BEXTEX LIMITED

BEXTEX LIMITED

Balance Sheet (Un-audited)

At 30 June 2010

Notes 30-06-2010
31-12-2009 Growth %

Taka
Taka
ASSETS
Property, Plant and Equipment-Carrying Value 3 13,969,685,728 13,416,139,550
4.13
Long Term Security Deposits
4
43,530,686
43,530,686
Deferred Assets
5
18,073,547
18,997,013
(4.86)
Total Non-Current Assets 14,031,289,961 13,478,667,249
4.10
Current Assets 9,134,574,065 8,677,166,758
Inventories
6 2,989,885,535 2,742,675,600
9.01
Trade Debtors 5,056,598,365 4,986,086,053
1.41
Advances, Deposits and Prepayments
7 1,052,061,019 921,155,433
14.21
Cash and Cash Equivalents
8
36,029,146
27,249,672
32.22
Total Assets
Tk. 23,165,864,026 22,155,834,007
4.56
EQUITY AND LIABILITIES
Shareholders Equity 11,581,274,149 10,637,748,057
8.87
Issued Share Capital
9 4,664,474,770 4,056,065,030
15.00
Reserves & Surplus 6,916,799,379 6,581,683,027
5.09
Non-Current Liabilities 6,770,418,393 6,857,150,010
(1.26)
10% Debentures - Net of Current Maturity (Secured)
958,207,709 1,044,939,326
(8.30)
Long Term Loans-Net of Current Maturity (Secured) 10 5,797,210,684 5,797,210,684
0.00
Security Deposit from Distributor
15,000,000
15,000,000
Current Liabilities 4,814,171,484 4,660,935,940
3.29
Short Term Loans
11 2,756,009,783 2,704,930,953
1.89
Long Term Loans - Current Maturity (Secured)
12 1,374,786,504 1,393,544,111
(1.35)
Creditors & Accruals
683,375,197 562,460,876
21.50
Total Shareholders Equity and Liabilities Tk. 23,165,864,026 22,155,834,007
4.56

Notes

30-06-2010
Taka

Ajay Pratap Singh

Chief Financial Officer

BEXTEX LIMITED

Share Capital
Share Premium
Reserves
Revaluation Surplus
Retained Earnings
Profit for the year
At the end of the year

30-06-2010

A S F Rahman
Chairman and Managing Director

30-06-2010
Taka

Selected Notes to the Financial Statements (Un-audited)

For the Half-Year ended 30 June 2010
30-06-2009 Growth %
Taka

5,038,149,644 3,500,545,458
(3,400,165,551) (4,167,532,744)
1,637,984,093 (666,987,286)
(660,431,523)
(60,460,224)
(32,061,871)
(52,201,572)

43.92
(18.41)
(345.58)
992.34
(38.58)

Net Cash (Used in) / Generated from Operating Activities

945,490,699 (779,649,082)
Cash Flows from Investing Activities :
Acquisition of Property, Plant and Equipment
(882,300,831) (1,571,271,030)
Net Cash Used in Investing Activities
(882,300,831) (1,571,271,030)
Cash Flows from Financing Activities :
Increase in Long Term Borrowings
(105,489,224) 4,584,770,378
Increase in Short Term Borrowings
51,078,830 (2,226,024,192)
Net Cash Generated from/(Used in) Financing Activities
(54,410,394) 2,358,746,186
Increase in Cash and Cash Equivalents
8,779,474
7,826,074
Cash and Cash Equivalents at Beginning of Year
27,249,672
17,132,210
Cash and Cash Equivalents at End of Year
Tk. 36,029,146
24,958,284

(221.27)
(43.85)
(43.85)
(102.30)
(102.29)
(102.31)
12.18
59.06
44.36

1.

