You are on page 1of 17

Composed& Solved

HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Askari BankRatioAnalysis100%Sure
solvedBy
HafizSalmanMajeed
Note: PleaseDoNot CopyandPasteand
TryTounderstandfirst thensolve..
Current Ratio
Current Assets / Current Liabilities
2008 2009 2010
170,180,933 /
136,248,394 = 1.249
Times
204,390,234 /
167,892,495 = 1.217
Times
201,131,379 /
207,020,121 = 0.971
Times
Working 2008
Current Assets = Cash and balances with treasury banks + Balances with other banks +
Lending to financial institutions + Investments [Current portion] + Advances [Current
portion] + other assets [Current portion]
Current Assets = 16,029,666 + 3,967,816 + 4,479,754 + 25,721,865 + 111,043,245 +
8,938,587 = 170,180,933
Current Liabilities = Bills payable + Borrowings + Deposits and other accounts
[Current portion] + Other Liabilities [Current portion]
Current Liabilities = 2,584,828 + 15,190,148 + 114,275,095 + 4,198,323= 136,248,394
Working 2009
Current Assets = Cash and balances with treasury banks + Balances with other banks +
Lending to financial institutions + Investments [Current portion] + Advances [Current
portion] + other assets [Current portion]
Current Assets = 19,385,850 + 8,374,640 + 4,649,059 + 42,648,754 + 119,376,427 +
9,955,504 = 204,390,234
Current Liabilities = Bills payable + Borrowings + Deposits and other accounts
[Current portion] + Other Liabilities [Current portion]
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Current Liabilities = 2,945,670 + 19,300,163 + 140,783,825 + 4,862,837= 167,892,495
Working 2010
Current Assets = Cash and balances with treasury banks + Balances with other banks +
Lending to financial institutions + Investments [Current portion] + Advances [Current
portion] + other assets [Current portion]
Current Assets = 22,565,190 + 3,787,538 + 9,194,186 + 77,127,975 + 74,192,014 +
14,264,476 = 201,131,379
Current Liabilities = Bills payable + Borrowings + Deposits and other accounts
[Current portion] + Other Liabilities [Current portion]
Current Liabilities = 3,089,984 + 25,554,777 + 170,263,929 + 8,111,431 = 207,020,121
Annual Report Pages:
Page No 188 for 2010 (Note No 45.3.1 Maturities of Assets and Liabilities)
Page No 184 for 2009 (Note No 45.3)
Page No 170 for 2008 (Note No 45.4.1 Maturities of Assets and Liabilities)
Acid Test Ratio
Current Assets Inventories Prepaid Expense / Current Liabilities
Working:
Particulars 2008 2009 2010
Current Assets - Prepaid Expense /
Current Liabilities
170,180,933 -
1,446,908 /
136,248,394
204,390,234 -
907,986/
167,892,495
201,131,379-
1,247,639/
207,020,121
Acid Test Ratio 1.2384 Times 1.2119 Times 0.9655 Times
Advances, deposits, advance rent and other prepayments
Annual Report Pages:
Page No 164 for 2010 (Note No 13 Other Assets)
Page No 159 for 2009 (Note No 12 Other Assets)
Page No 148 for 2008 (Note No 13 Other Assets)
Working Capital
Current Assets Current Liabilities
Working:
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Particulars 2008 2009 2010
Current Assets
Less: Current Liabilities
Working Capital
170,180,933
136,248,394 =
33,932,539
204,390,234
167,892,495 =
36,497,739
201,131,379
207,020,121 =
-5,888,742
Annual Report Pages:
Page No 188 for 2010 (Note No 45.3.1 Maturities of Assets and Liabilities)
Page No 184 for 2009 (Note No 45.3)
Page No 170 for 2008 (Note No 45.4.1 Maturities of Assets and Liabilities)
Times Interest Earned
Earning before Income Tax (EBIT) / Interest Expense
Working: 2010
EBIT = Profit before tax + interest expense
EBIT = 1,249,627+ 17,931,715
EBIT = 19,181,342
(EBIT) / Interest Expense = 19,181,342/ 17,931,715
(EBIT) / Interest Expense = 1.0696 Times
Note:-
(Page No 135)(Consolidated profit and loss statement)
Working: 2009
EBIT = Profit before tax + interest expense
EBIT = 1,609,897+ 13,617,228
EBIT = 15,227,125
(EBIT) / Interest Expense = 15,227,125/ 13,617,228
(EBIT) / Interest Expense = 1.1182 Times
Note:-
