Balance sheet

2004 2005 2006

equity share capital 80 80 160
preference share captial 139 60 60
reserves & surplus 1217 1673 2349
advance against right issue
shareholder's funds 1436 1813 2569
borrowed funds 2704 4451 8667
total funds deployed 4140 6264 11236
deferred tax liabilities 39
other liabilities & provisions 1011 1094 1335
total equity and liabilities 5151 7358 12610

common equity 1297 1753 2509

INCOME STATE
2004 2005 2006
total revenue 5047 5961 5913
expense 3739 4673 4826
EBDIT 1308 1288 1087
deperciation 501 403 67
EBIT 807 885 1020
interest 24 32 108
profit before tax 783 853 912
tax 60 67 49
profit after tax 723 786 863

sales growth rate 0.1810976818 -0.0080523402

debt-to-equity ratio 1.88 2.46 3.37

MIRGINS
EBITDA as percent Revenue 25.92% 21.61% 18.38%
EBIT as percent Revenue 15.99% 14.85% 17.25%
Profit Before Tax as Percent Revenue 15.51% 14.31% 15.42%
Total expenses as Percent Total Revenue 85.67% 86.81% 85.41%
INTEREST COVERAGE RAT
EBITDA/interest 54.50 40.25 10.06
EBIT/interest 33.63 27.66 9.44
DUPONT
net profit margin
=net income/sales 14.33% 13.19% 14.59%
total assets turnover
=sales/total assets 97.98% 81.01% 46.89%
equity multiplier
=total assets/common equity 3.97 4.20 5.03

ROE 55.74% 44.84% 34.40%

total revenue 22425.28 equity share cap

Manufacturing, Selling, Marketing and
AdministrativeExpenses 20348.48 preference share captial
EBDIT 2076.80 reserves & surpl
deperciation 1486.00 advance against
EBIT 590.80 shareholder's f
interest 1736.53 borrowed funds
profit before tax -1145.73 total funds dep
tax -392.31 deferred tax liabilities
profit after tax -753.42 other liabilities
total equity and l
fixed Asset
investment
deferred tax ass
inventories
trade receivable
cash and cash e
loans and advan
other assets
Total Asset
 Balance sheet
2007 2008 2009 2010 2011 2012
160 160 160 160 160 160
60
2651 2785 1736 1885 2024 1319

2871 2945 1896 2045 2184 1479

12397 13914 16173 14706 15349 13564
15268 16859 18069 16751 17533 15043
239 285
2265 2032 2812 2199 2880 7506
17772 19176 20881 18950 20413 22549

2811 2945 1896 2045 2184 1479

INCOME STATEMENT
2007 2008 2009 2010 2011 2012
7845 10536 12297 12966 15349 16577
6205 8487 10877 10622 12624 14706
1640 2049 1420 2344 2725 1871
653 1005 1135 1245 1184 1265
987 1044 285 1099 1541 606
355 848 1243 1278 1278 1474
632 196 -958 -179 263 -868
209 59 -556 -282 108 -281
423 137 -402 103 155 -587

0.3267376966 0.3430210325 0.16714123007 0.0544035131 0.1837883696 0.08000521207

4.32 4.72 8.53 7.19 7.03 9.17

MIRGINS
20.91% 19.45% 11.55% 18.08% 17.75% 11.29%
12.58% 9.91% 2.32% 8.48% 10.04% 3.66%
8.06% 1.86% -7.79% -1.38% 1.71% -5.24%
94.61% 98.70% 103.27% 99.21% 98.99% 103.54%
INTEREST COVERAGE RATIO
4.62 2.42 1.14 1.83 2.13 1.27
2.78 1.23 0.23 0.86 1.21 0.41
 5.39% 1.30% -3.27% 0.79% 1.01% -3.54%

44.14% 54.94% 58.89% 68.42% 75.19% 73.52%

6.32 6.51 11.01 9.27 9.35 15.25

15.05% 4.65% -21.20% 5.04% 7.10% -39.69%

2655

erence share captial

388
500
3543
11426
14969
rred tax liabilities
8415
23384
12136
163
920
4712
3646
603
1195
9
23384
 2013 2014
160 2655

