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8/16/2019 Singer Bangladesh_Financial Analysis
1/24
Report on
Financial Statement Analysis of Singer
Bangladesh
Prepared for
Prof. M Masud Rahman
Master of Professional Finance (MPF)
Department of Finance
University of Dhaka
Prepared by
Name ID NOAhmadul Kair !"#"$#!%&Md. 'urul oue !"#"$#!%%Mostafa Kamal *alim !"#"$#!%"*tudents of "st +atch
MPF Pro,ram
Department of Finance
University of Dhaka
Date of Submission: December ! "#$
8/16/2019 Singer Bangladesh_Financial Analysis
2/24
Decemer ""- !"$
Professor % %asud Rahman
MPF Pro,ram
Department of Finance
University of Dhaka
Sub&ect: 'etter of (ransmittal
Dear *ir
As per your instruction /e have prepared the report titled )Financial
Analysis of
Singer Bangladesh*. 0his report provided us /ith an opportunity to
overvie/ of en,ineerin, sector in +an,ladesh alone /ith analy1in, 2nancial
health of a reputed company +Singer Bangladesh,-
3e have tried our est to compile the related information as
comprehensively as possile and if you need any further information- /e /ille oli,ed to assist you.
*incerely yours-
%d- Nurul .o/ue
On behalf of the group
8/16/2019 Singer Bangladesh_Financial Analysis
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01ecuti2e Summary
*in,er +an,ladesh 4imited /as listed /ith the Dhaka *tock 56chan,e in
"78& and 9hitta,on, *tock 56chan,e in !!". At present :$; of its shares
are held y the sponsors< directors- :.%=; y institutional investors and rest
":.$%; y the ,eneral pulic. >n !"%- almost =7.%; of its revenue came from
/hite ,oods (lar,e electrical ,oods used domestically)- /hich includes air
conditioner ("!; of total revenue) and &.%; from ro/n ,oods (relatively li,ht
electronic consumer durales)- /hich includes television (".$; of total revenue
contriution). +esides these- around $.!; contriution came from sale of se/in,
machine- !.%; from furniture and ".7; from other consumer durales.
*in,er +an,ladesh has increased the investment in capital assets from
!.$8; to ".==; last year. 4on, term investment has een increased from .
=; to .&=;. Moreover- issues of ne/ share capital from "".$7; to "%.%8;
alon, /ith these factors indicates that *in,er +an,ladesh has is tryin, to
e6pand its capacity and ne/ opportunities. >nventories in the last year
increased at hu,e amount from 7.=!; to &$.7&;. A,ain- trade detors has
decreased ut advances- deposits and pre#payments has increased /hich
ultimately led to drastic cash shrinka,e from "7.%; in !"" to &.=!; in
!"%. Payment of dividends also a?ected the cash alance rou,hly. *in,er
+an,ladesh has no lon, term loan from !"" to !"%. +ut it has hu,e
amount of short term loan /hich has to e repaid after one year interval and
created hu,e interest urden for the company. 0his has ,iven the company a
,ood det to euity
8/16/2019 Singer Bangladesh_Financial Analysis
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(able of 3ontents9hapter @ne >ntroduction..........................................................................................$
"." >ndustry @vervie/................................................................................................$
". @vervie/ of the 9ompany.................................................................................... =
".&. 9ompany i,hli,hts............................................................................................ :
".% @Bective of the study..........................................................................................7
".$ 9ollection of data................................................................................................. 7
".= 4imitation of the study.........................................................................................7
9hapter 4iterature Revie/...................................................................................."!
." Financial statements.......................................................................................... "!
. Financial Analysis............................................................................................... ""
.& 0ypes of 2nancial statement analysis.................................................................""
.&." +alance sheet Analysis.................................................................................""
.&. 9ash Co/ analysis........................................................................................"
.&.& Ratio analysis............................................................................................... "
9hapter 0hree Financial Analysis of *in,er +an,ladesh.........................................."%
&." Ratio Analysis....................................................................................................."%
&.".". 4iuidity Ratio............................................................................................. "%
&.".. @peratin, 5ciency ratio............................................................................"$
&.".&. Pro2taility Ratio........................................................................................."=
&.".%. 4evera,e and 9overa,e Ratio....................................................................."8
&.".$. Ealuation ratio............................................................................................. "7
&.. 9ash Flo/ Analysis............................................................................................ "
&.&. +alance *heet Analysis.....................................................................................
