All amounts in Indian Rupees millions, except share data and where otherwise statedEQUITY AND LIABILITIES 2012 2013 2014Shareholders’ fundsShare capital 291.1 291.2 291.5Reserves and surplus 24,641 28,926 40,052Total Shareholder Funds 24,932 29,217 40,343Non current liabilitiesLong term borrowings 8,337 10,411 10,323Deferred tax liabilities, net 37.9 679 2,053Other long term liabilities 0 0 0Long term provisions 41.2 85 83Total Non Current Liabilities 8,417 11,175 12,459Current liabilitiesShort term borrowings 16,082 17,339 17,826Trade payables 5,849 9,013 12,362Other current liabilities 4,058 680 1,924Short term provisions 576 648 1,062Total Current Liabilities 26,564 27,680 33,173Total Liabilities and Owners Equity 59,912 68,072 85,975ASSETSNon current assetsFixed assetsTangible assets 16,267 20,119 19,379Intangible assets 1 0 0Capital work-in-progress 5,581 1,663 2,039Non current investments 6,103 7,079 8,726Deferred tax assets, net 0 0 0Long term loans and advances 1,784.90 2,891 4,636Other non current assets 1.2 185.8 163.3Total Non Current Assets 29,738 31,939 34,944Current assetsCurrent investments 187 0 0Inventories 12,193 14,317 17,118Trade receivables 14,263 17,306 29,701Cash and bank balances 140 972 316Short term loans and advances 2,625 2,760 3,147Other current assets 767.5 778 748Total Current Assets 30,175 36,133 51,031Total Assets 59,912 68,072 85,975

tally check 0 0 0

INCOMESales, gross 43,787 55,695 72,695Less: Excise duty -972.8 -1,444.00 -1,588.20Sales, net 42,815 54,251 71,107Service income 0 0 0License fees 0 0 0Other operating revenues 0 0 0Revenue from operations 0 0 0Other income 191 265 748Total revenue 43,005 54,516 71,855EXPENSESCost of material consumed 23,933 30,536 34,223Purchase of stock-in-trade 355 781 969Changes in inventories of fi nished goo 899 -1,211 -358

25,187 30,107 34,835Conversion charges 0 0 0Employee benefi ts expense 3,641 4,314 5,142Finance costs 2,676 2,501 2,888Depreciation 1,429 1,714 1,860Other expenses 8,252 10,250 11,936Total expenses 41,185 48,885 56,661Profi t before exceptional and extraord 1,820 5,631 15,195Exceptional items 3,199 0Profi t before extraordinary items and t -1,378 5,631 15,195Extraordinary itemsProfi t before tax -1,378 5,631 15,195Tax expense -952 671 3,473.70Profi t for the year -426 4,960 11,721Dividends 0 674 595.5Number of shares 660,000,000 660,000,000 660,000,000

Cash Flow Statement

Cash Flow from Operations:PAT -426 4,960 11,721Add: Depreciation 1,429 1,714 1,860

Cost of Goods Sold (Cost of material consumed + Purchase of stock-in-trade + Changes in inventories of fi nished goods,work-in-progress and stock-intrade)

Add: Interest (finance cost) 2,676 2,501 2,888Less: Other Income -191 -265 -748Less: Increase in Current AssetsInventories -2,125 -2,801Trade receivables -3,043 -12,395Short term loans and advances -135 -388Other current assets -10 30Add: Increase in Current LiabilitiesTrade payables 3,164 3,349Other current liabilities -3,377 1,244Short term provisions 72 414NO SHORT TERM BORROWINGNO CASH AND SHORT TERM INVESTMENTTOTAL CFO 3,455 5,174

Cash Flow from Investing:Less: Increase in Non Current AssetsTangible assets -5,566 -1,120Intangible assets 1 0Capital work-in-progress 3,917 -376Non current investments -976 -1,647Deferred tax assets, net 0 0Long term loans and advances -1,106 -1,745Other non current assets -184.6 22.5Less: Increase in Short Term InvestmentShort Term Investments 186 0Add: Increase in Other IncomeOther Income 265 748TOTAL CFI -3,464 -4,116

Cash Flow from Financing:Add: Increase in Non Current LiabilitiesLong term borrowings 2,073 -88Deferred tax liabilities, net 642 1,373Other long term liabilities 0 0Long term provisions 43.8 -2Share Capital 0.1 0.3Add: Short Term BorrowingsShort Term Borrowings 1,257 487Less: Interest ExpenseFinance cost -2,501 -2,888Less: Dividend Paid -674 -596TOTAL CFF 841 -1,714

NET CASH FLOW 832 -656

Free Casf Flow to the Firm (FCFF) 1,807 3,679

2015 2016 2017 2018 2019 2020

292 292 292 292 292 29253,411 84,619 118,816 156,384 197,790 243,693

53,703 84,911 119,108 156,676 198,082 243,985

6,872 10299.68115 10874.56722 9604.221198 6199.979566 02,103 3938.18515 4307.925796 4690.180933 5090.227333 5518.677002

