Particulars 2006-07

TURNOVER 2,414,669,218
Cost of goods sold

GROSS PROFIT
OPERATING EXPENSES:
Administrative & selling overhead
Financial expenses
Total Operating Expenses
OPERATING PROFIT/(LOSS)
Other income

PROFIT BEFORE PPF & WF

Provision for contribution to PPF & WF

PROFIT BEFORE TAX

Provision for tax:
Current tax
Deferred tax expenses/(income)

NET PROFIT/(LOSS) AFTER TAX

Dividend
Transfer to the reserve

Earning Per share

2007-08 2008-09 2009-10 2010-11 2011-12
2,291,194,337 1,824,823,719 2,205,549,551 3,207,314,733 3,933,346,104
2065602942 1,654,088,396 1,987,976,139 2,942,378,953 3,629,828,686

225591395 170,735,323 217,573,412 264,935,780 3,629,828,686

146734034 127,969,216 153,845,402 189,418,702 177,505,226

50,007,691 57,642,113 62,564,954 66,457,479 107,277,682
196,741,725 185611329 216410356 255876181 284782908
393,483,450 -14,876,006 1,163,056 9,059,599 18,734,510
17,885,909 16,869,268 19,056,758 9,059,599 30,305,059

46,735,579 1,993,262 20,219,814 35,987,864 49,039,569

2,225,504 94,917 962,848 1,799,393 2,335,218

44,510,075 1,898,345 19,256,966 34,188,471 46,704,351

21333190 11,226,538 10,531,215 23,260,883 31,164,150

-496099 -397,286 166,476 132,852 105,984

23,672,984 -8,930,907 8,559,275 10,794,736 15,434,217

11,404,800 6,842,880 6,843,140 7,983,360 10,263,754
12,268,184 -15,773,787 1,716,135 2,811,376 5,170,463

4.15140712682379 -1.5661663510101 1.50099519500561 1.8930162738496 2.706617739899

 2007
ASSETS
Non-Current Assets:
Property, Plant and Equipment 107,887,011
Investment
Deferred Tax Assets
Total Non-Current Asset
Current Assets:
Inventories
Trade Debtors
Advance, Deposits & Prepayments
Other Receivable
Cash & Cash Equivalents
Total Current Asset
TOTAL ASSETS
EQUITY AND LIABILITIES
Shareholders' Equity:
Share Capital
Share Capital
Reserve and Surplus
Total Shareholders' Equity
Liabilities
Non-Current Liabilities:
Deferred Tax Liability
Long Term Loan
Total Non- Current Liability
Current Liabilities:
Working Capital Loan (Secured)
Long Term loan-Current Maturity
Short term Loan
Trade Creditors
Sundry Creditors
Income Tax Payable
Other Liabilities
Total current Liability
Total Liabilities
TOTAL EQUITY AND LIABILITIES

Number of outstanding shares

Book value per share

 2008 2009 2010 2011

132,736,509 134,162,813 119,578,875 168,364,243

56,720,190 56,720,190 56,720,190 48,096,900
649,409 516,557
189,456,699 190,883,003 176,948,474 216,977,700

402,397,836 531,786,340 573,384,439 216,977,700

89,252,478 9,627,220 20,169,720 9,308,500
36,483,650 57,404,919 21,684,194 39,078,934
88,252,065 84,212,591 41,858,012 35,278,917
195,853,040 138,451,205 302,235,767 277,168,248
812,239,069 821,482,275 959,332,132 1,268,176,843
1,001,695,768 1,012,365,278 1,136,280,606 1,485,154,543

57,024,000 57,024,000 57,024,000 57,024,000

209,088,000 209,088,000 209,088,000 209,088,000
151,010,229 130674522 135,126,767 139,078,623
417,122,229 396,786,522 401,238,767 405,190,623

5,272,505 4,875,219
26,893,628 30,922,870 165,746,455 149,762,032
32,166,133 35,798,089 165,746,455 149,762,032

440,576,222 448,488,702 509,713,653 772,726,834

7,904,041 11,319,137 25,464,923 15,123,961
27,644,408 72,089,663 0 51,354,724
22,502,675 3,208,970 4,323,203 29,254,068
24,269,410 17,087,189 16,877,551 29,427,862
27,720,991 25,417,432 10,531,215 29,512,384
1,789,659 2,169,574 2,384,839 2,802,055
552,407,406 579,780,667 569,295,384 930,201,888
584,573,539 615,578,756 735,041,839 1,079,963,920
1,001,695,768 1,012,365,278 1,136,280,606 1,485,154,543

5,702,400 5,702,400 5,702,400 5,702,400

 2012

159,448,761
189,186,650
410,573
349,045,984

715,872,045
82,036,136
37,913,602
54,530,281
332,017,196
1,222,369,260
1,571,415,244

57,024,000
209,088,000
285,329,282
551,441,282

142,500,000
142,500,000

766,023,738
14,186,667
0
39,503,650
23,259,688
31,164,150
3,336,069
877,473,962
1,019,973,962
1,571,415,244

5,702,400

96.703367354097
Particular
Turnover growth rate
Average Turnover growth rate
COGS in proportion to Turnover
Average proportion
Administrative & selling overhead expense in proportion to Turnover
Average proportion

Working Capital Loan in proportion To Turnover

Average

Total Loan
Average loan
Interest Expenses
Interest rate on average loan
Average Interest rate on loan
Normalized Interest Rate

