Академический Документы
Профессиональный Документы
Культура Документы
Transfer to reserve
2007
3,597,024,812
1,967,509,975
1,629,514,837
974,736,690
145,544,701
829,191,989
654,778,147
19,625,795
245,742,392
419,661,550
19,983,883
399,677,667
46,609,789
57,661,278
11,051,489
353,067,878
15%
52960181.7
300,107,696
Depreciation
1,523,087,739
Dividend
EPS
3
114,507,043
2008
4,010,167,059
2002871181
2,007,295,878
1,008,501,030
153,464,243
855,036,787
998,794,848
686,510
249,654,298
749,827,060
35,706,050
714,121,010
168,779,737
173,720,430
4,940,693
545,341,273
30%
163602381.9
381,738,891
2009
4868254915
2566206626
2302048289
1300765878
215192547
1085573331
1001282411
198986379
289427992
910840798
49373371
867467427
242727120
0
242727120
620740307
15%
93111046.05
527,629,261
2010
6,490,847,353
3,317,640,254
3,173,207,099
1,537,426,907
233,413,980
1,304,012,927
1,635,780,192
456,011,134
662,182,384
1,429,608,942
68,076,616
1,361,532,326
309,883,518
71085835
238,797,683
1,051,648,808
20%
210329761.6
841,319,046
2011
7,890,241,843
4,103,709,021
3,786,532,822
1,798,053,124
275,201,846
1,522,851,278
1,988,479,698
340,907,774
567,645,757
1,761,741,715
-83,892,463
1,677,849,252
479,323,910
207,549,905
271,774,005
1,198,525,342
21%
251690321.8
946,835,020
1,669,502,530
2654778919
3068649898
3,543,852,043
4.33
125,957,747
4.13
151149296
4.18
251,767,810
4.76
251,767,810
2007
2008
0.114856658
2009
0.213978082
2.COGS
Average
0.546982598
0.499448315
0.527130701
3.Administrative expense
average
0.040462524
0.03826879
0.044203221
0.230521621
0.213217249
0.22299024
-0.965020016
288.8521201
3,556,432,568
3,292,034,586
0.075835867
3,685,079,475
3,620,756,022
0.07993579
0.325603143
0.087703054
-0.921478463
0.4087134
0.375367926
0.353915995
0.050688571
0.058483929
0.049716964
0.138915025
0.125659703
0.142579167
0.00555567
0.008903881
0.010141903
0.116618447
0.23634613
0.279811221
1. Sales Growth
Average sales growth rate
3,027,636,603
Current tax
Average
Deferred tax
Average
1.237106609
1.029273022
0.237106609
0.029273022
0.15
0.30
0.15
0.190689667
0.13578215
0.143625275
0.513531038
0.252314725
0.364490109
0.298120452
0.075566373
0.065627396
0.084198163
0.016695114
0.02039228
0.016247075
0.000913345
0.000790383
0.000354896
0.011574546
0.035928019
0.014498929
0.169364783
0.140046334
0.204739989
0.099999997
0.199999997
2010
0.333300632
0.511125909
0.035960479
0.200900261
1.291670095
3,890,972,228
3,788,025,852
0.174809362
0.166328972
1.185602462
7.928076626
0.305631813
0.042601555
0.126540711
0.010488094
0.22759909
2011
0.215595039
0.219432603
2012
2013
2014
2015
0.219432603
0.219432603
0.219432603
0.219432603
0.52009927
0.520957359
0.520957359
0.520957359
0.520957359
0.520957359
0.034878759
0.038754755
0.038754755
0.038754755
0.038754755
0.038754755
0.193004385
0.212126751
0.212126751
0.212126751
0.212126751
0.212126751
-0.252413486
0.11
0.11
0.11
0.11
0.11
4,740,289,780 5,070,653,773
4,638,842,929 4,905,471,777
5,556,459,198
5,313,556,486
3,896,034,840
3,893,503,534
0.14579305
0.119093517
4,537,396,079
4,216,715,460
0.119093517
0.119093517
0.119093517
0.119093517
0.041140893
0.155194015
0.155194015
0.155194015
0.155194015
0.155194015
-0.45205021
-0.046981553
-0.046981553
-0.046981553
-0.046981553
-0.046981553
1.658756962
0.155
0.155
0.155
0.155
0.155
0.290465701
0.346818967
0.346818967
0.346818967
0.346818967
0.346818967
0.041301807
0.048558565
0.048558565
0.048558565
0.048558565
0.048558565
0.123979003
0.131534722
0.131534722
0.131534722
0.131534722
0.131534722