(Page No 133)(Consolidated profit and loss statement)
Working: 2008
EBIT = Profit before tax + interest expense
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
EBIT = 502,770 + 10,647,277
EBIT = 11,150,047
(EBIT) / Interest Expense = 11,150,047/ 10,647,277
(EBIT) / Interest Expense = 1.047 Times
Note:-
(Page No 121)(Consolidated profit and loss statement)
Debt Ratio
Total Liabilities / Total Assets
Working:
Particulars 2008 2009 2010
Total Liabilities / Total Assets 193,088,582 /
206,127,387
239,365,567 /
254,353,438
298,747,904 /
314,780,129
Debt Ratio 0.9367 Times 0.9410 Times 0.9490 Times
Note:-
Amount taken from Consolidated Balance Sheets
Annual Report Pages:
Page No 134 for 2010
Page No 132 for 2009
Page No 120 for 2008
Debt/Equity Ratio
Total Liabilities / Total Shareholder Equity
Working:
Particulars 2008 2009 2010
Total Liabilities / Total Shareholder
Equity
193,088,582 /
12,086,226
239,365,567 /
13,164,224
298,747,904 /
14,819,933
Debt/Equity Ratio 15.975 Times 18.1830 Times 20.1585 Times
Total Assets, Total Liabilities & Total Shareholder Equity = Amount taken from
Consolidated Balance Sheets
Total Shareholder Equity = Share capital + Reserves + Unappropriated profit
Annual Report Pages:
Page No 134 for 2010
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Page No 132 for 2009
Page No 120 for 2008
Debt to Tangible Net worth Ratio
Total Debt / Tangible Net Worth
Tangible Net Worth = Total Assets Intangible Assets Total Liabilities
Working:
Particulars 2008 2009 2010
Total Debt / Tangible Net Worth 193,088,582 /
13,004,164
239,365,567 /
14,953,230
298,747,904 /
15,975,220
Debt to Tangible Net worth Ratio 14.848 Times 16.007 Times 18.700 Times
Working 2008
Tangible Net Worth = Total Assets Intangible Assets Total Liabilities
Tangible Net Worth = 206,127,387 34641 - 193,088,582 = 13,004,164
Working 2009
Tangible Net Worth = Total Assets Intangible Assets Total Liabilities
Tangible Net Worth = 254,353,438 34641 239,365,567= 14,953,230
Working 2010
Tangible Net Worth = Total Assets Intangible Assets Total Liabilities
Tangible Net Worth = 314,780,129 57005 298,747,904 = 15,975,220
Total Assets and Total Liabilities = Amount taken from Consolidated Balance Sheets
Page No 134 for 2010
Page No 132 for 2009
Page No 120 for 2008
Intangible Assets = Amount taken from Operating Fixed Assets
Page No 164 for 2010
Page No 159 for 2009
Page No 147 for 2008
Total Capitalization Ratio
Long Term Debt / (Long Term Debt + Shareholder Equity)
Working:
Particulars 2008 2009 2010
Total Shareholder Equity 71,473,072 13,164,224 14,819,933
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Long Term Debt / (Long Term
Debt + Shareholder Equity)
56,840,188 /
56,840,188 +
12,086,226
71,473,072 /
71,473,072 +
13,164,224
91,727,783 /
91,727,783 +
14,819,933
Total Capitalization Ratio 0.8246 Times 0.8444 Times 0.8609 Times
Long Term Debt = Deposits and other accounts [long term portion] + Sub-ordinated
loans + Liabilities against assets subject to finance lease + Deferred tax liabilities + other
liabilities [long term portion]
Working 2008
Total Long Term Debt = 2,996,100+16,173+581,125+16,573+53,230,217= 56,840,188
Working 2009
Total Long Term Debt = 5,994,900+333,925+3,626+11,543+65,129,078= 71,473,072
Working 2010
Total Long Term Debt = 6, 5,992,500+85,507+ NIL+5,556+85,644,220= 91,727,783
Annual Report Pages:
Page No 188 for 2010 (Note No 45.3.1 Maturities of Assets and Liabilities)
Page No 184 for 2009 (Note No 45.3)
Page No 170 for 2008 (Note No 45.4.1 Maturities of Assets and Liabilities)
Total Shareholder Equity = Share capital + Reserves + Unappropriated profit
Annual Report Pages:
Page No 134 for 2010
Page No 132 for 2009
Page No 120 for 2008
a) Profitability Ratios
Net Profit Margin
Return on Assets
DuPont Return on Assets
Operating Income Margin
Return on Operating Assets
Return on Total Equity
Gross Profit Margin
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Net Profit Margin
