Advance Chemial Industries Limited

Amount in Taka
2007 2008 2009
Current Assets 3,228,223,046 5,926,118,309 7,636,083,088
1. Current Ratio 0.93 0.99 1.07
Current Liabilities 3,481,942,045 5,971,551,755 7,162,233,600

Amount in Taka
2007 2008 2009
Current Assets - Inventories 1,645,174,681 2,781,864,948 4,862,363,843
2. Quick Ratio 0.47 0.47 0.68
Current Liabilities 3,481,942,045 5,971,551,755 7,162,233,600

Amount in Taka
2007 2008 2009
Sales 5,756,817,829 10,341,425,084 12,299,717,849
3. Inventory Turnover Ratio 3.64 3.29 4.43
Inventories 1,583,048,365 3,144,253,361 2,773,719,245

Amount in Taka
2007 2008 2009
Receivables 1,051,594,749 1,958,474,647 2,711,825,187
4. Days sales Outstanding 65.76 68.18 79.37
Avg Daily Sales 15,991,161 28,726,181 34,165,883

Amount in Taka
2007 2008 2009
Sales 5,756,817,829 10,341,425,084 12,299,717,849
5. Fixed Assets Turnover 2.95 3.48 3.73
Net Fixed Assets 1,949,930,550 2,975,511,708 3,301,159,166

Amount in Taka
2007 2008 2009
Sales 5,756,817,829 10,341,425,084 12,299,717,849
6. Total Assets Turnover 0.97 1.10 1.05
Total Assets 5,912,361,279 9,409,329,631 11,693,232,681

Amount in Taka
2007 2008 2009
Total Debt 2,384,027,564 4,313,327,530 4,215,936,442
7. Debt Ratio 40% 46% 36%
Total Assets 5,912,361,279 9,409,329,631 11,693,232,681

Amount in Taka
2007 2008 2009
EBIT+Depr.+Lease 1,429,760,372 2,479,805,065 2,458,111,797
8. EBITDA Coverage 0.62 0.72 1.88
Interest+Lease+Loan 2,307,361,354 3,432,360,726 1,304,229,882

Amount in Taka
2007 2008 2009
Net Income 362,586,755 932,909,908 552,568,245
9. Profit Margin 0.06 0.09 0.04
Sales 5,756,817,829 10,341,425,084 12,299,717,849

Amount in Taka
2007 2008 2009
EBIT 754,335,670 1,622,682,735 1,357,531,956
10. Basic Earning Power 13% 17% 12%
Total Assets 5,912,361,279 9,409,329,631 11,693,232,681

Amount in Taka
2007 2008 2009
Net Income 362,586,755 932,909,908 552,568,245
11. Return on Assets 6.13% 9.91% 4.73%
11. Return on Assets 6.13% 9.91% 4.73%
Total Assets 5,912,361,279 9,409,329,631 11,693,232,681

Amount in Taka
2007 2008 2009
Net Income 362,586,755 932,909,908 552,568,245
12. Return on Equity 21.24% 37.26% 18.78%
Commom Equity 1,706,783,461 2,503,981,639 2,941,956,902

Amount in Taka
2007 2008 2009
Net Income 362,586,755 932,909,908 552,568,245
13. EPS 22.42 57.69 28.48
Shares Outstanding 16,170,000 16,170,000 19,404,000

Amount in Taka
2007 2008 2009
Price per Share 181.70 521.30 447.10
14. P/E Ratio 8.10 9.04 15.70
EPS 22.42 57.69 28.48

Amount in Taka
2007 2008 2009
NI+ Depr 1,023,010,419 1,779,811,778 1,645,289,191
15. CF per share 63.27 110.07 84.79
Sahres Outstanding 16,170,000 16,170,000 19,404,000

Amount in Taka
2007 2008 2009
Price per Share 181.7 521.30 447.10
16. P/CF 2.87 4.74 5.27
Cash Flow per Share 63.27 110.07 84.79

Amount in Taka
2007 2008 2009
Common Equity 1,706,783,461 2,503,981,639 2,941,956,902
17. BVPS 105.55 154.85 151.62
Sahres Outstanding 16,170,000 16,170,000 19,404,000

Amount in Taka
2007 2008 2009
Mkt. Price per Share 181.70 521.30 447.10
18. M/B 1.72 3.37 2.95
Book Value per Share 105.55 154.85 151.62

