Apx Tannery

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APEX TANNERY LIMITED (INCOME STATEMENT)

2004 2005 2006 average stdev

Net Sales Revenue 1,731,241,000 1,716,040,000 2,212,651,000 1,886,644,000 282432630.26

(Cost of Goods Sold) 1,601,201,000 1,570,796,000 2,047,102,000 1,739,699,667 266651949.01

Gross Profit 130,040,000 145,244,000 165,549,000 146,944,333 17815460.15

(Operating Expense): 52,718,000 63,423,000 76,840,000 64,327,000 12086382.13

Administarative expenses 18,121,000 19,248,000 18,349,000 18,572,667 595862.68

Marketing expenses 27,911,000 37,248,000 49,802,000 38,320,333 10984825.64

Directors' Remuneration 3,408,000 3,408,000 3,408,000 3,408,000 0

Legal & Audit fees 280,000 248,000 224,000 250,667 28095.08

Depreciation 2,998,000 3,271,000 5,057,000 3,775,333 1118317.64

Net Income from Operation 77,322,000 81,821,000 88,709,000 82,617,333 5735115.72

Other Income 1,053,000 3,934,000 12,006,000 5,664,333 5677815.81

EBIT 78,375,000 85,755,000 100,715,000 88,281,667 11382307.91

(Finance Cost)/(Interest Expense) 56,839,000 45,057,000 45,792,000 49,229,333 6600403.5

Net Income Before Contributio 21,536,000 40,698,000 54,923,000 39,052,333 16754226.52

(Contribution to PF&WF ) 1,025,000 1,937,000 2,614,000 1,858,667 797390.95

Net Profit Before Tax 20,511,000 38,761,000 52,309,000 37,193,667 15956835.57

(Provision for Income Tax) 3,158,000 6,295,000 9,527,000 6,326,667 3184618.08

Net Income/Loss After Tax 17,353,000 32,466,000 42,782,000 30,867,000 12789687.68

Appropriations

Previous Years retained earnings 7,804,000 4,500,000 17,154,000 9,819,333 6563315.12

Dividend -18,288,000 -19812000 -22,860,000 -20,320,000 2327948.45

Income Tax -540,000 0 -2,336,000 -958,667 1222982.15

Dividend Distribution tax -1,829,000 0 0 -609,667 1055973.64

-12,853,000 -15,312,000 -8,042,000 -12,069,000 3697866.55

Dividend per share-taka 12 13 15 13 1.53

Retained earnings 4,500,000 17,154,000 34,740,000 18,798,000 15186884.21

Earning per share (par value Tk 1 11.39 21.3 28.07 20 8.39



average growth 2007

0.14 2523100535.72

0.14 2338033074.7

0.13 186798630.08

0.21 92769294.46

0.01 18491084.42

0.34 66524660.88

0 3408000

-0.11 200361.29

0.32 6667834.28

0.07 95023706.62

2.39 40747451.67

0.13 114241686.64

-0.1 41419446.03

0.62 88955810.35

0.62 4233720.2

0.62 84722090.15

0.75 16704515.92

0.59 68208700.7

1.19 37641256.96

0.12 -25570961.54

-2336000

0

-0.14 -6902151.8

0.12 16.78

1.92 101391879.66

0.59 44.74



APEX TANNERY LIMITED (CASH FLOW STATEMENT)

2004 2005 2006

Cash Flow From Operation:

Collection from turnover and other income 1,712,347,000 1,691,883,000 2,266,261,000

Payment to workers profit participation fund 1,334,000 1,018,000 1,900,000

Payment for purchase of leather and Expense 1,576,732,000 1,637,816,000 2,073,003,000Cash Generated from Operation 134,281,000 53,049,000 191,358,000

Income tax paid 56,839,000 4,500,000 6,000,000

Interest Paid 1,500,000 45,057,000 45,793,000

Net Cash Generated from Operating Activities 75,942,000 3,492,000 139,565,000

Cash Flows from Investing Activities:

Acquision of Fixed assets -972,000 -4,512,000 -16,803,000

Net Cash Used in Investing Activities -972,000 -4,512,000 -16,803,000

Cash Flows from Financiang Activities:

Loan received/paid from Rupali Bank -25,069,000 46,230,000 -54,991,000

Dividend distribution tax paid -1,829,000 -1,829,000 0

Long term loan paid -26,510,000 -27,649,000 -28,671,000

Dividend Paid -18,288,000 -18,288,000 -19,812,000

Net Cash Generated from Financing Activities -71,696,000 -1,536,000 -103,474,000

Increase in Cash and cash Equivalents 3,274,000 -2,556,000 19,288,000

Cash and cash Equivalents at Beginning of Year 10,779,000 14,053,000 11,497,000

Cash and Cash Equivalents at End of Year 14,053,000 11,497,000 30,785,000



Average

1,890,163,667

1,417,333

1,762,517,000126,229,333

22,446,333

30,783,333

72,999,667

-7,429,000

-7,429,000

-11,276,667

-1,219,333

-27,610,000

-18,796,000

-58,902,000

6,668,667

12,109,667

18,778,333



APEX TANNERY LIMITED (VERTICAL INCOME STATEMENT)

2004 2005 2006

Net Sales Revenue 100.00% 100.00% 100.00%

Cost of Goods Sold 92.49% 91.54% 92.52%

Gross Profit 7.51% 8.46% 7.48%

Operating Expense: 3.05% 3.70% 3.47%

Adinistrative Expense 1.05% 1.12% 0.83%

marketing Expense 1.61% 2.17% 2.25%

Directors' Remuneration 0.20% 0.20% 0.15%

Legal & Audit fees 0.02% 0.01% 0.01%

Depreciation 0.17% 0.19% 0.23%

Net Income from Operation 4.47% 4.77% 4.01%

Other Income 0.06% 0.23% 0.54%

EBIT 4.53% 5.00% 4.55%

(Finance Cost)/(Interest Expense) 3.28% 2.63% 2.07%

Net Income Before Contribution to WPPF 1.24% 2.37% 2.48%

(Contribution to PF&WF ) 0.06% 0.11% 0.12%

Net Profit Before Tax 1.18% 2.26% 2.36%

(Provision for Income Tax) 0.18% 0.37% 0.43%

Net Income/Loss After Tax1.00% 1.89% 1.93%



Appropriations

Previous Years retained earnings 45.08% 0.26%

Dividend 1.05% (0)

Income Tax -0.03% 0.00%

Dividend Distribution tax 0

Retained earnings 0

Earning per share (par value Tk 100) 0



Average Stdev

100.00% 0

92.18% 0.01

7.82% 0.01

3.40% 0

1.00% 0

2.01% 0

0.18% 0

0.01% 0

0.20% 0

4.41% 0

0.28% 0

4.69% 0

2.66% 0.01

2.03% 0.01

0.10% 0

1.94% 0.01

0.33% 0

1.61% 0.01





APEX TENNARY LIMITED (HORIZONTAL INCOME STATEME

(using 2004 as the base year)

2004 2005 2006

Net Sales Revenue 100.00% 99.12% 127.81%

Cost of Goods Sold 100.00% 98.10% 127.85%

Gross Profit 100.00% 111.69% 127.31%

Operating Expense: 100.00% 120.31% 145.76%

Administarative expenses 100.00% 106.22% 101.26%

Marketing expenses 100.00% 133.45% 178.43%

Directors' Remuneration 100.00% 100.00% 100.00%

Legal & Audit fees 100.00% 88.57% 80.00%

Depreciation 100.00% 109.11% 168.68%

Net Income from Operation 100.00% 105.82% 114.73%

Other Income 100.00% 373.60% 1140.17%EBIT 100.00% 109.42% 128.50%

(Finance Cost)/(Interest Expense) 100.00% 79.27% 80.56%

Net Income Before Contribution to WPPF 100.00% 188.98% 255.03%

(Contribution to PF&WF ) 100.00% 188.98% 255.02%

Net Profit Before Tax 100.00% 188.98% 255.03%

(Provision for Income Tax) 100.00% 199.34% 301.68%Net Income/Loss After Tax 100.00% 187.09% 246.54%



T)

Average

108.98%

108.65%

113.00%

122.02%

102.49%

137.29%

100.00%

89.52%

125.93%

106.85%

537.92%112.64%

86.61%

181.34%

181.33%

181.34%

200.34%177.88%



Apex Tannery LIMITED (HORIZONTAL BALANCE SHEET)

(using 2004 as the Base Year)

