national tea company

Pre- IPO Post-IPO

1995 1996 2004 2005
Current Assets:
inventories 145053451
loan to employees 1216169
advances deposits and prepayments 37387499
trade debtors 1549416
advance income tax 18085995
accurued interest on investment 426230
receivables from BTB 916238
cash and bank balance 20174015
Total Current Assets(CA) 0 0 0 224809013

Current Liabilities

short term loan 193211581

current maturity 6099845
pre liberation bank loan 253343
security deposits 8269992
creditors 121421074
accrued interest on loans 77152926
provision for gratuity 22176640
unclaimed dividend 5326004
other liabilities 18339573
Total Current Liabilities(CL) 0 0 0 452250978
15.Sales 359583002
16.Cost of Goods Sold (COGS) 247754595
Net working capital 0 0 0 -245527960
Total ASSET 943848522
Total Share holders equity 232694940
Net Profit after tax 27211006
NO. of Shares outstanding 660000
ROA #DIV/0! #DIV/0! #DIV/0! 2.88%
ROE #DIV/0! #DIV/0! #DIV/0! 11.69%
EPS #DIV/0! #DIV/0! #DIV/0! 41.23
Ratio Analysis:
Current ratio:(C A/C L) #DIV/0! #DIV/0! #DIV/0! 0.50
Quick ratio:((CA-inventories)/CL) #DIV/0! #DIV/0! #DIV/0! 0.46
Accounts Receivable turnover:(sales/AR) #DIV/0! #DIV/0! #DIV/0! 232
A/R Collection Period:(360/AR turnover) #DIV/0! #DIV/0! #DIV/0! 2
Inventory Turnover ratio:(COGS/Inv) #DIV/0! #DIV/0! #DIV/0! 2
Inventory conversion period:(360/Inv.Turnover) #DIV/0! #DIV/0! #DIV/0! 211

Operating Cycle: (A/R collection per.+Inv. conv ) #DIV/0! #DIV/0! #DIV/0! 212
Payment deferral period #DIV/0! #DIV/0! #DIV/0! 176
Cash conversion cycle: Operating cycle-pay.def #DIV/0! #DIV/0! #DIV/0! 36

national tea company

Current ratio

0.60 0.50
0.45
0.50
0.40
0.40 0.35
0.30
0.30 0.25
0.20
0.20 0.15
0.10 0.10
0.05
0.00 0.00
1995 1996 2004 2005 2006 2007 2008 1995 1996 2004

accounts payables turnover 1.19463159254

2005
Net liquid balance 14074170
current asset 20174015
current liability 6099845

30000000

25000000

20000000

15000000

10000000

5000000

0
1
-5000000

2005 2006
comprehensive liquidity index 0.67762294 0.52659631786
modified current asset
inventories 144432993 115902771.401
loan to employees 1216169 863482
advances deposits and prepayments 37387499 33235676
trade debtors 1542739.68 1354039.05942
advance income tax 18085995 15165898
accurued interest on investment 426230 603455
receivables from BTB 912290 913152.698063
cash and bank balance 20174015 20589507

total 224177931 188627981.158

modified current liabilities

short term loan 193211581 190297293

current maturity 6099845 17116894
pre liberation bank loan 253343 253343
security deposits 8269992 21717599
creditors
accrued interest on loans 77152926 76792168
provision for gratuity 22176640 27103040
unclaimed dividend 5326004 6582331
other liabilities 18339573 18339573

total 330829904 358202241

Post-IPO
2006 2007 2008

116291216 129591148 122721538

863482 741064 687904
33235676 32078608 45873178
1358614 49998351 51614688
15165898 16348449 4894270
603455 700792 976072
916238 916238 916238
20589507 15358057 39662974
189024086 245732707 267346862

190297293 325530615 317742144

17116894 16990565 15695116
253343 253343 253343
21717599 5862785 5856885
137402650 147027663 176675525
76792168 76782468 75687667
27103040 59936020 68895734
6582331 9590864 13032833
18339573 18339573 18339573
495604891 660313896 692178820
403465787 290341659 468460575
280019356 236453043 284891249
-321746703 -430929638 -429726228
968818899 1082798435 1146231024
241160194 207421290 254684071
28164518 26891443 73233858
660000 660000 660000
2.91% 2.48% 6.39%
11.68% 12.96% 28.75%
42.67 110.96 40.74

