Anda di halaman 1dari 13

Quasem Drycells Ltd.

Income Statement
Particulars 2005 2006 2007
Turnover ### ### ###
Cost of goods sold 521501526 641585813 629738795
Depreciation 32355032 28770910 25994750
Other Expenses 489146494 612814903 603744045
Gross profit ### ### ###
Operating expenses ### ### ###
Administrative expenses 44720159 43299481 39079432
Depreciation 3693127 3288104 2970829
Other Expenses 41027032 40011377 36108603
Selling and distribution expenses 39735477 34800176 35500836
Depreciation 883091 822026 742708
Other Expenses 38852386 33978150 34758128
financial expenses 21277873 25371078 32371045
Operating Profit 15221809 401492 3026190
Non operating income 505132 1549752 1390902
Net profit before WPPF 15726941 1951244 4417092
Contribution to WPPF 748902 92916 210337
Net profit before income tax 14978039 1858328 4206755
Provision for tax 4394455 743331 1262027
Deffered tax
Income tax 4394455 743331 1262027
Net profit after income tax 10583584 1114997 2944728
Add/(Loss) Prior Years Adjustment -262067 154542 -517752
Net profit after prior years adjustment 10321517 1269539 2426976
Add: Realisation of revaluation surplus 2710290 2585082 2465878
Net profit for the year 13031807 3854621 4892854
Unappropriated Surplus brought forward 21145625 13477431 15332052
Surplus available for appropriation 34177432 17332052 20224906
Less: Proposed dividend 19200000 19200000
Less: Income tax`reserve 1500000 2000000
Unappropriated Surplus carried forward 13477432 15332052 1024906
2008 2009 2010E 2011E 2012E 2013E
### ### ### ### ### ###
520134367 797390224 892231945 1005551270 1134494914 1281095972
27058629 24476574 20992691 18437195 16094666 13948492
493075738 772913650 ### 987114075 ### ###
### ### 205876518 238605618 275134841 316014540
89642389 ### 116955106 130214990 154302197 163827167
32448321 54202402 61046307 68692106 77403735 87318969
1349659 1305336 1858261 1632050 1424691 1234713
31098662 52897066 59188046 67060056 75979044 86084257
24003223 48631194 53001005 59863918 67658851 76508198
1035445 1233068 731042 642050 560475 485737
22967778 47398126 52269963 59221868 67098376 76022460
33190845 35660810 2907795 1658965 9239611 0
30552623 33319662 88921411 108390629 120832644 152187374
3452907 3489878 2964893 3359224 3806000 4312198
34005530 36809540 91886304 111749852 124638645 156499572
1619311 1752835 4375538 5321422 5935174 7452361
32386219 35056705 87510766 106428431 118703471 149047211
8906211 9295933 24065461 29267818 32643455 40987983
344661
8906211 9640594 24065461 29267818 32643455 40987983
23480008 25760772 63445305 77160612 86060016 108059228
511539
23991547 25760772 63445305 77160612 86060016 108059228
2352382 2244315
26343929 28005087 63445305 77160612 86060016 108059228
1024905 4328834 3533921 23442729 35211170 42444915
27368834 32333921 66979226 100603341 121271186 150504143
23040000 28800000 43536497 65392172 78826271 97827693

4328834 3533921 23442729 35211170 42444915 52676450


2014E
###
1447661429
11983334
1435678095
361864781
185144971
98594221
1060758
97533463
86550751
417303
86133448
0
176719810
4885721
181605530
8647882
172957648
47563353

47563353
125394295

125394295

125394295
52676450
178070745
115745984

62324761
Qasem Drycell
2005 2006 2007
Assets 752906155 801823702 834734301
Non current assets 499728042 508940374 503540513
Gross Fixed Asset 819519850 797998342 731114464
Less: Accumulated depreciation 351731293 365016620 394724908
Net Fixed Assets 467788557 432981722 336389556
Capital work in progress 26021765 70322734 161768556
Miscellaneous assets 4917720 4635918 4382401
Investment 1000000 1000000 1000000
Current assets 253178113 292883328 331193788
Inventories 129420083 165365857 185623836
Sundry Debtors 21319887 23135591 30010178
Advance, Deposit & prepayments 79390373 80898860 83369026
Advance Income tax 17768556 15670080 21026748
Cash & bank balances 5279214 7812940 11164000

