MIRA INFORM REPORT

Report Date :

24.12.2012

IDENTIFICATION DETAILS

Name :	APEX FOODS LIMITED

Registered Office :	Rupayan Golden Age (5^th & 6^th Floor), 99, Gulshan Avenue, Gulshan, Dhaka-1212

Country :	Bangladesh

Financials (as on) :	30.06.2010

Date of Incorporation :	18.11.1979

Com. Reg. No.:	C-6841

Legal Form :	Public Limited Company

Line of Business :	Processors & Exporter of Sea Food

No. of Employees :	372 employees

RATING & COMMENTS

MIRA’s Rating :

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

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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Bangladesh

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Bangladesh - ECONOMIC OVERVIEW

The economy has grown 5-6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

Source : CIA

COMPANY DETAILS

Name	Apex Foods Limited
Address	51-B (1) Shagarika Road. Fouzderhat Industrial Estate. Chittagong-4219
Country	Bangladesh
Telephone No	880-2-9883358
Fax No	880-2- 9861685, 8810850
E-Mail	apex@apexfoods.com, apex@apexfoods.com, factory@apexfoods.com
Website	www.apexfoods.com
Established	1979
Company Registration No	C-6841
Registration date	18^th November 1979
Legal Status	Public Limited
Issuing Authority	The Registrar of joint Stock Companies & Firms, Dhaka
Business Type	Processors & Exporter
Status	Satisfactory
Payment Behavior	No complaints have been heard regarding payments from local suppliers or banks.

LOCATIONS

Head Office	Rupayan Golden Age (5^th & 6^th Floor), 99, Gulshan Avenue, Gulshan, Dhaka-1212
Telephone No	880-2-9883358
Fax No	880-2- 9861685, 8810850
E-Mail	apex@apexfoods.com, apex@apexfoods.com, factory@apexfoods.com
Website	www.apexfoods.com
Registered Office	Biman Bhaban, (5th floor), 100 Motijheel C/A, Dhaka-1000
Shipyard	51-B (1) Shagarika Road. Fouzderhat Industrial Estate. Chittagong-4219
Factory Telephone No	N/A
Factory Fax No	N/A
Warehouse	51-B (1) Shagarika Road. Fouzderhat Industrial Estate. Chittagong-4219

DIRECTORS

Name	Mr. Zafar Ahmed
Designation	Chairman & Managing Director
Nationality	Bangladeshi

Name	Mr. Zahur Ahmed PhD
Designation	Vice Chairman & Deputy Managing Director
Nationality	Bangladeshi

Name	Mrs. Shawkat Ara Ahmed
Designation	Director
Nationality	Bangladeshi

Name	Mr. Shahriar Ahmed
Designation	Director
Nationality	Bangladeshi

Name	Mr. Ashim Kumar Barua
Designation	Director
Nationality	Bangladeshi

Name	Mr. Kazi Faruq Kader
Designation	Director
Nationality	Bangladeshi

SHAREHOLDERS

Name	Sponsor Director
Share Percent	50.42%
Nationality	Bangladeshi

Name	Institute
Share Percent	14.89%
Nationality	Bangladeshi

Name	General Public
Share Percent	34.69%
Nationality	Bangladeshi

BUSINESS DETAILS

Line of Business	Processors & Exporter
Items Dealing In	Sea Food
Terms of Purchase	Local: Cash or Credit Import: Against L/C
Terms of Sale	Export: Against L/C
Production Capacity	5,475 M/T per year

BANKERS

Name	United Commercial Bank Limited
Branch	Agrabad Branch
Address	Agrabad Commercial Area, Chittagong
SWIFT	N/A

FINANCIAL INFORMATION

Balance Sheet

AS AT 30^th June, 2010

Currency: Taka

APPLICATION OF FUNDS:	2010
Fixed Assets:
Gross Block	458,658,636
Less: Accumulated Depreciation	339,079,761
Net Block	119,578,875
Investment (At Cost)	56,720,190
Current Assets:
Inventories	573,384,439
Trade Debtors	20,169,720
Advance, Deposits & Prepayments	21,684,194
Other Receivable	41,858,012
Cash & Bank Balances	302,235,767
	959,332,132
Less: Current Liabilities
Working Capital Loan (Secured)	509,713,653
Long Term loan-Current Maturity	25,464,923
Trade Creditors	4,323,203
Sundry Creditors	16,877,551
Income Tax Payable	10,531,215
Other Liabilities	2,384,839
	569,295,384
Net Current Assets	390,036,748
Deferred Tax Assets/(Liability)	649,409
TOTAL ASSETS	566,985,222
SOURCES OF FUNDS:
Shareholders' Fund:
Share Capital	57,024,000
Share Premium	209,088,000
Reserve and Surplus	135,126,767
	401,238,767
Loan Fund (Secured):
Long Term Loan	165,746,455
TOTAL LIABILITIES	566,985,222
Net Asset Value per Share	704

Profit and Loss Account

For the Year Ended 30^th June, 2010

	2010
TURNOVER	2,205,549,551
Cost of goods sold	1,987,976,139
GROSS PROFIT	217,573,412
OPERATING EXPENSES:	216,410,356
Administrative & selling overhead	153,845,402
Financial expenses	62,564,954
OPERATING PROFIT/(LOSS)	1,163,056
Other income	19,056,758
PROFIT BEFORE PPF & WF	20,219,814
Provision for contribution to PPF & WF	962,848
PROFIT BEFORE TAX	19,256,966
Provision for tax:
Current tax	10,531,215
Deferred tax expenses/(income)	166,476
NET PROFIT/(LOSS) AFTER TAX	8,559,275
Retained earnings transferred to reserve & surplus	8,559,275
Basic Earning per share	15.01

Note: No latest financial information is available.

CAPITAL STRUCTURE

Authorized Capital	Tk.150 million
Paid Up Capital	Tk.57 million
Each Share Value	Tk.100.00

CURRENCY EXCHANGE RATE

Currency	Unit	Bangladeshi Taka (BDT)
Great Britain Pound	1	129.3762
U.S Dollar	1	80.0100
European Euro	1	105.4772

ADVERSE DATA MONITORING

Dishonored Checks	No Found
Debt	No Found
Litigation	No Records Found
Performance Defaults	No Records Found
Adverse Press Coverage	No Records Found
Money Laundering	No Records Found

GENERAL INFORMATION

Employees	372
Office Area (Sq. Ft)	2,400 sq.ft (rented)
Yard Area (Sq. Ft)	30,000 sq.ft (Own)
Warehouse Area (Sq. Ft)	3,800 sq.ft.(Own)
Range of Products	4 Shrimps
Export Market	4 USA 4 European Countries 4 Australia 4 Japan 4 Russia 4 New Zealand
Certification	4 ISO 9001: 2008
Holding Company	4 Apex Holdings Limited
Subsidiaries / Affiliates	4 Apex Spinning & Knitting Mills Limited 4 Apex Lingerie Limited 4 Apex Yarn Dyeing Limited 4 Matex Bangladesh Limited 4 Apex Textile Printing Mills Limited
Enlisted With	4 Dhaka Stock Exchange, Dhaka 4 Chittagong Stock Exchange, Chittagong
Member	4 Dhaka Chamber of Commerce & Industries, Dhaka 4 Bangladesh Frozen Foods Exporters Association, Dhaka

BUSINESS TREND & PROSPECT

Business Scale	Fairly Large
Business Trend	Growing
Management Capability	Good
Reputation	Good

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.07
UK Pound	1	Rs.89.54
Euro	1	Rs.72.77

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.