Profitability Breakdown of A Company

Valuation, P
EASTERN LUBRI
Prepared By:
Topail Ahamed
ID: 17-021
Section: A
Department of Finance, University of Dhaka
Click the following link to get the individu

1. Balance Sheet
2. Reformulated Banalce Sheet
3. Income Statement
4. Reformulated Income Statement
5. Cash Flow Statement
6. Reformulated Cash Flow Statement
7. Common Size Income Statement
8. Common Size Balance Sheet
9. Historical Growth and trend and forecas

11. Profitability Analysis
12. Growth Analysis
13. Valuation
FCF
Residual Earnings
Abnormal Earnings
Valuation, Profitability and Growth Analysis of
ASTERN LUBRICANTS BLENDERS LIMITED
sity of Dhaka
Submitted To
Pfor. Mahmood Osman Imam
Pfofessor
Department of Finance
University of Dhaka
wing link to get the individual analysis
CLICK HERE
Banalce Sheet
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Income Statement
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Cash Flow Statement
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Income Statement
CLICK HERE
Balance Sheet
CLICK HERE
owth and trend and forecasted growth assumption
al Earnings
al Earnings
CLICK HERE
CLICK HERE
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[CLICK HERE]Go to the Home Page: Contents
Referance for
Reformulation
Assets and Properties

Non Current Assets and Properties
Property Plant and Equipment
Investment
Current Assets and Property
Trade Receivables
Other Receivable
Advance Deposit and Pre-payment
Income Tax Receivable
Cash and Bank Balance
Total Assets & Properties
OA
FA
OA
OA
OA
OA
OA
Shareholders' Equity & Liabilities

Shareholders' Equity
Share Capital
General Reserve
CSE
CSE
Non Current Liabilities

Deferred Income Tax
OL
Current Liabilities
Creditors and Accruals
Unclaimed Dividend
Proposed Dividend
Worker' Profit Participation Fund
Total Shareholders Equity & Liabilities
OL
OL
OL
OL
EASTERN LUBRICANTS BLENDERS LIMITE

STATEMENT OF FINANCIAL POSITION
(Taka in '000)
Historical
2008
2009
2010
2011
12,365.00
9,096.00
3,269.00
11,678.00
8,409.00
3,269.00
11,045.00
7,776.00
3,269.00
10,459.00
7,190.00
3,269.00
181,512.00
96,815.00
1,496.00
14,073.00
4,646.00
64,482.00
193,877.00
203,692.00
121,149.00
1,789.00
7,324.00
4,062.00
69,368.00
215,370.00
129,217.00
50,521.00
1,492.00
7,273.00
3,022.00
66,909.00
140,262.00
160,005.00
78,973.00
2,979.00
6,071.00
2,559.00
69,423.00
170,464.00
53,219.00
9,940.00
43,279.00
55,616.00
9,940.00
45,676.00
57,608.00
9,940.00
47,668.00
61,988.00
9,940.00
52,048.00
59.00
128.00
1,554.00
1,476.00
140,599.00
137,395.00
425.00
2,485.00
294.00
193,877.00
159,626.00
156,195.00
600.00
2,485.00
346.00
215,370.00
81,100.00
77,175.00
495.00
448.00
2,982.00
140,262.00
107,000.00
102,916.00
592.00
2,982.00
510.00
170,464.00
TS BLENDERS LIMITED
FINANCIAL POSITION
a in '000)
Year Ending June 30
al
Projected
2012
2013
2014E
2015E
2016E
9,919.00
6,650.00
3,269.00
9,420.00
6,151.00
3,269.00
8,955.43
5,686.43
3,269.00
8,527.37
5,258.37
3,269.00
8,131.10
4,862.10
3,269.00
163,911.00
65,110.00
433.00
15,147.00
2,926.00
80,295.00
173,830.00
145,155.00
53,150.00
480.00
16,216.00
3,373.00
71,936.00
154,575.00
169,798.16
66,509.01
574.01
8,439.28
2,949.02
91,326.85
173,067.16
125,444.93
27,735.28
478.72
8,380.51
2,193.97
86,656.45
128,713.93
144,554.24
43,355.01
955.83
6,995.48
1,857.84
91,390.09
147,823.24
68,269.00
9,940.00
58,329.00
70,587.00
9,940.00
60,647.00
73,945.92
9,940.00
64,005.92
76,737.32
###
66,797.32
82,875.03
9,940.00
72,935.03
1,396.00
1,316.00
1,316.00
###
1,786.00
104,165.00
103,037.00
694.00
82,672.00
81,598.00
709.00
434.00
173,830.00
365.00
154,575.00
97,805.24
92,763.20
1,000.94
3,675.10
366.00
173,067.16
50,660.61
45,833.73
825.78
3,634.10
367.00
128,713.93
63,162.21
61,121.15
987.60
685.47
368.00
147,823.24
Projected
2017E
2018E
2019E
7,765.94
4,496.94
3,269.00
7,428.50
4,159.50
3,269.00
7,116.89
3,847.89
3,269.00
156,015.33
35,744.42
138.93
17,453.55
2,124.28
100,554.15
159,284.33
148,782.19
29,178.56
154.01
18,685.33
2,448.80
98,315.49
152,051.19
164,128.74
24,383.73
122.76
36,687.13
3,034.46
99,900.65
167,397.74
91,676.61
9,940.00
81,736.61
94,924.83
###
84,984.83
102,573.47
9,940.00
92,633.47
205.00
2,244.00
15,054.00
67,402.72
61,193.01
1,157.76
4,682.96
369.00
159,284.33
54,882.36
48,460.52
1,182.78
4,869.06
370.00
152,051.19
50,280.81
43,454.41
1,177.37
5,278.02
371.00
167,908.28
Net Operating Asset

Operating Asset
Trade Receivables
Other Receivable
Operating Liabilities
Unclaimed Dividend
Proposed Dividend
Deferred Income Tax
Net Financial Assets

Investment
Common Stock Holders Equity
EASTERN LUBRICANTS BL
STATEMENT OF FINANCI
(Taka in '000)
Historical
Referance for
Reformulation
2009
2010
49,950.00
52,347.00
54,339.00
96,815.00
1,496.00
14,073.00
4,646.00
64,482.00
9,096.00
190,608.00
121,149.00
1,789.00
7,324.00
4,062.00
69,368.00
8,409.00
212,101.00
50,521.00
1,492.00
7,273.00
3,022.00
66,909.00
7,776.00
136,993.00
137,395.00
425.00
2,485.00
294.00
59.00
140,658.00
156,195.00
600.00
2,485.00
346.00
128.00
159,754.00
77,175.00
495.00
448.00
2,982.00
1,554.00
82,654.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
E=C+D
53,219.00
55,616.00
57,608.00
C=A-B
2008
STERN LUBRICANTS BLENDERS LIMITED

(Taka in '000)
Year Ending June 30
Historical
2011
2012
2013
2014E
58,719.00
65,000.00
67,318.00
70,676.92
78,973.00
2,979.00
6,071.00
2,559.00
69,423.00
7,190.00
167,195.00
65,110.00
433.00
15,147.00
2,926.00
80,295.00
6,650.00
170,561.00
53,150.00
480.00
16,216.00
3,373.00
71,936.00
6,151.00
151,306.00
66,509.01
574.01
8,439.28
2,949.02
91,326.85
5,686.43
175,484.59
102,916.00
592.00
2,982.00
510.00
1,476.00
108,476.00
103,037.00
694.00
434.00
1,396.00
105,561.00
81,598.00
709.00
365.00
1,316.00
83,988.00
98,449.63
1,000.94
3,675.10
366.00
1,316.00
104,807.67
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
61,988.00
68,269.00
70,587.00
73,945.92
30
Projected
2015E
2016E
2017E
2018E
2019E
73,468.32
79,606.03
88,407.61
91,655.83
98,793.93
27,735.28
478.72
8,380.51
2,193.97
86,656.45
5,258.37
130,703.31
43,355.01
955.83
6,995.48
1,857.84
91,390.09
4,862.10
149,416.34
35,744.42
138.93
17,453.55
2,124.28
100,554.15
4,496.94
160,512.27
29,178.56
154.01
18,685.33
2,448.80
98,315.49
4,159.50
152,941.69
24,383.73
122.76
36,687.13
3,034.46
99,900.65
3,847.89
167,976.63
51,092.11
825.78
3,634.10
367.00
1,316.00
57,234.99
65,983.25
987.60
685.47
368.00
1,786.00
69,810.31
65,689.94
1,157.76
4,682.96
369.00
205.00
72,104.66
52,620.02
1,182.78
4,869.06
370.00
2,244.00
61,285.86
47,302.30
1,177.37
5,278.02
371.00
15,054.00
69,182.69
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
76,737.32
82,875.03
91,676.61
94,924.83
102,062.93
Referance for
Reformulation
Blending Charges Recovery

