Balance Sheet Of 5 Years

2020 2019 2018

Property plant and equipment 22,744,239 18,256,474 15451969
Intangibal assets 171,459 66,161 42410
Long term investment 1,853,735 1,008,735 380549
Long term loan 113,823 66,762 60747
Long term deposit 38,337 28,019 25055
non current assets 24,921,593 19,425,151 15960730
Stores and spares 1,062,524 887,659 779198
Stock in trade 8,810,625 6,282,491 51211718
Trade debts 7,207,391 8,247,740 7293008
Loans and advance 485,930 1,063,342 617743
Deposit prepayment and other recei 193,182 194,544 179864
Accured income 2,239 10,441 2,451,806
Tex refund due from government 2,408,014 1,925,439 147425
Short term investment 125,044 1,207,251 5014
Cash and bank branch 150,787 1,538,664 193,687
Current assets 20,445,736 21,357,471 16789463
Total assets 45,367,329 40,782,622 32750193
Authorized and capital 10,000,000 10,000,000 3000000
Issued subscribed and paid capital 8,721,975 8,721,975 1901104
Reserve 3,791,602 3,791,602 38863
Unapropriateed profit 4,766,115 5,366,207 7142570
Total equity 17,279,692 17,879,784 9082537
Long term financing 6,861,130 3,628,745 2247936
Lease liabilites 102,158 - 615
Deforce libilities 3,140,682 2,482,623 1925612
Non cuurent libilities 10,103,970 6,111,368 4174163
Trade and other payable 3,031,231 3,576,861 2730414
Linclimated dividend 2,952 130,935 475276
Accured markuo 191,136 110,483 137856
Short term borrowing 14,354,861 11,726,000 15180937
current portaion of non curent libity 403,487 1,247,191 969010
Total current libilities 17,983,667 16,791,470 19493493
Total equity and libilities 45,367,329 40,782,622 32750193
5 Years
2017 2016
13,639,799 11,710,739
47,205 34,923
1,400,159 1,400,159
50,027 63,227
29,372 48,356
15,166,563 13,257,404
696,743 583,261
3,565,881 3,176,741
4,814,220 4,778,114
1,007,837 621,987
480,505 227,858
1,971,626 952,073
716,526 -
968 -
58,599 51,374
13,312,905 10,391,408
28,479,468 23,648,813
3000000 3000000
1,899,385 1,896,000
21,052 -
12,522,990 10,560,457
14,443,427 12,456,457
1,916,475 3,133,871
1,084 -
1,572,461 1,262,174
3,490,020 4,396,045
1,815,056 2,159,892
- -
83,140 88,958
7,636,573 3,255,000
1,011,252 1,292,461
10,546,021 6,796,310
28,479,468 23,648,813
 Profit and Loss
2020 2019 2018 2017
Sales net 36,302,794 37,478,321 31,138,736 26,529,786
Cost of sale 28,439,076 25,523,607 21994237 -19,503,501
Gross profit 7,863,718 11954714 9,144,499 7,026,284
Distribution cost -2,007,264 -2,783,719 -2,641,013 -2,113,248
Admnistrative expanse -2,197,949 -1,984,209 -1,597,804 -1,298,707
Other operating expanse -504,513 -784,540 -425,429 -108,152
Other income 99,001 14,444 9,164 35
Profit from operation 3,252,993 6,416,690 4,489,417 3,506,213