%.! 9onclusions........................................................................................................
8/16/2019 Singer Bangladesh_Financial Analysis
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3hapter One: Introduction
- Industry O2er2ie4+an,ladesh is the est placed in the re,ion for electrical- electronic home
appliances industry due to cheap laor and favorale trade status /ith the
5U. 0hus the potential for ack/ard and for/ard linka,e industry is ,ro/in,
very fast. Presently- aout $!;#=!; of this demand is met y import fromcountries like 9hina- >ndia- on, Kon,- 0hailand- Korea- >ndonesia etc. 0his
o?ers a tremendous opportunity for further investment.
Amon, the maBor products of consumer electronic and home appliance
produced and supplied y *in,er +an,ladesh- Refri,erator and 0elevision
,enerate most of the revenue. 9urrently- the annual demand of refri,erators
in +an,ladesh is around "." million units ut the production capacity of all
companies is around .& million units. ere +an,ladesh is self#sucient is
producin, refri,erators.
Accordin, to +an,ladesh Refri,erator Manufacturers Association (+RMA)- in
F !""% a total of "! lakh :: thousand refri,erators /ere sold- /hich is
&.7; hi,her than the previous 2scal year. Amon, them- the percenta,e of
domestic made refri,erators /as ::.:& (8.&: lakh) /hile the sales of
imported refri,erators /as only .: ; (.8 lakh).
0he prominent local rands /hich are manufacturin, Refri,erator are 3alton-
Marcel- 5co Plus- Gamuna- RF4- My@ne and Minister. Amon, them- the annual
production capacity of 3alton i#0ech >ndustries is "% lakh units- Gamuna
5lectronics & lakh- +utterCy Manufacturin, 9ompany 4td (5co Plus) lakh-
RF4 5lectronics & lakh /hile My@ne and MinisterHs capacity are " lakh.
8/16/2019 Singer Bangladesh_Financial Analysis
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0he demand of consumer electronics and home appliance mainly depends on
income level and purchasin, po/er of consumer /hich sho/s increasin,
trend in our country.
-" O2er2ie4 of the 3ompany*in,er +an,ladesh 4imited is operatin, in this re,ion (no/ +an,ladesh) since
"7!$. >n "78&- the 2rm had estalished itself as pulic limited company and
,ot listed in D*5. >t has een a direct susidiary of the *in,er +hold +E- the
'etherlands since !!&. :$; of total share are held y *in,er +hold +E- 0he
'etherlands and rests are held y local shareholders.
Up to "78$- the 9ompany produced only se/in, machine. 'o/adays- the
9ompany is in the usiness of manufacturin, of household consumer durale
products includin, color televisions- air conditioners- se/in, machines-
furniture and some other allied products. +eside these- it is also carryin, out
marketin, of consumer electronic- home appliance- refri,erator I free1er- air
Jconditioners- computer and instant po/er supply and other allied products.
>n !"%- almost =7.%; of its revenue came from /hite ,oods (lar,e electrical
,oods used domestically)- /hich includes air conditioner ("!; of total
revenue) and &.%; from ro/n ,oods (relatively li,ht electronic consumerdurales)- /hich includes television (".$; of total revenue contriution).
+esides these- around $.!; contriution came from sale of se/in, machine-
!.%; from furniture and ".7; from other consumer durales.
Alon, /ith the aove mentioned usinesses- the company o?ers a /ide
ran,e of 2nancial services and easy payment plans throu,h its o/n and
other anks credit card.
*in,er +an,ladesh has over &:$ outlets and more than &: dealers in thecountry. >t has positioned itself as the multi randed company in marketin,
and distriution of consumer durales sector. *ome of familiar product
rands are *in,er- *amsun,- ua/ei- +eko- aier- *ymphony- *iemens-
0oshia and Dell etc.
8/16/2019 Singer Bangladesh_Financial Analysis
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*in,er +an,ladesh 4imited /as listed /ith the Dhaka *tock 56chan,e in
"78& and 9hitta,on, *tock 56chan,e in !!". At present :$; of its shares
are held y the sponsors< directors- :.%=; y institutional investors and rest
":.$%; y the ,eneral pulic.
-5- 3ompany .ighlights
!" !"&
!"%
Financial Information 6BD( mn7*ales =-:!
