FINANCIAL RATIOS

ROE decomposition
Pretax income/sales
Sales/assets
Assets/equity
(1 - tax rate)
ROE
(1 - payout ratio)
Sustainable growth
Growth rate in sales
Income tax rate

Change in R/E
Change in Reserves
Net Income
% as R/E
% as Reserves

2001
3.69%
0.73
2.27
100.00%
6.14%
45.16%
2.77%

2002
2.23%
0.85
2.42
100.00%
4.56%
63.51%
2.89%

0.00%

24.41%
0.00%

-1.00
22.00
32.89
-3.04%
66.89%

Actual
2003
2004
1.56%
0.68%
0.74
1.12
2.39
2.56
100.00% 100.00%
2.76%
1.95%
100.00% -234.03%
2.76%
-4.56%
-12.45%
0.00%

64.12%
0.00%

2005
0.77%
1.30
2.37
100.00%
2.37%
-7.03%
-0.17%

Mean
2.49%
0.77
2.36
100.00%
4.49%
-6.48%
2.81%

2006
4.32%
1.19
2.56
100.00%
13.19%
55.27%
7.29%

2007
4.53%
1.20
3.30
100.00%
18.00%
55.27%
9.95%

2.82%
0.00%

4.37%
0.00%

4.00%
0.00%

4.00%
0.00%

4.00
-23.00
17.00
15.00
-16.00
-17.96
20.14
14.37
16.78
19.86% -160.06% 101.31%
74.48% -111.34% -107.03%

Mean

-47.75%
-19.25%

Pro Forma
2008
2009
4.73%
4.91%
1.22
1.23
2.38
3.02
100.00% 100.00%
13.66%
18.26%
55.27%
55.27%
7.55%
10.09%
4.00%
0.00%

4.00%
0.00%

2010
5.16%
1.25
2.19
100.00%
14.12%
55.27%
7.81%
4.00%
0.00%

Actual and Pro Forma Statement of Cash Flows

BALANCE SHEET
2001
2002
Cash
26
30
Marketable Securities
4
0
A/R
73
212
Inventories
371
380
Advance, Deposits & Prepayments
300
271
Inter-company Loan (Unsecured) 0
0
Gross PP&E
1020
1064
A/D
174
211
Other Assets
0
0
New Funding (Plug) / Short Term
545
Borrowing
685
Current maturities
0
0
A/P
7
18
Accr. expenses
81
52
Other Current Liabilities
4
14
Long-term debt
270
255
Common stock
480
480
Paid-In Capital In Excess of Par 0
0
Reserves (Tax Holiday & General)
189
211
R/E
20
19

2001

2002
Cash
4
Marketable Securities
(4)
A/R
139
Inventories
9
Advance, Deposits & Prepayments
(29)
Inter-company Loan (Unsecured)
Gross PP&E
44
A/D
37
Other Assets
New Funding (Plug) / Short Term Borrowing
140
Current maturities
A/P
11
Accr. expenses
(29)
Other Current Liabilities
10
Long-term debt
(15)
Common stock
Paid-In Capital In Excess of Par
Reserves (Tax Holiday & General)
22
R/E
(1)

2003
9
0
133
417
285
0
1144
249
0
674
0
23
59
4
250
480
0
226
23

2004
85
0
235
436
192
0
1228
288
0
891
0
19
55
6
179
480
0
210
0

Levels
2005
2006
60
53
2
2
64
203
317
330
284
398
0
0
1276
1292
330
375
0
0
496
949
0
78
20
25
60
92
1
9
389
311
480
480
0
0
192
209
17
54

2007
55
2
211
343
414
0
1356
423
0
987
78
25
96
9
233
480
0
18
95

2008
57
2
220
357
431
0
1420
472
0
1027
78
27
99
9
156
480
0
229
139

2009
60
2
229
371
448
0
1484
524
0
1068
78
28
103
10
78
480
0
18
187

2010
62
2
238
386
466
0
1548
577
0
1110
0
29
108
10
0
480
0
250
240

2003
(21)
(79)
37
14
80
38
(11)
5
7
(10)
(5)
15
4

2004
76
102
19
(93)
84
39
217
(4)
(4)
2
(71)
(16)
(23)