-0.010632432
0.004891423
0.004891423
0.004891423
0.004891423
0.004891423
0.285677578
0.229210493
0.229210493
0.229210493
0.229210493
0.229210493
0.22939534
0.77060466
0.20
0.120035117
0.13240239
0.252657467
0.066603886
0.013944586
0.000232312
0
0.202908665
0.665689597
0.433005533
0.585756101
0.566994467
0.520795752
0.21
0.202
0.106501261
0.139326694
0.27799193
0.184785072
0.208132531
0.275143057
0.066385562
0.071676276
0.012871585
0.016030128
0.000172549
0.000492697
0.001962208
0.01279274
-2,443,606,226
0.585756101
0.585756101
0.585756101
0.585756101
0.520795752
0.520795752
0.520795752
0.520795752
0.202
0.202
0.202
0.202
0.139326694
0.139326694
0.139326694
0.139326694
0.184785072
0.184785072
0.184785072
0.184785072
0.275143057
0.275143057
0.275143057
0.275143057
0.071676276
0.071676276
0.071676276
0.071676276
0.016030128
0.016030128
0.016030128
0.016030128
0.000492697
0.000492697
0.000492697
0.000492697
0.01279274
0.01279274
0.01279274
-2,822,839,289 -3,260,927,053 -3,767,003,417
0.01279274
-4,351,619,804
0.22507089
0.188426132
0.188426132
0.188426132
0.188426132
0.188426132
0
0.241422398
0.241422398
0.241422398
0.241422398
0.241422398
2016
0.219432603
0.520957359
0.038754755
0.212126751
0.11
6,231,814,971
5,894,137,084
0.119093517
0.155194015
-0.046981553
0.155
0.346818967
0.048558565
0.131534722
0.004891423
0.229210493
0.585756101
0.520795752
0.202
0.139326694
0.184785072
0.275143057
0.071676276
0.016030128
0.000492697
0.01279274
0.188426132
Balance Sheet
2007
ASSET
Non-Current Assets
Property, Plant and Equipment- Carrying Value
Investment in Shares
Intangible Assets
Current Assets
Inventories
Spares & Supplies
Accounts Receivable
Loans, Advances and Deposits
Short Term Investment
Cash and Cash Equivalents
TOTAL ASSETS
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity
Issued Share Capital
Share Premium
Excess of Issue Price over Face Value of GDRs
Capital Reserve on Merger
Revaluation Surplus
Tax-Holiday Reserve
Retained Earnings
Non-Current Liabilities
Long Term Borrowing-Net off Current Maturity (Secured)
Fully Convertible, 5% Dividend, Preference Share
Liability for Gratuity & WPPF
Deferred Tax Liability
Current Liabilities and Provisions
Short Term Borrowings
Long Term Borrowing-Current Maturity
Creditors and Other Payables
Accrued Expense
Dividend Payable
Income Tax Payable
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
Total Debt
9,029,643,482
8,992,942,392
36,701,090
0
2,923,775,458
1,470,152,242
182,328,049
499,680,792
685,915,465
0
85,698,910
11,953,418,940
8,250,939,647
1,145,070,430
1,489,750,000
1,689,636,958
294,950,950
0
442,354,953
3,189,176,356
2,074,506,357
1,776,449,778
0
246,704,610
51,351,969
1,627,972,936
907,582,327
343,604,498
271,814,118
60,052,739
3,285,324
41,633,930
11,953,418,940
3,702,479,293
2008
2009
2010
2011
11,957,773,787
11,921,072,697
36,701,090
0
2,861,891,654
1,505,288,093
234,530,326
503,916,401
544,509,106
0
73,647,728
14,819,665,441
12,975,195,529
12,966,587,178
2,881,826
5,726,525
6,916,737,893
1,722,953,284
242,034,855
694,111,730
699,204,450
2,500,000,000
1,058,433,574
19,891,933,422
15,180,731,678
15,123,306,298
6,298,526
51,126,854
6,191,667,831
1,983,809,444
276,520,188
821,356,439
779,129,620
859,403,704
1,471,448,436
21,372,399,509
15,884,877,780
15,745,492,625
3,451,276
135,933,879
7,148,462,753
2,291,844,631
325,881,244
978,224,317
840,320,705
2,193,423,560
518,768,296
23,033,340,533
10,450,202,145
1,259,577,470
1,489,750,000
1,689,636,958
294,950,950
1,711,174,747
