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Valuation, P

EASTERN LUBRI
Prepared By:
Topail Ahamed
ID: 17-021
Section: A
Department of Finance, University of Dhaka

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1. Balance Sheet
2. Reformulated Banalce Sheet
3. Income Statement
4. Reformulated Income Statement
5. Cash Flow Statement
6. Reformulated Cash Flow Statement
7. Common Size Income Statement
8. Common Size Balance Sheet

9. Historical Growth and trend and forecas


11. Profitability Analysis
12. Growth Analysis
13. Valuation
FCF
Residual Earnings
Abnormal Earnings

Valuation, Profitability and Growth Analysis of

ASTERN LUBRICANTS BLENDERS LIMITED

sity of Dhaka

Submitted To
Pfor. Mahmood Osman Imam
Pfofessor
Department of Finance
University of Dhaka

wing link to get the individual analysis

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Banalce Sheet

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Income Statement

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Cash Flow Statement

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Income Statement

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Balance Sheet

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owth and trend and forecasted growth assumption

al Earnings

al Earnings

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Referance for
Reformulation

Assets and Properties


Non Current Assets and Properties
Property Plant and Equipment
Investment
Current Assets and Property
Trade Receivables
Other Receivable
Advance Deposit and Pre-payment
Income Tax Receivable
Cash and Bank Balance
Total Assets & Properties

OA
FA

OA
OA
OA
OA
OA

Shareholders' Equity & Liabilities


Shareholders' Equity
Share Capital
General Reserve

CSE
CSE

Non Current Liabilities


Deferred Income Tax

OL

Current Liabilities
Creditors and Accruals
Unclaimed Dividend
Proposed Dividend
Worker' Profit Participation Fund
Total Shareholders Equity & Liabilities

OL
OL
OL
OL

EASTERN LUBRICANTS BLENDERS LIMITE


STATEMENT OF FINANCIAL POSITION
(Taka in '000)
Historical
2008

2009

2010

2011

12,365.00
9,096.00
3,269.00

11,678.00
8,409.00
3,269.00

11,045.00
7,776.00
3,269.00

10,459.00
7,190.00
3,269.00

181,512.00
96,815.00
1,496.00
14,073.00
4,646.00
64,482.00
193,877.00

203,692.00
121,149.00
1,789.00
7,324.00
4,062.00
69,368.00
215,370.00

129,217.00
50,521.00
1,492.00
7,273.00
3,022.00
66,909.00
140,262.00

160,005.00
78,973.00
2,979.00
6,071.00
2,559.00
69,423.00
170,464.00

53,219.00
9,940.00
43,279.00

55,616.00
9,940.00
45,676.00

57,608.00
9,940.00
47,668.00

61,988.00
9,940.00
52,048.00

59.00

128.00

1,554.00

1,476.00

140,599.00
137,395.00
425.00
2,485.00
294.00
193,877.00

159,626.00
156,195.00
600.00
2,485.00
346.00
215,370.00

81,100.00
77,175.00
495.00
448.00
2,982.00
140,262.00

107,000.00
102,916.00
592.00
2,982.00
510.00
170,464.00

TS BLENDERS LIMITED

FINANCIAL POSITION
a in '000)
Year Ending June 30

al

Projected
2012

2013

2014E

2015E

2016E

9,919.00
6,650.00
3,269.00

9,420.00
6,151.00
3,269.00

8,955.43
5,686.43
3,269.00

8,527.37
5,258.37
3,269.00

8,131.10
4,862.10
3,269.00

163,911.00
65,110.00
433.00
15,147.00
2,926.00
80,295.00
173,830.00

145,155.00
53,150.00
480.00
16,216.00
3,373.00
71,936.00
154,575.00

169,798.16
66,509.01
574.01
8,439.28
2,949.02
91,326.85
173,067.16

125,444.93
27,735.28
478.72
8,380.51
2,193.97
86,656.45
128,713.93

144,554.24
43,355.01
955.83
6,995.48
1,857.84
91,390.09
147,823.24

68,269.00
9,940.00
58,329.00

70,587.00
9,940.00
60,647.00

73,945.92
9,940.00
64,005.92

76,737.32
###
66,797.32

82,875.03
9,940.00
72,935.03

1,396.00

1,316.00

1,316.00

###

1,786.00

104,165.00
103,037.00
694.00

82,672.00
81,598.00
709.00

434.00
173,830.00

365.00
154,575.00

97,805.24
92,763.20
1,000.94
3,675.10
366.00
173,067.16

50,660.61
45,833.73
825.78
3,634.10
367.00
128,713.93

63,162.21
61,121.15
987.60
685.47
368.00
147,823.24

Projected
2017E

2018E

2019E

7,765.94
4,496.94
3,269.00

7,428.50
4,159.50
3,269.00

7,116.89
3,847.89
3,269.00

156,015.33
35,744.42
138.93
17,453.55
2,124.28
100,554.15
159,284.33

148,782.19
29,178.56
154.01
18,685.33
2,448.80
98,315.49
152,051.19

164,128.74
24,383.73
122.76
36,687.13
3,034.46
99,900.65
167,397.74

91,676.61
9,940.00
81,736.61

94,924.83
###
84,984.83

102,573.47
9,940.00
92,633.47

205.00

2,244.00

15,054.00

67,402.72
61,193.01
1,157.76
4,682.96
369.00
159,284.33

54,882.36
48,460.52
1,182.78
4,869.06
370.00
152,051.19

50,280.81
43,454.41
1,177.37
5,278.02
371.00
167,908.28

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Net Operating Asset


Operating Asset
Trade Receivables
Other Receivable
Advance Deposit and Pre-payment
Income Tax Receivable
Cash and Bank Balance
Property Plant and Equipment
Operating Liabilities
Creditors and Accruals
Unclaimed Dividend
Proposed Dividend
Worker' Profit Participation Fund
Deferred Income Tax

Net Financial Assets


Investment

Common Stock Holders Equity

EASTERN LUBRICANTS BL

STATEMENT OF FINANCI
(Taka in '000)
Historical
Referance for
Reformulation

2009

2010

49,950.00

52,347.00

54,339.00

96,815.00
1,496.00
14,073.00
4,646.00
64,482.00
9,096.00
190,608.00

121,149.00
1,789.00
7,324.00
4,062.00
69,368.00
8,409.00
212,101.00

50,521.00
1,492.00
7,273.00
3,022.00
66,909.00
7,776.00
136,993.00

137,395.00
425.00
2,485.00
294.00
59.00
140,658.00

156,195.00
600.00
2,485.00
346.00
128.00
159,754.00

77,175.00
495.00
448.00
2,982.00
1,554.00
82,654.00

3,269.00
3,269.00

3,269.00
3,269.00

3,269.00
3,269.00

E=C+D

53,219.00

55,616.00

57,608.00

C=A-B

2008

STERN LUBRICANTS BLENDERS LIMITED


STATEMENT OF FINANCIAL POSITION
(Taka in '000)
Year Ending June 30
Historical
2011

2012

2013

2014E

58,719.00

65,000.00

67,318.00

70,676.92

78,973.00
2,979.00
6,071.00
2,559.00
69,423.00
7,190.00
167,195.00

65,110.00
433.00
15,147.00
2,926.00
80,295.00
6,650.00
170,561.00

53,150.00
480.00
16,216.00
3,373.00
71,936.00
6,151.00
151,306.00

66,509.01
574.01
8,439.28
2,949.02
91,326.85
5,686.43
175,484.59

102,916.00
592.00
2,982.00
510.00
1,476.00
108,476.00

103,037.00
694.00
434.00
1,396.00
105,561.00

81,598.00
709.00
365.00
1,316.00
83,988.00

98,449.63
1,000.94
3,675.10
366.00
1,316.00
104,807.67

3,269.00
3,269.00

3,269.00
3,269.00

3,269.00
3,269.00

3,269.00
3,269.00

61,988.00

68,269.00

70,587.00

73,945.92

30
Projected
2015E

2016E

2017E

2018E

2019E

73,468.32

79,606.03

88,407.61

91,655.83

98,793.93

27,735.28
478.72
8,380.51
2,193.97
86,656.45
5,258.37
130,703.31

43,355.01
955.83
6,995.48
1,857.84
91,390.09
4,862.10
149,416.34

35,744.42
138.93
17,453.55
2,124.28
100,554.15
4,496.94
160,512.27

29,178.56
154.01
18,685.33
2,448.80
98,315.49
4,159.50
152,941.69

24,383.73
122.76
36,687.13
3,034.46
99,900.65
3,847.89
167,976.63

51,092.11
825.78
3,634.10
367.00
1,316.00
57,234.99

65,983.25
987.60
685.47
368.00
1,786.00
69,810.31

65,689.94
1,157.76
4,682.96
369.00
205.00
72,104.66

52,620.02
1,182.78
4,869.06
370.00
2,244.00
61,285.86

47,302.30
1,177.37
5,278.02
371.00
15,054.00
69,182.69

3,269.00
3,269.00

3,269.00
3,269.00

3,269.00
3,269.00

3,269.00
3,269.00

3,269.00
3,269.00

76,737.32

82,875.03

91,676.61

94,924.83

102,062.93

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Referance for
Reformulation

Blending Charges Recovery


Blending Expense
Operating Profit/(loss)
Administrative & General Expenses
Trading Profit / ( Loss )
Other Income