Blending Expense
Operating Profit/(loss)
Administrative & General Expenses
Trading Profit / ( Loss )
Other Income
OR
OE
OE
Interest on Bank Deposit

Storage Charges Recovered
Creditors for Goods (written back)
Import Handling
FI
OI
OI
Others
OI
Net Profit Before Contribution to WPP & WF and Taxation

Contribution to Workers' Profit Participation Fund
Profit Before Taxation
Provision for Income Tax
Current
Deferred
Net Profit After Tax Transferred to General Reserve
Notes:
1. Tax rate 24.75% as it give more than 20% dividend
OE
EASTERN LUBRICANTS BLENDERS

INCOME STATEMENT
(Taka in '000)
Historical
2008
2009
2010
2011
3,866.00
7,583.00
(3,717.00)
1,127.00
(4,844.00)
4,541.00
8,521.00
(3,980.00)
1,239.00
(5,219.00)
8,421.00
9,301.00
(880.00)
1,072.00
(1,952.00)
15,398.00
14,084.00
1,314.00
1,108.00
206.00
10,392.00
188.00
0
140.00
12.00
10,732.00
10,741.00
157.00
1023
192.00
32.00
12,145.00
9,688.00
139.00
1,023.00
55.00
10,905.00
9,471.00
254.00
0
190.00
69.00
9,984.00
5,888.00
294.00
5,594.00
6,926.00
346.00
6,580.00
8,953.00
448.00
8,505.00
10,190.00
510.00
9,680.00
1,385.00
59.00
1,444.00
4,150.00
1,629.00
69.00
1,698.00
4,882.00
2,105.00
1,426.00
3,531.00
4,974.00
2,396.00
(78.00)
2,318.00
7,362.00
BRICANTS BLENDERS LIMITED

INCOME STATEMENT
(Taka in '000)
Year Ending June 30
Projected
2012
2013
2014E
2015E
2016E
11,350.00
12,463.00
(1,113.00)
948.00
(2,061.00)
8,753.00
13,126.00
(4,373.00)
1,004.00
(5,377.00)
6,091.45
14,044.82
(7,953.37)
873.48
(8,826.85)
10,538.21
15,308.85
(4,770.64)
943.36
(5,714.00)
15,385.79
16,839.74
(1,453.95)
839.59
(2,293.54)
10,327.00
187.00
176.00
12,304.00
143.00
143.00
45.00
10,735.00
90.00
12,680.00
13,165.28
110.11
143.00
148.50
13,566.89
12,901.97
146.45
143.00
179.69
13,371.11
14,063.15
115.69
143.00
359.37
14,681.21
8,674.00
434.00
8,240.00
7,303.00
365.00
6,938.00
4,740.04
366.00
4,374.04
7,657.11
367.00
7,290.11
12,387.68
368.00
12,019.68
2,039.00
(80.00)
1,959.00
6,281.00
1,717.00
###
1,637.00
5,301.00
1,082.58
(42.92)
1,039.66
3,334.39
1,804.30
(49.85)
1,754.45
5,535.66
2,974.87
(71.23)
2,903.64
9,116.04
Projected
2017E
2018E
2019E
21,847.82
15,155.77
6,692.06
923.55
5,768.51
17,259.78
18,490.03
(1,230.26)
988.20
(2,218.45)
27,270.45
20,893.74
6,376.71
948.67
5,428.04
14,485.05
195.52
1,023.00
628.90
16,332.46
15,354.15
131.00
1,009.00
760.97
17,255.11
18,578.52
106.11
1,009.00
905.55
20,599.18
22,100.97
369.00
21,731.97
15,036.66
370.00
14,666.66
26,027.22
371.00
25,656.22
5,378.66
(136.13)
5,242.53
16,489.44
3,630.00
(77.82)
3,552.18
11,114.49
6,349.92
(131.85)
6,218.06
19,438.16
o to the Home Page: Contents
Referance for
Reformulation
2008
Operating Revenues
A
3,866.00
B
C=(A-B)
7,583.00
1,127.00
294.00
9,004.00
(5,138.00)
T
T1
T2
D=T-T1-T2
E=C-D
1,444.00
84.15
2,572.02
(1,212.17)
(3,925.83)
Operating Expenses
Blending Expense
Other Operating expense
Operating Income from sales (before tax)
Tax on oprating Income from Sales
Reported
Tax on other Operating income [Note-3]
Tax on Financial income (Expense) [Note-2]
Operating income from sales (after tax)
Other Operating Income
Import Handling
Others
Tax on other operating income[Note 3]
Total other operating income net of tax
F
G=E+F
Oprting Income (After tax)
188
0
140
12
84.15
256
(3,669.98)
Financial income (expense)

Financial Expense
Net financial expense (income) before tax
Tax on financial Items [note 2]
Net financial expense (income) After tax
H
I
J=H-I
10,392
0
10,392.00
2,572.02
7,819.98
Comprehensive income
G+J
4,150.00
Notes:
1. Tax rate (According to NBR Bangladesh)
Rate
2.Tax on financial items
Interest income
Interest expense
Net Financial Income (Expense)
Tax
Net Financial Expense (Income) After tax
3. Tax on other operating income

Import Handling
Others
Total
Tax
2008
25%
2009
25%
2008
10,392
0
10,392
2,572.02
7,819.98
2009
10,741
0
10,741
2,658.40
8,082.60
2008
188
0
140
12
340
84.15
2009
157
1,023
192
32
1,404
347.49
12,000.00
10,000.00
8,000.00
6,000.00
4,000.00
Oprting Income (After tax)
2,000.00
Net financial expense

(income) After tax
(2,000.00)
(4,000.00)
(6,000.00)
(8,000.00)
Comprehensive income
EASTERN LUBRICANTS BLENDERS LIMITED