Finance cost -1,137,162 -995,707 -483,654 -391,940
Profit before texsation 2,115,831 5,420,983 4,006,763 3,114,273
Texsation -319,428 -226,216 -119,954 -103,188
Profit of the year 1,796,403 5,194,767 3,885,809 3,011,085
Earing per share basic or diluted 2.1 6.7 5.1
 2016
26,333,359
-18,888,350
7,445,009
-1,478,933
-1,156,927
-463,324
1,667
4,347,493
-472,972
3,874,521
-214,117
3,660,404
 Cash Flow
2020 2019
Net cash generat from operatin activity 2,602,454 5,856,137
Net cash used in investing activites -7,283,840 -5,224,627
Net cash generating from financing activity 2,477,398 1,654,622
Net cash and cash equipment -2,203,988 2,286,132
 2018 2017 2016
-2,790,766 1,238,798 5,310,648
-4,467,281 -3,152,722 -1526224
7,369,132 1,945,152 -3,775,710
111,085 31,228 8,714
 Balance Sheet Of 5 Years
2020 2019 2018 2017
Property plant and equipment 22,744,239 18,256,474 15451969 13,639,799
Intangibal assets 171,459 66,161 42410 47,205
Long term investment 1,853,735 1,008,735 380549 1,400,159
Long term loan 113,823 66,762 60747 50,027
Long term deposit 38,337 28,019 25055 29,372
non current assets 24,921,593 19,425,151 15960730 15,166,563
Stores and spares 1,062,524 887,659 779198 696,743
Stock in trade 8,810,625 6,282,491 51211718 3,565,881
Trade debts 7,207,391 8,247,740 7293008 4,814,220
Loans and advance 485,930 1,063,342 617743 1,007,837
Deposit prepayment and other recei 193,182 194,544 179864 480,505
Accured income 2,239 10,441 2,451,806 1,971,626
Tex refund due from government 2,408,014 1,925,439 147425 716,526
Short term investment 125,044 1,207,251 5014 968
Cash and bank branch 150,787 1,538,664 193,687 58,599
Current assets 20,445,736 21,357,471 16789463 13,312,905
Total assets 45,367,329 40,782,622 32750193 28,479,468
Authorized and capital 10,000,000 10,000,000 3000000 3000000
Issued subscribed and paid capital 8,721,975 8,721,975 1901104 1,899,385
Reserve 3,791,602 3,791,602 38863 21,052
Unapropriateed profit 4,766,115 5,366,207 7142570 12,522,990
Total equity 17,279,692 17,879,784 9082537 14,443,427
Long term financing 6,861,130 3,628,745 2247936 1,916,475
Lease liabilites 102,158 - 615 1,084
Deforce libilities 3,140,682 2,482,623 1925612 1,572,461
Non cuurent libilities 10,103,970 6,111,368 4174163 3,490,020
Trade and other payable 3,031,231 3,576,861 2730414 1,815,056
Linclimated dividend 2,952 130,935 475276 -
Accured markuo 191,136 110,483 137856 83,140
Short term borrowing 14,354,861 11,726,000 15180937 7,636,573
current portaion of non curent libity 403,487 1,247,191 969010 1,011,252
Total current libilities 17,983,667 16,791,470 19493493 10,546,021
Total equity and libilities 45,367,329 40,782,622 32750193 ###
 Horizontal analysis V
