Security Analysis Model

SECURITY ANALYSIS PRO
SUBMITTED TO: SIR FA

YOUNUS
ENTER
ENTER
PREPARED BY:
NOUMAN AHMED PATHAN

(57087)
ANALYSIS PROJECT
TED TO: SIR FARAZ
R
ER
D BY:
MED PATHAN
(57087)
INDEX
FFC
(P&L) Forcasted
FFC
(BALANCESHEE
T)Forcasted
FFC
(Ratios)
forcasted
FFC
(Trend Analysis)
FFC
(WACC)
Calculations
Workings For
Assumptions
MAIN
EX
For
ons
FFC
(CASHFLOWS)
FFC
(Beta)
Calculations
FFC
(Assumptions)
135
Profit and Loss Acc
Sales
Cost of sales
GROSS PROFIT
Distribution cost
Finance cost
Other expenses
Other income
NET PROFIT BEFORE TAXATION

Provision for taxation
NET PROFIT AFTER TAXATION

Earnings per share (Rupees)
2005
2006
22,423,386
(16,382,714)
26,057,260
(20,242,194)
6,040,672
5,815,066
(2,371,208)
3,669,464
(325,999)
(626,819)
2,716,646
1,439,955
(2,746,782)
3,068,284
(501,241)
(735,331)
1,831,712
1,259,819
4,156,601
(2,317,000)
3,091,531
(2,349,000)
1,839,601
9.92
742,531
16.38
Loss Account
(Rupees '000)
2007
2008
2009
2010
28,876,160
(18,234,692)
34,170,138
(20,515,044)
41,584,797
(25,310,406)
6,959,476
10,641,468
13,655,094
16,274,391
(2,418,793)
4,540,683
(703,612)
(845,327)
2,991,744
1,665,205
(2,668,571)
7,972,897
(695,371)
(895,647)
6,381,879
1,942,558
(3,174,505)
10,480,589
(944,947)
(1,272,448)
8,263,194
2,800,987
(3,944,473)
12,329,918
(1,086,741)
(1,376,000)
9,867,177
3,153,110
4,656,949
(2,454,000)
8,324,437
(3,516,000)
11,064,181
(4,234,111)
13,020,287
(5,281,000)
2,202,949
4,808,437
6,830,070
7,739,287
25,271,001
(18,311,525)
10.86
13.22
13
16.25
BACK
2011
2012 2013 (F)
2014 (F)
49,880,819
(20,871,759)
71,016,868
(38,324,361)
84,186,406
(44,651,311)
100,181,823
(52,242,034)
29,009,060
32,692,507
39,535,095
47,939,789
(4,372,151)
24,636,909
(785,825)
(2,654,881)
21,196,203
6,629,501
(5,560,687)
27,131,820
(999,457)
(2,685,236)
23,447,127
4,267,852
(6,478,698)
33,056,397
(1,204,132)
(3,385,379)
28,466,886
5,290,402
(7,580,077)
40,359,712
(1,444,959)
(4,265,577)
34,649,176
6,560,099
27,825,704
(10,674,000)
27,714,979
(10,181,000)
38,312,763
(13,744,350)
48,657,209
(18,554,873)
17,151,704
17,533,979
28,418,085
36,090,968
17.68
16.38
18.20
20.21
2015 (F)
2016 (F)
2017(F)
119,216,369
(61,123,179)
141,867,479
(71,514,120)
168,822,300
(83,671,520)
58,093,190
70,353,359
85,150,780
(8,868,690)
49,224,500
(1,733,951)
(5,374,627)
42,115,922
8,134,522
(10,376,367)
59,976,992
(2,080,741)
(1,397,403)
56,498,848
10,086,808
(12,140,349)
73,010,431
(2,496,889)
(363,325)
70,150,217
12,507,642
61,794,655
(25,049,078)
78,479,212
(33,816,255)
99,668,599
(45,651,944)
45,835,529
58,211,122
73,928,125
22.43
24.90
27.63
2005
2006
EQUITY AND LIABILITIES

EQUITY
Share capital
Capital reserves
Revenue reserves
4,934,742 4,934,742
160,000
160,000
7,346,166 7,861,801
12,440,908 12,956,543
NON - CURRENT LIABILITIES

Long term borrowings
Deferred liabilities
981,078
2,401,000
3,382,078
1,193,750
2,396,000
3,589,750
CURRENT LIABILITIES
Trade and other payables
Interest and mark-up accrued
Short term borrowings
Current portion of long term borrowings
Taxation
TOTAL
6,737,803 4,025,926
81,644
134,039
2,504,963 4,531,090
1,887,325
887,327
1,414,418 1,305,606
12,626,153 10,883,988
28,449,139 27,430,281
ASSETS
NON CURRENT ASSETS
Property, plant and equipment
Intangible assets
Long term investments
9,184,727
1,673,849
6,058,006
9,607,957
1,569,234
6,409,382
Long term loans and advances

Long term deposits and prepayments
64,545
76,647
3,435
2,474
16,984,562 17,665,694
CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Loans and advances
Deposits and prepayments
Other receivables
Short term investments
Cash and bank balances
TOTAL
2,154,318
560,472
659,713
116,810
26,097
579,802
6,195,252
1,172,113
11,464,577
2,202,053
952,905
961,427
95,245
25,488
1,451,390
2,452,850
1,623,229
9,764,587
28,449,139 27,430,281
BALANCSHEET
(Rupees '000)
2007
2008
2009
2011
2012
4,934,742 4,934,742 6,785,271 6,785,271 8,481,588

160,000
160,000
160,000
160,000
160,000
7,635,303 7,190,471 6,137,171 8,502,276 14,428,636
12,730,045 12,285,213 13,082,442 15,447,547 23,070,224
12,722,382
160,000
13,213,667
26,096,049
2,671,250
2,363,526
5,034,776
5,378,214
2,431,895
7,810,109
4,578,809
3,035,757
7,614,566
2010
3,819,405
3,215,821
7,035,226
2,703,750
3,832,614
6,536,364
3,870,000
4,103,315
7,973,315
5,815,276 5,993,674 8,002,897 9,614,026 11,730,961

184,430
194,570
147,329
137,968
79,826
3,141,081 3,114,000 6,088,348 5,640,420 8,735,650
1,022,500
743,036 1,799,405 1,759,405 1,615,655
1,313,106 1,778,361 1,816,595 3,426,264 3,762,236
11,476,393 11,823,641 17,854,574 20,578,083 25,924,328
15,836,879
24,921
4,990,000
1,433,750
4,531,939
26,817,489
29,241,214 31,918,963 38,551,582 43,060,856 55,530,916
60,886,853
10,390,490 12,730,813 13,993,518 15,933,588 17,050,951

1,569,234 1,569,234 1,569,234 1,569,234 1,569,234
6,325,129 7,744,779 7,727,528 7,870,027 8,659,073
17,818,755
1,678,639
9,511,865
142,782
163,102
337,541
455,328
605,883
2,144
1,524
6,305
9,037
9,370
18,429,779 22,209,452 23,634,126 25,837,214 27,894,511
700,786
222,313
29,932,358
2,407,988
642,836
1,722,602
83,917
33,665
1,542,763
3,027,664
1,350,000
10,811,435
3,034,268 2,996,633 2,440,201 2,447,452