Financial expense: Charges

Charges in proportion to Turnover
Average Charges in proportion to Turnover

Current tax In proportion to profit before tax

average Tax
Normalized average Tax Rate

Deferred Tax Growth Rate

Average Deferred Tax Growth Rate
Interest Earned
Interest On Investment
Average Interest On Investment
Normalized Average Interest On Investment
Growth rate of other income
Average Growth rate of other income

Dividend payout ratio

Average dividend payout ratio
Normalized average Dividend payout ratio
Growth Rate PPE
Average Growth Rate PPE
Growth Rate of Investment
Average Growth Rate of Investment
Normalized Average Growth Rate of Investment

Inventories In Proportion to Turnover

Average Inventories In Proportion to Turnover
Trade Debtors In Proportion to Turnover
Average Trade Debtors In Proportion to Turnover
Advance, Deposits & Prepayments In Proportion to Turnover
Average Advance, Deposits & Prepayments In Proportion to Turnover
Other Receivable In Proportion to Turnover
Average proportion

Long Term loan-Current Maturity in Proportion to Long Term Loan

Short Term loan in proportin to Turnover
Average Short Term loan in proportin to Turnover

Income Tax Payable in proportion to Turnover

Average Income Tax Payable in proportion to Turnover
Trade Creditor In proportion to Turnover
Average Trade Creditor In proportion to Turnover
Other liability in proportion to Turnover
Average Other liability in proportion to Turnover
Depreciation Rate
Total Loan
Interest Rate on Loan
Avetrage Interest rate On Loan
Sundry Creditors in proportion to Turnover
Average Sundry Creditors in proportion to Turnover
Growth rate of deferred tax Asset
Average Growth rate of deferred tax Asset

Turnover per share

Book value per share
Oerating cash flow
Oerating cash flow per share
Turnover per share

price to earning ratio

Price to book Value Ratio
Price to Cashflow ratio
Price to turnover ratio
2007-08 2008-09 2009-10 2010-11 2011-12 2012-13
-0.2035491318 0.20863704698 0.45420207474 0.22636736069
0.17141433766 0.171414337661
0.9015398252 0.90643736092 0.90135183682 0.91739638855 0.92283480528
0.90991204335 0.90991204335
0.0640425963 0.07012689208 0.06975377267 0.05905834562 0.04512830077
0.06162198149 0.061621981489

0.192291075 0.24577097356 0.23110505623 0.24092641301 0.19475116548

0.22096893665 0.220968936648

503,018,299 562,820,372 700,925,031 988,967,551 922,710,405

1,233,156,892
532919335.5 631872701.5 844946291 955838978
1077933648.49
50,007,691 57,642,113 62,564,954 66,457,479 107,277,682 107271915.2365
0.1081629229 0.09901512417 0.0786529034 0.11223405246
0.09951625073 0.099516250733
0.17 0.17

10926512 14,524,543 15,044,312 12,353,589 16,740,302 25486488.35231

0.0047689154 0.00795942252 0.00682111721 0.00385169216 0.00425599516
0.00553142849 0.005531428493

0.4792890149 5.91385548991 0.54687820501 0.68037213481 0.667264384

1.65753184573 1.657531845726
0.43 0.43

-0.2019750595 -0.2022400867
-0.2021075731 -0.202107573091
9,824,509 12,092,868 15,561,958 23,333,465 26,453,314
0.1732100862 0.21320217721 0.2743636437 0.48513448892 0.13982653639
0.257147386
0.10199133 0.10199133
-0.0568403317 0.12967308362 -0.5245991475 2.34507730419
0.47332772717 0.47332772717

0.4817643606 -0.7662021338 0.7995 0.73956046725 0.66499998024

0.38392453486 0.383924534859
0.67145620202 0.671456202019
0.01074537827 -0.1087032813 0.40797647578 -0.052953536
0.0642662592 0.064266259195
0 0 -0.1520321071 2.93344789373
0.69535394666 0.695353946661
0.1 0.1

0.1756279812 0.29141792408 0.25997350127 0.06765089119 0.18200077646

 0.19533421484 0.195334214843
0.0389545647 0.00527569863 0.00914498611 0.00290227208 0.02085657703
0.01542681971 0.015426819706
0.0159234201 0.03145778872 0.00983165125 0.01218431531 0.00963902006
0.01580723909 0.015807239091
0.0385179308 0.04614834306 0.0189784954 0.01099951827 0.01386358575
0.02570157466 0.025701574661

0.2939001387 0.36604419318 0.15363781385 0.10098661722 0.09955555789

0.0120655012 0.03950500109 0 0.01601175072 0
0.0135164506 0.0135164506

0.0120989261 0.01392870541 0.00477487119 0.00920158652 0.00792306326

0.0095854305 0.009585430496
0.0098213733 0.00175850958 0.00196014775 0.00912104687 0.01004326824
0.00654086916 0.006540869159
0.0007811031 0.00118892251 0.00108129015 0.00087364516 0.00084815038
0.00095462226 0.000954622261
0.185714 0.185714 0.185714 0.185714 0.185714 0.185714
467,469,850 479,411,572 675,460,108 922,488,866 908,523,738
0.106975222 0.12023513066 0.09262568323 0.07204149714 0.11807911837
0.10199133029 0.101991330288
0.0105924712 0.00936374775 0.00765231096 0.00917523363 0.0059134608
0.00853944487
-0.204573697 -0.2051738724
-0.2048737847 -0.204873784699

689.7702904
96.703367354
152,091,482
26.671486041
689.7702904

27.229556252
0.7621244432
2.7632506073
0.106847165
2013-14 2014-15 2015-16 2016-17