2016 2020 2019 2018 2017 2016 2020
11,710,739 194.22% 155.90% 131.95% 116.47% 100.00% 50.13%
34,923 490.96% 189.45% 121.44% 135.17% 100.00% 0.38%
1,400,159 132.39% 72.04% 27.18% 100.00% 100.00% 4.09%
63,227 180.02% 105.59% 96.08% 79.12% 100.00% 0.25%
48,356 79.28% 57.94% 51.81% 60.74% 100.00% 0.08%
13,257,404 187.98% 146.52% 120.39% 114.40% 100.00% 54.93%
583,261 182.17% 152.19% 133.59% 119.46% 100.00% 2.34%
3,176,741 277.35% 197.77% 1612.08% 112.25% 100.00% 19.42%
4,778,114 150.84% 172.61% 152.63% 100.76% 100.00% 15.89%
621,987 78.13% 170.96% 99.32% 162.04% 100.00% 1.07%
227,858 84.78% 85.38% 78.94% 210.88% 100.00% 0.43%
952,073 0.24% 1.10% 257.52% 207.09% 100.00% 0.00%
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 5.31%
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0.28%
51,374 293.51% 2995.02% 377.01% 114.06% 100.00% 0.33%
10,391,408 196.76% 205.53% 161.57% 128.11% 100.00% 45.07%
23,648,813 191.84% 172.45% 138.49% 120.43% 100.00% 100.00%
3000000 333.33% 333.33% 100.00% 100.00% 100.00% 22.04%
1,896,000 460.02% 460.02% 100.27% 100.18% 100.00% 19.23%
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 8.36%
10,560,457 45.13% 50.81% 67.64% 118.58% 100.00% 10.51%
12,456,457 138.72% 143.54% 72.91% 115.95% 100.00% 38.09%
3,133,871 218.93% 115.79% 71.73% 61.15% 100.00% 15.12%
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0.23%
1,262,174 248.83% 196.69% 152.56% 124.58% 100.00% 6.92%
4,396,045 229.84% 139.02% 94.95% 79.39% 100.00% 22.27%
2,159,892 140.34% 165.60% 126.41% 84.03% 100.00% 6.68%
- #VALUE! #VALUE! #VALUE! #VALUE! #VALUE! 0.01%
88,958 214.86% 124.20% 154.97% 93.46% 100.00% 0.42%
3,255,000 441.01% 360.25% 466.39% 234.61% 100.00% 31.64%
1,292,461 31.22% 96.50% 74.97% 78.24% 100.00% 0.89%
6,796,310 264.61% 247.07% 286.82% 155.17% 100.00% 39.64%
### 191.84% 172.45% 138.49% 120.43% 100.00% 100.00%
 Vertical analysis
2019 2018 2017 2016
44.77% 47.18% 47.89% 49.52%
0.16% 0.13% 0.17% 0.15%
2.47% 1.16% 4.92% 5.92%
0.16% 0.19% 0.18% 0.27%
0.07% 0.08% 0.10% 0.20%
47.63% 48.73% 53.25% 56.06%
2.18% 2.38% 2.45% 2.47%
15.40% 156.37% 12.52% 13.43%
20.22% 22.27% 16.90% 20.20%
2.61% 1.89% 3.54% 2.63%
0.48% 0.55% 1.69% 0.96%
0.03% 7.49% 6.92% 4.03%
4.72% 0.45% 2.52% #VALUE!
2.96% 0.02% 0.00% #VALUE!
3.77% 0.59% 0.21% 0.22%
52.37% 51.27% 46.75% 43.94%
100.00% 100.00% 100.00% 100.00%
24.52% 9.16% 10.53% 12.69%
21.39% 5.80% 6.67% 8.02%
9.30% 0.12% 0.07% #VALUE!
13.16% 21.81% 43.97% 44.66%
43.84% 27.73% 50.72% 52.67%
8.90% 6.86% 6.73% 13.25%
#VALUE! 0.00% 0.00% #VALUE!
6.09% 5.88% 5.52% 5.34%
14.99% 12.75% 12.25% 18.59%
8.77% 8.34% 6.37% 9.13%
0.32% 1.45% #VALUE! #VALUE!
0.27% 0.42% 0.29% 0.38%
28.75% 46.35% 26.81% 13.76%
3.06% 2.96% 3.55% 5.47%
