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Name of the Assignment: Mother Steel Limited

Auditor: Arif Hussain & Co.


Closing Date: 31 December
Status of Disclosures: Moderate
Language of Audited Report: English

BALANCE SHEET
Application of Fund
Gross Fixed Assets
(-) Accumulated Depreciation
Net Fixed Assets
Capital work-in-prograss (Decoration)
Intangible & Other Fictitious Assets
Intercompany Investment (Short term)
Inventories, WIP, On-going projects, Stocks and Spares
Advance, Deposits & Prepayments
Other Current Assets (Security Deposit, LC Margin, Advance Tax, VAT)
Def. Revenue Exp
A/C Receivables/Debtors/Bills Receivables
Land lease from WDB
Cash, Bank Balance & Equivalents
Current Assets
Total Assets
Source of Fund
Authorized Capital
Paid Up Capital
Tax Holiday Reserve/ Provission for Income Tax
Share Money Deposits
General Reserve
Proposed Stock Dividend
Retained Earnings/(Loss Carried Forward)
Revaluation Reserve
Shareholders' Equity
Loan from Directors
Long Term Loan/CC
Lease Finance
Total Long Tem Loan
OD/Pre-shipmennt Investment/PC/Other Short Term Loan
Loan for Import and Duty
Loan Against Trust Receipts
Other Short Term Loan
Borrowed from others
Dues/Liabilities with Associated Company/
Current Accounts (in case of Proprietorship)
Proposed & Unclaimed Dividend
WPPF
Discounted Export Bills Receivables
Provisions for Tax, Expenses & Contingencies
Advance from Buyers
Creditors for Other Expenses/ Accrued Expenses
A/C Payables/Creditors for Suppliers
Current Liabilities
Total Liabilities
Total Liabilities & Equity
Asset Liability Mismatch
Summary - Balance Sheet (for Ratio)
Avg. Total Assets
Avg. Shareholders Equity
Avg. Inventory
Avg. A/C Receivables
Total Payables
Avg. Payables
Total Borrowed Fund
Capital Expenditure (CapEx)
Current Assets
Quick Assets
Net Working Capital
Calculation of Changes in Net Working Capital for Cash Flow
Changes in Invenotry
Changes in Receivables
Changes Advance, prepayments
Total Changes in Current Assets arises from operation
Changes in Accrued Expenses
Changes in A/C Payables
Total Changes in Current Liabilities arises from operation
Changes in Net Working Capital

Year 1
2009
22.7
0.7
22.04
0.00
0.04
0.00
279.37
3.25
0.00
0.00
12.68
0.00
3.84
299.14
321.22

Year 2
2010
61.7
3.3
58.43
0.00
0.04
0.00
53.72
0.04
0.21
0.00
1.55
0.00
3.08
58.60
117.06

Year 3
2011
68.6
3.2
65.44
0.00
0.04
0.00
8.34
105.73
0.21
0.00
59.52
3.38
49.51
226.69
292.17

Year 4
2012
92.5
4.6
87.85
0.00
0.04
0.00
376.27
54.20
0.21
0.00
527.78
2.73
65.53
1026.71
1114.60

Year 5
2013
93.1
3.3
89.87
0.00
0.04
0.00
462.93
26.55
0.21
0.00
32.04
0.00
3.46
525.18
615.10

2009
50.00

2010
50.00

2011
50.00

2012
50.00

2013
50.00

5.00
0.00
0.00
0.00
-5.54
0.00
-0.54

5.00
0.00
0.00
0.00
0.00
57.18
0.00
62.18

5.00
0.00
0.00
0.00
0.00
96.00
0.00
101.00

5.00
0.00
0.00
0.00
0.00
52.98
0.00
57.98

5.00
0.00
0.00
0.00
0.00
86.82
91.82

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00
0.00
0.00

0.00

0.00

0.00

0.00

0.00

321.44
0.00

53.24
0.00

0.00

0.00

190.75
0.00
0.00
0.00
0.00

934.52
0.00
0.00
0.00
0.00

298.61
0.00
0.00
0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00
0.00
0.00
0.26
321.70
321.70
321.17

0.00
0.00
0.00
1.64
0.00
54.88
54.88
117.06

0.00
0.00
0.00
0.00
0.00
0.00
0.43
0.00
191.18
191.18
292.18

0.00
0.00
0.00
0.00
0.00
48.17
0.51
73.43
1056.62
1056.62
1114.60

0.00
0.00
0.00
0.00
0.00
101.03
0.45
123.19
523.28
523.28
615.10

0.05

0.00

0.00

0.00

0.00

2009
321.2
-0.5
279.4
12.7
0.3
0.3
321.4
5.8
299.1
19.8
-22.6

2010
219.1
30.8
166.5
7.1
1.6
1.0
53.2
39.7
58.6
4.9
3.7

2011
204.6
81.6
31.0
30.5
0.4
1.0
190.8
10.2
226.7
218.3
35.5

2012
703.4
79.5
192.3
293.6
73.9
0.0
934.5
27.0
1026.7
650.4
-29.9

2013
864.8
74.9
419.6
279.9
123.6
98.8
298.6
8.6
525.2
62.3
1.9

2009.0

3.3
3.3
0.0
0.3
0.3

2010.0
225.7
11.1
3.2
240.0
1.6
-0.3
1.4

2011.0
45.4
-58.0
-105.7
-118.3
-1.2
0.0
-1.2

2012.0
-367.9
-468.3
51.5
-784.6
0.1
73.4
73.5

2013.0
-86.7
495.7
27.7
436.7
-0.1
49.8
49.7

3.5

241.4

-119.5

-711.1

486.4

Year 1
2009
109.41
98.44
10.97
6.80
0.00
6.80

Year 2
2010
459.11
383.54
75.57
3.35
0.00
3.35

Year 3
2011
507.18
459.89
47.28
4.08
0.00
4.08

Year 4
2012
1529.28
1444.30
84.98
20.50
0.00
20.50

Year 5
2013
845.58
718.84
126.74
10.46
0.00
10.46

INCOME STATEMENT

Revenue
Cost of Goods Sold
Gross Profit
Admin & Office Expenses
Selling and Marketing Expenses
Operating Expenses

Operating Profit/ EBIT


Financial Expenses
Other Income
Other Expenses
WPPF
Earning Before Tax
Income Tax/Def. Tax Income
Net Profit After Tax
Summary - Income Statement (for Ratio)
Revenue
Gross Profit
EBIT
Depreciation
EBITDA
Interest
Dividend
Net Profit After Tax
Financial Performance
(Months)
Sales (BDT Million)
Sales Growth (%)
Cost of Goods Sold (BDT Million)
CoGS as % of Sales
EBITDA (BDT Million)
EBITDA Growth (%)
EBITDA Margin (%)
Net Profit After Tax (BDT Million)
Net Profit Margin (%)
Net Profit After Tax Growth (%)
CAGR of Sales (FY07 to FY10)
CAGR of EBITDA (FY07 to FY10)
CAGR of Net Profit (FY07 to FY10)

