Square Tex Paramount Tex Envoy Tex: Gordon Growth Model (V)

Square Tex Paramount Tex Envoy Tex
2021 2020 2021 2020 2021

P/E Ratio 13.95 107.27 11.54 10.72 52.04
EPS 3.41 0.27 4.70 4.56 0.56
EPS Growth 1160% -88% 3.02% 49.85% -65.43%
PEG 1.2023117 -122.4944 381.98467 21.50614 -79.53201
Divident per share 2.00 1.00 2.00 1.50 1.00
Divident Payout Ratio 0.29 7.40 0.26 0.14 0.88
Retention rate (b) 0.71 -6.40 0.74 0.86 0.12
ROE 0.09 0.01 0.17 0.19 0.01
Growth rate (g) 0.0621853 -0.047667 0.1274181 0.16155 0.00172
Required Rate of Return (r) 0.10 - 0.15 - 0.02
Gordon Growth Model (V0) 55.23 106.77 50.19
Current Market Price (Po) 52.00 94.70 50.10

Envoy Tex
2020
12.97
1.63
-50.56%
-25.6583293
0.50
0.31
0.69
0.04
0.029517554
-
50.19
50.10
Comparable Company Analyses
Company Statistic Paramount Tex Square Tex Envoy Tex
Current Stock Price 94.70 52.0 50.10
Earning Per Share (EPS) 4.27 3.41 0.56
Book Value Per Share 27.24 38.69 37.79
Cashflow per share 5.14 6.33 -2.25
Sales per share 32.38 67.39 51.66
Company Statistic Paramount Tex Square Tex Envoy Tex

P/E 22.18 15.25 89.46
P/B 3.48 1.34 1.33
P/CF 18.42 8.21 -22.27
P/Sales 2.93 0.77 0.97
Mean Relative
Company Statistic Square Tex Envoy Tex
value measure
P/E 15.25 89.46 52.36
P/B 1.34 1.33 1.33
P/CF 8.21 -22.27 -7.03
P/Sales 0.77 0.97 0.87
Relative Mean Relative

Target company statistic Paramount statistic value
value measure
measure
Earning Per Share (EPS) 4.27 P/E 52.36
Book Value Per Share 27.24 P/B 1.33
Cashflow per share 5.14 P/CF -7.03
Sales per share 32.3750404042622 P/Sales 0.87
Mean Estimated Stock Value

Estimated stock value
based on comparable
223.563434750733
36.362186960342
-36.1131690363349
28.1884985893642
63.0002378160261
Paramount SQUARE ENVOY 1.3
Textile TEXTILES TEXTILES 1.2
Limited LIMITED LIMITED 1.1 1
2019 100% 100% 100% 1
0.9
Sales Revenue 2020 0
90% 98% 88% 0.8
2019
2021 87% 121% 106%
Paramount Textile Lim
Paramount SQUARE ENVOY

Textile TEXTILES TEXTILES
Limited LIMITED LIMITED
2019 100% 100% 100%
Cost of Goods Sold 2020 89% 102% 92%
2021 87% 121% 107%
140%
120%
Textile TEXTILES TEXTILES 100%
80%
2019 100% 100% 100%
Gross Profit 2020 93% 47% 69% 60%
2021 89% 121% 99% 40%
20%
0%
Paramount SQUARE ENVOY 0.5 1
2019 100% 100% 100%
Profit from
Operations 2020 94% 23% 62%
2021 91% 128% 100%

2019 100% 100% 100%
Non-Operating
Income 2020 51% 59% 64%
Non-Operating
Income
2021 167% 118% 134%

2019 100% 100% 100%
Profit Before Tax 2020 135% -353% -27%
2021 138% 131% 101%

2019 100% 100% 100%
Income Tax Expenses 2020 64% 107% 125%
2021 133% 116% 100%

2019 100% 100% 100%
Profit After Tax for
The Period 2020 138% -607% -2%
2021 138% 136% -89%

2019 100% 100% 100%
Profit After Tax for
The Period 2020 138% -607% -2%
2021 138% 136% -89%

2019 100% 100% 100%
Net Income for the
Period 2020 139% -605% -2%
2021 143% 136% -89%
Sales Revenue
1.2054774
0014913
0.9796559 1.0563721
11977603 0.8848336 1893788
1
9218419 0.8699091
56749675
0.8990788
2019 92285521 2020 2021
Paramount Textile Limited SQUARE TEXTILES LIMITED ENVOY TEXTILES LIMITED
Gross Profit
140%
120%
100%
80%
60%
40%
20%
0%
0.5 1 1.5 2 2.5 3 3.5
2019 2020 2021

Paramount Textile SQUARE TEXTILES ENVOY TEXTILES
2019 100% 100% 100%
Non-Current Assets 2020 103% 105% 98%
2021 121% 104% 97%

2019 100% 100% 100%
Current Assets 2020 113% 112% 107%
2021 130% 126% 112%

2019 100% 100% 100%
TOTAL ASSETS 2020 107% 109% 101%
2021 125% 116% 103%

2019 100% 100% 100%
SHAREHOLDERS’
EQUITY 2020 116% 95% 100%
2021 129% 102% 98%

2019 100% 100% 100%
Non-Current
Liabilities 2020 79% 93% 100%
2021 119% 191% 98%

2019 100% 100% 100%
Current Liabilities &
Provisions 2020 112% 122% 103%
2021 124% 97% 112%
TOTAL 2019 100% 100% 100%
SHAREHOLDERS’ 2020 107% 109% 101%
EQUITY & LIABILITIES 2021 125% 116% 103%

2019 100% 100% 100%
Net Asset Value Per
Share 2020 104% 95% 100%
2021 119% 102% 98%
Non-Current Asset
1.25 1.2051956255755
3
1.2 1.0489176949744
8
1.15 1.0329094856769
1.1 5
1.0382333058670
1.05 3
1 0.9763062406201 0.9675954119670
1 94 12
0.95
0.9
2019 2020 2021
Paramount Textile Limited SQUARE TEXTILES LIMITED

ENVOY TEXTILES LIMITED
Total Asset
140%
129% 102%
100%
120%
116%
100%
98%
100%
80% 100%
60% 95%
40%
20%
0%
Paramount Textile Limited SQUARE TEXTILES LIMITED ENVOY TEXTILES LIMITED
2019 2020 2021

