AMCL (Pran)

Income StatementAmount in Taka

30-Jun-07 30-Jun-08 30-Jun-09Sales 925,498,835 985,454,208 1,106,659,846.00Cost of Goods Sold 715,867,802 761,332,926 858,841,641.00Gross Profit 209,631,033 224,121,282 247,818,205Other IncomeExpenses 175,185,751 183,129,989 197,525,920Administative & Selling Expenses 87,462,613 92,570,466 99,015,593.00Financial Expenses 87,723,138 90,559,523 98,510,327.00Operating Profit 34,445,282 40,991,293 50,292,285

Contribution to Workers' Participation & Welfare Fund 2,049,565 2,514,614.00Net Profit Before Taxation 34,445,282 38,941,728 47,777,671Provision for Tax 3,391,605 2,991,770 7,807,868.00Current Tax 2,979,638 3,173,607 4,203,442.00Deferred Tax 411,967 -181,837 3,604,426.00Net Profit After Taxation - Transferred to Statement of Changes in Shareholders' Equity 31,053,677 35,949,958 39,969,803Basic Earnings per Share (Per Value Tk. 100/-) 36.66 44.94 49.96Number of Share Used to Compute EPS 800,000 800,000 800,000.00


30-Jun-10 30-Jun-11 1,205,155,338 1,316,345,576 935,681,509 1,029,503,278 269,473,829 286,842,298 916,500 201,760 213,977,930 228,782,236 107,121,566 115,171,786 106,856,364 113,610,450

56,412,399 58,261,822

56,412,399 58,261,822 2,820,620 2,903,003 53,591,779 55,358,819 9,998,055 9,868,642 5,316,138 7,895,659 4,681,917 1,972,983

43,593,724 45,490,177 54.49 56.86 800,000 800,000

Balance SheetAmount in Taka

30-Jun-07 30-Jun-08 30-Jun-09NET ASSETS

Property, Plant and Equipment 265,240,679 234,925,685 314,129,366.00Investments (At Cost) 15,280,000 15,000,000 15,000,000.00

Current Assets 676,467,480 673,260,852 668,461,522Stock 483,346,039 484,200,145 481,449,835.00Trade debtors 59,711,981 44,242,900 37,284,380.00Advance, Deposits and Prepayments 100,749,301 128,644,738 108,758,482.00Cash and Cash Equivalents 32,660,159 16,173,069 40,968,825.00

Current Liabilities 496,269,678 469,374,341 479,012,783Current Portion of Long Term Loan 50,102,521 21,709,923 22,338,757.00Short Term Loan from Bank 413,406,543 409,262,567 415,118,255.00Liabilities for Goods 12,723,372 12,666,636 6,075,973.00Liabilities for Expenses 7,339,692 8,618,255 11,649,336.00Liabilities for Other Finance 15,850 31,244Interest Payable 817,653 364,776 198,985.00Workers' Profit Participation & Welfare Funds 3,534,006 4,937,087 6,871,382.00Income Tax Payable 6,519,324 9,692,931 13,896,373.00Unclaimed Dividend 1,810,717 2,090,922 2,863,722.00

Net Current Assets 180,197,802 203,886,511 189,448,739Net Assets 460,718,481 453,812,196 518,578,105

FINANCED BY

Shareholders' Equity 327,927,749 342,714,360 359,966,920Share Capital 80,000,000 80,000,000 80,000,000.00Share Premium 40,000,000 40,000,000 40,000,000.00Reserve and Surplus 187,127,749 200,314,360 216,766,920.00Proposed Dividend 20,800,000 22,400,000 23,200,000.00

Deferred Tax Liability 18,790,827 18,608,990 22,213,416.00Long Term Debt 113,999,905 92,488,846 136,397,769.00

Total Long term Liability and Owner's Equity 460,718,481 453,812,196 518,578,105


30-Jun-10 30-Jun-11

422,432,100 415,825,688

693,251,080 756,842,149 491,757,780 514,774,187 41,282,366 55,696,134 131,231,172 151,106,219 28,979,762 35,265,609

516,471,746 591,768,483 14,296,711 41,532,708 428,240,957 467,449,363 6,179,656 4,193,904 4,557,302 4,288,887 38,464,413 36,314,681 4,341,763 6,310,372 9,185,523 11,891,722 8,020,506 15,916,165 3,184,915 3,870,681

176,779,334 165,073,666 599,211,434 580,899,354

380,083,391 401,331,039 80,000,000 80,000,000 40,000,000 40,000,000 236,083,391 256,531,039 24,000,000 24,800,000

26,895,333 28,868,315 192,232,710 150,700,000

599,211,434 580,899,354

AGRICULTURAL MARKETING CO. LTD. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE YEAR ENDED 30 JUNE 2011

Particulars

Balance as on 30 June 2009 80,000,000 40,000,000 17,150,037 Net Profit after Tax - - - Derpricitation On Revalued Assets (Note -9.01) - - (277,253) Transferred to Dividend Payable - - - Proposed Dividend Per Ordinary - - - Share of Tk. 30 each - - - Balance as on 30 June 2010 80,000,000 40,000,000 16,872,784 Net Profit after Tax - - - Derpricitation On Revalued Assets (Note -9.01) - - (242,529) Transferred to Dividend Payable - - - Proposed Dividend Per Ordinary - - - Share of Tk. 31 each - - -

Balance as on 30 June 2011 80,000,000 40,000,000 16,630,255

Share Capital1

Share Premium2

Revaluation Surplus

3

AGRICULTURAL MARKETING CO. LTD. STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY

