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Assignment of FIN 501 (2)

Assignment of FIN 501 (2)

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Published by Mahfuza Akter Mili
Comparative analysis of financial statement between two Textile Company’s
Comparative analysis of financial statement between two Textile Company’s

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Published by: Mahfuza Akter Mili on Feb 08, 2013
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2009 2008

Taka Taka
CURRENT ASSETS 1,172,765.00 574,460.00
Cash and bank balances 603,110.00 197,088.00
Deposit accounts 560,177.00 137,433.00
Current accounts 25,840.00 21,326.00
Collection accounts 16,831.00 38,275.00
Cash in hand 262.00 54.00
Advances, Deposits, prepayments and other receivables: 46,041.00 73,583.00
To suppliers 18,148.00 34,044.00
To employees 783.00 449.00
Due from associated undertaking 1,125.00 1,127.00
Deposits 1,486.00 1,313.00
Prepayments 4,314.00 10,606.00
Excise duty 4,057.00 9,911.00
Advance tax –net 7,891.00 -
Sales tax refundable -net - 3,774.00
Derivative foreign currency options used as hedging instrument - -
Interest accrued 1,002.00 2,175.00
Prepaid arrangement fee for loans - -
Margin on letters of credit - -
Other receivables- Considered goods 8,235.00 645.00
Others - 9,539.00
TRADE DEBTS 107,231.00 44,789.00
Unsecured 25,021.00 23,833.00
Considered goods 23,454.00 22,266.00
Considered doubtful 1,567.00 1,567.00
Secure-considered goods 83,777.00 22,523.00
Less: Provision for doubtful debts (1,567.00) (1,567.00)
STOCK IN TRADE 55,931.00 61,600.00
Raw and packing material 18,469.00 15,224.00
Work in process 11,624.00 27,761.00
Finished goods 25,838.00 18,615.00
STORES, SPARES AND LOOSE TOOLS 360,452.00 197,400.00
Stores 107,633.00 71,837.00
Spares 244,514.00 118,324.00
Loose tools 8,305.00 7,239.00
DEFERRED TAX ASSETS - NET 337,140.00 570,039.00
LONG TERM DEPOSITS 46,611.00 36,600.00
LONG TERM ADVANCES - Considered 9,000.00 -
FIXED ASSETS - Tangible: 4,658,272.00 4,729,254.00
Property, Plant and equipment 4,658,272.00 4,729,254.00
Total Assets 6,223,788.00 5,910,353.00
ASHRAF TEXTILE MILLS LIMITED
BALANCE SHEET AS AT JUNE 30, 2009
CURRENT LIABILITIES 1,207,946.00 372,116.00
Current portion of long term financing: 552,995.00 86,508.00
Short term borrowings - secured: 308,876.00 -
Markup accrued: 69,357.00 13,132.00
Trade and other payables: 275,718.00 272,476.00
Creditors 45,969.00 45,651.00
Accrued liabilities 67,119.00 63,425.00
Retention money 10,533.00 10,819.00
Security deposits 28,982.00 25,462.00
Advances from customers 42,444.00 23,121.00
Workers' (Profit) Participation Fund 39,949.00 -
Workers' Welfare fund - -
Sales tax payable- net 31,300.00 22,304.00
Excise duty payable 3,537.00 58.00
Other liabilities 5,885.00 81,636.00
Compensated absences - -
Unclaimed dividend - -
NON - CURRENT LIABILITIES 2,567,218.00 3,599,103.00
Retention money payables: - -
Deferred tax liability - net: - -
Deferred liability 45,213.00 40,264.00
Long term financing: 2,522,005.00 3,558,839.00
Loans from banking companies - Secured:
H.S.B.C Bank Limited 916,667.00 -
PRIM Bank Limited 916,667.00 -
United Bank Limited 458,333.00 -
Bank Al Falah Limited 458,333.00 -
CITY Bank Limited - -
NCC Commercial Bank Limited 275,000.00 -
Loan from related party: 50,000.00 -
Total Liabilities 3,774,164.00 3,971,219.00
Less: amount payable within 12 months shown under current liabilities (552,995.00) -
SHARE CAPITAL AND RESERVES 2,449,624.00 1,939,134.00
Reserves: - -
Accumulated loss (1,744,798.00) (2,255,288.00)
Share capital: 4,194,422.00 4,194,422.00
Total Liabilities + Owner's Equity 6,223,488.00 5,910,353.00
2007 2006
Taka Taka
CURRENT ASSETS 5,294,083.00 1,953,537.00
Cash and bank balances 3,783,909.00 423,133.00