Liabilities & Owners equity 752906155 801823702 834734301


Shareholders Equity 512955286 492117148 494544124
Share Capital 192000000 192000000 192000000
Share Premium 198000000 198000000 198000000
Revaluation Surplus 67517430 64932347 62466469
Reserve & Surplus 55437856 37184801 42077655
Non-current Liabilities 0 31831319 26496514
Secured Loan 31831319 26496514
Deferred tax liability
Current Liabilities 239950869 277875235 313693663
Bank loan, Cash credit & overdraft 183269173 215285530 238455252
Liabilities for goods supplied 12091040 25889195 28710507
Liabilities for expenses 16817453 15898904 26876411
Liabilities for other finance 10177801 7976422 5884282
Provision for income tax 17595402 12825184 13767211
2008 2009 2010E 2011E 2012E 2013E
### ### ### ### ### ###
### ### ### ### ### ###
754699828 757797640 ### ### ### ###
423275017 449536287 ### ### ### 527578348.7
### ### ### ### ### ###
172955784 187154436 ### ### ### ###
4154236 3948888 3751444 3563871 3385678 3216394
1000000 1000000 1000000 1000000 1000000 1000000
### ### ### ### ### ###
162993485 185830294 ### ### ### ###
28089012 31272784 ### 45038479 51028597 57815401
91703766 99778054 ### 60714856 ### 77938992.98
20144511 26749309 ### 33841067.36 ### 43441405.92
5855687 6902127 0 0 0 0

### ### ### ### ### ###


### ### ### ### ### ###
192000000 192000000 192000000 192000000 192000000 192000000
198000000 198000000 198000000 198000000 198000000 198000000
60114087 57869772 57869772 57869772 57869772 57869772
47086097 52051183 66979226 100603341 121271186 150504143
21554035 19413823 ### 3027670.86 1790826 1790826
19418548 17622997 ### 1236845 0 0
2135487 1790826 1790826 1790826 1790826 1790826
### ### ### ### ### ###
244157144 255358944 ### ### ### ###
10917434 15671790 ### 31103922 35240744 39927763
16420481 22292448 ### 32970158 37355188 42323429
10495515 11022192 ### 15551961 17620372 19963881
17576499 27217093 51282554 80550372 113193827 154181810
2014E
###
###
###
###
###
###
3055574
1000000
###
###
65504849
88304879.05
49219112.91
0

###
###
192000000
198000000
57869772
178070745
1790826
0
1790826
###
###
45238155
47952445
22619078
201745163
Forecast assumption

1. Turnover will increase by 13.30% each year


2. Depreciation will be 7.65% of net fixed aseet of the previous year
3.Cost of goods sold
Out of total depreciation factory depreciation is 89.02%.
Other expenses will be 79.34% of turnover
4. Administrative expenses
Out of total depreciation administrative depreciation is 7.88%%.
Other expenses will be 5.39% of turnover
5. Selling and distribution expense
Out of total depreciation Selling and distribution depreciation is 3.10%%.
Other expenses will be 4.76% of turnover
6. Financial expenses will be 16.50% of the outstanding loan balance which is indicated in the annual
7. Non operating income will be 0.27% of turnover
8. Contribution to WPPF has been made at 5% of net profit after charging such contribution
9. Income tax is payable on net profit before tax @27.50%
10. Gross fixed`asset will continue to grow at a rate of -1.84%
11. Capital work in progress will grow at a rate of 20%
12. Miscellanous assets will continue to decrease at a rate of 5%.
13. Investment will remain fixed at 1000000.
14. Each year an installment of 10476456 will be paid to the lender which includes both interest and p
15. paid up capital and share premium will remain unchanged throughout the forecasting period
16. The company will not revalue its asstes within the forecasting timeframe. So the revaluation surpl
17. Inventory will be 22.41% of turnover
18. Sundry debtors will be 3.62% of turnover
19. Advance deposit and prepayment will be 4.88% of turnover
20. advance income tax will be 2.72% of sales
21. Liabilities for goods supplied will be 2.5% of turnover
22. Liabilities for expenses is 2.65% of turnover
23. Liabilities for other finance will be 1.25% of turnover
24. Provision for income tax will be 2.37% of turnover
25. Dividend payout ratio has been assumed as 65% of surplus available for appropriation
26. Deferred tax liability will remain same throughout the forecasted period
Quasem Drycells Ltd.