0 2676.43651 2927.71656 3187.501605 3459.377799 3750.557186226.5 420.5828801 460.0697452 500.8931094 543.6165113 589.3732729,202 17,335 18,570 17,983 15,293 9,859

22,094 41312.70927 45191.39634 49201.36406 53397.96731 57892.5291311,460 21425.85638 23437.44539 25517.12 27693.5887 30024.58654

5,048 24,584 1,059 -23,611 -49,444 -76,114860 1605.861906 1756.629936 1912.500963 2075.626679 2250.334311

39,462 88,928 71,444 53,020 33,723 14,054102,366 191,174 209,123 227,679 247,098 267,897

21,900 40949.4786 44794.06337 48768.77456 52928.48033 57383.524940 0 0 0 0 0

2,272 4244.063608 4642.521974 5054.466831 5485.584796 5947.3121099,931 1414.687869 1547.507325 1684.822277 1828.528265 1982.43737

0 0 0 0 0 04,189 7838.135493 8574.02707 9334.826129 10131.03498 10983.77461285.5 535.287302 585.5433121 637.500321 691.8755598 750.1114371

38,578 54,982 60,144 65,480 71,066 77,047

196 363.2306692 397.3329618 432.5895036 469.486987 509.004189521,451 40102.90486 43868.00817 47760.5477 51834.25732 56197.2000537,089 69340.36238 75850.45507 82580.89275 89624.58452 97168.37796

218 19,148 20,776 22,460 24,221 26,1084,009 7494.022228 8197.606369 8925.004494 9686.257838 10501.56012

825 1548.509695 1693.893153 1844.197357 2001.497155 2169.96522963,788 137,997 150,784 164,003 177,838 192,654

102,366 191,174 209,123 227,679 247,098 267,897192,979 210,927 229,483 248,903 269,702

0

82,448 154143.6256 168615.5616 183577.3246 199235.4514 216005.3042-1,497.40 -2805.41399 -3068.80322 -3341.10731 -3626.08522 -3931.29654

80,951 151,338 165,547 180,236 195,609 212,0741,689 3159.944324 3456.619013 3763.335154 4084.326753 4428.108736

0 0 0 0 0 00 0 0 0 0 00 154,498 169,003 184,000 199,694 216,502

672 1263.97773 1382.647605 1505.334062 1633.730701 1771.24349481,623 155,762 170,386 185,505 201,327 218,273

39,203158

-1,590.90

37,770 70,613 77,243 84,097 91,270 98,9520 0 0 0 0 0

6,688 12501.04803 13674.72205 14888.12102 16157.99511 17518.030171,321 1980.628686 2091.179276 1846.891736 1192.25607 02,452 4578.065679 5007.88218 5452.24654 5917.292906 6415.357535

13,989 26158.17326 28614.06081 31153.07198 33810.2561 36656.1001262,220 115,831 126,631 137,437 148,348 159,54219,404 39,931 43,755 48,068 52,980 58,732

19,404 39,931 43,755 48,068 52,980 58,732

19,404 39,931 43,755 48,068 52,980 58,7324,240.00 8722.713929 9558.126413 10500.14465 11573.16178 12829.65019

15,164 31,208 34,197 37,568 41,407 45,9021804.6 0 0 0 0 0

660,000,000

15,164 31,208 34,197 37,568 41,407 45,9022,452 4,578 5,008 5,452 5,917 6,415

1,321 1,981 2,091 1,847 1,192 0-672 -1,264 -1,383 -1,505 -1,634 -1,771

-4,332 -18,652 -3,765 -3,893 -4,074 -4,363-7,388 -32,251 -6,510 -6,730 -7,044 -7,544

-861 -3,486 -704 -727 -761 -815-77 -724 -145 -150 -157 -168

-901 9,965 2,012 2,080 2,176 2,3313,124 19,536 -23,525 -24,670 -25,834 -26,669-202 746 151 156 163 175

7,626 11,638 7,427 9,427 11,353 13,492

-4,972 -23,627 -8,852 -9,427 -10,077 -10,8700 0 0 0 0 0

-233 -1,972 -398 -412 -431 -462-1,205 8,516 -133 -137 -144 -154

0 0 0 0 0 0447 -3,649 -736 -761 -796 -853

-122.2 -250 -50 -52 -54 -58

-196 -167 -34 -35 -37 -40

672 1,264 1,383 1,505 1,634 1,771-5,610 -19,885 -8,821 -9,319 -9,906 -10,665

-3,452 3,428 575 -1,270 -3,404 -6,20051 1,835 370 382 400 428

0 2676.43651 251.2800505 259.7850447 271.876194 291.1793865143.5 194.0828801 39.48686508 40.82336417 42.72340191 45.75676073

0.5 0 0 0 0 0

4,268 19,219 3,879 4,010 4,197 4,495

-1,321 -1,981 -2,091 -1,847 -1,192 0-1,805 1,805 0 0 0 0-2,114 27,176 3,023 1,576 315 -940

