Particulars

Revenue
Cost of goods sold
Gross profit
Administrative expense
Selling & distribution Overhead
Other income
Operating profit
Financial expense
Revaluation loss of PPE
Profit before WPPF
Provision for contribution to WPPF
Net profit before tax
Current tax expense
Deferred tax income
Net profit after tax
Other comprehenvsive income
Revaluation surplus of PPE
Income tax on other comprehensive income
Total conprehensive income for the year
Dividend
Transfer to reserve

Depriciation
Interest expense

2009
4,705,094,692
4,248,487,610
456,607,082
56,958,143
123,618,281
1,081,559
277,112,217
87,359,938
0
189,752,279
8,812,007
180,940,272
48,466,039
4,212,379
136,686,612

2010
5,715,174,730
5,254,857,969
460,316,761
85,646,603
113,588,806
14,364,857
275,446,209
80,884,432
124,263,055
70,298,722
3,347,558
66,951,164
31,998,893
15,194,354
50,146,625

2011
6,097,246,745
5,556,814,840
540,431,905
104,615,061
167,349,494
24,558,389
293,025,739
199,343,283
0
93,682,456
4,461,069
89,221,387
26,508,356
3,806,738
66,519,769

0
0
136,686,612
89,857,827
46,828,785

97,103,022
23,884,322
123,365,325
94,281,779
29,083,546

0
0
66,519,769
50,609,575
15,910,194

86,356,100

84,365,310

112,926,036

2012
6,613,816,069
5,916,346,050
697,470,019
138,400,489
196,268,669
57,391,895
420,192,756
219,432,431
0
200,760,325
9,560,015
191,200,310
59,789,410
9,947,250
141,358,150
0
0
141,358,150
20,042,339
121,315,811
112,775,282

Particular
ASSETS
PPE
Total Non-Current Assets
Inventories
Accounts Receivable
Advances, Deposits and prepayments
Cash and Cash Equivalent
Total Currents Assets
Total Assets
Issued Share Capital
General reserve
Revalution Surplus
Tax holiday surplus
Retained Earnings
Shareholders' Equity
long Term loan
Liability for Gratuity
Deferred Tax liability
Total Non-Current Liability
Short Term bank loan
Payable for sundry expenses
Payable for goods supplied
Payable for other finance
Advance received against sales
Total Currrent Liabilities & Provisions
Total Liabilitier & Shareholders' Equity

Outstanding share

2009

2010

1,096,828,028
1,096,828,028
839,260,219
286,714,426
893,689,327
153,252,252
2,172,916,224
3,269,744,252

1,305,602,458
1,305,602,458
756,944,188
433,094,292
1,052,598,449
62,526,731
2,305,163,660
3,610,766,118

225,004,000
166,000,000

225,004,000
166,000,000
73,218,700
0
207,154,249
671,376,949
789,361,205
36,747,297
197,825,545
1,023,934,047
1,256,183,509
358,379,443
182,825,462
31,817,035
86,249,673
1,915,455,122
3,610,766,118

103,324,216
132,434,815
626,763,031
743,561,807
32,205,716
189,135,577
964,903,100
1,271,266,296
255,397,871
53,488,794
55,169,221
42,755,939
1,678,078,121
3,269,744,252

22500400

2011

2012

1,221,277,710
1,221,277,710
798,290,626
794,337,599
1,200,376,960
93,382,758
2,886,387,943
4,107,665,653

1,116,514,072
1,116,514,072
440,866,589
1,117,420,597
1,340,617,663
156,015,289
3,054,920,138
4,171,434,210

225,004,000
166,000,000
73,218,700
0
211,390,821
675,613,521
779,338,188
39,955,330
194,018,807
1,013,312,325
1,827,443,072
276,587,282
244,320,726
41,949,529
28,439,198
2,418,739,807
4,107,665,653

225,004,000
166,000,000
73,218,700
0
296,497,971
760,720,671
726,955,003
53,118,205
184,071,557
964,144,765
1,765,622,156
357,783,679
178,529,312
84,371,147
60,262,480
2,446,568,774
4,171,434,210

Particulars

Revenue
Cost of goods sold
Gross profit
Administrative expense
Selling & distribution Overhead
Other income
Operating profit
Financial expense
Revaluation loss of PPE
Profit before WPPF
Provision for WPPF
Net profit before tax
Current tax expense
Deferred tax income
Net profit after tax
Other comprehenvsive income
Revaluation surplus of PPE
Income tax on other comprehensive income
Total conprehensive income for the year
Dividend 25%
Transfer to reserve

2012
6,613,816,069
5,916,346,050
697,470,019
138,400,489
196,268,669
57,391,895
420,192,756
219,432,431
0
200,760,325
9,560,015
191,200,310
59,789,410
9,947,250
141,358,150

2013
7421257190
6731673843
689583347.3
120920435.3
191599269.8
146755021
523818663.2
110,123,940.15
0
413694723.1
90043071.7
323651651.4

0
0
141,358,150
35,339,538
106,018,613

0
0
209294875.3
63,511,093
190533278.1

89004204.13

19396923.59
254044370.8

2014
8327273953
7553503657
773770295.7
135684601.8
214993558.9
161603791.8
584695926.7
119,089,678.86
0
465606247.9
101035889.1
364570358.8