Changes
2005
2006
(25)
(7)
2
(0)
(171)
139
(119)
13
92
114
48
16
42
45
(395)
453
78
1
5
5
32
(5)
8
210
(78)
(18)
17
17
37

2007
2
0
8
13
16
64
47
38
1
4
0
(78)
(191)
41

2008
2
0
8
14
17
64
49
39
1
4
0
(78)
210
44

2009
2
0
9
14
17
64
52
41
1
4
0
(78)
(210)
48

2010
2
0
9
15
18
64
54
43
(78)
1
4
0
(78)
232
52

2003
20
38

2004
14
39

2005
17
42

2006
98
45

2007
107
47

2008
116
49

2009
125
52

2010
137
54

79
(37)
(14)
5
(10)
7
88

(102)
(19)
93
(4)
2
(4)
19

(2)
171
119
(92)
1
(5)
5
256

0
(139)
(13)
(114)
5
8
32
(79)

(0)
(8)
(13)
(16)
1
0
4
122

(0)
(8)
(14)
(17)
1
0
4
132

(0)
(9)
(14)
(17)
1
0
4
142

(0)
(9)
(15)
(18)
1
0
4
154

PRO FORMA SCF

2002
Net income
33
Depreciation
37
Change in Working Capital
Change in Marketable Securities
4
Increase in AR
(139)
Increase in inventory
(9)
Change in Adv., Deposit & Prepayments 29
Change in Inter-company Credit
Increase in AP
11
Change in other current liabilities
10
Increase in accr. expenses
(29)
Operating cash flows
(53)
Investment in PP&E
Change in other assets
Inventing cash flows

(44)
(44)

(80)
(80)

(84)
(84)

(48)
(48)

(16)
(16)

(64)
(64)

(64)
(64)

(64)
(64)

(64)
(64)

Notes Payable/New Funding

Proceeds from new debt
Repayment of existing debt
Change in common stock
Change in Capital in excess of par
Reserves (Tax Holiday & General)
Dividends
Financing cash flows

140
(15)
22
(34)
113

(11)
(5)
15
(16)
(17)

217
(71)
(16)
(37)
93

(395)
210
(18)
0
(203)

453
(78)
78
17
(61)
409

38
(78)
(191)
(66)
(296)

39
(78)
210
(72)
100

41
(78)
(210)
(77)
(324)

43
(78)
(78)
232
(85)
34

Net change in cash

16

(9)

28

315

(239)

168

(247)

124

Check

12

12

(48)

30

322

(241)

166

(249)

122

FORECAST ASSUMPTIONS
2006
4.00%

1.) Sales growth

2.) 2005 inventory balance

2007
4.00%

2008
4.00%

2009
4.00%

2010
4.00%

317

3.) Sales
Previous year's inventory/sales
Inventory balance

2267
14.54%
330

2358
14.54%
343

2452
14.54%
357

2550
14.54%
371

2652
14.54%
386

4.) Income statement accounts

Cost of sales/sales
SG&A/sales
Income tax rate
Allocation to WPPF/Sales
Other Income

84.63%
8.013%
0.000%
0.089%
0.000%

84.63%
8.013%
0.000%
0.089%
0.000%

84.63%
8.013%
0.000%
0.089%
0.000%

84.63%
8.013%
0.000%
0.089%
0.000%

84.63%
8.013%
0.000%
0.089%
0.000%

5.) Current (working capital) accounts

Cash/sales
A/R/sales
A/P/sales
Accr. expenses/sales
Marketable Securities/Sales
Adv., Deposit & Prepay./Sales
Inter-company loans/Sales
Other Current Liabilities
Notes Payable
6.) Common stock issued

2.34%
8.97%
1.08%
4.05%
0.09%
17.56%
0.00%
0.38%
41.87%
-

2.34%
8.97%
1.08%
4.05%
0.09%
17.56%
0.00%
0.38%
41.87%
-

2.34%
8.97%
1.08%
4.05%
0.09%
17.56%
0.00%
0.38%
41.87%

2.34%
8.97%
1.08%
4.05%
0.09%
17.56%
0.00%
0.38%
41.87%

2.34%
8.97%
1.08%
4.05%
0.09%
17.56%
0.00%
0.38%
41.87%

These are average numbers.

