|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BEXTEX LIMITED |
|
|
|
|
Registered Office : |
House No.17, Road No.2, Dhanmondi
Residential Area, Dhaka-1205 |
|
|
|
|
Country : |
Bangladesh |
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
30.05.1984 |
|
|
|
|
Com. Reg. No.: |
C-12167 |
|
|
|
|
Legal Form : |
Public Limited |
|
|
|
|
Line of Business : |
Manufacturer, Seller, Marketing & Exporter of Yarn & Fabrics |
|
|
|
|
No. of Employees : |
6,000 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
|
Name |
BEXTEX LIMITED |
|
Address |
House No.17, Road No.2, Dhanmondi
Residential Area, Dhaka-1205 |
|
Country |
Bangladesh |
|
Telephone No |
880-2-8611891-5, 8618220-7, 9677701-5, 7701165 |
|
Fax No |
880-2-8618221 |
|
E-Mail |
beximchq@bextex.net |
|
Website |
www.bextex.net |
|
Established |
May 1984 |
|
Commercial Production From |
1990 |
|
Company Registration No |
C-12167 |
|
Registration date |
30th May 1984 |
|
Legal Status |
Public Limited (8th March 1994) |
|
Issuing Authority |
The Registrar of Joint Stock Companies & Firms, Dhaka |
|
Business Type |
Manufacturer, Seller, Marketing & Exporter |
|
Status |
Satisfactory |
|
Payment Behavior |
No complaints have been heard regarding payments from local suppliers or banks. |
|
Head Office |
House No.17, Road No.2, Dhanmondi
Residential Area, Dhaka-1205 |
|
Telephone No |
880-2-8611891-5, 8618220-7, 9677701-5, 7701165 |
|
Fax No |
880-2-8618221 |
|
E-Mail |
beximchq@bextex.net |
|
Website |
www.bextex.net |
|
Operational Headquarter |
Beximco Industrial Park , Sarabo, Kashimpur, Gazipur, Bangladesh |
|
Branch |
NIL |
|
Factory |
Sarabo, Kashimpur, Gazipur |
|
Factory Telephone No |
N/A |
|
Factory Fax No |
N/A |
|
Warehouse |
Sarabo, Kashimpur, Gazipur |
|
Name |
Mr. A.S.F. Rahman |
|
Designation |
Chairman & Managing Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. Salman F. Rahman |
|
Designation |
Vice Chairman |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. M A Qasem |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
|
|
|
Name |
Mr. A B Siddiqur Rahman |
|
Designation |
Director |
|
Nationality |
Bangladeshi |
|
Name |
Sponsor/Director |
|
Share Percent |
13.25% |
|
Country |
Bangladesh
|
|
|
|
|
Name |
Foreign Investors |
|
Share Percent |
10.3% |
|
Country |
Bangladesh |
|
|
|
|
Name |
General Public |
|
Share Percent |
76.45% |
|
Country |
Bangladesh |
|
Line of Business |
Manufacturer, Seller, Marketing & Exporter |
|
Items Dealing In |
Yarn & Fabrics |
|
Terms of
Purchase |
Local: Cash or Credit Import: Against L/C |
|
Terms of Sale |
Local: Cash or Credit Export: Against L/C |
|
Name |
Janata Bank Limited |
|
Branch |
Local office Branch |
|
Address |
1,Dikusha Commercial Area, Dhaka |
|
SWIFT |
N/A |
Balance Sheet
As At 31 March
2011
Currency: Taka (In
Thousand)
|
Assets: |
2010 |
|
Non-Current
Assets |
16,562,566 |
|
Property, Plant and equivalent carrying value |
16,051,675 |
|
Long Term Security Deposits |
493,741 |
|
Deferred Assets |
17,150 |
|
Current Assets |
9,136,591 |
|
Inventories |
3,028,780 |
|
Trade Debtors |
5,006,310 |
|
Advances, Deposits and
Prepayments |
1,063,409 |
|
Cash and Cash Equivalents |
38,092 |
|
Total Assets |
25,699,157 |
|
