Exibit 3-1.

Premier Cement

Common-Size Income Statement (2014-2018)

Year Ended June 30
Particulars
2014 2015

As Reported (in Taka)

Revenue 7,539,574,982 8,098,701,152

Cost of Goods Sold (6,243,640,862) (6,859,763,360)
Gross Profit 1,295,934,120 1,238,937,792
Operating Expense (189,832,794) (330,915,694)
Profit Before Interest and Tax 1,106,101,326 908,022,098
Interest Expenses (411,325,122) (476,478,606)
Profit Before Tax 694,776,204 431,543,492
Income Tax (185,673,987) (22,625,889)
Net Income 509,102,217 408,917,603

As % of Total Revenue

Revenue 100.0% 100.0%

Cost of Goods Sold -82.8% -84.7%
Gross Profit 17.2% 15.3%
Operating Expense -2.5% -4.1%
Profit Before Interest and Tax 14.7% 11.2%
Interest Expenses -5.5% -5.9%
Profit Before Tax 9.2% 5.3%
Income Tax -2.5% -0.3%
Net Income 6.8% 5.0%

Exibit 3-2. Premier Cement

Common-Size Balance Sheet (2014-2018)

Year Ended June 30
Particulars
2014 2015

As Reported (in Taka)

Trade and other receivables 1,322,212,717 1,390,891,206

Inventories 1,282,263,619 1,303,893,963
Cash and bank balances 134,141,336 164,121,665
Others 1,119,744,594 1,300,609,370
Current Assets 3,858,362,266 4,159,516,204
Non-current Assets 5,945,057,531 5,929,813,404
Total Assets 9,803,419,796.00 10,089,329,608.00

Trade and other payables 279,583,089 349,797,791

Short term bank loans 4,326,192,283 3,813,600,695
Others 435,385,411 639,440,870
Current Liabilities 5,041,160,783 4,802,839,356
Non-current Liabilities 1,456,982,360 2,098,645,997
Total Liabilities 6,498,143,143 6,901,485,353
Total Equity 3,305,276,653 3,187,844,255
Total Equity and Liabilities 9,803,419,796 10,089,329,608

As % of Total Assets

Trade and other receivables 1.37% 1.63%

Inventories 13.08% 12.92%
Cash and bank balances 13.49% 13.79%
Others 11.42% 12.89%
Current Assets 39% 41%
Non-current Assets 61% 59%
Total Assets 100% 100%

Trade and other payables 2.85% 3.47%

Short term bank loans 44.13% 37.80%
Others 4.44% 6.34%
Current Liabilities 51% 48%
Non-current Liabilities 15% 21%
Total Liabilities 66% 68%
Total Equity 34% 32%
Total Equity and Liabilities 100% 100%
 Year Ended June 30
2016 2017 2018

As Reported (in Taka)

9,361,935,844 10,332,898,832 10,049,865,124

(7,373,725,823) (8,634,603,930) (8,532,980,778)
1,988,210,021 1,698,294,902 1,516,884,345
(613,889,042) (675,068,368) (512,928,657)
1,374,320,979 1,023,226,534 1,003,955,688
(481,742,160) (360,840,581) (425,499,735)
892,578,819 662,385,953 578,455,953
(201,431,871) (100,376,642) (136,273,323)
691,146,948 562,009,311 442,182,630

As % of Total Revenue

100.0% 100.0% 100.0%

-78.8% -83.6% -84.9%
21.2% 16.4% 15.1%
-6.6% -6.5% -5.1%
14.7% 9.9% 10.0%
-5.1% -3.5% -4.2%
9.5% 6.4% 5.8%
-2.2% -1.0% -1.4%
7.4% 5.4% 4.4%

Year Ended June 30

2016 2017 2018

As Reported (in Taka)

1,897,552,575 2,399,092,653 2,404,625,585

 987,091,817 995,614,178 495,177,438
208,323,198 109,755,023 77,432,884
1,365,231,003 1,873,572,275 3,687,097,573
4,458,198,593 5,378,034,129 6,664,333,480
6,385,540,182 7,095,398,340 6,902,846,094
10,843,738,775.00 12,473,432,468.00 13,567,179,574.00

520,489,331 390,470,587 663,822,817

2,899,973,913 4,752,542,474 6,403,871,134
773,766,324 952,395,227 1,305,592,235
4,194,229,568 6,095,408,288 8,373,286,186
2,301,248,498 1,779,370,215 632,954,081
6,495,478,066 7,874,778,503 9,006,240,267
4,348,260,709 4,598,653,965 4,560,939,307
10,843,738,775 12,473,432,468 13,567,179,574

