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7/27/2019 Excel Bex Pharma
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Income statement
2007
Net Sales Revenue 3,597,024,812
Cost of Goods Sold 1,967,509,975
Gross Profit 1,629,514,837
Operating Expenses 974,736,690Administrative Expenses 145,544,701
Selling, Marketing and Distribution Expenses 829,191,989
Profit from Operations 654,778,147
Other Income 19,625,795
Finance Cost 245,742,392
Profit Before Contribution to WPPF 419,661,550
Contribution to Workers' Profit Participation/ Welfare Funds 19,983,883
Profit Before Tax 399,677,667
Income Tax Expense 46,609,789
current tax 57,661,278
deffered tax 11,051,489
Profit After Tax Transferred to Statement of Changes in Equity 353,067,87815%
Dividend 52960181.7
Transfer to reserve 300,107,696
Depreciation 1,523,087,739
EPS 3
Number of shares used to compute EPS 114,507,043
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2008 2009 2010 2011
4,010,167,059 4868254915 6,490,847,353 7,890,241,843
2002871181 2566206626 3,317,640,254 4,103,709,021
2,007,295,878 2302048289 3,173,207,099 3,786,532,822
1,008,501,030 1300765878 1,537,426,907 1,798,053,124153,464,243 215192547 233,413,980 275,201,846
855,036,787 1085573331 1,304,012,927 1,522,851,278
998,794,848 1001282411 1,635,780,192 1,988,479,698
686,510 198986379 456,011,134 340,907,774
249,654,298 289427992 662,182,384 567,645,757
749,827,060 910840798 1,429,608,942 1,761,741,715
35,706,050 49373371 68,076,616 -83,892,463
714,121,010 867467427 1,361,532,326 1,677,849,252
168,779,737 242727120 309,883,518 479,323,910
173,720,430 0 71085835 207,549,905
4,940,693 242727120 238,797,683 271,774,005
545,341,273 620740307 1,051,648,808 1,198,525,34230% 15% 20% 21%
163602381.9 93111046.05 210329761.6 251690321.8
381,738,891 527,629,261 841,319,046 946,835,020
1,669,502,530 2654778919 3068649898 3,543,852,043
4.33 4.13 4.18 4.76
125,957,747 151149296 251,767,810 251,767,810
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2007 2008 2009
1. Sales Growth 0.114856658 0.213978082
Average sales growth rate
2.COGS 0.546982598 0.499448315 0.527130701
Average
3.Administrative expense 0.040462524 0.03826879 0.044203221
average
4.Selling, Marketing and Distribution Expenses 0.230521621 0.213217249 0.22299024
average
5.Growth rate of other income -0.965020016 288.8521201
Normalized growth rate
Total loan 3,027,636,603 3,556,432,568 3,685,079,475Average loan 3,292,034,586 3,620,756,022
Interest rate 0.075835867 0.07993579
6.Growth rate of PPE 0.325603143 0.087703054
Average
7. growth rate of investment 0 -0.921478463
average
8. Growth rate of intangible assets 0 0
normalized growth rate
9. Inventory proportion to sales 0.4087134 0.375367926 0.353915995
average
10.Spare and supplies proportion to sales 0.050688571 0.058483929 0.049716964
average
11. A/R proportion to sales 0.138915025 0.125659703 0.142579167
average
Proportion of contribution to WPPF to sales 0.00555567 0.008903881 0.010141903
Average
Income tax rate 0.116618447 0.23634613 0.279811221
Average
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Current tax 1.237106609 1.029273022 0
Average
Deferred tax 0.237106609 0.029273022 1
Average
Dividend portion of Net Income 0.15 0.30 0.15
Loans, Advances and Deposits 0.190689667 0.13578215 0.143625275
Short term investment prop. To Sales 0 0 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
Cash inflow from sale of assets
Depreciation rate 0.169364783 0.140046334 0.204739989
Average
Number of shares Outstanding 0.099999997 0.199999997
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2010 2011 2012 2013 2014 2015
0.333300632 0.215595039
0.219432603 0.219432603 0.219432603 0.219432603 0.219432603
0.511125909 0.52009927
0.520957359 0.520957359 0.520957359 0.520957359 0.520957359