258,094
144,087
211,720
636,923
495,929
256,886
357,956
86,669
136,944
130,219
336,269
431,582
107,369
37,653
50,188
53,852
1,233,479
734,062
617,664
891,673
3,511,563 6,768,568 12,020,581 21,794,480
931,865 3,849,348 1,189,063 1,293,774
9,709,511 14,917,456 17,223,642 27,636,405
3,098,938
442,139
3,611,476
677,977
35,670
588,667
18,750,996
3,748,632
30,954,495
29,241,214 31,918,963 38,551,582 43,060,856 55,530,916
60,886,853
BACK
2013 (F) 2014 (F)
2015 (F)
2016 (F)
2017(F)
14767051
17129779
19870543
23049830
26737803
160,000
160,000
160,000
160,000
160,000
14789560 16564306.779 18552023.592 20778266.424 23271658.39438
29716610
33854085
38582567
43988097
50169461
5137477 6832844.3515 9087682.9876 12086618.373 16075202.43668

4445264.68 4800885.8501 5184956.7181 5599753.2555 6047733.515965
9,582,742
11,633,730
14,272,640
17,686,372
22,122,936
18505142
26291.1618
6055732.5
1547291.54
5498773.51
31,633,230
94,011,012
21651015.777
27605.719886
7327436.3279
1671074.8607
6653515.9476
37,330,649
25331688.459
28986.00588
8866197.9567
1804760.8496
8050754.2966
44,082,388
29638075.497 34676548.33099
30435.306174 31957.07148256
10728099.528 12981000.4284
1949141.7175 2105073.054951
9741412.6989 11787109.36571
52,087,165
61,581,688
254,109,727 1,247,327,713 7,821,792,419 51,998,601,098
19615254 21576779.886 23734457.875 26107903.662 28718694.02836

1680370.17 1682050.5422 1683732.5927 1685416.3253 1687101.741655
10169897 10881789.515 11643514.781 12458560.816 13330660.07333
896842.869 1147958.8727 1469387.357

1036328 4829288.3916 22504483.905
33,398,692
40,117,867
61,035,577
3296753.68
537290.628
24434349
941025.045
113763.619
664864.453
24555763
6068511.16
60,612,320
94,011,013
3494558.8967
655494.56645
165420541.47
1308024.8119
362905.94427
751296.83223
32168049.453
9830988.0804
213,991,860
3704232.4305
799703.37107
1119897065.7
1818154.4885
1157669.9622
848965.42042
42140144.783
15926200.69
1,186,292,137
1880815.817 2407444.245773
104870895 488698370.6883
147,003,592
534,842,271
3926486.3763 4162075.558868
975638.1127 975638.1127028
7581703135.1 51328130224.35
2527234.7391 3512856.287293
3692967.1794 11780565.30242
959330.92507 1084043.945328
55203589.666 72316702.46276
25800445.118 41796721.09144
7,674,788,827 51,463,758,827
254,109,727 1,247,327,713 7,821,792,419 51,998,601,098
CASHFLOW
2006
CASH FLOWS FROM OPERATING ACTIVITIES
Cash generated from operations
Finance cost paid
Income tax paid
Payment to gratuity fund
Payment to pension fund
Payment to Workers Welfare Fund - net
Payment to Workers Profit Participation Fund - net
Net cash generated from operating activities
2,953,298
-422,831
-2,462,813
-40,779
-36,438
-386,728
-396,291
CASH FLOWS FROM INVESTING ACTIVITIES

Fixed capital expenditure
Proceeds from sale of property, plant and equipment
Interest received
Investment in FFC Energy Limited
Decrease / (increase) in other investments
Dividends received
Net cash generated from investing activities
-1,225,148
17,279
388,092
-338,438
-27,335
831,658
-353,892
CASH FLOWS FROM FINANCING ACTIVITIES

Long term financing - disbursements
Long term financing- repayments
Long term murabaha repayments
(Decrease)/ increase in short term borrowings
1,100,000
-1,845,658
-41,667
1,996,667
Dividends paid
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of the year
Effect of exchange rate changes
Cash and cash equivalents at end of the year
(3,764,184
1,209,342
-3,305,025
7,176,453
13,240
3,884,668
BACK
CASHFLOWS
(Rupees '000)
2007
2008
2009
2011
2012
20,241,360 33,121,687
-1,096,102
-843,967
-3,488,331 -10,398,028
-63,710
-75,241
-77,446
-109,220
-261,143
-329,070
-625,969 -1,808,776
31,758,890
-1,054,362
-9,235,297
-83,040
-454,661
-594,784
-1,690,493
8,919,075
14,628,659
19,557,385
18,646,253
-457,901
1,336,139
-3,234,087 -2,344,076
11,173
15,869
314,586
491,326
-1,500,000 367,825 -1,538,085
797,516 2,002,160
-3,313,841
260,433
501,482
-650,000
1,727,800
2,575,478
-2,314,033
14,123
1,480,703
-800,000
-3,230,683
4,842,032
-2,269,802
28,489
1,276,269
-850,000
3,719,657
2,814,767
-450,991
-3,242,987 -1,372,806
1,101,352
-7,858
4,719,380
1,500,000
-2,299,405
500,000
-1,759,405
3,000,000
-2,015,655
9,641,517
-653,221
-2,497,500
-44,592
-35,472
-122,139
-374,992
5,913,601
-1,611,784
8,983
273,572
-
2,600,000
-987,327
-
-1,436,473 -
2010
13,067,512 14,487,016
-685,231
-992,188
-2,952,745 -3,603,877
-50,327
-74,715
-44,530
-78,963
-151,813
-200,821
-1,016,952
-617,377
8,165,914
3,450,000
-1,022,500
1,000,000
-743,036
-
(5,976,382
176,200
-47,572
3,384,668
7,166
3,344,262
-7,025,915 -6,447,973 -10,622,306 -14,774,032 -17,749,717

-4,598,415 -6,191,009 -11,421,711 -16,033,437 -16,765,372
-2,606,569
3,344,262
2,236
739,929
1,355,260
739,929
871
2,096,060
4,308,300
2,096,060
18,904
6,423,264
3,516,090
6,423,264
23,893
9,963,247
6,600,261
9,963,247
7,561
16,571,069
BACK
RATIO
FORMULA FOR CALCULATIONS
LIQUIDITY RATIOS:
Current
Quick, Or Acid Test
Current Assets/Current Liabilities

Current Assets-Inventories/Current Liabilities
ASSET MANAGEMENT:
Days Sales Outstanding (DSO)
Fixed Asset Turnover
Total Asset Turnover
(Receivables/Annual Sales)*360
Sales/Net Fixed Assets
Sales/Total Asset
DEBT MANAGEMENT:
Total Debt To Total Assets
Time Interest Earned
Total Debt/Total Assets

EBIT/Interest Charges
PROFITABILITY:
Profit Margin On Sales
Basic Earning Power
Return On Total Assets (ROA)
Return On Common Equity (ROE)
Net Income Available to Common Stockholders/Sales

EBIT/Total Assets
Net Income Available to Common Stockholders/Total As
Net Income Available to Common Stockholders/Commo
MARKET VALUE:
Price Earning (P/E)
Market to Book (M/B)
Price Per Share/Earning Per Share

Market Price Per Share/Book Value Per Share
BACK
RATIOS
ATIONS
t Liabilities
2005
2006
(Rupees '000)
2007
2008
2009
2010
0.908002 0.897152 0.942059 0.821195 0.835498 0.83699

0.692989 0.60728 0.676224 0.542739 0.659592 0.708118
9.308528 20.05201 21.97755 15.37782 7.733721 5.347123