55755
58670
19670
100%
98%
OY TEXTILES LIMITED
HORIZONTAL TREND ANALYSIS OF FINANCIAL POSITION
Paramount SQUARE TEXTILES ENVOY TEXTILES
Textile Limited LIMITED LIMITED
2021 2020 2019 2021 2020 2019 2021
Non-Current Assets 121% 103% 100% 104% 105% 100% 97%
Current Assets 130% 113% 100% 126% 112% 100% 112%
TOTAL ASSETS 125% 107% 100% 116% 109% 100% 103%
SHAREHOLDERS’ EQUITY 129% 116% 100% 102% 95% 100% 98%
Non-Current Liabilities 119% 79% 100% 191% 93% 100% 98%
Current Liabilities & Provisions 124% 112% 100% 97% 122% 100% 112%
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 125% 107% 100% 116% 109% 100% 103%
Net Asset Value Per Share 119% 104% 100% 102% 95% 100% 98%
HORIZONTAL TREND ANALYSIS OF PROFIT AND LOSS
Paramount SQUARE TEXTILES ENVOY TEXTILES

Textile Limited LIMITED LIMITED
2021 2020 2019 2021 2020 2019 2021
Sales Revenue 87% 90% 100% 121% 98% 100% 106%
Cost of Goods Sold 87% 89% 100% 121% 102% 100% 107%
Gross Profit 89% 93% 100% 121% 47% 100% 99%
Administrative Overhead 87% 90% 100% 88% 88% 100% 95%
Selling and Distribution Overhead 87% 86% 100% 122% 100% 100% 110%
Profit from Operations 91% 94% 100% 128% 23% 100% 100%
Finance Cost 90% 92% 100% 120% 127% 100% 99%
Non-Operating Income 167% 51% 100% 118% 59% 100% 134%
Profit Before W.P.P.F & W.F 103% 93% 100% 131% -353% 100% 101%
Allocation for W.P.P.F & W.F 87% 83% 100% 131% -353% 100% 101%
Profit Before Tax 138% 135% 100% 131% -353% 100% 101%
Income Tax Expenses 133% 64% 100% 116% 107% 100% 100%
Deferred Tax (Expenses)/ Income 146% 171% 100% 84% -105% 100% 171%
Profit After Tax for The Period 138% 138% 100% 136% -607% 100% -89%
Net Income for the Period 143% 139% 100% 136% -605% 100% -89%
ION
ENVOY TEXTILES
LIMITED
2020 2019
98% 100%
107% 100%
101% 100%
100% 100%
100% 100%
103% 100%
101% 100%
100% 100%
SS
ENVOY TEXTILES
LIMITED
2020 2019
88% 100%
92% 100%
69% 100%
97% 100%
88% 100%
62% 100%
99% 100%
64% 100%
-27% 100%
-27% 100%
-27% 100%
125% 100%
59% 100%
-2% 100%
-2% 100%
SQUARE TEXTILES LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
ASSETS: 2021 2020 2019

Non-Current Assets 7,064,213,305 7,143,572,161 6,794,125,077
Property, Plant & Equipment- Carrying Value 6,959,450,279 5,584,199,044 6,013,100,252
Capital Work In Progress 48,479,266 1,503,089,357 724,741,065
Goodwill 56,283,760 56,283,760 56,283,760
Current Assets 9,197,615,462 7,798,973,675 6,834,205,533

Inventories 2,664,689,616 3,212,755,636 3,108,769,448
Trade Receivable 4,808,315,632 4,006,190,860 3,254,869,758
Advances, Deposits & Prepayments 285,303,153 283,520,858 289,933,615
Cash & Cash Equivalents 1,439,307,061 296,506,321 180,632,712
TOTAL ASSETS 16,261,828,767 14,942,545,836 13,628,330,610
SHAREHOLDERS’ EQUITY 7,632,190,882 7,157,580,431 7,498,757,447

Shareholders’ Equity 1,972,520,000 1,972,520,000 1,972,520,000
Retained Earnings 5,659,670,882 5,185,060,431 5,526,237,447
Non controlling Interest 14,998,970 14,940,976 14,938,707
Non-Current Liabilities 2,953,119,459 260,567,761 279,327,185

Long Term Borrowings 2,643,055,059 - -
Deferred Tax Liability 310,064,400 260,567,761 279,327,185
Current Liabilities & Provisions 5,661,519,456 7,509,456,668 5,835,307,271

Short Term Bank Loan 5,325,169,465 3,889,798,280 3,370,859,633
Creditors & Other Payables 79,091,985 87,224,604 71,576,651
Liabilities for Others Finance 155,988,642 158,642,781 145,174,138
Short Term Loan 3,277,576,394 2,168,788,505
Provision for Income Tax 101,269,364 96,214,609 78,908,344
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 16,261,828,767 14,942,545,836 13,628,330,610
Net Asset Value Per Share 38.69 36.29 38.02

Number of Share Outstanding 197,252,000 197,252,000 197,252,000

2021 2020 2019
Sales Revenue 13,293,569,580 10,351,450,641 10,562,041,464
Cost of Goods Sold 11,858,829,437 9,610,006,494 9,425,402,349
Gross Profit 1,434,740,143 741,444,147 1,136,639,115
Administrative Overhead 248,071,111 249,693,902 278,901,489

Selling and Distribution Overhead 19,905,333 15,630,283 15,559,867
Profit from Operations 1,166,763,699 476,119,962 842,177,759
Finance Cost 350,243,865 381,117,745 280,059,922

Non-Operating Income 15,549,638 9,042,781 12,790,260
Profit Before W.P.P.F & W.F 832,069,472 104,044,998 574,908,097
Allocation for W.P.P.F & W.F 39,622,356 4,954,523 27,376,576
Profit Before Tax 792,447,116 99,090,475 547,531,521
Income Tax Expenses 71,030,032 64,520,646 59,896,768

Deferred Tax (Expenses)/ Income 49,496,639 18,759,424 57,272,548
Profit After Tax for The Period 671,920,445 53,329,253 430,362,205
Non-Controlling Interest 57,994 2,269 1,338,236
Net Income for the Period 671,862,451 53,326,984 429,023,969
Earnings Per Share (EPS) 3.41 0.27 2.18

