MIRA
INFORM REPORT
|
Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
APEX ADELCHI FOOTWEAR LIMITED |
|
|
|
|
Formerly Known As : |
APEX FOOTWEAR
LIMITED |
|
|
|
|
Registered Office : |
House No. 06, Road No.137, Block. SE(D) Gulshan -1,
Dhaka-1212 |
|
|
|
|
Country : |
Bangladesh |
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|
|
|
Financials (as on) : |
31.12.2010 |
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|
|
|
Date of Incorporation : |
04.01.1990 |
|
|
|
|
Com. Reg. No.: |
C-19232 |
|
|
|
|
Legal Form : |
Public Limited |
|
|
|
|
Line of Business : |
Manufacturer, Seller
& Exporter of Footwear |
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 |
|
Maximum Credit Limit : |
US$ 30,000.00 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
COMPANY DETAILS
|
Name |
Apex Adelchi
Footwear Limited |
|
Former Name |
Apex Footwear Limited Date of Change: December 27,
2006 |
|
Address |
House No. 06,
Road No.137, Block. SE(D) Gulshan -1, Dhaka-1212 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8820300, 8821591, 8828258 |
|
Fax No |
880-2-8813038 |
|
E-Mail |
info@apexadelchi.com |
|
Website |
www.apexadelchi.com |
|
Established |
1990 |
|
Company Registration No |
C-19232 |
|
Registration date |
4th January 1990 |
|
Legal Status |
Public Limited |
|
Issuing Authority |
The Register of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer, Seller & Exporter
|
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local
suppliers or banks. |
LOCATIONS
|
Head Office |
House No. 06,
Road No.137, Block. SE(D) Gulshan -1, Dhaka-1212, Bangladesh |
|
Telephone No |
880-2- 8820300, 8821591, 8828258 |
|
Fax No |
880-2- 8813038 |
|
E-Mail |
info@apexadelchi.com |
|
Website |
www.apexadelchi.com |
|
Branch |
NIL |
|
Factory |
Chandra,
P.S. Kaliarkoir, District: Gazipur |
|
Warehouse |
Chandra, P.S.
Kaliarkoir, District: Gazipur |
DIRECTORS
|
Name |
Mr. Syed Manzur
Elahi |
|
Designation |
Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Syed Nasim
Manzur |
|
Designation |
Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Syed Gias
Hussain |
|
Designation |
Deputy Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Ms. Munize
Manzur Khasru |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Niaz Ahmed
Choudhury |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Adelchi
Sergio |
|
Designation |
Director |
|
Nationality |
Italian |
|
|
|
|
Name |
Mr. Samson H.
Chowdhury |
|
Designation |
Independent Director |
|
Nationality |
Bangladeshi |
SHAREHOLDERS
|
Name |
Sponsor/Director |
|
Share Percent |
9.09% |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Institute |
|
Share Percent |
34.08% |
|
Country |
Bangladesh |
|
|
|
|
Name |
Public |
|
Share Percent |
56.83 |
|
Nationality |
Bangladeshi |
BUSINESS DETAILS
|
Line of Business |
Manufacturer, Seller & Exporter |
|
Items Dealing In |
Footwear |
|
Production
Capacity |
15,000 pairs per day |
|
Terms of Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit |
BANKERS
|
Name |
Prime Bank
Limited |
|
Branch |
Local Office
Branch |
|
Address |
Motijheel
Commercial Area, Dhaka |
|
SWIFT |
N/A |
|
|
|
|
Name |
Southeast Bank
Limited |
|
Branch |
Local Office
Branch |
|
Address |
Dilkusha
Commercial Area, Dhaka |
|
SWIFT |
N/A |
FINANCIAL INFORMATION
Balance
Sheet
As
at 31st December 2010
|
Fixed Assets |
418,371,710 |
|
Current Assets |
|
|
Inventories |
2,239,199,979 |
|
Trade Debtors |
881,553,360 |
|
Advance, deposits and prepayments |
1,032,526,768 |
|
Investment |
