2 - Assignment Business Analysis

Table of Contents
Particulars Page Number
Letter of transmittal 2
Acknowledgement 3
Executive Summary 4
SINGER History 5
SINGER Bangladesh History 5
Product Diversification 6
New Role of Singer Bangladesh 6
Basic Information of the Singer Bangladesh Limited 7
Statement of Financial Positions 8
Statement of Profit or Loss and Other Comprehensive Income 10
Statements of Cash Flows 11
Financial Statements Analysis and Projection
- Statement of Cash flows 12
- Ratio Analysis 14
- The Operating Cycle and the Cash Cycle 16
- Sustainable Growth 17
- Z-score 21
Beta Coefficient of Singer Bangladesh Ltd. 23
4 Months Average Return of Singer Bangladesh 29
Observation from Analysis 31
1
December 08, 2018
Dr. M. Masud Rahman

Professor, Department of Finance
Faculty of Business Studies
University of Dhaka
Subject: Letter of transmittal
Dear Sir,
It is our great pleasure to submit the report on Singer Bangladesh Limited for your
consideration.
We made sincere efforts to study related materials, documents, observe operations Singer
Bangladesh Limited and examine relevant records for preparation of the report.
Within the time limit, we tried our best to compile the pertinent information as
comprehensively as possible and if you need any further information, we would be very
pleased to provide the required information.
Thanking You.
Yours sincerely,
Masum Alamgir Chowdhury Fin-03-16-018
Ahammad-El-Sayem Akhand Fin-03-16-027

Md. Towheed-Ul-Alam Fin-03-16-029
Md. Rajib Hasan Fin-03-16-034
Muna Nur Al Chowdhury Fin-03-16-035
Acknowledgement
2
On the completion of the term paper, we would like to thank the Almighty for bestowing us
with his blessings and enabling us to complete the assigned task.
We owe our profound gratitude to our honorable teacher Dr. M. Masud Rahman, Professor,
Faculty of Business Studies, Department of Finance, University of Dhaka for his guidance in
completing this paper. It was one kind of case based study. We have learnt a lot. It is our
conviction that this learning experience will be very helpful in our career.
Finally, yet importantly, we would like to express our heartfelt thanks to everyone who
extended their cooperation, kindness and blessings, and wishes for the successful completion
of the work.
Executive Summary
3
We have completed the Business analysis of Singer Bangladesh Ltd. Our primary task was to
read the annual reports of last four years and understand the detail statements provided at the
reports and then do the financial analysis ie. Cash Flow Analysis, Ratio Analysis, Operating Cycle,
Sustainable growth, estimating Z Score etc. We analyzed the financial statements of this company
by using their annual report, stock exchanges and the financial statements. In our study we try to
study their financial performance from 2014 to 2017.
Financial statements analysis provides owners and stakeholders with the basic tools for
determining how well their operations perform at all times.
These statements are concise reports designed to summarize financial activities for specific
periods. Owners and managers can use financial statement analysis to evaluate the past and
current financial condition of their , diagnose any existing financial problems, and forecast future
trends in the firm’s financial position. Evaluation pinpoints, in financial terms, where the firm has
been and where it is today. Diagnosis determines the causes of the financial problems that
statement analysis uncovers and suggests solutions for them.
The two key reports for all sizes and categories are the Balance Sheet and the Income Statement.
The Balance Sheet is an itemized statement that lists the total assets and the total liabilities of a ,
and gives its net worth on a certain date (such as the end of a month, quarter, or year). The
Income Statement records revenue versus expenses for a given period of time.
Regular preparation and analysis of financial statement information helps managers and owners
detect the problems that experts continue to see as the chief causes of small failure -- such as
high, operating expenses, sluggish sales, poor cash management, excessive fixed assets, and
inventory mismanagement. By comparing statements from different periods, you can more easily
spot trends and make necessary management decisions and budget revisions before small
problems become large ones.
This exercise has provided us with understanding of the components and purposes of financial
statements and related analysis and interpretations.
SINGER HISTORY
4
The SINGER saga began in 1851, when Sir Isaac Merritt Singer with US$ 40 in the borrowed
capital began to manufacture and sell a machine to automate and assist in the making of clothing.
This revolutionary product was the first offering from the newly formed I.M. Singer & Company,
which has now evolved into the world leader in the manufacturing and distribution of sewing
related products. The SINGER brand name is now famous around the globe.
In 1876, SINGER became the first multinational industrial company as it began manufacturing
sewing machines in Glasgow, Scotland. By 1880, world sales had reached 250,000 units. Additional
factories were established in New Jersey, and one of the best-known emblems- the RED S Girl
Trademark-was developed.
The first electric machine was introduced in 1889 and by the turn of the century, annual sales had
reached US$1.35 million. A separate subsidiary, the Singer Sewing Machine Company, was
established to handle sales and distribution in the western hemisphere. In 1908, The singer
Building at 149 Broadway in New York was opened and became the headquarter of Singer for the
next 54 years. It was the tallest building and the first skyscraper in the world at that time.
Capitalizing on its famous brand name, its hire-purchase plan and its vast network of retail outlets
and other distribution points around the world, Singer introduced electronics, home appliances,
and other consumer durables especially in the Asia Pacific Rim, Latin America, and the Caribbean.
Today Singer is a household name throughout the world for a wide range of products for the
home.
SINGER BANGLADESH HISTORY
The presence of SINGER in Bangladesh dates back to the British colonial era when the country was
a part of the Indian subcontinent. The first operation of Singer began in 1905. Later, in 1920, two
shops were set up in Dhaka and Chittagong.
After the partition of the sub-continent in 1947, two separate states emerged. Bangladesh became
a part of Pakistan and formed its eastern wing. SINGER in East Pakistan operated as a branch of
SINGER Pakistan and the products used to come from Western Pakistan. At the initial stage,
marketing operation was carried out through only 10 shops, which increased to 43 by the late
1960s. After the emergence of Bangladesh on December 16, 1971, the East Pakistan Branch Office
was elevated to a country Office and the Sewing Machines were made available from different
Singer overseas sources. The number of shops was squeezed to only 23 because of low volume of
a change in the investment policy in 1979 created new opportunities and SINGER registered as an
operating company, with 80% of the share held by Singer Sewing Machine Company (SSMC), USA,
and 20% by local shareholders. In 1983 the company was listed with Dhaka Stock Exchange (DSE)
and offered 20% of its total capitalization- 2,565 ordinary shares of Taka 100 each. In 2001, it was
also listed with the Chittagong Stock Exchange (CSE).
PRODUCT DIVERSIFICATION
5
Since its inception in Bangladesh, the name SINGER has been synonymous with the sewing
machine. Although sewing machines are SINGER’S core but the Management realized that this
product alone could not substantiate growth for longer periods. This realization led to
diversification into numerous product ranges. Thus, the transformation of SINGER from a single
product sewing machine company into a multi-product consumer durable company began in 1985
for further growth and expansion.
This diversification into consumer durables has continued unabated. At different times SINGER has
introduced Refrigerators, LCD/LED TV, Color Televisions, Furniture, Air Conditioners, Fans,
Washing Machines, Irons, Microwave Ovens, Rice Cookers, Motorcycles, Instant Power supply,
DVD Players, Room Heaters, Air Coolers, Kitchen Appliances, Netbook, Laptop, Desktop
Computers, Generators, Blue Ray DVD Players. SINGER, as part of its diversification program,
ventured into the manufacturing and marketing of Furniture in 2013.
NEW ROLE OF SINGER BANGLADESH
RETAILER
The gradual transformation of SINGER Shops into 'Singer Mega' and 'Singer Plus' started back in
2006 as part of its multi-branding strategy. The main focus of this strategy is to make available
varied world famous brands under the same product category for providing customers a variety of
choice under the same roof. As such SINGER Mega and SINGER Plus Shops now offer world
famous brands like BEKO, Grundig, Apple, Samsung, Siemens, Skyworth, Videocon, Preethi,
Singtech, Dell, Toshiba, Prestige, Lifestraw and many more alongside with SINGER.
DEALER
Despite offering the largest retail chain for Consumer Electronics and Home Appliance industry in
the country, around 300 dealers are located across the country to make Consumer Electronics &
Home Appliances of SINGER and other brands, SINGER Cables and Sewing Machines available to
more consumers.
Basic Information of the Singer Bangladesh Limited:
6
Authorized Capital : 1,000,000,000
Paid-up Capital : 766,944,910
Face/par Value: 10.00
Total No. of Outstanding 76,684,491
Securities:
Last AGM held on: 15/05/2018 For the year ended: Dec 31, 2017
Cash Dividend 100% 2017
Year End 31-December
Singer Bangladesh Limited

