Queen South Textile Mills Ltd.

Statements of Financial Positions

A. Statement of Assets and Liabilities:

2019 VA HA 2018 VA HA 2017 VA

Non-Current Assets
Property, Plant & Equipment 695,736,265 0.18 (0.07) 748,831,082 0.21 0.07 700,314,214 0.23
Capital Work in Process 65,947,115 0.02 #DIV/0! - #DIV/0! -
Total Non-Current Assets 761,683,380 748,831,082 700,314,214

Current Assets
Advances, Deposits & Prepayments 110,177,032 0.03 0.26 87,744,424 0.03 (0.10) 97,498,555 0.03
Cash and Cash Equivalents 115,021,375 0.03 (0.33) 171,159,142 0.05 8.26 18,489,089 0.01
Inventories 1,591,539,502 0.42 0.06 1,494,407,454 0.43 0.10 1,353,410,576 0.45
Investments in FDR 8,865,052 0.00 (0.63) 24,185,095 0.01 0.06 22,840,140 0.01
Trade Debtors and Other Receivables 1,189,642,529 0.31 0.22 976,274,897 0.28 0.19 820,765,892 0.27
Total Current Assets 3,015,245,490 2,753,771,012 2,313,004,252
Total Assets 3,776,928,870 3,502,602,094 3,013,318,466

Equity and Liabilities

Share Holder's Equity
Share Capital 1,101,650,000 0.29 0.10 1,001,500,000 0.29 0.18 851,500,000 0.28
Retained Earning 839,637,864 0.22 0.09 773,695,260 0.22 0.27 611,601,279 0.20
Total Shareholder Equity 1,941,287,864 1,775,195,260 1,463,101,279

Non-Current Liabilities
Long Term Loan 449,711,388 0.12 0.01 445,416,595 0.13 0.02 436,289,605 0.14
Deferred Tax Liabilities 46,143,957 0.01 0.02 45,303,624 0.01 0.03 43,879,998 0.01
Total Non- Current Liabilities 495,855,345 490,720,219 480,169,603

Current Liabilities
Current Portion of Term Loan - - (1.00) 7,669,354 0.00 (0.76) 32,489,870 0.01
Trade Creditors Other Payables 511,481,283 0.14 (0.09) 561,372,674 0.16 (0.03) 578,059,984 0.19
Creditor for other finance & Dividend payable 8,341,961 0.00 #DIV/0! - #DIV/0! -
Short term Loan 724,885,481 0.19 0.23 590,092,959 0.17 0.78 331,031,264 0.11
Others Payable 62,466,252 0.02 0.26 49,418,957 0.01 (0.42) 85,005,684 0.03
Outstanding IPO Subscription 105,000 110,000
Provission for Income Tax 32,649,642 0.01 0.17 28,022,671 0.01 (0.36) 43,460,782 0.01
Total Current Liabilities 1,339,929,619 1,236,686,615 1,070,047,584
Total Liabilities 1,835,784,964 1,727,406,834 1,550,217,187
Total Equities & Liabilities 3,777,072,828 3,502,602,094 3,013,318,466

(143,958.00) (0.49) -

Net Assets Value Per Share (NAVPS) 17.62 17.73 17.18

Queen South Textile Mills Ltd.

Statement of profit and loss & other comprehensive income
B. Statement of Operating Results:
Particulars 2019 VA HA 2018 VA HA 2017 VA

