Crown Cement, M.I Cement Factory Ltd.

Income Statement
For the year ended 30th June, 2011-14

2011 2012 2013

Net Sales 4,022,271,063.00 5,657,601,485.00 6,829,697,132.00
Cost of Good Sold 3,254,014,308.00 4,906,985,117.00 5,681,661,641.00
Gross Profit 768,256,755.00 750,616,368.00 1,148,035,491.00

Other Operating Income/loss 62,781,523.00 64,193,352.00 13,478,551.00

Administrative Expense 68,181,658.00 97,935,170.00 112,012,132.00
Selling and Distributing Expense 152,220,573.00 141,982,312.00 200,077,789.00
Operating Profit 610,636,047.00 574,892,238.00 822,467,019.00

Other Non-operating Income 196,619.47 27,829,589.00 18,503,603.00

Financial Expense 92,430,813.00 177,928,220.00 74,671,363.00

Share from profit associate - - 9,498,951.00
Profit before WPPF and Income Tax 714,824,699.00 780,650,047.00 925,140,936.00
Worker's profit perticipation fund 34,039,271.00 37,173,812.00 44,054,330.00
Profit before Income Tax 680,785,428.00 743,476,235.00 881,086,606.00

Income Tax expenses

Current Tax 238,284,672.00 134,681,334.00 134,882,516.00
Deferred Tax 6,564,936.00 49,329,034.00 80,835,429.00
Net profit after Tax for the year 435,935,820.00 559,465,867.00 665,368,662.00

Earning per share 5.36 4.14 4.48

 2014
7,990,642,611.00
6,731,727,411.00
1,258,915,200.00

23,430,000.00
114,206,125.00
231,034,362.00
937,104,713.00

40,979,579.00

66,211,046.00
21,656,322.00
933,529,568.00
44,453,789.00
889,075,779.00

154,544,848.00
60,141,468.00
674,389,464.00

4.54
 Premier Cement Mills Ltd.
Income Statement
For the year ended 30th June, 2011-14

2011 2012 2013

Revenue 3,428,083,698.00 4,193,065,049.00 6,416,662,323.00
Cost of good sales 2,807,811,584.00 3,666,273,839.00 5,263,071,062.00
Gross profit 620,272,113.00 526,791,210.00 1,153,591,261.00

Other income/loss 26,807,040.00 184,816,872.00 273,854,481.00

Administrative Expense 39,572,115.00 62,749,387.00 106,844,867.00
Selling & distrubution expense 95,804,515.00 136,710,436.00 194,605,691.00
Profit from operation/ operating Income 511,702,523.00 512,148,259.00 1,125,995,184.00

Share of profit from associate - 1,450,286.00 -

Finance Cost 67,978,891.00 140,606,478.00 327,241,033.00
Contribution to WPPF 21,129,697.00 17,473,111.00 38,213,300.00
Profit before income tax 422,593,935.00 355,518,956.00 760,540,850.00

Current tax expense 68,040,042.00 106,235,165.00 65,490,827.00

Deferred tax expense 30,080,322.00 42,135,916.00 195,882,457.00
Net profit after tax 324,473,572.00 207,147,876.00 499,167,567.00

Other comprehensive income:

Revaluation of property, plant & equipment 444,646,960.00 - -
Income tax on other comprehensive income 166,742,610.00 - -
277,904,350.00 - -
Total comprehensive income for the year 602,377,922.00 207,147,876.00 499,167,567.00

Profit Attributable to:

Owners of the company - 206,963,617.00 493,956,685.00
Non-controlling interest - 184,259.00 5,210,882.00
- 207,147,876.00 499,167,567.00
Total comprehensive income attributable to:
Owners of the company - 206,963,617.00 499,956,685.00
Non-controlling interest - 184,259.00 5,210,882.00
Total comprehensive income for the period - 207,147,876.00 499,956,685.00

Basic income per share 4.05 2.25 5.00

 2014 2015
7,539,574,982.00 8,098,701,152.00
6,243,640,861.00 6,859,763,360.00
1,295,934,121.00 1,238,937,792.00

184,719,720.00 111,936,424.00
109,112,854.00 89,854,024.00
165,439,660.00 352,998,095.00
1,106,101,327.00 908,022,098.00

