Sunteți pe pagina 1din 109

TALLU SPINNING MILLS

Particulars 2009 2010 2011 2012 2013


(In Million)

1 NON-CURRENT ASSETS: 579.8 676.6 851 844 1229.4


Tangible fixed assets 386.1 362 389.9 378.1 531.6
capital works in progress 192.7 313.6 460.1 464.9 696.8
investment 1 1 1 1 1

2 CURRENT ASSETS: 674 743.2 713.8 889.6 1078.7


Inventories 301.8 313.8 317.4 401.4 449.5
Export bills receivable 299.9 332.1 302.3 387.9 533.4
Advance, Deposit & Pre-payments 36.2 64.9 59.4 62 77.5
Tax deducted at source 9.6 9.6 9.7 9.7 14.4
Cash& cash equivants 26.5 22.8 25 28.6 3.9
Total Assets 1253.8 1419.8 1564.8 1733.6 2308.1

3 CURRENT LIABILITIES : 522.16 409.17 445.94 567 402.14


Short term loan (secured) 409.8 338.9 401.4 523.2 339.4
Creditors for goods and expenses (unsecured) 97.35 53.8 23.74 9.2 8.5
Creditors for other finance (unsecured) 10.6 10.97 12.1 16 15.44
Income tax payable 4.41 5.5 8.7 18.6 38.8
4 NET CURRENT ASSETS: 151.84 334.03 267.86 322.6 676.56
6 NET TOTAL ASSETS: 731.64 1010.63 1118.86 1166.6 1905.96
7 SHAREHOLDERS' EQUITY 199.5 205.5 223.6 283.91 1191.91

Share capital 169.2 169.2 186.1 214 706.21


Share premium 29.8 29.8
Tax holiday reserve 49.5 49.5
Accumulated surplus/deficit -49 -43 37.5 69.91 134.7
Revaluation surplus 351

8 NON-CURRENT LIABILITIES: 532 805.11 895.2 882.66 714.1


Term loan (secured) 338 415 466 403.15 442
Deferred tax liability 0 36.41 36.2 38.6 41.7
Other non-current liabilities 194 353.7 393 440.91 230.4

9 Total non-current Liabilities & Equity 731.5 1010.61 1118.8 1166.57 1906.01

Maksons Spinning Mills

Particulars 2009 2010 2011 2012 2013


(In Million)
NON-CURRENT ASSETS: 247.6 254.3 252.35 999.82 2152.95
Property, Plant & Equipement(Net of Accumulated
Depreciation) 247.6 254.3 252.35 865.2 816.52
Capital work-in-progress 134.62 1336.434

Current Assets 208 280.8 385.4 1611.28 1649.48


Inventories 151.4 172.6 284.6 265.99 487.71
Trade Debtors 17.7 90.2 62.6 72.73 135.76
Advance, Deposit & Prepayments 27.2 9.5 14.5 67.8 59.64
Cash & Bank Balances 11.7 8.5 23.7 1204.76 893.346
Sundry receivable 73.024
TOTAL ASSETS : 455.6 535.1 637.75 2611.1 3802.43
EQUITY & LIABILITIES :
Shareholder's Equity 254.2 263.25 343.6 2212.35 2318.89
Share Capital 125 125 250 250 750
Tax holiday reserve 78.6 78.6
General reserve 48.95 48.95 2.76 2.76 2.76
Retained earnings 1.65 10.7 90.84 189.11 257.43
Deposits against rights share 500
Share premium (rights share) 727.5 727.5
Revaluation reserve 542.98 581.2
Non-Current Liabilities : 27.14 26.6 25.9 96.53 24.92
Deferred tax liability 27.14 26.6 25.9 96.53 24.92

Current Liabilities : 174.326 245.45 268.17 302.208 1458.69


Bank loan and overdraft 138.62 137.7 112.97 149.23 153.42
Short Term Loan 17.5 14.7 11.1 7.1 3.12
Current account with FSML 57.3 0
Liabilities for expenses and other finance 17.24 34.7 7.7 8.9 15.22
Provision for tax 0.966 1.05 10.9 -0.342 15.64
Liabilities for goods 125.5 134.48 382.871
Rights share money refundable 2.84 0.015
Liabilities for capital machinery 888.4
Total Equity and Liabilities 455.666 535.3 637.67 2611.09 3802.5

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

Categories of Income Particulars 2009 2010 2011 2012


& Expense
(In Mi
Turnover 816.91 888.16 974.98 1495.34
Cost of Goods Sold 698.53 755.2 801.02 1228.97
OR1 Gross Profit/(loss) 118.38 132.96 173.96 266.37
Operating Expenses: 137.191 125.17 152.11 189.16
OE1 Administrative & Selling Expenses 12.241 14.56 13.66 13.63
FE1 Financial Epenses 120.56 105.18 134.03 170.72
OE2 Selling and distribution expenses 4.39 5.43 4.42 4.81
OE3 Written-off expenses 0 0 0 0

Operating Profit -18.811 7.79 21.85 77.21


OI Other Income 0.393 0.1117 0.324 0.491
Net Profit before WPPF -18.418 7.9017 22.174 77.701
OE4 Allocation for WPPF 0 0.396 1.11 3.8853
Net Profit/ (Loss) for the year befor -18.418 7.5057 21.064 73.8157
TE1 Income Tax Provision 0 1.593 2.94 13.5
Net Profit/ (Loss) for the year 5.9127 18.124 60.3157
after tax -18.418
Basic earning per share -10.89 3.51 9.73 2.82
Maksons Spinning ltd.
(In Million)