2004 2005

ASSETS

Non-Current Assets 100.00% 88.74%Net Fixed Assets 100.00% 90.70%

Investments 100.00% 54.23%

Current Assets 100.00% 107.80%

Inventories 100.00% 112.71%

Trade Debtors 100.00% 123.15%

Advanced deposits and payments 100.00% 76.76%

Cash & Bank Balances 100.00% 81.81%

TOTAL ASSETS 100.00% 105.15%

SHAREHOLDER'S EQUITY AND LIABILITIESShareholders' Equity 100.00% 102.11%

Share Capital 100.00% 100.00%

Share premium 100.00% 100.00%

Reserved for reinvestment 100.00% 100.00%

Retained Earnings 100.00% 381.20%

Long Term Liabilities 100.00% 80.64%

Long term loan 100.00% 80.64%

Current Liabilities 100.00% 112.58%

Short term loans 100.00% 138.14%

working capital management 100.00% 100.40% Trade creditors 100.00% 122.40%

Sundry creditors 100.00% 426.36%

Provision for Income taxes 100.00% 299.34%

Proposed dividends 100.00% 108.33%

Total Liabilities & Shareholder`s Equity 100.00% 105.15%



2006 100.00% 0.00% 893.35%

100.00% 0.00% 876.81%

86.02% 100.00% 0.00% 1048.52%87.84%

54.23% 100.00% 0.00% 767.55%100.00% 0.00% 605.61%

93.62% #DIV/0! #DIV/0! #DIV/0! \

98.48% 100.00% 0.00% 713.15% \

107.00% 100.00% 0.00% 596.24% \

54.34% 100.00% 0.00% 1656.88% \

219.06% \ 100.00% 0.00% 717.66%

92.56% 100.00% 0.00% 1003.68% 367.89%

105.05% 100.00% 0.00% 627.53% 242.51%

100.00% 100.00% 0.00% 530.95% 210.32%

100.00% \

100.00% 100.00% 0.00% 530.95% 210.32%

772.00%

60.56%

60.56%

88.50%

91.27%

100.31%23.29%

77.42%

500.98%

125.00%

92.56%



APEX TANNERY LIMITED (BALANCE SHEET)

2004 2005 2006 AVERAGE

ASSETS

Non-Current Assets 202,550,000 179,737,000 174,241,000 185,509,333

Net Fixed Assets 191,625,000 173,812,000 168,316,000 177,917,667

Investments 10,925,000 5,925,000 5,925,000 7,591,667

Current Assets 1,253,083,000 1,350,798,000 1,173,149,000 1,259,010,000

Inventories 849,772,000 957,767,000 836,895,000 881,478,000

Trade debtors 178,396,000 219,686,000 190,880,000 196,320,667

Advance, deposits and payments 210,862,000 161,848,000 114,589,000 162,433,000

Cash & Bank Balances 14,053,000 11,497,000 30,785,000 18,778,333

TOTAL ASSETS 1,455,633,000 1,530,535,000 1,347,390,000 1,444,519,333

SHAREHOLDER'S EQUITY AND LIABILITIES

Shareholders' Equity 598,398,000 611,052,000 628,638,000 612,696,000

Share Capital 152,400,000 152,400,000 152,400,000 152,400,000

Share premium 425,333,000 425,333,000 425,333,000 425,333,000

Reserved for reinvestment 16,165,000 16,165,000 16,165,000 16,165,000

Retained earning 4,500,000 17,154,000 34,740,000 18,798,000

Long Term Liabilities 142,790,000 115,141,000 86,470,000 114,800,333

Long term loan 142,790,000 115,141,000 86,470,000 114,800,333

Current Liabilities 714,445,000 804,342,000 632,282,000 717,023,000

Short-term loan 116,369,000 160,752,000 106,209,000 127,776,667

Working Capital Loan 456,409,000 458,256,000 457,807,000 457,490,667



Trade Creditors 117,285,000 143,551,000 27,312,000 96,049,333

Sundry creditors 2,936,000 12,518,000 2,273,000 5,909,000

Provision for income-tax 3,158,000 9,453,000 15,821,000 9,477,333

Proposed dividend 18,288,000 19,812,000 22,860,000 20,320,000

Total Liabilities & Shareholder`s Equ 1,455,633,000 1,530,535,000 1,347,390,000 1,444,519,333



