ABC Ceramics Limited: Difference (If Any) 0 0 0

ABC Ceramics Limited
Auditor
Analyst
FYE
Period
Amount
DETAILED FINANCIALS REPORT
AUDITED
AUDITED
AUDITED
Sullah
Sullah
Sullah
Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011
12 Mths
12 Mths
12 Mths
in (,000) Taka in (,000) Taka in (,000) Taka
CURRENT ASSETS
Cash/Bank Balances
L/C margin
Fixed Deposits/Marketable Securities
Acc. Receivables-Trade
Accounts Receivable - Others
Goods-in-transit
Inventory
Due from Affiliates - Current
FIXED ASSETS
Gross Fixed Assets
Less: Depreciation
NON-CURRENT ASSETS
Due from Principal, Emp, Affiliate, & Investment
Advance Income Tax
Deferred Charges,Pre-pymts & Adv.
103
500
496
8,353
109
800
1,199
12,718
461
932
2,000
15,163
6,792
56,750
6,478
69,563
9,089
65,088
800
800
800
110,453
28,517
129,643
36,796
148,697
46,063
100
81
20
876
400
200
1,922
700
300
46,910
0
4,142
7,894
74,564
15,515
4,732
6,126
103,879
15,515
3,400
11,002
91,660
78,837
63,322
18,900
18,900
18,900
-13,575
-12,684
-16,929
TRUE
TRUE
TRUE
CURRENT LIABILITIES
Short Term Bank Borrowings
Current Funded Portion of Term Debt (CMLTD)
Account Payable - Trade
Accrued Items (Exp + Dues to Directors)
Provision for Income Tax/Def. I/T Liabilities
Advance Payment
Dividends Payable
LONG TERM LIABILITIES

Term Loan
NET WORTH
Paid up Capital
Directors Loan(subordinated)
Retained Earnings
Reserves
BALANCE
Difference (if any)

Credit Risk Grading Manual
0
37
Auditor
Analyst
FYE
Period
Amount
AUDITED
Sullah
Dec. 31, 2009
12 Mths
in (,000) Taka
AUDITED
Sullah
Dec. 31, 2010
12 Mths
in (,000) Taka
AUDITED
Sullah
Dec. 31, 2011
12 Mths
in (,000) Taka
78,103
0
91,972
0
91,989
0
Less :Cost of Goods Sold
48,757
60,620
58,762
Less: Selling. Gen. & Admin. Expenses
10,631
11,957
12,739
Less: Depreciation
Less: Interest Expense
7,900
14,316
8,279
14,404
9,267
17,361
Add: Other Income
3,893
4,179
1,895
0
0
0
0
0
0
TRUE
TRUE
INCOME STATEMENT
Gross Sales
Less:VAT
Add: Other Operating Income
Income Taxes
Reserve
Cash W ithdrawals/Dividend
BALANCE
Difference (if any)
38

Auditor
Analyst
FYE
Period
Amount
AUDITED
Sullah
Dec. 31, 2009
12 Mths
in (,000) Taka
%
TBS
AUDITED
Sullah
Dec. 31, 2010
12 Mths
in (,000) Taka
%
TBS
AUDITED
Sullah
Dec. 31, 2011
12 Mths
in (,000) Taka
%
TBS
CURRENT ASSETS
Cash/Bank Balances
L/C margin
0
0
Goods-in-transit
Inventory
103
500
496
8,353
0
0
0
6,792
56,750
0.07
0.32
0.32
5.36
0.00
0.00
0.00
4.36
36.39
Total Inventory
0
TOTAL CURRENT ASSETS
63,542
0
800
73,794
FIXED ASSETS
Gross Fixed Assets
Less: Depreciation
NET FIXED ASSETS
NON-CURRENT ASSETS
Advance Income Tax
0
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS

Advance Payment
Dividends Payable
TOTAL CURRENT LIABILITIES
Term Loan
0
TOTAL LIABILITIES
NET WORTH
Paid up Capital
Retained Earnings
Reserves
0
0
NET WORTH
TOTAL LIABILITIES & NET WORTH
40.75
0.00
0.51
47.32
109 0.06
800 0.43
1,199 0.64
12,718 6.84
0 0.00
0 0.00
0 0.00
6,478 3.48
69,563 37.40
0.00
76,041 40.88
0 0.00
800 0.43
91,667 49.29
461
932
2,000
15,163
0
0
0
9,089
65,088
74,177
0
800
93,533
0.23
0.47
1.00
7.62
0.00
0.00
0.00
4.57
32.69
0.00
37.26
0.00
0.40
46.98
110,453
28,517
81,936
0.00
70.83
18.29
52.55
0.00
129,643 69.70
36,796 19.78
92,847 49.92
148,697
46,063
102,634
0.00
74.69
23.14
51.55
100
81
20
0
82,137
0.00
0.06
0.05
0.01
0.00
52.68
155,931
100
0.00
876 0.47
400 0.22
200 0.11
0 0.00
94,323 50.71
0.00
185,990 100
46,910
0
4,142
7,894
0
0
0
58,946
30.08
0.00
2.66
5.06
0.00
0.00
0.00
37.80
91,660
0
150,606
199,089
0.00
0.97
0.35
0.15
0.00
53.02
0.00
100
74,564 40.09
15,515 8.34
4,732 2.54
6,126 3.29
0 0.00
0 0.00
0 0.00
100,937 54.27
103,879
15,515
3,400
11,002
0
0
0
133,796
52.18
7.79
1.71
5.53
0.00
0.00
0.00
67.20
0.00
58.78
0.00
96.59
0.00
78,837 42.39
0 0.00
179,774 96.66
63,322
0
197,118
0.00
31.81
0.00
99.01
18,900
0
-13,575
0
0
0
5,325
0.00
12.12
0.00
-8.71
0.00
0.00
0.00
3.41
0.00
18,900 10.16
0 0.00
-12,684 -6.82
0 0.00
0 0.00
0 0.00
6,216 3.34
18,900
0
-16,929
0
0
0
1,971
0.00
9.49
0.00
-8.50
0.00
0.00
0.00
0.99
155,931
100
199,089
100
185,990
100
1,922
700
300
0
105,556

Auditor
AUDITED
AUDITED
AUDITED
Analyst
FYE
Sullah
Dec. 31, 2009
Sales
Sullah
Dec. 31, 2010
Sales
Sullah
Dec. 31, 2011
Sales
Period
Amount
12 Mths
12 Mths
12 Mths
in (,000) Taka
in (,000) Taka
in (,000) Taka
INCOME STATEMENT
Gross Sales
78,103
100.00
91,972
100.00
91,989
100.00
Less:VAT
Net Sales
Total Sales Revenue
0
78,103
0
78,103
0.00
100.00
0.00
100.00
0
91,972
0
91,972
0.00
100.00
0.00
100.00
0
91,989
0
91,989
0.00
100.00
0.00
100.00

GROSS PROFIT/REVENUE
0
48,757
29,346
0
62.43
37.57
0.00
60,620
31,352
0
65.91
34.09
0.00
58,762
33,227
0
63.88
36.12
0.00

0
TOTAL OPERATING PROFIT (EBITDA)
0
Less: Depreciation
0
0
PROFIT BEFORE TAXES & EXTR ITEM
Add: Other Income
0
Income Taxes
10,631
0
18,715
0
7,900
14,316
11,957
0
19,395
0
8,279
14,404
-3,288
4,179
0
0
13.00
0.00
21.09
0.00
9.00
15.66
0.00
0.00
-3.58
4.54
0.00
0.00
12,739
0
20,488
0
9,267
17,361
-3,501
3,893
0
0
13.61
0.00
23.96
0.00
10.11
18.33
0.00
0.00
-4.48
4.98
0.00
0.00
-6,140
1,895
0
0
13.85
0.00
22.27
0.00
10.07
18.87
0.00
0.00
-6.67
2.06
0.00
0.00
0
392
0
0.00
0.50
0.00
0
891
0
0.00
0.97
0.00
0
-4,245
0
0.00
-4.61
0.00
0.00
0.00
0.50
0.00
0.00
0.97
0.00
0.00
-4.61
0
NET PROFIT
Reserve
Cash Withdrawals/Dividend
0
TOTAL CHANGES IN RETAINED EARNINGS
392
891
-4,245