Categories of Income Particulars 2009 2010 2011 2012


& Expense

Revenue 299.74 384.69 570.303 706.981


Less: Cost of revenue 243.5 310.94 420.76 570.13
OR1 Gross Profit 56.24 73.75 149.543 136.851
Non-operating Income 5.88 0 0.148 44.36
net profit 62.12 73.75 149.691 181.211
Less: Operating Expenses 45.381 48.021 47.466 48.296
OE1 Administrative Expenses 15.33 16.1 21.1 27.1
FE1 Financial expenses 26.64 26.5 22.48 17.3
OE2 Director's remuneration 2.64 3.84 3.84 3.84

OE3 Auditor's remuneration 0.025 0.025 0.04 0.05


OE4 Cost audit fee 0.006 0.006 0.006 0.006
OE5 Depreciation 0.74 1.55 0 0

Profit before contribution


16.739 25.729 102.225 132.915
toW.P.P.F
OE6 Contribution to W.P.P.F 0.798 1.226 4.87 6.33

Profit before tax 15.941 24.503 97.355 126.585


TE1 Provision for Tax 1.553 1.08 14.604 16.737
Current tax 1.553 1.64 15.069 17.11
Deferred tax 0 -0.56 -0.465 -0.373

Net Profit after Income Tax 14.388 23.423 82.751 109.848


Profit available for Appropriation 14.388 23.423 82.751 109.848
Basic Earning per share(EPS) 11.52 18.75 3.31 2.75
Tallu Spinning mills ltd.
Reformulated Income Statement
As of June 31
Categories of
2013 Particulars 2009
Income & Expense
(In Million) OR1 Gross Profit/(loss) 118.38
1485.14 OE1 Administrative & Selling Expenses 12.241
1150.18 OE2 Selling and distribution expenses 4.39
334.96 OE3 Written-off expenses 0
176.619 OE4 Allocation for WPPF 0
14.03 Operating Income before tax 101.749
157.889
4.7 Tax
0 TE1 Income Tax Provision 0
Tax on financial expense 0
158.341 Total Tax 0
5.214 Core Operating Income after Tax 101.749
163.555 OI Other Income 0.393
8.18 Operating Income 102.142
155.375
26.382 Net Financial Expense

128.993 Financial Epenses 120.56


FE1
2.01 Tax Effect 0
Net Financial Expense 120.56

Comprehensive Income -18.418

Tax Amount =Income Tax Provision/Net


Note : Profit for the year 0
Reformulated Income statement of Maksons Spin
(In Million)

2013 Categories of Particulars 2009


Income & Expense

791.6 OR1 Gross Profit 56.24


637.4 OE1 Administrative Expenses 15.33
154.2 OE2 Director's remuneration 2.64
117.56 OE3 Auditor's remuneration 0.025
271.76 OE4 Cost audit fee 0.006
58.269 OE5 Depreciation 0.74
31.863 OE6 Contribution to W.P.P.F 0.798
22.51 Operating income before tax 36.701
3.84

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

Tax Amount =Income Tax Provision/Net


158.831
Note : Profit for the year 0.097422
158.831
2.12
ng mills ltd.
come Statement
une 31

2010 2011 2012 2013

132.96 173.96 266.37 334.96


14.56 13.66 13.63 14.03
5.43 4.42 4.81 4.7
0 0 0 0
0.396 1.11 3.8853 8.18
112.574 154.77 244.045 308.05

1.593 2.94 13.5 26.382


22.32327 18.70719 31.22263 26.80887
23.9163 21.6472 44.7226 53.1909
88.6577 133.123 199.322 254.859
0.1117 0.324 0.491 5.214
88.7694 133.447 199.813 260.073

105.18 134.03 170.72 157.889

22.32327 18.70719 31.22263 26.80887


82.8567 115.323 139.497 131.08

5.9127 18.124 60.3157 128.993

0.212239 0.139575 0.182888 0.169796


ment of Maksons Spinning ltd.
(In Million)

2010 2011 2012 2013

73.75 149.543 136.851 154.2


16.1 21.1 27.1 31.863
3.84 3.84 3.84 3.84
0.025 0.04 0.05 0.05
0.006 0.006 0.006 0.006
1.55 0 0 0
1.226 4.87 6.33 10.16
51.003 119.687 99.525 108.281

1.08 14.604 16.737 44.5


1.16802 3.372173 2.287397 4.926425
2.24802 17.9762 19.0244 49.4264

48.755 101.711 80.5006 58.8546


0 0.148 44.36 117.56
48.755 101.859 124.861 176.415

26.5 22.48 17.3 22.51


1.16802 3.372173 2.287397 4.926425
25.33198 19.10783 15.0126 17.58357

23.423 82.751 109.848 158.831

0.044076 0.150008 0.132219 0.218855


TALLU SPINNING MILLS

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

Current Assets : 674 743.2


OA3 Inventories 301.8 313.8
OA4 Export bills receivable 299.9 332.1
OA5 Advance, Deposit & Pre-payments 36.2 64.9
S Cash& Bank Balance 26.5 22.8
OA6 Tax deducted at source 9.6 9.6
Total Assets 1253.8 1419.8

Current Liabilities : 522.16 409.17


FL1 Short term loan (secured) 409.8 338.9
OL1 Creditors for goods and expenses (uns 97.35 53.8
OL2 Creditors for other finance 10.6 10.97
OL3 Income tax payable 4.41 5.5