41.17% 59.52% 37.03% 28.74%
100.00% 100.00% 100.00% 100.00%
 Profit and Loss
2020 2019 2018 2017
Sales net 36,302,794 37,478,321 31,138,736 26,529,786
Cost of sale 28,439,076 25,523,607 21994237 -19,503,501
Gross profit 7,863,718 11954714 9,144,499 7,026,284
Distribution cost -2,007,264 -2,783,719 -2,641,013 -2,113,248
Admnistrative expanse -2,197,949 -1,984,209 -1,597,804 -1,298,707
Other operating expanse -504,513 -784,540 -425,429 -108,152
Other income 99,001 14,444 9,164 35
Profit from operation 3,252,993 6,416,690 4,489,417 3,506,213
Finance cost -1,137,162 -995,707 -483,654 -391,940
Profit before texsation 2,115,831 5,420,983 4,006,763 3,114,273
Texsation -319,428 -226,216 -119,954 -103,188
Profit of the year 1,796,403 5,194,767 3,885,809 3,011,085
Earing per share basic or diluted 2.1 6.7 5.1
 Horizontal analysis Vertical ana
2016 2020 2019 2018 2017 2016 2020 2019
26,333,359 137.86% 142.32% 118.25% 100.75% 100.00% 100.00% 100.00%
-18,888,350 -150.56% -135.13% -116.44% 103.26% 100.00% 78.34% 68.10%
7,445,009 105.62% 160.57% 122.83% 94.38% 100.00% 21.66% 31.90%
-1,478,933 135.72% 188.22% 178.58% 142.89% 100.00% -5.53% -7.43%
-1,156,927 189.98% 171.51% 138.11% 112.25% 100.00% -6.05% -5.29%
-463,324 108.89% 169.33% 91.82% 23.34% 100.00% -1.39% -2.09%
1,667 5938.87% 866.47% 549.73% 2.10% 100.00% 0.27% 0.04%
4,347,493 74.82% 147.60% 103.26% 80.65% 100.00% 8.96% 17.12%
-472,972 240.43% 210.52% 102.26% 82.87% 100.00% -3.13% -2.66%
3,874,521 54.61% 139.91% 103.41% 80.38% 100.00% 5.83% 14.46%
-214,117 149.18% 105.65% 56.02% 48.19% 100.00% -0.88% -0.60%
3,660,404 49.08% 141.92% 106.16% 82.26% 100.00% 4.95% 13.86%
Vertical analysis
2018 2017 2016
100.00% 100.00% 100.00%
70.63% -73.52% -71.73%
29.37% 26.48% 28.27%
-8.48% -7.97% -5.62%
-5.13% -4.90% -4.39%
-1.37% -0.41% -1.76%
0.03% 0.00% 0.01%
14.42% 13.22% 16.51%
-1.55% -1.48% -1.80%
12.87% 11.74% 14.71%
-0.39% -0.39% -0.81%
12.48% 11.35% 13.90%
 Cash Flow
2020 2019 2018
Net cash generat from operatin activity 2,602,454 5,856,137 -2,790,766
Net cash used in investing activites -7,283,840 -5,224,627 -4,467,281
Net cash generating from financing activity 2,477,398 1,654,622 7,369,132
Net cash and cash equipment -2,203,988 2,286,132 111,085
 Horizontal analysis Vertic
2017 2016 2020 2019 2018 2017 2016 2020
1,238,798 5,310,648 49% 110% -53% 23% 100% -118%
-3,152,722 -1526224 477% 342% 293% 207% 100% 330%
1,945,152 -3,775,710 -66% -44% -195% -52% 100% -112%
31,228 8,714 -25292% 26235% 1275% 358% 100% 100%
Vertical analysis
2019 2018 2017 2016
256% -2512% 3967% 60944%
-229% -4021% -10096% -17515%
72% 6634% 6229% -43329%
100% 100% 100% 100%
 Leverage Analysis
Financial highligts 2020 2019 2018