(Net Profit after Taxation / Net Sales)*100
Working: 2010
Profit after tax = 919,461
Net Sales = 27,954,956
(Page No 135)(Consolidated profit and loss statement)
Net profit margin = 919,461 / 27,954,956 x 100
Net profit margin = 3.289%
Working: 2009
Profit after tax = 1,079,150
Net Sales = 22,665,248
(Page No 133)(Consolidated profit and loss statement)
Net profit margin = 1,079,150 / 22,665,248 x 100
Net profit margin = 4.761%
Working: 2008
Profit after tax = 415,055
Net Sales = 18,395,742
(Page No 121)(Consolidated profit and loss statement)
Net profit margin = 415,055 / 18,395,742 x 100
Net profit margin = 2.256%
Return on Assets
(EBIT / Total Assets) x 100
Working: 2010
EBIT = Profit before tax + interest expense
EBIT = 1,249,627+ 17,931,715
EBIT = 19,181,342
(Page No 135)(Consolidated profit and loss statement)
Total Assets = 314,780,129
(Page No 134)(Consolidated Balance Sheet)
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Return on Assets = 19,181,342 / 314,780,129 x 100
Return on Assets = 6.093%
Working: 2009
EBIT = Profit before tax + interest expense
EBIT = 1,609,897+ 13,617,228
EBIT = 15,227,125
(Page No 133)(Consolidated profit and loss statement)
Total Assets = 254,353,438
(Page No 132)(Consolidated Balance Sheet)
Return on Assets = 15,227,125 / 254,353,438 x 100
Return on Assets = 5.986%
Working: 2008
EBIT = Profit before tax + interest expense
EBIT = 502,770 + 10,647,277
EBIT = 11,150,047
(Page No 121)(Consolidated profit and loss statement)
Total Assets = 206,127,387
(Page No 120)(Consolidated Balance Sheet)
Return on Assets = 11,150,047 / 206,127,387 x 100
Return on Assets = 5.409%
DuPont Return on Assets
(Net Income / Sales) x (Sales / Total Assets) * 100
Working: 2010
Profit after tax = 919,461
Net Sales = 27,954,956
(Page No 135)(Consolidated profit and loss statement)
Total Assets = 314,780,129
(Page No 134)(Consolidated Balance Sheet)
DuPont Return on Assets = 919,461 / 27,954,956 x 27,954,956 / 314,780,129 * 100
DuPont Return on Assets = 0.292%
Working: 2009
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Profit after tax = 1,079,150
Net Sales = 22,665,248
(Page No 133)(Consolidated profit and loss statement)
Total Assets = 254,353,438
(Page No 132)(Consolidated Balance Sheet)
DuPont Return on Assets = 1,079,150 / 22,665,248 x 22,665,248 / 254,353,438 * 100
DuPont Return on Assets = 0.424%
Working: 2008
Profit after tax = 415,055
Net Sales = 18,395,742
(Page No 121)(Consolidated profit and loss statement)
Total Assets = 206,127,387
(Page No 120)(Consolidated Balance Sheet)
DuPont Return on Assets = 415,055 / 18,395,742 x 18,395,742 / 206,127,387 x 100
DuPont Return on Assets = 0.201%
Operating Income Margin
Earnings before Income Tax (EBIT) / Net Sales * 100
Working: 2010
EBIT = Profit before tax + interest expense
EBIT = 1,249,627+ 17,931,715
EBIT = 19,181,342
Sales = 27,954,956
(Page No 135)(Consolidated profit and loss statement)
Operating Income Margin = 19,181,342 / 27,954,956 x 100
Operating Income Margin = 68.615%
Working: 2009
EBIT = Profit before tax + interest expense
EBIT = 1,609,897+ 13,617,228
EBIT = 15,227,125
Sales = 22,665,248
(Page No 133)(Consolidated profit and loss statement)
Operating Income Margin = 15,227,125 / 22,665,248 x 100
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Operating Income Margin = 67.182%
Working: 2008
EBIT = Profit before tax + interest expense
EBIT = 502,770 + 10,647,277
EBIT = 11,150,047
Sales = 18,395,742
(Page No 121)(Consolidated profit and loss statement)
Operating Income Margin = 11,150,047 / 18,395,742 x 100
Operating Income Margin = 60.612%
Return on Operating Assets
Earnings before Income Tax (EBIT) / Operating Assets * 100
Working: 2010
EBIT = Profit before tax + interest expense
EBIT = 1,249,627+ 17,931,715
EBIT = 19,181,342
(Page No 135)(Consolidated profit and loss statement)
Operating Assets = Cash and balances with treasury banks + Balances with other banks +