2.441378 2.71205 2.432128 2.26821 2.441855 2.609883
0.788192 0.949945 0.864225 0.904671 0.886349 0.965722
0.562697 0.527655 0.564654 0.615112 0.660651 0.641262

-1.793958 -1.316105 -1.897697 -2.367587 -2.613106 -2.465496
Stockholders/Sales
Stockholders/Total Assets
Stockholders/Common Equity
Per Share
0.082039 0.028496 0.087173 0.166519 0.199884 0.186109

0.146106 0.112705 0.15926 0.260799 0.286997 0.302369
0.064663 0.02707 0.075337 0.150645 0.177167 0.179729
0.147867 0.057309 0.173051
0.3914 0.522079 0.501004
BACK
2011
2012 2013 (F) 2014 (F)2015 (F)2016 (F)2017(F)
1.066041 1.154265 1.91609645 5.732337 26.9108 147.3451 835.6991

0.947065 1.022222 1.79489339 5.621167 26.80863 147.251 835.6156
6.435385 2.984081 2.8431099 2.69976 2.563637 2.434378 2.311637

2.925398 3.985512 4.29188446 4.643039 5.022924 5.43389 5.878481
0.898253 1.166374 0.89549515 0.394246 0.095577 0.018137 0.003247
0.584552 0.571401 0.43841643 0.19269 0.046784 0.00892 0.00161

-2.606868 -2.722226 -2.78752816 -2.622341 -2.466943 -2.320754 -2.183228
0.343854
0.501085
0.308868
0.743456
0.246899
0.455188
0.287976
0.671902
0.33756145
0.40753484
0.30228464
0.95630305
0.360255
0.191481
0.142029
1.066074
0.384473 0.41032 0.437905

0.049542 0.010033 0.001917
0.036747 0.007442 0.001422
1.187985 1.323338 1.473568
Trend Ana
Profit and Loss
Sales
Cost of sales
GROSS PROFIT
Distribution cost
Finance cost
Other expenses
Other income

Sales
Cost of sales
GROSS PROFIT
Distribution cost
Finance cost
Other expenses
Other income

Trend Ana
BALANCSH

EQUITY
Share capital
Capital reserves
Revenue reserves

CURRENT LIABILITIES

Taxation
ASSETS
NON CURRENT ASSETS
Intangible assets
CURRENT ASSETS
Stock in trade
Trade debts
Loans and advances
Other receivables

