TREND ANALYSIS

Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 100.00 4.00 6.05 -4.25

Current Liabilities 100.00 14.53 47.59 60.79

Long Term Debt and Other Liability 100.00 13.94 20.58 25.13
Total Liability and Shareholders' Equity 100.00 9.19 17.94 16.68
Assets
Current Assets 100.00 -2.27 4.02 -19.30
Capital Work-in-Progress 100.00 -6.24 -18.65 -30.67
Tangible Assets 100.00 65.78 127.50 180.39
Other Assets 100.00 9.00 22.24 39.05
Intangible Assets 100.00 -1.86 -2.11 0.22
Total Assets 100.00 9.19 17.94 16.68

Cash Flow Statement

2013 2014 2015 2016
Cash flow from Operating Activities
Operating cash flow before working capital change 100.00 -20.46 -7.51 -158.53
Adjustments 100.00 -201.78 -13.36 -380.53
Cash generated from Operations 100.00 96.02 -3.76 -15.93
Direct Taxes Paid 100.00 -22.54 -47.33 -96.64
Net Cash from Operating Activities 100.00 144.67 14.13 17.19
Cash flow from Financing Activities
Net
CashCash
flowfrom
from/Financing
( used in Activities
) Investing Activities 100.00 26.06 -9.55 -28.22
Proceeds from Issue of Share Capital
Net Cash from / ( used in ) Financing Activities 100.00 -61.61 -26.20 -61.24
Net Increase or Decrease in cash Equivalent 100.00 17.32 -62.67 -65.68
Cash and Cash Euivalant Opening 100.00 -16.08 -34.94 -40.95
Cash and Cash Euivalant Closing 100.00 -22.48 -29.63 -36.21

Income Statement
2013 2014 2015 2016
Net Revenue 100 4.42713 2.565388 -12.9401
COGS 100.00 -0.68 -5.87 -0.86
Gross Margin 100.00 19.95 28.19 -49.66
Other Income/Loss 100.00 -690.66 -53.02 -91.74
Other Expenses 100.00 47.07 48.64 52.24
PBIT 100.00 5.11 -4.39 -229.17
Interest Expense 100.00 29.42 94.50 173.75
PBT 100.00 -0.50 -27.21 -322.13
Taxes 100.00 -43.19 -75.13 -386.01
PAT 100.00 20.56 -3.58 -290.63
COMMON SIZE
Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 48.71 46.40 43.80 39.97

Current Liabilities 16.45 17.25 20.58 22.66

Long Term Debt and Other
Liability
Total Liability and 34.84 36.36 35.62 37.37
Shareholders' Equity 100 100 100 100
Assets
Current Assets 30.01 26.86 26.47 20.75
Capital Work-in-Progress 42.62 36.59 29.39 25.32
Tangible Assets 18.09 27.46 34.89 43.47
Other Assets 7.45 7.44 7.72 8.88
Intangible Assets 1.83 1.65 1.52 1.57
Total Assets 100 100 100 100

Income Statement
2013 2014 2015 2016
Net Revenue 100.00 100.00 100.00 100.00
COGS 75.24 71.56 69.06 85.69
Gross Margin 24.76 28.44 30.94 14.31
Other Income/Loss -0.41 2.33 -0.19 -0.04
Other Expenses 15.59 21.96 22.59 27.26
PBIT 8.75 8.81 8.16 -12.99
Interest Expense 1.64 2.03 3.11 5.16
PBT 7.11 6.78 5.05 -18.15
Taxes 2.35 1.28 0.57 -7.72
PAT 4.76 5.50 4.48 -10.43
TREND ANALYSIS
Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 100.00 10.76 20.75 27.65

