BSRM Steels Limited

Balance Sheet
2010-2011
(Year)

Property Plant & Equipment $ 5,945,824,690

Intangible Assets --
Other long term investments --
Capital Work in Progress 630,082,245
Investment Property --
Total Non Current Assets 6,575,906,935
Inventory 7,159,680,581
Accounts Receivable 3,444,712,591
Short term investments --
Amount receivable from related parties 3,332,478,154
Cash & cash equivalents 574,726,904
Advances, Deposits & Payments 3,037,853,592
Total Current Assets 17,549,451,822
Total Assets 24,125,358,757
Stated capital 3,255,000,000
Revaluation Reserve --
Retained Earnings (46,302,924)
Shareholders' funds 3,208,697,076
Minority Interest 67,287,836
Total Equity 3,275,984,912
Interest Bearing Borrowings 2,124,075,996
Defferred Tax Liabilities --
Other non-current liabilities --
Total Non Current Liabilities 2,124,075,996
Trade & other payables 17,974,752
Short term loans 16,352,079,632
Amount due to related parties 864,295,484
Tax payable 12,872,260
Accounts Payable 986,726,781
Other current liabilities 491,348,940
Total Current Liabilities 18,725,297,849
Total Owners Equity & Liabilities 24,125,358,757
Book value per share 10.06

Ratio Analysis 2011

Liquidity Ratios

1. Current Ratio 0.94

2. Quick Ratio 0.55

Activity Ratios

1. Inventory Turnover 3.97

2.Average Collection Period 40.24
3. Average Payment Period 12.68
4.Total Asset Turnover 1.30
5. Fixed Asset Turnover 4.75

Profitability Ratios

1. Gross Profit Margin 0.091

2. Operating Profit Margin 0.062
3. Net Profit Margin 0.031
4. Return On Assets 4.05%
5. Return On Equity 30%
6. Basic Earning Power 0.08
7. Earnings Per Share 3

Debt Ratios

1. Debt Ratio 0.864

2. Times Interest Earned 2.119

Market Ratios

1. Price Earnings Ratio 39.57

2. Market Book Ratio 11.80
BSRM Steels Limited

2011-2012 2012-2013 2013-2014

(Year) (Year) (Year)

$ 9,372,527,737 $ 9,361,781,880 $ 9,478,012,241

151,596 83,707 42,671,865
13,500,000 451,146,000 --
249,003,334 257,428,476 52,120,752
-- 47,718,801 945,301,128
9,635,182,667 10,118,158,864 10,518,105,986
9,803,259,163 7,883,356,183 $ 13,627,336,725
3,736,982,445 4,853,971,631 2,973,028,898
-- 33,672,752 254,178,594
1,193,645,518 3,148,249,274 3,040,570,533
1,112,214,098 774,270,614 573,851,351
1,325,299,435 1,343,746,999 1,394,394,506
17,171,400,659 18,037,267,453 21,863,360,607
26,806,583,326 28,155,426,317 32,381,466,593
3,255,000,000 3,417,750,000 3,417,750,000
2,669,085,851 2,651,613,249 2,635,014,277
432,208,879 1,362,612,936 2,609,417,357
6,356,294,730 7,431,976,185 8,662,181,634
91,295,226 98,330,428 106,672,238
6,447,589,956 7,530,306,613 8,768,853,872
977,061,308 711,803,061 614,600,476
559,709,677 808,362,428 889,207,310
-- -- 53,029,475
1,536,770,985 1,520,165,489 1,556,837,261
421,467,564 460,008,178 53,285,610
18,020,251,973 17,258,619,203 20,676,016,939
-- 350,000 1,645,134
72,043,712 496,867,314 495,092,588
241,702,059 278,463,358 97,237,179
308,459,137 889,109,522 829,735,189
18,822,222,386 19,104,954,217 22,055,775,460
26,806,583,327 28,155,426,319 32,381,466,593
19.81 22.03 25.66

2012 2013 2014

 0.91 0.94 0.99
0.39 0.53 0.37

3.63 4.12 2.57

35.65 48.81 28.13
2.48 3.13 1.01
1.43 1.29 1.19
3.97 3.59 3.67

0.070 0.105 0.090

0.045 0.079 0.066
0.026 0.039 0.032
3.73% 4.98% 3.85%
31% 41% 37%
0.06 0.10 0.08
3.06 4.08 3.63

