Comprehensive Income Statement Particulars Sales Less: Cost of Goods Sold Freight and forwarding Gross Profit Operating Expenses Administration expenses Marketing expenses Director remurnation Legal and audit fee Depreciation Operating Profit Bank Interest and Charges Other income Point on sale of investment Profit for the year Provision for WPPF Net Profit Before tax Provision for Tax Net Profit After Tax Cash dividend Balance transferred to balance sheet
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Comprehensive Income StatementParticulars 2007-2008
Sales 2,580,774,000.00 Less: Cost of Goods Sold 2,350,980,000.00 Freight and forwarding 63,577,000.00
Gross Profit 166,217,000.00
Operating Expenses Administration expenses 17,890,000.00 Marketing expenses 70,736,000.00 Director remurnation 5,040,000.00 Legal and audit fee 326,000.00 Depreciation 5,161,000.00
Operating Profit 67,064,000.00
Bank Interest and Charges 52,693,000.00 Other income 18,003,000.00 Point on sale of investment
Profit for the year 32,374,000.00 Provision for WPPF 1,541,000.00
Net Profit Before tax 30,833,000.00 Provision for Tax 6,136,000.00
Net Profit After Tax 24,697,000.00 Cash dividend 25,908,000.00
Balance transferred to balance sheet -1,211,000.00
Statement of Financial PositionParticulars 2007-2008
Assets Non current Assets: PPE 161,336,000 Investments 7,750,000 Deferred Tax Assets
Total Non current Assets 169,086,000
Current Assets: Inventories 1,159,127,000 Trade and other receivables 180,835,000 Advances, Deposits and Prepayments 56,962,000 Cash and Cash -equivalent 2,370,000
Total Current Assets 1,399,294,000 Total Property and Assets 1,568,380,000
Equity and Liability Shareholders’ equity: Share Capital 152,400,000 Share Premium 425,333,000 Dividend Equalization Fund Reatined Earnings 76,455,000 Fair Valuation surplus of investment
Non current Liabilities 6,700,000
Retirement benefit obligation
Current Liabilities 27,200,000
Short term loan 173,649,000 Working Capital loan 469,910,000 Trade Deficits 194,707,000 Other Payables 22,405,000 Provisions for income tax 19,621,000 Total equity and liabilites 1,568,380,000
Total Equity 654188000.00Number of outstanding shares
Assumptoin Made:I assume the tax rate to be 27.5%.From our calculation, i see that extreme fall in 2008-09 tends to make the average growth rate abnornmal. To normalize the affairs it is assumed that sale growth rate will 10% each year. It is stated that the company will give 35% cash dividend of the par share price which is Tk 1.00 for follwing years.To normalize the affairs it is assumed that there will be no adjustment in WPPF.In annual report of this company i found that the firm has no interest income.The risk free rate is based on the 91 day T bill rate. The rate is 8.25 %.To normalize the situation several other factors are also normalized.
Proforma Comprehensive Income StatementParticulars 2011-2012
Sales 3,067,208,000.00 Less: Cost of Goods Sold 2,733,678,000.00 Freight and forwarding 62,373,000.00
Gross Profit 271,157,000.00
Operating Expenses Administration expenses 32,918,000.00 Marketing expenses 76,118,000.00 Director remurnation 6,840,000.00 Legal and audit fee 420,000.00 Depreciation 6,044,000.00
Operating Profit 148,817,000.00
Bank Interest and Charges 53,433,000.00 Other income 43,193,000.00
Profit for the year 138,577,000.00 Provision for WPPF 6,596,000.00
Net Profit Before tax 131,981,000.00 Provision for Tax 24,305,000.00
Net Profit After Tax 107,676,000.00 Cash dividend 4,572,000.00
Balance transferred to balance sheet 103,104,000.00
Statement of Financial PositionParticulars 2011-2012
Assets Non current Assets: PPE 241,175,000 Investments 39,014,000 Deferred Tax Assets 2,957,000
Total Non current Assets 283,146,000
Current Assets: Inventories 790,040,000 Trade and other receivables 177,758,000 Advances, Deposits and Prepayments 127,829,000 Cash and Cash -equivalent 217,802,000
Total Current Assets 1,313,429,000 Total Property and Assets 1,596,575,000
Equity and Liability Shareholders’ equity: Share Capital 152,400,000 Share Premium 425,333,000 Dividend Equalization Fund 44,888,000 Reatined Earnings 355,363,000 Fair Valuation surplus of investment 34,600,000
Non current Liabilities Retirement benefit obligation 58,142,000
Current Liabilities Working Capital loan 433,029,000 Trade Deficits 14,488,000 Other Payables 18,394,000 Provisions for income tax 59,938,000 Total equity and liabilites 1,596,575,000
Inventories 790,040,000 843482200 Trade and other receivables 177,758,000 442077837.059137 Advances, Deposits and Prepayments 127,829,000 3824406.4115229Non-cash current asset 1095627000 1289384443.47066
Trade Deficits 4,488,000 52995224.354685 Other Payables 18,394,000 50608932 Provisions for income tax 59,938,000 22824942.9536539Non- STD Current liabilities 82,820,000 126429099.308339
Working capital 1012807000 1162955344.16232Change in WC 150148344.162321
Textile IndustrySL. Market ratios Apex Tannery Ltd. Apex S Prime textile Tallu
1 Price earning multiple 7.46 74.212 Price to book value per share 0.94 1.783 Price to par value per share 2.89 7.505 Price to sales per share 0.79 0.596 Price to cash flow per share 12.55 10.997 Price to NAV per share 0.94 1.78