FOR THE YEAR ENDED 30 JUNE 2011

199,616,883 216,766,920 23,200,000 359,966,920 43,593,724 43,593,724 - 43,593,724 - (277,253) - (277,253) - - (23,200,000) (23,200,000) (24,000,000) (24,000,000) 24,000,000 - - - - - 219,210,607 236,083,391 24,000,000 380,083,391 45,490,178 45,490,178 - 45,490,178 - (242,529) - (242,529) - - (24,000,000) (24,000,000) - - - - (24,800,000) (24,800,000) 24,800,000 -

239,900,785 256,531,040 24,800,000 401,331,040

Revenue Reserve

4

Total of Reserve and

Surplus5=(3+4)

Proposed Dividend

6Total

7=(1+2+5+6)

Beginning of the Month End of the MonthDate DSE General Index Stock Price Date DSE General Index02-07-2006 1341.25278 387.25 31-07-2006 1406.8087201-08-2006 1426.65328 412.50 31-08-2006 1587.0766203-09-2006 1588.23551 418.00 28-09-2006 1562.5266501-10-2006 1551.8804 412.50 31-10-2006 1541.6547601-11-2006 1533.20367 414.00 30-11-2006 1527.2952203-12-2006 1544.17578 368.00 28-12-2006 1609.5113303-01-2007 1583.08641 362.00 31-01-2007 1805.1199801-02-2007 1826.58497 393.50 28-02-2007 1791.5437701-03-2007 1794.01796 390.00 29-03-2007 1760.8755702-04-2007 1737.35857 395.25 30-04-2007 1743.3283303-05-2007 1762.35997 391 31-05-2007 2003.5848403-06-2007 2007.04886 387.75 28-06-2007 2149.317402-07-2007 2190.46298 429.25 31-07-2007 2384.1817501-08-2007 2394.11495 569.75 29-08-2007 2455.0865302-09-2007 2516.72441 520.00 30-09-2007 2548.1865101-10-2007 2627.02416 623.75 31-10-2007 2850.8141301-11-2007 2836.3165 655.00 29-11-2007 2971.1115202-12-2007 2878.74103 609.00 30-12-2007 3017.2133601-01-2008 3008.91324 590.00 31-01-2008 2907.1666503-02-2008 2890.25343 572.75 28-02-2008 2931.383902-03-2008 2916.20117 570.00 31-03-2008 3016.4898801-04-2008 3025.56684 826.25 30-04-2008 3072.8508104-05-2008 3101.94337 996.75 29-05-2008 3167.9931201-06-2008 3207.89499 1,232.50 30-06-2008 3000.4977302-07-2008 3029.23726 1,200.25 31-07-2008 2761.0492203-08-2008 2689.9385 955.75 31-08-2008 2765.4556801-09-2008 2791.20971 991.75 25-09-2008 2966.8181505-10-2008 3001.37482 1,198.00 30-10-2008 2748.5977302-11-2008 2684.68961 967.00 30-11-2008 2468.9184501-12-2008 2517.04615 882.50 30-12-2008 2795.3356501-01-2009 2807.61264 1,002.50 29-01-2009 2649.4942501-02-2009 2661.69016 1,101.75 26-02-2009 2570.9640901-03-2009 2626.26947 1,208 31-03-2009 2446.9222501-04-2009 2443.2516 1,356.50 30-04-2009 2554.355303-05-2009 2539.16926 1,190.50 31-05-2009 2572.1803201-06-2009 2596.99779 1,265.75 30-06-2009 3010.2637902-07-2009 3069.70997 1,353.25 30-07-2009 2914.5337302-08-2009 2941.01701 1,348.00 31-08-2009 2941.2835601-09-2009 2950.12074 1,375.00 30-09-2009 3083.8860301-10-2009 3123.23957 1,527.75 29-10-2009 3364.2619101-11-2009 3392.02152 1,601.50 26-11-2009 4380.9480601-12-2009 4424.01864 1,657.25 30-12-2009 4535.5317603-01-2010 4568.40405 1,546.50 31-01-2010 5367.1066101-02-2010 5451.15137 1,689.00 28-02-2010 5560.5610401-03-2010 5567.40015 1,602.25 31-03-2010 5582.3342801-04-2010 5594.31623 1,639.50 29-04-2010 5654.87722

02-05-2010 5631.29546 1,846.75 31-05-2010 6107.8138801-06-2010 6152.38574 1,805.50 30-06-2010 6153.6773704-07-2010 6217.07615 1,428.50 29-07-2010 6342.7580901-08-2010 6436.76643 1,796.00 31-08-2010 6657.9749702-09-2010 6774.86834 1,950.75 30-09-2010 7097.381603-10-2010 7223.48757 1,919.75 31-10-2010 7957.1211401-11-2010 7947.79772 1,864.00 30-11-2010 8602.4414801-12-2010 8723.18238 1,986.50 30-12-2010 8290.4128502-01-2011 8304.58855 1,749.50 31-01-2011 7484.2278801-02-2011 7280.98137 1,560.00 28-02-2011 5203.0848201-03-2011 5601.59856 1,190.25 31-03-2011 6352.101803-04-2011 6447.00836 1,608.50 28-04-2011 6050.8456602-05-2011 5991.38087 1,518.25 31-05-2011 5758.2642801-06-2011 5668.68492 1,457.75 30-06-2011 6117.23401

End of the MonthStock Price Monthly Return of Market Monthly Return of Stock

402.25 4.8877% 3.8735%418.75 11.2447% 1.5152%411.75 -1.6187% -1.4952%415.00 -0.6589% 0.6061%365.75 -0.3854% -11.6546%363.25 4.2311% -1.2908%397.00 14.0254% 9.6685%390.75 -1.9184% -0.6989%392.25 -1.8474% 0.5769%392.25 0.3436% -0.7590%388.50 13.6876% -0.6394%400.25 7.0884% 3.2237%536.50 8.8437% 24.9854%521.75 2.5467% -8.4247%621.75 1.2501% 19.5673%732.25 8.5188% 17.3948%652.75 4.7525% -0.3435%580.50 4.8102% -4.6798%587.25 -3.3815% -0.4661%570.75 1.4231% -0.3492%831.50 3.4390% 45.8772%