&.%
=-=!
$."
:-=".
8
=-=!
7.=PA0 %7!.
%
&8.
&=.& &8$.
=Assets %-%8
7.
%-&
=.
&-8".
%-
=.%40 Det .! &.! %.! $.!5uity -$&
7.=
-=&
.8
"-$:.
"-&8
8.&Div. ;
(9
8/16/2019 Singer Bangladesh_Financial Analysis
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Pro2t ;*ales .:; #
".$;
7.7; #
7.!
;
rossPro2t
7."; #".&;
&.!; #$.:
;@perat
in,
Pro2t
$".$; #
&."
;
.%; #
:.:
;'et
Pro2t
.:; #
."
;
#$.; =.%
;
ProtabilityR@A ".!
!;
8.:=; 8.77
;
7.$8
;R@5 !.:
!;
"%.:8
;
":.%
;
=.%
$;'e2erageDet
Ratio
!."" !.!" !.!= !."
=Det#
5uity
Ratio
!."7 !.!" !."% !.%
7
>nteres
t
9overa
,e
Ratio
"".8
"".:8
"%.= 8.$ #
8/16/2019 Singer Bangladesh_Financial Analysis
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ed 5P*
(+D0)'AEP*
(+D0)
&&." &%.& "7.7 "8.
"
- Ob&ecti2e of the study 0o kno/ I interpret the 2nancial statements of *in,er +an,ladesh 0o identify the stren,th I /eakness of *in,er +an,ladesh 0o 2nd out the proale ,ro/th rate of *in,er +an,ladesh 0o compare the current share price of *in,er +an,ladesh is Busti2ed
-$ 3ollection of data
0he data is collected from the Annual report of !""- !"- !"& and !"%. 0he price data is collected from ///.dsed.com.
-? 'imitation of the study 0here have also some limitations of the study. 0hese are as follo/s#
>. 0ime constraint of preparin, report /ithin a small time frame /as a i,
challen,e.
>>. Findin, Peer 9ompany for analysis is a massive prolem of diversi2ed
usiness of Singer Bangladesh- 0he selection of Atlas Bangladesh is not
fully Busti2ed. >t matches in only sector of usiness ut selection of peer /as
ased on the commencement year of usiness I oth are lar,e usiness
corporation of +an,ladesh from the 5n,ineerin, sector.
>>>. 0he study does not contain +alance sheet analysis.
8/16/2019 Singer Bangladesh_Financial Analysis
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3hapter ": 'iterature Re2ie4
"- Financial statementsFinancial statements are the principal means throu,h /hich 2nancial
information is communicated to those outside an enterprise. 0hese
statements provide the 2rmHs history uanti2ed in money terms. 0he
2nancial statements most freuently provided are (7 the balance @sheet!
6"7 the income statement! 657 the statement of cash o4! and 67
the statement of o4ner*s or stoc8holder*s e/uity- >n addition- note
disclosures are an inte,ral part of each 2nancial statement.
Financial statements represent a rief picture of 2nancial activities of a
company. Financial statements are Presentation of 2nancial data includin,
+alance *heet- >ncome *tatement- and statement of cash Co/ or any
supportin, statement that is intended to communicate an entityNs 2nancialposition at a point in time and its results of operations for a period then
ended.
"-" Financial AnalysisFinancial analysis refers to an assessment of the viaility- staility and
pro2taility of a usiness- su#usiness or proBect. >t is performed y
professionals /ho prepare reports usin, ratios that make use of informationtaken from 2nancial statements and other reports.
Fundamental analysis is really a lo,ical and systematic approach to
estimatin, the future dividends and share price. >t is ased on the asic
premise that share price is determined y a numer of fundamental factors
relatin, to the economy- industry and company. ence- the economy
8/16/2019 Singer Bangladesh_Financial Analysis
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fundamentals- industry fundamentals and company fundamentals have to e
considered /hile analy1in, a security for investment purpose. Fundamental
analysis is a detailed analysis of the fundamental factors a?ectin, the
performance of companies.
Fundamentals and therey assess the intrinsic value of the share. 0he
investor can then compare the intrinsic value of the share /ith the prevailin,
market price to arrive at an investment decision. >f the market price of the
share is lo/er than its intrinsic value- the investor /ould decide to uy the
share as it is underpriced. 0he price of such a share is e6pected to move up
in future to match /ith its intrinsic value.
