MIRA INFORM REPORT

 

 

Report Date :

04.08.2014

 

IDENTIFICATION DETAILS

 

Name :

BEXIMCO PHARMACEUTICALS LIMITED

 

 

Registered Office :

19, Dhanmondi R/A, Road # 7, Dhaka 1205

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

1976

 

 

Com. Reg. No.:

C-4744

 

 

Legal Form :

Public Listed Co    

 

 

Line of Business :

Manufacturer, Distributor and Exporter of Tablet (Uncoated, Film Coated, Enteric Coated & Sugar Coated Tablet, Capsule, Powder for Suspension, Topical Preparation     

 

 

No. of Employees :

3000

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

BANGLADESH - ECONOMIC OVERVIEW

 

Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings.

 

Source : CIA

EXECUTIVE SUMMARY

 

                               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

31st December’2012

Tk. 9, 289,115,284

Tk. 24, 589,810,592

Tk. 2, 207,879,560

31st December’2013

Tk.10, 490,699,094

Tk. 27, 470,751,802

Tk. 2, 324,272,770

31 march 2014 (Un Audited)

Tk. 2, 576,260,000

Tk. 27, 680,751,000

Tk. 500,087,000

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

 

 

 

 

 

FULLCHECK REPORT DETAILS

 

                                    Information Parted By

 

 

 

Name

:

Mr. Ali Nawaz

Designation

:

Chief Financial Officer

Contract No

:

-

 

                                     Locations Details

 

Operating address

:

17, Dhanmondi R/A, Road # 2, Dhaka 1205, Bangladesh.

Tel No

:

880-2-8611891

E-mail

:

beximchq@bol-online.com

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

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

3.8

Acores

 

Factory-2:

 

 

 

 

 

Address

:

Plot No. 1070/1083, Mouchak, Kaliakoir, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

Owned

Ö

 

Rented

 

 

Leased

 

Area

3.2

Sq. ft.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

400

In Factory

:

2600

In Branch:

:

-

Total

:

3000

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

Mr. Dr. Abdul Alim Khan

                 Independent Director

Mr. Iqbal Ahmed

                 Director

Mr. Abu Bakar Siddiqur Rahman

                 Director

Mr. Barrister Faheemul Huq

                 Director

Mr. Advocate Ahsanul Karim

                 Director

 

 

MANAGEMENT

 

Name

:

Zakaria Seraj Chowdhury

Job Description

:

Director, International Marketing

Nationality

:

Bangladeshi

Email address

:

Nil

Other details

:

Nil

 

 

 

Name

:

Afsar Uddin Ahmed

Job Description

:

Director, Commercial

Nationality

:

Bangladeshi

Email address

:

Nil

Other details

:

Nil

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

 

Services

 

Others

 

 

Range of Products:

 

Products

:

Tablet (Uncoated, Film Coated, Enteric Coated & Sugar Coated Tablet, Capsule, Powder for Suspension, Topical Preparation     

Production Capacity

:

N/A

Registered Production

:

400

 

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. 27, 680,751,000 (Un-Audited)

 

 

 

 

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

: 31st December 2013

 

Income Statement :

 

  Currency

: Tk.

 

 

       Denomination

: 1

 

 

         Financial Year Ending

: 31st December’2013

 

 

 

 

Balance Sheet :

 

 

  Currency

: Tk.

 

 

       Denomination

: 1

 

 

         Financial Year Ending

: 31st March’2014

 

 

 

 

Income Statement :

 

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st March’2014

 

 

 

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 Head office which is situated at 17, Dhanmondi R/A, Road # 2, Dhaka 1205, Bangladesh. The subject company Chief Financial Officer Mr. Ali Nawaz given us all information. Is situated at Residential area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

The subject company is a well-known reputed company in Bangladesh.  Their products popular to the local customers.   So day by day the subject companies increase their goodwill.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.85

UK Pound

1

Rs.102.68

Euro

1

Rs.81.46

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

DPT

 

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.