NOCFPS 6.33 -0.16
Sales per share 67.3938392513 52.4783051173 53.5459283759
2018
5,708,002,400
2,117,499,335
2,537,386,382
9,425,480,289
3,868,423,709
131,402,995
ASSETS: 2021 2020 2019

Non-Current Assets 10,507,884,953 10,848,388,636 11,105,427,746
Property, Plant & Equipment- Carrying Value 10,455,971,547 10,737,647,479 11,008,406,226
Machinery in Transit 23,361,742 75,051,578 54,809,215
Goodwill 28,551,664 35,689,579 42,212,305
Current Assets 8,141,718,567 7,162,015,698 6,686,192,736

Inventories 3,724,039,268 3,911,199,890 3,030,387,296
Trade Receivable 3,940,079,043 2,933,391,302 3,414,988,864
Advances, Deposits & Prepayments 317,212,449 181,922,652 202,947,250
Investment 44,282,614 17,911,667 13,695,729
Cash & Cash Equivalents 116,105,193 117,590,187 24,173,597
TOTAL ASSETS 18,649,603,520 18,010,404,334 17,791,620,482
SHAREHOLDERS’ EQUITY 6,338,511,186 6,445,478,206 6,433,260,623

Shareholders’ Equity 1,677,347,670 1,677,347,670 1,677,347,670
Share Premium 1,120,000,000 1,120,000,000 1,120,000,000
Revaluation Surplus 1,682,215,316 1,692,199,373 1,702,501,772
Retained Earnings 1,858,948,200 1,955,931,163 1,933,411,181
Non-Current Liabilities 4,977,690,878 5,091,177,445 5,089,037,140

Long Term Borrowings 4,175,609,245 4,709,212,488 4309810544
LC Accepted Liability 425,068,806 145,930,489 502131417
Deferred Tax Liability 377,012,827 236,034,468 277,095,179
Current Liabilities & Provisions 7,333,401,458 6,473,748,685 6,269,322,720

Short Term Bank Loan 6,439,671,624 5,567,900,485 4,864,213,499
Creditors & Other Payables 172,620,112 257,126,798 577,541,698
Provision for Expenses 87,162,107 89,168,139 87,530,291
Long Term Loan (Current Portion) 521,760,051 501,588,200 645,802,885
Provision for Income Tax 112,187,564 57,965,063 94,234,347
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 18,649,603,522 18,010,404,336 17,791,620,483
Net Asset Value Per Share 37.79 38.43 38.35

Number of Share Outstanding 167,734,767 167,734,767 167,734,767
2021 2020 2019
Sales Revenue 8,665,304,750 8,176,823,160 9,118,517,693
Cost of Goods Sold 7,377,859,626 6,882,729,345 7,419,623,020
Gross Profit 1,287,445,124 1,294,093,815 1,698,894,673
Administrative Overhead 206,541,218 216,460,514 223,765,807

Selling and Distribution Overhead 66,267,175 59,716,352 66,818,210
Profit from Operations 1,014,636,731 1,017,916,949 1,408,310,656
Finance Cost 712,545,712 718,098,503 725,021,019

Non-Operating Income 2,376,016 1,571,878 2,131,201
Profit Before W.P.P.F & W.F 304,467,035 301,390,324 685,420,838
Allocation for W.P.P.F & W.F 14,498,430 14,351,920 32,639,088
Profit Before Tax 289,968,605 287,038,404 652,781,750
Income Tax Expenses 54,222,501 53,976,982 40,652,756

Deferred Tax (Expenses)/ Income 140,978,359 41,060,711 57,701,724
Profit After Tax for The Period 94,767,745 274,122,133 554,427,270
Non-Controlling Interest - - -
Net Income for the Period 94,767,745 274,122,133 554,427,270
Earnings Per Share (EPS) 0.56 1.63 3.31

NOCFPS -2.25 1.56
Sales per share 51.6607552804 48.7485290393 54.3627171402
2018
6,299,459,091
2,645,507,118
3,147,123,680
16060338647
7297464283
650,082,956
Paramount Textile Limited
ASSETS: 2021 2020

Non-Current Assets 6,159,826,095 5,062,459,670
Property, Plant & Equipment- Carrying Value 2,918,297,188 2,987,306,142
Capital working progress 1,066,343,354 526,779,512
Investment property 490,585,290 495,540,698
Investment in Associates 1,684,600,263 1,052,833,318
Current Assets 4,807,221,385 3,833,568,269

Inventories 3,258,512,716 2,703,235,756
Trade Receivable 660,068,787 681,511,168
Advances, Deposits & Prepayments 643,611,506 341,830,652
Investment 175,890,252 57,361,269
Cash & Cash Equivalents 69,138,124 49,629,424
TOTAL ASSETS 10,967,047,480 8,896,027,939
SHAREHOLDERS’ EQUITY 4,224,794,129 3,582,631,597

Shareholders’ Equity 1,550,795,550 1,476,948,140
Share Premium 540,000,000 540,000,000
Other Reserve 273,252,810 206,475,540
Retained Earnings 1,860,745,769 1,359,207,917
Non-Current Liabilities 2,536,621,597 1,705,730,290

Long Term Borrowings 2,518,244,175 1,693,603,203
LC Accepted Liability - -
Deferred Tax Liability 18,377,422 12,127,087
Current Liabilities & Provisions 4,205,631,752 3,607,006,050

Short Term Bank Loan 3,684,479,320 2,686,229,688
Creditors & Other Payables 52,780,514 312,056,363
Provision for Expenses 168,030,591 165,985,662
Long Term Loan (Current Portion) 271,838,182 418,254,704
Provision for Income Tax 28,503,145 24,479,633
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 10,967,047,478 8,895,367,937
Net Asset Value Per Share 27.24 23.1

Number of Share Outstanding 155,079,555 147,694,814
2021 2020
Sales Revenue 5,020,706,859 5,153,734,276
Cost of Goods Sold 4,246,967,015 4,357,656,974
Gross Profit 773,739,844 796,077,302
Administrative Overhead 200,671,881 206,044,627

Selling and Distribution Overhead 38,484,182 38,402,269
Profit from Operations 534,583,781 551,630,406
Finance Cost 214,427,912 219,179,645