Total Debts 21,619,478 16,601,936 18,397,883

EBITDA 512161 796092 590389
EBIT 3,252,993 6,416,690 4,489,417
Interest 1,137,162 995,707 483,654
Net income 1,796,403 5,194,767 3,885,809
Sale 36,302,794 37,478,321 31,138,736
Total asset 45,367,329 40,782,622 32,750,193
Total Equity 17,279,692 17,879,784 9,144,499

Leverage Ratios
Financial highligts
DEBT/EQUITY 125.11495 92.8531127669104 201.190715860978
DEBT/EBITDA 42.2122692 20.8542932223914 31.1623065470393
EBIT/INTEREST 2.86062408 6.44435561867095 9.28229064579224

Dupont Analysis
year Profit margin Asset turnover
A B
2020 0.049483877191381 0.800196855318505
2019 0.138607249775143 0.918977720461426
2018 0.124790197007354 0.950795496075397
2017 0.113498276993263 0.931540785804005
2016 0.139002548060808 1.11351715623105
 2107 2016

10,564,300 7,681,332
910207 1045492.5
3,506,213 4,347,493
391,940 472,972
3,011,085 3,660,404
26,529,786 26,333,359
28,479,468 23,648,813
14,443,427 12,456,457

Ratios

73.1426135916358 61.6654639
11.6064807236156 7.34709431
8.9457901719651 9.19186125

nt Analysis
Financial leverage ROE
C A*B*C
2.62547092853275 10.396036
2.28093482561087 29.0538577
3.58140921662302 42.4934051
1.97179436708476 20.8474415
1.8985184149875 29.385595
 Growth Analysis
Financial Highlights 2020 2019 2018 2017 2016
Revenue 36,302,794 37,478,321 31,138,736 26,529,786 26,333,359
Gross Profit 7,863,718 11,954,714 9,144,499 7,026,284 7,445,009
EBITDA 512161 796092 590389 910207 1045492.5
Deprication 2,740,832 5,620,598 3,899,028 2,596,006 3,302,001
Finance cost 1,137,162 995,707 483,654 391,940 472,972
NET Income 1,796,403 5,194,767 3,885,809 3,011,085 3,660,404
EPS 2.06 6.67 5.1007 5.395 7.7982

Year to Year
2019-2020 2018-2019 2017-2018 2016-2017
Financial Highlights
Revenue -0.03136552 0.16915339 0.12297643 0.00524108
Gross Profit -0.34220777 0.2350717 0.17718659 -0.03502593
EBITDA -0.35665601 0.25839099 -0.40173498 -0.16993702
Deprication -0.51235936 0.30629659 0.23182978 -0.12560843
Finance cost 0.14206488 0.51426072 0.09210943 -0.08138137
NET Income -0.65418988 0.25197627 0.16838561 -0.12499483
EPS -0.69115442 0.23527736 -0.04412294 -0.36029985
 Profitability analysis
Financial highlights 2020 2109 2108 2027 2016
Revenue 36,302,794 37,478,321 31,138,736 26,529,786 26,333,359
Gross profit 7,863,718 11,954,714 9,144,499 7,026,284 7,445,009
EBITDA 512161 796092 590389 910207 1045492.5
EBIT 3,252,993 6,416,690 4,489,417 3,506,213 4,347,493
Net profit 1,796,403 5,194,767 3,885,809 3,011,085 3,660,404

Profitability Ratio
Financial highlights 2020 2109 2108 2027 2016

Gross margin 21.6614677 31.8976776 29.3669563 26.4845107 28.2721585

EBITDA margin 1.41080326 2.12413998 1.89599539 3.43088708 3.97022081
EBIT margin 8.96072352 17.1210711 14.417467 13.2161375 16.509451
Net profit margin 4.94838772 13.860725 12.4790197 11.3498277 13.9002548
 Liquidity Analysis
Financial highlights 2020 2019 2018 2017 2016
Current assests 20,445,736 21,357,471 16,789,463 13,312,905 10,391,408
Current liabilities 17,983,667 16,791,470 19,493,493 10,546,021 6,796,310
Inventories 8,810,625 6,282,491 51,211,718 3,565,881 3,176,741
Cash &Cash equivalents 150,787 1,538,664 193,687 58,599 51,374

Liquidity Ratio
Financial highlights 2020 2019 2018 2017 2016
Current Ratio 1.13690584 1.27192384 0.86128551 1.26236284 1.52897793
Acid-test ratio 0.64698212 0.89777607 -1.7658331 0.92423711 1.06155649
Cash ratio 0.00838466 0.09163367 0.00993598 0.0055565 0.0075591
Net working capital 2,462,069 4,566,001 -2,704,030 2,766,884 3,595,098
 Efficiency Analysis

Financial highlights 2020 2019 2018 2017 2016

Assets 45,367,329 40,782,622 32,750,193 28,479,468 23,648,813
Sales 36,302,794 37,478,321 31,138,736 26,529,786 26,333,359
Fixed assets 22,915,698 18,322,635 15,494,379 13,687,004 11,745,662
COGS 28,439,076 25,523,607 21,994,237 -19,503,501 -18,888,350
Invenotries 8,810,625 6,282,491 51,211,718 3,565,881 3,176,741
Receivable 193,182 194,544 179,864 480,505 227,858
Payable 3,031,231 3,576,861 2,730,414 1,815,056 2,159,892
Purchase 18405101 16,222,599 14,484,409 23464803.5 26216810.8
Efficiency Ratios

