Balance Sheet 2016 2015

ASSETS
Non-Current Assets 5,416,696,077 4,210,152,070
Property, Plant and Equipment- Carrying Value 4,951,214,875 4,203,551,837
Intangible Assets 465,481,202 0
Investment in Associate Companies 133,919,313 96,955,744
Capital Work In Progress 1,887,754,484 2,410,614,259
Current Assets 8,609,003,487 7,754,595,168
Investment in Shares 130,919,903 126,227,071
Inventories 797,868,489 722,240,942
Other Receiveables 75,030,322 53,961,432
Accounts Receivable 1,065,262,109 1,169,678,553
Current Account With Associate Companies 969,556,496 913,117,394
Advance, deposit and prepayments 730,491,856 367,850,046
Advance Income Tax 1,156,538,198 899,103,460
Cash and Bank Balance 3,683,336,114 3,502,416,272
TOTAL ASSETS 14,159,618,877 12,061,702,982

EQUITY AND LIABILITIES

Shareholders Equity 6,724,823,855 5,879,329,648
Issued Share Capital 1,485,000,000 0
Share Premium 2,956,560,000 2,956,560,000
Deposit Against Share
General Reserve
Retained Earnings 1,596,350,972 1,221,082,558
Revaluation reserve 686,912,883 216,687,090

Non-Current Liabilities 713,546,019 838,392,425

Long Term Borrowings-Net off Current Maturity 129,371,414 426,932,519
Liabilities for gratuity and WPPF 80,286,677 59,989,628
Deferred Tax Liability 503,887,928 351,470,278

Current Liabilities and Provisions 6,721,249,003 5,343,980,909

Trade Payables 349,900,640 126,122,045
Other Payables 270,338,013 150,168,865
Current Portion of Long Term Borrowings 483,395,584 558,232,249
Short Term Loan 5,064,048,878 4,142,616,763
Provision For Tax Liabilites 469,928,794 292,394,421
Liabilities for WPPF 49,000,462 42,811,780
Payable to IPO Applications 12,833,356 12,840,221
Unclaimed Dividend 21,803,276 18,794,565
Total Liabilities 7,434,795,022 6,182,373,334
TOTAL EQUITY AND LIABILITIES 14,159,618,877 12,061,702,982
 Net Asset Value Per Share 45 40

Income Statement
Net Sales 9,016,548,629 8,264,240,985
Cost of Goods Sold* -7,357,193,512 -6,850,549,283
Gross Profit 1,659,355,117 1,413,691,702
Other Operating Income 40,086,000 23,460,000
Administrative Expenses -150,300,608 -157,173,325
Selling, and Distribution Expenses -353,005,066 -295,305,086
Operating Profit 1,196,135,443 984,673,291
Other non-operating Income 33,860,900 6,630,465
Finance Expense -237,950,206 -131,557,113
Share of Profit from Associates 36,963,569 39,300,741
Profit Before WPPF and Income Tax 1,029,009,706 899,047,384
Workers's Profit Participation Fund -49,000,462 -42,811,780
Net Profit Before Income Tax 980,009,244 856,235,604

Income Tax Expenses

Current Tax -177,534,373 -143,173,223
Deferred Tax -58,227,046 -64,211,387
Profit after Tax for the Year 744,247,825 648,850,994

*depreciation 391,264,591 263,737,840

Earnings Per Share (EPS) 5.01 4.37

book value 74 69
market value 74.6 76.3
 2014 2013 2012 2011 2010

4,018,304,669 4,175,045,000 4,135,528,000 2,232,034,924 1147167252

3,926,836,388 4,082,861,000 2,770,456,000 1,118,455,992 1069098640
0 0 0 1,113,578,932 78068612
57,655,003 35,999,000 26,500,000 20,205,000 2500000
2,877,759,709 3,077,047,000 3,208,021,000 3,383,041,300 253,440,971
7,271,045,790 5,572,353,000 5,759,451,000 4,752,218,577 1132768640
119,992,366 91,831,000 93,494,000 0
626,525,720 432,776,000 442,127,000 587,645,695 352650104
57,331,527 109,357,000 61,234,000 303,651 4812864
1,169,445,807 667,644,000 753,852,000 343,047,480 316068872
889,818,785 689,652,000 513,012,000 356,162,941 189628891
345,964,790 231,078,000 275,327,000 273,873,313 48673917
823,978,904 494,888,000 717,452,000 323,817,217 160755959
3,237,987,890 2,855,127,000 2,902,953,000 2,867,368,280 60178033
11,347,005,462 9,783,396,000 9,921,479,000 7,004,458,502 2282435892

