FINANCIAL STATEMENTS ANALYSIS

OF
COMPANIES (NON-FINANCIAL)
LISTED AT KARACHI STOCK EXCHANGE

(2007-2012)

STATE BANK OF PAKISTAN

STATISTICS & DWH DEPARTMENT

Team Leader
x Shamsul Arifeen

Sr. Joint Director

shamsul.arifeen@sbp.org.pk

Team Members

x Zia-ul-Qamar

Joint Director
ziaulqamar@sbp.org.pk

x Azam Ali

Joint Director
Azam.Ali@sbp.org.pk

x Shahid Latif

Joint Director
shahid.latif@sbp.org.pk

Assistant Director
Uzma.Maqsood@sbp.org.pk

Uzma Maqsood

Contents
Page
Preface

Introduction

ii

i) Methodology

iii

ii) Concepts & Definitions

iii-xiv

iii) Performance Indicators

xiv-xvii

Executive Summary

xviii-xxii

Analytical Tables
I. Sectors
(a) Overall

1-2

(b) Private

3-4

(c) Public

5-6

II. Economic Groups

1. Textile
(i) Spinning, Weaving, Finishing of Textiles

8-9
11-150

(ii) Made-up Textile Articles

152-159

(iii) Other Textiles n.e.s.

161-173

2. Food

175-176

(i) Sugar

178-211

(ii) Other Food Products n.e.s.

213-232

3. Chemicals, Chemical Products & Pharmaceuticals

234-278

4. Other Manufacturing n.e.s.

280-312

5. Other Non-Metallic Mineral Products - Overall

314-315

(i) Cement

317-338

(ii) Mineral Products

340-349

6. Motor Vehicles, Trailers and Autoparts

351-374

7. Fuel & Energy

376-396

8. Information, Comm. and Transport Services

398-412

9. Coke & Refined Petroleum Products

414-424

10.Paper, Paperboard and Products

426-436

11.Electrical Machinery and Apparatus

438-447

12.Other Services Activities

449-460

III. Appendix:1

462-467

Appendix:2

468-469

Explanatory Notes

470

Preface
The Non-ILQDQFLDO&RUSRUDWH6HFWRULVDQLPSRUWDQWVHJPHQWRIDFRXQWU\VHFRQRP\DQGDVRXQGVWDEOHDQGUREXVW
industrial base is accordingly essential for economic well being of a country and its populace.
Non-financial Corporate sector in Pakistan represents a diversified nature of businesses including Textile, Food,
Chemicals & Pharmaceuticals, Other manufacturing n.e.s., Other Non-metallic mineral products, Motor
Vehicles/Trailers and auto parts, Fuel & Energy, Information Communication and transport services, Coke &
refined petroleum products, Paper & paperboard products, Electrical machinery & apparatus & Other services.
Disclosure and transparency in information on business activities are therefore, of crucial importance to all
stakeholders.
An overview of business and financial conditions of non-financial institutions presented in a structured manner is
published in form of financial statements. For large industrial concerns, the financial statements are often complex
and are prepared under international accounting standards. These statements usually include an extensive set of
notes to the financial statements. The notes typically describe each item on the balance sheet, income statement and
cash flow statement in further detail.
The stakeholders and users, on the other hand also require financial indicators that can provide information on how
well a company is performing and what will happen in future. Keeping in view the need of the users, the Statistics &
Data Warehouse Department has revamped the analysis of the financial statements of non-financial institutions.
All-out efforts have been made to select useful and accurate data from financial statements and compute ratios that
can provide valuable clues about the financial health of the institutions. The analysis is now published in form of
SXEOLFDWLRQ QDPHO\ )LQDQFLDO 6WDWHPHQWV $QDO\VLV RI &RPSDQLHV 1RQ-Financial) Listed at Karachi Stock
([FKDQJH 7KH SXEOLFDWLRQ FRQWDLQV DQDO\VLs of financial statements of Non-financial institutions for the period
2007-12.
It is hoped that the publication will provide a tool to researchers, policy makers and investors to gauge the
performance of non-financial sector of Pakistan. Comments on the analysis and suggestions for further
improvements in the publication are very welcome.

(Dr Azizullah Khattak)

Director
Statistics & DWH Department

Introduction
The format and analysis of this publication was revamped in 2010 to accommodate changes taken place in
the corporate sector. Analysis of last four years 2009-2012 has accordingly been carried out on the new
format. This publication also consists of two years mapped data for 2007-2008. All companies listed on
Karachi Stock Exchange (KSE) have been classified in line with new economic categories. The year-wise
distribution of companies by economic group is as under: -

Table: 1 Distribution of companies by economic groups.

Economic Groups

2011

2012

155

155

137

138

12
54

11
50

i) Sugar

36

32

ii) Other food products n.e.s

18

18

3) Chemicals, chemical products and pharmaceuticals

43

43

4) Other manufacturing n.e.s.

30

31

5) Other non-metallic mineral products

28

28

20

20

6) Motor vehicles, trailers and auto parts

22

22

7) Fuel & Energy

18

19

8) Information, communication & transport services

13

13

9) Coke and refined petroleum products

10) Paper, paperboard and products

11) Electrical machinery and apparatus

10

10

399

397

1) Textiles
i) Spinning, weaving, finishing of textiles
ii) Made-up textile articles
iii) Other textiles n.e.s.
2) Food

i) Cement
ii) Mineral products

12) Other services activities

Total:

The sum of Assets and Liabilities of a company may exhibit minor differences due to rounding off
separate items. Ratios and percentages have been worked out after rounding off the figures in thousands,
which may, therefore, slightly differ from ratios calculated on the basis of exact numbers in balance sheet.
7KHV\PERO DSSHDULQJLQWKHDQDO\WLFDOWDEOHVVWDQGs for Not applicable or Not available.

ii

I Methodology
Methodology is based on Ratio Analysis, a powerful tool to analyze the financial statements of any company.
Ratio analysis measures inter-relationship between different sections of the financial statements. Ratios are
WDNHQ DV JXLGHV WKDW DUH XVHIXO LQ HYDOXDWLQJ D FRPSDQ\V ILQDQFLDO SRVLWLRQ and operation and making
comparison with results in previous years or with others in the same industry. The primary purpose of ratio
analysis is to point out areas needing further investigation. All the ratios are calculated from the following
financial statements and relevant notes to accounts.
x

Balance Sheet

Profit and Loss accounts

Statement of changes in Equity

Cash Flow Statement

7RWDOVKDUHKROGHUVHTXLW\LVFRPSXWHGDVWKHVXPRIRUGLQDU\VKDUHFDSLWDOSOXVUHVHUYHDQGVXUSOXVSOXVXQappropriated profit/ (loss) and the revaluation. Analysis of Non-Financial sector used the following concepts
and definitions as given below.

II Concepts and Definitions

A. Non-Current Assets
1. Capital work in progress:
Work in process consists of the unfinished products in a production process which are not yet complete but
either being fabricated or waiting in a queue or storage. They must be accounted for as funds (capital) that have
been invested for future enhancement in production.

2. Operating fixed assets:

These are owned by an enterprise engaged in production of items (directly or indirectly); which will be
available for sale. These are not readily convertible into cash during the course of normal operations of an
enterprise. These assets are not subject to periodical exchange through sales and purchases. Fixed assets are of
permanent nature and are not normally liquidated or intended to turn into cash except in the form of
depreciation, which is added to the cost of goods sold. The following balance sheet items are included in the
category of fixed assets: -

(a) Real Estate

(i)

Freehold and leasehold land

(ii)

Factory and office buildings

(iii) Residential buildings

iii

(iv) Capital projects in progress at cost

(b) Plant, Machinery and Rolling Stock

(i)

All types of plant and machinery used for production and not for sale

(ii) Crockery, cutlery, silverware and enamelware in hotels

(iii) Construction tools
(iv) Livestock in farming company
(v) Cars, lorries, trucks, ships, launches etc.
(vi) Railway siding and trolley lines
(vii) Computers and other electronic equipments

(c) Furniture, Fixtures, Fittings and Allied Equipment

(i) Electric fans, refrigerators, air conditioners, electric heating, sanitary and other fittings.
(ii)

Laboratory equipment

LLL$OOW\SHVRIRIILFHIXUQLWXUHVDnd equipment

(iv) Advertising, fixtures and fittings

3. Operating fixed assets after deducting accumulated depreciation

Deducting the accumulated depreciation from the operating fixed assets of the company gives this item.

4. Depreciation for the year

It includes all the depreciation charged to the profit and loss account. Owing to absence of uniform
accounting standards, depreciation is a subjective item and varies from company to company. It is important
for an analyst to know what effect such variation could have on the net profit.

5. Intangible Assets
Intangible assets are defined as identifiable assets that cannot be seen, touched or physically measured,
which are created through time and/or efforts and that are identifiable as a separate asset. The possible
items are:
(i)

Copyrights

(ii)

Patents

(iii)

Trademarks

(iv)

Goodwill

(v)

Exploration accounts

(vi)

Knowledge accounts

(vii)

Computer software accounts

iv

6. Long term investment

Investment is acquisition of financial, physical or technology based assets by an investor for their potential
future income, return, yield, profits, or capital gains. The long-term investments account differs largely
from the short-term investments account in that the short-term investments will most likely be sold,
whereas the long-term investments may never be sold. They may include:
(i)

Long-term stocks

(ii)

Long-term bonds

(iii)

Long-term investment in real estate

(iv)

Long-term Government and corporate securities

(v)

Long-term Savings and Unit Trust Certificates

(vi)

Long-term Debentures stock of local or foreign companies

7. Other Non- current assets

These include all residual non-current assets left from the above coverage, but remain in the balance sheet.
Possible items may be:
(i)

Deferred costs

(ii)

Long-term deposits

(iii)

Long- term loans and advances

(iv)

Security deposits

B. Current Assets:

1. Cash & bank balances

Cash & bank balances is an integral part of a company's overall operations. It consists of:
(i) Cash in hand
(ii) Cash in transit
(iii) Current deposits
(iv) Saving deposits
(v) Saving deposits and Call deposits
(vi) Deposits held abroad
2. Inventories
It comprises of stocks of raw material in hand, work in progress and finished goods at the closing date.

3. Trade debt
This refers to an entity from which amounts are due for goods sold or services rendered or in respect of
contractual obligations and also termed: debtor, trade debtor, and account receivable.

4. Short term investments

Unlike long term investments, short term investments have to be matured within the same accounting cycle. The basic
motive of such an investment is to earn profits or capital gains for short term period. They may include:

(i)

Short-term stocks

(ii)

Short -term bonds

(iii)

Short -term investment in real estate

(iv)

Short-term Government and corporate securities

(v)

Short-term Savings and Unit Trust Certificates

(vi)

Short-term Debentures stock of local or foreign companies

5. Other current assets

These are all remaining items of current assets left from the above coverage, but remained in the balance
sheet. These include:
(i)

Book debts including bad and doubtful debts

(ii)

Stores, spare parts and loose tools

(iii)

Loans and advances

(iv)

Work in progress(current)

(v)

Advances and prepayments etc.

(vi)

Balances due to tax department

(vii)

Tax refundable

(viii)

other receivables

C. Current Liabilities:
All liabilities, which are required to be discharged within one year, are termed as current liabilities.
Alternatively, these cover those obligations whose liquidation is expected to be made out of current assets.
They are usually incurred in the normal course of business and are required to be paid at fairly definite dates.

1. Short term secured loans

These are loans which are to be matured within the year and have been obtained against secured collaterals.
These consist of:
(i)

Current maturities of secured long term loan.

(ii)

Current maturities of redeemable capital finance

(iii)

Secured short term running finance.

(iv)

Current maturities of lease finance

(v)

Short term lease finance.

vi

2. Other current liabilities

These are all remaining items of current liabilities left from the above coverage, but remained in the
balance sheet. These include:

(a) Sundry Creditors

(i) For expenses
(ii) For other finance
(iii) Bills payable
(v) Advances from customers against orders

(b) Payment become due but outstanding

(i) Income tax payable
(ii) Proposed, unpaid and unclaimed dividends
(iii) Estimated liabilities in respect of outstanding claims whether due or intimated
(iv) Gratuities becoming payable
(v) Provident Fund becoming payable
(vi) Current installment and interest payable on fixed liabilities
(vii) Provision for taxation estimated on current profits
(viii) Workers profit participation fund

(c) Loans, Deposits and Advances

(i) Loans secured by stock or other current assets
(ii) Bank overdrafts and other unsecured loans
(iii) Short term loans acquired against the security of fixed assets
(iv) Unsecured loan from directors, parent company, and subordinate loan
(v)

Due to managing agents

(vi) Advances by directors

(vii) Guarantee and security deposits of customers and staff

D. Non-Current Liabilities:
1. Long-term secured loan
These are liabilities which are required to be discharged after a period of more than a year from the date of
balance sheet and are obtained on the basis of secured collaterals. These include:
(i)

Loans from financial institutions.

(ii) Loans from non bank financial institutions.

(iii) Loans from specialized financial institutions
(iv) Redeemable capital finance
(v) Foreign loans

vii

(vi) Vendors account

2.

Long-term unsecured loan

These are liabilities which are required to be discharged after a period of more than a year from the date of
balance sheet and are obtained without any secured collaterals. These include:
(i) Loan to various organizations by governments.
(ii) Loan to a company by directors
(iii) Long term loan by creditors
(iv) Long term loan by suppliers

3. 'HEHQWXUHV7)&V
These are bonds/certificates issued by a company to raise funds for long-term period (generally more than
one year) for a specific purpose (usually for capital expenditures), sometimes convertible into stock. At
present, debentures have been replaced by TFCs (Term Finance Certificates). Sukuk bonds.

4. Employees benefit obligations

These include benefits provided either to employees or their dependants, and may be settled by payments
(or the provision of goods or services) made either directly to the employees, their spouses, children, other
dependants. Its constituents are:
(i) Employees gratuity fund
(ii) Pension fund.
(iii) Staff compensated absences
(iv) Staff retirement benefits

5. Other non-current liabilities

These are residuals of non-current liabilities left from the above coverage, but remained in the balance
sheet of the company. These include:
(i) Deferred liabilities
(ii) Deferred liabilities/ taxation
(iii) Long term deposits/key deposits
(iv) Subordinated loans
(v) Retention money payable

E. 6KDUHKROGHUVHTXLW\
This item purports to represent the total stake of the shareholders in the business and is obtained by
adding the ordinary share capital to the reserves and also surplus on revaluation of fixed assets.

viii

1. Issued, subscribed & paid up capital

This represents the total subscribed and paid-up capital against issue of ordinary shares. These are amounts
of capital actually paid by the shareholders to the institution for acquiring its shares. It includes shares paid
in cash (subscribed/right issued), issued as bonus shares and shares issued for considerations other than cash
(e.g. for settlement of receivables/debts or debts redeemable into stock etc.).

(i) Ordinary Shares

Ordinary shares represent equity ownership in a company and entitle the owner to a vote in matters put
before

shareholders

in proportion to

their

percentage

ownership

in the

company.

Ordinary shareholders are entitled to receive dividends if any are available after dividends on preferred
shares are paid. They are also entitled to their share of the residual economic value of the company
should the business unwind; however, they are last in line after bondholders and preferred shareholders
for receiving business proceeds. As such, ordinary shareholders are considered unsecured creditors.

(ii) Preference Shares

Preferred Shares generally have dividends that must be paid out before dividends to common
stockholders

and

the

shares usually

do

not have

voting

rights.

The precise details as to the structure of preferred stock are specific to each corporation. However, the
best way to think of preferred stock is as a financial instrument that has characteristics of both debt
(fixed dividends) and equity (potential appreciation).

The difference between ordinary shares and preference shares is as follows:

(a) Ordinary shareholder receive dividend, which varies according to the prosperity of
the company but preference shareholder will receive a fixed amount dividend every year.
(b) 2UGLQDU\ VKDUHKROGHU KDV D ULJKW RI YRWLQJ LQ WKH FRPSDQ\V DQQXDO JHQeral meeting
while the preference shareholder has no voting right.
(c) Ordinary shareholders have a residual claim on the net assets of the company in case of
liquidation, while the claim of the preference shareholders is paid earlier.

2. Reserves
It is calculated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and
doubtful debts plus the balance of profit and loss account.

ix

(i) Capital Reserves

These funds are allocated only to be spent on the capital expenditure projects/ future expansionary
projects for which they were initially intended, excluding any unforeseen circumstances. These
include:
(a) Share premium reserves
(b) Merger reserves
(c) Development reserves
(d) Reserve for issue of bonus shares
(e) Reserve for re-issue of forfeited shares
(f) Capital gain on sale of fixed assets
(g) Dividend equalization reserves
(h) Non-controlling interest (minority interest)
(i) Fair value Reserve
(j) Subordinated Loans
(k) Interest rate swap revaluation reserve
(l) Hedge reserve
(m) Advance against subscription for right shares
(n) Undistributed percentage return reserve
(o) Exploration and evaluation reserve
(p) Investment revaluation reserve
(q) Share deposit money
(r) Exchange difference on translation of foreign subsidiaries
(s) Statutory Reserve

(ii) Revenue Reserves

This is that part of the profit that has been not given to the shareholders but retained in the business for
future growth. These include:
(a) General reserves
(b) Un-appropriated reserves
(c) Retained reserves
(d) Reserves on profit & loss account
(e) Deferred income
(f) Retained Earnings

3. Surplus on revaluation of fixed assets

Revaluation of fixed assets is a technique that may be required to accurately describe the true value of
the capital goods that a business owns. The revaluation surplus has been included in equity because
capital goods like property, plant and equipments participate directly in the revenue generation and
transferred directly to retained earnings.

F. Operation:
1. Sales
This item represents the sale proceeds of the company netting off all components of expenses associated
with sales. Sales revenue is classified as local sales and export sales.

2. Cost of sales
Cost of sales includes the direct costs attributable to the production of the goods sold by a company. This
amount includes the materials cost used in creating the goods along with the direct labor costs used to
produce the good.

(i) Cost of material

This includes cost of all raw and other processing materials incurred in the production of finished goods,
which are available for sale of the company.

(ii) Other Input cost

These are all remaining cost of sales excluding the cost of materials.

3. Gross Profit
Gross profit is arrived at by subtracting cost of sales from sales revenue.

4. General, administrative and other expenses

These expenses consist of the combined payroll costs (salaries, commissions, and travel expenses of
executives, sales people and employees), and advertising expenses that a company incurs. This is usually
understood as a major portion of non-production related costs.

(i) Selling & distribution expenses

These are non-production cost, but directly related with the revenue generation of saleable goods, i.e. cost
incurred to mobilize goods from factory outlet to the market palace. These include:

xi

(a) Distribution expenses

(b) Brokerage expenses
(c) Salary, wages and commission expenses
(d) Discount expenses
(e) Selling expenses
(f) Forwarding expenses

(ii) Administrative and other expenses

These expenses are also non-production costs and fixed in nature. The company is obliged to pay these
expenses which are permanent in nature until the structure of the company is not affected. These include:
(a) Postage, telegram and telephone expenses
(b) Conveyance and travelling expenses
(c) Salary, wages and other benefits
(d) Depreciation expenses

5. Salary, wages and employees benefits

These are salary; wages and employees benefit expenses that a company has borne in all stages to run the
business activities. These covers the expenses to all employees (temporary, permanent)

6. Financial expenses
These are expenses incurred due to borrowing of financial assets (short / long term loans) and acquisition of
financial services by a company during an accounting period. It consists of interest paid expenses on
loan/debts plus:
(a) Interest and mark-up on supplier credit
(b) ,QWHUHVWRQZRUNHUVSrofit participation fund.
(c) Bank charges and commission
(d) Excise duty on long and short-term finance
(e) Discounting charges on receivables
(f) Exchange commission expenses

Of which: (i) Interest expenses

These are interest expenses incurred on borrowing of long and short terms loans. These include the
following items;
(i) Mark-up and interest on long term loan
(ii) Mark-up and interest on debentures and redeemable capital
(iii) Mark-up and interest on short term loan
(iv) Interest on private loan

xii

7. Net profit before taxes

It is the profit earned by the company during the year before tax.

8. Tax provision
,WLVSURYLVLRQRIWD[DWLRQPDGHRQFXUUHQW\HDUVSURILW

9. Total amount of dividend

It is the total dividend including interim dividend distributed or proposed to be distributed out of the current
\HDUVSURILW

10. Total value of bonus shares issued

This is the total amount of bonus shares issued to the shareholders as appropriation of net profit after tax of the
company during the year.

11. Cash flows from operations

This amount is derived as net cash flow from operating activities of a company from its Cash flow statement.
Operating activities include the production, sales and delivery of the company's product as well as
collecting payment from its customers. This could include purchasing raw materials, building inventory,
advertising, and shipping the product,
Under IAS 7, operating cash flows include:
x

Receipts from the sale of goods or services

Receipts for the sale of loans, debt or equity instruments in a trading portfolio

Interest received on loans

Dividends received on equity securities

Payments to suppliers for goods and services

Payments to employees or on behalf of employees

Items which are added back to [or subtracted from, as appropriate] the net income figure (which is found on
the Income Statement) to arrive at cash flows from operations generally include:
x

Depreciation (loss of tangible asset value over time)

Deferred tax

Amortization (loss of intangible asset value over time)

xiii

Any gains or losses associated with the sale of a non-current asset, because associated cash flows do
not belong to the operating section

G. Miscellaneous:
1. Total capital employed
7KH WRWDO RI VKDUHKROGHUV HTXLW\ DQG WRWDO QRQ- current liabilities engaged in the capital formation
constitute this item.
Total capital employed = Shareholder's equity+ Long term secured loan+ Long term unsecured loan+
Debentures/ TFC's+ Employees benefit obligations.

2. Total fixed liabilities

,WLVWKHVXPWRWDORIWKHLWHPVGHEHQWXUHV7)&VDQGRWKHUIL[HGOLDELOLWLHV
Total fixed liabilities = Long term secured loan+ Debentures/TFC's

3. Retention in business
This is the amount that a company retains in business after netting off all possible expenses and is
obtained by deducting the provision for the tax and the total dividend distributed or proposed to be
distributed from the net profit for the year.
Retention in business = Net profit before taxes- Tax provision- Total amount of dividend

4. Contractual liabilities
This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans and
bank overdraft.
Contractual liabilities = Long term secured loan+ Preference shares+ TFC's + Short term secured
loans.

III. Performance Indicators:

1. Acid test or quick ratio
The acid test or quick ratio is used to determine how quickly a company would be able to pay off its current
OLDELOLWLHVLILWQHHGVWRFRQYHUWLWVTXLFNDVVHWVLQWRFDVK
Acid test or quick ratio = (Cash & bank balances + Trade debtors + Short term investments)/ Current
Liabilities.

xiv

7KHLGHDOTXLFNUDWLRLVZKLFKPHDVXUHVWKHILUPVFDSDFLW\WRSD\RIIFODLPVRIFXUUHQWFUHGLWRUV
immediately.

2. Financial expenses to sales

It shows the ratio of financial expenses to sales. Lowering the ratio indicates the financial discipline of the
company and the increasing ratio indicates that the company is facing financial expenses burden out of its
sales revenue
Financial expense to sales = Financial expenses/ Sales

3. Trade debt to sales

It is the ratio of outstanding credit (all sales receivables) to the total sale proceeds of the company. Higher the
percentage, the company is increasing its debtors and credit risk and reducing its liquidity position.
Trade debt to sales= Trade debt/ Sales

4. Assets turnover ratio

It is the ratio of total sale proceeds to the total assets of the company. Higher the ratio, the company is
sufficiently using its assets in generating revenues and lowers the ratio; the company is insufficient in
generating revenues.
Assets turnover ratio= Sales/ (Non-Current Assets + Current Assets)

5. Current ratio
It is the ratio of total current assets to the total current liabilities. Higher current ratio shows that the company is
in a well-off situation and lower current ratio shows the worsening situation.
Current ratio= Current Assets/ Current Liabilities
A rough guide for most companies exhibits 1.5:1 relationship between current assets and current liabilities as
indication of ability to meet current obligation without recourse of special borrowings.

6. Cost of goods sold to sales

This ratio is derived by dividing cost of sales of goods to the total amount of sale proceeds. Higher the ratio,
lower the gross profit margins and lower the ratio, higher the gross profit margins of the company.
Cost of goods sold to sales= Cost of goods sold/ sales

7. Debt equity ratio

7KLV LV D PHDVXUH RI FRPSDQ\V ILQDQFLDO OHYHUDJH DQG FDOFXODWHG E\ GLYLGLQJ LWV WRWDO liabilities by
stockholders' equity. It indicates what proportion of equity and debt the company is using to finance its

xv

assets. The higher ratio generally means that a company has been aggressive in financing its growth with
debt. This can result in volatile earnings as a result of the additional interest expense.
Debt equity ratio = (Current Liabilities + Non-Current Liabilities)/ 6KDUHKROGHUVHTXLW\
It provides a margin safety to creditors. The smaller the ratio, the more secured are the creditors. An appropriate
debt to equity ratio is 0.33. A higher ratio than this is an indication of financial risk policy.

8. Return on assets (ROA)

This is an indicator that reflects how profitable a company is relative to its total assets. ROA gives an
idea as to how efficient management is at using its assets to generate earnings. This is calculated by
dividing a company's annual earnings by its total assets. The higher the ROA, the better, because the
company earns more money on less investment.
ROA = Net profit before taxes/ Average of (Non-Current Assets + Current Assets)

9.

Return on equity (ROE)

It measures a firm's efficiency at generating profits from every unit of shareholders' equity. It shows how
well a company uses its resources to generate earnings growth. The ROE is useful for comparing the
profitability of a company to that of other firms in the same industry.
ROE = 1HWSURILWEHIRUHWD[HV$YHUDJHRI6KDUHKROGHUVHTXLW\

10. Return on capital employed (ROCE)

ROCE compares earnings with capital invested in the company. ROCE should always be higher than the
rate at which the company borrows; otherwise any increase in borrowing will reduce shareholders'
earnings.
ROCE = Net profit before taxes/ Average of Total capital employed

11. Dividend cover ratio

This measures the ability of a company to pay dividends to ordinary shareholders from after tax income and
measured as:
Dividend cover ratio= (Net profit before taxes - Tax provision)/ Total amount of dividend
If a company is operating in a sector that is reasonably unaffected by economic downturns, such as food
manufacturing and retailing, the lower dividend cover is more acceptable, because the risk is lower.

12. Inventory Turnover Ratio

A ratio showing how many times a company's inventory is sold and replaced over a period. The inventory
turnover ratio is calculated as
Inventory Turnover Ratio = Sales / Inventory

xvi

This ratio should be compared against industry averages. A low turnover implies poor sales and, therefore,
excess inventory. A high ratio on the other hand implies strong sales.
High inventory levels are unhealthy because they represent an investment with a rate of return of zero. It
also opens the company up to trouble should prices begin to fall.

13. Interest cover ratio

This ratio measures the efficiency of a company for its ability to pay its interest-payment on its borrowing
from operating profit and measured as
Interest cover ratio = Net profit before interest and tax payment / Interest expenses
= (Net profit before taxes+ Interest expenses) / Interest expenses
The higher the figure, the safer is the company. The company with interest cover ratio 2 will suffer a 50%
drop in the profit and a company with a ratio less than 1 would have to dip into cash reserve.

14. Net profit margin

This ratio is achieved as a ratio of profit earned by a company from its sale proceeds.
Net profit margin= Net profit before taxes/ sales

15. Operating cash flow to debt ratio

This ratio is obtained by dividing the net cash flow balance from operating activities from total liabilities
and mathematically it may be derived as:
Operating cash flow to debt ratio =Cash flows from operations/ (Current Liabilities+ Non
-Current Liabilities)
This ratio measures the ability of the company's operating cash flow to meet its obligations. The operating
cash flow is simply the amount of cash generated by the company from its main operations, which are used
to keep the business funded. The higher the ratio, the safer the company. A minimum value of 0.2 is often
used as guided level.

16. Earnings per share after tax (Rs./share)

It is arrived at by dividing the net profit (after tax) by the number of ordinary shares.
Earnings per share after tax (Rs.) = (Net profit before taxes - Tax provision)/ Number of ordinary
shares

17. Break- up value shares (Rs./share)

It is obtained by dividing the amount of shareholders equity by the number of ordinary shares.
Break- up value shares (Rs. /share) = 6KDUHKROGHUVHTXLW\Number of ordinary shares

xvii

Executive Summary
The non-financial sector companies listed at Karachi Stock Exchange (KSE) registered a growth of 12.73 percent in
their asset base during the year 2012. Improvements have also been witnessed in sales by and large as a whole
except for Textile sector which also exhibited considerably reduced profitability in 2012 over 2011. A brief review
on important performance indicators during 2011 and 2012 is given below:-

Capital Structure
Total paid-up capital increased by Rs.27.81 billion or 4.72 percent from Rs.589.10 billion in 2011 to Rs.616.91
billion in 2012 as against an increase of Rs.53.55 billion or 10 percent in 2011 over 2010. Total shareholders equity
increased by 10.49 percent from Rs.1,627.17 billion in 2011 to Rs.1,797.88 billion in 2012. Total fixed liabilities
increased from Rs.582.26 billion in 2011 to Rs. 591.27 billion in 2012 showing an increase of 1.55 percent. A
comparative position of growth, in the composition of capital structure, in the current year with that of the previous
year is given as follows:

2012 over 2011

2011 over 2010

Shareholders Equity

10.49%

14.56%

Total Fixed Liabilities

1.55%

10.52%

Total Capital Employed

7.17%

10.04%

Positive growths have been observed in shareholders equity, total fixed liabilities and total capital employed in
2012 over 2011. The increases in paid-up capital, reserves and surplus on revaluation of fixed assets in the current
year over the previous year have been 4.72 percent, 14.32 percent and 11.90 percent respectively.

xviii

Figure 1:Total Capital Employed

1,800
1,600

Billion Rs

1,400
1,200

2011

1,000

2012

800
600
400
200
0
SE

LSL

LUSL

TFCs

EBO

SE= shareKROGHUV(TXLW\/6/ ORQJWHUPVHFXUHGORDQV

LUSL= long term unsecured loans, TFCs= term finance certificates &
EBO=employees benefits obligations.

Components of Balance Sheet:

Figure 2:Components of Balance Sheet
Total assets stood at Rs.5,273.66 billion in 2012 with

6000

an increase of 12.7 percent over Rs. 4,678.06 billion

5000
4000
Billions Rs

Rs.3,050.89 billion in 2011  7RWDO VKDUHKROGHUV

14.0%

12.7%

12.0%

in 2011. Total liabilities at Rs.3,475.78 billion in

2012 showing an increase of 13.9 percent over

16.0%
13.9%

10.5%

3000

8.0%
6.0%

2000

equity at Rs.1,797.88 billion in 2012 reflecting an

4.0%
1000

increase of 10.5 percent over

2.0%

Rs.1,627.17 billion in
0

2011.

0.0%
Total Assets
2011

Non-Current Assets:
2500

depreciation amounted to Rs. 2,063.48 billion in 2012

by 4.5 percent and 9.9 percent respectively. Capital

2012

2011

2000
Billion Rs

Intangible assets and long term investments increased

Total Liabilities
Growth

Total Shareholder
Equity

Figure 3:Non Current Assets

Operating fixed assets after deducting accumulated

depicting an increase of 6.4 percent over 2011.

10.0%

2012
6.4%

Growth

4.5%

15.0%
9.9% 10.0%
5.0%

1500

0.0%

1000

-10.0%

-5.0%
-15.0%

500

work in progress, however, showed a decline of 22.6

percent over the previous year.

Capital Work Operating

in progress fixed Assets
after Dep.

xix

-20.0%

-22.6%

-25.0%
Intangible
Assets

Long Term
Investment

Current Assets:
Current assets stood at Rs.2,597.16
Figure 4:Current Assets

billion in 2012 with an increase of

22.9 percent over Rs.2,112.56 billion

1,400

in 2011. Except for Cash & bank

1,200

percent, inventories increased by 0.4

percent, trade debt by 49.3 percent
and short-term investment by 15.3
percent over the year. The liquid
assets
increased

of

non-financial
by

3.9

percent

2012

Growth

sector
from

60.0%
50.0%

49.3%

1,000
Billion Rs

balances which decreased by 4.4

2011

40.0%

800

30.0%

600
15.3%
400

20.0%
10.0%

0.4%

200

0.0%

-4.4%
0

-10.0%
Cash & bank
balance

Rs.281.48 billion in 2011 to Rs.

Inventories

Trade Debt

Short Term
Investment

292.59 billion in 2012. Cash and

bank balances decreased by Rs. 7.08 billion or 4.4 percent in 2012 as against a decrease of 18.4 percent witnessed
during the previous year. The short-term investment increased by 15.3 percent or Rs.18.19 billion in 2012 as
compared to an increase of 22.5 percent in 2011. Working capital at Rs. 220.02 billion in 2012 showed an increase
of 60.4 percent in 2012 from Rs.137.20 billion in 2011.

Liabilities
Figure 5:Liabilities

2012 showing an increase of 13.9 percent

over Rs.3,050.89 billion in 2011. Current
liabilities reflect

an increase of 20.3

Billon Rs

Total liabilities at Rs.3,475.78 billion in

2500
2000
1500
1000
500
0

year.

2.1%
Current Liabilities

percent in 2012 over 2011 and non-current

liabilities 2.1 percent over the previous

20.3%

Non-Current
Liabilities

2011

1975.36

1075.53

2012

2377.14

1098.64

20.3%

2.1%

Growth

xx

25.0%
20.0%
15.0%
10.0%
5.0%
0.0%

SKDUHKROGHUV(TXLW\
Total

paid-up

capital

increased

by

Rs.27.81 billion or 4.72 percent from

Figure 6:Shareholders' Equity

billion in 2012. Reserves increased by Rs.

800
Billion Rs

Rs.589.10 billion in 2011 to Rs.616.91

1000

114.61 billion or 14.32 percent from Rs.

800.22 billion in 2011 to Rs. 914.83

2011

600
400
200

billion in 2012. Surplus on revaluation of

2012

fixed assets also increased by Rs. 28.30

Paid Up Capital

billion or 11.90 percent from Rs.237.85

Reserves
Surplus on
Revaluation of
Fix Assets

billion in 2011 to Rs. 266.15 billion in

2012.

Composition of operations
Improvements have been witnessed on

Figure 7:Growth & Composition of operations

account of sales, gross profit and net profit

7000

before tax. Increases of 13.8 percent, 9.8

6000

percent

5000

and 5.2 percent have been

witnessed in sales, gross profit and net

the previous year. The sales of all non-

1000

companies

stood

at

Growth

9.8%

3000
2000

listed

2012

13.8%

4000

profit before tax respectively for 2012 over

financial

2011

5.2%

0
Sales

Gross Profit

Rs.5,740.82 billion in 2012 as against

Net Profit
Before Tax

16.0%
14.0%
12.0%
10.7%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%

Cash Flows from

Operation

Rs.5,044.54 billion in 2011, showing an

Figure 8: Net Profit Margin and Retention

increase of 13.8 percent. Local sales

increased by 17.4 percent whereas the

400

export sales decreased by Rs. 77.66 billion

300

or 13.1 percent in 2012. The gross profit

200

increased by Rs. 73.11 billion from Rs.

100

748.04 billion in 2011 to Rs. 821.15 billion

in 2012. Net profit before tax, which stood

0
Billion Rupees

at Rs. 378.47 billion in 2011 increased by

2007

2008

2009

Net profit (before tax)

2010

2011

2012

Retention in business

Rs. 19.75 billion or 5.2 percent to reach

Rs.398.23 billion in 2012. Out of profit, amount retained in the business has been Rs.99.95 billion in 2012 as against
Rs. 103.41 billion retained in 2011 reflecting a decrease of Rs. 3.5 billion or 3.4 percent.

xxi

Key Performance Indicators

Current ratio and earning per share after
Figure 9:Key Performance Ratios

tax indicated healthy signs in last two

years. Slight increase in the current ratio

7.5

2011

6.94

from the previous year indicates that the

ability of the non-financial sector to pay
short term debts has improved. A general

6
4.35 4.4

guideline to recognize performance of

companies being good is if current ratio is

2012

1.87 1.93

1.07 1.09

1.5:1 but the current ratio appears to be

around 1.09:1 which is a bit lower than

0
Current Ratio

1.5, reflecting the fact that companies

Debt Equity
Ratio

Net Profit
Margin

Earning Per
Share after
Tax

need further borrowings to meet their

obligations. Debt to equity is 1.93 in 2012

Figure 10:Profitability/Efficiency Ratios

and it was 1.87 in 2011. This somewhat

24.84

25

companies

in

20

financing their growths with debts. Net

15

have

been

aggressive

profit margin is 6.94 percent in 2012

whereas it was 7.50 in 2011 indicating that
profit before taxes slightly decreased in

Percentages

reflects the fact that non-financial sector

23.25

14.67 14.22

10
5

2012

2012 as compared to 2011. Earnings per

share after tax

2011

8.57 8

ROA
ROE

increased from 4.35 in

ROCE

2011 to 4.40 in 2012.

Profitability ratios i.e. return on assets (ROA), return on equity (ROE) and return on capital employed (ROCE)
declined in 2012 as compared to previous year. Return on assets is 8.00 percent in 2012 whereas it was 8.57 percent
in 2011. This highlights the fact that profitability relative to assets has depressed for some companies which is not a
positive sign, the higher the ROA, the better, because companies earn more money on less investment. Return on
equity is 23.25 in 2012 and it was 24.84 in 2011. This underscores the fact that efficiency of companies to earn
profits have decreased in 2012, and companies are not utilizing their resources well as compared to the previous
year. Return on capital employed is 14.22 in 2012 as against 14.67 in 2011. ROCE compares earning with capital
invested in the company and therefore, indicates that management utilized investment better in the last year than in
the current year.

xxii

ANALYTICAL TABLES

Financial Statement Analysis of Non Financial Sector 2012

All Sectors - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,211,065,825

1,388,602,765

2,122,907,148

2,401,658,913

2,565,498,185

2,676,497,739

1,863,049,694

0
2,090,354,493

339,740,317
2,346,586,599

393,354,049
2,711,252,057

238,119,856
3,123,840,025

184,395,094
3,288,271,664

1,160,345,245
86,225,345

1,329,643,724
96,644,794

1,450,580,359
110,294,393

1,654,398,111
128,404,701

1,938,577,987
159,054,330

2,063,482,750
557,065,299

50,720,580

58,955,617
3,424

89,796,642
163,457,753

101,391,029
178,808,335

98,872,606
211,599,172

103,287,034
232,542,517

Items

79,332,077

73,707,389

78,328,563

92,790,344

1,196,256,010
169,690,216
271,532,643

1,493,811,874
172,892,067
362,026,984

1,452,894,176
165,977,733
346,339,806

1,750,058,327
180,832,154
390,336,096

2,112,559,983
162,472,378
551,066,153

2,597,162,651
155,396,207
553,230,174

249,058,585

365,627,314

551,260,706

735,610,189

814,605,585

1,216,590,649

239,471,220
266,503,346

250,034,020
343,231,489

78,703,843
310,612,088

97,156,197
346,123,692

119,005,376
465,410,491

137,191,612
534,754,008

1,041,342,786
294,263,244

1,422,133,488
420,103,842

1,397,056,009
440,479,819

1,695,720,528
504,843,236

1,975,359,135
638,903,495

2,377,138,092
711,879,441

747,079,542

1,002,029,646

956,576,190

1,190,877,292

1,336,455,640

1,665,258,651

352,081,328

422,795,522
86,708
0

985,639,315
449,094,335
114,550,887

1,035,668,240
489,220,794
100,020,257

1,075,526,754
538,685,355
77,131,410

1,098,638,271
555,983,610
69,262,021

45,095,447

49,685,847

51,583,710

37,640,176

43,577,398

35,288,093

306,985,881

0
373,022,967

52,034,260
318,376,122

45,156,434
363,630,579

51,738,522
364,394,069

59,999,529
378,105,018

1,013,897,721
404,678,003

1,037,485,629
429,007,301

1,193,105,996
478,802,009

1,420,328,473
535,554,963

1,627,172,277
589,101,232

1,797,884,024
616,906,955

394,509,555
10,168,448
609,219,718

419,555,437
9,451,864
608,367,344
0
(61,986)

468,310,031
10,491,978
559,295,888
116,841,776
433,990,697

518,806,277
16,748,686
676,969,052
128,125,307
547,707,804

571,993,069
17,108,163
800,218,978
163,707,074
636,627,922

603,907,527
12,999,428
914,826,361
174,655,238
740,169,300

110,984

155,008,100

207,804,458

237,852,068

266,150,708

3,356,261,459
3,104,620,397
251,641,062
2,859,768,536
660,538
54,383
496,492,923
270,162,043
6,924
270,155,119

3,602,904,150
3,236,342,918
366,561,231
3,070,739,065
1,578,343,990
1,490,698,790
532,165,085
255,371,339
96,979,793
158,391,545

4,195,296,507
3,757,466,140
437,830,368
3,568,974,003
1,917,329,451
1,649,963,232
626,322,505
262,917,491
119,465,006
143,452,485

5,044,542,835
4,449,777,541
594,765,294
4,296,499,129
2,288,498,800
2,008,000,329
748,043,706
308,725,835
134,116,255
174,609,580

5,740,821,182
5,223,720,151
517,101,031
4,919,669,997
2,589,020,789
2,330,649,208
821,151,185
344,261,549
149,968,725
194,292,824

30,381
95,936,541
1,894
202,877,547
91,995,180
106,194,151
4,764,973
14,745

161,947,603
149,081,105
111,305,745
211,680,615
77,526,270
117,901,072
7,711,576
307,800,893

186,722,086
140,063,295
102,436,113
320,802,971
98,321,913
123,384,916
15,957,007
330,953,465

240,699,140
174,205,349
141,420,505
378,474,952
127,435,662
147,623,721
9,928,138
268,643,193

255,737,797
204,726,230
158,093,399
398,227,348
130,300,420
167,979,478
5,366,084
297,336,414

1,365,979,049
45,095,447
71,080,228
339,358,691

1,460,281,151
49,772,555
4,688,216
469,876,397

2,178,745,311
500,678,045
16,253,273
941,157,864

2,455,996,712
526,860,970
99,096,143
1,031,704,205

2,702,699,031
582,262,753
103,415,569
1,221,166,248

2,896,522,295
591,271,703
99,947,450
1,303,151,144

0.63
2.37
8.78
1.18
1.15
85.67
1.37
10.24
23.95
17.99
1.73
10.45

0.55
2.86
10.89
1.16
1.05
85.21
1.78
7.67
19.78
14.36
1.04
9.27
6.04
0.00
2.65
24.82

0.57
4.14
15.30
1.01
1.04
85.23
2.00
6.56
18.98
11.63
1.14
10.40
2.90
5.88
0.13
2.86
25.40

0.60
3.34
17.53
1.01
1.03
85.07
1.92
8.30
24.55
13.84
1.80
10.75
4.13
7.65
0.12
4.26
27.21

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,837,922,698
2,632,698,105
205,224,593
2,431,127,043

406,795,655
185,378,145

185,378,145

67,127,434

229,298,361
60,628,299
97,589,834
2,995,809

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

8.08
0.00
4.30
25.82

0.55
3.45
16.15
1.08
1.07
85.17
1.87
8.57
24.84
14.67
1.70
9.15
3.68
7.50
0.09
4.35
28.22

0.63
3.57
21.19
1.09
1.09
85.70
1.93
8.00
23.25
14.22
1.59
10.38
3.52
6.94
0.09
4.40
29.54

Growth with Composition of Assets & Liabilities

3000

18.7%

Billion Rs

2500
2000
1500
1000
4.1%

500
0

Non-Current
Assets

Current Assets
2011

20%
18%
16.9%
16%
14%
12%
9.5% 10%
8%
6%
4%
2.1%
2%
0%
Current
Non-Current
Shareholders
Liabilities
Liabilities
Equity
2012
Growth

Growth & Composition of Operations

2011

2012

Growth
14%

7000
12.1%

6000

12%
10%

5000
Billion Rs

8.9%

4000

8%
6%

3000
5.0%

2000

4%
2%

1000

0%

0
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
24.84
23.25

25

2011
2012

7.5

6.94

7
6

15
10

14.67
14.22
8.57

Percentage

Percentage

2011
2012

20

Net Profit Before Tax

4
3
2

4.35 4.4

1.87

1.93

1.07 1.09

1
Return on
Return on
Assets
Equity

0
Return on
Capital
Employed

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Private - Overall
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

942,329,121

1,076,264,789

1,656,044,365

1,927,152,956

2,037,495,358

2,108,220,415

1,473,193,725

0
1,641,235,470

298,962,895
1,829,092,579

345,901,900
2,167,251,037

198,148,367
2,508,311,308

148,890,502
2,663,572,735

920,823,313
66,381,729

1,054,613,962
74,578,793

1,120,225,495
83,370,094

1,323,674,135
99,122,629

1,561,988,227
125,891,648

1,653,949,106
521,337,498

21,505,808

21,647,403
3,424

37,321,582
153,571,477

39,132,894
170,511,039

36,197,832
187,491,132

34,732,911
203,159,017

Items

45,962,917

47,932,988

53,669,799

67,488,879

923,248,645
140,585,060
235,366,256

1,137,493,840
145,111,691
297,817,744

1,045,318,974
147,789,838
299,461,689

1,223,081,780
159,153,858
325,241,924

1,492,139,125
136,196,526
448,788,044

1,729,115,292
137,283,163
457,372,372

160,085,822

232,019,190

318,828,878

407,627,134

483,613,824

653,964,013

200,009,592
187,201,915

209,965,374
252,579,841

59,854,019
219,384,549

67,476,594
263,582,271

96,757,124
326,783,607

102,459,624
378,036,119

783,896,879
249,183,547

1,059,182,440
361,617,683

1,039,571,971
391,694,077

1,247,133,146
436,970,171

1,477,795,418
567,634,529

1,679,043,747
574,260,665

534,713,332

697,564,757

647,877,894

810,162,975

910,160,889

1,104,783,082

262,447,889

305,483,257
86,708
0

718,375,335
397,193,671
105,752,575

773,617,830
455,017,427
90,769,037

781,539,060
470,725,207
67,807,233

802,528,454
480,090,295
60,175,708

31,384,023

37,255,704

31,145,696

19,395,454

30,851,886

29,228,350

231,063,866

0
268,140,845

27,340,423
156,942,969

29,956,322
178,479,590

32,219,811
179,934,923

34,647,189
198,386,912

819,232,998
318,182,576

849,092,932
341,223,957

943,416,030
388,338,334

1,129,483,761
440,937,004

1,270,300,003
487,808,979

1,355,763,503
513,706,084

308,014,128
10,168,448
501,050,422

331,772,093
9,451,864
507,757,991
0
(61,986)

377,853,856
10,484,478
444,356,325
108,694,334
327,198,576

424,195,818
16,741,186
507,393,595
119,692,432
386,567,457

470,708,316
17,100,663
583,306,897
152,181,599
431,242,876

500,714,156
12,991,928
618,034,262
159,257,290
458,776,972

110,984

110,721,371

181,153,162

199,184,128

224,023,157

2,261,072,364
2,009,432,865
251,639,499
1,942,315,389
660,538
54,383
318,756,975
186,234,341
6,924
186,227,417

2,409,723,791
2,043,162,559
366,561,231
2,038,196,323
1,389,002,856
647,497,182
371,527,468
195,104,630
84,122,739
110,981,891

2,856,365,723
2,418,535,356
437,830,368
2,424,105,574
1,721,363,016
701,061,238
432,260,150
208,403,358
106,246,117
102,157,241

3,547,703,594
2,952,938,300
594,765,294
2,998,670,171
2,184,086,042
814,584,129
549,033,423
245,258,731
117,316,307
127,942,424

3,937,150,096
3,420,049,065
517,101,031
3,363,657,966
2,469,382,167
894,275,799
573,492,130
271,667,931
130,719,365
140,948,566

30,381
82,255,840
1,894
101,910,213
52,453,252
46,261,653
3,941,970
14,745

122,241,685
127,008,300
96,513,831
107,051,253
44,723,440
70,197,773
6,051,855
233,602,995

143,173,736
109,408,743
88,716,810
174,241,333
57,757,607
86,523,650
12,287,412
203,559,917

180,256,805
140,166,684
123,947,102
238,280,405
78,399,611
104,864,569
8,039,109
162,067,506

185,797,715
166,913,914
135,063,474
208,597,903
65,898,844
116,931,850
1,160,259
228,112,560

1,081,680,887
31,384,023
58,031,290
280,567,570

1,154,576,189
37,342,412
3,195,308
398,960,095

1,661,791,365
428,339,367
(7,869,960)
820,033,444

1,903,101,590
474,412,881
29,960,077
911,383,051

2,051,839,063
501,577,093
55,016,225
1,069,211,622

2,158,291,957
509,318,645
25,767,208
1,083,579,310

0.64
2.84
8.20
1.05
1.18
86.00
1.28
8.94
20.79
15.48
2.16
8.29

0.55
3.64
10.26
1.02
1.07
85.90
1.61
5.00
12.22
9.11
1.07
7.59
4.51
0.00
1.50
25.71

0.51
5.27
13.23
0.89
1.01
84.58
1.86
4.36
11.94
7.60
0.89
8.05
2.11
4.44
0.13
1.64
24.87

0.51
3.83
14.27
0.91
0.98
84.87
1.79
5.96
16.81
9.78
1.35
8.78
2.96
6.10
0.10
2.73
26.43

0.48
3.95
13.63
1.01
1.01
84.52
1.78
7.13
19.86
12.05
1.52
7.91
2.92
6.72
0.07
3.36
26.73

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,951,927,602
1,746,703,009
205,224,593
1,678,644,137

273,283,465
133,259,219

133,259,219

55,508,390

140,859,929
32,990,556
49,838,083
2,252,818

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.22
0.00
3.52
26.76

0.53
4.24
16.61
1.03
1.03
85.43
1.83
5.66
15.89
9.91
1.22
8.61
2.54
5.30
0.09
2.82
26.83

Growth with Composition of Assets & Liabilities

2500

Billion Rs

2000
1500
1000
500
0

16%
14%
13.7%
12%
12.0%
10%
8%
6.3% 6%
4%
3.4%
2.6%
2%
0%
Non-Current Current Assets
Current
Non-Current
Shareholders
Assets
Liabilities
Liabilities
Equity
2011
2012
Growth
Growth & Composition of Operations
2011

4500
4000
3500
3000
2500
2000
1500
1000
500
0

10%
5%

Billion Rs

4.3%

0%
-5%
-10%
-14.2%

-15%
-20%

Gross Profit

19.86

2011

15.89

2011

6.72

2012

2012
5.3

9.91
5.66

Percentage

12.05
7.13

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

Percentage

Growth
15%

9.9%

Sales

20
18
16
14
12
10
8
6
4
2
0

2012

3.36
2.82

3
2

1.78

1.83

1.01 1.03

1
Return on
Return on
Assets
Equity

0
Return on
Capital
Employed

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Public - Overall
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

268,736,704

312,337,976

466,862,783

474,505,957

528,002,827

568,277,324

389,855,969

449,119,023

40,777,422
517,494,021

47,452,149
544,001,020

39,971,489
615,528,717

35,504,592
624,698,929

239,521,932
19,843,616

275,029,762
22,066,001

330,354,865
26,924,299

330,723,976
29,282,072

376,589,760
33,162,682

409,533,644
35,727,801

29,214,772

37,308,214

52,475,060
9,886,276

62,258,135
8,297,296

62,674,774
24,108,040

68,554,123
29,383,500

33,369,160

25,774,401

24,658,764

25,301,465

273,007,365
29,105,156
36,166,387

356,318,034
27,780,376
64,209,240

407,575,202
18,187,895
46,878,117

526,976,547
21,678,296
65,094,172

620,420,858
26,275,852
102,278,109

868,047,359
18,113,044
95,857,802

88,972,763

133,608,124

232,431,828

327,983,055

330,991,761

562,626,636

39,461,628
79,301,431

40,068,646
90,651,648

18,849,823
91,227,539

29,679,603
82,541,421

22,248,252
138,626,884

34,731,988
156,717,889

257,445,907
45,079,697

362,951,048
58,486,159

357,484,038
48,785,742

448,587,382
67,873,065

497,563,717
71,268,966

698,094,345
137,618,776

Items

212,366,210

304,464,889

308,698,296

380,714,317

426,294,751

560,475,569

89,633,439

117,312,265

267,263,980
51,900,664
8,798,312

262,050,410
34,203,367
9,251,220

293,987,694
67,960,148
9,324,177

296,109,817
75,893,315
9,086,313

13,711,424

12,430,143

20,438,014

18,244,722

12,725,512

6,059,743

15,200,112
185,150,989

19,518,711
184,459,146

25,352,340
179,718,106

75,922,015

104,882,122

24,693,837
161,433,153

194,664,723
86,495,427

188,392,697
87,783,344

249,689,967
90,463,675

290,844,712
94,617,959

356,872,274
101,292,253

442,120,521
103,200,871

86,495,427
0
108,169,296

87,783,344
0
100,609,353

90,456,175
7,500
114,939,563
8,147,442
106,792,121

94,610,459
7,500
169,575,457
8,432,875
161,140,347

101,284,753
7,500
216,912,081
11,525,475
205,385,046

103,193,371
7,500
296,792,099
15,397,948
281,392,328

44,286,729

26,651,296

38,667,940

42,127,551

885,995,096
885,995,096
0
752,482,906

1,095,189,095
1,095,187,532
1,563
917,453,147

133,512,190
52,118,926

177,735,948
83,927,702

1,193,180,359
1,193,180,359
0
1,032,542,742
189,341,134
843,201,608
160,637,617
60,266,709
12,857,055
47,409,654

1,338,930,784
1,338,930,784
0
1,144,868,429
195,966,435
948,901,994
194,062,355
54,514,133
13,218,889
41,295,244

1,496,839,241
1,496,839,241
0
1,297,828,958
104,412,758
1,193,416,200
199,010,283
63,467,104
16,799,948
46,667,156

1,803,671,086
1,803,671,086
0
1,556,012,031
119,638,622
1,436,373,409
247,659,055
72,593,618
19,249,360
53,344,258

43,548,350
30,654,552
13,719,303
146,561,638
40,564,306
36,861,266
3,669,596
127,393,548

60,442,335
34,038,665
17,473,403
140,194,547
49,036,051
42,759,152
1,889,030
106,575,687

69,940,082
37,812,316
23,029,925
189,629,445
64,401,576
51,047,628
4,205,826
69,223,854

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

52,118,926

83,927,702

88,438,432
27,637,743
47,751,751
742,991

100,967,334
39,541,928
59,932,498
823,003

39,705,918
22,072,804
14,791,914
104,629,362
32,802,829
47,703,300
1,659,721
74,197,897

284,298,162
13,711,424
13,048,938
58,791,121

305,704,962
12,430,143
1,492,908
70,916,302

516,953,947
72,338,678
24,123,233
121,124,420

552,895,122
52,448,089
69,136,066
120,321,154

650,859,968
80,685,660
48,399,344
151,954,626

738,230,338
81,953,058
74,180,241
219,571,834

0.61
1.31
10.04
1.64
1.06
84.93
1.78
15.19
40.79
29.28
1.27
24.50

0.56
1.25
12.20
1.64
0.98
83.77
2.55
16.68
52.72
34.23
1.02
17.06

0.75
1.85
19.48
1.36
1.14
86.54
2.50
13.56
47.77
25.44
1.51
25.45
8.07
8.77
0.12
7.94
27.60

0.85
2.29
24.50
1.34
1.17
85.51
2.44
15.63
54.23
27.40
2.88
20.57
11.68
10.95
0.18
11.20
30.74

0.76
2.27
22.11
1.30
1.25
86.70
2.22
13.04
43.29
23.29
2.13
14.63
9.02
9.37
0.13
9.00
35.23

0.88
2.10
31.19
1.26
1.24
86.27
2.25
14.67
47.47
27.30
2.45
18.82
9.23
10.51
0.07
12.14
42.84

11,619,044

13,680,701

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9.98
0.00
7.03
22.51

9.22
0.00
7.00
21.46

Billion Rs

Growth with Composition of Assets & Liabilities

1000
900
800
700
600
500
400
300
200
100
0

35%
30%

28.7%

28.5%

25%
19.3% 20%
15%
10%
7.1%

Non-Current
Assets

5%

Current Assets

0.7%
Non-Current
Shareholders
Liabilities
Equity
Growth

Current
Liabilities
2012

2011

0%

Growth & Composition of Operations

2011
2000
1800
1600
1400
1200
1000
800
600
400
200
0

Billion Rs

25%
20%

19.6%
17.0%

15%
10%
5%
0%
Gross Profit

2011

47.47
43.29

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

2012

2012
12.14

12

10.51
9.37

10
27.3
23.29
13.0414.67

8
6
4
2

Return on
Return on
Assets
Equity

2011

14

Percentage

Percentage

Growth
30%
26.1%

Sales

50
45
40
35
30
25
20
15
10
5
0

2012

2.22

2.25

1.25 1.24

0
Return on
Capital
Employed

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

TEXTILE

Financial Statement Analysis of Non Financial Sector 2012

Textile Sector - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

228,100,596

220,912,726

347,034,033

361,534,030

345,655,706

377,155,049

337,568,522

341,072,977

38,700,506
381,238,238

47,435,018
373,637,025

11,282,796
406,391,396

22,160,996
441,404,502

223,988,054
16,140,749

220,810,198
17,833,078

246,590,349
16,509,202

237,847,935
17,812,848

263,143,669
18,630,553

285,285,249
17,848,711

4,112,542

102,528

5,810,569
50,853,653

5,802,132
64,946,871

194,092
67,723,676

165,989
66,476,013

5,078,956

5,502,073

3,311,472

3,066,802

236,377,124
6,495,689
86,741,516

277,744,869
4,621,159
111,657,992

220,764,916
6,268,343
112,960,861

225,191,650
5,872,868
111,575,239

293,041,006
7,640,263
140,656,331

284,386,811
8,264,705
129,605,140

38,073,754

45,946,849

58,409,833

60,276,973

80,823,662

86,404,762

51,321,939
53,744,226

63,622,133
51,896,736

4,563,775
38,562,103

5,284,651
42,181,919

15,606,801
48,313,949

15,954,213
44,157,992

215,101,682
110,907,155

250,538,128
149,626,490

257,359,194
182,685,144

243,223,714
170,133,031

280,463,429
197,425,538

273,438,733
185,398,669

104,194,527

100,911,638

74,674,049

73,090,683

83,037,891

88,040,064

78,166,031

85,972,326

135,542,336
102,228,476
14,708,347

124,788,653
92,319,601
13,133,074

113,308,313
77,493,774
12,718,177

128,875,917
90,147,684
14,485,614

10,547,159

4,626,163

2,832

327,832

5,756,495

4,019,140

3,292,347
15,715,800

3,671,778
13,668,089

4,480,886
15,742,593

Items

67,618,872

81,346,163

2,994,925
15,607,755

171,210,007
45,054,477

162,147,141
46,973,656

174,897,422
50,126,281

218,713,312
49,972,317

244,924,968
52,625,170

259,227,209
53,970,953

42,621,791
2,432,686
126,155,530

45,317,698
1,655,958
115,173,485

48,332,051
1,794,230
81,082,580
20,925,458
61,418,927

48,853,426
1,118,892
119,081,094
32,009,706
88,333,193

51,141,655
1,483,515
142,473,312
44,260,528
98,212,784

52,587,620
1,383,333
138,305,664
48,359,431
89,946,233

43,688,561

49,659,900

49,826,487

66,950,592

350,130,616
195,906,902
154,223,714
310,289,195

383,786,985
222,647,661
161,139,324
343,454,319

39,841,421
15,672,433

40,332,666
19,619,114

443,804,227
234,626,351
209,177,876
387,564,218
248,302,824
137,662,269
56,240,009
28,651,091
12,650,381
16,000,710

506,447,318
245,199,789
261,247,530
425,930,509
278,202,546
146,128,839
80,516,810
28,238,869
14,101,693
14,137,176

713,308,283
315,109,389
398,198,893
623,050,164
468,783,088
154,267,075
90,258,119
31,769,890
17,115,484
14,654,406

658,029,617
317,551,889
340,477,728
593,094,653
408,962,705
184,131,949
64,934,964
33,708,302
17,340,881
16,367,421

36,296,492
32,794,015
29,723,002
29,435,383
4,867,193
4,396,050
907,088
26,127,141

48,739,302
37,043,468
33,965,395
34,823,895
7,362,292
6,279,496
707,905
8,123,227

39,505,026
36,340,649
33,252,547
6,080,888
6,089,687
6,207,027
257,500
32,563,080

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,672,433

19,619,114

10,283,156
5,336,408
1,126,311
86,189

6,388,872
15,991,836
1,647,899
1,638,520

32,619,338
39,389,074
35,623,317
(4,345,104)
2,970,199
1,529,981
176,401
25,892,456

249,376,038
10,547,159
3,820,437
121,454,314

248,119,467
4,626,163
(11,250,863)
154,252,653

310,439,758
102,231,308
(8,845,284)
284,916,452

343,501,965
92,647,433
20,172,139
262,780,464

358,233,281
83,250,269
21,182,108
280,675,807

388,103,126
94,166,824
(6,215,826)
279,565,492

0.45
6.32
10.87
0.75
1.10
88.62
1.71
2.35
6.47
4.32
4.39
4.04

0.46
7.47
11.97
0.77
1.11
89.49
2.08
1.33
3.83
2.57
-5.83
3.44

0.27
8.88
13.16
0.78
0.86
87.33
2.25
-0.81
-2.58
-1.56
-4.78
3.93
0.88
-0.98
0.07
-1.51
36.19

0.29
6.48
11.90
0.86
0.93
84.10
1.68
5.10
14.96
9.00
5.59
4.54
1.99
5.81
0.07
5.03
44.77

0.37
5.19
11.33
1.12
1.04
87.35
1.61
5.68
15.02
9.93
4.37
5.07
2.03
4.88
0.02
5.30
47.28

0.40
5.52
13.13
0.99
1.04
90.13
1.55
0.94
2.41
1.63
0.00
5.08
1.18
0.92
0.08
0.00
48.68

22,144,033

28,671,518

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.94
0.00
1.26
43.57

1.66
0.00
-2.15
36.32

Billion Rs

Growth with Composition of Assets & Liabilities

400
350
300
250
200
150
100
50
0

14%
12.1%
12%
10%
8%
5.5% 6%
4%
2%
0%
-2%
-2.6%
-4%
Current
Non-Current
Shareholders
Liabilities
Liabilities
Equity
2012
Growth

8.4%

-3.0%
Non-Current
Assets

Current Assets
2011

Growth & Composition of Operations

2011
800

-8.4%

-39.0%

700
Billion Rs

600
500
400
300
200
100
0
Sales

Gross Profit

2011

15.02

14

0.94

2.41
1.63

5.3

2012

9.93
5.68

2011

4.88

Percentage

Percentage

10
8
6
4
2
0

2012

12

Growth
0%
-50%
-100%
-150%
-200%
-250%
-300%
-350%
-400%
-450%
-472.7%
-500%
Net Profit Before Tax
Key Performance Indicators

Profitability/Efficiency Ratios
16

2012

4
3
1.61

1.55

1.04 1.04

0.92

1
0

Return on
Return on
Assets
Equity

0
Return on
Capital
Employed

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

SPINNING, WEAVING, FINISHING OF

TEXTILES

10

Financial Statement Analysis of Non Financial Sector 2012

Spinning, Weaving, Finishing of Textiles - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

193,890,922

185,947,125

296,182,210

307,476,640

286,835,013

306,361,830

273,876,718

274,213,189

34,045,125
315,068,483

29,677,989
328,982,091

8,723,346
339,363,508

8,007,890
369,345,613

189,830,658
12,960,866

185,891,248
14,311,281

214,846,714
13,108,617

216,354,052
13,870,653

221,152,159
14,495,036

240,718,952
14,220,006

4,060,264

55,877

5,763,501
37,048,429

5,766,634
50,370,766

134,756
53,677,443

121,948
54,634,515

4,478,441

5,307,199

3,147,309

2,878,526

193,092,797
5,330,618
68,554,375

229,071,376
3,642,405
91,188,102

189,575,352
4,352,467
97,303,901

197,137,579
4,627,865
95,384,521

246,034,705
6,766,428
114,838,582

239,986,360
7,719,736
110,195,009

30,870,119

37,788,215

51,304,545

55,743,092

69,037,172

69,127,526

41,809,185
46,528,500

53,921,970
42,530,684

4,518,889
32,095,550

5,156,577
36,225,524

15,603,280
39,789,244

15,951,591
36,992,497

175,913,345
95,095,280

204,407,968
129,239,421

215,619,691
159,451,486

216,090,482
156,991,813

237,776,220
170,558,651

231,090,246
158,200,349

80,818,065

75,168,547

56,168,205

59,098,670

67,217,569

72,889,896

67,149,418

72,400,336

116,807,535
88,695,517
13,652,353

101,442,835
73,266,260
12,069,260

89,040,630
58,038,198
11,710,002

98,771,748
64,676,879
13,581,213

10,540,777

4,626,163

2,832

327,832

5,756,495

4,019,140

2,562,884
13,216,600

2,765,335
10,770,600

3,377,809
13,116,707

Items

56,608,641

67,774,173

2,305,790
12,151,043

143,920,956
34,795,670

138,210,197
36,712,180

153,330,340
40,477,057

187,080,899
43,984,054

206,052,868
46,717,343

216,486,195
47,642,996

32,362,984
2,432,686
109,125,286

35,056,222
1,655,958
101,498,017

38,682,827
1,794,230
73,737,478
17,834,249
57,221,276

42,865,162
1,118,892
95,647,976
26,707,328
70,258,695

45,233,828
1,483,515
111,904,956
37,437,250
74,467,706

46,259,663
1,383,333
108,096,845
40,513,312
67,583,532

39,115,805

47,448,869

47,430,569

60,746,354

289,662,151
152,526,583
137,135,568
254,714,071

318,620,537
176,835,067
141,785,470
281,932,787

34,948,080
13,133,656

36,687,750
16,426,107

379,656,783
192,387,413
187,269,370
327,159,251
207,236,211
118,325,859
52,497,532
24,859,270
11,109,236
13,750,035

432,589,999
197,466,932
235,123,067
361,166,822
231,231,364
128,338,276
71,423,178
24,062,433
12,541,393
11,521,040

607,632,817
243,956,487
363,676,330
531,351,476
396,446,888
134,904,588
76,281,341
27,098,753
15,252,618
11,846,135

544,196,046
235,266,454
308,929,591
489,525,353
332,752,304
156,773,049
54,670,693
28,858,153
15,225,305
13,632,848

31,376,377
29,788,043
27,142,493
23,908,587
3,872,388
3,475,263
887,931
26,817,684

44,918,470
32,592,778
29,905,253
26,121,340
6,080,067
4,975,850
73,120
8,104,904

35,870,479
29,630,333
27,076,335
3,610,314
5,043,965
5,182,367
257,500
29,006,919

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,133,656

16,426,107

8,845,256
4,886,538
993,950
86,189

8,246,877
15,391,119
1,502,624
625,933

27,738,605
34,180,706
31,390,078
(1,038,772)
2,516,494
1,190,866
176,401
19,607,143

211,070,374
10,540,777
2,964,768
105,636,057

210,610,533
4,626,163
(8,646,866)
133,865,584

270,137,875
88,698,349
(4,746,131)
248,149,835

288,523,733
73,594,092
16,560,935
230,585,904

295,093,498
63,794,693
15,065,422
234,353,344

315,257,944
68,696,019
(6,616,019)
226,896,368

0.44
6.51
10.66
0.75
1.10
87.93
1.69
2.45
6.69
4.42
3.98
4.23

0.47
7.65
11.86
0.77
1.12
88.49
2.00
2.06
5.85
3.91
-4.75
3.49

0.28
9.00
13.51
0.78
0.88
86.17
2.17
-0.23
-0.71
-0.43
-2.99
3.90
0.97
-0.27
0.06
-0.92
39.64

0.30
6.89
12.89
0.86
0.91
83.49
1.70
4.83
14.05
8.56
5.77
4.54
1.88
5.53
0.08
4.67
43.64

0.38
5.36
11.36
1.14
1.03
87.45
1.59
5.04
13.29
8.95
4.03
5.29
1.87
4.30
0.02
4.37
44.90

0.40
5.44
12.70
1.00
1.04
89.95
1.52
0.67
1.71
1.18
-0.28
4.94
1.13
0.66
0.09
-0.31
46.14

18,864,195

24,362,278

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

11

3.05
0.00
1.23
44.77

2.59
0.00
-2.08
40.20

Growth with Composition of Assets & Liabilities

350

12%
10%
9.9%
8%
6%
4.8%
4%
2%
0%
-2%
-2.9%
-4%
Current
Non-Current
Shareholders
Liabilities
Liabilities
Equity
2012
Growth

Billion Rs

300
250

6.4%

200
150
100
50

-2.5%

0
Non-Current
Assets

Current Assets
2011

Growth & Composition of Operations

2011

Billion Rs

700

-11.7%

2012

Growth
0%

-39.5%

600

-100%

500

-200%

400

-300%

300

-400%

200

-500%

100

-623.5%

-700%

0
Sales

Gross Profit

14

2011

13.29

12

4.37

4.3

2012

4
Percentage

Percentage

2011

8.95

8
5.04

4
2

2012

10

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

-600%

0.67

1.71
1.18

0
Return on
Return on
Assets
Equity

3
1.59

1.52

1.03 1.04
0.66

1
0
-1

Return on
Capital
Employed

12

Current
Ratio

Debt
Equity
Ratio

Net
Earning
-0.31
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

(Colony) Sarhad Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

386,561

385,645

189,040

354,839

353,027

291,208

510,118

509,770

0
209,629

0
357,933

0
357,454

0
296,354

386,561
3,312

385,645
913

177,746
4,020

349,251
931

347,439
1,808

285,621
835

0
11,000

0
5,500

0
5,500

0
5,500

294

88

88

87

204,887
208
83,964

216,025
223
83,964

235,860
50
83,964

23,634
164
2,706

13,770
228
0

14,128
416
0

50

42

39

44

0
120,710

16,490
115,298

0
151,804

2,780
17,945

1,500
11,999

1,500
12,212

510,756
0

247,788
0

209,655
0

169,765
0

180,003
0

196,336
0

510,756

247,788

209,655

169,765

180,003

196,336

27,442

304,665

355,331
0
62,427

66,230
0
64,883

68,684
0
67,338

69,646
0
68,300

27,442

304,665

1,283
291,622

1,347
0

1,346
0

1,346
0

53,250
40,000

49,217
40,000

(140,086)
40,000

142,478
40,000

118,110
40,000

39,354
40,000

40,000
0
13,250

40,000
0
9,217

40,000
0
(344,425)
7,252
(351,677)

40,000
0
(233,540)
1,752
(235,292)

40,000
0
(256,265)
1,752
(258,017)

40,000
0
(273,556)
1,752
(275,308)

164,339

336,018

334,375

272,910

35,952
35,952
0
47,414

0
0
0
5,567

(11,462)
4,268

(5,567)
3,315

0
0
0
0
0
0
0
13,275
0
13,275

0
0
0
0
0
0
0
11,448
0
11,448

0
0
0
0
0
0
0
12,469
0
12,469

0
0
0
0
0
0
0
11,317
0
11,317

5,163
7,080
1,455
(14,498)
0
0
0
(7,204)

4,913
7,099
1,455
(24,340)
2
0
0
(6,097)

938
7,027
6,596
(17,856)
0
0
0
(10,261)

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,268

3,315

(21,467)
0
0
0

(14,800)
0
0
32,500

4,226
7,050
6,689
(72,497)
0
0
0
(7,037)

80,692
0
(21,467)
0

353,882
0
(14,800)
0

215,245
0
(72,497)
0

208,707
0
(14,498)
0

186,794
0
(24,342)
0

109,000
0
(17,856)
0

0.00
19.48
0.01
0.06
0.40
131.88
10.11
-3.59
-32.49
-8.53

0.07

0.00

0.02

0.01

0.01

0.00
0.87

0.00
1.12

0.00
0.14

0.00
0.08

0.00
0.07

7,003

7,046

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-4.03
-14.12
159.56
-25.48

1.66
-3.61
-1,212.48
-6.84

2.11
-6.53
-18.68
-12.31

6.76
-5.31
-22.68
-12.07

0.43

0.00

0.00
-8.96

0.00
-9.84

-15.72

-1.71

-0.01
-18.12
-35.02

-0.03
-3.62
35.62

-0.02
-6.09
29.53

-0.04
-4.46
9.84

-59.71
0.00
-5.37
13.31

13

11.22
-2.48
-28.89
-6.81

0.00
-3.70
12.30

Financial Statement Analysis of Non Financial Sector 2012

(Colony) Thal Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

380,763

368,221

352,319

544,875

534,311

534,311

478,752

479,600

0
445,902

0
626,491

0
593,997

0
593,997

380,763
13,967

368,221
13,389

322,228
12,691

487,513
15,304

439,631
15,387

439,631
15,387

0
0

0
0

0
0

0
0

30,091

57,362

94,680

94,680

140,511
1,591
85,175

103,719
3,252
52,575

104,176
3,956
56,873

92,715
4,923
39,345

124,733
1,253
89,213

124,733
1,253
89,213

18,874

22,567

20,384

19,535

5,071

5,071

0
34,871

0
25,325

0
22,962

0
28,913

0
29,196

0
29,196

138,093
84,339

195,057
73,290

179,489
78,462

158,353
51,052

137,656
77,750

137,656
77,750

Items

53,754

121,767

101,028

107,301

59,907

59,907

274,962

203,095

242,819
199,204
43,402

271,153
192,291
52,429

319,681
119,536
44,970

319,681
119,536
44,970

274,962

203,095

213
0

213
26,220

196
154,979

196
154,979

108,219
55,687

73,788
55,687

34,187
55,688

208,084
55,688

201,707
55,688

201,707
55,688

55,687
0
52,532

55,687
0
18,101

55,688
0
(155,013)
17,887
(172,900)

55,688
0
(159,126)
17,887
(177,013)

55,688
0
(159,965)
17,887
(177,852)

55,688
0
(159,965)
17,887
(177,852)

133,512

311,522

305,984

305,984

777,391
777,391
0
748,526

374,912
374,912
0
374,101

28,865
16,573

811
9,501

120,620
120,620
0
132,840
105,101
27,739
(12,220)
8,814
44
8,770

445,620
445,620
0
432,191
300,489
131,703
13,429
9,365
41
9,324

703,604
703,604
0
687,046
570,115
116,931
16,558
12,152
50
12,103

703,604
703,604
0
687,046
570,115
116,931
16,558
12,152
50
12,103

35,864
13,740
13,530
(3,949)
2,228
0
0
(5,316)

53,633
2,395
2,106
3,895
7,036
0
0
(39,328)

53,633
2,395
2,106
3,895
7,036
0
0
(39,328)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

16,573

9,501

(13,626)
3,887
0
0

(32,557)
1,875
0
0

7,814
28,117
27,850
(34,709)
0
0
0
(11,531)

383,181
0
(17,513)
84,339

276,883
0
(34,432)
73,290

277,005
199,204
(34,709)
277,666

479,237
192,291
(6,177)
243,343

521,388
119,536
(3,141)
197,286

521,388
119,536
(3,141)
197,286

0.15
3.34
2.43
1.49
1.02
96.29
3.82
-2.64
-10.27
-3.91

0.13
6.37
6.02
0.79
0.53
99.78
5.40
-6.56
-35.78
-9.86

0.14
23.31
16.90
0.26
0.58
110.13
12.35
-7.48
-64.29
-12.53

0.15
3.08
4.38
0.70
0.59
96.99
2.06
-0.72
-3.26
-1.04

0.05
0.34
0.72
1.07
0.91
97.65
2.27
0.70
3.30
0.98

0.05
0.34
0.72
1.07
0.91
97.65
2.27
0.59
1.93
0.75

25,931

23,867

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

14

9.13

7.13

2.12
-0.25
-28.78
-0.03
-6.23
6.14

11.33
0.71
-0.89
-0.01
-1.11
37.37

7.89
2.85
0.55
-0.09
-0.56
36.22

7.89
2.85
0.55
-0.09
-0.56
36.22

-1.75
0.00
-3.14
19.43

-8.68
0.00
-6.18
13.25

Financial Statement Analysis of Non Financial Sector 2012

Adil Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

452,717

433,323

417,138

399,655

383,044

292,268

740,207

740,208

2,192
740,208

2,192
740,208

2,192
740,208

0
373,548

452,717
20,454

433,323
20,454

412,722
18,408

395,240
17,482

378,629
16,611

292,268
15,731

0
0

0
0

0
0

0
0

2,224

2,223

2,223

88,528
195
51,140

64,890
49
17,643

45,701
45
3,933

38,487
45
0

38,487
45
0

9,204
344
0

7,025

16,487

16,487

16,487

16,487

0
30,168

0
30,711

0
25,236

0
21,955

0
21,955

0
8,860

436,515
77,137

449,383
41,657

299,343
191,536

287,854
179,947

287,954
179,947

279,088
154,631

359,378

407,726

107,807

107,907

108,007

124,457

53,596

23,612

176,659
0
174,771

178,657
0
176,769

184,960
0
183,071

188,731
0
186,843

53,596

23,612

1,888
0

0
1,888

0
1,889

0
1,888

51,134
77,258

25,218
77,258

(13,163)
77,258

(28,369)
77,258

(51,383)
77,258

(166,347)
77,258

77,258
0
(26,124)

77,258
0
(52,040)

77,258
0
(256,491)
0
(256,491)

77,258
0
(265,681)
0
(265,681)

77,258
0
(282,956)
0
(282,956)

77,258
0
(413,639)
0
(413,639)

166,070

160,054

154,315

170,034

210,680
210,680
0
210,011

44,137
44,137
0
62,497

669
8,127

(18,360)
5,929

0
0
0
34,554
0
34,554
(34,554)
2,000
0
2,000

3,595
3,595
0
21,019
3,888
17,131
(17,424)
2,494
0
2,494

0
0
0
20,612
0
20,612
(20,612)
2,402
0
2,402

0
0
0
0
0
0
0
143,053
0
143,053

1,248
0
0
(19,918)
0
0
0
4,878

1,213
0
0
(23,014)
0
0
0
(6,070)

1,621
980
980
(134,147)
0
0
0
(3,772)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,127

5,929

(35,557)
1,053
0
0

(25,685)
231
0
0

749
1,827
1,827
(38,381)
0
0
0
(948)

104,730
0
(36,610)
77,137

48,830
0
(25,916)
41,657

163,496
0
(38,381)
191,536

150,288
0
(19,918)
179,947

133,577
0
(23,014)
179,947

22,384
0
(134,147)
154,631

0.02
13.76
3.33
0.39
0.20
99.68
9.58
-6.31
-51.21
-25.57

0.04
3.51
37.35
0.09
0.14
141.60
18.76
-4.94
-67.28
-33.45

0.06

0.06
0.00
458.61
0.01
0.13
584.67
-16.44
-4.42
95.92
-12.70

0.06

0.00

0.00
0.13

0.00
0.03

28,996

1,548

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

15

0.00
0.15

-36.16
-7.99
-636.77
-36.15

4.12

2.50

0.00
-20.01

-16.88
0.00
-4.74
6.62

-58.19
0.00
-3.35
3.26

0.00
-4.97
-1.70

-554.05
0.01
-2.58
-3.67

-9.20
-5.35
57.71
-16.21

-2.81
-37.11
123.22
-172.03

-0.01
-2.98
-6.65

-135.88

-0.01
-17.36
-21.53

Financial Statement Analysis of Non Financial Sector 2012

Ahmed Hassan Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,188,111

2,017,040

1,954,829

1,670,722

1,640,112

1,651,752

1,726,247

2,651,459

0
2,773,973

0
2,237,913

18,049
2,232,866

66,145
2,280,033

1,188,111
107,754

2,017,040
121,313

1,949,987
103,502

1,665,880
101,271

1,582,832
87,721

1,546,168
84,387

0
260

0
260

0
259

0
259

4,582

4,582

38,971

39,180

668,211
4,972
426,120

852,983
1,037
582,795

1,005,863
1,781
688,559

1,161,102
1,080
614,809

1,058,493
5,470
499,145

899,568
3,667
458,638

101,996

161,740

233,831

199,998

373,370

244,239

260
134,863

260
107,151

0
81,692

0
345,215

0
180,507

20,394
172,630

1,033,368
506,134

1,357,809
897,039

1,362,550
1,103,087

1,234,835
943,802

1,085,949
757,878

916,145
670,143

527,234

460,770

259,463

291,033

328,071

246,002

453,191

676,608

856,360
636,443
105,000

757,070
547,812
105,000

600,519
365,414
105,000

544,827
253,636
105,000

453,191

676,608

0
114,917

0
104,258

0
130,105

0
186,191

369,763
144,082

835,606
144,082

741,782
144,082

839,919
144,082

1,012,137
144,082

1,090,348
144,082

144,082
0
225,681

144,082
0
691,524

144,082
0
69,839
32,746
37,093

144,082
0
151,823
32,746
119,077

144,082
0
434,828
32,746
402,082

144,082
0
529,586
32,746
496,840

527,861

544,015

433,227

416,680

2,169,695
1,101,815
1,067,880
1,988,740

2,556,339
1,279,792
1,276,547
2,350,486

180,955
48,418

205,853
123,147

2,736,386
1,458,634
1,277,752
2,437,948
1,774,982
662,966
298,437
94,074
68,647
25,427

3,392,153
1,401,779
1,990,374
2,972,176
2,306,177
665,999
419,977
139,926
111,598
28,328

3,991,815
1,490,932
2,500,883
3,406,318
2,574,279
832,039
585,497
179,238
136,514
42,724

3,376,916
1,541,268
1,835,648
2,951,995
2,344,687
607,308
424,921
139,376
99,462
39,914

170,585
226,558
212,888
57,835
19,904
0
0
512,784

161,554
176,763
174,421
235,895
37,829
18,010
0
134,849

139,215
117,053
109,412
167,615
33,641
18,010
0
311,253

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

48,418

123,147

2,708
0
0
0

(103,687)
13,183
0
0

142,741
296,767
243,487
(86,495)
12,619
0
0
194,072

822,954
0
2,708
506,134

1,512,214
0
(116,870)
897,039

1,598,141
636,443
(99,114)
1,739,530

1,596,989
547,812
37,931
1,491,614

1,612,656
365,414
180,056
1,123,292

1,635,175
253,636
115,964
923,779

0.10
6.02
4.70
1.17
0.65
91.66
4.02
0.15
0.73
0.33

0.12
7.37
6.33
0.89
0.63
91.95
2.43
-4.39
-17.20
-8.88

0.17
10.85
8.55
0.92
0.74
89.09
2.99
-2.97
-10.97
-5.56

0.16
6.68
5.90
1.20
0.94
87.62
2.37
2.00
7.31
3.62

0.35
4.43
9.35
1.48
0.97
85.33
1.67
8.53
25.47
14.70
11.00
8.00
2.35
5.91
0.08
13.75
70.25

0.29
3.47
7.23
1.32
0.98
87.42
1.34
6.39
15.94
10.32
7.44
7.36
2.53
4.96
0.21
9.30
75.68

130,705

188,339

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

16

5.09

4.39

3.97
0.64
-3.16
0.09
-6.88
51.48

5.52
1.27
1.70
0.26
2.63
58.29

0.12
0.00
0.19
25.66

-4.06
0.00
-8.11
58.00

Financial Statement Analysis of Non Financial Sector 2012

Al-Qadir Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

403,423

398,956

380,742

497,617

491,152

463,678

460,326

482,163

0
490,256

0
505,694

0
531,896

0
534,502

403,423
27,843

398,956
27,585

380,296
25,685

497,173
24,206

490,707
33,667

463,233
32,436

0
0

0
0

0
0

0
0

446

445

445

445

181,050
7,598
103,398

212,764
6,024
182,471

197,867
7,250
163,248

145,642
51,718
44,284

189,644
57,522
70,241

251,257
20,738
146,972

14,758

265

3,334

26,552

17,024

31,314

0
55,296

0
24,004

0
24,035

0
23,089

0
44,857

0
52,233

259,474
168

454,929
162,000

198,358
151,000

93,015
0

130,645
0

161,893
60,281

259,306

292,929

47,358

93,015

130,645

101,612

67,455

72,909
0
0

114,041
0
0

88,264
0
0

86,452
0
0

5,141
108,900

5,980
82,285

5,410
81,042

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

67,455

3,299
69,610

324,999
75,600

89,336
75,600

307,342
75,600

436,203
75,600

461,887
75,600

466,590
75,600

75,600
0
249,399

75,600
0
13,736

75,600
0
138,710
15,923
122,787

75,600
0
172,516
15,923
156,593

75,600
0
188,098
15,923
172,175

75,600
0
201,423
15,923
185,500

93,032

188,087

198,189

189,567

861,078
405,066
456,012
783,499

828,570
603,434
225,136
788,898

77,579
41,103

39,672
17,848

761,897
595,787
166,110
705,901
523,894
182,007
55,995
18,113
5,898
12,215

1,106,614
909,480
197,134
998,647
714,000
284,648
107,967
32,077
12,265
19,812

1,608,282
974,387
633,895
1,501,531
1,218,668
282,864
106,750
56,690
40,466
16,224

1,453,021
900,932
552,089
1,360,656
1,086,650
274,006
92,365
48,418
32,577
15,841

84,973
23,497
21,649
53,325
20,308
7,560
0
197,585

83,359
27,809
22,118
22,956
13,795
0
0
39,047

74,572
29,620
23,708
14,655
11,194
0
0
(92,145)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

41,103

17,848

15,414
6,805
0
0

(11,186)
2,240
0
0

48,089
31,117
28,365
10,733
6,532
0
0
22,769

324,999
0
8,609
168

156,791
0
(13,426)
162,000

380,250
0
4,201
151,000

550,244
0
25,457
0

550,151
0
9,161
0

553,042
0
3,461
60,281

0.09
2.77
1.71
1.47
0.70
90.99
0.80
2.54
5.05
5.05

0.01
3.43
0.03
1.35
0.47
95.21
5.85
-1.87
-5.40
-4.64

0.05
4.08
0.44
1.32
1.00
92.65
0.88
1.80
5.41
4.00

0.84
2.12
2.40
1.72
1.57
90.24
0.47
8.73
14.34
11.46
4.37
24.99
3.46
4.82
0.95
4.37
57.70

0.57
1.73
1.06
2.36
1.45
93.36
0.47
3.47
5.11
4.17

0.32
2.04
2.16
2.03
1.55
93.64
0.53
2.10
3.16
2.66

23,857

28,405

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

17

8.33

4.54

4.67
1.38
1.41
0.08
0.56
40.65

1.79
0.00
1.14
42.99

-1.35
0.00
-1.78
11.82

22.90
2.04
1.43
0.18
1.21
61.10

9.89
1.62
1.01
-0.37
0.46
61.72

Financial Statement Analysis of Non Financial Sector 2012

Ali Asghar Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

882,090

864,345

844,489

832,017

802,612

439,689

998,769

1,002,928

0
1,018,314

0
1,002,789

0
1,024,979

0
600,241

882,090
34,636

864,345
26,885

829,167
25,656

817,113
23,953

796,239
23,111

431,988
7,929

0
0

0
0

0
0

0
5,000

15,322

14,904

6,373

2,701

360,557
10,145
135,510

370,275
1,541
184,950

255,322
574
110,228

312,171
1,916
134,318

206,792
338
77,061

48,101
4,208
8,350

154,924

103,326

111,477

69,007

145

0
59,978

0
183,784

0
41,195

0
64,460

0
60,387

0
35,398

519,037
181,843

488,689
218,026

554,915
354,932

425,726
239,575

340,803
182,511

74,615
28,477

337,194

270,663

199,983

186,150

158,292

46,138

294,953

326,801

321,365
314,244
0

468,695
461,384
0

429,779
417,414
3,449

71,983
68,551
2,247

294,953

326,801

7,121
0

7,312
0

8,916
0

1,185
0

428,657
191,494

419,130
222,133

223,531
222,133

249,767
222,133

238,822
222,133

341,192
222,133

191,494
0
237,163

222,133
0
196,997

222,133
0
(567,383)
0
(567,383)

222,133
0
(535,608)
0
(535,608)

222,133
0
(541,387)
0
(541,387)

222,133
0
(145,726)
0
(145,726)

568,781

563,242

558,075

264,785

550,874
538,035
12,839
489,537

485,802
481,017
4,785
433,709

61,337
24,151

52,093
28,952

505,458
495,197
10,261
574,641
345,926
228,715
(69,183)
29,768
7,656
22,112

685,088
674,773
10,315
608,818
431,665
177,153
76,270
18,741
655
18,086

930,360
850,665
79,695
1,042,424
774,906
267,517
(112,064)
21,007
2,102
18,905

44,110
44,110
0
138,876
53,514
85,362
(94,766)
34,678
258
34,420

81,015
29,846
29,496
29,715
3,479
0
0
33,335

87,407
131,186
122,215
(264,009)
9,309
0
0
(14,568)

15,869
6
0
102,799
441
0
0
(43,578)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

24,151

28,952

(26,587)
2,793
0
0

(37,735)
2,429
0
0

74,203
97,204
86,131
(195,497)
103
0
0
(13,798)

723,610
0
(29,380)
181,843

745,931
0
(40,164)
218,026

544,896
314,244
(195,599)
669,176

718,462
461,384
26,236
700,959

668,600
417,414
(273,318)
599,925

413,175
68,551
102,358
97,028

0.32
13.65
28.12
0.44
0.69
88.87
1.90
-2.17
-5.42
-3.58

0.00
14.24
0.00
0.39
0.76
89.28
1.95
-3.05
-8.90
-5.14

0.19
19.23
20.44
0.46
0.46
113.69
3.92
-16.75
-60.84
-30.29

0.27
4.36
16.27
0.60
0.73
88.87
3.58
2.65
12.56
4.70

0.20
14.10
7.42
0.92
0.61
112.05
3.23
-24.52
-108.07
-38.07

0.06
0.01
0.33
0.09
0.64
314.84
0.43
13.73
35.45
19.01

75,200

69,191

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

18

4.07

2.63

4.59
-1.27
-38.68
-0.02
-8.81
10.06

5.10
2.01
4.34
0.04
1.18
11.24

12.07
-1.16
-28.38
-0.02
-12.30
10.75

5.28

-4.83
0.00
-0.77
11.19

-7.77
0.00
-0.90
9.43

233.05
-0.30
4.61
15.36

Financial Statement Analysis of Non Financial Sector 2012

Allawasaya Textile & Finishing Mills Ltd.

