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Particulars 2009 2010 2011
Revenue 4,705,094,692 5,715,174,730 6,097,246,745
Cost of goods sold 4,248,487,610 5,254,857,969 5,556,814,840
Gross profit 456,607,082 460,316,761 540,431,905
Administrative expense 56,958,143 85,646,603 104,615,061
Selling & distribution Overhead 123,618,281 113,588,806 167,349,494
Other income 1,081,559 14,364,857 24,558,389Operating profit 277,112,217 275,446,209 293,025,739
Financial expense 87,359,938 80,884,432 199,343,283
Revaluation loss of PPE 0 124,263,055 0
Profit before WPPF 189,752,279 70,298,722 93,682,456
Provision for contribution to WPPF 8,812,007 3,347,558 4,461,069
Net profit before tax 180,940,272 66,951,164 89,221,387
Current tax expense 48,466,039 31,998,893 26,508,356
Deferred tax income 4,212,379 15,194,354 3,806,738
Net profit after tax 136,686,612 50,146,625 66,519,769
Other comprehenvsive income
Revaluation surplus of PPE 0 97,103,022 0
Income tax on other comprehensive income 0 23,884,322 0
Total conprehensive income for the year 136,686,612 123,365,325 66,519,769
Dividend 89,857,827 94,281,779 50,609,575
Transfer to reserve 46,828,785 29,083,546 15,910,194
Depriciation 86,356,100 84,365,310 112,926,036
Interest expense
7/27/2019 Valuation of Meghna Cenent Mills Limited
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2012
6,613,816,069
5,916,346,050
697,470,019
138,400,489
196,268,669
57,391,895420,192,756
219,432,431
0
200,760,325
9,560,015
191,200,310
59,789,410
9,947,250
141,358,150
0
0
141,358,150
20,042,339
121,315,811
112,775,282
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Particular 2009 2010
ASSETS
PPE 1,096,828,028 1,305,602,458
Total Non-Current Assets 1,096,828,028 1,305,602,458
Inventories 839,260,219 756,944,188
Accounts Receivable 286,714,426 433,094,292
Advances, Deposits and prepayments 893,689,327 1,052,598,449Cash and Cash Equivalent 153,252,252 62,526,731
Total Currents Assets 2,172,916,224 2,305,163,660
Total Assets 3,269,744,252 3,610,766,118
Issued Share Capital 225,004,000 225,004,000
General reserve 166,000,000 166,000,000
Revalution Surplus 73,218,700
Tax holiday surplus 103,324,216 0
Retained Earnings 132,434,815 207,154,249
Shareholders' Equity 626,763,031 671,376,949
long Term loan 743,561,807 789,361,205
Liability for Gratuity 32,205,716 36,747,297
Deferred Tax liability 189,135,577 197,825,545
Total Non-Current Liability 964,903,100 1,023,934,047
Short Term bank loan 1,271,266,296 1,256,183,509
Payable for sundry expenses 255,397,871 358,379,443
Payable for goods supplied 53,488,794 182,825,462
Payable for other finance 55,169,221 31,817,035
Advance received against sales 42,755,939 86,249,673
Total Currrent Liabilities & Provisions 1,678,078,121 1,915,455,122
Total Liabilitier & Shareholders' Equity 3,269,744,252 3,610,766,118
Outstanding share 22500400
7/27/2019 Valuation of Meghna Cenent Mills Limited
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2011 2012
1,221,277,710 1,116,514,072
1,221,277,710 1,116,514,072
798,290,626 440,866,589
794,337,599 1,117,420,597
1,200,376,960 1,340,617,66393,382,758 156,015,289
2,886,387,943 3,054,920,138
4,107,665,653 4,171,434,210
225,004,000 225,004,000
166,000,000 166,000,000
73,218,700 73,218,700
0 0
211,390,821 296,497,971
675,613,521 760,720,671
779,338,188 726,955,003
39,955,330 53,118,205
194,018,807 184,071,557
1,013,312,325 964,144,765
1,827,443,072 1,765,622,156
276,587,282 357,783,679
244,320,726 178,529,312
41,949,529 84,371,147
28,439,198 60,262,480
2,418,739,807 2,446,568,774
4,107,665,653 4,171,434,210
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Particulars 2012 2013
Revenue 6,613,816,069 7421257190
Cost of goods sold 5,916,346,050 6731673843
Gross profit 697,470,019 689583347.3
Administrative expense 138,400,489 120920435.3
Selling & distribution Overhead 196,268,669 191599269.8
Other income 57,391,895 146755021Operating profit 420,192,756 523818663.2
Financial expense 219,432,431 110,123,940.15
Revaluation loss of PPE 0 0
Profit before WPPF 200,760,325 413694723.1
Provision for WPPF 9,560,015 90043071.7
Net profit before tax 191,200,310 323651651.4
Current tax expense 59,789,410 89004204.13
Deferred tax income 9,947,250 19396923.59
Net profit after tax 141,358,150 254044370.8
Other comprehenvsive income
Revaluation surplus of PPE 0 0
