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Delta Sp

Statement of
From The Ye

(Amou

Classification
OA1
OA1
OA2
OA3
OA4
FA1
OA5
OA6
OA7
FA2
OA8
FA3
S
OA9

CSE

(All figures are in million BDT)

2009-10

Property Plant & Equipment


Investments in Associates
Other long term investments
share issue expenses
Preliminary expenses
Other non-current assets
Investment Property
Other Receivables
Total Non Current Assets
Inventory
Trade & other receivables
FDR
LC margin
Advance and deposits
Cash & cash equivalents
Other Assets
Prepayments
Total Current Assets
Total Assets
Stated capital
Share Premium
reserve surplus
Tax holiday reserve
Revaluation Reserve
Capital reserve
General reserve
Proposed dividend
Retained Earnings
Other Equity Components
Shareholders' funds
Minority Interest
Total Equity

1236.72
0.00
0.00
0.00
0.00
1.17
0.00
0.00
1237.89
602.59
77.50
119.18
19.61
0.00
6.71
0.00
37.30
862.89
2100.78
305.75
0.00
0.00
34.01
0.00
4.21
285.95
30.58
51.55
0.00
0.00
0.00
712.04

Interest Bearing Borrowings


Long term loans

955.21
0.00

OL1
OL2
OL3
FL1
FL2
FL3
FL4
OL4
OL5
OL6
OL7
FL5
OL8
OL9
OL10
OL11
OL12

Defferred Tax Liabilities


Defferred Tax Liabilities
Other non-current liabilities
Total Non Current Liabilities
Working capital loan
Trade & other payables
Sundry Creditors
Accrued expenses

0.00
0.00
0.00
955.21
323.83
1.56
0.00
53.40

Long term loans payable within one


year
Short term loans
Unclaimed dividend (directors)
Unclaimed dividend
Workers profit participation fund
Provision for taxes
Deferred Tax liability
Liability for expense
Liabilities for other finance
Workers profit participation fund
Tax payable

0.00
3.93
9.47
18.41
0.57
0.00
0.00
7.57
0.00
0.00
14.80

Current portion of interest bearing


borrowings
Other current liabilities
Short Term bank loan
Total Current Liabilities
Total Owners Equity & Liabilities

0.00
0.00
0.00
433.53
2100.78

Book Value Per Share


Check

23.29
0.00

Delta Spinners Limited


Statement of Financial Position
From The Year 2010 to 2014
(Amounts in Million)

2010-11

2011-12

2012-13

2013-14

1097.62
0.00
0.00
0.00
0.00
0.00
8.00
0.00
1105.62
678.43
80.58
0.00
35.18
155.51
15.34
0.00
0.00
965.04
2070.66
305.75
0.00
0.00
34.01
285.95
4.21
0.00
0.00
30.59
0.00
0.00
0.00
660.50

1573.45
0.00
0.00
0.00
0.32
0.99
0.00
0.00
1574.75
810.71
93.68
0.00
81.09
41.97
12.16
0.00
0.00
1039.60
2614.36
305.75
0.00
0.00
0.00
628.83
0.00
0.00
0.00
246.26
0.00
0.00
0.00
1181.03

1482.24
0.00
0.00
0.00
0.00
0.00
0.00
0.99
1483.23
1377.30
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1377.30
2860.53
458.63
0.00
0.00
0.00
628.83
0.00
0.00
0.00
141.17
0.00
0.00
2.22
1230.85

1341.96
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1341.96
934.05
459.40
0.00
0.00
195.16
30.48
0.00
0.00
1619.10
2961.06
458.63
0.00
0.00
0.00
511.75
0.00
0.00
0.00
277.29
0.00
2.33
0.00
1249.99

831.81
0.00

701.11
0.00

0.00
693.44

0.00
786.59

60.63
0.00
0.00
892.44
327.59
1.15
0.00
0.00

32.67
0.00
2.11
735.88
352.50
0.66
0.00
0.00

0.00
0.00
0.00
693.44
936.24
0.00
0.00
0.00

0.00
0.00
0.00
786.59
0.00
1.48
0.00
0.00

0.00
3.52
9.47
30.84
0.00
0.00
22.24
7.89
0.00
1.11
0.00

0.00
3.25
9.47
44.06
0.00
0.00
24.53
9.94
0.00
3.79
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

253.43
0.00
24.27
49.01
9.23
36.28
49.90
12.30
7.08
0.00
0.00

103.58
10.33
0.00
517.71
2070.66

223.75
25.49
0.00
697.44
2614.36

0.00
0.00
0.00
936.24
2860.53

0.00
0.00
481.49
924.48
2961.06

21.6

38.62

26.84

27.26

0.00

0.00

0.00

0.00

Apex Spinning & Knitting Mills Limited


Statement of Financial Position
From The Year 2010 to 2014
(Amounts in Million)

2009-10

2010-11

2011-12

2012-13

2013-14

326.71
13.04
0.00
0.00
0.00
0.00
0.00
0.00
339.75
263.16
220.27
0.00
0.00
0.00
187.57
2.09
57.41
730.51
1070.25
84.00
15.00
305.59
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
404.59

287.05
13.91
0.00
0.00
0.00
0.00
0.00
0.00
300.96
183.50
302.97
0.00
0.00
0.00
189.30
6.60
65.14
747.51
1048.47
84.00
15.00
309.82
0.00
0.00
0.00
0.00
0.00
0.00
3.72
0.00
0.00
412.54

307.55
12.65
0.00
0.00
0.00
0.00
0.00
0.00
320.19
185.10
281.07
0.00
0.00
91.47
300.26
3.51
0.00
861.40
1181.59
84.00
15.00
313.19
0.00
2.10
0.00
0.00
0.00
0.00
0.00
0.00
0.00
414.29