1,060.50 1.5628% 28.3510%1,271.25 2.1293% 27.5395%1,138.50 -6.4652% -7.6268%

990.00 -8.8533% -17.5172%981.50 2.8074% 2.6942%

1,096.25 6.2915% 10.5369%1,088.25 -8.4220% -9.1611%

859.25 -8.0371% -11.1427%1,013.75 11.0562% 14.8725%1,091.25 -5.6318% 8.8529%1,192.25 -3.4086% 8.2142%1,386.25 -6.8290% 14.7558%1,196.50 4.5474% -11.7951%1,253.50 1.3001% 5.2919%1,364.75 15.9132% 7.8214%1,352.00 -5.0551% -0.0924%1,368.25 0.0091% 1.5022%1,490.25 4.5342% 8.3818%1,623.00 7.7171% 6.2347%1,657.50 29.1545% 3.4967%1,533.75 2.5206% -7.4521%1,698.50 17.4832% 9.8286%1,600.00 2.0071% -5.2694%1,630.75 0.2682% 1.7787%1,858.00 1.0825% 13.3272%

1,807.25 8.4620% -2.1389%1,714.50 0.0210% -5.0402%1,831.25 2.0216% 28.1939%1,948.75 3.4366% 8.5050%1,882.50 4.7604% -3.4987%1,852.00 10.1562% -3.5291%1,984.00 8.2368% 6.4378%1,761.25 -4.9611% -11.3390%1,604.75 -9.8784% -8.2738%1,120.50 -28.5387% -28.1731%1,628.00 13.3980% 36.7780%1,579.75 -6.1449% -1.7874%1,455.50 -3.8909% -4.1330%1,526.75 7.9128% 4.7333%

Market StockAverage Monthly Return 2.3993% 3.6108%Annualized Return 28.7912% 43.3292%Standard Deviation 8.3170% 12.9464%β from Scattered Diagram 0.6613β from Regression 0.661333 Risk Free Rate 7.0500%Required Rate of Return 21.4282%

SUMMARY OUTPUT

Regression StatisticsMultiple R 0.4248494077R Square 0.1804970192Adjusted R Square 0.1663676575Standard Error 0.1182052642Observations 60

ANOVAdf SS MS F Significance F

Regression 1 0.178492974207 0.1784929742 12.774605289 0.00071575841Residual 58 0.810404100152 0.0139724845Total 59 0.98889707436

Coefficients Standard Error t Stat P-value Lower 95%Intercept 0.0202405124 0.015892862986 1.273559863 0.2078998024 -0.0115725093X Variable 1 0.661333301 0.185031916226 3.5741579832 0.0007157584 0.29095167869

Upper 95% Lower 95.0% Upper 95.0%0.0520535341 -0.0115725093 0.05205353411.0317149224 0.2909516787 1.0317149224

-40.0000% -30.0000% -20.0000% -10.0000% 0.0000% 10.0000% 20.0000% 30.0000% 40.0000%

-40.0000%

-30.0000%

-20.0000%

-10.0000%

0.0000%

10.0000%

20.0000%

30.0000%

40.0000%

50.0000%

60.0000%

f(x) = 0.661333300528874 x + 0.020240512406902R² = 0.1804970191895

Monthly Return of Stock

Monthly Return of StockLinear (Monthly Return of Stock)

Axis Title

Axis Title

Years 30-Jun-07 30-Jun-08Sales 925,498,835 985,454,208

Sales Growth Rate Using: FV=PV*(1+g)^nSales Growth Rate Using: average % Change per year 6% 12%Sales Growth %Tax Rate 9.846% 7.683%Average Tax Rate


Years 30-Jun-07 30-Jun-08Sales 925,498,835 985,454,208Cost of Goods Sold 715,867,802 761,332,926Gross Profit 209,631,033 224,121,282Other IncomeExpenses 175,185,751 183,129,989Administative & Selling Expenses 87,462,613 92,570,466Financial Expenses 87,723,138 90,559,523Operating Profit 34,445,282 40,991,293

Contribution to Workers' Participation & Welfare Fund 2,049,565Net Profit Before Taxation 34,445,282 38,941,728Provision for Tax 3,391,605 2,991,770Current Tax 2,979,638 3,173,607Deferred Tax 411,967 -181,837Net Profit After Taxation - Transferred to Statement of Changes in Shareholders' Equity 31,053,677 35,949,958Basic Earnings per Share (Per Value Tk. 100/-) 36.66 44.94Number of Share Used to Compute EPS 800,000 800,000

30-Jun-09 30-Jun-10 30-Jun-11 %1,106,659,846.00 1,205,155,338 1,316,345,576

9.207%9% 9% 9.226%

9.216%16.342% 18.656% 17.827%

14%

Income Statement Proforma Income StatementAmount in Taka

30-Jun-09 30-Jun-10 30-Jun-11 30-Jun-121,106,659,846.00 1,205,155,338 1,316,345,576 1,437,663,483

858,841,641.00 935,681,509 1,029,503,278 1,124,385,036247,818,205 269,473,829 286,842,298 313,278,446

916,500 201,760 220,355197,525,920 213,977,930 228,782,236 249,867,415

99,015,593.00 107,121,566 115,171,786 125,786,32498,510,327.00 106,856,364 113,610,450 124,081,091

50,292,285 56,412,399 58,261,822 63,631,386

56,412,399 58,261,822 63,631,3862,514,614.00 2,820,620 2,903,003 3,170,551

47,777,671 53,591,779 55,358,819 60,460,835 7,807,868 9,998,055 9,868,642 8,507,294

4,203,442.00 5,316,138 7,895,659 3,604,426.00 4,681,917 1,972,983 0

39,969,803 43,593,724 45,490,177 51,953,541 49.96 54.49 56.86

800,000.00 800,000 800,000

All accounts of the proforma income statements have been calculated based on the projected Sales Growth of 9.216% p.a.The provision for Taxes have been calculated by After Tax Cost of Debt = Before Tax Cost of Debt * (1-T); where T is Tax Rate.We assumed there were no deferred taxes in 2012.