Lending to financial institutions + Advances + Operating fixed assets
Operating Assets = 198,415,590
(Page No 134)(Consolidated Balance Sheet)
Return on Operating Assets = 19,181,342 / 198,415,590 x 100
Return on Operating Assets = 9.667%
Working: 2009
EBIT = Profit before tax + interest expense
EBIT = 1,609,897+ 13,617,228
EBIT = 15,227,125
(Page No 133)(Consolidated profit and loss statement)
Operating Assets = Cash and balances with treasury banks + Balances with other banks +
Lending to financial institutions + Advances + Operating fixed assets
Operating Assets = 177,366,642
(Page No 132)(Consolidated Balance Sheet)
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Return on Operating Assets = 15,227,125 / 177,366,642 x 100
Return on Operating Assets = 8.585%
Working: 2008
EBIT = Profit before tax + interest expense
EBIT = 502,770 + 10,647,277
EBIT = 11,150,047
(Page No 121)(Consolidated profit and loss statement)
Operating Assets = Cash and balances with treasury banks + Balances with other banks +
Lending to financial institutions + Advances + Operating fixed assets
Operating Assets = 161,640,532
(Page No 120)(Consolidated Balance Sheet)(Report 2009)
Return on Operating Assets = 11,150,047 / 161,640,532 x 100
Return on Operating Assets = 6.898%
Return on Total Equity
(Net Profit after Taxation / Total Equity) x 100
Working: 2010
Profit after tax = 919,461
(Page No 135)(Consolidated profit and loss statement)
Total Equity = Share capital + Reserves + Unappropriated profit
Total Equity = 14,819,933
(Page No 134)(Consolidated Balance Sheet)
Return on Total Equity = (919,461 / 14,819,933) x 100
Return on Total Equity = 6.204%
Working: 2009
Profit after tax = 1,079,150
(Page No 133)(Consolidated profit and loss statement)
Total Equity = Share capital + Reserves + Unappropriated profit
Total Equity = 13,164,224
(Page No 132)(Consolidated Balance Sheet)
Return on Total Equity = (1,079,150 / 13,164,224) x 100
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Return on Total Equity = 8.197%
Working: 2008
Profit after tax = 415,055
(Page No 121)(Consolidated profit and loss statement)
Total Equity = Share capital + Reserves + Unappropriated profit
Total Equity = 71,473,072
(Page No 120)(Consolidated Balance Sheet)
Return on Total Equity = (415.055 / 12,086,226) x 100
Return on Total Equity = 3.434%
Gross Profit Margin
(Gross Profit / Net Sales) x 100
Working: 2010
Gross Profit = 10,023,241
Sales = 27,954,956
(Page No 135)(Consolidated profit and loss statement)
Gross Profit Margin = (10,023,241 / 27,954,956) x 100
Gross Profit Margin = 35.85%
Working: 2009
Gross Profit = 9,048,020
Sales = 22,665,248
(Page No 133)(Consolidated profit and loss statement)
Gross Profit Margin = (9,048,020 / 22,665,248) x 100
Gross Profit Margin = 39.92%
Working: 2008
Gross Profit = 7,748,465
Sales = 18,395,742
(Page No 121)(Consolidated profit and loss statement)
Gross Profit Margin = (7,748,465 / 18,395,742) x 100
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Gross Profit Margin = 42.12%
b) Activity Ratios
Total Assets Turnover
Fixed Assets Turnover
Total Assets Turnover
Net Sales / Total Assets
Working: 2010
Net Sales = 27,954,956
(Page No 135)(Consolidated profit and loss statement)
Total Assets = 314,780,129
(Page No 134)(Consolidated Balance Sheet)
Total Assets Turnover = 27,954,956 / 314,780,129
Total Assets Turnover = 0.0888 Times
Working: 2009
Net Sales = 22,665,248
(Page No 133)(Consolidated profit and loss statement)
Total Assets = 254,353,438
(Page No 132)(Consolidated Balance Sheet)
Total Assets Turnover = 22,665,248 / 254,353,438
Total Assets Turnover = 0.0891Times
Working: 2008
Net Sales = 18,395,742
(Page No 121)(Consolidated profit and loss statement)
Total Assets = 206,127,387
(Page No 120)(Consolidated Balance Sheet)
Total Assets Turnover = 18,395,742 / 206,127,387
Total Assets Turnover = 0.0892Times
Fixed Assets Turnover