-98 18,930 1,628 1,683 1,762 1,887

2,421 -13,962 -1,824 -412 844 2,160100% 23% -205%

Less: Excise duty -1.82%Service income 2.05%License fees (Avg of last 2014 and 2015) 0.00%Other operating revenues 0.00%Other income 0.82%Cost of Goods Sold (Avg of 2012 to 2015) 45.81%Conversion charges 0.00%Employee benefi ts expense 8.11%Depreciation (Avg of 2012 to 2015) 2.97%Other expenses 16.97%Tax expense/PBT 21.84%Dividend Payout Ratio 0%Balance Sheet AssumptionsTotal Asset Turnover 80.63%Inventory Turnover 176.08%Receivables Turnover 222.30%Payables Turnover 329.57%D/E 12.13% 9.13%Deferred tax liabilities, net 2.06%Other long term liabilities 1.40%Long term provisions 0.22%Short term borrowings 21.61%Other current liabilities 4.94%Short term provisions 0.84%Interest% 19.23%Tangible assets 21.42%Intangible assets 0.00%Capital work-in-progress 2.22%Non current investments 0.74%Deferred tax assets, net 0.00%Long term loans and advances 4.10%Other non current assets 0.28%Current investments 0.19%Short term loans and advances 3.92%Other current assets 0.81%

Reasoning

6.13% 3.13% 0.00%

CAGR -177.36%Long Term Growth Rate 5%Cost of Capital 12% 2016 2017 2018 2019 2020FCFF -13,962 -1,824 -412 844 2,160Growth Rate -177.36%Terminal ValuePV of the terminal value 10970.66PV of 2015 to 2028 -5036.9198Total Value of the firm 5933.73793Number of Shares (in crores) 66Value per share 89.9051202

Wd 0.35038189We 0.64961811 Rf (Treasur 7.74%Kd (Interest% from Common Si 19.23% Rm-Rf 9.05%Ket (Effective Tax Rtae fom comm 21.85%Kd*(1-t) 0.15027814WACC 0.05265474

2021 2022 2023 2024 2025 2026 2027 2028 20292268.039 2381.441 2500.514 2625.539 2756.816 2894.657 3039.39 3191.359 3350.927

5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00% 5.00%47870.39

2030 2031 2032 2033 2034

5.00%

Year Annual SaleGDP Infaltion2002 16460 43,665.93 104.05 SUMMARY OUTPUT2003 18105 47,134.73 108.063

2004 20204 50,834.33 112.203 Regression Statistics2005 19213 55,554.15 117.153 Multiple R 0.9781572006 24605 60,700.75 125.289 R Square 0.9567922007 65126 66,650.28 132.731 Adjusted R 0.9489352008 49700 69,243.57 144.933 Standard E 9969.4172009 68326 75,115.32 160.302 Observatio 142010 68,833 82,822.13 175.585

2011 72,724 88,320.10 192.165 ANOVA2012 94,734 92,808.00 211.861 df SS MS2013 114,933 99,211.10 233.028 Regression 2 2.42E+10 1.21E+102014 131,715 106,322.73 246.994 Residual 11 1.09E+09 993892662015 147,855 114,254.68 262.03 Total 13 2.53E+102016 154143.6 122,787.29 277.08

2017 168615.6 132,062.81 292.66 CoefficientsStandard Error t Stat2018 183577.3 142,169.00 307.94 Intercept -71060.79 10574.48 -6.7200242019 199235.5 153,118.97 323.33 X Variable 0.762841 0.837071 0.9113222020 216005.3 164,986.75 339.58 X Variable 474.7229 347.3085 1.366863

F Significance F121.7898 3.131E-08

P-value Lower 95%Upper 95%Lower 95.0%Upper 95.0%3.287E-05 -94335.07 -47786.51 -94335.07 -47786.510.381663 -1.07954 2.605223 -1.07954 2.6052230.198953 -289.6979 1239.144 -289.6979 1239.144

Country Subject Descriptor

India Gross domestic product, constant prices

India Gross domestic product, constant prices

India Gross domestic product, current prices

India Gross domestic product, current prices

India Gross domestic product, deflator

India Gross domestic product per capita, constant prices

India Gross domestic product per capita, current prices

India Gross domestic product per capita, current prices

India Gross domestic product based on purchasing-power-parity (PPP) valuation of country GDP

India Gross domestic product based on purchasing-power-parity (PPP) per capita GDP

India Gross domestic product based on purchasing-power-parity (PPP) share of world total