EQUITY
Share capital
Capital reserves
Revenue reserves

CURRENT LIABILITIES
Taxation
TOTAL
ASSETS
NON CURRENT ASSETS
Intangible assets
CURRENT ASSETS
Stock in trade
Trade debts
Loans and advances
Other receivables
TOTAL
end Analysis
BACK
Profit and Loss Account
VERTICLAL ANALYSIS
2005
2006
2007
2008
2009
2010
2011
100%
-73%
100%
-78%
100%
-72%
100%
-63%
100%
-60%
100%
-61%
100%
-42%
27%
22%
28%
37%
40%
39%
58%
-11%
16%
-1.5%
-3%
12%
6%
-11%
12%
-2%
-3%
7%
5%
-10%
18%
-3%
-3%
12%
7%
-9%
28%
-2%
-3%
22%
7%
-9%
31%
-3%
-4%
24%
8%
-9%
30%
-3%
-3%
24%
8%
-9%
49%
-2%
-5%
42%
13%
19%
-10%
12%
-9%
18%
-10%
29%
-12%
32%
-12%
31%
-13%
56%
-21%
8%
3%
9%
17%
20%
19%
34%
2006
2007
HORIZONTAL ANALYSIS
2005
2006
25,481,121 29,950,873
-16,382,714 -20,242,194
18%
24%
29,950,873 28,429,005
-20,242,194 -18,311,525
-5%
-10%
9,098,407
9,708,679
7%
9,708,679
10,117,480
4%
-2,371,208
6,727,199
-325,999
-626,819
5,774,381
1,439,955
-2,746,782
6,961,897
-501,241
-735,331
5,725,325
1,259,819
16%
3%
54%
17%
-1%
-13%
-2,746,782
6,961,897
-501,241
-735,331
5,725,325
1,259,819
-2,418,793
7,698,687
-703,612
-845,327
6,149,748
1,665,205
-12%
11%
40%
15%
7%
32%
7214336
-2,317,000
6985144
-2,349,000
-3%
1%
6985144
-2,349,000
7814953
-2,454,000
12%
4%
4897336
4636144
-5%
4636144
5360953 0.156339
end Analysis
BALANCSHEET
VERTICLAL ANALYSIS
2005
2006
2007
2008
2009
2010
2011
17%
1%
26%
44%
18%
1%
29%
47%
17%
1%
26%
44%
15%
1%
23%
38%
18%
0%
16%
34%
16%
0%
20%
36%
15%
0%
26%
42%
3%
8%
12%
4%
9%
13%
9%
8%
17%
17%
8%
24%
12%
8%
20%
9%
7%
16%
5%
7%
12%
24%
0%
9%
7%
15%
0%
17%
3%
20%
1%
11%
3%
19%
1%
10%
2%
21%
0%
16%
5%
22%
0%
13%
4%
21%
0%
16%
3%
5%
44%
5%
40%
4%
39%
6%
37%
5%
46%
8%
48%
7%
47%
100%
100%
100%
100%
100%
100%
100%
32%
6%
21%
0%
0%
60%
35%
6%
23%
0%
0%
64%
36%
5%
22%
0%
0%
63%
40%
5%
24%
1%
0%
70%
36%
4%
20%
1%
0%
61%
37%
4%
18%
1%
0%
60%
31%
3%
16%
1%
0%
50%
8%
2%
2%
0%
0%
2%
22%
4%
40%
8%
3%
4%
0%
0%
5%
9%
6%
36%
8%
2%
6%
0%
0%
5%
10%
5%
37%
10%
1%
2%
0%
0%
4%
11%
3%
30%
8%
0%
1%
0%
0%
2%
18%
10%
39%
6%
0%
1%
1%
0%
1%
28%
3%
40%
4%
1%
0%
1%
0%
2%
39%
2%
50%
HORIZONTAL ANALYSIS
2005
4,934,742
160,000
7,346,166
12440908
2006 %
4,934,742
0
160,000
0
7,861,801 -6.558739
12956543 -3.979727
2006
4,934,742
160,000
7,861,801
12956543
2007 %
4,934,742
0
160,000
0
7,635,303 2.966457
12730045 1.77924
981,078
2,401,000
3382078
1,193,750
2,396,000
3589750
-18
0
-6
1,193,750
2,396,000
3589750
2,671,250
2,363,526
5034776
-55
1
-29
6,737,803
81,644
2,504,963
1,887,325
1,414,418
12626153
4,025,926
134,039
4,531,090
887,327
1,305,606
10883988
67
-39
-45
113
8
16
4,025,926
134,039
4,531,090
887,327
1,305,606
10883988
5,815,276
184,430
3,141,081
1,022,500
1,313,106
11476393
-31
-27
44
-13
-1
-5
28449139
27430281
27430281
29241214
-6
9,184,727
1,673,849
6,058,006
64,545
3,435
16984562
9,607,957
1,569,234
6,409,382
76,647
2,474
17665694
-4
7
-5
-16
39
-4
9,607,957
1,569,234
6,409,382
76,647
2,474
17665694
10,390,490
1,569,234
6,325,129
142,782
2,144
18429779
-8
0
1
-46
15
-4
2,154,318
560,472
659,713
116,810
26,097
579,802
6,195,252
1,172,113
11464577
2,202,053
952,905
961,427
95,245
25,488
1,451,390
2,452,850
1,623,229
9764587
-2
-41
-31
23
2
-60
153
-28
17
2,202,053
952,905
961,427
95,245
25,488
1,451,390
2,452,850
1,623,229
9764587
2,407,988
642,836
1,722,602
83,917
33,665
1,542,763
3,027,664
1,350,000
10811435
-9
48
-44
13
-24
-6
-19
20
-10
28,449,139
27,430,281
27,430,281
29,241,214
-6
BACK
2012
100%
-54%
46%
-8%
38%
-1%
-4%
33%
6%
39%
-14%
25%
2007
2008
28,429,005 30,592,806
-18,311,525 -18,234,692
2008
8%
0%
2009
30,592,806 36,163,174
-18,234,692 -20,515,044
2012
21%
0%
22%
43%
6%
7%
13%
26%
0%
8%
2%
10,117,480
12,358,114
22%
12,358,114
15,648,130
-2,418,793
7,698,687
-703,612
-845,327
6,149,748
1,665,205
-2,668,571
9,689,543
-695,371
-895,647
8,098,525
1,942,558
10%
26%
-1%
6%
32%
17%
-2,668,571
9,689,543
-695,371
-895,647
8,098,525
1,942,558
-3,174,505
12,473,625
-944,947
-1,272,448
10,256,230
2,800,987
7814953
-2,454,000
10041083
-3,516,000
28%
43%
10041083
-3,516,000
13057217
-4,234,111
5360953
6525083
22%
6525083
8823106
7%
44%
100%
29%
3%
16%
1%
0%
49%
5%
1%
6%
1%
0%
1%
31%
6%
51%
1
2007
4,934,742
160,000
7,635,303
12730045
2008 %
4,934,742
160,000
7,190,471
12285213
0
0
6
4
2008
2009
4,934,742
160,000
7,190,471
12285213
6,785,271
160,000
6,137,171
13082442
2,671,250
2,363,526
5034776
5,378,214
2,431,895
7810109
-50
-3
-36
5,378,214
2,431,895
7810109
4,578,809
3,035,757
7614566
5,815,276
184,430
3,141,081
1,022,500
1,313,106
11476393
5,993,674
194,570
3,114,000
743,036
1,778,361
11823641
-3
-5
1
38
-26
-3
5,993,674
194,570
3,114,000
743,036
1,778,361
11823641
8,002,897
147,329
6,088,348
1,799,405
1,816,595
17854574
29241214
31918963
-8
31918963
38551582
10,390,490
1,569,234
6,325,129
142,782
2,144
18429779
12,730,813
1,569,234
7,744,779
163,102
1,524
22209452
-18
0
-18
-12
41
-17
12,730,813
1,569,234
7,744,779
163,102
1,524
22209452
13,993,518
1,569,234
7,727,528
337,541
6,305
23634126
2,407,988
642,836
1,722,602
83,917
33,665
1,542,763
3,027,664
1,350,000
10811435
3,034,268
258,094
495,929
136,944
107,369
1,233,479
3,511,563
931,865
9709511
-21
149
247
-39
-69
25
-14
45
11
3,034,268
258,094
495,929
136,944
107,369
1,233,479
3,511,563
931,865
9709511
2,996,633
144,087
256,886
130,219
37,653
734,062
6,768,568
3,849,348
14917456
29,241,214
29,241,214
31,918,963
38,551,582
2009
18%
13%
2010
36,163,174 44,874,359
-20,515,044 -25,310,406
2010
24%
23%
44,874,359
-25,310,406
27%
15,648,130
19,563,953
25%
19,563,953
19%
29%
36%
42%
27%
44%
-3,174,505
12,473,625
-944,947
-1,272,448
10,256,230
2,800,987
-3,944,473
15,619,480
-1,086,741
-1,376,000
13,156,739
3,153,110
24%
25%
15%
8%
28%
13%
-3,944,473
15,619,480
-1,086,741
-1,376,000
13,156,739
3,153,110
30%
20%
13057217
-4,234,111
16309849
-5,281,000
25%
25%
16309849
-5,281,000
35%
8823106
11028849
25%
11028849
2009
-27
0
17
-6
6,785,271
160,000
6,137,171
13082442
2010 %
6,785,271
160,000
8,502,276
15447547
2010
0
0
-28
-15
6,785,271
160,000
8,502,276
15447547
17
-20
3
4,578,809
3,035,757
7614566
3,819,405
3,215,821
7035226
20
-6
8
3,819,405
3,215,821
7035226
-25
32
-49
-59
-2
-34
8,002,897
147,329
6,088,348
1,799,405
1,816,595
17854574
9,614,026
137,968
5,640,420
1,759,405
3,426,264
20578083
-17
7
8
2
-47
-13
9,614,026
137,968
5,640,420
1,759,405
3,426,264
20578083
-17
38551582
43060856
-10
43060856
-9
0
0
-52
-76
-6
13,993,518
1,569,234
7,727,528
337,541
6,305
23634126
15,933,588
1,569,234
7,870,027
455,328
9,037
25837214
-12
0
-2
-26
-30
-9
15,933,588
1,569,234
7,870,027
455,328
9,037
25837214
1
79
93
5
185
68
-48
-76
-35
2,996,633
144,087
256,886
130,219
37,653
734,062
6,768,568
3,849,348
14917456
2,440,201
211,720
357,956
336,269
50,188
617,664
12,020,581
1,189,063
17223642
23
-32
-28
-61
-25
19
-44
224
-13
2,440,201
211,720
357,956
336,269
50,188
617,664
12,020,581
1,189,063
17223642
-17
38,551,582
43,060,856
-10
43,060,856
2011
55,221,168
-20,871,759
2011
23%
-18%
2012
55,221,168 74,322,612
-20,871,759 -38,324,361
35%
84%
34,349,409
76%
34,349,409
35,998,251
5%
-4,372,151
29,977,258
-785,825
-2,654,881
26,536,552
6,629,501
11%
92%
-28%
93%
102%
110%
-4,372,151
29,977,258
-785,825
-2,654,881
26,536,552
6,629,501
-5,560,687
30,437,564
-999,457
-2,685,236
26,752,871
4,267,852
27%
2%
27%
1%
1%
-36%
33166053
-10,674,000
103%
102%
33166053 31020723
-10674000 -10,181,000
-6%
-5%
22492053
104%
22492053
-7%
20839723
2011 %
8,481,588
160,000
14,428,636
23070224
2011
-20
0
-41
-33
8,481,588
160,000
14,428,636
23070224
2012 %
12,722,382
160,000
13,213,667
26096049
-33
0
9
-12
2,703,750
3,832,614
6536364
41
-16
8
2,703,750
3,832,614
6536364
3,870,000
4,103,315
7973315
-30
-7
-18
11,730,961
79,826
8,735,650
1,615,655
3,762,236
25924328
-18
73
-35
9
-9
-21
11,730,961
79,826
8,735,650
1,615,655
3,762,236
25924328
15,836,879
24,921
4,990,000
1,433,750
4,531,939
26817489
-26
220
75
13
-17
-3
55530916
-22
55530916
60886853
-9
17,050,951
1,569,234
8,659,073
605,883
9,370
27894511
-7
0
-9
-25
-4
-7
17,050,951
1,569,234
8,659,073
605,883
9,370
27894511
17,818,755
1,678,639
9,511,865
700,786
222,313
29932358
-4
-7
-9
-14
-96
-7
2,447,452
636,923
86,669
431,582
53,852
891,673
21,794,480
1,293,774
27636405
0
-67
313
-22
-7
-31
-45
-8
-38
2,447,452
636,923
86,669
431,582
53,852
891,673
21,794,480
1,293,774
27636405
3,098,938
442,139
3,611,476
677,977
35,670
588,667
18,750,996
3,748,632
30954495
-21
44
-98
-36
51
51
16
-65
-11
55,530,916
-22
55,530,916
60,886,853
-9
Beta Calculation using Coariance and Variance