4.17
9.83
0.12
0.00
0.00
-5.54
0.00
-5.54

72.22
9.85
0.36
0.00
0.00
62.73
0.07
62.66

43.21
4.57
0.91

64.49
56.29
0.95

116.28
59.81
0.22

39.55
0.73
38.82

9.15
31.38
-22.23

56.69
22.85
33.84

2009
109.41
10.97
4.17
0.68
4.85
9.83

2010
459.11
75.57
72.22
3.26
75.49
9.85

2011
507.18
47.28
43.21
3.19
46.39
4.57

2012
1529.28
84.98
64.49
0.00
64.49
56.29

2013
845.58
126.74
116.28
0.00
116.28
59.81

-5.54

62.66

38.82

-22.23

33.84

2009
(12)
109.4

2010
(12)
459.1
320%
383.5
84%
75.5
1457%
16%
62.7
14%
-1232%

2011
(9)
507.2
10%
459.9
91%
46.4
-39%
9%
38.8
8%
-38%

2012
(12)
1529.3
202%
1444.3
94%
64.5
39%
4%
-22.2
-1%
-157%

2013
(5)
845.6
-45%
718.8
85%
116.3
80%
14%
33.8
4%
-252%

98.4
90%
4.8
4%
-5.5
-5%

1.4
1.4
0.6

Profitability Ratio
(Months)
Gross profit margin (%)
Operating profit margin (%)
Net profit margin (%)
EBITDA to Avg. Assets (%)
EBITDA Margin (%)
Return on Avg. Assets (%)
Return of Avg. Equity (%)

2009
(12)
10%
4%
-5%
2%
4%
-2%
1034%

2010
(12)
16%
16%
14%
34%
16%
29%
203%

2011
(9)
9%
9%
8%
23%
9%
19%
48%

2012
(12)
6%
4%
-1%
9%
4%
-3%
-28%

2013
(5)
15%
14%
4%
13%
14%
4%
45%

Liquidity Ratios & Working Capital Analysis


(Months)
Current ratio (x)
Quick Ratio (x)
Liquidity Index (days)
Cash to short term liabilities (x)
Net working capital to Total Assets (x)
NWC/OI (x)
Avg. Collection Period (days)
Avg. Payment Period (days)
Avg. Inventory Processing Period (days)
Cash Conversion Cycle (days)

2009
(12)
0.9
0.1
992.7
0.0
-0.1
-5.4
42.3
1.0
1035.9
1077.2

2010
(12)
1.1
0.1
152.2
0.1
0.0
0.1
5.7
0.9
158.5
163.2

2011
(9)
1.2
1.1
23.3
0.3
0.1
0.8
22.0
0.8
24.6
45.8

2012
(12)
1.0
0.6
61.6
0.1
0.0
-0.5
70.1
#DIV/0!
48.6
#DIV/0!

2013
(5)
1.0
0.1
176.1
0.0
0.0
0.0
120.8
50.2
213.1
283.7

Asset Utilization Ratio


(Months)
Avg. Receivable (BDT Million)
Receivable turnover ratio (x)
Avg. Inventory (BDT Million)
Inventory Turnover ratio (x)
Avg. Trade Creditors (BDT Million)
Payable Turnover ratio (x)
Total assets (TA) (BDT Million)
Avg. TA (BDT Million)
Fixed assets (FA) (BDT Million)
Avg. FA (BDT Million)
FA as percent of TA (%)
Avg. FA turnover (x)
Avg. TA turnover (x)

2009
(12)
12.7
8.6
279.4
0.4
0.3
372.5
321.2
321.2
22.0
22.0
0.1
5.0
0.3

2010
(12)
7.1
64.5
166.5
2.3
1.0
402.8
117.1
219.1
58.4
40.2
0.5
11.4
2.1

2011
(9)
30.5
16.6
31.0
14.8
1.0
445.2
292.2
204.6
65.4
61.9
0.2
8.2
2.5

2012
(12)
293.6
5.2
192.3
7.5
0.0
#DIV/0!
1114.6
703.4
87.9
76.6
0.1
20.0
2.2

2013
(5)
279.9
3.0
419.6
1.7
98.8
7.3
615.1
864.8
89.9
88.9
0.1
9.5
1.0

Coverage Ratio
(Months)
Debt Service Coverage Ratio (DSCR)
Times Interest Earned
Asset Coverage Ratio
(EBITDA-CAPEX)/Interest Expense
Cash Flow Coverage

2009
(12)

2010
(12)
#DIV/0!
7.3
2.1
3.6
6.7

2011
(9)
#DIV/0!
9.4
1.5
7.9
9.2

2012
(12)
#DIV/0!
1.1
0.9
0.7
-0.4

2013
(5)
#DIV/0!
1.9
0.7
1.8
0.6

Particulars
(Months)
Total Shareholder Equity (BDT Million)
Total Asset (BDT Million)
Total Liabilities (BDT Million)
Borrowed Fund (BDT Million)
EBITDA (BDT Million)
Capital Expenditure (BDT Million)
Fund Flow from Operation (BDT Million)
Cash Flow from Operation (BDT Million)
Retained Cash Flow (BDT Million)
Free Cash Flow (BDT Million)
Ratio
Total Debt/Total Assets (x)

2009
(12)
-0.5
321.2
321.7
321.4
4.8
5.8
-4.9

2010
(12)
62.2
117.1
54.9
53.2
75.5
39.7
65.9
307.3
307.3
267.6

2011
(9)
101.0
292.2
191.2
190.8
46.4
10.2
42.0
-77.5
-77.5
-87.7

2012
(12)
58.0
1114.6
1056.6
934.5
64.5
27.0
-22.2
-733.4
-733.4
-760.4

2013
(5)
91.8
615.1
523.3
298.6
116.3
8.6
33.8
520.3
520.3
511.7

1.0

0.5

0.7

0.9

0.9

0.4
1.0
-0.1
-0.5

Total Debt/Shareholders' Equity (x)


Borrowed Fund to Equity (x)
Borrowed Fund To Total Assets (x)
Borrowed Fund to EBITDA (x)
CAPEX/CFO (x)
FFO/Debt (x)
CFO/Debt (x)
RCF/Debt (x)
FCF/Debt (x)
Financial Performance
(Months)
Net Sales (BDT Million)
EBITDA (BDT Million)
EBITDA Margin (%)
Net Profit Margin (%)
Return on Avg. Asset (%)
Quick Ratio (x)
Cash Conversion Cycle (Days)
Debt to Equity (x)
Borrowed Fund to EBITDA (x)
Cash Flow From Operation, CFO (BDT Million)
Free Cash Flow, FCF (BDT Million)
EBIT/Interest (x)
For Rating Matrix - Give it to Tajul Bhai
EBITDA Margin
ROA
Quick Ratio
Liquidity
Avg. Collection Period
Debt/EBITDA
RCF/DBT
Debt Ratio
EBIT/Interest
DSCR
Liquidity Ratios & Working Capital Analysis
Revenue Growth
CoGS of Revenue
EBIT Growth
Inventory Days

