Particulars

Sales
Less: COGS
Gross profit
Less: Operating expense
Operating profit
Plus: Other income
Plus: Interest income
Less: Interest expense
Less: Contribution to WPPF
EBT
Less: Tax
Net income
Less: Dividend
Transfer to the reserve

Depreciation

2006
317293796
239488002
77805794
18532365
59273429
9350369
18343691
31111827
2659793
53195869
19065917
34129952
19988456
14141496

17820931

2007
2008
351224428 537971989
269673407 429824201
81551021 108147788
19884118
28009440
61666903
80138348
7948142
7643000
20871759
18132099
34253260
30787024
2677788
3577449
53555756
71548974
18187710
16229825
35368046
55319149
11079769
20945349
24288277
34373800

17946604

18439932

2009
615330715
502808649
112522066
29791885
82730181
11093380
21650392
33567694
3900298
78005961
19497071
58508890
33572839
24936051

2010
622571342
476340355
146230987
65098163
81132824
12305433
20626830
28339696
4082161
81643230
19893588
61749642
34615086
27134556

18699685

18842563

Particular
PPE
Investment
Other fixed asset
Total fixed asset
Inventory
Accounts receivable
Advance and prepayment
Other asset 1
Other asset 2
Cash
Total curent asset
Total asset

2006
150075514
33617998
1940577
185634089
62024184
234984480
3505365
38395664
115000000
101016
454010709
639644798

2007
135067026
33617998
1772146
170457170
65542150
225362699
4324501
40143461
80000000
131156
415503967
585961137

2008
123775188
38250523
2076789
164102500
93553486
278058033
4985502
41570612
0
130136651
548304284
712406784

2009
106946118
465359757
2358469
574664344
127990769
253086921
4999566
25757285
0
89925773
501760314
1076424658

2010
102652877
820052329
23452958
946158164
128611091
236000082
8971248
48444611
0
157370127
579397159
1525555323

Share capital
Reserve & Surplus
Total equity
Long-term loan
Deferred 1
Deferred 2
Total long-term liability
Short-term loan
Current portion of LTD
Accounts payable
Accrued expenses
Other liabilities
Provision 1
Provision 2
Total current liability
Total liabilities
Total equity & liabilities

72081600
153023475
225105075
5172458
17285759
35032712
57490929
228024446
9568000
22635360
4546952
20785829
57735814
13752393
357048794
414539723
639644798

72081600
166797041
238878641
0
18684717
30653212
49337929
168930625
0
14593642
5632690
29517777
62549700
16520133
297744567
347082496
585961137

72081600
200461710
272543310
0
21260768
23791792
45052560
240334940
0
33103035
7180202
24945518
66360009
22887210
394810914
439863474
712406784

72081600
660851274
732932874
36458334
22008780
19441088
77908202
92323508
12500000
60957763
7455857
16210389
48652421
27483644
265583582
343491784
1076424658

72081600
1048657244
1120738844
40033896
25121780
15391607
80547283
147858218
14509444
39397112
6737950
24459658
72595490
18711324
324269196
404816479
1525555323

Number of outstanding shares

720816

Particulars
Sales growth rate
Average sales growth rate

2006

2007
2008
2009
0.1069376 0.53170436 0.1437969

COGS in proportion to sales

Average proportion

0.7547831 0.7678094 0.79897134 0.8171356

Operating expense in proportion to sales

Average proportion

0.0584076 0.0566137 0.05206487 0.0484161

Growth rate of other income

Average proportion
Rate of return on investment
Average
Normalized average
Growth rate of investment
Normalized average
Total loan
Average loan
Interest rate
Average interest rate
Short-term loan in proportion to sales
Average proportion
Growth rate of PPE
Average growth rate

-0.149965 -0.03839161 0.4514432

0.5456509 0.6208507 0.47403532

0.046524

0 0.13779896 11.166102

242764904 168930625 240334940 141281842

205847765 204632783 190808391
0.1664009 0.15045011 0.1759236

0.718654 0.4809763 0.44674248 0.1500388

-0.100006 -0.08360174

-0.135965

Cash inflow from sale of assets

Proportion of contribution to WPPF to sales
Average

0.0083827 0.0076242 0.00664988 0.0063385

Tax rate
Average

0.3584097 0.3396033 0.22683519 0.2499433

Dividend payout ratio

Average dividend payout ratio

0.5856573 0.3132706 0.37862746 0.5738075

Depreciation rate
Average

0.1187464 0.1328718 0.14897923 0.1748515

Growth rate of other fixed asset

Normalized growth rate

-0.086794 0.17190627 0.1356325

Inventory in proportion to sales

Average proportion

0.1954787 0.1866105 0.17390029 0.2080032

Accounts receivable in proportion to sales

0.7405896 0.6416487

0.5168634 0.4113023

Average proportion
Advance & prepayment in proportion to sales
Average proportion

