Balance SheetDESCRIPTIONMar-2011Mar-2012Mar-2013Mar-2014Mar-2015

Unit100,000.00100,000.00100,000.00100,000.00100,000.00EQUITY AND LIABILITIESShare Capital342.44342.44342.44359.56404.50Share Warrants & Outstandings60.5436.4036.400.000.00Total Reserves6,088.486,184.607,087.689,311.4515,580.90Shareholder's Funds6,491.456,563.447,466.519,671.0115,985.40Long-Term BorrowingsSecured Loans4,873.414,497.013,028.303,277.762,815.14Unsecured Loans1,118.611,296.411,188.39947.15728.10Deferred Tax Assets / Liabilities241.05334.28745.211,090.951,171.47Other Long Term Liabilities11.1514.2214.2214.2214.22Long Term Trade PayablesLong Term Provisions82.7780.42120.07202.10270.58Total Non-Current Liabilities6,327.016,222.355,096.195,532.194,999.52Current LiabilitiesTrade Payables7,464.026,443.297,760.616,631.436,331.09Other Current Liabilities4,469.725,776.655,762.255,404.575,435.10Short Term Borrowings3,046.405,011.593,821.585,747.822,568.40Short Term Provisions188.40209.18654.36728.591,042.68Total Current Liabilities15,168.5417,440.7117,998.8018,512.4115,377.28Total Liabilities27,987.0030,226.4930,561.5033,715.6136,362.19ASSETSNon-Current AssetsGross Block18,815.5421,115.7021,668.4322,116.3923,105.79Less: Accumulated Depreciation5,204.625,875.066,639.137,374.298,292.89Less: Impairment of AssetsNet Block13,610.9315,240.6415,029.3014,742.1114,812.90Lease Adjustment A/cCapital Work in Progress1,061.82134.1699.35302.301,640.66Intangible assets under development11.740.20Pre-operative Expenses pendingAssets in transitNon Current Investments439.92441.63447.081,243.361,243.86Long Term Loans & Advances204.36438.671,182.19755.16612.19Other Non Current Assets15.21127.56106.46100.4887.69Total Non-Current Assets15,343.9816,382.8616,864.3917,143.4018,397.29Current Assets Loans & AdvancesCurrents Investments425.38303.203,124.33Inventories5,674.635,796.065,314.407,182.786,421.07Sundry Debtors4,807.196,142.286,357.467,158.426,669.27Cash and Bank478.81371.53813.501,029.56644.98Other Current Assets42.32107.80163.18271.60153.21Short Term Loans and Advances1,214.691,122.761,048.57929.84952.04Total Current Assets12,643.0213,843.6313,697.1116,572.2117,964.90Net Current Assets (Including Current Investments)-2,525.52-3,597.08-4,301.70-1,940.202,587.62Total Current Assets Excluding Current Investments12,217.6513,540.4313,697.1116,572.2114,840.57Miscellaneous Expenses not written offTotal Assets27,987.0030,226.4930,561.5033,715.6136,362.19Contingent Liabilities5,740.532,722.883,506.344,865.143,300.14Total Debt9,857.9612,803.4110,116.5711,486.847,593.55Book Value187.80190.61216.98268.97395.19Adjusted Book Value187.80190.61216.98268.97395.19