Non-Operating Income 62,543,037 13,864,058
Profit Before W.P.P.F & W.F 382,698,906 346,314,819
Allocation for W.P.P.F & W.F 1,511,430 1,459,844
Share of profit of associates 372,891,945 367,730,561
Profit Before Tax 754,079,421 712,585,536
Income Tax Expenses 85,941,649 42,127,460

Deferred Tax (Expenses)/ Income 6,250,335 11,643,204
Profit After Tax for The Period 661,887,437 658,814,872
Unrealized gain on investment in shares 66,777,270 14,809,318
Net Income for the Period 728,664,707 673,624,190
Earnings Per Share (EPS) 4.27 4.25

NOCFPS 5.14 4.08
Sales per share 32.3750404043 34.894483674965
POSITION
2019 2018
4,895,856,726
3,361,207,498
310,450,312
500,546,159
723,652,757
3,349,228,121 2,931,904,117
2,594,427,511 2,126,884,443
391,305,693 407,831,276
287,948,281
50,990,499
24,556,137
8,245,084,847 7,348,877,232
3,003,857,287
1,354,998,290
540,000,000
191,666,222
917,192,775
2,063,955,726
2063471843
-
483,883
3,177,271,833 2,689,081,070
2,397,558,620
215,956,069 113,908,645
116,220,447
418,507,791
29,028,906
8,245,084,846
22.17
135,499,829
POSITION
2019
5,673,854,848
4,818,814,160
855,040,688
226,096,767
43,588,300
585,355,621
235,991,490
20,639,270
370,003,401
1,708,014
97,102,757
465,398,144
57,255,893
3,404,896
411,547,147
858,738
412,405,885
3.04
41.8735203569888
ASSETS: 2021 2020 2019

Non-Current Assets 43.44% 47.81% 49.85%
Property, Plant & Equipment- Carrying Value 42.80% 37.37% 44.12%
Capital Work In Progress 0.30% 10.06% 5.32%

Goodwill 0.35% 0.38% 0.41%
Current Assets 56.56% 52.19% 50.15%

Inventories 16.39% 21.50% 22.81%
Trade Receivable 29.57% 26.81% 23.88%
Advances, Deposits & Prepayments 1.75% 1.90% 2.13%
Cash & Cash Equivalents 8.85% 1.98% 1.33%
TOTAL ASSETS 100.00% 100.00% 100.00%
SHAREHOLDERS’ EQUITY 46.93% 47.90% 55.02%

Shareholders’ Equity 12.13% 13.20% 14.47%
Retained Earnings 34.80% 34.70% 40.55%
Non controlling Interest 0.09% 0.10% 0.11%
Non-Current Liabilities 18.16% 1.74% 2.05%
Long Term Borrowings 16.25%

Deferred Tax Liability 1.91% 1.74% 2.05%
Current Liabilities & Provisions 34.81% 50.26% 42.82%

Short Term Bank Loan 32.75% 26.03% 24.73%
Creditors & Other Payables 0.49% 0.58% 0.53%
Liabilities for Others Finance 0.96% 1.06% 1.07%
Short Term Loan 21.93% 15.91%
Provision for Income Tax 0.62% 0.64% 0.58%
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 100% 100.00% 100.00%
Net Asset Value Per Share

Number of Share Outstanding

Particulars 2021 2020 2019
Sales Revenue 100.00% 100.00% 100.00%
Cost of Goods Sold 89.21% 92.84% 89.24%

Gross Profit 10.79% 7.16% 10.76%
Administrative Overhead 1.87% 2.41% 2.64%

Selling and Distribution Overhead 0.15% 0.15% 0.15%
Profit from Operations 8.78% 4.60% 7.97%
Finance Cost 2.63% 3.68% 2.65%

Non-Operating Income 0.12% 0.09% 0.12%
Profit Before W.P.P.F & W.F 6.26% 1.01% 5.44%
Allocation for W.P.P.F & W.F 0.30% 0.05% 0.26%
Profit Before Tax 5.96% 0.96% 5.18%
Income Tax Expenses 0.53% 0.62% 0.57%

Deferred Tax (Expenses)/ Income 0.37% 0.18% 0.54%
Profit After Tax for The Period 5.05% 0.52% 4.07%
Non-Controlling Interest 0.00% 0.00% 0.01%
Net Income for the Period 5.05% 0.52% 4.06%
Earnings Per Share (EPS)

Observations
Invested more money in Longterm Assets in 2021 compared to 2020

Maximum on going Capital Work in progress completed in 2021 which is a
good sign because it will contribute to the production
###
Proportion of inventory decreased over the years
Incresed Credit Sales over the years
Cash Holding Incresed over the years which is not a good sign
###
They availed significant amount of longterm loan in 2021 which will be

used for growth of the firm and interest expense will reduce some tax too.
###
###
Observations
They reduced cost of goods sold by 3.63% in 2021 compared to 2020 which
is a significant achievement
They reduced administrative overhead compared to 2020 which is a good

sign.
Percentage of profit from operations observed highest in 2021 among last

3 years
Lowest Finance cost incurred in 2021 among last 3 years even after
enjoying highest amount of borrowings indicates a good negotiation of
interest rates with the bank
They secured 5.05% net income of sales revenue in 2021 which is highest
among last 3 years which indicate good efficiency of the firm.
ASSETS: 2021 2020 2019

Machinery in Transit 0.13% 0.42% 0.31%
Goodwill 0.15% 0.20% 0.24%
Current Assets 43.66% 39.77% 37.58%

Inventories 19.97% 21.72% 17.03%

Investment 0.24% 0.10% 0.08%
TOTAL ASSETS 100.00% 100.00% 100.00%

Share Premium 6.01% 6.22% 6.30%
Revaluation Surplus 9.02% 9.40% 9.57%
Long Term Borrowings 22.39% 26.15% 24.22%

LC Accepted Liability 2.28% 0.81% 2.82%

Provision for Expenses 0.47% 0.50% 0.49%
Long Term Loan (Current Portion) 2.80% 2.78% 3.63%
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 100.00% 100.00% 100.00%