273.06
22.02
0.00
0.00
0.00
0.00
0.00
0.00
295.08
195.97
336.93
0.00
0.00
43.69
255.00
9.59
0.00
841.18
1136.26
84.00
15.00
307.43
0.00
11.48
0.00
0.00
0.00
0.00
0.00
0.00
0.00
417.91

273.06
0.00
22.02
0.00
0.00
0.00
0.00
0.00
295.08
195.97
336.93
0.00
0.00
43.69
255.00
9.59
0.00
841.18
1136.26
84.00
15.00
307.43
0.00
0.00
0.00
0.00
0.00
0.00
11.48
0.00
0.00
417.91

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

1.93
0.00
0.00
1.93
61.99
523.23
57.72
0.00

1.49
0.00
0.00
1.49
23.86
512.19
65.24
0.00

0.00
1.21
0.00
1.21
35.63
553.55
97.39
0.00

1.22
0.00
0.00
1.22
3.65
574.25
60.77
0.00

1.22
0.00
0.00
1.22
3.65
574.25
60.77
0.00

0.00

0.00

0.00

0.00

0.00

20.49
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

33.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

79.52
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

78.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.30

0.00

0.00

0.00

0.00

0.00
0.00
663.73
1070.25

0.00
0.00
634.44
1048.47

0.00
0.00
766.09
1181.59

0.00
0.00
717.13
1136.26

0.00
78.46
717.13
1136.26

48.17

49.11

49.32

49.75

49.75

0.00

0.00

0.00

0.00

0.00

Delta Spinners Limited


Statement of Comprehensive Incom
From The Year 2010 to 2014
(All amount in million)
2009-10
Revenue
Costs of Sales
Gross Profit
Distribution expenses

2010-11

2011-12

942.15
711.21
230.94
0.00

1340.03
996.76
343.27
0.00

1451.82
1213.98
237.84
0.00

28.25

27.23

35.62

139.33
0.00

141.65
1.17

122.15
0.00

167.57

170.05

157.77

63.36

173.22

80.07

1.85
24.33

2.27
125.63

3.78
122.20

Other revenues and


profits
Other expenses

0.20
0.13

10.31
0.00

1.09
0.00

Net non operating income

0.07

10.31

1.09

Profit / (loss) Before


Tax
Income Tax Expense

37.11
5.59

35.01
13.36

-47.00
-16.21

Profit / (loss) for the


Period

31.66

41.24

-28.73

Administrative expenses
Depreciation and
amortization
Other expenses
Office, Administrative,
Selling & distribution
Exp
Operating Profit/ (loss)
Employee benefits
expenses
Finance Expenses

ners Limited
prehensive Income
r 2010 to 2014

Apex Spinning & Knitting Mills Limited


Statement of Comprehensive Income
From The Year 2010 to 2014

t in million)

(All amount in million)


2012-13
1665.80
1396.10
269.70
0.00

2013-14
1663.99
1394.57
269.42##
129.11

2009-10

2010-11

2011-12

2231.01
2000.42
230.59
0.00

2524.44
2268.90
255.54
0.00

2445.61
-2237.70
4683.30
0.00

39.09

45.27

128.72

157.83

-172.22

0.00
0.00

0.00
0.00

67.20
0.00

57.71
0.00

0.00
0.00

39.09

174.39##

195.91

215.55

-172.22

230.61

95.03##

34.68

40.00

4855.52

3.47
156.76

4.48
0.00

1.16
12.75

1.50
9.91

2.11
0.00

0.01
0.00

0.01
0.00

1.25
0.00

1.48
0.00

6.59
0.00

0.01

0.01##

1.25

1.48

6.59

70.37
-22.49

90.54##
25.55

19.51
8.50

27.10
13.24

4846.82
-21.68

92.87

65.00

13.40

16.68 18,49

tting Mills Limited


rehensive Income
2010 to 2014

in million)
2012-13

2013-14

2511.70
2290.50
221.20
0.00

2511.70
2290.50
221.20
0.00

176.89

176.89

0.00
0.00

0.00
0.00

176.89

176.89

44.31

44.31

2.19
7.52

2.19
7.52

7.00
0.00

7.00
0.00

7.00

7.00

27.60
22.80

27.60
22.80

18.10

18.10

Pro

Delta Spinners Limited


OA1
OA2
OA3
OA4
OA5
OA6
OA7
OA8
OA9
S
OL1
OL2
OL3
OL4
OL5
OL6
OL7
OL8
OL9
OL10
OL11
OL12

FA1
FA2
FA3
S
FL1
FL2
FL3
FL4
FL5

Particulars
Property Plant & Equipment
share issue expenses
Preliminary expenses
Other non-current assets
Other Receivables
Inventory
Trade & other receivables
LC margin
Other Assets
Cash
TOA
Defferred Tax Liabilities
Defferred Tax Liabilities
Other non-current liabilities
Accrued expenses
Long term loans payable within one year
Short term loans
Unclaimed dividend (directors)
Workers profit participation fund
Provision for taxes
Deferred Tax liability
Liability for expense
Liabilities for other finance
TOL
NOA
Investment Property
FDR
Advance and deposits
Cash
TFA
Total Non Current Liabilities
Working capital loan
Trade & other payables
Sundry Creditors
Unclaimed dividend
TFL
NFL

2009-10
1236.72
0.00
0.00
1.17
0.00
602.59
77.50
19.61
0.00
0.03
1937.63
0.00
0.00
0.00
53.40
0.00
3.93
9.47
0.57
0.00
0.00
7.57
0.00
74.94
1862.69
0.00
119.18
0.00
6.67
125.85
955.21
323.83
1.56
0.00
18.41
1299.00
1173.15