2008

2009

2010

98,825

208,983

268,345

251,362

277,687

256,955

297,845

407,774

0
500,018

0
506,151

0
554,193

0
561,610

98,825
11,390

208,983
11,672

264,021
26,794

247,040
28,325

274,480
30,722

254,327
29,426

0
2,256

0
2,255

0
1,097

0
519

2,068

2,068

2,110

2,109

177,324
7,215
95,758

343,778
3,059
255,594

302,191
3,875
184,210

222,619
472
91,979

381,937
6,529
222,909

300,586
6,554
139,418

52,367

49,503

93,900

107,431

105,689

117,830

2,257
19,727

2,256
33,366

1
20,205

1
22,736

1,157
45,653

579
36,205

152,220
86,594

384,453
329,406

340,284
289,014

198,414
127,033

324,807
218,548

230,337
124,468

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

65,626

55,047

51,270

71,381

106,259

105,869

84,430

107,258
89,585
0

113,245
67,648
0

145,797
80,567
0

104,807
45,955
0

0
45,597

0
65,230

0
58,852

84,430

0
17,673

123,929
8,000

83,878
8,000

122,994
8,000

162,322
8,000

189,020
8,000

222,397
8,000

8,000
0
115,929

8,000
0
75,878

8,000
0
66,646
2,669
63,977

8,000
0
111,023
2,668
108,355

8,000
0
142,234
2,669
139,566

8,000
0
179,626
2,669
176,957

48,348

43,300

38,785

34,771

827,380
827,380
0
792,146

865,665
865,665
0
848,196

35,234
18,594

17,469
22,814

1,067,020
1,067,020
0
1,013,541
787,838
225,703
53,479
24,415
2,280
22,135

1,464,365
1,464,365
0
1,303,842
989,066
314,776
160,523
42,527
3,775
38,752

2,195,229
2,195,229
0
2,013,065
1,781,834
231,231
182,164
49,109
7,607
41,502

2,066,232
2,066,232
0
1,903,476
1,455,851
447,625
162,756
49,140
6,586
42,554

110,583
44,462
43,374
74,574
7,322
5,800
0
191,288

112,534
59,821
56,853
76,460
21,952
8,200
0
(37,563)

118,220
51,592
50,321
64,634
28,474
8,200
0
144,083

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

18,594

22,814

6,428
4,137
0
0

(31,045)
4,328
0
0

70,920
68,778
66,263
(39,393)
0
0
0
27,283

123,929
0
2,291
86,594

168,308
0
(35,373)
329,406

230,252
89,585
(39,393)
378,599

275,567
67,648
61,453
194,681

334,817
80,567
46,308
299,115

327,204
45,955
27,960
170,423

0.41
1.30
6.33
3.00
1.16
95.74
1.23
2.18
5.17
5.17

0.14
3.03
5.72
1.57
0.89
97.98
5.59
-7.49
-29.88
-21.25

0.29
6.45
8.80
1.87
0.89
94.99
3.64
-7.01
-38.08
-19.77

0.54
3.04
7.34
3.09
1.12
89.04
1.92
14.28
52.27
29.49
11.60
15.92
2.72
5.09
0.61
84.07
202.90

0.35
2.73
4.81
3.33
1.18
91.70
2.49
13.49
43.52
25.05
6.65
9.85
2.34
3.48
-0.08
68.14
236.27

0.54
2.50
5.70
3.71
1.30
92.12
1.51
10.62
31.42
19.53
4.41
14.82
2.28
3.13
0.43
45.20
278.00

10,788

26,199

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

19

8.64

3.39

5.79
0.41
-3.69
0.06
-49.24
153.74

0.78
0.00
2.86
154.91

-3.59
0.00
-44.22
104.85

Financial Statement Analysis of Non Financial Sector 2012

Amtex Ltd.
Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,657,978

5,872,068

5,524,844

5,190,760

634,332
4,696,802

844,948
5,053,154

80,948
6,136,755

106,672
6,119,153

4,985,475
260,419

4,997,349
345,680

5,415,069
340,854

5,065,951
337,424

10,703
0

8,324
0

5,946
0

3,568
0

27,468

21,447

22,881

14,569

12,395,153
144,263
6,456,145

13,248,086
145,465
6,541,818

12,703,617
132,934
5,158,262

11,688,573
134,889
4,763,506

3,993,788

4,583,263

5,993,470

5,535,315

0
1,800,957

0
1,977,540

0
1,418,951

0
1,254,863

9,888,898
8,528,844

9,802,055
8,428,585

11,079,955
9,080,535

10,382,884
7,678,973

1,360,054

1,373,471

1,999,420

2,703,911

923,378
893,641
0

553,731
184,601
0

250,112
50,000
0

2,297,239
1,906,629
0

325,000

108,333

29,737
0

44,130
0

49,394
42,385

370,516
20,094

7,240,855
902,451

8,764,368
2,414,901

6,898,394
2,594,301

4,199,210
2,594,301

902,451
0
3,867,410
98,039
3,769,371

2,414,901
0
4,008,559
281,039
3,727,520

2,594,301
0
2,150,431
281,039
1,869,392

2,594,301
0
(420,710)
281,040
(701,750)

2,470,995

2,340,908

2,153,662

2,025,619

14,119,588
940,545
13,179,043
10,731,034
6,803,435
3,927,599
3,388,554
760,764
560,159
200,605

11,066,129
883,152
10,182,977
8,119,352
5,089,003
3,030,349
2,946,777
657,275
439,559
217,717

6,426,927
878,082
5,548,845
6,601,321
5,963,872
637,449
(174,394)
346,437
207,295
139,142

3,001,816
1,036,173
1,965,643
2,950,805
1,323,280
1,627,525
51,011
1,427,433
44,153
1,383,280

673,854
1,577,759
1,449,667
1,055,163
133,759
0
0
155,377

550,539
1,457,787
1,337,048
833,808
103,295
0
724,470
170,300

459,299
1,331,605
1,293,028
(1,815,641)
51,197
0
0
(253,461)

325,578
1,316,363
1,292,834
(2,688,570)
10,615
0
0
(251,129)

8,164,233
893,641
921,403
9,422,485

9,318,099
509,601
730,513
8,938,186

7,148,506
158,333
(1,866,838)
9,238,868

6,496,449
1,906,629
(2,699,185)
9,585,602

0.42
11.17
28.29
0.78
1.25
76.00
1.49
5.84
14.57
12.92

0.48
13.17
41.42
0.58
1.35
73.37
1.18
4.49
10.42
9.54

0.55
20.72
93.26
0.35
1.15
102.71
1.64
-9.72
-23.18
-22.05

0.55
43.85
184.40
0.18
1.13
98.30
3.02
-15.32
-48.45
-39.41

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

20

2.19
1.73
7.47
0.01
10.21
80.24

1.69
1.62
7.53
0.02
3.03
36.29

1.25
-0.40
-28.25
-0.02
-7.20
26.59

0.63
-1.08
-89.56
-0.02
-10.40
16.19

Financial Statement Analysis of Non Financial Sector 2012

Annoor Textile Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

22,443

20,218

18,700

16,898

15,274

13,813

36,865

36,865

0
36,865

0
36,865

0
36,865

0
36,865

22,443
2,471

20,218
2,225

18,216
2,003

16,413
1,803

14,789
1,623

13,328
1,461

0
0

0
0

0
0

0
0

485

485

485

485

16,428
238
0

16,430
240
0

16,387
234
0

16,405
253
0

16,406
254
0

16,408
255
0

6,661

6,661

7,061

7,061

7,061

7,061

0
9,529

0
9,529

0
9,092

0
9,091

0
9,091

0
9,092

55,881
0

42,594
0

37,554
0

37,554
0

37,553
0

37,629
0

55,881

42,594

37,554

37,554

37,553

37,629

5,488

18,898

19,383
0
19,383

19,833
0
19,833

20,048
0
20,048

20,188
0
20,188

0
0

0
0

0
0

5,488

18,898

0
0

(22,498)
8,712

(24,844)
8,712

(21,850)
8,712

(24,084)
8,712

(25,921)
8,712

(27,596)
8,712

8,712
0
(31,210)

8,712
0
(33,556)

8,712
0
(30,562)
0
(30,562)

8,712
0
(32,796)
0
(32,796)

8,712
0
(34,633)
0
(34,633)

8,712
0
(36,308)
0
(36,308)

0
0
0
2,471

0
0
0
0

(2,471)
330

0
121

0
0
0
0
0
0
0
2,493
0
2,493

0
0
0
0
0
0
0
2,235
0
2,235

0
0
0
0
0
0
0
1,837
0
1,837

0
0
0
0
0
0
0
1,675
0
1,675

0
0
0
(2,235)
0
0
0
(431)

0
0
0
(1,837)
0
0
0
(214)

0
0
0
(1,675)
0
0
0
(139)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

330

121

(2,802)
0
0
0

(121)
0
0
0

0
0
0
(2,493)
0
0
0
(491)

(17,010)
0
(2,802)
0

(5,946)
0
(121)
0

(2,467)
0
(2,493)
0

(4,251)
0
(2,235)
0

(5,873)
0
(1,837)
0

(7,408)
0
(1,675)
0

0.12

0.16

0.19

0.19

0.19

0.19

0.00
0.29

0.00
0.39

0.00
0.44

0.00
0.44

0.00
0.44

0.00
0.44

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

21

-2.73
-5.79
21.61
31.96

-2.48
-0.32
0.51
1.05

-2.61
-6.95
10.68
59.27

-2.38
-6.53
9.73
66.53

-2.22
-5.65
7.35
36.29

-2.10
-5.41
6.26
25.22

0.00
-1.61
-12.91

0.00
-0.07
-14.26

-0.01
-2.86
-25.08

-0.01
-2.56
-27.64

0.00
-1.05
-14.88

0.00
-0.96
-15.84

Financial Statement Analysis of Non Financial Sector 2012

Apollo Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,643,147

1,561,264

1,443,632

1,374,710

1,286,386

1,198,944

1,765,021

1,918,256

0
1,922,858

0
1,922,503

0
1,930,679

0
1,942,836

1,643,147
134,412

1,561,264
126,351

1,437,801
129,194

1,319,642
118,133

1,219,319
108,500

1,131,855
99,620

0
0

0
0

0
0

0
0

5,831

55,068

67,067

67,089

1,207,679
8,152
676,485

1,504,190
9,873
1,201,697

1,659,504
12,133
1,430,647

1,695,981
8,948
1,461,530

1,588,583
3,180
1,353,841

1,662,405
1,684
1,359,364

250,035

121,009

52,273

82,291

77,247

128,139

0
273,007

5,724
165,887

0
164,451

0
143,212

0
154,315

0
173,218

1,511,982
1,035,280

1,990,411
1,391,277

1,952,051
1,438,238

1,897,159
1,370,746

1,720,307
1,239,808

1,665,695
1,217,825

476,702

599,134

513,813

526,413

480,499

447,870

680,002

363,303

497,916
414,041
1,086

518,603
401,041
16,153

530,983
399,641
16,153

562,876
376,762
16,153

680,002

363,303

7,194
75,596

8,071
93,338

5,563
109,626

9,543
160,418

658,842
82,847

711,740
82,847

653,169
82,847

654,929
82,847

623,679
82,847

632,778
82,847

82,847
0
575,995

82,847
0
628,893

82,847
0
193,674
0
193,674

82,847
0
237,596
0
237,596

82,847
0
241,031
0
241,031

82,847
0
274,498
0
274,498

376,648

334,486

299,801

275,433

1,864,529
412,968
1,451,561
1,521,250

1,137,616
524,624
612,992
899,293

343,279
91,175

238,323
58,098

821,057
735,065
85,992
758,734
594,142
164,592
62,323
60,141
8,618
51,523

1,211,951
1,184,930
27,021
1,121,187
736,708
384,479
90,764
50,755
5,975
44,780

1,549,630
1,413,985
135,645
1,480,456
953,566
526,890
69,174
45,319
7,096
38,223

1,819,835
1,295,864
523,971
1,683,541
1,156,619
526,922
136,294
62,636
18,080
44,556

112,551
40,396
38,413
(384)
6,087
0
0
111,357

112,055
23,298
21,370
575
15,538
0
0
146,747

130,745
2,044
595
71,777
17,804
0
0
36,280

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

91,175

58,098

1,666
23,827
0
0

(43,273)
8,674
0
0

105,477
57,781
55,702
(55,599)
1,520
0
0
43,883

1,338,844
0
(22,161)
1,035,280

1,075,043
0
(51,947)
1,391,277

1,151,086
414,041
(57,119)
1,852,279

1,173,532
401,041
(6,471)
1,771,787

1,154,662
399,641
(14,963)
1,639,449

1,195,654
376,762
53,973
1,594,587

0.17
13.49
13.41
0.65
0.80
81.59
3.33
0.06
0.25
0.12

0.07
20.06
10.64
0.37
0.76
79.05
3.31
-1.46
-6.31
-3.59

0.03
7.04
6.37
0.26
0.85
92.41
3.75
-1.80
-8.15
-5.00

0.05
3.33
6.79
0.39
0.89
92.51
3.69
-0.01
-0.06
-0.03

0.05
1.50
4.98
0.54
0.92
95.54
3.61
0.02
0.09
0.05

0.08
0.11
7.04
0.64
1.00
92.51
3.52
2.50
11.43
6.11

251,533

228,182

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

22

2.76

0.95

0.57
0.00
-6.77
0.02
-6.89
78.84

0.83
0.99
-0.03
0.05
-0.78
79.05

1.14
1.03
0.04
0.07
-1.81
75.28

1.34
121.63
3.94
0.02
6.51
76.38

0.09
0.00
-2.67
79.53

-3.80
0.00
-6.27
85.91

Financial Statement Analysis of Non Financial Sector 2012

Artistic Denim Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,115,039

3,260,768

3,431,575

3,425,534

3,271,881

3,435,226

3,582,567

4,328,434

84,401
4,608,390

26,960
4,852,945

16,008
4,954,886

316,900
4,993,089

3,115,039
185,353

3,260,768
171,955

3,341,198
199,900

3,393,330
240,434

3,250,504
245,806

3,112,798
234,422

0
0

0
0

0
0

0
0

5,976

5,244

5,369

5,528

1,091,569
9,859
567,663

1,322,021
67,280
796,552

1,220,207
7,481
654,557

1,705,817
34,965
901,334

2,769,251
10,628
1,169,686

2,477,008
13,729
703,403

424,061

368,877

416,740

579,728

1,322,268

1,437,610

0
89,986

0
89,312

12,200
129,229

14,623
175,167

14,407
252,262

13,654
308,612

1,202,388
935,135

1,267,566
1,046,483

1,479,389
1,198,564

1,910,518
1,639,303

2,743,575
2,349,615

2,144,539
1,490,368

267,253

221,083

280,825

271,215

393,960

654,171

880,968

842,387

491,136
471,430
0

373,040
348,293
0

266,320
235,319
0

380,366
344,206
0

0
24,747

31,001
0

36,160
0

Items

880,968

842,387

0
19,706

2,123,252
700,000

2,472,836
840,000

2,681,257
840,000

2,847,793
840,000

3,031,237
840,000

3,387,329
840,000

700,000
0
1,423,252

840,000
0
1,632,836

840,000
0
1,841,257
0
1,841,257

840,000
0
2,007,793
0
2,007,793

840,000
0
2,191,237
0
2,191,237

840,000
0
2,547,329
0
2,547,329

2,499,530
56,792
2,442,738
1,758,038

2,461,865
102,021
2,359,844
1,823,851

741,492
145,144

638,014
145,620

3,125,384
123,760
3,001,624
2,427,400
1,535,337
892,063
697,984
176,606
94,933
81,673

3,671,610
138,276
3,533,334
2,904,895
2,009,358
895,537
766,715
265,451
129,198
136,253

4,869,120
281,021
4,588,099
4,126,025
3,076,912
1,049,113
743,095
195,695
103,643
92,052

5,451,844
163,584
5,288,260
4,600,585
2,587,010
2,013,575
851,259
231,949
121,031
110,918

116,159
159,563
144,288
370,925
36,361
168,000
0
120,197

137,223
188,641
173,694
395,273
43,829
84,000
0
(363,948)

123,447
165,143
143,385
496,438
55,904
84,000
0
1,229,730

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

145,144

145,620

438,286
30,000
0
0

373,722
24,679
0
140,000

104,120
186,278
169,568
410,338
32,512
168,000
0
704,036

3,004,220
0
408,286
935,135

3,315,223
0
349,043
1,046,483

3,172,393
471,430
209,826
1,669,994

3,220,833
348,293
166,564
1,987,596

3,297,557
235,319
267,444
2,584,934

3,767,695
344,206
356,534
1,834,574

0.36
6.89
16.97
0.59
0.91
70.33
0.98
11.25
22.75
15.17

0.34
6.71
14.98
0.54
1.04
74.08
0.85
8.50
16.26
11.83

0.30
5.96
13.33
0.67
0.82
77.67
0.73
8.89
15.92
12.65
2.25
4.77
3.42
13.13
0.36
4.50
31.92

0.33
4.35
15.79
0.72
0.89
79.12
0.80
7.58
13.42
11.60
1.99
4.07
3.57
10.10
0.05
3.98
33.90

0.49
3.87
27.16
0.81
1.01
84.74
0.99
7.08
13.45
12.13
4.18
4.16
3.28
8.12
-0.12
4.18
36.09

0.68
3.03
26.37
0.92
1.16
84.39
0.75
8.31
15.47
14.05
5.24
7.75
4.46
9.11
0.49
5.24
40.33

172,119

165,183

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

23

4.40

3.09

17.53
0.00
5.83
30.33

15.18
0.00
4.16
29.44

Financial Statement Analysis of Non Financial Sector 2012

Ashfaq Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

347,095

342,052

332,143

421,333

431,289

439,500

353,574

362,734

0
366,600

19,853
338,850

48,003
455,570

55,332
489,050

347,095
14,455

342,052
15,020

331,210
14,708

396,495
35,859

378,786
33,745

379,663
32,890

0
0

0
0

0
0

0
0

933

4,985

4,500

4,505

252,610
21,432
138,570

255,003
2,735
156,567

214,169
3,462
141,035

198,572
2,730
85,946

243,302
18,485
133,779

308,410
48,515
107,621

56,861

72,627

42,006

63,547

42,227

104,936

0
35,747

0
23,074

0
27,666

0
46,349

0
48,812

0
47,338

476,716
213,607

436,419
210,180

237,559
207,296

232,554
175,423

256,579
199,273

227,948
158,448

263,109

226,239

30,263

57,131

57,306

69,500

22,078

5,645

143,439
0
137,000

115,710
0
107,000

116,641
0
107,000

150,013
0
139,740

8,710
0

9,641
0

10,273
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

22,078

5,645

6,439
0

100,911
69,970

154,991
69,970

165,314
69,970

271,641
69,970

301,371
69,970

369,949
69,970

69,970
0
30,941

69,970
0
85,021

69,970
0
38,207
0
38,207

69,970
0
62,222
0
62,222

69,970
0
102,769
0
102,769

69,970
0
180,473
0
180,473

57,137

139,449

128,632

119,506

595,761
18,445
577,316
510,203

485,673
19,217
466,456
410,927

85,558
44,604

74,746
38,037

680,361
33,384
646,977
585,049
441,367
143,682
95,311
50,001
34,046
15,955

883,856
61,363
822,493
777,919
550,026
227,893
105,937
59,385
41,030
18,356

1,036,471
66,765
969,705
912,843
783,314
129,529
123,627
65,564
42,448
23,117

931,187
73,038
858,149
771,901
513,228
258,673
159,286
65,647
32,512
33,135

59,472
25,265
18,674
21,286
8,534
0
0
120,271

64,456
17,374
13,842
40,689
10,959
0
0
39,197

75,633
16,339
9,382
77,300
8,729
0
0
79,224

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

44,604

38,037

14,343
7,380
0
0

9,412
4,645
0
0

46,447
27,570
20,284
17,740
7,074
0
0
62,534

122,989
0
6,963
213,607

160,636
0
4,767
210,180

308,754
0
10,666
207,296

387,351
0
12,752
175,423

418,012
0
29,730
199,273

519,962
0
68,571
158,448

0.16
4.47
9.54
0.99
0.53
85.64
4.94
2.45
13.98
10.10

0.17
5.72
14.95
0.81
0.58
84.61
2.85
1.57
7.36
6.64

0.19
4.05
6.17
1.25
0.90
85.99
2.30
3.10
11.08
7.56

0.28
2.86
7.19
1.43
0.85
88.01
1.28
3.65
9.74
6.12

0.24
1.68
4.07
1.54
0.95
88.07
1.24
6.29
14.20
10.10

0.67
1.75
11.27
1.25
1.35
82.89
1.02
10.87
23.03
16.48

26,611

27,779

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

24

4.30

3.10

4.82
1.87
2.61
0.16
1.52
23.63

10.28
2.14
2.41
0.35
1.82
38.82

7.75
3.94
3.93
0.11
4.25
43.07

8.65
9.24
8.30
0.21
9.80
52.87

2.41
0.00
1.00
14.42

1.94
0.00
0.68
22.15

Financial Statement Analysis of Non Financial Sector 2012

Asim Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

422,996

297,483

397,599

386,331

386,584

395,505

593,607

594,728

7,299
594,997

0
610,699

0
630,916

1,352
657,547

422,996
22,026

297,483
21,300

382,839
20,247

378,870
19,671

379,114
19,973

385,800
13,654

0
0

0
0

0
0

0
0

7,461

7,461

7,470

8,353

84,347
9,816
46,530

235,566
141,776
90,790

82,109
46,711
19,567

122,441
54,557
37,412

165,402
56,112
52,096

201,543
120,111
30,033

33

20

2,636

7,865

0
27,968

0
2,980

0
15,831

0
27,836

30,009
19,320

17,088
34,311

222,128
0

333,669
2,544

229,507
0

236,019
0

244,174
0

242,552
0

222,128

331,125

229,507

236,019

244,174

242,552

504,737

415,047

495,720
415,047
0

491,443
415,047
0

487,473
415,047
0

482,840
415,040
0

3,073
73,323

2,769
69,657

1,827
65,973

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

504,737

415,047

3,491
77,182

(219,522)
151,770

(215,667)
151,770

(245,519)
151,770

(218,690)
151,770

(179,661)
151,770

(128,344)
151,770

151,770
0
(371,292)

151,770
0
(367,437)

151,770
0
(546,367)
0
(546,367)

151,770
0
(512,371)
0
(512,371)

151,770
0
(466,533)
0
(466,533)

151,770
0
(429,055)
0
(429,055)

149,078

141,911

135,102

148,941

536,329
513,180
23,149
529,134

630,013
630,013
0
620,053

7,195
9,809

9,960
7,513

650,364
650,364
0
677,728
512,269
165,459
(27,364)
7,945
0
7,945

832,727
828,076
4,651
793,288
617,064
176,224
39,439
13,218
297
12,921

1,094,821
1,081,539
13,282
1,035,392
856,502
178,890
59,429
16,429
481
15,948

1,054,932
1,054,932
0
1,010,182
801,007
209,175
44,750
16,188
0
16,188

51,456
311
0
27,161
4,171
0
0
16,249

59,601
361
0
44,579
9,746
0
0
49,463

76,102
462
0
36,776
10,716
0
0
51,921

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

9,809

7,513

(2,692)
2,682
0
0

2,426
3,150
0
0

45,886
23
0
(33,877)
0
0
0
39,536

285,215
0
(5,374)
0

199,380
0
(724)
2,544

250,201
415,047
(33,877)
415,047

272,753
415,047
22,990
415,047

307,812
415,047
34,833
415,047

354,496
415,040
26,060
415,040

0.04
0.01
0.01
1.06
0.38
98.66
-3.31
-0.52
1.23
-1.12

0.42
0.00
0.00
1.18
0.71
98.42
-3.47
0.47
-1.11
1.00

0.20
0.00
0.00
1.36
0.36
104.21
-2.95
-6.69
14.69
-15.07

0.24
0.04
0.32
1.64
0.52
95.26
-3.33
5.50
-11.70
10.39

0.38
0.03
0.72
1.98
0.68
94.57
-4.07
8.41
-22.38
15.36

0.57
0.04
0.00
1.77
0.83
95.76
-5.65
6.40
-23.88
11.11

78

21

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

25

11.53

6.94

33.24

22.26

21.02

35.13

-0.50
0.00
-0.35
-14.46

0.39
0.00
-0.05
-14.21

-5.21
0.05
-2.23
-16.18

3.26
0.02
1.51
-14.41

4.07
0.07
2.30
-11.84

3.49
0.07
1.72
-8.46

Financial Statement Analysis of Non Financial Sector 2012

Ayesha Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,783,197

1,773,376

2,400,643

2,320,542

2,305,139

2,240,474

1,925,241

1,967,848

0
2,388,516

0
2,408,121

0
2,442,219

0
2,424,717

1,783,197
133,442

1,773,376
69,595

2,361,725
68,064

2,281,225
100,307

2,267,014
126,896

2,205,087
48,033

0
32,823

0
33,519

0
35,519

0
31,181

6,095

5,798

2,606

4,206

566,748
6,794
262,860

727,565
21,479
355,568

554,886
7,425
284,888

539,875
10,981
204,567

668,803
12,453
343,227

608,165
10,435
292,249

94,082

163,667

84,176

87,418

129,898

73,830

21,401
181,611

16,250
170,601

0
178,397

0
236,909

0
183,225

0
231,651

685,348
319,615

946,104
443,246

742,045
552,360

729,368
519,284

904,190
620,779

846,344
521,969

365,733

502,858

189,685

210,084

283,411

324,375

492,187

452,188

821,255
425,665
73,752

736,499
326,569
90,403

673,395
339,343
97,826

691,073
365,225
110,660

1,568
317,959

789
235,437

4,324
210,864

Items

492,187

452,188

1,889
319,949

1,172,410
14,000

1,102,649
14,000

1,392,229
14,000

1,394,550
14,000

1,396,357
14,000

1,311,222
14,000

14,000
0
1,158,410

14,000
0
1,088,649

14,000
0
190,682
7,077
183,605

14,000
0
241,889
7,077
234,812

14,000
0
268,349
7,077
261,272

14,000
0
218,107
7,077
211,030

1,187,547

1,138,661

1,114,008

1,079,115

2,117,172
1,725,446
391,726
2,076,948

2,119,100
1,870,027
249,073
2,066,292

40,224
34,495

52,808
40,271

1,865,360
1,642,051
223,309
1,864,632
1,308,212
556,420
728
80,834
10,615
70,219

2,371,233
2,042,605
328,628
2,194,076
1,600,305
593,771
177,157
45,016
12,936
32,080

3,772,568
2,946,660
825,908
3,642,103
2,921,911
720,192
130,465
48,406
19,445
28,961

3,019,911
2,393,870
626,041
2,918,631
2,124,073
794,558
101,280
65,939
19,317
46,622

138,536
119,379
111,526
13,970
13,639
0
0
59,532

176,003
127,962
118,073
(41,058)
39,657
0
0
111,077

178,974
115,271
108,996
(84,212)
24,496
0
0
84,999

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,495

40,271

(60,271)
10,375
0
0

(65,726)
10,500
0
0

127,112
118,910
109,439
(211,891)
2,233
0
0
(108,630)

1,664,597
0
(70,646)
319,615

1,554,837
0
(76,226)
443,246

2,213,484
425,665
(214,124)
978,025

2,131,049
326,569
331
845,853

2,069,752
339,343
(80,715)
960,122

2,002,295
365,225
(108,708)
887,194

0.18
3.69
4.44
0.90
0.83
98.10
1.00
-2.60
-4.68
-3.69

0.21
3.47
7.72
0.85
0.77
97.51
1.27
-2.71
-5.78
-4.08

0.12
6.37
4.51
0.63
0.75
99.96
1.12
-7.77
-16.99
-11.25

0.13
5.03
3.69
0.83
0.74
92.53
1.05
0.48
1.00
0.64

0.16
3.39
3.44
1.27
0.74
96.54
1.13
-1.41
-2.94
-1.95

0.10
3.82
2.44
1.06
0.72
96.65
1.17
-2.89
-6.22
-4.14

78,119

73,553

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

26

8.05

5.96

6.55
-0.94
-11.36
-0.07
-152.95
994.45

11.59
1.13
0.59
0.04
0.24
996.11

10.99
0.65
-1.09
0.07
-57.65
997.40

10.33
0.23
-2.79
0.06
-77.65
936.59

-2.85
0.00
-50.46
837.44

-3.10
0.00
-54.45
787.61

Financial Statement Analysis of Non Financial Sector 2012

Azam Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

458,093

440,493

522,522

515,469

515,469

515,469

605,091

610,304

0
713,397

0
722,523

0
722,523

0
722,523

458,093
24,361

440,493
23,829

519,874
23,844

504,601
24,682

504,601
24,682

504,601
24,682

0
0

0
0

0
0

0
0

2,649

10,869

10,869

10,869

238,856
4,694
136,013

210,072
4,495
139,811

172,625
1,955
136,696

152,707
5,187
97,491

152,707
5,187
97,491

152,707
5,187
97,491

18,059

6,545

6,553

28,331

28,331

28,331

0
80,090

0
59,221

0
27,421

0
21,698

0
21,698

0
21,698

446,699
142,864

505,855
95,615

197,858
104,820

123,783
81,200

123,783
81,200

123,783
81,200

303,835

410,240

93,038

42,583

42,583

42,583

59,665

57,859

363,165
43,500
181,030

337,409
30,000
178,530

337,409
30,000
178,530

337,409
30,000
178,530

12,650
116,230

12,650
116,230

12,650
116,230

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

59,665

57,859

11,082
127,554

190,585
132,750

86,851
132,750

134,124
132,750

206,984
132,750

206,984
132,750

206,984
132,750

132,750
0
57,835

132,750
0
(45,899)

132,750
0
(220,405)
0
(220,405)

132,750
0
(139,110)
0
(139,110)

132,750
0
(139,110)
0
(139,110)

132,750
0
(139,110)
0
(139,110)

221,779

213,344

213,344

213,344

476,282
476,282
0
423,516

456,409
456,409
0
400,632

52,766
18,628

55,777
20,658

465,245
465,245
0
443,090
288,909
154,181
22,155
20,595
877
19,718

731,977
731,977
0
613,464
394,059
219,405
118,513
28,503
1,127
27,377

731,977
731,977
0
613,464
394,059
219,405
118,513
28,503
1,127
27,377

731,977
731,977
0
613,464
394,059
219,405
118,513
28,503
1,127
27,377

404,689
24,605
23,648
65,469
3,659
9,956
0
60,483

404,689
24,605
23,648
65,469
3,659
9,956
0
60,483

404,689
24,605
23,648
65,469
3,659
9,956
0
60,483

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

18,628

20,658

6,160
2,682
0
0

10,491
2,590
0
0

58,556
30,796
30,018
(29,236)
0
0
0
(13,991)

250,250
0
3,478
142,864

144,710
0
7,901
95,615

497,289
43,500
(29,236)
148,320

544,393
30,000
51,854
111,199

544,393
30,000
51,854
111,199

544,393
30,000
51,854
111,199

0.05
5.92
3.79
0.68
0.53
88.92
2.66
0.89
3.26
2.36

0.02
5.50
1.43
0.70
0.42
87.78
6.49
1.56
7.56
5.31

0.04
6.62
1.41
0.67
0.87
95.24
4.18
-4.35
-26.46
-9.11

0.27
3.36
3.87
1.10
1.23
83.81
2.23
9.60
38.39
12.57
6.21
7.51
3.77
8.94
0.13
4.66
15.59

0.27
3.36
3.87
1.10
1.23
83.81
2.23
9.80
31.63
12.03
6.21
7.51
3.77
8.94
0.13
4.66
15.59

0.27
3.36
3.87
1.10
1.23
83.81
2.23
9.80
31.63
12.03
6.21
7.51
3.77
8.94
0.13
4.66
15.59

28,183

25,095

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

27

3.50

3.26

3.40
0.03
-6.28
-0.02
-2.20
10.10

1.29
0.00
0.26
14.36

2.30
0.00
0.60
6.54

Financial Statement Analysis of Non Financial Sector 2012

Azgard Nine Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

24,244,939

8,687,158

42,857,047

42,857,047

16,557,182

15,194,673

27,786,186

11,275,747

7,380,422
39,901,859

7,380,422
39,901,859

0
19,015,014

7,536
19,075,216

20,482,735
729,590

8,653,622
538,506

29,696,709
18,408

29,696,709
1,010,624

13,835,133
1,017,772

13,387,682
537,371

3,762,204

33,536

5,645,096
37

5,645,096
37

8,289
2,692,147

3,907
1,765,518

134,783

134,783

21,613

30,030

9,451,173
630,082
2,532,100

18,684,515
82,074
4,034,103

15,638,041
437,814
5,985,036

15,638,042
437,814
5,985,036

19,589,674
166,258
3,763,161

17,682,682
289,722
3,027,802

2,366,279

4,586,931

4,586,931

3,185,586

2,384,302

882,995
3,039,717

11,540,498
3,027,840

0
4,628,260

0
4,628,261

10,969,811
1,504,858

10,969,811
1,011,045

10,686,285
5,429,188

10,353,720
7,302,259

24,459,435
16,402,024

24,443,021
16,402,024

14,771,889
9,567,132

22,056,459
16,262,334

Items

5,257,097

3,051,461

8,057,411

8,040,997

5,204,757

5,794,125

13,441,452

6,674,514

18,224,297
15,684,724
392,185

18,240,712
15,684,725
392,185

7,381,033
3,390,029
0

2,753,456
0
0

10,404,259

3,962,461

3,953,869

2,729,435

3,037,193

2,712,053

0
2,147,388

16,413
2,147,389

0
37,135

0
24,021

9,568,375
3,788,823

10,343,439
3,827,119

15,811,356
4,879,344

15,811,356
4,879,344

13,993,934
4,548,719

8,067,440
4,548,719

3,127,135
661,688
5,779,552

3,827,119
0
6,516,320

4,548,719
330,625
6,962,860
3,152,134
3,810,726

4,879,344
0
6,962,860
3,152,134
3,810,726

4,548,719
0
5,720,345
7,566,084
(1,845,739)

4,548,719
0
(77,555)
7,716,165
(7,793,720)

3,969,152

3,969,152

3,724,870

3,596,276

12,936,942
7,504,488
5,432,454
8,362,558

11,827,025
11,724,806
102,219
8,238,448

4,574,384
841,802

3,588,577
1,089,025

26,276,262
14,524,421
11,751,841
17,982,858
6,401,919
11,580,939
8,293,405
2,141,365
782,580
1,358,784

26,340,569
14,588,728
11,751,841
17,982,858
6,401,919
11,580,939
8,357,711
2,205,671
846,887
1,358,784

17,602,765
2,773,101
14,829,664
17,490,491
11,764,435
5,726,056
112,274
1,359,579
728,453
631,126

11,524,279
1,653,373
9,870,906
12,642,327
8,838,343
3,803,984
(1,118,048)
1,348,009
918,945
429,064

2,693,503
4,791,419
4,448,379
1,363,061
157,119
0
0
1,292,451

2,523,726
3,998,410
3,622,851
(4,528,951)
173,290
0
0
(996,791)

1,849,546
3,424,378
3,034,105
(5,960,621)
115,954
0
0
90,325

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

841,802

1,089,025

1,916,324
100,401
343,981
0

(1,457,675)
13,287,571
0
0

2,693,503
4,791,419
4,917,049
1,363,061
157,119
29,591
0
1,292,451

23,009,827
10,404,259
1,471,942
15,833,447

17,017,953
3,962,461
(14,745,246)
11,264,720

34,035,653
15,684,724
1,176,351
32,086,748

34,052,068
15,684,725
1,205,942
32,086,749

21,374,967
7,343,898
(4,702,241)
16,911,030

10,820,896
2,729,435
(6,076,575)
18,991,769

0.36
16.64
18.29
0.38
0.88
64.64
2.52
5.94
19.93
8.73
5.28
5.11

1.12
39.04
0.00
0.43
1.80
69.66
1.65
-4.77
-14.64
-7.28

0.21
18.23
17.46
0.45
0.64
68.44
2.70
3.17
10.42
5.34
40.75
4.39
1.28
5.19
0.03
2.65
34.76

0.21
18.19
17.41
0.45
0.64
68.27
2.70
2.33
8.62
4.00

0.97
22.71
18.10
0.49
1.33
99.36
1.58
-9.57
-30.39
-16.34

0.62
29.71
20.69
0.35
0.80
109.70
3.08
-17.27
-54.04
-37.03

2,152,438

4,617,259

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

28

2.93

14.81
0.00
5.81
30.60

-12.32
0.00
-38.53
27.03

4.40
1.31
5.17
0.03
2.47
32.40

4.68
-0.25
-25.73
-0.04
-10.34
30.76

3.81
-0.96
-51.72
0.00
-13.36
17.74

Financial Statement Analysis of Non Financial Sector 2012

Babri Cotton Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

825,406

794,266

1,014,836

1,027,619

1,067,993

1,388,877

994,782

999,491

9,344
1,218,926

223
1,257,551

0
1,307,876

0
1,390,038

825,406
32,220

794,266
35,899

1,000,084
34,429

1,005,891
33,751

1,035,313
34,326

1,344,558
35,263

0
2,182

0
19,144

0
31,120

0
42,609

3,226

2,361

1,560

1,710

304,906
555
264,408

385,770
5,473
332,374

349,881
536
321,233

349,792
1,035
322,492

434,382
640
371,318

391,668
2,107
338,540

557

1,372

19,830
20,113

22,292
25,074

0
28,112

0
26,265

0
62,424

0
49,649

723,806
288,645

524,623
417,328

526,995
397,829

404,356
314,078

436,013
316,642

391,848
285,187

435,161

107,295

129,166

90,278

119,371

106,661

86,485

341,434

332,019
303,314
0

341,391
266,280
0

361,608
183,430
0

398,302
152,332
0

47,068

35,301

86,485

341,434

20,271
8,434

21,202
53,909

40,756
90,354

38,995
171,674

320,021
20,000

313,979
28,960

505,703
28,960

631,664
28,960

704,754
36,522

990,395
36,522

20,000
0
300,021

28,960
0
285,019

28,960
0
27,268
19,440
7,828

28,960
0
158,136
19,440
138,696

36,522
0
228,669
18,290
210,379

36,522
0
323,329
18,130
305,199

449,475

444,568

439,563

630,544

746,943
746,943
0
672,184

739,868
739,868
0
694,241

74,759
27,818

45,627
25,687

746,961
746,961
0
695,754
466,776
228,978
51,207
27,675
2,541
25,134

1,195,591
1,195,591
0
920,569
620,110
300,459
275,022
43,833
2,615
41,218

1,705,170
1,705,170
0
1,505,537
1,159,649
345,888
199,633
59,066
5,103
53,963

1,663,021
1,636,516
26,505
1,485,148
1,072,721
412,427
177,873
65,645
13,037
52,608

139,387
98,774
98,436
154,897
5,978
0
4,344
175,450

201,833
22,696
21,307
131,960
17,077
0
0
191,479

190,417
63,988
63,092
61,963
0
0
0
207,922

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

27,818

25,687

(14,309)
3,734
0
0

(44,157)
3,699
0
0

97,232
108,015
107,734
(104,001)
0
0
0
29,787

406,506
0
(18,043)
288,645

655,413
0
(47,856)
417,328

837,722
303,314
(104,001)
701,143

973,055
266,280
148,919
580,358

1,066,362
230,498
114,883
547,140

1,388,697
187,633
61,963
472,820

0.03
9.21
0.00
0.66
0.42
89.99
2.53
-1.41
-5.47
-3.33

0.05
9.08
0.08
0.63
0.74
93.83
2.76
-3.82
-13.93
-8.32

0.00
14.46
0.00
0.55
0.66
93.14
1.70
-8.17
-25.38
-13.93

0.00
8.26
0.00
0.87
0.87
77.00
1.18
11.30
27.24
17.11

0.00
1.33
0.00
1.13
1.00
88.29
1.13
9.16
19.75
12.94

0.01
3.85
0.08
0.93
1.00
89.30
0.80
3.77
7.31
5.05

68,823

67,162

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

29

2.82

2.23

2.33
0.03
-13.92
0.03
-35.91
174.62

3.71
2.57
12.96
0.24
51.42
218.12

4.59
7.19
7.74
0.24
31.46
192.97

4.91
1.98
3.73
0.26
16.97
271.18

-1.92
0.00
-9.02
160.01

-5.97
0.00
-16.52
108.42

Financial Statement Analysis of Non Financial Sector 2012

Bhanero Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,004,468

1,847,513

1,767,662

1,660,535

1,592,711

1,660,295

2,913,338

2,946,161

2,578
3,002,510

66,895
3,002,444

45,769
3,101,606

118,106
3,237,939

2,004,468
203,166

1,847,513
187,325

1,724,335
176,981

1,573,155
164,211

1,534,156
151,676

1,530,549
150,049

0
375

0
63

0
200

0
300

40,373

20,422

12,586

11,340

1,405,761
55,617
838,621

1,555,617
18,529
961,826

1,366,387
22,666
799,754

1,525,584
36,211
951,780

2,201,981
53,237
1,547,310

1,970,559
32,754
1,372,934

373,616

417,069

443,989

387,230

436,591

381,348

425
137,482

375
157,818

0
99,978

0
150,363

0
164,843

0
183,523

1,762,835
922,988

1,616,483
1,047,505

1,339,149
1,104,299

1,426,808
1,151,616

1,430,481
1,085,866

1,043,490
701,542

839,847

568,978

234,850

275,192

344,615

341,948

793,958

797,086

810,184
517,333
89,286

358,758
89,184
100,000

160,459
0
0

167,023
0
0

793,958

797,086

45,777
157,789

52,780
116,794

66,768
93,691

78,964
88,059

853,436
30,000

989,561
30,000

984,716
30,000

1,400,553
30,000

2,203,752
30,000

2,420,341
30,000

30,000
0
823,436

30,000
0
959,561

30,000
0
954,716
900,000
54,716

30,000
0
1,370,553
0
1,370,553

30,000
0
2,173,752
0
2,173,752

30,000
0
2,390,341
0
2,390,341

3,547,048
2,369,098
1,177,950
3,070,479

3,510,404
1,633,599
1,876,805
3,100,964

476,569
91,400

409,440
98,467

3,781,557
2,773,421
1,008,136
3,285,300
2,282,843
1,002,456
496,257
109,599
44,710
64,890

4,800,841
711,921
4,088,920
3,899,119
2,625,011
1,274,108
901,722
259,842
115,603
144,239

7,545,581
380,311
7,165,271
6,068,097
4,946,354
1,121,743
1,477,484
332,280
192,138
140,142

6,372,947
993,902
5,379,045
5,562,693
3,778,859
1,783,834
810,254
310,328
191,861
118,467

329,445
231,441
180,100
419,128
46,636
60,000
0
475,670

369,460
224,088
172,747
933,272
80,763
90,000
0
413,465

393,454
144,614
128,113
366,132
65,357
60,000
0
677,527

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

91,400

98,467

185,609
17,735
0
0

99,967
18,082
6,000
0

277,188
289,788
258,895
99,624
16,382
6,000
0
435,451

1,647,394
0
167,874
922,988

1,786,647
0
75,885
1,047,505

1,794,900
517,333
77,242
1,621,632

1,759,311
89,184
312,492
1,240,800

2,364,211
0
762,509
1,085,866

2,587,364
0
240,775
701,542

0.35
7.66
11.74
1.21
1.02
86.88
2.18
3.05
10.09
5.56
13.87
4.73
1.38
2.63
0.20
27.75
328.24

0.30
4.82
8.07
1.51
1.07
81.22
1.27
13.26
35.14
23.58
6.21
5.04
3.33
8.73
0.27
124.16
466.85

0.34
2.97
5.79
1.99
1.54
80.42
0.72
26.74
51.79
45.27
9.47
4.88
6.40
12.37
0.26
284.17
734.58

0.40
2.27
5.98
1.76
1.89
87.29
0.50
9.86
15.84
14.79
5.01
4.64
3.86
5.75
0.56
100.26
806.78

200,980

220,877

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.24
5.67
10.53
1.04
0.80
86.56
3.00
5.73
23.34
10.45

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.23

30

0.27
6.29
11.88
1.03
0.96
88.34
2.44
2.93
10.85
5.82
13.65
3.65

5.23
0.00
55.96
284.48

2.85
0.00
27.30
329.85

Financial Statement Analysis of Non Financial Sector 2012

Bilal Fibres Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

546,134

727,389

725,200

744,018

882,797

880,278

587,511

758,989

0
785,441

0
827,011

0
908,684

0
946,279

546,134
26,221

727,389
29,358

721,687
33,721

740,645
33,341

879,202
37,360

876,684
40,230

0
0

0
0

0
0

0
0

3,513

3,373

3,595

3,594

230,316
28,316
114,720

290,821
3,465
168,200

234,693
1,923
140,027

263,264
17,179
140,135

287,997
32,080
146,656

297,678
9,171
195,196

5,341

34,614

35,566

38,556

33,376

28,895

0
81,939

0
84,542

0
57,177

0
67,394

0
75,885

0
64,416

384,518
85,650

468,390
191,906

360,427
250,653

317,392
241,717

377,473
271,225

438,703
288,132

298,868

276,484

109,774

75,675

106,248

150,571

288,392

354,736

524,334
450,782
38,500

590,155
525,717
38,500

628,621
490,866
52,500

614,360
493,629
52,500

288,392

354,736

7,652
27,400

10,140
15,799

8,996
76,259

6,020
62,211

103,540
141,000

195,084
141,000

75,132
141,000

99,735
141,000

164,700
141,000

124,893
141,000

141,000
0
(37,460)

141,000
0
54,084

141,000
0
(229,930)
0
(229,930)

141,000
0
(199,729)
0
(199,729)

141,000
0
(213,530)
0
(213,530)

141,000
0
(244,713)
0
(244,713)

164,062

158,464

237,230

228,606

784,998
669,247
115,751
785,345

905,213
711,885
193,328
865,938

(347)
27,819

39,275
43,592

945,592
887,181
58,411
934,752
712,320
222,432
10,840
37,179
13,299
23,880

1,309,870
1,232,212
77,658
1,196,175
925,844
270,331
113,695
71,996
14,558
57,438

1,930,499
1,805,783
124,716
1,789,575
1,508,179
281,396
140,924
51,554
25,068
26,486

1,634,807
1,535,834
98,973
1,555,311
1,235,428
319,883
79,496
49,529
20,100
29,429

97,764
62,358
61,264
(14,445)
6,549
0
0
59,464

108,169
73,295
72,094
23,625
20,084
0
0
78,820

117,938
64,848
63,582
(28,265)
16,348
0
0
19,641

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

27,819

43,592

(73,965)
4,312
0
0

(60,869)
36,511
0
0

8,552
66,582
64,394
(91,967)
584
0
0
(90,329)

391,932
0
(78,277)
85,650

549,820
0
(97,380)
191,906

599,466
450,782
(92,551)
701,435

689,890
525,717
(20,994)
767,433

793,321
490,866
3,541
762,091

739,253
493,629
(44,613)
781,761

0.09
5.91
0.68
1.01
0.60
100.04
6.50
-9.76
-47.94
-22.40

0.08
6.34
3.82
0.89
0.62
95.66
4.22
-6.78
-40.77
-12.93

0.10
7.04
3.76
0.99
0.65
98.85
11.78
-9.30
-68.07
-16.00

0.18
4.76
2.94
1.30
0.83
91.32
9.10
-1.47
-16.52
-2.24

0.17
3.80
1.73
1.65
0.76
92.70
6.11
2.17
17.87
3.19

0.09
3.97
1.77
1.39
0.68
95.14
8.43
-2.41
-19.52
-3.69

46,390

57,389

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

31

6.84

5.38

6.75
-0.43
-9.73
-0.10
-6.56
5.33

9.35
0.76
-1.10
0.07
-1.49
7.07

13.16
1.33
1.22
0.08
0.25
11.68

8.38
0.56
-1.73
0.02
-3.16
8.86

-9.42
0.00
-5.55
7.34

-6.72
0.00
-6.91
13.84

Financial Statement Analysis of Non Financial Sector 2012

Blessed Textiles Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,640,013

1,624,083

1,576,841

1,636,160

1,547,493

1,741,463

2,388,468

2,535,503

0
2,648,347

217,380
2,599,938

18,185
2,864,538

322,805
2,904,849

1,640,013
173,801

1,624,083
173,375

1,565,526
168,880

1,405,916
160,269

1,521,180
152,212

1,411,360
158,768

0
0

0
0

0
0

0
0

11,315

12,864

8,128

7,298

924,834
40,833
532,383

1,171,036
33,895
846,297

880,145
12,809
670,208

773,353
30,781
525,224

1,293,004
16,862
935,161

1,519,068
15,932
1,156,336

244,751

178,208

74,092

87,597

164,856

132,021

0
106,867

0
112,636

0
123,036

0
129,751

0
176,125

0
214,779

1,327,328
718,054

1,365,871
921,037

962,322
772,167

514,871
311,172

625,013
314,476

688,450
379,700

609,274

444,834

190,155

203,699

310,537

308,750

533,903

587,718

667,083
495,842
89,286

648,362
504,014
86,708

391,759
342,547
0

513,314
445,840
0

533,903

587,718

32,621
49,335

39,419
18,221

49,213
0

56,574
10,900

703,616
64,320

841,530
64,320

827,581
64,320

1,246,280
64,320

1,823,725
64,320

2,058,767
64,320

64,320
0
639,296

64,320
0
777,210

64,320
0
763,261
750,000
13,261

64,320
0
1,181,960
1,100,000
81,960

64,320
0
1,759,405
0
1,759,405

64,320
0
1,994,447
0
1,994,447

2,703,735
1,457,233
1,246,502
2,308,072

2,994,329
1,724,239
1,270,090
2,628,606

395,663
91,160

365,723
100,937

3,295,075
1,385,948
1,909,126
2,787,605
1,805,782
981,824
507,469
152,194
101,180
51,013

4,054,212
694,014
3,360,198
3,252,897
2,356,379
896,518
801,314
197,228
111,394
85,834

6,124,844
358,297
5,766,547
4,964,447
4,173,317
791,130
1,160,397
296,986
182,059
114,927

5,447,991
907,504
4,540,487
4,715,879
3,307,411
1,408,468
732,112
258,153
146,251
111,902

263,162
174,156
145,826
429,930
40,082
32,160
0
703,544

294,149
192,407
148,077
673,402
63,797
48,240
0
352,430

312,667
137,939
116,169
338,720
55,520
32,160
0
223,223

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

91,160

100,937

125,130
18,793
4,824
0

115,680
20,178
6,432
0

204,946
257,167
231,321
98,108
24,714
4,824
0
575,953

1,237,519
0
101,513
718,054

1,429,248
0
89,070
921,037

1,494,664
495,842
68,570
1,268,009

1,894,642
504,014
357,688
815,187

2,215,484
342,547
561,365
657,022

2,572,081
445,840
251,040
825,540

0.22
6.66
9.05
1.05
0.70
85.37
2.65
5.00
18.86
9.16
22.04
5.08

0.16
5.32
5.95
1.07
0.86
87.79
2.32
4.32
14.97
8.68
14.85
3.54

0.09
7.80
2.25
1.34
0.91
84.60
1.97
3.74
11.76
6.71
15.21
4.92
1.42
2.98
0.35
11.41
128.67

0.23
4.30
2.16
1.68
1.50
80.24
0.93
17.67
41.46
25.37
12.12
7.72
3.95
10.60
0.60
60.61
193.76

0.29
3.14
2.69
2.16
2.07
81.05
0.56
25.65
43.87
32.77
12.64
6.55
5.55
10.99
0.35
94.78
283.54

0.21
2.53
2.42
1.67
2.21
86.56
0.58
11.10
17.45
14.15
8.81
4.71
3.92
6.22
0.19
44.03
320.08

179,969

159,348

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

32

4.63
0.00
16.53
109.39

3.86
0.00
14.85
130.83

Financial Statement Analysis of Non Financial Sector 2012

Brothers Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

178,059

141,753

394,869

389,125

375,326

364,646

487,476

438,493

0
435,564

0
435,564

0
430,523

0
430,146

178,059
19,297

141,753
8,480

132,789
8,394

124,999
7,789

111,200
11,984

100,519
10,666

0
0

0
0

0
0

0
0

262,081

264,126

264,126

264,127

330,157
2,627
44,936

279,552
765
0

15,377
82
0

13,091
27
0

13,269
1,751
0

12,460
1,038
0

791

44

44

44

44

0
281,803

0
278,743

0
15,251

0
13,020

0
11,474

0
11,422

428,371
76,193

389,826
48,834

64,453
41,658

20,355
0

27,100
0

29,059
0

352,178

340,992

22,795

20,355

27,100

29,059

42,673

37,036

381,259
3,232
359,929

432,042
0
411,942

417,059
0
412,964

400,001
0
394,951

42,673

37,036

0
18,098

3,798
16,302

4,095
0

5,050
0

37,172
98,010

(5,557)
98,010

(35,466)
98,010

(50,181)
98,010

(55,564)
98,010

(51,954)
98,010

98,010
0
(60,838)

98,010
0
(103,567)

98,010
0
(165,803)
0
(165,803)

98,010
0
(178,681)
0
(178,681)

98,010
0
(181,982)
0
(181,982)

98,010
0
(176,755)
0
(176,755)

32,327

30,490

28,408

26,791

484,041
450,742
33,299
502,553

166,647
166,647
0
176,242

(18,512)
18,839

(9,595)
11,734

0
0
0
0
0
0
0
20,920
0
20,920

0
0
0
0
0
0
0
16,215
0
16,215

0
0
0
0
0
0
0
21,964
0
21,964

0
0
0
0
0
0
0
20,201
0
20,201

5,025
4,057
3,411
(20,272)
0
0
0
(13,563)

5,505
1,463
758
(5,203)
180
0
0
8,464

6,067
1,031
0
3,861
251
0
0
16,265

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

18,839

11,734

(61,193)
2,422
0
0

(32,267)
835
0
0

7,444
10,114
9,521
(29,908)
0
0
0
(21,458)

79,845
0
(63,615)
76,193

31,479
0
(33,102)
48,834

345,794
3,232
(29,908)
44,890

381,861
0
(20,272)
0

361,495
0
(5,383)
0

348,047
0
3,610
0

0.01
5.11
0.16
0.95
0.77
103.82
12.67
-11.48
-73.05
-46.42

0.00
6.84
0.03
0.40
0.72
105.76
-76.82
-6.94
-204.12
-57.97

0.00

0.00

0.07

0.04

0.00
0.24

0.00
0.64

0.00
0.49

0.00
0.43

-12.64
0.00
-6.49
3.79

-19.36
0.00
-3.38
-0.57

24,735

11,396

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

10.77

33

-12.57
-7.19
145.81
-15.85

-9.02
-4.99
47.34
-5.57

-7.99
-1.32
9.84
-1.40

-8.26
1.01
-7.18
1.09

-2.14

-4.94

-5.86

-0.05
-3.05
-3.62

-0.03
-2.07
-5.12

0.02
-0.55
-5.67

0.04
0.37
-5.30

Financial Statement Analysis of Non Financial Sector 2012

Chakwal Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

752,625

785,734

786,928

796,322

856,854

884,959

1,265,193

1,337,814

0
1,337,814

0
1,379,939

0
1,534,581

0
1,609,755

752,625
46,531

785,734
47,483

774,773
48,597

787,788
41,287

848,470
48,845

874,603
51,099

0
0

0
0

0
0

0
0

12,156

8,534

8,384

10,356

333,104
39,686
150,772

372,529
34,387
206,266

345,835
32,437
210,369

352,747
32,310
169,279

538,223
33,023
320,274

526,574
2,632
275,735

19,535

43,205

44,946

55,334

88,692

139,661

0
123,111

0
88,671

0
58,083

0
95,824

0
96,233

0
108,546

819,891
205,213

794,233
225,526

458,458
275,276

412,551
201,722

622,256
225,653

643,966
236,661

614,678

568,707

183,182

210,828

396,603

407,305

52,176

149,431

505,417
51,338
371,256

509,211
42,000
371,256

470,300
42,000
371,256

429,567
0
371,256

9,077
86,878

10,038
47,006

11,305
47,006

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

52,176

149,431

8,992
73,831

213,662
400,000

214,599
400,000

168,888
400,000

227,307
400,000

302,521
400,000

338,000
400,000

400,000
0
(186,338)

400,000
0
(185,401)

400,000
0
(305,413)
0
(305,413)

400,000
0
(240,483)
0
(240,483)

400,000
0
(160,614)
0
(160,614)

400,000
0
(120,749)
0
(120,749)

74,300

67,790

63,136

58,749

853,113
659,518
193,595
783,289

875,542
775,808
99,734
809,061

69,824
30,947

66,481
62,948

989,845
856,916
132,929
950,275
649,737
300,538
39,571
35,529
8,663
26,867

1,352,246
1,048,025
304,221
1,188,035
846,183
341,852
164,211
43,863
13,650
30,214

2,326,626
1,860,543
466,083
2,175,590
1,793,414
382,177
151,036
56,645
17,199
39,446

2,029,439
1,367,805
661,634
1,868,450
1,400,535
467,915
160,989
72,336
23,614
48,722

143,463
46,385
41,888
79,601
8,134
20,000
0
140,768

139,254
57,561
41,062
42,423
23,409
0
0
80,545

162,248
39,643
35,828
55,893
20,414
0
0
71,692

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

30,947

62,948

5,790
48,264
0
0

(22,905)
4,378
0
0

93,487
54,718
47,476
(47,413)
2,095
0
0
24,856

265,838
0
(42,474)
205,213

364,030
0
(27,283)
225,526

674,305
51,338
(49,508)
326,614

736,518
42,000
51,466
243,722

772,821
42,000
19,014
267,653

767,567
0
35,479
236,661

0.07
4.14
2.29
0.79
0.41
91.82
4.08
0.56
2.79
1.33

0.10
3.93
4.93
0.76
0.47
92.41
4.40
-2.04
-10.70
-7.27

0.17
5.53
4.54
0.87
0.75
96.00
5.71
-4.14
-24.73
-9.13

0.21
3.43
4.09
1.18
0.86
87.86
4.06
6.98
40.18
11.28
3.57
7.99
2.90
5.89
0.15
1.79
5.68

0.20
2.47
3.81
1.67
0.86
93.51
3.61
3.33
16.01
5.62

0.22
1.95
6.88
1.44
0.82
92.07
3.18
3.98
17.45
7.26

35,315

34,372

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

34

5.66

4.24

4.71
0.00
-4.79
0.03
-1.24
4.22

0.68
0.00
-1.06
5.34

-2.62
0.00
-0.68
5.36

7.26
2.03
1.82
0.07
0.48
7.56

7.36
2.56
2.75
0.07
0.89
8.45

Financial Statement Analysis of Non Financial Sector 2012

Chenab Ltd.
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

7,455,967

7,613,039

7,414,967

11,875,197

11,668,088

11,471,014

7,429,197

8,144,807

4,965
7,566,844

0
12,336,481

0
12,226,432

18,999
12,217,259

7,455,967
266,825

7,613,039
272,521

7,389,014
283,376

11,855,461
282,209

11,659,237
231,209

11,443,210
214,738

0
0

0
0

0
0

0
0

20,988

19,736

8,851

8,805

7,526,891
65,247
3,997,183

8,674,064
59,858
4,442,600

9,526,290
63,352
4,475,235

7,511,121
17,420
2,491,389

5,536,005
19,754
1,246,630

4,024,000
29,707
649,535

2,429,041

3,125,515

3,302,962

2,802,036

2,332,101

0
3,464,461

0
1,742,565

0
1,862,188

0
1,699,350

0
1,467,585

0
1,012,657

8,710,025
5,473,669

10,240,311
8,004,161

10,373,126
7,812,981

11,135,300
8,394,643

12,276,132
8,655,125

10,595,908
7,286,880

3,236,356

2,236,150

2,560,145

2,740,657

3,621,008

3,309,028

2,352,821

2,296,571

2,914,573
2,420,480
296,653

2,484,936
2,025,846
296,653

2,067,279
1,570,081
296,653

3,711,243
2,869,486
296,653

162,437
0

149,350
51,195

114,368
430,736

Items

2,352,821

2,296,571

197,440
0

3,920,012
1,950,000

3,750,221
1,950,000

3,653,558
1,950,000

5,766,082
1,950,000

2,860,682
1,950,000

1,187,863
1,950,000

1,150,000
800,000
1,970,012

1,150,000
800,000
1,800,221

1,150,000
800,000
543,877
526,410
17,467

1,150,000
800,000
(1,393,122)
526,410
(1,919,532)

1,150,000
800,000
(4,245,908)
526,410
(4,772,318)

1,150,000
800,000
(5,915,244)
526,410
(6,441,654)

1,159,681

5,209,204

5,156,590

5,153,107

8,338,392
621,909
7,716,483
6,791,142

8,675,256
1,100,855
7,574,401
6,995,951

1,547,250
550,884

1,679,305
578,327

9,091,379
997,656
8,093,723
7,107,004
4,118,310
2,988,694
1,984,375
511,786
307,434
204,352

8,857,796
866,606
7,991,190
9,055,287
4,701,214
4,354,073
(197,491)
569,022
363,688
205,334

4,374,335
1,868,154
2,506,181
5,541,365
2,319,043
3,222,321
(1,167,030)
354,594
164,017
190,576

2,606,632
1,756,152
850,480
3,943,890
1,956,972
1,986,918
(1,337,258)
178,879
29,858
149,021

783,588
1,308,784
1,222,883
(1,939,628)
88,388
0
0
379,131

133,511
1,342,163
1,278,685
(2,857,923)
29,516
0
0
202,488

402,776
177,280
153,434
(1,672,947)
15,454
0
0
114,133

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

550,884

578,327

160,399
85,446
74,000
0

(15,294)
82,391
0
0

800,405
1,487,708
1,358,881
(13,728)
82,933
0
0
(143,040)

6,272,833
0
953
5,473,669

6,046,792
0
(97,685)
8,004,161

6,568,131
2,420,480
(96,661)
10,233,461

8,251,017
2,025,846
(2,028,016)
10,420,488

4,927,962
1,570,081
(2,887,439)
10,225,206

4,899,106
2,869,486
(1,688,401)
10,156,366

0.24
12.96
28.00
0.53
0.85
80.64
3.34
-0.10
-0.40
-0.25

0.31
16.36
34.38
0.54
0.92
78.17
3.64
-0.08
-0.37
-0.22

0.30
14.78
37.29
0.46
0.67
102.23
2.36
-10.68
-41.18
-26.18

0.23
30.68
64.06
0.25
0.45
126.68
5.01
-15.62
-66.26
-43.37

0.22
6.80
89.47
0.17
0.38
151.30
12.04
-10.23
-82.64
-34.05

838,856

1,124,591

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.01
10.06
0.00
0.56
0.86
81.44
2.82
2.14
8.20
5.12
1.01
2.09

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

35

1.95

2.03
0.99
-0.15
-0.01
-0.84
31.77

3.56
-0.59
-21.90
0.03
-17.63
50.14

3.51
-1.24
-65.33
0.01
-25.11
24.88

4.01
-9.90
-64.18
0.01
-14.68
10.33

1.92
0.00
0.65
34.09

-0.18
0.00
-0.85
32.61

Financial Statement Analysis of Non Financial Sector 2012

Colony Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,824,218

7,526,926

9,427,936

9,146,199

9,104,721

8,664,838

6,493,940

7,405,681

589,111
9,312,371

692,834
9,814,082

319,957
10,448,993

432,939
10,508,746

5,824,218
203,706

7,526,926
242,460

7,847,784
309,788

8,001,429
348,066

8,266,387
370,842

7,960,079
368,189

0
972,465

0
432,310

0
498,751

0
252,194

18,576

19,626

19,626

19,626

3,304,725
4,414
1,392,451

5,124,297
32,067
1,960,293

4,679,809
26,566
3,295,925

3,578,601
3,914
2,683,293

4,613,248
37,300
3,309,326

4,742,942
58,719
3,372,864

305,087

331,930

543,330

363,407

720,019

807,409

4,526
1,598,247

787,243
2,012,764

528
813,460

452
527,535

488
546,115

594
503,356

3,269,833
1,592,204

5,106,304
2,264,789

6,198,167
3,904,339

4,937,483
3,822,456

5,667,436
3,872,867

5,051,836
3,468,453

1,677,629

2,841,515

2,293,828

1,115,027

1,794,569

1,583,383

2,710,048

4,638,568

5,395,099
5,228,992
100,000

5,009,645
4,743,063
100,000

5,205,043
4,389,145
100,000

5,839,693
4,801,258
100,000

2,710,048

4,638,568

39,580
26,527

32,219
134,363

16,954
698,944

1,305
937,130

3,149,062
2,441,763

2,906,351
2,441,763

2,514,479
2,441,763

2,777,672
2,441,763

2,845,490
2,441,763

2,516,251
2,441,763

2,441,763
0
707,299

2,441,763
0
464,588

2,441,763
0
72,716
0
72,716

2,441,763
0
334,666
0
334,666

2,441,763
0
402,865
0
402,865

2,441,763
0
73,848
0
73,848

1,243

862

640

5,799,875
3,391,796
2,408,079
5,061,725

7,020,730
7,020,730
0
6,026,505

738,150
207,464

994,225
319,450

7,526,905
4,571,078
2,955,827
6,636,018
5,526,274
1,109,744
890,887
532,159
210,558
321,601

10,015,687
6,262,714
3,752,973
8,156,347
6,648,142
1,508,205
1,859,340
552,120
256,633
295,487

13,956,779
9,558,487
4,398,292
11,979,747
10,740,164
1,239,583
1,977,032
361,837
219,034
142,803

12,173,659
7,980,915
4,192,744
10,832,501
8,334,410
2,498,091
1,341,158
526,132
241,687
284,445

579,352
1,135,379
920,810
332,847
68,913
0
0
560,565

661,752
1,454,259
1,197,597
298,731
139,738
0
0
547,657

700,031
1,178,269
1,031,898
(274,918)
121,383
0
0
99,102

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

207,464

319,450

458,268
28,999
0
0

363,373
35,907
524,800
0

435,823
1,099,274
1,040,784
(405,784)
29,429
0
0
536,414

5,859,110
0
429,269
1,592,204

7,544,919
0
(197,334)
2,264,789

7,909,578
5,228,992
(435,213)
9,133,331

7,787,317
4,743,063
263,934
8,565,519

8,050,533
4,389,145
158,993
8,262,012

8,355,944
4,801,258
(396,301)
8,269,711

0.10
6.41
5.26
0.64
1.01
87.27
1.90
5.42
15.56
8.45

0.23
7.00
4.73
0.55
1.00
85.84
3.35
3.34
12.00
5.42
0.62
3.58

0.09
14.60
7.22
0.53
0.76
88.16
4.61
-3.03
-14.97
-5.25

0.07
11.34
3.63
0.79
0.72
81.44
3.58
2.48
12.58
4.24

0.13
10.42
5.16
1.02
0.81
85.83
3.82
2.26
10.63
3.77

0.17
9.68
6.63
0.91
0.94
88.98
4.33
-2.03
-10.25
-3.35

371,807

491,569

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.17

36

7.90
0.00
1.76
12.90

5.18
0.00
1.34
11.90

2.28
0.61
-5.39
0.05
-1.78
10.30

3.73
1.36
3.32
0.06
1.08
11.38

4.22
1.25
2.14
0.05
0.65
11.65

3.61
0.73
-2.26
0.01
-1.62
10.31

Financial Statement Analysis of Non Financial Sector 2012

Crescent Cotton Mills Limited

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

459,406

428,062

457,876

3,159,380

3,087,442

3,113,799

1,153,861

1,204,388

451
1,267,012

0
3,792,273

0
3,435,938

4,005
3,472,026

459,406
38,377

428,062
46,638

397,923
43,117

2,913,723
42,435

2,786,695
35,645

2,791,724
32,749

0
56,792

0
241,971

0
238,554

0
242,835

992,513
13,344
231,242

872,674
11,643
310,000

3,686

62,193

75,235

508,484
30,207
164,332

585,801
11,227
245,892

1,054,860
180,944
496,164

74,504

74,828

65,437

58,024

69,945

90,332

318,057
158,146

142,976
159,128

9,002
246,919

8,024
250,713

12,278
275,142

752,470
514,353

893,201
589,330

833,814
449,631

941,844
452,171

951,447
263,972

1,280,547
230,078

238,117

303,871

384,183

489,673

687,475

1,050,469

81,731

49,085

53,765
44,958
0

44,393
34,972
0

44,404
11,002
8,984

35,579
5,000
0

9,421
0

13,938
10,480

21,159
9,420

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2,710
541,093
3,110
170,442

534,155
139,268

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

81,731

49,085

8,807
0

617,718
213,775

358,450
213,775

111,390
213,775

2,681,627
213,775

2,677,392
213,775

2,852,533
213,775

213,775
0
403,943

213,775
0
144,675

213,775
0
(102,385)
106,047
(208,432)

213,775
0
(79,479)
19,957
(99,436)

213,775
0
(79,661)
18,073
(97,734)

213,775
0
97,449
22,266
75,183

2,547,331

2,543,278

2,541,309

2,395,470
2,028,374
367,096
2,302,063

2,544,949
2,102,412
442,537
2,414,228

93,407
106,352

130,721
111,377

2,072,000
1,650,965
421,035
2,039,366
1,760,327
279,039
32,634
104,834
21,345
83,489

3,285,140
2,216,979
1,068,161
3,112,800
2,469,967
642,833
172,340
141,396
45,622
95,774

4,530,528
1,577,245
2,953,283
4,241,679
3,230,809
1,010,870
288,849
163,964
94,011
69,953

4,246,955
829,210
3,417,745
3,840,872
2,360,172
1,480,700
406,083
193,390
102,810
90,580

232,342
70,457
65,485
66,950
22,116
0
0
14,891

212,501
64,809
55,312
32,871
45,832
0
0
(40,146)

256,376
68,107
53,557
161,666
38,386
26,722
0
165,958

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

106,352

111,377

16,442
11,712
0
0

(56,256)
4,348
0
0

194,186
90,561
88,036
(130,692)
10,466
0
0
29,115

699,449
0
4,730
514,353

407,535
0
(60,604)
589,330

165,155
44,958
(141,158)
494,589

2,726,020
34,972
44,834
487,143

2,721,796
11,002
(12,961)
274,974

2,888,112
5,000
96,558
235,078

0.83
3.61
3.11
1.65
1.32
96.10
1.35
1.25
3.28
2.73

0.45
3.64
2.94
1.96
0.98
94.86
2.63
-4.09
-11.53
-10.16

0.25
4.37
3.16
2.07
0.65
98.43
7.97
-11.37
-55.63
-45.64

0.10
2.14
1.77
0.90
0.54
94.75
0.37
2.87
4.79
4.63

0.09
1.43
1.54
1.23
0.62
93.62
0.37
0.90
1.23
1.21

0.22
1.60
2.13
1.02
0.82
90.44
0.46
4.12
5.85
5.76
4.61
8.56
4.02
3.81
0.13
5.77
133.44

86,510

92,676

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

37

10.36

8.21

12.16
-0.48
-6.31
0.03
-6.60
5.21

19.99
2.02
2.04
0.02
2.10
125.44

18.42
1.59
0.73
-0.04
-0.61
125.24

0.69
0.00
0.22
28.90

-2.21
0.00
-2.83
16.77

Financial Statement Analysis of Non Financial Sector 2012

Crescent Fibers Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

318,319

14,410

292,459

294,724

695,417

677,629

875,695

850,141

884
856,482

9,875
873,580

821
1,246,993

0
1,309,397

318,319
32,760

12,479
31,263

282,340
29,456

274,158
28,151

651,593
35,601

649,683
67,125

1,931

1,545
2,298

1,159
2,483

772
2,550

386
2,471

5,392

7,050

39,681

25,089

456,125
2,064
109,757

697,413
1,545
153,456

342,589
29,898
101,269

446,103
48,929
158,475

653,778
39,408
220,755

666,069
68,997
216,963

116,676

91,110

118,979

150,484

290,635

246,765

2,705
224,923

2,673
448,629

41,351
51,092

35,385
52,829

34,916
68,064

41,797
91,547

393,963
162,411

414,642
195,067

386,291
207,096

372,167
170,807

542,500
281,578

490,315
230,675

231,552

219,575

179,195

201,360

260,922

259,640

108,175

67,601

68,532
30,247
8,675

81,982
16,527
13,675

404,281
333,092
13,675

364,790
257,884
13,675

0
51,780

0
57,515

0
93,231

Items

108,175

67,601

0
29,610

272,306
118,265

229,580
124,179

180,225
124,179

286,678
124,179

402,414
124,179

488,593
124,179

118,265
0
154,041

124,179
0
105,401

124,179
0
56,047
0
56,047

124,179
0
162,499
0
162,499

124,179
0
278,235
(4,588)
282,824

124,179
0
364,414
7,930
356,484

1,189,692
1,189,692
0
1,073,112

1,246,845
1,241,818
5,027
1,160,208

116,580
48,978

86,637
42,273

1,427,453
1,426,250
1,203
1,318,433
976,520
341,913
109,020
50,676
5,888
44,788

1,769,385
1,763,107
6,278
1,512,825
1,182,801
330,024
256,560
71,673
7,160
64,513

2,718,476
2,658,932
59,544
2,437,710
2,069,270
368,440
280,766
79,436
10,461
68,975

2,790,422
2,761,228
29,194
2,515,100
1,877,416
637,684
275,322
85,650
11,156
74,494

147,467
42,049
35,371
154,042
41,980
12,418
0
92,623

162,249
62,998
49,467
158,727
28,690
0
0
3,816

216,465
97,053
96,361
108,667
1,373
12,418
0
203,951

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

48,978

42,273

39,286
5,948
0
5,913

25,224
6,234
62,090
0

121,042
54,524
42,378
13,233
879
0
0
57,035

380,481
0
33,338
162,411

297,181
0
(43,100)
195,067

248,757
30,247
12,354
237,342

368,660
16,527
99,644
187,334

806,695
333,092
130,036
614,670

853,383
257,884
94,876
488,559

0.31
3.09
9.81
1.54
1.16
90.20
1.84
10.15
28.85
20.65

0.23
2.57
7.31
1.75
1.68
93.05
2.10
3.39
10.05
7.44
0.31
8.13

0.49
3.82
8.34
2.25
0.89
92.36
2.52
1.96
6.46
4.85

0.63
2.38
8.50
2.39
1.20
85.50
1.58
22.39
65.98
49.90
9.02
11.17
5.36
8.71
0.20
9.02
23.09

0.67
2.32
10.69
2.01
1.21
89.67
2.35
15.19
46.07
27.01

0.73
3.48
8.84
2.08
1.36
90.13
1.75
8.07
24.39
13.09
8.64
12.86
2.13
3.89
0.24
8.64
39.35

36,774

32,038

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

10.84

38

3.30
0.00
2.82
23.03

2.02
0.00
1.53
18.49

14.10
1.31
0.93
0.13
0.99
14.51

12.31
4.21
5.84
0.00
10.47
32.41

Financial Statement Analysis of Non Financial Sector 2012

D.M. Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

980,765

963,259

1,012,049

1,006,042

949,084

897,955

1,245,930

0
1,245,304

0
1,235,665

0
1,181,376

0
1,158,175

980,765
0

963,259
28,644

936,515
26,992

910,723
25,356

863,162
23,209

821,976
20,956

0
1,139

0
1,955

0
1,340

0
1,340

74,396

93,364

84,582

74,639

290,409
1,309
155,973

208,753
2,416
96,291

122,588
590
90,964

79,355
6,287
34,937

73,108
385
29,039

35,540
384
2,440

17,456

4,585

3,452

7,237

4,230

43

376
115,295

1,650
103,811

643
26,939

0
30,894

743
38,710

743
31,930

537,930
150,872

389,426
146,741

393,213
171,582

374,293
195,287

443,996
204,048

462,312
193,838

387,058

242,685

221,631

179,006

239,948

268,474

150,791

224,268

247,308
138,798
0

199,224
89,624
0

129,866
43,898
0

74,933
0
0

150,791

224,268

13,636
94,875

12,354
97,246

10,501
75,467

8,115
66,818

582,453
30,524

558,318
30,524

494,116
30,524

511,880
30,524

448,330
30,524

396,250
30,524

30,524
0
551,929

30,524
0
527,794

30,524
0
(116,358)
0
(116,358)

30,524
0
(92,306)
0
(92,306)

30,524
0
(143,982)
0
(143,982)

30,524
0
(210,541)
0
(210,541)

579,950

573,662

561,788

576,267

805,368
779,253
26,115
731,477

867,583
842,329
25,254
801,391

73,891
42,982

66,192
30,814

549,766
549,766
0
558,424
402,101
156,323
(8,658)
23,008
1,410
21,598

982,345
982,345
0
903,849
636,741
267,108
78,496
27,837
2,161
25,676

831,952
831,952
0
846,145
622,954
223,191
(14,193)
29,967
4,094
25,873

27,242
27,242
0
53,339
0
53,339
(26,097)
33,020
879
32,141

79,063
43,870
43,259
15,784
4,912
0
0
57,292

68,989
36,217
33,659
(80,095)
0
0
0
3,841

9,360
30,207
28,622
(58,210)
0
0
0
14,081

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

42,982

30,814

(23,394)
4,543
0
0

(17,170)
4,338
0
0

49,178
49,957
47,824
(72,446)
8
0
0
6,127

733,244
0
(27,937)
150,872

782,586
0
(21,508)
146,741

741,424
138,798
(72,454)
310,380

711,104
89,624
10,872
284,911

578,196
43,898
(80,095)
247,946

471,183
0
(58,210)
193,838

0.04
7.12
2.17
0.63
0.54
90.83
1.18
-2.09
-5.42
-3.93

0.02
6.27
0.53
0.74
0.54
92.37
1.10
-1.41
-3.01
-2.27

0.01
9.09
0.63
0.48
0.31
101.57
1.30
-6.28
-13.77
-9.51

0.04
4.47
0.74
0.91
0.21
92.01
1.12
1.42
3.14
2.17

0.01
4.35
0.51
0.81
0.16
101.71
1.28
-7.60
-16.68
-12.42

0.00
110.88
0.16
0.03
0.08
195.80
1.36
-5.95
-13.78
-11.09

57,355

54,365

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

39

5.16

9.01

6.04
-0.51
-13.18
0.01
-23.74
161.88

28.12
1.36
1.61
0.10
3.56
167.70

28.65
-1.38
-9.63
0.01
-26.24
146.88

11.16
-1.03
-213.68
0.03
-19.07
129.82

-2.90
0.00
-9.15
190.82

-1.98
0.00
-7.05
182.91

Financial Statement Analysis of Non Financial Sector 2012

D.S. Industries Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

783,304

717,586

650,820

590,069

40,994
652,875

0
698,657

0
698,130

0
684,125

610,505
56,171

596,566
59,721

538,857
57,568

480,093
50,886

0
126,692

0
101,947

0
92,890

0
90,904

5,113

19,072

19,073

19,072

54,877
2,547
23,209

122,466
11,249
27,414

131,778
12,767
58,818

85,161
15,723
26,823

23,351

46,101

39,141

23,809

594
5,176

229
37,473

198
20,854

219
18,587

641,746
381,186

746,862
411,241

873,106
453,262

663,544
294,567

260,560

335,621

419,844

368,977

352,646
261,312
0

272,782
192,500
0

281,117
204,312
0

405,172
325,951
15,000

4,371
86,963

3,825
76,457

7,216
69,589

8,968
55,253

(156,211)
600,000

(179,592)
600,000

(371,625)
600,000

(393,486)
600,000

600,000
0
(898,622)
0
(898,622)

600,000
0
(909,633)
0
(909,633)

600,000
0
(1,090,532)
0
(1,090,532)

600,000
0
(1,100,958)
0
(1,100,958)

142,411

130,041

118,907

107,472

653,736
653,736
0
652,940
404,793
248,147
796
513,541
1,245
512,296

913,016
909,352
3,665
803,135
513,332
289,803
109,881
26,034
6,014
20,020

1,225,420
1,159,753
65,667
1,286,566
920,224
366,342
(61,146)
34,594
5,663
28,931

943,573
943,412
161
904,367
608,603
295,764
39,206
36,524
7,261
29,263

61,173
130,200
129,067
(988,074)
0
0
0
150,806

75,627
88,072
87,538
(28,637)
5,251
0
0
66,206

105,576
102,170
101,221
(198,899)
0
0
0
(5,427)

89,036
42,923
42,434
(28,057)
0
0
0
105,868

196,435
261,312
(988,074)
642,498

93,190
192,500
(33,888)
603,741

(90,508)
204,312
(198,899)
657,574

11,686
325,951
(28,057)
620,518

0.04
19.92
3.57
0.78
0.09
99.88
-6.37
-117.88
632.53
-503.00

0.08
9.65
5.05
1.09
0.16
87.97
-5.68
-3.41
17.06
-19.77

0.06
8.34
3.19
1.57
0.15
104.99
-3.11
-24.52
72.17
-14,830.04

0.06
4.55
2.52
1.40
0.13
95.84
-2.72
-3.85
7.33
71.19

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

40

28.17
-6.66
-151.14
0.15
-16.47
-2.60

33.30
0.67
-3.14
0.06
-0.56
-2.99

20.83
-0.96
-16.23
0.00
-3.31
-6.19

35.18
0.34
-2.97
0.10
-0.47
-6.56

Financial Statement Analysis of Non Financial Sector 2012

Dar EsSalaam Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

656,178

613,434

568,100

884,288

1,002,002

862,688

746,150

967,963

1,285
967,140

0
1,030,712

1,165
1,381,374

1,910
1,438,811

656,178
40,458

612,994
58,894

560,702
53,917

882,081
53,937

998,839
80,379

858,196
88,290

440

352
0

281
0

225
0

1,240
0

5,761

1,926

1,773

1,342

295,595
3,171
115,532

324,000
4,784
188,012

184,652
1,478
53,389

196,790
5,593
67,381

326,427
5,883
199,727

326,827
4,692
148,428

126,445

74,931

18,389

16,801

12,939

55,683

0
50,447

0
56,273

0
111,396

0
107,016

0
107,878

0
118,024

472,836
310,271

537,894
399,576

432,672
331,368

432,492
259,821

615,802
410,794

629,065
375,859

162,565

138,318

101,305

172,670

205,008

253,206

174,155

191,191

215,378
120,557
80,240

243,600
134,497
80,240

302,177
142,250
80,240

264,709
100,859
80,240

174,155

191,191

3,340
11,242

4,910
23,954

4,765
74,922

5,042
78,568

304,782
80,000

208,349
80,000

104,702
80,000

404,986
80,000

410,450
80,000

295,741
80,000

80,000
0
224,782

80,000
0
128,349

80,000
0
(213,005)
0
(213,005)

80,000
0
(181,850)
0
(181,850)

80,000
0
(235,793)
0
(235,793)

80,000
0
(283,400)
0
(283,400)

237,708

506,836

566,243

499,141

779,169
410,368
368,801
716,686

730,695
454,269
276,426
730,207

62,483
38,598

488
40,410

850,027
707,168
142,859
848,279
614,433
233,846
1,748
50,506
6,757
43,749

1,083,860
899,512
184,348
972,518
751,074
221,444
111,342
47,705
7,550
40,155

1,436,871
1,436,871
0
1,412,270
1,149,441
262,828
24,601
39,741
307
39,434

1,339,936
1,321,262
18,674
1,325,619
1,035,334
290,285
14,317
54,107
1,203
52,904

76,871
55,637
51,012
9,157
6,390
0
0
120,555

85,458
70,213
66,287
(84,912)
14,413
0
0
(116,473)

90,956
64,003
62,020
(97,807)
13,267
0
0
18,360

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

38,598

40,410

(36,570)
5,495
0
0

(104,766)
3,674
0
0

72,926
79,489
72,455
(128,220)
1,454
0
0
79,592

478,937
0
(42,065)
310,271

399,540
0
(108,440)
399,576

320,081
120,557
(129,674)
451,925

648,586
134,497
2,767
394,318

712,627
142,250
(99,325)
553,045

560,450
100,859
(111,074)
476,718

0.27
7.82
16.23
0.82
0.63
91.98
2.12
-4.44
-14.32
-7.96

0.15
9.15
10.25
0.78
0.60
99.93
3.50
-11.09
-40.83
-23.85

0.05
9.35
2.16
1.13
0.43
99.79
6.19
-15.17
-81.92
-35.64

0.05
5.13
1.55
1.00
0.46
89.73
1.67
1.00
3.59
1.89

0.03
4.89
0.90
1.08
0.53
98.29
2.24
-7.05
-20.83
-12.48

0.10
4.78
4.16
1.13
0.52
98.93
3.02
-7.77
-27.70
-15.37

60,921

66,871

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

41

6.74

3.89

15.92
-0.77
-15.08
0.12
-16.21
13.09

16.09
1.18
0.84
0.18
0.35
50.62

7.19
-0.28
-5.91
-0.13
-12.42
51.31

9.03
-0.58
-7.30
0.02
-13.88
36.97

-4.69
0.00
-5.26
38.10

-14.34
0.00
-13.56
26.04

Financial Statement Analysis of Non Financial Sector 2012

Data Textiles Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

291,987

75,179

161,399

156,838

152,747

139,313

519,926

129,583

0
129,583

0
129,583

0
129,583

0
104,403

291,987
29,838

75,179
178,119

70,092
5,088

65,531
4,561

61,439
4,091

660
123

0
0

0
0

0
0

0
0

91,307

91,308

91,308

138,653

114,263
784
47,431

104,865
715
0

12,283
947
0

11,234
1,073
0

10,050
764
0

3,961
850
0

Items

9,685

8,175

7,000

6,125

0
66,048

0
94,465

0
3,161

0
3,161

0
3,161

0
3,111

269,711
23,222

153,153
0

113,998
0

114,225
0

114,394
0

15,743
0

246,489

153,153

113,998

114,225

114,394

15,743

65,592

39,222
0
39,222

39,222
0
39,222

39,222
0
39,222

39,222
0
39,222

0
0

0
0

0
0

9,181
99,096

88,309
99,096
99,096
0
(10,787)
0
(10,787)

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

65,592

0
0

70,947
99,096

26,891
99,096

20,462
99,096

14,625
99,096

99,096
0
(28,149)

99,096
0
(72,205)

99,096
0
(108,950)
0
(108,950)

99,096
0
(111,880)
0
(111,880)

99,096
0
(114,707)
0
(114,707)

30,316

27,409

24,792

98,741
98,741
0
151,985

0
0
0
0

(53,244)
3,084

0
1,959

0
0
0
0
0
0
0
1,528
0
1,528

0
0
0
0
0
0
0
1,416
0
1,416

0
0
0
0
0
0
0
1,418
0
1,418

0
0
0
0
0
0
0
859
0
859

665
55
0
(5,837)
0
0
0
126

605
96
0
(5,444)
0
0
0
(309)

302
105
0
(964)
0
0
0
(64,760)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,084

1,959

(66,341)
494
0
0

(12,168)
39,394
0
0

785
57
0
(6,431)
0
0
0
232

136,539
0
(66,835)
23,222

26,891
0
(51,562)
0

59,684
0
(6,431)
0

53,847
0
(5,837)
0

48,403
0
(5,444)
0

127,531
0
(964)
0

0.00
10.36
0.00
0.24
0.42
153.92
4.73
-15.06
-63.57
-40.82

0.07

0.08

0.07

0.06

0.05

0.00
0.68

0.00
0.11

0.00
0.10

0.00
0.09

0.00
0.25

10,227

3,910

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.08

-67.19
0.00
-6.74
7.16

42

5.70
-4.15
-24.87
-14.89

7.49
-3.64
-27.16
-14.86

10.49
-3.42
-33.27
-10.28

16.73
-3.29
-45.74
-10.65

0.62
-0.63
-1.98
-1.10

0.00
-5.20
2.71

0.00
-0.65
2.06

0.00
-0.59
1.48

0.00
-0.55
0.93

-1.18
-0.10
8.91

Financial Statement Analysis of Non Financial Sector 2012

Dawood Lawrencepur Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

801,608

76,286

3,472,351

3,751,445

4,305,460

4,478,918

1,783,458

464,602

40,120
468,430

52,269
477,302

128,228
477,007

170,168
381,613

801,608
77,094

76,286
24,234

65,805
4,560

67,690
9,837

60,129
9,552

45,398
9,016

23,945
3,333,078

23,575
3,597,367

23,385
4,083,174

24,378
4,228,431

6,127,370
34,441
827,505

1,714,810
62,036
196,084

10,544

10,544

10,543

1,467,401
26,633
201,103

1,426,344
52,314
319,688

1,397,951
48,916
295,152

327,523

46,917

43,750

69,763

82,643

159,017

4,330
1,405,443

121,794
853,667

761,362
408,540

654,837
316,862

575,658
319,208

711,335
505,548

208,305
0

149,786
0

139,141
0

143,960
0

118,355
0

205,787

208,305

149,786

139,141

143,960

118,355

45,748

44,695
0
0

48,557
0
0

59,674
0
0

62,183
0
0

48,557
0

59,674
0

62,183
0

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

9,403
1,259,576
24,052
216,313

4,738,279
199,622

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

45,748

44,695
0

6,171,895
385,835

1,582,791
466,861

4,537,446
513,547

5,031,148
513,547

5,528,170
590,578

5,696,331
590,578

385,835
0
5,786,060

466,861
0
1,115,930

513,547
0
4,023,899
0
4,023,899

513,547
0
4,517,601
0
4,517,601

590,578
0
4,937,592
0
4,937,592

590,578
0
5,105,753
0
5,105,753

1,870,447
1,850,381
20,066
1,770,237

368,294
368,294
0
294,373

100,210
148,712

73,921
23,807

193,365
193,365
0
140,441
56,983
83,458
52,924
563,738
5,555
558,183

380,862
380,862
0
330,206
122,362
207,844
50,656
96,596
11,349
85,247

374,667
374,667
0
339,561
168,388
171,173
35,106
155,929
16,232
139,697

378,965
378,965
0
334,049
184,386
149,663
44,916
129,055
7,941
121,114

164,241
0
0
681,604
13,591
25,677
77,032
(149,372)

197,334
0
0
789,873
8,541
59,058
0
(114,245)

185,373
0
0
265,470
11,463
295,289
0
(136,350)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

148,712

23,807

(3,233)
14,263
0
35,076

134,707
10,083
0
0

74,346
155
0
(215,818)
1,089
0
0
20,425

6,217,643
0
(17,496)
505,548

1,582,791
0
124,624
0

4,582,141
0
(216,907)
0

5,079,705
0
642,336
0

5,587,844
0
722,274
0

5,758,514
0
(41,282)
0

7.17
4.05
17.51
0.27
8.61
94.64
0.12
-0.05
-0.05
-0.05

0.54
0.09
12.74
0.21
8.23
79.93
0.13
3.09
3.47
3.45

1.27
0.08
22.63
0.04
8.41
72.63
0.04
-6.62
-7.05
-7.00

6.16
0.00
18.32
0.07
10.55
86.70
0.04
13.70
14.25
14.11
26.02
1.89

5.49
0.00
22.06
0.07
9.91
90.63
0.04
14.43
14.96
14.81
13.23
1.17

6.62
0.00
41.96
0.06
11.81
88.15
0.03
4.57
4.73
4.68
0.86
1.28

75,843

333

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

43

2.26

1.88

0.89

-0.17
0.00
-0.45
159.96

36.58
0.00

-111.61
0.11
-4.22
88.36

178.96
-0.80
13.01
97.97

210.82
-0.56
13.23
93.61

70.05
-0.76
4.30
96.45

Financial Statement Analysis of Non Financial Sector 2012

Dewan Farooque Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,332,587

1,273,830

1,207,370

1,146,037

1,099,851

1,883,407

1,390,432

1,589,719

25,089
1,613,806

27,691
1,639,662

0
1,723,939

0
2,625,181

1,332,587
140,078

1,273,830
126,440

1,177,281
120,635

1,093,166
110,355

1,074,670
102,772

1,856,660
119,718

0
0

0
0

0
0

0
0

5,000

25,181

25,181

26,747

530,650
1,796
272,089

552,785
2,013
325,251

586,138
6,525
359,016

586,936
1,978
335,195

846,151
5,130
401,600

907,081
16,768
406,803

81,550

95,251

75,547

52,051

218,389

243,255

0
175,215

7,977
122,293

0
145,050

0
197,713

0
221,032

0
240,255

890,274
198,959

488,303
289,550

838,390
473,911

793,710
471,930

1,151,888
793,947

446,601
263,673

691,315

198,753

364,480

321,780

357,941

182,928

351,224

685,908

579,434
224,219
377,507

487,915
126,162
377,507

43,910
20,833
0

1,024,207
791,093
0

243,750

351,224

442,158

6,648
(28,940)

8,599
(24,352)

8,526
14,551

8,191
224,923

621,739
600,000

652,404
600,000

375,684
600,000

451,348
600,000

750,204
977,507

1,319,680
977,507

600,000
0
21,739

600,000
0
52,404

600,000
0
(224,316)
0
(224,316)

600,000
0
(148,652)
0
(148,652)

977,507
0
(227,303)
0
(227,303)

977,507
0
(321,488)
0
(321,488)

880,976
388,304
492,672
745,163

1,015,813
383,770
632,043
894,845

135,813
11,439

120,968
51,407

Items

663,661

920,419
522,184
398,235
974,841
639,609
335,232
(54,422)
41,517
30,759
10,759

1,247,720
1,062,439
185,281
1,108,768
711,671
397,097
138,952
43,388
27,183
16,205

1,736,128
1,680,004
56,124
1,701,575
1,267,883
433,693
34,553
49,008
25,318
23,690

1,363,080
1,354,531
8,549
1,380,590
859,033
521,557
(17,510)
58,395
21,881
36,514

91,284
13,497
5,213
85,640
5,388
0
0
(40,890)

102,395
3,288
2,004
(16,942)
17,911
0
0
(6,222)

110,570
31,347
30,609
(105,825)
13,741
0
0
274,884

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,439

51,407

6,301
7,101
0
0

(38,366)
96,604
0
0

71,467
127,582
113,986
(217,008)
4,001
0
0
(27,805)

972,963
0
(800)
198,959

1,338,312
243,750
(134,970)
533,300

955,118
224,219
(221,009)
698,130

939,263
126,162
80,252
598,091

794,114
20,833
(34,853)
814,780

2,343,887
791,093
(119,566)
1,054,766

0.09
13.41
9.26
0.47
0.60
84.58
2.00
0.34
1.03
0.61

0.22
10.63
9.38
0.56
1.13
88.09
1.80
-2.08
-6.02
-3.32

0.10
13.86
8.21
0.51
0.70
105.91
3.77
-11.99
-42.22
-18.92

0.07
1.08
4.17
0.72
0.74
88.86
2.84
4.86
20.71
9.04

0.19
0.19
12.58
0.89
0.73
98.01
1.59
-0.92
-2.82
-1.95

0.58
2.30
17.85
0.49
2.03
101.28
1.11
-4.47
-10.23
-6.74

118,107

107,953

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

44

3.24

3.12

2.56
-0.90
-23.58
-0.02
-3.68
6.26

3.72
17.43
6.86
-0.03
1.34
7.52

4.32
-7.45
-0.98
-0.01
-0.36
7.67

3.35
-2.46
-7.76
0.19
-1.22
13.50

0.72
0.00
-0.01
10.36

-3.78
0.00
-2.25
10.87

Financial Statement Analysis of Non Financial Sector 2012

Dewan Khalid Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

296,920

290,074

331,456

309,006

357,645

782,752

476,370

584,896

49,331
593,205

49,331
593,482

0
680,298

0
1,205,246

296,920
19,003

290,074
18,742

234,278
26,779

210,536
24,019

273,322
24,030

729,772
68,497

0
47,774

0
49,066

0
84,250

0
52,939

73

73

73

41

1,148,849
1,957
657,194

749,151
10,224
366,208

585,827
2,297
316,758

575,336
2,032
248,540

577,438
2,154
200,220

631,155
8,584
253,796

64,812

107,942

197,640

257,374

303,987

280,405

340,552
84,334

159,785
104,992

0
69,132

0
67,390

0
71,078

0
88,370

855,807
391,148

697,518
374,691

780,215
385,467

766,370
355,368

802,153
351,590

630,857
330,593

464,659

322,827

394,749

411,001

450,563

300,264

20,000

52,161

44,851
0
0

40,185
0
0

4,652
0
0

321,594
227,800
0

5,433
34,752

4,652
0

5,057
88,737

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

20,000

52,161

9,488
35,363

569,962
56,824

289,546
56,825

92,217
56,825

77,787
56,825

128,278
56,825

461,456
56,825

56,824
0
513,138

56,825
0
232,721

56,825
0
35,392
0
35,392

56,825
0
20,962
0
20,962

56,825
0
71,453
(63,547)
135,000

56,825
0
65,208
(69,792)
135,000

339,423

565,599
534,391
31,208
466,150

1,205,872
1,200,281
5,591
1,173,185

99,449
39,882

32,687
50,027

652,201
652,201
0
660,706
474,871
185,835
(8,505)
53,882
17,473
36,409

498,155
498,155
0
485,275
289,517
195,758
12,880
26,905
2,100
24,805

1,368,138
1,368,138
0
1,342,223
1,041,856
300,367
25,915
29,926
4,074
25,852

1,155,718
1,155,718
0
1,170,185
894,251
275,934
(14,467)
39,118
11,763
27,355

52,870
7,120
291
(21,145)
2,508
0
0
41,976

104,782
1,193
0
(5,203)
14,243
0
0
42,578

107,979
6,246
5,986
(59,831)
11,558
0
0
77,548

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

39,882

50,027

5,639
2,828
0
0

(73,565)
6,034
0
0

85,554
45,672
43,597
(108,059)
0
0
0
53,240

589,962
0
2,811
391,148

341,707
0
(79,599)
374,691

137,067
0
(108,059)
385,467

117,971
0
(23,652)
355,368

132,930
0
(19,446)
351,590

783,050
227,800
(71,389)
558,393

0.48
9.53
11.46
0.39
1.34
82.42
1.54
0.44
1.31
1.23

0.40
4.66
8.95
1.16
1.07
97.29
2.59
-5.92
-17.12
-15.79

0.26
7.00
30.30
0.71
0.75
101.30
8.95
-11.05
-56.61
-45.14

0.34
1.43
51.67
0.56
0.75
97.41
10.37
-2.35
-24.88
-16.58

0.38
0.09
22.22
1.46
0.72
98.11
6.29
-0.57
-5.05
-4.15

0.46
0.54
24.26
0.82
1.00
101.25
2.06
-5.09
-20.29
-13.06

53,928

56,225

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

45

0.86

3.29

2.06
-1.48
-16.57
0.06
-19.02
16.23

2.00
-71.71
-4.24
0.05
-4.16
13.69

6.83

4.55
-9.00
-5.18
0.08
-12.56
81.21

1.00
0.00
0.49
100.30

-6.10
0.00
-14.01
50.95

-0.38
0.05
-3.42
22.57

Financial Statement Analysis of Non Financial Sector 2012

Dewan Mushtaq Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

368,431

338,622

334,554

304,127

301,569

753,747

706,402

738,776

192
739,439

192
739,220

192
742,347

0
1,271,317

368,431
38,466

338,622
35,880

304,122
34,971

272,900
31,253

248,690
28,106

720,329
57,742

0
29,400

0
30,195

0
51,846

0
32,577

841

841

841

841

1,012,452
11,526
571,066

557,613
27,809
257,230

389,424
6,013
112,120

503,798
2,785
116,046

553,300
3,209
93,868

619,264
12,975
203,134

124,726

129,845

223,609

336,673

376,749

312,276

209,571
95,563

98,329
44,400

0
47,682

0
48,295

0
79,474

0
90,879

1,038,781
274,476

673,495
129,674

391,714
233,837

542,305
334,602

669,333
440,984

213,652
53,250

764,305

543,821

157,877

207,703

228,349

160,402

242,499
187,500
0

135,123
83,333
0

22,399
0
0

601,014
480,082
0

23,065
28,726

22,399
0

22,437
98,495

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

23,672
31,327

342,102
34,340

222,740
34,340

89,765
34,340

130,497
34,340

163,137
34,340

558,345
34,340

34,340
0
307,762

34,340
0
188,400

34,340
0
55,425
(5,300)
60,725

34,340
0
96,157
0
96,157

34,340
0
128,797
0
128,797

34,340
0
148,828
0
148,828

375,177

1,136,992
1,046,334
90,658
1,043,407

1,526,823
1,446,391
80,432
1,510,847

93,585
49,906

15,976
17,819

1,033,717
1,011,121
22,596
997,035
640,441
356,594
36,682
39,844
18,173
21,671

1,051,558
1,051,558
0
979,882
680,650
299,232
71,676
28,376
8,135
20,242

1,504,373
1,492,643
11,730
1,473,869
1,164,322
309,547
30,504
32,775
4,876
27,899

1,401,777
1,401,777
0
1,352,881
1,152,959
199,922
48,896
40,418
5,997
34,421

100,757
763
118
38,092
5,262
0
0
906

122,402
299
0
(2,041)
15,696
0
0
(18,856)

122,467
11,109
10,781
(2,318)
14,019
0
0
200,411

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

49,906

17,819

15,713
10,679
0
0

(33,715)
7,909
0
0

102,540
69,799
67,723
(78,260)
264
0
0
(278,877)

342,102
0
5,034
274,476

222,740
0
(41,624)
129,674

332,264
187,500
(78,524)
421,337

265,620
83,333
32,831
417,935

185,536
0
(17,738)
440,984

1,159,359
480,082
(16,337)
533,332

0.33
2.52
10.97
0.82
0.97
91.77
3.04
1.19
6.23
6.23

0.38
2.10
8.50
1.70
0.83
98.95
3.02
-2.96
-11.94
-11.94

0.59
6.75
21.63
1.43
0.99
96.45
7.07
-9.66
-50.09
-28.20

0.63
0.07
32.02
1.30
0.93
93.18
5.19
4.97
34.59
12.74

0.57
0.02
25.04
1.76
0.83
97.97
4.24
-0.25
-1.39
-0.90

1.52
0.79
22.28
1.02
2.90
96.51
1.46
-0.21
-0.64
-0.34

28,631

32,045

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

46

1.99

5.94

9.22
-0.16
-7.57
-0.44
-22.87
26.14

9.06
324.17
3.62
0.00
9.56
38.00

16.03

6.90
0.78
-0.17
0.25
-4.76
162.59

1.38
0.00
1.47
99.62

-2.21
0.00
-12.12
64.86

-0.14
-0.03
-5.17
47.51

Financial Statement Analysis of Non Financial Sector 2012

Dewan Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,205,680

1,278,803

1,480,394

1,362,737

1,382,327

2,254,283

2,128,782

2,231,600

153,936
2,461,995

19,654
2,599,113

23,187
2,621,366

4,627
3,759,190

1,205,680
101,006

1,278,803
109,259

1,156,574
111,345

1,174,381
119,732

1,076,763
119,871

2,070,823
143,764

0
154,347

0
158,519

0
272,194

0
171,033

15,538

10,184

10,184

7,800

3,142,846
14,261
1,507,921

3,038,360
12,507
1,714,936

2,420,105
6,560
1,284,780

2,308,180
3,825
1,093,251

3,130,563
19,386
1,326,750

3,132,407
31,735
1,367,943

Items

430,836

671,730

1,046,271

1,103,460

1,592,802

1,574,630

1,100,246
89,582

516,229
122,958

0
82,494

0
107,644

0
191,625

0
158,099

2,460,394
1,501,197

2,621,321
1,753,896

3,156,287
2,154,917

3,125,450
2,199,822

4,252,242
2,808,885

1,005,264
554,928

959,197

867,425

1,001,370

925,628

1,443,358

450,336

139,683

745,176

802,532
782,665
0

527,041
498,681
0

245,503
216,276
0

3,962,760
3,687,994
0

28,361
0

29,227
0

27,466
247,300

139,683

745,176

19,867
0

1,748,449
135,046

950,666
135,046

(58,320)
135,046

18,426
135,046

15,145
135,046

418,666
135,046

135,046
0
1,613,403

135,046
0
815,620

135,046
0
(193,366)
(27,826)
(165,540)

135,046
0
(116,620)
0
(116,620)

135,046
0
(119,901)
113,675
(233,576)

135,046
0
(536,287)
12,515
(548,802)

2,576,064
1,595,052
981,012
2,201,609

3,232,639
1,815,288
1,417,351
3,055,428

374,455
107,798

177,211
115,989

819,907

3,113,780
1,595,498
1,518,282
3,339,237
54,515
3,284,722
(225,457)
154,146
88,295
65,851

3,441,743
3,195,071
246,672
3,265,735
40,274
3,225,460
176,009
81,185
24,302
56,883

4,698,604
4,418,121
280,483
4,689,552
4,064,786
624,766
9,051
55,707
17,847
37,860

3,128,523
2,585,641
542,882
3,249,536
2,430,930
818,606
(121,013)
60,819
20,824
39,995

258,925
31,599
22,880
67,087
18,692
0
0
108,808

280,925
19,821
14,664
(65,551)
51,404
0
0
96,325

299,129
143,877
122,488
(317,525)
31,351
0
0
282,180

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

107,798

115,989

26,369
13,235
0
0

(212,863)
18,018
0
0

72,660
297,077
256,982
(659,196)
17,386
0
0
(44,688)

1,888,132
0
13,134
1,501,197

1,695,842
0
(230,881)
1,753,896

744,212
782,665
(676,582)
2,937,581

545,467
498,681
48,396
2,698,503

260,648
216,276
(116,956)
3,025,160

4,381,426
3,687,994
(348,876)
4,242,922

0.46
8.85
20.78
0.75
1.16
94.52
3.54
-4.91
-15.77
-11.88

0.33
9.54
33.60
0.80
0.77
107.24
-67.88
-16.04
-147.74
-54.03

0.35
0.92
32.06
0.94
0.74
94.89
198.22
1.77
-336.33
10.40

0.38
0.42
33.90
1.04
0.74
99.81
296.98
-1.60
-390.52
-16.26

1.60
4.60
50.33
0.58
3.12
103.87
11.87
-6.41
-146.39
-13.68

244,838

285,935

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.63
9.50
16.72
0.59
1.28
85.46
1.49
0.61
1.51
1.38

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

47

1.71

1.88

2.42
-1.57
-21.17
-0.01
-50.10
-4.32

3.15
3.93
1.95
0.03
3.58
1.36

3.54
-3.47
-1.40
0.02
-8.66
1.12

2.29
-1.59
-10.15
0.06
-25.83
31.00

1.02
0.00
0.97
129.47

-6.58
0.00
-17.10
70.40

Financial Statement Analysis of Non Financial Sector 2012

Din Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,005,359

1,899,186

1,743,569

1,682,729

1,650,481

1,850,810

3,115,768

3,207,269

3,120
3,221,476

85,817
3,231,178

9,089
3,433,258

129,834
3,518,961

2,005,359
210,707

1,899,186
200,116

1,733,348
187,217

1,584,345
170,199

1,628,052
165,920

1,565,851
167,706

0
0

0
0

0
0

0
0

7,101

12,567

13,340

155,125

1,156,671
8,570
644,740

1,229,579
23,599
559,266

1,423,325
14,403
515,264

1,734,752
24,666
864,830

3,975,148
57,830
1,836,369

2,511,156
74,424
1,128,025

416,960

560,983

547,900

1,000,965

1,005,597

0
503,361

0
229,754

0
332,675

0
297,357

0
1,079,984

0
303,110

1,767,707
772,218

1,791,938
771,247

1,380,077
1,170,363

1,691,536
1,153,448

3,031,932
2,629,587

2,398,881
761,828

995,489

1,020,691

209,714

538,088

402,345

1,637,053

503,091

263,786

684,147
83,742
500,000

263,397
159,701
0

316,857
173,850
0

396,498
274,215
0

49,729
53,968

64,972
78,035

75,468
46,815

Items

503,091

263,786

52,008
48,397

891,232
185,303

1,073,041
185,303

1,102,670
185,303

1,462,548
185,303

2,276,840
203,834

1,566,587
203,834

185,303
0
705,929

185,303
0
887,738

185,303
0
917,367
10,376
906,991

185,303
0
1,277,245
10,376
1,266,869

203,834
0
2,073,007
10,377
2,062,630

203,834
0
1,362,753
10,377
1,352,376

2,772,414
1,295,142
1,477,272
2,479,012

3,101,040
1,504,079
1,596,961
2,765,929

293,402
73,643

335,111
98,555

3,712,392
2,513,709
1,198,683
3,324,878
2,257,391
1,067,487
387,514
169,895
115,092
54,803

4,691,884
2,845,008
1,846,877
3,767,900
2,569,545
1,198,355
923,984
307,965
195,201
112,765

7,574,654
891,012
6,683,643
6,099,469
5,044,382
1,055,087
1,475,185
233,988
85,674
148,314

7,358,489
4,369,464
2,989,025
7,563,546
5,565,977
1,997,569
(205,057)
245,236
141,184
104,052

337,492
213,463
196,789
414,043
40,474
37,061
18,530
307,799

455,190
330,083
303,055
925,683
76,786
40,767
0
(188,524)

451,613
405,577
382,758
(833,895)
29,611
0
0
254,778

1,725,945
159,701
336,508
1,313,149

2,593,697
173,850
808,130
2,803,437

1,963,085
274,215
(863,506)
1,036,043

0.34
4.55
11.68
1.37
1.03
80.31
1.34
12.58
32.28
23.57
10.08
5.43
3.10
8.82
0.16
20.16
78.93

0.35
4.36
13.21
1.35
1.31
80.52
1.47
20.47
49.51
42.86
20.82
4.12
4.05
12.22
-0.06
41.65
111.70

0.45
5.51
13.67
1.69
1.05
102.79
1.78
-16.70
-43.39
-36.60

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

73,643

98,555

90,531
20,271
0
0

132,360
15,823
0
0

306,478
142,461
130,641
84,893
12,021
0
0
86,975

1,394,323
0
70,260
772,218

1,336,827
0
116,537
771,247

1,786,817
83,742
72,872
1,254,105

0.00
4.94
0.00
0.88
0.65
89.42
2.55
2.92
11.20
6.50

0.25
3.68
13.45
0.99
0.69
89.19
1.92
4.21
13.48
9.69

136,957

114,212

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.30

5.54

7.20
1.65
2.29
0.04
3.93
59.51

3.27
0.00

4.27
0.00
6.29
57.91

48

0.42
3.84
15.11
1.17
1.03
89.56
1.87
2.70
7.80
5.44

6.52
-1.18
-11.33
0.09
-42.36
76.86

Financial Statement Analysis of Non Financial Sector 2012

Elahi Cotton Mills Ltd.