0
4,005,112,020
1,767,431,029
1,446,600,500
0
274,419,253
46,411,276
2,602,032,267
1,461,666,227
648,165,841
263,176,822
81,776,450
3,169,568
144,077,359
14,819,665,441
10,885,706,614
1,511,492,960
1,489,750,000
1,689,636,958
294,950,950
1,617,361,714
0
4,282,514,032
6,684,775,166
1,924,933,065
4,100,000,000
307,425,614
352,416,487
2,321,451,642
1,451,326,354
308,820,056
409,898,122
79,094,905
1,727,724
70,584,481
19,891,933,422
15,974,086,451
2,098,065,090
5,269,474,690
1,689,636,958
294,950,950
294,950,950
0
5,087,312,943
2,885,155,826
1,902,150,733
0
335,885,792
647,119,301
2,513,157,232
1,639,961,052
348,860,443
432,315,660
90,512,178
1,507,899
0
21,372,399,509
17,128,128,177
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
1,466,602,600
0
5,889,784,879
3,257,050,368
1,890,074,651
0
403,598,795
963,376,922
2,648,161,988
1,642,216,008
363,744,181
523,798,136
101,559,917
1,361,452
15,482,294
23,033,340,533
4,369,463,296
9,006,226,808
5,398,313,058
5,905,212,356
Transfer to reserve
2011
7,890,241,843
4,103,709,021
3,786,532,822
2012
9,621,618,146
5012452774
4,609,165,372
275,201,846
1,522,851,278
1,988,479,698
340,907,774
567,645,757
1,761,741,715
83,892,463
1,677,849,252
479,323,910
207,549,905
271,774,005
1,198,525,342
251690321.8
946,835,020
372883450.3
2041002598
2,195,279,324
378407629.1
502183476.3
2,071,503,477
47063405.8
2,024,440,071
464022907.1
271804248.7
241661158.7
1,560,417,164
315204267.2
1,245,212,897
479,323,910
1,198,525,342
513,465,407
1,510,974,664
2013
11,732,914,857
6112348331
5,620,566,526
2014
14,307,498,900
7453596834
6,853,902,067
2015
17,447,030,621
9089158986
8,357,871,635
2016
21,275,477,958
11083616798
10,191,861,160
454706236.3
2488865110
2,676,995,180
420032468.3
552456121.5
2,544,571,527
57390651.42
2,487,180,875
570087955
333932497.6
296899385
1,917,092,920
387252769.9
1,529,840,150
554483609.1
3035003258
3,264,415,199
466236039.9
584209888.7
3,146,441,350
69984031.43
3,076,457,319
705156299.3
413049604.3
367242404.9
2,371,301,020
479002806
1,892,298,214
676155390.6
3700981922
3,980,734,322
517522004.2
632810132.1
3,865,446,195
85340809.58
3,780,105,385
866439819.5
507522410.2
451238177
2,913,665,565
588560444.2
2,325,105,121
824525927.7
4513098017
4,854,237,215
574449424.7
701953517.8
4,726,733,122
104067365.5
4,622,665,757
1059563498
620645782.9
551816168.2
3,563,102,259
719746656.3
2,843,355,603
Balance Sheet
ASSET
Non-Current Assets
Property, Plant and Equipment- Carrying Value
Investment in Shares
Intangible Assets
Current Assets
Inventories
Spares & Supplies
Accounts Receivable
Loans, Advances and Deposits
Short Term Investment
Cash and Cash Equivalents
TOTAL ASSETS
SHAREHOLDERS' EQUITY AND LIABILITIES
Shareholders' Equity
Issued Share Capital
Share Premium
Excess of Issue Price over Face Value of GDRs
Capital Reserve on Merger
Revaluation Surplus
Tax-Holiday Reserve
Retained Earnings
Non-Current Liabilities
Long Term Borrowing-Net off Current Maturity (Secured)
Fully Convertible, 5% Dividend, Preference Share
Liability for Gratuity & WPPF
Deferred Tax Liability
Current Liabilities and Provisions
Short Term Borrowings
Long Term Borrowing-Current Maturity
Creditors and Other Payables
Accrued Expense
Dividend Payable
Income Tax Payable
TOTAL LIABILITIES
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
2011
2012
15,884,877,780
15,745,492,625
3,451,276
135,933,879
7,148,462,753
2,291,844,631
325,881,244
978,224,317
840,320,705
2,193,423,560
518,768,296
23,033,340,533
18349391611
18189098851