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

FL2 Term loan (secured) 338 415


FL3 Deferred tax liability 0 36.41
OL4 Other non-current liabilities 194 353.7
Total Liabilities & Equity 1253.66 1419.78

BALANCE SHEET OF
Maksons Spinning Ltd

Categories of Assets
Particulars 2009 2010
& Liabilities

Net-current Assets 247.6 254.3

OA1 Property, Plant & Equipement(Net of


Accumulated Depreciation) 247.6 254.3
OA2 Capital work-in-progress

Current Assets 208 280.8


OA3 Inventories 151.4 172.6
OA4 Trade Debtors 17.7 90.2
OA5 Advance, Deposit & Prepayments 27.2 9.5
S Cash & Bank Balances 11.7 8.5
OA6 Sundry receivable
TOTAL ASSETS 455.6 535.1
EQUITY & LIABILITIES
Shareholder's Equity 254.2 263.25

Non-Current Liabilities 27.14 26.6


FL1 Deferred tax liability 27.14 26.6

Current Liabilities 174.326 245.45


FL2 Bank loan and overdraft 138.62 137.7
FL3 Short Term Loan 17.5 14.7
OL1 Current account with FSML 57.3
OL2 Liabilities for expenses and other finan 17.24 34.7
OL3 Provision for Tax 0.966 1.05
OL4 Liabilities for goods
FL4 Rights share money refundable
OL5 Liabilities for capital machinery
Total Equity and Liabilities 455.666 535.3
G MILLS

2011 2012 2013

(In Million)

389.9 378.1 531.6


460.1 464.9 696.8
1 1 1

713.8 889.6 1078.7


317.4 401.4 449.5
302.3 387.9 533.4
59.4 62 77.5
25 28.6 3.9
9.7 9.7 14.4
1564.8 1733.6 2308.1

445.94 567 402.14


401.4 523.2 339.4
23.74 9.2 8.5
12.1 16 15.44
8.7 18.6 38.8

223.6 283.91 1191.91


186.1 214 706.21

37.5 69.91 134.7


351
895.2 882.66 714.1

466 403.15 442


36.2 38.6 41.7
393 440.91 230.4
1564.74 1733.57 2308.15

ET OF
ing Ltd

2011 2012 2013

(In Million)
252.35 999.82 2152.954

252.35 865.2 816.52


134.62 1336.434

385.4 1611.28 1649.48


284.6 265.99 487.71
62.6 72.73 135.76
14.5 67.8 59.64
23.7 1204.76 893.346
73.024
637.75 2611.1 3802.434

343.6 2212.35 2318.89

25.9 96.53 24.92


25.9 96.53 24.92

268.17 302.208 1458.686


112.97 149.23 153.42
11.1 7.1 3.12
0
7.7 8.9 15.22
10.9 -0.342 15.64
125.5 134.48 382.871
2.84 0.015
888.4
637.67 2611.088 3802.496
Reformulated Balance sheet of TALLU SPIN

Categories of Assets
Particulars
& Liabilities

s Cash& Bank Balance


OA1 Tangible fixed assets
OA2 Capital work in progress
OA3 Inventories
OA4 Export bills receivable
OA5 Advance, Deposit & Pre-payments
OA6 Tax deducted at source

Total Operating Assets


OL1 Creditors for goods and expenses (unsecur
OL2 Creditors for other finance
OL3 Income tax payable
OL4 Other non-current liabilities

Total Operating Liabilities

Net Operating Asset


S Cash& Bank Balance
FA1 Investment
Total Financial Assets
FL1 Short term loan (secured)
FL2 Term loan (secured)
FL3 Deferred tax liability

Total Finacial Liability

Net Financial Obligation


Common stockholders Equity
Reformulated Balance sheet of Maksons Spinning l

Categories of Assets
Particulars
& Liabilities

S Cash & Bank Balances

Property, Plant & Equipement(Net of


OA1
Accumulated Depreciation)

OA2 Capital work-in-progress


OA3 Inventories
OA4 Trade Debtors
OA5 Advance, Deposit & Prepayments
OA6 Sundry receivable
Total Operating Assets
OL1 Current account with FSML
OL2 Liabilities for expenses and other finance
OL3 Provision for Tax
OL4 Liabilities for goods
OL5 Liabilities for capital machinery

Total Operating Liabilities


Net Operating Asset
S Cash & Bank Balances
Total Financial Assets
FL1 Deferred tax liability
FL2 Bank loan and overdraft
FL3 Short Term Loan
FL4 Rights share money refundable

Total Finacial Liability


Net Financial Obligation
Common stockholders Equity
ance sheet of TALLU SPINNING MILLS

2009 2010 2011 2012 2013

(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

1230.38455 1400.4408 1543.6749 1711.4767 2310.63


97.35 53.8 23.74 9.2 8.5
10.6 10.97 12.1 16 15.44
4.41 5.5 8.7 18.6 38.8
194 353.7 393 440.91 230.4

306.36 423.97 437.54 484.71 293.14

924.02455 976.4708 1106.1349 1226.7667 2017.49


22.41545 18.3592 20.1251 21.1233 -3.5257
1 1 1 1 1
23.41545 19.3592 21.1251 22.1233 -2.5257
409.8 338.9 401.4 523.2 339.4
338 415 466 403.15 442
0 36.41 36.2 38.6 41.7

747.8 790.31 903.6 964.95 823.1

724.38455 770.9508 882.4749 942.8267 825.626


199.64 205.52 223.66 283.94 1191.86
eet of Maksons Spinning ltd.

