2013 2012

Equity and Liabilites

Capital & Reserves
Authorized capital 36,000,000 36,000,000
Issued, subscride & paid-up capital 8,802,532 8,802,532
Capital reserves 444,451 444,451
Unappropriated profit 16,342,836 14,402,413
25,589,819 23,649,396
Non-Current Liabilities
Long term finances 2,311,346 4,270,905
Liabilities against assests subject to finance lease 81,445 61,454
Deferred liabilities 3,656,788 3,918,411
6,049,579 8,250,770
Current Liabilities
Current portion of long term liabilities 1,987,055 1,677,142
Finances under mark-up arrangements-secured 5,544,967 20,049,549
Trade and other payables 22,993,279 45,718,500
30,525,301 67,445,191
62,164,699 99,345,357
Assets
Non-Current Assets
Propertty, plant & equipment 17,090,199 18,264,486
Intengible assets 14,528 7,388
Assets subject to finance lease 109,751 40,914
Capital work-in-progress 10,547
Long term loans and deposits 56,809 53,198
17,281,834 18,496,754
Current Assests
Stores and spares 4,132,476 3,726,404
Stock-in-trade 4,198,262 4,239,457
Trade debts 34,219,425 69,332,911
Loans, advances, deposits, prepayments & receivables 1,977,767 3,243,061
Cash & bank balances 354,935 306,770
44,882,865 80,848,603
62,164,699 99,345,357
1. Liquidity Ratio:
a. Current Ratio 1.4703 1.1987
b. Quick Ratio 1.1974 1.0806
c. Absolute Quick Ratio 0.0116 0.0045
2.Profitablity Ratio:
a. Net Profit Margin 7.5267 6.0408
Balance Sheet
b. Gross Profit Margin 13.8790 11.1954
c. Cost Of Goods Sold Ratio (86.1210) (88.8046)
d. Operating Profit Ratio 19.3483 18.3252
e. Operating Expense Ratio (0.0253) (0.0006)
f. Administrative Expense Ratio (0.5418) (0.4936)
g. Interest Coverage Ratio 42.3126 53.1132
h. Return on Equity (ROE) 28.7379 25.6721
i. Return on Asset (ROA) 24.6971 15.9580
j. Return on Operating/Fixed Assets 43.0304 33.2409
k. Return on Capital Employeed (ROCE) 48.5246 49.6972
3. Activity Ratio:
a. Total Asset Turnover 1.5717 1.0117
b. Operting Asset Turnover 5.7170 5.5027
c. Inventory Turnover 10.3267 12.1370
d. Inventory Turnover in days 35.3454 30.0732
e. Debtor Turnover 1.8871 1.4731
f. Debtor Turnover in days 193.4214 247.7787
g. Creditor's Turnover 2.4492 2.0974
h. Creditor's Turnover in Days 149.0277 174.0255
i. Operating Cycle 228.7668 277.8520
j.Cash Cycle 79.7391 103.8264
4. Debt / Gearing Ratio:
a.Debt Ratio 0.5884 0.7619
b. Debt to Capital Employeed 1.1560 2.3729
c. Long Term Debt to Capital Employeed 0.1912 0.2586
d. Debt to Equity 0.2364 0.3489
5. Market Ratio:
a. Dividend Payout 0.7311 1.0440
b. Dividend Yield 0.0987 0.1600
c. Price Earning Ratio 10.1308 6.2496
d. Earning Per Share (EPS) 8.3544 6.8972
e. Tobin's Q Ratio 0.9364 0.4388
f. Book Value Per Share 29.0710 26.8666
g. Marris Ratio 2.1286 1.6749
2011 2010 2009
Sales
Cost of sales
36,000,000 36,000,000 36,000,000 Gross Profit
8,802,532 8,802,532 8,802,532 Administrative expenses
444,451 444,451 444,451 Other operating epenses
14,712,962 13,247,745 13,836,253 Other income
23,959,945 22,494,728 23,083,236 Profit from operations
