Income Statement 2015

Revenue 22,927.19
Other Income 371.78
Expenses 518.22
Cost of goods sold 18,324.00

Gross Profit 4,019.36

Employee Cost 1,218.29
SG&A 6,883.16
Other Expenses
Depreciation 1,133.11
EBIT 4,566.81
Interest 547.45
EBT 2,886.25
Tax 9.09
EAT 2,014.73
Dividend declared 246.96
Transfer to Retained Earnings
no. of shares 288,618,016
Book value per share 687.23

Balance Sheet 2015

Sources of Funds
Share Capital 274.4
Reserve & Surplus (Include Equity Warrant) 18,583.28
Total Shareholder Funds 18,857.68

Secured Loans 3,234.19

Unsecured Loans 4,179.99
Other Liabilities 299.12
Total Liabilities 7,713.30
Total Liabilities & Shareholder's equity 26,570.98

Uses of Funds
Gross Block 31,874.14
Less: Accumulated Depreciation 10,926.68
Net Block 20,947.46
Investments 5,208.75
Other non-current Assets 2,073.69

Total Non-Current Assets 28,229.90

Current Assets
Inventory 2,751.41
Debtors 1,203.19
Cash & Bank 200.57
Loans & Advances 1,126.12

Less:
Sundry Creditors 1,796.39
Other Current Liabilities 2,915.92
Provisions 1,139.65
Net Deferred tax asset -2,792.01
Other current assets 1,703.76
Total Asset 26,570.98

Statement of Cash Flows 2015

Cash flows from operating activities
Profit / (Loss) before taxation 2886.25
Adjustments for:
Depreciation 1133.11
Amortization
Others 4.89

Working capital changes:

(Increase) / (Decrease) in trade and other receivables 77.37
(Increase) / (Decrease) in inventories -339.83
Increase / (Decrease) in trade and other payables 399.03
Others 0

Cash generated from operations 4231.49

Interest paid
Income taxes paid -148.56
Dividends paid -246
Others -148.56
Net cash from operating activities 4,082.93

Cash flows from investing activities

Business acquisitions, net of cash acquired
Purchase of property, plant and equipment -2579.93
Purchase of intangible assets -601.57
Proceeds from sale of equipment 12.05
Proceeds from sale of intangibles 1262.89
Others 24.68

Net cash used in investing activities -1,879.42

Cash flows from financing activities
Proceeds from issue of share capital 1.58
Proceeds from long-term borrowings 1008.25
Payment of long-term borrowings -310.97
Others -3689.03
Net cash used in financing activities -2,266.75

Net increase in cash and cash equivalents -63.24

Cash and cash equivalents at beginning of period 129.51

Cash and cash equivalents at end of period 66.27

 2016 2017 2018 2019
23,708.79 23,891.43 29,357.92 35,703.50
480.66 659.95 599.55 471.45
588.11 650.14 935.71 812.34
18,254.11 18,192.08 17,906.51 18,029.88

4,595.60 5,043.82 5,065.40 5,572.57

1,343.02 1,413.44 1,706.24 1,926.01
7,116.23 7,039.96 8,250.85 9,917.13

1,297.04 1,267.87 1,763.56 2,010.27

5,107.26 5,615.21 6,256.55 6,991.72
511.66 571.39 1,191.15 1,419.15
3,298.56 3,775.95 3,301.84 3,562.30
623.81 806.66 678.03 732.43
2,370.16 2,627.72 2,231.28 2,455.72
293.36 0 0 0

288,618,016 288,618,016 288,618,016 288,618,016

788.25 872.14 943.99 1,017.50

2016 2017 2018 2019

274.43 274.51 274.61 274.64

21,357.40 23,666.50 25,648.41 27,672.43
21,631.83 23,941.01 25,923.02 27,947.72

4,225.54 2,996.52 13,000.58 13,534.05

4,024.02 3,543.91 4,418.92 4,584.09
260.71 508.41 171.62 141.85
8,510.27 7,048.84 17,591.12 18,259.99
30,142.10 30,989.85 43,514.14 46,207.71