2001
1020
0
1020

2002
1020
44
1064

2003
1064
80
1144

2004
1144
84
1228

2005
1228
48
1276

2006
1228
64
1292

2007
1292
64
1356

2008
1356
64
1420

2009
1420
64
1484

2010
1484
64
1548

8.) Depreciation rate

3.72%
Depreciation of current PP&E
38
Depreciation of Capex
0.00
Total depreciation
38
A/depreciation, beginning balance
A/depreciation, ending balance

3.45%
37
0.00
37

3.34%
38
0.00
38

3.16%
39
0.00
39

3.31%
42
0.00
42

3.40%
45.26
0.00
45
330
375

3.40%
47.35
0.00
47
375
423

3.40%
49.43
0.00
49
423
472

3.40%
51.52
0.00
52
472
524

3.40%
53.61
0.00
54
524
577

389
78
311

311
78
233

233
78
156

156
78
78

78
78
0

389.00
5.50%
21.40

311.20
5.50%
17.12

233.40
5.50%
12.84

155.60
5.50%
8.56

38.90
5.50%
2.14

44.73%
43.86

44.73%
47.78

44.73%
51.83

44.73%
56.00

44.73%
61.25

139
125
(56)
(21)
187

187
137
(61)
(23)
240

7.) Beginning Gross PP&E

Change in Capex
Ending Gross PP&E

9.) Total debt without new financing (Assuming LT Loan to be repaid in 5 years)
Current maturity
Long-term portion

Net interest expense

Average total debt
Effective interest rate

2001
57
878
6.49%

2002
53
932
5.71%

2003
46
997
4.62%

2004
32
978
3.27%

2005
33
443
7.41%

Average total debt ignoring new financing

Effective interest rate
Net interest expense
10.) Dividend payout rate
Dividends

54.84%

Retained earnings, beginning balance

Net income
Dividends
Reserves (Average 17.09%)
Retained earnings, ending balance
11.) New funding needed (PLUG!!!!!!!!!!!!)
Average loan outstanding at year end
Effective interest on loan
Interest expense
Effective tax rate
After tax interest
Tax savings
12.) Other assets (fixed)
Other Assets

36.49%

0.00% 334.03%

107.03%

17
98
(44)
(17)
54

54
107
(48)
(18)
95

95
116
(52)
(20)
139

949.15

987.12

1,026.60

1,067.67

1,110.38

474.58
5.50%
26.10
0.00%
26.10
-

493.56
5.50%
27.15
0.00%
27.15
-

513.30
5.50%
28.23
0.00%
28.23
-

533.83
5.50%
29.36
0.00%
29.36
-

555.19
5.50%
30.54
0.00%
30.54
-

0.00%

0.00%

0.00%

0.00%

0.00%

#
Actual and Pro Forma Statements
INCOME STATEMENT

Net sales
Cost of sales
Gross profit
SG&A
Depreciation
Net interest expense
Allocation to WPPF
Other Income
Pretax income
Income taxes
Net income
Dividends

2001
1185.85
991.26
194.59
53.80
37.92
56.92
2.19
0.00
43.76
0.00
43.76

2002
1475.37
1283.58
191.79
67.37
36.68
53.21
1.64
0.00
32.89
0.00
32.89

Actual
2003
1291.67
1105.54
186.13
80.73
38.21
46.05
1.00
0.00
20.14
0.00
20.14

2004
2119.88
1789.22
330.66
244.74
38.85
31.99
0.71
0.00
14.37
0.00
14.37

2005
2179.67
1799.98
379.69
286.98
42.28
32.81
0.84
0.00
16.78
0.00
16.78

2006
2266.86
1918.50
348.35
181.64
45.26
21.40
2.02
0.00
98.04
0.00
98.04

2007
2357.53
1995.24
362.29
188.91
47.35
17.12
2.10
0.00
106.82
0.00
106.82

Pro Forma
2008
2451.83
2075.05
376.78
196.46
49.43
12.84
2.18
0.00
115.87
0.00
115.87