Proforma Income Statement

30-Jun-131,570,162,3701,228,011,349

342,151,021 240,663

272,895,860137,379,126135,516,734

69,495,824

69,495,8243,462,758

66,033,066 9,291,349

0

56,741,717

All accounts of the proforma income statements have been calculated based on the projected Sales Growth of 9.216% p.a.The provision for Taxes have been calculated by After Tax Cost of Debt = Before Tax Cost of Debt * (1-T); where T is Tax Rate.We assumed there were no deferred taxes in

Years 30-Jun-07 30-Jun-08 39,994Sales 925,498,835 985,454,208 1,106,659,846

Sales Growth Rate Using: FV=PV*(1+g)^nSales Growth Rate Using: average % Change per year 6% 12% 9%Sales Growth


Years 30-Jun-07 30-Jun-08 30-Jun-09NET ASSETS

Property, Plant and Equipment 265,240,679 234,925,685 314,129,366Investments (At Cost) 15,280,000 15,000,000 15,000,000

Current Assets 676,467,480 673,260,852 668,461,522Stock 483,346,039 484,200,145 481,449,835Trade debtors 59,711,981 44,242,900 37,284,380Advance, Deposits and Prepayments 100,749,301 128,644,738 108,758,482Cash and Cash Equivalents 32,660,159 16,173,069 40,968,825

Current Liabilities 496,269,678 469,374,341 479,012,783Current Portion of Long Term Loan 50,102,521 21,709,923 22,338,757Short Term Loan from Bank 413,406,543 409,262,567 415,118,255Liabilities for Goods 12,723,372 12,666,636 6,075,973Liabilities for Expenses 7,339,692 8,618,255 11,649,336Liabilities for Other Finance 15,850 31,244Interest Payable 817,653 364,776 198,985Workers' Profit Participationa & Welfare Funds 3,534,006 4,937,087 6,871,382Income Tax Payable 6,519,324 9,692,931 13,896,373Unclaimed Dividend 1,810,717 2,090,922 2,863,722

Net Current Assets 180,197,802 203,886,511 189,448,739Net Assets 460,718,481 453,812,196 518,578,105FINANCED BY

Shareholders' Equity 327,927,749 342,714,360 359,966,920Share Capital 80,000,000 80,000,000 80,000,000Share Premium 40,000,000 40,000,000 40,000,000Reserve and Surplus 187,127,749 200,314,360 216,766,920Proposed Dividend 20,800,000 22,400,000 23,200,000

Deferred Tax Liability 18,790,827 18,608,990 22,213,416Long Term Debt 113,999,905 92,488,846 136,397,769Total Long term Liability and Owner's Equity 460,718,481 453,812,196 518,578,105

30-Jun-10 30-Jun-11 % 1,205,155,338 1,316,345,576

9.207%9% 9.226%

9.216%

Balance Sheet Proforma Balance SheetAmount in Taka

30-Jun-10 30-Jun-11 30-Jun-12 30-Jun-13

422,432,100 415,825,688 454,149,288 496,004,894

693,251,080 756,842,149 826,594,733 902,775,900 491,757,780 514,774,187 562,217,144 614,032,570 41,282,366 55,696,134 60,829,238 66,435,422 131,231,172 151,106,219 165,032,570 180,242,410 28,979,762 35,265,609 38,515,781 42,065,498

516,471,746 591,768,483 646,307,439 705,872,850 14,296,711 41,532,708 45,360,473 49,541,014 428,240,957 467,449,363 510,530,739 557,582,608 6,179,656 4,193,904 4,580,425 5,002,570 4,557,302 4,288,887 4,684,162 5,115,867 38,464,413 36,314,681 39,661,539 43,316,851 4,341,763 6,310,372 6,891,953 7,527,133 9,185,523 11,891,722 12,987,695 14,184,675 8,020,506 15,916,165 17,383,041 18,985,108 3,184,915 3,870,681 4,227,413 4,617,023

176,779,334 165,073,666 180,287,294 196,903,050 599,211,434 580,899,354 634,436,582 692,907,944

380,083,391 401,331,039 80,000,000 80,000,000 80,000,000 80,000,000 40,000,000 40,000,000 40,000,000 40,000,000 236,083,391 256,531,039 24,000,000 24,800,000

26,895,333 28,868,315 192,232,710 150,700,000 150,700,000 150,700,000

599,211,434 580,899,354

30 June, 2007 30 June, 2008 30 June, 2009 30 June, 2010

Dividend Paid 20,569,513 20,519,795 21,627,200 22,878,807 Net Income 31,053,677 35,949,958 39,969,803 43,593,724 Dividend Payout Ratio 66.2386% 57.0788% 54.1088% 52.4819% Total Equity 327,927,759 342,714,360 359,966,920 380,083,391 Return on Equity 9.4697% 10.4898% 11.1037% 11.4695% Dividend Growth Rate 3.1971% 4.5023% 5.0956% 5.4501%

-0.2417% 5.3968% 5.7872%

Average from Comparison 4.7542% Average from Payout Ratio 3.2114% Average Dividend Growth Rate 3.9828%

D0 23,314,234 P0 128,563,847 D1 24,242,783 PVD1 19,964,709 D2 25,208,314 PVD2 17,096,406 TV2 D3 26,212,300 PVTV2 91,502,731

# of Common Shares Outstanding 800,000 Intrinsic Value 160.7048 Market Value 1,526.7500

Over Priced

The constant dividend growth rate is 2% which is less than required rate of return and also less than the super normal dividend growth rate.

