MIRA
INFORM REPORT
|
Report Date : |
30.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
APEX
FOOTWEAR LIMITED |
|
|
|
|
Formerly Known As : |
APEX ADELCHI FOOTWEAR LIMITED |
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Registered Office : |
House#06, Road# 137, Block# SE (D), Gulshan-1, Dhaka-1212 |
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Country : |
Bangladesh |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
04-01-1990 |
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Com. Reg. No.: |
C-19232 |
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Legal Form : |
Public Listed
Co |
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|
|
Line of Business : |
Manufacturer and Exporter of Foot Wears |
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|
|
|
No. of Employees |
5860 |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Bangladesh |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
BANGLADESH ECONOMIC OVERVIEW
Bangladesh's economy has grown roughly 6% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, slow implementation of economic reforms, and the 2008-09 global financial crisis and recession. Although more than half of GDP is generated through the service sector, almost half of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Garment exports, the backbone of Bangladesh’s industrial sector and 80% of total exports, surpassed $21 billion last year, 18% of GDP. The sector has remained resilient in recent years amidst a series of factory accidents that have killed over 1,000 workers and crippling strikes that shut down virtually all economic activity. Steady garment export growth combined with remittances from overseas Bangladeshis, which totaled almost $15 billion and 13% of GDP IN 2013, are the largest contributors to Bangladesh’s current account surplus and record foreign exchange holdings
|
Source
: CIA |
Company name and address
|
Correct
company Name |
: |
APEX FOOTWEAR
LIMITED |
|
Local Language
Name |
: |
G‡c· dzUIqvi wjwg‡UW |
|
Company
Previous Name |
Apex Adelchi Footwear Limited |
|
|
Head Office |
: |
House#06, Road# 137, Block# SE (D), Gulshan-1,
Dhaka-1212, Bangladesh. |
|
Tel No |
: |
880-2-8828258,
8821591, 8820300 |
|
Fax No |
: |
880-2-8813038 |
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E-mail |
: |
info@apexadelchi.com |
|
Website |
: |
www.apexadelchi.com |
|
Date/ Year of Incorporation |
: |
04-01-1990 |
|
Incorporation No. |
: |
C-19232 |
|
Legal Form
(General) |
: |
Public Listed Co Public (but not listed) Private Co
State-owned Co Sole Proprietorships Partnership Not Registered others (please specify) ________________ |
|
Legal form
(Specific) |
: |
LTD
CORP
INC CO
others (please specify) ________________ |
|
Issuing
Authority |
: |
Registrar
of Joint Stock Companies & Firms
City Corporation Municipal Administration Union Council Cantonment Board Chief Controller of Import & Export (CCIE) |
FINANCIALS- SUMMARY
|
|
|||
|
Year |
Turnover/ Sales |
Assets |
Income |
|
31st December’2012 |
Tk. 9,748,378,905 |
Tk. 6,057,169,775 |
Tk. 258,854,949 |
|
31st December’2013 |
Tk. 10,940,035,731 |
Tk.7,420,556,241 |
Tk. 265,633,182 |
|
Exchange Rate |
USD1-Tk. 77.8200 EUR 1- Tk. 100.2711 GBP 1- Tk.118.5354 AUD 1 - Tk.82.8563 JPY 1 - Tk.0.9286 |
CAD 1 - Tk.80.1887 SEK 1 - Tk.12.2870 SGD 1 - Tk.65.3045 CNH 1 - Tk.12.8399 |
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FULLCHECK REPORT DETAILS
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Information Parted By |
||
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|
|
|
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Name |
: |
Mr. S. M.
Shahajahan. |
|
Designation |
: |
Company
Secretary. |
|
Contract No |
: |
- |
|
Locations Details |
||
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||
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Operating
Address |
: |
House#06, Road# 137, Block# SE (D), Gulshan-1,
Dhaka-1212, Bangladesh. |
|
Tel No |
: |
880-2-8828258,
8821591, 8820300 |
|
Fax No |
: |
880-2-8813038 |
|
E-mail |
: |
info@apexadelchi.com |
|
Website |
: |
www.apexadelchi.com |
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Location : |
: Owned |
|
Rented |
Ö |
|
Leased |
|
Area |
3600 |
Sq. ft. |
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Type of Office : |
: Commercial Office Bldg. |
Ö |
|
Semi-commercial office Bldg. |
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Retail shop |
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Industrial Park |
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Business Center |
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Home Office |
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Residential Bldg. |
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Factory: |
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Address |
: |
Chandra, P.S.
