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9 Total non-current Liabilities & Equity 731.5 1010.61 1118.8 1166.57 1906.01
Net Asset Value per share 203.35 210.58 13.74 29.5 30.92
Tallu Spinning Mills Ltd.
Income statement
As of June 31
0.05 Taxes
0.006 TE1 Provision for Tax 1.553
0 Tax on financial expense 2.595315
Total tax 4.14832
213.491
Core operating income after tax 32.5527
10.16 Non-operating Income 5.88
Operating income 38.4327
203.331 Net Financial Expense
FE1 Financial expenses 26.64
44.5 Tax effect 2.595315
45.104 Net Financial Expense 24.04468
-0.604
Comprehensive Income 14.388
Categories of Assets
Particulars 2009 2010
& Liabilities
NON-CURRENT ASSETS:
OA1 Tangible fixed assets 386.1 362
OA2 Capital work in progress 192.7 313.6
FA1 Investment 1 1
SOURCES OF FUNDS
Shareholders' equity 199.5 205.5
Share Capital 169.2 169.2
share premium 29.8 29.8
tax holiday reserve 49.5 49.5
Accumulated surplus/deficit -49 -43
Revaluation surplus
NON-CURRENT LIABILITY: 532 805.11
BALANCE SHEET OF
Maksons Spinning Ltd
Categories of Assets
Particulars 2009 2010
& Liabilities
(In Million)
ET OF
ing Ltd
(In Million)
252.35 999.82 2152.954
Categories of Assets
Particulars
& Liabilities
Categories of Assets
Particulars
& Liabilities
(In Million)
4.08455 4.4408 4.8749 7.4767 7.4257
386.1 362 389.9 378.1 531.6
192.7 313.6 460.1 464.9 696.8
301.8 313.8 317.4 401.4 449.5
299.9 332.1 302.3 387.9 533.4
36.2 64.9 59.4 62 77.5
9.6 9.6 9.7 9.7 14.4
0 0 0 134.62 1336.434
151.4 172.6 284.6 265.99 487.71
17.7 90.2 62.6 72.73 135.76
27.2 9.5 14.5 67.8
59.64
73.024
445.3987 528.52345 616.90152 1409.8749 2913.05
0 57.3 0 0 0
17.24 34.7 7.7 8.9 15.22
0.966 1.05 10.9 -0.342 15.64
0 0 125.5 134.48 382.871
888.4
Comprehensive Income
Operating Income
Tallu operating
Makson operating
Comparison of Comprehen
Comparison of Comprehen
spinning mills Reformulated Income Statement of Maksons Sp
me
Tallu operating
Makson operating
Makson Comprehensive
Income
Tallu Comprehensive
Income
atement of Maksons Spinning ltd.
Operating Income
Comprehensive Income
Net Financial Expense
NOA
NFO
CSE
NOA o
NOA o
Comparison of CSE
CS
CS
CS
CS
ning Mills Reformulated Balance sheet of M
N
NOA
N
NFO
C
CSE E
NOA of Makson
NOA of Tallu
CSE
CSE of Makson
CSE of Tallu
CSE of Makson
CSE of Tallu
alance sheet of Maksons Spinning ltd
NFO of Tallu
NFO of Makson
CSE of Tallu
CSE of Tallu
Tallu Spinning mills
Free Cash Flow
Tallu
s Maksons Spinn
Free Cash F
Maksons
Maksons Spinning ltd.