Pro Forma 30 June, 2011 30 June, 2012 30 June, 2013

23,314,234 24,242,783 25,208,314 45,490,177

51.2511% 401,331,039

11.3348%5.5256%1.9032%

134,918,972


30-Jun-07Sales 925,498,835Cost of Goods Sold 715,867,802Gross Profit 209,631,033

Expenses 175,185,751Administative & Selling Expenses 87,462,613Financial Expenses 87,723,138Operating Profit 34,445,282Other Income

Contribution to Workers' Participation & Welfare FundNet Profit Before Taxation 34,445,282Provision for Tax 3,391,605Current Tax 2,979,638Deferred Tax 411,967Net Profit After Taxation - Transferred to Statement of Changes in Shareholders' Equity 31,053,677Basic Earnings per Share (Per Value Tk. 100/-) 36.66Number of Share Used to Compute EPS 800,000

Ratio Analysis 30-Jun-07Liquidity Ratios

1 Current Ratio 1.362 Quick Ratio 0.393 Working Capital 180,197,802

Asset Management Ratios4 Inventory Turnover 1.485 Days Sales in Inventory 2466 Average Collection Period 247 Average Payment Period 88 Cash Conversion Cycle 2629 Total Asset Turnover Ratio $0.97

10 Fixed Asset Turnover Ratio 3.30

Debt Management Ratios11 Total Debt Ratio 65.73%12 Times Interest Earned 1.39

Profitability Ratios13 Gross Profit Margin 22.65%14 Operating Profit Margin 13.20%15 Net Profit Margin 3.36%16 Return on Assets 3.24%17 Operating Return on Assets 12.77%18 Return on Equity 9.47%

Stock Market Ratios19 Earnings Per Share 36.6620 Market to Book Ratio 0.3321 Price Earnings Ratio 10.9222 Book Value per share 1196.23519875

Du Pont Analysis Net Profit Margin3.46%

Extended Du Pont Net Profit Margin3.46%

Verticle Income Statement

Common Size Statements30-Jun-07

Sales 100.00%Cost of Goods Sold 77.35%Gross Profit 22.65%

Expenses 18.93%Administative & Selling Expenses 9.45%Financial Expenses 9.48%Operating Profit 3.72%Other Income 0.00%

Contribution to Workers' Participation & Welfare Fund 0.00%Net Profit Before Taxation 3.72%Provision for Tax 0.37%Current Tax 0.32%Deferred Tax 0.04%Net Profit After Taxation - Transferred to 3.36%Statement of Changes in Shareholders' Equity

ACML PRANIncome Statement

Amount in Taka30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11

985,454,208 1,106,659,846.00 1,205,155,338 1,316,345,576 761,332,926 858,841,641.00 935,681,509 1,029,503,278 224,121,282 247,818,205 269,473,829 286,842,298

183,129,989 197,525,920 213,977,930 228,782,236 92,570,466 99,015,593.00 107,121,566 115,171,786 90,559,523 98,510,327.00 106,856,364 113,610,450 40,991,293 50,292,285 55,495,899 58,060,062

916,500 201,760 56,412,399 58,261,822

2,049,565 2,514,614.00 2,820,620 2,903,003 38,941,728 47,777,671 53,591,779 55,358,819

2,991,770 7,807,868.00 9,998,055 9,868,642 3,173,607 4,203,442.00 5,316,138 7,895,659 -181,837 3,604,426.00 4,681,917 1,972,983

35,949,958 39,969,803 43,593,724 45,490,177 44.94 49.96 54.49 56.86

800,000 80,000.00 800,000 800,000

30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11

1.43 1.40 1.34 1.280.40 0.39 0.39 0.41

203,886,511 189,448,739 176,779,334 165,073,666

1.57 1.78 1.90 2.00232 205 192 183

16 12 13 157 3 3 2

241 214 202 196$1.07 $1.11 $1.08 $1.12

3.94 3.36 2.85 3.17

62.88% 63.92% 65.93% 65.78%1.45 1.51 1.53 1.51

22.74% 22.39% 22.36% 21.79%13.35% 13.45% 13.55% 13.06%

3.65% 3.61% 3.62% 3.46%3.89% 4.01% 3.91% 3.88%

14.25% 14.92% 14.63% 14.66%10.49% 11.10% 11.47% 11.33%

44.94 49.96 54.49 56.86 0.99 0.11 1.23 1.04

25.33 27.32 31.46 26.851153.98317125 12469.8861 1394.603975 1465.83479625

Total Asset Turnover ROA$1.12 3.88%

Total Asset Turnover Equity Multiplier ROE$1.12 2.92 11.33%

Verticle Income Statement

30-Jun-08 30-Jun-09 30-Jun-10 30-Jun-11 Average100.00% 100.00% 100.00% 100.00% 100.00%

77.26% 77.61% 77.64% 78.21% 77.61%22.74% 22.39% 22.36% 21.79% 22.39%

0.00%18.58% 17.85% 17.76% 17.38% 18.10%

9.39% 8.95% 8.89% 8.75% 9.09%9.19% 8.90% 8.87% 8.63% 9.01%4.16% 4.54% 4.60% 4.41% 4.29%0.00% 0.00% 0.08% 0.02% 0.02%

0.00%0.21% 0.23% 0.23% 0.22% 0.18%3.95% 4.32% 4.45% 4.21% 4.13%0.30% 0.71% 0.83% 0.75% 0.59%0.32% 0.38% 0.44% 0.60% 0.41%

-0.02% 0.33% 0.39% 0.15% 0.18%3.65% 3.61% 3.62% 3.46% 3.54%

NET ASSETS NET ASSETS

Property, Plant and Equipment Property, Plant and EquipmentInvestments (At Cost) Investments (At Cost)

