An Analysis of A Possible Merger:

Marico Bangladesh Ltd and

Kohinoor Chemicals Ltd.

By Kidwa Arif, ZR-01

An Analysis of a Possible Merger: Marico Bangladesh Ltd. and
Kohinoor Chemicals Ltd.

Submitted to

Tasneema Afrin
Assistant Professor
Institute of Business Administration, University of Dhaka
Course: Corporate Finance (F401)

Submitted by

Kidwa Arif (ZR-01)

BBA 25th Batch

Institute of Business Administration

University of Dhaka, Dhaka

June 29, 2020

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29 June 2020

Tasneema Afrin
Assistant Professor
Institute of Business Administration
University of Dhaka, Dhaka

Ma’am

Subject: Submission of Report titled “An Analysis of a Possible Merger: Marico Bangladesh Ltd.
and Kohinoor Chemicals Ltd.”

As per your instructions for producing a report as a requirement for our undergraduate course
Corporate Finance, I would like to present this report titled “An Analysis of a Possible Merger:
Marico Bangladesh Ltd. and Kohinoor Chemicals Ltd.” This report has been formulated based on
data from the Annual Report of Kohinoor Chemicals Ltd., Marico Bangladesh Ltd. and other
secondary sources. Without your permission, this report will not be revealed nor reproduced for
any other purpose.

I hope this report has met all your requirements and I would like to thank you for letting us work
on this topic.

Thank You
Kidwa Arif
Roll: ZR-01
BBA 25th

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Table of Contents
An Analysis of a Possible Merger: Marico Bangladesh Ltd. and Kohinoor Chemicals Ltd. .......... i

Table of Tables .............................................................................................................................. vi

Table of Figures ............................................................................................................................ vii

Executive Summary ..................................................................................................................... viii

1. Introduction ................................................................................................................................. 1

1.1 Objectives ............................................................................................................................. 1

1.1.1 Broad Objective ............................................................................................................. 1

1.1.2 Specific Objective .......................................................................................................... 1

1.2 Scope ..................................................................................................................................... 1

1.3 Limitations ............................................................................................................................ 2

2.The FMCG Industry Analysis ...................................................................................................... 2

2.1 Porter’s Five Forces .............................................................................................................. 2

2.2 Key Players In The Industry ................................................................................................. 7

3. Acquirer and Target Analysis ................................................................................................... 10

3.1 Acquirer: Marico Bangladesh Ltd ...................................................................................... 10

3.1.1 Company Overview ..................................................................................................... 10

3.1.2 Product Portfolio .......................................................................................................... 10

3.1.3 SWOT Analysis ........................................................................................................... 12

3.2 Target: Kohinoor Chemicals Limited ................................................................................. 13

3.2.1 Company Overview ..................................................................................................... 13

3.2.2 Product Portfolio .......................................................................................................... 14

3.2.3 SWOT Analysis ........................................................................................................... 17

3.3 Financial Comparison of Acquirer and Target ................................................................... 18

3.3.1 Performance Per Share ................................................................................................. 18

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 3.3.2 Profitability .................................................................................................................. 19

3.3.3 Key Ratios .................................................................................................................... 20

4. Rationale of the Merger: Impact on The Industry, The Acquirer and The Target .................... 21

4.1 Impact on The Industry ....................................................................................................... 21

4.2 Impact on Acquirer: Marico Bangladesh Ltd. .................................................................... 21

4.3 Impact on Target: Kohinoor Chemicals Ltd. ...................................................................... 22

5. Stakeholders Paradigm.............................................................................................................. 22

5.1 Internal Stakeholders .......................................................................................................... 23

5.1.1 Financial Stakeholders ................................................................................................. 23

5.1.2 Employees .................................................................................................................... 23

5.1.3 Customers .................................................................................................................... 23

5.1.4 Suppliers ...................................................................................................................... 23

5.1.5 Professionals ................................................................................................................ 24

5.2 External Stakeholders ......................................................................................................... 24

5.2.1 Regulators .................................................................................................................... 24

5.2.2 Global Market .............................................................................................................. 24

6. Valuation of Target and Acquirer ............................................................................................. 25

6.1 Assumptions for Valuation ................................................................................................. 25

6.1.1 Forecasting ................................................................................................................... 25

6.1.2 Beta Calculation ........................................................................................................... 25

6.1.3 Depreciation Calculation ............................................................................................. 25

6.1.4 Free Cash Flow to Equity (FCFE) ............................................................................... 25

6.2 Valuation of The Target: Kohinoor Chemicals Ltd. ........................................................... 25

6.3 Valuation of The Target: Kohinoor Chemicals Ltd. ........................................................... 26

7. Assumptions for Synergy Calculation ...................................................................................... 27

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 7.1 ΔRevenue ............................................................................................................................ 27

7.1.1 Increasing Revenue of Kohinoor Chemicals ............................................................... 27

7.1.2 Increasing Revenue Due to Cross-Selling ................................................................... 28

7.2 ΔCost................................................................................................................................... 28

7.2.1 Increase in Cost of Goods Sold Due to Increasing Revenue ....................................... 28

7.2.2 Raw Material ................................................................................................................ 29

7.2.3 Factory Overhead ......................................................................................................... 29

7.2.4 General and Administrative Expenses ......................................................................... 30

7.2.5 Marketing, Selling and Distribution Expenses ............................................................ 30

7.2.6 Total Difference in Costs ............................................................................................. 31

7.3 Capital Requirements .......................................................................................................... 31

8. The Acquisition ......................................................................................................................... 32

8.1 Synergy Calculation ............................................................................................................ 32

8.2 Mode of Acquisition ........................................................................................................... 33

8.3 Merger Premium and Net Present Value (NPV)................................................................. 33

8.4 Predicting Market Price of Merged Company .................................................................... 33

9. Defensive Techniques Against the Merger ............................................................................... 34

10. The Impact of the Pandemic on The Merger .......................................................................... 35

11. Conclusion .............................................................................................................................. 36

References ..................................................................................................................................... 37

Appendix ....................................................................................................................................... 39