2015
9343900866
8475665598
868235268.5
152249520.7
241240832.6
181783631.7
656528546.9
129,520,202.07
0
527008344.8
113370754.6
413637590.2

2016
10484641659
9510408756
974232903
170836751.2
270692478.4
177393718.9
710097392.3
141,594,337.04
0
568503055.2
127211509.8
441291545.5

2017
11764648652
10671477499
1093171153
191693185.1
303739698.9
44348429.71
642086698.4
155,796,554.26
0
486290144.1
142741999.7
343548144.4

100256848.7

113750337.3

121355175

94475739.71

21849242.42
286162752.5

24789914.38
324677167.3

26447256.94
346383627.4

20589349.92
269661754.6

0
0
236276131.4
71,540,688
214622064.4

0
0
269368038.7
81,169,292
243507875.5

0
0
285332451
86,595,907
259787720.6

0
0
202733442.4
67,415,439
202246316

Particular
ASSETS
PPE
Total Non-Current Assets
Inventories
Accounts Receivable
Advances, Deposits and prepayments
Cash and Cash Equivalent
Total Currents Assets
Total Assets

2012

2013

2014

1,116,514,072.00
1,116,514,072.00
440,866,589.00
1,117,420,597.00
1,340,617,663.00
156,015,289.00
3,054,920,138.00
4,171,434,210.00

1,131,391,611.15
1,116,514,072.00
943,245,719.28
808,819,225.08
1,435,435,121.04
131,288,754.02
3,318,788,819.41
4,435,302,891.41

1,146,467,393.05
1,116,514,072.00
1,058,400,932.85
907,563,107.38
1,610,678,781.91
72,355,459.90
3,648,998,282.03
4,765,512,354.03

Issued Share Capital

General reserve
Revalution Surplus
Retained Earnings
Shareholders' Equity
long Term loan
Liability for Gratuity
Deferred Tax liability
Total Non-Current Liability
Short Term bank loan
Payable for sundry expenses
Payable for goods supplied
Payable for other finance
Advance received against sales
Total Currrent Liabilities & Provisions
Total Liabilitier & Shareholders' Equity

225,004,000.00
166,000,000.00
73,218,700.00
296,497,971.00
760,720,671.00
726,955,003.00
53,118,205.00
184,071,557.00
964,144,765.00
1,765,622,156.00
156,789,120.00
357,783,679.00
84,371,147.00
60,262,480.00
2,446,568,774.00
4,171,434,210.00

225,004,000.00
166,000,000.00
73,218,700.00
487,031,249.13
760,720,671.00
714,506,425.18
62,993,896.84
191,262,871.50
968,763,193.53
1,960,441,989.13
401,576,912.70
204,867,151.52
68,515,675.55
70,417,297.99
2,705,819,026.88
4,435,302,891.41

225,004,000.00
166,000,000.00
73,218,700.00
701,653,313.53
760,720,671.00
702,135,092.48
74,705,668.98
191,794,695.13
968,635,456.59
2,199,780,585.84
450,603,024.89
229,878,153.07
76,880,340.99
79,014,121.66
3,036,156,226.45
4,765,512,354.03

2015

2016

2017

1,161,744,059.60
1,116,514,072.00
1,187,614,752.34
1,018,362,041.78
1,807,316,890.32
6,458,963.43
4,019,752,647.86
5,136,266,719.86

1,177,224,287.58
1,116,514,072.00
1,332,603,511.76
1,142,687,753.29
1,876,897,234.00
86,806,905.16
4,438,995,404.21
5,555,509,476.21

1,192,910,789.44
1,116,514,072.00
1,495,293,078.89
1,282,191,644.96
2,098,555,345.00
39,789,919.50
4,915,829,988.35
6,032,344,060.35

225,004,000.00
166,000,000.00
73,218,700.00
945,161,189.02
760,720,671.00
689,841,859.10
88,594,883.90
190,286,982.66
968,723,725.66
2,468,338,598.88
505,614,444.59
257,942,597.51
86,266,200.54
88,660,481.69
3,406,822,323.20
5,136,266,719.86

225,004,000.00
166,000,000.00
73,218,700.00
1,204,948,909.58
760,720,671.00
677,627,588.99
105,066,369.95
189,354,026.57
972,047,985.51
2,769,683,248.38
567,341,878.44
289,433,261.58
96,797,923.36
99,484,507.94
3,822,740,819.70
5,555,509,476.21

225,004,000.00
166,000,000.00
73,218,700.00
1,407,195,225.55
760,720,671.00
666,912,214.68
124,600,220.77
190,674,643.96
982,187,079.41
3,107,817,258.08
636,605,244.33
324,768,431.89
108,615,401.04
111,629,974.61
4,289,436,309.94
6,032,344,060.35