0.171414337661 0.171414337661 0.171414337661 0.171414337661

0.9099120433495 0.9099120433495 0.90991204335 0.90991204335

0.061621981489 0.061621981489 0.061621981489 0.061621981489

0.2209689366476 0.2209689366476 0.220968936648 0.220968936648

1,414,161,940 1,626,643,085 1,876,024,651 2,168,662,627

1323659415.972 1520402512.3222 1751333867.91 2022343638.992
131725622.32479 151304757.63113 174286180.3159 201256056.646

0.0995162507329 0.0995162507329 0.099516250733 0.099516250733

0.17 0.17 0.17 0.17

29855237.872527 34972853.698159 40967702.25094 47990153.79778

0.0055314284935 0.0055314284935 0.005531428493 0.005531428493

1.6575318457256 1.6575318457256 1.657531845726 1.657531845726

0.43 0.43 0.43 0.43

-0.202107573091 -0.2021075730905 -0.20210757309 -0.202107573091

0.10199133 0.10199133 0.10199133 0.10199133

0.4733277271704 0.4733277271704 0.47332772717 0.47332772717

0.3839245348594 0.3839245348594 0.383924534859 0.383924534859

0.6714562020195 0.6714562020195 0.671456202019 0.671456202019

0.0642662591951 0.0642662591951 0.064266259195 0.064266259195

0.6953539466614 0.6953539466614 0.695353946661 0.695353946661

0.1 0.1 0.1 0.1
0.1953342148431 0.1953342148431 0.195334214843 0.195334214843

0.015426819706 0.015426819706 0.015426819706 0.015426819706

0.0158072390909 0.0158072390909 0.015807239091 0.015807239091

0.0257015746611 0.0257015746611 0.025701574661 0.025701574661

0.0135164506001 0.0135164506001 0.0135164506 0.0135164506

0.0095854304965 0.0095854304965 0.009585430496 0.009585430496

0.0065408691592 0.0065408691592 0.006540869159 0.006540869159

0.0009546222608 0.0009546222608 0.000954622261 0.000954622261

0.185714 0.185714 0.185714 0.185714

0.1019913302879 0.1019913302879 0.101991330288 0.101991330288

-0.204873784699 -0.2048737846986 -0.2048737847 -0.204873784699

Particulars 2011-12 2012-13 2013-14 2014-15
TURNOVER 3,933,346,104 4607578021.2 5397382955.936 6322571780.4
Cost of goods sold 3,629,828,686 4192490732.2 4911143754.175 5752984208

GROSS PROFIT 3,629,828,686 415087289.04 486239201.7603 569587572.47

OPERATING EXPENSES:
Administrative & selling overhead 177,505,226 283928087.53 332597432.5995 389609401.22
Financial expenses 107,277,682 132758403.59 161580860.1973 186277611.33
Total Operating Expense 284,782,908 416686491.12 494178292.7968 575887012.55
OPERATING PROFIT/(LOSS) 18,734,510 -1599202.0825 -7939091.03658 -6299440.0708
Other income 30,305,059 44649283.698 65783027.6709 96919958.645

PROFIT BEFORE PPF & WF 49,039,569 43050081.616 57843936.63432 90620518.574

Provision for contribution to PPF & WF 2,335,218 2152504.0808 2892196.831716 4531025.9287

PROFIT BEFORE TAX 46,704,351 40897577.535 54951739.8026 86089492.645

Provision for tax:
Current tax 31,164,150 17585958.34 23629248.11512 37018481.837
Deferred tax expenses/(income) 105,984 84563.83 67472.84 53836.07

NET PROFIT/(LOSS) AFTER TAX 15,434,217 23227055.36 31255018.85 49017174.74

Dividend 10,263,754 15595950.379 20986376.24916 32912885.984
Transfer to the reserve 5,170,463 7631104.99 10268642.60 16104288.76
2015-16 2016-17
7406351234 8675906025.8
6739128186 7894311379.9

667223049 781594645.96

456394038.7 534626520.52
215253882.6 249246210.44
671647921.2 783872730.97
-4424872.289 -2278085.009
142794862.4 210383630.05

138369990.1 208105545.04
6918499.505 10405277.252

131451490.6 197700267.79

56524140.96 85011115.15
42955.39 34273.78

74884394.25 112654878.86
50281590.95 75642817.098
24602803.30 37012061.76
 2012 2013 2014
ASSETS
Non-Current Assets:
Property, Plant and Equipment 159,448,761 169695936.402763 180601659.436
Investment 189,186,650 208105315 228915846.5
Deferred Tax Assets 410,573 326457.36 259574.80
Total Non-Current Asset 349,045,984 378127708.758358 409777080.7376
Current Assets:
Inventories 715,872,045 900017635.101311 1054293561.905
Trade Debtors 82,036,136 71080275.4144023 83264453.74532
Advance, Deposits & Prepayments 37,913,602 72833087.4112599 85317722.84967
Other Receivable 54,530,281 118422010.518897 138721241.0165
Cash & Cash Equivalents 332,017,196 800,383,216.30 854,807,377.40
Total Current Asset 1,222,369,260 1962736224.75 2216404356.92
TOTAL ASSETS 1,571,415,244 2340863933.50631 2626181437.66