Statement of Financial Positions for the year 2014, 2015, 2016 & 2017
7
Amount In Millions
Particulars 12/31/2014 12/31/2015 12/31/2016 12/31/2017
Total Assets
Cash, Cash Equivalents & STI 152.7 103.9 152.4 202.9
Cash & Cash Equivalents 152.7 103.9 152.4 202.9
ST Investments 0.0 0.0 0.0 0.0
Accounts & Notes Receiv 804.0 983.2 1,495.3 1,813.5
Accounts Receivable, Net 880.6 983.2 1,495.3 1,813.5
Notes Receivable, Net — — — 0.0
Inventories 1,522.2 1,127.5 2,159.7 2,968.4
Raw Materials 212.2 92.4 177.0 187.1
Work In Process 0.0 0.0 0.0 0.0
Finished Goods 1,373.5 1,105.4 2,075.0 2,876.4
Other Inventory -63.5 -70.3 -92.2 -95.2
Other ST Assets 406.5 169.1 281.9 315.8
Prepaid Expenses — — — 237.3
Derivative & Hedging Assets — — — 0.0
Taxes Receivable — — — 35.9
Misc ST Assets — — — 42.5
Total Current Assets 2,885.4 2,383.6 4,089.4 5,300.6
Property, Plant & Equip, Net 917.6 829.0 1,034.1 1,424.4
+ Property, Plant & Equip 1,447.9 1,415.9 1,658.2 2,153.9
- Accumulated Depreciation 530.3 587.0 624.1 729.5
LT Investments & Receivables 15.2 183.9 288.3 4.2
LT Investments — — — 4.2
Other LT Assets 2.9 256.5 288.3 342.4
Total Intangible Assets 0.0 45.0 36.0 39.5
Goodwill 0.0 0.0 0.0 0.0
Other Intangible Assets 0.0 45.0 36.0 39.5
Prepaid Expense — — — 284.0
Deferred Tax Assets — 29.1 37.4 18.9
Derivative & Hedging Assets — — — 0.0
Investments in Affiliates 0.0 — — —
Misc LT Assets 2.9 182.4 214.9 0.0
Total Noncurrent Assets 935.7 1,269.3 1,610.7 1,771.0
Total Assets 3,821.2 3,652.9 5,700.1 7,071.6
Liabilities & Shareholders' Equity

Payables & Accruals 892.8 130.3 327.5 1,508.4
Accounts Payable 892.8 130.3 327.5 463.0
Accrued Taxes — — — 0.0
Other Payables & Accruals — — — 1,045.4
ST Debt 218.4 18.8 1,130.9 1,587.0
ST Borrowings 218.4 18.8 1,130.9 1,587.0
ST Capital Leases 0.0 0.0 0.0 0.0
8
Other ST Liabilities 1.6 674.0 849.8 278.3
Deferred Revenue — — — 0.0
Derivatives & Hedging — — — 0.0
Misc ST Liabilities 1.6 674.0 849.8 278.3
Total Current Liabilities 1,112.8 823.1 2,308.2 3,373.8
LT Debt 0.0 0.0 0.0 0.0
LT Borrowings 0.0 0.0 0.0 0.0
LT Capital Leases 0.0 0.0 0.0 0.0
Other LT Liabilities 1,181.2 1,412.5 1,444.9 1,474.4
Accrued Liabilities — — — 0.0
Pension Liabilities — — — 3.6
Deferred Revenue — — — 0.0
Derivatives & Hedging — — — 0.0
Misc LT Liabilities 1,181.2 1,412.5 1,444.9 1,470.8
Total Noncurrent Liabilities 1,181.2 1,412.5 1,444.9 1,474.4
Total Liabilities 2,294.0 2,235.6 3,753.1 4,848.2
Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
Share Capital & APIC 613.6 766.9 766.9 766.9
- Treasury Stock 0.0 0.0 0.0 0.0
Retained Earnings 518.2 228.5 594.7 815.5
Other Equity 395.36 421.90 585.38 577.86
Equity Before Minority Interest 1,527.2 1,417.3 1,947.0 2,160.3
Minority/Non Controlling Interest 0.0 0.0 0.0 63.2
Total Equity 1,527.2 1,417.3 1,947.0 2,223.4
Total Liabilities & Equity 3,821.2 3,652.9 5,700.1 7,071.6