Financial highlights 2020 2019 2018 2017 2016

Asset turn-over ratio 0.800196855319 0.91897772 0.9507955 0.93154079 1.11351716

Fixed asset turn-over ratio 1.584188882224 2.04546568 2.00967951 1.93831945 2.24196465
Invetories tun-over ratio 3.227815960843 4.06265715 0.42947665 -5.46947613 -5.94582624
NO. of days in inventory 113.0795573316 89.8426784 849.871585 -66.7339964 -61.3875995
Debtors turnover ratio 4.120342654465 5.96551925 0.60803928 7.43989662 8.28942586
NO.of days in receviablr 88.58486553404 61.1849505 600.290168 49.0598215 44.0320001
Creditors turnover ratio 6.07182395535 4.53542897 5.30483985 12.9278675 12.1380193
NO.of days in creditores 60.11373232888 80.4775033 68.8050931 28.2335814 30.0708041
operating cycle 201.6644228657 151.027629 1450.16175 -17.6741749 -17.3555994
 Rate of return
Financial highlight 2020 2019 2018 2017 2016
Net income 1,796,403 5,194,767 3,885,809 3,011,085 3,660,404
Total equity 17,279,692 17,879,784 9,082,537 14,443,427 12,456,457
Assets 45,367,329 40,782,622 32,750,193 28,479,468 23,648,813
invested capital 24,140,822 21,508,529 11,330,473 16,359,902 15,590,328
Dividend per share 2 3 5 5.21 3.03
Current price 2.06 6.67 5.1007 5.395 7.7982
Original price 10 10 10 10 10
Market value share 43.9192 44.2888 66.0636 77.3206 104.7239

Ratios
Financial highlights 2020 2019 2018 2017 2016
Return on equity 0.10396036 0.29053858 0.42783299 0.20847442 0.29385595
Return on Assets 0.03959684 0.12737697 0.11864996 0.10572827 0.15478172
Return on invested capital 0.0744135 0.24152126 0.34295206 0.18405275 0.23478685
Dividend yield 0.04553817 0.06773722 0.07568464 0.06738178 0.02893322
Capital gain -79.4 -33.3 -48.993 -46.05 -22.018
 Sensitivity & scenario Analysis
Financial highlights 2020 2019 2018 2017 2016
Profit 1,796,403 5,194,767 3,885,809 3,011,085 3,660,404
Total sale 36,302,794 37,478,321 31,138,736 26,529,786 26,333,359
Variable cost 28,439,076 25,523,607 21,994,237 -19,503,501 -18,888,350
Fixed cost 2,007,264 2,783,719 2,641,013 2,113,248 1,478,933
Contribution margin 7,863,718 11,954,714 9,144,499 7,026,284 7,445,009

Sensitivity Analysis
Financial highlights 2020 2019 2018 2017 2016
Selling price 0.04948388 0.13860725 0.1247902 0.11349828 0.13900255
Variable cost 0.06316671 0.20352793 0.17667396 -0.1543869 -0.19379162
Fixed cost 0.89495104 1.86612478 1.47133278 1.42486116 2.47503031
Sale volume 0.22844194 0.43453712 0.42493405 0.42854587 0.49165877
 Variance analysis
Balance Sheet Of 5 Years
2020 2019 2018 2017
Property plant and equipment 22,744,239 18,256,474 15451969 13,639,799
Intangibal assets 171,459 66,161 42410 47,205
Long term investment 1,853,735 1,008,735 380549 1,400,159
Long term loan 113,823 66,762 60747 50,027
Long term deposit 38,337 28,019 25055 29,372
non current assets 24,921,593 19,425,151 15960730 15,166,563
Stores and spares 1,062,524 887,659 779198 696,743
Stock in trade 8,810,625 6,282,491 51211718 3,565,881
Trade debts 7,207,391 8,247,740 7293008 4,814,220
Loans and advance 485,930 1,063,342 617743 1,007,837
Deposit prepayment and other recei 193,182 194,544 179864 480,505
Accured income 2,239 10,441 2,451,806 1,971,626
Tex refund due from government 2,408,014 1,925,439 147425 716,526
Short term investment 125,044 1,207,251 5014 968
Cash and bank branch 150,787 1,538,664 193,687 58,599
Current assets 20,445,736 21,357,471 16789463 13,312,905
Total assets 45,367,329 40,782,622 32750193 28,479,468
Authorized and capital 10,000,000 10,000,000 3000000 3000000
Issued subscribed and paid capital 8,721,975 8,721,975 1901104 1,899,385
Reserve 3,791,602 3,791,602 38863 21,052
Unapropriateed profit 4,766,115 5,366,207 7142570 12,522,990
Total equity 17,279,692 17,879,784 9082537 14,443,427
Long term financing 6,861,130 3,628,745 2247936 1,916,475
Lease liabilites 102,158 - 615 1,084
Deforce libilities 3,140,682 2,482,623 1925612 1,572,461
Non cuurent libilities 10,103,970 6,111,368 4174163 3,490,020
Trade and other payable 3,031,231 3,576,861 2730414 1,815,056
Linclimated dividend 2,952 130,935 475276 -
Accured markuo 191,136 110,483 137856 83,140
Short term borrowing 14,354,861 11,726,000 15180937 7,636,573
current portaion of non curent libity 403,487 1,247,191 969010 1,011,252
Total current libilities 17,983,667 16,791,470 19493493 10,546,021
Total equity and libilities 45,367,329 40,782,622 32750193 ###