OR
OE
OE

Interest on Bank Deposit


Storage Charges Recovered
Creditors for Goods (written back)
Import Handling

FI
OI
OI

Others

OI

Net Profit Before Contribution to WPP & WF and Taxation


Contribution to Workers' Profit Participation Fund
Profit Before Taxation
Provision for Income Tax
Current
Deferred
Net Profit After Tax Transferred to General Reserve

Notes:
1. Tax rate 24.75% as it give more than 20% dividend

OE

EASTERN LUBRICANTS BLENDERS


INCOME STATEMENT
(Taka in '000)
Historical

2008

2009

2010

2011

3,866.00
7,583.00
(3,717.00)
1,127.00
(4,844.00)

4,541.00
8,521.00
(3,980.00)
1,239.00
(5,219.00)

8,421.00
9,301.00
(880.00)
1,072.00
(1,952.00)

15,398.00
14,084.00
1,314.00
1,108.00
206.00

10,392.00
188.00
0
140.00
12.00
10,732.00

10,741.00
157.00
1023
192.00
32.00
12,145.00

9,688.00
139.00
1,023.00
55.00
10,905.00

9,471.00
254.00
0
190.00
69.00
9,984.00

5,888.00
294.00
5,594.00

6,926.00
346.00
6,580.00

8,953.00
448.00
8,505.00

10,190.00
510.00
9,680.00

1,385.00
59.00
1,444.00
4,150.00

1,629.00
69.00
1,698.00
4,882.00

2,105.00
1,426.00
3,531.00
4,974.00

2,396.00
(78.00)
2,318.00
7,362.00

BRICANTS BLENDERS LIMITED


INCOME STATEMENT
(Taka in '000)
Year Ending June 30

Projected

2012

2013

2014E

2015E

2016E

11,350.00
12,463.00
(1,113.00)
948.00
(2,061.00)

8,753.00
13,126.00
(4,373.00)
1,004.00
(5,377.00)

6,091.45
14,044.82
(7,953.37)
873.48
(8,826.85)

10,538.21
15,308.85
(4,770.64)
943.36
(5,714.00)

15,385.79
16,839.74
(1,453.95)
839.59
(2,293.54)

10,327.00
187.00
176.00

12,304.00
143.00
143.00

45.00
10,735.00

90.00
12,680.00

13,165.28
110.11
143.00
148.50
13,566.89

12,901.97
146.45
143.00
179.69
13,371.11

14,063.15
115.69
143.00
359.37
14,681.21

8,674.00
434.00
8,240.00

7,303.00
365.00
6,938.00

4,740.04
366.00
4,374.04

7,657.11
367.00
7,290.11

12,387.68
368.00
12,019.68

2,039.00
(80.00)
1,959.00
6,281.00

1,717.00
###
1,637.00
5,301.00

1,082.58
(42.92)
1,039.66
3,334.39

1,804.30
(49.85)
1,754.45
5,535.66

2,974.87
(71.23)
2,903.64
9,116.04

Projected

2017E

2018E

2019E

21,847.82
15,155.77
6,692.06
923.55
5,768.51

17,259.78
18,490.03
(1,230.26)
988.20
(2,218.45)

27,270.45
20,893.74
6,376.71
948.67
5,428.04

14,485.05
195.52
1,023.00
628.90
16,332.46

15,354.15
131.00
1,009.00
760.97
17,255.11

18,578.52
106.11
1,009.00
905.55
20,599.18

22,100.97
369.00
21,731.97

15,036.66
370.00
14,666.66

26,027.22
371.00
25,656.22

5,378.66
(136.13)
5,242.53
16,489.44

3,630.00
(77.82)
3,552.18
11,114.49

6,349.92
(131.85)
6,218.06
19,438.16

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Referance for
Reformulation

2008

Operating Revenues
A

3,866.00

B
C=(A-B)

7,583.00
1,127.00
294.00
9,004.00
(5,138.00)

T
T1
T2
D=T-T1-T2
E=C-D

1,444.00
84.15
2,572.02
(1,212.17)
(3,925.83)

Blending Charges Recovery

Operating Expenses
Blending Expense
Administrative & General Expenses
Other Operating expense
Operating Income from sales (before tax)
Tax on oprating Income from Sales
Reported
Tax on other Operating income [Note-3]
Tax on Financial income (Expense) [Note-2]
Operating income from sales (after tax)
Other Operating Income
Storage Charges Recovered
Creditors for Goods (written back)
Import Handling
Others
Tax on other operating income[Note 3]
Total other operating income net of tax

F
G=E+F

Oprting Income (After tax)

188
0
140
12
84.15
256
(3,669.98)

Financial income (expense)


Interest on Bank Deposit
Financial Expense
Net financial expense (income) before tax
Tax on financial Items [note 2]
Net financial expense (income) After tax

H
I
J=H-I

10,392
0
10,392.00
2,572.02
7,819.98

Comprehensive income

G+J

4,150.00

Notes:
1. Tax rate (According to NBR Bangladesh)
Rate
2.Tax on financial items
Interest income
Interest expense
Net Financial Income (Expense)
Tax
Net Financial Expense (Income) After tax

3. Tax on other operating income


Storage Charges Recovered
Creditors for Goods (written back)
Import Handling
Others
Total
Tax

2008
25%

2009
25%

2008
10,392
0
10,392
2,572.02
7,819.98

2009
10,741
0
10,741
2,658.40
8,082.60

2008
188
0
140
12
340
84.15

2009
157
1,023
192
32
1,404
347.49

12,000.00
10,000.00
8,000.00
6,000.00
4,000.00

Oprting Income (After tax)

2,000.00

Net financial expense


(income) After tax

(2,000.00)
(4,000.00)
(6,000.00)
(8,000.00)

Comprehensive income

EASTERN LUBRICANTS BLENDERS LIMITED


REFORMULATED INCOME STATEMENT
(Taka in '000)
Year Ending June 30
Historical
2009

2010

2011

2012

2013

4,541.00

8,421.00

15,398.00

11,350.00

8,753.00

8,521.00
1,239.00
346.00
10,106.00
(5,565.00)

9,301.00
1,072.00
448.00
10,821.00
(2,400.00)

14,084.00
1,108.00
510.00
15,702.00
(304.00)

12,463.00
948.00
434.00
13,845.00
(2,495.00)

13,126.00
1,004.00
365.00
14,495.00
(5,742.00)

1,698.00
347.49
2,658.40
(1,307.89)
(4,257.11)

3,531.00
301.21
2,397.78
832.01
(3,232.01)

2,318.00
126.97
2,344.07
(153.04)
(150.96)

1,959.00
100.98
2,555.93
(697.91)
(1,797.09)

1,637.00
93.06
3,045.24
(1,501.30)
(4,240.70)

157
1,023
192
32
347.49
1,057

139
1,023
0
55
301.21
916

254
0
190
69
126.97
386

187
176
0
45
100.98
307

143
143
0
90
93.06
283

(3,200.60)

(2,316.22)

235.07

(1,490.07)

(3,957.76)

10,741
0
10,741.00
2,658.40
8,082.60

9,688
0
9,688.00
2,397.78
7,290.22

9,471
0
9,471.00
2,344.07
7,126.93

10,327
0
10,327.00
2,555.93
7,771.07

12,304
0
12,304.00
3,045.24
9,258.76

4,882.00

4,974.00

7,362.00

6,281.00

5,301.00

2010
25%

2011
25%

2012
25%

2013
25%

2014
25%

2010
9,688
0
9,688
2,397.78
7,290.22

2011
9,471
0
9,471
2,344.07
7,126.93

2012
10,327
0
10,327
2,555.93
7,771.07

2013
12,304
0
12,304
3,045.24
9,258.76

2014
13,165
0
13,165
3,258.41
9,906.87

2010
139
1,023
0
55
1,217
301.2075

2011
254
0
190
69
513
126.9675

2012
187
176
0
45
408
100.98

2013
143
143
0
90
376
93.06

2014
110
143
0
149
402
99.398475

LIMITED
Year Ending June 30
Projected
2014E

2015E

2016E

2017E

2018E

6,091.45

10,538.21

15,385.79

21,847.82

17,259.78

14,044.82
873.48
366.00
15,284.30
(9,192.85)