2010-11
1097.62
0.00
0.00
0.00
0.00
678.43
80.58
35.18
0.00
0.08
1891.88
60.63
0.00
0.00
0.00
0.00
3.52
9.47
0.00
0.00
22.24
7.89
0.00
103.74
1788.14
8.00
0.00
155.51
15.26
178.78
892.44
327.59
1.15
0.00
30.84
1252.03
1073.25

2011-12
1573.45
0.00
0.32
0.99
0.00
810.71
93.68
81.09
0.00
0.06
2560.29
32.67
0.00
2.11
0.00
0.00
3.25
9.47
0.00
0.00
24.53
9.94
0.00
81.96
2478.32
0.00
0.00
41.97
12.10
54.07
735.88
352.50
0.66
0.00
44.06
1133.11
1079.04

CSE

CSE

CSE+NFL
Check

689.54

714.89

1399.28

1862.69 1788.14 2478.32


0.00

0.00

714.89

0.00

Profitability Analysis (1st Level Break Down)

Apex Spinning & Knitting Mills Limited

inners Limited
2012-13
1482.24
0.00
0.00
0.00
0.99
1377.30
0.00
0.00
0.00
0.00
2860.53
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2860.53
0.00
0.00
0.00
0.00
0.00
693.44
936.24
0.00
0.00
0.00
1629.68
1629.68

2013-14
1341.96
0.00
0.00
0.00
0.00
934.05
459.40
0.00
0.00
0.15
2735.57
0.00
0.00
0.00
0.00
253.43
0.00
24.27
9.23
36.28
49.90
12.30
7.08
392.49
2343.07
0.00
0.00
195.16
30.33
225.49
786.59
0.00
1.48
0.00
49.01
837.08
611.59

2009-10 2010-11 2011-12 2012-13


326.71
287.05
307.55
273.06
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
263.16
183.50
185.10
195.97
220.27
302.97
281.07
336.93
0.00
0.00
0.00
0.00
2.09
6.60
3.51
9.59
0.94
0.95
1.50
1.27
813.18
781.07
778.72
816.83
1.93
1.49
0.00
1.22
0.00
0.00
1.21
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
20.49
33.15
79.52
78.46
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
22.42
34.64
80.73
79.68
790.76
746.43
697.99
737.15
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
91.47
43.69
186.63
188.35
298.76
253.72
186.63
188.35
390.22
297.42
1.93
1.49
1.21
1.22
61.99
23.86
35.63
3.65
523.23
512.19
553.55
574.25
57.72
65.24
97.39
60.77
0.00
0.00
0.00
0.00
644.87
602.78
687.78
639.89
458.24
414.43
297.55
342.48

1230.85

1731.48

332.52

332.00

400.44

394.67

2860.53 2343.07

790.76

746.43

697.99

737.15

0.00

0.00

0.00

0.00

0.00

0.00

g Mills Limited
2013-14
273.06
0.00
0.00
0.00
0.00
195.97
336.93
0.00
9.59
1.27
816.83
1.22
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
1.22
815.61
0.00
0.00
43.69
253.72
297.42
1.22
3.65
574.25
60.77
0.00
639.89
342.48

473.13

815.61
0.00

Delta Spinners Limited


Particulars
Sales
Less: Cost of goods sold
Gross margin
core operating expenses
Office, Administrative, Selling & distribution Exp
Contribution to WPPE
Core operating income from sales (before tax)
taxes:
tax as reported @5%
tax on financial items
tax on non-op inc
Core operating income from sales after tax
non-op income
Tax on Non-OP Income
Net Non-Op income
Net Interest:
Financial Exp
Tax benefit@5%
Net Financial Expenses

Comprehensive income to common stockholders

2009-10
942.15
711.21
230.94

2010-11
1340.03
996.76
343.27

167.57
1.85
61.51

170.05
2.27
170.95

5.59
13.36
1.2165027 6.281449
0.0034993 0.5155582
54.70
150.79
0.07
10.31
0.0034993 0.5155582
0.07
9.80
24.33
125.63
1.2165027 6.281449
23.11
119.35

31.66

41.24

Reformulated Income Statement


Apex Spinning & Knitting Mills L
Delta Spinners Limited
2011-12
1451.82
1213.98
237.84

2012-13
1665.80
1396.10
269.70

2013-14
1663.99
1394.57
269.42

2009-10
2231.01
2000.42
230.59

2010-11
2524.44
2268.90
255.54

157.77
3.78
76.29

39.09
3.47
227.14

174.39
4.48
90.55

195.91
1.16
33.52

215.55
1.50
38.49

-16.21
-22.49
25.55
6.110223 7.8381061
0
0.0543612 0.0003202 0.000547
86.33
241.79
64.99
1.09
0.01
0.01
0.0543612 0.0003202 0.000547
1.03
0.01
0.01
122.20
156.76
6.110223 7.8381061
116.09
148.92

-28.73

92.87

0.00
0
0.00

65.00

8.50
13.24
0.6374451 0.4953107
0.0627409 0.0741193
24.32
24.68
1.25
1.48
0.0627409 0.0741193
1.19
1.41
12.75
9.91
0.6374451 0.4953107
12.11
9.41

13.40

16.68

pinning & Knitting Mills Limited


2011-12
2445.61
-2237.70
4683.30

2012-13
2511.70
2290.50
221.20

2013-14
2511.70
2290.50
221.20

-172.22
2.11
4853.40

176.89
2.19
42.12

176.89
2.19
42.12

-21.68
0
0.32941
4874.75
6.59
0.32941
6.26

22.80
22.80
0.3759825 0.3759825
0.3500281 0.3500281
18.59
18.59
7.00
7.00
0.3500281 0.3500281
6.65
6.65