2009 2010 2011 2012 2013

1.4987 1.92345 2.851515 3.534905 3.958

247.6 254.3 252.35 865.2 816.52

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

18.206 93.05 144.1 143.038 1302.13


427.1927 435.47345 472.80152 1266.8369 1610.92
10.2013 6.57655 20.848485 1201.2251 889.388
10.2013 6.57655 20.848485 1201.2251 889.388
27.14 26.6 25.9 96.53 24.92
138.62 137.7 112.97 149.23 153.42
17.5 14.7 11.1 7.1 3.12
0 0 0 2.84 0.015

183.26 179 149.97 255.7 181.475


173.0587 172.42345 129.12152 -945.5251 -707.913
254.134 263.05 343.68 2212.362 2318.83
Reformulated Income Statement of Tallu spinning mills

Particulars 2009 2010 2011 2012


Operating Income 102.142 88.76943 133.4468 199.8131
Net Financial Expense 120.56 82.85673 115.3228 139.4974
Comprehensive Income -18.418 5.9127 18.124 60.3157

Comprehensive Income

Operating Income

Net Financial Expense

Comparison of Operating Income

Tallu operating
Makson operating

Comparison of Comprehen
Comparison of Comprehen
spinning mills Reformulated Income Statement of Maksons Sp

2013 Particulars 2009 2010


260.0731 Operating income 38.43268 48.75498
131.0801 Net Financial Expense 24.04468 25.33198
128.993 Comprehensive Income 14.388 23.423

Comprehensive Income Operatin


Compre
Operating Income
Net Fina
Net Financial Expense

me

Tallu operating
Makson operating

Tallu Net Financial Expense Makson Net Financial Expense

rison of Comprehensive Income


rison of Comprehensive Income

Makson Comprehensive
Income
Tallu Comprehensive
Income
atement of Maksons Spinning ltd.

2011 2012 2013


101.8588 124.8606 176.4146
19.10783 15.0126 17.58357
82.751 109.848 158.831

Operating Income
Comprehensive Income
Net Financial Expense

Makson Net Financial Expense


Reformulated Balance sheet of Tallu Spinning Mills

Particulars 2009 2010 2011 2012


Net Operating Asset 924 976 1106 1227
Net Financial Obligation 724 771 882 943
Common stockholder's Equity 200 206 224 284

NOA
NFO
CSE

NOA o
NOA o

Comparison of CSE

CS
CS
CS
CS
ning Mills Reformulated Balance sheet of M

2013 Particulars 2009


2017 Net Operating Asset 427.1927
826 Net Financial Obligation 173.0587
1192 Common stockholder's Equity 254.134

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

2010 2011 2012 2013


435.4735 472.8015 1266.837 1610.915
172.4235 129.1215 -945.5251 -707.913
263.05 343.68 2212.362 2318.828

Net Operating Asset


Net Financial Obligation
Common stockholder's
Equity CSE of Tallu

NFO of Tallu
NFO of Makson
CSE of Tallu

CSE of Tallu
Tallu Spinning mills
Free Cash Flow

Particulars 2009 2010 2011


Operating Income 102.14 88.77 133.45
Net Operating Assets 924.02 976.47 1,106.13
Change in Net Operating Assets 52.45 129.66
FCF 36.32 3.78

Tallu
s Maksons Spinn
Free Cash F

2012 2013 Particulars


199.81 260.07 Operating Income
1,226.77 2,017.49 Net Operating Assets
120.63 790.72 Change in Net Operating Assets
79.18 (530.65) FCF

Maksons
Maksons Spinning ltd.
Free Cash Flow

2009 2010 2011 2012 2013


38.43268 48.75498 101.8588 124.8606 176.4146
427.1927 435.4735 472.8015 1266.837 1610.915
8.28 37.33 794.04 344.08
40.47 64.53 (669.17) (167.66)

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

First Level Breakdown

Tallu Spinning Mills


Analysis of Financial Liability Leverage
ROCE=Comprehensive Income/ Avg CSE
Particulars 2010 2011 2012
ROCE 0.029187 0.08446 0.237651

Tallu Spinning Mills


Analysis of Financial Liability Leverage
ROCE=RNOA+(FLEV*SPREAD)

Particulars 2010 2011 2012


RNOA 0.093417 0.12815 0.1713
FLEV 3.796303 3.94685 3.681147
NBC 0.107738 0.13616 0.149311
SPREAD -0.014321 -0.00801 0.021989
ROCE 0.03905 0.09655 0.25225

Analysis of operating liability leverage


RNOA=OI+Implicit Cost/OA+(OLLEV*OLSPREAD)

Particulars 2010 2011 2012

Implicit Cost 13.56704 14.0013 15.51072


ROOA 0.077798 0.10016 0.132297
OLLEV 0.384284 0.41367 0.395323
OLSPREAD 0.045798 0.06816 0.100297
OLEV*OLSPREAD 0.017599 0.0282 0.03965
RNOA 0.095397 0.12836 0.171947

Second Level Breakdown

ROCE= RNOA+[FLEV*(RNOA-NBC)] or PM*ATO+[FLEV*(RNOA-NBC)]


Particulars 2010 2011 2012

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

Third Level Breakown

Particulars 2010 2011 2012

Profit Margin Drivers


SALES PM 0.10027 0.13768 0.13589
Gross Margin Ratio 0.149703 0.17842 0.178133
Expense Ratio 0.049435 0.04075 0.04224

