Statement of Comprehensive Income of Apex Spi

Turnover
Less: Cost of goods sold
Gross profit
Less: Operating expenses:
Administrative and selling expenses
Operating profit
Other income
Profit before PPF & WF
Less: Provision for PPF and WF
Earnings before interest and tax
Less: Financial expenses
Earnings before tax
Less: Tax expense:
current tax
Deferred tax expense/(income)
Total tax expense
Earnings after tax
Other comprehensive income:
Fair valuation surplus/deficit of inve
Total comprehensive income
Less: dividend
Previous year adjustment of income
Previous year retained earnings
Adjustment of revaluation of PPE
Transfer to reserve
Recommended Dividend
Dividend payout ratio
Retention Ratio
Number of shares outstanding( A
Earning per share without fair v
Earnings per share with fair val
Dividend per share(adjusted)
Notes:

2009
1649.53
1494.26
155.27

2010
1586.09
1434.18
151.92

113.28
41.99
1.14
43.14
1.05
42.08
20.99
21.09

116.82
35.09
1.16
36.25
0.91
35.34
17.18
18.17

8.65
-0.68
7.98
13.12

5.02
-0.66
4.35
13.81

0.00
13.12
12.60
0.00
0.00
0.00
0.52
12.60
0.96
0.04
8.40
1.56
1.56
1.5

0.00
13.81
12.60
0.00
0.00
0.00
1.21
12.60
0.91
0.09
8.40
1.64
1.64
1.5

1. During year 2008 dividend

per
share
was2009
takato
20.00/per
2. From
year
year 2011
share.
dividend per share was taka
15.00/- per share.
3.
face
4. During
During year
year 2012
2012 the
to year
value
of sharesper
have
been
2013 dividend
share
was
converted
into
taka
10.00/taka 1.80/-.
each from taka 100.00/- each.

Column1
Internal Liquidity Ratios
Current Ratio
Quick Ratio
Cash Ratio
Column1
Inventory Turnover
Average Age of Inventory
Accounts Receivable Turnover
Average Collection Period
Operating cycle
Accounts Payable Turnover
Average Paying Period
Cash Cycle
Column1
Operating Efficiency Ratios
Fixed Asset Turnover
Current Asset Turnover
Total Asset Turnover
Operating Profitablity Ratios
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Total Assets (ROA)
Return on Equity (ROE)
Sustainable growth rate

Column2

Column3

1.11
1.13
0.70
0.78
0.05
0.12
Column2
Column3
7.48
48.13
6.19
58.20
106.33
6.41
56.13
50.19
Column2

9.56
37.67
6.74
53.42
91.09
6.11
58.88
32.21
Column3

4.43
3.04
1.80

4.50
3.30
1.90

9.41%
2.55%
0.80%
1.43%
3.31%
0.13%

9.58%
2.21%
0.87%
1.66%
3.49%
0.31%

Column1
Financial Risk/Leverage Ratios
Debt to Total Asset Ratio
Debt-Equity Ratio
Debt sevice coverage
End-of-Year Stock Price
adjusted stock price
Equity to total asset
Earnings Per Share (EPS)
Price/Earnings Ratio

Column2

DuPont Analysis
EBIT/Sales
Sales/Total Assts
EBT/EBIT
EAT/EBT
TA/Equity
ROE

Column1

Book Value/Market Value

BV
MV
BV/MV
MV/BV
TOBIN Q

Column1
Column2
492.63
445.11
805.77
1433.89
0.61
0.31
1.64
3.22
0.88
1.72

EBIT/ Interest on debt

2.00498708 2.05772705

0.10
0.24
2.28
845.00
84.50
0.43
1.56
54.11

Column3
0.06
0.12
2.97
1648.75
164.88
0.48
1.64
100.25

Column2

0.026
1.80
0.50
0.62
2.31
3.31%

0.022
1.90
0.51
0.76
2.10
3.49%

0.87

net profit to sales

Column1

0.79

0.76%
Column2

Column3
2009

2010

Book value of
Book value of
BV (ASKML)
Book value of
Book value of
BV (Saiham)

Equity (ASKML)
debt (ASKML)
Equity (Saiham)
debt (Saiham)

Column1
Market price per share
Number of shares(adjusted)
Market value of Equity
market value of debt
Market value of firm
Market price per share
Number of shares(adjusted)
Market value of Equity
market value of debt
Market value of firm
Column1
End-of-Year Stock Price
Earnings Per Share (EPS)
Price/Earnings Ratio
Tobin Q

396.66
95.97
492.63
254.19
17.51
271.70
Column2

396.17
48.94
445.11
260.85
14.67
275.52
Column3

2009

2010

84.50

164.88

8.40

8.40

709.8

1384.95

95.97

48.94

805.77

1,433.89

30.78

15.87

12.50

12.50

384.69

198.38

17.51

14.67

402.20

213.04

Column2

Column3

84.50
1.56
54.11
0.88

164.88
1.64
100.25
1.72

Statement of Comprehensive Inc

(All amount in million)

2011
2231.01
2065.17
165.84

2012
2524.44
2324.16
200.28

2013
2445.61
2,238
207.91

2009
299.74
243.50
56.24

2010
384.69
310.94
73.75

131.16
34.68
1.25
35.93
1.16
34.77
12.75
22.02

160.29
40.00
1.48
41.48
1.50
39.97
9.91
30.07

162.35
45.56
6.59
52.15
2.11
50.04
9.87
40.17

18.73
37.51
5.88
43.39
0.80
42.60
26.64
15.96

21.51
52.24
52.24
1.23
51.01
26.50
24.51

8.95
-0.45
8.50
13.53

13.68
-0.44
13.24
16.83

21.96
-0.28
21.68
18.49

1.55
0.00
1.55
14.41

1.64
-0.56
1.08
23.44

0.00
13.53
12.60
0.00
0.00
0.00
0.93
12.60
0.93
0.07
8.40
1.61
1.61
1.5

3.72
20.55
15.12
0.00
0.00
0.00
5.43
15.12
0.90
0.10
8.40
2.00
2.45
1.8

-1.62
16.87
15.12
0.00
0.00
0.00
1.75
15.12
0.90
0.10
8.40
2.20
2.01
1.8

0.00
14.41
-12.50
-1.77
1.51
0.00
1.65
12.50
0.87
0.13
12.50
1.15

0.00
23.44
-12.50
-1.896823
1.65
0.00
10.69
12.50
0.53
0.47
12.50
1.87

Column4

Column5

Column6

Column7

Column8

1.10
1.18
1.12
1.19
1.13
0.70
0.89
0.88
0.32
0.43
0.28
0.30
0.39
0.07
0.03
Column4
Column5
Column6
Column7
Column8
7.85
45.87
10.13
35.54
81.42
3.95
91.21
-9.79
Column4

12.67
28.42
8.33
43.21
71.63
4.54
79.34
-7.71
Column5

12.09
29.78
8.70
41.37
71.15
4.04
89.06
-17.90
Column6

1.61
223.82
16.90
21.30
245.11
14.12
25.49
219.62
Column7

1.80
199.86
4.27
84.39
284.25
8.97
40.14
244.11
Column8

6.57
3.05
2.08

8.39
3.38
2.41

7.64
2.84
2.07

1.21
1.44
0.66

1.51
1.38
0.72

7.43%
1.55%
0.61%
1.26%
3.34%
0.23%

7.93%
1.58%
0.67%
1.60%
4.08%
0.41%

8.50%
1.86%
0.76%
1.56%
4.46%
0.46%

18.76%
12.51%
4.81%
3.16%
5.67%
0.75%

19.17%
13.58%
6.09%
4.40%
8.98%
4.19%

Column4
0.02
0.05
7.81
111.60
11.16
0.38
1.61
6.93

Column3

Column5
0.03
0.08
9.86
68.30
68.30
0.39
2.00
34.09

Column4

0.016
2.08
0.63
0.61
2.65
3.34%

Column6
0.07
0.19
11.50
70.30
70.30
0.35
2.20
31.94

Column7

Column8

0.04
0.07
2.31
307.75
30.78
0.56
1.15
26.70

0.03
0.06
2.67
158.70
15.87
0.49
1.87
8.46

0.142
0.66
0.37
0.90
1.79
5.67%

0.13
0.72
0.48
0.96
2.04
8.98%

Column5

0.016
2.41
0.75
0.56
2.54
4.08%

0.020
2.07
0.80
0.46
2.85
4.46%

Column3
Column4
Column5
Column6
Column7
425.38
445.69
493.82
271.70
275.52
114.53
606.87
670.04
402.20
213.04
3.71
0.73
0.74
0.68
1.29
0.27
1.36
1.36
1.48
0.77
0.11
0.58
0.57
0.88
0.40

2.7274722 4.03528856 5.06935353 1.59915081 1.92496873

0.84

Column4

0.94

Column5
2011

0.95

Column6
2012

0.49

Column7
2013

0.62

Column8

404.59
20.79
425.38
343.61
11.11
354.72
Column4

412.54
33.15
445.69
2,194.36
7.09
2,201.45
Column5

414.29
79.52
493.82
2,318.85
3.12
2,321.97
Column6

254.19
17.51
271.70

Column1

260.85
14.67
275.52

Column2

2011

2012

2013

11.16

68.30

70.30

30.78

15.87

8.40

8.40

8.40

12.50

12.50

93.744

573.72

590.52

384.6875

198.375

20.79

33.15

79.52

17.51

14.67

114.53

606.87

670.04

402.20

213.04

60.20

28.40

28.50

25.00

75.00

75.00

1,505.00

2,130.00

2,137.50

11.11

7.09

3.12

1,516.11

2,137.09

2,140.62

Column4

Column5

11.16
1.61
6.93
0.11

Column6

68.30
2.00
34.09
0.58

Column7

70.30
2.20
31.94
0.57

Column8

30.78
1.15
26.70
0.88

15.87
1.87
8.46
0.40

Comprehensive Income of Saiham Textile Mills Ltd.