Particular

2009

2010
0.21467794

Revenue growth rate

Average revenue growth rate
COGS in proportion to revenue
Average proportion

0.902954752

0.919457098

Administrative ex. Proportion to revenue

Average proportion

0.012105632

0.014985824

Selling & distribution Overhead proportion to revenue

Average proportion

0.026273282

0.019874949

12.28162125

Growth rate of other income

Average of growth rate
Provision for contribution to WPPF proportion to revenue

0.019298884

0.007272292

0.07873258

0.064617916

Average proportion
Depreciation rate
Average

Growth rate of PPE

Average growth rate

0.190343814

Inventory in proportion to revenue

Average proportion

0.178372652

0.132444627

Accounts receivable in proportion to revenue

Average proportion

0.060937015

0.075779711

Advances, Deposits and prepayments proportion to revenue

0.189940774

0.184176075

Average proportion

Liability for Gratuity growth rate

Average growth rate

0.141017855

Short-term loan in proportion to revenue

Average proportion

0.270189312

0.219797918

Payable for sundry expenses proportion to revenue

0.054281133

0.062706647

0.011368272

0.031989479

Average proportion

Payable for goods supplied proportion to revenue

Average proportion

Payable for other finance proportion to revenue

0.011725422

0.005567115

0.009087158

0.015091345

Deferrred tax income proportion to current tax expense

Average proportion

0.086914035

0.474839989

Deferred Tax liability proportion to tax expense

average proportion

3.902435208

6.182262149

0.07873258

0.064617916

613382954

577495064
-0.058508131

1,271,266,296
52182355
0.041047541

1,256,183,509
54180153
0.043130763

Average proportion

Advance received against revenue proportion to revenue

Average proportion

Depriciation rate
Average
Increase of PPE
Other finance
growth rate of other finance
Average
Short Term bank loan
Interest expense on short term bank loan
Interest rate on short term bank loan
Average

2011

2012

2013

2014

2015

0.066852202

0.084721735
0.122083959

0.122084

0.122084

0.122084

0.894543481
0.907079983

0.90708

0.90708

0.90708

0.020925966
0.016293794

0.016294

0.016294

0.016294

0.029675556
0.02581763

0.025818

0.025818

0.025818

1.336956834
4.776064687

4.776065

4.776065

4.776065

0.013706704
0.012133129

0.012133129

0.012133129

0.012133129

0.101006593
0.084205643

0.084205643

0.084205643

0.084205643

-0.085781995
0.01332499

0.01332499

0.01332499

0.01332499

0.066658429
0.12710053

0.12710053

0.12710053

0.12710053

0.168952475
0.10898682

0.10898682

0.10898682

0.10898682

0.202699568
0.193422096

0.193422096

0.193422096

0.193422096

0.329439777
0.185919156

0.185919156

0.185919156

0.185919156

0.26695967
0.264165752

0.264165752

0.264165752

0.264165752

0.054096406
0.054111709

0.054111709

0.054111709

0.054111709

0.026993389
0.027605451

0.027605451

0.027605451

0.027605451

0.9113646

0.017157754

0.027446731

0.709615975

0.008254637

0.092465485

-0.064586848

0.13092641

0.13027808

0.196871967

0.087299836

0.299716109

0.045362652

0.040070664

0.006880077

0.004664269

0.143605209

7.319156533

0.092465485

0.012756803
0.009232354

0.009232354

0.009232354

0.009232354

0.009111605
0.009488594

0.009488594

0.009488594

0.009488594

0.166371436
0.217932667

0.217932667

0.217932667

0.217932667

3.078664884
5.120629694

5.120629694

5.120629694

5.120629694

0.101006593
0.084205643

0.084205643

0.084205643

0.084205643

14,877,539.15
619998222
0.073599171

1,827,443,072
96867250
0.053006986

15,075,781.90

15,276,666.55

631217607
0.018095834
0.011062292

0.011062292

0.011062292

0.011062292

1,765,622,156
111828972
0.063336865
0.050130539

0.050130539

0.050130539

0.050130539

2016

2017

0.122084

0.122084

0.90708

0.90708

0.016294

0.016294

0.025818

0.025818

4.776065

4.776065

0.012133129

0.012133129

0.084205643

0.084205643

0.01332499

0.01332499

0.12710053

0.12710053

0.10898682

0.10898682

0.193422096

0.193422096

0.185919156

0.185919156

0.264165752

0.264165752

0.054111709

0.054111709

0.027605451

0.027605451

0.009232354

0.009232354

0.009488594

0.009488594

0.217932667

0.217932667

5.120629694

5.120629694

0.084205643

0.084205643

15,480,227.98

15,686,501.86

0.011062292

0.011062292

0.050130539

0.050130539

2012
Inventories
440,866,589.00
Accounts Receivable
1,117,420,597.00
Advances, Deposits and prepayments
1,340,617,663.00
Non-cash current asset
2,898,904,849

2013
943,245,719.28
808,819,225.08
1,435,435,121.04
3,187,500,065

2014
1,058,400,932.85
907,563,107.38
1,610,678,781.91
3,576,642,822

357,783,679
178,529,312
84,371,147
60,262,480
680,946,618

401576912.7
204867151.5
68515675.55
70417297.99
745,377,038

450603024.9
229878153.1
76880340.99
79014121.66
836,375,641

2,217,958,231

2,442,123,028
224,164,797

2,740,267,182
298,144,154

Particulars

Payable for sundry expenses

Payable for goods supplied
Payable for other finance
Advance received against sales
Non- STD Current liabilities

