|
|
|
MIRA
INFORM REPORT
|
Report No. : |
511096 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
BEXIMCO PHARMACEUTICALS LIMITED |
|
|
|
|
Registered Office : |
19, Dhanmondi R/A, Road# 7, Dhaka-1205 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2018 [Summarized] |
|
|
|
|
Date of Incorporation : |
1976 |
|
|
|
|
Com. Reg. No.: |
C-4744 |
|
|
|
|
Legal Form : |
Public Listed Company |
|
|
|
|
Line of Business : |
Manufacturer, Distributor, Exporter and Importer of Pharmaceutical Finished Formulation Products, Large Volume Parenteral and Active Pharmaceutical Ingredients (APIs) |
|
|
|
|
No. of Employees : |
3,000 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Bangladesh |
A2 |
A2 |
|
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 2005 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 surpassed $28 billion in FY 2016-17. The sector continues to grow despite the need for improvements in factory safety conditions and workers’ rights to avert further high-profile accidents that killed more than 1,000 workers in 2012 and 2013. In FY 2016-17, steady export growth in the garment sector, combined with $13 billion in remittances from overseas Bangladeshis, contributed to Bangladesh's rising foreign exchange reserves.
The recent influx of over 700,000 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 record flooding. Recent improvements to energy
infrastructure, including the start of liquefied natural gas imports in 2018,
represent a major step forward in resolving a key growth bottleneck.
|
Source
: CIA |
Company name
BEXIMCO PHARMACEUTICALS LIMITED
EXECUTIVE SUMMARY
|
IDENTIFICATION DETAILS |
||
|
Correct company Name |
: |
Beximco
Pharmaceuticals Limited |
|
Head Office |
: |
19, Dhanmondi R/A, Road# 7, Dhaka-1205, Bangladesh. |
|
Tel No |
: |
88-02-58611001-7 |
|
Fax No |
: |
88-02-58613888, 58644601 |
|
E-mail |
: |
info@bpl.net |
|
Website |
: |
www.beximcopharma.com |
|
Date/ Year of Incorporation |
: |
1976 |
|
Incorporation No. |
: |
C-4744 |
|
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) |
Other Registry & Certification Details
|
Organization Name |
: |
Bangladesh Aushad Shilpa
Samity |
|
Membership No |
: |
N/A |
FINANCIALS- SUMMARY
|
Year |
Turnover/
Sales |
Assets |
Income |
|
30th June’2017 |
BDT 11444599000 (July 2016 - Mar 2017) |
BDT 34084133000 |
BDT 1634447000 (July 2016 - Mar 2017) |
|
31st March’2018 |
BDT 12859563000 (July 2017 - Mar 2018) |
BDT 38949780000 |
BDT 1920508000 (July 2017 - Mar 2018) |
FULLCHECK REPORT DETAILS
|
Information Parted By |
||
|
Name |
: |
Mr. Afsar Uddin Ahmed |
|
Designation |
: |
Director (Commercial) |
|
Contract No |
: |
N/A |
|
Locations Details |
||
|
Operating address |
: |
19, Dhanmondi R/A, Road# 7, Dhaka-1205, Bangladesh. |
|
Tel No |
: |
88-02-58611001-7 |
|
E-mail |
: |
88-02-58613888, 58644601 |
|
Fax No |
: |
info@bpl.net |
|
Website |
: |
www.beximcopharma.com |
|
Location : |
:
Owned |
Ö |
|
Rented |
|
|
Leased |
|
Area |
6500 |
Sq. ft. |
|
Type of
Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial office Bldg. |
|
|
|
|
Retail shop |
|
|
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 Address (Unit-1): |
||
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Address |
: |
126, Kathaldia, Tongi, Gazipur, Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Factory Address (Unit-2): |
||
|
|
|
|
|
Address |
: |
Plot# 1070/1083, Mouchak, Kaliakoir, Gazipur, Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Corporate Head Office Address: |
||
|
|
|
|
|
Address |
: |
17, Dhanmondi R/A, Road# 2, Dhaka-1205, Bangladesh. |
|
Tel No |
: |
88-02-58611891, 5861040 |
|
Fax No |
: |
88-02-58613470, 9615523 |
|
Branch Address-1: |
||
|
|
|
|
|
Address |
: |
BEL Tower (Level-10), Road# 1, 19,
Dhanmondi R/A, Dhaka-1205, Bangladesh. |
|
Tel No |
: |
88-02-58611891, 5861040 |
|
Fax No |
: |
88-02-58613470, 9615523 |
|
Branch Address-2: |
||
|
|
|
|
|
Address |
: |
House# 62, Road# 7/A, Dhaka-1205, Bangladesh. |
|
Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Employee: |