Sales Revenue 100.00% 100.00% 100.00%
Gross Profit 14.86% 15.83% 18.63%

Finance Cost 8.22% 8.78% 7.95%


Non-Controlling Interest 0.00% 0.00% 0.00%

Observations
Investment in longterm assets compared to total assets is observed
a decreasing trend for last 3 years.
Decreasing trend of property plant & equipment indicates
production capacity is decreasing which will have an impact in
future sells
Trade receivable increased significantly in 2021 which indicates

more credit sale compared to 2020
Shareholders equity has a decreasing trend for last 3 years indicate

they are paying out retained earnings perhalfs has less opportunity
to invest in future projects.
Retained earnings has a decreasing trend means the firm has less
opprtunities to invest in profitable projects
Longterm borrowing decreased in 2021 compared to 2020 means

they adjusted large amount of LT loan
Increasing trend in short term borrowing over the years indicates

growing dependency in ST loan
Observations
They have lower cost of goods sold than market leader square tex &
almost similar or lower comapred to peer paramount tex which is a
huge advantage.
Although gross proft proportion comapred to sales has a decreasing
trend they are still generating more proportion of gross profit from
their sales revenue compared to square tex & paramount tex which
indicate greater efficiency
Proportion of net income in terms of amount of sales decreased

over time which is not a good sign.
CONSOLIDATED STATEMENT OF FINANCIA
2021 2020 2019

Capital working progress 9.72% 5.92% 3.77%

Investment property 4.47% 5.57% 6.07%
Investment in Associates 15.36% 11.83% 8.78%
Current Assets 43.83% 43.09% 40.62%

Inventories 29.71% 30.39% 31.47%
Investment 1.60% 0.64% 0.62%
TOTAL ASSETS 100.00% 100.00% 100.00%

Share Premium 4.92% 6.07% 6.55%
Other Reserve 2.49% 2.32% 2.32%

Long Term Borrowings 22.96% 19.04% 25.03%
LC Accepted Liability 0.00% 0.00% 0.00%

Provision for Expenses 1.53% 1.87% 1.41%
Long Term Loan (Current Portion) 2.48% 4.70% 5.08%
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 100.00% 100.00% 100.00%


Sales Revenue 100.00% 100.00% 100.00%
Gross Profit 15.41% 15.45% 15.07%

Finance Cost 4.27% 4.25% 4.16%

Share of profit of associates 7.43% 7.14% 1.71%

Unrealized gain on investment in shares 1.33% 0.29% 0.02%

LIDATED STATEMENT OF FINANCIAL POSITION
Observations
Proportion of Property, Plant & Equipment decreased over the years which indicate a bad sign because
ready capital machinery for production decreased.
An increasing trend in Capital work in progress indicate investment in capital machinery to increase
production capacity
Investment property reduced over the years means they are loosing some revenue here.
They increased the investment in associates by 6.58% of total assets. Perhalfs taking the growth
opportunity of associates.
Longterm loan increased by 3.92% of total assets compared to last year but still lower than 2019
Increase in ST loan signals increasing dependency in ST borrowings
Current portion of longterm loans has a decreasing trend means they are adjusting long term borrowings
Observations
They able to increase the proportion of net income from sales revenue over the years which indicate they
gaining efficiency.
SQUARE TEXTILES LIMITED RATIO ANALYSIS
A.Leverage
Financial Debt to Tangible Net Worth(DTN) (Total Interest Bearing Liabilities/Tangible Net Worth)
Financial Debt to Total Assets ( DTA)
Operating Leverage (CM/NOI)
Financial Leverage (Total debt/ Share Holder Equity)
B. Liquitdity Ratios
Current ratio ( Current Asset/ Current Liabilities)
Cash ratio ( Cash/ Current Liabilites)
Quick ratioInterval
Defensive ( Quickratio
Asset/ Current Liabilities)
( Quick Asset/ Daily Operational Expenses)
C.Operating Profitability
Net Profit Margin (NPM)
(Net profit after tax/ Net Sales)
Return on Assets (ROA) (Net profit after tax/ Average Total Assets)
Gross Profit Margin ( GP/Sales)
Operating Profit Margin ( OP/Sales)
Pre Tax Margin ( Profit before tax/ sales)
Basic
ReturnEarning Power
on Total ( EBIT/Total Assets)
capital
( EBIT/ ( ST debt + LT debt + Equity)
Return on Owner's Equity or ROE
D. Coverage
Interest Coverage Ratio (IC)
( EBIT/toInt.Expense)
Debt Asset Ratio ( DAR)
( Total Debt/ Total Asset)
E. Operating Efficiency
Debt to Capital ( Total Debt/ (Total debt + Equity))
Debt to equity ratio (DER) ( Total Debt/ Total Equity)
F. Activity/Turnover
Receivables turnoverRatios
(Sales/Average
Inventory TurnoverReceiveable)
( Cost of sales/ Avg.Inventory)
Payables Capital
Working turnover ( Purchases/ Avg. Payables)
Turnover
( Sales/ Av.Working Capital)
G. Days
DSO
Days(Inventory
Avg. Receiveables/
on Hand Sales per day)
(365/Inventory turnover) or Average inventory processing period
H. Valution Rations
EPS
M:B ( NI/ Share Outstanding)
(Maret price per share/ Book Value per share)
P/E ( Price per share/ EPS)
Price/ Sales
(Book
Market Price
Value perper share
Share / Sales per Share)
(BVPS)
(Sales
Common equity/
per Share Share Outstanding)
( Sales Revenue/ Share Outstanding)
ANALYSIS
2021 2020 2019

Current Liabilities
1.05 1.01 0.74
0.49 0.48 0.41 Quick Assets
1.23 1.56 1.35 Daily Operational Expenses
1.04 1.00 0.74 Total Assets 2018
Average Total Assets
1.62 1.04 1.17 Working Capital
0.25 0.04 0.03 Working Capital 2018
1.15 0.61 0.64 Avg. Working Capital
0.54 0.47 0.38
0.47 0.07 0.38

0.028 0.002 0.023
0.11 0.07 0.11 ST Debt+LT Debt+Eqity
0.09 0.05 0.08
0.06 0.01 0.05
0.07 0.03 0.06
0.07 0.03 0.06
0.09 0.01 0.06 Total Debt
3.3 1.2 3.0

0.49 0.48 0.41
0.51 0.50 0.42

1.04 1.00 0.74 Receiveables 2018
1.95 1.84 2.33 Average Receiveables

2.78 2.02 2.26 Sales Per Day
96.65 78.12 68.66
3.61 13.12 5.50
187.02 198.65 156.32 Inventory 2018