15,308.85
943.36
367.00
16,619.21
(6,081.00)

16,839.74
839.59
368.00
18,047.33
(2,661.54)

15,155.77
923.55
369.00
16,448.31
5,399.51

18,490.03
988.20
370.00
19,848.23
(2,588.45)

1,039.66
99.40
3,258.41
(2,318.15)
(6,874.70)

1,754.45
116.11
3,193.24
(1,554.90)
(4,526.10)

2,903.64
152.97
3,480.63
(729.96)
(1,931.58)

5,242.53
457.24
3,585.05
1,200.25
4,199.26

3,552.18
470.49
3,800.15
(718.46)
(1,869.99)

110
143
0
149
99.40
302

146
143
0
180
116.11
353

116
143
0
359
152.97
465

196
1,023
0
629
457.24
1,390

131
1,009
0
761
470.49
1,430

(6,572.49)

(4,173.08)

(1,466.48)

5,589.44

(439.51)

13,165
0
13,165.28
3,258.41
9,906.87

12,902
0
12,901.97
3,193.24
9,708.74

14,063
0
14,063.15
3,480.63
10,582.52

14,485
0
14,485.05
3,585.05
10,900.00

15,354
0
15,354.15
3,800.15
11,554.00

3,334.39

5,535.66

9,116.04

16,489.44

11,114.49

2015
25%

2016
25%

2017
25%

2018
25%

2019
25%

2015
12,902
0
12,902
3,193.24
9,708.74

2016
14,063
0
14,063
3,480.63
10,582.52

2017
14,485
0
14,485
3,585.05
10,900.00

2018
15,354
0
15,354
3,800.15
11,554.00

2019
18,579
0
18,579
4,598.18
13,980.34

2015
146
143
0
180
469
116.10999675

2016
116
143
0
359
618
152.9704878075

2017
196
1,023
0
629
1,847
457.2359438947

2018
131
1,009
0
761
1,901
470.4887582844

2019
106
1,009
0
906
2,021
500.1129691591

2019E

27,270.45
20,893.74
948.67
371.00
22,213.41
5,057.04
6,218.06
500.11
4,598.18
1,119.77
3,937.28
106
1,009
0
906
500.11
1,521
5,457.82

18,579
0
18,578.52
4,598.18
13,980.34
19,438.16

[CLICK HERE]Go to the Home Page: Contents

]Go to the Home Page: Contents

Referance for
Reformulation
CASH FLOW FROM OPERATING ACTIVITIES
Net Cash (Paid) / Received from Customers & Others
Net Cash Paid to Suppliers & Others
Income Tax paid
Cash (Outflow)/Inflow from Operating Activities
CASH FLOW FROM INVESTING ACTIVITIES
investment in Share
Cash Inflow / (Outflow) from Investing Activities
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid
Cash Inflow / (Outflow) from Financing Activities
Net Increase/ (Decrease) in Cash & Cash Equivalents
Cash and Cash Equivalents at the beginning of the year
Cash and Cash Equivalents at the end of the year

EASTERN LUBRICANTS BLENDERS LIMITED


STATEMENT OF CASH FLOW
(Taka in '000)

Year Ending Ju
Historical
2008
(29,000.00)
30,948.00
(1,207.00)
741.00

(3,269.00)
(3,269.00)

2009

2010

2011

2012

(33,994.00)
42,235.00
(1,045.00)
7,196.00

90,302.00
(89,106.00)
(1,065.00)
131.00

(3,354.00)
10,686.00
(1,933.00)
5,399.00

29,419.00
(13,261.00)
(2,406.00)
13,752.00

###
###

(1,600.00)
(1,600.00)

2,310.00
2,310.00

2,590.00
2,590.00

(2,885.00)
(2,880.00)

(2,880.00)
(2,880.00)

(4,128.00)
68,610.00
64,482.00

4,886.00
64,482.00
69,368.00

(2,459.00)
69,368.00
66,909.00

2,514.00
66,909.00
69,423.00

10,872.00
69,423.00
80,295.00

MITED
Year Ending June 30

2013
33,344.00
(36,572.00)
(2,164.00)
(5,392.00)

(2,967.00)
(2,967.00)
(8,359.00)
80,295.00
71,936.00

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Referance for
Reformulation

FREE CASH FLOW [C-I]


Cash flow from operation [C]
Reported cash from Operating activities
[-/+] After tax interest income / expense
Cash flow from operation After Adjustment [C]

Cash flow from Investing [I]


Reported cash from Investing activities
[-/+] Increase / decrease in operating cash [Notes 1]
[+] Purchase of financial asset
[-] Sale of financial asset
[-] Non-cash investment
Cash flow from investing activities After Adjustment [I]
Free Cash Flow (FCF) [C-I]

I
FCF=C-I

FINANCING FLOW TO CLAIMANTS [D+F]


Debt Financing [D]
[+] investments in cash equavalents
[+] Purchase of financial asset
[-] Sale of financial asset
[-/+] After tax interest income / expense
[-] Noncash Financiang
D
Equity Financing [F]
[-] Share issue
[+] Repurchase
[+] Dividens
F
Financing Flow Claimants [D+F]

D+F

Notes
1. Change in Cash Equavalents Calculation
Ending Value
Change

2008
64,482.00

EASTERN LUBRICANTS BLENDERS LIMITED


STATEMENT OF FINANCIAL POSITION
(Taka in '000)

Year Ending Jun


Historical
2008

2009

2010

2011

2012

741.00
7,819.98
(7,078.98)

7,196.00
8,082.60
(886.60)

131.00
7,290.22
(7,159.22)

5,399.00
7,126.93
(1,727.93)

13,752.00
7,771.07
5,980.93

(3,269.00)

4,886.00

(2,459.00)

2,514.00

10,872.00

4,886.00

(2,459.00)

2,514.00

10,872.00

(5,772.60)

(4,700.22)

(4,241.93)

(4,891.07)

0
0
0
8,082.60
0
(8,082.60)

0
0
0
7,290.22
0
(7,290.22)

0
0
0
7,126.93
0
(7,126.93)

0
0
0
7,771.07
0
(7,771.07)

0
0
2,310
2,310

0
0
2,590
2,590

0
0
2,885
2,885

0
0
2,880
2,880

(5,772.60)

(4,700.22)

(4,241.93)

(4,891.07)

2009

2010

2011

2012

2013

69,368.00
4,886.00

66,909.00
(2,459.00)

69,423.00
2,514.00

80,295.00
10,872.00

71,936.00
(8,359.00)

LIMITED
Year Ending June 30
Projected
2013

2014E

2015E

2016E

2017E

2018E

2019E

(5,392.00)
9,258.76
(14,650.76)

(8,359.00)

(8,359.00)
(6,291.76)

0
0
0
9,258.76
0
(9,258.76)
0
0
2,967
2,967
(6,291.76)

(71,936.00)

2014
(71,936.00)

2015

2016

2017

2018

2019

Go to the Home Page: Contents

EASTE

Referance for
Reformulation

Assets and Properties


Non Current Assets and Properties
Property Plant and Equipment
Investment
Current Assets and Property
Trade Receivables
Other Receivable
Advance Deposit and Pre-payment
Income Tax Receivable
Cash and Bank Balance
Total Assets & Properties

OA
FA

OA
OA
OA
OA
OA

Shareholders' Equity & Liabilities


Shareholders' Equity
Share Capital
General Reserve

CSE
CSE

Non Current Liabilities


Deferred Income Tax

OL

Current Liabilities
Creditors and Accruals
Unclaimed Dividend
Proposed Dividend
Worker' Profit Participation Fund
Total Shareholders Equity & Liabilities

OL
OL
OL
OL

EASTERN LUBRICANTS BLENDERS LIMITED


STATEMENT OF FINANCIAL POSITION (Common Size)
(Taka in '000)

Year Ending
Historical
2008

2009

2010

2011

6%
5%
2%
0%
94%
50%
1%
7%
2%
33%
100%

5%
4%
2%
0%
95%
56%
1%
3%
2%
32%
100%

8%
6%
2%
0%
92%
36%
1%
5%
2%
48%
100%

6%
4%
2%
0%
94%
46%
2%
4%
2%
41%
100%

27%
5%
22%
0%
0%
0%
0%
73%
71%
0%
1%
0%
100%

26%
5%
21%
0%
0%
0%
0%
74%
73%
0%
1%
0%
100%

41%
7%
34%
0%
0%
1%
0%
58%
55%
0%
0%
2%
100%

36%
6%
31%
0%
0%
1%
0%
63%
60%
0%
2%
0%
100%

ERS LIMITED

ommon Size)
Year Ending June 30

al

Projected
2012

2013

2014E

2015E

2016E

2017E

6%
4%
2%
0%
94%
37%
0%
9%
2%
46%
100%

6%
4%
2%
0%
94%
34%
0%
10%
2%
47%
100%

5%
3%
2%
0%
98%
38%
0%
5%
2%
53%
100%

7%
4%
3%
0%
97%
22%
0%
7%
2%
67%
100%

6%
3%
2%
0%
98%
29%
1%
5%
1%
62%
100%

5%
3%
2%
0%
98%
22%
0%
11%
1%
63%
100%

39%
6%
34%
0%
0%
1%
0%
60%
59%
0%
0%
0%
100%

46%
43%
6%
6%
39%
37%
0%
0%
0%
0%
1%
1%
0%
2%
53%
57%
53%
54%
0%
1%
0% Err:509
0%
0%
100%
100%