2008

2009

2010

45,286

43,387

42,753

63,277

60,581

59,643

104,468

104,015

0
100,783

0
123,042

0
123,741

0
125,551

45,286
2,101

43,387
1,922

41,834
1,737

62,358
1,736

59,662
3,396

58,724
3,228

0
0

0
0

0
0

0
0

919

919

919

919

6,711
1,089
3,305

7,025
568
4,685

5,937
573
4,244

9,505
3,789
3,796

10,225
2,396
6,183

12,158
2,107
7,781

657

0
2,317

0
1,772

0
1,120

0
1,921

0
1,646

0
1,613

98,601
23,883

78,688
0

14,037
0

10,250
0

9,220
0

8,133
0

74,718

78,688

14,037

10,250

9,220

8,133

4,468

71,584
0
66,798

90,159
0
78,624

91,045
0
78,774

92,105
0
80,024

2,635
8,900

3,212
9,060

3,613
8,468

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

(Thousand Rupees)
2011
2012

2007

Items

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

4,468

2,287
2,500

(46,604)
13,000

(32,744)
13,000

(36,931)
13,000

(27,627)
13,000

(29,459)
13,000

(28,437)
13,000

13,000
0
(59,604)

13,000
0
(45,744)

13,000
0
(76,599)
0
(76,599)

13,000
0
(82,530)
0
(82,530)

13,000
0
(83,757)
0
(83,757)

13,000
0
(81,469)
0
(81,469)

26,668

41,903

41,298

40,032

109,721
109,721
0
111,262

148,163
148,163
0
150,498

(1,541)
1,376

(2,335)
1,365

139,722
139,722
0
143,243
112,926
30,318
(3,521)
1,806
0
1,806

150,011
150,011
0
154,779
121,035
33,744
(4,768)
1,563
0
1,563

206,404
206,404
0
203,932
162,455
41,477
2,472
2,515
0
2,515

211,215
211,215
0
206,030
159,248
46,782
5,185
3,106
0
3,106

15,860
416
0
(6,555)
0
0
0
(220)

19,453
107
19
485
2,157
0
0
(823)

23,345
98
0
2,544
2,114
0
0
459
63,668
0
430
0

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,376

1,365

(4,468)
553
0
0

15,199
747
0
0

15,034
756
0
(4,691)
0
0
0
179,045

(46,604)
0
(5,021)
23,883

(28,276)
0
14,452
0

34,653
0
(4,691)
0

62,532
0
(6,555)
0

61,586
0
(1,672)
0

0.01
2.16
0.00
2.11
0.07
101.40
-2.12
-8.40
10.03
10.48

0.01
0.14
0.00
2.94
0.09
101.58
-2.54
29.68
-38.31
-40.60

0.04
0.54
0.00
2.87
0.42
102.52
-2.32
-9.47
13.46
-147.10

0.37
0.28
0.00
2.06
0.93
103.18
-3.63
-10.79
20.31
-13.49

0.26
0.05
0.00
2.92
1.11
98.80
-3.40
0.68
-1.70
0.78

2,375

201

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

49

0.34
0.05
0.31
2.94
1.49
97.55
-3.52
3.57
-8.79
4.06

33.20

31.62

32.92

39.52

33.38
26.05
0.24
-0.01
-1.29
-22.66

27.14

-4.07
0.00
-3.86
-35.85

10.26
0.00
11.12
-25.19

-3.36
2.09
-3.61
-28.41

-4.37
0.00
-5.04
-21.25

1.20
0.00
0.33
-21.87

Financial Statement Analysis of Non Financial Sector 2012

Ellcot Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

975,948

957,356

923,594

894,119

904,403

903,094

1,495,215

1,578,462

13,758
1,621,703

0
1,694,203

2,748
1,791,878

0
1,860,089

975,948
89,491

957,356
99,665

904,722
97,355

886,961
91,252

894,497
92,906

895,585
93,612

0
0

0
0

0
0

0
0

5,114

7,158

7,158

7,509

713,069
114,343
304,520

849,137
53,643
565,470

902,086
16,336
583,005

831,559
13,259
595,116

1,332,945
136,528
913,069

949,108
16,233
746,409

98,388

145,492

185,809

119,778

61,096

88,104

0
195,818

0
84,532

0
116,936

0
103,406

146,238
76,013

45
98,317

662,193
471,238

850,510
647,875

892,181
777,339

691,251
476,565

1,005,056
776,083

566,726
379,639

190,955

202,635

114,842

214,686

228,973

187,087

585,713

471,695

464,639
407,694
0

445,146
367,712
0

329,235
224,958
0

312,664
206,387
0

585,713

471,695

15,532
41,414

14,025
63,409

12,665
91,612

13,520
92,757

441,111
109,500

484,288
109,500

468,860
109,500

589,281
109,500

903,057
109,500

972,812
109,500

109,500
0
331,611

109,500
0
374,788

109,500
0
359,360
7,760
351,600

109,500
0
479,781
7,760
472,021

109,500
0
793,557
7,760
785,797

109,500
0
863,312
7,760
855,552

1,608,284
1,082,261
526,023
1,412,133

1,841,530
1,226,018
615,512
1,574,006

196,151
60,598

267,524
96,686

2,441,020
1,910,310
530,710
2,167,921
1,452,354
715,567
273,099
86,207
38,986
47,221

3,186,160
1,581,145
1,605,015
2,772,370
1,959,108
813,262
413,790
109,721
53,332
56,389

4,991,956
2,193,028
2,798,929
4,302,712
3,274,725
1,027,986
689,245
139,654
56,182
83,471

4,025,287
2,366,213
1,659,074
3,592,548
2,801,250
791,298
432,739
116,403
37,817
78,586

156,771
140,059
132,903
166,678
16,049
38,325
0
406,102

210,151
137,923
124,894
421,921
58,648
76,650
0
234,229

215,921
129,144
113,170
200,009
41,415
54,750
0
311,552

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

60,598

96,686

64,648
8,044
0
0

84,387
9,207
0
0

145,179
184,066
175,677
5,254
1,232
8,213
0
50,931

1,026,824
0
56,604
471,238

955,983
0
75,180
647,875

933,499
407,694
(4,190)
1,185,032

1,034,427
367,712
112,304
844,277

1,232,292
224,958
286,623
1,001,041

1,285,476
206,387
103,844
586,026

0.32
4.94
6.12
0.95
1.08
87.80
2.83
4.30
15.49
6.91

0.23
5.14
7.90
1.02
1.00
85.47
2.73
4.83
18.24
8.51

0.23
7.54
7.61
1.34
1.01
88.81
2.89
0.29
1.10
0.56
0.49
4.19
1.03
0.22
0.04
0.37
42.82

0.19
4.40
3.76
1.85
1.20
87.01
1.93
9.39
31.50
16.94
3.93
5.35
2.25
5.23
0.36
13.76
53.82

0.34
2.76
1.22
2.23
1.33
86.19
1.48
21.29
56.55
37.23
4.74
5.47
4.38
8.45
0.18
33.18
82.47

0.18
3.21
2.19
2.17
1.67
89.25
0.90
9.78
21.32
15.89
2.90
5.39
2.77
4.97
0.35
14.48
88.84

79,507

94,675

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

50

5.28

3.26

4.02
0.00
5.17
40.28

4.58
0.00
6.87
44.23

Financial Statement Analysis of Non Financial Sector 2012

Faisal Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,725,274

1,603,724

1,624,424

1,623,573

1,858,301

1,871,730

2,605,635

2,666,969

16
2,684,970

44,241
2,709,472

1,599
2,997,041

46,674
3,080,826

1,725,274
179,011

1,603,724
184,328

1,461,870
164,554

1,340,344
152,367

1,513,758
137,924

1,439,395
161,237

0
153,005

0
230,414

0
337,174

0
380,629

9,534

8,574

5,770

5,032

1,244,592
24,152
685,831

1,438,196
26,622
877,948

1,206,601
13,327
822,996

1,300,547
74,334
893,253

1,733,162
37,740
1,262,850

1,737,077
35,981
1,189,893

293,439

265,447

235,948

190,746

243,342

319,241

130,086
111,084

140,845
127,334

0
134,330

0
142,214

0
189,229

0
191,962

1,310,563
794,000

1,425,328
902,504

1,243,805
1,005,922

1,201,785
866,699

1,218,843
704,273

1,086,663
636,063

516,563

522,824

237,883

335,086

514,569

450,600

631,388

559,353

551,840
380,446
89,286

291,824
121,716
100,000

333,555
260,186
0

259,081
177,450
0

50,118
19,990

59,294
14,075

64,851
16,780

Items

631,388

559,353

42,854
39,254

1,027,915
100,000

1,057,239
100,000

1,035,380
100,000

1,430,511
100,000

2,039,065
100,000

2,263,063
100,000

100,000
0
927,915

100,000
0
957,239

100,000
0
935,380
850,000
85,380

100,000
0
1,330,511
1,250,000
80,511

100,000
0
1,939,065
1,800,000
139,065

100,000
0
2,163,063
2,100,000
63,063

3,396,465
1,522,951
1,873,514
3,040,253

3,725,554
1,722,945
2,002,609
3,353,490

356,212
82,718

372,064
95,652

4,271,909
1,587,284
2,684,625
3,826,875
2,665,565
1,161,311
445,034
99,948
66,205
33,743

5,230,637
472,128
4,758,509
4,355,164
3,534,449
820,715
875,473
310,596
225,605
84,991

9,137,112
355,233
8,781,879
7,888,159
6,798,144
1,090,015
1,248,953
386,214
307,219
78,994

7,632,725
874,045
6,758,680
6,772,260
5,313,747
1,458,513
860,465
356,922
253,320
103,602

278,763
211,118
173,543
434,382
52,514
50,000
0
539,872

317,075
223,734
181,857
756,359
96,367
75,000
0
295,579

332,653
186,617
155,050
375,498
77,166
50,000
0
444,639

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

82,718

95,652

112,985
25,627
0
0

107,659
27,794
1,000
37,000

222,766
264,679
235,632
94,133
29,567
7,500
0
704,036

1,659,303
0
87,358
794,000

1,616,592
0
78,865
902,504

1,587,220
380,446
57,066
1,386,368

1,722,335
121,716
331,868
988,415

2,372,619
260,186
584,992
964,459

2,522,144
177,450
248,332
813,513

0.34
5.33
8.64
1.14
0.95
89.51
1.89
4.03
12.05
6.50

0.30
5.06
7.13
1.22
1.01
90.01
1.88
3.58
10.33
6.57
79.87
4.24

0.20
6.20
5.52
1.51
0.97
89.58
1.73
3.21
9.00
5.88
8.61
5.19
1.40
2.20
0.39
6.46
103.54

0.22
4.04
3.65
1.79
1.08
83.26
1.04
15.10
35.23
26.25
7.64
5.86
3.50
8.30
0.36
38.19
143.05

0.23
2.45
2.66
2.54
1.42
86.33
0.76
23.22
43.60
36.94
8.80
7.24
5.16
8.28
0.19
66.00
203.91

0.33
2.44
4.18
2.12
1.60
88.73
0.59
10.43
17.46
15.34
5.97
6.41
3.42
4.92
0.33
29.83
226.31

180,938

188,532

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.95

51

3.33
0.00
8.74
102.79

2.89
0.00
7.99
105.72

Financial Statement Analysis of Non Financial Sector 2012

Fateh Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,300,148

2,140,103

2,636,343

2,809,304

2,972,293

3,073,359

4,384,656

4,385,995

112,655
4,386,395

276,563
4,539,688

568,933
4,540,387

782,334
4,546,434

2,300,148
105,681

2,140,103
94,877

1,995,513
85,134

2,003,223
91,713

1,873,016
82,422

1,760,794
74,633

0
524,358

0
525,701

0
526,527

0
526,414

3,818

3,818

3,818

3,817

5,620,709
56,872
2,267,554

6,753,510
12,598
2,125,628

6,983,246
11,005
1,761,621

7,267,916
13,412
1,303,099

7,569,818
24,317
1,495,965

6,495,273
16,698
1,458,155

2,335,579

3,848,164

4,949,819

5,655,316

5,850,126

4,801,692

528,135
432,569

526,032
241,088

0
260,801

0
296,089

0
199,409

0
218,728

3,494,355
1,885,484

4,680,474
2,708,582

5,587,473
3,820,992

6,094,464
3,836,223

3,649,254
858,201

4,624,913
2,271,752

1,608,871

1,971,892

1,766,482

2,258,241

2,791,053

2,353,161

1,644,925

1,501,489

1,349,221
1,263,841
51,000

1,349,016
1,246,543
51,000

4,306,418
4,211,340
51,000

2,398,154
2,311,589
51,000

1,644,925

1,501,489

8,381
26,000

10,473
41,000

5,549
38,529

7,213
28,352

2,781,577
12,500

2,711,650
12,500

2,682,895
12,500

2,633,740
12,500

2,586,439
12,500

2,545,565
12,500

12,500
0
2,769,077

12,500
0
2,699,150

12,500
0
1,524,652
420
1,524,232

12,500
0
1,529,368
1,764
1,527,604

12,500
0
1,530,550
2,591
1,527,958

12,500
0
1,533,311
2,478
1,530,833

1,145,743

1,091,873

1,043,389

999,754

6,343,519
6,343,519
0
5,799,323

4,794,218
850,404
3,943,814
4,350,438

544,196
205,030

443,780
129,402

3,050,989
426,985
2,624,004
2,971,848
2,767,606
204,242
79,140
115,536
19,022
96,514

2,442,559
874,205
1,568,354
2,423,991
2,067,897
356,094
18,568
85,394
18,450
66,944

2,825,315
736,439
2,088,875
2,282,067
2,066,904
215,163
543,248
69,365
12,178
57,187

2,684,459
760,249
1,924,210
2,405,538
2,045,257
360,281
278,921
435,605
10,833
424,772

84,792
428,826
427,574
39,026
5,000
1,250
0
(220,527)

129,650
561,197
559,746
27,722
8,100
1,875
0
351,294

85,797
550,330
549,759
4,952
15,722
1,250
0
310,567

108,645
95,237
94,776
12,124
10,000
625
0
1,207,613

3,982,756
1,246,543
17,747
5,082,766

6,892,857
4,211,340
(12,021)
5,069,542

4,943,719
2,311,589
1,499
4,583,341

1.61
19.48
207.06
0.27
2.07
80.77
3.08
0.05
0.19
0.09
-8.62
1.89
1.01
0.18
0.04
-8.62
2,069.15

1.04
3.55
178.87
0.28
1.40
89.61
2.76
0.12
0.47
0.20
3.40
1.84
1.13
0.45
0.17
1.70
2,036.45

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

205,030

129,402

359,551

390,108

101,667
51,000
0
0

37,557
29,500
9,375
0

4,426,502
0
50,667
1,885,484

4,213,139
0
(1,318)
2,708,582

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

4,032,116
1,263,841
32,776
5,084,832

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.84
5.67
36.82
0.80
1.61
91.42
1.85
1.30
3.63
2.23

2.80

0.94
8.14
80.27
0.54
1.44
90.74
2.28
0.45
1.37
0.87
0.86
2.26

1.60
0.00
40.53
2,225.26

0.78
0.00
6.45
2,169.32

52

0.89
14.06
162.24
0.32
1.25
97.41
2.59
0.42
1.45
0.95
27.22
1.73
1.09
1.28
-0.03
27.22
2,146.32

0.93
22.98
231.53
0.24
1.19
99.24
2.83
0.28
1.04
0.69
10.47
1.87
1.05
1.13
0.05
15.70
2,106.99

Financial Statement Analysis of Non Financial Sector 2012

Fatima Enterprises Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,858,193

3,271,019

4,445,080

4,354,033

4,336,452

4,153,484

3,934,229

4,601,171

2,626
5,820,275

389
5,923,436

0
6,068,858

3,693
6,043,626

2,858,193
151,775

3,271,019
252,839

4,329,858
157,155

4,256,856
176,163

4,232,279
172,780

4,044,564
163,411

0
58,459

0
58,459

0
58,459

0
58,459

54,137

38,329

45,714

46,768

3,618,481
97,094
2,104,908

5,232,393
154,820
3,562,286

4,655,607
173,006
3,293,669

4,024,649
79,828
2,679,930

4,408,881
67,299
2,803,007

4,631,702
28,895
2,692,314

662,200

671,637

332,471

453,214

477,935

464,806

58,159
696,120

760
842,890

0
856,461

0
811,677

0
1,060,640

0
1,445,687

4,449,466
3,209,134

6,173,216
4,674,523

5,206,111
3,931,123

4,334,810
3,189,683

4,886,145
3,575,483

5,243,881
3,342,994

1,240,332

1,498,693

1,274,988

1,145,127

1,310,662

1,900,887

1,266,632

1,331,035

2,065,560
1,393,675
597,006

1,977,404
1,301,973
607,516

1,676,816
1,035,428
571,957

1,603,408
671,997
859,586

1,266,632

1,331,035

35,077
39,802

28,113
39,802

29,629
39,802

31,662
40,163

760,576
142,310

999,161
142,310

1,829,016
142,310

2,066,468
142,310

2,182,372
142,310

1,937,897
142,310

142,310
0
618,266

142,310
0
856,851

142,310
0
752,927
18,648
734,279

142,310
0
990,379
18,648
971,731

142,310
0
1,106,283
18,648
1,087,635

142,310
0
861,808
18,648
843,160

933,779

933,779

933,779

933,779

6,782,454
5,407,623
1,374,831
6,306,633

9,736,403
8,167,273
1,569,130
8,999,814

475,821
79,768

736,589
109,837

7,654,539
5,868,803
1,785,736
6,735,425
6,679,554
55,871
919,114
154,693
0
154,693

7,894,355
6,301,113
1,593,242
6,908,250
6,410,104
498,146
986,105
121,007
0
121,007

9,288,025
6,038,639
3,249,386
8,331,008
1,181,889
7,149,119
957,017
124,757
0
124,757

5,839,671
3,568,217
2,271,454
5,375,595
5,183,429
192,166
464,076
96,174
0
96,174

566,263
614,905
594,193
261,183
38,692
0
0
1,459,148

492,401
633,001
593,253
208,784
92,880
0
0
809,436

376,002
548,939
522,384
(186,078)
58,397
0
0
677,619

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

79,768

109,837

27,055
20,000
0
0

115,667
49,100
7,115
0

228,531
797,091
769,939
501,666
336
0
0
2,327,189

2,027,208
0
7,055
3,209,134

2,330,196
0
59,452
4,674,523

3,894,576
1,393,675
501,330
5,324,798

4,043,872
1,301,973
222,491
4,491,656

3,859,188
1,035,428
115,904
4,610,911

3,541,305
671,997
(244,475)
4,014,991

0.10
10.41
4.34
0.84
0.89
87.99
3.98
5.70
35.48
16.12

0.12
7.79
5.74
0.94
0.93
87.51
3.05
2.99
13.41
6.58

0.11
6.82
5.15
1.06
0.90
89.70
3.01
2.44
9.83
5.28

0.09
9.40
7.96
0.66
0.88
92.05
3.53
-2.12
-9.03
-5.03

374,050

580,582

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.18
5.51
9.76
1.05
0.81
92.98
7.52
0.47
3.57
1.43

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.22

53

0.13
5.96
6.90
1.14
0.85
92.43
7.51
1.54
13.15
5.31
9.36
2.73

0.40
0.00
0.50
53.45

1.19
0.00
4.68
70.21

2.32
1.65
6.55
0.32
35.23
128.52

2.95
1.44
3.31
0.23
15.63
145.21

3.31
1.35
2.25
0.12
8.14
153.35

2.17
0.64
-3.19
0.10
-17.18
136.17

Financial Statement Analysis of Non Financial Sector 2012

Fazal Cloth Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,557,052

5,763,022

6,214,254

7,450,116

8,630,787

13,466,309

6,932,294

7,395,952

71,598
7,735,510

24,558
8,253,593

156,084
9,517,636

162,920
14,096,422

5,553,464
248,349

5,760,032
121,075

5,655,304
261,447

5,921,186
266,402

6,908,779
286,795

11,092,154
411,216

3,588

2,990

7,063
467,888

6,221
1,483,753

4,539
1,535,348

3,398
2,182,062

12,401

14,399

26,038

25,775

2,791,840
293,724
1,345,340

3,950,588
369,533
2,012,300

3,584,952
77,400
2,222,091

4,329,573
123,498
2,645,453

6,360,365
191,635
3,410,214

7,111,147
71,988
3,774,011

578,350

694,168

739,100

883,730

1,767,710

2,012,188

252,967
321,459

467,888
406,699

0
546,361

0
676,893

0
990,806

0
1,252,960

6,833,936
1,463,333

3,317,937
2,383,651

3,144,491
2,666,625

3,542,361
2,620,502

5,497,371
4,545,464

5,785,415
4,446,389

Items

5,370,603

934,286

477,865

921,859

951,908

1,339,026

230,921

2,511,598

2,669,147
1,688,473
0

2,752,072
1,645,081
0

3,468,287
2,229,956
0

5,526,031
3,866,789
0

56,057
1,050,934

71,446
1,166,886

85,597
1,573,645

230,921

2,511,598

48,482
932,192

1,284,035
437,552

3,884,075
437,552

3,985,568
437,552

5,485,257
437,552

6,025,494
362,552

9,266,010
401,000

187,552
250,000
846,483

187,552
250,000
3,446,523

187,552
250,000
1,263,107
127,616
1,135,491

187,552
250,000
2,625,364
177,616
2,447,748

187,552
175,000
3,328,546
227,616
3,100,930

226,000
175,000
4,403,351
252,616
4,150,735

2,284,908

2,422,341

2,334,396

4,461,659

6,073,963
2,956,861
3,117,102
5,256,698

7,113,961
4,003,841
3,110,120
6,170,241

817,265
262,390

943,720
268,811

8,651,230
4,953,370
3,697,860
7,455,193
5,533,097
1,922,096
1,196,037
273,076
157,207
115,869

11,210,977
5,859,586
5,351,391
9,638,169
6,749,904
2,888,265
1,572,808
358,711
187,079
171,632

18,933,932
10,246,074
8,687,858
16,908,218
13,015,793
3,892,425
2,025,714
474,158
257,635
216,522

19,750,444
11,470,375
8,280,069
16,919,254
12,671,610
4,247,644
2,831,190
523,093
242,625
280,468

707,712
620,940
557,903
729,257
172,369
187,552
0
1,117,586

819,147
816,526
724,176
1,001,407
132,021
93,776
38,448
(130,445)

994,056
1,103,134
1,049,352
1,694,781
202,835
45,200
23,956
2,087,481

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: terest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

262,390

268,811

182,983
46,756
0
0

340,234
35,414
0
0

508,179
752,731
704,898
179,526
37,653
0
0
746,180

1,514,956
0
136,227
1,463,333

6,395,673
0
304,820
2,383,651

6,654,715
1,688,473
141,873
4,355,098

8,237,329
1,645,081
369,336
4,265,583

9,493,781
2,229,956
775,610
6,775,419

14,792,041
3,866,789
1,446,746
8,313,178

0.16
6.57
9.52
0.73
0.41
86.54
5.50
2.71
13.88
8.58

0.46
8.09
9.76
0.73
1.19
86.73
1.50
3.77
13.17
8.60

0.26
8.70
8.54
0.88
1.14
86.17
1.46
1.84
4.56
2.75

0.28
5.54
7.88
0.95
1.22
85.97
1.15
6.76
15.40
9.79
2.97
4.24
2.31
6.50
0.18
29.69
292.47

0.36
4.31
9.34
1.26
1.16
89.30
1.49
7.48
17.40
11.30
9.27
5.55
2.38
5.29
-0.01
46.35
321.27

0.36
5.59
10.19
0.96
1.23
85.67
1.22
9.53
22.17
13.96
33.01
5.23
2.62
8.58
0.18
66.02
410.00

398,994

575,642

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

54

4.51

3.54

3.89
1.25
2.08
0.13
7.56
212.50

3.01
0.00
7.26
68.46

4.78
0.00
16.25
207.09

Financial Statement Analysis of Non Financial Sector 2012

Fazal Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

741,766

1,663,897

2,015,417

2,325,364

2,573,993

3,305,283

1,685,793
1,636,775

1,989,952
1,609,644

1,100,859
3,298,307

1,550,952

1,597,122

741,766
76,523

1,663,897
69,699

679,842
68,976

629,583
63,947

575,075
59,131

2,197,596
86,456

0
0

0
0

0
0

0
0

9,745

9,988

8,966

6,828

1,082,521
1,514
329,953

1,664,834
14,552
601,284

867,052
3,610
501,080

1,354,393
299,235
408,158

1,696,916
9,754
842,611

1,920,668
13,054
911,268

646,461

841,740

204,001

458,638

673,665

792,566

0
104,593

0
207,258

0
158,361

0
188,362

0
170,886

0
203,780

1,114,379
747,293

1,529,306
1,324,313

1,063,681
356,753

2,225,060
1,564,764

2,538,403
1,710,991

2,739,741
2,298,313

367,086

204,993

706,928

660,296

827,412

441,428

1,079,477

1,082,828
1,000,000
0

103,435
0
0

89,023
0
0

748,141
0
675,000

40,802
62,633

46,090
42,933

46,972
26,169

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2010

1,325,830
1,625,504

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

2009

(Thousand Rupees)
2011
2012

2007

Items

1,079,477

38,796
44,032

709,908
61,875

719,948
61,875

735,960
61,875

1,351,262
61,875

1,643,483
61,875

1,738,069
61,875

61,875
0
648,033

61,875
0
658,073

61,875
0
674,085
34,416
639,669

61,875
0
1,289,387
34,416
1,254,971

61,875
0
1,581,608
34,416
1,547,192

61,875
0
1,676,194
34,416
1,641,778

2,381,168
575,401
1,805,767
2,259,991

2,582,365
672,118
1,910,247
2,442,461

121,177
50,248

139,904
47,315

2,819,019
1,003,900
1,815,119
2,598,668
1,853,043
745,625
220,351
55,505
17,353
38,152

4,075,778
1,184,910
2,890,868
3,236,667
2,382,970
853,697
839,111
132,913
48,251
84,662

5,775,193
2,082,804
3,692,389
5,076,895
4,217,740
859,155
698,298
273,359
210,813
62,546

4,698,249
1,934,519
2,763,730
4,303,727
3,019,304
1,284,423
394,522
214,330
154,769
59,561

266,162
37,385
27,550
675,792
42,140
61,875
0
120,197

301,739
43,331
23,737
393,626
59,230
37,125
0
(72,531)

336,842
22,854
9,126
162,918
46,988
24,750
0
(405,038)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

50,248

47,315

1,236
28,926
0
0

27,361
20,803
0
0

219,861
120,819
109,749
48,218
29,324
9,281
0
704,036

709,908
0
(27,690)
747,293

1,799,425
0
6,558
1,324,313

1,818,788
1,000,000
9,613
1,356,753

1,454,697
0
571,777
1,564,764

1,732,506
0
297,271
1,710,991

0.58
3.20
27.15
1.31
0.97
94.91
1.57
0.07
0.17
0.17

0.56
2.67
32.60
0.78
1.09
94.58
3.62
1.06
3.83
2.18

0.20
4.29
7.24
0.98
0.82
92.18
2.92
1.55
6.62
2.67
2.04
5.63
1.44
1.71
0.33
3.05
118.94

0.34
0.92
11.25
1.11
0.61
79.41
1.72
20.60
64.76
41.29
10.24
9.99
25.53
16.58
0.05
102.41
218.39

0.27
0.75
11.66
1.35
0.67
87.91
1.60
9.90
26.29
24.70
9.01
6.85
17.58
6.82
-0.03
54.04
265.61

76,159

69,054

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

2,486,210
0
91,180
2,298,313

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

55

7.22

4.29

0.05
0.00
-4.48
114.73

1.06
0.00
1.06
116.36

0.29
0.49
16.87
0.90
0.70
91.60
2.01
3.43
9.64
7.72
4.68
5.16
18.85
3.47
-0.12
18.74
280.90

Financial Statement Analysis of Non Financial Sector 2012

Feroze1888 Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,648,513

1,365,223

1,547,134

3,965,356

4,546,948

4,731,242

2,651,261

2,312,626

41,491
2,471,670

320,415
5,728,768

132,515
6,643,073

44,230
7,236,096

1,648,513
143,871

1,365,223
110,601

1,502,605
103,755

3,623,995
269,367

4,387,715
339,733

4,661,050
365,022

0
10

16,436
10

22,208
10

20,692
10

3,028

4,500

4,500

5,260

540,795
6,226
259,165

823,390
213,721
283,294

901,469
211,377
263,997

3,747,855
26,380
2,045,404

6,377,347
49,121
3,143,084

5,459,258
105,542
2,769,521

81,092

50,100

271,323

1,078,197

2,410,373

1,776,672

0
194,312

10
276,265

0
154,773

0
597,874

0
774,769

0
807,523

1,556,091
481,355

1,371,616
301,618

641,110
411,815

2,504,644
1,785,598

5,204,743
4,088,713

3,592,786
1,869,090

1,074,736

1,069,998

229,295

719,046

1,116,030

1,723,696

595,595

578,822

486,014
486,014
0

568,053
568,053
0

964,886
964,886
0

795,827
795,827
0

0
0

0
0

0
0

Items

595,595

578,822

0
0

37,622
338,898

238,175
338,898

1,321,479
748,966

4,640,514
1,244,930

4,754,666
3,768,009

5,801,887
3,768,009

338,898
0
(301,276)

338,898
0
(100,723)

748,966
0
(21,047)
638,755
(659,802)

1,244,930
0
2,827,524
754,481
2,073,043

3,768,009
0
418,597
758,663
(340,066)

3,768,009
0
953,215
758,663
194,552

593,560

568,060

568,060

1,080,663

1,615,238
249,281
1,365,957
1,817,053

1,278,734
149,932
1,128,802
1,166,221

(201,815)
135,021

112,513
149,956

1,749,088
204,456
1,544,631
1,500,444
719,181
781,263
248,644
186,941
112,719
74,222

1,771,989
162,158
1,609,831
1,448,441
871,321
577,120
323,548
147,744
84,548
63,196

11,719,942
199,308
11,520,634
9,594,424
6,501,929
3,092,495
2,125,518
823,825
350,338
473,487

13,272,199
168,040
13,104,159
11,373,914
6,787,722
4,586,192
1,898,285
874,752
357,355
517,397

183,528
30,758
318
137,249
17,516
248,986
0
(46,145)

816,134
405,385
413,880
896,308
118,550
753,602
0
(1,185,951)

985,044
345,788
379,900
677,745
142,602
753,602
0
2,618,520

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

135,021

149,956

(481,817)
16,000
0
0

(92,933)
12,750
0
0

220,371
50,877
30,393
10,631
17,500
0
0
(76,646)

633,217
0
(497,817)
481,355

816,997
0
(105,683)
301,618

1,807,492
486,014
(6,869)
897,828

5,208,567
568,053
(129,253)
2,353,651

5,719,552
964,886
24,156
5,053,599

6,597,714
795,827
(218,459)
2,664,917

0.06
8.98
5.02
0.74
0.35
112.49
57.19
-19.44
-107.95
-52.46

0.19
4.59
3.92
0.58
0.60
91.20
8.19
-4.25
-67.39
-12.82

0.75
2.91
15.51
0.71
1.41
85.78
0.85
0.46
1.36
0.81

0.44
1.74
60.85
0.23
1.50
81.74
0.66
2.70
4.60
3.91
0.48
0.87
432.59
7.75
-0.02
0.96
37.28

0.47
3.46
20.57
1.07
1.23
81.86
1.30
9.62
19.08
16.40
1.03
3.73
3.17
7.65
-0.19
2.06
12.62

0.52
2.61
13.39
1.30
1.52
85.70
0.76
6.42
12.84
11.00
0.71
4.79
2.78
5.11
0.60
1.42
15.40

144,981

58,688

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

56

6.23

4.51

6.63
1.35
0.61
-0.07
-0.09
17.64

-29.83
0.00
-14.69
1.11

-7.27
0.00
-3.12
7.03

Financial Statement Analysis of Non Financial Sector 2012

Gadoon Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,947,544

3,063,735

2,835,300

2,804,358

4,194,133

4,898,236

5,338,084

5,713,224

6,919
5,676,961

29,127
5,887,425

1,612,739
6,006,756

204,469
8,349,267

2,947,544
307,152

3,063,735
307,195

2,753,743
303,668

2,695,557
281,719

2,569,241
275,534

4,678,100
290,787

0
0

0
0

0
0

0
0

74,638

79,674

12,152

15,667

2,906,215
95,535
1,246,899

4,479,271
171,612
2,527,576

3,208,422
118,908
1,951,187

3,741,677
125,510
2,159,942

6,803,765
831,124
2,104,434

5,380,582
255,211
3,297,286

924,723

1,024,204

671,114

998,552

3,147,275

902,934

15,238
623,820

83,335
672,544

0
467,213

0
457,673

28,937
691,995

25,429
899,722

3,266,990
1,883,858

4,918,468
3,679,226

2,956,070
1,818,665

2,827,804
1,560,890

5,828,677
4,396,772

4,673,192
3,534,331

1,383,132

1,239,242

1,137,405

1,266,914

1,431,905

1,138,861

50,581

310,253

1,113,633
897,974
0

916,021
630,161
0

374,819
62,347
0

396,786
44,533
0

100,246
185,613

125,715
186,756

146,895
205,358

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

50,581

310,253

76,541
139,117

2,536,188
234,375

2,314,285
234,375

1,974,019
234,375

2,802,210
234,375

4,794,402
234,375

5,208,840
234,375

234,375
0
2,301,813

234,375
0
2,079,910

234,375
0
1,739,644
103,125
1,636,519

234,375
0
2,567,835
103,125
2,464,710

234,375
0
4,560,027
103,125
4,456,902

234,375
0
4,974,465
103,125
4,871,340

5,205,826
1,611,716
3,594,110
4,455,965

6,857,873
1,717,051
5,140,822
6,112,310

749,861
291,700

745,563
550,144

7,140,792
2,968,577
4,172,215
6,383,917
4,462,965
1,920,953
756,875
438,494
181,112
257,382

10,028,765
5,188,691
4,840,075
8,444,067
5,801,995
2,642,072
1,584,698
426,429
280,164
146,265

15,638,487
7,200,758
8,437,729
12,828,453
10,587,028
2,241,425
2,810,034
596,266
293,014
303,253

13,522,792
7,154,397
6,368,395
12,418,585
9,590,951
2,827,634
1,104,207
420,903
247,125
173,778

704,999
290,551
280,440
874,687
0
164,063
0
775,959

943,571
147,806
338,304
2,169,597
0
234,375
0
259,765

819,724
295,604
257,465
654,466
0
17,578
0
1,494,422

5,169,221
62,347
1,935,222
4,459,119

5,605,626
44,533
636,888
3,578,864

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

291,700

550,144

320,389
81,989
0
0

(132,606)
0
58,594
0

489,003
620,007
463,911
(297,072)
47,290
0
0
997,762

2,586,769
0
238,400
1,883,858

2,624,538
0
(191,200)
3,679,226

3,087,652
897,974
(344,362)
2,716,639

3,718,231
630,161
710,625
2,191,051

0.32
2.88
17.76
0.89
0.89
85.60
1.31
5.34
13.08
12.04

0.26
4.83
14.93
0.91
0.91
89.13
2.26
-1.98
-5.47
-5.09
-2.26
2.71

0.27
8.68
9.40
1.18
1.09
89.40
2.06
-4.37
-13.85
-10.40

0.40
2.90
9.96
1.53
1.32
84.20
1.34
13.90
36.63
25.70
5.33
4.64
4.12
8.72
0.21
37.32
119.56

149,799

331,413

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.18

57

6.15
0.00
10.17
108.21

-1.93
0.00
-5.66
98.74

3.66
0.36
-4.16
0.25
-14.69
84.22

0.69
0.95
20.13
1.42
1.17
82.03
1.29
24.73
57.12
48.82
9.26
7.43
7.41
13.87
0.04
92.57
204.56

0.25
2.19
6.68
1.32
1.15
91.83
0.97
6.15
13.09
12.15
37.23
4.10
3.54
4.84
0.29
27.92
222.24

Financial Statement Analysis of Non Financial Sector 2012

Ghazi Fabrics International Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,720,959

1,650,435

1,535,884

1,412,429

1,366,587

1,326,179

2,771,584

2,815,335

0
2,903,804

158
2,918,237

1,263
1,931,786

0
2,940,326

1,720,959
167,146

1,650,435
156,743

1,530,187
149,039

1,406,574
138,258

1,352,372
121,917

1,313,227
125,601

0
0

0
0

0
0

0
0

5,697

5,697

12,952

12,952

582,021
3,878
359,710

793,335
290
582,302

1,007,654
7,621
733,463

1,069,371
19,371
732,389

1,402,409
5,273
985,308

1,232,035
15,060
771,887

145,846

119,667

175,771

189,741

243,461

253,366

0
72,587

0
91,076

0
90,798

0
127,870

0
168,366

0
191,722

1,549,414
296,618

2,012,300
757,792

1,177,032
995,610

1,297,775
1,035,029

1,399,202
994,437

1,282,175
906,758

1,252,796

1,254,508

181,422

262,747

404,765

375,417

451,345

313,501

1,402,504
363,546
936,999

1,114,395
247,394
754,289

1,100,826
124,575
869,933

1,181,684
182,280
877,965

451,345

313,501

24,434
77,525

28,856
83,857

33,178
73,140

33,886
87,553

302,221
326,356

117,969
326,356

(35,998)
326,356

69,630
326,356

268,968
326,356

94,355
326,356

326,356
0
(24,135)

326,356
0
(208,387)

326,356
0
(590,573)
0
(590,573)

326,356
0
(460,503)
0
(460,503)

326,356
0
(233,145)
0
(233,145)

326,356
0
(372,902)
0
(372,902)

228,219

203,777

175,757

140,901

2,715,197
1,484,173
1,231,024
2,666,215

2,923,578
1,778,771
1,144,807
2,857,817

48,982
116,455

65,761
126,182

3,093,333
1,928,450
1,164,884
2,888,225
2,211,374
676,851
205,109
175,715
100,521
75,194

3,827,202
2,770,972
1,056,229
3,378,485
2,566,838
811,646
448,717
152,688
74,108
78,580

5,767,986
2,955,757
2,812,229
5,040,340
4,151,082
889,258
727,647
264,464
163,543
100,921

4,847,590
2,194,279
2,653,311
4,555,985
3,474,733
1,081,252
291,605
292,954
164,976
127,978

256,283
166,452
157,824
133,165
38,295
32,636
0
268,830

308,699
161,934
150,762
309,564
66,130
32,636
0
188,041

309,555
125,690
113,095
(113,017)
48,461
0
0
129,591

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

116,455

126,182

(178,344)
14,831
0
0

(161,724)
14,612
0
0

226,565
161,632
153,372
(130,636)
15,373
0
0
(174,359)

753,566
0
(193,175)
296,618

431,470
0
(176,336)
757,792

1,366,506
363,546
(146,008)
1,359,157

1,184,025
247,394
62,235
1,282,423

1,369,794
124,575
210,799
1,119,012

1,276,039
182,280
(161,478)
1,089,038

0.10
4.23
5.37
1.18
0.38
98.20
6.62
-7.68
-39.69
-16.91

0.06
3.64
4.09
1.20
0.39
97.75
19.72
-6.81
-76.98
-27.29

0.16
5.23
5.68
1.22
0.86
93.37
-71.66
-5.24
-318.74
-14.53

0.16
4.35
4.96
1.54
0.82
88.28
34.64
5.30
791.90
10.44
2.91
5.23
1.84
3.48
0.11
2.91
2.13

0.18
2.81
4.22
2.08
1.00
87.38
9.29
11.79
182.85
24.24
7.46
5.85
3.05
5.37
0.08
7.46
8.24

0.21
2.59
5.23
1.89
0.96
93.98
26.11
-4.24
-62.21
-8.54

114,801

106,535

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

58

7.55

5.02

4.22
0.15
-4.22
-0.07
-4.47
-1.10

-6.57
0.00
-5.92
9.26

-5.53
0.00
-5.40
3.61

6.28
0.00
-2.33
0.05
-4.95
2.89

Financial Statement Analysis of Non Financial Sector 2012

Glamour Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

531,013

568,032

543,555

574,639

633,133

596,459

1,104,648

176,389

4,527
1,395,676

0
1,181,631

15,421
1,482,292

310
1,503,734

531,013
38,820

568,032
39,451

536,294
37,585

571,126
35,708

614,977
43,560

590,732
45,689

0
0

0
0

0
0

0
0

2,735

3,513

2,735

5,417

217,792
2,687
96,358

316,076
2,118
175,988

247,770
1,681
111,415

264,917
8,121
128,274

430,195
11,296
271,088

352,302
9,196
159,454

80,597

100,254

100,369

88,597

97,979

131,153

0
38,150

0
37,716

0
34,305

0
39,925

0
49,832

0
52,499

537,833
206,439

391,354
359,226

300,946
265,797

189,905
147,807

420,493
332,491

275,201
146,436

331,394

32,128

35,149

42,097

88,002

128,765

35,145

282,758

303,796
0
299,802

305,228
0
299,802

287,142
0
279,802

139,309
0
129,802

5,426
0

7,340
0

9,507
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

35,145

282,758

3,994
0

175,827
116,400

209,996
116,400

186,583
116,400

344,423
116,400

355,693
116,400

534,251
266,400

116,400
0
59,427

116,400
0
93,596

116,400
0
(203,808)
0
(203,808)

116,400
0
(93,426)
0
(93,426)

116,400
0
(67,224)
0
(67,224)

266,400
0
(25,275)
0
(25,275)

273,991

321,450

306,517

293,126

766,597
382,003
384,594
750,005

731,132
663,490
67,642
689,658

16,592
33,129

41,474
19,474

868,203
812,314
55,889
815,897
599,358
216,540
52,306
17,816
9,395
8,421

1,358,437
1,099,599
258,838
1,145,840
869,847
275,993
212,597
55,396
23,260
32,136

2,072,441
1,483,822
588,619
1,915,948
1,704,903
211,045
156,493
50,266
36,127
14,139

2,050,235
1,508,939
541,296
1,890,612
1,456,430
434,182
159,623
55,311
39,914
15,397

87,134
49,360
46,575
108,139
8,264
0
0
134,933

86,515
74,185
66,329
32,845
21,575
0
0
(79,593)

93,533
56,326
49,007
49,067
20,507
26,640
0
136,280

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

33,129

19,474

(45,186)
5,781
0
0

(19,602)
3,666
0
0

60,240
58,073
56,479
(23,014)
419
0
0
82,793

210,972
0
(50,967)
206,439

492,754
0
(23,268)
359,226

490,379
0
(23,433)
265,797

649,652
0
99,875
147,807

642,835
0
11,270
332,491

673,560
0
1,920
146,436

0.15
3.83
10.51
1.02
0.40
97.84
3.26
-6.20
-22.45
-17.92

0.26
5.87
13.71
0.83
0.81
94.33
3.21
-2.40
-10.16
-5.57

0.34
6.69
11.56
1.10
0.82
93.98
3.24
-2.75
-11.61
-4.68

0.51
3.63
6.52
1.62
1.40
84.35
1.44
13.26
40.73
18.97

0.26
3.58
4.73
1.95
1.02
92.45
1.99
3.45
9.38
5.08

0.51
2.75
6.40
2.16
1.28
92.21
0.78
4.88
11.03
7.45
1.07
12.86
2.00
2.39
0.33
1.07
20.05

29,342

42,940

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

59

7.96

4.15

7.79
0.59
-2.65
0.14
-2.01
16.03

10.59
3.32
7.96
0.27
8.58
29.59

7.64
1.50
1.58
-0.11
0.97
30.56

-5.89
0.00
-4.38
15.11

-2.68
0.00
-2.00
18.04

Financial Statement Analysis of Non Financial Sector 2012

Globe Textile Mills (OE) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

238,483

238,483

181,178

173,124

157,715

158,371

389,271

389,271

0
377,366

4,455
378,676

0
367,145

0
382,170

238,483
16,370

238,483
16,370

174,515
18,626

160,094
17,219

149,140
15,948

149,590
14,609

0
0

0
0

0
0

0
0

6,663

8,575

8,575

8,781

308,123
1,279
186,479

308,123
1,279
186,479

133,343
194
15,267

84,567
123
16,274

92,353
916
12,610

111,696
2,821
28,516

25,472

25,472

36,740

23,773

60,495

49,646

0
94,893

0
94,893

0
81,142

0
44,397

0
18,332

0
30,713

371,646
320,491

371,646
320,491

119,516
70,557

67,998
18,406

103,000
32,461

109,814
27,326

Items

51,155

51,155

48,959

49,592

70,539

82,488

104,713

104,713

184,189
105,002
79,187

168,660
91,942
76,718

123,592
48,082
75,510

129,519
56,654
72,865

104,713

104,713

0
0

0
0

0
0

0
0

70,247
46,621

70,247
46,621

10,816
46,621

21,033
46,621

23,476
46,621

30,734
46,621

46,621
0
23,626

46,621
0
23,626

46,621
0
(40,805)
0
(40,805)

46,621
0
(30,588)
0
(30,588)

46,621
0
(28,145)
0
(28,145)

46,621
0
(32,449)
0
(32,449)

5,000

5,000

5,000

16,562

215,938
215,938
0
214,582

215,938
215,938
0
214,582

1,356
12,356

1,356
12,356

206,893
206,893
0
183,194
104,008
79,186
23,699
11,441
1,416
10,025

390,301
390,301
0
346,080
239,832
106,248
44,221
19,955
1,960
17,996

577,223
577,223
0
530,942
405,179
125,763
46,281
23,907
3,247
20,660

611,225
611,225
0
566,911
441,091
125,820
44,314
24,991
3,531
21,460

43,706
13,005
12,102
12,177
1,959
4,662
0
60,374

56,052
14,979
14,164
8,324
6,324
0
0
46,876

56,208
21,174
19,915
1,587
6,112
0
0
4,594

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,356

12,356

(23,864)
1,100
0
0

(23,864)
1,100
0
0

25,998
11,674
11,376
752
0
0
0
29,649

174,960
0
(24,964)
320,491

174,960
0
(24,964)
320,491

195,005
105,002
752
175,559

189,693
91,942
5,555
110,347

147,068
48,082
2,000
80,543

160,253
56,654
(4,525)
83,980

0.07
11.83
11.80
0.40
0.83
99.37
6.78
-4.37
-33.97
-13.64

0.07
11.83
11.80
0.40
0.83
99.37
6.78
-4.37
-33.97
-13.64

0.31
5.64
17.76
0.66
1.12
88.55
28.08
0.17
1.85
0.41

0.35
3.33
6.09
1.51
1.24
88.67
11.25
4.26
76.46
6.33
2.19
23.98
2.01
3.12
0.26
2.19
4.51

0.60
2.60
10.48
2.31
0.90
91.98
9.65
3.28
37.40
4.94

0.48
3.46
8.12
2.26
1.02
92.75
7.79
0.61
5.86
1.03

25,542

25,542

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

60

1.16

1.16

13.55
1.07
0.36
0.10
0.16
2.32

-11.05
0.00
-5.35
15.07

-11.05
0.00
-5.35
15.07

45.77
1.59
1.44
0.21
0.43
5.04

21.43
1.08
0.26
0.02
-0.97
6.59

Financial Statement Analysis of Non Financial Sector 2012

Globe Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

717,305

603,483

299,922

274,362

231,927

196,852

1,455,757

1,159,160

0
678,886

0
679,645

0
679,353

0
679,353

717,305
95,801

603,483
32,979

229,636
25,742

207,401
23,349

165,856
41,464

132,684
33,171

0
0

0
0

0
0

0
0

70,286

66,961

66,071

64,168

143,421
1,813
0

136,614
14
0

193,436
6,326
0

188,133
2,565
0

186,147
574
0

185,613
13
0

53,439

53,209

83,175

82,270

82,270

82,270

0
88,169

0
83,391

0
103,935

0
103,298

0
103,303

0
103,330

343,341
20,718

320,376
21,276

487
0

215
0

365
0

360
0

322,623

299,100

487

215

365

360

534,000

460,483

0
0
0

0
0
0

0
0
0

0
0
0

534,000

460,483

0
0

0
0

0
0

0
0

(16,615)
163,674

(40,762)
163,674

492,871
163,664

462,280
163,664

417,709
163,664

382,105
163,664

163,674
0
(180,289)

163,674
0
(204,436)

163,664
0
329,207
0
329,207

163,664
0
298,616
0
298,616

163,664
0
254,045
0
254,045

163,664
0
218,441
0
218,441

219,739
219,739
0
301,265

0
0
0
43,216

(81,526)
13,349

(43,216)
10,179

0
0
0
42,376
0
42,376
(42,376)
50,885
10,108
40,777

0
0
0
22,985
0
22,985
(22,985)
7,894
0
7,894

0
0
0
41,226
0
41,226
(41,226)
5,479
0
5,479

0
0
0
32,937
0
32,937
(32,937)
4,608
0
4,608

1,174
11
0
(30,591)
0
0
0
(2,648)

1,743
3
0
(44,570)
0
0
0
(2,470)

1,325
4
0
(35,604)
0
0
0
(2,232)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,349

10,179

(101,365)
1,099
0
0

(24,148)
0
0
0

18,998
0
0
533,633
0
0
0
43,778

517,385
0
(102,464)
20,718

419,721
0
(24,148)
21,276

492,871
0
533,633
0

462,280
0
(30,591)
0

417,709
0
(44,570)
0

382,105
0
(35,604)
0

0.16
14.70
24.32
0.26
0.42
137.10
-52.80
-8.88
-292.82
-20.04

0.17

183.78

394.58

226.97

228.56

0.00
0.43

0.00
397.20

0.00
875.04

0.00
509.99

0.00
515.59

32,300

14,235

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-46.13
0.00

61

-19.16
-3.02
84.17
-5.15

0.00
86.53
236.06
116.95

0.00
-6.40
-6.41
-6.41

0.00
-10.12
-10.13
-10.13

0.00
-8.90
-8.90
-8.90

0.00
-1.48
-2.49

89.89
32.61
30.11

-12.32
-1.87
28.25

-6.77
-2.72
25.52

-6.20
-2.18
23.35

Financial Statement Analysis of Non Financial Sector 2012

Gulistan Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

571,553

571,553

594,740

594,192

603,852

603,852

999,685

999,685

21,172
1,020,648

22,028
1,033,615

12,130
1,062,384

12,130
1,062,384

571,553
44,435

571,553
44,435

536,416
25,988

523,867
25,516

527,475
25,162

527,475
25,162

0
27,161

0
40,854

0
58,914

0
58,914

9,991

7,442

5,333

5,333

773,691
69,657
419,399

773,691
69,657
419,399

1,084,055
58,776
662,969

1,183,931
102,976
644,142

1,397,975
48,516
1,087,454

1,397,975
48,516
1,087,454

144,276

144,276

225,457

279,290

154,580

154,580

23,290
117,069

23,290
117,069

0
136,854

0
157,523

0
107,426

0
107,426

961,247
493,202

961,247
493,202

1,120,395
974,540

1,181,844
945,548

1,368,312
1,050,901

1,368,312
1,050,901

468,045

468,045

145,855

236,296

317,411

317,411

60,424

60,424

204,818
80,182
103,000

176,435
36,618
103,000

166,428
16,107
103,000

166,428
16,107
103,000

14,837
21,980

17,010
30,312

17,010
30,312

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

60,424

60,424

12,227
9,410

323,573
110,000

323,573
110,000

353,582
133,100

419,844
146,410

467,087
146,410

467,087
146,410

110,000
0
213,573

110,000
0
213,573

133,100
0
136,251
24,895
111,356

146,410
0
189,203
25,000
164,203

146,410
0
232,424
25,000
207,424

146,410
0
232,424
25,000
207,424

84,231

84,231

88,253

88,253

1,067,204
332,246
734,958
912,384

1,067,204
332,246
734,958
912,384

154,820
46,693

154,820
46,693

1,371,414
716,862
654,551
1,136,128
935,662
200,466
235,285
65,845
38,663
27,182

1,851,263
967,688
883,575
1,537,307
1,196,439
340,869
313,956
78,369
44,954
33,415

2,662,982
1,187,269
1,475,713
2,338,963
2,104,485
234,478
324,019
89,411
55,498
33,912

2,662,982
1,187,269
1,475,713
2,338,963
2,104,485
234,478
324,019
89,411
55,498
33,912

99,135
150,047
145,918
92,743
13,636
14,641
0
131,886

98,715
174,467
169,121
85,841
25,114
14,641
0
(115,597)

98,715
174,467
169,121
85,841
25,114
14,641
0
(115,597)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

46,693

46,693

(288,930)
10,939
0
0

(288,930)
10,939
0
0

82,206
158,385
154,843
20,710
8,015
0
13,310
(176,935)

383,997
0
(299,869)
493,202

383,997
0
(299,869)
493,202

558,400
80,182
12,695
1,054,721

596,279
36,618
64,465
982,166

633,515
16,107
46,086
1,067,008

633,515
16,107
46,086
1,067,008

0.25
37.87
13.52
0.79
0.80
85.49
3.16
-22.80
-90.26
-61.04

0.25
37.87
13.52
0.79
0.80
85.49
3.16
-21.48
-89.29
-75.24

0.25
11.55
16.44
0.82
0.97
82.84
3.75
1.37
6.12
4.40

0.32
8.11
15.09
1.04
1.00
83.04
3.24
5.37
23.98
16.06
5.40
2.87
1.64
5.01
0.10
5.40
28.68

0.15
6.55
5.80
1.33
1.02
87.83
3.29
2.63
11.04
7.82
4.15
2.45
1.51
3.22
-0.08
4.15
31.90

0.15
6.55
5.80
1.33
1.02
87.83
3.29
4.29
18.38
13.55
4.15
2.45
1.51
3.22
-0.08
4.15
31.90

404,165

404,165

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

62

2.54

2.54

2.07
1.13
1.51
-0.13
0.95
26.57

-27.07
0.00
-27.26
29.42

-27.07
0.00
-27.26
29.42

Financial Statement Analysis of Non Financial Sector 2012

Gulistan Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,978,518

2,080,377

3,596,318

3,862,593

4,107,805

4,107,805

3,238,591

3,504,987

79,518
3,658,255

50,116
3,952,691

21,689
3,952,691

21,689
3,952,691

1,978,518
140,275

2,080,377
89,610

2,071,643
95,536

2,270,113
97,243

2,398,751
105,680

2,398,751
105,680

0
1,411,433

0
1,499,843

0
1,649,681

0
1,649,681

33,724

42,521

37,685

37,685

4,660,688
55,402
1,891,974

5,741,601
28,828
2,872,063

5,680,768
56,809
4,098,002

5,659,765
62,625
3,765,348

7,180,124
115,718
5,393,375

7,180,124
115,718
5,393,375

Items

896,134

992,689

1,202,179

1,417,133

1,174,835

1,174,835

1,460,487
356,691

1,488,884
359,137

0
323,779

0
414,659

0
496,196

0
496,196

3,402,749
2,524,293

4,660,372
3,380,024

5,897,064
5,168,809

5,428,899
4,704,055

6,638,646
5,374,369

6,638,646
5,374,369

878,456

1,280,348

728,255

724,844

1,264,277

1,264,277

756,803

629,293

867,389
708,593
0

1,358,004
1,150,298
0

1,650,068
1,008,537
423,800

1,650,068
1,008,537
423,800

57,636
150,069

67,210
150,520

67,210
150,520

756,803

629,293

50,983
107,813

2,479,654
145,946

2,532,313
160,540

2,512,633
172,581

2,735,455
189,839

2,999,215
189,839

2,999,215
189,839

145,946
0
2,333,708

160,540
0
2,371,773

172,581
0
1,828,499
379,080
1,449,419

189,839
0
2,034,063
379,080
1,654,983

189,839
0
2,275,091
379,080
1,896,011

189,839
0
2,275,091
379,080
1,896,011

511,553

511,553

534,285

534,285

4,326,440
2,900,365
1,426,075
3,756,533

5,249,821
3,517,474
1,732,347
4,513,108

569,907
169,914

736,713
154,278

5,245,328
3,669,867
1,575,461
4,197,949
3,518,791
679,157
1,047,379
233,361
86,215
147,146

7,280,609
4,800,943
2,479,666
6,000,694
4,914,106
1,086,589
1,279,914
201,755
95,394
106,361

9,678,222
5,818,710
3,859,512
8,232,647
7,340,826
891,821
1,445,575
348,532
237,439
111,094

9,678,222
5,818,710
3,859,512
8,232,647
7,340,826
891,821
1,445,575
348,532
237,439
111,094

350,613
876,279
824,761
311,729
49,563
18,984
0
302,116

411,268
929,840
893,570
332,244
81,345
18,984
0
(626,864)

411,268
929,840
893,570
332,244
81,345
18,984
0
(626,864)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

169,914

154,278

58,447
21,626
0
0

124,379
26,242
0
112,823

275,696
832,459
772,542
27,837
15,543
0
17,258
(1,197,715)

3,236,457
0
36,821
2,524,293

3,161,606
0
98,137
3,380,024

3,380,022
708,593
12,294
5,877,402

4,093,459
1,150,298
243,182
5,854,353

4,649,283
1,008,537
231,915
6,382,906

4,649,283
1,008,537
231,915
6,382,906

0.21
15.87
22.92
0.57
0.96
80.03
2.69
0.33
1.10
0.85

0.27
12.04
19.46
0.76
1.04
82.42
2.48
3.32
11.88
8.34
13.81
1.93
1.38
4.28
0.04
13.81
144.09

0.19
9.61
12.14
0.86
1.08
85.06
2.76
3.19
11.59
7.60
13.22
1.79
1.37
3.43
-0.08
13.22
157.99

0.19
9.61
12.14
0.86
1.08
85.06
2.76
2.94
11.08
7.15
13.22
1.79
1.37
3.43
-0.08
13.22
157.99

401,355

535,671

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.71
9.28
20.71
0.65
1.37
86.83
1.68
0.94
2.47
1.84

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

63

0.54
10.20
18.91
0.67
1.23
85.97
2.09
1.72
4.96
3.89

2.29

1.83

1.28
1.04
0.53
-0.18
0.71
145.59

1.35
0.00
2.52
169.90

2.37
0.00
6.11
157.74

Financial Statement Analysis of Non Financial Sector 2012

Gulshan Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,464,102

1,443,232

1,611,351

1,624,271

1,613,173

4,006,434

2,604,072

2,654,081

1,790
2,703,649

990
2,738,040

990
2,759,981

0
4,141,536

1,463,795
118,022

1,443,079
68,656

1,416,972
70,139

1,384,946
67,908

1,339,944
66,636

3,895,756
63,629

307

153

0
178,715

0
225,069

0
261,743

0
102,028

13,875

13,266

10,496

8,650

1,926,477
88,787
1,159,662

2,157,997
129,190
1,302,405

2,678,802
161,034
1,825,395

2,905,887
41,705
1,958,569

3,235,721
67,150
2,327,840

1,533,060
22,552
838,903

370,112

397,970

467,208

653,569

594,739

527,477

106,003
201,913

107,493
220,939

488
224,678

0
252,044

0
245,992

0
144,128

2,006,926
1,233,823

2,043,394
1,250,779

2,801,111
2,485,633

2,968,813
2,625,735

3,129,396
2,805,431

3,677,172
2,948,348

773,103

792,615

315,478

343,079

323,965

728,824

466,146

592,691

502,727
192,019
250,000

473,232
134,820
250,000

458,843
1,601
344,089

958,597
0
325,000

466,146

592,691

24,924
35,784

26,116
62,296

29,475
83,678

30,638
602,959

917,507
139,150

965,144
153,065

986,315
168,372

1,088,113
185,209

1,260,655
222,250

903,725
222,250

139,150
0
778,357

153,065
0
812,079

168,372
0
574,207
66,000
508,207

185,209
0
659,169
66,000
593,169

222,250
0
787,233
66,000
721,233

222,250
0
(1,813,161)
66,000
(1,879,161)

243,736

243,736

251,172

2,494,636

2,003,865
643,093
1,360,772
1,653,375

2,210,913
670,842
1,540,071
1,805,055

350,490
105,479

405,858
95,950

2,613,487
1,058,629
1,554,858
2,073,365
1,634,660
438,706
540,122
125,825
84,292
41,533

3,757,221
1,748,861
2,008,360
2,986,686
2,363,779
622,907
770,535
160,443
97,834
62,610

5,100,806
1,913,450
3,187,355
4,195,995
3,663,201
532,794
904,810
198,677
130,385
68,292

3,191,016
1,842,154
1,348,862
4,636,823
2,983,256
1,653,567
(1,445,807)
422,814
111,963
310,851

184,374
459,220
439,930
161,524
31,547
18,521
37,042
(127,509)

219,357
470,142
451,780
250,979
51,335
33,338
0
(65,188)

207,991
434,203
412,963
(2,560,206)
13,560
0
0
(170,976)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

105,479

95,950

28,859
20,292
0
0

62,389
15,091
0
13,915

174,149
383,370
363,957
38,478
15,570
0
16,837
485,881

1,383,653
0
8,567
1,233,823

1,557,835
0
47,298
1,250,779

1,489,042
192,019
22,908
2,677,653

1,561,345
134,820
111,456
2,760,555

1,719,499
1,601
166,306
2,807,032

1,862,322
0
(2,573,766)
2,948,348

0.22
14.67
17.88
0.61
0.96
79.33
3.35
0.98
3.94
2.53

0.23
12.22
17.40
0.83
0.98
79.49
3.16
3.66
15.57
10.59
7.02
1.92
1.37
4.30
-0.04
7.02
58.75

0.21
9.22
11.66
1.05
1.03
82.26
2.85
5.35
21.37
15.30
5.99
2.19
1.56
4.92
-0.02
8.98
56.72

0.15
13.61
16.53
0.58
0.42
145.31
5.13
-49.29
-236.58
-142.96

229,426

253,701

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.28
11.45
18.47
0.59
0.96
82.51
2.70
0.89
3.20
1.98

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

64

0.31
11.47
18.00
0.61
1.06
81.64
2.73
1.78
6.63
4.24

1.73

1.70

1.43
1.11
1.47
0.15
1.36
58.58

1.44
0.00
0.62
65.94

2.82
0.00
3.09
63.05

3.80
-5.20
-80.23
-0.04
-115.80
40.66

Financial Statement Analysis of Non Financial Sector 2012

Hafiz Textile Mills Ltd.

2008

2009

2010

92,321

91,849

90,151

88,997

87,247

86,423

170,581

171,690

0
171,705

0
172,358

0
172,358

0
173,131

92,321
1,791

91,849
92,321

90,151
1,714

88,997
1,806

87,247
1,750

86,423
1,764

0
0

0
0

0
0

0
0

2,754
216
0

2,366
725
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

3,376
2,598
0

4,087
3,237
0

5,888
4,385
0

0
(481,562)

1
1,640

0
589

0
779

0
850

0
1,503

76,481
75,552

102,025
0

5,680
0

7,249
0

7,463
0

6,853
0

1.Short term Secured loans

2.Other current liabilities
1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

0
983
394
0

484,100

C.Current Liabilities (C1+C2)

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

(Thousand Rupees)
2011
2012

2007

Items

929

102,025

5,680

7,249

7,463

6,853

126,756

86,740
0
86,277

83,204
0
82,722

78,500
0
78,272

73,262
0
73,022

463
0

482
0

228
0

240
0

126,756

(108,162)
12,000

(7,810)
12,000

(1,286)
12,000

1,920
12,000

5,371
12,000

12,196
12,000

12,000
0
(120,162)

12,000
0
(19,810)

12,000
0
(108,071)
0
(108,071)

12,000
0
(103,726)
0
(103,726)

12,000
0
(99,152)
0
(99,152)

12,000
0
(91,218)
0
(91,218)

94,785

93,646

92,523

91,414

0
0
0
0

0
0
0
0

0
4,260

0
3,374

0
0
0
0
0
0
0
4,411
0
4,411

0
0
0
0
0
0
0
4,121
0
4,121

0
0
0
0
0
0
0
4,933
0
4,933

0
0
0
0
0
0
0
5,454
0
5,454

630
15
0
3,962
775
0
0
6,489

592
22
0
4,493
1,046
0
0
5,094

480
18
0
8,015
1,286
1,800
0
6,921

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,260

3,374

469
236
0
0

1,128
221
0
0

621
20
0
7,189
665
900
0
(56,950)

18,594
0
233
75,552

(7,810)
0
907
0

85,454
0
5,624
0

85,124
0
3,188
0

83,871
0
3,447
0

85,458
0
4,929
0

6.33

0.01

0.07

0.36

0.43

0.64

0.00
0.04

0.00
0.02

0.00
0.17

0.00
0.47

0.00
0.55

0.00
0.86

10

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

65

-1.88
0.49
-0.43
2.52

-13.06
1.19
-1.95
20.92

47.11
4.32
1,249.77
4.65

16.01
4.89
123.25
5.32

-71.87
7.76
-158.08
18.52
7.25

6.57
8.73
91.25
9.47
3.74

0.00
0.19
-90.14

0.00
0.76
-6.51

-0.62
5.44
-1.07

0.07
2.66
1.60

0.06
2.87
4.48

0.09
5.61
10.16

Financial Statement Analysis of Non Financial Sector 2012

Haji Mohammad Ismail Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

221,673

218,741

211,308

205,224

204,756

213,440

367,491

367,491

0
250,330

0
253,526

0
370,819

0
380,797

221,673
20,143

218,741
5,762

210,697
8,044

204,614
6,127

204,146
2,277

212,829
1,294

0
0

0
0

0
0

0
0

611

610

610

611

129,418
2,200
64,229

70,142
135
27,873

43,591
665
1,529

46,343
3,588
787

46,505
6,570
787

58,096
3,854
786

26,420

21,204

26,852

28,713

19,181

35,623

0
36,569

0
20,930

0
14,545

0
13,256

59
19,908

70
17,763

173,736
80,280

125,366
46,320

59,378
40,921

62,825
40,925

73,199
50,948

103,769
48,338

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

93,456

79,046

18,457

21,900

22,251

55,431

3,283

21,621

70,070
32,963
14,516

60,229
32,963
13,216

50,318
22,891
13,196

45,623
0
31,381

199
13,851

278
13,953

289
13,953

3,283

21,621

215
22,376

174,072
119,750

141,896
119,750

125,451
119,750

128,513
119,750

127,744
119,750

122,144
119,750

119,750
0
54,322

119,750
0
22,146

119,750
0
(54,316)
0
(54,316)

119,750
0
(49,138)
0
(49,138)

119,750
0
(45,673)
0
(45,673)

119,750
0
(50,906)
0
(50,906)

60,017

57,901

53,667

53,300

265,277
248,779
16,498
247,839

70,504
70,504
0
79,476

17,438
12,702

(8,972)
4,697

45,779
45,779
0
46,439
14,761
31,678
(660)
2,651
58
2,593

27,900
27,900
0
27,467
743
26,724
433
1,759
0
1,759

27,911
27,911
0
27,106
0
27,106
805
2,168
0
2,168

22,655
22,655
0
28,037
0
28,037
(5,382)
2,078
0
2,078

2,622
4,206
3,757
(5,322)
139
0
0
4,262

353
4,417
4,192
(388)
279
0
0
4,860

350
780
764
(5,601)
0
0
0
14,576

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,702

4,697

(33,691)
1,326
0
0

(22,910)
353
0
0

2,539
9,962
9,750
(13,266)
0
0
0
7,830

177,355
0
(35,017)
80,280

163,517
0
(23,263)
46,320

195,520
32,963
(13,266)
73,884

188,742
32,963
(5,461)
73,888

178,062
22,891
(667)
73,839

167,767
0
(5,601)
48,338

0.16
14.49
9.96
0.76
0.74
93.43
1.02
-9.32
-20.75
-19.92

0.17
13.12
30.07
0.24
0.56
112.73
1.04
-7.16
-14.50
-13.44

0.46
21.76
58.66
0.18
0.73
101.44
1.03
-4.88
-9.92
-7.39

0.51
15.07
102.91
0.11
0.74
98.45
0.96
-2.10
-4.19
-2.77

0.35
15.83
68.72
0.11
0.64
97.12
0.97
-0.15
-0.30
-0.21

0.38
3.44
157.24
0.08
0.56
123.76
1.22
-2.14
-4.48
-3.24

38,440

9,253

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

66

4.13

2.53

29.94
-0.36
-28.98
0.06
-1.11
10.48

35.47
-0.42
-19.08
0.03
-0.46
10.73

35.47
0.91
-1.39
0.04
-0.06
10.67

28.82
-6.33
-24.72
0.10
-0.47
10.20

-12.70
0.00
-2.92
14.54

-32.49
0.00
-1.94
11.85

Financial Statement Analysis of Non Financial Sector 2012

Hajra Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

433,417

537,276

525,962

508,353

486,910

486,910

724,305

724,413

0
853,895

0
858,446

0
856,147

0
856,147

433,417
19,197

537,276
18,474

522,409
22,613

504,800
22,160

483,358
21,202

483,358
21,202

0
2

0
2

0
2

0
2

3,551

3,551

3,551

3,551

160,011
35,648
60,766

142,351
4,283
86,696

192,453
1,134
31,236

196,457
1,000
22,134

220,965
373
31,734

220,965
373
31,734

10,479

6,311

4,964

6,385

40,146

40,146

5
53,113

3
45,058

0
155,119

0
166,938

0
148,712

0
148,712

590,045
70,346

547,014
86,510

299,834
131,307

299,851
130,055

507,770
274,364

507,770
274,364

519,699

460,504

168,527

169,795

233,406

233,406

24,656

196,487

566,624
168,605
321,649

578,021
169,742
339,448

393,858
25,433
339,748

393,858
25,433
339,748

1,683
67,148

1,167
27,510

1,167
27,510

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

24,656

196,487

1,999
74,370

(21,273)
137,500

(63,874)
137,500

(148,043)
137,500

(173,062)
137,500

(193,753)
137,500

(193,753)
137,500

137,500
0
(158,773)

137,500
0
(201,374)

137,500
0
(377,692)
10,313
(388,004)

137,500
0
(398,303)
10,313
(408,615)

137,500
0
(415,555)
10,313
(425,868)

137,500
0
(415,555)
10,313
(425,868)

92,149

87,741

84,302

84,302

507,492
507,492
0
554,365

665,164
665,164
0
667,492

(46,873)
12,783

(2,328)
26,485

776,073
776,073
0
782,176
598,177
183,999
(6,103)
37,906
6,084
31,822

1,007,563
1,007,563
0
992,832
762,879
229,953
14,731
14,698
3,247
11,451

1,211,958
1,211,958
0
1,211,586
948,608
262,978
372
19,486
3,346
16,140

1,211,958
1,211,958
0
1,211,586
948,608
262,978
372
19,486
3,346
16,140

86,494
27,226
25,993
(27,193)
5,047
0
0
(11,532)

98,997
30,464
29,719
(48,189)
12,140
0
0
(263)

98,997
30,464
29,719
(48,189)
12,140
0
0
(263)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,783

26,485

(69,047)
2,537
0
0

(43,188)
3,326
0
0

83,741
35,019
32,719
(79,028)
0
0
0
(42,346)

3,383
0
(71,584)
70,346

132,613
0
(46,514)
86,510

418,581
168,605
(79,028)
299,912

404,960
169,742
(32,240)
299,797

200,105
25,433
(60,329)
299,797

200,105
25,433
(60,329)
299,797

0.08
1.85
2.06
0.86
0.27
109.24
-28.90
-11.67
-481.21
-157.04

0.02
2.26
0.95
0.98
0.26
100.35
-11.64
-6.78
101.44
-63.51

0.02
4.51
0.64
1.08
0.64
100.79
-5.85
-11.31
74.58
-28.68

0.02
2.70
0.63
1.43
0.66
98.54
-5.07
-3.82
16.94
-6.60

0.08
2.51
3.31
1.71
0.44
99.97
-4.65
-6.82
26.27
-15.93

0.08
2.51
3.31
1.71
0.44
99.97
-4.65
-6.81
24.87
-24.08

9,391

15,003

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

67

8.35

7.67

24.85
-1.42
-10.18
-0.05
-5.75
-10.77

45.52
-0.05
-2.70
-0.01
-2.34
-12.59

38.19
-0.62
-3.98
0.00
-4.39
-14.09

38.19
-0.62
-3.98
0.00
-4.39
-14.09

-13.61
0.00
-5.21
-1.55

-6.49
0.00
-3.38
-4.65

Financial Statement Analysis of Non Financial Sector 2012

Hala Enterprises Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

114,784

115,265

115,571

120,021

114,283

108,331

199,095

204,192

0
204,384

0
213,409

0
213,098

0
207,811

114,444
6,879

115,265
6,981

109,261
6,704

114,144
7,162

107,808
6,442

101,438
5,781

340

0
2,195

0
1,762

0
2,768

0
3,444

4,115

4,115

3,708

3,449

195,347
1,099
87,696

192,807
620
89,664

189,328
1,445
90,763

189,804
2,650
79,561

187,081
2,809
85,896

204,592
1,689
95,958

31,265

20,895

42,598

38,230

30,072

44,492

1,142
74,145

1,591
80,037

0
54,523

0
69,362

0
68,304

0
62,453

225,140
83,987

181,591
86,981

182,928
104,502

188,980
85,701

181,118
85,673

203,251
89,240

141,153

94,610

78,426

103,278

95,445

114,011

14,850

68,413

54,103
3,715
9,378

51,836
1,992
5,402

55,226
256
6,868

51,041
0
1,226

14,850

68,413

38,830
2,181

43,901
541

47,562
541

49,273
542

70,141
37,800

58,068
37,800

67,868
37,800

69,009
37,800

65,020
68,040

58,631
68,040

37,800
0
32,341

37,800
0
20,268

37,800
0
(29,007)
3,596
(32,603)

37,800
0
(26,328)
3,163
(29,490)

68,040
0
(59,465)
3,859
(63,324)

68,040
0
(64,436)
25,535
(89,971)

59,075

57,536

56,445

55,027

458,727
21,061
437,666
358,863

429,153
20,252
408,901
358,002

99,864
70,275

71,151
66,186

454,602
19,777
434,825
348,181
176,768
171,413
106,421
72,869
45,279
27,590

584,908
34,914
549,994
492,217
259,832
232,385
92,691
76,939
42,799
34,140

330,123
23,915
306,208
303,447
196,774
106,673
26,676
45,307
20,963
24,344

361,624
17,439
344,185
320,249
193,809
126,440
41,375
50,719
24,629
26,090

75,165
16,624
10,517
7,250
5,677
0
0
33,797

54,149
17,069
11,651
(31,704)
3,220
0
0
(2,321)

61,317
19,361
12,460
(24,542)
3,523
0
0
(7,178)

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

70,275

66,186

8,348
4,419
0
0

(8,408)
4,114
0
0

67,090
20,434
14,220
13,588
4,391
0
0
17,115

84,991
0
3,929
83,987

126,481
0
(12,522)
86,981

121,971
3,715
9,197
108,217

120,844
1,992
1,573
87,693

120,245
256
(34,925)
85,929

109,672
0
(28,065)
89,240

0.15
4.63
6.82
1.48
0.87
78.23
3.42
2.60
13.13
9.82

0.13
4.44
4.87
1.39
1.06
83.42
4.31
-2.72
-13.12
-7.95

0.24
4.49
9.37
1.49
1.03
76.59
3.49
4.43
21.58
10.94

0.22
2.84
6.54
1.89
1.00
84.15
3.49
2.36
10.59
5.97

0.18
5.17
9.11
1.10
1.03
91.92
3.63
-10.37
-47.31
-26.30

0.23
5.35
12.30
1.16
1.01
88.56
4.34
-7.99
-39.70
-21.35

21,241

19,071

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

68

5.23

4.79

5.01
1.96
2.99
0.07
2.43
17.95

7.35
1.69
1.24
0.14
0.42
18.26

3.84
-1.72
-9.60
-0.01
-5.13
9.56

3.77
-0.97
-6.79
-0.03
-4.12
8.62

1.82
0.00
1.04
18.56

-1.96
0.00
-3.31
15.36

Financial Statement Analysis of Non Financial Sector 2012

Hamid Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

197,916

197,916

190,676

258,630

245,240

231,716

294,640

294,640

4,498
324,077

142
407,641

0
408,253

0
407,432

197,916
12,555

197,916
12,555

186,178
11,768

258,488
11,799

245,240
13,860

231,716
13,014

0
0

0
0

0
0

0
0

132,413
791
70,740

132,413
791
70,740

80,425
620
46,252

77,182
2,995
36,429

50,351
4,044
15,560

44,187
5,453
8,477

28,775

28,775

15,023

15,630

9,390

7,366

0
32,107

0
32,107

0
18,530

0
22,129

0
21,357

0
22,891

502,427
127,745

502,427
127,745

249,117
82,659

267,984
76,125

249,238
74,781

258,149
73,091

374,682

374,682

166,457

191,859

174,457

185,058

39,195

39,195

256,496
20,469
225,886

244,005
12,515
225,886

236,882
5,469
225,886

233,891
1,094
225,886

5,604
0

5,527
0

6,911
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

39,195

39,195

10,142
0

(211,293)
132,716

(211,293)
132,716

(234,512)
132,716

(176,177)
132,716

(190,529)
132,716

(216,137)
132,716

132,716
0
(344,009)

132,716
0
(344,009)

132,716
0
(442,642)
0
(442,642)

132,716
0
(456,392)
0
(456,392)

132,716
0
(460,958)
0
(460,958)

132,716
0
(479,687)
0
(479,687)

75,414

147,499

137,713

130,834

380,935
367,832
13,103
383,434

380,935
367,832
13,103
383,434

(2,499)
19,167

(2,499)
19,167

250,142
250,142
0
272,022
176,497
95,525
(21,880)
10,432
1,600
8,832

326,255
326,255
0
326,997
226,144
100,853
(742)
12,454
2,799
9,655

313,791
313,791
0
325,482
221,777
103,705
(11,691)
13,964
2,791
11,173

116,767
116,767
0
125,297
45,370
79,927
(8,530)
10,264
772
9,492

34,079
12,090
11,869
(16,499)
1,683
0
0
(7,164)

3,913
12,272
12,032
(11,212)
3,138
0
0
(15,698)

25,751
10,716
10,499
(24,331)
1,170
0
0
(16,801)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

19,167

19,167

4,070
1,895
0
0

4,070
1,895
0
0

30,581
14,902
14,646
68,660
618
0
0
100,909

(172,098)
0
2,175
127,745

(172,098)
0
2,175
127,745

21,984
20,469
68,042
103,128

67,827
12,515
(18,182)
88,640

46,353
5,469
(14,350)
80,250

17,754
1,094
(25,501)
74,185

0.06
5.23
7.55
1.15
0.26
100.66
-2.56
1.14
-4.37
-8.25

0.06
5.23
7.55
1.15
0.26
100.66
-2.56
1.23
-1.93
-2.36

0.06
5.96
6.01
0.92
0.32
108.75
-2.16
22.83
-30.80
-91.48

0.07
3.71
4.79
0.97
0.29
100.23
-2.91
-5.44
8.03
-36.74

0.05
3.91
2.99
1.06
0.20
103.73
-2.55
-3.55
6.11
-19.64

0.05
9.18
6.31
0.42
0.17
107.31
-2.28
-8.51
11.97
-75.91

19,931

19,931

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

69

5.39

5.39

5.41
5.69
27.45
0.20
5.13
-17.67

8.96
-0.39
-5.06
-0.01
-1.37
-13.27

20.17
0.07
-3.57
-0.03
-1.08
-14.36

13.77
-1.32
-20.84
-0.03
-1.92
-16.29

1.07
0.00
0.16
-15.92

1.07
0.00
0.16
-15.92

Financial Statement Analysis of Non Financial Sector 2012

Hira Textile Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,563,628

1,758,240

1,789,024

1,969,930

2,040,735

2,130,507

0
2,144,825

0
2,201,618

353
2,412,276

7,024
2,491,522

1,563,628
69,087

1,500,810
79,606

1,480,324
78,878

1,630,659
83,083

1,638,156
84,756

0
247,653

0
294,863

0
313,150

0
364,770

1,729,140
1,176,068
553,072
1,471,236

9,778

13,837

25,768

30,785

1,697,964
2,080
1,198,999

1,465,223
17,586
1,214,811

1,567,817
6,021
1,333,960

1,841,681
11,562
1,413,499

1,921,574
36,295
1,478,486

187,558

136,600

79,498

186,753

147,274

208,237
101,090

0
96,226

0
148,338

0
229,867

0
259,519

1,734,436
941,044

1,729,143
1,383,611

1,710,386
1,380,294

1,943,063
1,594,888

2,050,797
1,720,778

793,392

345,532

330,091

348,174

330,019

399,298

365,014
295,752
0

268,321
186,297
0

342,231
200,377
20,500

316,954
129,400
63,300

399,298

69,263
0

82,024
0

13,064
108,289

15,485
108,769

1,127,858
715,520

1,129,306
715,520

1,378,134
715,520

1,526,317
715,520

1,594,558
715,520

715,520
0
412,338

715,520
0
347,894
0
347,894

715,520
0
596,722
0
596,722

715,520
0
744,904
82,500
662,404

715,520
0
813,145
82,500
730,645

65,893

65,893

65,893

65,893

2,524,728
1,660,526
864,202
2,132,457
1,355,538
776,919
392,271
81,231
41,594
39,637

3,116,909
1,379,686
1,737,223
2,508,119
1,815,275
692,844
608,790
114,902
42,834
72,068

4,947,939
1,434,618
3,513,321
4,218,795
3,478,680
740,115
729,144
147,967
71,203
76,764

4,087,240
757,745
3,329,495
3,534,210
2,566,554
967,656
553,030
141,531
63,685
77,846

152,248
341,029
333,108
12,232
10,355
0
0
288,961

198,376
263,526
253,884
277,578
19,575
71,552
0
163,685

210,141
326,067
303,084
276,694
46,994
71,552
0
42,507

217,131
295,903
272,359
171,746
18,997
71,552
0
105,155

1,527,156
0
54,889
941,044

1,494,321
295,752
1,878
1,679,363

1,646,455
186,297
186,451
1,566,592

1,868,548
200,377
158,148
1,795,265

1,911,512
129,400
81,197
1,850,178

0.23
9.88
10.85
0.53
0.98
85.08
1.89
1.95
5.63
4.16

0.09
13.51
5.41
0.78
0.85
84.46
1.85
0.38
1.08
0.81

0.05
8.45
2.55
0.93
0.92
80.47
1.44
8.44
22.14
17.68
3.61
2.34
2.09
8.91
0.08
3.61
19.26

0.10
6.59
3.77
1.30
0.95
85.26
1.50
7.72
19.05
15.74
3.21
3.50
1.91
5.59
0.02
3.21
21.33

0.09
7.24
3.60
1.03
0.94
86.47
1.48
4.42
11.01
9.09
2.13
2.76
1.63
4.20
0.04
2.13
22.29

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

257,904
24,079

24,079

170,805

63,517
8,628
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

70

1.44

2.08
1.04
0.48
0.14
0.03
15.78

3.67
0.00
0.77
15.76

Financial Statement Analysis of Non Financial Sector 2012

Husein Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

481,297

465,285

452,623

415,679

695,079

695,079

1,201,590

1,231,652

0
1,194,971

0
1,197,217

0
1,474,537

0
1,474,537

481,297
50,922

465,285
46,526

442,833
57,415

391,483
53,596

666,793
43,162

666,793
43,162

0
476

0
641

0
569

0
569

9,314

23,555

27,717

27,717

1,489,134
4,815
800,063

1,505,489
4,237
801,381

1,574,391
1,306
797,817

1,433,370
8,390
566,958

1,379,305
1,980
527,290

1,379,305
1,980
527,290

538,406

554,540

614,060

675,904

714,447

714,447

0
145,850

0
145,331

0
161,208

0
182,119

0
135,588

0
135,588

1,320,466
720,553

1,428,434
707,845

1,365,081
999,438

1,249,685
943,372

423,965
148,542

423,965
148,542

599,913

720,589

365,643

306,312

275,423

275,423

234,437

144,936

277,135
248,818
0

352,789
340,300
0

1,454,199
1,440,897
0

1,454,199
1,440,897
0

234,437

144,936

11,636
16,682

12,489
0

13,302
0

13,302
0

415,528
106,258

397,404
106,258

384,798
106,259

246,575
106,259

196,220
106,259

196,220
106,259

106,258
0
309,270

106,258
0
291,146

106,259
0
278,539
33,858
244,682

106,259
0
140,317
33,858
106,459

106,259
0
(243,754)
33,858
(277,612)

106,259
0
(243,754)
33,858
(277,612)

333,715

333,715

1,155,170
561,123
594,047
992,130

1,089,447
468,004
621,443
939,386

163,040
73,252

150,061
55,926

1,395,273
248,055
1,147,218
1,167,447
718,539
448,908
227,826
55,380
27,445
27,935

1,169,922
536,014
633,908
1,114,647
510,384
604,263
55,275
66,771
30,452
36,319

496,641
112,271
384,370
690,443
356,560
333,883
(193,802)
67,780
20,550
47,230

496,641
112,271
384,370
690,443
356,560
333,883
(193,802)
67,780
20,550
47,230

113,609
164,521
154,727
(161,151)
7,982
0
0
(26,088)

91,393
131,007
88,934
(384,257)
5,416
0
0
(207,526)

91,393
131,007
88,934
(384,257)
5,416
0
0
(207,526)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

73,252

55,926

(8,396)
7,437
0
0

(16,300)
1,777
0
0

124,101
160,852
155,163
13,643
6,786
0
0
(291,988)

649,965
0
(15,833)
720,553

542,340
0
(18,077)
707,845

661,933
248,818
6,857
1,248,255

599,364
340,300
(169,132)
1,283,672

1,650,419
1,440,897
(389,673)
1,589,439

1,650,419
1,440,897
(389,673)
1,589,439

0.41
8.52
46.61
0.59
1.13
85.89
3.74
-0.46
-1.98
-1.28

0.39
10.15
50.90
0.55
1.05
86.23
3.96
-0.83
-4.01
-2.73

0.45
11.53
44.01
0.69
1.15
83.67
4.27
0.68
3.49
2.27

0.55
14.06
57.77
0.63
1.15
95.28
6.50
-8.32
-51.05
-25.55

1.69
26.38
143.86
0.24
3.25
139.02
9.57
-19.59
-173.56
-34.16

1.69
26.38
143.86
0.24
3.25
139.02
9.57
-18.52
-195.83
-23.28

98,364

110,633

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

71

1.44

1.36

1.75
1.09
0.98
-0.18
0.65
36.21

2.06
-0.04
-13.77
-0.02
-15.92
23.21

0.94
-3.32
-77.37
-0.11
-36.67
18.47

0.94
-3.32
-77.37
-0.11
-36.67
18.47

-0.73
0.00
-1.49
39.11

-1.50
0.00
-1.70
37.40

Financial Statement Analysis of Non Financial Sector 2012

ICC Textiles Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

682,190

636,685

1,045,604

999,661

954,470

1,017,394

1,091,003

1,102,165

0
1,059,602

0
1,063,623

0
1,065,647

0
1,031,641

682,190
53,129

636,685
49,419

1,043,457
1,169

997,659
995

952,641
50,397

1,015,676
50,876

0
0

0
0

0
0

0
0

2,147

2,002

1,829

1,718

485,357
10,212
246,705

428,418
12,100
179,872

412,174
5,914
212,652

381,991
6,113
228,873

423,862
32,684
241,483

287,548
38,029
144,696

160,088

164,503

122,429

60,212

95,613

27,659

0
68,352

0
71,943

0
71,179

0
86,793

0
54,082

0
77,164

777,767
491,395

830,722
465,653

629,102
487,762

736,525
515,952

765,370
528,130

781,054
520,431

286,372

365,069

141,340

220,573

237,240

260,623

141,271

147,791

513,143
128,596
209,153

474,732
95,943
209,153

341,500
63,584
109,150

263,996
31,792
32,735

141,271

147,791

30,461
144,933

33,853
135,783

42,027
126,739

52,571
146,898

248,509
100,008

86,590
100,008

315,533
100,008

170,395
100,008

271,462
300,011

259,892
300,011

100,008
0
148,501

100,008
0
(13,418)

100,008
0
(279,881)
0
(279,881)

100,008
0
(408,027)
0
(408,027)

300,011
0
(489,971)
0
(489,971)

300,011
0
(555,876)
0
(555,876)

495,407

478,414

461,422

515,757

1,223,415
778,036
445,379
1,151,496

1,248,698
830,205
418,493
1,268,239

71,919
62,153

(19,541)
46,662

1,331,862
910,269
421,593
1,242,908
949,367
293,541
88,954
44,477
20,458
24,020

1,522,531
1,041,063
481,468
1,511,140
1,156,194
354,946
11,391
45,483
20,104
25,380

2,246,377
1,787,515
458,862
2,181,623
1,811,103
370,520
64,754
41,342
14,918
26,424

1,778,224
1,201,416
576,808
1,833,598
1,286,950
546,648
(55,374)
51,357
20,625
30,732

87,389
110,899
107,887
(144,207)
10,081
0
0
(15,890)

94,581
108,186
105,317
(84,490)
23,595
0
0
(55,732)

105,628
93,945
84,829
(86,060)
5,987
0
0
11,408

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

62,153

46,662

(72,166)
6,052
0
0

(155,760)
6,159
0
0

82,533
114,720
111,754
(69,801)
4,216
0
0
3,874

389,780
0
(78,218)
491,395

234,381
0
(161,919)
465,653

828,676
128,596
(74,017)
616,358

645,127
95,943
(154,288)
611,895

612,962
63,584
(108,085)
591,714

523,888
31,792
(92,047)
552,223

0.22
6.73
13.09
1.05
0.62
94.12
3.70
-6.15
-25.09
-15.94

0.21
7.17
13.17
1.17
0.52
101.56
11.30
-13.95
-92.96
-49.91

0.20
8.61
9.19
0.91
0.66
93.32
3.62
-5.53
-34.72
-13.13

0.09
7.28
3.95
1.10
0.52
99.25
7.11
-10.16
-59.35
-19.57

0.17
4.82
4.26
1.63
0.55
97.12
4.08
-6.12
-38.24
-13.43

0.08
5.28
1.56
1.36
0.37
103.11
4.02
-6.41
-32.39
-15.14

82,376

89,557

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

72

4.96

6.94

6.26
0.38
-5.24
0.00
-7.40
31.55

6.65
-0.34
-9.47
-0.01
-15.43
17.04

9.30
0.20
-3.76
-0.05
-3.60
9.05

12.29
-0.01
-4.84
0.01
-3.07
8.66

-5.90
0.00
-7.82
24.85

-12.47
0.00
-16.19
8.66

Financial Statement Analysis of Non Financial Sector 2012

Ideal Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

560,418

584,889

565,992

544,946

519,744

517,976

931,910

989,022

0
65,153

400
65,153

522
1,041,620

7,311
1,074,401

560,418
43,658

584,889
45,638

563,078
4,901

541,632
2,811

516,683
43,660

507,434
2,394

0
0

0
0

0
0

0
0

2,914

2,914

2,539

3,231

172,415
39,507
80,966

260,318
6,591
179,234

174,247
3,259
90,301

234,918
26,997
83,985

350,218
27,914
127,827

316,139
20,630
146,229

26,563

39,905

54,401

80,355

119,112

71,921

0
25,379

0
34,588

0
26,286

0
43,581

0
75,365

0
77,359

296,033
86,900

470,014
170,223

250,710
175,167

285,047
193,428

357,044
234,663

324,926
212,309

209,133

299,791

75,543

91,619

122,381

112,617

326,261

301,270

460,929
208,422
245,675

388,272
114,360
234,225

313,214
12,569
199,101

282,821
47,337
141,432

326,261

301,270

6,832
0

8,020
31,667

8,984
92,560

6,137
87,915

110,539
99,200

73,923
99,200

28,600
99,200

106,545
99,200

199,704
99,200

226,368
99,200

99,200
0
11,339

99,200
0
(25,277)

99,200
0
(70,600)
0
(70,600)

99,200
0
7,345
0
7,345

99,200
0
100,504
0
100,504

99,200
0
127,168
0
127,168

800,244
800,244
0
734,163

985,088
985,088
0
938,533

66,081
24,957

46,555
35,851

1,111,393
1,111,393
0
1,050,120
781,381
268,739
61,273
37,912
5,439
32,473

1,475,987
1,472,502
3,485
1,246,183
943,641
302,542
229,804
53,052
8,068
44,984

2,374,878
2,304,339
70,539
2,061,916
1,768,164
293,752
312,962
76,141
20,005
56,136

2,015,151
1,861,994
153,157
1,859,273
1,460,108
399,165
155,878
71,539
19,580
51,959

131,177
60,729
59,127
117,023
7,411
0
0
134,480

152,210
60,477
58,087
177,999
23,947
7,440
0
115,584

150,111
44,285
41,357
44,286
19,921
0
0
77,167

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

24,957

35,851

(13,426)
4,285
0
0

(45,268)
4,925
0
0

101,889
71,792
70,449
(47,391)
0
0
0
83,988

436,800
0
(17,711)
86,900

375,193
0
(50,193)
170,223

489,529
208,422
(47,391)
383,589

494,817
114,360
109,612
307,788

512,918
12,569
146,612
247,232

509,189
47,337
24,365
259,646

0.22
7.16
3.32
1.09
0.58
91.74
5.63
-1.85
-11.50
-2.96

0.10
5.74
4.05
1.17
0.55
95.27
10.43
-5.74
-49.08
-11.15

0.23
6.46
4.89
1.50
0.70
94.49
24.88
-5.98
-92.45
-10.96

0.38
4.11
5.44
1.89
0.82
84.43
6.32
15.40
173.18
23.78

0.41
2.55
5.02
2.73
0.98
86.82
3.36
21.58
116.24
35.33
20.71
18.58
4.06
7.50
0.17
15.53
20.13

0.28
2.20
3.57
2.42
0.97
92.26
2.68
5.20
20.79
8.67

57,324

56,495

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

73

9.88

5.50

12.31
0.33
-4.26
0.12
-4.78
2.88

17.57
2.98
7.93
0.20
11.05
10.74

-1.68
0.00
-1.79
11.14

-4.60
0.00
-5.06
7.45

13.78
2.07
2.20
0.13
2.46
22.82

Financial Statement Analysis of Non Financial Sector 2012

Idrees Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,054,945

1,020,024

967,360

1,059,889

1,001,029

1,049,236

1,026,370

1,272,906

3,312
1,047,788

4,618
1,434,254

4,709
1,453,781

0
1,563,993

1,054,945
52,600

1,020,024
63,916

952,280
67,457

1,047,788
65,981

993,185
74,689

1,032,682
73,284

0
0

0
0

0
0

0
0

11,768

7,483

3,135

16,554

700,690
65,562
328,242

958,806
101,528
489,161

857,293
30,781
490,090

777,399
46,077
300,600

680,004
38,678
199,801

751,898
47,013
248,333

221,286

295,770

268,812

381,852

354,987

303,446

0
85,600

0
72,347

0
67,611

0
48,871

0
86,539

0
153,106

901,488
312,365

1,019,379
435,926

841,772
678,673

709,716
612,040

509,395
410,361

538,706
430,878

589,123

583,453

163,099

97,676

99,034

107,828

247,015

365,958

381,056
99,811
100,330

401,065
45,393
100,330

398,446
12,038
100,330

461,739
22,000
100,330

247,015

365,958

10,313
170,602

11,416
243,926

14,490
271,588

17,351
322,058

607,132
180,480

593,493
180,480

601,825
180,480

726,507
180,480

773,192
180,480

800,689
180,480

180,480
0
426,652

180,480
0
413,013

180,480
0
126,152
0
126,152

180,480
0
167,600
0
167,600

180,480
0
237,739
0
237,739

180,480
0
278,425
0
278,425

295,193

378,427

354,973

341,784

754,340
754,340
0
634,188

865,715
865,715
0
711,019

120,152
32,488

154,696
44,420

751,716
751,716
0
635,400
366,318
269,083
116,315
24,680
1,353
23,327

1,237,402
1,237,402
0
1,056,855
722,399
334,456
180,547
33,051
1,081
31,970

1,203,112
1,203,112
0
1,042,953
666,197
376,755
160,159
55,774
3,063
52,711

1,169,019
1,169,019
0
1,003,061
623,716
379,345
165,958
39,170
872
38,298

102,712
112,397
110,772
52,079
6,608
18,048
0
122,894

116,655
95,933
93,304
91,455
17,265
18,048
0
244,993

122,398
81,873
76,841
42,541
12,630
18,048
0
53,273

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

32,488

44,420

26,329
3,772
0
0

26,110
4,378
0
0

80,067
142,608
141,202
(14,202)
3,063
0
0
(114,222)

854,147
0
22,557
312,365

959,451
0
21,732
435,926

982,880
99,811
(17,266)
778,484

1,127,571
45,393
27,423
657,433

1,171,637
12,038
56,143
422,399

1,262,428
22,000
11,863
452,878

0.32
9.13
29.34
0.43
0.78
84.07
1.89
1.62
4.47
3.39

0.39
10.50
34.16
0.44
0.94
82.13
2.33
1.40
4.35
2.88

0.36
18.97
35.76
0.41
1.02
84.53
2.03
-0.75
-2.38
-1.46

0.60
9.08
30.86
0.67
1.10
85.41
1.53
2.84
7.84
4.94
2.52
4.12
1.47
4.21
0.11
2.52
40.25

0.77
7.97
29.51
0.72
1.33
86.69
1.17
5.20
12.20
7.96
4.11
6.02
1.98
7.60
0.27
4.11
42.84

0.65
7.00
25.96
0.65
1.40
85.80
1.25
2.44
5.41
3.50
1.66
4.71
1.55
3.64
0.05
1.66
44.36

68,860

90,925

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

74

2.30

1.77

1.53
0.90
-1.89
-0.09
-0.96
33.35

3.49
0.00
1.25
33.64

3.02
0.00
1.20
32.88

Financial Statement Analysis of Non Financial Sector 2012

Indus Dyeing & Manufacturing Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,457,490

3,258,316

4,092,590

4,333,431

4,316,802

6,325,571

5,130,639

5,262,687

0
5,360,287

0
5,500,152

9,815
5,602,898

69,312
6,920,023

3,457,490
330,906

3,258,316
323,812

3,054,934
309,364

2,918,740
289,462

2,790,546
274,333

3,881,784
337,893

0
1,036,115

0
1,409,204

0
1,513,134

0
2,370,852

1,542

5,487

3,307

3,623

3,226,123
41,192
1,251,553

3,658,948
49,324
1,511,144

3,039,112
66,894
2,215,792

2,606,690
69,268
1,571,944

3,593,265
81,908
2,013,128

3,930,128
157,628
2,622,335

Items

764

861,127

515,706

721,961

1,195,625

773,638

931,480
1,001,134

927,983
309,370

0
240,720

0
243,517

0
302,604

0
376,527

2,549,545
1,161,104

2,682,170
1,470,648

2,994,701
2,573,218

1,666,022
1,149,547

1,086,952
553,816

2,002,990
1,480,165

1,388,441

1,211,522

421,483

516,475

533,136

522,825

1,851,669

1,933,449

1,659,906
1,204,700
73,000

963,705
626,648
0

559,569
266,503
0

1,187,985
890,712
0

1,851,669

1,933,449

69,694
312,512

73,877
263,180

79,385
213,681

84,869
212,404

2,282,399
180,737

2,301,645
180,737

2,477,095
180,737

4,310,394
180,737

6,263,546
180,737

7,064,724
180,737

180,737
0
2,101,662

180,737
0
2,120,908

180,737
0
2,296,358
22,432
2,273,926

180,737
0
4,129,657
22,432
4,107,225

180,737
0
6,082,809
22,432
6,060,377

180,737
0
6,883,987
22,432
6,861,555

6,581,849
2,351,094
4,230,755
5,636,849

7,311,971
3,643,902
3,668,069
6,413,044

945,000
249,183

898,927
367,788

8,470,152
4,509,816
3,960,336
7,336,043
5,738,163
1,597,880
1,134,109
402,678
191,875
210,803

10,911,595
2,701,476
8,210,119
8,372,140
6,771,348
1,600,792
2,539,455
465,214
217,634
247,580

18,253,523
3,300,192
14,953,331
15,355,860
13,700,429
1,655,431
2,897,663
485,212
255,533
229,679

15,087,138
2,721,044
12,366,094
12,858,987
10,506,457
2,352,530
2,228,151
618,909
320,859
298,050

618,050
495,702
430,194
1,996,637
187,504
90,369
0
2,290,113

677,158
336,760
253,358
2,275,270
185,247
271,106
0
1,283,520

697,839
244,747
223,247
1,416,385
162,913
632,580
0
1,250,147

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

249,183

367,788

539,342
59,726
0
0

160,748
72,383
27,111
31,545

450,661
582,171
514,952
273,694
74,913
27,111
0
59,388

4,134,068
0
479,616
1,161,104

4,235,094
0
61,254
1,470,648

4,137,001
1,204,700
171,670
3,777,918

5,274,099
626,648
1,718,765
1,776,194

6,823,115
266,503
1,818,918
820,319

8,252,709
890,712
620,893
2,370,877

0.19
6.87
6.09
1.19
1.01
86.61
1.88
3.90
11.45
6.54
7.33
3.82
1.53
3.23
0.01
11.00
137.06

0.47
4.54
6.62
1.57
1.56
76.73
0.61
28.38
58.83
42.43
20.02
6.94
5.64
18.30
0.87
100.10
238.49

1.18
1.84
6.55
2.31
3.31
84.13
0.26
30.64
43.04
37.62
7.71
9.07
9.98
12.46
0.78
115.64
346.56

0.46
1.62
5.13
1.47
1.96
85.23
0.45
15.59
21.25
18.79
1.98
5.75
7.34
9.39
0.39
69.35
390.88

369,583

389,893

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.38
5.62
0.01
0.98
1.27
85.64
1.93
8.24
25.92
13.50

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.26

75

0.69
5.33
11.78
1.06
1.36
87.71
2.01
2.36
7.01
3.84
3.26
4.84

8.19
0.00
26.54
126.28

2.20
0.00
4.89
127.35

Financial Statement Analysis of Non Financial Sector 2012

Ishaq Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

921,459

870,239

820,456

783,414

734,709

729,337

1,438,620

1,450,359

0
1,460,934

558
1,482,528

0
1,490,470

25,379
1,511,009

921,459
69,303

870,239
67,876

816,760
63,536

779,160
59,679

730,850
56,827

699,155
53,035

0
0

0
0

0
0

0
853

3,696

3,696

3,859

3,950

1,086,800
91,109
541,402

1,260,685
13,739
680,601

1,155,320
9,575
641,706

1,046,076
11,501
478,356

1,383,501
32,627
732,804

1,414,012
9,388
721,849

360,879

454,307

407,323

436,995

482,797

549,549

0
93,410

0
112,038

0
96,716

0
119,224

0
135,273

0
133,226

1,200,481
755,784

1,227,707
966,008

1,156,218
998,544

964,863
732,561

1,219,159
889,849

1,297,014
1,050,554

444,697

261,699

157,674

232,302

329,310

246,460

338,145

451,631

391,153
264,389
66,500

390,338
206,750
94,000

307,197
116,750
94,000

244,610
53,750
104,500

338,145

451,631

16,740
43,524

16,880
72,708

18,773
77,674

24,184
62,176

469,633
96,600

451,586
96,600

428,405
96,600

474,289
96,600

591,854
96,600

601,725
96,600

96,600
0
373,033

96,600
0
354,986

96,600
0
212,191
17,250
194,941

96,600
0
260,296
17,250
243,046

96,600
0
379,763
17,250
362,513

96,600
0
391,474
17,250
374,224

119,614

117,393

115,491

113,651

1,732,536
1,105,292
627,244
1,569,252

2,200,687
1,243,521
957,166
1,960,283

163,284
53,670

240,404
87,109

2,389,314
1,634,055
755,259
2,093,799
1,573,110
520,689
295,515
94,905
52,005
42,900

3,196,504
2,106,823
1,089,681
2,837,984
1,948,893
889,091
358,520
125,583
77,461
48,122

4,210,345
2,665,170
1,545,175
3,735,674
3,167,363
568,311
474,671
177,724
115,419
62,305

3,748,190
2,381,213
1,366,977
3,386,042
2,389,854
996,188
362,148
164,252
107,606
56,646

141,718
139,714
122,297
96,308
21,240
7,728
0
314,862

178,672
135,327
127,694
165,700
41,252
4,830
0
(40,466)

176,947
168,522
136,806
34,277
36,825
0
0
(71,295)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

53,670

87,109

(5,643)
9,518
0
0

(14,629)
10,983
0
0

116,370
230,232
182,282
(20,646)
8,118
0
0
86,666

807,778
0
(15,161)
755,784

903,217
0
(25,612)
966,008

819,558
264,389
(28,764)
1,262,933

864,627
206,750
67,340
939,311

899,051
116,750
119,618
1,006,599

846,335
53,750
(2,548)
1,104,304

0.38
6.94
20.83
0.86
0.91
90.58
3.28
-0.29
-1.23
-0.70

0.38
7.67
20.64
1.03
1.03
89.08
3.72
-0.71
-3.18
-1.71

0.36
9.64
17.05
1.21
1.00
87.63
3.61
-1.01
-4.69
-2.40

0.46
4.37
13.67
1.75
1.08
88.78
2.86
5.06
21.34
11.44
9.71
6.68
1.79
3.01
0.23
7.77
49.10

0.42
3.21
11.47
1.99
1.13
88.73
2.58
8.39
31.08
18.79
25.77
5.75
2.30
3.94
-0.03
12.88
61.27

0.43
4.50
14.66
1.75
1.09
90.34
2.56
1.61
5.74
3.93

120,316

168,732

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

76

3.20

3.23

3.72
0.89
-0.86
0.06
-2.98
44.35

-0.33
0.00
-1.57
48.62

-0.66
0.00
-2.65
46.75

5.19
1.25
0.91
-0.05
-0.26
62.29

Financial Statement Analysis of Non Financial Sector 2012

Ishtiaq Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

312,895

292,793

313,158

295,481

279,060

287,784

538,931

538,963

0
538,884

0
538,884

0
538,884

0
564,610

312,895
21,511

292,793
20,135

273,770
18,944

256,093
17,675

239,672
16,422

248,395
17,004

0
0

0
0

0
0

0
0

39,388

39,388

39,388

39,389

175,514
689
78,251

174,476
656
63,513

153,437
3,716
105,321

127,996
807
44,425

272,024
1,191
202,332

144,233
1,304
78,251

47,664

58,434

27,935

65,424

50,540

46,247

0
48,910

0
51,873

0
16,465

0
17,340

0
17,961

0
18,431

330,428
90,582

246,729
91,453

190,795
135,553

132,017
91,991

225,168
73,742

167,268
117,206

239,846

155,276

55,242

40,026

151,426

50,062

17,769

88,667

178,705
0
137,039

184,137
0
137,038

191,725
0
137,039

192,451
0
137,039

1,285
45,814

2,162
52,524

2,565
52,847

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

17,769

88,667

175
41,492

140,212
42,500

131,873
42,500

97,095
42,500

107,323
42,500

134,191
42,500

72,298
42,500

42,500
0
97,712

42,500
0
89,373

42,500
0
(62,291)
0
(62,291)

42,500
0
(45,318)
0
(45,318)

42,500
0
(12,176)
0
(12,176)

42,500
0
(81,467)
0
(81,467)

116,886

110,141

103,867

111,265

549,348
549,348
0
521,025

531,494
531,494
0
519,450

28,323
9,281

12,044
8,313

226,352
226,352
0
239,948
145,376
94,572
(13,596)
6,795
4,431
2,364

576,449
576,449
0
533,653
435,780
97,874
42,796
11,180
5,591
5,589

573,844
573,844
0
499,817
511,490
(11,673)
74,027
13,006
7,054
5,952

475,464
475,464
0
538,699
342,317
196,382
(63,235)
9,919
6,108
3,811

39,747
14,183
13,661
17,433
2,882
0
0
65,454

34,371
21,453
21,112
39,568
5,990
0
0
(89,401)

30,887
14,143
13,524
(87,297)
0
0
0
65,121

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

9,281

8,313

(5,185)
2,747
0
0

(11,631)
2,657
0
0

27,276
20,064
19,756
(40,455)
0
0
0
(28,871)

157,981
0
(7,932)
90,582

220,540
0
(14,288)
91,453

275,800
0
(40,455)
135,553

291,461
0
14,551
91,991

325,916
0
33,579
73,742

264,749
0
(87,297)
117,206

0.15
4.41
8.68
1.12
0.53
94.84
2.48
-1.06
-3.67
-2.91

0.24
2.89
10.99
1.14
0.71
97.73
2.54
-2.43
-8.55
-6.15

0.17
8.86
12.34
0.49
0.80
106.01
3.81
-8.66
-35.34
-16.30

0.50
2.46
11.35
1.36
0.97
92.58
2.95
3.92
17.06
6.15

0.23
3.74
8.81
1.04
1.21
87.10
3.11
8.12
32.77
12.82

0.28
2.97
9.73
1.10
0.86
113.30
4.98
-17.76
-84.55
-29.56

24,227

15,362

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

77

7.02

8.37

2.15
-1.05
-17.87
-0.08
-9.52
22.85

12.98
2.28
3.02
0.21
3.42
25.25

2.84
2.87
6.90
-0.21
7.90
31.57

6.08
-5.45
-18.36
0.18
-20.54
17.01

-0.94
0.00
-1.87
32.99

-2.19
0.00
-3.36
31.03

Financial Statement Analysis of Non Financial Sector 2012

Island Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

345,378

594,736

706,659

720,330

758,405

963,631

495,998

610,924

889
631,522

1,472
637,581

6,507
641,386

22,357
720,057

345,378
27,167

594,736
25,596

577,195
30,030

555,317
28,716

533,121
27,332

693,588
26,637

0
128,496

0
163,470

0
218,701

3,999
243,363

79

71

75

324

522,459
23,103
242,202

655,809
10,976
327,042

569,665
10,674
370,786

406,777
26,260
251,194

825,552
11,904
427,256

708,077
21,624
271,047

164,196

164,083

119,791

71,139

83,553

160,360

17,514
75,444

18,162
135,546

0
68,414

0
58,185

0
302,840

0
255,046

585,475
345,756

615,882
452,261

643,220
463,783

352,572
180,345

513,189
280,415

255,832
16,584

239,719

163,621

179,437

172,227

232,774

239,248

61,092

284,810

289,826
155,006
50,000

242,248
127,418
10,000

86,932
0
0

91,814
0
0

11,355
93,475

13,286
73,646

17,552
74,262

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

61,092

284,810

12,286
72,534

221,270
5,000

349,853
5,000

343,278
5,000

532,287
5,000

983,836
5,000

1,324,062
5,000

5,000
0
216,270

5,000
0
344,853

5,000
0
19,883
569
19,314

5,000
0
209,363
558
208,805

5,000
0
642,094
549
641,545

5,000
0
829,962
805
829,157

318,395

317,923

336,742

489,100

1,007,651
676,027
331,624
875,429

1,024,973
544,579
480,394
868,071

132,222
66,685

156,902
143,180

1,403,698
1,043,882
359,816
1,292,376
929,830
362,546
111,322
109,384
48,440
60,944

1,750,820
1,004,107
746,713
1,372,136
937,242
434,894
378,684
92,261
51,114
41,147

2,319,040
287,218
2,031,822
1,742,481
1,646,053
96,429
576,559
118,710
58,593
60,117

2,193,794
566,380
1,627,414
1,876,110
1,389,236
486,874
317,684
117,263
54,578
62,685

110,170
100,568
87,249
221,515
12,576
2,500
0
373,177

136,493
60,713
35,715
440,541
26,152
2,500
0
235,754

128,589
31,130
14,688
195,921
22,711
5,000
0
273,087

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

66,685

143,180

18,343
11,091
1,250
0

(33,166)
5,744
0
0

94,412
137,146
119,183
(145,760)
3,480
0
0
30,508

282,362
0
6,002
345,756

634,663
0
(38,910)
452,261

633,104
155,006
(149,240)
618,789

774,535
127,418
206,439
307,763

1,070,768
0
411,889
280,415

1,415,876
0
168,210
16,584

0.35
5.52
16.29
1.16
0.89
86.88
2.92
2.33
8.80
5.98
5.80
4.16

0.31
5.51
16.01
0.82
1.06
84.69
2.57
-3.13
-11.61
-7.23

0.20
9.77
8.53
1.10
0.89
92.07
2.72
-11.54
-42.06
-22.99

0.28
5.74
4.06
1.55
1.15
78.37
1.12
18.43
50.60
31.47
83.58
6.97
3.54
12.65
0.63
417.88
1,064.57

0.19
2.62
3.60
1.46
1.61
75.14
0.61
32.50
58.11
47.75
165.76
5.43
13.33
19.00
0.39
828.78
1,967.67

0.71
1.42
7.31
1.31
2.77
85.52
0.26
12.04
16.98
15.76
34.64
8.09
14.34
8.93
0.79
346.42
2,648.12

55,670

56,479

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

78

3.13

3.79
-0.22
-10.38
0.03
-298.48
686.56

1.82
0.00
14.50
442.54

-3.24
0.00
-77.82
699.71

Financial Statement Analysis of Non Financial Sector 2012

J.A. Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

369,728

332,190

322,372

307,689

292,398

444,557

387,739

387,927

0
388,471

10,663
386,603

0
403,995

0
548,149

369,728
21,324

332,190
37,431

305,405
27,330

280,014
26,186

275,376
22,030

427,359
12,352

0
0

0
0

0
0

0
0

16,967

17,012

17,022

17,198

100,801
20,874
15,185

94,412
14,891
26,433

30,891
9,661
13,616

63,223
21,593
17,530

50,668
8,342
56

72,502
18,026
32,505

6,880

5,637

8,227

0
57,862

0
53,088

0
7,613

0
18,463

27,338
14,932

270
13,474

312,367
0

299,057
0

43,982
0

65,877
0

43,508
0

77,904
0

312,367

299,057

43,982

65,877

43,508

77,904

15,111

15,111

233,629
15,111
177,201

235,601
15,111
174,869

236,367
15,111
178,060

264,263
15,111
177,199

15,111

15,111

2,878
38,439

1,619
44,002

569
42,627

0
71,953

143,051
126,012

112,434
126,012

75,652
126,012

69,434
126,012

63,191
126,012

174,892
126,012

126,012
0
17,039

126,012
0
(13,578)

