Liquidity ratios:

Current ratio= Current Assets/ Current Liabilities

2009 2010 2011 2012 2013

1654014 2070718 4792126 4159818 5039090
2628010 3984915 5384740 5494173 4409430

0.62:1 0.52:1 0.89:1 0.75:1 1.143:1

Interpretation:

In 2011 the current ratio has increasing trend, and the DGKC has the ability to pay 0.89 against 1
rupees and in 2010 the company reduces current ratio. In 2012 the current ratio decrease due to
increase in current liabilities as compare to current assets and the company have the ability to
pay 0.75 against 1 rupees liability. But in 2013 the current ratio increase due to increase in the
current assets as compare to current liabilities.

Quick ratio:

Quick ratio = Current Assets Inventory / Current Liabilities

2009 2010 2011 2012 2013

0.74 time 0.60 times 0.80 times 0.58 times 0.92 times

Interpretation:

The quick ratio is increases 2009 because DGkc decrease in current liabilities as compare
to the current assets, and the company have the ability to pay current assets without relying on
inventory. In 2010 the current ratio decreases due to decrease in current assets and in
2011company increase trend of quick ratio. In 2013 DGKC increases the quick ratio and DGKC
have the ability to pay current liability without relying on inventory.

Net working capital: Current Asset - current

lib.

2 2 2 2 2
0 0 0 0 0
0 1 1 1 1
9 0 1 2 3
16 20 47 41 50
54 70 92 59 39
01 71 12 81 09
4 8- 6- 8- 0-
-2 39 53 54 44
62 84 84 94 09
80 91 74 17 30
10 5 0 3

- - - 4
- 1 5 1 5
9 9 9 3 9
7 1 2 3 8
3 4 6 4 1
9 1 1 3 6
9 9 4 5 0
6 7 5

Net working capital is also another measure of the liquidity of the company. Net working capital
is the difference between the current assets and current liabilities. It is just like the current ratio
indicating either the company has enough current assets to pay its current liabilities. If the
current assets are more than the current liabilities then company has strong liquidity position
indicating it has the ability to discharge it current liabilities. Net working capital is also going
increase every year which means APL have enough cash after payment of current liabilities. So
the liquidity position is strong.
Cash ratio based on current liabilities

Cash and cash equivalents

Current Liabilities

2009 2010 2011 2012 2013

175947
2628010 192217 978847 215071 1702171
3984915 5384740 5494173 440930

0.0669 0.04823 0.1817 0.0391 3.860

Cash and cash equivalents are current assets excluding inventory, prepayments and trade debts.
The above ratio shows variation due to inflow or outflow of cash in business. In 2010 the ratio is
very high but in 2012 ratio is very low as compared to other years which means in 2010 APL has
more cash and cash equivalents but in 2012 APL have low cash and cash equivalents to pay
current liabilities.

Activity Analysis
Inventory Turnover

Inventory Turnover Ratio= CGS/Average Inventory

2009 2010 2011 2012 2013

3627110 3292871 3919540 8454600 10887427
183770 117067 295303 724629 968215

19.74 time 28.13 time 13.27 time 11.66time 11.24 times

Interpretation:

In 2008 the inventory turnover ratio reduce due to increase in inventory and inventory
converted in to sale less as compare to 2008.In 2009 inventory turnover ratio increase means
inventory is more converted into sale as compare to 2008.But in 2010 inventory turnover is also
increase. In 2011 reduce due to decrease in cost of goods sold. But also increase in 2012 as
compare to 2011.