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 Table of Tables
Table 1: Porter's 5 Forces: Rivalry Among Existing Firms ............................................................ 3
Table 2:Porter's 5 Forces: Threat Of New Entrants ........................................................................ 4
Table 3:Porter's 5 Forces: Threat of Substitutes ............................................................................. 5
Table 4:Porter's 5 Forces: Bargaining Power of Buyers ................................................................. 6
Table 5:Porter's 5 Forces: Bargaining Power of Suppliers ............................................................. 7
Table 6: Key Players in FMCG Industry ........................................................................................ 8
Table 7: Top Brands in The Sectors of The Acquirer and Target .................................................. 9
Table 8: Product Portfolio of Marico ............................................................................................ 11
Table 9: Product Portfolio of Kohinoor Chemicals Ltd................................................................ 15
Table 10: Notable Copycat Products of Kohinoor Chemicals ...................................................... 17
Table 11: Beta Calculation of Kohinoor Chemicals Ltd. ............................................................. 26
Table 12: Valuation of Kohinoor Chemicals ................................................................................ 26
Table 13: Beta Calculation of Marico Bangladesh Ltd. ............................................................... 27
Table 14: Valuation of Marico Bangladesh Ltd. .......................................................................... 27
Table 15: Change in Revenue ....................................................................................................... 28
Table 16: Increase in Cost due to Increasing Revenue ................................................................. 29
Table 17: Decreasing Cost of Raw Materials ............................................................................... 29
Table 18: Decreasing Cost of Factory Overhead .......................................................................... 30
Table 19: Decreasing General and Administrative Costs ............................................................. 30
Table 20: Decreasing Cost of Marketing and Distribution ........................................................... 31
Table 21: Change in Costs ............................................................................................................ 31
Table 22: Decreasing Capital Requirements................................................................................. 31
Table 23: Synergy Calculation...................................................................................................... 32
Table 24: Marico Balance Sheet (Please Zoom in to read or visit the Excel file) ........................ 39
Table 25: Marico Income Statement (Please Zoom in to read or visit the Excel file) .................. 39
Table 26: Kohinoor Balance Sheet (Please Zoom in to read or visit the Excel file) .................... 40
Table 27: Kohinoor Income Statement (Please Zoom in to read or visit the Excel file) .............. 40

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 Table of Figures
Figure 1: Share of Chemical Import/ Source: World Bank ............................................................ 6
Figure 2: Revenue Distribution of Marico Bangladesh / Source: Annual Report ........................ 12
Figure 3: Revenue Distribution of Kohinoor Chemicals .............................................................. 15
Figure 4: Share Price Comparison / Source: DSE ........................................................................ 18
Figure 5: Comparison of NOCF and EPS ..................................................................................... 19
Figure 6: Analysis of Profitability ................................................................................................ 19
Figure 7: Analysis of Current Ratio and Inventory Turnover ....................................................... 20
Figure 8: Comparison of ROE and ROA ...................................................................................... 20

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 Executive Summary
This paper looks into the horizontal merger between Marico Bangladesh Ltd and Kohinoor
Chemicals Ltd., both in the FMCG industry. Marico Bangladesh Ltd is a multinational company
operating in Bangladesh whose parent company is Marico India Ltd while Kohinoor Chemicals
Ltd. is a 64-year-old Bangladeshi company owned by Orion Group.

The industry analysis shows that the FMCG industry is highly competitive and a large portion of
it is led by the multinational Unilever Bangladesh Ltd. The merger between our target and
acquirer shall help bring some balance in this industry.

The valuation of the target determines its value to be BDT 2,648,096,147.90 while the value of
the acquirer is BDT 15,640,362,749.62. Interestingly, the valuation showed that the target is
overvalued in the market by 72% while the acquirer is overvalued by 68%.

Further analysis shows that this merger shall result in sufficient synergy due to increasing
revenues, decreasing costs in different sections like raw materials, administrative expenses,
selling expenses etc. The revenues shall increase due to factors like cross selling and positive
reaction from the market due to merger. The synergy has been calculated to be BDT
1,219,047,581.26.

Due to both companies being highly overvalued in the stock market, the mode of acquisition has
been chosen to be cash. The merger premium given is 30% which is on the higher end of the
international standard for merger premium. These result in the NPV of the merger to be BDT
424,618,736.89.

Amidst the Covid-19 pandemic, smaller companies like Kohinoor Chemicals might find it hard
to sustain. Mergers like this might be their way ou

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1. Introduction
The Fast Moving Consumer Goods Industry is growing in Bangladesh with the growth of the
middle and affluent class of Bangladesh. It is a dynamic industry which has seen massive
changes in the past few decades. The target company of this paper, Kohinoor Chemicals, was
one of the biggest FMCG companies in the country. But it has not fallen behind due to the might
of multinational companies. This paper suggests Kohinoor Chemicals merge with one of the
larger multinationals, Marico Bangladesh Ltd. to regain its lost footprint in the industry. This
shall be a horizontal merger with the purpose of increasing market presence and ensuring
sustainability of both companies in the FMCG industry. Before we delve into the merger, it is
necessary to understand how the industry functions and where the acquirer and target are in it.

1.1 Objectives

1.1.1 Broad Objective

To Qualitatively Assess and Quantify the Merger Between Marico Bangladesh Ltd. and
Kohinoor Chemicals Ltd.

1.1.2 Specific Objective

❏ To qualitatively analyse the industry to see how it will accommodate the merger
❏ To find out if the merger will be beneficial for both Acquirer and Target
❏ To find out the factors which will cause synergy in the merger and quantify them
❏ To determine a merger premium based on collected information and assumptions
❏ To analyse the effect of the merget during the Covid-19 scenario

1.2 Scope
This report is based on information available on the Dhaka Stock Exchange and other sources on
the internet and the latest annual report of the target and acquirer.

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1.3 Limitations
❏ The pandemic has made the different sectors of the economy highly dynamic and
unpredictable. Thus, many assumptions taken here might not be reflected properly in the
real life scenario
❏ Since the latest annual reports were those of 2019, it has not been possible to see the
disruption in trends due the economic slowdown in 2020.
❏ A better understanding of mergers in the FMCG industry could have been achieved if an
interview could have been conducted with a professional in the industry. However, that
has not been possible due to time limitation and the lockdown.

2.The FMCG Industry Analysis

The FMCG Industry can be divided into three major categories: a) Food and Beverage b)
Personal Care and c) Household Care. ("FMCG Industry Review of Bangladesh", 2019). Marico
Bangladesh Ltd. and Kohinoor Chemicals Ltd. mainly fall under the Personal Care and
Household Care categories. Before we delve into the merger, this section discusses the FMCG
industry.