formula and linear regression
Date
KSE-ReturnFFC-RETURN
11/1/2012
-0.19%
-0.14%
12/1/2012
0.96%
-0.22%
13/01/2012
0.89%
-0.06%
16/01/2012
1.87%
0.10%
17/01/2012
1.97%
-0.74%
18/01/2012
-0.28%
-0.10%
19/01/2012
2.22%
2.16%
20/01/2012
2.21%
1.13%
23/01/2012
-0.38%
1.32%
24/01/2012
-0.35%
1.59%
25/01/2012
-0.55%
0.46%
26/01/2012
0.65%
0.03%
27/01/2012
-0.65%
-0.48%
30/01/2012
-0.08%
4.03%
31/01/2012
0.47%
4.38%
1/2/2012
-0.01%
-2.26%
2/2/2012
0.44%
0.40%
3/2/2012
1.28%
0.73%
6/2/2012
1.21%
4.50%
7/2/2012
-0.17%
0.46%
8/2/2012
-0.41%
0.03%
9/2/2012
0.15%
0.67%
10/2/2012
0.16%
-1.79%
13/02/2012
0.09%
-1.37%
14/02/2012
0.41%
1.63%
15/02/2012
0.75%
-1.52%
16/02/2012
0.73%
-0.63%
17/02/2012
0.18%
0.33%
20/02/2012
0.22%
-0.19%
21/02/2012
0.47%
0.74%
22/02/2012
-0.70%
0.68%
23/02/2012
1.51%
0.11%
24/02/2012
0.29%
0.82%
27/02/2012
-0.03%
-0.33%
28/02/2012
1.08%
0.05%
29/02/2012
0.50%
0.11%
1/3/2012
1.13%
-0.89%
2/3/2012
1.44%
-0.22%
Adjussted Beta
Covariance
Variance
Regression
Adjusted beta =( 2 / 3 ) ( Unadju
5/3/2012
0.35%
2.68%
6/3/2012
-0.60%
0.45%
7/3/2012
0.20%
-1.12%
8/3/2012
0.61%
-40.94%
9/3/2012
0.22%
-1.45%
12/3/2012
-0.74%
-1.67%
13/03/2012
0.58%
0.55%
14/03/2012
0.68%
-0.44%
15/03/2012
-1.30%
3.09%
16/03/2012
-1.52%
-0.24%
19/03/2012
1.71%
0.04%
20/03/2012
-0.08%
-2.32%
21/03/2012
-0.15%
-1.59%
22/03/2012
0.10%
0.43%
26/03/2012
1.22%
-0.50%
27/03/2012
0.93%
-0.71%
28/03/2012
-0.12%
-1.88%
29/03/2012
1.48%
2.30%
30/03/2012
-0.71%
1.03%
2/4/2012
0.27%
-0.48%
3/4/2012
1.77%
-0.84%
4/4/2012
-0.82%
-0.25%
5/4/2012
0.32%
0.08%
6/4/2012
-0.08%
1.27%
9/4/2012
0.28%
3.59%
10/4/2012
-0.63%
-1.01%
11/4/2012
-0.89%
1.17%
12/4/2012
0.77%
-0.56%
13/04/2012
-0.21%
-0.66%
16/04/2012
-0.04%
-0.44%
17/04/2012
1.25%
-0.61%
18/04/2012
-0.06%
0.29%
19/04/2012
0.04%
-2.41%
20/04/2012
1.06%
-1.95%
23/04/2012
0.29%
-1.32%
24/04/2012
0.66%
3.20%
25/04/2012
-1.07%
-2.25%
26/04/2012
-0.17%
0.77%
27/04/2012
-0.37%
1.06%
30/04/2012
1.08%
3.92%
2/5/2012
1.94%
-0.81%
3/5/2012
1.33%
-0.41%
4/5/2012
0.03%
1.14%
7/5/2012
-0.71%
0.49%
8/5/2012
-0.64%
-1.20%
10/5/2012
-1.33%
1.21%
11/5/2012
-0.01%
1.19%
14/05/2012
0.60%
1.58%
15/05/2012
-1.63%
-0.87%
16/05/2012
-0.13%
0.48%
17/05/2012
-1.48%
-4.02%
18/05/2012
0.13%
-1.84%
21/05/2012
1.91%
1.10%
22/05/2012
-0.78%
0.33%
23/05/2012
-0.69%
-0.21%
24/05/2012
-0.08%
0.20%
25/05/2012
0.76%
-4.62%
28/05/2012
0.28%
-0.95%
29/05/2012
-1.43%
1.81%
30/05/2012
-0.61%
-0.30%
31/05/2012
0.65%
-4.91%
1/6/2012
-0.86%
-0.52%
4/6/2012
-0.36%
1.81%
5/6/2012
0.27%
0.58%
6/6/2012
-0.20%
-3.75%
7/6/2012
-1.17%
-1.26%
8/6/2012
0.32%
2.34%
11/6/2012
-1.27%
-1.63%
12/6/2012
-0.46%
0.10%
13/06/2012
2.13%
0.51%
14/06/2012
0.01%
-0.05%
15/06/2012
0.71%
-0.92%
18/06/2012
-0.52%
-0.73%
19/06/2012
-0.11%
-0.57%
20/06/2012
-0.49%
2.68%
21/06/2012
0.95%
-0.27%
22/06/2012
-0.78%
1.62%
25/06/2012
0.23%
0.14%
26/06/2012
1.04%
0.29%
27/06/2012
0.04%
-1.51%
28/06/2012
-0.03%
1.98%
29/06/2012
2.44%
-1.35%
2/7/2012
0.41%
-0.36%
3/7/2012
-0.16%
1.49%
4/7/2012
-0.06%
0.17%
5/7/2012
0.93%
2.17%
6/7/2012
0.50%
-0.26%
10/7/2012
0.04%
1.44%
11/7/2012
0.15%
-0.40%
12/7/2012
-0.48%
0.93%
13/07/2012
0.36%
0.20%
16/07/2012
0.42%
0.68%
17/07/2012
1.04%
-0.26%
18/07/2012
-0.47%
0.51%
23/07/2012
-0.10%
-0.72%
24/07/2012
0.36%
-0.21%
25/07/2012
-0.08%
0.33%
26/07/2012
-0.19%
1.02%
27/07/2012
-0.23%
-0.05%
30/07/2012
0.58%
-0.63%
31/07/2012
0.95%
1.19%
1/8/2012
0.10%
-0.51%
2/8/2012
-0.37%
-0.25%
3/8/2012
-0.02%
-0.02%
6/8/2012
-0.01%
0.09%
7/8/2012
0.49%
0.26%
8/8/2012
0.10%
-0.67%
9/8/2012
0.01%
-1.29%
10/8/2012
1.01%
-2.27%
13/08/2012
0.39%
0.09%
15/08/2012
0.20%
2.57%
16/08/2012
0.53%
0.56%
23/08/2012
-0.27%
-0.51%
24/08/2012
0.96%
2.12%
27/08/2012