EQUITY AND LIABILITIES

Shareholders' Equity:
Share Capital 57,024,000 57,024,000 57,024,000
Share Premium 209,088,000 209,088,000 209,088,000
Reserve and Surplus 285,329,282 292,960,387 303,229,030
Total Shareholders' Equity 551,441,282 559,072,387 569,341,030
Liabilities
Non-Current Liabilities:
Long Term Loan 142,500,000 137,648,784 132,485,799
Total Non- Current Liability 142,500,000 137,648,747 132,485,723
Current Liabilities:
Working Capital Loan (Secured) 766,023,738 1018131615.86755 1192653972.453
Long Term loan-Current Maturity 14,186,667 15098391.0185365 16068708.12916
Short term Loan 0 62278100.7095596 72953460.09347
Trade Creditors 39,503,650 30137564.9773552 35303575.71666
Sundry Creditors 23,259,688 469933011.788297 550486267.749
Income Tax Payable 31,164,150 44165618.8792991 51736239.18688
Other Liabilities 3,336,069 4398496.54752866 5152461.919928
Total current Liability 877,473,962 1644142799.78813 1924354685.248
Total Liabilities 1,019,973,962 1,781,791,547 2,056,840,408
TOTAL EQUITY AND LIABILITIES 1,571,415,244 2,340,863,934 2,626,181,438
 2015 2016 2017

192208252.49235 204560757.866463 217707112.552655

251807431.15 276988174.265 304686991.6915
206394.73 164109.86 130488.05
444222078.37195 481713041.991663 522524592.296189

1235014594.5197 1446713803.24101 1694701291.60861

97537174.934785 114256445.173558 133841638.046485
99942403.802689 117073964.754777 137142120.880566
162500050.66483 190354889.219426 222984446.475509
925,714,845.91 1,017,851,392.95 1,137,588,191.55
2520709069.83 2886250495.34 3326257688.56
2964931148.204 3367963537.33113 3848782280.86069

57,024,000 57,024,000 57,024,000

209,088,000 209,088,000 209,088,000
319,333,318 343,936,122 380,948,183
585,445,318 610,048,122 647,060,183

126,991,008 121,143,088 114,919,344

126,990,892 121,142,930 114,919,144

1397091963.2001 1636573556.72353 1917105728.98282

17101383.890722 18200425.8604377 19370099.1462457
85458729.135477 100107580.587586 117267455.208854
41355114.765202 48443974.371574 56747966.1521444
644847506.72672 755383614.984632 884867197.027205
60604572.360174 70993064.9905223 83162294.204398
6035667.7672555 7070267.75992154 8282213.02507451
2252494937.8456 2636772485.27821 3086802953.74675
2,379,485,830 2,757,915,416 3,201,722,097
2,964,931,148 3,367,963,537 3,848,782,281
Risk-free rate 0.08
Market return 0.132012
Beta 0.440211299310129
Cost of equity 0.10
Cost of debt 0.17
After tax cost of debt 0.0969

Total market value of equity 420,266,880

Book value of debt 922,710,405
Weight of equity 0.31
Weight of debt 0.69

WACC 0.0988
1. Capital expenditures will be financed by long-term loan.
2. Perpetual growth rate is
3. Risk-free rate is
4. To normalize the affairs it was assumed that BDL's investment will increase by
1.50%
8%
10% rate each year.
 Time Closing Price- Apex Food DGEN
30.12.2012 73.7 4,219.31
29.11.2012 85.4 4,210.58
31.10.2012 66.8 4,493.92
30.09.2012 72.6 4,544.41
30.08.2012 66.2 4,446.87
30.07.2012 62.2 4,159.17
28.06.2012 63.9 4,572.88
31.05.2012 65.2 4,734.33
30.04.2012 71.1 5,098.90
29.03.2012 73.9 4,990.32
29.02.2012 73.4 4,695.41
31.01.2012 64.8 4,153.96
29.12.2011 83 5,257.61
30.11.2011 727.75 5,268.55
31.10.2011 680.25 5,036.50

29.09.2011 850.70 5,910.20

25.08.2011 916.75 6,212.00
31.07.2011 969.00 6,459.62
30.06.2011 956.25 6,117.23
31.05.2011 946.50 5,603.60
28.04.2011 1,082.00 6,050.85
31.03.2011 1,201.75 6,352.10
28.02.2011 1,100.50 5,203.08
31.01.2011 1,032.25 7,484.23

30.12.2010 1208 8,290.41

30.11.2010 1372.25 8,602.44
31.10.2010 1,211.50 7,957.12
30.09.2010 1,109.50 7,097.38
31.08.2010 1,061.00 6,657.97
29.07.2010 1,111.00 6,342.76
30.06.2010 1016.75 6,153.68
31.05.2010 1055.75 6,107.81
29.04.2010 1,122.25 5,654.88
31.03.2010 1,069.00 5,582.33
28.02.2010 1,054.25 5,560.56
30.01.2010 1,310.00 5,367.11
30.12.2009 1171.5 4,535.53

26.11.2009 1236.25 4,380.95

29.10.2009 1,229.25 3,364.26
30.09.2009 1,337.00 3,083.89
31.08.2009 1,109.50 2,941.28
 30.07.2009 1,192.00 2,914.53
30.06.2009 1008.5 3,010.26
31.05.2009 895.5 2,572.18
30.04.2009 878.25 2,554.36
31.03.2009 971.25 2,446.92
26.02.2009 990.25 2,570.96
29.01.2009 858.5 2,649.49
30.12.2008 875.75 2,795.34
30.11.2008 898.25 2,468.92
30.10.2008 730.25 2,748.60
25.09.2008 1026.75 2,966.82
31.08.2008 866.25 2,791.20
30.07.2008 990.5 2,761.05
30.06.2008 1212.75 3,000.49
29.05.2008 1482.75 3,167.99
30.04.2008 1377.25 3,072.85
31.03.2008 1178.25 3,016.49
28.02.2008 668.75 2,931.38
31.01.2008 659 2,907.17