Sales Revenue 4,198,684,068 0.08 3,871,439,935 0.06 3,637,391,178

Cost of Goods Sold (3,715,525,955) (0.88) 0.07 (3,460,765,908) (0.89) 0.06 (3,274,758,759) (0.90)
Gross profit 483,158,113 0.12 0.18 410,674,027 0.11 0.13 362,632,419 0.10
Administrative Expenses (104,859,582) (0.02) 0.09 (95,876,930) (0.02) 0.04 (92,267,596) (0.03)
Selling & Distribution Expenses (24,583,174) (0.01) 0.31 (18,756,530) (0.00) 0.15 (16,266,165) (0.00)
Profit from operation 353,715,357 0.08 0.19 296,040,567 0.08 0.17 254,098,658 0.07
Add: Other Income 9,107,375 0.00 2.54 2,572,605 0.00 6.57 339,785 0.00
Less: Foreign Exchange Gain/(Loss) (7,502,977) (0.00) 3.37 (1,716,630) (0.00) (0.80) (8,543,990) (0.00)
Financial expenses (117,528,102) (0.03) 0.36 (86,271,262) (0.02) 0.17 (73,969,016) (0.02)
Net Profit before Tax & WPPF 237,791,653 0.06 0.13 210,625,280 0.05 0.23 171,925,437 0.05
Workers Profit Participation Fund & Welfare Fund - #DIV/0! - #DIV/0! -
Net Profit before Tax 237,791,653 0.06 0.13 210,625,280 0.05 0.23 171,925,437 0.05
Income Tax Expenses (38,913,849) (0.01) 0.16 (33,446,544) (0.01) 0.29 (25,982,508) (0.01)
Net Profit after tax 198,877,804 0.05 0.12 177,178,736 0.05 0.21 145,942,929 0.04
Total Other Comprehensive Income

Earnings Per Share 1.81 1.77 1.71

C. Dividend:

The Company's data relating to dividend is as under:

Cash Dividend - Nil 0.80 0.70 -

Stock Dividend (Bonus shares) - % 10.00 10 -

Queen South Textile Mills Ltd.

 Statement of Cash Flows
D. Statement of Cash Flows:
Particulars 2019 VA HA 2018 VA HA 2017 VA

Cash Flow from Operating Activities

Cash Received from Turnover & Others - (1.00) 3,767,484,424 89.52 0.09 3,462,745,977 34.19
Cash Received from Other Income 4,001,056,251 78.03 (2.08) (3,690,170,901) (87.68) 0.11 (3,338,882,029) (32.97)
Cash Payment for Cost and Expenses (3,927,129,864) (76.59) #DIV/0! - #DIV/0! -
Income Tax Paid (22,653,165) (0.44) (0.36) (35,226,671) (0.84) 0.56 (22,586,706) (0.22)
Net Cash Provided by Operating Activities 51,273,222 42,086,852 101,277,242
Cash Flow from Investing Activities
Acquisition of Property, Plant & Equipment (36,870,773) 0.43 (0.75) (149,444,828) 1.00 2.36 (44,494,375) 0.57
Capital Work in Progress (65,947,115) 0.76 #DIV/0! - (1.00) (33,087,040) 0.43
Investment in FDR 15,477,819 (0.18) (34.60) (460,586) 0.00 2.17 (145,283) 0.00
Proceed from sale of PPE 700,000 (0.01) #DIV/0! - #DIV/0! -
Net Cash Used by Investing Activities (86,640,069) (149,905,414) (77,726,698)
Cash Flow from Financing Activities
Short Term Loan 128,791,567 (6.20) (1.10) 243,181,638 0.93 (3.44) (99,610,804) 1.75
Long Term Loan paid/received (7,682,692) 0.37 (0.77) (33,228,113) (0.13) (0.01) (33,558,886) 0.59
Share Capital - (1.00) 150,000,000 0.58 - 150,000,000 (2.64)
Dividend Payment (24,443,239) 1.18 #REF! - #DIV/0! -
Payment for Financial expense (117,528,102) 5.66 0.36 (86,271,262) (0.33) 0.17 (73,969,016) 1.30
IPO Expense (5,000) 0.00 (1.00) (15,084,755) (0.06) #DIV/0! -
Unrealized Loss From Foreign Exchange 96,547 (0.00) #DIV/0! - #DIV/0! -
Realized Loss From Foreign Exchange - (1.00) 1,891,107 0.01 5.41 294,883 (0.01)
Net Cash Used by Financing Activities (20,770,919) 260,488,615 (56,843,823)
Net Cash inflow/ outflow (56,137,766) 152,670,053 (33,293,280)
Opening Cash and Bank Balance 171,159,142 18,489,089 51,782,368
Closing Cash and Bank Balance 115,021,376 171,159,142 18,489,088

Operating Cash Flow Per Share 0.47 0.42 1.19

Avg. A/R 1,082,958,713 898,520,395 410,382,946

Asset Average 3,639,765,482 3,257,960,280 1,506,659,233
Inventory Average 1,542,973,478 1,423,909,015 676,705,288
Depreciation 104,360,440 100,927,960 78,778,322
Debt 1,835,784,964 1,727,406,834 1,550,217,187
Average Asset 755,257,231 724,572,648 350,157,107

