BEXTEX Limited - BEXIMCO | Textiles & Apparel Division

44 Pages·2008·2.33 MB·English

A N N U A L R E P O R T 2 0 0 7
BEXTEX
Limited
MISSION
Each of our activities must benefit and add value to the common wealth of our
society. We firmly believe that, in the final analysis we are accountable to
each of the constituents with whom we interact; namely: our employees, our
valued customers, our suppliers, our business associates, our shareholders
and our fellow citizens.
TABLE OF CONTENTS
Notice of the Twenty-Fourth Annual General Meeting 2
Board and Management 3
Chairman's Statement 4
Human Resources and Compliance 8
Corporate Governance 10
Report of the Directors 12
Five Years' Statistics 15
Value Added Statement 16
Twenty-Third Annual General Meeting 17
Report of Auditors to the Shareholders 19
Balance Sheet 20
Profit and Loss Account 21
Statement of Changes in Equity 22
Cash Flow Statement 23
Notes to the Accounts 24
Proxy Form and Attendance Slip Annexed
NOTICE OF THE TWENTY-FOURTH ANNUAL GENERAL MEETING
BEXTEX LIMITED
17 Dhanmondi R/A, Road No. 2, Dhaka 1205
NOTICE OFTHE TWENTY-FOURTH ANNUALGENERALMEETING
Notice is hereby given that the TWENTY-FOURTH ANNUAL GENERAL MEETING of the
Shareholders of Bextex Limited will be held on Thursday, the 28th August, 2008 at 10.30 a.m. at
1, Shahbag C/A, Dhaka to transact the following business:
AGENDA
1. To receive, consider and adopt the Audited Financial Statements of the Company for the year
ended 31st December, 2007 together with reports of the Auditors and the Directors thereon.
2. To elect Director.
3. To appoint Auditors for the year 2008 and to fix their remuneration.
4. To transact any other business of the Company with the permission of the Chair.
By order of the Board,
(Md. Asad Ullah, FCS)
Dated : 6th May, 2008 Company Secretary
NOTES:
(1) The Record Date shall be on 2nd July, 2008. The Shareholders whose names will appear in the Share
Register of the Company or in the Depository Register on that date will be entitled to attend at the
Annual General Meeting.
(2) Amember entitled to attend and vote at the General Meeting may appoint a Proxy to attend and vote in
his/her stead. The Proxy Form, duly stamped, must be deposited at the Registered Office of the Company
not later than 48 hours before the time fixed for the meeting.
(3) Admission to the meeting room will be strictly on production of the attendance slip sent with the Notice
as well as verification of signature of Member(s) and/or proxy-holder(s).
2 ANNUAL REPORT 2007
BOARD AND MANAGEMENT
BOARD OF DIRECTORS
AS FRahman Salman FRahman M AQasem AB SiddiqurRahman
Chairman and Vice Chairman Director Director
Managing Director
MANAGEMENT TEAM
Syed Naved Husain SardarAhmed Khan Ajay Pratap Singh
Chief Executive Officer Chief Operating Officer Chief Financial Officer
Md. Asad Ullah, FCS
Company Secretary
BEXTEX LIMITED 3
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4 ANNUAL REPORT 2007
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BEXTEX LIMITED 5
CHAIRMAN’S STATEMENT
Dear Shareholders,
I take this opportunity to welcome you all on behalf of the Board of
Directors to this 24th Annual General Meeting of your company and
to present to you the Auditors' Report which includes the Audited
Financial Statements and the Directors Report for the year ended
31st December 2007.
Operations
Credit goes to the skilled work force of our company for their utmost
efforts, which helped us maintain the sales volume at a considerable
level, despite various limitations caused by the untoward situation
we are going through. Thanks to the management for taking the
business forward confidently, bearing all the pains and troubles
during our absence. Thanks also go to Beximco Garments Division-
our strong forward linkage, which handled our customers with
patience sharing all our problems. Above all, we appreciate our
valued customers who never lost confidence in us and extended their
all out cooperation to help us sustain and remain on track.
The management as usual, was prompt to take necessary steps to
counter possible threats and difficulties and emphasized on
innovation of fabrics marketing as well as adding new machines to
expand the production capacity. In spite of all these efforts, net
operational results remained negative in 2007, due to price increase
of Cotton and Chemicals worldwide and the changed political
scenario of the country, added with the scarcity of gas and power.
Marketing
This year also, the concept of BEXTEX, bringing our textile units
under one umbrella, proved immensely helpful to keep our strong
customer focus.
Business growth with our leading customers JC Penny, Zara and H
& M remained steady. We have been able to retain our position as
the single largest customer of Zara and one of the three 'A' category
shirt supplier to JC Penny. Our business continues with other
customers like Bershka, Spring Field, C&A, BHS, Tom Tailor,
S.Oliver, Orsay, Charterhouse, etc.
We continued our design and R&D activities pacing with the fast
changing fashion in EU and the US. Our R&D cell was constantly
looking for possible new developments. Our designers were directly
linked with Spanish, Italian, German, British and American fashion
houses, took part in various trade shows and exhibitions and were in
active interaction with key customers in USAand Europe.