Deposit accounts 3,756,611.00 402,907.00
Current accounts 27,039.00 20,048.00
Collection accounts - -
Cash in hand 259.00 178.00
Advances, Deposits, prepayments and other receivables: 345,567.00 858,758.00
To suppliers 15,521.00 815,588.00
To employees 2,473.00 621.00
Due from associated undertaking - -
Deposits 5,737.00 1,795.00
Prepayments 3,966.00 3,125.00
Excise duty - -
Advance tax –net 23,302.00 13,104.00
Sales tax refundable -net 82,719.00 -
Derivative foreign currency options used as hedging instrument 84,364.00 -
Interest accrued 14,828.00 5,077.00
Prepaid arrangement fee for loans 74,670.00 11,000.00
Margin on letters of credit 29,369.00 -
Other receivables- Considered goods 7,179.00 2,084.00
Others 1,439.00 6,364.00
TRADE DEBTS 26,927.00 19,558.00
Unsecured 4,848.00 16,117.00
Considered goods - 7,769.00
Considered doubtful 4,848.00 8,348.00
Secure-considered goods 26,927.00 11,789.00
Less: Provision for doubtful debts (4,848.00) (8,348.00)
STOCK IN TRADE 230,089.00 183,309.00
Raw and packing material 31,271.00 23,931.00
Work in process 152,529.00 115,221.00
Finished goods 46,289.00 44,157.00
STORES, SPARES AND LOOSE TOOLS 907,591.00 468,769.00
Stores 415,358.00 61,997.00
Spares 478,579.00 394,046.00
Loose tools 13,654.00 12,726.00
DEFERRED TAX ASSETS - NET - -
LONG TERM DEPOSITS 46,611.00 46,611.00
LONG TERM ADVANCES - Considered 7,200.00 8,100.00
FIXED ASSETS - Tangible: 7,106,599.00 4,392,450.00
SAIHAM TEXTILE MILLS LIMITED
BALANCE SHEET AS AT JUNE 30, 2009
DHAKA
Property, Plant and equipment 7,106,599.00 4,392,450.00
Total Assets 12,454,493.00 6,400,688.00
CURRENT LIABILITIES 2,454,761.00 1,442,287.00
Current portion of long term financing: 550,000.00 550,000.00
Short term borrowings - secured: 1,378,365.00 375,510.00
Markup accrued: 33,186.00 48,330.00
Trade and other payables: 493,210.00 468,447.00
Creditors 65,997.00 81,766.00
Accrued liabilities 174,692.00 118,828.00
Retention money 15,517.00 11,986.00
Security deposits 36,916.00 39,051.00
Advances from customers 41,344.00 67,770.00
Workers' (Profit) Participation Fund 24,413.00 41,483.00
Workers' Welfare fund 25,362.00 16,085.00
Sales tax payable- net - 32,599.00
Excise duty payable 57,629.00 8,582.00
Other liabilities 45,323.00 40,708.00
Compensated absences 3,686.00 3,626.00
Unclaimed dividend 2,331.00 5,963.00
NON - CURRENT LIABILITIES 715,751.00 1,223,195.00
Retention money payables: 18,129.00 -
Deferred tax liability - net: 363,154.00 339,918.00
Deferred liability 9,468.00 8,277.00
Long term financing: 325,000.00 875,000.00
Loans from banking companies - Secured:
SONALI Bank Limited 265,152.00 431,818.00
DUTCH BANGLA Bank Limited 265,152.00 431,818.00
H.S.B Limited 132,576.00 215,909.00
JONATA Bank 132,576.00 215,909.00
EXIM Bank Limited 79,544.00 129,546.00
Islamic Bank - -
Loan from related party:
Fauji Foundation- Unsecured - -
Total Liabilities 3,170,512.00 2,665,482.00
Less: amount payable within 12 months shown under current liabilities (550,000.00) (550,000.00)
SHARE CAPITAL AND RESERVES 9,283,981.00 3,735,206.00
Reserves: 1,864,094.00 (459,216.00)
Accumulated loss - -
Share capital: 7,419,887.00 4,194,422.00
Total Liabilities + Owner's Equity 12,454,493.00 6,400,688.00
2009 2008
Taka Taka
Sales 3,921,362.00 3,247,262.00
Less: Government Levies (1,076,219.00) (951,031.00)
Net Sales 2,845,143.00 2,296,231.00
Less: Cost of sales 1,763,597.00 1,555,407.00
Raw material Consumed 136,819.00 115,164.00
Packing material consumed 147,994.00 155,487.00
Stores and spares consumed 6,573.00 5,285.00
Spares written off - -
Salaries, wages and benefits 87,091.00 91,289.00
Rent, rates and taxes 1,378.00 952.00
Insurance 18,078.00 14,920.00
Fuel consumed 699,818.00 564,591.00
Power consumed 332,383.00 310,041.00