"-5 (ypes of nancial statement analysis 0here are three key methods for analy1in, 2nancial statements.
+alance sheet analysis 9ash Co/ analysis Ratio analysis
"-5- Balance sheet Analysis
0he alance sheet- also kno/n as the statement of 2nancial condition- o?ers
a snapshot of a companyNs health. >t tells you ho/ much a company has in itsassets- and ho/ much it its liailities. 0he di?erence et/een /hat it o/ns
and /hat it o/es is its euity- also commonly called Onet assetsO or
Oshareholders euityO.
0he alance sheet tells investors a lot aout a companyNs fundamentals ho/
much det the company has- ho/ much it needs to collect from customers
(and ho/ fast it does so)- ho/ much cash and euivalents it possesses and
/hat kinds of funds the company has ,enerated over time.
"-5-" 3ash o4 analysis
A cash Co/ statement is one of the most important 2nancial statements for a
proBect or usiness. 0he statement can e as simple as a one pa,e analysis
or may involve several schedules that feed information into a central
statement.
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"-5-5 Ratio analysis
0he second method for analy1in, 2nancial statements is the use of many
kinds of ratios. ou use ratios to calculate the relative si1e of one numer in
relation to another. 0here are several ,eneral cate,ories of ratios- each
desi,ned to e6amine a di?erent aspect of a companyNs performance. 0he
,eneral ,roups of ratios are
- 'i/uidity ratios
0his is the most fundamentally important set of ratios- ecause they
measure the aility of a company to remain in usiness. 9lick the follo/in,
links for a thorou,h revie/ of each ratio.
3urrent ratio- Measures the amount of liuidity availale to pay for
current liailities. uic8 ratio. 0he same as the current ratio- ut does not include
inventory. 3ash ratio. Measures the amount of time reuired to convert assets
into cash.
"- Sol2ency ratios 0hese ratios reveal the e6tent to /hich a company is relyin, upon det to
fund its operations- and its aility to pay ack the det. 9lick the follo/in,
links for a thorou,h revie/ of each ratio.
Debt to e/uity ratio. *ho/s the e6tent to /hich mana,ement is
/illin, to fund operations /ith det- rather than euity. Debt ser2ice co2erage ratio. Reveals the aility of a company to
pay its det oli,ations.
Fi1ed charge co2erage- *ho/s the aility of a company to pay for its26ed costs.
&. Acti2ityC0Gciency ratios
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8/16/2019 Singer Bangladesh_Financial Analysis
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3hapter (hree: Financial Analysis of Singer Bangladesh
5- Ratio Analysis
5--- 'i/uidity Ratio
Particulars ear
"#
ear
"#"
ear
"#5
ear
"#9urrent Ratio &.:$ .77 %.
$!
.
$7uick Ratio .! "."= .
8
".
9ash Ratio !.88 !.!7 ".
"=
!.
"%
8/16/2019 Singer Bangladesh_Financial Analysis
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ear !"" ear !" ear !"& ear !"%!
!.$
"
".$
.$
&
&.$
%
%.$
$
9hart 0itle
9urrent Ratio uick Ratio 9ash Ratio
3omments: 4iuidity ratio sho/s the aility of a 2rm to meet its current
liaility. 0he liuidity position of *in,er +an,ladesh is lo/er as compared to
last year. 9urrent ratio and uick ratio have decreased y %; and $=;
respectively. 9ash ratio has drastically decreased y 8:; compared to last
year. >nventories and trade detors have decreased I trade creditors
increased over the last year. 0he cash holdin, decreased drastically over thelast year.
5--"- Operating 0Gciency ratio
Particulars ear
"#
ear
"#"
ear
"#5
ear "#
>nventory 0urnover Ratio
%.$$ &.:
&.
8"
$.&
Receivale 0urnover
Ratio
8.$" :.8
=.
88
:.7$
A
8/16/2019 Singer Bangladesh_Financial Analysis
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Period (Days) %.7 %=.!" 7>nventory 9onversion
Period(Days)
:7."$ 7=.:=
7%.
%%
=8.8
@peratin, 9ycle (Days) "
".%&
"
%.::
"%=.
:&
""%.!7
Payales Payment Period
(Days)
$=.%7 $".:$
%7.
=7
$".8!
9ash 9onversion 9ycle
(Days)
=%.7% 7".!
