2010 2011 2012 2013 2014 2014

Liquidity Ratios Merit Packg

Current ratio: 3.52 2.57 1.57 1.57 1.67 1.41
Quick ratio: 2.01 1.25 1.14 1.18 1.23 0.84

Asset Management Ratios

Inventory turnover: 5.95 3.05 7.26 8.39 7.90 5.44
Days Sales Outstanding: 27 47 60 34 32 51
Fixed Assets Turnover: 0.70 0.40 0.57 0.39 0.34 2.62
Total Assets Turnover: 0.47 0.26 0.26 0.28 0.25 1.23

Debt Management Ratios

Debt ratio: 32% 33% 21% 21% 16% 67%
Times-interest earned: 0.09 1.80 1.62 1.18 1.26 1.07
EBIDTA coverage: 0.09 1.80 1.62 1.18 1.26 N/A

Profitability Ratios
Net Profit margin: -1.5% -11.4% -19.5% 8.9% 14.4% -0.6%
Gross Profit margin: 3.7% 9.5% 9.8% 11.5% 12.6% 8.5%
Basic Earning Power: -0.3% 2.0% 1.9% 1.9% 1.6% 6.7%
Return on Assets: -0.8% -3.6% -5.9% 2.9% 4.2% -0.7%
Return on Equity: -14.2% -66.9% -115.7% 66.0% 107.3% -3.3%

Market Value Ratios

Earnings per share: -1.42 -6.69 -11.57 6.60 10.82 -0.47
Price/Earnings ratio: -83.20 -11.96 -13.48 40.61 60.62 -40.13
BVPS: 10.00 10.00 10.00 10.00 10.09 N/A
Market/Book ratio: 11.80 8.00 15.60 26.80 65.04 N/A
 2014 2015 2016 2017 2018 2019
Merit Packg
1.41 Current ratio: 1.1334710614 0.928798 0.761083 0.623652 0.511038
0.84 Quick ratio: 0.9749968612 0.878815 0.792122 0.713981 0.643548

5.44 Inventory turnover: 9.8615229207 11.54825 13.52347 15.83654 18.54523

51 Days Sales Outstanding: 38.045217548 37.93582 37.82673 37.71796 37.60951
2.62 Fixed Assets Turnover: 0.2980576143 0.257631 0.222688 0.192484 0.166377
1.23 Total Assets Turnover: 0.2070985488 0.184278 0.163973 0.145904 0.129827

67% Debt ratio: 0.1394442739 0.116544 0.097404 0.081407 0.068038

1.07 Times-interest earned: 1.7067922466 1.879341 2.05189 2.224439 2.396988
N/A EBIDTA coverage: 1.7067922466 1.879341 2.05189 2.224439 2.396988

-0.6% Net Profit margin: 13.8% 19.0% 24.2% 29.4% 34.7%

8.5% Gross Profit margin: 0.1923956374 0.250705 0.326687 0.425696 0.554712
6.7% Basic Earning Power: 2.5% 2.8% 3.2% 3.5% 3.9%
-0.7% Return on Assets: 4.4% 6.0% 7.7% 9.4% 11.0%
-3.3% Return on Equity: 108.1% 145.6% 183.2% 220.8% 258.4%

-0.47 Earnings per share: 10.88 14.66 18.43 22.21 25.99

-40.13 Price/Earnings ratio: 100.58 134.60 168.62 202.64 236.66
N/A BVPS: 10.06820713 10.08533 10.10249 10.11967 10.13688
N/A Market/Book ratio: 63.03 75.56 88.09 100.62 113.14
Forecasting
Balance Sheet
as at December 31, 20XX

2010 % 2011
EQUITY AND LIABILITIES
CAPITAL AND RESERVES

Authorised capital
150,000,000 (2010: 150,000,000) ordinary shares of Rs. 10 each 1,500,000 1,500,000
22,000,000 (2010: 22,000,000) 10 % non-voting cumulative
preference shares / convertible stock of Rs. 190 each 4,180,000 4,180,000

Issued, subscribed and paid up capital

84,379,504 (2010: 84,379,504) ordinary shares of Rs. 10 each 843,795 843,795
Reserves 24,218,774 28,179,067
Preference shares / convertible stock reserve 1,605,875 1,605,875
Accumulated (loss) / profit 261,441 -1,513,353
26,929,885 68% 29,115,384