0.00
0
0.00

7.52
7.52
0.3759825 0.3759825
7.14
7.14

18.46

18.10

18.10

Delta Spinners
Comprehensive income to common stockholders
Common Stockhodler's Equity (CSE)
ROCE=(Earning/ CSE)
RNOA
FLEV
SPREAD
Check {ROCE-RNOA+(FLEV*SPREAD)}

31.66
689.54
0.0459082
0.0293676
1.7013523
0.0097
0.0

Core Operating Income from sales (OI)


Net Operating Asset (NOA)
RNOA= (OI/NOA)
ROOA= (OI+ Implicit Interest)/ OA
OLLEV= (OL / NOA)
OLSPREAD= ROOA - Short Term Borrowing Rate
Check {RNOA-ROOA+(OLEEV*OLSPREAD)}

54.70
1862.69
0.0293676
0.0301656
0.0402326
-0.0097674
0.00

Core Operating Income from sales (OI)


TOL
Implicit Interest Rate After Tax @5%
OA
ROOA= (OI+ Implicit Interest)/ OA

54.70
74.94
3.7470401
1937.63
0.0301656

OL
OLLEV= (OL / NOA)

54.70
0.0293676

ROOA
Short Term Borroiwing Rate (After tax)
OLSPREAD= ROOA - Short Term Borrowing Rate

0.0301656
0.05
-0.0198344

NFL
CSE
FLEV= FL/ CSE

1173.15
689.54
1.7013523

Net Financial Expense


NFL
NBC
SPREAD= RNOA - NBC

23.11
1173.15
0.0197021
0.0096655

Delta Spinners Limited


41.24
-28.73
92.87
65.00
714.89
1399.28
1230.85
1731.48
0.0576887377 -0.0205308 0.0754523 0.0375422
0.0843295443 0.0348353 0.0845258 0.0277384
1.501282864 0.7711396 1.3240265 0.3532188
-0.0269
-0.0728
-0.0069
0.0277
0.0
0.0
0.0
0.0
150.79
1788.14
0.0843295443
0.0824470567
0.058017205
0.008017205
0.00

86.33
241.79
64.99
2478.32
2860.53
2343.07
0.0348353 0.0845258 0.0277384
0.0353208 0.0845258 0.0309325
0.0330725
0 0.1675124
-0.0169275
-0.05 0.1175124
0.00
0.00
0.00

150.79
86.33
241.79
64.99
103.74
81.96
0.00
392.49
5.1871441 4.098217
0 19.624691
1891.88
2560.29
2860.53
2735.57
0.0824470567 0.0353208 0.0845258 0.0309325

150.79
86.33
241.79
64.99
0.0843295443 0.0348353 0.0845258 0.0277384

0.0824470567 0.0353208 0.0845258 0.0309325


0.05
0.05
0.05
0.05
0.0324470567 -0.0146792 0.0345258 -0.0190675

1073.25
1079.04
1629.68
611.59
714.89
1399.28
1230.85
1731.48
1.501282864 0.7711396 1.3240265 0.3532188

119.35
116.09
148.92
0.00
1073.25
1079.04
1629.68
611.59
0.1112017664 0.1075903 0.0913825
0
-0.0268722221 -0.072755 -0.0068567 0.0277384

Apex Spinning & Knitting Mills Limited

13.40
16.68
18.46
18.10
18.10
332.52
332.00
400.44
394.67
473.13
0.0403069 0.0502382 0.0460993 0.0458511 0.0382476
0.0307581 0.0330663 0.0264473 0.0252177 0.0227918
1.3780749 1.2482754 0.7430655 0.8677536 0.7238525
0.0043
0.0104
0.0264
0.0044
0.0019
0.0
0.0
0.0
0.0
0.0
24.32
790.76
0.0307581
0.0312886
0.0283517
-0.0216483
0.00

24.68
746.43
0.0330663
0.0338173
0.0464039
-0.0035961
0.00

18.46
697.99
0.0264473
0.0288891
0.1156616
0.0656616
0.00

18.59
737.15
0.0252177
0.0276351
0.1080891
0.0580891
0.00

18.59
815.61
0.0227918
0.0228323
0.0014934
-0.0485066
0.00

24.32
24.68
18.46
18.59
18.59
22.42
34.64
80.73
79.68
1.22
1.1209662 1.731862 4.0365355 3.9838947 0.0609027
813.18
781.07
778.72
816.83
816.83
0.0312886 0.0338173 0.0288891 0.0276351 0.0228323

24.32
24.68
18.46
18.59
18.59
0.0307581 0.0330663 0.0264473 0.0252177 0.0227918

0.0312886 0.0338173 0.0288891 0.0276351 0.0228323


0.05
0.05
0.05
0.05
0.05
-0.0187114 -0.0161827 -0.0211109 -0.0223649 -0.0271677

458.24
414.43
297.55
342.48
342.48
332.52
332.00
400.44
394.67
473.13
1.3780749 1.2482754 0.7430655 0.8677536 0.7238525

12.11
9.41
0.00
7.14
7.14
458.24
414.43
297.55
342.48
342.48
0.0264305 0.0227082
0 0.0208589 0.0208589
0.0043276 0.0103581 0.0264473 0.0043588 0.0019329

