MIRA INFORM REPORT

 

 

Report Date :

16.07.2013

 

IDENTIFICATION DETAILS

 

Name :

SQUARE PHARMACEUTICALS LTD 

 

 

Registered Office :

Square Centre,48, Mohakhali C/A, Dhaka, 1212

 

 

Country :

Bangladesh

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

10.11.1964

 

 

Legal Form :

Public Independent Company

 

 

Line of Business :

developing, manufacturing and marketing of drugs for health care for all live species

 

 

No. of Employees :

5290

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular 

 

 

Litigation :

Clear 

 

NOTES:

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Bangladesh

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

bangladesh ECONOMIC OVERVIEW

 

In real terms Bangladesh's economy has grown 5.8% per year since 1996 despite political instability, poor infrastructure, corruption, insufficient power supplies, and slow implementation of economic reforms. Bangladesh remains a poor, overpopulated, and inefficiently-governed nation. Although more than half of GDP is generated through the service sector, 45% of Bangladeshis are employed in the agriculture sector with rice as the single-most-important product. Bangladesh's growth was resilient during the 2008-09 global financial crisis and recession. Garment exports, totaling $12.3 billion in FY09 and remittances from overseas Bangladeshis, totaling $11 billion in FY10, accounted for almost 12% of GDP.

 

Source : CIA

 

 

Company name & address

 

Square Pharmaceuticals Ltd

Square Centre,48, Mohakhali C/A

Dhaka, 1212

Bangladesh

 

Tel:       880-2-8859007

Fax:      880-2-8834941

 

Web:    www.squarepharma.com.bd

           

 

synthesis

 

Employees:                  5,290

Company Type:            Public Independent

Traded:                         Dhaka Stock Exchange: SQURPHARMA

Incorporation Date:         10-Nov-1964

Auditor:                        Chowdhury Bhattacharjee & Co  

Financials in:                 USD (Millions)

Fiscal Year End:            31-Mar-2012

Reporting Currency:       Bangladesh Taka

Annual Sales:               257.5  1

Net Income:                   47.1

Total Assets:                 298.0  2

Market Value:                1,050.9 (04-Jul-2013)

 

 

Business Description     

 

Square Pharmaceuticals Ltd. is engaged in the business of developing, manufacturing and marketing of drugs for health care for all live species. The company owns and operates modern pharmaceuticals factories and produces and sells pharmaceuticals drugs and medicines. The company has a separate division to operate a modern basic chemical factory and produces and sells basic chemical products. The company has an AgroVet division producing and sells AgroVet products. The company also has a pesticide division producing and sells pesticide products. Its subsidiaries include Square Cephalosporins Ltd., Square Biotechs Ltd. and Square Multi Fabrics Ltd. Square Cephalosporins Ltd owns modern pharmaceuticals factory and produces and sells pharmaceuticals drugs and medicines. Square Biotechs Ltd is engaged in the business of biotechnological medicines/drugs for life saving and healthcare. Square Multi Fabrics Ltd is engaged in business of knit fabrics, yarn, garments for gents and ladies. For the nine months ended 31 December 2012, Square Pharmaceuticals Ltd revenues increased 4% to BDT14.66B. Net income increased 9% to BDT3.25B. Revenues reflect Gross Turnover increase of 5% to BDT16.95B. Net income benefited from Financial Expenses decrease of 27% to BDT279.7M (expense), Profit/(Loss)fromAssociateUndertakings increase of 7% to BDT356M (earnings).

 

Industry             

Industry            Biotechnology and Drugs

ANZSIC 2006:    1841 - Human Pharmaceutical and Medicinal Product Manufacturing

NACE 2002:      2442 - Manufacture of pharmaceutical preparations

NAICS 2002:     325412 - Pharmaceutical Preparation Manufacturing

UK SIC 2003:    24421 - Manufacture of medicaments

UK SIC 2007:    2120 - Manufacture of pharmaceutical preparations

US SIC 1987:    2834 - Pharmaceutical Preparations

 

           

Key Executives   

 

Name

Title

Tapan Chowdhury

Chief Executive Officer, Managing Director, Director

Md. Kabir Reza

Chief Financial Officer, Head - Accounts & Finance

Muhammadul Haque

Head - Marketing

Khandaker Habibuzzaman

Company Secretary

Parvez Hashim

Head - Operations

 

 

Financial Summary

             

 

As of 31-Dec-2012

Key Ratios

Company

Industry

Current Ratio (MRQ)

2.12

2.09

Quick Ratio (MRQ)

1.10

1.48

Debt to Equity (MRQ)

0.12

0.43

Sales 5 Year Growth

17.75

4.13

Net Profit Margin (TTM) %

16.57

17.06

Return on Assets (TTM) %

13.56

9.59

Return on Equity (TTM) %

19.46

18.98

 

 

Stock Snapshot

             

 

Traded: Dhaka Stock Exchange: SQURPHARMA

 

As of 4-Jul-2013

   Financials in: BDT

Recent Price

220.70

 

EPS

9.74

52 Week High

228.40

 

Price/Sales

4.13

52 Week Low

162.80

 

Dividend Rate

1.79

Avg. Volume (mil)

0.49

 

Price/Earnings

16.62

Market Value (mil)

81,828.64

 

Price/Book

4.28

 

Price % Change

Rel S&P 500%

4 Week

7.71%

 

13 Week

24.41%

 

52 Week

21.69%

 

Year to Date

30.90%

 

 

1 - Profit & Loss Item Exchange Rate: USD 1 = BDT 76.87472

2 - Balance Sheet Item Exchange Rate: USD 1 = BDT 81.79

 

 

Corporate Overview

 

Location

SQUARE Centre,48, Mohakhali C/A

Dhaka, 1212

Bangladesh

Tel:       880-2-8859007

Fax:      880-2-8834941

Web:    www.squarepharma.com.bd

           

Quote Symbol - Exchange

SQURPHARMA - Dhaka Stock Exchange

Sales BDT(mil):             19,798.1

Assets BDT(mil):           24,376.7

Employees:                   5,290

Fiscal Year End:            31-Mar-2012

Industry:                        Biotechnology and Drugs

Incorporation Date:         10-Nov-1964

Company Type:             Public Independent

Quoted Status:              Quoted

 

Chief Executive Officer, Managing Director, Director:

Tapan Chowdhury

 

Industry Codes

ANZSIC 2006 Codes:

1841     -          Human Pharmaceutical and Medicinal Product Manufacturing

6240     -          Financial Asset Investing

1192     -          Prepared Animal and Bird Feed Manufacturing

3720     -          Pharmaceutical and Toiletry Goods Wholesaling

1832     -          Pesticide Manufacturing

6910     -          Scientific Research Services

3319     -          Other Agricultural Product Wholesaling

 

NACE 2002 Codes:

