Glaxo Smith Kline Pak Limited

Balance Sheet
As At 31 Decemebr
2014 2015 2016
Rupees in ('000')
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up share capital 3,184,672 3,184,672 3,184,672
Reserves 8,760,431 9,885,539 10,358,113
Total equity 11,945,103 13,070,211 13,542,785
LIABILITIES
NON-CURRENT LIABILITIES
Staff retirement benifits 382,253 15,861 78,014
Liability agaisnt asset subject to finance lease 0 0 0
Deferred income tax liability 593,354 630,681 645,171
975,607 646,542 723,185
CURRENT LIABILITIES
Trade and other payables 6,002,632 5,255,587 6,246,759
Accrued mark-up 0 0 0
Short term borrowings 0 0 0
Running finances utilised under mark-up arrangements-
secured 0 0 0
Current maturity of lon term financing 0 0 0
Taxation - provision 391,727

Provisions 177,536 187,113 192,739

6,180,168 5,442,700 6,831,225
Liabiliteis of Disposal group classified as held for sale 0 960,729 67,912
TOTAL EQUITY AND LIABILITIES 19,100,878 20,120,182 21,165,107
ASSETS
NON - CURRENT ASSETS
Property,plant & Equipment 6,652,251 7,154,446 8,318,434
Intangible Assets - Goodwill 955,742 1,039,072 1,039,072
Long-term loans to employees 65,722 49,212 49,369
Long term deposits 21,955 21,955 21,955
7,695,670 8,264,685 9,428,830
CURRENT ASSETS
Stores and spares 158,775 158,564 201,037
Stock in trade 6,308,061 4,707,918 5,548,083
Trade debts 535,116 328,948 530,413
Loans and advances 414,641 340,491 177,653
Short term deposits and prepayments 144,669 123,223 134,335
Other receivables 301,986 313,127 484,945
Taxation-payment less provision 799,984 531,579 0
Cash at banks 2,060,444 2,946,612 3,515,638
Intrest Accrued 5,793 10,908 12,074
Refunds due from government 56,925 109,125 54,178
Investments 591,667 695,586 793,873
11,378,061 10,266,081 11,452,229
Non - Current assets held for sale 27147 1589416 284048
19,100,878 20,120,182 21,165,107

Glaxo Smith Kline Pak Limited

Statement of Comprehensive Income
For The Year Ended 31 Decemeber
2014 2015 2016
Rupees in ('000')
PROFIT AND LOSS ACCOUNT
Continuing Operations:
Sales 22,843,250 23,821,926 27,563,533
Cost Of Sales (16,996,459) (17,397,755) (20,099,062)
GROSS PROFIT 5,846,791 6,424,171 7,464,471
Distribution Expenses (2,607,462) (2,787,942) (2,816,163)
Administration Expenses (936,170) (971,144) (944,201)
Other Expenses (230,783) (255,635) (372,750)
2,072,376 2,409,450 3,331,357
Other Income 488,010 1,159,017 1,040,556
PROFIT FROM OPERATIONS 2,560,386 3,568,467 4,371,913

Fiance Cost (20,363) (54,361) (19,032)

PROFIT BEFORE TAXATION 2,540,023 3,514,106 4,352,881

Taxation (1,005,105) (1,003,380) (1,707,969)

PROFIT AFTER TAXATION 1,534,918 2,510,726 2,644,912

Discontinued Operations:
Profit after Tax from discontinued operations 152,153 132,504 117,273

Other Comprehencive Incomes: OTHER COMPREHENSIVE INCOME

Remeasurement of staff retirement benefits (116,163) 105,995 58,831
Impact on taxation 38,187 (31,781) (17,258)

Total other comprehensive income loss-net of tax (77,976) 74,214 41,573

TOTAL COMPREHENSIVE INCOME FOR THE YEAR 1,609,095 2,717,444 2,803,758

 Glaxo Smith Kline Pak Limited
Vertical Balance Sheet
As At 31 Decemebr
2014 2015 2016

