Balance

Sheet

Note
ASSETS
Non-current assets
Property, plant and equipment 5
Long term investments 6
Loan to an executive 7
Long term deposits

Current assets
Stores, spares and loose tools 8
Stock-in-trade 9
Trade debts 10
Loans and advances 11
Other receivables 12
Short term investments 13
Tax refunds due from the Government 14

Cash and bank balances 15

TOTAL ASSETS
 2016 2015 2014 2013 2012
Amount Amount Amount Amount Amount

2,924,820,599 3,041,918,779 3,034,662,399 3,056,632,349 2,425,654,697

1,233,266,298 1,353,474,424 1,212,505,442 1,073,764,201 921,086,939
0 1,384,092 3,851,500 4,500,000 0
8,732,521 8,732,521 8,732,521 4,500,000 44,213,191
4,166,819,418 4,405,509,816 4,259,751,862 4,143,097,821 3,390,954,827

173,180,729 186,838,001 176,239,846 157,458,101 139,743,809

2,542,956,536 3,402,944,706 2,667,620,149 3,646,587,131 2,244,874,684
1,318,915,400 1,343,003,773 604,766,242 539,697,404 693,220,778
632,943,147 74,898,764 87,118,897 88,463,042 0
81,157,583 54,139,312 66,265,873 70,796,091 132,340,944
1,515,059,701 1,673,500,693 765,596,206 275,422,630 153,642,441
240,078,371 334,619,158 485,938,610 249,301,731 193,224,817

24,977,265 15,137,192 8,772,845 13,845,947 9,118,046

6,529,268,732 7,085,081,599 4,862,318,668 5,041,572,077 3,566,165,519

10,696,088,150 11,490,591,415 9,122,070,530 9,184,669,898 6,957,120,346

Profit And Loss Account
2016 2015 2014 2013
Note Amount Amount Amount Amount
Sales - Net 24 13,663,708,498 13,759,434,489 15,475,222,284 14,225,506,412
Cost of Sales 25 12,566,324,425 12,814,320,855 -14,115,777,722 -12,289,367,340
Gross Profit 1,097,384,073 945,113,634 1,359,444,562 1,936,139,072

Distribution Cost 26 371,686,879 423,000,994 -429,637,000 574,120,041

Administrative Expenses 27 -251,464,007 -263,895,467 274,865,002 219,109,395
Other Income 28 325,061,526 609,442,986 318,158,225 50,284,774
Other Expenses 29 270096329 12,642,593 -84,915,565 66,541,404

Profit from Operations 529,198,384 855,017,566 888,185,220 1,126,653,006

Finance Cost 30 416,356,102 -474,645,399 562,289,497 -469,607,933
112,842,282 380,372,167 325,895,723 657,045,073

Share of (Loss) / Profit 6 110,208,126 154,968,982 148,741,241 160,677,262

Profit before Taxation 2,634,156 535,341,149 474,636,964 817,722,335
Taxation 22.1 -58,793,051 161,933,131 -2,937,123 148,796,941
(Loss) / Profit after Taxation 56,158,895 373,408,018 471,699,841 668,925,394
Other Comprehensive Income 0 0 0 0
Total Comprehensive Income 56,158,895 373,408,018 471,699,841 668,925,394
(Loss) / Earnings per Sh 31 3.74 24.89 31.45 44.6
 2012
Amount
14,145,533,660
12,489,112,150
1,656,421,510

423,838,781
190,157,124
30,708,551
-218,662

1,011,935,716
471,631,064
540,304,652

92,370,725
632,675,377
158,022,019
474,653,358
0
474,653,358
31.64
Balance Sheet
2016 2015
Note Amount Amount

EQUITY AND
LIABILITIES Equity
Authorized share capital
30,000,000 ordinary shares of
Rs. 10 each 300,000,000 300,000,000
Issued, subscribed and paid-
up share capital 16 150,000,000 150,000,000
Capital reserve 7,120,600 7,120,600

Unappropriated profit 4,308,552,078 4,514,710,973

4,465,672,678 4,671,831,573

Liabilities
Non-current liabilities
Long term financing 17 705,450,363 918,892,118
Deferred taxation 18 0 115,243,874