2009
2549.91
2158.05
391.85
204.32
51.52
8.56
2.27
0.00
125.18
0.00
125.18

2010
2651.90
2244.38
407.53
212.49
53.61
2.14
2.36
0.00
136.92
0.00
136.92

24.00

12.00

0.00

48.00

17.96

43.86

47.78

51.83

56.00

61.25

BALANCE SHEET
2001

2002

Actual
2003

2004

2005

2006

2007

Assets
Cash
M S/Share issue expense
A/R
Inventories
Advance, Deposits & Prepayments
Inter-company Loan (Unsecured)
Current assets
Gross PP&E
A/D
Net PP&E
Other Assets
Total assets

26.00
4.00
73.00
371.00
300.00
0.00
774.00
1020.00
174.00
846.00
0.00
1620.00

30.00
0.00
212.00
380.00
271.00
0.00
893.00
1064.00
211.00
853.00
0.00
1746.00

9.00
0.00
133.00
417.00
285.00
0.00
844.00
1144.00
249.00
895.00
0.00
1739.00

85.00
0.00
235.00
436.00
192.00
0.00
948.00
1228.00
288.00
940.00
0.00
1888.00

60.00
2.00
64.00
317.00
284.00
0.00
727.00
1276.00
330.00
946.00
0.00
1673.00

52.98
1.95
203.31
329.68
398.14
0.00
986.05
1292.00
375.26
916.74
0.00
1902.79

55.10
2.02
211.44
342.87
414.07
0.00
1025.49
1356.00
422.61
933.39
0.00
1958.88

57.30
2.10
219.90
356.58
430.63
0.00
1066.51
1420.00
472.04
947.96
0.00
2014.47

59.59
2.19
228.69
370.85
447.85
0.00
1109.17
1484.00
523.56
960.44
0.00
2069.61

61.98
2.28
237.84
385.68
465.77
0.00
1153.54
1548.00
577.17
970.83
0.00
2124.37

Liabilities & equity

New funding (plug)
Notes payable
Current maturities
A/P
Accr. expenses
Other Current Liabilities
Current liabs.
Long-term debt
Total liabilities
Proposed Dividend
Common stock
Paid-In Capital In Excess of Par
Reserves (Tax Holiday & General)
R/E
Total equity
Total liabilities & equity

545.00
0.00
7.00
81.00
4.00
637.00
270.00
907.00
24.00
480.00
0.00
189.00
20.00
713.00
1620.00

685.00
0.00
18.00
52.00
14.00
769.00
255.00
1024.00
12.00
480.00
0.00
211.00
19.00
722.00
1746.00

674.00
0.00
23.00
59.00
4.00
760.00
250.00
1010.00
0.00
480.00
0.00
226.00
23.00
729.00
1739.00

891.00
0.00
19.00
55.00
6.00
971.00
179.00
1150.00
48.00
480.00
0.00
210.00
0.00
738.00
1888.00

496.00
0.00
20.00
60.00
1.00
577.00
389.00
966.00
17.96
480.00
0.00
192.04
17.00
707.00
1673.00

949.15
77.80
24.50
91.90
8.73
848.37
311.20
1159.57
43.86
480.00
0.00
208.79
54.43
743.22
1902.79

987.12
77.80
25.48
95.57
9.08
1132.02
233.40
1365.42
47.78
480.00
0.00
18.25
95.21
593.46
1958.88

1026.60
77.80
26.50
99.40
9.44
1010.83
155.60
1166.43
51.83
480.00
0.00
228.60
139.44
848.04
2014.47

1067.67
77.80
27.56
103.37
9.82
1306.32
77.80
1384.12
56.00
480.00
0.00
18.25
187.23
685.49
2069.61

1110.38
0.00
28.67
107.51
10.21
1154.87
0.00
1154.87
61.25
480.00
0.00
249.99
239.51
969.50
2124.37

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Check

Pro Forma
2008

2009

2010

COMMON SIZE INCOME STATEMENT

Net sales
Cost of sales
Gross profit
SG&A
Depreciation
Net interest expense
Allocation to WPPF
Other Income
Pretax income
Income taxes
Net income

