|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEXIMCO PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
17 Dhanmondi R/A, Road No. 2, Dhaka-1205 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
30.09.2011 |
|
|
|
|
Date of Incorporation : |
17.03.1976 |
|
|
|
|
Com. Reg. No.: |
C-4744 |
|
|
|
|
Legal Form : |
Public Limited
Company |
|
|
|
|
Line of Business : |
Manufacturer, Seller, Marketing & Exporter of Drugs & Medicine |
|
|
|
|
No. of Employees : |
2680 Employees |
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 – 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
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 |
|
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. |
|
Corporate 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 Head Office |
19 Dhanmondi R/A, Road No. 7, Dhaka- 1205, Bangladesh |
|
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 Tel No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
4 126,Kathaldia, Tongi, Gazipur 4 Plot No.1070/1083, Mouchak, Kaliakoir, Gazipur |
|
Name |
Mr. Ahmed Sohail Fasiur Rahman |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Ahmed Salman Fazlur 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. Abdul Alim
Khan |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Advocate Ahsanul
Karim |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Mohammad
Abul Quasem |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Sponsor Directors |
|
Share Percent |
12.97% |
|
Country |
Bangladesh |
|
|
|
|
Name |
Institute |
|
Share Percent |
11.21% |
|
Country |
Bangladesh |
|
|
|
|
Name |
Foreign Investors
|
|
Share Percent |
23.02% |
|
Country |
Bangladesh |
|
|
|
|
Name |
General
Public |
|
Share Percent |
52.8% |
|
Country |
Bangladesh |
|
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 |
|
Name |
Janata Bank
Limited |
|
Branch |
Local office
Branch |
|
Address |
1, Dikusha Commercial Area, Dhaka |
|
SWIFT |
JANBBDDHDCB |
Beximco Pharmaceuticals Ltd.
Statement of Financial Position
(Un-Audited)
As at 30 September, 2011
|
Assets: |
2011 |
|
Non-Current
Assets |
15,845,371 |
|
Property, Plant and equivalent carrying value |
15,710,839 |
|
Intangible assets |
128,233 |
|
Investment in Share |
6,299 |
|
Current Assets |
6,791,092 |
|
Inventories |
2,122,763 |
|
Spare & Supplies |
309,764 |
|
Account Receivable |
992,404 |
|
Loan Advances and Deposits |
801,728 |
|
Short term investments |
2,479,345 |
|
Cash and Cash Equivalents |
85,088 |
|
Total Assets |
22,636,463 |
|
Equity and
Liabilities |
|
|
Shareholders' Equity |
16,891,046 |
|
Issued Share Capital |
2,517,678 |
|
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 |
1,465,930 |
|
Retained Earnings |
5,653,375 |
|
Non-Current
Liabilities |
3,059,086 |
|
Long Term Borrowing-net off Current Maturity |
1,834,634 |
|
Liability for Gratuity and WPPF |
411,559 |
|
Deferred Tax Liabilities |
812,893 |
|
Current
Liabilities and Provisions |
2,686,331 |
|
Short Term Borrowings |
1,660,673 |
|
Long term Borrowing-Current Maturity |
350,494 |
|
Creditors and other Payables |
531,191 |
|
Accrued Expenses |
98,414 |
|
Dividend payable |
1,064 |
|
Income Tax Payable |
44,495 |
|
Total Equity And Liabilities |
22,636,463 |
Beximco Pharmaceuticals Ltd.
Statement of Comprehensive Income (Un-Audited)
For the 3rd
Quarter ended 30 September 2011
|
Net Sales
Revenue |
5,788,892 |
|
Cost of Goods Sold |
(3,000,217) |
|
Materials |
(2,212,828) |
|
Factory Overhead |
(456,539) |
|
Depreciation |
(330,850) |
|
Gross Profit |
2,788,675 |
|
Operating Expenses : |
(1,264,209) |
|
Administrative Expenses |
(194,746) |
|
Selling, Marketing and Distribution Expenses |
(1,069,463) |
|
Profit from Operations |
1,524,466 |
|
Other Income |
230,076 |
|
Finance Cost |
(412,489) |
|
Profit Before Contribution to WPPF |
1,342,053 |
|
Contribution to WPPF |
(63,907) |
|
Profit Before Tax |
1,278,146 |
|
Income Tax Expenses |
(310,141) |
|
Profit After Tax |
968,005 |
|
Total Comprehensive Income |
968,005 |
|
Earning Per Share (EPS) |
Tk.3.84 |
|
Number of Shares used to compute EPS |
251,767,810 |
Auditors: M.J Abedin &
Co
Chartered
Accountants
National
plaza (6th Floor),
1/G,Free
School Street,
Sonagaon
Road,
Dhaka-1205
|
Authorized
Capital |
Tk.9,100 million |
|
Paid Up Capital |
Tk.2517.6 million |
|
Each Share Value |
Tk.10.00 |
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
130.9148 |
|
U.S Dollar |
1 |
81.7400 |
|
European Euro |
1 |
105.7634 |
|
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 |
|
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) |
|
Brand Name |
4 Napa 4 Neoceptin
R 4 Neofloxin 4 Tycil 4 Aristovit
M 4 Lactameal |
|
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 |
|
Awards |
4 Awarded SUPER BRANDS 2009-2011 |
|
Group Name |
4 Beximco Group |
|
Subsidiaries /
Affiliates |
4 Beximco Fashions Limited 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 |
|
Stock Code |
4 BXPHARMA |
|
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 Scale |
Large |
|
Business Trend |
Growing |
|
Management
Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.04 |
|
UK Pound |
1 |
Rs.83.61 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
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.