0.759 0.733 0.729

12.298 7.194 8.459

22.19 16.84 31.85

3.43 3.12 4.51
 BSRM Steels Limited

Income Statement 2010-2011

(Year)
Revenue $ 31,242,602,953
Costs of Sales 28,401,543,940
Gross Profit 2,841,059,013
Other Operating Profit/ (loss) 8,333,217
Distribution expenses 356,778,132
Administrative expenses 230,829,257
Depreciation and amortization 321,343,518
Operating Profit/ (loss) 1,940,441,323
Employee benefits expenses --
Finance Expenses 819,525,284
Finance Income 50,163,052
Other revenues and profits --
Share of profit/ (loss) in Jointly Controlled Entity 57,823,712
Share of profit/ (loss) in Associate Company --
Profit / (loss) Before Tax 1,113,255,379
Income Tax Expense 135,927,331
Profit / (loss) for the Period 977,328,048
Earnings Per Share - Basic 2.98
Income tax paid (129,355,204)
Dividend
Interest Paid 915,519,376
 2011-2012 2012-2013 2013-2014
(Year) (Year) (Year)
$ 38,262,395,136 $ 36,294,868,280 $ 38,571,105,303
35,570,312,378 32,466,554,850 35,083,090,919
2,692,082,758 3,828,313,430 3,488,014,384
9,756,743 -- --
503,612,367 683,970,583 672,978,687
264,647,448 288,822,580 283,360,280
222,190,929 -- --
1,711,388,757 2,855,520,267 2,531,675,417
78,799,729 104,486,564 91,670,284
663,619,886 844,891,039 873,602,989
524,464,195 138,708,257 153,486,963
-- 12,725,110 23,931,664
-- -- 3,199,602
-- -- --
1,493,433,337 2,057,576,031 1,740,621,169
492,226,260 655,986,914 493,062,302
1,001,207,077 1,401,589,117 1,247,558,867
3.06 4.08 3.63
-- -- (370,912,803)
512,662,500
139,155,691 396,957,569 299,275,981
 S. Alam Cold Rolled Steels Limited

Balance Sheet
2010-2011
(Year)
Property Plant & Equipment $ 1,236,750,919
Capital Work in Progress 347,948,048
Other Investments 4,093,225
Total Non Current Assets 1,588,792,192
Inventory 3,787,036,373
Trade & other receivables 561,786,225
Amount due from Subsidiary Company --
Short term investments 268,400,000
Cash & cash equivalents 318,998,517
Advances, Deposits & Payments 325,806,523
Short Term Deposits --
Total Current Assets 5,262,027,638
Total Assets 6,850,819,830
Stated capital 983,711,000
Share Premium 439,337,200
Retained Earnings 208,840,825
Shareholders' funds 1,631,889,025
Minority Interest --
Total Equity 1,631,889,025
Interest Bearing Borrowings 30,759,581
Interest Bearing Borrowings to related parties 103,660,115
Defferred Tax Liabilities 221,401,453
Total Non Current Liabilities 355,821,149
Trade & other payables 312,903,969
Long term loans payable within one year --
Short term loans --
Amount due to related parties --
Tax payable 219,856,991
Dividends payable 157,412,592
Amounts due to subsidary company --
Current portion of interest bearing borrowings 329,887,191
Other current liabilities 34,633,663
Total Current Liabilities 4,863,109,656
Book value per share 16.59
 Ratio Analysis 2011

Liquidity Ratios

1. Current Ratio 1.08

2. Quick Ratio 0.30

Activity Ratios

1. Inventory Turnover Ratio 0.61

2. Average Collection Period 67.58
3. Average Payment Period 49.80
4. Total Asset Turnover 0.44
5. Fixed Asset Turnover 1.91

Profitability Ratios

1. Gross Profit Margin 0.244

2. Operating Profit Margin 0.211
3. Net Profit Margin 0.085
4. Return On Assets 3.77%
5. Return On Equity 26.23%
6. Basic Earning Power 0.09
7. Earnings Per Share 2.62