As % of Total Assets

1.92% 0.88% 0.57%

9.10% 7.98% 3.65%
17.50% 19.23% 17.72% Cash and b
12.59% 15.02% 27.18% Trade and
41% 43% 49%
59% 57% 51%
100% 100% 100%

4.80% 3.13% 4.89%

26.74% 38.10% 47.20%
7.14% 7.64% 9.62%
39% 49% 62%
21% 14% 5%
60% 63% 66%
40% 37% 34%
100% 100% 100%
13.49% 13.79% 17.50% 19.23% 17.72%
1.37% 1.63% 1.92% 0.88% 0.57%
 1) Inventory Turnover Ratio

Year 2014 2015

Cost of Goods Sold 6,243,640,862 6,859,763,360
Inventories 1,282,263,619 1,303,893,963
Inventory Turnover Ratio 4.87 5.26
Growth Rate (%) 0% 8%

Days Inventory Outstanding

Year 2014 2015

Inventory Turnover Ratio 4.87 5.26
Average Number of Days 75 69
Growth Rate (%) 0% -7%

2) Receivable Turnover Ratio

Year 2014 2015

Sales 7,539,574,982 8,098,701,152
Accounts Receivable 1,322,212,717 1,390,891,206
Receivable Turnover Ratio 5.70 5.82
Growth Rate (%) 0% 2%

Days Sales Outstanding

Year 2014 2015

Inventory Turnover Ratio 5.70 5.82
Average Number of Days 64 63
Growth Rate (%) 0% -2%

3) Payable Turnover Ratio

 Year 2014 2015
Total Purchase 5,474,216,962 5,423,072,380
Account Payable 279,583,089 349,797,791
Payable Turnover Ratio 20 16
Growth Rate (%) 0% -21%

Days Payable Outstanding

Year 2014 2015

Payable Turnover Ratio 19.58 15.50
Average Number of Days 18.64 23.54
Growth Rate (%) 0% 26%

4) Total Asset Turnover Ratio

Year 2014 2015

Sales 7,539,574,982 8,098,701,152
Total Assets 9,803,419,796 10,089,329,608
Total Asset Turnover Ratio 0.77 0.80
Growth Rate (%) 0% 4%

5) Fixed Asset Turnover Ratio

Year 2014 2015

Sales 7,539,574,982 8,098,701,152
Fixed Assets 5,945,057,531 5,929,813,404
Fixed Asset Turnover Ratio 1.27 1.37
Growth Rate (%) 0% 8%
 nventory Turnover Ratio
Inventory Turnove
2016 2017 2018 20.00
15.00
7,373,725,823 8,634,603,930 8,532,980,778 10.00 7.47 8
4.87 5.26
987,091,817 995,614,178 495,177,438 5.00 42%
7.47 8.67 17.23 0.00
2014
0% 8%
2015 2016 2
42% 16% 99%
Inventory Turnover Ratio

Days Inventory O
80 75 69
ys Inventory Outstanding
60 49
40 0%
2016 2017 2018 -7%
20 -30%
7.47 8.67 17.23
0
49 42 21 2014 2015 2016 2
-30% -14% -50%
Average Number of Days

Receivable Turnove
Receivable Turnover Ratio 7.00 5.82
6.00 5.70
4.93
5.00 4
4.00 2%
2016 2017 2018 3.00
0%
9,361,935,844 10,332,898,832 10,049,865,124 2.00
1.00 -15%
1,897,552,575 2,399,092,653 2,404,625,585 0.00
2014 2015 2016 2
4.93 4.31 4.18
Receivable Turnover Ratio
-15% -13% -3%

Days Sales Outs

Days Sales Outstanding 100
80 74 18%
64 63
60
2016 2017 2018 40
4.93 4.31 4.18 20 0%
-2%
0
74 85 87 2014 2015 2016
18% 15% 3% Average Number of Days

Payable Turnover Ratio Payable Turnov

25
20
15
10 0%
-21%
5 -32%
 Payable Turnov
25
2016 2017 2018 20
15
5,460,406,705 6,477,341,387 6,246,750,121
10 0%
520,489,331 390,470,587 663,822,817 -21%
5 -32%
10 17 9 20 16 10
0
-32% 58% -43% 2014 2015 2016