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up share capital 16.67% 15.83% 15.05%
Reserves 45.86% 49.13% 48.94%
Total equity 62.54% 64.96% 63.99%
LIABILITIES
NON-CURRENT LIABILITIES
Long term financing 2.00% 0.08% 0.37%
Liability agaisnt asset subject to finance lease 0.00% 0.00% 0.00%
Deferred income tax liability 3.11% 3.13% 3.05%
3.11% 3.21% 3.05%
CURRENT LIABILITIES
Trade and other payables 31.43% 26.12% 29.51%
Accrued mark-up 0.00% 0.00% 0.00%
Short term borrowings 0.00% 0.00% 0.00%
Running finances utilised under mark-up arrangements-
secured 0.00% 0.00% 0.00%
Current maturity of lon term financing 0.00% 0.00% 0.00%

Current maturity of liability agaisnt asset subject to finance

lease 0.93% 0.93% 0.91%
32.36% 27.05% 32.28%
0.00% 4.77% 0.32%
TOTAL EQUITY AND LIABILITIES 100.00% 100.00% 100.00%
ASSETS
Non-Current Assets
Property,plant & Equipment 34.83% 35.56% 39.30%
Intangible Assets 5.00% 5.16% 4.91%
Long-term loans 0.34% 0.24% 0.23%
Long term deposits 0.11% 0.11% 0.10%
40.29% 41.08% 44.55%
CURRENT ASSETS
Stores and spares 0.83% 0.79% 0.95%
Stock in trade 33.02% 23.40% 26.21%
Trade debts 2.80% 1.63% 2.51%
Loans and advances 2.17% 1.69% 0.84%
Short term deposits and prepayments 0.76% 0.61% 0.63%
Other receivables 1.58% 1.56% 2.29%
Taxation-payment less provision 4.19% 2.64% 0.00%
Cash at banks 10.79% 14.65% 16.61%
Interest Accrued 0.03% 0.05% 0.06%
Refunds due from governement 0.30% 0.54% 0.26%
Investments 3.10% 3.46% 3.75%
59.57% 51.02% 54.11%
Non-current asset held for sale 0.14% 7.90% 1.34%
TOTAL ASSETS 100.00% 100.00% 100.00%

2014 2015 2015

Continuing Operations:
Sales 100.00% 100.00% 100.00%
Cost Of Sales -74.40% -73.03% -72.92%
GROSS PROFIT 25.60% 26.97% 27.08%
Distribution Expenses -11.41% -11.70% -10.22%
Administration Expenses -4.10% -4.08% -3.43%
Other Expenses -1.01% -1.07% -1.35%
9.07% 10.11% 12.09%
Other Income 2.14% 4.87% 3.78%
PROFIT FROM OPERATIONS 11.21% 14.98% 15.86%

Fiance Cost -0.09% -0.23% -0.07%

PROFIT BEFORE TAXATION 11.12% 14.75% 15.79%

Taxation -4.40% -4.21% -6.20%

PROFIT AFTER TAXATION 6.72% 10.54% 9.60%

Discontinued Operations:
Profit after Tax from discontinued operations 0.67% 0.56% 0.43%

Other Comprehencive Incomes: OTHER COMPREHENSIVE INCOME

Acturial lossess recognised directly in the equity -0.51% 0.44% 0.21%
Impact on taxation 0.17% -0.13% -0.06%

Total other comprehensive income loss-net of tax -0.34% 0.31% 0.15%

TOTAL COMPREHENSIVE INCOME FOR THE YEAR 7.04% 11.41% 10.17%

 Ferozesons Laboratories Limited
Statement of Financial Position
As At 31 Decemeber
2014 2015 2016