2001
100.00%
83.59%
16.41%
4.54%
3.20%
4.80%
0.18%
0.00%
3.69%
0.00%
3.69%

2002
100.00%
87.00%
13.00%
4.57%
2.49%
3.61%
0.11%
0.00%
2.23%
0.00%
2.23%

Actual
2003
2004
100.00% 100.00%
85.59%
84.40%
14.41%
15.60%
6.25%
11.54%
2.96%
1.83%
3.57%
1.51%
0.08%
0.03%
0.00%
0.00%
1.56%
0.68%
0.00%
0.00%
1.56%
0.68%

2005
100.00%
82.58%
17.42%
13.17%
1.94%
1.51%
0.04%
0.00%
0.77%
0.00%
0.77%

2002

Actual
2003
2004

2005

Mean
100.00%
84.63%
15.37%
8.01%
2.48%
3.00%
0.09%
0.00%
1.79%
0.00%
1.79%

Pro Forma
2008
2009
100.00% 100.00%
84.63%
84.63%
15.37%
15.37%
8.01%
8.01%
2.02%
2.02%
0.52%
0.34%
0.09%
0.09%
0.00%
0.00%
4.73%
4.91%
0.00%
0.00%
4.73%
4.91%

2006
100.00%
84.63%
15.37%
8.01%
2.00%
0.94%
0.09%
0.00%
4.32%
0.00%
4.32%

2007
100.00%
84.63%
15.37%
8.01%
2.01%
0.73%
0.09%
0.00%
4.53%
0.00%
4.53%

2006

2007

Pro Forma
2008

2010
100.00%
84.63%
15.37%
8.01%
2.02%
0.08%
0.09%
0.00%
5.16%
0.00%
5.16%

COMMON SIZE BALANCE SHEET

2009

2010

Assets
Cash
MS/Share issue expense
A/R
Inventories
Advance, Deposits & Prepayments
Inter-company Loan (Unsecured)
Current assets
Gross PP&E
A/D
Net PP&E
Other Assets
Total assets

2001

Mean

1.60%
0.25%
4.51%
22.90%
18.52%
0.00%
47.78%
62.96%
10.74%
52.22%
0.00%
100.00%

1.72%
0.00%
12.14%
21.76%
15.52%
0.00%
51.15%
60.94%
12.08%
48.85%
0.00%
100.00%

0.52%
0.00%
7.65%
23.98%
16.39%
0.00%
48.53%
65.78%
14.32%
51.47%
0.00%
100.00%

4.50%
0.00%
12.45%
23.09%
10.17%
0.00%
50.21%
65.04%
15.25%
49.79%
0.00%
100.00%

3.59%
0.12%
3.83%
18.95%
16.98%
0.00%
43.45%
76.27%
19.73%
56.55%
0.00%
100.00%

2.39%
0.07%
8.11%
22.14%
15.51%
0.00%
48.22%
66.20%
14.42%
51.78%
0.00%
100.00%

2.78%
0.10%
10.68%
17.33%
20.92%
0.00%
51.82%
67.90%
19.72%
48.18%
0.00%
100.00%

2.81%
0.10%
10.79%
17.50%
21.14%
0.00%
52.35%
69.22%
21.57%
47.65%
0.00%
100.00%

2.84%
0.10%
10.92%
17.70%
21.38%
0.00%
52.94%
70.49%
23.43%
47.06%
0.00%
100.00%

2.88%
0.11%
11.05%
17.92%
21.64%
0.00%
53.59%
71.70%
25.30%
46.41%
0.00%
100.00%

2.92%
0.11%
11.20%
18.15%
21.92%
0.00%
54.30%
72.87%
27.17%
45.70%
0.00%
100.00%

Liabilities & equity

New funding (plug)
Current maturities
A/P
Accr. expenses
Other Current Liabilities
Current liabs.
Long-term debt
Total liabilities
Common stock
R/E
Total equity
Total liabilities & equity