India Implied PPP conversion rate

India Total investment

India Gross national savings

India Inflation, average consumer prices

India Inflation, average consumer prices

India Inflation, end of period consumer prices

India Inflation, end of period consumer prices

India Volume of imports of goods and services

India Volume of Imports of goods

India Volume of exports of goods and services

India Volume of exports of goods

India Population

India General government revenue

India General government revenue

India General government total expenditure

India General government total expenditure

India General government net lending/borrowing

India General government net lending/borrowing

India General government structural balance

India General government structural balance

India General government primary net lending/borrowing

India General government primary net lending/borrowing

India General government gross debt

India General government gross debt

India Gross domestic product corresponding to fiscal year, current prices

India Current account balance

India Current account balance

Units Scale 2002 2003 2004 2005

National currency Billions 43,665.93 47,134.73 50,834.33 55,554.15

Percent change 3.907 7.944 7.849 9.285

National currency Billions 25,363.27 28,415.03 32,422.10 36,933.69

U.S. dollars Billions 523.768 618.369 721.589 834.218

Index 58.085 60.285 63.78 66.482

National currency Units 41,037.00 43,623.07 46,320.93 49,869.08

National currency Units 23,836.26 26,298.03 29,543.46 33,154.12

U.S. dollars Units 492.234 572.299 657.522 748.85

Current international dollar Billions 2,378.85 2,619.03 2,902.27 3,273.78

Current international dollar Units 2,235.63 2,423.90 2,644.58 2,938.76

Percent 4.434 4.592 4.707 4.91

National currency per current international dollar 10.662 10.849 11.171 11.282

Percent of GDP 24.75 26.831 32.818 34.65

Percent of GDP 25.962 29.109 32.476 33.463

Index 104.05 108.063 112.203 117.153

Percent change 3.975 3.857 3.831 4.411

Index 105.184 108.855 113.391 119.006

Percent change 4.06 3.491 4.167 4.952

Percent change 12.248 7.681 34.734 15.188

Percent change 9.957 10.862 28.61 13.776

Percent change 17.743 16.21 27.255 17.773

Percent change 17.225 12.36 15.085 11.297

Persons Millions 1,064.06 1,080.50 1,097.44 1,114.00

National currency Billions 4,497.42 5,170.00 6,126.85 7,040.44

Percent of GDP 17.732 18.195 18.897 19.062

National currency Billions 6,970.04 8,104.15 8,810.52 9,689.44

Percent of GDP 27.481 28.521 27.174 26.235

National currency Billions -2,472.62 -2,934.15 -2,683.68 -2,649.00

Percent of GDP -9.749 -10.326 -8.277 -7.172

National currency Billions -2,401.17 -2,887.75 -2,632.28 -2,643.12

Percent of potential GDP -9.278 -10.049 -8.034 -7.149

National currency Billions -1,265.38 -1,557.46 -1,088.20 -830.58

Percent of GDP -4.989 -5.481 -3.356 -2.249

National currency Billions 21,013.46 23,937.68 27,003.92 29,877.02

Percent of GDP 82.85 84.243 83.289 80.894

National currency Billions 25,363.27 28,415.03 32,422.10 36,933.69

U.S. dollars Billions 6.345 14.083 -2.47 -9.902

Percent of GDP 1.211 2.277 -0.342 -1.187

2006 2007 2008 2009 2010 2011 2012 2013 2014

60,700.75 66,650.28 69,243.57 75,115.32 82,822.13 88,320.10 92,808.00 99,211.10 106,322.73

9.264 9.801 3.891 8.48 10.26 6.638 5.081 6.899 7.168

42,947.06 49,870.90 56,300.60 64,778.30 77,841.20 88,320.10 99,885.40 113,450.60 126,539.86

949.118 1,238.70 1,224.10 1,365.37 1,708.46 1,843.02 1,835.82 1,875.16 2,049.50

70.752 74.825 81.308 86.238 93.986 100 107.626 114.353 119.015

53,717.48 58,159.05 59,589.99 63,758.03 69,329.12 72,932.72 75,626.27 79,794.19 84,403.58

38,006.25 43,517.36 48,451.46 54,983.95 65,159.66 72,932.72 81,393.42 91,246.84 100,452.81

839.927 1,080.89 1,053.44 1,158.93 1,430.13 1,521.92 1,495.95 1,508.16 1,626.98

3,686.98 4,156.08 4,402.48 4,812.08 5,370.62 5,845.36 6,252.67 6,783.66 7,375.90

3,262.81 3,626.59 3,788.71 4,084.50 4,495.66 4,826.97 5,095.10 5,456.01 5,855.31

5.089 5.295 5.345 5.816 6.092 6.247 6.368 6.588 6.835

11.648 12 12.788 13.462 14.494 15.109 15.975 16.724 17.156

35.659 38.114 34.305 36.48 36.502 38.936 36.297 32.522 31.461

34.651 36.843 32.025 33.684 33.69 34.695 31.495 30.794 30.023

125.289 132.731 144.933 160.302 175.585 192.165 211.861 233.028 246.994

6.945 5.94 9.193 10.604 9.534 9.443 10.249 9.991 5.993

127.314 136.868 147.875 165.321 181.314 198.344 219.113 237.182 251.495

6.981 7.504 8.042 11.798 9.673 9.393 10.471 8.246 6.035

10.525 19.432 7.526 7.11 13.708 8.629 1.623 -3.702 9.579

6.232 21.571 10.298 5.039 7.498 13.978 1.665 -3.535 10.1

16.016 18.648 6.91 -2.479 25.268 10.576 1.134 4.479 6.556

10.59 18.033 0.841 4.225 22.823 9.514 1.532 6.047 6.898

1,130.00 1,146.00 1,162.00 1,178.13 1,194.62 1,210.98 1,227.19 1,243.34 1,259.70

8,734.51 10,952.53 11,095.65 11,995.66 14,650.84 16,853.63 19,703.36 22,440.63 24,516.77

