MIRA INFORM REPORT

 

 

Report No. :

309712

Report Date :

27.02.2015

 

IDENTIFICATION DETAILS

 

Name :

NUVISTA PHARMA LTD.

 

 

Formerly Known As :

ORGANON (BANGLADESH) LTD.

 

 

Registered Office :

Mascot Plaza (8th Floor), 107/A, Sonargaon Janapath, Sector# 7, Uttara,  Dhaka-1230

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

17.02.1973

 

 

Com. Reg. No.:

C-4096

 

 

Legal Form :

Public (but not listed) 

 

 

Line of Business :

Manufacturer and Distributor of Tablets, Capsules and Injections.

 

 

No. of Employees :

450

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

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

 

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

:

Nuvista Pharma Ltd.

Company Previous  Name

:

Organon (Bangladesh) Ltd.

Head Office

:

Mascot Plaza (8th Floor), 107/A, Sonargaon Janapath, Sector# 7, Uttara,

Dhaka-1230, Bangladesh.

Tel No

:

88-02-891 9811

Fax No

:

88-02-891 5797

E-mail

:

headoffice@nuvista.com.bd, akhter.chaudhury@nuvista.com.bd

Website

:

Nil

Date/ Year of Incorporation

:

17.02.1973

Incorporation No.

:

C-4096

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, 2013

BDT 580  Million

BDT 1434.53  Million

BDT  26.67  Million

31st  December, 2014

BDT 672  Million

BDT 1459.50  Million

BDT 36.96  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

:

Mr. Luthful Haque

Designation

:

Manager (Procurement)

Contract No

:

-

 

 

                                                               Locations Details

Operating Address

:

Mascot Plaza (8th Floor), 107/A, Sonargaon Janapath, Sector# 7, Uttara,

Dhaka-1230, Bangladesh.

Tel No

:

88-02-891 9811

Fax No

:

88-02-891 5797

E-mail

:

headoffice@nuvista.com.bd, akhter.chaudhury@nuvista.com.bd

Website

:

Nil

 

Location :

: Owned

Ö

 

Rented

Ö

 

Leased

 

Area

6400

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

Ö

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

 

 

 

 

 

 

Factory:

 

 

Address

:

97-98, Tongi I/A, Gazipur, Bangladesh.

Tel No

:

88-02-980 2387

Fax No

:

88-02-980 2387

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

120,000

Sq. ft.

 

Branches:

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

150

In Factory

:

300

In Branch:

:

-

Total

:

450

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

         Names of Shareholders

                      No. of Share     

Mrs. Syeda Farida Ahmed        

4740

Mrs. Fahmida Nizam Quarshi     

790

Mr. Bakhtiar Rafique Nizam         

1520

Mr. Alhaj Mozaharul Hoque Chowdhury    

36000

Mrs. Ambia Khatun (Deceased)  

710

Mr. Md. Mohsin (Deceased)        

680

Mr. Md. Nazmul Haque Mian     

680

Mr. Md. Hasan  

680

Mr. Md. Hossain

680

Mr. Md. Yasin Saleem    

680

Mr. Md. Narul Hasan       

680

Mrs. Jahanara Begum     

2100

Mrs. Monowara Begum               

680

Mr. Mahmudduzzaman Khan       

48120

Dr. A. R. Khan (Deceased)                    

2190

Mrs. Anwara Begum (Deceased)             

3750

Mr. Humayun Mozher Chowdhury            

1320

Mr. Raad Nizam                          

9120

Govt. of Bangladesh      

126550

Mr. Kanai Lal Saha                               

613345

Mr. Asif Ahmed              

613345

Mrs. Anwara Nizam (Deceased)  

1670

Messrs Meah & Co. Ltd.             

3750

Mr. Ahmed Raihan Nizam          

9120

Mr. Obaidur Rashid Ahmed Rasul Nizam ( Deceased) 

1520

Mr. Akther Matin Chaudhury        

3144565

Mr. Rahbar A. Anwar       

613345

 

 

DIRECTORS

 

Name

Designation

Akhter Matin Chaudhury

Chairman

Mr. Kanai Lal Saha

Director

Mr. Asif Ahmed

Director

Mr. G. M. Jainal Abedin Bhuiya (Govt. Representative)

Director

Mr. Rahbar A. Anwar

Director

 

 

MANAGEMENT

 

Name

:

Mr. Luthful Haque

Job Description

:

Manager (Procurement)

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

 

Name

:

Mr. Abu Zafar

Job Description

:

officer (Commercial)

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

 

 

 

Range of Products

 

Products

:

Tablets, Capsules and Injections.

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

 

Imports

:

China, India

 

Brand Name

:

Nil

Certified

:

N/A

Auditors

:

N/A

Operation Status

:

Active

Member

:

N/A

 

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 52423300

    No. of Shares

:

52,42,330

Share Value

:

BDT 10.00Each

Main Assets

:

BDT 1459.50  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

:

Nil

Name of  The Group

:

Nil

 

 

BANKING

 

Bank Name  

:

The City Bank Ltd

Bank Address

:

Motijheel Branch

Chamber Bhaban 65-06

Motijheel C/A, Dhaka-l000

Phone: 9563897 9571

 

Bank Name  

:

Brack Bank Ltd

Bank Address

:

Motijheel Branch

107, Motijheel C/A, Dhaka

Phone:88-02- 9550307, 9550382, 9562567

Fax: 88-02 7190374

 

 

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 Mascot Plaza (8th Floor), 107/A, Sonargaon Janapath, Sector# 7, Uttara, Dhaka-1230, Bangladesh. The subject company Procurement Manager Mr. Luthful Haque given us all information. Is situated at Semi-commercial area which is a well decorated modern office.

 

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer & Distributor. It is reputed company in this line of business.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.94

UK Pound

1

Rs.96.24

Euro

1

Rs.70.38

 

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%)

 

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.