2.1 Porter’s Five Forces

Rivalry Among Existing Firms: HIGH

Variable Description Decision

Industry Growth Rate The Industry growth rate has Low

historically dependent on the
consumption habits of the
consumers. Even though this has
been growing steadily in the last
few years, it will decline heavily
due to the Covid-19 Pandemic.

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 Since it is unknown how long the
Coronavirus recession will
continue, the industry growth
might not increase soon.

Degree of differentiation While the products in this High

industry are similar, the degree
of differentiation is determined
by the brand image. Since the top
players have invested a lot in
building up a strong brand
image, the degree of
differentiation is high.

Switching Costs Non-Existent Switching cost Low

since FMCG products are low
volume and low prices.

Concentration of Firms Unilever is the biggest player in High

this industry and has the highest
market share in every brand
category. While there are
numerous small brands, it is
almost impossible for them to
compete with the bigger brands.
Moreover, recently, Unilever has
bought 82% shares of
GlaxoSmithKline Bangladesh.
This has further increased the
concentration of firms in this
industry.
Table 1: Porter's 5 Forces: Rivalry Among Existing Firms

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Threat of New Entrants: HIGH

Variable Description Decision

Economies of Scale Since FMCG products need to be High

produced in high volumes due to
the low margins, Economies of
Scale is high

First Movers Advantage Since Brand Image plays a big High

role in this sector, brands which
entered first have a huge
advantage and have decades of
brand image as protection of
their business.

Access to Distribution & FMCGs have to move fast High

Channels throughout the country. Thus,
access to distribution and
channels is very important.
Table 2:Porter's 5 Forces: Threat Of New Entrants

Threat of Substitutes: HIGH

FMCG products can have lots of substitutes. For example, bar soap can be substituted by liquid
soaps, detergent powder could be replaced by detergent soap etc.

Variable Description Decision

Relative Price Relative price varies little from Little Variance

substitute to substitute.

Performance For FMCG products, Little Variance

performance also varies little.

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 Customer Willingness This is the most important Moderate
section for FMCG products.
Most customers prefer to use the
same type of product from the
same brand due to comfort.
However, with proper
communication, it is possible to
change their behaviors. An
example is the introduction of
liquid hand wash.

Table 3:Porter's 5 Forces: Threat of Substitutes

Bargaining Power of Buyers: MODERATE

Variable Description Decision

Price Sensitivity (Cost as Price Sensitivity is negligible Low

a fraction of buyer since similar products across
income) companies vary little.

Switching Costs Since consumers buy in low Low

volume, switching costs are
negligible

Demand Elasticity Moderate since demand might Moderate

decrease during economic
slowdowns.

No. of Buyers Large number of buyers since High

people across all geographic
locations and socio-economic
classes buy FMCG products.

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 Volume per Buyer Each buyer does not buy many Low
units of product.

Table 4:Porter's 5 Forces: Bargaining Power of Buyers

Bargaining Power of Suppliers: High

The following graph shows the regions from where chemicals are imported for different
industries in Bangladesh.

Figure 1: Share of Chemical Import/ Source: World Bank

Variable Description Decision

Price Sensitivity (Cost as The price of chemical raw Low

a fraction of buyer materials are dependent on the
income) global economy and the
companies have little say over it.

Switching Costs Switching costs are high since High

finding a new importer is

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 expensive.

Demand Elasticity Demand elasticity depends on Moderate

the demand of consumers.

No. of Suppliers Overall, there are a decent Moderate

number of chemical suppliers
globally.

Volume per Supplier A large amount of raw materials High

are bought from a single supplier
Table 5:Porter's 5 Forces: Bargaining Power of Suppliers

2.2 Key Players In The Industry1

The Key Players have been discussed in the table below. ("FMCG Industry Review of
Bangladesh", 2018)

Sector Leading Description

Companies

Food And Ispahani, GSK, As we can see, this section of the FMCG is cluttered and
Beverage Pran, Coca Cola, has a lot of companies under which there are an even
ACI, City Group, larger amount of brands under them.
Nestle, Unilever
etc.

Beauty and Unilever, Square, This section is more concentrated with a few big
Personal Care Marico, companies.

1
Information in this section has been collected from the FMCG Industry review of EBL Securities.

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 Kohinoor
Chemicals Ltd.

Household Unilever, ACI, Like Beauty and Personal care, this sector is also
Care Kohinoor, dominated by a few giant brands.
Reckitt
Benckiser

Table 6: Key Players in FMCG Industry

Since Marico and Kohinoor are both players in the Beauty & Personal Care and Household care
section, the product categories have been analyzed below.

Product Category Product Top Companies

Beauty And Personal Care Toilet Soap 1. Unilever Bangladesh

(Lifebuoy, Lux)
2. Kohinoor Chemicals
(Sandalina)
3. Keya Cosmetics
(Keya Soap)

Fairness Cream Unilever Bangladesh (other

companies have no footprint)

Oral Care Unilever Bangladesh

(Pepsodent, Closeup)
There are numerous other
companies but none of them
have notable market share.

Shampoo Unilever Bangladesh

(Sunsilk, Dove, Clear)

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 Hair Oil 1. Marico Bangladesh
(Parachute Coconut
Oil)
2. Square Toiletries (Jui
Coconut Oil)
3. Hemas Manufacturing
(Kumarika Hair Oil)

Household Care Industry Laundry Detergent Unilever (Wheel, Surf Excel,

Rin)

Toilet Cleaner 1. Reckitt Benckiser

(Harpic)
2. Clean Master
(Kohinoor Chemicals)
3. Shakti (Square
Toiletries)

Liquid Antiseptic 1. ACI Limited (Savlon)

2. Reckitt Benckiser
(Dettol)

Table 7: Top Brands in The Sectors of The Acquirer and Target

Moreover, Marico Bangladesh also has an edible oil brand which is called Saffola Active.The
top Bangladeshi brands here are Rupchada, Fresh and Teer.

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3. Acquirer and Target Analysis

3.1 Acquirer: Marico Bangladesh Ltd

3.1.1 Company Overview

A subsidiary of the Indian company Marico India Ltd, Marico Bangladesh Ltd began its journey
in Bangladesh by getting incorporated in 1999 and its operations in 2000. Bangladesh was the
first country outside India where Marico incorporated a new entity. While Marico Bangladesh
started its journey in 1999, Marico’s brand Parachute Coconut oil had been popular in
Bangladesh long before Marico Bangladesh Ltd came to existence. Marico Bangladesh Ltd. gave
its IPO in Bangladesh in 2009. ("Marico Limited", 2020)

3.1.2 Product Portfolio

Marico Bangladesh has a large product portfolio of 24 brands and 60 SKUs. The brands have
been shown below.