asset turnover

CFSDESCRIPTIONMar-2011Mar-2012Mar-2013Mar-2014Mar-2015Profit Before Tax418.64242.061,664.984,032.354,715.69Adjustment1,049.782,472.852,606.302,562.752,179.79 Depreciation359.40728.02806.20865.43934.25 Impairment3.04-1.751.320.000.00 Interest Expeses800.421,767.461,808.101,720.451,318.65 Profit/Loss on sale of Fixed Assets0.795.434.305.817.13 Profit/Loss on sale of investments0.000.00-0.05-2.680.00 Dividend Received-3.63-13.55-15.87-5.47-74.41 Interest Income-124.79-59.55-70.62-60.50-80.34 Effect of Exchange Rate Change15.78-24.6833.7957.4659.35 Provision & Written Off-4.020.000.00-61.28-38.72 Bad debts irrecoverable written off4.1345.420.003.286.23 Provision for doubtful debts & advances-1.3426.0539.1440.2447.66Changes In working Capital1,215.71-2,472.281,955.12-3,736.181,714.18Change in WC as a % of sales3.35%-5.31%3.87%-6.73%2.95% Trade & Other receivables-2,970.71-1,425.01-301.57-978.55486.70 Inventories0.00-157.45438.61-1,947.94714.70 Loans & Advances0.00-64.5170.78-126.97277.65 Trade & Other payables4,310.66-763.021,647.50-769.82162.03 Decrease / (Increase) in LT loans & Advances0.00-64.0454.44-16.44-4.91 Increase / (Decrease) in LT Provisions-124.251.7545.36103.5278.01Cash Flow after changes in Working Capital2,684.13242.636,226.402,858.918,609.65 Tax Paid-190.93-73.29-382.06-890.65-1,122.81Cash From Operating Activities2,493.20169.355,844.331,968.267,486.84Cash Flow from Investing Activities-4,880.76-1,396.20-529.21-1,417.15-2,532.88 Purchase of Fixed Assets-6,075.35-1,523.07-847.74-1,478.42-3,027.95CAPEX as a % of sales16.73%3.27%1.68%2.66%5.22% Sale of Fixed Assets3.654.050.9832.8729.15 Purchase of Investment-425.01-4,686.750.00-0.040.00 Sale of Investments430.044,807.22303.24370.070.00 Dividend Income11.9313.5515.875.4774.41 Interest received278.2756.7756.5757.9086.15 Increase/ Decrease in Loans0.000.00-6.500.000.00 Loans & advances given to subsidiaries / partnership firms etc.0.00-15.000.000.000.00 Advances for capital expenditure1,067.740.000.000.000.00 Other Investment Activities-172.03-52.97-51.64-405.00305.36Cash from Financing Activities1,271.601,081.70-4,642.85-395.16-1,940.25 Increase / (Decrease) in Loan Funds2,518.220.000.00-140.05-135.49 Proceeds from Long Term Borrowings0.001,519.140.001,883.34694.49 Repayment of Long Term Borrowings0.00-724.06-1,589.00-2,294.24-1,262.69 Short Term Loans0.00516.96-516.581,737.68-3,090.47 Redemption of Preference Shares Capital-6.58-0.79-0.70-0.810.00 Proceeds from Shares Warrants60.5436.400.000.000.00 Proceeds from Issue of Equity Share Capital0.000.000.00109.194,000.00 Equity Dividend Paid-158.29-68.49-34.24-143.82-357.31 Preference Dividend0.000.00-0.390.000.00 Interest Paid-1,038.21-1,719.61-1,832.82-1,723.04-1,476.32 Changes in working capital borrowings0.000.000.00200.00-200.00 Net Inc/Dec in cash / Export credit facilities and other short term loans0.001,530.74-663.550.000.00 Income tax on dividend paid0.00-11.66-5.56-23.40-46.88 Other Financial Activities-104.103.070.000.00-65.59Net Cash Inflow / Outflow-1,115.97-145.16672.28155.963,013.72Opening Cash & Cash Equivalents1,600.26456.41311.26983.531,136.50Cash & Cash Equivalent of Subsidiaries under liquidations0.000.000.00-2.990.00Closing Cash & Cash Equivalent484.30311.26983.531,136.504,150.22