705,450,363 1,034,135,992
Current liabilities
Trade and other payables 19 895,955,581 1,013,025,288
Accrued mark-up 20 80,738,104 88,462,778
Short term borrowings 21 4,089,627,222 4,205,052,598
Current maturity of long term
financing 17 284,644,202 317,583,186
Taxation 22 174,000,000 160,500,000

5,524,965,109 5,784,623,850

Total liabilities 6,230,415,472 6,818,759,842

TOTAL EQUITY AND
LIABILITIES 10,696,088,150 11,490,591,415
 Balance
Sheet
2014 2013 2012
Amount Amount Amount

ASSETS
Non-current assets
300,000,000 300,000,000 300,000,000

150,000,000 150,000,000 150,000,000

7,120,600 7,120,600 7120600

4,291,302,955 3,969,603,114 3,450,677,720

4,448,423,555 4,126,723,714 3,607,798,320

Current assets

1,040,264,812 1,143,628,695 829,929,547

115,243,874 115,243,874 115,243,874

1,155,508,686 1,258,872,569 945,173,421

527,519,259 817,438,001 865,993,322

92,266,478 104,706,463 82,056,308
2,423,900,484 2,408,991,217 1,041,514,579
323,527,068 303,607,674 266,584,396
150,925,000 164,330,260 148,000,000

164,330,260 3,799,073,615 2,404,148,605 TOTAL ASSETS

4,673,646,975 5,057,946,184 3,349,322,026

5,057,946,184 9,184,669,898 6,957,120,346

 2016 2015
Note Amount Amount

Property, plant and equipment 5 2,924,820,599 ###

Long term investments 6 1,233,266,298 ###

Loan to an executive 7 0 1,384,092

Long term deposits 8,732,521 8,732,521

4,166,819,418 ###

Stores, spares and loose tools 8 173,180,729 ###

Stock-in-trade 9 2,542,956,536 ###
Trade debts 10 1,318,915,400 ###

Loans and advances 11 632,943,147 ###

Other receivables 12 81,157,583 ###
Short term investments 13 1,515,059,701 ###
Tax refunds due from the Government 14 240,078,371 ###
Cash and bank balances 15 24,977,265 ###
6,529,268,732 ###

10,696,088,150 ###
 Profit And Loss Account
2014 2013 2012 2016
Amount Amount Amount Note Amount

Sales - Net 24 ###

Cost of Sales 25 ###
### ### ### Gross Profit ###

### ### ###

3,851,500 4,500,000 0 Distribution Cost 26 ###

8,732,521 4,500,000 ### Administrative Expenses 27 ###

### ### ### Other Income 28 ###

Other Expenses 29 2.7E+08

### ### ###
### ### ### Profit from Operations ###
### ### ### Finance Cost 30 ###

### ### 0 ###

### ### ###
### ### ### Share of (Loss) / Profit of Associates 6 ###
### ### ### Profit before Taxation 2,634,156
8,772,845 ### 9,118,046 Taxation 22.1 ###
### ### ### (Loss) / Profit after Taxation ###
Other Comprehensive Income 0

### ### ### Total Comprehensive Income ###

(Loss) / Earnings per Share 31 3.74
 2015 2014 2013 2012
Amount Amount Amount Amount

### ### ### ###

### ### ### ###
### ### ### ###

### ### ### ###

### ### ### ###

### ### ### ###

### ### ### -218,662

### ### ### ###

### ### ### ###

### ### ### ###

### ### ### ###

### ### ### ###
### ### ### ###
### ### ### ###
0 0 0 0

### ### ### ###

24.89 31.45 44.6 31.64
Ratio Analysis of Balance Statement

items Y2016 Y2015 Y2014 Y2013

Liquidity Ratios:
1 Current Ratio 1.1817755593 1.2248128457 29.588699415 1.3270530103
2 Quick Rato
3 Working Capital 298,853,260 1,300,457,749 4,697,988,408 1,242,498,462
Activity Ratios:
1 Asset Turnover Ratio
2 Inventory Turnover Ratio
3 Inventory Turnover in Days
4 A/R Turnover Ratio
5 A/R Turnover in Days
6 Operating Cycle
Debt Ratios:
1 Debt Ratio
2 Debt To Total Capitalization
3 Debt to Equity Ratio
4 Long term Debt to Total Capitallization
Profitability Ratios:
1 Gross Profit Margin
2 Net Profit Margin
3 Return on Assests
4 Return on Equity
Y2012