Current Assets Current AssetsStock StockTrade Letters Trade debtorsAdvance, Deposits and Prepayments Advance, Deposits and PrepaymentsCash and Cash Equivalents Cash and Cash Equivalents

Current Liabilities Current LiabilitiesCurrent Portion of Long Term Loan Current Portion of Long Term LoanShort Term Loan from Bank Short Term Loan from BankLiabilities for Goods Liabilities for GoodsLiabilities for Expenses Liabilities for ExpensesLiabilities for Other Finance Liabilities for Other FinanceInterest Payable Interest PayableWorkers' Profit Participationa & Welfare Funds Workers' Profit Participationa & Welfare FundsIncome Tax Payable Income Tax Payable Unclaimed Dividend Unclaimed Dividend

Net Current Assets Net Current AssetsNet Assets

FINANCED BY FINANCED BY

Shareholders' Equity Shareholders' EquityShare Capital Share CapitalShare Premium Share PremiumReserve and Surplus Reserve and SurplusProposed Dividend Proposed Dividend

Deferred Tax Liability Deferred Tax LiabilityLong Term Debt Long Term Debt

Total Long term Liability and Owner's EquityAdditionalsTotal AssetsMaterials Consumed

Market Price (Closing Price)

Verticle Balance SheetNET ASSETS

Property, Plant and EquipmentInvestments (At Cost)

Current AssetsStockTrade debtorsAdvance, Deposits and PrepaymentsCash and Cash EquivalentsTotal AssetsCurrent Liabilities

Current Portion of Long Term LoanShort Term Loan from BankLiabilities for GoodsLiabilities for Expenses

64 Liabilities for Other FinanceInterest PayableWorkers' Profit Participationa & Welfare FundsIncome Tax Payable Unclaimed Dividend

FINANCED BY

Shareholders' EquityShare CapitalShare PremiumReserve and SurplusProposed Dividend

Deferred Tax LiabilityLong Term DebtTotal Long term Liability and Owner's Equity

Long term debtInterest on LTLCost of debtCommon StockCost of equityRetained Earnings

Book value WACC(2011)Market Value WACC(2011)

Market ValueLong term debtInterest on LTLCost of debtCommon StockCost of equity Retained Earnings

Long term debtInterest on LTLCost of debtCommon StockCost of equityRetained Earnings


30-Jun-07 30-Jun-08 30-Jun-09 30-Jun-10

265,240,679 234,925,685 314,129,366.00 422,432,100 15,280,000 15,000,000 15,000,000.00

676,467,480 673,260,852 668,461,522 693,251,080 483,346,039 484,200,145 481,449,835.00 491,757,780

59,711,981 44,242,900 37,284,380.00 41,282,366 100,749,301 128,644,738 108,758,482.00 131,231,172

32,660,159 16,173,069 40,968,825.00 28,979,762

496,269,678 469,374,341 479,012,783 516,471,746 50,102,521 21,709,923 22,338,757.00 14,296,711

413,406,543 409,262,567 415,118,255.00 428,240,957 12,723,372 12,666,636 6,075,973.00 6,179,656

7,339,692 8,618,255 11,649,336.00 4,557,302 15,850 31,244 38,464,413

817,653 364,776 198,985.00 4,341,763 3,534,006 4,937,087 6,871,382.00 9,185,523 6,519,324 9,692,931 13,896,373.00 8,020,506 1,810,717 2,090,922 2,863,722.00 3,184,915

180,197,802 203,886,511 189,448,739 176,779,334 460,718,481 453,812,196 518,578,105 599,211,434

327,927,749 342,714,360 359,966,920 380,083,391 80,000,000 80,000,000 80,000,000.00 80,000,000 40,000,000 40,000,000 40,000,000.00 40,000,000

187,127,749 200,314,360 216,766,920.00 236,083,391 20,800,000 22,400,000 23,200,000.00 24,000,000

18,790,827 18,608,990 22,213,416.00 26,895,333 113,999,905 92,488,846 136,397,769.00 192,232,710 460,718,481 453,812,196 518,578,105 599,211,434

956,988,159 923,186,537 997,590,888 1,115,683,180603716792 648920274 794004258 876671800

400.25 1,138.50 1,364.75 1,714.50

Verticle Balance Sheet2007 2008 2009 2010

100.00% 88.57% 118.43% 159.26%100.00% 98.17% 98.17% 0.00%

100.00% 99.53% 98.82% 102.48%100.00% 100.18% 99.61% 101.74%100.00% 74.09% 62.44% 69.14%100.00% 127.69% 107.95% 130.26%100.00% 49.52% 125.44% 88.73%100.00% 96.47% 104.24% 116.58%100.00% 94.58% 96.52% 104.07%

100.00% 43.33% 44.59% 28.53%100.00% 99.00% 100.41% 103.59%100.00% 99.55% 47.75% 48.57%100.00% 117.42% 158.72% 62.09%100.00% 197.12% 0.00% 242677.68%100.00% 44.61% 24.34% 531.00%100.00% 139.70% 194.44% 259.92%100.00% 148.68% 213.16% 123.03%100.00% 115.47% 158.15% 175.89%

100.00% 104.51% 109.77% 115.90%100.00% 100.00% 100.00% 100.00%100.00% 100.00% 100.00% 100.00%100.00% 107.05% 115.84% 126.16%100.00% 107.69% 111.54% 115.38%

100.00% 99.03% 118.21% 143.13%100.00% 81.13% 119.65% 168.63%100.00% 98.50% 112.56% 130.06%