0.0110477 0.0123126 0.00926721

0.008125

Other asset 1 in proportion to sales

Average proportion

0.1210098 0.1142958 0.07727282 0.0418593

Growth rate of deferred 1

Average growth rate

0.0809312 0.13786941 0.0351827

Growth rate of deferred 2

Average growth rate

-0.125012 -0.22384016

-0.182866

Accounts payable in proportion to sales

Average proportion

0.0713388 0.0415508 0.06153301

0.099065

Accrued expenses in proportion to sales

Average proportion

0.0143304 0.0160373

Other liabilities in proportion to sales

Average proportion

0.0655097 0.0840425 0.04636955 0.0263442

Provision 1 in proportion to sales

Average proportion

0.1819633 0.1780904 0.12335216 0.0790671

Provision 2 in proportion to sales

Average proportion

0.0433428 0.0470358

0.0133468 0.0121168

0.0425435 0.0446648

2010
2011
2012
0.01176705
0.19855148 0.1985515 0.19855148

0.19855148

0.7651177
0.78076343 0.7807634 0.78076343

0.78076343

0.10456338
0.06401312 0.0640131 0.06401312

0.06401312

0.10925913
0.09308644 0.0930864 0.09308644

0.09308644

0.02515307
0.3424428 0.3424428 0.3424428
0.164423 0.16442302

0.3424428
0.16442302

0.76219004
0.15

0.15

0.15

202401558 343567681 390490132

171841700 272984619 367028906
0.16491746
0.16442302 0.164423 0.16442302

449378702
419934417
0.16442302

0.23749602
0.40678152 0.4067815 0.40678152

0.40678152

-0.040144
-0.0899292

0.15

2013

-0.089929 -0.0899292 -0.08992919

9231489.9 8401309.48

7645786.54

0.00655694
0.00711045 0.0071105 0.00711045

0.00711045

0.24366488
0.28369128 0.2836913 0.28369128

0.28369128

0.56057144
0.48238686 0.4823869 0.48238686

0.48238686

0.18355611
0.15180101

0.151801 0.15180101

0.15180101

8.94414512
0.07358148 0.0735815 0.07358148

0.07358148

0.20658049
0.19411463 0.1941146 0.19411463

0.19411463

0.37907315

0.53789542 0.5378954 0.53789542

0.53789542

0.01440999
0.01103251 0.0110325 0.01103251

0.01103251

0.07781375
0.08645028 0.0864503 0.08645028

0.08645028

0.14144355
0.09885674 0.0988567 0.09885674

0.09885674

-0.208295
-0.1850032

-0.185003 -0.1850032 -0.18500316

0.06328128
0.06735378 0.0673538 0.06735378

0.06735378

0.01082278
0.01333082 0.0133308 0.01333082

0.01333082

0.03928812
0.05231082 0.0523108 0.05231082

0.05231082

0.1166059
0.13581577 0.1358158 0.13581577

0.13581577

0.03005491
0.04152837 0.0415284 0.04152837

0.04152837

1. Perpetual growth rate is 2%.

2. Capital expenditures will be financed by long-term loan.
3. Since there was no purchase of PPE, it was assumed that the existing long-term loan will be repaid by three equal-yearly inst
4. Risk-free rate is 8%.
5. For maintaining a no-artitrage scenario, the return from investment was considered to be equal to the interest rate.
6. To normalize the affairs it was assumed that BDL's investment will increase by 15% rate each year.

y three equal-yearly installments.

interest rate.