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Net Sales / Fixed Assets
Working: 2010
Net Sales = 27,954,956
(Page No 135)(Consolidated profit and loss statement)
Fixed Assets = Operating Fixed Assets (Teacher Said)
Fixed Assets = 10,084,422
(Page No 134)(Consolidated Balance Sheet)
Fixed Assets Turnover = 27,954,956 / 10,084,422
Fixed Assets Turnover = 2.7721Times
Working: 2009
Net Sales = 22,665,248
(Page No 133)(Consolidated profit and loss statement)
Fixed Assets = Operating Fixed Assets (Teacher Said)
Fixed Assets = 9,917,192
(Page No 132)(Consolidated Balance Sheet)
Fixed Assets Turnover = 22,665,248/ 9,917,192
Fixed Assets Turnover = 2.285 Times
Working: 2008
Net Sales = 18,395,742
(Page No 121)(Consolidated profit and loss statement)
Fixed Assets = Operating Fixed Assets (Teacher Said)
Fixed Assets = 8,345,054
(Page No 120)(Consolidated Balance Sheet)
Fixed Assets Turnover = 18,395,742/ 8,345,054
Fixed Assets Turnover = 2.2044 Times
c) Market Ratios
Dividend Per Share
Earning Per Share
Price/Earning Ratio
Dividend per Share
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Total Dividend / No of outstanding shares
Working 2010:
Dividend Paid = 293
(Page No 137)(Consolidated Cash Flow Statement)
No No of outstanding shares = 642,7440/10 = 642,744
(Page No 167)(Share capital)
Dividend per Share = 293 / 642,744
Dividend per Share = 0.00045 Rs.
Working 2009:
Dividend Paid = 825
(Page No 135)(Consolidated Cash Flow Statement)
No of outstanding shares = 507,3467/10 = 507,346.7
(Page No 163)(Share capital)
Dividend per Share = 825 / 507,346.7
Dividend per Share = 0.00162 Rs.
Working 2008:
Dividend Paid = 444,404
(Page No 123)(Consolidated Cash Flow Statement)
No outstanding shares = 405,8774/10 = 405,877.4
(Page No 151)(Share capital)
Dividend per Share = 444,404 / 405,877.4
Dividend per Share = 1.09492 Rs
Earning per Share
Net Income / Number of Share Outstanding
Working: 2010
Profit after tax = 919,461
(Page No 135)(Consolidated profit and loss statement)
No No of outstanding shares = 642,7440/10 = 642,744
(Page No 167)(Share capital)
Earning per Share = 919,461 / 642,744
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
Earning per Share = 1.430 Rs
Working: 2009
Profit after tax = 1,079,150
(Page No 133)(Consolidated profit and loss statement)
No of outstanding shares = 507,3467/10 = 507,346.7
(Page No 163)(Share capital)
Earning per Share = 1,079,150 / 507,346.7
Earning per Share = 2.127 Rs
Working: 2008
Profit after tax = 415,055
(Page No 121)(Consolidated profit and loss statement)
No outstanding shares = 405,8774/10 = 405,877.4
(Page No 151)(Share capital)
Earning per Share = 415,055 / 405,877.4
Earning per Share = 1.022 Rs
Price/Earning Ratio
Market Value per Share / Earning per Share
Working: 2010
Market value per share = 17.69
(Page No 46)(Share Information)(Annual Report 2010)
Profit after tax = 919,461
(Page No 135)(Consolidated profit and loss statement)
No No of outstanding shares = 642,7440/10 = 642,744
(Page No 167)(Share capital)
Price/Earning Ratio = 17.69 / 1.430524439
Price/Earning Ratio = 12.366 Rs.
Working: 2009
Market value per share = 27.30
(Page No 46)(Share Information)(Annual Report 2010)
Profit after tax = 1,079,150
Composed& Solved
HafizSalmanMajeed
VuAskari Team
www.vuaskari.com
Note: Solve these papers by yourself
This VU Group is not responsible for any solved content
www.vuaskari,com
(Page No 133)(Consolidated profit and loss statement)
No of outstanding shares = 507,3467/10 = 507,346.7
(Page No 163)(Share capital)
Price/Earning Ratio = 27.30 / 2.127
Price/Earning Ratio = 12.83 Rs.
Working: 2008
Market value per share = 14.57
(Page No 46)(Share Information)(Annual Report 2010)
Profit after tax = 415,055
(Page No 121)(Consolidated profit and loss statement)
No outstanding shares = 405,8774/10 = 405,877.4
(Page No 151)(Share capital)
Price/Earning Ratio = 14.57 / 1.022
Price/Earning Ratio = 14.24 Rs.