2013 2012 2011 2010 2009

Rs in (000) Rs in (000) Rs in (000) Rs in (000) Rs in (000)

Balance Sheet items
Share Capital and Reserves
Authorized Capital
50,000,000(2012: 50,000,000) ordinary
share of Rs 10/- each 500,000 500,000 500,000 300000 300,000

Issued subscribed and paid up capital 402,660 366,055 366,055 292,844 234,275
General Reserves 3,306,590 3,368,710 2,766,678 2,467,776 2,220,776
Unappropriated profit 1,003,876 1,402,096 1,490,726 1,406,730 892,018
Fair Value Reserve 50,714 25,057 28,777 25,057 23,774
Proprietor's Fund 4,763,840 5,161,918 4,652,236 4,192,407 3,370,843
Property, Plant and equipment 448,375 415,926 435,516 411,759 405,618

Capital Work in process 204,112 168,260 155,137 155,476 104,225

Intangible assets in progress 841 5,871 17,614 29,357 30,208
Investment Property 255,708 255,708 255,708 273,203 273,203
Long Term Investment 354,119 288,187 291,907 288,187 286,904
Long Term Loans 2,065 2,702 2,860 3,188 3,375
Stores and Spares 133,485 68,419 131,559 110,599 77,244
Stock in trade 2,601,698 2,986,120 2,580,293 2,475,904 2,077,022
Trade Debts 974,158 411,326 176,430 454,465 127,209
Loan and Advances 71,498 181,535 215,293 239,358 101,790
Trade deposits and Prepayments 27,384 25,103 19,132 23,008 15,879
Other Receivables 86,483 97,630 801,351 2,028,902 1,107,934
Taxation-net 293,083 502,439 137,386 46,612 3,267
Short Term Investment 551,871 2,461,860 2,971,296 4,116,821 1,173,439
Cash and Bank balance 2,087,580 654,806 393,502 1,109,055 995,373
Current assets 8,732,156 9,038,370 7,426,242 10,604,724 5,679,157
Total assets 10,125,402 10,289,220 8,584,984 11,765,894 6,782,800

Shareholder's Equity 4,763,840 5,161,918 4,652,236 4,192,407 3,370,843

Non current Liabilities 30,148 28,530 36,091 17,913 51,437
Current Liabilities 5,331,414 5,098,772 3,896,657 7,555,574 3,360,520
Total Liabilities and Equity 10,125,402 10,289,220 8,584,984 11,765,894 6,782,800
Profit and loss items
Net sales 22,698,651 20,133,130 24,863,264 22,199,909 15,910,619
Cost of Sales 18,688,384 16,699,313 20,431,301 18,217,109 13,488,854
Gross Profit 4,010,267 3,433,817 4,431,963 3,982,800 2,421,765
Distribution and marketing expenses 494,367 483,940 540,461 546,976 423,241
Administrative Expenses 340,081 310,629 306,877 292,340 242,788
Operating Profit 3,175,819 2,639,248 3,584,625 3,143,484 1,755,736
Other Operating Income 301,383 472,618 679,562 450,555 198,950
Other Operating Expenses 239,676 230,113 340,340 247,920 162,530
Finance Cost 64,554 6,408 9,562 9,498 39,824
Profit before Tax 3,172,972 2,875,345 3,914,284 3,336,621 1,752,332
Taxation 1,034,326 897,727 1,243,548 1,052,123 537,212
Profit after Tax 2,138,646 1,977,618 2,670,736 2,284,498 1,215,120
2013 2012 2011 2010 2009
 Rs in (000) Rs in (000) Rs in (000) Rs in (000) Rs in (000)

Market price per share 524.99 482.85 601.71 480.31 279.24

Dividend per share 55 65 47.5 65 45
No of share outstanding 40,266 36,606 36,606 29,284 23,427
Financial Ratios

