MIRA INFORM REPORT

 

 

Report No. :

311970

Report Date :

17.03.2015

 

IDENTIFICATION DETAILS

 

Name :

UNITED CHEMICALS AND PHARMACEUTICALS LTD

 

 

Registered Office :

1954/A, C.D.A Avenue, East Nasirabad, Chittagong

 

 

Country :

Bangladesh 

 

 

Date of Incorporation :

09.07.2001

 

 

Com. Reg. No.:

CH-1190A

 

 

Legal Form :

Private Co

 

 

Line of Business :

Manufacturer, Importer and Distributor of Pharmaceutical Products

 

 

No. of Employee :

77

 

 

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 :

Slow but correct

 

 

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

 

 

 

EXECUTIVE SUMMARY

 

 

Order Date

:

10-03-2015

Order Ref. No

:

311970

IDENTIFICATION DETAILS

Correct company Name

:

United Chemicals and Pharmaceuticals Ltd

Head Office

:

1954/A, C.D.A Avenue, East Nasirabad, Chittagong, Bangladesh 

Tel No

:

88-031-650035

Fax No

:

N/A

E-mail

:

unitedcp@spctnct.net.

Website

:

Nil

Date/ Year of Incorporation

:

09/07/2001

Incorporation No.

:

CH-1190A

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

 

 

FINANCIALS- SUMMARY

 

      Year

Turnover/ Sales

 Assets

     Income

July’ 12~June’ 13

BDT 115 Million

BDT 69.50  Million

BDT 5.11  Million

July’ 13~June’ 14

BDT 139  Million

BDT 78.28  Million

BDT 8.30  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. Kollol Ray Chowdhury

Designation

:

Company Advisor

Contract No

:

88-01913519930

 

Locations Details

Operating Address

:

1954/A, C.D.A Avenue, East Nasirabad, Chittagong, Bangladesh 

Tel No

:

88-031-650035

Fax No

:

N/A

E-mail

:

unitedcp@spctnct.net.

Website

:

Nil

 

Location :

: Owned

 

Rented

Ö

 

Leased

 

Area

1400

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

:

33/E, FIDC Road, Kalurghat, Chittagong, Bangladesh

Tel No

:

88-02-670675,654165

Fax No

:

Nil

 

Location :

   Owned

 

 

Rented

 

 

Leased

Ö

Area

35,000

Sq. ft.

 

Branches:

 

 

Address

:

Nil

Tel No

:

N/A

Fax No

:

N/A

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

7

In Factory

:

70

In Branch:

:

 

Total

:

77

Details:

 

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

 No. of Share

TaslimUddinChowdhury

                            1064578

Dr. M. RamizUddinChowdhury

                            1065426

JasimUddinChowdhury

                             1065200

ShahanaAkhterJahanChowdhury

                             7192

YasminAkhterChowdhury

                             6570

ShahidaKhanamChowdhury

                             6345

ApareshCastgir

                             33869

AlakaCastgir

                             2000

 

 

DIRECTORS

 

Name

Designation

Dr. M. RamizUddinChowdhury

Managing Director

TaslimUddinChowdhury

Director

JasimUddinChowdhury

Director

ShahanaAkhterJahanChowdhury

Director

YasminAkhterChowdhury

Director

ShahidaKhanamChowdhury

Director

 

 

MANAGEMENT

 

Name

:

Mr. Kollol Ray Chowdhury

Job Description

:

Company Advisor

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

88-031-654165

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

 

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Pharmaceutical Products

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

:

India, China

 

Brand Name

:

Nil

Certified

:

Nil

Auditors

:

Nil

Operation Status

:

Active

Member

:

N/A

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 50Million

 

Paid-up Capital

:

BDT 32511800

No. of Shares

:3251180

Share Value

:

BDT10.00Each

Main Assets

:

BDT78.28  Million

 

 

 

 

 

FINANCIAL STATEMENT- DETAILED

 

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

 

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

N/A

Subsidiary

:

Nil

Name of  The Group

:

N/A

 

 

BANKING

 

Bank Name  

:

Islami Bank Bangladesh Ltd.

 

Bank Address

:

CDA Avenue

Ctg. Shopping Complex, CDA Avenue,

Chittagong, Bangladesh

Phone: (031) 2551599

 

 

 

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 at1954/A, C.D.A Avenue, East Nasirabad, Chittagong, Bangladesh. It is Situated at Commercial area.

 

 

GENERAL COMMENTS

 

The subject company is engaged in manufacturer & Distributor. The subject company maintains acceptable business volume. Based on the financial statements, SC’s financial performance appears to be Fair.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.82

UK Pound

1

Rs.92.82

Euro

1

Rs.66.17

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.