Income tax on other comprehensive income 0 0
Total conprehensive income for the year 141,358,150 209294875.3
Dividend 25% 35,339,538 63,511,093
Transfer to reserve 106,018,613 190533278.1
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2014 2015 2016 2017
8327273953 9343900866 10484641659 11764648652
7553503657 8475665598 9510408756 10671477499
773770295.7 868235268.5 974232903 1093171153
135684601.8 152249520.7 170836751.2 191693185.1
214993558.9 241240832.6 270692478.4 303739698.9
161603791.8 181783631.7 177393718.9 44348429.71584695926.7 656528546.9 710097392.3 642086698.4
119,089,678.86 129,520,202.07 141,594,337.04 155,796,554.26
0 0 0 0
465606247.9 527008344.8 568503055.2 486290144.1
101035889.1 113370754.6 127211509.8 142741999.7
364570358.8 413637590.2 441291545.5 343548144.4
100256848.7 113750337.3 121355175 94475739.71
21849242.42 24789914.38 26447256.94 20589349.92
286162752.5 324677167.3 346383627.4 269661754.6
0 0 0 0
0 0 0 0
236276131.4 269368038.7 285332451 202733442.4
71,540,688 81,169,292 86,595,907 67,415,439
214622064.4 243507875.5 259787720.6 202246316
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Particular 2012 2013 2014
ASSETS
PPE 1,116,514,072.00 1,131,391,611.15 1,146,467,393.05
Total Non-Current Assets 1,116,514,072.00 1,116,514,072.00 1,116,514,072.00
Inventories 440,866,589.00 943,245,719.28 1,058,400,932.85
Accounts Receivable 1,117,420,597.00 808,819,225.08 907,563,107.38
Advances, Deposits and prepayments 1,340,617,663.00 1,435,435,121.04 1,610,678,781.91Cash and Cash Equivalent 156,015,289.00 131,288,754.02 72,355,459.90
Total Currents Assets 3,054,920,138.00 3,318,788,819.41 3,648,998,282.03
Total Assets 4,171,434,210.00 4,435,302,891.41 4,765,512,354.03
Issued Share Capital 225,004,000.00 225,004,000.00 225,004,000.00
General reserve 166,000,000.00 166,000,000.00 166,000,000.00
Revalution Surplus 73,218,700.00 73,218,700.00 73,218,700.00
Retained Earnings 296,497,971.00 487,031,249.13 701,653,313.53
Shareholders' Equity 760,720,671.00 760,720,671.00 760,720,671.00
long Term loan 726,955,003.00 714,506,425.18 702,135,092.48
Liability for Gratuity 53,118,205.00 62,993,896.84 74,705,668.98
Deferred Tax liability 184,071,557.00 191,262,871.50 191,794,695.13
Total Non-Current Liability 964,144,765.00 968,763,193.53 968,635,456.59
Short Term bank loan 1,765,622,156.00 1,960,441,989.13 2,199,780,585.84
Payable for sundry expenses 156,789,120.00 401,576,912.70 450,603,024.89
Payable for goods supplied 357,783,679.00 204,867,151.52 229,878,153.07
Payable for other finance 84,371,147.00 68,515,675.55 76,880,340.99
Advance received against sales 60,262,480.00 70,417,297.99 79,014,121.66
Total Currrent Liabilities & Provisions 2,446,568,774.00 2,705,819,026.88 3,036,156,226.45
Total Liabilitier & Shareholders' Equity 4,171,434,210.00 4,435,302,891.41 4,765,512,354.03
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2015 2016 2017
1,161,744,059.60 1,177,224,287.58 1,192,910,789.44
1,116,514,072.00 1,116,514,072.00 1,116,514,072.00
1,187,614,752.34 1,332,603,511.76 1,495,293,078.89
1,018,362,041.78 1,142,687,753.29 1,282,191,644.96
1,807,316,890.32 1,876,897,234.00 2,098,555,345.006,458,963.43 86,806,905.16 39,789,919.50
4,019,752,647.86 4,438,995,404.21 4,915,829,988.35
5,136,266,719.86 5,555,509,476.21 6,032,344,060.35
225,004,000.00 225,004,000.00 225,004,000.00
166,000,000.00 166,000,000.00 166,000,000.00
73,218,700.00 73,218,700.00 73,218,700.00
945,161,189.02 1,204,948,909.58 1,407,195,225.55
760,720,671.00 760,720,671.00 760,720,671.00
689,841,859.10 677,627,588.99 666,912,214.68
88,594,883.90 105,066,369.95 124,600,220.77
190,286,982.66 189,354,026.57 190,674,643.96
968,723,725.66 972,047,985.51 982,187,079.41
2,468,338,598.88 2,769,683,248.38 3,107,817,258.08
505,614,444.59 567,341,878.44 636,605,244.33
257,942,597.51 289,433,261.58 324,768,431.89
86,266,200.54 96,797,923.36 108,615,401.04
88,660,481.69 99,484,507.94 111,629,974.61
3,406,822,323.20 3,822,740,819.70 4,289,436,309.94
5,136,266,719.86 5,555,509,476.21 6,032,344,060.35
7/27/2019 Valuation of Meghna Cenent Mills Limited
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Particular 2009 2010
Revenue growth rate 0.21467794
Average revenue growth rate
COGS in proportion to revenue 0.902954752 0.919457098
Average proportion