0.035960479 0.034878759
0.038754755 0.038754755 0.038754755 0.038754755 0.038754755
0.200900261 0.193004385
0.212126751 0.212126751 0.212126751 0.212126751 0.212126751
1.291670095 -0.252413486
0.11 0.11 0.11 0.11 0.11
3,890,972,228 3,896,034,840 4,537,396,079 4,740,289,780 5,070,653,773 5,556,459,1983,788,025,852 3,893,503,534 4,216,715,460 4,638,842,929 4,905,471,777 5,313,556,486
0.174809362 0.14579305
0.119093517 0.119093517 0.119093517 0.119093517 0.119093517
0.166328972 0.041140893
0.155194015 0.155194015 0.155194015 0.155194015 0.155194015
1.185602462 -0.45205021
-0.046981553 -0.046981553 -0.046981553 -0.046981553 -0.046981553
7.928076626 1.658756962
0.155 0.155 0.155 0.155 0.155
0.305631813 0.290465701
0.346818967 0.346818967 0.346818967 0.346818967 0.346818967
0.042601555 0.041301807
0.048558565 0.048558565 0.048558565 0.048558565 0.048558565
0.126540711 0.123979003
0.131534722 0.131534722 0.131534722 0.131534722 0.131534722
0.010488094 -0.010632432
0.004891423 0.004891423 0.004891423 0.004891423 0.004891423
0.22759909 0.285677578
0.229210493 0.229210493 0.229210493 0.229210493 0.229210493
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0.22939534 0.433005533
0.585756101 0.585756101 0.585756101 0.585756101 0.585756101
0.77060466 0.566994467
0.520795752 0.520795752 0.520795752 0.520795752 0.520795752
0.20 0.21
0.202 0.202 0.202 0.202 0.202
0.120035117 0.106501261
0.139326694 0.139326694 0.139326694 0.139326694 0.139326694
0.13240239 0.27799193
0.184785072 0.184785072 0.184785072 0.184785072 0.184785072
0.252657467 0.208132531
0.275143057 0.275143057 0.275143057 0.275143057 0.275143057
0.066603886 0.066385562
0.071676276 0.071676276 0.071676276 0.071676276 0.071676276
0.013944586 0.012871585
0.016030128 0.016030128 0.016030128 0.016030128 0.016030128
0.000232312 0.000172549
0.000492697 0.000492697 0.000492697 0.000492697 0.000492697
0 0.0019622080.01279274 0.01279274 0.01279274 0.01279274 0.01279274
-2,443,606,226 -2,822,839,289 -3,260,927,053 -3,767,003,417 -4,351,619,804
0.202908665 0.22507089
0.188426132 0.188426132 0.188426132 0.188426132 0.188426132
0.665689597 0
0.241422398 0.241422398 0.241422398 0.241422398 0.241422398
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2016
0.219432603
0.520957359
0.038754755
0.212126751
0.11
6,231,814,9715,894,137,084
0.119093517
0.155194015
-0.046981553
0.155
0.346818967
0.048558565
0.131534722
0.004891423
0.229210493
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0.585756101
0.520795752
0.202
0.139326694
0.184785072
0.275143057
0.071676276
0.016030128
0.000492697
0.01279274
0.188426132
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Balance Sheet
2007
ASSETNon-Current Assets 9,029,643,482
Property, Plant and Equipment- Carrying Value 8,992,942,392
Investment in Shares 36,701,090
Intangible Assets 0
Current Assets 2,923,775,458
Inventories 1,470,152,242
Spares & Supplies 182,328,049
Accounts Receivable 499,680,792
Loans, Advances and Deposits 685,915,465
Short Term Investment 0
Cash and Cash Equivalents 85,698,910
TOTAL ASSETS 11,953,418,940SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity 8,250,939,647
Issued Share Capital 1,145,070,430
Share Premium 1,489,750,000
Excess of Issue Price over Face Value of GDRs 1,689,636,958
Capital Reserve on Merger 294,950,950
Revaluation Surplus 0
Tax-Holiday Reserve 442,354,953
Retained Earnings 3,189,176,356
Non-Current L iabi l i t ies 2,074,506,357
Long Term Borrowing-Net off Current Maturity (Secured) 1,776,449,778
Fully Convertible, 5% Dividend, Preference Share 0
Liability for Gratuity & WPPF 246,704,610
Deferred Tax Liability 51,351,969
Current Liabi l i t ies and Provisio ns 1,627,972,936
Short Term Borrowings 907,582,327
Long Term Borrowing-Current Maturity 343,604,498