126,012
0
(278,773)
0
(278,773)

126,012
0
(272,807)
0
(272,807)

126,012
0
(268,728)
0
(268,728)

126,012
0
(287,141)
0
(287,141)

228,414

216,230

205,907

336,021

497,594
446,168
51,426
471,581

572,402
549,096
23,306
590,481

26,013
15,383

(18,079)
12,587

480,345
432,771
47,574
509,677
352,116
157,561
(29,332)
11,396
2,576
8,820

571,674
539,919
31,756
556,558
389,183
167,375
15,117
13,591
1,691
11,900

716,222
578,700
137,521
701,008
547,034
153,975
15,213
15,218
4,561
10,657

589,264
570,088
19,176
566,984
439,778
127,206
22,280
12,772
599
12,173

50,736
212
0
2,298
2,954
0
0
27,206

41,391
750
0
(245)
7,651
0
0
16,801

53,052
150
0
11,720
5,873
0
0
10,678

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,383

12,587

12,218
2,488
0
0

(33,719)
2,803
0
0

46,228
205
0
(40,925)
554
0
0
(9,504)

158,162
0
9,730
0

127,545
0
(36,522)
0

309,281
15,111
(41,479)
15,111

305,035
15,111
(656)
15,111

299,558
15,111
(7,896)
15,111

439,155
15,111
5,847
15,111

0.09
0.60
1.38
1.06
0.32
94.77
2.29
3.36
24.16
7.37

0.05
0.54
0.00
1.34
0.32
103.16
2.79
-7.52
-26.40
-23.60

0.22
0.04
0.00
1.36
0.70
106.11
3.67
-10.50
-43.52
-18.74

0.41
0.04
0.99
1.54
0.96
97.36
4.34
0.63
3.17
0.75

0.82
0.10
0.00
2.09
1.16
97.88
4.43
-0.07
-0.37
-0.08

0.34
0.03
1.40
1.14
0.93
96.22
1.96
2.73
9.85
3.17

2,998

3,084

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

79

32.77

21.65

35.28

32.61

12,835.51

18.13

2.46
0.00
0.77
11.35

-5.89
0.00
-2.90
8.92

-8.52
-0.03
-3.29
6.00

0.40
0.09
-0.05
5.51

-0.03
0.06
-0.63
5.01

1.99
0.03
0.46
13.88

Financial Statement Analysis of Non Financial Sector 2012

J.K. Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,011,194

951,299

952,007

937,726

2,631,622

2,842,828

1,012,459

997,709

26,904
1,017,383

28,034
1,060,472

37,617
3,185,468

161,956
3,406,442

1,011,194
29,412

951,299
48,767

901,636
47,303

899,447
45,497

2,585,725
130,084

2,679,805
131,005

0
0

0
0

0
0

0
0

23,467

10,245

8,280

1,067

385,820
9,842
122,373

423,602
20,752
181,422

380,491
5,200
107,406

354,253
24,454
207,017

2,180,061
60,290
1,249,430

2,137,382
45,217
1,278,678

126,031

96,775

150,406

73,766

528,745

451,143

8
127,566

6
124,647

0
117,480

0
49,016

0
341,596

0
362,344

814,328
288,689

740,857
291,418

433,246
254,513

341,923
253,124

1,698,745
1,248,357

1,491,416
1,157,807

525,639

449,439

178,733

88,799

450,388

333,609

98,916

192,791

477,909
73,710
332,845

352,415
22,275
228,888

629,512
65,080
300,000

758,379
194,163
300,000

0
101,252

0
264,432

0
264,216

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

98,916

192,791

0
71,354

483,770
70,000

441,253
70,000

421,343
70,000

597,641
175,000

2,483,426
183,750

2,730,415
609,033

70,000
0
413,770

70,000
0
371,253

70,000
0
34,901
0
34,901

175,000
0
158,864
0
158,864

183,750
0
1,255,536
714,919
540,617

609,033
0
1,154,623
289,636
864,987

316,442

263,777

1,044,140

966,759

637,107
366,778
270,329
515,931

747,616
615,445
132,171
646,216

121,176
39,110

101,400
29,247

835,155
687,683
147,472
743,468
517,610
225,858
91,687
35,472
12,520
22,953

1,148,043
1,010,578
137,465
906,703
641,933
264,769
241,340
54,791
19,352
35,439

9,097,849
3,988,005
5,109,844
7,713,396
6,385,909
1,327,487
1,384,453
547,149
396,088
151,061

7,193,895
3,321,111
3,872,784
6,176,622
4,303,984
1,872,638
1,017,273
437,810
291,775
146,035

92,696
71,254
66,482
118,615
8,024
35,000
8,750
102,124

328,696
322,852
284,548
516,869
97,595
36,750
0
(763,089)

358,888
241,545
191,889
364,079
72,112
152,258
0
342,229

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

39,110

29,247

14,327
8,738
0
0

(10,455)
4,864
0
0

63,084
71,779
69,993
(1,593)
1,276
0
0
40,183

582,686
0
5,589
288,689

634,044
0
(15,319)
291,418

899,252
73,710
(2,869)
328,223

950,055
22,275
75,591
275,399

3,112,938
65,080
382,524
1,313,437

3,488,794
194,163
139,709
1,351,970

0.17
12.13
19.78
0.46
0.47
80.98
1.89
1.13
3.79
2.61

0.16
12.27
12.94
0.54
0.57
86.44
2.12
-0.75
-2.26
-1.72

0.36
8.59
18.01
0.63
0.88
89.02
2.16
-0.12
-0.37
-0.21

0.29
6.21
6.43
0.89
1.04
78.98
1.16
9.04
23.28
12.83
3.16
5.55
2.78
10.33
0.15
6.32
34.15

0.35
3.55
5.81
1.89
1.28
84.78
0.94
16.94
33.55
25.44
11.41
7.28
2.82
5.68
-0.33
22.82
135.15

0.33
3.36
6.27
1.44
1.43
85.86
0.82
7.44
13.97
11.03
1.92
5.63
2.90
5.06
0.15
4.79
44.83

77,286

91,701

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

80

5.21

4.12

7.78
0.98
-0.19
0.04
-0.41
60.19

2.25
0.00
0.80
69.11

-1.40
0.00
-2.19
63.04

Financial Statement Analysis of Non Financial Sector 2012

Janana De Malucho Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,547,998

1,524,003

1,514,602

1,984,048

2,023,790

2,357,300

1,836,399

1,825,338

3,845
1,881,218

0
2,217,788

58,433
2,222,911

0
2,472,781

1,547,998
50,386

1,524,003
54,970

1,497,608
53,567

1,929,393
53,561

1,877,956
59,950

2,246,422
62,331

0
10,804

0
52,228

0
85,196

0
108,784

2,345

2,427

2,205

2,094

513,821
4,768
379,028

604,682
5,092
430,773

462,621
3,177
358,881

460,914
5,850
364,761

701,481
21,193
508,371

826,265
3,134
671,596

23,003

37,675

26,623

12,082

49,957

7,527

28,962
78,060

41,016
90,126

0
73,940

0
78,221

0
121,960

0
144,008

794,711
468,765

748,822
584,510

698,670
555,000

559,916
429,873

771,642
526,937

770,262
519,469

325,946

164,312

143,670

130,043

244,705

250,793

377,421

478,776

446,823
326,339
0

517,481
285,438
0

501,755
257,332
0

510,029
210,892
0

16,521

63,725

49,821

360,900

478,776

10,203
110,281

17,569
214,474

34,403
146,295

48,693
200,623

889,687
31,723

901,087
31,655

831,730
31,655

1,367,565
43,064

1,451,874
47,848

1,903,274
47,848

31,655
68
857,964

31,655
0
869,432

31,655
0
138,462
29,862
108,600

43,064
0
296,063
18,453
277,610

47,848
0
389,983
18,453
371,530

47,848
0
552,954
18,453
534,501

661,613

1,028,438

1,014,043

1,302,472

1,079,553
1,079,553
0
934,344

1,130,611
1,130,611
0
978,959

145,209
37,428

151,652
41,511

1,071,738
1,071,738
0
1,010,091
630,495
379,596
61,647
40,746
5,870
34,876

1,454,537
1,454,537
0
1,142,811
767,405
375,406
311,726
60,547
7,560
52,987

2,134,841
2,134,841
0
1,944,643
1,483,199
461,444
190,198
77,061
15,000
62,061

2,314,948
2,314,948
0
2,071,385
1,483,781
587,604
243,563
82,940
9,750
73,190

174,545
125,938
125,132
174,411
25,834
0
0
175,450

239,026
36,615
31,821
111,058
21,487
0
0
128,929

262,892
85,679
82,982
109,559
293
0
0
142,846

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

37,428

41,511

6,014
5,376
0
10,066

19,436
5,635
0
0

140,615
143,546
142,723
(149,174)
2,349
0
0
29,787

1,267,108
16,521
638
485,286

1,379,863
0
13,801
584,510

1,278,553
326,339
(151,523)
881,339

1,885,046
285,438
148,577
715,311

1,953,629
321,057
89,571
847,994

2,413,303
260,713
109,266
780,182

0.07
9.88
2.13
0.52
0.65
86.55
1.32
0.32
0.84
0.55

0.11
8.29
3.33
0.53
0.81
86.59
1.36
0.93
2.17
1.47

0.04
13.39
2.48
0.54
0.66
94.25
1.38
-7.27
-17.22
-11.22

0.03
8.66
0.83
0.59
0.82
78.57
0.79
7.89
15.86
11.03

0.09
1.72
2.34
0.78
0.91
91.09
0.88
4.30
7.88
5.79

0.01
3.70
0.33
0.73
1.07
89.48
0.67
3.71
6.53
5.02

106,647

93,773

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

81

2.85

2.62

2.99
-0.05
-13.92
0.03
-47.87
262.75

3.99
2.39
11.99
0.16
34.50
317.57

4.20
4.49
5.20
0.10
18.72
303.43

3.45
2.32
4.73
0.11
22.84
397.78

0.56
0.00
0.20
281.06

1.72
0.00
4.36
284.66

Financial Statement Analysis of Non Financial Sector 2012

Jubilee Spinning & Weaving Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

660,235

667,219

790,964

859,125

763,045

638,000

570,633

857,186

0
871,989

10,897
862,483

5,000
848,215

5,000
848,215

537,353
24,258

666,952
200,553

649,735
21,683

636,688
20,068

621,643
18,291

604,758
16,885

122,882

267

0
137,243

0
208,387

0
134,395

0
26,396

97,211
5,390
22,269

147,831
5,412
30,687

7,353

9,467

22,719

13,223

31,064

91,341

0
62,199

565
101,700

25,112
57,120

19,978
37,632

19,531
32,021

29,337
27,764

310,826
6,679

301,480
0

151,395
40,548

137,080
46,145

172,844
49,114

160,058
27,389

304,147

301,480

110,846

90,935

123,729

132,669

288,528

154,048

123,882
57,228
0

96,141
29,344
0

77,280
13,077
0

113,927
48,902
0

288,528

154,048

26,309
40,345

30,595
36,202

32,378
31,825

35,297
29,728

158,092
70,169

359,522
70,169

657,221
324,912

732,866
324,912

620,347
324,912

522,506
324,912

70,169
0
87,923

70,169
0
289,353

324,912
0
(182,017)
(11,305)
(170,712)

324,912
0
(177,843)
0
(177,843)

324,912
0
(282,232)
2,719
(284,952)

324,912
0
(376,180)
12,704
(388,884)

514,326

585,798

577,668

573,774

651,194
651,194
0
658,830

751,885
751,885
0
741,257

(7,636)
13,059

10,628
14,130

763,285
763,285
0
707,363
599,253
108,110
55,922
46,986
1,223
45,762

703,589
703,589
0
665,909
561,217
104,692
37,681
43,625
1,317
42,309

783,739
783,739
0
792,221
679,747
112,473
(8,481)
26,777
2,030
24,747

217,253
217,253
0
230,468
147,514
82,954
(13,215)
20,644
2,137
18,507

64,047
9,430
8,984
29,438
4,747
0
0
43,375

66,434
5,991
5,610
(105,160)
8,840
0
0
16,445

56,564
4,690
4,132
(107,595)
2,278
0
0
(48,084)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

3,986

3,153

2,007

1,846

141,534
7,966
28,618

106,962
3,975
32,153

107,426
2,903
21,907

158,491
1,351
8,698

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,059

14,130

9,096
4,769
0
0

118
3,758
0
0

60,895
10,767
10,468
24,158
24,158
0
0
43,709

446,620
0
4,327
6,679

513,570
0
(3,640)
0

781,103
57,228
0
97,776

829,008
29,344
24,691
75,489

697,628
13,077
(114,000)
62,192

636,433
48,902
(109,873)
76,291

0.04
2.07
1.13
0.86
0.31
101.17
3.79
1.20
4.52
2.19

0.05
1.25
1.26
0.92
0.49
98.59
1.27
0.02
0.05
0.02

0.37
1.41
2.98
0.82
0.93
92.67
0.42
2.76
4.75
3.73

0.27
1.34
1.88
0.73
0.78
94.64
0.32
3.10
4.24
3.66

0.31
0.76
3.96
0.90
0.62
101.08
0.40
-11.74
-16.08
-14.11

0.76
2.16
42.04
0.27
0.99
106.08
0.52
-12.91
-18.83
-16.13

13,498

9,384

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

82

29.24

24.50

26.67
3.31
3.17
0.16
0.00
20.23

21.88
4.28
4.18
0.19
0.76
22.56

35.77
-17.74
-13.42
0.07
-3.51
19.09

24.98
-25.04
-49.53
-0.18
-3.38
16.08

1.40
0.00
0.62
22.53

0.02
0.00
-0.52
51.24

Financial Statement Analysis of Non Financial Sector 2012

Karim Cotton Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

64

64

63

63

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

64

64

63

63

83
16
0

90
23
0

18
14
0

18
14
0

18
14
0

18
14
0

0
67

0
67

0
4

0
4

0
4

0
4

654
0

764
0

945
0

1,192
0

0
0

0
0

654

764

945

1,192

0
0
0

0
0
0

1,439
0
1,179

1,439
0
1,179

0
0

0
260

0
260

0
0

(571)
11,838

(674)
11,833

(863)
11,833

(1,110)
11,833

(1,358)
11,833

(1,358)
11,833

11,838
0
(12,409)

11,833
0
(12,507)

11,833
0
(12,696)
0
(12,696)

11,833
0
(12,943)
0
(12,943)

11,833
0
(13,191)
0
(13,191)

11,833
0
(13,191)
0
(13,191)

0
0
0
0

0
0
0
0

0
93

0
97

0
0
0
0
0
0
0
188
0
188

0
0
0
0
0
0
0
247
0
247

0
0
0
0
0
0
0
248
0
248

0
0
0
0
0
0
0
248
0
248

0
0
0
(247)
0
0
0
(247)

0
0
0
(248)
0
0
0
(198)

0
0
0
(248)
0
0
0
(198)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

93

97

(93)
0
0
0

(98)
0
0
0

0
1
0
(189)
0
0
0
(189)

(571)
0
(93)
0

(674)
0
(98)
0

(863)
0
(189)
0

(1,110)
0
(247)
0

81
0
(248)
0

81
0
(248)
0

0.02

0.03

0.01

0.01

0.00
0.13

0.00
0.12

0.00
0.02

0.00
0.02

0.00

0.00

-1.15
-111.38
17.65
17.65

-1.13
-113.29
15.74
15.74

-1.09
-219.88
24.59
24.59

-1.07
-301.59
25.03
25.03

-1.06
-306.36
20.09
48.18

-1.06
-306.17
18.26
-306.17

0.00
-0.08
-0.48

0.00
-0.08
-0.57

-0.20
-0.16
-0.73

-0.21
-0.21
-0.94

-0.14
-0.21
-1.15

-0.14
-0.21
-1.15

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

83

Financial Statement Analysis of Non Financial Sector 2012

Khalid Siraj Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

224,896

473,761

447,133

436,720

406,493

367,511

381,114

380,990

0
383,665

0
858,850

0
862,675

0
858,002

224,896
10,952

473,761
13,857

429,091
9,692

419,089
40,515

388,861
38,854

349,924
34,864

0
0

0
0

0
0

0
0

18,042

17,631

17,632

17,587

266,152
2,768
52,571

208,243
2,451
47,132

98,627
1,663
2,496

144,138
13,400
18,001

121,692
5,693
24,992

147,857
3,845
59,053

33,657

7,693

247

1,600

8,435

8,519

0
177,156

0
150,967

0
94,221

0
111,137

0
82,572

0
76,440

354,216
105,730

335,044
93,405

90,445
39,712

137,761
60,142

141,034
68,379

185,033
95,179

248,486

241,639

50,733

77,619

72,655

89,854

14,225

101,710

293,374
8,469
206,993

260,628
0
207,037

246,813
0
212,460

233,316
0
200,924

5,543
48,048

7,218
27,134

8,538
23,854

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

14,225

101,710

5,240
72,673

122,607
107,000

245,250
107,000

161,941
107,000

182,469
107,000

140,338
107,000

97,019
107,000

107,000
0
15,607

107,000
0
138,250

107,000
0
(122,322)
0
(122,322)

107,000
0
(88,738)
0
(88,738)

107,000
0
(147,700)
0
(147,700)

107,000
0
(174,628)
0
(174,628)

177,263

164,207

181,038

164,647

494,003
479,156
14,847
500,558

657,710
639,582
18,128
691,932

(6,555)
15,078

(34,222)
23,938

431,304
430,993
311
487,450
349,815
137,635
(56,146)
13,169
0
13,169

724,343
640,398
83,945
712,682
521,171
191,511
11,661
17,882
4,188
13,694

1,110,715
1,110,715
0
1,127,120
918,197
208,923
(16,405)
16,767
1,890
14,877

796,442
796,442
0
805,160
600,725
204,435
(8,718)
15,088
1,880
13,208

60,708
19,023
17,566
(25,145)
3,634
0
0
(3,129)

71,092
19,026
18,433
(51,568)
11,477
0
0
(5,136)

72,682
14,818
14,403
(38,624)
7,974
0
0
(20,578)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,078

23,938

(46,001)
2,470
0
0

(77,229)
3,288
0
0

4,803
22,104
21,748
(94,103)
2,162
0
0
(12,032)

136,832
0
(48,471)
105,730

346,960
0
(80,517)
93,405

455,315
8,469
(96,265)
48,181

443,097
0
(28,779)
60,142

387,151
0
(63,045)
68,379

330,335
0
(46,598)
95,179

0.10
4.41
6.81
1.01
0.75
101.33
3.01
-9.22
-33.02
-28.89

0.03
2.93
1.17
0.96
0.62
105.20
1.78
-13.17
-41.99
-31.93

0.02
5.12
0.06
0.79
1.09
113.02
2.37
-15.33
-46.22
-23.46

0.11
2.63
0.22
1.25
1.05
98.39
2.18
-4.46
-14.60
-5.60

0.10
1.71
0.76
2.10
0.86
101.48
2.76
-9.30
-31.95
-12.42

0.07
1.86
1.07
1.55
0.80
101.09
4.31
-7.40
-32.55
-10.77

21,761

19,297

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

84

9.40

13.95

172.80
-3.33
-21.82
-0.03
-9.00
15.13

40.24
-0.43
-3.47
-0.01
-2.69
17.05

44.44
-1.80
-4.64
-0.01
-5.89
13.12

13.49
-1.68
-4.85
-0.05
-4.35
9.07

-9.31
0.00
-4.53
11.46

-11.74
0.00
-7.52
22.92

Financial Statement Analysis of Non Financial Sector 2012

Khurshid Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

410,171

373,672

335,325

291,612

585,424

530,312

545,242

550,575

0
539,330

0
521,092

0
839,695

0
840,877

410,171
43,654

373,672
41,831

331,187
36,125

289,563
32,038

583,375
31,351

528,383
56,174

0
0

0
0

0
0

0
0

4,138

2,049

2,049

1,929

97,789
4,368
69,554

132,430
3,301
99,174

101,694
610
82,127

35,593
1,576
11,768

53,169
2,937
10,396

11,776
625
0

3,074

5,348

3,106

2,990

16,263

0
20,793

0
24,607

0
15,851

0
19,259

0
23,573

0
11,151

365,782
99,483

289,835
110,344

113,778
57,134

115,256
46,799

174,209
69,266

140,838
69,266

266,299

179,491

56,644

68,457

104,943

71,572

111,504

253,649

415,045
268,496
93,253

362,004
264,554
85,406

509,639
225,281
99,936

504,777
206,303
136,547

111,504

253,649

1,546
51,750

2,194
9,850

6,354
178,068

0
161,927

30,674
131,748

(37,382)
131,748

(91,804)
131,748

(150,055)
131,748

(45,255)
131,748

(103,527)
131,748

131,748
0
(101,074)

131,748
0
(169,130)

131,748
0
(346,590)
0
(346,590)

131,748
0
(393,325)
0
(393,325)

131,748
0
(495,337)
0
(495,337)

131,748
0
(523,633)
0
(523,633)

123,038

111,522

318,334

288,358

405,401
405,401
0
454,775

378,624
378,624
0
397,941

(49,374)
17,989

(19,317)
18,444

292,920
292,920
0
346,600
213,393
133,207
(53,680)
12,540
79
12,461

502,293
502,293
0
587,130
417,200
169,930
(84,837)
16,520
1,329
15,191

349,746
334,985
14,761
409,871
278,118
131,753
(60,125)
15,804
2,641
13,163

104,593
104,593
0
184,266
83,773
100,493
(79,673)
6,594
916
5,678

50,485
5,553
3,583
(100,151)
0
0
0
8,381

39,026
1,522
1,356
(76,087)
155
0
0
(20,360)

13,616
2,879
2,722
(74,144)
269
0
0
(18,079)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,989

18,444

(88,827)
2,027
0
0

(67,717)
1,893
0
0

31,916
34,929
33,494
(100,485)
0
0
0
(22,924)

142,178
0
(90,854)
99,483

216,267
0
(69,610)
110,344

323,241
268,496
(100,485)
325,630

211,949
264,554
(100,151)
311,353

464,384
225,281
(76,242)
294,547

401,250
206,303
(74,413)
275,569

0.02
5.43
0.76
0.80
0.27
112.18
15.56
-17.14
-118.58
-45.64

0.03
7.91
1.41
0.75
0.46
105.10
-14.54
-13.36
2,018.99
-37.78

0.03
11.92
1.06
0.67
0.89
118.33
-5.76
-21.31
155.57
-37.25

0.04
1.11
0.60
1.54
0.31
116.89
-3.18
-26.21
82.82
-37.43

0.11
0.44
4.65
0.55
0.31
117.19
-15.11
-15.76
77.91
-22.50

0.00
2.75
0.00
0.19
0.08
176.17
-6.24
-12.56
99.67
-17.13

22,011

29,964

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

85

5.83

3.82

3.57
-2.00
-34.30
-0.04
-7.63
-6.97

42.68
-26.95
-19.94
0.02
-7.60
-11.39

33.64
-55.11
-21.75
-0.03
-5.79
-3.43

-21.91
0.00
-6.90
2.33

-17.89
0.00
-5.28
-2.84

-26.24
-70.89
-0.03
-5.65
-7.86

Financial Statement Analysis of Non Financial Sector 2012

Khyber Textile Mills Ltd.

2008

2009

2010

41,208

41,190

39,995

30,798

30,785

30,774

316,232

316,232

0
219,314

0
219,314

0
219,314

0
219,314

41,208
4,567

41,190
18

30,724
17

30,709
14

30,696
13

30,685
11

0
0

0
0

0
0

0
0

9,271

89

89

89

39,259
4,218
17,985

12,116
213
0

6,725
92
0

6,642
49
0

6,640
47
0

6,650
57
0

24

24

0
17,032

0
11,879

0
6,633

0
6,593

0
6,594

0
6,593

67,934
11,039

31,781
0

63,837
4,155

56,427
4,155

49,991
0

40,568
0

56,895

31,781

59,682

52,272

49,991

40,568

8,992

19,786
9,349
1,445

20,690
5,194
15,496

28,127
0
27,088

32,390
0
32,390

0
0

0
1,039

0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

(Thousand Rupees)
2011
2012

2007

Items

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

8,992

0
8,992

12,533
12,275

12,533
12,275

(36,903)
12,275

(39,677)
12,275

(40,693)
12,275

(35,534)
12,275

12,275
0
258

12,275
0
258

12,275
0
(49,178)
258
(49,436)

12,275
0
(51,952)
258
(52,210)

12,275
0
(52,968)
258
(53,226)

12,275
0
(47,809)
258
(48,067)

461,628
461,628
0
466,398

14,694
14,694
0
22,054

(4,770)
7,613

(7,360)
2,251

0
0
0
0
0
0
0
8,716
0
8,716

0
0
0
0
0
0
0
2,903
0
2,903

0
0
0
0
0
0
0
1,582
0
1,582

0
0
0
0
0
0
0
1,302

1,428
5
0
(2,583)
0
0
0
(9,939)

1,026
1
0
(1,015)
2
0
0
(1,016)

642
0
0
(874)
0
0
0
(874)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

7,613

2,251

1,302

(4,662)
2,360
0
0

(8,636)
80
0
0

1,273
10
0
(1,433)
0
0
0
4,328

12,533
0
(7,022)
11,039

21,525
0
(8,716)
0

(17,118)
9,349
(1,433)
13,504

(18,987)
5,194
(2,583)
9,349

(12,566)
0
(1,017)
0

(3,144)
0
(874)
0

0.06
0.56
0.01
5.74
0.58
101.03
5.42
-4.65
357.52
357.52

0.01
1.61
0.16
0.28
0.38
150.09
3.25
-12.91
-68.91
-50.71

0.00

0.00

0.00

0.00

0.00
0.11

0.00
0.12

0.00
0.13

0.00
0.16

-1.01
0.00
-5.72
10.21

-58.77
0.00
-7.10
10.21

2,577

236

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

25.67

86

-2.27
-2.87
11.76
-65.03

-1.94
-6.14
6.75
14.31

-1.92
-2.71
2.53
6.43

-2.05
-2.34
2.29
11.13

0.05
-1.17
-30.06

-0.13
-2.10
-32.32

-0.01
-0.83
-33.15

-0.01
-0.71
-28.95

Financial Statement Analysis of Non Financial Sector 2012

Kohat Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

664,961

752,160

866,002

828,870

796,375

860,287

1,045,242

1,144,864

0
1,129,943

10,316
1,098,262

584
1,094,433

17,382
1,137,308

664,698
56,856

752,160
396,943

792,683
60,046

748,745
43,450

726,854
44,084

795,001
44,667

263

0
0

0
0

0
0

576
0

73,319

69,809

68,937

47,328

539,486
115
338,671

549,278
57
188,602

379,812
811
101,094

706,212
575
421,020

715,731
477
442,184

416,780
731
318,780

139,426

267,681

237,316

221,283

216,050

4,653

0
61,274

0
92,938

0
40,591

0
63,334

0
57,020

0
92,616

571,190
426,308

632,393
501,734

530,909
370,283

833,199
633,020

814,697
582,319

461,530
240,942

144,882

130,659

160,626

200,179

232,378

220,588

311,769

302,999

417,150
295,473
100,000

387,669
262,500
100,000

376,762
187,500
160,000

279,874
112,500
131,678

311,769

302,999

20,659
1,018

23,906
1,263

28,310
952

34,659
1,037

321,488
208,000

366,046
208,000

297,755
208,000

314,214
208,000

320,647
208,000

535,663
208,000

208,000
0
113,488

208,000
0
158,046

208,000
0
(226,094)
0
(226,094)

208,000
0
(195,256)
0
(195,256)

208,000
0
(180,957)
0
(180,957)

208,000
0
(1,103)
0
(1,103)

315,849

301,470

293,604

328,766

1,317,002
1,299,712
17,290
1,215,132

1,438,648
1,437,458
1,190
1,370,940

101,870
42,698

67,708
42,088

1,444,643
1,416,986
27,657
1,444,217
927,048
517,169
426
50,255
10,365
39,890

1,686,696
1,686,696
0
1,514,660
1,253,036
261,624
172,036
56,900
6,752
50,148

2,133,636
2,133,636
0
1,999,571
1,788,239
211,332
134,065
46,841
6,250
40,591

2,418,912
2,418,912
0
2,148,863
1,678,244
470,619
270,049
63,166
8,493
54,673

121,372
94,341
78,237
21,652
8,433
0
0
(147,876)

136,779
78,762
76,911
27,771
21,336
0
0
158,882

168,110
91,890
84,698
116,623
0
20,800
0
625,661

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

42,698

42,088

(34,572)
6,575
0
0

(86,099)
7,194
0
0

105,558
140,849
121,173
(189,993)
258
0
0
190,007

633,257
0
(41,147)
426,308

669,045
0
(93,293)
501,734

714,905
295,473
(190,251)
665,756

701,883
262,500
13,219
895,520

697,409
187,500
6,435
769,819

815,537
112,500
95,823
353,442

0.24
7.20
10.59
1.09
0.94
92.27
2.75
-2.89
-10.37
-5.53

0.42
7.81
18.61
1.11
0.87
95.29
2.56
-6.87
-25.05
-13.22

0.45
9.75
16.43
1.16
0.72
99.97
3.18
-14.92
-57.24
-27.46

0.27
5.59
13.12
1.10
0.85
89.80
3.89
1.56
7.08
3.06

0.27
3.69
10.13
1.41
0.88
93.72
3.72
1.82
8.75
3.97

0.01
3.80
0.19
1.89
0.90
88.84
1.38
8.36
27.24
15.42
5.61
7.59
2.38
4.82
0.84
5.61
25.75

94,791

112,392

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

87

3.89

7.63

14.29
-0.57
-13.15
0.20
-9.15
14.32

4.01
1.28
1.28
-0.12
0.64
15.11

4.83
1.36
1.30
0.13
0.31
15.42

-2.63
0.00
-1.98
15.46

-5.98
0.00
-4.49
17.60

Financial Statement Analysis of Non Financial Sector 2012

Kohinoor Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,506,752

849,283

817,019

794,214

770,210

749,732

2,198,850

862,979

0
827,646

0
834,381

0
832,783

0
812,142

1,506,752
57,520

849,283
27,373

792,782
17,939

775,026
17,115

759,286
15,096

744,175
13,185

0
20,811

0
15,763

0
7,768

0
5,188

3,427

3,425

3,156

369

524,981
93,329
215,787

542,666
24,762
14,608

115,194
8,870
5,813

26,906
8,971
0

21,971
3,595
0

16,941
1,144
0

Items

6,854

5,075

2,686

105,408
103,603

51,570
451,726

0
95,436

0
15,249

0
18,376

0
15,797

1,032,458
449,172

790,791
25,671

116,987
7,943

30,122
865

8,595
865

11,756
865

583,286

765,120

109,044

29,257

7,730

10,891

115,762

101,748

426,463
426,463
0

438,463
438,463
0

462,006
0
462,006

446,404
0
446,404

115,762

101,748

0
0

0
0

0
0

0
0

883,513
288,596

499,410
303,025

388,763
303,025

352,535
303,025

321,580
303,025

308,513
303,025

288,596
0
594,917

303,025
0
196,385

303,025
0
(556,255)
187,395
(743,650)

303,025
0
(590,809)
187,395
(778,204)

303,025
0
(620,259)
187,395
(807,654)

303,025
0
(631,970)
187,395
(819,365)

641,993

640,320

638,813

637,458

1,012,304
1,012,304
0
949,549

241,479
241,479
0
234,932

62,755
117,943

6,547
134,812

0
0
0
0
0
0
0
301,814
0
301,814

0
0
0
0
0
0
0
54,300
0
54,300

0
0
0
0
0
0
0
40,384
0
40,384

0
0
0
0
0
0
0
27,628
0
27,628

13,211
272
196
(35,849)
379
0
0
(6,875)

8,690
41
0
(30,244)
712
0
0
(32,276)

7,031
18
0
(12,113)
953
0
0
1,803

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

117,943

134,812

(118,005)
5,391
0
0

(151,579)
1,880
0
0

44,449
14,916
14,498
(301,194)
485
0
0
(72,598)

999,275
0
(123,396)
449,172

601,158
0
(153,459)
25,671

815,226
426,463
(301,679)
434,405

790,998
438,463
(36,228)
439,327

783,586
0
(30,956)
865

754,917
0
(13,066)
865

0.20
6.65
0.68
0.50
0.51
93.80
1.30
-5.88
-13.14
-12.33

0.10
13.66
0.00
0.17
0.69
97.29
1.79
-8.85
-21.92
-18.94

0.12

0.39

0.42

0.10

0.00
0.98

0.00
0.89

0.00
2.56

0.00
1.44

67,277

32,983

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

88

1.40
-25.92
-67.82
-42.53

1.33
-4.09
-9.67
-4.46

1.46
-3.75
-8.97
-3.84

1.49
-1.55
-3.84
-1.57

0.00
-0.43
10.18

4.69

16.53

0.00
-19.78

-11.66
0.00
-4.28
30.61

-62.77
0.00
-5.06
16.48

-0.13
-9.96
12.83

-0.01
-1.20
11.63

-0.07
-1.02
10.61

-181.87

Financial Statement Analysis of Non Financial Sector 2012

Kohinoor Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,104,627

4,104,627

5,628,504

5,416,869

3,306,413

3,620,505

5,561,093

5,561,093

76,674
7,643,941

42,653
7,734,568

31,501
5,302,144

38,945
5,700,297

4,099,627
268,132

4,099,627
268,132

5,483,273
272,679

5,299,081
323,789

3,214,533
250,424

3,544,541
244,042

5,000

5,000

42,474
0

40,452
0

36,688
0

2,127
0

26,083

34,683

23,691

34,892

3,718,892
181,197
1,614,546

3,718,892
181,197
1,614,546

3,415,467
281,229
1,226,956

3,240,985
76,535
1,143,915

2,439,638
231,874
521,462

2,263,348
109,248
597,269

1,038,802

1,038,802

872,369

774,727

498,803

754,943

275,634
608,713

275,634
608,713

172,526
862,387

272,264
973,544

77,889
1,109,611

129,545
672,343

4,679,882
3,645,542

4,679,882
3,645,542

6,150,478
4,782,795

7,363,807
5,432,644

6,376,888
4,450,186

2,148,126
925,376

1,034,340

1,034,340

1,367,683

1,931,163

1,926,702

1,222,750

1,438,956

1,438,956

1,016,955
948,092
0

438,911
346,049
0

31,085
0
0

3,422,637
3,102,897
272,000

119,997

119,997

1,318,959

1,318,959

0
68,863

0
92,862

0
31,085

0
47,740

1,704,681
330,591

1,704,681
330,591

1,876,538
509,110

855,136
509,110

(661,922)
509,110

313,090
509,110

330,591
0
1,374,090

330,591
0
1,374,090

509,110
0
330,102
242,870
87,232

509,110
0
(678,127)
386,720
(1,064,847)

509,110
0
(1,867,570)
253,237
(2,120,806)

509,110
0
(1,079,456)
298,923
(1,378,379)

6,450,087
1,346,094
5,103,993
5,728,198

6,450,087
1,346,094
5,103,993
5,728,198

721,889
347,377

721,889
347,377

Items

1,037,326

1,024,153

696,538

883,436

7,708,699
2,248,052
5,460,647
7,032,940
5,364,632
1,668,308
675,759
974,488
502,178
472,310

6,411,544
1,693,738
4,717,806
6,058,012
4,164,184
1,893,828
353,532
827,008
429,616
397,392

5,389,231
1,243,102
4,146,129
5,502,677
3,221,349
2,281,328
(113,446)
700,001
367,877
332,124

6,449,086
1,250,808
5,198,278
5,548,985
3,395,738
2,153,247
900,101
612,395
384,145
228,250

469,125
724,448
650,049
(1,118,973)
55,513
0
0
(152,705)

321,167
623,162
568,444
(1,234,472)
45,370
0
0
(487,242)

353,861
348,415
317,997
787,562
62,915
0
0
10,137

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

347,377

347,377

6,049
59,218
0
0

6,049
59,218
0
0

590,395
706,782
610,484
(694,889)
54,340
0
0
329,628

3,143,637
119,997
(53,169)
3,765,539

3,143,637
119,997
(53,169)
3,765,539

2,893,492
948,092
(749,229)
5,730,887

1,294,047
346,049
(1,174,486)
5,778,693

(630,837)
0
(1,279,842)
4,450,186

3,735,727
3,102,897
724,647
4,028,273

0.32
6.34
16.11
0.82
0.79
88.81
3.59
0.08
0.35
0.19

0.32
6.34
16.11
0.82
0.79
88.81
3.59
0.08
0.35
0.19

0.22
9.17
11.32
0.85
0.56
91.23
3.82
-8.24
-38.81
-23.02

0.15
11.30
12.08
0.74
0.44
94.49
9.12
-12.64
-81.93
-53.44

0.13
11.56
9.26
0.94
0.38
102.11
-9.68
-17.14
-1,277.82
-372.27

0.46
5.40
11.71
1.10
1.05
86.04
17.79
13.54
-451.54
50.73

408,655

408,655

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

89

3.99

3.99

6.28
-0.14
-9.01
0.05
-14.72
36.86

5.60
-0.72
-17.45
-0.02
-23.07
16.80

10.33
-1.17
-22.91
-0.08
-25.14
-13.00

10.80
3.48
12.21
0.00
14.23
6.15

0.09
0.00
-1.61
51.56

0.09
0.00
-1.61
51.56

Financial Statement Analysis of Non Financial Sector 2012

Kohinoor Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,123,377

1,201,968

1,223,999

1,210,883

1,263,846

1,556,672

2,004,362

2,003,895

0
2,387,557

0
2,382,968

0
2,546,922

0
2,910,026

1,123,377
60,999

1,201,968
59,336

1,218,664
65,480

1,199,289
65,916

1,247,945
65,299

1,538,351
72,698

0
516

0
274

0
432

0
795

4,820

11,320

15,469

17,526

739,561
144,352
442,694

1,085,587
8,519
703,921

1,369,117
1,357
953,282

1,472,305
3,004
1,009,537

1,329,722
6,987
926,860

1,402,755
6,430
1,105,978

48,081

68,377

88,546

164,136

215,970

147,623

482
103,952

1,355
303,415

71,500
254,432

41,500
254,127

36,500
143,405

0
142,724

1,127,355
488,228

1,371,711
767,475

1,347,931
950,202

1,527,764
1,137,469

1,326,951
944,949

1,502,740
1,225,775

639,127

604,236

397,729

390,295

382,002

276,965

303,847

472,618

1,005,031
575,226
397,000

772,037
336,753
397,000

592,743
145,723
397,000

676,047
57,143
535,855

303,847

472,618

32,805
0

38,284
0

49,621
399

61,913
21,136

431,736
1,300,000

443,226
1,300,000

240,154
1,300,000

383,387
1,300,000

673,874
650,000

780,640
650,000

1,300,000
0
(868,264)

1,300,000
0
(856,774)

1,300,000
0
(1,059,846)
0
(1,059,846)

1,300,000
0
(916,613)
0
(916,613)

650,000
0
23,874
0
23,874

650,000
0
130,640
0
130,640

2,418,373
1,214,997
1,203,376
2,149,715

2,511,538
1,598,760
912,778
2,242,794

268,658
123,855

268,744
130,773

Items

2,885,619
1,794,879
1,090,740
2,645,530
1,897,917
747,613
240,089
163,102
72,577
90,525

4,214,153
2,374,711
1,839,442
3,546,852
2,588,777
958,075
667,301
199,112
102,183
96,929

6,809,167
4,614,663
2,194,505
5,910,871
4,889,079
1,021,792
898,297
240,168
128,665
111,503

5,627,854
4,129,630
1,498,224
5,064,140
4,030,836
1,033,304
563,714
189,386
88,668
100,718

325,109
303,085
253,281
173,742
30,268
65,000
0
96,950

400,828
301,754
241,878
362,752
71,184
0
0
505,611

413,626
227,553
197,922
155,928
56,279
0
0
9,504
1,456,687
57,143
99,649
1,282,918

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

123,855

130,773

36,964
18,051
0
0

23,269
12,652
0
0

250,108
275,053
230,245
(191,207)
11,025
0
0
(248,025)

735,583
0
18,913
488,228

915,844
0
10,617
767,475

1,245,185
575,226
(202,232)
1,525,428

1,155,424
336,753
78,474
1,474,222

1,266,617
145,723
291,567
1,090,672

0.17
4.75
1.99
1.30
0.66
88.89
3.31
1.94
8.74
5.20

0.06
4.94
2.72
1.10
0.79
89.30
4.16
1.12
5.32
2.82

0.12
9.53
3.07
1.11
1.02
91.68
9.80
-7.84
-55.96
-17.70

0.14
7.19
3.89
1.57
0.96
84.17
6.00
6.59
55.73
14.47
2.21
4.17
1.69
4.12
0.04
1.10
2.95

0.20
4.43
3.17
2.63
1.00
86.81
2.85
13.75
68.62
29.95

114,860

123,973

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

90

5.46

3.57

3.03
0.17
-6.63
-0.11
-1.56
1.85

1.53
0.00
0.15
3.32

0.93
0.00
0.08
3.41

0.10
4.04
2.62
1.90
0.93
89.98
2.79
5.62
21.44
11.45

7.35
2.50
5.33
0.26
2.24
5.18

5.09
1.79
2.77
0.00
0.77
6.00

Financial Statement Analysis of Non Financial Sector 2012

Kohinoor Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,971,021

3,972,540

8,143,655

10,501,191

11,763,606

11,195,746

5,475,591

6,048,099

92,336
6,552,906

86,324
9,275,570

1,748
9,967,208

8,585
9,718,338

3,971,021
327,480

3,972,540
363,853

4,047,897
369,616

6,409,975
371,618

6,745,943
357,745

6,152,796
347,245

0
3,969,805

0
3,970,005

9,563
4,970,594

6,284
4,977,566

33,617

34,887

35,758

50,515

10,513,032
63,371
1,755,097

9,542,782
75,387
1,673,062

5,131,884
80,297
1,779,826

6,556,108
78,851
2,393,113

4,539,059
420,996
1,657,252

4,002,184
385,503
1,529,949

1,062,320

1,340,460

1,050,101

1,329,065

707,400

986,683

5,937,832
1,694,412

3,756,737
2,697,136

607,610
1,614,050

642,111
2,112,968

600
1,752,811

611
1,099,438

4,509,338
2,775,505

5,485,049
3,994,524

6,762,527
5,727,513

8,169,138
6,838,894

6,806,838
5,742,009

6,329,557
4,981,967

1,733,833

1,490,525

1,035,014

1,330,244

1,064,829

1,347,590

2,680,804

3,044,651

2,190,079
2,019,490
0

1,853,068
1,695,072
0

1,423,694
1,311,233
7,477

679,811
514,341
4,794

2,680,804

3,044,651

0
170,589

0
157,996

0
104,984

0
160,676

7,293,911
1,455,262

4,985,622
1,455,262

4,322,933
1,455,262

7,035,093
1,455,262

8,072,133
2,455,262

8,188,562
2,455,262

1,455,262
0
5,838,649

1,455,262
0
3,530,360

1,455,262
0
1,604,079
583,336
1,020,743

1,455,262
0
1,906,006
607,402
1,298,604

2,455,262
0
1,931,374
144,919
1,786,455

2,455,262
0
2,059,475
144,919
1,914,556

1,263,592

3,673,825

3,685,497

3,673,825

7,140,167
2,911,779
4,228,388
6,094,641

7,558,322
3,694,079
3,864,243
6,395,622

1,045,526
520,552

1,162,700
543,540

8,458,899
3,006,688
5,452,211
7,198,993
3,192,060
4,006,933
1,259,906
662,903
464,848
198,055

10,693,338
4,287,277
6,406,061
8,692,529
3,347,817
5,344,712
2,000,809
630,244
397,818
232,426

12,037,253
5,329,520
6,707,733
10,213,705
7,117,966
3,095,739
1,823,548
693,234
425,063
268,171

11,146,698
5,190,240
5,956,458
9,310,049
4,663,116
4,646,933
1,836,649
728,893
402,526
326,367

901,039
1,072,768
1,027,891
376,448
83,824
0
0
(403,780)

846,286
1,037,294
999,479
688,790
132,181
0
0
1,727,143

840,114
870,740
817,908
304,289
109,826
0
0
844,892

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

520,552

543,540

(28,293)
41,671
0
0

130,805
38,350
0
0

807,226
1,260,230
998,029
(536,676)
55,753
0
0
106,116

9,974,715
0
(69,964)
2,775,505

8,030,273
0
92,455
3,994,524

6,513,012
2,019,490
(592,429)
7,747,003

8,888,161
1,695,072
292,624
8,533,966

9,495,827
1,311,233
556,609
7,053,242

8,868,373
514,341
194,463
5,496,308

0.26
14.90
12.41
0.64
0.76
85.11
2.07
-4.01
-11.53
-7.38

0.25
10.03
12.43
0.63
0.80
81.29
1.42
2.48
6.63
4.89

0.17
8.62
5.88
0.74
0.67
84.85
1.02
4.13
9.12
7.49

0.22
7.81
8.85
0.73
0.63
83.52
0.86
1.93
3.74
3.31

603,951

882,335

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.57
8.46
14.88
0.49
2.33
85.36
0.99
-0.22
-0.47
-0.33

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

91

0.94
11.67
17.73
0.56
1.74
84.62
1.71
0.93
2.13
1.45

4.07

4.52

4.75
0.46
-6.34
0.01
-4.07
29.71

4.47
1.37
3.52
-0.04
2.01
48.34

7.26
1.69
5.72
0.21
2.27
32.88

7.29
1.37
2.73
0.12
0.79
33.35

-0.40
0.00
-0.48
50.12

1.73
0.00
0.64
34.26

Financial Statement Analysis of Non Financial Sector 2012

Landmark Spinning Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

152,862

240,569

240,589

240,582

240,577

240,573

209,678

297,391

0
297,391

0
297,391

0
297,391

0
297,391

152,862
8

240,569
7

240,564
6

240,557
5

240,552
5

240,548
4

0
0

0
0

0
0

0
0

25

25

25

25

613
74
0

611
72
0

589
76
0

590
76
0

598
84
0

605
91
0

475

475

475

475

475

0
539

0
64

0
39

0
39

0
39

0
39

199,548
0

200,426
0

1,456
0

382
0

251
0

272
0

199,548

200,426

1,456

382

251

272

199,893
0
199,893

201,859
0
201,859

203,015
0
203,015

204,080
0
204,080

0
0

0
0

0
0

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0

(46,073)
121,237

40,754
121,237

39,829
121,237

38,931
121,237

37,909
121,237

36,826
121,237

121,237
0
(167,310)

121,237
0
(80,483)

121,237
0
(169,122)
0
(169,122)

121,237
0
(170,019)
0
(170,019)

121,237
0
(171,041)
0
(171,041)

121,237
0
(172,124)
0
(172,124)

87,713

87,713

87,713

87,713

0
0
0
0

0
0
0
0

0
797

0
885

0
0
0
0
0
0
0
924
0
924

0
0
0
0
0
0
0
896
0
896

0
0
0
0
0
0
0
1,021
0
1,021

0
0
0
0
0
0
0
1,081
0
1,081

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

797

885

(800)
0
0
0

(885)
0
0
0

466
2
0
(926)
0
0
0
(827)

(46,073)
0
(800)
0

40,754
0
(885)
0

239,721
0
(926)
0

240,790
0
(897)
0

240,924
0
(1,022)
0

240,906
0
(1,083)
0

0.00

0.00

0.38

1.44

2.23

2.08

0.00
0.00

0.00
0.00

0.00
0.40

0.00
1.54

0.00
2.38

0.00
2.22

488
1
0
(897)
0
0
0
(1,966)

513
1
0
(1,022)
0
0
0
(1,148)

568
2
0
(1,083)
0
0
0
(1,057)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

92

-4.33
-0.52
1.75
1.75

4.92
-0.45
33.28
33.28

5.06
-0.38
-2.30
-0.66

5.19
-0.37
-2.28
-0.37

5.36
-0.42
-2.66
-0.42

5.55
-0.45
-2.90
-0.45

0.00
-0.07
-3.80

0.00
-0.07
3.36

0.00
-0.08
3.29

-0.01
-0.07
3.21

-0.01
-0.08
3.13

-0.01
-0.09
3.04

Financial Statement Analysis of Non Financial Sector 2012

Mahmood Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,656,746

1,755,924

1,977,158

2,341,767

3,178,601

3,390,955

3,122,874

3,206,068

143
3,256,301

92,958
3,431,711

79,756
4,174,885

32,640
4,591,782

1,656,746
168,750

1,755,924
174,020

1,632,149
180,122

1,681,073
167,646

2,217,824
214,017

2,393,015
242,378

0
338,388

0
256,658

0
838,716

0
921,087

6,478

311,078

42,304

44,213

2,054,042
8,849
1,130,147

2,598,381
7,612
1,646,959

2,441,209
9,226
1,443,806

2,672,950
15,358
1,642,560

3,560,415
11,556
2,468,739

3,566,166
9,118
2,244,875

Items

97,238

145,331

387,579

420,538

607,043

693,221

261,151
556,657

273,106
525,373

262,280
338,317

269,408
325,087

0
473,077

0
618,952

1,407,252
1,030,593

1,924,504
1,549,880

1,972,157
1,592,346

1,955,831
1,462,730

2,353,735
1,342,559

2,404,149
1,308,099

376,659

374,624

379,811

493,101

1,011,175

1,096,050

601,619

748,559

734,754
595,030
0

809,170
688,597
0

1,102,137
986,893
0

945,174
829,930
0

0
120,573

0
115,244

0
115,244

601,619

748,559

0
139,724

1,701,917
99,850

1,681,242
99,850

1,711,456
99,850

2,249,716
150,000

3,283,144
150,000

3,607,798
150,000

99,850
0
1,602,067

99,850
0
1,581,392

99,850
0
1,611,606
7,120
1,604,486

150,000
0
2,099,716
7,120
2,092,596

150,000
0
3,133,144
7,120
3,126,024

150,000
0
3,457,798
7,121
3,450,677

4,518,527
1,674,178
2,844,349
4,038,047

5,073,169
2,432,918
2,640,251
4,478,254

480,480
180,592

594,915
332,926

6,811,268
3,285,910
3,525,358
5,727,025
3,978,943
1,748,082
1,084,243
585,381
227,972
357,409

8,135,551
1,825,273
6,310,278
6,628,423
4,450,162
2,178,261
1,507,128
578,128
269,381
308,747

15,133,883
2,802,379
12,331,504
12,870,810
9,017,774
3,853,037
2,263,073
681,893
446,985
234,908

14,145,534
2,675,388
11,470,146
12,489,112
8,228,488
4,260,624
1,656,422
644,705
423,839
220,866

429,116
340,467
301,389
646,039
85,000
90,000
0
1,061,188

579,735
482,380
438,060
1,275,196
157,000
150,000
0
969,737

621,470
471,631
412,487
632,676
148,000
150,000
0
1,181,978

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

180,592

332,926

260,510
40,026
0
0

82,715
0
0
0

350,873
381,250
354,654
190,205
39,950
39,940
50,150
572,819

2,303,536
0
220,484
1,030,593

2,429,801
0
82,715
1,549,880

2,446,210
595,030
110,315
2,187,376

3,058,886
688,597
471,039
2,151,327

4,385,281
986,893
968,196
2,329,453

4,552,972
829,930
334,676
2,138,029

0.33
5.60
5.69
1.54
1.24
84.08
1.58
4.34
11.21
7.80
3.76
4.72
1.54
2.79
0.21
15.05
171.40

0.36
4.18
5.17
1.62
1.37
81.47
1.23
13.70
32.62
23.47
6.23
4.95
3.14
7.94
0.38
37.40
149.98

0.26
3.19
4.01
2.25
1.51
85.05
1.05
21.70
46.10
34.26
7.45
6.13
3.91
8.43
0.28
74.55
218.88

0.29
3.33
4.90
2.03
1.48
88.29
0.93
9.24
18.36
14.16
3.23
6.30
2.53
4.47
0.35
32.31
240.52

190,691

221,160

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.26
4.22
2.15
1.22
1.46
89.37
1.18
7.55
16.01
11.83

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

93

0.22
4.36
2.86
1.17
1.35
88.27
1.59
2.05
4.89
3.49

4.00

3.08

5.77
0.00
22.08
170.45

1.63
0.00
8.28
168.38

Financial Statement Analysis of Non Financial Sector 2012

Maqbool Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

622,921

593,974

723,032

696,828

675,434

656,841

955,127

973,944

1,850
1,205,822

3,880
1,235,266

0
1,273,871

1,220
1,309,038

622,921
61,651

593,974
56,119

716,757
56,778

687,580
58,619

669,490
56,696

649,966
54,691

0
868

0
868

0
289

0
0

3,558

4,500

5,655

5,655

390,437
2,380
226,068

577,171
2,744
223,708

614,221
8,205
286,307

318,317
494
166,592

545,719
728
200,509

827,814
15,719
375,462

109,024

299,676

276,956

114,659

269,930

341,213

869
52,096

868
50,175

0
42,753

0
36,572

578
73,974

289
95,131

503,516
342,541

742,653
583,018

888,734
604,766

451,755
282,566

575,257
279,749

773,247
426,933

160,975

159,635

283,968

169,189

295,508

346,314

305,123

250,190

136,862
57,075
62,807

162,754
65,625
62,807

177,942
52,500
61,872

159,183
26,250
72,941

305,123

250,190

6,791
10,189

9,537
24,785

9,033
54,537

10,484
49,508

204,719
168,000

178,302
168,000

311,657
168,000

400,636
168,000

467,954
168,000

552,225
168,000

168,000
0
36,719

168,000
0
10,302

168,000
0
(6,611)
0
(6,611)

168,000
0
82,368
0
82,368

168,000
0
149,685
0
149,685

168,000
0
233,957
0
233,957

150,268

150,268

150,268

150,268

1,634,460
1,368,870
265,590
1,566,059

1,797,354
1,337,146
460,208
1,672,579

68,401
36,716

124,775
55,035

1,807,314
935,071
872,243
1,636,003
1,181,986
454,017
171,311
80,739
52,471
28,268

2,183,978
1,664,916
519,062
1,890,570
1,369,255
521,315
293,408
86,433
43,706
42,727

3,970,776
2,239,121
1,731,654
3,587,532
2,997,854
589,677
383,244
113,477
49,387
64,090

3,421,881
1,616,449
1,805,432
3,073,768
2,149,559
924,209
348,113
129,791
50,136
79,655

148,905
94,511
93,709
118,490
13,475
37,800
0
438,355

179,658
91,036
89,958
179,153
46,808
42,000
0
90,556

186,236
68,239
67,633
166,769
50,983
37,800
0
(41,246)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,716

55,035

(41,707)
8,170
0
0

4,402
8,837
0
0

120,596
115,037
112,872
(16,272)
8,722
0
0
59,799

509,842
0
(49,877)
342,541

428,492
0
(4,435)
583,018

448,519
57,075
(24,994)
661,841

563,390
65,625
67,215
348,192

645,896
52,500
90,345
332,249

711,408
26,250
77,986
453,183

0.22
4.60
6.67
1.61
0.78
95.82
3.95
-4.22
-17.75
-7.66

0.41
4.05
16.67
1.53
0.78
93.06
5.57
0.40
2.30
0.94

0.32
6.37
15.32
1.35
0.69
90.52
3.29
-1.30
-6.64
-3.71

0.25
4.33
5.25
2.15
0.70
86.57
1.53
10.07
33.27
23.42
2.78
13.11
2.26
5.43
0.71
6.25
23.85

0.47
2.29
6.80
3.25
0.95
90.35
1.61
16.02
41.25
29.63
3.15
19.80
2.99
4.51
0.12
7.88
27.85

0.46
1.99
9.97
2.30
1.07
89.83
1.69
12.33
32.69
24.57
3.06
9.11
3.47
4.87
-0.04
6.89
32.87

75,163

72,840

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

94

7.23

8.03

6.31
0.86
-0.90
0.06
-1.49
18.55

-2.55
0.00
-2.97
12.19

0.24
0.00
-0.26
10.61

Financial Statement Analysis of Non Financial Sector 2012

Masood Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,808,261

3,025,599

3,166,615

3,954,541

4,690,379

4,781,042

3,156,186

3,500,076

22,966
4,488,594

135,173
5,355,230

169,035
6,388,698

54,760
6,955,972

2,808,261
138,239

3,025,599
226,193

3,126,591
87,216

3,807,338
439,278

4,500,125
371,470

4,695,015
398,084

0
0

0
0

0
0

0
0

17,058

12,030

21,219

31,267

4,517,871
75,568
1,813,977

5,208,822
137,255
1,838,707

6,455,124
321,026
1,727,771

8,342,574
482,074
1,789,329

10,279,413
701,416
4,895,990

11,137,170
925,384
4,646,583

1,611

1,933,875

3,197,857

3,538,815

2,964,896

3,550,116

0
2,626,715

0
1,298,985

0
1,208,470

0
2,532,356

0
1,717,111

0
2,015,087

4,809,285
3,684,328

3,946,816
2,621,724

5,151,640
3,654,594

6,855,439
4,752,138

9,212,586
6,801,493

8,304,547
5,837,674

Items

1,124,957

1,325,092

1,497,046

2,103,301

2,411,093

2,466,873

597,897

2,096,885

1,949,718
1,800,948
0

1,767,529
1,581,643
0

1,589,408
1,365,523
0

2,853,779
2,596,707
0

185,886
0

223,885
0

257,072
0

597,897

2,096,885

148,770
0

1,918,950
900,000

2,190,720
900,000

2,520,381
900,000

3,674,147
1,141,667

4,167,798
1,075,000

4,759,886
1,008,333

300,000
600,000
1,018,950

300,000
600,000
1,290,720

900,000
0
1,240,961
300,000
940,961

1,141,667
0
2,153,060
600,000
1,553,060

600,000
475,000
2,713,378
600,000
2,113,378

600,000
408,333
3,372,221
541,666
2,830,555

379,420

379,420

379,420

379,332

5,936,703
247,127
5,689,576
4,949,527

7,884,785
573,659
7,311,126
6,428,798

987,176
386,654

1,455,987
517,713

10,946,180
674,271
10,271,909
8,851,416
3,958,919
4,892,497
2,094,764
836,195
605,061
231,134

14,720,830
1,200,528
13,520,302
12,085,511
6,484,614
5,600,897
2,635,319
1,149,859
836,458
313,401

18,524,930
1,509,012
17,015,918
15,552,188
11,262,037
4,290,151
2,972,742
1,165,370
828,796
336,574

19,274,793
1,051,765
18,223,028
16,052,482
9,468,045
6,584,437
3,222,311
1,286,606
910,442
376,164

2,099,082
595,274
540,990
904,428
143,533
171,250
0
837,370

2,410,798
923,074
836,617
944,947
214,570
105,000
0
1,317,097

2,714,043
999,338
898,252
999,230
181,762
105,000
0
(516,406)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

386,654

517,713

190,752
61,073
110,448
0

408,010
74,257
124,500
0

1,510,507
719,855
648,177
550,111
98,405
135,000
0
632,821

2,516,847
0
19,231
3,684,328

4,287,605
0
209,253
2,621,724

4,470,099
1,800,948
316,706
5,455,542

5,441,676
1,581,643
589,645
6,333,781

5,757,206
1,365,523
625,377
8,167,016

7,613,665
2,596,707
712,468
8,434,381

0.52
6.84
24.53
0.96
1.32
81.53
2.76
5.24
19.86
11.99
2.68
4.29

0.68
6.58
29.21
1.14
1.25
80.86
2.82
6.16
23.35
12.56
3.35
6.34
1.85
5.03
0.09
5.02
28.00

0.59
4.04
24.04
1.20
1.22
82.10
2.35
8.25
29.20
18.25
4.44
8.23
2.67
6.14
0.10
6.66
32.18

0.40
4.98
16.00
1.24
1.12
83.95
2.59
6.93
24.10
16.88
6.96
3.78
2.13
5.10
0.12
12.17
69.46

0.54
5.18
18.42
1.21
1.34
83.28
2.34
6.47
22.38
14.95
7.79
4.15
2.11
5.18
-0.05
13.62
79.33

416,657

538,964

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.02
7.02
0.03
0.81
0.94
83.37
2.82
2.76
10.65
7.84
1.17
3.27

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

95

3.21
0.00
4.32
63.97

5.17
0.00
11.13
73.02

Financial Statement Analysis of Non Financial Sector 2012

Mehr Dastgir Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

225,307

214,369

1,333

748

625

503

249,226

248,085

0
3,668

0
3,536

0
3,536

0
3,536

225,307
10,622

214,369
10,038

851
115

681
109

558
87

436
74

0
416

0
0

0
0

0
0

66

66

67

67

155,564
1,491
3,393

121,683
1,492
13,440

146,138
33
0

112,637
112
0

105,868
1
0

102,524
1
0

40,110

14,309

1,047

1,047

1,014

1,014

300
110,270

416
92,026

0
145,059

0
111,479

0
104,853

0
101,509

150,073
12,415

56,225
9,309

94,440
32,159

62,413
0

56,518
0

53,645
0

137,658

46,916

62,282

62,413

56,518

53,645

141,809

77,764

0
0
0

0
0
0

0
0
0

0
0
0

0
0

0
0

0
0

Items

141,809

77,764

0
0

88,989
92,000

202,063
92,000

53,031
92,000

50,972
92,000

49,975
92,000

49,382
92,000

92,000
0
(3,011)

92,000
0
110,063

92,000
0
(39,085)
0
(39,085)

92,000
0
(41,028)
0
(41,028)

92,000
0
(42,025)
0
(42,025)

92,000
0
(42,618)
0
(42,618)

116

239,196
239,196
0
225,324

230,268
230,268
0
262,346

13,872
10,747

(32,078)
12,488

89,000
89,000
0
111,215
84,561
26,654
(22,215)
5,131
252
4,879

0
0
0
0
0
0
0
1,941
20
1,922

0
0
0
0
0
0
0
991
8
983

0
0
0
0
0
0
0
592
8
584

250
2
0
(1,944)
0
0
0
(221)

134
7
0
(998)
0
0
0
(111)

252
0
0
(592)
0
0
0
0

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

10,747

12,488

227
(119)
0
0

(42,626)
1,151
0
0

1,274
570
400
(13,716)
0
0
0
(132,920)

230,798
0
346
12,415

279,827
0
(43,777)
9,309

53,031
0
(13,716)
32,159

50,972
0
(1,944)
0

49,975
0
(998)
0

49,382
0
(592)
0

0.28
1.21
16.77
0.63
1.04
94.20
3.28
0.06
0.25
0.10

0.29
1.13
6.21
0.69
2.16
113.93
0.66
-11.89
-29.29
-16.70

0.01
0.64
1.18
0.60
1.55
124.96
1.78
-5.67
-10.75
-8.24

0.02

0.02

0.02

0.00
1.80

0.00
1.87

0.00
1.91

70.50

17.13

2,898

2,596

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

96

0.09
0.00
0.04
9.67

-18.51
0.00
-4.76
21.96

-33.29
-15.41
-1.41
-1.49
5.76

1.22
-1.49
-3.74
-3.74

1.13
-0.91
-1.98
-1.98

1.09
-0.57
-1.19
-1.19

0.00
-0.21
5.54

0.00
-0.11
5.43

0.00
-0.06
5.37

Financial Statement Analysis of Non Financial Sector 2012

Mian Textile Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

631,371

765,745

734,021

696,299

661,922

606,924

1,336,828

822,277

0
816,687

0
819,230

0
819,273

0
778,028

631,371
33,138

765,745
9,265

723,526
40,885

688,533
37,891

653,651
35,446

603,276
31,652

0
0

0
0

0
0

0
0

10,495

7,766

8,271

3,648

357,883
5,630
251,317

203,584
1,696
114,473

159,358
463
74,852

104,052
1,412
27,061

65,368
1,813
2,919

81,573
2,121
11,359

20,054

14,684

26,223

19,874

11,559

18,469

0
80,882

0
72,731

0
57,820

0
55,706

0
49,076

0
49,624

576,484
298,409

339,371
135,106

309,311
140,464

238,244
112,303

89,312
24,813

128,335
28,125

278,075

204,265

168,847

125,941

64,499

100,210

340,689

494,390

547,022
443,456
38,564

562,507
421,689
38,564

675,979
449,368
38,564

624,489
409,949
38,564

340,689

494,390

5,224
59,779

6,204
96,051

5,149
182,898

6,211
169,765

72,081
221,052

135,568
221,052

37,046
221,052

(400)
221,052

(38,001)
221,052

(64,327)
221,052

221,052
0
(148,971)

221,052
0
(85,484)

221,052
0
(533,396)
0
(533,396)

221,052
0
(558,079)
0
(558,079)

221,052
0
(583,683)
0
(583,683)

221,052
0
(598,724)
0
(598,724)

349,389

336,627

324,630

313,345

747,920
531,755
216,165
746,229

540,612
468,828
71,784
610,808

1,691
59,336

(70,196)
39,463

261,679
240,158
21,521
286,394
63,354
223,040
(24,715)
14,886
4,918
9,968

268,913
263,344
5,570
258,533
21,638
236,895
10,381
14,902
2,616
12,285

151,053
151,053
0
152,911
6,391
146,521
(1,859)
14,649
2,674
11,975

92,965
92,965
0
113,636
32,256
81,380
(20,671)
18,852
2,533
16,319

76,995
31,844
30,927
(36,071)
1,375
0
0
6,691

56,074
19,495
11,832
(36,002)
1,599
0
0
(39,736)

39,900
12,916
12,900
(52,439)
934
0
0
2,060

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

59,336

39,463

(145,658)
3,705
0
0

(149,917)
2,670
0
0

59,557
38,321
37,320
(76,127)
0
0
0
(13,434)

412,770
0
(149,363)
298,409

629,958
0
(152,587)
135,106

584,068
443,456
(76,127)
583,920

562,107
421,689
(37,446)
533,992

637,978
449,368
(37,601)
474,181

560,162
409,949
(53,373)
438,074

0.04
11.78
2.68
0.76
0.62
99.77
12.72
-13.86
-80.71
-28.46

0.05
7.45
2.72
0.56
0.60
112.98
6.15
-15.31
-144.39
-28.75

0.09
14.64
10.02
0.29
0.52
109.44
23.12
-8.17
-88.21
-12.54

0.09
11.84
7.39
0.34
0.44
96.14
-2,001.38
-4.26
-196.86
-6.29

0.15
12.91
7.65
0.21
0.73
101.23
-20.14
-4.71
187.50
-6.00

0.16
13.89
19.87
0.14
0.64
122.24
-11.70
-7.41
102.49
-8.75

88,124

40,258

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

97

2.98

4.72

3.50
-1.04
-29.09
-0.02
-3.44
1.68

9.94
-0.17
-13.41
0.01
-1.69
-0.02

51.75
-2.04
-23.83
-0.05
-1.70
-1.72

8.18
-3.07
-56.41
0.00
-2.41
-2.91

-19.48
0.00
-6.76
3.26

-27.73
0.00
-6.90
6.13

Financial Statement Analysis of Non Financial Sector 2012

Mohammad Farooq Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,389,831

1,297,346

1,268,908

1,432,623

0
0

0
0

0
0

Items

1,568,000

1,528,241

0
1,528,615

1,389,831
73,223

1,297,346
63,858

1,246,055
58,082

1,432,623
0

0
0

0
0

0
0

0
0

0
0

0
0

22,853

945,398
946
640,473

1,035,925
6,159
692,566

710,077
7,603
431,950

500,284
803
284,075

1,338,095
871
50,653

1,267,034
4,647
0

147,757

176,425

147,557

91,012

13,056

0
156,222

0
160,775

0
122,967

0
124,394

0
1,273,515

0
1,262,387

1,312,944
723,514

1,441,696
767,108

1,483,010
904,418

903,679
410,366

1,638,316
1,154,173

1,606,455
1,160,510

589,430

674,588

578,592

493,313

484,143

445,945

157,883

106,292

133,603
43,988
80,000

877,357
744,274
82,000

0
0
0

0
0
0

157,883

106,292

9,615
0

46,493
4,590

0
0

0
0

864,402
188,892

785,283
188,892

362,372
188,892

151,871
188,892

(300,221)
188,892

(339,421)
188,892

188,892
0
675,510

188,892
0
596,391

188,892
0
(614,538)
42,749
(657,287)

188,892
0
(1,035,709)
42,749
(1,078,458)

188,892
0
(1,357,953)
42,749
(1,400,702)

188,892
0
(1,397,153)
42,749
(1,439,902)

788,018

998,688

868,840

868,840

1,410,318
121,376
1,288,942
1,242,691

1,229,399
93,959
1,135,440
1,119,703

167,627
164,379

109,696
156,762

1,101,670
318,167
783,503
1,293,848
504,768
789,080
(192,178)
135,194
59,701
75,493

743,279
317,653
425,626
933,514
431,043
502,471
(190,235)
138,419
38,233
100,186

225,127
135,450
89,677
449,498
100,091
349,407
(224,371)
90,105
7,567
82,538

37,533
37,533
0
50,653
892
49,761
(13,120)
11,157
0
11,157

202,836
117,397
106,421
(430,828)
2,324
0
0
(8,127)

57,171
43,282
18,223
(336,328)
23,456
0
0
39,041

3,878
21,596
9,522
(41,427)
0
0
0
7,080

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

164,379

156,762

(89,762)
12,577
0
0

(106,378)
12,268
0
0

210,516
99,341
97,050
(402,271)
8,816
0
0
47,469

1,022,285
0
(102,339)
723,514

891,575
0
(118,646)
767,108

495,975
43,988
(411,087)
948,406

1,029,228
744,274
(433,152)
1,154,640

(300,221)
0
(359,784)
1,154,173

(339,421)
0
(41,427)
1,160,510

0.11
6.80
10.48
0.60
0.72
88.11
1.70
-3.82
-9.82
-8.13

0.13
7.39
14.35
0.53
0.72
91.08
1.97
-4.56
-12.90
-11.12

0.10
9.02
13.39
0.56
0.48
117.44
4.46
-18.66
-70.10
-57.98

0.10
15.79
12.24
0.38
0.55
125.59
11.73
-22.03
-167.56
-56.49

0.01
19.23
5.80
0.17
0.82
199.66
-5.46
-20.56
453.43
-92.27

0.00
57.54
0.00
0.03
0.79
134.96
-4.73
-3.18
12.95
12.95

95,901

90,880

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

98

2.20

1.78

2.55
-3.14
-36.51
0.03
-21.76
19.18

2.62
-3.05
-57.96
0.00
-22.93
8.04

4.44
-17.46
-149.39
0.02
-19.05
-15.89

-6.36
0.00
-5.42
45.76

-8.65
0.00
-6.28
41.57

-3.35
-110.37
0.00
-2.19
-17.97

Financial Statement Analysis of Non Financial Sector 2012

Mubarak Textile Mills Ltd.

2008

2009

2010

65,114

60,643

64,872

60,972

33,373

32,079

151,329

65,280

6,835
154,849

6,835
154,849

0
53,479

0
53,479

65,114
4,716

60,643
4,577

56,328
4,492

52,284
4,044

32,418
3,201

31,125
1,294

0
0

0
0

0
0

0
0

1,709

1,853

954

954

47,396
2,502
0

39,338
314
0

22,698
611
0

18,127
424
0

13,310
48
0

13,013
28
0

3,207

26,493

18,442

15,417

11,132

11,050

0
41,687

0
12,531

0
3,645

0
2,286

0
2,130

0
1,935

105,425
42,499

108,172
42,500

94,481
42,904

86,562
40,410

62,046
28,788

63,276
28,800

62,926

65,672

51,576

46,151

33,259

34,476

1,279

7,516
1,297
4,814

6,213
738
4,814

10,614
0
10,614

11,264
0
11,264

1,279

1,406
0

660
0

0
0

0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

5,806
54,000

(8,191)
54,000

(14,427)
54,000

(13,676)
54,000

(25,977)
54,000

(29,448)
54,000

54,000
0
(48,194)

54,000
0
(62,191)

54,000
0
(86,029)
0
(86,029)

54,000
0
(84,216)
0
(84,216)

54,000
0
(88,331)
0
(88,331)

54,000
0
(91,657)
0
(91,657)

17,602

16,540

8,353

8,209

92,088
92,088
0
79,810

83,483
83,483
0
85,599

12,278
11,305

(2,116)
8,559

51,564
51,564
0
48,658
16,801
31,857
2,906
3,642
45
3,597

20,391
20,391
0
13,194
559
12,635
7,197
2,563
0
2,563

10,500
10,500
0
6,560
0
6,560
3,941
3,359
0
3,359

0
0
0
1,354
0
1,354
(1,354)
4,076
0
4,076

2,825
6,310
6,249
1,155
349
0
0
3,008

2,261
5,125
5,087
(11,987)
314
0
0
(8,329)

1,773
3,707
3,702
(2,864)
592
0
0
(682)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,305

8,559

195,337
479
0
0

(12,845)
426
0
0

6,496
7,022
6,904
(5,132)
606
0
0
3,140

7,085
0
194,858
42,499

(8,191)
0
(13,271)
42,500

(6,910)
1,297
(5,738)
44,201

(7,463)
738
806
41,149

(15,363)
0
(12,301)
28,788

(18,184)
0
(3,456)
28,800

0.05
4.39
3.48
0.82
0.45
86.67
18.38
179.40
-2,940.94
-3,254.26

0.25
4.76
31.73
0.83
0.36
102.53
-13.21
-12.09
1,077.15
2,322.78

0.20
13.62
35.76
0.59
0.24
94.36
-7.07
-5.47
45.38
67.97

0.18
30.94
75.61
0.26
0.21
64.71
-6.78
1.39
-8.22
-16.07

0.18
48.81
106.02
0.22
0.21
62.47
-2.80
-19.06
60.46
105.03

0.18

-2.53
-6.24
10.33
17.07

-15.39
0.00
-2.46
-1.52

0.26
-9.95
0.03
-1.06
-2.67

1.18
5.67
0.03
0.15
-2.53

-1.36
-114.16
-0.11
-2.28
-4.81

0.23

212.12
0.00
36.08
1.08

4,046

3,970

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

99

0.00
0.21

-0.01
-0.64
-5.45

Financial Statement Analysis of Non Financial Sector 2012

Mukhtar Textile Mills Ltd.

2008

2009

2010

77,211

69,870

78,467

72,516

67,157

62,331

214,104

214,104

0
214,104

0
214,104

0
214,104

0
214,104

77,211
8,157

69,870
7,341

77,320
6,608

71,369
5,950

66,010
5,358

61,184
4,827

0
0

0
0

0
0

0
0

1,147

1,147

1,147

1,147

66,459
85
12,006

43,790
43
0

3,094
40
0

2,314
25
0

2,367
27
0

62
26
0

31,559

27,519

1,661

911

961

0
22,809

0
16,228

0
1,393

0
1,378

0
1,379

0
36

40,600
300

26,699
0

23,825
0

23,809
0

23,930
0

20,981
0

40,300

26,699

23,825

23,809

23,930

20,981

695

0
0
0

0
0
0

0
0
0

0
0
0

0
0

0
0

0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

695

0
0

102,375
145,000

86,961
145,000

57,736
145,000

51,021
145,000

45,594
145,000

41,412
145,000

145,000
0
(42,625)

145,000
0
(58,039)

145,000
0
(87,264)
0
(87,264)

145,000
0
(93,979)
0
(93,979)

145,000
0
(99,406)
0
(99,406)

145,000
0
(103,588)
0
(103,588)

211,142
211,142
0
204,017

114,475
114,475
0
18,499

7,125
4,445

95,976
1,725

0
0
0
0
0
0
0
29,225
0
29,225

0
0
0
0
0
0
0
6,746
0
6,746

0
0
0
1,104
0
1,104
(1,104)
5,014
0
5,014

0
0
0
6,006
0
6,006
(6,006)
1,732
0
1,732

360
16
0
(6,717)
0
0
0
(15)

270
80
0
(5,428)
0
0
0
2

0
0
0
(4,138)
36
0
0
(1)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,445

1,725

2,685
1,056
0
0

93,691
60
0
0

360
0
0
(29,225)
0
0
0
446

103,070
0
1,629
300

86,961
0
93,631
0

57,736
0
(29,225)
0

51,021
0
(6,717)
0

45,594
0
(5,428)
0

41,412
0
(4,174)
0

0.07

0.04

0.04

0.00

0.00
0.13

0.00
0.10

0.00
0.10

0.00
0.00

42

560

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.78
0.02
14.95
1.47
1.64
96.63
0.40
1.82
2.63
2.60

1.03
0.49
24.04
1.01
1.64
16.16
0.31
72.82
98.97
98.61

1.27
0.00
0.11
7.06

81.84
0.00
6.46
6.00

17.59

100

0.41
-29.94
-40.39
-40.39

0.47
-8.59
-12.35
-12.35

0.52
-7.52
-11.24
-11.24

0.51
-6.27
-9.51
-9.51

0.02
-2.02
3.98

0.00
-0.46
3.52

0.00
-0.37
3.14

0.00
-0.29
2.86

Financial Statement Analysis of Non Financial Sector 2012

N.P. Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

241,304

234,807

229,536

229,248

246,584

245,916

629,845

646,907

0
664,066

0
668,023

1,679
704,615

0
732,380

241,304
26,234

234,807
24,705

228,041
24,558

227,753
22,487

243,410
24,652

244,421
26,882

0
0

0
0

0
0

0
0

1,495

1,495

1,495

1,495

282,303
35,378
182,366

411,778
6,599
352,960

396,091
27,250
290,197

527,067
7,446
441,494

696,850
88,641
463,116

741,500
65,327
550,473

17,636

13,181

32,628

26,436

76,245

37,870

0
46,923

0
39,038

0
46,016

0
51,692

0
68,847

0
87,830

246,264
48,876

339,683
151,887

301,933
121,586

348,369
54,958

371,149
225,655

509,276
350,580

197,388

187,796

180,346

293,411

145,493

158,696

6,972

32,519
0
0

34,369
0
0

172,065
0
134,000

171,410
0
134,000

5,695
28,674

9,314
28,752

10,680
26,730

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

6,972

3,852
28,668

277,343
147,000

299,930
147,000

291,175
147,000

373,577
147,000

400,220
147,000

306,730
147,000

147,000
0
130,343

147,000
0
152,930

147,000
0
144,175
0
144,175

147,000
0
226,577
0
226,577

147,000
0
253,220
0
253,220

147,000
0
159,730
0
159,730

967,270
964,561
2,709
843,837

1,141,696
1,141,696
0
1,023,993

123,433
34,152

117,703
41,705

1,156,970
1,156,970
0
1,089,125
732,469
356,656
67,846
39,318
384
38,934

1,630,785
1,630,785
0
1,452,039
1,029,613
422,425
178,747
75,732
16,494
59,238

2,129,405
1,739,714
389,691
1,952,540
1,510,046
442,494
176,865
81,153
21,618
59,535

1,792,499
1,281,146
511,353
1,756,286
1,273,230
483,056
36,213
79,971
13,483
66,488

148,218
8,193
7,198
122,968
39,911
29,400
0
19,228

197,071
12,552
10,770
86,153
29,022
17,640
0
(85,608)

158,372
25,871
23,913
(57,557)
17,925
0
0
(122,520)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,152

41,705

115,456
26,474
48,510
0

69,489
22,703
49,047
42,000

102,015
20,684
19,068
10,125
2,427
0
0
113,562

277,343
0
40,472
48,876

306,902
0
(2,261)
151,887

323,695
0
7,698
121,586

407,947
0
53,657
54,958

572,285
0
39,491
225,655

478,140
0
(75,482)
350,580

0.22
2.19
1.82
1.85
1.15
87.24
0.89
19.77
40.92
40.92
1.83
5.30

0.06
1.22
1.15
1.77
1.21
89.69
1.16
11.88
24.07
23.79
0.95
3.23

0.20
1.79
2.82
1.85
1.31
94.14
1.15
1.59
3.43
3.21

0.10
0.50
1.62
2.16
1.51
89.04
1.02
17.80
37.00
33.61
2.83
3.69
18.08
7.54
0.05
5.65
25.41

0.44
0.59
3.58
2.26
1.88
91.69
1.36
10.14
22.27
17.58
3.24
4.60
9.00
4.05
-0.16
3.89
27.23

0.20
1.44
2.11
1.82
1.46
97.98
2.22
-5.96
-16.28
-10.96

21,177

13,914

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

101

11.94
0.00
6.05
18.87

6.09
0.00
3.18
20.40

3.99
1.53
0.88
0.34
0.52
19.81

3.26
-1.41
-3.21
-0.18
-5.13
20.87

Financial Statement Analysis of Non Financial Sector 2012

Nadeem Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

512,549

484,748

443,858

485,201

530,221

708,505

846,049

869,459

0
878,644

9,225
965,171

13,327
1,047,684

221,644
1,124,329

512,549
51,967

484,748
49,395

443,053
46,084

470,946
50,832

509,071
48,395

479,037
52,092

0
0

0
0

0
0

0
0

805

5,031

7,823

7,824

370,574
1,388
137,062

601,674
871
376,331

451,943
932
287,024

727,870
327
362,347

710,209
4,206
395,271

720,434
7,649
546,893

177,803

168,904

105,901

280,631

256,104

105,374

0
54,321

0
55,568

7,864
50,222

14,447
70,117

4,462
50,167

5,828
54,690

507,783
356,728

747,067
633,466

581,968
479,997

706,861
520,625

743,383
591,072

869,867
689,589

151,055

113,601

101,971

186,236

152,311

180,278

89,616

78,152

44,549
9,571
0

53,051
15,190
0

38,886
7,500
0

95,633
52,003
0

11,421
26,440

14,538
16,848

15,640
27,990

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

89,616

78,152

8,630
26,348

285,724
120,150

261,203
120,150

269,284
120,150

453,159
120,150

458,161
120,150

463,439
120,150

120,150
0
165,574

120,150
0
141,053

120,150
0
149,134
15,575
133,559

120,150
0
333,009
15,575
317,434

120,150
0
338,011
15,575
322,436

120,150
0
343,289
15,575
327,714

1,633,129
1,022,900
610,229
1,519,166

1,479,651
948,842
530,809
1,383,614

113,963
37,767

96,037
35,907

1,628,484
880,168
748,316
1,472,229
992,553
479,676
156,256
50,904
12,880
38,023

2,629,107
869,130
1,759,977
2,244,275
1,331,541
912,734
384,832
70,762
18,987
51,775

3,668,884
652,988
3,015,896
3,438,715
3,071,975
366,741
230,168
63,698
26,033
37,665

3,316,502
1,483,643
1,832,859
3,060,033
1,946,325
1,113,708
256,469
79,663
21,364
58,299

132,649
103,980
94,615
210,995
27,123
24,030
0
50,271

151,474
117,972
109,347
51,632
37,373
0
0
34,672

154,935
124,960
122,283
53,303
35,120
0
0
80,631

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

37,767

35,907

1,591
9,200
0
0

(21,950)
7,545
0
0

99,094
92,856
91,123
11,036
8,082
0
0
231,295

375,340
0
(7,609)
356,728

339,355
0
(29,495)
633,466

313,833
9,571
2,954
489,569

506,210
15,190
159,842
535,815

497,047
7,500
14,259
598,572

559,072
52,003
18,183
741,592

0.35
4.65
10.89
1.85
0.73
93.02
2.09
0.17
0.51
0.37

0.23
5.46
11.42
1.36
0.81
93.51
3.16
-2.23
-8.03
-6.14

0.20
5.70
6.50
1.82
0.78
90.40
2.33
1.11
4.16
3.38

0.42
3.95
10.67
2.17
1.03
85.36
1.68
20.01
58.41
51.46
7.65
7.26
3.23
8.03
0.07
15.30
37.72

0.36
3.22
6.98
2.96
0.96
93.73
1.71
4.21
11.33
10.29

0.14
3.77
3.18
2.32
0.83
92.27
2.08
3.99
11.57
10.09

75,964

80,731

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

102

11.92

3.93

5.67
1.12
0.68
0.37
0.25
22.41

0.10
0.00
-0.63
23.78

-1.48
0.00
-2.45
21.74

9.28
1.47
1.41
0.04
1.19
38.13

6.06
1.44
1.61
0.08
1.51
38.57

Financial Statement Analysis of Non Financial Sector 2012

Nagina Cotton Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

600,722

547,022

681,103

754,338

685,603

731,814

1,291,270

1,256,785

4,622
1,278,155

760
1,370,989

155,337
1,383,012

19,917
1,630,829

600,722
64,187

547,022
59,553

512,635
55,442

553,831
56,234

511,963
56,241

694,133
66,696

0
162,155

0
198,126

0
16,482

0
16,111

1,691

1,621

1,821

1,653

609,844
8,426
185,147

641,087
2,045
282,318

609,035
4,887
338,033

501,502
1,774
403,275

1,363,984
6,415
559,900

1,119,656
61,419
528,067

166,331

143,312

156,798

62,142

26,835

399,618

152,707
97,233

159,949
53,463

0
109,318

0
34,312

0
770,834

0
130,552

403,006
199,621

475,013
322,778

585,487
477,728

333,443
159,026

670,145
486,016

283,305
124,474

203,385

152,235

107,758

174,417

184,129

158,831

246,583

308,776

290,923
156,597
60,000

260,157
203,233
0

325,181
291,068
0

296,939
274,018
0

2,832

2,832

246,583

308,776

17,791
53,704

19,546
34,547

19,910
14,203

14,217
8,704

560,977
307,930

404,320
187,000

413,728
187,000

662,240
187,000

1,054,261
187,000

1,271,226
187,000

187,000
120,930
253,047

187,000
0
217,320

187,000
0
224,895
256,898
(32,003)

187,000
0
473,407
256,899
216,508

187,000
0
867,261
253,964
613,296

187,000
0
1,084,226
253,964
830,262

1,833

1,833

1,540,544
1,051,005
489,539
1,377,098

1,805,851
1,290,095
515,756
1,664,484

163,446
71,400

141,367
77,119

2,158,571
1,249,702
908,868
1,941,715
1,429,330
512,385
216,856
110,083
57,315
52,768

2,746,754
606,709
2,140,045
2,259,995
1,729,229
530,766
486,759
160,841
82,676
78,165

4,596,740
305,830
4,290,910
3,707,995
3,174,067
533,928
888,745
240,689
128,653
112,036

3,674,769
287,343
3,387,426
3,058,136
2,388,552
669,584
616,633
196,893
109,677
87,216

238,933
116,311
106,621
262,551
6,129
0
0
357,350

249,368
94,874
80,956
489,530
50,958
93,500
0
424,529

246,950
102,374
85,188
364,032
37,996
112,200
0
655

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

71,400

77,119

54,882
7,700
0
0

12,611
9,000
0
0

171,199
109,638
103,218
14,651
0
0
0
17,152

807,560
0
47,182
199,621

713,096
0
3,611
322,778

704,651
159,429
14,651
637,157

922,397
206,065
256,422
365,091

1,379,441
291,068
345,072
777,084

1,568,165
274,018
213,836
398,492

0.81
4.80
10.80
1.27
1.51
89.39
1.16
2.84
7.28
4.42

0.64
4.62
7.94
1.52
1.35
92.17
1.94
1.05
2.61
1.66

0.28
5.08
7.26
1.67
1.04
89.95
2.12
1.18
3.58
2.07

0.19
4.23
2.26
2.19
1.50
82.28
0.90
20.62
48.80
32.27

0.05
2.06
0.58
2.24
2.04
80.67
0.94
29.62
57.04
42.53
4.69
8.21
7.05
10.65
0.43
23.45
56.38

1.63
2.79
10.87
1.98
3.95
83.22
0.46
18.66
31.31
24.70
2.91
6.96
5.27
9.91
0.00
17.44
67.98

74,002

83,422

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

103

8.32

6.40

6.39
1.14
0.68
0.02
0.78
22.12

6.81
3.46
9.56
0.60
13.71
35.41

3.56
0.00
2.52
30.00

0.70
0.00

Financial Statement Analysis of Non Financial Sector 2012

Nazir Cotton Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

103,508

99,951

97,871

91,925

91,925

91,925

450,918

450,918

0
8,701

0
8,701

0
8,701

0
8,701

103,508
3,964

99,951
3,557

95,338
3,194

89,542
5,945

89,542
5,945

89,542
5,945

0
0

0
0

0
0

0
0

2,533

2,383

2,383

2,383

29,552
258
1,273

29,383
194
1,117

25,726
244
1,117

25,675
184
1,117

25,675
184
1,117

25,675
184
1,117

3,090

4,792

3,248

3,248

3,248

3,248

944
23,987

588
22,692

0
21,117

0
21,127

0
21,127

0
21,127

152,643
10,000

165,064
10,000

30,943
19,678

31,408
19,678

31,408
19,678

31,408
19,678

142,643

155,064

11,265

11,730

11,730

11,730

70,210

60,532

191,234
191,234
0

189,190
189,190
0

189,190
189,190
0

189,190
189,190
0

0
0

0
0

0
0

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

70,210

60,532

0
0

(89,793)
230,000

(96,262)
230,000

(98,580)
230,000

(102,998)
230,000

(102,998)
230,000

(102,998)
230,000

230,000
0
(319,793)

230,000
0
(326,262)

230,000
0
(328,580)
(2,632)
(325,947)

230,000
0
(332,998)
(2,633)
(330,364)

230,000
0
(332,998)
(2,633)
(330,364)

230,000
0
(332,998)
(2,633)
(330,364)

57,346
57,346
0
74,049

166
166
0
156

(16,703)
2,356

10
7,119

0
0
0
0
0
0
0
7,967
0
7,967

0
0
0
0
0
0
0
9,241
0
9,241

0
0
0
0
0
0
0
9,241
0
9,241

0
0
0
0
0
0
0
9,241
0
9,241

43
2
0
(4,102)
315
0
0
1,983

43
2
0
(4,102)
315
0
0
1,983

43
2
0
(4,102)
315
0
0
1,983

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,356

7,119

(19,141)
(15,832)
0
0

(6,112)
0
0
0

28
3
0
(2,273)
229
0
0
636

(19,583)
0
(3,309)
10,000

(35,730)
0
(6,112)
10,000

92,654
191,234
(2,502)
210,912

86,192
189,190
(4,417)
208,868

86,192
189,190
(4,417)
208,868

86,192
189,190
(4,417)
208,868

0.03
2.31
5.39
0.43
0.19
129.13
-2.48
-12.99
56.42
-49.80

0.03
2.41
2,886.75
0.00
0.18
93.98
-2.34
-4.66
6.57
22.10

0.11

0.11

0.11

0.11

0.00
0.83

0.00
0.82

0.00
0.82

0.00
0.82

1,323

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

104

-2.25
-1.80
2.33
-7.99

-2.14
-3.40
4.07
-4.59

-2.14
-3.49
3.98
-4.76

-2.14
-3.49
3.98
-4.76

45.05

0.15

0.00

0.00

0.00

0.00

-33.38
0.00
-0.14
-3.90

-3,681.93
0.00
-0.27
-4.19

0.00
-0.11
-4.29

0.01
-0.19
-4.48

0.01
-0.19
-4.48

0.01
-0.19
-4.48

Financial Statement Analysis of Non Financial Sector 2012

Nishat (Chunian) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

6,544,227

6,259,570

15,149,988

8,234,930

8,162,183

7,958,060

9,299,224

9,595,457

9,162,762
1,319

371,397
10,145,237

58,917
11,054,619

101,500
11,401,532

6,544,227
661,390

6,259,570
626,330

5,981,577
518,566

5,593,337
517,467

6,152,148
535,930

5,972,783
549,059

923
0

5,520
1,873,469

3,965
1,942,768

2,266
1,875,858

4,726

391,207

4,385

5,653

3,211,056
60,671
1,799,902

4,578,546
18,246
2,447,463

4,659,457
34,179
2,183,104

6,073,156
90,775
3,254,665

8,068,112
135,023
4,513,059

9,724,895
47,997
4,010,713

842,113

134,338

1,516,729

1,518,725

2,144,644

3,027,856

0
508,370

211,733
1,766,766

0
925,446

0
1,208,992

0
1,275,386

32,495
2,605,834

4,084,958
2,623,592

5,646,893
3,190,716

6,051,867
5,179,786

7,089,429
6,210,664

7,191,922
6,107,677

7,622,371
6,372,853

1,461,366

2,456,177

872,081

878,765

1,084,245

1,249,518

2,984,127

2,591,029

10,297,942
10,296,390
0

2,729,939
2,729,939
0

3,333,933
2,927,683
0

3,985,590
3,704,340
0

406,250

281,250

2,984,127

2,591,029

0
1,552

0
0

0
0

0
0

2,686,198
752,008

2,600,194
752,008

3,459,636
1,240,814

4,488,718
1,654,418

5,704,440
1,654,418

6,074,994
1,654,418

752,008
0
1,934,190

752,008
0
1,848,186

827,209
413,605
2,218,822
361,894
1,856,928

1,585,527
68,892
2,834,299
0
2,834,299

1,620,903
33,515
4,050,023
0
4,050,023

1,654,418
0
4,420,576
0
4,420,576

7,659,281
1,400,879
6,258,402
6,702,072

9,138,298
3,250,732
5,887,566
8,097,418

957,209
286,580

1,040,880
315,397

9,964,545
3,676,118
6,288,427
8,473,362
8,150,919
322,443
1,491,183
416,081
291,799
124,282

13,343,540
3,368,769
9,974,771
10,661,333
7,976,987
2,684,346
2,682,207
631,908
438,361
193,547

20,322,002
6,459,868
13,862,134
16,913,477
13,041,634
3,871,843
3,408,524
866,966
599,586
267,380

18,616,943
5,645,639
12,971,304
16,540,145
11,505,963
5,034,182
2,076,798
685,999
499,834
186,165

860,883
1,101,054
1,037,505
1,135,616
137,517
0
0
629,970

998,148
1,482,399
1,410,149
1,662,789
208,513
324,181
0
(349,434)

1,103,990
1,353,445
1,296,299
893,974
194,642
330,884
165,442
298,230

9,038,373
3,333,933
1,130,094
9,441,610

10,060,584
3,985,590
368,448
10,358,443

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

286,580

315,397

111,157
101,000
11,280
0

76,720
58,000
14,700
0

721,655
1,081,536
1,026,191
166,800
65,000
0
0
683,851

5,670,325
0
(1,123)
2,623,592

5,191,223
0
4,020
3,190,716

13,757,578
10,296,390
101,800
15,476,175

7,218,656
2,729,939
998,099
8,940,603

0.22
8.46
10.99
0.79
0.79
87.50
2.63
1.16
4.06
1.87
0.90
4.26

0.06
7.72
1.47
0.84
0.81
88.61
3.17
0.75
2.90
1.41
1.27
3.73

0.26
10.85
15.22
0.50
0.77
85.04
4.73
1.09
5.51
1.76

0.23
8.25
11.38
0.93
0.86
79.90
2.19
6.66
28.57
10.83

648,146

705,281

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

105

1.45
0.00
0.14
35.72

0.84
0.00
0.25
34.58

4.56
1.16
1.67
0.04
1.23
41.82

4.10
2.09
8.51
0.06
6.30
28.31

0.32
7.29
10.55
1.25
1.12
83.23
1.85
10.89
32.63
20.46
4.49
4.50
2.18
8.18
-0.03
8.97
35.19

0.41
7.27
16.26
1.05
1.28
88.84
1.91
5.27
15.18
9.36
2.11
4.64
1.69
4.80
0.03
4.23
36.72

Financial Statement Analysis of Non Financial Sector 2012

Nishat Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

10,586,159

11,470,608

23,217,848

34,449,386

35,646,945

36,778,712

16,923,939

18,767,115

97,280
19,436,889

365,662
20,681,208

923,020
22,303,120

1,821,270
23,524,056

10,586,159
975,163

11,470,608
1,071,665

11,102,355
1,116,931

11,476,005
1,099,682

12,380,494
1,168,369

12,497,369
1,254,041

0
11,993,998

0
22,092,093

0
21,464,723

0
22,154,759

24,215

515,626

878,708

305,314

28,794,458
69,607
3,106,436

28,806,681
76,549
4,163,194

8,294,838
111,494
4,092,512

11,732,928
110,585
6,060,441

18,441,959
1,132,701
9,846,680

19,847,671
2,358,556
9,695,133

Items

831,653

1,387,146

1,300,366

2,041,256

2,481,259

3,489,070

15,466,506
9,320,256

21,825,276
1,354,516

1,414,310
1,376,156

1,554,543
1,966,103

1,781,471
3,199,848

1,589,093
2,715,819

7,649,373
5,018,664

12,463,307
10,367,499

9,602,265
7,775,913

10,568,415
7,778,079

15,322,349
11,755,550

15,126,751
10,772,751

2,630,709

2,095,808

1,826,352

2,790,336

3,566,799

4,354,000

1,773,820

1,321,912

2,579,654
2,334,411
0

4,237,586
2,980,694
0

3,372,596
2,659,328
0

3,736,883
3,289,538
0

0
1,256,892

0
713,268

0
447,345

1,773,820

1,321,912

0
245,243

29,957,424
1,597,857

26,492,070
1,597,857

19,330,767
2,424,827

31,376,313
3,515,999

35,393,959
3,515,999

37,762,749
3,515,999

1,597,857
0
28,359,567

1,597,857
0
24,894,213

2,424,827
0
16,905,940
2,627,004
14,278,936

3,515,999
0
27,860,314
11,150,882
16,709,432

3,515,999
0
31,877,960
11,203,616
20,674,344

3,515,999
0
34,246,750
11,204,118
23,042,632

17,153,262
2,766,129
14,387,133
14,308,324

19,589,804
4,414,325
15,175,479
16,778,058

2,844,938
1,340,738

2,811,746
1,550,535

23,870,379
5,236,221
18,634,158
19,518,838
5,919,709
13,599,129
4,351,541
1,942,250
1,315,630
626,620

31,535,647
7,607,220
23,928,427
25,555,462
7,208,294
18,347,168
5,980,185
2,548,844
1,714,598
834,246

48,565,144
12,400,936
36,164,208
40,718,697
14,560,881
26,157,816
7,846,447
3,278,472
2,190,496
1,087,976

44,924,101
10,116,320
34,807,781
38,134,910
9,521,329
28,613,581
6,789,191
3,630,766
2,555,327
1,075,439

2,631,808
1,126,922
957,399
3,286,069
400,608
879,000
0
988,193

3,240,615
1,601,048
1,393,480
5,411,912
568,000
1,160,280
0
260,523

3,399,292
1,760,543
1,536,586
4,081,567
553,000
1,230,600
0
2,750,542

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,340,738

1,550,535

1,819,170
220,807
217,890
0

6,118,687
261,100
399,464
0

2,170,493
1,446,796
1,240,197
1,561,501
293,500
484,965
0
2,138,364

31,731,244
0
1,380,473
5,018,664

27,813,982
0
5,458,123
10,367,499

21,910,421
2,334,411
783,036
10,110,324

35,613,899
2,980,694
2,006,461
10,758,773

38,766,555
2,659,328
3,683,632
14,414,878

41,499,632
3,289,538
2,297,967
14,062,289

2.14
4.78
4.85
0.44
3.76
83.41
0.31
5.16
7.12
6.51
7.34
5.52

1.87
4.85
7.08
0.49
2.31
85.65
0.52
15.36
21.68
20.55
14.66
4.71

0.29
6.06
5.45
0.76
0.86
81.77
0.63
4.35
6.82
6.28
2.61
5.83
2.26
6.54
0.18
5.23
79.72

0.35
3.57
6.47
0.68
1.11
81.04
0.47
8.46
12.96
11.42
3.28
5.20
4.43
10.42
0.07
8.21
89.24

0.35
3.30
5.11
0.90
1.20
83.84
0.53
10.79
16.21
14.55
4.17
4.93
4.88
11.14
0.01
13.78
100.67

0.49
3.92
7.77
0.79
1.31
84.89
0.50
7.37
11.16
10.17
2.87
4.63
3.66
9.09
0.15
10.04
107.40

819,267

950,616

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

106

10.61
0.00
10.00
187.49

31.23
0.00
36.66
165.80

Financial Statement Analysis of Non Financial Sector 2012

Olympia Spinning & Weaving Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,477,121

1,680,317

2,066,254

2,096,227

2,080,011

2,155,699

1,959,642

2,218,754

0
2,105,877

0
2,305,682

19,426
2,332,092

0
2,319,061

1,477,121
61,212

1,680,317
60,080

1,999,995
63,543

2,087,614
67,449

2,054,211
63,806

2,150,641
66,913

0
0

0
0

0
0

0
0

66,260

8,613

6,374

5,058

777,716
6,921
484,732

771,373
2,160
408,813

711,327
1,706
415,973

619,833
3,931
203,057

710,156
8,239
208,093

524,918
7,590
231,617

134,795

133,372

160,448

110,579

305,589

71,855

0
151,268

44,666
182,362

0
133,200

0
302,266

0
188,235

0
213,856

958,044
592,570

1,074,409
526,862

1,666,160
1,031,007

1,576,923
784,548

1,076,667
351,246

1,057,526
354,959

365,474

547,547

635,152

792,375

725,421

702,567

523,380

444,497

343,533
285,621
54,980

604,851
546,416
54,579

1,129,787
1,064,805
51,515

1,085,228
1,020,338
57,699

523,380

444,497

2,932
0

3,856
0

4,589
8,878

5,194
1,997

773,413
120,000

932,784
120,000

767,888
120,000

534,286
120,000

583,713
120,000

537,863
120,000

120,000
0
653,413

120,000
0
812,784

120,000
0
(468,944)
44,666
(513,609)

120,000
0
(692,517)
86,915
(779,432)

120,000
0
(633,520)
92,998
(726,518)

120,000
0
(714,010)
103,222
(817,232)

2,258,863
638,554
1,620,309
2,046,115

2,773,016
1,365,178
1,407,838
2,552,674

212,748
79,912

220,342
82,591

Items

1,116,832

1,106,803

1,097,233

1,131,873

2,352,987
1,076,997
1,275,990
2,569,528
2,024,523
545,005
(216,541)
84,939
51,322
33,617

2,729,551
742,506
1,987,045
2,567,153
2,096,927
470,226
162,398
86,429
40,123
46,306

4,298,252
536,735
3,761,517
3,906,190
3,114,351
791,839
392,062
104,202
48,443
55,759

2,278,470
866,779
1,411,691
2,097,591
1,678,161
419,430
180,879
85,542
22,286
63,256

171,609
193,978
156,264
(114,675)
27,192
0
0
55,221

170,262
196,098
151,138
96,105
37,356
0
0
(37,154)

130,536
164,314
136,183
(61,631)
21,952
0
0
140,359

1,713,500
1,064,805
58,749
1,416,051

1,623,091
1,020,338
(83,583)
1,375,297

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

79,912

82,591

(21,795)
24,006
0
0

(243)
14,284
0
0

159,692
172,932
142,449
(470,215)
12,407
0
0
(270,726)

1,296,793
0
(45,801)
592,570

1,377,281
0
(14,527)
526,862

1,111,421
285,621
(482,622)
1,316,628

1,139,137
546,416
(141,867)
1,330,964

0.15
7.04
5.97
1.00
0.81
90.58
1.92
-0.97
-3.16
-1.88

0.17
5.11
4.81
1.13
0.72
92.05
1.63
-0.01
-0.03
-0.02

0.10
7.35
6.82
0.85
0.43
109.20
2.62
-17.98
-55.30
-37.79

0.07
7.11
4.05
1.00
0.39
94.05
4.08
-4.17
-17.61
-10.19

159,040

141,572

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

107

0.29
4.56
7.11
1.54
0.66
90.88
3.78
3.49
17.19
6.74

0.08
7.21
3.15
0.85
0.50
92.06
3.98
-2.25
-10.99
-3.69

4.66

6.78

5.66
-2.30
-19.98
-0.13
-40.22
63.99

13.44
0.27
-4.20
0.03
-11.82
44.52

20.66
1.64
2.24
-0.02
4.90
48.64

9.84
0.55
-2.70
0.07
-6.97
44.82

-0.96
0.00
-3.82
64.45

-0.01
0.00
-1.21
77.73

Financial Statement Analysis of Non Financial Sector 2012

Olympia Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

181,507

168,666

121,448

89,285

83,636

75,540

515,194

518,567

0
518,567

0
462,687

1,110
459,636

1,110
459,118

181,507
19,142

168,666
17,380

117,879
14,747

87,294
8,411

80,535
7,724

72,439
6,614

0
0

0
0

0
0

0
0

3,569

1,991

1,991

1,991

154,785
6,296
64,518

111,220
5,456
12,824

53,203
613
5,660

46,010
564
0

23,633
1,563
0

19,294
398
0

19,116

42,137

2,918

2,918

2,918

0
64,855

0
50,803

0
44,012

0
42,528

0
19,152

0
18,896

138,247
51,759

307,360
13,410

31,532
9,432

12,443
0

12,040
0

15,761
0

Items

86,488

293,950

22,100

12,443

12,040

15,761

195,530

10,180

233,685
0
233,685

234,158
0
234,158

223,337
0
222,937

224,615
0
224,015

0
0

0
400

0
600

195,530

10,180

0
0

2,515
108,040

(37,654)
108,040

(90,566)
108,040

(111,306)
108,040

(128,108)
108,040

(145,542)
108,040

108,040
0
(105,525)