1.4833382228

1,162,016,914
totaldebt 6,230,415,472 6,818,759,842 4,673,646,975 5,057,946,184

sales 13,663,708,498 13,759,434,489 15,475,222,284 14,225,506,412

total Assests 10,696,088,150 11,490,591,415 9,122,070,530 9,184,669,898
assests turnover ratio 1.2774491297 1.1974522452 1.6964593985 1.5488315389

inventory 2,542,956,536 3,402,944,706 2,667,620,149 3,646,587,131

2972950621 3035282427.5 3157103640 2945730907.5
COGS 12,566,324,425 12,814,320,855 ### ###
inventory turnover ratio 4.2268863587 4.2217886345 -4.4711163559 -4.1719246346
inventory turnover in Days 86.3519785074 86.4562467706 -81.635093106 -87.489595802

Average A/R 67648447.5 61335147 68530982 101568517.5

Other receivables 81,157,583 54,139,312 66,265,873 70,796,091
A/R turnover ratio 201.981109736 224.331972156 225.813520139 140.05822633
A/R turnover in days 1.8070996861 1.627052963 1.6163779732 2.6060589911

Operating Cycle 88.1590781935 88.0832997336 -80.018715133 -84.883536811

total Assests 10,696,088,150 11,490,591,415 9,122,070,530 9,184,669,898

total liabilities 6,230,415,472 6,818,759,842 4,673,646,975 5,057,946,184
debt ratio 0.5824947761 0.5934211387 0.5123449725 0.5506943897

debt to equity Ratio 1.3951796115 1.4595474463 1.0506299405 1.2256566067

total equity 4,465,672,678 4,671,831,573 4,448,423,555 4,126,723,714

total capitilization 5171123041 5705967565 5603932241 5385596283

long term debit 705,450,363 1,034,135,992 1,155,508,686 1,258,872,569
total equity 4,465,672,678 4,671,831,573 4,448,423,555 4,126,723,714

debt to total capitilization 1.2048476555 1.1950225381 0.833994198 0.9391617786

long termdebit to total capitilization 0.1364211134 0.1812376219 0.2061960488 0.2337480388

gross profit 1,097,384,073 945,113,634 1,359,444,562 1,936,139,072

sales 13,663,708,498 13,759,434,489 15,475,222,284 14,225,506,412
gross profit Margin 0.0803137796 0.0686884068 0.0878465289 0.1361033496

Net profit 469724693 1245183309 885007753 2190408660

expenses 270096329 12,642,593 -84,915,565 66,541,404
interest 416,356,102 -474,645,399 562,289,497 -469,607,933
taxes -58,793,051 161,933,131 -2,937,123 148,796,941

Net profit Margin 0.0343775406 0.0904966923 0.0571886941 0.1539775525

return on Assests 0.0439155593 0.1083654674 0.0970182976 0.2384852895
return on Equity 0.1051856522 0.2665300085 0.1989486257 0.5307863603

currents Assests 6,529,268,732 7,085,081,599 4,862,318,668 5,041,572,077

inventory 2,542,956,536 3,402,944,706 2,667,620,149 3,646,587,131
current liabilities 5,524,965,109 5,784,623,850 164,330,260 3,799,073,615

Quick Ratio 0.7215090263 0.6365386909 13.3554131722 0.3671908174

Working Capital 1004303623 1300457749 4697988408 1242498462
Current Ratio -1.1817755593 -1.2248128457 -29.588699415 -1.3270530103
 3,349,322,026

