ib final cca

Investment BankingValuation, Leveraged Buyouts,

and Mergers & Acquisitions

Comparable Companies Analysis - Template

Mobin Kanjiani

($ in millions)

Equity Enterprise LTM

Company Ticker Business Description Value Value Sales

Berger Paints BERG Manufacturer of interior and exterior paints, protective coatings, and

adhesives, and construction chemicals

$3,837,332,299 $3,672,500,299 $4,771,196,000

Akzo Nobel Pakistan AKZO Manufacturers of decorative paints, performance coatings, and speciality

chemicals

11,257,860,768 9,777,917,768 5,050,337,000

Buxley Paints BUXL Manufactures of paint pigments, protective surface coatings, and varnishes 129,600,000 115,701,000 206,322,000

Archoma Pakistan ARPL Manufacturers of interior paints, adhesives, speciality chemicals, apparels,

carpets, security paper and paper dyes

20,390,892,758 19,821,463,758 8,778,004,000

Ittehad Chemicals ICL Manufacturers of industrial chemicals (caustic soda, Sodium hypochlorite,

chlorine, hydrochloric acid, calcium choloride)

2,611,609,320 3,242,995,320 4,557,440,000

Sardar Chemicals Industries SARC Manufacturer of dyes and optical brightner for leather and textile 79,500,000 73,727,123 195,556,597

Nimir Resins Ltd NRSL Core business of Nimir Resins are Coatings and Emulsions, Unsaturated

Polyester Resins, Textile Chemicals, Pulp and Paper Chemicals

2,596,718,388 2,525,752,784 1,778,018,742

Bawany Air Product Ltd

Bawany Air Products Limited (the Company) is a public limited Company

incorporated in Pakistan on August 16, 1978. The principal activities of the

Company are production and trading of oxygen gas, dissolved acetylene and

nitrogen gas. Their products are Liquid & Compressed Oxygen, Argon,

Nitrogen, Dissolved Acetylene, Compressed Air.

Biafo Industries Limited

Biafo Industries Limited, which takes its name from the glacier, manufactures

various kinds of explosives and detonation accessories, which are used by

diverse industries including mining, quarrying and cement manufacturing and

road construction. The company's range of products includes; powder

explosives, tovex water gel explosives, detonators, safety fuses and cords.

Colgate Palmolive (Pakistan) Limited

Each day, the 38,000 employees of Colgate-Palmolive share a commitment

to bringing you safe, effective products as well as programs to enrich

communities around the world. Every day millions of people like you trust our

products to care for themselves and the ones they love. Our product includes:

Oral Care, Personal Care, Fabric Care & Surface Care

Data Agro Limited

The company was formed in 1992 as a private limited company and was

changed to a public limited company later on. The main business of the

company was to produce and market delinted cotton seed. Later on it was

decided to include other crops like wheat, paddy, oilseeds, and pulses in the

product line . The company decided to enter into the business of value added

products like hybrid corn , hybrid forages, sunflower, and vegetable crops.

Descon Oxychem Limited

Descon Oxychem Limited is an addition to the Descon chemical business

area that manufactures Hydrogen Peroxide. With the state-of-the-art chemical

plant and latest technology, Oxychem aims to create sustainable solutions

essential for a better, safer, healthier life for people everywhere. The plant has

an annual capacity of 28,000 metric tons and is spread over 28 acres.

Dynea Pakistan

Dynea Pakistan Limited is engaged in the manufacture and the sale of

formaldehyde, urea/melamine formaldehyde and aminoplast compound.

The Company's segments include resin division and the aminoplast

division. The Company's molding compounds have applications in

household objects, table wares and parts for electrical industries. The

Company's resins are applicable in manufacturing chipboards, panels,

and laminations and impregnations. The Company's formaldehyde is

applicable in the manufacturing of resins, molding compounds and

textile industries.

Engro Polymer & Chemical

Engro Polymer & Chemicals Ltd. believes in keeping customer needs

as its primary focus, as the customer defines the basis of its existence.

The main objective of Company’s Sales department is to provide a level

of service to their customers that exceed their expectations. The role of

the sales department enhanced in 2009 when the company’s product

portfolio transformed from a single product to multiple products, adding

Caustic soda and Sodium Hypochlorite .PVC,,Hydrochloric

Acid,EDC/VCM to its products range.

Ghani Gases

Ghani Gases Limited (Ghani Gases) was incorporated during

November 2007 as a private limited company.Ghani Gases is the first

Company in Pakistan which offered sale of shares via Book Building

Mechanism after introduction of Book Building Rules by the SECP

during April 2008.The products of Ghani Gases are Liquid Ash,Liquid

Nitrogen,Liquid Argon,Calcium Carbide and Special Gases

ICI Pakistan Limited

ICI(Imperial Chemical Industry) Pakistan Limited was set up as a public

limited company in Pakistan in 1952.ICI Pakistan’s four businesses,

Polyester, Soda Ash, Life Sciences and Chemicals manufacture and

sell a range of industrial and consumer products. These include

Polyester Staple Fibres, POY Chips, Light and Dense Soda Ash,

Sodium bicarbonate, Specialty Chemicals, Polyurethanes, and

Adhesives and arranges manufacture, on a toll basis, of

Pharmaceutical and Animal Health products. It also markets Seeds and

in addition is engaged in trading in various specialized chemicals for

use in industries in

Pakistan.including Textiles, Glass,Pharmaceuticals, Agriculture and Liv

estock, Construction, Automobiles, Chemicals, Cement, Fertilizer, Rubb

er, Detergents,Footwear, Food, Beverages and Leather, with back-end

relationships in twenty three countries.

Linde Pakistan

We manufacture and distribute industrial, medical and specialty gases as well

as welding products and provide a range of related services including the

installation of on-site plants, gas equipment, pipelines and associated

engineering services. Our facilities include 10 gas plants producing

atmospheric gases, Carbon dioxide, Hydrogen, Dissolved Acetylene and

Nitrous Oxide, spread across various major cities of Pakistan to reliably meet

our customers demands.

Lotte Chemical Pakistan

LCPL stands strong as the only world-class manufacturer and supplier of

Purified Terephthalic Acid (PTA) in Pakistan with a capacity to deliver

500,000 tonnes of PTA annually through its state-of- the-art plant situated at

Port Qasim, Karachi. PTA is the primary raw material for producing Polyester

fiber, Polyester filament yarn, Polyester film and Polyethylene Terephthalate

(PET). For producing PTA we import our feedstock (Paraxylene) from

reputable suppliers based in Asia and Middle-East region.

Leiner Pak Gelatine Ltd

This was the first project to produce “HALAL” Gelatine throughout the Muslim

world with the capacity of 3000 M.Ton annually. Besides the production of

Gelatine , Di-calcium phosphate as bye product of the process is also

catering the quality conscious customers, especially in the poultry feed

producing industry. It is the matter of privilege and great satisfaction that we

are producing and exporting “HALAL” Gelatine derived from halal animals

slaughtered in Islamic way.

Nimir Industrial Chemicals LtdNimir Industrial Chemicals Limited is an Oleo Chemicals and Chlor Alkali

manufacturing Company. It produces Stearic Acid, Soap Noodles, Glycerin,

Caustic Soda, Sodium Hypochlorite and Hydrochloric Acid.

Pakistan Gum & Chemicals Ltd

PAKCHEM is the only public limited company in the Pakistan

guar industry, listed on the Karachi and Lahore Stock

Exchanges.We are one of the largest producers of guar gum in

Pakistan.We produce high quality guar gum and guar splits,

which have extensive usage in food and other industries as

natural thickener, emulsifier, stabilizer, hydrocolloid, natural fibre,

binding, gelling and fracturing agent.

List of Comparable Companies

ValueCo CorporationBenchmarking Analysis – Financial Statistics and Ratios, Page 1($ in millions, except per share data)

Market Valuation LTM Financial Statistics LTM Profitability Margins Growth Rates

Gross Net Sales EBITDA EPS

Equity Enterprise Gross Net Profit EBITDA EBIT Income Hist. Est. Hist. Est. Hist. Est. Est.