Days sales in inventory= average inventory

CGS/365

R.s(000)
2009 2010 2011 2012 2013
183770 117067 295303 724629 968215
9937 9022 10738 23163 29828

18.5:1 12.97:1 27.49:1 31.28:1 32.45:1

Account receivable turn over= net sales

Average account receivable

2009 2010 2011 2012 2013

Rs.(000)
5314538 3808455 4742593 11,523,050 15967900
40784 39578 30737 506005 135022
130.31 94.22 154.29 227.7 118.26

Days Sales Outstanding (DIO)

Days sales outstanding= average Receivables

net sales/365
 2009 2010 2011 2012 2013
40784 39578 30737 506005 135022
14560 10434 12993 31570 43747

3days 4days 2 days 16days 3 days

Interpretation:
In 2009Nestle company Days outstanding ratio is low as compare to 2008 and company
can recover the sale receivables more quickly and in 2010 the ratio is more low as compare to
2009.In 2011 the ratio increase which show that the company sales receivable not converted into
cash quickly as compare to 2010, and this ratio also increase in 2012 .

Fixed Asset Turnover

Fixed Assets Turnover= Sales/Net Fixed Assets

2009 2010 2011 2012 2013

0.28 0.16 0.18 0.44 0.65

Interpretation:

In 2009 the fixed assets turnover ratio is high as compare to 2008 means the
company use more fixed assets as compare to 2008 and also in to 2010.But in 2011 the ratio is
reduce which show that the company use less fixed assets to generate sales and in 2012 the ratio
is reduce which is good because company use generate more sale by using less fixed assets.

Total Asset Turnover

Total Assets Turnover= Sales/Total Assets

2009 2010 2011 2012 2013

0.25 time 0.14 time 0.15 time 0.38 time 0.53 time
Interpretation:

The ratio show how mach total assets use to generate the sale. In 2009 the Total assets
turnover ratio is high compare to 2008 which show that the company use more fixed to generate
the sale , the ratio of 2010 is increase as compare to 2009. In 2011 the ratio reduce which show
that the company generate more sale by using less total assets and in 2012 the ratio reduce more
compare to 2011.

Profitability Ratios:

Gross profit margin=gross profit/net sales

2009 2010 2011 2012 2013
31.75 % 13.54 % 17.35 % 26.63 % 31.82 %

Interpretation:

Operating profit margin= operating profit/net sales

2009 2010 2011 2012 2013
30.98 % 9.61 % 12.48 % 24.23 % 28.79 %

Interpretation:

Net profit margin= net profit/net sales

2009 2010 2011 2012 2013
1007623 250179 425661 552590 2097067
5314538 3808455 4742593 11,523,050 15967900

1.89% 6.57% 8.97% 4.7% 13.13%

Interpretation:

In 2009 the Profit margin on sales ratio is higher than the ratio of 2008 that show that
7.30% income is generate from 1 rupees sale .That ratio is increase in 2010 and show that the
company that the net income is increase per rupees sale. But ratio decrease in 2011 , the net
income decrease as compare to 2010.But ratio increase in 2012 and company can get 7.20% net
income from 1 rupees.

Return on Total Assets :

Return on Total Assets Ratio = Net income/Total Assets

2009 2010 2011 2012 2013

4.70 % 0.93 % 1.32 % 1.80 % 6.92 %

Interpretation:

The ratio of 2009 is increase as compare the ratio of 2008 which show that the
company net income is increase from the use of total assets .And the ratio of2010 is increase
16.17% to 17.92% and the company get more income by using its total assets .But in 2011 and
2012 the ratio is decreasing which show that the company use more debt on which the pay
interest thats way its net income is decrease and the ratio.

Return on Common Equity :

Return on Common Equity = (Net Income/Common equity)*100

2009 2010 2011 2012 2013

 Rs.(000)
13.58 % 3.37 % 5.74 % 4.00 % 15.2%

Interpretation:

In 2009 the company ratio increase from35.38% to 67.88% that show that the
company net income increase on the investment of the shareholders and the ratio of 2010 is also
high. But the ratios of 2011 and 2012 is decreasing which show that the company net income is
reduce on the investment of the shareholders.

Market Value Ratios:

Price/Earnings ratio= Price per share/Earning per share

2009 2010 2011 2012 2013

6.49 6.67 4.72 4.53 7.9
1.43 0.31 0.52 0.29 1.42
4.53 21.51 9.07 15.62 5.56

Interpretation:

The price/earnings per share ratio of the company reduce in 2009 and it indicate that
the investors are paying 0.15 for every rupees 1company earning .The ratio of company
continuously decreasing from 2009 to 2012, which show that the company earning per share is
continuously from year to year.