Avg. Growth 2007 2005 growth growth 2006 averge growth

-0.07 161764735.28 -11.26 -3.06 -7.16

-0.06 157831767.12 -9.3 -3.16 -6.23

-0.23 4569164.76 -45.77 0 -22.88

-0.03 1141747061.77 7.8 -13.15 -2.68

0 837265387.23 12.71 -12.62 0.04

0.05 200455291.45 23.15 -13.11 5.02

-0.26 84541354.45 -23.24 -29.2 -26.22

0.75 53808673.1 -18.19 167.77 74.79

-0.03 1301441224.9 5.15 -11.97 -3.41

0.02 644330795.93 2.11 2.88 2.5

0 152400000 0 0 0

0 425333000 0 0 0

0 16165000 0 0 0

1.92 101391879.66 281.2 102.52 191.86

-0.22 67332384.1 -19.36 -24.9 -22.13

-0.22 67332384.1 -19.36 -24.9 -22.13

-0.04 604434327.54 12.58 -21.39 -4.4

0.02 108444687.86 38.14 -33.93 2.1

0 458509048.68 0.4 -0.1 0.15



-0.29 19312453.32 22.4 -80.97 -29.29

1.22 5051972.65 326.36 -81.84 122.26

1.33 36918294 199.34 67.36 133.35

0.12 25570961.54 8.33 15.38 11.86

-0.03 1301441224.9 5.15 -11.97 -3.41



APEX TANNERY LIMITED (VERTICAL BALANCE SHEET)

2004 2005 2006 Average Stdev

ASSETS

Non-Current Assets 13.91% 11.74% 12.93% 12.86% 0.01

Net Fixed Assets 13.16% 11.36% 12.49% 12.34% 0.01

Investments 0.75% 0.39% 0.44% 0.53% 0

Current Assets 86.09% 88.26% 87.07% 87.14% 0.01

Inventories 58.38% 62.58% 62.11% 61.02% 0.02 Trade Debtors 12.26% 14.35% 14.17% 13.59% 0.01

Advanced deposits and payments 14.49% 10.57% 8.50% 11.19% 0.03

Cash & Bank Balances 0.97% 0.75% 2.28% 1.33% 0.01

TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 0

SHAREHOLDER'S EQUITY AND LIABILITIES

Shareholders' Equity 41.11% 39.92% 46.66% 42.56% 0.04

Share Capital 10.47% 9.96% 11.31% 10.58% 0.01

Share premium 29.22% 27.79% 31.57% 29.53% 0.02

Reserved for reinvestment 1.11% 1.06% 1.20% 1.12% 0

Retained Earnings 0.31% 1.12% 2.58% 1.34% 0.01

Long Term Liabilities 9.81% 7.52% 6.42% 7.92% 0.02

Long term loan 9.81% 7.52% 6.42% 7.92% 0.02

Current Liabilities 49.08% 52.55% 46.93% 49.52% 0.03

Short term loans 7.99% 10.50% 7.88% 8.79% 0.01

working capital management 31.35% 29.94% 33.98% 31.76% 0.02

Trade creditors 8.06% 9.38% 2.03% 6.49% 0.04

Sundry creditors 0.20% 0.82% 0.17% 0.40% 0

Provision for Income taxes 0.22% 0.62% 1.17% 0.67% 0

Proposed dividends 1.26% 1.29% 1.70% 1.42% 0

Total Liabilities & Shareholder`s Equity 100.00% 100.00% 100.00% 100.00% 0

0.00% 0.00% 0.00% 0



Avg Growth 2007

-0.03 0.13

-0.02 0.12

-0.17 0

0.01 0.88

0.03 0.64

0.08 0.15

-0.23 0.07

0.91 0.04

0 1

0.07 0.5

0.04 0.12

0.04 0.33

0.04 0.01

1.96 0.08

-0.19 0.05

-0.19 0.05

-0.02 0.46

0.03 0.08

0.04 0.36

-0.31 0.01

1.13 0

1.37 0.03

0.17 0.02

0 1

0



APEX TANNERY RATIO ANALYSIS Units 2004 2005 2006

1.Short Term Efficiency

ITOR= COGS/Inventory times 1.88 1.64 2.45

ITOP=Inventory/ (COGS/360) days 191.06 219.50 147.17

RTOR=Sales/(Accounts Receivable) times 9.70 7.81 11.59

RTOP=Accounts Receivable/(Sales/360) days 24.99 32.74 4.81

PDR=Sales/Accounts payable times 14.40 10.99 20.83

PDP=Accounts Payable/ (COGS/360) days 27.03 35.77 5.20CCC= ITOP+RTOP-PDP days 189.02 216.48 146.78