Market Price 25.20 34.63 1.00

Dividend yeild
Dividend/MP 0.03 0.02 0

Free Cash Flow 617,708,523 578,900,882 830,431,062

EBIT 302,021,791.75 252,362,060.70 209,010,285.05
Depreciation 104,360,439.75 100,927,960.00 78,778,322.00
Change in WC 158,231,474.00 274,127,729.00 ###
Capex (53,094,817) 48,516,868 700,314,214

Share holdings structure

Directors 53.23
Institutios 16.06
Foreign investment 17
Government
General Public 13.81

P/E Ratio 13.96 19.57 1

Divident Payout Ratio 0.00 0.00 -

Retention Ratio 4.22 4.37 4

Sustainable Growth Rate 0.10 0.10 0

P/BV 1.43 1.95 0

 Queen South Textile Mills Ltd.
Statement of Ratio Analysis
Amount in Taka
Name of Ratio 2019 2018 2017 ###
Computation Result % Computation Result % Computation Computation
Result %

I. Liquidity Ratios
Current Assets 3,015,245,490 2,753,771,012 2,313,004,252 ###
(ii) Current Ratio Current Liability 1,339,929,619 2.25 1,236,686,615 2.23 1,070,047,584 2.16
###
Current Assets - Inventory 1,423,705,988 1,259,363,558 959,593,676 ###
(ii) Quick Ratio Current Liability 1,339,929,619 1.06 1,236,686,615 1.02 1,070,047,584 0.90
###
II. Operating Efficiency Ratios
Gross Turnover 4,198,684,068 3,871,439,935 3,637,391,178 ###
(i) Accounts Receivable Turnover Ratio Receivables 1,082,958,713 3.88 898,520,395 4.31 410,382,946 8.86
###
COGS 3,715,525,955 3,460,765,908 3,274,758,759 ###
(ii) Inventory Turnover Ratio (Times) Avg Inventory 1,542,973,478 2.41 1,423,909,015 2.43 676,705,288 4.84
###
Net Sales 4,198,684,068 3,871,439,935 3,637,391,178 ###
(iii) Fixed Assets Turnover Ratio Avg Fixed Asset 755,257,231 5.56 724,572,648 5.34 350,157,107 10.39
###
III. Profitability Ratios
Grass Profit 483,158,113 410,674,027 362,632,419 ###
(i) Gross Margin Ratio Gross Premium 4,198,684,068 11.51% 3,871,439,935 10.61% 3,637,391,178 9.97%
###
Operating Profit 353,715,357 296,040,567 254,098,658 ###
(ii) Operating Income Ratio Total Operating Revenue 4,198,684,068 8.42% 3,871,439,935 7.65% 3,637,391,178 6.99%
###
Profit After Tax 198,877,804 177,178,736 145,942,929 ###
(iii) Net Profit Ratio Total Operating Revenue 4,198,684,068 4.74% 3,871,439,935 4.58% 3,637,391,178 4.01%
###
Profit After Tax - - - ###
(iv) Return on Assets Ratio Total Assets 3,639,765,482 0.00% 3,257,960,280 0.00% 1,506,659,233 0.00%
###
Profit After Tax 198,877,804 10.24% 177,178,736 9.98% 145,942,929 ###
9.97%
(v) Return on Equity Ratio Share Holders Equity 1,941,287,864 1,775,195,260 1,463,101,279 ###
Profit After Tax 198,877,804 177,178,736 145,942,929 ###
(vii) Earning Per Share (EPS) No. of Shares 110,165,000 1.81 100,150,000 1.77 85,150,000 1.71
###
EBITDA 450,572,820 395,251,897 324,332,990 ###
(vii) EBITDA Margin Total Revenue 4,198,684,068 10.73% 3,871,439,935 10.21% 3,637,391,178 8.92%
###
IV. Solvency Ratios

Total Debt 1,835,784,964 1,727,406,834 1,550,217,187 ###

(i) Debt to Total Asset ratio 0.49 0.49 0.51
Total Asset 3,776,928,870 3,502,602,094 3,013,318,466 ###

Total Dedt 1,835,784,964 1,727,406,834 1,550,217,187 ###

(ii) Debt to Equity Ratio (Times) 0.95 0.97 1.06
Total Equity 1,941,287,864 1,775,195,260 1,463,101,279 ###

