MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEXIMCO PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
19, Dhanmondi R/A, Road # 7, Dhaka 1205 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
December 2012 |
|
|
|
|
Date of Incorporation : |
1976 |
|
|
|
|
Com. Reg. No.: |
C-4744 |
|
|
|
|
Legal Form : |
Public Listed
Co |
|
|
|
|
Line of Business : |
Manufacturer
and exporter of Tablet (Uncoated,
Film Coated, Enteric Coated & Sugar Coated Tablet, Capsule, Powder for
Suspension, Topical Preparation. |
|
|
|
|
No. of Employees : |
2748 |
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
IDENTIFICATION
DETAILS
|
Correct
company Name |
: |
Beximco Pharmaceuticals Limited |
|
Head Office |
: |
19, Dhanmondi R/A, Road # 7, Dhaka 1205, Bangladesh. |
|
Tel No |
: |
880-2-8619151, 8619091 |
|
Fax No |
: |
880-2-8613888 |
|
E-mail |
: |
info@bpl.net |
|
Website |
: |
www.beximcopharma.com |
|
Date/ Year
of Incorporation |
: |
1976 |
|
Incorporation No. |
: |
C-4744 |
|
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.7,890,241,843 |
Tk.23,033,340,533 |
Tk.1,198,525,342 |
|
|
2012 |
Tk.9,289,115,284 |
Tk.24,859,810,592 |
Tk.1,319,389,328 |
|
|
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 |
|
- |
- |
- |
- |
- |
- |
- |
|
|
|
FULLCHECK REPORT DETAILS
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Information Parted By |
||
|
|
|
|
|
Name |
: |
Mr. Ali Nawaz |
|
Designation |
: |
Chief Financial Officer |
|
Contract No |
: |
- |
|
Locations Details |
||
|
|
||
|
Corporate Address |
: |
17, Dhanmondi R/A, Road # 2, Dhaka 1205, Bangladesh. |
|
Tel No |
: |
880-2-8611891 |
|
E-mail |
: |
|
|
Fax No |
: |
880-2-8613470 |
|
Website |
: |
www.beximcopharma.com |
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
6500 |
Sq. ft. |
|
Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial office Bldg. |
|
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
|
Residential Bldg. |
|
|
|
|
|
|
|
Factory-1: |
|
|
|
|
|
|
|
Address |
: |
126 Kathaldia, Tongi, Gazipur, Bangladesh |
|
Tel No |
: |
- |
|
Fax No |
: |
- |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
3.8 |
Acores |
|
Factory-2: |
|
|
|
|
|
|
|
Address |
: |
Plot No. 1070/1083, Mouchak, Kaliakoir, Gazipur, Bangladesh. |
|
Tel No |
: |
- |
|
Fax No |
: |
- |
|
Location : |
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
3.2 |
Sq. ft. |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of Employees
|
In Office |
: |
350 |
In Factory |
: |
2398 |
||
|
In Branch: |
: |
|
Total |
: |
2748 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
|
|
Names of
Shareholders |
No.
of Share |
|
Beximco Holdings Ltd |
16,896,354 |
|
Bangladesh Export Import Company Ltd |
2,178,324 |
|
New Dacca Industries Ltd |
7,965,102 |
|
Beximco Engineering Ltd |
921,800 |
|
National Investment & Finance Company Ltd |
863,498 |
|
A S F Rahman |
6,186,095 |
|
Salman F Rahman |
6,200,577 |
|
Nazmul Hassan |
10,011 |
|
Dr. Abdul Alim Khan, Independent Director |
1,274,566 |
|
Foreign Investors |
71,829,205 |
|
ICB including ICB Investors Account |
40,281,087 |
|
General Public & Institutions |
150,032,431 |
DIRECTORS
|
|
|
Name |
Designation |
|
Mr. A.S.F. Rahman |
Chairman |
|
Mr. Salman F Rahman |
Vice Chairman |
|
Mr. Nazmul Hasan MP |
Managing Director |
|
Mr. Osman Kaiser Chowdhury |
Director |
|
Mr. Lutfur Rahman |
Director |
|
Mr. Zakaria Seraj Chowdhury |
Director |
|
Mr. Afsar Uddin Ahmed |
Director |
|
Mr. Md. Abul Qasem |
Director |
|
Dr. Abdul Alim Khan |
Independent Director |
|
Mr. Iqbal Ahmed |
Director |
|
Mr. Abu Bakar Siddiqur Rahman |
Director |