3289129.695
157003630.2
11,005,610,699
3336959669
467211972.1
1265576866
1340548247
1777931399
2,817,382,547
29,355,002,311
17,128,128,177
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
5,889,784,879
3,257,050,368
1,890,074,651
0
403,598,795
963,376,922
2,648,161,988
1,642,216,008
363,744,181
523,798,136
101,559,917
1,361,452
15,482,294
5,905,212,356
23,033,340,533
21,521,957,501
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
7,134,997,776
3,167,760,002
1,512,059,721
0
450,662,201
1,205,038,081
4,665,284,807
2647321428
378014930.2
689641758.2
154235770.7
316,565,719
479,505,201
7,833,044,810
29,355,002,311
251,767,810
4.76
312550198.4
4.99253295
0.907360473
2013
2014
2015
2016
21196411934
21011938140
3134601.274
181339192.9
11,388,129,231
4069197414
569733511.1
1543285691
1634708238
2168067513
1,403,136,864
32,584,541,166
24485299294
24272865194
2987332.839
209446767.8
12,169,097,129
4962111993
694751618.3
1881932887
1993416521
2643812210
-6,928,101
36,654,396,423
28284626611
28039868610
2846983.304
241911016.9
13,447,616,646
6050961142
847202774.1
2294890318
2430837097
3223950804
-1,400,225,489
41,732,243,257
32673608866
32391488414
2713227.608
279407224.5
15,348,318,803
7378739294
1033106684
2798464074
2964242008
3931390720
-2,757,623,976
48,021,927,669
23,051,797,651
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
8,664,837,926
3,144,035,109
1,134,044,791
0
508,052,852
1,501,937,466
6,388,708,406
3228230059
378014930.2
840971644.1
188080127.3
703,818,489
1,049,593,156
9,532,743,514
32,584,541,166
24,944,095,865
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
10,557,136,140
3,203,246,615
756,029,860
0
578,036,884
1,869,179,871
8,507,053,943
3936608983
378014930.2
1025508241
229351039.1
1,182,821,295
1,754,749,455
11,710,300,558
36,654,396,423
27,269,200,986
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
12,882,241,261
3,361,810,671
378,014,930
0
663,377,693
2,320,418,048
11,101,231,599
4800429337
378014930.2
1250538183
279678134.6
1,771,381,739
2,621,189,275
14,463,042,270
41,732,243,257
30,112,556,589
2,517,678,100
5,269,474,690
1,689,636,958
294,950,950
4,615,219,027
0
15,725,596,864
3,639,679,275
0
0
767,445,059
2,872,234,216
14,269,691,805
5853800041
378014930.2
1524947031
341048635.5
2,491,128,396
3,680,752,773
17,909,371,080
48,021,927,669
388006816.8
4.940874328
481680352.9
4.922976421
597968778.7
4.872604841
742331835.1
4.79987802
0.737117951
0.874868307
0.828549271
0.791725494
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
As other income shows abnormal growth rate so we assumed a smoother rate of 11%
As the growth rate of intangible assets shows abnormal result so we have normalized it at 15.5%.
Issued Share Capital is assumed to be constant over the next 5years
Share Premium is assumed to be constant over the next 5years
Excess of Issue Price over Face Value of GDRs are assumed to be constant over the next 5years
Capital Reserve on Merger is assumed to be constant over the next 5years
Revaluation Surplus is assumed to be constant over the next 5years
Tax-Holiday Reserve is assumed to be constant over the next 5years
Long Term Borrowing-Current Maturity is one-fifth of the long term debt
Fully Convertible, 5% Dividend, Preference Share is assumed to be constant over the next 5years
Income Tax Payable is assumed to be 0 for the next 5 years
Liability for Gratuity & WPPF accumulated to the previous year
Deferred Tax Liability accumulated to the previous year
Perpetual growth rate is 2%.