EBIT 353,715,357 296,040,567 254,098,658 ###

(iii) Times Interest Earned Ratio (Times) 3.01 3.43 3.44
Financial expenses 117,528,102 86,271,262 73,969,016 ###

EBIT 353,715,357 296,040,567 254,098,658 ###

(iv) Debt Service Coverage Ratio 3.01 3.43 3.44
Total Debt Service Cost 117,528,102 86,271,262 73,969,016 ###

V. Cash Flow Ratios

Net Operating Cash Flow 51,273,222 42,086,852 101,277,242 ###

(i) Net Operating Cash Flow per Share 0.47 0.42 1.19
Number of Shares 110,165,000 100,150,000 85,150,000 ###

NOCFPS 0.47 0.42 1.19 ###

(ii) Net Operating Cash Flow Per Share/EPS 0.26 0.24 0.69
EPS 1.81 1.77 1.71 ###
 Textiles Industry
Statement of Ratio Analysis

Industry Company Industry

Name of Ratio 2019 2019 2018
Result % Result % Result %

I. Liquidity Ratios

(ii) Current Ratio 1.56 2.25 1.72

(ii) Quick Ratio 0.99 1.06 1.09

II. Operating Efficiency Ratios

(i) Accounts Receivable Turnover Ratio 23.44 3.88 21.93

(ii) Inventory Turnover Ratio (Times) 3.24 2.41 4.40

(iii) Fixed Assets Turnover Ratio 1.41 5.56 1.58

III. Profitability Ratios

(i) Gross Margin Ratio 0.11 0.12 0.13

(ii) Operating Income Ratio 0.05 0.08 0.06

(iii) Net Profit Ratio 0.01 0.05 0.03

(iv) Return on Assets Ratio 0.00 0.00 0.01

(v) Return on Equity Ratio 0.03 0.10 0.07

(vii) Earning Per Share (EPS) 0.28 1.81 0.66

(vii) EBITDA Margin 0.07 0.11 0.11

IV. Solvency Ratios

(i) Debt to Total Asset ratio 0.71 0.49 0.70

(ii) Debt to Equity Ratio (Times) 0.85 0.95 0.83

(iii) Times Interest Earned Ratio (Times) 3.84 3.01 4.16

(iv) Debt Service Coverage Ratio 3.84 3.01 4.16

V. Cash Flow Ratios

(i) Net Operating Cash Flow per Share 0.03 0.47 1.21

(ii) Net Operating Cash Flow Per Share/EPS -1.92 0.26 1.48
is

Company Industry Company

2018 2017 2017
Result % Result % Result %

2.23 1.78 2.16

1.02 1.26 0.90

4.31 28.64 8.86

2.43 5.59 4.84

5.34 2.16 10.39

0.11 0.13 0.10

0.08 0.07 0.07

0.05 0.04 0.04

0.00 0.00 0.00

0.10 0.07 0.10

1.77 0.64 1.71

0.10 0.11 0.09

0.49 0.59 0.51

0.97 0.55 1.06

3.43 6.19 3.44

3.43 6.19 3.44

0.42 2.08 1.19

0.24 1.78 0.69

 Queen South
YEAR 2019 2018 2017
TOTAL CAPITAL EXPENDITURE (86,640,069) (149,905,414) (77,726,698)
Free Cash Flow 617,708,523 578,900,882 830,431,062
RETAINED EARNINGS 839,637,864 773,695,260 611,601,279
CHANGES IN R.EARNINGS 65,942,604 162,093,981 611,599,683
DEBT 1,835,784,964 1,727,406,834 1,550,217,187
CHANGES IN DEBT 108,378,130 177,189,647 1,550,211,994
Cash Dividend Paid 88,132,000 70,105,000
EDQUITY 1,941,287,864 1,775,195,260 1,463,101,279
CHANGES IN EQUITY 166,092,604 312,093,981 1,463,094,554
Decision No No
Internal and external sources of cash:

Particulars 2019 2018 2017

Internal sources of Cash: 
Share Capital 1,101,650,000 1,001,500,000 851,500,000
Retained Earnings 839,637,864 773,695,260 611,601,279
Sub Total 1,941,287,864 1,775,195,260 1,463,101,279