Free Cash Flow
Maksons
Data From reformulated Balance Sheet & Income statem
Spinning Mills
2009 2010 2011
NOA 924.0246 976.471 1106.135
Average NOA 950.248 1041.3
NFO 747.8 790.31 903.6
Average NFO 769.055 846.955
CSE 199.64 205.52 223.66
Average CSE 202.58 214.59
Operating Income 102.142 88.7694 133.447
Net Finacial Expenses 120.56 82.8567 115.323
Comprehensive Income -18.418 5.9127 18.124
Operating Liability 306.36 423.97 437.54
Average Operating Liabiltiy 365.165 430.755
Operating Asset 1230.38 1400.44 1543.67
Average Operating Asset 1315.41 1472.06
Sales 816.91 888.16 974.98
RNOA
Operating profit margin 0.099948 0.13687 0.133624
Asset Turnover 0.934662 0.93631 1.281957
Total RNOA 0.09342 0.12815 0.1713
FLEV 3.796303 3.94685 3.681147
NBC 0.107738 0.13616 0.149311
RNOA-NBC -0.014321 -0.00801 0.021989
ROCE 0.03905 0.09655 0.25225
2012 2013
1226.767 2017.486
1166.45 1622.13
964.95 823.1
934.275 894.025
283.94 1191.86
253.8 737.9
199.813 260.073
139.497 131.08
60.3157 128.993
484.71 293.14
461.125 388.925
1711.48 2310.63
1627.58 2011.05
1495.34 1485.14
Maksons spinn
Analysis of Financial Lia
ROCE=Comprehensive In
2013
0.174811
Maksosns Spin
Analysis of Financial Lia
ROCE=RNOA+(FLE
2013
0.160329
1.21158
0.146618
0.013711
0.17694
2013
9.38048
0.133986
0.239762
0.101986
0.024453
0.158439
V*(RNOA-NBC)]
2013
0.175117
0.915551
0.16033
1.21158
0.146618
0.013711
0.17694
2013
0.17711
0.225541
0.048427
0.009447
0.035815
0.003165
-0.10831
0.003511
0.106313
0.005508
0.0688
0.005
0.357946
0.469181
0.302665
0.359158
0.052184
0.009696
1.55583
0.005723
0.010396
0.026125
0.155137
0.197382
1.358448
0.736134
Data From reformulated Balance Sheet & Income statement of Mak
spimming
2009 2010 2011
NOA 427.1927 435.47345 472.8015
Average NOA 431.333075 454.137
NFO 173.0587 172.42345 129.1215
Average NFO 172.741075 150.772
CSE 254.134 263.05 343.68
Average CSE 258.592 303.365
Operating Income 38.43268 48.75497976 101.859
Net Financial Expense 24.04468 25.33197976 19.1078
Comprehensive Income 14.388 23.423 82.751
Operating Liability 18.206 93.05 144.1
Average Operating Liabiltiy 55.628 118.575
Operating Asset 445.3987 528.52345 616.902
Average Operating Asset 486.961075 572.712
Sales 299.74 384.69 570.303
RNOA
Operating profit margin 0.126738 0.1786047536 0.176611
Asset Turnover 0.891863 1.2557937232 0.812791
Total RNOA 0.113033 0.224290729 0.14355
FLEV 0.668006 0.4970002555 -0.319401
NBC 0.146647 0.1267328527 -0.036777
RNOA-NBC -0.033614 0.0975578758 0.180325
ROCE 0.090579 0.272777018 0.08595
2012 2013
1266.837 1610.915
869.819 1438.88
-945.5251 -707.913
-408.202 -826.719
2212.362 2318.828
1278.02 2265.6
124.861 176.415
15.0126 17.5836
109.848 158.831
143.038 1302.13
143.569 722.585
1409.87 2913.05
1013.39 2161.46
706.981 791.6
2013
0.070106
2013
0.122606
-0.364902
-0.021269
0.143875
0.07011
)
2013
41.66819
0.100896
0.502187
0.068896
0.034599
0.135495
RNOA-NBC)]
2013
0.222858
0.550152
0.12261
-0.364902
-0.021269
0.143875
0.07011
2013
0.08718
0.194795
0.10762
0.040251
0.00493
0.062439
0.11346
0.148509
0.022213
0.012835
0.20064
0.005
1.031481
1.688269
0.616107
0.171501
0.075341
0.092249
3.679947
0
0.019227
0.019757
0.483667
1.122284
1.64494
2.03501
0.491398
Tallu Spinning Mills
ROCE of Maksons
ROCE of Tallu
Comparison of OLEV
OLEV of Tallu
OLEV of Maksons
Spread of Tallu
Spread of Maksons
Spread of Tallu
Spread of Maksons
