Table of Contents 1.

Balance Sheet
[Link] Statement
[Link] Flow
[Link] Analysis
[Link] Sizing and Trend Analysis of Income Statement
[Link] Sizing and Trend Analysis of Balance Sheet
[Link] Sizing and Trend analysis of Cash Flow
[Link] of Changes in Equity
GPH ISPAT LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT YEAR END
Particulars Notes 2014 2015
ASSETS
NON CURRENT ASSETS 1,831,431,295 1,758,280,062
Property, Plant and Equipment 1,653,993,556 1,602,247,723
Capital Work-in-Progress - -
Intangible Asset 720,000 630,000
Investment 176,717,739 155,402,339

CURRENT ASSETS 4,015,048,082 4,245,588,483

ShortTerm Investment 198,694,898 222,278,247
Advances, Deposits and Prepayments 255,000,648 637,632,353
Inventories 2,488,344,541 2,260,144,618
Trade Receivables 1,029,049,013 989,400,218
Cash and Cash Equivalents 43,958,982 136,133,047

TOTAL ASSETS 5,846,479,377 6,003,868,545

EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY 1,930,967,775 2,045,236,997
Share Capital 1,188,000,000 1,247,400,000
Share Premium 388,000,000 388,000,000
Tax holiday reserve 13,554,021 -
Retained Earnings 341,413,754 409,836,997

NON CURRENT LIABILITIES 280,105,458 634,356,633

Long Term Loan 126,356,058 502,256,691
Finance Lease Obligations 50,498,231 29,174,027
Deferred Tax Liability 103,251,169 102,925,915

CURRENT LIABILITIES AND PROVISIONS 3,635,406,144 3,324,274,915

Current Portion of Long Term Loan 53,977,759 65,182,930
Current Portion of Finance Lease Obligations 21,732,892 21,877,632
ShortTerm Borrowings 3,100,852,139 2,922,047,896
Creditors and Accruals 367,374,612 223,249,125
Provision for Tax 91,468,742 91,917,332

Total Liabilities 3,915,511,602 3,958,631,548

TOTAL SHAREHOLDERS' EQUITY & LIABILITIES 5,846,479,377 6,003,868,545

Net Asset Value per Share(NAVPS) 16.25 16.40
Market price per share 41.0 32.5
No. of Shares 118,800,000 124,740,000

Error Checking
 Go to Cover Page
Income Statement
Balance Sheet
Cash Flow Statement
2016 2017 2018 Statement of Changes i

2,107,531,015 4,746,153,926 14,093,479,693

1,537,845,553 1,645,280,683 2,433,275,880
254,959,924 2,735,692,870 11,285,676,865
1,161,000 999,000 1,164,431
313,564,538 364,181,373 373,362,517

8,186,724,848 8,120,052,898 8,600,764,720

308,794,493 2,443,736,696 1,886,025,036
1,060,118,605 1,110,464,916 1,993,941,113
3,063,485,982 2,454,596,463 2,862,785,186
1,122,973,036 1,799,922,366 1,633,664,201
2,631,352,732 311,332,457 224,349,184

10,294,255,863 12,866,206,824 22,694,244,413

4,819,087,643 5,035,603,612 5,528,937,420

3,118,500,000 3,118,500,000 3,274,425,000
1,136,440,000 1,136,440,000 1,136,440,000
(2,753,307) 16,679,301 22,350,684
566,900,950 763,984,311 1,095,721,736

457,038,391 1,948,609,409 8,588,537,548

323,073,319 1,720,967,205 8,359,030,241
18,808,970 101,164,102 75,413,042
115,156,102 126,478,102 154,094,265

5,018,129,829 5,881,993,803 8,576,769,445

47,613,367 60,340,400 280,862,291
14,017,261 22,001,232 25,931,192
4,254,214,515 4,971,423,126 7,254,491,296
591,253,677 644,846,114 841,587,359
111,031,009 183,382,931 173,897,307

5,475,168,220 7,830,603,212 17,165,306,993

10,294,255,863 12,866,206,824 22,694,244,413 -

 15.45 16.15 16.89
27.3 20.3 34.0
311,850,000 311,850,000 327,442,500

Matched Matched Matched

Cover Page
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
GPH ISPAT LIMITED
STATEMENT OF PROFIT & LOSS
AS AT YEAR END
Particulars Notes 30-Apr-14 30-Apr-15
Net Revenue 4,711,043,432 5,988,396,529
Cost of Sales 3,820,968,112 5,086,543,324
Gross Profit 890,075,320 901,853,205
Operating Expenses
Administrative Expenses 74,882,997 87,447,213
Selling and Distribution Expenses 79,700,199 82,717,471
154,583,196 170,164,684
Operating Profit 735,492,124 731,688,521

Financial Expenses 329,037,017 334,134,686

Non-Operating Income 26,336,685 25,026,382
Changes in Fair Value of Tradable Securities 1,155,046 21,372,900
(303,855,378) (330,481,204)

Profit before Distribution of WPP & WF 431,636,746 401,207,317

Contribution to WPP & WF 21,581,837 20,060,366

Profit before Tax & Reserve 410,054,909 381,146,951

Provision for Tax
Current (89,422,793) (89,002,983)
Deferred (41,779,066) 325,254
(131,201,859) (88,677,729)
Profit after Tax 278,853,050 292,469,222