388 388
500 500
1048 3543
13921 11426
14969 14969

8415 8415
23384 23384

548

2013 2014
19242 22425.2838 0.16543415
17460 20348.4802
1782 2076.80365
1486 1486
296 590.803648
1692 1736.53288
-1396 -1145.72923
-478 -392.305569
-918 -753.423665

0.16076491524
13.28

9.26%
1.54%
-7.25%
104.77%

1.05
0.17
 -4.77%

82.29%

42.67

-167.52%
 Balance sheet
2004 2005 2006 2007
equity share capital 80 80 160 160
preference share captial 139 60 60 60
net share capital 219 140 220 220
reserves & surplus 1217 1673 2349 2651
advance against right issue
shareholder's funds 1436 1813 2569 2871
borrowed funds 2704 4451 8667 12397
total funds deployed 4140 6264 11236 15268
deferred tax liabilities 39 239
other liabilities & provisions 1011 1094 1335 2265
total equity and liabilities 5151 7358 12610 17772

2004 2005 2006 2007

fixed Asset 3042 4805 9718 13030
investment 27 58 64 59
deferred tax assets
non-current asset 3069 4863 9782 13089
inventories 1080 1168 1497 2415
trade receivables 619 745 315 704
cash and cash equivalents 121 95 81 240
loans and advances 215 411 833 1200
other assets 47 76 102 124
current asset 2082 2495 2828 4683
Total Asset 5151 7358 12610 17772

borrowed funds/shareholder fu 1.88 2.46 3.37 4.32

debts/asset 0.52 0.60 0.69 0.70
days sales inventory 78.11 71.52 92.41 112.36
days sales in receivables
days sales in cash and equivalen 8.75 5.82 5.00 11.17
days sales in current liabilities 73.12 66.99 82.41 105.38

2004-2008 2008-2013 2004-2013

Use current asset 4081 4002 8083
non-current asset 9944 206 10150
equity(dividend) 641 248 889
equity(share capital) 59 -20 59
Total 14725 4436 19181

Sources profits(loss) 2209 -1649 560

deferrend tax liabilities 285 -285 0
current liabilities 1021 6383 7404
borrowed fund 11210 7 11217
Total 14725 4456 19181
ce sheet
2008 2009 2010 2011 2012 2013
160 160 160 160 160 160

160 160 160 160 160 160

2785 1736 1885 2024 1319 388
500
2945 1896 2045 2184 1479 1048
13914 16173 14706 15349 13564 13921
16859 18069 16751 17533 15043 14969
285
2032 2812 2199 2880 7506 8415
19176 20881 18950 20413 22549 23384

2008 2009 2010 2011 2012 2013

12954 13931 12271 12237 12801 12136
59 64 70 84 157 163
241 270 161 442 920
13013 14236 12611 12482 13400 13219
3631 3504 3192 3800 4754 4712
1080 1761 1807 2389 3123 3646
164 169 122 217 166 603
1146 1080 1082 1370 1103 1195
142 131 136 155 3 9
6163 6645 6339 7931 9149 10165
19176 20881 18950 20413 22549 23384

4.72 8.53 7.19 7.03 9.17 13.28

0.73 0.77 0.78 0.75 0.60 0.60
125.79 104.01 89.86 90.36 104.68 89.38

5.68 5.02 3.43 5.16 3.66 11.44

70.39 83.47 61.90 68.49 165.27 159.62
 source use
1997 IPO share capital
1998/2002 twice bonus issue share capital
2002 merger with FIL share capital
2004 long term debt working capital
2005 third bonus issue share capital
2005-2006 foreign currency loans investment into projects to build capacities
2008 profits reserve and surplus
2008 short term debt working capital
2009 interest burden interest cost
2010 no change
2011-2013 short term debt credit rating downgrade
2013 right issue repayment of certain loan facilities and for payments to overdue trade credit
o overdue trade creditors