-
377,794,346.00 456,793,609.00
33,530,776.00 19,684,997.00
694,776,205.00 431,543,492.00

233,676,866.00 32,462,095.00
48,002,879.00 9,836,205.00
509,102,218.00 408,917,603

- -
-
-
509,102,218.00 408,917,603.00

504,148,925.00 403,906,188.00
4,953,293.00 5,011,415.00
509,102,218.00 408,917,603.00

504,148,925.00 403,906,188.00
4,953,293.00 5,011,415.00
509,102,218.00 408,917,603.00

4.78 3.83
 Crown Cement Ltd
Statement Of Financial Position
At the year ended june 30(2011-2014)

Assets 2011 2012 2013

Non current assets 2,232,034,924.00 4,135,527,540.00 4,175,044,571.00
Property,plants and equipments 1,118,455,992.00 2,770,455,941.00 4,082,860,704.00
Capital work-in-progress 1,113,578,932.00 1,365,071,599.00 92,183,867.00
Investment in associate company 20,205,000.00 20,205,000.00 35,998,681.00

Current assets 4,752,218,577.00 5,759,451,243.00 5,572,352,660.00

Investment in shares - 93,494,348.00 91,830,612.00
Inventories 587,645,695.00 442,126,977.00 432,775,981.00
Trade receivables 343,047,480.00 753,851,554.00 677,643,514.00
Other receivables 303,651.00 61,234,099.00 109,357,300.00
Current account with sister concern 356,162,941.00 513,012,411.00 689,651,883.00
Advance deposits and prepayments 273,873,313.00 275,326,903.00 231,078,396.00
Advance income tax 323,817,217.00 717,452,042.00 494,888,145.00
Cash and bank balances 2,867,368,280.00 2,902,952,909.00 2,855,126,878.00
Total assets 7,004,458,502.00 9,915,183,783.00 9,783,395,912.00

Equity and liabilities

Shareholders equity 5,028,493,703.00 5,437,959,570.00 5,594,400,355.00
Share capital 1,000,000,000.00 1,350,000,000.00 1,485,000,000.00
Share premium 2,956,560,000.00 2,956,560,000.00 2,956,560,000.00
Retained earnings 803,370,870.00 865,624,424.00 932,436,118.00
Revalutiation reserve 268,562,833.00 265,775,146.00 220,404,236.00

Liabilities
Non current liabilities 606,787,522.00 1,962,968,266.00 1,693,689,300.00
Long term borrowing off current maurit 513,434,222.00 1,811,139,113.00 1,451,551,871.00
Liability for gratuity 3,894,111.00 47,080,930.00 13,831,163.00
Deferred tax liability 55,419,189.00 104,748,223.00 228,306,259.00

Current liabilities and provisions 1,369,177,277.00 2,514,255,947.00 2,495,306,258.00

Trade payable 110,537,447.00 148,526,299.00 136,889,183.00
Other payable 38,518,143.00 47,471,216.00 65,020,563.00
Current portion of long term borrowing 26,076,000.00 286,076,000.00 500,039,618.00
Short term loan 607,876,193.00 1,351,027,065.00 1,486,345,228.00
Provision for tax liabilities 554,641,164.00 663,483,837.00 240,504,893.00
Liabilities for wppf - - 44,054,330.00
Payable to ipo applicants 31,528,330.00 13,310,798.00 12,866,055.00
Unclaimed dividents - 4,360,731.00 9,586,388.00

Total libilities 1,975,964,799.00 4,477,224,213.00 4,188,995,557.00

Total equity and liabilities 7,004,458,502.00 9,915,183,783.00 9,783,395,912.00
Total equity 5,028,493,703.00 5,437,959,570.00 5,594,400,355.00
 2014
4,018,304,669.00
3,926,836,388.00
91,468,281.00
57,655,003.00

7,271,045,790.00
119,992,366.00
626,526,720.00
1,169,445,807.00
57,331,527.00
889,818,785.00
345,964,790.00
823,978,904.00
3,237,987,890.00
11,347,005,462.00

5,675,411,007.00
1,485,000,000.00
2,956,560,000.00
1,015,341,470.00
218,519,536.00

1,278,308,374.00
946,349,388.00
44,132,448.00
287,826,539.00

4,393,286,258.00
107,983,409.00
134,994,953.00
543,787,000.00
3,143,054,994.00
395,049,741.00
44,453,789.00
12,720,975.00
11,241,219.00