Income Statement
Particulars 2005 2006 2007 2008
Turnover 100% 100% 100% 100%
Cost of goods sold 81.17% 86.07% 85.13% 81.23%
Depreciation 5.04% 3.86% 3.51% 4.23%
Other Expenses 76.14% 82.21% 81.62% 77.00%
Gross profit 18.83% 13.93% 14.87% 18.77%
Operating expenses 16.46% 13.88% 14.46% 14.00%
Administrative expenses 6.96% 5.81% 5.28% 5.07%
Depreciation 0.57% 0.44% 0.40% 0.21%
Other Expenses 6.39% 5.37% 4.88% 4.86%
Selling and distribution expenses 6.18% 4.67% 4.80% 3.75%
Depreciation 0.14% 0.11% 0.10% 0.16%
Other Expenses 6.05% 4.56% 4.70% 3.59%
financial expenses 3.31% 3.40% 4.38% 5.18%
Operating Profit 2.37% 0.05% 0.41% 4.77%
Non operating income 0.08% 0.21% 0.19% 0.54%
Net profit before WPPF 2.45% 0.26% 0.60% 5.31%
Contribution to WPPF 0.12% 0.01% 0.03% 0.25%
Net profit before income tax 2.33% 0.25% 0.57% 5.06%
Provision for tax 0.68% 0.10% 0.17% 1.39%
Net profit after income tax 1.65% 0.15% 0.40% 3.67%

Balance Sheet
Assets 117.19% 107.56% 112.85% 127.80%
Non current assets 77.78% 68.27% 68.07% 79.57%
Gross Fixed Asset 127.56% 107.05% 98.84% 117.86%
Less: Accumulated depreciation 54.75% 48.97% 53.36% 66.10%
Net Fixed Assets 72.81% 58.08% 45.48% 51.76%
Capital work in progress 4.05% 9.43% 21.87% 27.01%
Miscellaneous assets 0.77% 0.62% 0.59% 0.65%
Investment 20.14% 22.18% 25.09% 25.45%
Current assets 39.41% 39.29% 44.77% 48.22%
Inventories 20.14% 22.18% 25.09% 25.45%
Sundry Debtors 3.32% 3.10% 4.06% 4.39%
Advance, Deposit & prepayments 6.18% 4.67% 4.80% 3.75%
Advance Income tax 2.77% 2.10% 2.84% 3.15%
Cash & bank balances 0.82% 1.05% 1.51% 0.91%

