Actual

Year 2016 2017 2018 2019 2020

Income Statement
Sales Growth 11.55% 13.92% 1.47% 17.00%
Sales CAGR
COGS as a % of Sales 59.9% 61.3% 67.1% 71.7% 65.4%
Administrative Expenses as a % of Sales 1.9% 1.8% 1.9% 2.4% 1.8%
Selling & Distributive Expenses as a % of Sales 13.9% 13.8% 15.2% 16.8% 15.1%
Other Expenses as a % of Sales 2.1% 2.3% 2.6% 1.7% 2.0%
Financial Charges as a % of Sales 0.0% 0.0% 0.1% 0.2% 0.2%
Other Income as a % of Sales 1.80% 1.71% 1.54% 1.17% 2.16%
Change In Value of Investment 0% 0% 0% 0% 0%
Tax Expense % of PBT -28% 28% 38% 48% 27%
 Assumptions
2021 Average

20.65% 12.92%
12.73%
62.2% 65.6%
1.7% 1.9%
15.4% 15.3%
2.4% 2.2%
0.2% 0.1%
1.72% 1.7%
0% 0.0%
29% 34.1%
 Actual
Year 2016 2017 2018 2019
Fixed Assets 4,443.02 5,419.05 7,191.61 8,267.56
- - - -
Investments - - - -
Cash in Hand and Bank 7,944.43 8,571.72 5,678.14 2,757.52
Stores and Spares 103.77 129.52 178.82 276.32
Stock in Trade 3,575.93 3,475.75 4,428.89 6,049.22
Trade Debts 880.30 914.97 1,143.02 903.83
Current Assets 13,122.15 13,743.94 12,998.13 12,337.86
Quick Assets 9,442.46 10,138.67 8,390.42 6,012.33
Total Assets 17,645.18 19,236.26 20,281.26 20,752.68
- - - -
Interest Bearing Long Term Liability - - 173.72 297.73
Non Interest Bearing Long Term Liability - - - -
Interest Bearing Short Term Liability - - 40.53 83.41
* Non Interest Bearing Short Term Liability 2,843.22 4,649.28 6,510.38 6,710.71
Trades Payables 2,843.22 4,649.28 6,510.38 6,710.71
Total Current Liabilities 2,848.47 4,649.28 6,617.12 6,842.95
Total Liabilities 3,051.94 4,880.42 7,046.25 7,380.29
- - - -
Paid Up Capital 979.00 979.00 979.00 979.00
Reserves 13,614.24 13,376.83 12,256.01 12,393.39
Preferred Equity - - - -
Surplus On Revaluation of Assets - - - -
Shareholder Equity 14,593.24 14,355.84 13,235.01 13,372.39
Paid Up Value 10 10 10 10
Number of Shares 97,900,302 97,900,300 97,900,300 97,900,300
al Projected
2020 2021 2022 2023 2024 2025 2026
9,070.46 10,006.16
- -
- 7,841.03
7,488.88 819.35
244.52 284.10
4,981.49 6,721.49
935.47 1,216.26
15,701.74 18,432.45
10,475.73 11,426.86
24,915.74 28,567.75
- -
626.29 133.94
- -
189.96 93.74
6,593.58 9,039.58
6,593.58 9,039.58
6,833.82 9,343.38
9,325.49 11,213.11
- -
979.00 979.00
14,611.25 16,375.64
- -
- -
15,590.25 17,354.64
10 10
97,900,300 97,900,300
 Actual
Year 2016 2017 2018
Sales 23,387.92 26,088.23 29,719.28
COGS 14,020.42 15,999.25 19,944.01
Gross Profit 9,367.50 10,088.99 9,775.27

Administrative Expenses 450.30 468.17 562.77

Selling & Distributive Expenses 3,258.18 3,611.88 4,525.46
Total Operating Expenses 3,708.47 4,080.05 5,088.23
Operating Profit 5,659.03 6,008.93 4,687.04
Other Expenses 486.06 602.24 786.32
Other Income 420.94 445.32 458.65
EBIT 5,593.90 5,852.01 4,359.38
Financial Charges 6.76 10.06 15.61
PBT 5,587.14 5,841.95 4,343.77
Tax Expense (1,565.35) 1,636.71 1,649.44
PAT 7,152.49 4,205.23 2,694.33

No of Shares 97,900,300 97,900,300 97,900,300

EPS 73.06 42.95 27.52

Change In Value of Investment - - -

EBITDA 6,128.49 6,459.09 5,096.54
EBIT 5,593.90 5,852.01 4,359.38
EBT 5,587.14 5,841.95 4,343.77
Tax (1,565.35) 1,636.71 1,649.44
PAT 4,021.79 4,205.23 2,694.33
EPS 41.08 42.95 27.52
Actual Projected
2019 2020 2021 2022 2023 2024
30,155.88 35,283.38 42,569.86 48,068.84 54,278.17 61,289.58
21,628.14 23,061.53 26,494.58 31,509.64 35,579.92 40,175.98
8,527.74 12,221.85 16,075.27 16,559.20 18,698.25 21,113.60