Administrative & Selling Expense Ratio 0.016393 0.01401 0.009115


Operating Tax Ratio 0.026928 0.0222 0.029908
Selling and distribution expense 0.006114 0.00453 0.003217
OTHER ITEMS PM -0.11874 -0.1383 -0.11644
other Income Ratio 0.000126 0.00033 0.000328
Financial Expenses Ratio 0.118425 0.13747 0.114168
Allocation for WPPF 0.000446 0.00114 0.002598
Total Profit Margin -0.0185 -0.0006 0.01946

Asset Turnover Drivers(Inverse)


Cash turnover 0.005 0.005 0.005
Tangible fixed assets turnover 0.407584 0.39991 0.252852
Capital work in progress turover 0.35309 0.47191 0.310899
Inventories turnover 0.353315 0.32555 0.268434
Export bill receivable turnover 0.373919 0.31006 0.259406
Advance, Deposit & Pre-payments turnover 0.073072 0.06092 0.041462
Tax deducted at source 0.010809 0.00995 0.006487
Operating Asset Turnover 1.576789 1.58329 1.14454

Liabilities turnover Drivers (Inverse)


Creditors for goods and expenses (unsecured) 0.060575 0.02435 0.006152
Creditors for other finance 0.012351 0.01241 0.0107
Income tax payable 0.006193 0.00892 0.012439
Other non-current liabilities 0.398239 0.40309 0.294856

Operating Liabilities turnover 0.477358 0.44877 0.324147

Average Turnover (Inverse) 1.099431 1.13452 0.820393


Average Turnover 0.909561 0.88143 1.218928
ncome statement of Tallu

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

Analysis of operating lia


RNOA=OI+Implicit Cost/OA+

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

Maksons spinning ltd


Analysis of Financial Liability Leverage
ROCE=Comprehensive Income/ Avg CSE
Particulars 2010 2011 2012
ROCE 0.090579 0.2727770178 0.085952

Maksosns Spinning ltd


Analysis of Financial Liability Leverage
ROCE=RNOA+(FLEV*SPREAD)

Particulars 2010 2011 2012


RNOA 0.113033 0.2242907286 0.143548
FLEV 0.668006 0.4970002555 -0.319401
NBC 0.146647 0.1267328527 -0.036777
SPREAD -0.033614 0.0975578758 0.180325
ROCE 0.090579 0.272777018 0.08595

Analysis of operating liability leverage


RNOA=OI+Implicit Cost/OA+(OLLEV*OLSPREAD)

Particulars 2010 2011 2012

Implicit Cost 2.9776 4.6112 4.577216


ROOA 0.106236 0.1859048477 0.127728
OLLEV 0.128968 0.2610993467 0.165056
OLSPREAD 0.074236 0.1539048477 0.095728
OLEV*OLSPREAD 0.009574 0.0401844552 0.0158
RNOA 0.11581 0.2260893029 0.143528

ROCE= RNOA+[FLEV*(RNOA-NBC) or PM*ATO+[FLEV*(RNOA-NBC)]


Particulars 2010 2011 2012

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

Particulars 2010 2011 2012

Profit Margin Drivers


SALES PM 0.129917 0.186898485 0.12283
Gross Margin Ratio 0.191713 0.2622167514 0.193571
Expense Ratio 0.061796 0.075318267 0.07074

Administrative Expense Ratio 0.041852 0.0369978766 0.038332


Other Expense Ratio 0.0141 0.0068 0.0055
Operating Tax Ratio 0.005844 0.0315203904 0.026909
OTHER ITEMS PM -0.06904 -0.0417845 0.03256
Non Operating Income 0 0.0002595112 0.062746
Financial Expenses Ratio 0.06585 0.0335046928 0.021235
Contribution to W.P.P.F 0.003187 0.0085393203 0.008954
Total Profit Margin 0.06088 0.14511398 0.15539

Asset Turnover Drivers(Inverse)


Cash Turnover 0.005 0.005 0.005
PPE Turnover 0.661052 0.442484083 1.223795
Capital work in progress turnover 0 0 0.190415
Export bill receivable turnover 0.448673 0.4990329702 0.376234
Advance, Deposit & Pre-payments turnover 0.234475 0.109766212 0.102874
Tax deducted at source 0.024695 0.0254250811 0.095901
Sundry receivable
Operating Asset Turnover 1.373894 1.0817083463 1.994219

Liabilities turnover Drivers (Inverse)


Current account with FSML 0.148951 0 0
Liabilities for expenses and other finance 0.090203 0.0135015948 0.012589
Provision for Tax 0.002729 0.0191126471 -0.000484
Liabilities for goods 0 0.2200584602 0.190217
Liabilities for capital machinery 0 0 0

Operating Liabilities turnover 0.241883 0.252672702 0.20232

Average Turnover(Inverse) 1.132011 0.829035644 1.7919


Average Turnover 0.883383 1.2062207542 0.558068
me statement of Maksons

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

Particulars 2010 2011 2012 2013


FLEV 3.796303 3.946852 3.681147 1.21158
SPREAD(RNOA-NBC) -0.014321 -0.008008 0.021989 0.013711
OLLEV 0.384284 0.413669 0.395323 0.239762
OLSPREAD(ROOA-SBR) 0.045798 0.068165 0.100297 0.101986
ROCE 0.039049 0.096547 0.252246 0.17694
RNOA 0.093417 0.128154 0.1713 0.160329