Delta Spinners Limited


RNOA= PM*ATO
OI (After Tax)
Sales
NOA
PM= OI/ Sales
ATO= Sales/NOA

Check

RNOA

2010

2011

2012

0.03
54.70
942.15
1862.69
0.06
0.51

0.08
150.79
1340.03
1788.14
0.11
0.75

0.03
86.33
1451.82
2478.32
0.06
0.59

0.00

0.00

0.00

0.02936758 0.08432954 0.03483527

Profitability Analysis (2nd Level Break Down)

Apex Spinning & Knitting

nners Limited
2013

2014

2010

2011

0.08
241.79
1665.80
2860.53
0.15
0.58

0.03
64.99
1663.99
2343.07
0.04
0.71

0.03
24.32
2231.01
790.76
0.01
2.82

0.03
24.68
2524.44
746.43
0.01
3.38

0.00

0.00

0.00

0.00

0.0845258 0.02773843

0.030758137 0.033066336

inning & Knitting Mills Limited


2012

2013

2014

6.98
4874.75
2445.61
697.99
1.99
3.50

0.03
18.59
2511.70
737.15
0.01
3.41

0.02
18.59
2511.70
815.61
0.01
3.08

6.96

0.00

0.00

0.026447348 0.025217659 0.022791777

Analysis of changes in Return on

RNOA =(Core sales PM*ATO)+(ATO*Core sales P

Delta Spinners Limited

Particulars
Core Sales Profit Margin
Core sales PM
ATO
ATO
Core other Operating Income
Core other OI
Core sales PM*ATO
ATO*Core sales PM
Core other OI/NOA
RNOA
RNOA

2010
0.058
0.5058
0.07

0
0.03

2011
0.113
0.054
0.7494
0.2436
9.80
9.73
0.0275
0.0274
0.0052
0.060
0.08

2012
0.059
-0.053
0.5858
-0.1636
1.03
-8.76
-0.0398
-0.0097
-0.0049
-0.054
0.03

2013
0.145
0.086
0.5823
-0.0035
0.01
-1.03
0.0502
-0.0005
-0.0004
0.049
0.08

Analysis of changes in Return on Com

ROCE =RNOA+(SPREAD*FLE

Delta Spinners Limited


Particulars
RNOA
NBC
SPREAD
SPREAD1
FLEV
FLEV1
SPREAD*FLEV
FLEV*SPREAD
ROCE
ROCE

2010
0.02
0.01
1.70

0.05

2011
6.02%
0.11
-0.03
-0.04
1.50
-0.20
-0.06
0.01
0.00
0.06

2012
-5.44%
0.11
-0.07
-0.05
0.77
-0.73
-0.07
0.05
-0.07
-0.02

2013
4.93%
0.09
-0.01
0.07
1.32
0.55
0.05
0.00
0.10
0.08

Analysis of changes in Common

CSE =(sales*1/AT

Delta Spinners Limited


Particulars
CSE
Sales
ATO

2010
689.54
942.15
0.51

2011
714.89
1340.03
0.75

2012
1399.28
1451.82
0.59

2013
1230.85
1665.80
0.58

1/ATO
(Sales*1/ATO)
(Sales*1/ATO)
NFO
NFO
CSE

1.98
1862.69
1173.15

1.33
1788.14
-74.55
1073.25
-99.90
25.35

1.71
2478.32
690.18
1079.04
5.79
684.40

1.72
2860.53
382.20
1629.68
550.64
-168.43

anges in Return on Net Operating Asset

)+(ATO*Core sales PM)+[(Core other OI+Unusual Item)/NOA]

mited

Apex Spinning & Knitting Mills Limited


2014
0.039
-0.106
0.7102
0.1278
0.01
0.00
-0.0618
0.0050
0.0000
-0.057
0.03

2010
0.011
0.011
2.8214
0.00

0.00

2011
0.010
-0.001
3.3820
0.5607
1.19
1.19
-0.0032
0.0055
0.0015
0.004
0.03

2012
1.993
1.983
3.5038
0.1218
1.41
0.22
6.7082
0.2427
0.0003
6.951
0.03

2013
0.007
-1.986
3.4073
-0.0965
6.26
4.85
-6.9581
-0.0007
0.0069
-6.952
0.03

es in Return on Common Stockholder's Equity

RNOA+(SPREAD*FLEV)+(FLEV*SPREAD)

mited

Apex Spinning & Knitting Mills Limited


2014
-5.68%
0.00
0.03
0.03
0.35
-0.97
0.05
-0.03
-0.04
0.04

2010
0.00%
0.03
0.00
0.00
1.38

0.04

2011
0.38%
0.02
0.01
0.01
1.25
-0.13
0.01
0.00
0.01
0.05

2012
695.12%
0.00
0.03
0.02
0.74
-0.51
0.02
-0.01
6.96
0.05

2013
-695.18%
0.02
0.00
-0.02
0.87
0.12
-0.02
0.00
-6.97
0.05

hanges in Common Shareholder's Equity

CSE =(sales*1/ATO)-NFO

mited

Apex Spinning & Knitting Mills Limited


2014
1731.48
1663.99
0.71

2010
332.52
2231.01
2.82

2011
332.00
2524.44
3.38

2012
400.44
2445.61
3.50

2013
394.67
2511.70
3.41

1.41
2343.07
-517.45
611.59
-1018.09
500.63

0.35
790.76
790.76
458.24
458.24

0.30
746.43
-44.33
414.43
-43.81
-0.52

0.29
697.99
-48.44
297.55
-116.87
68.43

0.29
737.15
39.16
342.48
44.92
-5.76

Mills Limited
2014
0.007
0.000
3.0795
-0.3278
6.65
0.39
0.0000
-0.0024
0.0005
-0.002
0.03

Mills Limited
2014
-0.19%
0.02
0.00
0.00
0.72
-0.14
0.00
0.00
0.00
0.04

Mills Limited
2014
473.13
2511.70
3.08

0.32
815.61
78.46
342.48
0.00
78.46

Earnings Quality of Delta Spinning Ltd


Balance Sheet based
Particulars
Net Operating Asset(NOA)
B/S based Aggregate Accruals
Avg. NOA
B/S based Aggregate Accruals Ratio

2010

2011

2012

1862.69

1788.14
-74.55
1825.41
-4.08%

2478.32
690.18
2133.23
32.35%

Earnings Quality of Apex Spinning & Knitting Ltd.


