* Blue cells are for hard input only Historical Indicators

2005

1 Sales Growth
Stress
Base
Optimistic

2 COGS margin
Stress
Base
Optimistic

3 Operating Expense to Sales Ratio

Stress
Base
Optimistic

5 Depreciation as a % of fixed asset

Stress
Base
Optimistic

6 Other income growth

Stress
Base
Optimistic

7 Interest expense as a % of sales

Stress
Base
Optimistic

8 Capex as a % of sales
Stress
Base
Optimistic

9 Working capital as a % of sales

Stress
Base
Optimistic
10 Tax rate
Stress
Base
Optimistic
Historical Indicators Projected Indicators
2006 2007 2008 2009 2010 2011 2012E 2013E 2014E 2015E

14% 10% 13%

-4% 4% 65% 134% -0.19% 16.42% 12% 15%
18% 14% 17%

75% 77% 77%

74% 76% 82% 76% 72% 73% 74.9% 76% 76%
74% 76% 76%

8% 8% 8%
10% 9% 9% 9% 4.5% 5% 7% 7.0% 7.0%
7% 7% 7%

8% 8% 8%
12% 16% 17% 10% 9% 8.1% 8% 8%
8% 8% 8%

-55% 3% 3%
-38% 297% 16% -79% 84% -53% 5% 5%
-51% 7% 7%

3% 3% 3%
6.0% 4.8% 5.2% 4.6% 5.4% 5.4% 2.4% 2% 2%
2% 2% 2%

3% 2% 1%
9% 0% 1.5% 0.9% 1.0% 2.6% 2.9% 1.5% 1%
3% 2% 1%

95% 95% 95%

37% 41% 36% 58% 56% 94% 90% 90% 90%
85% 85% 85%
 28% 28% 28%
27% 24% 5% 12% 24% 27% 32% 28% 28%
28% 28% 28%
2016E 2017E 2018E 2019E 2020E Step Size

13% 11% 8% 8% 8%
15% 13% 10% 10% 10% 2%
17% 15% 12% 12% 12%

77% 77% 77% 77% 77%

76% 76% 76% 76% 76% 1%
76% 76% 76% 76% 76%

8% 8% 8% 8% 8%
7.0% 7.0% 7.0% 7.0% 7.0% 1%
7% 7% 7% 7% 7%

8% 8% 8% 8% 8%
8% 8% 8% 8% 8% 0%
8% 8% 8% 8% 8%

3% 3% 3% 3% 3%
5% 5% 5% 5% 5% 2%
7% 7% 7% 7% 7%

3% 3% 3% 3% 3%
2% 2% 2% 2% 2% 0%
2% 2% 2% 2% 2%

1% 1% 1% 1% 1%
1% 1% 1% 1% 1% 0%
1% 1% 1% 1% 1%

95% 95% 95% 95% 95%

90% 90% 90% 90% 90% 5%
85% 85% 85% 85% 85%
28% 28% 28% 28% 28%
28% 28% 28% 28% 28%
28% 28% 28% 28% 28%
Assumption Details:

2008E
Input

Sales growth is projected to improve slightly compared to

Sales growth 2007.

Average COGS margin of the last 2 years has been taken as

COGS margin the base.

Operating expense as a % to The average operating expense to sales ratio is taken as the
sales base.

Depreciation expense as a % Depreciation as a % of fixed asset is projected to be the

of fixed asset average of the last 2 years

Fixed asset growth Fixed asset growth is expected to increase slightly in 2008

Other income growth Other income is expected to decrease

Interest expense as a % of Interest expense as a % to sales is expected to remain in the

sales 2007 level.

Capex as a % of sales The ratio is expected to be close to 0% in 2008

Working capital as a % of sales The ratio is projected to be 40% which is the average of the
last 2 years.

Tax The newly reduced tax rate of 27.5% has been kept constant.
 2009E
Base Stress Optimistic

Sales growth is projected to slightly improve but is expected Base- 2% Base + 2%

to remain below the industry average

Same as 2008 Base + 2% Base - 2%

Same as 2008 Base + 2% Base -2%

Same as 2008 Base+2% Base+2%

Projected to decline in the initial years and move up close to Base + 2% Base -2%
the industry average.

