MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
APEX ADELCHI FOOTWEAR LTD |
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Registered Office : |
Celebration Point, Plot No. 3 & 5, Road No. 113/A, Gulshan-2, |
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Country : |
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Date of Incorporation : |
04.01.1990 |
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Com. Reg. No.: |
C-19232 |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturing and exporting of all types shoes and allied items. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Report on
APEX ADELCHI FOOTWEAR LTD
Address
Celebration Point,
Plot No. 3 & 5,
Road No. 113/A,
Gulshan-2,
Telephones : 880-2-8820300, 8821591, 8828258,
Fax :
880-2-8813038,
E-mail : info@apexadelchi.com
SUMMARY
Established : January,1990
Incorporation
No. : C-19232
Incorporation
Dated : 4th
January,1990
Managing
Director & CEO : Mr. Syed
Manzur Elahi
Employees
3,944
Executives- 8
Junior Executives- 15
Senior Tanner- 10
Junior
Tanner- 12
Quality
Control- 20
Field
Staffs- 22
Supervisory
Staffs- 25
Support
Staffs- 10
General Staffs- 17
Technicians- 15
Workers- 3,790
BANK
Prime Bank
Limited
Local Office
Branch,
Motijheel
Commercial Area,
Bank Asia
Limited
Motijheel Commercial Area,
Southeast
Bank Limited
Dilkusha Commercial Area,
Dhaka Bank Limited,
Motijheel Commercial Area,
Janata Bank
Motijheel Commercial Aream
NUMBER OF BRANCHES
54
FACTORY
Chandra,
P. S. Kaliarkoir,
Distt.Gazipur,
OFFICE AREA
1,500 sq.
ft. (rented)
FACTORY AREA
40,600 sq. ft (rented)
WAREHOUSE AREA
3,600 sq. ft
(rented)
DIRECTORS
Mr. Syed
Manzur Elahi -Chairman
Mr. Syed Nasim Manzur - Managing Director
Ms. Munize Manzur Khasru
Mr. Syed Gias Hussain
Mr. Niaz Ahmed Chowdhury
Mr. Adelchi Sergio
Mr. Samson H.Chowdhury
HISTORY
The subject was established in January,1990 by Mr. Syed
Manzur Elahi and other directors in
BUSINESS
The company is engaged in manufacturing and exporting of all
types shoes and allied items.
Leather Shoes
Ladies
Sandals
Leather Shoe Upper
Shoe
Components
PRODUCTION POSITION
Shoes : 2,044,714 pairs per year
Shoes Upper : 172,073 pairs
Shoes Components : 14,274 pairs
PRODUCTS EXPORTED TO
TERMS OF SALES
Against L/C
NAME OF GROUP
Apex Group
SISTER CONCERN
Manzur
Industry Ltd,
Apex Leather
Craft Ltd,
Apex Weaving and Finishing Mills Ltd,
MEMBER
Dhaka Chamber of Commerce & Industries,
ENLISTED WITH
Dhaka Stock Exchange Limited,
Chittagong Stock Exchange Limited,
LEGAL FORM
The subject is a public limited company incorporated with
the Registrar of Joint Stock of Companies Dhaka.
FINANCIAL
IONFORMATION
Gross Profit :
Tk.264,015
Fixed Assets :
Tk.271,885
Current Assets :
Tk.1,500,605
Earning Per Share :
Tk.66.56
Earning Ratio :
7.20
BALANCE SHEET
31st
December,2006
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Fixed Assets |
271,885 |
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Inventories |
752,256 |
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Trade debtors |
536,502 |
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Advances, deposits and prepayments |
126,558 |
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Investment CDBL |
1,000 |
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Cash & Bank Balances |
84,289 |
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1,500,605 |
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Less : Current
Liabilities |
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Working Capital Loan |
865,731 |
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Sundry creditors |
567,933 |
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Provision for income-tax |
34,064 |
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Proposed dividend |
18,750 |
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1,486,478 |
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Current Assets |
14,127 |
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Net Assets |
286,012 |
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Shareholders’
equity: |
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Share Capital |
75,000 |
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Share Premium |
68,805 |
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Tax |
12,206 |
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Retained Earnings |
94,740 |
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Total Shareholders’ Equity |
250,751 |
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Loan Funds: |
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Term Loan (Secured) |
35,261 |
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286,012 |
PROFIT & LOSS ACCOUNT
31st
December,2006
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Sales |
2,939,715 |
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Less : VAT
and Duty |
35,229 |
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2,904,486 |
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Cost of |
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Cost of
Goods Sold |
2,605,040 |
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Freight
& Forwarding |
35,431 |
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2,640,471 |
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Gross Profit |
264,015 |
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Fixed Expenses |
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Marketing
& Administration |
93,307 |
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Bank
Interest & Charges |
104,944 |
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Directors Remuneration |
2,160 |
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Legal
& Audit Fees |
948 |
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Total |
201,359 |
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Profit
before WP & WF |
62,656 |
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Provision
for Contribution to WP & WF |
(2,984) |
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Pre-tax
Profit |
59,672 |
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Provision
for Tax (Export Sales) |
(8,145) |
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Provision for
Tax (Local Sales) |
(1,611) |
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Net Profit after Tax |
49,916 |
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Appropriations |
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Previous
Year’s Retained Earnings |
63,574 |
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Dividend |
(18,750) |
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Total |
44,824 |
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Retained Earning |
94,740 |
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Earning per Share (Per value
Tk.100/-) |
66,56 |
CAPITAL STRUCTURE
Authorized
Capital Tk.500
million
Paid up
Capital Tk.75
million
Each share
value Tk.100.00
AUDITORS
M. A. Malek
Siddique Wali & Co., Chartered Accountant
TAX ADVISOR
Khandaker
Fazlul Quadir
LEGAL ADVISOR
Mr. Muhammad
Mohsen Rashid Advocate, Supreme Court of Bangladesh
EXCHANGE RATE
GB
Pound 1.00=Tk.129.1870
US Dollar 1.00=Tk.
68.6654
Japanese
Yen 1.00=Tk. 0.5831
Australian Dollar 1.00=Tk. 52.3228
COMMENTS
The subject is a public limited company engaged in
manufacturing, selling and exporting shoes, shoes upper & shoes components.
The quality of company’s products are of international standard and they are
well reputed among their clients.
The directors are well conversant in their line of trade and
they are also experienced businessman. They are financially solvent and good at
their business commitments, it is reported.
The company is good for normal business engagements.
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)