Company Ticker Value Value Sales Profit EBITDA EBIT Income (%) (%) (%) (%) 1-year 1-year 1-year 1-year 1-year 1-year LT

Berger Paints BERG $3,837,332,299 $3,672,500,299 $4,771,196,000 $1,416,206,000 $476,012,000 $371,480,000 $185,200,705 30% 10% 8% 4% -5% 0% 33% 7% 12% 187% 0%

Akzo Nobel Pakistan AKZO $11,257,860,768 $9,777,917,768 $5,050,337,000 $2,122,578,000 $793,917,000 $694,819,000 $388,993,560 42% 16% 14% 8% 1% 1% 11% 24% 17% -23% 0%

Nimir Resins Ltd NRSL $2,596,718,388 $2,525,752,784 $1,778,018,742 $235,934,687 $167,165,039 $136,022,941 $53,082,151 13% 9% 8% 3% -2% 26% 128% -69% -164% 17799% 0%

Archoma Pakistan ARPL 2,039,089,276 19,821,463,758 8,778,004,000 2,690,625,000 1,955,511,000 1,742,675,000 1,232,020,808 31% 22% 20% 14% 23% 30% 13% 71% 0% 17% 0%

Mean 29% 16% 14% 8% NA 7% 19% 51% 9% -49% 5931% 0%

Median 31% 16% 14% 8% NA 1% 26% 13% 24% 0% 17% 0%

Ittehad Chemicals ICL 2,611,609,320 3,242,995,320 4,557,440,000 790,926,000 668,852,000 362,013,000 167,373,000 17% 15% 8% 4% 13% 5% 1719% 8% 79% -91% 0%

Mean 17% 15% 8% 4% NA 13% 5% 1719% 8% 79% -91% 0%

Median 17% 15% 8% 4% NA 13% 5% 1719% 8% 79% -91% 0%

Buxley Paints BUXL 129,600,000 115,701,000 206,322,000 40,800,000 2,310,000 1,991,000 3,129,000 20% 1% 1% 2% 13% 24% 293% 273% 200% 80% 0%

Sardar Chemicals IndustriesSARC 79,500,000 73,727,123 195,556,597 37,553,497 10,734,204 7,486,947 3,769,473 19% 5% 4% 2% -3% -3% -5% -14% 3% -5% 0%

Mean 19% 3% 2% 2% 5% 10% 144% 129% 102% 38% 0%

Median 19% 3% 2% 2% 5% 10% 144% 129% 102% 38% 0%

Mean 22% 11% 8% 5% NA 8% 12% 638% 49% 44% 1959% 0% NA

Median 19% 15% 8% 4% NA 7% 10% 144% 9% 79% 38% 0% NA

High 42% 22% 20% 14% 23% 30% 1719% 273% 200% 17799% 0%

Low 13% 1% 1% 2% -3% -3% -5% -69% -164% -91% 0%

Source: Company filings, Bloomberg, Consensus Estimates

Note: Last twelve months data based on September 30, 2008. Estimated annual financial data based on a calendar year.

Tier I: Large-Cap Paints & Industrial chemicals

Tier II: Industrial & Speciality Chemicals

Tier III: Small-Cap Paints and Industrial chemicals

Overall

ValueCo CorporationBenchmarking Analysis – Financial Statistics and Ratios, Page 2($ in millions, except per share data)

General Return on Investment LTM Leverage Ratios LTM Coverage Ratios Credit Ratings

Implied Debt / Debt / Net Debt / EBITDA / EBITDA EBIT /

Predicted ROIC ROE ROA Div. Yield Tot. Cap. EBITDA EBITDA Int. Exp. - Cpx/ Int. Int. Exp.

Company Ticker FYE Beta (%) (%) (%) (%) (%) (x) (x) (x) (x) (x) Moody's S&P

Berger Paints BERG Jun-30 1.43 35% 15% 5% 3% 0% 0.0x -0.4x 4.7x 4.0x 3.7x NA NA

Akzo Nobel Pakistan AKZO Dec-31 1.37 56% 14% 9% 11% 0% 0.0x -1.9x 55.0x 52.5x 48.1x NA NA

Nimir Resins Ltd NRSL Jun-30 1.00 27% 9% 3% 0% 0% 0.0x -0.4x 3.4x 3.2x 2.7x NA NA

Archoma Pakistan ARPL Sep-30 1.00 44% 28% 16% 17% 0% 0.0x -0.3x 17.6x 18.0x 15.7x NA NA

Mean 1.12 42.3% 16.9% 9.3% 9.2% 0.0% 0.00 -0.86 25.34 24.53 22.20

Median 1.00 0.44 0.14 0.09 0.11 0.00 0.00 -0.42 17.64 17.97 15.72

Ittehad Chemicals ICL Jun-30 1.00 11% 6% 3% 3% 21% 1.1x 0.9x 4.0x 0.7x 2.2x NA NA

Mean 1.00 10.6% 6.0% 2.7% 3.5% 21.4% 1.13 0.94 4.05 0.70 2.19

Median 1.00 10.6% 6.0% 2.7% 3.5% 21.4% 1.13 0.94 4.05 0.70 2.19

Buxley Paints BUXL Jun-30 0.03 3% 4% 2% 0% 0% 0.0x -6.0x 6.2x 6.2x 5.4x NA NA

Sardar Chemicals IndustriesSARC Jun-30 -0.47 7% 3% 2% 38% 4% 0.5x -0.5x 3.0x 3.0x 2.1x NA NA

Mean -0.22 5% 4% 2% 19% 2% 0.2x -3.3x 4.6x 4.6x 3.7x

Median -0.22 5% 4% 2% 19% 2% 0.2x -3.3x 4.6x 4.6x 3.7x

Mean 0.63 19.3% 8.9% 4.7% 10.5% 7.9% 0.46 -1.06 11.34 9.94 9.38

Median 1.00 27% 9% 3% 9% 0% 0.0x -0.4x 6.2x 6.2x 5.4x

High 1.37 56% 28% 16% 38% 21% 1.1x 0.9x 55.0x 52.5x 48.1x

Low -0.47 3% 3% 2% 0% 0% 0.0x -6.0x 3.0x 0.7x 2.1x


Tier I: Large-Cap Paints and Industrial Chemicals

Tier II: Industrial Chemicals

Tier III: Small-Cap Paints and Industrial Chemicals

Overall

ValueCo CorporationComparable Companies Analysis($ in millions, except per share data)

Current % of Enterprise Value / LTM Total Price / LT

Share 52-wk. Equity Enterprise LTM 2008E 2009E LTM 2008E 2009E LTM 2008E 2009E EBITDA Debt / LTM 2008E 2009E EPS

Company Ticker Price High Value Value Sales Sales Sales EBITDA EBITDA EBITDA EBIT EBIT EBIT Margin EBITDA EPS EPS EPS Growth

Berger Paints BERG $211.00 94% $3,837,332 $3,672,500 0.8x 0.9x 0.7x 7.7x 9.5x 10.0x 9.9x 7.8x 4.9x 10% 0.0.x 20.7x 12.2x 8.2x 0%

Akzo Nobel Pakistan AKZO $242.40 86% $11,257,861 $9,777,918 1.9x 2.0x 1.8x 12.3x 10.0x 8.1x 14.1x 11.8x 8.9x 16% 0.0.x 28.9x 27.1x 25.3x 0%

Nimir Resins Ltd NRSL $11.58 95% $2,596,718,388 $2,525,752,784 1.4x 1.1x 1.1x 15.1x 48.4x 38.8x 18.6x 48.4x 38.8x 9% 0.0.x 48.9x 0.3x 0.3x 0%

Archoma Pakistan ARPL 597.66 98% 20,390,893 19,821,464 2.3x 1.8x 1.4x 10.1x 7.0x 4.8x 11.4x 7.8x 5.4x 22% 0.0.x 16.6x 16.5x 16.5x 0%

Mean 1.9x 1.6x 1.4x NA 12.5x 21.8x 17.2x NA 14.7x 22.7x 17.7x NA 0.2x 0.0x NA 31.5x 14.6x 14.0x NA 0.0x

Median 1.9x 1.8x 1.4x NA 12.3x 10.0x 8.1x NA 14.1x 11.8x 8.9x NA 0.2x 0.0x NA 28.9x 16.5x 16.5x NA 0.0x