2011
570.30
420.76
149.54

2012
706.98
570.13
136.85

2013
791.59
637.42
154.16

sales growth
-0.03846 0.40661
12%
0.925666

28%
24.98
124.57
0.15
124.71
4.87
119.85
22.49
97.36

30.98
35.76
105.87
118.40
44.359887 117.555854
150.23
235.96
6.33
10.16
143.90
225.79
17.36
22.51
126.55
203.29

15.07
-0.47
14.60
82.76

17.11
-0.37
16.73
109.81

45.10
-0.60
44.50
158.79

0.00
82.76
0.00
0.00
10.69
0.00
93.45
0
0.00
1.00
25
3.31

0.00
109.81
-37.50
0.00
93.45
25.953192
165.76
37.5
0.34
0.66
75
1.46

0.00
158.79
-112.50
-10.794755
165.76
32.831566
201.25
112.5
0.71
0.29
75
2.12

0.5

1.5

48%
0.281312

0.410171 0.27612
0.418884

0.364218

Column9

Column10

Column11

1.44
5.27
1.13
0.38
4.39
0.80
0.09
3.99
0.61
Column9
Column10
Column11
1.48
243.50
9.11
39.50
283.00
54.46
6.61
276.39
Column9

2.14
167.95
9.72
37.04
204.99
64.01
5.62
199.37
Column10

1.31
275.45
5.83
61.74
337.19
41.87
8.60
328.59
Column11

2.26
1.48
0.89

0.71
0.44
0.27

0.37
0.48
0.21

26.22%
21.84%
14.51%
12.98%
24.08%
24.08%

19.36%
14.97%
15.53%
4.23%
4.96%
3.27%

19.48%
14.96%
20.06%
4.18%
6.85%
2.00%

(0.131) (0.298)
1.097

Column9

Column10

Column11

D/ta avaerage
0.06

0.02
0.03
6.20
60.20
60.20
0.54
3.31
18.19

0.0027
0.0032
10.91
28.4
28.4
0.85
1.46
19.40

0.0008
0.0013
12.30
28.5
28.5
0.61
2.12
13.46

0.21
0.89
0.81
0.85
1.86
24.08%

0.20
0.27
0.88
0.87
1.17
4.96%

0.29
0.21
0.90
0.78
1.64
6.85%

Column8
Column9
Column10
354.72
2,201.45
2,321.97
1516.11
2137.09
2140.62
0.23
1.03
1.08
4.27
0.97
0.92
2.38
0.82
0.56

5.3294222 8.290590989 10.03233639

0.52

Column9

0.16

Column10

0.42

Column11

average

0.14

343.61
11.11
354.72

Column3

2,194.36
7.09
2,201.45

Column4

2,318.85
3.12
2,321.97

Column5

60.20

28.40

28.50

25.00

75.00

75.00

1505

2130

2137.5

11.11

7.09

3.12

1,516.11

2,137.09

2,140.62

Column9

Column10

60.20
3.31
18.19
2.38

Column11

28.40
1.46
19.40
0.82

28.50
2.12
13.46
0.56

0.131522 -0.0312

24%

12%

0.406363 0.45506 0.5467

0.019

0.176

5.717

0.02
0.03

Column1

Statement
of Finan
Statement of Financial
Position
of A
Spining
2009 (Amounts in Million)
2010

2011

Fixed assets:
Property, Plant and equipment

952.08

999.16

326.71

Less: Accumulated depreciation

589.60

656.67

0.00

Net Property, Plant and equipment

Investment
Capital work in progress
Total Fixed Asset
Current assets:
Inventories
Trade debtors

362.48
9.62

342.49
9.62

326.71
13.04

372.10

352.11

339.75

199.76
266.67

150.08
235.36

263.16
220.27

Advances, deposits &prepayments

Other receivables
sudry receivables
Cash & cash equivalents
Total current assets
Total assets
operating working capital
Current liabilities:
Working capital loan
Bank loan & overdreft
Current portion of long term loan
Short term loan
current Account with FSML
Liability for capital machinery
liabilities for goods
Right share money refundable
Trade creditors

47.82
1.87
0.00
26.57
542.69
914.80
439.40

39.90
5.46
0.00
50.40
481.19
833.31
382.16

57.41
2.09
0.00
187.57
730.51
1,070.25
522.15

121.59

96.81

61.99

31.05
45.67
0.00
0.00
0.00
0.00
232.99

18.91
29.73
0.00
0.00
0.00
0.00
234.57

0.30
20.49
0.00
0.00
0.00
0.00
523.23

Workers Profit Participation Fund

Provision For Income Tax
Sundry creditors
Total current liabilities
Non-current liabilities:
Deffered tax liabilities
Long term loan
Total Non-current Liabilities
Total liabilities
net working capital

0.00
0.00
57.06
488.35

0.00
0.00
46.93
426.96

0.00
0.00
57.72
663.73

10.54
19.25
29.79
518.14
54.35

9.88
0.30
10.18
437.13
54.24

1.93
0.00
1.93
665.66
66.78

Shareholder's fund:

Share capital
Deposit against right share
Capital Reserve for reinvestment
General Reserve/ reserve account
Tax Holiday Reserve
Revaluation reserve
Proposed Dividend
Retained Earnings
share premium
Reserve and surplus
Fair valutaion surplus of investment
Total shareholder's fund
Total liabilities and equity
Column1
Total current assets
Total current liabilities
Current Ratio
Quick Ratio

84.00
0.00
0.00
0.00
0.00
0.00
0.00

84.00
0.00
0.00
0.00
0.00
0.00
0.00

84.00
0.00
0.00
0.00
0.00
0.00
0.00

15.00
297.66

15.00
297.17

15.00
305.59

0.00
396.66
914.80

0.00
396.17
833.31

0.00
404.59
1,070.25

Column2
Column3
Column4
542.69
481.19
730.51
488.35
426.96
663.73
1.11
1.13
1.10
0.70
0.78
0.70

Statement
of Financial
Position ( Amounts in Million Tk.)
ncial
Position
of Apex
Saiham Textile Ltd.
pining
2012

2013

2009

2010

2011

287.05 307.545925 601.364119 254.344746 252.356134

2012
865.196688

0.00

0.00

353.73

0.00

0.00

0.00

287.05
13.91

307.55
12.65

247.64
0.00

254.34
0.00

252.36
0.00

300.96

320.19

247.64

254.34

252.36

865.20
0.00
134.62
999.81

183.50
302.97

185.10
281.07

151.38
17.73

172.63
90.18

284.60
62.57

265.99
72.74

65.14
6.60
0.00
189.30
747.51
1,048.47
525.06

91.47
3.51
0.00
300.26
861.40
1,181.59
481.62

27.21
0.00
0.00
11.71
208.04
455.67
178.81

6.86
0.00
0.00
8.54
278.21
532.55
255.00

14.49
0.00
0.00
23.68
385.34
637.69
350.55

49.81
0.00
0.00
1,204.76
1,593.29
2,593.11
381.44

23.86

35.63

0.00
33.15
0.00
0.00
0.00
0.00
512.19

0.00
79.52
0.00
0.00
0.00
0.00
553.55

138.623026 137.655252 112.973359

0.00
0.00
0.00
17.51
14.67
11.11
0.00
57.30
0.00
0.00
0.00
0.00
0.00
0.00
125.49
0.00
0.00
0.00
17.24
34.67
7.73