Status and Activities

Bextex Limited (formerly known as Padma Textile mills Limited) was incorporated in Bangladesh in
1984 under the Companies Act, 1913 as a Public Limited Company. It commenced its manufacturing
operation in 1990. The company became a listed company in 1992.
During the year 2006, the company took over under a Scheme of Amalgamation, erstwhile Beximco
Textiles Ltd, Beximco Knitting Ltd and Beximco Denims Ltd, the three listed companies of the
Beximco Group engaged in manufacturing and marketing of high quality woven, knit and denim
fabric that are consumed by the export oriented garments industries of Bangladesh.
It is engaged in manufacturing and marketing of yarn that are consumed by weaving mills of
Bangladesh including its own weaving mills producing and marketing of high quality fabric, that
are eventually consumed by the export oriented garments industries of Bangladesh including the
garments factories of Beximco Group.
The registered office of the company is located at House No. 17, Road No. 2, Dhanmondi R/A,
Dhaka. The industrial units are located at Tatki of Narayanganj and Beximco Industrial Park in
Sarabo of Gazipur.

2.

The notes are an integral part of the Financial Statements.

Ajay Pratap Singh

Chief Financial Officer

30-06-2009

4,664,474,770 2,071,130,870
4,020,160,782 450,000,000
329,879,705 141,595,085
2,031,497,144 2,031,497,144
(408,264,344) (1,341,711,264)
943,526,092 638,416,837
Tk. 11,581,274,149 3,990,928,672

The notes are an integral part of the Financial Statements.

July 29, 2010

Dhaka.

Cash Flows from Operating Activities :

Cash Receipts from Customers and Others
Cash Paid to Suppliers and Employees
Cash Generated from Operations
Interest Paid
Income Tax Paid & Deducted at Source

July 29, 2010

Dhaka.

Statement of Changes in Equity (Un-audited)

For the Half- Year ended 30 June 2010

Ajay Pratap Singh

Chief Financial Officer

A S F Rahman
Chairman and Managing Director

July 29, 2010

Dhaka.

July 29, 2010

Dhaka.

30-06-2009 Growth
Taka
%

The notes are an integral part of the Financial Statements.

A S F Rahman
Chairman and Managing Director

BEXTEX LIMITED

Cash Flows Statement (Un-audited)

For the Half-Year ended 30 June 2010

Revenue
13 5,108,661,956 4,121,762,266 23.94
Cost of Revenue
14 (2,797,480,732) (2,270,903,538) 23.19
Gross Profit
2,311,181,224 1,850,858,728 24.87
Operating Expenses
(153,541,383) (127,115,050) 20.79
Administrative Expenses
15
(145,143,562) (117,571,144) 23.45
Distribution (Selling) Costs
(8,397,821)
(9,543,906) (12.01)
Profit before Interest, Tax & Depreciation
2,157,639,841 1,723,743,678 25.17
Financial Expenses
(660,431,823) (608,103,149)
8.61
Depreciation
(328,754,653) (364,561,897) (9.82)
Profit/(Loss) before Contribution to WPWF
1,168,453,365
751,078,632 55.57
Contribution to Workers Participation/Welfare Fund
(58,422,668)
Net Profit/(Loss) before Tax
1,110,030,697
751,078,632 47.79
Income Tax Expenses
(166,504,605) (112,661,795) 47.79
Net Profit/(Loss) for the year transferred to Tk. 943,526,092
638,416,837 47.79
Statement of Changes in Equity
Earnings Per Share (Par value Tk.10/-) Tk.
2.02
1.37 47.79
(Adjusted EPS of 2009)

The notes are an integral part of the Financial Statements.

A S F Rahman
Chairman and Managing Director

BEXTEX LIMITED

Profit and Loss Account (Un-audited)

