Anda di halaman 1dari 38

Particulars

Sales
Less: Cost of Goods Sold
Gross Profit
Less: Administrative Expenses
Less: Selling & Distribution Expenses
Operating Profit before Financial Expenses & WPPF
Less: Financial Expenses
Operating Profit
Add: Non-operating Income
Net Profit before WPPF
Less: Provision for WPPF
Net Profit before Income Tax
Less: Provision for Current Tax
Net Profit before Tax Holiday Reserve
Tax Holiday Reserve @ 40%
Profit available for Appropriation
Depreciation
Number of Share

2008-2009

2009-2010

934302894
586296808
348006086
29410470
9646492
308949124
215127100
93822024
27638526
121460550
5783836
115676714
3267396
112409318
37528810
74880508

1522562141
951343675
571218466
32230325
13470307
525517834
245316458
280201376
17558422
297759798
14179038
283580760
17736879
265843881
62071879
203772002

57520954
43700000

61241496
52440000

2010-2011

2011-2012

1744462051
1439778772
304683279
64657493
12142991
227882795
193098462
34784333
104828563
139612896
6648233
132964663
41469513
91495150

1656544813
1378347683
278197130
44833045
18143514
215220571
286703513
-71482942
157780679
86297737
4109416
82188321
51672411
30515910

91495150

30515910

73957379
170430000

67904838
195994500

Particulars
Non-current Assets (Net)
Inventories
Trade Debtors
Investment
Advance, Deposit & Prepayments
Cash & Bank Balances
Current Assets
Total Asset

2008-2009

2009-2010

2010-2011

1246421339
593879290
599197097
10671443
188386528
9249492
1401383850
2647805189

1327041753
779176551
1027773365
14391954
365810575
7232759
2194385204
3521426957

1487920224
1286872443
972482363
13397465
565244143
1632318897
4470315311
5958235535

469000000

548400000

634861656
1103861656

813305536
1361705536

1704300000
12000000
2290992720
4007292720

Non-current Liabilities
Trade & Other Payables
WPPF
Short Term Loan
Liabilities for Expenses
Provision for Tax
Current portion of LTD
Current Liabilities
Total Liabilities

391984466
20438886
12917700
1096859300
21743181

419526764
6690958
27096738
1642996703
63410258

276014534
6844793
31101171
1534584596
50517250
51880471

1151959067
1543943533

1740194657
2159721421

1674928281
1950942815

Total Equity & Liabilities

2647805189

3521426957

5958235535

Ordinary Share Capital


Preference Share Capital
Reserve & Surplus
Shareholders' Equity

Number of Outstanding Shares

2011-2012
1594288595
1168836430
1060465727
6900617
638642196
1657866442
4532711412
6127000007
1959945000
8000000
2059366783
4027311783
247426392
4788603
27652997
1691067576
63790922
64961734
1852261832
2099688224
6127000007

205794225

Particulars

2008-2009

Sales growth rate


Average

2009-2010

2010-2011

0.629623702

0.145741119

COGS in proportion to sales


Average

0.627523271

0.62483077

0.825342558

Administrative expenses in proportion to sales


Average

0.031478518

0.021168479

0.037064431

Selling & distribution expenses in proportion to sales


Average

0.010324802

0.008847131

0.00696088

-0.364712069

4.970272442

2062523467
1775683617

1810599130
1936561299

0.138153247

0.099712032

0.06468151

0.121230904

Growth rate of non-operating income


Average
Total loan
Average

1488843766

Interest rate
Average
Growth rate of non-current assets
Average
Inventory in proportion to sales
Average

0.635638928

0.51175353

0.737690133

Trade debtors in proportion to sales


Average

0.641330666

0.675028846

0.55746834

Growth rate of investment


Average

0.348641791 -0.069100346

Advance, deposit & prepayments in proportion to sales


Average

0.201633249

0.240259865

0.324022035

Short-term loan in proportion to sales


Average

1.173986838

1.079099932

0.879689297

Trade & other payables in proportion to sales


Average

0.021876081

0.004394539

0.003923727

Liabilities for expenses in proportion to sales


Average

0.02327209

0.041647074

0.028958641

1.097644163

0.147782844

0.06254613

0.311883715

Growth rate of WPPF


Average
Tax Rate
Average

0.028245927

Depreciation Rate
Average
Capital Expenditure

0.049705204

2011-2012

2012-2013

2013-2014

2014-2015

2015-16

2016-2017

-0.050397908
-0.050397908 -0.050397908 -0.050397908 -0.050397908 -0.050397908 -0.050397908
0.832061815
0.727439603