149.23192
0.00
7.09
0.00
0.00
134.48
2.84
8.91

0.00
0.00
65.24
634.44

0.00
0.00
97.39
766.09

0.00
0.97
0.00
174.34

0.00
1.05
0.00
245.34

0.00
10.88
0.00
268.19

0.00
-0.34
0.00
302.21

1.49
0.00
1.49
635.93
113.07

1.21
0.00
1.21
767.30
95.31

27.14
0.00
27.14
201.49
33.69

26.58
0.00
26.36
271.70
32.87

25.89
0.00
25.89
294.08
117.15

96.53
0.00
96.53
398.74
1,291.08

84.00
0.00
0.00
0.00
0.00
0.00
0.00

84.00
0.00
0.00
0.00
0.00
0.00
0.00

15.00
309.82

15.00
313.19

125.00
0.00
0.00
48.95
78.59
0.00
0.00
1.65
0.00
0.00

3.72
412.54
1,048.47

2.10
414.29
1,181.59

0.00
254.19
455.67

125.00
0.00
0.00
49.18
78.59
0.00
0.00
8.087844
0.00
0.00

250.00
0.00
0.00
2.76
0.00
0.00
0.00
90.843019
0.00
0.00

250.00
500.00
0.00
2.76
0.00
542.98

0.00
260.85
532.55

0.00
343.61
637.69

0.00
2,212.35
2,611.10

189.11
727.50
0.00

Column5
Column6
Column7
Column8
Column9
Column10
747.51
861.40
208.04
278.21
385.34
1,593.29
634.44
766.09
174.34
245.34
268.19
302.21
1.18
1.12
1.19
1.13
1.44
5.27
0.89
0.88
0.32
0.43
0.38
4.39

Ltd.
2013
97%

97%

96%

95%

96%

816.518117

0.97

0.97

0.96

0.95

0.96

0.00

487.21

816.52
0.00
1336.43375
2,152.95
487.71
135.76
59.64
0.00
73.02
893.35
1,649.49
3,802.44
753.02

153.422884
0.00
3.12
0.00
888.37
382.87
0.02
15.22
0.00
15.64
0.00
1,458.67
24.92
0.00
24.92
1,483.58
190.82

0.96

0.396242 0.411004 0.305264 0.273779 0.260281

0.329314

750.00
0.00
0.00
2.76
0.00
581.16
0.00
257.43
727.50
0.00
0.00
2,318.85
3,802.44
Column11
1,649.49
1,458.67
1.13
0.80

100%

100%

100%

87%

38%

1.00

0.543453 0.477594 0.395734 0.333653 0.214735

Time
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December
January
February
March
April
May
June
July
August

Monthly closing - Apex Spinning

474.5
606.75
575.5
471
543.5
593.25
625.5
955
1206.75
993.25
1132
845
880.75
756.75
786.75
830.5
779.75
707.75
783
835
1139.25
1650
1708.75
1648.75
1588.75
1375
2036
1768
1550
1423.5
1310.75
1294
1124.75
773
840
111.6
94.1
103.4
102.2
93
77.9
76.1
69.4
67.8

September
October
November
December
January
February
March
April
May
June
July
August
September
October
November
December

Covariance
Variance of market return
Beta
Market return
Market return -yearly
Ke(apex)
Ke(Saiham)
Risk free rate
Risk premium
Debt
Equity
Weight of debt
Weight of Equity
Interest
Kd
Kd after tax
Ke
Tax rate
WACC

74.9
67.7
74.6
68.3
68.40
64.70
56.00
57.80
66.80
61.70
63.47
80
73.33
64.5
67.9
70.3

0.007037
0.008995
0.782265
0.01259902
0.15118820
13%
19%
0.05

15.12%

Apex Spinning return

DGEN
2,649.49

0.2787144362
-0.0515039143
-0.1815812337
0.1539278132
0.0915363385
0.0543615676
0.5267785771
0.2636125654
-0.1769214833
0.1396929273
-0.2535335689
0.0423076923
-0.1407891002
0.0396432111
0.055608516
-0.0611077664
-0.0923372876
0.1063228541
0.0664112388
0.3643712575
0.448321264
0.0356060606
-0.035113387
-0.0363912055
-0.1345397325
0.4807272727
-0.1316306483
-0.1233031674
-0.0816129032
-0.0792061819
-0.0127789434
-0.1307959815
-0.3127361636
0.0866752911
-0.8671428571
-0.1568100358
0.0988310308
-0.0116054159
-0.0900195695
-0.1623655914
-0.0231065469
-0.0880420499
-0.023054755

2,570.96
2,446.92

2,554.36
2,572.18
3,010.26
2,914.53
2,941.28
3,083.89
3,364.26
4,380.95
4,535.53
5,367.11
5,560.56

5,582.33
5,654.88
6,107.81
6,153.68
6,342.76
6,657.97
7,097.38
7,957.12
8,602.44
8,290.41
7,484.23
5,203.08
6,352.10
6,050.85
5,758.26
6,117.23
6,459.62
6,212.00
5,910.20
5,036.50
5,268.55
5,257.61
4,153.96
4,695.41
4,990.32
5,098.90
4,734.33
4,572.88
4,159.17
4,446.87

0.104719764
-0.0961281709
0.1019202363
-0.0844504021
0.0014641288
-0.0540935673
-0.1344667697
0.0321428571
0.1557093426
-0.0763473054
0.0286871961
0.2604380022
-0.083375
-0.1204145643
0.0527131783
0.0353460972

4,544.41
4,493.92
4,210.58
4,219.31
4,230.69
4,047.23
3,722.41
3,618.49
4,100.51
4,385.77
4,342.31
4,127.48
3,937.68
3,967.73
4,230.73

4266.55

Apex spinning & knitting mills ltd

0.0122411678
0.0089954
1.360827
0.01259902
0.15118820

0.10118820
115.15
414.29
0.217499
0.782501
9.870731
8.57%
6.21%
13%
27.50%
11.46%

DGEN return
(0.0296)
(0.0482)
0.0439
0.0070
0.1703
(0.0318)
0.0092
0.0485
0.0909
0.3022
0.0353
0.1833
0.0360
0.0039
0.0130
0.0801
0.0075
0.0307
0.0497
0.0660
0.1211
0.0811
(0.0363)
(0.0972)
(0.3048)
0.2208
(0.0474)
(0.0484)
0.0623
0.0560
(0.0383)
(0.0486)
(0.1478)
0.0461
(0.0021)
(0.2099)
0.1303
0.0628
0.0218
(0.0715)
(0.0341)
(0.0905)
0.0692

Monthly closing - Saiham textile

130.5
164.25
181.5
149
154.5
174
238.75
279.5
397
362.75
345.75
307.75
350
369.5
376.25
375.5
361.25
344.75
386.75
566.5
1070.75
1438.25
1805.75
158.7
142.3
65.3
94.1
76.4
64.5
64.1
85.5
83.6
67
47.1
53
60.2
30.8
32.2
31.9
28.4
27.1
22.5
21.7
24.9

0.0219
(0.0111)
(0.0630)
0.0021
0.0027
(0.0434)
(0.0803)
(0.0279)
0.1332
0.0696
(0.0099)
(0.0495)
(0.0460)
0.0076
0.0663
0.0085

43
38.1
35.8
28.4
30.6
27.8
24.1
24.1
28.9
28.6
29.2
30.7
31.9
28.5
29.2
28.5

Saiham textile ltd

0.012241

0.10118820
156.54
2,318.85
0.063239
0.93676
22.51
14.38%
11.19%
19%
22.19%
18.29%

Saiham textile return

0.2586206897
0.1050228311
-0.1790633609
0.0369127517
0.1262135922
0.3721264368
0.1706806283
0.4203935599
-0.0862720403
-0.0468642316
-0.1099060014
0.1372867587
0.0557142857
0.0182679296
-0.0019933555
-0.0379494008
-0.0456747405
0.1218274112
0.4647705236
0.8901147396
0.343217371
0.2555188597
-0.91211408
-0.1033396345
-0.5411103303
0.4410413476
-0.1880977683
-0.1557591623
-0.0062015504
0.3338533541
-0.0222222222
-0.1985645933
-0.2970149254
0.1252653928
0.1358490566
-0.488372093
0.0454545455
-0.0093167702
-0.1097178683
-0.0457746479
-0.1697416974
-0.0355555556
0.1474654378

0.7269076305
-0.1139534884
-0.0603674541
-0.2067039106
0.0774647887
-0.091503268
-0.1330935252
0
0.1991701245
-0.0103806228
0.020979021
0.051369863
0.0390879479
-0.1065830721
0.0245614035
-0.0239726027