Statement of Profit or Loss and Other Comprehensive Income
Amount In Millions
Particulars 12/31/2014 12/31/2015 12/31/2016 12/31/2017
9
Revenue 7,261.8 6,910.7 9,007.5 11,059.1
+ Sales & Services Revenue — — — 10,891.4
+ Other Revenue — — — 167.7
- Cost of Revenue 5,422.1 5,067.7 6,413.8 7,940.6
+ Cost of Goods & Services — — — 7,940.6
Gross Profit 1,839.7 1,843.0 2,593.7 3,118.5
+ Other Operating Income 3.2 66.8 1.5 27.4
- Operating Expenses 1,255.8 1,313.5 1,701.1 2,018.9
+ Selling, General & Admin — 41.4 48.7 36.4
+ General & Administrative — 41.4 48.7 36.4
+ Research & Development — — — 0.0
+ Prov For Doubtful Accts 37.1 — — —
+ Other Operating Expense 1,218.7 1,272.2 1,652.4 1,982.6
Operating Income (Loss) 587.0 596.3 894.1 1,126.9
- Non-Operating (Income) Loss 85.7 79.3 114.5 99.8
+ Interest Expense, Net 71.7 66.2 97.3 158.2
+ Interest Expense 71.7 66.2 97.3 158.2
- Interest Income 0.0 0.0 0.0 0.0
+ Other Investment (Inc) Loss — — — -1.4
+ Foreign Exch (Gain) Loss -1.0 -0.3 0.0 0.0
+ (Income) Loss from Affiliates — 13.9 27.1 -56.4
+ Other Non-Op (Income) Loss 14.9 -0.5 -9.8 -0.6
Pretax Income 501.3 517.0 779.6 1,027.1
- Income Tax Expense (Benefit) 139.0 148.4 233.3 281.0
+ Current Income Tax — — — 252.0
+ Deferred Income Tax — — — 29.0
Income (Loss) from Cont Ops 362.3 368.6 546.3 746.1
- Net Extraordinary Losses (Gains) 0.0 0.0 0.0 0.0
+ Discontinued Operations — — — 0.0
+ XO & Accounting Changes — — — 0.0
Income (Loss) Incl. MI 362.3 368.6 546.3 746.1
- Minority Interest 0.0 0.0 0.0 -4.7
Net Income, GAAP 362.3 368.6 546.3 750.8
- Preferred Dividends 0.0 0.0 0.0 0.0
- Other Adjustments 0.0 0.0 0.0 0.0
Net Income 362.3 368.6 546.3 750.8

Statements of Cash Flows for the years 2014, 2015, 2016 & 2017
Amounts in Taka
Particulars 2014 2015 2016 2017
10
Cash received from customers 8,358,549,806 6,838,469,275 8,655,259,850 10,926,666,976
Payment to suppliers, employees

(7,085,699,351) (5,746,635,124) (9,001,520,854) (10,279,047,968)
and others
Interest Paid -- (159,438,908) (84,247,953) (157,161,309)
Other receipts (70,778,327) -- -- --
Other payments (27,766,755) (26,384,524) (27,211,220) (41,030,308)
Net Cash Generated from
985,685,777 770,587,843 (673,798,963) 239,061,656
Operating Actvities
Purchase of Property, Plant &
-- (40,863,852) (108,292,864) (151,242,639)
Equipment
Proceeds on Sale of Property, Plant
21,985,140 4,318,598 5,653,945 3,419,692
& Equipment
(Acquisition)/ Disposal of Other
(119,317,266) -- -- --
Investments
Dividends proceeds -- 1,427,953 1,427,952 1,427,952
Increase/(Decrease) in short term
700,000,000 (168,683,108) (131,476,700) (1,000,000)
loans/ Investments
Other Cash flows (3,599,148) -- -- --
Net Cash Flow from Investing
599,068,726 (203,800,409) (232,687,667) (147,394,995)
Activities
Short term loan paid to related
192,878,396 -- -- --
parties
Loan repayment -- -- -- --
Net Loan Receipts -- -- 1,130,878,507 1,587,039,816
Dividend paid to equity holders of
(1,792,780,274) (415,914,327) (157,078,684) (436,133,800)
parent
Net Cash Flow Financing
(1,599,901,878) (415,914,327) 973,799,823 1,150,906,016
Activities
Increase (decrease) in Cash (15,147,375) 150,873,107 67,313,193 1,242,572,677
Cash at the begning of the period 167,815,909 (65,756,986) 85,116,121 (978,449,193)
Other Cash flows -- -- -- (61,188,869)
Cash at the end of the period 152,668,534 85,116,121 152,429,314 202,934,615
Financial Statements Analysis and Projection
1. On the basis of Statement of Cash flows:

Statement of Cash flows
For the year ended 31 December 2017
11
Particulars Amount in Tk.
EBIT 1,180,993,388
Add: Depreciation & Amortization 85,687,155
Less: Tax 279,894,512
Operating cash flow (Source of cash) 986,786,031
Capital spending:
Ending net fixed investment 1,424,361,116
Less: Beginning fixed investment 1,034,080,145
Add: Depreciation 85,687,155
Net fixed investment (Use of cash) 475,968,126
Changes in net working capital:
Ending net working capital 1,926,851,675
Less: Beginning net working capital 1,781,240,346
Changes in net working capital (Use of cash) 145,611,329
Free Cash flow from assets

Operating cash flow (Source of cash) 986,786,031
Net fixed investment (Use of cash) 475,968,126
Changes in net working capital (Use of cash) 145,611,329
Free Cash Flow from assets (Sources of cash) 365,206,576
Cash flow from/to creditors
Interest paid (Uses) 158,195,568
Less: New long term borrowing 456,161,309
Cash flow from creditors (Source of Cash) 297,965,741
Cash flow from investors
Dividend paid 766,944,910
New equity -
Cash flow to investors (Use of cash) 766,944,910
Comments of cash flow statement:
 Free cash flow is only 365,206,576 which has gone down due acquisition of new business;
 Dividends paid from borrowing & Previous Cumulative Retained Earnings;
 Fixed investment has consumed huge cash;
 High investment in inventory also one of the main reason for reduce free cash flow;
 High growth of cash & cash equivalent also the reason for reduce free cash flow.
12
2. On the basis of Ratio Analysis:
Ratio 2017 2016 Comment
Funds maintain efficiently in current assets:

 Investments in current asset reduce free
1. Current 1.63 1.77
cash flow.
 Reduce investment opportunity.
13
 Funds invest efficiently in current assets.
2. Quick 1.57 1.71
 Reduce investment opportunity.
Inventory has gone down over the year due

3. Inventory Turnover 4.15x 5.59x
high investment in inventories.
 Aggressive sales campaign.
4. DSO
61.24 62.34  Pure receivable management and cash
(receivable/daily sales)
collection.
 Aggressive sales campaign increase sales.
5. FA TO 6.36x 5.59x
6. TA TO 1.66x 1.58x  Aggressive sales campaign increase sales.
 High debt increase financing cost.

7. Debt Ratio 67.29% 66%
 High gearing of EPS expected.
It goes down for increase financing cost and

8. TIE 7.99x 9.74x
long term loan.
For increase cost of sales and operating
9. Profit Margin 6.98% 7.93% expenses (acquisition of other company)
reduced profit margin.
ROA reduced for high investment in fixed
10. ROA 11.56% 12.53%
assets.
11. ROE 35.33% 36.67% Equity base has gone high.
Investor’s looks do not like the strategy, price

12. Market: Book ratio 6.76 7.92
of share has gone down.
Investor’s looks do not like the strategy, Trust

13. P:E ratio 19.97x 27.04x
of investors has gone down.
P:E Ratio Analysis
14
P:E Ratio
50
45
40
35
30
25 46.36
20 37.46
29.98
15 27.04
19.97
10
0
2013 2014 2015 2016 2017
Comments of cash flow statement:
The P:E ratio of Singer Bangladesh Limited in 2013 was 29.98 it is increasing 2014 was 46.36
then it was decreasing gradually over the years and become in 2017 it was 19.97. The P:E ratio of
Singer Bangladesh Limited indicate that the strength of the market and it was decreasing over
the last 4 years. We can see the graph of the P:E ratio of Singer Bangladesh Limited.
The Operating Cycle and the Cash Cycle
15
 Operating cycle = Inventory period +Receivable period
 Cash cycle = Operating cycle – Accounts payable period
Raw material purchased

Finished goods sold
Cash received
Order Placed Stock Arrives
31.52 days
55.05 days
Inventory period Accounts receivable period
Time
18.2 days
68.37 days
Accounts Payable period
Cash cycle
86.57 days
Operating cycle
3. On the basis of Sustainable Growth:
Sustainable Growth Rate for 2017:
16
ROE * Retention Rate
Sustainable Growth Rate =
1 - (ROE * Retention Rate)
ROE = Net Income

Retention Rate = (Net Income-Dividends)/Net Income
Net Income
ROE =
Total Equity
750,829,73
8
2,223,431,133
0.337689676
Net Income - Dividend
Retention Rate =
Net Income
750,829,738-766,944,910
750829738
(16,115,172
)
750,829,73
8
-0.021463151
-0.007247884
1.007247884
-0.0072
Comment:
 Negative Sustainable Growth Rate due to dividend is more than Net Income for the year
2017.
 Negative Sustainable Growth Rate means they’re losing more money than they make, and
the odds are this trend is irreversible.
Forecasting with different ‘g’
Current year 2018 2019 Next Year

Current
(2017) @ gs @ gs @g=20%
Sales 11,059,139,327 10,979,560,739 10,900,554,777 13,270,967,192
Net Income 750,829,738 745,426,969 740,063,078 900,995,686
Dividend 766,944,910 761,426,181 755,947,163 920,333,892
Addition to retained earnings (16,115,172) (15,999,212) (15,884,086) (19,338,206)
Total assets 7,071,584,791 7,020,699,572 6,970,180,508 8,485,901,749
Total Debt 4,848,153,658 4,813,267,650 4,778,632,673 5,817,784,390
17
Common stock 766,944,910 766,944,910 766,944,910 766,944,910
Reserves 577,857,676 577,857,676 577,857,676 577,857,676
Retained earnings 815,464,263 799,465,051 783,580,966 796,126,057
Non-controlling interest 63,164,284 63,164,284 63,164,284 63,164,284
Total Financing 7,071,584,791 7,020,699,572 6,970,180,508 8,021,877,316
Funds needed - - - 464,024,433
Debt: Equity ratio 2.18 2.18 2.18 2.85
Sustainable Growth Rate -0.0072 -0.0072 -0.0072 -0.0087
Expected Price BDT 214.2 BDT 194.09 BDT 192.69 BDT 234.60
Sustainable Growth Rate for 2018

ROE = Net Income

ROE = Net Income
18
Total Equity
745,426,9
69
2,207,431,921
0.337689676
Retention Rate =
Net Income
745,426,969-761,426,181
761,426,181
(15,999,2
12)
745,426,969
-0.021463151
-0.007247884
1.007247884
-0.0072
Sustainable Growth Rate @g=20%

ROE = Net Income

Net Income
ROE =
Total Equity
900,99
5,686
2,204,092,927
0.408782985
Retention Rate =
Net Income
19
900,995,686-920,333,892
900,995,686
(19,33
8,206)
900,995,686
-0.021463151
-0.008773771
1.008773771
-0.0087
4. On the basis of Z-score:
Z-score model for prediction distress

Several models to predict distress have been developed over the years. One of the more popular
and robust models is the Altman’s Z-score model.
The Altman Z-score is the output of a credit-strength test that gauges a publicly traded
manufacturing company's likelihood of bankruptcy. The Altman Z-score is based on five financial
ratios that can calculate from data found on a company's annual 10-K report. It uses profitability,
leverage, liquidity, solvency and activity to predict whether a company has high probability of
being insolvent.
Z-score of Singer Bangladesh Limited for 2017, 2016 & 2015
Particulars 2017 2016 2015