108,040
0
(145,694)

108,040
0
(198,606)
0
(198,606)

108,040
0
(219,346)
0
(219,346)

108,040
0
(236,148)
0
(236,148)

108,040
0
(253,582)
0
(253,582)

668,257
668,257
0
659,234

638,551
638,551
0
652,613

9,023
15,664

(14,062)
14,366

245,373
245,373
0
280,812
212,252
68,560
(35,440)
12,074
106
11,968

5,660
5,660
0
15,699
5,660
10,039
(10,039)
10,157
0
10,157

0
0
0
8,405
0
8,405
(8,405)
7,448
0
7,448

0
0
0
7,517
0
7,517
(7,517)
9,773
0
9,773

1,773
870
196
(20,740)
0
0
0
(14,956)

945
778
0
(16,601)
0
0
0
14,295

688
962
0
(17,434)
0
0
0
(3,793)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,664

14,366

(21,165)
(3,338)
0
0

(34,115)
3,194
0
0

17,017
6,801
4,851
(54,124)
0
0
0
(72,679)

198,045
0
(17,827)
51,759

(27,474)
0
(37,309)
13,410

143,119
0
(54,124)
9,432

122,852
0
(20,740)
0

95,229
0
(16,601)
0

79,073
0
(17,434)
0

0.18
2.18
2.86
1.99
1.12
98.65
132.71
-6.19
-213.71
-18.32

0.15
0.95
6.60
2.28
0.36
102.20
-8.43
-11.07
194.17
-40.00

0.11
2.77
1.19
1.40
1.69
114.44
-2.93
-23.82
84.42
-93.60

0.28
15.36
51.55
0.04
3.70
277.36
-2.22
-13.38
20.55
-15.60

0.37

0.03

0.00
1.96

0.00
1.22

14,567

6,035

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

108

10.36

49.79

43.35
-10.16
-22.06
-0.27
-5.01
-8.38

-3.17
0.00
-1.65
0.23

-5.34
0.00
-3.45
-3.49

-104.82
-366.43
-0.06
-1.92
-10.30

-1.84
-13.69
13.87
-15.22

-1.65
-17.25
12.74
-20.00

0.06
-1.54
-11.86

-0.02
-1.61
-13.47

Financial Statement Analysis of Non Financial Sector 2012

Paramount Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

772,516

781,892

1,203,979

1,218,437

1,335,464

3,048,440

1,300,486

1,336,127

945
1,384,620

3,266
1,423,359

4,391
1,538,120

1,185
2,644,143

772,516
71,390

781,892
43,345

759,398
43,048

760,143
42,279

830,911
43,993

2,557,894
46,343

0
436,488

0
448,247

0
493,084

0
485,877

7,149

6,781

7,078

3,484

1,658,935
48,892
702,442

2,080,182
74,635
1,192,148

1,746,719
60,141
1,259,506

1,966,189
61,649
1,329,317

2,285,572
68,220
1,665,286

1,398,634
15,213
827,462

258,659

237,834

274,452

353,170

286,028

280,098

421,377
227,565

420,819
154,746

2,145
150,475

0
222,052

0
266,038

0
275,861

1,487,105
937,445

1,875,410
1,158,306

1,810,199
1,484,039

1,948,177
1,533,409

2,033,146
1,566,093

3,130,809
1,806,926

549,660

717,104

326,160

414,768

467,053

1,323,883

216,964

233,509

352,496
108,650
175,000

340,409
85,058
175,000

517,490
259,354
175,000

226,324
0
175,000

216,964

233,509

30,592
38,254

38,869
41,482

47,614
35,522

51,324
0

727,382
121,275

753,155
133,403

788,003
143,408

896,040
157,748

1,070,400
173,523

1,089,941
173,523

121,275
0
606,107

133,403
0
619,752

143,408
0
574,425
15,400
559,025

157,748
0
668,121
15,400
652,721

173,523
0
807,701
15,400
792,301

173,523
0
(1,939,859)
15,400
(1,955,259)

70,171

70,171

89,176

2,856,277

1,852,295
500,211
1,352,084
1,548,157

2,549,115
1,091,634
1,457,481
2,195,240

304,138
120,381

353,875
136,110

2,811,466
1,061,497
1,749,969
2,363,110
1,578,134
784,976
448,357
167,744
104,537
63,207

3,117,790
948,225
2,169,564
2,569,057
1,942,153
626,904
548,733
175,745
106,968
68,777

4,992,391
1,159,182
3,833,210
4,307,996
3,304,070
1,003,926
684,395
242,393
155,833
86,560

3,844,878
645,242
3,199,636
5,000,497
3,589,587
1,410,910
(1,155,619)
334,072
169,241
164,831

318,184
250,718
242,963
125,992
25,729
15,775
15,775
17,331

448,276
280,440
269,142
193,275
32,599
26,028
0
(76,026)

507,902
266,252
254,919
(2,726,622)
38,449
0
0
(36,441)

1,236,449
85,058
84,488
1,618,467

1,587,889
259,354
134,648
1,825,447

1,316,265
0
(2,765,071)
1,806,926

0.17
5.62
5.73
1.38
1.12
86.29
2.38
5.68
19.66
13.69
6.17
3.00
1.72
3.87
-0.03
9.26
61.69

0.09
6.92
7.28
0.86
0.45
130.06
3.08
-67.59
-252.43
-187.77

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

120,381

136,110

30,600
18,950
0
0

73,880
14,586
0
12,127

276,399
264,120
257,296
35,371
17,429
0
14,341
(80,270)

944,346
0
11,650
937,445

986,664
0
59,294
1,158,306

1,140,499
108,650
17,942
1,592,689

0.49
8.57
13.96
0.76
1.12
83.58
2.34
1.31
3.77
2.71

0.39
7.14
9.33
0.89
1.11
86.12
2.80
2.79
9.98
7.65

0.19
9.39
9.76
0.95
0.96
84.05
2.74
1.22
4.59
3.33

158,794

181,908

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

109

2.64

2.14

2.23
1.14
1.26
-0.04
1.25
54.95

1.65
0.00
0.96
59.98

2.90
0.00
4.44
56.46

0.21
8.04
11.33
0.98
1.01
82.40
2.55
4.11
14.96
10.60
6.36
2.35
1.52
4.04
0.01
6.36
56.80

4.65
-9.70
-70.92
-0.01
-159.35
62.81

Financial Statement Analysis of Non Financial Sector 2012

Premium Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

643,434

637,081

587,527

572,825

641,662

725,637

942,079

1,028,793

0
1,074,008

0
1,107,677

0
1,187,783

72,865
1,283,388

643,434
65,355

637,081
64,877

586,675
61,537

571,982
60,481

640,470
61,149

649,756
69,430

0
0

0
0

0
0

0
1,825

852

843

1,192

1,191

609,382
2,457
238,924

911,145
2,806
347,564

821,259
2,220
323,290

884,470
5,898
303,337

1,224,047
2,241
696,458

1,075,782
3,071
651,254

299,225

481,520

444,457

528,177

461,423

354,972

0
68,776

0
79,255

0
51,292

0
47,058

0
63,925

0
66,485

815,381
582,335

1,039,662
825,585

856,671
764,765

824,564
672,269

1,137,324
982,677

910,245
741,559

233,046

214,077

91,906

152,295

154,646

168,686

218,772

284,450

331,320
248,184
40,000

225,010
105,000
40,000

108,759
0
40,000

111,286
0
40,000

218,772

284,450

4,689
38,447

6,368
73,642

6,027
62,731

6,933
64,353

218,663
61,630

224,114
61,630

220,795
61,630

407,721
61,630

619,626
61,630

779,888
61,630

61,630
0
157,033

61,630
0
162,484

61,630
0
145,222
0
145,222

61,630
0
333,678
0
333,678

61,630
0
546,948
0
546,948

61,630
0
708,428
0
708,428

13,944

12,413

11,047

9,830

1,499,671
1,484,635
15,036
1,347,870

1,923,939
1,897,361
26,578
1,727,232

151,801
34,973

196,707
39,839

2,113,500
2,093,782
19,718
1,899,248
1,560,082
339,166
214,252
41,100
16,401
24,699

3,209,472
3,042,192
167,280
2,706,750
1,987,087
719,663
502,722
79,495
27,000
52,495

4,645,118
341,001
4,304,117
4,088,940
3,585,961
502,979
556,178
103,572
44,599
58,973

4,136,399
1,680,196
2,456,203
3,677,932
2,923,843
754,089
458,467
101,949
41,230
60,719

159,865
162,474
151,900
265,435
38,692
30,815
0
473,795

182,220
180,023
168,031
278,969
47,161
33,897
0
(51,260)

195,359
131,068
120,615
239,697
43,916
36,978
0
423,705

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,973

39,839

15,061
7,419
12,326
0

22,913
9,987
6,163
0

140,150
172,330
166,055
2,276
336
4,622
0
321,066

437,435
0
(4,684)
582,335

508,564
0
6,763
825,585

552,116
248,184
(2,683)
1,012,949

632,731
105,000
195,928
777,269

728,384
0
197,912
982,677

891,174
0
158,803
741,559

0.37
6.84
19.95
1.20
0.75
89.88
4.73
1.21
6.80
3.35
0.62
6.28

0.47
6.64
25.03
1.24
0.88
89.78
5.91
1.64
10.35
4.84
2.10
5.54

0.52
8.15
21.03
1.50
0.96
89.86
5.38
0.15
1.02
0.43
0.42
6.54
1.01
0.11
0.27
0.31
35.83

0.65
5.06
16.46
2.20
1.07
84.34
2.57
18.52
84.46
44.81
7.36
10.58
2.75
8.27
0.45
36.79
66.16

0.41
3.88
9.93
2.49
1.08
88.03
2.01
16.79
54.31
40.99
6.84
6.67
2.66
6.01
-0.04
37.61
100.54

0.39
3.17
8.58
2.30
1.18
88.92
1.31
13.07
34.25
29.60
5.29
6.35
2.99
5.79
0.41
31.77
126.54

102,532

127,659

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

110

1.00
0.00
1.24
35.48

1.19
0.00
2.10
36.36

Financial Statement Analysis of Non Financial Sector 2012

Prosperity Weaving Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,053,786

1,021,502

925,766

844,624

873,044

876,475

1,788,209

1,859,778

0
1,859,395

0
1,863,250

18,572
1,954,451

51,542
1,992,506

1,053,786
103,785

1,021,502
106,898

925,209
98,762

844,400
90,027

854,247
84,937

809,717
84,570

0
0

0
0

0
0

0
0

557

225

225

15,216

519,031
43,748
264,956

535,777
8,998
296,829

622,035
6,335
154,236

669,145
80,171
409,863

702,932
404
359,067

775,079
56,129
342,948

131,417

145,830

159,256

103,188

231,375

273,319

0
78,910

0
84,120

0
302,207

0
75,923

10,054
102,031

79
102,604

594,250
238,782

468,313
96,555

387,065
197,242

501,819
294,786

495,048
286,466

737,763
562,924

355,468

371,758

189,823

207,033

208,583

174,839

579,863

754,703

749,097
645,345
90,000

509,950
382,623
90,000

495,762
430,796
0

315,781
251,000
0

579,863

754,703

4,441
9,312

4,220
33,108

24,474
40,491

28,903
35,878

398,704
184,800

334,263
184,800

411,639
184,800

502,000
184,800

585,166
184,800

598,010
184,800

184,800
0
213,904

184,800
0
149,463

184,800
0
189,656
16,600
173,056

184,800
0
280,017
16,600
263,417

184,800
0
363,183
16,600
346,583

184,800
0
376,027
16,600
359,427

37,183

37,183

37,183

37,183

2,702,593
1,127,461
1,575,132
2,542,748

2,737,590
1,379,104
1,358,486
2,602,563

159,845
55,743

135,027
97,900

3,634,559
1,063,804
2,570,755
3,265,698
2,336,774
928,924
368,861
132,758
86,163
46,595

4,070,195
2,383,983
1,686,212
3,670,926
2,949,006
721,920
399,270
123,004
71,340
51,664

5,952,133
2,675,020
3,277,113
5,468,594
4,578,102
890,492
483,539
168,542
111,451
57,091

5,382,234
1,596,922
3,785,312
5,007,540
4,083,995
923,545
374,694
163,329
102,193
61,136

164,989
116,550
106,782
176,389
25,271
55,440
0
47,517

217,956
118,402
105,919
201,098
57,896
64,680
0
143,741

201,300
107,068
92,702
108,169
54,150
46,200
0
101,653

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

55,743

97,900

14,854
19,427
0
0

(54,021)
13,876
0
0

150,713
134,405
124,806
108,119
18,866
36,960
0
389,925

978,567
0
(4,573)
238,782

1,088,966
0
(67,897)
96,555

1,160,736
645,345
52,294
842,587

1,011,950
382,623
95,677
677,409

1,080,927
430,796
78,522
717,262

913,791
251,000
7,819
813,924

0.29
3.47
4.86
1.72
0.87
94.09
2.94
0.99
3.75
1.56

0.33
3.58
5.33
1.76
1.14
95.07
3.66
-3.45
-14.74
-5.23

0.43
3.70
4.38
2.35
1.61
89.85
2.76
6.96
28.99
9.61
2.41
23.56
1.87
2.97
0.34
4.83
22.27

0.37
2.86
2.54
2.69
1.33
90.19
2.02
11.52
38.61
16.24
2.73
9.93
2.65
4.33
0.05
8.18
27.16

0.49
1.99
3.89
3.78
1.42
91.88
1.69
13.02
36.99
19.22
2.21
16.58
2.90
3.38
0.15
7.75
31.66

0.45
1.99
5.08
3.26
1.05
93.04
1.76
6.70
18.28
10.85
1.17
15.69
2.17
2.01
0.10
2.92
32.36

93,654

97,926

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

111

10.20

9.22

0.55
0.00
-0.25
21.57

-1.97
0.00
-3.67
18.09

Financial Statement Analysis of Non Financial Sector 2012

Quality Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

543,183

507,940

555,658

600,393

691,367

793,433

864,087

868,069

6,815
948,451

0
1,031,834

11,306
1,155,345

0
1,323,365

543,183
45,554

507,940
41,927

546,678
42,950

598,228
43,458

677,895
49,414

791,268
65,756

0
0

0
0

0
0

0
0

2,165

2,165

2,165

2,165

307,112
617
179,730

390,466
1,005
228,413

389,422
1,920
180,477

378,775
1,148
175,931

566,953
2,052
257,885

807,552
1,513
442,069

74,522

103,604

178,363

155,567

248,792

308,502

0
52,243

0
57,444

0
28,663

0
46,129

0
58,223

0
55,468

368,305
260,876

394,030
293,851

385,648
340,254

359,382
210,693

449,032
271,597

737,683
599,947

107,429

100,179

45,395

148,689

177,436

137,736

90,915

115,619

172,682
35,400
0

102,006
11,800
0

96,444
0
0

105,517
0
0

82,804
7,402

9,265
87,179

12,895
92,622

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

90,915

115,619

67,220
70,062

391,075
159,778

388,757
159,778

386,750
159,778

517,780
159,778

712,844
159,778

757,785
159,778

159,778
0
231,297

159,778
0
228,979

159,778
0
82,585
0
82,585

159,778
0
165,107
0
165,107

159,778
0
367,240
0
367,240

159,778
0
369,854
0
369,854

144,387

192,896

185,826

228,153

953,928
686,238
267,690
866,538

1,032,951
853,269
179,682
937,957

87,390
21,983

94,994
20,587

1,220,867
932,960
287,907
1,106,377
835,613
270,764
114,490
34,783
18,310
16,473

1,584,088
1,048,737
535,351
1,335,517
1,082,662
252,855
248,571
66,479
29,779
36,701

2,531,351
1,380,021
1,151,329
2,144,065
1,920,362
223,704
387,285
59,581
27,389
32,192

2,075,429
1,335,632
739,797
1,863,192
1,372,077
491,115
212,237
56,654
30,714
25,940

91,845
65,933
61,119
116,712
25,834
23,967
0
175,450

109,415
95,419
9,265
243,654
43,432
55,922
0
98,839

99,499
74,127
64,280
86,192
20,355
23,967
0
(79,615)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

21,983

20,587

14,497
4,770
0
0

21,545
5,214
0
0

67,476
70,020
67,441
10,878
2,349
0
0
29,787

481,990
0
9,727
260,876

504,376
0
16,331
293,851

559,432
35,400
8,529
375,654

619,786
11,800
66,912
222,493

809,288
0
144,300
271,597

863,302
0
41,870
599,947

0.20
5.49
7.81
1.12
0.83
90.84
1.17
1.62
3.67
3.08

0.27
5.43
10.03
1.15
0.99
90.80
1.31
2.46
5.53
4.37

0.47
5.74
14.61
1.29
1.01
90.62
1.44
1.18
2.81
2.05

0.44
4.16
9.82
1.62
1.05
84.31
0.89
12.13
25.81
19.79
3.79
9.00
2.91
7.37
0.38
5.69
32.41

0.56
3.77
9.83
2.01
1.26
84.70
0.77
21.78
39.60
34.10
3.58
9.82
27.30
9.63
0.18
12.53
44.61

0.42
3.57
14.86
1.30
1.09
89.77
1.11
6.03
11.72
10.31
2.75
4.69
2.34
4.15
-0.09
4.12
47.43

52,336

56,054

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

112

5.31

4.52

6.76
1.16
0.89
0.05
0.53
24.21

1.52
0.00
0.61
24.48

2.09
0.00
1.02
24.33

Financial Statement Analysis of Non Financial Sector 2012

Quetta Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,432,131

4,119,622

5,054,660

4,955,743

5,162,838

5,126,910

5,066,776

6,184,240

117,383
7,294,131

136,121
7,431,304

43,041
7,980,350

24,058
8,189,391

3,432,131
151,472

4,119,622
178,496

4,871,288
211,072

4,775,130
233,820

5,090,267
234,534

5,057,444
243,257

0
48,486

0
26,988

0
2,787

0
0

17,504

17,504

26,744

45,408

2,229,078
5,733
1,103,997

3,393,615
2,855
2,074,552

3,857,386
3,113
2,229,194

3,552,358
3,219
2,269,204

4,483,902
24,662
294,778

4,426,787
8,409
3,254,744

376,336

555,620

886,019

524,062

658,398

335,898

2,011
741,001

132,289
628,299

0
739,060

0
755,874

0
3,506,064

0
827,736

2,810,376
1,387,288

4,647,636
2,735,891

4,408,999
4,107,244

4,069,031
3,684,405

4,551,383
4,011,369

4,855,243
3,989,841

1,423,088

1,911,745

301,754

384,626

540,014

865,402

2,118,140

2,451,698

3,226,916
2,123,703
773,162

2,138,781
1,743,355
23,900

2,160,221
442,219
78,776

1,735,795
206,511
52,900

1,177,250

923,333

2,118,140

2,451,698

59,491
270,561

67,762
303,764

87,415
374,561

77,735
475,316

732,693
31,250

413,903
31,250

1,276,131
31,250

2,300,289
130,000

2,935,136
130,000

2,962,659
130,000

31,250
0
701,443

31,250
0
382,653

31,250
0
458,943
0
458,943

130,000
0
1,406,725
651,750
754,975

130,000
0
2,062,120
766,424
1,295,695

130,000
0
2,108,690
766,751
1,341,939

785,938

763,564

743,016

723,969

5,093,317
2,467,367
2,625,950
4,592,903

6,015,548
2,696,619
3,318,929
5,421,705

500,414
32,508

593,843
64,002

7,514,899
3,629,194
3,885,705
6,177,193
4,307,017
1,870,177
1,337,706
462,119
314,175
147,944

9,334,112
4,622,449
4,711,662
7,626,141
5,515,387
2,110,754
1,707,971
392,674
286,765
105,909

14,343,553
7,660,756
6,682,798
12,049,964
9,849,834
2,200,129
2,293,590
547,576
389,770
157,807

11,141,097
4,842,464
6,298,633
9,670,029
6,703,784
2,966,245
1,471,068
424,713
375,466
49,247

531,160
830,513
822,916
98,968
37,317
0
0
(400,422)

619,024
962,309
955,825
375,592
75,307
26,000
0
833,903

746,685
978,217
966,160
773,468
107,811
19,500
0
157,154

401,620
893,507
883,519
157,550
98,666
0
0
638,468

4,439,070
1,743,355
274,285
5,427,760

5,095,356
1,619,469
646,157
5,630,838

4,698,454
1,129,844
58,884
5,119,685

0.13
10.31
5.61
1.10
0.87
81.70
2.70
4.31
21.00
8.40
11.55
4.11
1.39
4.02
0.13
23.10
176.95

0.15
6.82
4.59
1.49
0.99
84.01
2.29
8.52
29.55
16.22
34.14
48.66
1.80
5.39
0.02
51.20
225.78

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

32,508

64,002

348,829

495,258

144,333
37,345
4,687
0

46,556
33,307
0
0

2,850,833
0
102,301
1,387,288

2,865,601
0
13,249
2,735,891

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

4,503,047
2,123,703
61,651
6,230,947

H.Key Performance Indicators

0.14
6.85
7.39
0.90
0.79
90.18
6.73
2.66
20.14
5.61
22.83
4.61

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

113

0.15
8.23
9.24
0.80
0.73
90.13
17.15
0.71
8.12
1.63

0.20
11.05
11.79
0.84
0.87
82.20
5.98
1.21
11.71
2.69

2.90

3.37
1.12
1.32
-0.05
19.73
408.36

2.83
0.00
34.24
234.46

0.77
0.00
4.24
132.45

0.07
8.02
3.01
1.17
0.91
86.80
2.22
1.64
5.34
3.22

3.42
1.18
1.41
0.10
4.53
227.90

Financial Statement Analysis of Non Financial Sector 2012

Ravi Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

187,802

326,452

301,995

286,530

299,999

301,603

262,273

336,927

1,330
347,737

64
352,455

0
387,612

0
413,092

187,802
13,774

326,452
12,128

300,422
17,535

286,223
18,924

299,999
21,380

301,603
23,876

0
0

0
0

0
0

0
0

243

243

13,425
167
604

56,427
3,904
23,920

135,028
2,059
51,211

117,893
446
40,202

13,170
233
1,145

9,776
51
0

133

3,632

7,871

57,170

0
12,521

0
24,971

0
73,888

0
20,076

0
11,792

0
9,725

142,237
17,956

207,378
0

134,431
87,705

142,467
80,148

166,365
59,244

204,793
98,350

124,281

207,378

46,726

62,319

107,121

106,443

54,552

32,334

62,459
0
26,155

57,526
0
26,155

46,633
0
26,987

30,711
0
832

2,080
29,291

1,887
17,759

1,887
27,992

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

54,552

32,334

2,840
33,464

4,438
70,380

143,167
70,380

240,133
250,000

204,430
250,000

100,171
250,000

75,875
250,000

70,380
0
(65,942)

70,380
0
72,787

250,000
0
(174,866)
0
(174,866)

250,000
0
(205,957)
0
(205,957)

250,000
0
(305,509)
0
(305,509)

250,000
0
(340,082)
0
(340,082)

164,999

160,387

155,680

165,957

282,733
282,733
0
301,396

12,615
12,615
0
27,188

(18,663)
36,873

(14,573)
10,945

316,778
316,778
0
347,095
239,347
107,748
(30,317)
11,180
954
10,226

432,368
429,309
3,059
452,614
287,911
164,703
(20,246)
13,521
1,908
11,613

194,122
194,122
0
235,558
153,549
82,009
(41,436)
52,961
919
52,042

0
0
0
0
0
0
0
37,916
0
37,916

46,065
12,644
12,182
(36,080)
6,129
0
0
(220)

20,231
13,406
12,984
(104,738)
19
0
0
55,784

3,605
11,153
11,046
(39,562)
0
0
0
(182)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,873

10,945

(63,844)
1,416
0
0

4,561
63
0
0

40,276
12,511
12,051
243
0
0
0
179,045

58,990
0
(65,260)
17,956

175,501
0
4,498
0

302,591
0
243
87,705

261,956
0
(42,209)
80,148

146,804
0
(104,757)
59,244

106,586
0
(39,562)
98,350

0.00
3.25
0.05
1.41
0.09
106.60
44.34
-21.62
-84.79
-53.84

0.04
16.00
28.79
0.03
0.27
215.52
1.67
1.56
6.18
3.89

0.07
3.95
2.48
0.72
1.00
109.57
0.82
0.06
0.13
0.10

0.40
2.92
13.22
1.07
0.83
104.68
0.98
-8.58
-16.23
-12.78

0.00
6.91
0.00
0.62
0.08
121.35
2.13
-29.19
-68.77
-51.25

0.00

9,176

2,019

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

114

468.10

0.53

6.19
1.02
0.08
0.91
0.01
9.61

10.75
-1.96
-8.34
0.00
-1.69
8.18

169.54
-7.07
-53.95
0.26
-4.19
4.01

-22.58
0.00
-9.27
0.63

36.16
0.00

0.00
0.05

3.10
-12.67
-44.95
-31.23

-2.58

0.00
-1.58
3.04

Financial Statement Analysis of Non Financial Sector 2012

Redco Textiles Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

974,084

899,641

900,559

874,853

956,021

973,696

1,557,186

1,232,636

0
1,286,050

0
1,303,395

0
1,427,152

0
1,522,739

974,084
40,911

899,641
45,499

896,020
44,506

869,167
44,552

946,697
46,227

968,760
49,284

0
39

0
71

0
76

0
80

4,501

5,615

9,248

4,856

416,353
744
186,794

533,124
22,630
209,422

537,277
3,323
204,131

478,770
4,254
210,643

534,231
2,371
268,656

595,092
15,783
292,714

88,052

130,668

190,191

150,353

152,994

168,596

55
140,708

2,803
167,601

0
139,633

0
113,521

0
110,211

0
117,999

743,885
42,231

816,618
75,989

278,243
113,226

197,882
82,272

269,086
77,970

278,599
85,001

701,654

740,629

165,017

115,610

191,116

193,598

114,333

73,979

624,239
3,244
576,714

613,205
0
579,181

670,707
432,185
214,525

661,671
0
646,710

5,006
29,018

4,190
19,807

1,172
13,789

Items

114,333

73,979

5,736
38,546

532,219
212,926

542,168
492,926

535,354
492,926

542,536
492,926

550,459
492,926

628,518
492,926

212,926
0
319,293

492,926
0
49,242

492,926
0
(167,573)
(8)
(167,565)

492,926
0
(153,817)
16
(153,833)

492,926
0
(139,649)
21
(139,670)

492,926
0
(101,138)
25
(101,163)

210,001

203,427

197,181

236,730

742,453
627,193
115,260
675,224

1,036,276
961,719
74,557
1,029,488

67,229
25,358

6,788
21,220

1,035,884
999,307
36,577
994,356
735,408
258,949
41,528
16,838
4,334
12,504

1,469,940
1,460,538
9,402
1,410,333
1,096,390
313,943
59,607
36,139
4,097
32,043

2,294,236
2,294,236
0
2,235,905
1,907,690
328,215
58,332
19,367
4,045
15,322

1,712,919
1,667,353
45,566
1,652,785
1,222,482
430,303
60,134
23,497
5,408
18,089

112,041
18,920
10,086
5,048
7,417
0
0
51,563

124,679
19,070
15,897
19,898
24,074
0
0
62,280

128,287
18,874
15,973
17,774
17,210
0
0
(20,645)
1,290,189
0
564
85,001

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

25,358

21,220

471
3,128
0
0

(43,627)
4,777
0
0

85,564
26,914
11,328
(1,953)
366
0
0
(2,821)

646,552
0
(2,657)
42,231

616,147
0
(48,404)
75,989

1,159,592
3,244
(2,319)
116,470

1,155,741
0
(2,369)
82,272

1,221,165
432,185
(4,176)
510,155

0.12
4.82
11.86
0.53
0.56
90.95
1.61
0.04
0.07
0.06

0.19
2.83
12.61
0.72
0.65
99.34
1.64
-3.09
-8.12
-6.91

0.70
2.60
18.36
0.72
1.93
95.99
1.69
-0.14
-0.36
-0.22

0.78
1.29
10.23
1.09
2.42
95.94
1.49
0.36
0.94
0.44

0.58
0.83
6.67
1.54
1.99
97.46
1.71
1.40
3.64
1.67

35,778

29,310

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

115

0.66
1.10
9.84
1.09
2.14
96.49
1.50
1.16
3.02
1.42

3.97

4.95

5.07
0.83
-0.19
0.00
-0.05
10.86

6.98
1.50
0.34
0.06
-0.05
11.01

8.54
2.25
0.87
0.07
-0.08
11.17

5.85
2.11
1.04
-0.02
0.01
12.75

0.06
0.00
-0.12
25.00

-4.21
0.00
-0.98
11.00

Financial Statement Analysis of Non Financial Sector 2012

Regent Textile Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

177,421

169,545

178,231

169,531

171,604

171,604

350,229

346,297

78
347,358

3,802
348,083

3,750
356,167

3,750
356,167

177,421
8,869

169,545
9,076

162,282
8,324

155,475
7,532

155,947
200,220

155,947
200,220

0
5,910

0
6,818

0
8,049

0
8,049

9,961

3,436

3,858

3,858

85,436
1,681
30,238

98,682
3,002
27,432

56,662
486
3,398

85,891
6,897
16,116

53,067
4,059
4,441

53,067
4,059
4,441

3,424

27,712

23,481

26,772

1,003

1,003

4,554
45,539

5,184
35,352

0
29,297

0
36,106

0
43,564

0
43,564

213,962
31,278

222,908
53,185

53,007
19,734

64,139
17,053

49,897
0

49,897
0

182,684

169,723

33,274

47,086

49,897

49,897

15,718

11,649

166,416
11,416
155,000

160,878
5,878
155,000

155,000
0
155,000

155,000
0
155,000

15,718

11,649

0
0

0
0

0
0

0
0

33,177
47,587

33,670
47,587

15,470
47,587

30,405
47,587

19,774
47,587

19,774
47,587

47,587
0
(14,410)

47,587
0
(13,917)

47,587
0
(119,366)
908
(120,274)

47,587
0
(104,348)
908
(105,256)

47,587
0
(114,906)
908
(115,814)

47,587
0
(114,906)
908
(115,814)

87,250

87,167

87,093

87,093

233,537
233,537
0
216,572

281,436
281,436
0
265,117

16,965
2,617

16,319
3,395

274,758
274,758
0
283,098
175,793
107,305
(8,340)
3,464
132
3,332

325,217
325,217
0
292,203
191,843
100,360
33,014
5,244
62
5,182

430,701
430,701
0
436,317
304,105
132,212
(5,616)
4,639
146
4,493

430,701
430,701
0
436,317
304,105
132,212
(5,616)
4,639
146
4,493

37,299
6,256
6,100
23,142
1,690
0
0
(6,155)

40,107
779
136
(9,809)
4,351
0
0
16,846

40,107
779
136
(9,809)
4,351
0
0
16,846

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,617

3,395

13,059
1,168
0
0

3,477
1,407
0
0

33,448
10,667
10,331
(21,011)
52
0
0
(12,569)

48,895
0
11,891
31,278

45,319
0
2,070
53,185

181,886
11,416
(21,063)
31,150

191,283
5,878
21,452
22,931

174,774
0
(14,160)
0

174,774
0
(14,160)
0

0.16
3.84
9.85
1.05
0.44
94.20
6.97
1.31
10.40
7.38

0.45
3.88
8.55
1.17
1.07
103.04
14.18
-8.35
-85.52
-18.50

0.52
1.92
8.23
1.27
1.34
89.85
7.40
9.44
100.89
12.40

0.10
0.18
0.23
1.92
1.06
101.30
10.36
-4.09
-39.10
-5.36

0.10
0.18
0.23
1.92
1.06
101.30
10.36
-4.37
-49.61
-5.61

2,897

10,797

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.05
1.24
1.47
0.89
0.40
92.74
6.92
5.26
50.58
31.04

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

116

7.72

10.26

80.86
-1.03
-7.65
-0.06
-4.43
3.25

20.18
4.79
7.12
-0.03
4.51
6.39

96.98
-71.13
-2.28
0.08
-2.98
4.16

96.98
-71.13
-2.28
0.08
-2.98
4.16

5.59
0.00
2.50
6.97

1.24
0.00
0.43
7.08

Financial Statement Analysis of Non Financial Sector 2012

Reliance Cotton Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

495,141

495,141

591,538

786,002

998,284

1,308,105

924,711

924,711

0
999,990

0
1,162,437

73,143
1,307,686

133
1,672,697

495,141
50,340

495,141
50,340

470,702
46,298

589,377
45,990

678,478
57,927

966,644
76,844

0
117,829

0
192,573

0
242,708

0
332,052

3,006

4,052

3,955

9,276

559,000
7,029
314,634

559,000
7,029
314,634

903,572
8,846
594,491

955,222
3,115
728,213

1,402,604
109,191
995,350

1,293,850
5,031
924,964

198,365

198,365

240,620

142,487

206,650

251,951

0
38,972

0
38,972

0
59,614

0
81,407

0
91,413

0
111,904

525,354
372,990

525,354
372,990

833,363
710,563

841,600
690,812

1,139,094
952,488

1,247,684
1,027,326

152,364

152,364

122,800

150,788

186,606

220,358

80,000

80,000

26,338
0
0

112,815
75,000
0

47,412
0
0

56,535
0
0

24,406
13,409

30,166
17,246

37,305
19,230

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

80,000

80,000

19,702
6,636

448,787
102,920

448,787
102,920

635,409
102,920

786,809
102,920

1,214,382
102,920

1,297,736
102,920

102,920
0
345,867

102,920
0
345,867

102,920
0
532,489
0
532,489

102,920
0
683,889
0
683,889

102,920
0
1,111,462
0
1,111,462

102,920
0
1,194,816
0
1,194,816

1,341,136
245,353
1,095,783
1,182,383

1,341,136
245,353
1,095,783
1,182,383

158,753
20,501

158,753
20,501

1,544,923
306,469
1,238,453
1,232,407
882,067
350,340
312,516
114,620
84,823
29,796

1,753,876
239,289
1,514,588
1,358,895
971,220
387,675
394,982
159,357
105,373
53,984

2,613,864
454,368
2,159,496
1,876,103
1,474,747
401,357
737,760
188,912
110,285
78,627

2,557,935
355,997
2,201,938
2,190,019
1,605,035
584,984
367,916
179,561
126,614
52,947

143,217
114,194
105,823
162,561
18,312
20,584
0
114,704

194,759
120,973
115,917
503,156
22,706
25,730
0
146,820

39,635
140,677
130,175
104,472
26,556
12,865
0
115,416
1,354,271
0
65,051
1,027,326

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

20,501

20,501

75,210
16,366
10,292
0

75,210
16,366
10,292
0

118,107
109,112
101,293
164,966
15,080
15,438
0
(29,498)

528,787
0
48,552
372,990

528,787
0
48,552
372,990

661,747
0
134,449
710,563

899,624
75,000
123,665
765,812

1,261,795
0
454,720
952,488

0.39
4.87
14.79
1.27
1.06
88.16
1.35
7.13
17.84
13.89
5.72
4.26

0.39
4.87
14.79
1.27
1.06
88.16
1.35
7.13
16.76
14.22
5.72
4.26

0.30
7.06
15.57
1.03
1.08
79.77
1.35
12.94
30.43
27.71
9.71
2.60
2.63
10.68
-0.03
14.56
61.74

0.17
6.51
8.12
1.01
1.14
77.48
1.21
10.05
22.86
20.82
7.01
2.41
2.54
9.27
0.12
14.02
76.45

0.28
4.63
7.91
1.09
1.23
71.78
0.98
24.29
50.29
46.56
18.67
2.63
5.34
19.25
0.12
46.68
117.99

65,306

65,306

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

117

5.61
0.00
5.72
43.61

5.61
0.00
5.72
43.61

0.21
5.50
9.85
0.98
1.04
85.62
1.00
4.18
8.32
7.99
6.06
2.77
1.80
4.08
0.09
7.57
126.09

Financial Statement Analysis of Non Financial Sector 2012

Reliance Weaving Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,818,923

1,808,375

2,320,703

2,353,261

2,795,935

2,928,946

2,862,630

2,932,449

11,915
3,576,660

12,220
3,709,060

3,561
4,122,869

434
4,296,870

1,817,889
2,427

1,807,456
174,510

2,272,586
87,061

2,322,905
92,531

2,768,840
112,139

2,857,561
127,547

1,034

919

804
0

689
0

574
0

1,278
0

35,398

17,448

22,960

69,673

1,611,087
41,794
772,398

2,311,575
75,672
1,343,145

1,806,018
18,233
1,124,587

1,928,688
36,074
962,681

2,800,871
19,442
1,672,004

3,006,236
29,246
1,489,258

157,754

334,841

198,108

365,827

574,724

781,846

70,000
569,141

0
557,917

179,681
285,408

225,924
338,182

171,856
362,844

140,773
565,113

1,613,761
1,336,647

2,778,101
2,261,986

2,290,148
2,020,191

2,326,606
2,003,536

3,057,085
2,555,029

3,312,808
2,865,023

277,114

516,115

269,957

323,070

502,056

447,785

937,333

573,426

792,918
645,980
137,000

465,905
415,179
37,000

596,071
543,465
3,800

507,856
439,405
3,800

937,333

573,426

9,938
0

13,726
0

22,564
26,243

34,783
29,868

878,916
308,109

768,423
308,109

1,043,655
308,109

1,489,438
308,109

1,943,650
308,109

2,114,518
308,109

308,109
0
570,807

308,109
0
460,314

308,109
0
283,275
41,081
242,193

308,109
0
729,058
83,712
645,346

308,109
0
1,183,269
107,708
1,075,561

308,109
0
1,354,138
124,711
1,229,427

452,271

452,271

452,271

452,271

3,400,998
1,070,227
2,330,771
3,054,594

3,509,591
867,196
2,642,395
3,193,822

346,404
106,002

315,769
145,699

4,337,455
1,153,975
3,183,480
3,665,167
2,880,206
784,961
672,288
215,539
66,544
148,995

6,773,392
2,103,857
4,669,534
5,610,015
4,423,531
1,186,484
1,163,377
235,324
112,388
122,936

9,993,573
4,042,462
5,951,110
8,642,769
7,928,287
714,483
1,350,804
273,756
111,078
162,678

8,698,693
2,192,695
6,505,998
7,785,085
6,196,142
1,588,943
913,608
278,223
132,039
146,184

316,320
449,962
406,206
478,708
46,695
15,405
0
496,680

418,383
481,594
428,756
602,477
101,245
46,216
0
(143,238)

376,120
429,358
356,736
288,551
88,246
30,811
0
12,001

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

106,002

145,699

47,365
15,447
0
0

(80,842)
26,415
0
0

267,624
646,855
455,545
(174,387)
31,835
0
0
321,749

1,816,249
0
31,918
1,336,647

1,341,849
0
(107,257)
2,261,986

1,836,573
645,980
(206,222)
2,666,170

1,955,343
415,179
416,608
2,418,715

2,539,721
543,465
455,015
3,098,494

2,622,374
439,405
169,494
3,304,428

0.15
10.49
9.54
0.85
0.83
91.00
4.36
-2.14
-9.81
-5.12

0.17
14.91
4.57
1.05
0.79
84.50
2.95
-4.23
-19.25
-10.97

0.27
6.64
5.40
1.58
0.83
82.82
1.87
11.39
37.80
25.25
28.04
7.04
2.18
7.07
0.18
14.02
48.34

0.25
4.82
5.75
1.79
0.92
86.48
1.88
12.20
35.10
26.81
10.85
5.98
2.41
6.03
-0.04
16.27
63.08

0.29
4.94
8.99
1.47
0.91
89.50
1.81
5.00
14.22
11.18
6.50
5.84
1.81
3.32
0.00
6.50
68.63

232,381

368,054

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.17
6.83
4.64
0.99
1.00
89.81
2.90
1.40
5.52
2.98

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

118

4.40

2.61

3.86
0.62
-4.02
0.10
-6.69
33.87

1.39
0.00
1.04
28.53

-2.30
0.00
-3.48
24.94

Financial Statement Analysis of Non Financial Sector 2012

Resham Textile Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

769,906

882,840

824,909

910,812

929,084

905,679

909,293

1,089,771

0
1,099,190

8,631
962,156

0
1,060,073

8,432
1,097,471

769,906
69,873

882,840
66,477

821,227
72,095

898,508
65,999

925,417
73,053

893,578
70,075

0
0

0
0

0
0

0
0

3,683

3,673

3,667

3,669

270,281
4,962
186,504

286,314
3,951
226,322

355,896
5,623
288,971

373,256
27,438
249,702

637,377
102,097
358,597

435,976
83,640
242,507

25,865

9,893

23,659

45,371

84,639

12,099

0
52,950

0
46,148

0
37,642

0
50,745

0
92,043

0
97,730

354,805
185,704

341,347
152,862

420,836
308,065

207,820
110,816

487,665
88,033

275,740
51,701

169,101

188,485

112,772

97,004

399,633

224,039

302,652

432,739

379,651
355,882
0

432,278
268,422
0

407,375
166,327
0

354,289
120,184
0

302,652

432,739

4,010
19,759

8,062
155,794

13,033
228,016

15,288
218,817

382,730
300,000

395,068
360,000

380,318
360,000

643,970
360,000

671,421
360,000

711,626
360,000

300,000
0
82,730

360,000
0
35,068

360,000
0
(69,104)
0
(69,104)

360,000
0
110,821
0
110,821

360,000
0
154,507
0
154,507

360,000
0
206,719
0
206,719

89,422

173,150

156,914

144,907

1,204,135
1,160,812
43,323
1,157,262

1,302,115
1,297,058
5,057
1,265,973

46,873
15,315

36,142
17,282

1,542,141
1,520,321
21,819
1,419,120
1,086,537
332,583
123,021
29,174
7,990
21,184

2,232,455
2,134,782
97,673
1,811,714
1,462,264
349,450
420,741
55,593
17,022
38,571

3,704,951
3,689,206
15,745
3,409,780
3,034,158
375,622
295,171
58,442
23,923
34,519

3,245,033
3,170,105
74,928
2,867,911
2,440,139
427,772
377,122
77,741
26,236
51,505

136,454
98,324
95,965
277,176
11,651
36,000
0
321,791

141,138
100,721
97,998
142,334
37,050
54,000
0
93,478

153,310
73,434
71,234
232,532
63,326
72,000
0
453,957

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,315

17,282

(31,191)
6,345
0
0

(54,366)
6,548
0
0

91,432
112,166
110,230
(13,737)
218
0
0
(43,989)

685,382
0
(37,536)
185,704

827,807
0
(60,914)
152,862

759,969
355,882
(13,955)
663,947

1,076,248
268,422
229,525
379,238

1,078,796
166,327
51,284
254,359

1,065,915
120,184
97,206
171,885

0.09
6.69
2.15
1.16
0.76
96.11
1.72
-2.99
-7.78
-4.50

0.04
6.09
0.76
1.11
0.84
97.22
1.96
-4.92
-13.98
-7.19

0.07
7.27
1.53
1.31
0.85
92.02
2.10
-1.17
-3.54
-1.73

0.35
4.40
2.03
1.74
1.80
81.15
0.99
22.49
54.12
30.19
7.38
8.94
3.89
12.42
0.50
7.38
17.89

0.38
2.72
2.28
2.37
1.31
92.03
1.33
9.99
21.64
13.21
1.95
10.33
2.45
3.84
0.10
2.92
18.65

0.35
2.26
0.37
2.42
1.58
88.38
0.89
15.99
33.63
21.68
2.35
13.38
4.26
7.17
0.72
4.70
19.77

80,613

79,341

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

119

6.46

5.75

5.34
0.88
-0.89
-0.05
-0.39
10.56

-2.59
0.00
-1.25
12.76

-4.18
0.00
-1.69
10.97

Financial Statement Analysis of Non Financial Sector 2012

Ruby Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

988,503

1,148,843

1,111,024

1,067,202

1,022,426

982,667

1,233,669

1,169,496

4,480
1,169,612

0
1,176,558

0
1,175,900

0
1,179,334

988,503
32,416

1,148,843
45,689

1,098,847
50,348

1,059,407
47,633

1,014,032
45,585

974,053
43,413

0
0

0
0

0
0

0
0

7,697

7,795

8,393

8,614

284,419
15,494
93,754

359,874
2,534
198,687

359,702
954
223,721

476,994
2,396
331,278

684,464
813
496,814

733,803
881
538,190

39,052

34,215

17,775

13,478

26,588

10,626

0
136,119

0
124,438

0
117,252

0
129,842

0
160,248

0
184,106

584,291
176,752

603,275
251,398

343,619
214,974

366,221
214,442

682,734
394,058

608,969
275,260

407,539

351,877

128,645

151,779

288,676

333,709

326,982

279,855

601,461
414,355
169,581

642,935
424,125
182,220

586,627
365,625
212,709

516,732
78,416
430,715

3,103
33,487

3,668
4,625

7,601
0

Items

326,982

279,855

1,393
16,133

361,649
196,000

625,587
392,000

525,646
392,000

535,040
392,000

437,529
392,000

590,769
522,144

196,000
0
165,649

392,000
0
233,587

392,000
0
(281,322)
3,240
(284,562)

392,000
0
(259,041)
3,240
(262,281)

392,000
0
(341,001)
3,240
(344,241)

522,144
0
(306,439)
102,603
(409,042)

414,969

402,080

386,530

375,064

896,751
741,179
155,572
870,066

1,081,060
899,293
181,767
1,029,102

26,685
23,807

51,958
28,866

856,602
800,064
56,538
830,094
617,520
212,574
26,508
31,544
15,599
15,945

1,379,194
1,247,582
131,612
1,232,461
980,901
251,560
146,733
43,975
22,713
21,262

1,625,000
1,498,625
126,374
1,577,812
1,316,118
261,695
47,187
47,251
19,778
27,472

855,372
827,124
28,248
944,462
690,446
254,016
(89,090)
31,230
2,485
28,745

97,108
69,889
66,465
34,302
7,554
0
0
(18,343)

103,638
110,339
106,363
(109,412)
16,961
0
0
(146,846)

92,961
62,646
61,251
(81,905)
282
0
0
(37,802)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

23,807

28,866

(56,440)
4,484
0
0

(52,655)
5,405
0
0

66,455
104,720
103,100
(106,991)
594
0
0
(93,022)

688,631
0
(60,924)
176,752

905,442
0
(58,060)
251,398

1,127,107
414,355
(107,585)
629,329

1,177,975
424,125
26,748
638,567

1,024,156
365,625
(126,373)
759,683

1,107,501
78,416
(82,187)
353,676

0.09
6.83
4.35
0.70
0.49
97.02
2.52
-5.24
-13.99
-8.73

0.06
7.29
3.16
0.72
0.60
95.19
1.41
-3.79
-10.67
-6.61

0.05
12.23
2.08
0.58
1.05
96.91
1.80
-7.18
-18.59
-10.53

0.04
5.07
0.98
0.89
1.30
89.36
1.89
2.28
6.47
2.98

0.04
6.79
1.64
0.95
1.00
97.10
2.90
-6.73
-22.50
-9.94

0.02
7.32
1.24
0.50
1.20
110.42
1.91
-4.79
-15.93
-7.68

61,213

78,852

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

120

9.56

5.44

3.83
-0.04
-12.49
-0.10
-2.74
13.41

4.16
1.52
2.49
-0.02
0.68
13.65

3.27
-0.03
-6.73
-0.12
-3.22
11.16

1.59
-0.34
-9.58
-0.03
-1.57
11.31

-6.29
0.00
-3.11
18.45

-4.87
0.00
-1.48
15.96

Financial Statement Analysis of Non Financial Sector 2012

Safa Textiles Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

51,793

60,243

50,645

52,681

85,688

93,794

73,917

86,485

0
84,074

0
90,074

0
129,527

0
145,949

51,570
3,660

60,065
4,824

50,502
5,476

52,567
5,515

85,688
6,920

93,794
8,298

223

178

143
0

114
0

0
0

0
0

82,121
4,287
69,928

88,056
1,061
68,641

126,060
5,582
52,522

143,833
1,349
61,463

157,313
2,225
98,523

189,672
1,053
98,707

7,737

23,128

22,529

15,912

27,295

0
7,906

0
10,617

0
44,827

0
58,492

0
40,653

0
62,617

83,830
44,290

100,117
54,331

125,006
82,555

142,464
102,411

173,086
133,956

209,798
141,620

39,540

45,786

42,451

40,052

39,130

68,178

329

0
0
0

0
0
0

14,252
0
0

16,511
0
0

0
0

0
14,252

0
16,511

329

0
0

49,755
40,000

48,182
40,000

51,699
40,000

54,050
40,000

55,663
40,000

57,157
40,000

40,000
0
9,755

40,000
0
8,182

40,000
0
11,699
0
11,699

40,000
0
14,050
0
14,050

40,000
0
15,663
0
15,663

40,000
0
17,157
0
17,157

265,666
0
265,666
223,935

367,422
0
367,422
328,336

41,731
25,390

39,086
29,374

395,271
101,992
293,279
350,243
219,063
131,180
45,028
35,970
8,362
27,608

477,113
7,020
470,093
418,628
264,732
153,896
58,485
43,700
12,218
31,482

474,758
79
474,679
411,595
279,575
132,020
63,163
42,267
11,549
30,718

501,806
1,787
500,019
418,216
263,129
155,087
83,590
61,668
16,758
44,910

29,665
8,253
5,604
7,051
4,701
6,000
0
(16,509)

38,920
13,725
10,572
6,695
5,082
0
0
(5,741)

47,597
15,501
11,917
6,421
5,055
0
0
6,164

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

25,390

29,374

11,903
2,658
0
0

3,943
3,516
0
91

27,069
4,904
2,610
7,447
3,929
0
0
(30,350)

50,084
0
9,245
44,290

48,182
0
427
54,331

51,699
0
3,518
82,555

54,050
0
(3,650)
102,411

69,915
0
1,613
133,956

73,668
0
1,366
141,620

0.23
1.24
5.85
2.24
1.01
88.61
2.42
4.58
14.91
14.91

0.17
1.73
4.72
2.43
1.01
87.74
2.64
3.78
13.33
13.33
0.39
7.76
2.26
1.48
-0.12
0.59
13.51

0.10
2.89
3.35
1.95
0.91
86.70
3.37
3.05
12.20
10.80

0.14
3.09
5.44
1.77
0.90
83.34
3.96
2.44
11.38
8.94

4,432

5,507

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.05
1.67
0.00
1.98
0.98
84.29
1.69
11.48
26.37
25.99

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

121

0.09
1.50
2.11
2.48
0.88
89.36
2.08
2.79
8.05
8.03

3.80

5.35

7.53
3.85
1.88
-0.24
0.88
12.92

4.48
0.00
2.31
12.44

1.07
0.00
0.11
12.05

4.82
1.63
1.41
-0.03
0.40
13.92

5.08
1.54
1.28
0.03
0.34
14.29

Financial Statement Analysis of Non Financial Sector 2012

Saif Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,302,728

2,195,285

2,428,946

2,343,422

2,387,066

2,696,974

2,824,189

3,156,565

13,070
3,149,646

24,084
3,214,564

943
3,350,715

28,821
3,659,025

2,302,015
150,515

2,194,375
166,923

2,200,264
157,896

2,110,011
157,180

2,185,048
155,900

2,465,412
163,164

713

910

535
0

258
0

167
0

941
0

215,077

209,069

200,908

201,800

1,879,454
3,154
933,599

2,098,124
4,892
911,516

1,571,354
3,206
685,765

2,378,726
7,104
1,368,010

2,654,487
3,807
1,400,986

2,382,026
8,786
1,578,859

732,669

89,203

740,173

775,350

1,042,820

514,426

0
210,032

0
1,092,513

10,019
132,191

12,466
215,796

13,917
192,957

5,667
274,288

2,097,479
1,496,385

2,435,385
1,478,612

1,889,080
1,516,214

2,867,459
2,480,994

2,801,268
2,081,604

2,599,737
1,910,337

Items

601,094

956,773

372,866

386,465

719,664

689,400

1,070,597

883,642

1,611,528
1,170,569
405,600

1,277,508
805,022
427,100

1,055,374
563,671
429,350

1,133,035
585,599
470,100

1,070,597

883,642

34,827
532

44,780
606

61,392
961

75,628
1,708

1,014,106
264,129

974,382
264,129

499,692
264,129

577,181
264,129

1,184,911
264,129

1,346,228
264,129

264,129
0
749,977

264,129
0
710,253

264,129
0
53,084
115,981
(62,897)

264,129
0
141,899
115,981
25,918

264,129
0
761,424
115,981
645,443

264,129
0
933,996
115,981
818,015

182,479

171,153

159,358

148,103

3,813,037
2,793,718
1,019,319
3,423,596

4,489,205
3,125,656
1,363,549
4,048,768

389,441
156,688

440,437
210,563

3,727,820
3,051,115
676,705
3,616,538
2,616,097
1,000,441
111,282
229,209
124,178
105,031

4,642,452
3,560,036
1,082,416
3,931,756
2,845,739
1,086,017
710,696
228,536
117,790
110,746

7,361,391
5,659,646
1,701,745
6,032,923
4,599,161
1,433,762
1,328,468
382,721
206,762
175,959

6,483,423
5,134,795
1,348,628
5,721,964
4,415,508
1,306,456
761,459
307,838
157,580
150,258

317,100
259,307
238,583
103,101
21,923
0
0
(220,498)

434,397
216,487
202,056
687,207
73,614
52,826
0
1,128,737

437,369
251,949
222,992
112,743
0
52,826
0
952,440

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

156,688

210,563

(21,762)
18,961
14,185
0

(79,409)
22,448
0
0

277,645
346,441
338,276
(691,529)
8,059
0
0
363,328

2,084,703
0
(54,908)
1,496,385

1,858,024
0
(101,857)
1,478,612

2,111,220
1,170,569
(699,588)
2,686,783

1,854,689
805,022
81,178
3,286,016

2,240,285
563,671
560,767
2,645,275

2,479,263
585,599
59,917
2,495,936

0.35
6.84
19.21
0.91
0.90
89.79
3.12
-0.56
-2.27
-1.10
-2.87
4.08

0.04
7.02
1.99
1.05
0.86
90.19
3.41
-1.87
-7.99
-4.03

0.40
9.29
19.86
0.93
0.83
97.01
7.01
-16.68
-93.83
-34.84

0.28
5.59
16.70
0.98
0.83
84.69
7.18
2.36
19.15
5.20

0.38
2.94
14.17
1.46
0.95
81.95
3.25
14.08
78.00
33.56
11.62
5.25
4.40
9.34
0.29
23.23
44.86

0.20
3.89
7.93
1.28
0.92
88.26
2.77
2.23
8.91
4.78
2.13
4.11
1.51
1.74
0.26
4.27
50.97

260,902

314,998

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

122

4.92

5.44
-1.04
-18.55
0.10
-26.49
18.92

3.39
1.43
2.22
-0.05
3.07
21.85

-0.57
0.00
-1.54
38.39

-1.77
0.00
-3.86
36.89

Financial Statement Analysis of Non Financial Sector 2012

Sajjad Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

411,438

392,108

376,960

414,698

397,814

390,407

652,110

653,874

0
653,004

0
414,723

0
414,174

0
423,478

411,438
21,422

392,108
20,607

374,318
19,516

403,134
17,432

386,347
17,838

379,038
16,818

292
0

195
0

97
0

0
0

2,350

11,369

11,369

11,369

164,266
728
101,106

197,250
4,611
123,745

18,928
1,768
0

17,018
1,150
0

64,019
4,512
28,070

105,959
16,112
45,106

34,238

31,398

646

10,075

15,977

0
28,194

0
37,496

8
16,506

14
15,855

17
21,346

0
28,764

346,958
125,898

354,591
179,944

225,237
188,928

28,026
0

46,189
0

80,856
0

221,060

174,647

36,309

28,026

46,189

80,856

87,574

185,749

127,510
35,869
91,566

212,374
0
199,437

235,693
0
211,692

232,935
0
211,692

261
12,676

177
23,824

428
20,815

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

87,574

185,749

75
0

141,172
212,678

49,018
212,678

43,141
212,678

191,316
212,678

179,951
212,678

182,575
212,678

212,678
0
(71,506)

212,678
0
(163,660)

212,678
0
(241,380)
3
(241,383)

212,678
0
(150,570)
0
(150,570)

212,678
0
(157,888)
8
(157,896)

212,678
0
(151,122)
9
(151,131)

71,843

129,208

125,161

121,019

757,011
386,043
370,968
700,569

789,487
572,008
217,479
778,728

56,442
36,964

10,759
31,531

301,111
231,278
69,833
305,483
193,238
112,245
(4,372)
36,618
4,184
32,434

0
0
0
23,324
0
23,324
(23,324)
17,337
0
17,337

189,527
189,527
0
180,151
69,941
110,209
9,376
8,549
157
8,392

307,852
302,074
5,778
287,828
156,410
131,418
20,024
14,454
688
13,766

5,150
415
0
77,002
0
0
0
(30,220)

35,854
1,381
1,313
1,761
1,980
0
0
(9,642)

39,158
3,891
3,814
1,679
2,040
0
0
(370)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,964

31,531

(13,361)
3,736
0
0

(60,850)
3,975
0
0

14,560
29,894
28,499
(70,884)
1,514
0
0
29,002

228,746
0
(17,097)
125,898

234,767
0
(64,825)
179,944

170,651
35,869
(72,398)
224,796

403,690
0
77,002
0

415,644
0
(219)
0

415,510
0
(361)
0

0.10
4.38
4.52
1.31
0.47
92.54
3.08
-2.33
-7.73
-4.88

0.10
5.08
3.98
1.34
0.56
98.64
11.02
-10.45
-63.99
-26.26

0.01
9.93
0.21
0.76
0.08
101.45
8.18
-14.39
-153.83
-34.97

0.04

0.32
0.73
5.32
0.41
1.39
95.05
1.57
0.39
0.95
0.43

0.40
1.26
5.19
0.62
1.31
93.50
1.72
0.35
0.93
0.40

7.49

6.38

33,137

40,078

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

123

-1.76
0.00
-0.80
6.64

-7.71
0.00
-3.05
2.30

-1.49
-23.54
0.08
-3.40
2.03

0.00
0.61

1.26
18.61
65.69
26.81

-0.13
3.62
9.00

6.75
2.34
0.93
-0.03
-0.01
8.46

6.83
1.44
0.55
0.00
-0.02
8.58

Financial Statement Analysis of Non Financial Sector 2012

Saleem Denim Industries Ltd.

2008

2009

2010

90,153

90,153

27,349

26,623

26,623

26,623

144,108

144,108

0
30,971

0
30,971

0
30,971

0
30,971

90,153
4,706

90,153
4,706

26,853
1,014

26,127
726

26,127
726

26,127
726

0
0

0
0

0
0

0
0

496

496

496

496

8,360
18
5,195

8,360
18
5,195

415
8
0

415
8
0

415
8
0

415
8
0

0
3,147

0
3,147

0
407

0
407

0
407

0
407

65,123
12,258

65,123
12,258

66,977
0

67,416
0

67,416
0

67,416
0

52,865

52,865

66,977

67,416

67,416

67,416

18,020

18,020

6,639
0
5,453

6,639
0
5,453

6,639
0
5,453

6,639
0
5,453

18,020

18,020

1,186
0

1,186
0

1,186
0

1,186
0

15,370
39,018

15,370
39,018

(45,852)
39,018

(47,017)
39,018

(47,017)
39,018

(47,017)
39,018

39,018
0
(23,648)

39,018
0
(23,648)

39,018
0
(85,421)
0
(85,421)

39,018
0
(86,586)
0
(86,586)

39,018
0
(86,586)
0
(86,586)

39,018
0
(86,586)
0
(86,586)

551

551

551

551

0
0
0
0

0
0
0
0

0
5,865

0
5,865

0
0
0
0
0
0
0
1,383
0
1,383

0
0
0
0
0
0
0
1,165
0
1,165

0
0
0
0
0
0
0
1,165
0
1,165

0
0
0
0
0
0
0
1,165
0
1,165

144
0
0
(1,165)
0
0
0
0

144
0
0
(1,165)
0
0
0
0

144
0
0
(1,165)
0
0
0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,865

5,865

187,608
0
0
0

187,608
0
0
0

144
0
0
(1,383)
0
0
0
1,783

33,390
0
187,608
12,258

33,390
0
187,608
12,258

(39,213)
0
(1,383)
0

(40,378)
0
(1,165)
0

(40,378)
0
(1,165)
0

(40,378)
0
(1,165)
0

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.13

0.00
0.13

0.00
0.01

0.00
0.01

0.00
0.01

0.00
0.01

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.41
190.44
1,220.61
561.87

5.41
190.44
1,220.61
561.87

-1.61
-2.19
9.07
47.50

-1.58
-4.25
2.51
2.93

-1.58
-4.31
2.48
2.89

-1.58
-4.31
2.48
2.89

0.00
-0.30
-12.05

0.00
-0.30
-12.05

0.00
-0.30
-12.05

124

0.00

0.00

0.00
48.08
3.94

0.00
48.08
3.94

0.02
-0.35
-11.75

Financial Statement Analysis of Non Financial Sector 2012

Salfi Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,355,518

1,918,615

2,133,501

2,207,708

2,493,251

2,490,077

1,545,281

1,961,285

4,836
1,969,631

3,995
1,995,867

23,550
2,088,171

4,920
2,125,056

1,355,518
68,428

1,918,615
66,816

1,848,871
66,722

1,808,691
63,558

2,015,196
60,764

1,998,528
78,024

0
279,176

0
394,727

0
454,211

5,332
480,834

619

296

294

463

691,783
32,669
238,154

1,367,589
18,635
813,218

993,437
21,664
700,534

613,593
31,367
244,289

1,140,265
86,190
775,930

1,053,121
56,009
642,292

184,786

254,061

209,546

258,970

146,892

238,579

115,795
120,379

113,796
167,879

0
61,692

0
78,967

0
131,253

0
116,241

471,492
276,489

1,951,463
798,513

1,097,656
853,250

578,795
259,736

1,011,095
568,787

887,716
479,633

195,003

1,152,950

244,406

319,059

442,309

408,083

815,368

176,230

856,871
574,150
145,000

750,988
441,615
81,667

626,975
265,995
65,000

435,025
117,523
65,000

22,721
204,985

27,745
268,235

33,884
218,618

Items

815,368

176,230

19,794
117,928

760,441
33,426

1,158,511
33,426

1,172,411
33,426

1,491,518
33,426

1,995,446
33,426

2,220,457
33,426

33,426
0
727,015

33,426
0
1,125,085

33,426
0
(16,678)
5,672
(22,350)

33,426
0
313,187
5,557
307,629

33,426
0
663,925
5,466
658,459

33,426
0
850,945
5,562
845,383

1,155,664

1,144,905

1,298,095

1,336,086

1,669,485
1,349,511
319,974
1,508,703

1,942,693
1,646,700
295,993
1,689,297

160,782
74,941

253,396
92,881

1,980,144
1,731,950
248,194
1,778,839
1,545,100
233,739
201,305
135,521
33,736
101,785

3,160,366
2,334,059
826,307
2,537,320
1,695,925
841,395
623,046
119,793
49,366
70,426

3,640,287
1,379,809
2,260,478
3,027,956
2,979,591
48,365
612,331
132,413
47,441
84,972

3,927,483
1,505,087
2,422,396
3,442,400
2,608,356
834,044
485,083
173,500
92,791
80,709

187,701
194,530
184,580
411,462
19,976
8,356
0
816,604

213,443
164,653
136,029
389,480
59,294
10,028
0
(21,992)

207,873
150,579
123,377
178,470
45,877
10,028
0
250,778

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

74,941

92,881

(24,519)
8,521
0
0

25,143
10,386
0
0

154,256
257,565
247,338
(241,177)
2,359
0
0
(33,940)

1,575,809
0
(33,040)
276,489

1,334,741
0
14,757
798,513

2,029,282
574,150
(243,535)
1,427,399

2,242,506
441,615
383,130
701,351

2,622,421
265,995
320,158
834,782

2,655,482
117,523
122,565
597,156

0.71
8.10
11.07
0.82
1.47
90.37
1.69
-1.14
-3.12
-1.65

0.20
7.22
13.08
0.59
0.70
86.96
1.84
0.94
2.62
1.73

0.21
13.01
10.58
0.63
0.91
89.83
1.67
-7.52
-20.69
-14.34

0.50
6.16
8.19
1.12
1.06
80.29
0.89
13.83
30.89
19.26
46.85
12.94
3.23
13.02
0.61
117.12
446.22

0.23
4.52
4.04
1.00
1.13
83.18
0.82
12.07
22.34
16.01
32.93
4.69
3.86
10.70
-0.01
98.78
596.98

0.33
3.83
6.07
1.11
1.19
87.65
0.60
4.97
8.47
6.76
13.22
6.11
2.45
4.54
0.19
39.67
664.29

135,219

140,297

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

125

7.01

2.39

2.83
0.02
-12.18
-0.02
-72.86
350.75

-1.47
0.00
-9.88
227.50

1.29
0.00
4.41
346.59

Financial Statement Analysis of Non Financial Sector 2012

Sally Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

500,282

545,976

550,004

758,822

861,764

995,680

791,923

872,121

0
893,635

13,507
1,218,984

38,275
1,333,350

45,879
1,607,792

500,282
25,082

545,976
26,383

538,837
28,786

734,772
30,883

812,891
36,973

939,203
44,893

0
0

0
0

0
0

0
0

11,167

10,543

10,598

10,598

231,408
12,131
126,303

486,079
12,861
398,290

367,458
2,165
301,381

447,211
2,599
306,354

606,259
5,446
396,735

669,694
16,010
455,882

31,080

25,744

20,161

51,769

117,623

97,452

0
61,894

0
49,184

0
43,751

0
86,489

0
86,455

0
100,350

723,238
408,507

1,114,213
623,104

775,630
572,620

774,247
554,929

845,759
589,271

825,194
515,814

314,731

491,109

203,010

219,318

256,488

309,380

133,647

116,250

244,826
83,513
119,898

280,321
0
163,678

260,036
26,213
113,437

352,204
12,625
128,184

43,407
73,236

44,964
75,422

51,648
159,747

Items

133,647

116,250

41,415
0

(125,195)
87,750

(198,408)
87,750

(102,994)
87,750

151,465
87,750

362,228
87,750

487,976
87,750

87,750
0
(212,945)

87,750
0
(286,158)

87,750
0
(278,318)
0
(278,318)

87,750
0
(139,516)
0
(139,516)

87,750
0
78,385
0
78,385

87,750
0
123,007
0
123,007

87,574

203,231

196,093

277,219

883,696
882,492
1,204
828,372

1,035,566
1,024,409
11,157
1,011,064

55,324
19,969

24,502
39,973

1,182,377
1,156,112
26,265
1,111,359
783,429
327,930
71,018
28,083
7,815
20,268

1,745,619
1,669,161
76,458
1,488,831
998,833
489,998
256,788
49,994
14,255
35,739

2,842,733
2,737,043
105,691
2,538,647
2,029,612
509,035
304,086
67,756
16,533
51,223

2,887,503
2,876,378
11,125
2,646,421
1,930,338
716,083
241,082
64,763
15,771
48,992

149,293
61,743
47,411
145,968
8,346
8,775
0
147,648

155,667
54,755
53,044
248,801
27,078
4,388
0
88,619

181,545
61,854
59,837
98,220
28,875
0
0
137,078

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

19,969

39,973

(6,846)
4,411
0
0

(60,217)
5,384
0
0

119,108
39,913
62,020
4,248
0
0
0
103,101

8,452
0
(11,257)
408,507

(82,158)
0
(65,601)
623,104

141,832
83,513
4,248
656,133

431,786
0
128,847
554,929

622,264
26,213
217,336
615,484

840,180
12,625
69,345
528,439

0.06
4.96
3.52
1.21
0.32
93.74
-6.84
-0.94
6.52
-29.11

0.03
4.44
2.49
1.00
0.44
97.63
-6.20
-6.83
37.22
163.40

0.03
3.38
1.71
1.29
0.47
93.99
-9.91
0.44
-2.82
14.24

0.07
3.54
2.97
1.45
0.58
85.29
6.96
13.75
602.29
50.89
15.68
5.70
4.08
8.36
0.14
15.68
17.26

0.15
1.93
4.14
1.94
0.72
89.30
3.05
18.61
96.87
47.21
50.54
7.17
5.69
8.75
0.08
25.27
41.28

0.14
2.14
3.37
1.73
0.81
91.65
2.41
6.27
23.11
13.43

43,827

45,936

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

126

7.00

2.60

3.92
1.07
0.36
0.10
0.48
-11.74

-0.77
0.00
-1.28
-14.27

-5.81
0.00
-7.48
-22.61

6.33
2.64
3.40
0.12
7.90
55.61

Financial Statement Analysis of Non Financial Sector 2012

Salman Noman Enterprises Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

335,786

608,784

653,937

644,906

782,156

753,127

402,305

770,920

0
861,965

0
876,772

0
1,085,210

0
1,090,832

335,786
13,889

608,784
19,345

642,417
29,278

627,239
31,324

767,848
34,362

738,324
35,500

0
0

0
0

0
0

0
0

11,520

17,667

14,309

14,803

101,737
719
59,799

186,844
4,158
93,993

247,471
7,605
150,334

258,837
6,952
151,182

409,377
7,975
269,089

360,966
14,438
172,134

1,822

21,602

18,377

19,190

36,285

66,749

0
39,397

0
67,091

0
71,155

0
81,514

0
96,028

0
107,645

246,784
27,758

190,247
107,830

290,715
154,800

286,335
117,417

409,098
224,838

364,912
203,998

219,026

82,417

135,915

168,918

184,260

160,914

15,232

322,929

351,415
263,921
19,017

348,762
238,170
25,932

384,261
83,592
94,757

476,819
159,618
106,623

12,485
72,175

15,556
190,357

17,752
192,826

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

15,232

322,929

9,976
58,502

175,507
39,760

282,452
39,760

259,278
39,760

268,646
39,760

398,174
41,748

272,362
44,670

39,760
0
135,747

39,760
0
242,692

39,760
0
37,561
0
37,561

39,760
0
54,502
0
54,502

41,748
0
76,906
0
76,906

44,670
0
(41,352)
0
(41,352)

181,958

174,384

279,520

269,044

501,920
501,920
0
474,217

584,824
584,824
0
563,438

27,703
17,600

21,386
11,235

868,393
868,393
0
846,194
633,292
212,902
22,199
51,196
250
50,946

1,186,789
1,186,789
0
1,072,082
782,375
289,707
114,707
28,602
627
27,975

1,841,189
1,841,189
0
1,711,083
1,413,682
297,401
130,106
19,819
1,975
17,844

1,533,228
1,533,228
0
1,569,742
1,224,347
345,395
(36,514)
20,928
1,810
19,118

89,957
58,282
45,974
28,706
5,934
0
1,988
85,940

90,599
70,048
68,058
43,794
19,409
0
2,922
(74,855)

99,932
67,961
66,115
(122,721)
0
0
0
(20,308)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,600

11,235

4,197
2,483
0
0

2,840
1,762
0
0

69,766
53,581
51,735
(82,150)
0
0
0
(6,577)

190,739
0
1,714
27,758

605,381
0
1,078
107,830

610,694
263,921
(82,150)
418,721

617,409
238,170
22,772
355,587

782,436
83,592
24,385
308,430

749,181
159,618
(122,721)
363,616

0.01
1.70
0.36
1.15
0.41
94.48
1.49
1.04
2.49
2.28

0.14
2.56
3.69
0.74
0.98
96.34
1.82
0.46
1.24
0.71

0.09
6.17
2.12
0.96
0.85
97.44
2.48
-9.68
-30.33
-13.51

0.09
4.91
1.62
1.31
0.90
90.33
2.36
3.18
10.88
4.67

0.11
3.80
1.97
1.55
1.00
92.93
1.99
4.18
13.14
6.26

0.22
4.43
4.35
1.38
0.99
102.38
3.09
-10.65
-36.60
-16.03

8,514

14,997

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

8.39

6.22

5.78
-0.59
-9.46
-0.01
-20.66
65.21

7.85
1.62
2.42
0.14
5.73
67.57

6.84
1.64
2.38
-0.09
5.84
95.38

8.91
-0.86
-8.00
-0.02
-27.47
60.97

0.84
0.00

0.49
0.00
0.27
71.04

127

Financial Statement Analysis of Non Financial Sector 2012

Samin Textiles Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

733,698

678,626

638,614

847,865

801,439

1,009,880

1,208,791

1,221,365

0
1,236,722

2,310
1,416,186

2,960
1,439,577

139,178
1,533,535

733,698
68,754

678,626
68,471

631,361
62,889

835,533
59,041

786,308
74,326

855,312
68,882

0
1,000

0
2,150

389
2,150

3,608
2,150

793,953
11,559
389,686

1,926,100
22,725
311,068

7,873

9,632

9,632

1,437,998
16,491
330,998

1,588,732
20,953
356,977

1,867,736
4,793
337,065

2,912

244,038

118,100

109,438

241,418

132,444

0
1,348,269

1,078,386
130,497

836,601
144,470

836,601
132,783

1,229,130
164,304

1,228,051
620,705

1,166,941
691,489

1,000,406
710,150

1,038,125
731,974

1,111,749
714,491

1,108,166
743,246

607,346

475,452

290,257

306,151

397,258

364,920

37,823

382,722

456,273
59,595
133,072

418,987
19,556
133,072

270,208
10,898
10,412

501,688
121,487
10,412

1,692
264,667

1,575
247,324

1,562
368,227

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

6,253
1,680,672
8,468
345,221

110,199
279,597

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

37,823

382,722

1,829
261,777

261,777
133,640

1,055,063
133,640

862,607
133,640

828,751
133,640

1,008,214
267,280

1,267,762
267,280

133,640
0
128,137

133,640
0
921,423

133,640
0
662,317
0
662,317

133,640
0
470,351
0
470,351

267,280
0
527,451
541,308
(13,857)

267,280
0
704,404
830,798
(126,394)

66,650

224,760

213,482

296,078

1,687,510
708,276
979,234
1,536,078

1,613,642
827,249
786,393
1,565,696

151,432
92,392

47,946
91,869

1,585,781
739,691
846,090
1,474,120
1,124,935
349,186
111,660
81,528
43,043
38,484

1,810,677
869,105
941,571
1,729,173
1,379,726
349,448
81,503
88,702
39,170
49,532

3,096,484
942,776
2,153,708
2,805,198
2,365,337
439,861
291,286
117,424
60,587
56,837

2,434,656
1,372,216
1,062,440
2,347,473
1,777,919
569,554
87,183
104,280
42,616
61,664

98,653
141,489
133,352
(13,547)
15,921
0
0
(69,051)

129,485
139,210
125,920
61,763
33,283
0
0
15,844

140,052
122,710
113,745
(98,245)
29,591
0
0
(24,801)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

92,392

91,869

31,500
12,839
0
0

(11,781)
11,300
0
0

94,185
134,367
126,791
(69,235)
9,056
0
0
46,157

299,600
0
18,661
620,705

1,437,785
0
(23,081)
691,489

1,318,880
59,595
(78,291)
769,745

1,247,738
19,556
(29,468)
751,531

1,278,422
10,898
28,480
725,389

1,769,450
121,487
(127,836)
864,733

0.10
6.76
0.17
1.10
0.65
91.03
4.84
2.12
9.53
7.14

0.23
6.74
15.12
0.62
1.65
97.03
1.47
-0.57
-1.79
-1.36

1.20
8.47
7.45
0.68
1.68
92.96
1.69
-2.81
-7.22
-5.02

0.93
7.81
6.04
0.79
1.39
95.50
1.76
-0.59
-1.60
-1.06

0.99
4.50
7.80
1.30
1.43
90.59
1.37
2.64
6.72
4.89

1.23
5.04
5.44
0.85
1.69
96.42
1.27
-3.73
-8.63
-6.45

114,154

108,784

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

128

4.33

5.19

4.59
0.45
-4.37
0.03
-5.86
64.55

5.47
0.90
-0.75
-0.05
-2.21
62.01

8.67
1.49
1.99
0.01
1.07
37.72

7.22
0.14
-4.04
-0.02
-4.78
47.43

1.87
0.00
1.40
19.59

-0.73
0.00
-1.73
78.95

Financial Statement Analysis of Non Financial Sector 2012

Sana Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

175,732

172,131

172,188

166,400

179,528

197,232

502,798

521,224

288
532,098

192
551,309

1,155
585,160

476
632,850

175,732
20,228

172,131
23,410

171,204
25,302

165,111
27,668

177,669
29,802

195,908
33,673

0
0

0
0

0
0

0
0

696

1,098

704

848

179,591
15,329
69,204

187,498
4,448
78,752

204,039
20,322
83,326

236,609
9,994
128,960

336,135
12,081
155,188

378,930
10,973
192,270

89,134

85,270

89,280

162,065

172,369

0
5,924

0
104,298

0
15,121

0
8,375

0
6,801

0
3,318

278,731
103,096

161,839
0

145,487
115,195

158,213
123,718

222,481
155,103

275,814
202,384

175,635

161,839

30,292

34,495

67,378

73,430

21,592

5,115

20,116
2,365
0

16,548
0
0

29,076
10,585
0

21,698
4,234
0

0
16,548

0
18,491

0
17,464

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

21,592

5,115

0
17,751

55,000
55,000

192,675
55,000

210,624
55,000

228,248
55,000

264,106
55,000

278,650
68,750

55,000
0
0

55,000
0
137,675

55,000
0
155,624
0
155,624

55,000
0
173,248
0
173,248

55,000
0
209,106
0
209,106

68,750
0
209,900
0
209,900

382,759
382,759
0
411,080

385,654
385,654
0
348,008

(28,321)
12,637

37,646
14,056

506,145
506,145
0
437,172
281,642
155,530
68,973
17,842
3,826
14,015

713,117
711,005
2,112
613,935
395,586
218,349
99,182
24,483
4,738
19,746

965,675
952,829
12,846
819,883
583,187
236,697
145,791
28,988
5,641
23,347

1,012,717
1,012,717
0
879,582
639,912
239,670
133,135
31,542
3,664
27,878

74,940
18,018
17,869
58,489
22,818
33,000
0
51,185

96,925
21,841
21,631
105,647
34,845
41,250
13,750
13,540

121,532
26,978
26,766
76,286
24,898
44,688
0
33,252

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,637

14,056

(54,888)
2,054
0
0

7,237
2,173
5,500
0

60,709
18,353
18,223
36,102
0
19,250
0
89,675

76,592
0
(56,942)
103,096

197,790
0
(436)
0

230,740
2,365
16,852
117,560

244,796
0
2,671
123,718

293,182
10,585
29,551
165,688

300,348
4,234
6,701
206,618

0.37
3.71
23.29
1.08
0.64
107.40
5.46
-15.86
-41.68
-35.49

0.03
4.28
0.00
1.07
1.16
90.24
0.87
2.02
5.84
5.28
0.92
4.90

0.73
3.63
16.85
1.35
1.40
86.37
0.79
9.81
17.90
16.85
1.88
6.07
2.98
7.13
0.54
6.56
38.30

0.63
2.53
12.52
1.77
1.50
86.09
0.77
15.01
26.65
24.60
1.08
5.53
4.27
8.20
0.29
6.49
41.50

0.78
2.26
16.78
1.87
1.51
84.90
0.95
23.00
42.91
39.28
1.72
6.22
5.88
10.94
0.05
12.87
48.02

0.66
2.66
17.02
1.76
1.37
86.85
1.07
13.97
28.11
25.71
1.15
5.27
3.85
7.53
0.11
7.47
40.53

14,212

16,494

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.53

-14.34
0.00

1.88
0.00
0.92
35.03

129

Financial Statement Analysis of Non Financial Sector 2012

Sapphire Fibres Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

2008

2,720,531

2,754,877

19,020,955

22,771,635

23,392,819

22,790,033

4,519,977

4,837,666

13,200,555
4,939,474

15,900,746
5,122,608

224,590
23,176,540

154,569
23,620,739

2,712,596
253,745

2,748,952
254,939

2,599,764
256,887

2,550,331
243,996

19,959,962
697,099

19,594,005
854,964

7,935

5,925

13,235
3,192,722

10,471
4,265,428

7,812
3,180,401

12,153
3,009,671

14,679

44,660

20,054

19,635

8,286,493
28,041
1,322,712

8,793,634
38,276
2,082,335

3,459,729
108,039
1,894,004

5,172,454
661,757
2,237,874

8,156,858
201,799
2,847,249

12,113,979
324,838
2,624,890

Items

859,682

875,712

886,258

1,066,667

3,811,691

7,764,301

5,554,971
521,087

5,532,135
265,176

156,412
415,015

199,868
1,006,289

506,912
789,206

660,717
739,233

2,742,546
1,922,612

3,754,352
2,961,410

4,095,782
2,285,211

5,504,671
3,449,891

8,367,003
5,335,208

11,192,919
7,593,356

819,934

792,942

1,810,571

2,054,780

3,031,795

3,599,563

627,720

1,082,667

11,239,821
10,800,718
0

12,899,464
12,694,512
0

12,492,967
12,298,082
0

11,524,007
11,325,252
0

102,943
102,010

121,145
73,740

141,194
57,561

627,720

1,082,667

81,082
358,022

7,636,758
175,000

6,711,492
175,000

7,145,081
175,000

9,539,954
196,875

10,689,707
196,875

12,187,086
196,875

175,000
0
7,461,758

175,000
0
6,536,492

175,000
0
6,970,081
2,035,587
4,934,494

196,875
0
9,343,079
3,383,579
5,959,500

196,875
0
10,492,832
2,022,513
8,470,319

196,875
0
11,990,211
4,271,313
7,718,898

5,417,865
1,496,376
3,921,489
4,688,950

6,511,531
1,569,982
4,941,549
5,420,598

728,915
116,154

1,090,933
455,321

7,452,430
1,725,545
5,726,884
6,078,136
4,274,724
1,803,412
1,374,293
498,490
361,323
137,167

9,235,884
1,148,846
8,087,038
7,325,041
5,208,984
2,116,057
1,910,843
667,877
466,805
201,072

21,602,235
7,960,638
13,641,597
16,332,796
12,962,927
3,369,869
5,269,438
996,164
575,814
420,350

27,451,681
15,768,213
11,683,468
21,995,055
18,136,003
3,859,052
5,456,626
971,384
574,455
396,929

129,944
643,153
557,178
1,118,888
105,870
29,531
0
30,053

889,563
2,272,008
2,165,808
2,637,619
184,720
98,438
0
772,258

740,577
2,894,868
2,789,672
1,899,788
131,220
98,438
0
(354,525)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

116,154

455,321

549,492
75,783
0
0

1,296,189
75,452
81,795
0

540,919
667,756
563,529
630,442
88,403
0
21,875
159,394

8,264,478
0
473,709
1,922,612

7,794,159
0
1,138,942
2,961,410

18,384,902
10,800,718
542,039
13,085,928

22,439,419
12,694,512
983,486
16,144,403

23,182,674
12,298,082
2,354,462
17,633,290

23,711,093
11,325,252
1,670,131
18,918,608

0.28
8.96
11.89
0.33
0.84
81.56
2.15
3.71
9.10
4.82

0.35
6.96
11.55
0.33
0.94
79.31
1.93
4.44
13.41
5.48
34.30
4.13
3.01
12.11
0.00
51.45
484.57

0.54
10.52
17.64
0.68
0.97
75.61
1.95
8.87
26.08
11.56
24.92
7.59
2.22
12.21
0.04
124.59
542.97

0.78
10.55
28.28
0.79
1.08
80.12
1.86
5.72
16.61
8.10
17.97
10.46
1.68
6.92
-0.02
89.83
619.03

300,807

435,080

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

2.35
5.55
15.87
0.49
3.02
86.55
0.44
5.78
8.67
7.96

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.10

130

1.72
6.68
13.45
0.56
2.34
83.25
0.72
11.49
18.07
16.14
14.92
3.13

10.14
0.00
27.07
436.39

19.91
0.00
69.76
383.51

3.93
2.12
8.46
0.01
30.97
408.29

Financial Statement Analysis of Non Financial Sector 2012

Sapphire Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,108,894

4,074,057

7,828,234

8,845,946

7,389,555

7,836,710

6,490,914

6,999,236

177,211
7,190,974

213,372
7,450,767

917,653
7,779,986

500,999
9,066,808

4,107,031
387,140

4,073,022
390,889

3,778,949
396,187

3,680,123
379,405

3,815,180
389,714

4,736,751
445,756

1,863

1,035

7,405
3,838,669

5,920
4,909,434

4,355
2,589,780

8,335
2,524,901

26,000

37,096

62,587

65,724

7,017,110
53,774
1,949,146

8,250,208
66,875
3,278,653

4,177,509
89,246
2,603,526

5,134,745
121,649
2,984,819

7,135,523
106,695
3,944,339

6,413,045
101,543
3,328,916

1,280,852

1,129,634

1,112,467

1,251,651

1,691,269

1,309,908

400,087
3,333,251

140,660
3,634,386

0
372,270

0
776,626

0
1,393,221

0
1,672,678

4,372,189
3,105,043

5,880,623
4,921,423

4,593,083
3,960,727

4,683,318
3,751,619

5,633,731
4,379,489

4,457,423
3,064,448

Items

1,267,146

959,200

632,356

931,699

1,254,242

1,392,975

734,947

866,151

1,229,653
702,714
0

1,021,329
544,445
0

1,241,986
952,145
0

1,277,865
1,094,622
0

96,702
380,182

121,433
168,408

150,129
33,114

734,947

866,151

87,194
439,744

6,018,868
200,831

5,577,491
200,831

6,183,007
200,831

8,276,044
200,831

7,649,361
200,831

8,514,467
200,831

200,831
0
5,818,037

200,831
0
5,376,660

200,831
0
5,982,176
0
5,982,176

200,831
0
8,075,213
0
8,075,213

200,831
0
7,448,529
7,448,529
0

200,831
0
8,313,636
8,313,636
0

9,124,795
4,652,784
4,472,011
8,289,587

9,746,607
5,129,452
4,617,155
8,618,580

835,208
143,598

1,128,027
557,902

11,851,421
5,327,329
6,524,092
10,099,834
7,126,474
2,973,360
1,751,587
773,336
577,605
195,731

14,626,753
4,204,238
10,422,515
11,879,502
8,646,176
3,233,326
2,747,251
1,049,276
669,148
380,128

23,037,623
3,799,136
19,238,487
19,614,836
15,948,106
3,666,730
3,422,788
1,272,398
896,955
375,443

21,592,424
3,930,368
17,662,056
18,791,122
14,438,250
4,352,872
2,801,302
1,334,138
1,012,717
321,421

934,518
748,655
643,907
1,573,083
184,875
100,416
0
886,290

10,388,443
812,212
659,134
2,413,168
266,569
100,416
0
136,213

1,305,918
713,277
590,354
1,181,665
221,145
100,416
0
1,900,774

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

143,598

557,902

319,710
64,597
0
0

670,601
60,501
24,099
0

835,231
847,821
725,451
255,872
77,445
30,125
0
1,245,160

6,753,815
0
255,113
3,105,043

6,443,642
0
586,001
4,921,423

7,412,660
702,714
148,303
4,663,441

9,297,373
544,445
1,287,792
4,296,064

8,891,347
952,145
2,046,184
5,331,634

9,792,332
1,094,622
860,105
4,159,070

0.40
5.12
14.04
0.82
1.60
90.85
0.85
3.14
6.45
5.52

0.23
7.54
11.59
0.79
1.40
88.43
1.21
5.72
11.57
10.16
25.32
2.97

0.26
7.15
9.39
0.99
0.91
85.22
0.94
2.10
4.35
3.69
5.92
4.55
1.35
2.16
0.21
8.88
307.87

0.29
5.12
8.56
1.05
1.10
81.22
0.69
12.11
21.76
18.83
13.82
4.90
3.44
10.75
0.16
69.12
412.09

0.32
3.53
7.34
1.59
1.27
85.14
0.90
16.93
30.31
26.53
21.38
5.84
4.66
10.47
0.02
106.89
380.88

0.32
3.30
6.07
1.52
1.44
87.03
0.67
8.21
14.62
12.65
9.57
6.49
3.00
5.47
0.33
47.83
423.96

467,520

734,683

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.68

131

3.50
0.00
12.70
299.70

6.88
0.00
30.38
277.72

Financial Statement Analysis of Non Financial Sector 2012

Sargodha Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

821,208

1,094,494

1,048,694

1,001,233

1,086,904

1,049,349

1,572,175

1,897,383

0
1,899,363

245
1,886,211

0
2,015,938

0
2,020,034

821,208
62,093

1,094,494
58,906

1,042,697
53,322

997,364
48,277

1,083,044
45,726

1,044,771
42,369

0
190

0
259

0
310

0
924

5,807

3,365

3,550

3,654

272,710
994
149,723

283,634
1,695
191,628

173,604
2,489
107,324

329,060
3,468
185,480

322,062
445
161,535

405,071
878
275,376

60,889

35,335

15,453

53,008

75,141

64,422

850
60,254

529
54,447

0
48,338

0
87,104

0
84,941

0
64,395

491,487
196,957

496,411
227,360

477,915
262,180

442,563
292,691

470,343
287,735

615,415
401,748

294,530

269,051

215,735

149,872

182,608

213,667

220,791

204,981

193,331
162,687
0

216,862
186,218
0

162,666
132,022
30,644

124,047
93,403
30,644

220,791

204,981

0
30,644

0
30,644

0
0

0
0

381,640
312,000

676,736
312,000

551,052
312,000

670,868
312,000

775,957
312,000

714,958
312,000

312,000
0
69,640

312,000
0
364,736

312,000
0
(347,668)
0
(347,668)

312,000
0
(220,379)
0
(220,379)

312,000
0
(214,383)
120
(214,503)

312,000
0
(269,474)
734
(270,208)

586,720

579,247

678,340

672,432

1,349,123
879,963
469,160
1,309,615

1,505,524
1,182,412
323,112
1,437,053

39,508
63,555

68,471
56,923

1,402,105
917,052
485,053
1,386,328
1,041,748
344,580
15,777
63,610
35,181
28,429

1,928,141
942,831
985,310
1,638,531
1,311,393
327,138
289,610
95,538
57,966
37,572

3,499,736
1,658,138
1,841,598
3,243,996
2,708,768
535,228
255,740
130,729
90,343
40,386

2,337,805
1,057,524
1,280,281
2,206,256
1,728,275
477,981
131,549
97,592
56,131
41,461

143,289
77,694
70,126
135,056
15,069
15,600
0
243,249

179,747
96,357
88,420
46,318
36,539
0
0
86,327

167,142
79,981
74,883
(38,810)
23,335
0
0
(59,563)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

63,555

56,923

(83,568)
6,845
0
0

(51,674)
7,528
0
0

116,852
76,119
73,205
(123,623)
4,983
0
0
8,888

602,431
0
(90,413)
196,957

881,717
0
(59,202)
227,360

744,383
162,687
(128,606)
424,867

887,730
186,218
104,387
478,909

938,623
132,022
9,779
419,757

839,005
93,403
(62,145)
495,151

0.13
4.43
4.51
1.23
0.55
97.07
1.87
-7.46
-19.58
-12.66

0.08
4.24
2.35
1.09
0.57
95.45
1.04
-4.18
-9.76
-6.96

0.04
5.43
1.10
1.15
0.36
98.87
1.22
-9.51
-20.14
-15.20

0.13
4.03
2.75
1.45
0.74
84.98
0.98
10.58
22.11
16.55
7.69
10.40
2.93
7.00
0.37
3.85
21.50

0.16
2.75
2.15
2.48
0.68
92.69
0.82
3.38
6.40
5.07

0.11
3.42
2.76
1.61
0.66
94.37
1.03
-2.71
-5.21
-4.37

59,833

63,890

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

132

9.01

7.86

13.06
-0.69
-8.82
0.01
-4.12
17.66

-6.19
0.00
-2.90
12.23

-3.43
0.00
-1.90
21.69

21.67
1.52
1.32
0.14
0.31
24.87

8.49
0.48
-1.66
-0.08
-1.99
22.92

Financial Statement Analysis of Non Financial Sector 2012

Saritow Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

243,108

291,668

341,762

359,977

1,047,572

1,020,467

570,683

633,558

0
690,405

0
726,086

0
1,705,885

0
1,726,804

243,108
12,403

291,668
14,077

338,680
15,383

356,895
17,467

1,033,163
41,770

1,006,093
49,103

0
0

0
0

0
0

0
0

3,082

3,082

14,409

14,374

358,165
6,634
156,272

303,442
6,082
188,631

228,616
3,520
174,447

160,492
12,465
108,671

468,456
17,983
339,284

398,699
16,256
280,651

77,602

7,974

97

99

42,560

33,751

0
117,657

0
100,755

0
50,552

0
39,258

0
68,629

0
68,041

409,656
154,656

332,562
167,255

329,467
148,188

202,120
99,728

486,038
314,920

373,418
220,478

255,000

165,307

181,279

102,392

171,118

152,940

108,740

141,009

214,177
76,069
90,855

208,371
54,347
90,855

643,556
137,746
270,885

490,460
85,506
158,688

13,200
49,969

28,922
206,003

29,440
216,826

Items

108,740

141,009

9,903
37,350

82,877
132,750

121,539
132,750

26,734
132,750

109,978
132,750

386,434
298,406

555,288
298,406

132,750
0
(49,873)

132,750
0
(11,211)

132,750
0
(81,994)
0
(81,994)

298,406
0
7,431

132,750
0
(131,296)
0
(131,296)

7,431

298,406
0
178,452
0
178,452

25,280

59,222

80,597

78,430

464,522
464,522
0
403,983

450,555
450,555
0
388,685

60,539
15,510

61,870
17,193

472,088
472,088
0
431,535
269,434
162,101
40,553
17,899
1,077
16,823

716,581
716,581
0
587,251
349,277
237,974
129,330
25,653
1,107
24,546

2,038,317
2,038,317
0
1,801,543
1,376,723
424,820
236,774
60,171
3,160
57,011

2,010,918
2,010,918
0
1,795,771
1,297,506
498,265
215,147
61,507
5,001
56,506

66,176
39,640
38,783
64,349
3,583
0
0
79,711

159,411
79,048
74,212
127,996
21,437
0
0
(7,969)

168,244
70,182
67,096
199,806
20,127
0
0
163,955

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,510

17,193

6,088
2,321,151
0
0

10,516
2,253
0
0

56,215
49,868
48,450
(26,966)
0
0
0
93,278

191,617
0
(2,315,063)
154,656

262,548
0
8,263
167,255

240,911
76,069
(26,966)
224,257

318,349
54,347
60,766
154,075

1,029,990
137,746
106,559
452,666

1,045,748
85,506
179,679
305,984

0.21
8.45
16.71
0.77
0.87
86.97
6.26
1.02
7.10
3.11

0.04
7.71
1.77
0.76
0.91
86.27
3.90
1.76
10.29
4.63

0.01
10.56
0.02
0.83
0.69
91.41
20.34
-4.63
-36.37
-10.71

0.06
5.53
0.01
1.38
0.79
81.95
3.73
11.80
94.14
23.01

0.12
3.88
2.09
1.34
0.96
88.38
2.92
12.57
51.57
18.99

0.13
3.49
1.68
1.42
1.07
89.30
1.56
13.61
42.43
19.25

39,241

34,738

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.97

2.39

2.71
0.44
-5.71
0.17
-2.03
2.01

6.59
2.66
8.98
0.19
4.58
8.28

6.01
2.72
6.28
-0.01
3.57
12.95

7.17
3.98
9.94
0.19
6.02
18.61

1.31
0.00
-174.39
6.24

2.33
0.00
0.62
9.16

133

Financial Statement Analysis of Non Financial Sector 2012

Service Fabrics Ltd.