Creditors and Other Payables 271,814,118
Accrued Expense 60,052,739
Dividend Payable 3,285,324
Income Tax Payable 41,633,930
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 11,953,418,940
Total Debt 3,702,479,293
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2008 2009 2010 2011
11,957,773,787 12,975,195,529 15,180,731,678 15,884,877,780
11,921,072,697 12,966,587,178 15,123,306,298 15,745,492,625
36,701,090 2,881,826 6,298,526 3,451,276
0 5,726,525 51,126,854 135,933,879
2,861,891,654 6,916,737,893 6,191,667,831 7,148,462,753
1,505,288,093 1,722,953,284 1,983,809,444 2,291,844,631
234,530,326 242,034,855 276,520,188 325,881,244
503,916,401 694,111,730 821,356,439 978,224,317
544,509,106 699,204,450 779,129,620 840,320,705
0 2,500,000,000 859,403,704 2,193,423,560
73,647,728 1,058,433,574 1,471,448,436 518,768,296
14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533
10,450,202,145 10,885,706,614 15,974,086,451 17,128,128,177
1,259,577,470 1,511,492,960 2,098,065,090 2,517,678,100
1,489,750,000 1,489,750,000 5,269,474,690 5,269,474,690
1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958
294,950,950 294,950,950 294,950,950 294,950,950
1,711,174,747 1,617,361,714 294,950,950 1,466,602,600
0 0 0 0
4,005,112,020 4,282,514,032 5,087,312,943 5,889,784,879
1,767,431,029 6,684,775,166 2,885,155,826 3,257,050,368
1,446,600,500 1,924,933,065 1,902,150,733 1,890,074,651
0 4,100,000,000 0 0
274,419,253 307,425,614 335,885,792 403,598,795
46,411,276 352,416,487 647,119,301 963,376,922
2,602,032,267 2,321,451,642 2,513,157,232 2,648,161,988
1,461,666,227 1,451,326,354 1,639,961,052 1,642,216,008
648,165,841 308,820,056 348,860,443 363,744,181
263,176,822 409,898,122 432,315,660 523,798,136
81,776,450 79,094,905 90,512,178 101,559,917
3,169,568 1,727,724 1,507,899 1,361,452
144,077,359 70,584,481 0 15,482,294
14,819,665,441 19,891,933,422 21,372,399,509 23,033,340,533
4,369,463,296 9,006,226,808 5,398,313,058 5,905,212,356
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Proforma Income Statement
2011 2012
Net Sales Revenue 7,890,241,843 9,621,618,146
Cost of Goods Sold 4,103,709,021 5012452774
Gross Profit 3,786,532,822 4,609,165,372
Operating Expenses:Administrative Expenses 275,201,846 372883450.3
Selling, Marketing and Distribution Expenses 1,522,851,278 2041002598
Profit from Operations 1,988,479,698 2,195,279,324
Other Income 340,907,774 378407629.1
Finance Cost 567,645,757 502183476.3
Profit Before Contribution to WPPF 1,761,741,715 2,071,503,477
Contribution to Workers' Profit Participation/ Welfare Funds 83,892,463 47063405.8
Profit Before Tax 1,677,849,252 2,024,440,071
Income Tax Expense 479,323,910 464022907.1
current tax 207,549,905 271804248.7
deffered tax 271,774,005 241661158.7
Profit After Tax Transferred to Statement of Changes in Equity 1,198,525,342 1,560,417,164Dividend 251690321.8 315204267.2
Transfer to reserve 946,835,020 1,245,212,897
479,323,910 513,465,407
1,198,525,342 1,510,974,664
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2013 2014 2015 2016
11,732,914,857 14,307,498,900 17,447,030,621 21,275,477,958
6112348331 7453596834 9089158986 11083616798
5,620,566,526 6,853,902,067 8,357,871,635 10,191,861,160
454706236.3 554483609.1 676155390.6 824525927.7
2488865110 3035003258 3700981922 4513098017
2,676,995,180 3,264,415,199 3,980,734,322 4,854,237,215
420032468.3 466236039.9 517522004.2 574449424.7
552456121.5 584209888.7 632810132.1 701953517.8
2,544,571,527 3,146,441,350 3,865,446,195 4,726,733,122
57390651.42 69984031.43 85340809.58 104067365.5
2,487,180,875 3,076,457,319 3,780,105,385 4,622,665,757
570087955 705156299.3 866439819.5 1059563498
333932497.6 413049604.3 507522410.2 620645782.9
296899385 367242404.9 451238177 551816168.2