5,675,411,007 5,594,400,000 5,400,876,000 5,028,493,703 1335997883

0 1,485,000 1,350,000,000 1,000,000,000 7000000000
2,956,560,000 2,956,560,000 2,956,560,000 2,956,560,000
0
0
1,015,341,470 932,436,000 871,919,000 803,370,870 364500643
218,509,536 220,404,000 222,397,000 268,562,833 271497240

1,278,308,375 1,693,689,000 1,969,173,000 606,787,522 67110340

946,349,388 1,451,552,000 1,811,139,000 513,434,222 15805067
44,132,448 57,885,000 47,081,000 37,934,111 2451020
287,826,539 228,306,000 148,126,000 55,419,189 48854253

4,393,286,081 2,495,306,000 2,551,430,000 1,369,177,277 879327669

107,983,409 136,889,000 148,526,000 110,537,447 359115797
134,994,953 65,021,000 47,471,000 38,518,143 28586911
543,787,000 500,040,000 286,076,000 26,076,000 12816000
3,143,054,994 1,486,345,000 1,351,027,000 607,876,193 162452469
395,049,741 240,505,000 663,484,000 554,641,164 316356492
44,453,789 44,054,000 37,174,000
12,720,975 12,866,000 13,311,000 31,528,330
11,241,219 9,586,000 4,361,000
5,671,594,455 4,188,996,000 4,520,602,000 1,975,964,799 946438009
11,347,005,462 9,783,396,000 9,921,479,000 7,004,458,502 2282435892
 38 38 36 62 16

7,990,642,611 6,829,696,641 5,657,601,867 4,022,271,063 3127352627

-6,731,727,411 -5,681,661,641 -4,911,277,867 -3,254,014,308 -2425806260
1,258,915,200 1,148,035,000 746,324,000 768,256,755 701546367
23,430,000 -13,479,000 64,193,000 62,781,523 44173662
-114,206,125 112,012,000 89,367,000 -68,181,658 -47717350
-231,034,362 200,078,000 146,258,000 152,220,573 -127072672
937,104,713 822,467,000 574,892,000 610,639,047 570930007
40,979,579 18,503,603 27,829,589 196,619,465 8925801
-66,211,046 -74,671,000 -177,928,000 -92,430,813 -48483129
21,656,322 9,499,000 6,295,000
933,529,569 925,140,936 786,944,777 714,824,699 531372679
-44,453,789 -44,054,330 -37,173,812 34,039,271
889,075,780 881,087,000 749,771,000 680,785,428 531372679

-154,544,848 -134,882,516 -134,681,334 -238,284,672 -183374365

-60,141,468 -80,835,429 -49,329,034 -6,564,936 -15890390
674,389,465 665,368,662 565,760,597 435,935,820 332107924

95,244,077 96,560,374 77,492,568 61,147,667

4.54 4.48 3.81 5.36 4.08

64 65 57
83.7 75.5 100.09
 RATIO ANALYSIS
2016 2015 2014 2013 2012

Short-term Solvency, or liquidity Ratios

Current Ratio 1.2808636435 1.45109 1.655036 2.233134 2.257342
Quick Ratio 1.1621552772 1.315939 1.512426 2.059698 2.084056
Cash Ratio 0.5480136374 0.655395 0.737031 1.144199 1.137775
Net Working Capital to Total Assets 0.133319583 0.199857 0.253614 0.314517 0.323341

Long-term Solvency, or financial

leverage ration
Total debt ratio 0.5250702781 0.512562 0.499832 0.428174 0.455638
Debt-equity ratio 1.105574686 1.051544 0.999328 0.748784 0.837013
Equity Multiplayer 2.105574686 2.051544 1.999328 1.748784 1.837013
Long-term Debt Ratio 0.095927741 0.124803 0.183831 0.232391 0.267186
Cash Coverage Ratio 6.6711437686 9.489499 15.59179 12.30769 3.666565
time interest earneed 5.0268308782 7.484759 14.1533 -11.0145 -3.23104