Current Ratio= CA/CL times 1.75 1.68 1.86

Quick Ratio- CA-INV/CL times 0.56 0.49 0.53

Cash Ratio=Cash+M/s/ CL times 0.02 0.01 0.05

Daily Expense=(COGS+Admin Exp+Operating Expense)/360 tk/day 4,594,219 4,539,497 5,899,839

Interval Measure=(Cash+M.S)/Daily Expense days 3.06 2.53 5.22

Cash Liquidity Ratio=(Cash+M.s+MKt Securities)/Avg Daily Expense days 3.06 2.53 5.22

NWC=CA-CL(non interest bearing liabilities) tk 538,638,000 546,456,000 540,867,000

Time to Ruin=(Cash+M/s)/(Daily Exp - Depreciation) days 0.01 0.01 0.01

2. Debt Management

Debt to Equity Ratio= Total Debt/Total Equity times 1.43 1.50 1.14

Debt Ratio= Total Liability/Total Assest times 0.59 0.60 0.53

TIE= EBIT/Interest times 1.38 1.90 2.20

Cash Coverage Ratio=(EBIT+Depr)/Interest times 1.43 1.98 2.31

LTD to Debt Ratio=LTD/Total Debt times 0.17 0.13 0.12

3. Asset Management RatiosFixed Asset Turnover Ratio=Sales/Fixed Asset times 9.03 9.87 13.15

Fixed Asset Turnover Period=Fixed Asset/(COGS/360) days 43.08 39.83 29.60

Total Asset Turnover Ratio=Sales/Total Asset times 1.19 1.12 1.64

Total Asset Turnover Period= Total Asset/(COGS/360) days 327.27 350.77 236.954.Profitability Ratio

Gross Profit Margin(gross profit/sales) % 0.08 0.08 0.07

Net Profit Margin= Net Income/Sales % 0.01 0.02 0.02Basic Earning Power= EBIT/TA % 0.05 0.06 0.07

ROA= NI/TA % 0.01 0.02 0.03ROE= NI/TE % 0.03 0.05 0.07

Dividend Payout Ratio= Dividend/NI % -1.05 -0.61 -0.53

PBR=Retained Earnings/Net Income % 0.26 0.53 0.815. Market Ratios

Earnings Per share= NI/ # of Shares outstanding times 11.39 21.30 28.07

Book Price per Share= Total Equity/# of Shares outstanding tk/shares 392.65 400.95 412.49

2. Liquidity/Solvency Ratio



PE Ratio= Market Price per Share/EPS times 23.45 10.66 8.91

Market Book Value= Market Price/ Book Price times 1.02 1.02 1.02



Avearge STD Growth

1.99 0.41 29.82%

185.91 36.44 -22.97%

9.70 1.89 19.45%

20.85 14.42 -80.75%

74.78 5.00 44.67%

22.67 15.74 -80.75%184.09 35.11 -22.34%

1.76 0.09 5.79%

0.53 0.04 -5.79%

0.03 0.02 147.53%

5011185.19 770082.91 28.42%

3.60 1.42 70.59%

3.60 1.42 70.59%

541987000.00 4027540.32 0.41%

0.01 0.00 70.68%

1.36 0.19 -20.19%

0.57 0.04 -9.42%

1.83 0.42 59.50%

1.91 0.44 61.34%

0.14 0.03 -27.77%

10.68 2.17 45.51%

37.51 7.04 -31.30%

1.32 0.28 38.07%

305.00 60.09 -27.60%

0.08 0.01 -0.24%

0.02 0.01 92.90%0.06 0.01 38.83%

0.02 0.01 166.35%0.05 0.02 134.68%

-0.73 0.28 -49.30%

0.53 0.28 213.13%

20.25 8.39 146.44%

402.03 9.96 5.05%



14.34 7.94 -62.00%

1.02 0.00 -0.05%



Worksheet for Ratio Calculation

2004 2005

Net Sales Revenue 1,731,241,000 1,716,040,000

Cost of Goods Sold 1,601,201,000 1,570,796,000

Stock & Stores/Inventory 849,772,000 957,767,000

Advances & Pre-payments 210,862,000 161,848,000

Sundry creditors 2,936,000 12,518,000

Trade creditors 117,285,000 143,551,000

Current Assets 1,253,083,000 1,350,798,000

Current Liabilities 714,445,000 804,342,000

Cash & Bank Balances 14,053,000 11,497,000

Operating Expenses 52,718,000 63,423,000

Depreciation Expense 2,998,000 3,271,000

Total Equity 46,385,617 44,796,663

Total debt 88,019,596 94,770,721

EBIT 78,375,000 85,755,000

(Finance Cost)/(Interest Expense) 56,839,000 45,057,000

Long Term Liabilities 142,790,000 115,141,000

Net Fixed Assets 191,625,000 173,812,000

Total Asset 134,405,313 140,451,912

Net Income 17,353,000 32,466,000

Dividened Paid 18,288,000 19812000 Number of Shares outstanding 1,524,000 1,524,000