Weight EBIT150,700,000 0.3093 tax rate

14077704 Firm Value9.34% Market Value

80,000,000 0.164213.74% Required rate of return of CAPM

256,531,039 0.5265 Required return of dividend growth model

11.97%13.21%

150,700,000 9.2532%14077704

9.34% 8.03%1,221,400,000.00 74.9955%

13.74% 256,531,039 15.7513%

Weight150,700,000 0.3093

140777049.34%

80,000,000 0.164213.74%

256,531,039 0.5265

WACC 12.20% 11.76%0.35 0.45 25207557.3804

1,526.75

3.98%0.65 0.55 31.5094467255


30-Jun-11 997,590,8881,115,683,180

1,172,667,837 415,825,688

756,842,149 514,774,187 55,696,134 151,106,219 35,265,609

591,768,483 41,532,708 467,449,363 4,193,904 4,288,887 36,314,681 6,310,372 11,891,722 15,916,165 3,870,681

165,073,666 580,899,354

401,331,039 80,000,000 40,000,000 256,531,039 24,800,000

28,868,315 150,700,000 580,899,354

1,172,667,837807953491

1,526.75

2011

98.44%0.00%

111.88%106.50%

93.27%149.98%107.98%122.54%119.24%

82.90%113.07%

32.96%58.43%

229114.71%771.77%336.49%244.14%213.77%

122.38%100.00%100.00%137.09%119.23%

153.63%132.19%126.09%

1718722720.14

12347454391119046355.6

21.43%6.04%

0.52 0.25

0.48 0.75

11.45% 12.64%

0.0946967040596494

0.104897728825836

0.11103743366196

0.114695156463704

0.113348265096436

Return on EquityReturn on Equity

2007 2008 2009 2010 2011

1.3631045981415

1.43437932837492 1.395498295084

121.342282681229

191.278949742580

33

Current RatioCurrent Ratio

30-June-07 30-June-08 30-June-09 30-June-10 30-June-11

7.69239955147711 7.1246381

4930831

2.79309603526081

2.57288353520668 1.8946325

216138

Average Payment Period

2007 2008 2009 2010 2011

262.300897235564

241.398740883931

214.115951863443

201.759914255707

196.056942175605

Cash Conversion Cycle

2007

2008

2009

2010

2011

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

3.29921786265176

3.94298892488781

3.36238561587361

2.852897159093733.16561870511473

Fixed Asset Turnover Ratio



1.39265902685789

1.45264475388193

1.51052804849587

1.52792736799467 1.51282097

729566

Times Interest Earned

2007 2008 2009 2010 2011

0.128

0.129

0.13

0.131

0.132

0.133

0.134

0.135

0.136

0.132002780965143

0.13349257117384

0.134461020283553

0.135475285095572

0.130567743861206

Operating Profit Margin


2007

2008

2009

2010

2011

262.300897235564

241.398740883931

214.115951863443

201.759914255707

196.056942175605


2007

2008

2009

2010

2011

10.917894162575

25.333778371161627.3168534827862

31.4644888970453

26.8510376362997

Price Earnings RatioPrice Earnings Ratio

2007 2008

2009 2010 2011

0.61

0.62

0.63

0.64

0.65

0.66

0.670.657333535513

473

0.628770192951807

0.639163785144758

0.65932677142269

0.657762389026791

Total Debt Ratio

2007 2008 2009 2010 2011

0.032449384778647

0.0389411636318089

0.0400663272698217

0.0390735692546696

0.0387920394545621

Return on AssetsReturn on Assets

2011 2010 2009 2008 2007

23.5493252295666

16.3870206945222

12.297183049686612.503005309677315.4435805313179

Average Collection PeriodAverage Collection Period

2007 2008 2009 2010 2011

0.21 0.215 0.22 0.225 0.23

0.226505993386799

0.227429423082843

0.223933493110583

0.223600908947723

0.217908050309731

Gross Profit Margin

Gross Profit Margin

30-June-11

30-June-10

30-June-09

30-June-08

30-June-07

0.128

0.129

0.13

0.131

0.132

0.133

0.134

0.135

0.136

0.132002780965143

0.13349257117384

0.134461020283553

0.135475285095572

0.130567743861206



2007

2008

2009

2010

2011

0.127659280682908

0.142496462770665

0.14916195986746

0.146339718951396

0.14656517947972

Operating Return on AssetsOperating Return on Assets

20112010

200920082007

0.334591391741557

0.986582844849264

0.109443662039543

1.22938126574607 1.041556663756

27

Market to Book Ratio

2007 2008 2009 2010 2010

10.917894162575

25.333778371161627.3168534827862

31.4644888970453

26.8510376362997


2007 2008

2009 2010 2011

0.032449384778647

0.0389411636318089

0.0400663272698217

0.0390735692546696

0.0387920394545621

Return on AssetsReturn on Assets

2011 2010 2009 2008 2007

0.389146162986005

0.402793017183698

0.390410639625874

0.390134216557899

0.4090585574494

Quick Ratio


7.69239955147711 7.1246381

4930831

2.79309603526081

2.57288353520668 1.8946325

216138


2007 2008 2009 2010 2011

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

3.29921786265176

3.94298892488781

3.36238561587361

2.852897159093733.16561870511473




0.0335534479630112

0.0364805971785956

0.0361175144688497

0.0361727012489074

0.0345579290342827

Net Profit Margin

2007

2008

2009

2010

2011

0.128

0.129

0.13

0.131

0.132

0.133

0.134

0.135

0.136

0.132002780965143

0.13349257117384

0.134461020283553

0.135475285095572

0.130567743861206



2007

2008

2009

2010

2011

10.917894162575

25.333778371161627.3168534827862

31.4644888970453

26.8510376362997


2007 2008

