MIRA INFORM REPORT

Report Date :

29.05.2013

IDENTIFICATION DETAILS

Name :	ALLTEX INDUSTRIES LIMITED

Registered Office :	Sadharan Bima Bhobon – 02, (3^rd, 7^th, 9^th & 12^th Floor), 139 Motijheel, C/A, Dhaka-1000

Country :	Bangladesh

Financials (as on) :	31.03.2013

Date of Incorporation :	24.01.1986

Com. Reg. No.:	CH-13621

Legal Form :	Public Limited Company

Line of Business :	Manufacturer & Exporter of Home-Textile Products

No. of Employees :	5,000

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate

Payment Behaviour :	Slow

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 31^st 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Bangladesh

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

bangladesh ECONOMIC OVERVIEW

In real terms Bangladesh's economy has grown 5.8% 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	Alltex Industries Limited
Address	Sadharan Bima Bhobon – 02, (3^rd, 7^th, 9^th & 12^th Floor), 139 Motijheel, C/A, Dhaka-1000
Country	Bangladesh
Telephone No	880-2-9569192-6, 9566084-5
Fax No	880-2-9565569, 9567293
E-Mail	info@alltexbd.com
Website	www.alltexbd.com
Established	1986
Commercial Production from	1990
Company Registration No	CH-13621
Registration date	24^th January 1986
Legal Status	Public Limited (1996)
Issuing Authority	The Registrar of Joint Stock Companies & Firms, Chittagong
Business Type	Manufacturer & Exporter
Status	Satisfactory
Payment Behavior	No complaints have been heard regarding payments from local suppliers or banks.

LOCATIONS

Head Office	Sadharan Bima Bhobon – 02, (3^rd, 7^th, 9^th & 12^th Floor), 139 Motijheel, C/A, Dhaka-1000
Telephone No	880-2-9569192-6, 9566084-5
Fax No	880-2-9565569, 9567293
E-Mail	info@alltexbd.com
Website	www.alltexbd.com
Branch	NIL
Factory	Alltex Industrial Park, Ariabo, Barpa, Rupgonj, Narayangonj
Factory Tel No	NIL
Factory Fax No	NIL
Warehouse	Alltex Industrial Park, Ariabo, Barpa, Rupgonj, Narayangonj

DIRECTORS

Name	Engr. Afsar Uddin Ahmad
Designation	Chairman
Nationality	Bangladeshi

Name	Mr. Fahim Uddin Ahmad Arif
Designation	Managing Director
Nationality	Bangladeshi

Name	Barrister Imtiaz Uddin Ahmad Asif
Designation	Deputy Managing Director
Nationality	Bangladeshi

Name	Mrs. Hasan Ahmad
Designation	Director
Nationality	Indian

Name	Mr. M.A. Mohsin
Designation	Director
Nationality	Bangladeshi

Name	Mr. Abul Hossain
Designation	Director
Nationality	Bangladeshi

Name	Mr. Jahidul Islam Zahangir
Designation	Director
Nationality	Bangladeshi

SHAREHOLDERS

Name	Sponsor Director
Share Percent	37.5%
Country	Bangladesh

Name	Institute
Share Percent	11.23%
Country	Bangladesh

Name	General Public
Share Percent	51.27%
Country	Bangladesh

BUSINESS DETAILS

Line of Business	Manufacturer & Exporter
Items Dealing In	Home-Textile Products
Terms of Purchase	Import: Against L/C Local: Cash or Credit
Terms of Sale	Export: Against L/C

BANKERS

Name	Sonali Bank Limited
Branch	Local Office Branch
Address	Motijheel, C/A, Dhaka-1000
SWIFT	N/A

Name	One Bank Limited
Branch	Principal Branch
Address	Motijheel, C/A, Dhaka-1000
SWIFT	N/A

FINANCIAL INFORMATION

Balance Sheet (Unaudited)

As At 31 March 2013

Currency: Taka (In Thousand)