Covariance 0.004114833505177
Variance of Market return 0.00934740546557
Beta 0.440211299310129
Market return 0.01
Market return- yearly 0.13
Apex Food Return DGEN Return
(0.14) 0.00
0.28 (0.06)
(0.08) (0.01)
0.10 0.02
0.06 0.07
(0.03) (0.09)
(0.02) (0.03)
(0.08) (0.07)
(0.04) 0.02
0.01 0.06
0.13 0.13
(0.22) (0.21)
(0.89) (0.00)
0.07 0.05
(0.20) (0.15)

(0.07) (0.05)
(0.05) (0.04)
0.01 0.06
0.01 0.09
(0.13) (0.07)
(0.10) (0.05)
0.09 0.22
0.07 (0.30)
(0.15) (0.10)

(0.12) (0.04)
0.13 0.08
0.09 0.12
0.05 0.07
(0.05) 0.05
0.09 0.03
(0.04) 0.01
(0.06) 0.08
0.05 0.01
0.01 0.00
(0.20) 0.04
0.12 0.18
(0.05) 0.04

0.01 0.30
(0.08) 0.09
0.21 0.05
(0.07) 0.01
 0.18 (0.03)
0.13 0.17
0.02 0.01
(0.10) 0.04
(0.02) (0.05)
0.15 (0.03)
(0.02) (0.05)
(0.03) 0.13
0.23 (0.10)
(0.29) (0.07)
0.19 0.06
(0.13) 0.01
(0.18) (0.08)
(0.18) (0.05)
0.08 0.03
0.17 0.02
0.76 0.03
0.01 0.01
Particulars 2012 2013 2014 2015
Inventory 715872045 900016645.19478 1054292098.414 1235012524
Trade Debtors 82036136 71080276.769143 83264431.33125 97537120.56
Advance, Deposits & Prepayments 37913602 72831985.781246 85316407.79195 99940834.52
Other Receivable 54530281 118423970.30111 138723496.7463 162502646.2
Non-cash current asset 890352064 1162352878.0463 1361596434.284 1594993125

Trade Creditors 39503650 30137564.244005 35303564.68133 41355089.92

Sundry Creditors 23259688 469933010.46184 550486107.5171 644847133.2
Income Tax Payable 31164150 44165616.591834 51736221.59431 60604534.28
Other Liabilities 3336069 4398495.3457623 5152459.026961 6035662.639
Non- STD Current liabilities 97263557 548634686.64344 642678352.8197 752842420

Working capital 793088507 613718191.40283 718918081.464 842150705.5

Change in WC -179370315.59717 105199890.0611 123232624
 2016 2017
1446710961 1694697473.66
114256348.548 133841486.278
117072092.725 137139888.428
190357874.816 222987879.57
1868397277.08 2188666727.93

48443931.3007 56747899.3407
755382959.633 884866174.276
70992999.9222 83162194.0109
7070259.71414 8282201.21278
881890150.57 1033058468.84

986507126.509 1155608259.09
144356421.029 169101132.583
Particulars 2013 2014 2015 2016
EBIT 148169492.77 186677362.12739 237394250.276387 305737670.9098
EBIT (1-tax rate) 84456610.88 106406096.41261 135314722.657541 174270472.4186
Depreciation 31514911.133 33540256.580493 35695763.403365 37989796.58641
Capital expenditure 10,247,175 10,905,723 11,606,593 12,352,505
Change in NWC -179370315.6 105199890.06112 123232624.016062 144356421.0292
Free cashflow 285,094,662 23,840,740 36,171,269 55,551,343

Present value discount factor 0.9101032651 0.8282879531229 0.753827570569765 0.686060933289

Present value of free cashflow 259465582.93 19746997.651686 27266899.8260014 38111605.95079
Terminal value

Enterprise value 1065241633.3

Cash 332,017,196
Interest-bearing debt 922,710,405
Equity value 474,548,424
Value per share 83.219069924
 2017 2018
398956324.4378
227405104.9295
40431258.7006
13,146,355
169101132.5834
85,588,876 86872709.506

0.624386295435
53440521.44117
647463027.88
 Relative valution
Rahima Food Fine Foods Apex Food
Price to earning ratio 28.23 -144 27.229556252
Price to book Value Ratio 3.92 1.54681506 0.7621244432
Price to Cashflow ratio 26.36 61.79897783 2.7632506073
Price to turnover ratio 0.3 5.867968787 0.106847165

Price with respect price earning multiple 59.851655458667

Price with respest to sales 1395.0806862023

Price with respect to cashflow 601.24

Price with respect to Book value 314.07

Fu-wang Foods BATBC Industry Average
20.212765 12.78 22.1130803129
2.85 7.16 3.24778790064
14.94966 6.84 22.5423776875
2.007831009 1.83 2.02252939219
Ratio Analysis 2008 2009 2010 2011
Years
Liqudity (Short term solvency Ratio)

1)Quick Ratio 0.675873601521 0.400653262900192 0.6398497322 1.0880650986

2) Current ratio 1.47036238142 1.41688455955362 1.6851219226 1.3633350559

Activity/efficiency ratio
2008 2009 2010 2011
1) Total asset turnover 2.287315580433 1.80253487417612 1.9410254292 2.1595831546
2) Account receivable turnover 25.6709324866 189.548355496187 109.34953738 344.55763367
3) Inventory turnover 5.133235711536 3.11043791760428 3.4670911936 13.560743583

Leverage/solvency Ratio
2008 2009 2010 2011
1) Current Liability to equity ratio 1.324329818922 1.46119042571713 1.4188444159 2.295714252
2) Debt to equity ratio 1.205925419525 1.41844629490716 1.7469025644 2.4407463916