Kaliakoir, Dist: Gazipur, Bangladesh. |
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Tel No |
: |
Nil |
|
Fax No |
: |
Nil |
|
Owned |
Ö |
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Rented |
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|
Leased |
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Area |
3,04,545 |
Sq. ft. |
|
Registered
Address: |
||
|
|
|
|
|
Address |
: |
House#06, Road# 137, Block# SE (D), Gulshan-1,
Dhaka-1212, Bangladesh. |
|
Tel No |
: |
880-2-8828258,
8821591, 8820300 |
|
Fax No |
: |
880-2-8813038 |
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Employee: |
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No. of Employees |
In Office |
: |
120 |
In Factory |
: |
5740 |
||
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In Branch: |
: |
- |
Total |
: |
5860 |
|||
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Details: |
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OWNERSHIP/SHAREHOLDERS
|
Names of
Shareholders |
No. of Share |
|
Mr. Syed Manzur Elahi |
4,15,000 |
|
Mr. Syed Nasim Manzur |
4,10,900 |
|
Ms. Munize Manzur Khasru |
2,25,000 |
|
Md. Fayekuzzaman |
12,65,600 |
|
Other Shareholder who hold less than 10% |
87,96,800 |
DIRECTORS
|
Name |
Designation |
|
Mr. Syed Manzur Elahi |
Chairman |
|
Mr. Syed Nasim Manzur |
Managing
Director |
|
Ms. Munize Manzur Khasru |
Director |
|
Md. Fayekuzzaman |
Director |
|
Mr. Golam Mahiuddin |
Independent
Director |
|
Mrs. Nihad Kabir |
Independent
Director |
MANAGEMENT
|
Name |
: |
Rajendra
Chandran Pillia |
|
Job
Description |
: |
Chief
Operating Officer |
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Nationality |
: |
Indian |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
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|
|
|
|
Name |
: |
Mr. Pradip
Kanti Saha |
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Job
Description |
: |
General
Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Atiqul Islam
|
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Job
Description |
: |
Senior General
Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. Syed Md.
Mustaque |
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Job
Description |
: |
Senior General
Manager |
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Nationality |
: |
Bangladeshi |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
|
Name |
: |
Mr. S. M.
Shahajahan. |
|
Job
Description |
: |
Company
Secretary. |
|
Nationality |
: |
Bangladeshi. |
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Email address |
: |
N/A |
|
Other details |
: |
N/A |
BUSINESS OPERATIONS
|
Nature of Activity : |
Manufacturer |
Ö |
Trader |
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Dealer |
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Distributor |
Ö |
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|||||||
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Exporter |
Ö |
Importer |
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Services |
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Others |
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Range of Products: |
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Products |
: |
Foot Wears. |
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Production Capacity |
: |
15,000 pairs of complete shoes per day. |
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Last Year Production |
: |
Do. |
Trading Terms:
|
Purchasing Terms: |
L/C |
Ö |
Cash |
|
Others |
|
|
|||
|
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Credit : |
|
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
|
Selling Terms : |
L/C |
Ö |
Cash |
Ö |
Others |
|
|
|||
|
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Credit : |
Ö |
30 days |
|
60 days |
Ö |
90 days |
|
|
days |
DETAILED DATA
|
Trade Reference & Related Parties |
: |
Overseas Clients |
: |
Germany, France, Italy, Austria, Scandinavia, Switzerland Japan, USA, Canada |
Local Clients |
: |
Local Peoples |
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||||
|
Overseas Suppliers |
: |
Chandran Chemical Industries Kenda Forben S.P.A Thread India Pvt. Ltd. Optimam Footwear Co. Ltd Versatile |
Local Suppliers |
: |
N/A |
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Trade Markets |
: |
Exports |
: |
Germany, France, Italy, Austria, Scandinavia, Switzerland Japan, USA, Canada |
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Imports |
: |
China, India, Turkey, Germany, Taiwan, Thailand |
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Brand Name |
: |
N/A |
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Certified |
: |
N/A |
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Auditors |
: |
M. J. Abedin & Co. Chartered Accountants |
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Operation Status |
: |
Active. |
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Member |
: |
Dhaka Chamber of Commerce & Industry. |
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CAPITAL STRUCTURE |
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Authorized Capital |
: |
Tk. 500 Million. |
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||||||
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Paid-up Capital |
: |
Tk. 11,25,00,000 |
No. of Shares |
: |
1,12,50,000 |
Share Value |
: |
Tk.10.0Each |
|
|
Main Assets |
: |
Tk.7,420,556,241 |
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FINANCIAL STATEMENT- DETAILED
|
Balance Sheet : |
||
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|
Currency |
: Tk. |
|
|
Denomination |
: 1 |
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Financial Year Ending |
:31st December |
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ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES
|
||
|
Sister
Concerns |
: |
Apex Tannery Limited. Blue ocean Footwear Ltd. Apex Pharma Limited. Grey Advertising Bangladesh Limited. Quantum Market Research BD Limited. Mutual Trust Bank Limited. Pioneer Insurance Company Limited. Apex Investments Ltd |
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Subsidiary |
: |
N/A |
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Name of The Group |
: |
Apex Group. |
BANKING
|
Bank Name |
: |
Janata Bank
Limited. Bank Asia
Limited. Standard
Chartered Bank Ltd. The City Bank
Limited. Bank Al-falah
Limited. Shahjalal
Islami Bank Limited. Dhaka Bank
Limited. Mercantile
Bank Limited. State Bank of
India. |
ADVERSE DATA MONITORING
|
Dishonored Checks |
: |
No Record
Found |
|
Debt |
: |
No Record
Found |
|
Litigation
|
: |
Clear |
|
Performance Defaults |
: |
No Record
Found |
|
Adverse Local Media Coverage/ Adverse Filling History |
: |
No Record
Found |
SITE VISIT COMMENTARY
|
Our representative visited the subject company Head Office which is situated at House#06, Road# 137, Block# SE (D), Gulshan-1, Dhaka-1212, and Bangladesh. SC’s Company Secretary Mr. S. M. Shahajahan has given us all information. Its office is decorated by western furniture. |
GENERAL COMMENTS
|
The information provided in this report is based on the information procured from the subject's file at Official Registry (ROC). |
|
Adopted
Abbreviations: |
||
|
NA- Not
Available |
TK- Bangladeshi Taka |
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIS |
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.