Earning Per Share 2.35 2.34

 Go to

30-Jun-16 30-Jun-17 30-Jun-18

6,967,759,917 7,839,566,038 9,814,101,120
5,808,386,640 6,465,845,702 8,211,556,579 81.1% 84.9% 83.4% 82.5%
1,159,373,277 1,373,720,336 1,602,544,541 19% 15% 17% 18%

121,950,503 127,880,015 150,634,386 1.6% 1.5% 1.8% 1.6%

118,504,533 151,075,061 175,643,139
240,455,036 278,955,076 326,277,525
918,918,241 1,094,765,260 1,276,267,016

451,143,812 493,780,124 566,614,721

37,827,010 200,927,742 173,405,115
(6,962,076) - -
(406,354,726) (292,852,382) (393,209,606)

512,563,515 801,912,878 883,057,410

25,628,176 40,095,644 44,152,871

486,935,339 761,817,234 838,904,539

(108,336,506) (179,191,873) (167,700,951)

(12,230,187) (11,322,000) (27,616,163)
(120,566,693) (190,513,873) (195,317,114)
366,368,646 571,303,361 643,587,425

1.17 1.83 1.97

Cover Page
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity

83.7%
16%

1.5%
GPH ISPAT LIMITED
STATEMENT OF PROFIT & LOSS
AS AT YEAR END
Particulars Notes 2014 2015
CASH FLOW FROM OPERATINGACTIVITIES
Collection from sales and other income 4,511,803,226 6,047,785,367
Cash Payments to suppliers, employees and expenses (4,141,462,795) (5,465,157,806)
Net cash Inflow (outflow) from Operating Activities 370,340,431 582,627,561

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of Property, plant and equipment (114,555,397) (56,874,156)
Sale proceeds of property,plant and equipment 123,000
Capital work-in-progress
Investment (137,704,829) (57,500)
Intangible Asset
Dividend Income from Investmentinto Shares 1,993,956 2,913,044
ShortTerm Investment (198,694,898) (23,583,349)
Net cash Inflow (outflow) fromInvesting Activities (448,961,168) (77,478,961)

CASH FLOW FROM FINANCINGACTIVITIES

ShortTerm Loan 460,712,349 (167,599,072)
Long Term Loan (20,439,701) 375,900,633
Lease Obligation 10,874,612 (21,179,464)
Cash Dividend Paid (161,530,150) (177,407,553)
Finance Costs (329,037,017) (334,134,686)
Proceeds of Ordinary Share Capital
Share premium
Income tax paid (43,786,141) (88,554,393)
Net cash Inflow (outflow) from Financing Activities (83,206,048) (412,974,535)

Net Increase in Cash & Cash Equivalents (161,826,785) 92,174,065

Cash andcash equivalents at the beginning 205,785,767 43,958,982
Cash and cash equivalents at the end 43,958,982 136,133,047

Net Operating Cash Flow Per Share 3.12 4.67

 Go to

2016 2017 2018

6,864,599,757 7,354,589,695 10,414,845,077

(6,808,610,984) (6,161,551,617) (10,049,360,937)
55,988,773 1,193,038,078 365,484,140 -

(57,107,466) (208,983,129) (900,465,843)

450,000 1,045,000 530,000
(254,959,924) (2,480,732,946) (8,549,983,995)
(158,162,199) (50,616,835) (9,181,144)
(720,000) - (360,475)
11,443,765 2,997,990 1,420,077
(86,516,246) (2,134,942,203) 557,711,660
(545,572,070) (4,871,232,123) (8,900,329,720)

1,332,166,618 717,208,612 2,283,068,170

(196,752,935) 1,410,620,919 6,858,584,927
(18,225,428) 90,339,103 (21,821,100)
(211,558,632) (373,303,873) (132,749,484)
(451,143,812) (486,690,991) (539,220,206)
1,871,100,000 -
748,440,000 -
(89,222,829) -
2,984,802,982 1,358,173,770 8,447,862,307

2,495,219,685 (2,320,020,275) (86,983,273)

136,133,047 2,631,352,732 311,332,457
2,631,352,732 311,332,457 224,349,184

0.18 3.83 1.12

 Cover Page
Income Statement
Balance Sheet
Cash Flow Statement
Statement of Changes in Equity
GPH ISPAT LIMITED
ANALYSIS OF RATIOS

