MIRA INFORM REPORT
|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
R.A.K.
PHARMACEUTICALS PVT. LTD. |
|
|
|
|
Registered Office : |
R A K Tower (10th Floor), Plot # 1/A, Jasimuddin Avenue,
Sector # 3, Uttara, Dhaka-1230 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
29.06.2005 |
|
|
|
|
Com. Reg. No.: |
C-57891 |
|
|
|
|
Legal Form : |
Private Company |
|
|
|
|
Line of Business : |
Manufacture and Exporter of Pharmaceuticals
Items. |
|
|
|
|
No. of Employees : |
950 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
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 |
EXECUTIVE
SUMMARY
|
IDENTIFICATION DETAILS |
||
|
|
||
|
Correct company Name |
: |
R.A.K. Pharmaceuticals Pvt. Ltd. |
|
Head Office |
: |
R A K Tower (10th Floor), Plot # 1/A, Jasimuddin Avenue, Sector
# 3, Uttara, Dhaka-1230, Bangladesh. |
|
Tel No |
: |
88-02-8963772, 8958319 |
|
Fax No |
: |
88-02-8923255 |
|
E-mail |
: |
hrm@rakpharma.com info@rakpharma.com |
|
Website |
: |
www.rakpharma.com |
|
Date/ Year of Incorporation |
: |
29.06.2005 |
|
Incorporation No. |
: |
C-57891 |
|
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. 365,
517,294 |
Tk. 982,
643, 813 |
Tk. 172,
235,274 |
|
31st December’2013 |
Tk. 444,
371,710 |
Tk. 874,
776,915 |
Tk. 240,
998,390 |
|
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. Md. Moinuddin |
|
Designation |
: |
Commercial In
Charge (Import) |
|
Contract No |
: |
- |
|
Locations Details |
||
|
Operating Address |
: |
R A K Tower (10th Floor), Plot # 1/A, Jasimuddin Avenue, Sector # 3,
Uttara, Dhaka-1230, Bangladesh. |
|
Tel No |
: |
88-02-8963772, 8958319 |
|
Fax No |
: |
88-02-8923255 |
|
E-mail |
: |
hrm@rakpharma.com info@rakpharma.com |
|
Website |
: |
www.rakpharma.com |
|
Location : |
: Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
5500 |
Sq. ft. |
|
Type of
Office : |
:
Commercial Office Bldg. |
|
|
Semi-commercial office Bldg. |
|
|
|
Retail shop |
|
|
Industrial Park |
|
|
|
|
Business Center |
|
|
Home Office |
|
|
|
|
Residential Bldg. |
Ö |
|
|
|
|
|
Factory: |
|
|
|
Address |
: |
Vill- Faridpur, PS- Sreepur, Dist- Gazipur,
Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
5.4 |
Acores |
|
Branches: |
|
|
|
Address |
: |
Nil |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Employee: |
|
||||||
|
|
|
||||||
|
No. of Employees |
In Office |
: |
20 |
In Factory |
: |
930 |
|
|
In Branch: |
: |
- |
Total |
: |
950 |
||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of
Share |
|
Mr. Dr. Khater Massaad |
25769480 |
|
Mr. Syed A. K. Anwaruzzaman |
4685360 |
|
Mr. S.A.K. Ekramuzzaman |
14056080 |
|
Mr. Mohd. Amir Hossain |
2342680 |
|
Mr. Muzammal Hoque |
50 |
DIRECTORS
|
Name |
Designation |
|
Mr. Dr. Khater Massaad |
Chairman |
|
Mr. Syed A. K. Anwaruzzaman |
Managing Director |
|
Mr. S.A.K. Ekramuzzaman |
Director |
|
Mr. Mohd. Amir Hossain |
Director |
|
Mr. Muzammal Hoque |
Director |
MANAGEMENT
|
Name |
: |
Mr. Md. Moinuddin |
|
Job Description |
: |
Commercial In
charge (Import) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
|
|
|
Name |
: |
Mr. Md. Syed Mohiuddin |
|
Job Description |
: |
Asst. Commercial |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Johirul Chowdhury |
|
Job Description |
: |
Senior Commercial Manager (Plan) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS
OPERATIONS
|
Nature of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
|
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
|
Services |
|
Others |
|
|
Range of Products: |
||
|
Products |
: |
Pharmaceuticals Items. |
|
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 |
Ö |
Cash |
|
Others |
|
|
|||
|
|
Credit : |
|
30 days |
|
60 days |
Ö |
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 |
|
|||||
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Imports |
: |
China, India, Japan |
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|||||||
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|
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|||||||||
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Brand Name |
: |
N/A |
||||||||
|
Certified |
: |
N/A |
||||||||
|
Auditors |
: |
M/S K. M. Hasan & Company Chartered Accounts |
||||||||
|
Operation Status |
: |
Active |
||||||||
|
Member |
: |
Dhaka Chamber of Commerce & Industry,
Dhaka |
||||||||
CAPITAL
STRUCTURE
|
Authorized Capital |
: |
Tk. 150
Crore |
|
||||||
|
Paid-up Capital |
: |
Tk.46, 85,
36,500 |
No. of
Shares |
: |
46, 85,
36,50 |
Share Value |
: |
Tk.10 Each |
|
|
Main Assets |
: |
Tk. 874,
776,915 |
|
||||||
FINANCIAL
STATEMENT- DETAILED
|
Balance Sheet : |
||
|
|
Currency |
: Tk. |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st December’2013 |
|
Income Statement : |
||
|
|
Currency |
: Tk. |
|
|
Denomination |
: 1 |
|
|
Financial Year Ending |
: 31st December’2013 |
ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Sister Concerns |
: |
RAK Ceramics (Bangladesh) Ltd. RAK Pharmaceuticals Pvt. Ltd. RAK Power Pvt. Ltd. Rakeen Development Company (BD) Pvt. Ltd.
RAK Paints Pvt. Ltd. RAK-MOSFLY (Bangladesh) Pvt. Ltd. RAK Security & Services (Pvt.) Ltd. RAK Airways RAK Piling Bangladesh Pvt. Ltd. RAK Capital Limited RAK Food & Beverage Pvt. Ltd. Classic Porcelain Pvt. Ltd. |
|
Subsidiary |
: |
Nil |
|
Name of The Group |
: |
RAK Group
|
BANKING
|
Bank Name
|
: |
Hong Kong
Shanghai Banking Corporation |
|
Bank Address |
: |
Motijheel Branch, Adamjee Court Annex Building -2, 119-120,
Motijheel C/A, Dhaka-1000 Phone: (02) 7175491-2, 9567225,9562982 Email: pblmotijheel@primebank.com.bd Fax: 88-02-9567223 Swift: PRBLBDDH001 |
|
|
||
|
Bank Name
|
: |
Eastern Bank Ltd. |
|
Bank Address |
: |
Motijheel Branch, 88 Motijheel C/A, Dhaka Phone:02 9559655, 9565073-4 Fax:02 9565074 Email: motijheel@ebl-bd.com |
|
Bank Name
|
: |
Southeast Bank Ltd.
|
|
Bank Address |
: |
Motijheel Branch, 125, Motijheel C/A, (1st Floor), Thana -
Motijheel, Dhaka - 1000 Phone: 9567286, 9567202, 9567303, 9567262 Fax: 88 - 02 - 9567701 Swift: SEBDBDDHMIB Routing No: 205274336 Locker: No Mr.Mahfuzur Rahman Khan Executive Vice President |
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 R A K Tower (10th Floor), Plot # 1/A,
Jasimuddin Avenue, Sector # 3, Uttara, Dhaka-1230, Bangladesh. The subject
company Commercial In Charge (Import) Mr. Md. Moinuddin given us all
information. Is situated at Residential area which is a well decorated modern
office. |
GENERAL
COMMENTS
|
Subject is mainly engaged in Manufacturer
& Exporter 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. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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.