RETURN ON CAPITAL EMPLOYED= profit before tax/capital employed

Note: Capital employed=shareholders equity+non current liabilities

2009 2010 2011 2012 2013

1640080 1392265 522646 2264049 3182716

18818491 22323058 15120609 24219292 25895619
 8.715% 6.24% 3.46% 9.35% 12.29%

CASH FLOW ANALYSIS:

Operating Cash Flows Ratio

Operating Cash Flows Ratio = Cash Flows From Operations/Current Liabilities

2009 2010 2011 2012 2013

1,995,728 378,916 (736,268) 4,305,499 5,994,240
2628010 3984915 5384740 5494173 440930

75.94% 9.51% 13.67% 78.36% 13.59%

If the Operating Cash Flow Ratio for a company is less than 1.0, the company is not generating
enough cash to pay off its short-term debt which is a serious situation. It is possible that the firm
may not be able to continue to operate.

Operating cash flow to debt ratio

Operating cash flow to debt ratio= Cash Flows From Operations/total Liabilities

2009 2010 2011 2012 2013

1,995,728 378,916 736,268 4,305,499 5,994,240

11755812 17169314 22196812 16798360 14368688

16.97% 2.20% 3.47% 25.63% 41.71%

Cash Flow Margin Ratio

Cash flow from operating cash flows/Net sales = _____%

2009 2010 2011 2012 2013

1,995,728 378,916 736,268 4,305,499 5,994,240
5314538 3808455 4742593 11,523,050 15967900
 37.55% 9.95% 15.52% 3.78% 37.54%

The Cash Flow Margin is a measure of how efficiently a company converts its sales dollars to
cash,The larger the percentage, the better.

Price/Cash Flow Ratio :

Price/Cash Flow Ratio = Price per share/Cash flow per share

2009 2010 2011 2012 2013

6.49 6.67 4.72 4.53 7.9
2878 510 1061 3234 450
0.0023 time 0.013time 0.44time 0.140time 1.75

shares 693,289 741988 693,289 1,331,115 1,331,115

cashflows 1,995,728000 378,91600 736,268000 4,305,49900 5,994,24000
0 0

Interpretation:

In 2009 cash flow per share is high as compare to 2008 but the is decreasing from 2010
which means that the denominator which cash flow per share is increasing year to year.

Cash per share:

2009 2010 2011 2012 2013

2878 510 1061 3234 450

Cash flow per share measures the availability of cash against one share of equity. The ratio is in
increasing trend except in 2011. In 2011 due to the loss in cash flow from operations company
has no cash against one share of equity. In 2012 and 2013 company has 60.96 rupees and 87.32
rupees cash against one share which shows phenomenal performance of APL.
 FINANCIAL ANALYSIS:

Solvency Ratios:

Total Debt to Total Assets

Total Debt to Total Assets= (Total Debt/Total Assets)*100

2009 2010 2011 2012 2013

14160025 17370360 27567443 39312453 40430364
18,586,980 22,952,232 35,179,859 50,872,717 52,289,521
76.18% 75.68% 78.36% 77.28%

Interpretation:

In 2009 the Total debt to total assets ratio is high as compare to 2008 which show
that the 76.18% company assets are generated from the total debt . In 2010 the ratio reduce
which show that the generate more assets from less total debt compare to 2009.But high in 2011
and produce 78.68 % total assets from total debt . In 2012 the ratio decrease from 2011 which is
good for the nestle company.