Retained Earnings 4,500,000 17,154,000



2006

2,212,651,000

2,047,102,000

836,895,000

114,589,000

2,273,000

27,312,000

1,173,149,000

632,282,000

30,785,000

76,840,000

5,057,000

47,796,166

99,902,883

100,715,000

45,792,000

86,470,000

168,316,000

149,059,640

42,782,000

22,860,0001,524,000

34,740,000



Calculation of Degree of Operating Leverage (DOL)

Items 2004 2005 2006

Sales 1,731,241,000 1,716,040,000 2,212,651,000

Variable Cost (COGS) 1,601,201,000 1,570,796,000 2,047,102,000

EBIT 78,375,000 85,755,000 100,715,000

1.66 2 1.64

Calcution of Degree of Financial Leverage (DFL)

Items 2004 2005 2006

Interest expense 56,839,000 45,057,000 45,792,000

EBIT 78,375,000 85,755,000 100,715,000

3.64 2.11 1.83

Calculation of Degree of combined Leverage (DCL)

Items 2004 2005 2006

DOL 1.66 2 1.64

DFL 3.64 2.11 1.83

6.04 4.22 3.00

Calculation of EVA

2004 2005 2006

NOPATt 54,862,500.00 60,028,500.00 70,500,500.00

Invested Capital 1,197,597,000.00 1,184,449,000.00 1,172,915,000.00

WACC 2.73% 2.06% 2.38%

EVA= 22,128,183.65 35,620,431.6 42,596,859.2

DOL (Sales- Vc/EBIT)

DFL ( EBIT/ EBIT- Interest)

DCL ( DOL*DFL)



Average

1.67

Average

2.53

Average

4.42

Avg

39,108,645.4



Calculation of Weighted Average cost of capital (WACC)

Year EBIT (1-tax rate) NOPAT

2004 78,375,000 1-0.1539 54,862,500.00

2005 85,755,000 1-0.1624 60,028,500.00

2006 100,715,000 1-0.1821 70,500,500.00

2004 2005 2006

Interest bearing CL 456,409,000 458,256,000 457,807,000

LT liabilities 142,790,000 115,141,000 86,470,000

Owner's equity 598,398,000 611,052,000 628,638,000

INVESTED CAPITAL 1,197,597,000 1,184,449,000 1,172,915,000

Calculation of WACC

Calculation of Wd :

Items 2004 2005 2006

Interest bearing CL 456,409,000 458,256,000 457,807,000LT liabilities 142,790,000 115,141,000 86,470,000

Total interest bearing liabili 599,199,000 573,397,000 544,277,000

Total liabilities and equity 1,455,633,000 1,530,535,000 1,347,390,000

Weight of DEBT 41.16% 37.46% 40.39%

Calculation of Kd :

Items 2004 2005 2006

Total interest bearing liabili 599,199,000 573,397,000 544,277,000

Financing cost 56,839,000 45,057,000 45,792,000Cost of debt Kd 9.49% 7.86% 8.41%

After tax cost of debt 6.64% 5.50% 5.89%

Calculation of We :

2004 2005 2006

Owner's equity 598,398,000 611,052,000 628,638,000

Total liabilities and equity 1,455,633,000 1,530,535,000 1,347,390,000

Weight of EQUITY 41.11% 39.92% 46.66%

WACC

2004 2005 2006

Wd 41.16% 37.46% 40.39%

Kd 6.64% 5.50% 5.89%

We 41.11% 39.92% 46.66%

WACC 2.73% 2.06% 2.38%

Nopat= EBIT*(1-tax rate)



Average

39.67%

Average

6.01%

0.43

2.39% 2.39%



MVA

ITEM 2004 2005

Market value of short term liability(i 456,409,000 458,256,000

Total asset 1,455,633,000 1530535000

Number of share 1,524,000 1,524,000Price per share 267 227

Market Value of equity 406,908,000.0 345,948,000.0

MVA=(mv of short debt+mv of eqiuty)-total a (592,316,000) (726,331,000)