2442     -          Manufacture of pharmaceutical preparations

157       -          Manufacture of prepared animal feeds

7310     -          Research and experimental development on natural sciences and engineering

2441     -          Manufacture of basic pharmaceutical products

5121     -          Wholesale of grain, seeds and animal feeds

7415     -          Management activities of holding companies

2420     -          Manufacture of pesticides and other agro-chemical products

5146     -          Wholesale of pharmaceutical goods

 

NAICS 2002 Codes:

325412  -          Pharmaceutical Preparation Manufacturing

311119  -          Other Animal Food Manufacturing

325411  -          Medicinal and Botanical Manufacturing

541710  -          Research and Development in the Physical, Engineering, and Life Sciences

424910  -          Farm Supplies Merchant Wholesalers

325320  -          Pesticide and Other Agricultural Chemical Manufacturing

551112  -          Offices of Other Holding Companies

424210  -          Drugs and Druggists' Sundries Merchant Wholesalers

 

US SIC 1987:

2834     -          Pharmaceutical Preparations

6719     -          Offices of Holding Companies, Not Elsewhere Classified

2048     -          Prepared Feed and Feed Ingredients for Animals and Fowls, Except Dogs and Cats

2879     -          Pesticides and Agricultural Chemicals, Not Elsewhere Classified

5122     -          Drugs, Drug Proprietaries, and Druggists' Sundries

8733     -          Noncommercial Research organizations

2833     -          Medicinal Chemicals and Botanical Products

5191     -          Farm Supplies

 

UK SIC 2003:

24421   -          Manufacture of medicaments

157       -          Manufacture of prepared animal feeds

7310     -          Research and experimental development on natural sciences and engineering

2441     -          Manufacture of basic pharmaceutical products

5121     -          Wholesale of grain, seeds and animal feeds

7415     -          Management activities of holding companies

2420     -          Manufacture of pesticides and other agro-chemical products

5146     -          Wholesale of pharmaceutical goods

 

UK SIC 2007:

2120     -          Manufacture of pharmaceutical preparations

109       -          Manufacture of prepared animal feeds

2110     -          Manufacture of basic pharmaceutical products

642       -          Activities of holding companies

4646     -          Wholesale of pharmaceutical goods

2020     -          Manufacture of pesticides and other agrochemical products

7219     -          Other research and experimental development on natural sciences and engineering

4621     -          Wholesale of grain, unmanufactured tobacco, seeds and animal feeds

 

Business Description

Square Pharmaceuticals Ltd. is engaged in the business of developing, manufacturing and marketing of drugs for health care for all live species. The company owns and operates modern pharmaceuticals factories and produces and sells pharmaceuticals drugs and medicines. The company has a separate division to operate a modern basic chemical factory and produces and sells basic chemical products. The company has an AgroVet division producing and sells AgroVet products. The company also has a pesticide division producing and sells pesticide products. Its subsidiaries include Square Cephalosporins Ltd., Square Biotechs Ltd. and Square Multi Fabrics Ltd. Square Cephalosporins Ltd owns modern pharmaceuticals factory and produces and sells pharmaceuticals drugs and medicines. Square Biotechs Ltd is engaged in the business of biotechnological medicines/drugs for life saving and healthcare. Square Multi Fabrics Ltd is engaged in business of knit fabrics, yarn, garments for gents and ladies. For the nine months ended 31 December 2012, Square Pharmaceuticals Ltd revenues increased 4% to BDT14.66B. Net income increased 9% to BDT3.25B. Revenues reflect Gross Turnover increase of 5% to BDT16.95B. Net income benefited from Financial Expenses decrease of 27% to BDT279.7M (expense), Profit/(Loss)fromAssociateUndertakings increase of 7% to BDT356M (earnings).

 

More Business Descriptions

Manufacture and distribution of pharmaceuticals

Pharmaceutical Mfr

 

SQUARE Pharmaceuticals Ltd. (SQUARE) is a major pharmaceutical company in Bangladesh that carries out the manufacture of branded and generic pharmaceutical products, medicines and other ethical drugs for the treatment of CNS, cardiovascular, respiratory, gastrointestinal and orthopedic conditions, besides vitamins, antibiotics, anti-fungals and hormones, among others. Its product portfolio includes pharmaceutical products (branded and generic), AgroVet products and Pesticides, and Herbal medicines and Nutraceuticals. The company owns and operates formulation facilities and a PET Bottle Unit. The formulation facilities include Pabna Unit (includes animal health unit and active pharmaceutical ingredients (API) unit) and Dhaka Unit (includes cephalosporins unit, metered dose inhaler (MDI) unit, insulin unit, and small volume parenteral & ophthalmic unit). It has a PET bottle unit with a capacity of 5,000 pieces/hour. The company exports its products to four major markets, namely, Europe, Asia, Africa, Central and South America. Currently, the company has 900 product approvals for Bangladesh market and 700 product approvals for export markets. The company operates its business through affiliates and subsidiaries, which include Square Cephalosporins Ltd., Square Multi Fabrics Ltd., Square Biotechs Ltd., Square Formulation Ltd., and Square Knit Fabrics Ltd.. SQUARE is headquartered in Dhaka, Bangladesh.The company reported revenues of (Bangladeshi Taka) BDT 19,798.08 million during the fiscal year ended March 2012, an increase of 16.63% over 2011. The operating profit of the company was BDT 4,570.55 million during the fiscal year 2012, an increase of 15.38% over 2011. The net profit of the company was BDT 3,618.57 million during the fiscal year 2012, an increase of 11.08% over 2011.

 

 

Financial Data

Financials in:

BDT(mil)

 

Revenue:

19,798.1

Net Income:

3,618.6

Assets:

24,376.7

Long Term Debt:

508.8

 

Total Liabilities:

5,256.7

 

Working Capital:

1.0

 

 

 

Date of Financial Data:

31-Mar-2012

 

1 Year Growth

16.6%

11.1%

8.2%

 

Market Data

Quote Symbol:

SQURPHARMA

Exchange:

Dhaka Stock Exchange

Currency:

BDT

Stock Price:

220.7

Stock Price Date:

07-04-2013

52 Week Price Change %:

21.7

Market Value (mil):

81,828,640.0

 

SEDOL:

6833802

ISIN:

BD0473SQPH00

 

Equity and Dept Distribution:

08/2010, Bonus Issue, 30 new shares for every 100 shares held.12/2011, 10-for-1 Stock split. 08/2012, Bonus Issue, 40 new shares for every 100 shares held.

 

Key Corporate Relationships

Auditor:

Chowdhury Bhattacharjee & Co

Bank:

Janata Bank, CitiBank NA, Standard Chartered Bank, HSBC, Commercial Bank of Ceylon, Eastern Bank, Mercantile Bank, Bank Alfalah, Shahjalal Islami Bank, Trust Bank, Bank Asia, Deutsche Investitions und Entwicklungsgesellschaft mbH

 

Auditor:

Ahsan Zamir & Co, Chowdhury Bhattacharjee & Co

 

 

 

 

 

Competitors Report

 

Company Name

Location

Employees

Ownership

Ambee Pharma

Dhaka, Bangladesh

 

Public

Aristopharma Ltd.

