MIRA INFORM REPORT

Report No. :	311412
Report Date :	12.03.2015

IDENTIFICATION DETAILS

Name :	SILCO PHARMACEUTICALS LTD.
Registered Office :	Nurani-41, Bankolapara, Subidbazar, Sylhet-3100
Country :	Bangladesh
Date of Incorporation :	06.01.1995
Com. Reg. No.:	C-27781
Legal Form :	Private Co
Line of Business :	Manufacturer & Distributor of Tablet Capsule, Powder for Suspension, Topical Preparation
No. of Employee :	350

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 :	Satisfactory
Payment Behaviour :	No complaints
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Bangladesh	B2	B2

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	:	SILCO PHARMACEUTICALS LTD.
Head Office	:	Nurani-41, Bankolapara, Subidbazar, Sylhet-3100, Bangladesh.
Tel No	:	88-0821-710914,722241, 728512
Fax No	:	Nil
E-mail	:	silco.sylhet@gmail.com, info@silcopharma.com
Website	:	www.silcopharma.com
Date/ Year of Incorporation	:	06/01/1995
Incorporation No.	:	C-27781
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 438 Million	BDT 84.05 Million	BDT 37.47 Million
July’ 13~June’ 14	BDT 591 Million	BDT 115.30 Million	BDT 30.14 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. Shifuzzaman Chowdhury
Designation	:	Officer (Commercial & Admin)
Contract No	:	88-01710447350

Locations Details
Operating Address	:	Nurani-41, Bankolapara, Subidbazar, Sylhet-3100, Bangladesh.
Tel No	:	88-0821-710914,722241, 728512
Fax No	:	Nil
E-mail	:	silco.sylhet@gmail.com, info@silcopharma.com
Website	:	www.silcopharma.com

Location :

: Owned

Rented

Ö

Leased

Area

2400

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	:	BSCIC Industrial Estate Khadimnagar, Sylhet, Bangladesh
Tel No	:	88-0821-2870448
Fax No	:	Nil

Location :

Owned

Rented

Leased

Ö

Area

50,000

Sq. ft.

Branches:
Address	:	Nil
Tel No	:	Nil
Fax No	:	Nil

Employee:
No. of Employees	In Office	:	30	In Factory	:	320
	In Branch:	:	-	Total	:	350
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Prof. Dr. A.K.M Hafiz	1000
Dr. Md. Badrul Haque Rukan	1000
Prof. Dr. Md. Abdus Sabur	1000
Dr. Azizur Rahman	1000
Dr. Mohammad Afzal	1000
Dr. Monzurul Hoque Chy.	1000
Dr. Md. Zakaria (Manik)	1000
Dr. Mahmudul Majid Chy.	1000
Dr. Md. Harunur Rashid	1000
Prof. Dr. A.T.M.A. Jalil	1000
Miss. Ishrat Laila	1000
Prof. Dr. Md. Manajjir Ali	1000
Dr. Md. Moseh Uddin Chy.	1000
Dr. M.S. Rahman	1000
Prof. Dr. Md. Ismail Patwary	1000
Dr. Moyeen Uddin Ahmed	1000
Mrs. Roma Rani Das Gupta	1000
Dr. Faruque Uddin	1000
Dr. Monirul Islam Shohag	1000
Mrs. Shaheda Chowdhury	1000
Mrs. Nahid Ahmed	1000
Mrs Syeda Rahima Begum	1000
Prof. Dr. Faisal Ahmed	1000
Dr. Faruque Ahmed Chy.	1000
Prof. Dr. Md. Rezaul Karim	1000
Chowdhury Asma	1000
Dr. Shafiul Azam	1000
Prof. Dr. Md. Abdus Salam	1000
Dr. Tanmoy Bhattacharjee	1000
Dr. Rasheda Chowdhury	1000
Dr. Mosfique Hussain Chy.	1000
Mrs. Afifa Begum	1000
Dr. Mufazzil Hussain	1000
Dr. Abu Muhit Chowdhury	1000
Dr. Dilip Kumar Roy	1000
Prof. Dr. Prodyot Kumar Bhattacharyya	1000
Mrs. Shahana Parvin	1000
Prof. Md. Nurul Ambia Chy.	1000
Dr. Siddharta Paul	1000
Dr. Anwara Khatun	1000
Mrs. Farida Yeasmin	1000
Dr. S.M. Abul Lais	100
Dr. Farhat Mohal	100
Prof. Dr. Shamsun Nahar Begum Hena	100
Dr. Moinul Islam Rajkhan	100
Dr.Md. Nasir Uddin Bhuiyan	100
Mrs. Nurjahan Begum	100
Dr. Safir Uddin Ahmed	100
Mrs. Purnima Roy	100
Dr. Digendra Chandra Nath	100
Dr. Sudhendu Bikash Das	100
Dr. Madhabi Rani Deb	100
Dr. Bidith Ranjan Dab	100
Dr. Md. Abul Kalam	100
Prof. Dr. Md. Ruhul Amin	200
Mrs. Kaniz Fatema Chowdhury	100
Mrs. Kazi Nazma Akther	100
Dr. Mashuqur Rahman Chowdhury	100
Mrs. Shamima Rasul	100
Mrs. Shahzia Parvin Sami	100
Dr. Faiz Ahmed Chowdhury	100
Dr. Md. Khalesul Hasan	100
Dr. Md. Mohibur Rahman Khan	100
Dr. Md. Mohibur Rahman	100
Syeda Sha Banu Luba Ferdousi	100
Dr. Md. Abdul Hannan	100
Dr. Md. Sanur Ali (Mamun)	100
Dr. Shameem Anwarul Haque	100
Dr. Dilshad Parveen	100
Mrs. Jahanara Begum	100
Dr. Jyotirmay Dutta	100
Mrs. Lucky Rani Sarker	100
Dr. Rezina Mustarin	100
Dr. Naima Akther	100
Dr. Musfique Ahmed Chowdhury	100
Mrs. Mita Dey	100
Mrs. Laila Chowdhury	100
Mrs. Jamila Akther Lasker	100
Dr. Hamida Begum	100
Mrs.Rahima Jahan Mitu	100
Syeda Sharmin Sarwar	100
Dr. Syed Shahidul Islam	100
Dr. Rasendra Kumar Talukder	100
Dr. Ashutosh Das	100
Dr. Sirajul Islam Khan	100
Dr. Farzana Banu	100
Dr. Syed Burhan Uddin Ahmed	10
Mrs. Rebeka Sultan	100
Mrs. Tandra Das	100
Dr. Harunur Rashid	100
Dr. Md. Mojammel Hossain	100
Dr. Sushil Kumar Sinha	100
Dr. Aminur Rahman Lasker	1000