Net Working capital

Change in NWC

2015
1,187,614,752.34
1,018,362,041.78
1,807,316,890.32
4,013,293,684

2016
1,332,603,511.76
1,142,687,753.29
1,876,897,234.00
4,352,188,499

2017
1,495,293,078.89
1,282,191,644.96
2,098,555,345.00
4,876,040,069

505614444.6
257942597.5
86266200.54
88660481.69
938,483,724

567341878.4
289433261.6
96797923.36
99484507.94
1,053,057,571

636605244.3
324768431.9
108615401
111629974.6
1,181,619,052

3,074,809,960
334,542,779

3,299,130,928
224,320,968

3,694,421,017
395,290,089

Risk-free rate
Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt
Total market value of equity
Book value of debt
Weight of equity
Weight of debt
WACC

0.0837
0.17
1.1489
0.18
0.1675
0.1214375
2,358,041,920.00
2,492,577,159.00
0.49
0.51
0.15

30.12.2012

Monthly closing Price

DGEN
MEG return
DGEN return

Covariance
Variance of market return
Beta
Market return
Market return -yearly

29.11.2012

104.8

4,219.31

-0.08
0.00

0.011895714
0.010354509
1.148843864
0.01
0.17

113.7
4,210.58

-0.04
(0.06)

31.10.2012
118.5
4,493.92

-0.07
(0.01)

30.09.2012
126.9
4,544.41

-0.01
0.02

30.08.2012

30.07.2012

28.06.2012

31/05/2012

30/04/2012

127.7

118.6

132.5

153.5

139.8

4,446.87

0.08
0.07

4,159.17

-0.10
(0.09)

4,572.88

-0.14
(0.03)

4,734.33

0.10
(0.07)

5,098.90

0.03
0.02

29/03/2012

29/02/2012

31/01/2012

135.7

120.6

113.6

4,990.32

4,695.41

4,153.96

0.13
0.06

0.06
0.13

-0.19
(0.21)

7,484.23
5,203.08
6,352.10
6,050.85
5,758.26
6,117.23
6,459.62
6,212.00
5,910.20
5,036.50
5,268.55
5,257.61

29/12/2011

30/11/2011

139.60

129.80

5,257.61

5,268.55

0.08
(0.00)

0.23
0.05

31/10/2011

105.70
5,036.50

-0.43
(0.15)

29/09/2011
184.70

5,910.20

-0.09
(0.05)

25/08/2011

31/07/2011

30/06/2011

203.60

222.00

228.30

6,212.00

6,459.62

6,117.23

-0.08
(0.04)

-0.03
0.06

0.01
0.06

31/05/2011

28/04/2011

225.10
5,758.26

0.00
(0.05)

31/03/2011

225.80
6,050.85

-0.19
(0.05)

278.50
6,352.10

0.79
0.22

28/02/2011

31/01/2011

155.70
5,203.08

-0.50
(0.30)

310.80
7,484.23

-0.10
(0.10)

5,367.11
5,560.56

5,582.33
5,654.88
6,107.81
6,153.68
6,342.76
6,657.97
7,097.38
7,957.12
8,602.44
8,290.41

30/12/2010

30/11/2010

346.00
8,290.41

-0.10
(0.04)

385.90
8,602.44

-0.07
0.08

31/10/2010

415.70
7,957.12

-0.01
0.12

30/09/2010

419.90
7,097.38

-0.83
0.07

31/08/2010

30/06/2010

29/07/2010

2,476.75
6,657.97

0.11
0.05

2,227.00
6,342.76

0.07
0.03

31/05/ 2010

2090.75
6,153.68

0.16
0.01

1796
6,107.81

0.37
0.08

29/04/ 2010

1,307.00
5,654.88

0.00
0.01

31/03/ 2010
1,307.25

5,582.33

0.11
0.00

28/02/ 2010

30/01/ 2010

1,177.00

1,344.00

5,560.56

5,367.11

-0.12
0.04

0.03
0.18

30/12/ 2009

26/11/ 2009

1304

1104.25

4,535.53

0.18
0.04

4,380.95

0.33
0.30

29/10/ 2009

30/09/ 2009

833.00

772.00

3,364.26

3,083.89

0.08
0.09

-0.06
0.05

31/08/ 2009

30/07/ 2009

818.25

579.00

2,941.28

2,914.53

0.41
0.01

0.00
(0.03)

30/06/ 2009

579.00
3,010.26

-0.03
0.17

31/05/ 2009

599
2,572.18

0.25
0.01

30/04/ 2009
479.25

2,554.36

-0.10
0.04

31/03/ 2009

26/02/ 2009

29/01/ 2009

534

531.75

407.5

2,446.92

0.00
(0.05)

2,570.96

0.30
-

2,570.96

0.06
(0.08)

30-12-2008
386
2,795.34

Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Capital expenditure
Change in NWC
Free cashflow
Present value discount factor
Present value of free cashflow
Terminal value
Enterprise value
Cash
Interest-bearing debt
Equity value
Value per share

