For the period 2016-17

 Inventories, Trade Receivables, Cost of Materials Consumed, Net Sales and Operating
Expenses show a continuous increase over the 5 year period, showing that the
company’s strategy is to increase its market share by increasing the scale of its
operations. So far the strategy is working well as there is a continuous rise in the
Profit After Tax (PAT) and Reserves and Surplus as well, showing that the profitability
of the business has increased.

 Finance Costs have decreased over the 5 year period, along with Short Term
Borrowings. This signifies a decrease in the amount of interest payments the company
has to make for its borrowings.

 Non-Current Investments have risen continuously over the period

 The Loans and Advances of the company, both Long and Short Term have shown an
irregular trend over the period.
 Employee Benefit Expenses have increased continuously over the period, showing that
the company is willing to share the benefits of increased revenues with its employees.
This also sheds light on the HR practices of the company, telling us that the company
believes in the philosophy: Happy employees are productive employees.

 Company’s Tangible Fixed Assets show an irregular growth during the period and the
Intangible Fixed Assets show a high growth during period. It signifies that the company
has acquired a lot of Patents and Exclusive Rights during the period. It may also signify
a sharp increase in the company’s Goodwill, though a Goodwill revaluation looks
unlikely. This increase in assets over the period of time.

 The Net Revenue from Sales has shown a steady decline when expressed as a
percentage of Sales Revenue, even though the Revenue in absolute terms has increased. This
declining percentage can be directly attributed to an increase in the excise duty over the years.
This implies that the company has increased its scale of operations.

 Other Incomes of the company have also increased over the years, albeit irregularly.
Much of this income can be attributed to Interest Income Received from Investments as the
Investments of the company show a similar trend.

 The Cost of Materials Consumed, though increased in 2011-12, declined continuously

after that during the period. This implies the company has increased its cost efficiency. It can
also be implied that the inputs cost have decreased.
 The company’s Purchases of Stock-in-Trade has risen continuously over the years,
solidifying the ground for our assumption that the scale of operations has increased.

 The EBITDA, Profit Before Exceptional Items and Taxes, Profit Before Tax and Profit After
Tax

as a percentage of sales have continuously decreased over the year.This implies that
the input costs have been reduced during the year 2016-17.

 The Finance Costs of the company increased during the year 2011-12. This can be
directly attributed to Interest on Short Term Borrowings, which increased almost 35 times
during one year. After that the Finance Costs have declined continuously as a result of
continuous decline in the Long Term Borrowings and Redemption of the Short Term
Borrowings.