Ittehad Chemicals ICL 43.14 91% 2,611,609,320 3,242,995,320 0.7x 0.7x 0.6x 4.8x 4.5x 4.2x 9.0x 9.2x 9.5x 15% 1.1.x 15.6x 17.1x 8.7x 0%

Mean 0.7x 0.7x 0.6x NA 4.8x 4.5x 4.2x NA 9.0x 9.2x 9.5x NA 0.1x 1.1x NA 15.6x 17.1x 8.7x NA 0.0x

Median 0.7x 0.7x 0.6x NA 4.8x 4.5x 4.2x NA 9.0x 9.2x 9.5x NA 0.1x 1.1x NA 15.6x 17.1x 8.7x NA 0.0x

Buxley Paints BUXL 90.00 91% 129,600,000 115,701,000 0.6x 0.6x 0.4x 50.1x 21.3x 10.7x 58.1x 29.1x 19.4x 1% 0.0.x 41.4x 34.8x 29.2x 0%

Sardar Chemicals IndustriesSARC 13.25 97% 79,500,000 73,727,123 0.4x 0.4x 0.4x 6.9x 8.0x 9.3x 9.8x 12.2x 15.0x 5% 0.5.x 21.1x 22.2x 23.4x 0%

Mean 0.5x 0.5x 0.4x 28.5x 14.7x 10.0x 34.0x 20.6x 17.2x 3% 0.2x 31.3x 28.5x 26.3x 0%

Median 0.5x 0.5x 0.4x 28.5x 14.7x 10.0x 34.0x 20.6x 17.2x 3% 0.2x 31.3x 28.5x 26.3x 0%

Mean 1.02x 0.92x 0.84x NA15.28x 13.65x 10.45xNA19.20x 17.52x 14.80xNA 0.11x 0.46x NA26.11x 20.09x 16.34xNA 0.00x

Median 1.4x 1.1x 1.1x 12.3x 10.0x 8.1x 14.1x 11.8x 9.5x 15% 0.0x 28.9x 17.1x 16.5x 0%

High 2.3x 2.0x 1.8x 50.1x 48.4x 38.8x 58.1x 48.4x 38.8x 22% 1.1x 48.9x 34.8x 29.2x 0%

Low 0.4x 0.4x 0.4x 4.8x 4.5x 4.2x 9.0x 7.8x 5.4x 1% 0.0x 15.6x 0.3x 0.3x 0%


Note: Last twelve months data based on September 30, 2008. Estimated annual financial data based on a calendar year.

Tier I: Large-Cap Paint and Industrial chemicals

Tier II: Industrial Chemicals

Tier III: Small-Cap Paints and Industrial chemicals

Overall

Berger Paints (PSX:BERG)Input Page($ in millions, except per share data)

Company Name Berger Paints Prior Current 2015A 3/31/2016

Ticker BERG Fiscal Year Ending June 30, Stub Stub LTM Cash and Cash Equivalents PKR 191,738 PKR 184,377

Stock Exchange PSX 2013A 2014A 2015A 3/31/2015 3/31/2016 3/31/2016 Accounts Receivable 1,093,739.0 1,090,958.0

Fiscal Year Ending Jun-30 Sales PKR 4,167,303 PKR 4,509,031 PKR 4,301,830 PKR 3,161,662 PKR 3,631,028 PKR 4,771,196 Inventories 717,550.0 763,055.0

Moody's Corporate Rating NA COGS PKR 3,239,472 PKR 3,411,771 PKR 3,146,498 PKR 2,354,047 PKR 2,564,489 PKR 3,356,940 Prepaids and Other Current Assets 354,996.0 533,998.0

S&P Corporate Rating NA Gross Profit PKR 927,831 PKR 1,097,260 PKR 1,155,332 PKR 807,615 PKR 1,066,539 PKR 1,414,256 Total Current Assets PKR 2,358,023 PKR 2,572,388

Predicted Beta 1.43 SG&A PKR 749,407 PKR 890,515 PKR 861,884 PKR 639,016 PKR 821,858 PKR 1,044,726

Marginal Tax Rate 34.5% Other Expense / (Income) PKR 0 PKR 0 PKR 0 PKR 0 PKR 0 PKR 0 Property, Plant and Equipment, net 1,045,323.0 980,164.0

EBIT PKR 178,424 PKR 206,745 PKR 293,448 PKR 168,599 PKR 244,681 PKR 369,530 Goodwill and Intangible Assets 44,467.0 44,408.0

Interest Expense PKR 164,115 PKR 166,086 PKR 148,354 PKR 117,080 PKR 70,098 PKR 101,372 Other Assets 99,670.0 117,223.0

Current Price 10/3/2016 PKR 211.00 Pre-tax Income PKR 100,273 PKR 148,962 PKR 166,588 PKR 70,144 PKR 173,768 PKR 268,158 Total Assets PKR 3,547,483 PKR 3,714,183

% of 52-week High 94.2% Income Taxes PKR 41,350 PKR 51,454 PKR 57,435 PKR 31,617 PKR 57,343 PKR 83,161

52-week High Price 10/3/2016 224.00 Noncontrolling Interest PKR 0 PKR 0 PKR 0 PKR 0 PKR 0 PKR 0 Accounts Payable 1,062,745.0 1,114,493.0

52-week Low Price 10/3/2016 83.93 Preferred Dividends PKR 0 PKR 0 PKR 0 PKR 0 PKR 0 PKR 0 Accrued Liabilities 27,379.0 14,238.0

Dividend Per Share (MRQ) PKR 1.50 Net Income PKR 58,923 PKR 97,508 PKR 109,153 PKR 38,527 PKR 116,425 PKR 184,997 Other Current Liabilities 1,151,802.0 1,203,883.0

Effective Tax Rate 41% 35% 34% 45% 33% 31% Total Current Liabilities PKR 2,241,926 PKR 2,332,614

Fully Diluted Shares Outstanding 18,186,409

Equity Value ('000) PKR 3,837,332 Weighted Avg. Diluted Shares 18,186,409 18,186,409 18,186,409 18,186,409 18,186,409 18,186,409 Total Debt 41,950.0 1,500.0

Diluted EPS PKR 3.24 PKR 5.36 PKR 6.00 PKR 2.12 PKR 6.40 PKR 10.29 Other Long-Term Liabilities 77,269.0 94,677.0

Plus: Total Debt 1,500 Total Liabilities PKR 2,361,145 PKR 2,428,791

Plus: Preferred Stock -

Plus: Noncontrolling Interest 18,045 Noncontrolling Interest - -

Less: Cash and Cash Equivalents (184,377) Reported Gross Profit 927,831PKR 1,097,260PKR 1,155,332PKR 807,615PKR 1,066,539PKR 1,414,256PKR Preferred Stock - -

Enterprise Value ('000) PKR 3,672,500 Non-recurring Items in COGS -PKR -PKR 1,950PKR -PKR -PKR 1,950PKR Shareholders' Equity 1,186,338.0 1,285,392.0

Adj. Gross Profit 927,831PKR 1,097,260PKR 1,157,282PKR 807,615PKR 1,066,539PKR 1,416,206PKR Total Liabilities and Equity PKR 3,547,483 PKR 3,714,183

% margin 22.3% 24.3% 26.9% 25.5% 29.4% 29.7% Balance Check 0.000 0.000

LTM NFY NFY+1

3/31/2016 2016E 2017E Reported EBIT 178,424PKR 206,745PKR 293,448PKR 168,599PKR 244,681PKR 369,530PKR

EV/Sales 0.77x 0.85x 0.72x Non-recurring Items in COGS -PKR -PKR 1,950PKR -PKR -PKR 1,950PKR Basic Shares Outstanding 18,186,409.000

Metric $4,771,196 $4,301,813 $5,081,828 Other Non-recurring Items -PKR -PKR -PKR -PKR -PKR -PKR Plus: Shares from In-the-Money Options -

EV/EBITDA 7.72x 9.48x 9.97x Adjusted EBIT 178,424PKR 206,745PKR 295,398PKR 168,599PKR 244,681PKR 371,480PKR Less: Shares Repurchased -