Asset Management, or turnover ratios

Inventory Turnover Ratio 9.2210603795 9.48513 10.74453 13.12841 11.1083
Days' Sales in Inventory 39.583300074 38.48129 33.97076 27.8023 32.85832
Receivables turnover 8.4641597151 7.065395 6.832846 10.22955 7.504924
Days' Sales in Receivables 43.123004797 51.66024 53.41845 35.68095 48.63474
NWC turnover 4.7763354321 3.428272 2.776689 2.219562 1.76358
Fixed Asset Turnover 1.664584555 1.962932 1.988561 1.635838 1.368048
Total Asset Turnover 0.636779048 0.685164 0.704207 0.698091 0.570238

Profitability Ratios
Profit Margin 8% 8% 8% 10% 10%
Return on Asset (ROA) 5% 5% 6% 7% 6%
Return on Equity (ROE) 11% 11% 12% 12% 10%

Market Value Ratios

Price-earning Ratio 14.890219561 17.45995 18.43612 16.85268 26.27034

Market-to-book ratio 1.0113882863 1.106439 1.299488 1.159576 1.764011

retention ratio 0.5042250731 0.317085 0.122934 0.090953 0.121161
avg 0.231272
 2016 2015
sales growth 9% 3%

average sales growth 18%

Balance Sheet 2016 2017

ASSETS
Non-Current Assets 5,416,696,077 6,401,448,382.95
Property, Plant and Equipment- Carrying Value 4,951,214,875 5,851,342,959.74
Intangible Assets 465,481,202 550,105,423.21
Investment in Associate Companies 133,919,313 158,265,768.92
Capital Work In Progress 1,887,754,484 2,230,947,189.43
Current Assets 8,609,003,487 10,174,115,487.97
Investment in Shares 130,919,903 154,721,067.87
Inventories 797,868,489 942,920,532.39
Other Receiveables 75,030,322 88,670,792.42
Accounts Receivable 1,065,262,109 1,258,926,162.39
Current Account With Associate Companies 969,556,496 1,145,821,322.68
Advance, deposit and prepayments 730,491,856 863,294,865.33
Advance Income Tax 1,156,538,198 1,366,796,193.13
Cash and Bank Balance 3,683,336,114 4,352,964,551.76
TOTAL ASSETS 14,159,618,877 16,733,829,639.84

EQUITY AND LIABILITIES

Shareholders Equity 6,724,823,855 5,497,663,542.91
Issued Share Capital 1,485,000,000 1,485,000,000.00
Share Premium 2,956,560,000 2,956,560,000.00
Deposit Against Share -
General Reserve -
Retained Earnings 1,596,350,972 369,190,659.91
Revaluation reserve 686,912,883 686,912,883.00
-
-
Non-Current Liabilities 713,546,019 713,546,019.00
Long Term Borrowings-Net off Current Maturity 129,371,414 129,371,414.00
Liabilities for gratuity and WPPF 80,286,677 80,286,677.00
Deferred Tax Liability 503,887,928 503,887,928.00
-
-
Current Liabilities and Provisions 6,721,249,003 6,834,008,041.92
Trade Payables 349,900,640 413,512,379.92
Other Payables 270,338,013 319,485,312.00
Current Portion of Long Term Borrowings 483,395,584 483,395,584.00
Short Term Loan 5,064,048,878 5,064,048,878.00
Provision For Tax Liabilites 469,928,794 469,928,794.00
 Liabilities for WPPF 49,000,462 49,000,462.00
Payable to IPO Applications 12,833,356 12,833,356.00
Unclaimed Dividend 21,803,276 21,803,276.00
Total Liabilities 7,434,795,022 7,547,554,060.92
TOTAL EQUITY AND LIABILITIES 14,159,618,877 13,045,217,603.83
Net Asset Value Per Share 45 53.52
-
Income Statement -
Net Sales 9,016,548,629 10,655,752,108.00
Cost of Goods Sold (7,357,193,512.00) (8,694,727,162.26)
Gross Profit 1,659,355,117.00 1,961,024,945.73
Other Operating Income 40,086,000.00 47,373,612.30
Administrative Expenses (150,300,608.00) (177,625,174.16)
Selling, and Distribution Expenses (353,005,066.00) (417,181,188.83)
Operating Profit 1,196,135,443.00 1,413,592,195.04
Other non-operating Income 33,860,900.00 40,016,792.61
Finance Expense (237,950,206.00) (281,209,419.87)
Share of Profit from Associates 36,963,569.00 43,683,525.09
Profit Before WPPF and Income Tax 1,029,009,706.00 1,216,083,092.88
Workers's Profit Participation Fund (49,000,462.00) (57,908,718.48)
Net Profit Before Income Tax 980,009,244.00 1,158,174,374.40
-
-
Income Tax Expenses -
Current Tax (177,534,373.00) (209,810,022.35)
Deferred Tax (58,227,046.00) (68,812,690.28)
Profit after Tax for the Year 744,247,825 879,551,661.78
 2014 2013 2012
17% 21% 41%