Liquidity Ratios
Absolute Liquid Ratio 0.39 0.13 0.10 0.15 0.30
Current Ratio (Times) 1.64 1.77 1.91 1.40 1.69
10.00
Quick Ratio ( Times) 1.15 1.19 1.24 1.08 1.07
9.00
8.00
Profitability Ratios 7.00
5.38
Gross Profit 18% 17% 18% 18% 6.00
15%
Operating Profit 14% 13% 14% 14% 5.00
11%
4.00
Net Profit 9% 10% 11% 10% 8%
3.00
Return on assets 21% 19% 31% 19% 18%90.00
2.00 Operati
Return on Equity 45% 38% 57% 54% 36% 80.00
1.00
16% 0.00
70.00
Activity Ratios Dividend Yield 14% 60.00
2009
Receivable Turnover Ratio (Times) 33 8 12 15 250
2013 2012 2011 2010 2009 12% 24 50.00
Receivable Turnover in days (days) 11 44 31 1
Inventory Turnover Ratio (Times) 7 6 8 10% 8 1340.00
Average Receivables 692742 2421644.5 2079615 1438115
8% 63604.530.00
17.04%
Average Inventory 2793909 2783206.5 2528098.5 2276463
6% 103851120.00
26.21%
Inventory Conversion Period (Days) 55 61 45 46 2810.00
4%
0.00
Solvency Ratios 2% 2009
21.90%
Debt-to-Equity 0.53 0.50 0.46 0%0.64 0.50
2009 2010 2011 2
Interst Coverage Ratio (Times)
22.01% 49.20 411.87 374.88 330.96 44.09
Total Asset Turnover Ratio 2.24 1.96 2.90 1.89 2.35
Solvency Ratio 12.84% 61% 57% 53% 71% 60%
Propriety Ratio 0.47 0.50 0.54 0.36 0.50

Stock Holders Equity

Earning Per Share 53.11 54.02 72.96 78.01 51.87
Price Earning Ratio (Times) 9.88 8.94 8.25 6.16 5.38
Dividend Yield (%) 10 13 8 14 16
Dividend payout Ratio (%) 104
Dividend Payout Ratio
120 65 83 87
Dividend Cover (Times) 0.97
140 0.83 1.54 1.20 1.15
120

100

80 Dividend Payout Ratio

Axis Title
60

40
 80 Dividend Payout Ratio
Axis Title
60

40

Dividend Coverage20Ratio
0
1.80 2009 2010 2011 2012 2013
1.60
1.40
1.20
1.00 Dividend Coverage Ratio

0.80
0.60
0.40
0.20
0.00
2009 2010 2011 2012 2013

Net Profit

2009; 15.94% 2013; 19.66%

2010; 21.48%
2012; 20.50%

2011; 22.42%

Return on Equity
70% Absolu
 Return on Equity
70% Absolu
60%
0.40
50% 0.35
0.30
40% Return on Equity 0.25
0.20
30% 0.15
0.10
20%
0.05
10% 0.00
2013
2012
0%
2009 2010 2011 2012 2013
A

Current Ratio (Times)

2.00

1.50

1.00

0.50

0.00
2009
2010
2011
2012
2013
Current Ratio (Times)
 Interest Coverage Ratio
Tota
3.50
100%
3.00
50% Interest Coverage Ratio
0% 2.50
2009 2.00
2010
2011 1.50
2012
1.00
2013
0.50

0.00
2009 2010

Solvency Ratio
80%
70%
60% 0.60

50% 0.50
40% Solvency Ratio
30% 0.40
20%
0.30
10%
0% 0.20
2009
2010
2011 0.10
2012
2013
0.00
2009 2010
 10.00 9.88
9.00 8.94
8.25
8.00
7.00 6.16
5.38
6.00
5.00
4.00 Earning Per Share
3.00
90.00
2.00 Operating Profit
80.00
1.00
0.00
70.00
2009
60.00 2010
2011
2012 Earning Per Share
50.00 2013
40.00 Price Earning Ratio (Times)
Operating Profit
30.00
20.00
10.00
0.00
2009 2010 2011 2012 2013

009 2010 2011 2012 2013

vidend Payout Ratio

vidend Payout Ratio

Return on assets
Return on assets

31%
21%
19%
19%
18%

2013
2012
2011
2010
2009

Absolute Liquid Ratio

 Absolute Liquid Ratio
0.40
0.35
0.30
0.25
0.20
0.15
0.10
0.05
0.00
2013
2012
2011
2010
2009
Absolute Liquid Ratio