Other income is is projected to improve slightly and remain Base+2% Base+2%

below the industry average.

Same as 2008 Base + 2% Base -2%

This is expected to gradually increase in the long run to Base +0% Base -0%
match the industry average.
The ratio is expected to come down but remain above the Base+5% Base+5%
industry average.

The reduced tax rate is expected to continue Base + 0% Base - 0%

Income Statement Historical
2005 2006 2007 2008
Sales 1207 1157 625
COGS 895 876 1249
Gross Profit 313 282 4%
Operating Expenses 116 101
EBITDA 197 181
Depreciation 15 21
Other Income 32 20
EBIT 214 180
Interest Expense 72 55
Profit Before Tax & WPPF 141 125
WPPF 7 6
PBT 134 119
Income Tax 36 28
Deferred Tax
PAT 98 91
EPS 0.13
Number of Shares 707.70

Dividend 21 3 3
Balance sheet item
Fixed Assets 198.1 176.9
Capex 103 0
Net working capital 443.7 475.7
BVPS 0.8

2.28 2.01 44.80

 0.2180228509 1253.33333333
Income Statement Projection - Base

EPS 0.12 0.21 0.38 0.37 0.36 0.38 0.24

2 2 2 0
Balance sheet item
Fixed Assets 168 152 767 759 776 1247 4409
Capex 17 9 25 62 81 82 83
Net working capital 430 598 1359 2249 2518 2377 5026
0.8 -0.5 -2.2 -1.9 -1.5

Total loan 353 328 1,023 798 421 327 12,166

Interest/loan 17.9% 14.5% 12.7% 16.3% 16.0% 15.5% 4.8%

1.94
(0.98)
 Income Statement
2009
Sales 1203
COGS 990
Gross Profit 213
Operating Expenses 108
EBITDA 105
Depreciation 26
Other Income 80
EBIT 159
Interest Expense 63
Profit Before Tax & WPPF 96
WPPF 5
PBT 92
Income Tax 5
Deferred Tax
PAT 87.0
0.62 0.76 0.88 1.02 1.16 EPS 0.1

3
Balance sheet item
4342 4063 3813 3592 3397 Fixed Assets 168
64 73 80 88 97 Capex 17
5780 6531 7184 7903 8693 Net working capital 430
 Projection - Stress
2010 2011 2012 2013 E 2014 E 2015 E 2016 E 2017 E 2018 E
1029 2410 2405 2752 3080 2987 6315 7134 7843
783 1742 1750 2076 2356 2285 4831 5457 6000
246 668 656 676 724 702 1484 1676 1843
91 108 109 207 232 225 475 537 590
156 560 546 469 492 477 1009 1140 1253
25 76 71 62 61 58 59 60 61
92 19 36 17 17 28 47 49 52
223 503 511 423 448 447 997 1129 1243
48 130 130 73 82 79 168 189 208
175 373 381 350 367 367 829 939 1035
4 18 18 17 17 17 39 45 49
171 355 363 334 349 350 790 895 986
20 87 98 92 96 96 217 246 271
0
151 268 265 242 253 254 572 649 714
0 0.4 0.37 0.3 0.4 0.4 0.8 0.9 1.0

152 767 759 767 751 720 725 738 756

9 25 62 79 46 30 63 71 78
598 1359 2249 2613 2924 2835 5995 6772 7446
 Income Statement Projection - Best
2009 2010 2011 2012 E 2013 E 2014 E 2015 E
Sales 1203 1029 2410 2405 2848 3192 3092
COGS 990 783 1742 1750 2120 2410 2335
Gross Profit 213 246 668 656 728 782 758
Operating Expenses 108 91 108 109 186 208 202
EBITDA 105 156 560 546 542 574 556
Depreciation 26 25 76 71 62 61 59
Other Income 80 92 19 36 17 18 29
EBIT 159 223 503 511 496 530 526
Interest Expense 63 48 130 130 61 69 67
Profit Before Tax & WPPF 96 175 373 381 435 462 459
WPPF 5 4 18 18 21 22 22
PBT 92 171 355 363 414 440 437
Income Tax 5 20 87 98 114 121 120
Deferred Tax 0
PAT 87.0 151 268 265 300 319 317
EPS 0.1 0 0.4 0.37 0.4 0.5 0.4

