Income statement

Transfer to reserve

2007
3,597,024,812
1,967,509,975
1,629,514,837
974,736,690
145,544,701
829,191,989
654,778,147
19,625,795
245,742,392
419,661,550
19,983,883
399,677,667
46,609,789
57,661,278
11,051,489
353,067,878
15%
52960181.7
300,107,696

Depreciation

1,523,087,739

Net Sales Revenue

Cost of Goods Sold
Gross Profit
Operating Expenses
Administrative Expenses
Selling, Marketing and Distribution Expenses
Profit from Operations
Other Income
Finance Cost
Profit Before Contribution to WPPF
Contribution to Workers' Profit Participation/ Welfare Funds
Profit Before Tax
Income Tax Expense
current tax
deffered tax
Profit After Tax Transferred to Statement of Changes in Equity

Dividend

EPS

Number of shares used to compute EPS

3
114,507,043

2008
4,010,167,059
2002871181
2,007,295,878
1,008,501,030
153,464,243
855,036,787
998,794,848
686,510
249,654,298
749,827,060
35,706,050
714,121,010
168,779,737
173,720,430
4,940,693
545,341,273
30%
163602381.9
381,738,891

2009
4868254915
2566206626
2302048289
1300765878
215192547
1085573331
1001282411
198986379
289427992
910840798
49373371
867467427
242727120
0
242727120
620740307
15%
93111046.05
527,629,261

2010
6,490,847,353
3,317,640,254
3,173,207,099
1,537,426,907
233,413,980
1,304,012,927
1,635,780,192
456,011,134
662,182,384
1,429,608,942
68,076,616
1,361,532,326
309,883,518
71085835
238,797,683
1,051,648,808
20%
210329761.6
841,319,046

2011
7,890,241,843
4,103,709,021
3,786,532,822
1,798,053,124
275,201,846
1,522,851,278
1,988,479,698
340,907,774
567,645,757
1,761,741,715
-83,892,463
1,677,849,252
479,323,910
207,549,905
271,774,005
1,198,525,342
21%
251690321.8
946,835,020