Our mercerized knits, mercerized denims, voiles & wrinkle free
fabrics continue to get huge orders in parallel to other quantities of
our product range in both Solid and Yarn dyed fabrics like Twill,
Canvas, Stretch, Sateen, Poplin, Dobby, Oxford, Seersucker,
Chambray etc. in various finishes like chintz, paper touch, Teflon
6 ANNUAL REPORT 2007
(Dupont), water repellent, peach, aero, luxury, quick dry, soil release As part of product diversification and value addition we are going to
etc. and Indigo Denim, bull twills, sulphur black denims, slub denims, produce griege and mélange yarn for export oriented knitting
stretch denims, dobby denims etc. in our denim product range. industries instead of producing yarn for the local market. We are also
planning marketing of color mélange yarn for the export oriented
With the addition of Compact Spinning and state of the art European
market, which only BEXTEX can produce in Bangladesh.
slub machine we are now more flexible and diversified in making
ring yarn including slub, stretch, multi count, multi twist, mélange
Dividend
etc. besides finer counts like 50/1, 60/2, 80/2, 100/2 etc. for high
value fabrics. In addition to our in-house orders, we are selling In spite of our best efforts, the net operational results were negative
mélange yarn to export market now. in 2007. Keeping in view the performance of the company, the Board
of directors do not recommended any dividend for the year. They are
Our bold and active marketing combined with our product
confident that you will stand by this decision in the interest of the
development and manufacturing capabilities, this year also, we
long-term prospects of your company.
remain as an unparallel and indispensable resource of global fashion
to our valued customers.
Conclusion
Human Resources I would like to take this opportunity to show my appreciation and
sincere gratitude to the valued shareholders, government agencies,
Your company has always recognised the importance of human
employees, banks, financial institutions, suppliers and to our
resources development and makes considerable investment for
customers for their unforgettable co-operation. Infact, you are the
acquisition, development and retention of talented and dynamic
real strength to overcome the challenges in our way. I am confident,
professionals. Through its programs for training, allocation of
that with your understanding and support we will continue to build
responsibilities & authority, performance appraisal, job enlargement
on our capabilities for sustained high performance in future. Again I
& enrichment. Bextex provides an environment, which is conducive
offer my heartiest thanks to all shareholders for their support during
to individual growth and motivates employees to put in their best
the year.
effort for achieving organisational goals.
Environment
Your company is very committed to preserve a healthy and pollution-
free environment. It has a very efficient waste collection and disposal AS FRahman
system. In order to reduce air pollution by exhaust of gas from engine-
Chairman
generators, it maintains a costly plant that uses the exhaust gas to
generate steam for chilling unit. Above measures not only help keep Dated: 06 May 2008
the water & air free from pollution but also help save cost of water Dhaka.
treatment & air conditioning. Your company uses only AZO-free dyes
and is dedicated to ensure a healthy and eco-friendly environment.
Future Plans
Despite the prevailing adverse situation mentioned above, Bextex
remains as an important strategic partner to our core customers
because of its position as a South Asians leading producer of
innovative fabrics and designs and integrated state of the art facilities
from yarn to fabric.
We must emphasize on strengthening our research and development
activities for product diversification and focus more on our
operational excellence to maintain quality and competitiveness to
sustain in the long run.
In order to ease our operation, we have already taken initiative by
adding one Sanforizing machine, one Mercerizing machine and one
washing machine which will possibly boost our production capacity
to 3 million yards a month.
BEXTEX LIMITED 7
HUMAN RESOURCES AND COMPLIANCE
Equal Opportunity Employer& Social Contributor
BEXTEX Limited, a one-stop manufacturing and vertically
integrated facility for world-class fabric & apparel. The organization
also boasts its unique human assets of diversified talents who play
the vital role in managing such a world-class facilities to be the
business partner of the worlds reputed and top ranking customers in
the field of global textiles & apparels market.
Since the inception, Beximco Group became the pioneer of head
hunting for all of their fields and successfully accumulated the best
talents from within the country as well as from abroad and could
make an excellent environment to flourish their qualities and
capabilities by utilizing their capacities in the process of
manufacturing, maintenance and of course in the management in
broad. The human resources engaged in Beximco Group are getting
the best value of their potentials and never look anywhere other than
significantly contributing their highest efforts for the continuous
development of the company.
The ideal management of human resources in BEXTEX ensured
nurturing of the potentials of these talents through working in an
environment having the state of the art production facilities and
getting the satisfaction of job and reward. On the other hand the
company, employer of the highest number of professional including
the MBAs, CAs, CMAs, experts having the doctors of philosophy
(PhDs) has the proud to be the largest employer of the country and
has the strength of making things simply possible which is always
being difficult for the competitors and 'impossible' to the others.
BEXTEX, a company of continuously maintaining the best
employee-management communication & relationship abiding by
the internationally recognized and certified standard of compliance
has ensured not only recruiting the best manpower but also has the
record of retaining them through whom the company brought the
sheer success of achievements in the world of textiles and garments.
The story of success, achievements and the glory of the company as
well as the division or the Group as a whole is nothing but the
participation of it's human resources and of course, conforming of all
the compliance issues starting from the level of Ato Z i.e. from
accumulating the resources, processing the production up-to the
feeding of products into the market.
The team of Human Resources and Compliance department in
BEXTEX consisting of highly qualified and vastly experienced
personnel having appropriate training from both home and abroad
made the department absolutely equipped with all necessary
policies, guidelines, Standard Operating Procedures (SOPs), Job
Descriptions, training materials, Code of Conducts (COC) that the
continuous development of human resources is also taking place
simultaneously throughout each and every section of the company.
The company, as invests for recruiting and retaining the qualified
human resources, similarly spends a considerable amount of money
8 ANNUAL REPORT 2007