RSRM

2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

(Year) (Year) (Year) (Year) (Year)
Income Statement
Revenue 5,936,058,395 5,253,806,261 4,766,995,506 5,503,171,247 5,377,411,796
Costs of Sales 5,352,343,023 4,738,541,235 4,301,993,578 4,953,728,278 4,726,868,604
Gross Profit 583,715,372 515,265,026 465,001,928 549,442,969 650,543,192
Distribution expenses 38,933,355 42,826,690 57,515,413 59,268,605 4 0,280,540
Administrative expenses 19,554,069 18,795,015 18,363,563 20,987,512 2 4,225,311
Operating Profit/ (loss) 525,227,948 453,643,321 389,122,952 469,186,852 586,037,341
Employee benefits expenses 19,617,652 14,712,307 10,491,462 13,471,243 18,580,401
Finance Expenses 133,520,338 159,680,646 169,083,190 186,999,352 1 96,649,573
Finance Income -- -- 280,935 22,958,380 8 00,650
Other revenues and profits 645,439 283,456 -- -- --
Other expenses -- -- -- 22,249,769 --
Profit / (loss) Before Tax 372,735,397 279,533,824 209,829,235 269,424,868 371,608,018
Income Tax Expense 216,770,217 112,792,831 54,871,379 3,158,213 100,381,587
Profit / (loss) for the Period 155,965,180 166,740,993 154,957,856 272,583,081 271,226,431
The number of shares 29,600,000 29,600,000 29,600,000 65,520,000 78,624,000
Earnings Per Share - Basic 5.27 5.63 5.24 4.36 3 .45
Income tax paid -19,856,849 -131,762,418 -39,896,283 -45,956,304 -51,088,581

Balance sheet
Property Plant & Equipment 1,652,644,411 2,063,008,336 2,064,962,612 2,001,603,148 1,992,197,082
Capital Work in Progress 463,116,294 55,012,367 -- -- --
Total Non Current Assets 2,115,760,705 2,118,020,703 2,064,962,612 2,001,603,148 1,992,197,082
Inventory 1,247,611,813 1,613,125,611 1,751,235,595 1,739,842,561 1,613,896,280
Trade & other receivables 361,585,394 489,946,817 787,647,565 913,387,690 1,286,718,741
Cash & cash equivalents 19,492,631 9,034,964 13,807,142 24,067,846 33,785,801
Advances, Deposits & Payments 54,560,979 80,565,391 131,883,769 124,277,486 69,391,255
Total Current Assets 1,683,250,817 2,192,672,783 2,684,574,071 2,801,575,583 3,003,792,077
Total Assets 3,799,011,522 4,310,693,486 4,749,536,683 4,803,178,731 4,995,989,158
Stated capital 296,000,000 296,000,000 296,000,000 655,200,000 786,240,000
Share Premium -- -- -- 750,000,000 750,000,000
Revaluation Reserve 943,950,000 943,950,000 943,950,000 --
Revenue reserve -- -- -- 943,950,000 943,950,000
Retained Earnings 182,629,334 349,370,327 504,328,182 640,411,262 747,837,693
Shareholders' funds 1,422,579,334 1,589,320,327 1,744,278,182 2,989,561,262 3,228,027,693
Total Equity 1,422,579,334 1,589,320,327 1,744,278,182 2,989,561,262 3,228,027,693
Interest Bearing Borrowings 30,393,413 87,385,400 50,599,842 -- --
Defferred Tax Liabilities 86,780,382 159,676,930 168,592,005 114,345,211 131,498,915
Obligation under finance & operating -- -- -- 28,656,598 9,344,401
leases
Total Non Current Liabilities 117,173,795 247,062,330 219,191,847 143,001,809 140,843,317
Trade & other payables 798,370,654 937,053,485 1,187,432,131 201,282,584 117,726,179
Short term loans 1,074,087,510 1,365,713,759 1,323,010,208 1,382,939,074 1,385,504,042
Amount due to related parties 33,943,820 11,422,037 8,771,368 -- --
Lease rental payable within one year 10,050,007 15,330,586 28,300,179 21,834,178 22,079,644
Tax payable 131,762,418 39,896,283 45,956,304 51,088,581 83,227,883
Other current liabilities 211,043,984 104,894,680 192,596,464 13,471,243 18,580,401
Total Current Liabilities 2,259,258,393 2,474,310,830 2,786,066,654 1,670,615,660 1,627,118,149
Total Liabilities 2,376,432,188 2,721,373,160 3,005,258,501 1,813,617,469 1,767,961,466
Total Owners Equity & Liabilities 3,799,011,522 4,310,693,487 4,749,536,683 4,803,178,731 4,995,989,158
Book value per share 48.06 53.69 58.93 45.63 41.06
Figures from RSRM Annual Reports

Year Inventories A/R Sales

2011-2012 1,247,611,813 361,585,394 5,936,058,395
2012-2013 1,613,125,611 489,946,817 5,253,806,261
2013-2014 1,751,235,595 787,647,565 4,766,995,506
2014-2015 1,739,842,561 913,387,690 5,503,171,247
2015-2016 1,613,896,280 1,286,718,741 5,377,411,796

WACC: 10%

DIH Calculation

Year Inventories COGS

2011-2012 1,247,611,813 5,352,343,023 85.0801807336
2012-2013 1,613,125,611 4,738,541,235 124.2557189681
2013-2014 1,751,235,595 4,301,993,578 148.5825072924
2014-2015 1,739,842,561 4,953,728,278 128.194866397
2015-2016 1,613,896,280 4,726,865,604 124.6221474335