REFORMULATED INCOME STATEMENT
(Taka in '000)
Year Ending June 30
Historical
2009
2010
2011
2012
2013
4,541.00
8,421.00
15,398.00
11,350.00
8,753.00
8,521.00
1,239.00
346.00
10,106.00
(5,565.00)
9,301.00
1,072.00
448.00
10,821.00
(2,400.00)
14,084.00
1,108.00
510.00
15,702.00
(304.00)
12,463.00
948.00
434.00
13,845.00
(2,495.00)
13,126.00
1,004.00
365.00
14,495.00
(5,742.00)
1,698.00
347.49
2,658.40
(1,307.89)
(4,257.11)
3,531.00
301.21
2,397.78
832.01
(3,232.01)
2,318.00
126.97
2,344.07
(153.04)
(150.96)
1,959.00
100.98
2,555.93
(697.91)
(1,797.09)
1,637.00
93.06
3,045.24
(1,501.30)
(4,240.70)
157
1,023
192
32
347.49
1,057
139
1,023
0
55
301.21
916
254
0
190
69
126.97
386
187
176
0
45
100.98
307
143
143
0
90
93.06
283
(3,200.60)
(2,316.22)
235.07
(1,490.07)
(3,957.76)
10,741
0
10,741.00
2,658.40
8,082.60
9,688
0
9,688.00
2,397.78
7,290.22
9,471
0
9,471.00
2,344.07
7,126.93
10,327
0
10,327.00
2,555.93
7,771.07
12,304
0
12,304.00
3,045.24
9,258.76
4,882.00
4,974.00
7,362.00
6,281.00
5,301.00
2010
25%
2011
25%
2012
25%
2013
25%
2014
25%
2010
9,688
0
9,688
2,397.78
7,290.22
2011
9,471
0
9,471
2,344.07
7,126.93
2012
10,327
0
10,327
2,555.93
7,771.07
2013
12,304
0
12,304
3,045.24
9,258.76
2014
13,165
0
13,165
3,258.41
9,906.87
2010
139
1,023
0
55
1,217
301.2075
2011
254
0
190
69
513
126.9675
2012
187
176
0
45
408
100.98
2013
143
143
0
90
376
93.06
2014
110
143
0
149
402
99.398475
LIMITED
Year Ending June 30
Projected
2014E
2015E
2016E
2017E
2018E
6,091.45
10,538.21
15,385.79
21,847.82
17,259.78
14,044.82
873.48
366.00
15,284.30
(9,192.85)
15,308.85
943.36
367.00
16,619.21
(6,081.00)
16,839.74
839.59
368.00
18,047.33
(2,661.54)
15,155.77
923.55
369.00
16,448.31
5,399.51
18,490.03
988.20
370.00
19,848.23
(2,588.45)
1,039.66
99.40
3,258.41
(2,318.15)
(6,874.70)
1,754.45
116.11
3,193.24
(1,554.90)
(4,526.10)
2,903.64
152.97
3,480.63
(729.96)
(1,931.58)
5,242.53
457.24
3,585.05
1,200.25
4,199.26
3,552.18
470.49
3,800.15
(718.46)
(1,869.99)
110
143
0
149
99.40
302
146
143
0
180
116.11
353
116
143
0
359
152.97
465
196
1,023
0
629
457.24
1,390
131
1,009
0
761
470.49
1,430
(6,572.49)
(4,173.08)
(1,466.48)
5,589.44
(439.51)
13,165
0
13,165.28
3,258.41
9,906.87
12,902
0
12,901.97
3,193.24
9,708.74
14,063
0
14,063.15
3,480.63
10,582.52
14,485
0
14,485.05
3,585.05
10,900.00
15,354
0
15,354.15
3,800.15
11,554.00
3,334.39
5,535.66
9,116.04
16,489.44
11,114.49
2015
25%
2016
25%
2017
25%
2018
25%
2019
25%
2015
12,902
0
12,902
3,193.24
9,708.74
2016
14,063
0
14,063
3,480.63
10,582.52
2017
14,485
0
14,485
3,585.05
10,900.00
2018
15,354
0
15,354
3,800.15
11,554.00
2019
18,579
0
18,579
4,598.18
13,980.34
2015
146
143
0
180
469
116.10999675
2016
116
143
0
359
618
152.9704878075
2017
196
1,023
0
629
1,847
457.2359438947
2018
131
1,009
0
761
1,901
470.4887582844
2019
106
1,009
0
906
2,021
500.1129691591
2019E
27,270.45
20,893.74
948.67
371.00
22,213.41
5,057.04
6,218.06
500.11
4,598.18
1,119.77
3,937.28
106
1,009
0
906
500.11
1,521
5,457.82
18,579
0
18,578.52
4,598.18
13,980.34
19,438.16
]Go to the Home Page: Contents
Referance for
Reformulation
CASH FLOW FROM OPERATING ACTIVITIES
Net Cash (Paid) / Received from Customers & Others
Net Cash Paid to Suppliers & Others
Income Tax paid
Cash (Outflow)/Inflow from Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES
investment in Share
Cash Inflow / (Outflow) from Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid
Cash Inflow / (Outflow) from Financing Activities
Net Increase/ (Decrease) in Cash & Cash Equivalents
Cash and Cash Equivalents at the beginning of the year
Cash and Cash Equivalents at the end of the year

STATEMENT OF CASH FLOW
(Taka in '000)
Year Ending Ju
Historical
2008
(29,000.00)
30,948.00
(1,207.00)
741.00
(3,269.00)
(3,269.00)
2009
2010
2011
2012
(33,994.00)
42,235.00
(1,045.00)
7,196.00
90,302.00
(89,106.00)
(1,065.00)
131.00
(3,354.00)
10,686.00
(1,933.00)
5,399.00
29,419.00
(13,261.00)
(2,406.00)
13,752.00
###
###
(1,600.00)
(1,600.00)
2,310.00
2,310.00
2,590.00
2,590.00
(2,885.00)
(2,880.00)
(2,880.00)
(2,880.00)
(4,128.00)
68,610.00
64,482.00
4,886.00
64,482.00
69,368.00
(2,459.00)
69,368.00
66,909.00
2,514.00
66,909.00
69,423.00
10,872.00
69,423.00
80,295.00
MITED
Year Ending June 30
2013
33,344.00
(36,572.00)
(2,164.00)
(5,392.00)
(2,967.00)
(2,967.00)
(8,359.00)
80,295.00
71,936.00
CLICK HERE]Go to the Home Page: Contents
Referance for
Reformulation
FREE CASH FLOW [C-I]

Cash flow from operation [C]
Reported cash from Operating activities
[-/+] After tax interest income / expense
Cash flow from operation After Adjustment [C]
Cash flow from Investing [I]

Reported cash from Investing activities
[-/+] Increase / decrease in operating cash [Notes 1]
[+] Purchase of financial asset
[-] Sale of financial asset
[-] Non-cash investment
Cash flow from investing activities After Adjustment [I]
Free Cash Flow (FCF) [C-I]
I
FCF=C-I
FINANCING FLOW TO CLAIMANTS [D+F]

Debt Financing [D]
[+] investments in cash equavalents
[+] Purchase of financial asset
[-] Sale of financial asset
[-/+] After tax interest income / expense
[-] Noncash Financiang
D
Equity Financing [F]
[-] Share issue
[+] Repurchase
[+] Dividens
F
Financing Flow Claimants [D+F]
D+F
Notes
1. Change in Cash Equavalents Calculation
Ending Value
Change
2008
64,482.00

(Taka in '000)
Year Ending Jun

Historical
2008
2009
2010
2011
2012
741.00
7,819.98
(7,078.98)
7,196.00
8,082.60
(886.60)
131.00
7,290.22
(7,159.22)
5,399.00
7,126.93
(1,727.93)
13,752.00
7,771.07
5,980.93
(3,269.00)
4,886.00
(2,459.00)
2,514.00
10,872.00
4,886.00
(2,459.00)
2,514.00
10,872.00
(5,772.60)
(4,700.22)
(4,241.93)
(4,891.07)
0
0
0
8,082.60
0
(8,082.60)
0
0
0
7,290.22
0
(7,290.22)
0
0
0
7,126.93
0
(7,126.93)
0
0
0
7,771.07
0
(7,771.07)
0
0
2,310
2,310
0
0
2,590
2,590
0
0
2,885
2,885
0
0
2,880
2,880
(5,772.60)
(4,700.22)
(4,241.93)
(4,891.07)
2009
2010
2011
2012
2013
69,368.00
4,886.00
66,909.00
(2,459.00)
69,423.00
2,514.00
80,295.00
10,872.00
71,936.00
(8,359.00)
LIMITED
Year Ending June 30
Projected
2013
2014E
2015E
2016E
2017E
2018E
2019E
(5,392.00)
9,258.76
(14,650.76)
(8,359.00)
(8,359.00)
(6,291.76)
0
0
0
9,258.76
0
(9,258.76)
0
0
2,967
2,967
(6,291.76)
(71,936.00)
2014
(71,936.00)
2015
2016
2017
2018
2019
Go to the Home Page: Contents
EASTE
Referance for
Reformulation
Assets and Properties

Non Current Assets and Properties
Investment
Current Assets and Property
Trade Receivables
Other Receivable
Total Assets & Properties
OA
FA
OA
OA
OA
OA
OA
Shareholders' Equity & Liabilities

Shareholders' Equity
Share Capital
General Reserve
CSE
CSE
Non Current Liabilities

Deferred Income Tax
OL
Current Liabilities
Unclaimed Dividend
Proposed Dividend
Total Shareholders Equity & Liabilities
OL
OL
OL
OL