Debt-to-Equity
2013 2012 2011 2010 2009

19.11% 20.11%

18.93%
24.45%

17.40%
 24.45%

17.40%

Total Asset Turnover Ratio

3.50

3.00

2.50

2.00 Total Asset Turnover Ratio

1.50

1.00

0.50

0.00
2009 2010 2011 2012 2013

Propriety Ratio
0.60

0.50

0.40
Propriety Ratio
0.30

0.20

0.10

0.00
2009 2010 2011 2012 2013
 2013 2012 2011 2010 2009

Rs in (000) Rs in (000) Rs in (000) Rs in (000) Rs in (000)

Balance Sheet items

Share Capital and Reserves

Authorized Capital

50,000,000(2012: 50,000,000) ordinary

share of Rs 10/- each 500,000 500,000 500,000 300000 300,000

Issued subscribed and paid up capital 402,660 366,055 366,055 292,844 234,275

General Reserves 3,306,590 3,368,710 2,766,678 2,467,776 2,220,776

Unappropriated profit 1,003,876 1,402,096 1,490,726 1,406,730 892,018

Fair Value Reserve 50,714 25,057 28,777 25,057 23,774

Proprietor's Fund 4,763,840 5,161,918 4,652,236 4,192,407 3,370,843

Property, Plant and equipment 448,375 415,926 435,516 411,759 405,618

Capital Work in process 204,112 168,260 155,137 155,476 104,225

Intangible assets in progress 841 5,871 17,614 29,357 30,208

Investment Property 255,708 255,708 255,708 273,203 273,203

Long Term Investment 354,119 288,187 291,907 288,187 286,904

Long Term Loans 2,065 2,702 2,860 3,188 3,375

Stores and Spares 133,485 68,419 131,559 110,599 77,244

Stock in trade 2,601,698 2,986,120 2,580,293 2,475,904 2,077,022

Trade Debts 974,158 411,326 176,430 454,465 127,209

Loan and Advances 71,498 181,535 215,293 239,358 101,790

Trade deposits and Prepayments 27,384 25,103 19,132 23,008 15,879

Other Receivables 86,483 97,630 801,351 2,028,902 1,107,934

Taxation-net 293,083 502,439 137,386 46,612 3,267

Short Term Investment 551,871 2,461,860 2,971,296 4,116,821 1,173,439

Cash and Bank balance 2,087,580 654,806 393,502 1,109,055 995,373

Current assets 8,732,156 9,038,370 7,426,242 10,604,724 5,679,157

Total assets 10,125,402 10,289,220 8,584,984 11,765,894 6,782,800

Shareholder's Equity 4,763,840 5,161,918 4,652,236 4,192,407 3,370,843

Non current Liabilities 30,148 28,530 36,091 17,913 51,437

Current Liabilities 5,331,414 5,098,772 3,896,657 7,555,574 3,360,520

Total Liabilities and Equity 10,125,402 10,289,220 8,584,984 11,765,894 6,782,800

Profit and loss items

Net sales 22,698,651 20,133,130 24,863,264 22,199,909 15,910,619

Cost of Sales 18,688,384 16,699,313 20,431,301 18,217,109 13,488,854

Gross Profit 4,010,267 3,433,817 4,431,963 3,982,800 2,421,765

Distribution and marketing expenses 494,367 483,940 540,461 546,976 423,241

Administrative Expenses 340,081 310,629 306,877 292,340 242,788

Operating Profit 3,175,819 2,639,248 3,584,625 3,143,484 1,755,736

Other Operating Income 301,383 472,618 679,562 450,555 198,950

Other Operating Expenses 239,676 230,113 340,340 247,920 162,530

Finance Cost 64,554 6,408 9,562 9,498 39,824

Profit before Tax 3,172,972 2,875,345 3,914,284 3,336,621 1,752,332

Taxation 1,034,326 897,727 1,243,548 1,052,123 537,212

Profit after Tax 2,138,646 1,977,618 2,670,736 2,284,498 1,215,120

2013 2012 2011 2010 2009

Rs in (000) Rs in (000) Rs in (000) Rs in (000) Rs in (000)