Metric $476,012 $387,590 $368,211 % margin 4.3% 4.6% 6.9% 5.3% 6.7% 7.8% Net New Shares from Options -

EV/EBIT 9.89x 7.80x 4.88x Plus: Shares from Convertible Securities -

Metric $371,480 $470,665 $753,064 Depreciation & Amortization 67,109PKR 66,312PKR 68,197PKR 53,122PKR 89,457PKR 104,532PKR Fully Diluted Shares Outstanding 18,186,409.000

P/E 20.72x 12.24x 8.16x Adjusted EBITDA 245,533PKR 273,057PKR 363,595PKR 221,721PKR 334,138PKR 476,012PKR

Metric $10.18 $17.24 $25.87 % margin 5.9% 6.1% 8.5% 7.0% 9.2% 10.0%

Number of Exercise In-the-Money

Reported Net Income PKR 58,923.00 PKR 97,508.00 PKR 109,153.00 PKR 38,527.00 PKR 116,425.00 PKR 184,997.00 Tranche Shares Price Shares Proceeds

Return on Invested Capital 34.7% Non-recurring Items in COGS PKR 0.00 PKR 0.00 PKR 1,950.00 PKR 0.00 PKR 0.00 PKR 1,950.00 Tranche 1 - - - -

Return on Equity 15.0% Other Non-recurring Items PKR 0.00 PKR 0.00 PKR 0.00 PKR 0.00 PKR 0.00 PKR 0.00 Tranche 2 - - - -

Return on Assets 5.1% Non-operating Non-rec. Items PKR 0.00 PKR 0.00 -PKR 1,639.00 PKR 0.00 PKR 0.00 -PKR 1,639.00 Tranche 3 - - - -

Implied Annual Dividend Per Share 2.8% Tax Adjustment PKR 0.00 PKR 0.00 -PKR 107.30 PKR 0.00 PKR 0.00 -PKR 107.30 Tranche 4 - - - -

Adjusted Net Income 58,923PKR 97,508PKR 109,357PKR 38,527PKR 116,425PKR 185,201PKR Tranche 5 - - - -

% margin 1.4% 2.2% 2.5% 1.2% 3.2% 3.9% Total - - -

Debt/Total Capitalization 0.1%

Total Debt/EBITDA 0.0x Adjusted Diluted EPS PKR 3.24 PKR 5.36 PKR 6.01 PKR 2.12 PKR 6.40 PKR 10.18

Net Debt/EBITDA (0.4x) Conversion Conversion New

EBITDA/Interest Expense 4.7x Amount Price Ratio Shares

(EBITDA-capex)/Interest Expense 4.0x Issue 1 - - - -

EBIT/Interest Expense 3.7x Depreciation & Amortization 67,109.0 66,312.0 68,197.0 53,122.0 89,457.0 104,532.0 Issue 2 - - - -

% sales 1.6% 1.5% 1.6% 1.7% 2.5% 2.2% Issue 3 - - - -

Capital Expenditures 25,646.0 51,642.0 92,447.0 60,455.0 35,087.0 67,079.0 Issue 4 - - - -

Sales EBITDA EPS % sales 0.6% 1.1% 2.1% 1.9% 1.0% 1.4% Issue 5 - - - -

Historical Total -

1-year (4.6%) 33.2% 12.2%

2-year CAGR 1.6% 21.7% 36.2%

Estimated (1) Surplus on revaluation of fixed assets - net of tax 2015 1074

1-year (0.0%) 6.6% 186.8% (4) inventory right down 2015 1950

2-year CAGR 8.7% 0.6% 107.4% (5) inventory right down 2014 1940

Long-term -

Notes

Cash Flow Statement Data ('000)

Growth Rates

Options/Warrants

LTM Return on Investment Ratios

LTM Credit Statistics

Convertible Securities

Selected Market Data

Adjusted Income Statement ('000)

Trading Multiples

Calculation of Fully Diluted Shares Outstanding

Business Description

Manufacturer of interior and exterior paints, protective coatings, and adhesives, and

construction chemicals

General Information Reported Income Statement ('000) Balance Sheet Data ('000)

Akzo Nobel Pakistan (PSX:AKZO)Input Page($ in millions, except per share data)

Company Name Akzo Nobel Pakistan Prior Current 2015A 9/30/2008

Ticker AKZO Fiscal Year Ending December 31, Stub Stub LTM Cash and Cash Equivalents $1,770,771.0 $1,479,943.0

Stock Exchange PSX 2013A 2014A 2015A 9/302007 9/30/2008 9/30/2008 Accounts Receivable 459,082.0 561,194.0

Fiscal Year Ending Dec-31 Sales $5,265,144 $4,901,791 $4,927,235 $2,509,236 $2,632,338 $5,050,337 Inventories 361,481.0 498,038.0

Moody's Corporate Rating NA COGS $3,326,178 $3,129,630 $2,909,340 $1,480,292 $1,498,711 $2,927,759 Prepaids and Other Current Assets 86,979.0 124,431.0

S&P Corporate Rating NA Gross Profit $1,938,966 $1,772,161 $2,017,895 $1,028,944 $1,133,627 $2,122,578 Total Current Assets $2,678,313.0 $2,663,606.0

Predicted Beta 1.37 SG&A $1,294,521 $1,217,243 $1,346,835 $675,518 $753,380 $1,424,697

Marginal Tax Rate 38.0% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net 1,219,293.0 1,193,179.0

EBIT $644,445 $554,918 $671,060 $353,426 $380,247 $697,881 Goodwill and Intangible Assets 2,631.0 1,253.0

Interest Expense $35,219 $9,734 $9,606 $3,535 $8,360 $14,431 Other Assets 315,596.0 303,579.0

Current Price 10/6/2016 $242.40 Pre-tax Income $936,935 $678,499 $804,222 $392,857 $426,247 $683,450 Total Assets $4,215,833.0 $4,161,617.0

% of 52-week High 85.8% Income Taxes $331,209 $219,643 $264,911 $139,594 $167,241 $292,558

52-week High Price 10/6/2016 282.47 Noncontrolling Interest - - - - - - Accounts Payable 1,275,547.0 1,253,078.0

52-week Low Price 10/6/2016 160.00 Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) 6.50 Net Income $605,726 $458,856 $539,311 $253,263 $259,006 $390,892 Other Current Liabilities 11,034.0 19,996.0

Effective Tax Rate 35.4% 32.4% 32.9% 35.5% 39.2% 42.8% Total Current Liabilities $1,286,581.0 $1,273,074.0

Fully Diluted Shares Outstanding 46,443,320.000

Equity Value $11,257,860.8 Weighted Avg. Diluted Shares 46,443,320 46,443,320 46,443,320 46,443,320 46,443,320 46,443,320.0 Total Debt - -

Diluted EPS $13.04 $9.88 $11.61 $5.45 $5.58 $11.74 Other Long-Term Liabilities 48,440.0 51,183.0

Plus: Total Debt - Total Liabilities $1,335,021.0 $1,324,257.0


Plus: Noncontrolling Interest - Noncontrolling Interest - -

Less: Cash and Cash Equivalents (1,479,943.0) Reported Gross Profit $1,938,966.0 $1,772,161.0 $2,017,895.0 $1,028,944.0 $1,133,627.0 $2,122,578.0 Preferred Stock - -

Enterprise Value $9,777,917.8 Non-recurring Items in COGS - - - - - - Shareholders' Equity 2,880,812 2,837,360

Adj. Gross Profit $1,938,966.0 $1,772,161.0 $2,017,895.0 $1,028,944.0 $1,133,627.0 $2,122,578.0 Total Liabilities and Equity $4,215,833.0 $4,161,617.0


LTM NFY NFY+1

9/30/2008 2016E 2017E Reported EBIT $644,445.0 $554,918.0 $671,060.0 $353,426.0 $380,247.0 $697,881.0

EV/Sales 1.9x 2.0x 1.8x Non-recurring Items in COGS - - - - - - Basic Shares Outstanding 46,443,320.000

Metric $5,050,337.0 $4,991,728.0 $5,490,900.8 Other Non-recurring Items - - (3,062.0) - - (3,062.0) Plus: Shares from In-the-Money Options -