DSO Calculation

Year A/R Sales

2011-2012 361,585,394 5,936,058,395 22.2333845168
2012-2013 489,946,817 5,253,806,261 34.0382913494
2013-2014 787,647,565 4,766,995,506 60.3087124507
2014-2015 913,387,690 5,503,171,247 60.5807982137
2015-2016 1,286,718,741 5,377,411,796 87.3379905207

DPO Calculation
 Year A/P COGS
2011-2012 798,370,654 5,352,343,023 54.4444344202
2012-2013 937,053,485 4,738,541,235 72.1792857892
2013-2014 1,187,432,131 4,301,993,578 100.7469490497
2014-2015 201,282,584 4,953,728,278 14.8308786912
2015-2016 117,726,179 4,726,865,604 9.0906023007

NPV Calculation

Year COGS DPO

2011-2012 5,352,343,023 54 -5274312104.19816
2012-2013 4,738,541,235 72 -4646876815.62332
2013-2014 4,301,993,578 101 -4186157440.60251
2014-2015 4,953,728,278 15 -4933453810.28649
2015-2016 4,726,865,604 9 -4715238987.31894

NPV Calculation Perp.

Year Total Taka Perpetuity

2011-2012 492686336.512509 13498255.7948633
2012-2013 388940635.177625 10655907.8130856
2013-2014 322661838.200294 8840050.36165188
2014-2015 298787672.274069 8185963.62394709
2015-2016 366986039.972619 10054412.0540444
 COGS A/P
5,352,343,023 798,370,654
4,738,541,235 937,053,485
4,301,993,578 1,187,432,131
4,953,728,278 201,282,584
4,726,865,604 117,726,179

Days
85
124
149
128
125

Days
22
34
60
61
87
 Days
54
72
101
15
9

Sales (DIH+DSO) Total Taka

5,936,058,395 107 5766998440.71067 492686336.512509
5,253,806,261 158 5035817450.80095 388940635.177625
4,766,995,506 209 4508819278.8028 322661838.200294
5,503,171,247 189 5232241482.56056 298787672.274069
5,377,411,796 212 5082225027.29156 366986039.972619
 RSRM

Particulars 2011-2012 2012-2013

Total Current Assets 1,683,250,817 2,192,672,783
Total Current Liabilities 2,259,258,393 2,474,310,830
Inventory 1,247,611,813 1,613,125,611
Total Assets 3,799,011,522 4,310,693,486
Total Equity 1,422,579,334 1,589,320,327
Total Liabilities 2,376,432,188 2,721,373,160

Ratios
Liquidity Ratios
Ratios Formulas 2011-2012
Current Assets/Current
Current Ratio Liabilities 0.75
(Current Assets-
Quick Ratio Inventory)/Current Liabilities 0.19
Current Assets-Current
Net Working Capital Liabilities -576,007,576

Solvency Ratios
Debt to Equity Ratio Total Liabilities/Total Equity 1.67
Equity Ratio Total Equity/Total Assets 0.37
Debt Ratio Total Liabilities/Total Assets 0.63
2013-2014 2014-2015 2015-2016
2,684,574,071 2,801,575,583 3,003,792,077
2,786,066,654 1,670,615,660 1,627,118,149
1,751,235,595 1,739,842,561 1,613,896,280
4,749,536,683 4,803,178,731 4,995,989,158
1,744,278,182 2,989,561,262 3,228,027,693
3,005,258,501 1,813,617,469 1,767,961,466

2012-2013 2013-2014 2014-2015 2015-2016

0.89 0.96 1.68 1.85

0.23 0.34 0.64 0.85

-281,638,047 -101,492,583 1,130,959,923 1,376,673,928

1.71 1.72 0.61 0.55

0.37 0.37 0.62 0.65
0.63 0.63 0.38 0.35
 Current Ratio Quick Ratio
2.00
1.85
1.80 0.90
1.68
1.60 0.80
1.40 0.70 0.64
1.20 0.60
1.00 0.96
0.89 0.50
0.80 0.75
0.40 0.34
0.60
0.30 0.23
0.40 0.19
0.20
0.20
0.10
0.00
2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 0.00
2011-2012 2012-2013 2013-2014 2014-2

Net Working Capital

1,500,000,000 1,376,673,928
1,130,959,923
1,000,000,000

500,000,000

-101,492,583
0
2011-2012 2012-2013 2013-2014 2014-2015 2015-2016

-281,638,047
-500,000,000
-576,007,576

-1,000,000,000
 -281,638,047
-500,000,000
-576,007,576

-1,000,000,000

Debt to Equity Ratio Equity Ratio

2.00
0.70
1.80
1.67 1.71 1.72 0.62
1.60
0.60

1.40 0.50
1.20
0.40 0.37 0.37 0.37
1.00

0.80 0.30
0.61
0.60 0.55
0.20
0.40
0.10
0.20

0.00 0.00
2011-2012 2012-2013 2013-2014 2014-2015 2015-2016 2011-2012 2012-2013 2013-2014 2014-2

Debt Ratio
0.70
0.63 0.63 0.63
0.60

0.50

0.40 0.38
0.35

0.30

0.20

0.10

0.00
2011-2012 2012-2013 2013-2014 2014-2015 2015-2016
0.30

0.20

0.10

0.00
2011-2012 2012-2013 2013-2014 2014-2015 2015-2016
 Quick Ratio
0.85

0.64

0.34
3

013 2013-2014 2014-2015 2015-2016

 Equity Ratio
0.65
0.62

7 0.37

013 2013-2014 2014-2015 2015-2016