.