Balance Sheet based
Particulars
Net Operating Asset(NOA)
B/S based Aggregate Accruals
Avg. NOA
B/S based Aggregate Accruals Ratio

2010

2011

2012

22.42

34.64
12.22
28.53
42.83%

80.73
46.09
57.68
79.91%

2013

2014

2860.53
382.20
2669.43
14.32%

2343.07
-517.45
2601.80
-19.89%

2013

2014

Ltd.

79.68
1.22
-1.05
-78.46
80.20
40.45
-1.31% -193.98%

Earnings Qual
B/S based Aggregate Accruals
Delta Spinning
Apex Spinning & Knitting

Earnings Quality
2010

2011

2012

2013

2014

-4.08%
42.83%

32.35%
79.91%

14.32%
-1.31%

-19.89%
-193.98%

Reformulated Income Statement of De


Particulars
Operating Income
Net Financial Expenses
Comprehensive Income

2009-10
54.70
23.11
31.59

2010-11
150.79
119.35
31.45

2011-12
86.33
116.09
-29.76

Reformulated Income Statement of Ap


Particulars
Operating Income
Net Financial Expenses
Comprehensive Income

2009-10
24.32
12.11
12.21

2010-11

2011-12

24.68
9.41
15.27

18.48
0.00
18.48

Comparison of OI, NFE,CI:


Comparison of Operating Income
Particulars
Operating Income DSL
Operating Income ASKML

2009-10
54.70
24.32

2010-11
150.79
24.68

2011-12
86.33
18.48

Comparison of Net Financial Expenses


Particulars
Net Financial Expenses DSL
Net Financial Expenses ASKML

2009-10
23.11
12.11

2010-11
119.35
9.41

2011-12
116.09
0.00

Comparison of Comprehensive income


Particulars
Comprehensive income DSL
Comprehensive income ASKML

2009-10
31.66
13.40

2010-11
2011-12
41.24
-28.73
16.68
18.46

Trend and Time Series Analysis of Reformulated B

Reformulated Balance sheet of Delta S


Particulars
Net Operating Asset
Net Financial Obligation
Common stockholder's Equity

2009-10
1862.69
1173.15
689.54

2010-11
1788.14
1073.25
714.89

2011-12
2478.32
1079.04
1399.28

Reformulated Balance sheet of Apex S


Particulars

2009-10

2010-11

2011-12

Net Operating Asset


Net Financial Obligation
Common stockholder's Equity

790.76
458.24
332.52

746.43
414.43
332

697.99
297.55
400.44

Comparison of NOA, NFO,CSE:


Particulars
Net Operating Asset DSL
Net Operating Asset ASKML

Particulars
Net Financial Obligation DSL
Net Financial Obligation ASKML

Particulars
Common stockholder's Equity D
Common stockholder's Equity A

2009-10
1862.69
790.76

2009-10
1173.15
458.24

2009-10
689.54
332.52

2010-11
1788.14
746.43

2010-11
1073.25
414.43

2010-11
714.89
332

2011-12
2478.32
697.99

2011-12
1079.04
297.55

2011-12
1399.28
400.44

NBC

0.0197021 0.11120177 0.1075903

Trend and Time Series Analysis of Profitability


Delta Spinners Limited

Particulars

2009-10

FLEV
1.7013523
SPREAD= RNOA - NBC
0.0096655
OLLEV= (OL / NOA)
0.0293676
OLSPREAD= ROOA - Short Ter
-0.0097674
ROCE=(Earning/ CSE)
0.0459082
RNOA
0.0293676

2010-11

2011-12

1.50128286
-0.02687222
0.08432954
0.00801721
0.05768874
0.08432954

0.7711396
-0.072755
0.0348353
-0.0169275
-0.0205308
0.0348353

2010-11

2011-12

1.24827538
0.01035813
0.03306634
-0.00359613
0.05023816
0.03306634

0.7430655
0.0264473
0.1156616
0.0656616
0.0460993
0.0264473

Apex Spinning & Knitting Mills Limited


Particulars

2009-10

FLEV
1.3780749
SPREAD= RNOA - NBC
0.0043276
OLLEV= (OL / NOA)
0.0307581
OLSPREAD= ROOA - Short Ter
-0.0216483
ROCE=(Earning/ CSE)
0.0403069
RNOA
0.0307581

NBC
ROCE

0.0264305 0.0227082
0
0.0458119 0.04398674 -0.021269

ROCE=RNOA+(FLEV*SPREAD)

Drivers of RNOA

Delta Spinners Limited

Two Drivers of RNOA


Particulars

2009-10

2010-11

2011-12

Operating profit margin


Asset Turnover

0.0580616 0.11252949 0.0594655


0.5057999 0.74939949 0.5858065

Apex Spinning & Knitting Mills Limited

Two Drivers of RNOA


Particulars

2009-10

2010-11

2011-12

Operating profit margin


Asset Turnover

0.0109019 0.0097771 1.9932709


2.8213629 3.38201974 3.5037801

Trend and Time Series Analysis of Growth

Analysis of change

RNOA DSL
RNOA ASKML
RNOA DSL
RNOA ASKML

2010
2011
2013
0.03
0.08
0.03
0 0.03075814 0.0330663
2010
2011
2013
0.06018513 -0.0543948
0.00381571 6.9512062