Current Liabilities 100.00 14.51 0.81 27.89

Long Term Debt and Other Liability 100.00 2.76 7.33 4.85

Total Liability and Shareholders' Equity 100.00 8.99 13.55 20.94

Assets
Current Assets 100.00 0.29 2.76 25.07
Capital Work-in-Progress 100.00 112.21 164.11 209.02
Tangible Assets 100.00 -2.38 1.71 1.02
Other Assets 100.00 -0.09 -2.13 -0.61
Intangible Assets 100.00 -10.33 -21.10 134.89
Total Assets 100.00 8.99 13.55 20.94
Cash Flow Statement
2013 2014 2015 2016
Cash flow from Operating Activities
Operating cash flow before working capital change 100.00 14.2361 -8.0174 -37.5997
Adjustments 100.00 12.4648 -156.738 8.1972
Cash generated from Operations 100.00 14.0377 -47.0811 -32.4695
Direct Taxes Paid 100.00 23.6017 3.7041 -37.1647
Net Cash from Operating Activities 100.00 12.3269 -58.6048 -31.6297
Cash flow from Financing Activities
Net
CashCash
flowfrom
from/Financing
( used in Activities
) Investing Activities 100.00 15.4307 -72.0489 -36.5763
Proceeds from Issue of Share Capital
Net Cash from / ( used in ) Financing Activities 100.00 -10.6411 -30.9319 -61.9057
Net Increase or Decrease in cash Equivalent 100.00 -29.1024 -71.9118 -130.624
Cash and Cash Euivalant Opening 100.00 -45.1374 -76.687 -89.1827
Cash and Cash Euivalant Closing 100.00 -58.0026 -80.5132 -55.9751
Income Statement
2013 2014 2015 2016
Net Revenue 100 8.6881 8.3534 7.6712
COGS 100.00 6.8672 15.9091 15.823
Gross Margin 100.00 12.0273 -5.5022 -7.6037
Other Income/Loss 100.00 340.5555 1128.938 -487.927
Other Expenses 100.00 12.2573 17.386 -1.4665
PBIT 100.00 21.02 7.9423 -21.8934
Interest Expense 100.00 -2.9939 5.2846 -22.1923
PBT 100.00 26.7743 8.5788 -21.8217
Taxes 100.00 45.1999 -8.9662 -46.0933
PAT 100.00 31.0197 27.1806 -3.2
COMMON SIZE
Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 54.0158 55.0682 57.6292 57.2013

Current Liabilities 16.18 17.0044 14.3708 17.1157

Long Term Debt and Other
Liability 29.6226 27.9273 27.9998 25.6829
Total Liability and
Shareholders' Equity 100 100 100 100
Assets
Current Assets 11.3181 10.4147 10.2433 11.7049
Capital Work-in-Progress 8.5615 16.669 19.9146 21.8767
Tangible Assets 24.1077 21.6717 21.6735 20.2107
Other Assets 55.7034 51.063 48.0153 45.7795
Intangible Assets 0.2203 0.1813 0.1531 0.428
Total Assets 100 100 100 100
Income Statement
2013 2014 2015 2016
Net Revenue 100.00 100.00 100.00 100.00
COGS 64.7116 63.6275 69.2241 69.611
Gross Margin 35.2883 36.8932 30.7758 30.3889
Other Income/Loss 0.5155 2.0898 5.8476 -2.3364
Other Expenses 10.624 11.3224 11.8763 10.0321
PBIT 24.8414 27.6605 24.7472 18.0204
Interest Expense 4.7997 4.2838 4.6638 3.4684
PBT 20.0417 23.3767 20.0833 14.5519
Taxes 7.0934 7.768 4.8852 2.911
PAT 12.9482 15.6087 15.1981 11.6409
TREND ANALYSIS
BALANCE SHEET 2013 2014 2015 2016
Shareholders' Equity and Liability
Shareholders' Equity 100.00 158.59 161.5 237.1411

Current Liabilities 100.00 584.73 433.48 553.29

Long Term Debt and Other Liability 100.00 1753.37 1740.93 1953.77
Total shareholders' equity and liability 100.00 352.87 425.99 520.62

Assets
Current assets 100.00 644.9397 535.3083 1001.533
Property, plant and equipment, net 100.00 4669.42 4695.52 3634.42
Long-term investments 100.00 115.89 96.24 134.65
Other assets 100.00 1431.34 1397.21 1979.43
Other intangible assets 100.00 10.59 60.61 63.98
Total Assets 100.00 352.87 325.99 420.62
CASH FLOW STATEMENT 2013 2014 2015 2016
A. CASH FLOW FROM OPERATING ACTIVITIES
Operating cash flow before working capital change 100.00 1232.34 2139.2 1625.67
Adjustments 100.00 -41.7 2063.65 -12338.8
Cash generated from Operations 100.00 1422.67 2150.49 4025.41
Direct Taxes Paid 100.00 -69.45 -71.75 -90.4
Net Cash from Operating Activities 100.00 -2307.61 3405.09 -5838.53
B. CASH FLOW FROM INVESTING ACTIVITIES
Net Cash from / ( used in ) Investing Activities 100.00 713.1 -700.56 2084.37
C. CASH FLOW FROM FINANCING ACTIVITIES
Net Cash from / ( used in ) Financing Activities 100.00 -228.34 -1672.3 -196.85
Net Increase or Decrease in cash Equivalent 100.00 357.76 62.32 -425.58
Cash and Cash Euivalant Opening 100.00 -75.12 363.552 242.38
Cash and Cash Euivalant Closing 100.00 1763.15 1376.14 2259.09
INCOME STATEMENT 2013 2014 2015 2016
Net Revenue 100.00 1028.546 1183.128 1336.427
Cost Of Goods Sold 100.00 1576.817 1766.706 1602.968
Gross Profit 100.00 589.7413 716.0668 1123.104