STATEMENT OF FINANCIAL POSITION (Common Size)
(Taka in '000)
Year Ending
Historical
2008
2009
2010
2011
6%
5%
2%
0%
94%
50%
1%
7%
2%
33%
100%
5%
4%
2%
0%
95%
56%
1%
3%
2%
32%
100%
8%
6%
2%
0%
92%
36%
1%
5%
2%
48%
100%
6%
4%
2%
0%
94%
46%
2%
4%
2%
41%
100%
27%
5%
22%
0%
0%
0%
0%
73%
71%
0%
1%
0%
100%
26%
5%
21%
0%
0%
0%
0%
74%
73%
0%
1%
0%
100%
41%
7%
34%
0%
0%
1%
0%
58%
55%
0%
0%
2%
100%
36%
6%
31%
0%
0%
1%
0%
63%
60%
0%
2%
0%
100%
ERS LIMITED
ommon Size)
Year Ending June 30
al
Projected
2012
2013
2014E
2015E
2016E
2017E
6%
4%
2%
0%
94%
37%
0%
9%
2%
46%
100%
6%
4%
2%
0%
94%
34%
0%
10%
2%
47%
100%
5%
3%
2%
0%
98%
38%
0%
5%
2%
53%
100%
7%
4%
3%
0%
97%
22%
0%
7%
2%
67%
100%
6%
3%
2%
0%
98%
29%
1%
5%
1%
62%
100%
5%
3%
2%
0%
98%
22%
0%
11%
1%
63%
100%
39%
6%
34%
0%
0%
1%
0%
60%
59%
0%
0%
0%
100%
46%
43%
6%
6%
39%
37%
0%
0%
0%
0%
1%
1%
0%
2%
53%
57%
53%
54%
0%
1%
0% Err:509
0%
0%
100%
100%
60%
8%
52%
0%
0%
1%
0%
39%
36%
1%
3%
0%
100%
56%
7%
49%
0%
0%
1%
0%
43%
41%
1%
0%
0%
100%
58%
6%
51%
0%
0%
0%
0%
42%
38%
1%
3%
0%
100%
ed
2018E
2019E
5%
3%
2%
0%
98%
19%
0%
12%
2%
65%
100%
4%
2%
2%
0%
98%
15%
0%
22%
2%
60%
100%
62%
7%
56%
0%
0%
1%
0%
36%
32%
1%
3%
0%
100%
61%
6%
55%
0%
0%
9%
0%
30%
26%
1%
3%
0%
100%
Go to the Home Page: Contents
Referance for
Reformulation

Blending Expense
Operating Profit/(loss)
Trading Profit / ( Loss )
Other Income
OR
OE
OE

Import Handling
FI
OI
OI
Others
OI
Net Profit Before Contribution to WPP & WF and Taxation

Profit Before Taxation
Provision for Income Tax
Current
Deferred
Net Profit After Tax Transferred to General Reserve
Notes:
OE

INCOME STATEMENT (common Size)
(Taka in '000)
Year Ending Jun

Historical
2008
100%
196%
-96%
29%
-125%
0%
269%
5%
0%
4%
0%
278%
0%
152%
8%
145%
0%
36%
2%
37%
107%
2009
2010
2011
100%
188%
-88%
27%
-115%
0%
237%
3%
23%
4%
1%
267%
0%
153%
8%
145%
0%
36%
2%
37%
108%
100%
110%
-10%
13%
-23%
0%
115%
2%
12%
0%
1%
129%
0%
106%
5%
101%
0%
25%
17%
42%
59%
100%
91%
9%
7%
1%
0%
62%
2%
0%
1%
0%
65%
0%
66%
3%
63%
0%
16%
-1%
15%
48%
ENDERS LIMITED
mmon Size)
Year Ending June 30
Projected
2012
2013
2014E
2015E
2016E
2017E
2018E
100%
110%
-10%
8%
-18%
0%
91%
2%
2%
0%
0%
95%
0%
76%
4%
73%
0%
18%
-1%
17%
55%
100%
150%
-50%
11%
-61%
0%
141%
2%
2%
0%
1%
145%
0%
83%
4%
79%
0%
20%
-1%
19%
61%
100%
231%
-131%
14%
-145%
0%
216%
2%
2%
0%
2%
223%
0%
78%
6%
72%
0%
18%
-1%
17%
55%
100%
145%
-45%
9%
-54%
0%
122%
1%
1%
0%
2%
127%
0%
73%
3%
69%
0%
17%
0%
17%
53%
100%
109%
-9%
5%
-15%
0%
91%
1%
1%
0%
2%
95%
0%
81%
2%
78%
0%
19%
0%
19%
59%
100%
69%
31%
4%
26%
0%
66%
1%
5%
0%
3%
75%
0%
101%
2%
99%
0%
25%
-1%
24%
75%
100%
107%
-7%
6%
-13%
0%
89%
1%
6%
0%
4%
100%
0%
87%
2%
85%
0%
21%
0%
21%
64%
2019E
100%
77%
23%
3%
20%
0%
68%
0%
4%
0%
3%
76%
0%
95%
1%
94%
0%
23%
0%
23%
71%
Blending Charges Reco
100%
80%
60%
40%
20%
0%
2009
-20%
2010
2011
-40%
-7%
2009
-7%
-7%
-8%
-8%
Property Plant and Equi

2010
2011
2012
2013
2014E
2015E
-7%
-7%
-8%
-8%
-8%
Referance for
Reformulation
Income Statement Items

Blending Expense
Other Income
Import Handling
Others
OR
OE
OE
FI
OI
OI
OI
OE
Balance Sheet Items
Period
Investment
Trade Receivables
Other Receivable
Share Capital
General Reserve
Unclaimed Dividend
Proposed Dividend
OA
FA
OA
OA
OA
OA
OA
CSE
CSE
OL
OL
OL
Notes:
To forecast Variables are forecasted based on trend analysis, previour performance, Individual Driver Growth, and the Excell Fo
Proposed Dividend in 20% of Reserve
Trend Analysis Graph: Income Statement Items
100%
Blendin
Charge
Recove
80%
60%
Logarit
mic
(Blendi
g
Charge
2013
Recove
)
40%
20%
0%
2009
-20%
2010
2011
2012
-40%
15%
Admin
trative
&
Gener
Expen
s
10%
5%
0%
2009
-5%
2010
2011
2012
2013
2014E
2015E
2016E
2017E
2018E
-10%
-15%
-20%
Logari
2019E
mic
(Admi
strativ
&
Gener
Expen
s)
Trend Analysis Graph: Balance Sheet Items
-7%
2009
-7%
-7%
-8%
-8%

2010
2011
2012
2013
2014E
2015E
2016E
2017E
2018E
Propert
Plant
2019E
and
Equipm
nt
Logarit
mic
(Proper
Plant
and
and
Equipm
nt
-7%
-7%
Logarit
mic
(Proper
Plant
and
Equipm
nt)
-8%
-8%
-8%
Trade Receivables
80%
Trade
Receiv
bles
60%
40%
20%
0%
2009
-20%
2010
2011
2012
2013
2014E
2015E
2016E
2017E
2018E
-40%
-60%
Logar
2019E
mic
(Trade
Receiv
bles)
-80%
20%
Cash
and
Bank
Balan
15%
10%
5%
0%
2009
-5%
-10%
-15%
-20%
2010
2011
2012
2013
2014E
2015E
2016E
2017E
2018E
Logar
mic
2019E
(Cash
and
Bank
Balan
)