0.38 0.37 0.39

0.35 0.18 0.21
297 6 9
1 62 40
2 2 2
150 197 155

151 259 195

177 224 223
 -26 35 -29

Quick Ratio Accounts Recivable

0
2008
5
0 2007
5
2006
0
5 Quick 2005
Ratio
0
2004
5
0 1996
5 1995
0
1995 1996 2004 2005 2006 2007 2008 0 50 100 150 200 250 3

0.84635351647 0.881406569 0.694615386

2006 2007 2008

3472613 -1632508 23967858
20589507 15358057 39662974
17116894 16990565 15695116

30000000

25000000

20000000

15000000
Row 68
10000000

5000000

0
1 2 3 4
-5000000

2007 2008
0.42857989375 0.486498696
112610358.505 111954180.9
741064 687904
32078608 45873178
41388373.6673 45927814.53
16348449 4894270
700792 976072
758457.028157 815287.4803
15358057 39662974

219984159.2 250791680.9

325530615 317742144
16990565 15695116
253343 253343
5862785 5856885

76782468 75687667
59936020 68895734
9590864 13032833
18339573 18339573

513286233 515503295
unts Recivable Turnover Inventory Turnover(Times)
3

2
Accounts Recivable Inve
Turnover Tur
1

0
150 200 250 300 350 1995 1996 2004 2005 2006 2007 2008
nover(Times)

Inventory
Turnover(Times)

2007 2008
Alltex Industries

Pre- IPO Po
1995 1996 2004
Current Assets:
1.Stocks inhand and in transit 129914350 129811449 436516099
2.Trade debtors 18025607 7939809 234982786
3.Share Issue expenses 2849821
4.Advances, deposits & receivable 60697477 98743276 188860155
5.Cash & bank balances 16692553 17217336 85209041
Total current assets 225329987 253711870 948417902

Current Liabilities
6.bank Overdraft-secured 890804321
7.Goods Supplied 19242425
8.Liabilities for expenses 24276680
9.Overdue installmnets of long term liabilities 28785630
10.Overdue installments of leasing expenses 1607280
11.other finance 751249
12.Long term loan cuurrent maturity
13.Lease liability current maturity
14.Other liabilities
15.Unclaimed dividend 1310815
16.Dividend distribution tax 4800000
Total Current Liabilities 92911532 68409685 971578400
17.Sales 275955640 288355528 2119877374
18.COGS 198971117 213601963 1828071623
Net working capital 115725902 168084849 -108369539
Total ASSET 422046997 450791595 1888632422
Total Share holders equity 181681671 235718451 738019123
Net Profit after tax 53388838 54036780 14369698
NO. of Shares outstanding 900000 2000000 4800000
ROA 12.65% 11.99% 0.76%
ROE 29.39% 22.92% 1.95%
EPS 59.32 27.02 2.99

Ratio Analysis:
Current ratio:(C A/C L) 2.43 3.71 0.98
Quick ratio:((CA-Cash)/CL) 2.25 3.46 0.89
Accounts Receivable turnover:(sales/AR) 15 36 9
A/R Collection Period:(360/AR turnover) 24 10 40
Inventory Turnover ratio:(COGS/Inv) 2 2 4
Inventory conversion period:(360/Inv.Turnover) 235 219 86

Operating Cycle: (A/R collection per.+Inv. conv ) 259 229 126

Payment deferral period:(( 9+10)/16)*360 N/A N/A 9
Cash conversion cycle: Operating cycle-pay.def N/A N/A 117
 Current RATIO Qui
4.00 4.00
3.50 3.50
3.00 3.00
2.50 2.50
2.00 Current 2.00
RATIO
1.50 1.50
1.00 1.00
0.50 0.50
0.00 0.00
1995 1996 2004 2005 2006 2007 2008 1995 1996 2004 2005
 Post-IPO
2005 2006 2007 2008

316607366 519230964 479864472 463533788

64466701 183445699 305677740 156520814
2493594 2137367 1781140
284076860 242274334 230941398 213068002
59607521 47663343 73315740 53225896
727252042 994751707 1091580490 886348500

496272361 938684801 1045110312 1013115432

19913305 17639563 21651007 20884458
26643621 24262924 63365822
6792058 57258383 89314702