Dhaka, Bangladesh

 

Private

Beximco Pharmaceuticals Limited

Dhaka, Bangladesh

2,310

Public

Gaco Pharmaceuticals

Dhaka, Bangladesh

30

Private

Renata Ltd

Dhaka, Bangladesh

3,393

Public

 

 

Executive report

 

Board of Directors

 

Name

Title

Function

 

Samson H Chowdhury

 

Chairman

Chairman

 

Samuel S. Chowdhury

 

Chairman of the Board

Chairman

 

Ratna Patra

 

Vice Chairman of the Board

Vice-Chairman

 

Biography:

Mrs. Ratna Patra is Vice Chairman of the Board of Square Pharmaceuticals Ltd. She is a Director of the Company since 2007 and has been appointed as Vice Chairman in this year of 2012. She graduated from Dhaka University and has a business experience of more than 10 years in the pharmaceuticals and textiles sector. Mrs. Ratna Patra is a sponsor director of Square Textiles Ltd. (listed company) designated as Vice Chairman. She is also Director in 19 other Private Limited Company namely Square Hospitals Limited, Square Toiletries Limited, Square Consumers Products Ltd., Square Securities Management Ltd. and Maasranga Television under the Square Group.

 

Education:

Dhaka University

 

M. Sekander Ali

 

Independent Director

Director/Board Member

 

 

Biography:

Mr. M. Sekander Ali is Independent Director of Square Pharmaceuticals Ltd. He is an MBA and a Senior Development and Investment Banker of the country. He is one of the Senior Development/Investment Bankers of the country, former Managing Director of Bangladesh Shilpa Bank/Bangladesh Shilpa Rin Sangstha/Investment Corporation of Bangladesh and Senior Adviser, the Securities and Exchange Commission, as the non-shareholder Independent Director.

 

Tapan Chowdhury

 

Chief Executive Officer, Managing Director, Director

Director/Board Member

 

 

Anjan Chowdhury

 

Director

Director/Board Member

 

 

Biography:

Mr. Anjan Chowdhury is Director of Square Pharmaceuticals Ltd. He is a Director of the Company since 1991. He obtained Bachelor’s degree in Business Administration from the University of South Florida, USA and has a experience of more than 21 years in the pharmaceuticals, textiles, toiletries, m

dia & communication sector including capital market operations. He has been awarded several times as a highest individual Taxpayer in the Country.

 

Education:

University of South Florida, B (Business Administration)

 

Kazi Iqbal Harun

 

Director

Director/Board Member

 

 

Biography:

Mr. Kazi Iqbal Harun is Director of Square Pharmaceuticals Ltd. He is a Director of the Company since 1991. He obtained Master’s degree in Applied Chemistry from the Rajshahi University, Bangladesh and has an experience of more than 21 years in the pharmaceuticals and textiles sector. Mr. Harun is a sponsor shareholder of Square Textiles Ltd. (listed company) and he is a Director in Square Toiletries Limited, a private limited company under the Square Group. He is also a member of the Audit Committee of the Company.

 

Education:

Rajshahi University, M (Applied Chemistry)

 

Kazi Harunur Rashid

 

Director

Director/Board Member

 

 

 

 

 

Executives

 

Name

Title

Function

Tapan Chowdhury

 

Chief Executive Officer, Managing Director, Director

Chief Executive Officer

Parvez Hashim

 

Head - Operations

Operations Executive

Imtiaz Ahmed Khilji

 

Head - Quality Operations

Operations Executive

M. Ashiqul Hoque Chawdhury

 

Head - Admin & Supply Chain

Administration Executive

Khandaker Habibuzzaman

 

Company Secretary

Company Secretary

Md. Kabir Reza

 

Chief Financial Officer, Head - Accounts & Finance

Finance Executive

Md. Majibur Rahman Bhuiyan

 

Head - Internal Audit

Accounting Executive

Anjan Kumar Paul

 

Head - Human Resources

Human Resources Executive

Muhammadul Haque

 

Head - Marketing

Marketing Executive

Mahbubur Rahman

 

Head - Engineering

Engineering/Technical Executive

Jiban Kumar Ghosh

 

Head of Production, Pabna Unit

Manufacturing Executive

Amalesh Chandra Shome

 

Head of Production, Dhaka Unit

Manufacturing Executive

 

Annual income statement

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Updated Normal 
31-Mar-2008

Filed Currency

BDT

BDT

BDT

BDT

BDT

Exchange Rate (Period Average)

76.874718

70.114467

69.105973

68.666687

68.710704

Auditor

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Revenue

294.7

276.2

217.5

197.8

175.0

    Excise Tax Receipts

-37.2

-34.1

-29.9

-25.6

-21.4

Revenue

257.5

242.1

187.7

172.2

153.6

Total Revenue

257.5

242.1

187.7

172.2

153.6

 

 

 

 

 

 

    Cost of Revenue

154.9

146.7

106.4

102.1

95.3

Cost of Revenue, Total

154.9

146.7

106.4

102.1

95.3

Gross Profit

102.6

95.4

81.3

70.1

58.3

 

 

 

 

 

 

    Selling/General/Administrative Expense

23.7

22.9

18.3

20.3

18.5

    Labor & Related Expense

16.3

15.0

12.1

4.2

3.8

    Advertising Expense

0.1

0.1

0.1

0.1

0.1

Total Selling/General/Administrative Expenses

40.0

38.1

30.5

24.6

22.4

    Depreciation

2.6

2.9

2.7

2.9

3.2

Depreciation/Amortization

2.6

2.9

2.7

2.9

3.2

        Interest Expense - Operating

6.0

4.4

4.6

6.6

6.4

    Interest Expense - Net Operating

6.0

4.4

4.6

6.6

6.4

        Interest Income - Operating

-2.8

-2.3

-1.0

-1.0

-1.3

        Investment Income - Operating

-1.1

-0.6

-0.2

-1.3

-0.1

    Interest/Investment Income - Operating

-3.9

-2.9

-1.2

-2.3

-1.4

Interest Expense (Income) - Net Operating Total

2.1

1.6

3.4

4.3

5.1

    Loss (Gain) on Sale of Assets - Operating

-

-

-0.1

-0.1

0.0

Unusual Expense (Income)

-

-

-0.1

-0.1

0.0

    Other, Net

-

-

-2.4

-3.6

-3.6

Other Operating Expenses, Total

-

-

-2.4

-3.6

-3.6

Total Operating Expense

199.6

189.2

140.5

130.2

122.3

 

 

 

 

 

 

Operating Income

57.9

52.9

47.2

42.0

31.3

 

 

 

 

 

 