3
Balance sheet item
Fixed Assets 168 152 767 759 770 756 725
Capex 17 9 25 62 82 48 31
Net working capital 430 598 1359 2249 2419 2711 2626
2016 E 2017 E 2018 E
6539 7391 8134
4937 5580 6141
1602 1811 1993
427 482 531
1175 1328 1462
59 61 62
49 51 54
1164 1319 1453
141 159 175
1023 1160 1278
49 55 61
975 1104 1217
268 304 335

707 801 882

1.0 1.1 1.2

732 746 767

65 74 81
5554 6277 6908
 BALANCE SHEET

ASSETS: 2005 2006 2007 2008 2009 2010

Current Assets:
Inventories 251 294 250 240
Trade and other receivables 115 149 34 160
Advances, deposits and prepayments 184 119 163 205
cash and cahs equivalents 10 7 14 2
Short term loan to sister concern 5 9 - -
Other receivables 6 2 2 19
Deffered right Issue expense
Total Current Assets 0 0 571 580 463 626

Investments 280 210 367 300

Total Fixed assets 198 177 168 152

Property, Plant & Equipment (net of dep) 198 177 168 152
Deferred Expenses
Capital work-in-progress
Total Assets 0 0 1,050 966 998 1,078

Liabilities & Shareholder's Equity

Current Liabilities:
Bank overdraf 254 229 288 299
Accounts payables 15 5 5 4
Other payables 10 9 12 4
wppf payable 7 3 5 4
Unclaimed dividend 31 1 1 5
Provision for taxation 51 69 72 74
Total Current Liabilities: 0 0 368 317 382 390

Non Current Liabilities:

Loans and borrowings 136 99 65 29
Liability for Gratuity and WPPF
Deferred tax liability
Total Non Current Liabilities 0 0 136 99 65 29

Total Liabilities 0 0 504 416 447 420

Shareholder's Equity:
Share Capital 288 288 288 288
Share premium 24 24 24 24
General reserve and surplus 148 152 195 303
proposed dividend 86 86 43 43
Retained Earnings
Total Shareholder's Equity 0 0 546 550 550 659
Total Liabilities & Shareholder's Equity 0 0 1,050 966 997 1,078

Free cash flow 1,203.3 79.7 178.38 3.85

capex 103 0 18.3 9
Net WC 430 597.59

Accounts receivable turnover 10.50 8.76 13.12 10.60

Days Sales Outstanding 34.28 41.10 27.43 33.95
Inventory turnover 3.56 3.21 3.64 3.19
Days Inventory Outstanding 101.20 112.06 98.87 112.73
Accounts payable turnover 60.00 87.89 197.60 174.28
Days Payable Outstanding 6.00 4.10 1.82 2.07

Export 114.82 135.40 137.61

Export Growth 0.18 0.02

Financial Flexibility
Debt/EBITDA 0.69 0.55 0.61 0.19
EBITDA/Interest (Interest coverage ratio) 2.71 3.27 1.67 3.26
(EBITDA-Capex)/Interest 1.29 3.27 1.38 3.07
Debt by Equity 0.25 0.18 0.12 0.04

Capital Stucture
Total Assets/Total Liabilities 2.08 2.32 2.23 2.57
Long Term Debt/(L-Term Debt+SE) 0.20 0.15 0.11 0.04
Total Debt/(Total debt+SE) 0.42 0.37 0.39 0.33

Quality of Assets/Liabilities
ROA 0.09 0.09 0.09 0.14
ROE 0.18 0.16 0.16 0.23
ROIC 0.14 0.14 0.14 0.22
Capex/Revenue 0.09 0.00 0.02 0.01

Cashflow
Cash Conversion Cycle 129.48 149.07 124.48 144.62
Debt/FCF 0.11 1.25 0.36 7.61
FCF growth -0.93 1.24 -0.98

Business Profile
Sales Growth -4.1% 3.9% -14.5%
Export Sales as a percentage of total sales 9.9% 11.3% 13.4%

Profitability
PAT growth -7.5% -3.9% 74.0%
EBITDA growth -8.0% -41.7% 47.6%
EBIT growth -15.6% -11.8% 40.2%

