MIRA INFORM REPORT
|
Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
SQUARE PHARMACEUTICALS LTD. |
|
|
|
|
Registered Office : |
Square Centre 48, Mohakhali C/A, Dhaka-1212 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
10.11.1964 |
|
|
|
|
Legal Form : |
Public Listed Co |
|
|
|
|
Line of Business : |
Manufacturer, Exporter, Distributor of Pharmaceutical Finished
Products, Basic Chemicals, AgroVet Products Pesticide Products, Small Volume
Parental Opthalmic Products and Insulin Products. |
|
|
|
|
No. of Employees : |
5868 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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 |
: |
Square Pharmaceuticals Ltd. |
|
Head Office |
: |
Square Centre 48, Mohakhali C/A, Dhaka-1212,
Bangladesh. |
|
Tel No |
: |
88-02-8833047-56, 9859007 (10 lines) |
|
Fax No |
: |
88-02-8834941, 8828768,
8828609, 831328403 |
|
E-mail |
: |
info@squaregroup.com afsar@squaregroup.com gmostafa@squaregroup.com |
|
Website |
: |
www.squarepharma.com.bd |
|
Date/ Year of Incorporation |
: |
10.11.1964 |
|
Incorporation No. |
: |
C-2252 |
|
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
March’2012 |
Tk. 18,592,856,236 |
Tk. 21,453,784,762 |
Tk. 3,037,696,965 |
|
31st
March’2013 |
Tk. 20,742,746,372 |
Tk. 23,447,645,506 |
Tk. 3,239,948,829 |
|
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.
Khandakar Habibuzzaman |
|
Designation |
: |
Company
Secretary |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
|
||
|
Business Address |
: |
Square Centre 48, Mohakhali C/A, Dhaka-1212,
Bangladesh. |
|
Tel No |
: |
88-02-8833047-56, 9859007 (10 lines) |
|
Fax No |
: |
88-02-8834941, 8828768,
8828609, 831328403 |
|
E-mail |
: |
info@squaregroup.com afsar@squaregroup.com gmostafa@squaregroup.com |
|
Website |
: |
www.squarepharma.com.bd |
|
Location : |
:
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
8500 |
Sq. ft. |
|
Type of Office : |
:
Commercial Office Bldg. |
Ö |
|
Semi-commercial
office Bldg. |
|
|
|
Retail shop |
|
|
Industrial
Park |
|
|
|
|
Business Center |
|
|
Home
Office |
|
|
|
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Residential Bldg. |
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|
|
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Factory: |
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|
|
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Address |
: |
(1) Square Road, Salgaria,
Pabna, Bangladesh. (2) Board Ghar Bazar Kaliakoir,
Gazipur, Bangladesh. |
|
Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
4.5 |
Acres |
|
Branches: |
|
|
|
|
|
|
|
Address |
: |
N/A |
|
Tel No |
: |
N/A |
|
Fax No |
: |
N/A |
|
Employee: |
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|||||||
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No. of Employees |
Executive |
: |
2829 |
Worker |
: |
1288 |
||
|
Non-executive |
: |
1751 |
Total
|
: |
5868 |
|||
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Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names
of Shareholders |
No. of Share |
|
Mr. Samuel S Chowdhury |
26,187,385 |
|
Mrs. Ratna Patra |
25,098,213 |
|
Mr. Tapan Chowdhury |
26,757,549 |
|
Dr. Kazi Harunar Rashid |
11,384,856 |
|
Mr. Anjan Chowdhury |
27,096,349 |
|
Mr. Kazi Iqbal Harun |
11,209,618 |
|
Mr. Md. Kabir Reza |
4,709 |
|
Mr. Md. Majibur Rahman Bhuiyan |
6,360 |
|
Mr. Anjan Kumar Paul |
62,202 |
|
Mr. Muhammadul Haque |
22,274 |
|
Mr. Mahbubur Rahman |
3,710 |
|
Sponsors |
73173693 |
|
Foreign Investors |
35,785,497 |
|
Financial and Other Institutions |
100,778,061 |
|
General Public |
33,198,188 |
DIRECTORS
|
Name |
Designation |
|
Mr. Samuel S. Chowdhury |
Chairman |
|
Mrs. Ratna Patra |
Vice Chairman |
|
Mr. Tapan Chowdhury |
Managing Director |
|
Dr. Kazi Harunar Rashid |
Director |
|
Mr. Anjan Chowdhury |
Director |
|
Mr. Kazi Iqbal Harun |
Director |
|
Mr. M. Sekander Ali |
Independent Director |
|
Mrs. Nihad Kabir |
Independent Director |
MANAGEMENT
|
Name |
: |
Mr. Parvez Hashim |
|
Job Description |
: |
Head of Operations |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. M Ashiqul Hoque Chawdhury |
|
Job Description |
: |
Head of Admin & Supply Chain |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Khandaker Habibuzzaman |
|
Job Description |
: |
Company Secretary |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
Nature of Activity
: |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
|
Services
|
|
Others |
|
|
Range
of Products: |
||
|
|
||
|
Products |
: |
Pharmaceutical Finished Products, Basic Chemicals, AgroVet
Products Pesticide Products, Small Volume Parental Opthalmic Products and
Insulin Products. |
|
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 |
: |
Local Pharmacy |
|
|
Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
|||
|
Trade
Markets |
: |
Exports |
: |
Sri lanka, India, Bhutan, Vietnam. |
||||
|
Imports |
: |
China, India, Germany, Singapore, UK |
||||||
|
Brand Name |
: |
Square |
||||||
|
Certified |
: |
Nil |
||||||
|
Auditors |
: |
M/s. Das Chowdhury Dutta & Co. Chartered Accountants Well Tower, 1st Floor, Flat-A/1 12/A Purana Paltan Line, Dhaka |
||||||
|
Operation Status |
: |
Active |
||||||
|
Member |
: |
Dhaka Chamber of Commerce
& Industry |
||||||
CAPITAL
STRUCTURE
|
Authorized
Capital |
: |
Tk. 5,000 million |
||||||
|
Paid-up
Capital |
: |
Tk.3,707,686,640 |
No. of Shares |
: |
370,768,664 |
Share Value |
: |
Tk.10.00Each |
|
Main
Assets |
: |
Tk. 23,447,645,506 |
||||||
FINANCIAL
STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
:
Tk. |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st
March’2013 |
|
Income Statement : |
||
|
|
Currency |
:
Tk. |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st
March’2013 |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Associate Company |
: |
Square Textiles Ltd. Square Knit Fabrics Ltd. Square Fashions Ltd. Square Hospitals Ltd. |
|
Subsidiary |
: |
Square Cephalosporins Ltd. Square Formulations Ltd. |
|
Name of The Group |
: |
Square Group |
BANKING
|
Bank Name |
: |
Janata
Bank Ltd. Citibank
N.A Standard
Chartered Bank HSBC
Ltd. Commercial
Bank of Ceylon Ltd. Eastern
Bank Ltd. Prime
Bank Ltd. Bank
Alfalah Ltd. Shahjalal
Islami Bank Ltd. Trust
Bank Ltd. Bank
Asia Ltd. |
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 address
which is situated at 48, Mohakhali C/A, Dhaka-121, Bangladesh. The subject
Company Secretary Mr. Khandakar Habibuzzaman gave us all information. Is
situated at commercial area which is a well decorated modern office. |
GENERAL
COMMENTS
|
Subject is mainly engaged in Manufacturer, Exporter & Distributor of Readymade Garments. The subject company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears to be Strong. Having been in operation for several years, Subject enjoys some recognition and impact in the line. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.