Amount in Taka
2007 2008 2009
EBIT 754,335,670 1,622,682,735 1,357,531,956
3.39 3.07 2.30
19. Times Interest Earned Interest Expense 222524203 528033484 590246845

2007 2008 ROE 2009 ROE

PM X TATO X EM PM X TATO X EM PM X TATO X EM
Du Pont System 0.06*0.97*3.46 20% 37% 17%
0.09*1.10*3.76 .04*1.05*3.9746
 RENATA LTD
Amount in Tk. x Amount in Tk. x Amount in Tk. x
2007 2008 2009
Current Assets 1,074,794,856 1,557,582,884 1,730,133,256
1. Current Ratio 1.44 1.17 1.20
Current Liabilities 745,800,822 1,332,943,795 1,438,988,074

Amount in Tk. x Amount in Tk. x Amount in Tk. x

2007 2008 2009
Current Assets - Inventories 367,752,341 549,300,549 596,707,415
2. Quick Ratio 0.49 0.41 0.41
Current Liabilities 745,800,822 1,332,943,795 1,438,988,074

Amount in Tk. x Amount in Tk. x Amount in Tk. x

2007 2008 2009
Sales 2,729,917,471 3,089,746,417 3,900,732,314
3. Inventory Turnover Ratio 3.86 3.06 3.44
Inventories 707,042,515 1,008,282,335 1,133,425,841

Amount in Tk. Days Amount in Tk. Days Amount in Tk. Days

2007 2008 2009
Receivables 200,484,963 322,495,182 340,072,508
4. Days sales Outstanding 26.44 37.58 31.39
Avg Daily Sales 7,583,104 8,582,629 10,835,368

Amount in Tk. x Amount in Tk. x Amount in Tk. x

2007 2008 2009
Sales 2,729,917,471 3,203,229,080 4,102,594,775
5. Fixed Assets Turnover 2.94 2.82 2.61
Net Fixed Assets 927,828,751 1,135,899,440 1,569,538,354

Amount in Tk. x Amount in Tk. x Amount in Tk. x

2007 2008 2009
Sales 2,729,917,471 3,203,229,080 4,102,594,775
6. Total Assets Turnover 1.17 0.97 1.01
Total Assets 2,326,342,174 3,318,021,116 4,063,532,446

Amount in Tk. Amount in Tk. Amount in Tk.

2007 2008 2009
Total Debt 361,475,015 823,163,615 794,424,620
7. Debt Ratio 16% 25% 20%
Total Assets 2,326,342,174 3,318,021,116 4,063,532,446

Amount in Tk. x Amount in Tk. x Amount in Tk. x

2007 2008 2009
EBIT+Depr.+Lease 898,879,076 1,132,069,066 1,514,575,257
8. EBITDA Coverage 2.13 1.24 1.69
Interest+Lease+Loan 422,425,377 912,128,760 894,867,269

Amount in Tk. Amount in Tk. Amount in Tk.

2007 2008 2009
Net Income 358,015,669 438,666,536 660,116,488
9. Profit Margin 13% 14% 16%
Sales 2,729,917,471 3,203,229,080 4,102,594,775

Amount in Tk. Amount in Tk. Amount in Tk.

2007 2008 2009
EBIT 549,661,750 704,405,845 980,218,915
10. Basic Earning Power 24% 21% 24%
Total Assets 2,326,342,174 3,318,021,116 4,063,532,446

Amount in Tk. Amount in Tk. Amount in Tk.

2007 2008 2009
Net Income 358,015,669 438,666,536 660,116,488
11. Return on Assets 15.39% 13.22% 16.24%
Total Assets 2,326,342,174 3,318,021,116 4,063,532,446
 Amount in Tk. Amount in Tk. Amount in Tk.
2007 2008 2009
Net Income 358,015,669 438,666,536 660,116,488
12. Return on Equity 25.61% 24.54% 27.63%
Commom Equity 1,397,753,699 1,787,741,612 2,389,533,395

Amount in Tk. Amount in Tk. Amount in Tk.

2007 2008 2009
Net Income 358,015,669 438,666,536 660,116,488
13. EPS 371.39 379.21 456.52
Shares Outstanding 963,989 1,156,787 1,445,984

Amount in Tk. x Amount in Tk. x Amount in Tk. x

2007 2008 2009
Price per Share 7,491.25 7,789.25 12,051.50
14. P/E Ratio 20.17 20.54 26.40
EPS 371.39 379.21 456.52

Amount in Taka Tk. Amount in Taka Tk. Amount in Taka Tk.