838820 750398 880232

112506679
30258915
49012973
27057725 29878125 25263111 24917014

577517890 1011215811 1213528867 1340010173

2179677556 2078867152 3247305609 3033778518
1842263471 1741674948 2720267763 2623790478
90126631 -64127447 -195264117 -506887569
1673548240 1990382470 2323399897 2452181818
706795516 638149032 629765874 633445609
16776392 10365039 10774442 6047766
4800000 4800000 4800000 4800000
1.00% 0.52% 0.46% 0.25%
2.37% 1.62% 1.71% 0.95%
3.50 2.16 2.24 1.26

1.26 0.98 0.90 0.66

1.16 0.94 0.84 0.62
34 11 11 19
11 32 34 19
6 3 6 6
62 107 64 64

73 139 97 82
9 9 11 3
63 130 86 79
 Quick ratio A/R Turnover time
00
2008
50
00 2007
50 2006
00 Quick 2005
ratio
50 2004
00
1996
50
1995
00
1995 1996 2004 2005 2006 2007 2008 0 5 10 15 20 25 30 35
/R Turnover times Inventory Turnover( Times)
6

A/R Turnover times 3 Inventory

Turnover( Times)
2

0
5 20 25 30 35 40 1995 1996 2004 2005 2006 2007 2008
Times)

Inventory
Turnover( Times)

8
 Apex spinning and knitting mills ltd.,Dhaka

Pre- IPO Post-IPO

1993 2004 2005
Current Assets:
1.Stocks inhand and in transit 56675200 41286394 88145964
2.Trade debtors 41027525 108151333 114631023
3.Advances, deposits & prepayments 1634274 46198903 55691542
4.Other receivable
5.Cash & bank balances 52125 46519114 53425423
Total current assets 99389124 242155744 311893952

Current Liabilities
6.Trade creditors 42173550 203165717 231150220
7.Sundry creditors 4719765 24438484 38050912
8.Working capital loan 25958539 8837239 41321950
9.Directors loan 2828155
10.term loan current maturity
11.Long term loan current maurity
12.Short term loan
Total Current Liabilities 75680009 236441440 310523082
13.Sales 98262557 1009893080 1427363785
14.Cogs 68795006 885983889 1274859754
Net working capital 23656990 -40804810 -52054553
Total ASSET 210337525 565507138 686319475
Total Share holders equity 63990168 249540397 284134701
Net Profit after tax 18834249 37575530 47194304
NO. of Shares outstanding 350000 840000 840000
ROA 8.95% 6.64% 6.88%
ROE 29.43% 15.06% 16.61%
EPS 53.81 44.73 56.18
Ratio Analysis:
Current ratio:(C A/C L) 1.31 1.02 1.00
Quick ratio:((CA-Cash)/CL) 1.31 0.83 0.83
Accounts Receivable turnover:(sales/AR) 2 9 12
A/R Collection Period:(360/AR turnover) 150 39 29
Inventory Turnover ratio:(COGS/Inv) 1 21 14
Inventory conversion period:(360/Inv.Turnover) 297 17 25

Operating Cycle: (A/R collection per.+Inv. conv ) 447 55 54

Payment deferral period:((6+7)/14)*360 245 92 76
Cash conversion cycle: Operating cycle-pay.def 201 -37 -22

Current Ratio
1.40 1.40
1.20 1.20
Ratio

Ratio

1.00 1.00
 Current Ratio
1.40 1.40
1.20 1.20

Ratio

Ratio
1.00 1.00
0.80 0.80
0.60 0.60
0.40 0.40
0.20 0.20
0.00 0.00
1993 2004 2005 2006 2007 2008 1993 2004
 Post-IPO
2006 2007 2008

125683077 148564429 219954386

191245458 188259667 151142900
40271544 29864099 46897057
59021338
66136964 28838567 111808250
423337043 395526762 588823931

278566348 215473516 374873711

42190000 36718537 52210845
48433398 102585664 23601041

49503546 66406108
29447322
48661588
418693292 421183825 528794507
1924903564 1601979126 1718675403
1734680303 1401084522 1527219980
-61493213 -54495630 -51778826
779529808 852303813 979431940
316907104 350746360 400339127
47892403 48959256 66392767
840000 840000 840000
6.14% 5.74% 6.78%
15.11% 13.96% 16.58%
57.01 58.28 79.04

1.01 0.94 1.11

0.85 0.87 0.90
10 9 11
36 42 32
14 9 7
26 38 52

62 80 84
67 65 101
-5 16 -17

Quick ratio Accounts Rece

1.40
2008
1.20
Ratio

1.00 2007
 Quick ratio Accounts Rece
1.40
2008
1.20
Ratio

1.00 2007

0.80 2006
0.60 2005
0.40
2004
0.20
1993
0.00
1993 2004 2005 2006 2007 2008 0 2 4 6
Accounts Receivable Turnover Inventory Turnover rati
25