Growth assumption
(Taka in '000)
Year Endi
Historical
2008
Driver Growth, and the Excell Forecasting Tools
2009
2010
2011
17%
12%
10%
85%
9%
-13%
83%
51%
3%
3%
-16%
-10%
-11%
-2%
83%
37%
167%
-100%
72%
25%
18%
29%
14%
1
-8%
0%
25%
20%
-48%
-13%
8%
0%
6%
14%
41%
2
-8%
0%
-58%
-17%
-1%
-26%
-4%
0%
4%
-51%
-18%
3
-8%
0%
56%
100%
-17%
-15%
4%
0%
9%
33%
20%
Blending
Charges
Recovery
Blending Expense
60%
50%
40%
Logarith
mic
(Blendin
g
Charges
2013
Recovery
)
30%
20%
10%
0%
2009
-10%
2010
2011
-20%
enses
2017E
Adminis
trative
&
General
Expense
s
2018E
Logarith
2019E
mic
(Admini
strative
&
General
Expense
s)
Contribution to Workers' Profit Parti
40%
30%
20%
10%
0%
2009
-10%
2010
2011
2012
2013
2014E
2015E
-20%
-30%
nt
2017E
2018E
Property
Plant
2019E
and
Equipme
nt
100%
90%
80%
70%
60%
Logarith
mic
(Property
Plant
and
50%
40%
30%
20%
Investment
2016
and
Equipme
nt
80%
70%
60%
Logarith
mic
(Property
Plant
and
Equipme
nt)
50%
40%
30%
20%
10%
0%
2009
200%
Trade
Receiva
bles
2010
2011
2012
2013
2014E
2015E
2016E
Advance Deposit and Pre-paym
150%
100%
2017E
2018E
Logarith
2019E
mic
(Trade
Receiva
bles)
50%
0%
2009
-50%
-100%
Cash
and
Bank
Balance
2017E
2018E
Logarith
mic
2019E
(Cash
and
Bank
Balance
)
2010
2011
2012
2013
2014E
2015E
2016E
BLENDERS LIMITED
mption
00)
Year Ending June 30
storical
Projected
2012
2013
2014E
2015E
2016E
2017E
-26%
-12%
-14%
-23%
5%
6%
-30%
-15%
7%
-13%
73%
9%
8%
46%
10%
-11%
42%
-10%
10%
9%
-26%
19%
-24%
7%
-23%
-2%
33%
9%
-21%
3%
69%
-100%
-35%
100%
48%
65%
-100%
21%
-100%
100%
21%
75%
-15%
-16%
-20%
15%
14%
20%
4
-8%
0%
-18%
-85%
149%
14%
16%
0%
12%
0%
17%
5
-8%
0%
-18%
11%
7%
15%
-10%
0%
4%
-21%
2%
-7%
-7%
-7%
-7%
0%
0%
0%
0%
-16%
-8%
-39%
-30%
-20%
-31%
-64%
-38%
96%
112%
131%
120%
24%
41%
53%
60%
-2%
-3%
-9%
-14%
0%
0%
0%
0%
9%
12%
20%
15%
-10%
-2%
-24%
-20%
0%
9%
-2%
-4%
Blending Expense
Blending
Expense
2011
Logarith
mic
(Blendin
g
Expense
)
2013
2012
Contribu
Workers' Profit Participation Fundtion to
12
2013
2014E
2015E
2016E
2017E
2018E
Workers'
Profit
Participa
tion
Fund
Logarith
mic
(Contrib
ution to
2019E
Workers'
Profit
Participa
tion
Fund)
Investment
Investm
ent
Logarith
mic
(Investm
ent)
Investm
ent
Logarith
mic
(Investm
ent)
2013
2014E
2015E
2016E
2017E
2018E
eposit and Pre-payment
2013
2014E
2015E
2016E
2017E
2019E
Advance
Deposit
and Prepaymen
t
2018E
Logarith
mic
(Advanc
e
Deposit
2019E
and Prepaymen
t)
ed
2018E
2019E
-21%
22%
7%
58%
13%
-4%
6%
-33%
21%
-19%
-48%
21%
-100%
19%
-12%
23%
10
11
-7%
-7%
0%
0%
-36%
-44%
-71%
-77%
172%
174%
75%
87%
-12%
-17%
0%
0%
22%
24%
-19%
-26%
-3%
-6%
FIRST LEVEL BREAK DOWN: Distinguishing Financing and Operating Activities And The E
Return on Common Equity (ROCE)
Return on Net Operating Asset (RNOA)
Financial Leverage (FLEV)
Spread (Operating Spread)
ROCE
Oprtaing Leverage (OLLEV)
Return on Operating Asset (ROOA)
Oprating Liability Spread (OLSPREAD)
RNOA
So, Leverages Effect on ROCE
Notes:
1. No short-term borroiwing rate was given in the statement. So, PM*ATO was used as a proxy for ROOA
SECOND LEVEL BREAK DOWN: Drivers of Operating Profitability

Profit Margin (PM)
Asset Turn Over (ATO)
Return on Operating Asset (ROOA)
RNOA
THIRD-LEVEL BREAK DOWN: Drivers of Operating Profitability

Sales Profit Margin
Gross Margin Ratio
Administrative & General Expenses Ratio
Others Expense
Oprating Tax Expense Ratio
Sales Profit Margin
Other Operating Item Profit Margin
Import Handling
Others
Tax On Othern OI
Other Operating Item Profit Margin
PM
ATO Ratio
Sales/Cash
Sales/AR
Sales/PPE
Sales/AP
Growth and other calculations

Gross Margin
Comprehensive Income (CI)
Operating Income After Tax (OI)
Sales
ROCE
Change
RNOA
Change
ROOA
Change
1
Operating Liability (OL)
Average Operating Liability (Avg.OL)
2
Operating Asset (OA)
Average Operating Asset ( Avg. OA)
3
Net Operating Asset (NOA)
Average Net Oprating Asset (Av. NOA)
Change in Net Oprating Asset ( NOA)
4
Net Financial Asset (NFA)
Average Net Financial Asset (Av. NFA)
Change in Net Financial Asset ( NFA)
5
Common Stock Holder Equity (CSE)
Average Common Stock Holder Equity ( Avg. CSE)
Change in Common Stock Holder Equity ( CSE)
6
Net Financial Income (NFI)
Average Net Financial Income ( Avg. NFI)
Change in Net Financial Income ( NFI)
7
8
Financial Leverage (FLEV)
Change in Financial Leverage ( FLEV)
9
Spread (Operating Spread)
Change in Net Financial Expense ( Spread)
10
Return on Net Financial Asset (RNFA)
11
Notes:
1. No short term borroiwing rate was given in the statement so PM*ATO was used as a proxy for ROOA
0.4
0.2
0
2009
2010
2011
2012
2013
-0.2

Profit Margin (PM)
-0.4
-0.6
-0.8

0.01
0
2009
-0.01
-0.02
-0.03
-0.04
-0.05
-0.06
-0.07
2010
2011
2012
2013
Return on Net Operating
Asset (RNOA)
EASTERN LUBR
Explanation
Calculation Ref.
Financing and Operating Activities And The Effect Of Leverage

CI/Avg. CSE
OI/Avg. NOA
NFA/Avg. CSE
RNOA-RNFA
RNOA-(FLEV*SPREAD)
Avg.OL/Avg. NOA
See notes 1 and level 2 Breakdown
ROOA- Borrowing Rate [See Calculation]
ROOA+(OLLEV*OLSPREAD)
3
4, 5
10
1, 3
ROCE=ROOA+(RNOA-ROOA)+(ROCE-RNOA)
Effect of financial Leverage

ROCE=RNOA-(FLEV*SPREAD)
ROCE=-.062574-(.06*-2.54)
ROCE=.0897137
Summing Financial Leverage and Operating Liability Leverage effects on Shareholder Prof
ROCE=ROOA+(RNOA-ROOA)+(ROCE-RNOA)
ROCE=-.06257+(-.06257--06257)+(.08971--.06257)
ROCE=.089713
M*ATO was used as a proxy for ROOA
Operating Profitability
OI/Avg. NOA
OI/Sales
Sales/Avg.NOA
OL/Avg. NOA
PM*ATO
ROOA- Borrowing Rate [See Notes]
RNOA=PM*ATO+(OLLEV*OLSPREAD)
3
3
3
RNOA=ROOA+(OLLEV*SPREAD)
RNOA=PM*ATO+(OLLEV*SPREAD)
RNOA=-.704823*.08878+(3.12333*0)
RNOA=-.06257+0
RNOA=-.06257
erating Profitability
Gross margin/sales
Admin.Expense/sales
Others expense/sales
Oprating Tax/sales
Store Charge/sales
Creditors for goods/sales
Import Holding/sales
Others/sales
Tax/sales
s1
s2
s3
s4
s1-s2-s3-s4
Sales Profit Margin+Other Item PM
(3,717.00)
4,150.00
(3,669.98)
3,866.00
0.09
(0.06)
(0.06)
140,658.00
190,608.00
49,950.00
3,269.00
53,219.00
7,819.98
OL/Avg. NOA
NFA/Avg. CSE
RNOA-RNFA
NFI/ Avg.NFA
ROOA+(OLLEV*SPREAD)=RNOA
(OLLEV*SPREAD)=RNOA-ROOA
(3.123*SPREAD)=(-.06257)-(-.06257)
SPREAD=0/3.123
SPREAD=0
M*ATO was used as a proxy for ROOA
13
2.50
2.00
1.50
Profit Margin (PM)
1.00
0.50
2009
Asset (RNOA)
Return on Net Operating

