MIRA
INFORM REPORT
|
Report Date : |
29.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
ALLTEX INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
139, Motijheel Commercial Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2007 |
|
|
|
|
Date of Incorporation : |
January 1985 |
|
|
|
|
Com. Reg. No.: |
C-13621 |
|
|
|
|
Legal Form : |
Public Limited Company |
|
|
|
|
Line of Business : |
Dyeing, Finishing,
Printing Greg, and Fabrics for Towel Making, Home Textile to Overseas
Countries. |
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 : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
COMPANY DETAILS
Name: Alltex
Industries Limited
Address:* 139, Motijheel
Commercial Area,
*The subject operates from this address.
Country:
Tel No: 880-2-9569192-6, 9566084-5
Fax No: 880-2-9565569, 9567293
E-Mail: ail@bol-online.com
Established: January
1985
Incorporation No: C-13621
Incorporation Date: 24th January 1985
Legal Structure:
The subject is a Public
Limited Company that was
Incorporated in the Registrar of
Joint Stock of
Companies,
Business Type: Manufacturer
& Exporter
Status: Satisfactory
Payments: No complaints
have been heard regarding payments
From local suppliers or banks.
Litigation: NIL
LOCATIONS
Head Office: 139, Motijheel
Commercial Area,
Tel No : 880-2-9569192-6, 9566084-5
Fax No : 880-2-9565569, 9567293
E-Mail: ail@bol-online.com
Branch: NIL
Factory: Barpa,
Ariabo,
Rupganj,
District:
Narayanganj
Warehouse: Barpa,
Ariabo,
Rupganj,
District:
Narayanganj
DIRECTORS
Name: Engr.Afsar
Uddin Ahmed
Designation: Chairman
Name: Alhaj
Hasna Ahmad
Designation: Vice-Chairman
Name: Mr.Fahim
Uddin Ahmad
Designation: Managing Director
Name: Barrister
Imtiaz Uddin Ahmad Asif
Designation: Director
Name : Mr.M.Jahangir Mia
Designation: Director
Name: Mr.M.Mohsin
Designation: Director
BUSINESS DETAILS
Line of Business: Manufacturer
& Exporter
Items Dealing
In: Dyeing, Finishing, Printing and Home Textiles
Terms of
Production Capacity: 70,000,000
sq. meters per year
Last Year Production: 66,000,000
sq meters
BANKERS
Name: Sonali
Limited
Branch: Local
Office Branch
Address: Motijheel
Commercial Area,
Dhaka-1000,
The company performs most of the business transactions with the
above-mentioned bank. No more details were provided.
FINANCIAL INFORMATION
BALANCE SHEET
As at June 30 2007
Assets
|
Taka |
|
Non Current Assets |
1,231,819,407 |
|
Property, Plant and Equipment-Carrying Value |
1,161,819,407 |
|
Investment in share |
70,000,000 |
Current Assets
|
1,091,580,490 |
Stock
|
479,864,472 |
Account Receivable
|
305,677,740 |
Share Issue Expenses
|
1,781,140 |
Advances, Deposits, & Sundry Receivables
|
230,941,398 |
Cash & Cash Equipments
|
73,315,740 |
Total Assets
|
2,323,399,897 |
Equity And Liabilities
|
|
Share Holders Fund
|
629,765,874 |
Capital
|
480,000,000 |
Dividend Equalization Reserve
|
35,000,000 |
Tax
|
169,650,000 |
Unappropriated Profit
|
(54,884,126) |
Non Current Liabilities:
|
|
Long Term Liabilities
|
408,105,156 |
Project Loan
|
------------- |
Block Loan
|
159,961,700 |
Deferred Tax Liability
|
72,524,408 |
Syndicated Term Loan
|
247,619,048 |
Current Liabilities and
Provisions
|
1,213,528,867 |
Bank overdraft-Secured
|
1,045,110,312 |
Goods Supplied
|
21,651,007 |
Liabilities for Expenses
|
63,365,822 |
Overdue installment of Long-term Liabilities
|
57,258,383 |
Other Finance
|
880,232 |
Unclaimed Dividend
|
25,263,111 |
Total Liabilities and
Shareholders Equity
|
2,323,399,897 |
INCOME STATEMENT
For the year ended June 2007
|
|
Taka
|
|
Export/Sales |
3,247,305,609 |
|
Less: Cost of Goods Sold |
2,720,267,763 |
Gross profit
|
527,037,846 |
Operating Expenses
|
418,165,955 |
Administrative Expenses
|
65,306,361 |
Marketing Expenses
|
290,460,654 |
Agent’s Commission on Export Sales
|
62,398,940 |
Profit from Operations
|
108,871,891 |
Financing Charges
|
61,669,268 |
Leasing Expenses
|
28,361,520 |
Share Issue Expenses-Write off
|
356,227 |
Net profit before
contribution to WP/W Fund
|
18,484,876 |
Less: Contribution to WP/W Fund
|
(880,232) |
Net profit before taxes
|
17,604,644 |
Current Tax Provision
|
------------- |
Deferred Tax Expenses
|
6,830,202 |
Net Profit after tax
|
10,774,442 |
EPS (PAR VALUE Taka-100/-Adjusted EPS
|
2.24 |
Number of shares used to
compute EPS
|
4,800,000 |
Auditor
Howladar Yunus & Co
Chartered Accountants
CAPITAL STRUCTURE
|
Authorized Capital |
: |
Tk.1 billion |
|
Paid Up Capital |
: |
Tk.480 million |
|
Each Share Value |
: |
Tk.100.00 |
EXCHANGE RATE
|
CURRENCY |
UNIT |
BANGLADESHI TAKA |
|
|
1 |
137.1626 |
|
U.S Dollar |
1 |
69.4000 |
|
European Euro |
1 |
108.8231 |
|
Japanese Yen |
1 |
0.6729 |
|
Australian Dollar |
1 |
65.7102 |
GENERAL INFORMATION
No. of Employees: 255
Executives-------------------5
Junior Executives--------- 6
Textiles Engineers---------4
Supervisory
Staffs---------20
Support Staffs-----------------5
General
Staffs--------------10
Technicians------------------6
Workers---------------------209
Office Area: 3,000
sq.ft (own)
Factory Area: 55,000
sq.ft (own)
Warehouse Area: 5,200
sq.ft.(own)
1 Finishing
1 Printing
Grege
1 Fabrics
for Towel Making
1 Home
Textile
Major
Clients:* 1 EEC Countries
1
1
* The subject has refused to reveal the names
Fabrics
& Accessories: 1
1
1
1 Local Sources
1
1
Enlisted With 1 Dhaka Stock Exchange Limited,
1 Chittagong Stock Exchange Limited
Stock Code: altex
Name of the Group: Bastu
Shilpi Group
Subsidiaries: 1 Bastu Shilpi Limited,
1
Bangladesh Chemical Complex Pvt Limited
1 Begum
Gulchemonara Welfare Trust.
1 ICB Unit Fund
1 Alltex Dyeing, Finishing Mills
Limited
1 Bastu Shilpi Corporation Limited
Member: 1
1 Dhaka Chamber of Commerce &
Industries,
COMMENTS
The subject
is a public limited company who is engaged in Dyeing, Finishing, Printing Greg, and Fabrics for Towel Making, Home
Textile to overseas countries.
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 commitment, it reported.
The company is good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.95 |
|
|
1 |
Rs.79.56 |
|
Euro |
1 |
Rs.63.65 |
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. |
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%)