A

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29

NAME OF COMPANY
FIRST CALENDAR YEAR OF
DATA
NUMBER OF YEARS OF DATA

ALLTEX INDUSTRIES LTD.

2001
5

(Taka in Million)
INCOME STATEMENT
Sales Revenue
Less: Cost of Goods Sold
Gross Profits
Less: Operating Expenses:
Selling Expense
General / Admin. Exp.
Lease Expense
Depreciation Expense
Total Operating Expenses
Operating Profits
Less: Interest Expense
Less: Allocation for WPPF
Add: Other Income
Net Profits Before Taxes
Less: Taxes

Net Profit After Taxes

Less: Pref. Stock Divds.
Earnings Available for Common
30 Stockholders
31
32
33 BALANCE SHEET
34 Current Assets:
35 Cash
36 MS/Share issue expense
37 Accounts Receivable
38 Inventories
39 Advance, Deposits & Prepayments
40 Inter-company Loan (Unsecured)
41 Total Current Assets
42 Gross Fixed Assets (at cost):
43 Land & Buildings
44 Machinery and Equipment
45 Furniture & Fixtures
46 Vehicles
47 Other (Inc. Fin. Leases)
48 Total Gross Fixed Assets
49 Less: Accumulated Depreciation
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67

FINANCIAL ANALYSIS MODEL

Net Fixed Assets

Other Assets
Total Assets
Current Liabilities:
Accounts Payable
Notes Payable
Accruals
Taxes Payable
Other Current Liabilities
Total Current Liabilities
L/T Debt(Inc Financial leases)
Total Liabilities
Proposed Dividend
Common Stock
Paid-In Capital In Excess of Par
Reserves (Tax Holiday & General)
Retained Earnings

2001
1,185.85
991.26
194.59

2002
1,475.37
1,283.58
191.79

2003
1,291.67
1,105.54
186.13

2004
2,119.88
1,789.22
330.66

2005
2,179.67
1,799.98
379.69

27.33
25.16
1.31
37.92
91.72
102.87
56.92
2.19
0.00
43.76
0.00
43.76
0.00
43.76

35.57
30.01
1.79
36.68
104.05
87.74
53.21
1.64
0.00
32.89
0.00
32.89
0.00
32.89

34.77
30.31
15.65
38.21
118.94
67.19
46.05
1.00
0.00
20.14
0.00
20.14
0.00
20.14

108.37
101.71
34.66
38.85
283.59
47.07
31.99
0.71
0.00
14.37
0.00
14.37
0.00
14.37

125.35
129.52
32.11
42.28
329.26
50.43
32.81
0.84
0.00
16.78
0.00
16.78
0.00
16.78

26.00
4.00
73.00
371.00
300.00
0.00
774.00

30.00
0.00
212.00
380.00
271.00
0.00
893.00

9.00
0.00
133.00
417.00
285.00
0.00
844.00

85.00
0.00
235.00
436.00
192.00
0.00
948.00

60.00
2.00
64.00
317.00
284.00
0.00
727.00

395.00
614.00
6.00
5.00
0.00
1,020.00
174.00
846.00
0.00
1,620.00

426.00
626.00
7.00
5.00
0.00
1,064.00
211.00
853.00
0.00
1,746.00

445.00
686.00
8.00
5.00
0.00
1,144.00
249.00
895.00
0.00
1,739.00

448.00
696.00
9.00
5.00
70.00
1,228.00
288.00
940.00
0.00
1,888.00

472.00
719.00
10.00
5.00
70.00
1,276.00
330.00
946.00
0.00
1,673.00

2001
7.00
545.00
81.00
0.00
4.00
637.00
270.00
907.00
24.00
480.00
0.00
189.00
20.00

2002
18.00
685.00
52.00
0.00
14.00
769.00
255.00
1,024.00
12.00
480.00
0.00
211.00
19.00

2003
23.00
674.00
59.00
0.00
4.00
760.00
250.00
1,010.00
0.00
480.00
0.00
226.00
23.00

2004
19.00
891.00
55.00
0.00
6.00
971.00
179.00
1,150.00
48.00
480.00
0.00
210.00
0.00

2005
20.00
496.00
60.00
0.00
1.00
577.00
389.00
966.00
0.00
480.00
0.00
210.00
17.00