0.33%
-3.08%
28/08/2012
-0.55%
-0.64%
29/08/2012
0.67%
0.39%
30/08/2012
0.90%
-0.30%
31/08/2012
0.24%
-0.66%
3/9/2012
-0.26%
1.31%
4/9/2012
-0.62%
0.09%
5/9/2012
-0.69%
-0.87%
6/9/2012
0.43%
0.00%
7/9/2012
-0.09%
-0.42%
10/9/2012
-0.17%
-0.15%
11/9/2012
0.42%
-0.84%
12/9/2012
1.11%
0.39%
14/09/2012
-0.33%
0.49%
17/09/2012
0.77%
-0.80%
18/09/2012
0.46%
-0.97%
19/09/2012
-0.88%
0.53%
20/09/2012
-0.50%
-0.97%
24/09/2012
-0.01%
-0.67%
25/09/2012
0.17%
0.45%
26/09/2012
-0.27%
0.58%
27/09/2012
0.56%
2.56%
28/09/2012
0.74%
0.03%
1/10/2012
0.57%
1.74%
2/10/2012
0.41%
-2.04%
3/10/2012
0.48%
0.44%
4/10/2012
-0.22%
0.69%
5/10/2012
-0.65%
-0.74%
8/10/2012
0.23%
0.04%
9/10/2012
0.41%
0.39%
10/10/2012
0.58%
0.17%
11/10/2012
-0.96%
0.08%
12/10/2012
0.33%
0.12%
15/10/2012
-0.46%
-1.42%
16/10/2012
-0.14%
0.75%
17/10/2012
0.17%
0.86%
18/10/2012
0.73%
-0.09%
19/10/2012
0.34%
-0.78%
22/10/2012
0.03%
0.04%
23/10/2012
0.08%
-0.35%
24/10/2012
-0.33%
0.49%
25/10/2012
0.62%
-0.27%
31/10/2012
0.33%
0.43%
1/11/2012
0.87%
0.22%
2/11/2012
0.34%
0.04%
5/11/2012
-0.65%
0.13%
6/11/2012
1.04%
-0.82%
7/11/2012
0.15%
-1.09%
8/11/2012
-0.18%
-0.71%
12/11/2012
-0.52%
0.40%
13/11/2012
-0.06%
-0.43%
14/11/2012
0.14%
-0.27%
15/11/2012
0.33%
0.09%
16/11/2012
0.33%
-0.27%
20/11/2012
0.03%
-0.16%
21/11/2012
0.05%
0.03%
22/11/2012
0.04%
-0.12%
26/11/2012
0.58%
0.17%
27/11/2012
0.37%
0.49%
28/11/2012
0.63%
-0.07%
29/11/2012
0.28%
1.15%
30/11/2012
0.46%
-0.68%
4/12/2012
0.15%
-0.53%
5/12/2012
0.89%
-0.53%
6/12/2012
-0.10%
0.67%
7/12/2012
-0.12%
0.38%
10/12/2012
-0.54%
0.20%
11/12/2012
0.29%
0.12%
12/12/2012
0.37%
0.31%
13/12/2012
0.00%
0.39%
14/12/2012
-0.08%
0.02%
17/12/2012
0.39%
0.55%
18/12/2012
0.07%
1.81%
19/12/2012
0.23%
0.08%
20/12/2012
-0.25%
0.09%
21/12/2012
0.17%
-0.21%
24/12/2012
0.20%
-0.12%
26/12/2012
-0.21%
-0.65%
27/12/2012
0.30%
0.86%
28/12/2012
-0.22%
-0.21%
31/12/2012
-0.66%
0.26%
1/1/2013
-1.83%
0.17%
2/1/2013
1.04%
-0.68%
4/1/2013
-0.96%
0.51%
7/1/2013
0.86%
-1.54%
8/1/2013
0.58%
0.00%
9/1/2013
-1.23%
0.85%
10/1/2013
0.58%
1.28%
11/1/2013
-3.22%
0.59%
15/01/2013
1.14%
1.51%
17/01/2013
1.94%
-1.45%
18/01/2013
0.18%
-0.07%
21/01/2013
1.51%
-0.15%
22/01/2013
0.07%
0.76%
23/01/2013
0.95%
-0.34%
24/01/2013
-0.37%
-0.42%
28/01/2013
0.98%
0.42%
29/01/2013
0.19%
0.29%
30/01/2013
0.21%
0.13%
31/01/2013
0.14%
-0.49%
1/2/2013
0.13%
0.41%
4/2/2013
0.69%
0.55%
6/2/2013
0.40%
-0.06%
8/2/2013
0.41%
0.08%
11/2/2013
0.36%
-0.23%
12/2/2013
0.48%
-0.10%
13/02/2013
0.39%
0.05%
14/02/2013
0.18%
-0.22%
15/02/2013
0.11%
-0.13%
19/02/2013
0.73%
-0.34%
20/02/2013
-0.14%
-0.29%
21/02/2013
0.85%
-0.51%
22/02/2013
-0.30%
0.00%
BACK
jussted Beta
0.2789
-4.53E-06
0.0000554
Beta
sted beta =( 2 / 3 ) ( Unadjusted beta ) + ( 1 / 3 ) ( 1.0 )
-0.08
-0.08
WACC
Valuation
Debt
Equity
Percentage of Debt
Percentage ofEquity
Required Rate of Return (Re)
Rate of Debt (Rd)
Wieghted Average Cost of Capital (WACC)
1,232
9,341
12%
88%
11%
8.75%
10.76%
For "Re"
Beta
Risk Free Rate (Rf)
Market Premium
(Re)
0.28
0.11
0.078
11%
WACC
BACK
2005
2006
25,481,121
12%
-3057735
22423386
29,950,873
13%
-3893613
26057260
16%
-16,382,714
-20,242,194
24%
-78%
SALES:
Gross Sales
Sales Tax (%)
Sales Tax Value
Net Sales After Tax
Growth
COGS:
Cost Of Sales
Percent Of Change
Percent Of Sales
-73%
DISTRIBUTION:
Expenses
Percent of Change
Percent of Sales
-2,371,208
-11%
-2,746,782
16%
-11%
FINANCE COST:
Finace Cost
Percent Change
Percent of Sales
-325,999
-1%
-501,241
54%
-2%
OTHER EXPENCES
Other expences
Percent Change
Percent of Sales
-626,819
-3%
-735,331
17%
-3%
OTHER INCOMES:
Other Income
Percent Change
Percent of Sales
1,439,955
6%
1,259,819
-13%
5%
4,156,601
3,091,531
PROFIT BEFORE TAXATION:

Profit Before Taxation
Percent Change
Percent of Sales
19%
-26%
12%

Percent Change
Percent of Sales
1,839,601
8%
EPS
Value
Percent Change
742,531
-60%
3%
9.92
16.38
65%
4,934,742
4,934,742
0%
160,000
160,000
0%
7,346,166
7,861,801
7%
981,078
1,193,750
22%
2,401,000
2,396,000
-0.2%
6,737,803
4,025,926
-40%
81,644
134,039
64%
2,504,963
4,531,090
81%
1,887,325
887,327
-53%
EQUITY
Share capital
value
Percent Change
Capital reserves
Value
Percent Change
Revenue reserves
Value
Percent Change

Value
Percent Change
Value
Percent Change
CURRENT LIABILITIES
Value
Percent Change
Value
Percent Change
Value
Percent Change
Value
Percent Change
Taxation
Value
Percent Change
1,414,418
1,305,606
-8%
9,184,727
9,607,957
5%
1,673,849
1,569,234
-6%
6,058,006
6,409,382
6%
64,545
76,647
19%
3,435
2,474
-28%
2,154,318
2,202,053
2%
560,472
952,905
70%
659,713
961,427
46%
116,810
95,245
-18%
26,097
25,488
-2%
579,802
1,451,390
150%
6,195,252
2,452,850
-60%
1172113
1623229
38%
NON CURRENT ASSETS

Value
Percent Change
Intangible assets
Value
Percent Change
Value
Percent Change
Value
Percent Change
Value
Percent Change
CURRENT ASSETS
Value
Percent Change
Stock in trade
Value
Percent Change
Trade debts
Value
Percent Change
Loans and advances
Value
Percent Change
Value
Percent Change
Other receivables
Value
Percent Change
Value
Percent Change
Value
Percent Change
ASSUMPTIONS AND WORKINGS
2007
2008
2009
2010
2011
28,429,005
11%
-3158004
25271001
-3%
30,592,806
6%
-1716646
28876160
14%
36,163,174
6%
-1993036
34170138
18%
44,874,359
7%
-3289562
41584797
22%
55,221,168
10%
-5340349
49880819
20%
-18,311,525
-10%
-72%
-18,234,692
0%
-63%
-20,515,044
13%
-60%
-25,310,406
23%
-61%
-20,871,759
-18%
-42%
-2,418,793
-12%
-10%
-2,668,571
10%
-9%
-3,174,505
19%
-9%
-3,944,473
24%
-9%
-4,372,151
11%
-9%
-703,612
40%
-3%
-695,371
-1%
-2%
-944,947
36%
-3%
-1,086,741
15%
-3%
-785,825
-28%
-2%
-845,327
15%
-3%
-895,647
6%
-3%
-1,272,448
42%
-4%
-1,376,000
8%
-3%
-2,654,881
93%
-5%
1,665,205
32%
7%
1,942,558
17%
7%
2,800,987
44%
8%
3,153,110
13%
8%
6,629,501
110%
13%
4,656,949
8,324,437
11,064,181
13,020,287
27,825,704
PROFIT AND LOSS ACCOUNT
51%
18%
79%
29%
33%
32%
18%
31%
114%
56%
2,202,949
197%
9%
4,808,437
118%
17%
6,830,070
42%
20%
7,739,287
13%
19%
17,151,704
122%
34%
10.86
-34%
13.22
22%
13
-2%
16.25
25%
17.68
9%
BALANCE SHEET
4,934,742
0%
4,934,742
0%
6,785,271
38%
6,785,271
0%
160,000
0%
160,000
0%
160,000
0%
160,000
0%
8,481,588
25%
Same
160,000
0%
7,635,303
-3%
7,190,471
-6%
6,137,171
-15%
8,502,276
39%
14,428,636
70%
2,671,250
124%
5,378,214
101%
4,578,809
-15%
3,819,405
-17%
2,703,750
-29%
2,363,526
-1%
2,431,895
3%
3,035,757
25%
3,215,821
6%
3,832,614
19%
5,815,276
44%
5,993,674
3%
8,002,897
34%
9,614,026
20%
11,730,961
22%
184,430
38%
194,570
5%
147,329
-24%
137,968
-6%
79,826
-42%
3,141,081
-31%
3,114,000
-1%
6,088,348
96%
5,640,420
-7%
8,735,650
55%
1,022,500
15%
743,036
-27%
1,799,405
142%
1,759,405
-2%
1,615,655
-8%
1,313,106
1%
1,778,361
35%
1,816,595
2%
3,426,264
89%
3,762,236
10%
10,390,490
8%
12,730,813
23%
13,993,518
10%
15,933,588
14%
17,050,951
7%
1,569,234
0%
1,569,234
0%
1,569,234
0%
1,569,234
0%
1,569,234
0%
6,325,129
-1%
7,744,779
22%
7,727,528
0%
7,870,027
2%
8,659,073
10%
142,782
86%
163,102
14%
337,541
107%
455,328
35%
605,883
33%
2,144
-13%
1,524
-29%
6,305
314%
9,037
43%
9,370
4%
2,407,988
9%
3,034,268
26%
2,996,633
-1%
2,440,201
-19%
2,447,452
0%
642,836
-33%
258,094
-60%
144,087
-44%
211,720
47%
636,923
201%
1,722,602
79%
495,929
-71%
256,886
-48%
357,956
39%
86,669
-76%
83,917
-12%
136,944
63%
130,219
-5%
336,269
158%
431,582
28%
33,665
32%
107,369
219%
37,653
-65%
50,188
33%
53,852
7%
1,542,763
6%
1,233,479
-20%
734,062
-40%
617,664
-16%
891,673
44%
3,027,664
23%
3,511,563
16%
6,768,568
93%
12,020,581
78%
21,794,480
81%
1350000
-17%
931865
-31%
3849348
313%
1189063
-69%
1293774
9%
GS
BACK
2012 2013 (F)
74,322,612
4%
-3305744
71016868
42%
-38,324,361
84%
-54%
13,782,562
9%
-1183236
12599326
-82%
2014 (F) 2015 (F)
2016 (F)
2,618,687
8%
-213636
2405050
-81%
497,551
8%
-37580
459971
-81%
94,535
7%
-6720
87815
-81%
-44,651,311 -52,242,034
17%
17%
-354%
-2172%
-61,123,179
17%
-13288%
-71,514,120
17%
-81438%
-5,560,687
27%
-8%
-6,478,698
17%
-51%
-7,580,077
17%
-315%
-8,868,690
17%
-1928%
-10,376,367
17%
-11816%
-999,457
27%
-1%
-1,204,132
20%
-10%
-1,444,959
20%
-60%
-1,733,951
20%
-377%
-2,080,741
20%
-2369%
-2,685,236
1%
-4%
-3,385,379
26%
-27%
-4,265,577
26%
-177%
-5,374,627
26%
-1168%
-1,397,403
-74%
-1591%
4,267,852
-36%
6%
5,290,402
24%
42%
6,560,099
24%
273%
8,134,522
24%
1768%
10,086,808
24%
11486%
27,714,979
38,312,763
48,657,209
61,794,655
78,479,212
0%
39%
38%
304%
27%
2023%
27%
13434%
27%
89369%
17,533,979
2%
25%
28,418,085
62%
226%
36,090,968
27%
1501%
45,835,529
27%
9965%
58,211,122
27%
66289%
16.38
-7%
18.20
11%
20.21
11%
22.43
11%
24.90
11%
12,722,382
50%
14,767,051
16%
17,129,779
16%
19,870,543
16%
23,049,830
16%
160,000
0%
160,000
0%
160,000
0%
160,000
0%
160,000
0%
13,213,667
-8%
14,789,560
12%
16,564,307
12%
18,552,024
12%
20,778,266
12%
3,870,000
43%
5,137,477
33%
6,832,844
33%
9,087,683
33%
12,086,618
33%
4,103,315
7%
4,445,265
8%
4,800,886
8%
5,184,957
8%
5,599,753
8%
15,836,879
35%
18,505,142
17%
21,651,016
17%
25,331,688
17%
29,638,075
17%
24,921
-69%
26,291
5%
27,606
5%
28,986
5%
30,435
5%
4,990,000
-43%
6,055,733
21%
7,327,436
21%
8,866,198
21%
10,728,100
21%
1,433,750
-11%
1,547,292
8%
1,671,075
8%
1,804,761
8%
1,949,142
8%
Same
4,531,939
20%
5,498,774
21%
6,653,516
21%
8,050,754
21%
9,741,413
21%
17,818,755
5%
19,615,254
10%
21,576,780
10%
23,734,458
10%
26,107,904
10%
1,678,639
7%
1,680,370
0%
1,682,051
0%
1,683,733
0%
1,685,416
0%
9,511,865
10%
10,169,897
7%
10,881,790
7%
11,643,515
7%
12,458,561
7%
700,786
16%
896,843
28%
1,147,959
28%
1,469,387
28%
1,880,816
28%
222,313
2273%
1,036,328
366%
4,829,288
366%
22,504,484
366%
104,870,895
366%
3,098,938
27%
3,296,754
6%
3,494,559
6%
3,704,232
6%
3,926,486
6%
442,139
-31%
537,291
22%
655,495
22%
799,703
22%
975,638
22%
3,611,476
4067%
24,434,349 165,420,541 1,119,897,066 7,581,703,135