        Investment Income - Non-Operating

0.0

1.7

1.9

-0.8

-0.2

    Interest/Investment Income - Non-Operating

0.0

1.7

1.9

-0.8

-0.2

Interest Income (Expense) - Net Non-Operating Total

0.0

1.7

1.9

-0.8

-0.2

Gain (Loss) on Sale of Assets

0.2

0.1

-

-

-

    Other Non-Operating Income (Expense)

-1.5

-0.9

-2.3

-2.0

-1.5

Other, Net

-1.5

-0.9

-2.3

-2.0

-1.5

Income Before Tax

56.6

53.8

46.8

39.2

29.6

 

 

 

 

 

 

Total Income Tax

15.9

13.4

10.7

9.2

7.4

Income After Tax

40.7

40.4

36.2

30.0

22.2

 

 

 

 

 

 

    Minority Interest

0.0

0.0

0.0

0.0

0.0

    Equity In Affiliates

6.4

6.1

-

-

-

Net Income Before Extraord Items

47.1

46.5

36.1

30.0

22.2

Net Income

47.1

46.5

36.1

30.0

22.2

 

 

 

 

 

 

Income Available to Common Excl Extraord Items

47.1

46.5

36.1

30.0

22.2

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

47.1

46.5

36.1

30.0

22.2

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

370.8

274.6

274.6

211.3

219.7

Basic EPS Excl Extraord Items

0.13

0.17

0.13

0.14

0.10

Basic/Primary EPS Incl Extraord Items

0.13

0.17

0.13

0.14

0.10

Dilution Adjustment

-

0.0

0.0

-

-

Diluted Net Income

47.1

46.5

36.1

30.0

22.2

Diluted Weighted Average Shares

370.8

274.6

274.6

211.3

219.7

Diluted EPS Excl Extraord Items

0.13

0.17

0.13

0.14

0.10

Diluted EPS Incl Extraord Items

0.13

0.17

0.13

0.14

0.10

Dividends per Share - Common Stock Primary Issue

0.03

0.03

0.03

0.03

0.03

Gross Dividends - Common Stock

8.6

8.4

7.6

7.0

5.2

Interest Expense, Supplemental

6.0

4.4

4.6

6.6

6.4

Depreciation, Supplemental

16.1

15.5

12.8

12.0

10.8

Total Special Items

-0.2

-0.1

-0.1

-0.1

0.0

Normalized Income Before Tax

56.4

53.7

46.7

39.1

29.6

 

 

 

 

 

 

Effect of Special Items on Income Taxes

0.0

0.0

0.0

0.0

0.0

Inc Tax Ex Impact of Sp Items

15.9

13.4

10.6

9.2

7.4

Normalized Income After Tax

40.5

40.3

36.1

30.0

22.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

47.0

46.4

36.1

29.9

22.2

 

 

 

 

 

 

Basic Normalized EPS

0.13

0.17

0.13

0.14

0.10

Diluted Normalized EPS

0.13

0.17

0.13

0.14

0.10

Rental Expenses

0.2

0.2

0.1

0.1

0.1

Advertising Expense, Supplemental

0.1

0.1

0.1

0.1

0.1

Research & Development Exp, Supplemental

0.6

0.2

0.1

0.0

0.1

Normalized EBIT

60.0

54.4

50.5

46.3

36.3

Normalized EBITDA

76.1

70.0

63.3

58.3

47.1

    Current Tax - Domestic

14.3

12.3

10.0

8.8

6.2

Current Tax - Total

14.3

12.3

10.0

8.8

6.2

    Deferred Tax - Domestic

1.6

1.1

0.7

0.4

1.1

Deferred Tax - Total

1.6

1.1

0.7

0.4

1.1

Income Tax - Total

15.9

13.4

10.7

9.2

7.4

Defined Contribution Expense - Foreign

-

-

0.1

0.1

0.1

Total Pension Expense

-

-

0.1

0.1

0.1

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Restated Normal 
31-Mar-2011

Restated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2008

Filed Currency

BDT

BDT

BDT

BDT

BDT

Exchange Rate

81.790001

72.525

69.24

69.035

68.58

Auditor

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash

5.4

4.7

2.7

-

1.3

    Cash & Equivalents

-

-

-

4.6

-

    Short Term Investments

2.7

1.2

1.2

-

2.4

Cash and Short Term Investments

8.1

5.9

3.9

4.6

3.8

    Trade Accounts Receivable - Net

10.0

19.6

7.4

6.9

13.0

    Notes Receivable - Short Term

21.0

34.5

15.3

8.8

20.4

Total Receivables, Net

31.0

54.1

22.7

15.7

33.4

    Inventories - Finished Goods

9.8

10.3

9.8

-

9.9

    Inventories - Work In Progress

2.6

3.4

2.8

-

2.5

    Inventories - Raw Materials

17.2

19.7

16.8

-

18.3

    Inventories - Other

9.3

10.4

7.9

-

7.7

Total Inventory

38.9

43.8

37.2

34.8

38.3

Prepaid Expenses

0.2

0.3

0.2

-

0.1

    Restricted Cash - Current

1.0

0.0

-

-

-

    Other Current Assets

21.6

12.4

5.1

4.4

4.7

Other Current Assets, Total

22.6

12.4

5.1

4.4

4.7

Total Current Assets

100.9

116.6

69.1

59.5

80.3

 

 

 

 

 

 

        Buildings

40.2

38.6

36.2

-

26.8

        Land/Improvements

19.0

17.7

15.3

-

8.4

        Machinery/Equipment

131.2

132.8

112.3

-

88.6

        Construction in Progress

17.9

13.6

9.6

17.4

19.3

        Other Property/Plant/Equipment

0.0

0.0

0.0

-

0.0

    Property/Plant/Equipment - Gross

208.4

202.7

173.4

17.4

143.1

    Accumulated Depreciation

-80.7

-79.3

-67.8

-

-50.3

Property/Plant/Equipment - Net

127.7

123.4

105.7

96.5

92.8

    LT Investment - Affiliate Companies

57.6

58.9

56.3

57.3

44.3

    LT Investments - Other

11.9

11.7

8.3

3.8

2.1

Long Term Investments

69.5

70.6

64.6

61.1

46.4

    Deferred Charges

0.0

0.0

0.0

0.1

0.0

    Other Long Term Assets

0.0

-

-

-

-

Other Long Term Assets, Total

0.0

0.0

0.0

0.1

0.0

Total Assets

298.0

310.5

239.4

217.3

219.6

 

 

 

 

 

 

Accounts Payable

6.5

16.7

1.5

1.8

3.4

Accrued Expenses

1.2

1.1

0.8

-

3.2

Notes Payable/Short Term Debt

27.4

40.2

12.7

24.8

46.3

Current Portion - Long Term Debt/Capital Leases

5.8

7.1

7.3

6.2

6.5

    Income Taxes Payable

2.8

1.0

0.5

-

1.6

    Other Payables

9.1

10.1

7.5

8.9

5.1

    Other Current Liabilities

-

-

-

1.4

-

Other Current liabilities, Total

11.9

11.1

8.0

10.3

6.7

Total Current Liabilities

52.8

76.1

30.2

43.1

66.1

 