0.727439603

0.727439603

0.727439603

0.727439603

0.727439603

0.027064191
0.029193905

0.029193905

0.029193905

0.029193905

0.029193905

0.029193905

0.010952625
0.009271359

0.009271359

0.009271359

0.009271359

0.009271359

0.009271359

0.50513061
1.703563661

1.703563661

1.703563661

1.703563661

1.703563661

1.703563661

1938493968
1874546549

1895896662
1917195315

1798573177
1847234919

1705398624
1751985901

1616163905
1660781265

1530670460
1573417183

0.152945529
0.130270269

0.130270269

0.130270269

0.130270269

0.130270269

0.130270269

0.071487953
0.085800122

0.085800122

0.085800122

0.085800122

0.085800122

0.085800122

0.705586967
0.64766739

0.64766739

0.64766739

0.64766739

0.64766739

0.64766739

0.640167244
0.628498774

0.628498774

0.628498774

0.628498774

0.628498774

0.628498774

-0.484931142
-0.068463232 -0.068463232 -0.068463232 -0.068463232 -0.068463232 -0.068463232
0.385526664
0.287860453

0.287860453

0.287860453

0.287860453

0.287860453

0.287860453

1.020840223
1.038404073

1.038404073

1.038404073

1.038404073

1.038404073

1.038404073

0.002890717
0.008271266

0.008271266

0.008271266

0.008271266

0.008271266

0.008271266

0.038508419
0.033096556

0.033096556

0.033096556

0.033096556

0.033096556

0.033096556

-0.110869588
0.378185806

0.378185806

0.378185806

0.378185806

0.378185806

0.378185806

0.628707466
0.134225257

0.134225257

0.134225257

0.134225257

0.134225257

0.134225257

0.042592563
0.046148884

0.046148884

0.046148884

0.046148884

0.046148884

0.046148884

136790156.2

148526768.3

161270383.2

175107401.7

190131638.2

1. Perpetual growth rate is 2%.


2. Capital expenditures will be financed by long-term loan.
3. Since there was no purchase of PPE, it was assumed that the existing long-term loan will be repaid by three equal-yearly inst
4. Risk-free rate is 8%.
5. For maintaining a no-arbitrage scenario, the return from investment was considered to be equal to the interest rate.
6. To normalize the affairs it was assumed that BDL's investment will increase by 15% rate each year.

y three equal-yearly installments.


interest rate.

Time (Ending)
January, 2009
February, 2009
March, 2009
April, 2009
May, 2009
June, 2009
July, 2009
August, 2009
September, 2009
October, 2009
November, 2009
December, 2009
January, 2010
February, 2010
March, 2010
April, 2010
May, 2010
June, 2010
July, 2010
August, 2010
September, 2010
October, 2010
November, 2010
December, 2010
January, 2011
February, 2011
March, 2011
April, 2011
May, 2011
June, 2011
July, 2011
August, 2011
September, 2011
October, 2011
November, 2011
December, 2011
January, 2012
February, 2012
March, 2012
April, 2012
May, 2012
June, 2012
July, 2012
August, 2012
September, 2012
October, 2012
November, 2012
December, 2012
January, 2013
February, 2013

MAKSONSPIN
49.10
52.10
46.00
39.10
49.60
48.90
46.70
50.50
63.60
86.30
92.30
99.00
109.30
105.10
105.60
92.50
102.40
98.90
64.80
77.80
88.80
101.70
87.50
68.40
60.60
40.40
56.30
49.30
43.80
44.20
50.00
44.00
40.30
28.40
34.10
35.00
26.50
23.00
22.60
20.40
17.30
16.50
15.40
19.30
24.30
21.80
18.40
17.80
17.50
15.00

DGEN

MAKSONSPIN Return
DGEN return
2649.49
2570.96
2446.92

2554.36
2572.18
3010.26
2914.53
2941.28
3083.89
3364.26
4380.95
4535.53
5367.11
5560.56