Pfofitability Ratioes:

1)Net income to revenue 0.010332158917 -0.00489412040572 0.0038807902 0.0033656616

2) Return on Equity 0.056753110609 -0.022508090635196 0.0213321237 0.0266411298
3)Return on Asset 0.023632908071 -0.008821822709728 0.0075327124 0.0072684261

Market value ratio

1) Price earning ratio 210.952569393 -748.004833103737 804.79937845 43.845370558

2) Dividend payout ratio 0.481764360589 -0.766202133781037 0.7995 0.7395604672

2010 2011 2012

Dividend payout ratio 79.95% 73.96% 66.50%

Benchmark
Apex Foods Ltd BATBC
Current Ratio 1.39 1.3
Quick Ratio 0.53 0.619
Total Assets Turnover 2.5 1.949
Debt-to-equity ratio 1.67 0.003
Return on Assets 0.01 0.262
Return on Equity 0.03 0.294
Receivable Turnover 47.95 28.74
Inventory Turnover 5.07 3.087

Apex Foods Ltd Fu-Wang Foods Ltd.

Current Ratio 1.39 1.52
Quick Ratio 0.53 0.40
Total Assets Turnover 2.5 0.79
Debt-to-equity ratio 1.67 0.41
Return on Assets 0.01 0.08
Return on Equity 0.03 0.10
Apex Foods Ltd Fu-Wang Foods Ltd.
Receivable Turnover 47.95 7.01
Inventory Turnover 5.07 5.04
 2012

0.534014265
1.393054738 1) Total asset turnover
2) Account receivable
turnover
3) Inventory turnover
2012
2.503059658
47.94650621
5.070499276

2012
1.591237346
1.673270455

0.003923941
0.027988868
0.009821858
2010
2011
2012
27.22955625
0.66499998 1) Current Liability to equity
ratio
2) Debt to equity ratio
2010
2011
2012
Year 2007-08 2008-09 2009-10
EBIT 94,517,766 59,540,458 81,821,920
Net sales 2,291,194,337 1,824,823,719 2,205,549,551
Total Assets 1,001,695,768 1,012,365,278 1,136,280,606
EBT 44,510,075 1898345 19256966
Net income 23,672,984 -8,930,907 8,559,275
Equity 417,122,229 396,786,522 401,238,767

ROE 0.0567531106092 -0.0225080906 0.02133212367

2007-08 2008-09 2009-10

Operating profit margin 0.0412526185464 0.03262806011 0.03709820075
Total asset turnover 2.2873155804328 1.80253487418 1.94102542924
Interest burden 0.4709175521563 0.03188327843 0.2353521648
After tax retention rate 0.5318567537799 -4.7045753011 0.44447681945
Finqancial leverage 2.4014442251171 2.55141044836 2.83193125753
ROE 0.0567531106092 -0.0225080906 0.02133212367

sensitivity of ROE in terms of operating profit margin:

Year O.Profit Margin Total Asset Interest Burden
turnover
2007-08 0.0412526185464 2.28731558043 0.47091755216
2008-09 0.0326280601135 2.28731558043 0.47091755216
2009-10 0.0370982007468 2.28731558043 0.47091755216
2010-11 0.0313801289797 2.28731558043 0.47091755216
2011-12 0.0391478473871 2.28731558043 0.47091755216

Mean 0.0053
variance 0.0491320795377
Standard deviation 0.2216575727055
CV 4155.01

Sensitivity of ROE in terms of total asset turnover:

 Year O.Profit Margin Total Asset Interest Burden
turnover
2007-08 0.0412526185464 2.28731558043 0.47091755216
2008-09 0.0412526185464 1.80253487418 0.47091755216
2009-10 0.0412526185464 1.94102542924 0.47091755216
2010-11 0.0412526185464 2.15958315457 0.47091755216
2011-12 0.0412526185464 2.50305965849 0.47091755216

Mean 0.03413
variance 0.0280457136425
Standard deviation 0.1674685452332
CV 490.62588581329

Sensitivity of ROE in terms of interest burden:

Year O.Profit Margin Total Asset Interest Burden

turnover
2007-08 0.0412526185464 2.28731558043 0.47091755216
2008-09 0.0412526185464 2.28731558043 0.03188327843
2009-10 0.0412526185464 2.28731558043 0.2353521648
2010-11 0.0412526185464 2.28731558043 0.33969047935
2011-12 0.0412526185464 2.28731558043 0.30331039336

Mean 1.45
variance 11.144896731818
Standard deviation 3.3383973298303
CV 230.80671931256

sensitivity of ROE in terms of after tax retention rate:

Year O.Profit Margin Total Asset Interest Burden

turnover
2007-08 0.0412526185464 2.28731558043 0.04125261855
2008-09 0.0412526185464 2.28731558043 0.04125261855
2009-10 0.0412526185464 2.28731558043 0.04125261855
2010-11 0.0412526185464 2.28731558043 0.04125261855
2011-12 0.0412526185464 2.28731558043 0.04125261855

Mean -2.795761014341
variance 22.318013832575
Standard deviation 4.7241945168013
CV -168.9770510629
sensitivity of ROE in terms of Financial leverage:

Year O.Profit Margin Total Asset Interest Burden

turnover
2007-08 0.0412526185464 2.28731558043 0.04125261855
2008-09 0.0412526185464 2.28731558043 0.04125261855
2009-10 0.0412526185464 2.28731558043 0.04125261855
2010-11 0.0412526185464 2.28731558043 0.04125261855
2011-12 0.0412526185464 2.28731558043 0.04125261855