 

 

 

 

 

    Long Term Debt

6.2

10.0

16.5

11.4

11.3

Total Long Term Debt

6.2

10.0

16.5

11.4

11.3

Total Debt

39.4

57.3

36.5

42.4

64.1

 

 

 

 

 

 

    Deferred Income Tax - LT Liability

5.2

4.2

3.3

3.1

3.3

Deferred Income Tax

5.2

4.2

3.3

3.1

3.3

Minority Interest

0.1

0.1

0.1

0.0

0.2

Total Liabilities

64.3

90.4

50.1

57.6

80.9

 

 

 

 

 

 

    Common Stock

32.4

27.0

21.8

17.5

13.0

Common Stock

32.4

27.0

21.8

17.5

13.0

Additional Paid-In Capital

24.9

28.1

29.4

29.5

29.7

Retained Earnings (Accumulated Deficit)

171.4

160.9

135.7

111.3

95.9

Unrealized Gain (Loss)

5.1

4.1

2.4

1.4

-

Total Equity

233.8

220.1

189.3

159.6

138.6

 

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

298.0

310.5

239.4

217.3

219.6

 

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

370.8

274.6

274.6

219.7

162.8

Total Common Shares Outstanding

370.8

274.6

274.6

219.7

162.8

Employees

5,290

4,617

4,197

3,811

3,564

Number of Common Shareholders

53,291

54,278

40,797

47,258

31,688

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Reclassified Normal 
31-Mar-2012

Reclassified Normal 
31-Mar-2011

Updated Normal 
31-Mar-2009

Updated Normal 
31-Mar-2008

Filed Currency

BDT

BDT

BDT

BDT

BDT

Exchange Rate (Period Average)

76.874718

70.114467

69.105973

68.666687

68.710704

Auditor

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

Cash Receipts

305.0

264.5

189.2

173.7

155.6

Cash Payments

-241.4

-205.4

-131.6

-119.6

-119.1

Cash Taxes Paid

-12.4

-11.8

-12.8

-7.4

-6.8

Cash Interest Paid

-6.0

-4.4

-4.6

-6.6

-6.4

Cash from Operating Activities

45.2

42.9

40.3

40.2

23.2

 

 

 

 

 

 

    Purchase of Fixed Assets

-43.4

-38.9

-22.2

-22.4

-25.7

Capital Expenditures

-43.4

-38.9

-22.2

-22.4

-25.7

    Sale of Fixed Assets

8.0

0.3

0.2

0.1

0.1

    Sale/Maturity of Investment

0.0

1.8

0.2

1.4

0.0

    Investment, Net

0.1

-0.1

1.4

-

0.0

    Purchase of Investments

-0.1

-2.0

-3.1

-7.3

-6.8

    Other Investing Cash Flow

14.2

-17.3

-4.6

1.3

1.3

Other Investing Cash Flow Items, Total

22.2

-17.5

-5.9

-4.4

-5.3

Cash from Investing Activities

-21.2

-56.4

-28.1

-26.9

-31.0

 

 

 

 

 

 

    Cash Dividends Paid - Common

-7.7

-7.5

-7.0

-5.2

-4.3

Total Cash Dividends Paid

-7.7

-7.5

-7.0

-5.2

-4.3

    Short Term Debt, Net

-8.8

29.0

-12.0

-6.7

9.1

        Long Term Debt Issued

5.5

1.6

16.7

6.4

8.9

        Long Term Debt Reduction

-8.8

-7.3

-10.5

-6.5

-4.8

    Long Term Debt, Net

-3.4

-5.7

6.2

-0.1

4.1

Issuance (Retirement) of Debt, Net

-12.2

23.3

-5.9

-6.8

13.2

Cash from Financing Activities

-19.8

15.8

-12.8

-12.0

8.8

 

 

 

 

 

 

Net Change in Cash

4.1

2.3

-0.6

1.3

1.0

 

 

 

 

 

 

Net Cash - Beginning Balance

5.6

3.8

4.5

3.3

2.3

Net Cash - Ending Balance

9.7

6.1

3.9

4.6

3.3

 

 

Annual Income Statement

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2010

Updated Normal 
31-Mar-2009

Updated Normal 
31-Mar-2008

Filed Currency

BDT

BDT

BDT

BDT

BDT

Exchange Rate (Period Average)

76.874718

70.114467

69.105973

68.666687

68.710704

Auditor

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Gross Turnover

294.7

276.2

217.5

197.8

175.0

    Value Added Tax

-37.2

-34.1

-29.9

-25.6

-21.4

Total Revenue

257.5

242.1

187.7

172.2

153.6

 

 

 

 

 

 

    Cost of Goods Sold

154.9

146.7

106.4

102.1

95.3

    Salaries - Selling

14.0

13.0

10.5

2.8

2.6

    Advertisement - Selling

0.0

0.1

0.0

0.0

0.0

    Depreciation - Selling

1.3

1.2

1.0

0.8

0.7

    Selling & Distribution

17.9

17.6

14.0

16.9

15.1

    Salaries - Administrative

2.3

2.0

1.6

1.4

1.2

    Advertisement - Administrative

0.0

0.1

0.0

0.0

0.0

    Depreciation - Administrative

1.3

1.8

1.7

2.1

2.5

    Administrative

5.7

5.4

4.3

3.4

3.4

    Interest Expense

6.0

4.4

4.6

6.6

6.4

    Interest on FDR

-0.1

-0.1

-0.1

0.0

-0.1

    Interest on Savings Account

0.0

0.0

0.0

0.0

0.0

    Interest on Senior Secured Bond

-0.1

-0.1

0.0

-

-

    Exchange Gain - Retention Quota

-0.5

-0.2

0.0

0.0

0.0

    Exchange Gain - Export Bills

-0.2

0.0

0.0

0.0

0.0

    Dividend

-0.4

-0.4

-0.1

-0.1

-0.1

    Interest on Loan

-2.6

-2.1

-0.9

-0.9

-1.2

    Sale of Marketable Securities

-

-

0.0

-1.2

0.0

    Gain on Redemption of Zero Coupon Bond

-

-

0.0

-

-

    Sale of Fixed Assets

-

-

-0.1

-0.1

0.0

    Other Income

-

-

-2.4

-3.6

-3.6

Total Operating Expense

199.6

189.2

140.5

130.2

122.3

 

 

 

 

 

 