ROCE of Maksons
FLEV of Ta
ROCE of Tallu
FLEV of M
OLEV of Tallu
OLEV of Maksons Comparison of OLSPREAD
OLSPREAD
OLSPREAD
pread of Tallu
pread of Maksons
pread of Tallu
pread of Maksons
Avg Asset
Profit Margin of Maksons
Maksons
in Comparison of Asset Turnover
Avg Asset
Profit Margin of Maksons
Maksons
Profit Margin of Tallu
Avg Asset
inning ltd
2012 2013
-0.319401 -0.364902
0.180325 0.143875
0.165056 0.502187
0.095728 0.068896
0.085952 0.070106
0.143548 0.122606
FLEV
FLEV of Tallu
FLEV of Maksons
SPREAD Comparison o
OLSPREAD of Tallu
OLSPREAD of Maksons
inning ltd
of RNOA
2012 2013
0.176611 0.222858
0.812791 0.550152
inning ltd
2012 2013
0.155387 0.200637
0.558068 0.491398
Asset Turnover
RNOA of Tallu
RNOA of Maksons
TALLU SPINNING MILLS
Capital Structure
Equity 1,191.86
Debt 1,116.29
Total 2,308.15
Return from
End of Month DSE Index
Market
Jan-2008 2,907.16 0
Feb-2008 2,931.38 0.01
Mar-2008 3,016.48 0.03
Apr-2008 3,072.85 0.02
May-2008 3,167.99 0.03
Jun-2008 3,000.50 (0.05)
Jul-2008 2,761.05 (0.08)
Aug-2008 2,791.21 0.01
Sep-2008 2,966.82 0.06
Oct-2008 2,748.60 (0.07)
Nov-2008 2,468.92 (0.10)
Dec-2008 2,795.34 0.13
Jan-2009 2,649.49 (0.05)
Feb-2009 2,570.96 (0.03)
Mar-2009 2,446.92 (0.05)
Apr-2009 2,554.36 0.04
May-2009 2,572.18 0.01
Jun-2009 3,010.26 0.17
Jul-2009 2,914.53 (0.03)
Aug-2009 2,941.28 0.01
Sep-2009 3,083.89 0.05
Oct-2009 3,364.26 0.09
Nov-2009 3,383.24 0.01
Dec-2009 4,535.53 0.34
Jan-2010 5,367.11 0.18
Feb-2010 5,560.56 0.04
Mar-2010 5,582.33 0.00
Apr-2010 5,654.88 0.01
May-2010 6,107.81 0.08
Jun-2010 6,153.68 0.01
Jul-2010 6,342.76 0.03
Aug-2010 6,633.47 0.05
Sep-2010 7,097.38 0.07
Oct-2010 7,937.05 0.12
Nov-2010 8,602.44 0.08
Dec-2010 8,290.41 (0.04)
Jan-2011 7,484.23 (0.10)
Feb-2011 5,203.08 (0.30)
Mar-2011 6,352.10 0.22
Apr-2011 6,050.85 (0.05)
May-2011 5,758.26 (0.05)
Jun-2011 5,970.48 0.04
Jul-2011 6,459.62 0.08
Aug-2011 6,212.00 (0.04)
Sep-2011 5,901.74 (0.05)
Oct-2011 5,036.50 (0.15)
Nov-2011 5,268.55 0.05
Dec-2011 5,257.61 (0.00)
Jan-2012 4,153.96 (0.21)
Feb-2012 4,695.41 0.13
Mar-2012 4,990.32 0.06
Apr-2012 5,098.90 0.02
May-2012 4,734.33 (0.07)
Jun-2012 4,572.88 (0.03)
Jul-2012 4,159.17 (0.09)
Aug-2012 4,446.87 0.07
Sep-2012 4,544.41 0.02
Oct-2012 4,493.92 (0.01)
Nov-2012 4,210.58 (0.06)
Dec-2012 4,219.31 0.00
Jan-2013 4,136.31 (0.02)
Feb-2013 3,973.28 (0.04)
Mar-2013 3,590.05 (0.10)
Apr-2013 3,438.90 (0.04)
May-2013 3,878.07 0.13
Jun-2013 4,104.65 0.06
Jul-2013 3,940.81 (0.04)
Aug-2013 4,127.48 0.05
Sep-2013 3,937.68 (0.05)
Oct-2013 3,967.73 0.01
Nov-2013 4,230.73 0.07
Dec-2013 4,266.55 0.01
Total = 0.6866936935
Capital Structure
Equity 2,318.83
Debt 1,483.67
Total 3,802.50
13.63%
0.1212105627
d
0.1144
0.084
1.666585
0.134664184
TALLU SPINNING MILLS
5.9127 18.124
Earnings /Comprehensive Income
Required Return for Equity
CSE 205.52 223.66
ROCE 0.0390494769 0.0965473993
2012 2013
60.3157 128.993 0
12.03%
283.94 1191.86 0
0.252245573 0.1769400018 0
2012 2013
29.5109468522 16.0823621188
or Non gowth
2012 2013
1495.34 1485.14
0.5337135121 -0.0068211912
283.94 1191.86
0.26951623 3.1975769529
0.252245573 0.1769400018
29.5109468522 16.0823621188
34.392581358 -13.428584733
ual Earnings
*(ROCE-Cost of capital)]
2012 2013
0.252245573 0.1769400018
0.1083396379 0.1083396379
283.94 1191.86
0.143905935 0.0686003639
0.1556981737 -0.0753055712
60.28 907.92
43.4981033 40.901378509