Ratio 2014 2015 2016 2017 2018

Earning-Based Ratios
Liquidity Ratios
Current Ratio 1.10 1.28 1.63 1.38 1.00
Quick Ratio 0.42 0.60 1.02 0.96 0.67
Asset Management Ratio
Fixed Asset Turnover 2.57 3.41 3.31 1.65 0.70
Total Asset Turnover 0.81 1.00 0.68 0.61 0.43
Debt Managgement Ratio
Debt to Asset 0.05 0.11 0.04 0.15 0.38
Interest Coverage 2.24 2.19 2.04 2.22 2.25
Profitability Ratios
Return on Sales 0.06 0.05 0.05 0.07 0.07
Return on Asset 0.05 0.05 0.04 0.04 0.03
0.33
Return on Equity 0.14 0.14 0.08 0.11 0.12
Return on Capital Employed 0.33 0.27 0.17 0.16 0.09
0.14
Cash Flow Based Ratios 0.05
0.06
Liquidity Ratios 1
Cash to Short Term Debt 0.10 0.18 0.01 0.20 0.04
Critical Needs Coverage 0.18 0.26 0.10 0.28 0.10
Asset Management Ratios
Cash to Fixed Asset 0.20 0.33 0.03 0.25 0.03
Reinvestment
Debt Management Ratios
Cash to Debt 1.32 0.92 0.12 0.61 0.04
Cash to Interest Coverage 1.13 1.74 0.12 2.42 0.65
Profitability Ratios
Cash to Sales 0.08 0.10 0.01 0.15 0.04
Cash to asset 0.06 0.10 0.01 0.09 0.02
Cash to Equity 0.19 0.28 0.01 0.24 0.07
Cash to Equity Employed 0.17 0.22 0.01 0.17 0.03

Cash to Short Term Debt

5
8% 1
19%

4
38%
2
33%
3
2%
 5
8% 1
19%

4
38%
2
33%
3
2%

1 2 3 4 5
 Asset Management Ratio
Liquidity Ratios
5 0.430.70
1 2
1.63 0.61
4 1.65
1.28 1.38
1.10 1.02 1.00 3 0.68
0.96 3.31
0.60 0.67 1.00
0.42 2 3.41

1 2 3 4 5 1 0.81
2.57
0.00 0.50 1.00 1.50 2.00 2.50 3.00 3.50 4.00
Current Ratio Quick Ratio
Total Asset Turnover Fixed Asset Turnover

Profitability Ratios Profitability Ratio

0.33 Column B Column C Column D Column
4 0.27 0.30 5
0.16 0.25
0.17
0.09 0.20
0.14 0.14 0.11 0.12 0.15
0.08
0.05 0.05 0.04 0.04 0.03 0.10
0.06 0.05 0.05 0.07 0.07
0.05
1 2 3 4 5
0.00
Cash to Sales Cash to asset Cash to Equity
Return on Sales Return on Asset
Return on Equity Return on Capital Employed

Debt Managgement Ratio Debt Management Ratios

0.40 2.30 2.50 2.42
0.35 2.25
0.30 2.20 2.00 1.74
0.25 2.15
0.20 2.10 1.50 1.32
1.13
0.15 2.05 0.92
0.10 2.00 1.00 0.65
0.61
0.05 1.95 to
0.50 0.12 h
0.00
1 2 3 4 5
1.90 0.12 0.04 Cas
C
0.00
Debt to Asset Interest Coverage 1 2 3 4 5

Cash to Debt Cash to Interest Coverage

Ratio

3.31

3.41

3.00 3.50 4.00

et Turnover

rofitability Ratios
Column C Column D Column E Column F

s Cash to asset Cash to Equity Cash to Equity

Employed

nagement Ratios
2.42

e
ag
ver
o
tC
0.65 es
0.61 ter t
In eb
0.12 to D
h o
0.12 0.04 Cas sh t
Ca
3 4 5

Cash to Interest Coverage

Horizontal Analysis Income Statement 2014 2015 2016 2017 2018
Net Revenue 0% 27% 48% 66% 108%
Cost of Sales 0% 33% 52% 69% 115%
Gross Profit 0% 1% 30% 54% 80%
Operating Expenses
Administrative Expenses 0% 17% 63% 71% 101%
Selling and Distribution Expenses 0% 4% 49% 90% 120%
0% 10% 56% 80% 111%
Operating Profit 0% -1% 25% 49% 74%

Financial Expenses 0% 2% 37% 50% 72%

Non-Operating Income 0% -5% 44% 663% 558%
Changes in Fair Value of Tradable Securities 0% 1750% -703% -100% -100%
0% -1754% 783% 813% 731%

Profit before Distribution of WPP & WF 0% -7% 19% 86% 105%

Contribution to WPP & WF 0% -7% 19% 86% 105%

Profit before Tax & Reserve 0% -7% 19% 86% 105%

Provision for Tax
Current 0% 0% 21% 100% 88%
Deferred 0% -101% -71% -73% -34%
0% -32% -8% 45% 49%
Profit after Tax 0% 5% 31% 105% 131%

H
Trend Analysis of Income Statement 2014 2015 2016 2017 2018
Net Revenue 100% 127% 148% 166% 208%
Cost of Sales 100% 133% 152% 169% 215%
Gross Profit 100% 101% 130% 154% 180% 140%
Operating Expenses 120%
100%
Administrative Expenses 100% 117% 163% 171% 201%
80%
Selling and Distribution Expenses 100% 104% 149% 190% 220%
60%
100% 110% 156% 180% 211% 40%
Operating Profit 100% 99% 125% 149% 174% 20%
0% 0
0%
1
Financial Expenses 100% 102% 137% 150% 172%
Non-Operating Income 100% 95% 144% 763% 658%
Changes in Fair Value of Tradable Securities 100% 1850% -603% 0% 0%
100% 109% 134% 96% 129%
2000%
1500%
1000%
500%
 2000%
Profit before Distribution of WPP & WF 100% 93% 119% 186% 205% 1500%
Contribution to WPP & WF 100% 93% 119% 186% 205% 1000%
500%
Profit before Tax & Reserve 100% 93% 119% 186% 205% 0%
Provision for Tax -500%
Current 100% 100% 121% 200% 188% -1000%
Deferred 100% -1% 29% 27% 66%
100% 68% 92% 145% 149%
Profit after Tax 100% 105% 131% 205% 231%