731.62 642.16 722.00 925.84 1,045.44 1,180.48

5,061.51 5,311.54 6,569.38 7,339.41 8,287.48 9,358.02
5,793.13 5,953.70 7,291.39 8,265.25 9,332.92 10,538.50
2,734.61 6,268.15 8,783.89 8,293.95 9,365.33 10,575.10
522.80 708.38 1,017.89 1,065.85 1,203.54 1,359.00
352.02 760.69 732.85 797.47 900.48 1,016.80
2,563.83 6,320.46 8,498.84 8,025.57 9,062.27 10,232.90
53.09 76.91 88.37 66.59 75.19 84.91
2,510.74 6,243.56 8,410.48 7,958.98 8,987.08 10,147.99
1,210.86 1,708.31 2,443.42 2,716.07 3,066.92 3,463.09
1,299.89 4,535.25 5,967.06 5,242.91 5,920.16 6,684.90

97,900,300 97,900,300 97,900,300 97,900,300 97,900,300 97,900,300

13.28 46.33 60.95 53.55 60.47 68.28

- - -
3,562.99 7,451.59 9,753.84
2,563.83 6,320.46 8,498.84
2,510.74 6,243.56 8,410.48
1,210.86 1,708.31 2,443.42
1,299.89 4,535.25 5,967.06
13.28 46.33 60.95
Projected
2025 2026
69,206.70 78,146.52
45,365.74 51,225.88
23,840.97 26,920.64

1,332.97 1,505.16
10,566.85 11,931.83
11,899.82 13,436.99
11,941.15 13,483.65
1,534.55 1,732.78
1,148.15 1,296.46
11,554.74 13,047.33
95.87 108.26
11,458.87 12,939.07
3,910.44 4,415.57
7,548.43 8,523.50

97,900,300 97,900,300
77.10 87.06
 Actual
Year
2016 2017 2018 2019 2020 2021
Operating Cash Flow 3,119.55 5,764.51 2,937.22 (160.13) 8,147.96 7,823.06
Captial Expenditure 943.62 1,592.87 2,497.37 1,786.50 1,291.14 1,967.25
Cashflow from Investing (558.24) (1,222.23) (2,146.52) (1,588.01) (956.78) (3,435.74)
Cash Flow from Financing (2,937.79) (3,914.99) (3,684.28) (1,172.48) (2,459.82) (5,256.85)
Net Change (376.48) 627.29 (2,893.59) (2,920.62) 4,731.36 (869.53)
Opening Cash 8,320.91 7,944.43 8,571.72 5,678.14 2,757.52 7,488.88
Closing Cash 7,944.43 8,571.72 5,678.14 2,757.52 7,488.88 6,619.35
FCFF 2,175.93 4,171.64 439.85 (1,946.62) 6,856.82 5,855.81
FCFE (761.87) 256.65 (3,244.43) (3,119.10) 4,397.00 598.96
 Actual
Year
2016 2017 2018 2019 2020 2021
Payout 97.37 93.122 72.671 56.486 86.346 65.627
Plow Back 2.63 6.878 27.329 43.514 13.654 34.373
Return on Equity 27.559 29.293 20.358 9.721 29.09 34.383
Return on Assets 22.793 21.861 13.285 6.264 18.202 20.887
Book Value per Share 149.062 146.637 135.189 136.592 159.246 177.268
Earning Per Share 41.08 42.95 27.52 13.28 46.33 60.95
Net Working Capital to Total Asseets 0.582 0.473 0.315 0.265 0.356 0.318
Current Ratio 4.607 2.956 1.964 1.803 2.298 1.973
Acid Test 3.315 2.181 1.268 0.879 1.533 1.223
Times Interest Earned 827.622 581.71 279.34 48.292 82.185 96.179
Total Debt Ratio 0.173 0.254 0.347 0.356 0.374 0.393
Debt To Equity 0.209 0.34 0.532 0.552 0.598 0.646
Return on Capital Employed 0.378 0.401 0.319 0.184 0.35 0.442
Average Collection Period 13.738 12.801 14.038 10.94 9.677 10.428
Days sales Inventory 95.795 82.249 84.327 106.751 82.713 96.512
Total Assets Turnover 1.325 1.356 1.465 1.453 1.416 1.49
Gross Profit Margin 40.053 38.673 32.892 28.279 34.639 37.762
Net Profit Margin 17.196 16.119 9.066 4.311 12.854 14.017