Debt Ratios

1. Debt Ratio 0.76

2. Times Interest Earned 0

Market Ratios

1. Price Earnings Ratio 255.52

2. Market Book Ratio 40.40
imited

2011-2012 2012-2013 2013-2014

(Year) (Year) (Year)
$ 1,258,461,158 $ 1,797,266,705 $ 1,823,717,545
734,039,077 166,415,580 2,095,429,942
268,400,000 277,357,000 --
2,260,900,235 2,241,039,285 3,919,147,487
3,982,520,132 3,662,684,780 3,616,304,747
1,628,020,935 1,817,589,420 1,667,301,396
1,129,848,715 872,250,662 3,609,961,379
74,719,877 82,724,337 --
2,951,657 3,361,725 3,397,663
335,943,614 500,959,431 464,048,142
-- -- 114,516,922
7,154,004,930 6,939,570,355 9,475,530,249
9,414,905,165 9,180,609,640 13,394,677,736
983,711,000 983,711,000 983,711,000
433,930,746 433,930,746 433,930,746
515,894,054 554,826,560 561,580,363
1734768987 1,972,468,306 1,979,222,109
-- -- 136,724,580
1,933,535,800 1,972,468,306 2,115,946,689
25,732,019 836,576,858 1,834,199,974
-- -- --
223,955,171 273,511,707 300,586,220
249,687,190 1,110,088,565 2,134,786,194
1,767,824,441 1,497,867,057 1,650,131,588
-- -- 262,816,000
3,495,484,963 2,741,767,286 4,328,762,657
1,436,173,783 1,159,302,424 2,618,372,885
314,856,991 308,568,334 151,963,545
14,371,363 25,084,271 29,098,091
-- -- --
102,559,890 249,094,500 --
100,410,744 116,368,897 102,800,087
7,231,682,175 6,098,052,769 9,143,944,853
19.66 20.05 21.51
2012 2013 2014

0.99 1.14 1.04

0.44 0.54 0.64

0.75 0.87 0.80

160.50 175.61 181.41
215.79 171.40 207.08
0.39 0.41 0.25
1.64 1.69 0.86

0.192 0.156 0.133

0.177 0.145 0.119
0.082 0.049 0.028
3.23% 2.03% 0.71%
30.95% 18.96% 9.70%
0.07 0.06 0.03
3.10 1.90 0.97

0.79 0.79 0.84

2.84 1.87 1.53

17.87 20.68 37.11

2.81 1.96 1.67
 Income Statement
2010-2011
(Year)
Revenue $ 3,034,089,701
Costs of Sales 2,293,458,970
Gross Profit 740,630,731
Other Operating Profit/ (loss) --
Distribution expenses --
Administrative expenses 26,441,148
Depreciation and amortization 73,596,221
Operating Profit/ (loss) 640,593,362
Employee benefits expenses 21,443,938
Finance Expenses 302,657,150
Finance Income --
Other revenues and profits 89,629,314
Profit / (loss) Before Tax 406,121,588
Income Tax Expense 148,087,168
Profit / (loss) for the Period 258,034,420
The number of shares 98,371,100
Earnings Per Share - Basic 2.62
Income tax paid --
Interest Paid --
 2011-2012 2012-2013 2013-2014
(Year) (Year) (Year)
$ 3,702,374,435 $ 3,777,715,090 $ 3,354,656,471
2,990,150,440 3,189,707,547 2,908,474,969
712,223,995 588,007,543 446,181,502
-- 9,007,800 --
2,387,460 5,185,620 3,200,399
32,441,832 43,520,429 45,268,157
20,581,356 -- --
656,813,347 548,309,294 397,712,946
22,015,459 13,465,563 7,463,878
238,363,457 299,484,153 266,228,046
21,142,104 20,486,114 13,986,844
717,183 -- --
418,293,718 255,845,692 138,007,866
113,817,229 69,356,536 42,574,513
304,476,489 186,489,156 95,433,353
98,371,100 98,371,100 98,371,100
3.10 1.90 0.97
-- -184,928,713 -174,700,272
231,066,261 293,416,227 260,292,530