7:.
!%
=.7
ear !"" ear !" ear !"& ear !"%!
"
&
%
$
=
:
87
9hart 0itle
>nventory 0urnover Ratio Receivale 0urnover Ratio
Anventory turnover- receivale turnover and
asset turnover has increased y &:;- "=;- "7; respectively. @n the other
hand- Accounts payale turnover decreased y %; y the last year.
5--5- Protability Ratio
Particulars ear
"#
ear
"#"
ear "#5 ear "#
ross Pro2t Mar,in
(PM)
$.==; =.77; :.!&; $.&&;
8/16/2019 Singer Bangladesh_Financial Analysis
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@peratin, Pro2t Mar,in
(@PM)
7."; "".&:; 8.88; 8.:;
'et Pro2t Mar,in ('PM) :.&; :.&; $.:7; %.77;Return on 0otal Assets
(R@A)
"!.$; ".!!; 8.:=; 8.77;
Return on 5uity (R@5) "%.7:; !.:!; "%.:8; ":.%;
ear !"" ear !" ear !"& ear !"%!.!!;
$.!!;
"!.!!;
"$.!!;
!.!!;
$.!!;
&!.!!;
9hart 0itle
ross Pro2t Mar,in (PM) @peratin, Pro2t Mar,in (@PM)
'et Pro2t Mar,in ('PM)
3omments: Pro2taility ratios ased on sales ratio sho/s the aility of a2rm of earnin, pro2t from sales revenue. Pro2t mar,in of *in,er +an,ladesh
is almost stale over the last four years. ross pro2t- operatin, pro2t and
net pro2t mar,in decreased =;- =; and respectively. +ut net pro2t mar,in
decreased "&; compared to last year and &!; compared that of !"" /hich
is very much concernin,.
8/16/2019 Singer Bangladesh_Financial Analysis
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ear !"" ear !" ear !"& ear !"%!.!!;
$.!!;
"!.!!;
"$.!!;
!.!!;
$.!!;
9hart 0itle
Return on 0otal Assets (R@A) Return on 5uity (R@5)
3omments: Pro2taility ratios ased on asset ratio sho/s the aility of a
2rm to earn pro2t over its assets. 0he pro2taility on assets of *in,er
+an,ladesh has improved as compared to last year. 0he R@5 I R@A have
chan,ed y "8; I &; respectively.
5--- 'e2erage and 3o2erage Ratio
Particulars ear
"#
ear
"#"
ear "#5 ear
"# 0otal Det to 5uity !.!" !."7 !.!" !."%Det to 0otal Assets !.!" !."" !.!" !.!= 0imes >nterest 5arned
(0>5)
## "".:8 "%.=" 8.%8
8/16/2019 Singer Bangladesh_Financial Analysis
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!!.!!.!%!.!=!.!8
!."!."
!."%!."=!."8
!.
9hart 0itle
0otal Det to 5uity
Det to 0ota l Assets
!
.
%
=
8
"!".
"%
"=
(imes Interest 0arned 6(I07 @@
0imes
>nterest
5arned (0>5)
##
3omments: *olvency ratio sho/s the aility of a 2rm to meet its lon, term
liaility. 0he solvency position of *in,er +an,ladesh is very impressive as it
has no lon, term det. 0he variation in det to euity ratio and det to total
asset ratio from !"" to !"% is ecause of the acuisition of hu,e short
term loan in one year and repayment in the later year. 0he interest payment
is increased as compared to last year /hich a?ects the interest covera,e
ratio.
5--$- Ealuation ratio
Particulars ear
"#
ear
"#"
ear
"#5
ear
"#P
8/16/2019 Singer Bangladesh_Financial Analysis
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ear !"" ear !" ear !"& ear !"%!
$
"!
"$
!
$
&!
&$
%!
9hart 0itle
P
8/16/2019 Singer Bangladesh_Financial Analysis
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5-"- 3ash Flo4 Analysis
3omments: 0he net chan,e in !"$ cash Co/ is ne,ative. 0his indicates
that durin, the year the 2rm has more cash outCo/ than inCo/. 0he cash
position of the 2rm has deteriorated compared to the last year. u,e
inventories of +D0 "=8-"-7"% piled up in !"% that consumed cash as /ell
as the accountin, pro2t. A,ain- hu,e amount of advance deposits and pre#
payment consumed the cash as /ell. Acuisition of property- plant and
euipment valuin, +D0 ""7-&":-== has a?ected the cash alance. +esides-
8/16/2019 Singer Bangladesh_Financial Analysis
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dividend payment of +D0 "-$77- 7!"-8:8 also decreased the cash alance as
/ell.