33.64%
0.00%
0.43%
5.00%
0.25%
39.32%
16.67%
55.99%
29.63%
1.23%
44.01%
100.00%

39.23%
0.00%
1.03%
2.98%
0.80%
44.04%
14.60%
58.65%
27.49%
1.09%
41.35%
100.00%

38.76%
0.00%
1.32%
3.39%
0.23%
43.70%
14.38%
58.08%
27.60%
1.32%
41.92%
100.00%

47.19%
0.00%
1.01%
2.91%
0.32%
51.43%
9.48%
60.91%
25.42%
0.00%
39.09%
100.00%

29.65%
0.00%
1.20%
3.59%
0.06%
34.49%
23.25%
57.74%
28.69%
1.02%
42.26%
100.00%

37.69%
0.00%
1.00%
3.57%
0.33%
42.60%
15.68%
58.27%
27.77%
0.93%
41.73%
100.00%

49.88%
4.09%
1.29%
4.83%
0.46%
44.59%
16.35%
60.94%
25.23%
2.86%
39.06%
100.00%

50.39%
3.97%
1.30%
4.88%
0.46%
57.79%
11.91%
69.70%
24.50%
4.86%
30.30%
100.00%

50.96%
3.86%
1.32%
4.93%
0.47%
50.18%
7.72%
57.90%
23.83%
6.92%
42.10%
100.00%

51.59%
3.76%
1.33%
4.99%
0.47%
63.12%
3.76%
66.88%
23.19%
9.05%
33.12%
100.00%

52.27%
0.00%
1.35%
5.06%
0.48%
54.36%
0.00%
54.36%
22.59%
11.27%
45.64%
100.00%

COMMON SIZE BALANCE SHEET--BASED ON SALES

2001
Assets
Cash
M S/Share issue expense
A/R
Inventories
Advance, Deposits & Prepayments
Inter-company Loan (Unsecured)
Current assets
Gross PP&E
A/D
Net PP&E
Other Assets
Total assets

2002

Actual
2003
2004

2005

Mean

Pro Forma
2006
2007

2008

2009

2010

2.19%
0.34%
6.16%
31.29%
25.30%
0.00%
65.27%
86.01%
14.67%
71.34%
0.00%
136.61%

2.03%
0.00%
14.37%
25.76%
18.37%
0.00%
60.53%
72.12%
14.30%
57.82%
0.00%
118.34%

0.70%
0.00%
10.30%
32.28%
22.06%
0.00%
65.34%
88.57%
19.28%
69.29%
0.00%
134.63%

4.01%
0.00%
11.09%
20.57%
9.06%
0.00%
44.72%
57.93%
13.59%
44.34%
0.00%
89.06%

2.75%
0.09%
2.94%
14.54%
13.03%
0.00%
33.35%
58.54%
15.14%
43.40%
0.00%
76.75%

2.34%
0.09%
8.97%
24.89%
17.56%
0.00%
53.84%
72.63%
15.40%
57.24%
0.00%
111.08%

2.34%
0.09%
8.97%
14.54%
17.56%
0.00%
43.50%
57.00%
16.55%
40.44%
0.00%
83.94%

2.34%
0.09%
8.97%
14.54%
17.56%
0.00%
43.50%
57.52%
17.93%
39.59%
0.00%
83.09%

2.34%
0.09%
8.97%
14.54%
17.56%
0.00%
43.50%
57.92%
19.25%
38.66%
0.00%
82.16%

2.34%
0.09%
8.97%
14.54%
17.56%
0.00%
43.50%
58.20%
20.53%
37.67%
0.00%
81.16%

2.34%
0.09%
8.97%
14.54%
17.56%
0.00%
43.50%
58.37%
21.76%
36.61%
0.00%
80.11%

Liabilities & equity

New funding (plug)
45.96%
Current maturities
0.00%
A/P
0.59%
Accr. expenses
6.83%
Other Current Liabilities
0.34%
Current liabs.
53.72%
Long-term debt
22.77%
Total liabilities
76.49%
Common stock
40.48%
Paid-In Capital In Excess of Par
0.00%
Reserves (Tax Holiday & General)
15.94%
R/E
1.69%
Total equity
60.13%
Total liabilities & equity136.61%

46.43%
0.00%
1.22%
3.52%
0.95%
52.12%
17.28%
69.41%
32.53%
0.00%
14.30%
1.29%
48.94%
118.34%

52.18%
0.00%
1.78%
4.57%
0.31%
58.84%
19.35%
78.19%
37.16%
0.00%
17.50%
1.78%
56.44%
134.63%