EV/EBITDA 12.3x 10.0x 8.1x Adjusted EBIT $644,445.0 $554,918.0 $667,998.0 $353,426.0 $380,247.0 $694,819.0 Less: Shares Repurchased -

Metric $793,917.0 $976,517.9 $1,201,117.0 % margin 12.2% 11.3% 13.6% 14.1% 14.4% 13.8% Net New Shares from Options -


Metric $694,819.0 $826,595.0 $1,099,371.4 Depreciation & Amortization 166,754.0 155,914.0 117,756.0 63,812.0 45,154.0 99,098.0 Fully Diluted Shares Outstanding 46,443,320.000

P/E 28.9x 27.1x 25.3x Adjusted EBITDA $811,199.0 $710,832.0 $785,754.0 $417,238.0 $425,401.0 $793,917.0

Metric $8.38 $8.95 $9.56 % margin 15.4% 14.5% 15.9% 16.6% 16.2% 15.7%


Reported Net Income $605,726.0 $458,856.0 $539,311.0 $253,263.0 $259,006.0 $390,892.0 Tranche Shares Price Shares Proceeds

Return on Invested Capital 56.3% Non-recurring Items in COGS - - - - - - Tranche 1 - - - -

Return on Equity 13.6% Other Non-recurring Items - - (3,062.0) - - (3,062.0) Tranche 2 - - - -

Return on Assets 9.3% Non-operating Non-rec. Items - - - - - - Tranche 3 - - - -

Implied Annual Dividend Per Share 10.7% Tax Adjustment - - 1,163.6 - - 1,163.6 Tranche 4 - - - -

Adjusted Net Income $605,726.0 $458,856.0 $537,412.6 $253,263.0 $259,006.0 $388,993.6 Tranche 5 - - - -

% margin 11.5% 9.4% 10.9% 10.1% 9.8% 7.7% Total - - -

Debt/Total Capitalization -

Total Debt/EBITDA - Adjusted Diluted EPS $13.04 $9.88 $11.57 $5.45 $5.58 $8.38





% sales 3.2% 3.2% 2.4% 2.5% 1.7% 2.0% Issue 3 - - - -



Historical Total -

1-year 0.5% 10.5% 17.1%

2-year CAGR (3.3%) (1.6%) (5.8%)

Estimated (1) Surplus on revaluation of property, plant and equipment PRETAX 2015 3062.00

1-year 1.3% 24.3% (22.7%) (2) [to come]

2-year CAGR 5.6% 23.6% (9.1%) (3) [to come]

Long-term - (4) [to come]

Notes


Manufacturers of decorative paints, performance coatings, and speciality chemicals

General Information Reported Income Statement Balance Sheet Data


Adjusted Income Statement

Trading Multiples


Cash Flow Statement Data

Growth Rates

Options/Warrants




Buxley Paints (PSX:BUXL )Input Page($ in millions, except per share data)

Company Name Buxley Paints Prior Current 2015A 3/31/2016

Ticker BUXL Fiscal Year Ending June 30, Stub Stub LTM Cash and Cash Equivalents $12,221,000.0 $13,899,000.0


Fiscal Year Ending Jun-30 Sales $142,246,000.0 $150,028,000.0 $169,766,000.0 $109,247,000.0 $145,803,000.0 $206,322,000.0 Inventories 20,988,000.0 13,321,000.0

Moody's Corporate Rating NA COGS 117,781,000.0 124,400,000.0 138,341,000.0 87,817,000.0 114,998,000.0 165,522,000.0 Prepaids and Other Current Assets 28,313,000.0 29,621,000.0

S&P Corporate Rating NA Gross Profit $24,465,000.0 $25,628,000.0 $31,425,000.0 $21,430,000.0 $30,805,000.0 $40,800,000.0 Total Current Assets $102,420,000.0 $98,762,000.0

Predicted Beta 0.03 SG&A 25,385,000.0 25,608,000.0 30,302,000.0 19,844,000.0 28,351,000.0 38,809,000.0


EBIT ($920,000.0) $20,000.0 $1,123,000.0 $1,586,000.0 $2,454,000.0 $1,991,000.0 Goodwill and Intangible Assets - -

Interest Expense 319,000.0 214,000.0 197,000.0 141,000.0 315,000.0 371,000.0 Other Assets 6,878,000.0 6,521,000.0

Current Price 10/3/2016 $90.00 Pre-tax Income $843,000.0 $2,199,000.0 $3,823,000.0 $3,411,000.0 $4,800,000.0 $5,212,000.0 Total Assets $171,443,000.0 $167,382,000.0

% of 52-week High 90.6% Income Taxes 711,000.0 1,511,000.0 1,757,000.0 1,132,000.0 1,458,000.0 2,083,000.0


52-week Low Price 10/3/2016 35.15 Preferred Dividends - - - - - - Accrued Liabilities - -

Dividend Per Share (MRQ) - Net Income $132,000.0 $688,000.0 $2,066,000.0 $2,279,000.0 $3,342,000.0 $3,129,000.0 Other Current Liabilities 40,000,000.0 40,000,000.0



Equity Value $129,600,000.0 Weighted Avg. Diluted Shares 1,440,000.0 1,440,000.0 1,440,000.0 1,440,000.0 1,440,000.0 1,440,000.0 Total Debt - -

Diluted EPS $0.09 $0.48 $1.43 $1.583 $2.321 $2.17 Other Long-Term Liabilities - -




Less: Cash and Cash Equivalents (13,899,000.0) Reported Gross Profit $24,465,000.0 $25,628,000.0 $31,425,000.0 $21,430,000.0 $30,805,000.0 $40,800,000.0 Preferred Stock - -

Enterprise Value $115,701,000.0 Non-recurring Items in COGS - - - - - - Shareholders' Equity 69,616,000.0 72,958,000.0

Adj. Gross Profit $24,465,000.0 $25,628,000.0 $31,425,000.0 $21,430,000.0 $30,805,000.0 $40,800,000.0 Total Liabilities and Equity $171,443,000.0 $167,382,000.0


LTM NFY NFY+1

3/31/2016 2016E 2017E Reported EBIT ($920,000.0) $20,000.0 $1,123,000.0 $1,586,000.0 $2,454,000.0 $1,991,000.0


Metric $206,322,000.0 $209,736,000.0 $259,128,828.0 Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA 50.1x 21.3x 10.7x Adjusted EBIT ($920,000.0) $20,000.0 $1,123,000.0 $1,586,000.0 $2,454,000.0 $1,991,000.0 Less: Shares Repurchased -

Metric $2,310,000.0 $5,428,500.0 $10,857,000.0 % margin (0.6%) 0.0% 0.7% 1.5% 1.7% 1.0% Net New Shares from Options -


Metric $1,991,000.0 $3,982,000.0 $5,973,000.0 Depreciation & Amortization 384,000.0 351,000.0 334,000.0 249,000.0 234,000.0 319,000.0 Fully Diluted Shares Outstanding 1,440,000.000

P/E 41.4x 34.8x 29.2x Adjusted EBITDA ($536,000.0) $371,000.0 $1,457,000.0 $1,835,000.0 $2,688,000.0 $2,310,000.0

Metric $2.17 $2.59 $3.08 % margin (0.4%) 0.2% 0.9% 1.7% 1.8% 1.1%


Reported Net Income $132,000.0 $688,000.0 $2,066,000.0 $2,279,000.0 $3,342,000.0 $3,129,000.0 Tranche Shares Price Shares Proceeds


Return on Equity 4.4% Other Non-recurring Items - - - - - - Tranche 2 - - - -


Implied Annual Dividend Per Share - Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income $132,000.0 $688,000.0 $2,066,000.0 $2,279,000.0 $3,342,000.0 $3,129,000.0 Tranche 5 - - - -

% margin 0.1% 0.5% 1.2% 2.1% 2.3% 1.5% Total - - -







% sales 0.3% 0.2% 0.2% 0.2% 0.2% 0.2% Issue 3 - - - -



Historical Total -

1-year 13.2% 292.7% 200.3%

2-year CAGR 9.2% - 295.6%

Estimated (1) Due to accumulated losses of Rs.11 Million ,the company decided not to give dividend.