EQUITY AND LIABILITIES |
|
|
Shareholders' Equity |
13,431,242 |
|
Issued Share Capital |
4,664,475 |
|
Reserves & Surplus |
8,766,767 |
|
Non-Current Liabilities |
5,880,087 |
|
10% Debentures - Net of Current
Maturity (Secured) |
783,946 |
|
Long Term Loans-Net of Current
Maturity (Secured) |
5,081,141 |
|
Security Deposit from
Distributor |
15,000 |
|
Current Liabilities |
6,387,828 |
|
Short Term Loans |
2,507,634 |
|
10% Debentures - Current
Maturity (Secured) |
1,826,805 |
|
Creditors & Accruals |
2,053,389 |
|
Total Shareholders' Equity and Liabilities |
25,699,157 |
Profit & Loss
Account
For the 1st
Quarter Ended 31 March 2011
Currency: Taka (In
Million)
|
Revenue |
5,122,485 |
|
Cost of Revenue |
(3,500,776) |
|
Gross Profit |
1,621,709 |
|
Operating Expenses |
(151,811) |
|
Administrative Expenses |
(130,998) |
|
Distribution (Selling) Costs |
(20,813) |
|
Profit before Interest, Tax & Depreciation |
1,469,898 |
|
Financial Expenses |
(375,353) |
|
Depreciation |
(15,254) |
|
Profit before Contribution to WPWF |
943,291 |
|
Contribution to Workers'
Participation/Welfare Fund |
(47,165) |
|
Net Profit before tax |
896,126 |
|
Income Tax Expenses |
(134,419) |
|
Net Profit/(Loss) for the Period Transferred to |
761,707 |
|
Earnings Per Share (Par value Tk.10/-) |
1.63 |
|
Number of Shares Used to Compute EPS |
466,447,477 |
Note: No latest financial information is
available.
|
Authorized Capital |
Tk.3,000 Million |
|
Paid Up Capital |
Tk.1,882.50 Million |
|
Each Share Value |
Tk.10.00 |
|
Currency |
Unit |
Bangladeshi Taka
(BDT) |
|
Great Britain Pound |
1 |
120.8148 |
|
U.S Dollar |
1 |
77.9400 |
|
European Euro |
1 |
102.1014 |
|
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 |
|
Employees |
6,000 |
|
Office Area (Sq.
Ft) |
5,875 sq.ft (own) |
|
Plant Area (Sq.
Ft) |
2.8 acres of lands (own) |
|
Warehouse Area
(Sq. Ft) |
6,975 sq.ft.(own) |
|
Range of
Products |
4 Yarn 4 Woven Fabrics 4 Knit Fabrics 4 Denim Fabrics |
|
Export
Market |
4 Springfield 4 VAN Heusen 4 Calvin Klein 4 DKNY 4 Zara 4 J.C. Penny 4 Next 4 IZOD 4 Arizona 4 H & M 4 Geoffory Beene 4 St. Johns Bay 4 Mother Care 4 Arrow 4 J. Ferrar 4 Bershka 4 Kenneth Cole Reaction 4 Decree 4 ESPIRIT 4 CHAPS 4 Levis |
|
Certifications |
NIL |
|
Group Name |
4 Beximco Group |
|
Subsidiaries /
Affiliates |
4 Bangladesh Export Import Co Limited 4 Beximco Pharmaceuticals Limited 4 Beximco Synthetics Limited 4 Shinepukur Holdings Limited 4 Beximco Fisheries Limited 4 Beximco Knitting Limited 4 Beximco Apparels Limited 4 Bangladesh On-Line Limited 4 Beximco Engineering Limited 4 Beximco Foods Limited 4 Beximco Media Limited 4 Sonali Aash Limited 4 Beximco Computer Limited 4 Beximco Systems Limited 4 I & I Services Limited 4 Padma Textile Mills Limited 4 Shinepukur Ceramics Limited 4 New Dacca Industries Limited |
|
Stock Code |
4 BEXTEX |
|
Enlisted With |
4 Dhaka Stock Exchange Limited (DSE) 4 Chittagong Stock Exchange Limited (CSE) |
|
Member |
4 Bangladesh Textile Mills Association, Dhaka 4 Dhaka Chamber of Commerce & Industries, Dhaka |
|
Business Scale |
Large |
|
Business Trend |
Growing |
|
Management
Capability |
Good |
|
Reputation |
Good |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.