42.03%
0.00%
0.90%
2.59%
0.28%
45.80%
8.44%
54.25%
22.64%
0.00%
9.91%
0.00%
34.81%
89.06%

22.76%
0.00%
0.92%
2.75%
0.05%
26.47%
17.85%
44.32%
22.02%
0.00%
8.81%
0.78%
32.44%
76.75%

41.87%
0.00%
1.08%
4.05%
0.38%
47.39%
17.14%
64.53%
30.97%
0.00%
13.29%
1.11%
46.55%
111.08%

41.87%
3.43%
1.08%
4.05%
0.38%
37.42%
13.73%
51.15%
21.17%
0.00%
9.21%
2.40%
32.79%
83.94%

41.87%
3.30%
1.08%
4.05%
0.38%
48.02%
9.90%
57.92%
20.36%
0.00%
0.77%
4.04%
25.17%
83.09%

41.87%
3.17%
1.08%
4.05%
0.38%
41.23%
6.35%
47.57%
19.58%
0.00%
9.32%
5.69%
34.59%
82.16%

41.87%
3.05%
1.08%
4.05%
0.38%
51.23%
3.05%
54.28%
18.82%
0.00%
0.72%
7.34%
26.88%
81.16%

41.87%
0.00%
1.08%
4.05%
0.38%
43.55%
0.00%
43.55%
18.10%
0.00%
9.43%
9.03%
36.56%
80.11%

FINANCIAL ANALYSIS MODEL

NAME OF COMPANY
FIRST CALENDAR YEAR OF
DATA
NUMBER OF YEARS OF DATA

ALLTEX INDUSTRIES LTD.

2001

(Taka in Million)
INCOME STATEMENT
Sales Revenue
Less: Cost of Goods Sold
Gross Profits
Less: Operating Expenses:
Selling Expense
General / Admin. Exp.
Lease Expense
Depreciation Expense
Total Operating Expenses
Operating Profits
Less: Interest Expense
Less: Allocation for WPPF
Add: Other Income
Net Profits Before Taxes
Less: Taxes
Net Profit After Taxes
Less: Pref. Stock Divds.
Earnings Available for Common
Stockholders

BALANCE SHEET
Current Assets:
Cash
MS/Share issue expense
Accounts Receivable
Inventories
Advance, Deposits & Prepayments
Inter-company Loan (Unsecured)
Total Current Assets
Gross Fixed Assets (at cost):
Land & Buildings
Machinery and Equipment
Furniture & Fixtures
Vehicles
Other (Inc. Fin. Leases)

2001
1,185.85
991.26
194.59

2002
1,475.37
1,283.58
191.79

2003
1,291.67
1,105.54
186.13

2004
2,119.88
1,789.22
330.66

2005
2,179.67
1,799.98
379.69

27.33
25.16
1.31
37.92
91.72
102.87
56.92
2.19
0.00
43.76
0.00
43.76
0.00
43.76

35.57
30.01
1.79
36.68
104.05
87.74
53.21
1.64
0.00
32.89
0.00
32.89
0.00
32.89

34.77
30.31
15.65
38.21
118.94
67.19
46.05
1.00
0.00
20.14
0.00
20.14
0.00
20.14

108.37
101.71
34.66
38.85
283.59
47.07
31.99
0.71
0.00
14.37
0.00
14.37
0.00
14.37

125.35
129.52
32.11
42.28
329.26
50.43
32.81
0.84
0.00
16.78
0.00
16.78
0.00
16.78

26.00
4.00
73.00
371.00
300.00
0.00
774.00

30.00
0.00
212.00
380.00
271.00
0.00
893.00

9.00
0.00
133.00
417.00
285.00
0.00
844.00

85.00
0.00
235.00
436.00
192.00
0.00
948.00

60.00
2.00
64.00
317.00
284.00
0.00
727.00

395.00
614.00
6.00
5.00
0.00

426.00
626.00
7.00
5.00
0.00

445.00
686.00
8.00
5.00
0.00

448.00
696.00
9.00
5.00
70.00

472.00
719.00
10.00
5.00
70.00

Total Gross Fixed Assets

Less: Accumulated Depreciation
Net Fixed Assets
Other Assets
Total Assets
Current Liabilities:
Accounts Payable
Notes Payable
Accruals
Taxes Payable
Other Current Liabilities
Total Current Liabilities
L/T Debt(Inc Financial leases)
Total Liabilities
Proposed Dividend
Common Stock
Paid-In Capital In Excess of Par
Reserves (Tax Holiday & General)
Retained Earnings
Total Stockholders' Equity
Total Liabs. & Stockhldrs' Equity
Reconciliation TA & TL/SE
Number of Common Shares
End-of-Year Stock Price