20.338 21.962 19.708 18.518 18.821 19.082 19.726 19.78 19.375

11,382.98 13,150.34 16,703.98 18,312.31 21,190.95 24,026.55 27,171.53 30,638.74 33,564.35

26.505 26.369 29.669 28.269 27.223 27.204 27.203 27.006 26.525

-2,648.47 -2,197.81 -5,608.34 -6,316.65 -6,540.11 -7,172.92 -7,468.17 -8,198.11 -9,047.58

-6.167 -4.407 -9.961 -9.751 -8.402 -8.122 -7.477 -7.226 -7.15

-2,699.88 -2,392.46 -5,464.87 -6,238.48 -6,765.79 -7,363.44 -7,394.03 -8,107.38 -8,959.30

-6.331 -4.903 -9.556 -9.554 -8.848 -8.447 -7.37 -7.112 -7.026

-566.26 178.461 -2,983.35 -3,356.66 -3,258.66 -3,376.17 -3,095.08 -2,967.84 -3,269.25

-1.319 0.358 -5.299 -5.182 -4.186 -3.823 -3.099 -2.616 -2.584

33,115.75 36,917.69 41,964.29 46,981.50 52,509.83 60,142.83 67,373.90 74,344.23 82,197.64

77.108 74.027 74.536 72.527 67.458 68.096 67.451 65.53 64.958

42,947.06 49,870.90 56,300.60 64,778.30 77,841.20 88,320.10 99,885.40 113,450.60 126,539.86

-9.565 -15.736 -27.914 -38.181 -48.053 -78.155 -88.163 -32.397 -29.473

-1.008 -1.27 -2.28 -2.796 -2.813 -4.241 -4.802 -1.728 -1.438

2015 2016 2017 2018 2019 2020

114,254.68 122,787.29 132,062.81 142,169.00 153,118.97 164,986.75

7.46 7.468 7.554 7.653 7.702 7.751

141,095.04 159,581.88 179,876.51 203,186.68 229,623.30 259,616.85

2,308.02 2,510.60 2,755.83 3,012.90 3,311.75 3,639.80

123.492 129.966 136.205 142.919 149.964 157.356

89,522.56 94,958.89 100,806.02 107,111.13 113,862.94 121,095.00

110,552.92 123,414.39 137,303.11 153,082.28 170,753.40 190,550.46

1,808.41 1,941.60 2,103.58 2,269.94 2,462.70 2,671.50

7,996.62 8,722.55 9,574.55 10,528.78 11,565.74 12,708.36

6,265.64 6,745.68 7,308.43 7,932.45 8,600.56 9,327.53

7.105 7.363 7.629 7.91 8.202 8.504

17.644 18.295 18.787 19.298 19.854 20.429

32.079 32.458 32.661 32.666 32.658 32.651

30.805 30.871 30.841 30.66 30.462 30.188

262.028 277.082 292.662 307.939 323.327 339.582

6.087 5.745 5.623 5.22 4.997 5.027

266.131 281.955 296.663 310.071 326.287 342.053

5.819 5.946 5.216 4.52 5.23 4.832

11.097 6.857 8.076 8.076 8.076 8.076

12.1 6.5 8.1 8.1 8.1 8.1

6.781 8.117 8.035 8.215 8.119 7.92

6.431 8.204 8.061 8.376 8.208 7.86

1,276.27 1,293.06 1,310.07 1,327.30 1,344.77 1,362.46

27,506.63 31,405.61 35,646.82 40,472.22 45,974.29 52,250.58

19.495 19.68 19.817 19.919 20.022 20.126

37,616.07 42,756.66 48,030.16 54,100.30 60,865.76 68,755.64

26.66 26.793 26.702 26.626 26.507 26.484

-10,109.45 -11,351.05 -12,383.34 -13,628.09 -14,891.47 -16,505.06

-7.165 -7.113 -6.884 -6.707 -6.485 -6.357

-10,037.95 -11,261.72 -12,276.39 -13,628.09 -14,891.47 -16,505.06

-7.071 -7.017 -6.788 -6.698 -6.48 -6.361

-3,108.59 -3,895.87 -4,181.57 -4,621.34 -5,007.04 -5,573.07

-2.203 -2.441 -2.325 -2.274 -2.181 -2.147

90,864.20 101,083.79 112,291.16 124,709.93 138,361.08 153,676.01

64.399 63.343 62.427 61.377 60.256 59.193

141,095.04 159,581.88 179,876.51 203,186.68 229,623.30 259,616.85

-29.408 -39.833 -50.146 -60.455 -72.723 -89.647

-1.274 -1.587 -1.82 -2.007 -2.196 -2.463

Date Stock Index1-Apr-14 2601 6721.052-Apr-14 2626.8 6752.553-Apr-14 2663.6 6736.14-Apr-14 2650.05 6694.357-Apr-14 2606.15 6695.059-Apr-14 2624.4 6796.2