8,240,059 |
|
Cash and Bank balance |
97,151,909 |
|
|
4,258,672,075 |
|
|
|
|
Less: Current
Liabilities |
|
|
Working capital Loan |
1,850,501,474 |
|
Sundry creditors |
1,912,941,015 |
|
Provision for income Tax |
142,535,228 |
|
Proposed cash dividend |
45,000,000 |
|
|
3,950,977,717 |
|
Net Current
Assets |
307,694,358 |
|
Net Assets |
726,066,068 |
|
|
|
|
Financed By: |
|
|
Shareholder’s
Equity: |
|
|
Share Capital |
112,500,000 |
|
Share Premium |
68,804,919 |
|
Dividend Equalization Fund |
33,750,000 |
|
Retained Earnings |
511,011,149 |
|
Total
Shareholder’s Equity |
726,066,068 |
PROFIT
& LOSS ACCOUNT
For
the Year Ended 31st December 2010
|
Sales |
6,961,115,608 |
|
Less: Vat |
29,598,986 |
|
|
6,931,516,622 |
|
Cost of Sales |
|
|
Cost of Goods Sold |
5,804,093,279 |
|
Freight and Forwarding |
35,378,905 |
|
|
5,839,472,184 |
|
Gross Profit |
1,092,044,438 |
|
Fixed Expenses |
|
|
Marketing and Administration |
521,156,825 |
|
Bank Interest and charges |
276,620,946 |
|
Director Remuneration |
6,945,000 |
|
Legal and Audit Fees |
595,000 |
|
|
805,317,771 |
|
|
|
|
Operating Income |
286,726,667 |
|
Other income |
584,504 |
|
|
|
|
Profit before WPPF |
287,311,171 |
|
Provision for contribution to WPPF |
(13,681,484) |
|
Profit Before
tax |
273,629,687 |
|
Provision for tax (export sales) |
(30,486,582) |
|
Provision for tax (local sales) |
(14,916,438) |
|
Net profit after tax |
228,226,667 |
|
Appropriations |
|
|
Previous years’ retained earnings |
520,037,265 |
|
Prior years’ adjustment |
(192,252,783) |
|
Cash dividend |
(45,000,000) |
|
|
282,784,482 |
|
Retained Earnings |
511,011,149 |
|
Earnings per share (per value Tk. 100/-) |
202.87 |
CAPITAL STRUCTURE
|
Authorized
Capital |
Tk.500 million |
|
Paid Up Capital |
Tk.113 million |
|
Each Share Value |
Tk.100.00 |
EXCHANGE RATE
|
Currency |
Unit |
Bangladeshi Taka (BDT) |
|
Great Britain Pound |
1 |
121.6763 |
|
U.S Dollar |
1 |
76.1000 |
|
European Euro |
1 |
105.9769 |
ADVERSE DATA MONITORING
|
Dishonored
Checks |
No Found |
|
Debt |
No Records Found |
|
Litigation |
No Records Found |
|
Performance
Defaults |
No Records Found |
|
Adverse Press
Coverage |
No Records Found |
|
Money Laundering |
No Records Found |
MAXIMUM RECOMMENDED CREDIT
|
Amount |
Based On |
|
US$ 30,000.00 |
90 Days |
GENERAL INFORMATION
|
Employees |
5500 |
|
Office Area (Sq.
Ft) |
2,800 sq ft |
|
Factory Area
(Sq. Ft) |
2,80,545 sq.ft |
|
Warehouse Area
(Sq. Ft) |
3,500 sq.ft. (rented) |
|
Range of
Products |
4 Mens’ dress and formals 4 Mens’ Casual 4 Mens’ Dress and Casual Boots 4 Ladies Boots 4 Mens’ and Ladies Hand stitched Moccasins |
|
Export Market |
4 Germany 4 France 4 Italy 4 Austria 4 Scandinavia and Switzerland 4 Other EU countries 4 Japan 4 USA 4 Canada |
|
Technical
Collaboration |
4 La Nuova
Adelchi - Italy |
|
Certifications |
NIL |
|
Group Name |
Apex Group |
|
Subsidiaries /
Affiliates |
4 Manzur
Industry Limited 4 Apex Leather Craft Limited 4 Apex Weaving & Finishing Mills
Limited 4 Apex
Tannery Limited 4 Apex
Pharma Limited 4 Grey
Advertising Bangladesh Limited 4 Quantum Market Research BD Limited 4 Blue Ocean Footwear Limited |
|
Stock Code |
4
APEXADELFT |
|
Enlisted With |
4 Dhaka Stock Exchange Limited ,
Dhaka 4 Chittagong Stock Exchange Limited,
Chittagong |
|
Member |
4 Bangladesh Shoe Mfg. Association,
Dhaka 4 Dhaka Chamber of Commerce &
Industries, Dhaka |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
|
|
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.