Horizontal analysis graph Contribution to

WPP & WFChan ; 0%

131%
Column B Column C Column D Column E Column F
Profit
Valuebeo

105%
105%

100%
tribution
Securo

88%
86%

WF ;

49%
Non-Ope

45%

31%
21%
19%

Income ;

5%
0%
0%

0%

0%

0%
Financial Expenses
7%
0%
-7%

-8%
Selling a

-32%
-3 4%
Operating
tributio

-71%
-73%
16%

-101%
penses
Adminis
Expense
Gross Profi

vertical analysis of 2014 to 2018

Column I Column J Column K Column L Column M

100%
60%
20%
-20%
Vertical Analysis of Income Satement 2014 2015 2016 2017 2018
Net Revenue 100% 100% 100% 100% 100%
Cost of Sales 81% 85% 83% 82% 84%
Gross Profit 19% 15% 17% 18% 16%
Operating Expenses
Administrative Expenses 2% 1% 2% 2% 2%
Selling and Distribution Expenses 2% 1% 2% 2% 2%
3% 3% 3% 4% 3%
Operating Profit 16% 12% 13% 14% 13%

Financial Expenses 7% 6% 6% 6% 6%
Non-Operating Income 1% 0% 1% 3% 2%
Changes in Fair Value of Tradable Securities 0% 0% 0% 0% 0%
-6% -6% -6% -4% -4%

Profit before Distribution of WPP & WF 9% 7% 7% 10% 9%

Contribution to WPP & WF 0% 0% 0% 1% 0%

Profit before Tax & Reserve 9% 6% 7% 10% 9%

Provision for Tax
Current -2% -1% -2% -2% -2%
Deferred -1% 0% 0% 0% 0%
-3% -1% -2% -2% -2%
Profit after Tax 6% 5% 5% 7% 7%

H o ri z o n t a l An a l ysi s o f In co me Horizontal Analysis of Inco

St a t emen t
140%
120%
Net Revenue Cost of Sales Gross Profit
100%
140%
115% 80%
120% 108%
60%
100%
80% 40%
80% 66%69%
60% 48%52% 54% 20%
40% 27%33% 30% 0%
1 2 3
20% -20%
0% 0% 0% 1%
0%
1 2 3 4 5 Administrative Expenses Selling an
Row 10 Operating

horizontal analysis graph

2000%
1500%
1000%
500%
 horizontal analysis graph
2000%
1500%
1000%
500%
0%
1 2 3 4 5
-500%
-1000%

Financial Expenses Non-Operating Income

Changes in Fair Value of Tradable Securities

Contribution to Profit before Tax & Reserve ;

-3% Current ; -2% Profit after
Deferred Tax ; 6%
; -1%
WPP & WFChanges
; 0% 9%
-6%
in Fair
Profit
Valuebefore Dis-
of Tradable
tribution of WPP
Securities &
; 0%
WF ; 9%
Non-Operating
Income ; 1%
Financial Expenses ;
7% 3% Net Revenue ;
Selling and Dis- ; 100%
Operating Profit
tribution
16% Ex-
penses ; 2%
Administrative
Expenses ; 2%
Gross Profit ; 19% Cost of Sales ;
81%

vertical analysis graph of 2014

rizontal Analysis of Income Statement

2 3 4 5

ministrative Expenses Selling and Distribution Expenses

10 Operating Profit
5
Horizontal Analysis of Balence Sheet 2014 2015 2016 2017 2018
ASSETS
NON CURRENT ASSETS 0 -3.99% 15.08% 159.15% 669.53%
Property, Plant and Equipment 0 -3.13% -7.02% -0.53% 47.12%
Capital Work-in-Progress 0.00% 973% 4326.45%
Intangible Asset 0 -12.50% 61.25% 38.75% 61.73%
Investment 0 -12.06% 77.44% 106.08% 111.28%

CURRENT ASSETS 0 5.74% 103.90% 102.24% 114.21%

ShortTerm Investment 0 11.87% 55.41% 1129.89% 849.21%
Advances, Deposits and Prepayments 0 150.05% 315.73% 335.48% 681.94%
Inventories 0 -9.17% 23.11% -1.36% 15.05%
Trade Receivables 0 -3.85% 9.13% 74.91% 58.75%
Cash and Cash Equivalents 0 -3.85% 5885.93% 608.23% 410.36%

TOTAL ASSETS 0 3% 76% 120% 288%

EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY 0% 6% 150% 161% 186%
Share Capital 0% 5% 163% 163% 176%
Share Premium 0% 0% 193% 193% 193%
Tax holiday reserve 0% -120% 23% 65%
Retained Earnings 0% 17% 66% 124% 221%