For the Half Year ended 30 June 2010

Ajay Pratap Singh

Chief Financial Officer

Principal Accounting Policies

Basic of Preparation of Financial Statements
These Financial Statements are in accordance with BAS 34 Interim Financial Reporting; and
the Securities and Exchange Rules 1987. These interim financial statements should be read in
conjunction with the Financial Statements for the year ended December 31, 2009 (hereafter
referred to as the Annual Financial Statements, as they provided an update to previously reported
information.
The accounting policies used are consistent with those used in the Annual Financial Statements.
The company followed principal accounting policies (including International Accounting Standards
as adopted in Bangladesh, commonly known as BAS) consistently except that it has not yet adopted
BAS 21- Effects of changes in Foreign Exchange Rates as that conflicts with the provisions of
the Companies Act, 1994. The presentation of the Interim Financial Statements is consistent with
the Annual Financial Statements. Where necessary, the comparatives have been reclassified,
extended or consized from the previously reported half yearly report of 2009 to take into account any
presentational changes made in the Annual Financial Statements or the half yearly report 2010.
The preparation of the Interim Financial Statements requires management to make estimates and
assumptions that effect the reported amounts of revenues, expenses, assets and liabilities at the
date of the Interim Financial Statements. If in the future such estimates and assumptions, which are
based on managements best judgment at the date of the Interim Financial Statements, deviate from
the actual, the original estimates and assumptions will be modified as appropriate in the period in
which the circumstances change.

3.

Property, Plant and Equipment : Tk. 13,969,685,728

The movement in Property, Plant and Equipment is as follows:

Particulars
Land & Land development
Building & Other Construction
Plant & Machinery
Equipments
Furniture & Fixtures
Vehicles
Capital Work-in-progress
At 31 March 2010
Less Accumulated Depreciation
Carrying Amount

30-06-2010
31-12-2009
3,985,665,328 3,984,365,328
3,422,714,137 3,422,714,137
11,122,152,382 11,122,152,382
148,666,880
138,892,425
125,795,486
124,569,110
36,211,116
36,211,116
1,720,000,000
850,000,000
20,561,205,329 19,678,904,498
6,591,519,601 6,262,764,948
13,969,685,728 13,416,139,550

4. Long Term Security Deposits : Tk. 43,530,686

30-06-2010

This represents the amount deposited with utility providers in respect of :

Rural Electrification Board (REB) for Electricity
1,896,983

Dhaka Electric Supply Authority (DESA) for Electricity 1,072,000
Bangladesh Telegraph and Telephone Board (BTTB) for Telephone
50,000


Titas Gas Transmission & Distribution Co. Ltd. for Gas 23,011,703

Bank Gaurantee for Power Plant
17,500,000

Tk. 43,530,686
5. Deferred Assets : Tk. 18,073,547

This consists of :

Deferred Loss on Asset Sale and Lease Back

31-12-2009

9.

1,896,983
1,072,000
50,000
23,011,703
17,500,000
43,530,686

(a) Authorised Capital:

800,000,000 Ordinary Shares of Tk 10 each

(b) Issued, Called-up and Paid-up Capital:

466,447,477 Ordinary Shares of Tk 10 each

18,073,547
Tk. 18,073,547

18,997,013
18,997,013

862,659,480
326,598,254
13,654,872
432,919,793
89,486,561
1,087,255,350
90,165,684
396,895,642
240,165,832
360,028,192
898,478,708
371,265,482
260,165,324
81,465,821
185,582,081
114,937
141,377,060
Tk. 2,989,885,535

723,864,801
257,240,305
3,952,546
363,236,626
99,435,324
999,753,470
67,673,935
355,125,497
226,885,539
350,068,499
862,921,128
370,725,461
256,780,394
72,411,081
163,004,192
1,468,328
154,667,873
2,742,675,600

7. Advances, Deposits and Prepayments : Tk. 1,052,061,019

This consists of :
30-06-2010

Advances :
413,621,559

Suppliers
289,865,324

Salaries
38,895,684

Mill Petty Expenses
6,612,330

Other Suppliers
16,584,682

Expenses
45,869,823

Duty & Clearing Advance
15,793,716

Deposits :
471,869,888

L.C. Margin
257,677,227

Guarantee Margin and Miscellaneous Deposits
214,192,661

Prepaid Expenses
166,569,572

Tk. 1,052,061,019

31-12-2009
411,364,143
285,987,564
34,169,872
2,250,938
6,458,796
45,898,732
36,598,241
431,931,555
266,626,149
165,305,406
77,859,735
921,155,433

6. Inventories : Tk. 2,989,885,535

This consists of :

(a) Raw Material :