10-Apr-14 2550.45 6796.411-Apr-14 2576.9 6776.315-Apr-14 2575.05 6733.116-Apr-14 2536.75 6675.317-Apr-14 2552.2 6779.421-Apr-14 2549.8 6817.6522-Apr-14 2552.6 6815.3523-Apr-14 2565.9 6840.825-Apr-14 2629.25 6782.7528-Apr-14 2676.75 6761.2529-Apr-14 2664.65 6715.2530-Apr-14 2706.15 6696.42-May-14 2737.35 6694.85-May-14 2729.15 6699.356-May-14 2744.35 6715.37-May-14 2742.2 6652.558-May-14 2737.15 6659.859-May-14 2718 6858.8

12-May-14 2722.9 7014.2513-May-14 2610.75 7108.7514-May-14 2518.35 7108.7515-May-14 2481.6 7123.1516-May-14 2406.9 720319-May-14 2286.15 7263.5520-May-14 2323.25 7275.521-May-14 2300.05 7252.922-May-14 2296.1 7276.423-May-14 2308.7 7367.126-May-14 2300.1 7359.0527-May-14 2311.8 731828-May-14 2351.6 7329.6529-May-14 2384.1 7235.6530-May-14 2460.65 7229.95

2-Jun-14 2413.95 7362.53-Jun-14 2337.45 7415.854-Jun-14 2318.85 7402.255-Jun-14 2310.25 7474.16-Jun-14 2354.05 7583.49-Jun-14 2352.9 7654.6

10-Jun-14 2395.5 7656.411-Jun-14 2432.5 7626.8512-Jun-14 2434.95 7649.913-Jun-14 2445.15 7542.116-Jun-14 2424.45 7533.55

17-Jun-14 2411.75 7631.718-Jun-14 2422.7 7558.219-Jun-14 2447.25 7540.720-Jun-14 2439.4 7511.4523-Jun-14 2454.05 7493.3524-Jun-14 2462.55 7580.225-Jun-14 2478.25 7569.2526-Jun-14 2507.6 7493.227-Jun-14 2552.95 7508.830-Jun-14 2624.05 7611.35

1-Jul-14 2614.95 7634.72-Jul-14 2662.9 7725.153-Jul-14 2639.05 7714.84-Jul-14 2678.35 7751.67-Jul-14 2730.4 7787.158-Jul-14 2680.6 7623.29-Jul-14 2663.25 7585

10-Jul-14 2650.65 7567.7511-Jul-14 2700.7 7459.614-Jul-14 2695 7454.1515-Jul-14 2638.85 7526.6516-Jul-14 2647.2 7624.417-Jul-14 2647.35 7640.4518-Jul-14 2653.25 7663.921-Jul-14 2653.75 7684.222-Jul-14 2723.6 7767.8523-Jul-14 2734 7795.7524-Jul-14 2704.25 7830.625-Jul-14 2744 7790.4528-Jul-14 2769.7 7748.730-Jul-14 2823.15 7791.431-Jul-14 2808.7 7721.31-Aug-14 2758.8 7602.64-Aug-14 2767.7 7683.655-Aug-14 2780.15 7746.556-Aug-14 2750.95 7672.057-Aug-14 2755.3 7649.258-Aug-14 2782.25 7568.55

11-Aug-14 2721.4 7625.9512-Aug-14 2730.35 7727.0513-Aug-14 2741.35 7739.5514-Aug-14 2755.75 7791.718-Aug-14 2774.3 7874.2519-Aug-14 2829.75 7897.520-Aug-14 2885.85 7875.321-Aug-14 2838.85 7891.122-Aug-14 2826.05 7913.225-Aug-14 2879.95 7906.326-Aug-14 2889.5 7904.7527-Aug-14 2922.75 7936.0528-Aug-14 2947.9 7954.35

1-Sep-14 2975.8 8027.72-Sep-14 2995.15 8083.053-Sep-14 3000.5 8114.64-Sep-14 3001.3 8095.955-Sep-14 2980.2 8086.858-Sep-14 3003 8173.99-Sep-14 3008.4 8152.95

10-Sep-14 3000.85 8094.111-Sep-14 2976.45 8085.712-Sep-14 2958.65 8105.515-Sep-14 2983.4 804216-Sep-14 3009.75 7932.917-Sep-14 3081.95 7975.518-Sep-14 3192.75 8114.7519-Sep-14 3222.95 8121.4522-Sep-14 3211.7 8146.323-Sep-14 3199.1 8017.5524-Sep-14 3229.15 8002.425-Sep-14 3310.4 7911.8526-Sep-14 3222.45 7968.8529-Sep-14 3208.2 7958.930-Sep-14 3229.6 7964.8