Margins
Gross Margin 26% 24% 18% 24%
EBITDA Margin 16% 16% 9% 15%
EBIT Margin 18% 16% 13% 22%
Profit Margin 8% 8% 7% 15%
Operating Expense/Revenue 10% 9% 9% 9%
 2011 2012 2013 2014 2015 2016 2017 2018 2019

808 934 1,056 969 8,279

380 604 992 970 7,017
279 786 546 557 1,133
10 688 21 21 25
- 794 675 1,952
0 1 4 3 3
10 8 6
1,477 3,024 3,420 3,195 18,415

605 602 11 11 182

767 759 776 1,247 4,409

767 759 776 1,236 4,227
2 1 -

2,850 4,386 4,207 4,442 22,824

950 798 421 327 4,641

96 56 56 56 198
12 19 19 9 94
18 18 23 27 25
4 4 4 4 8
166 237 159 210 317
1,246 1,132 682 633 5,283

73 - 7,525

19 31 183
73 - 19 31 7,708

1,319 1,132 701 664 12,991

612 1,480 1,628 1,791 5,898

24 742 742 742 800
896 1,032 1,136 46 2,752

1,198 384
 1,531 3,254 3,506 3,777 9,834 10003.20 10439.38 10976.91 11603.20
2,850 4,386 4,207 4,441 22,825

0.0

128.02 -49.763943 720.340000 ### 718.340000

25 62 80.70 81.70 82.70
1358.68 2249.489735 2518.216107 2430.8556 16136.9982

8.92 4.89 3.51 2.69 1.40

40.37 73.68 102.59 133.62 257.25
3.32 2.01 2.11 1.97 0.95
108.28 179.21 170.68 183.12 378.59
34.73 23.02 37.58 35.52 34.62
10.37 15.64 9.58 10.13 10.40

173.55 185.69 165.52 166.52 167.52

0.26 0.07 -0.11 0.01 0.01

0.13 0.00 0.04 0.07 9.01

4.30 4.19 7.50 8.47 1.47
4.11 3.71 6.30 6.86 1.32
0.05 0.00 0.01 0.01 0.78

2.16 3.87 6.00 6.69 1.76

0.05 0.00 0.01 0.01 0.44
0.40 0.20 0.11 0.09 0.56

0.09 0.06 0.06 0.06 0.01

0.18 0.08 0.07 0.07 0.02
0.17 0.08 0.07 0.07 0.01
0.01 0.03 0.03 0.03 0.01

138.29 237.25 263.69 306.60 625.44

0.57 0.00 0.03 0.04 10.73
32.25 -1.39 -15.48 0.00 0.00

134.2% -0.2% 16.4% -5.6% 111.5%

 7.2% 7.7% 5.9% 6.3% 3.0%

77.3% -1.3% -4.8% 7.1% -37.2%

259.9% -2.4% -7.6% -14.8% 98.7%
125.7% 1.7% -10.3% -0.3% 68.2%

28% 27% 25% 25% 21%

23% 23% 18% 16% 15%
21% 21% 16% 17% 14%
11% 11% 9% 10% 3%
4% 5% 7% 8% 6%
2020
12324.06
 2009 2010 2011 2012 2013 2014 2015 2016 2017
EBIT 159 223 503 511 459 457 769 786 953
Tax 5 20 87 98 121 117 7 165 204
Depreciation 26 25 76 71 63 0 131 352 330
CAPEX 17 9 25 62 81 82 83 64 73
Working Capital 430 598 1359 2249 2518 2377 5026 5780 6531
Change in WC 168 761 891 269 -141 2649 754 751
WPPF 5 4 18 18 19 19 9 30 37
FCFF 47 -311 -488 33 381 -1848 125 218
Terminal Value
Total Value 47 -311 -488 33 381 -1848 125 218
PV Factor 1.0 1.0 1.1 1.3 1.4
PV 33 381 -1650 100 155