(Net working Capital/Total Asset)*1.2 0.32 0.36 0.52
(Cumulative Retained Earnings/Total Asset)*1.4 0.17 0.14 0.08
(EBIT/Total Asset)*3.3 0.56 0.53 0.53
(Market Value of equity/Total Liabilities)*0.6 2.03 2.24 3.44
(Sales/Total Asset)*1.0 1.55 1.55 1.85
4.64 4.82 6.42
20
 Bankruptcy prediction when Z is less than 1.2,
 Z within the range between 1.2 and 2.9 is gray area.
 Z above 3 is safe.
Comment on the basis of Z-score
The firm is much safer according to Z score because the firm’s score above hurdle of 3. The score
is slightly decreasing then the previous year but investor had taken that under consideration as the
scores are above the hurdle more than 3 and stock price has rather gone up in future.
Workings for the calculation of Z-score
Total Asset
Current
Year Current Asset NWC Total Asset
Liabilities
X1 2017 5,300,612,072 3,373,760,397 1,926,851,675 7,071,584,791
2016 4,089,413,802 2,308,173,456 1,781,240,346 5,700,118,993
2015 2,383,601,789 823,062,643 1,560,539,146 3,652,909,200
Retained Earnings
Year Retained Earnings

X2 2017 815,464,263
2016 594,705,557
2015 228,490,099
EBIT
Year EBIT
X3 2017 1,185,325,891
2016 894,114,873
2015 595,478,605
Market Value of Security & Total Liability
21
Year Market Value Total Liabilities
X4 2017 16,427,000,000 4,848,153,658
2016 14,035,091,853 3,753,088,466
2015 12,807,979,997 2,235,576,496
BETA COEFFICIENT OF SINGER BANGLADESH LIMITED:
Beta risk measures the volatility of security return in response to the volatility of the market return.
2
β = COV(R ,R )/ σ R
j j m m
Researchers have shown that the best measure of the risk of a security in a large portfolio is the
beta (b) of the security.
Beta measures the responsiveness of a security to movements in the market portfolio (i.e.,
systematic risk).
A beta that is greater than 1.00 indicates that the security's price is theoretically more volatile than
the market. For example, if a stock's beta is 1.20, it is assumed to be 20% more volatile than the
market.
A company with a higher beta has greater risk and also greater expected returns.
The beta coefficient can be interpreted as follows:

β =1 exactly as volatile as the market
β >1 more volatile than the market
β <1>0 less volatile than the market
β =0 uncorrelated to the market
β <0 negatively correlated to the market
22
High β – A company with a β that’s greater than 1 is more volatile than the market. For example,
a high-risk technology company with a β of 1.75 would have returned 175% of what the market
return in a given period (typically measured weekly).
Low β – A company with a β that’s lower than 1 is less volatile than the whole market. As an
example, consider an electric utility company with a β of 0.29, which would have returned only
29% of what the market returned in a given period.
Negative β – A company with a negative β is negatively correlated to the returns of the market.
For an example, a gold company with a β of -0.2, which would have returned -2% when the
market was up 10%.
Beta Coefficient of Singer Bangladesh Ltd 0.29770152
Beta Coefficient Calculation Singer Bangladesh Ltd:
Dhaka Stock
Singer BD Daily Returns of Daily Returns
Date Exchange
(Closing Price) Singer BD (%) (%)
(Index)
1-Jan-17 197.60 5,083.89
2-Jan-17 201.90 2.17611 5,119.59 0.7021
3-Jan-17 199.70 -1.08965 5,137.74 0.3545
4-Jan-17 196.70 -1.50225 5,156.60 0.3672
5-Jan-17 194.70 -1.01678 5,182.25 0.4973
8-Jan-17 206.80 6.21469 5,158.70 -0.4544
9-Jan-17 210.90 1.98259 5,214.60 1.0837
10-Jan-17 206.30 -2.18113 5,277.39 1.2041
11-Jan-17 203.40 -1.40572 5,333.88 1.0703
12-Jan-17 200.40 -1.47493 5,342.88 0.1688
15-Jan-17 203.30 1.44711 5,422.80 1.4958
16-Jan-17 201.80 -0.73783 5,477.86 1.0155
17-Jan-17 203.50 0.84242 5,575.47 1.7819
18-Jan-17 209.10 2.75184 5,533.50 -0.7529
19-Jan-17 210.00 0.43042 5,534.07 0.0103
22-Jan-17 210.60 0.28571 5,602.85 1.2429
23-Jan-17 207.90 -1.28205 5,669.80 1.1949
24-Jan-17 204.80 -1.49110 5,708.25 0.6782
25-Jan-17 202.80 -0.97656 5,621.28 -1.5236
26-Jan-17 204.20 0.69034 5,618.65 -0.0468
29-Jan-17 205.20 0.48972 5,500.86 -2.0965
30-Jan-17 202.70 -1.21832 5,421.21 -1.4479
31-Jan-17 203.10 0.19734 5,468.34 0.8694
1-Feb-17 203.70 0.29542 5,473.89 0.1015
23
2-Feb-17 200.30 -1.66912 5,365.14 -1.9868
5-Feb-17 199.00 -0.64903 5,322.87 -0.7878
6-Feb-17 199.90 0.45226 5,363.09 0.7557
7-Feb-17 201.50 0.80040 5,392.10 0.5409
8-Feb-17 206.60 2.53102 5,488.23 1.7828
9-Feb-17 208.10 0.72604 5,512.46 0.4415
12-Feb-17 211.70 1.72994 5,546.29 0.6136
13-Feb-17 217.00 2.50354 5,558.57 0.2215
14-Feb-17 213.60 -1.56682 5,598.71 0.7221
15-Feb-17 211.90 -0.79588 5,580.64 -0.3229
16-Feb-17 214.60 1.27419 5,590.67 0.1797
19-Feb-17 222.50 3.68127 5,583.01 -0.1370
20-Feb-17 224.70 0.98876 5,605.00 0.3939
22-Feb-17 219.50 -2.31420 5,625.84 0.3718
23-Feb-17 214.00 -2.50569 5,625.33 -0.0090
26-Feb-17 215.00 0.46729 5,635.11 0.1739
27-Feb-17 204.30 -4.97674 5,620.25 -0.2638
28-Feb-17 202.20 -1.02790 5,612.70 -0.1343
1-Mar-17 202.10 -0.04946 5,597.22 -0.2758
2-Mar-17 200.40 -0.84117 5,586.75 -0.1871
5-Mar-17 200.50 0.04990 5,573.08 -0.2447
6-Mar-17 201.90 0.69825 5,588.84 0.2828
7-Mar-17 200.30 -0.79247 5,622.49 0.6023
8-Mar-17 200.80 0.24963 5,649.99 0.4890
9-Mar-17 198.60 -1.09562 5,671.62 0.3829
12-Mar-17 194.70 -1.96375 5,676.26 0.0818
13-Mar-17 196.70 1.02722 5,659.72 -0.2913
14-Mar-17 196.60 -0.05084 5,681.26 0.3805
15-Mar-17 196.90 0.15259 5,684.31 0.0537
16-Mar-17 196.40 -0.25394 5,701.27 0.2984
19-Mar-17 194.40 -1.01833 5,695.45 -0.1021
20-Mar-17 194.40 0.00000 5,695.72 0.0047
21-Mar-17 187.10 -3.75514 5,724.86 0.5115
22-Mar-17 183.80 -1.76376 5,736.31 0.2001
23-Mar-17 183.50 -0.16322 5,726.23 -0.1756
27-Mar-17 186.60 1.68937 5,697.93 -0.4942
28-Mar-17 190.50 2.09003 5,737.42 0.6930
29-Mar-17 187.50 -1.57480 5,733.24 -0.0728
30-Mar-17 188.90 0.74667 5,719.61 -0.2378
2-Apr-17 188.20 -0.37057 5,691.37 -0.4937
3-Apr-17 191.90 1.96599 5,739.34 0.8427
4-Apr-17 192.10 0.10422 5,777.12 0.6583
5-Apr-17 186.20 -3.07132 5,756.92 -0.3496
6-Apr-17 186.50 0.16112 5,736.40 -0.3564
9-Apr-17 185.20 -0.69705 5,700.79 -0.6208
10-Apr-17 183.70 -0.80994 5,689.67 -0.1951
11-Apr-17 183.40 -0.16331 5,683.46 -0.1091
12-Apr-17 183.90 0.27263 5,646.38 -0.6525
13-Apr-17 185.50 0.87004 5,645.86 -0.0091
16-Apr-17 183.40 -1.13208 5,592.83 -0.9393
17-Apr-17 184.40 0.54526 5,596.12 0.0589
24
18-Apr-17 180.50 -2.11497 5,571.52 -0.4396
19-Apr-17 181.40 0.49861 5,555.10 -0.2948
20-Apr-17 178.90 -1.37817 5,521.66 -0.6019
23-Apr-17 177.80 -0.61487 5,438.25 -1.5107
24-Apr-17 178.60 0.44994 5,435.63 -0.0480
25-Apr-17 178.40 -0.11198 5,469.47 0.6225
26-Apr-17 179.40 0.56054 5,517.37 0.8758
27-Apr-17 179.10 -0.16722 5,534.42 0.3090
30-Apr-17 176.10 -1.67504 5,475.55 -1.0637
2-May-17 178.00 1.07893 5,521.38 0.8370
3-May-17 180.10 1.17978 5,545.10 0.4295
4-May-17 181.90 0.99944 5,540.71 -0.0792
7-May-17 183.60 0.93458 5,533.45 -0.1311
8-May-17 182.60 -0.54466 5,529.51 -0.0712
9-May-17 182.50 -0.05476 5,511.06 -0.3337
11-May-17 181.90 -0.32877 5,496.21 -0.2694
14-May-17 180.40 -0.82463 5,460.07 -0.6575
15-May-17 180.70 0.16630 5,428.06 -0.5863
16-May-17 180.90 0.11068 5,435.68 0.1404
17-May-17 180.90 0.00000 5,429.67 -0.1107
18-May-17 180.80 -0.05528 5,399.66 -0.5526
21-May-17 179.70 -0.60841 5,363.73 -0.6654
22-May-17 180.20 0.27824 5,385.36 0.4032
23-May-17 180.40 0.11099 5,394.82 0.1757
24-May-17 180.30 -0.05543 5,412.69 0.3312
25-May-17 180.40 0.05546 5,413.82 0.0209
28-May-17 179.30 -0.60976 5,368.73 -0.8328
29-May-17 179.20 -0.05577 5,356.58 -0.2264
30-May-17 179.20 0.00000 5,373.26 0.3113
31-May-17 181.40 1.22768 5,403.12 0.5557
1-Jun-17 182.20 0.44101 5,438.71 0.6587
4-Jun-17 180.70 -0.82327 5,443.99 0.0972
5-Jun-17 183.20 1.38351 5,482.53 0.7078
6-Jun-17 186.30 1.69214 5,500.66 0.3307
7-Jun-17 186.50 0.10735 5,489.88 -0.1960
8-Jun-17 186.10 -0.21448 5,475.75 -0.2574
11-Jun-17 187.40 0.69855 5,455.17 -0.3757