Asset (RNOA)
2010
2011
2012
2013

INCOME STATEMENT
(Taka in '000)
Year Ending June 30

Historical
2009
2010
2011
2012
0.0897137869
0.0878612308
0.1231144854
0.0964401145
-0.0625747089
0.06
(2.54)
0.0897137869
2.9366648093
-0.0625747089
0
-0.0625747089
-0.0434212549
0.06
(2.27)
0.0878612308
2.2721631704
-0.0434212549
0
-0.0434212549
0.0041584408
0.05
(2.18)
0.1231144854
1.6905482142
0.0041584408
0
0.0041584408
-0.0240879331
0.05
(2.40)
0.0964401145
1.7300252993
-0.0240879331
0
-0.0240879331
0.0897137869
0.0878612308
0.1231144854
0.0964401145
Effect of Operating liability leverage

RNOA=ROOA+(OLLEV*SPREAD)
RNOA=-.704823*.08878+(3.12333*0)
RNOA=-.06257+0
RNOA=-.06257
ility Leverage effects on Shareholder Profitability
-0.0625747089
-0.7048232768
0.0887807072
2.9366648093
-0.0625747089
0
-0.0625747089
-0.0434212549
-0.2750528441
0.1578651369
2.2721631704
-0.0434212549
0
-0.0434212549
0.0041584408
0.0152664307
0.2723911621
1.6905482142
0.0041584408
0
0.0041584408
-0.0240879331
-0.1312834802
0.1834803062
1.7300252993
-0.0240879331
0
-0.0240879331
-0.8764589298
0.27
0.0761946708
-0.2880175072
(0.94)
-0.1937899141
0.13
0.0532003325
0.0988021019
(0.47)
0.2893635763
0.07
0.0331211846
-0.0099389531
0.19
-0.2451001982
0.08
0.0382378855
-0.0614900881
(0.31)
0.03
0.23
0.04
0.01
0.08
0.23
0.02
0.12
0.04
0.01
0.04
0.15
0.02
0.01
0.01
0.01
0.02
0.02
0.01
0.00
0.01
0.04
=ROOA+(OLLEV*SPREAD)
=PM*ATO+(OLLEV*SPREAD)
=-.704823*.08878+(3.12333*0)
=-.06257+0
(0.70)
(0.32)
0.21
(0.27)
0.07
0.069509447
0.5400166488
0.0290726336
0.13
0.3047841492
1.0829475309
0.1091156463
0.22
0.1437200056
2.1415855355
0.1496171635
0.14
0.1344340347
1.7067669173
0.1101546047
(3,980.00)
4,882.00
(3,200.60)
4,541.00
(880.00)
4,974.00
(2,316.22)
8,421.00
1,314.00
7,362.00
235.07
15,398.00
(1,113.00)
6,281.00
(1,490.07)
11,350.00
0.09
(0.02)
0.12
0.40
0.10
(0.22)
0.08
(0.21)
(0.04)
(0.31)
0.00
(1.10)
(0.02)
(6.79)
(0.06)
1.48
(0.04)
(0.31)
0.00
(1.10)
(0.02)
(6.79)
(0.06)
1.48
159,754.00
150,206.00
82,654.00
121,204.00
108,476.00
95,565.00
105,561.00
107,018.50
212,101.00
201,354.50
136,993.00
174,547.00
167,195.00
152,094.00
170,561.00
168,878.00
52,347.00
54,339.00
58,719.00
65,000.00
51,148.50
2,397.00
53,343.00
1,992.00
56,529.00
4,380.00
61,859.50
6,281.00
3,269.00
3,269.00
3,269.00
3,269.00
3,269.00
-
3,269.00
-
3,269.00
-
3,269.00
-
55,616.00
57,608.00
61,988.00
68,269.00
54,417.50
2,397.00
56,612.00
1,992.00
59,798.00
4,380.00
65,128.50
6,281.00
8,082.60
7,290.22
7,126.93
7,771.07
7,951.29
262.62
7,686.41
(792.38)
7,208.57
(163.29)
7,449.00
644.14
3.1233369503
1.5494816564
1.9189442587
1.7064638414
0.06
0.06
0.05
0.05
2.47
2.23
2.18
2.38
Sales/Cash
Sales/AR
Sales/PPE
Sales/AP
2011
2012
2013
TED
Year Ending June 30
Projected
2013
0.0763524803
-0.0598219441
0.05
(2.89)
0.0763524803
1.4325261869
-0.0598219441
0
-0.0598219441
0.0763524803
2014E
2015E
2016E
2017E
0.0461401626 0.0734741004
0.1142272395
0.1889348047
-0.0598219441
-0.4521604021
0.1323024834
1.4325261869
-0.0598219441
0
-0.0598219441
3.5
3
2.5
2
1.5
1
0.5
0
-0.5
-1
-0.9630037437
0.11
0.0416999886
-0.1715183366
(0.95)
0.02
0.02
0.00
0.04
(0.91)
0.12
0.1146086897
1.423020647
0.107269786
(4,373.00)
5,301.00
(3,957.76)
8,753.00
0.05
(0.40)
(1.00)
(1.00)
83,988.00
94,774.50
3,334.39
5,535.66
9,116.04
16,489.44
151,306.00
160,933.50
67,318.00
70,676.92
73,468.32
79,606.03
88,407.61
(3,269.00)
(3,269.00)
(3,269.00)
(3,269.00)
70,587.00
73,945.92
76,737.32
82,875.03
91,676.61
69,428.00
2,318.00
72,266.46
75,341.62
79,806.17
87,275.82
9,258.76
(9,906.87)
(9,708.74)
(10,582.52)
(10,900.00)
66,159.00
2,318.00
3,269.00
3,269.00
-
8,514.91
1,487.69
1.2694871446
0.05
2.83
2018E
2019E
0.1191253912
0.1973539839
11,114.49
19,438.16
Change in ROCE
2.00
1.00
2010
(1.00)
(2.00)
(3.00)
(4.00)
(5.00)
(6.00)
(7.00)
(8.00)
2011
2012
91,655.83
98,793.93
(3,269.00)
(3,269.00)
94,924.83
102,062.93
93,300.72
98,493.88
(11,554.00)
(13,980.34)
in ROCE
2012
2013
Change
1
2
EASTERN LUBRICA
VALUATON
(
Referance for Calculation

Period
Opetating Income After Tax
Change in Net Operating Asset
Free Cash Flow
Discount Factro @WACC 19%
Presenta Value on FCF
Total Present Value
Continuing Value
Presenta Value of CV
Enterprise Value
See Calculation
see calculation for WACC
see calculation
Notes:
Calculation
NOA
Change in Net operating Asset
2013
67,318
WACC Calculation:
Cost of Equity
Riskfree rate
Beta Power Industry
Risk Premium
Cost of Equity
WACC
**There was no debt in the statement so Cost of Equity is used as a proxy for WACC
Continuing Value
Tarminal Gowth Rate
CV
Flollow the GDP Growth Rate of BD
-62870.5024151412
ERN LUBRICANTS BLENDERS LIMITED

VALUATON- FREE CASH FLOW
(Taka in '000)
Year Ending June 30
Forecasted
2013
2014E
1
2015E
2
(3,957.76)
3,358.92
(7,316.68)
(6,572.49)
2,791.40
(9,363.88)
0.8382592574
-6133.2778482744
2016E
3
(4,173.08)
6,137.71
(10,310.79)
0.7026785825
0.5890268268
-6579.7999086026 -6073.3294170307
-25516.388505396
-21813.084441908
-47329.4729473041
2014
70,676.92
3,358.92
2015
73,468.32
2,791.40
7%
1.0452403556
18.78%
0.1929483525
19%
2016
79,606.03
6,137.71
2017
88,407.61
8,801.59
0.062
r Ending June 30
Forecasted
2017E
4
(1,466.48)
8,801.59
(10,268.07)
2018E
5
2019E
6
5,589.44
3,248.22
2,341.22
(439.51)
7,138.10
(7,577.61)
0.4937571904 0.4138965357
0.3469526026
-5069.9325440331 969.0235369931 -2629.0723244484
-62870.5024151412
2018
91,655.83
3,248.22
2019
98,793.93
7,138.10
1
2
EASTERN LUBRIC
VALUAT