Category Brand Name

Branded Coconut Oil 1. Parachute Coconut Oil

(BCNO)

Value Added Hair Oil 1. Parachute Advansed Enriched Coconut hair oil
(VAHO) 2. Parachute Advanced Beliphool
3. Nihar Shanti Badam Amla
4. Parachute Advanced Extra Care
5. Parachute Advanced Ayurvedic Gold
6. Parachute Advanced Cooling Hair Oil
7. Parachute Advanced Aloe Vera Hair Oil (introduced in
2019)
8. Nihar Naturals Enriched Coconut Hair Oil (introduced in

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 2019)
9. Hair and Care

Hair Dye 1. Hair Code Powder

2. Hair Code Cream

Male Grooming 1. Set Wet Deo

2. Set Wet No Gas Deo (released in 2019)
3. Set Wet Hair Gel (released in 2019)
4. X Men Deo (released in 2019)
5. Parachute Advanced Men’s Cream

Skin Care 1. Parachute Advanced Body Lotion

2. Bio Oil
3. Parachute Petroleum Jelly (introduced in 2019)

Baby Care 1. Parachute Just for Baby Oil (introduced in 2019)

2. Parachute Just for Baby Lotion (introduced in 2019)
3. Parachute Just for Baby Wash (introduced in 2019)

Hair Serum 1. Livon Serum (introduced in 2019)

Edible Oil & food 1. Saffola Active

Total Number of Products 24

Table 8: Product Portfolio of Marico

However, while having a diversified portfolio is important for the company, the effectiveness of
the diversification can be understood by checking if the sources of their revenue is diversified as
well.

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Figure 2: Revenue Distribution of Marico Bangladesh / Source: Annual Report

Here we see that 69% of their revenue comes from only one product. 24% of their revenue
comes from VAHO products which are also similar to Parachute Hair Oil. Thus, we can see that
93% of the revenue stream of Marico Bangladesh is dependent on the Parachute brand.

However, we see that Marico has introduced 10 new brands in 2020, of which five are not of the
Parachute Brand. This is an indication that Marico is trying to further diversify its portfolio
beyond its identity as the hair oil company.

3.1.3 SWOT Analysis

Strength
❏ The Parachute brand is the biggest strength of Marico Bangladesh. Parachute Coconut
Oil holds 84% of the market share. ("Equity Note: Marico Bangladesh Limited", 2020) In
fact, due to the popularity of the Parachute Brand, Marico has launched other products
like Body Lotions under this brand’s umbrella.
❏ The support of the mother company Marico Limited is an important support in case the
company is in a crisis.

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Weakness
❏ While the Parachute brand is its strength, the dependence on one brand is risky for the
company as well. In case the brand faces any backlash, it will cause a devastating effect
on the company.
❏ Another weakness is the failure to utilize the vast portfolio. We have seen that 69% of the
revenues of Marico is dependent on coconut oil, despite the fact that they have 24 brands.
If the consumers lose their interest in this product, it could heavily affect Marico’s
finances.
Opportunities
❏ The middle and affluent class of Bangladesh is growing and with it is growing the
average consumer spending. This shows growing potential for the FMCG market.Marico
could utilize to increase sales of their current products or introduce new products
according to the demand of the market
❏ Marico can utilize the resources it earns from Parachute to launch new products and
diversify its portfolio
Threats
❏ The Covid-19 Pandemic could seriously affect the spending habit of Bangladeshi
population and decrease the profitability of Marico
❏ The biggest player in the market, Unilever, could try to capture market share from Marico

3.2 Target: Kohinoor Chemicals Limited

3.2.1 Company Overview

Founded in 1956, Kohinoor Chemicals is one of the most historic companies in Bangladesh
FMCG industry with Tibet being its flagship brand for over thirty years.("History of Kohinoor
Chemicals", 2020) Primarily, it was owned by the state organization Bangladesh Chemical
Corporation, until it was listed in the Dhaka Stock Exchange in 1988. In 1993, the struggling
Kohinoor Chemicals was bought by Orion Group and it still holds its majority shares.("Orion
Group : Kohinoor Chemical Company (BD) Ltd. : Home", 2020). However, Kohinoor
Chemicals is still a shadow of its past self and has not managed to regain its glory.

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3.2.2 Product Portfolio
Kohinoor Chemicals has 12 Brands and 79 SKUs. They have been shown below.

Category Brand Name

Toilet Soap 1. Sandalina Sandal Soap

2. Sandalina Sandal and Rose Soap
3. Tibet Luxury Soap
4. Bactrol Family Health Soap
5. Bactrol Liquid Soap

Detergent Powder 1. Tibet Detergent Powder

2. Fast Wash Detergent Powder

Washing Soap 1. Tibet Ball Soap

2. Tibet Laundry Soap
3. Tibet 570 Soap

Hair Oil 1. Tibet Pumpkin Hair Oil

2. Tibet Medicated Hair Oil
3. Beautina Hair Oil

Beauty Products 1. Tibet Snow

2. Tibet Petroleum Jelly
3. Tibet Prickly Heat Powder
4. Tibet Luxury Talcum Powder
5. Tibet Pomade
6. Beautina Body Lotion
7. Beautina Face Wash
8. Tibet Lip Gel

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 9. Tibet Glycerine
10. Fruity Lip Balm
11. Ice Cool Prickly Heat Powder

Household Products 1. Xpert Dishwasher

2. Wiper Glass Cleaner
3. Cleanmaster Toilet Cleaner
4. Cleanmaster All Purpose Surface Cleaning Powder

Others 1. Tibet Lather Shaving Cream

2. Genstar Toothpaste
3. Tibet Chandan Ator

Total 41

Table 9: Product Portfolio of Kohinoor Chemicals Ltd

While they have a large product line, it is also important we look into their revenue share.

Figure 3: Revenue Distribution of Kohinoor Chemicals

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An interesting observation here is that, compared to Marico Bangladesh, the revenue sources of
Kohinoor Chemicals is more diversified. Nevertheless, the revenue streams still come from a few
of their large product range.
Another important characteristic for the Kohinoor Chemical Products is that some of their
products are copycat brands whose aim is to look very similar to the market leader so that people
can be tricked into buying their product accidentally. This is very bad for long-term brand equity.
The following table shows some of these products.