Administrative ex. Proportion to revenue 0.012105632 0.014985824
Average proportion
Selling & distribution Overhead proportion to revenue 0.026273282 0.019874949
Average proportion
Growth rate of other income 12.28162125
Average of growth rate
Provision for contribution to WPPF proportion to revenue 0.019298884 0.007272292
Average proportion
Depreciation rate 0.07873258 0.064617916
Average
Growth rate of PPE 0.190343814
Average growth rate
Inventory in proportion to revenue 0.178372652 0.132444627
Average proportion
Accounts receivable in proportion to revenue 0.060937015 0.075779711
Average proportion
Advances, Deposits and prepayments proportion to revenue 0.189940774 0.184176075
Average proportion
Liability for Gratuity growth rate 0.141017855
Average growth rate
Short-term loan in proportion to revenue 0.270189312 0.219797918
Average proportion
Payable for sundry expenses proportion to revenue 0.054281133 0.062706647
Average proportion
Payable for goods supplied proportion to revenue 0.011368272 0.031989479
Average proportion
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Payable for other finance proportion to revenue 0.011725422 0.005567115
Average proportion
Advance received against revenue proportion to revenue 0.009087158 0.015091345
Average proportion
Deferrred tax income proportion to current tax expense 0.086914035 0.474839989Average proportion
Deferred Tax liability proportion to tax expense 3.902435208 6.182262149
average proportion
Depriciation rate 0.07873258 0.064617916
Average
Increase of PPE
Other finance 613382954 577495064
growth rate of other finance -0.058508131
Average
Short Term bank loan 1,271,266,296 1,256,183,509
Interest expense on short term bank loan 52182355 54180153
Interest rate on short term bank loan 0.041047541 0.043130763
Average
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2011 2012 2013 2014 2015
0.066852202 0.084721735
0.122083959 0.122084 0.122084 0.122084
0.9113646 0.894543481
0.907079983 0.90708 0.90708 0.90708
0.017157754 0.020925966
0.016293794 0.016294 0.016294 0.016294
0.027446731 0.029675556
0.02581763 0.025818 0.025818 0.025818
0.709615975 1.336956834
4.776064687 4.776065 4.776065 4.776065
0.008254637 0.013706704
0.012133129 0.012133129 0.012133129 0.012133129
0.092465485 0.101006593
0.084205643 0.084205643 0.084205643 0.084205643
-0.064586848 -0.085781995
0.01332499 0.01332499 0.01332499 0.01332499
0.13092641 0.066658429
0.12710053 0.12710053 0.12710053 0.12710053
0.13027808 0.168952475
0.10898682 0.10898682 0.10898682 0.10898682
0.196871967 0.202699568
0.193422096 0.193422096 0.193422096 0.193422096
0.087299836 0.329439777
0.185919156 0.185919156 0.185919156 0.185919156
0.299716109 0.26695967
0.264165752 0.264165752 0.264165752 0.264165752
0.045362652 0.054096406
0.054111709 0.054111709 0.054111709 0.054111709
0.040070664 0.026993389
0.027605451 0.027605451 0.027605451 0.027605451
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0.006880077 0.012756803
0.009232354 0.009232354 0.009232354 0.009232354
0.004664269 0.009111605
0.009488594 0.009488594 0.009488594 0.009488594
0.143605209 0.1663714360.217932667 0.217932667 0.217932667 0.217932667
7.319156533 3.078664884
5.120629694 5.120629694 5.120629694 5.120629694
0.092465485 0.101006593
0.084205643 0.084205643 0.084205643 0.084205643
14,877,539.15 15,075,781.90 15,276,666.55
619998222 631217607
0.073599171 0.018095834
0.011062292 0.011062292 0.011062292 0.011062292
1,827,443,072 1,765,622,156
96867250 111828972
0.053006986 0.063336865
0.050130539 0.050130539 0.050130539 0.050130539
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2016 2017
0.122084 0.122084
0.90708 0.90708
0.016294 0.016294
0.025818 0.025818
4.776065 4.776065
0.012133129 0.012133129
0.084205643 0.084205643
0.01332499 0.01332499
0.12710053 0.12710053
0.10898682 0.10898682
0.193422096 0.193422096
0.185919156 0.185919156
0.264165752 0.264165752
0.054111709 0.054111709
0.027605451 0.027605451
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0.009232354 0.009232354
0.009488594 0.009488594
0.217932667 0.217932667
5.120629694 5.120629694
0.084205643 0.084205643
15,480,227.98 15,686,501.86
0.011062292 0.011062292
0.050130539 0.050130539
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Particulars 2012 2013 2014
Inventories 440,866,589.00 943,245,719.28 1,058,400,932.85