1,669,502,530

2654778919

3068649898

3,543,852,043

4.33
125,957,747

4.13
151149296

4.18
251,767,810

4.76
251,767,810

2007

2008
0.114856658

2009
0.213978082

2.COGS
Average

0.546982598

0.499448315

0.527130701

3.Administrative expense
average

0.040462524

0.03826879

0.044203221

4.Selling, Marketing and Distribution Expenses

average

0.230521621

0.213217249

0.22299024

-0.965020016

288.8521201

3,556,432,568
3,292,034,586
0.075835867

3,685,079,475
3,620,756,022
0.07993579

0.325603143

0.087703054

7. growth rate of investment

average

-0.921478463

8. Growth rate of intangible assets

normalized growth rate

0.4087134

0.375367926

0.353915995

10.Spare and supplies proportion to sales

average

0.050688571

0.058483929

0.049716964

11. A/R proportion to sales

average

0.138915025

0.125659703

0.142579167

0.00555567

0.008903881

0.010141903

0.116618447

0.23634613

0.279811221

1. Sales Growth
Average sales growth rate

5.Growth rate of other income

Normalized growth rate
Total loan
Average loan
Interest rate

3,027,636,603

6.Growth rate of PPE

Average

9. Inventory proportion to sales

average

Proportion of contribution to WPPF to sales

Average
Income tax rate
Average

Current tax
Average
Deferred tax
Average

1.237106609

1.029273022

0.237106609

0.029273022

0.15

0.30

0.15

0.190689667

0.13578215

0.143625275

0.513531038

Short Term Borrowings prop. To Sales

0.252314725

0.364490109

0.298120452

Creditors and Other Payables prop. To Sales

0.075566373

0.065627396

0.084198163

Accrued Expense prop. To sales

0.016695114

0.02039228

0.016247075

Dividend Payable prop. To sales

0.000913345

0.000790383

0.000354896

Income Tax Payable

0.011574546

0.035928019

0.014498929

0.169364783

0.140046334

0.204739989

0.099999997

0.199999997

Dividend portion of Net Income

Loans, Advances and Deposits

Short term investment prop. To Sales

Cash inflow from sale of assets

Depreciation rate
Average

Number of shares Outstanding

2010
0.333300632

0.511125909

0.035960479

0.200900261

1.291670095

3,890,972,228
3,788,025,852
0.174809362

0.166328972

1.185602462

7.928076626

0.305631813

0.042601555

0.126540711

0.010488094

0.22759909

2011
0.215595039
0.219432603

2012

2013

2014

2015

0.219432603

0.219432603

0.219432603

0.219432603

0.52009927
0.520957359

0.520957359

0.520957359

0.520957359

0.520957359

0.034878759
0.038754755

0.038754755

0.038754755

0.038754755

0.038754755

0.193004385
0.212126751

0.212126751

0.212126751

0.212126751

0.212126751

-0.252413486
0.11

0.11

0.11

0.11

0.11

4,740,289,780 5,070,653,773
4,638,842,929 4,905,471,777

5,556,459,198
5,313,556,486

3,896,034,840
3,893,503,534
0.14579305
0.119093517

4,537,396,079
4,216,715,460
0.119093517

0.119093517

0.119093517

0.119093517

0.041140893
0.155194015

0.155194015

0.155194015

0.155194015

0.155194015

-0.45205021
-0.046981553

-0.046981553

-0.046981553

-0.046981553

-0.046981553

1.658756962
0.155

0.155

0.155

0.155

0.155

0.290465701
0.346818967

0.346818967

0.346818967

0.346818967

0.346818967

0.041301807
0.048558565

0.048558565

0.048558565

0.048558565

0.048558565

0.123979003
0.131534722

0.131534722

0.131534722

0.131534722

0.131534722

-0.010632432
0.004891423

0.004891423

0.004891423

0.004891423

0.004891423

0.285677578
0.229210493

0.229210493

0.229210493

0.229210493

0.229210493

0.22939534
0.77060466

0.20

0.120035117
0.13240239
0.252657467
0.066603886
0.013944586
0.000232312
0

0.202908665

0.665689597

0.433005533
0.585756101
0.566994467
0.520795752
0.21
0.202
0.106501261
0.139326694
0.27799193
0.184785072
0.208132531
0.275143057
0.066385562
0.071676276
0.012871585
0.016030128
0.000172549
0.000492697
0.001962208
0.01279274
-2,443,606,226

0.585756101

0.585756101

0.585756101

0.585756101

0.520795752

0.520795752

0.520795752

0.520795752

0.202

0.202

0.202

0.202

0.139326694

0.139326694

0.139326694

0.139326694

0.184785072

0.184785072

0.184785072

0.184785072

0.275143057

0.275143057

0.275143057

0.275143057

0.071676276

0.071676276

0.071676276

0.071676276

0.016030128

0.016030128

0.016030128

0.016030128

0.000492697

0.000492697

0.000492697

0.000492697

0.01279274
0.01279274
0.01279274
-2,822,839,289 -3,260,927,053 -3,767,003,417

0.01279274
-4,351,619,804

0.22507089
0.188426132

0.188426132

0.188426132

0.188426132

0.188426132

0
0.241422398

0.241422398

0.241422398

0.241422398

0.241422398

2016
0.219432603

0.520957359

0.038754755

0.212126751

0.11
6,231,814,971
5,894,137,084
0.119093517

0.155194015

-0.046981553

0.155

0.346818967

0.048558565

0.131534722

0.004891423

0.229210493

0.585756101
0.520795752

0.202

0.139326694
0.184785072
0.275143057
0.071676276
0.016030128
0.000492697
0.01279274

0.188426132

Balance Sheet

2007
ASSET
Non-Current Assets
Property, Plant and Equipment- Carrying Value
Investment in Shares
Intangible Assets
Current Assets
Inventories
Spares & Supplies
Accounts Receivable
Loans, Advances and Deposits
Short Term Investment
Cash and Cash Equivalents
TOTAL ASSETS
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity
Issued Share Capital
Share Premium
Excess of Issue Price over Face Value of GDRs
Capital Reserve on Merger
Revaluation Surplus
Tax-Holiday Reserve
Retained Earnings
Non-Current Liabilities
Long Term Borrowing-Net off Current Maturity (Secured)
Fully Convertible, 5% Dividend, Preference Share
Liability for Gratuity & WPPF
Deferred Tax Liability
Current Liabilities and Provisions
Short Term Borrowings
Long Term Borrowing-Current Maturity
Creditors and Other Payables
Accrued Expense
Dividend Payable
Income Tax Payable
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Total Debt

9,029,643,482
8,992,942,392
36,701,090
0
2,923,775,458
1,470,152,242
182,328,049
499,680,792
685,915,465
0
85,698,910
11,953,418,940
8,250,939,647
1,145,070,430
1,489,750,000
1,689,636,958
294,950,950
0
442,354,953
3,189,176,356
2,074,506,357
1,776,449,778
0
246,704,610
51,351,969
1,627,972,936
907,582,327
343,604,498
271,814,118
60,052,739
3,285,324
41,633,930
11,953,418,940
3,702,479,293