|
Barrister Faheemul Huq |
Director |
|
Advocate Ahsanul Karim |
Director |
MANAGEMENT
|
||
|
Name |
: |
Zakaria Seraj Chowdhury |
|
Job
Description |
: |
Director, International Marketing |
|
Nationality |
: |
Bangladeshi |
|
Email
address |
: |
- |
|
Other details |
: |
- |
|
|
|
|
|
Name |
: |
Afsar Uddin Ahmed |
|
Job
Description |
: |
Director, Commercial |
|
Nationality |
: |
Bangladeshi |
|
Email
address |
: |
- |
|
Other
details |
: |
- |
BUSINESS OPERATIONS
|
||||||||
|
Nature of Activity
: |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Range of
Products/Item Dealings In: |
||
|
|
||
|
Products |
: |
Tablet (Uncoated, Film Coated, Enteric Coated & Sugar Coated Tablet, Capsule, Powder for Suspension, Topical Preparation |
|
Production Capacity |
: |
Do |
|
Last Year Production |
: |
Do |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
|
Selling Terms
: |
L/C |
|
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 Peoples |
|
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|||
|
Trade Markets |
: |
Exports |
: |
Srilanka, Kenai, Macau, Somalia, Nigeria, Belize, Vietnam |
||||
|
Imports |
: |
China, Malaysia, India, and Pakistan |
||||||
|
Brand Name |
: |
N/A |
||||||
|
Certified |
: |
ANVISA-Brazil Therapeutic Goods Administration (TGA) -Australia Gulf Central Committee for Drug Registration -Saudi Arabia, Kuwait, Bahrain, Oman, Qatar, UAE UNICEF Global GlaxoSmithKline Asthma Drug Facility-France |
||||||
|
Auditors |
: |
SARashid & Associates (Chartered Secretaries), CRP Bhaban (11th Floor), Plot-A/5, Block-A Mirpur-14,
Dhaka-1216, Bangladesh E-mail : sarashid12000@yahoo.com |
||||||
|
Operation Status |
: |
Active |
||||||
|
Member |
: |
Bangladesh Aushad Shilpa Samity-Dhaka |
||||||
CAPITAL STRUCTURE
|
||||||||
|
Authorized Capital |
: |
Tk.9,100,000,000 |
||||||
|
Paid-up Capital |
: |
Tk.3,046,390,500 |
No. of Shares |
: |
3,046,390,50 |
Share Value |
: |
Tk.10.00Each |
|
Main Assets |
: |
Tk.24,859,810,592 |
||||||
FINANCIAL STATEMENT- DETAILED
|
||||
|
The subject
company don’t submit update financial figure to local registry office. |
||||
|
Balance Sheet : |
||||
|
|
Currency |
: Tk |
||
|
|
Denomination |
: 1 |
||
|
|
Financial Year Ending |
:December |
||
|
Financial Highlights |
2011 Annual |
2012 Annual |
||
|
Total Reserves |
|
|
||
|
Assets |
|
|
||
|
Non-Current Assets |
15,884,877,780 |
16,392,388,639 |
||
|
Property,Plant & Equipment-carrying value |
15,745,492,625 |
16,201,858,216 |
||
|
Intangible Assets |
135,933,879 |
187,079,147 |
||
|
Investment In Shares |
3,451,276 |
3,451,276 |
||
|
Current Assets |
7,148,462,753 |
8,197,421,953 |
||
|
Inventories |
2,291,844,631 |
2,433,987,981 |
||
|
Spares & Supplies |
325,881,244 |
369,175,790 |
||
|
|
978,224,317 |
1,162,404,807 |
||
|
Loans, Aadvances and Deposits |
840,320,705 |
965,276,373 |
||
|
Short Term Investment |
2,193,423,560 |
2,686,598,326 |
||
|
Cash and Cash Equivalents |
518,768,296 |
552,978,676 |
||
|
TOTAL ASSETS |
23,033,340,533 |
24,589,810,592 |
||
|
EQUITY AND
LIABILITIES |
|
|
||
|
Shareholders
‘Equity |
17,128,128,177 |
18,408,161,859 |
||
|
Issued Share Capital |
2,517,678,100 |
3,046,390,500 |
||
|
Share Premium |
5,269,474,690 |
5,269,474,690 |
||
|
Excess of Issue Price over Face value of Gdrs |
1,689,636,958 |
1,689,636,958 |
||
|
Capital Reserve on Merger |
294,950,950 |
294,950,950 |
||
|
Revaluation Surplus |
1,466,602,600 |
1,406,527,880 |
||
|
Retained Earnings |
5,889,784,879 |
6,701,180,881 |
||
|
Non- Current
Liabilities |
3,257,050,368 |
3,116,703,964 |
||
|
Long Term Borrowings-Net Off Current Maturity (Secured) |