NON CURRENT LIABILITIES 0% 126% 63% 596% 2966%

Long Term Loan 0% 297% 156% 1262% 6515%
Finance Lease Obligations 0% -42% -63% 100% 49%
Deferred Tax Liability 0% 0% 12% 22% 49%

CURRENT LIABILITIES AND PROVISIONS 0.00% -8.56% 38.03% 61.80% 135.92%

Current Portion of Long Term Loan 0.00% 20.76% -11.79% 11.79% 420.33%
Current Portion of Finance Lease Obligations 0.00% 0.67% -35.50% 1.23% 19.32%
ShortTerm Borrowings 0.00% -5.77% 37.20% 60.32% 133.95%
Creditors and Accruals 0.00% -39.23% 60.94% 75.53% 129.08%
Provision for Tax 0.00% 0.49% 21.39% 100.49% 90.12%

Total Liabilities 0.00% 1.10% 39.83% 99.99% 338.39%

TOTAL SHAREHOLDERS' EQUITY & LIABILITIES 0.00% 2.69% 76.08% 120.07% 288.17%

Trend Analysis of Balance Sheet 2014 2015 2016 2017 2018

ASSETS h
 h
NON CURRENT ASSETS 100% 96% 115% 259% 770%
Property, Plant and Equipment 100% 97% 93% 99% 147%
Capital Work-in-Progress 100% 1073% 4426%
Intangible Asset 100% 88% 161% 139% 162%
Investment 100% 88% 177% 206% 211%

CURRENT ASSETS 100% 106% 204% 202% 214%

ShortTerm Investment 100% 112% 155% 1230% 949%
Advances, Deposits and Prepayments 100% 250% 416% 435% 782%
Inventories 100% 91% 123% 99% 115%

0
0

0
1
Trade Receivables 100% 96% 109% 175% 159%
Cash and Cash Equivalents 100% 310% 5986% 708% 510%

TOTAL ASSETS 100% 103% 176% 220% 388%

100% 114
90%
EQUITY AND LIABILITIES 80%
SHAREHOLDERS' EQUITY 100% 106% 250% 261% 286% 70%
102
Share Capital 100% 105% 263% 263% 276% 60%
50%
Share Premium 100% 100% 293% 293% 293%
40%
Tax holiday reserve 100% 0% -20% 123% 165% 30% 103
Retained Earnings 100% 120% 166% 224% 321% 20%
10%
0% 5.7
NON CURRENT LIABILITIES 100% 226% 163% 696% 3066% CURREN
Long Term Loan 100% 397% 256% 1362% 6615%
Finance Lease Obligations 100% 58% 37% 200% 149%
Deferred Tax Liability 100% 100% 112% 122% 149%

CURRENT LIABILITIES AND PROVISIONS 100% 91% 138% 162% 236%

Current Portion of Long Term Loan 100% 121% 88% 112% 520%
Current Portion of Finance Lease Obligations 100% 101% 64% 101% 119% 100%
ShortTerm Borrowings 100% 94% 137% 160% 234% 90%
Creditors and Accruals 100% 61% 161% 176% 229% 80%
70%
Provision for Tax 100% 100% 121% 200% 190% 60%
50%
Total Liabilities 100% 101% 140% 200% 438% 40%
30%
20%
TOTAL SHAREHOLDERS' EQUITY & LIABILITIES 100% 103% 176% 220% 388% 10%
0%
1

horizontal analysis of cuure nt liabil -

iti e s
4 2 0 .3 3 %

3 3 8 .3 9 %

Column B Column C Column D Column E Column F

1 3 5 .9 2 %

1 3 3 .9 5 %

1 2 9 .0 8 %

1 0 0 .4 9 %

9 9 .9 9 %
9 0 .1 2 %
7 5 .5 3 %
6 1 .8 0 %

6 0 .3 2 %

6 0 .9 4 %

3 9 .8 3 %
3 8 .0 3 %

3 7 .2 0 %
2 0 .7 6 %

2 1 .3 9 %
1 9 .3 2 %
1 1 .7 9 %
0 .0 0 %

0 .6 7 %
1 .2 3 %

0 .0 0 %
0 .4 9 %

1 .1 0 %
0 .0 0 %

0 .0 0 %

0 .0 0 %

0 .0 0 %

0 .0 0 %

vertical ana
-1 1 .7 9 %

-5 .7 7 %
-8 .5 6 %

-3 5 .5 0 %

-3 9 .2 3 %

TOTAL SHAREHOLDERS' Pr
NON CURRENT ASSETS
EQUITY & LIABILITIES 5%
15%
 Column B Column C Column D Column E Column F