60%
8%
52%
0%
0%
1%
0%
39%
36%
1%
3%
0%
100%

56%
7%
49%
0%
0%
1%
0%
43%
41%
1%
0%
0%
100%

58%
6%
51%
0%
0%
0%
0%
42%
38%
1%
3%
0%
100%

ed
2018E

2019E

5%
3%
2%
0%
98%
19%
0%
12%
2%
65%
100%

4%
2%
2%
0%
98%
15%
0%
22%
2%
60%
100%

62%
7%
56%
0%
0%
1%
0%
36%
32%
1%
3%
0%
100%

61%
6%
55%
0%
0%
9%
0%
30%
26%
1%
3%
0%
100%

Go to the Home Page: Contents

Referance for
Reformulation

Blending Charges Recovery


Blending Expense
Operating Profit/(loss)
Administrative & General Expenses
Trading Profit / ( Loss )
Other Income

OR
OE
OE

Interest on Bank Deposit


Storage Charges Recovered
Creditors for Goods (written back)
Import Handling

FI
OI
OI

Others

OI

Net Profit Before Contribution to WPP & WF and Taxation


Contribution to Workers' Profit Participation Fund
Profit Before Taxation
Provision for Income Tax
Current
Deferred
Net Profit After Tax Transferred to General Reserve

Notes:
1. Tax rate 24.75% as it give more than 20% dividend

OE

EASTERN LUBRICANTS BLENDERS LIMITED


INCOME STATEMENT (common Size)
(Taka in '000)

Year Ending Jun


Historical
2008

100%
196%
-96%
29%
-125%
0%
269%
5%
0%
4%
0%
278%
0%
152%
8%
145%
0%
36%
2%
37%
107%

2009

2010

2011

100%
188%
-88%
27%
-115%
0%
237%
3%
23%
4%
1%
267%
0%
153%
8%
145%
0%
36%
2%
37%
108%

100%
110%
-10%
13%
-23%
0%
115%
2%
12%
0%
1%
129%
0%
106%
5%
101%
0%
25%
17%
42%
59%

100%
91%
9%
7%
1%
0%
62%
2%
0%
1%
0%
65%
0%
66%
3%
63%
0%
16%
-1%
15%
48%

ENDERS LIMITED

mmon Size)
Year Ending June 30

Projected
2012

2013

2014E

2015E

2016E

2017E

2018E

100%
110%
-10%
8%
-18%
0%
91%
2%
2%
0%
0%
95%
0%
76%
4%
73%
0%
18%
-1%
17%
55%

100%
150%
-50%
11%
-61%
0%
141%
2%
2%
0%
1%
145%
0%
83%
4%
79%
0%
20%
-1%
19%
61%

100%
231%
-131%
14%
-145%
0%
216%
2%
2%
0%
2%
223%
0%
78%
6%
72%
0%
18%
-1%
17%
55%

100%
145%
-45%
9%
-54%
0%
122%
1%
1%
0%
2%
127%
0%
73%
3%
69%
0%
17%
0%
17%
53%

100%
109%
-9%
5%
-15%
0%
91%
1%
1%
0%
2%
95%
0%
81%
2%
78%
0%
19%
0%
19%
59%

100%
69%
31%
4%
26%
0%
66%
1%
5%
0%
3%
75%
0%
101%
2%
99%
0%
25%
-1%
24%
75%

100%
107%
-7%
6%
-13%
0%
89%
1%
6%
0%
4%
100%
0%
87%
2%
85%
0%
21%
0%
21%
64%

2019E

100%
77%
23%
3%
20%
0%
68%
0%
4%
0%
3%
76%
0%
95%
1%
94%
0%
23%
0%
23%
71%

Blending Charges Reco

100%
80%
60%
40%
20%
0%
2009
-20%

2010

2011

-40%

-7%
2009
-7%
-7%
-8%
-8%

Property Plant and Equi


2010

2011

2012

2013

2014E

2015E

-7%
-7%
-8%
-8%
-8%

[CLICK HERE]Go to the Home Page: Contents

Referance for
Reformulation

Income Statement Items


Blending Charges Recovery
Blending Expense
Administrative & General Expenses
Other Income
Interest on Bank Deposit
Storage Charges Recovered
Creditors for Goods (written back)
Import Handling
Others

Contribution to Workers' Profit Participation Fund

OR
OE
OE
FI
OI
OI
OI
OE

Balance Sheet Items

Period
Property Plant and Equipment
Investment
Trade Receivables
Other Receivable
Advance Deposit and Pre-payment
Income Tax Receivable
Cash and Bank Balance
Share Capital
General Reserve
Creditors and Accruals
Unclaimed Dividend
Proposed Dividend

OA
FA
OA
OA
OA
OA
OA
CSE
CSE
OL
OL
OL

Notes:
To forecast Variables are forecasted based on trend analysis, previour performance, Individual Driver Growth, and the Excell Fo
Proposed Dividend in 20% of Reserve

Trend Analysis Graph: Income Statement Items

Blending Charges Recovery

100%

Blendin
Charge
Recove

80%
60%

Logarit
mic
(Blendi
g
Charge
2013
Recove
)

40%
20%
0%
2009
-20%

2010

2011

2012

-40%

Administrative & General Expenses

15%

Admin
trative
&
Gener
Expen
s

10%
5%
0%
2009
-5%

2010

2011

2012

2013

2014E

2015E

2016E

2017E

2018E

-10%
-15%
-20%

Logari
2019E
mic
(Admi
strativ
&
Gener
Expen
s)

Trend Analysis Graph: Balance Sheet Items

-7%
2009
-7%
-7%
-8%
-8%

Property Plant and Equipment


2010

2011

2012

2013

2014E

2015E

2016E

2017E

2018E

Propert
Plant
2019E
and
Equipm
nt

Logarit
mic
(Proper
Plant
and

and
Equipm
nt

-7%
-7%

Logarit
mic
(Proper
Plant
and
Equipm
nt)

-8%
-8%
-8%

Trade Receivables

80%

Trade
Receiv
bles

60%
40%
20%
0%
2009
-20%

2010

2011

2012

2013

2014E

2015E

2016E

2017E

2018E

-40%
-60%

Logar
2019E
mic
(Trade
Receiv
bles)

-80%

Cash and Bank Balance

20%

Cash
and
Bank
Balan

15%
10%
5%
0%
2009
-5%
-10%
-15%
-20%

2010

2011

2012

2013

2014E

2015E

2016E

2017E

2018E

Logar
mic
2019E
(Cash
and
Bank
Balan
)

EASTERN LUBRICANTS BLENDERS LIMITED


Growth assumption
(Taka in '000)

Year Endi
Historical

2008

Driver Growth, and the Excell Forecasting Tools

2009

2010

2011

17%
12%
10%

85%
9%
-13%

83%
51%
3%

3%
-16%

-10%
-11%

-2%
83%

37%
167%

-100%
72%

25%

18%

29%

14%

1
-8%
0%
25%
20%
-48%
-13%
8%
0%
6%
14%
41%

2
-8%
0%
-58%
-17%
-1%
-26%
-4%
0%
4%
-51%
-18%

3
-8%
0%
56%
100%
-17%
-15%
4%
0%
9%
33%
20%

Blending
Charges
Recovery

Blending Expense

60%
50%
40%

Logarith
mic
(Blendin
g
Charges
2013
Recovery
)

30%
20%
10%
0%
2009
-10%

2010

2011

-20%

enses

2017E

Adminis
trative
&
General
Expense
s
2018E

Logarith
2019E
mic
(Admini
strative
&
General
Expense
s)

Contribution to Workers' Profit Parti

40%
30%
20%
10%

0%
2009
-10%

2010

2011

2012

2013

2014E

2015E

-20%
-30%

nt
2017E

2018E

Property
Plant
2019E
and
Equipme
nt

100%
90%
80%
70%
60%

Logarith
mic
(Property
Plant
and

50%
40%
30%
20%

Investment

2016

and
Equipme
nt

80%
70%
60%

Logarith
mic
(Property
Plant
and
Equipme
nt)