2013
523818663.2
379768530.8
114,028,054.76
14,877,539.15
224,164,797
26,698,140.29

2014
584695926.7
423904546.9
1,269,465.91
15,075,781.90
298,144,154
109,415,145.19

2015
656528546.9
475983196.5
1,286,381.53
15,276,666.55
334,542,779
124,877,369.83

0.869565217
23,215,774.16

0.756143667
82,733,569.14

0.657516232
82,108,897.72

1,143,195,597.89
156,015,089
2,492,577,159
3,791,787,845.89
168.52

2016
710097392.3
514820609.4
1,303,522.55
15,480,227.98
224,320,968
273,715,891.26

2017
642086698.4
465512856.3
1,320,891.98
15,686,501.86
395,290,089
53,215,373.25

0.571753246
156,497,949.20

0.497176735
26,457,445.54

2018

53,747,526.98

772181962.1

Assumption
1. Risk free rate is 8.37%
2. The company has 27.5% tax on its income.
3. Other income is forcasted by 4 years Moving average

4. Assuming perpetual growth rate at 1%

5. Deferred tax income is proportion to current tax expense
6. Deferred tax liability is forcasted by 4 years Moving average

Particulars

2012

2013

2014

phoenix leasing company

Installment paymeny
Interest expense at 15%

11795964
2359192.8

9436771.2

7077578.4

1415515.68

1061636.76

lease obligation-BFICL
Installment payment
Interest expense at 17%

11697034
2339406.8

9357627.2

7018220.4

1590796.624

1193097.468

Bay leasing
Installment paymeny
Interest expense at 15%

66568162
13313632.4

53254529.6

39940897.2

7988179.44

5991134.58

4257177

2838118

851435.4

567623.6

638200320.2

645260278.5

lease obligation-BFICL-bus
Installment payment
Interest expense at 20%
Other finance
Short Term bank loan
Interest expense at average rate

5676236
1419059

631217607

1,960,441,989.13
98,278,013.00

2,199,780,585.84
110,276,186.45

Long term loan

714,506,425.18

702,135,092.48

Financial expense

110,123,940.15

119,089,678.86

Cost of debt

1,765,622,156.00

0.1675

2015

2016

2017

4718385.6

2359192.8

707757.84

353878.92

4678813.6

2339406.8

795398.312

397699.156

26627264.8

13313632.4

3994089.72

1997044.86

1419059

283811.8

652398336.1

659615357

666912214.7

2,468,338,598.88
123,739,144.40

2,769,683,248.38
138,845,714.10

3,107,817,258.08
155,796,554.26

689,841,859.10

677,627,588.99

666,912,214.68

129,520,202.07

141,594,337.04

155,796,554.26

Particulars

Revenue
Cost of goods sold
Gross profit
Administrative expense
Selling & distribution Overhead
Other income
Operating profit
Financial expense
Revaluation loss of PPE
Profit before WPPF
Provision for contribution to WPPF
Net profit before tax
Current tax expense
Deferred tax income
Net profit after tax
Other comprehenvsive income
Revaluation surplus of PPE
Income tax on other comprehensive income
Total conprehensive income for the year
Dividend
Transfer to reserve

Depriciation

2009
2010
4,705,094,692 5,715,174,730
4,248,487,610 5,254,857,969
456,607,082
460,316,761
56,958,143
85,646,603
123,618,281
113,588,806
1,081,559
14,364,857
277,112,217
275,446,209
87,359,938
80,884,432
0
124,263,055
189,752,279
70,298,722
8,812,007
3,347,558
180,940,272
66,951,164
48,466,039
31,998,893
4,212,379
15,194,354
136,686,612
50,146,625

2011
6,097,246,745
5,556,814,840
540,431,905
104,615,061
167,349,494
24,558,389
293,025,739
199,343,283
0
93,682,456
4,461,069
89,221,387
26,508,356
3,806,738
66,519,769

2012
6,613,816,069
5,916,346,050
697,470,019
138,400,489
196,268,669
57,391,895
420,192,756
219,432,431
0
200,760,325
9,560,015
191,200,310
59,789,410
9,947,250
141,358,150

0
0
136,686,612
89,857,827
46,828,785

97,103,022
23,884,322
123,365,325
94,281,779
29,083,546

0
0
66,519,769
50,609,575
15,910,194

0
0
141,358,150
20,042,339
121,315,811

86,356,100

84,365,310

112,926,036

112,775,282

2013
7421257190
6731673843
689583347.3
120920435.3
191599269.8
146755021
523818663.2
110,123,940.15
0
413694723.1
90043071.7
323651651.4

2014
8327273953
7553503657
773770295.7
135684601.8
214993558.9
161603791.8
584695926.7
119,089,678.86
0
465606247.9
101035889.1
364570358.8

2015
2016
9343900866
10484641659
8475665598
9510408756
868235268.5
974232903
152249520.7
170836751.2
241240832.6
270692478.4
181783631.7
177393718.9
656528546.9
710097392.3
129,520,202.07 141,594,337.04
0
0
527008344.8
568503055.2
113370754.6
127211509.8
413637590.2
441291545.5