5,671,594,455.00
11,347,005,462.00
5,675,411,007.00
 Primier Cement Mils Limited
Statement Of Financial Position
At the year ended june 30 (2011-2014)

ASSETS: 2011 2012 2013

Non-current assets
Property, plant and equipment 1,878,082,432.00 1,994,177,084.00 3,818,948,737.00
Capital work -in - progress 275,871,060.00 1,631,246,838.00 73,468,802.00
Investment in subsidiary 48,000,000.00
Investment in associate 70,000,000.00 71,450,286.00 70,000,000.00
Total non current assets 2,223,953,492.00 3,696,874,208.00 4,010,417,539.00
Current Assets:
Inventories 689,410,200.00 512,438,470.00 728,226,745.00
Trade and other receivables 489,595,303.00 632,939,815.00 1,011,799,992.00
Advances, deposits and pre-payments 515,625,233.00 793,415,218.00 728,101,684.00
Current account with subsidiary 50,758,316.00
Current account with associate 125,124,323.00 272,654,854.00 252,491,147.00
Investment in FDR 130,571,470.00
Cash and bank balances 84,222,140.00 131,204,000.00 399,377,429.00
Total current assets 1,903,977,199.00 2,342,652,357.00 3,301,326,783.00
Total assets 4,127,930,690.00 6,039,526,565.00 7,311,744,323.00
EQUITY AND LIABILITIES:
Equity:
Share capital 890,000,000.00 934,500,000.00 1,054,500,000.00
Revaluation reserve 374,104,683.00 368,322,020.00 362,312,633.00
Share Premium 311,500,000.00 441,835,000.00
Retained earnings 425,531,930.00 638,278,210.00 1,154,388,895.00
Share money deposit 356,000,000.00
Non controlling Interest 1,629,409.00 1,813,668.00
Total equity 2,047,266,022.00 2,254,413,898.00 3,013,036,528.00

Non-current liabilities:
Deferred tax liabilities/(assets) 119,963,071.00 162,098,987.00 357,981,444.00
Long term loan 206,608,020.00 69,537,892.00
Defined benefit obligations (Gratuity) 15,630,304.00 26,833,840.00 40,458,734.00
Total non current liabilities 135,593,375.00 395,540,847.00 467,978,070.00

Current-liabilities:
Trade and other payables 165,616,748.00 268,583,077.00 775,475,599.00
Short term bank loan 1,674,857,177.00 2,802,652,563.00 2,740,683,580.00
Current portion of long term loan 142,728,173.00 183,211,499.00
Liability for other finance 15,852,335.00 70,085,650.00 61,515,150.00
Contribution to WPPF 21,129,697.00 17,473,111.00 38,213,300.00
Provision for taxation 67,615,336.00 88,049,246.00 31,630,597.00
Total current liabilities 1,945,071,293.00 3,389,571,820.00 3,830,729,725.00
Total liabilities 2,080,664,669.00 3,785,112,667.00 4,298,707,794.00
Total equity and liabilities 4,127,930,690.00 6,039,526,565.00 7,311,744,323.00
 2014 2015

3,911,694,883.00 4,320,954,889.00
448,096,889.00
48,000,000.00 48,000,000
350,000,000.00 350,000,000.00
4,757,791,772.00 4,718,954,889.00

1,113,538,860.00 990,529,590.00
1,152,000,264.00 1,201,309,891.00
844,260,411.00 935,201,384.00
1,873,427.00 55,902,280.00
225,799,378.00 162,803,938.00
183,604,362.00 213,507,899.00
124,393,878.00 155,427,059.00
3,645,470,580.00 3,602,877,481.00
8,403,262,352.00 8,321,832,369.00

1,054,500,000.00 1,054,500,000.00
356,868,534.00 351,893,241.00
441,835,000.00 441,835,000.00
1,236,291,569.00 1,299,131,032.00

3,089,495,103.00 3,147,359,273.00

309,978,565.00 300,142,360.00
582,036,595.00 1,243,317,057.00
59,788,044.00 81,780,538.00
951,803,204.00 1,625,239,955.00

231,037,651.00 205,436,496.00
3,697,742,634.00 2,848,426,782.00
188,373,392.00 359,895,930.00
70,420,750.00 72,514,212.00
33,530,776.00 19,684,997.00
140,858,842.00 43,274,725.00
4,361,964,045.00 3,549,233,141.00
5,313,767,249.00 5,174,473,096.00
8,403,262,352.00 8,321,832,396.00
 Crown Cement, M.I Cement Factory Ltd.