Operating Expenses:
Utility expense 100.00 738.3565 695.1944 682.3456
Other operating expenses 100.00 494.462 343.7812 367.6906
Depreciation and amortisation expenses 100.00 917.3687 583.9767 723.4535
General and administrative expenses 100.00 659.7468 679.1339 654.7173
Total operating expenses 100.00 687.8948 616.1886 621.8288

Operating Income 100.00 -1510.22 2852.931 11847.73

Interest income and other, net 100.00 1247.889 -74.9743 25547.89
Income before taxes 100.00 -1980.42 3352.307 9515.547
Provision for income taxes 100.00 3267.419 -163.139 -112.574
Net income 100.00 791.0243 1495.761 4430.827
COMMON SIZE
BALANCE SHEET 2013 2014 2015 2016
Shareholders' Equity and Liability
Shareholders' Equity 70.64 40.33 43.36 45.74

Current Liabilities 22.87 34.59 28.65 28.7

Long Term Debt and Other Liability 6.48 25.06 27.98 25.54
Total shareholders' equity and liability 100 100 100 100

Assets
Current assets 8.11 13.35 12.1 17.17
Property, plant and equipment, net 1.97 20.75 22.18 14.13
Long-term investments 81.47 38.84 37.53 36.72
Other assets 7.96 26.93 27.99 31.81
Other intangible assets 0.46 0.11 0.17 0.146
Total Assets 100 100 100 100
INCOME STATEMENT 2013 2014 2015 2016
Net Revenue 100.00 100.00 100.00 100.00
Cost Of Goods Sold 44.45 66.05 64.67 52.70
Gross Profit 55.55 33.95 35.33 47.30

Operating Expenses:
Utility expense 20.73 15.40 12.85 11.29
Other operating expenses 9.39 4.95 3.25 3.06
Depreciation and amortisation expenses 5.50 4.96 2.93 3.15
General and administrative expenses 17.45 11.74 10.59 9.17
Total operating expenses 53.06 37.05 29.62 26.67

Operating Income 2.48 -3.10 5.71 20.63

Interest income and other, net -0.36 -0.43 -0.01 -6.45
Income before taxes 2.12 -3.53 5.70 14.18
Provision for income taxes 2.37 7.08 -0.12 -0.02
Net income 4.49 3.55 5.58 14.16
TREND ANALYSIS
Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 100.00 -1.79 -2.71 -23.23

Current Liabilities 100.00 19.53 18.23 521.65

Long Term Debt and Other Liability 100.00 24.32 47.21 27.13

Total Liability and Shareholders' Equity 100.00 14.61 29.92 37.38

Assets
Current Assets 100.00 -13.42 -8.32 2.46
Capital Work-in-Progress 100.00 84.45 46.22 57.89
Tangible Assets 100.00 -7.23 -6.89 -19.37
Other Assets 100.00 9.00 22.24 39.05
Intangible Assets 100.00 43.23 27.21 16.32
Total Assets 100.00 14.61 29.92 37.38
Cash Flow Statement
2013 2014 2015 2016
Cash flow from Operating Activities
Operating cash flow before working capital change 100.00 17.45 19.54 16.44
Adjustments 100.00 6.45 -46.32 583.43
Cash generated from Operations 100.00 96.02 -3.76 -15.93
Direct Taxes Paid 100.00 7.34 24.06 14.60
Net Cash from Operating Activities 100.00 11.74 10.35 23.48
Cash flow from Financing Activities
Net
CashCash
flowfrom
from/Financing
( used in Activities
) Investing Activities 100.00 26.06 -9.55 -28.22
Proceeds from Issue of Share Capital
Net Cash from / ( used in ) Financing Activities 100.00 -47.61 -19.20 -38.24
Net Increase or Decrease in cash Equivalent 100.00 78.29 -107.67 -65.68
Cash and Cash Euivalant Opening 100.00 914.43 483.05 185.39
Cash and Cash Euivalant Closing 100.00 -22.48 -59.63 -88.21
Income Statement
2013 2014 2015 2016
Net Revenue 100 4.48 2.59 12.95
COGS 100.00 0.68 5.87 0.86
Gross Margin 100.00 19.95 28.19 49.66
Other Income/Loss 100.00 690.66 53.02 91.74
Other Expenses 100.00 47.07 48.64 52.24
PBT 100.00 0.50 27.21 22.13
Net Taxes 100.00 43.19 75.13 86.01
PAT 100.00 20.56 -3.58 290.63
COMMON SIZE
Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 91.00 89.78 88.49 67.67