Long Term Loan 449,711,388 445,416,595 436,289,605

Loan from Sister Concern - - -
Short Term Loan 724,885,481 590,092,959 331,031,264
Sub Total 1,174,596,869 1,035,509,554 767,320,869
Grand Total 3,115,884,733 2,810,704,814 2,230,422,148
 Cost of Equity
Year Dividend
2017 0 0%
2018 0.70 0%
2019 0.80 114%
2020 (P) 0.8

AVG Growth rate (Arithmatic) 0%

AVG Growth rate (Geometric) 0%
Share Price 25.2
Return on equity (De) 3%

Cost of Debt
Particulars 2019 2018
Total Debt 1,182,938,830 1,043,178,908
Interest Paid 117,528,102 86,271,262
Avg Interest Rate 0.11

Cost of Tax Rate

Income Before Tax 237,791,653 210,625,280
Tax Expense 38,913,849 33,446,544
Avg Tax Rate 16% 16%

WACC
Cost of Equity (De) 3%
Cost of Debt (Dd) 0
Number of Shares Outstanding 110,165,000
Market Value of Equity 2,776,158,000
Value of Debt 1,182,938,830
Equity+Debt 3,959,096,830
Percentage of Equity 70%
Percentage of Debt 30%
WACC 5%
 Queen South Textile Mills Ltd.

TANGIBILITY
YEAR 2017 2018 2019
PPE 700,314,214 748,831,082 695,736,265
TOTAL ASSET ### ### ###
TANGIBILITY 0 0 0
AVERAGE TANGIBILITY

GROWTH RATE
YEAR 2017 2018 2019 Average
TOTAL ASSET ### ### ###
GROWTH IN ASSET #DIV/0! 0 0.08 #DIV/0!
SALES ### ### ###
GROWTH IN SALES #DIV/0! 0 0.08 #DIV/0!

UNCERTAINTY OF INCOME
YEAR 2017 2018 2019
EBIT 254,098,658 296,040,567 353,715,357
MOVING AVERAGE EBIT 84,699,553 183,379,742 301,284,861
AVERAGE EBIT 113,872,831
STANDARD DEVIATION OF EBIT 129,170,046 129,782,929 108,434,767
COEFFICIENT OF VARIATION 2 0.71 0.36

PROFITABILITY
YEAR 2017 2018 2019 Average
NPAT 145,942,929 177,178,736 198,877,804
TOTAL ASSETS ### ### ###
PROFITABILITY 0 0.05 0.05 #DIV/0!

SALES STABILITY
YEAR 2017 2018 2019
SALES ### ### ###
MOVING AVERAGE SALES ### ### ###
AVERAGE SALES ###
STANDARD DEVIATION OF SALES ###
COEFFICIENT OF VARIATION 1.11

EFFECTIVE TAX RATE

YEAR 2017 2018 2019 Average
INCOME TAX EXPENSE (25,982,508) (33,446,544) (38,913,849)
EBT 171,925,437 210,625,280 237,791,653
EFFECTIVE TAX RATE (0) (0.16) (0.16) #DIV/0!

FINANCIAL SLACK
YEAR 2017 2018 2019 Average
FA 41,329,229 195,344,237 123,886,427
TA ### ### ###
FINANCIAL SLACK 0 0.0558 0.0328 #DIV/0!
 Total Asset
4,000,000,000 4,300,000,000

3,500,000,000 4,200,000,000
4,100,000,000
3,000,000,000
4,000,000,000
2,500,000,000
3,900,000,000
2,000,000,000 3,800,000,000

1,500,000,000 3,700,000,000
3,600,000,000
1,000,000,000
3,500,000,000
500,000,000
3,400,000,000
- 3,300,000,000
2017 2018 2019 2017

operating profit
400,000,000 250,000,000

350,000,000
200,000,000
300,000,000

250,000,000 150,000,000
200,000,000
100,000,000
150,000,000

100,000,000
50,000,000
50,000,000

- -
2017 2018 2019 2017
 Sales
0,000,000
0,000,000
0,000,000
0,000,000
0,000,000
0,000,000
0,000,000
0,000,000
0,000,000
0,000,000
0,000,000
2017 2018 2019

NPAT
,000,000

,000,000

,000,000

,000,000

,000,000

-
2017 2018 2019