NPV 2271
Net Debt 314
Market Value 1957

Implied Price 3
Current Trading Price 11.9

12.93043
2018
1099 Perpetual Growth Rate 3%
238 Risk Free Rate 11.25%
309 Market Rate 12.0%
80 Beta 1.00
7184 Expected rate of return 12.0%
653
43
395 Total no of shares 707.70
4768 Price 11.9
5163 Cost
1.6 Market Cap 8421.7 96.3% 12.0%
3286 Total debt 328.06 3.7% 15.0%
Enterprise Value 8749.7
WACC 12.0%
 2009 2010 2011 2012 2013
Sales 1,203 1,029 2,410 2,405 2,800
COGS 990 783 1,742 1,750 2,098
Gross Profit 213 246 668 656 702
Operating Expense 108 91 108 109 197
EBITDA 105 156 560 546 505
Depreciation 26 25 76 71 63
Other Income 80 92 19 36 17
EBIT 159 223 503 511 459
Financial Expenses 63 48 130 130 67
Profit Before Tax & WPPF 96 175 373 381 391
WPPF 5 4 18 18 19
PBT 92 171 355 363 373
Income Tax 5 20 87 98 121
Deferred Tax
PAT 87 151 268 265 252

ASSETS: 2009 2010 2011 2012 2013

Current Assets:
Inventories 250 240 808 934 1,056
Receivables 34 160 380 604 992
Advances, deposits and prepayments 163 205 279 786 546
cash and cahs equivalents 14 2 10 688 21
Short term loan to sister concern - - - 794
Other receivables 2 19 0 1 4
Deffered right Issue expense 10 8
Total Current Assets 463 626 1,477 3,024 3,420

Investments 367 300 605 602 11

Fixed Asset 168 152 767 759 776

Property, Plant & Equipment (net of dep) 168 152 767 759 776
Deferred Expenses 2 1 -
Capital work-in-progress
Total Asset 998 1,078 2,850 4,386 4,207

Liabilities & Shareholder's Equity

Current Liabilities:
Bank overdraf 288 299 950 798 421
Accounts Payable 5 4 96 56 56
Other payables 12 4 12 19 19
wppf payable 5 4 18 18 23
Unclaimed dividend 1 5 4 4 4
Provision for taxation 72 74 166 237 159
Short Term-Liabilities 382 390 1,246 1,132 682

Non Current Liabilities:

Loans and borrowings 65 29 73 -
Liability for Gratuity and WPPF
Deferred tax liability 19
Long Term Liabilitiy 65 29 73 - 19

Total Liabilities 447 420 1,319 1,132 701

Shareholder's Equity:
Share Capital 288 288 612 1,480 1,628
Share premium 24 24 24 742 742
General reserve and surplus 195 303 896 1,032 1,136
proposed dividend 43 43
Retained Earnings
Shareholders' Equity 550 659 1,531 3,254 3,506
Total Liabilities & Shareholder's Equity 997 1,078 2,850 4,386 4,207

Total Loan 353 328 1,023 798 421

 2014 2015 2016 2017 2018 2019 2020
2,643 5,589 6,427 7,262 7,989 8,788 9,666
1,990 4,397 4,884 5,519 6,071 6,679 7,346
653 1,192 1,542 1,743 1,917 2,109 2,320
223 337 452 510 561 618 679
430 855 1,091 1,233 1,356 1,492 1,641
0 131 352 330 309 291 276
27 45 48 50 53 55 58
457 769 786 953 1,099 1,255 1,423
51 584 155 175 192 211 232
407 186 632 778 907 1,044 1,191
19 9 30 37 43 50 57
387 177 602 741 864 994 1,134
117 7 165 204 238 273 312

270 170 436 538 626 721 822

2014 2015

969 8,279
970 7,017
557 1,133
21 25
675 1,952
3 3
6
3,195 18,415

11 182

1,247 4,409
1,236 4,227

4,442 22,824

327 4,641
56 198
9 94
27 25
4 8
210 317
 633 5,283

7,525

31 183
31 7,708

664 12,991

1,791 5,898
742 800
46 2,752

1,198 384
3,777 9,834
4,441 22,825

327 12,166
 DCF - Stress
2009 2010 2011 2012 2013 2014
EBIT 159 223 503 511 423 448
Tax 5 20 87 98 92 96
Depreciation 26 25 76 71 62 61
Capex 17 9 25 62 79 46
Working Capital 430 598 1359 2249 2613 2924
Change in WC 168 761 891 363 311
WPPF 5 4 18 18 17 17
FCF 47 -311 -488 -65 38
Terminal Value
Total Value 47 -311 -488 -65 38
PV Factor 1.0
PV 38