1-Oct-14 3200.4 7945.557-Oct-14 3099.3 7852.48-Oct-14 2966.2 7842.79-Oct-14 2986.55 7960.55

10-Oct-14 2998.85 7859.9513-Oct-14 2943.15 7884.2514-Oct-14 2935.3 786416-Oct-14 2904.85 7748.217-Oct-14 2918.6 7779.720-Oct-14 2966.25 7879.421-Oct-14 2964.3 7927.7522-Oct-14 3037.75 7995.923-Oct-14 3057.65 8014.5527-Oct-14 3105.8 7991.728-Oct-14 3081.1 8027.629-Oct-14 3045.6 8090.4530-Oct-14 3094.9 8169.231-Oct-14 3168.3 8322.23-Nov-14 3181.3 8324.155-Nov-14 3252.05 8338.37-Nov-14 3397.15 8337

10-Nov-14 3442.25 8344.2511-Nov-14 3418.35 8362.6512-Nov-14 3439.7 8383.313-Nov-14 3468.25 8357.8514-Nov-14 3435.05 8389.917-Nov-14 3439.75 8430.7518-Nov-14 3432.95 8425.919-Nov-14 3523.05 8382.3

20-Nov-14 3528.65 8401.921-Nov-14 3530.8 8477.3524-Nov-14 3522 8530.1525-Nov-14 3573.2 8463.126-Nov-14 3575.25 8475.7527-Nov-14 3610.9 8494.228-Nov-14 3606.25 8588.25

1-Dec-14 3628.45 8555.92-Dec-14 3591.4 8524.73-Dec-14 3501.95 8537.654-Dec-14 3475.55 8564.45-Dec-14 3395.5 8538.38-Dec-14 3315.4 8438.259-Dec-14 3354.85 8340.7

10-Dec-14 3401.6 8355.6511-Dec-14 3429.5 8292.912-Dec-14 3377.75 8224.115-Dec-14 3355.65 8219.616-Dec-14 3142.35 8067.617-Dec-14 3160.35 8029.818-Dec-14 3151.25 8159.319-Dec-14 3199.45 8225.222-Dec-14 3237.9 832423-Dec-14 3206.35 826724-Dec-14 3134.45 8174.126-Dec-14 3134.1 8200.729-Dec-14 3140.85 8246.330-Dec-14 3182.55 8248.2531-Dec-14 3246.2 8282.7

1-Jan-15 3210.5 82842-Jan-15 3221.4 8395.455-Jan-15 3148.4 8378.46-Jan-15 3065.55 8127.357-Jan-15 3039.2 8102.18-Jan-15 3066.3 8234.69-Jan-15 3163.8 8284.5

12-Jan-15 3207.25 832313-Jan-15 3223.35 8299.414-Jan-15 3208.25 8277.5515-Jan-15 3240.55 8494.1516-Jan-15 3285.8 8513.819-Jan-15 3323.9 8550.720-Jan-15 3306.2 8695.621-Jan-15 3335.85 8729.522-Jan-15 3361.25 8761.423-Jan-15 3349.6 8835.627-Jan-15 3212.4 8910.528-Jan-15 3239.05 8914.329-Jan-15 3363.3 8952.3530-Jan-15 3233.25 8808.92-Feb-15 3139.1 8797.4

3-Feb-15 3087.15 8756.554-Feb-15 3096.9 8723.75-Feb-15 3072.05 8711.76-Feb-15 3044.3 8661.059-Feb-15 3099.1 8526.35

10-Feb-15 3130.5 8565.5511-Feb-15 3152.4 8627.412-Feb-15 3331.2 8711.5513-Feb-15 3343.95 8805.516-Feb-15 3351.25 8809.3518-Feb-15 3354.25 8869.119-Feb-15 3382.9 8895.320-Feb-15 3403.9 8833.623-Feb-15 3389.8 8754.9524-Feb-15 3359.75 8762.125-Feb-15 3279.35 8767.2526-Feb-15 3252.2 8683.8527-Feb-15 3278.05 8844.628-Feb-15 3349.05 8901.852-Mar-15 3386.65 8956.753-Mar-15 3407.9 8996.254-Mar-15 3390.45 8922.655-Mar-15 3441.5 8937.759-Mar-15 3467.55 8756.75

10-Mar-15 3437.3 8712.0511-Mar-15 3468 8699.9512-Mar-15 3432.8 877613-Mar-15 3376.55 8647.7516-Mar-15 3313 8633.1517-Mar-15 3437.45 8723.318-Mar-15 3427.05 8685.919-Mar-15 3424.7 8634.6520-Mar-15 3426.6 8570.923-Mar-15 3458.65 8550.924-Mar-15 3511.45 8542.9525-Mar-15 3510.6 8530.826-Mar-15 3445.7 8342.1527-Mar-15 3415.4 8341.430-Mar-15 3425.3 8492.331-Mar-15 3488.75 8491