Capital Structure of ASKML

Debt

Equity

Debt

Equity

Capital Structure of SAIHAM TEXTILE

Debt

Equity

6%

Capital Structure of SAIHAM TEXTILE

Debt

Equity

6%

94%

SKML

TILE

TILE

2009
Cash flow from operating activities:
Collection from turnover
Cash paid to suppliers/accounts payable/purchased
Cash Paid to operating expenses
Other Income
Interest and other financial charges paid
WPP fund paid during the year
Income tax paid
Payment for cost and expenses
Net cash generated from operating activites (a)
Cash flow from investing activities:
Property, Plant and Equipment Acquired
Sale of unusable asset
Investment in share
Net cash used in investing activities (b)
Cash flow from financing activities:
Working capital loan receipt/(repaid)
Long term loan receipt/( repaid)
Short term loan receipt/ ( repaid)
Dividend paid
Right share issue
Net cash flow from/(used in) financing activities ( c )

Apex Spinning and Knitting

2010

1534.01
0.00
0.00
0.65
0.00
0.00
0.00
-1630.33
-95.67

1617.40
0.00
0.00
0.63
0.00
0.00
0.00
-1451.02
167.01

-46.84
0.50
0.00
-46.34

-53.09
1.88
0.00
-51.21

97.98
-32.44
0.00
-8.76
0.00
56.78

-24.77
-47.03
0.00
-20.18
0.00
-91.98

Net increase/(decrease) in cash and cash equivalent

a+b+c
Cash and Cash equivalent on openning
Cash and Cash equivalent on closing
Number of Shares outstanding

-85.23
111.81
26.57
8.40

23.82
26.57
50.40
8.40

Operating cash flow per share

Cash flow per share

-11.39
-10.15

19.88
2.84

period
fcfe
growth ( base year 2009)
average growth
number of share outstading
closing price
Forcasted cashflow in upcoming period

Apex Spinning and Knitting Mills Limited

1
2
30.09
42.65
0 -2.41745494
8.40
845.00
2014

8.40
1648.75
2015

6
7
Column1 Column2
Column3
FCFE 84.6688758 110.507507
terminal value of the Firm
PVIF,K (13%,19%)
Present value
Value to Equity holder
Value of firm
Value Per Share

0.88495575 0.78314668
74.9282087 86.5435877
1570.91994
1,686.07
187.014278

ex Spinning and Knitting Mills Limited

2011
2012

2013

2009

Saiham Textile Mills Ltd.

2010
2011

2246.10
0.00
0.00
0.76
-60.01
0.00
-10.27
-1910.03
266.56

2441.74
0.00
0.00
1.03
-75.02
0.00
-17.09
-2296.08
54.58

2467.51
0.00
0.00
6.59
-76.12
0.00
-26.35
-2219.70
151.92

307.59
-209.44
0.00
0.00
-4.77
0.00
-3.45
0.00
89.94

312.25
-266.67
0.00
0.00
-3.45
0.00
-2.60
0.00
39.53

598.06
-531.94
0.00
0.00
-1.64
0.00
-3.60
0.00
60.88

-51.68
0.76
-3.42
-54.34

-18.74
1.15
2.85
-14.75

-84.01
0.00
-0.35
-84.36

-39.86
20.20
0.00
-19.66

-26.38
0.00
0.00
-26.38

-17.52
0.00
0.00
-17.52

-34.82
-18.91
-9.24
-12.08
0.00
-75.05

-38.14
-0.30
12.66
-12.33
0.00
-38.10

11.77
0.00
46.37
-14.75
0.00
43.40

0.00
-48.15
0.00
-12.50
0.00
-60.65

0.00
0.00
-3.81
-12.50
0.00
-16.31

0.00
0.00
-28.24
0.00
0.00
-28.24

137.17
50.40
187.57
8.40

1.73
187.57
189.30
8.40

110.96
189.30
300.26
8.40

9.63
2.09
11.71
12.50

-3.17
11.71
8.54
12.50

15.13
8.54
23.68
25.00

31.73
16.33

6.50
0.21

18.09
13.21

7.19
0.77

3.16
-0.25

2.44
0.61

nd Knitting Mills Limited

3
4
5
129.85
65.25
87.80
-4.0442284 -1.5025128 0.34558328
-1.5237226
8.40
8.40
8.40
111.60
68.30
70.30
2016
2017
2018

1
7.50
0
12.50
307.75
2014

Saiham Textile Mills Ltd.

2
3
59.46
10.80
-8.92686091 -0.81829626
-3.86452708
12.50
25
158.70
60.20
2015
2016

8
9
10
6
7
Column4
Column5
Column6
Column1
Column2
136.346139 162.18477 188.023401 647.237275 809.839594
1498.21821
0.69305016 0.61331873 0.54275994 0.84033613 0.70616482
94.4947134 99.4709567 102.051569
543.89687
571.88023

8
Column3
972.441913
0.59341581
577.062409
6065.29639
6,221.84
80.8706185

xtile Mills Ltd.

2012

2013

741.17
-603.91
0.00
0.00
0.00
0.00
-28.33
0.00
108.93

846.11
-704.69
0.00
0.00
-10.79
0.00
-29.12
0.00
101.51

-18.31
0.00
0.00
-18.31

-2.37
0.00
0.00
-2.37

0.00
0.00
32.24
-37.50
1230.34
1225.08

0.00
0.00
885.77
-112.50
0.00
773.27

1315.71
23.68
1339.38
75.00

872.41
1204.76
2077.17
75.00

1.45
17.54

1.35
11.63

tile Mills Ltd.

4
5
138.26
721.66
-13.7972043 4.21972607
75
28.4
2017

75
28.5
2018

9
10
Column4
Column5
1135.04423 1297.64655
7785.87931
0.49866875 0.41904937
566.01109
543.77797

Apex Spinning a
2009
Earning Per Share
Cash Dividend Per Share
Stock Dividend Per Share
Dividend Payout Ratio
Retention Ratio
No. of Shares Outstanding
OCF
FCF
OCF per Share
FCF per Share
Market Price
P/E ratio
P/E multiple of the Industry
Market Price by Using P/E multiple of the Industry

1.56
1.5
o
0.96
0.04
8.40
-95.67
-30.09
-11.39
-3.58
845.00
541.07
17.134

p/e ratio

square
20.7

delta
26.9

no. of shareholder

134.420

45.863

sales
Column1

Cash Dividend Per Share

Stock dividend per share
EPS
Dividend payout ratio
P/E times
P/E times industry
OCF per share
FCF per share
share price
adjusted share price( when FV 10tk)
Book value per share
Reserve & re per share
Sustainable growth rate %
GDP growth rate %
Inflation rate %

5238
Column2
2009
1.5
0.0
1.56
0.96
54.11
17.134
-11.39
-3.58
845.00
84.50
47.22
35.44
0.13%
5.7
5.43

1655
Column3
2010
1.5
0.0
1.64
0.91
100.25
19.88
5.08
1648.75
164.88
47.16
35.38
0.31%
6.1
8.15

Apex Spinning and Knitting Mills Limited

2010
2011
2012

2013

2009
1.15
1
0
0.87
0.13
12.50
89.94
7.50
7.19
0.60
307.75
267.04

1.64
1.5
0
0.91
0.09
8.40
167.01
42.65
19.88
5.08
1648.75
1002.51

1.61
1.5
0
0.93
0.07
8.40
266.56
-129.85
31.73
-15.46
111.60
69.29

2.00
1.8
0
0.90
0.10
8.40
54.58
65.25
6.50
7.77
68.30
34.09

2.20
1.8
0
0.90
0.10
8.40
151.92
87.80
18.09
10.45
70.30
31.94

apex
31.94

saiham
13.46

hr tex
17.91

sonargoan
-24.07

8.4

75

2445.61
791.59 1780.82002 866.886535
Column4
Column5
Column6
2011
1.5
0.0
1.61
0.93
6.93

2012
1.8
0.0
2.00
0.90
34.09

2013
1.8
0.0
2.20
0.82
31.94

31.73
-15.46
111.60
11.16
48.17
36.38
0.23%
6.7
10.33

6.50
7.77
68.30
68.30
49.11
36.88
0.41%
6.32
8.78

18.09
10.45
70.30
70.30
49.32
37.28
0.46%
6.01
7.15

Saiham Textile Mills Ltd.

2010
2011
1.87
1
1
0.53
0.47
12.50
39.53
-59.46
3.16
-4.76
158.70
84.65

prime tex cmc kamal

18.3

3.31
0
0
0.00
1.00
25.00
60.88
-10.80
2.44
-0.43
60.20
18.19

m Textile Mills Ltd.