1,917,092,920 2,371,301,020 2,913,665,565 3,563,102,259387252769.9 479002806 588560444.2 719746656.3
1,529,840,150 1,892,298,214 2,325,105,121 2,843,355,603
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Balance Sheet
2011 2012
ASSET
Non-Current Assets 15,884,877,780 18349391611
Property, Plant and Equipment- Carrying Value 15,745,492,625 18189098851
Investment in Shares 3,451,276 3289129.695
Intangible Assets 135,933,879 157003630.2
Current Assets 7,148,462,753 11,005,610,699
Inventories 2,291,844,631 3336959669
Spares & Supplies 325,881,244 467211972.1
Accounts Receivable 978,224,317 1265576866
Loans, Advances and Deposits 840,320,705 1340548247
Short Term Investment 2,193,423,560 1777931399
Cash and Cash Equivalents 518,768,296 2,817,382,547
TOTAL ASSETS 23,033,340,533 29,355,002,311
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity 17,128,128,177 21,521,957,501Issued Share Capital 2,517,678,100 2,517,678,100
Share Premium 5,269,474,690 5,269,474,690
Excess of Issue Price over Face Value of GDRs 1,689,636,958 1,689,636,958
Capital Reserve on Merger 294,950,950 294,950,950
Revaluation Surplus 4,615,219,027 4,615,219,027
Tax-Holiday Reserve 0 0
Retained Earnings 5,889,784,879 7,134,997,776
Non-Current L iabi l i t ies 3,257,050,368 3,167,760,002
Long Term Borrowing-Net off Current Maturity (Secured) 1,890,074,651 1,512,059,721
Fully Convertible, 5% Dividend, Preference Share 0 0
Liability for Gratuity & WPPF 403,598,795 450,662,201
Deferred Tax Liability 963,376,922 1,205,038,081Current Liabi l i t ies and Provisio ns 2,648,161,988 4,665,284,807
Short Term Borrowings 1,642,216,008 2647321428
Long Term Borrowing-Current Maturity 363,744,181 378014930.2
Creditors and Other Payables 523,798,136 689641758.2
Accrued Expense 101,559,917 154235770.7
Dividend Payable 1,361,452 316,565,719
Income Tax Payable 15,482,294 479,505,201
TOTAL LIABILITIES 5,905,212,356 7,833,044,810
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 23,033,340,533 29,355,002,311
Number of shares Outstanding 251,767,810 312550198.4
EPS 4.76 4.99253295
0.907360473
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2013 2014 2015 2016
21196411934 24485299294 28284626611 32673608866
21011938140 24272865194 28039868610 32391488414
3134601.274 2987332.839 2846983.304 2713227.608
181339192.9 209446767.8 241911016.9 279407224.5
11,388,129,231 12,169,097,129 13,447,616,646 15,348,318,803
4069197414 4962111993 6050961142 7378739294
569733511.1 694751618.3 847202774.1 1033106684
1543285691 1881932887 2294890318 2798464074
1634708238 1993416521 2430837097 2964242008
2168067513 2643812210 3223950804 3931390720
1,403,136,864 -6,928,101 -1,400,225,489 -2,757,623,976
32,584,541,166 36,654,396,423 41,732,243,257 48,021,927,669
23,051,797,651 24,944,095,865 27,269,200,986 30,112,556,5892,517,678,100 2,517,678,100 2,517,678,100 2,517,678,100
5,269,474,690 5,269,474,690 5,269,474,690 5,269,474,690
1,689,636,958 1,689,636,958 1,689,636,958 1,689,636,958
294,950,950 294,950,950 294,950,950 294,950,950
4,615,219,027 4,615,219,027 4,615,219,027 4,615,219,027
0 0 0 0
8,664,837,926 10,557,136,140 12,882,241,261 15,725,596,864
3,144,035,109 3,203,246,615 3,361,810,671 3,639,679,275
1,134,044,791 756,029,860 378,014,930 0
0 0 0 0
508,052,852 578,036,884 663,377,693 767,445,059
1,501,937,466 1,869,179,871 2,320,418,048 2,872,234,2166,388,708,406 8,507,053,943 11,101,231,599 14,269,691,805
3228230059 3936608983 4800429337 5853800041
378014930.2 378014930.2 378014930.2 378014930.2
840971644.1 1025508241 1250538183 1524947031
188080127.3 229351039.1 279678134.6 341048635.5
703,818,489 1,182,821,295 1,771,381,739 2,491,128,396
1,049,593,156 1,754,749,455 2,621,189,275 3,680,752,773
9,532,743,514 11,710,300,558 14,463,042,270 17,909,371,080