-600.5
-600.0
1.0
66.3

0.9
0.9
0.5
0.7
0.1
1.2
5.8
5.8
5.0

1.9
1.9
0.7
4.1
-0.1
0.2
-0.4
-0.4
-0.5

18.2
16.1
0.8
14.5
0.0
0.0
-0.8
-0.8
-0.8

5.7
3.3
0.5
2.6
0.0
0.1
1.7
1.7
1.7

2009

2010

2011

2012

2013

(12)
109.4
4.8
0.0
-0.1
0.0
0.1
1077.2
-600.5
66.3
0.0
0.0
0.4

(12)
459.1
75.5
0.2
0.1
0.3
0.1
163.2
0.9
0.7
307.3
267.6
7.3

(9)
507.2
46.4
0.1
0.1
0.2
1.1
45.8
1.9
4.1
-77.5
-87.7
9.4

(12)
1529.3
64.5
0.0
0.0
0.0
0.6
#DIV/0!
18.2
14.5
-733.4
-760.4
1.1

(5)
845.6
116.3
0.1
0.0
0.0
0.1
283.7
5.7
2.6
520.3
511.7
1.9

2009
0.04
-0.02
0.06

2010
0.16
0.29
0.09

2011
0.09
0.19
1.14

2012

2013

3.3

Year 6
2014
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

71.28
2.77
66.2
140.25
82.07
31.92
26.257
140.25
0.00

2014
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2014
307.5
45.9
231.5
16.0
0.0
61.8
0.0
0.0
0.0
0.0
0.0
2014.0
462.9
32.0
26.5
521.5
-0.5
-123.2
-123.6

8.65
4.573
4.077

397.9

Year 6
2014
0.00
0.00
0.00
0.00
0.00
0.00

13.2

1.65
58.62
60.27

0.00
0.00
0.00

9.854
3.346

0.00
0.00
0.00
2014
0.00
0.00
0.00
0.00
0.00
0.00

115%

0.00
2014
(12)
(1.0)
#DIV/0!
(1.0)
#DIV/0!
#DIV/0!
(1.0)

2014
(12)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
2014
(12)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!

#DIV/0!
#DIV/0!
#DIV/0!
8%
#DIV/0!
0%
6%

#DIV/0!

2014
(12)
16.0
231.5
61.8
307.5
44.9
#DIV/0!
2014
(12)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
2014
(12)
397.9
397.9
397.9
#DIV/0!

#DIV/0!

Year Monthly Installement


Yearly Payment
2008
0
0
2009
0
0
2010
0
0

#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
2014
(12)
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
397.9
397.9
#DIV/0!
2014

#DIV/0!

Financial Performance
For Year Ended December
(9)
(12)
2011
2010
Net Sales (BDT Million)
507.18
459.11
EBITDA (BDT Million) 46.39
75.49
EBITDA Margin (%)
0.09
0.16
Net Profit Margin (%) 0.08
0.14
Return on Avg. Asset (%)
0.19
0.29
Quick Ratio (x)
1.14
0.09
Cash Conversion Cycle 45.78
(Days)
163.24
Debt to Equity (x)
1.89
0.88
Borrowed Fund to EBITDA
4.11
(x)
0.71
Cash Flow From Operation,
-77.50CFO (BDT307.29
Million)
Free Cash Flow, FCF (BDT
-87.73
Million)
267.64
EBIT/Interest (x)
9.45
7.33
(Months)

31
(12)
2009
109.41
4.85
0.04
-0.05
-0.02
0.06
1077.18
-600.47
66.29
0.00
0.00
0.42

Name of the Assignment: Mother Steel Limited


Auditor: Arif Hussain & Co.
Closing Date: 31 December
Status of Disclosures: Moderate
0
0
BALANCE SHEET
0
Year 3
#REF!
2013
2012
2011
Gross Fixed Assets
68.632
(-) Accumulated Depreciation
3.189
Net Fixed Assets
65.443
Capital work-in-prograss (Decoration)
0
Intangible & Other Fictitious Assets
0.042
Intercompany Investment (Short term)
0
Inventories, WIP, On-going projects, Stocks and Spares
8.344
Advance, Deposits & Prepayments
105.729
Other Current Assets (Security Deposit, LC Margin, Advance Tax, VAT)
0.21
A/C Receivables/Debtors/Bills Receivables
59.52
Land lease from WDB
3.375
Cash, Bank Balance & Equivalents
49.509
Current Assets
226.687
Total Assets
292.172
0
0
Application of Fund
2011
Authorized Capital
50
Paid Up Capital
5
Tax Holiday Reserve/ Provission for Income Tax
0
Share Money Deposits
0
General Reserve
0
Proposed Stock Dividend
0
Retained Earnings/(Loss Carried Forward)
95.998
Revaluation Reserve
0
Shareholders' Equity
100.998
0
0
Loan from Directors
0
Lease Finance
0
0
0
Total Long Tem Loan
0
0
0
#REF!
#REF!
Loan for Import and Duty
0
Loan Against Trust Receipts
0
Borrowed from others
0
Dues/Liabilities with Associated Company/Current Accounts (in case of Proprietorship)
0
Proposed & Unclaimed Dividend
0
WPPF
0
Discounted Export Bills Receivables
0
Creditors for Other Expenses/ Accrued Expenses
0.426

A/C Payables/Creditors for Suppliers


Current Liabilities
Total Liabilities
Total Liabilities & Equity
Asset Liability Mismatch
Summary - Balance Sheet (for Ratio)
Avg. Total Assets
Avg. Shareholders Equity
Avg. Inventory
Avg. A/C Receivables
Total Payables
Avg. Payables
Total Borrowed Fund
Capital Expenditure (CapEx)
Current Assets
Quick Assets
Net Working Capital
Changes in Net Working Capital
INCOME STATEMENT
Revenue
Cost of Goods Sold
Gross Profit
Admin & Office Expenses
Selling and Marketing Expenses
Operating Expenses
Operating Profit/ EBIT
Financial Expenses
Other Income
Other Expenses
WPPF
Earning Before Tax
Income Tax/Def. Tax Income
Net Profit After Tax
Summary - Income Statement (for Ratio)
Revenue
Gross Profit
EBIT
Depreciation
EBITDA
Interest
Dividend
Net Profit After Tax

0
0

0
0
0

0
191.179
191.179
292.177
0
-0.005
0
2011
204.618
81.589
31.032
30.535
0.426
1.033
190.753
10.23
226.687
218.343
35.508
-119.502
0
0
Year 3
2011
507.175
459.893
47.282
4.077
0
4.077
43.205
4.573
0.913
0
0
39.545
0.73
38.815
0
2011
507.175
47.282
43.205
3.189
46.394
4.573
0
38.815
0