5582.33
5654.88
6107.81
6153.68
6342.76
6657.97
7097.38
7957.12
8602.44
8290.41
7484.23
5203.08
6352.10
6050.85
5758.26
6117.23
6459.62
6212.00
5910.20
5036.50
5268.55
5257.61
4153.96
4695.41
4990.32
5098.90
4734.33
4572.88
4159.17
4446.87
4544.41
4493.92
4210.58
4219.31
4230.69
4047.23

0.06
-0.12
-0.15
0.27
-0.01
-0.04
0.08
0.26
0.36
0.07
0.07
0.10
-0.04
0.00
-0.12
0.11
-0.03
-0.34
0.20
0.14
0.15
-0.14
-0.22
-0.11
-0.33
0.39
-0.12
-0.11
0.01
0.13
-0.12
-0.08
-0.30
0.20
0.03
-0.24
-0.13
-0.02
-0.10
-0.15
-0.05
-0.07
0.25
0.26
-0.10
-0.16
-0.03
-0.02
-0.14

-0.03
-0.05
0.04
0.01
0.17
-0.03
0.01
0.05
0.09
0.30
0.04
0.18
0.04
0.00
0.01
0.08
0.01
0.03
0.05
0.07
0.12
0.08
-0.04
-0.10
-0.30
0.22
-0.05
-0.05
0.06
0.06
-0.04
-0.05
-0.15
0.05
0.00
-0.21
0.13
0.06
0.02
-0.07
120.00
-0.03
-0.09
100.00
0.07
0.02
80.00
-0.01
-0.06
0.00
60.00
0.00
-0.04
40.00

March, 2013
April, 2013
May, 2013

12.80
13.70
15.10

3722.41
3618.49
4100.51

-0.15
0.07
0.10

40.00
-0.08
-0.03
0.13
20.00
0.00

Covariance
Variance of Market Return
Beta
Market Return
Market Return (yearly)

0.009880287
0.009955659
0.992429165
0.013399230
0.160790758

MAKSONSPIN
120.00
100.00
80.00
60.00
40.00

40.00
20.00
0.00

Particulars
Sales
Less: Cost of Goods Sold
Gross Profit
Less: Administrative Expenses
Less: Selling & Distribution Expenses
Operating Profit before Financial Expenses & WPPF
Less: Financial Expenses
Operating Profit
Add: Non-operating Income
Net Profit before WPPF
Less: Provision for WPPF
Net Profit before Income Tax
Less: Provision for Current Tax
Net Profit before Tax Holiday Reserve
Tax Holiday Reserve @ 40%
Profit available for Appropriation
Transfer to the Reserve

2011-2012
1656544813.00
1378347683.00
278197130.00
44833045.00
18143514.00
215220571.00
286703513.00
-71482942.00
157780679.00
86297737.00
4109416.00
82188321.00
51672411.00
30515910.00
0.00
30515910.00
30515910.00

2012-2013
1573058419.87
1144304993.13
428753426.75
45923717.43
14584390.00
368245319.31
249753550.03
118491769.28
171318280.53
289810049.81
5663538.80
284146511.01
38139638.48
246006872.53
0.00
246006872.53
246006872.53

2013-2014
1493779566.31
1086634415.33
407145150.98
43609258.14
13849367.26
349686525.58
240639790.47
109046735.11
186017409.93
295064145.03
7805408.79
287258736.24
38557377.71
248701358.53
0.00
248701358.53
248701358.53

2014-2015
1418496201.12
1031870314.01
386625887.11
41411442.76
13151388.12
332063056.23
228231675.15
103831381.07
201977726.42
305809107.50
10757303.61
295051803.89
39603404.21
255448399.67
0.00
255448399.67
255448399.67

2015-2016
1347006960.04
979866208.83
367140751.21
39324392.68
12488585.67
315327772.86
216350422.65
98977350.21
219307440.02
318284790.23
14825563.15
303459227.08
40731892.75
262727334.33
0.00
262727334.33
262727334.33

2016-17
1279120627.16
930483001.76
348637625.40
37342525.55
11859187.08
299435912.76
204969480.18
94466432.58
238124045.16
332590477.75
20432380.70
312158097.04
41899500.81
270258596.23
0.00
270258596.23
270258596.23

Particulars

2011-2012

2012-2013

2013-2014

2014-2015

Non-current Assets (Net)


Inventories
Trade Debtors
Investment
Advance, Deposit & Prepayments
Cash & Bank Balances
Current Assets
Total Asset

1594288595.00
1168836430.00
1060465727.00
6900617.00
638642196.00
1657866442.00
4532711412.00
6127000007.00