Profit and Loss

 2020 2019 2018 2017
Sales net 36,302,794 37,478,321 31,138,736 26,529,786
Cost of sale 28,439,076 25,523,607 21994237 -19,503,501
Gross profit 7,863,718 11954714 9,144,499 7,026,284
Distribution cost -2,007,264 -2,783,719 -2,641,013 -2,113,248
Admnistrative expanse -2,197,949 -1,984,209 -1,597,804 -1,298,707
Other operating expanse -504,513 -784,540 -425,429 -108,152
Other income 99,001 14,444 9,164 35
Profit from operation 3,252,993 6,416,690 4,489,417 3,506,213
Finance cost -1,137,162 -995,707 -483,654 -391,940
Profit before texsation 2,115,831 5,420,983 4,006,763 3,114,273
Texsation -319,428 -226,216 -119,954 -103,188
Profit of the year 1,796,403 5,194,767 3,885,809 3,011,085
Earing per share basic or diluted 2.1 6.7 5.1

Cash Flow
2020 2019 2018 2017
Net cash generat from operatin activity 2,602,454 5,856,137 -2,790,766 1,238,798
Net cash used in investing activites -7,283,840 -5,224,627 -4,467,281 -3,152,722
Net cash generating from financing activity 2,477,398 1,654,622 7,369,132 1,945,152
Net cash and cash equipment -2,203,988 2,286,132 111,085 31,228
 Analysis
2016 2020 2019 2018 2017
11,710,739 24.58177 18.14982 13.2859 16.47257
34,923 159.1542 56.0033 -10.15782 35.1688
1,400,159 83.76828 165.0736 -72.82102 0
63,227 70.4907 9.901724 21.42843 -20.87716
48,356 36.82501 11.82997 -14.69767 -39.25883
13,257,404 28.29549 21.70591 5.236302 14.4007
583,261 19.69957 13.91957 11.83435 19.45647
3,176,741 40.24095 -87.73232 1336.159 12.24966
4,778,114 -12.61375 13.09106 51.48888 0.755654
621,987 -54.30163 72.1334 -38.70606 62.03506
227,858 -0.700099 8.161722 -62.56772 110.8791
952,073 -78.55569 -99.57415 24.35452 107.0877
- 25.06312 1206.046 -79.42503 #VALUE!
- -89.64225 23977.6 417.9752 #VALUE!
51,374 -90.20013 694.4075 230.5295 14.06353
10,391,408 -4.268928 27.20759 26.1142 28.11454
23,648,813 11.24182 24.52636 14.9958 20.42663
3000000 0 233.3333 0 0
1,896,000 0 358.7847 0.090503 0.178534
- 0 9656.329 84.60479 #VALUE!
10,560,457 -11.1828 -24.87008 -42.96434 18.58379
12,456,457 -3.35626 96.85892 -37.11647 15.95133
3,133,871 89.07722 61.42564 17.29535 -38.8464
- #VALUE! #VALUE! -43.26568 #VALUE!
1,262,174 26.5066 28.92644 22.45849 24.58354
4,396,045 65.33074 46.40942 19.60284 -20.61
2,159,892 -15.25444 31.00068 50.43139 -15.96543
- -97.74545 -72.45074 #VALUE! #VALUE!
88,958 73.00037 -19.85623 65.81188 -6.540165
3,255,000 22.41908 -22.75839 98.79253 134.6105
1,292,461 -67.64834 28.70775 -4.177198 -21.75764
6,796,310 7.100016 -13.86115 84.84216 55.17275
### 11.24182 24.52636 14.9958 20.42663