Analysis of changes in

2010

ROCE DSL
ROCE ASKML
ROCE DSL
ROCE ASKML

2011
0.00339798
0.01078174
2010
2011
0.0459082 0.05768874
0.0403069 0.05023816

2012
-0.0701562
6.9579285
2012
-0.0205308
0.0460993

Analysis of change
2010
CSE DSL
CSE ASKML

2011
2012
25.350884 684.39627
-0.517253 68.434852

300

Statement of Delta Spinners Limited


2012-13 2013-14
241.79
148.92
92.86

64.99
0.00
64.99

250
200
150
100
50

Statement of Apex Spinning & Knitting Mills


2012-13 2013-14
18.59
7.14
11.45

18.59
7.14
11.45

0
2009-10
Limited
-50

2010-11

2011-12

2012-13

2013

30
25
20
15
10

2012-13 2013-14
241.79
18.59

64.99
18.59

5
0
2009-10

2010-11

2011-12

cial Expenses
250.00

2012-13 2013-14
148.92
7.14

0.00
7.14

200.00
150.00
100.00
50.00
0.00
1

50.00
0.00
1
160.00
140.00
120.00
100.00
80.00
60.00
40.00
20.00
0.00
1
100.00

ensive income

80.00

2012-13 2013-14
92.87
65.00
18.10
18.10

60.00
40.00
20.00

is of Reformulated Balance Sheet

sheet of Delta Spinners Limited


2012-13 2013-14
2860.53
1629.68
1230.85

2343.07
611.59
1731.48

0.00
2009-10
-20.00
-40.00
3500.00
3000.00
2500.00
2000.00
1500.00

sheet of Apex Spinning & Knitting Mills Limited

1000.00
500.00

2012-13 2013-14

0.00
1

20

1000.00
500.00
0.00

737.15
342.48
394.67

815.61
342.48
473.13

900
800
700
600
500
400
300
200
100
0
2009-10

20

3000

2012-13 2013-14
2860.53
737.15

2500

2343.07
815.61

2000
1500
1000

2012-13 2013-14
1629.68
342.48

500

611.59
342.48

0
2009-10

2012-13 2013-14
1230.85
394.67

1800
1600

1731.48
473.13

1400
1200

2000

1000

1800

800

1600
1400
1200
1000
800
600

600
Common stockholder's
Equity DSL
Common stockholder's
Equity ASKML
2010-11
2012-13

400
200
0
2009-10

800

1600

600

1400

Common stockholder's
Equity DSL

1200

Common stockholder's
Equity ASKML

1000
800

400
200
0

2010-11

600

2009-10

2012-13

400

1800

200

1600

0
1

1400
1200
1000
800
600
400
200

0.091382

2009-10

Comparison of FLEV, SPREAD,OLLEV,OLSPREAD,RNOA:

2012-13 2013-14
1.324026
-0.006857
0.084526
-0.05
0.075452
0.084526

0.353219
0.027738
0.027738
0.117512
0.037542
0.027738

Particulars
FLEV DSL
FLEV ASKML

Particulars
2009-10 2010-11
SPREAD= RNOA - NBC0.009665 -0.026872
SPREAD= RNOA - NB 0.004328 0.010358
Particulars
OLLEV= (OL / NOA)
OLLEV= (OL / NOA)

2012-13 2013-14
0.867754
0.004359
0.025218
0.058089
0.045851
0.025218

0.723852
0.001933
0.022792
-0.048507
0.038248
0.022792

2009-10 2010-11
1.701352 1.501283
1.378075 1.248275

2009-10 2010-11
0.029368 0.08433
0.030758 0.033066

2009-10 2010-11
Particulars
OLSPREAD= ROOA - Sh
-0.009767 0.008017
OLSPREAD= ROOA - S-0.021648 -0.003596
Particulars
RNOA DSL
RNOA ASKML

2009-10 2010-11
0.029368 0.08433
0.030758 0.033066

ROCE=(Earning/ CSE) 0.045908 0.057689

ROCE=(Earning/ CSE 0.040307 0.050238


0.020859 0.020859
0.075447 0.037536
0.09
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
2009-10

2010-11

2011-12

2012-13

201

0.8
0.7
0.6
0.5

Row 217

0.4

2012-13 2013-14
0.145148 0.039059
0.582341 0.710173

Operatin

Asset Tu

0.3
0.2
0.1
0
2009-10

2010-11

2011-12

2012-13

2013-14

2012-13 2013-14

3.5
3
2.5

Row 226

4
3.5

0.007401 0.007401
3.407307 3.079531

3
2.5

Row 226

Operatin

Asset Tu

1.5
1
0.5
0
2009-10

2010-11

2011-12

2012-13

2013-14

alysis of changes in Return on Net Operating Asset


2013
2014
0.08
0.03
0.026447 0.025218
2013
2014
0.049276 -0.056786
-6.951816 -0.001894