2018 2019

7,565,228,105.29 8,940,582,327.82 2017

6,915,113,824.96 8,172,277,636.30 EFN 3,688,612,036.01
650,114,280.33 768,304,691.53
187,038,396.87 221,041,872.41
2,636,532,136.05 3,115,852,198.28
12,023,763,972.09 14,209,677,512.25
182,849,271.15 216,091,166.00
1,114,342,955.84 1,316,929,879.63
104,791,092.70 123,842,054.53
1,487,798,231.97 1,758,279,115.32
1,354,130,995.89 1,600,311,250.76
1,020,241,387.21 1,205,720,698.66
1,615,278,973.75 1,908,935,784.38
5,144,331,063.58 6,079,567,562.98
19,776,030,474.24 23,371,301,712.49
- -
- -
5,497,663,542.91 5,497,663,542.91
1,485,000,000.00 1,485,000,000.00
2,956,560,000.00 2,956,560,000.00
- -
- -
85,383,318.43 19,746,737.55
686,912,883.00 686,912,883.00
- -
- -
713,546,019.00 713,546,019.00
129,371,414.00 129,371,414.00
80,286,677.00 80,286,677.00
503,887,928.00 503,887,928.00
- -
- -
6,967,266,610.82 7,124,751,512.73
488,688,698.45 577,532,029.49
377,567,562.37 446,209,133.24
483,395,584.00 483,395,584.00
5,064,048,878.00 5,064,048,878.00
469,928,794.00 469,928,794.00
 49,000,462.00 49,000,462.00
12,833,356.00 12,833,356.00
21,803,276.00 21,803,276.00
7,680,812,629.82 7,838,297,531.73
13,178,476,172.73 13,335,961,074.64
63.25 74.75
- -
- -
12,592,961,859.25 14,882,355,255.76
(10,275,423,679.27) (12,143,489,935.69)
2,317,538,179.98 2,738,865,320.07
55,986,108.42 66,164,351.50
(209,917,331.10) (248,080,184.05)
(493,024,494.76) (582,656,071.13)
1,670,582,462.53 1,974,293,416.38
47,291,823.04 55,889,449.92
(332,333,134.53) (392,751,111.83)
51,625,165.43 61,010,591.53
1,437,166,316.47 1,698,442,346.01
(68,436,490.99) (80,878,206.64)
1,368,729,825.48 1,617,564,139.37
- -
- -
- -
(247,953,366.62) (293,031,149.48)
(81,322,798.74) (96,107,237.89)
1,039,453,660.12 1,228,425,751.99
 2018 2019
6,597,554,301.51 10,035,340,637.85
Operating Cash flow
EBIT 1,413,592,195 1,670,582,463 1,974,293,416
Depreciation 0 0 0
TAX -281,209,420 -332,333,135 -392,751,112
OCF 1,132,382,775 1,338,249,328 1,581,542,305

Net Capital Spending

Ending Net Fixed Asset 6,401,448,382.95 7,565,228,105.29 8,940,582,327.82
Beginning Net Fixed Asset 5,416,696,077.00 6,401,448,382.95 7,565,228,105.29
Depreciation 0
Capital Spending 984,752,305.95 1,163,779,722.34 1,375,354,222.54

Change in NWC
Ending NWC 6,834,008,041.92 6,967,266,610.82 7,124,751,512.73
Beginning NWC 6,721,249,003 6,834,008,042 6,967,266,611
Addition to NWC 112,759,038.92 133,258,568.90 157,484,901.91

CFFA 34,871,430.31 41,211,036.76 48,703,180.11