2008

2009

2010

2011

11,957,773,787
11,921,072,697
36,701,090
0
2,861,891,654
1,505,288,093
234,530,326
503,916,401
544,509,106
0
73,647,728
14,819,665,441

12,975,195,529
12,966,587,178
2,881,826
5,726,525
6,916,737,893
1,722,953,284
242,034,855
694,111,730
699,204,450
2,500,000,000
1,058,433,574
19,891,933,422

15,180,731,678
15,123,306,298
6,298,526
51,126,854
6,191,667,831
1,983,809,444
276,520,188
821,356,439
779,129,620
859,403,704
1,471,448,436
21,372,399,509

15,884,877,780
15,745,492,625
3,451,276
135,933,879
7,148,462,753
2,291,844,631
325,881,244
978,224,317
840,320,705
2,193,423,560
518,768,296
23,033,340,533

10,450,202,145
1,259,577,470
1,489,750,000
1,689,636,958
294,950,950
1,711,174,747
0
4,005,112,020
1,767,431,029
1,446,600,500
0
274,419,253
46,411,276
2,602,032,267
1,461,666,227
648,165,841
263,176,822
81,776,450
3,169,568
144,077,359
14,819,665,441

10,885,706,614
1,511,492,960
1,489,750,000
1,689,636,958
294,950,950
1,617,361,714
0
4,282,514,032
6,684,775,166
1,924,933,065
4,100,000,000
307,425,614
352,416,487
2,321,451,642
1,451,326,354
308,820,056
409,898,122
79,094,905
1,727,724
70,584,481
19,891,933,422

15,974,086,451
2,098,065,090
5,269,474,690
1,689,636,958
294,950,950
294,950,950
0
5,087,312,943
2,885,155,826
1,902,150,733
0
335,885,792
647,119,301
2,513,157,232
1,639,961,052
348,860,443
432,315,660
90,512,178
1,507,899
0
21,372,399,509

17,128,128,177
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
1,466,602,600
0
5,889,784,879
3,257,050,368
1,890,074,651
0
403,598,795
963,376,922
2,648,161,988
1,642,216,008
363,744,181
523,798,136
101,559,917
1,361,452
15,482,294
23,033,340,533

4,369,463,296

9,006,226,808

5,398,313,058

5,905,212,356

Proforma Income Statement

Net Sales Revenue
Cost of Goods Sold
Gross Profit
Operating Expenses:
Administrative Expenses
Selling, Marketing and Distribution Expenses
Profit from Operations
Other Income
Finance Cost
Profit Before Contribution to WPPF
Contribution to Workers' Profit Participation/ Welfare Funds
Profit Before Tax
Income Tax Expense
current tax
deffered tax
Profit After Tax Transferred to Statement of Changes in Equity
Dividend

Transfer to reserve

2011
7,890,241,843
4,103,709,021
3,786,532,822

2012
9,621,618,146
5012452774
4,609,165,372

275,201,846
1,522,851,278
1,988,479,698
340,907,774
567,645,757
1,761,741,715
83,892,463
1,677,849,252
479,323,910
207,549,905
271,774,005
1,198,525,342
251690321.8
946,835,020

372883450.3
2041002598
2,195,279,324
378407629.1
502183476.3
2,071,503,477
47063405.8
2,024,440,071
464022907.1
271804248.7
241661158.7
1,560,417,164
315204267.2
1,245,212,897

479,323,910
1,198,525,342

513,465,407
1,510,974,664

2013
11,732,914,857
6112348331
5,620,566,526

2014
14,307,498,900
7453596834
6,853,902,067

2015
17,447,030,621
9089158986
8,357,871,635

2016
21,275,477,958
11083616798
10,191,861,160

454706236.3
2488865110
2,676,995,180
420032468.3
552456121.5
2,544,571,527
57390651.42
2,487,180,875
570087955
333932497.6
296899385
1,917,092,920
387252769.9
1,529,840,150

554483609.1
3035003258
3,264,415,199
466236039.9
584209888.7
3,146,441,350
69984031.43
3,076,457,319
705156299.3
413049604.3
367242404.9
2,371,301,020
479002806
1,892,298,214

676155390.6
3700981922
3,980,734,322
517522004.2
632810132.1
3,865,446,195
85340809.58
3,780,105,385
866439819.5
507522410.2
451238177
2,913,665,565
588560444.2
2,325,105,121

824525927.7
4513098017
4,854,237,215
574449424.7
701953517.8
4,726,733,122
104067365.5
4,622,665,757
1059563498
620645782.9
551816168.2
3,563,102,259
719746656.3
2,843,355,603