1731078751.20
1018818640.58
988665287.92
6428178.46
452821309.79
2285732288.55
4752465705.31
6483544456.51

1879605519.50
967472312.44
938838625.67
5988084.58
430000063.07
2413509934.51
4755809020.28
6635414539.78

2040875902.68
918713731.82
891523122.97
5578120.96
408328959.44
2539313140.13
4763457075.32
6804332977.99

Ordinary Share Capital


Preference Share Capital
Reserve & Surplus
Shareholders' Equity

1959945000.00
8000000.00
2059366783.00
4027311783.00

1959945000.00
8000000.00
2305373655.53
4273318655.53

1959945000.00
8000000.00
2554075014.07
4522020014.07

1959945000.00
8000000.00
2809523413.74
4777468413.74

Non-current Liabilities
Trade & Other Payables
WPPF
Short Term Loan
Liabilities for Expenses
Provision for Tax
Current portion of LTD
Current Liabilities
Total Liabilities

247426392.00
4788603.00
27652997.00
1691067576.00
63790922.00
64961734.00
1852261832.00
2099688224.00

247426392.00
13011184.74
38110967.97
1633470269.50
52062816.03
211144170.73
15000000.00
1962799408.97
2210225800.97

232426392.00
12355448.25
52523995.12
1551146785.10
49438959.01
200502946.24
15000000.00
1880968133.72
2113394525.72

217426392.00
11732759.51
72387824.56
1472972232.09
46947338.90
190398017.19
15000000.00
1809438172.26
2026864564.26

Total Equity & Liabilities

6127000007.00

6483544456.51

6635414539.78

6804332977.99

2015-2016

2016-17

2215983304.42
872412481.66
846592222.61
5196224.77
387750034.10
2664714357.52
4776665320.66
6992648625.08

2406114942.63
828444717.65
803925745.64
4840474.42
368208243.54
2791688563.19
4797107744.45
7203222687.08

1959945000.00
8000000.00
3072250748.07
5040195748.07

1959945000.00
8000000.00
3342509344.30
5310454344.30

202426392.00
11141452.97
99763872.36
1398737513.01
44581291.24
180802355.44
15000000.00
1750026485.02
1952452877.02

187426392.00
10579947.05
137493152.88
1328244068.48
42334487.42
171690294.96
15000000.00
1705341950.78
1892768342.78

6992648625.08

7203222687.08

Risk-free Rate
Market Return
Beta
Cost of Equity
Cost of Debt
After Tax Cost of Debt
Total MV of Equity
BV of Debt
Weight of Equity
Weight of Debt
WACC

7.60
0.16
0.99
0.22
0.13
0.11
3107492797.50
1938493968.00
0.62
0.38
0.1838

Particulars
Inventories
Trade Debtors
Advance, Deposit & Prepayments
Non-cash Current Assets
Trade & Other Payables
WPPF
Liabilities for Expenses
Non- STD Current Liabilities
Working Capital
Change in WC

Particulars
Inventories
Trade Debtors
Advance, Deposit & Prepayments
Non-cash Current Assets
Trade & Other Payables
WPPF
Liabilities for Expenses
Non- STD Current Liabilities
Working Capital
Change in WC