Accounts Receivable 1,117,420,597.00 808,819,225.08 907,563,107.38
Advances, Deposits and prepayme 1,340,617,663.00 1,435,435,121.04 1,610,678,781.91
Non-cash current asset 2,898,904,849 3,187,500,065 3,576,642,822
Payable for sundry expenses 357,783,679 401576912.7 450603024.9Payable for goods supplied 178,529,312 204867151.5 229878153.1
Payable for other finance 84,371,147 68515675.55 76880340.99
Advance received against sales 60,262,480 70417297.99 79014121.66
Non- STD Current liabilities 680,946,618 745,377,038 836,375,641
Net Working capital 2,217,958,231 2,442,123,028 2,740,267,182
Change in NWC 224,164,797 298,144,154
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2015 2016 2017
1,187,614,752.34 1,332,603,511.76 1,495,293,078.89
1,018,362,041.78 1,142,687,753.29 1,282,191,644.96
1,807,316,890.32 1,876,897,234.00 2,098,555,345.00
4,013,293,684 4,352,188,499 4,876,040,069
505614444.6 567341878.4 636605244.3257942597.5 289433261.6 324768431.9
86266200.54 96797923.36 108615401
88660481.69 99484507.94 111629974.6
938,483,724 1,053,057,571 1,181,619,052
3,074,809,960 3,299,130,928 3,694,421,017
334,542,779 224,320,968 395,290,089
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Risk-free rate 0.0837
Market return 0.17
Beta 1.1489
Cost of equity 0.18
Cost of debt 0.1675
After tax cost of debt 0.1214375
Total market value of equity 2,358,041,920.00
Book value of debt 2,492,577,159.00
Weight of equity 0.49
Weight of debt 0.51
WACC 0.15
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30.12.2012 29.11.2012 31.10.2012
Monthly closing Price 104.8 113.7 118.5
DGEN 4,219.31 4,210.58 4,493.92MEG return -0.08 -0.04 -0.07
DGEN return 0.00 (0.06) (0.01)
Covariance 0.011895714
Variance of market return 0.010354509
Beta 1.148843864
Market return 0.01
Market return -yearly 0.17
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30.09.2012 30.08.2012 30.07.2012 28.06.2012 31/05/2012 30/04/2012
126.9 127.7 118.6 132.5 153.5 139.8
4,544.41 4,446.87 4,159.17 4,572.88 4,734.33 5,098.90-0.01 0.08 -0.10 -0.14 0.10 0.03
0.02 0.07 (0.09) (0.03) (0.07) 0.02
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29/03/2012 29/02/2012 31/01/2012 29/12/2011 30/11/2011 31/10/2011 29/09/2011
135.7 120.6 113.6 139.60 129.80 105.70 184.70
4,990.32 4,695.41 4,153.96 5,257.61 5,268.55 5,036.50 5,910.200.13 0.06 -0.19 0.08 0.23 -0.43 -0.09
0.06 0.13 (0.21) (0.00) 0.05 (0.15) (0.05)
7,484.23
5,203.08
6,352.10
6,050.85
5,758.26
6,117.23
6,459.62
6,212.00
5,910.20
5,036.50
5,268.55
5,257.61
7/27/2019 Valuation of Meghna Cenent Mills Limited
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25/08/2011 31/07/2011 30/06/2011 31/05/2011 28/04/2011 31/03/2011
203.60 222.00 228.30 225.10 225.80 278.50
6,212.00 6,459.62 6,117.23 5,758.26 6,050.85 6,352.10-0.08 -0.03 0.01 0.00 -0.19 0.79
(0.04) 0.06 0.06 (0.05) (0.05) 0.22
7/27/2019 Valuation of Meghna Cenent Mills Limited
22/49
28/02/2011 31/01/2011 30/12/2010 30/11/2010 31/10/2010 30/09/2010
155.70 310.80 346.00 385.90 415.70 419.90
5,203.08 7,484.23 8,290.41 8,602.44 7,957.12 7,097.38-0.50 -0.10 -0.10 -0.07 -0.01 -0.83
(0.30) (0.10) (0.04) 0.08 0.12 0.07
5,367.11
5,560.56
5,582.33
5,654.88
6,107.81
6,153.68
6,342.76
6,657.97
7,097.38
7,957.12
8,602.44
8,290.41
7/27/2019 Valuation of Meghna Cenent Mills Limited
23/49
31/08/2010 29/07/2010 30/06/2010 31/05/ 2010 29/04/ 2010 31/03/ 2010
2,476.75 2,227.00 2090.75 1796 1,307.00 1,307.25
6,657.97 6,342.76 6,153.68 6,107.81 5,654.88 5,582.330.11 0.07 0.16 0.37 0.00 0.11
0.05 0.03 0.01 0.08 0.01 0.00
7/27/2019 Valuation of Meghna Cenent Mills Limited
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28/02/ 2010 30/01/ 2010 30/12/ 2009 26/11/ 2009 29/10/ 2009 30/09/ 2009
1,177.00 1,344.00 1304 1104.25 833.00 772.00
5,560.56 5,367.11 4,535.53 4,380.95 3,364.26 3,083.89-0.12 0.03 0.18 0.33 0.08 -0.06
0.04 0.18 0.04 0.30 0.09 0.05
7/27/2019 Valuation of Meghna Cenent Mills Limited
25/49
31/08/ 2009 30/07/ 2009 30/06/ 2009 31/05/ 2009 30/04/ 2009
818.25 579.00 579.00 599 479.25
2,941.28 2,914.53 3,010.26 2,572.18 2,554.360.41 0.00 -0.03 0.25 -0.10
0.01 (0.03) 0.17 0.01 0.04
7/27/2019 Valuation of Meghna Cenent Mills Limited
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31/03/ 2009 26/02/ 2009 29/01/ 2009 30-12-2008
534 531.75 407.5 386
2,446.92 2,570.96 2,570.96 2,795.340.00 0.30 0.06
(0.05) - (0.08)