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up share capital 301,868 301,868 301,868
Reserves - Retained Earnings 2039310 2401057 3765936
Reserves - Capital 322 322 322
Revaluation Reserve - Net of Tax 373,911 371,102 832,797
Total Equity 2,715,412 3,074,349 4,900,923
LIABILITIES
Non-current liabilities
Long term loans - secured 0 0 0
Liabilities agaisnt assets subject to finance lease 0 0 0
long term advances 0 0 0
Deferred liabilities - Taxation 45,797 40,137 149,191
45,797 40,137 149,191
Current liabilities
Trade and other payables 388,180 1,250,145 651,474
Accrued markup 3,646 11 33
Short term borrowings - secured 0 0 0
Current portion of long term financing 0 0 0
Income tax-net 0 24,396 0
391,825 1,274,551 651,507
Total Liabilities 437,622 1,314,688 800,698
Contingencies and Commitments 0 0 0
TOTAL EQUITY AND LIABILITIES 3,153,034 4,389,037 5,701,621

ASSETS
Non-current assets
Property, Plant and Equipments 1,136,181 1,287,234 2,384,990
Intangible assets 55 1,040 4,175
Long term Loans, Advances and Prepayemnts 227,255 241,708 263,310
Long term deposits 3,786 3,459 6,351
1,367,278 1,533,441 2,658,827
Current assets
Stores and Spares 14,977 23,422 22,249
Stock-in-trade 646,620 1,216,592 1,866,924
Trade debts 145,664 232,931 387,586
Current portion of long term loans 100,000 0
Advances, Deposits and Prepayments 45,334 85,056 127,798
Other receivables 3,966 2,630 7,638
Income tax- net 2,073 0 45,919
Accured interest/ Profit 4,422 0 0
Balance with statutory authorities 0 0 0
Short Term Investments 718,578 841,000 335,000
Cash and bank balances 104,121 453,966 249,680
1,785,756 2,855,596 3,042,794
Non - Current assets held for sale 0 0 0
TOTAL ASSETS 3,153,034 4,389,037 5,701,621

Ferozesons Laboratories Limited

Statement of Comprehnsive Income
For The Year Ended 30 June
2014 2015 2016
Rupees in ('000')
PROFIT AND LOSS ACCOUNT
Continuing Operations:
SALES 2,534,928 4,438,881 10,186,496
COST OF SALES (1,231,295) (2,417,656) (6,077,658)
GROSS PROFIT/ (LOSS) 1,303,634 2,021,226 4,108,838
DISTRIBUTION COST (600,133) (739,319) (1,039,975)
ADMINISTRATIVE EXPENSES (160,493) (192,838) (269,296)
OTHER OPERATING EXPENSES (48,181) (81,101) (260,905)
RESEARCH AND DEVELOPMENT EXPENSES - - -
494,827 1,007,968 2,538,662
OTHER OPERATING INCOME 89,333 88,535 126,515
PROFIT / (LOSS) FROM OPERATIONS 584,161 1,096,503 2,665,178
FINANCE COST (17,086) (13,964) (11,153)
PROFIT / (LOSS) BEFORE TAXATION 567,075 1,082,539 2,654,025
TAXATION (149,547) (333,948) (549,538)
PROFIT / (LOSS) AFTER TAXATION 417,528 748,591 2,104,487
Discontinued Operations:
Profit after Tax from discontinued operations - - -
OTHER COMPREHNSIVE INCOME
Items not to be reclassified to profit or loss in subsequent
periods:
Acturial lossess on defined benefit plan - - -
Income tax effect - - -
Total other comprehensive income-net of tax - - -

TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE YEAR 417,528 748,591 2,104,487
 Ferozesons Laboratories Limited
Vertical Statement Of Financial Position
As at 31st December
2014 2015 2016