Z-Score

2004 2005

Long Term Liabilities 142790000 115141000

Earnings before Interest & Tax (EBIT) 78,375,000 85,755,000

TOTAL ASSET 1,455,633,000 1,530,535,000

Sales 1,731,241,000 1,716,040,000Market Value of Equity 406,908,000 345,948,000

Retained Earnings 4,500,000 17,154,000

Total Current Assets 1,253,083,000 1,350,798,000

Total Current Liabilities 714,445,000 804,342,000

Net Working Capital (CA-CL) 538,638,000 546,456,000

Total Liabilities 857,235,000 919,483,000

Calculation of Z-score2004 2005

EBIT/ TA 0.05384 0.05603

Sales/TA 1.19 1.12

Market value of equity/TL 0.47 0.38

NWC/TA 0.37004 0.35704

Retained earnings/TA 0.00309 0.01121

Z-Score 2.09 1.96



Total Asset 0 0

Sales 1,650,891,478 2,414,669,218

Mkt Value of Equity - -

64,392,903 75,567,340

Current Asset (1) 785478620 812304448

Current Liabilities (2) 511338759 519558719

Working Capital (1-2) 274,139,861 292,745,729

Interest 39,467,324 36,211,007

Book Value of Debt/Total liabilities

531,990,690 528517884

Z-Score #DIV/0! #DIV/0!

Avg growth of z-score #DIV/0!

Retained Earning (Reserve &Surplus)



2006AVERAGE

457807000 457,490,667

1347390000 1,444,519,333

1,524,000 1,524,000250 248

381,000,000.0 377,952,000

(508,583,000) (609,076,667)

2006 AVG

86470000

100,715,000 88,281,667

1,347,390,000 1,444,519,333

2,212,651,000 1,886,644,000381,000,000 377,952,000

34,740,000 18,798,000

1,173,149,000 1,259,010,000

632,282,000 717,023,000

540,867,000 541,987,000

718,752,000 831,823,333

2006 Avg

0.07475

1.64

0.53

0.40142

0.02578

2.71 2.25



0 0

2,291,194,337 1,824,823,719

- -

87,835,524 72,061,737

856919269 866162475

552407406 579780667

304,511,863 286,381,808

39,081,179 43,117,570

584573539 615578756

#DIV/0! #DIV/0!



Apex Tennary

Calculation of Free Cash Flow

After tax Cash Flow from Operation 2004 2005

EBIT 78375000 85755000.00

depreciation 2998000 3271000

income tax payment 3158000 6295000

After tax Cash Flow from Operation 84531000 95321000

Current Assets

inventories 849,772,000 957767000.00

Trade Debtors 178,396,000 219686000.00

Advances, deposits and Prepayments 210,862,000 161848000.00

cash and bank balances 14,053,000 11497000.00

1,253,083,000 1350798000.00

Change in current asset 97715000.00

chang in non interest bearinh current liabilities 37372000.00

non interest bearing current liabilities 138,509,000 175881000.00chang in net operating working capital 60343000.00

Change in long term assets -22813000

ESTIMATED FREE CASH FLOW 57791000

INTRINSIC STOCK PRICE

Intrinsic Stock Price= Firm Value/ Shares Outstanding

Firm Value $234,605,439.47

Shares Outstanding 1,524,000

Intrinsic Stock Price $153.94



2006 2007

100715000.00 114241686.64

5057000 6667834

9527000 16704516

115299000 137614037

836895000.00 837265387.23

190880000.00 200455291.45

114589000.00 84541354.45

30785000.00 53808673.10

1173149000.00 1141747061.77

-177649000.00 -31401938.23

-123436000.00 -2509612.55

52445000.00 49935387.45-54213000.00 -28892325.68

-5496000 -23744598

175008000 190250961



APEX Tennary

Intrinsic Value

YEAR 2004 2005 2006

Free Cash Flow 376,904,868 70,780,433 74,453,324

WACC (discount Rate) 12.88% 12.88% 12.88%

Present Value at 2007 333889088.05 18767860.32 10165680

Intrinsic Value/ Firm Value 4848550787

Debt Value -368,905,711

Equity Value 5217456498

Share price 372.68



2006 and byeond

577,907,755

12.88%

4485728159

Documents

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