Finance cost
4,209,628 4,247,761 5,147,476 Profit before tax
45,648 45,728 46,214 Taxation
3,362,859 3,178,013 2,943,032 Profit for the year
7,618,135 7,471,502 8,136,722 Earning per share
Dividend Paid
857,502 912,181 908,568 Dividend Per Share (DPS)
23,512,168 17,230,710 8,617,641 Market Price Per Share (MPS)
39,389,473 29,490,972 19,213,087
63,759,143 47,633,863 28,739,296
95,337,223 77,600,093 59,959,254
16,958,177 17,800,135 18,504,118
5,791 2,415 3,335
52,908 50,476 46,745
362,005 81,068 212,606
42,496 31,515 29,621
17,421,377 17,965,609 18,796,425
3,400,571 3,183,207 3,131,479
3,341,020 2,267,205 1,967,212
67,120,940 51,702,270 32,721,969
3,777,202 2,237,806 2,941,816
276,113 243,996 400,353
77,915,846 59,634,484 41,162,829
95,337,223 77,600,093 59,959,254
1.2220 1.2519 1.4323
1.1163 1.1375 1.2549
0.0043 0.0051 0.0139
8.7782 5.9221 8.1777
Balance Sheet Profit & Loss Account
14.3889 11.5482 15.8452
(85.6111) (88.4518) (84.1548)
25.0315 15.2051 21.8170
(0.0217) (0.2101) -
(0.6084) (0.5245) (1.0485)
46.7686 40.8368 42.3590
27.2399 22.6236 24.5735
15.9758 13.4343 20.1513
38.4869 28.5904 30.6546
48.2324 34.7893 38.7015
0.7799 1.1074 1.1569
4.3844 4.8278 3.7486
10.4417 14.4109 22.8973
34.9560 25.3281 15.9408
1.2515 2.0358 4.2396
291.6613 179.2919 86.0932
1.8482 3.1213 6.0764
197.4891 116.9370 60.0686
326.6174 204.6200 102.0339
129.1282 87.6830 41.9653
0.7487 0.7101 0.6150
2.2603 1.8389 1.1812
0.2412 0.2493 0.2606
0.3180 0.3321 0.3525
0.7703 1.1087 0.6846
0.1340 0.1536 0.1044
7.4607 6.5118 9.5790
7.4145 5.7814 6.4440
0.4292 0.5150 0.6703
27.2194 25.5548 26.2234
1.5654 1.6334 1.6115
2013 2012 2011 2010 2009
97,705,313 100,504,304 74,350,745 85,934,854 69,363,913
(84,144,758) (89,252,443)
(63,652,527) (76,010,946) (58,373,072)
13,560,555 11,251,861 10,698,218 9,923,908 10,990,841
(529,386) (496,057) (452,349) (450,701) (727,267)
(24,762) (600) (16,150) (180,589)
5,897,915 7,662,456 8,381,420 3,773,832
4,869,530
18,904,322 18,417,660 18,611,139 13,066,450 15,133,104
(7,998,910) (9,782,214) (8,704,178) (5,335,919)
(6,410,224)
10,905,412 8,635,446 9,906,961 7,730,531 8,722,880
(3,551,431) (2,564,159) (3,380,288) (2,641,405)
(3,050,525)
7,353,981 6,071,287 6,526,673 5,089,126 5,672,355
8.35 6.90 7.41 5.78 6.44
5,376,676 6,338,243 5,027,372 5,642,340 3,883,433
6.11 7.20 5.71 6.41 4.41
61.88 45.00 42.61 41.74 42.26
Profit & Loss Account
2013 2012
Equity and Liabilites
Capital & Reserves
Share capital 43,009,284 43,009,284
Capital reserves 5,756,000 4,906,000
Unappropriated profit 274,893,417 220,449,368
323,658,701 268,364,652
Non-Current Liabilities
Deferred taxation 25,129,694 23,545,773
Deferred employee benefits 6,488,099 4,623,153
Provision for decommisioning cost 19,993,556 17,193,813
51,611,349 45,362,739
Current Liabilities
Trade & other payables 36,502,926 22,171,851
Provision for taxation 2,238,065 2,421,831
38,740,991 24,593,682
414,011,041 338,321,073
Assets
Non-Current Assets
Fixed Assets