    Allocation for WPPF

-2.9

-2.7

-2.3

-2.0

-1.5

    Gain on Sale of Marketable Securities

0.0

1.6

-

-

-

    Gain on Redemption of Zero Coupon Bond

0.2

0.1

-

-

-

    Other Income

1.4

1.9

-

-

-

    Profit/Loss from Associates Undertaking

0.0

0.0

1.9

-0.8

-0.2

Net Income Before Taxes

56.6

53.8

46.8

39.2

29.6

 

 

 

 

 

 

Provision for Income Taxes

15.9

13.4

10.7

9.2

7.4

Net Income After Taxes

40.7

40.4

36.2

30.0

22.2

 

 

 

 

 

 

    Profit/ (Loss) from Associate Undertakin

6.4

6.1

-

-

-

    Minority Interest

0.0

0.0

0.0

0.0

0.0

Net Income Before Extra. Items

47.1

46.5

36.1

30.0

22.2

Net Income

47.1

46.5

36.1

30.0

22.2

 

 

 

 

 

 

Income Available to Com Excl ExtraOrd

47.1

46.5

36.1

30.0

22.2

 

 

 

 

 

 

Income Available to Com Incl ExtraOrd

47.1

46.5

36.1

30.0

22.2

 

 

 

 

 

 

Basic Weighted Average Shares

370.8

274.6

274.6

211.3

219.7

Basic EPS Excluding ExtraOrdinary Items

0.13

0.17

0.13

0.14

0.10

Basic EPS Including ExtraOrdinary Items

0.13

0.17

0.13

0.14

0.10

Dilution Adjustment

-

0.0

0.0

-

-

Diluted Net Income

47.1

46.5

36.1

30.0

22.2

Diluted Weighted Average Shares

370.8

274.6

274.6

211.3

219.7

Diluted EPS Excluding ExtraOrd Items

0.13

0.17

0.13

0.14

0.10

Diluted EPS Including ExtraOrd Items

0.13

0.17

0.13

0.14

0.10

DPS-Common Stock

0.03

0.03

0.03

0.03

0.03

Gross Dividends - Common Stock

8.6

8.4

7.6

7.0

5.2

Normalized Income Before Taxes

56.4

53.7

46.7

39.1

29.6

 

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

15.9

13.4

10.6

9.2

7.4

Normalized Income After Taxes

40.5

40.3

36.1

30.0

22.2

 

 

 

 

 

 

Normalized Inc. Avail to Com.

47.0

46.4

36.1

29.9

22.2

 

 

 

 

 

 

Basic Normalized EPS

0.13

0.17

0.13

0.14

0.10

Diluted Normalized EPS

0.13

0.17

0.13

0.14

0.10

Depreciation

16.1

15.5

12.8

12.0

10.8

Rental Expense

0.2

0.2

0.1

0.1

0.1

Research & Development Exp

0.6

0.2

0.1

0.0

0.1

Interest Expense

6.0

4.4

4.6

6.6

6.4

Advertising Expense

0.1

0.1

0.1

0.1

0.1

    Current Tax - Domestic

14.3

12.3

10.0

8.8

6.2

Current Tax - Total

14.3

12.3

10.0

8.8

6.2

    Deferred Tax - Domestic

1.6

1.1

0.7

0.4

1.1

Deferred Tax - Total

1.6

1.1

0.7

0.4

1.1

Income Tax - Total

15.9

13.4

10.7

9.2

7.4

Provident Fund

-

-

0.1

0.1

0.1

Total Pension Expense

-

-

0.1

0.1

0.1

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

UpdateType/Date

Updated Normal 
31-Mar-2012

Updated Normal 
31-Mar-2011

Restated Normal 
31-Mar-2011

Restated Normal 
31-Mar-2011

Updated Normal 
31-Mar-2008

Filed Currency

BDT

BDT

BDT

BDT

BDT

Exchange Rate

81.790001

72.525

69.24

69.035

68.58

Auditor

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Inventories

-

-

-

34.8

-

    Raw Materials

12.7

15.2

13.0

-

15.0

    Packing Materials

4.5

4.5

3.8

-

3.3

    Work-in-Process

2.6

3.4

2.8

-

2.5

    Finished Goods

9.8

10.3

9.8

-

9.9

    Spaers & Accessories

3.1

3.1

2.4

-

1.5

    Goods in Transit

6.2

7.4

5.5

-

6.2

    Trade Receivable

10.0

19.6

7.4

6.9

13.0

    Advances

6.1

4.9

2.6

4.4

2.5

    Deposits

2.2

3.1

2.5

-

2.2

    Prepayments

0.2

0.3

0.2

-

0.1

    Short Term Loan

21.0

34.5

15.3

8.8

20.4

    Margin agains BTB Letter of Credit

13.3

4.4

0.0

0.0

-

    Investments in Marketable Securities

-

-

-

-

0.5

    Cash and Cash Equivalents

-

-

-

4.6

-

    Cash in Hand

0.0

0.0

0.0

-

0.0

    Cash at Bank

5.4

4.7

2.7

-

1.3

    Fixed Deposit

2.7

1.2

1.2

-

2.0

    Margin Held Account

1.0

0.0

-

-

-

Total Current Assets

100.9

116.6

69.1

59.5

80.3

 

 

 

 

 

 

    Property, Plant and Equipment-Carrying V

-

-

-

79.1

-

    Freehold Land

10.2

9.3

8.1

-

4.5

    Building

36.6

35.1

32.6

-

24.0

    Boundary Wall

0.0

0.0

0.0

-

-

    Building Under Costruction

1.8

0.9

0.2

-

2.3

    Plant & Machinery

79.5

79.9

67.6

-

47.7

    Laboratory Equipment

7.5

6.7

5.5

-

4.2

    Electromechanical Equipments

6.4

7.1

7.4

-

7.5

    Furniture & Fixture

3.2

2.8

2.3

-

1.7

    Office Equipment

1.6

1.6

1.2

-

1.3

    Computer

0.4

0.4

0.3

-

-

    Motor Vehicle

2.3

1.9

1.7

-

1.5

    Motor Vehicle - Lease

0.0

0.0

0.0

-

0.0

    Plant & Machinery in Transit

7.5

4.5

1.5

-

2.0

    Electrical Installation

0.6

1.1

0.8

-

0.9

    Gasline Installation

0.3

0.3

0.2

-

0.3

    Land

8.8

8.4

7.3

-

3.9

    Building(1)

3.6

3.5

3.6

-

2.8

    Boundary Wall(1)

0.0

0.0

-

-

-

    Building Under Costruction(1)

0.5

0.5

0.2

-

0.2

    Furniture & Fixture(1)

1.0

1.0

0.9

-

0.7

    Office Equipment(1)

6.8

12.6

13.0

-

13.7

    Computer(1)

1.7

0.8

0.8

-

-

    Motor Vechicle

7.5

7.2

5.7

-

4.1

    Motor Vechicle - Lease

1.4

1.6

0.9

-

0.9

    Motor Cycle

2.5

2.4

2.4

-

2.0

    Books & Periodicals

0.0

0.0

0.0

-

0.0

    SAP Software

0.6

0.7

0.0

-

-

    VSAT

0.1

0.0

-

-

-

    Electrical Installation(1)

