Download - 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
Income StatementAmount in Taka
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
Balance SheetAmount in Taka
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
Income StatementAmount in Taka
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
Balance SheetAmount in Taka
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
Income StatementAmount in Taka
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
Balance SheetAmount in Taka
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
Balance SheetAmount in Taka
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
Fixed Asset Turnover Ratio
30-June-07 30-June-08 30-June-09 30-June-10 30-June-11
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
Operating Profit Margin
2007
2008
2009
2010
2011
262.300897235564
241.398740883931
214.115951863443
201.759914255707
196.056942175605
Cash Conversion Cycle
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
Operating Profit Margin
Operating Profit Margin
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
Price Earnings RatioPrice Earnings 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
0.389146162986005
0.402793017183698
0.390410639625874
0.390134216557899
0.4090585574494
Quick 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
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
Fixed Asset Turnover Ratio
30-June-07 30-June-08 30-June-09 30-June-10 30-June-11
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
Operating Profit Margin
Operating Profit Margin
2007
2008
2009
2010
2011
10.917894162575
25.333778371161627.3168534827862
31.4644888970453
26.8510376362997
Price Earnings RatioPrice Earnings Ratio
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
Operating Profit Margin
Operating Profit Margin
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
Market to Book Ratio
2007 2008 2009 2010 2010
10.917894162575
25.333778371161627.3168534827862
31.4644888970453
26.8510376362997
Price Earnings RatioPrice Earnings Ratio
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
Total Asset Turnover Ratio
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
0.85 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
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
Operating Profit Margin
PRAN ACML Industry Aver-age
110.883347196559
Cash Conversion Cycle
PRAN ACML
Industry Average
1.57482726731776
Market to Book Ratio
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
Total Asset Turnover Ratio
0.15938
Return on Equity
PRAN ACML Industry Aver-age
30.402
Earnings Per Share
PRAN ACML
Industry Average
0.11692
Operating Return on Assets
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
Times Interest Earned
Industry Aver-age
PRAN ACML
65%
35%
Industry AverageTotal Debt Total Equity
1.845
Times Interest Earned
Industry Aver-age
PRAN ACML
0.04548
Net Profit Margin
PRAN ACML Industry Av-erage
0.422
Quick Ratio
PRAN ACML Industry Aver-age
30th June, 2011
0.11692
Operating Return on Assets
PRAN ACML Industry Aver-age
1.57482726731776
Market to Book Ratio
PRAN ACML
Industry Average
33.2
Average Payment Period
PRAN ACML
Industry Average
0.15938
Return on Equity
PRAN ACML Industry Aver-age
5.194
Inventory Turnover
PRAN ACML
Industry Average
0.04634
Return on Assets
Industry Av-erage
PRAN ACML
0.11692
Operating Return on Assets
PRAN ACML
Industry Av-erage
65%
35%
Industry AverageTotal Debt Total Equity
66%
34%
PRANTotal Debt Total Equity
6.908
Fixed Asset Turnover Ratio
PRAN ACML
Industry Average
65%
35%
Industry AverageTotal Debt Total Equity
6.908
Fixed Asset Turnover Ratio
PRAN ACML
Industry Average