50%
40%
30%
20%
10%
0%
2009

200%
Trade
Receiva
bles

2010

2011

2012

2013

2014E

2015E

2016E

Advance Deposit and Pre-paym

150%
100%

2017E

2018E

Logarith
2019E
mic
(Trade
Receiva
bles)

50%
0%
2009
-50%
-100%

Cash
and
Bank
Balance

2017E

2018E

Logarith
mic
2019E
(Cash
and
Bank
Balance
)

2010

2011

2012

2013

2014E

2015E

2016E

BLENDERS LIMITED

mption
00)
Year Ending June 30

storical

Projected

2012

2013

2014E

2015E

2016E

2017E

-26%
-12%
-14%

-23%
5%
6%

-30%
-15%
7%
-13%

73%
9%
8%

46%
10%
-11%

42%
-10%
10%

9%
-26%

19%
-24%

7%
-23%

-2%
33%

9%
-21%

3%
69%

-100%
-35%

100%

48%
65%

-100%
21%

-100%
100%

21%
75%

-15%

-16%

-20%

15%

14%

20%

4
-8%
0%
-18%
-85%
149%
14%
16%
0%
12%
0%
17%

5
-8%
0%
-18%
11%
7%
15%
-10%
0%
4%
-21%
2%

-7%

-7%

-7%

-7%

0%

0%

0%

0%

-16%

-8%

-39%

-30%

-20%

-31%

-64%

-38%

96%

112%

131%

120%

24%

41%

53%

60%

-2%

-3%

-9%

-14%

0%

0%

0%

0%

9%

12%

20%

15%

-10%

-2%

-24%

-20%

0%

9%

-2%

-4%

Blending Expense
Blending
Expense

2011

Logarith
mic
(Blendin
g
Expense
)
2013

2012

Contribu

Workers' Profit Participation Fundtion to

12

2013

2014E

2015E

2016E

2017E

2018E

Workers'
Profit
Participa
tion
Fund
Logarith
mic
(Contrib
ution to
2019E
Workers'
Profit
Participa
tion
Fund)

Investment
Investm
ent

Logarith
mic
(Investm
ent)

Investm
ent

Logarith
mic
(Investm
ent)

2013

2014E

2015E

2016E

2017E

2018E

eposit and Pre-payment

2013

2014E

2015E

2016E

2017E

2019E

Advance
Deposit
and Prepaymen
t

2018E

Logarith
mic
(Advanc
e
Deposit
2019E
and Prepaymen
t)

ed

2018E

2019E

-21%
22%
7%

58%
13%
-4%

6%
-33%

21%
-19%

-48%
21%

-100%
19%

-12%

23%

10

11

-7%

-7%

0%

0%

-36%

-44%

-71%

-77%

172%

174%

75%

87%

-12%

-17%

0%

0%

22%

24%

-19%

-26%

-3%

-6%

[CLICK HERE]Go to the Home Page: Contents

FIRST LEVEL BREAK DOWN: Distinguishing Financing and Operating Activities And The E
Return on Common Equity (ROCE)
Return on Net Operating Asset (RNOA)
Financial Leverage (FLEV)
Spread (Operating Spread)
ROCE
Oprtaing Leverage (OLLEV)
Return on Operating Asset (ROOA)
Oprating Liability Spread (OLSPREAD)
RNOA
So, Leverages Effect on ROCE

Notes:
1. No short-term borroiwing rate was given in the statement. So, PM*ATO was used as a proxy for ROOA

SECOND LEVEL BREAK DOWN: Drivers of Operating Profitability


Return on Net Operating Asset (RNOA)
Profit Margin (PM)
Asset Turn Over (ATO)
Oprtaing Leverage (OLLEV)
Return on Operating Asset (ROOA)
Oprating Liability Spread (OLSPREAD)
RNOA

THIRD-LEVEL BREAK DOWN: Drivers of Operating Profitability


Sales Profit Margin
Gross Margin Ratio
Administrative & General Expenses Ratio
Others Expense
Oprating Tax Expense Ratio
Sales Profit Margin
Other Operating Item Profit Margin
Storage Charges Recovered
Creditors for Goods (written back)
Import Handling
Others
Tax On Othern OI
Other Operating Item Profit Margin

PM

ATO Ratio
Sales/Cash
Sales/AR
Sales/PPE
Sales/AP

Growth and other calculations


Gross Margin
Comprehensive Income (CI)
Operating Income After Tax (OI)
Sales
ROCE
Change
RNOA
Change
ROOA
Change

1
Operating Liability (OL)
Average Operating Liability (Avg.OL)

2
Operating Asset (OA)
Average Operating Asset ( Avg. OA)
3
Net Operating Asset (NOA)
Average Net Oprating Asset (Av. NOA)
Change in Net Oprating Asset ( NOA)
4
Net Financial Asset (NFA)
Average Net Financial Asset (Av. NFA)
Change in Net Financial Asset ( NFA)
5
Common Stock Holder Equity (CSE)
Average Common Stock Holder Equity ( Avg. CSE)
Change in Common Stock Holder Equity ( CSE)
6
Net Financial Income (NFI)
Average Net Financial Income ( Avg. NFI)
Change in Net Financial Income ( NFI)
7
Oprtaing Leverage (OLLEV)
8
Financial Leverage (FLEV)
Change in Financial Leverage ( FLEV)
9
Spread (Operating Spread)
Change in Net Financial Expense ( Spread)
10
Return on Net Financial Asset (RNFA)
11

Oprating Liability Spread (OLSPREAD)

Notes:
1. No short term borroiwing rate was given in the statement so PM*ATO was used as a proxy for ROOA

0.4
0.2
0
2009

2010

2011

2012

2013

-0.2

Asset Turn Over (ATO)


Profit Margin (PM)

-0.4
-0.6
-0.8

Return on Net Operating Asset (RNOA)


0.01
0
2009
-0.01
-0.02
-0.03
-0.04
-0.05
-0.06
-0.07

2010

2011

2012

2013
Return on Net Operating
Asset (RNOA)

EASTERN LUBR

Explanation

Calculation Ref.

Financing and Operating Activities And The Effect Of Leverage


CI/Avg. CSE

OI/Avg. NOA
NFA/Avg. CSE
RNOA-RNFA
RNOA-(FLEV*SPREAD)
Avg.OL/Avg. NOA
See notes 1 and level 2 Breakdown
ROOA- Borrowing Rate [See Calculation]
ROOA+(OLLEV*OLSPREAD)

3
4, 5
10
1, 3

ROCE=ROOA+(RNOA-ROOA)+(ROCE-RNOA)

Effect of financial Leverage


ROCE=RNOA-(FLEV*SPREAD)
ROCE=-.062574-(.06*-2.54)
ROCE=.0897137

Summing Financial Leverage and Operating Liability Leverage effects on Shareholder Prof
ROCE=ROOA+(RNOA-ROOA)+(ROCE-RNOA)
ROCE=-.06257+(-.06257--06257)+(.08971--.06257)
ROCE=.089713

M*ATO was used as a proxy for ROOA

Operating Profitability
OI/Avg. NOA
OI/Sales
Sales/Avg.NOA
OL/Avg. NOA
PM*ATO
ROOA- Borrowing Rate [See Notes]
RNOA=PM*ATO+(OLLEV*OLSPREAD)

3
3
3

RNOA=ROOA+(OLLEV*SPREAD)
RNOA=PM*ATO+(OLLEV*SPREAD)
RNOA=-.704823*.08878+(3.12333*0)
RNOA=-.06257+0
RNOA=-.06257

erating Profitability

Gross margin/sales
Admin.Expense/sales
Others expense/sales
Oprating Tax/sales

Store Charge/sales
Creditors for goods/sales
Import Holding/sales
Others/sales
Tax/sales

s1
s2
s3
s4
s1-s2-s3-s4

Sales Profit Margin+Other Item PM

(3,717.00)
4,150.00
(3,669.98)
3,866.00
0.09

(0.06)

(0.06)

140,658.00

190,608.00

49,950.00

3,269.00

53,219.00

7,819.98

OL/Avg. NOA

NFA/Avg. CSE

RNOA-RNFA

NFI/ Avg.NFA

ROOA+(OLLEV*SPREAD)=RNOA
(OLLEV*SPREAD)=RNOA-ROOA
(3.123*SPREAD)=(-.06257)-(-.06257)
SPREAD=0/3.123
SPREAD=0

M*ATO was used as a proxy for ROOA

13

2.50
2.00
1.50
Asset Turn Over (ATO)
Profit Margin (PM)

1.00
0.50
2009

Asset (RNOA)

Return on Net Operating


Asset (RNOA)