Risk-free rate is 8%.
zed it at 15.5%.
he next 5years
Time
93.60
99.40
86.90
107.90
95.10
108.40
80.40
30/06/2011
31/05/ 2011
29/04/ 2011
31/03/ 2011
28/02/ 2011
30/01/ 2011
30/12/2010
30/11/2010
31/10/2010
30/09/2010
31/08/2010
29/07/2010
78.90
113.90
120.60
102.90
135.00
135.10
145.30
150.40
149.50
154.60
150.50
146.3
30/06/2010
31/05/ 2010
146.3
29/04/ 2010
31/03/ 2010
28/02/ 2010
185.70
30/01/
30/12/
26/11/
29/10/
30/09/
31/08/
30/07/
2010
2009
2009
2009
2009
2009
2009
179.80
155.8
159.9
164.10
159.00
159.70
166.90
30/06/
31/05/
30/04/
31/03/
26/02/
29/01/
2009
2009
2009
2009
2009
2009
30/12/2008
30/11/2008
30/10/2008
25/09/2008
31/08/2008
30/07/2008
30/06/2008
29/05/2008
30/04/2008
31/03/2008
28/02/2008
31/01/2008
30/12/2007
29/11/2007
31/10/2007
182.40
166.50
196.80
146.4
148.1
153.8
153.2
171.7
167.7
113.2
170.50
136.50
109.3
102.5
98.70
79.70
77.60
76.20
62.50
59.5
58.9
67.1
71.4
DGEN
5,257.61
5,268.55
5,036.50
5,910.20
6,212.00
6,459.62
6,117.23
5,758.26
6,050.85
6,352.10
5,203.08
7,484.23
8,290.41
8,602.44
7,957.12
7,097.38
6,657.97
6,342.76
6,153.68
6,107.81
5,654.88
5,582.33
5,560.56
5,367.11
4,535.53
4,380.95
3,364.26
3,083.89
2,941.28
2,914.53
3,010.26
2,572.18
2,554.36
2,446.92
2,570.96
2,649.49
2,795.34
2,468.92
2,748.60
2,966.82
2,791.20
2,761.05
3,000.49
3,167.99
3,072.85
3,016.49
2,931.38
2,907.17
3,017.21
2,971.11
2,850.81
Bxpharma return
-0.058350101
0.143843498
-0.194624652
0.134595163
-0.122693727
0.348258706
0.019011407
-0.307287094
-0.055555556
0.172011662
-0.237777778
-0.000740192
-0.070199587
-0.033909574
0.006020067
-0.032988357
0.027242525
0.028708134
0
-0.212170167
0.018092105
0.095495495
-0.073971079
0.154043646
-0.025641026
-0.02559415
0.032075472
-0.004383219
-0.043139605
-0.151930894
0.344262295
-0.011478731
-0.037061118
0.003916449
-0.107746069
0.023852117
0.481448763
-0.336070381
0.249084249
0.248856359
0.066341463
0.038500507
0.238393977
0.027061856
0.018372703
0.2192
0.050420168
0.010186757
-0.122205663
-0.06022409
0.448275862
30/09/2007
29/08/2007
31/07/2007
28/06/2007
31/05/2007
30/04/2007
29/03/2007
28/02/2007
31/01/2007
Covariance
Variance of market return
Beta
Market return
Market return -yearly
49.3
50.1
55.7
49.6
49.4
51.9
52.2
47.6
55.1
0.006110757
0.008318305
0.734615611
0.022401635
0.268819617
2,548.49
2,455.08
2,384.18
2,149.32
2,003.58
1,743.33
1,760.88
1,791.54
1,805.12
-0.015968064
-0.1005386
0.122983871
0.004048583
-0.048169557
-0.005747126
0.096638655
-0.136116152
DGEN return
-0.002078098
0.046074901 Mkt. P.
-0.147829845
-0.048582557
-0.038334444
0.055971271
0.062339919
-0.0483538
-0.047426214
0.220833798
-0.304793373
-0.097243043
-0.036272101
0.081099725
0.121134749
0.065997038
0.049697131
0.03072646
0.007508986
0.080096639
0.012995091
0.003915655
0.036044454
0.183346715
0.035285445
0.302201843
0.090916421
0.048483075
0.009178082
-0.03180122
0.170316003
0.006978285
0.04390538
-0.048247208
-0.029639679
-0.052174601
0.132212366
-0.101753442
-0.073553689
0.062918512
0.010919759
-0.079800299
-0.052872642
0.030961485
0.018684305
0.029033766
0.008329074
-0.036472105
0.015516087
0.042198533
0.118627109