Cotton

Polyester

Yarn

Dyes & Chemical

(b) Work In Process

Fiber

Yarn

Fabric-Knit

Fabric

(c) Finished Goods

Yarn

Woven Fabric

Knit Fabric

Denim Fabric

(d) Packing Materials

(e) Stores and Spares

8. Cash and Cash Equivalents : Tk.36,029,146

This consists of :

(a) Cash in Hand

(b) Cash at Banks:

In Current Accounts

In STD Accounts

13,630,667
22,398,479
21,692,862
705,617
Tk. 36,029,146

7,575,139
19,674,533
18,961,112
713,421
27,249,672

Share Capital : Tk.4,664,474,770

30-06-2010

31-12-2009

Tk. 8,000,000,000

5,000,000,000

4,664,474,770
Tk. 4,664,474,770

4,056,065,030
4,056,065,030

10. Long Term Loans - Net of Current Maturity (Secured) : Tk. 5,797,210,684

This represents that portion of long term loans which is repayable after twelve months
from the balance sheet date.

Secured Loans from Banking Companies and other Financial Institutions :

Local Currency Loans :
5,744,295,326 5,744,295,326

Sonali Bank Ltd. - IBP Loan
707,324,558
707,324,558

Sonali Bank Ltd. - PAD Block
1,467,532,189 1,467,532,189

Sonali Bank Ltd. - Interest free
100,349,531
100,349,531

Sonali Bank Ltd. - Interest bearing Block A/C (CCP & CCH) 670,772,451
670,772,451

Rupali Bank Ltd. -Term Loan 1
354,892,000
354,892,000

Rupali Bank Ltd. -Term Loan 2
235,484,000
235,484,000

Rupali Bank Ltd.- Interest Free Block Loan
180,346,902
180,346,902

Rupali Bank Ltd.- PAD Segrigation A/C (Force Loan) 666,973,987
666,973,987

Rupali Bank Ltd.- CCP & CCH Segrigation A/C
776,523,280
776,523,280

Bangladesh Development Bank ( Former BSB) -Term Loan 92,236,856
92,236,856

Bangladesh Development Bank (Former BSB)-Interest Block 52,501,596
52,501,596

Citibank NA - Term Loan PTML
92,574,778
92,574,778

IFIC Bank Ltd. - Term Loan (PAD)
88,690,742
88,690,742

IFIC Bank Ltd. - Term Loan
143,954,916
143,954,916

The City Bank Ltd.
97,040,000
97,040,000

Janata Bank Ltd. - CCH Block
3,366,000
3,366,000

Janata Bank Ltd. - PAD Block
5,366,000
5,366,000

National Bank Ltd.
8,365,540
8,365,540

Lease Finance :
52,915,358
52,915,358

International Leasing And Financial Services Ltd
14,323,333
14,323,333

First Lease International Ltd
38,592,025
38,592,025

Tk. 5,797,210,684 5,797,210,684
11. Short Term Loans : Tk. 2,756,009,783

This consists of :

(a) Secured Loans from Banks :

Standard Chartered Bank Plc -CCH

Standard Chartered Bank Plc -LATR

Citi Bank NA - Cash Credit

Rupali Bank Ltd. - Overdraft

Rupali Bank Ltd. - CCP

Sonali Bank Ltd. - CCH

Sonali Bank Ltd. - CCP

Sonali Bank Ltd. - PAD

Sonali Bank Ltd. - Cash Subsidy

State Bank of India - CCH

Janata Bank Ltd. - Cash Subsidy

Janata Bank Ltd. - CCH

Janata Bank Ltd. - LATR

43,631,270
-
79,587,104
918,216,846
106,213,034
604,747,040
534,701,385
-
48,000,372
121,566,341
13,738,904
278,914,701
6,692,786
Tk. 2,756,009,783

42,462,221
84,895,736
889,116,120
102,869,790
602,082,218
530,494,266
52,142,906
122,056,754
278,810,942
2,704,930,953

12. Long Term Loans - Current Maturity (Secured) : Tk.1,374,786,504

This represents that portion of long term loans which is repayable within twelve months from
the balance sheet date and includes the following :
30-06-2010
31-12-2009