Current Ratio
Quick Ratio
Cash Ratio
Inventory Turnover
Receivables Turnover
Payable Turnover
Avg. Inventory Processing Period
Avg. Receivable Collection Period
Avg. Payable Collection Period
Cash Conversion Cycle
Fixed Asset Turnover
Total Asset Turnover
Debt Ratio
Debt-to-Equity
Times Interest Earned
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Total Assets (ROA)
Return on Equity (ROE)

1,020.00
174.00
846.00
0.00
1,620.00

1,064.00
211.00
853.00
0.00
1,746.00

1,144.00
249.00
895.00
0.00
1,739.00

1,228.00
288.00
940.00
0.00
1,888.00

1,276.00
330.00
946.00
0.00
1,673.00

2001
7.00
545.00
81.00
0.00
4.00
637.00
270.00
907.00
24.00
480.00
0.00
189.00
20.00
713.00
1,620.00
0.00
4.80
104.75

2002
18.00
685.00
52.00
0.00
14.00
769.00
255.00
1,024.00
12.00
480.00
0.00
211.00
19.00
722.00
1,746.00
0.00
4.80
82.00

2003
23.00
674.00
59.00
0.00
4.00
760.00
250.00
1,010.00
0.00
480.00
0.00
226.00
23.00
729.00
1,739.00
0.00
4.80
67.00

2004
19.00
891.00
55.00
0.00
6.00
971.00
179.00
1,150.00
48.00
480.00
0.00
210.00
0.00
738.00
1,888.00
0.00
4.80
67.00

2005
20.00
496.00
60.00
0.00
1.00
577.00
389.00
966.00
17.96
480.00
0.00
192.04
17.00
707.00
1,673.00
0.00
4.80
(million)
72.00

2001
1.22
0.63
0.03

2002
1.16
0.67
0.03

2003
1.11
0.56
0.01

2004
0.98
0.53
0.07

2005
1.26
0.71
0.06

2.67
16.24
141.61
135
22
3
154
1.40
0.73

3.38
6.96
71.31
107
52
5
153
1.73
0.85

2.65
9.71
48.07
136
37
7
165
1.44
0.74

4.10
9.02
94.17
88
40
4
124
2.26
1.12

5.68
34.06
90.00
63
11
4
70
2.30
1.30

0.56
0.38
1.81

0.59
0.35
1.65

0.58
0.34
1.46

0.61
0.24
1.47

0.58
0.55
1.54

16.41%
8.67%
3.69%

13.00%
5.95%
2.23%

14.41%
5.20%
1.56%

15.60%
2.22%
0.68%

17.42%
2.31%
0.77%

2.70%
6.14%

1.88%
4.56%

1.16%
2.76%

0.76%
1.95%

1.00%
2.37%

Earnings Per Share

9.12

6.85

4.20

2.99

3.50

Price/Earnings Ratio

11.49

11.97

15.97

22.38

20.60

DUPONT ANALYSIS
Net Profit AT/Sales
Sales/Total Assets
ROA
Net Profit AT/Total Assets
Total Assets/Stockhldrs. Equity
ROE

3.69%
73.20%
2.70%
2.70%
227.21%
6.14%

2.23%
84.50%
1.88%
1.88%
241.83%
4.56%

1.56%
74.28%
1.16%
1.16%
238.55%
2.76%

0.68%
112.28%
0.76%
0.76%
255.83%
1.95%

0.77%
130.29%
1.00%
1.00%
236.63%
2.37%

Interest Expense Rate

Tax Retention Rate

3.51%
100.00%

3.05%
100.00%

2.65%
100.00%

1.69%
100.00%

1.96%
100.00%