PnLDESCRIPTIONMar-2011Mar-2012Mar-2013Mar-2014Mar-2015

INCOME :Unit100,000.00100,000.00100,000.00100,000.00100,000.00Net Sales36,311.2646,527.0850,522.1555,539.7958,023.83Year on year growth0.280.090.100.04EXPENDITURE :Increase/Decrease in Stock-1,438.78229.90-458.61-1,119.79563.86 Opening - Work In Progress127.88294.89342.17284.19343.06 Opening - Finished Goods1,186.832,665.482,439.902,970.513,859.78 Opening - Shares, Units and Bonds Other Opening Balances166.8479.1370.5156.49346.27 Less: Closing - Work In Progress294.89343.57284.19343.06222.65 Less: Closing - Finished Goods2,665.482,445.432,970.513,859.783,455.69 Less: Closing - Shares, Units and Bonds Less: Other Closing Balances79.1372.1656.49346.27329.50 Inter division Transfer in transits Excise Duty on Stock Adjustments-119.18-51.560.00-118.14-22.58 Stock CapitalisedRaw Material Consumed28,189.2934,394.6535,216.2136,777.2834,769.41Power & Fuel Cost1,286.861,575.491,732.091,807.781,733.99Employee Cost2,097.962,275.602,830.393,109.163,788.93Other Manufacturing Expenses2,496.053,233.423,862.154,974.356,379.45General and Administration Expenses662.67486.79756.29820.79902.761.82%1.05%1.50%1.48%1.56%Selling and Distribution Expenses1,350.871,081.571,400.401,701.592,038.670.040.020.030.030.04Miscellaneous Expenses18.99512.82651.91741.50935.83Less: Expenses CapitalisedTotal Expenditure34,663.9143,790.2445,990.8348,812.6751,112.90Operating Profit (Excl OI)1,647.352,736.854,531.316,727.126,910.94Other Income229.96222.82176.71141.37223.50Operating Profit1,877.312,959.664,708.036,868.497,134.44Interest1,021.051,958.021,959.891,870.321,423.18 Interest on Debenture / Bonds Interest on Term Loan Interest on Fixed deposits Interest onVehicle Loan Interest on Cash Credits / Packing credits Interest on Working Capital Loans Bank Charges etc397.94458.73451.85333.67 Other Interest1,021.051,560.081,501.161,418.471,089.51 Interest CapitalisedPBDT856.271,001.642,748.134,998.175,711.26Depreciation359.40728.02806.20865.43934.25Depreciation as a % offixed assets0.0190.0340.0370.0390.040Profit Before Taxation & Exceptional Items496.87273.621,941.934,132.744,777.00Exceptional Income / Expenses-78.22-31.56-276.96-100.39-61.32Profit Before Tax418.64242.061,664.984,032.354,715.68Provision for Tax144.2160.21463.081,324.451,576.46Profit After Tax274.43181.851,201.902,707.903,139.22Extra itemsMinority Interest-8.764.4532.58Share of AssociateOther Consolidated ItemsConsolidated Net Profit265.68181.851,201.902,712.353,171.80Adjustments to PATProfit Balance B/F2,387.462,556.052,697.553,628.815,659.72Appropriations2,653.142,737.903,899.456,341.168,831.52Equity Dividend %20.0010.0040.00100.00100.00Earnings Per Share7.735.2935.0975.4478.41Adjusted EPS7.735.2935.0975.44169.79

BetaDateCloseAdj CloseNifty adj closereturn ceatreturn nifty7/1/15915.25905.258532.8496090.38214547450.01963907626/1/15662.2654.968368.5-0.1471541857-0.0077250524Covariance0.00397708875/1/15776.45767.978433.6503910.01943371430.0308195797Variance0.00254283684/1/15761.65753.338181.5-0.0532011161-0.0364503592Beta1.163/2/15804.45795.6684910.0662682087-0.03997915392/2/15754.45746.218844.599609-0.07970746390.00405263051/1/15819.8810.848808.900391-0.04724751780.063530030512/1/14860.45851.058282.700195-0.0529367252-0.035577656111/3/14908.55898.628588.250.04810002570.03196868610/1/14866.85857.388322.2001950.09064773830.04487248889/1/14794.8786.127964.7998050.37153026150.00131370978/1/14587.3573.177954.3500980.12487734030.030182787/1/14522.1509.547721.299805-0.23619792840.01444549336/2/14683.55667.117611.3500980.61426220780.05275277045/1/14423.45413.267229.9501950.08953335090.07967718494/1/14388.65379.36696.399902-0.1201985526-0.00116349343/3/14441.75431.126704.2001950.56452315290.06806649512/3/14282.35275.566276.950195-0.05155916570.03078252651/1/14297.7290.546089.5-0.0731489457-0.034026015212/2/13321.2313.4763040.12069643560.020708845411/1/13286.6279.716176.1000980.5529953917-0.019534350810/1/13184.55180.116299.1499020.51022975010.09831222719/2/13122.2119.265735.2998050.1699038650.04815600168/1/13104.45101.945471.799805-0.1209037599-0.04705680867/1/13127.45115.9657420.2051548535-0.0171511066/3/13105.7596.225842.200195-0.0194639764-0.02401456675/1/13107.8598.135985.9501950.02421459140.00940103174/1/13105.395.815930.2001950.1250587130.04358085693/1/1393.685.165682.5498050.0206136146-0.00184435412/1/1391.783.445693.049805-0.1291096963-0.05662209621/1/13105.395.816034.75-0.0005215940.021955580712/3/12105.3595.865905.1000980.0082036180.004294327211/1/12104.595.085879.850098-0.12666482960.046292487910/1/12119.65108.875619.7001950.0588406925-0.01465811259/3/12113102.825703.2998050.03108704370.08458682238/1/12109.699.725258.50.11781190450.00564161417/2/1298.0589.2152290.0057497182-0.00945270856/1/1298.588.75278.8999020.05973715650.07202110015/1/1292.9583.74924.25-0.1354198946-0.06171696854/2/12107.596.815248.1499020.2072577628-0.00895089363/1/1289.0580.195295.5498050.013011622-0.01664755012/1/1287.979.165385.2001950.02392963390.03576481131/2/1285.8577.315199.250.16413190780.124332378812/1/1173.7566.414624.2998050.0101916641-0.042994176111/1/117365.744832.049805-0.0054462935-0.092845395510/3/1173.466.15326.600098-0.04796197610.07755021459/2/1177.169.434943.25-0.1025077559-0.01154769058/1/1185.977.365001-0.1627705628-0.08774170017/1/11104.992.45482-0.0122928915-0.0292877976/1/11106.293.555647.3999020.07602944560.03184663195/2/1198.786.945473.100098-0.0741214058-0.04807372854/1/11106.693.95749.50.0344827586-0.01444182563/1/11103.0590.775833.750.05965444780.09384521632/1/1197.2585.665333.25-0.1321175279-0.0313572541/3/11112.0598.75505.899902-0.1637719224-0.102469654912/1/10134118.036134.5-0.03388720640.046360856911/1/10138.7122.175862.700195-0.1196858337-0.025757348310/1/10157.55138.786017.700195-0.1073519007-0.00203152599/1/10176.5155.476029.9501950.20314192850.1161613928/2/10146.7129.225402.399902