Popular Brand Kohinoor’s Product

Tibet Medicated Hair Oil

Navratna Hair Oil

Kumarika Face Wash Beautina Face Wash

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 Vim Dishwashing Liquid Xpert Dishwashing Liquid

Cleanmaster Toilet Cleaner

Harpic Toilet Cleaner
Table 10: Notable Copycat Products of Kohinoor Chemicals

3.2.3 SWOT Analysis

Strengths
❏ The Tibet brand is the biggest strength of Kohinoor Chemicals. The 55 year old brand is
popular throughout the country.
❏ Kohinoor Chemicals has good reach in the rural areas of Bangladesh.
Weakness
❏ A number of Kohinoor Brands are copycat brands which follow activities done by brands
from big multinationals. This is not sustainable in the long run.
❏ 90% of their revenue comes from three types of products. Thus they are not being able to
fully utilize their portfolio.
❏ As customers are getting more aware due to extensive use of internet, the sells of
Kohinoor’s copycat products shall decline heavily
Opportunities
❏ The opportunities are the same as that of Marico Bangladesh since they are operating in
the same market.

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Threats
❏ The threats are also similar to those of Marico. However, since Kohinoor’s products are
in direct competition with Unilever Bangladesh, their market is in much bigger risk.

3.3 Financial Comparison of Acquirer and Target

3.3.1 Performance Per Share

Figure 4: Share Price Comparison / Source: DSE

Here we can see that while the trend line shows that the stock price of Marico has been seeing
growth, the share price of Kohinoor Chemicals has been almost a straight line.

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Figure 5: Comparison of NOCF and EPS

Like their share price, these indicators show similar trends as well. Both Net Operating Cash
Flow and Earnings Per Share of Marico have been showing an upward trend. However, we see
that the Net Operating Cash Flow of Kohinoor has seen significant changes with it becoming
negative in 2015-16. As for their earnings per share, it has remained fairly constant and
significantly below Marico. If we look at the linear forecast of both these indicators, we see that
Marico is seeing significant growth in both cases.

3.3.2 Profitability

Figure 6: Analysis of Profitability

As we can see, while Marico has much higher profits, both Kohinoor and Marico are seeing
growth and the trend suggests this shall continue to increase. However, it is important to
remember that this result is before the pandemic hit and this trend shall not be followed.

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3.3.3 Key Ratios

Figure 7: Analysis of Current Ratio and Inventory Turnover

As we can see, Kohinoor Chemicals has been promising when it comes to maintaining sufficient
liquidity and maintaining inventory. This is a good indication for the acquirer since it shows the
acquisition of the target shall be profitable for them.

However, the scenario is different when we look at the return on equity (ROE) and return on
asset (ROA).

Figure 8: Comparison of ROE and ROA

Compared to Marico Bangladesh, the ROE and ROA of Kohinoor Chemicals has been abysmal.
In fact, while the ROE of Marico has been growing, it has been decreasing for Kohinoor. This is
a disincentive for the stockholders of Kohinoor to hold on to their stock and could trigger a fall
in price in the future. Thus, this trend is an incentive for them to agree to the merger.

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4. Rationale of the Merger: Impact on The Industry, The
Acquirer and The Target

4.1 Impact on The Industry

As discussed in the FMCG Industry Analysis section, we see that the majority of the market is
controlled by Unilever. Adding to their already large hold, Unilever Bangladesh is buying 82%
of the shares of GSK Bangladesh. ("Unilever to buy 82% stake of GlaxoSmithKline BD", 2020).
This is going to further solidify their position.

The majority of the industry being controlled by a single company is bad for the free market and
the consumers. A merger between two smaller players in the industry shall be welcomed since it
can possibly even the playing field.

4.2 Impact on Acquirer: Marico Bangladesh Ltd.

Marico Bangladesh has been performing well over the years and has a very strong brand in the
market. However, as seen in the analysis of the acquirer section, their biggest strength is their
biggest weakness as well. The dependence on one brand makes their company one dimensional.

To combat this, Marico Bangladesh has been trying to diversify its product portfolio. As
discussed, it has released 10 new brands, of which 5 are not under the Parachute brand umbrella.
By acquiring a firm like Kohinoor Chemicals which already has a diverse product portfolio,
Marico can achieve this diversification much more easily. It shall save costs in R&D, product
designing etc. Moreover, over its 55 years of existence, Kohinoor has already reached a level of
efficiency which could help Marico streamline its diversification.

As discussed before, the merger would also financially make sense for Marico. Kohinoor has a
satisfactory current ratio which shows it is not too burdened with liabilities and has sufficient
efficiency as shown by its turnover ratio. Moreover, Marico has very high ROE and ROA, which

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means the merger will not affect the company too adversely. Thus, the merger is a financially
sound decision by Marico Bangladesh.

4.3 Impact on Target: Kohinoor Chemicals Ltd.

Despite having a proud history of 55 years, Kohinoor Chemicals is not even close to the top in
the industry it is a part of. As shown in the analysis of companies, the reason behind Kohinoor
Chemicals fading away is due to its product being in direct competition with Unilever
Bangladesh. If the company does not bring a change in its operation, it will slowly be pushed to
extinction by Unilever Bangladesh. This change shall be this merger.
The effect of Kohinoor’s failure to compete with Unilever can be seen in the financial analysis as
well. Its net operating cash flow has been low with it dropping below zero in the recent history.
The earnings per share has also been stable and saw little growth.

All these problems of Kohinoor could be further exacerbated due to the Covid-19 pandemic. The
main market of Kohinoor Chemicals is in the rural areas where the buying power of the average
consumer is decreasing fast. This shall heavily affect Kohinoor’s profitability and it might not
even survive the pandemic. At such a stage, the merger could be a life-raft for the survival of
Kohinoor.

Moreover, Kohinoor Chemicals is not new to acquisitions. It was a government owned company
from 1956 to 1988 when it was listed in DSE. In 1993, Orion Group acquired it. Thus, the
company has gone through acquisitions before and this shall be no different.

5. Stakeholders Paradigm2
This section summarizes the previous sections and discusses what impact the merger shall have
on different stakeholders of the two companies.

2
This section has been based on the Stakeholder’s Paradigm taught in the Mergers and Acquisitions – The
Relentless Pursuit of Synergy Course in Coursera.