2010

2011

2012

2013

EASTERN LUBRICANTS BLENDERS LIMITED


INCOME STATEMENT
(Taka in '000)

Year Ending June 30


Historical
2009

2010

2011

2012

0.0897137869

0.0878612308

0.1231144854

0.0964401145

-0.0625747089
0.06
(2.54)
0.0897137869
2.9366648093
-0.0625747089
0
-0.0625747089

-0.0434212549
0.06
(2.27)
0.0878612308
2.2721631704
-0.0434212549
0
-0.0434212549

0.0041584408
0.05
(2.18)
0.1231144854
1.6905482142
0.0041584408
0
0.0041584408

-0.0240879331
0.05
(2.40)
0.0964401145
1.7300252993
-0.0240879331
0
-0.0240879331

0.0897137869

0.0878612308

0.1231144854

0.0964401145

Effect of Operating liability leverage


RNOA=ROOA+(OLLEV*SPREAD)
RNOA=-.704823*.08878+(3.12333*0)
RNOA=-.06257+0
RNOA=-.06257

ility Leverage effects on Shareholder Profitability

-0.0625747089
-0.7048232768
0.0887807072
2.9366648093
-0.0625747089
0
-0.0625747089

-0.0434212549
-0.2750528441
0.1578651369
2.2721631704
-0.0434212549
0
-0.0434212549

0.0041584408
0.0152664307
0.2723911621
1.6905482142
0.0041584408
0
0.0041584408

-0.0240879331
-0.1312834802
0.1834803062
1.7300252993
-0.0240879331
0
-0.0240879331

-0.8764589298
0.27
0.0761946708
-0.2880175072
(0.94)

-0.1937899141
0.13
0.0532003325
0.0988021019
(0.47)

0.2893635763
0.07
0.0331211846
-0.0099389531
0.19

-0.2451001982
0.08
0.0382378855
-0.0614900881
(0.31)

0.03
0.23
0.04
0.01
0.08
0.23

0.02
0.12
0.04
0.01
0.04
0.15

0.02
0.01
0.01
0.01

0.02
0.02
0.01
0.00
0.01
0.04

=ROOA+(OLLEV*SPREAD)
=PM*ATO+(OLLEV*SPREAD)
=-.704823*.08878+(3.12333*0)
=-.06257+0

(0.70)

(0.32)

0.21

(0.27)

0.07
0.069509447
0.5400166488
0.0290726336

0.13
0.3047841492
1.0829475309
0.1091156463

0.22
0.1437200056
2.1415855355
0.1496171635

0.14
0.1344340347
1.7067669173
0.1101546047

(3,980.00)
4,882.00
(3,200.60)
4,541.00

(880.00)
4,974.00
(2,316.22)
8,421.00

1,314.00
7,362.00
235.07
15,398.00

(1,113.00)
6,281.00
(1,490.07)
11,350.00

0.09
(0.02)

0.12
0.40

0.10
(0.22)

0.08
(0.21)

(0.04)
(0.31)

0.00
(1.10)

(0.02)
(6.79)

(0.06)
1.48

(0.04)
(0.31)

0.00
(1.10)

(0.02)
(6.79)

(0.06)
1.48

159,754.00
150,206.00

82,654.00
121,204.00

108,476.00
95,565.00

105,561.00
107,018.50

212,101.00
201,354.50

136,993.00
174,547.00

167,195.00
152,094.00

170,561.00
168,878.00

52,347.00

54,339.00

58,719.00

65,000.00

51,148.50
2,397.00

53,343.00
1,992.00

56,529.00
4,380.00

61,859.50
6,281.00

3,269.00

3,269.00

3,269.00

3,269.00

3,269.00
-

3,269.00
-

3,269.00
-

3,269.00
-

55,616.00

57,608.00

61,988.00

68,269.00

54,417.50
2,397.00

56,612.00
1,992.00

59,798.00
4,380.00

65,128.50
6,281.00

8,082.60

7,290.22

7,126.93

7,771.07

7,951.29
262.62

7,686.41
(792.38)

7,208.57
(163.29)

7,449.00
644.14

3.1233369503

1.5494816564

1.9189442587

1.7064638414

0.06

0.06

0.05

0.05

2.47

2.23

2.18

2.38

Sales/Cash
Sales/AR
Sales/PPE
Sales/AP

2011

2012

2013

TED
Year Ending June 30
Projected
2013

0.0763524803
-0.0598219441
0.05
(2.89)
0.0763524803
1.4325261869
-0.0598219441
0
-0.0598219441
0.0763524803

2014E

2015E

2016E

2017E

0.0461401626 0.0734741004

0.1142272395

0.1889348047

-0.0598219441
-0.4521604021
0.1323024834
1.4325261869
-0.0598219441
0
-0.0598219441

3.5
3
2.5
2
1.5
1
0.5
0
-0.5
-1

-0.9630037437
0.11
0.0416999886
-0.1715183366
(0.95)

0.02
0.02
0.00
0.04

(0.91)

0.12
0.1146086897
1.423020647
0.107269786

(4,373.00)
5,301.00
(3,957.76)
8,753.00
0.05
(0.40)
(1.00)
(1.00)

83,988.00
94,774.50

3,334.39

5,535.66

9,116.04

16,489.44

151,306.00
160,933.50

67,318.00

70,676.92

73,468.32

79,606.03

88,407.61

(3,269.00)

(3,269.00)

(3,269.00)

(3,269.00)

70,587.00

73,945.92

76,737.32

82,875.03

91,676.61

69,428.00
2,318.00

72,266.46

75,341.62

79,806.17

87,275.82

9,258.76

(9,906.87)

(9,708.74)

(10,582.52)

(10,900.00)

66,159.00
2,318.00

3,269.00
3,269.00
-

8,514.91
1,487.69

1.2694871446

0.05

2.83

2018E

2019E

0.1191253912

0.1973539839

11,114.49

19,438.16

Change in ROCE
2.00
1.00
2010
(1.00)
(2.00)
(3.00)
(4.00)
(5.00)
(6.00)
(7.00)
(8.00)

2011

2012

91,655.83

98,793.93

(3,269.00)

(3,269.00)

94,924.83

102,062.93

93,300.72

98,493.88

(11,554.00)

(13,980.34)

in ROCE

2012

2013
Change

1
2

[CLICK HERE]Go to the Home Page: Contents

EASTERN LUBRICA

VALUATON
(

Referance for Calculation


Period
Opetating Income After Tax
Change in Net Operating Asset
Free Cash Flow
Discount Factro @WACC 19%
Presenta Value on FCF
Total Present Value
Continuing Value
Presenta Value of CV
Enterprise Value

See Calculation

see calculation for WACC

see calculation

Notes:
1. Tax rate 24.75% as it give more than 20% dividend
Calculation
NOA
Change in Net operating Asset

2013
67,318

WACC Calculation:
Cost of Equity
Riskfree rate
Beta Power Industry
Risk Premium
Cost of Equity
WACC

**There was no debt in the statement so Cost of Equity is used as a proxy for WACC
Continuing Value
Tarminal Gowth Rate

CV

Flollow the GDP Growth Rate of BD

-62870.5024151412

ERN LUBRICANTS BLENDERS LIMITED


VALUATON- FREE CASH FLOW
(Taka in '000)
Year Ending June 30
Forecasted
2013

2014E
1

2015E
2

(3,957.76)
3,358.92
(7,316.68)

(6,572.49)
2,791.40
(9,363.88)

0.8382592574
-6133.2778482744

2016E
3
(4,173.08)
6,137.71
(10,310.79)

0.7026785825
0.5890268268
-6579.7999086026 -6073.3294170307

-25516.388505396
-21813.084441908
-47329.4729473041

2014
70,676.92
3,358.92

2015
73,468.32
2,791.40

7%

1.0452403556
18.78%
0.1929483525
19%

2016
79,606.03
6,137.71

2017
88,407.61
8,801.59

0.062

r Ending June 30
Forecasted
2017E
4
(1,466.48)
8,801.59
(10,268.07)

2018E
5

2019E
6

5,589.44
3,248.22
2,341.22

(439.51)
7,138.10
(7,577.61)

0.4937571904 0.4138965357
0.3469526026
-5069.9325440331 969.0235369931 -2629.0723244484
-62870.5024151412

2018
91,655.83
3,248.22

2019
98,793.93
7,138.10

1
2

[CLICK HERE]Go to the Home Page: Contents

EASTERN LUBRIC

VALUAT

Referance for Calculation


Period
Earnings
Dividend
Book Value
ROCE
Residual Earnings
Discount Factro @WACC 19%
Presenta Value on FCF
Total Present Value
Continuing Value
Presenta Value of CV
Enterprise Value