Payable Turnover Ratio

Days Payable
ays Payable Outstanding
50.00
40.00 34.7
2016 2017 2018 30.00 23.54
18.64 26%
10.49 16.59 9.41 20.00 0%
34.79 22.00 38.79 10.00
48% -37% 76% 0.00
2014 2015 201

Average Number of D

otal Asset Turnover Ratio

Total Asset Turno
2016 2017 2018
0.90 0.86
9,361,935,844 10,332,898,832 10,049,865,124 0.85
0.80 8%
10,843,738,775 12,473,432,468 13,567,179,574 0.80 0.77 4%
0%
0.86 0.83 0.74 0.75
0.70
8% -4% -11%
0.65
2014 2015 2016

Total Asset Turnover Ratio

ixed Asset Turnover Ratio Fixed Asset Tu

1.50
2016 2017 2018 1.45 8% 7%
1.40
9,361,935,844 10,332,898,832 10,049,865,124 1.35
6,385,540,182 7,095,398,340 6,902,846,094 1.30
1.25 0%
1.47 1.46 1.46 1.20 1.27 1.37 1.47
7% -1% 0% 1.15
2014 2015 2016

Fixed Asset Turnover Ratio

 Inventory Turnover Ratio
17.23 150%

8.67 99% 100%

7.47
.87 5.26 50%
42%
16%
014
0% 8%
2015 2016 2017 2018
0%

Inventory Turnover Ratio Growth Rate (%)

Days Inventory Outstanding

5 69 60%
40%
49 20%
42
0% -7% 0%
-14% 21 -20%
-30%
-40%
-50%
-60%
14 2015 2016 2017 2018

Average Number of Days Growth Rate (%)

Receivable Turnover Ratio

5.82 20%
.70
4.93 10%
4.31 4.18
0% 2% 0%
-3%
-13% -10%
-15%
-20%
014 2015 2016 2017 2018

Receivable Turnover Ratio Growth Rate (%)

Days Sales Outstanding

85 87 20%
74 18% 15%
4 63 15%
10%
3% 5%
0% 0%
-2%
-5%
14 2015 2016 2017 2018

Average Number of Days Growth Rate (%)

Payable Turnover Ratio

80%
58% 60%
40%
20%
0% 0%
-21% -20%
-32% -40%
 Payable Turnover Ratio
80%
58% 60%
40%
20%
0% 0%
-21% -20%
-32% -40%
0 16 10 17 9 -43%
-60%
14 2015 2016 2017 2018

Payable Turnover Ratio Growth Rate (%)

Days Payable Outstanding

100%
38.79
76%
34.79
48% 50%
23.54 22.00
18.64 26%
0% 0%
-37%
-50%
2014 2015 2016 2017 2018

Average Number of Days Growth Rate (%)

Total Asset Turnover Ratio

0.86 15%
0.83 10%
0.80 8%
4% 5%
0.77
0% 0.74 0%
-4% -5%
-11% -10%
-15%
2014 2015 2016 2017 2018

Total Asset Turnover Ratio Growth Rate (%)

Fixed Asset Turnover Ratio

9%
8% 7% 7%
5%
3%
1%
0% -1% 0%
-1%
1.27 1.37 1.47 1.46 1.46 -3%
-5%
2014 2015 2016 2017 2018

Fixed Asset Turnover Ratio Growth Rate (%)

 Inventory
Days Inventory
1 Turnover (Cost of Goods Sold/Inventories) Outstanding
Ratio

Receivable
Days Sales
2 Turnover (Sales/Accounts Receivable) Outstanding
Ratio

Payable (Total Purchases/Account Days Payable

3 Turnover
Payable) Outstanding
Ratio

Total Asset
4 Turnover (Sales/Total Assets)
Ratio

Fixed Asset
5 Turnover (Sales/Fixed Assets)
Ratio
 (Inventory
Turnover
Ratio/365)

(365/Receivable
Turnover Ratio)

(365/Payable
Turnover Ratio)
 1) Operating Cycle

Year 2014 2015 2016

Days Inventory
75 69 49
Outstanding
Days Sales 64 63 74
Outstanding
Operating Cycle 139 132 123
Growth Rate (%) 0% -5% -7%

2) Cash Conversion Cycle

Year 2014 2015 2016

Operating Cycle 139 132 123
Days Payable 19 24 35
Outstanding
Cash Conversion 120 109 88
Cycle
Growth Rate (%) 0% -10% -19%