2017
11764648652
10671477499
1093171153
191693185.1
303739698.9
44348429.71
642086698.4
155,796,554.26
0
486290144.1
142741999.7
343548144.4

89004204.13

100256848.7

113750337.3

121355175

94475739.71

19396923.59
254044370.8

21849242.42
286162752.5

24789914.38
324677167.3

26447256.94
346383627.4

20589349.92
269661754.6

0
0
209294875.3
63,511,093
190533278.1

0
0
236276131.4
71,540,688
214622064.4

0
0
269368038.7
81,169,292
243507875.5

0
0
285332451
86,595,907
259787720.6

0
0
202733442.4
67,415,439
202246316

Particular
2009
ASSETS
PPE
1,096,828,028
Total Non-Current Assets
1,096,828,028
Inventories
839,260,219
Accounts Receivable
286,714,426
Advances, Deposits and prepayments893,689,327
Cash and Cash Equivalent
153,252,252
Total Currents Assets
2,172,916,224
Total Assets
3,269,744,252

2010

2011

2012

1,305,602,458
1,305,602,458
756,944,188
433,094,292
1,052,598,449
62,526,731
2,305,163,660
3,610,766,118

1,221,277,710
1,221,277,710
798,290,626
794,337,599
1,200,376,960
93,382,758
2,886,387,943
4,107,665,653

1,116,514,072
1,116,514,072
440,866,589
1,117,420,597
1,340,617,663
156,015,289
3,054,920,138
4,171,434,210

Issued Share Capital

225,004,000
General reserve
166,000,000
Revalution Surplus
Tax holiday surplus
103,324,216
Retained Earnings
132,434,815
Shareholders' Equity
626,763,031
long Term loan
743,561,807
Liability for Gratuity
32,205,716
Deferred Tax liability
189,135,577
Total Non-Current Liability
964,903,100
Short Term bank loan
1,271,266,296
Payable for sundry expenses
255,397,871
Payable for goods supplied
53,488,794
Payable for other finance
55,169,221
Advance received against sales
42,755,939
Total Currrent Liabilities & Provisions
1,678,078,121
Total Liabilitier & Shareholders' Equity
3,269,744,252

225,004,000
166,000,000
73,218,700
0
207,154,249
671,376,949
789,361,205
36,747,297
197,825,545
1,023,934,047
1,256,183,509
358,379,443
182,825,462
31,817,035
86,249,673
1,915,455,122
3,610,766,118

225,004,000
166,000,000
73,218,700
0
211,390,821
675,613,521
779,338,188
39,955,330
194,018,807
1,013,312,325
1,827,443,072
276,587,282
244,320,726
41,949,529
28,439,198
2,418,739,807
4,107,665,653

225,004,000
166,000,000
73,218,700
0
296,497,971
760,720,671
726,955,003
53,118,205
184,071,557
964,144,765
1,765,622,156
357,783,679
178,529,312
84,371,147
60,262,480
2,446,568,774
4,171,434,210

2013

2014

2015

2016

2017

1,131,391,611.15
1,116,514,072.00
943,245,719.28
808,819,225.08
1,435,435,121.04
131,288,754.02
3,318,788,819.41
4,435,302,891.41

1,146,467,393.05
1,116,514,072.00
1,058,400,932.85
907,563,107.38
1,610,678,781.91
72,355,459.90
3,648,998,282.03
4,765,512,354.03

1,161,744,059.60
1,116,514,072.00
1,187,614,752.34
1,018,362,041.78
1,807,316,890.32
6,458,963.43
4,019,752,647.86
5,136,266,719.86

1,177,224,287.58
1,116,514,072.00
1,332,603,511.76
1,142,687,753.29
1,876,897,234.00
86,806,905.16
4,438,995,404.21
5,555,509,476.21

1,192,910,789.44
1,116,514,072.00
1,495,293,078.89
1,282,191,644.96
2,098,555,345.00
39,789,919.50
4,915,829,988.35
6,032,344,060.35

225,004,000.00
166,000,000.00
73,218,700.00
487,031,249.13
760,720,671.00
714,506,425.18
62,993,896.84
191,262,871.50
968,763,193.53
1,960,441,989.13
401,576,912.70
204,867,151.52
68,515,675.55
70,417,297.99
2,705,819,026.88
4,435,302,891.41

225,004,000.00
166,000,000.00
73,218,700.00
701,653,313.53
760,720,671.00
702,135,092.48
74,705,668.98
191,794,695.13
968,635,456.59
2,199,780,585.84
450,603,024.89
229,878,153.07
76,880,340.99
79,014,121.66
3,036,156,226.45
4,765,512,354.03

225,004,000.00
166,000,000.00
73,218,700.00
945,161,189.02
760,720,671.00
689,841,859.10
88,594,883.90
190,286,982.66
968,723,725.66
2,468,338,598.88
505,614,444.59
257,942,597.51
86,266,200.54
88,660,481.69
3,406,822,323.20
5,136,266,719.86

225,004,000.00
166,000,000.00
73,218,700.00
1,204,948,909.58
760,720,671.00
677,627,588.99
105,066,369.95
189,354,026.57
972,047,985.51
2,769,683,248.38
567,341,878.44
289,433,261.58
96,797,923.36
99,484,507.94
3,822,740,819.70
5,555,509,476.21

