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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

483764

Report Date :

02.01.2018

 

IDENTIFICATION DETAILS

 

Name :

APEX FOOTWEAR LIMITED

 

 

Formerly Known As :

APEX ADELCHI FOOTWEAR LIMITED

 

 

Registered Office :

House# 06, Road# 137, Block# SE (D), Gulshan-1, Dhaka-1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

30.09.2017

 

 

Date of Incorporation :

04.01.1990

 

 

Com. Reg. No.:

C-19232   

 

 

Legal Form :

Public Listed Company

 

 

Line of Business :

Manufacturer, Distributor and Importer of Foot Wears.

 

 

No. of Employees :

5860

 

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Bangladesh

A2

A2

 

Risk Category

ECGC

Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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 prolonged periods of political instability, poor infrastructure, endemic corruption, insufficient power supplies, and slow implementation of economic reforms. Although more than half of GDP is generated through the services 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, accounted for more than 80% of total exports and surpassed $25 billion in 2016. The sector continues to grow, despite a series of high-profile factory accidents that have killed more than 1,000 workers and crippling strikes, including a nationwide transportation blockade orchestrated by the political opposition during the first several months of 2015. Steady export growth in the garment sector combined with remittances from overseas Bangladeshis - which totaled about $15 billion and 8% of GDP in 2015 - are key contributors to Bangladesh's sustained economic growth and rising foreign exchange reserves.

 

Source : CIA

 

 

 EXECUTIVE SUMMARY

                       

                                                IDENTIFICATION DETAILS

Correct company Name

:

Apex Footwear Limited

Company Previous Name

:

Apex Adelchi Footwear Limited

Head Office

:

House# 06, Road# 137, Block# SE (D), Gulshan-1, Dhaka-1212,

Bangladesh.     

Tel No

:

88-02-55044841

Fax No

:

88-02-55044843

E-mail

:

info@apexfootwearltd.com

Website

:

www.apexfootwearltd.com

Trading Name

:

APEXFOOT

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/Loss

30th June’2017

BDT 4560969641

(30th Sep’2016)

BDT 13763058807

BDT 124226090

(30th Sep’2016)

30th Sep’2017

BDT 4493354674

BDT 13860281625

BDT 106639852

 

 

 

 

 

 

 

 

 

                                                             Information Parted By

Name

:

Mr. S. M. Shahjahan

Designation

:

Company Secretary

Contract No

:

N/A

 

                                                               Locations Details

Operating Address

:

House# 06, Road# 137, Block# SE (D), Gulshan-1, Dhaka-1212,

Bangladesh.     

Tel No

:

88-02-55044841

Fax No

:

88-02-55044843

E-mail

:

info@apexfootwearltd.com

Website

:

www.apexfootwearltd.com

 

Location :

: Owned

Ö

 

Rented

 

 

Leased

 

Area

3600

Sq. ft.

 

 

Type of Office :

  :       Commercial Office Bldg.

 

 

Semi-commercial office Bldg.

 

     

Retail shop

 

 

Industrial Park

 

     

Business Center

 

 

Home Office

 

     

Residential Bldg.

Ö

 

 

 

 

 

Factory:

 

 

 

 

 

Address

:

Chandra, Kaliakoir, Gazipur, Bangladesh.

Tel No

:

Nil

Fax No

:

Nil

 

Location :

   Owned

Ö

 

Rented

 

 

Leased

 

Area

3,04,545

Sq. ft.

 

Branch:

 

 

 

Address

:

Nil

Tel No

:

Nil

Fax No

:

Nil

 

Employee:

 

 

 

No. of Employees 

 

In Office

:

111

In Factory

:

5749

In Branch:

:

Nil

Total

:

5860

Details:

 

                    

 

 

 

OWNERSHIP/SHAREHOLDERS

 

Names of Shareholders

No. of Share

Country

Apex Tannery Limited

136700

Bangladesh.

Mr. Syed Manzur Elahi

415000

Bangladesh.

Mr. Syed Nasim Manzur

410900

Bangladesh.

Munize Manzur Khasru

225000

Bangladesh.

Mr. Md. Iftikhar-Uz-Zaman

1265600

Bangladesh.

Other Shareholder

8796800

Bangladesh.

 

 DIRECTORS

 

Name

:

Mr. Syed Manzur Elahi

Designation

:

Chairman

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Syed Nasim Manzur

Designation

:

Managing Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Kazi Sanaul Hoq

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Munize Manzur Khasru

Designation

:

Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

Name

:

Dr. Mohammed Farashuddin

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

Name

:

Mr. Nihad Kabir

Designation

:

Independent Director

Nationality

:

Bangladeshi.

Email address

:

N/A

Other details

:

N/A

 

 

MANAGEMENT

 

Name

:

Mr. Syed Nasim Manzur

Job Description

:

Managing Director

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Pradip Kanti Saha

Job Description

:

General Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Md. Omar Faruque

Job Description

:

Assistant Company Secretary

Nationality

:

Bangladeshi

Email address

:

omar.faruque@apexfootwearltd.com

Other details

:

N/A

 

Name

:

Rajendra Chandran Pillia

Job Description

:

Chief Operating Officer

Nationality

:

Indian

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Atiqul Islam

Job Description

:

Senior General Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. Syed Md. Mustaque

Job Description

:

Senior General Manager

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

Name

:

Mr. S. M. Shahjahan

Job Description

:

Company Secretary

Nationality

:

Bangladeshi

Email address

:

N/A

Other details

:

N/A

 

 

BUSINESS OPERATIONS

 

Nature of Activity       :

Manufacturer

Ö

Trader

 

Dealer

 

Distributor

Ö

 

 

 

Exporter

Ö

Importer

Ö

Services

 

Others

 

 

Range of Products:

 

Products

:

Foot Wears.      