Time-Interest-Earned Ratio:
Time-Interest-Earned Ratio= EBIT/Interest Charges

2009 2010 2011 2012 2013

1640080 1392265 522646 2264049 3182716
218563 34493 97191 1297804 1067354
7.50 time 2.98 times
40.36 time 5.37 time 1.745time

Interpretation:

The time earned ratio is high in 2009 as compare to 2008 and which show that the
company has ability to pay its interest charges easily compare to the 2008 and also increase in
2010 which that the company is increase and pay interest charges .But the ratio is reduce in
2011 which show that the company interest charges increase and 2012 interest charges are
increase thats way the ratio is reduce as compare to 2011.
LTD to fixed assets = Long term debts / fixed Asset

2009 2010 2011 2012 2013

11,741,452 14,599,309 21,784,842 3396723 3435303

3 8
1.55461
2.214229 2.243237 1.842656 9

Interpretation:

Long term liability to fixed asset ratio is one of the measures of the solvency of the company. It
measures that how much fixed assets are financed by the long term liabilities. This ratio is in
increasing trend throughout the five years. In 2009 2.214229 fixed assets and in 2013
1.554619 fixed assets are financed by long term liabilities.
 Balance Sheet (Vertical Analysis)
FORMULA:

Common Size Statement (Vertically) = ITEM / TOTAL ASSETS X 100

2009 2010 2011 2012 2013

TOTAL ASSETS 100% 100% 100% 100% 100%
Property, plant and 10,700,8 11,370,6 16,230,528 21,970,957 31,467,872
74 11 35,179,859 50,872,717 52,289,521
equipment 18,586,9 22,952,2
80 32 = = =

= =
Capital work-in-progress 914,956 3,076,47 5,370,561 11,549,623 2,351,556
18,586,9 2 35,179,859 50,872,717 52,289,521
80 22,952,2
32 = = =
=
=
Tangible fixed assets 11,615,8 14,447,0 21,601,089 33,520,580 33,819,428
30 83 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Long term loans and 113,490 125,674 161,982 236,639 292,304
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
advances 80 32
= = =
= =
Long term deposits 5,026 9,817 9,817 98,663 71,368
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Intangible assets 7,106 16,735 11,954 7,173 2,392
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Non Current assets 11,741,4 14,599,3 21,784,878 33,967,233 21,784,842
52 09 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
 80 32 = = =

= =
Stores and spares 868,984 1,050,80 1,278,416 1,373,239 1,273,538
18,586,9 4 35,179,859 50,872,717 52,289,521
80 22,952,2
32 = = =
=
=
Stock in trade 3,895,03 4,602,01 7,064,170 8,025,653 7,925,132
8 9 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Trade debts 241,715 126,499 276,858 491,842 346,041
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Current portion of long term 21,012 19,149 30,914 45,735 55,784
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
loans 80 32
= = =
= =
Advances, deposits, other 1,503,00 2,048,93 4,042,634 6,208,184 7,615,923
9 6 35,179,859 50,872,717 52,289,521
receivables 18,586,9 22,952,2
80 32 = = =

= =
Cash and bank balances 315,770 505,516 702,025 760,831 720,065
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Current assets 6,845,52 8,352,92 13,395,017 16,905,484 17,936,483
8 3 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =

Issued, subscribed and paid up 453,496 453,496 453,496 453,496 453,496

capital 18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Share premium 249,527 249,527 249,527 249,527 249,527
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
General reserve 280,000 280,000 280,000 280,000 280,000
 18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Accumulated profit 3,443,93 4,598,85 6,629,393 10,577,241 10,876,134
2 0 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Total equity 4,426,95 5,581,87 7,612,416 11,560,264 11,859,157
5 3 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Long term finances 4,210,75 5,573,75 7,848,050 15,366,964 17,464,812
0 0 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Deferred taxation 1,531,94 1,705,50 2,476,871 3,304,091 4,102,160
5 8 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Retirement benefits 215,925 229,114 440,377 637,985 862,403
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Liabilities against assets 118,275 55,415 13,690
subject to finance lease 18,586,9 22,952,2 35,179,859
80 32
=
= =
Non current liabilities 6,076,89 7,563,78 10,778,988 19,309,040 22,429,375
5 7 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Current portion of non current 1,322,44 57,786 41,587 41,686 4,831,840
liabilities 2 22,952,2 35,179,859 50,872,717 52,289,521
18,586,9 32
80 = = =
=
=
Short term borrowings - 4,950,000 3,900,000
secured 35,179,859 50,872,717