7/27/2019 Valuation of Meghna Cenent Mills Limited
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Particulars 2013 2014 2015
EBIT 523818663.2 584695926.7 656528546.9
EBIT (1-tax rate) 379768530.8 423904546.9 475983196.5
Depreciation 114,028,054.76 1,269,465.91 1,286,381.53
Capital expenditure 14,877,539.15 15,075,781.90 15,276,666.55
Change in NWC 224,164,797 298,144,154 334,542,779
Free cashflow 26,698,140.29 109,415,145.19 124,877,369.83
Present value discount factor 0.869565217 0.756143667 0.657516232
Present value of free cashflow 23,215,774.16 82,733,569.14 82,108,897.72
Terminal value
Enterprise value 1,143,195,597.89
Cash 156,015,089
Interest-bearing debt 2,492,577,159
Equity value 3,791,787,845.89
Value per share 168.52
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2016 2017 2018
710097392.3 642086698.4
514820609.4 465512856.3
1,303,522.55 1,320,891.98
15,480,227.98 15,686,501.86
224,320,968 395,290,089
273,715,891.26 53,215,373.25 53,747,526.98
0.571753246 0.497176735
156,497,949.20 26,457,445.54
772181962.1
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Assumption
1. Risk free rate is 8.37%
2. The company has 27.5% tax on its income.
3. Other income is forcasted by 4 years Moving average
4. Assuming perpetual growth rate at 1%
5. Deferred tax income is proportion to current tax expense
6. Deferred tax liability is forcasted by 4 years Moving average
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Particulars 2012 2013 2014
phoenix leasing company 11795964 9436771.2 7077578.4
Installment paymeny 2359192.8
Interest expense at 15% 1415515.68 1061636.76
lease obligation-BFICL 11697034 9357627.2 7018220.4Installment payment 2339406.8
Interest expense at 17% 1590796.624 1193097.468
Bay leasing 66568162 53254529.6 39940897.2
Installment paymeny 13313632.4
Interest expense at 15% 7988179.44 5991134.58
lease obligation-BFICL-bus 5676236 4257177 2838118
Installment payment 1419059
Interest expense at 20% 851435.4 567623.6
Other finance 631217607 638200320.2 645260278.5
Short Term bank loan 1,765,622,156.00 1,960,441,989.13 2,199,780,585.84
Interest expense at average rate 98,278,013.00 110,276,186.45
Long term loan 714,506,425.18 702,135,092.48
Financial expense 110,123,940.15 119,089,678.86
Cost of debt 0.1675
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2015 2016 2017
4718385.6 2359192.8 0
707757.84 353878.92
4678813.6 2339406.8 0
795398.312 397699.156 0
26627264.8 13313632.4 0
3994089.72 1997044.86 0
1419059 0 0
283811.8 0 0
652398336.1 659615357 666912214.7
2,468,338,598.88 2,769,683,248.38 3,107,817,258.08
123,739,144.40 138,845,714.10 155,796,554.26
689,841,859.10 677,627,588.99 666,912,214.68
129,520,202.07 141,594,337.04 155,796,554.26
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Particulars 2009 2010 2011 2012
Revenue 4,705,094,692 5,715,174,730 6,097,246,745 6,613,816,069
Cost of goods sold 4,248,487,610 5,254,857,969 5,556,814,840 5,916,346,050
Gross profit 456,607,082 460,316,761 540,431,905 697,470,019
Administrative expense 56,958,143 85,646,603 104,615,061 138,400,489
Selling & distribution Overhead 123,618,281 113,588,806 167,349,494 196,268,669
Other income 1,081,559 14,364,857 24,558,389 57,391,895Operating profit 277,112,217 275,446,209 293,025,739 420,192,756
Financial expense 87,359,938 80,884,432 199,343,283 219,432,431
Revaluation loss of PPE 0 124,263,055 0 0
Profit before WPPF 189,752,279 70,298,722 93,682,456 200,760,325
Provision for contribution to WPPF 8,812,007 3,347,558 4,461,069 9,560,015
Net profit before tax 180,940,272 66,951,164 89,221,387 191,200,310
Current tax expense 48,466,039 31,998,893 26,508,356 59,789,410
Deferred tax income 4,212,379 15,194,354 3,806,738 9,947,250
Net profit after tax 136,686,612 50,146,625 66,519,769 141,358,150
Other comprehenvsive income
Revaluation surplus of PPE 0 97,103,022 0 0
Income tax on other comprehensive inco 0 23,884,322 0 0
Total conprehensive income for the ye 136,686,612 123,365,325 66,519,769 141,358,150
Dividend 89,857,827 94,281,779 50,609,575 20,042,339
Transfer to reserve 46,828,785 29,083,546 15,910,194 121,315,811
Depriciation 86,356,100 84,365,310 112,926,036 112,775,282
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2013 2014 2015 2016 2017
7421257190 8327273953 9343900866 10484641659 11764648652
6731673843 7553503657 8475665598 9510408756 10671477499