|
|||||||
|
|
|
|||||||
|
No. of
Employees |
In Office |
: |
4,00 |
In Factory |
: |
2,600 |
||
|
In Branch: |
: |
Nil |
Total |
: |
3,000 |
|||
|
Details: |
|
|
|
|||||
OWNERSHIP/SHAREHOLDERS
|
Names of Shareholders |
No. of Share |
Country |
|
A S F Rahman |
8235353 |
Bangladesh. |
|
Salman F Rahman |
8254632 |
Bangladesh. |
|
Associates and Other Directors |
36979784 |
Bangladesh. |
|
Foreign Investors |
168084988 |
Bangladesh. |
|
ICB & Other Investors Account |
46191780 |
Bangladesh. |
|
General Public & Institutions |
137809908 |
Bangladesh. |
DIRECTORS
|
Name |
: |
Mr. Ahmed Sohail Fasiur
Rahman |
|
Designation |
: |
Chairman |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
|
|
|
|
|
||
|
Name |
: |
Mr. Ahmed Salman Fazlur
Rahman |
|
Designation |
: |
Vice Chairman |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
|
|
|
|
|
||
|
Name |
: |
Mr. Nazmul Hassan MP |
|
Designation |
: |
Managing Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
|
|
|
|
|
||
|
Name |
: |
Mr. Iqbal Ahmed |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
|
|
|
|
|
||
|
Name |
: |
Mr. Osman Kaiser
Chowdhury |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
|
||
|
6. |
|
|
|
|
||
|
Name |
: |
Mr. Abu Bakar Siddiqur
Rahman |
|
Designation |
: |
Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
7. |
|
|
|
|
||
|
Name |
: |
Mr. Shah Monjurul Hoque |
|
Designation |
: |
Independent Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
8. |
|
|
|
|
||
|
Name |
: |
Mr. Abdur Rahman Khan |
|
Designation |
: |
Independent Director |
|
Nationality |
: |
Bangladeshi. |
|
Email address |
: |
N/A |
|
Other details |
: |
N/A |
MANAGEMENT
|
Name |
: |
Mr. Nazmul Hassan MP |
|
Job Description |
: |
Managing Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
Nil |
|
Other details |
: |
Nil |
|
Name |
: |
Mr. Afsar Uddin Ahmed |
|
Job Description |
: |
Director (Commercial) |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
Nil |
|
Other details |
: |
Nil |
|
Name |
: |
Mr. Mohammad Asad Ullah, FCS |
|
Job Description |
: |
Company Secretary & Executive Director |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
Nil |
|
Other details |
: |
Nil |
|
Name |
: |
Mr. Ali Nawaz |
|
Job Description |
: |
Chief Financial Officer |
|
Nationality |
: |
Bangladeshi |
|
Email address |
: |
Nil |
|
Other details |
: |
Nil |
BUSINESS OPERATIONS
|
Nature of Activity : |
Manufacturer |
Ö |
Trader |
|
Dealer |
|
Distributor |
Ö |
|
|
|
|||||||
|
|
Exporter |
Ö |
Importer |
Ö |
Services |
|
Others |
|
|
Range of
Products: |
||
|
|
||
|
Products |
: |
Pharmaceutical Finished Formulation Products, Large Volume Parenteral and Active Pharmaceutical Ingredients (APIs) |
|
Production Capacity |
: |
10 MW |
|
Registered Production |
: |
400 |
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 |
: |
Nil |
|
||
|
Local Clients |
: |
Local Peoples |
|
||||
|
Overseas Suppliers |
: |
Nil |
|
||||
|
Local Suppliers |
: |
Nil |
|
||||
|
Trade Markets |
: |
Exports(Country) |
: |
USA, Europe, Australia, Canada, Latin America and
South Africa. |
|
||
|
Imports(Country) |
: |
China, Malaysia, India, Pakistan |
|
||||
|
Brand Name |
: |
N/A |
|||||
|
Certified |
: |
N/A |
|||||
|
Name of Auditors |
: |
M.J. Abedin & Co Chartered Accountants |
|||||
|
Operation Status |
: |
Active |
|||||
CAPITAL STRUCTURE
|
Authorized
Capital |
: |
BDT 5000 Million |
|
|
||
|
Paid-up
Capital |
: |
BDT 4055564000 |
|
|
||
|
No. of
Shares |
: |
405556400 |
|
|
||
|
Share
Value |
: |
BDT10.00Each |
|
|
||
|
Main
Assets |
: |
BDT 38949780000 |
FINANCIAL STATEMENT- DETAILED
|
Balance
Sheet: |
||
|
|
Currency |
BDT |
|
|
Denomination |
:
‘000’ |
|
|
Financial Year Ending |
:
31st Mar’2018 |
|
Financial Highlights |
31st
Mar’2018 |
30th June’2017 |
|
ASSETS |
|
|
|
Non-Current
Assets |
28,209,565 |
24,953,317 |
|
Property, Plant and Equipment- Carrying Value |
27,639,687 |
24,472,468 |
|
Intangible Assets |
532,412 |
462,969 |
|
Investment in Shares |
37,466 |
17,880 |
|
Current
Assets |