DCFCAGR for next 6 years12%Long-Term Borrowings2,015.00Terminal Growth Rate5%Secured Loans2,815.14Wacc14.52%Unsecured Loans728.10Short Term Borrowings2,568.40Total Interst Bearing Debt8,126.64Total Interest Paid1075Total Finacial costs include interestof 1075 and other borrowing cost of 229.2Kd0.1322809268Tax0.3343021573After Tax Cost of borrowing0.0880591276Risk Free Rate7.80%Beta1.16Equity Risk Premium8.30%Cost of equity17.43%Shareholder's Funds15,985.40Total Debt8,126.64Weight of Debt0.33703675270.5083792414Weight Equity0.6629632473

y-on-yDESCRIPTIONMar-2012Mar-2013Mar-2014Mar-2015

Net Sales28.13%8.59%9.93%4.47%Raw Material Consumed22.01%2.39%4.43%-5.46%Power & Fuel Cost22.43%9.94%4.37%-4.08%Employee Cost8.47%24.38%9.85%21.86%Other Manufacturing Expenses29.54%19.44%28.80%28.25%General and Administration Expenses-26.54%55.36%8.53%9.99%Selling and Distribution Expenses-19.94%29.48%21.51%19.81%Miscellaneous Expenses2600.91%27.12%13.74%26.21%Total Expenditure26.33%5.03%6.14%4.71%Operating Profit (Excl OI)66.14%65.57%48.46%2.73%Other Income-3.11%-20.69%-20.00%58.09%Operating Profit57.65%59.07%45.89%3.87% Other Interest52.79%-3.78%-5.51%-23.19%Depreciation102.57%10.74%7.35%7.95%Profit Before Tax-42.18%587.85%142.19%16.95%Provision for Tax-58.25%669.12%186.01%19.03%Profit After Tax-33.74%560.94%125.30%15.93%Consolidated Net Profit-31.55%560.94%125.67%16.94%Earnings Per Share-31.50%562.74%115.00%3.95%Adjusted EPS-31.50%562.74%115.00%125.08%