Comparison of ROCE using Financial Leverage

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

Tallu Spinning Mills


Two Drivers of RNOA

Particulars 2010 2011 2012 2013


Operating profit margin 0.099948 0.136871 0.133624 0.175117
Asset Turnover 0.934662 0.936308 1.281957 0.915551

Operating profit margin


Asset Turnover

Tallu Spinning Mills

Particulars 2010 2011 2012 2013


Total Profit Margin -0.018477 -0.000598 0.019456 0.068804
Average Asset Turnover 0.909561 0.88143 1.218928 0.736134

Comparison of Profit Margin

Profit Margin of Maksons


Comparison of Profit Margin

Profit Margin of Maksons


Profit Margin of Tallu
Maksons Spinning ltd

Particulars 2010 2011


FLEV 0.668006261 0.497
SPREAD(RNOA-NBC) -0.03361386 0.097558
OLLEV 0.12896762 0.261099
OLSPREAD(ROOA-SBR) 0.074235554 0.153905
ROCE 0.090578982 0.272777
RNOA 0.113033251 0.224291

Leverage Comparison of FLEV

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

Maksons spinning ltd


Two Drivers of RNOA

Particulars 2010 2011


Operating profit margin 0.12673836 0.178605
Asset Turnover 0.891862976 1.255794

Operating profit margin Operatin


Asset Turnover Asset Tur

Maksons Spinning ltd

Particulars 2010 2011


Total Profit Margin 0.060879854 0.145114
Average Asset Turnover 0.883383361 1.206221

in Comparison of Asset Turnover

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

Operating Profit Margin


Asset Turnover

inning ltd

2012 2013
0.155387 0.200637
0.558068 0.491398

Asset Turnover

Avg Asset Turnover of


Maksons
Asset Turnover

Avg Asset Turnover of


Maksons
Avg Asset Turnover of Tallu
Comparison of RNOA

RNOA of Tallu
RNOA of Maksons
TALLU SPINNING MILLS

Capital Structure
Equity 1,191.86
Debt 1,116.29
Total 2,308.15

Capital Structure Weights (W) Costs (K)


Equity 0.5163702532 12.03%
Debt 0.4836297468 11.60%
WACC 0.1083396379
CAPM
WACC = WeKe + WdKd (1-t)
Cost of Eqity, Ke = Vf + [Vm - Vf] X

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

Tallu Spinning Mills


Avg Monthly Return (AMR) = 0.0095374124
Market Return (Vm) = 11.44%
Risk Free Rate (Vf) = 8.40%
Beta of tallu spinning mills= 1.19507
Ke = 12.03%
Short term borrowing ra 3.20%
Kd = 11.60%
MAKSONS SPINNING LTD

Capital Structure
Equity 2,318.83
Debt 1,483.67
Total 3,802.50

Tax Rate (t) Capital Structure Weights (W) Costs (K)


Equity 0.609817341 13.47%
17.61%
Debt 0.390182659 11.60%
0.1083396379 WACC 0.1212105627
Maksons Spinnig ltd
Avg Monthly Return (AMR) = 0.009537
0.1144 Market Return (Vm) = 11.44%
0.084 Risk Free Rate (Vf) = 8.40%
1.19507 Beta of saiham textile= 1.666585
0.120330128 Ke = 13.47%
Short term borrowing rate 3.20%
Kd = 11.60%
LTD

Tax Rate (t)

13.63%

0.1212105627
d

0.1144
0.084
1.666585
0.134664184
TALLU SPINNING MILLS

Items 2010 2011

5.9127 18.124
Earnings /Comprehensive Income
Required Return for Equity
CSE 205.52 223.66
ROCE 0.0390494769 0.0965473993

Particulars 2010 2011


Residual Earnings -4.8816345057

Identification of Fim growth or Non gowth

Particulars 2010 2011


Sales 888.16 974.98
Sales growth rate 0.0977526572
Common Equity 205.52 223.66
Common Equity growth 0.0882639159
ROCE 0.0390494769 0.0965473993
Residual Earning -4.8816345057
Abnormal Earnings growth

Analysis of changes in Residual Earnings

RE=[(ROCE-Cost of Capital)*CSE+[CSE*(ROCE-Cost of capital)]


Particulars 2010 2011

ROCE 0.0390494769 0.0965473993


Cost of Capital 0.1083396379 0.1083396379
CSE 205.52 223.66
(ROCE-Cost of Capital) -0.069290161 -0.0117922387
(ROCE-Cost of Capital) 0.0574979223
CSE 18.14
RE 11.603061783

Analysis of changes in Return on Net Operating A


RNOA =(Core sales PM*ATO)+(ATO*Core sales PM)+[(Core other OI
Particulars 2010 2011
Core Sales Profit Margin 0.0998 0.1365
Core sales PM 0.0367
ATO 0.9096 0.8814
ATO -0.0281
Non-operating Income 0.0001 0.0003
Unusual item 0.0002
NOA 976.4708 1106.1349
Core sales PM*ATO 0.0334
ATO*Core sales PM -0.0038
Core other OI/NOA 0.0000
RNOA 0.0296

Analysis of changes in Return on Common Stockholder


ROCE =RNOA+(SPREAD*FLEV)+(FLEV*SPREAD

Particulars 2010 2011


RNOA 0.02955548
NBC 0.107738372 0.1361616761
SPREAD -0.0143212177 -0.0080079767
SPREAD 0.006313241
FLEV 3.7963026952 3.9468521366
FLEV 0.1505494414
SPREAD*FLEV 0.0239669737
FLEV*SPREAD -0.0012055964
ROCE 0.05231686