225,004,000.00
166,000,000.00
73,218,700.00
1,407,195,225.55
760,720,671.00
666,912,214.68
124,600,220.77
190,674,643.96
982,187,079.41
3,107,817,258.08
636,605,244.33
324,768,431.89
108,615,401.04
111,629,974.61
4,289,436,309.94
6,032,344,060.35

Liquidity Ratio
1) Current ratio
Year
C.A
C.L
Current ratio

2009
2,172,916,224
1,678,078,121
1.29488383

2010
2,305,163,660
1,915,455,122
1.2034548

2009
2,172,916,224
839,260,219
1,678,078,121
0.794752037

2010
2,305,163,660
756,944,188
1,915,455,122
0.808277602

2009
4,705,094,692
3,269,744,252
1.438979421

2010
5,715,174,730
3,610,766,118
1.582814988

2009
4,705,094,692
286,714,426
16.41038701
21.93732541

2010
5,715,174,730
433,094,292
13.1961442
27.28069613

2009
4,248,487,610
839,260,219
5.062181566
71.11558431

2010
5,254,857,969
756,944,188
6.942200036
51.85675984

2009
2,014,828,103
626,763,031
3.214656901

2010
2,045,544,714
671,376,949
3.046790208

2009
626,765,037
87,359,938
7.174513297

2010
671,378,956
80,884,432
8.300471912

2) Acid test ratio

Year
C.A
inventory
C.L
quick ratio

Activity ratio
1) Assets turnover
Year
sales
Total asset
Asset turnover ratio
2) Receivable turnover
Year
sales
account receivable
Receivable turnover
AR collection period
3) Inventory turnover
Year
COGS
inventory
inventory turnover ratio
inventory collection period

Leverage ratio
1) Debt to equity ratio
Year
Total debt
Total equity
D/E ratio
2) Time interest earned ratio
Year
EBIT
interest expence
Time interest earned ratio

Profitability ratio
Gross profit ratio
Year
gross profit
sales
GP ratio

2009
456,607,082
4,705,094,692
0.097045248
9.704524816

2010
460,316,761
5,715,174,730
0.080542902
8.054290249

2009
136,686,612
4,705,094,692
0.029050768
2.905076751

2010
50,146,625
5,715,174,730
0.008774294
0.877429429

2009
136,686,612
626,763,031
0.218083399
21.80833987

2010
50,146,625
671,376,949
0.074692205
7.469220544

2009
136,686,612
3,269,744,252
0.041803457
4.180345662

2010
50,146,625
3,610,766,118
0.013888085
1.388808451

Net profit ratio

Year
Net profit
sales
Net profit ratio

Return on Equity
Year
Net income
shareholder's equity
ROE

Return on Assets
Year
Net profit
Total asset
ROA

Market ratios of 31st december 2012

Price to earnings ratio
price per share
EPS
P/E ratio

Market to book value ratio

Market value of stock
Book value of stock
Market to book value ratio

2011
2,886,387,943
2,418,739,807
1.193343713

2012
3,054,920,138
2,446,568,774
1.248654921

2011
2,886,387,943
798,290,626
2,418,739,807
0.863299686

2012
3,054,920,138
440,866,589
2,446,568,774
1.068457007

2011
6,097,246,745
4,107,665,653
1.48435809

2012
6,613,816,069
4,171,434,210
1.585501709

2011
6,097,246,745
794,337,599
7.675888379
46.90010879

2012
6,613,816,069
1,117,420,597
5.918824198
60.82289116

2011
5,556,814,840
798,290,626
6.96089201
51.71750969

2012
5,916,346,050
440,866,589
13.41981043
26.82601232

2011
2,606,781,260
675,613,521
3.858391194

2012
2,492,577,159
760,720,671
3.276599748

2011
675,615,528
199,343,283
3.389206388

2012
420,192,756
219,432,431
1.914907264

2011
540,431,905
6,097,246,745
0.0886354
8.863540014

2012
697,470,019
6,613,816,069
0.105456519
10.54565189

2011
66,519,769
6,097,246,745
0.010909804
1.090980434

2012
141,358,150
6,613,816,069
0.02137316
2.137316014

2011
66,519,769
675,613,521
0.098458315
9.845831519

2012
141,358,150
760,720,671
0.18582136
18.58213604

2011
66,519,769
4,107,665,653
0.016194056
1.619405634

2012
141,358,150
4,171,434,210
0.033887182
3.388718193

5.216874784
21.80833987

104.8

6.28
16.68789809

2,358,041,920
225,004,000
10.48

Analysis of cashflow
Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Capital expenditure
Change in NWC

2010
275,446,209
199698501.5
84,365,310
208,774,430
-29,486,831

2011
293,025,739
212443660.8
112,926,036
-84,324,748
618,343,134

2012
420,192,756
304639748.1
112,775,282
-104,763,638
16,249,781

Free cashflow
operating cashflow

104,776,213
293,139,418

-208,648,689
-451,169,652

505,928,887
204,432,431

2010
104,776,213
293,139,418

2011
-208,648,689
-451,169,652

year
Free cashflow
operating cashflow

800,000,000
600,000,000
400,000,000
200,000,000
0
2010
-200,000,000
-400,000,000
-600,000,000
-800,000,000