Balance Sheet

ASSET
Non-Current Assets
Property, Plant and Equipment- Carrying Value
Investment in Shares
Intangible Assets
Current Assets
Inventories
Spares & Supplies
Accounts Receivable
Loans, Advances and Deposits
Short Term Investment
Cash and Cash Equivalents
TOTAL ASSETS
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity
Issued Share Capital
Share Premium
Excess of Issue Price over Face Value of GDRs
Capital Reserve on Merger
Revaluation Surplus
Tax-Holiday Reserve
Retained Earnings
Non-Current Liabilities
Long Term Borrowing-Net off Current Maturity (Secured)
Fully Convertible, 5% Dividend, Preference Share
Liability for Gratuity & WPPF
Deferred Tax Liability
Current Liabilities and Provisions
Short Term Borrowings
Long Term Borrowing-Current Maturity
Creditors and Other Payables
Accrued Expense
Dividend Payable
Income Tax Payable

TOTAL LIABILITIES
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

Number of shares Outstanding

EPS

2011

2012

15,884,877,780
15,745,492,625
3,451,276
135,933,879
7,148,462,753
2,291,844,631
325,881,244
978,224,317
840,320,705
2,193,423,560
518,768,296
23,033,340,533

18349391611
18189098851
3289129.695
157003630.2
11,005,610,699
3336959669
467211972.1
1265576866
1340548247
1777931399
2,817,382,547
29,355,002,311

17,128,128,177
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
5,889,784,879
3,257,050,368
1,890,074,651
0
403,598,795
963,376,922
2,648,161,988
1,642,216,008
363,744,181
523,798,136
101,559,917
1,361,452
15,482,294
5,905,212,356
23,033,340,533

21,521,957,501
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
7,134,997,776
3,167,760,002
1,512,059,721
0
450,662,201
1,205,038,081
4,665,284,807
2647321428
378014930.2
689641758.2
154235770.7
316,565,719
479,505,201
7,833,044,810
29,355,002,311

251,767,810
4.76

312550198.4
4.99253295
0.907360473

2013

2014

2015

2016

21196411934
21011938140
3134601.274
181339192.9
11,388,129,231
4069197414
569733511.1
1543285691
1634708238
2168067513
1,403,136,864
32,584,541,166

24485299294
24272865194
2987332.839
209446767.8
12,169,097,129
4962111993
694751618.3
1881932887
1993416521
2643812210
-6,928,101
36,654,396,423

28284626611
28039868610
2846983.304
241911016.9
13,447,616,646
6050961142
847202774.1
2294890318
2430837097
3223950804
-1,400,225,489
41,732,243,257

32673608866
32391488414
2713227.608
279407224.5
15,348,318,803
7378739294
1033106684
2798464074
2964242008
3931390720
-2,757,623,976
48,021,927,669

23,051,797,651
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
8,664,837,926
3,144,035,109
1,134,044,791
0
508,052,852
1,501,937,466
6,388,708,406
3228230059
378014930.2
840971644.1
188080127.3
703,818,489
1,049,593,156
9,532,743,514
32,584,541,166

24,944,095,865
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
10,557,136,140
3,203,246,615
756,029,860
0
578,036,884
1,869,179,871
8,507,053,943
3936608983
378014930.2
1025508241
229351039.1
1,182,821,295
1,754,749,455
11,710,300,558
36,654,396,423

27,269,200,986
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
12,882,241,261
3,361,810,671
378,014,930
0
663,377,693
2,320,418,048
11,101,231,599
4800429337
378014930.2
1250538183
279678134.6
1,771,381,739
2,621,189,275
14,463,042,270
41,732,243,257

30,112,556,589
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
15,725,596,864
3,639,679,275
0
0
767,445,059
2,872,234,216
14,269,691,805
5853800041
378014930.2
1524947031
341048635.5
2,491,128,396
3,680,752,773
17,909,371,080
48,021,927,669

388006816.8
4.940874328

481680352.9
4.922976421

597968778.7
4.872604841

742331835.1
4.79987802

0.737117951

0.874868307

0.828549271

0.791725494

1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.

