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Bextex Ltd Report (Ratio Analysis)

Bextex Ltd Report (Ratio Analysis)

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Published by Mahbubur Rahman

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Published by: Mahbubur Rahman on Jul 04, 2011
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11/14/2013

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BEXTEX LIMITED
The Company & Its Significance Accounting Policies
COMPANY OVERVIEW
Bextex Ltd. is a Bangladesh corporation enlisted in the Dhaka and Chittagong StockExchanges of Bangladesh. The company was founded to produce world class yarn,fabric and apparel. It was incorporated on 30 May 1984 and began commercialproduction in 1990.The company was enlisted in the stock exchange in 1992. It has an authorized capitalof 3,000 Million Taka and paid up capital of 1,882.50 Million Taka. It is placed as an Acategory share in the Dhaka Stock Exchange.Bextex Ltd. is the most modern composite mill in the region. Bextex Ltd. has aninstalled capacity of 288 high-speed air-jet looms in its weaving section and a high-techdyeing and finishing section with a capacity of 100,000 yards of finished fabric per day.This company is located at the Beximco Industrial Park.Bextex Ltd. has a modern composite knit fabric production mill, which serves thegrowing needs of high-quality knit garments exporters in Bangladesh. The project wasset up as a state of the art knit fabric knitting, dyeing and finishing facility. During theyear the Company produced and sold high quality of knit fabrics and bringing forth allthe latest in hard and soft technologies in knitting, dyeing and finishing of knit fabric.Bextex Ltd. also has a cotton and polyester blended yarn-spinning mill, with 122,000spindles is one of the largest spinning mills of the country. The mill was set up to feedthe country’s export oriented industries.Bextex Ltd. produces specialized finishes of denim cloth for export in finished as wellas cloth only form.
Company history
Bextex was formed in 2006 by the merger of Padma Textile Mills Ltd., Beximco TexilesLtd., Beximco Knitting Ltd. and Beximco Denims Ltd. The strategy behind the merger was to form a company with a stronger balance sheet in order to more easily raisecapital in the international market for expansion and to make the operation moreefficient, by cost reduction and achieving economies of scale. The resulting Bextexevolved to offer a complete product range for the export and domestic textile markets
.
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Company mission
BEXTEX Ltd. is a full service vendor with strong vertically integrated productionfacilities as well as creative & analytical capabilities which clearly sets us apart frommost other South Asian vendors.
Company vision
Gain market leadership in high value added apparel in USA & EuropeUse “Innovation” & “Speed” as prime drivers, rather than cotton & cheap labour.Dominate these markets in high quality :
Men’s, Women’s , Children
Shirts ( Dress & Casual )
Blouses ( formal & casual ) , Skirts, Jackets
Jeans & Casual non – denim bottoms
Knitted tops & bottoms
Market
The domestic and worldwide textile market is large and is expected to grow steadily. Incomparison to the competitors, Bextex is the top textile manufacturer in the countryand a leading player in the global textile market.
Customers
Bextex has both domestic and international customers. Some of the major retailers andinternational brands include Calvin Klein, Arizona, Levis, Espirit, VAN Heusen, which isthe world’s largest seller of dress shirts and Zara, which is the largest apparel retailer inEurope.
Competitors
Major competitors of Bextex include Monno Fabrics, Square Textile, GMG Ind. Corp.Competitive advantages for the company are the state of the art mills and theemployees
.
Basis of accounting
The financial statements have been drawn up, in accordance with BangladeshAccounting Standards (BAS) and Bangladesh Financial Reporting Standards (BFRS),the Companies Act 1994, the Security and Exchange Rules 1987 and other applicablelaws and regulations.
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FIVE YEARS' STATISTICS
2009 2008 2007 2006 2005
Results of Operations:
^■
* Revenue
7,866,2584,760,2374,267,0275,201,5142,570,597
* Gross Profit
2,929,5681,670,0521,245,3022,030,146499,931
* Operating Profit
2,615,7801,409,417996,0341,774,503449,975
* Net Profit/(loss) before tax
1,098,173(608,656)(983,404)(200,709)156,569
* Net Profit/(loss) after tax
933,447(608,656)(994,072)(208,649)123,599
** Basic Earning per share
4.16(3.23)(5.28)(1.11)2.03
** Cash Dividend Per Share
----0.50
Stock Dvidend in %
1510-1010
* Cash Generated from/(Used in)Operating Activities
(775,747)(1,134,776)(407,370)269,20188,167
Financial Position:
* Total Assets
22,155,83419,086,29814,738,93814,956,9406,168,193
* Fixed Assets - Gross
19,678,90412,915,85511,579,98411,431,1744,107,057
* Fixed Assets - Net
13,416,14011,805,2816,805,5667,293,5401,661,658
* Financial Assets
5,056,8663,812,2363,492,9953,458,9253,113,777
* Reserve and Surplus
6,581,6831,469,66646,8241,248,8291,230,994
* Gross Working Capital
8,677,1677,230,9837,881,4897,572,9064,496,276
* Net Working Capital
1,993,905(675,955)(177,009)1,611,5252,793,425
* Authorised Capital
5,000,0003,000,0003,000,0003,000,0001,000,000
* Share holders' Equity
10,637,7483,552,5121,929,6702,960,5072,076,601
* Paid up Capital
4,056,0651,882,8461,882,8461,711,678608,108
* Total Long Term Debt
6,683,2627,826,8494,735,7686,020,0512,373,739
Key Financial Ratios, Figures and
 
Market Data:
Current Ratio
1.79 : 10.92 : 10.98 : 11.27:12.64:1
Debt Equity Ratio
0.632.332.452.031.14
Return on Investment
4.21%-3.19%-6.74%-1.39%2.00%
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