10,740,215 |
9,130,816 |
|
Inventories |
3,773,316 |
3,468,089 |
|
Spares & Supplies |
629,283 |
636,103 |
|
Accounts Receivable |
2,544,771 |
2,167,340 |
|
Loans, Advances and Deposits |
2,767,944 |
1,697,679 |
|
Short Term Investment |
336,615 |
886,577 |
|
Cash and Cash Equivalents |
688,286 |
275,028 |
|
TOTAL
ASSETS |
38,949,780 |
34,084,133 |
|
EQUITY AND
LIABILITIES |
|
|
|
Shareholders’
Equity |
26,466,237 |
25,072,426 |
|
Issued Share Capital |
4,055,564 |
4,055,564 |
|
Share Premium |
5,269,475 |
5,269,475 |
|
Excess of Issue Price over Face Value of GDRs |
1,689,637 |
1,689,637 |
|
Capital Reserve on Merger |
294,951 |
294,951 |
|
Revaluation
Surplus |
1,161,225 |
1,190,204 |
|
Unrealized Gain/(Loss) |
5,315 |
3,875 |
|
Retained Earnings |
13,990,070 |
12,568,720 |
|
Non-Current
Liabilities |
7,721,214 |
5,605,667 |
|
Long Term Borrowings-Net off Current Maturity (Secured)
8 A |
4,652,717 |
2,635,907 |
|
Liability for Gratuity and WPPF & Welfare Funds |
1,190,614 |
1,117,094 |
|
Deferred Tax Liability |
1,877,883 |
1,852,666 |
|
Current
Liabilities and Provisions |
4,762,329 |
3,406,040 |
|
Short Term Borrowings (Secured) |
1,962,741 |
1,239,758 |
|
Long Term Borrowings-Current Maturity (Secured) |
665,906 |
715,790 |
|
Creditors and Other Payables |
1,255,483 |
783,839 |
|
Accrued Expenses |
458,192 |
245,375 |
|
Dividend Payable |
5,250 |
353 |
|
Income Tax Payable |
414,757 |
420,925 |
|
TOTAL EQUITY
AND LIABILITIES |
38,949,780 |
34,084,133 |
|
Income Statement : |
||
|
|
Currency |
: BDT |
|
|
Denomination |
: ‘000’ |
|
|
Financial Year Ending |
: 31st
Mar’2018 |
|
Financial Highlights |
July’2017~
Mar’2018 |
July’2016~
Mar’2017 |
|
Net Sales
Revenue |
12,859,563 |
11,444,599 |
|
Cost Of Goods Sold |
(6,872,812) |
(6,105,068) |
|
Gross
Profit |
5,986,751 |
5,339,531 |
|
Operating
Expenses |
(3,066,839) |
(2,754,843) |
|
Administrative Expenses |
(442,986) |
(404,631) |
|
Selling, Marketing And Distribution Expenses |
(2,623,853) |
(2,350,212) |
|
Profit
From Operations |
2,919,912 |
2,584,688 |
|
Other Income |
40,569 |
136,798 |
|
Finance Cost |
(304,547) |
(466,063) |
|
Profit
Before Contribution To WPPF & Welfare Funds |
2,655,934 |
2,255,423 |
|
Contribution To WPPF & Welfare Funds |
(126,473) |
(107,401) |
|
Profit
Before Tax |
2,529,461 |
2,148,022 |
|
Income Tax
Expenses |
(608,953) |
(513,575) |
|
Current Tax |
(604,928) |
(490,894) |
|
Deferred Tax |
(4,025) |
(22,681) |
|
Profit
After Tax |
1,920,508 |
1,634,447 |
|
Other Comprehensive Income-Unrealized Gain/(Loss) |
1,440 |
2,167 |
|
Total
Comprehensive Income |
1,921,948 |
1,636,614 |
ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
Sister Concerns |
: |
Bextrade Ltd. Sonali Ansh Ltd. GMG Airlines Ltd. Bangladesh Online Essess Fashions Ltd. Beximco Media Ltd. Beximco Apparels Ltd. Beximco Fashions Ltd. Beximco Holdings Ltd. Beximco Securities Ltd. Beximco Petroleum Ltd. Beximco Synthetics Ltd. Beximco Computers Ltd. Shinepukur Ceramics Ltd. Pharmatek Chemicals Ltd. Beximco Engineering Ltd New Dacca Industries Limited Bangladesh Export Import Co Ltd. Bangladesh Antibiotics Industries Ltd. Crescent Fashion And Design Limited
International Knitwear & Apparels Ltd. Beximco Property Development And Management Limited |
|
Subsidiary |
: |
N/A |
|
Name of The Group |
: |
Beximco Group |
BANKING
|
Bank Name |
: |
Janata Bank Ltd. |
|
Bank Address |
: |
Local Office Branch 1, Dilkusha Commercial Area, Dhaka-1000, Bangladesh Tel: 88-02-9553106, 9556241 Fax: 88-02-9563639 |
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 19, Dhanmondi R/A, Road # 7, Dhaka-1205, Bangladesh. It is
situated at Residential Area. |
GENERAL COMMENTS
|
Based on the financial statements, SC’s financial
performance appears to be Strong manufacturer, Importer & Exporter. SC
has been in its line of business for about 16 years. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
|
BDT |
1 |
INR 0.80 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
SYL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.