32,584,541,166 36,654,396,423 41,732,243,257 48,021,927,669
388006816.8 481680352.9 597968778.7 742331835.1
4.940874328 4.922976421 4.872604841 4.79987802
0.737117951 0.874868307 0.828549271 0.791725494
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1. As other income shows abnormal growth rate so we assumed a smoother rate of 11%
2. As the growth rate of intangible assets shows abnormal result so we have normalized it at 15
3. Issued Share Capital is assumed to be constant over the next 5years
4. Share Premium is assumed to be constant over the next 5years
5. Excess of Issue Price over Face Value of GDRs are assumed to be constant over the next 5ye
6. Capital Reserve on Merger is assumed to be constant over the next 5years
7. Revaluation Surplus is assumed to be constant over the next 5years8. Tax-Holiday Reserve is assumed to be constant over the next 5years
9. Long Term Borrowing-Current Maturity is one-fifth of the long term debt
10. Fully Convertible, 5% Dividend, Preference Share is assumed to be constant over the next 5y
11. Income Tax Payable is assumed to be 0 for the next 5 years
12. Liability for Gratuity & WPPF accumulated to the previous year
13.Deferred Tax Liability accumulated to the previous year
14. Perpetual growth rate is 2%.
15. Risk-free rate is 8%.
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.5%.
ars
ears
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Time Monthly closing - Bxpharma DGEN Bxpharma return
30/12/2011 93.60 5,257.61 -0.058350101
30/11/2011 99.40 5,268.55 0.143843498
31/10/2011 86.90 5,036.50 -0.194624652
30/09/2011 107.90 5,910.20 0.134595163
31/08/2011 95.10 6,212.00 -0.122693727
29/07/2011 108.40 6,459.62 0.348258706
30/06/2011 80.40 6,117.23 0.019011407
31/05/ 2011 78.90 5,758.26 -0.307287094
29/04/ 2011 113.90 6,050.85 -0.055555556
31/03/ 2011 120.60 6,352.10 0.172011662
28/02/ 2011 102.90 5,203.08 -0.237777778
30/01/ 2011 135.00 7,484.23 -0.000740192
30/12/2010 135.10 8,290.41 -0.070199587
30/11/2010 145.30 8,602.44 -0.033909574
31/10/2010 150.40 7,957.12 0.006020067
30/09/2010 149.50 7,097.38 -0.032988357
31/08/2010 154.60 6,657.97 0.027242525
29/07/2010 150.50 6,342.76 0.028708134
30/06/2010 146.3 6,153.68 0
31/05/ 2010 146.3 6,107.81 -0.212170167
29/04/ 2010 185.70 5,654.88 0.018092105
31/03/ 2010 182.40 5,582.33 0.095495495
28/02/ 2010 166.50 5,560.56 -0.073971079
30/01/ 2010 179.80 5,367.11 0.154043646
30/12/ 2009 155.8 4,535.53 -0.025641026
26/11/ 2009 159.9 4,380.95 -0.02559415
29/10/ 2009 164.10 3,364.26 0.032075472
30/09/ 2009 159.00 3,083.89 -0.004383219
31/08/ 2009 159.70 2,941.28 -0.043139605
30/07/ 2009 166.90 2,914.53 -0.151930894
30/06/ 2009 196.80 3,010.26 0.344262295
31/05/ 2009 146.4 2,572.18 -0.011478731
30/04/ 2009 148.1 2,554.36 -0.037061118
31/03/ 2009 153.8 2,446.92 0.003916449
26/02/ 2009 153.2 2,570.96 -0.107746069
29/01/ 2009 171.7 2,649.49 0.023852117
30/12/2008 167.7 2,795.34 0.481448763
30/11/2008 113.2 2,468.92 -0.336070381
30/10/2008 170.50 2,748.60 0.249084249
25/09/2008 136.50 2,966.82 0.248856359
31/08/2008 109.3 2,791.20 0.066341463
30/07/2008 102.5 2,761.05 0.03850050730/06/2008 98.70 3,000.49 0.238393977
29/05/2008 79.70 3,167.99 0.027061856
30/04/2008 77.60 3,072.85 0.018372703
31/03/2008 76.20 3,016.49 0.2192
28/02/2008 62.50 2,931.38 0.050420168
31/01/2008 59.5 2,907.17 0.010186757
30/12/2007 58.9 3,017.21 -0.122205663
29/11/2007 67.1 2,971.11 -0.06022409
31/10/2007 71.4 2,850.81 0.448275862
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30/09/2007 49.3 2,548.49 -0.015968064
29/08/2007 50.1 2,455.08 -0.1005386
31/07/2007 55.7 2,384.18 0.122983871
28/06/2007 49.6 2,149.32 0.004048583
31/05/2007 49.4 2,003.58 -0.048169557
30/04/2007 51.9 1,743.33 -0.005747126
29/03/2007 52.2 1,760.88 0.096638655
28/02/2007 47.6 1,791.54 -0.136116152