12-Jun-17 191.00 1.92102 5,450.12 -0.0927
13-Jun-17 190.80 -0.10471 5,454.78 0.0856
14-Jun-17 188.80 -1.04822 5,459.72 0.0905
15-Jun-17 187.60 -0.63559 5,468.33 0.1576
18-Jun-17 188.10 0.26652 5,461.63 -0.1224
19-Jun-17 189.80 0.90377 5,478.82 0.3147
20-Jun-17 190.00 0.10537 5,527.22 0.8834
21-Jun-17 190.60 0.31579 5,567.70 0.7323
22-Jun-17 190.70 0.05247 5,599.08 0.5637
28-Jun-17 191.00 0.15732 5,646.28 0.8431
29-Jun-17 190.80 -0.10471 5,656.05 0.1729
2-Jul-17 189.20 -0.83857 5,654.62 -0.0252
3-Jul-17 189.30 0.05285 5,726.38 1.2690
4-Jul-17 189.90 0.31696 5,760.50 0.5960
25
5-Jul-17 192.00 1.10585 5,782.66 0.3846
6-Jul-17 191.00 -0.52083 5,749.66 -0.5707
9-Jul-17 192.00 0.52356 5,774.30 0.4285
10-Jul-17 194.10 1.09375 5,827.19 0.9160
11-Jul-17 194.10 0.00000 5,830.77 0.0615
12-Jul-17 192.70 -0.72128 5,790.79 -0.6858
13-Jul-17 194.10 0.72652 5,834.87 0.7612
16-Jul-17 195.60 0.77280 5,844.72 0.1689
17-Jul-17 197.50 0.97137 5,824.43 -0.3472
18-Jul-17 199.00 0.75949 5,819.26 -0.0886
19-Jul-17 200.80 0.90452 5,775.59 -0.7504
20-Jul-17 198.40 -1.19522 5,782.47 0.1191
23-Jul-17 197.20 -0.60484 5,775.60 -0.1189
24-Jul-17 198.60 0.70994 5,798.12 0.3899
25-Jul-17 200.00 0.70493 5,801.90 0.0652
26-Jul-17 198.30 -0.85000 5,824.43 0.3883
27-Jul-17 197.40 -0.45386 5,815.07 -0.1607
30-Jul-17 196.30 -0.55724 5,802.04 -0.2240
31-Jul-17 196.70 0.20377 5,860.65 1.0101
1-Aug-17 194.00 -1.37265 5,876.26 0.2664
2-Aug-17 193.00 -0.51546 5,891.16 0.2536
3-Aug-17 193.20 0.10363 5,880.45 -0.1819
6-Aug-17 193.70 0.25880 5,907.63 0.4622
7-Aug-17 195.90 1.13578 5,913.60 0.1011
8-Aug-17 194.00 -0.96988 5,897.68 -0.2692
9-Aug-17 197.50 1.80412 5,890.13 -0.1280
10-Aug-17 198.10 0.30380 5,901.81 0.1983
13-Aug-17 194.60 -1.76678 5,921.60 0.3353
16-Aug-17 193.50 -0.56526 5,883.24 -0.6477
17-Aug-17 193.80 0.15504 5,861.12 -0.3761
20-Aug-17 193.10 -0.36120 5,819.27 -0.7139
21-Aug-17 194.20 0.56965 5,844.11 0.4268
22-Aug-17 194.00 -0.10299 5,862.33 0.3118
23-Aug-17 194.90 0.46392 5,855.88 -0.1101
24-Aug-17 195.20 0.15393 5,885.42 0.5045
27-Aug-17 195.40 0.10246 5,915.42 0.5097
28-Aug-17 195.50 0.05118 5,947.25 0.5380
29-Aug-17 194.10 -0.71611 5,948.51 0.0211
30-Aug-17 194.30 0.10304 5,973.95 0.4277
31-Aug-17 194.80 0.25733 6,006.43 0.5438
4-Sep-17 195.10 0.15400 6,038.38 0.5318
5-Sep-17 192.50 -1.33265 6,083.01 0.7392
6-Sep-17 192.80 0.15584 6,069.18 -0.2273
7-Sep-17 193.00 0.10373 6,114.99 0.7548
10-Sep-17 192.00 -0.51813 6,167.49 0.8586
11-Sep-17 192.90 0.46875 6,151.21 -0.2640
12-Sep-17 193.70 0.41472 6,149.40 -0.0294
13-Sep-17 192.20 -0.77439 6,184.57 0.5720
14-Sep-17 198.70 3.38189 6,203.90 0.3126
17-Sep-17 194.20 -2.26472 6,240.57 0.5911
18-Sep-17 194.00 -0.10299 6,235.94 -0.0742
26
19-Sep-17 195.90 0.97938 6,236.59 0.0104
20-Sep-17 194.00 -0.96988 6,172.91 -1.0209
21-Sep-17 192.80 -0.61856 6,170.48 -0.0395
24-Sep-17 192.40 -0.20747 6,165.32 -0.0835
25-Sep-17 191.20 -0.62370 6,106.25 -0.9582
26-Sep-17 189.20 -1.04603 6,104.27 -0.0323
27-Sep-17 189.90 0.36998 6,079.32 -0.4087
28-Sep-17 187.60 -1.21116 6,092.84 0.2223
2-Oct-17 184.50 -1.65245 6,092.95 0.0018
3-Oct-17 185.50 0.54201 6,133.23 0.6610
4-Oct-17 186.90 0.75472 6,159.96 0.4358
5-Oct-17 184.30 -1.39112 6,202.31 0.6875
8-Oct-17 180.30 -2.17037 6,205.50 0.0514
9-Oct-17 180.00 -0.16639 6,128.90 -1.2345
10-Oct-17 180.00 0.00000 6,141.81 0.2108
11-Oct-17 179.70 -0.16667 6,108.57 -0.5412
12-Oct-17 180.80 0.61213 6,064.41 -0.7230
15-Oct-17 185.10 2.37832 6,008.95 -0.9145
16-Oct-17 184.80 -0.16207 6,013.84 0.0815
17-Oct-17 184.30 -0.27056 6,031.74 0.2976
18-Oct-17 183.60 -0.37982 6,025.27 -0.1073
19-Oct-17 183.10 -0.27233 6,039.56 0.2371
22-Oct-17 181.30 -0.98307 6,041.20 0.0273
23-Oct-17 183.30 1.10314 5,981.95 -0.9808
24-Oct-17 183.80 0.27278 5,968.02 -0.2329
25-Oct-17 184.80 0.54407 6,001.53 0.5615
26-Oct-17 184.90 0.05411 6,018.26 0.2788
29-Oct-17 183.80 -0.59492 5,995.41 -0.3796
30-Oct-17 183.10 -0.38085 5,996.25 0.0139
31-Oct-17 184.30 0.65538 6,019.59 0.3893
1-Nov-17 186.50 1.19371 6,072.33 0.8762
2-Nov-17 190.70 2.25201 6,099.02 0.4395
5-Nov-17 190.20 -0.26219 6,072.99 -0.4268
6-Nov-17 190.00 -0.10515 6,104.51 0.5190
7-Nov-17 189.60 -0.21053 6,129.69 0.4126
8-Nov-17 192.90 1.74051 6,159.07 0.4793
9-Nov-17 195.80 1.50337 6,193.57 0.5600
12-Nov-17 198.00 1.12360 6,223.78 0.4879
13-Nov-17 197.40 -0.30303 6,216.62 -0.1152
14-Nov-17 203.70 3.19149 6,252.14 0.5715
15-Nov-17 202.30 -0.68729 6,235.71 -0.2628
16-Nov-17 197.80 -2.22442 6,282.09 0.7438
19-Nov-17 196.80 -0.50556 6,306.95 0.3957
20-Nov-17 200.70 1.98171 6,319.12 0.1930
21-Nov-17 197.90 -1.39512 6,281.87 -0.5895
22-Nov-17 197.70 -0.10106 6,289.33 0.1187
23-Nov-17 197.00 -0.35407 6,322.51 0.5276
26-Nov-17 195.50 -0.76142 6,336.88 0.2273
27-Nov-17 195.70 0.10230 6,302.46 -0.5433
28-Nov-17 194.70 -0.51099 6,272.57 -0.4742
29-Nov-17 192.80 -0.97586 6,278.55 0.0953
27
30-Nov-17 195.00 1.14108 6,306.86 0.4509
3-Dec-17 197.70 1.38462 6,296.20 -0.1690
4-Dec-17 197.20 -0.25291 6,262.77 -0.5310
5-Dec-17 199.00 0.91278 6,286.75 0.3829
6-Dec-17 197.80 -0.60302 6,266.30 -0.3254
7-Dec-17 196.50 -0.65723 6,248.23 -0.2884
10-Dec-17 195.10 -0.71247 6,204.43 -0.7009
11-Dec-17 194.60 -0.25628 6,196.65 -0.1254
12-Dec-17 194.80 0.10277 6,251.60 0.8867
13-Dec-17 194.30 -0.25667 6,224.08 -0.4403
14-Dec-17 195.50 0.61760 6,230.02 0.0954
17-Dec-17 195.20 -0.15345 6,213.09 -0.2717
18-Dec-17 195.10 -0.05123 6,224.61 0.1854
19-Dec-17 195.30 0.10251 6,228.66 0.0650
20-Dec-17 196.10 0.40963 6,196.48 -0.5165
21-Dec-17 196.70 0.30597 6,182.79 -0.2210
24-Dec-17 196.60 -0.05084 6,159.31 -0.3798
26-Dec-17 196.50 -0.05086 6,167.57 0.1341
27-Dec-17 195.80 -0.35623 6,186.47 0.3064
28-Dec-17 195.50 -0.15322 6,244.52 0.9384
Singer Bangladesh Average Return for the month on December, November,