As other income shows abnormal growth rate so we assumed a smoother rate of 11%
As the growth rate of intangible assets shows abnormal result so we have normalized it at 15.5%.
Issued Share Capital is assumed to be constant over the next 5years
Share Premium is assumed to be constant over the next 5years
Excess of Issue Price over Face Value of GDRs are assumed to be constant over the next 5years
Capital Reserve on Merger is assumed to be constant over the next 5years
Revaluation Surplus is assumed to be constant over the next 5years
Tax-Holiday Reserve is assumed to be constant over the next 5years
Long Term Borrowing-Current Maturity is one-fifth of the long term debt
Fully Convertible, 5% Dividend, Preference Share is assumed to be constant over the next 5years
Income Tax Payable is assumed to be 0 for the next 5 years
Liability for Gratuity & WPPF accumulated to the previous year
Deferred Tax Liability accumulated to the previous year
Perpetual growth rate is 2%.
Risk-free rate is 8%.

zed it at 15.5%.

he next 5years

the next 5years

Time

Monthly closing - Bxpharma

30/12/2011
30/11/2011
31/10/2011
30/09/2011
31/08/2011
29/07/2011

93.60
99.40

86.90
107.90
95.10
108.40
80.40

30/06/2011
31/05/ 2011
29/04/ 2011
31/03/ 2011
28/02/ 2011
30/01/ 2011
30/12/2010
30/11/2010
31/10/2010
30/09/2010
31/08/2010
29/07/2010

78.90
113.90
120.60
102.90
135.00
135.10
145.30
150.40
149.50
154.60
150.50
146.3

30/06/2010
31/05/ 2010

146.3

29/04/ 2010
31/03/ 2010
28/02/ 2010

185.70

30/01/
30/12/
26/11/
29/10/
30/09/
31/08/
30/07/

2010
2009
2009
2009
2009
2009
2009

179.80
155.8
159.9
164.10
159.00
159.70
166.90

30/06/
31/05/
30/04/
31/03/
26/02/
29/01/

2009
2009
2009
2009
2009
2009

30/12/2008
30/11/2008
30/10/2008
25/09/2008
31/08/2008
30/07/2008
30/06/2008
29/05/2008
30/04/2008
31/03/2008
28/02/2008
31/01/2008
30/12/2007
29/11/2007
31/10/2007

182.40
166.50

196.80
146.4
148.1
153.8
153.2
171.7
167.7

113.2
170.50
136.50

109.3
102.5
98.70
79.70
77.60
76.20
62.50
59.5
58.9
67.1
71.4

DGEN
5,257.61
5,268.55
5,036.50
5,910.20
6,212.00
6,459.62
6,117.23
5,758.26
6,050.85
6,352.10
5,203.08
7,484.23
8,290.41
8,602.44
7,957.12
7,097.38
6,657.97
6,342.76
6,153.68
6,107.81
5,654.88
5,582.33
5,560.56
5,367.11
4,535.53
4,380.95
3,364.26
3,083.89
2,941.28
2,914.53
3,010.26
2,572.18
2,554.36
2,446.92
2,570.96
2,649.49
2,795.34
2,468.92
2,748.60
2,966.82
2,791.20
2,761.05
3,000.49
3,167.99
3,072.85
3,016.49
2,931.38
2,907.17
3,017.21
2,971.11
2,850.81

Bxpharma return
-0.058350101
0.143843498
-0.194624652
0.134595163
-0.122693727
0.348258706
0.019011407
-0.307287094
-0.055555556
0.172011662
-0.237777778
-0.000740192
-0.070199587
-0.033909574
0.006020067
-0.032988357
0.027242525
0.028708134
0
-0.212170167
0.018092105
0.095495495
-0.073971079
0.154043646
-0.025641026
-0.02559415
0.032075472
-0.004383219
-0.043139605
-0.151930894
0.344262295
-0.011478731
-0.037061118
0.003916449
-0.107746069
0.023852117
0.481448763
-0.336070381
0.249084249
0.248856359
0.066341463
0.038500507
0.238393977
0.027061856
0.018372703
0.2192
0.050420168
0.010186757
-0.122205663
-0.06022409
0.448275862

30/09/2007
29/08/2007
31/07/2007

28/06/2007
31/05/2007
30/04/2007
29/03/2007
28/02/2007
31/01/2007

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

49.3
50.1
55.7
49.6
49.4
51.9
52.2
47.6
55.1

0.006110757
0.008318305
0.734615611
0.022401635
0.268819617

2,548.49
2,455.08
2,384.18
2,149.32
2,003.58
1,743.33
1,760.88
1,791.54
1,805.12

-0.015968064
-0.1005386
0.122983871
0.004048583
-0.048169557
-0.005747126
0.096638655
-0.136116152