NPV 160
Net Debt 314
Market Value -154

Implied Price 0
Current Trading Price 11.9
 WACC Calculation
2015 2015 2016 2018
447 997 1129 1243 Perpetual Growth Rate 3%
96 217 246 271 Risk Free Rate 11.3%
58 59 60 61 Market Rate 12.0%
30 63 71 78 Beta 1.00
2835 5995 6772 7446 Expected rate of return 12.0%
-89 3160 777 674
17 39 45 49
450 -2424 49 232 Total no of shares 707.70
2668 Price 11.9
450 -2424 49 2900
1.1 1.1 1.3 1.6 Market Cap 8421.7 96.3%
402 -2165 39 1846 Total debt 328.06 3.7%
Enterprise Value 8749.7
WACC 12.0%
n

Cost
12.0%
15.0%
 DCF - Optimistic
2009 2010 2011 2012 2013 2014
EBIT 159 223 503 511 496 530
Tax 5 20 87 98 114 121
Depreciation 26 25 76 71 62 61
Capex 17 9 25 62 82 48
Working Capital 430 598 1359 2249 2419 2711
Change in WC 168 761 891 170 292
WPPF 5 4 18 18 21 22
FCF 47 -311 -488 173 109
Terminal Value
Total Value 47 -311 -488 173 109
PV Factor 1.0
PV 109

NPV 2289
Net Debt 314
Market Value 1975

Implied Price 3
Current Trading Price 11.9
 WACC Calculation
2015 2016 2017 2018
526 1164 1319 1453 Perpetual Growth Rate 3%
120 268 304 335 Risk Free Rate 11.3%
59 59 61 62 Market Rate 12.0%
31 65 74 81 Beta 1.00
2626 5554 6277 6908 Expected rate of return 12.0%
-85 2927 724 631
22 49 55 61
497 -2086 223 408 Total no of shares 707.70
4686 Price 11.9
497 -2086 223 5093
1.1 1.3 1.4 1.6 Market Cap 8421.7 96.3%
444 -1664 159 3242 Total debt 328.06 3.7%
Enterprise Value 8749.7
WACC 12.0%
n

Cost
12.0%
15.0%
 July-Mar13 July-Mar12 2013 2012
9 months 9 months
Net turnover 2,171,576,843 1,714,767,679 26.64%
Gross turnover 2,491,891,740 1,961,361,499
VAT & duty 320,314,897 246,593,820
COGS 1,734,201,225 1,253,263,898 79.86% 73.09%
Gross income 437,375,618 461,503,781 20.14% 26.91%
Selling, distrbn & admin exp 151,933,631 72,691,825 7.00% 4.24%
Operating income 285,441,987 388,811,956
Interest expense 45,939,953 83,808,559 2.12% 4.89%
Non-operating income 9,197,419 30,953,843 -70.29%
Net income b4 WPPF 248,699,453 335,957,240
WPPF 7,778,889 15,997,964 3.13% 4.76%
Net income b4 tax 240,920,564 319,959,276
income tax 66,253,155 94,466,142 27.50% 29.52%
PAT 174,667,409 225,493,134 8.04% 13.15%
-22.54%
EPS 0.25 0.32

EPS annualized 0.33 0.42

 Jan-Mar13 Jan-Mar12
3 months 3 months
745,365,647 612,605,404 21.67%
856,462,583 698,251,384
111,096,937 85,645,980
614,926,658 447,508,248 82.50% 73.05%
130,438,988 165,097,156 17.50% 26.95%
50,774,308 24,810,519 6.81% 4.05%
79,664,680 140,286,637
11,269,929 27,567,243 1.51% 4.50%
4,504,171 12,426,619 -63.75%
72,898,922 125,146,013
2,405,664 5,959,334 3.30% 4.76%
70,493,258 119,186,679
19,385,646 35,121,974 27.50% 29.47%
51,107,612 84,064,705 6.86% 13.72%
-39.20%
0.07 0.12