Period
Earnings
Dividend
Book Value
ROCE
Residual Earnings
Total Present Value
Continuing Value
Enterprise Value
(ROCE-i)*BV
see calculation 3
Total Value
Nomber of Share
Per Share Value
P/B ratio
Market Price at present
Status
Decision
Notes:
Calculation
NOA
2013
67,318
WACC Calculation:
Cost of Equity
Riskfree rate
Beta Power Industry
Risk Premium
Cost of Equity
WACC
Continuing Value
Tarminal Gowth Rate
CV
9849.0847645989
STERN LUBRICANTS BLENDERS LIMITED

VALUATON- RESIDUAL EARNING
(Taka in '000)
Year Ending June 30
Forecasted
2013
70,587.00
2014E
1
2015E
2
2016E
3,334.39
2,982.00
70,939.39
5,535.66
###
73,493.04
9,116.04
2,982.00
79,627.08
5%
(9,846.29)
7%
(7,956.39)
11%
(5,247.73)
0.8434322609
(8,304.68)
0.7113779787
(5,660.00)
0.5999991369
(3,148.63)
2015
73,468.32
2,791.40
2016
79,606.03
6,137.71
2017
88,407.61
8,801.59
-19196.6314664603
3545.6603148557
54,936
54,936,028.85
994,000
55.27
0.0007829719
350
Over Valued
sell
2014
70,676.92
3,358.92
7%
1.0452403556
Rate of BD
10.68%
0.18563167
19%
0.062
ear Ending June 30

Forecasted
2017E
4
16,489.44
2,982.00
93,134.52
2018E
5
2019E
6
11,114.49
###
101,267.01
19,438.16
2,982.00
117,723.17
19%
263.02
12%
(6,194.03)
20%
1,187.08
0.5060586286
133.10
0.4268261733
(2,643.77)
0.3599989643
427.35
9849.0847645989
2018
91,655.83
3,248.22
2019
98,793.93
7,138.10
1
2
EASTERN LUBRIC
VALUATON

Period
Earnings
Dividend
Book Value
ROCE
Residual Earnings
(ROCE-i)*BV
Earning in reinvested dividend

Cum Dividend Earnings
Normal Earning
Abnormal Earnings Growth

Total Present Value
Continuing Value
To be Capitalized
see calculation 3
Entreprise Value
Number of Share
Per Share Value
P/E Ratio
Market Price at present
Status
Decision
Notes:
Calculation
NOA
2013
67,318

WACC Calculation:
Cost of Equity
Riskfree rate
Beta Power Industry
Risk Premium
Cost of Equity
WACC
Continuing Value
Tarminal Gowth Rate
CV
28391.3127685793
TERN LUBRICANTS BLENDERS LIMITED

VALUATON- Abnormal Earning Growth
(Taka in '000)
Year Ending June 30
Forecasted
2013
5,301.00
2,982.00
70,587.00
B
C
A+B+C
2014E
2015E
1
3,334.39
2,982.00
70,939.39
3,334.39
(1,006.74)
2016E
2
5,535.66
###
73,493.04
9,116.04
2,982.00
79,627.08
566.58
566.58
6,102.24
9,682.62
4,974.90
8,259.20
1,127.33
1,423.42
4349.2064
4,364.02
(14.81)
11897.3617555786
14,239.82
74,946
994,000
75.40
0.014223507
350
Over Valued
sell
2014
70,676.92
2015
73,468.32
2016
79,606.03
2017
88,407.61
3,358.92
2,791.40
7%
1.0452403556
10.68%
0.18563167
19%
0.062
6,137.71
8,801.59
ear Ending June 30

Forecasted
2017E
3
2018E
4
2019E
5
16,489.44
2,982.00
93,134.52
11,114.49
###
101,267.01
19,438.16
2,982.00
117,723.17
566.58
566.58
566.58
17,056.02
11,681.07
20,004.74
13,601.13
24,602.24
16,582.81
3,454.89
(12,921.18)
3,421.93
28391.3127685793
2018
91,655.83
2019
98,793.93
3,248.22
7,138.10
Country
Albania
Angola
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Bermuda
Bolivia
BosniaandHerzegovina
Botswana
Brazil
Bulgaria
Cambodia
Canada
CaymanIslands
Chile
China
Colombia
CostaRica
Croatia
Cuba
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
FijiIslands
Finland
France
Georgia
Germany
LongTermRating
B1
Ba3
B3
Ba2
Aaa
Aaa
Baa3
Baa1
Baa1
Ba3
Baa3
B3
Aa3
Caa3
Aa2
Ba3
B3
A2
Baa2
Baa2
B2
Aaa
Aa3
Aa3
Aa3
Baa3
Baa3
Baa3
Caa1
B3
A1
Aaa
B1
Caa1
B2
Ba3
A1
B1
Aaa
Aa1
Ba3
Aaa
Adj.DefaultSpread
4.00%
3.25%
6.00%
2.75%
0.00%
0.00%
2.00%
1.50%
1.50%
3.25%
2.00%
6.00%
0.70%
10.00%
0.50%
3.25%
6.00%
1.00%
1.75%
1.75%
5.00%
0.00%
0.70%
0.70%
0.70%
2.00%
2.00%
2.00%
7.00%
6.00%
0.85%
0.00%
4.00%
7.00%
5.00%
3.25%
0.85%
4.00%
0.00%
0.25%
3.25%
0.00%
Greece
Guatemala
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Lithuania
Luxembourg
Macao
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Morocco
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay
Caa1
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aaa
A1
Baa2
B3
Aa3
Ba2
Baa2
B1
Aa3
Aa2
Baa3
B1
Baa1
Aaa
Aa3
A3
A3
Baa1
Baa1
B3
B1
Ba3
Ba1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
B1
7.00%
2.40%
5.00%
0.25%
2.40%
2.00%
2.00%
2.00%
2.40%
0.00%
0.85%
1.75%
6.00%
0.70%
2.75%
1.75%
4.00%
0.70%
0.50%
2.00%
4.00%
1.50%
0.00%
0.70%
1.15%
1.15%
1.50%
1.50%
6.00%
4.00%
3.25%
2.40%
2.00%
0.00%
0.00%
6.00%
3.25%
0.00%
0.85%
7.00%
1.75%
4.00%
4.00%
Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
SaudiArabia
Senegal
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmerica
Uruguay
Venezuela
Vietnam
Zambia
Baa2
Ba1
A2
Ba3
Aa2
Baa3
Baa1
Aa3
B1
Aaa
A2
Baa2
Baa1
Baa3
B1
Baa1
B2
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Baa3
Ba1
B3
Aa2
Aaa
Aaa
Baa3
B1
B2
B1
1.75%
2.40%
1.00%
3.25%
0.50%
2.00%
1.50%
0.70%
4.00%
0.00%
1.00%
1.75%
1.50%
2.00%
4.00%
1.50%
5.00%
3.25%
0.00%
0.00%
0.70%
1.50%
1.50%
2.00%
2.40%
6.00%
0.50%
0.00%
0.00%
2.00%
4.00%
5.00%
4.00%
Row Labels
Default Spread (WeighTotal ERP (Weighted Av
Africa
2.86%
10.09%
Australia & New Zealand
0.00%
5.80%
Caribbean
4.52%
12.57%
Central and South America
2.26%
9.18%
Eastern Europe & Russia
1.79%
8.48%
Middle East
0.77%
6.96%
North America
0.00%
5.80%
Western Europe
0.70%
6.85%
Asia without Japan
1.18%
7.58%
Japan
0.70%
6.85%
TotalRiskPremium
11.80%
10.68%
14.80%
9.93%
5.80%
5.80%
8.80%
8.05%
8.05%
18.78%
8.80%
14.80%
6.85%
20.80%
6.55%
10.68%
14.80%
7.30%
8.43%
8.43%
13.30%
5.80%
6.85%
6.85%
6.85%
8.80%
8.80%
8.80%
16.30%
14.80%
7.08%
5.80%
11.80%
16.30%
13.30%
10.68%
7.08%
11.80%
5.80%
6.18%
10.68%
5.80%
CountryRiskPremium
6.00%
4.88%
9.00%
4.13%
0.00%
0.00%
3.00%
2.25%
2.25%
4.88%
3.00%
9.00%
1.05%
15.00%
0.75%
4.88%
9.00%
1.50%
2.63%
2.63%
7.50%
0.00%
1.05%
1.05%
1.05%
3.00%
3.00%
3.00%
10.50%
9.00%
1.28%
0.00%
6.00%
10.50%
7.50%
4.88%
1.28%
6.00%
0.00%
0.38%
4.88%
0.00%
16.30%
9.40%
13.30%
6.18%
9.40%
8.80%
8.80%
8.80%
9.40%
5.80%
7.08%
8.43%
14.80%
6.85%
9.93%
8.43%
11.80%
6.85%
6.55%
8.80%
11.80%
8.05%
5.80%
6.85%
7.53%
7.53%
8.05%
8.05%
14.80%
11.80%
10.68%
9.40%
8.80%
5.80%
5.80%
14.80%
10.68%
5.80%
7.08%
16.30%
8.43%
11.80%
11.80%
10.50%
3.60%
7.50%
0.38%
3.60%
3.00%
3.00%
3.00%
3.60%
0.00%
1.28%
2.63%
9.00%
1.05%
4.13%
2.63%
6.00%
1.05%
0.75%
3.00%
6.00%
2.25%
0.00%
1.05%
1.73%
1.73%
2.25%
2.25%
9.00%
6.00%
4.88%
3.60%
3.00%
0.00%
0.00%
9.00%
4.88%
0.00%
1.28%
10.50%
2.63%
6.00%
6.00%
8.43%
9.40%
7.30%
10.68%
6.55%
8.80%
8.05%
6.85%
11.80%
5.80%
7.30%
8.43%
8.05%
8.80%
11.80%
8.05%
13.30%
10.68%
5.80%
5.80%
6.85%
8.05%
8.05%
8.80%
9.40%
14.80%
6.55%
5.80%
5.80%
8.80%
11.80%
13.30%
11.80%
Country Risk Premium (Weighted Average)
4.29%
0.00%
6.77%
3.38%
2.68%
1.16%
0.00%
1.05%
1.78%
2.63%
3.60%
1.50%
4.88%
0.75%
3.00%
2.25%
1.05%
6.00%
0.00%
1.50%
2.63%
2.25%
3.00%
6.00%
2.25%
7.50%
4.88%
0.00%
0.00%
1.05%
2.25%
2.25%
3.00%
3.60%
9.00%
0.75%
0.00%
0.00%
3.00%
6.00%
7.50%
6.00%
1.05%
Region
Africa
Western Europe
Caribbean
Middle East
Asia
Caribbean
Western Europe
Caribbean
Africa
Asia
North America
Caribbean
Asia
Caribbean
Western Europe
Western Europe
Caribbean
Africa
Asia
Western Europe
Western Europe
Western Europe
Western Europe
Asia
Western Europe
Asia
Asia
Western Europe
Financial Center
Middle East
Western Europe
Caribbean
Asia
Middle East
Africa
Asia
Middle East
Middle East
Western Europe
Asia
Asia
Western Europe
Africa
Asia
Africa
Africa
Western Europe
Africa
Western Europe
Middle East
Asia
Asia