Financial Performance
Sales (BDT Million)
Sales Growth (%)
Cost of Goods Sold (BDT Million)
CoGS as % of Sales
EBITDA (BDT Million)
EBITDA Growth (%)
EBITDA Margin (%)
Net Profit After Tax (BDT Million)
Net Profit After Tax Growth (%)
0
CAGR of Sales (FY07 to FY10)
CAGR of EBITDA (FY07 to FY10)
CAGR of Net Profit (FY07 to FY10)
0
Profitability Ratio
Gross profit margin (%)
Operating profit margin (%)
Net profit margin (%)
EBITDA to Avg. Assets (%)
EBITDA Margin (%)
Return on Avg. Assets (%)
Return of Avg. Equity (%)
0
Liquidity Ratios & Working Capital Analysis
Current ratio (x)
Quick Ratio (x)
Cash to short term liabilities (x)
Net working capital to Total Assets (x)
NWC/OI (x)
Avg. Collection Period (days)
Avg. Payment Period (days)
Avg. Inventory Processing Period (days)
Cash Conversion Cycle (days)
0
Asset Utilization Ratio
Avg. Receivable (BDT Million)
Receivable turnover ratio (x)
Avg. Inventory (BDT Million)
Inventory Turnover ratio (x)
Avg. Trade Creditors (BDT Million)
Payable Turnover ratio (x)
Total assets (TA) (BDT Million)
Avg. TA (BDT Million)
Fixed assets (FA) (BDT Million)
Avg. FA (BDT Million)
FA as percent of TA (%)
Avg. FA turnover (x)

2011
507.18
0.10
459.89
0.91
46.39
-0.39
0.09
38.82
-0.38
0.00
0.00
0.00
0.00
0
2011
9.3%
8.5%
7.7%
22.7%
9.1%
19.0%
47.6%
0
2011
1.19
1.14
0.26
0.12
0.82
22
1
25
46
0
2011
30.535
16.609628
31.032
14.81996
1.033
445.20136
292.172
204.618
65.443
61.935
0.2239879
8.188827

Avg. TA turnover (x)


Coverage Ratio
Debt Service Coverage Ratio (DSCR)
Times Interest Earned
Asset Coverage Ratio
(EBITDA-CAPEX)/Interest Expense
Cash Flow Coverage
Particulars
(Months)
Total Shareholder Equity (BDT Million)
Total Asset (BDT Million)
Total Liabilities (BDT Million)
Borrowed Fund (BDT Million)
EBITDA (BDT Million)
Fund Flow from Operation (BDT Million)
Cash Flow from Operation (BDT Million)
Retained Cash Flow (BDT Million)
Free Cash Flow (BDT Million)
Ratio
Total Debt/Total Assets (x)
Total Debt/Shareholders' Equity (x)
Borrowed Fund to Equity (x)
Borrowed Fund To Total Assets (x)
Borrowed Fund to EBITDA (x)
FFO/Debt (x)
CFO/Debt (x)
RCF/Debt (x)
FCF/Debt (x)

Financial Performance
(Months)
Net Sales (BDT Million)
EBITDA (BDT Million)
EBITDA Margin (%)
Net Profit Margin (%)
Return on Avg. Asset (%)
Quick Ratio (x)
Cash Conversion Cycle (Days)
Debt to Equity (x)
Borrowed Fund to EBITDA (x)
Cash Flow From Operation, CFO (BDT Million)
Free Cash Flow, FCF (BDT Million)
EBIT/Interest (x)
0
For Rating Matrix - Give it to Tajul Bhai
EBITDA Margin
ROA

2.4786431
0
2011
#DIV/0!
9.45
1.53
7.91
9.19
0
2011
(9)
101.00
292.17
191.18
190.75
46.39
42.00
(77.50)
(77.50)
(87.73)
0.00
0.65
1.89
1.89
0.65
4.11
0.22
(0.41)
(0.41)
(0.46)
0
2011
(9)
507.18
46.39
9.15%
7.65%
18.97%
1.14
46
1.89
4.11
(77.50)
(87.73)
9.45
0
2011
0
0

Quick Ratio
Liquidity
Avg. Collection Period
Debt/EBITDA
RCF/DBT
Debt Ratio
EBIT/Interest
DSCR
Liquidity Ratios & Working Capital Analysis
Revenue Growth
CoGS of Revenue
EBIT Growth
Inventory Days

1
0
0
0
0
0
0
0
0
0
0
0
0

Year 2

2010
61.687
3.26
58.427
0
0.042
0
53.72
0.035
0.21
1.55
0
3.08
58.595
117.064
0
2010
50
5
0
0
0
0
57.18
0
62.18
0
0
0
0
0
0
#REF!
0
0
0
0
0
0
0
1.64

Year 1

2009
22.72
0.68
22.04
0
0.042
0
279.37
3.254
0
12.676
0
3.84
299.14
321.222
0
2009
50
5
0.00425
0
0
0
-5.54
0
-0.53575
0
0
0
0
0
0
#REF!
0
0
0
0
0
0
0
0.0003

0
0.264
54.88 321.7043
54.88 321.7043
117.06 321.16855
0
0
0.004
0.05345
0
0
2010
2009
219.143
321.222
30.822125 -0.53575
166.545
279.37
7.113
12.676
1.64
0.2643
0.95215
0.2643
53.24
321.44
39.65
5.812
58.595
299.14
4.875
19.77
3.715 -22.5643
241.3707
3.5183
0
0
0
0
Year 2
Year 1
2010
2009
459.109
109.408
383.539
98.439
75.57
10.969
3.346
6.8
0
0
3.346
6.8
72.224
4.169
9.854
9.83
0.356
0.124
0
0
0
0
62.726
-5.537
0.067
0
62.659
-5.537
0
0
2010
2009
459.109
109.408
75.57
10.969
72.224
4.169
3.263
0.68
75.487
4.849
9.854
9.83
0
0
62.659
-5.537
0
0

Major change in Surveillance

2010
459.11
3.20
383.54
0.84
75.49
14.57
0.16
62.66
-12.32
0.00
0.00
0.00
0.00
0
2010
16.5%
15.7%
13.6%
34.4%
16.4%
28.6%
203.3%
0
2010
1.07
0.09
0.06
0.03
0.05
6
1
158
163
0
2010
7.113
64.545058
166.545
2.3029151
0.95215
402.81363
117.064
219.143
58.427
40.2335
0.4991031
11.411113

2009
109.41
0.00
98.44
0.90
4.85
0.00
0.04
-5.54
0.00
0.00
1.41
1.37
0.59
0
2009
10.0%
3.8%
-5.1%
1.5%
4.4%
-1.7%
1033.5%
0
2009
0.93
0.06
0.01
-0.07
-5.41
42
1
1036
1077
0
2009
12.676
8.6311139
279.37
0.3523607
0.2643
372.45176
321.222
321.222
22.04
22.04
0.068613
4.9640653