2011-2012

2012-2013

2013-2014

2014-2015

1168836430.00
1060465727.00
638642196.00
2867944353.00

1018818640.58
988665287.92
452821309.79
2460305238.30

967472312.44
938838625.67
430000063.07
2336311001.19

918713731.82
891523122.97
408328959.44
2218565814.23

4788603.00
27652997.00
63790922.00
96232522.00

13011184.74
38110967.97
52062816.03
103184968.74

12355448.25
52523995.12
49438959.01
114318402.38

11732759.51
72387824.56
46947338.90
131067922.97

2771711831.00

2357120269.56
-414591561.44

2221992598.80
-135127670.76

2087497891.26
-134494707.55

2008-09

2009-2010

2010-2011

2011-2012

593879290.00
599197097.00
188386528.00
1381462915.00

779176551.00
1027773365.00
365810575.00
2172760491.00

1286872443.00
972482363.00
565244143.00
2824598949.00

1168836430.00
1060465727.00
638642196.00
2867944353.00

20438886.00
12917700.00
21743181.00
55099767.00

6690958.00
27096738.00
63410258.00
97197954.00

6844793.00
31101171.00
50517250.00
88463214.00

4788603.00
27652997.00
63790922.00
96232522.00

1326363148.00
849716165.00

2075562537.00
749199389.00

2736135735.00
660573198.00

2771711831.00
35576096.00

2015-2016

2016-17

872412481.66
846592222.61
387750034.10
2106754738.38

828444717.65
803925745.64
368208243.54
2000578706.84

11141452.97
99763872.36
44581291.24
155486616.57

10579947.05
137493152.88
42334487.42
190407587.35

1951268121.80
-136229769.45

1810171119.49
-141097002.31

Particulars
EBIT
EBIT (1-Tax Rate)
Depreciation
Less: Capital Expenditure
Less: Change in NWC
Free Cash Flow

2012-2013

2013-2014

2014-2015

2015-2016

368891834.00
319377232.76
79887352.36
136790156.20
-414591561.44
677065990.36

533900061.04
462237188.12
86741696.95
148526768.31
-135127670.76
535579787.52

527898526.71
457041211.28
94184145.14
161270383.17
-134494707.55
524449680.80

523283479.04
453045619.56
102265156.30
175107401.75
-136229769.45
516433143.57

PV Discount Factor
PV of Free Cash Flow
Terminal Value

0.84
571917642.06

0.71
382189736.37

0.60
316138267.58

0.51
262967756.70

Enterprise Value
Cash
Interest-bearing Debt
Equity Value
Value per Share

3125253101.81
1657866442.00
1938493968.00
2844625575.81
13.82

Particulars
EBIT
EBIT (1-Tax Rate)
Depreciation
Less: Capital Expenditure
Less: Change in NWC
Free Cash Flow

2008-09
330803814.00
327536418.00
57520953.70
40401000.29
849716165.00
-505059793.59

2009-2010
528897218.00
511160339.00
61241495.82
80620414.00
749199389.00
-257417968.18

2010-2011
326063125.00
284593612.00
73957379.00
160878471.00
660573198.00
-462900678.00

2011-2012
368891834.00
317219423.00
67904838.00
106368371.00
35576096.00
243179794.00

2016-17
519809649.73
450038065.89
111039519.20
190131638.21
-141097002.31
512042949.19

2017-18

522283808.18

0.43
220229672.45
1371810026.64

Particulars

2008-2009

Liquidity
Cash Ratio
Quick Ratio
Current Ratio

2009-2010

0.008029358
0.537447944
1.216522262

Activity/Efficiency
Fixed Asset Turnover
Total Asset Turnover
Accounts Receivables Turnover
Inventory Turnover

2010-2011

2011-2012

0.004156293
0.603034881
1.260999851

0.974560473
1.563170647
2.668959239

0.895049724
1.471299974
2.447122396

1.183278785
0.493598589
1.871653084
1.385731951

1.239421396
0.368043072
1.744239026
1.393750851

1.074907581
0.274143571
1.629697109
1.122566032

Leverage/Solvency
Times Interest Earned
Cash Coverage Ratio

1.537713352
1.805094605

2.155979351
2.405622185

1.688584785
2.071588245

1.286666599
1.523513498

Profitability
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Asset
Return on Equity

0.372476729
0.324482874
0.120313571
0.042453772
0.101832795

0.37516923
0.335841003
0.174602976
0.075493226
0.195228611

0.174657442
0.12682108
0.05244892
0.015356081
0.02283216

0.167938185
0.127440654
0.018421421
0.004980563
0.007577241

Capital Structure
Debt Ratio
Debt-to-Equity Ratio

0.583103145
1.398674847

0.613308595
1.586041449

0.327436336
0.486848092

0.34269434
0.521362223

Market Information Ratio


EPS
Price-to-Earnings

2.572295606
24.72499655

5.06948667
17.51656642

0.536848853
75.06768392

0.155697787
156.071582

Debt
Ratio
Debt-to-Equity
RatioReturn
Times
Interest
EPSEarned
Price-to-Earnings
Cash
Ratio
Cash
Ratio
Quick
Ratio
Current
Ratio
Operating
Total Asset
Profit
Turnover
Margin
Return
on
Accounts
AssetCoverage
Receivables
Turnover
on Equity
1.8
180
3
0.4
1.6
160
2
0.35
2.5
1.8
1.4
140
0.3
1.6
2
1.2
120
1.4
0.25
1
100
1.2
1.5
0.2
0.8
80
1
1
0.15
0.8
0.6
60
0.6
0.1
0.4
40
0.5
0.4
0.05
0.2
20
0.2
0
000

