MIRA INFORM REPORT

 

 

Report Date :

16.04.2013

 

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

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

04.01.1990

 

 

Com. Reg. No.:

C-19232

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Manufacturer, Seller & Exporter of Footwear

 

 

No. of Employees :

5,800

 

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 :

Good

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Bangladesh

B1

B1

 

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 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

Factory Tel No

N/A

Factory Fax No

N/A

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

Additional Managing Director

Nationality

Bangladeshi

 

 

Name

Ms. Munize Manzur Khasru

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Golam Mainuddin

Designation

Independent Director

Nationality

Bangladeshi

 

 

Name

Mr. Adelchi Sergio

Designation

Director

Nationality

Italian

 

 

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

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Sale

Local: Cash or Credit

Export: Against L/C

Production Capacity

15,000 pairs per day

 

 

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 (Un-Audited)

As at 30 September 2012

 

 

ASSETS

 

Non-Current Assets

1,979,216

Current Assets

5,499,552

Total Assets

7,478,768

 

 

EQUITY & LIABILITIES

 

Shareholders’ Equity

2,218,735

Non-Current Liabilities

1,042,438

Current Liabilities

4,217,595

Total Equity & Liabilities

7,478,768

 

Profit & Loss Account (Un-Audited)

Third Quarter Ended September 30, 2011

 

Sales

7,661,412

Cost of Sales

(6,651,167)

Gross Profit

1,010,245

Operating Expenses

(778,760)

Net Profit before Tax

231,485

Provision for Tax

(40,626)

Profit for the period after Tax

190,859

EPS

16.97

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.500 million

Paid Up Capital

Tk.113 million

Each Share Value

Tk.10.00

 

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

119.6817

U.S Dollar

1

78.0550

European Euro

1

102.0257

 

 

ADVERSE DATA MONITORING

 

Dishonored Checks

No Found

Debt

No Found

Charges

No Records Found

Performance Defaults

No Records Found

Adverse Press Coverage

No Records Found

Money Laundering

No Records Found

 

 

GENERAL INFORMATION

 

Employees

5,800

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 Men’s dress and formals

4 Men’s Casual

4 Men’s Dress and Casual Boots

4 Ladies Boots & Long Boots

4 Men’s and Ladies Hand stitched Moccasins

4 Children’s Dress, Boots & Sandals

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

4 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

 

 

BUSINESS TREND & PROSPECT

 

Business Scale           

Large  

Business Trend

Growing

Management Capability

Good

Reputation

Good

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.62

UK Pound

1

Rs.83.69

Euro

1

Rs.71.41

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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

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