Local Currency Loans :
1,358,512,936 1,340,773,622

Sonali Bank Ltd. - IBP Loan
225,260,249
251,373,957

Sonali Bank Ltd. - PAD Block
467,662,902
521,985,570

Sonali Bank Ltd. - Interest free
9,122,686
9,122,686

Sonali Bank Ltd. - Interest bearing Block A/C (CCP & CCH) 206,990,590
152,313,720

Rupali Bank Ltd. -Term Loan 1
54,501,090
28,999,505

Rupali Bank Ltd. -Term Loan 2
36,027,650
19,114,886

Rupali Bank Ltd. - Interest Free Block Loan
10,610,000
10,610,000

Rupali Bank Ltd. - PAD Block Loan
89,719,525
42,584,214

Rupali Bank Ltd. - CCP & CCH Segrigation A/C
97,376,202
42,940,000

Bangladesh Development Bank ( Former BSB ) -Term Loan
5,786,940
11,600,000

Bangladesh Development Bank ( Former BSB ) - Interest Block 12,874,638
5,600,000

Citibank NA - Term Loan PTML
30,858,260
77,145,649

IFIC Bank Ltd. - IDBP
24,359,704
33,572,255

IFIC Bank Ltd. - Term Loan
32,463,921
46,856,030

Standard Chartered Bank plc-Fixed Loan
-
15,458,000

The City Bank Ltd. - Term Loan
32,134,998
32,290,442

Janata Bank Ltd. - CCH Block
3,757,366
6,872,393

Janata Bank Ltd. - PAD Block
10,802,600
15,747,700

National Bank Ltd. -Term Loan
8,203,615
16,586,615

Lease Finance :
16,273,568
52,770,489

IIDFC Ltd.
25,747,523

International Leasing And Financial Services Ltd.
2,242,813
6,167,449

First Lease International Ltd.
14,030,755
20,855,517

Tk. 1,374,786,504 1,393,544,111
30-06-2010
30-06-2009
13. Revenue : Tk. 5,108,661,956

This is arrived at as follows:

Sale of Yarn
995,174,770
752,726,998

Sale of Woven Fabric
2,953,238,951 2,492,859,945

Sale of Knit Fabric
419,309,788
327,027,133

Sale of Denim Fabric
353,865,113
295,690,528

Cash Subsidy
167,535,552
155,778,880

Sale of Waste
177,907,573
54,793,241

Commission Work
41,630,209
42,885,541

Tk. 5,108,661,956 4,121,762,266
14. Cost of Revenue : Tk. 2,797,480,732

This is arrived at as follows :

Material Consumed
2,437,146,802 1,858,402,203

Manufacturing Overhead
360,333,930
412,501,335

Cost of Revenue
Tk. 2,797,480,732 2,270,903,538
15. Administrative Expenses : Tk. 145,143,562

This consists of :

Salary & Allowances
101,155,773

Office Rent
852,186

Traveling and Conveyance
18,089,572

Entertainment
1,167,696

Telephone, Telex, Fax and Postage
4,016,303

Vehicle Upkeep & Fuel
7,645,016

Utilities
277,604

AGM and Secretarial expenses
2,783,500

Insurance Premium
1,496,171

Repairs & Maintenance
848,976

Printing, Stationery & Photocopy
104,747

Write off Deferred Loss on Asset Sale and Lease Back 923,466

Other Expenses
5,782,552

Tk. 145,143,562

A S F Rahman
Chairman and Managing Director

July 29, 2010

Dhaka.

Half Yearly Report

2010

Dear Shareholders,
We forward herewith the un-audited Financial statements of the Company for the half-year
ended at June 30, 2010 as per Rule 13 of the Securities & Exchange Rules, 1987 as amended
todate.

A S F Rahman
Chairman

83,441,101
849,409
1,520,383
2,462,954
13,374,615
257,873
2,360,000
730,855
2,896,172
296,039
923,466
8,458,277
117,571,144

Ajay Pratap Singh

Chief Financial Officer

Bextex Limited

17 Dhanmondi R/A, Road No. 2

Dhaka 1205, Bangladesh