MIRA INFORM REPORT

Report Date :

25.03.2014

IDENTIFICATION DETAILS

Name :	PHARMIK LABORATORIES LTD.

Registered Office :	Al-Kamar, 90/A, Sugandha R/A, Block#A, Road# 01, Panchlish, Chittagong,

Country :	Bangladesh

Date of Incorporation :	23.07.1974

Com. Reg. No.:	2-C4366A

Legal Form :	Private Co

Line of Business :	Manufacturer of Tables, Capsules, Syrup, Suspension, Liquid & powder for parental, Ointment

No. of Employees :	450

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	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

Company name and address

Correct company Name	:	PHARMIK LABORATORIES LTD.
Head Office	:	Al-Kamar, 90/A, Sugandha R/A, Block#A, Road# 01, Panchlish, Chittagong, Bangladesh.
Tel No	:	88-031-2552841
Fax No	:	88-031-2552976
E-mail	:	info@pharmikgroup.com pharmik_lab@yahoo.com
Website	:	www.pharmikgroup.com
Date/ Year of Incorporation	:	23.07.1974
Incorporation No.	:	2-C4366A
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
July’ 11~June’ 12	Tk. 450 Million	Tk. 69.20 Million	Tk. 27.25 Million
July’ 12~June’ 13	Tk. 495 Million	Tk. 72.15 Million	Tk. 38.40 Million
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. Firoz Roney
Designation	:	Commercial Manager.
Contract No	:	-

Locations Details

Operating Address	:	Al-Kamar, 90/A, Sugandha R/A, Block#A, Road# 01, Panchlish, Chittagong, Bangladesh.
Tel No	:	88-031-2552841
Fax No	:	88-031-2552976
E-mail	:	info@pharmikgroup.com pharmik_lab@yahoo.com
Website	:	www.pharmikgroup.com

Location :

: Owned

Rented

Leased

Area

5200

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	:	5, Zakir Hossain Road, Kulshi, Chittagong, Bangladesh.
Tel No	:	88-031-2862324
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

Acores

Branches:

Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:

No. of Employees	In Office	:	30	In Factory	:	420
	In Branch:	:	-	Total	:	450
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mrs. Rezia Begum	2750
Mr. Dr. Ahmed Robin Ispahani	2400
Mr. Ahmed Rubaiyet Bin Ispahani	2400

DIRECTORS

Name	Designation
Mr. Dr. Ahmed Robin Ispahani	Managing Director
Mrs. Rezia Begum	Director
Mr. Ahmed Rubaiyet Bin Ispahani	Director

MANAGEMENT

Name	:	Mr. Firoz Rony
Job Description	:	Commercial Manager.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

Name	:	Mr. Rakib Mahmud
Job Description	:	Front Desk Officer.
Nationality	:	Bangladeshi.
Email address	:	N/A
Other details	:	N/A

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö

	Exporter		Importer	Ö	Services	Others

Range of Products:

Products	:	Tables, Capsules, Syrup, Suspension, Liquid & powder for parental, Ointment Etc.
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		Cash	Ö	Others
	Credit :	Ö	30 days		60 days		90 days			days

DETAILED DATA

Trade Reference & Related Parties	:	Overseas Clients			:	N/A	Local Clients	:	N/A
		Overseas Suppliers			:	N/A	Local Suppliers	:	N/A
Trade Markets	:	Exports			:	N/A
		Imports			:	China, India, Japan, Germany.

Brand Name			:	N/A
Certified			:	N/A
Auditors			:	N/A
Operation Status			:	Active.
Member			:	Bangladesh Oshad Shilpa Samity.

CAPITAL STRUCTURE


Authorized Capital	:	Tk. 30 Million
Paid-up Capital	:	Tk. 7, 55,000	No. of Shares	:	7550	Share Value	:	Tk.100.00Each
Main Assets	:	Tk. 72.15 Million

FINANCIAL STATEMENT- DETAILED

The subject company don’t submit update full financial figure to local registry office.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Nil
Subsidiary	:	Nil
Name of The Group	:	Nil

BANKING

Bank Name

Bank Asia Ltd.

Bank Address

O R Nizam Road Branch.

Chittagong, Bangladesh.

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 Al-Kamar, 90/A, Sugandha R/A, Block#A, Road# 01, Panchlish, Chittagong, Bangladesh. The subject company Commercial Manager Mr. Firoz Rony given us all information. Is situated at commercial area which is a well decorated modern office.

GENERAL COMMENTS

Subject is mainly engaged in Importer, Manufacturer & Distributor of Pharmaceuticals item. The subject company maintains acceptable business volume.

Based on the financial statements, SC’s financial performance appears to be average. Having been in operation for several years, Subject enjoys some recognition and impact in the line.

Adopted Abbreviations:
NA- Not Available	TK- Bangladeshi Taka

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.70
UK Pound	1	Rs.100.11
Euro	1	Rs.83.81

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%)

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.