2012

2013

1.46
0.5
0
0.34
0.66
75.00
108.93
138.26
1.45
1.84
28.40
19.40

2.12
1.5
0
0.71
0.29
75.00
101.51
721.66
1.35
9.62
28.50
13.46

CREDIT RISK GRADING SCORE SHEET

Reference No.:
Borrower
Group Name (if any)
Branch:
Industry/Sector
Year of Financial

Apex Spinning & knitting mills

ltd.
textile

Completed by
Approved by
Number
1

Grading
Superior

2
3
4
5
6
7
8

Criteria
A. Financial Risk

Good
Acceptable
Marginal/Watchlist
Special Mention
Substandard
Doubtful
Bad/Loss

Weight
50%

1. Leverage: (15%)
Debt Equity Ratio () - Times
Total Liabilities to Tangible Net worth

All calculations should be based on

annula financial statements of the
borrower (audited preferred)

2. Liquidity: (15%)
Current Ratio () -Times
Current Assets to Current Liabilities

3. Profitability: (15%)

Parameter

Less than 0.25

0.26 to 0.35 x
0.36 to 0.50 x
0.51 to 0.75 x
0.76 to 1.25 x
1.26 to 2.00 x
2.01 to 2.50 x
2.51 to 2.75 x
More than 2.75
Greater than 2.74
2.50 to 2.74 x
2.00 to 2.49 x
1.50 to 1.99 x
1.10 to 1.49 x
0.90 to 1.09 x
0.80 to 0.89 x
0.70 to 0.79 x
Less than 0.70
Greater than 25%

Operating Profit Margin (%)

(Operating Profit/Sales) X 100

20% to 24%
15% to 19%
10% to 14%
7% to 9%
4% to 6%
1% to 3%
Less than 1%

4. Coverage: (5%)
Interest Coverage Ratio () - Times
Earning before interest & tax (EBIT)
Interest on debt

More than 2.00

More than 1.51 Less than 2.00
More than 1.25 Less than 1.50
More than 1.00 Less than 1.24
Less than 1.00

Total Score- Financial Risk

B. Business/ Industry Risk 18%
1. Size of Business (in BDT crore)

> 60.00

The size of the borrower's business

30.00 59.99
10.00 29.99

measured by the most recent year's

5.00 - 9.99

total sales. Preferably audited numbers.

2.50 - 4.99

The number of years the borrower

engaged in the primary line of business

< 2.50
> 10 Years
> 5 - 10 Years
2 - 5 Years
< 2 Years

3. Business Outlook
Critical assesment of medium term
prospects of industry, market share

Favorable
Stable
Slightly Uncertain

and economic factors.

4. Industry Growth

Cause for Concern

Strong (10%+)
Good (>5% - 10%)
Moderate (1%-5%)

2. Age of Business

No Growth (<1%)
Dominant Player
Moderately Competitive
Highly Competitive
Difficult
Average
Easy

5. Market Competition

6. Entry/Exit Barriers

Total Score- Business/Industry Risk

C. Management Risk

12%

1. Experience
Quality of management based on total
# of years of experience of the senior
management in the Industry.
2. Second Line/ Succession

3. Team Work

More than 10 years in the related line

of business
510 years in the related line of
business
15 years in the related line of
business
No experience
Ready Succession
Succession within 1-2 years
Succession within 2-3 years
Succession in question
Very Good
Moderate
Poor
Regular Conflict

Total Score- Management Risk

D. Security Risk

10%

1. Security Coverage (Primary)

Fully Pledged facilities/substantially

cash covered / Reg. Mortg. for HBL
Registered Hypothecation (1st
Charge/1st Pari passu Charge)

2. Collateral Coverage (Property

Location)

2nd charge/Inferior charge

Simple hypothecation/Negative lien
on assets
No security
Registered Mortgage on Municipal
corporation/Prime Area property

Registered Mortgage on
Pourashava/Semi-Urban area
property
Equitable Mortgage or No property
but Plant and Machinery as collateral
Negative lien on collateral
No collateral
Personal Guarantee with high net
worth or Strong Corporate Guarantee

3. Support (Guarantee)

Personal Guarantees or Corporate

Guarantee with average financial
strength
No support/guarantee
Total Score- Security Risk
E. Relationship Risk

10%

1. Account Conduct

More than 3 years Accounts with

faultless record
Less than 3 years Accounts with
faultless record
Accounts having satisfactory dealings
with some late payments.

2. Utilization of Limit
(actual/projection)
3. Compliance of Covenants /
Conditions
4. Personal Deposits

Frequent Past dues & Irregular

dealings in account
More than 60%
40% - 60%
Less than 40%
Full Compliance
Some Non-Compliance
No Compliance
Personal accounts of the key business
Sponsors/ Principals are maintained
in the bank, with significant deposits

No depository relationship
Total Score- Relationship Risk
Grand Total - All Risk

ADING SCORE SHEET

Date:

04.09.14
83

Aggregate Score:
Risk
Grading:

Short
SUP
GD
ACCPT
MG/WL
SM
SS
DF
BL

Acceptable

Score
Fully cash secured, secured by government
guarantee/international bank guarantee
85+
75-84
65-74
55-64
45-54
35-44
<35

Score

Actual Parameter

Score Obtained

15
14
13

0.51

12

2.50

14

1.86%

12
11
10
8
7
0
15
14
13
12
11
10
8
7
0
15

14
13
12
10
9
7
0

5.00

4
3
2
0
50

38

244.56

23

Stable

Strong (10%+)

4
3
2
1
0
3
2
1
0
3
2
1
0
3
2
1

0
2
1
0
2
1
0
18

Highly Competitive

Difficult

15

More than 10 years in the

related line of business

Ready Succession

Very Good

3
2
0
4
3
2
0
3
2
1
0
12

12

Registered Hypothecation (1st

Charge/1st Pari passu Charge)

Registered Mortgage on
Pourashava/Semi-Urban area
property

3
2
1
0
4

1
0
2

Personal Guarantee with high

net worth or Strong Corporate
Guarantee

0
10
Aggregate
Score:
5

More than 3 years Accounts with

faultless record

More than 60%

Full Compliance

Personal accounts of the key

business Sponsors/ Principals are
maintained in the bank, with
significant deposits

4
2

0
2
1
0
2
1
0
1

0
10
100

10
83

CREDIT RISK GRADING SCORE SHEET

Reference No.:
Borrower
Group Name (if any)
Branch:
Industry/Sector
Year of Financial

Saiham textile mills limited

textile

Completed by
Approved by
Number
1

Grading
Superior

2
3
4
5
6
7
8

Criteria
A. Financial Risk

Good
Acceptable
Marginal/Watchlist
Special Mention
Substandard
Doubtful
Bad/Loss

Weight
50%

1. Leverage: (15%)
Debt Equity Ratio () - Times
Total Liabilities to Tangible Net worth

All calculations should be based on

annula financial statements of the
borrower (audited preferred)

2. Liquidity: (15%)
Current Ratio () -Times
Current Assets to Current Liabilities

3. Profitability: (15%)

Parameter

Less than 0.25

0.26 to 0.35 x
0.36 to 0.50 x
0.51 to 0.75 x
0.76 to 1.25 x
1.26 to 2.00 x
2.01 to 2.50 x
2.51 to 2.75 x
More than 2.75
Greater than 2.74
2.50 to 2.74 x
2.00 to 2.49 x
1.50 to 1.99 x
1.10 to 1.49 x
0.90 to 1.09 x
0.80 to 0.89 x
0.70 to 0.79 x
Less than 0.70
Greater than 25%

Operating Profit Margin (%)

(Operating Profit/Sales) X 100

20% to 24%
15% to 19%
10% to 14%
7% to 9%
4% to 6%
1% to 3%
Less than 1%

4. Coverage: (5%)
Interest Coverage Ratio () - Times
Earning before interest & tax (EBIT)
Interest on debt

More than 2.00

More than 1.51 Less than 2.00
More than 1.25 Less than 1.50
More than 1.00 Less than 1.24
Less than 1.00

Total Score- Financial Risk

B. Business/ Industry Risk 18%
1. Size of Business (in BDT crore)

> 60.00

The size of the borrower's business

30.00 59.99
10.00 29.99

measured by the most recent year's

5.00 - 9.99

total sales. Preferably audited numbers.

2.50 - 4.99

The number of years the borrower

engaged in the primary line of business

< 2.50
> 10 Years
> 5 - 10 Years
2 - 5 Years
< 2 Years

3. Business Outlook
Critical assesment of medium term
prospects of industry, market share

Favorable
Stable
Slightly Uncertain

and economic factors.