Mean 0.0610355164226
variance 0.0457376204714
Standard deviation 0.2138635557345
CV 350.39198202848
2010-11 2011-12
100,645,950 153,982,033
3,207,314,733 3,933,346,104
1,485,154,543 1,571,415,244
34188471 46704351
10,794,736 15,434,217
405,190,623 551,441,282

0.0266411298467 0.027988867543653

2010-11 2011-12
0.0313801289797 0.039147847387091
2.1595831545728 2.5030596584947
0.3396904793486 0.303310393362581
0.3157419938435 0.330466362759221
3.6653230817733 2.84965107853496
0.0266411298467 0.027988867543653

After tax Financial Leverage ROE % Change in ROE

Retention Rate
0.5318567537799 2.40144422511705 0.056753111
0.5318567537799 2.40144422511705 0.044887912 -0.209066933
0.5318567537799 2.40144422511705 0.051037688 0.137002954
0.5318567537799 2.40144422511705 0.043171076 -0.154133399
0.5318567537799 2.40144422511705 0.053857481 0.247536217
 After tax Financial Leverage ROE % Change in ROE
Retention Rate
0.5318567537799 2.40144422511705 0.056753111
0.5318567537799 2.40144422511705 0.044724682 -0.211943079
0.5318567537799 2.40144422511705 0.048160924 0.076830999
0.5318567537799 2.40144422511705 0.0535838 0.112599105
0.5318567537799 2.40144422511705 0.062106175 0.159047594

After tax Financial Leverage ROE % Change in ROE

Retention Rate
0.5318567537799 2.40144422511705 0.056753
0.5318567537799 2.40144422511705 0.003842 -0.932295413
0.5318567537799 2.40144422511705 0.028364 6.381680192
0.5318567537799 2.40144422511705 0.040938 0.443328468
0.5318567537799 2.40144422511705 0.036554 -0.107097750

After tax Financial Leverage ROE % Change in ROE

Retention Rate
0.5318567537799 2.40144422511705 0.004971602
-4.704575301118 2.40144422511705 -0.043976641 -9.84556841232562
0.4444768194533 2.40144422511705 0.004154806 -1.09447756513701
0.3157419938435 2.40144422511705 0.00295144 -0.289632259716377
0.3304663627592 2.40144422511705 0.003089078 0.046634179814042
 After tax Financial Leverage ROE % Change in ROE
Retention Rate
0.5318567537799 2.40144422511705 0.004971602
0.5318567537799 2.55141044836195 0.00528207 0.062448347405444
0.5318567537799 2.83193125752976 0.005862819 0.109947346710877
0.5318567537799 3.66532308177329 0.007588153 0.294283917389465
0.5318567537799 2.84965107853496 0.005899504 -0.222537545815391
Year 2007-08 2008-09 2009-10 2010-11
EBIT 94,517,766 59,540,458 81,821,920 100,645,950
EBIT (1-tax rate) 53,875,127 33,938,061 46,638,494 57,368,192
Depreciation 2,283,845 2,051,750 1,832,294 1,929,958
Capital expenditure 24,849,498 1,426,304 -14,583,938 48,785,368
Change in NWC -85307145 95044611 -12168348 -413331875
Free cashflow 116,616,619 -60,481,104 75,223,074 423,844,657

Opearting Cashflow 136,611,144 -72,479,592 46,284,431 -228,925,474

2008 2009 2010 2011

Free cashflow 116616618.62 -60481103.94 75223074.4 423844656.5
Opearting Cashflow 136611144 -72479592 46284431 -228925474
2011-12 Change in NWC:
153,982,033 2007 2008
87,769,759 Inventories 386,396,728 402,397,836
1,763,508 Trade Debtors 263,340,672 89,252,478
-8,915,482 Advance, Deposits & Prepayments 21,868,654 36,483,650
583440825 Other Receivable 16,254,727 88,252,065
-484,992,076 Total non cash current assets 687,860,781 616,386,029

152,091,482 Trade Creditors 27,135,680 22,502,675

Sundry Creditors 15,854,770 24,269,410
Income Tax Payable 18,004,467 27,720,991
Other Liabilities 1,455,425 1,789,659
2012 Average Total Non STD current liabilities 62,450,342 76,282,735
-484992076.19 14042233.88
152091482 6716398.2 Working capital 625,410,439 540,103,294
Change in Working capital -85,307,145
 2009 2010 2011 2012
531,786,340 573,384,439 216,977,700 715,872,045
9,627,220 20,169,720 9,308,500 82,036,136
57,404,919 21,684,194 39,078,934 37,913,602
84,212,591 41,858,012 35,278,917 54,530,281
683,031,070 657,096,365 300,644,051 890,352,064

3,208,970 4,323,203 29,254,068 39,503,650

17,087,189 16,877,551 29,427,862 23,259,688
25,417,432 10,531,215 29,512,384 31,164,150
2,169,574 2,384,839 2,802,055 3,336,069
47,883,165 34,116,808 90,996,369 97,263,557

635,147,905 622,979,557 209,647,682 793,088,507

95,044,611 -12,168,348 -413,331,875 583,440,825

Free cashflow
Opearting Cashflow
 Degree Of Operating Leverage & Financ

Particulars 206-07 2007-08 2008-09 2009-10

Turnover 2,414,669,218 2,291,194,337 1,824,823,719 2,205,549,551
EBIT 80,316,328.00 196,741,725 185,611,329 216,410,356
EBT 32,654,112 44,510,075 1,898,345 19,256,966

