MIRA INFORM REPORT

 

 

Report Date :

23.01.2013

 

IDENTIFICATION DETAILS

 

Name :

ADVANCED CHEMICAL INDUSTRIES LIMITED

 

 

Registered Office :

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

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2011

 

 

Date of Incorporation :

24.01.1973

 

 

Com. Reg. No.:

C-3885

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Manufacturer, Seller, Marketing & Exporter of Drugs, Medicine, Consumers & Agro Products etc.

 

 

No. of Employees :

4,500

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

 

The economy has grown 5-6% 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

 

 

 

 

 

COMPANY DETAILS

 

Name

ADVANCED CHEMICAL INDUSTRIES LIMITED

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

1968

Company Registration No

C-3885

Registration date

24th January 1973

Legal Status

Public Limited (In 28th December 1976)

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

 

Corporate Head Office

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

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

 

4 Rajbari, Sreepur, Gazipur

 

4 Murapara, Rupganj, Narayanaganj

 

4 6/3,Dewli Chowrapara, Bondar, Narayanaganj

 

4 Nil Nagar, Konabari, Gazipur

Factory Tel No

N/A

Factory Fax No

N/A

Warehouse

4 7, Hajiganj Road, Narayanaganj

 

4 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

Mr. Arif Dowla

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mrs. Najma Dowla

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Waliur Rahman Bhuiyan OBE

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Md. Fayekuzzaman

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Golam Mainuddin

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Shusmita Anis Salam

Designation

Director

Nationality

Bangladeshi

 

 

Name

Ms. Sheema Abed Rahman

Designation

Director

Nationality

Bangladeshi

 

SHAREHOLDERS

 

Name

Sponsor Directors   

Share Percent

36.76%

Country

Bangladesh

 

 

Name

Institutions

Share Percent

31.18%

Country

Bangladesh

 

 

Name

General Shareholders

Share Percent

32.06%

Country

Bangladesh

 

BUSINESS DETAILS

 

Line of Business

Manufacturer, Seller, Marketing & Exporter

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

Export: Against L/C

 

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

 

 

Name

Janata Bank Limited

Branch

Tejgaon Branch

Address

Tejgaon I/A, Dhaka

SWIFT

N/A

 

FINANCIAL INFORMATION

 

Balance Sheet

As At 30 September 2011

Currency: Taka

 

Assets

Taka

Property, Plant and equivalent :

 

At Cost/ revelation

2,497,397

Accumulated depreciation

(170,666)

 

2,326,731

capital work-in-progress

525,149

Intangible assets

                1,946

Investments

          1,308,681

Total non-current assets

        4,162,507

Current Assets:

 

Inventory

          1,840,765

Trade debtors

          1,050,279

Other debtors

             124,353

Advance, deposits and prepayments

             545,801

Advance Income Tax

             408,230

Inter company receivable

          2,860,373

Cash and bank balances

             201,390

 

        7,031,191

Total assets

      11,193,698

Equity and liabilities

 

Shareholders' equity:

 

Share capital

             197,148

Share premium

             298,789

Capital reserve

                1,671

Revaluation reserve

             896,521

Available for sale reserve

          283,169

Retained earnings

          2,892,716

 

        4,570,014

Current liabilities:

 

Bank overdraft

             1,011,627

Bank term loan

          2,539,901

Trade creditors

             319,090

Other creditors

          860,053

Inter company liabilities

             428,947

Provision for tax

             511,062

 

        5,670,680

Long term liabilities

        953,004

Total equity and liabilities

      11,193,698

 

Income Statement

For the 3rd Quarter Ended 30 September 2011

 

 

Taka

Sales

      6,163,313

Cost of goods sold

(3,896,039)

Gross Profit

2,267,274

Administrative, selling and distribution expenses

 (1,604,019)

 

663,255

Other income

89,172

Operating Profit

752,427

Financing cost

(120,498)

Profit before WPPF and Tax

 631,929

Provision for contribution to WPPF

(31,596)

Profit before tax

 600,333

Tax expenses

(162,090)

Profit after tax

438,243

Earnings per share

22.23

 

Auditors: Hoda Vasi Chowdhury & Co

                Chartered Accountants

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.500 million

Paid Up Capital

Tk.197million

Each Share Value

Tk.10.00

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

127.2957

U.S Dollar

1

79.5300

European Euro

1

105.7192

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Found

Litigation

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

GENERAL INFORMATION

 

Employees

4,500

Office Area (Sq. Ft)

6,800 sq.ft (own)

Factory Area (Sq. Ft)

3 acres of lands (Own)

Warehouse Area (Sq. Ft)

20,000 sq.ft.(Own)

Range of Products

Health Care

4 Injection

4 Capsules

4 Powders

4 Liquids

4 Creams

4 Ointments

4 Gels

4 Ophthalmic

                                               

Consumer Goods

4 ACI Mosquito Coils

4 ACI Angelic (Air Freshener)

4 Savlon Femme (Sanitary Napkin)

4 ACI Aerosol (Insecticide)

 

Agri Products

4 Insecticides

4 Pesticides

4 Weedicides

4 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

Certifications

4 ISO 9001

4 ISO 14001

Group Name

4 ACI Group

Subsidiaries / Affiliates

4 ACI Formulations Limited

4 Apex Leather Crafts Limited

4 ACI Salt Limited

4 ACI Pure Flour Limited

4 ACI Foods Limited

4 Premiaflex Plastics Limited

4 Creative Communication Ltd.

4 ACI Motors Limited

4 ACI Logistics Limited

4 ACI Godrej Agrovet Private Ltd.

4 Tetley ACI (Bangladesh) Ltd.

4 Asian Consumer Care (Pvt.) Ltd.

4 ACI Consumer Electronics

Stock Code

4 ACI  

Enlisted With

4 Dhaka Stock Exchange Limited, Dhaka

4 Chittagong Stock Exchange Limited, Chittagong

4 AIM of London Stock Exchange

Member

4 Dhaka Chamber of Commerce & Industries, Dhaka

4 Bangladesh Association of Pharmaceuticals, Dhaka 

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Large

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.51

UK Pound

1

Rs.84.84

Euro

1

Rs.71.42

 

INFORMATION DETAILS

 

Report Prepared by :

NLM

 

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.