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5.1 Internal Stakeholders

5.1.1 Financial Stakeholders

Stockholders: The stockholders of Marico Bangladesh Ltd. will definitely be benefitted from
this merger since the value of their stock will increase. As for the stockholders of Kohinoor
Chemicals Ltd, they shall be getting liquid cash in a time when the economic condition of the
country and the world is declining. Thus it shall be a win for them as well.
Debtors: Neither company has an excessive issue with debts. Moreover, a smaller company like
Kohinoor Chemicals could have had liquidity issues due to pandemic which could have been a
cause for trouble for their debtors. On the other hand, the merger predicts to bring more
profitability for Marico Bangladesh. Thus, debtors of both companies shall welcome the merger.

5.1.2 Employees
In the short run, some employees of the target might be laid off due to being redundant after the
merger. However, the employees who shall be retained shall be benefited in the long run. They
shall go from being employees of a comparatively small local company to working for a
multinational company which shall come with lots of added perks and benefits.

5.1.3 Customers
The customers shall be benefited the most. Until now, they were dependent on Unilever for most
products and many of Kohinoor’s products were copycats of other market leaders. After the
merger, Kohinoor shall have to move away from their copycat strategy and work to build better
products. This shall also prompt Unilever to reply by making their products better as well.
Regardless of who comes out on top, the customers shall be awarded with higher quality
products.

5.1.4 Suppliers
The reaction from suppliers can be mixed. On one hand, some suppliers shall be able to increase
their business by supplying larger amounts of products to the merged company. This shall be a
win-win scenario since the merged company shall be able to negotiate a lower price due to

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buying a larger amount while the supplier shall be able to sell higher volume. However, some
suppliers might also lose their business since the target and acquirer could have used different
suppliers for the same raw material.

5.1.5 Professionals
Auditors: Both internal and external auditors of the target and acquirer shall be affected by the
merger. Since Marico Bangladesh is a significantly larger company, there is a possibility that
their resources shall be enough and the auditors of the target might be released from
employment.
Legal Team: Like the auditors, the legal team of Marico should also be sufficient for the merged
company. Thus these will be helpful cost cutting measures of Marico.

5.2 External Stakeholders

5.2.1 Regulators
The 2012 Competition Act was enacted to ensure fair competition in the market and to prevent
monopolies. This merger will not result in any form of monopoly. In fact, it shall help the
struggling Kohinoor Chemicals rejuvenate its position amids the monopoly of Unilever
Bangladesh. Thus, the regulators should welcome this merger.

5.2.2 Global Market

With this merger, Marico Bangladesh shall launch product lines which its parent company does
not have yet. But if these are successful, these products could be rolled out in India as well. Thus,
this is an opportunity for the Bangladeshi brand to put a global footprint as well.

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6. Valuation of Target and Acquirer

6.1 Assumptions for Valuation

6.1.1 Forecasting
The forecasting is done by trend analysis and commonsizing. To keep the calculations brief and
to save time, other parameters were not considered when forecasting the financial statements.

6.1.2 Beta Calculation

Market returns till the first of June were taken. The risk free market rate was the rate of the five-
year treasury bill.

6.1.3 Depreciation Calculation

The depreciation has been calculated by taking the moving averages of the 4 years.

6.1.4 Free Cash Flow to Equity (FCFE)

The FCFE method was selected due to the capital structure not being clearly mentioned in the
annual reports.

6.2 Valuation of The Target: Kohinoor Chemicals Ltd.

The important details of the valuation are shown in the table below. Other necessary tables have
been given in the appendix. They can also be found in the excel sheet.

Kohinoor Chemicals .Ltd.

Beta 0.09629

Average daily return -0.00007

Annual Market Return (Rm) -0.02467

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 Risk Free Rate (Rf) 0.08160

Return on Equity 0.07137

Table 11: Beta Calculation of Kohinoor Chemicals Ltd.

Return on Equity 0.07137

Valuation 2,648,096,147.90

Shares Outstanding 20,182,500

Share Price 131.21

Current Share Price 472.8

Over valued/ (Under valued) 72%

Table 12: Valuation of Kohinoor Chemicals

An important thing to note here is that the share price of Kohinoor Chemicals Ltd. is highly
overvalued.

6.3 Valuation of The Target: Kohinoor Chemicals Ltd.

The important details of the valuation are shown in the table below. Other necessary tables have
been given in the appendix. They can also be found in the excel sheet.
Marico B.Ltd.

Beta 0.01359

-
Average daily return 0.00006
Annual Market Return (Rm)

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 -
0.02156

Risk Free Rate (Rf) 0.08160

Return on Equity 0.08020

Table 13: Beta Calculation of Marico Bangladesh Ltd.

Return on Equity 0.08020

Valuation 15,640,362,749.62

Shares Outstanding 31,500,000

Share Price 496.52

Current Share Price 1562.5

Over valued/ (Under valued) 68%

Table 14: Valuation of Marico Bangladesh Ltd.

Like the target, we see that the acquirer Marico is also overvalued, albeit comparatively less.

7. Assumptions for Synergy Calculation

7.1 ΔRevenue

7.1.1 Increasing Revenue of Kohinoor Chemicals

Since the merger of these two popular companies will bring a lot of positive attention to the
companies. This should boost the sales revenue of the acquired firm. Moreover, since the hair-oil

27 | P a g e
products of Kohinoor shall now be incorporated with the prestigious brand of Parachute, this
should also boost sales. We predict a 2% increase in revenue of Kohinoor Chemicals after the
merger.

7.1.2 Increasing Revenue Due to Cross-Selling

Since a large number of Kohinoor and Marico brands fall under the Beauty and Personal Care,
the revenue could increase by cross selling Kohinoor products to Marico customers and vice-
versa. Here, we predict a 1% increase in the combined revenue.

ΔRevenue
Revenue of Kohinoor Increasing 2%
Chemicals Revenue

3,995,804,807.00 79,916,096.14

Increasing 1%
Combined Revenue of Both Revenue Due To
Firms Cross Selling

11,810,468,286.00 118,104,682.86

ΔRevenue 198,020,779.00
Table 15: Change in Revenue

7.2 ΔCost

7.2.1 Increase in Cost of Goods Sold Due to Increasing Revenue

As the revenue after the merger will increase, the COGS has to be adjusted accordingly. 3 The 5%
increasing sales has been adjusted by the COGS to Revenue ratio of Kohinoor while the 5%
increase in combined revenue has been adjusted by the average of the COGS to Revenue ratio of
both companies.