% change in sales -0.05113531911 -0.20354913176 0.208637046985

% change in EBIT 1.45 (0.06) 0.17

2009 2010 2011

Degree of operating leverage (DOL) 0.28 0.80 0.40
Degree of financial leverage (DFL) 97.7753406257 11.2380297083 7.484282669441

2009 2010 2011

Degree of operating leverage (DOL) 0.27793605374 0.79531850781 0.401507842542

2009 2010 2011

Degree of financial leverage (DFL) 97.7753406257 11.2380297083 7.484282669441
rating Leverage & Financial Leverage

2010-11 2011-12
3,207,314,733 3,933,346,104
255,876,181 284,782,908
34,188,471 46,704,351

0.45420207474 0.22636736069
0.18 0.11

2012
0.50
6.09756696972

2012
0.49906286276

2012
6.09756696972
Years 2007-08 2008-09 2009-10 2010-11 2011-12

NPM 0.0103321589 -0.00489412041 0.003880790162 0.00336566159 0.00392394073

Asset turnover 2.2873155804 1.802534874176 1.941025429242 2.15958315457 2.50305965849
Dividends 11,404,800 6,842,880 6,843,140 7,983,360 10,263,754
Net income 23,672,984 -8,930,907 8,559,275 10,794,736 15,434,217
Dividend payout ratio 48.18% -76.62% 79.95% 73.96% 66.50%
Retention rate 51.82% 176.62% 20.05% 26.04% 33.50%
Return on Asset 0.0236329081 -0.00882182271 0.007532712391 0.00726842607 0.00982185775
Sustainable growth rate 0.0123992743 -0.01534207534 0.001512593317 0.00189657568 0.0033011845

2007-08 2008-09 2009-10 2010-11 2011-12

sale 2,291,194,337 1,824,823,719 2,205,549,551 3,207,314,733 3,933,346,104
Average 2058009028 2015186635 2706432142 3570330418.5
growth rate
Sustainable rate

Years
Actual groth rate
Sustainable growth
pb ase
Year 2008 2009

Balance Sheet method

Total asset 1,001,695,768 1,012,365,278

Less: cash 195,853,040 138,451,205
Operating Asset (A) 805,842,728 873,914,073

Total liabilities 584,573,539 615,578,756

less: long term debt 26,893,628 30,922,870
less:Working Capital Loan (Secured) 440,576,222 448,488,702
less: Long Term loan-Current Maturity 7,904,041 11,319,137
less: Short term Loan 27,644,408 72,089,663
Operating liabilities (B) 81,555,240 52,758,384
Net operating assets(A)-(B) 724,287,488 821,155,689

Balance sheet based aggregate accruals 96,868,201

Average net operating assets 772,721,588.50
Balance sheet based accruals ratio=BSA/AvgNOA 0.125359770506787

Statement of cashfolw method

CFO 136,611,144 (72,479,592)
CFI (47,640,846) (33,699,432)
Aggregate Accruals -65,297,314 97,248,117
Accruals Ratio 0.13
 2010 2011 2012

1,136,280,606 1,485,154,543 1,571,415,244

302,235,767 277,168,248 332,017,196
834,044,839 1,207,986,295 1,239,398,048

735,041,839 1,079,963,920 1,019,973,962

165,746,455 149,762,032 142,500,000
509,713,653 772,726,834 766,023,738
25,464,923 15,123,961 14,186,667
0 51,354,724 0
34,116,808 90,996,369 97,263,557
799,928,031 1,116,989,926 1,142,134,491

-21,227,658 317,061,895 25,144,565

810,541,860.00 958,458,978.50 1,129,562,208.50
-0.026189465402811 0.330803823754884 0.02226045171376

46,284,431 (228,925,474) 152,091,482

(13,976,913) (77,758,901) (23,536,042)
-23,748,243 317,479,111 -113,121,223
(0.03) 0.33 (0.10)
 2008 2009 2010 2011
TURNOVER 2,291,194,337 1,824,823,719 2,205,549,551 3,207,314,733
growth rate -0.20354913176 0.20863704698 0.45420207474
A/R 89,252,478 9,627,220 20,169,720 9,308,500
A/R growth Rate -89.21% 109.51% -53.85%
Turnover Growth Rate -0.20354913176 0.20863704698 0.45420207474

Inventories 402,397,836 531,786,340 573,384,439 216,977,700

Growth Rate 32.15% 7.82% -62.16%

Reported income 23,672,984 -8,930,907 8,559,275 10,794,736

Cash flow from operating activities 136611144 -72479592 46284431 -228925474
Gap between RI & OCF -112,938,160 63,548,685 -37,725,156 239,720,210

2009 2010 2011 2012

A/R growth Rate -0.89213498364 1.095072097656 -0.5384913623 7.81303496804
Turnover Growth Rate -0.20354913176 0.208637046985 0.45420207474 0.22636736069

2009 2010 2011 2012

Turnover Growth Rate -20.35% 20.86% 45.42% 22.64%
Inventories Growth Rate 32.15% 7.82% -62.16% 229.93%
 2012
3,933,346,104
0.2263673607
82,036,136
781.30%
0.2263673607

715,872,045
229.93%

15,434,217
152091482
-136,657,265
Years 2007-08 2008-09 2009-10 2010-11 2011-12
Earning per share 4.151407127 -1.566166351 1.500995 1.893016 2.706618
Cost of Capital 0.098776412 0.098776412 0.098776 0.098776 0.098776
No growth value 42.02832488 -15.85567163 15.19589 19.16466 27.40146
WACC 0.098776412 0.098776412 0.098776 0.098776 0.098776