NON-CURRENT LIABILITIES
Long-term finances 7,956,291 8,575,339
Liabilities against assets subject to finance lease
Deferred income tax liabilities 2,168,000 1,955,932
Retirement benefits 167 406,830
Deferred liabilities 149,173 161,795
10,273,631 26% 11,099,896

CURRENT LIABILITIES
Current portion of long-term finances - secured 14,286 380,952
Finances under mark up arrangements - secured 141,231 796,227
Derivative financial instruments
Trade and other payables 1,794,059 1,731,255
Accrued finance costs 471,712 534,021
2,421,288 6% 3,442,455

Liabilities of disposal group classified as held for sale

CONTINGENCIES AND COMMITMENTS
39,624,804 100% 43,657,735

ASSETS
NON-CURRENT ASSETS
Property, plant and equipment 18,614,814 18,346,058
Investment property 31,588 29,943
Intangible assets 2,392 38,888
Investments 12,219,037 16,288,141
Long-term loans and deposits 128,429 110,873
Retirement benefits 94,557 3,094
31,090,817 78% 34,816,997

CURRENT ASSETS
Stores and spares 1,049,950 978,741
Stock-in-trade 3,669,151 4,525,757
Trade debts 1,643,275 1,764,577
Loans, advances, deposits, prepayments and other receivables 265,361 454,548
Income tax receivable 766,107 941,439
Cash and bank balances 1,140,143 175,676
8,533,987 22% 8,840,738
Assets of disposal group classified as held for sale

39,624,804 100% 43,657,735

 % 2012 % 2013 % 2014 %

1,500,000 1,500,000 1,500,000

4,180,000 4,180,000 4,180,000

843,795 843,795 863,795

31,075,416 38,054,142 44,766,414
1,605,875 1,605,875 1,571,699
-2,902,364 1,585,716 2,800,819
67% 30,622,722 67% 42,089,528 79% 50,002,727 84%

4,470,577 5,170,577 4,228,815

24,182 25,685
320,089 513,563 292,841
306,808 578
121,061 139,576 174,581
25% 5,218,535 11% 5,848,476 11% 4,721,922 8%

1,000,000 203,702 204,696

808,942 1,517,638 1,262,596
164,559 27,272
1,977,498 3,052,362 3,144,680
530,501 530,324 517,634
8% 4,481,500 10% 5,331,298 10% 5,129,606 9%

5,669,197

100% 45,991,954 100% 53,269,302 100% 59,854,255 100%

3,459,115 3,665,286 3,685,677

25,473 90,838 137,787
41,411 32,185 37,652
20,795,660 41,048,030 47,304,365
 97,105 67,006 52,558
0 6,540 87,881
80% 24,418,764 53% 44,909,885 84% 51,305,920 86%

461,625 568,593 492,967

1,909,807 2,064,901 2,230,500
2,279,915 1,622,809 1,527,372
412,866 1,691,387 1,797,214
1,603,306 2,175,853 2,247,790
362,380 235,874 252,492
20% 7,029,899 15% 8,359,417 16% 8,548,335 14%
14,543,291

100% 45,991,954 100% 53,269,302 100% 59,854,255 100%

Income Statement
as at December 31, 20XX

(Rupees in thousand) 2010 % 2011 %

Continuing Operations
Local Sales 20,598,198 13,723,196
Export Sales 1,239,235 73,456
21,837,433 13,796,652

Less: Sales & Excice Duty 3,266,556 2,393,077

Commission 34,969 17,164
3,301,525 2,410,241

Net Sales 18,535,908 100% 11,386,411 100%

Cost of Sales 17,732,996 96% 10,071,355 88%

Gross Profit 802,912 4% 1,315,056 12%

Administrative Expense 511,238 286,809

Distribution & Marketing Costs 579,349 385,980
Project Expenditure 3,791 55,768
Other operating expenses 15,185 4,062
Other Income 202,368 289,281

Profit from operations -104,283 -0.6% 871,718 7.7%

Finance costs -1,210,323 -483,649
Investment Income 997,260 1,040,290
Reversal of Impairment -391,189

Profit before tax -317,346 -1.7% 1,037,170 9.1%

Taxation -15,079 -876,444

Profit for the year from continuing operations -332,425 160,726

Less for the year from discontinued operations -1,728,678
Profit for the year -332,425 -1.8% -1,567,952 -13.8%

Basic Earnings/(Loss) per share

From Continuing operations 3.94 1.90
From discontinued operations -20.48
From profit for the year 3.94 -18.58