DGEN return
-0.002078098
0.046074901 Mkt. P.
-0.147829845
-0.048582557
-0.038334444
0.055971271
0.062339919
-0.0483538
-0.047426214
0.220833798
-0.304793373
-0.097243043
-0.036272101
0.081099725
0.121134749
0.065997038
0.049697131
0.03072646
0.007508986
0.080096639
0.012995091
0.003915655
0.036044454
0.183346715
0.035285445
0.302201843
0.090916421
0.048483075
0.009178082
-0.03180122
0.170316003
0.006978285
0.04390538
-0.048247208
-0.029639679
-0.052174601
0.132212366
-0.101753442
-0.073553689
0.062918512
0.010919759
-0.079800299
-0.052872642
0.030961485
0.018684305
0.029033766
0.008329074
-0.036472105
0.015516087
0.042198533
0.118627109

2007
2008
2009
54.85833 104.4917 161.2833

2010
157.70

2011
101.92

0.03804764
0.029737688
0.10927177
0.072739796
0.149283268
-0.009966608
-0.017113768
-0.007523035

Particulars
Inventory
Accounts receivable
Advance and prepayment
Non-cash current asset

2011
2,291,844,631
978,224,317
840,320,705
4,110,389,653

2012
3336959669
1265576866
1340548247
5,943,084,782

2013
4069197414
1543285691
1634708238
7,247,191,343

523798136
101559917
1361452
626719505

689641758.2
154235770.7
394755425.5
1238632954

840971644.1
188080127.3
868025326.4
1897077098

Working capital
Change in WC

3,483,670,148

4,704,451,827
1,220,781,679

5,350,114,245
645,662,418

Particulars
Inventory
Accounts receivable
Advance and prepayment
Non-cash current asset

2007
1,470,152,242
499,680,792
685,915,465
2,655,748,499

2008
1,505,288,093
503,916,401
544,509,106
2,553,713,600

2009
1,722,953,284
694,111,730
699,204,450
3,116,269,464

271,814,118
60,052,739
3,285,324
335,152,181

263,176,822
81,776,450
3,169,568
348,122,840

409,898,122
79,094,905
1,727,724
490,720,751

2,320,596,318

2,205,590,760

2,625,548,713

Accounts payable
Accrued expenses
Other liabilities
Non- STD Current liabilities

Accounts payable
Accrued expenses
Other liabilities
Non- STD Current liabilities
Working capital

2014
4962111993
1881932887
1993416521
8,837,461,401

2015
2016
6050961142
7378739294
2294890318
2798464074
2430837097
2964242008
10,776,688,557 13,141,445,375

1025508241
229351039.1
1437989308
2692848588

1250538183
279678134.6
2125077961
3655294279

1524947031
341048635.5
2954118416
4820114082

6,144,612,813
794,498,568

7,121,394,278
976,781,465

8,321,331,292
1,199,937,014

2010
1,983,809,444
821,356,439
779,129,620
3,584,295,503

2011
2,291,844,631
978,224,317
840,320,705
4,110,389,653

432,315,660
90,512,178
1,507,899
524,335,737

523,798,136
101,559,917
1,361,452
626,719,505

3,059,959,766

3,483,670,148

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

0.08
0.268819617
0.734615611
0.218709839
0.119093517
0.091796034
23,565,467,016.00
3,896,034,840
0.86
0.14
0.20

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

Depreciation

2012
2526623548
1947494918
4004291313
-2,443,606,226
1,220,781,679
2,287,398,326
0.83
1,906,165,271.52

2013
3039636997
2342920302
4075748733
-2,822,839,289
645,662,418
2,950,167,328
0.69
2,048,727,310.86

2014
3660667208
2821603872
4158295916
-3,260,927,053
794,498,568
2,924,474,167
0.58
1,692,404,031.70

14,839,006,606.13
518,768,296
3,896,034,840
11,461,740,062.13
45.53

4004291313

531896689.8

614443872.9

M.R.K

2015
4412915517
3401428975
4253653928
-3,767,003,417
976,781,465
2,911,298,021
0.48
1,403,982,456.10

2016
5324619274
4104160665
4363810933
-4,351,619,804
1,199,937,014
2,916,414,779

2017

2,974,743,075

0.40
1,172,041,690.49
6615685845

709801884.8

819958889.5

M.R.K

Ratio Analysis
A.

Investment Valuation Ratios

Dividend Per Share

Revenue Per Share (Rs)

Net Operating Profit Per Share (Rs)

Free Reserves Per Share (Rs)

5
6
7
8

Bonus in Equity Capital

P/E ratio
Dividend payout ratio
Dividend yield

B.

Profitability Ratios
1

Operating Profit Margin(%)

Gross Profit Margin(%)

Cash Profit Margin(%)

4
5

Adjusted Cash Margin(%)

Net Profit Margin(%)

Adjusted Net Profit Margin(%)

Return On Capital Employed(%)

Return On Net Worth(%)

Adjusted Return on Net Worth(%)

10

Return on Assets

11

Operating return on Assets

12
13

Return on Long Term Funds(%)

Pretax Margin

Current Ratio

Quick Ratio

Cash Ratio

Defensive Interval

5
6
7
8

Cash conversion cycle

Debt Equity Ratio
Long Term Debt Equity Ratio
Debt Coverage Ratios

C.