Liabilities & Owners equity 117.19% 107.56% 112.85% 127.80%


Shareholders Equity 79.84% 66.02% 66.86% 77.65%
Share Capital 29.89% 25.76% 25.96% 29.98%
Share Premium 30.82% 26.56% 26.77% 30.92%
Revaluation Surplus 10.51% 8.71% 8.44% 9.39%
Reserve & Surplus 8.63% 4.99% 5.69% 7.35%
Non-current Liabilities 0.00% 4.27% 3.58% 3.37%
Secured Loan 0.00% 4.27% 3.58% 3.03%
Deferred tax liability 0.00% 0.00% 0.00% 0.33%
Current Liabilities 37.35% 37.28% 42.41% 46.78%
Bank loan, Cash credit & overdraft 28.53% 28.88% 32.24% 38.13%
Liabilities for goods supplied 1.88% 3.47% 3.88% 1.70%
Liabilities for expenses 2.62% 2.13% 3.63% 2.56%
Liabilities for other finance 1.58% 1.07% 0.80% 1.64%
Provision for income tax 2.74% 1.72% 1.86% 2.74%
2009 Mean
100% 100%
82.27% 83.17%
2.53% 3.83%
79.75% 79.34%
17.73% 16.83%
14.29% 14.62%
5.59% 5.74%
0.13% 0.35%
5.46% 5.39%
5.02% 4.88%
0.13% 0.13%
4.89% 4.76%
3.68% 3.99%
3.44% 2.21%
0.36% 0.27%
3.80% 2.48%
0.18% 0.12%
3.62% 2.36%
0.96% 0.66%
2.66% 1.70%

87.79% 110.64%
51.63% 69.07%
78.19% 105.90%
46.38% 53.91%
31.81% 51.99%
19.31% 16.33%
0.41% 0.61%
19.17% 22.41%
36.17% 41.57%
19.17% 22.41%
3.23% 3.62%
5.02% 4.88%
2.76% 2.72%
0.71% 1.00%

87.79% 110.64%
51.58% 68.39%
19.81% 26.28%
20.43% 27.10%
5.97% 8.60%
5.37% 6.41%
2.00% 2.64%
1.82% 2.54%
0.18% 0.10%
34.21% 39.61%
26.35% 30.82%
1.62% 2.51%
2.30% 2.65%
1.14% 1.25%
2.81% 2.37%
Particulars 2004 2005
Turnover 642456844
Growth in turnover

DEPRECIATION 36931250
Factory 32355032
Head Office 3693127
Sales office 883091
Net Fixed Asset 493696377 467788557
DEPRECIATION Rate 7.48%
%of factory depreciation out of total depreciation 87.61%
% of administrative depreciation 10.00%
% of selling & distribution depreciation 2.39%
Capital work in progress 26021765
Growth in capital work in progress

Gross fixed asset 819519850


Growth rate

Miscellaneous assets 4917720


Growth rate

Accumulated depreciation 449536287 473118280.5


Total Depreciation 23581993.5
Factory 20992691
Head office 1858261
Selling 731042
23581994

Beginning
Secured loan 17622997
10054336
1236845

Dividend payout ratio 0.56 0.00


2006 2007 2008 2009 Mean
745458040 739716298 640329379 969204292
16.03% -0.77% -13.44% 51.36% 13.30%

32881040 29708287 29443733 27014978


28770910 25994750 27058629 24476574
3288104 2970829 1349659 1305336
822026 742708 1035445 1233068
432981722 336389556 331424811 308261353
7.03% 6.86% 8.75% 8.15% 7.65%
87.50% 87.50% 91.90% 90.60% 89.02%
10.00% 10.00% 4.58% 4.83% 7.88%
2.50% 2.50% 3.52% 4.56% 3.09%
70322734 161768556 172955784 187154436
170.25% 130.04% 6.92% 8.21% 78.85%

797998342 731114464 754699828 757797640


-2.63% -8.38% 3.23% 0.41% -1.84%

4635918 4382401 4154236 3948888


-5.73% -5.47% -5.21% -4.94% -5.34%

### 511909407.4 527578348.7 541039743.79


20711295.04 18079831.85 15668941.3 13461395.09
18437195 16094666 13948491.54 11983333.91
1632050 1424691 1234713 1060758
642050 560475 485737 417303
20711295 18079832 15668941 13461395

installment interest principal repay ending balance ###


10476456 2907795 7568661 10054336 ###
10476456 1658965 8817491 1236845
10476456 9239611 1236845

0.95 0.84 0.89 65%