689583347.3 773770295.7 868235268.5 974232903 1093171153
120920435.3 135684601.8 152249520.7 170836751.2 191693185.1
191599269.8 214993558.9 241240832.6 270692478.4 303739698.9
146755021 161603791.8 181783631.7 177393718.9 44348429.71523818663.2 584695926.7 656528546.9 710097392.3 642086698.4
110,123,940.15 119,089,678.86 129,520,202.07 141,594,337.04 155,796,554.26
0 0 0 0 0
413694723.1 465606247.9 527008344.8 568503055.2 486290144.1
90043071.7 101035889.1 113370754.6 127211509.8 142741999.7
323651651.4 364570358.8 413637590.2 441291545.5 343548144.4
89004204.13 100256848.7 113750337.3 121355175 94475739.71
19396923.59 21849242.42 24789914.38 26447256.94 20589349.92
254044370.8 286162752.5 324677167.3 346383627.4 269661754.6
0 0 0 0 0
0 0 0 0 0
209294875.3 236276131.4 269368038.7 285332451 202733442.4
63,511,093 71,540,688 81,169,292 86,595,907 67,415,439
190533278.1 214622064.4 243507875.5 259787720.6 202246316
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Particular 2009 2010 2011 2012
ASSETS
PPE 1,096,828,028 1,305,602,458 1,221,277,710 1,116,514,072
Total Non-Current Assets 1,096,828,028 1,305,602,458 1,221,277,710 1,116,514,072
Inventories 839,260,219 756,944,188 798,290,626 440,866,589
Accounts Receivable 286,714,426 433,094,292 794,337,599 1,117,420,597
Advances, Deposits and prepay 893,689,327 1,052,598,449 1,200,376,960 1,340,617,663Cash and Cash Equivalent 153,252,252 62,526,731 93,382,758 156,015,289
Total Currents Assets 2,172,916,224 2,305,163,660 2,886,387,943 3,054,920,138
Total Assets 3,269,744,252 3,610,766,118 4,107,665,653 4,171,434,210
Issued Share Capital 225,004,000 225,004,000 225,004,000 225,004,000
General reserve 166,000,000 166,000,000 166,000,000 166,000,000
Revalution Surplus 73,218,700 73,218,700 73,218,700
Tax holiday surplus 103,324,216 0 0 0
Retained Earnings 132,434,815 207,154,249 211,390,821 296,497,971
Shareholders' Equity 626,763,031 671,376,949 675,613,521 760,720,671
long Term loan 743,561,807 789,361,205 779,338,188 726,955,003
Liability for Gratuity 32,205,716 36,747,297 39,955,330 53,118,205
Deferred Tax liability 189,135,577 197,825,545 194,018,807 184,071,557
Total Non-Current Liability 964,903,100 1,023,934,047 1,013,312,325 964,144,765
Short Term bank loan 1,271,266,296 1,256,183,509 1,827,443,072 1,765,622,156
Payable for sundry expenses 255,397,871 358,379,443 276,587,282 357,783,679
Payable for goods supplied 53,488,794 182,825,462 244,320,726 178,529,312
Payable for other finance 55,169,221 31,817,035 41,949,529 84,371,147
Advance received against sales 42,755,939 86,249,673 28,439,198 60,262,480
Total Currrent Liabilities & Pro 1,678,078,121 1,915,455,122 2,418,739,807 2,446,568,774
Total Liabilitier & Shareholders 3,269,744,252 3,610,766,118 4,107,665,653 4,171,434,210
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2013 2014 2015 2016 2017
1,131,391,611.15 1,146,467,393.05 1,161,744,059.60 1,177,224,287.58 1,192,910,789.44
1,116,514,072.00 1,116,514,072.00 1,116,514,072.00 1,116,514,072.00 1,116,514,072.00
943,245,719.28 1,058,400,932.85 1,187,614,752.34 1,332,603,511.76 1,495,293,078.89
808,819,225.08 907,563,107.38 1,018,362,041.78 1,142,687,753.29 1,282,191,644.96
1,435,435,121.04 1,610,678,781.91 1,807,316,890.32 1,876,897,234.00 2,098,555,345.00131,288,754.02 72,355,459.90 6,458,963.43 86,806,905.16 39,789,919.50
3,318,788,819.41 3,648,998,282.03 4,019,752,647.86 4,438,995,404.21 4,915,829,988.35
4,435,302,891.41 4,765,512,354.03 5,136,266,719.86 5,555,509,476.21 6,032,344,060.35
225,004,000.00 225,004,000.00 225,004,000.00 225,004,000.00 225,004,000.00
166,000,000.00 166,000,000.00 166,000,000.00 166,000,000.00 166,000,000.00
73,218,700.00 73,218,700.00 73,218,700.00 73,218,700.00 73,218,700.00
- - - - -
487,031,249.13 701,653,313.53 945,161,189.02 1,204,948,909.58 1,407,195,225.55
760,720,671.00 760,720,671.00 760,720,671.00 760,720,671.00 760,720,671.00
714,506,425.18 702,135,092.48 689,841,859.10 677,627,588.99 666,912,214.68
62,993,896.84 74,705,668.98 88,594,883.90 105,066,369.95 124,600,220.77
191,262,871.50 191,794,695.13 190,286,982.66 189,354,026.57 190,674,643.96
968,763,193.53 968,635,456.59 968,723,725.66 972,047,985.51 982,187,079.41
1,960,441,989.13 2,199,780,585.84 2,468,338,598.88 2,769,683,248.38 3,107,817,258.08
401,576,912.70 450,603,024.89 505,614,444.59 567,341,878.44 636,605,244.33
204,867,151.52 229,878,153.07 257,942,597.51 289,433,261.58 324,768,431.89