Time
30/12/2010
30/11/2010
31/10/2010
30/09/2010
31/08/2010
29/07/2010

30/06/2010
31/05/
29/04/
31/03/
28/02/

2010
2010
2010
2010

30/01/
30/12/
26/11/
29/10/
30/09/
31/08/
30/07/

2010
2009
2009
2009
2009
2009
2009

30/06/
31/05/
30/04/
31/03/
26/02/
29/01/

2009
2009
2009
2009
2009
2009

30/12/2008
30/11/2008
30/10/2008
25/09/2008
31/08/2008
30/07/2008
30/06/2008
29/05/2008
30/04/2008
31/03/2008
28/02/2008
31/01/2008
30/12/2007
29/11/2007
31/10/2007
30/09/2007
29/08/2007
31/07/2007

28/06/2007
31/05/2007
30/04/2007
29/03/2007
28/02/2007
31/01/2007
28/12/2006

Monthly closing - BDL

DGEN
BDL return DGEN return
2,613.50
8,290.41 -0.0473847
(0.04)
2743.5
8,602.44 -0.0008194
0.08
2,745.75
7,957.12 -0.0152425
0.12
2,788.25
7,097.38 -0.0419208
0.07
2,910.25
6,657.97 0.3041676
0.05
2,231.50
6,342.76 0.0297647
0.03
2167
6,153.68 0.0805285
0.01
2005.5
6,107.81 0.0279344
0.08
1,951.00
5,654.88 -0.0292325
0.01
2,009.75
5,582.33 -0.0219005
0.00
2,054.75
5,560.56 -0.1125148
0.04
2,315.25
5,367.11 0.2519941
0.18
1849.25
4,535.53 0.0684674
0.04
1730.75
4,380.95
0.028372
0.30
1,683.00
3,364.26 0.1488055
0.09
1,465.00
3,083.89 0.0973783
0.05
1,335.00
2,941.28 0.0090703
0.01
1,323.00
2,914.53 0.0325854
(0.03)
1,281.25
3,010.26 0.1602898
0.17
1104.25
2,572.18 -0.0069694
0.01
1112
2,554.36 -0.0544218
0.04
1176
2,446.92 0.0936991
(0.05)
1075.25
2,570.96 0.0790266
(0.03)
996.5
2,649.49 -0.0914064
(0.05)
1096.75
2,795.34
0.190502
0.13
921.25
2,468.92 -0.1400233
(0.10)
1,071.25
2,748.60 0.1396277
(0.07)
940.00
2,966.82 0.0042735
0.06
936
2,791.20 -0.0468432
0.01
982
2,761.05 -0.0913717
(0.08)
1080.75
3,000.49 -0.0784481
(0.05)
1172.75
3,167.99 0.1951592
0.03
981.25
3,072.85 0.0121196
0.02
969.50
3,016.49 0.2445443
0.03
779.00
2,931.38 0.0678547
0.01
729.5
2,907.17 -0.0299202
(0.04)
752
3,017.21
-0.029051
0.02
774.5
2,971.11 -0.0595021
0.04
823.5
2,850.81
-0.005735
0.12
828.25
2,548.49 0.2047273
0.04
687.5
2,455.08 0.0117734
0.03
679.5
2,384.18 0.1021898
0.11
616.5
2,149.32 -0.0206513
0.07
629.5
2,003.58 0.1679035
0.15
539
1,743.33
0.015544
(0.01)
530.75
1,760.88 0.0371275
(0.02)
511.75
1,791.54 -0.0289374
(0.01)
527
1,805.12 0.0860381
0.12
485.25
1,609.51 0.0041386
0.05

30/11/2006
28/10/2006
28/09/2006
31/08/2006
31/07/2006
29/06/2006
31/05/2006
30/04/2006
30/03/2006
28/02/2006
31/01/2006

Covariance
Variance of market return
Beta
Market return
Market return -yearly

483.25
494.00
502.00
561.50
513.25
488.75
534.00
544
603.25
590.50
607.50

0.003192104
0.005474157
0.58312248
0.03
0.36

1,527.29
1,541.65
1,562.53
1,587.08
1,406.81
1,339.52
1,355.04
1,361.27
1,491.77
1,531.43
1,643.34

-0.0217611
-0.0159363
-0.1059662
0.0940088
0.0501279
-0.0847378
-0.0183824
-0.098218
0.0215919
-0.0279835

(0.01)
(0.01)
(0.02)
0.13
0.05
(0.01)
(0.00)
(0.09)
(0.03)
(0.07)

Particulars
Sales
Less: COGS
Gross profit
Less: Operating expense
Operating profit
Plus: Other income
Plus: Interest income
Less: Interest expense
Less: Contribution to WPPF
EBT
Less: Tax
Net income
Less: Dividend
Transfer to the reserve