pnl % of salesDESCRIPTIONMar-2011Mar-2012Mar-2013Mar-2014Mar-2015

Net Sales100.0000%100.0000%100.0000%100.0000%100.0000%EXPENDITURE :Increase/Decrease in Stock-3.9624%0.4941%-0.9077%-2.0162%0.9718% Opening - Work In Progress0.3522%0.6338%0.6773%0.5117%0.5912% Opening - Finished Goods3.2685%5.7289%4.8294%5.3484%6.6521% Opening - Shares, Units and Bonds Other Opening Balances0.4595%0.1701%0.1396%0.1017%0.5968% Less: Closing - Work In Progress0.8121%0.7384%0.5625%0.6177%0.3837% Less: Closing - Finished Goods7.3407%5.2559%5.8796%6.9496%5.9556% Less: Closing - Shares, Units and Bonds Less: Other Closing Balances0.2179%0.1551%0.1118%0.6235%0.5679% Inter division Transfer in transits Excise Duty on Stock Adjustments-0.3282%-0.1108%0.0000%-0.2127%-0.0389% Stock CapitalisedRaw Material Consumed77.6324%73.9239%69.7045%66.2179%59.9226%Power & Fuel Cost3.5440%3.3862%3.4284%3.2549%2.9884%Employee Cost5.7777%4.8909%5.6023%5.5981%6.5299%Other Manufacturing Expenses6.8740%6.9495%7.6445%8.9564%10.9945%General and Administration Expenses1.8250%1.0463%1.4969%1.4778%1.5558%Selling and Distribution Expenses3.7203%2.3246%2.7718%3.0637%3.5135%Miscellaneous Expenses0.0523%1.1022%1.2903%1.3351%1.6128%Less: Expenses CapitalisedTotal Expenditure95.4632%94.1177%91.0310%87.8877%88.0895%Operating Profit (Excl OI)4.5368%5.8823%8.9690%12.1123%11.9105%Other Income0.6333%0.4789%0.3498%0.2545%0.3852%Operating Profit5.1701%6.3612%9.3187%12.3668%12.2957%Interest2.8119%4.2083%3.8793%3.3675%2.4528% Bank Charges etc0.0000%0.8553%0.9080%0.8136%0.5751% Other Interest2.8119%3.3531%2.9713%2.5540%1.8777% Interest CapitalisedPBDT2.3581%2.1528%5.4395%8.9993%9.8429%Depreciation0.9898%1.5647%1.5957%1.5582%1.6101%Profit Before Taxation & Exceptional Items1.3684%0.5881%3.8437%7.4410%8.2328%Exceptional Income / Expenses-0.2154%-0.0678%-0.5482%-0.1808%-0.1057%Profit Before Tax1.1529%0.5202%3.2955%7.2603%8.1271%Provision for Tax0.3972%0.1294%0.9166%2.3847%2.7169%Profit After Tax0.7558%0.3908%2.3790%4.8756%5.4102%Minority Interest-0.0241%0.0000%0.0000%0.0080%0.0561%Share of AssociateOther Consolidated ItemsConsolidated Net Profit0.7317%0.3908%2.3790%4.8836%5.4664%Adjustments to PATProfit Balance B/F6.5750%5.4937%5.3393%6.5337%9.7541%Appropriations7.3067%5.8845%7.7183%11.4173%15.2205%Equity Dividend %0.0551%0.0215%0.0792%0.1801%0.1723%Earnings Per Share0.0213%0.0114%0.0694%0.1358%0.1351%Adjusted EPS0.0213%0.0114%0.0694%0.1358%0.2926%

DepreciationDepreciationActualsEstimates

Period Ending March 312012.02013.02014.02016.02017.02018.02019.02020.02021.02022.02023.02024.0Property, plant & equipment (beg. of year)23,105.79Capital expenditures (beg. of year)3,249.33463,639.25484,075.96544,565.08125,112.89105,726.43790.00000.00000.00000.0000Book (GAAP) depreciationUseful LifePP&E Years12CAPEX Years20202020202020DepreciationExisting PP&E1,925.51,925.51,925.51,925.51,925.51,925.51,925.52015 CAPEX162.5162.5162.5162.5162.5162.5162.52016 CAPEX182.0182.0182.0182.0182.0182.02017 CAPEX203.8203.8203.8203.8203.82018 CAPEX228.3228.3228.3228.32019 CAPEX255.6255.6255.6286.3286.3

Total book depreciation2,087.92,269.92,473.72,702.02,957.62,957.62,957.6CAPEX as a % of sales5%Depreciation as a percentage of total fixed assets6%