2007
2008
2009
54.85833 104.4917 161.2833
2010
157.70
2011
101.92
0.03804764
0.029737688
0.10927177
0.072739796
0.149283268
-0.009966608
-0.017113768
-0.007523035
Particulars
Inventory
Accounts receivable
Advance and prepayment
Non-cash current asset
2011
2,291,844,631
978,224,317
840,320,705
4,110,389,653
2012
3336959669
1265576866
1340548247
5,943,084,782
2013
4069197414
1543285691
1634708238
7,247,191,343
523798136
101559917
1361452
626719505
689641758.2
154235770.7
394755425.5
1238632954
840971644.1
188080127.3
868025326.4
1897077098
Working capital
Change in WC
3,483,670,148
4,704,451,827
1,220,781,679
5,350,114,245
645,662,418
Particulars
Inventory
Accounts receivable
Advance and prepayment
Non-cash current asset
2007
1,470,152,242
499,680,792
685,915,465
2,655,748,499
2008
1,505,288,093
503,916,401
544,509,106
2,553,713,600
2009
1,722,953,284
694,111,730
699,204,450
3,116,269,464
271,814,118
60,052,739
3,285,324
335,152,181
263,176,822
81,776,450
3,169,568
348,122,840
409,898,122
79,094,905
1,727,724
490,720,751
2,320,596,318
2,205,590,760
2,625,548,713
Accounts payable
Accrued expenses
Other liabilities
Non- STD Current liabilities
Accounts payable
Accrued expenses
Other liabilities
Non- STD Current liabilities
Working capital
2014
4962111993
1881932887
1993416521
8,837,461,401
2015
2016
6050961142
7378739294
2294890318
2798464074
2430837097
2964242008
10,776,688,557 13,141,445,375
1025508241
229351039.1
1437989308
2692848588
1250538183
279678134.6
2125077961
3655294279
1524947031
341048635.5
2954118416
4820114082
6,144,612,813
794,498,568
7,121,394,278
976,781,465
8,321,331,292
1,199,937,014
2010
1,983,809,444
821,356,439
779,129,620
3,584,295,503
2011
2,291,844,631
978,224,317
840,320,705
4,110,389,653
432,315,660
90,512,178
1,507,899
524,335,737
523,798,136
101,559,917
1,361,452
626,719,505
3,059,959,766
3,483,670,148
Risk-free rate
Market return
Beta
Cost of equity
Cost of debt
After tax cost of debt
Total market value of equity
Book value of debt
Weight of equity
Weight of debt
WACC
0.08
0.268819617
0.734615611
0.218709839
0.119093517
0.091796034
23,565,467,016.00
3,896,034,840
0.86
0.14
0.20
Particulars
EBIT
EBIT (1-tax rate)
Depreciation
Capital expenditure
Change in NWC
Free cashflow
Present value discount factor
Present value of free cashflow
Terminal value
Enterprise value
Cash
Interest-bearing debt
Equity value
Value per share
Depreciation
2012
2526623548
1947494918
4004291313
-2,443,606,226
1,220,781,679
2,287,398,326
0.83
1,906,165,271.52
2013
3039636997
2342920302
4075748733
-2,822,839,289
645,662,418
2,950,167,328
0.69
2,048,727,310.86
2014
3660667208
2821603872
4158295916
-3,260,927,053
794,498,568
2,924,474,167
0.58
1,692,404,031.70
14,839,006,606.13
518,768,296
3,896,034,840
11,461,740,062.13
45.53
4004291313
531896689.8
614443872.9
M.R.K
2015
4412915517
3401428975
4253653928
-3,767,003,417
976,781,465
2,911,298,021
0.48
1,403,982,456.10
2016
5324619274
4104160665
4363810933
-4,351,619,804
1,199,937,014
2,916,414,779
2017
2,974,743,075
0.40
1,172,041,690.49
6615685845
709801884.8
819958889.5
M.R.K
Ratio Analysis
A.