	2013
NON-CURRENT ASSETS	1,334,529
Property, Plant & Equipment	1,264,529
Investment in Share	70,000
CURRENT ASSETS	1,379,218
Inventories	790,898
Accounts Receivable	279,728
Advances, Deposits and Sundry Receivables	125,890
Cash & Cash Equivalents	182,702
TOTAL ASSETS	2,713,746
Share Holders' Equity	434,398
Capital	480,000
Dividend Equalization Reserve	29,000
General Reserve	169,650
Retained earnings	(244,252)
Non Current Liabilities	380,723
Long Term Loan	170,218
Lease Liability	94,794
Deferred Tax Liability	115,711
Current Liabilities	1,898,625
Accounts Payable	320,240
Bank overdraft-Secured	142,141
Overdue installments of Lease Liabilities	103,453
Long term loan (Current Maturity)	405,798
Lease Liability (Current Maturity)	34,050
Unclaimed Dividend	25,416
Other liabilities	24,531
Total Shareholders Equity and Liabilities	2,713,746
Net Asset Value Per Share	9.05
Number of Shares Used to Compute NAV	48,000

Statement of comprehensive Income (Unaudited)

For the Period Ended 31 March 2013

Currency: Taka (In Thousand)

	2013
Export/Sales	532,892
Less: Cost of Goods sold	450,294
Gross Profit	82,598
Operating Expenses:	37,261
Administrative Expenses	19,692
Marketing Expenses	17,569
Profit from operations	45,337
Non operating (Expenses)/Income:	63,752
Financing Charges	50,442
Lease Expenses	13,310
Net Profit before taxes and contribution to WPPF	(18,415)
Net Profit /(Loss) before tax	(18,415)
Provision for Tax:
Deferred Tax	1,567
Net Profit for the period transferred to statement of changes in equity	(19,982)
Earning per share (per value Taka.10/-) Adjusted EPS	(0.42)
Number of shares used to compute EPS	48,000

CAPITAL STRUCTURE

Authorized Capital	Tk.1000 million
Paid Up Capital	Tk.480 million
Each Share Value	Tk.10.00

CURRENCY EXCHANGE RATE

Currency	Unit	Bangladeshi Taka (BDT)
Great Britain Pound	1	116.9297
U.S Dollar	1	77.7510
European Euro	1	99.9567

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	5,000
Office Area (Sq. Ft)	3,000 sq.ft (rented)
Factory Area (Sq. Ft)	3,50,000 sq.ft (rented)
Warehouse Area (Sq. Ft)	10,500 sq.ft (rented)
Range of Products	4 Printed & Dyed – Pigment & Reactive Prints & Dyed Duvet Cover, Flat Sheet, Fitted Sheet, Frilled Valance Sheet, Platform balance, Curtains, Pelmets, Comforter Shell, Dust ruffle, Window Valance, Pillow Case, Sham & other home textile items. 4 Non Iron finished, Pin tuck, Hemstitch, Embroidery & Lace products dying finishing for local market.
Export Market	4 UK- TESCO, LITTLEWOOD, M& S, ARGOS, SAINSBURY, DUNELM, DUNNES. 4 FRANCE- CARREFOUR, LECLARC, 4 DENMARK- JYSK 4 SWEDEN- IKEA 4 GERMANY- OTTO 4 CANADA- HBC, 4 AUSTRALIA- K- MART 4 JAPAN - NITOSI
Certifications	NIL
Group Name	4 Alltex Group
Subsidiaries / Affiliates	4 Alltex Spinning Limited 4 Alltex Weaving Limited 4 Alltex Fabrics Limited 4 Alltex Dyeing, Finishing & Printing Mills Limited
Stock Code	4 ALLTEX
Enlisted With	4 Dhaka Stock Exchange Limited 4 Chittagong Stock Exchange Limited
Member	4 Dhaka Chamber of Commerce & Industries, Dhaka 4 Bangladesh Garments Manufacturers & Exporters Association

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.55.74
UK Pound	1	Rs.84.17
Euro	1	Rs.72.03

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.