5-5- Balance Sheet Analysis: 3ommon SiJe Analysis basedon (otal Assets
S(A(0%0N( OF FINAN3IA' POSI(ION
ASS0(S: "# "#" "#5 "#
Non@3urrent Assets: >-9;
<
;-?"
<
"#-9
<
""-#;
<Property- Plant and 5uipment#
9arryin, Ealue
":.8$
;
"7.$$
;
!.$8
;
".==
;>nvestment # 4on, 0erm (at 9ost) !.!%; !.!:; !.=; !.&=;*ecurity Deposits !.!!; !.!!; !.!!; !.!:;
3urrent Assets: 9"-
<
9#-59
<
>;-?
<
?9-
<>nventories &:.8&
;
%7.=
;
7.=!
;
&$.7&
; 0rade Detors !."
;
".=:
;
.&&
;
!.:7
;Advances- Deposits and
Prepayments
%.:=; :."$; =.%; :.:7;
>nter#9ompany Receivales !.!!; !.!!; !.$!; !.!!;
*hort 0erm >nvestment !.!!; !."8; "=.$;
!.!!;
9ash and 9ash 5uivalents "7.%!
;
."; &.7=; &.=!;
(O(A' ASS0(S "!!.!
!;
"!!.!
!;
"!!.!
!;
7!.!
;
S.AR0.O'D0RSK 0LI( AND
'IABI'I(I0S:ShareholdersK 0/uity: $7.:%
;
$=.$:
;
=."$
;
&=.!$
;*hare 9apital "!.=:
;
8.:$; "".$7
;
"%.%8
;eneral Reserve :.$$; 7.%7; 7.==; 7.&&;Retained 5arnin,s %".$&
;
&8.&&
;
%!.7!
;
".&
;
8/16/2019 Singer Bangladesh_Financial Analysis
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Non@3urrent 'iabilities: "8.&&
;
"=.$$
;
!.=
;
:.88
;4on, 0erm 4oans # *ecured !.!!; !.!!; !.!!; !.!!;Deferred 0a6 4iaility !.=; !.%$; !.!; !.!!;
3urrent 'iabilities: ".7;
=.88;
":.$7;
=.:;
*hort 0erm +ank 4oans !.:%; "".!"
;
!.=!; $."=;
0rade 9reditors !.
;
"%.:=
;
"$.:=
;
".!:
;Provision for >ncome 0a6 !.7=; ".""; ".&; !.!%;
(O(A' S.AR0.O'D0RSK 0LI(
AND 'IABI'I(I0S
"!!.!
!;
"!!.!
!;
"!!.!
!;
7!.!
;
3omments: *in,er +an,ladesh has increased the investment in capital
assets from !.$8; to ".==; last year. 4on, term investment has een
increased from .=; to .&=;. Moreover- issues of ne/ share capital from
"".$7; to "%.%8; alon, /ith these factors indicates that *in,er +an,ladesh
has is tryin, to e6pand its capacity and ne/ opportunities.
>nventories in the last year increased at hu,e amount from 7.=!; to
&$.7&;. A,ain- trade detors has decreased ut advances- deposits and pre#
payments has increased /hich ultimately led to drastic cash shrinka,e from
"7.%; in !"" to &.=!; in !"%. Payment of dividends also a?ected the cash
alance rou,hly.
*in,er +an,ladesh has no lon, term loan from !"" to !"%. +ut it has hu,e
amount of short term loan /hich has to e repaid after one year interval and
created hu,e interest urden for the company. 0his has ,iven the company a
,ood det to euity
8/16/2019 Singer Bangladesh_Financial Analysis
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has increased y 7; in !"% due to increase in the refri,erator and /ashin,
machine sales. Revenue from ro/n ,oods ,re/ y &; durin, the year due
to increase in sale of panel televisions. Durin, the year the companyHs smart
Phones sales increase y %":; /ith the introduction of *ymphony. 4ast year
the 2rm has declared "=!; interim cash dividend in *eptemer ho/ever
this year no dividend declaration has come so far.