3decades

MIRA INFORM REPORT

Report No. :	491569
Report Date :	15.02.2018

IDENTIFICATION DETAILS

Name :	ASIATIC LABORATORIES LTD.

Registered Office :	Treasure Island (5^th Floor), 42-43 Siddeshwari Circular Road, Shantinagar, Dhaka-1217

Country :	Bangladesh

Date of Incorporation :	25.07.1970

Com. Reg. No.:	C – 3472

Legal Form :	Private Company

Line of Business :	Manufacturer, Distributor and Importer of Tablets, Coated tables (aqueous, organic & enteric coating), and Capsules, Syrup and suspension, Gel, Ointment and cream.

No. of Employees :	708

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

Credit Rating

Explanation

Rating Comments

Acceptable Risk

Business dealings permissible with moderate risk of default

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

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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 were on track to again surpass $25 billion in 2017. The sector continues to grow, despite the need for improvements in factory working conditions to avert further high-profile accidents that have killed more than 1,000 workers in recent years. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $13 billion and 6% of GDP in 2016 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

The recent influx of hundreds of millions of additional refugees from Burma will place pressure on the Bangladeshi government’s budget and the country’s rice supplies, which declined in 2017 in part because of adverse weather.

Source : CIA

Company name

ASIATIC LABORATORIES LTD.

EXECUTIVE SUMMARY

*IDENTIFICATION DETAILS*
Correct company Name	:	Asiatic Laboratories Ltd.
Head Office	:	Treasure Island (5^th Floor), 42-43 Siddeshwari Circular Road, Shantinagar, Dhaka-1217, Bangladesh.
Tel No	:	88-02-8317908, 8312342
Fax No	:	88-02-8311633
E-mail	:	info@asiaticpharma.com
Website	:	www.asiaticpharma.com
Date/ Year of Incorporation	:	25.07.1970
Incorporation No.	:	C-3472
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
30^th June’2016	BDT 422 Million	BDT 187.20 Million	BDT 31.36 Million
30^th June’2017	BDT 546 Million	BDT 214.47 Million	BDT 39.60 Million

FULLCHECK REPORT DETAILS

*Information Parted By*
Name	:	Mr. Monir Ahmed
Designation	:	Managing Director
Contract No	:	88-01937990001

*Locations Details*
Operating Address	:	Treasure Island (5^th Floor), 42-43 Siddeshwari Circular Road, Shantinagar, Dhaka-1217, Bangladesh.
Tel No	:	88-02-8317908, 8312342
Fax No	:	88-02-8311633
E-mail	:	info@asiaticpharma.com
Website	:	www.asiaticpharma.com

Location :

: Owned

Rented

Leased

Area

3800

Sq. ft.

Type of Office :	: Commercial Office Bldg.		Semi-commercial office Bldg.	Ö
Retail shop		Industrial Park
Business Center		Home Office
Residential Bldg.

Factory:
Address	:	253, Tongi I/A, Gazipur, Bangladesh.
Tel No	:	88-02-9803208
Fax No	:	Nil

Location :

Owned

Rented

Leased

Area

1.5

Acres

Sales office:

No. of sales office	:	13 Nos.

Registrar Address:
Address	:	Minhaz Court, 4 Shanthinagar, Dhaka-1217, Bangladesh.
Tel:	:	Nil
Fax:	:	Nil

Employee:

No. of Employees	In Office	:	150	In Factory	:	558
	In Branch:	:	-	Total	:	708
Details:

OWNERSHIP/SHAREHOLDERS

Names of Shareholders	No. of Share
Mr. Monir Ahmed	47820
Mrs. Tahmina Begum	46015

DIRECTORS

Name	Designation
Mr s. Tahmina Begum	Chairman
Mr. Monir Ahmed	Managing Director

MANAGEMENT

Name	:	Mr. Monir Ahmed
Job Description	:	Managing Director
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	88-01937990001

Name	:	Mr. Md. Ishtiaq Ahmed
Job Description	:	Manager
Nationality	:	Bangladeshi
Email address	:	N/A
Other details	:	88-01937990004

BUSINESS OPERATIONS

Nature of Activity :	Manufacturer	Ö	Trader		Dealer	Distributor	Ö

	Exporter		Importer	Ö	Services	Others

Range of Products:

Products	:	Tablets, Coated tables (aqueous, organic & enteric coating), and Capsules, Syrup and suspension, Gel, Ointment and cream.
Production Capacity	:	N/A
Last Year Production	:	N/A

Trading Terms:

Purchasing Terms:	L/C	Ö	Cash		Others	Ö
	Credit :		30 days		60 days		90 days			days

Selling Terms :

L/C

Cash

Others

Credit :

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(Country)

N/A

Imports(Country)

Vietnam, USA, Germany, England, Japan, China

Brand Name

N/A

Certified

ISO 9001:2008

Name of Auditors

N/A

Operation Status

Active

Member

Bangladesh Oshod Shilpa Samity

CAPITAL STRUCTURE

Authorized Capital	:	BDT 30 Million

Paid-up Capital	:	BDT 9383500

No. of Shares	:	93835

Share Value	:	BDT100.00Each

Main Assets	:	BDT 214.47 Million

FINANCIAL STATEMENT- DETAILED

Summary Information Given.

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
Sister Concerns	:	Nil
Subsidiary	:	Nil
Name of The Group	:	Nil

BANKING

Bank Name

One Bank Ltd.

Bank Address

Elephant Road Branch

Globe Center(1^st Floor), 216, Elephant Road

New Market, Dhaka, Bangladesh

Tel: 88-02-8626524-26

Fax: 88-02-8626527

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 Treasure Island (5^th Floor), 42-43 Siddeshwari Circular Road, Shantinagar, Dhaka-1217, Bangladesh. It is situated at Semi-commercial area.

GENERAL COMMENTS

The subject company maintains acceptable business volume. We recommended that Credit can proceed normally in Moderate amount.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.13
UK Pound	1	INR 89.17
Euro	1	INR 79.39
BDT	1	INR 0.77

Note: Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	NIS

Report Prepared by :	NIT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.