2011 2012 2013 2014

Liquidity ratio:
1.Current ratio 3.47085703 2.29071796 2.233133765 2.233133765
2.Quick ratio 3.041660822 2.11486992 2.059697748 1.512425706

Activity ratio:
3.Inventory turnover 5.537374537 11.0985879 13.1284126 10.74451767
4.Average collection period 31.15731408 52.5852279 42.05974168 56.03726117
5.Average payment period 13.53 12.64 10.79 11.10
6.Total asset turnover 0.574244399 0.57059976 0.698090642 0.704207171

Solvency ratio:
7.Debt ratio 28% 45% 43% 50%
8.Times interest earned ratio 7.365351509 4.1785178 11.79952489 13.42790717

Profitability ratio:
9.Gross profit margin 19% 13% 17% 17%
10.Operating profit margin 15% 10% 12% 12%
11.Net profit margin 11% 10% 10% 8%
12.Earnings per share 5.36 4.14 4.48 4.54
13.Returns on total asset (ROA) 6% 6% 7% 6%
14.Returns on equity (ROE) 9% 10% 12% 12%

Market ratio:
15.Price earning (P/E) ratio 32.84 26.09 20.09 18.90
16.Market/book (M/B) ratio 3.500397772 2.69932517 2.3891691 2.244897959
 Primier cement

2015 2011 2012

Liquidity ratio:
1.Current ratio 0.9788727055 0.691135188
2.Quick ratio 0.6244331523 0.5399543023

Activity ratio:
3.Inventory turnover
4.Average collection period
5.Average payment period
6.Total asset turnover
4.0727734867 7.1545640182
52.128915551 55.0964580266
17.63 23.38
0.8304605759 0.6942704869

Solvency ratio:
7.Debt ratio 50% 63%
8.Times interest earned ratio 6.2165464718 2.5284678278

Profitability ratio:
9.Gross profit margin 18% 13%
10.Operating profit margin 15% 12%
11.Net profit margin 9% 5%
12.Earnings per share 4.05 2
13.Returns on total asset (ROA) 15% 3%
14.Returns on equity (ROE) 16% 9%

Market ratio:
15.Price earning (P/E) ratio
16.Market/book (M/B) ratio
ment

2013 2014 2015

0.8618010196 0.8357406302
0.6716997081 0.5804568066

7.2272421991 5.6070255698
57.5543761678 55.7697346818
44.11 11.18
0.8775829733 0.8972199922

59% 63%
2.3240998937 1.8390328293

18% 17%
18% 15%
8% 7%
5 4.78
7% 6%
17% 16%

21.80 17.57
3.5714285714 2.6802807913
Current Ratio
2011 2012 2013 2014 2015

Crown Cement 3.47 2.26 2.23 2.23

Primier cement 0.98 0.69 0.86 0.84

Current Ratio
4

3.5

2.5

1.5

0.5

0
2011 2012 2013 2014
Crown Cement Pri mi er cement

Average collection period

2011 2012 2013 2014 2015
Crown Cement 31.16 52.59 42.06 56.04
Primier cement 52.13 55.1 57.55 55.77

Average Collection Period

70

60

50

40

30

20

10

0
2011 2012 2013 2014
Crown Cement Pri mi er cement
 10

0
2011 2012 2013 2014
Crown Cement Pri mi er cement

Debt ratio
2011 2012 2013 2014 2015
Crown Cement 28% 45% 43% 50%
Primier cement 50% 63% 59% 63%

Debt Ratio
70%

60%

50%

40%

30%

20%

10%

0%
2011 2012 2013 2014
Crown Cement Pri mi er cement

Operating profit margin

2011 2012 2013 2014 2015
Crown Cement 15% 10% 12% 12%
Primier cement 15% 12% 18% 15%

Operating Profit
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
2011 2012 2013 2014
Crown Cement Primier cement
 8%
6%
4%
2%
0%
2011 2012 2013 2014
Crown Cement Primier cement