3
The next section shows that COGS shall also decrease due to synergy in procuring raw materials. However, due to
taking a conservative estimate, this section calculates using old COGS

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 ΔCOGS for Increase In Sales of
Kohinoor Products 65,551,569.60

ΔCOGS for Increase Due to

Cross Selling 79,995,583.38

ΔCOGS 145,547,152.97
Table 16: Increase in Cost due to Increasing Revenue

7.2.2 Raw Material

The raw materials of the FMCG industry are imported from abroad. After the merger, there is a
possibility of merging suppliers and allowing the merged company to negotiate lower prices. For
this, we assume a 1% decrease in Raw Material price. The price of raw materials has been
collected from the Notes section of the annual reports.

Cost of Raw
Material of
Kohinoor 2,593,583,598.00
Cost of Raw
Materials of
Marico 4,330,819,194.00

1% Decrease (69,244,027.92)
Table 17: Decreasing Cost of Raw Materials

7.2.3 Factory Overhead

Since a number of products produced by the two companies are similar, we can expect a
decrease in factory overhead due to laying off of personnel, higher efficiency by using
underutilized resources etc. Thus, we assume a 2% decrease in factory overhead costs.

Factory
Overhead of
Kohinoor 300,137,598.00
Factory
Overhead of
Marico 233,281,957.00

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 2% Decrease (10,668,391.10)
Table 18: Decreasing Cost of Factory Overhead

7.2.4 General and Administrative Expenses

Salaries and allowances consist of the major portion of General and Administrative Expenses of
both companies. This should see a decrease since the merger might mean some redundant
employees might be released. Moreover, some other factors, like Legal & Professional Fees,
Audit Fee, IT & Software maintenance shall also decrease since the merged company can use
resources available in Marico. Thus, we assume an overall decrease of 2% in these expenses.

General & Admin Expense of

Kohinoor 68,105,914.00

General & Admin Expense of

Marico 931,650,175.00

2% Decrease (19,995,121.78)
Table 19: Decreasing General and Administrative Costs

7.2.5 Marketing, Selling and Distribution Expenses

Both Kohinoor and Marico have successful distribution networks all around the country. After
the merger, their combined distribution network can be made more efficient. There could be
many places around the country where both the companies have distribution. Thus, they could let
go of the less efficient portion of the sales force and save costs. We assume a 5% decrease in the
combined marketing, selling and distribution expenses.

Marketing and
distribution
Expense of
Kohinoor 405,030,031.00

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 Marketing and
distribution
Expense of
Marico 773,733,918.00

5% Decrease (58,938,197.45)
Table 20: Decreasing Cost of Marketing and Distribution

7.2.6 Total Difference in Costs

ΔCosts (13,298,585.28)

Table 21: Change in Costs

7.3 Capital Requirements

Since both the companies are players in the same industry and produce products in the same
sectors, the overall capital requirements can be expected to decrease. This could be by combining
factories, utilizing underutilized machineries, combining headquarters, etc. Thus, we expect a 5%
decrease in the Property, plant and equipment of the target firm, Kohinoor Chemicals Limited.

ΔCapital Requirements

PPE of Kohinoor Chemicals 5% Decrease

307,824,838.00 (15,391,241.90)
Table 22: Decreasing Capital Requirements

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8. The Acquisition

8.1 Synergy Calculation

After the change in cash flow is found, the forecasted cash flow is determined by taking a growth
rate of 5% which is the inflation rate of Bangladesh. Then, using the formula for synergy and
discounting the cash flows using the Cost of Equity of the Acquiring firm, the Synergy has been
determined to be BDT 1,219,047,581.26. The synergy of the merger is 46% the price of the
value of the Target. This shall be important when we are selecting the merger premium.
2019 2020 2021 2022 2023

ΔRevenue 198,020,779.00 207,921,817.95 218,317,908.85 229,233,804.29 240,695,494.50

ΔCosts (13,298,585.28) (13,963,514.54) (14,661,690.27) (15,394,774.78) (16,164,513.52)
ΔCapital Requirements (15,391,241.90) (16,160,804.00) (16,968,844.19) (17,817,286.40) (18,708,150.72)

ΔCF 226,710,606.18 238,046,136.49 249,948,443.31 262,445,865.47 275,568,158.75

ΔV as % of Value
ΔV/Synergy 1,219,047,581.26 of Kohinoor 46.03%
Chemicals
Table 23: Synergy Calculation

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8.2 Mode of Acquisition
The decided mode of acquisition is cash. As we have seen in our literature, stock acquisition is
profitable if the acquiring firm is comparatively more overvalued in the stock market than the
target. But here we have seen that the target Kohinoor Chemicals is overvalued by 72% while
the Acquirer Marico is overvalued by 68%. Moreover, due to the Covid-19 situation, the share
market is volatile and the market capitalization cannot be a good measure to judge a company.
Thus, cash acquisition has been selected. The financing could be a mixture of assistance from
the parent company and the current assets of Marico Bangladesh Ltd. if they do not want to
increase debt.

8.3 Merger Premium and Net Present Value (NPV)

Since, the intrinsic value of the company is lower than the market value, it is important that we
give a premium over our value to make the merger seem attractive. We have proposed a 30%
premium over the intrinsic value of Kohinoor Chemicals which amounts to BDT
794,428,844.37. Subtracting this from the value of synergy, we get the NPV to be BDT
424,618,736.89. The value per share of the merged company shall be BDT 619.29 which is a
24.73% increase from the previous value per share of Marico Bangladesh Ltd.

8.4 Predicting Market Price of Merged Company

The Bangladeshi share market is volatile and the case is even more so during the pandemic.
However, we have still attempted to predict a market price. seen, the synergy of the merger
was 46% of the intrinsic value of the target. Thus, we assumed, the market capitalization shall
also see a similar increase in the value of Kohinoor Chemicals. This has resulted in the market
price of the new company to be BDT 2,004.88 which is a 28% increase from Marico
Bangladesh’s market price. It is to be noted that this prediction is an assumption and the
actual market reaction might highly differ. However, merger of two firms usually incite good
reaction from the market and it is unlikely that the merged share price shall be less than this.