= =
Short term borrowings from 2,105,37 2,143,75
associated company 5 0
unsecured 18,586,9 22,952,2
80 32

= =
Short term running finance 756,362 2,780,84 4,175,236 5,937,374 3,356,591
under mark-up arrangements - 18,586,9 3 35,179,859 50,872,717 52,289,521
secured 80 22,952,2
32 = = =
=
=
Customer security deposits - 105,686 128,857 149,791 184,441 181,977
interest free 18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Trade and other payables 3,746,28 4,633,93 7,343,507 9,743,567 9,366,805
6 2 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Interest and mark-up accrued 46,979 61,404 128,334 196,345 263,776
18,586,9 22,952,2 35,179,859 50,872,717 52,289,521
80 32
= = =
= =
Current liabilities 8,083,13 9,806,57 16,788,455 20,003,413 18,000,989
0 2 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =
Total liabilities 14,160,0 17,370,3 27,567,443 39,312,453 74,718,896
25 59 35,179,859 50,872,717 52,289,521
18,586,9 22,952,2
80 32 = = =

= =

Income Statement (Vertical Analysis)

FORMULA:
Common Size Statement (Vertically) = Item/ net sales X 100
Items 2009 2010 2011 2012 2012
Net sales 100% 100% 100% 100% 100%
Cost of goods 29,256,902) (37,608,733) (48,099,046) (57,564,265) (62,066,072)
sold 41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Gross profit 11,898,920 13,878,569 16,725,318 21,523,431 24,160,797

41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Distribution and (5,238,488) (5,709,078) (6,862,113) (8,787,508) (10,731,584)

selling expenses 41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Administration (1,085,121) (1,311,637) 1,405,298) (1,769,803) (1,957,943)

expenses 41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Operating 5,575,311 (1,311,637) 8,457,907 10,966,120 11,471,270

profit 41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Finance cost (442,050) (513,081) (1,050,355) (1,827,969) (2,113,096)

41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Profit before 4,186,257 5,696,180 6,502,864 7,977,974 8,112,962

taxation 41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Taxation 1,181,124) (1,583,331) (1,834,507) (2,113,463) (2,246,199)

41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =

Net income 3,005,133 4,112,849 4,668,357 5,864,511 5,866,763

41,155,822 51,487,302 64,824,364 79,087,696 86,226,869
= = = = =
 D.G KHAN Cement Company

Balance Sheet (Trend Analysis)

Formula:

Trend Analysis (Horizontally) =Current/Base year X 100

Items 2009 2010 2011 2012 2013

TOTAL
51,992,934- 42,723,041 - 48492644 48492644-49,703,229 50,872,717-35,179,859 52,289,521-50,872,717
ASSETS
42,723,041 48492644 49,703,229 35,179,859 50,872,717
42,723,041 =
= (11.87%) = (2.44%)
=24.03% =
Property,
10,700,874-9,464,373 11,370,611-10,700,874 16,230,528-11,370,611 21,970,957-16,230,528 31,467,872-21,970,957
plant and
9,464,373 10,700,874 11,370,611 16,230,528 21,970,957
equipment =
= = =
=
Capital work- 914,956- 3,076,472-914,956 5,370,561- 11,549,623- 2,351,556-
1,382,401 914,956 3,076,472 5,370,561 11,549,623
in-progress
1,382,401 3,076,472 5,370,561 11,549,623
= =
=
= =
Tangible
11,615,830-10,846,774 14,447,083-11,615,830 21,601,089-14,447,083 33,520,580-21,601,089 33,819,428-33,520,580
fixed assets
10,846,774 11,615,830 14,447,083 21,601,089 33,520,580
 = = =
= =
Goodwill 104,178 167,546-104,178
04,178
=
=
Long term
loans and 125,674-98,544 125,674-125,674 236,639-125,674 236,639-236,639 292,304-236,639
98,544 125,674 125,674 236,639 236,639
advances
=
=
= =
=
Long term
deposits 5,026-5,036 9,817-5,026 9,817-9,817 98,663-9,817 71,368-98,663
5,036 5,026 9,817 9,817 98,663