Liquidity And Solvency Ratios

Debt to Asset ratio

10

Interest Cover

11
12

Financial Leverage ratio

Financial Charges Coverage Ratio

13

Fixerd charge coverage ratio

1
2
3
4
5
6
7
8
9
10

Inventory Turnover Ratio

Days of inventory on hand
Debtors Turnover Ratio
Investments Turnover Ratio
Receivable turnover
Days of sales Outstanding
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio
Payables turnover
Number of days of payables

11
12
13
14

Raw material turnover ratio

Raw material holding periaod
Working capital turnover
Number of Days In Working Capital

1
2
3

Material Cost Composition

Imported Composition of Raw Materials
Consumed
Selling Distribution Cost Composition

Expenses as Composition of Total Sales

1
2
3
4

Dividend payout Ratio

Dividend Payout Ratio Net Profit
Dividend Payout Ratio Cash Profit
Dividend Yield

5
6
7

Earning Retention Ratio

Cash Earning Retention Ratio
Adjusted Cash Flow Times

8
9

Earnings Per Share

10

Book Value per share

D.

Management Efficiency Ratios

E.

Profit & Loss Account Ratios

F.

Cash Flow Indicator Ratios

tio Analysis
Investment Valuation Ratios

(Sum of Dividend-Special one time dividend)/Number of

outstanding Share
Revenue/Weighted average number of share
EBIT/Weighted average number of share
Reserve/Weighted average number of share
Market price per share/Earning per share
Yearly Dividend per share/Earning per Share
Dividend per share/Market price per share

Profitability Ratios
Operating income/revenue
EBIT/Revenue
gross profit/Revenue

Cash flow from operating cash flows/Net sales

Net income/ revenue

EBIT/(Total Assets-Current liabilities)

Net Income-Preferred dividend/Common Equity

Net Income/Average total Assets

net income+ Interest expense (1 tax

rate)/Average total Assets

Operating income/Average total assets

EBIT/ Average total Assets

Net Income/Share Capital (Equity + Preference) +

Reserves and Surplus + Long- term Loans Fictitious
Assets
EBT/Revenue

Liquidity And Solvency Ratios

Current Assets/Current Liabilities

cash + marketable securities + receivables/
current liabilities
cash + marketable securities/ Current Liabilities
cash + marketable securities + receivables/
average daily expenditures

Days of sales outstanding + Days of Inventory

on hand - Number of days of payables
Total Debt/ Total Share holders Equity
Long term debt/Total shareholders equity
CFO-cash dividend paid/Total debt

Total debt/Total Assets

CFO + Cash payment for interest and income
taxes/Cash payment for interest
Earnings before interest and taxes/ Interest
payments
Average total assets/Average total liabilities
Earnings before interest and taxes + lease
payments/ Interest payments + lease payments

Management Efficiency Ratios

Cost of goods sold/Average Inventory

365/ Inventory turnover
Net Credit Sales/Average Accounts Receivables
Net earnings/Investment
Annual Sales/Average receivables
365/ Receivable turnover
Revenue/Average net fixed assets
Revenue/Average total assets
Purchases or COGS/Average trade payables
365/ Payables turnover
Raw materials consumed during the
year/Average raw materials held
365/Raw materials turnover
Revenue/Average working capital
Average Working Capital / (Revenue/365)

Profit & Loss Account Ratios

Cash Flow Indicator Ratios

Yearly Dividend per share/Earning per Share

Total Dividend Payout / Net Profit
Total Dividend Payout / CFO
Dividend per share/Market price per share
((earnings per share - dividend per share) / earnings per
share)* 100%

(Net Income-Preferred dividend)/Weighted

average number of common shares outstanding
Total Shareholders equity-preferred stock/Total
outstanding Share

A.

Investment Valuation Ratios

Dividend Per Share

2
3

Dividend payout ratio

Dividend yield

B.

Profitability Ratios

Net Profit Margin(%)

P/E ratio

Return on Assets
Return on Equity

C.

Liquidity And Solvency Ratios

1

Current Ratio

Debt Equity Ratio

3
4

Financial Leverage ratio

Debt to Asset ratio

Inventory Turnover Ratio

Receivable turnover

3
4

Total Assets Turnover

Ratio
Payables turnover

Working capital
turnover

D.