FINANCIAL RATIOS
Dec. 31, 2009

%
Dec. 31, 2010

%
Dec. 31, 2011

%
N/A
N/A
N/A
N/A
N/A
N/A
17.76
17.76
127.30
19.28
19.37
16.73
0.02
0.02
-576.43
7.04
9.65
-68.29
37.57
13.61
23.96
10.11
23.96
18.33
-4.48
0.50
0.25
7.36
0.00
34.09
13.00
21.09
9.00
21.09
15.66
-3.58
0.97
0.48
14.33
0.00
36.12
13.00
22.27
10.07
22.27
18.87
-6.67
-4.61
-2.13
-215.37
0.00
0.76
1.31
0.77
0.65
0.65
0.62
39
31
476
0.5
50
28
458
0.5
60
21
461
0.5
14,848
0.16
1.25
5.26
-9,270
0.15
0.91
-9.92
-40,263
0.14
0.70
-2.28
28.28
16.9
34.04
28.92
27.0
39.60
100.01
138.1
-262.47
GROWTH RATIOS:
Sales Growth, Sales%
Net Sales Growth, Composite %
Net Income Growth, %
Total Assets Growth, %
Total Liabilities Growth, %
Net Worth Growth, %
PROFITABILITY RATIOS:
Gross Margin, Composite %
SG & A, %
Cushion (Gross Margin - SG&A), %
Depreciation, Amortization, %
Operating Profit Margin, %
Interest Expense, %
Operating Margin, %
Net Margin, %
Return on Assets, %
Return on Equity, %
Cash Withdrawal/Dividend Payout Rate, %
COVERAGE RATIOS:
Interest Coverage (EBIT/Total Interest)
Debt Ser.Coverage(EBITDA/Total Interest+CMLTD)
ACTIVITY RATIOS:
Receivables in Days
Payables in Days
Inventory in Days
Sales/Total Assets (X)
LIQUIDITY RATIOS:
Working Capital
Quick Ratio (X)
Current Ratio (X)
Sales/ Net Working Capital (X)
LEVERAGE RATIOS:
Total Liabilities/ Net Worth (X)
Affiliate Exposure/Net Worth (%)
Total Liabilities/(Net Worth-Affiliates) (X)
Auditor
Analyst
FYE
Period
Amount
AUDITED
Sullah
Dec. 31, 2010
12 Mths
in (,000) Taka
AUDITED
Sullah
Dec. 31, 2011
12 Mths
in (,000) Taka
Profit Before Tax After Extra Items

Add: Interest Expense
Add: Depreciation
Add/Minus: Change in Deferred Taxes
891
14,404
8,279
0
-4,245
17,361
9,267
0
EBITDA Cash Flow
23,574
22,383

Less: Taxes
Less: Dividends
-14,404
0
0
-17,361
0
0
9,170
5,022
Less: Capital Expenditures
-19,190
-19,054
CF Before Working Capital Changes
-10,020
-14,032
Plus/Minus: Change in Accts Receivable

Plus/Minus: Change in Inventory
Plus/Minus:Change in Prepaid Expense
Plus/Minus:Change in Mkt. Securities
Plus/Minus: Change in Accounts Payable
Plus/Minus: Change in Accued Expenses
Plus/Minus: Change in Dividends Payable
-4,365
-12,499
-499
-2,445
1,864
-400
CASH FLOW STATEMENT
CF Before Investing Activities
-703
-801
590
-1,768
0
-1,332
4,876
0
Total Working Capital Changes
-19,244
1,762
CF Before Intercompany Transaction
-29,264
-12,270
Plus/Minus: Inter Trade Rec from/to Affil.
-776
-1,046
-30,040
-13,316
Financing Needs/Surplus
-30,040
-13,316
Plus/Minus: ST Bank Debt

Plus/Minus: LT Bank Debt
Total Financing
27,654
29,315
-12,823
-15,515
14,831
13,800
CF after Financing
Plus/Minus: Change In Cash
-15,209
306
484
484
Difference
-15,515
CF Before Other B/S Movements