Market price per share 524.99 482.85 601.71 480.31 279.24

Dividend per share 55 65 47.5 65 45
No of share outstanding 40,266 36,606 36,606 29,284 23,427
Financial Ratios

Liquidity Ratios
Absolute Liquid Ratio 0.39 0.13 0.10 0.15 0.30
Current Ratio (Times) 1.64 1.77 1.91 1.40 1.69
Quick Ratio ( Times) 1.15 1.19 1.24 1.08 1.07

Debt Ratios
Interst Coverage Ratio (Times) 49.20 411.87 374.88 330.96 44.09
Debt Ratio 0.53 0.50 0.46 0.64 0.50
Profitability Ratios
Gross Profit 18% 17% 18% 18% 15%
Operating Profit 14% 13% 14% 14% 11%
Net Profit 9% 10% 11% 10% 8%
Return on assets 21% 19% 31% 19% 18%
Return on Equity 45% 38% 57% 54% 36%
Earning Per Share 53.11 54.02 72.96 78.01 51.87

Activity Ratios
Receivable Turnover Ratio (Times) 33 8 12 15 250
Receivable Turnover in days (days) 11 44 31 24 1
Inventory Turnover Ratio (Times) 7 6 8 8 13
Average Receivables 692742 2421644.5 2079615 1438115 63604.5
Average Inventory 2793909 2783206.5 2528098.5 2276463 1038511
Inventory Conversion Period (Days) 55 61 45 46 28
Total Asset Turnover Ratio 2.24 1.96 2.90 1.89 2.35

Solvency Ratios
Debt-to-Equity 0.53 0.50 0.46 0.64 0.50

Solvency Ratio 61% 57% 53% 71% 60%

Propriety Ratio 0.47 0.50 0.54 0.36 0.50

Stock Holders Equity

Price Earning Ratio (Times) 9.88 8.94 8.25 6.16 5.38

Dividend Yield (%) 10 13 8 14 16
Dividend payout Ratio (%) 104 120 65 83 87
Dividend Cover (Times) 0.97 0.83 1.54 1.20 1.15

Current Ratio (Times)

2.00
1.50
1.00
0.50
0.00
2009 2010 2011 2012 2013
Current Ratio (Times)

Operating Profit Net Profit

16%
14%
12% 2009; 15.94% 2013; 19.66%
10% Operating Profit
8%
2010; 21.48%
2012; 20.50%
6%
4%
2%
0% 2011; 22.42%
2009 2010 2011 2012 2013

Return on assets Return on Equity

Return on assets 70%

60%
31%
50%
21%
19% 40% Return on Equit
19%
18%
30%

20%

10%
2013
2012 0%
2011
2010
2009 2009 2010 2011 2012 2013
 10%
2013
2012 0%
2011
2010
2009 2009 2010 2011 2012 2013

Receivable Turnover Ratio Inventory Turnover Ratio (Times)

300 100%
90%
250 80%
70%
200 60%
Receivable Turnover50%
Ratio 40%
150 30%
20%
100 10%
0%
50 2009 2010 2011 2012 2013
0
2009 2010 2011 2012 2013 Inventory Turnover Ratio (Times)

Inventory Conversion Period (Days) Average Receivables

Inventory Conversion Period (Days) 2013 2012 2011 2010 2009

0.95%
10.35%
21.48%

46 61
28 45 55 36.17%

2009 31.06%
2010
2011
2012
2013

Debt-to-Equity Interest Coverage Ratio

2013 2012 2011 2010 2009

19.11% 100%
20.11%
Interest Cover
50% Ratio
0%
09
18.93% 20 10
24.45% 20 11
20 12
20 13
20

17.40%
 19.11% 20.11%
Interest Cover
50% Ratio
0%
09
18.93% 20 10
24.45% 20 11
20 12
20 13
20