2008

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

46
46
0

40
40
0

39
39
0

39
39
0

39
39
0

39
39
0

0
0

0
0

0
0

0
0

0
0

0
0

221,446
9,242

79,122
0

221,762
142,247

221,872
142,397

79,210
0

42,054
0

212,204

79,122

79,514

79,474

79,210

42,054

142,480

0
0
0

0
0
0

142,722
8,781
133,617

142,722
8,781
133,617

0
0

0
0

324
0

324
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

142,480

2009

2010

(Thousand Rupees)
2011
2012

2007

Items

(221,400)
157,548

(221,562)
157,548

(221,723)
157,548

(221,833)
157,548

(221,893)
157,548

(184,737)
157,548

157,548
0
(378,948)

157,548
0
(379,110)

157,548
0
(379,271)
0
(379,271)

157,548
0
(379,381)
0
(379,381)

157,548
0
(379,441)
0
(379,441)

157,548
0
(342,285)
0
(342,285)

0
0
0
0

0
0
0
0

0
0

0
60

0
0
0
0
0
0
0
68
0
68

0
0
0
0
0
0
0
110
0
110

0
0
0
0
0
0
0
60
0
60

0
0
0
0
0
0
0
75
0
75

0
0
0
(110)
0
0
0
(150)

0
0
0
(60)
0
0
0
0

0
0
0
37,157
0
0
0
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

60

12,802
1,817
0
0

(162)
0
0
0

0
93
91
(161)
0
0
0
(1)

(221,400)
0
10,985
9,242

(79,082)
0
(162)
0

(221,723)
0
(161)
142,247

(221,833)
0
(110)
142,397

(79,171)
8,781
(60)
8,781

(42,015)
8,781
37,157
8,781

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

169

102

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

134

-1.00
19.08
-5.62
-5.62

-1.00
-376.74
0.07
0.11

-1.00
-407.59
0.07
0.11

-1.00
-282.05
0.05
0.05

-1.00
-153.85
0.03
0.04

-1.00
95,274.36
-18.28
-61.32

0.00
0.70
-14.05

0.00
-0.01
-14.06

0.00
-0.01
-14.07

0.00
-0.01
-14.08

0.00
0.00
-14.08

0.00
2.36
-11.73

-0.77

Financial Statement Analysis of Non Financial Sector 2012

Service Industries Textiles Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

200,801

176,379

160,021

405,970

394,362

382,603

288,292

270,837

0
257,431

580
437,789

0
445,734

0
446,129

200,801
20,026

176,379
14,425

158,333
99,098

403,415
34,392

391,810
19,532

374,190
18,014

0
0

0
0

0
0

0
0

1,688

1,976

2,552

8,413

72,267
409
67,384

10,687
1,137
5,560

21,317
1,203
17,265

29,898
13,857
12,444

71,512
3,256
63,043

61,783
1,406
47,036

370

0
4,474

0
3,990

0
2,479

0
3,598

0
5,213

0
13,341

420,103
193,323

247,812
123,859

137,992
90,310

164,995
136,958

281,822
229,644

170,807
130,203

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

226,780

123,953

47,682

28,037

52,178

40,604

10,573

128,074

224,181
78,077
139,640

201,777
36,261
128,071

159,187
0
125,004

267,988
56,125
180,191

1,859
35,587

2,155
32,028

2,847
28,825
5,591
44,492

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

10,573

128,074

2,011
4,452

(157,608)
44,492

(188,820)
44,492

(180,835)
44,492

69,096
44,492

24,865
44,492

44,492
0
(202,100)

44,492
0
(233,312)

44,492
0
(265,319)
38,250
(303,569)

44,492
0
(253,469)
38,250
(291,719)

44,492
0
(291,091)
38,250
(329,341)

44,492
0
(304,417)
38,250
(342,667)

39,993

278,073

271,464

265,516

245,636
245,636
0
276,077

192,849
192,849
0
198,753

(30,441)
15,678

(5,904)
13,740

242,860
242,860
0
249,183
169,778
79,405
(6,323)
9,391
506
8,885

370,869
370,869
0
339,010
244,308
94,702
31,859
10,515
525
9,990

559,500
559,500
0
573,543
482,169
91,374
(14,043)
12,997
629
12,368

525,055
525,055
0
501,762
364,067
137,695
23,293
15,506
1,502
14,004

36,316
20,622
20,518
2,855
1,828
0
0
4,930

43,306
20,392
20,295
(46,325)
5,595
0
0
(56,036)

49,846
28,797
28,743
(19,851)
2,625
0
0
7,076

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,678

13,740

(71,897)
1,228
0
0

(36,681)
964
0
15,412

31,807
24,280
24,152
(36,705)
0
0
0
(36,471)

(147,035)
0
(73,125)
193,323

(60,746)
0
(37,645)
123,859

43,346
78,077
(36,705)
168,388

270,873
36,261
1,027
173,219

184,052
0
(51,920)
229,644

273,579
56,125
(22,476)
186,328

0.00
10.83
0.00
0.90
0.17
112.39
-2.73
-26.10
73.18
83.28

0.00
9.41
0.00
1.03
0.04
103.06
-1.99
-15.94
21.18
35.31

0.01
10.00
0.15
1.34
0.15
102.60
-2.00
-19.93
19.86
421.88

0.08
5.56
0.00
0.85
0.18
91.41
5.31
0.93
-5.11
1.82

0.01
3.64
0.00
1.20
0.25
102.51
17.74
-10.27
-98.60
-20.37

0.01
5.48
0.00
1.18
0.36
95.56
78.48
-4.36
-130.36
-8.68

26,601

18,140

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

135

3.65

34.69

14.07
-0.52
-15.11
-0.10
-8.25
-40.64

29.80
1.14
0.77
0.01
0.23
15.53

8.87
-1.28
-8.28
-0.13
-11.67
5.59

11.16
0.31
-3.78
0.02
-5.05
1.26

-29.27
0.00
-16.44
-35.42

-19.02
0.00
-8.46
-42.44

Financial Statement Analysis of Non Financial Sector 2012

Shadab Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

310,821

287,447

269,184

254,032

260,444

273,718

467,883

512,262

217
524,633

0
534,603

0
568,032

0
604,346

310,821
26,331

287,447
31,233

267,925
29,364

251,650
27,257

258,062
27,017

271,336
28,092

0
0

0
0

0
0

0
0

1,042

2,382

2,382

2,382

94,235
1,748
67,402

173,489
768
127,325

171,280
1,997
118,954

240,487
3,126
123,116

238,165
4,361
123,996

255,075
6,652
129,561

67,402

13,119

22,819

62,525

37,713

60,116

0
(42,317)

0
32,277

0
27,510

0
51,720

0
72,095

0
58,746

156,551
77,884

215,179
120,291

275,212
195,009

294,444
186,024

198,408
120,643

239,090
132,880

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

78,667

94,888

80,203

108,420

77,765

106,210

135,798

133,876

81,632
74,904
0

68,923
40,589
0

117,807
68,290
0

89,465
46,973
0

135,798

133,876

0
6,728

0
28,334

0
49,517

0
42,492

112,707
30,000

111,881
30,000

83,620
30,000

131,152
30,000

182,394
30,000

200,238
30,000

30,000
0
82,707

30,000
0
81,881

30,000
0
53,620
0
53,620

30,000
0
101,152
0
101,152

30,000
0
152,394
0
152,394

30,000
0
170,238
0
170,238

705,739
701,064
4,675
654,903

868,928
868,928
0
817,939

50,836
21,468

50,989
22,343

874,380
871,765
2,615
849,672
608,890
240,782
24,708
23,093
778
22,315

1,246,000
1,246,000
0
1,095,568
801,508
294,060
150,432
29,784
1,103
28,681

1,832,307
1,832,307
0
1,664,082
1,321,119
342,963
168,225
35,228
2,853
32,375

1,619,546
1,619,546
0
1,524,589
1,116,745
407,844
94,957
31,403
453
30,950

115,212
45,315
42,860
76,030
6,285
3,000
0
34,413

127,944
55,612
51,002
79,623
4,147
3,000
0
70,174

138,648
40,274
37,705
26,338
13,142
3,000
0
53,754

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

21,468

22,343

3,217
3,529
0
0

(3,147)
4,345
0
0

86,290
43,654
42,284
(41,867)
26
0
0
17,190

248,505
0
(312)
77,884

245,757
0
(7,492)
120,291

165,252
74,904
(41,893)
269,913

200,075
40,589
66,745
226,613

300,201
68,290
72,476
188,933

289,703
46,973
10,196
179,853

0.44
3.77
9.55
1.74
0.60
92.80
2.59
0.78
2.55
1.21

0.06
3.70
1.51
1.89
0.81
94.13
3.12
-0.73
-2.80
-1.27

0.09
4.99
2.61
1.99
0.62
97.17
4.27
-9.29
-42.83
-20.37

0.22
3.64
5.02
2.52
0.82
87.93
2.77
16.26
70.80
41.62
23.25
10.12
2.77
6.10
0.09
23.25
43.72

0.21
3.04
2.06
3.67
1.20
90.82
1.73
16.03
50.79
31.83
25.16
14.78
2.56
4.35
0.22
25.16
60.80

0.28
2.49
3.71
3.06
1.07
94.14
1.64
5.13
13.77
8.93
4.40
12.50
1.70
1.63
0.16
4.40
66.75

26,622

32,127

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

136

10.47

6.82

7.35
0.01
-4.79
0.05
-13.96
27.87

0.46
0.00
-0.10
37.57

-0.36
0.00
-2.50
37.29

Financial Statement Analysis of Non Financial Sector 2012

Shadman Cotton Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

907,584

961,358

1,610,860

1,566,341

1,553,309

1,505,448

1,771,012

1,847,090

4,201
2,628,853

18,968
2,651,235

4,145
2,718,334

4,180
2,739,572

907,584
94,197

961,358
89,413

1,594,158
79,848

1,537,151
87,007

1,543,243
78,474

1,487,130
79,220

0
0

0
0

0
0

0
0

12,501

10,222

5,921

14,138

916,109
7,217
450,776

1,268,913
5,350
855,102

1,089,139
14,326
626,852

1,012,625
30,170
466,484

1,297,375
11,521
630,559

923,326
8,252
458,361

303,394

232,787

276,269

326,459

404,535

180,587

0
154,722

0
175,674

0
171,692

0
189,512

0
250,759

0
276,126

1,231,954
909,827

1,623,985
1,251,954

1,579,479
1,246,692

1,477,677
1,078,172

1,810,108
1,192,072

1,689,819
1,075,816

322,127

372,031

332,788

399,505

618,035

614,003

309,248

397,830

538,911
251,744
58,183

399,575
99,654
75,242

359,958
44,466
99,394

394,187
34,944
142,364

309,248

397,830

21,141
207,844

19,418
205,261

27,246
188,852

34,783
182,096

282,491
176,367

208,456
176,367

581,609
176,367

701,714
176,367

680,618
176,367

344,768
176,367

176,367
0
106,124

176,367
0
32,089

176,367
0
(96,719)
53,219
(149,938)

176,367
0
27,823
53,219
(25,396)

176,367
0
(25,131)
53,219
(78,350)

176,367
0
(309,706)
53,219
(362,925)

501,960

497,524

529,382

478,107

2,389,606
1,704,454
685,152
2,247,221

2,904,668
2,348,411
556,257
2,735,098

142,385
66,864

169,570
71,158

3,215,227
2,523,680
691,547
3,070,481
2,488,833
581,648
144,746
84,587
45,805
38,782

4,292,241
3,097,468
1,194,773
3,812,796
2,657,414
1,155,382
479,445
161,304
45,930
115,374

5,445,986
2,568,737
2,877,250
5,177,424
4,361,976
815,448
268,562
108,003
46,026
61,977

4,281,832
2,602,114
1,679,718
4,277,593
3,133,342
1,144,251
4,239
101,517
33,611
67,906

272,662
191,702
185,939
135,120
25,598
8,818
0
351,119

285,757
204,796
182,731
(32,322)
56,451
0
0
(86,568)

308,028
181,113
169,521
(269,153)
42,919
0
0
138,720

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

66,864

71,158

(77,404)
12,155
0
0

(59,504)
14,401
0
0

234,114
253,392
232,011
(188,111)
6,849
0
0
212,543

591,739
0
(89,559)
909,827

606,286
0
(73,905)
1,251,954

1,120,520
251,744
(194,960)
1,498,436

1,101,288
99,654
100,704
1,177,826

1,040,576
44,466
(88,774)
1,236,538

738,955
34,944
(312,072)
1,110,760

0.25
6.59
12.70
1.31
0.74
94.04
5.46
-4.18
-21.27
-11.61

0.15
5.57
8.01
1.30
0.78
94.16
9.70
-2.94
-24.24
-9.93

0.18
7.88
8.59
1.19
0.69
95.50
3.64
-7.63
-47.62
-21.79

0.24
4.47
7.61
1.66
0.69
88.83
2.68
5.12
21.06
12.16
12.42
9.20
1.73
3.15
0.19
6.21
39.79

0.23
3.76
7.43
1.91
0.72
95.07
3.19
-1.19
-4.68
-3.02

0.11
4.23
4.22
1.76
0.55
99.90
6.04
-10.20
-52.50
-30.25

157,486

161,762

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

137

5.30

3.40

5.13
0.19
-5.85
0.10
-11.05
32.98

-3.24
0.00
-5.08
16.02

-2.05
0.00
-4.19
11.82

8.64
0.82
-0.59
-0.04
-5.03
38.59

9.34
-0.59
-6.29
0.07
-17.69
19.55

Financial Statement Analysis of Non Financial Sector 2012

Shahtaj Textile Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

717,543

758,279

699,386

689,140

887,683

912,737

1,187,187

918,434

13,858
1,244,002

32,759
1,282,976

115,344
1,441,868

0
1,441,868

717,543
75,676

758,279
70,478

682,704
75,754

652,412
69,266

743,697
67,608

884,750
6,446

0
0

0
0

0
0

0
0

2,823

3,969

28,643

27,987

568,745
15,254
153,020

746,926
35,165
183,970

747,906
3,208
174,014

866,122
7,592
226,846

1,136,500
10,774
426,416

937,736
10,771
316,212

337,885

460,627

512,401

56,701

614,059

510,382

0
62,586

0
67,164

0
58,284

0
574,983

0
85,251

0
100,371

524,665
353,782

735,701
527,686

654,795
415,597

780,649
497,882

800,453
544,226

739,563
551,638

170,883

208,015

239,198

282,767

256,227

187,925

346,067

400,493

393,308
256,740
0

286,687
154,492
0

569,529
457,044
0

420,081
336,986
0

346,067

400,493

20,823
115,745

24,810
107,386

26,731
85,754

31,620
51,475

415,556
96,600

369,011
96,600

399,189
96,600

487,926
96,600

654,201
96,600

690,829
96,600

96,600
0
318,956

96,600
0
272,411

96,600
0
243,308
0
243,308

96,600
0
337,738
0
337,738

96,600
0
504,861
0
504,861

96,600
0
540,186
0
540,186

59,281

53,589

52,739

54,043

1,752,597
106,158
1,646,439
1,592,446

1,984,070
178,620
1,805,450
1,854,935

160,151
64,720

129,135
62,815

2,424,338
188,292
2,236,046
2,153,858
1,794,021
359,837
270,480
142,138
26,128
116,009

2,829,226
981,950
1,847,276
2,495,480
2,139,312
356,168
333,746
138,698
16,509
122,189

4,039,701
804,106
3,235,595
3,596,324
3,378,298
218,026
443,377
123,035
26,460
96,574

3,985,019
1,198,679
2,786,340
3,652,347
3,035,678
616,669
332,672
139,354
46,687
92,667

113,133
81,831
72,088
133,328
39,653
43,470
0
102,027

149,459
110,042
106,064
234,481
42,636
57,960
0
(39,490)

157,944
121,261
116,335
91,596
40,176
33,810
0
268,175

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

64,720

62,815

38,488
9,936
0
0

15,594
12,136
0
0

107,972
102,803
87,511
50,433
16,778
19,320
0
187,499

761,623
0
28,552
353,782

769,504
0
3,458
527,686

792,496
256,740
14,335
672,336

774,613
154,492
50,205
652,374

1,223,730
457,044
133,884
1,001,270

1,110,910
336,986
17,610
888,624

0.67
3.84
19.28
1.36
1.08
90.86
2.10
3.07
9.43
5.57

0.67
3.39
23.22
1.32
1.02
93.49
3.08
1.12
3.98
2.04

0.79
4.24
21.14
1.68
1.14
88.84
2.63
3.42
13.13
6.46
1.74
13.93
1.58
2.08
0.18
3.48
41.32

0.08
2.89
2.00
1.82
1.11
88.20
2.19
8.88
30.06
17.02
2.15
12.47
2.85
4.71
0.10
9.70
50.51

0.78
2.72
15.20
2.00
1.42
89.02
2.09
13.10
41.06
23.47
3.31
9.47
3.21
5.80
-0.03
19.86
67.72

0.70
3.04
12.81
2.15
1.27
91.65
1.68
4.73
13.62
7.85
1.52
12.60
1.79
2.30
0.23
5.32
71.51

67,387

67,223

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

138

11.45

10.78

2.20
0.00
2.96
43.02

0.79
0.00
0.36
38.20

Financial Statement Analysis of Non Financial Sector 2012

Shahzad Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

741,568

809,508

1,409,050

1,472,057

1,554,126

1,501,466

1,158,083

1,273,018

20,704
2,265,176

22,837
1,338,845

50,820
1,423,838

30,337
1,459,045

741,568
35,609

809,508
34,172

1,265,795
58,961

1,267,476
57,124

1,297,511
57,758

1,252,212
81,043

0
122,073

0
180,110

0
204,168

0
216,057

479

1,634

1,628

2,860

310,944
2,917
103,172

337,342
4,480
145,633

266,197
5,299
166,695

385,635
21,446
195,229

417,823
8,784
225,498

625,543
42,721
361,706

23,239

15,610

16,873

53,848

75,631

83,502

8,243
173,373

13,400
158,219

384
76,946

453
114,659

747
107,164

751
136,863

340,722
174,471

403,904
117,476

326,444
177,254

367,594
201,402

413,192
248,326

536,127
250,707

166,251

286,428

149,190

166,192

164,867

285,420

275,342

238,026

549,935
313,664
20,977

508,724
240,273
42,477

450,589
185,162
5,000

372,409
120,264
5,000

275,342

238,026

17,228
198,066

21,914
204,060

29,949
230,478

38,577
208,568

436,448
135,526

504,920
135,526

798,868
135,526

981,374
135,526

1,108,168
179,714

1,218,473
179,714

135,526
0
300,922

135,526
0
369,394

135,526
0
151,901
49,984
101,917

135,526
0
313,954
49,984
263,970

179,714
0
408,398
5,796
402,602

179,714
0
540,019
5,796
534,223

511,441

531,894

520,056

498,740

921,002
694,349
226,653
815,692

1,206,388
840,642
365,746
1,154,281

105,310
49,990

52,107
47,801

2,223,397
1,447,248
776,149
2,098,181
1,554,661
543,520
125,216
131,892
35,086
96,806

3,116,385
2,171,890
944,494
2,769,740
2,185,317
584,424
346,644
120,623
41,627
78,996

4,513,244
2,933,607
1,579,637
4,124,075
3,436,887
687,187
389,170
134,258
46,836
87,422

4,172,217
2,707,493
1,464,724
3,826,931
2,951,302
875,629
345,286
154,331
52,530
101,801

265,396
80,413
76,442
164,838
20,422
6,776
0
115,943

275,909
79,269
70,742
200,474
45,470
8,986
0
169,241

301,852
66,885
57,350
143,224
53,965
17,971
0
122,463

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

49,990

47,801

29,178
4,605
0
0

4,178
6,030
0
0

190,264
77,878
75,292
(55,491)
7,761
0
0
200,009

711,790
0
24,573
174,471

742,946
0
(1,852)
117,476

1,348,802
313,664
(63,253)
490,918

1,490,098
240,273
137,640
441,675

1,558,756
185,162
146,018
433,488

1,590,882
120,264
71,288
370,971

0.10
4.24
2.52
0.88
0.91
88.57
1.41
2.77
6.69
4.10

0.08
3.55
1.29
1.05
0.84
95.68
1.27
0.38
0.89
0.57

0.07
3.50
0.76
1.33
0.82
94.37
1.10
-3.93
-8.51
-5.31

0.21
2.58
1.73
1.68
1.05
88.88
0.89
9.33
18.52
11.61
21.31
15.96
3.16
5.29
0.13
10.66
72.41

0.21
1.76
1.68
2.29
1.01
91.38
0.78
10.47
19.19
13.15
17.25
20.01
3.83
4.44
0.20
8.63
61.66

0.24
1.60
2.00
1.96
1.17
91.72
0.75
6.99
12.31
9.09
4.97
11.53
3.50
3.43
0.13
4.97
67.80

39,078

42,813

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

139

8.93

8.28

13.34
0.26
-2.50
0.23
-4.67
58.95

3.17
0.00
1.81
32.20

0.35
0.00
-0.14
37.26

Financial Statement Analysis of Non Financial Sector 2012

Shams Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,071,050

985,075

916,354

850,086

824,451

789,821

1,542,589

1,533,242

37,659
1,538,039

39,435
1,550,545

50,819
1,589,672

62,414
1,604,241

1,071,050
108,361

985,075
98,113

877,084
90,143

809,040
82,763

772,056
78,129

725,831
73,124

0
0

0
0

0
0

0
0

1,611

1,611

1,576

1,576

803,472
217
211,929

751,621
13,962
346,223

719,620
14,338
289,186

679,471
13,735
300,483

994,748
19,340
754,679

692,192
4,339
399,801

161,056

203,324

277,081

204,002

93,753

147,815

0
430,270

0
188,112

29,236
109,779

27,278
133,973

23,834
103,142

27,763
112,474

829,504
458,823

897,859
605,343

990,746
677,726

886,559
599,735

1,269,476
948,095

808,671
443,534

370,681

292,516

313,020

286,824

321,381

365,137

403,137

327,930

246,642
206,933
39,709

98,264
84,633
0

18,747
11,565
0

95,996
89,107
0

403,137

327,930

0
0

0
13,631

0
7,182

0
6,889

641,881
86,400

510,907
86,400

398,586
86,400

544,734
86,400

530,976
86,400

577,346
86,400

86,400
0
555,481

86,400
0
424,507

86,400
0
312,186
73,192
238,994

86,400
0
458,334
88,563
369,771

86,400
0
444,576
88,618
355,958

86,400
0
490,946
92,640
398,306

2,206,713
1,661,066
545,647
2,093,735

2,316,456
1,912,098
404,358
2,205,846

112,978
70,185

110,610
83,667

2,700,814
2,284,774
416,040
2,563,658
1,946,360
617,298
137,156
131,838
43,416
88,422

3,351,493
2,561,903
789,590
2,942,753
2,403,229
539,524
408,740
134,682
68,192
66,490

4,244,030
2,957,282
1,286,748
3,967,651
3,713,030
254,621
276,379
111,173
62,166
49,007

4,198,758
1,410,649
2,788,109
3,859,588
2,558,849
1,300,739
339,170
139,631
88,905
50,726

212,762
114,709
107,585
165,296
20,980
17,280
0
266,640

212,180
130,404
122,653
40,170
43,244
0
0
(146,955)

226,139
123,019
113,351
84,750
41,608
10,800
0
447,305

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

70,185

83,667

203,238
11,329
0
0

(28,016)
11,650
0
0

173,001
128,044
123,675
(116,939)
4,162
0
0
45,939

1,045,018
0
191,909
458,823

838,837
0
(39,666)
605,343

645,228
206,933
(121,101)
884,659

642,998
84,633
127,036
684,368

549,723
11,565
(3,074)
959,660

673,342
89,107
32,342
532,641

0.19
5.33
7.30
1.18
0.97
94.88
1.92
11.50
35.49
19.57

0.24
3.96
8.78
1.33
0.84
95.23
2.40
-1.55
-4.86
-2.97

0.32
4.74
10.26
1.65
0.73
94.92
3.10
-6.93
-25.72
-15.76

0.28
3.42
6.09
2.19
0.77
87.80
1.81
10.44
35.05
25.66
8.35
11.15
2.54
4.93
0.27
16.70
63.05

0.11
3.07
2.21
2.33
0.78
93.49
2.43
2.40
7.47
6.74

0.22
2.93
3.52
2.83
0.86
91.92
1.57
5.13
15.29
13.86
3.99
10.50
1.75
2.02
0.49
4.99
66.82

117,682

91,643

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

140

10.41

6.69

9.34
0.05
-4.33
0.04
-14.02
46.13

9.21
0.00
22.21
74.29

-1.21
0.00
-4.59
59.13

5.62
1.33
0.95
-0.11
-0.36
61.46

Financial Statement Analysis of Non Financial Sector 2012

Sind Fine Textile Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,501

2,289

2,153

1,972

1,842

1,716

14,380

14,380

0
14,380

0
14,180

0
14,176

0
14,183

2,501
230

2,289
212

2,099
190

1,917
170

1,787
156

1,661
145

0
0

0
0

0
0

0
0

55

55

55

55

3,725
249
0

690
247
0

519
166
0

356
185
0

1,035
820
0

299
88
0

35

35

0
3,476

0
443

0
353

0
171

0
180

0
176

18,072
0

16,295
0

16,343
0

5,512
0

6,498
0

5,856
0

18,072

16,295

16,343

5,512

6,498

5,856

0
0
0

0
0
0

0
0
0

0
0
0

0
0

0
0

0
0

0
0

(11,846)
34,252

(13,316)
34,252

(13,671)
34,253

(3,184)
34,253

(3,621)
34,253

(3,841)
34,253

34,252
0
(46,098)

28,294
5,958
(47,568)

34,253
0
(47,923)
34
(47,957)

34,253
0
(37,436)
34
(37,470)

34,253
0
(37,874)
(414)
(37,460)

34,253
0
(38,094)
(414)
(37,680)

0
0
0
0

0
0
0
0

0
1,571

0
3,083

0
0
0
0
0
0
0
1,596
0
1,596

0
0
0
0
0
0
0
2,300
0
2,300

0
0
0
0
0
0
0
2,797
0
2,797

0
0
0
0
0
0
0
3,950
0
3,950

997
11
0
10,625
103
0
0
10,626

1,182
10
0
(202)
235
0
0
681

1,840
15
0
38
364
0
0
(708)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,571

3,083

(178)
69
0
0

(1,388)
82
0
0

838
43
0
(286)
68
0
0
(287)

(11,846)
0
(247)
0

(13,316)
0
(1,470)
0

(13,671)
0
(354)
0

(3,184)
0
10,522
0

(3,621)
0
(437)
0

(3,841)
0
(326)
0

0.01

0.02

0.01

0.03

0.13

0.02

0.00
0.21

0.00
0.04

0.00
0.03

0.00
0.06

0.00
0.16

0.00
0.05

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

141

-1.53
-2.83
1.51
1.51

-1.22
-30.16
11.03
11.03

-1.20
-10.13
2.12
2.12

-1.73
425.04
-126.08
-126.08

-1.79
-7.76
5.94
5.94

-1.52
1.55
-1.02
-1.02

0.00
-0.07
-3.46

0.00
-0.52
-4.71

-0.02
-0.10
-3.99

1.93
3.07
-0.93

0.10
-0.13
-1.06

-0.12
-0.10
-1.12

Financial Statement Analysis of Non Financial Sector 2012

Sunrays Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

939,605

916,580

894,124

865,941

883,715

948,196

1,355,335

1,419,674

0
1,477,625

0
1,515,615

34,571
1,582,049

32,891
1,711,743

939,605
77,655

916,580
89,797

886,669
86,286

858,486
82,135

846,367
80,604

912,528
83,607

0
2,342

0
2,342

0
2,342

0
2,342

5,113

5,113

435

435

620,464
15,119
400,505

1,180,399
25,295
937,918

915,113
36,145
495,154

832,088
11,711
320,286

1,240,166
28,652
520,627

1,510,943
15,882
708,688

106,031

134,975

309,278

361,352

527,639

635,068

2,342
96,467

2,342
79,869

0
74,536

0
138,739

0
163,249

0
151,305

1,491,069
428,060

1,266,922
864,399

855,253
725,683

522,964
338,838

827,530
608,918

676,153
462,395

Items

1,063,009

402,523

129,569

184,127

218,612

213,758

414,319

302,610
210,191
0

185,184
106,306
0

80,950
18,332
0

140,261
85,343
0

6,274
72,604

15,016
47,602

16,572
38,346

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

414,319

7,619
84,800

69,000
69,000

415,738
69,000

651,374
69,000

989,881
69,000

1,215,401
69,000

1,642,725
69,000

69,000
0
0

69,000
0
346,738

69,000
0
410,401
3,600
406,801

69,000
0
752,181
3,600
748,581

69,000
0
976,873
3,600
973,273

69,000
0
1,409,499
3,600
1,405,899

171,973

168,700

169,528

164,226

1,704,367
1,338,870
365,497
1,572,173

1,902,090
1,658,395
243,695
1,723,301

132,194
50,343

178,789
52,776

2,197,384
1,614,649
582,736
1,959,896
1,549,319
410,576
237,489
74,555
30,320
44,234

2,968,382
513,372
2,455,009
2,369,067
1,902,623
466,444
599,315
124,261
50,862
73,399

5,185,456
750,318
4,435,138
4,648,402
3,989,719
658,683
537,054
124,303
59,075
65,229

4,156,184
1,273,110
2,883,074
3,453,173
2,872,941
580,232
703,011
157,591
68,252
89,339

156,496
120,671
118,045
361,723
28,511
20,700
0
528,100

186,771
142,335
136,158
272,684
51,466
20,700
0
(42,203)

194,797
71,737
66,857
481,454
42,687
69,000
0
234,694

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

50,343

52,776

16,080
227
0
0

19,696
9,510
0
0

123,202
108,394
106,354
73,996
15,458
6,900
0
435,556

69,000
0
15,853
428,060

830,057
0
10,186
864,399

953,983
210,191
51,639
935,874

1,175,065
106,306
312,512
445,144

1,296,351
18,332
200,518
627,250

1,782,986
85,343
369,767
547,738

0.08
5.10
6.22
1.09
0.42
92.24
21.61
1.10
6.52
4.20

0.13
5.59
7.10
0.91
0.93
90.60
4.04
1.08
8.13
4.38

0.40
4.93
14.07
1.21
1.07
89.19
1.78
3.79
13.87
8.30
8.48
4.44
1.70
3.37
0.38
8.48
94.40

0.71
4.07
12.17
1.75
1.59
79.81
0.72
20.63
44.08
33.98
16.10
9.27
4.06
12.19
0.75
48.29
143.46

0.67
2.74
10.18
2.44
1.50
89.64
0.75
14.27
24.73
22.07
10.69
9.96
3.00
5.26
-0.05
32.06
176.15

0.96
1.73
15.28
1.69
2.23
83.09
0.50
21.01
33.69
31.27
6.36
5.86
8.20
11.58
0.29
63.59
238.08

86,905

106,390

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

142

4.26

2.03

0.94
0.00
2.30
10.00

1.04
0.00
1.48
60.25

Financial Statement Analysis of Non Financial Sector 2012

Suraj Cotton Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,232,838

2,291,150

2,127,348

1,995,477

1,906,901

1,882,264

3,450,968

3,717,206

29,595
3,774,179

35,723
3,833,740

37,223
3,947,333

37,266
4,101,829

2,232,838
242,532

2,291,150
234,691

2,081,859
224,540

1,936,231
206,529

1,856,855
196,403

1,826,297
187,992

0
21

0
17

0
13

0
13

15,873

23,506

12,810

18,688

1,347,205
372,068
404,388

1,417,080
5,666
885,973

1,223,109
13,543
711,286

1,634,455
22,241
1,027,331

2,279,728
14,480
1,567,459

2,066,041
5,754
1,183,983

320,947

281,941

285,817

360,603

432,174

383,246

7,128
242,674

5,172
238,328

52,345
160,118

58,692
165,588

59,780
205,835

276,823
216,235

1,642,365
871,003

1,466,187
881,833

1,289,875
836,907

1,124,073
638,605

1,424,333
875,642

938,204
375,230

771,362

584,354

452,968

485,468

548,691

562,974

571,912

837,082

666,067
537,639
0

627,935
416,957
0

457,467
241,213
0

430,320
216,934
0

0
210,978

0
216,254

0
213,386

Items

571,912

837,082

0
128,428

1,365,766
180,000

1,404,961
180,000

1,394,515
180,000

1,877,924
180,000

2,304,829
180,000

2,579,781
198,000

180,000
0
1,185,766

180,000
0
1,224,961

180,000
0
1,214,515
17,070
1,197,445

180,000
0
1,697,924
22,376
1,675,548

180,000
0
2,124,829
28,429
2,096,400

198,000
0
2,381,781
28,914
2,352,867

4,128,217
2,804,009
1,324,208
3,701,852

4,130,287
2,962,861
1,167,426
3,728,406

426,365
123,537

401,881
140,997

4,790,418
3,646,857
1,143,561
4,235,024
3,186,208
1,048,816
555,394
258,486
112,460
146,026

6,896,059
5,357,415
1,538,644
5,751,905
4,291,238
1,460,667
1,144,154
266,518
135,003
131,515

8,797,929
5,810,318
2,987,611
7,628,389
6,832,854
795,535
1,169,540
382,787
244,538
138,249

8,257,042
6,035,721
2,221,321
7,432,717
5,345,348
2,087,369
824,325
315,834
189,659
126,175

392,072
196,239
177,817
698,083
110,430
90,000
0
400,675

441,477
161,350
151,332
645,990
130,173
72,000
18,000
34,184

442,026
104,522
94,494
433,975
90,065
79,200
0
873,888

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

123,537

140,997

377,628
20,968
0
0

156,005
20,809
27,000
600

324,804
232,856
225,890
73,458
11,751
27,000
0
534,056

1,937,678
0
356,660
871,003

2,242,043
0
108,196
881,833

2,060,582
537,639
34,707
1,374,546

2,505,859
416,957
497,653
1,055,562

2,762,296
241,213
443,817
1,116,855

3,010,101
216,934
264,710
592,164

0.43
4.26
7.77
1.15
0.82
89.67
1.62
10.76
30.17
18.49

0.20
4.15
6.83
1.11
0.97
90.27
1.64
4.28
11.26
7.46
5.01
4.66

0.27
4.86
5.97
1.43
0.95
88.41
1.40
2.08
5.25
3.41
2.29
6.73
1.33
1.53
0.27
3.43
77.47

0.39
2.85
5.23
1.90
1.45
83.41
0.93
20.00
42.66
30.57
6.53
6.71
4.93
10.12
0.23
32.65
104.33

0.36
1.83
4.91
2.10
1.60
86.71
0.82
16.53
30.89
24.52
7.16
5.61
5.27
7.34
0.02
28.66
128.05

0.71
1.27
4.64
2.09
2.20
90.02
0.53
10.67
17.77
15.04
4.34
6.97
5.59
5.26
0.64
17.37
130.29

175,722

171,537

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

10.21

143

9.15
0.00
19.81
75.88

3.78
0.00
7.51
78.05

Financial Statement Analysis of Non Financial Sector 2012

Taha Spinning Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

206,052

186,619

188,981

187,550

120,859

120,859

336,080

339,356

0
339,356

0
339,356

0
199,195

0
199,195

206,052
15,460

186,619
16,065

183,457
3,884

182,026
1,432

115,335
1,432

115,335
0

0
0

0
0

0
0

0
0

5,524

5,524

5,524

5,524

207,190
3,152
119,324

260,871
5,939
27,844

85,260
3,184
22,006

70,273
2,341
12,784

44,774
1,889
0

24,154
1,745
0

39,156

29,343

29,253

30,476

19,324

16,331

0
45,558

0
197,745

0
30,817

0
24,672

0
23,561

0
6,078

301,543
142,546

252,382
152,401

144,271
105,345

144,353
101,133

95,333
65,389

109,537
79,628

158,997

99,981

38,927

43,220

29,944

29,909

116,569

79,411
49,521
21,489

77,843
48,118
21,181

74,312
29,997
35,771

56,499
14,057
35,771

1,873
6,671

1,873
6,671

0
6,671

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

116,569

1,873
6,529

111,699
40,500

78,539
40,500

50,559
40,500

35,627
40,500

(4,012)
40,500

(21,023)
40,500

40,500
0
71,199

40,500
0
38,039

40,500
0
(17,357)
0
(17,357)

40,500
0
(32,407)
0
(32,407)

40,500
0
(72,047)
0
(72,047)

40,500
0
(89,058)
0
(89,058)

27,416

27,535

27,535

27,535

416,304
323,005
93,299
390,143

231,255
228,834
2,421
230,521

26,161
9,922

734
4,985

2,954
2,954
0
13,395
4,838
8,557
(10,441)
1,730
0
1,730

11,222
11,222
0
14,425
0
14,425
(3,203)
2,760
0
2,760

3,618
3,618
0
12,784
0
12,784
(9,166)
28,131
0
28,131

0
0
0
0
0
0
0
17,008
0
17,008

3,373
8,770
8,769
(14,733)
56
0
0
5,131

2,564
2,542
2,527
(39,604)
36
0
0
(27,868)

1,848
2
0
(17,010)
0
0
0
1,557

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

9,922

4,985

(16,881)
2,081
0
0

(31,724)
1,156
0
0

2,069
18,945
18,941
(31,116)
0
0
0
157,573

111,699
0
(18,962)
142,546

195,108
0
(32,880)
152,401

129,970
49,521
(31,116)
154,866

113,470
48,118
(14,789)
149,251

70,300
29,997
(39,640)
95,386

35,476
14,057
(17,010)
93,685

0.14
7.96
9.41
1.01
0.69
93.72
2.70
-4.08
-12.34
-9.25

0.14
11.88
12.69
0.52
1.03
99.68
4.70
-7.37
-33.35
-20.68

0.22
641.33
990.29
0.01
0.59
453.45
4.42
-8.62
-48.20
-19.14

0.23
78.15
271.57
0.04
0.49
128.54
6.24
-5.54
-34.19
-12.10

0.22
70.26
534.11
0.02
0.47
353.34
-42.28
-18.71
-250.54
-43.10

0.17

33,120

27,473

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

144

3.49

8.31

0.13
-0.64
-1,053.34
0.70
-7.68
12.48

0.88
-0.68
-131.29
0.02
-3.65
8.80

-4.05
0.00
-4.68
27.58

-13.72
0.00
-8.12
19.39

-14.67
-1,094.64
-0.16
-9.79
-0.99

0.00
0.22

-7.90
-10.95
135.89
-32.16

0.01
-4.20
-5.19

Financial Statement Analysis of Non Financial Sector 2012

Tata Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,405,254

2,318,568

2,330,993

2,222,732

2,292,039

2,410,051

1,829,834

2,433,224

2,639
2,554,558

2,415
2,565,698

90,776
2,651,235

10,401
2,453,638

1,405,254
108,002

2,318,568
102,450

2,327,780
118,940

2,219,711
118,830

2,196,530
113,681

2,389,942
115,100

0
0

0
0

4,083
0

7,768
0

574

606

650

1,940

1,203,294
132,989
775,946

1,823,650
55,623
1,421,759

1,452,118
41,044
1,159,838

1,416,780
53,470
1,019,574

2,707,393
67,196
2,116,356

1,371,909
119,105
933,111

117,798

200,297

142,257

190,017

295,594

119,081

0
176,561

0
145,971

0
108,979

0
153,719

0
228,247

0
200,612

1,108,923
795,652

1,855,499
1,580,324

1,957,621
1,424,688

1,590,614
1,306,248

2,726,725
2,300,127

1,387,803
1,023,886

313,271

275,175

532,933

284,366

426,598

363,917

897,781

839,839

608,495
467,995
25,000

326,811
277,315
25,000

290,465
262,266
0

296,074
209,982
25,000

22,793
1,703

26,454
1,745

30,149
30,943

Items

897,781

839,839

18,580
96,920

601,844
173,247

1,446,880
173,247

1,216,995
173,248

1,722,087
173,248

1,982,242
173,248

2,098,083
173,248

173,247
0
428,597

173,247
0
1,273,633

173,248
0
117,405
0
117,405

173,248
0
604,190
0
604,190

173,248
0
911,195
0
911,195

173,248
0
946,390
0
946,390

926,342

944,650

897,799

978,445

2,381,985
524,878
1,857,107
1,949,294

2,415,390
398,836
2,016,554
1,990,563

432,691
164,540

424,827
189,670

2,804,593
527,339
2,277,254
2,367,017
1,707,201
659,816
437,576
335,027
127,151
207,876

3,783,989
634,153
3,149,836
2,836,376
2,080,074
756,303
947,612
240,673
146,125
94,548

5,198,073
238,930
4,959,143
4,427,677
4,146,417
281,260
770,396
261,354
171,249
90,106

5,186,235
292,283
4,893,952
4,564,204
3,120,185
1,444,019
622,031
280,945
169,737
111,208

212,206
264,402
246,162
457,293
47,426
43,312
0
333,001

224,668
182,375
154,863
366,052
62,585
51,974
0
(718,431)

221,030
267,609
235,010
85,119
53,570
17,325
0
1,489,548

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

164,540

189,670

81,560
32,219
0
0

27,677
19,109
0
0

163,541
326,381
297,962
(217,729)
22,856
0
0
563,269

1,499,625
0
49,341
795,652

2,286,719
0
8,568
1,580,324

1,825,489
467,995
(240,585)
1,892,682

2,048,898
277,315
366,555
1,583,563

2,272,707
262,266
251,492
2,562,393

2,394,157
209,982
14,224
1,233,868

0.23
8.10
4.95
0.91
1.09
81.83
3.33
3.16
13.50
5.72

0.14
8.65
8.29
0.58
0.98
82.41
1.86
0.82
2.70
1.46

0.09
11.64
5.07
0.74
0.74
84.40
2.11
-5.49
-16.35
-10.59

0.15
6.99
5.02
1.04
0.89
74.96
1.11
12.32
31.12
23.61
9.46
3.71
2.86
12.08
0.17
23.66
99.40

0.13
3.51
5.69
1.04
0.99
85.18
1.52
8.47
19.76
16.94
5.84
2.46
3.36
7.04
-0.24
17.52
114.42

0.17
5.16
2.30
1.37
0.99
88.01
0.80
1.94
4.17
3.65
1.82
5.56
1.36
1.64
0.88
1.82
121.10

193,053

208,958

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

145

3.07

1.70

2.42
0.27
-7.76
0.22
-13.89
70.25

3.42
0.00
2.85
34.74

1.15
0.00
0.49
83.52

Financial Statement Analysis of Non Financial Sector 2012

The Crescent Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,447,419

4,226,157

6,730,262

6,785,795

6,789,537

6,598,392

6,224,791

6,350,733

2,260
6,509,169

32,809
6,526,246

36,906
6,734,609

8,768
6,870,055

4,447,419
261,564

4,226,157
297,566

4,180,127
275,864

3,948,372
262,252

3,998,049
253,273

3,896,630
248,990

0
713,218

0
873,067

0
2,706,984

3,801
2,615,537

1,834,657

1,931,547

47,598

73,656

5,803,640
7,365
978,266

6,919,501
8,572
1,240,654

4,085,672
18,931
940,421

4,202,903
16,419
1,047,150

5,826,884
18,531
1,658,003

6,614,593
24,675
1,550,144

1,258,121

2,106,306

2,562,348

2,579,901

3,391,911

4,173,190

1,120,161
2,439,727

1,121,116
2,442,853

65,253
498,719

49,706
509,727

37,444
720,995

50,363
816,221

4,668,085
3,070,846

5,805,699
4,984,404

5,805,685
5,240,052

6,010,688
5,291,686

7,896,441
6,162,091

8,632,409
5,865,564

Items

1,597,239

821,295

565,633

719,002

1,734,350

2,766,845

953,333

1,287,373

1,108,019
1,108,019
0

665,164
656,351
0

566,707
512,086
0

498,516
400,816
0

299,955

0
8,813

0
54,621

0
97,700

953,333

987,418

0
0

4,629,641
447,362

4,052,586
492,099

3,902,230
492,099

4,312,846
492,099

4,153,273
492,099

4,082,060
492,099

447,362
0
4,182,279

492,099
0
3,560,487

492,099
0
1,769,738
21,131
1,748,607

492,099
0
2,180,340
75,789
2,104,551

492,099
0
2,020,786
103,912
1,916,874

492,099
0
1,949,587
149,788
1,799,799

1,640,393

1,640,407

1,640,388

1,640,374

5,591,586
1,998,056
3,593,530
5,062,315

8,844,621
2,301,623
6,542,998
7,876,552

529,271
445,352

968,069
667,354

10,750,512
2,764,363
7,986,149
9,175,267
2,944,356
6,230,911
1,575,245
937,519
392,885
544,634

10,863,386
3,308,340
7,555,046
9,406,644
3,218,034
6,188,610
1,456,742
789,303
470,413
318,890

14,759,257
3,641,337
11,117,920
13,394,641
5,062,784
8,331,857
1,364,616
884,955
641,183
243,772

12,728,719
9,399,626
3,329,093
11,214,543
3,821,156
7,393,387
1,514,176
841,845
628,788
213,057

745,263
536,270
529,391
463,491
90,890
73,815
0
453,363

746,482
527,172
518,496
(13,890)
151,068
0
0
(600,545)

693,112
761,125
750,607
(17,441)
120,944
0
0
615,250

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

445,352

667,354

117,109
48,791
0
0

(42,764)
59,405
0
44,737

674,277
815,948
714,293
238,518
73,361
0
0
162,421

5,582,974
0
68,318
3,070,846

5,339,959
299,955
(102,169)
5,284,359

5,010,249
1,108,019
165,157
6,348,071

4,978,010
656,351
298,786
5,948,037

4,719,980
512,086
(164,958)
6,674,177

4,580,576
400,816
(138,385)
6,266,380

0.56
6.93
23.81
0.79
1.19
89.05
1.75
-0.40
-0.99
-0.78

0.46
7.59
23.83
0.99
0.70
85.35
1.77
2.17
6.00
4.61

0.44
4.94
23.75
0.99
0.70
86.59
1.55
4.25
11.28
9.28
5.05
10.37
1.88
4.27
0.07
7.57
87.64

0.44
3.57
22.98
1.17
0.74
90.75
2.04
-0.12
-0.33
-0.29

0.49
5.98
32.79
0.96
0.77
88.10
2.24
-0.14
-0.42
-0.38

464,397

613,172

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.51
8.31
22.50
0.55
1.24
90.53
1.21
1.35
3.30
2.42

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

146

5.72

7.13

11.43
1.33
2.22
0.02
3.36
79.30

2.09
0.00
1.53
103.49

-0.48
0.00
-2.08
82.35

8.90
0.97
-0.09
-0.07
-3.35
84.40

8.21
0.98
-0.14
0.07
-2.81
82.95

Financial Statement Analysis of Non Financial Sector 2012

Towellers Ltd.
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,526,635

1,536,338

1,580,878

1,478,253

1,357,747

1,344,957

174,856

1,938,482

44,866
1,892,139

117
1,970,960

0
1,971,923

0
2,078,419

1,526,635
92,740

1,536,338
139,068

1,515,015
140,363

1,456,302
138,429

1,335,987
131,396

1,325,684
124,935

0
0

0
0

0
0

0
0

20,997

21,834

21,760

19,273

1,706,276
69,206
867,898

1,988,495
44,397
1,089,454

2,070,924
50,692
1,065,316

2,340,945
88,068
1,301,378

1,491,842
141,876
681,364

1,013,868
188,694
394,192

435,045

636,141

715,102

658,700

415,623

277,049

0
334,127

0
218,503

0
239,814

0
292,799

0
252,979

0
153,933

1,948,568
1,119,721

2,129,878
1,373,662

2,215,502
1,585,538

2,493,193
1,613,104

2,022,325
1,325,099

1,666,991
805,619

828,847

756,216

629,964

880,088

697,226

861,372

305,250

393,901

295,594
267,439
0

213,140
186,556
0

91,476
80,994
0

559,395
540,883
0

26,584
0

10,482
0

18,512
0

Items

305,250

393,901

28,155
0

979,093
170,000

1,001,054
170,000

1,140,706
170,000

1,112,865
170,000

735,788
170,000

132,439
170,000

170,000
0
809,093

170,000
0
831,054

170,000
0
495,240
495,240
0

170,000
0
490,381
490,381
0

170,000
0
133,677
133,677
0

170,000
0
(451,413)
(451,413)
0

475,466

452,484

432,111

413,852

2,358,316
27,820
2,330,496
1,926,931

3,626,558
64,185
3,562,373
3,084,518

431,385
286,413

542,040
309,579

3,419,616
837
3,418,779
2,700,003
779,835
1,920,168
719,613
399,666
163,322
236,343

4,003,561
33,912
3,969,649
3,373,145
734,462
2,638,683
630,416
347,291
167,623
179,667

3,506,880
130,160
3,376,720
3,263,467
1,037,906
2,225,561
243,413
334,195
128,295
205,900

2,098,926
39,993
2,058,933
2,260,575
644,283
1,616,292
(161,649)
326,619
77,580
249,039

273,650
269,789
189,312
14,170
40,892
0
0
124,782

217,115
249,880
193,968
(336,323)
40,754
0
0
533,430

241,322
137,003
19,933
(574,098)
29,251
0
0
77,667

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

286,413

309,579

38,717
22,676
0
0

58,254
33,457
0
0

251,778
257,189
202,584
65,080
33,882
8,500
0
23,336

1,284,343
0
16,041
1,119,721

1,394,955
0
24,797
1,373,662

1,436,300
267,439
22,698
1,852,977

1,326,004
186,556
(26,722)
1,799,660

827,264
80,994
(377,077)
1,406,093

691,834
540,883
(603,349)
1,346,502

0.35
7.52
20.91
0.94
0.93
78.96
2.20
1.81
6.08
4.60
3.67
3.21
1.32
1.90
0.01
1.84
67.10

0.30
6.74
16.45
1.05
0.94
84.25
2.43
0.38
1.26
1.03

0.28
7.13
11.85
1.23
0.74
93.06
2.87
-10.09
-36.39
-31.24

0.28
6.53
13.20
0.89
0.61
107.70
16.81
-22.05
-132.25
-75.58

108,424

176,224

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.26
4.60
18.45
0.73
0.88
81.71
2.30
1.39
4.68
3.70

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

147

0.32
4.86
17.54
1.03
0.93
85.05
2.52
1.72
5.88
4.35

2.72

3.33

1.64
0.00
0.94
57.59

1.61
0.00
1.46
58.89

3.08
1.07
0.35
0.05
-1.57
65.46

5.15
-0.73
-9.59
0.25
-22.18
43.28

5.32
-27.80
-27.35
0.03
-35.49
7.79

Financial Statement Analysis of Non Financial Sector 2012

Yousaf Weaving Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

749,125

839,057

807,152

907,682

975,902

783,503

1,177,085

1,305,303

1,935
1,322,443

0
1,471,725

13,835
1,515,566

0
1,457,999

746,863
78,172

836,464
61,632

786,871
60,569

877,878
63,579

855,807
67,890

760,769
64,165

2,262

2,593

2,075
0

1,924
0

1,698
0

1,359
0

16,271

27,880

104,562

21,375

431,941
117,151
147,329

469,666
3,843
177,849

460,378
6,546
196,644

525,221
6,973
211,533

794,695
6,310
265,096

762,617
5,499
337,689

47,245

129,107

93,836

148,655

249,071

61,159

0
120,216

0
158,867

0
163,352

0
158,061

0
274,218

0
358,270

831,104
133,772

937,066
276,529

579,388
293,804

677,536
341,318

1,025,898
468,362

980,124
553,913

697,332

660,537

285,584

336,218

557,536

426,211

169,886

202,043

514,982
208,250
285,715

575,273
227,124
285,653

504,069
140,975
263,215

459,816
72,100
301,215

169,886

202,043

21,017
0

24,052
38,444

29,380
70,499

29,249
57,252

180,076
400,000

169,614
400,000

173,160
400,000

180,094
400,000

240,630
400,000

106,180
400,000

400,000
0
(219,924)

400,000
0
(230,386)

400,000
0
(226,840)
0
(226,840)

400,000
0
(219,906)
0
(219,906)

400,000
0
(159,370)
0
(159,370)

400,000
0
(293,820)
0
(293,820)

1,573,738
784,565
789,173
1,442,389

1,972,796
946,793
1,026,003
1,797,166

131,349
83,206

175,630
112,204

Items

2,098,980
955,425
1,143,555
1,884,558
1,441,981
442,577
214,422
129,516
75,787
53,729

2,627,387
1,225,122
1,402,265
2,392,701
1,838,042
554,659
234,686
125,906
78,665
47,241

3,829,251
1,400,051
2,429,199
3,464,240
2,900,209
564,031
365,011
165,080
91,634
73,445

2,376,625
1,143,569
1,233,056
2,214,996
1,709,641
505,355
161,629
156,793
72,593
84,200

154,079
83,927
71,337
27,898
13,831
0
0
21,669

208,457
104,365
89,372
119,413
38,293
0
0
31,446

199,324
117,145
91,894
(111,077)
23,766
0
0
53,597

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

83,206

112,204

7,573
9,828
0
0

706
10,175
0
0

134,262
77,110
64,618
14,898
11,351
0
0
107,280

349,962
0
(2,255)
133,772

371,657
0
(9,469)
276,529

688,142
208,250
3,547
502,054

755,367
227,124
14,067
568,442

744,699
140,975
81,121
609,337

565,996
72,100
(134,843)
626,013

0.20
2.58
3.00
1.33
0.52
91.65
5.56
0.71
4.34
2.29

0.14
3.20
6.54
1.51
0.50
91.10
6.72
0.06
0.40
0.20

0.17
3.67
4.47
1.66
0.79
89.78
6.32
1.16
8.69
2.81

0.23
3.19
5.66
1.83
0.78
91.07
6.96
2.07
15.80
3.87

0.25
2.73
6.50
2.16
0.77
90.47
6.36
7.46
56.77
15.92

0.07
4.93
2.57
1.54
0.78
93.20
13.56
-6.70
-64.06
-16.95

40,570

63,122

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

148

10.68

11.09

10.67
1.23
0.71
0.10
0.09
4.33

12.42
1.39
1.06
0.02
0.35
4.50

14.44
2.34
3.12
0.02
2.03
6.02

7.04
-0.21
-4.67
0.04
-3.37
2.65

0.48
0.00
-0.06
4.50

0.04
0.00
-0.24
4.24

Financial Statement Analysis of Non Financial Sector 2012

Zahidjee Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,302,832

1,268,947

1,293,312

1,128,278

1,033,643

1,842,239

1,492,985

1,635,016

68,437
1,687,070

31,086
1,178,239

36,435
1,767,952

30,442
2,625,290

1,302,832
102,098

1,268,947
104,939

1,108,133
107,263

1,073,510
102,088

993,926
99,569

1,803,963
49,380

0
113,460

0
20,400

0
0

4,552
0

3,282

3,282

3,282

3,282

1,218,975
141,545
578,325

1,737,007
9,244
695,585

1,426,672
7,539
718,190

1,370,026
7,774
625,260

1,538,835
14,499
649,063

1,359,089
7,980
533,079

280,801

348,418

308,116

442,341

427,353

437,367

80,000
138,304

141,595
542,165

149,181
243,645

87,232
207,421

51,128
396,792

34,914
345,749

1,422,494
1,310,378

1,866,389
1,402,933

1,741,750
1,558,467

1,500,751
1,282,535

1,347,127
801,166

1,172,185
560,918

112,116

463,456

183,283

218,216

545,961

611,267

138,093

320,836

379,845
175,000
180,422

320,024
155,000
145,655

106,117
30,000
30,000

131,026
0
0

138,093

320,836

15,952
8,472

19,370
0

0
46,117

0
131,026

961,220
110,093

818,729
340,509

598,389
340,509

677,529
340,509

1,119,234
340,509

1,898,117
340,509

110,093
0
851,127

340,509
0
478,220

340,509
0
190,227
158,709
31,518

340,509
0
266,784
177,742
89,042

340,509
0
723,033
283,195
439,838

340,509
0
786,902
366,258
420,644

67,652

70,236

55,691

770,706

2,772,551
1,834,156
938,395
2,543,132

1,960,473
1,119,223
841,250
1,794,052

229,419
128,002

166,421
86,060

2,109,300
1,176,411
932,889
1,845,784
1,251,351
594,433
263,516
102,999
36,925
66,074

3,162,511
1,983,425
1,179,086
2,643,389
1,933,612
709,777
519,122
156,856
42,444
114,412

5,241,845
2,989,496
2,252,349
4,347,162
3,860,960
486,202
894,683
249,921
69,012
180,909

3,792,121
2,065,124
1,726,997
3,401,233
2,268,142
1,133,091
390,888
221,082
78,096
142,986

168,044
238,581
221,443
71,482
6,129
0
0
319,864

213,628
230,627
225,467
437,172
55,422
34,051
0
495,661

200,443
129,337
122,795
61,387
39,503
0
68,102
294,172

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

128,002

86,060

148,906
11,636
0
0

(40,990)
9,797
0
0

131,573
275,303
247,524
(116,195)
0
0
0
76,657

1,099,313
0
137,270
1,310,378

1,139,565
0
(50,787)
1,402,933

978,234
175,000
(116,195)
1,733,467

997,553
155,000
65,353
1,437,535

1,225,351
30,000
347,699
831,166

2,029,143
0
21,884
560,918

0.35
5.56
10.13
1.10
0.86
91.73
1.62
9.42
22.81
19.95

0.27
9.76
17.77
0.65
0.93
91.51
2.67
-1.48
-4.61
-3.66

0.27
13.05
14.61
0.78
0.82
87.51
3.55
-4.06
-16.40
-10.97

0.36
7.54
13.99
1.27
0.91
83.59
2.69
2.74
11.20
7.24

0.37
4.40
8.15
2.04
1.14
82.93
1.30
17.24
48.66
39.33
11.21
8.08
2.94
8.34
0.34
11.21
32.87

0.41
3.41
11.53
1.18
1.16
89.69
0.69
2.13
4.07
3.77

154,173

191,322

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

149

4.79

2.82

2.94
0.53
-5.51
0.04
-3.41
17.57

5.06
1.32
2.26
0.18
1.92
19.90

5.37
0.00
12.47
87.31

-2.09
0.00
-1.49
24.04

7.11
1.50
1.62
0.23
0.64
55.74

Financial Statement Analysis of Non Financial Sector 2012

Zephyr Textiles Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,752,408

2,275,204

2,135,991

1,975,871

1,900,176

1,750,746

1,966,883

1,977,279

2,178
2,357,476

1,150
2,382,076

79,329
2,382,059

0
2,457,139

1,752,408
143,022

2,275,204
368,668

2,127,462
195,838

1,971,655
182,295

1,817,843
564,216

1,747,742
153,762

0
0

0
0

0
0

0
0

6,351

3,066

3,004

3,004

1,308,206
59,827
587,888

1,271,366
2,464
672,845

1,192,196
28,924
608,402

1,344,057
7,969
627,299

1,294,551
21,744
670,970

1,254,973
11,843
721,380

378,085

313,228

283,583

317,273

299,836

247,811

0
282,406

14,175
268,654

5,388
265,899

2,949
388,567

59,321
242,679

57,284
216,655

1,686,007
1,211,699

2,064,963
1,586,967

1,837,373
1,419,793

2,136,492
1,621,191

2,139,020
1,669,826

2,137,103
1,710,539

474,308

477,996

417,580

515,301

469,194

426,564

721,330

683,069

843,273
694,155
0

599,049
459,893
0

393,379
262,255
0

200,016
74,156
0

721,330

683,069

16,915
132,203

19,962
119,195

21,663
109,461

27,334
98,526

653,277
594,287

798,538
594,287

647,541
594,287

584,387
594,287

662,328
594,287

668,600
594,287

594,287
0
58,990

594,287
0
204,251

594,287
0
(263,638)
0
(263,638)

594,287
0
(302,633)
0
(302,633)

594,287
0
(192,134)
0
(192,134)

594,287
0
(165,554)
0
(165,554)

316,891

292,733

260,174

239,867

2,712,659
1,451,909
1,260,750
2,435,600

2,634,595
1,830,030
804,565
2,393,328

277,059
83,590

241,267
100,476

2,601,772
1,672,809
928,963
2,327,132
1,562,719
764,413
274,640
114,395
74,594
39,802

2,663,771
1,711,420
952,352
2,415,837
1,746,610
669,228
247,934
90,482
55,921
34,561

3,573,505
2,484,845
1,088,660
3,149,998
2,645,551
504,447
423,507
105,324
63,269
42,055

3,135,629
2,983,515
152,114
2,819,589
2,256,037
563,552
316,040
127,542
71,560
55,982

129,121
280,054
263,678
(59,378)
17,239
0
0
104,775

147,805
217,027
204,560
114,831
36,933
59,429
0
313,252

158,837
196,080
160,264
35,382
31,387

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

83,590

100,476

16,204
13,563
0
0

(189,783)
13,161
0
0

138,412
353,589
309,174
(155,991)
9,290
0
0
229,777

1,374,607
0
2,641
1,211,699

1,481,607
0
(202,944)
1,586,967

1,490,813
694,155
(165,281)
2,113,948

1,183,436
459,893
(76,618)
2,081,084

1,055,707
262,255
18,469
1,932,081

868,616
74,156
3,995
1,784,695

0.26
7.29
13.94
0.89
0.78
89.79
3.69
0.58
2.49
1.17

0.16
13.14
11.89
0.74
0.62
90.84
3.44
-5.74
-26.14
-13.29

0.17
13.59
10.90
0.78
0.65
89.44
4.14
-4.54
-21.57
-10.50

0.15
10.51
11.91
0.80
0.63
90.69
4.68
-1.79
-9.64
-4.44

0.18
6.07
8.39
1.12
0.61
88.15
3.82
3.53
18.42
10.26
1.31
5.33
1.56
3.21
0.12
1.31
11.14

0.15
6.25
7.90
1.04
0.59
89.92
3.50
1.14
5.32
3.68

197,880

346,093

0
259,562

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

150

4.61

3.92

4.28
0.50
-6.00
0.09
-2.78
10.90

4.25
0.77
-2.23
0.04
-1.29
9.83

0.60
0.00
0.04
10.99

-7.20
0.00
-3.41
13.44

4.35
1.22
1.13
0.11
0.07
11.25

MADE-UP TEXTILE ARTICLES

151

Financial Statement Analysis of Non Financial Sector 2012

Made-up textile articles - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2010

(Thousand Rupees)
2011
2012

2007

2008

2009

7,918,347

9,098,056

12,053,141

25,113,254

27,928,820

26,925,131

13,073,524

14,617,269

4,344,248
13,472,856

17,418,442
14,181,865

629,065
34,974,843

524,741
36,339,140

7,884,034
668,922

9,065,963
772,960

7,600,018
980,389

7,596,733
1,061,865

27,194,006
1,271,266

26,283,063
2,415,986

34,313

32,093

38,842
10,333

26,570
8,702

48,243
355

33,655
398

59,700

62,808

57,151

83,274

10,586,846
180,222
4,427,778

12,115,645
234,102
5,225,008

11,253,695
1,010,614
4,913,137

12,148,813
741,391
6,463,503

27,211,133
250,141
14,044,240

28,851,175
201,305
9,996,208

4,120,389

4,628,500

3,511,685

3,405,488

10,714,948

16,247,201

60,621
1,797,836

61,464
1,966,571

500
1,817,759

0
1,538,432

1,815
2,199,989

1,815
2,404,646

10,079,177
5,882,726

11,540,776
7,339,162

10,861,255
7,795,877

13,082,413
8,889,657

25,589,810
19,238,627

24,921,433
18,000,136

4,196,451

4,201,614

3,065,378

4,192,756

6,351,183

6,921,297

2,948,290

3,778,802

6,273,126
5,971,296
50,267

14,987,339
14,598,330
49,827

17,325,281
16,827,716
41,589

16,285,230
15,759,186
43,990

2,948,290

3,778,802

85,840
165,722

109,963
229,218

133,982
321,993

166,158
315,896

5,477,726
1,193,201

5,894,123
1,193,201

6,172,455
993,999

9,192,316
996,249

12,224,863
1,001,101

14,569,643
1,635,887

1,193,201
0
4,284,525

1,193,201
0
4,700,922

993,999
0
5,178,456
1,179,452
3,999,004

996,249
0
8,196,067
3,393,773
4,802,294

1,001,101
0
11,223,762
4,782,248
6,441,513

1,635,887
0
12,933,756
5,870,180
7,063,576

16,760,610
5,686,549
11,074,061
14,274,778

18,881,618
6,248,088
12,633,530
15,987,532

2,485,832
1,115,747

2,894,086
1,279,025

19,998,744
7,335,659
12,663,084
16,531,141
8,333,870
8,197,271
3,467,603
1,659,984
759,625
900,359

26,075,925
10,735,066
15,340,859
21,844,866
11,610,847
10,234,020
4,231,059
2,072,322
946,327
1,125,995

45,831,718
21,747,183
24,084,535
37,504,525
25,916,865
11,587,660
8,327,193
2,645,191
1,320,183
1,325,009

58,423,717
33,906,195
24,517,522
47,920,193
32,180,909
15,739,284
10,503,524
2,926,984
1,582,784
1,344,200

2,727,317
1,199,358
1,054,822
1,221,843
251,665
147,178
0
(757,067)

1,228,830
2,963,386
2,786,587
2,890,914
360,464
34,643
634,785
(3,794,615)

1,104,632
5,029,864
4,726,338
2,716,711
368,150
36,255
0
4,700,306

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,115,747

1,279,025

869,847
143,938
45,220
0

891,043
134,795
33,915
132,337

2,368,182
1,227,781
1,108,870
823,515
151,964
125,608
0
2,366,475

8,426,016
0
680,689
5,882,726

9,672,925
0
722,333
7,339,162

12,445,581
5,971,296
545,943
13,767,173

24,179,655
14,598,330
822,999
23,487,987

29,550,144
16,827,716
2,495,807
36,066,344

30,854,873
15,759,186
2,312,306
33,759,322

0.43
4.73
24.58
0.91
1.05
85.17
2.38
4.86
17.79
11.25
16.05
3.79

0.43
5.70
24.51
0.89
1.05
84.67
2.60
4.49
15.67
9.85
22.30
3.61

0.42
6.14
17.56
0.86
1.04
82.66
2.78
3.70
13.65
7.45
5.35
4.07
1.74
4.12
0.14
6.76
62.10

0.32
4.60
13.06
0.70
0.93
83.77
3.05
4.03
15.90
6.67
6.59
4.03
2.16
4.69
-0.03
9.74
92.27

0.43
6.47
23.38
0.83
1.06
81.83
3.51
6.26
27.00
10.76
73.04
3.26
2.04
6.31
-0.09
25.28
122.11

0.66
8.61
27.81
1.05
1.16
82.02
2.83
4.90
20.28
8.99
64.78
5.84
1.57
4.65
0.11
14.36
89.06

792,369

1,075,617

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

152

5.19
0.00
6.08
45.91

4.72
0.00
6.34
49.40

Billion Rs

Growth with Composition of Assets & Liabilities

35

20%

30

16.1% 15%

25

10%

20

5.7%

5%

15

0%

10

-2.7%

-3.7%

-5%

-6.4%

-10%
Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

2011

2012

Growth
25%

70
21.6%

Billion Rs

60

20.7%

20%

50

15%

40

10%

30

5%

20

0%

10

-5%

-6.4%

-10%

0
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
30

2011

27

2011
2012

30
25.28

25

2012
20.28

20

25
20

15
10

4.9

14.36

15

10.76
6.26

Percentage

Percentage

Net Profit Before Tax

8.99

10

0
Return on
Return on
Assets
Equity

6.31
3.51

4.65
2.83

1.06 1.16

0
Return on
Capital
Employed

Current
Ratio

153

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Aruj Garment Accessories Ltd.

2008

2009

2010

88,710

119,907

114,559

120,375

155,543

166,305

161,910

201,845

0
200,264

13,421
203,015

39,801
220,045

31,928
251,375

88,710
8,177

119,907
8,738

112,879
11,237

105,274
10,356

114,527
9,611

133,492
13,540

0
0

0
0

0
0

0
0

1,680

1,680

1,215

885

101,111
6,680
65,593

93,163
6,276
61,701

118,111
14,261
66,796

128,616
28,273
43,485

91,129
12,848
18,805

169,247
5,394
76,273

4,655

1,246

4,060

14,043

11,466

27,696

0
24,183

0
23,940

0
32,994

0
42,815

0
48,010

0
59,884

92,762
31,093

90,099
35,845

91,187
39,477

112,062
60,727

108,539
46,906

170,704
70,239

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

(Thousand Rupees)
2011
2012

2007

Items

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

61,669

54,254

51,710

51,336

61,633

100,465

5,869

31,108

55,888
14,482
26,511

57,072
8,542
32,071

49,197
0
29,833

63,093
2,956
38,234

2,117
14,341

2,641
16,723

2,942
18,961

5,869

31,108

1,571
13,324

91,190
61,517

91,863
61,517

85,595
61,517

79,857
61,517

88,936
61,517

101,755
61,517

61,517
0
29,673

61,517
0
30,346

61,517
0
24,078
0
24,078

61,517
0
18,340
0
18,340

61,517
0
27,419
0
27,419

61,517
0
40,238
0
40,238

231,206
205,933
25,273
202,267

263,444
56,326
207,118
235,960

28,939
8,571

27,484
8,438

298,972
220,239
78,733
268,018
201,355
66,663
30,954
12,036
1,911
10,125

345,439
225,433
120,007
314,183
250,498
63,685
31,257
13,999
3,707
10,292

396,388
1,240
395,148
356,439
294,653
61,786
39,949
17,273
5,099
12,174

415,366
1,235
414,131
368,900
287,876
81,024
46,466
19,288
3,569
15,719

7,680
10,696
10,228
6,834
2,328
0
0
18,399

9,257
9,884
9,610
13,761
3,964
0
0
50,960

10,441
8,190
7,447
19,523
4,681
0
0
(18,826)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,571

8,438

16,389
4,101
0
0

12,190
1,317
0
0

7,766
12,376
11,485
8,592
788
9,228
0
12,979

97,059
0
12,288
31,093

122,971
0
10,873
35,845

141,483
14,482
(1,423)
53,959

136,928
8,542
4,507
69,269

138,133
0
9,797
46,906

164,848
2,956
14,842
73,195

0.08
2.60
0.47
1.24
1.03
89.57
1.32
6.05
13.32
11.08

0.20
4.14
1.36
1.28
1.30
89.65
1.72
3.86
9.68
6.50
0.85
4.48
1.75
2.87
0.09
1.27
13.91

0.38
3.10
4.07
1.39
1.15
90.95
2.12
2.84
8.26
4.91

0.22
2.49
2.89
1.61
0.84
89.92
1.77
5.55
16.31
10.01

0.19
1.97
6.67
1.24
0.99
88.81
2.30
6.71
20.48
12.89

4,714

6,856

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.12
2.04
2.01
1.22
1.09
87.48
1.08
9.37
18.95
17.88

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

154

3.52

4.27

7.09
0.00
2.00
14.82

4.63
0.00
1.77
14.93

7.94
1.67
1.98
0.11
0.73
12.98

21.08
2.43
3.47
0.32
1.59
14.46

5.45
3.62
4.70
-0.08
2.41
16.54

Financial Statement Analysis of Non Financial Sector 2012

Fateh Sports Wear Ltd.

2008

2009

2010

24,577

22,856

21,312

19,926

18,683

17,904

94,074

34,074

0
94,074

0
94,074

0
94,074

0
94,449

24,577
1,920

22,856
1,721

21,312
1,544

19,926
1,386

18,683
1,244

17,904
1,154

0
0

0
0

0
0

0
0

239,437
17
14,765

256,380
11
5,994

300,129
10
5,994

289,906
26
6,222

290,774
1,269
5,994

324,017
53
5,994

175,737

203,438

249,253

264,524

266,122

300,119

0
48,918

0
46,937

0
44,873

0
19,133

0
17,388

0
17,851

328,982
100,331

341,716
89,331

360,478
89,331

379,387
89,331

397,960
89,331

418,024
89,331

228,651

252,385

271,147

290,056

308,628

328,693

0
0
0

0
0
0

0
0
0

0
0
0

0
0

0
0

0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0

(64,968)
20,000

(62,480)
20,000

(39,037)
20,000

(69,555)
20,000

(88,503)
20,000

(76,103)
20,000

20,000
0
(84,968)

20,000
0
(82,480)

20,000
0
(59,037)
53,500
(112,537)

20,000
0
(89,555)
53,500
(143,055)

20,000
0
(108,503)
0
(108,503)

20,000
0
(96,103)
0
(96,103)

0
0
0
0

0
0
0
0

0
8,310

0
12,915

0
0
0
0
0
0
0
4,012
0
4,012

0
0
0
0
0
0
0
27,426
0
27,426

8,032
8,032
0
7,075
4,673
2,403
957
2,983
610
2,373

15,307
15,307
0
13,476
1,351
12,125
1,831
1,950
259
1,691

0
18,364
18,364
(30,518)
0
0
0
(30,518)

10
18,458
0
(18,887)
61
0
0
1,243

10,411
18,476
0
12,434
34
0
0
(842)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,310

12,915

(23,942)
0
0
0

2,488
0
0
0

0
18,359
18,359
23,444
0
0
0
23,443

(64,968)
0
(23,942)
100,331

(62,480)
0
2,488
89,331

(39,037)
0
23,444
89,331

(69,555)
0
(30,518)
89,331

(88,503)
0
(18,948)
89,331

(76,103)
0
12,400
89,331

0.53

0.60

0.69

0.70

0.00
0.73

0.00
0.75

0.00
0.83

0.00
0.76

0.67
229.81
3,313.28
0.03
0.73
88.09
-4.50
-6.10
23.90
23.90

0.72
120.70
1,960.67
0.04
0.78
88.04
-5.49
3.82
-15.11
-15.11

16,519

12,299

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

155

-5.06
-8.95
45.18
45.18

-5.47
0.92
-3.90
-3.90

-9.23
7.81
-46.19
-46.19

-5.45
-9.67
56.21
56.21

0.00

0.00

2.55

0.00
-0.66

1.34

0.00
2.28

0.00
-11.97
-32.48

0.00
1.24
-31.24

0.07
11.72
-19.52

-0.08
-15.26
-34.78

-235.14
0.00
-9.47
-44.25

81.23
0.00
6.20
-38.05

Financial Statement Analysis of Non Financial Sector 2012

Gul Ahmed Textile Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,733,261

5,855,836

6,177,455

6,204,139

6,741,132

6,919,602

7,929,859

9,200,478

35,608
10,473,377

51,332
11,113,486

71,643
12,255,966

226,169
12,937,714

4,702,826
412,276

5,827,621
514,617

6,077,026
639,458

6,097,376
681,282

6,589,869
711,737

6,613,267
745,139

30,435

28,215

33,525
0

21,253
0

42,322
0

29,465
0

31,296

34,178

37,298

50,701

5,350,979
27,845
2,254,144

6,541,866
69,034
2,915,550

7,630,720
162,626
3,940,944

8,582,802
157,188
4,991,811

13,929,967
86,638
10,430,214

11,057,508
139,723
7,481,834

2,164,671

2,490,258

2,672,797

2,465,556

2,236,402

2,272,265

58,450
845,869

58,450
1,008,574

0
854,353

0
968,247

0
1,176,713

0
1,163,686

5,653,042
4,010,209

7,151,112
5,214,385

7,852,081
5,927,482

8,636,966
6,501,422

13,315,707
10,450,399

10,915,209
8,014,161

1,642,833

1,936,727

1,924,599

2,135,544

2,865,308

2,901,048

1,772,007

2,484,561

2,717,822
2,566,604
0

2,439,947
2,222,650
0

2,509,060
2,198,591
0

2,408,851
2,096,432
0

1,772,007

2,484,561

11,945
139,273

15,016
202,281

17,717
292,752

27,952
284,467

2,659,191
551,987

2,762,029
551,987

3,238,272
634,785

3,710,028
634,785

4,846,332
634,785

4,653,050
1,269,571

551,987
0
2,107,204

551,987
0
2,210,042

634,785
0
2,603,487
490,820
2,112,667

634,785
0
3,075,243
494,491
2,580,752

634,785
0
4,211,547
503,524
3,708,023

1,269,571
0
3,383,479
53,078
3,330,401

9,871,996
4,091,601
5,780,395
8,446,095

11,751,955
4,852,168
6,899,787
10,052,884

1,425,901
693,742

1,699,071
781,553

14,207,448
5,919,363
8,288,085
11,685,262
4,696,489
6,988,773
2,522,186
1,306,429
621,312
685,117

19,885,337
9,116,748
10,768,589
16,582,414
7,297,486
9,284,928
3,302,923
1,662,168
800,060
862,108

25,643,176
8,399,365
17,243,811
20,892,101
10,733,599
10,158,502
4,751,075
2,131,863
1,103,962
1,027,901

25,424,400
10,279,308
15,145,092
21,707,742
10,225,755
11,481,987
3,716,658
2,309,050
1,313,841
995,209

2,293,895
959,259
870,737
707,921
182,027
79,348
0
479,484

713,705
1,093,713
1,017,295
1,551,046
267,652
0
634,785
(2,670,397)

470,495
1,401,983
1,223,505
27,313
252,493
0
0
3,496,067

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

693,742

781,553

262,191
67,352
0
0

201,838
66,000
0
132,337

1,982,288
1,035,224
963,252
204,278
83,787
0
0
442,468

4,431,198
0
194,839
4,010,209

5,246,590
0
135,838
5,214,385

5,956,094
2,566,604
120,491
8,494,086

6,149,975
2,222,650
446,546
8,724,072

7,355,392
2,198,591
1,283,394
12,648,990

7,061,901
2,096,432
(225,180)
10,110,593

0.40
4.82
21.93
0.98
0.95
85.56
2.79
2.61
10.40
5.85

0.37
6.23
21.19
0.95
0.91
85.54
3.49
1.80
7.45
4.17

0.36
7.29
18.81
1.03
0.97
82.25
3.26
1.56
6.81
3.65

0.30
4.82
12.40
1.34
0.99
83.39
2.99
4.95
20.38
11.70
6.63
3.98
1.81
3.56
0.04
8.28
58.45

0.17
4.27
8.72
1.24
1.05
81.47
3.27
8.75
36.25
22.97

0.22
5.51
8.94
1.41
1.01
85.38
2.86
0.14
0.58
0.38

476,245

732,477

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

156

4.38

4.03

3.61
1.21
1.44
0.04
1.90
51.01

2.66
0.00
3.53
48.17

1.72
0.00
2.46
50.04

2.46
2.52
6.05
-0.17
20.22
76.35

3.40
1.02
0.11
0.26
-1.77
36.65

Financial Statement Analysis of Non Financial Sector 2012

International Knitwear Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

17,083

14,365

21,589

32,867

32,990

53,720

53,862

55,217

0
63,068

0
71,249

5,463
67,277

11,267
69,712

17,083
4,411

14,365
4,073

19,981
4,294

31,173
4,890

25,564
3,510

40,447
4,368

0
0

0
86

0
355

0
398

1,608

1,608

1,608

1,608

72,121
1,406
14,133

87,718
15,951
10,430

66,615
3,776
7,530

105,185
219
12,726

74,368
3,081
6,048

66,939
636
12,060

46,324

49,868

45,884

74,038

46,023

46,237

0
10,258

0
11,469

0
9,425

0
18,202

0
19,216

0
8,006

67,516
8,447

66,277
5,500

41,498
0

82,768
10,750

63,507
4,340

70,821
11,045

59,069

60,777

41,498

72,018

59,167

59,776

210

0
0
0

0
0
0

1,667
1,667
0

833
833
0

0
0

0
0

0
0

210

0
0

21,688
30,000

35,596
30,000

46,706
30,000

55,284
32,250

42,184
32,250

49,005
32,250

30,000
0
(8,312)

30,000
0
5,596

30,000
0
16,706
0
16,706

32,250
0
23,034
(6)
23,040

32,250
0
9,934
5
9,929

32,250
0
16,755
0
16,755

145,388
77,743
67,645
130,803

180,260
96,344
83,916
154,243

14,585
4,299

26,017
7,052

158,532
86,831
71,701
137,103
61,726
75,378
21,428
7,378
0
7,378

144,087
94,565
49,522
128,590
60,323
68,267
15,497
7,757
0
7,757

134,540
82,457
52,083
132,923
56,282
76,641
1,617
8,923
0
8,923

158,341
90,726
67,615
140,069
65,447
74,622
18,272
10,655
0
10,655

16,375
1,585
618
6,771
911
0
0
1,415

18,883
3,487
1,613
(10,255)
920
0
0
10,819

19,252
2,844
1,517
7,984
1,124
1,613
0
16,810

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,299

7,052

7,727
1,400
0
0

16,264
1,800
0
0

15,171
4,873
394
12,008
1,700
2,250
0
(19,279)

21,688
0
6,327
8,447

35,806
0
14,464
5,500

46,706
0
8,058
0

55,284
0
5,860
10,750

43,851
1,667
(11,175)
6,007

49,838
833
5,248
11,878

0.71
1.67
31.86
1.63
1.07
89.97
3.11
9.76
41.71
41.71

0.99
1.93
27.66
1.77
1.32
85.57
1.87
17.00
56.78
56.58

1.20
3.07
28.94
1.80
1.61
86.48
0.89
12.62
29.18
29.11
4.58
21.05
31.48
7.57
-0.46
3.44
15.57

0.90
1.10
51.38
1.04
1.27
89.24
1.50
5.99
13.28
13.28

0.77
2.59
34.21
1.25
1.17
98.80
1.54
-8.36
-21.04
-20.69

0.66
1.80
29.20
1.31
0.95
88.46
1.46
7.00
17.51
17.04
4.25
13.13
6.26
5.04
0.23
2.13
15.20

2,425

3,482

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

157

10.29

17.28

5.31
0.00
2.11
7.23

9.02
0.00
4.82
11.87

11.32
11.96
4.70
0.02
1.82
17.14

22.25
-5.36
-7.62
0.17
-3.47
13.08

Financial Statement Analysis of Non Financial Sector 2012

Liberty Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

2008

1,269,866

1,300,242

5,610,999

18,642,315

20,894,732

19,687,152

2,009,584

2,301,420

4,308,640
2,409,997

17,353,689
2,519,947

512,158
22,157,373

255,377
22,805,749

1,269,866
108,136

1,300,242
109,809

1,264,568
123,956

1,252,326
123,517

20,360,693
539,163

19,398,417
1,646,279

5,317
8,518

5,317
6,801

5,921
0

4,190
0

23,957

24,182

15,960

29,168

1,708,580
139,232
596,348

2,021,900
137,788
748,538

2,977,435
829,520
783,221

2,925,102
554,971
1,325,688

12,687,647
146,168
3,471,763

17,143,322
55,425
2,372,913

701,321

856,009

494,723

558,762

8,136,054

13,564,158

2,171
269,508

3,014
276,551

500
869,471

0
485,681

0
933,662

0
1,150,826

1,679,845
776,462

1,634,542
1,037,917

2,463,164
1,723,087

3,836,227
2,211,927

11,636,861
8,632,652

13,279,892
9,800,360

903,383

596,625

740,077

1,624,300

3,004,209

3,479,532

122,433

214,942

3,499,416
3,390,211
23,756

12,490,320
12,367,138
17,756

14,765,357
14,627,458
11,756

13,812,453
13,658,965
5,756

92,830
12,596

113,624
12,518

135,264
12,468

Items

122,433

214,942

72,324
13,125

1,176,168
226,101

1,472,658
226,101

2,625,854
226,101

5,240,870
226,101

7,180,161
230,953

9,738,129
230,953

226,101
0
950,067

226,101
0
1,246,557

226,101
0
2,399,753
634,733
1,765,020

226,101
0
5,014,769
2,845,389
2,169,380

230,953
0
6,949,208
4,278,320
2,670,888

230,953
0
9,507,176
5,816,703
3,690,473

4,428,188
1,014,534
3,413,654
3,790,324

4,602,127
946,512
3,655,615
3,839,156

637,864
254,185

762,971
322,427

5,228,453
1,003,887
4,224,566
4,326,031
3,287,202
1,038,829
902,422
311,086
131,271
179,815

5,612,473
1,209,732
4,402,741
4,710,925
3,950,946
759,979
901,548
345,433
137,013
208,420

19,496,336
13,105,567
6,390,769
15,967,131
14,714,271
1,252,860
3,529,204
461,669
201,336
260,332

32,299,077
23,408,393
8,890,684
25,537,643
21,542,271
3,995,372
6,761,434
566,225
258,123
308,102

384,847
206,083
152,086
569,589
65,921
67,830
0
(1,187,092)

449,848
1,835,040
1,755,626
1,373,825
86,328
34,643
0
(1,187,089)

549,343
3,595,686
3,491,391
2,700,164
109,818
34,643
0
1,207,135

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

254,185

322,427

328,606
52,230
45,220
0

379,387
46,823
33,915
0

338,684
154,943
113,479
605,496
65,689
113,051
0
1,876,560

1,298,601
0
231,156
776,462

1,687,600
0
298,649
1,037,917

6,125,270
3,390,211
426,756
5,113,298

17,731,190
12,367,138
435,838
14,579,065

21,945,519
14,627,458
1,252,855
23,260,110

23,550,582
13,658,965
2,555,703
23,459,325

0.50
1.51
15.84
1.49
1.02
85.60
1.53
11.55
32.47
28.66
6.11
7.43

0.61
2.06
18.60
1.39
1.24
83.42
1.26
12.04
28.65
25.41
9.81
6.15

0.54
2.96
9.46
0.61
1.21
82.74
2.27
10.17
29.55
15.50
4.77
6.68
6.34
11.58
0.31
23.87
116.14

0.29
3.67
9.96
0.26
0.76
83.94
3.12
3.78
14.48
4.78
7.43
4.23
4.75
10.15
-0.07
22.28
231.79

0.71
9.41
41.73
0.58
1.09
81.90
3.68
4.98
22.12
6.93
37.16
5.62
1.78
7.05
-0.04
55.75
310.89

1.03
11.13
42.00
0.88
1.29
79.07
2.78
7.67
31.92
11.87
74.77
13.61
1.77
8.36
0.04
112.16
421.65

66,855

94,892

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

158

7.42
0.00
12.22
52.02

8.24
0.00
14.71
65.13

Financial Statement Analysis of Non Financial Sector 2012

Moonlite (Pak) Ltd.

2008

2009

2010

82,878

82,878

107,227

93,632

85,740

80,448

158,094

158,094

0
232,076

0
180,094

0
180,107

0
180,141

82,878
5,207

82,878
5,207

104,253
199,900

90,658
240,434

84,670
6,001

79,536
5,506

0
1,815

0
1,815

0
0

0
0

1,159

1,159

1,070

912

203,609
2,943
126,763

203,609
2,943
126,763

160,685
421
108,652

117,202
714
83,571

137,248
137
111,416

90,142
74
47,134

58,311

58,311

44,968

28,565

18,881

36,726

0
15,592

0
15,592

0
6,644

0
4,353

1,815
4,999

1,815
4,393

21,074
0

21,074
0

52,847
16,499

35,002
15,500

67,236
14,999

66,783
15,000

21,074

21,074

36,348

19,503

52,237

51,783

0
0
0

0
0
0

0
0
0

0
0
0

0
0

0
0

0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0

265,413
21,596

265,413
21,596

215,065
21,596

175,832
21,596

155,752
21,596

103,807
21,596

21,596
0
243,817

21,596
0
243,817

21,596
0
193,470
399
193,071

21,596
0
154,236
399
153,837

21,596
0
134,156
399
133,757

21,596
0
82,211
399
81,812

156,674
141,830
14,844
152,198

156,674
141,830
14,844
152,198

4,476
23,218

4,476
23,218

105,340
105,340
0
114,726
87,098
27,629
(9,387)
19,044
5,131
13,913

88,589
88,589
0
108,755
51,594
57,161
(20,166)
15,540
5,547
9,993

153,246
150,522
2,724
148,855
113,387
35,468
4,391
22,481
9,176
13,305

111,226
111,226
0
152,363
58,209
94,154
(41,137)
19,816
6,992
12,824

24,519
3,371
2,788
(38,755)
479
0
0
(38,755)

37,127
2,804
2,443
(18,577)
1,539
0
0
(151)

44,690
2,685
2,478
(50,707)
0
0
0
(38)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

23,218

23,218

211,358
901
0
0

211,358
901
0
0

24,272
2,007
1,901
(30,303)
0
1,080
0
30,303

265,413
0
210,457
0

265,413
0
210,457
0

215,065
0
(31,383)
16,499

175,832
0
(39,233)
15,500

155,752
0
(20,116)
14,999

103,807
0
(50,707)
15,000

2.91
2.99
37.22
0.55
9.66
97.14
0.08
70.44
132.47
107.17

2.91
2.99
37.22
0.55
9.66
97.14
0.08
73.78
79.63
79.63

0.86
1.91
42.69
0.39
3.04
108.91
0.25
-10.93
-12.61
-12.61
-28.06
0.97
-14.94
-28.77
0.57
-14.03
99.59

0.84
3.81
32.24
0.42
3.35
122.76
0.20
-16.19
-19.83
-19.83

0.31
1.83
12.32
0.69
2.04
97.13
0.43
-8.56
-11.20
-11.20

0.58
2.41
33.02
0.65
1.35
136.99
0.64
-25.77
-39.07
-39.07

4,681

4,681

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

159

1.24

1.24

134.90
0.00
97.45
122.90

134.90
0.00
97.45
122.90

1.06
-12.90
-43.75
-1.11
-18.17
81.42

1.38
-6.60
-12.12
0.00
-9.31
72.12

2.36
-19.46
-45.59
0.00
-23.48
48.07

OTHER TEXTILES N.E.S.

160

Financial Statement Analysis of Non Financial Sector 2012

Other textiles n.e.s. - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

26,291,327

25,867,545

38,798,682

28,944,135

30,891,873

43,868,088

50,618,280

52,242,519

311,133
52,696,899

338,587
30,473,069

1,930,385
32,053,045

13,628,365
35,719,749

26,273,362
2,510,961

25,852,987
2,748,837

24,143,617
2,420,196

13,897,151
2,880,330

14,797,504
2,864,252

18,283,234
1,212,719

17,965

14,558

8,226
13,794,891

8,928
14,567,403

11,093
14,045,878

10,386
11,841,100

540,815

132,067

107,012

105,003

32,697,481
984,849
13,759,363

36,557,848
744,652
15,244,882

19,935,869
905,262
10,743,823

15,905,257
503,611
9,727,215

19,795,167
623,694
11,773,509

15,549,277
343,663
9,413,923

3,083,246

3,530,134

3,593,603

1,128,393

1,071,542

1,030,035

9,452,133
5,417,890

9,638,699
7,399,481

44,386
4,648,794

128,074
4,417,963

1,706
6,324,716

807
4,760,849

29,109,160
9,929,149

34,589,384
13,047,907

30,878,248
15,437,782

14,050,819
4,251,562

17,097,399
7,628,260

17,427,054
9,198,183

19,180,011

21,541,477

15,440,466

9,799,257

9,469,139

8,228,871

8,068,323

9,793,188

12,461,675
7,561,662
1,005,727

8,358,480
4,455,011
1,013,987

6,942,402
2,627,860
966,585

13,818,938
9,711,619
860,411

6,382

619,500
2,269,983

772,461
2,575,496

936,919
2,309,990

Items

8,061,941

9,793,188

603,295
3,290,990

21,811,325
9,065,606

18,042,821
9,068,275

15,394,627
8,655,225

22,440,097
4,992,015

26,647,238
4,906,726

28,171,371
4,692,069

9,065,606
0
12,745,719

9,068,275
0
8,974,546

8,655,225
0
2,166,646
1,911,758
198,647

4,992,015
0
15,237,051
1,908,604
13,272,204

4,906,726
0
19,344,595
2,041,029
17,303,565

4,692,069
0
17,275,064
1,975,939
15,299,125

4,572,756

2,211,032

2,395,918

6,204,238

43,707,855
37,693,770
6,014,085
41,300,346

46,284,830
39,564,506
6,720,324
45,534,000

2,407,509
1,423,030

750,830
1,913,982

44,148,699
34,903,279
9,245,421
43,873,825
32,732,744
11,139,139
274,874
2,131,836
781,521
1,350,316

47,781,394
36,997,790
10,783,603
42,918,821
35,360,335
7,556,543
4,862,573
2,104,114
613,972
1,490,141

59,843,748
49,405,720
10,438,028
54,194,163
46,419,336
7,774,827
5,649,585
2,025,945
542,683
1,483,262

55,409,855
48,379,240
7,030,615
55,649,108
44,029,492
11,619,616
(239,253)
1,923,165
532,792
1,390,373

2,192,798
1,806,614
1,525,687
4,304,953
743,140
773,609
19,157
66,523

2,592,002
1,487,304
1,273,555
5,811,642
921,760
1,269,003
0
3,812,937

2,529,914
1,680,452
1,449,874
(246,136)
677,571
988,405
0
(1,144,145)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,423,030

1,913,982

568,053
305,932
87,141
0

(2,749,048)
465,922
111,360
880,250

2,512,552
3,980,587
3,124,369
(4,129,847)
301,741
213,508
0
3,918,838

29,879,648
6,382
174,980
9,935,531

27,836,009
0
(3,326,330)
13,047,907

27,856,302
7,561,662
(4,645,096)
22,999,444

30,798,577
4,455,011
2,788,204
8,706,573

33,589,639
2,627,860
3,620,879
10,256,120

41,990,309
9,711,619
(1,912,112)
18,909,802

0.46
5.69
7.05
0.74
1.12
94.49
1.70
0.97
2.62
1.87
3.01
3.18

0.40
6.99
7.63
0.74
1.06
98.38
2.46
-4.53
-13.80
-9.53
-28.87
3.04

0.15
9.02
8.14
0.75
0.65
99.38
2.82
-6.82
-24.70
-14.83
-20.76
4.11
-0.32
-9.35
0.09
-5.12
17.79

0.13
3.78
2.36
1.07
1.13
89.82
1.00
8.31
22.76
14.68
4.60
4.91
3.82
9.01
0.00
7.14
44.95

0.10
2.49
1.79
1.18
1.16
90.56
0.90
12.17
23.68
18.05
3.85
5.08
5.56
9.71
0.16
9.97
54.31

0.08
3.03
1.86
0.93
0.89
100.43
1.11
-0.45
-0.90
-0.65
-0.93
5.89
0.83
-0.44
-0.04
-1.97
60.04

2,487,469

3,233,623

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

161

1.30
0.00
0.44
36.59

-5.94
0.00
-3.55
19.90

Billion Rs

Growth with Composition of Assets & Liabilities

50
45
40
35
30
25
20
15
10
5
0

60%
50%
40%
30%
29.6%
20%
10%
5.4%
1.9%
0%
-10%
-20%
-27.3%
-30%
-40%
Non-Current Current Assets
Current
Non-Current
Shareholders
Assets
Liabilities
Liabilities
Equity
2011
2012
Growth
49.8%

Growth & Composition of Operations

2011

2012

Growth
3000%

70
60

2461.3%

2461.2%

Billion Rs

50

2000%

40

1500%

30

1000%

20

500%

10

0%

-8.0%

0
Sales

-10

Gross Profit

25

-500%

Percentage

12.17

2011
9.97

2012

18.05

10

6
4
2

1.16 0.89

0.90

1.11

0
-5

9.71

10

2012

20
Percentage

2011

23.68

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

15

2500%

Return on
-0.45
Assets

Return-0.9
on
Equity

-2
-0.65

Return on
Capital
Employed

162

Current
Ratio

Debt
Equity
Ratio

-0.44
Net
Earning
Profit Per Share
-1.97
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Al-Abid Silk Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,110,162

2,299,777

2,222,746

2,201,162

2,055,093

5,805,926

3,245,188

3,532,872

0
3,716,460

35,898
3,824,884

0
3,876,469

16,800
7,738,921

2,110,162
181,840

2,299,777
174,177

2,220,860
177,399

2,163,317
1,661,566

2,053,147
1,823,323

5,787,179
162,021

0
0

0
0

0
0

0
0

1,887

1,947

1,947

1,947

3,637,827
42,564
3,151,303

4,756,547
10,770
4,313,862

5,509,273
36,469
4,964,104

6,546,327
63,687
5,761,915

7,041,020
37,465
6,104,611

3,133,196
45,289
2,427,947

107,616

113,021

148,791

305,548

313,196

125,640

0
336,344

0
318,894

0
359,909

0
415,178

0
585,747

0
534,320

4,225,738
2,286,779

5,254,674
2,360,511

5,939,040
2,752,649

6,880,562
2,951,933

7,136,673
3,416,810

7,836,025
3,802,705

1,938,959

2,894,163

3,186,391

3,928,629

3,719,863

4,033,320

236,302

319,889

273,600
133,772
98,861

256,102
107,259
98,861

176,753
69,597
50,000

245,895
42,869
150,000

49,981
0

57,156
0

53,026
0

Items

236,302

319,889

40,966
0

1,285,949
95,783

1,481,761
95,782

1,519,379
95,783

1,610,825
95,783

1,782,687
134,096

857,202
134,096

95,783
0
1,190,166

95,782
0
1,385,979

95,783
0
868,872
257,895
610,977

95,783
0
960,318
257,895
702,423

134,096
0
1,133,892
372,834
761,058

134,096
0
(3,598,943)
372,834
(3,971,777)

554,724

554,724

514,699

4,322,049

4,584,993
152,849
4,432,144
3,987,632

5,495,613
84,139
5,411,474
4,813,612

597,361
230,093

682,001
279,396

9,100,994
64,820
9,036,174
7,789,027
6,534,933
1,254,094
1,311,967
739,516
525,750
213,765

10,826,885
151,007
10,675,879
9,506,908
8,766,831
740,077
1,319,977
661,464
397,500
263,964

10,481,909
255,320
10,226,589
9,141,740
7,542,874
1,598,866
1,340,169
613,705
320,342
293,364

7,556,179
586,748
6,969,431
10,945,431
7,509,407
3,436,024
(3,389,252)
592,826
304,579
288,247

450,033
453,691
189,518
209,021
110,391
0
19,157
308,795

509,024
548,449
364,329
184,814
107,022
0
0
3,752

496,149
680,336
475,864
(4,654,656)
76,420
0
0
26,905

1,959,440
69,597
77,791
3,486,407

1,103,097
42,869
(4,731,076)
3,845,574

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

230,093

279,396

82,418
46,605
0
0

95,056
56,086
7,184
0

304,459
436,777
201,370
136,549
91,747
7,184
0
347,756

1,522,251
0
35,813
2,286,779

1,801,650
0
31,786
2,360,511

1,792,979
133,772
37,618
2,886,421

1,866,927
107,259
98,630
3,059,192

0.03
4.80
1.63
1.18
0.93
85.58
4.09
1.85
9.10
7.60
6.24
1.83
1.68
1.50
0.06
4.68
158.63

0.05
4.19
2.82
1.24
0.95
87.81
4.43
2.54
13.36
11.42

284,850

310,252

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.04
6.21
2.35
0.80
0.86
86.97
3.47
1.48
6.89
5.13

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.45

163

0.02
5.65
2.06
0.78
0.91
87.59
3.76
1.48
6.87
5.72
5.42
1.27

1.80
0.00
3.74
134.26

1.73
0.00
4.07
154.70

0.05
5.23
2.99
1.15
0.99
87.21
4.10
2.07
10.89
9.66

0.02
9.00
1.66
0.85
0.40
144.85
9.43
-51.62
-352.64
-303.97

1.88
2.10
1.93
0.04
10.30
168.18

1.72
1.51
1.76
0.00
5.80
132.94

3.11
-8.78
-61.60
0.00
-352.81
63.92

Financial Statement Analysis of Non Financial Sector 2012

Bannu Woollen Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

428,309

419,174

500,529

559,793

960,393

1,025,078

623,724

629,651

33,180
665,478

2,294
700,005

1,740
1,011,072

0
1,011,860

428,309
23,031

419,174
212,742

440,875
13,445

461,878
15,244

803,062
15,572

812,768
17,399

0
3,380

0
92,812

0
152,782

0
209,061

23,094

2,809

2,809

3,249

240,672
7,106
109,624

294,325
557
139,999

301,386
765
202,272

354,769
1,974
265,674

449,985
1,399
323,893

457,201
1,453
331,816

35,431

50,788

50,106

40,981

56,386

51,557

30,370
58,141

31,495
71,486

0
48,243

0
46,140

0
68,307

0
72,375

73,353
22,776

386,427
70,284

165,464
110,969

162,183
93,958

163,298
99,905

88,370
18,059

50,577

316,143

54,495

68,225

63,393

70,311

67,788

13,354

82,914
1,789
0

98,757
238
0

125,273
0
0

155,842
0
0

33,514
65,005

47,985
77,288

65,909
89,933

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

67,788

13,354

19,790
61,335

527,840
50,700

313,718
76,050

553,537
76,050

653,622
76,050

1,121,807
76,050

1,238,067
76,050

50,700
0
477,140

76,050
0
237,668

76,050
0
236,460
19,445
217,015

76,050
0
338,704
19,445
319,259

76,050
0
476,650
19,445
457,205

76,050
0
585,287
19,445
565,842

241,027

238,868

569,107

576,730

296,016
296,016
0
221,960

332,183
332,183
0
319,692

74,056
30,651

12,491
32,441

391,280
391,280
0
295,269
160,035
135,234
96,011
53,486
16,045
37,441

415,428
415,428
0
302,101
199,897
102,204
113,327
65,753
16,951
48,802

569,195
569,195
0
391,726
243,239
148,487
177,469
80,449
23,039
57,410

663,406
663,406
0
470,891
302,222
168,669
192,515
94,140
26,916
67,224

96,853
10,617
10,479
94,268
2,080
15,210
0
33,890

113,722
9,305
8,486
143,757
5,697
38,025
0
22,309

132,737
16,031
15,206
135,691
0
22,815
0
138,872

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

30,651

32,441

41,698
14,840
0
0

(16,968)
16,300
0
380,250

82,324
5,698
5,583
9,709
8,235
0
0
(4,291)

595,628
0
26,858
22,776

327,072
0
(33,268)
70,284

636,451
1,789
1,474
112,758

752,379
238
76,978
94,196

1,247,080
0
100,035
99,905

1,393,909
0
112,876
18,059

0.99
1.15
11.97
0.44
3.28
74.98
0.27
6.47
8.12
7.60

0.21
0.00
15.29
0.47
0.76
96.24
1.27
-2.45
-4.03
-3.68

0.31
1.46
12.81
0.49
1.82
75.46
0.45
1.28
2.24
2.02

0.26
2.56
9.86
0.45
2.19
72.72
0.40
10.98
15.62
13.58
6.06
1.56
10.00
22.69
0.13
12.12
85.95

0.35
1.63
9.91
0.40
2.76
68.82
0.26
12.37
16.19
14.38
3.63
1.76
17.94
25.26
0.08
18.15
147.51

0.60
2.42
7.77
0.45
5.17
70.98
0.20
9.38
11.50
10.28
5.95
2.00
9.92
20.45
0.57
17.84
162.80

3,412

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

164

2.70

2.37

1.93
2.74
2.48
-0.02
0.19
72.79

14.09
0.00
5.30
104.11

-5.11
0.00
-4.37
41.25

Financial Statement Analysis of Non Financial Sector 2012

Crescent Jute Products Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

203,219

513,232

492,401

747,472

695,960

320,509

355,067

685,277

0
584,164

0
967,418

0
924,806

425,434

203,219
17,883

513,232
22,244

488,474
26,364

745,006
16,198

694,126
37,865

319,944
17,668

0
553

0
135

0
135

135

3,374

2,332

1,699

430

208,313
7,553
68,915

310,198
2,955
158,192

241,100
25,249
143,146

540,450
14,778
255,897

323,331
7,722
148,795

80,956
4,137
47,410

8,051

84,713

29,113

142,284

116,059

4,258
60,080

0
43,592

76,760
50,731

1,524
49,231

615
28,795

416,434
130,025

491,898
191,679

255,252
191,679

552,681
369,816

475,784
311,035

409,640
169,723

286,409

300,219

63,573

182,865

164,749

239,917

40,000

17,519

264,575
17,519
59,269

245,488
14,267
57,845

112,847

151,564
17,519
63,105

0
187,787

0
173,376

39,625

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

72,363
51,431

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

73,222

40,000

17,519

0
70,941

(44,902)
150,635

314,013
237,635

326,685
237,634

470,666
237,635

298,019
237,635

(121,022)
237,635

150,635
0
(195,537)

237,635
0
76,378

237,634
0
(295,068)
35,768
(330,836)

237,635
0
(369,965)
35,768
(405,733)

237,635
0
(432,273)
35,768
(468,041)

237,635
0
(614,029)
35,768
(649,797)

384,119

602,997

492,658

255,372

461,600
404,903
56,697
478,928

711,121
634,903
76,218
656,638

(17,328)
75,505

54,483
82,890

999,999
966,739
33,260
871,564
565,923
305,642
128,434
95,005
17,400
77,606

566,002
547,140
18,862
525,658
446,813
78,845
40,343
85,834
8,966
76,868

453,768
417,876
35,892
524,173
335,021
189,152
(70,405)
82,701
13,407
69,294

28,640
24,514
4,126
127,321
0
127,321
(98,681)
61,612
1,801
59,811

128,309
39,183
38,540
(84,068)
2,931
0
0
(285,073)

110,902
55,081
54,341
(96,532)
412
0
0
(28,969)

31,469
40,174
35,750
(196,593)
90
0
0
74,206

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

75,505

82,890

160,830
3,112
0
0

23,493
4,141
0
0

205,939
30,776
29,842
5,188
333
0
0
109,655

(4,902)
0
157,718
130,025

331,532
0
19,352
191,679

478,249
17,519
4,855
209,198

735,241
17,519
(86,999)
387,335

543,508
14,267
(96,944)
325,302

(8,176)
0
(196,683)
169,723

0.21
9.34
1.74
1.12
0.50
103.75
-10.17
34.66
-160.81
-267.99

0.19
2.48
11.91
0.86
0.63
92.34
1.62
3.80
17.46
14.39

0.21
3.08
2.91
1.36
0.94
87.16
1.25
0.67
1.62
1.28

0.42
6.92
25.14
0.44
0.98
92.87
1.74
-8.32
-21.09
-13.86

0.26
12.14
25.58
0.45
0.68
115.52
2.42
-8.37
-25.12
-15.10

0.01
140.27
0.00
0.07
0.20
444.55
-4.32
-27.67
-222.14
-73.45

43,105

17,619

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

165

6.70

4.50

6.99
1.17
0.52
0.27
0.20
13.75

2.21
-1.18
-14.85
-0.35
-3.66
19.81

3.05
-0.78
-21.27
-0.04
-4.08
12.54

0.60
-4.50
-686.43
0.14
-8.28
-5.09

34.84
0.00
10.47
-2.98

3.30
0.00
0.81
13.21

Financial Statement Analysis of Non Financial Sector 2012

Ibrahim Fibres Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

7,512,306

7,515,665

21,407,628

21,547,107

22,633,606

32,014,498

14,073,054

14,964,754

132,295
16,069,677

252
16,220,027

1,719,740
16,790,565

13,384,656
17,436,238

7,494,543
767,223

7,501,107
743,027

7,684,718
723,283

7,190,161
758,214

7,109,168
715,480

7,054,229
710,379

17,763

14,558

14,005
13,572,874

8,928
14,318,836

11,093
13,769,491

10,386
11,542,754

3,736

28,930

24,114

22,473

13,155,479
297,480
2,495,261

16,340,927
244,560
4,173,311

5,071,029
169,515
2,909,688

5,469,824
72,754
2,355,116

7,476,830
155,388
2,676,081

7,301,493
52,409
4,378,138

Items

119,188

129,139

162,983

138,790

162,236

217,279

8,535,576
1,707,974

9,326,015
2,467,902

0
1,828,843

0
2,903,165

0
4,483,125

0
2,653,667

6,640,474
1,800,910

8,714,898
2,302,166

6,392,585
3,279,478

5,237,463
672,269

6,287,338
2,486,982

5,656,437
3,548,434

4,839,564

6,412,732

3,113,107

4,565,193

3,800,356

2,108,003

4,911,549

5,580,842

8,215,229
6,161,208
0

6,541,364
4,325,000
0

5,047,037
2,541,667
0

11,726,798
9,262,500
0

4,911,549

5,580,842

312,580
1,741,442

401,887
1,814,477

525,356
1,980,014

681,223
1,783,075

9,115,762
3,105,070

9,560,852
3,105,070

11,870,843
3,105,070

15,238,104
3,105,070

18,776,061
3,105,070

21,932,756
3,105,070

3,105,070
0
6,010,692

3,105,070
0
6,455,782

3,105,070
0
8,765,773
1,150,373
7,615,400

3,105,070
0
12,133,034
1,157,521
10,975,513

3,105,070
0
15,670,991
1,164,673
14,506,318

3,105,070
0
18,827,686
1,138,978
17,688,708

16,330,362
16,267,891
62,471
14,699,851

21,557,329
21,447,443
109,886
19,370,621

1,630,511
445,666

2,186,708
553,600

22,059,607
21,978,281
81,326
19,748,551
15,930,333
3,818,218
2,311,056
575,247
126,675
448,572

27,123,869
27,045,970
77,899
24,374,579
19,800,852
4,573,727
2,749,289
774,323
158,861
615,463

37,300,680
37,168,223
132,457
34,177,383
29,453,730
4,723,653
3,123,297
843,982
152,782
691,200

35,852,566
35,797,663
54,903
33,230,401
28,003,130
5,227,271
2,622,165
833,802
158,541
675,261

1,083,456
1,262,093
1,258,590
3,893,805
461,282
621,014
0
(254,615)

1,384,727
828,975
824,716
4,874,537
644,189
931,521
0
3,681,384

1,412,702
780,322
771,406
4,452,326
531,392
931,521
0
(1,350,174)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

445,666

553,600

1,768,636
132,484
0
0

2,109,505
262,898
0
500,000

780,302
1,387,288
1,379,814
1,926,152
94,430
0
0
2,374,480

14,027,311
0
1,636,152
1,800,910

15,141,694
0
1,846,607
2,302,166

20,086,073
6,161,208
1,831,722
9,440,686

21,779,469
4,325,000
2,811,508
4,997,269

23,823,098
2,541,667
3,298,827
5,028,649

33,659,554
9,262,500
2,989,413
12,810,934

1.35
5.67
0.73
0.79
1.98
90.02
1.27
8.97
20.95
12.95

1.11
4.04
0.60
0.90
1.88
89.86
1.50
9.48
22.59
14.46

0.05
6.29
0.74
0.83
0.79
89.52
1.23
7.65
17.97
10.94

0.04
4.65
0.51
1.00
1.04
89.86
0.77
14.56
28.73
18.60
5.53
11.52
4.09
14.36
-0.02
11.05
49.07

0.05
2.22
0.43
1.24
1.19
91.63
0.60
17.07
28.66
21.38
4.54
13.94
6.91
13.07
0.32
13.62
60.47

0.05
2.18
0.61
0.91
1.29
92.69
0.79
12.83
21.87
15.49
4.21
8.19
6.77
12.42
-0.08
12.63
70.64

925,671

870,923

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

6.54

5.17

7.58
2.40
8.73
0.16
5.90
38.23

10.83
0.00

9.79
0.00
5.95
30.79

166

Financial Statement Analysis of Non Financial Sector 2012

Latif Jute Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

62,764

62,764

89,234

90,282

90,132

90,947

62,764

62,764

0
0

0
1,095

0
1,122

0
2,207

62,764
0

62,764
0

0
0

938
156

788
178

1,503
370

0
88,960

0
88,960

0
88,960

0
88,960

274

384

384

484

716
55
0

461
38
0

305
191
0

350
80
0

596
30
0

1,024
186
0

0
661

0
423

0
114

0
270

0
566

0
838

29,108
0

27,602
25,170

1,927
0

1,623
339

1,749
263

2,844
479

29,108

2,432

1,927

1,283

1,486

2,365

23,166
0
23,140

23,458
444
23,015

23,168
0
22,865

23,482
0
22,665

0
0

0
303

0
817

0
26

34,372
35,574

35,623
35,574

64,446
35,574

65,551
35,574

65,811
35,574

65,645
35,574

35,574
0
(1,202)

35,574
0
49

35,574

35,574
0
(22,063)
0
(22,063)

(20,957)

35,574
0
(20,698)
0
(20,698)

35,574
0
(20,864)
0
(20,864)

50,935

50,935

50,935

50,935

0
0
0
0

0
0
0
0

0
6,022

0
2,795

0
0
0
0
0
0
0
3,167
0
3,167

0
0
0
0
0
0
0
4,533
0
4,533

0
0
0
0
0
0
0
3,699
0
3,699

0
0
0
0
0
0
0
4,200
0
4,200

1,015
2
0
1,721
581
0
0
1,436

1,133
160
0
689
420
0
0
344

1,166
105
0
254
420
0
0
811

(20,957)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,022

2,795

(1,010)
0
0
0

1,435
173
0
0

989
2
2
28,947
236
0
0
1,261

34,372
0
(1,010)
0

35,623
0
1,262
25,170

87,612
0
28,711
0

89,010
444
1,140
783

88,978
0
269
263

89,127
0
(166)
479

0.00

0.00

0.10

0.05

0.02

0.07

0.00
0.02

0.00
0.02

0.00
0.16

0.00
0.22

0.00
0.34

0.00
0.36

10

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

167

0.85
-1.58
-2.90
-2.90

0.77
2.27
4.10
4.10

0.39
37.90
57.85
46.98

0.38
1.91
2.65
1.95

0.38
0.76
1.05
0.77

0.40
0.28
0.39
0.29

0.00
-0.28
9.66

0.00
0.35
10.01

0.05
8.07
18.12

0.06
0.32
18.43

0.01
0.08
18.50

0.03
-0.05
18.45

15,236.47

Financial Statement Analysis of Non Financial Sector 2012

Noor Silk Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

326

57

573

567

563

563

3,036

2,774

0
2,774

0
2,774

0
2,774

0
2,774

326
7

57
2,716

52
6

46
5

304
5

304
5

0
0

0
0

0
0

0
0

521

521

259

259

1,160
896
0

1,945
1,418
0

1,604
1,598
0

1,584
1,578
0

1,976
1,970
0

1,976
1,970
0

0
264

0
527

0
6

0
6

0
6

0
6

13,613
0

12,938
0

0
0

0
0

6,015
0

6,015
0

13,613

12,938

6,015

6,015

12,595
0
6,586

12,214
0
6,201

6,201
0
6,201

6,201
0
6,201

0
6,013

0
0

0
0

0
6,009

(12,127)
4,000

(10,936)
4,000

(10,418)
4,000

(10,063)
4,000

(9,677)
4,000

(9,677)
4,000

4,000
0
(16,127)