4. Industry Growth

Cause for Concern

Strong (10%+)
Good (>5% - 10%)
Moderate (1%-5%)

2. Age of Business

No Growth (<1%)
Dominant Player
Moderately Competitive
Highly Competitive
Difficult
Average
Easy

5. Market Competition

6. Entry/Exit Barriers

Total Score- Business/Industry Risk

C. Management Risk

12%

1. Experience
Quality of management based on total
# of years of experience of the senior
management in the Industry.
2. Second Line/ Succession

3. Team Work

More than 10 years in the related line

of business
510 years in the related line of
business
15 years in the related line of
business
No experience
Ready Succession
Succession within 1-2 years
Succession within 2-3 years
Succession in question
Very Good
Moderate
Poor
Regular Conflict

Total Score- Management Risk

D. Security Risk

10%

1. Security Coverage (Primary)

Fully Pledged facilities/substantially

cash covered / Reg. Mortg. for HBL
Registered Hypothecation (1st
Charge/1st Pari passu Charge)

2. Collateral Coverage (Property

Location)

2nd charge/Inferior charge

Simple hypothecation/Negative lien
on assets
No security
Registered Mortgage on Municipal
corporation/Prime Area property

Registered Mortgage on
Pourashava/Semi-Urban area
property
Equitable Mortgage or No property
but Plant and Machinery as collateral
Negative lien on collateral
No collateral
Personal Guarantee with high net
worth or Strong Corporate Guarantee

3. Support (Guarantee)

Personal Guarantees or Corporate

Guarantee with average financial
strength
No support/guarantee
Total Score- Security Risk
E. Relationship Risk

10%

1. Account Conduct

More than 3 years Accounts with

faultless record
Less than 3 years Accounts with
faultless record
Accounts having satisfactory dealings
with some late payments.

2. Utilization of Limit
(actual/projection)
3. Compliance of Covenants /
Conditions
4. Personal Deposits

Frequent Past dues & Irregular

dealings in account
More than 60%
40% - 60%
Less than 40%
Full Compliance
Some Non-Compliance
No Compliance
Personal accounts of the key business
Sponsors/ Principals are maintained
in the bank, with significant deposits
No depository relationship

Total Score- Relationship Risk

Grand Total - All Risk

ADING SCORE SHEET

Date:

04.09.14
77

Aggregate Score:
Risk
Grading:

Short
SUP
GD
ACCPT
MG/WL
SM
SS
DF
BL

Acceptable

Score
Fully cash secured, secured by government
guarantee/international bank guarantee
85+
75-84
65-74
55-64
45-54
35-44
<35

Score

Actual Parameter

Score Obtained

15
14
13

0.0013

15

1.13

11

14.96%

12

12
11
10
8
7
0
15
14
13
12
11
10
8
7
0
15

14
13
12
10
9
7
0

10.03

4
3
2
0
50

43

79.16

26

Stable

Moderate (1%-5%)

4
3
2
1
0
3
2
1
0
3
2
1
0
3
2
1

0
2
1
0
2
1
0
18

Highly Competitive

Average

12

More than 10 years in the

related line of business

Ready Succession

Moderate

3
2
0
4
3
2
0
3
2
1
0
12

11

2nd charge/Inferior charge

Registered Mortgage on
Pourashava/Semi-Urban area
property

3
2
1
0
4

1
0
2

Personal Guarantees or
Corporate Guarantee with
average financial strength

0
10
Aggregate
Score:
5

Accounts having satisfactory

dealings with some late
payments.

More than 60%

Some Non-Compliance

No depository relationship

4
2

0
2
1
0
2
1
0
1

0
10
100

5
77

P/E
P/E industry
Column1
ASKML
Saiham
Square
Delta
Hr tex
sonargoan
Rahim
Al Hajj

Industry average P/E

EPS of ASKML
Stock price of ASKML
EPS of Saiham
Stock price of Saiham

apex
saiham
square
delta
31.94
13.46
14.21
23.3
17.13375
Column2
Column3
Column4
Column5
2009
2010
2011
2012
54.11
100.25
6.93
34.09
26.70
8.46
18.19
19.40
16.85
23.53
13.68
13.57
20.54
267.67
18.65
13.61
24.14
39.19
21.63
16.97
40.77
100.16
53.18
74.07
24.41
101.46
55.43
273.92
(39.42)
(27.41)
16.27
21.41

21.01
1.56
32.82
1.15
24.22

76.66
1.64
126.08
1.87
143.73

25.49
1.61
41.06
3.31
84.39

58.38
2.00
116.95
1.46
85.48

ASKML
Saiham
Square
Delta
Hr tex
sonargoan
Rahim
Al Hajj
INDUSTRY

INDUSTRY

ASKML
Saiham

hr
17.91

sonargoan
-24.07

Column6
Column7
2013
31.94
ASKML
13.46
Saiham
14.21
Square
23.30
Delta
17.91
Hr tex
(24.07)
Rahim
32.17
Al Hajj
27.43
avg. industry

17.04
2.20
37.51
2.12
36.08

al hajj
2.22

2009
0.10
0.04
0.52
0.73
0.76
0.57
0.62

D/TA ratio
2010
0.06
0.03
0.55
0.72
0.75
0.56
0.65

2011
0.02
0.02
0.50
0.75
0.72
0.58
0.49

2012
0.03
0.0027
0.36
0.58
0.69
0.53
0.47

2013
0.07
0.0008
0.00
0.62
0.68
0.47
0.42

0.48

0.47

0.44

0.38

0.32

2011
7.81
6.20
2.37
0.9
4.32

2012
9.86
10.91
3.35
0.58
6.17

ASKML
Saiham
Square
Delta
avg industry

Sales
244.560
79.159
8164.000
1666.000
1780.820
866.887
572.483
335.366
13709.275

17264.830
244.560
79.159

rahim
58.1

interest coverage ratio

2009
2010
2.28
2.97
2.31
2.67
3.74
3.64
6.25
4.21
3.64
3.37

INDUSTRY A

100%
1%
0.46%

D/E ratio

Column1

2009
ASKML
Saiham

2010
0.24
0.07

2011
0.12
0.06

2012
0.05
0.03

2013
0.08
0.0032

0.19
0.0013

Square
0.98
1.13
0.9
0.5
0.4
Delta
2.46
1.95
2.13
1.21
1.32
Hr tex
5.6
1.08
2.54
2.19
3.13
sonargoan
3.13
3.08
1.04
1.08
1.04
Rahim
2.63
2.72
2.54
2.19
2.1
Al Hajj
1.93
2.32
1.22
1.11
0.96
Column1 Column2
Column3
Column4
Column5
Column6
avg. industry
2.13
1.56
1.31
1.05
1.14
2013
11.50
12.30
5.23
0.45
7.37

NDUSTRY ASKML Saiham

INDUSTR
Y
ASKML
Saiham

0.14
0.03

Credit Risk Grading Model

Score Summary
Reference No.:
Name of the
Borrower
Key Person

Saiham Textile mills limited

Group Name (if

any)
Branch:
Industry
Sector
Date of Financials
Originated by
(RO/SRO)
Completed by
(RM/SRM)
Approved by
(CO/SCO)

Saiham Textile mills limited

Textile

Aggregate Score:

Risk Grading:

Numeric Grade
1

Grade
Superior

2
3
4

Good
Acceptable
Marginal/Watchlist

5
6
7
8

Special Mention
Substandard
Doubtful
Bad/Loss

Short
SUP
GD
ACCPT
MG/WL
SM
SS
DF
BL

Score Calculation Sheet (Considering first year)

Criteria

Weight

A. Financial Risk

50%

A-1 Leverage

10%

A-1.1 Debt-Equity (x)

- Times

Total Liabilities to
Tangible Net worth

5%

Parameter

Score

< 0.25 x

5.00

0.26 to 0.35 x
0.36 to 0.50 x

4.50
4.25

0.51 to
0.76 to
1.26 to
2.01 to
2.51 to
> 2.75

Total Liabilities to
Tangible Net worth

A-1.2 Debt-Total
Asset (x)- Times

5%

A-2 Liquidity
A-2.1Current Ratio (x) -

5%

5.00
0.35
0.50
0.75
1.25
2.00
2.50
2.75

x
x
x
x
x
x
x

> 2.74
2.50 to
2.00 to
1.50 to
1.10 to
0.90 to
0.80 to
0.70 to
< 0.70

5%

Quick
Assets
to
Current Liabilities

A-3 Profitability

20%

A-3.1 Operating
Profit Margin (%)

5%

(Operating
Profit/Sales) X 100

4.00
3.50
3.25
3.00
2.50
0.00

4.50
4.25
4.00
3.50
3.25
3.00
2.50
0.00

10%

Current Assets to
Current Liabilities

A-2.2 Quick Ratio (x) -

x
x
x
x
x

< 0.25
0.26 to
0.36 to
0.51 to
0.76 to
1.26 to
2.01 to
2.51 to
> 2.75

Total Liability to Total

Assets

0.75
1.25
2.00
2.50
2.75

5.00
2.74
2.49
1.99
1.49
1.09
0.89
0.79

x
x
x
x
x
x
x

4.50
4.25
4.00
3.50
3.25
3.00
2.50
0.00

> 2.00

5.00

1.75 to 2.00 x
1.50 to 1.74 x
1.25 to 1.49 x
1.00 to 1.24 x
0.75 to 0.99 x
0.50 to 0.74 x
0.25 to 0.49 x
Less than 0.25