(ROCE-i)*BV
see calculation for WACC

see calculation 3

Total Value
Nomber of Share
Per Share Value
P/B ratio
Market Price at present
Status
Decision

Notes:
1. Tax rate 24.75% as it give more than 20% dividend
Calculation
NOA
Change in Net operating Asset

2013
67,318

WACC Calculation:
Cost of Equity
Riskfree rate
Beta Power Industry

Risk Premium
Cost of Equity
WACC
**There was no debt in the statement so Cost of Equity is used as a proxy for WACC
Continuing Value
Tarminal Gowth Rate

CV

Flollow the GDP Growth Rate of BD

9849.0847645989

STERN LUBRICANTS BLENDERS LIMITED


VALUATON- RESIDUAL EARNING
(Taka in '000)
Year Ending June 30
Forecasted
2013

70,587.00

2014E
1

2015E
2

2016E

3,334.39
2,982.00
70,939.39

5,535.66
###
73,493.04

9,116.04
2,982.00
79,627.08

5%
(9,846.29)

7%
(7,956.39)

11%
(5,247.73)

0.8434322609
(8,304.68)

0.7113779787
(5,660.00)

0.5999991369
(3,148.63)

2015
73,468.32
2,791.40

2016
79,606.03
6,137.71

2017
88,407.61
8,801.59

-19196.6314664603
3545.6603148557
54,936
54,936,028.85
994,000
55.27
0.0007829719
350
Over Valued
sell

2014
70,676.92
3,358.92

7%

1.0452403556

Rate of BD

10.68%
0.18563167
19%

0.062

ear Ending June 30


Forecasted
2017E
4
16,489.44
2,982.00
93,134.52

2018E
5

2019E
6

11,114.49
###
101,267.01

19,438.16
2,982.00
117,723.17

19%
263.02

12%
(6,194.03)

20%
1,187.08

0.5060586286
133.10

0.4268261733
(2,643.77)

0.3599989643
427.35
9849.0847645989

2018
91,655.83
3,248.22

2019
98,793.93
7,138.10

1
2

[CLICK HERE]Go to the Home Page: Contents

EASTERN LUBRIC

VALUATON

Referance for Calculation


Period
Earnings
Dividend
Book Value
ROCE
Residual Earnings

(ROCE-i)*BV

Earning in reinvested dividend


Cum Dividend Earnings
Normal Earning
Abnormal Earnings Growth

Discount Factro @WACC 19%


Presenta Value on FCF
Total Present Value
Continuing Value
Presenta Value of CV
To be Capitalized

see calculation for WACC

see calculation 3

Entreprise Value
Number of Share
Per Share Value
P/E Ratio
Market Price at present
Status
Decision

Notes:
1. Tax rate 24.75% as it give more than 20% dividend
Calculation
NOA

2013
67,318

Change in Net operating Asset


WACC Calculation:
Cost of Equity
Riskfree rate
Beta Power Industry
Risk Premium
Cost of Equity
WACC
**There was no debt in the statement so Cost of Equity is used as a proxy for WACC
Continuing Value
Tarminal Gowth Rate

CV

Flollow the GDP Growth Rate of BD

28391.3127685793

TERN LUBRICANTS BLENDERS LIMITED


VALUATON- Abnormal Earning Growth
(Taka in '000)
Year Ending June 30
Forecasted
2013
5,301.00
2,982.00
70,587.00

B
C
A+B+C

2014E

2015E
1

3,334.39
2,982.00
70,939.39

3,334.39

(1,006.74)

2016E
2

5,535.66
###
73,493.04

9,116.04
2,982.00
79,627.08

566.58

566.58

6,102.24

9,682.62

4,974.90

8,259.20

1,127.33

1,423.42

4349.2064
4,364.02
(14.81)

11897.3617555786
14,239.82

74,946
994,000
75.40
0.014223507
350
Over Valued
sell

2014
70,676.92

2015
73,468.32

2016
79,606.03

2017
88,407.61

3,358.92

2,791.40

7%

1.0452403556
10.68%
0.18563167
19%

0.062

6,137.71

8,801.59

ear Ending June 30


Forecasted
2017E
3

2018E
4

2019E
5

16,489.44
2,982.00
93,134.52

11,114.49
###
101,267.01

19,438.16
2,982.00
117,723.17

566.58

566.58

566.58

17,056.02

11,681.07

20,004.74

13,601.13

24,602.24

16,582.81

3,454.89

(12,921.18)

3,421.93

28391.3127685793

2018
91,655.83

2019
98,793.93

3,248.22

7,138.10

Country
Albania
Angola
Argentina
Armenia
Australia
Austria
Azerbaijan
Bahamas
Bahrain
Bangladesh
Barbados
Belarus
Belgium
Belize
Bermuda
Bolivia
BosniaandHerzegovina
Botswana
Brazil
Bulgaria
Cambodia
Canada
CaymanIslands
Chile
China
Colombia
CostaRica
Croatia
Cuba
Cyprus
CzechRepublic
Denmark
DominicanRepublic
Ecuador
Egypt
ElSalvador
Estonia
FijiIslands
Finland
France
Georgia
Germany

LongTermRating
B1
Ba3
B3
Ba2
Aaa
Aaa
Baa3
Baa1
Baa1
Ba3
Baa3
B3
Aa3
Caa3
Aa2
Ba3
B3
A2
Baa2
Baa2
B2
Aaa
Aa3
Aa3
Aa3
Baa3
Baa3
Baa3
Caa1
B3
A1
Aaa
B1
Caa1
B2
Ba3
A1
B1
Aaa
Aa1
Ba3
Aaa

Adj.DefaultSpread
4.00%
3.25%
6.00%
2.75%
0.00%
0.00%
2.00%
1.50%
1.50%
3.25%
2.00%
6.00%
0.70%
10.00%
0.50%
3.25%
6.00%
1.00%
1.75%
1.75%
5.00%
0.00%
0.70%
0.70%
0.70%
2.00%
2.00%
2.00%
7.00%
6.00%
0.85%
0.00%
4.00%
7.00%
5.00%
3.25%
0.85%
4.00%
0.00%
0.25%
3.25%
0.00%

Greece
Guatemala
Honduras
HongKong
Hungary
Iceland
India
Indonesia
Ireland
IsleofMan
Israel
Italy
Jamaica
Japan
Jordan
Kazakhstan
Kenya
Korea
Kuwait
Latvia
Lebanon
Lithuania
Luxembourg
Macao
Malaysia
Malta
Mauritius
Mexico
Moldova
Mongolia
Montenegro
Morocco
Namibia
Netherlands
NewZealand
Nicaragua
Nigeria
Norway
Oman
Pakistan
Panama
PapuaNewGuinea
Paraguay

Caa1
Ba1
B2
Aa1
Ba1
Baa3
Baa3
Baa3
Ba1
Aaa
A1
Baa2
B3
Aa3
Ba2
Baa2
B1
Aa3
Aa2
Baa3
B1
Baa1
Aaa
Aa3
A3
A3
Baa1
Baa1
B3
B1
Ba3
Ba1
Baa3
Aaa
Aaa
B3
Ba3
Aaa
A1
Caa1
Baa2
B1
B1

7.00%
2.40%
5.00%
0.25%
2.40%
2.00%
2.00%
2.00%
2.40%
0.00%
0.85%
1.75%
6.00%
0.70%
2.75%
1.75%
4.00%
0.70%
0.50%
2.00%
4.00%
1.50%
0.00%
0.70%
1.15%
1.15%
1.50%
1.50%
6.00%
4.00%
3.25%
2.40%
2.00%
0.00%
0.00%
6.00%
3.25%
0.00%
0.85%
7.00%
1.75%
4.00%
4.00%

Peru
Philippines
Poland
Portugal
Qatar
Romania
Russia
SaudiArabia
Senegal
Singapore
Slovakia
Slovenia
SouthAfrica
Spain
SriLanka
St.Maarten
St.Vincent&theGrenadines
Suriname
Sweden
Switzerland
Taiwan
Thailand
TrinidadandTobago
Tunisia
Turkey
Ukraine
UnitedArabEmirates
UnitedKingdom
UnitedStatesofAmerica
Uruguay
Venezuela
Vietnam
Zambia

Baa2
Ba1
A2
Ba3
Aa2
Baa3
Baa1
Aa3
B1
Aaa
A2
Baa2
Baa1
Baa3
B1
Baa1
B2
Ba3
Aaa
Aaa
Aa3
Baa1
Baa1
Baa3
Ba1
B3
Aa2
Aaa
Aaa
Baa3
B1
B2
B1

1.75%
2.40%
1.00%
3.25%
0.50%
2.00%
1.50%
0.70%
4.00%
0.00%
1.00%
1.75%
1.50%
2.00%
4.00%
1.50%
5.00%
3.25%
0.00%
0.00%
0.70%
1.50%
1.50%
2.00%
2.40%
6.00%
0.50%
0.00%
0.00%
2.00%
4.00%
5.00%
4.00%