4,000
0
(14,936)

4,000
0
(14,418)
0
(14,418)

4,000
0
(14,063)
0
(14,063)

4,000
0
(13,677)
0
(13,677)

4,000
0
(13,677)
0
(13,677)

0
0
0
0

0
0
0
0

0
1,186

0
923

0
0
0
0
0
0
0
995
0
995

0
0
0
0
0
0
0
1,154
0
1,154

0
0
0
0
0
0
0
1,134
0
1,134

0
0
0
0
0
0
0
1,134
0
1,134

326
0
0
478
122
0
0
365

398
0
0
515
130
0
0
392

398
0
0
515
130
0
0
392

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,186

923

14
60
0
0

1,316
125
0
0

299
0
0
578
60
0
0
554

(12,127)
0
(46)
0

(10,936)
0
1,191
0

2,177
0
518
0

2,151
0
356
0

(3,476)
0
385
0

(3,476)
0
385
0

0.07

0.11

0.33

0.33

0.00
0.09

0.00
0.15

0.00

0.00

0.00
0.33

0.00
0.33

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

168

-1.12
0.87
-0.12
-0.12

-1.18
75.46
-11.41
-11.41

-1.21
27.67
-5.42
-13.20

-1.21
22.09
-4.67
22.08

-1.26
21.96
-5.22
-77.76

-1.26
20.28
-5.32
-14.82

0.00
-0.12
-30.32

0.00
2.98
-27.34

0.04
1.30
-26.04

0.03
0.89
-25.16

0.03
0.96
-24.19

0.03
0.96
-24.19

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Synthetics Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

503,267

425,733

362,415

315,552

1,155,818

1,187,985

1,942,382

1,953,648

0
1,990,974

0
2,030,733

181,907
2,839,463

0
3,227,809

503,132
84,324

425,733
98,321

360,693
103,427

293,070
108,199

972,801
129,350

1,186,323
150,300

135

0
0

0
0

0
0

0
0

1,722

22,482

1,110

1,662

771,295
3,641
294,620

1,270,075
15,022
683,183

939,751
121,015
326,747

1,008,315
173,384
306,111

1,488,601
388,927
526,186

1,821,560
161,455
836,101

291,398

356,525

332,029

370,895

337,851

578,112

0
181,636

0
215,345

0
159,960

0
157,925

0
235,637

0
245,892

356,499
74,207

789,312
184,089

365,457
41,215

417,192
0

1,362,732
1,088,371

1,390,122
829,060

282,292

605,223

324,242

417,192

274,361

561,062

67,376

50,016

37,898
0
0

26,093
0
0

114,801
0
0

546,070
406,250
0

26,093
0

25,617
89,184

28,746
111,074

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

67,376

50,016

30,602
7,296

850,687
560,400

856,480
560,400

898,811
560,400

880,582
560,400

1,166,886
560,400

1,073,353
560,400

560,400
0
290,287

560,400
0
296,080

560,400
0
338,411
0
338,411

560,400
0
320,182
0
320,182

560,400
0
606,486
0
606,486

560,400
0
512,953
0
512,953

1,559,550
1,559,550
0
1,601,230

2,284,268
2,284,268
0
2,162,806

(41,680)
55,545

121,462
80,923

2,452,646
2,452,646
0
2,310,990
1,683,530
627,460
141,656
68,698
10,890
57,808

3,280,755
3,280,755
0
3,133,503
2,576,839
556,664
147,252
73,509
11,809
61,700

4,154,303
4,154,303
0
3,567,817
3,011,953
555,864
586,486
157,587
17,048
140,539

4,397,083
4,397,083
0
4,174,499
3,702,046
472,453
222,584
110,124
25,884
84,240

106,754
7,033
1,695
76,580
53,334
0
0
194,106

144,384
9,417
6,171
440,579
43,812
112,080
0
97,455

137,149
91,887
87,480
40,437
0
0
0
(90,854)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

55,545

80,923

(102,945)
7,798
0
0

23,347
11,415
0
0

90,171
19,255
15,904
62,823
14,769
70,050
0
348,293

918,063
0
(110,743)
74,207

906,496
0
11,932
184,089

936,709
0
(21,996)
41,215

906,675
0
23,246
0

1,281,687
0
284,687
1,088,371

1,619,423
406,250
40,437
1,235,310

0.83
0.64
18.68
1.22
2.16
102.67
0.50
-8.02
-11.23
-10.83

0.47
0.83
15.61
1.35
1.61
94.68
0.98
1.57
2.74
2.56

1.24
0.79
13.54
1.88
2.57
94.22
0.45
4.19
7.16
6.82
0.69
7.51
4.95
2.56
0.86
0.86
16.04

1.30
0.21
11.31
2.48
2.42
95.51
0.50
5.83
8.61
8.31

0.53
0.23
8.13
1.57
1.09
85.88
1.27
22.21
43.04
40.27
3.54
7.90
72.40
10.61
0.07
7.08
20.82

0.53
2.09
13.15
1.46
1.31
94.94
1.80
1.43
3.61
2.79

10,027

19,001

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

169

5.29

3.34

-6.60
0.00
-1.98
15.18

1.02
0.00
0.21
15.28

10.72
46.18
2.33
0.44
0.41
15.71

5.26
1.46
0.92
-0.05
0.72
19.15

Financial Statement Analysis of Non Financial Sector 2012

Rupali Polyester Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

943,955

992,533

1,113,163

1,244,063

1,224,168

1,542,894

2,422,492

2,594,338

2,845
2,634,322

300,143
2,650,301

26,998
3,019,111

226,909
3,195,563

943,955
71,158

992,533
85,844

969,334
88,116

907,586
85,578

1,192,889
83,843

1,311,704
113,854

0
92,064

0
32,150

0
0

0
0

48,920

4,184

4,281

4,281

1,782,874
458,118
774,371

1,938,874
366,644
881,259

1,609,448
527,326
607,564

1,560,041
168,314
687,403

2,748,464
10,266
1,925,566

2,558,210
74,688
1,354,876

17,325

3,945

5,481

61,302

65,930

36,621

87,875
445,185

91,844
595,182

0
469,077

0
643,022

0
746,702

0
1,092,025

677,816
0

516,869
0

230,032
0

241,656
0

1,146,577
10,817

1,400,079
639,173

677,816

516,869

230,032

241,656

1,135,760

760,906

279,678

263,293
0
0

261,634
0
0

329,253
0
0

370,661
0
0

70,672
190,962

79,661
249,592

90,933
279,728

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

279,678

64,871
198,422

2,049,013
340,685

2,134,860
340,685

2,229,286
340,685

2,300,814
340,685

2,496,802
340,685

2,330,364
340,685

340,685
0
1,708,328

340,685
0
1,794,175

340,685
0
1,888,601
71,490
1,817,111

340,685
0
1,960,129
71,490
1,888,639

340,685
0
2,156,117
71,490
2,084,627

340,685
0
1,989,679
71,490
1,918,189

4,130,672
4,104,562
26,110
3,925,623

4,240,964
4,240,964
0
3,982,831

205,049
112,221

258,133
115,006

4,237,268
4,237,268
0
3,937,467
3,075,092
862,375
299,801
124,810
12,376
112,434

4,774,324
4,774,324
0
4,301,276
3,169,957
1,131,319
473,048
260,770
13,669
247,101

6,455,848
6,420,837
35,011
5,804,892
5,664,817
140,075
650,956
185,600
15,397
170,203

6,390,922
6,390,922
0
6,175,904
4,299,341
1,876,563
215,018
142,834
14,781
128,053

227,178
2,925
5
286,005
107,860
136,274
0
98,235

272,250
11,914
6,493
503,881
116,219
187,377
0
62,959

269,128
43,516
39,073
81,750
63,909
34,069
0
58,680

2,562,448
0
41,871
0

2,826,055
0
200,285
10,817

2,701,025
0
(16,228)
639,173

0.07
0.18
1.02
1.63
2.40
89.92
0.59
14.87
21.01
18.70
2.07
3.35
78.60
7.81
0.04
11.38
73.29

0.08
0.68
0.57
1.56
1.83
96.64
0.76
2.03
3.39
2.96
0.52
4.72
3.09
1.28
0.03
0.52
68.40

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

112,221

115,006

165,044
19,879
85,171
0

227,539
56,428
102,206
0

221,836
3,215
86
261,092
90,972
136,274
0
329,278

2,049,013
0
59,994
0

2,414,538
0
68,905
0

2,492,579
0
33,846
0

2,661

2,213

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.83
0.06
0.42
1.51
2.63
95.04
0.33
6.43
7.76
7.76
1.70
5.33

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

170

0.89
0.05
0.09
1.45
3.75
93.91
0.37
8.04
10.88
10.20
1.67
4.81

4.00
0.00
4.26
60.14

5.37
0.00
5.02
62.66

2.32
0.08
0.13
1.56
7.00
92.92
0.22
9.24
11.97
10.64
1.25
6.97
3,036.95
6.16
0.67
4.99
65.44

0.95
0.06
1.28
1.70
6.46
90.09
0.22
10.35
12.63
11.32
1.31
6.95
57,202.00
5.99
0.20
5.23
67.53

Financial Statement Analysis of Non Financial Sector 2012

S.G. Fibres Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

825,114

782,836

743,123

705,900

670,995

638,246

1,822,875

1,822,875

0
1,820,349

0
1,817,189

0
1,816,368

0
1,809,955

825,047
45,055

782,836
42,211

743,027
39,537

705,804
37,104

670,899
34,870

638,150
32,434

67

0
0

0
0

0
0

0
0

96

96

96

96

356,930
2,997
25,156

321,479
969
23,363

101,848
1,683
6,757

99,995
2,654
3,933

79,237
610
3,933

64,260
9
1,959

1,964

51

0
326,813

0
297,096

0
93,408

0
93,408

0
74,694

0
62,292

751,172
0

1,008,566
0

189,645
0

182,872
0

179,460
0

297,329
0

751,172

1,008,566

189,645

182,872

179,460

297,329

302,317

353,037

579,909
0
568,807

587,515
0
576,413

590,549
0
579,446

470,528
0
459,426

5,364
5,738

5,364
5,738

5,364
5,738

Items

302,317

353,037

5,364
5,738

128,555
150,000

(257,288)
150,000

75,417
150,000

35,508
150,000

(19,777)
150,000

(65,351)
150,000

150,000
0
(21,445)

150,000
0
(407,288)

150,000
0
(74,583)
337,400
(411,983)

150,000
0
(114,492)
337,400
(451,892)

150,000
0
(169,777)
337,400
(507,177)

150,000
0
(215,351)
337,400
(552,751)

384,282
351,755
32,527
649,337

0
0
0
37,389

(265,055)
38,867

(37,389)
11,602

0
0
0
33,474
0
33,474
(33,474)
13,448
0
13,448

0
0
0
34,207
0
34,207
(34,207)
11,681
0
11,681

0
0
0
48,578
0
48,578
(48,578)
10,684
0
10,684

0
0
0
35,097
0
35,097
(35,097)
13,976
0
13,976

3,724
3
0
(39,910)
0
0
0
(7,332)

2,558
88
0
(55,285)
0
0
0
(5,203)

16
1
0
(45,572)
0
0
0
(3,060)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

38,867

11,602

(337,144)
1,154
0
0

(48,339)
0
0
0

2,478
32
0
(44,312)
0
0
0
193,551

430,872
0
(338,298)
0

95,749
0
(48,339)
0

655,326
0
(44,312)
0

623,023
0
(39,910)
0

570,772
0
(55,285)
0

405,177
0
(45,572)
0

0.01
9.25
0.51
0.33
0.48
168.97
8.19
-24.26
-112.25
-68.32

0.00

0.01

0.01

0.00

0.00

0.00
0.32

0.00
0.54

0.00
0.55

0.00
0.44

0.00
0.22

35,552

2,138

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

10.20
-4.55
48.73
-11.80

21.70
-4.83
-71.96
-6.24

-38.93
-7.11
-702.89
-9.26

-11.75
-6.27
107.07
-9.34

15.28

0.00

0.00

0.00

0.00

0.00

0.00
-3.22
-17.15

0.25
-2.95
5.03

-0.01
-2.66
2.37

-0.01
-3.69
-1.32

0.00
-3.04
-4.36

-87.73
0.00
-22.55
8.57

171

-5.29
-4.23
75.10
-18.36

Financial Statement Analysis of Non Financial Sector 2012

Suhail Jute Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

235,994

754,940

811,866

804,064

921,618

914,707

416,020

342,572

0
942,614

0
942,631

0
868,761

0
868,988

235,994
7,064

754,940
7,607

746,875
8,107

739,182
7,710

854,279
676

846,217
8,289

0
2,550

0
0

0
0

0
190

62,441

64,883

67,339

68,300

488,077
4,493
89,639

448,218
2,375
90,450

199,731
2,642
101,728

233,761
1,606
68,568

79,276
15,982
19,007

34,587
451
824

5,754

33,991

5,676

45,195

4,200

298,362
89,829

2,550
318,852

44,386
45,298

51,314
67,077

182
39,904

192
33,120

295,577
214,003

257,545
228,117

194,576
0

226,763
155,102

234,064
180,650

250,908
158,810

81,574

29,428

194,576

71,661

53,414

92,098

7,382

22,682

23,104
0
0

26,038
0
0

24,486
0
0

26,928
0
22,975

6,382

26,038
0

24,486
0

3,953
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

1,000

22,682

0
23,104

421,112
37,450

922,931
37,450

793,917
37,450

785,024
37,450

742,344
37,450

671,458
37,450

37,450
0
383,662

37,450
0
885,481

37,450
0
37,032
0
37,032

37,450
0
33,446
(10,301)
43,747

37,450
0
(14,246)
33
(14,279)

37,450
0
(188,815)
24
(188,839)

719,435

714,128

719,139

822,823

236,495
233,782
2,713
236,001

253,742
240,343
13,399
244,434

494
28,550

9,308
35,816

344,967
344,967
0
296,144
197,717
98,427
48,823
31,262
5,574
25,688

414,395
414,395
0
370,696
243,390
127,306
43,700
29,219
5,918
23,302

61,385
61,385
0
182,985
16,842
166,143
(121,600)
29,538
274
29,264

18,093
18,093
0
18,183
0
18,183
(90)
49,128
40
49,088

70,814
26,630
23,984
(4,610)
2,609
0
0
(29,897)

27,420
19,064
4,749
(176,933)
27
0
0
(23,636)

19,085
23,204
20,909
(69,486)
181
0
0
(15,287)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,550

35,816

(7,627)
1,163
0
0

24,278
1,243
0
0

75,889
43,532
42,771
(22,132)
0
0
0
(10,342)

428,494
6,382
(8,790)
220,385

945,613
0
23,035
228,117

817,021
0
(22,132)
0

811,062
0
(7,219)
155,102

766,829
0
(176,960)
180,650

698,386
0
(69,667)
158,810

1.04
11.57
2.43
0.33
1.65
99.79
0.72
-1.11
-1.92
-1.87

0.15
12.57
13.40
0.21
1.74
96.33
0.30
2.52
3.61
3.53

0.27
12.62
1.65
0.34
1.03
85.85
0.27
-2.00
-2.58
-2.51

0.43
6.43
10.91
0.40
1.03
89.45
0.32
-0.45
-0.58
-0.57

0.09
31.06
6.84
0.06
0.34
298.09
0.35
-17.36
-23.17
-22.43

0.00
128.25
0.00
0.02
0.14
100.50
0.41
-7.13
-9.83
-9.48

27,357

31,893

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

172

2.64

2.81

3.39
0.48
-6.42
-0.05
-5.91
211.99

6.04
0.81
-1.11
-0.12
-1.93
209.62

3.23
-36.26
-288.23
-0.09
-47.25
198.22

21.96
-2.32
-384.05
-0.06
-18.60
179.29

-3.23
0.00
-2.35
112.45

9.57
0.00
6.15
246.44

Financial Statement Analysis of Non Financial Sector 2012

The National Silk & Rayon Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

149,480

171,672

160,148

177,806

170,387

240,839

268,800

0
268,800

0
253,656

0
287,925

149,480
11,932

171,672
11,238

157,175
13,496

174,339
11,613

167,446
13,171

324,913

0
0

0
0

0
0

2,973

3,467

2,941

1,822

61,249
1,735
17,833

101,264
9,332
29,364

70,846
1,894
23,803

74,972
2,463
22,046

91,332
3,801
45,028

94,813
1,616
34,852

24,335

27,377

23,340

23,187

15,472

20,826

0
17,346

0
35,191

0
21,808

0
27,276

0
27,031

37,519

133,710
19,545

188,248
27,096

58,572
4,616

74,386
8,144

88,007
33,427

89,286
31,741

114,165

161,152

53,957

66,242

54,580

57,545

11,847

11,160

107,590
4,551
97,089

106,254
2,329
97,089

133,686

102,485
3,594
92,089

5,951
0

6,836
0

7,765

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

326,735

125,922

11,847

11,160

5,385
1,417

65,172
11,109

73,528
11,109

69,937
11,109

70,802
11,109

67,458
11,109

198,576
11,109

11,109
0
54,063

11,109
0
62,419

11,109
0
10,313
0
10,313

11,109
0
6,970
0
6,970

11,109

11,109
0
9,449
0
9,449

11,138

49,379

49,379

49,379

176,329

302,956
0
302,956
279,479

321,137
0
321,137
300,632

23,477
17,057

20,505
15,228

390,774
371,277
19,497
371,971
166,364
205,607
18,804
21,331
836
20,495

378,186
367,222
10,964
356,855
155,756
201,099
21,330
17,101
288
16,813

365,110
357,030
8,080
343,775
150,860
192,915
21,335
16,211
383
15,828

502,966
500,811
2,155
471,381
213,346
258,035
31,585
19,390
250
19,139

24,311
4,413
2,877
1,827
1,944
1,111
0
5,566

25,459
4,849
4,270
1,700
3,826
0
0
1,104

29,916
4,875
4,186
9,198
5,030
0
0
15,364

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

11,138

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,057

15,228

594
1,543
0
0

2,983
1,617
0
0

26,834
3,762
2,566
(658)
202
0
0
13,113

77,019
0
(949)
19,545

84,688
0
1,366
27,096

172,422
3,594
(859)
8,209

178,392
4,551
(1,228)
12,695

173,712
2,329
(2,126)
35,756

332,263
0
4,168
31,741

0.19
2.54
8.03
1.44
0.46
92.25
2.23
0.28
0.85
0.75

0.20
1.91
8.53
1.18
0.54
93.61
2.71
1.23
4.30
3.69

0.43
0.96
5.97
1.69
1.21
95.19
2.30
-0.26
-0.92
-0.51

0.34
1.17
6.13
1.50
1.01
94.36
2.57
0.76
2.60
1.04
-0.10
17.15
1.64
0.48
0.03
-0.10
63.73

0.22
1.33
4.24
1.40
1.04
94.16
2.88
0.66
2.46
0.97

0.25
0.97
4.14
1.19
1.06
93.72
1.12
2.69
6.91
3.64

7,680

6,144

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

173

16.99

10.94

16.42
0.74
-0.17
0.08
-0.77
62.95

0.20
0.00
-0.85
58.67

0.93
0.00
1.23
66.19

8.11
1.40
0.47
0.01
-1.91
60.72

14.43
3.20
1.83
0.07
3.75
178.75

FOOD

174

Financial Statement Analysis of Non Financial Sector 2012

Food Sector - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

58,263,535

72,014,616

89,823,067

99,198,095

125,406,114

147,357,246

90,582,196

106,983,528

4,429,716
118,517,890

7,065,725
126,701,027

14,848,955
149,165,288

19,706,436
165,351,217

57,801,327
4,681,418

71,057,604
4,670,296

77,179,963
5,710,359

81,276,519
5,960,799

98,386,698
15,145,769

112,933,498
400,680,080

462,208

957,012

1,258,812
4,104,428

1,749,492
4,989,558

2,320,500
5,773,612

1,788,317
7,505,478

2,850,148

4,116,801

4,076,349

5,423,517

53,140,938
4,138,980
21,732,416

62,306,422
3,176,889
28,517,439

53,944,041
4,670,940
27,626,646

57,708,550
6,390,993
27,472,658

101,579,798
6,568,430
59,681,617

115,691,552
6,612,104
63,909,779

3,855,199

6,348,583

4,068,960

4,600,336

7,114,222

8,897,002

6,520,561
16,893,782

5,682,571
18,580,940

616,985
16,960,511

804,921
18,439,642

2,406,267
25,809,262

4,647,961
31,624,706

69,304,316
28,952,468

80,265,311
32,869,478

64,292,832
29,081,728

68,909,614
30,244,671

107,209,448
50,810,622

120,981,328
54,627,585

40,351,848

47,395,833

35,211,104

38,664,942

56,398,826

66,353,743

14,659,357

21,199,784

39,678,532
16,281,911
9,521,870

37,655,178
13,894,942
11,173,538

52,486,930
24,593,351
12,819,574

62,031,317
29,824,763
14,543,174

392,818

14,659,357

21,199,784

607,752
13,267,000

1,037,904
11,155,976

1,444,375
13,629,631

1,606,895
16,056,485

27,440,800
9,528,077

32,855,943
9,900,358

39,795,741
11,188,197

50,341,852
12,434,606

67,289,534
20,342,931

80,036,152
20,263,985

9,455,077
73,000
17,912,723

9,822,575
77,783
22,955,585

11,115,697
72,500
17,050,177
2,719,330
6,576,548

12,434,106
500
22,483,646
2,792,702
19,684,070

20,342,431
500
30,039,411
3,943,354
26,213,635

20,263,985
0
43,312,010
4,760,079
38,551,931

11,557,367

15,423,600

16,907,192

16,460,157

150,160,373
142,614,873
7,545,500
123,173,540

191,071,729
175,067,233
16,004,496
154,742,139

26,986,833
17,926,813

36,329,590
22,208,245

197,440,211
183,332,584
14,107,627
151,188,999
116,890,099
34,298,900
46,251,212
25,593,203
16,338,479
9,254,724

269,450,066
251,676,281
17,773,785
216,785,696
178,616,092
38,169,603
52,664,370
27,087,181
18,006,109
9,081,072

346,551,314
319,338,142
27,213,172
275,631,563
201,955,630
73,675,934
70,919,751
37,213,614
25,317,944
11,895,670

386,067,201
352,295,486
33,771,715
304,951,457
252,591,369
52,360,088
81,115,744
44,205,315
31,154,196
13,051,119

12,582,073
7,693,650
6,766,542
19,598,319
6,246,397
9,631,837
287,725
23,477,157

16,705,251
11,243,151
10,507,631
25,227,564
7,499,918
11,509,710
834,411
9,435,978

21,044,296
11,599,865
10,742,498
29,569,194
7,352,866
14,402,269
124,989
28,355,553

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,926,813

22,208,245

7,320,645
2,388,852
3,931,077
181,771

9,682,555
3,389,531
4,625,349
227,790

12,474,704
8,424,632
7,289,873
15,233,440
4,608,293
4,981,054
1,486,629
21,594,565

42,100,157
0
1,000,716
28,952,468

54,055,727
0
1,667,675
32,869,478

79,474,273
16,281,911
5,644,093
45,363,638

87,997,029
14,287,760
3,720,084
44,532,432

119,776,464
24,593,351
6,217,936
75,403,973

142,067,469
29,824,763
7,814,059
84,452,348

0.21
3.52
2.57
1.35
0.77
82.03
3.06
7.00
27.99
18.18
1.25
6.91

0.19
3.42
3.32
1.42
0.78
80.99
3.09
7.88
32.12
20.14
1.36
6.70

0.15
4.27
2.06
1.37
0.84
76.57
2.61
10.96
41.94
22.82
2.13
7.15
3.09
7.72
0.21
9.01
33.74

0.17
2.86
1.71
1.72
0.84
80.45
2.12
13.04
43.49
23.40
1.39
9.81
3.90
7.27
0.22
10.51
39.64

0.15
3.24
2.05
1.53
0.95
79.54
2.37
13.14
42.89
24.28
1.54
5.81
3.40
7.28
0.06
8.54
32.42

0.17
3.00
2.30
1.47
0.96
78.99
2.29
12.07
40.14
22.59
1.54
6.04
3.75
7.66
0.15
10.74
38.71

5,292,621

6,533,330

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

175

4.88
0.00
5.24
29.16

5.07
0.00
6.39
33.35

Billion Rs

Growth with Composition of Assets & Liabilities

160
140
120
100
80
60
40
20
0

18%
15.9% 16%
15.4%
14.9%
14%
12.2%
12%
11.4%
10%
8%
6%
4%
2%
0%
Non-Current Current Assets
Current
Non-Current
Shareholders
Assets
Liabilities
Liabilities
Equity
2011
2012
Growth
Growth & Composition of Operations

Billion Rs

2011
450
400
350
300
250
200
150
100
50
0

12.6%

14%
12%

10.2%

10%
8%
6%
4%
2%
0%
Gross Profit

2011
2012
24.28
22.59

13.14
12.07

2012

10.74

10

8.54
7.28

7.66

6
4
2

Return on
Return on
Assets
Equity

2011

12

Percentage

42.89
40.14

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

Percentage

Growth
16%
14.7%

Sales

45
40
35
30
25
20
15
10
5
0

2012

2.37

2.29

0.95 0.96

0
Return on
Capital
Employed

Current
Ratio

176

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

SUGAR

177

Financial Statement Analysis of Non Financial Sector 2012

Sugar - Overall
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

38,082,204

46,934,891

60,631,820

65,701,458

71,199,094

75,268,946

59,934,342

69,830,500

2,221,206
78,322,076

2,299,689
84,875,173

5,075,066
90,785,469

4,524,175
95,437,614

38,045,281
2,798,550

46,354,656
2,657,270

52,749,792
3,245,304

55,372,496
3,440,173

59,848,882
11,183,268

62,842,622
395,779,256

36,923

580,235

626,570
3,060,254

625,252
3,807,000

622,077
4,470,205

617,947
6,121,065

1,973,998

3,597,021

1,182,864

1,163,137

32,600,834
2,572,732
11,426,669

36,524,492
2,163,198
14,189,541

29,527,395
2,730,532
13,163,997

26,193,181
2,997,741
8,711,356

53,777,861
3,133,619
31,898,835

57,012,865
2,449,047
32,655,262

1,830,693

3,606,937

1,521,714

2,090,120

3,533,012

4,384,143

5,836,578
10,934,162

4,266,117
12,298,699

554,071
11,557,082

599,170
11,794,794

922,287
14,290,108

825,360
16,699,053

41,571,082
21,858,526

51,540,582
22,234,082

39,400,712
24,199,932

37,452,850
21,630,433

60,880,348
34,852,819

67,914,463
38,083,175

19,712,556

29,306,500

15,200,780

15,822,416

26,027,529

29,831,288

13,075,079

14,119,210

29,588,466
14,889,139
5,250,895

26,755,059
12,587,404
5,489,703

31,609,637
15,472,883
6,598,535

30,515,454
13,941,882
7,552,391

392,818

13,075,079

14,119,210

280,692
9,167,741

359,644
7,925,490

386,804
9,151,416

430,338
8,590,843

16,036,877
6,942,986

17,799,591
7,334,284

21,170,034
8,488,374

27,686,729
9,354,967

32,486,970
9,700,915

33,851,894
9,364,231

6,942,986
0
9,093,891

7,334,284
0
10,465,307

8,487,874
500
3,911,882
1,994,811
2,283,087

9,354,467
500
5,779,087
1,077,154
4,701,934

9,700,415
500
8,753,637
1,517,274
7,236,363

9,364,231
0
11,506,463
2,544,649
8,961,814

8,769,778

12,552,675

14,032,418

12,981,200

60,386,038
55,880,221
4,505,817
56,780,852

77,215,575
64,701,917
12,513,658
68,784,238

3,605,186
3,058,297

8,431,337
4,370,926

80,656,280
74,102,840
6,553,440
68,081,173
54,227,221
13,853,952
12,575,107
4,835,791
804,048
4,031,743

128,764,923
120,571,488
8,193,435
114,829,068
97,321,598
17,507,469
13,935,855
4,594,553
759,549
3,835,004

144,796,874
125,434,012
19,362,862
127,664,207
80,803,030
46,861,178
17,132,667
5,654,990
1,186,988
4,468,002

143,724,364
118,999,670
24,724,694
130,573,185
113,474,880
17,098,305
13,151,179
5,834,064
1,672,029
4,162,035

5,030,031
6,156,267
5,981,745
4,227,737
1,637,023
1,043,479
241,631
9,815,817

5,941,857
7,951,237
7,591,245
4,922,255
2,175,884
1,514,639
47,239
(6,932,854)

6,958,084
7,423,162
7,087,319
1,891,449
1,061,123
1,294,034
87,337
3,765,938

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,058,297

4,370,926

(581,597)
343,417
223,586
135,072

591,121
425,168
521,747
177,176

5,494,748
6,706,709
6,543,655
3,253,640
820,732
886,929
176,842
7,721,316

29,111,956
0
(1,148,600)
21,858,526

31,918,801
0
(355,794)
22,234,082

50,758,500
14,889,139
1,545,979
39,089,070

54,441,787
12,980,222
1,547,234
34,610,656

64,096,607
15,472,883
1,231,732
50,325,702

64,367,348
13,941,882
(463,708)
52,025,057

0.25
6.94
3.03
0.85
0.78
94.03
3.41
-0.86
-3.66
-2.03
-4.14
5.28

0.19
6.34
4.67
0.93
0.71
89.08
3.69
0.77
3.49
1.94
0.32
5.44

0.12
8.32
1.89
0.89
0.75
84.41
3.26
3.75
16.70
7.87
2.74
6.13
1.50
4.03
0.11
2.65
23.09

0.15
4.78
1.62
1.40
0.70
89.18
2.32
4.64
17.31
8.04
2.48
14.78
1.71
3.28
0.15
2.55
27.27

0.12
5.49
2.44
1.16
0.88
88.17
2.85
4.54
16.36
8.30
1.81
4.54
1.65
3.40
-0.07
2.58
30.50

0.11
5.16
3.05
1.09
0.84
90.85
2.91
1.47
5.70
2.94
0.64
4.40
1.27
1.32
0.04
0.81
32.82

4,193,422

4,896,627

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

178

-0.96
0.00
-1.24
21.58

0.77
0.00
0.21
22.55

Billion Rs

Growth with Composition of Assets & Liabilities

80
70
60
50
40
30
20
10
0

10.4%
5.7%

5.4%

Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

12%
10%
8%
6%
4.0% 4%
2%
0%
-2%
-3.6%
-4%
-6%
Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

2011
160

-0.7%

140

-30.3%

Billion Rs

120
100
80
60
40
20
0
Sales

Gross Profit

2012

2011

3.4

3.5
2.85

2012

2.91
2.58

2.5
Percentage

Percentage

2011

16.36

Growth
0%
-20%
-40%
-60%
-80%
-100%
-120%
-140%
-160%
-160.2%
-180%
Net Profit Before Tax
Key Performance Indicators

Profitability/Efficiency Ratios
18
16
14
12
10
8
6
4
2
0

2012

8.3
5.7

4.54
1.47

2
1.32

1.5

2.94

0.88 0.84

0.81

0.5
Return on
Return on
Assets
Equity

0
Return on
Capital
Employed

Current
Ratio

179

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Abdullah Shah Ghazi Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

384,382

395,322

573,619

752,031

876,444

1,861,208

785,167

815,721

220,908
793,815

391,222
819,304

532,742
822,505

111,731
2,268,681

384,382
19,941

395,322
20,462

351,657
21,759

356,155
20,991

338,767
20,589

1,744,161
40,782

0
0

0
0

0
0

0
0

1,055

4,654

4,935

5,316

74,773
842
0

91,092
11,165
0

336,523
59,921
109,737

586,848
95,178
274,773

958,891
16,313
667,199

1,405,252
12,495
1,059,361

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

3,993

0
79,927

0
166,865

0
216,896

0
271,386

0
333,396

1,179,037
3,010

1,065,446
0

274,863
0

584,345
379,924

1,053,983
726,856

1,575,907
802,122

1,176,027

1,065,446

274,863

204,421

327,127

773,785

1,120,104
0
435,551

551,663
20,068
509,882

569,504
0
531,593

885,331
0
531,593

0
684,553

3,263
18,450

3,177
34,734

3,742
349,996

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2010

0
73,931

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

2009

(Thousand Rupees)
2011
2012

2007

Items

(719,882)
146,667

(579,032)
146,667

(484,825)
146,667

202,871
792,617

211,848
792,616

805,222
792,616

146,667
0
(866,549)

146,667
0
(725,699)

146,667
0
(695,878)
0
(695,878)

792,617
0
(650,314)
0
(650,314)

792,616
0
(637,770)
0
(637,770)

792,616
0
(632,197)
0
(632,197)

64,386

60,568

57,002

644,803

123,560
123,560
0
141,774

198,914
198,914
0
156,737

(18,214)
7,767

42,177
18,886

728,138
728,138
0
560,525
478,176
82,349
167,613
31,473
0
31,473

1,249,555
1,249,555
0
1,112,092
997,538
114,554
137,463
30,329
954
29,375

1,263,144
1,263,144
0
1,078,194
9,547
1,068,647
184,950
27,356
1,060
26,296

581,462
581,462
0
430,670
12,717
417,953
150,792
27,550
1,500
26,050

13,820
78,401
73,149
38,085
12,496
0
0
(218,333)

73,394
142,015
154,230
19,449
10,472
0
0
(279,323)

78,939
126,792
124,118
11,639
2,907
0
0
41,178

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

7,767

18,886

(26,096)
537
0
0

138,554
0
0
0

16,712
40,495
39,355
95,645
3,641
0
0
131,186

(719,882)
0
(26,633)
3,010

(579,032)
0
138,554
0

635,279
0
92,005
0

754,534
20,068
25,590
399,992

781,352
0
8,977
726,856

1,690,553
0
8,732
802,122

0.00
0.09
0.00
0.27
0.06
114.74
-1.64
-5.39
3.69
3.69

0.01
6.99
0.00
0.41
0.09
78.80
-1.84
29.31
-21.33
-21.33

0.22
5.56
0.00
0.80
1.22
76.98
-2.88
13.70
-17.98
340.09

0.16
6.27
0.00
0.93
1.00
89.00
5.60
3.39
-27.02
5.48

0.02
11.24
0.32
0.69
0.91
85.36
7.66
1.23
9.38
2.53

0.01
21.81
0.00
0.18
0.89
74.07
3.06
0.46
2.29
0.94

-21.12
0.00
-1.82
-49.08

69.66
0.00
9.45
-39.48

115

13,904

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

180

6.64
3.43
13.14
0.09
6.27
-33.06

4.55
1.52
3.05
-0.19
0.32
2.56

1.89
1.13
1.54
-0.17
0.11
2.67

0.55
1.09
2.00
0.02
0.11
10.16

Financial Statement Analysis of Non Financial Sector 2012

Adam Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

742,762

800,512

847,794

828,315

837,466

1,164,168

1,027,862

1,124,660

0
1,210,293

1,772
1,232,819

5,428
1,284,016

280,864
1,376,655

742,762
38,712

800,512
39,046

846,517
41,508

824,398
44,644

831,331
44,535

882,595
45,833

0
0

867
0

667
0

669
0

1,277

1,277

40

40

397,393
21,335
267,296

517,886
46,142
173,825

425,013
55,102
284,680

350,467
34,085
8,449

527,671
121,854
238,984

1,449,767
46,106
1,133,237

197,562

222,549

40,743

37,843

0
108,762

0
100,357

0
85,232

0
85,384

0
126,090

0
232,581

710,484
236,410

560,031
348,143

302,494
69,329

123,422
20,156

293,958
19,990

1,318,683
0

474,074

211,888

233,165

103,266

273,968

1,318,683

23,758

313,940

503,693
55,288
239,324

501,708
34,657
239,324

485,008
14,667
239,324

680,780
200,000
239,324

0
227,727

1,447
229,570

1,587
239,869

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

23,758

313,940

0
209,081

405,913
57,636

444,427
57,637

466,620
57,637

553,652
57,637

586,171
57,637

614,472
57,637

57,636
0
348,277

57,637
0
386,790

57,637
0
128,352
0
128,352

57,637
0
228,038
0
228,038

57,637
0
272,538
0
272,538

57,637
0
312,186
0
312,186

280,632

267,977

255,996

244,649

604,741
604,741
0
728,633

1,042,279
1,017,860
24,419
904,084

(123,892)
24,830

138,195
35,195

1,156,966
1,156,966
0
887,465
690,303
197,161
269,502
48,500
1,178
47,322

2,138,541
2,138,541
0
1,920,021
1,495,508
424,513
218,520
44,056
1,066
42,990

2,440,693
2,440,693
0
2,231,511
2,253,152
(21,641)
209,182
46,223
2,271
43,952

1,535,411
1,535,411
0
1,363,541
2,034,652
(671,111)
171,870
60,262
3,475
56,787

18,388
46,594
45,280
133,707
34,043
14,409
0
174,085

82,487
97,225
92,909
74,701
27,774
14,409
0
63,037

103,791
76,434
72,729
62,052
9,043
14,409
0
(267,877)

1,055,360
34,657
85,254
54,813

1,071,179
14,667
32,518
34,657

1,295,252
200,000
38,600
200,000

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

24,830

35,195

(172,686)
2,642
0
0

63,392
261
0
0

19,039
57,821
56,715
184,915
5,785
5,764
0
283,908

429,671
0
(175,328)
236,410

758,367
0
63,131
348,143

970,313
55,288
173,366
124,616

0.03
4.28
0.00
0.53
0.56
120.49
1.81
-15.01
-32.80
-31.54

0.44
3.99
18.95
0.79
0.92
86.74
1.97
5.16
14.91
10.67

0.18
5.00
0.00
0.91
1.41
76.71
1.73
14.27
40.59
21.39
31.08
4.06
4.26
15.98
0.35
31.08
80.96

25,900

41,604

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

181

2.26

6.00

-28.56
0.00
-30.42
70.43

6.08
0.00
10.95
77.11

2.08
2.18
10.41
1.81
2.84
89.78
1.13
10.91
26.21
13.20
6.92
253.11
3.95
6.25
0.28
17.29
96.06

0.55
3.98
1.67
1.79
1.80
91.43
1.33
5.87
13.11
7.03
3.26
10.21
1.80
3.06
0.08
8.14
101.70

0.06
4.98
2.46
0.59
1.10
88.81
3.25
3.12
10.34
5.24
3.68
1.35
1.85
4.04
-0.13
9.20
106.61

Financial Statement Analysis of Non Financial Sector 2012

Al-Abbas Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

803,884

2,082,835

2,376,551

2,066,027

2,038,018

2,112,524

1,429,910

2,855,262

65,910
3,163,910

149,049
2,864,195

168,810
2,951,901

285,262
3,000,471

803,884
63,347

2,082,835
120,517

2,249,724
145,233

1,860,428
123,173

1,830,364
119,652

1,765,774
116,289

16,358
28,629

10,768
14,502

613
9,114

1
20,979

15,930

31,280

29,117

40,508

659,198
32,378
300,953

1,685,877
48,417
1,036,195

1,356,024
12,504
813,761

1,972,857
29,613
991,194

3,291,037
18,179
2,430,743

2,640,165
6,973
1,471,452

121,125

37,997

208,254

343,043

487,536

305,336

30,750
173,992

46,432
516,836

19,500
302,005

11,550
597,457

10,000
344,579

30,115
826,289

719,556
353,549

1,820,627
653,603

1,356,169
688,035

2,094,842
1,077,504

3,466,109
1,768,674

2,759,267
1,727,712

366,007

1,167,024

668,134

1,017,338

1,697,435

1,031,555

18,637

1,078,295

1,250,780
874,974
301,346

697,141
260,820
0

481,382
433,791
0

265,708
214,094
0

392,818

0
43,503

0
47,591

0
51,614

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

18,637

1,078,295

0
74,460

724,889
173,623

869,790
173,623

1,125,626
173,623

1,246,901
173,623

1,381,564
173,623

1,727,714
173,623

173,623
0
551,266

173,623
0
696,167

173,623
0
952,003
952,003
0

173,623
0
1,073,278
0
1,073,278

173,623
0
1,207,941
0
1,207,941

173,623
0
1,554,091
0
1,554,091

2,842,348
1,387,822
1,454,526
2,590,847

2,931,151
1,476,625
1,454,526
2,719,120

251,501
160,913

212,031
162,126

4,166,922
2,517,660
1,649,262
3,381,353
2,864,326
517,027
785,569
212,022
86,486
125,536

6,352,884
3,903,418
2,449,466
5,596,237
5,232,426
363,811
756,647
248,614
105,561
143,053

6,220,458
3,363,275
2,857,183
5,280,399
40,734
5,239,665
940,059
295,456
93,289
202,167

5,964,181
2,973,605
2,990,576
4,804,885
3,666,402
1,138,483
1,159,296
385,899
208,691
177,208

46,369
294,245
287,289
276,059
63,791
86,812
0
303,131

239,922
356,946
349,035
324,463
71,657
86,812
0
(531,453)

264,275
266,289
256,469
539,337
59,752
138,898
0
549,202

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

160,913

162,126

173,336
13,369
0
0

104,333
45,188
26,043
0

48,261
271,735
264,829
337,120
20,983
69,449
0
627,689

743,526
0
159,967
353,549

1,948,085
0
33,102
653,603

2,376,406
874,974
246,688
1,563,009

1,944,042
653,638
125,457
1,731,142

1,862,946
433,791
165,995
2,202,465

1,993,422
214,094
340,687
1,941,806

0.26
2.95
4.26
1.94
0.92
91.15
1.02
11.03
25.17
23.28

0.07
3.58
1.30
0.78
0.93
92.77
3.33
3.99
13.09
7.75
2.27
2.83

0.18
6.52
5.00
1.12
1.00
81.15
2.32
8.99
33.79
15.59
4.55
5.12
2.27
8.09
0.24
18.21
64.83

0.18
4.63
5.40
1.57
0.94
88.09
2.24
7.10
23.27
12.78
2.45
6.41
1.96
4.35
0.11
12.23
71.82

0.15
5.74
7.84
1.17
0.95
84.89
2.86
6.93
24.69
17.05
2.91
2.56
1.93
5.22
-0.13
14.56
79.57

0.12
4.46
5.12
1.25
0.96
80.56
1.75
10.70
34.69
27.97
3.45
4.05
3.10
9.04
0.18
27.62
99.51

83,784

104,951

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9.44

182

6.10
0.00
9.21
41.75

3.56
0.00
3.41
50.10

Financial Statement Analysis of Non Financial Sector 2012

Al-Noor Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,527,982

2,264,422

2,480,127

2,835,275

3,037,208

2,904,335

2,680,866

3,345,655

111,297
3,655,933

164,615
4,143,691

18,336
4,639,945

22,478
4,708,649

1,527,982
113,739

2,264,422
116,012

2,216,624
169,562

2,517,327
187,573

2,812,585
217,339

2,651,554
224,045

0
143,772

0
144,169

4,860
154,020

3,274
179,964

810,082
47,597
393,723

1,511,304
86,263
1,009,052

Items

8,434

9,164

47,407

47,065

1,322,595
107,769
963,870

1,389,425
140,429
965,121

2,850,409
43,316
2,422,829

3,074,050
63,341
2,519,458

144,861

11,314

7,843

153,506

10,263
213,638

37,751
366,924

0
250,956

0
283,875

0
376,421

0
337,745

1,074,601
389,634

2,037,889
986,492

1,283,079
855,132

1,431,018
718,032

3,142,284
2,059,582

3,147,017
1,615,640

684,967

1,051,397

427,947

712,986

1,082,702

1,531,377

395,840

265,761

877,137
357,994
0

970,364
407,445
0

911,544
299,166
0

1,090,539
591,250
0

0
562,919

0
612,378

0
499,289

395,840

265,761

27,622
491,521

867,623
185,703

1,472,076
185,703

1,642,506
185,703

1,823,318
185,703

1,833,789
185,703

1,740,829
185,703

185,703
0
681,920

185,703
0
1,286,373

185,703
0
691,371
0
0

185,703
0
928,848
0
928,848

185,703
0
987,599
0
987,599

185,703
0
938,541
0
938,541

765,432

708,767

660,487

616,585

2,722,384
2,470,991
251,393
2,395,181

3,145,250
2,521,130
624,120
2,582,319

327,203
131,707

562,931
237,314

4,249,981
3,630,845
619,136
3,567,029
3,259,831
307,198
682,952
206,752
14,592
192,160

6,313,220
5,467,635
845,585
5,311,417
4,596,402
715,015
1,001,803
290,141
18,393
271,748

5,983,046
4,616,565
1,366,481
5,245,840
25,335
5,220,505
737,206
305,935
16,882
289,053

6,129,081
4,864,460
1,264,621
5,450,157
4,851,971
598,186
678,924
380,628
44,268
336,360

137,746
329,899
323,594
391,453
66,277
92,852
0
532,050

250,008
412,252
404,771
59,875
63,479
55,711
0
258,044

312,227
421,244
339,028
(83,513)
37,091
9,285
9,285
(123,506)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

131,707

237,314

39,759
12,824
30,000
0

244,243
11,290
55,711
0

76,738
289,102
281,128
210,749
35,024
74,281
0
231,521

1,263,463
0
(3,065)
389,634

1,737,837
0
177,242
986,492

2,519,643
357,994
101,444
1,213,126

2,793,682
407,445
232,325
1,125,477

2,745,333
299,166
(59,315)
2,358,748

2,831,368
591,250
(129,889)
2,206,890

0.19
5.97
5.32
1.16
0.75
87.98
1.69
1.80
4.44
3.41
0.90
6.91

0.07
5.80
0.36
0.83
0.74
82.10
1.56
7.99
20.88
16.28
4.18
3.12

0.08
6.80
0.00
1.12
1.03
83.93
1.32
5.56
13.53
9.90
2.37
4.41
1.75
4.96
0.11
9.46
88.45

0.10
5.23
0.00
1.49
0.97
84.13
1.32
9.75
22.59
14.73
3.50
6.54
2.21
6.20
0.22
17.51
98.18

0.02
6.89
0.13
1.02
0.91
87.68
2.21
1.18
3.27
2.16
-0.06
2.47
1.15
1.00
0.06
-0.19
98.75

0.07
6.87
2.50
1.03
0.98
88.92
2.43
-1.41
-4.67
-3.00
-12.99
2.43
0.75
-1.36
-0.03
-6.49
93.74

162,456

182,298

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

183

1.46
0.00
1.45
46.72

7.77
0.00
12.54
79.27

Financial Statement Analysis of Non Financial Sector 2012

Ansari Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

730,194

730,194

1,399,558

2,165,257

2,095,081

2,208,049

1,329,270

1,329,270

0
1,943,220

3,215
2,849,784

7,278
2,854,343

6,736
3,053,645

730,194
42,663

730,194
42,663

1,266,002
45,202

2,079,686
90,035

1,990,728
99,491

2,091,085
98,945

0
75,093

0
81,626

0
96,328

547
108,039

58,463

730

747

1,642

330,852
16,354
104,602

330,852
16,354
104,602

704,106
13,824
357,304

659,865
8,410
285,804

1,915,465
3,711
1,347,518

2,058,550
2,320
1,197,758

80,120

80,120

158,294

93,548

163,762

304,926

0
129,776

0
129,776

0
174,684

0
272,104

0
400,474

0
553,546

657,688
264,675

657,688
264,675

366,682
242,882

574,275
474,812

1,991,306
1,805,590

2,373,526
1,866,564

393,013

393,013

123,800

99,463

185,716

506,962

406,307

406,307

1,276,185
779,151
142,172

1,338,452
826,551
162,172

1,265,972
777,587
217,172

1,581,791
1,150,021
162,172

406,307

406,307

5,889
348,974

5,968
343,761

7,106
264,107

5,490
264,108

(2,949)
244,072

(2,949)
244,072

460,797
244,072

912,395
244,071

753,268
244,072

311,282
244,072

244,072
0
(247,021)

244,072
0
(247,021)

244,072
0
216,725
0
216,725

244,071
0
136,882
0
136,882

244,072
0
(4,170)
0
(4,170)

244,072
0
(428,984)
0
(428,984)

531,442

513,366

496,194

1,580,281
1,580,281
0
1,584,764

1,580,281
1,580,281
0
1,584,764

(4,483)
56,651

(4,483)
56,651

1,269,457
1,269,457
0
1,166,379
1,278,609
(112,229)
103,078
55,792
2,079
53,712

2,635,631
2,635,631
0
2,627,679
2,558,391
69,288
7,952
51,184
2,522
48,662

1,927,676
1,927,676
0
1,753,161
40,069
1,713,092
174,515
71,315
3,982
67,333

1,628,242
1,574,090
54,152
1,692,082
1,652,976
39,106
(63,840)
70,937
3,951
66,986

88,769
131,553
130,603
(168,226)
26,356
0
0
(96,642)

80,070
300,260
298,352
(181,582)
21,171
0
0
(1,291,802)

80,835
342,765
341,745
(441,444)
542
0
0
(43,071)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

56,651

56,651

(72,391)
6,869
0
0

(72,391)
6,869
0
0

89,198
71,295
70,371
464,833
6,347
0
0
(304,480)

403,358
0
(79,260)
264,675

403,358
0
(79,260)
264,675

1,736,982
779,151
458,486
1,022,033

2,250,847
826,551
(194,583)
1,301,363

2,019,240
777,587
(202,753)
2,583,177

1,893,073
1,150,021
(441,986)
3,016,585

0.15
0.82
5.07
1.49
0.50
100.28
-360.80
-6.56
-197.36
-15.60

0.15
0.82
5.07
1.49
0.50
100.28
-360.80
-6.82
2,454.76
-17.95

0.47
5.62
12.47
0.60
1.92
91.88
3.57
29.38
203.05
43.44

0.18
4.99
3.55
0.93
1.15
99.70
2.10
-6.83
-24.50
-8.44

0.08
15.58
8.50
0.48
0.96
90.95
4.32
-5.31
-21.80
-8.50

0.13
21.05
18.73
0.38
0.87
103.92
12.71
-10.67
-82.94
-22.57

12,907

12,907

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

184

15.11

15.11

3.55
7.61
36.62
-0.19
18.78
18.88

9.22
-0.29
-6.38
-0.05
-7.97
37.38

1.43
0.39
-9.42
-0.40
-8.31
30.86

1.36
-0.29
-27.11
-0.01
-18.11
12.75

-4.58
0.00
-3.25
-0.12

-4.58
0.00
-3.25
-0.12

Financial Statement Analysis of Non Financial Sector 2012

Baba Farid Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

360,569

1,132,697

1,104,668

1,047,776

1,917,724

1,898,864

803,808

1,589,050

4,338
1,584,375

0
1,589,299

0
2,527,903

26,138
2,546,869

360,569
12,210

1,132,697
13,114

1,075,010
53,011

1,026,556
52,855

1,917,136
49,698

1,872,138
63,964

0
0

0
0

0
0

0
0

25,320

21,220

588

588

592,573
71,425
406,537

155,680
29,413
6,525

111,586
7,925
4,185

120,245
2,098
9,752

1,028,605
2,733
748,020

753,205
2,111
384,157

1,189

663

191

167,515

215,955

0
113,422

0
119,079

0
99,285

0
108,395

0
110,337

0
150,982

873,840
627,787

605,095
57,006

346,911
38,674

197,048
50,237

1,265,053
35,632

1,399,756
496,441

246,053

548,089

308,237

146,811

1,229,421

903,315

148,787

210,636

502,616
167,621
143,400

921,138
113,132
612,089

1,021,927
45,000
675,000

848,838
0
525,000

0
195,917

0
301,927

224
323,614

Items

148,787

210,636

0
191,596

(69,485)
94,500

472,646
94,500

366,727
94,500

49,835
94,500

659,349
94,500

403,475
94,500

94,500
0
(163,985)

94,500
0
378,146

94,500
0
(322,859)
0
0

94,500
0
(616,117)
0
(616,117)

94,500
0
(817,020)
0
(817,020)

94,500
0
(1,040,823)
0
(1,040,823)

595,086

571,452

1,381,869

1,349,798

588,743
588,743
0
585,960

1,308,397
1,308,397
0
1,251,456

2,783
45,732

56,941
45,967

579,326
579,326
0
606,222
519,097
87,125
(26,896)
50,629
2,332
48,298

657,510
657,510
0
853,586
733,985
119,601
(196,076)
58,994
3,000
55,994

950,031
950,031
0
848,162
1,558,904
(710,742)
101,869
55,789
4,262
51,527

1,839,791
1,548,298
291,493
1,786,896
1,365,162
421,734
52,895
41,905
7,679
34,226

67,601
59,021
58,756
(305,597)
6,973
0
0
(444,064)

63,315
238,006
237,817
(191,767)
11,258
0
0
(109,508)

61,218
235,096
234,433
(222,918)
11,269
0
0
(219,628)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

45,732

45,967

(139,060)
3,226
0
0

(26,171)
0
0
0

30,029
39,036
38,961
(129,547)
3,085
0
0
44,939

79,302
0
(142,286)
627,787

683,282
0
(26,171)
57,006

869,343
167,621
(132,632)
206,295

970,973
113,132
(312,571)
163,369

1,681,276
45,000
(203,025)
80,632

1,252,313
0
(234,187)
496,441

0.08
16.42
0.20
0.62
0.68
99.53
-14.72
-15.81
-1,881.86
-93.19

0.05
4.86
0.05
1.02
0.26
95.65
1.73
-2.34
-12.98
-6.86

0.02
6.74
0.03
0.48
0.32
104.64
2.32
-10.34
-30.87
-16.69

0.01
8.98
0.00
0.56
0.61
129.82
22.44
-25.63
-146.72
-33.21

0.13
25.05
17.63
0.32
0.81
89.28
3.47
-9.32
-54.08
-14.46

0.16
12.78
11.74
0.69
0.54
97.12
5.57
-7.96
-41.95
-15.20

96,656

63,638

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

185

1.45

200.52

138.43
-2.33
-22.36
0.05
-14.04
38.81

67.42
-4.20
-46.48
-0.40
-33.08
5.27

1.27
0.19
-20.19
-0.05
-21.48
69.77

4.79
0.05
-12.12
-0.10
-24.78
42.70

-23.62
0.00
-15.06
-7.35

-2.00
0.00
-2.77
50.02

Financial Statement Analysis of Non Financial Sector 2012

Bawany Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

225,517

222,627

202,137

202,704

285,408

285,408

787,164

807,166

0
807,166

0
827,627

97,547
833,643

97,547
833,643

225,517
22,350

222,627
22,892

201,130
21,498

201,697
19,893

186,854
20,859

186,854
20,859

0
0

0
0

0
0

0
0

1,007

1,007

1,007

1,007

105,850
2,228
0

117,731
4,799
0

93,967
602
0

104,066
1,496
0

1,001,880
1,150
488,728

1,001,880
1,150
488,728

56,261

38,989

38,989

0
47,361

0
112,932

0
93,365

0
102,570

0
473,013

0
473,013

410,871
10,850

555,401
148,500

636,927
155,000

256,481
87,500

1,121,971
794,040

1,121,971
794,040

400,021

406,901

481,927

168,981

327,931

327,931

697,559

531,255

303,959
303,959
0

830,428
815,524
0

1,185,984
801,682
369,398

1,185,984
801,682
369,398

0
0

4,558
10,346

4,558
10,346

4,558
10,346

Items

697,559

531,255

(777,063)
87,246

(746,298)
87,246

(644,782)
87,246

(780,139)
87,246

(1,020,667)
87,246

(1,020,667)
87,246

87,246
0
(864,309)

87,246
0
(833,544)

87,246
0
(732,028)
0
2,500

87,246
0
(867,385)
0
(867,385)

87,246
0
(1,107,913)
0
(1,107,913)

87,246
0
(1,107,913)
0
(1,107,913)

177,287
177,287
0
211,243

291,228
291,228
0
258,593

(33,956)
8,035

32,635
7,891

57,991
57,991
0
148,772
0
148,772
(90,781)
12,169
0
12,169

100,335
100,335
0
151,678
0
151,678
(51,343)
3,763
0
3,763

1,185,651
1,185,651
0
1,206,125
0
1,206,125
(20,474)
34,327
4,473
29,854

1,185,651
1,185,651
0
1,206,125
0
1,206,125
(20,474)
34,327
4,473
29,854

387
79,603
79,209
(134,354)
1,003
0
0
(379,557)

86,066
195,285
191,907
(240,528)
0
0
0
(828,187)

86,066
195,285
191,907
(240,528)
0
0
0
(828,187)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,035

7,891

(41,812)
886
0
0

30,764
0
0
0

1,066,597
944
0
101,806
290
0
0
216,844

(79,504)
0
(42,698)
10,850

(215,043)
0
30,764
148,500

(340,824)
303,959
101,516
458,959

50,289
815,524
(135,357)
903,024

165,317
801,682
(240,528)
1,595,722

165,317
801,682
(240,528)
1,595,722

0.14
0.12
31.73
0.54
0.26
119.15
-1.43
-11.79
5.53
20.58

0.01
0.13
0.00
0.86
0.21
88.79
-1.46
9.16
-4.04
-20.89

0.00
1.63
0.00
0.20
0.15
256.54
-1.46
31.99
-14.64
-36.63

0.01
79.34
0.00
0.33
0.41
151.17
-1.39
-44.57
18.86
92.49

0.04
16.47
3.29
0.92
0.89
101.73
-2.26
-30.18
26.71
-223.12

0.04
16.47
3.29
0.92
0.89
101.73
-2.26
-18.68
23.57
-145.50

-23.58
0.00
-4.89
-89.07

10.56
0.00
3.53
-85.54

175.56
0.23
11.64
-73.90

217

375

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

186

-0.70
-133.90
-0.35
-15.51
-89.42

2.43
-0.25
-20.29
-0.36
-27.57
-116.99

2.43
-0.25
-20.29
-0.36
-27.57
-116.99

Financial Statement Analysis of Non Financial Sector 2012

Chashma Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,902,232

2,720,363

2,519,639

2,339,038

3,103,002

3,171,414

2,851,909

3,123,629

45,813
3,110,938

2,463
3,209,692

76,218
3,245,571

277,588
3,266,622

1,901,957
177,529

2,719,576
227,521

2,450,768
257,133

2,313,897
236,640

2,993,020
219,657

2,727,325
287,673

275

787

900
0

253
0

200
0

100
0

22,158

22,425

33,564

166,401

1,558,412
42,590
1,131,242

1,788,876
46,318
1,438,063

1,015,823
20,971
701,368

636,060
45,797
256,658

2,544,179
65,127
1,969,291

2,664,029
68,673
1,347,663

149,587

19,373

54,007

79,534

38,732

681,660

0
234,993

0
285,122

0
239,477

26,608
227,463

179,040
291,989

202,154
363,879

2,382,897
2,097,049

2,462,495
1,582,504

1,405,275
961,725

731,639
233,334

2,644,522
2,153,466

2,986,467
2,033,458

285,848

879,991

443,550

498,305

491,056

953,009

949,515

928,333

1,485,416
1,229,686
0

1,289,321
1,059,164
0

1,357,532
848,707
502,500

1,451,512
544,578
439,687

0
230,157

0
6,325

0
467,247

Items

949,515

928,333

0
255,730

128,232
191,280

1,118,411
286,920

644,771
286,920

954,138
286,920

1,645,127
286,920

1,397,464
286,920

191,280
0
(63,048)

286,920
0
831,491

286,920
0
(220,208)
0
(220,208)

286,920
0
136,652
0
136,652

286,920
0
291,313
0
291,313

286,920
0
138,147
0
138,147

578,059

530,566

1,066,894

972,397

1,896,549
1,896,549
0
1,967,584

2,858,929
2,093,306
765,623
2,512,915

(71,035)
57,076

346,014
75,671

3,968,673
3,968,673
0
3,595,629
2,345,472
1,250,157
373,044
87,629
15,518
72,111

6,362,700
6,362,700
0
5,597,467
4,620,036
977,431
765,233
124,277
14,251
110,026

5,882,738
5,882,738
0
5,186,437
79,684
5,106,753
696,301
124,237
13,154
111,083

5,848,891
5,797,530
51,361
5,702,814
4,425,426
1,277,388
146,077
134,589
15,586
119,003

245,956
300,141
297,573
347,799
63,664
28,692
0
1,354,669

231,976
446,734
442,767
165,491
58,844
28,692
0
(1,024,070)

275,812
336,390
333,031
(239,067)
30,688
0
0
697,239

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

57,076

75,671

(377,451)
8,220
0
0

(57,172)
8,447
0
0

176,107
438,721
434,622
(140,786)
19,912
0
0
1,293,854

1,077,747
0
(385,671)
2,097,049

2,046,744
0
(65,619)
1,582,504

2,130,187
1,229,686
(160,698)
2,191,411

2,243,459
1,059,164
255,443
1,292,498

3,002,659
848,707
77,955
3,002,173

2,848,976
544,578
(269,755)
2,578,036

0.08
13.30
7.89
0.55
0.65
103.75
25.99
-12.83
-122.85
-26.84

0.03
11.85
0.68
0.63
0.73
87.90
3.03
-1.43
-9.17
-3.66

0.05
11.05
1.36
1.12
0.72
90.60
4.48
-3.50
-15.97
-6.74

0.21
4.72
1.25
2.14
0.87
87.97
2.12
10.68
43.50
15.90
9.90
24.79
2.17
5.47
0.67
9.90
33.25

0.11
7.59
0.66
1.04
0.96
88.16
2.43
3.84
12.73
6.31
3.72
2.99
1.37
2.81
-0.26
3.72
57.34

0.32
5.75
11.65
1.00
0.89
97.50
3.18
-4.16
-15.71
-8.17

252,210

338,761

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

187

1.68

1.99

5.66
0.68
-3.55
0.45
-5.60
22.47

-19.90
0.00
-20.16
6.70

-2.00
0.00
-2.29
38.98

4.34
0.28
-4.09
0.16
-9.40
48.71

Financial Statement Analysis of Non Financial Sector 2012

Colony Sugar Mills Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,344,118

3,343,051

3,515,925

3,380,898

216,030
3,425,941

320,891
3,467,256

0
4,122,850

0
4,148,369

3,128,088
153,592

3,022,160
147,243

3,515,925
161,828

3,380,898
164,986

0
0

0
0

0
0

0
0

1,491,214
25,662
1,064,542

1,391,773
37,576
827,489

1,570,969
16,959
896,981

1,851,136
11,773
1,226,290

143,247

324,547

207,732

0
401,010

0
383,461

0
332,482

0
405,341

1,983,804
1,153,084

2,050,349
1,330,254

2,446,480
1,762,602

2,795,196
1,935,915

830,720

720,095

683,878

859,281

1,510,347
1,485,362
0

1,225,243
1,211,835
0

1,115,471
1,097,528
0

752,148
579,613
150,000

2,787
22,198

8,060
5,348

12,943
5,000

22,535
0

1,341,181
990,200

1,459,232
990,200

1,524,943
990,200

1,684,690
990,200

990,200
0
350,981
0
350,981

990,200
0
469,032
0
469,032

990,200
0
534,743
0
534,743

990,200
0
694,490
0
694,490

4,009,320
3,357,026
652,294
2,923,071
1,871,253
1,051,818
1,086,249
159,699
60,748
98,951

4,749,066
3,970,587
778,479
4,095,161
3,659,483
435,678
653,905
113,850
25,480
88,370

5,483,297
3,786,925
1,696,372
4,822,065
4,295,353
526,712
661,232
139,296
30,240
109,056

5,940,236
4,397,703
1,542,533
5,301,598
5,053,167
248,431
638,638
154,855
36,088
118,767

167,744
577,054
562,575
353,575
23,312
0
0
1,301,735

176,800
411,409
408,510
132,172
29,148
0
0
254,447

180,852
406,960
404,359
120,312
54,949
0
0
(4,549)

221,927
367,700
365,129
126,848
15,425
0
0
216,279

2,851,528
1,485,362
330,263
2,638,446

2,684,475
1,211,835
103,024
2,542,089

0.01
14.39
0.00
0.83
0.75
72.91
2.61
7.31
26.36
12.40

0.09
8.66
3.02
1.00
0.68
86.23
2.24
2.76
9.44
4.77

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

2,640,414
1,097,528
65,363
2,860,130

2,436,838
579,613
111,423
2,515,528

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

188

0.14
7.42
5.92
1.08
0.64
87.94
2.34
2.45
8.06
4.52

0.08
6.19
3.50
1.14
0.66
89.25
2.11
2.46
7.90
5.00

3.77
1.63
8.82
0.37
3.34
13.54

5.74
1.32
2.78
0.08
1.04
14.74

6.11
1.30
2.19
0.00
0.66
15.40

4.84
1.35
2.14
0.06
1.13
17.01

Financial Statement Analysis of Non Financial Sector 2012

Dewan Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,905,234

3,969,842

3,695,735

4,467,504

3,112,880

2,970,298

5,579,287

5,949,835

362,859
5,587,794

0
6,936,903

0
5,492,264

2,740
5,585,479

3,869,946
329,375

3,934,554
308,221

3,328,218
244,672

4,467,474
210,395

3,112,880
285,485

2,967,558
238,536

35,288

35,288

0
0

0
0

0
0

0
0

4,658

30

3,199,070
15,313
862,076

2,962,894
35,277
828,021

2,641,850
10,613
748,380

1,921,563
13,156
109,124

2,140,497
37,171
443,833

2,612,811
22,189
930,478

211,640

1,445,876

40,418

33,599

33,466

220,567

200,655
1,909,386

58,695
595,025

28,392
1,814,047

17,882
1,747,803

41,496
1,584,531

33,716
1,405,861

5,168,148
2,397,027

5,635,204
3,206,434

4,627,235
3,062,171

4,236,366
3,072,121

1,305,468
461,577

1,730,768
641,404

2,771,121

2,428,770

1,565,064

1,164,245

843,891

1,089,364

256,403

299,041

898,370
586,651
196,605

815,886
356,865
0

3,439,102
3,343,408
0

3,411,426
3,129,025
203,344

40,505
418,516

33,302
62,392

31,244
47,813

Items

256,403

299,041

0
115,114

1,679,753
365,120

998,491
365,120

811,980
365,120

1,336,815
365,120

508,807
365,120

440,915
365,120

365,120
0
1,314,633

365,120
0
633,371

365,120
0
(461,563)
0
(461,563)

365,120
0
(439,596)
0
(439,596)

365,120
0
(643,183)
0
(643,183)

365,120
0
(635,575)
0
(635,575)

4,854,496
4,076,217
778,279
4,702,251

6,200,500
4,876,155
1,324,345
6,158,106

152,245
157,845

42,394
159,525

908,423

1,411,291

786,870

711,370

2,439,050
2,081,586
357,464
2,419,704
1,752,191
667,514
19,346
115,845
16,812
99,033

4,333,665
4,075,503
258,162
4,213,774
2,966,928
1,246,846
119,891
65,935
11,103
54,832

3,417,072
2,255,094
1,161,978
3,586,243
3,247,393
338,850
(169,171)
260,993
49,907
211,086

4,109,865
1,781,014
2,328,851
3,909,886
3,657,709
252,177
199,979
171,616
114,786
56,830

155,013
6,087
1,877
49,056
52,000
0
0
316,606

159,955
54,553
33,845
(482,636)
35,000
0
0
(23,531)

187,071
101,576
97,439
(68,464)
32,300
0
0
76,886

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

157,845

159,525

(352,070)
26,478
0
0

(740,698)
33,300
0
0

198,498
297,870
294,591
(471,094)
3,677
0
0
(1,686)

1,936,156
0
(378,548)
2,397,027

1,297,532
0
(773,998)
3,206,434

1,710,351
586,651
(474,770)
3,648,822

2,152,701
356,865
(2,944)
3,428,986

3,947,909
3,343,408
(517,636)
3,804,985

3,852,341
3,129,025
(100,764)
3,770,429

0.08
7.49
4.36
0.68
0.62
96.86
3.23
-4.97
-19.28
-15.57

0.27
10.12
23.32
0.89
0.53
99.32
5.94
-10.55
-55.31
-45.81

0.02
12.21
1.66
0.38
0.57
99.21
6.81
-7.10
-52.04
-31.32

0.02
0.14
0.78
0.68
0.45
97.23
3.78
0.77
4.57
2.54

0.09
1.60
0.98
0.65
1.64
104.95
9.32
-8.29
-52.30
-15.82

0.16
2.47
5.37
0.74
1.51
95.13
11.66
-1.26
-14.42
-1.76

363,822

627,206

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

189

5.63

7.49

3.26
-0.60
-19.31
0.00
-13.00
22.24

39.71
27.14
1.13
0.06
-0.08
36.61

7.70
-13.26
-14.12
0.00
-14.18
13.94

4.42
0.30
-1.67
0.01
-2.76
12.08

-7.25
0.00
-10.37
46.01

-11.95
0.00
-21.20
27.35

Financial Statement Analysis of Non Financial Sector 2012

Faran Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

499,160

515,881

710,126

776,121

1,036,483

1,437,826

1,111,404

1,157,513

4,222
1,207,517

35,772
1,263,715

81,920
1,474,511

12,916
1,833,074

499,160
28,088

515,881
31,430

534,536
34,211

559,877
33,306

730,470
41,648

1,043,512
48,099

0
170,200

0
179,323

0
222,497

0
380,004

1,168

1,149

1,596

1,394

537,793
41,210
149,495

994,979
50,992
482,668

818,849
78,010
479,118

979,588
249,273
368,208

2,121,221
275,420
1,541,973

988,235
23,323
552,016

41,002

66,154

88,552

121,109

5,353

119,476

97,932
208,154

181,740
213,425

0
173,169

0
240,998

0
298,475

0
293,420

693,819
21,827

1,128,837
82,694

700,500
219,830

850,867
0

2,036,014
191,735

991,174
307,000

671,992

1,046,143

480,670

850,867

1,844,279

684,174

94,987

19,644

381,316
0
0

386,830
0
0

421,078
0
0

485,449
0
0

0
386,830

0
421,078

0
485,449

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

94,987

19,644

0
381,316

248,147
188,270

362,379
216,510

447,159
216,510

518,012
216,510

700,612
216,510

949,438
216,510

188,270
0
59,877

216,510
0
145,869

216,510
0
230,649
7,130
223,519

216,510
0
301,502
7,967
293,535

216,510
0
484,102
10,359
473,743

216,510
0
732,928
8,517
724,411

2,093,283
2,093,283
0
2,017,618

1,691,060
1,691,060
0
1,546,542

75,665
36,117

144,518
69,296

2,409,498
2,409,498
0
2,218,841
1,965,577
253,264
190,657
67,719
6,071
61,648

3,989,928
3,989,928
0
3,746,036
3,371,004
375,032
243,892
67,285
4,206
63,079

3,855,075
3,855,075
0
3,442,701
28,998
3,413,703
412,374
86,801
9,094
77,707

4,100,627
3,809,837
290,790
3,787,507
2,432,326
1,355,181
313,120
104,335
16,649
87,686

129,133
51,949
51,332
157,317
43,898
54,128
0
517,750

142,782
99,118
98,050
310,302
41,717
54,128
0
146,678

171,812
52,175
50,942
369,166
0
21,651
21,651
(35,582)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,117

69,296

19,724
9,565
0
0

107,732
16,000
0
0

122,766
48,791
47,507
116,142
18,532
37,889
0
74,360

343,134
0
10,159
21,827

382,023
0
91,732
82,694

828,475
0
59,720
219,830

904,842
0
59,292
0

1,121,690
0
214,457
191,735

1,434,887
0
347,515
307,000

0.26
1.35
1.96
2.02
0.78
96.39
3.18
1.91
7.47
5.77

0.26
1.25
3.91
1.12
0.88
91.45
3.17
8.46
35.29
29.71

0.24
2.02
3.68
1.58
1.17
92.09
2.42
7.64
28.69
19.19
2.58
5.03
3.44
4.82
0.07
4.51
20.65

0.44
1.30
3.04
2.27
1.15
93.89
2.39
9.58
32.60
18.15
2.10
10.84
4.06
3.94
0.42
5.24
23.93

0.14
2.57
0.14
1.22
1.04
89.30
3.51
12.63
50.93
30.62
4.96
2.50
4.16
8.05
0.06
12.41
32.36

0.14
1.27
2.91
1.69
1.00
92.36
1.56
13.22
44.75
28.88
17.05
7.43
8.25
9.00
-0.02
17.05
43.85

28,285

21,110

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

190

14.00

3.50

0.94
0.00
0.54
13.18

6.37
0.00
4.24
16.74

Financial Statement Analysis of Non Financial Sector 2012

Habib - ADM Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

289,438

343,466

363,284

354,659

369,204

363,572

661,311

721,788

15,871
774,106

18,557
801,003

0
800,929

0
872,087

289,438
22,367

343,466
28,225

344,071
30,871

332,449
38,667

365,646
38,363

360,314
36,854

0
0

0
0

0
0

0
0

3,343

3,653

3,558

3,258

219,952
14,090
70,302

338,198
10,534
179,304

321,197
52,068
139,742

436,433
89,627
230,971

400,515
62,232
262,310

603,864
87,750
192,208

80,519

69,786

70,878

34,668

4,963

63,414

0
55,041

1,000
77,574

0
58,508

0
81,167

0
71,010

0
260,492

62,301
30,916

169,190
82,048

70,281
0

109,344
864

54,469
1,033

126,374
0

31,385

87,142

70,281

108,480

53,436

126,374

40,490
0
0

45,548
1,428
0

42,445
0
0

43,460
0
0

0
44,120

0
42,445

0
43,460

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
40,490

447,089
200,000

512,474
200,000

573,710
200,000

636,200
200,000

672,805
200,000

797,602
200,000

200,000
0
247,089

200,000
0
312,474

200,000
0
373,710
10,000
363,710

200,000
0
436,200
10,000
426,200

200,000
0
472,805
10,000
462,805

200,000
0
597,602
10,000
587,602

743,653
743,653
0
483,654

1,187,532
1,187,532
0
865,184

259,999
152,192

322,348
177,949

1,266,208
797,194
469,015
872,234
645,750
226,484
393,975
192,816
120,469
72,347

1,223,608
949,806
273,802
868,045
655,889
212,157
355,563
159,943
92,136
67,807

1,323,312
1,059,880
263,432
996,665
733,988
262,677
326,647
158,864
86,677
72,187

1,411,040
1,084,434
326,606
943,273
633,770
309,503
467,767
181,493
91,146
90,347

106,919
1,675
350
204,845
55,402
80,000
0
144,370

108,653
2,602
1,122
169,646
58,209
80,000
0
106,032

133,469
1,464
80
306,121
97,461
160,000
0
137,490

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

152,192

177,949

103,462
11,597
24,000
0

139,028
21,644
80,000
0

109,967
3,267
1,916
200,703
13,271
80,000
0
166,208

447,089
0
67,865
30,916

512,474
0
37,384
82,048

614,200
0
107,432
0

681,748
1,428
69,443
2,293

715,250
0
31,437
1,033

841,062
0
48,660
0

1.52
0.90
10.83
1.46
3.53
65.04
0.14
20.88
25.25
25.25
3.83
10.58

0.48
0.83
5.88
1.74
2.00
72.86
0.33
23.35
28.98
28.98
1.47
6.62

1.75
0.26
5.60
1.85
4.57
68.89
0.19
29.38
36.96
35.63
2.34
9.06
105.78
15.85
1.50
4.69
14.34

1.14
0.14
2.83
1.55
3.99
70.94
0.24
27.76
33.86
31.61
1.87
5.30
585.50
16.74
0.93
3.74
15.90

1.23
0.20
0.38
1.72
7.35
75.32
0.14
21.74
25.92
24.29
1.39
5.04
152.20
12.82
1.09
2.79
16.82

1.20
0.10
4.49
1.46
4.78
66.85
0.21
35.24
41.64
39.34
1.30
7.34
3,827.51
21.69
0.81
5.22
19.94

6,678

9,868

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

191

13.91
0.00
2.30
11.18

11.71
0.00
2.93
12.81

Financial Statement Analysis of Non Financial Sector 2012

Habib Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

680,445

790,841

1,397,089

1,520,100

1,728,857

2,780,309

1,513,820

1,687,640

43,533
1,761,039

57,351
1,809,516

26,416
1,890,970

47,710
1,923,293

680,445
61,986

790,841
66,387

790,891
77,682

760,509
80,199

768,778
79,559

724,129
79,368

0
555,710

0
695,432

0
923,856

0
2,001,263

6,955

6,808

9,807

7,207

2,258,991
638,531
390,494

2,563,642
736,537
438,221

2,409,420
1,595,667
211,039

1,915,962
1,307,268
319,376

2,287,890
1,222,138
580,092

2,497,320
636,083
897,543

202,887

403,763

353,397

114,178

185,699

397,115

801,364
225,715

555,721
429,400

0
249,317

0
175,140

0
299,961

0
566,579

959,764
488,190

1,324,019
465,156

1,265,349
426,000

498,340
0

417,157
0

1,141,278
0

471,574

858,863

839,349

498,340

417,157

1,141,278

87,500
0
0

86,500
0
0

81,500
0
0

81,500
0
0

0
86,500

0
81,500

0
81,500

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
87,500

1,979,672
288,000

2,030,464
360,000

2,453,660
480,000

2,851,222
600,000

3,518,090
750,000

4,054,851
750,000

288,000
0
1,691,672

360,000
0
1,670,464

480,000
0
1,973,660
34,000
1,939,660

600,000
0
2,251,222
34,000
2,217,222

750,000
0
2,768,090
34,000
2,734,090

750,000
0
3,304,851
34,000
3,270,851

2,838,960
2,838,960
0
2,468,787

4,490,483
2,102,436
2,388,047
3,755,657

370,173
173,110

734,826
282,208

4,584,186
4,584,186
0
3,720,221
2,979,304
740,917
863,965
297,217
141,118
156,099

5,919,338
5,919,338
0
4,960,283
4,424,738
535,545
959,055
278,924
128,129
150,795

7,467,944
5,927,028
1,540,916
6,201,551
4,239,628
1,961,923
1,266,393
336,213
153,401
182,812

7,096,467
3,915,909
3,180,558
5,847,461
5,305,208
542,253
1,249,006
376,990
180,002
196,988

206,819
74,725
67,100
759,535
241,000
150,000
150,000
439,069

216,624
0
0
1,050,016
300,000
375,000
0
275,682

376,660
0
0
981,150
200,000
375,000
0
719,890

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

173,110

282,208

256,213
47,500
57,600
72,000

503,747
80,000
90,000
119,988

191,564
56,866
49,686
654,816
175,000
168,000
120,000
1,092,009

1,979,672
0
151,113
488,190

2,030,464
0
333,747
465,156

2,541,160
0
311,816
426,000

2,937,722
0
368,535
0

3,599,590
0
375,016
0

4,136,351
0
406,150
0

1.71
0.78
7.15
0.97
2.35
86.96
0.48
9.60
14.46
14.46
3.62
7.27

1.28
0.22
8.99
1.34
1.94
83.64
0.65
16.01
25.12
25.12
4.71
10.25

1.54
1.24
7.71
1.20
1.90
81.15
0.55
18.29
29.21
28.65
2.86
21.72
14.18
14.28
0.81
5.00
25.56

2.85
1.26
1.93
1.72
3.84
83.80
0.21
31.43
28.64
27.73
3.46
18.53
12.32
12.83
0.75
4.32
23.76

3.37
0.00
2.49
1.86
5.48
83.04
0.14
28.18
32.97
32.12
2.00
12.87

0.91
0.00
5.60
1.34
2.19
82.40
0.30
21.11
25.91
25.37
2.08
7.91

22,237

9,998

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

192

9.02
0.00
3.62
34.37

11.22
0.00
5.89
28.20

14.06
0.55
5.00
23.45

13.83
0.59
5.21
27.03

Financial Statement Analysis of Non Financial Sector 2012

Haseeb Waqas Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

972,410

1,065,485

1,009,135

983,193

2,634,049

2,597,230

1,749,635

1,135,983

193
1,135,791

0
1,155,711

0
2,692,448

0
2,781,083

972,410
58,911

1,065,485
56,736

1,006,148
59,145

979,474
56,416

2,625,330
53,518

2,577,209
136,756

0
0

0
0

0
0

0
0

2,794

3,719

8,719

20,021

598,586
25,006
417,183

431,612
5,044
233,216

351,985
146,120
35,240

575,070
20,293
235,474

863,426
11,625
257,072

1,836,170
6,598
1,277,177

1,383

8,713

4,299

0
155,014

0
184,639

0
170,624

0
319,304

0
590,430

0
552,395

1,145,516
747,386

988,497
487,109

392,148
231,254

680,115
486,447

771,677
449,733

1,902,602
1,372,915

398,130

501,388

160,894

193,668

321,944

529,687

20,340

438,388
0
267,000

302,011
54,516
151,653

1,053,304
192,933
236,355

1,059,371
156,250
204,615

11,921
83,922

0
624,016

15,890
682,616

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

20,340

9,783
161,605

425,480
324,000

488,260
324,000

530,584
324,000

576,137
324,000

1,672,494
324,000

1,471,427
324,000

324,000
0
101,480

324,000
0
164,260

324,000
0
(76,207)
(76,207)
0

324,000
0
10,984
0
10,984

324,000
0
9,779
0
9,779

324,000
0
(123,690)
0
(123,690)

282,791

241,153

1,338,715

1,271,117

1,015,361
1,015,361
0
1,013,109

1,324,168
1,324,168
0
1,288,685

2,252
32,925

35,483
32,411

1,054,857
1,054,857
0
856,746
347,513
509,233
198,110
30,765
0
30,765

1,853,587
1,853,587
0
1,727,680
1,552,333
175,348
125,907
32,153
0
32,153

3,087,853
3,087,853
0
2,900,399
2,719,777
180,622
187,454
32,667
0
32,667

1,917,277
1,917,277
0
1,848,428
2,537,001
(688,573)
68,849
37,120
0
37,120

57,559
125,788
123,239
(27,930)
9,268
32,400
0
(298,832)

67,232
167,931
48,696
30,708
30,879
0
0
(157,258)

80,862
254,566
231,720
(205,774)
10,398
0
0
(848,650)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

32,925

32,411

(135,787)
4,382
0
0

(98,245)
0
0
0

50,718
130,065
128,545
37,349
5,732
0
0
374,004

425,480
0
(140,169)
747,386

508,600
0
(98,245)
487,109

968,971
0
31,617
231,254

878,148
54,516
(69,598)
540,963

2,725,798
192,933
(171)
642,666

2,530,798
156,250
(216,172)
1,529,165

0.02
10.70
0.14
0.65
0.52
99.78
2.69
-8.74
-28.24
-27.30

0.01
8.23
0.66
0.88
0.44
97.32
2.07
-6.40
-21.50
-21.04

0.37
12.33
0.00
0.77
0.90
81.22
1.57
2.61
7.33
5.06

0.03
6.79
0.00
1.19
0.85
93.21
1.70
-2.18
-5.05
-3.02
-1.15
7.87
0.77
-1.51
-0.30
-1.15
17.78

0.02
5.44
0.14
0.88
1.12
93.93
1.09
1.21
2.73
1.70

0.00
13.28
0.00
0.43
0.97
96.41
2.01
-5.19
-13.09
-7.83

108,617

108,982

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

193

2.43

5.68

29.93
1.29
3.54
0.45
0.98
16.38

-13.37
0.00
-4.33
13.13

-7.42
0.00
-3.03
15.07

12.01
1.63
0.99
-0.09
-0.01
51.62

1.50
0.11
-10.73
-0.29
-6.67
45.41

Financial Statement Analysis of Non Financial Sector 2012

Husein Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

337,896

359,132

397,093

960,850

1,011,026

1,131,438

799,031

862,116

24,483
895,595

0
1,415,709

89,982
1,429,916

38,152
1,638,210

337,896
40,363

359,132
42,781

352,404
43,962

832,998
39,686

808,684
39,516

973,315
48,821

0
7,125

750
3,188

667
4,877

333
4,129

13,080

123,915

106,816

115,509

405,451
6,081
249,369

234,045
33,775
41,430

269,247
28,938
103,979

320,699
8,117
129,560

386,367
4,850
10,681

319,558
10,758
43,594

27,268

5,252

1,042

1,224

21,369

12,340
110,393

11,738
147,102

0
131,078

0
181,980

200,786
168,826

0
243,837

367,395
275,223

181,590
22,739

339,678
127,138

607,123
278,069

370,957
189,517

574,318
180,060

92,172

158,851

212,540

329,054

181,440

394,258

9,651

10,969

25,615
24,626
0

55,595
9,956
45,000

287,024
279,341
0

131,093
99,933
0

0
639

0
7,683

0
31,160

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

9,651

10,969

0
989

366,301
121,000

400,618
121,000

301,047
121,000

618,831
121,000

739,412
170,000

745,585
170,000

121,000
0
245,301

121,000
0
279,618

121,000
0
180,047
25,719
154,329

121,000
0
5,147
21,781
(16,635)

170,000
0
76,728
23,470
53,258

170,000
0
82,901
22,722
60,179

492,684

492,684

492,684

1,534,450
1,534,450
0
1,519,353

1,897,466
1,897,466
0
1,724,474

15,097
60,620

172,992
78,794

1,468,262
1,468,262
0
1,418,682
1,243,862
174,820
49,580
80,070
5,025
75,045

1,824,195
1,824,195
0
1,973,802
1,806,923
166,879
(149,607)
81,724
4,810
76,914

3,477,699
3,477,699
0
3,184,341
2,833,149
351,192
293,358
121,097
7,815
113,282

3,010,669
3,010,669
0
2,812,500
2,572,542
239,958
198,169
123,750
8,922
114,828

117,910
71,343
70,248
(297,450)
0
0
0
(198,386)

144,923
66,504
61,268
119,246
35,403
0
0
107,929

166,335
84,713
83,041
24,491
15,083
0
0
121,732

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

60,620

78,794

(70,163)
6,731
0
0

56,780
0
20,570
0

125,198
62,570
60,649
(87,608)
7,355
0
0
(59,021)

375,952
0
(76,894)
275,223

411,587
0
36,210
22,739

326,662
24,626
(94,963)
151,764

674,426
9,956
(297,450)
288,025

1,026,436
279,341
83,843
468,858

876,678
99,933
9,408
279,993

0.12
2.77
1.78
2.06
1.10
99.02
1.03
-9.00
-18.20
-17.35

0.25
2.31
0.00
3.20
1.29
90.88
0.48
8.50
14.81
14.42
2.76
45.80

0.10
4.26
0.36
2.20
0.79
96.62
1.21
-13.91
-24.97
-23.73

0.02
3.91
0.06
1.42
0.53
108.20
1.07
-30.54
-64.67
-59.43

0.56
1.91
0.04
2.49
1.04
91.56
0.89
8.90
17.56
14.02

0.06
2.81
0.71
2.07
0.56
93.42
0.95
1.72
3.30
2.57

42,573

43,802

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

6.15

194

-4.57
0.00
-6.35
30.27

2.99
0.00
4.69
33.11

14.12
-0.44
-5.97
-0.16
-7.85
24.88

14.08
-3.23
-16.31
-0.30
-24.58
51.14

325.60
2.95
3.43
0.16
4.93
43.49

69.06
1.29
0.81
0.17
0.55
43.86

Financial Statement Analysis of Non Financial Sector 2012

JDW Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,191,943

4,864,442

8,257,771

8,849,112

12,162,255

13,478,754

4,162,471

5,878,169

25,574
9,035,673

46,064
9,484,823

2,246,586
10,715,941

582,112
14,230,440

3,191,943
194,952

4,322,276
199,935

6,829,408
434,173

6,893,409
443,216

7,768,107
482,211

10,716,371
622,829

542,166

608,311
745,602

608,311
1,216,921

608,311
1,340,840

608,311
1,466,322

48,877

84,409

198,411

105,638

4,051,494
22,022
358,189

3,695,631
3,372
876,392

4,074,576
6,578
1,436,297

3,322,547
10,942
206,682

7,234,919
414,068
1,922,057

9,790,817
53,601
4,666,382

Items

358,189

130,216

36,588

143

859,693

451,460

1,583,808
1,729,286

1,080,166
1,605,485

0
2,595,114

0
3,104,780

0
4,039,101

0
4,619,374

3,620,464
2,763,918

4,542,946
2,125,316

5,492,666
4,458,967

4,365,877
3,298,773

8,594,910
6,651,899

13,516,471
10,147,940

856,546

2,417,630

1,033,699

1,067,104

1,943,011

3,368,531

2,414,326

2,553,882

4,848,826
3,705,738
260,900

4,396,217
3,100,554
239,324

6,106,432
4,068,000
0

4,820,529
3,119,611
0

2,414,326

2,553,882

26,886
855,302

37,955
1,018,383

45,521
1,992,911

37,428
1,663,490

1,208,647
315,362

1,463,245
381,254

1,990,855
435,458

3,409,565
489,890

4,695,832
592,767

4,932,571
597,767

315,362
0
893,285

381,254
0
1,081,991

435,458
0
1,555,398
0
1,555,398

489,890
0
2,919,675
0
2,919,675

592,767
0
4,103,065
(2,126)
4,105,191

597,767
0
4,334,804
248
4,334,556

6,144,673
6,144,673
0
5,328,324

8,718,072
8,718,072
0
7,082,728

816,349
162,091

1,635,344
358,919

9,898,459
9,898,459
0
7,510,054
6,666,948
843,107
2,388,404
357,934
15,188
342,746

20,380,684
20,380,684
0
16,744,651
13,829,079
2,915,572
3,636,033
568,203
11,956
556,247

24,729,491
24,729,491
0
20,594,228
20,398,136
196,092
4,135,263
626,218
15,135
611,083

25,574,652
24,778,021
796,631
23,089,404
22,987,624
101,780
2,485,248
550,265
35,364
514,901

827,874
1,168,440
1,137,486
1,949,530
355,300
342,923
48,989
2,961,982

851,324
1,375,834
1,342,850
2,170,627
655,418
533,490
0
950,631

1,156,552
1,703,512
1,648,521
326,073
61,032
358,660
0
1,185,917

7,805,782
3,100,554
1,251,307
6,399,328

10,802,264
4,068,000
981,719
10,719,899

9,753,100
3,119,611
(93,619)
13,267,551

0.15
5.56
3.48
1.27
0.84
83.28
3.13
13.75
53.56
23.33
2.84
12.87
2.62
8.78
0.06
25.56
79.22

0.04
6.66
1.77
1.10
0.72
90.28
3.72
1.53
6.77
3.17
0.74
5.48
1.20
1.27
0.06
4.43
82.52

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

162,091

358,919

58,498
0
0
63,072

668,102
27,446
133,439
57,188

633,026
1,127,468
1,103,707
927,036
62,628
174,183
0
(389,380)

3,622,973
0
58,498
2,763,918

4,017,127
0
507,217
2,125,316

6,839,681
3,705,738
690,225
8,164,705

0.27
7.60
1.49
1.02
0.81
81.24
4.85
8.46
50.01
17.49
4.80
9.95

0.01
11.39
0.37
0.80
0.74
75.87
5.19
8.87
53.68
17.08
4.96
6.89
1.84
9.37
-0.04
19.85
45.72

697,960

662,328

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.54
11.36
5.83
0.85
1.12
86.71
4.99
0.94
4.91
1.64

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

17.15

195

0.95
0.00
1.85
38.33

7.66
0.00
16.80
38.38

0.00
5.73
0.00
1.67
0.76
82.16
2.57
15.91
72.20
26.62
4.65
98.61
2.71
9.57
0.34
32.54
69.60

Financial Statement Analysis of Non Financial Sector 2012

Khairpur Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

818,108

1,095,307

1,322,013

1,479,148

1,423,760

1,447,130

1,341,404

1,670,313

1,754
1,959,237

176,184
2,009,115

0
2,205,357

0
2,307,059

818,108
49,419

1,095,307
51,710

1,315,592
68,665

1,297,606
67,865

1,419,551
74,296

1,446,454
75,836

0
0

0
0

0
0

0
0

4,667

5,358

4,209

676

113,781
14,812
5,593

385,923
8,026
252,584

184,128
39,658
44,594

156,074
6,270
24,079

398,401
20,673
200,259

551,889
8,358
214,580

Items

7,190

6,421

37,044

0
93,376

0
125,313

0
92,685

0
119,304

0
177,469

0
291,907

335,005
81,260

1,177,920
73,081

646,885
78,152

720,463
73,081

766,956
34,566

1,033,126
155,000

253,745

1,104,839

568,733

647,382

732,390

878,126

615,314

180,728

708,026
107,647
577,963

735,208
34,566
677,089

857,298
0
815,162

935,416
0
900,718

23,554
0

29,457
12,679

34,698
0

615,314

180,728

19,149
3,267

(18,430)
160,175

122,582
160,175

151,230
160,175

179,551
160,175

197,907
160,175

30,477
160,175

160,175
0
(178,605)

160,175
0
(37,593)

160,175
0
(332,114)
0
(332,114)

160,175
0
(301,580)
0
(301,580)

160,175
0
(250,072)
0
(250,072)

160,175
0
(403,644)
0
(403,644)

323,169

320,956

287,804

273,946

994,344
994,344
0
990,721

716,341
716,341
0
713,614

3,623
47,893

2,727
54,098

1,075,493
1,075,493
0
989,857
617,642
372,215
85,636
62,286
3,656
58,631

1,264,672
1,264,672
0
1,153,481
945,914
207,567
111,191
71,554
3,642
67,912

1,534,346
1,534,346
0
1,393,271
1,382,523
10,748
141,075
78,649
5,003
73,646

1,714,832
1,569,715
145,117
1,789,215
1,583,725
205,490
(74,383)
97,268
8,461
88,807

85,099
3,212
0
37,701
12,647
0
0
170,638

89,741
16,412
14,145
46,377
15,343
0
0
(31,682)

103,090
35,461
32,835
(171,533)
8,574
0
0
(115,551)

1,055,205
0
31,034
34,566

965,893
0
(180,107)
155,000

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

47,893

54,098

(57,209)
4,289
0
0

(49,898)
0
0
0

70,593
3,312
0
25,120
5,377
0
0
269,979

596,884
0
(61,498)
81,260

303,310
0
(49,898)
73,081

859,256
107,647
19,742
185,799

914,759
34,566
25,054
107,647

0.04
1.40
0.00
1.07
0.34
99.64
-51.56
-5.91
-464.42
-11.81

0.01
1.64
0.00
0.48
0.33
99.62
11.08
-4.14
-95.82
-11.09

0.07
0.31
0.67
0.71
0.28
92.04
8.96
1.68
18.35
4.32

0.02
0.25
0.51
0.77
0.22
91.21
8.11
2.40
22.79
4.25

13,887

11,721

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

196

0.03
1.07
0.00
0.84
0.52
90.81
8.21
2.68
24.57
4.71

0.04
2.07
2.16
0.86
0.53
104.34
64.59
-8.98
-150.21
-16.97

177.78

2.84

24.12

52.52

7.66
4.28
3.02
-0.02
1.94
12.36

7.99
-4.22
-10.00
-0.06
-11.24
1.90

-5.75
0.00
-3.84
-1.15

-6.97
0.00
-3.12
7.65

2.34
0.20
1.23
9.44

2.98
0.12
1.56
11.21

Financial Statement Analysis of Non Financial Sector 2012

Kohinoor Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,507,054

1,559,495

1,648,696

1,664,441

1,664,123

2,451,256

1,857,541

1,970,976

433,369
1,664,990

473,397
1,613,143

503,971
1,619,108

524,072
2,316,727

1,507,054
36,572

1,559,495
63,340

1,196,336
61,901

1,124,456
53,684

1,083,821
48,288

1,755,165
26,697

0
0

0
0

0
0

0
0

18,991

66,588

76,331

172,019

352,353
1,171
176,013

582,757
8,772
358,440

341,213
13,350
92,362

412,015
2,661
124,203

827,053
4,921
577,406

586,950
5,621
316,801

4,410

40,279

52,445

884

22,863

0
170,759

0
175,266

0
235,501

0
232,706

0
243,842

0
241,665

768,918
317,666

1,044,824
250,466

500,024
130,771

579,661
286,971

1,100,122
697,765

1,185,667
444,817

451,252

794,358

369,253

292,691

402,357

740,850

468,648

520,135

817,488
399,310
416,869

898,324
300,517
446,498

844,392
210,624
454,405

813,577
182,994
452,095

468,648

520,135

0
1,309

0
151,309

0
179,363

0
178,488

621,841
109,098

577,293
109,098

672,397
109,098

598,471
109,098

546,662
109,098

1,038,962
109,098

109,098
0
512,743

109,098
0
468,195

109,098
0
(85,042)
26,879
(111,922)

109,098
0
(158,968)
26,879
(185,847)

109,098
0
(210,777)
26,879
(237,656)

109,098
0
(408,374)
26,879
(435,253)

648,341

648,341

648,341

1,338,238

748,644
748,644
0
787,849

1,089,166
1,089,166
0
1,054,212

(39,205)
53,074

34,954
60,205

1,379,043
1,379,043
0
1,196,613
782,886
413,728
182,430
71,447
2,599
68,849

1,387,004
1,387,004
0
1,360,588
1,255,983
104,605
26,416
71,065
2,353
68,712

1,640,935
1,640,935
0
1,499,230
1,803,828
(304,598)
141,705
78,046
3,923
74,123

1,963,708
1,963,708
0
2,060,072
1,634,677
425,395
(96,364)
83,212
5,884
77,328

170,909
81,559
80,492
(113,768)
7,756
0
0
(261,891)

112,899
112,658
111,518
(44,568)
16,435
0
0
(334,324)

106,666
95,231
94,051
(276,429)
16,855
0
0
297,633

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

53,074

60,205

(137,233)
3,811
0
0

(104,027)
0
0
0

105,548
109,379
87,525
5,789
1,267
0
0
23,797

1,090,489
0
(141,044)
317,666

1,097,428
0
(104,027)
250,466

1,489,885
399,310
4,522
530,081

1,496,795
300,517
(121,524)
587,487

1,391,054
210,624
(61,003)
908,389

1,852,539
182,994
(293,284)
627,811

0.01
7.94
0.59
0.40
0.46
105.24
1.99
-7.72
-19.69
-12.47

0.05
8.45
3.70
0.51
0.56
96.79
2.71
-5.20
-17.35
-9.51

0.03
7.93
0.00
0.69
0.68
86.77
1.96
0.28
0.93
0.45

0.10
5.88
3.78
0.67
0.71
98.10
2.47
-5.60
-17.90
-7.62

0.01
6.87
0.05
0.66
0.75
91.36
3.56
-1.95
-7.78
-3.09

0.02
4.85
1.16
0.65
0.50
104.91
1.92
-10.00
-34.87
-17.04

59,427

92,078

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

197

4.25

3.04

14.93
1.07
0.42
0.02
0.41
61.63

11.17
-0.41
-8.20
-0.18
-11.14
54.86

2.84
0.60
-2.72
-0.17
-5.59
50.11

6.20
-1.94
-14.08
0.15
-26.88
95.23

-18.33
0.00
-12.93
57.00

-9.55
0.00
-9.54
52.92

Financial Statement Analysis of Non Financial Sector 2012

Mehran Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

419,795

425,336

688,396

1,028,023

1,314,044

1,770,154

879,904

916,961

39,019
999,499

38,213
1,380,332

97,094
1,636,135

215,948
1,910,379

419,795
34,280

425,336
34,690

473,156
36,497

809,740
47,902

991,687
75,568

1,172,731
95,899

0
174,229

0
176,077

0
216,718

0
376,835

1,992

3,992

8,545

4,640

343,838
2,210
118,387

766,253
1,658
437,058

430,048
1,341
141,297

707,368
113,747
253,837

1,805,469
11,943
1,458,570

1,767,464
144,770
1,095,298

31,073

30,512

112,101

90,561

4,683

73,172

97,891
94,277

151,507
145,518

39,053
136,256

91,481
157,742

162,989
167,284

204,397
249,827

493,018
137,138

888,290
182,587

482,161
108,033

751,722
77,373

1,854,588
128,750

1,750,103
479,736

355,880

705,703

374,128

674,349

1,725,838

1,270,367

152,204

127,511

302,602
90,631
0

461,255
219,972
0

472,087
175,000
0

749,213
380,313
0

152,204

127,511

4,868
207,103

5,742
235,541

5,682
291,405

6,439
362,461

118,411
98,437

175,788
98,438

333,681
118,125

522,414
142,931

792,838
172,947

1,038,302
209,266

98,437
0
19,974

98,438
0
77,350

118,125
0
215,556
63,281
152,275

142,931
0
379,483
63,281
316,202

172,947
0
619,891
63,281
556,610

209,266
0
829,036
63,281
765,755

1,485,943
1,376,942
109,001
1,493,303

1,439,288
1,202,038
237,250
1,320,711

(7,360)
46,252

118,577
78,211

2,387,446
2,387,446
0
1,994,378
1,416,671
577,707
393,068
144,200
5,367
138,833

3,841,345
3,841,345
0
3,366,566
3,174,120
192,446
474,779
120,774
5,443
115,331

4,355,038
4,355,038
0
3,773,643
4,521,189
(747,546)
581,395
152,042
5,164
146,878

4,150,109
3,633,589
516,520
3,771,972
2,975,480
796,492
378,137
143,713
27,576
116,137

137,798
73,800
72,448
321,129
38,758
50,026
28,586
292,070

173,523
133,757
132,349
416,496
45,595
51,884
34,589
317,288

178,826
116,320
114,406
353,636
8,128
52,317
41,853
19,248

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

46,252

78,211

(110,357)
6,450
0
0

60,564
2,414
0
0

121,462
65,333
64,258
245,693
5,088
41,344
35,438
55,935

270,615
0
(116,807)
137,138

303,299
0
58,150
182,587

636,283
90,631
199,261
198,664

983,669
219,972
232,346
297,345

1,264,925
175,000
319,017
303,750

1,787,515
380,313
293,191
860,049

0.27
3.89
2.09
1.95
0.70
100.50
5.45
-14.07
-63.38
-40.12

0.21
3.03
2.12
1.21
0.86
91.76
5.78
6.20
41.17
21.11

0.32
2.74
4.70
2.13
0.89
83.54
2.35
21.27
96.45
52.30
5.82
16.90
4.82
10.29
0.07
20.37
28.25

0.39
1.92
2.36
2.21
0.94
87.64
2.32
22.51
75.02
39.65
5.64
15.13
5.43
8.36
0.24
19.76
36.55

0.10
3.07
0.11
1.40
0.97
86.65
2.93
17.16
63.33
37.05
7.15
2.99
4.15
9.56
0.14
21.45
45.84

0.24
2.80
1.76
1.17
1.01
90.89
2.41
10.62
38.62
23.17
6.60
3.79
4.09
8.52
0.01
16.51
49.62

57,773

43,639

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

198

12.55

3.29

-7.43
0.00
-11.87
12.03

4.21
0.00
5.91
17.86

Financial Statement Analysis of Non Financial Sector 2012

Mirpurkhas Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

398,069

417,044

753,477

986,239

1,187,555

1,640,534

785,035

822,423

91,608
916,682

123,281
1,120,505

73,229
1,364,785

18,595
1,765,285

398,069
20,695

417,044
22,006

493,340
21,632

683,949
31,866

889,924
40,057

1,241,331
51,595

0
167,791

2,200
176,077

4,767
218,903

3,667
376,209

738

732

732

732

606,163
10,064
183,799

835,365
13,297
426,595

559,658
35,036
203,171

501,201
31,152
125,715

1,267,112
15,651
886,781

1,087,813
16,477
630,144

4,691

84,050

90,979

13,481

9,766

306,453
101,156

215,486
179,987

63,828
173,573

56,616
196,739

1,251
349,948

170,188
261,238

613,380
403,366

810,242
153,802

524,513
214,684

594,558
206,322

1,193,127
519,476

1,058,304
291,050

210,014

656,440

309,829

388,236

673,651

767,254

31,826

177,778

339,086
133,334
0

338,231
88,890
0

592,785
344,445
0

687,089
439,999
0

0
249,341

0
248,340

0
247,090

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2010

(Thousand Rupees)
2011
2012

2007

Items

31,826

177,778

0
205,752

359,026
63,888

264,389
63,888

449,536
63,888

554,651
70,277

668,755
84,332

982,954
96,982

63,888
0
295,138

63,888
0
200,501

63,888
0
256,592
256,592
0

70,277
0
311,318
0
311,318

84,332
0
411,367
0
411,367

96,982
0
603,420
0
603,420

129,056

173,056

173,056

282,552

1,294,507
1,294,507
0
1,242,872

1,128,856
927,144
201,712
980,357

51,635
43,876

148,499
80,224

1,803,234
1,803,234
0
1,471,620
1,229,396
242,224
331,614
69,309
2,571
66,738

2,823,671
2,823,671
0
2,477,780
2,344,703
133,077
345,891
95,947
4,985
90,962

2,739,671
2,739,671
0
2,375,297
217,549
2,157,748
364,374
98,579
5,940
92,639

2,541,537
2,261,036
280,501
2,368,501
1,911,740
456,761
173,036
104,199
27,257
76,942