0.2

0.1

0.2

-

0.2

    Accumulated Depreciation

-80.7

-79.3

-67.8

-

-50.3

    Capital Work in Progress

15.6

12.2

9.2

17.4

16.7

    Investment - Long Term

2.1

3.2

2.7

2.1

2.1

    Investment - Associates Undertaking

57.6

58.9

56.3

57.3

44.3

    Investment in Marketable Securities (Fai

9.8

8.5

5.6

1.7

-

    Preliminary Expenses

0.0

0.0

0.0

0.1

0.0

    Adjustment

-

-

-

-

-

Total Assets

298.0

310.5

239.4

217.3

219.6

 

 

 

 

 

 

    Short Term Loans

27.4

40.2

12.7

24.8

46.3

    Long Term Loans - Current Portion

5.8

7.1

7.3

6.2

6.5

    Trade Creditors

6.5

16.7

1.5

1.8

3.4

    Accrued Expenses

1.2

1.0

0.8

-

3.2

    Clearing & Forwarding

0.2

0.2

0.1

-

0.2

    Audit Fee

0.0

0.0

0.0

-

0.0

    Other Creditors

8.9

9.9

7.4

-

1.5

    Income Tax Payable

2.8

1.0

0.5

-

1.6

    Liabilities for Expenses

-

-

-

1.4

-

    Liabilities for Other Finance

-

-

-

8.9

3.4

Total Current Liabilities

52.8

76.1

30.2

43.1

66.1

 

 

 

 

 

 

    LT Loans - Secured

6.2

10.0

16.5

11.4

11.3

Total Long Term Debt

6.2

10.0

16.5

11.4

11.3

 

 

 

 

 

 

    Deferred Tax Liability

5.2

4.2

3.3

3.1

3.3

    Minority Interest

0.1

0.1

0.1

0.0

0.2

Total Liabilities

64.3

90.4

50.1

57.6

80.9

 

 

 

 

 

 

    Share Capital

32.4

27.0

21.8

17.5

13.0

    Share Premium

24.9

28.1

29.4

29.5

29.7

    General Reserve

1.3

1.5

1.5

1.5

1.5

    Tax Holiday Reserve

5.5

21.1

20.8

18.1

20.8

    Gain on Marketable Securities (Unrealize

5.1

4.1

2.4

1.4

-

    Retained Earnings

164.6

138.3

113.4

91.7

73.6

Total Equity

233.8

220.1

189.3

159.6

138.6

 

 

 

 

 

 

Total Liabilities & Shareholders' Equity

298.0

310.5

239.4

217.3

219.6

 

 

 

 

 

 

    S/O-Common Stock

370.8

274.6

274.6

219.7

162.8

Total Common Shares Outstanding

370.8

274.6

274.6

219.7

162.8

Shareholders

53,291

54,278

40,797

47,258

31,688

Employees

5,290

4,617

4,197

3,811

3,564

 

 

 

Annual Cash Flows

Financials in: USD (mil)

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Period Length

12 Months

12 Months

12 Months

12 Months

12 Months

UpdateType/Date

Updated Normal 
31-Mar-2012

Reclassified Normal 
31-Mar-2012

Reclassified Normal 
31-Mar-2011

Updated Normal 
31-Mar-2009

Updated Normal 
31-Mar-2008

Filed Currency

BDT

BDT

BDT

BDT

BDT

Exchange Rate (Period Average)

76.874718

70.114467

69.105973

68.666687

68.710704

Auditor

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Chowdhury Bhattacharjee & Co

Auditor Opinion

Unqualified

Unqualified

Unqualified

Unqualified

Unqualified

 

 

 

 

 

 

    Cash Receipts

305.0

264.5

189.2

173.7

155.6

    Cash Payments

-241.4

-205.4

-131.6

-119.6

-119.1

    Cash Interest Paid

-6.0

-4.4

-4.6

-6.6

-6.4

    Cash Taxes Paid

-12.4

-11.8

-12.8

-7.4

-6.8

Cash from Operating Activities

45.2

42.9

40.3

40.2

23.2

 

 

 

 

 

 

    Capital Expenditure

-38.4

-35.3

-13.0

-13.1

-16.3

    Sale of Assets

8.0

0.3

0.2

0.1

0.1

    Preliminary Expense

0.0

0.0

0.0

-0.1

0.0

    Investment in Central Depository Banglad

0.4

-0.5

0.0

-

-

    Investment in Square Knit Fabrics

-

-

1.3

-

0.0

    Investment in Square Fashions Ltd.

-

-

0.7

-

-

    Investment in National Housing Finance

-

-

-

0.0

0.0

    Investment in Square Textiles

-

-

-

-

0.5

    Investment in Square Hospitals

-

-

-

-7.3

-7.3

    Investment in Orascom Telecom Bangladesh

0.1

-0.1

-0.6

-

-

    Investment in Marketable Securities

-0.5

-1.6

-3.1

-

-

    Investment in Square Informatix

-

-

-

-

0.0

    Investment in Square Biotechs

-

-

-

-

0.0

    Investment in Square Fashions

-

-

-

-

0.0

    Loan to Sister Concerns

10.2

-20.7

-6.5

-

-

    Capital Work-in-Progress

-5.0

-3.6

-9.2

-9.4

-9.4

    Sale of Marketable Securities

0.0

1.8

0.2

1.4

0.0

    Interest Received

2.7

2.2

1.0

1.0

1.3

    Dividend Received

1.2

1.1

0.8

0.6

0.1

    Others

-

-

-

-0.2

0.0

Cash from Investing Activities

-21.2

-56.4

-28.1

-26.9

-31.0

 

 

 

 

 

 

    Long Term Loan Received

5.5

1.6

16.7

6.4

8.9

    Long Term Loan Repaid

-8.8

-7.3

-10.5

-6.5

-4.8

    Short Term Loan Decrease/Increase

-

-

-

11.5

-3.8

    Short Term Bank Loan Decrease/Increase

-8.8

29.0

-12.0

-18.1

12.9

    Dividend Paid

-7.7

-7.5

-7.0

-5.2

-4.3

Cash from Financing Activities

-19.8

15.8

-12.8

-12.0

8.8

 

 

 

 

 

 

Net Change in Cash

4.1

2.3

-0.6

1.3

1.0

 

 

 

 

 

 

Net Cash - Beginning Balance

5.6

3.8

4.5

3.3

2.3

Net Cash - Ending Balance

9.7

6.1

3.9

4.6

3.3

 

 

Financial Health

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

Key Indicators USD (mil)

 

