MIRA INFORM REPORT

 

 

Report Date :

27.11.2014

 

 

IDENTIFICATION DETAILS

 

Name :

ORION PHARMA LIMITED

 

 

Formerly Known As :

ORION LABORATORIES LIMITED

 

 

Registered Office :

Orion House, 153-154 Tejgaon I/A, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.06.1965

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Manufacturer, Exporter, Importer and Marketing of Anticancer, Antibiotics, Cardiovascular Drugs.

 

 

No of Employees :

2086

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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

A2

 

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

 

 

 

 

 

IDENTIFICATION DETAILS

 

Correct company Name

:

ORION PHARMA LIMITED

Previous Name

:

ORION LABORATORIES LIMITED

Head Office

:

Orion House, 153-154 Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8870130, 01730333595

Fax No

:

88-02-8870133

E-mail

:

oriontsd@yahoo.com

mahmudul.bari@orion-group.net

Website

:

www.orionpharmabd.com

Date/ Year of Incorporation

:

21.06.1965

Incorporation No.

:

C-2376

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. 1, 709,410,912

Tk. 13, 333,035,117

Tk. 376, 568,810

31st December 2013

Tk. 1, 641,097,213

Tk. 14, 614,561,626

Tk. 333, 509,386

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. Samaresh Banik

Designation

:

Chief Financial Officer

Contract No

:

-

 

 

                                                               Locations Details

Operating Address

:

Orion House, 153-154 Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8870130, 01730333595

Fax No

:

88-02-8870133

E-mail

:

oriontsd@yahoo.com

mahmudul.bari@orion-group.net

Website

:

www.orionpharmabd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

5400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

Ö

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Orion House, 153-154 Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-8870130, 01730333595

Fax No

:

88-02-8870133

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

43300

Sq. ft.

 

Branches:

 

 

 

 

 

Address

:

Dhaka, Chittagong, Khulna, Comilla, Rajshahi, Bogra, Rangpur, Sylhet, Khulna, Barishal.

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

86

In Factory

:

2000

In Branch:

:

-

Total

:

2086

Details:

 

                    

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mr. Mohammad Obaidul Karim

35514000

Mr. Md. Salman Obaidul Karim

   9708960

Mr. Arzuda Karim

   8805600

Mrs. Hasina Begum

  14400000

Mrs. Zerin Karim

     6413040

Institutional

   56949480

Individual

 102208920

 

DIRECTORS

 

           Name

Designation

Mr. Mohammad Obaidul Karim

                            Managing Director

Mr. Md. Salman Obaidul Karim

Director

Mr. Arzuda Karim

Director

Mrs. Hasina Begum

Director

Mrs. Zerin Karim

Director

 

MANAGEMENT

 

Name

:

Mr. Samaresh Banik

Job Description

:

Chief Financial Officer

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Md. Ferdous Jaman

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Marketing

Ö

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Anticancer, Antibiotics, Cardiovascular Drugs

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

:

Europe

 

Imports

:

China, Germany, Taiwan, Thailand, Singapore, Italy, India, Malaysia

 

Brand Name

:

N/A

Certified

:

N/A

Auditors

:

SF Ahmed & Co

Chartered Accountants

House # 25, Road # 13A, Block # D, Banani, Dhaka-1213, Bangladesh

Operation Status

:

Active

Member

:

Dhaka Chamber of Commerce & Industry, Dhaka

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

Tk. 500 Crore

 

Paid-up Capital

:

Tk. 23, 40,000,000

    No. of Shares

:

234000000

Share Value

:

Tk.10.0Each

Main Assets

:

Tk. 14, 614,561,626

 

 

FINANCIAL STATEMENT- DETAILED

 

 

 

Balance Sheet :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st December

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income Statement :

 

  Currency

: Tk.

 

       Denomination

: 1

 

         Financial Year Ending

: 31st December

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Kohinoor Chemicals Company (BD) Limited

Orion Infusion Limited

Orion Trading House

Orion Power Company Limited

BON Consortium Power Company Limited

Aviation Management Services (BD) Limited

Accom Engineering Co. Limited

Belhasa Accom & Associates Limited

Bangladesh Aero Vision Limited

East West Airlines Limited

Accom Aviation Limited

Jaflong Tea Company Limited

Arab Contractors Limited

Agrabad Accom Consortium Limited

Green House Organis Firms Limited

Interior Accom Consortium Limited  

Subsidiary

:

Dutch Bangla Power & Associates Ltd.

Orion Biocare Limited

Orion Natural Care Ltd.

Associate

:

Orion Infrastructure Ltd.

Name of  The Group

:

Orion Group

 

 

BANKING

 

 

Bank Name  

:

Agrani Bank ltd.

Sonali Bank Ltd.

HSBC Bank

Social Islami bank Bangladesh Ltd.

Bank Asia Ltd.

Rupali Bank ltd.

Brac Bank 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 office which is situated at Orion House, 153-154 Tejgaon I/A, Dhaka-1208, Bangladesh. The subject company Chief Financial Officer Mr. Samaresh Banik given us all information. Is situated at Industrial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

Subject is Bangladesh’s leading Pharmaceuticals company engaged in Manufacturer & Marketing of General Drugs. The company exports their products all over the world.

We recommended that Credit can precede with favorable terms Large amount.

 

 

 

 

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.87

UK Pound

1

Rs.97.23

Euro

1

Rs.77.21

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

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.