1-year 23.5% 272.6% 80.2% (2) http://www.scstrade.com/StockScreening/SS_CompanySnapShot.aspx?symbol=BUXL

2-year CAGR 23.5% 173.0% 46.4% (3) [to come]


Notes


Growth Rates

Options/Warrants






Trading Multiples



Manufactures of paint pigments, protective surface coatings, and varnishes


Archoma Pakistan (PSX:ARPL)Input Page

($ in millions, except per share data)

Company Name Archoma Pakistan Prior Current 2015A 6/30/2016

Ticker ARPL Fiscal Year Ending September 30, Stub Stub LTM Cash and Cash Equivalents $316,085.0 $569,429.0


Fiscal Year Ending Sep-30 Sales $7,480,119 $6,872,277 $8,475,323 $6,157,877 $6,460,558 $8,778,004 Inventories 1,380,984.0 1,481,028.0

Moody's Corporate Rating NA COGS $5,235,862 $4,945,833 $6,061,251 $4,490,612 $4,452,100 $6,022,739 Prepaids and Other Current Assets 1,895,409.0 1,689,638.0

S&P Corporate Rating NA Gross Profit $2,244,257 $1,926,444 $2,414,072 $1,667,265 $2,008,458 $2,755,265 Total Current Assets $5,741,078.0 $5,484,708.0

Predicted Beta 1.00 SG&A $793,105 $567,355 $829,894 $624,392 $742,448 $947,950

Marginal Tax Rate 22.1% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net 947,505.0 869,338.0

EBIT $1,451,152 $1,359,089 $1,584,178 $1,042,873 $1,266,010 $1,807,315 Goodwill and Intangible Assets - -

Interest Expense $160,640 ($10,644) $106,489 $70,862 $75,256 $110,883 Other Assets 1,389,978.0 1,385,929.0

Current Price 3/10/2016 $597.66 Pre-tax Income $2,127,036 $1,239,000 $1,435,852 $909,840 $1,104,246 $1,696,432 Total Assets $8,078,561.0 $7,739,975.0

% of 52-week High 98.1% Income Taxes $224,627 $205,260 $317,909 $230,116 $326,290 $414,083


52-week Low Price 3/10/2016 588.15 Preferred Dividends - - - - - - Accrued Liabilities 17,803.0 19,327.0

Dividend Per Share (MRQ) 25.00 Net Income $1,902,409 $1,033,740 $1,117,943 $679,724 $777,956 $1,282,349 Other Current Liabilities 1,656,866.0 1,186,746.0



Equity Value ('000) $20,390,892.8 Weighted Avg. Diluted Shares 34,117,881 34,117,881 34,117,881 34,117,881 34,117,881 34,117,881 Total Debt - -

Diluted EPS $55.76 $30.30 $32.77 $19.92 $22.80 $35.65 Other Long-Term Liabilities 114,594.0 107,814.0




Less: Cash and Cash Equivalents (569,429.0) Reported Gross Profit $2,244,257 $1,926,444 $2,414,072 $1,667,265 $2,008,458 $2,755,265 Preferred Stock - -

Enterprise Value ('000) $19,821,463.8 Non-recurring Items in COGS ($988,610) $19,668 ($64,640) - - ($64,640) Shareholders' Equity 4,443,242.0 4,368,251.0

Adj. Gross Profit $1,255,647 $1,946,112 $2,349,432 $1,667,265 $2,008,458 $2,690,625 Total Liabilities and Equity $8,078,561.0 $7,739,975.0

% margin $0 $0 $0 $0 $0 $0 Balance Check 0.000 0.000

LTM NFY NFY+1

6/30/2016 2016E 2017E Reported EBIT $1,451,152 $1,359,089 $1,584,178 $1,042,873 $1,266,010 $1,807,315

EV/Sales 2.3x 1.8x 1.4x Non-recurring Items in COGS ($988,610) $19,668 ($64,640) - - ($64,640) Basic Shares Outstanding 34,117,881

Metric $8,778,004 $11,049,417 $13,908,585 Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA 10.1x 7.0x 4.8x Adjusted EBIT $462,542 $1,378,757 $1,519,538 $1,042,873 $1,266,010 $1,742,675 Less: Shares Repurchased -

Metric $1,955,511 $2,837,055 $4,116,000 % margin $0 $0 $0 $0 $0 $0 Net New Shares from Options -


Metric $1,742,675 $2,528,273 $3,668,018 Depreciation & Amortization $117,985 $90,716 $136,145 $111,739 $188,430 $212,836 Fully Diluted Shares Outstanding 34,117,881.000

P/E 16.6x 16.5x 16.5x Adjusted EBITDA $580,527 $1,469,473 $1,655,683 $1,154,612 $1,454,440 $1,955,511

Metric $36.11 $36.19 $36.27 % margin $0 $0 $0 $0 $0 $0


Reported Net Income $1,902,409 $1,033,740 $1,117,943 $679,724 $777,956 $1,282,349 Tranche Shares Price Shares Proceeds

Return on Invested Capital 44.0% Non-recurring Items in COGS ($988,610) $19,668 ($64,640) - - ($64,640) Tranche 1 - - - -



Implied Annual Dividend Per Share 16.7% Tax Adjustment $218,886 ($4,355) $14,312 - - $14,312 Tranche 4 - - - -

Adjusted Net Income $913,799 $1,053,408 $1,053,303 $679,724 $777,956 $1,232,021 Tranche 5 - - - -

% margin 12.2% 15.3% 12.4% 11.0% 12.0% 14.0% Total - - -






EBIT/Interest Expense 15.7x Depreciation & Amortization 117,985 90,716 136,145 111,739 188,430 212,836 Issue 2 - - - -

% sales 1.6% 1.3% 1.6% 1.8% 2.9% 2.4% Issue 3 - - - -

Capital Expenditures (109,134) (109,134) (25,651) (11,882) (23,393) (37,162) Issue 4 - - - -

Sales EBITDA EPS % sales (1.5%) (1.6%) (0.3%) (0.2%) (0.4%) (0.4%) Issue 5 - - - -

Historical Total -

1-year 23.3% 12.7% (0.0%)

2-year CAGR 6.4% 68.9% 7.4%

Estimated (1) [Company experiences the Gains on valuation of Rs. 988,610 in 2013]

1-year 30.4% 71.4% 17.2% (2) [Company experiences the loss on valuation of Rs. 19668

2-year CAGR 28.1% 57.7% 8.4% (3) [Company experiences the Gains on valuation of Rs.64,640]


Notes


Manufacturers of interior paints, adhesives, speciality chemicals, apparels, carpets,

security paper and paper dyes

General Information Reported Income Statement('000) Balance Sheet Data ('000)


Adjusted Income Statement('000)

Trading Multiples



Growth Rates

Options/Warrants




Ittehad Chemicals (PSX:ICL)Input Page($ in millions, except per share data)

Company Name Ittehad Chemicals Prior Current 2016A 6/30/2016

Ticker ICL Fiscal Year Ending June 30, Stub Stub LTM Cash and Cash Equivalents $126,405,000.0 $126,405,000.0


Fiscal Year Ending Jun-30 Sales $4,103,853,000.0 $4,045,537,000.0 $4,557,440,000.0 - - $4,557,440,000.0 Inventories 476,639,000.0 476,639,000.0

Moody's Corporate Rating NA COGS 3,290,826,000.0 3,622,599,000.0 3,766,514,000.0 - - 3,766,514,000.0 Prepaids and Other Current Assets 936,196,000.0 936,196,000.0

S&P Corporate Rating NA Gross Profit $813,027,000.0 $422,938,000.0 $790,926,000.0 - - $790,926,000.0 Total Current Assets $2,040,041,000.0 $2,040,041,000.0

Predicted Beta 1.00 SG&A 395,185,000.0 405,260,000.0 428,913,000.0 - - 428,913,000.0

Marginal Tax Rate 28.7% Other Expense / (Income) - - - - - - Property, Plant and Equipment, net 4,063,868,000.0 4,063,868,000.0