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES
Issued, subscribed and paid-up share capital 9.57% 6.88% 5.29%
Reserves 64.68% 54.71% 66.05%
Total equity 0.01% 0.01% 0.01%
11.86% 8.46% 14.61%
Surplus on revaluation of fixed assets 86.12% 70.05% 85.96%
LIABILITIES
Non-current liabilities
Long term loans - secured 0.00% 0.00% 0.00%
Liabilities agaisnt assets subject to finance lease 0.00% 0.00% 0.00%
long term advances 0.00% 0.00% 0.00%
Deferred liabilities 1.45% 0.91% 2.62%
1.45% 0.91% 2.62%
Current liabilities
Trade and other payables 12.31% 28.48% 11.43%
Accrued markup 0.12% 0.00% 0.00%
Short term borrowings - secured 0.00% 0.00% 0.00%
Current portion of long term financing 0.00% 0.00% 0.00%
Income tax-net 0.00% 0.56% 0.00%
12.43% 29.04% 11.43%
Total liabilities 13.88% 29.95% 14.04%
0.00% 0.00% 0.00%
TOTAL EQUITY AND LIABILITIES 100.00% 100.00% 100.00%

ASSETS
Non-current assets
Fixed assets 36.03% 29.33% 41.83%
Intangible assets 0.00% 0.02% 0.07%
Long term investments 7.21% 5.51% 4.62%
Long term deposits 0.12% 0.08% 0.11%
43.36% 34.94% 46.63%
Current assets
0.48% 0.53% 0.39%
Stock-in-trade 20.51% 27.72% 32.74%
Trade debts 4.62% 5.31% 6.80%
3.17% 0.00%
Advances, deposits and prepayments 1.44% 1.94% 2.24%
Other receivables 0.13% 0.06% 0.13%
Income tax- net 0.07% 0.00% 0.81%
Accured interest 0.14% 0.00% 0.00%
Balance with statutory authorities 0.00% 0.00% 0.00%
22.79% 19.16% 5.88%
Cash and bank balances 3.30% 10.34% 4.38%
56.64% 65.06% 53.37%
0.00% 0.00% 0.00%
TOTAL ASSETS 100.00% 100.00% 100.00%

Highnoon Laboratories
Vertical Statement Of Comprehensive Income
For The Year Ended
2013 2014 2015

PROFIT AND LOSS ACCOUNT

SALES 100.00% 100.00% 100.00%

COST OF SALES -48.57% -54.47% -59.66%
GROSS PROFIT/ (LOSS) 51.43% 45.53% 40.34%
DISTRIBUTION COST -23.67% -16.66% -10.21%
ADMINISTRATIVE EXPENSES -6.33% -4.34% -2.64%
OTHER OPERATING EXPENSES -1.90% -1.83% -2.56%
RESEARCH AND DEVELOPMENT EXPENSES 0.00% 0.00% 0.00%
19.52% 22.71% 24.92%
OTHER OPERATING INCOME 3.52% 1.99% 1.24%
PROFIT / (LOSS) FROM OPERATIONS 23.04% 24.70% 26.16%
FINANCE COST -0.67% -0.31% -0.11%
PROFIT / (LOSS) BEFORE TAXATION 22.37% 24.39% 26.05%
TAXATION -5.90% -7.52% -5.39%
PROFIT / (LOSS) AFTER TAXATION 16.47% 16.86% 20.66%

0.00% 0.00% 0.00%

OTHER COMPREHENSIVE INCOME
Items not to be reclassified to profit or loss in subsequent
periods:
Acturial lossess on defined benefit plan 0.00% 0.00% 0.00%
Income tax effect 0.00% 0.00% 0.00%
Total other comprehensive income-net of tax 0.00% 0.00% 0.00%

TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE YEAR 16.47% 16.86% 20.66%
 Financial Ratios
Glaxo Smith Pak Limited Ferozesons Laboratories Limited
2014 2015 2016 2014 2015 2016
PROFITABLILITY RATIOS
Gross Profit Margin 25.60 26.97 27.08 51.43 45.53 40.34
Operating Profit Margin 11.21 14.98 15.86 23.04 24.70 26.16
Net Profit Margin 6.72 10.54 9.60 16.47 16.86 20.66
Retern on Equity 12.85 19.21 19.53 15.38 24.35 42.94
Return on Capital Employed 21.43 27.30 32.28 21.51 35.67 54.38 Deffered tax is part of capital employed or not
Return on invested Capital 11.88 17.11 18.45 15.12 24.04 41.67
Sales Growth 10.51 4.28 15.71 33.10 75.11 129.48
Liquidity Ratios
Current Ratio 1.84 1.89 1.68 4.56 2.24 4.67
Quick Ratio 0.77 0.97 0.82 2.75 1.20 1.57