Asia
Western Europe
Middle East
Middle East
Africa
Asia
Western Europe
Africa
Western Europe
Asia
Caribbean
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Middle East
Western Europe
North America
Asia
Africa
Comparison Between Eastern Lubricant and Mobile Jamuna

Particulars
2009
2010
2011
ELB
MJL
ELB
MJL
ELB
MJL
Return on Common Equity 0.089713787 0.225291346 0.087861231 0.195865289 0.123114485 0.094760113
Return on Net Operating -0.06257471 0.11862247 -0.04342125 0.159247457 0.004158441 0.088917678
Financial Leverage (FLEV)0.060072587 0.147527522 0.057743941 0.12915399 0.05466738 0.016632135
Spread (Operating Spread) -2.53507471 -2.23137753 -2.27352832 -1.38845254 -2.17599681 -3.22523989
ROCE
0.089713787 0.447812067 0.087861231 0.338571642 0.123114485 0.142560302
Oprtaing Leverage (OLLE 2.936664809 0.181796988 2.27216317 0.193390621 1.690548214 0.165250785
Return on Operating Asse -0.06257471 0.11862247 -0.04342125 0.159247457 0.004158441 0.088917678
Oprating Liability Sprea
0
0
0
RNOA
-0.06257471
-0.04342125
0.004158441
nt and Mobile Jamuna

2012
2013
ELB
MJL
ELB
MJL
0.096440115 0.090290898
0.095348323
-0.02408793 0.080857121 0.07635248 0.052581152
0.05019308 0.013335222 -0.05982194 0.196605337
-2.40128815 -2.90914288 0.04708475 -2.39741885
0.096440115 0.119651188 -2.89211316 0.523926492
1.730025299 0.173748882 0.07635248 0.108905154
-0.02408793 0.080857121 1.432526187 0.052581152
0
-0.05982194
-0.02408793
0
-0.05982194
Return on CI/Avg. CSE
5 0.089714 0.087861 0.123114
Year
ROCE
2009
2010
2011
2012
2013
RNOA
9%
9%
12%
10%
8%
FELEV
-6%
-4%
0%
-2%
-6%
0.09644 0.076352
OLLEV
0.060073
0.057744
0.054667
0.050193
2.936665
2.272163
1.690548
1.730025
(PM)
-70%
-28%
2%
-13%
-45%
0.4
0.2
0
2009
-0.2
-0.4
-0.6
-0.8
2010
2011
2012
2013
(ATO)
Oprtaing L ROOA
9%
16%
27%
18%
13%
2012
2013
2.936665 -0.06257471
2.272163 -0.04342125
1.690548 0.004158441
1.730025 -0.02408793
1.432526 -0.05982194
(PM)
(ATO)
ROOA
Income Statement Items

Blending Expense
Other Income
Import Handling
Others
2014E
2015E
2016E
2017E
-0.15
0.07
-0.13
0.73
0.09
0.08
0.46
0.1
-0.11
0.42
-0.1
0.1
0.07
-0.23
-0.02
0.33
0.09
-0.21
0.03
0.69
0.48
0.65
-1
0.21
-1
1
0.21
0.75
2018E
2019E
-0.21
0.22
0.07
0.58
0.13
-0.04
0.06
-0.33
0.21
-0.19
-0.48
0.21
-1
0.19

Profitability Breakdown of A Company

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Valuation, P

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9. Historical Growth and trend and forecas

Valuation, Profitability and Growth Analysis of

ASTERN LUBRICANTS BLENDERS LIMITED

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Cash Flow Statement

owth and trend and forecasted growth assumption

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Assets and Properties

Shareholders' Equity & Liabilities

Non Current Liabilities

EASTERN LUBRICANTS BLENDERS LIMITE

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Net Operating Asset

Net Financial Assets

Common Stock Holders Equity

STERN LUBRICANTS BLENDERS LIMITED

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Blending Charges Recovery

Interest on Bank Deposit

Net Profit Before Contribution to WPP & WF and Taxation

EASTERN LUBRICANTS BLENDERS

BRICANTS BLENDERS LIMITED

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Blending Charges Recovery

Oprting Income (After tax)

Financial income (expense)

3. Tax on other operating income

Oprting Income (After tax)

Net financial expense

EASTERN LUBRICANTS BLENDERS LIMITED

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EASTERN LUBRICANTS BLENDERS LIMITED

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FREE CASH FLOW [C-I]

Cash flow from Investing [I]

FINANCING FLOW TO CLAIMANTS [D+F]

EASTERN LUBRICANTS BLENDERS LIMITED

Year Ending Jun

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Assets and Properties

Shareholders' Equity & Liabilities

Non Current Liabilities

EASTERN LUBRICANTS BLENDERS LIMITED

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Blending Charges Recovery

Interest on Bank Deposit

Net Profit Before Contribution to WPP & WF and Taxation

EASTERN LUBRICANTS BLENDERS LIMITED

Year Ending Jun

Blending Charges Reco

Property Plant and Equi

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Income Statement Items

Contribution to Workers' Profit Participation Fund

Balance Sheet Items

Trend Analysis Graph: Income Statement Items

Blending Charges Recovery

Administrative & General Expenses