Inventory Turnover

2008-2009
2008-2009
2008-2009
2008-2009
2009-2010

2009-2010
2010-2011
2009-2010
2009-2010
2009-20102010-20112010-2011
2010-2011

2011-2012
2011-2012
2011-2012

Al-Haaj

Apex

Rahim

Square

Average

1.542330507
2.915813327

0.298371746
0.786314816
1.178216533

0.030051822
0.394374854
0.531788694

0.183054103
1.469978647
2.109115273

0.351631849
1.13285976
1.836411245

2.000731171
0.976489785
70.62226216
3.697383509

2.41115335
2.407732001
8.332294049
12.66576539

1.006222903
0.729385146

3.321580684
1.081566636
3.290210593
4.465348168

1.962919138
1.093863428
20.96861598
6.144749248

4.035288561

12.32540969

0.086930381
0.039408767
0.036974353
0.036105078
0.08599841

0.079336788
0.015834962
0.006665756
0.016049354
0.040789268

0.144937171
0.105179875
0.002169872
0.001582672
0.006898623

0.156274121
0.118367276
0.094831304
0.102566375
0.156171349

0.127083329
0.081246307
0.031812541
0.032256808
0.059486978

0.580165741
1.381892329

0.138185762
0.160342862

0.770581442
3.358845286

0.34324461
0.522636914

0.434974379
1.189015923

24.9

31.7

274.1

14.1

100.1743164

8.772683143

Particulars

2008-2009

Operating Cash Flow


Fixed Cost
DOL
N\A
EBIT
Financial Expenses
DFL

2009-2010

-141029746

-418442084
N\A

330803814
215127100
2.859726928

2010-2011
-438861063

83701005
521646576
7.232261799

326063125
193098462
2.452253987

368891834
286703513
4.488372916

N\A
528897218
245316458
1.865067355

2011-2012

Particulars
Operating Profit Margin
Total Asset Turnover
Interest Burden
Aftertax Retention Rate
Financial Leverage
ROE

2008-2009

2009-2010

EBIT / Net Sales


Net Sales / Total Assets
EBT / EBIT
NI / EBT
Total Assets / Equity

0.35
0.35
0.35
0.97
2.40
0.10183

0.35
0.43
0.54
0.94
2.59
0.19523

Operating Profit Margin


Total Asset Turnover
Interest Burden
Aftertax Retention Rate
Financial Leverage
ROE
% Change
Standard Deviation
Mean
Sensitivity

EBIT / Net Sales


Net Sales / Total Assets
EBT / EBIT
NI / EBT
Total Assets / Equity

0.35
0.35
0.35
0.97
2.40
0.10183

0.35
0.43
0.54
0.94
2.59
0.19899
0.95408

Operating Profit Margin


Total Asset Turnover
Interest Burden
Aftertax Retention Rate
Financial Leverage
ROE
% Change
Standard Deviation
Mean
Sensitivity

EBIT / Net Sales


Net Sales / Total Assets
EBT / EBIT
NI / EBT
Total Assets / Equity

0.35
0.35
0.35
0.97
2.40
0.10183

0.35
0.35
0.54
0.94
2.59
0.15933
0.56459

Operating Profit Margin


Total Asset Turnover
Interest Burden
Aftertax Retention Rate
Financial Leverage
ROE
% Change
Standard Deviation
Mean
Sensitivity

EBIT / Net Sales


Net Sales / Total Assets
EBT / EBIT
NI / EBT
Total Assets / Equity

0.35
0.35
0.35
0.97
2.40
0.10183

0.35
0.43
0.35
0.94
2.59
0.12732
0.25033

Operating Profit Margin


Total Asset Turnover
Interest Burden
Aftertax Retention Rate
Financial Leverage
ROE
% Change
Standard Deviation
Mean
Sensitivity

EBIT / Net Sales


Net Sales / Total Assets
EBT / EBIT
NI / EBT
Total Assets / Equity

0.35
0.35
0.35
0.97
2.40
0.10183

0.35
0.43
0.54
0.97
2.59
0.20237
0.98729

"What If" Analysis

0.98550893
-0.18334
-0.18603

0.755504411
-0.30111
-0.39855

0.550996698
-0.32949
-0.59799

0.951507816
-0.07944
-0.08349

Operating Profit Margin


Total Asset Turnover
Interest Burden
Aftertax Retention Rate
Financial Leverage
ROE
% Change
Standard Deviation
Mean
Sensitivity