EBIT $417,842,000.0 $17,678,000.0 $362,013,000.0 - - $362,013,000.0 Goodwill and Intangible Assets 6,445,000.0 6,445,000.0

Interest Expense 133,222,000.0 108,886,000.0 165,249,000.0 - - 165,249,000.0 Other Assets 138,582,000.0 138,582,000.0

Current Price 10/3/2016 $43.14 Pre-tax Income $281,150,000.0 ($78,117,000.0) $224,095,000.0 - - $224,095,000.0 Total Assets $6,248,936,000.0 $6,248,936,000.0

% of 52-week High 90.8% Income Taxes 80,774,000.0 158,404,000.0 56,722,000.0 - - 56,722,000.0


52-week Low Price 10/3/2016 23.21 Preferred Dividends - - - - - - Accrued Liabilities 27,667,000.0 27,667,000.0

Dividend Per Share (MRQ) 0.38 Net Income $200,376,000.0 $84,487,000.0 $167,373,000.0 - - $167,373,000.0 Other Current Liabilities 1,277,067,000.0 1,277,067,000.0

Effective Tax Rate 28.7% (202.8%) 25.3% NA NA 25.3% Total Current Liabilities $2,125,739,000.0 $2,125,739,000.0


Equity Value $2,611,609,320.0 Weighted Avg. Diluted Shares 54,793,000.0 54,793,000.0 60,538,000.0 65,000,000.0 65,000,000.0 60,538,000.0 Total Debt 757,791,000.0 757,791,000.0

Diluted EPS $3.657 $1.542 $2.765 $0.26 $0.26 $2.76 Other Long-Term Liabilities 585,988,000.0 585,988,000.0

Plus: Total Debt 757,791,000.0 Total Liabilities $3,469,518,000.0 $3,469,518,000.0



Less: Cash and Cash Equivalents (126,405,000.0) Reported Gross Profit $813,027,000.0 $422,938,000.0 $790,926,000.0 - - $790,926,000.0 Preferred Stock - -

Enterprise Value $3,242,995,320.0 Non-recurring Items in COGS - - - - - - Shareholders' Equity 2,779,418,000.0 2,779,418,000.0

Adj. Gross Profit $813,027,000.0 $422,938,000.0 $790,926,000.0 - - $790,926,000.0 Total Liabilities and Equity $6,248,936,000.0 $6,248,936,000.0

% margin 19.8% 10.5% 17.4% NA NA 17.4% Balance Check 0.000 0.000

LTM NFY NFY+1

6/30/2016 2017E 2018E Reported EBIT $417,842,000.0 $17,678,000.0 $362,013,000.0 - - $362,013,000.0


Metric $4,557,440,000.0 $4,803,541,760.0 $5,062,933,015.0 Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -

EV/EBITDA 4.8x 4.5x 4.2x Adjusted EBIT $417,842,000.0 $17,678,000.0 $362,013,000.0 - - $362,013,000.0 Less: Shares Repurchased -

Metric $668,852,000.0 $722,360,160.0 $780,148,972.8 % margin 10.2% 0.4% 7.9% NA NA 7.9% Net New Shares from Options -


Metric $362,013,000.0 $350,899,200.9 $340,126,595.4 Depreciation & Amortization 181,808,000.0 19,098,000.0 306,839,000.0 - - 306,839,000.0 Fully Diluted Shares Outstanding 60,538,000.000

P/E 15.6x 17.1x 8.7x Adjusted EBITDA $599,650,000.0 $36,776,000.0 $668,852,000.0 - - $668,852,000.0

Metric $2.76 $2.52 $4.98 % margin 14.6% 0.9% 14.7% NA NA 14.7%


Reported Net Income $200,376,000.0 $84,487,000.0 $167,373,000.0 - - $167,373,000.0 Tranche Shares Price Shares Proceeds




Implied Annual Dividend Per Share 3.5% Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income $200,376,000.0 $84,487,000.0 $167,373,000.0 - - $167,373,000.0 Tranche 5 - - - -

% margin 4.9% 2.1% 3.7% NA NA 3.7% Total - - -


Total Debt/EBITDA 1.1x Adjusted Diluted EPS $36.57 $15.42 $27.65 - - $2.76

Net Debt/EBITDA 0.9x Conversion Conversion New



EBIT/Interest Expense 2.2x Depreciation & Amortization 181,808,000.0 19,098,000.0 306,839,000.0 - - 306,839,000.0 Issue 2 - - - -

% sales 4.4% 0.5% 6.7% NA NA 6.7% Issue 3 - - - -

Capital Expenditures 448,159,000.0 946,491,000.0 553,222,000.0 - - 553,222,000.0 Issue 4 - - - -

Sales EBITDA EPS % sales 10.9% 23.4% 12.1% NA NA 12.1% Issue 5 - - - -

Historical Total -

1-year 12.7% 1,718.7% 79.3%

2-year CAGR 5.4% 5.6% (13.1%)

Estimated (1) [to come]

1-year 5.4% 8.0% (90.9%) (2) [to come]

2-year CAGR 5.4% 8.0% (57.6%) (3) [to come]


Notes


Growth Rates

Options/Warrants






Trading Multiples



Manufacturers of industrial chemicals (caustic soda, Sodium hypochlorite, chlorine,

hydrochloric acid, calcium choloride)


Sardar Chemicals Industries (PSX:SARC)Input Page($ in millions, except per share data)

Company Name Sardar Chemicals Industries Prior Current 2016A 6/30/2015

Ticker SARC Fiscal Year Ending June 30, Stub Stub LTM Cash and Cash Equivalents $11,001,739.0 $11,001,739.0


Fiscal Year Ending Jun-30 Sales $206,708,018.0 $202,178,685.0 $195,556,597.0 - - $195,556,597.0 Inventories 21,977,129.0 21,977,129.0

Moody's Corporate Rating NA COGS 167,590,596.0 163,707,433.0 158,003,100.0 - - 158,003,100.0 Prepaids and Other Current Assets 33,741,439.0 33,741,439.0

S&P Corporate Rating NA Gross Profit $39,117,422.0 $38,471,252.0 $37,553,497.0 - - $37,553,497.0 Total Current Assets $133,260,197.0 $133,260,197.0

Predicted Beta (0.47) SG&A 27,022,030.0 27,498,498.0 30,066,550.0 - - 30,066,550.0


EBIT $12,095,392.0 $10,972,754.0 $7,486,947.0 - - $7,486,947.0 Goodwill and Intangible Assets - -


Current Price 10/3/2016 $13.25 Pre-tax Income $6,163,921.0 $5,984,867.0 $4,461,763.0 - - $4,461,763.0 Total Assets $157,543,990.0 $157,543,990.0

% of 52-week High 96.7% Income Taxes 1,988,994.0 2,341,424.0 692,290.0 - - 692,290.0


52-week Low Price 10/3/2016 5.59 Preferred Dividends - - - - - - Accrued Liabilities 512,118.0 512,118.0

Dividend Per Share (MRQ) 1.25 Net Income $4,174,927.0 $3,643,443.0 $3,769,473.0 - - $3,769,473.0 Other Current Liabilities 27,666,727.0 27,666,727.0

Effective Tax Rate 32.3% 39.1% 15.5% NA NA 15.5% Total Current Liabilities $37,921,094.0 $37,921,094.0


Equity Value $79,500,000.0 Weighted Avg. Diluted Shares 6,000,000.0 6,000,000.0 6,000,000.0 - - 6,000,000.0 Total Debt 5,228,862.0 5,228,862.0

Diluted EPS $0.70 $0.61 $0.63 NA NA $0.63 Other Long-Term Liabilities

Plus: Total Debt 5,228,862.0 Total Liabilities $43,149,956.0 $43,149,956.0




Enterprise Value $73,727,123.0 Non-recurring Items in COGS - - - - - - Shareholders' Equity 114,394,034.0 114,394,034.0

Adj. Gross Profit $39,117,422.0 $38,471,252.0 $37,553,497.0 - - $37,553,497.0 Total Liabilities and Equity $157,543,990.0 $157,543,990.0


LTM NFY NFY+1

6/30/2015 2017E 2018E Reported EBIT $12,095,392.0 $10,972,754.0 $7,486,947.0 - - $7,486,947.0