Depreciation 251,981.00 243,056.00
Others 72,538.00 63,185.00
1,754,953.00 1,563,970.00
Add: Opening work-in process 27,761.00 5,817.00
Less: Closing work-in process (11,624.00) (27,761.00)
Cost of goods 1,770,790.00 1,542,026.00
Add: Opening finished goods 18,615.00 31,996.00
Less: Closing finished goods - (25,838.00) (18,615.00)
1,763,567.00 1,555,407.00
Less: Own consumption - -
1,763,567.00 1,555,407.00
Gross profit 1,081,576.00 740,824.00
Other income 11,216.00 42,744.00
Distribution cost: 21,333.00 20,416.00
Salaries, wages and benefits 11,085.00 12,011.00
Export freight and other - -
Traveling and entertainment 1,857.00 1,034.00
Vehicle running and - -
Rent, rates and taxes 1,172.00 1,144.00
Repairs and maintenance 872.00 411.00
Printing and stationery 640.00 509.00
Depreciation 734.00 781.00
Others 4,973.00 4,526.00
ASHRAF TEXTILE MILLS LIMITED
PROFIT AND LOSS STATEMENT
FORE THE YEAR ENDED JUNE 30, 2009
Administrative expenses: 42,292.00 39,535.00
Salaries, wages and benefits 21,835.00 21,817.00
Traveling and entertainment 3,319.00 2,053.00
Vehicle running and maintenance expenses - -
Insurance 356.00 312.00
Rent, rates and taxes 1,250.00 1,064.00
Repairs and maintenance 1,110.00 711.00
Printing and stationery 868.00 856.00
Depreciation 3,568.00 1,969.00
Others 9,986.00 10,753.00
Other Operating expenses: 40,493.00 533.00
Audits' remuneration 544.00 533.00
Workers' (Profit) 39,949.00 -
Workers' Welfare Fund - -
Finance Cost: 229,633.00 204,222.00
Fee and charges on loans 10,564.00 11,615.00
Interest/mark-up on long-term finance 175,784.00 57,324.00
Interest/mark-up on long 3,185.00 873.00
Interest on short term 4,352.00 -
borrowings and other - -
Interest on Workers' Profit - -
Guarantee commission 32,201.00 111,947.00
Bank charges and 3,547.00 4,557.00
Foreign exchange risk - 17,906.00
Amortization of deferred - 762,152.00
Net profit before taxation 759,041.00 (243,290.00)
Less: Taxation (248,548.00) 557,639.00
Net profit after taxation 510,493.00 314,149.00
2009-2008 2008-2007
Taka Taka
Sales 4,749,217.00 4,780,036.00
Less: Government Levies (1,203,315.00) (1,316,753.00)
Net Sales 3,545,902.00 3,463,283.00
Less: Cost of sales 2,887,790.00 2,371,788.00
Raw material Consumed 227,413.00 235,379.00
Packing material consumed 281,916.00 221,116.00
Stores and spares consumed 10,914.00 11,171.00
Spares written off - 931.00
Salaries, wages and benefits 133,451.00 133,780.00
Rent, rates and taxes 5,284.00 2,213.00
Insurance 12,221.00 12,363.00
Fuel consumed 1,441,919.00 979,044.00
Power consumed 451,419.00 431,609.00
Depreciation 290,477.00 276,244.00
Others 85,730.00 110,238.00
2,940,744.00 2,414,088.00
Add: Opening work-in process 115,221.00 96,371.00
Less: Closing work-in process (152,529.00) (115,221.00)
Cost of goods 2,903,436.00 2,392,538.00
Add: Opening finished goods 44,157.00 23,407.00
Less: Closing finished goods - (46,289.00) (44,157.00)
2,901,304.00 2,371,788.00
Less: Own consumption (13,514.00) -
2,887,790.00 2,371,788.00
Gross profit 658,112.00 1,091,495.00
Other income 107,574.00 73,835.00
Distribution cost: 53,382.00 40,645.00
Salaries, wages and benefits 18,791.00 20,651.00
Export freight and other 24,482.00 -
Traveling and entertainment 1,127.00 705.00
Vehicle running and 1,641.00 2,745.00
Rent, rates and taxes 1,468.00 1,353.00
Repairs and maintenance 288.00 173.00
Printing and stationery 545.00 416.00
Depreciation 2,704.00 1,746.00
Others 2,337.00 12,856.00
PROFIT AND LOSS STATEMENT
FORE THE YEAR ENDED JUNE 30, 2009
SAIHAM TEXTILE MILLS LIMITED
DHAKA
Administrative expenses: 76,495.00 71,302.00
Salaries, wages and benefits 41,153.00 42,439.00
Traveling and entertainment 7,483.00 3,487.00
Vehicle running and maintenance expenses 2,145.00 2,385.00
Insurance 602.00 594.00
Rent, rates and taxes 6,465.00 5,934.00