(12)

(12)

2011

2010

Sales

507.18

459.11

Sales growth

10.47%

319.63%

Cost of goods Sold

459.89

383.54

CoGS as % of Sales

90.68%

83.54%

EBITDA (BDT Million)

46.39

75.49

EBITDA Margin

9.15%

16.44%

Net Profit after Tax

38.82

62.66

Purchase
Loan Limit

449.67

279.37

2800.00

2090.00

Loan Outstanding

600.24

720.8

Equity

101.00

62.18

Total Assets

292.17

117.06

Total Liability

191.18

54.88

Capex

10.23

Management

No Change

Shareholding Position

No Change

Rating
Entity

BBB3

Long Term

BBB3 (Lr)

Short Term

ST-3

39.65

2.0950201 0.3405993
0
0
2010
2009
#DIV/0!
0
7.33
0.42
2.10
1.00
3.64
-0.10
6.69
-0.49
0
0
2010
2009
(12)
(12)
62.18
(0.54)
117.06
321.22
54.88
321.70
53.24
321.44
75.49
4.85
65.92
(4.86)
307.29
0.00
307.29
0.00
267.64
0.00
0.00
0.00
0.47
1.00
0.88
(600.47)
0.86
(599.98)
0.45
1.00
0.71
66.29
1.24
0.00
5.77
0.00
5.77
0.00
5.03
0.00
0
0
2010
2009
(12)
(12)
459.11
109.41
75.49
4.85
16.44%
4.43%
13.65%
-5.06%
28.59%
-1.72%
0.09
0.06
163
1077
0.88
(600.47)
0.71
66.29
307.29
267.64
7.33
0.42
0
0
2010
2009
0
0
0
(0)

0
0
0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0

(12)
2009
109.41
98.44
89.97%
4.85
4.43%
-5.54
85.252

(0.54)
321.22
321.70
5.812

Large Public Manufacturing Companies


Net Sales
EBIT

2005
109.41
4.17

2006
459.11
72.22

2007
507.18
43.21

Current Assets
Current Liabilities
Working Capital

299.14
321.70
(22.56)

58.60
54.88
3.71

226.69
191.18
35.51

Total Assets
Total Liabilities

321.22
321.70

117.06
54.88

292.17
191.18

62.18
57.18

101.00
96.00

Market Value of Equity


Retained Earnings

(0.54)
(5.54)

2008
-

Ratio
T1
T2
T3
T4
T5

(Current Assets-Current Liabilities) / Total Assets


Retained Earnings / Total Assets
Earnings Before Interest and Taxes / Total Assets
Book Value of Equity / Total Liabilities
Sales/ Total Assets

Large Public Manufacturing Companies


T1
T2
T3
T4
T5

(Current Assets-Current Liabilities) / Total Assets


Retained Earnings / Total Assets
Earnings Before Interest and Taxes / Total Assets
Market Value of Equity / Total Liabilities
Sales/ Total Assets
2005
Weights
Altman Z* Score

0.27

2006
2007
2008
1.2T1 + 1.4T2 + 3.3T3 + 0.6T4 + .999T5
7.36
3.14 #DIV/0!

Private Companies
T1
T2
T3
T4
T5

(Current Assets-Current Liabilities) / Total Assets


Retained Earnings / Total Assets
Earnings Before Interest and Taxes / Total Assets
Book Value of Equity / Total Liabilities
Sales/ Total Assets

Weights
Altman Z* Score

2005
2006
2007
2008
0.717T1 + 0.847T2 + 3.107T3 + 0.420T4 + 0.998T5
0.31
6.70
2.76 #DIV/0!

Non-Manufacturer Industrials & Emerging Market Credits

T1
T2
T3
T4

(Current Assets-Current Liabilities) / Total Assets


Retained Earnings / Total Assets
Earnings Before Interest and Taxes / Total Assets
Book Value of Equity / Total Liabilities
2005
Weights
Altman Z* Score

(0.44)

2006
2007
2008
6.56T1 + 3.26T2 + 6.72T3 + 1.05T4
6.86
3.35 #DIV/0!

2009
#REF!
(57.45)

2010

2009
+ 0.6T4 + .999T5
#DIV/0!

2009
7T3 + 0.420T4 + 0.998T5
#DIV/0!

2010

Bankruptcy Prediction Line of


Delta Jute Mills Limited
8.00

6.70

6.00
2010

4.00
2.00

2.76
0.31

2005

2006

2007

2005

2009
6.72T3 + 1.05T4
#DIV/0!

2010

2006

2007

cy Prediction Line of
Jute Mills Limited

2.76

2007

2008

2009

2007

2008

2009

Table 2
Cost structure
Month
Million BDT
RM
F.O/H
Ad.O/H
Fi. Exp.
Total

9
2011
190.2
19.0
6.9
0.1
216.2

12
2010
279.4
104.2
3.4
9.9
396.7

12
2009
85.3
13.2
6.8
9.8
115.1

Ad.O/H
3%
F.O/H
9%

2011

Fi. Exp.
0%

2010
Ad.O/H
1%

F.O/H
26%

RM
88%

2010
0%
0%

0%
0%

2009
0% 0%

2010
Ad.O/H

Fi. Exp.
3%

2009

Fi. Exp.
9%

Ad.O/H
6%

F.O/H
11%
RM
80%

2009
0% 0%

RM
85%

2008

0%

100%

100%

2007

100%

100%

Table 2
Board of Management
Name

Designation

Number of Share

% of Ownership

Position

No of Share owned

% of ownership

Name
Mr. Master Abul Kashem

Managing Director

40,000

80.0%

Mrs. Nigar Sultana Daizy

Chairman

10,000

20.0%

50,000

100.0%

Change of Management
Head Office
Name

Designation

Experience

Qualification

Mr. Jaynal Abedin

A.G.M

18 Years

H.S.C

Milon Kanty Chy

Maneger

13 Years

B. Com (Pass)

Md. Babul

Accountant

11 Years

M. Com (Pass)

Md. Ramjan Shake

Accounts Assistant

05 Years

H.S.C

Factory/Yard Office
Experience

Qualification

Yard Maneger

20 Years

S.S.C

Md. Kabir

Accountant

02 Years

M.A.

Md. Jasim

Accounts Assistant

02 years

H.S.C

Name

Designation

Md. Jasim Uddin

Relationship with MD
Self
Wife

Table 4
Credit Exposure of HR Group (Mil. BDT), as on September 30, 2011
Name of Company

Name of Bank

Branch

MAK Corporation & Others allied Concerns

IFIC Bank Ltd.

Agrabad

MAK Corporation & Others allied Concerns

Al-Arafah Islami Bank Ltd.