Returns on total asset (ROA)

2011 2012 2013 2014 2015
Crown Cement 6% 6% 7% 6%
Primier cement 15% 3% 7% 6%

Returns On Total Asset (ROA)

16%

14%

12%

10%

8%

6%

4%

2%

0%
2011 2012 2013 2014
Crown Cement Primi er cement

14.Returns on equity (ROE)

2011 2012 2013 2014 2015
Crown Cement 9% 10% 12% 12%
Primier Cement 16% 9% 17% 16%

18%
16%

14%

12%

10%
Crown Cement
8% Primier Cement
6%

4%

2%
0%
2011 2012 2013 2014
6%

4%

2%

0%
2011 2012 2013 2014
Quick Ratio
2011 2012 2013 2014 2015

Crown Cement 3.04 2.08 2.05 1.51

Primier cement 0.62 0.54 0.67 0.58

Quick Ratio
3.5

2.5

1.5

0.5

0
2011 2012 2013 2014
Crown Cement Pri mi er cement

Average payment period

2011 2012 2013 2014 2015
Crown Cement 13.53 12.64 10.79 11.1
Primier cement 17.63 23.38 44.11 11.18

Average Payment Period

50 1
45 0.9
40 0.8
35 0.7
30
0.6
25
0.5
20
15 0.4
10 0.3
5 0.2
0 0.1
2011 2012 2013 2014
0
Crown Cement Pri mi er cement 2011
 5 0.2
0 0.1
2011 2012 2013 2014
0
Crown Cement Pri mi er cement 2011

Times interest earned ratio

2011 2012 2013 2014 2015
Crown Cement 7.37 4.18 11.80 13.43
Primier cement 6.22 2.53 2.32 1.84

Times Interest Earned Ratio

16.00 25%

14.00
20%
12.00

10.00 15%
8.00

6.00 10%

4.00
5%
2.00

0.00 0%
2011 2012 2013 2014 2011
Crown Cement Pri mier cement

Net profit margin

2011 2012 2013 2014 2015
Crown Cement 11% 10% 10% 8%
Primier cement 9% 5% 8% 7%

Net Profit Margin

12%

10%

8%

6%

4%

2%

0%
2011 2012 2013 2014
Crown Cement Pri mi er cement
4%

2%

0%
2011 2012 2013 2014
Crown Cement Pri mi er cement

15.Price earning (P/E) ratio

2011 2012 2013 2014 2015
Crown Cement 32.83582 26.08696 20.08929 18.89868
Primier cement 21.8 17.57

P/E Ratio
35

30

25

20

15

10

0
2011 2012 2013 2014
Crown Cement Primi er cement
Inventory turnover
2011 2012 2013 2014 2015
Crown Cement 0.57 0.57 0.70 0.70
Primier cement 0.83 0.69 0.88 0.90

Inventory Turnover
1.00
0.90
0.80
0.70
0.60
0.50
0.40
0.30
0.20
0.10
0.00
2011 2012 2013 2014
Crown Cement Pri mi er cement

6.Total asset turnover

2011 2012 2013 2014 2015
Crown Cement 0.57 0.57 0.69 0.7
Primier cement 0.83 0.69 0.88 0.89

Total Asset Turnover

1
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2011 2012 2013 2014
Crown Cement Pri mi er cement
 0.2
0.1
0
2011 2012 2013 2014
Crown Cement Pri mi er cement

Gross profit margin

2011 2012 2013 2014 2015
Crown Cement 19% 13% 17% 17%
Primier cement 18% 13% 18% 17%

Gross Profit Margin

25%

20%

15%

10%

5%

0%
2011 2012 2013 2014
Crown Cement Pri mi er cement

Earnings per share

2011 2012 2013 2014 2015
Crown Cement 5.36 4.14 4.48 4.54
Primier cement 4.05 2 5 4.78

Earnings Per Share

6

1
 5

0
2011 2012 2013 2014
Crown Cement Pri mi er cement

16.Market/book (M/B) ratio

2011 2012 2013 2014 2015
Crown Cement 3.5 2.69 2.39 2.24
Primier cement 3.57 2.68

M/B Ratio
4
3.5
3
2.5
2
1.5
1
0.5
0
2011 2012 2013 2014
Crown Cement Pri mier cement Row 105