2012 2013
0.04212804 -0.03615245
0.1493108281 0.1466179735
0.0219892164 0.0137105717
0.0299971931 -0.0082786447
3.6811465721 1.2115801599
-0.2657055645 -2.4695664122
0.1183944858 -0.0304749045
-0.0058426572 -0.0338591674
0.15467987 -0.10048652
2012 2013
1495.34 1485.14
520.36 -10.2
1.2189277717 0.7361340901
0.8203931547 1.3584481598
0.3374982101 -0.4827936816
2.9629786772 -2.0712781424
964.95 823.1
590.359142304 -8.3680101783
4430.66053519 -3076.1380204
61.35 -141.85
4959.6696775 -2942.6560306
MAKSONS SPINNING LTD
34.3925813579
22.4439737588
-13.4285847334
-16.2870671236
2013
158.831 0
13.47%
2318.828 0
0.070105646 0
2013
13.64021057
gowth
2013
791.6
0.119690628
2318.828
0.048123228
0.070105646
13.64021057
-16.2870671
rnings
capital)]
2013
0.070105646
0.121210563
2318.828
-0.051104917
-0.015845994
106.466
-40.4980105
erating Asset
ore other OI+Unusual Item)/NOA]
2013
0.074348882
-0.039516418
0.491397746
-0.066670145
0.148509348
0.085763673
1610.915
-0.022052844
-0.004956851
0.0000922
-0.0270097
ockholder's Equity
V*SPREAD)
2013
-0.02700969
-0.021269105
0.143874931
-0.03645024
-0.364901515
-0.045500042
0.01164226
-0.006546315
-0.02191375
older's Equity
s)-NFO
2013
791.6
84.619
0.491397746
2.035011369
-0.066670145
-14.99921738
-945.525095
151.628505
-11873.38048
-1074.64661
-10647.1054
34
Company Name Particulars 2010 2011 2012
(ROCE-Cost of Capital) 0.0574979223 0.155698
Tallu Spinning Mills CSE 18.14 60.28
RE 11.60306178 43.4981
(ROCE-Cost of Capital) 0.1821980362 -0.186825
Maksons spinning CSE 80.63 1868.682
RE 60.147996703 -130.0959
2013
0.046698
-0.08285
-0.03615
-0.022053
-0.004957
-0.02701
PM of Tallu
PM of
PM of Tallu
PM of
(ROCE-Cost of Capital)
(ROCE-Cost of Capital)of
Tallu
(ROCE-Cost of Capital)of
Maksons
CSE
CSE o
CSE o
E
CSE of Tallu
CSE of Maksons
Tallu Spinning Mills
Particulars 2010 2011 2012 2013
Residual Earnings -4.881635 29.51095 16.08236
Abnormal Earnings growth 34.39258 -13.42858
RE 11.60306 43.4981 40.90138
RNOA 0.029555 0.042128 -0.036152
ROCE 0.052317 0.15468 -0.100487
CSE -34675.55 4959.67 -2942.656
Compa
Comparison of RE
RE of Maksons
RE of Tallu
Change in RNOA of
Maksons
Chagne in RNOA of
Tallu
Maksons Spinning ltd
Particulars 2010 2011
Residual Earnings 7.483304
Abnormal Earnings growth
RE 60.148
RNOA 0.103165
ROCE 0.174106
CSE 1977.285
C
AEG of Maksons M
AEG of Tallu C
Change in ROCE of
Maksons
Change in ROCE of
Tallu
pinning ltd
2012 2013
29.92728 13.64021
22.44397 -16.28707
-130.0959 -40.49801
-0.151579 -0.02701
-0.257662 -0.021914
-934.1499 -10647.11
rison of Change in RE
Change in RE of
Maksons
Change in RE of Tallu
Change in CSE of
Maksons
Change in CSE of Tallu
Earning Quality Management of Tallu Spinning Mills L
Balance Sheet Based
Particulars 2009 2010 2011
te Accruals
ccruals
Reformulated Income statement
Tallu Spinning Mills
Particulars 2009 2010 2011
1495.34 1485.14
1228.97 1150.18
266.37 334.96
13.63 14.03
3.8853 8.18
4.81 4.7
0 0
244.045 308.05
44.7226 53.1909
199.322 254.859
0.491 5.214
199.813 260.073
139.497 131.08
60.3157 128.993
tement
s
791.6
637.4
154.2
31.863
3.84
0.05
0.006
0
10.16
108.281
49.4264
58.8546
117.56
176.415
17.5836
158.831
2018 2019
1.394676 0.392344
1.107394 0.311527
0.287282 0.080817
0.080186 0.022558
0.2071 0.05826
0.04418 0.01243
0.16292 0.04583
0.064471 0.018137
0.22739 0.06397
1815.117 -2191.238
142.713 -172.286
-142.486 172.35