Profit and Loss Account

For the Year Ending June 30, 2016

Vertical Analysis

In Rupees % In Rupees
%
2015 2016
Sales 18 11,581,436 100.00% 13,183,185 100.00%

Cost of sales 19 -7,541,804 -65.12% -8,937,467 -67.79%

Gross profit 4,039,632 34.88% 4,245,718 32.21%

Distribution costs 20 -2,102,512 -18.15% -2,518,730 -19.11%

Administrative expenses 21 -458,844 -3.96% -505,866 -3.84%

Other expenses 22 -120,719 -1.04% ### -0.74%

Other income 23 111,965 0.97% ### 0.42%
Operating profit 1,469,522 12.69% 1,179,291 8.95%
Finance costs 24 -37,269 -0.32% ### -0.51%
Profit before taxation 1,432,253 12.37% 1,111,953 8.43%
Taxation 25 -438,690 -3.79% -338,277 -2.57%
Profit after taxation 993,563 8.58% 773,676 5.87%
Other comprehensive income / (loss) 0 0.00% 0 0.00%
Items that will not be reclassified to
Profit or Loss
Loss on remeasurements of retirement
-41,148 ###
bene t obligations -0.36% -0.11%
Impact of deferred tax 10,982 0.09% ### 0.03%
-30,166 -0.26% ### -0.08%
Items that may be subsequently
reclassified to Profit or Loss
Total comprehensive income 963,397 8.32% 762,953 5.79%

Balance Sheet
As at June 30, 2016

Note Vertical Analysis

ASSETS
Rupees Rupees
NON-CURRENT ASSETS 2015 % 2016 %
Property, plant and equipment 1,518,286
### 157.60% ### 261.75%
Intangibles 39,089
### 4.06% ### 8.03%
Long term investment - subsidiary 31,719
### 3.29% ### 4.16%
Long term deposits 34,768 3.61% 30,979 4.06%
Total Non- Current Assets 1,623,862 168.56% ### 278.00%
CURRENT ASSETS
Stores, spare parts and loose tools 5,897 0.61% 0.87%
###
Stock in trade 2,254,723
### 234.04% ### 426.03%
Trade debts 1,150,666
### 119.44% ### 131.13%
Advances 50,404
### 5.23% ### 12.51%
Trade deposits and prepayments 29,736
### 3.09% ### 4.99%
Other receivables ###
13,452 1.40% ### 0.82%
Investments in mutual fund units -
at
fair value through profit or loss 389,245 40.40% 0 0.00%
Cash and bank balances ###
37,041 3.84% ### 7.47%
Total Current Assets 3,931,164 408.05% 4,454,221 583.81%
Total Assets 5,555,026 576.61% 6,575,253 861.82%

SHARE CAPITAL AND RESERVES

Issued, subscribed and paid-up capital ###
518,034 1742.1% ### 1360.8%
Unappropriated pro t 2,238,854 7529.1% ### 5163.8%
2,756,888 9271.2% 2,483,772 6524.6%
NON-CURRENT LIABILITIES
Deferred taxation ###
93,414 314.1% ### 212.6%
Retirement bene ts obligations ###
19,495 65.6% ### 35.8%
112,909 379.7% 94,568 248.4%
CURRENT LIABILITIES
Trade and other payables 1,672,683
### 5625.1% 1,960,435 5149.8%
Accrued interest / mark up 2,520 8.5% 8,974 23.6%
Short term borrowings ###
384,094 1291.7% 1,311,326 3444.7%
Taxation - Provision less payments 484,578 1629.6% 622,721 1635.8%
Sales tax payable 141,354 475.4% 93,457 245.5%
2,685,229 9030.2% 3,996,913 10499.4%
2,798,138 9409.9% 4,091,481 10747.8%
COMMITMENTS ###
### 18681.1% ### 17272.4%
 Hortizontal Analysis
Increase in

Rs %
1,601,749 13.83%

(1,395,663) 18.51%
206,086 5.10%

(416,218) 19.80%

(47,022) 10.25%

23,038 -19.08%
(56,115) -50.12%
(290,231) -19.75%
(30,069) 80.68%
(320,300) -22.36%
100,413 -22.89%
(219,887) -22.13%
- 0.00%

26,436 -64.25%
(6,993) -63.68%
19,443 -64.45%

(200,444) -20.81%

Horizontal Analysis
Increase
Rs %
478,753 32%
22,206 57%
- 0%
(3,789) -11%
497,170 31%

708 12%
995,651 44%
(150,198) -13%
45,051 89%
8,332 28%
(7,180) -53%

(389,245) -100%
19,938 54%
523,057 13%
1,020,227 18%

- 0.0%
(273,116) -12.2%
(273,116) -9.9%

(12,480) -13.4%
(5,861) -30.1%
(18,341) -16.2%

287,752 17.2%
6,454 256.1%
927,232 241.4%
138,143 28.5%
(47,897) -33.9%
1,311,684 48.8%
1,293,343 46.2%

1,020,227 18.4%
 RATIOS
Financial Ratios Unit 2015 2016
Profitability Ratios
Gross Profit Ratio % 34.9% 32.2%
Operating Profit to Sale % 12.7% 8.9%
Net Profit to Sales % 8.6% 5.9%
EBITDA Margin to Sales % 14.21 10.6
Operating Leverage Ratio % 161.61 (-142.8)
Return on Equity % 40.02 29.53
Return on Capital Employed % 38.05 43.29
Return on Assets % 17.89 11.77

Liquidity Ratios
Current Ratio Times 1.46 1.11
Quick / Acid Test Ratio Times 0.62 0.3
Cash to Current Liabilities Times -0.09 (-0.21)
Cash Flow from Operations to Sales % 11.16 3.31
Working Capital Turnover Times 9.31 28.83

Activity / Operating Performance

Ratios
No. of Days in Inventory Days 108.44 112.41
No. of Days in Receivables Days 30.62 29.78
No. of Days in Payables Days 17.04 13.37
Operating Cycle Days 122.02 128.82
Asset Turnover Times 2.2 2.17
Inverntory Turnover Times 3.37 3.25
Receivables Turnover Times 11.92 12.26
Payables Turnover Times 21.42 27.3
Revenue / Employee Rs. 23,986 28,668
Net Income / Employee Rs. 1,459 1,188

Investment / Market Ratios

Earnings Per Share Rs. 9.59 7.47
Price Earning Ratio Times 35.43 37.63
Dividend Yield Ratio % 2.94 0.98
Dividend Payout Ratio % 104.28 36.83
Dividend Cover Ratio Times 0.96 2.72
Cash Dividend Per Share Rs. 10 2.75
Cash Dividend % 100 55
Stock Dividend Per Share Rs.
Stock Dividend %
Market Value Per Share at the end of Rs. 339.73 281
the year
Low during the year Rs. 318.12 276.5
High during the year Rs. 433.73 366.65
Breakup Value Per Share without
Surplus on Revaluation of Fixed Rs. 26.61 23.97
Assets
Market Capitalisation (in millions) Rs. 35,198.34 29,113.51

Capital Structure Ratios

Financial Leverage Ratio % 13.93 52.8

Weighted Average Cost of Debt % 5.51 7.89

Debt to Equity Ratio % 20.35

Interest Coverage Ratio Times 39.43 17.51

No. of Ordinary Shares (in millions) EA 103.61 103.61