17.40%

Total Asset Turnover Ratio Solvency Ratio

3.50 80%
3.00 70%

2.50 60%
50%
Total Asset Turnover
2.00 Ratio Solvency R
40%
1.50 30%
1.00 20%
10%
0.50
0%
0.00 2009 2010
2009 2010 2011 2012 2013 2011 2012
2013

Propriety Ratio Earning Per Share

0.60 90.00
80.00
0.50
70.00
0.40 60.00
Propriety Ratio Earning Per
0.30 50.00 Share
40.00
0.20
30.00
0.10 20.00
10.00
0.00
0.00
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

10.00 9.88
8.94
9.00
8.00
8.25 Dividend Yield
7.00 6.16 2013 2012 2011 2010 2009
5.38
6.00
5.00
4.00 17.04%
3.00 26.21%
2.00
1.00
 8.00
Dividend Yield
7.00 6.16 2013 2012 2011 2010 2009
5.38
6.00
5.00
4.00 17.04%
3.00 26.21%
2.00
1.00
0.00 21.90%
2009 2010 2011 2012 22.01%
2013
Price Earning Ratio (Times) 12.84%

Dividend Payout Ratio Dividend Coverage Ratio

140 1.80
120 1.60
1.40
100
Dividend Payout 1.20
Dividend
80 Ratio 1.00 Coverage Rati
Axis Title
60 0.80
0.60
40
0.40
20 0.20
0 0.00
2009 2011 2013 2009 2010 2011 2012 2013

Absolute Liquid Ratio Current Ratio (Times)

0.40 2.00
0.35 1.80
1.60
0.30
1.40
0.25 1.20
0.20 1.00
0.15 0.80
0.10 0.60
0.40
0.05
0.20
0.00 0.00
2013 2009
2012 2010
2011 2011
2010 2012
2009 2013
Absolute Liquid Ratio Current Ratio (Times)
Profit

94% 2013; 19.66%

2012; 20.50%

22.42%

on Equity

Return on Equity

2 2013
 2 2013

over Ratio (Times)

2011 2012 2013

rnover Ratio (Times)

e Receivables
2 2011 2010 2009

0.95%
10.35%

36.17%

Coverage Ratio

Interest Coverage
Ratio

12
13
20
 Interest Coverage
Ratio

12
13
20

ency Ratio

Solvency Ratio

2012 2013

ng Per Share

Earning Per
Share

011 2012 2013

idend Yield
2 2011 2010 2009

17.04%
idend Yield
2 2011 2010 2009

17.04%

21.90%

12.84%

d Coverage Ratio

Dividend
Coverage Ratio

011 2012 2013

nt Ratio (Times)

10 2011 2012 2013

urrent Ratio (Times)
 2013 2012
Rs in (000) Rs in (000)
Balance Sheet items
Share Capital and Reserves
Authorized Capital
50,000,000(2012: 50,000,000) ordinary
share of Rs 10/- each 500,000 500,000
Issued subscribed and paid up capital 402,660 366,055
General Reserves 3,306,590 3,368,710
Unappropriated profit 1,003,876 1,402,096
Fair Value Reserve 50,714 25,057
Proprietor's Fund 4,763,840 5,161,918
Property, Plant and equipment 448,375 415,926
Capital Work in process 204,112 168,260
Intangible assets in progress 841 5,871
Investment Property 255,708 255,708
Long Term Investment 354,119 288,187
Long Term Loans 2,065 2,702
Stores and Spares 133,485 68,419
Stock in trade 2,601,698 2,986,120
Trade Debts 974,158 411,326
Loan and Advances 71,498 181,535
Trade deposits and Prepayments 27,384 25,103
Other Receivables 86,483 97,630
Taxation-net 293,083 502,439
Short Term Investment 551,871 2,461,860
Cash and Bank balance 2,087,580 654,806
Current assets 8,732,156 9,038,370
Total assets 10,125,402 10,289,220
Shareholder's Equity 4,763,840 5,161,918
Non current Liabilities 30,148 28,530
Current Liabilities 5,331,414 5,098,772
Total Liabilities and Equity 10,125,402 10,289,220
Profit and loss items
Net sales 22,698,651 20,133,130
Cost of Sales 18,688,384 16,699,313
Gross Profit 4,010,267 3,433,817
Distribution and marketing expenses 494,367 483,940
Administrative Expenses 340,081 310,629
Operating Profit 3,175,819 2,639,248
Other Operating Income 301,383 472,618
Other Operating Expenses 239,676 230,113
Finance Cost 64,554 6,408
Profit before Tax 3,172,972 2,875,345
Taxation 1,034,326 897,727
Profit after Tax 2,138,646 1,977,618