Management Efficiency Ratios

Investment Valuation Ratios

2007

(Sum of Dividend-Special one time dividend)/Number of outstanding Share

0.462505889

Yearly Dividend per share/Earning per Share

Dividend per share/Market price per share

0.15016425
0.008430914

Profitability Ratios
Net income/ revenue
Market price per share/Earning per share
Net Income/Average total Assets
net income+ Interest expense (1 tax rate)/Average total Assets
Net Income/Average total Equity

0.09815553
17.81114719
0.029536978
0.042791233

Liquidity And Solvency Ratios

Current Assets/Current Liabilities

Total Debt/ Total Share holders Equity

Average total assets/Average total liabilities
Total debt/Total Assets

1.795960727

0.44873426
3.228490423
0.309742285

Management Efficiency Ratios

Cost of goods sold/Average Inventory

1.338303557

Annual Sales/Average receivables

7.198645354

Revenue/Average total assets

Purchases or COGS/Average trade payables

0.300920166
7.23843923

Revenue/Average working capital

1.550043316

2008

2009

2010

2011

1.298867166

0.616020375

0.83541165

0.99969222

0.299969322
0.012430342

0.149157476
0.003819492

0.199859246
0.005297474

0.21001937
0.00980892

0.135989665

0.127507766

0.162020265

0.1518997

24.13202463
0.036798487

39.05165456
0.03120563

37.72727273
0.049205931

21.4110644
0.05203437

0.052184758

0.057023428

0.065834676

0.0699741

1.099867857

2.979488251

2.463700938

2.69940539

0.418122371

0.827344253

0.337941896

0.34476694

3.391644336
0.294842236

2.208686706
0.452757739

3.959088567
0.252583387

3.90051012
0.25637672

1.330556716

1.489423219

1.672358333

1.79057034

7.958000674

7.013647378

7.902595079

8.06588193

0.270597678
7.610363123

0.24473513
6.260596202

0.303702322
7.674115377

0.34255743
7.83452391

1.818182743

1.854185714

2.121219836

2.2649222

Year

Current Ratio

2007
1.795960727

2008
1.099867857

2009
2.979488251

2010
2.463700938

Current Ratio
3.5
3
2.5
2
1.5
1
0.5
0
2007

Dividend Per Share

0.462505889

2008

1.298867166

2009

2010

0.616020375

2011

0.83541165

Dividend Per Share

1.4
1.2
1
0.8
0.6
0.4
0.2
0
2007

Net Profit Margin(%)

0.09815553

2008

0.135989665

2009

2010

0.127507766

2011

0.162020265

Net Profit Margin(%)

Net Profit Margin(%)

0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
2007

P/E ratio

17.81114719

2008

24.13202463

2009

39.05165456

2010

2011

37.72727273

P/E ratio
45
40
35
30
25
20
15
10
5
0
2007

Return on Assets

0.029536978

2008

0.036798487

2009

0.03120563

2010

0.049205931

Return on Assets
0.06
0.05
0.04
0.03
0.02

2011

0.02
0.01
0
2007

Year

Return on Equity

2008

2009

2010

2011

2007

2008

2009

2010

0.042791233

0.052184758

0.057023428

0.065834676

Return on Equity
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
2007

Inventory Turnover Ratio 1.338303557

2008

1.330556716

2009

2010

1.489423219

2011

1.672358333

Inventory Turnover Ratio

2
1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0

Inventory Turnover Ratio

2007

Total Assets Turnover Ratio

0.300920166

2008

2009

0.270597678

2010

2011

0.24473513

0.303702322

Total Assets Turnover Ratio

0.4

Total Assets Turnover Ratio

0.4
0.35
0.3
0.25
0.2

Total Assets Turnover Ra

0.15
0.1
0.05
0
2007

Payables turnover

7.23843923

2008

7.610363123

2009

2010

2011

6.260596202

7.674115377

Payables turnover
9
8
7
6
5
4
3
2
1
0
2007

Working capital turnover 1.550043316

2008

2009

2010

2011

1.854185714
Working
capital2.121219836
turnover

1.818182743

2.5
2
1.5

Working capital turno

1
0.5
0
2007

2008

2009

2010

2011

2011
2.69940539

Current Ratio

2011

0.99969222

Share

Margin(%)

Dividend Per Share

0.1518997

Margin(%)

Net Profit Margin(%)

2011

21.4110644

P/E ratio

2011

0.05203437

Return on Assets

2011

2011
0.0699741

Return on Equity

1.79057034

Ratio

Inventory Turnover Ratio

over Ratio

0.34255743

over Ratio

Total Assets Turnover Ratio

7.83452391

nover

Payables turnover

turnover

2.2649222

Working capital turnover