23,911.62 25,674.12 41,355.34 43,360.54

1,224.08 2,442.36 4,144.50 6,065.15
22,687.54 23,231.76 37,210.84 37,295.39
5,793.18 7,408.67 6,162.90 7,064.51
263.96 878.39 473.88 1,079.65

28,744.68 31,518.82 43,847.62 45,439.55

 2,277.61 2,224.99 3,101.50 3,273.62
1,414.89 1,276.17 1,714.20 2,097.50
2,235.20 2,217.74 199.32 623.96
1,447.77 1,350.20 1,621.88 3,968.70

1,771.86 1,832.25 2,462.99 2,830.96

2,160.90 2,154.06 2,607.48 3,188.77
632.12 718.37 927.07 894.61
-2,431.99 -3,573.56 -3,174.05 -3,544.35
1,018.82 680.17 2,201.21 1,262.93
30,142.10 30,989.85 43,514.14 46,207.57

2,016 2017 2,018.00 2019

3298.56 3775.95 3301.84 3562.3

1297.04 1267.87 1763.56 2010.27

-308.27 -375.44 -262.65 -158.03

-231.15 123.4 -427.7 -394.08

365.23 52.62 -629.63 -172.12
320.98 476.3 308.53 1116.72
66.02 -150.99 -518.27 -1013.73

5189.87 5453.53 4456.75 6036.83

-835.47 -730.66 -839.07 -700.37

-292.58 -308.48 -330.68 -346.16
-835.47 -730.66 -839.07 -700.37
4,354.40 4,722.87 3,617.68 5,336.46

-2076.97 -1265.14 -1938 -1630.8

-2698.08 -3376.88 -3960.23 -1700
17.51 31.93 108.38 156.32
2946.3 2228.6 5588.02 4465.27
(2,020.44) -8.58 -2030.22 -70.18

-3,756.70 -2,365.12 1,896.74 -3,895.12

 2.67 6.6 15.72 5.21
706.91 2878.48 15772.26 7100.41
-901.61 -3088.97 -6160.09 -6345.76
0 0 -10686.55 -81.21
-582.42 -2,382.64 -5,501.39 -1,085.77

15.28 -24.89 13.03 355.57

60.49 75.77 50.88 63.91

75.77 50.88 63.91 419.48

 Common size Income statement
2015 2016 2017 2018 2019
100% 100% 100% 100% 100%
2% 2% 3% 2% 1%
2% 2% 3% 3% 2%
80% 77% 76% 61% 50%

18% 19% 21% 17% 16%

5% 6% 6% 6% 5%
30% 30% 29% 28% 28%
0% 0% 0% 0% 0%
5% 5% 5% 6% 6%
20% 22% 24% 21% 20%
2% 2% 2% 4% 4%
13% 14% 16% 11% 10%
0% 3% 3% 2% 2%
9% 10% 11% 8% 7%
1% 1% 0% 0% 0%

3% 3% 4% 3% 3%

Common size Balance sheet

2015 2016 2017 2018 2019

1% 1% 1% 1% 1%
70% 71% 76% 59% 60%
71% 72% 77% 60% 60%

12% 14% 10% 30% 29%

16% 13% 11% 10% 10%
1% 1% 2% 0% 0%
29% 28% 23% 40% 40%
100% 100% 100% 100% 100%

120% 79% 83% 95% 94%

41% 4% 8% 10% 13%
79% 75% 75% 86% 81%
20% 19% 24% 14% 15%
8% 1% 3% 1% 2%

106% 95% 102% 101% 98%

10% 8% 7% 7% 7%
5% 5% 4% 4% 5%
1% 7% 7% 0% 1%
4% 5% 4% 4% 9%

7% 6% 6% 6% 6%
11% 7% 7% 6% 7%
4% 2% 2% 2% 2%
-11% -8% -12% -7% -8%
6% 3% 2% 5% 3%
100% 100% 100% 100% 100%