68,515,675.55 76,880,340.99 86,266,200.54 96,797,923.36 108,615,401.04
70,417,297.99 79,014,121.66 88,660,481.69 99,484,507.94 111,629,974.61
2,705,819,026.88 3,036,156,226.45 3,406,822,323.20 3,822,740,819.70 4,289,436,309.94
4,435,302,891.41 4,765,512,354.03 5,136,266,719.86 5,555,509,476.21 6,032,344,060.35
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Liquidity Ratio
1) Current ratio
Year 2009 2010
C.A 2,172,916,224 2,305,163,660
C.L 1,678,078,121 1,915,455,122
Current ratio 1.29488383 1.2034548
2) Acid test ratio
Year 2009 2010
C.A 2,172,916,224 2,305,163,660
inventory 839,260,219 756,944,188
C.L 1,678,078,121 1,915,455,122
quick ratio 0.794752037 0.808277602
Activity ratio1) Assets turnover
Year 2009 2010sales 4,705,094,692 5,715,174,730
Total asset 3,269,744,252 3,610,766,118
Asset turnover ratio 1.438979421 1.582814988
2) Receivable turnover
Year 2009 2010
sales 4,705,094,692 5,715,174,730
account receivable 286,714,426 433,094,292
Receivable turnover 16.41038701 13.1961442
AR collection period 21.93732541 27.28069613
3) Inventory turnover
Year 2009 2010
COGS 4,248,487,610 5,254,857,969
inventory 839,260,219 756,944,188
inventory turnover ratio 5.062181566 6.942200036
inventory collection period 71.11558431 51.85675984
Leverage ratio1) Debt to equity ratio
Year 2009 2010
Total debt 2,014,828,103 2,045,544,714
Total equity 626,763,031 671,376,949D/E ratio 3.214656901 3.046790208
2) Time interest earned ratio
Year 2009 2010
EBIT 626,765,037 671,378,956
interest expence 87,359,938 80,884,432
Time interest earned ratio 7.174513297 8.300471912
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Profitability ratio
Gross profit ratio
Year 2009 2010
gross profit 456,607,082 460,316,761
sales 4,705,094,692 5,715,174,730
GP ratio 0.097045248 0.080542902
9.704524816 8.054290249
Net profit ratio
Year 2009 2010
Net profit 136,686,612 50,146,625
sales 4,705,094,692 5,715,174,730
Net profit ratio 0.029050768 0.008774294
2.905076751 0.877429429
Return on Equity
Year 2009 2010
Net income 136,686,612 50,146,625shareholder's equity 626,763,031 671,376,949
ROE 0.218083399 0.074692205
21.80833987 7.469220544
Return on Assets
Year 2009 2010
Net profit 136,686,612 50,146,625
Total asset 3,269,744,252 3,610,766,118
ROA 0.041803457 0.013888085
4.180345662 1.388808451
Market ratios of 31st december 2012Price to earnings ratio
price per share
EPS
P/E ratio
Market to book value ratio
Market value of stock
Book value of stock
Market to book value ratio
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2011 2012
2,886,387,943 3,054,920,138
2,418,739,807 2,446,568,774
1.193343713 1.248654921
2011 2012
2,886,387,943 3,054,920,138
798,290,626 440,866,589
2,418,739,807 2,446,568,774
0.863299686 1.068457007
2011 20126,097,246,745 6,613,816,069
4,107,665,653 4,171,434,210
1.48435809 1.585501709
2011 2012
6,097,246,745 6,613,816,069
794,337,599 1,117,420,597
7.675888379 5.918824198
46.90010879 60.82289116
2011 2012
5,556,814,840 5,916,346,050
798,290,626 440,866,589
6.96089201 13.41981043
51.71750969 26.82601232
2011 2012
2,606,781,260 2,492,577,159
675,613,521 760,720,6713.858391194 3.276599748
2011 2012
675,615,528 420,192,756
199,343,283 219,432,431
3.389206388 1.914907264
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2011 2012
540,431,905 697,470,019
6,097,246,745 6,613,816,069
0.0886354 0.105456519
8.863540014 10.54565189
2011 2012
66,519,769 141,358,150
6,097,246,745 6,613,816,069
0.010909804 0.02137316
1.090980434 2.137316014
2011 2012
66,519,769 141,358,150675,613,521 760,720,671
0.098458315 0.18582136
9.845831519 18.58213604
2011 2012
66,519,769 141,358,150
4,107,665,653 4,171,434,210
0.016194056 0.033887182
1.619405634 3.388718193
5.216874784
104.8 21.80833987
6.28
16.68789809
2,358,041,920
225,004,000
10.48
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Analysis of cashflo
Particulars 2010 2011 2012
EBIT 275,446,209 293,025,739 420,192,756
EBIT (1-tax rate) 199698501.5 212443660.8 304639748.1
Depreciation 84,365,310 112,926,036 112,775,282
Capital expenditure 208,774,430 -84,324,748 -104,763,638
Change in NWC -29,486,831 618,343,134 16,249,781
Free cashflow 104,776,213 -208,648,689 505,928,887
operating cashflow 293,139,418 -451,169,652 204,432,431
year 2010 2011 2012
Free cashflow 104,776,213 -208,648,689 505,928,887
operating cashflow 293,139,418 -451,169,652 204,432,431