Analysis of changes in Common Shareholder's Eq


CSE =(sales*1/ATO)+(1/ATO* sales)-NFO

Particulars 2010 2011


Sales 888.16 974.98
Sales 86.82
ATO 0.9095612485 0.8814295616
1/ATO 1.0994311836 1.1345206056
ATO -0.0281316869
1/ATO -35.5471039917
NFO 790.31 903.6
sales*1/ATO 95.4526153576
1/ATO* sales -34657.7154499
NFO 113.29
CSE -34675.552835
NING MILLS

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

urn on Net Operating Asset


sales PM)+[(Core other OI+Unusual Item)/NOA]
2012 2013
0.1333 0.1716
-0.0032 0.0383
1.2189 0.7361
0.3375 -0.4828
0.0003 0.0035
0.0000 0.0032
1226.7667 2017.4857
-0.0029 0.0467
0.0450 -0.0829
0.0000 0.0000
0.0421 -0.0362

n Common Stockholder's Equity


D*FLEV)+(FLEV*SPREAD)

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

mmon Shareholder's Equity


+(1/ATO* sales)-NFO

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

Items 2010 2011 2012

23.423 82.751 109.848


Earnings /Comprehensive Income
Required Return for Equity
Common shareholders' Equity 263.05 343.68 2212.362
ROCE 0.090579 0.2727770178 0.0859516393

Particulars 2010 2011 2011


Residual Earnings 7.4833039376 29.927277696

Identification of Fim growth or Non gowth

Particulars 2010 2011 2012


Sales 384.69 570.303 706.981
Sales growth rate 0.482500195 0.2396585675
Common Equity 263.05 343.68 2212.362
Common Equity growth 0.3065196731 5.4372730447
ROCE 0.090579 0.2727770178 0.0859516393
Residual Earning 7.4833039376 29.927277696
Abnormal Earnings growth 22.44397376

Analysis of changes in Residual Earnings

RE=[(ROCE-Cost of Capital)*CSE+[CSE*(ROCE-Cost of capital)]


Particulars 2010 2011 2012

ROCE 0.090579 0.2727770178 0.0859516393


Cost of Capital 0.121211 0.1212105627 0.1212105627
CSE 263.05 343.68 2212.362
(ROCE-Cost of Capital) -0.030632 0.1515664551 -0.035258923
(ROCE-Cost of Capital) 0.1821980362 -0.186825378
CSE 80.63 1868.682
RE 60.1479967026 -130.095862

Analysis of changes in Return on Net Operating Asset


RNOA =(Core sales PM*ATO)+(ATO*Core sales PM)+[(Core other OI+Unusual Item)
Particulars 2010 2011 2012
Core Sales Profit Margin 0.126738 0.1783452425 0.1138652996
Core sales PM 0.0516068823 -0.064479943
ATO 0.883383 1.2062207542 0.5580678911
ATO 0.3228373929 -0.648152863
Non-operating Income 0 0.0002595112 0.0627456749
Unusual item 0.0002595112 0.0624861637
NOA 435.4735 472.801515 1266.836905
Core sales PM*ATO 0.0455886612 -0.077777045
ATO*Core sales PM 0.0575765131 -0.07380212
Core other OI/NOA 0.00000055 0.0000495
RNOA 0.10316517 -0.151579

Analysis of changes in Return on Common Stockholder's Equity


ROCE =RNOA+(SPREAD*FLEV)+(FLEV*SPREAD)

Particulars 2010 2011 2012


RNOA 0.10316517 -0.15157917
NBC 0.146647 0.1267328527 -0.036777407
SPREAD -0.033614 0.0975578758 0.1803251719
SPREAD 0.1311717367 0.082767296
FLEV 0.668006 0.4970002555 -0.319401473
FLEV -0.1710060054 -0.816401729
SPREAD*FLEV 0.0876235414 0.0411353673
FLEV*SPREAD -0.0166829826 -0.147217782
ROCE 0.17410573 -0.25766158

Analysis of changes in Common Shareholder's Equity


CSE =(sales*1/ATO)+(1/ATO* sales)-NFO

Particulars 2010 2011 2012


Sales 384.69 570.303 706.981
Sales 185.613 136.678
ATO 0.883383 1.2062207542 0.5580678911
1/ATO 1.132011 0.8290356442 1.7918966776
ATO 0.3228373929 -0.648152863
1/ATO 3.0975346163 -1.54284592
NFO 173.0587 172.42345 129.121515
sales*1/ATO 210.1160245259 113.31093378
1/ATO* sales 1766.533284272 -1090.762751
NFO -0.63525 -43.301935
CSE 1977.2845588 -934.149882

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

Company Name Particulars 2010 2011 2012


Core sales PM*ATO 0.0333965553 -0.002859
ATO*Core sales PM -0.003841073 0.044987
Tallu Spinning Mills

RNOA 0.029555482 0.04213


Core sales PM*ATO 0.0455886612 -0.077777
ATO*Core sales PM 0.0575765131 -0.073802
Maksons Spinning

RNOA 0.1031651743 -0.151579

ATO*Core sales PM of Tallu


ATO*Core sales PM of
Maksons
ATO*Core sales PM of Tallu
ATO*Core sales PM of
Maksons
2013
-0.075306
907.92
40.9014
-0.015846 (R
106.466
-40.49801