Agrabad

Mother Steel Ltd.

EBL

Agrabad

Sanction Limit

Limit Expiry Outstanding

950

31/03/2012

541.4

1320

4/7/2012

0.0

1095

30/04/2012

0.0

Bank Credit facilities of Mother Steel Limited as on September 30, 2011 (Mil. BDT)
Bank

Nature of Facility

Funded/ Non Funded

Southeast Bank Ltd.

CC (Hypo)

Funded

Eastern Bank Ltd.

Demand Loan (Hypo)

Funded
Sub Total

Southeast Bank Ltd.


Southeast Bank Ltd.

OD

Limit

Outstanding

Limit Expiry

750.0

410.2

31/05/2012

50.0

0.0

30/04/2012

800.0

410.2

Funded

60.0

0.0

Sub Total

60.0

0.0

31/05/2012

L/C

Non-funded

680.0

310.6

31/05/2012

L/C

Non-funded

550.0

0.0

30/04/2012

Sub Total

1230.0

310.6

Grand Total

2090.0

720.8

Bank Credit facilities of Mother Steel Limited as on October 31, 2012 (Mil. BDT)
Bank

Facility

(Mil. BDT)
Southeast Bank Ltd

CC(Hypo)

Eastern Bank Ltd

Demand Loan
Sub Total

30-Sep-11

31-Oct-12

Limit

Outstanding

Limit

Outstanding

680.00

310.60

1000.00

554.79

50.00

0.00

50.00

0.00
554.79

730.00

310.60

1050.00

OD

60.00

0.00

100.00

45.45

Sub Total

60.00

0.00

100.00

45.45

Southeast Bank Ltd.

L/C

750.00

410.20

1100.00

0.00

Eastern Bank Ltd

L/C

550.00

0.00

550.00

0.00

1300.00

410.20

1650.00

0.00

Southeast Bank Ltd

Sub Total

2090.00

720.80

2800.00

600.24

Bank Credit facilities of Mother Steel Limited as on Novemver 30, 2013 (Mil. BDT)
Bank

Facility

(Mil. BDT)
Southeast Bank Ltd

CC(Hypo)

Eastern Bank Ltd

Demand Loan
Sub Total

Southeast Bank Ltd

OD

31-Oct-12

30-Nov-13

Limit

Outstanding

Limit

1000.00

554.79

1000.00

50.00

0.00

50.00

1050.00

554.79

1050.00

100.00

45.45

100.00

Sub Total

100.00

45.45

100.00

Southeast Bank Ltd

L/C

1100.00

0.00

1100.00

Eastern Bank Ltd

L/C
Sub Total

550.00

0.00

550.00

1650.00

0.00

1650.00

Outstanding

0.00
0.00

0.00

Southeast Bank Ltd.

1490.0

720.8

Eastern Bank Ltd.

600.0

0.0

Total

2090.0

720.8

Limit Expiry
31/5/2013
30/06/2013
31/5/2013
30/06/2013
31/5/2013
30/06/2013

Limit Expiry
31/5/2014
30/4/2014
31/5/2014
31/5/2014
30/4/2014

Year

Monthly Installement
Yearly Payment
2008

882000

7938000

2009

882000

10584000

2010

882000

10584000

Table
List of Suppliers
Month
karnak Holding Limited
Marianan Shipping Limited
natalia shipping Limited
Total

9
2011
0.0
0.0
423.2
423.2

Breakup of Scrap Ship Imports in 2012


Vessel Name
origin
MV Santacruz II
Denmark
MV Troy
Japan
MV Meifeng
India
MV Hadi
Taiwan
Total

12
2010
0.0
0.0
0.0
0.0

12
2009
163.9
176.4
340.3

Weight (MT)
12,270.00
5,216.00
13,651.00

BDT in Mil.
457.48
169.9
458.34

18,160.00
49,297.00

602.68
1,688.35

27090.3

76,387.30
58227.3
Breakup of Scrap Ship Imports in 2013
Vessel Name
origin
MV. Tenora
MV. Aowisdom
MV. May Jasmin
Total

Weight (MT)
7,625.00
10,431.00
8,426.00
26,482.00

BDT in Mil.
250.00
320.12
235.463
805.58

2012

Scrap
MS Plate
Ovesize, Engine, Propellers
Outfitings
Depreciation
Total

20%
60%
8%
5%
7%
100%

Selling Price as on Nov -15


36400
40300
40200
56000
0
34580

20%
60%
8%
5%
7%
100%

Selling Price as on Nov -15


30000
34000
38100
55400
0
31500

Currently Cutting ship

2013

Scrap
MS Plate
Ovesize, Engine, Propellers
Outfitings
Depreciation
Total
Currently Cutting ship

1,000,000.00

Major Change in Surveillance


(BDT in Mil)

2012

2011

Sales
Purchase
Profit Margin
Loan Limit
Loan Outstanding

Management
Financial Statement

MV. Cherkassy
MT. Sussex

Cost of Materials sold


Factory O/H
Prime Cost

No Change
Not Avaiable

Opening
Purchase
Purchase
Total sallable cost
Closing Stock
Cost of Materials Sold
2009
85.25
13.186
98.44

Opening
Purchase
Depreciation 10%
Total sallable cost
Closing Stock
Cost of Material Sold

Opening
Purchase
Depreciation 10%
Total sallable cost
Closing Stock
Cost of Material sold

2009

Weight (In Kg)

175.82
188.80
364.62
279.37
85.25

8,126,000
8,215,000
16,341,000
12,522,370
3,818,630

2010
279.37
104.16
383.54

2,011
441.33
18.56
459.89

2010
279.37
0.00
279.37
0.00
279.37

2011
0.00
449.67
449.67
8.34
441.3

Weight (In Kg)


12,522,370
1,252,237
11,270,133.0
0.00
11270133.0

Weight (In Kg)


0.00
0.0

Price per MT in US $
1.2

1.0

0.8

0.6

0.4

0.2

0.0

Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11

749.4
797.62
854.24
867.4
838.22
840.42
869.39
868.1
832.68
820.99
836.74
895.28
929.65
1,034.85
1,123.30
1,208.33
1,257.14
1,268.35
1,245.10
1,279.14
1,255.67

Table
Sources of Purchase Ship
Month
Import
% of Total Cost
Total
763.5
1000000.0
Avg cost @MT
37,284.43
32,563.27
33,575.56
33,187.22
34,248.53

Beaching Date
28/03/2012
3/7/2012
27/09/2012
31/10/2012

cutting almost 600


till now does not

1,000,000.00
Avg cost @MT
32,786.89
30,688.91
27,944.81
30,419.87

Total Quantity
9859.40
29578.20
3943.76
2464.85
3450.79
49297.00

Beaching Date
13/02/13
24/06/13
21/09/13

Total Selling Price


358,882,160.00
1,192,001,460.00
158,539,152.00
138,031,600.00
1,847,454,372.00

Sold quantity (MT)