68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113

A
Total Stockholders' Equity

B
713.00
1,620.00
0.00
4.80
104.75

C
722.00
1,746.00
0.00
4.80
82.00

D
729.00
1,739.00
0.00
4.80
67.00

E
738.00
1,888.00
0.00
4.80
67.00

F
G
707.00
1,673.00
0.00
4.80
(million)
72.00

2001
1.22
0.63
0.03

2002
1.16
0.67
0.03

2003
1.11
0.56
0.01

2004
0.98
0.53
0.07

2005
1.26
0.71
0.06

2.67
16.24
141.61
135
22
3
154
1.40
0.73

3.38
6.96
71.31
107
52
5
153
1.73
0.85

2.65
9.71
48.07
136
37
7
165
1.44
0.74

4.10
9.02
94.17
88
40
4
124
2.26
1.12

5.68
34.06
90.00
63
11
4
70
2.30
1.30

0.56
0.38
1.81

0.59
0.35
1.65

0.58
0.34
1.46

0.61
0.24
1.47

0.58
0.55
1.54

16.41%
8.67%
3.69%

13.00%
5.95%
2.23%

14.41%
5.20%
1.56%

15.60%
2.22%
0.68%

17.42%
2.31%
0.77%

2.70%
6.14%

1.88%
4.56%

1.16%
2.76%

0.76%
1.95%

1.00%
2.37%

Earnings Per Share

9.12

6.85

4.20

2.99

3.50

Price/Earnings Ratio

11.49

11.97

15.97

22.38

20.60

DUPONT ANALYSIS
Net Profit AT/Sales
Sales/Total Assets
ROA
Net Profit AT/Total Assets
Total Assets/Stockhldrs. Equity
ROE

3.69%
73.20%
2.70%
2.70%
227.21%
6.14%

2.23%
84.50%
1.88%
1.88%
241.83%
4.56%

1.56%
74.28%
1.16%
1.16%
238.55%
2.76%

0.68%
112.28%
0.76%
0.76%
255.83%
1.95%

0.77%
130.29%
1.00%
1.00%
236.63%
2.37%

Interest Expense Rate

Tax Retention Rate

3.51%
100.00%

3.05%
100.00%

2.65%
100.00%

1.69%
100.00%

1.96%
100.00%

Total Liabs. & Stockhldrs' Equity

Reconciliation TA & TL/SE
Number of Common Shares
End-of-Year Stock Price

Current Ratio
Quick Ratio
Cash Ratio
Inventory Turnover
Receivables Turnover
Payable Turnover
Avg. Inventory Processing Period
Avg. Receivable Collection Period
Avg. Payable Collection Period
Cash Conversion Cycle
Fixed Asset Turnover
Total Asset Turnover
Debt Ratio
Debt-to-Equity
Times Interest Earned
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Total Assets (ROA)
Return on Equity (ROE)

Sensitivity ROE

Base case

Year
2001
2002
2003
2004
2005

Year
2001
2002
2003
2004
2005

Year
2001
2002
2003
2004
2005

Year
2001
2002
2003
2004
2005

Net Profit AT/Sales

3.69%
2.23%
1.56%
0.68%
0.77%

Sales/Total Assets
73.20%
84.50%
74.28%
112.28%
130.29%

ROA
2.70%
1.88%
1.16%
0.76%
1.00%

Total Assets/SE
227.21%
241.83%
238.55%
255.83%
236.63%

Net Profit AT/Sales

3.69%
2.23%
1.56%
0.68%
0.77%

Sensivity to profit margin

Sales/Total Assets
ROA
73.20%
2.70%
73.20%
1.63%
73.20%
1.14%
73.20%
0.50%
73.20%
0.56%

Total Assets/SE
227.21%
227.21%
227.21%
227.21%
227.21%

Net Profit AT/Sales

3.69%
3.69%
3.69%
3.69%
3.69%

Sensitivity to asset turnover

Sales/Total Assets
ROA
73.20%
2.70%
84.50%
3.12%
74.28%
2.74%
112.28%
4.14%
130.29%
4.81%

Total Assets/SE
227.21%
227.21%
227.21%
227.21%
227.21%

Net Profit AT/Sales

3.69%
3.69%
3.69%
3.69%
3.69%

Sensitivity to leverage
Sales/Total Assets
73.20%
73.20%
73.20%
73.20%
73.20%

Total Assets/SE
227.21%
241.83%
238.55%
255.83%
236.63%

Page 3

ROA
2.70%
2.70%
2.70%
2.70%
2.70%

Sensitivity ROE

Page 4

Sensitivity ROE

Sensitivity analysis of ROE

60.00%

% change in ROE

40.00%
20.00%
0.00%
2002

2003

-20.00%
-40.00%
-60.00%
-80.00%

Page 5

2004

2005

Sensitivity ROE

ROE
6.14%
4.56%
2.76%
1.95%
2.37%

ROE % change
6.14%
3.71%
-39.59%
2.59%
-30.06%
1.13%
-56.53%
1.28%
13.57%
Average -28.15%
Dispersion 29.89%

ROE % change
6.14%
7.08%
15.44%
6.23%
-12.10%
9.41%
51.17%
10.92%
16.03%
Average 17.63%
Dispersion 25.92%

ROE % change
6.14%
6.53%
6.43%
6.44%
-1.36%
6.91%
7.24%
6.39%
-7.50%
Average
1.20%
Page 6