Activity Ratios/Working Capital Ratios

Inventory Turnover Ratio 2.7 3.7 3.6 1.9 2.0 3.3
Inventory Holding Period 135 99 101 192 184 112
Debtors Turnover Ratio 42.7 72.4 52.0 17.4 19.1 26.3
Detorys Collection Period 9 5 7 21 19 14
Creditors turnover Ratio 2.8 3.3 3.2 3.2 1.9 9.3 Glaxo Smith Pak Limited - Liq
Creditors Payment Period 129 110 113 115 189 39 5.00
Cash Operating Cycle 15 (6) (6) 98 14 87 4.50
Total Assets Turnover Ratio 1.2 1.2 1.3 0.8 1.0 1.8 4.00
Fixed Assets Turnover Ratio 3.4 3.3 3.3 2.2 3.4 4.3 3.50
Investor Ratios Current Ratio 3.00
Earning per share 5.05 8.53 8.80 13.83 24.80 69.72 Qui ck Ratio
2.50
Dividend per share 10.00 7.00 7.00 5 7 7
2.00
Divident cover ratio 0.51 1.22 1.26 3 4 11
1.50
P/E Ratio 43.41 25.78 26.50 41.31 44.64 10.74
1.00
0.50
-
2014 2015
 1.50
1.00
0.50

318,467.20 318,467.20 318,467.20 30,186.80 30,186.80 30,186.80 -

2014 2015
219.31 220.02 233.33 571.31 1106.9 748.75

Glaxo Smith Pak Limited - Investor

50.00
45.00
40.00
35.00
30.00
25.00
20.00
15.00
10.00
5.00
0.00
1 2
Ea rni ng per s hare Divi dend per s h
Di vi dent cover ratio P/E Ratio
 0.00
1 2
Ea rni ng per s hare Divi dend per s h
Di vi dent cover ratio P/E Ratio

Glaxo Smith P
160.0

140.0

120.0

100.0

80.0

60.0

40.0

20.0

-
1
(20.0)
Inventory Turnover Ratio Inventory Hol di
Credi tors Payment Peri od Cas h Operatin

Ferozesons Labo
250.0

200.0

150.0

100.0

50.0

-
1
Inventory Turnover Ratio Inventory Hol
Credi tors Payment Peri od Ca s h Operati
50.0

-
1
Inventory Turnover Ratio Inventory Hol
Credi tors Payment Peri od Ca s h Operati
mployed or not

51.43

45.53
33.10

24.70
23.04

21.51
16.47
15.38

15.12
PROFITABLILI TY RATIOS
Gros s Pro fit Ma rgi n
2014
Fe roze s o n s L
Op erating Profit
Ma rgi n

Net Pro fit Ma rgi n

Retern o n Eq u ity

Retu rn on Ca p ita l
Emp loyed

Retu rn on inve ste d

Ca p ita l

Sa l es Growth

mith Pak Limited - Liquidity Ratios Ferozesons Laboratories Limited- Liquidity Ratios
5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-
2014 2015 2016 2014 2015 2016
 1.50
1.00
0.50
-
2014 2015 2016 2014 2015 2016

Pak Limited - Investor Ratios Ferozesons Laboratories Limited- Investor Ratios

80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
2 3 1 2 3
per s hare Divi dend per s ha re Earni ng per s ha re Di vi dend per s ha re
cover ratio P/E Ratio Di vi dent cover ratio P/E Ratio
 0.00
2 3 1 2 3
per s hare Divi dend per s ha re Earni ng per s ha re Di vi dend per s ha re
cover ratio P/E Ratio Di vi dent cover ratio P/E Ratio