Ratios
Particulars 2015 2016 2017

Profitability ratio's
(i) Gross Margin 17.53% 19.38% 21.11%
(ii) Net Margin 8.79% 10.00% 11.00%
(v) Operating Margin 19.92% 21.54% 23.50%
(iv) ROA 7.58% 7.86% 8.48%
(v) ROE 10.68% 10.96% 10.98%

Liquidity ratio's
(i) Current Ratio 0.9024822453 1.615698551 1.502567656
(ii) Quick Ratio 0.43 1.12 1.03
(iii) Cash Ratio 0.03 0.49 0.47

Leverage ratio's
(i) Debt / Equity 0.41 0.39 0.29
(ii) Equity Multiplier 1.41 1.39 1.29
(iii) Total Debt Ratio 0.29 0.28 0.23
(v) Interest Coverage Rat 8.34 9.98 9.83
(vii) Cash Coverage Rati 3.29 6.11 5.39

Turnover ratio's
(i) Inventory Turnover 23.69 7.26 8.08
(In Days) 15.41 50.28 45.17
(iii) Receivables Turnover 19.86 18.11 17.76
 (In Days) 18.38 20.15 20.56
(v) Total Asset Turnover 0.86 0.79 0.77
(vi) Payables Turnover 2.70 1.82 2.09
(In Days) 135.13 200.70 174.48

Market based ratio's

(i) Earnings Per Share(EPS 69.81 82.12 91.04
Price / Earnings Ratio 7.90 5.69 8.37

Other Ratios-:
Operating Leverage 5.17 -0.29
Financial Leverage 1.23 0.75
Total Leverage 6.41 0.46

Operating Cycle (In Days) 33.78 70.43 65.73

Cash Cycle -101.35 -130.27 -108.75

Dividend Payout Ratio 12% 12% 0%

Value and Trend analysis of Income statement
2015 2016 2017 2018 2019
100% 103% 104% 128% 156%
100% 129% 178% 161% 127%
100% 100% 99% 98% 98%
100% 100% 99% 98% 98%

100% 114% 125% 126% 139%

100% 110% 116% 140% 158%
100% 103% 102% 120% 144%

100% 114% 112% 156% 177%

100% 112% 123% 137% 153%
100% 93% 104% 218% 259%
100% 114% 131% 114% 123%
100% 6863% 8874% 7459% 8058%
100% 118% 130% 111% 122%
100% 119% 0% 0% 0%

100% 115% 127% 137% 148%

Value and Trend analysis of Balance sheet

2015 2016 2017 2018 2019

100% 100% 100% 100% 100%

100% 115% 127% 138% 149%
100% 115% 127% 137% 148%

100% 131% 93% 402% 418%

100% 96% 85% 106% 110%
100% 87% 170% 57% 47%
100% 110% 91% 228% 237%
100% 113% 117% 164% 174%

100% 75% 81% 130% 136%

100% 11% 22% 38% 56%
100% 108% 111% 178% 178%
100% 111% 142% 118% 136%
100% 13% 42% 23% 52%

100% 102% 112% 155% 161%

 100% 83% 81% 113% 119%
100% 118% 106% 142% 174%
100% 1114% 1106% 99% 311%
100% 129% 120% 144% 352%

100% 99% 102% 137% 158%

100% 74% 74% 89% 109%
100% 55% 63% 81% 78%
100% 87% 128% 114% 127%
100% 60% 40% 129% 74%
100% 113% 117% 164% 174%

2018 2019

17.25% 15.61%
7.60% 6.88%
21.31% 19.58%
5.13% 5.31%
8.61% 8.79%

1.1066037075 1.4410312481
0.59 0.97
0.03 0.09

0.68 0.65
1.68 1.65
0.40 0.40
5.25 4.93
6.63 6.80

6.72 5.66
54.29 64.53
19.63 18.73
 18.59 19.48
0.67 0.77
1.93 1.59
189.48 229.80

77.31 85.09
15.28 10.75

-0.60 1.00
1.20 1.28
0.60 2.28

72.88 84.01
-116.60 -145.78

0% 0%