Country’s specialized e-commerce company, Evaly is drowning in 6 times more debt against their assets. According to Bangladesh Bank, the company hardly has the capacity for this huge amount of loan repayment.
The total debt of the Evaly now stands at Tk 4.04 billion. Meanwhile, the net amount of its total assets is worth around Tk 0.65 billion.
Recently, the Ministry of Trade asked the central bank to submit the account details of Evaly.com.bd. Accordingly, the central bank has put forward a report to the ministry.
A Business Standard report first revealed the Evaly fact, referring to the Bangladesh Bank data that the company has yet not delivered the ordered products to the customers even though they paid in advance worth Tk 2.14 billion until 14th March, this year.
On the other hand, the company has an arrears amounting Tk 1.90 billion from the companies – Evaly purchases products.
Therefore, only 16.14 per cent of the arrears can be repaid through Evaly’s current assets.
As per the Bangladesh Bank data, the difference between the total assets and the total liabilities of Evaly stands at Tk 3.15 billion without equity. Also, the difference between the current assets and current liabilities stands at Tk 3.42 billion.
It reveals Evaly’s total assets comprise only 22.52 per cent of the total liabilities. Besides, it accounts for only 16.01 per cent of the current liabilities. The company has a Tk 2.7 billion worth of permanent assets against its net capital share of Tk 1 crore in the stock market. However, it does not have any long-term liabilities.