Property, plant & equipment 52,605,226 40,966,441
Development& production assets-intengibles 74,651,460 64,671,505
Exploration & evaluation assets 7,275,329 10,406,156
134,532,015 116,044,102
Long term investments 140,416,803 3,987,633
Long term loans & receivables 4,152,258 3,066,634
Long term payments 580,432 346,413
279,681,508 123,444,782
Current Assets
Stores, spareparts and loose tools 16,628,579 12,860,723
Stock in trade 263,204 210,523
Trade debts 55,874,924 138,095,764
Loans & advances 6,408,762 5,604,976
Deposits and short term prepayments 1,158,516 984,796
Interest accrued 10,125,851 532,587
Other receivables 1,262,671 998,652
Other financial assets 39,897,151 51,820,581
Cash & bank balances 2,709,875 3,767,689
134,329,533 214,876,291
414,011,041 338,321,073
1. Liquidity Ratio:
a. Current Ratio 3.4674 8.7371
Balance Sheet
b. Quick Ratio 3.0314 8.2056
c. Absolute Quick Ratio 1.3938 2.3225
2.Profitablity Ratio:
a. Net Profit Margin 40.6404 48.9821
b. Gross Profit Margin 70.5865 69.9086
c. Cost Of Goods Sold Ratio 29.4135 30.0914
d. Operating Profit Ratio 65.2815 67.2683
e. Operating Expense Ratio 16.8110 17.3776
f. Administrative Expense Ratio 1.1996 1.1122
g. Interest Coverage Ratio 1.0366 0.8687
h. Return on Equity (ROE) 28.0470 36.1097
i. Return on Asset (ROA) 22.4854 29.1511
j. Return on Operating/Fixed Assets 151.5963 188.6328
k. Return on Capital Employeed (ROCE) 26.5871 33.9871
3. Activity Ratio:
a. Total Asset Turnover 0.5395 0.5848
b. Operting Asset Turnover 3.7302 3.8511
c. Inventory Turnover 4.3854 4.3593
d. Inventory Turnover in days 83.2312 83.7293
e. Debtor Turnover 2.3031 1.8318
f. Debtor Turnover in days 158.4831 199.2597
g. Creditor's Turnover 2.2394 3.0556
h. Creditor's Turnover in Days 162.9866 119.4528
i. Operating Cycle 241.7143 282.9890
j.Cash Cycle 78.7277 163.5362
4. Debt / Gearing Ratio:
a.Debt Ratio 0.1575 0.1372
b. Debt to Capital Employeed 0.1863 0.1599
c. Long Term Debt to Capital Employeed 0.0756 0.0752
d. Debt to Equity 0.0818 0.0813
5. Market Ratio:
a. Dividend Payout 0.3737 0.3159
b. Dividend Yield 0.0345 0.0444
c. Price Earning Ratio 29.0030 22.5417
d. Earning Per Share (EPS) 21.1063 22.5313
e. Tobin's Q Ratio 2.5339 2.1768
f. Book Value Per Share (BPS) 81.0961 67.8715
g. Marris Ratio 2.821 2.364
2011 2010 2009
43,009,284 43,009,284 43,009,284
4,059,138 3,859,682 3,658,318
154,497,155 110,523,520 79,503,794
201,565,577 157,392,486 126,171,396
20,786,195 21,499,184 17,710,497
3,301,169 2,699,773 2,008,499
14,348,981 12,435,365 10,814,506
38,436,345 36,634,322 30,533,502
16,794,297 28,624,204 18,747,328
4,981,309 6,216,639 2,540,170
21,775,606 34,840,843 21,287,498
261,777,528 228,867,651 177,992,396
39,146,582 34,998,898 29,855,966
58,926,897 58,630,857 49,057,766
7,961,196 9,551,394 8,779,699
106,034,675 103,181,149 87,693,431
3,568,930 3,231,435 2,903,133
2,410,907 1,902,330 1,849,707
159,550 118,937 85,357
112,174,062 108,433,851 92,531,628
13,979,854 14,527,278 16,090,579
261,835 172,084 108,301