In 2011, payment against expenses and creditors increased by

2012
505,928,887
204,432,431

Payment against interest also increased by

In 2012, cash receipt from customer and other income increased by

cashflow
Particulars

Inventories
Accounts Receivable
Advances, Deposits and prepayments
Non-cash current asset

Payable for sundry expenses

Payable for goods supplied
Payable for other finance
Advance received against sales
Non- STD Current liabilities

Net Working capital

Change in NWC

2009
839,260,219
286,714,426
893,689,327
2,019,663,972

2010
756,944,188
433,094,292
1,052,598,449
2,242,636,929

2011
798,290,626
794,337,599
1,200,376,960
2,793,005,185

255,397,871
53,488,794
55,169,221
42,755,939
406,811,825

358,379,443
182,825,462
31,817,035
86,249,673
659,271,613

276,587,282
244,320,726
41,949,529
28,439,198
591,296,735

1,612,852,147

1,583,365,316
-29,486,831

2,201,708,450
618,343,134

operating cashflow
2011

0.464659

2012

Free cashflow

1.39413

0.114055

ating cashflow

2012
440,866,589
1,117,420,597
1,340,617,663
2,898,904,849
357,783,679
178,529,312
84,371,147
60,262,480
680,946,618

2,217,958,231
16,249,781

Du-Pont analysis

ROE

Year
EBIT
Net sales
Total Assets
EBT
Net income
Equity

ROE

2009
2010
2011
277,112,217
275,446,209
293,025,739
4,705,094,692 5,715,174,730 6,097,246,745
3,269,744,252 3,610,766,118 4,107,665,653
180,940,272
66,951,164
89,221,387
136,686,612
50,146,625
66,519,769
626,763,031
671,376,949
675,613,521

0.218083399

0.074692205

0.098458315

2012
420,192,756
6,613,816,069
4,171,434,210
191,200,310
141,358,150
760,720,671

0.18582136

Sensitivity analysis
Year

Net profit ratio

Asset turnover ratio
ROA
Leverage

ROE

2009
0.029050768
1.438979421
0.041803457
5.216874784
0.218083399

2010
0.008774294
1.582814988
0.013888085
5.378150268
0.074692205

2011
0.010909804
1.48435809
0.016194056
6.07990445
0.098458315

2012
0.02137316
1.585501709
0.033887182
5.48352946
0.18582136

2010
0.008774294
1.438979421
0.012626029
5.216874784
0.065868412
-0.697966868

2011
0.010909804
1.438979421
0.015698984
5.216874784
0.081899633
0.243382542

2012
0.02137316
1.438979421
0.030755538
5.216874784
0.160447789
0.959078227

Sensitivity with Net margin

Year

Net profit ratio

Asset turnover ratio
ROA
Leverage
ROE
%change in ROE
mean
SD

2009
0.029050768
1.438979421
0.041803457
5.216874784
0.218083399

0.504493901
0.831079366

Coverance

1.647352652

sensitivity with asset turnover

Year

Net profit ratio

Asset turnover ratio
ROA
Leverage
ROE
%change in ROE
S.D
Mean
coverance

2009
0.029050768
1.438979421
0.041803457
5.216874784
0.218083399

2010
0.029050768
1.582814988
0.04598199
5.216874784
0.239882285
0.099956653

2011
0.029050768
1.48435809
0.043121742
5.216874784
0.224960727
-0.062203668

2012
0.029050768
1.585501709
0.046060042
5.216874784
0.240289469
0.068139635

2010
0.029050768
1.438979421
0.041803457
5.378150268
0.224825271
0.030914195

2011
0.029050768
1.438979421
0.041803457
6.07990445
0.254161022
0.130482442

2012
0.029050768
1.438979421
0.041803457
5.48352946
0.229230486
-0.098089533

0.085924064
0.10589262
0.811426367

sensitivity with leverage

Year

Net profit ratio

Asset turnover ratio
ROA
Leverage
ROE
%change in ROE
S.D
Mean
coverance

2009
0.029050768
1.438979421
0.041803457
5.216874784
0.218083399

0.114601444
0.063307104
1.810246198

Analysis of sustainable growth

The sustainable groth rate=

year
ROE
Retantion ratio(b)
(ROE*b)
1-(ROE*b)
The sustainable groth rate

ROE * b
1 ( ROE * b)

2009
0.218083
0.75
0.163563
0.836437
0.195547

2010
0.074692
0.75
0.056019
0.943981
0.059344

2011
0.098458315
0.75
0.073843736
0.926156264
0.079731401

2012
0.185821
0.75
0.139366
0.860634
0.161934

Without external equity financing, while maintaining a constant debt-equity ratio, the company can extend at a maximum rat
year
2009
2010
2011
2012

The sustainable groth rate

0.195546659
0.059343528
0.079731401
0.161934136

growth

can extend at a maximum rate of sustainability growh of at