0.29 0.48
 July-Dec 2012 July-Dec 2011 Oct-Dec 2012 Oct-Dec 2011
6 months 6 months 3 months 3 months
Net turnover 1,426,211,196 1,102,162,275 29.40% 727,308,457 556,557,343 30.68%

Gross turnover 1,635,429,156 1,263,110,115 29.48% 837,568,560 641,871,148 30.49%

VAT & duty 209,217,960 160,947,840 110,260,103 85,313,804
Less: COGS 1,119,274,566 805,755,651 78.48% 73.11% 581,119,457 401,277,845 79.90% 72.10%

Gross income 306,936,630 296,406,624 21.52% 26.89% 146,189,000 155,279,499

Selling, distribution & admi 101,159,323 47,881,307 7.09% 4.34% 62,635,804 22,262,294 8.61% 4.00%

Operating income 205,777,307 248,525,317 83,553,196 133,017,205

Interest expense 34,670,024 56,241,316 2.43% 5.10% 16,815,372 32,628,624 2.31% 5.86%

Non-operating income 4,693,248 18,527,224 -74.67% 2,014,549 5,866,739 -65.66%

Net income b4 WPPF 175,800,531 210,811,225 68,752,373 106,255,320

WPPF 5,373,225 10,038,630 3.06% 4.76% 2268828 5059777 3.30% 4.76%

Net income b4 tax 170,427,306 200,772,595 66,483,545 101,195,543

income tax 46,867,509 59,344,168 27.50% 29.56% 18,282,975 30,171,646 27.50% 29.82%
PAT 123,559,797 141,428,427 8.66% 12.83% 48,200,570 71,023,897 6.63% 12.76%
-12.63% -32.13%

EPS 0.17 0.20 0.07 0.10

EPS annualized 0.35

 Jul-Sep12 Jul-Sep11 2012

3 months 3 months

Net turnover 698,902,739 545,604,931 28.10%

Gross turnover 797,860,596 621,238,967 28.43%

VAT & duty 98,957,857 75,634,036
Less: COGS 538,155,109 404,477,806 77.00%

Gross income 160,747,630 141,127,125 23.00%

Selling, distribution & administrative expense 38,523,519 25,619,013 5.51%

Operating income 122,224,111 115,508,112 17.49%

Interest expense 17,854,652 23,612,692 2.55%

104,369,459 91,895,420
Non-operating income 2,678,699 12,660,485 -78.84%

Net income b4 WPPF 107,048,158 104,555,905

WPPF 3,304,397 4,978,853

Net income b4 tax 103,743,761 99,577,052

income tax 28,584,534 29,172,522 27.55%
PAT 75,159,227 70,404,530 10.75%
6.75%

EPS 0.11

EPS annualized 0.42

 2011

74.13%

25.87%

4.70%

21.17%

4.33%

29.30%
12.90%
TURNOVER
Cosmetics 1,304,536,379 46% Export 173,551,752
Detergent 455,729,516 16% % of total sales 6%
Soap 1,057,248,233 38%
2,817,514,128
Upto Quarter3 9 months 3 months
July11-Mar12 Jan to mar 12

Net Sales 1,714,767,679 612,605,404

Cost of goods sold 1,253,263,898 447,508,248 73.09% 73.05%
Gross income 461,503,781 165,097,156 26.91% 26.95%

Selling, Distribution & Adm.Exp. 72,691,826 24,810,519 4.24% 4.05%

Financial Expenses 83,808,559 27,567,243 4.89% 4.50%
Total Operating Expense 156,500,385 52,377,762 9.13% 8.55%

Operating income 305,003,396 112,719,394

Non Operating Income 30,953,843 12,426,619

NET INCOME BEFORE WPP&WF 335,957,239 125,146,013

Allocation for WPP & WF 15,997,964 5,959,334

NET INCOME BEFORE TAX 319,959,275 119,186,679

Provision for Income tax 94,466,142 35,121,974 29.52% 29.47%

NET INCOME FOR 3rd QUAR ENDED 225,493,133 84,064,705 13.15% 13.72%

EPS 1.52 1.14

Annualized EPS 2.03 4.54

Net income (annualized) 300,657,511