Diluted Earnings/(Loss) per share

From Continuing opearations 3.94 1.90
From Discontinued Operations -20.48
From profit for the year 3.94 -18.58
Average Share price at 31st Dec 118 80
 2012 % 2013 % 2014 %

13,808,154 17,245,668 17,581,898

63,220 68,615 45,460
13,871,374 17,314,283 17,627,358

2,110,315 2,405,078 2,515,545

15,769 21,348 24,463
2,126,084 2,426,426 2,540,008

11,745,290 100% 14,887,857 100% 15,087,350 100%

10,386,198 88% 12,892,590 87% 12,872,825 85%

1,359,092 12% 1,995,267 13% 2,214,525 15%

345,690 587,636 787,249

416,321 586,466 580,062

30,888 153,971 221,968

288,492 329,377 322,147

854,685 7.3% 996,571 6.7% 947,393 6.3%

-528,371 -845,253 -751,551
1,534,453 2,043,111 2,553,678
361,161

2,221,928 18.9% 2,194,429 14.7% 2,749,520 18.2%

-874,592 -398,617 -213,216

1,347,336 1,795,812 2,536,304

-4,058,801 -249,103
-2,711,465 -23.1% 1,546,709 10.4% 2,536,304 16.8%

15.97 21.28 29.89

-48.10 -2.95
-32.13 18.33 29.89

15.76 20.01 26.59

-48.10 -2.95
-32.34 17.06 26.59
156 268 656
 2010 2011 2012
Cash Flow from operating activites

Cash Generated from Operations 2,048,790 (810,780) 395,637

Finance Cost Paid (988,292) (1,423,001) (1,509,395)
Taxes Paid (490,263) (431,528) (758,677)
Payment for accumlating compensating absence (16,805) (10,524) (28,670)
Retirement Benefits paid (50,488) (62,831) (73,960)

Net Cash Generated from Operating Activities 502,942 (2,738,664) (1,975,065)

Cash Flow from Investing Activites

Fixed Capital Expenditure (633,758) (1,225,371) (1,234,627)

Investment - Net 50,968 3,035 13
Decrease in Long Terms Loans and Deposits 11,148 17,556 13,768
Proceeds from disposal Of plant, property, Equipment 25,034 190,023 113,764
Proceeds from asset written off due to fire - 384,563 233,463
Dividends Received 946,292 1,037,255 1,534,440
Acqisition of subsidiary (9)
Net Cash Generated from Investing Activities 399,684 407,061 660,821

Cash Flow from Financing Activites

Repayments of Long term Finances-secured - (14,286) (5,485,714)

Proceeds from long term finances- Secured - 1,000,000 2,000,000
Liabilities against assets subject to finance Lease- net (272,938)
Dividends Paid (273,574) (126,044)

Net Cash Generated from Financing Activities (272,938) 712,140 (3,611,758)

Net cash increase/decrease 629,688 (1,619,463) (4,926,011)

Cash and Cash Equivalent at the beginning of the year 369,224 998,912 (620,551)
Cash and Cash Equivalent transferred

Cash and Cash Equivalent at the end of the year 998,912 (620,551) (5,546,562)
 2013 2014

2,530,095 1,432,406
(1,090,306) (764,241)
(548,880) (535,873)
(81,855) (17,079)
(320,767) (13,450)

488,287 101,763

(824,797) (629,738)
(2,274,953) (600,000)
11,499 14,448
69,982 106,792
102,003 -
2,043,111 2,553,678

(873,155) 1,445,180

(1,100,000) (600,000)
1,000,000 -
27,884 (3,599)
(378,218) (671,684)

(450,334) (1,275,283)

(835,202) 271,660
(5,546,562) (1,281,764)
5,100,000 -

(1,281,764) (1,010,104)
Statement of Equity
2010 2011 2012 2013

Share Capital 843,795 843,795 843,795

Share Premium 2,876,893 2,876,893 2,876,893
Fair Value Reserve 9,141,841 13,288,190 23,566,916
General Reserve 16,160,333 14,910,333 11,610,333
Preference Share/Convertible stock Reserves 1,605,875 1,605,875 1,605,875
Accumulated Loss/ Profit (1,080,744) (2,668,778) 1,585,716
Total - 29,547,993 30,856,308 42,089,528
 2014

863,795
3,232,831
29,223,250
12,310,333
1,571,699
2,800,819
50,002,727