MIRA INFORM REPORT

 

 

Report Date :

28.06.2007

 

IDENTIFICATION DETAILS

 

Name :

Apex Yarn Dyeing Limited

 

 

Registered Office :

Biman Bhaban (5th Floor), 100, Motijheel Commercial Area, Dhaka -1000

 

 

Country :

Bangladesh

 

 

Date of Incorporation :

4th March, 2001

 

 

Comml. Reg. No.

C-42602

 

 

Line of Business :

Engaged in the business of yarn dyeing.

 

 

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 :

Regular

 

 

Litigation :

Clear

 

 

Report on

 

Apex Yarn Dyeing Limited

 

 

Address

 

Biman Bhaban (5th Floor),

100, Motijheel Commercial Area,

Dhaka -1000,

Bangladesh

Telephones        : 880-2-9562388, 8311938

Fax                   : 880-2-9562213,

E-mail               : merchandising@apexknitting.com

                                                                                     

                                                             

SUMMARY

 

Established                               : March,2001

Incorporation No.                        : C-42602

Incorporation Dated                    : 4th March,2001

Chairman & CEO                       : Mr. Zafar Ahmed

 

 

Employees

 

703

 

Executives-                                           5            

Junior Executives-                      7

Textile Engineers-                      3 

Junior Textile Engineers-             4                           

Quality Control-                          25                 

Supervisory Staffs-                     28       

Support Staffs-                           10        

General Staffs-                           15       

Technicians-                              10         

Workers-                                   596                    

 

 

BANK

 

Eastern Bank Limited

Principal Branch,

Motijheel Commercial Area,

Dhaka.

 

HSBC Bank Ltd

Anchor Tower,

Sonargaon Road,

Dhaka

 

                                                                          

FACTORY

 

Chandra,

Shafipur,

Distt. Gazipur,

 

 

OFFICE AREA

 

1,400 sq. ft. (rented)

 

                                   

FACTORY AREA

 

47,300 sq. ft (rented)

 

 

WAREHOUSE AREA

 

3,900 sq. ft (rented)

 

 

DIRECTORS

 

Mr. Zafar Ahmed - Chairman

Mr. Zahur Ahmed - Managing Director

Mr. Shahriar Ahmed

                                               

 

HISTORY

 

The subject was established in March,2001 by Mr.Zafar Ahmed and other directors in Dhaka city having its factory at Chandra, Shafipur, district: Gazipur.

 

 

BUSINESS

 

The company is engaged in the business of yarn dyeing.

 

 

RANGE OF PRODUCTS

                       

Yarn Dyeing

                                                           

                                                           

PRODUCTION POSITION

 

Production Capacity       : 5,000 m/tons

 

Last Year Production      :  4,760 m/tons

 

                                               

MAJOR CLIENTS

 

Hundred percent export oriented ready-made garment industries,

 

                                                                                                             

TERMS OF SALES

 

Cash

Cash

 

 

NAME OF GROUP

                                   

Apex Group

 

 

SISTER CONCERN

 

Apex Lingerie Ltd, Dhaka

Apex Spinning & Knitting Mills Ltd, Dhaka

Apex Holding Ltd, Dhaka                                                           

 

 

MEMBER

 

Bangladesh Textile Mills Association, Dhaka.

Dhaka Chamber of Commerce & Industries, Dhaka.

                                   

 

LEGAL FORM

 

The subject is a private limited company incorporated with the Registrar of Joint Stock of Companies Dhaka.

 

 

FINANCIAL IONFORMATION

 

                                            2006                           2005                             2004

 

Capital Invested             : Tk.65 million                Tk.65 million                  Tk.65 million

 

Turnover                        : Tk.380 million              Tk.379.7 million             Tk.479.9 million

 

Liability                         : Tk.28.3 million             Tk.29.8 million               Tk.30.9 million

 

Fixed Assets                 : Tk.100 million              Tk.101 million                Tk.102.5 million

 

 

CAPITAL STRUCTURE

 

Authorized Capital                      Tk.50 million

 

Paid up Capital                          Tk.210,000.00

 

Each share value                       Tk.100.00

 

 

EXCHANGE RATE

 

GB Pound                     1.00=Tk.129.1870

US Dollar                      1.00=Tk. 68.6654

Europe Euro                  1.00=Tk. 87.0154

Japanese Yen                1.00=Tk.  0.5831

Australian Dollar            1.00=Tk. 52.3228

 

 

COMMENTS

 

The subject is a private limited company engaged in the business of yarn dyeing. The company’s factory is fitted with the latest machineries imported from abroad. The job done by the company is of very good quality and as such they are well reputed in the local textile circles.

 

The directors are experienced businessman of good reputation plus they are well acquainted in their line of trade.

 

The company is good for normal business engagements.

 

                  

 

         

 

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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