MIRA INFORM REPORT

 

 

Report No. :

306730

Report Date :

09.02.2015

 

IDENTIFICATION DETAILS

 

Name :

ESSANTIAL DRUGS CO. LTD.

 

 

Registered Office :

Plot # 395-397, Tejgaon I/A, Dhaka-1208

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

10.08.1983

 

 

Com. Reg. No.:

C-10966

 

 

Legal Form :

Public (but not listed)

 

 

Line of Business :

Manufacturer and Distributor of All types of Pharmaceuticals Items

 

 

No of Employees :

3500

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Bangladesh

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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

:

Essantial Drugs Co. Ltd.

Head Office

:

Plot # 395-397, Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-9130036, 8118463, 8151080, 9130489-90

Fax No

:

88-02-8119697

E-mail

:

edcl@bttb.net.bd

Website

:

www.edcl.gov.bd

Date/ Year of Incorporation

:

10/08/1983

Incorporation No.

:

C-10966

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’ 12~June’ 13

BDT 3985.58 Million

BDT 4332.43  Million

BDT  351.06 Million

July’ 13~June’ 14

BDT 4361.70 Million

BDT 4597.50  Million

BDT 368.10 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

:

Ratan Kumar Bhakta

Designation

:

General Manager & Company Secretary

Contract No

:

-

 

 

                                                               Locations Details

 

Operating Address

:

Plot # 395-397, Tejgaon I/A, Dhaka-1208, Bangladesh.

Tel No

:

88-02-9130036, 8118463, 8151080, 9130489-90

Fax No

:

88-02-8119697

E-mail

:

edcl@bttb.net.bd

Website

:

www.edcl.gov.bd

 

Location :

: Owned

 

 

Rented

 

 

Leased

Ö

Area

8500

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

 

Retail shop

 

 

Industrial Park

Ö

     

 

Business Center

 

 

Home Office

 

     

 

Residential Bldg.

 

 

 

 

 

 

 

Factory-1:

 

 

 

 

 

Address

:

Plot # 395-397, Tejgaon Industrial Area, Dhaka-1208, Bangladesh.

Tel No

:

N/A

Fax No

:

N/A

 

Factory-2:

 

 

 

Address

:

Thanthania , Bogora 5800, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Factory-3:

 

 

Address

:

Gilatola Khulna-9202, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

Factory-4:

 

 

Address

:

Modhupur, Tangil 1900 Bangladesh

Tel No

:

N/A

Fax No

:

N/A

Factory-5:

 

 

 

 

 

Address

:

Ghonapara, Gopalgonj 8100, Bangladesh

Tel No

:

N/A

Fax No

:

N/A

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

49700

Sq. ft.

 

 

Branches:

 

 

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

380

In Factory

:

3120

In Branch:

:

-

Total

:

3500

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Dr. Jamaluddin Ahmed

100

Prof. A. K. M. Nurul Anwar

100

Dr. A. F. M. Ruhul Haque

100

Mr. Md. Humayun Kabir

100

Major General Md. Abul Kalam Azad

100

Prof. Dr. Khondhakar Md. Shafayaet Ullah

100

Brig Gen. Ahsan Kabir Khan

100

Dr. M. Kadrul Huda, Ph. D

100

Secretary, Ministry of Health & Family Welfare Govt. of Bangladesh

41699250

Mr. M. M. Neazuddin

100

 

 

Board of directors

 

Name

Designation

Mohammad Nasim

                    (Honourable Minister, Ministry of Health & Family Welfare)

Chairman

Prof. Dr. Ehsanul Kabir Jaglul

Managing Director

Md. Neazuddin Miah

                                  (Secretary,  Ministry of Health & Family Welfare)

Member

Md. Golam Kibriea

                                 (Director General, Director General of Drugs Admin)

Members

Khandoker Md. Shefayetullah

                          (Director General, Director General of Health Services)

Members

Nur- Hossain Talukdar

                           (Director General, Director General of Family Planning)

Members

Brig. Gen. Dr. Md. Abdus Shaid Khan

                          Director (Stores & Supply), Central Medical Stores Depot

Members

 

 

MANAGEMENT

 

Name

:

Prof. Dr. Ehsanul Kabir Jaglul

Job Description

:

Managing Director & CEO

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Abdullah AL Mamun

Job Description

:

Manager (Purchase)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Md. Nazrul Islam

Job Description

:

Dy. Manager(Plan & Procurement)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Ratan Kumar Bhakta

Job Description

:

General Manager & Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

 

Services

 

Others

 

 

 

Item Dealings In:

 

Products

:

All types of 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

 

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, Pakistan, Germany, America.

 

 

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

Huda Vasi Chowdhury & CO.

Chartered Accountant

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

 

Authorized Capital

:

BDT 2000 Million

 

Paid-up Capital

:

BDT 41,70,01,500

    No. of Shares

:

41700150

Share Value

:

BDT 10.00Each

Main Assets

:

BDT 4597.50  Million

 

 

 

 

 

 

 

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

 

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

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Nil

Subsidiary

:

N/A

Name of  The Group

:

Nil

 

 

BANKING

 

 

Bank Name  

:

Shahjalal Islami Bank Limited

Bank Address

:

Kawran Bazar Branch

13, Kazi Nazrul Islam Avenue

T. K. Bhaban (Ground Floor) Dhaka - 1215.

 

Bank Name  

:

Sonali Bank Limited

Bank Address

:

Tejgaon Industrial Area Branch

Tejgaon, Dhaka -1208.

 

Bank Name  

:

Prime Bank Limited

Bank Address

:

Banani Branch

House #62, Block #E

Kamal Ataturk Avenue, Banani

Dhaka -1213

 

Bank Name  

:

Agrani Bank Limited                                                                              

Bank Address

:

Thana Road Branch, Bogra

Bank Name  

:

Sonali Bank Limited

Bank Address

:

Thana Road Branch, Bogra

 

Bank Name  

:

Janata Bank Limited                                                                             

Bank Address

:

Cantonment Branch, Khulna

 

 

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 Plot # 395-397, Tejgaon I/A, Dhaka-1208, Bangladesh. It is situated at industrial area.

 

 

GENERAL COMMENTS

The subject company is engaged in manufacturer & Distributor. The subject company maintains acceptable business volume. As well as its financial condition, we recommend that Credit can precede with favorable terms Large amount.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 61.73

UK Pound

1

Rs. 94.65

Euro

1

Rs. 70.78

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.