EBIT / Net Sales


Net Sales / Total Assets
EBT / EBIT
NI / EBT
Total Assets / Equity

0.8764109
-0.23134
-0.26396

0.35
0.35
0.35
0.97
2.40
0.10183

0.35
0.43
0.54
0.94
2.40
0.18108
0.77825

2010-2011

2011-2012

0.19
0.29
0.41
0.69
1.49
0.02283

0.22
0.27
0.22
0.37
1.52
0.00758

0.35
0.29
0.41
0.69
1.49
0.04325
-0.78265

0.35
0.27
0.22
0.37
1.52
0.01205
-0.72145

0.19
0.35
0.41
0.69
1.49
0.02752
-0.82729

0.22
0.35
0.22
0.37
1.52
0.00989
-0.64062

0.19
0.29
0.35
0.69
1.49
0.01958
-0.84623

0.22
0.27
0.35
0.37
1.52
0.01189
-0.39258

0.19
0.29
0.41
0.97
1.49
0.03224
-0.84067

0.22
0.27
0.22
0.97
1.52
0.01983
-0.38495

0.19
0.29
0.41
0.69
2.40
0.03683
-0.79659

0.22
0.27
0.22
0.37
2.40
0.01195
-0.67566

Particulars
ROE
Plowback Ratio
Sustainable Growth Rate
Return on Asset

2008-2009
0.10183
1
0.113378439
0.042453772

2009-2010
0.19523
1
0.242588907
0.075493226

2010-2011
0.02283
1
0.023365649
0.015356081

2011-2012
0.00758
1
0.007635093
0.004980563

Particulars
EPS
WACC
No Growth Value
Ending Price of Share
Value Addition
Expected Growth

2008-2009
2.57230
0.183750273
13.99886688
63.60
49.60
0.143305373

2009-2010
5.06949
0.183750273
27.58900217
88.80
61.21
0.126661459

2010-2011
0.53685
0.183750273
2.921622075
40.30
37.38
0.170428961

2011-2012
0.15570
0.183750273
0.84733364
24.30
23.45
0.177342956

Particulars
Operating Cash Flow
Free Cash Flow

2008-09
-141029746
-505059793.6

2009-2010

2010-2011

-418442084
-257417968.2

2011-2012

-438861063
-462900678

83701005
243179794

Operating Cash Flow


300,000,000.00
200,000,000.00
100,000,000.00
0.00
-100,000,000.00
-200,000,000.00
-300,000,000.00
-400,000,000.00
-500,000,000.00
-600,000,000.00
Operating Cash Flow
Free Cash Flow

2008-09

2009-2010

-141029746

-418442084

-505059793.6

-257417968.2

ng Cash Flow

Free Cash Flow

2009-2010

2010-2011

2011-2012

-418442084

-438861063

83701005

-257417968.2

-462900678

243179794

Particulars
Total Asset
Less: Cash
Operating Asset (A)

2008-09

2009-2010

2010-2011

2,647,805,189
9,249,492
2,638,555,697

3,521,426,957
7,232,759
3,514,194,198

5,958,235,535
1,632,318,897
4,325,916,638

Trade & Other Payables


WPPF
Liabilities for Expenses
Provision for Tax
Total Liabilities
Less: Short Term Loan

20438886
12917700
21743181

6690958
27096738
63410258

55099767
1,096,859,300

97197954
1,642,996,703

6844793
31101171
50517250
51880471
140343685
1,534,584,596

Operating Liabilities (B)

-1,041,759,533

-1,545,798,749

-1,394,240,911

3,680,315,230

5,059,992,947

5,720,157,549

1,379,677,717
4,370,154,089
31.57%

660,164,602
5,390,075,248
12.25%

Net Operating Asset (A-B)


Change in Net Operating Asset
Average Net Operating Asset
Balance Sheet Based Accural Ratio

2011-2012
6,127,000,007
1,657,866,442
4,469,133,565
4788603
27652997
63790922
64961734
161194256
1,691,067,576
-1,529,873,320
5,999,006,885
278,849,336
5,859,582,217
4.76%