Quarter
Ending
31-Dec-2012

Quarter
Ending
Yr Ago

Annual
Year End
31-Mar-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1

65.4

14.82%

257.5

16.63%

18.74%

17.75%

Operating Income1

16.7

26.45%

57.9

20.09%

15.58%

20.16%

Income Available to Common Excl Extraord Items1

14.7

26.32%

47.1

11.08%

20.69%

19.93%

Basic EPS Excl Extraord Items1

0.04

26.32%

0.13

-17.71%

0.06%

8.02%

Capital Expenditures2

43.3

-

43.4

22.25%

29.35%

24.40%

Cash from Operating Activities2

46.0

-

45.2

15.47%

7.98%

23.87%

Free Cash Flow

2.6

-

1.7

-50.98%

-51.76%

13.88%

Total Assets3

321.4

9.99%

298.0

8.24%

17.57%

14.22%

Total Liabilities3

56.5

-12.13%

64.3

-19.83%

9.73%

4.30%

Total Long Term Debt3

7.9

-16.60%

6.2

-29.89%

-13.51%

-4.27%

Employees3

-

-

5290

14.58%

11.55%

12.01%

Total Common Shares Outstanding3

370.8

0.00%

370.8

35.00%

19.06%

27.85%

1-ExchangeRate: BDT to USD Average for Period

81.178873

 

76.874718

 

 

 

2-ExchangeRate: BDT to USD Average for Period

81.569778

 

76.874718

 

 

 

3-ExchangeRate: BDT to USD Period End Date

81.199997

 

81.790001

 

 

 

Utility Industry Specific USD (mil)

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

 

Deferred Charges3

0.0

0.0

0.0

0.1

0.0

 

3-ExchangeRate: BDT to USD Period End Date

81.790001

72.525000

69.240000

69.035000

68.580000

 

Key Ratios

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Profitability

Gross Margin

39.85%

39.42%

43.32%

40.70%

37.98%

Operating Margin

22.49%

21.84%

25.16%

24.38%

20.38%

Pretax Margin

21.97%

22.21%

24.95%

22.75%

19.28%

Net Profit Margin

18.28%

19.19%

19.25%

17.41%

14.46%

Financial Strength

Current Ratio

1.91

1.53

2.29

1.38

1.21

Long Term Debt/Equity

0.03

0.05

0.09

0.07

0.08

Total Debt/Equity

0.17

0.26

0.19

0.27

0.46

Management Effectiveness

Return on Assets

13.33%

14.48%

15.83%

13.71%

11.08%

Return on Equity

20.63%

22.41%

20.70%

20.05%

17.16%

Efficiency

Receivables Turnover

6.13

6.18

9.77

7.01

5.03

Inventory Turnover

3.75

3.57

2.95

2.79

2.76

Asset Turnover

0.84

0.87

0.82

0.79

0.76

Market Valuation USD (mil)

P/E (TTM)

21.76

.

Enterprise Value2

1,026.9

Price/Sales (TTM)

4.01

.

Enterprise Value/Revenue (TTM)

4.09

Price/Book (MRQ)

3.80

.

Enterprise Value/EBITDA (TTM)

17.07

Market Cap as of 04-Jul-20131

1,050.9

.

 

 

1-ExchangeRate: BDT to USD on 4-Jul-2013

77.866762

 

 

 

2-ExchangeRate: BDT to USD on 31-Dec-2012

81.199997

 

 

 

 

 

Annual Ratios

 

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)           

 

 

 

31-Mar-2012

31-Mar-2011

31-Mar-2010

31-Mar-2009

31-Mar-2008

Financial Strength

Current Ratio

1.91

1.53

2.29

1.38

1.21

Quick/Acid Test Ratio

0.74

0.79

0.88

0.47

0.56

Working Capital1

48.1

40.4

38.9

16.4

14.2

Long Term Debt/Equity

0.03

0.05

0.09

0.07

0.08

Total Debt/Equity

0.17

0.26

0.19

0.27

0.46

Long Term Debt/Total Capital

0.02

0.04

0.07

0.06

0.06

Total Debt/Total Capital

0.14

0.21

0.16

0.21

0.32

Payout Ratio

25.62%

18.07%

21.15%

22.56%

31.65%

Effective Tax Rate

28.16%

24.91%

22.78%

23.41%

24.88%

Total Capital1

273.2

277.4

225.8

202.1

202.8

 

 

 

 

 

 

Efficiency

Asset Turnover

0.84

0.87

0.82

0.79

0.76

Inventory Turnover

3.75

3.57

2.95

2.79

2.76

Days In Inventory

97.44

102.11

123.62

131.03

132.03

Receivables Turnover

6.13

6.18

9.77

7.01

5.03

Days Receivables Outstanding

59.57

59.08

37.36

52.08

72.62

Revenue/Employee2

45,758

50,694

44,635

44,951

43,179

Operating Income/Employee2

10,290

11,072

11,230

10,960

8,801

EBITDA/Employee2

13,143

14,322

14,270

14,105

11,824

 

 

 

 

 

 

Profitability

Gross Margin

39.85%

39.42%

43.32%

40.70%

37.98%

Operating Margin

22.49%

21.84%

25.16%

24.38%

20.38%

EBITDA Margin

28.72%

28.25%

31.97%

31.38%

27.38%

EBIT Margin

22.49%

21.84%

25.16%

24.38%

20.38%

Pretax Margin

21.97%

22.21%

24.95%

22.75%

19.28%

Net Profit Margin

18.28%

19.19%

19.25%

17.41%

14.46%

COGS/Revenue

60.15%

60.58%

56.68%

59.30%

62.02%

SG&A Expense/Revenue

15.54%

15.72%

16.25%

14.26%

14.57%

 

 

 

 

 

 

Management Effectiveness

Return on Assets

13.33%

14.48%

15.83%

13.71%

11.08%

Return on Equity

20.63%

22.41%

20.70%

20.05%

17.16%

 

 

 

 

 

 

Valuation

Free Cash Flow/Share2

0.00

0.01

0.07

0.08

-0.02

Operating Cash Flow/Share 2

0.11

0.15

0.15

0.18

0.14

1-ExchangeRate: BDT to USD Period End Date

81.790001

72.525

69.24

69.035

68.58

2-ExchangeRate: BDT to USD Average for Period

81.790001

72.525

69.24

69.035

68.58

 

Current Market Multiples

Market Cap/Earnings (TTM)

21.76

Market Cap/Equity (MRQ)

3.80

Market Cap/Revenue (TTM)

4.01

Market Cap/EBIT (TTM)

16.75

Market Cap/EBITDA (TTM)

16.75

Enterprise Value/Earnings (TTM)

22.17

Enterprise Value/Equity (MRQ)

3.88

Enterprise Value/Revenue (TTM)

4.09

Enterprise Value/EBIT (TTM)

17.07

Enterprise Value/EBITDA (TTM)

17.07


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.05

UK Pound

1

Rs.90.71

Euro

1

Rs.78.47

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.