2007 2008 2009
NI+ Depr 648,400,068 796,143,769 1,110,226,814
15. CF per share 672.62 688.24 767.80
Sahres Outstanding 963,989 1,156,787 1,445,984

Amount in Taka x Amount in Taka x Amount in Taka x

2007 2008 2009
Price per Share 7,491.25 7,789.25 12,051.50
16. P/CF 11.14 11.32 15.70
Cash Flow per Share 672.62 688.24 767.80

Amount in Taka Tk. Amount in Taka Tk. Amount in Taka Tk.

2007 2008 2009
Common Equity 1,397,753,699 1,787,741,612 2,389,533,395
17. BVPS 1,449.97 1,545.44 1,652.53
Sahres Outstanding 963,989 1,156,787 1,445,984

Amount in Taka x Amount in Taka x Amount in Taka x

2007 2008 2009
Mkt. Price per Share 7,491.25 7,789.25 12,051.50
18. M/B 5.17 5.04 7.29
Book Value per Share 1,449.97 1,545.44 1,652.53

Amount in Taka x Amount in Taka x Amount in Taka x

2007 2008 2009
19. Times Interest Earned EBIT 549,661,750 704,405,845 980,218,915
9.56 8.07 9.85
Interest Expense 57,480,494 87270665 99,513,638

2007 ROE 2008 ROE 2009 ROE

PM X TATO X EM 0.2561364490 0.24537468561 0.276253300909
Du Pont System 26% 25% 28%
1. Current Ratio 2009 2008
ACI 1.07 0.99
RENATA 1.20 1.17
2. Quick Ratio
ACI 0.68 0.47
RENATA 0.41 0.41
3. Inventory Turnover Ratio
ACI 4.43 3.29
RENATA 3.44 3.06
4. Days sales Outstanding
ACI 79.37 68.18
RENATA 31.39 37.58
5. Fixed Assets Turnover
ACI 3.73 3.48
RENATA 2.61 2.82
6. Total Assets Turnover
ACI 1.05 1.10
RENATA 1.01 0.97
7. Debt Ratio
ACI 36% 46%
RENATA 20% 25%
8. EBITDA Coverage
ACI 1.88 0.72
RENATA 1.69 1.24
9. Profit Margin
ACI 4% 9%
RENATA 16% 14%
10. Basic Earning Power
ACI 12% 17%
RENATA 24% 21%
11. Return on Assets
ACI 4.73% 9.91%
RENATA 16.24% 13.22%
12. Return on Equity
ACI 18.78% 37.26%
RENATA 27.63% 24.54%
13. EPS
ACI 28.477 57.69
RENATA 456.52 379.21
14. P/E Ratio
 ACI 15.70 9.04
RENATA 26.40 20.54
15. CF per Share
ACI 84.79 110.07
RENATA 767.80 688.24
16. P/CF
ACI 5.27 4.74
RENATA 15.70 11.32
17. BVPS
ACI 151.62 154.85
RENATA 1,652.53 1,545.44
18. M/B
ACI 2.95 3.37
RENATA 7.29 5.04
19. Times Interest Earned
ACI 2.30 3.07
RENATA 9.85 8.07

Du Pont System
ACI 17% 37%
RENATA 28% 25%

Cost of Good Sold

ACI 8715307150 7289427526
Growth rate 20% 27%
RENATA 1,946,151,429 1,621,507,971
Growth rate 20% 11%

Sales ACI 12,299,717,849 10341425084

Growth rate 19% 80%
RENATA 3900732314 3089746417
Growth rate 26% 13%

How much Cash will freed up

2009

Effect of reducing DSO ACI 79.37

RENATA 31.39
47.99
 Average Sales per Day 34,165,883
Cash will be freed up for ACI 1,639,514,769

Effect of ITO Sales of RENATA 3,900,732,314

ITO of ACI 4.43

Desired inventory of RENATA 879,657,275

Actual Inventory of RENATA 1,133,425,841

Cash will be freed up for RENATA 253,768,566

2007
0.93
1.44

0.47
0.49

3.64
3.86

65.76
26.44

2.95
2.94

0.97
1.17

40%
16%

0.62
2.13

6%
13%

13%
24%

6.13%
15.39%

21.24%
25.61%

22.42
371.39
 8.10
20.17

63.27
672.62

2.87
11.14

105.55
1,449.97

1.72
5.17

3.39
9.56

20%
26%

5756817829

1,456,117,954

5756817829

2729917471