Plus/Minus: Other B/S Movements

Auditor
Analyst
FYE
Period
Amount
AUDITED
Sullah
Dec. 31, 2009
12 Mths
in (,000) Taka
%
TBS
AUDITED
Sullah
Dec. 31, 2010
12 Mths
in (,000) Taka
%
TBS
AUDITED
Sullah
Dec. 31, 2011
12 Mths
in (,000) Taka
%
TBS
CURRENT ASSETS
Cash/Bank Balances
L/C margin
0
0
Goods-in-transit
Inventory
103
500
496
8,353
0
0
0
6,792
56,750
0
0
0
5
0
0
0
4
36
109
800
1,199
12,718
0
0
0
6,478
69,563
Total Inventory
0
TOTAL CURRENT ASSETS
63,542
0
800
73,794
41
0
1
47
FIXED ASSETS
Gross Fixed Assets
Less: Depreciation
NET FIXED ASSETS
110,453
28,517
81,936
0
71
18
53
NON-CURRENT ASSETS
Advance Income Tax
0
TOTAL NON-CURRENT ASSETS
100
81
20
0
82,137
0
0
0
0
0
53
155,931
100
46,910
0
4,142
7,894
0
0
0
58,946
30
0
3
5
0
0
0
38
74,564
15,515
4,732
6,126
0
0
0
100,937
91,660
0
150,606
0
59
0
97
18,900
0
-13,575
0
0
0
5,325
0
12
0
-9
0
0
0
3
155,931
100
TOTAL ASSETS

Advance Payment
Dividends Payable
TOTAL CURRENT LIABILITIES
Term Loan
0
TOTAL LIABILITIES
NET WORTH
Paid up Capital
Retained Earnings
Reserves
0
0
NET WORTH
TOTAL LIABILITIES & NET WORTH
76,041
0
800
91,667
0
0
1
7
0
0
0
3
37
0
41
0
0
49
74,177
0
800
93,533
0
0
1
8
0
0
0
5
33
0
37
0
0
47
129,643
36,796
92,847
0
70
20
50
148,697
46,063
102,634
0
75
23
52
0
0
0
0
0
51
0
185,990 100
461
932
2,000
15,163
0
0
0
9,089
65,088
199,089
0
1
0
0
0
53
0
100
40
8
3
3
0
0
0
54
103,879
15,515
3,400
11,002
0
0
0
133,796
52
8
2
6
0
0
0
67
78,837
0
179,774
0
42
0
97
63,322
0
197,118
0
32
0
99
18,900
0
-12,684
0
0
0
6,216
0
10
0
-7
0
0
0
3
18,900
0
-16,929
0
0
0
1,971
0
9
0
-9
0
0
0
1
199,089
100
876
400
200
0
94,323
185,990 100
1,922
700
300
0
105,556
39

Auditor
AUDITED
AUDITED
AUDITED
Analyst
Sullah
Sales
Sullah
Sales
Sullah
Sales
FYE
Period
Amount
Dec. 31, 2009
Dec. 31, 2010
12 Mths
12 Mths
Dec. 31, 2011

12 Mths
in (,000) Taka
in (,000) Taka
in (,000) Taka
INCOME STATEMENT
Gross Sales
Less:VAT
Net Sales
Total Sales Revenue
78,103
100
91,972
100
91,989
100
0
78,103
100
91,972
100
91,989
100
78,103
100
91,972
100
91,989
100
48,757
62
60,620
66
58,762
64
GROSS PROFIT/REVENUE
29,346
38
31,352
34
33,227
36
0
0
TOTAL OPERATING PROFIT (EBITDA)
0
Less: Depreciation
10,631
14
11,957
13
12,739
14
18,715
24
19,395
21
20,488
22
7,900
10
8,279
9,267
10
14,316
18
14,404
16
17,361
19
PROFIT BEFORE TAXES & EXTR ITEM

Add: Other Income
0
0
-3,501
-4
-3,288
-4
-6,140
-7
3,893
4,179
1,895
Income Taxes
392
891
-4,245
-5
Reserve
Cash Withdrawals/Dividend
-4,245
-5
NET PROFIT
0
TOTAL CHANGES IN RETAINED EARNINGS
0
392
0
891
40