In 2011, payment against expenses and creditors increased by
-800,000,000
-600,000,000
-400,000,000
-200,000,000
0
200,000,000
400,000,000
600,000,000
800,000,000
2010
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Payment against interest also increased by
In 2012, cash receipt from customer and other income increased by
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Particulars 2009 2010 2011
Inventories 839,260,219 756,944,188 798,290,626
Accounts Receivable 286,714,426 433,094,292 794,337,599
Advances, Deposits and prepayments 893,689,327 1,052,598,449 1,200,376,960
Non-cash current asset 2,019,663,972 2,242,636,929 2,793,005,185
Payable for sundry expenses 255,397,871 358,379,443 276,587,282
Payable for goods supplied 53,488,794 182,825,462 244,320,726
Payable for other finance 55,169,221 31,817,035 41,949,529
Advance received against sales 42,755,939 86,249,673 28,439,198
Non- STD Current liabilities 406,811,825 659,271,613 591,296,735
Net Working capital 1,612,852,147 1,583,365,316 2,201,708,450Change in NWC -29,486,831 618,343,134
0.464659
2011 2012
operating cashflo
Free cashflow
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1.39413
0.114055
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2012
440,866,589
1,117,420,597
1,340,617,663
2,898,904,849
357,783,679
178,529,312
84,371,147
60,262,480
680,946,618
2,217,958,23116,249,781
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Du-Pont analysis
ROE
Year 2009 2010 2011 2012
EBIT 277,112,217 275,446,209 293,025,739 420,192,756
Net sales 4,705,094,692 5,715,174,730 6,097,246,745 6,613,816,069
Total Assets 3,269,744,252 3,610,766,118 4,107,665,653 4,171,434,210
EBT 180,940,272 66,951,164 89,221,387 191,200,310
Net income 136,686,612 50,146,625 66,519,769 141,358,150Equity 626,763,031 671,376,949 675,613,521 760,720,671
ROE 0.218083399 0.074692205 0.098458315 0.18582136
Sensitivity analysis
Year 2009 2010 2011 2012
Net profit ratio 0.029050768 0.008774294 0.010909804 0.02137316
Asset turnover ratio 1.438979421 1.582814988 1.48435809 1.585501709
ROA 0.041803457 0.013888085 0.016194056 0.033887182
Leverage 5.216874784 5.378150268 6.07990445 5.48352946
ROE 0.218083399 0.074692205 0.098458315 0.18582136
Sensitivity with Net margin
Year 2009 2010 2011 2012
Net profit ratio 0.029050768 0.008774294 0.010909804 0.02137316Asset turnover ratio 1.438979421 1.438979421 1.438979421 1.438979421
ROA 0.041803457 0.012626029 0.015698984 0.030755538
Leverage 5.216874784 5.216874784 5.216874784 5.216874784
ROE 0.218083399 0.065868412 0.081899633 0.160447789
%change in ROE -0.697966868 0.243382542 0.959078227
mean 0.504493901
SD 0.831079366
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Coverance 1.647352652
sensitivity with asset turnover
Year 2009 2010 2011 2012
Net profit ratio 0.029050768 0.029050768 0.029050768 0.029050768Asset turnover ratio 1.438979421 1.582814988 1.48435809 1.585501709
ROA 0.041803457 0.04598199 0.043121742 0.046060042
Leverage 5.216874784 5.216874784 5.216874784 5.216874784
ROE 0.218083399 0.239882285 0.224960727 0.240289469
%change in ROE 0.099956653 -0.062203668 0.068139635
S.D 0.085924064
Mean 0.10589262
coverance 0.811426367
sensitivity with leverage
Year 2009 2010 2011 2012
Net profit ratio 0.029050768 0.029050768 0.029050768 0.029050768
Asset turnover ratio 1.438979421 1.438979421 1.438979421 1.438979421
ROA 0.041803457 0.041803457 0.041803457 0.041803457
Leverage 5.216874784 5.378150268 6.07990445 5.48352946
ROE 0.218083399 0.224825271 0.254161022 0.229230486
%change in ROE 0.030914195 0.130482442 -0.098089533
S.D 0.114601444Mean 0.063307104
coverance 1.810246198
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Analysis of sustainable growt
The sustainable groth rate=
year 2009 2010 2011 2012
ROE 0.218083 0.074692 0.098458315 0.185821
Retantion ratio(b) 0.75 0.75 0.75 0.75
(ROE*b) 0.163563 0.056019 0.073843736 0.139366
1-(ROE*b) 0.836437 0.943981 0.926156264 0.860634
The sustainable groth rate 0.195547 0.059344 0.079731401 0.161934
Without external equity financing, while maintaining a constant debt-equity ratio, the company can extend
year The sustainable groth rate
2009 0.195546659
2010 0.059343528
2011 0.079731401
2012 0.161934136
)*(1
*
bROE
bROE
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h
at a maximum rate of sustainability growh of at
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