Income Statement 2012Sales, gross 100.00%Less: Excise duty -2.22%Sales, net 97.78%Service income 0.00%License fees 0.00%Other operating revenues 0.00%Revenue from operations 0.00%Other income 0.44%Total revenue 98.21%EXPENSES 0.00%Cost of material consumed 54.66%Purchase of stock-in-trade 0.81%Changes in inventories of fi nished goods,work-in-progress and stock-intrade 2.05%Cost of Goods Sold 57.52%Conversion charges 0.00%Employee benefi ts expense 8.32%Finance costs 6.11%Depreciation 3.26%Other expenses 18.84%Total expenses 94.06%Profi t before exceptional and extraordinary items and tax 4.16%Exceptional items 7.30%Profi t before extraordinary items and tax -3.15%Extraordinary items 0.00%Profi t before tax -3.15%Tax expense -2.17%Profi t for the year -0.97%Dividends 0.00%Number of shares 1507286.36%

Additional RatiosEffective Tax Rtae 69.08%Payout Ratio 0Total Asset Turnover Ratio 73.09%Inventory Turnover 206.57%Receivables Turnover 307.00%Payables Turnover 430.65%LTD/E 33.44%Interest% 32.09%

Balance Sheet 2012Share capital 0.49%Reserves and surplus 41.13%Total Shareholder Funds 41.61%Non current liabilities 0.00%Long term borrowings 13.92%Deferred tax liabilities, net 0.06%Other long term liabilities 0.00%Long term provisions 0.07%Total Non Current Liabilities 14.05%Current liabilities 0.00%Short term borrowings 26.84%Trade payables 9.76%Other current liabilities 6.77%Short term provisions 0.96%Total Current Liabilities 44.34%Total Liabilities and Owners Equity 100.00%ASSETS 0.00%Non current assets 0.00%Fixed assets 0.00%Tangible assets 27.15%Intangible assets 0.00%Capital work-in-progress 9.31%Non current investments 10.19%Deferred tax assets, net 0.00%Long term loans and advances 2.98%Other non current assets 0.00%Total Non Current Assets 49.64%Current assets 0.00%Current investments 0.31%Inventories 20.35%Trade receivables 23.81%Cash and bank balances 0.23%Short term loans and advances 4.38%Other current assets 1.28%Total Current Assets 50.36%Total Assets 100.00%

2013 2014 2015100.00% 100.00% 100.00%

-2.59% -2.18% -1.82%97.41% 97.82% 98.18%

0.00% 0.00% 2.05%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.48% 1.03% 0.82%

97.88% 98.84% 99.00%0.00% 0.00% 0.00%

54.83% 47.08% 47.55%1.40% 1.33% 0.19%

-2.17% -0.49% -1.93%54.06% 47.92% 45.81%

0.00% 0.00% 0.00%7.75% 7.07% 8.11%4.49% 3.97% 1.60%3.08% 2.56% 2.97%

18.40% 16.42% 16.97%87.77% 77.94% 75.47%10.11% 20.90% 23.53%

0.00% 0.00% 0.00%10.11% 20.90% 23.53%

0.00% 0.00% 0.00%10.11% 20.90% 23.53%

1.21% 4.78% 5.14%8.91% 16.12% 18.39%1.21% 0.82% 2.19%

1185025.59% 907899.14% 800500.68%

11.92% 22.86% 21.85%0.1359503216 0.0508066787 0.1190094635

81.82% 84.55% 80.54%210.28% 203.50% 176.08%321.83% 244.76% 222.30%334.04% 281.80% 329.57%

35.63% 25.59% 12.80%24.02% 27.98% 19.23%

2013 2014 20150.43% 0.34% 0.29%

42.49% 46.59% 52.18%42.92% 46.92% 52.46%

0.00% 0.00% 0.00%15.29% 12.01% 6.71%

1.00% 2.39% 2.05%0.00% 0.00% 0.00%0.12% 0.10% 0.22%

16.42% 14.49% 8.99%0.00% 0.00% 0.00%

25.47% 20.73% 21.58%13.24% 14.38% 11.20%

1.00% 2.24% 4.93%0.95% 1.24% 0.84%

40.66% 38.58% 38.55%100.00% 100.00% 100.00%

0.00% 0.00% 0.00%0.00% 0.00% 0.00%0.00% 0.00% 0.00%

29.56% 22.54% 21.39%0.00% 0.00% 0.00%2.44% 2.37% 2.22%

10.40% 10.15% 9.70%0.00% 0.00% 0.00%4.25% 5.39% 4.09%0.27% 0.19% 0.28%

46.92% 40.64% 37.69%0.00% 0.00% 0.00%0.00% 0.00% 0.19%

21.03% 19.91% 20.95%25.42% 34.55% 36.23%

1.43% 0.37% 0.21%4.05% 3.66% 3.92%1.14% 0.87% 0.81%

53.08% 59.36% 62.31%100.00% 100.00% 100.00%