Current Liabilities 5.32 6.11 6.10 27.47

Long Term Debt and Other
Liability 3.68 4.11 5.41 4.86
Total Liability and Shareholders'
Equity 100 100 100 100
Assets
Current Assets 66.89 60.43 63.30 67.15
Capital Work-in-Progress 3.05 7.11 5.04 5.71
Tangible Assets 24.01 21.04 21.00 17.23
Other Assets 6.02 11.21 10.01 9.50
Intangible Assets 0.03 0.31 0.65 0.41
Total Assets 100 100 100 100
Income Statement
2013 2014 2015 2016
Net Revenue 100.00 100.00 100.00 100.00
COGS 84.48 86.54 18.82 91.92
Gross Margin 15.52 13.36 18.18 8.08
Other Income/Loss 54.66 51.13 49.13 26.46
Other Expenses 15.59 21.96 22.59 27.26
PBT 7.11 6.78 5.05 18.15
Net Taxes 2.35 1.28 0.57 9.62
PAT 4.76 5.50 4.48 10.43
TREND ANALYSIS
Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 100.00 21.80 29.02 9.11

Current Liabilities 100.00 32.85 31.17 39.67

Long Term Debt and Other Liability 100.00 22.76 50.41 47.92

Total Liability and Shareholders' Equity 100.00 25.28 37.12 31.40

Assets
Current Assets 100.00 4.64 26.83 -4.35
Capital Work-in-Progress 100.00 34.87 24.20 22.20
Tangible Assets 100.00 12.60 22.00 12.30
Other Assets 100.00 14.20 4.50 23.20
Intangible Assets 100.00 -21.00 8.30 2.56
Total Assets 100.00 -45.30 22.10 12.60

Cash Flow Statement

2013 2014 2015 2016
Cash flow from Operating Activities
Operating cash flow before working capital change 100.00 -20.46 -7.51 -158.53
Adjustments 100.00 -201.78 -13.36 -380.53
Cash generated from Operations 100.00 96.02 -3.76 -15.93
Direct Taxes Paid 100.00 -22.54 -47.33 -96.64
Net Cash from Operating Activities 100.00 144.67 14.13 17.19
Cash flow from Financing Activities
Net
CashCash
flowfrom
from/Financing
( used in Activities
) Investing Activities 100.00 26.06 -9.55 -28.22
Proceeds from Issue of Share Capital
Net Cash from / ( used in ) Financing Activities 100.00 -61.61 -26.20 -61.24
Net Increase or Decrease in cash Equivalent 100.00 17.32 -62.67 -65.68
Cash and Cash Euivalant Opening 100.00 -16.08 -34.94 -40.95
Cash and Cash Euivalant Closing 100.00 -22.48 -29.63 -36.21

Income Statement
2013 2014 2015 2016
Net Revenue 100 22.3 22.6 12.9
COGS 100.00 45.30 22.50 30.20
Gross Margin 100.00 26.10 56.30 17.30
Other Income/Loss 100.00 41.30 25.10 16.20
Other Expenses 100.00 47.07 48.64 52.24
PBIT 100.00 5.11 -4.39 -229.17
Interest Expense 100.00 29.42 94.50 173.75
PBT 100.00 -0.50 -27.21 -322.13
Taxes 100.00 -43.19 -75.13 -386.01
PAT 100.00 20.56 -3.58 -290.63
COMMON SIZE
Balance Sheet
2013 2014 2015 2016
Shareholders' Equity 36.50 35.48 34.34 31.31

Current Liabilities 28.49 28.20 31.50 22.50

Long Term Debt and Other Liability 35.01 58.30 28.50 26.30

Total Liability and Shareholders' Equity 100 100 100 100

Assets
Current Assets 30.01 26.86 26.47 20.75
Capital Work-in-Progress 42.62 36.59 29.39 25.32
Tangible Assets 18.09 27.46 34.89 43.47
Other Assets 7.45 7.44 7.72 8.88
Intangible Assets 0.06 1.65 0.52 1.57
Total Assets 100 100 100 100

Income Statement
2013 2014 2015 2016
Net Revenue 100.00 100.00 100.00 100.00
COGS 75.24 71.56 69.06 85.69
Gross Margin 24.76 28.44 30.94 14.31
Other Income/Loss -0.41 2.33 -0.19 -0.04
Other Expenses 15.59 21.96 22.59 27.26
PBIT 8.75 8.81 8.16 -12.99
Interest Expense 1.64 2.03 3.11 5.16
PBT 7.11 6.78 5.05 -18.15
Taxes 2.35 1.28 0.57 -7.72
PAT 4.76 5.50 4.48 -10.43