3) Current Ratio

Year 2014 2015 2016

Current Assets 3,858,362,266 4,159,516,204 4,458,198,593
Current Liabilities 5,041,160,783 4,802,839,356 4,194,229,568
Current Ratio 0.77 0.87 1.06
Growth Rate (%) 0% 13% 23%

4) Quick Ratio

Year 2014 2015 2016

Current Assets 3,858,362,266 4,159,516,204 4,458,198,593
Current Liabilities 5,041,160,783 4,802,839,356 4,194,229,568
Inventories 1,282,263,619 1,303,893,963 987,091,817
Quick Ratio 0.51 0.59 0.83
Growth Rate (%) 0% 16% 39%

5) Cash Ratio

Year 2014 2015 2016

Cash and Cash 23,537,077 19,203,268 42,902,877
Equivalents
Current Liabilities 5,041,160,783 4,802,839,356 4,194,229,568
Cash Ratio 0.005 0.004 0.010
Growth Rate (%) 0% -14% 156%
e
Operating Cycle
2017 2018 160 139 132
140 123 127
120
42 21 100 3%
80 0%
60 -5%
85 87 40 -7%
20
127 109 0
2014 2015 2016 2017
3% -14%
Operating Cycle Growth Rate (%)

Cycle
Cash Conversion Cycle
140
120 19%
2017 2018 120
100 109 105
80 0% 88
127 109 60 -10%
40 -19%
22 39 20
0
2014 2015 2016 2017
105 70
Cash Conversion Cycle Growth Rate (%)
19% -33%

Current Ratio
1.20 1.06
1.00 0.87 23% 0.88
0.77
0.80 13%
2017 2018 0.60
0%
5,378,034,129 6,664,333,480 0.40
0.20 -17%
6,095,408,288 8,373,286,186
0.00
0.88 0.80 2014 2015 2016 2017
-17% -10% Current Ratio Growth Rate (%)

Quick Ratio
0.90 0.83
0.80 39% 0.72
0.70 0.59
2017 2018 0.60 0.51
5,378,034,129 6,664,333,480 0.50 16%
0.40
6,095,408,288 8,373,286,186 0.30 0%
0.20
995,614,178 495,177,438 0.10 -13%
0.72 0.74 0.00
2014 2015 2016 2017

Quick Ratio Growth Rate (%)

 16%
0.40
0.30 0%
0.20
0.10 -13%
0.00
2014 2015 2016 2017
-13% 2%
Quick Ratio Growth Rate (%)

Cash Ratio
0.012

0.010 156%
2017 2018
0.008
26,688,706 14,698,994
0.006
6,095,408,288 8,373,286,186
0.004 0%
0.004 0.002 -14%
0.002 -57%
-57% -60%
0.005 0.004 0.010 0.004
0.000
2014 2015 2016 2017

Cash Ratio Growth Rate (%)

Operating Cycle
15%
123 127 10%
109
3% 5%
0%
-5%
-7%
-10%
-14% -15%
2016 2017 2018

ting Cycle Growth Rate (%)

sh Conversion Cycle
25%
19%
15%
105 5%
88 -5%
70
-15%
-19%
-25%
-33% -35%
2016 2017 2018

version Cycle Growth Rate (%)

Current Ratio
1.06 35%
23% 0.88 25%
0.80
15%
5%
-5%
-10%
-17% -15%
-25%
2016 2017 2018

ent Ratio Growth Rate (%)

Quick Ratio
0.83 50%
0.72 0.74 40%
39%
30%
20%
10%
2% 0%
-13% -10%
-20%
2016 2017 2018

k Ratio Growth Rate (%)

 10%
2% 0%
-13% -10%
-20%
2016 2017 2018

k Ratio Growth Rate (%)

Cash Ratio
200%
156% 150%

100%

50%

0%

-57% -60% -50%

0.010 0.004 0.002
-100%
2016 2017 2018

h Ratio Growth Rate (%)

1 Operating Cycle (Number of Days Inventory in
Stock+Days Sales Outstanding)

2 Cash Conversion Cycle (Operating Cycle-Days Payable

Outstanding)

(Current Assets+Current
3 Current Ratio
Liabilities)

(Current Assets-
4 Quick Ratio Inventories)/Current Liabilities

5 Cash Ratio (Cash and Cash

Equivalents/Current Liabilities)
 1) Debt-to-Capital Ratio

Year 2014 2015 2016

Total Debt 6,498,143,143 6,901,485,353 6,495,478,066
Total Capital 9,803,419,796 10,089,329,608 10,843,738,775
Debt-to-Capital Ratio 0.66 0.68 0.60
Growth Rate (%) 0% 3% -12%