Glaxo Smith Pak Limited - Activity Ratios/Working Capital Ratios

1 2 3

over Ratio Inventory Hol di ng Peri od Debtors Turnover Ratio Detorys Col l ection Peri od Credi tors turnover Ratio
ment Peri od Cas h Operating Cycl e Tota l As s ets Turnover Ratio Fi xed As s ets Turnover Ratio

Ferozesons Laboratories Limited- Activity Ratios/Working Capital Ratios

1 2 3
rnover Ratio Inventory Hol di ng Peri od Debtors Turnover Ratio Detorys Col lection Peri od Creditors turnover Ratio
yment Peri od Ca s h Operating Cycl e Tota l As s ets Turnover Ratio Fi xed As s ets Turnover Ratio
 1 2 3
rnover Ratio Inventory Hol di ng Peri od Debtors Turnover Ratio Detorys Col lection Peri od Creditors turnover Ratio
yment Peri od Ca s h Operating Cycl e Tota l As s ets Turnover Ratio Fi xed As s ets Turnover Ratio
 23.04
16.47
15.38

2014
21.51
15.12
33.10

45.53
24.70
16.86
24.35

2015
35.67
24.04
75.11

Fe roze s o n s L a b o rato r i e s L i m i t e d
40.34
26.16
20.66
42.94

2016
54.38
41.67
129.48
 Financial Ratios
Glaxo Smith Pak Limited Ferozesons Laboratories Limited
2014 2015 2016 2014 2015
PROFITABLILITY RATIOS
Gross Profit Margin 25.60 26.97 27.08 51.43 45.53
Operating Profit Margin 11.21 14.98 15.86 23.04 24.70
Net Profit Margin 6.72 10.54 9.60 16.47 16.86
Retern on Equity 12.85 19.21 19.53 15.38 24.35
Return on Capital Employed 21.43 27.30 32.28 21.51 35.67
Return on invested Capital 11.88 17.11 18.45 15.12 24.04
Sales Growth 10.51 4.28 15.71 33.10 75.11
Liquidity Ratios
Current Ratio 1.84 1.89 1.68 4.56 2.24
Quick Ratio 0.77 0.97 0.82 2.75 1.20

Activity Ratios/Working Capital Ratios

Inventory Turnover Ratio 2.7 3.7 3.6 1.9 2.0
Inventory Holding Period 135 99 101 192 184
Debtors Turnover Ratio 42.7 72.4 52.0 17.4 19.1
Detorys Collection Period 9 5 7 21 19
Creditors turnover Ratio 2.8 3.3 3.2 3.2 1.9
Creditors Payment Period 129 110 113 115 189
Cash Operating Cycle 15 (6) (6) 98 14
Total Assets Turnover Ratio 1.2 1.2 1.3 0.8 1.0
Fixed Assets Turnover Ratio 3.4 3.3 3.3 2.2 3.4
Investor Ratios
Earning per share 5.05 8.53 8.80 13.83 24.80
Dividend per share 10.00 7.00 7.00 5 7
Divident cover ratio 0.51 1.22 1.26 3 4
P/E Ratio 43.41 25.78 26.50 41.31 44.64

318,467.20 318,467.20 318,467.20 30,186.80 30,186.80

219.31 220.02 233.33 571.31 1106.9
aboratories Limited
2016

40.34
26.16
20.66
42.94
54.38 Deffered tax is part of capital employed or not
41.67
129.48

4.67
1.57

PROFITABLILI TY RATIOS

3.3
Gros s Pro fit Ma rgi n

Op erating Profit
Ma rgi n

Net Profit Ma rgi n

112
Retern o n Eq u ity

Retu rn on Ca p ita l
Emp l oyed

Retu rn on inve ste d

26.3
Ca p ita l

Sa l es Growth

14
9.3 Glaxo Smith Pak Limited - Liquidity Ratios Ferozesons Labo
39 5.00 5.00
87 4.50 4.50
1.8 4.00 4.00
4.3 3.50
3.50
Current Ratio 3.00 3.00
69.72 Qui ck Ratio
2.50 2.50
7
2.00 2.00
11
1.50 1.50
10.74
1.00 1.00
0.50 0.50