ValuationFree Cash Flow Calculations2015201620172018201920202021Sales58,023.8364,986.6972,785.1081,519.3191,301.62102,257.82114,528.76Cost of Goods sold40,292.3351,989.3558,228.0865,215.4573,041.3081,806.2691,623.01Gross Profit17,731.5012,997.3414,557.0216,303.8618,260.3220,451.5622,905.75General and Administrative expenses902.76974.801,091.781,222.791,369.521,533.871,717.93Selling and Distribution2,038.671,949.602,183.552,445.582,739.053,067.733,435.86Other Income223.50324.93363.93407.60456.51511.29572.64EBIT7,134.4410,397.8711,645.6213,043.0914,608.2616,361.2518,324.60TAX2,354.363,431.303,843.054,304.224,820.735,399.216,047.12EBIT(1-tax)4,780.076,966.577,802.568,738.879,787.5310,962.0412,277.48Depreceiation934.252,087.952,269.912,473.712,701.962,957.612,957.61Changes in working Capital1,714.18-1,534.332,030.29483.50541.52606.500.00Less:Capex3,027.953,249.333,639.254,075.974,565.085,112.895,726.44Free Cash Flow to the Firm(FCFF)972.203,774.904,402.936,653.117,382.908,200.259,508.65Terminal99,146.91Year123456Wacc14.52%14.52%14.52%14.52%14.52%14.52%Discounting factor0.87319436720.76246840290.66578311460.58135806550.50763858810.4432671557Present value of FCFF3296.22202927233357.09660814954429.53044611684292.1059596754162.764379042148163.4429335279Value of firm67,701.16Debt8,126.64Cash952.04Value of Equity58,622.48Shares outstanding40.45(millions)Share Price1449.2578579922

Working Capital ScedulePariticulars20112012201320142015201620172018201920202021Net Sales36,311.2646,527.0850,522.1555,539.7958,023.8364986.6929672785.096115281519.30764902491301.6245669069102257.819514936114528.757856728

Trade Payables7,464.026,443.297,760.616,631.436,331.096498.6692967278.509611528151.93076490249130.16245669079130.16245669079130.162456690721%14%15%12%11%10%10%10%10%10%10%Other Current Liabilities4,469.725,776.655,762.255,404.575,435.106498.6692967278.509611528151.93076490249130.16245669079130.16245669079130.162456690712%12%11%10%9%10%10%10%10%10%10%Short Term Provisions188.40209.18654.36728.591,042.68649.8669296727.850961152815.1930764902913.0162456691913.0162456691913.01624566911%0%1%1%2%1%1%1%1%1%1%Long Term Loans & Advances204.36438.671,182.19755.16612.19649.8669296727.850961152815.1930764902913.0162456691913.0162456691913.01624566911%1%2%1%1%1%1%1%1%1%1%Inventories5,674.635,796.065,314.407,182.786,421.077798.40315528734.2115338249782.316917882910956.194948028810956.194948028810956.194948028816%12%11%13%11%12%12%12%12%12%12%Sundry Debtors4,807.196,142.286,357.467,158.426,669.277798.40315528734.2115338249782.316917882910956.194948028810956.194948028810956.194948028813%13%13%13%11%12%12%12%12%12%12%Other Current Assets42.32107.80163.18271.60153.21129.97338592145.5701922304163.038615298182.6032491338182.6032491338182.60324913380%0%0%0%0%0.20%0.20%0.20%0.20%0.20%0.20%Short Term Loans and Advances1,214.691,122.761,048.57929.84952.041299.73385921455.7019223041630.38615298051826.03249133811826.03249133811826.03249133813%2%2%2%2%2%2%2%2%2%2%Net Working capital-178.981,178.45-111.433,533.271,998.944,029.234,512.735,054.255,660.755,660.755,660.75-0%3%-0%6%3%9%9%9%10%10%10%

Sens. AnalysisSensitivity Analysis

Wacc/Terminal Growth Rate4.00%4.50%5.00%5.50%12.00%169017931910204613.00%144715251611171014.00%125513801380145415.00%109811451197125416.00%96810061046109117.00%859889922958

DU PONT analysis

20112012201320142015PAT274.43181.851,201.902,707.903,139.22EBIT1,877.312,959.664,708.036,868.497,134.44PBT418.64242.061,664.984,032.354,715.68Sales36,311.2646,527.0850,522.1555,539.7958,023.83Assets27,987.0030,226.4930,561.5033,715.6136,362.19Equity6,491.456,563.447,466.519,671.0115,985.40

Ratio20112012201320142015Operating Profit Margin5.17%6.36%9.32%12.37%12.30%1.170781893Asset Turnover129.74%153.93%165.31%164.73%159.57%Tax Burden65.55%75.13%72.19%67.15%66.57%Interest Burden22.30%8.18%35.36%58.71%66.10%Equity Multiplier4.314.614.093.492.27ROE4.23%2.77%16.10%28.00%19.64%