1 3 5 .9 2 %

1 3 3 .9 5 %

1 2 9 .0 8 %

338.
1 0 0 .4 9 %
42

9 9 .9 9 %
9 0 .1 2 %
7 5 .5 3 %
6 1 .8 0 %

6 0 .3 2 %

6 0 .9 4 %

3 9 .8 3 %
3 8 .0 3 %

3 7 .2 0 %
2 0 .7 6 %

2 1 .3 9 %
1 9 .3 2 %
1 1 .7 9 %
0 .0 0 %

0 .6 7 %
1 .2 3 %

0 .0 0 %
0 .4 9 %

1 .1 0 %
0 .0 0 %

0 .0 0 %

0 .0 0 %

0 .0 0 %

0 .0 0 %
vertical ana

-1 1 .7 9 %

-5 .7 7 %
-8 .5 6 %

-3 5 .5 0 %

-3 9 .2 3 %
TOTAL SHAREHOLDERS' Pr
NON CURRENT ASSETS
EQUITY & LIABILITIES 5%
15%

Total Liabilities
10%
Provision
Creditors for Tax
and Accruals
1%0%
ShortTerm Borrowings
Current 8%
CurrentPortion
PortionofofLong
Fi-
nance Lease
Term Obligations
LoanLIABILITIES
CURRENT
0%PROVISIONS
Deferred
Finance
AND Lease
Long Tax Liability
Obligations
Term Loan
NON CURRENT
Retained
Tax LIABILITIES
holiday
Share Earnings
reserve
Premium
Share Capital
9%0%0%0%
1% 0%
1%1% 3%

vertical analysis of total equity and liabilities

100%
60%
20%
-20%

Column I Column J Column K Column L Column M

Vertical Analysis of Balance Sheet 2014 2015 2016 2017
ASSETS
NON CURRENT ASSETS 31% 29% 20% 37%
Property, Plant and Equipment 28% 27% 15% 13%
Capital Work-in-Progress 0% 0% 2% 21%
Intangible Asset 0% 0% 0% 0%
Investment 3% 3% 3% 3%

CURRENT ASSETS 69% 71% 80% 63%

ShortTerm Investment 3% 4% 3% 19%
Advances, Deposits and Prepayments 4% 11% 10% 9%
Inventories 43% 38% 30% 19%
Trade Receivables 18% 16% 11% 14%
Cash and Cash Equivalents 1% 2% 26% 2%

TOTAL ASSETS 100% 100% 100% 100%

EQUITY AND LIABILITIES

SHAREHOLDERS' EQUITY 33% 34% 47% 39%
Share Capital 20% 21% 30% 24%
Share Premium 7% 6% 11% 9%
Tax holiday reserve 0% 0% 0% 0%
Retained Earnings 6% 7% 6% 6%

NON CURRENT LIABILITIES 5% 11% 4% 15%

Long Term Loan 2% 8% 3% 13%
Finance Lease Obligations 1% 0% 0% 1%
Deferred Tax Liability 2% 2% 1% 1%

CURRENT LIABILITIES AND PROVISIONS 62% 55% 49% 46%

Current Portion of Long Term Loan 1% 1% 0% 0%
Current Portion of Finance Lease Obligations 0% 0% 0% 0%
ShortTerm Borrowings 53% 49% 41% 39%
Creditors and Accruals 6% 4% 6% 5%
Provision for Tax 2% 2% 1% 1%

Total Liabilities 67% 66% 53% 61%

TOTAL SHAREHOLDERS' EQUITY & LIABILITIES 100% 100% 100% 100%

horizontal analysis of non current

assets
NON CURRENT ASSETS Property, Plant and Equipment
Capital Work-in-Progress Intangible Asset
6.45%

Investment
 horizontal analysis of non current
assets
NON CURRENT ASSETS Property, Plant and Equipment
Capital Work-in-Progress Intangible Asset

4326.45%
Investment

669.53%
973%
159.15%

111.28%
106.08%
77.44%

61.73%
61.25%

47.12%
38.75%
15.08%

0.00%
0
0

0
0

1 2 3 4 5
-3.99%

-12.50%
-12.06%

-0.53%
-3.13%

-7.02%

horizontal analysis of current assets

100% 114.21% 849.21% 681.94% 15.05% 58.75% 410.36%
608.23%
90%
5885.93%
80%
70% -1.36%
23.11%
102.24%
60% 1129.89% 74.91%
335.48%
50%
40%
30% 103.90% 315.73%
20% -9.17%
10% 150.05% 9.13%
0% 5.74%
0 55.41%
11.87%
0 0 0 -3.85%
0 -3.85%
0
CURRENT ASSETS ShortTerm Advances, Inventories Trade Receivables Cash and Cash
Investment Deposits and Equivalents
Prepayments

Column B Column C Column D Column E Column F

horizontal analysis of equity's horizontal analysis o

100% 7000%
90%
80% 6000%
70% 5000%
60%
4000%
50%
40% 3000%
30% 2000%
20%
10% 1000%
0% 0%
1 2 3 4 5 1 2
-1000%
SHAREHOLDERS' EQUITY Share Capital
Share Premium Tax holiday reserve NON CURRENT LIABILIT
Retained Earnings Finance Lease Obligatio