2009 2010 2011

23.5493252295666

16.3870206945222

12.297183049686612.503005309677315.4435805313179

Average Collection PeriodAverage Collection Period

2007 2008 2009 2010 2011

0.21 0.215 0.22 0.225 0.23

0.226505993386799

0.227429423082843

0.223933493110583

0.223600908947723

0.217908050309731

Gross Profit Margin

Gross Profit Margin

30-June-11

30-June-10

30-June-09

30-June-08

30-June-07

0.128

0.129

0.13

0.131

0.132

0.133

0.134

0.135

0.136

0.132002780965143

0.13349257117384

0.134461020283553

0.135475285095572

0.130567743861206



2007

2008

2009

2010

2011

36.66

44.9449.96

54.49 56.86Earnings Per Share

2007 2008 2009 2010 2011

1.48106686356853

1.57235171005577

1.78386527227702

1.90272843065137

1.99991239653981

Inventory Turnover

30-June-11

30-June-10

30-June-09

30-June-08

30-June-07

1.48106686356853

1.57235171005577

1.78386527227702

1.90272843065137

1.99991239653981

Inventory Turnover

2007 2008 2009 2010 2011

0.334591391741557

0.986582844849264

0.109443662039543

1.22938126574607 1.041556663756

27


2007 2008 2009 2010 2010

10.917894162575

25.333778371161627.3168534827862

31.4644888970453

26.8510376362997


2007 2008

2009 2010 2011

1.48106686356853

1.57235171005577

1.78386527227702

1.90272843065137

1.99991239653981

Inventory Turnover

30-June-11

30-June-10

30-June-09

30-June-08

30-June-07

0.85 0.9 0.95 1 1.05 1.1 1.15

0.967095388063208

1.06744863416482

1.1093323518809

1.08019495104336

1.12252211109291

Total Asset Turnover Ratio

30-June-11

30-June-10

30-June-09

30-June-08

30-June-07

0.0335534479630112

0.0364805971785956

0.0361175144688497

0.0361727012489074

0.0345579290342827

Net Profit Margin

2007

2008

2009

2010

2011

0.85 0.9 0.95 1 1.05 1.1 1.15

0.967095388063208

1.06744863416482

1.1093323518809

1.08019495104336

1.12252211109291


30-June-11

30-June-10

30-June-09

30-June-08

30-June-07

Industry Averages Calculation

PRAN RAHIMA APEX BANGASLiquidity RatiosCurrent Ratio 1.20 1.01 1.36 1.44Quick Ratio 0.41 0.43 0.38 0.5Working CapitalAsset Management RatiosInventory Turnover 2.00 10 3.24 1.52Days Sales in Inventory 183 37 113 240Average Collection Period 15 1 1 85Average Payment Period 2 28 106 22Cash Conversion Cycle 196 10 8 303Total Asset Turnover Ratio $1.12 4.02 2.16 0.96Fixed Asset Turnover Ratio $3.17 12.37 14.78 3.21Debt Management RatiosTotal Debt Ratio 65.78% 73.29% 72.72% 76.10%Times Interest Earned 1.51 2.74 1.14 1.99Profitability RatiosGross Profit Margin 21.79% 2.35% 8.26% 22.96%Operating Profit Margin 13.06% 1.72% 3.19% 23%Net Profit Margin 3.46% 0.80% 0.34% 3.99%Return on Assets 3.88% 3.22% 0.73% 3.84%Operating Return on Assets 14.66% 6.93% 6.89% 5.46%Return on Equity 11.33% 12.05% 2.66% 16.08%Stock Market Ratios

Earnings Per Share 56.86 5.42 18.93 25.76Market to Book Ratio 1.04 2.60 0.37 2.29Price Earnings Ratio 26.85 80.95 50.52 63.00 Market Prices 1,526.75 438.75 956.25 1,623.00

PRAN Industry AverageTotal Debt 65.78% 64.52%Total Equity 34.22% 35.47600%Total assets 336842528 1485154543 75426871Book value per share 168.431285661497 2604.437681 709.592750432754no. of shares outstanding 800000 1999881 570240 106296

Industry Averages Calculation

CVO Industry Average

0.56 1.110.39 0.42

0.000.00

9.21 5.1940 122

7 228 33

39 1110.81 1.811.01 6.91

0.0034.73% 64.52%

1.85

28.53% 16.78%30.08% 14.21%14.15% 4.55%11.50% 4.63%24.52% 11.69%37.57% 15.94%

45.04 30.400.00 1.57

- 55.33 1136.1875

292922787391.515359

748177

1.114

Current Ratio

PRAN ACML

Industry Average

30th June, 2011

0 0.02 0.04 0.06 0.08 0.1 0.12 0.14 0.16 0.18

0.16778

Industry Av-erage

PRAN ACML

Gross Profit Margin

0.11692

Operating Return on Assets

PRAN ACML Industry Aver-age

0.1421



110.883347196559


PRAN ACML

Industry Average

1.57482726731776


PRAN ACML

Industry Average

0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2

1.814

PRAN ACML

Industry Av-erage


0.15938

Return on Equity


30.402

Earnings Per Share

PRAN ACML

Industry Average

0.11692


PRAN ACML

Industry Av-erage

21.8

Average Collection Period

PRAN ACML Industry

Average

65%

35%

Industry AverageTotal Debt Total Equity

66%

34%

PRANTotal Debt Total Equity

1.845


Industry Aver-age

PRAN ACML

65%

35%


1.845


Industry Aver-age

PRAN ACML

0.04548

Net Profit Margin

PRAN ACML Industry Av-erage

0.422

Quick Ratio


30th June, 2011

0.11692



1.57482726731776


PRAN ACML

Industry Average

33.2


PRAN ACML

Industry Average

0.15938

Return on Equity


5.194

Inventory Turnover

PRAN ACML

Industry Average

0.04634

Return on Assets

Industry Av-erage

PRAN ACML

0.11692


PRAN ACML

Industry Av-erage

65%

35%


66%

34%

PRANTotal Debt Total Equity

6.908


PRAN ACML

Industry Average

65%

35%


6.908


PRAN ACML

Industry Average

AMCL (Pran)

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