Production Capacity

:

20,000 pairs of complete shoes per day.

Last Year Production

:

Do.

 

Trading Terms:

 

Purchasing Terms:

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

Ö

60 days

Ö

90 days

 

 

days

 

Selling Terms      :

L/C

Ö

Cash

 

Others

 

 

 

Credit :

 

30 days

Ö

60 days

Ö

90 days

 

 

days

 

 

DETAILED DATA

 

 

Trade Reference & Related Parties

:

 

Overseas Clients

:

Versatile

Kenda Forben S.P.A

Thread India Pvt. Ltd.

Optimam Footwear Co. Ltd

Chandran Chemical Industries

 

Local Clients

:

Local Peoples

 

Overseas Suppliers

:

N/A

 

Local Suppliers

:

N/A

 

Trade Markets

:

 

Exports(Country)

:

Germany, France, Italy, Austria, Scandinavia,

Switzerland Japan

 

Imports(Country)

:

China, India, Turkey, Germany, Taiwan, Thailand

 

Brand Name

:

N/A

Certified

:

N/A

Name of Auditors

:

M. J. Abedin & Co.

Chartered Accountants

Operation Status

:

Active.

 

 

CAPITAL STRUCTURE

 

Authorized Capital

:

BDT 500 Million

 

Paid-up Capital

:

BDT 112500000

 

No. of Shares

:

11250000

 

Share Value

:

BDT10.0Each

 

Main Assets

:

BDT 13860281625

 

 

FINANCIAL STATEMENT- DETAILED

 

Balance Sheet :

 

  Currency

BDT

 

       Denomination

: Taka

 

         Financial Year Ending

: 30th Sep’2017

     Financial Highlights

30th Sep’2017

      30th June’2017

Assets

 

 

Non-Current Assets

3362412398

3160066980

Property, Plant & Equipment

3051094642

2941870731

Capital Work- in- Progress

309748306

216626799

Investment in CDBL

1569450

1569450

Current Assets:

10497869227

10602991827

Inventories

6913346972

7221720188

Accounts Receivables & Others

1642592060

1654211723

Advance, Deposit & Prepayments

1432672833

1359954198

Cash and cash Equivalents

509257362

367105718

Total assets

13860281625

13763058807

EQUTIY AND LIABILITIES

 

 

Share Holders” Equity:

2666199139

2559559287

Share Capital

112500000

112500000

Share Premium

68804919

68804919

Dividend equalization Fund

11250000

11250000

Revaluation Surplus

1091423710

1091423710

Retained Earnings 

1382220510

1275580658

Non-Current Liabilities 

975284279

924767011

Long term Borrowings-Net off

 current maturity

642112472

619768538

Retirement Benefit Obligations-

Gratuity

333171807

304998473

Current Liabilities and Provisions

10218798207

10278732509

Short term Borrowings

 

8141205094

8190372869

Long Term Borrowings-Current

 Maturity

407793208

413931612

Creditor for goods

448581273

441513181

Creditor for services

386143856

403211500

Accrued expenses

223835487

241728366

Interest Payables

4997670

8188221

Provision for taxation

592168396

565645271

Unclaimed Dividend

14073223

14141490

Total Equity and Liabilities

13860281625

13763058807

Net Asset Value per Share

 (NAVPS)

237.00

227.52

 

 

Income Statement :

 

  Currency

:BDT

 

       Denomination

: Taka

 

         Financial Year Ending

: 30th Sep’2017

     Financial Highlights

30th Sep’2017

      30th Sep’2016

Revenue (Net)

4493354674

4560969641

Cost of Goods Sold

(3675307402)

(3752360152)

Gross Profit

818047272

808609489

Operating Expenses

(611571239)

(582211419)

Administrative

(59870299)

(54099366)

Marketing, Selling & Distribution

(550414115)

(527566803)

Audit fee

(150000)

(150000)

Other professional fees

(1136825)

(395250)

Profit  from Operation

206476033

226398070

Other  Income

264563

381257

Finance cost

(66919471)

(64713268)

Profit before WPPF & tax

139821125

162066059

Contribution to WPPF

(6658149)

(7717431)

Profit before tax

133162976

154348628

Income tax expenses for current period 

(26523125)

(30122539)

Net Profit after tax- transferred to changes in Equity

106639852

124226090

Other comprehensive income

-

-

Total comprehensive profit

106639852

124226090

Basic earnings per share (per value Tk. 10)

9.48

11.04

Number of shares used to compute EPS

11250000

11250000

 

 

ASSOCIARES/SUBSIDIARIES/ RELATED PARTIES

 

Sister Concerns

:

Apex Pharma Limited.

Apex Investments Ltd  

Apex Tannery Limited.

Blue ocean Footwear Ltd.

Mutual Trust Bank Limited.

Pioneer Insurance Company Limited.

Grey Advertising Bangladesh Limited.

Quantum Market Research BD Limited.

Subsidiary

:

N/A

Name of  The Group

:

Apex Group.

 

 

BANKING

 

Bank Name  

:

State Bank of India.

Bank Asia Limited.

Janata Bank Limited.

Dhaka Bank Limited

Bank Al-falah Limited.

The City Bank Limited.

Mercantile Bank Limited.

Standard Chartered Bank Ltd.

Shahjalal Islami Bank Limited

 

 

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, Bangladesh. It is Situated at Residential Area.

 

 

GENERAL COMMENTS

 

The subject company is a well-known reputed company in Bangladesh. Their products popular to the Local customers.  So day by day the subject companies increase their goodwill.


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.67

UK Pound

1

INR 85.90

Euro

1

INR 76.41

BDT

1

INR 0.77

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIY

 

 

Report Prepared by :

NIT

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.