31/01/2007 55.1 1,805.12
Covariance 0.006110757
Variance of market return 0.008318305
Beta 0.734615611
Market return 0.022401635
Market return -yearly 0.268819617
9
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DGEN return
-0.002078098 2007 2008 2009 2010 2011
0.046074901 Mkt. P. 54.85833 104.4917 161.2833 157.70 101.92
-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
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0.03804764
0.029737688
0.10927177
0.072739796
0.149283268
-0.009966608
-0.017113768
-0.007523035
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Particulars 2011 2012 2013
Inventory 2,291,844,631 3336959669 4069197414
Accounts receivable 978,224,317 1265576866 1543285691
Advance and prepayment 840,320,705 1340548247 1634708238
Non-cash current asset 4,110,389,653 5,943,084,782 7,247,191,343
Accounts payable 523798136 689641758.2 840971644.1
Accrued expenses 101559917 154235770.7 188080127.3
Other liabilities 1361452 394755425.5 868025326.4
Non- STD Current liabilities 626719505 1238632954 1897077098
Working capital 3,483,670,148 4,704,451,827 5,350,114,245
Change in WC 1,220,781,679 645,662,418
Particulars 2007 2008 2009
Inventory 1,470,152,242 1,505,288,093 1,722,953,284
Accounts receivable 499,680,792 503,916,401 694,111,730
Advance and prepayment 685,915,465 544,509,106 699,204,450
Non-cash current asset 2,655,748,499 2,553,713,600 3,116,269,464
Accounts payable 271,814,118 263,176,822 409,898,122
Accrued expenses 60,052,739 81,776,450 79,094,905
Other liabilities 3,285,324 3,169,568 1,727,724
Non- STD Current liabilities 335,152,181 348,122,840 490,720,751
Working capital 2,320,596,318 2,205,590,760 2,625,548,713
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2014 2015 2016
4962111993 6050961142 7378739294
1881932887 2294890318 2798464074
1993416521 2430837097 2964242008
8,837,461,401 10,776,688,557 13,141,445,375
1025508241 1250538183 1524947031
229351039.1 279678134.6 341048635.5
1437989308 2125077961 2954118416
2692848588 3655294279 4820114082
6,144,612,813 7,121,394,278 8,321,331,292
794,498,568 976,781,465 1,199,937,014
2010 2011
1,983,809,444 2,291,844,631
821,356,439 978,224,317
779,129,620 840,320,705
3,584,295,503 4,110,389,653
432,315,660 523,798,136
90,512,178 101,559,917
1,507,899 1,361,452
524,335,737 626,719,505
3,059,959,766 3,483,670,148
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Risk-free rate 0.08
Market return 0.268819617
Beta 0.734615611
Cost of equity 0.218709839
Cost of debt 0.119093517
After tax cost of debt 0.091796034
Total market value of equity 23,565,467,016.00
Book value of debt 3,896,034,840
Weight of equity 0.86
Weight of debt 0.14
WACC 0.20
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Particulars 2012 2013 2014
EBIT 2526623548 3039636997 3660667208
EBIT (1-tax rate) 1947494918 2342920302 2821603872
Depreciation 4004291313 4075748733 4158295916
Capital expenditure -2,443,606,226 -2,822,839,289 -3,260,927,053
Change in NWC 1,220,781,679 645,662,418 794,498,568
Free cashflow 2,287,398,326 2,950,167,328 2,924,474,167
Present value discount factor 0.83 0.69 0.58
Present value of free cashflow 1,906,165,271.52 2,048,727,310.86 1,692,404,031.70
Terminal value
Enterprise value 14,839,006,606.13
Cash 518,768,296
Interest-bearing debt 3,896,034,840
Equity value 11,461,740,062.13
Value per share 45.53
Depreciation 4004291313 531896689.8 614443872.9
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2015 2016 2017
4412915517 5324619274
3401428975 4104160665
4253653928 4363810933
-3,767,003,417 -4,351,619,804
976,781,465 1,199,937,014
2,911,298,021 2,916,414,779 2,974,743,075
0.48 0.40
1,403,982,456.10 1,172,041,690.49
6615685845
709801884.8 819958889.5
M.R.K
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A.