131.5 181.1 161.4 Average Inventory
Inventory Turn Over Ratio
3.41 0.27 2.18
1.23 0.80 1.20 payable2018
13.95 107.27 21.01
0.705 0.553 0.853 Avg payable

38.69 36.29 38.02
67.39 52.48 53.55
2021 2020 2019
5,661,519,456 7,509,456,668 5,835,307,271
6,532,925,846 4,586,218,039 3,725,436,085

12106955083.16 9859743218.69315 9704346467.773
9,425,480,289
23733101685 21756711141 18341070754.5
3,536,096,006 289,517,007 998,898,262
1839578691
3680854509.5 788966138 1918687607.5
15,600,415,406 14,324,955,105 13,038,405,585
7,968,224,524 7,167,374,674 5,539,648,138
2,537,386,382
6811411062 5633625739 4523562949

36420738.57534 28360138.7424658 28937099.90137
2,117,499,335
4271067434 4767140360 4167519115.5
2.776549333452 2.0158849474279 2.261633861245
131,402,995
122704287 123012929.5 137278148.5

ENVOY TEXTILES LIMITED RATIO ANALYSIS
A.Leverage
Quick
DefensiveratioInterval
( Quickratio
C.Operating
Net Profit MarginProfitability
(NPM)
Basic
ReturnEarning Power
capital
D. Coverage
(Sales/Average
Inventory Turnover Receiveable)
Payables Capital
Turnover
G. Days
DSO
Days(Inventory
Avg. Receiveables/
H. Valution Rations
EPS
P/E
Price/ ( Price
Salesper share/ EPS)
(Book
Market Price
Value perper share
(BVPS)
(Sales
Common equity/ Share Outstanding)
per Share
LYSIS
2021 2020 2019

Current Liabilities
1.76 1.68 1.54
0.60 0.60 0.55 Quick Assets
1.27 1.27 1.21 Daily Operational Expenses
1.76 1.67 1.53 Total Assets 2018
Average Total Assets
1.11 1.11 1.07 Working Capital
0.02 0.02 0.00 Working Capital 2018
0.60 0.50 0.58 Avg. Working Capital
0.58 0.46 0.48
0.01 0.03 0.06

0.003 0.010 0.038
0.15 0.16 0.19 ST Debt+LT Debt+Eqity
0.12 0.12 0.15
0.03 0.04 0.07
0.05 0.06 0.08
0.06 0.06 0.09
0.01 0.04 0.09 Total Debt
1.4 1.4 1.9

0.60 0.60 0.55
0.64 0.63 0.60

1.76 1.67 1.53 Receiveables 2018
1.60 1.76 1.83 Average Receiveables

1.30 1.27 1.70 Sales Per Day
24.50 12.61 8.22
7.52 9.12 -111.02 Inventory 2018
Average Inventory
227.74 207.16 199.68 Inventory Turn Over Ratio
281.0 287.8 214.1
payable2018
0.56 1.63 3.31
0.78 0.55 0.92 Avg payable
52.04 12.97 10.62
0.57 0.43 0.65
37.79 38.43 38.35
51.66 48.75 54.36
2021 2020 2019
7,333,401,458 6,473,748,685 6,269,322,720
4,417,679,299 3,250,815,808 3,655,805,440

7584582397.9 7099353465.4438 7643571890.589
16060338647
27654805687 26906214575 14716362059.5
808,317,109 688,267,013 416,870,016
-998,005,192
1152450615.5 896702021 -82132580
17,475,552,106 17,224,179,379 16,253,087,551
11,137,040,920 10,778,701,173 9,819,826,928
3,147,123,680
5406774694 4640885734 4988550704

23740560.9589 22402255.232877 24982240.254795
2,645,507,118
5679639213 5426393538 4353140855
1.2990014593 1.268380056994 1.7044298053158
650,082,956
301183511 545897647 902583176

PARAMOUNT TEXTILE LIMITED RATIO ANALYSIS
A.Leverage
Quick ratioInterval
Defensive ( Quickratio
C.Operating Profitability
Net Profit Margin (NPM)
Basic
ReturnEarning Power
capital
D. Coverage
(Sales/Average
Inventory TurnoverReceiveable)
Payables Capital
Turnover
G. Days
DSO
Days(Inventory
Avg. Receiveables/
H. Valution Rations
EPS
P/E ( Price per share/ EPS)
Price/ Sales
(Book
Market Price
Value perper share
(BVPS)
(Sales
Common equity/
per Share Share Outstanding)
SIS
2021 2020 2019 2021

Current Liabilities 4,205,631,752
1.53 1.34 1.62
0.59 0.54 0.59 Quick Assets 1,548,708,669
1.45 1.44 1.46 Daily Operational Expenses 4447744332.115
1.53 1.34 1.62 Total Assets 2018 7,348,877,232
Average Total Assets 15415061449.5
1.14 1.06 1.05 Working Capital 601,589,633
0.02 0.01 0.01 Working Capital 2018 242,823,047
0.37 0.31 0.24 Avg. Working Capital 714870742.5
0.35 0.25 0.15
0.15 0.13 0.07

0.047 0.052 0.035
0.15 0.15 0.15 ST Debt+LT Debt+Eqity 10,699,355,806
0.11 0.11 0.10
0.15 0.14 0.08
0.05 0.06 0.07
0.05 0.07 0.07
0.17 0.19 0.14 Total Debt 6,474,561,677
2.5 2.5 2.5

0.59 0.54 0.59
0.61 0.57 0.62

1.53 1.34 1.62 Receiveables 2018 407,831,276
5.02 5.88 9.53 Average Receiveables 1000824371

0.92 1.09 1.32 Sales Per Day 13755361.25753
20.34 10.37 17.66
7.02 16.49 19.34
72.76 62.12 38.29 Inventory 2018 2,126,884,443

396.2 335.1 277.1 Average Inventory 4610130594
Inventory Turn Over Ratio 0.92122488255
4.70 4.56 3.04
1.99 2.02 2.2 payable2018 113,908,645
11.54 10.72 16.2
1.67 1.40 1.2 Avg payable 208808695.5