2010
622571342
476340355
146230987
65098163
81132824
12305433
20626830
28339696
4082161
81643230
19893588
61749642
34615086
27134556

2011
746183806.1
582593029.6
163590776.5
47765553.02
115825223.5
13450902.01
155060800
44884954.77
5305702.921
234146267.8
66425255.32
167721012.5
80906412.72
86814599.74

2012
894339708.5
698267740.5
196071968
57249474.48
138822493.5
14702998.65
178319920
60348000.2
6359158.111
265138253.9
75217411.64
189920842.2
91615318.91
98305523.3

2013
1071912185
836909836.8
235002348.3
68616442.62
166385905.7
16071648.52
205067908
69046883.94
7621778.394
310856799.9
88187364.65
222669435.2
107412809.9
115256625.3

Particular
PPE
Investment
Other fixed asset
Total fixed asset
Inventory
Accounts receivable
Advance and prepayment
Other asset 1
Other asset 2
Cash
Total curent asset
Total asset

2010
102652877
820052329
23452958
946158164
128611091
236000082
8971248
48444611
0
157370127
579397159
1525555323

2011
93421387.14
943060178.4
25178661.33
1061660227
144845196.1
401368854.1
8232280.437
64507798.16
0
142226465.5
761180594.3
1822840821

2012
85020077.66
1084519205
27031344.46
1196570627
173604424.8
481061235.8
9866811.938
77315917.24
0
76036678.78
817885068.6
2014455696

2013
77374291.12
1247197086
29020350.76
1353591728
208073841
576576658.3
11825882.1
92667107.37
0
2080814.718
891224303.5
2244816031

Share capital
Reserve & Surplus
Total equity
Long-term loan
Deferred 1
Deferred 2
Total long-term liability
Short-term loan
Current portion of LTD
Accounts payable
Accrued expenses
Other liabilities
Provision 1
Provision 2
Total current liability
Total liabilities
Total equity & liabilities

72081600
1048657244
1120738844
40033896
25121780
15391607
80547283
147858218
14509444
39397112
6737950
24459658
72595490
18711324
324269196
404816479
1525555323

72081600
1135471844
1207553444
26689264
27605237.2
12544111.11
66838612.31
303533784.6
13344632
50258299.29
9947243.691
39033483.28
101343526
30987796.15
548448765
615287377.3
1822840821

72081600
1233777367
1305858967
13344632
30334200.87
10223410.95
53902243.82
363800868.1
13344632
60237159.21
11922283.69
46783639.32
121465433.6
37140469.08
654694485
708596728.8
2014455696

72081600
1349033992
1421115592
0
33332940.99
8332047.648
41664988.63
436034070.5
13344632
72197336.59
14289470.82
56072600.36
145582575.7
44514764.34
782035450.3
823700438.9
2244816031

Risk-free rate
Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt
Total market value of equity
Book value of debt
Weight of equity
Weight of debt
WACC

0.08
0.36
0.58312248
0.25
0.164423017
0.11777764
1,883,852,616.00
202401558
0.90
0.10
0.2332

Particulars
Inventory
Accounts receivable
Advance and prepayment
Non-cash current asset
Accounts payable
Accrued expenses
Other liabilities
Non- STD Current liabilities
Working capital
Change in WC

2010
128611091
236000082
8971248
373582421

2011
144845196.1
401368854.1
8232280.437
554446330.6

2012
173604424.8
481061235.8
9866811.938
664532472.6

2013
208073841
576576658.3
11825882.1
796476381.4

39397112
6737950
24459658
70594720

50258299.29
9947243.691
39033483.28
99239026.25

60237159.21
11922283.69
46783639.32
118943082.2

72197336.59
14289470.82
56072600.36
142559407.8

302987701

455207304.3
152219603.3

545589390.3
90382085.99

653916973.7
108327583.3

Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Capital expenditure
Change in NWC
Free cashflow

2011
279031222.5
199872496.8
17441213.48
9231489.864
152219603.3
74325596.79

2012
325486254.1
233148640.8
17567235.71
8401309.477
90382085.99
168735100

2013
379903683.8
272128320
17681924.86
7645786.539
108327583.3
189128448.1

Present value discount factor

Present value of free cashflow
Terminal value

0.8109
60270626.44

0.6575
110943328.2

0.5332
100843288.5

Enterprise value
Cash
Interest-bearing debt
Equity value
Value per share

754615070.2
157370127
202401558
709583639.2
984.4171595

2014

192911017

482557827.1