77,911,312 82,992,291 56,140,092
2,738,873 2,216,881 2,643,354
640,229 616,641 419,621
324,845 17,031 27,156
1,459,073 926,951 969,930
38,445,555 11,120,823 5,087,917
13,841,889 7,843,820 3,973,818
149,603,465 120,433,800 85,460,768
261,777,527 228,867,651 177,992,396
6.8702 3.4567 4.0146
Balance Sheet
6.2162 3.0348 3.2536
2.4831 0.5714 0.4725
40.8191 41.5069 42.4519
66.0076 70.5770 69.9211
33.9924 29.4230 30.0789
58.4601 62.1110 61.8575
21.2026 16.6427 17.3309
1.4352 1.1210 1.0189
0.9540 0.8931 0.7078
31.5169 37.5984 44.0192
24.8348 26.4128 31.7236
134.8552 132.8322 143.7523
29.6567 35.0381 40.6244
0.5945 0.6229 0.7350
3.3037 3.2002 3.3862
3.6559 2.7153 4.8586
99.8386 134.4237 75.1243
1.9345 2.0494 4.6608
188.6825 178.0973 78.3123
2.3296 1.7711 4.1982
156.6812 206.0912 86.9431
288.5211 312.5209 153.4366
131.8399 106.4298 66.4936
0.1506 0.2184 0.1916
0.1798 0.2897 0.2454
0.0805 0.0877 0.0923
0.0876 0.0962 0.1016
0.2937 0.4862 0.7095
0.0284 0.0472 0.1205
35.2622 21.1817 8.3015
14.7706 13.7592 12.9134
2.6642 2.8810 2.0295
51.6986 41.5937 33.4537
2.959 3.407 2.274
2013 2012 2011
Sales-net 223,365,490 197,838,726 155,631,290
Royalty (25,899,469) (23,123,176) (17,703,601)
Operating Expenses (37,549,987) (34,379,542) (32,997,860)
Transpotation charges (2,250,087) (2,029,755) (2,201,339)
Gross profit 157,665,947 138,306,253 102,728,490
Other inccome 15,694,460 9,660,443 3,303,971
Exploration & prospecting expenditure (14,979,612) (4,047,774) (6,621,705)
General & adminstrative expenses (2,679,534) (2,200,313) (2,233,672)
Finance cost (2,315,324) (1,718,651) (1,484,781)
Workers' profit participation (7,674,541) (7,004,359) (4,788,537)
Share of profit in associate-net of taxation 104,892 87,215 78,438
Profit before tax 145,816,288 133,082,814 90,982,204
Taxation (55,039,579) (36,177,239) (27,454,934)
Profit for the year 90,776,709 96,905,575 63,527,270
Earning per share- basic & diluted 21.11 22.53 14.77
Dividends Paid 33,921,898 30,611,695 18,660,181
No. of Shares 4,300,928 4,300,928 4,300,928
Dividend Per Share (DPS) 7.887 7.117 4.339
Market Price of Share (MPS) 228.75 160.44 152.99
Profit & Loss Account
2010 2009
142,571,863 130,829,579
(16,728,843) (15,155,667)
(23,727,818) (22,673,893)
(1,492,267) (1,522,489)
100,622,935 91,477,530
3,300,214 3,370,823
(7,902,370) (7,459,560)
(1,598,161) (1,332,982)
(1,273,312) (926,027)
(4,660,671) (4,259,364)
64,118 57,503
88,552,753 80,927,923
(29,375,628) (25,388,282)
59,177,125 55,539,641
13.76 12.91
28,770,003 39,406,171
4,300,928 4,300,928
6.689 9.162
141.69 76.06
Profit & Loss Account
2013 2012
Equity & Liabilities
Equity
Share Capital 2,469,872 1,715,190
Reserves 59,417,732 48,244,718
61,887,604 49,959,908
Non-current Liabilities
Long term deposits 1,342,463 1,176,078
Retirement & other service benefits 2,385,137 2,518,502
3,727,600 3,694,580
Current Liabilities
Trade & other payables 197,302,571 246,767,460
Provisions 688,512 688,512
Accrued interest/ mark-up on short term borrowings 432,270 544,485