Repairs and maintenance 590.00 960.00
Printing and stationery 1,318.00 1,941.00
Depreciation 9,475.00 5,464.00
Others 7,264.00 8,098.00
Other Operating expenses: 34,290.00 58,098.00
Audits' remuneration 600.00 530.00
Workers' (Profit) 24,413.00 41,483.00
Workers' Welfare Fund 9,277.00 16,085.00
Finance Cost: 146,954.00 207,105.00
Fee and charges on loans 500.00 500.00
Interest/mark-up on long-term finance 129,928.00 200,642.00
Interest/mark-up on long - -
Interest on short term 11,609.00 779.00
borrowings and other - -
Interest on Workers' Profit - 93.00
Guarantee commission 665.00 972.00
Bank charges and 4,252.00 4,119.00
Foreign exchange risk - -
Amortization of deferred - -
Net profit before taxation 454,564.00 788,180.00
Less: Taxation (40,966.00) (141,857.00)
Net profit after taxation 413,598.00 646,323.00
Year 2009 2008 Year 2009 2008
Current Ratio 2.16 1.35 Current Ratio 0.97 1.54
Current Assets 5,294,083.00 1,953,527.00 Current Assets 1,172,765.00 574,460.00
Current liabilities 2,454,761.00 1,442,287.00 Current liabilities 1,206,946.00 372,116.00
Year 2009 2008 Year 2009 2008
Quick Ratio: 2.06 1.23 Quick Ratio: 0.93 1.38
Current Assets 5,294,083.00 1,953,527.00 Current Assets 1,172,765.00 574,460.00
Stock in trade 230,089.00 183,309.00 Stock in trade 55,931.00 61,600.00
Current liabilities 2,454,761.00 1,442,287.00 Current liabilities 1,206,946.00 372,116.00
Year 2009 2008 Year 2009 2008
Debt-To-Equity: 1.34 1.71 Debt-To-Equity: 2.54 3.05
Total Liabilities 12,454,493.00 6,400,688.00 Total Liabilities 6,223,788.00 5,910,353.00
Share capital & Reserves9,283,981.00 3,735,206.00 Share capital & Reserves2,449,624.00 1,939,134.00
Year 2009 2008 Year 2009 2008
Receivable Turn Over 131.69 177.08 Receivable Turn Over 26.53 51.27
Net Sales 3,545,902.00 3,463,283.00 Net Sales 2,845,143.00 2,296,231.00
Trade Debts 26,927.00 19,558.00 Trade Debts 107,231.00 44,789.00
Saiham Textile Ltd Ashraf Textile mills Ltd.
Saiham Textile Ltd
Ashraf Textile mills Ltd.
RATI O ANALYSI S
Current ratio = Current Liabilities/Current Assets
Quick ratio =(Current Asset -Inventory )/CurrentLia bilities
Debt/equity ratio =tota lliabilities/ shareholders equity
Account receivable turn over= net sales / average account receivables
Ashraf Textile mills Ltd.
Saiham Textile Ltd Ashraf Textile mills Ltd.
Saiham Textile Ltd
Year 2009 2008 Year 2009 2008
Inventory turn over 63.86 70.21 Inventory turn over 79.34 61.46
Cost of sales 2,887,790.00 2,371,788.00 Cost of sales 1,763,567.00 1,555,407.00
Stock in Trade 230,089.00 183,309.00 Stock in Trade 55,931.00 61,600.00
Year 2009 2008 Year 2009 2008
Total asset turn over 0.28 0.54 Total asset turn over 0.46 0.39
Net Sales 3,545,902.00 3,463,283.00 Net Sales 2,845,143.00 2,296,231.00
Total Assets 12,454,493.00 6,400,688.00 Total Assets 622,378.00 5,910,353.00
Year 2009 2008 Year 2009 2008
Gross profit margin (%) 18.56% 31.52% Total asset turn over 38.01% 32.26%
Gross profit 658,112.00 1,091,495.00 Net Sales 1,081,576.00 740,824.00
Net Sales 3,545,902.00 3,463,283.00 Total Assets 2,845,143.00 2,296,231.00
Year 2009 2008 Year 2009 2008
Net profit margin 11.66% 18.66% Net profit margin 17.94% 13.68%
Net profit after taxation 413,598.00 646,323.00 Net profit after taxation 510,493.00 314,149.00
Net Sales 3,545,902.00 3,463,283.00 Net Sales 2,845,143.00 2,296,231.00
Saiham Textile Ltd Ashraf Textile mills Ltd.
Saiham Textile Ltd Ashraf Textile mills Ltd.
Gross profit margin =Grossprofit / Netsales
Net profit margin = Netincone / Netsales
Saiham Textile Ltd Ashraf Textile mills Ltd.
Saiham Textile Ltd Ashraf Textile mills Ltd.
Inventory turn over = Cost of good / average inventory
Total asset turn over =Netsales / Average total assets

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