577%
577%
577%
577%
677,977
57%
941,025
39%
1,308,025
39%
1,818,154
39%
2,527,235
39%
35,670
-34%
113,764
219%
362,906
219%
1,157,670
219%
3,692,967
219%
588,667
-34%
664,864
13%
751,297
13%
848,965
13%
959,331
13%
18,750,996
-14%
24,555,763
31%
32,168,049
31%
42,140,145
31%
55,203,590
31%
3748632 6068511.1607 9830988.08

190%
62%
62%
15926200.69 25800445.118
62%
62%
2017(F)
17,962
7%
-1310
16651
-81%
-83,671,520
17%
-502497%
-12,140,349
17%
-72910%
-2,496,889
20%
-14995%
-363,325
-74%
-2182%
12,507,642
24%
75116%
99,668,599
27%
598568%
73,928,125
27%
443982%
27.63
11%
26,737,803
16%
160,000
0%
23,271,658
12%
16,075,202
33%
6,047,734
8%
34,676,548
17%
31,957
5%
12,981,000
21%
2,105,073
8%
11,787,109
21%
28,718,694
10%
1,687,102
0%
13,330,660
7%
2,407,444
28%
488,698,371
366%
4,162,076
6%
975,638
0%
51,328,130,224
577%
3,512,856
39%
11,780,565
219%
1,084,044
13%
72,316,702
31%
41796721.09144
62%
ASSUMPTIONS
2013 (F)
2014 (F)
PROFIT AND LOSS ACCOUNT

Sales
Cost to Sales
Distribution costs
Finance Cost
Other Expenses
Other Incomes
PROFIT BEFORE TAXATION:
Taxation
EPS
19%
17%
17%
20%
26%
24%
38%
35%
62%
11%
2013 (F)
19%
17%
17%
20%
26%
24%
27%
35%
27%
11%
2014 (F)
BALANCE SHEET
EQUITY
Share Capital
Capital Reserves
Revenue reserves
CURRENT LIABILITIES
Taxation
NON CURRENT ASSETS
Intangible assets
CURRENT ASSETS
Stock in trade
Trade debts
Loans and advances
Other receivables
16%
12%
16%
Same
12%
33%
8%
33%
8%
17%
17%
5%
5%
21%
8%
21%
21%
8%
21%
10%
0.10%
7%
28%
366%
10%
0.10%
7%
28%
366%
6%
22%
577%
39%
219%
13%
31%
6%
22%
577%
39%
219%
13%
31%
62%
62%
NS
2015 (F)
2016 (F)
19%
17%
17%
20%
26%
24%
27%
35%
27%
11%
2015 (F)
2017(F)
19%
17%
17%
20%
26%
24%
27%
35%
27%
11%
2016 (F)
19%
17%
17%
20%
26%
24%
27%
35%
27%
11%
2017(F)
16%
16%
16%
12%
12%
12%
33%
8%
33%
8%
33%
8%
17%
17%
17%
Same
5%
5%
5%
21%
8%
21%
21%
8%
21%
21%
8%
21%
10%
0.10%
7%
28%
366%
10%
0.10%
7%
28%
366%
10%
0.10%
7%
28%
366%
6%
22%
577%
39%
219%
13%
31%
6%
22%
577%
39%
219%
13%
31%
6%
577%
39%
219%
13%
31%
62%
62%
62%
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SECURITY ANALYSIS PRO

SUBMITTED TO: SIR FA

NOUMAN AHMED PATHAN

Profit and Loss Acc

NET PROFIT BEFORE TAXATION

NET PROFIT AFTER TAXATION

2012 2013 (F)

EQUITY AND LIABILITIES

NON - CURRENT LIABILITIES

Long term loans and advances

4,934,742 4,934,742 6,785,271 6,785,271 8,481,588

5,815,276 5,993,674 8,002,897 9,614,026 11,730,961

29,241,214 31,918,963 38,551,582 43,060,856 55,530,916

10,390,490 12,730,813 13,993,518 15,933,588 17,050,951

3,034,268 2,996,633 2,440,201 2,447,452

29,241,214 31,918,963 38,551,582 43,060,856 55,530,916

2013 (F) 2014 (F)

5137477 6832844.3515 9087682.9876 12086618.373 16075202.43668

254,109,727 1,247,327,713 7,821,792,419 51,998,601,098

19615254 21576779.886 23734457.875 26107903.662 28718694.02836

896842.869 1147958.8727 1469387.357

254,109,727 1,247,327,713 7,821,792,419 51,998,601,098

CASH FLOWS FROM INVESTING ACTIVITIES

CASH FLOWS FROM FINANCING ACTIVITIES

-7,025,915 -6,447,973 -10,622,306 -14,774,032 -17,749,717

Current Assets/Current Liabilities

Total Debt/Total Assets

Net Income Available to Common Stockholders/Sales

Price Per Share/Earning Per Share

0.908002 0.897152 0.942059 0.821195 0.835498 0.83699

9.308528 20.05201 21.97755 15.37782 7.733721 5.347123

0.562697 0.527655 0.564654 0.615112 0.660651 0.641262

0.082039 0.028496 0.087173 0.166519 0.199884 0.186109

2012 2013 (F) 2014 (F)2015 (F)2016 (F)2017(F)

1.066041 1.154265 1.91609645 5.732337 26.9108 147.3451 835.6991

6.435385 2.984081 2.8431099 2.69976 2.563637 2.434378 2.311637

0.584552 0.571401 0.43841643 0.19269 0.046784 0.00892 0.00161

0.384473 0.41032 0.437905

NET PROFIT BEFORE TAXATION

NET PROFIT AFTER TAXATION

NET PROFIT BEFORE TAXATION

NET PROFIT AFTER TAXATION

EQUITY AND LIABILITIES

NON - CURRENT LIABILITIES

Current portion of long term borrowings

EQUITY AND LIABILITIES

NON - CURRENT LIABILITIES

Long term borrowings

Profit and Loss Account

Beta Calculation using Coariance and Variance

Adjusted beta =( 2 / 3 ) ( Unadju

sted beta =( 2 / 3 ) ( Unadjusted beta ) + ( 1 / 3 ) ( 1.0 )

PROFIT BEFORE TAXATION:

NET PROFIT AFTER TAXATION

NON - CURRENT LIABILITIES

NON CURRENT ASSETS

ASSUMPTIONS AND WORKINGS

PROFIT AND LOSS ACCOUNT

2012 2013 (F)

2014 (F) 2015 (F)

24,434,349 165,420,541 1,119,897,066 7,581,703,135

3748632 6068511.1607 9830988.08

PROFIT AND LOSS ACCOUNT