5
6
7
8
B.
Profitability Ratios
1
4
5
10
Return on Assets
11
12
13
Current Ratio
Quick Ratio
Cash Ratio
Defensive Interval
5
6
7
8
C.
10
Interest Cover
11
12
13
1
2
3
4
5
6
7
8
9
10
11
12
13
14
1
2
3
1
2
3
4
5
6
7
8
9
10
D.
E.
F.
tio Analysis
Investment Valuation Ratios
Profitability Ratios
Operating income/revenue
EBIT/Revenue
gross profit/Revenue
A.
2
3
B.
Profitability Ratios
P/E ratio
Return on Assets
Return on Equity
C.
Current Ratio
3
4
Receivable turnover
3
4
Working capital
turnover
D.
2007
0.462505889
0.15016425
0.008430914
Profitability Ratios
Net income/ revenue
Market price per share/Earning per share
Net Income/Average total Assets
net income+ Interest expense (1 tax rate)/Average total Assets
Net Income/Average total Equity
0.09815553
17.81114719
0.029536978
0.042791233
1.795960727
0.44873426
3.228490423
0.309742285
1.338303557
7.198645354
0.300920166
7.23843923
1.550043316
2008
2009
2010
2011
1.298867166
0.616020375
0.83541165
0.99969222
0.299969322
0.012430342
0.149157476
0.003819492
0.199859246
0.005297474
0.21001937
0.00980892
0.135989665
0.127507766
0.162020265
0.1518997
24.13202463
0.036798487
39.05165456
0.03120563
37.72727273
0.049205931
21.4110644
0.05203437
0.052184758
0.057023428
0.065834676
0.0699741
1.099867857
2.979488251
2.463700938
2.69940539
0.418122371
0.827344253
0.337941896
0.34476694
3.391644336
0.294842236
2.208686706
0.452757739
3.959088567
0.252583387
3.90051012
0.25637672
1.330556716
1.489423219
1.672358333
1.79057034
7.958000674
7.013647378
7.902595079
8.06588193
0.270597678
7.610363123
0.24473513
6.260596202
0.303702322
7.674115377
0.34255743
7.83452391
1.818182743
1.854185714
2.121219836
2.2649222
Year
Current Ratio
2007
1.795960727
2008
1.099867857
2009
2.979488251
2010
2.463700938
Current Ratio
3.5
3
2.5
2
1.5
1
0.5
0
2007
0.462505889
2008
1.298867166
2009
2010
0.616020375
2011
0.83541165
0.09815553
2008
0.135989665
2009
2010
0.127507766
2011
0.162020265
P/E ratio
17.81114719
2008
24.13202463
2009
39.05165456
2010
2011
37.72727273
P/E ratio
45
40
35
30
25
20
15
10
5
0
2007
Return on Assets
0.029536978
2008
0.036798487
2009
0.03120563
2010
0.049205931
Return on Assets
0.06
0.05
0.04
0.03
0.02
2011
0.02
0.01
0
2007
Year
Return on Equity
2008
2009
2010
2011
2007
2008
2009
2010
0.042791233
0.052184758
0.057023428
0.065834676
Return on Equity
0.08
0.07
0.06
0.05
0.04
0.03
0.02
0.01
0
2007
2008
1.330556716
2009
2010
1.489423219
2011
1.672358333
2007
2008
2009
0.270597678
2010
2011
0.24473513
0.303702322
0.15
0.1
0.05
0
2007
Payables turnover
7.23843923
2008
7.610363123
2009
2010
2011
6.260596202
7.674115377
Payables turnover
9
8
7
6
5
4
3
2
1
0
2007
2008
2009
2010
2011
1.854185714
Working
capital2.121219836
turnover
1.818182743
2.5
2
1.5
1
0.5
0
2007
2008
2009
2010
2011
2011
2.69940539
Current Ratio
2011
0.99969222
Share
Margin(%)
0.1518997
Margin(%)
2011
21.4110644
P/E ratio
2011
0.05203437
Return on Assets
2011
2011
0.0699741
Return on Equity
1.79057034
Ratio
over Ratio
0.34255743
over Ratio
7.83452391
nover
Payables turnover
turnover
2.2649222