MIRA INFORM REPORT
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Report No. : |
344727 |
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Report Date : |
12.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SQUARE FORMULATIONS LTD. |
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Registered Office : |
Square Centre, 48, Mohakhali C/A, Dhaka-1212 |
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Country : |
Bangladesh |
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Financial As on : |
31.03.2014 |
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Date of Incorporation : |
21.11.2011 |
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Com. Reg. No.: |
C-97104 |
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Legal Form : |
Private Co |
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Line of Business : |
Manufacturer and Distributor of HFA based bulk solution/suspension of MDI (Metered Dose Inhaler) products. |
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No. of Employee
: |
65 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Bangladesh |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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, accounted for more than 80% of total exports and surpassed $18 billion in 2014. 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 $14 billion and 8% of GDP in 2014 - are the largest contributors to Bangladesh’s current account surplus and rising foreign exchange holdings.
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Source
: CIA |
IDENTIFICATION DETAILS
|
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|
Correct company Name |
: |
Square Formulations Ltd. |
|
Head Office |
: |
Square Centre, 48, Mohakhali C/A, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88-02-8833047-56, 9859007 (10 lines) |
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Fax No |
: |
88-02-8828768,8828609 |
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E-mail |
: |
info@squarefarma.com.bd |
|
Website |
: |
Nil |
|
Date/ Year of Incorporation |
: |
21.11.2011 |
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Incorporation No. |
: |
C-97104 |
|
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 |
|
31-03-2013 |
N/A |
BDT 1,366,594,245 |
N/A |
|
31-03-2014 |
N/A |
BDT 2,722,852,626 |
N/A |
|
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 |
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FULLCHECK
REPORT DETAILS
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Information Parted By |
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Name |
: |
Mr.
KhandakerHabibuzzaman. |
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Designation |
: |
Company Secretary. |
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Contract No |
: |
Nil |
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Locations Details |
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|
Operating Address |
: |
Square Centre, 48, Mohakhali C/A, Dhaka-1212, Bangladesh. |
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Tel No |
: |
88- 8833047-56, 9859007 (10 lines) |
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Fax No |
: |
88-02-8828768,8828609 |
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E-mail |
: |
info@squarefarma.com.bd |
|
Website |
: |
Nil |
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Location : |
: Owned |
Ö |
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Rented |
|
|
Leased |
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Area |
2500 |
Sq. ft. |
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Type of Office : |
:
Commercial Office Bldg. |
Ö |
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Semi-commercial
office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
Mirzapur, Tangail, Bangladesh |
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Tel No |
: |
88-02-092163488, 53488 |
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Fax No |
: |
Nil |
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Owned |
Ö |
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Rented |
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Leased |
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Area |
1.5 |
Acores |
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Branches: |
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Address |
: |
Mascot Plaza (11-12th Floor) Plot-107/A,
Sector-7, Uttara, Dhaka-1230, Bangladesh.
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Tel No |
: |
88-02-8963227, 8951101 |
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Fax No |
: |
88-02-8952652 |
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Employee: |
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No. of Employees |
In Office |
: |
8 |
In Factory |
: |
57 |
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In Branch: |
: |
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Total |
: |
65 |
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Details: |
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OWNERSHIP/SHAREHOLDERS
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Names of
Shareholders |
No. of Share |
|
Mr. Samson H Chowdhury |
1000 |
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Mr. TapanChowdhury |
1000 |
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Mrs. RatnaPatra |
1000 |
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Mr. AnjanChowdhury |
1000 |
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Square Pharmaceuticals Ltd. |
995000 |
DIRECTORS
|
Name |
Designation |
|
Mr. Samuel S Chowdhury |
Chairman & Managing Director |
|
Mr. TapanChowdhury |
Director |
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Mr. AnjanChowdhury |
Director |
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Mrs. RatnaPatra |
Director |
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Mr. M Sekander Ali |
Director |
MANAGEMENT
|
Name |
: |
Mr.