Analysis
 2016 2020 2019 2018 2017
26,333,359 -3.136552 20.35916 17.37274 0.745925
-18,888,350 11.42264 16.04679 -212.7707 3.256775
7,445,009 -34.22078 30.73121 30.14702 -5.624238
-1,478,933 -27.89272 5.403457 24.97412 42.89004
-1,156,927 10.77205 24.1835 23.03037 12.25488
-463,324 -35.69315 84.4115 293.3621 -76.65737
1,667 585.4126 57.61676 26082.86 -97.90042
4,347,493 -49.30419 42.92925 28.04176 -19.35092
-472,972 14.20649 105.8718 23.40001 -17.13252
3,874,521 -60.96961 35.29582 28.65805 -19.62173
-214,117 41.20487 88.58562 16.24801 -51.80766
3,660,404 -65.41899 33.6856 29.05013 -17.739

Analysis
2016 2020 2019 2018 2017
5,310,648 -55.56023 -309.8398 -325.2802 -76.67332
-1526224 39.41359 16.95318 41.696 106.5701
-3,775,710 49.72592 -77.54658 278.8461 -151.5175
8,714 -196.4069 1958.002 255.7224 258.3658
 Valution Analysis
Financial highligts 2020 2019 2018 2017 2016
Share price 43.9192 44.2888 66.0636 77.3206 104.7239
EPS 2.06 6.67 5.1007 5.395 7.7982
Sales per share 4.162224131 4.29700182 3.5701494 3.04171947 3.01919853
Enterprise value 10,372,811 8,566,806 3,240,574 2,721,144 2,484,737
Annual sale 36,302,794 37,478,321 31,138,736 26,529,786 26,333,359
EBITDA 512161 796092 590389 910207 1045492.5
Cash and Cash equilants 150,787 1,538,664 193,687 58,599 51,374
Market capitlization 8,721,975 8,721,975 1,901,104 1,899,385 1,896,000
Market value of Debts 1801623.167 1383494.67 1533156.92 880358.333 640111
Book value 19.81 20.5 47.78 76.05 65.7
Analysis Ratio
Financial highligts 2020 2019 2018 2017 2016
Price-to-Earing ratio 21.32 6.64 12.9518694 14.3318999 13.4292401
Price-To-book 2.217021706 2.16042927 1.3826622 1.01670743 1.59397108
Price-To-sale 10.55185848 10.3069074 18.5044357 25.4200299 34.6859933
Enterprise value-To-sale 0.285730381 0.22858029 0.1040689 0.1025694 0.09435701
Enterprise Multiply 20.25302818 10.7610749 5.48887922 2.98958845 2.37661867
 Cash Flow Analysis
Operating Cash Flow
2020 2019
Cash generated from operations 4,638,148 7,476,146
Finance cost paid -1,049,053 -1,001,655
Income tax paid -448,202 -238,195
Exchange gain on forward exchange contracts received -122,931 -131,021
Net increase in long term loans -288,315 -232,069
Net decrease / (increase) in long term deposits 1,994,555 -17,069
Net cash generated from operating activities 2,602,454 5,856,137

Free Cash Flow

2,020 2,019
Operating cash flow 2,602,454 5,856,137
Less:Capital Expenditure
FREE cash flow
ow
2018 2017 2016
-1,766,441 3816392 6,275,655
-422,766 -1249881 -422766
-289,281 -448202 -238195
-152,194 -188,442 -122931
-156,373 -420,380 -288315
-3,711 -270690 107220
-2,790,766 1,238,798 5,310,648

2,018 2017 2016

-2,790,766 1,238,798 5,310,648