October & September of 2018 is 0.103%.
Details are given bellow:
DATE Company Name CLOSE PRICE Return

05-12-18 Singer Bangladesh Limited 214.2
04-12-18 Singer Bangladesh Limited 213.7 0.2339729%
02-12-18 Singer Bangladesh Limited 212.7 -0.2350729%
27-11-18 Singer Bangladesh Limited 217 -0.5990783%
18-11-18 Singer Bangladesh Limited 218 1.4678899%
28
26-09-18 Singer Bangladesh Limited 217 -1.1520737%
29
Observation from Analysis:
1. Singer Bangladesh Ltd. paid dividend from borrowing & Previous Cumulative Retained
Earnings.
2. The P:E ratio of Singer Bangladesh Limited indicate that the strength of the market and it
was decreasing over the last 4 years. For maintaining strength in the market they pain
100% dividend in 2017.
3. Aggressive sales campaign for increasing sales through hire purchase sales and credit
sales.
4. Singer Bangladesh Ltd. try to increase net profit or EPS through increasing sales which is
very risky for the company because there is a high chance credit sales turns to bad debts.
5. For increase cost of sales and operating expenses (acquisition of other company) reduced
profit margin.
6. Singer Bangladesh Ltd. increases their business portfolio by acquisition of International

Appliances Limited.
7. Sustainable Growth Rate of Singer Bangladesh Ltd. is negative due dividend payment
over net income.
30
8. Z-score of Singer Bangladesh Limited is 4.64 so there is no Bankruptcy position, so
investment in the company is safe.
9. Average return of last three month is 0.103% which indicate market share price of Singer
Bangladesh Ltd. is stable.
31

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Table of Contents

Particulars Page Number

Dr. M. Masud Rahman

Subject: Letter of transmittal

Masum Alamgir Chowdhury Fin-03-16-018

Ahammad-El-Sayem Akhand Fin-03-16-027

SINGER BANGLADESH HISTORY

NEW ROLE OF SINGER BANGLADESH

Basic Information of the Singer Bangladesh Limited:

Singer Bangladesh Limited

Liabilities & Shareholders' Equity

Singer Bangladesh Limited

Singer Bangladesh Limited

Payment to suppliers, employees

Financial Statements Analysis and Projection

1. On the basis of Statement of Cash flows:

Singer Bangladesh Limited

Free Cash flow from assets

 Dividends paid from borrowing & Previous Cumulative Retained Earnings;

 Fixed investment has consumed huge cash;

Ratio 2017 2016 Comment

Funds maintain efficiently in current assets:

Inventory has gone down over the year due

6. TA TO 1.66x 1.58x  Aggressive sales campaign increase sales.

 High debt increase financing cost.

It goes down for increase financing cost and

11. ROE 35.33% 36.67% Equity base has gone high.

Investor’s looks do not like the strategy, price

Investor’s looks do not like the strategy, Trust

P:E Ratio Analysis

Comments of cash flow statement:

The Operating Cycle and the Cash Cycle

Raw material purchased

Order Placed Stock Arrives

3. On the basis of Sustainable Growth:

Sustainable Growth Rate for 2017:

ROE = Net Income

Forecasting with different ‘g’

Current year 2018 2019 Next Year

Net Income 750,829,738 745,426,969 740,063,078 900,995,686

Dividend 766,944,910 761,426,181 755,947,163 920,333,892

Addition to retained earnings (16,115,172) (15,999,212) (15,884,086) (19,338,206)

Total assets 7,071,584,791 7,020,699,572 6,970,180,508 8,485,901,749

Total Debt 4,848,153,658 4,813,267,650 4,778,632,673 5,817,784,390

Reserves 577,857,676 577,857,676 577,857,676 577,857,676

Retained earnings 815,464,263 799,465,051 783,580,966 796,126,057

Non-controlling interest 63,164,284 63,164,284 63,164,284 63,164,284

Total Financing 7,071,584,791 7,020,699,572 6,970,180,508 8,021,877,316

Funds needed - - - 464,024,433

Debt: Equity ratio 2.18 2.18 2.18 2.85

Sustainable Growth Rate -0.0072 -0.0072 -0.0072 -0.0087

Sustainable Growth Rate for 2018

ROE * Retention Rate

ROE = Net Income

ROE = Net Income

Sustainable Growth Rate @g=20%

ROE * Retention Rate

ROE = Net Income

4. On the basis of Z-score:

Z-score model for prediction distress

Z-score of Singer Bangladesh Limited for 2017, 2016 & 2015

Particulars 2017 2016 2015

Comment on the basis of Z-score