33 | P a g e
 Value of Merged Firm 19,507,506,478.78

Value/Share of Merged Firm 619.29

Increase Percentage 24.73%

ΔV as Percentage of Intrinsic Value of

46.03%
Kohinoor Chemicals
Market Capitalization of Kohinoor
Chemicals Ltd. 9,542,286,000.00

Market Capitalization of Marico

Bangladesh Ltd. 49,218,750,000.00

Predicted Market Capitalization of

63,153,814,818.54
Merged Firm
Market Price/Share 2,004.88
Increase Percentage 28.31%

9. Defensive Techniques Against the Merger

As the paper discusses, the merger shall be beneficial for both the companies. Thus, it might
imply that Kohinoor Chemicals Ltd. shall have no need to apply defensive techniques against
the merger. However, a merger almost always means laying off of managers from the Target
company. Thus, the management of Kohinoor Chemicals Ltd. can take the following steps to
try and prevent the merger. However, if the merger happens, there is no need to put on any
more defensive techniques since a successful merger shall be beneficial to Kohinoor
Chemicals Ltd. i.e. the target as well.

Golden Parachutes: Golden Parachutes shall be the best defensive technique for the managers
since it shall ensure them a sustainable exit if the merger takes place and it will also discourage
the acquirer from completing the merger due to the excess cost of the golden parachute.

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Poison Pills: As we can see, the market price of Kohinoor Chemicals Ltd. is less than the
intrinsic valuation. Thus, they might rightfully ask for shares from the merged company at a
discounted price from the market.

10. The Impact of the Pandemic on The Merger

Short Term Spike: Due to the Covid-19, there was sudden demand in FMCG commodities
when people were starting to stock up products fearing the prices would increase.
("Bangladesh FMCG Industry Tackling COVID-19 Implications - LightCastle Partners", 2020)
This resulted in products going out of the market. In fact, this short term spike could be one of
the reasons for the large overvaluation in the share market for both the acquirer and target.
However, this demand is not sustainable and is already seeing massive slowdowns.

Consumer Spending: Globally, consumer spending is declining. As we can see in this

research by World Economic Forum, consumer spending on personal care products have seen
more than 30% decline in India. ("How has coronavirus changed consumer spending?", 2020)
While no specific data is available on the topic for Bangladesh, it can be predicted that similar
scenarios are evident here as well. While it can be predicted that this scenario might change
within a year, it might not be possible for a small company like Kohinoor Chemicals Ltd to
survive. However, if it is under the umbrella of the larger company Marico Bangladesh Ltd,
which is under the even larger Marico India Ltd., it can easily sustain.

Effect in Supply Chain: Covid-19 is affecting all-throughout the supply chain. Starting from
importing raw-materials from abroad to transporting the goods from ports under the lockdown
restrictions, Covid-19 is making it very hard for FMCG companies to smoothly run their
operations. ("Supply chain at risk", 2020) Under the current circumstances, the merger of two
companies shall be able to ameliorate the supply chain woes by combining resources. This is
especially true for the target.

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Increasing Demand for Toiletries: However, not all is bad for the FMCG companies during
the pandemic. As people are becoming more and more cautious about hygiene, the demand for
soaps, disinfectors, cleaners etc. are increasing. The FMCG companies can capitalize on this if
they manage to ensure supply. We see that our target has these products but do not have the
resources to capitalize on these by fighting the other issues. However, our acquirer has enough
resources to combat other issues during the Covid-19 but does not have these products in their
portfolio. Thus, the merger shall be mutually beneficial for both the companies.

Insight: Amidst the Covid-19 pandemic, there has been lots of talks of mergers and
acquisition in the Banking Sector. ("Banking sector may face mergers and acquisitions after
the pandemic", 2020) However, I believe, this should not necessarily be confined to the
banking sector. The pandemic might result in losses in companies across different industries
and mergers and acquisition can help in their survival and sustainability.

11. Conclusion
This merger between a growing Multinational Company and a legendary but declining
Bangladeshi company has the potential to cause a revolution in the FMCG industry. If properly
handled, it could be the definition of a win-win merger, not just for the two companies but
their consumers as well. In fact, this could also pave the path for more mergers in the FMCG
industry which shall help create more value for the consumers.

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References
Bangladesh | Chemicals | Import | from all Countries | 2015 | WITS | Data. (2016).
Retrieved 29 June 2020, from
https://wits.worldbank.org/CountryProfile/en/Country/BGD/Year/2015/TradeFlow/I
mport/Partner/all/Product/28-38_Chemicals#

Bangladesh FMCG Industry Tackling COVID-19 Implications - LightCastle Partners.

(2020). Retrieved 29 June 2020, from
https://www.lightcastlebd.com/insights/2020/03/25/bangladesh-fmcg-industry-
tackling-covid-19-implications

Banking sector may face mergers and acquisitions after the pandemic. (2020). Retrieved
29 June 2020, from https://tbsnews.net/thoughts/banking-sector-may-face-mergers-
and-acquisitions-after-pandemic-81574

Equity Note: Marico Bangladesh Limited. (2020). Retrieved 29 June 2020, from
http://www.ucbcapital.com/research_/equity/Equity_Note_on_Marico_Bangladesh_L
imited.pdf

FMCG Industry Review of Bangladesh. (2018). Retrieved 29 June 2020, from

https://www.arx.cfa/~/media/F11888E401214D2696802E88B72DB141.ashx

History. (2020). Retrieved 28 June 2020, from http://www.kohinoor-bd.com/about-

us/history

How has coronavirus changed consumer spending? (2020). Retrieved 29 June 2020, from
https://www.weforum.org/agenda/2020/05/coronavirus-covid19-consumers-
shopping-goods-economics-industry

Marico Limited. (2020). Retrieved 28 June 2020, from

https://marico.com/bangladesh/about-
us#:~:text=Incorporated%20in%201999,15%25%20in%20its%20first%20year

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Orion Group: Kohinoor Chemical Company (BD) Ltd.: Home. (2020). Retrieved 28 June
2020, from https://www.orion-group.net/index.php/concern/9/30/kohinoor-chemical-
company-bd-ltd

Supply chain at risk. (2020). Retrieved 29 June 2020, from

https://tbsnews.net/economy/trade/supply-chain-risk-71029

Unilever to buy 82% stake of GlaxoSmithKline BD. (2020). Retrieved 28 June 2020,
from https://www.dhakatribune.com/business/2020/03/23/unilever-to-buy-82-stake-
of-glaxosmithkline-bd

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 Appendix

Table 24: Marico Balance Sheet (Please Zoom in to read or visit the Excel file)

Table 25: Marico Income Statement (Please Zoom in to read or visit the Excel file)

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Table 26: Kohinoor Balance Sheet (Please Zoom in to read or visit the Excel file)

Table 27: Kohinoor Income Statement (Please Zoom in to read or visit the Excel file)

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