Row Labels
Default Spread (WeighTotal ERP (Weighted Av
Africa
2.86%
10.09%
Australia & New Zealand
0.00%
5.80%
Caribbean
4.52%
12.57%
Central and South America
2.26%
9.18%
Eastern Europe & Russia
1.79%
8.48%
Middle East
0.77%
6.96%
North America
0.00%
5.80%
Western Europe
0.70%
6.85%
Asia without Japan
1.18%
7.58%

Japan

0.70%

6.85%

TotalRiskPremium
11.80%
10.68%
14.80%
9.93%
5.80%
5.80%
8.80%
8.05%
8.05%
18.78%
8.80%
14.80%
6.85%
20.80%
6.55%
10.68%
14.80%
7.30%
8.43%
8.43%
13.30%
5.80%
6.85%
6.85%
6.85%
8.80%
8.80%
8.80%
16.30%
14.80%
7.08%
5.80%
11.80%
16.30%
13.30%
10.68%
7.08%
11.80%
5.80%
6.18%
10.68%
5.80%

CountryRiskPremium
6.00%
4.88%
9.00%
4.13%
0.00%
0.00%
3.00%
2.25%
2.25%
4.88%
3.00%
9.00%
1.05%
15.00%
0.75%
4.88%
9.00%
1.50%
2.63%
2.63%
7.50%
0.00%
1.05%
1.05%
1.05%
3.00%
3.00%
3.00%
10.50%
9.00%
1.28%
0.00%
6.00%
10.50%
7.50%
4.88%
1.28%
6.00%
0.00%
0.38%
4.88%
0.00%

16.30%
9.40%
13.30%
6.18%
9.40%
8.80%
8.80%
8.80%
9.40%
5.80%
7.08%
8.43%
14.80%
6.85%
9.93%
8.43%
11.80%
6.85%
6.55%
8.80%
11.80%
8.05%
5.80%
6.85%
7.53%
7.53%
8.05%
8.05%
14.80%
11.80%
10.68%
9.40%
8.80%
5.80%
5.80%
14.80%
10.68%
5.80%
7.08%
16.30%
8.43%
11.80%
11.80%

10.50%
3.60%
7.50%
0.38%
3.60%
3.00%
3.00%
3.00%
3.60%
0.00%
1.28%
2.63%
9.00%
1.05%
4.13%
2.63%
6.00%
1.05%
0.75%
3.00%
6.00%
2.25%
0.00%
1.05%
1.73%
1.73%
2.25%
2.25%
9.00%
6.00%
4.88%
3.60%
3.00%
0.00%
0.00%
9.00%
4.88%
0.00%
1.28%
10.50%
2.63%
6.00%
6.00%

8.43%
9.40%
7.30%
10.68%
6.55%
8.80%
8.05%
6.85%
11.80%
5.80%
7.30%
8.43%
8.05%
8.80%
11.80%
8.05%
13.30%
10.68%
5.80%
5.80%
6.85%
8.05%
8.05%
8.80%
9.40%
14.80%
6.55%
5.80%
5.80%
8.80%
11.80%
13.30%
11.80%
Country Risk Premium (Weighted Average)
4.29%
0.00%
6.77%
3.38%
2.68%
1.16%
0.00%
1.05%
1.78%

2.63%
3.60%
1.50%
4.88%
0.75%
3.00%
2.25%
1.05%
6.00%
0.00%
1.50%
2.63%
2.25%
3.00%
6.00%
2.25%
7.50%
4.88%
0.00%
0.00%
1.05%
2.25%
2.25%
3.00%
3.60%
9.00%
0.75%
0.00%
0.00%
3.00%
6.00%
7.50%
6.00%

1.05%

Region
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Australia & New Zealand
Western Europe
Eastern Europe & Russia
Caribbean
Middle East
Asia
Caribbean
Eastern Europe & Russia
Western Europe
Central and South America
Caribbean
Central and South America
Eastern Europe & Russia
Africa
Central and South America
Eastern Europe & Russia
Asia
North America
Caribbean
Central and South America
Asia
Central and South America
Central and South America
Eastern Europe & Russia
Caribbean
Western Europe
Eastern Europe & Russia
Western Europe
Caribbean
Central and South America
Africa
Central and South America
Eastern Europe & Russia
Asia
Western Europe
Western Europe
Eastern Europe & Russia
Western Europe

Western Europe
Central and South America
Central and South America
Asia
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Financial Center
Middle East
Western Europe
Caribbean
Asia
Middle East
Eastern Europe & Russia
Africa
Asia
Middle East
Eastern Europe & Russia
Middle East
Eastern Europe & Russia
Western Europe
Asia
Asia
Western Europe
Africa
Central and South America
Eastern Europe & Russia
Asia
Eastern Europe & Russia
Africa
Africa
Western Europe
Australia & New Zealand
Central and South America
Africa
Western Europe
Middle East
Asia
Central and South America
Asia
Central and South America

Central and South America


Asia
Eastern Europe & Russia
Western Europe
Middle East
Eastern Europe & Russia
Eastern Europe & Russia
Middle East
Africa
Asia
Eastern Europe & Russia
Western Europe
Africa
Western Europe
Asia
Caribbean
Caribbean
Caribbean
Western Europe
Western Europe
Asia
Asia
Caribbean
Africa
Western Europe
Eastern Europe & Russia
Middle East
Western Europe
North America
Central and South America
Central and South America
Asia
Africa

Comparison Between Eastern Lubricant and Mobile Jamuna


Particulars

2009
2010
2011
ELB
MJL
ELB
MJL
ELB
MJL
Return on Common Equity 0.089713787 0.225291346 0.087861231 0.195865289 0.123114485 0.094760113
Return on Net Operating -0.06257471 0.11862247 -0.04342125 0.159247457 0.004158441 0.088917678
Financial Leverage (FLEV)0.060072587 0.147527522 0.057743941 0.12915399 0.05466738 0.016632135
Spread (Operating Spread) -2.53507471 -2.23137753 -2.27352832 -1.38845254 -2.17599681 -3.22523989
ROCE
0.089713787 0.447812067 0.087861231 0.338571642 0.123114485 0.142560302
Oprtaing Leverage (OLLE 2.936664809 0.181796988 2.27216317 0.193390621 1.690548214 0.165250785
Return on Operating Asse -0.06257471 0.11862247 -0.04342125 0.159247457 0.004158441 0.088917678
Oprating Liability Sprea
0
0
0
RNOA
-0.06257471
-0.04342125
0.004158441

nt and Mobile Jamuna


2012
2013
ELB
MJL
ELB
MJL
0.096440115 0.090290898
0.095348323
-0.02408793 0.080857121 0.07635248 0.052581152
0.05019308 0.013335222 -0.05982194 0.196605337
-2.40128815 -2.90914288 0.04708475 -2.39741885
0.096440115 0.119651188 -2.89211316 0.523926492
1.730025299 0.173748882 0.07635248 0.108905154
-0.02408793 0.080857121 1.432526187 0.052581152
0
-0.05982194
-0.02408793
0
-0.05982194

Return on CI/Avg. CSE

5 0.089714 0.087861 0.123114

Year

ROCE
2009
2010
2011
2012
2013

RNOA
9%
9%
12%
10%
8%

FELEV
-6%
-4%
0%
-2%
-6%

0.09644 0.076352

OLLEV

0.060073
0.057744
0.054667
0.050193

2.936665
2.272163
1.690548
1.730025

(PM)
-70%
-28%
2%
-13%
-45%

0.4
0.2
0
2009
-0.2
-0.4
-0.6
-0.8

2010

2011

2012

2013

(ATO)

Oprtaing L ROOA

9%
16%
27%
18%
13%

2012

2013

2.936665 -0.06257471
2.272163 -0.04342125
1.690548 0.004158441
1.730025 -0.02408793
1.432526 -0.05982194

(PM)
(ATO)
ROOA

Income Statement Items


Blending Charges Recovery
Blending Expense
Administrative & General Expenses
Other Income
Interest on Bank Deposit
Storage Charges Recovered
Creditors for Goods (written back)
Import Handling
Others

2014E

2015E

2016E

2017E

-0.15
0.07
-0.13

0.73
0.09
0.08

0.46
0.1
-0.11

0.42
-0.1
0.1

0.07
-0.23

-0.02
0.33

0.09
-0.21

0.03
0.69

0.48
0.65

-1
0.21

-1
1

0.21
0.75

2018E

2019E
-0.21
0.22
0.07

0.58
0.13
-0.04

0.06
-0.33

0.21
-0.19

-0.48
0.21

-1
0.19