4.50
4.25
4.00
3.50
3.25
3.00
2.00
0.00

> 25%

5.00

23% to 25%
20% to 22%
17% to 19%
14% to 16%
11% to 13%
8% to 10%

4.50
4.00
3.50
3.25
3.00
2.50

(Operating
Profit/Sales) X 100

< 8%
Criteria
A-3.2 Net Profit
Margin (%)

Weight
5%

(Net Profit/Sales) X
100

A-3.3 Retrun on
Asset

5%

(Net
Profit/Total
Asset) X 100

A-3.4 Return on
Equity

5%

(Net
Profit/Total
Equity) X 100

A-4 Coverage

10%

A-4.1 Interest
Coverage () Times

5%

Earning before
interest & tax (EBIT)
Interest on debt
A-4.2 Debt Service
Coverage
EBITDA/(Total
Interest+CMLTD)

5%

Parameter

0.00
Score

> 15.00%

5.00

13% to 15%
11% to 12%
9% to 10%
7% to 8%
5% to 6%
3% to 4%
< 3%

4.50
4.00
3.50
3.25
3.00
2.50
0.00

> 30%

5.00

26% to 30%
22% to 25%
18% to 21%
14% to 17%
8% to 13%
5% to 7%
< 5%

4.50
4.00
3.50
3.25
3.00
2.50
0.00

> 15.00%

5.00

13% to 15%
11% to 12%
9% to 10%
7% to 8%
5% to 6%
2% to 4%
< 2%

4.50
4.00
3.50
3.25
3.00
2.00
0.00

> 2.00

5.00

1.51 to 2.00
1.25 to 1.50

4.00
3.00

1.00 to 1.24
< 1.00

2.00
0.00

> 2.00

5.00

1.51 to 2.00
1.25 to 1.50
1.00 to 1.24
< 1.00

4.00
3.00
2.00
0.00

Total ScoreFinancial Risk

B. Business/
Industry Risk
B-1 Size of
Business (in BDT
crore)
Size
of
the
borrower's business
measured by the
most recent year's
total
sales.
Preferably
audited
numbers.
B-2 Age of
Business
Number of years the
borrower is engaged
in the primary line of
business
B-3 Business
Outlook
Critical assesment of
medium
term
prospects
of
industry,
market
share and economic
Criteria
B-4 Raw Material
Availability

B-5 Industry
Growth

50.00

18%
4%

3%

2%

Weight
2%

3%

B-6 Market
Competition
Consider
market
share,
demand
supply gap etc.

2%

B-7 Entry/Exit
Barrier
(Technology, capital,
regulation etc)

2%

> 60.00

4.00

30.00 59.99
10.00 29.99
5.00 - 9.99
2.50 - 4.99
< 2.50

3.50
3.00
2.00
1.00
0.00

> 10 Years

3.00

6 - 10 Years
2 - 5 Years
< 2 Years

2.00
1.00
0.00

Favorable

2.00

Stable
Slightly Uncertain
Cause for Concern

1.50
1.00
0.00

Parameter

Score

Locally available

2.00

Partially import
dependent
Fully import
dependent
Scarce

1.00

Strong (10%+)

3.00

Good (>5% - 10%)

2.00

Moderate (1%-5%)

1.00

No Growth (<1%)

0.00

Dominant Player

2.00

Moderately
Competitive
Highly Competitive

1.00

Difficult

2.00

Average

1.00

0.50
0.00

0.00

(Technology, capital,
regulation etc)

Easy

Total ScoreBusiness Risk

C. Management
Risk
C-1 Experience
Total
length
of
experience of the
senior management
in the related line of
C-2 Trackrecord
Reputation,
commitment,
trackrecrod
of
onwers in business.
C-3 Second
Line/Succession

C-4 Team Work

18.00

12%
5

More than 10 years

5.00

610 years
15 years
No experience

3.00
2.00
0.00

Very Good

2.00

Moderate
Poor
Marginal

1.00
0.50
0.00

Ready Succession

3.00

2.00

Succession within 12 years

Succession within 23 years
Succession in
question
Very Good
Moderate
Poor
Regular Conflict

1.00
0.50
0.00

Total ScoreManagement Risk

Criteria
D. Security Risk
D-1 Security
Coverage
(Primary)

0.00

1.00
0.00
2.00

12.00

Weight

Parameter

Score

Fully
covered
by
underlying
assets/substantially
cash covered

Registered
Hypothecation
(1st
Charge/Pari
passu
Charge)

2nd charge/Inferior
charge

10%
4%

Simple
hypothecation
Negative
lien
assets
D-2 Collateral
Coverage
(Property
Location)

D-3 Support
(Guarantee)

4%

2%

1
/
on

No security

R/M on Municipal
corporation/Prime
Area property

R/M
on
Pourashava/SemiUrban area property

E/M or No property
but other Plant &
Machinery
as
collateral

Negative
lien
collateral
No collateral

on

Personal Guarantee
with high net worth
or Strong Corporate
Guarantee

Personal Guarantees
or
Corporate
Guarantee
with
average
financial
strength

No
support/guarantee

Total ScoreSecurity Risk

E. Relationship
Risk
10%
E-1 Account
Conduct

10

10%

5%

More than 3 years

Accounts
with
faultless record

5.00

Less than 3 years

Accounts
with
faultless record

4.00

E-2 Utilization of
Limit
(actual/projection)Consider
both
revolving & nonrevolving limits.
Criteria
E-3 Compliance of
Covenants

E-4 Personal
Deposits

Total ScoreRelationship Risk

Grand Total - All
Risk

2%

Weight
2%

1%

Accounts
having
satisfactory dealings
with
some
late
payments.

2.00

Frequent Past dues

& Irregular dealings
in account

0.00

More than 80%

2.00

61% - 80%
40% - 60%
Less than 40%

1.50
1.00
0.00

Parameter

Score

Full Compliance

2.00

Some NonCompliance
No Compliance

1.00

Personal accounts of
the key business
Sponsors/ Principals
are maintained in
the
bank,
with
significant deposits

1.00

No depository
relationship

0.00

0.00

10.00

100.00

Note: All calculations should be based on annual financial statements of the borrower (audited preferred).

Model
y
Date:

e Score:

71.50

ding:

Marginal/Watch
List

Score
Fully
cash
covered,
secured
by
Government/International
85+ Bank Guarantee
75-84
65-74
55-64
45-54
35-44
<35

dering first year)

Actual Parameter

Score Obtained

0.0013

0.0008

1.13

3.5

0.80

3.25

14.96%

3.25

Actual Parameter

Score Obtained

20.06%

4.18%

6.85%

12.30

12.30

38.00

79.16

26

Stable

1.5

Actual Parameter

Score Obtained

Fully import
dependent

0.5

Good (>5% - 10%)

Highly Competitive

Difficult

13.00

More than 10 years

Moderate

Ready Succession

Moderate

10.00

Actual Parameter

Score Obtained

2nd charge/Inferior
charge

R/M on
Pourashava/SemiUrban area property

Personal Guarantees
or Corporate
Guarantee with
average financial
strength

Accounts
having
satisfactory dealings
with
some
late
payments.

61% - 80%

1.5

Actual Parameter

Score Obtained

Some NonCompliance

No
depository
relationship

borrower (audited preferred).