Metric $195,556,597.0 $190,198,346.2 $184,986,911.6 Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -




Metric $7,486,947.0 $6,064,427.1 $4,912,185.9 Depreciation & Amortization 4,043,559.0 336,848.0 3,247,257.0 - - 3,247,257.0 Fully Diluted Shares Outstanding 6,000,000.000




Reported Net Income $4,174,927.0 $3,643,443.0 $3,769,473.0 - - $3,769,473.0 Tranche Shares Price Shares Proceeds




Implied Annual Dividend Per Share 37.7% Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income $4,174,927.0 $3,643,443.0 $3,769,473.0 - - $3,769,473.0 Tranche 5 - - - -

% margin 2.0% 1.8% 1.9% NA NA 1.9% Total - - -


Total Debt/EBITDA 0.5x Adjusted Diluted EPS $0.70 $0.61 $0.63 - - $0.63




EBIT/Interest Expense 2.1x Depreciation & Amortization 4,043,559.0 336,848.0 3,247,257.0 - - 3,247,257.0 Issue 2 - - - -

% sales 2.0% 0.2% 1.7% NA NA 1.7% Issue 3 - - - -

Capital Expenditures - - - - - - Issue 4 - - - -

Sales EBITDA EPS % sales - - - NA NA - Issue 5 - - - -

Historical Total -

1-year (3.3%) (5.1%) 3.5%

2-year CAGR (2.7%) (18.4%) (5.0%)

Estimated (1) [to come]

1-year (2.7%) (14.0%) (5.1%) (2) [to come]

2-year CAGR (2.7%) (14.0%) (5.1%) (3) [to come]


Notes


Growth Rates

Options/Warrants






Trading Multiples



Manufacturer of dyes and optical brightner for leather and textile


Nimir Resins Ltd (KSE:NRSL)Input Page($ in millions, except per share data)

Company Name Nimir Resins Ltd Prior Current 2016A 6/30/2016

Ticker NRSL Fiscal Year Ending June 30, Stub Stub LTM Cash and Cash Equivalents $70,965,604.0 $70,965,604.0

Stock Exchange KSE 2014A 2015A 2016A 6/30/2015 6/30/2016 6/30/2016 Accounts Receivable 404,114,867.0 404,114,867.0

Fiscal Year Ending Jun-30 Sales $2,199,528,399.0 $1,806,427,261.0 $1,778,018,742.0 - - $1,778,018,742.0 Inventories 489,991,718.0 489,991,718.0

Moody's Corporate Rating NA COGS 2,014,973,045.0 1,651,145,112.0 1,542,084,055.0 - - 1,542,084,055.0 Prepaids and Other Current Assets 242,725,648.0 242,725,648.0

S&P Corporate Rating NA Gross Profit $184,555,354.0 $155,282,149.0 $235,934,687.0 - - $235,934,687.0 Total Current Assets $1,207,797,837.0 $1,207,797,837.0

Predicted Beta 1.00 SG&A 125,591,514.0 116,806,347.0 99,911,746.0 - - 99,911,746.0


EBIT $58,963,840.0 $38,475,802.0 $136,022,941.0 - - $136,022,941.0 Goodwill and Intangible Assets 1,658,684.0 1,658,684.0


Current Price 1/0/1900 $11.58 Pre-tax Income ($57,757,713.0) ($62,325,215.0) $72,878,496.0 - - $72,878,496.0 Total Assets $1,692,937,344.0 $1,692,937,344.0

% of 52-week High 94.5% Income Taxes 11,316,495.0 20,041,701.0 19,796,345.0 - - 19,796,345.0


52-week Low Price 1/0/1900 5.50 Preferred Dividends - - - - - - Accrued Liabilities 9,806,364.0 9,806,364.0

Dividend Per Share (MRQ) - Net Income ($69,074,208.0) ($82,366,916.0) $53,082,151.0 - - $53,082,151.0 Other Current Liabilities 789,364,053.0 789,364,053.0

Effective Tax Rate (19.6%) (32.2%) 27.2% NA NA 27.2% Total Current Liabilities $978,838,802.0 $978,838,802.0


Equity Value $2,596,718,388.1 Weighted Avg. Diluted Shares 223,504,799.0 223,504,799.0 224,241,657.0 - - 224,241,657.0 Total Debt - -

Diluted EPS ($0.31) ($0.37) $0.24 NA NA $0.24 Other Long-Term Liabilities 129,949,682.0 129,949,682.0

Plus: Total Debt - Total Liabilities $1,108,788,484.0 $1,108,788,484.0




Enterprise Value $2,525,752,784.1 Non-recurring Items in COGS - - - - - - Shareholders' Equity 584,148,860.0 584,148,860.0

Adj. Gross Profit $184,555,354.0 $155,282,149.0 $235,934,687.0 - - $235,934,687.0 Total Liabilities and Equity $1,692,937,344.0 $1,692,937,344.0


LTM NFY NFY+1

6/30/2016 2017E 2018E Reported EBIT $58,963,840.0 $38,475,802.0 $136,022,941.0 - - $136,022,941.0


Metric $1,778,018,742 $2,237,259,012 $2,237,259,012 Other Non-recurring Items - - - - - - Plus: Shares from In-the-Money Options -




Metric $136,022,941.0 $52,142,119.0 $65,177,649.0 Depreciation & Amortization 37,494,698.0 34,729,819.0 31,142,098.0 - - 31,142,098.0 Fully Diluted Shares Outstanding 224,241,657.000




Reported Net Income ($69,074,208.0) ($82,366,916.0) $53,082,151.0 - - $53,082,151.0 Tranche Shares Price Shares Proceeds




Implied Annual Dividend Per Share - Tax Adjustment - - - - - - Tranche 4 - - - -

Adjusted Net Income ($69,074,208.0) ($82,366,916.0) $53,082,151.0 - - $53,082,151.0 Tranche 5 - - - -

% margin (3.1%) (4.6%) 3.0% NA NA 3.0% Total - - -


Total Debt/EBITDA - Adjusted Diluted EPS ($0.31) ($0.37) $0.24 - - $0.24




EBIT/Interest Expense 2.7x Depreciation & Amortization 37,494,698.0 34,729,819.0 31,142,098.0 - - 31,142,098.0 Issue 2 - - - -

% sales 1.7% 1.9% 1.8% NA NA 1.8% Issue 3 - - - -

Capital Expenditures 683,992.0 397,095.0 10,876,324.0 - - 10,876,324.0 Issue 4 - - - -

Sales EBITDA EPS % sales 0.03% 0.02% 0.61% NA NA 0.6% Issue 5 - - - -

Historical Total -

1-year (1.6%) 128.4% (164.2%)

2-year CAGR (10.1%) 31.6% -

Estimated (1) Surplus on Revaluation of Property, Plant , and Equipment 46,940,630

1-year 25.8% (68.8%) 17,798.9% (2) [to come]

2-year CAGR 12.2% (37.6%) 1,263.4% (3) [to come]


Notes


Core business of Nimir Resins are Coatings and Emulsions, Unsaturated Polyester

Resins, Textile Chemicals, Pulp and Paper Chemicals




Trading Multiples



Growth Rates

Options/Warrants




Implied Valuation (Intrinsic Value) & Share Price

Implied Valuation using LTM EBITDA

EBITDA Financial Metric Multiple range Implied Enterprise Value Less Net debt Implied Equity Value

LTM $476,012,000 12.5x-14.5x 5,950,150,000--6,902,174,000 (182,877,000.00) 5,764,273,000--6716297000

Fully Diluted shares outstanding

18,186,409

Implied share price

Rs 316.95--369.44

Implied Valuation using LTM EBIT

EBIT Financial Metric Multiple range Implied Enterprise Value Less Net debt Implied Equity Value

LTM 371,480,000 14x-16x 5,200,720,000--5,943,680,000 (182,877,000.00) 5,383,597,000--6,126,557,000

Fully Diluted shares outstanding

18,186,409

Implied share price

Rs 296.02--336.87

Implied Valuation using LTM P/E ratio

EPS Financial Metric Multiple range Implied share price

LTM 10.8 25.5x--27.5x 275.4--297

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