KhandakerHabibuzzaman. |
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Job Description |
: |
Company
Secretary. |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
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Name |
: |
Mr. Anjan Kumar Paul. |
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Job Description |
: |
Head of Human Resources. |
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Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
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Other details |
: |
N/A |
BUSINESS
OPERATIONS
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Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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|||||||
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Exporter |
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Importer |
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Services |
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Others |
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Range of
Products: |
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Products |
: |
HFA based bulk solution/suspension of MDI
(Metered Dose Inhaler) products. |
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Production Capacity |
: |
N/A |
|
Last Year
Production |
: |
N/A |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
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Others |
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|||
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
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Selling Terms : |
L/C |
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Cash |
Ö |
Others |
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|||
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Credit : |
Ö |
30 days |
|
60 days |
|
90 days |
|
|
days |
DETAILED
DATA
|
Trade Reference
& Related Parties |
: |
Overseas Clients |
: |
N/A |
Local Clients |
: |
N/A |
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Overseas Suppliers |
: |
N/A |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
N/A |
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Imports |
: |
China, India. |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
N/A |
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Operation Status |
: |
Active. |
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|
Member |
: |
N/A |
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CAPITAL
STRUCTURE
|
Authorized
Capital |
: |
BDT 99900000 |
|
||||||
|
Paid-up Capital |
: |
BDT 99900000 |
No.
of Shares |
: |
999000 |
ShareValue
|
: |
BDT 100.0Each |
|
|
Main Assets |
: |
BDT
2,722,852,626 |
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FINANCIAL
STATEMENT- DETAILED
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Balance Sheet : |
||
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Currency |
:BDT |
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Denomination |
: 1 |
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Financial Year Ending |
:31 March |
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Statement of
Cash Flows: |
||
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Currency |
:BDT
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|
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Denomination |
:
1 |
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Financial Year Ending |
:31
March |
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ASSOCIARES/SUBSIDIARIES/
RELATED PARTIES
|
Sister Concerns |
: |
Squre Yarns Ltd. Unitrend Limited Square Fashion Ltd. Square Air Limited Mediacom Limited Square Textiles Ltd. Square Hospitals Ltd. Square Spinning Ltd. Square InformatiX Ltd. Square Knit fabrics Ltd. Square Toiletries Limited Square Cephalosporins Ltd. Square Consumer Products Ltd. Square Herbal and Nutraceuticals Ltd. Square Agro Development and Processing Ltd |
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Name of Mother Company |
: |
Square Pharmaceuticals Limited |
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Name of The Group |
: |
Square Group. |
BANKING
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Bank Name
|
: |
Janata Bank Ltd. |
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Bank Address |
: |
Dilkusha Branch. 1, Dilkusha C.A, Dhaka |
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Bank Name
|
: |
Citibank N.A |
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Bank Address |
: |
Gulshan Branch. 109, Gulshan Avenue, Gulshan, Dhaka |
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Bank Name
|
: |
Standard Chartered Bank. |
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Bank Address |
: |
Gulshan Branch. 67, Gulshan Avenue, Gulshan, Dhaka |
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Bank Name
|
: |
HSBC
|
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Bank Address |
: |
Shanta Western Tower, 186 BirUttam Mir Shawkat Ali Road Tejgaon I.A, Dhaka |
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Bank Name
|
: |
Commercial Bank of Ceylon Ltd |
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Bank Address |
: |
Dilkusha Branch. 2, Dilkusha, C.A, Dhaka |
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Bank Name
|
: |
Eastern Bank Ltd. |
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Bank Address |
: |
Gulshan Branch. 31, North C.A, Gulshan Circle-2, Dhaka |
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Bank Name
|
: |
Prime Bank Ltd. |
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Bank Address |
: |
Mohakhali Branch. 69, Mohakhali C.A, Dhaka |
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Bank Name
|
: |
Bank Alfalah Ltd. |
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Bank Address |
: |
Motijheel Branch. 5, Rajuk Avenue, Motijheel, Dhaka |
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Bank Name
|
: |
ShahjalalIslami Bank Ltd. |
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Bank Address |
: |
Gulshan Branch. House-6, Road-32, Gulshan Avenue, Dhaka |
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Bank Name
|
: |
Trust Bank Ltd. |
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Bank Address |
: |
Gulshan Branch. 110, Gulshan Avenue, Dhaka |
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Bank Name
|
: |
Bank Asia Ltd. |
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Bank Address |
: |
Mohakhali Branch. 82, Mohakhali C.A, Dhaka |
ADVERSE
DATA MONITORING
|
Dishonored Checks |
:
|
No Record Found |
|
Debt |
: |
No Record Found |
|
Litigation |
: |
Clear |
|
Performance Defaults |
: |
No Record Found |
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Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record Found |
SITE
VISIT COMMENTARY
|
Our Representative Visited the subject company address at Square
Centre, 48, Mohakhali C/A, Dhaka-1212, Bangladesh.. Its office is decorated
by western furniture. |
GENERAL
COMMENTS
|
The subject company engaged in Manufacturer & Distributors which commercial
production was not more than one year. SC’s try to establish the company in
good faith. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.78 |
|
|
1 |
Rs.99.54 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.