s of changes in Return on Common Stockholder's Equity


8

2013
0.096302
-6.967686
2013
0.075452
0.045851

2014
-0.03791
-0.004278
2014
0.037542
0.038248

6
4
2
0.1
0.08
0.06
0.04

0
2010
-2
-4
-6

2011

2012

20

0.1
0.08

0
2010
-2

0.06

-4

0.04

-6

0.02

-8

0
2010
-0.02

2011

2011

2012

2012

20

2013

-0.04

alysis of changes in Common Shareholder's Equity


2013
2014
-168.4341 500.6322
-5.763731 78.45984

800
600
400
200
0
2010
-200
-400

2011

2012

2013

1-12

Row 7
Operating Income
Net Financial Expenses
Comprehensive Income

2012-13

2013-14

Row 18
Operating Income
Net Financial Expenses
Comprehensive Income

2010-11

2011-12

2012-13

2013-14

250.00
200.00
150.00
Operating Income DSL
Operating Income ASKML

100.00
50.00
0.00
1

50.00
0.00
1

160.00
140.00
120.00
100.00
Net Financial Expenses DSL

80.00

Net Financial Expenses


ASKML

60.00
40.00
20.00
0.00
1

100.00
80.00
60.00
40.00

Comprehensive income DSL

20.00

Comprehensive income
ASKML

0.00
2009-10
-20.00

2010-11

2011-12

2012-13

2013-14

-40.00
3500.00
3000.00
2500.00
Net Operating Asset

2000.00

Net Financial Obligation


1500.00

Common stockholder's
Equity

1000.00
500.00
0.00
1

1000.00
500.00
0.00
1

900
800
700
600

Row 91

500

Net Operating Asset

400

Net Financial Obligation

300

Common stockholder's
Equity

200
100
0
2009-10

2010-11

2011-12

2012-13

2013-14

3500.00

3000

3000.00
2500

2500.00

2000

2000.00
Row 112

1500

Net Operating Asset DSL


Net Operating Asset ASKML

1000

1500.00
1000.00
500.00

500

0.00

2009-10 2010-11 2011-12 2012-13 2013-14


1800
1600
1400
1200
Row 120

1000

Net Financial Obligation DSL

800

Net Financial Obligation


ASKML

600
400
200
0
2009-10 2010-11 2011-12 2012-13 2013-14

800

Net Financial Obligation


ASKML

600
400
200
0
2009-10 2010-11 2011-12 2012-13 2013-14

1800
1600
1400
1200

Row 126

1000

Common stockholder's
Equity DSL

800

Common stockholder's
Equity ASKML

600
400
200
0
2009-10

2010-11

2011-12

2012-13

2013-14
1.8

EV,OLSPREAD,RNOA:

1.6
1.4
1.2

2011-12 2012-13 2013-14


0.77114 1.324026 0.353219
0.743065 0.867754 0.723852

1
0.8
0.6

2011-12 2012-13 2013-14


-0.072755 -0.006857 0.027738
0.026447 0.004359 0.001933
2011-12 2012-13 2013-14
0.034835 0.084526 0.027738
0.115662 0.025218 0.022792
2011-12 2012-13 2013-14
-0.016928
-0.05 0.117512
0.065662 0.058089 -0.048507
2011-12 2012-13 2013-14
0.034835 0.084526 0.027738
0.026447 0.025218 0.022792

0.4
0.2
0
2009-10

2010-11

2011-12

2012-13

2013

2013-14

SPR

0.04
0.02
0
2009-10
-0.02
-0.04

-0.020531 0.075452 0.037542


-0.06
-0.08

2010-11

2011-12

2012-13

SPR
ASK

12

-0.02

SPR
ASK

-0.04

0.046099 0.045851 0.038248

-0.06
-0.08
0.14
0.12
0.1

RNOA DSL
RNOA ASKML

0.08

OLL
0.06

OLL

0.04
0.02
2012-13

2013-14

0
2009-10

2010-11

2011-12

2012-13

2013-14

0.14
0.12
0.1
0.08

OLSP
Term

0.06
0.04

OLSP
Term

0.02
0
2009-10
-0.02
-0.04
-0.06
Row 217
Operating profit margin
Asset Turnover

2013-14

Row 226

2010-11

2011-12

2012-13

2013-14

Row 226
Operating profit margin
Asset Turnover

2013-14
0.09
0.08
0.07
0.06
0.05
8

RNOA DSL

0.04

RNOA ASKML

0.03
6

0.02

0.01

0.00
2010

0
2010
-2

2011
2011

2013
2013

2013
2013

-4
-6
-8

ROCE DSL
2012

2013

2014

ROCE DSL
ROCE ASKML

ROCE ASKML

2014
RNOA DSL
2014

RNOA ASKML

ROCE DSL
2012

2013

ROCE ASKML

2014

ROCE DSL
ROCE ASKML

2013

2014

CSE DSL
CSE ASKML

2012

2013

2014

3500.00
3000.00
2500.00
2000.00
Net Operating Asset DSL
1500.00

Net Operating Asset ASKML

1000.00
500.00
0.00
1

1800.00
1600.00
1400.00
1200.00

Net Financial Obligation


DSL

1000.00

Net Financial Obligation


ASKML

800.00
600.00

2009-10

400.00
200.00
0.00
1

12

012-13

ASKML

600.00

2009-10

400.00
200.00
0.00
1

FLEV DSL
FLEV ASKML

2012-13

2013-14

0.1
2013-14

SPREAD= RNOA - NBC DSL


SPREAD= RNOA - NBC
ASKML

0.08
0.06
0.04
0.02
0

12-13

2-13

SPREAD= RNOA - NBC


ASKML

0.06
0.04
0.02
0
1
-0.02
-0.04

OLLEV= (OL / NOA) DSL


OLLEV= (OL / NOA) ASKML

2013-14

OLSPREAD= ROOA - Short


Term Borrowing Rate DSL
OLSPREAD= ROOA - Short
Term Borrowing Rate ASKML
2013-14

OA DSL

OA ASKML

ROCE=(Earning/ CSE) DSL


ROCE=(Earning/ CSE)
ASKML

ROCE=(Earning/ CSE) DSL


ROCE=(Earning/ CSE)
ASKML