30,186.80 - -
2014 2015 2016 2014
748.75

Glaxo Smith Pak Limited - Investor Ratios Ferozesons L

50.00 80.00
45.00 70.00
40.00
60.00
35.00
30.00 50.00
25.00 40.00
20.00 30.00
15.00
20.00
10.00
5.00 10.00
0.00 0.00
1 2 3 1
Ea rni ng per s hare Divi dend per s ha re Earni ng
Di vi dent cover ratio P/E Ratio Di vi dent
 20.00 30.00
15.00
20.00
10.00
5.00 10.00
0.00 0.00
1 2 3 1
Ea rni ng per s hare Divi dend per s ha re Earni ng
Di vi dent cover ratio P/E Ratio Di vi dent

Glaxo Smith Pak Limited - Activity Ratios/Working Capital

160.0

140.0

120.0

100.0

80.0

60.0

40.0

20.0

-
1 2
(20.0)
Inventory Turnover Ratio Inventory Hol di ng Peri od Debtors Turnover Ratio Detorys Col l ection P
Credi tors Payment Peri od Cas h Operating Cycl e Tota l As s ets Turnover Ratio Fi xed As s ets Turnov

Ferozesons Laboratories Limited- Activity Ratios/Working Ca

250.0

200.0

150.0

100.0

50.0

-
1 2
Inventory Turnover Ratio Inventory Hol di ng Peri od Debtors Turnover Ratio Detorys Col lection
Credi tors Payment Peri od Ca s h Operating Cycl e Tota l As s ets Turnover Ratio Fi xed As s ets Turn
 51.43

45.53
33.10

24.70
23.04

21.51

16.86
16.47
15.38

15.12
2014 2
Fe roze s o n s L a b

Ferozesons Laboratories Limited- Liquidity Ratios

5.00
4.50
4.00
3.50
3.00
2.50
2.00
1.50
1.00
0.50
-
2014 2015 2016

Ferozesons Laboratories Limited- Investor Ratios

80.00
70.00
60.00
50.00
40.00
30.00
20.00
10.00
0.00
1 2 3
Earni ng per s ha re Di vi dend per s ha re
Di vi dent cover ratio P/E Ratio
30.00
20.00
10.00
0.00
1 2 3
Earni ng per s ha re Di vi dend per s ha re
Di vi dent cover ratio P/E Ratio

Ratios/Working Capital Ratios

Ratio Detorys Col l ection Peri od Credi tors turnover Ratio

over Ratio Fi xed As s ets Turnover Ratio

vity Ratios/Working Capital Ratios

2 3
er Ratio Detorys Col lection Peri od Creditors turnover Ratio
rnover Ratio Fi xed As s ets Turnover Ratio
 23.04
16.47
15.38

2014
21.51
15.12
33.10

45.53
24.70
16.86
24.35

2015
35.67
24.04
75.11

Fe roze s o n s L a b o rato r i e s L i m i t e d
40.34
26.16
20.66
42.94

2016
54.38
41.67
129.48
IMPORTANT CALCULATIONS:

Quick Assets = Current Assets - Inventory - Prepayemnts

Capital Employed = Total Assets - Current Liabilities
Change in Sales = Sales of Current Year - Sales of Previous Year
EBITDA
Average Capital Employed = Current Year Capital Employed + Previous Year Capital employed/2
Sales revenue
 Glaxo Ferozesons
2013 2014 2015 2016 2013 2014
4,766,556 5,276,376 5,568,774 1,078,824
12,920,710 14,677,482 14,333,882 2,761,209
2,652 978,676 3,741,607 952,814

3184672 1592336
25,231 27,883 2,878,747 3,831,560
Ferozesons
2015 2016
1,530,527 1,025,823
3,114,486 5,050,114
1,903,953 5,747,615

2937847.424 4082300.3475