27.24 24.26 22.17
32.38 34.89 41.87
2020 2019
3,607,006,050 3,177,271,833
1,130,332,513 754,800,610
4563806812.69589 5045030347
13018570362.5 11919523463
226,562,219 171,956,288
312540363 293367811.5
8,380,719,192 7,883,395,541
4,798,087,595 4,879,538,254
877164014.5 595,221,331
14119819.9342466 15544807.8027
4000449511.5 3657869732.5
1.08929183119876 1.31738266051
420034397.5 272910391.5
Consolidated S
Particulars Paramount Envoy

ASSETS: 2021 2020 2019 2021 2020
Non-Current Assets 56.17% 56.91% 59.38% 56.34% 60.23%
Property, Plant & Equipment- Carrying Value 26.61% 33.58% 40.77% 56.07% 59.62%
Machinery in Transit 0.00% 0.00% 0.00% 0.13% 0.42%
Goodwill 0.00% 0.00% 0.00% 0.15% 0.20%
Capital Work in progress 9.72% 5.92% 3.77% 0.00% 0.00%
Investment Property 4.47% 5.57% 6.07% 0.00% 0.00%
Investment in associates 15.36% 11.83% 8.78% 0.00% 0.00%
Current Assets 43.83% 43.09% 40.62% 43.66% 39.77%
Inventories 29.71% 30.39% 31.47% 19.97% 21.72%
Trade Receivable 6.02% 7.66% 4.75% 21.13% 16.29%
Advances, Deposits & Prepayments 5.87% 3.84% 3.49% 1.70% 1.01%
Investment 1.60% 0.64% 0.62% 0.24% 0.10%
Cash & Cash Equivalents 0.63% 0.56% 0.30% 0.62% 0.65%
TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 100.00%
SHAREHOLDERS’ EQUITY 38.52% 40.27% 36.43% 33.99% 35.79%
Shareholders’ Equity 14.14% 16.60% 16.43% 8.99% 9.31%
Share Premium 4.92% 6.07% 6.55% 6.01% 6.22%
Revaluation Surplus 0.00% 0.00% 0.00% 9.02% 9.40%
Retained Earnings 16.97% 15.28% 11.12% 9.97% 10.86%

Other Reserve 2.49% 2.32% 2.32% 0.00% 0.00%
Non Controlling Interest 0.00% 0.00% 0.00% 0.00% 0.00%
Non-Current Liabilities 23.13% 19.17% 25.03% 26.69% 28.27%
Long Term Borrowings 22.96% 19.04% 25.03% 22.39% 26.15%

LC Accepted Liability 0.00% 0.00% 0.00% 2.28% 0.81%
Deferred Tax Liability 0.17% 0.14% 0.01% 2.02% 1.31%
Current Liabilities & Provisions 38.35% 40.55% 38.54% 39.32% 35.94%
Short Term Bank Loan 33.60% 30.20% 29.08% 34.53% 30.91%
Creditors & Other Payables 0.48% 3.51% 2.62% 0.93% 1.43%
Provision for Expenses 1.53% 1.87% 1.41% 0.47% 0.50%
Long Term Loan (Current Portion) 2.48% 4.70% 5.08% 2.80% 2.78%
Provision for Income Tax 0.26% 0.28% 0.35% 0.60% 0.32%
TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 100.00% 100.00% 100.00% 100.00% 100.00%
Consolidated
Paramount Envoy
Particulars 2021 2020 2019 2021 2020
Sales Revenue 100.00% 100.00% 100.00% 100% 100%
Cost of Goods Sold 84.59% 84.55% 84.93% 85.14% 84.17%
Gross Profit 15.41% 15.45% 15.07% 14.86% 15.83%
Administrative Overhead 4.00% 4.00% 3.98% 2.38% 2.65%
Selling and Distribution Overhead 0.77% 0.75% 0.77% 0.76% 0.73%
Profit from Operations 10.65% 10.70% 10.32% 11.71% 12.45%
Finance Cost 4.27% 4.25% 4.16% 8.22% 8.78%
Non-Operating Income 1.25% 0.27% 0.36% 0.03% 0.02%
Profit Before W.P.P.F & W.F 7.62% 6.72% 6.52% 3.51% 3.69%
Allocation for W.P.P.F & W.F 0.03% 0.03% 0.03% 0.17% 0.18%
Share of profit of associates 7.43% 7.14% 1.71% 0 0
Profit Before Tax 15.02% 13.83% 8.20% 3.35% 3.51%
Income Tax Expenses 1.71% 0.82% 1.01% 0.63% 0.66%
Deferred Tax (Expenses)/ Income 0.12% 0.23% 0.06% 1.63% 0.50%
Profit After Tax for The Period 13.18% 12.78% 7.25% 1.09% 3.35%
Unrealized gain on investment in shares 1.33% 0.29% 0.02% 0.00% 0.00%
Non Controlling Interest 0.00% 0.00% 0.00% 0.00% 0.00%
Net Income for the Period 14.51% 13.07% 7.27% 1.09% 3.35%
Consolidated Statement of Financial Position
Envoy Squaretex
2019 2021 2020 2019
62.42% 43.44% 47.81% 49.85%
61.87% 42.80% 37.37% 44.12%
0.31% 0.00% 0.00% 0.00%
0.24% 0.35% 0.38% 41.00%
0.00% 0.30% 10.06% 5.32%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.00%
37.58% 56.56% 52.19% 50.15%
17.03% 16.39% 21.50% 22.81%
19.19% 29.57% 26.81% 23.88%
1.14% 1.75% 1.90% 2.13%
0.08% 0.00% 0.00% 0.00%
0.14% 8.85% 1.98% 1.33%
100.00% 100.00% 100.00% 100.00%
36.16% 46.93% 47.90% 55.02%
9.43% 12.13% 13.20% 14.47%
6.30% 0.00% 0.00% 0.00%
9.57% 0.00% 0.00% 0.00%
10.87% 34.80% 34.70% 40.55%

0.00% 0.00% 0.00% 0.00%
0.00% 0.09% 0.10% 0.11%
28.60% 18.16% 1.74% 2.05%
24.22% 16.25% 0.00% 0.00%

2.82% 0.00% 0.00% 0.00%
1.56% 1.91% 1.74% 2.05%
35.24% 34.81% 50.26% 42.82%
27.34% 32.75% 26.03% 24.73%
3.25% 0.49% 0.58% 0.53%
0.49% 0.96% 1.06% 1.07%
3.63% 0.00% 21.93% 15.91%
0.53% 0.62% 0.64% 0.58%
100.00% 100.00% 100.00% 100.00%
Consolidated Statement of Profit & Loss