4.50

71.50

Column1

Column2

Column3

Column4

Credit Risk Grading Model

Score Summary
Reference No.:
Name of the
Borrower
Key Person
Group Name (if
any)
Branch:
Industry

Apex spinning and

knitting mills
limited
Apex spinning and
knitting mills
limited
Textile

Aggregate Score:

Sector
Date of Financials
Risk Grading:

Originated by
(RO/SRO)
Completed by
(RM/SRM)
Approved by
(CO/SCO)

Numeric Grade

Grade

Superior

2
3
4

Good
Acceptable
Marginal/Watchlist

5
6
7
8

Special Mention
Substandard
Doubtful
Bad/Loss

Short

SUP

GD
ACCPT
MG/WL
SM
SS
DF
BL

Score Calculation Sheet (Considering first year)

Criteria

Weight

A. Financial Risk

50%

A-1 Leverage

10%

A-1.1 Debt-Equity (x)

- Times

5%

5%

A-2.1Current Ratio (x) -

5%

x
x
x
x
x
x
x

4.50
4.25
4.00
3.50
3.25
3.00
2.50
0.00
5.00

0.35
0.50
0.75
1.25
2.00
2.50
2.75

x
x
x
x
x
x
x

> 2.74
2.50 to
2.00 to
1.50 to
1.10 to
0.90 to
0.80 to
0.70 to
< 0.70

5%

Quick
Assets
to
Current Liabilities

A-3 Profitability

0.35
0.50
0.75
1.25
2.00
2.50
2.75

4.50
4.25
4.00
3.50
3.25
3.00
2.50
0.00

10%

Current Assets to
Current Liabilities

A-2.2 Quick Ratio (x) -

Score

5.00

< 0.25
0.26 to
0.36 to
0.51 to
0.76 to
1.26 to
2.01 to
2.51 to
> 2.75

Total Liability to Total

Assets

A-2 Liquidity

< 0.25 x
0.26 to
0.36 to
0.51 to
0.76 to
1.26 to
2.01 to
2.51 to
> 2.75

Total Liabilities to
Tangible Net worth

A-1.2 Debt-Total
Asset (x)- Times

Parameter

20%

5.00
2.74
2.49
1.99
1.49
1.09
0.89
0.79

x
x
x
x
x
x
x

4.50
4.25
4.00
3.50
3.25
3.00
2.50
0.00

> 2.00

5.00

1.75 to 2.00 x
1.50 to 1.74 x
1.25 to 1.49 x
1.00 to 1.24 x
0.75 to 0.99 x
0.50 to 0.74 x
0.25 to 0.49 x
Less than 0.25

4.50
4.25
4.00
3.50
3.25
3.00
2.00
0.00

A-3.1 Operating
Profit Margin (%)

5%

(Operating
Profit/Sales) X 100

Criteria
A-3.2 Net Profit
Margin (%)

Weight
5%

(Net Profit/Sales) X
100

A-3.3 Retrun on
Asset

5%

(Net
Profit/Total
Asset) X 100

A-3.4 Return on
Equity

5%

(Net
Profit/Total
Equity) X 100

A-4 Coverage

10%

A-4.1 Interest
Coverage () Times

5%

Earning before
interest & tax (EBIT)
Interest on debt

> 25%

5.00

23% to 25%
20% to 22%
17% to 19%
14% to 16%
11% to 13%
8% to 10%
< 8%

4.50
4.00
3.50
3.25
3.00
2.50
0.00

Parameter

Score

> 15.00%

5.00

13% to 15%
11% to 12%
9% to 10%
7% to 8%
5% to 6%
3% to 4%
< 3%

4.50
4.00
3.50
3.25
3.00
2.50
0.00

> 30%

5.00

26% to 30%
22% to 25%
18% to 21%
14% to 17%
8% to 13%
5% to 7%
< 5%

4.50
4.00
3.50
3.25
3.00
2.50
0.00

> 15.00%

5.00

13% to 15%
11% to 12%
9% to 10%
7% to 8%
5% to 6%
2% to 4%
< 2%

4.50
4.00
3.50
3.25
3.00
2.00
0.00

> 2.00

5.00

1.51 to 2.00
1.25 to 1.50

4.00
3.00

1.00 to 1.24

2.00

A-4.2 Debt Service

Coverage

5%

EBITDA/(Total
Interest+CMLTD)

< 1.00

0.00

> 2.00

5.00

1.51 to 2.00
1.25 to 1.50
1.00 to 1.24
< 1.00

4.00
3.00
2.00
0.00

Total ScoreFinancial Risk

B. Business/
Industry Risk
B-1 Size of
Business (in BDT
crore)
Size
of
the
borrower's business
measured by the
most recent year's
total
sales.
Preferably
audited
numbers.
B-2 Age of
Business
Number of years the
borrower is engaged
in the primary line of
business
B-3 Business
Outlook
Critical assesment of
medium
term
prospects
of
industry,
market
share and economic
Criteria
B-4 Raw Material
Availability

B-5 Industry
Growth

50.00

18%
4%

3%

2%

Weight
2%

3%

> 60.00

4.00

30.00 59.99
10.00 29.99
5.00 - 9.99
2.50 - 4.99
< 2.50

3.50
3.00
2.00
1.00
0.00

> 10 Years

3.00

6 - 10 Years
2 - 5 Years
< 2 Years

2.00
1.00
0.00

Favorable

2.00

Stable
Slightly Uncertain
Cause for Concern

1.50
1.00
0.00

Parameter

Score

Locally available

2.00

Partially import
dependent
Fully import
dependent
Scarce

1.00

Strong (10%+)

3.00

Good (>5% - 10%)

2.00

Moderate (1%-5%)

1.00

No Growth (<1%)

0.00

0.50
0.00

B-6 Market
Competition
Consider
market
share,
demand
supply gap etc.

2%

B-7 Entry/Exit
Barrier
(Technology, capital,
regulation etc)

2%

Dominant Player

2.00

Moderately
Competitive
Highly Competitive

1.00

Difficult

2.00

Average
Easy

1.00
0.00
18.00

Total ScoreBusiness Risk

C. Management
Risk
C-1 Experience
Total
length
of
experience of the
senior management
in the related line of
C-2 Trackrecord
Reputation,
commitment,
trackrecrod
of
onwers in business.
C-3 Second
Line/Succession

C-4 Team Work

12%
5

More than 10 years

5.00

610 years
15 years
No experience

3.00
2.00
0.00

Very Good

2.00

Moderate
Poor
Marginal

1.00
0.50
0.00

Ready Succession

3.00

2.00

Succession within 12 years

Succession within 23 years
Succession in
question
Very Good
Moderate
Poor
Regular Conflict

1.00
0.50
0.00

Total ScoreManagement Risk

Criteria
D. Security Risk
D-1 Security
Coverage
(Primary)

0.00

1.00
0.00
2.00

12.00

Weight

Parameter

Score

Fully
covered
by
underlying
assets/substantially
cash covered

10%
4%

D-2 Collateral
Coverage
(Property
Location)

D-3 Support
(Guarantee)

4%

2%

Registered
Hypothecation
(1st
Charge/Pari
passu
Charge)

2nd charge/Inferior
charge

Simple
hypothecation
Negative
lien
assets

1
/
on

No security

R/M on Municipal
corporation/Prime
Area property

R/M
on
Pourashava/SemiUrban area property

E/M or No property
but other Plant &
Machinery
as
collateral

Negative
lien
collateral
No collateral

on

Personal Guarantee
with high net worth
or Strong Corporate
Guarantee

Personal Guarantees
or
Corporate
Guarantee
with
average
financial
strength

No
support/guarantee

Total ScoreSecurity Risk

E. Relationship
Risk
10%
E-1 Account
Conduct

10

10%

5%

More than 3 years

Accounts
with
faultless record

5.00

E-2 Utilization of
Limit
(actual/projection)Consider
both
revolving & nonrevolving limits.
Criteria
E-3 Compliance of
Covenants

E-4 Personal
Deposits

Total ScoreRelationship Risk

Grand Total - All
Risk

2%

Weight
2%

1%

Less than 3 years

Accounts
with
faultless record
Accounts
having
satisfactory dealings
with
some
late
payments.

4.00

Frequent Past dues

& Irregular dealings
in account

0.00

More than 80%

2.00

61% - 80%
40% - 60%
Less than 40%

1.50
1.00
0.00

Parameter

2.00

Score

Full Compliance

2.00

Some NonCompliance
No Compliance

1.00

Personal accounts of
the key business
Sponsors/ Principals
are maintained in
the
bank,
with
significant deposits

1.00

No depository
relationship

0.00

0.00

10.00

100.00

Note: All calculations should be based on annual financial statements of the borrower (audited preferred).

Column5

Column6

04.09.14

72.25

Marginal/Watch
List

Score
Fully cash covered,
secured
by
Government/Internat
ional
Bank
Guarantee
85+
75-84
65-74
55-64
45-54
35-44
<35

dering first year)

Actual Parameter

Score Obtained

0.19

0.07

1.12

3.5

0.88

3.25

1.86%

Actual Parameter

Score Obtained

0.76%

1.56%

4.46%

11.50

11.50

28.75

244.56

23

Stable

1.5

Actual Parameter

Score Obtained

Fully import
dependent

0.5

Strong (10%+)

Highly Competitive

Difficult

14.00

More than 10 years

Very Good

Ready Succession

Very Good

12.00

Actual Parameter

Score Obtained

Registered
Hypothecation (1st
Charge/Pari passu
Charge)

R/M on
Pourashava/SemiUrban area property

Personal Guarantee
with high net worth
or Strong Corporate
Guarantee

More than 3 years

Accounts
with
faultless record

61% - 80%

1.5

Actual Parameter

Score Obtained

Full Compliance

Personal accounts of
the key business
Sponsors/ Principals
are maintained in
the
bank,
with
significant deposits

borrower (audited preferred).

9.50

72.25