2013
0.046698
-0.08285

-0.03615
-0.022053
-0.004957

-0.02701

Core sales PM*ATO of


Tallu
Core sales PM*ATO OF
Maksons

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

Comparison of change in RNOA Comparison

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

Comparison of AEG Comparison of Change in

C
AEG of Maksons M
AEG of Tallu C

Comparison of change in ROCE Comparison of Change

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

arison of Change in CSE

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

Net Operating Asset(NOA) 924.02455 976.4708 1106.135

Net Operating Asset(NOA) 52.44625 129.6641

Average NOA 950.2477 1041.303


Aggregate Accruals Ratio(in
5.51922 12.4521
percentage)
allu Spinning Mills Ltd. Earning Quality Ma
ased Ba

2012 2013 Particulars

1226.767 2017.486 Net Operating Asset(NOA)


120.6318 790.719 Net Operating Asset(NOA)
1166.451 1622.126 Average NOA
Aggregate Accruals
10.3418 48.7458
Ratio(in Percentage)

Maksons Aggregate Accruals


Tallu Aggregate Accruals
Earning Quality Management of Maksons Spinning ltd
Balance Sheet Based

2009 2010 2011 2012 2013

427.1927 435.47345 472.801515 1266.8369 1610.915

8.28075 37.328065 794.03539 344.0781


431.33308 454.137483 869.81921 1438.876
1.919804 8.2195517 91.287406 23.91298

te Accruals
ccruals
Reformulated Income statement
Tallu Spinning Mills
Particulars 2009 2010 2011

Sales 816.91 888.16 974.98


COGS 698.53 755.2 801.02
Gross margin 118.38 132.96 173.96
Administrative & Selling Expenses 12.241 14.56 13.66
Allocation for WPPF 0 0.396 1.11
Selling and distribution expenses 4.39 5.43 4.42
Written-off expenses 0 0 0
Operating Income before tax 101.749 112.574 154.77

Total Tax 0 23.9163 21.6472


Core Operating Income after Tax 101.749 88.6577 133.123
Other Income 0.393 0.1117 0.324
Operating Income 102.142 88.7694 133.447

Net Financial Expense 120.56 82.8567 115.323

Comprehensive Income -18.418 5.9127 18.124

Pro-Forma of Income statement


Tallu Spinning Mills
As of June 30
Particulars 2014 2015 2016

Sales 264.3044 47.03719 8.371019


COGS 217.9606 38.78956 6.903222
Gross margin 46.34383 8.247625 1.467797
Total Operating Expenses 5.076937 0.903522 0.160796
Operating Income before tax 41.2669 7.3441 1.307

Total Tax 7.5891 1.3506 0.24036


Core Operating Income after Tax 33.6778 5.9935 1.06664
Other Income 0.252585 0.044952 0.008
Operating Income 33.9304 6.03845 1.07464
NFO 857.2106 890.0038 924.0516
Net Financial Expense 121.948 126.613 131.457

Comprehensive Income -88.0175 -120.575 -130.382


atement
s
2012 2013

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

2017 2018 2019

1.489756 0.265126 0.047183


1.228539 0.218638 0.03891
0.261218 0.046488 0.008273
0.028616 0.005093 0.000906
0.2326 0.0414 0.00737

0.04278 0.00761 0.00135


0.18983 0.03378 0.00601
0.001424 0.000253 4.51E-005
0.19125 0.03404 0.00606
959.4018 996.1044 1034.211
136.486 141.707 147.128

-136.295 -141.673 -147.122


Reformulated Income statement
Maksons Spinning ltd
Particulars 2009 2010 2011 2012

Sales 299.74 384.69 570.303 706.981


COGS 243.5 310.94 420.76 570.13
Gross margin 56.24 73.75 149.543 136.851
Administrative Expenses 15.33 16.1 21.1 27.1
Directors remuneration 2.64 3.84 3.84 3.84
Auditors remuneration 0.025 0.025 0.04 0.05
Cost audit fee 0.006 0.006 0.006 0.006
Depreciation 0.74 1.55 0 0
Contribution to W.P.P.F 0.798 1.226 4.87 6.33
Operating Income before tax 36.701 51.003 119.687 99.525

Total Tax 4.14832 2.24802 17.9762 19.0244


Core Operating Income after Tax 32.5527 48.755 101.711 80.5006
Other Income 5.88 0 0.148 44.36
Operating Income 38.4327 48.755 101.859 124.861

Net Financial Expense 24.0447 25.332 19.1078 15.0126

Comprehensive Income 14.388 23.423 82.751 109.848

Pro-Forma of Income statement


Maksons Spinning ltd

Particulars 2014 2015 2016 2017

Sales 222.6893 62.64593 17.62327 4.957697


COGS 176.8186 49.74181 13.99314 3.936485
Gross margin 45.87066 12.90412 3.630129 1.021211
Total Operating Expenses 12.80341 3.601796 1.013241 0.28504
Operating Income before tax 33.0673 9.30233 2.61689 0.73617

Total Tax 7.05436 1.9845 0.55827 0.15705


Core Operating Income after Tax 26.0129 7.31783 2.05862 0.57912
Other Income 10.2941 2.89589 0.814659 0.229176
Operating Income 36.307 10.2137 2.87328 0.8083
NFO 854.6038 -1031.691 1245.474 -1503.556
Net Financial Expense 67.193 -81.1165 97.9251 -118.217

Comprehensive Income -30.886 91.3302 -95.0519 119.025


2013

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