4,227.40
12,682.20
1,690.96
1,056.85
1,479.59
21,137.00

Current Sales
153,877,360.00
511,092,660.00
67,976,592.00
59,183,600.00
792,130,212.00

Total Selling Price


158,892,000.00
540,232,800.00
80,717,136.00
73,355,140.00
853,197,076.00

Sold quantity (MT)


5,249.00
15,747.00
2,099.60
1,312.25
1,837.15
26,245.00

Current Sales
157,470,000.00
535,398,000.00
79,994,760.00
72,698,650.00
845,561,410.00

21137.0

Total Quantity
5296.40
15889.20
2118.56
1324.10
1853.74
26482.00
26245.0

2012

Scrap
MS Plate
Ovesize, Engine, Propellers
Outfitings

Sold quantity (MT)

Sales in BDT Mil

4,227.40
12,682.20

153,877,360.00
511,092,660.00
67,976,592.00
59,183,600.00
792,130,212.00

RSO Sales price

chase Ship
12
2010
423.2
100%
423.2

cutting almost 600 MT


till now does not cut

12
2009
0.0
#DIV/0!
0.0

12
2008
340.3
100%
340.3

Price per MT in US $
1.2

1.0

0.8

0.6

0.4

0.2

0.0

RPO Sales price

International price of Palm Oil


2010
2009
0
742.0
522.2
0
754.3
529.4
0
793.9
557.2
0
798.5
693.2
0
775.6
772.4
0
764.9
690.8
0
774.5
602.0
0
865.2
686.8
0
884.9
636.4
0
935.2
636.6
0
1059.0
674.3
0
1171.2
727.6

987.02
1,109.50
1,146.86
1,083.48
1,086.83
1,096.39
1,026.25
791.77
667.04
486.4
433.1
440.38
522.15
529.4
557.21

2008
987.0
1109.5
1146.9
1083.5
1086.8
1096.4
1026.3
791.8
667.0
486.4
433.1
440.4

Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
Oct-10
Nov-10
Dec-10
Jan-11
Feb-11
Mar-11
Apr-11
May-11

693.21
772.39
690.82
601.95
686.79
636.42
636.56
674.33
727.6
742
754.32
793.9
798.53
775.57
764.91
774.5
865.23
884.89
935.22
1,059.01
1,171.22
1,238.57
1,248.55
1,142.23
1,123.79
1,143.44

Price Deviation Between International and Company price


2010
2009
2008
0
-742.0
-522.2
-987.02
0
-754.3
-529.4
-1,109.50
0
-793.9
-557.2
-1,146.86
0
-798.5
-693.2
-1,083.48
0
-775.6
-772.4
-1,086.83
0
-764.9
-690.8
-1,096.39
0
-774.5
-602.0
-1,026.25
0
-865.2
-686.8
-791.77
0
-884.9
-636.4
-667.04
0
-935.2
-636.6
-486.40
0
-1059.0
-674.3
-433.10
0
-1171.2
-727.6
-440.38

Table
Company Information at a glancce
Name of the Company
Industrial Group
Date of establishment
Date of Incorporation
Registered Office
Yard
Nature of Business
ISO 30000:2009 Achieved
Envioronment Certificate
Table
Name of the company
SN Corporation
Kabir Steel Re-rolling Mills Limited
Ratanpur Ship Yard
PHP Group
S. Trading Company (Seema Group)
Habib Steel Mills Limited
MAK International
Rising Steel Ltd.
Asadi Steel Enterprise
Sagarika Ship Breaking Ind.
Sitalpur Steel Mills Limited
Ziri Subedar Steel Mills Limited
S.L. Ship Breaking
ARL
Mahin Enterprise
Foyzun Ship Breaking
Mabia Ship Breakers
Mother Steel Limited

on at a glancce

Mother Steel Limited


MAK Group
Tuesday, January 01, 2008
Tuesday, January 01, 2008
Master Bhaban, Agrabad Access Road, Plot-02, Road-02, Lane-01, Block-L
Halishahar H/E, Chittagong, Bangladesh.
Bansbaria, north sonaichari, Sitakund, chittagong, Bangladesh.
Ship Breking Industry
Wednesday, May 18, 2011
Thursday, January 13, 2011

Name of Key Person


Mr. Md. Showkat Ali Chowdhury
Mr. Md. Shahjahan Ali
Mr. Md. Mizanur Rahman
Mr. Sufi Mizanur Rahman
Mr. Shafi ul Haque
Mr. Yasin Ali
Mr. Md. Zaynal Abedin
Mr. Md. Aslam Chowdhury FCA
Mr. Liakat Ali Chowdhury
Mr. Siraj Ud Dowla
Mr. Mohammad Nazim Uddin
Mr. Md. Lokman Hossain
Mr. Md. Lokman Hossain
Mr. Atiur Rahman Lasker
Mr. Ashiqur Rahman Lasker
Mr. Md. Mizanur Rahman Shahin
Mr. Jahangir Alam
Master Abul Kashem

Total Sales

370.5
1442.1
1310.8
73.1
1359.6
235

Total Assets Total Equity Total Debt Borrowed Fund Rating Award

1069.9
2137.5
1278.2
350.1
1242.7
480.2

460.7
641.8
728.5
13.4
250
79.9

609.2
1495.7
549.7
336.7
992.7
400.3

597.1
1495.7
545.6
334.2
989.7
382.5

BB3
BBB3
BBB3
B2
ST-4
BBB3

ST-3

aniya e
Table
Details of Power Consumption in units ( amount in BDT million)

Account Receivable as on Sep


Sl. No

For Year Ended December 31


(Months)

(9)

(12)

(12)

(Mil. BDT)

2011

2010

2009

Electricity

0.15

0.83

0.43

Gas

0.59

3.37

0.50

Total

0.74

4.20

0.93

Capacity Utilization
Sl No.
Name of Utility
1 Oxygen
2 Liquid Oxigen
3 L. P. G Gas
4 C. N. G Gas
5 Fuel (Diesel)
6 Wire
7 Electricity

Quantity on 2012
80000 m
21000 Liters
44000 m
35000 m
4800 Liters
4000 Liters
38000 Units

Quantity as on Sep. 2013


60000 m
18000 Liters
36000 m
30000 m
4200 Liters
4000 Liters
35000 Units

Change of Machinary- Added


Sl. No.
Machin's Name
1 Winch
2 Megnative Crain
3 Computer Scale

Uantity
03 nos.
02 nos.
01 nos.