1 Dividend Per Share
2 Revenue Per Share (Rs)
3 Net Operating Profit Per Share (Rs)
4 Free Reserves Per Share (Rs)
5 Bonus in Equity Capital
6 P/E ratio
7 Dividend payout ratio
8 Dividend yieldB.
2 Gross Profit Margin(%)
3 Cash Profit Margin(%)
4 Adjusted Cash Margin(%)
5 Net Profit Margin(%)
6 Adjusted Net Profit Margin(%)
7 Return On Capital Employed(%)
8 Return On Net Worth(%)
Ratio AnaInvestm
Pr
1 Operating Profit Margin(%)
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9 Adjusted Return on Net Worth(%)
12 Return on Long Term Funds(%)
13 Pretax Margin
C.
1 Current Ratio
2 Quick Ratio
3 Cash Ratio
4 Defensive Interval
5 Cash conversion cycle
6 Debt Equity Ratio
7 Long Term Debt Equity Ratio
8 Debt Coverage Ratios
10 Return on Assets
11 Operating return on Assets
Liquidit
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9 Debt to Asset ratio
11 Financial Leverage ratio
12 Financial Charges Coverage Ratio
13 Fixerd charge coverage ratio
D.
1 Inventory Turnover Ratio
2 Days of inventory on hand
3 Debtors Turnover Ratio
4 Investments Turnover Ratio
5 Receivable turnover
6 Days of sales Outstanding
7 Fixed Assets Turnover Ratio
8 Total Assets Turnover Ratio
9 Payables turnover
10 Number of days of payables
11 Raw material turnover ratio
12 Raw material holding periaod
13 Working capital turnover
14 Number of Days In Working Capital
E.
1 Material Cost Composition
2
Imported Composition of Raw Materials
Consumed
3 Selling Distribution Cost Composition
4 Expenses as Composition of Total Sales
F.
1 Dividend payout Ratio
2 Dividend Payout Ratio Net Profit
3 Dividend Payout Ratio Cash Profit
4 Dividend Yield
5 Earning Retention Ratio
6 Cash Earning Retention Ratio
7 Adjusted Cash Flow Times
8 Earnings Per Share9
10 Book Value per share
Profit &
Cash Fl
10 Interest Cover
Manage
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(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
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
lysisent Valuation Ratios
fitability Ratios
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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
Current Assets/Current Liabilitiescas + mar eta e securities + receiva es
current liabilities
cash + marketable securities/ Current Liabilitiescash + 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
And Solvency Ratios
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Total debt/Total Assets
CFO + Cash payment for interest and income
taxes/Cash payment for interestEarnings before interest and taxes/ Interest
payments
Average total assets/Average total liabilities
Earnings before interest and taxes + lease
payments/ Interest payments + lease payments
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 turnoverRaw materials consumed during the
year/Average raw materials held
365/Raw materials turnover
Revenue/Average working capital
Average Working Capital / (Revenue/365)
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
Loss Account Ratios
ow Indicator Ratios
ent Efficiency Ratios
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A.
1 Dividend Per Share
2 Dividend payout ratio
3 Dividend yield
B.
1 Net Profit Margin(%)
2 P/E ratio
C.1 Current Ratio
2 Debt Equity Ratio
3 Financial Leverage ratio
4 Debt to Asset ratio
D.