= = = = =
Intangible 7,106-49,744 16,735-7,106 11,954-16,735 7,173-11,954 2,392-7,173
assets 49,744 7,106 16,735 11,954 7,173

= =
= = =
Non Current
11,741,452-11000098 14,599,309-11,741,452 21,784,878-14,599,309 33,967,233-21,784,878 21,784,842-33,967,233
assets
11000098 11,741,452 14,599,309 21,784,878 33,967,233
= =
= =
Stores and
spares 868,984-804,647 1,050,804-868,984 1,278,416-1,050,804 1,373,239-1,278,416 1,273,538-1,373,239
804,647 868,984 1,050,804 1,278,416 1,373,239
= = = =

=
Stock in trade
3895,038-2,488,573 4,602,019-3,895,038 7,064,170-4,602,019 8,025,653-7,064,170 7,925,132-8,025,653
2,488,573 3,895,038 4,602,019 7,064,170 8,025,653
= = =
= =
Trade debts
241,715-456,813 126,499-241,715 276,858-126,499 491,842-276,858 346,041-491,842
456,813 241,715 126,499 276,858 491,842
= =
= =
=
Current
portion of 21,012-26,615 19,149-21,012 30,914-19,149 45,735-30,914 55,784-45,735
long term 26,615 21,012 19,149 30,914 45,735
loans
= = = = =
Advances,
deposits, 1503009-1488103 2,048,936-1,503,009 4042634-2048936 6,208,184-4,042,634 7,615,923-6,208,184
other 1,488,103 1,503,009 2,048,936 4,042,634 6,208,184
receivables =

Cash and
bank balances 315,770-419,327 505,516-315,770 702,025-505,516 760,831-702,025 720,065-760,831
419,327 315,770 505,516 702,025 760,831
=
= = =
=
Current
assets 6845528-5684078 8,352,923-6,845,528 13,395,017-8352,923 16,905,484-13,395,017 17936483-16905484
5,684,078 6,845,528 8,352,923 13,395,017 16,905,484
=
=
= = =

Accumulated
profit 3443932- 4,598,850- 6,629,393- 10,577,241- 10,876,134-
3405824 3,443,932 4598850 6,629,393 10577241
3,405,824 3,443,932 4,598,850 6,629,393 10,577,241
= =

= =
=
Total equity
4426955- 5,581,873- 7,612,416- 11,560,264- 11,859,157-
4388847 4,426,955 5,581,873 7,612,416 11560264
4,388,847 4,426,955 5,581,873 7,612,416 11,560,264
=
= =
= =
Long term 4210750- 5,573,750- 7,848,050- 15,366,964- 17,464,812-
finances 5139875 4,210,750 5,573,750 7,848,050 15366964
5,139,875 4,210,750 5,573,750 7,848,050 15,366,964
=
= = =
=
Deferred 1531945- 1,705,508- 2,476,871- 3,304,091- 4,102,160-
taxation 1319333 1,531,945 1,705,508 2,476,871 3,304,091
1,319,333 1,531,945 1,705,508 2,476,871 3,304,091
=
= = =
=
Retirement 215,925- 229,114-215,925 440,377-229,114 637,985-440,377 862,403-637,985
benefits 351,968 215,925 229,114 440,377 637,985
351,968 =
=
= =
=
Non current
liabilities 7,563,787- 10,778,988- 19,309,040- 22,429375-
6,076,895-
6,076,895 7563,787 19,309,040 19309,040
6,988,758 6,076,895 7,563,787 19,309,040 19,309,040