Envoy Squaretex
2019 2021 2020 2019
100% 100% 100% 100%
81.37% 89.21% 92.84% 89.24%
18.63% 10.79% 7.16% 10.76%
2.45% 1.87% 2.41% 2.64%
0.73% 0.15% 0.15% 0.15%
15.44% 8.78% 4.60% 7.97%
7.95% 2.63% 3.68% 2.65%
0.02% 0.12% 0.09% 0.12%
7.52% 6.26% 1.01% 5.44%
0.36% 0.30% 0.05% 0.26%
0
7.16% 5.96% 0.96% 5.18%
0.45% 0.53% 0.62% 0.57%
0.63% 0.37% 0.18% 0.54%
6.08% 5.05% 0.52% 4.07%
0.00% 0.00% 0.00% 0.00%
0.00% 0.00% 0.00% 0.01%
6.08% 5.05% 0.52% 4.06%
ncial Position
Observations
Overall proportion of non current assets reduced over the years of Envoy & Squaretex although it was consistent for paramount
Investment in property plant & equipment decreased over the years for all three firms
Only Paramount holds some investment in Investment propeerty which give them some source of income
Proportion of inventory compared to asset decreased in 2021 than 2020 indicate production capacity reduced
Decrease in proportion of trade receivable for envoy & paramount indicates a change in credit policy.
Paramount has an increase in retained earnings means they have opprtunities of expansion or invest in positive npv
projects. Incontrast decrease in retined earnings of Envoy & Squaretex indicates they paid out devidend from retained
earnings.
Envoy tex adjusted some long term borrowings in 2021 compared to last year, squaretex availed significant amount of long
term borrowing which is 16.25% of total assets. Paramount also increased their longterm borrowings too.
We observed a increase in short term borrowings of all the three firms compared to last year.
Reduction in trade payables of all firms over the years indicate less credit purchase of raw materials.
rofit & Loss

Observations
Paramount’s Administrative overhead is higher than other two firms which indicates lesser efficiency
Paramount secured highest proportion of net income interms of sales

Square Tex Paramount Tex Envoy Tex: Gordon Growth Model (V)

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Square Tex Paramount Tex Envoy Tex: Gordon Growth Model (V)

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Square Tex Paramount Tex Envoy Tex

2021 2020 2021 2020 2021

Gordon Growth Model (V0) 55.23 106.77 50.19

Current Market Price (Po) 52.00 94.70 50.10

Company Statistic Paramount Tex Square Tex Envoy Tex

Relative Mean Relative

Mean Estimated Stock Value

Paramount SQUARE ENVOY

Paramount SQUARE ENVOY

Paramount SQUARE ENVOY

Paramount SQUARE ENVOY

Paramount SQUARE ENVOY

Paramount SQUARE ENVOY

Paramount SQUARE ENVOY

Paramount Textile Limited SQUARE TEXTILES LIMITED ENVOY TEXTILES LIMITED

2019 2020 2021

Paramount Textile SQUARE TEXTILES ENVOY TEXTILES

Paramount Textile SQUARE TEXTILES ENVOY TEXTILES

Paramount Textile SQUARE TEXTILES ENVOY TEXTILES

Paramount Textile SQUARE TEXTILES ENVOY TEXTILES

Paramount Textile SQUARE TEXTILES ENVOY TEXTILES

Paramount Textile SQUARE TEXTILES ENVOY TEXTILES

Paramount Textile Limited SQUARE TEXTILES LIMITED

2019 2020 2021

HORIZONTAL TREND ANALYSIS OF PROFIT AND LOSS

Paramount SQUARE TEXTILES ENVOY TEXTILES

ASSETS: 2021 2020 2019

Current Assets 9,197,615,462 7,798,973,675 6,834,205,533

TOTAL ASSETS 16,261,828,767 14,942,545,836 13,628,330,610

SHAREHOLDERS’ EQUITY 7,632,190,882 7,157,580,431 7,498,757,447

Non controlling Interest 14,998,970 14,940,976 14,938,707

Non-Current Liabilities 2,953,119,459 260,567,761 279,327,185

Current Liabilities & Provisions 5,661,519,456 7,509,456,668 5,835,307,271

TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 16,261,828,767 14,942,545,836 13,628,330,610

Net Asset Value Per Share 38.69 36.29 38.02

SQUARE TEXTILES LIMITED

Administrative Overhead 248,071,111 249,693,902 278,901,489

Finance Cost 350,243,865 381,117,745 280,059,922

Income Tax Expenses 71,030,032 64,520,646 59,896,768

Earnings Per Share (EPS) 3.41 0.27 2.18

ASSETS: 2021 2020 2019

Current Assets 8,141,718,567 7,162,015,698 6,686,192,736

TOTAL ASSETS 18,649,603,520 18,010,404,334 17,791,620,482

SHAREHOLDERS’ EQUITY 6,338,511,186 6,445,478,206 6,433,260,623

Non-Current Liabilities 4,977,690,878 5,091,177,445 5,089,037,140

Current Liabilities & Provisions 7,333,401,458 6,473,748,685 6,269,322,720

TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 18,649,603,522 18,010,404,336 17,791,620,483

Net Asset Value Per Share 37.79 38.43 38.35

Administrative Overhead 206,541,218 216,460,514 223,765,807

Finance Cost 712,545,712 718,098,503 725,021,019

Income Tax Expenses 54,222,501 53,976,982 40,652,756

Earnings Per Share (EPS) 0.56 1.63 3.31

ASSETS: 2021 2020

Current Assets 4,807,221,385 3,833,568,269

TOTAL ASSETS 10,967,047,480 8,896,027,939

SHAREHOLDERS’ EQUITY 4,224,794,129 3,582,631,597

Non-Current Liabilities 2,536,621,597 1,705,730,290

Current Liabilities & Provisions 4,205,631,752 3,607,006,050

TOTAL SHAREHOLDERS’ EQUITY & LIABILITIES 10,967,047,478 8,895,367,937

Net Asset Value Per Share 27.24 23.1

Administrative Overhead 200,671,881 206,044,627

Finance Cost 214,427,912 219,179,645