1 Inventory Turnover Ratio
2 Receivable turnover
3
Total Assets Turnover
Ratio
4 Payables turnover
5
Working capital
turnover
3 Return on Assets
Return on Equity
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2007
(Sum of Dividend-Special one time dividend)/Number of outstanding Share 0.462505889
Yearly Dividend per share/Earning per Share 0.15016425
Dividend per share/Market price per share 0.008430914
Net income/ revenue 0.09815553
Market price per share/Earning per share 17.81114719
Net Income/Average total Assets 0.029536978
net income+ Interest expense (1 tax rate)/Average total Assets
Net Income/Average total Equity 0.042791233
Current Assets/Current Liabilities 1.795960727
Total Debt/ Total Share holders Equity 0.44873426
Average total assets/Average total liabilities 3.228490423Total debt/Total Assets 0.309742285
Cost of goods sold/Average Inventory 1.338303557
Annual Sales/Average receivables 7.198645354
Revenue/Average total assets 0.300920166Purchases or COGS/Average trade payables 7.23843923
Revenue/Average working capital 1.550043316
Investment Valuation Ratios
Profitability Ratios
Liquidity And Solvency Ratios
Management Efficiency Ratios
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2008 2009 2010 2011
1.298867166 0.616020375 0.83541165 0.99969222
0.299969322 0.149157476 0.199859246 0.21001937
0.012430342 0.003819492 0.005297474 0.00980892
0.135989665 0.127507766 0.162020265 0.1518997
24.13202463 39.05165456 37.72727273 21.4110644
0.036798487 0.03120563 0.049205931 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 2.208686706 3.959088567 3.90051012
0.294842236 0.452757739 0.252583387 0.25637672
1.330556716 1.489423219 1.672358333 1.79057034
7.958000674 7.013647378 7.902595079 8.06588193
0.270597678 0.24473513 0.303702322 0.34255743
7.610363123 6.260596202 7.674115377 7.83452391
1.818182743 1.854185714 2.121219836 2.2649222
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Year 2007 2008 2009 2010
Current Ratio 1.795960727 1.099867857 2.979488251 2.463700938
Dividend Per Share 0.462505889 1.298867166 0.616020375 0.83541165
Net Profit Margin(%) 0.09815553 0.135989665 0.127507766 0.162020265
0
0.5
1
1.5
2
2.5
3
3.5
2007 2008 2009 2010 201
Current Ratio
0
0.2
0.4
0.6
0.8
1
1.2
1.4
2007 2008 2009 2010 2011
Dividend Per Share
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P/E ratio 17.81114719 24.13202463 39.05165456 37.72727273
Return on Assets 0.029536978 0.036798487 0.03120563 0.049205931
0
0.02
0.04
0.06
0.080.1
0.12
0.14
0.16
0.18
2007 2008 2009 2010 201
Net Profit Margin
0
5
10
15
20
25
30
35
40
45
2007 2008 2009 2010 20
P/E ratio
0.02
0.03
0.04
0.05
0.06Return on Assets
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Year 2007 2008 2009 2010Return on Equity 0.042791233 0.052184758 0.057023428 0.065834676
Inventory Turnover R 1.338303557 1.330556716 1.489423219 1.672358333
Total Assets Turnove 0.300920166 0.270597678 0.24473513 0.303702322
0
0.01
2007 2008 2009 2010 2011
0
0.01
0.02
0.03
0.04
0.05
0.06
0.07
0.08
2007 2008 2009 2010 2011
Return on Equity
0
0.2
0.4
0.6
0.8
1
1.2
1.4
1.6
1.8
2
2007 2008 2009 2010 2011
Inventory Turnover Ratio
Invent
Total Assets Turnover R
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Payables turnover 7.23843923 7.610363123 6.260596202 7.674115377
Working capital turno 1.550043316 1.818182743 1.854185714 2.121219836
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
.
2007 2008 2009 2010 2011
To
0
1
2
3
4
5
6
7
8
9
2007 2008 2009 2010 2011
Payables turnover
0
0.5
1
1.5
2
2.5
2007 2008 2009 2010 2011
Working capital turnov
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2011
2.69940539
0.99969222
0.1518997
1
Current Ratio
Dividend Per Share
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21.4110644
0.05203437
%)
Net Profit Margin(%)
11
P/E ratio
Return on Assets
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20110.0699741
1.79057034
0.34255743
Return on Equity
ory Turnover Ratio
tio
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7.83452391
2.2649222
tal Assets Turnover Ratio
Payables turnover
er
Working capital turnover