MIRA
INFORM REPORT
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Report Date : |
20.11.2014 |
IDENTIFICATION DETAILS
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Name : |
ADVANCE CHEMICAL INDUSTRIAL LTD. |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
24.01.1973 |
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Com. Reg. No.: |
C-3885
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Legal Form : |
Public Listed Company |
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Line of Business : |
Manufacturer, exporter & distributor of Medicine, Livestock and Fisher Fertilizer, Seeds, Agro products & Consumer Items. |
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No. of Employees : |
4560 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Bangladesh |
B1 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
IDENTIFICATION DETAILS
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Correct
company Name |
: |
Advance Chemical Industrial
Ltd. |
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Head
Office |
: |
NOVO Tower, 271, Tejgaon I/A, Dhaka-1208,
Bangladesh. |
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Pharmaceuticals
factory address : |
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Water Works Road, Godhnail, 7 New Hajigong
Road, Narayanaganj - 1400, Bangladesh |
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Tel
No |
: |
880-2-9885694-8, 9556254, 9886029 |
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Fax No |
: |
880-2-9884784, 9886029 |
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E-mail |
: |
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Website |
: |
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Date/ Year of Incorporation |
: |
24-01-1973 |
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Incorporation No. |
: |
C-3885
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|
Legal
Form (General) |
: |
Public Listed Co Public (but not listed) Private Co
State-owned Co Sole
Proprietorships Partnership Not
Registered others (please specify) ________________ |
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Legal form (Specific) |
: |
LTD CORP
INC CO
others (please specify) ________________ |
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Issuing
Authority |
: |
Registrar
of Joint Stock Companies & Firms
City
Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
FINANCIALS- SUMMARY
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Year |
Turnover/ Sales |
Assets |
Income |
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31st
December 2012 |
Tk. 9,68,00,61,562 |
Tk.13,20,64,67,006 |
Tk. 54,51,15,873 |
|
(30th
June’2013 Unaudited) |
Tk. 2,47,29,15,000 |
Tk.13,35,37,64,000 |
Tk. 34,66,95,000 |
|
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 |
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Information Parted By
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Name |
: |
Ms. Sheema Abed
Rahman. |
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Designation |
: |
Company
Secretary. |
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Contract No |
: |
- |
Locations Details
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Operating
Address |
: |
NOVO Tower, 271, Tejgaon I/A, Dhaka-1208,
Bangladesh. |
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Tel
No |
: |
880-2-9885694-8, 9556254, 9886029 |
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Fax
No |
: |
880-2-9884784,
9886029 |
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E-mail |
: |
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Website |
: |
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Location : |
: Owned |
Ö |
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Rented |
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Leased |
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Area |
5430 |
Sq. ft. |
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Type of Office : |
: Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential
Bldg. |
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Factory: |
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Address |
: |
Pharmaceuticals
Factory: Godnail, Narayangong, BANGLADESH. |
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Tel
No |
: |
Nil |
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Fax
No |
: |
Nil |
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Factory2: |
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Address |
: |
Formulation
Factory: Gazipur Industrial Area, Gazipur, Bangladesh. |
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Tel
No |
: |
Nil |
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Fax
No |
: |
Nil |
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Factory3: |
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Address |
: |
Salt Factory:
Rupgong, Narayangonj, Bangladesh. |
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Tel
No |
: |
Nil |
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Fax
No |
: |
Nil |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
120000 |
Sq. ft. |
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Corporate
address: |
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Address |
: |
ACI Center,
245 Tejgaon I/A, Po Box 49, Dhaka- 1208, Bangladesh. |
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Tel
No |
: |
88-02- 9885694-8, 8878603 |
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Fax
No |
: |
88-8878626, 8878619 |
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Employee: |
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No.
of Employees |
In
Office |
: |
60 |
In
Factory |
: |
4500 |
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In Branch: |
: |
- |
Total
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: |
4560 |
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OWNERSHIP/SHAREHOLDERS
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Names of Shareholders |
No. of Share |
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Mr. M Anis Ud Dowla |
3,187,384 |
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Mrs. Najma Dowla |
665,116 |
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Mr. Dr. Arif Dowla
Managing |
866,619 |
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Ms. Shusmita Anis |
1,441,617 |
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Ms. Sheema Abed
Rahman |
11,880 |
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Sponsors |
19,19,827 |
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Institutions |
8,969,601 |
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General
shareholders |
6,711,789 |
DIRECTORS
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Name |
Designation |
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Mr. M. Anis-Ud
Dowla |
Chairman |
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Mr. Arif Dowla |
Managing Director |
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Mrs. Nazma Dowla |
Director |
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Mr. Md.