Sensitivity ROE

Dispersion

6.98%

Page 7

Sensitivity ROE

Sensitivity to
NPM
Sensitivity to
asset
turnover

Sensitivity to
leverage

Page 8

Common Size

Common Size Statements

INCOME STATEMENT

2001

Sales Revenue
100.00%
Less: Cost of Goods Sold
83.59%
Gross Profits
16.41%
Less: Operating Expenses:
Selling Expense
2.30%
General / Admin. Exp.
2.12%
Lease Expense
0.11%
Depreciation Expense
3.20%
Total Operating Expenses
7.73%
Operating Profits
8.67%
Less: Interest Expense
4.80%
Less: Allocation for WPPF
0.18%
Add: Other Income
0.00%
Net Profits Before Taxes
3.69%
Less: Taxes
0.00%
Net Profit After Taxes
3.69%
Less: Pref. Stock Divds.
0.00%
Earnings Available for Common Stockholders
3.69%

BALANCE SHEET
Current Assets:
Cash
MS/Share issue expense
Accounts Receivable
Inventories
Advance, Deposits & Prepayments
Inter-company Loan (Unsecured)
Total Current Assets
Gross Fixed Assets (at cost):
Land & Buildings
Machinery and Equipment
Furniture & Fixtures
Vehicles
Other (Inc. Fin. Leases)
Total Gross Fixed Assets

1.60%
0.25%
4.51%
22.90%
18.52%
0.00%
47.78%
0.00%
24.38%
37.90%
0.37%
0.31%
0.00%
62.96%

Page 9

2002

2003

100.00%
87.00%
13.00%

100.00%
85.59%
14.41%

2.41%
2.03%
0.12%
2.49%
7.05%
5.95%
3.61%
0.11%
0.00%
2.23%
0.00%
2.23%
0.00%
2.23%

2.69%
2.35%
1.21%
2.96%
9.21%
5.20%
3.57%
0.08%
0.00%
1.56%
0.00%
1.56%
0.00%
1.56%

1.72%
0.00%
12.14%
21.76%
15.52%
0.00%
51.15%
0.00%
24.40%
35.85%
0.40%
0.29%
0.00%
60.94%

0.52%
0.00%
7.65%
23.98%
16.39%
0.00%
48.53%
0.00%
25.59%
39.45%
0.46%
0.29%
0.00%
65.78%

Common Size

Less: Accumulated Depreciation

Net Fixed Assets
Other Assets
Total Assets

10.74%
52.22%
0.00%
100.00%

Page 10

12.08%
48.85%
0.00%
100.00%

14.32%
51.47%
0.00%
100.00%

Common Size

Current Liabilities:
Accounts Payable
Notes Payable
Accruals
Taxes Payable
Other Current Liabilities
Total Current Liabilities
L/T Debt(Inc Financial leases)
Total Liabilities
Proposed Dividend
Common Stock
Paid-In Capital In Excess of Par
Reserves (Tax Holiday & General)
Retained Earnings
Total Stockholders' Equity
Total Liabs. & Stockhldrs' Equity
Reconciliation TA & TL/SE

2001
0.43%
33.64%
5.00%
0.00%
0.25%
39.32%
16.67%
55.99%
1.48%
29.63%
0.00%
11.67%
1.23%
44.01%
100.00%
0.00%

Page 11

2002
1.03%
39.23%
2.98%
0.00%
0.80%
44.04%
14.60%
58.65%
0.69%
27.49%
0.00%
12.08%
1.09%
41.35%
100.00%
0.00%

2003
1.32%
38.76%
3.39%
0.00%
0.23%
43.70%
14.38%
58.08%
0.00%
27.60%
0.00%
13.00%
1.32%
41.92%
100.00%
0.00%

Common Size

2004

2005

100.00%
84.40%
15.60%

100.00%
82.58%
17.42%

5.11%
4.80%
1.63%
1.83%
13.38%
2.22%
1.51%
0.03%
0.00%
0.68%
0.00%
0.68%
0.00%
0.68%

5.75%
5.94%
1.47%
1.94%
15.11%
2.31%
1.51%
0.04%
0.00%
0.77%
0.00%
0.77%
0.00%
0.77%

4.50%
0.00%
12.45%
23.09%
10.17%
0.00%
50.21%
0.00%
23.73%
36.86%
0.48%
0.26%
3.71%
65.04%

3.59%
0.12%
3.83%
18.95%
16.98%
0.00%
43.45%
0.00%
28.21%
42.98%
0.60%
0.30%
4.18%
76.27%

Page 12

Common Size

15.25%
49.79%
0.00%
100.00%

19.73%
56.55%
0.00%
100.00%

Page 13

Common Size

2004
1.01%
47.19%
2.91%
0.00%
0.32%
51.43%
9.48%
60.91%
2.54%
25.42%
0.00%
11.12%
0.00%
39.09%
100.00%
0.00%

2005
1.20%
29.65%
3.59%
0.00%
0.06%
34.49%
23.25%
57.74%
0.00%
28.69%
0.00%
12.55%
1.02%
42.26%
100.00%
0.00%

Page 14