MIRA INFORM REPORT

 

 

Report Date :

14.01.2013

 

IDENTIFICATION DETAILS

 

Name :

APEX TANNERY LIMITED

 

 

Registered Office :

127 Hazaribag, Dhaka-1209

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2012

 

 

Date of Incorporation :

03.06.1976                  

 

 

Com. Reg. No.:

C-4859

 

 

Legal Form :

Public Limited

 

 

Line of Business :

Tanner & Exporter  of Leather

 

 

No. of Employees :

655

 

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

 

 

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 Tannery Limited

Address

127 Hazaribag, Dhaka-1209

Note: The subject registered from this address.

Country

Bangladesh

Telephone No

880-2-8625635-7

Fax No

880-2-8616567, 8613429

E-Mail

apex@apextannery.com

Website

www.apextannery.com

Established

1976

Company Registration No

C-4859

Registration date

3rd June 1976                  

Legal Status

Public Limited

Issuing Authority

The Registrar of Joint Stock Companies & Firms, Dhaka 

Business Type

Tanner & Exporter 

Status

Satisfactory

Payment Behavior

No complaints have been heard regarding payments 

from local suppliers or banks.

 

 

LOCATIONS

 

Head Office

127 Hazaribag, Dhaka-1209

Telephone No

880-2-8625635-7

Fax No

880-2-8616567, 8613429

E-Mail

apex@apextannery.com

Website

www.apextannery.com

Branch

NIL

Factory

127 Hazaribag, Dhaka-1209

Factory Tel No

N/A

Factory Fax No

N/A

Warehouse

127 Hazaribag, Dhaka-1209

 

DIRECTORS

 

Name

Mr. Syed Manzur Elahi

Designation

Chairman

Nationality

Bangladeshi

 

 

Name

Mr. A.K.M. Rahmatullah

Designation

Managing Director

Nationality

Bangladeshi

 

 

Name

Mr. Syed Nasim Manzur  

Designation

Director

Nationality

Bangladeshi

 

 

Name

Mr. Mohammad Hedayetullah   

Designation

Director

Nationality

Bangladeshi

 

 

SHAREHOLDERS

 

Name

Sponsor/Director

Share Percent

30%

Country

Bangladesh

 

 

Name

Institute

Share Percent

33%

Country

Bangladesh

 

 

Name

General Public

Share Percent

37%

Country

Bangladesh

 

BUSINESS DETAILS

 

Line of Business

Tanner & Exporter 

Items Dealing In

Leather

Terms of Purchase

Local: Cash or Credit

Import: Against L/C

Terms of Purchase

Export: Against L/C

 

 

BANKERS

 

Name

Janata Bank Limited

Branch

Motijheel Branch

Address

Motijheel Commercial Area, Dhaka

SWIFT

N/A

 

 

Name

The City Bank Limited

Branch

Motijheel Branch

Address

Motijheel Commercial Area, Dhaka

SWIFT

N/A

 

 

FINANCIAL INFORMATION

 

 

Statement of Financial Position (Un-Audited)

As of September 30, 2012

Currency: Taka (In Thousand)

 

Assets:

 

Non current assets:

334,185

Property, plant and equipment

292,067

Investments

39,014

Deferred tax assets

3,104

Current assets

1,259,686

Total Assets

1,593,871

Equity and Liabilities:

 

Shareholders’ equity:

985,375

Share capital – paid up

152,400

Share premium

425,333

Dividend equalization fund

44,888

Retained earnings

328,154

Fair valuation surplus of investment

34,600

Non current liabilities

61,630

Current liabilities

546,866

Total Equity and Liabilities

1,593,871

 

 

Statement of Comprehensive Income (Un-Audited)

For the first quarter ended September 30, 2012

Currency: Taka (In Thousand)

 

Turnover

608,880

Cost of sales

546,222

Gross profit

62,658

Operating expenses

30,208

Operating profit

32,450

Bank interest and charges

10,628

Other income

12,106

Profit for the period

33,928

Provision for WPP&WF

1,614

Profit before income tax

32,314

Income tax

6,183

Net profit after tax

26,131

Earnings per share (Tk.)

1.71

 

 

CAPITAL STRUCTURE

 

Authorized Capital

Tk.500 million

Paid Up Capital

Tk.152 million    

Each Share Value

Tk.10.00

 

 

CURRENCY EXCHANGE RATE

 

Currency

Unit

Bangladeshi Taka (BDT)

 

Great Britain Pound

1

127.6630

U.S Dollar

1

79.6500

European Euro

1

104.0707

 

 

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

655

Office Area (Sq. Ft)

2,500 sq ft

Plant Area (Sq. Ft)

100,000 sq.ft

Warehouse Area (Sq. Ft)

10,500 sq.ft.

Range of Products

4 Cow Full Chrome

4 Sow Semi Chrome

4 Cow Vegetable

4 Goat Full Chrome

4 Goat Semi Chrome

4 Various Types of Finished Leathers

Export Market

4 Hong Kong

4 Italy

4 Holland

4 Japan

4 Brazil

4 Spain

4 India

4 Korea

4 Mexico

4 Australia

4 USA

Certifications

4 ISO 9001-2000

Group Name

4 Apex Group

Subsidiaries / Affiliates

4 Blue Ocean Footwear Limited (BOFL)

4 Apex Adelchi Footwear Bangladesh Limited (AAFL)

4 Grey Advertising Bangladesh Limited (GABL)

4 Apex Pharma Limited (APL)

4 Quantum Market Research Bangladesh Limited

4 Apex Investments Limited

4 Apex Enterprises Limited

Stock Code

4 APEXTANRY

Enlisted With

4 Dhaka Stock Exchange Limited

4 Chittagong Stock Exchange Limited

Member

4 Bangladesh Finished Leather, Leather Goods and Footwear

     Exporters' Association

4 Dhaka Chamber of Commerce & Industries, 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.54.54

UK Pound

1

Rs.88.05

Euro

1

Rs.72.29

 

 

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.