vertical analysis of 2014 vertical analysis of total assets

120%
HOLDERS' Property, Plant and
NON CURRENT ASSETS 80%
ABILITIES 5% Equipment
4% 40%
Intangible Asset
0% 0%
 vertical analysis of 2014 vertical analysis of total assets
120%
HOLDERS'NON CURRENT ASSETS Property, Plant and 80%
ABILITIES 5% Equipment
4% 40%
Intangible Asset
0% 0%
Total Liabilities Investment
10% 0%
CURRENT ASSETS
10%
ovision for Tax
s and Accruals Inventories
ShortTerm
Advances, Investment
Deposits and
1%0% 6% 1%
Prepayments
Trade Receivables
rm Borrowings Cash and3% Cash
1% Equiva-
8% lents
ntntPortion
PortionofofLong
Fi- 0%
ease
Term Obligations
LoanLIABILITIES
CURRENT TOTAL ASSETS
0%PROVISIONS
Deferred
nance
AND Lease
Long Tax Liability
Obligations
Term Loan 15%
NON CURRENT
Retained
Tax LIABILITIES
holiday
Share Earnings
reserve
Premium
Share Capital SHAREHOLDERS' EQUITY
9%0%0%0%
1% 0%
1%1% 3% 5% Column I Column J Column K Column L Co
2018

62%
11%
50%
0%
2%

38%
8%
9%
13%
7%
1%

100%

24%
14%
5%
0%
5%

38%
37%
0%
1%

38%
1%
0%
32%
4%
1%

76%

100%
horizontal analysis of non current liablities

1 2 3 4 5

NON CURRENT LIABILITIES Long Term Loan

Finance Lease Obligations Deferred Tax Liability

alysis of total assets

alysis of total assets

Column K Column L Column M

Horizontal Analysis of Cash Flow 2014 2015 2016 2017
CASH FLOW FROM OPERATINGACTIVITIES
Collection from sales and other income 0% 34% 52% 63%
Cash Payments to suppliers, employees and expenses 0% 32% 64% 49%
Net cash Inflow (outflow) from Operating Activities 0% 57% -85% 222%

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of Property, plant and equipment 0% -50% -50% 82%
Sale proceeds of property,plant and equipment 0% 266% 750%
Capital work-in-progress 0% 873%
Investment 0% -100% 15% -63%
Intangible Asset 0%
Dividend Income from Investmentinto Shares 0% 46% 474% 50%
ShortTerm Investment 0% -88% -56% 974%
Net cash Inflow (outflow) fromInvesting Activities 0% -83% 22% 985%

CASH FLOW FROM FINANCINGACTIVITIES

ShortTerm Loan 0% -136% 189% 56%
Long Term Loan 0% -1939% 863% -7001%
Lease Obligation 0% -295% -268% 731%
Cash Dividend Paid 0% 10% 31% 131%
Finance Costs 0% 2% 37% 48%
Proceeds of Ordinary Share Capital 0%
Share premium 0%
Income tax paid 0% 102% 104%
Net cash Inflow (outflow) from Financing Activities 0% 396% -3687% -1732%

Net Increase in Cash & Cash Equivalents 0% -157% -1642% 1334%

Cash andcash equivalents at the beginning 0% -79% -34% 1179%
Cash and cash equivalents at the end 0% 210% 5886% 608%

Trend Analysis of Cash Flow 2014 2015 2016 2017

CASH FLOW FROM OPERATINGACTIVITIES
Collection from sales and other income 100% 134% 152% 163%
Cash Payments to suppliers, employees and expenses 100% 132% 164% 149%
Net cash Inflow (outflow) from Operating Activities 100% 157% 15% 322%

CASH FLOW FROM INVESTING ACTIVITIES

Acquisition of Property, plant and equipment 100% 50% 50% 182%
Sale proceeds of property,plant and equipment 100% 366% 850%
Capital work-in-progress 100% 973%
Investment 100% 0% 115% 37%
Intangible Asset 100%
Dividend Income from Investmentinto Shares 100% 146% 574% 150%
ShortTerm Investment 100% 12% 44% 1074%
Net cash Inflow (outflow) fromInvesting Activities 100% 17% 122% 1085%

CASH FLOW FROM FINANCINGACTIVITIES

ShortTerm Loan 100% -36% 289% 156%
Long Term Loan 100% -1839% 963% -6901%
Lease Obligation 100% -195% -168% 831%
Cash Dividend Paid 100% 110% 131% 231%
Finance Costs 100% 102% 137% 148%
Proceeds of Ordinary Share Capital 100%
Share premium 100%
Income tax paid 100% 202% 204%
Net cash Inflow (outflow) from Financing Activities 100% 496% -1632%

Net Increase in Cash & Cash Equivalents 100% -57% -1542% 1434%
Cash andcash equivalents at the beginning 100% 21% 66% 1279%
Cash and cash equivalents at the end 100% 310% 310% 708%

Chart Title
Net cash Inflow (outflow) from Financing
Lease Obligation
Activities Cash and cashequivalents
andcash
Net Increase in Cash & Cash Equivalents equivalents at
atthe
thebeginning
end
Finance CostsIncome tax paid 0% Cash Dividend1%Paid
3% 0% 1% 0%2%
Long Term Loan 1%
0%
ShortTerm Loan Collection from sales and other income
4% 39%
Net cash Inflow (outflow) fromInvesting
Activities
4% Investment
1%
ShortTerm Investment
2%
Acquisition of Property, plant and equipment
Dividend Income from Investmentinto Shares
1%
0%
Net cash Inflow (outflow) from Operating Cash Payments to suppliers, employees and
Activities expenses
3% 36%
 2018 Vertical Analysis of Cash Flow 2014 2015 2016
CASH FLOW FROM OPERATINGACTIVITIES
131% Collection from sales and other income 1218% 1038% 12261%
143% Cash Payments to suppliers, employees and expenses -1118% -938% -12161%
-1% Net cash Inflow (outflow) from Operating Activities 100% 100% 100%