Short term borrowings 17,269,681 45,772,649
215,693,034 293,773,106
281,308,238 347,427,594
Assets
Non-Current Assets
Property, plant & equipment 5,524,767 5,831,993
Intangibles 30,068 29,991
Long term investments 48,253,164 1,968,073
Long term loans, advances & receivables 380,213 385,497
Long term deposits & prepayments 113,093 123,740
Deferred tax 2,650,805 1,292,316
56,952,110 9,631,610
Current Assets
Stores, spare parts & loose tools 138,775 134,431
Stock-in-trade 106,089,048 88,523,794
Trade debts 76,596,194 218,022,292
Loans & advances 490,606 526,118
Deposits & short term prepayments 2,405,618 2,528,406
Markup/ interest receivables 2,251,290 -
Other receivables 26,570,948 21,122,166
Taxation-net 4,586,321 5,314,752
Cash & bank balances 5,227,328 1,624,025
224,356,128 337,795,984
281,308,238 347,427,594
1. Liquidity Ratio:
a. Current Ratio 1.0402 1.1499
b. Quick Ratio 0.5477 0.8481
Balance Sheet
c. Absolute Quick Ratio 0.1814 0.0973
2.Profitablity Ratio:
a. Net Profit Margin 0.9701 0.7547
b. Gross Profit Margin 0.0332 0.0286
c. Cost Of Goods Sold Ratio 0.9668 0.9665
d. Operating Profit Ratio 2.3733 2.4271
e. Operating Expense Ratio 1.4852 1.8687
f. Administrative Expense Ratio 0.1441 0.1448
g. Interest Coverage Ratio 29.0752 46.8910
h. Return on Equity (ROE) 20.2915 18.1266
i. Return on Asset (ROA) 7.1626 5.9624
j. Return on Operating/Fixed Assets 227.3027 155.2823
k. Return on Capital Employeed (ROCE) 7.2588 6.0265
3. Activity Ratio:
a. Total Asset Turnover 4.6017 3.4537
b. Operting Asset Turnover 199.1256 175.6558
c. Inventory Turnover 7.0645 7.2585
d. Inventory Turnover in days 51.6666 50.2856
e. Debtor Turnover 7.4681 5.9778
f. Debtor Turnover in days 48.8745 61.0595
g. Creditor's Turnover 4.7903 4.5146
h. Creditor's Turnover in Days 76.1957 80.8482
i. Operating Cycle 100.5410 111.3451
j.Cash Cycle 24.3453 30.4970
4. Debt / Gearing Ratio:
a.Debt Ratio 1.0133 1.0106
b. Debt to Capital Employeed 0.7800 0.8562
c. Long Term Debt to Capital Employeed 0.0568 0.0689
d. Debt to Equity 0.0602 0.0740
5. Market Ratio:
a. Dividend Payout 0.0980 0.0656
b. Dividend Yield 0.0156 0.0233
c. Price Earning Ratio 64.0760 42.8800
d. Earning Per Share (EPS) 50.8445 52.7991
e. Tobin's Q Ratio 0.7800 0.8562
f. Book Value Per Share 250.5701 291.2791
g. Marris Ratio 1.2786 0.8097
2011 2010 2009
1,715,190 1,715,190 1,715,190
40,187,795 27,620,868 19,155,595
41,902,985 29,336,058 20,870,785
1,023,531 948,476 854,718
2,233,717 1,887,751 1,673,020
3,257,248 2,836,227 2,527,738
191,851,017 156,035,716 110,123,702
688,512 688,512 688,512
432,133 330,213 556,380
24,541,511 13,021,015 18,654,526
217,513,173 170,075,456 130,023,120
262,673,406 202,247,741 153,421,643
6,084,731 6,375,233 6,987,025
28,822 36,250 68,872
2,314,168 2,019,270 2,153,514
324,554 317,889 405,780
148,748 125,951 83,655
957,487 - 5,033,273
9,858,510 8,874,593 14,732,119
115,339 113,863 112,143
95,378,393 58,598,668 40,698,209
124,721,832 117,501,074 80,509,830
430,716 409,987 418,015