20
 Accounts Receivable Turnover Inventory Turnover rati
25

20

15

10

0
2 4 6 8 10 12 14 1993 2004 2005 2006 2007 2008
ory Turnover ratio
ory Turnover ratio

Inventory Turnover ratio

006 2007 2008

Metro Spinning Limited

Pre- IPO Post-IPO

2000 2001 2004 2005
Current Assets:
1.Stocks inhand and in transit 50230328 78193307 72495080 202907542
2.Trade debtors 645704 152103 39266200 56739146
3.Share Issue expenses
4.Advances, deposits & receivable 4030313 12611504 44270269 39094595
5.Cash & bank balances 2578847 273828 10137714 7490646
Total current assets 57485192 91230742 166169263 306231929

Current Liabilities
6.Trade Creditors 6266575 11078730 23579528 35973476
7.deferred liability
8.WPFF 852878 2909567 3227857
9.current portion of long term loan 45962000 69157173
10.Short term loan from bank 38307659 50021403 175982835 432938807
11.Liabilities for expenses 6871640 6824090 11101952 19090210
12.Provision for tax 566957 1321834
Total Current Liabilities 51445874 68777101 260102839 561709357
13.Sales 108469310 130886220 288301610 397645482
14.Cost of goods sold 73394125 85255819 217746129 319501550
Net working capital 3460471 22179813 -104071290 -262968074
Total ASSET 266900321 293368864 511092544 813156743
Total Share holders equity 42159582 47057574 102006619 99534279
Net Profit after tax 8511707 6263505 12033735 5447659
NO. of Shares outstanding 3000000 3000000 6000000 6000000
ROA 3.19% 2.14% 2.35% 0.67%
ROE 20.19% 13.31% 11.80% 5.47%
EPS 2.84 2.09 2.01 0.91
Ratio Analysis:
Current ratio:(C A/C L) 1.12 1.33 0.64 0.55
Quick ratio:((CA-Cash)/CL) 1.07 1.32 0.60 0.53
Accounts Receivable turnover:(sales/AR) 168 861 7 7
A/R Collection Period:(360/AR turnover) 2 0 49 51
Inventory Turnover ratio:(COGS/Inv) 1 1 3 2
Inventory conversion period:(360/Inv.Turnover) 246 330 120 229

Operating Cycle: (A/R collection per.+Inv. conv ) 249 331 169 280
Payment deferral period:((6+11)/14)*360 64 76 57 62
Cash conversion cycle: Operating cycle-pay.def 184 255 112 218

Current Ratio
1.40 1.40
1.20 1.20
Ratio

Ratio

1.00 1.00
 Current Ratio
1.40 1.40
1.20 1.20

Ratio

Ratio
1.00 1.00
0.80 0.80
0.60 0.60
0.40 0.40
0.20 0.20
0.00 0.00
2000 2001 2004 2005 2006 2007 2008 2000
 Post-IPO
2006 2007 2008

107842225 146476775 183184292

213682765 224999994 228287704

47291099 45553496 51102231

8884237 2244844 1129240
377700326 419275109 463703467

33605401 9669758 22918758

21913792
3566134 4004792 4919289
89084898 92709651 53306989
497808064 601742894 722270684
15300442 11075651 25500782
2265013 3124169 3335661
641629952 744240707 832252163
594093297 725610310 682626450
484565221 581238427 528528245
-272813863 -327210442 -369677936
837270737 885739200 946368464
98084987 99044115 107390574
5750706 6959129 15546459
6000000 6000000 6000000
0.69% 0.79% 1.64%
5.86% 7.03% 14.48%
0.96 1.16 2.59

0.59 0.56 0.56

0.57 0.56 0.56
3 3 3
129 112 120
4 4 3
80 91 125

210 202 245

36 13 33
173 190 212

Quick Ratio A/ R Turn

1.40 2008
1.20
Ratio

2007
1.00
 Quick Ratio A/ R Turn
1.40 2008
1.20
Ratio

2007
1.00
2006
0.80
2005
0.60
2004
0.40
2001
0.20
2000
0.00
2000 2001 2004 2005 2006 2007 2008 0 100 200 300 400 50
A/ R Turnover Inventory Turnover ratio
Axis Title

5
5
4
4
 A/ R Turnover Inventory Turnover ratio

Axis Title
5
5
4
4
3
3
2
2
1
1
0
200 300 400 500 600 700 800 900 1000 2000 2001 2004 2005 2006 2007
nover ratio
nover ratio

2005 2006 2007 2008

Prime Textiles spinning mills ltd.