CASH FLOW FROM INVESTING ACTIVITIES

686% Acquisition of Property, plant and equipment -31% -10% -102%
331% Sale proceeds of property,plant and equipment 0% 1%
3253% Capital work-in-progress -455%
-93% Investment -37% 0% -282%
-50% Intangible Asset -1%
-29% Dividend Income from Investmentinto Shares 1% 0% 20%
-381% ShortTerm Investment -54% -4% -155%
1882% Net cash Inflow (outflow) fromInvesting Activities -121% -13% 955%

CASH FLOW FROM FINANCINGACTIVITIES

396% ShortTerm Loan 124% -29% 2379%
-33655% Long Term Loan -6% 65% -351%
-301% Lease Obligation 3% -4% -33%
-18% Cash Dividend Paid -44% -30% -378%
64% Finance Costs -89% -57% -806%
Proceeds of Ordinary Share Capital 3342%
Share premium 1337%
Income tax paid -12% -15% -159%
-10253% Net cash Inflow (outflow) from Financing Activities -22% -71% 5331%

-46% Net Increase in Cash & Cash Equivalents -44% 16% 4457%
51% Cash andcash equivalents at the beginning 56% 8% 243%
410% Cash and cash equivalents at the end 12% 23% 4700%

2018 Collection from sales and other income Char

Cash Payments to suppliers, employees and expenses Column B Column C C
231% Net cash Inflow (outflow) from Operating Activities
222%

686%

243%
% 82%
0%

99%
143%
131%

-5 00 %
-5
64%

63%
57%

52%

49%
34%
32%

786%
0%
0%
0%

431%
1 2 3 4 5
-1%

3353%
-85%
 49%
64

63
57
34%

52
32%
0%
0%
0%
1 2 3 4 5

-1%
7%

-85%
50%
71%
-281%
1982% Chart Title
100% Cha
80%
60% 7000%
40%
496% 20% 6000%
0%
-33555% 5000%
-201% 4000%
82% 3000%
164% 2000%
1000%
0%
1 2 3 4
-1000%
-10153% Column B Column C Column D Column E Column F
-2000%

54% -3000%

151%
510% Chart Title
1500%
Collection from sales and other income
1000%
Cash Payments to suppliers, employees and expenses
500%
12261%

Net cash Inflow (outflow) from Operating Activities

0%
-500%
-1000%
nts at
nts atthe
thebeginning
end
-1500%
2850%
1218%

1038%

-2000%
616%
100%

100%

100%
100%

100%

-2500%
her income -3000%
1 2 3 4 5
-516%
-938%
-1118%

-2 750%
-121 61%

Column I Colum

Chart Title
10000%
8000%
6000%
4000%
2000%
0% Column M
-2000% Column L
Column K
Column J
Column I
 2017 2018

616% 2850%
-516% -2750%
100% 100%

-18% -246%
0% 0%
-208% -2339%
-4% -3%
0%
0% 0%
-179% -62%
-408% -2435%

60% 625%
118% 1877%
8% -6%
-31% -36%
-41% -148%

114% 2311%

-194% -24%
221% 85%
26% 61%

Chart Title
3253%

Column B Column C Column D Column E Column F

1882%
2 9%8 5 %
% 974%
0 %8 7 3 %
3 73 51 0%%
686%

46 7%4 %
02%6 6 %
% 82%

-2 9 % 5 0 %
% 5%
0%

-1 0 0 % 01 %

0%

04 %

0%

-8 3 % 02 %
-5 00 %

-5 0 %

-5 86 %
-6 33 %

-3 8 1 %
-5

-8
-9
 Chart Title

Net Increase in Cash & Cash

Equivalents
Cash andcash equivalents at
the beginning
Cash and cash equivalents at
the end

2 3 4 5

Chart Title
1500%
1000%
500%
0%
-500%
-1000%
-1500%
-2000%
-2500%
-3000%

Column I Column J Column K Column L Column M

Particulars Balance as on 30 June 2016 Balance as on 30 June 2017
Balance as on 1 July 2045236997 4819087643
Dividend (Stock)
Dividend (Cash) -212058000 -374220000
Share capital issued 1871100000
Share premium 748440000
Unrealized gain/loss 19432608
Net Profit (after tax and reserves) 366,368,646 571303361
Balance as on 1 June 2020 4819087643 5035603612

57.9% 65.5%

No. of Shares 311,850,000 311,850,000

Face value per share 10 10
Dividend per share 0.68 1.20
Dividend per share (%) 6.8% 12.0%
 Go to Cover Page
Income Statement
Balance as on 30 June 2018 Balance Sheet
5035603612 Cash Flow Statement
Statement of Changes in Equity
-155925000

5671383
643587425
5528937420

24.2% 49.2%

327,442,500
10
0.48
4.8% 7.9%