FINANCIAL RATIOS
Dec. 31, 2009 Dec. 31, 2010 Dec. 31, 2011

%
%
%
GROWTH RATIOS:
Sales Growth, Sales%
Net Sales Growth, Composite %
Net Income Growth, %
Total Assets Growth, %
Total Liabilities Growth, %
Net Worth Growth, %
N/A
N/A
N/A
N/A
N/A
N/A
17.76
17.76
127.30
19.28
19.37
16.73
0.02
0.02
-576.43
7.04
9.65
-68.29
37.57
13.61
23.96
10.11
23.96
18.33
-4.48
0.50
0.25
7.36
0.00
34.09
13.00
21.09
9.00
21.09
15.66
-3.58
0.97
0.48
14.33
0.00
36.12
13.00
22.27
10.07
22.27
18.87
-6.67
-4.61
-2.13
-215.37
0.00
0.76
1.31
0.77
0.65
0.65
0.62
39
31
476
0.5
50
28
458
0.5
60
21
461
0.5
14,848
0.16
1.25
5.26
-9,270
0.15
0.91
-9.92
-40,263
0.14
0.70
-2.28
28.28
16.9
34.04
28.92
27.0
39.60
100.01
138.1
-262.47
PROFITABILITY RATIOS:
Gross Margin, Composite %
SG & A, %
Cushion (Gross Margin - SG&A), %
Depreciation, Amortization, %
Operating Profit Margin, %
Interest Expense, %
Operating Margin, %
Net Margin, %
Return on Assets, %
Return on Equity, %
Cash Withdrawal/Dividend Payout Rate, %
COVERAGE RATIOS:
Interest Coverage (EBIT/Total Interest)
Debt Ser.Coverage(EBITDA/Total Interest+CMLTD)
ACTIVITY RATIOS:
Receivables in Days
Payables in Days
Inventory in Days
Sales/Total Assets (X)
LIQUIDITY RATIOS:
Working Capital
Quick Ratio (X)
Current Ratio (X)
Sales/ Net Working Capital (X)
LEVERAGE RATIOS:
Total Liabilities/ Net Worth (X)
Affiliate Exposure/Net Worth (%)
Total Liabilities/(Net Worth-Affiliates) (X)
41
Auditor
Analyst
FYE
Period
Amount
AUDITED
Sullah
Dec. 31, 2010
12 Mths
in (,000) Taka
AUDITED
Sullah
Dec. 31, 2011
12 Mths
in (,000) Taka
Profit Before Tax After Extra Items

Add: Interest Expense
Add: Depreciation
Add/Minus: Change in Deferred Taxes
-3,288
14,404
8,279
0
-6,140
17,361
9,267
0
EBITDA Cash Flow
19,395
20,488

Less: Taxes
Less: Dividends
-14,404
0
0
-17,361
0
0
4,991
3,127
Less: Capital Expenditures
-19,190
-19,054
CF Before Working Capital Changes
-14,199
-15,927
Plus/Minus: Change in Accts Receivable

Plus/Minus: Change in Inventory
Plus/Minus:Change in Prepaid Expense
Plus/Minus: Change in Accounts Payable
Plus/Minus: Change in Accued Expenses
Plus/Minus: Change in Dividends Payable
-4,365
-12,499
-499
590
-1,768
0
-2,445
1,864
-400
-1,332
-4,876
0
Total Working Capital Changes
-18,541
-7,189
CF Before Intercompany Transaction
-32,740
-23,116
Plus/Minus: Inter Trade Rec from/to Affil.
-776
-1,046
-33,516
-24,162
Financing Needs/Surplus
-33,516
-24,162
Plus/Minus: ST Bank Debt

Plus/Minus: LT Bank Debt
Total Financing
27,654
29,315
-12,823
-15,515
14,831
13,800
CF after Financing
Plus/Minus: Change In Cash
-18,685
-18,685
-10,362
-10,362
CASH FLOW STATEMENT
CF Before Investing Activities
CF Before Other B/S Movements

Plus/Minus: Other B/S Movements
42

ABC Ceramics Limited: Difference (If Any) 0 0 0

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