2) Debt-to-Equity Ratio

Year 2014 2015 2016

Total Debt 6,498,143,143 6,901,485,353 6,495,478,066
Total Equity 3,305,276,653 3,187,844,255 4,348,260,709
Debt-to-Equity Ratio 1.97 2.16 1.49
Growth Rate (%) 0% 10% -31%

3) Interest Coverage Ratio

Year 2014 2015 2016

EBIT 1,106,101,326 908,022,098 1,374,320,979
Interest Expense 411,325,122 476,478,606 481,742,160
Interest Coverage Ratio 2.69 1.91 2.85
Growth Rate (%) 0% -29% 50%
 Debt-to-Capital Ratio
atio
0.70

2017 2018 0.66 5% 5%

3%
0%
7,874,778,503 9,006,240,267 0.62
12,473,432,468 13,567,179,574 0.58 -12%
0.63 0.66 0.66 0.68 0.60 0.63 0.66
0.54
2014 2015 2016 2017 2018
5% 5%
Debt-to-Capital Ratio Growth Rate (%)

atio Debt-to-Equity Ratio

2.50
15% 15%
2.00 10%
2017 2018
0%
7,874,778,503 9,006,240,267 1.50

4,598,653,965 4,560,939,307 1.00

0.50
1.71 1.97 1.97 2.16 1.49-31% 1.71 1.97
0.00
15% 15% 2014 2015 2016 2017 2018

Debt-to-Equity Ratio Growth Rate (%)

Ratio Interest Coverage Ratio

3.00 2.69 2.85 2.84
2017 2018 50% 2.36
2.50
1.91
1,023,226,534 1,003,955,688 2.00
1.50
360,840,581 425,499,735 0% -1%
1.00
2.84 2.36 0.50
-17%
-29%
-1% -17% 0.00
2014 2015 2016 2017 2018

Interest Coverage Ratio Growth Rate (%)

pital Ratio
12%
5% 5% 7%
2%
-3%
-8%
2% -13%
0.63 0.66
-18%
2017 2018

Growth Rate (%)

quity Ratio
20%
15% 15%
10%
0%
-10%
-20%
1% -30%
1.71 1.97
-40%
2017 2018

Growth Rate (%)

verage Ratio
2.84 60%
0% 2.36
40%
20%
-1% 0%
-17% -20%
-40%
2017 2018

Growth Rate (%)

1 Debt-to-Capital Ratio (Total Debt/Total Capital)

2 Debt-to-Equity Ratio (Total Debt/Total Equity)

3 Interest Coverage Ratio (EBIT/Interest Expense)

 1) Gross Margin Ratio

Year 2014 2015 2016

Gross Profit 1,295,934,120 1,238,937,792 1,988,210,021
Sales 7,539,574,982 8,098,701,152 9,361,935,844
Gross Margin Ratio 17% 15% 21%
Growth Rate (%) 0% -11% 39%

2) Operating Margin Ratio

Year 2014 2015 2016

Operating Profit 1,106,101,326 908,022,098 1,374,320,979
Sales 7,539,574,982 8,098,701,152 9,361,935,844
Operating Margin Ratio 15% 11% 15%
Growth Rate (%) 0% -11% 39%
atio Gross Margin Ratio
25%
20% 39%
2017 2018
15%
1,698,294,902 1,516,884,345
10% 0%
10,332,898,832 10,049,865,124 -11% -8%
5% -23%
16% 15% 17% 15% 21% 16% 15%
0%
2014 2015 2016 2017 2018
-23% -8%
Gross Margin Ratio Growth Rate (%)

Ratio Operating Margin Ratio

16% 15% 15%
14% 39%
2017 2018 12% 11%
10% 10%
1,023,226,534 1,003,955,688 10%
10,332,898,832 10,049,865,124 8%
0%
6% -8%
10% 10% -11%
4%
-23%
-23% -8% 2%
0%
2014 2015 2016 2017 2018

Operating Margin Ratio Growth Rate (%)

gin Ratio
60%
9% 40%
20%
0%
-8%
-23% -20%
16% 15%
-40%
2017 2018

Growth Rate (%)

argin Ratio
50%
9% 40%
30%
10% 10% 20%
10%
0%
-8% -10%
-23% -20%
-30%
-40%
2017 2018

o Growth Rate (%)

1 Gross Margin Ratio (Gross Profit/Sales)*100

2 Operating Margin Ratio (Operating Profit/Sales)*100