2013 2012
Rs in (000) Rs in (000)

Market price per share 524.99 482.85

Dividend per share 55 65
No of share outstanding 40,266 36,606
Financial Ratios

Liquidity Ratios
Absolute Liquid Ratio 0.39 0.13
Current Ratio (Times) 1.64 1.77
Quick Ratio ( Times) 1.15 1.19

Profitability Ratios
Gross Profit 18% 17%
Operating Profit 14% 13%
Net Profit 9% 10%
Return on assets 21% 19%
Return on Equity 45% 38%

Activity Ratios
Receivable Turnover Ratio (Times) 33 8
Receivable Turnover in days (days) 11 44
Inventory Turnover Ratio (Times) 7 6
Average Receivables 692742 2421644.5
Average Inventory 2793909 2783206.5
Inventory Conversion Period (Days) 55 61

Solvency Ratios
Debt-to-Equity 0.53 0.50
Interst Coverage Ratio (Times) 49.20 411.87
Total Asset Turnover Ratio 2.24 1.96
Solvency Ratio 61% 57%
Propriety Ratio 0.47 0.50

Stock Holders Equity

Earning Per Share 53.11 54.02
Price Earning Ratio (Times) 9.88 8.94
Dividend Yield (%) 10 13
Dividend payout Ratio (%) 104 120
Dividend Cover (Times) 0.97 0.83
 2011 2010 2009
Rs in (000) Rs in (000) Rs in (000)

500,000 300000 300,000

366,055 292,844 234,275
2,766,678 2,467,776 2,220,776
1,490,726 1,406,730 892,018
28,777 25,057 23,774
4,652,236 4,192,407 3,370,843
435,516 411,759 405,618
155,137 155,476 104,225
17,614 29,357 30,208
255,708 273,203 273,203
291,907 288,187 286,904
2,860 3,188 3,375
131,559 110,599 77,244
2,580,293 2,475,904 2,077,022
176,430 454,465 127,209
215,293 239,358 101,790
19,132 23,008 15,879
801,351 2,028,902 1,107,934
137,386 46,612 3,267
2,971,296 4,116,821 1,173,439
393,502 1,109,055 995,373
7,426,242 10,604,724 5,679,157
8,584,984 11,765,894 6,782,800
4,652,236 4,192,407 3,370,843
36,091 17,913 51,437
3,896,657 7,555,574 3,360,520
8,584,984 11,765,894 6,782,800

24,863,264 22,199,909 15,910,619

20,431,301 18,217,109 13,488,854
4,431,963 3,982,800 2,421,765
540,461 546,976 423,241
306,877 292,340 242,788
3,584,625 3,143,484 1,755,736
679,562 450,555 198,950
340,340 247,920 162,530
9,562 9,498 39,824
3,914,284 3,336,621 1,752,332
 1,243,548 1,052,123 537,212
2,670,736 2,284,498 1,215,120

2011 2010 2009

Rs in (000) Rs in (000) Rs in (000)

601.71 480.31 279.24

47.5 65 45
36,606 29,284 23,427

0.10 0.15 0.30

1.91 1.40 1.69
1.24 1.08 1.07

18% 18% 15%

14% 14% 11%
11% 10% 8%
31% 19% 18%
57% 54% 36%

12 15 250
31 24 1
8 8 13
2079615 1438115 63604.5
2528098.5 2276463 1038511
45 46 28

0.46 0.64 0.50

374.88 330.96 44.09
2.90 1.89 2.35
53% 71% 60%
0.54 0.36 0.50

72.96 78.01 51.87

8.25 6.16 5.38
8 14 16
 65 83 87
1.54 1.20 1.15