14,145,533,660
6,957,120,346
2.0332455034

2,244,874,684

12,489,112,150

132,340,944

6,957,120,346
3,349,322,026
0.4814236149

0.9283562242
3,607,798,320

4552971741
945,173,421
3,607,798,320

0.7356342663

0.2075948358

1,656,421,510
14,145,533,660
0.1170985521

1026987089
-218,662
471,631,064
 158,022,019

0.072601509
0.1476166917
0.2846575662

3,566,165,519
2,244,874,684
2,404,148,605

0.5495878384
1162016914
-1.4833382228
Balance sheet Balance sheet
2017 2016 2015 2014 2013
Note Amount Amount Amount Amount Amount
ASSETS EQUITY AND LIABILITIES
Non-current assets Share capital and reserv
Property, p 4 ### ### ### ### ### Authorized capital
Long term 5 ### ### ### ### ### 87,000,000 (2016: 87,00
Long term d 6 ### ### ### ### ###
### ### ### ### ### Issued, sub
Current assets Share pre
Stores, spa 7 ### ### ### ### ### Un-appropriated profit
Stock-in-tr 8 ### ### ### ### ###
Trade debts 9 ### ### ### ### ### Surplus on
Advances, d 10 ### ### ### ### ### Non-current liabilites
Advance in 11 ### ### ### ### ### Long term
Sales tax refundable ### ### ### ### ### Liabilites a
Cash and b 12 6,211,703 ### ### ### ### Deferred li

Current liabili es
TOTAL ASSETS ### ### ### ### ### Trade and o
Accrued ma
Short term
Current por

Con ngenci
TOTAL EQUITY AND LIA
Balance sheet
2017 2016 2015 2014 2013
Note Amount percentaAmount percentaAmount percentaAmount percentaAmount
EQUITY AND LIABILITIES
Share capital and reserves
Authorized capital
87,000,000 (2016: 87,000,000) ordinary shares of Rs. 10 each
### 15 ### 16 ### 16 ### 18 ###
13 ### 15 ### 16 ### 16 ### 17 ###
14 ### 1 ### 1 ### 2 ### 2 ###
Un-appropriated profit ### 17 ### 18 ### 20 ### 20 ###
### 33 ### 35 ### 37 ### 39 ###
15 ### 9 ### 10 ### 1 ### 1 ###
Non-current liabilites 0 0 0 0
16 ### 7 ### 8 ### 11 ### 7 ###
17 ### 0 ### 1 ### 1 1,645,771 0 4,338,458
18 ### 2 ### 2 ### 2 ### 1 ###
### 9 ### 10 ### 13 ### 9 ###
Current liabili es 0 0 0 0
19 ### 12 ### 10 ### 12 ### 9 ###
20 ### 1 ### 1 ### 32 ### 38 ###
21 ### 34 ### 31 ### 1 ### 2 ###
22 ### 2 ### 3 ### 3 ### 2 ###
### 49 ### 45 ### 48 ### 51 ###
0 0 0 0
23 0 0 0 0
TOTAL EQUITY AND LIA ### 100 ### 100 ### 100 ### 100 ###
Profit And Loss Account
2017 2016 2015 2014
Note Amount percentaAmount percentaAmount percentaAmount
Sales - Ne 24 ### 100 ### 100 ### 100 ###
Cost of Sale 25 ### -92 ### 91 ### 88 ###
Gross Profit ### 8 ### 9 ### 12 ###
0 0 0
Distributio 26 ### 1 ### 1 ### 1 ###
Administra 27 ### -2 ### 2 ### -2 ###
Other Inco 28 875,872 0 5,714,916 0 ### -3 ###
0 0 0
Profit from Operations ### 5 ### 7 ### 9 ###
Finance Co 30 ### 7 ### 6 ### -7 ###
### 2 1,525,606 0 5,956,097 0 2,216,962
0 0 0
Share of (Lo 6 ### 3 ### 3 ### 2 ###
Profit before Taxation ### 1 ### 3 ### 2 ###
Taxation 22.1 ### -1 7,862,310 0 ### 4 ###
Profit for the year 7,455,749 0 ### 3 ### 1 ###
(Loss) / Ear 31 0.09 1.08 1.15 1.69
 2013
percentaAmount
100 ###
91 ###
9 ###
0
-1 ###
-2 ###
3 ###
0
7 ###
6 ###
0 6,962,780
0
1 ###
2 ###
2 ###
3 ###
2.19