Fayekuzzaman |
Director |
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Mr. Waliur Rahman
Bhuiyan |
Director |
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Mr. Abdul-Muyeed
Chowdhury |
Director |
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Mr. Juned Ahmed
Chowdhury |
Director |
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Ms. Sheema Abed
Rahman |
Director |
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Mr. Golam Mainuddin |
Independent Director |
MANAGEMENT
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Name |
: |
Ms. Sheema Abed
Rahman. |
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Job Description |
: |
Company Secretary. |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS OPERATIONS
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Nature
of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Item Dealings In: |
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Products |
: |
Medicine, Livestock and Fisher Fertilizer, Seeds, Agro
products & Consumer Items. |
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Production
Capacity |
: |
N/A |
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Last Year Production |
: |
N/A |
Trading Terms:
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Purchasing
Terms: |
L/C |
Ö |
Cash |
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Others |
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Credit
: |
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30
days |
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60
days |
Ö |
90
days |
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|
days |
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Selling
Terms : |
L/C |
Ö |
Cash |
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Others |
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Credit
: |
|
30
days |
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60
days |
Ö |
90
days |
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|
days |
DETAILED
DATA
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Trade Reference & Related Parties |
: |
Overseas Clients |
: |
Nepal, Bhutan,
Vietnam, Kango, UAE, Dubai. |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
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Exports |
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N/A |
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Imports |
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China, Malaysia,
Singapore, Pakistan, India, Germany, Italy, France. |
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Brand Name |
: |
N/A |
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Certified |
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N/A |
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Auditors |
: |
Hoda Vasi Chowdhury
& Co, Chartered
Accountants |
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Operation Status |
: |
Active. |
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Member |
: |
Dhaka Chamber of Commerce & Industry. |
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CAPITAL STRUCTURE
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Authorized Capital |
: |
Tk. 50 Crore. |
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Paid-up Capital |
: |
Tk. 23,77,38,330 |
No. of Shares |
: |
23,77,38,33 |
Share Value |
: |
Tk.10.00Each |
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Main Assets |
: |
Tk. 13,54,53,40,000 |
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FINANCIAL STATEMENT- DETAILED
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Balance Sheet : |
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Currency |
: Tk |
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Denomination |
: 1 |
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Financial Year Ending |
:31, December, 2012 |
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Income Statement : |
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Currency |
:
Tk |
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Denomination |
:
1 |
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Financial Year Ending |
:
31, December, 2012 |
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ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
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Sister Concerns |
: |
ACI Formulations
Limited. ACI Logistics
Limited. ACI Pure Flour
Limited. ACI Foods Limited. Salt Limited. ACI Agro Chemicals
Limited. Flyban Insecticides
Limited. ACI Motors Limited. Creative
Communications Limited. Premiaflex Plastics
Limited. Apex Leather craft
Limited. |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
ACI Group. |
BANKING
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Bank Name |
: |
Standard Chartered
Bank. The Hongkong and
Shanghai. Banking Corporation
Limited. Eastern Bank
Limited. Commercial Bank of
Ceylon Plc. Citibank N.A. The City Bank
Limited. BRAC Bank Limited. Bank Alfalah
Limited. AB Bank Limited. Bank Asia Limited. Dutch Bangla Bank
Limited. Premier Bank
Limited. Mercantile Bank
Limited. ONE Bank Limited. |
ADVERSE
DATA MONITORING
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Dishonored
Checks |
: |
No Record
Found |
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Debt |
: |
No Record Found |
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Litigation |
: |
Clear |
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Performance
Defaults |
: |
No Record
Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE VISIT COMMENTARY
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|
The subject company
is a public limited company engaged in Manufacturer, Exporter & Distributors
of Medicine, Livestock and Fisheries, Fertilizer, Seeds, Agri products &
Consumer items. Its Head office is situated at NOVO Tower, 271, Tejgaon I/A,
Dhaka-1208, Bangladesh. It is sister concerns of ACI Group. They are
financially solvent. Mr. M. Anis-Ud
Dowla- Chairman of the company. He is very experienced businessman. The company is good
for normal business engagements. |
GENERAL COMMENTS
|
|
Established in
24-01-1973, Subject is mainly engaged in Manufacturer, Exporter & Distributor
of Medicine, Livestock and Fisher Fertilizer, Seeds, Agri products &
Consumer Items. Having been in operation for several years, Subject maintains
acceptable business volume. Its customers are mostly medium-to-large
Pharmaceuticals Company. Subject enjoys some recognition and impact in the
line. |
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Adopted
Abbreviations: |
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NA- Not Available |
TK- Bangladeshi Taka |
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.83 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.77.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
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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.