=
 6,988,758 = = =
=
Short term
running 2,780,843-756,362 4,175,236- 5,937,374- 3,356,591-
756,362-
756,362 2,780,843 4,175,236 5,937,374
finance under 1,924,287 2,780,843 4,175,236 5,937,374
mark-up =
arrangements = =
1,924,287 =
- secured
=
Customer
security 105,686- 128,857-105,686 149,791-128,857 184,441-149,791 181,977-184,441
127,884 105,686 128,857 149,791 184,441
deposits -
127,884 = =
interest free
=
= =
Trade and
other 3,746,286-2798,185 4,633,932- 7,343,507- 9,743,567- 9,366,805-
2,798,185 3,746,286 4,633,932 7,343,507 9,743,567
payables
= 3,746,286 4,633,932 7,343,507 9,743,567

= = =
=
Interest and
mark-up 46,979-102,173 61,404-46,979 128,334-61,404 196,345-128,334 263,776-196,345
102,173 46,979 61,404 128,334 196,345
accrued
=
= =
= =
Current
liabilities 8083130- 9,806572-8,083,130 16788455- 20,003,413- 18,000,989-
5306571 8,083,130 9806572 16,788,455 20003413
5,306,571 9,806,572 16,788,455 20,003,413
= =
= =

=
Total
14160025-12295329 17,370,359-14160,025 27,567,443-17370359 39,312,453-27,567,443 74,718,896-39312453
liabilities
12295329 14,160,025 17,370,359 27,567,443 39,312,453
=
= =
= =

Income Statement (Trend Analysis)

FORMULA:
Trend Anaysis (Horizontally) = current year/base year X 100
Items 2009 2010 2011 2012 2013

Net sales
41,155,822-34,183,847 51487302-41155822 64824364-51487302 79,087,696-64,824,364 86,226,869-79,087,696
34,183,847 41155,822 51,487,302 64,824,364 79,087,696

Cost of
29,256,902-25,231,532 37608733-29,256902 48,099046-37608733 57,564,265-48,099,046 62,066,072- 57,564,265
goods 25,231,532 29,256,902 37,608,733 48,099,046 57,564,265
sold =
= = =
=

Gross
11,898,92-8,952,315 13878,569-11898920 16725,318-13878569 21,523,431-16,725,318 24,160,797-21,523,431
profit 8,952,315 11898920 13,878,569 16,725,318 21,523,431
=
= = = =

Distributi
5,238,488-3,890,352 5,709,078- 5,238,488 6,862,113-5,709,078 8,787,508-6,862,113 10,731,584)- 8,787,508)
on and 3,890,352 5,238,488 5,709,078 6,862,113 8,787,508)
selling = =
expenses =
=

Administ
1,085,121-956,816 1,311,637-1,085,121 1,405,298-1,311,637 1,769,803-1,405,298 1,957,943-(1,769,803)
ration 956,816 1,085,121 1,311,637 1,405,298 1,769,803
expenses = =
= = =

Operatin
5,575,311-4,105,147 (1,311,637-5,575,311 8,457,907-1,311,637 10,966,120-8,457,907 11,471,270-10,966,120
g profit 4,105,147= 5,575,311 1,311,637 8,457,907 10,966,120

= = = =

Finance
442,050-557,325 513,081- 442,050 1,050,355-513,081 1,827,969- 1,050,355 2,113,096- 1,827,969
cost 557,325 442,050 513,081 1,050,355 1,827,969
=
= = =
=

Profit
4,186,257-2,227,484 5,696,180-4,186,257 6,502,864-5,696,180 7,977,974-6,502,864 8,112,962-7,977,974
before 2,227,484 4,186,257 5,696,180 6,502,864 7,977,974
taxation =
= = = =

Taxation
1,181,124-674,590 1,583,331-1,181,124 1,834,507- 1,583,331 2,113,463-1,834,507 2,246,199-2,113,463
674,590 1,181,124 1,583,331 1,834,507 2,113,463
 =
= = = =

Net
3,005,133-1,552,894 4,112,849-3,005,133 4,668,357-4,112,849 5,864,511-4,668,357 5,866,763-5,864,511
income 1,552,894 3,005,133 4,112,849 4,668,357 5,864,511
=
= = =
=