Pre- IPO Post-IPO

1994 1995 2004
Current Assets:
1.Stocks inhand and in transit 168904642 226471947 322822334
2.Trade debtors 75736450 111282108 262514795
3.Advances, deposits & receivable 57279546 157605152 87707312
4.Investment at cost (Govt. securities) 1640000 1640000
5.Cash & bank balances 8531169 66711415 13529661
Total current assets 312091807 563710622 686574102

Current Liabilities
6.short term loan secured 117786206 147144965 121646322
7.Long term loan current portion 14479224
8.Creditors for goods 720989 182447 372596128
9.Other current liabilities 89238191 39933577 109993684
Total Current Liabilities 207745386 201740213 604236134
10.Sales 373191009 471286052 1481539512
11.Cost of Goods sold 219163902 330176706 1340166739
Net working capital 95815252 295258994 68808307
Total ASSET 880552056 1511054489 2533077054
Total Share holders equity 171516793 650518057 1077493586
Net Profit after tax 47078654 50402784 21520784
NO. of Shares outstanding 821710 1910000 3820000
ROA 5.35% 3.34% 0.85%
ROE 27.45% 7.75% 2.00%
EPS 57.29 26.39 5.63
Ratio Analysis:
Current ratio:(C A/C L) 1.50 2.79 1.14
Quick ratio:((CA-Cash)/CL) 1.46 2.46 1.11
Accounts Receivable turnover:(sales/AR) 5 4 6
A/R Collection Period:(360/AR turnover) 73 85 64
Inventory Turnover ratio:(COGS/Inv) 1 1 4
Inventory conversion period:(360/Inv.Turnover) 277 247 87

Operating Cycle: (A/R collection per.+Inv. conv ) 351 332 151

Payment deferral period:(8/11)*360 1 0 100
Cash conversion cycle: Operating cycle-pay.def 349 332 50

Current Ratio Q
Axis Title

3.00
Axis Title

3.00
2.50
2.50
2.00
2.00
1.50
1.50
1.00
1.00
0.50
 3.00

Axis Ti

Axis Titl
2.50
2.50
2.00
2.00
1.50
1.50
1.00
1.00
0.50
0.50
0.00
1994 1995 2004 2005 2006 2007 2008 0.00
1994 1995 20
 Post-IPO
2005 2006 2007 2008

409404916 411454048 282458440 565487208

147310027 292582372 316002830 337442913
58223875 56354221 103342271 116254023

16003549 11619338 11488512 25632305

630942367 772009979 713292053 1044816449

191979218 180642549 174081682 278832114

269177246 425490985 377454242 597445881

100833688 99243092 105992989 106616156
561990152 705376626 657528913 982894151
1335840425 1497565609 222100955 1578386314
1199325969 1353525886 179011224 1391832663
52948666 55014015 44274628 36289993
2412177192 2525101572 2383413335 2630793360
1085092033 1098878202 1114186027 1147201594
20757884 40558524 53351445 71090507
3820000 3820000 3820000 3820000
0.86% 1.61% 2.24% 2.70%
1.91% 3.69% 4.79% 6.20%
5.43 10.62 13.97 18.61

1.12 1.09 1.08 1.06

1.09 1.08 1.07 1.04
9 5 1 5
40 70 512 77
3 3 1 2
123 109 568 146

163 180 1080 223

81 113 759 155
82 67 321 69

Quick Ratio A/R Turnov

Axis Title

3.00
2008
2.50 2007

2.00 2006

1.50 2005

1.00 2004

1995
 3.00

Axis Titl
2008
2.50 2007

2.00 2006

1.50 2005

1.00 2004

1995
0.50
1994
0.00
1994 1995 2004 2005 2006 2007 2008 0 1 2 3 4 5
A/R Turnover Ratio Inventory Turnover Ratio
Axis Title

5
4
4
3
3
2
2
1
 5

Axis Titl
4
4
3
3
2
2
1
1
0
2 3 4 5 6 7 8 9 10 1994 1995 2004 2005 2006 2007
ver Ratio
5 2006 2007 2008