Capacity
M. Ton- 100
M. Ton- 3 (per Load)
M. Ton- 50

1,000,000.00
Stock Position as on September-2013
Sl No.
Name
Weight in MT
1 6/8", 7/8" Plate
850.0
2 5/8" Plate
1300.0
3 V 5/8" Plate
1100.0
4 1/2" Plate
300.0
5 2" Plate
175.0
6 Holeplate
51.2
7 Katpitch
30.0
8 T-gurder
360.0

Rate
40000.0
40000.0
39000.0
38000.0
40500.0
39200.0
39600.0
38000.0

Amount
34.00
52.00
42.90
11.40
7.09
2.01
1.19
13.68

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25

9
10
11
12
13
14

Angle Gurder
Scrap
Senel Patty
Pipe
Bruss/Copper
Uncutted

45.0
110.0
120.0
45.0
2
1500.0
5988.2

32400.0
38500.0
45000.0
45000.0
500000
32215.0

1.46
4.24
5.40
2.03
1.00
48.32

Account Receivable as on September-2013


Name of party
Amount
Faruk
0.69
Alvy Enterprise
0.4
Jamal Sawdagar
0.962
Kamrul & Brothers
2.399
Ibrahim
1.209
Titu Chy
4.311
Nayan
1.332
Bassu
2.016
Mintu/Bhatiary
2.287
Minto
0.4
Kmamal Pasa
0.5
Mahfuj/Niranjan
2.0
Md. Ali
1.2
Asraf
1.7
Nader
2.8
SNF Corporation
0.1
Mansur/Agrabad
1.0
Tayab
0.2
Selim
0.0
N. F. Enterprise
0.1
Kafil
0.1
Akbar Sb
1.4
Rubel
0.5
Manik Babu
3.8
Farniture House
0.6
Total
32.028

Account Payable as on September-2013


Sl. No
1
2
3
4
5
6
7
8
9
10
11
12

Name of party
Amount
Rajdhani Iron Mart
0.30
Master Re-Rolling Mills
81.08
Shah Amanat Enterprise
0.30
Bappi/ Mamun
23.10
Progati Oil
9.04
Joynal
0.14
Md. Iddris
0.19
Bhai Bhai Enterprise
0.10
Jamal/Selim
0.21
J. Y. Enterprise
0.12
F. Karim
8.31
Taniya Enterprise
0.30
Total
123.18

Table
List of Customer of Mother Steel Ltd.
(Months)
(Mil. BDT)
BSRM
RajDhani Iron Mart
Karnafuli Enterprise
Sha- Amanat Enterprise
Joynob Steel
A & J Corporation
A.M Six Enterprise
Jamuna Enterprise
New Sonali Enterprise
Tahin Enterprise
Others
Total

Monthly Sales of Mother Steel Ltd.

For Year Ended December 31


(9)
(12)
(12)
2011
2010
2009
41.1
80.3
19.1
20.7
40.4
9.6
10.3
20.2
4.8
10.6
20.7
4.9
20.7
40.4
9.6
4.1
8.0
1.9
3.7
8.0
1.9
1.1
2.0
0.5
2.1
4.0
1.0
61.9
121.0
28.8
58.7
114.8
27.4
235.0
459.8
109.6
235.0
459.1
109.4

2012

BDT in Mil
Quantity in MT
Avarage price

January
February
March
5.98
0.39
0.00
126.21
9.63
0.00
0.047
0.040

2013

BDT in Mil
Quantity in MT
Avarage price

January
February
March
113.53
119.77
105.15
2499.46
2759.72
2262.47
0.05
0.04
0.05

0.5

0.18
0.09
0.04
0.05
0.09
0.02
0.02
0.00
0.01
0.26
0.25

0.61

1.00

April
May
June
July
August
September October
55.98
95.60
129.38
112.91
56.49
89.78
92.37
1033.09 2061.37
3185.85 2897.25 1453.78
2090.52
1672.78
0.054
0.046
0.041
0.039
0.039
0.043
0.055

April
May
June
July
August
September October
67.29
72.93
75.31
132.72
35.21
123.67
1475.19 1800.01
2024.67 3398.85
870.76
3629.66
0.05
0.04
0.04
0.04
0.04
0.03
0.0414

1,000,000.00
November
December
115.29
124.74
2651.50
2991.67
0.043
0.042

Total
878.89
20173.65
0.044

43566.4

November

Total
845.58
20720.78
0.0408

40808.2

December

Table
Financial High Light (Mil. BDT) as on December 31, 2010
Name of Company

Eastablished Year

Turnover 2010

Total Assets

Total Liabilities

K.S. Associated Ltd.

0.0

0.0

0.0

MAK Corporation

0.0

0.0

0.0

Master Steel Re-Rolling Mills

0.0

0.0

0.0

0.0

0.0

0.0

Total

Table
Credit Exposure of MAK Group
Name
K.S. Associated Ltd.
MAK Corporation
Master Steel Re-Rolling Mills

Bank Name

Loan Type

Limit

Outstanding

Total Equity

Debt Equity Ratio

0.0

#DIV/0!

0.0

#DIV/0!

0.0

#DIV/0!

0.0

#DIV/0!
*N/A: Not applicable

Limit Expiry Date

Table
Warehouse of MSL (amount in MT)
Warehouse

Area

Capacity

Scrap Warehouse 1

5 acres

50,000 MT

Others Warehouse 2

2 acres

20,000 MT

Total

7 acres

70,000 MT

Financial Performance

2009

2010

2011

(12)

(12)

(12)

109.4

459.1

507.2

EBITDA (BDT Million)

4.8

75.5

46.4

EBITDA Margin (%)

0.0

0.2

0.1

-0.1

0.1

0.1

Return on Avg. Asset (%)

0.0

0.3

0.2

Quick Ratio (x)

0.1

0.1

1.1

Cash Conversion Cycle (Days)

1077.2

163.2

45.8

Debt to Equity (x)

-600.5

0.9

1.9

66.3

0.7

4.1

Cash Flow From Operation, CFO (BDT Million)

0.0

307.3

-77.5

Free Cash Flow, FCF (BDT Million)

0.0

267.6

-87.7

EBIT/Interest (x)

0.4

7.3

9.4

(Months)
Net Sales (BDT Million)

Net Profit Margin (%)

Borrowed Fund to EBITDA (x)

Financial Performance
Year Ended December 31
(Months)
Net Sales (BDT Million)

(12)

(12)

(12)

2011

2010

2009

507.18

459.11

109.41

EBITDA (BDT Million)

46.39

75.49

4.85

EBITDA Margin (%)

9.15%

16.44%

4.43%

Net Profit Margin (%)

7.65%

13.65%

-5.06%

18.97%

28.59%

-1.72%

1.14

0.09

0.06

45.78

163.24

1077.18

Debt to Equity (x)

1.89

0.88

-600.47

Borrowed Fund to EBITDA (x)

4.11

0.71

66.29

Cash Flow From Operation, CFO (BDT Million)

-77.50

307.29

0.00

Free Cash Flow, FCF (BDT Million)

-87.73

267.64

0.00

9.45

7.33

0.42

Return on Avg. Asset (%)


Quick Ratio (x)
Cash Conversion Cycle (Days)

EBIT/Interest (x)