1,027,381 367,378 551,803
- - -
22,520,278 14,557,542 12,806,779
6,311,951 46,580 709,627
2,309,006 1,778,056 2,883,118
252,814,896 193,373,148 138,689,524
262,673,406 202,247,741 153,421,643
1.1623 1.1370 1.0667
0.7233 0.7918 0.7528
Balance Sheet
0.1451 0.0987 0.1293
1.5160 1.0317 (0.9313)
0.0352 0.0333 0.0042
0.9582 0.9607 0.9951
3.0733 2.8587 (1.0369)
1.0883 1.0229 1.4864
0.1553 0.1284 0.1601
47.2027 46.5399 (98.0910)
35.2703 30.8480 (32.0953)
10.1580 9.3606 (0.3041)
242.8918 141.9493 (95.8711)
10.2856 9.4937 (0.3091)
3.7115 4.3371 4.6883
134.8507 116.5068 87.6905
6.2976 9.0194 14.9395
57.9590 40.4685 24.4319
6.7750 7.5022 15.2204
53.8745 48.6524 23.9810
4.5201 5.3621 11.0727
80.7495 68.0699 32.9638
111.8335 89.1209 48.4129
31.0840 21.0510 15.4490
1.0124 1.0140 1.0165
0.8405 0.8549 0.8640
0.0721 0.0882 0.1080
0.0777 0.0967 0.1211
0.1471 0.0571 (0.4420)
0.0378 0.0307 0.0234
26.4580 32.5250 42.7300
86.1672 52.7615 (39.0542)
0.8405 0.8550 0.8640
244.3052 171.0368 121.6821
1.0830 1.5213 1.7558
2013 2012 2011
Sales-net of trade discounts & allowances 1,294,503,247 1,199,927,907 974,917,064
Sales tax (178,504,835) (163,861,410) (137,969,158)
Inland freight equalization margin (15,876,094) (11,642,892) (16,417,542)
Net sales 1,100,122,318 1,024,423,605 820,530,364
Cost of products sold (1,063,613,380) (990,101,083) (786,250,059)
Gross profit 36,508,938 34,322,522 34,280,305
Other operating income 5,939,114 9,684,575 1,815,951
Operating costs
Distribution & marketing expenses (8,461,834) (8,133,834) (5,175,233)
Adminstative expenses (1,865,657) (1,737,338) (1,514,532)
Other operating expenses (6,011,835) (9,272,048) (2,239,725)
Transportation cost - - (810,423)
Depreciation - - (1,120,999)
Amortisation of intengible assets - - (18,210)
Profit from operations 26,108,726 24,863,877 25,217,134
Finance costs (7,591,156) (11,658,928) (11,903,162)
Other income - - 4,143,710
18,517,570 13,204,949 17,457,682
Share of profit of associates 571,102 469,468 516,752
Profit before taxation 19,088,672 13,674,417 17,974,434
Taxation (6,530,727) (4,618,362) (3,195,120)
Profit for the year 12,557,945 9,056,055 14,779,314
Earning per share-basic & diluted 50.84 36.67 86.17
Dividends Per Share (DPS) 5.00 5.50 10.00
Market Price Per Share (MPS) 320.38 235.84 264.58
No. of Share Outstanding 246,987 171,519 171,519
Dividend Paid 1,231,218 593,751 2,173,429
Profit & Loss Account
2010 2009
877,173,254 719,282,176
(118,563,577) (97,386,723)
(15,851,726) (9,199,864)
742,757,951 612,695,589
(713,591,707) (609,685,478)
29,166,244 3,010,111
1,479,054 1,451,666
(4,055,238) (3,960,953)
(1,125,891) (1,151,793)
(2,416,518) (3,994,389)
(631,849) (513,673)
(1,137,637) (1,141,698)
(44,752) (52,615)
21,233,413 (6,353,344)
(9,882,010) (6,232,056)
6,095,348 776,686
17,446,751 (11,808,714)
516,401 451,850
17,963,152 (11,356,864)
(8,913,556) 4,658,329
9,049,596 (6,698,535)
52.76 39.05
8.00 5.00
260.20 213.65
171,519 171,519
516,757 2,960,697
Profit & Loss Account