1,890,074,651 |
1,469,621,611 |
||
|
Liability for Gratuity & WPPF |
403,598,795 |
499,622,784 |
||
|
Deferred Tax Liability |
963,376,922 |
1,147,459,569 |
||
|
Current Liabilities
and Provisions |
2,648,161,988 |
3,064,944,769 |
||
|
Short Term Borrowings |
1,642,216,008 |
1,526,449,918 |
||
|
Long Term Borrowings-Current Maturity |
363,744,181 |
664,712,728 |
||
|
Creditors and Other Payables |
523,798,136 |
470,097,685 |
||
|
Accrued Expenses |
101,559,917 |
128,598,961 |
||
|
Dividend Payable |
1,361,452 |
1,020,948 |
||
|
Income Tax Payable |
15,482,294 |
274,064,529 |
||
|
TOTAL EQUITY
LIABILTIES |
23,033,340,533 |
24,589,810,592 |
||
|
Income Statement : |
||||
|
|
Currency |
: Tk |
||
|
|
Denomination |
: 1 |
||
|
|
Financial Year Ending |
:December |
||
|
Financial Highlights |
2011 Annual |
2012 Annual |
||
|
Revenue |
|
|
||
|
Net Sales Revenue |
7,890,241,843 |
9,289,115,284 |
||
|
Cost of Goods Sold |
4,103,709,021 |
4,899,713,857 |
||
|
Gross Profit |
3,786,532,822 |
4,389,401,427 |
||
|
Operating Expenses |
1,798,053,124 |
2,181,521,867 |
||
|
Administrative Expenses |
275,201,846 |
332,225,347 |
||
|
Selling, Marketing and Distribution Expenses |
1,522,851,278 |
1,849,296,520 |
||
|
Profit from Operation |
1,988,479,698 |
2,207,879,560 |
||
|
Other Income |
340,907,774 |
442,847,713 |
||
|
Finance Cost |
567,645,757 |
645,406,575 |
||
|
Profit before Contribution to W P P & Welfare Funds |
1,761,741,715 |
2,005,320,698 |
||
|
Contribution to W P P & Welfare Funds |
83,892,463 |
95,491,462 |
||
|
Profit Before Tax |
1,677,849,252 |
1,909,829,236 |
||
|
Income Tax Expenses |
479,323,910 |
590,439,908 |
||
|
Current Tax |
207,549,905 |
445,712,907 |
||
|
Deferred Tax |
271,774,005 |
144,727,001 |
||
|
Profit after Tax
for the year |
1,198,525,342 |
1,319,389,328 |
||
|
Other Comprehensive Income |
- |
- |
||
|
Total Comprehensive
Income for the year |
1,198,525,342 |
1,319,389,328 |
||
|
Earnings Per Share (EPS) Adjusted Eps (2011) |
3.93 |
4.33 |
||
|
Number of Shares Used To Compute EPS |
304,639,050 |
304,639,050 |
||
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
||
|
Sister
Concerns |
: |
Pharmaceuticals: Beximco Pharmaceuticals Ltd.* Bangladesh Antibiotics Industries Ltd. Pharmatek Chemicals Ltd. Textile Bextex Ltd.* Beximco Fashions Ltd. Beximco Apparels Ltd. International Knitwear & Apparels Ltd. Crescent Fashions Ltd. Essess Fashions Ltd. Trading, Real Estate & Construction Bangladesh Export Import Co Ltd.* Beximco Engineering Ltd. Beximco Property Development & Management Ltd. Ceramics Shinepukur Ceramics Ltd.* ICT & Media Bangladesh Online Beximco Computers Ltd. Beximco Media Ltd. Synthetics Beximco Synthetics Ltd.* Aviation GMG Airlines Ltd. Energy Beximco Petroleum Ltd. Investment & Financial Services Beximco Holdings Ltd. Beximco Securities Ltd. Jute New Dacca Industries Ltd. Sonali Ansh Ltd. Travel Services Bextrade Ltd. |
|
Subsidiary |
: |
N/A |
|
Name of
The Group |
: |
Beximco Group |
BANKING
|
|
|
|
Bank
Name |
: |
Janata Bank Ltd. |
|
Bank
Address |
: |
Local Office 1, Dilkusha Commercial Area, Dhaka-1000 PABX: 88-02-9556242-44, Fax: 88-02-9563639 Phone: 88-02-9553106, 9556241 |
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 Corporate address which is situated at17, Dhanmondi R/A, Road # 2, Dhaka 1205, Bangladesh. |
GENERAL COMMENTS
|
|
Established in 1976, the subject is mainly engaged in producing & pharmaceuticals 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 with favorable terms in Large amount |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.