DIRECTORS

Name	Designation
Dr. Md. Badrul Haque Rukan	Chairman & Managing Director
Prof. Dr. A.K.M Hafiz	Directors
Prof. Dr. Md. Abdus Sabur	Director
Dr. Azizur Rahman	Director
Dr. Mohammad Afzal	Director
Prof. Dr. A.T.M.A. Jalil	Director
Miss. Ishrat Laila	Director
Dr. Moyeen Uddin Ahmed	Director
Mrs. Roma Rani Das Gupta	Director
Dr. Monirul Islam Shohag	Director
Mrs. Shaheda Chowdhury	Director
Mrs. Nahid Ahmed Islam	Director
Dr. Faruque Ahmed	Director
Prof. Dr. Md. Abdus Salam	Director
Dr. Rasheda Chowdhury Rahman	Director
Dr. Mosfique Hussain Chy.	Director
Mrs. Afifa Begum	Director
Dr. Mufazzil Hussain Safa	Director
Prof. Dr. Prodyot Kumar Bhattacharyya	Director
Mrs. Shahana Parvin	Director
Prof. Md. Nurul Ambia Chy.	Director
Dr. Siddharta Paul	Director
Dr. Anwara Khatun	Director
Mrs. Farida Yeasmin	Director

MANAGEMENT

Name	:	Mr. Shifuzzaman Chowdhury
Job Description	:	Officer (Commercial & Admin)
Nationality	:	Bangladeshi.
Email address	:	N/A
Contract No	:	88-01710447350

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö		Trader	Dealer	Distributor	Ö
	Exporter		Importer		Services	Others

Range of Products:
Products	:	Tablet Capsule, Powder for Suspension, Topical Preparation
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, Germany
Brand Name			:	Nil
Certified			:	ISO 9001:2008
Auditors			:	N/A
Operation Status			:	Active
Member			:	N/A

CAPITAL STRUCTURE

Authorized Capital	:	BDT 100 Million
Paid-up Capital	:	BDT 4,71,10,000	No. of Shares	:	47,110	Share Value	:	BDT 1000.0Each
Main Assets	:	BDT 115.30 Million

FINANCIAL STATEMENT- DETAILED

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

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

Sister Concerns	:	Nil
Subsidiary	:	N/A
Name of The Group	:	Nil

BANKING

Bank Name	:	Standard Bank Limited.
Bank Address	:	Sylhet Branch. 7 Noya Sharak, Jail Road, Ward # 16, Sylhet, Bangladesh
Bank Name	:	Basic Bank Ltd.
Bank Address	:	Zindabazar Branch Wahid View (1st floor) 5477 East Zindabazar, Sylhet-3100, Bangladesh Tel: 88-0821-718462, Fax: 88-0821-712548 SWIFT: BKSIBDDH026

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 Factory which is situated at BSCIC Industrial Estate Khadimnagar, Sylhet, Bangladesh. It is situated at Industrial area.

GENERAL COMMENTS

The subject company is engaged in manufacturer & Distributor. It is reputed company in this line of business. We recommended that Credit can proceed normally in Moderate amount.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.75
UK Pound	1	Rs.94.60
Euro	1	Rs.67.10

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	SDA

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.