175,728
103,958
102,155
156,346
30,734
10,542
14,055
375,735

203,166
145,310
143,606
168,294
30,194
8,433
12,650
79,741

204,436
133,720
130,529
109,696
15,568
0
14,547
221,098

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

43,876

80,224

(50,519)
6,064
0
0

62,882
2,454
6,389
0

137,473
86,594
85,838
214,218
10,860
15,972
6,389
26,877

390,852
0
(56,583)
403,366

442,167
0
54,039
153,802

788,622
133,334
187,386
348,018

892,882
88,890
115,070
295,212

1,261,540
344,445
129,667
863,921

1,670,043
439,999
94,128
731,049

0.52
4.63
0.36
1.29
0.99
96.01
1.80
-4.88
-13.24
-11.11

0.28
4.99
0.00
0.90
1.03
86.85
3.74
5.57
20.17
15.10
9.46
2.65

0.35
4.80
4.66
1.37
1.07
81.61
1.92
16.70
60.01
34.81
12.73
8.88
3.50
11.88
0.03
31.83
70.36

0.30
3.68
3.22
1.90
0.84
87.75
1.68
11.17
31.14
18.60
11.92
22.46
2.53
5.54
0.40
17.87
78.92

0.03
5.30
0.49
1.12
1.06
86.70
2.67
8.54
27.51
15.62
16.38
3.09
2.17
6.14
0.04
16.38
79.30

0.19
5.26
0.38
0.93
1.03
93.19
1.78
4.23
13.28
7.48

59,956

56,292

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.04

199

-3.90
0.00
-8.86
56.20

5.57
0.00
9.46
41.38

4.03
1.84
4.32
0.13
9.71
101.35

Financial Statement Analysis of Non Financial Sector 2012

Mirza Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

239,349

221,120

215,849

207,882

194,570

175,726

673,493

694,223

15,218
692,765

0
720,294

0
735,856

0
730,767

239,349
26,903

221,120
22,946

199,204
21,554

206,455
20,278

194,570
21,448

175,726
19,928

0
0

0
0

0
0

0
0

1,427

1,427

52,571
1,671
7,208

87,683
1,337
44,856

100,351
2,488
65,590

171,537
18,276
77,650

260,359
14,195
140,827

162,400
2,316
87,210

8,199

1,592

1,749

36,010

26,951

0
35,493

0
39,898

0
32,273

0
73,862

0
69,327

0
45,923

802,594
81,243

885,166
520,540

421,886
291,439

425,573
331,355

529,651
359,692

560,246
342,488

721,351

364,626

130,448

94,218

169,959

217,758

319,294

220,209

530,471
143,773
0

450,808
64,110
0

403,487
16,788
0

137,216
16,788
0

0
386,698

0
386,699

0
120,428

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

319,294

220,209

0
386,698

(829,968)
141,000

(796,572)
141,000

(636,157)
141,000

(496,962)
141,000

(478,209)
141,000

(359,336)
141,000

141,000
0
(970,968)

141,000
0
(937,572)

141,000
0
(777,157)
0
(777,157)

141,000
0
(637,962)
0
(637,962)

141,000
0
(619,209)
0
(619,209)

141,000
0
(500,336)
0
(500,336)

558,900
558,900
0
562,750

732,343
732,343
0
706,238

(3,850)
27,302

26,105
37,748

649,457
649,457
0
556,161
473,538
82,623
93,295
59,732
835
58,898

1,328,623
1,328,623
0
1,107,582
1,007,156
100,426
221,042
56,091
1,010
55,081

1,465,478
1,465,478
0
1,355,199
1,418,376
(63,177)
110,279
68,644
1,347
67,297

774,361
774,361
0
829,673
776,056
53,617
(55,312)
69,523
1,006
68,517

58,717
12,826
10,342
152,482
13,286
14,100
0
78,188

69,715
9,000
6,759
39,335
14,722
0
0
32,240

77,588
2,897
1,613
159,150
20,347
0
0
6,718

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

27,302

37,748

(44,745)
2,500
0
0

33,396
0
0
0

50,686
6,822
5,371
166,796
3,300
0
0
40,812

(510,674)
0
(47,245)
81,243

(576,363)
0
33,396
520,540

(105,686)
143,773
163,496
435,212

(46,154)
64,110
125,095
395,465

(74,722)
16,788
24,613
376,480

(222,120)
16,788
138,803
359,276

0.01
3.80
1.47
1.91
0.07
100.69
-1.35
-14.92
5.55
9.58

0.00
2.38
0.22
2.37
0.10
96.44
-1.39
11.12
-4.11
-6.14

0.01
1.05
0.00
2.05
0.24
85.63
-1.50
53.37
-23.28
-48.91

0.05
0.97
0.13
3.50
0.40
83.36
-1.76
43.84
-26.91
-200.85
9.87
17.11
15.74
11.48
0.09
9.87
-35.25

0.09
0.61
2.46
3.22
0.49
92.47
-1.95
9.43
-8.07
-65.08

0.05
0.37
3.48
2.29
0.29
107.14
-1.94
40.14
-38.00
-107.23

21,246

17,451

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

200

77.54

16.33

9.90
32.05
25.68
0.04
11.60
-45.12

-8.01
0.00
-3.35
-58.86

4.56
0.00
2.37
-56.49

10.41
6.82
2.68
0.03
1.75
-33.92

8.88
99.67
20.55
0.01
9.84
-25.48

Financial Statement Analysis of Non Financial Sector 2012

Noon Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,461,495

1,349,771

1,351,654

1,205,594

1,160,245

1,196,653

2,092,376

2,118,857

8,803
2,118,216

9,605
2,133,679

60,017
2,171,479

41,614
2,334,364

1,461,495
52,924

1,349,771
143,319

1,216,649
138,801

1,107,994
126,202

1,031,767
116,561

1,086,471
118,164

0
124,360

0
85,862

0
66,388

0
66,314

1,842

2,133

2,073

2,254

702,139
14,856
471,149

584,555
16,250
318,059

247,118
9,766
133,203

330,727
38,627
160,060

1,129,184
14,104
876,962

630,140
15,097
346,294

11,407

40,771

3,112

16,872

48,282

76,010

81,208
123,519

105,304
104,171

0
101,037

0
115,168

23,722
166,114

0
192,739

823,695
645,423

759,465
554,942

448,038
387,683

781,124
655,848

1,499,694
1,225,065

878,945
641,010

178,272

204,523

60,355

125,276

274,629

237,935

361,155

266,937

185,379
132,872
0

50,880
0
0

50,094
0
0

126,472
72,873
0

361,155

266,937

51,145
1,362

49,757
1,123

49,683
411

53,140
459

978,784
136,508

907,924
150,159

965,355
150,159

704,317
165,175

739,641
165,175

821,376
165,175

136,508
0
842,276

150,159
0
757,765

150,159
0
815,196
134,233
680,963

165,175
0
539,142
119,217
419,925

165,175
0
574,466
119,217
455,249

165,175
0
656,201
119,217
536,984

1,219,559
963,592
255,967
1,149,279

2,011,741
1,472,806
538,935
1,780,436

70,280
86,139

231,305
117,065

1,714,912
1,515,845
199,067
1,443,161
944,883
498,278
271,751
103,836
28,433
75,403

1,723,592
1,544,673
178,919
1,719,524
1,431,861
287,663
4,068
97,080
23,433
73,647

3,101,489
2,296,519
804,970
2,695,524
136,884
2,558,640
405,965
161,186
77,595
83,591

4,622,657
3,659,083
963,574
4,201,356
3,157,047
1,044,309
421,301
188,033
86,210
101,823

115,144
111,415
110,767
(183,237)
17,346
0
0
34,570

153,916
197,925
195,046
62,642
31,374
24,776
0
(335,207)

179,920
127,689
125,475
120,785
16,213
33,035
0
818,922

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

86,139

117,065

(61,069)
5,477
0
0

(42,752)
5,389
0
0

111,737
126,516
125,579
66,148
9,575
15,016
15,016
441,492

1,339,939
0
(66,546)
645,423

1,174,861
0
(48,141)
554,942

1,150,734
132,872
41,557
520,555

755,197
0
(200,583)
655,848

789,735
0
6,492
1,225,065

947,848
72,873
71,537
713,883

0.13
4.23
0.94
0.56
0.85
94.24
1.21
-3.02
-6.20
-4.42

0.21
9.16
2.03
1.04
0.77
88.50
1.13
-2.09
-4.53
-3.40

0.03
7.38
0.18
1.07
0.55
84.15
0.66
3.74
7.06
5.69
3.77
12.87
1.53
3.86
0.70
3.77
64.29

0.07
6.46
0.98
1.12
0.42
99.76
1.18
-11.69
-21.95
-19.23

0.06
6.38
1.56
1.35
0.75
86.91
2.10
3.27
8.68
8.11
1.26
3.54
1.32
2.02
-0.22
1.89
44.78

0.10
2.76
1.64
2.53
0.72
90.89
1.22
5.87
15.48
13.90
3.17
13.35
1.96
2.61
0.81
6.33
49.73

51,529

184,257

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

201

2.59

6.33

-5.01
0.00
-4.87
71.70

-2.13
0.00
-3.21
60.46

10.77
-0.65
-10.63
0.04
-12.14
42.64

Financial Statement Analysis of Non Financial Sector 2012

Pangrio Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

160,263

150,498

71,964

65,688

49,580

50,511

531,205

537,037

0
550,771

0
551,220

0
560,150

0
566,792

160,263
16,924

150,498
16,253

71,832
7,852

65,630
7,316

49,522
7,411,499

50,453
6,205,618

0
0

0
0

0
0

0
0

132

58

58

58

57,342
667
13,384

101,518
1,998
53,338

162,631
1,397
122,220

204,345
15,699
134,045

362,451
4,002
202,731

107,911
2,111
60,597

1,586

20,234

8,114

0
41,705

0
46,181

0
39,014

0
54,602

0
135,484

0
37,089

882,031
88,229

943,919
22,595

425,027
157,350

385,453
146,626

598,939
144,414

495,301
133,742

793,802

921,324

267,676

238,827

454,525

361,559

22,166

389,942
22,005
70,000

389,553
21,616
70,000

379,686
14,843
70,000

372,361
9,556
70,000

0
297,937

3,930
294,007

3,930
290,913

3,930
288,875

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

22,166

(686,592)
108,500

(691,903)
108,500

(580,374)
108,500

(504,973)
108,500

(566,594)
108,500

(709,240)
108,500

108,500
0
(795,092)

108,500
0
(800,403)

108,500
0
(688,874)
0
(688,874)

108,500
0
(613,473)
0
(613,473)

108,500
0
(675,094)
0
(675,094)

108,500
0
(817,740)
0
(817,740)

557,037
557,037
0
576,043

731,448
731,448
0
726,137

(19,006)
17,368

5,311
19,711

391,988
391,988
0
349,768
328,897
20,871
42,220
36,045
1,193
34,852

1,069,717
1,069,717
0
951,816
859,047
92,769
117,901
35,997
1,663
34,334

1,411,945
1,411,945
0
1,422,969
8,584
1,414,385
(11,024)
57,062
2,766
54,296

627,044
627,044
0
734,736
467,398
267,338
(107,692)
43,157
1,740
41,417

66,445
7,017
1,613
86,098
10,697
10,850
0
27,239

77,510
7,396
4,655
(41,363)
14,159
0
0
19,676

230,784
3,635
2,791
(142,645)
0
0
0
21,195

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,368

19,711

(30,197)
2,500
0
0

(5,312)
0
0
0

57,339
3,027
977
189,140
1,960
0
0
8,311

(664,426)
0
(32,697)
88,229

(691,903)
0
(5,312)
22,595

(190,432)
22,005
187,180
179,355

(115,420)
21,616
64,551
168,242

(186,908)
14,843
(55,522)
159,257

(336,879)
9,556
(142,645)
143,298

0.00
0.19
0.28
2.56
0.07
103.41
-1.32
-13.96
4.51
4.91

0.00
0.18
0.00
2.90
0.11
99.27
-1.36
-2.26
0.77
0.78

0.00
0.77
0.00
1.67
0.38
89.23
-1.40
77.74
-29.73
-42.87

0.04
0.66
0.00
3.96
0.53
88.98
-1.53
34.12
-15.87
-56.30
6.95
7.98
54.38
8.05
0.04
6.95
-46.54

0.04
0.52
1.43
3.43
0.61
100.78
-1.73
-12.13
7.72
27.36

0.02
0.58
1.29
3.96
0.22
117.17
-1.22
-50.01
22.36
54.47

1,035

1,298

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

202

41.62

13.71

3.21
194.66
48.25
0.01
17.25
-53.49

-5.42
0.00
-3.01
-63.28

-0.73
0.00
-0.49
-63.77

6.96
-7.89
-2.93
0.02
-5.12
-52.22

10.35
-50.11
-22.75
0.02
-13.15
-65.37

Financial Statement Analysis of Non Financial Sector 2012

Sakrand Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

645,049

645,049

1,277,019

1,306,235

1,267,526

1,743,421

1,190,478

1,190,478

0
1,858,068

5,000
1,906,277

0
1,930,104

0
2,462,322

645,049
35,604

645,049
35,604

1,240,081
41,783

1,220,658
67,631

1,177,285
67,348

1,641,428
70,130

0
36,063

0
79,767

0
89,458

0
100,328

875

812

783

1,665

171,813
27,545
60,707

171,813
27,545
60,707

394,297
1,787
263,009

484,621
24,742
99,076

674,273
24,350
369,101

707,817
5,396
432,361

24,618

24,618

69,516

300,920

222,657

184,809

0
58,943

0
58,943

0
59,985

0
59,882

0
58,165

0
85,251

743,404
303,915

743,404
303,915

601,302
44,560

540,120
206,310

895,491
365,567

1,076,656
533,199

439,489

439,489

556,742

333,810

529,924

543,457

380,912

380,912

549,294
257,964
0

671,403
422,473
0

604,139
383,291
0

661,556
353,255
0

5,266
243,664

5,925
214,923

6,073
302,228

Items

380,912

380,912

4,869
286,460

(307,454)
223,080

(307,454)
223,080

520,720
223,080

579,333
223,080

442,169
223,080

713,026
223,080

223,080
0
(530,534)

223,080
0
(530,534)

223,080
0
(157,609)
0
(157,609)

223,080
0
(76,324)
0
(76,324)

223,080
0
(192,351)
0
(192,351)

223,080
0
(291,516)
0
(291,516)

455,249

432,577

411,440

781,462

1,144,541
1,144,541
0
1,182,172

1,144,541
1,144,541
0
1,182,172

(37,631)
40,856

(37,631)
40,856

920,514
920,514
0
903,447
758,381
145,065
17,067
96,036
753
95,283

3,193,219
3,193,219
0
2,975,748
2,600,676
375,072
217,471
95,284
1,925
93,359

3,125,044
3,125,044
0
3,083,836
0
3,083,836
41,208
103,563
3,300
100,263

2,463,907
2,463,907
0
2,407,869
2,254,746
153,123
56,038
115,774
3,332
112,442

96,506
85,999
78,912
47,753
31,937
0
0
(212,400)

103,015
89,943
83,486
(133,212)
31,256
0
0
(95,525)

110,905
95,011
94,711
(151,871)
12,322
0
0
(129,141)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

40,856

40,856

(117,215)
4,951
0
0

(117,215)
4,951
0
0

108,833
33,516
33,028
491,665
4,609
0
0
31,137

73,458
0
(122,166)
303,915

73,458
0
(122,166)
303,915

1,070,014
257,964
487,056
302,524

1,250,736
422,473
15,817
628,783

1,046,308
383,291
(164,468)
748,858

1,374,582
353,255
(164,193)
886,454

0.07
3.50
2.15
1.40
0.23
103.29
-3.66
-13.84
47.58
-63.69

0.07
3.50
2.15
1.40
0.23
103.29
-3.66
-14.35
38.12
-159.57

0.12
3.64
7.55
0.55
0.66
98.15
2.21
39.52
461.08
86.00

0.60
2.69
9.42
1.78
0.90
93.19
2.09
2.76
8.68
4.12

0.28
2.88
7.12
1.61
0.75
98.68
3.39
-7.14
-26.08
-11.60

0.18
3.86
7.50
1.01
0.66
97.73
2.44
-6.91
-26.29
-12.55

40,032

40,032

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

203

18.85

18.85

3.50
15.89
53.41
0.03
21.83
23.34

32.23
1.61
1.50
-0.18
0.71
25.97

8.47
-0.60
-4.26
-0.06
-7.37
19.82

5.70
-0.60
-6.16
-0.07
-7.36
31.96

-10.24
0.00
-5.48
-13.78

-10.24
0.00
-5.48
-13.78

Financial Statement Analysis of Non Financial Sector 2012

Sanghar Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

524,078

516,797

496,254

479,731

790,401

783,485

684,769

708,109

771
713,300

0
725,125

4,918
1,026,991

2,722
1,063,442

524,078
29,541

516,797
30,969

493,260
28,746

477,508
27,605

749,087
3,611

744,394
5,235

0
0

0
0

0
0

0
0

2,223

2,223

36,396

36,369

128,007
2,647
6,747

121,230
14,410
30,697

277,084
15,841
139,201

240,366
6,148
88,197

1,471,518
13,638
1,355,937

935,108
22,128
499,923

5,720

11,366

36,728

49,519

12,425

317,421

0
112,893

0
64,757

0
85,314

0
96,502

0
89,518

0
95,636

461,541
39,597

410,771
51,818

318,274
45,188

179,171
60,693

1,463,091
393,801

945,772
450,038

421,944

358,953

273,086

118,478

1,069,290

495,734

84,092

64,970

225,866
44,782
31,030

189,251
23,159
0

301,336
0
0

281,882
0
0

19,674
146,418

25,284
276,052

31,547
250,335

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

84,092

64,970

14,826
135,228

106,452
119,460

162,286
119,460

229,198
119,460

351,675
119,460

497,492
119,460

490,939
119,460

119,460
0
(13,008)

119,460
0
42,826

119,460
0
60,114
0
60,114

119,460
0
186,002
0
186,002

119,460
0
208,989
0
208,989

119,460
0
211,238
0
211,238

49,624

46,213

169,043

160,241

1,236,738
1,236,738
0
1,165,163

2,170,042
2,103,162
66,880
1,936,420

71,575
50,463

233,622
80,119

1,679,489
1,679,489
0
1,453,985
1,528,005
(74,020)
225,504
74,405
1,419
72,986

2,679,922
2,679,922
0
2,302,539
2,272,673
29,866
377,383
96,804
1,726
95,078

1,498,297
1,498,297
0
1,252,341
1,190,280
62,061
245,956
94,353
2,213
92,140

3,005,261
2,713,515
291,746
2,809,749
1,946,356
863,393
195,512
105,682
9,578
96,104

102,437
68,479
65,461
213,047
85,086
17,919
0
50,456

118,513
94,682
92,309
64,344
25,917
0
0
(195,779)

126,462
93,952
92,565
(424)
16,499
0
0
(10,094)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

50,463

80,119

(12,373)
5,847
0
0

134,232
20,020
0
0

101,012
36,752
34,490
115,257
47,600
11,946
0
148,862

190,544
0
(18,220)
39,597

227,256
0
114,212
51,818

455,064
44,782
55,711
89,970

540,926
23,159
110,042
83,852

798,828
0
38,427
393,801

772,821
0
(16,923)
450,038

0.02
3.03
0.46
1.90
0.28
94.21
5.13
-1.87
-9.98
-5.71

0.06
1.17
0.52
3.40
0.30
89.23
2.93
20.81
99.90
64.26

0.17
2.19
2.19
2.17
0.87
86.57
2.37
16.33
58.88
33.78
5.66
12.07
4.34
6.86
0.27
5.66
19.19

0.31
2.56
1.85
3.72
1.34
85.92
1.05
28.53
73.35
42.78
7.14
30.39
4.25
7.95
0.14
10.71
29.44

0.02
6.32
0.83
0.66
1.01
83.58
3.55
4.32
15.15
9.61

0.36
3.13
10.56
1.75
0.99
93.49
2.50
-0.02
-0.09
-0.05

37,493

25,326

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

204

183.30

70.69

-1.00
0.00
-1.53
8.91

6.19
0.00
9.56
13.58

1.10
1.70
4.29
-0.11
3.22
41.65

6.01
1.00
-0.01
-0.01
-1.42
41.10

Financial Statement Analysis of Non Financial Sector 2012

Shahmurad Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,681,232

1,693,408

1,925,508

1,965,810

2,052,534

2,158,682

2,258,832

2,593,022

58,460
2,042,232

121,334
2,915,894

111,568
3,113,246

97,349
3,340,457

1,681,232
83,814

1,693,408
85,025

1,860,224
62,347

1,836,654
64,986

1,933,173
100,974

2,052,479
105,930

0
4,362

0
4,601

0
2,909

0
4,130

2,462

3,221

4,884

4,724

1,180,102
116,416
670,708

1,541,610
6,007
922,664

1,135,115
9,644
831,543

1,344,912
14,540
954,493

2,828,149
12,852
2,496,514

2,150,986
21,325
1,818,048

3,337

208,224

8,478

732

15

6,342

4,215
385,426

4,265
400,450

0
285,450

0
375,147

0
318,768

0
305,271

1,617,653
751,580

1,798,429
837,543

1,011,608
906,015

1,502,702
1,049,716

2,878,103
1,418,226

2,336,772
1,443,168

866,073

960,886

105,593

452,986

1,459,877

893,604

800,414

834,124

1,156,738
702,556
271,360

914,546
510,166
230,855

1,042,477
662,357
230,855

888,034
573,005
230,855

800,414

834,124

588
182,234

533
172,992

0
149,265

0
84,174

443,267
211,187

602,465
211,187

892,277
211,187

893,474
211,187

960,103
211,187

1,084,862
211,187

211,187
0
232,080

211,187
0
391,278

211,187
0
184,529
0
184,529

211,187
0
208,586
0
208,586

211,187
0
296,930
0
296,930

211,187
0
442,188
0
442,188

496,561

473,701

451,986

431,487

1,687,217
1,206,048
481,169
1,399,146

2,454,893
718,315
1,736,578
1,869,566

288,071
91,791

585,327
212,806

2,887,436
1,904,101
983,335
2,283,799
2,083,668
200,131
603,637
181,637
71,341
110,296

4,440,856
3,104,023
1,336,833
3,858,567
3,659,110
199,457
582,289
190,742
64,677
126,065

4,392,083
2,502,848
1,889,235
3,637,734
0
3,637,734
754,349
219,702
86,974
132,728

5,362,004
2,916,543
2,445,461
4,666,113
3,944,910
721,203
695,891
250,651
117,363
133,288

93,576
341,664
335,159
67,308
44,357
21,119
0
386,004

105,079
462,637
450,171
88,526
43,970
21,119
0
146,593

126,666
352,199
343,956
111,079
23,222
31,678
0
102,185

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

91,791

212,806

(8,968)
9,308
0
0

158,224
16,149
21,119
0

86,155
329,080
318,502
115,012
14,450
31,678
0
117,148

1,243,681
0
(18,276)
751,580

1,436,589
0
120,956
837,543

2,049,015
702,556
68,884
1,608,571

1,808,020
510,166
1,832
1,559,882

2,002,580
662,357
23,437
2,080,583

1,972,896
573,005
56,179
2,016,173

0.08
12.97
0.20
0.59
0.73
82.93
5.46
-0.32
-2.01
-0.71

0.12
10.33
8.48
0.76
0.86
76.16
4.37
5.19
30.26
11.81
6.73
2.66

0.02
11.40
0.29
0.94
1.12
79.09
2.43
3.65
15.39
6.60
3.17
3.47
1.36
3.98
0.05
4.76
42.25

0.01
7.69
0.02
1.34
0.89
86.89
2.71
2.11
7.54
3.49
1.09
4.65
1.20
1.52
0.16
1.09
42.31

0.00
10.53
0.00
0.90
0.98
82.82
4.08
2.16
9.55
4.65
2.11
1.76
1.20
2.02
0.04
2.11
45.46

0.01
6.57
0.12
1.24
0.92
87.02
2.97
2.42
10.86
5.59
2.77
2.95
1.32
2.07
0.03
4.16
51.37

218,853

253,484

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.52

205

-0.53
0.00
-0.87
20.99

6.45
0.00
6.73
28.53

Financial Statement Analysis of Non Financial Sector 2012

Shahtaj Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

279,668

284,369

414,651

416,621

421,997

539,793

987,319

1,017,459

4,159
1,095,086

2,201
1,056,534

1,864
1,080,204

155,435
1,091,754

279,668
33,114

284,369
32,129

347,352
32,114

316,895
38,136

312,976
35,968

301,606
35,460

0
53,230

0
76,064

0
83,259

0
80,350

9,910

21,461

23,898

2,402

494,413
298,801
16,130

644,906
221,744
154,038

820,806
41,558
10,140

517,113
359,781
4,069

923,837
86,612
609,844

1,006,059
505,320
204,439

9,667

91,528

394

1,991

56,088

23,000
146,815

50,843
126,753

0
768,714

0
151,272

0
171,293

0
296,300

151,311
0

223,353
0

237,982
0

85,607
0

156,159
0

301,877
0

151,311

223,353

237,982

85,607

156,159

301,877

71,827
0
0

69,302
0
0

76,524
0
0

76,619
0
0

18,254
51,048

20,075
56,449

21,783
54,836

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

17,624
54,203

622,770
120,111

705,922
120,111

925,648
120,111

778,825
120,111

1,113,151
120,111

1,167,356
120,111

120,111
0
502,659

120,111
0
585,811

120,111
0
779,570
27,534
752,036

120,111
0
627,488
27,534
599,954

120,111
0
986,919
27,534
959,385

120,111
0
1,047,245
27,534
1,019,711

25,967

31,226

6,121

2,502,506
2,502,506
0
2,245,525

1,993,838
1,993,838
0
1,681,710

5,119,499
5,119,499

256,981
101,316

312,128
114,943

3,654,162
3,654,162
0
3,561,729
3,309,252
252,477
92,433
123,178
6,373
116,805

4,459,414
4,459,414

2,828,705
2,828,705
0
2,245,547
1,840,204
405,343
583,158
144,575
6,545
138,030

3,828,790
29,918
3,798,872
630,624
180,293
7,393
172,900

4,569,928
3,814,935
754,993
549,571
186,903
10,371
176,532

173,030
61,056
57,148
(44,779)
36,712
0
0
(237,141)

207,148
82,932
79,277
456,511
88,275
150,139
0
(284,224)

227,009
54,980
52,555
351,866
128,649
84,078
0
715,722

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

101,316

114,943

150,533
54,508
54,050
0

186,876
68,620
60,056
0

88,666
23,700
20,976
442,365
141,274
120,111
0
647,694

622,770
0
41,975
0

705,922
0
58,200
0

997,475
0
180,980
0

848,127
0
(81,491)
0

1,189,675
0
218,097
0

1,243,975
0
139,139
0

2.19
0.77
0.39
3.23
3.27
89.73
0.24
19.58
25.17
25.17
1.78
155.15

1.63
1.05
4.59
2.15
2.89
84.35
0.32
21.94
28.13
28.13
1.97
12.94

0.18
0.84
0.01
2.29
3.45
79.38
0.33
40.87
54.23
51.94
2.51
278.96
22.09
15.64
2.09
25.07
77.07

4.23
1.67
0.05
3.91
6.04
97.47
0.20
-4.13
-5.25
-4.85

0.91
1.86
1.26
3.31
5.92
85.86
0.21
40.05
48.26
44.80
2.45
7.31
6.76
10.24
-1.22
30.66
92.68

1.67
1.07
0.00
3.31
3.33
89.27
0.32
24.34
30.86
28.92
2.65
25.04
7.70
6.87
1.89
18.58
97.19

19,172

21,011

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

206

6.02
0.00
7.99
51.85

9.37
0.00
9.85
58.77

898.05
0.22
-1.23
-1.53
-6.78
64.84

Financial Statement Analysis of Non Financial Sector 2012

Shakarganj Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,983,513

6,925,553

8,572,876

7,614,437

5,917,652

7,206,894

7,967,517

9,363,532

350,667
9,143,508

88,462
7,438,004

272,162
8,285,403

383,172
9,306,372

5,982,153
362,753

6,923,559
383,133

6,385,995
392,646

4,383,526
359,177

4,969,048
298,818

6,017,847
285,750

1,360

1,994

1,001
553,296

1,249
415,682

1,137
618,052

1,045
750,895

1,281,917

2,725,518

57,253

53,935

4,927,000
493,241
1,069,930

5,481,235
346,394
120,258

1,600,545
24,508
1,022,608

657,449
33,514
131,989

2,064,613
119,169
1,085,822

2,519,539
69,601
1,765,735

Items

71,073

407,578

13,696

14,494

491,646

243,138

1,806,897
1,485,859

1,325,349
3,281,656

260,322
279,411

143,976
333,476

69,545
298,431

119,041
322,024

4,554,642
3,903,927

6,394,840
5,137,156

7,365,047
5,818,101

6,567,466
4,637,080

7,355,989
5,002,221

7,569,321
3,879,817

650,715

1,257,684

1,546,946

1,930,386

2,353,768

3,689,504

1,930,499

2,347,867

1,454,847
1,437,221
0

1,211,387
1,196,503
0

388,543
363,205
0

478,757
459,964
0

1,930,499

2,347,867

12,314
5,312

12,577
2,307

501
24,837

0
18,793

4,425,372
579,365

3,664,081
695,238

1,353,527
695,238

493,033
695,238

237,733
695,238

1,678,355
695,238

579,365
0
3,846,007

695,238
0
2,968,843

695,238
0
(1,041,155)
0
(1,041,155)

695,238
0
(1,901,630)
452,935
(2,354,565)

695,238
0
(1,874,183)
892,985
(2,767,168)

695,238
0
(1,298,462)
970,230
(2,268,692)

1,699,444

1,699,425

1,416,678

2,281,579

7,006,433
6,198,047
808,386
6,789,474

8,807,730
6,753,788
2,053,942
8,103,625

216,959
721,910

704,105
1,007,288

5,101,667
3,898,835
1,202,832
4,783,640
3,188,033
1,595,607
318,027
926,536
117,110
809,426

7,794,204
6,790,177
1,004,027
7,081,788
5,170,314
1,911,474
712,416
474,815
93,100
381,715

13,354,705
9,825,179
3,529,526
12,061,782
11,193,252
868,530
1,292,923
714,919
245,043
469,876

14,762,318
9,886,508
4,875,810
13,044,568
11,463,567
1,581,001
1,717,750
785,036
337,108
447,928

348,220
991,063
963,565
(675,690)
53,500
0
0
898,273

470,643
945,255
886,049
(48,195)
133,720
0
0
(1,079,975)

683,031
729,469
682,283
442,453
137,392
0
0
715,044

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

721,910

1,007,288

908,988
42,336
57,936
0

(974,625)
21,445
0
0

407,017
1,259,768
1,243,602
(1,841,910)
18,835
0
0
(304,480)

6,355,871
0
808,716
3,903,927

6,011,948
0
(996,070)
5,137,156

2,808,374
1,437,221
(1,860,745)
7,255,322

1,704,420
1,196,503
(729,190)
5,833,583

626,276
363,205
(181,915)
5,365,426

2,157,112
459,964
305,061
4,339,781

0.52
13.17
1.01
0.64
1.08
96.90
1.47
8.03
23.35
16.59
14.96
6.55

0.33
11.45
4.63
0.71
0.86
92.01
2.39
-8.36
-24.10
-15.76

0.04
24.69
0.27
0.50
0.22
93.77
6.52
-16.31
-73.42
-41.77

0.03
12.72
0.19
0.94
0.10
90.86
15.78
-7.33
-73.18
-29.95

0.09
7.08
3.68
1.67
0.28
90.32
32.58
-0.59
-13.19
-4.14

0.06
4.94
1.65
1.52
0.33
88.36
4.80
5.00
46.18
31.79

922,521

1,008,589

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

207

73.24

4.99
-0.48
-36.10
-0.03
-26.76
19.47

59.05
0.30
-8.67
0.12
-10.49
7.09

12.30
0.95
-0.36
-0.14
-2.62
3.42

8.36
1.65
3.00
0.09
4.39
24.14

12.97
0.00
14.96
76.38

-11.07
0.00
-14.33
52.70

Financial Statement Analysis of Non Financial Sector 2012

Sindh Abadgar'S Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

260,102

365,605

764,680

728,114

812,810

996,993

798,678

932,905

0
943,790

0
973,625

104,689
1,021,450

310,762
1,070,924

260,102
27,806

365,605
28,724

763,221
43,801

727,232
76,117

707,051
314,400

685,016
385,908,046

0
0

0
0

0
0

0
0

1,459

882

1,070

1,215

352,222
18,455
139,581

421,095
14,996
177,131

154,991
74,059
6,360

171,862
51,193
5,753

782,708
59,300
572,595

897,919
27,314
485,891

79

611

671

569

843

0
194,186

0
228,889

0
73,962

0
114,245

0
150,244

0
383,871

513,478
77,651

511,438
55,000

145,588
55,000

133,524
30,000

656,035
55,000

853,235
122,000

435,827

456,438

90,588

103,524

601,035

731,235

50,000

145,000

472,482
90,000
50,000

424,547
60,000
50,000

528,067
180,000
50,000

656,014
323,000
50,000

50,000

145,000

0
332,482

673
313,874

967
297,100

967
282,047

48,846
104,250

130,262
104,250

301,601
104,250

341,905
104,250

411,416
104,250

385,663
104,250

104,250
0
(55,404)

104,250
0
26,012

104,250
0
(170,904)
0
(170,904)

104,250
0
(96,043)
0
(96,043)

104,250
0
4,619
0
4,619

104,250
0
6,823
0
6,823

368,255

333,698

302,547

274,590

867,894
867,894
0
824,418

1,020,292
776,319
243,973
911,977

43,476
34,549

108,315
71,163

1,108,759
1,108,759
0
995,246
749,521
245,725
113,513
195,660
1,715
193,945

1,697,436
1,697,436
0
1,566,047
1,497,722
68,325
131,389
59,977
1,658
58,320

1,469,471
1,469,471
0
1,306,108
5,529
1,300,579
163,363
62,460
2,202
60,258

1,501,815
1,218,994
282,821
1,482,726
5,802
1,476,924
19,089
74,407
12,009
62,398

78,089
49,850
49,068
28,128
16,832
10,425
0
71,685

97,057
37,374
32,482
80,536
17,374
0
0
23,644

94,804
8,125
7,658
(31,041)
9,764
0
0
5,573

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,549

71,163

(12,242)
3,746
0
0

8,259
2,440
0
0

70,783
34,635
34,133
(86,831)
17,050
0
0
114,995

98,846
0
(15,988)
77,651

275,262
0
5,819
55,000

774,083
90,000
(103,881)
145,000

766,452
60,000
871
90,000

939,483
180,000
63,162
235,000

1,041,677
323,000
(40,805)
445,000

0.04
3.88
0.00
1.42
0.69
94.99
11.54
-2.20
-18.23
-7.63

0.03
3.10
0.01
1.30
0.82
89.38
5.04
1.18
9.22
4.42

0.51
3.12
0.06
1.21
1.06
89.76
2.05
-10.18
-40.21
-16.55

0.39
2.94
0.04
1.89
1.29
92.26
1.63
3.09
8.74
3.65
1.08
295.06
1.57
1.66
0.13
1.08
32.80

0.09
2.54
0.04
0.92
1.19
88.88
2.88
6.45
21.38
9.44

0.03
0.54
0.06
0.79
1.05
98.73
3.91
-1.78
-7.79
-3.13

33,694

31,647

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

208

6.22

5.76

174.33
-1.54
-7.83
0.19
-9.96
28.93

-1.41
0.00
-1.53
4.69

0.81
0.00
0.56
12.50

2.57
3.48
5.48
0.02
6.06
39.46

3.09
-3.05
-2.07
0.00
-3.91
36.99

Financial Statement Analysis of Non Financial Sector 2012

Tandlianwala Sugar Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,867,656

5,324,185

5,530,638

5,472,396

5,687,457

6,397,154

4,440,465

6,017,761

0
6,297,399

6,869
6,527,632

403,154
6,602,906

876,296
7,199,688

3,867,656
509,307

5,324,185
125,383

5,471,066
129,755

5,415,846
289,370

5,221,206
280,281

5,460,225
283,811

0
0

0
0

0
0

0
0

59,573

49,681

63,097

60,633

3,394,176
60,739
1,921,053

3,486,798
11,214
2,764,217

2,776,644
25,215
2,060,184

984,104
52,417
412,298

3,520,981
233,938
2,527,963

4,211,851
445,297
2,842,061

17,136

22,775

9,453

0
1,395,248

0
688,592

0
691,245

0
519,389

0
749,627

0
924,493

3,670,658
1,978,366

5,725,387
2,386,001

2,906,310
2,208,045

2,142,819
1,002,211

4,537,881
2,855,165

4,673,483
3,345,538

1,692,292

3,339,386

698,264

1,140,608

1,682,716

1,327,945

1,839,953

1,553,826

3,835,424
758,522
456,574

2,418,612
380,244
566,818

2,280,932
21,816
708,787

3,496,438
0
2,448,790

1,839,953

1,553,826

43,790
2,576,538

59,743
1,411,807

77,731
1,472,598

98,271
949,377

1,751,221
1,177,063

1,531,770
1,177,063

1,565,548
1,177,063

1,895,069
1,177,063

2,389,625
1,177,063

2,439,084
1,177,063

1,177,063
0
574,158

1,177,063
0
354,707

1,177,063
0
388,485
290,742
97,743

1,177,063
0
718,006
290,742
427,264

1,177,063
0
1,212,562
290,742
921,820

1,177,063
0
1,262,021
1,262,021
0

2,415,169
2,415,169
0
1,919,316

2,694,583
2,694,583
0
2,176,382

495,853
111,917

518,201
152,773

5,805,824
5,805,824
0
4,748,963
3,400,655
1,348,308
1,056,861
244,179
28,847
215,333

10,169,643
10,169,643
0
8,798,140
5,887,776
2,910,364
1,371,503
309,976
49,087
260,889

7,759,465
6,484,156
1,275,309
6,321,536
4,917,374
1,404,162
1,437,929
347,382
101,796
245,586

8,376,917
6,774,764
1,602,153
7,508,390
6,690,823
817,567
868,527
420,944
159,283
261,661

304,184
495,006
472,710
579,487
70,011
0
0
3,067,899

332,026
579,568
541,086
517,395
22,839
0
0
(1,233,893)

364,127
608,896
553,946
(148,230)
24,174
0
0
(746,775)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

111,917

152,773

24,127
10,558
0
0

(139,425)
0
5,885
0

261,941
690,607
678,924
124,729
29,717
0
0
574,732

3,591,174
0
13,569
1,978,366

3,085,596
0
(145,310)
2,386,001

5,400,972
758,522
95,012
2,966,568

4,313,681
380,244
509,476
1,382,455

4,670,557
21,816
494,556
2,876,981

5,935,522
0
(172,404)
3,345,538

0.01
18.95
0.85
0.31
0.61
80.77
4.75
-1.73
-8.49
-4.18
-23.69
0.97

0.01
11.90
0.00
0.70
0.96
81.80
4.31
1.46
8.05
2.94

0.02
4.87
0.00
1.58
0.46
86.51
2.41
7.85
33.49
11.93

0.05
7.47
0.12
0.84
0.78
81.47
2.85
6.61
24.15
11.52

0.10
7.27
0.00
0.79
0.90
89.63
3.35
-1.50
-6.14
-2.80

363,592

510,658

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.02
15.05
0.71
0.33
0.92
79.47
3.15
0.38
1.68
0.77

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.26

209

1.00
0.00
0.12
14.88

-5.17
0.00
-1.18
13.01

2.82
1.18
2.15
0.09
0.81
13.30

24.67
2.23
5.70
0.67
4.33
16.10

3.07
1.96
6.67
-0.18
4.20
20.30

2.95
0.73
-1.77
-0.09
-1.46
20.72

Financial Statement Analysis of Non Financial Sector 2012

The Premier Sugar Mills & Distillery Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

282,032

256,264

1,143,636

1,158,556

1,203,934

1,148,938

651,100

683,062

0
961,861

0
934,627

0
934,873

21,431
942,931

282,032
22,737

256,264
23,496

688,890
70,341

620,264
64,351

673,845
57,657

619,135
62,897

0
148,662

0
199,690

0
170,006

0
205,304

306,084

338,602

360,083

303,068

787,130
320,822
117,838

992,902
106,042
319,696

527,295
112,340
209,537

512,027
55,644
120,797

1,073,399
49,281
668,598

1,061,084
83,000
614,293

11,863

16,297

1,439

29,555

24,472

108,951

224,965
111,642

104,206
446,661

0
203,979

191,852
114,179

178,416
152,632

65,749
189,091

111,168
0

257,529
157,795

57,807
0

35,273
0

858,848
797,126

1,034,340
812,277

111,168

99,734

57,807

35,273

61,722

222,063

223,597
0
0

207,256
0
0

114,601
0
0

31,345
0
0

20,289
186,967

23,241
91,360

26,776
4,569

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

17,474
206,123

957,994
37,500

991,637
37,500

1,389,527
37,500

1,428,054
37,500

1,303,884
37,500

1,144,337
37,500

37,500
0
920,494

37,500
0
954,137

37,500
0
967,760
0
967,760

37,500
0
1,041,751
1
1,041,750

37,500
0
877,501
1
877,500

37,500
0
749,329
0
749,329

384,267

348,803

388,883

357,508

276,709
276,709
0
394,304

434,778
434,778
0
466,498

(117,595)
38,597

(31,720)
55,055

531,398
531,398
0
470,477
192,020
278,457
60,921
59,532
1,978
57,554

297,209
297,209
0
383,608
112,304
271,304
(86,399)
67,304
1,258
66,046

395,059
370,882
24,177
732,500
13,487
719,013
(337,441)
58,113
1,846
56,267

1,490,368
1,292,938
197,430
1,651,096
1,202,277
448,819
(160,728)
92,303
19,132
73,171

78,197
4,169
2,377
20,424
3,051
3,750
0
(12,526)

96,275
68,670
67,671
(327,986)
1,709
0
0
(878,804)

128,100
90,706
88,380
(244,535)
3,351
0
0
(62,437)

1,635,310
0
13,623
0

1,418,485
0
(329,695)
797,126

1,175,682
0
(247,886)
812,277

0.29
17.38
6.19
0.17
1.25
185.42
0.75
-16.62
-24.01
-21.48

0.25
6.09
7.31
0.67
1.03
110.78
0.93
-10.90
-19.98
-18.85

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

38,597

55,055

(104,827)
1,349
0
0

(5,396)
302
0
0

82,456
17,995
17,642
46,716
16,174
11,250
0
219,173

957,994
0
(106,176)
0

991,637
0
(5,698)
157,795

1,613,124
0
19,292
0

5.02
3.46
4.29
0.26
7.08
142.50
0.12
-9.11
-10.56
-10.56

0.88
2.45
3.75
0.35
3.86
107.30
0.26
-0.47
-0.55
-0.55

9,571

10,657

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

210

2.35

1.36

-37.88
0.00
-28.31
255.47

-1.24
0.00
-1.52
264.44

1.97
3.39
0.27
0.32
9.12
88.54
0.20
3.20
3.92
3.59
2.71
2.54
3.65
8.79
0.78
8.14
370.54

7.85
1.40
9.94
0.18
14.52
129.07
0.17
1.22
1.45
1.26
4.63
2.46
9.59
6.87
-0.05
4.63
380.81

0.59
-3.85
-83.02
-0.90
-87.92
347.70

2.43
-1.77
-16.41
-0.06
-66.10
305.16

Financial Statement Analysis of Non Financial Sector 2012

The Thal Industries Corporation Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

664,492

1,086,852

1,727,795

1,706,550

1,657,026

1,815,327

1,241,032

1,730,119

34,770
2,468,703

11,440
2,621,906

38,405
2,697,887

84,805
2,961,081

664,492
70,645

1,086,852
67,705

1,685,973
139,970

1,687,123
152,053

1,615,296
148,966

1,727,369
153,621

0
0

0
0

0
0

0
0

7,052

7,987

3,325

3,153

556,478
53,289
200,583

1,028,665
117,795
278,566

1,245,822
24,824
191,207

1,305,885
16,195
600,995

2,368,028
72,920
1,383,590

3,081,126
19,672
1,854,085

20,184

76,375

103,130

188,526

153,811

49,371

0
282,422

0
555,929

0
926,660

0
500,168

0
757,707

0
1,157,998

966,525
33,584

1,750,319
334,834

1,199,468
545,371

1,207,049
798,061

2,120,560
1,411,499

2,700,540
1,088,084

932,941

1,415,485

654,097

408,988

709,061

1,612,456

17,500

1,253,112
382,500
724,800

1,195,204
425,000
574,800

1,133,150
355,000
574,800

1,348,006
544,078
574,800

14,114
181,290

18,877
184,473

24,016
205,112

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

17,500

9,776
136,036

254,445
150,232

347,698
150,232

521,037
150,232

610,182
150,232

771,344
150,232

847,907
150,232

150,232
0
104,213

150,232
0
197,466

150,232
0
370,805
0
370,805

150,232
0
459,950
0
459,950

150,232
0
621,112
0
621,112

150,232
0
697,675
0
697,675

1,971,003
1,971,003
0
1,850,401

2,434,136
2,023,365
410,771
2,144,556

120,602
54,921

289,580
97,941

3,804,992
3,804,992
0
3,145,049
2,972,104
172,945
659,944
168,804
16,814
151,990

6,535,895
6,535,895
0
5,848,897
5,186,204
662,693
686,998
173,214
25,147
148,067

7,378,520
7,378,520
0
6,427,704
6,588,841
(161,137)
950,816
201,379
45,948
155,431

7,374,484
7,369,095
5,389
6,699,994
6,456,688
243,306
674,490
236,738
73,139
163,599

207,380
302,048
297,278
229,991
65,545
22,535
0
(4,740)

235,449
478,865
472,177
290,741
104,806
30,046
0
(411,226)

257,819
308,870
299,233
164,323
37,074
15,023
0
527,286

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

54,921

97,941

28,002
8,603
0
0

151,388
4,108
22,535
0

212,312
196,218
192,462
307,072
61,211
30,046
0
176,694

254,445
0
19,399
33,584

365,198
0
124,745
334,834

1,774,149
382,500
215,815
927,871

1,805,386
425,000
141,911
1,223,061

1,904,494
355,000
155,889
1,766,499

2,195,913
544,078
112,226
1,632,162

0.08
2.19
1.02
1.61
0.58
93.88
3.80
2.33
10.98
10.75

0.11
2.27
3.14
1.15
0.59
88.10
5.08
9.07
50.28
48.86
6.54
8.74

0.11
5.16
2.71
1.28
1.04
82.66
4.71
12.07
70.69
28.71
8.18
19.90
2.60
8.07
0.07
16.37
34.68

0.17
4.62
2.88
2.17
1.08
89.49
3.94
7.68
40.66
12.85
7.30
10.88
1.77
3.52
0.00
10.95
40.62

0.11
6.49
2.08
1.83
1.12
87.11
4.22
8.26
42.09
15.67
6.19
5.33
1.62
3.94
-0.13
12.38
51.34

0.03
4.19
0.67
1.51
1.14
90.85
4.77
3.68
20.30
8.01
8.47
3.98
1.55
2.23
0.13
8.47
56.44

43,124

55,191

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9.83

211

1.42
0.00
1.29
16.94

6.22
0.00
9.80
23.14

OTHER FOOD PRODUCTS N.E.S.

212

Financial Statement Analysis of Non Financial Sector 2012

Other food products n.e.s - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

20,181,331

25,079,725

29,191,247

33,496,637

54,207,020

72,088,300

30,647,854

37,153,028

2,208,510
40,195,814

4,766,036
41,825,854

9,773,889
58,379,819

15,182,261
69,913,602

19,756,046
1,882,868

24,702,948
2,013,026

24,430,171
2,465,055

25,904,023
2,520,626

38,537,816
3,962,501

50,090,876
4,900,824

425,285

376,777

632,242
1,044,174

1,124,240
1,182,558

1,698,423
1,303,407

1,170,370
1,384,413

876,150

519,780

2,893,485

4,260,380

20,540,104
1,566,248
10,305,747

25,781,930
1,013,691
14,327,898

24,416,646
1,940,408
14,462,649

31,515,369
3,393,252
18,761,302

47,801,937
3,434,811
27,782,782

58,678,687
4,163,057
31,254,517

2,024,506

2,741,646

2,547,246

2,510,216

3,581,210

4,512,859

683,983
5,959,620

1,416,454
6,282,241

62,914
5,403,429

205,751
6,644,848

1,483,980
11,519,154

3,822,601
14,925,653

27,733,234
7,093,942

28,724,729
10,635,396

24,892,120
4,881,796

31,456,764
8,614,238

46,329,100
15,957,803

53,066,865
16,544,410

20,639,292

18,089,333

20,010,324

22,842,526

30,371,297

36,522,455

1,584,278

7,080,574

10,090,066
1,392,772
4,270,975

10,900,119
1,307,538
5,683,835

20,877,293
9,120,468
6,221,039

31,515,863
15,882,881
6,990,783

678,260
3,230,486

1,057,571
4,478,215

1,176,557
7,465,642

Items

1,584,278

7,080,574

327,060
4,099,259

11,403,923
2,585,091

15,056,352
2,566,074

18,625,707
2,699,823

22,655,123
3,079,639

34,802,564
10,642,016

46,184,258
10,899,754

2,512,091
73,000
8,818,832

2,488,291
77,783
12,490,278

2,627,823
72,000
13,138,295
724,519
4,293,461

3,079,639
0
16,704,559
1,715,548
14,982,136

10,642,016
0
21,285,774
2,426,080
18,977,272

10,899,754
0
31,805,547
2,215,430
29,590,117

2,787,589

2,870,925

2,874,774

3,478,957

89,774,335
86,734,652
3,039,683
66,392,688

113,856,154
110,365,316
3,490,838
85,957,901

23,381,647
14,868,516

27,898,253
17,837,319

116,783,931
109,229,744
7,554,187
83,107,826
62,662,878
20,444,948
33,676,105
20,757,412
15,534,431
5,222,981

140,685,143
131,104,793
9,580,350
101,956,628
81,294,494
20,662,134
38,728,515
22,492,628
17,246,560
5,246,068

201,754,440
193,904,130
7,850,310
147,967,356
121,152,600
26,814,756
53,787,084
31,558,624
24,130,956
7,427,668

242,342,837
233,295,816
9,047,021
174,378,272
139,116,489
35,261,783
67,964,565
38,371,251
29,482,167
8,889,084

7,552,042
1,537,383
784,797
15,370,582
4,609,374
8,588,358
46,095
13,661,340

10,763,394
3,291,914
2,916,386
20,305,309
5,324,034
9,995,071
787,172
16,368,832

14,086,212
4,176,703
3,655,179
27,677,745
6,291,743
13,108,234
37,652
24,589,615

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

14,868,516

17,837,319

7,902,242
2,045,435
3,707,491
46,699

9,091,434
2,964,363
4,103,602
50,614

6,979,956
1,717,923
746,218
11,979,800
3,787,561
4,094,125
1,309,787
13,873,249

12,988,201
0
2,149,316
7,093,942

22,136,926
0
2,023,469
10,635,396

28,715,773
1,392,772
4,098,114
6,274,568

33,555,242
1,307,538
2,172,850
9,921,776

55,679,857
9,120,468
4,986,204
25,078,271

77,700,121
15,882,881
8,277,768
32,427,291

0.15
1.22
2.26
2.20
0.74
73.96
2.57
21.35
77.05
67.79
1.58
8.71

0.18
1.44
2.41
2.24
0.90
75.50
2.38
19.85
68.72
51.77
1.49
7.95

0.18
1.47
2.18
2.18
0.98
71.16
1.88
22.93
71.13
47.12
2.00
8.07
17.05
10.26
0.40
31.18
70.88

0.19
1.09
1.78
2.16
1.00
72.47
1.87
25.92
74.47
49.37
1.25
7.50
20.59
10.93
0.32
42.30
89.05

0.18
1.63
1.78
1.98
1.03
73.34
1.93
24.31
70.68
45.51
1.50
7.26
7.96
10.06
0.24
14.82
34.44

0.24
1.72
1.86
1.85
1.11
71.96
1.83
23.78
68.35
41.50
1.63
7.75
8.57
11.42
0.29
20.63
44.56

1,099,199

1,636,703

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

213

8.80
0.00
29.57
57.59

7.99
0.00
31.32
76.95

Billion Rs

Growth with Composition of Assets & Liabilities

80
70
60
50
40
30
20
10
0

40%
35%
33.8%
30%
24.8%
24.6% 25%
20%
18.5%
15%
12.7%
10%
5%
0%
Non-Current Current Assets
Current
Non-Current
Shareholders
Assets
Liabilities
Liabilities
Equity
2011
2012
Growth
Growth & Composition of Operations
2011

2012

Growth
30%

300
26.6%

Billion Rs

250
20.9%

200

20%

16.7%

150

15%

100

10%

50

5%
0%

0
Sales

Gross Profit

70.68
68.35

70

2012

Percentage

60
45.51

41.5
24.3123.78

2011
2012

25

20.63

20
14.82

Percentage

2011

80

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

50
40
30
20
10
0

25%

15

11.42
10.06

10
5
1.03 1.11

Return on
Return on
Assets
Equity

1.93

1.83

0
Return on
Capital
Employed

Current
Ratio

214

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Clover Pakistan Ltd.

2008

2009

2010

59,498

82,390

110,168

101,585

58,885

8,319

132,083

159,549

194,332

0
195,925

0
158,907

0
25,880

59,498
11,350

82,390
8,124

105,940
12,431

96,608
12,079

54,924
9,861

5,554
4,957

586

344

101
0

0
0

3,642

4,633

3,860

2,765

515,201
92,453
104,875

545,815
72,892
208,851

613,309
140,198
230,135

660,151
116,781
215,865

753,872
170,255
269,940

1,128,995
66,639
43,562

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

36,200

78,626

112,097

111,493

116,686

76,267

271,247
10,426

145,819
39,627

60,598
70,281

128,731
87,281

103,532
93,459

774,195
168,332

257,680
0

249,146
0

360,007

384,348
0

410,095
0

231,322
0

257,680

249,146

360,007

384,348

410,095

231,322

8,848

7,026
0
0

3,902
0
0

7,683
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
7,026

0
3,902

8,848

0
7,683

317,019
65,520

379,059
78,624

354,622
94,349

369,705
94,349

395,636
94,349

902,090
94,349

65,520
0
251,499

78,624
0
300,435

94,349

94,349

260,273

275,356

275,356

94,349
0
301,287
0
301,287

94,349
0
807,741
0
807,741

1,159,043
1,159,043
0
787,740

1,383,181
1,383,181
0
1,008,541

1,035,617
1,035,617

1,241,272
1,241,272

371,303
244,778

374,640
255,520

22,185
22,185
0
14,204
0
14,204
7,981
58,426
9,928
48,498

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

244,778

255,520

779,506
616,979
162,527
256,111
243,385
212,066
31,319

979,019
714,186
264,833
262,253
238,776
212,501
26,275

21,063
21,063
0
12,978
0
12,978
8,085
30,776
9,344
21,432

2,352

1,636

69,415
1,647
564
31,986
12,804
14,152
0
45,833

68,734
783
720
(14,185)
1,058
37,740
0
7,256

38,205
66
8
565,283
1,105
94,349
0
(18,707)

132,393
48,000
29,484
13,104

141,809
38,688
27,518
15,725

6,182
5,282
14,240
10,357
0
55,349
42,613

317,019
0
54,909
0

379,059
0
75,603
0

363,470
0
3,883
0

377,388
0
5,030
0

402,662
0
(52,983)
0

905,992
0
469,829
0

1.55
0.20
3.12
2.02
2.00
67.96
0.81
25.36
46.02
46.01
2.86
11.05

1.19
0.12
5.68
2.20
2.19
72.91
0.66
23.58
40.75
40.75
3.75
6.62

0.87
0.60
10.82
1.43
1.70
75.27
1.04
2.11
3.88
3.84

0.93
0.13
8.98
1.63
1.72
78.87
1.06
4.31
8.83
8.63
1.36
5.75
57.71
2.58
0.12
2.03
39.18

0.95
3.72
553.99
0.03
1.84
61.62
1.05
-1.80
-3.71
-3.64
-0.40
0.08
-18.70
-67.35
0.02
-1.62
41.93

3.96
0.30
343.78
0.02
4.88
64.03
0.26
57.98
87.12
86.39
5.98
0.51
70,661.38
2,548.04
-0.08
59.80
95.61

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

215

11.42
0.00
12.88
48.39

10.25
0.00
13.12
48.21

4.50
3.70
1.38
0.12
0.41
37.59

Financial Statement Analysis of Non Financial Sector 2012

Engro Foods Ltd.

(Thousand Rupees)
2011
2012

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

10,270,045

12,675,983

1,182,959
8,322,815

765,397
10,999,891

6,661,790
921,003

8,432,467
1,207,139

133,598

104,569

2,291,698

3,373,550

6,369,139
350,728
2,637,816

9,512,702
422,008
3,494,605

87,121

149,074

1,294,000
1,999,474

2,708,750
2,738,265

3,479,693
252,250

4,441,432
85,389

3,227,443

4,356,043

5,922,549
5,610,000

7,692,980
6,023,070

1,870
310,679

0
1,669,910

7,236,942
7,517,889

10,054,273
7,615,776

7,517,889

7,615,776

(280,947)
704,004
(984,951)

2,438,497
828,275
1,610,222

29,859,226
29,859,226

40,168,919
40,168,919

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

23,230,445
19,926,540
3,303,905
6,628,781
4,430,113
3,716,489
713,624

29,848,301
24,963,306
4,884,995
10,320,618
5,879,728
4,709,275
1,170,453

1,271,114
1,049,141
1,023,744
1,362,660
321,666
751,789
751,789
1,079,520

1,856,360
902,503
870,691
3,920,789
409,945
1,903,944
0
3,213,639

13,159,491
5,610,000
289,205
5,862,250

17,747,253
6,023,070
1,606,900
6,108,459

0.50
3.51
0.29
1.79
1.83
77.80
1.30
8.19
18.83
10.35
1.38
11.32
2.33
4.56
0.11
1.38
9.63

0.74
2.25
0.37
1.81
2.14
74.31
1.21
20.20
45.35
25.37
1.84
11.49
5.50
9.76
0.26
4.61
13.20

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

216

Financial Statement Analysis of Non Financial Sector 2012

Ismail Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,147,681

1,380,469

2,604,511

2,858,879

3,464,893

3,806,840

1,708,026

2,070,030

41,723
2,468,724

297,304
2,598,248

105,065
3,442,097

164,985
2,598,248

1,147,681
115,684

1,380,469
5,537

1,637,879
143,718

1,612,056
162,099

2,270,610
193,772

2,489,891
193,772

914,193

941,230

0
1,053,200

0
1,109,142

10,716

8,289

36,018

42,822

2,642,954
46,938
1,213,116

3,195,537
28,450
1,587,065

3,046,543
51,142
2,161,761

3,626,034
59,412
2,704,680

4,867,118
21,598
3,896,776

5,290,028
24,208
4,387,232

189,571

263,792

454,376

391,153

450,407

577,701

80,808
1,112,521

1,108,526
207,704

379,264

0
470,789

0
498,337

0
300,887

2,257,694
1,242,506

2,715,553
1,522,630

2,980,684
1,670,700

3,551,008
2,573,313

4,560,032
3,366,038

5,135,174
4,228,713

Items

1,015,188

1,192,923

1,309,984

977,695

1,193,994

906,461

843,710

1,219,395

1,947,293
1,230,661

1,206,237
1,118,045
0

1,739,453
1,000,722
352,152

1,552,231
653,868
352,152

843,710

1,219,395

689,231
240,575

641,058
240,575

240,575
0
448,656

240,575
0
400,483

3,001,414
2,706,886
294,528
2,478,393

4,192,311
3,792,501
399,810
3,449,379

523,021
352,793

742,932
438,904

716,632

27,248
60,944

28,860
357,719

29,999
516,212

723,077
240,575

1,727,668
505,208

2,032,526
505,208

2,409,463
505,208

240,575
482,502
50,000
432,502

505,208
0
1,222,460
579,265
643,195

505,208
0
1,527,318
579,265
948,053

505,208
0
1,904,255
579,265
1,324,990

5,064,893
4,533,924
530,969
3,948,567
2,725,170
1,223,397
1,116,326
626,857
344,602
282,255

6,501,899
5,705,800
796,099
5,374,175
3,231,279
2,142,896
1,127,724
446,840
370,621
76,219

7,754,843
6,998,925
755,918
6,314,109
6,304,688
9,421
1,440,734
583,978
484,586
99,392

9,275,522
8,277,850
997,672
7,445,004
6,721,529
723,475
1,830,518
679,765
540,010
139,755

292,382
489,592
271,136
159,963
9,332
36,086

403,344
526,743
496,913
528,101
81,303
101,042
0
760,605

539,139
624,917
615,123
629,118
92,903
101,042
0
843,287

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

352,793

438,904

73,268
14,736
24,058
0

126,155
19,875
36,076
0

299,638

336,310
474,857
211,482
304,763
36,437
88,411
0
765,268

1,532,941
0
34,474
1,242,506

1,860,453
0
70,204
1,522,630

2,670,370
1,230,661
114,545
2,901,361

2,933,905
1,118,045
179,915
3,691,358

3,771,979
1,000,722
345,756
4,366,760

3,961,694
653,868
435,173
4,882,581

0.17
9.67
8.97
0.90
1.02
77.96
6.82
3.13
23.45
7.06
4.17
2.34
1.59
3.16
0.06
6.26
30.06

0.13
7.30
6.02
1.00
1.02
82.66
2.75
5.02
24.87
10.88
3.03
2.40
2.44
4.69
0.16
5.31
34.20

0.10
6.79
5.81
0.93
1.07
81.42
3.10
7.13
28.09
15.75
4.42
1.99
2.06
6.81
0.12
8.84
40.23

0.12
6.74
6.23
1.02
1.03
80.27
2.78
7.22
28.33
16.27
5.31
2.11
2.02
6.78
0.13
10.61
47.69

166,545

278,069

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.14
5.55
6.32
0.79
1.17
82.57
4.50
2.39
12.94
6.08
2.43
2.47

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

217

0.52
6.63
6.29
0.92
1.18
82.28
6.14
3.02
18.97
7.44
2.95
2.64

2.44
0.00
2.43
28.65

3.01
0.00
4.42
26.65

Financial Statement Analysis of Non Financial Sector 2012

Mitchell'S Fruit Farms Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

272,348

323,939

329,522

312,946

332,168

375,503

489,169

565,933

5,197
585,550

1,332
597,551

14,503
623,887

13,282
698,735

270,277
22,217

322,282
26,088

316,491
29,879

302,925
29,278

308,926
30,808

351,430
34,933

2,071

1,657

1,326

1,061

1,607
0

1,285
0

6,508

7,628

7,132

9,506

306,040
26,666
185,037

397,433
10,910
288,699

398,387
13,218
260,383

343,441
8,128
230,918

431,253
13,580
312,066

438,583
12,355
342,533

45,932

39,068

58,674

40,717

63,245

59,816

0
48,405

0
58,756

66,112

63,678

0
42,362

23,879

293,710
160,597

453,174
303,448

407,588
307,672

274,337
166,616

324,216
154,795

288,508
140,988

133,113

149,726

99,916

107,721

169,421

147,520

22,105

7,368

50,479

79,710
0
0

93,013
0
0

75,820
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

36,145
43,565

47,652
45,360

22,105

7,368

50,479

28,566
47,254

262,573
50,400

260,830
50,400

269,842
50,400

306,230
50,400

359,495
50,400

432,565
50,400

50,400
0
212,173

50,400
0
210,430

50,400

209,806

50,400
0
255,830
9,336
246,494

50,400
0
309,095
9,336
299,759

50,400
0
382,165
9,336
372,829

992,533
992,533
0
832,180

1,190,615
1,190,615
0
1,000,802

160,353
103,332

189,813
150,500

1,255,064
1,197,953
57,111
1,020,068
828,745
191,323
234,996
175,939
124,570
51,369

1,376,861
1,294,029
82,832
1,073,514
894,986
178,528
303,347
204,041
135,993
68,048

1,794,248
1,644,557
149,691
1,400,132
1,205,498
194,634
394,116
258,517
183,404
75,113

1,884,503
1,721,565
162,938
1,421,736
1,158,998
262,737
462,768
303,468
206,796
96,672

176,870
38,360
34,990
108,146
38,699
35,280
0
85,407

203,850
22,964
20,398
152,359
42,214
37,800
12,600
120,891

219,442

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

103,332

150,500

39,765
4,400
10,080
0

13,113
402
5,040
0

18,532
4,482
10,080
35,780
(36,674)

143,565
37,613
35,509
69,206
3,964
20,160
0
156,022

284,678
0
25,285
160,597

268,198
0
7,671
303,448

320,321
0
3,970
307,672

382,050
0
45,082
166,616

439,205
0
34,167
154,795

525,578
0
72,345
140,988

0.25
2.14
4.63
1.72
1.04
83.84
1.20
7.49
15.92
14.24
3.51
5.36

0.11
2.71
3.28
1.65
0.88
84.06
1.77
2.02
5.01
4.74
2.52
4.12

0.18
4.26
4.67
1.72
0.98
81.28
1.70
2.56
6.98
6.30
1.39
4.82

0.18
2.73
2.96
2.10
1.25
77.97
1.14
10.00
24.03
19.71
3.24
5.96
2.95
5.03
0.45
12.94
60.76

0.24
2.14
3.52
2.35
1.33
78.03
1.12
15.23
32.49
26.34
1.97
5.75
4.09
6.03
0.21
13.78
71.33

0.25
1.22
3.17
2.31
1.52
75.44
0.88
19.32
38.47
31.58
2.91
5.50
8.47
8.08
0.32
21.85
85.83

21,268

32,323

53,487

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

218

4.01
0.00
7.02
52.10

1.10
0.00
2.52
51.75

1.48
-0.08
2.79
53.54

Financial Statement Analysis of Non Financial Sector 2012

Morafco Industries Ltd.

2008

2009

2010

2,089

1,879

1,694

1,525

1,372

1,236

21,972

21,972

21,976

0
21,976

0
21,976

0
21,976

2,089
232

1,879
210

1,694
189

1,525
189

1,372
153

1,236
136

0
0

0
0

0
0

743
25
0

824
131
0

768
76

784
79
0

815
100
0

830
104
0

0
718

0
693

0
705

0
715

0
726

830,603
0

831,790
0

832,893

834,357
0

836,711
0

839,673
0

830,603

831,790

832,893

834,357

836,711

839,673

0
0
0

0
0
0

0
0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

692

0
0

0
0

0
0

(827,771)
5,683

(829,087)
5,683

(830,431)
5,683

(832,048)
5,683

(834,524)
5,683

(837,607)
5,683

5,683
0
(833,454)

5,683
0
(834,770)

5,683

5,683
0
(837,731)
5,646
(843,377)

5,683
0
(840,207)
5,646
(845,853)

5,683
0
(843,290)
5,646
(848,936)

0
0
0
0

(836,114)
5,646
(841,760)

0
0
0
0

0
1,395

0
1,320

0
1,349
336
1,013

0
0
0
0
0
0
0
1,620
323
1,297

0
0
0
0
0
0
0
2,480
315
2,165

0
0
0
0
0
0
0
3,088
296
2,792

749
0
0
(2,476)
0
0
0
17

1,327
0
0
(3,083)
0
0
0
(1)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,395

1,320

(1,167)
0
0
0

(1,316)
0
0
0

(1,344)
0
0

(45)

160
0
0
(1,617)
0
0
0
0

(827,771)
0
(1,167)
0

(829,087)
0
(1,316)
0

(830,431)
0
(1,344)
0

(832,048)
0
(1,617)
0

(834,524)
0
(2,476)
0

(837,607)
0
(3,083)
0

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-1.00
-32.82
0.14
0.14

-1.00
-47.55
0.16
0.16

-1.00
-52.04
0.16
0.16

-1.00
-67.78
0.19
0.19

-1.00
-110.14
0.30
0.30

-1.00
-144.98
0.37
0.37

0.00
-2.05
-1,456.57

0.00
-2.32
-1,458.89

0.00
-2.36
-1,461.25

0.00
-2.85
-1,464.10

0.00
-4.36
-1,468.46

0.00
-5.42
-1,473.88

219

Financial Statement Analysis of Non Financial Sector 2012

Murree Brewery Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

743,801

2,906,058

3,028,168

3,098,614

3,205,518

3,807,370

1,027,212

3,258,982

3,548,859

0
3,380,638

0
3,762,060

0
4,476,712

743,801
91,203

2,906,058
73,510

2,946,626
125,210

2,997,183
87,174

3,074,902
142,775

3,649,647
165,702

78,207

0
96,405

0
111,149

0
136,152

3,335

5,026

19,467

21,571

865,468
151,262
347,640

1,001,153
113,689
492,664

1,031,676
222,140
503,415

1,364,710
552,986
595,396

1,751,721
696,290
799,342

2,164,973
1,107,422
811,577

43,860

77,581

86,697

38,885

55,285

39,528

182,050
140,656

0
317,219

74,704
102,739

84,132
116,672

79,524
126,922

428,652
6,041

505,274
1,614

502,344
1,050

553,514
1,996

560,810
2,735

422,611

503,660

369,718

501,294

551,518

558,075

3,440

1,612

154,370

170,493
0
0

272,292
0
0

175,502
1,633
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

219,424
369,718

29,619
140,874

36,307
235,985

3,440

1,612

154,370

23,713
150,156

1,177,177
108,440

3,400,325
119,284

3,535,756
131,213

3,785,478
144,334

4,233,232
173,201

5,139,241
190,520

108,440
0
1,068,737

119,284
0
3,281,041

131,213

1,046,111
30,681
668,388

144,334
0
1,294,452
50,681
1,243,771

173,201
0
1,725,416
50,681
1,674,735

190,520
0
2,162,850
50,681
2,112,169

2,358,432

2,346,692

2,334,615

2,785,871

2,421,956
2,421,956
0
2,009,874

2,541,283
2,541,283
0
2,034,558

2,217,358
2,217,358

412,082
200,916

506,725
244,710

1,595,963
621,395
293,745
186,218
107,527

2,578,533
2,578,533
0
1,747,741
1,728,360
19,381
830,792
365,543
177,976
187,567

3,349,788
3,349,788
0
2,216,880
2,137,079
79,801
1,132,908
434,653
247,735
186,918

3,690,762
3,690,762
0
2,496,038
2,450,074
45,964
1,194,724
518,172
304,957
213,215

94,415
2,507
1,692
524,581
209,252
72,167
28,867
564,042

180,039
4,350
2,388
784,686
264,765
86,601
17,320
407,630

302,962
2,133
1,345
802,809
267,569
95,260
19,052
618,498

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

200,916

244,710

1,595,963

259,898
81,452
54,220
10,844

296,616
101,922
59,642
11,928

84,586
5,350
4,179
340,854
125,022
65,607
128,573
265,273

1,180,617
0
124,226
6,041

3,401,937
0
135,052
1,614

3,690,126
0
150,226
0

3,960,980
1,633
243,162
2,683

4,403,725
0
433,321
1,996

5,411,533
0
439,980
2,735

0.88
0.03
1.81
1.51
2.02
82.99
0.37
17.00
23.27
23.23
3.29
6.97

0.38
0.03
3.05
0.65
1.98
80.06
0.15
10.75
12.96
12.95
3.26
5.16

0.84
0.24
3.91
0.55
2.79
71.98
0.15
8.56
9.83
9.61
3.29
4.40
82.56
15.37
0.51
16.45
269.47

1.33
0.10
1.51
0.58
2.72
67.78
0.18
12.31
14.33
13.71
4.37
4.33
311.04
20.34
0.83
21.85
262.27

1.51
0.13
1.65
0.68
3.16
66.18
0.17
16.66
19.57
18.76
6.00
4.19
329.60
23.42
0.56
30.02
244.41

2.19
0.06
1.07
0.62
3.86
67.63
0.16
14.69
17.13
16.36
5.62
4.55
597.88
21.75
0.74
28.09
269.75

674

707

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

220

10.73
0.00
16.46
108.56

11.67
0.00
16.32
285.06

Financial Statement Analysis of Non Financial Sector 2012

National Foods Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

496,223

637,519

654,835

824,968

787,694

957,342

683,312

876,250

48,205
875,622

63,604
1,084,154

22,338
1,160,472

58,341
1,355,476

493,444
36,212

635,325
54,471

565,799
74,064

731,167
76,303

752,018
81,978

888,716
81,978

2,779

2,194

35,668

25,688

8,958
0

4,473
0

5,163

4,509

4,380

5,812

692,235
18,146
477,007

1,109,136
13,496
755,259

1,180,506
15,205
846,977

1,849,392
14,101
1,502,232

2,067,047
14,225
1,732,410

2,202,427
44,057
1,557,538

112,585

259,091

274,556

253,050

287,742

288,994

0
84,497

0
81,290

43,768

80,009

0
32,670

260,132
51,706

662,172
263,313

1,104,468
591,682

1,039,476
485,536

1,826,827
1,189,769

1,678,278
727,940

1,649,928
508,301

398,859

512,786

553,940

637,058

950,338

1,141,627

158,406

126,262

140,479
60,000

105,588
20,000

107,361
0
0

253,652
169,750
0

158,406

126,262

80,479

367,880
42,505

515,925
55,257

655,386
331,542

42,505
0
325,375

55,257
0
460,668

323,844

3,147,341
2,869,311
278,030
2,328,857

4,042,028
3,653,216
388,812
3,056,251

818,484
624,293

985,777
717,901

Items

85,588

4,627
79,275

4,113
103,248

741,945
414,427

922,811
414,427

1,402,480
414,427

331,542

414,427

323,844

327,518
327,518

414,427
0
508,384
0
508,384

414,427
0
988,053
0
988,053

3,758,706
493,844
3,264,862
2,632,255
1,639,565
992,690
1,126,451
835,914
665,664
170,250

4,489,946
597,878
3,892,068
3,163,199
2,190,781
972,418
1,326,747
1,091,416
909,818
181,598

5,520,780
4,795,227
725,553
3,946,799
2,753,111
1,193,688
1,573,981
1,098,597
886,106
212,491

7,168,603
6,350,306
818,297
4,837,315
3,982,285
855,030
2,331,288
1,466,789
1,187,150
279,639

501,370
99,364
10,317
159,181
48,000
49,731
0
(391,195)

564,868
125,696
88,639
361,751
124,500
103,607
0
422,593

781,605
71,042
60,491
836,249
229,000
248,656
0
1,068,766

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

624,293

717,901

191,722
38,000
8,501
12,751

233,947
42,000
0
12,752

436,127
86,841
16,220
220,702
81,241
82,886
318,982
202,147

526,286
0
145,221
263,313

642,187
0
191,947
591,682

795,865
60,000
56,576
545,536

847,533
20,000
61,450
1,209,769

1,176,463
169,750
133,644
897,690

1,509,841
0
358,593
508,301

0.20
1.04
3.58
2.65
1.05
73.99
2.23
17.78
62.15
39.53
18.08
6.60

0.25
1.39
6.41
2.31
1.00
75.61
2.39
15.94
52.94
40.04

0.28
2.31
7.30
2.05
1.14
70.03
1.80
12.32
37.68
30.69
1.68
4.44
14.61
5.87
0.17
4.21
19.77

0.15
2.21
5.64
1.68
1.01
70.45
2.60
7.06
22.78
19.37
2.24
2.99
16.43
3.55
-0.20
2.68
17.90

0.18
2.28
5.21
1.93
1.23
71.49
2.09
13.09
43.46
35.75
2.29
3.19
5.08
6.55
0.22
5.72
22.27

0.36
0.99
4.03
2.27
1.33
67.48
1.25
27.81
71.93
62.26
2.44
4.60
14.82
11.67
0.61
14.65
33.84

32,675

56,238

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

221

5.35

6.09
0.00
36.17
86.55

5.79
0.00
34.74
93.37

Financial Statement Analysis of Non Financial Sector 2012

Nestle Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

10,137,994

10,896,518

11,741,452

14,599,309

21,784,842

33,967,233

14,234,275

15,959,381

914,956
18,321,954

3,076,472
18,321,954

5,370,561
24,357,118

11,549,623
31,830,556

10,045,611
953,813

10,846,774
1,093,921

10,700,874
1,270,046

11,370,611
1,270,046

16,230,528
1,613,489

21,970,957
2,131,633

92,383

49,744

7,106

16,735
0

11,954
0

7,173
0

118,516

135,491

171,799

439,480

5,710,580
406,225
2,393,306

5,787,658
419,327
2,488,573

6,845,528
315,770
3,895,038

8,352,923
505,516
4,602,019

13,395,017
702,025
7,064,170

16,905,484
760,831
8,025,653

344,053

456,813

241,715

126,499

276,858

491,842

0
2,566,996

0
2,422,945

2,393,005

0
3,118,889

0
5,351,964

7,627,158

11,617,267
2,702,662

6,977,872
2,278,329

8,083,130
756,362

9,806,572
2,838,629

16,788,455
9,166,823

20,003,413
9,879,060

Items

8,914,605

4,699,543

7,326,768

6,967,943

7,621,632

10,124,353

119,602

5,317,457

6,076,895

7,563,788
55,415
5,573,750

10,778,988
2,013,690
5,848,050

19,309,040
9,084,170
6,282,794

4,210,750

440,377
2,476,871

637,985
3,304,091

119,602

5,317,457

1,866,145

229,115
1,705,508

4,111,705
453,496

4,388,847
453,496

4,426,955
453,496

5,581,872
453,496

7,612,416
453,496

11,560,264
453,496

453,496
0
3,658,209

453,496
0
3,935,351

453,496

453,496

3,973,459
249,527
3,443,932

5,128,376
249,526
4,878,850

453,496
0
7,158,920
249,527
6,909,393

453,496
0
11,106,768
249,527
10,857,241

30,455,452
28,552,701
1,902,751
22,511,329

36,129,592
33,922,714
2,206,878
27,177,277

7,944,123
4,875,892

8,952,315
6,229,306

41,155,822
37,886,124
3,269,698
29,256,902
22,810,079
6,446,823
11,898,920
7,414,758
5,238,488
2,176,270

51,487,302
47,415,871
4,071,431
37,608,733
29,136,003
8,472,730
13,878,569
7,839,799
5,709,078
2,130,721

64,824,364
59,520,950
5,303,414
48,099,046
37,270,680
10,828,366
16,725,318
9,331,644
6,862,113
2,469,531

79,087,696
72,971,236
6,116,460
57,564,265
43,228,390
14,335,875
21,523,431
11,877,630
8,787,508
3,090,122

3,033,898
513,081
264,983
5,696,180
1,579,337
3,401,220
0
5,449,017

4,277,554
1,050,355
903,474
6,502,864
1,010,796
2,947,724
0
5,484,232

5,538,710
1,827,969
1,768,200
7,977,974
1,191,532
3,174,472
0
8,255,581

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,875,892

6,229,306

2,549,756
315,728
453,496
0

2,227,484
791,661
1,134,865
0

3,033,898
442,050
111,024
4,186,257
1,181,124
2,720,976
154,769
4,607,863

4,231,307
0
1,780,532
2,702,662

9,706,304
0
300,958
2,278,329

10,503,850
0
284,157
756,362

13,145,660
55,415
715,623
2,894,044

18,391,404
2,013,690
2,544,344
11,180,513

30,869,304
9,084,170
3,611,970
18,963,230

0.13
1.54
1.26
2.17
0.83
75.22
2.80
13.69
52.41
31.96
1.27
14.52

0.07
1.07
0.59
2.21
0.85
71.09
3.20
23.74
94.97
41.43
1.10
10.57
38.71
10.17
0.33
66.27
97.62

0.06
1.00
0.25
2.24
0.85
73.04
3.11
27.43
113.82
48.17
1.21
11.19
22.50
11.06
0.31
90.78
123.09

0.06
1.62
0.43
1.84
0.80
74.20
3.62
22.37
98.57
41.24
1.86
9.18
8.20
10.03
0.20
121.11
167.86

0.06
2.31
0.62
1.55
0.85
72.79
3.40
18.54
83.22
32.39
2.14
9.85
5.51
10.09
0.21
149.65
254.91

584,434

557,325

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.06
1.92
1.13
1.92
0.49
73.92
2.85
17.72
76.77
75.06
4.93
12.73

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

222

8.37
0.00
49.26
90.67

6.17
0.00
31.66
96.78

Financial Statement Analysis of Non Financial Sector 2012

Noon Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

360,727

422,206

446,876

504,826

567,366

638,089

554,408

631,157

5,402
608,916

100
780,906

0
878,803

0
1,010,827

360,727
39,008

422,206
39,238

440,777
43,099

503,410
49,194

565,924
56,417

636,753
62,448

172

106
0

232
0

116
0

525

1,210

1,210

1,220

192,405
14,335
44,283

326,041
29,292
73,428

299,074
10,843
90,035

410,964
23,350
84,595

793,342
211,182
177,393

687,177
36,564
198,185

39,499

50,952

61,764

92,008

73,624

109,019

0
94,288

0
172,369

136,432

0
211,011

0
331,143

343,409

361,533
172,314

465,590
152,186

369,596
129,948

561,153
223,305

764,775
280,204

858,158
229,125

189,219

313,404

239,648

337,848

484,571

629,032

59,920

90,359

144,504
62,174

92,918
27,098
37,724

272,058
229,709
0

107,538
54,036
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0
53,502

59,920

90,359

82,330

28,096

0
42,349

131,679
79,200

192,298
115,200

231,850
115,200

261,719
126,720

323,875
126,720

359,570
139,392

7,200
72,000
52,479

43,200
72,000
77,098

43,200
72,000
94,604
15,880
78,724

126,720
0
113,327
0
113,327

126,720
0
140,113
0
140,113

139,392
0
164,389
0
164,389

22,046

21,672

57,042

55,788

1,168,184
1,168,184
0
1,004,370

1,657,150
1,657,150
0
1,445,799

1,745,609
1,745,609

163,814
126,763

211,351
147,353

1,528,572
834,997
693,575
217,037
143,937
96,814
47,123

2,436,416
2,436,416
0
2,170,498
1,190,134
980,364
265,918
198,011
133,944
64,067

2,957,377
2,957,377
0
2,590,444
1,517,723
1,072,721
366,933
273,316
192,672
80,644

3,305,489
3,305,489
0
2,901,264
1,515,663
1,385,601
404,225
317,360
231,378
85,981

87,985
39,884
11,116
49,568
12,256
15,206
0
170,106

89,833
59,706
50,897
67,487
31,066
0
12,672
88,208

98,300
62,523
49,518
49,519
33,138
0
0
180,766

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

126,763

147,353

18,486
5,826
18,317
0

48,950
8,165
0
0

73,057
51,106
12,962
46,070
(2,510)
0
2,200
115,052

191,599
0
(5,657)
172,314

282,657
0
40,785
152,186

376,354
62,174
48,580
192,122

354,637
27,098
22,106
250,403

595,933
229,709
36,421
509,913

467,108
54,036
16,381
283,161

0.15
3.15
3.38
2.11
0.53
85.98
3.20
3.35
14.00
8.05
0.69
26.38

0.17
2.16
3.07
2.21
0.70
87.25
2.89
7.52
30.22
20.64

0.20
2.93
3.54
2.34
0.81
87.57
2.22
6.17
21.72
13.98

0.21
1.64
3.78
2.66
0.73
89.09
2.50
5.97
20.09
13.56
2.45
28.80
5.46
2.03
0.26
2.94
20.65

0.37
2.02
2.49
2.17
1.04
87.59
3.20
5.93
23.05
14.20

0.17
1.89
3.30
2.49
0.80
87.77
2.69
3.69
14.49
9.32

36,743

35,801

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

223

22.57

19.39
4.55
2.64
0.22
11.25
53.67

1.58
0.00
17.58
182.89

2.95
0.00
9.44
44.51

16.67
2.33
2.28
0.09
2.87
25.56

16.68
2.00
1.50
0.19
1.18
25.80

Financial Statement Analysis of Non Financial Sector 2012

Punjab Oil Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

184,256

184,334

199,515

209,972

219,277

418,018

279,635

289,517

3,639
295,917

3,079
311,662

5,864
324,240

592
411,398

184,256
6,439

184,334
9,837

181,416
9,901

188,518
10,723

189,804
11,493

386,400
13,636

0
0

0
0

13,521
0

14,460

18,375

23,609

17,505

199,214
15,533
77,431

507,942
39,367
97,437

454,215
38,551
168,874

482,109
30,764
192,573

630,262
11,011
204,256

720,719
21,734
230,480

30,237

273,080

132,323

145,882

252,237

288,180

0
76,013

0
98,058

0
112,890

0
162,758

0
180,325

231,545
45,219

507,524
39,790

403,850

394,032
269

490,643
26,756

595,454
42,271

186,326

467,734

403,850

393,763

463,887

553,183

5,835

4,711

23,836

33,490
0
0

55,462
0
0

26,280
364
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

114,467

29,614
3,876

30,655
24,807

5,835

4,711

23,836

0
25,916

146,090
20,419

180,041
20,419

226,044
30,629

271,769
38,286

325,406
53,907

487,821
53,907

20,419
0
125,671

20,419
0
159,622

30,629

65,926
1,881
8,600

38,286
0
105,939
1,881
104,058

53,907
0
150,878
23,137
127,741

53,907
0
162,837
23,137
139,700

129,489

127,544

120,621

271,077

1,747,515
1,747,515
0
1,670,913

2,509,214
2,509,214
0
2,385,994

2,809,910
2,809,910

76,602
47,529

123,220
67,832

2,625,310
2,357,144
268,166
184,600
92,869
49,004
43,865

3,018,442
3,018,442
0
2,837,147
2,731,893
105,254
181,295
109,529
55,120
54,409

3,710,267
3,710,267
0
3,473,835
3,307,845
165,990
236,432
136,336
66,336
70,000

4,168,049
4,168,049
0
3,924,977
3,748,665
176,312
243,072
157,750
84,750
73,000

24,815
719
389
77,120
44,171
5,743
0
1,557

74,467
1,892
84,991
102,502
67,909
5,391
5,391
(57,431)

85,822
5,011
4,011
83,339
77,560
0
0
36,761

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

47,529

67,832

27,355
10,550
4,493
0

54,343
18,839
0
10,209

24,815
857
273
103,480
63,206
4,594
12,803
37,530

151,925
0
12,312
45,219

184,752
0
35,504
39,790

249,880
0
35,680
0

298,049
364
27,206
633

358,896
0
29,202
26,756

543,283
0
5,779
42,271

0.20
0.12
1.73
4.56
0.86
95.62
1.62
8.66
28.51
26.81
3.74
22.57

0.62
0.13
10.88
3.62
1.00
95.09
2.85
10.10
33.33
32.28

0.42
0.03
4.71
4.30
1.12
93.43
1.89
15.38
50.96
47.62
8.77
16.64
380.05
3.68
0.09
13.15
73.80

0.45
0.02
4.83
4.36
1.22
93.99
1.55
11.46
30.98
28.15
5.74
15.67
199.25
2.55
0.00
8.61
70.98

0.54
0.05
6.80
4.37
1.28
93.63
1.61
13.30
34.33
31.21
6.42
18.16
2.21
2.76
-0.11
6.42
60.36

0.52
0.12
6.91
3.66
1.21
94.17
1.33
8.38
20.50
18.48

2,143

3,177

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

224

25.75

1.57
0.00
8.23
71.55

2.17
0.00
17.39
88.17

18.08
21.78
2.00
0.06
1.07
90.49

Financial Statement Analysis of Non Financial Sector 2012

Quice Food Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

137,948

134,255

30,932

27,981

23,690

61,406

112,203

112,203

112,203

112,242

2,284
92,191

5,264
127,106

37,948
4,105

34,255
3,693

30,932
3,323

27,981
2,990

21,406
2,613

56,142
4,154

100,000

100,000

0
0

0
0

33,008
878
8,052

39,385
215
13,087

20,909
13
251

24,447
110
408

77,931
3,631
18,293

160,479
4,922
25,222

19,305

23,970

19,784

23,089

48,216

118,701

0
4,773

0
2,113

861

840

0
7,791

0
11,634

92,500
55,000

89,224
46,100

20,442

16,016

18,268
0

3,065

37,500

43,124

20,442

16,016

18,268

3,065

48,628
19,100
29,378

48,923
7,100
41,514

94,056
93,306
0

68,974
67,737

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

150

309

0
750

1,237

78,456
106,875

84,416
106,875

(17,229)
106,875

(12,511)
106,875

(10,703)
106,875

149,846
326,735

106,875
0
(28,419)

106,875
0
(22,459)

106,875

106,875

(124,104)

(119,386)

106,875
0
(117,578)
0
0

326,735

52,159
52,159
0
38,528

53,459
53,459
0
39,613

13,631
7,472

13,846
7,603

(213,358)

(130,979)

(126,261)

36,468

29,253
29,253

56,604
56,604

113,632
113,632
0
106,085
104,140
1,945
7,547
18,010
6,135
11,875

182,382
182,382
0
119,386
117,543
1,842
62,996
19,470
8,472
10,998
13,427
64
0
34,217
0
0
0
(31,734)

(213,358)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

7,472

7,603

23,935
16,321
7,614
5,318
125,480
1,373
124,107

46,659
39,320
7,339
9,945
9,031
4,010
5,021

3,264
5

5,394
51

6,155
261
0
0

6,228
267
0
0

(101,645)

0
17,228
(197)

3,227
1,489
0
17,228
3,136

10,501
29
0
4,661
0
0
0
(56,248)

78,456
0
5,894
55,000

84,416
0
5,961
46,100

31,399
19,100
(101,645)
19,100

36,412
7,100
1,738
7,100

83,353
93,306
4,661
93,306

218,820
67,737
34,217
67,737

0.22
0.01
37.01
0.31
0.36
73.87
1.18
3.63
8.25
7.27

0.27
0.03
44.84
0.31
0.44
74.10
1.06
3.61
7.65
7.65

0.97
0.02
67.63
0.56
1.02
81.82
-4.01
-90.16
-302.57
-175.53

1.45
0.09
40.79
1.08
1.53
82.43
-5.19
6.19
-21.70
9.52

2.84
0.03
42.43
1.12
4.27
93.36
-10.49
6.05
-40.16
7.78

40.34
0.03
65.08
0.82
52.36
65.46
0.48
21.15
49.18
22.65

15

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

225

6.48

4.08

116.55

138.74

6.21

7.23

11.80
0.00
0.55
7.34

11.65
0.00
0.56
7.90

-347.47
0.00
-9.51
-1.61

5.70
0.05
0.16
-1.17

4.10
-0.50
0.44
-1.00

18.76
-0.44
1.05
4.59

Financial Statement Analysis of Non Financial Sector 2012

Rafhan Maize Products Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,590,629

2,056,715

2,772,564

3,244,274

4,163,733

5,136,789

3,042,505

3,647,400

987,851
3,475,452

973,017
4,027,340

1,811,331
4,301,109

1,312,568
3,749,062

1,590,629
136,824

2,056,715
140,081

1,765,365
150,911

2,174,145
157,026

2,283,486
173,325

3,749,062
213,369

29,392
0

23,415
0

20,799

19,348

67,720

45,501

54,360

2,354,982
305,420
1,361,821

3,172,043
13,730
2,406,062

2,473,347
673,409
1,166,118

4,015,673
39,741
3,125,746

4,116,445
63,026
3,005,990

5,183,660
506,520
3,093,207

328,389

343,604

315,365

376,923

537,810

742,382

0
359,352

0
408,647

0
473,263

0
509,619

841,551

919,915
0

1,650,317
493,709

1,954,308
634,460

2,024,906
397,902

2,894,534
0

919,915

1,156,608

977,860

1,319,848

1,627,004

2,894,534

260,321

373,682
0
0

562,057
0
0

351,754
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

318,455
977,860

0
373,682

0
562,057

260,321

0
351,754

3,025,696
92,364

3,578,441
92,364

4,007,730
92,364

4,953,885
92,364

5,881,590
92,364

6,863,858
92,364

92,364
0
2,933,332

92,364
0
3,486,077

92,364
3,915,366

92,364
0
4,861,521
37,887
4,823,634

92,364
0
5,789,226
37,887
5,751,339

92,364
0
6,771,494
37,887
6,733,607

7,893,402
7,389,117
504,285
5,795,230

11,250,797
10,816,972
433,825
8,509,551

2,098,172
468,126

2,741,246
496,969

11,428,104
11,123,537
304,567
8,992,742
6,490,974
2,501,768
2,435,362
453,991
116,884
337,107

13,912,769
13,394,113
518,656
10,615,033
8,278,035
2,336,998
3,297,736
549,303
131,768
417,535

18,270,994
17,651,403
619,591
14,471,176
10,873,932
3,597,244
3,799,818
631,899
146,109
485,790

19,531,398
18,846,757
684,641
15,556,892
10,675,068
4,881,824
3,974,506
896,372
368,192
528,180

661,374
31,548
24,166
2,799,989
887,774
1,154,550
0
232,457

769,347
57,740
48,567
3,216,190
1,152,930
1,154,550
0
2,440,132

930,237
56,099
47,613
3,122,804
896,938
1,154,550
0
3,088,555
7,425,915
0
1,071,316
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

468,126

496,969

1,681,101
551,931
831,279
0

2,299,065
815,161
923,640
0

608,738
48,766
42,401
2,011,864
714,784
831,276
73,411
2,830,047

3,025,696
0
297,891
0

3,578,441
0
560,264
493,709

4,268,051
0
465,804
0

5,305,639
0
757,665
634,460

6,255,272
0
908,710
397,902

0.69
0.15
4.16
2.00
2.56
73.42
0.30
45.00
58.45
58.45
1.36
5.80

0.22
0.32
3.05
2.15
1.92
75.64
0.46
50.12
69.62
69.62
1.61
4.68

1.01
0.43
2.76
2.18
2.53
78.69
0.31
38.41
53.04
51.28
1.56
9.80
48.45
17.60
2.29
140.43
433.91

0.21
0.23
2.71
1.92
2.05
76.30
0.47
44.78
62.49
58.49
1.66
4.45
116.86
20.13
0.10
207.03
536.34

0.30
0.32
2.94
2.21
2.03
79.20
0.41
41.39
59.36
55.64
1.79
6.08
67.22
17.60
1.02
223.38
636.78

11,807

36,123

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

226

21.30
0.00
122.25
327.58

20.43
0.00
160.66
387.43

0.43
0.29
3.80
1.89
1.79
79.65
0.50
33.58
49.00
45.65
1.93
6.31
66.59
15.99
0.89
240.99
743.13

Financial Statement Analysis of Non Financial Sector 2012

S.S. Oil Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

256,601

257,871

345,504

347,083

337,281

328,400

404,269

413,331

23,661
485,569

31,522
486,714

0
530,185

19,189
530,185

256,601
8,011

257,871
7,792

320,624
9,485

314,342
8,875

336,062
26,193

307,992
28,070

1,219

1,219

0
0

0
0

1,219

1,219

424,967
13,565
245,033

649,193
61,427
391,035

407,539
3,180
237,981

518,446
9,441
249,048

497,653
10,458
101,941

587,949
65,344
230,758

102,885

171,476

105,829

71,443

123,856

143,230

0
63,484

0
25,255

60,549

188,514

0
261,398

0
148,617

417,008
252,323

629,670
455,586

296,510
213,282

399,266
323,178

327,236
234,217

380,335
254,121

164,685

174,084

83,228

76,088

93,019

126,214

103,406
20,837

100,075
20,837
0

102,667
0
20,837

105,702
0
20,837

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

5,964
75,866

6,699
78,166

82,569

0
79,238

264,560
56,584

277,394
56,584

353,127
56,584

366,188
56,584

405,031
56,584

430,312
56,584

56,584
0
207,976

56,584
0
220,810

56,584

56,584
0
166,500

56,584
0
261,372
0
261,372

1,026,554
1,026,554
0
959,708

1,551,861
1,551,861
0
1,464,095

66,846
15,929

87,766
27,217

150,133

166,500

56,584
0
215,016
0
215,016

146,410

143,104

133,431

112,356

973,683
973,683

1,225,235
1,225,235

1,623,310
1,623,310
0
1,508,465
17,617
1,490,848
114,845
21,569
6,272
15,297

2,397,218
2,397,218
0
2,282,207
2,070,459
211,748
115,011
23,316
7,733
15,583
23,849
40,709
40,198
52,307
24,709
0
0
54,363

150,133

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

15,929

27,217

913,542
716,613
196,929
60,141
18,609
8,923
9,686

1,148,892
1,056,011
92,881
76,343
15,207
4,762
10,445

13,668
30,586
29,411
11,337
15,981

14,706
47,575
46,335
15,137
2,077

15,053
4,638
0
0

19,133
7,036
0
0

(43,065)

(94,218)

17,825
33,480
31,541
62,893
24,049
0
0
103,780

264,560
0
10,415
252,323

277,394
0
12,097
455,586

456,533
20,837
(4,644)
234,119

466,263
20,837
13,060
344,015

507,698
0
38,844
234,217

536,014
0
27,598
254,121

0.28
3.50
10.02
1.51
1.02
93.49
1.58
2.26
5.12
5.08

0.37
2.67
11.05
1.71
1.03
94.34
2.27
2.41
7.06
7.06

0.37
3.14
10.87
1.29
1.37
93.82
1.13
1.37
3.60
3.09

0.20
3.88
5.83
1.42
1.30
93.77
1.36
1.87
4.21
3.28

0.41
2.06
7.63
1.94
1.52
92.93
1.06
7.40
16.31
12.91

0.55
1.70
5.97
2.62
1.55
95.20
1.13
5.97
12.52
10.02

35,942

41,479

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

227

4.19

3.97

4.09
1.39
1.16
-0.11
-0.82
62.41

4.92
1.33
1.24
-0.19
2.31
64.72

15.92
2.99
3.87
0.24
6.86
71.58

10.39
2.30
2.18
0.11
4.88
76.05

1.47
0.00
1.84
46.76

1.23
0.00
2.14
49.02

Financial Statement Analysis of Non Financial Sector 2012

Shakarganj Food Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

2008

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

0
0

470
0
0

0
0
0

0
0
0

0
0
0

0
0
0

0
470

0
0

0
0

0
0

0
0

940
0

31,575
0

850
0

943
0

49
0

231

940

31,575

850

943

49

231

30,847

30,847
0
30,847

30,847
0
30,847

0
0
0

0
0

0
0

30,847

0
0

(31,317)
30,000

(31,575)
30,000

(31,697)
30,000

(31,790)
30,000

(49)
30,000

(231)
30,000

30,000
0
(61,317)

30,000
0
(61,575)

30,000
0
(61,697)
0
(61,697)

30,000
0
(61,790)
0
(61,790)

30,000
0
(30,049)
0
(30,049)

30,000
0
(30,231)
0
(30,231)

0
0
0
0

0
0
0
0

0
201

0
258

0
0
0
0
0
0
0
93
0
93

0
0
0
0
0
0
0
96
0
96

0
0
0
0
0
0
0
122
0
122

0
0
0
(93)
0
0
0
0

0
0
0
31,742
0
0
0
30,847

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

201

258

0
182

182

(201)
0
0
0

(258)
0
0
0

0
0
0
(122)
0
0
0
0

(470)
0
(201)
0

(31,575)
0
(258)
0

(850)
0
(122)
0

(943)
0
(93)
0

(49)
0
31,742
0

(231)
0
(182)
0

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.50

0.00

0.00

0.00

0.00

0.00

-1.02
-2.15
0.50
0.82

-1.00
-109.79
0.82
1.61

-1.00

-1.00

-1.00

-1.00

0.39
0.75

0.29
10.37

-199.39
-6,399.60

130.00
130.00

0.00
-0.07
-10.44

0.00
-0.09
-10.53

0.00
-0.04
-10.57

0.00
-0.03
-10.60

629.53
10.58
-0.02

0.00
-0.06
-0.08

(182)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

228

Financial Statement Analysis of Non Financial Sector 2012

Shezan International Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

256,787

292,922

310,979

427,495

433,769

448,348

451,226

515,372

4,105
551,529

7,050
705,220

40,789
731,594

56,326
775,598

256,787
33,787

292,922
36,219

295,665
39,271

409,752
44,875

382,308
54,973

378,264
56,668

0
8,105

0
8,358

0
8,419

11,209

2,588

2,314

5,339

863,560
108,186
610,903

1,015,133
84,042
689,438

1,043,406
70,844
755,711

1,191,958
99,509
842,482

1,511,800
82,608
1,159,551

1,747,094
109,169
1,245,699

59,749

74,892

86,291

135,317

165,627

243,299

0
84,722

9,915
156,846

130,560

0
114,650

0
104,014

0
148,927

467,888
39,066

566,926
23,388

530,881
30,228

680,194
112,948

920,811
231,174

1,023,300
310,500

428,822

543,538

500,653

567,246

689,637

712,800

27,047

4,429

45,684

71,747
0
0

56,682
0
0

91,121
37,228
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
71,747

0
56,682

27,047

4,429

45,684

0
53,893

625,412
50,000

736,700
60,000

777,820
60,000

848,138
60,000

953,011
60,000

1,115,460
60,000

50,000
0
575,412

60,000
0
676,700

60,000

134,371

60,000
0
788,138
3,022
785,116

60,000
0
893,011
3,293
889,718

60,000
0
1,055,460
3,372
1,052,088

2,634,365
2,574,276
60,089
1,949,316

3,020,443
2,961,277
59,166
2,243,314

685,049
427,694

777,129
519,746

2,728,709
2,604,076
124,633
1,974,446
530,134
1,444,312
754,263
607,290
443,862
163,428

3,528,134
3,311,217
216,917
2,591,790
2,354,285
237,505
936,344
772,607
580,492
192,115

4,221,827
3,928,031
293,796
3,130,544
2,865,456
265,088
1,091,283
869,118
629,912
239,206

5,060,898
4,793,885
267,013
3,603,285
2,610,560
992,725
1,457,613
1,124,082
846,287
277,795

234,816
17,950
15,486
165,219
50,000
36,000
0
170,645

190,200
40,343
37,593
210,602
66,046
45,000
0
98,443

373,925
53,118
46,173
318,070
111,865
54,000
6,000
165,672

717,820

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

427,694

519,746

257,655
110,000
50,000
10,000

268,399
90,000
60,000
0

234,816
6,542
2,541
160,570
58,099
36,000
57,625
113,454

652,459
0
97,655
39,066

741,129
0
118,399
23,388

823,504
0
66,471
30,228

939,259
37,228
79,219
150,176

1,024,758
0
99,556
231,174

1,172,142
0
152,205
310,500

0.36
0.49
2.27
2.35
1.85
74.00
0.79
24.28
43.79
41.30
2.95
4.31

0.30
0.27
2.48
2.31
1.79
74.27
0.78
22.10
39.41
38.52
2.97
4.38

0.30
0.24
3.16
2.01
1.97
72.36
0.74
12.06
21.20
20.52
2.85
3.61
64.19
5.88
0.20
17.08
129.64

0.35
0.51
3.84
2.18
1.75
73.46
0.91
11.11
20.32
18.75
3.20
4.19
11.67
4.68
0.22
19.20
141.36

0.27
0.96
3.92
2.17
1.64
74.15
1.04
11.81
23.39
21.45
3.21
3.64
6.60
4.99
0.10
24.09
158.84

0.34
1.05
4.81
2.31
1.71
71.20
0.97
15.36
30.75
28.96
3.82
4.06
7.89
6.28
0.15
34.37
185.91

12,940

8,104

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

229

9.78
0.00
29.53
125.08

8.89
0.00
29.73
122.78

Financial Statement Analysis of Non Financial Sector 2012

Unilever Pakistan Foods Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

377,495

488,852

374,153

384,648

730,854

756,907

614,758

731,115

200
737,570

3,575
780,556

27,154
1,100,287

39,930
1,151,861

196,350
21,425

307,707
29,633

288,672
38,791

297,151
39,186

593,548
39,186

609,403
52,879

181,145

181,145

81,637
355

81,637
0

81,637
0

81,637
0

3,289

2,285

28,515

25,937

569,053
16,151
378,002

526,761
8,022
352,394

600,683
40,696
333,840

704,825
80,436
358,094

1,036,314
93,212
593,162

1,248,575
201,902
750,374

88,101

49,976

79,649

96,606

188,563

146,113

0
86,799

0
116,369

0
146,498

0
169,689

0
161,377

150,186

747,566
362,367

714,390
242,591

680,683
148,775

646,896
170,204

1,171,104
94,526

1,302,715
64,897

385,199

471,799

531,908

476,692

1,076,578

1,237,818

38,182
0
0

104,529
0
0

111,822

25,497
0
0

0
25,497

8,939
29,243

17,519
87,010

3,922
107,900

198,982
61,576

301,223
61,576

268,656
61,576

404,395
61,576

491,535
61,576

590,945
61,576

61,576
0
137,406

61,576
0
239,647

61,576

61,576
0
207,080
25,258
181,822

342,819
25,258
317,561

61,576
0
429,959
25,258
404,701

61,576
0
529,369
25,258
504,111

2,916,978
2,916,978
0
2,028,643

3,748,416
3,748,416
0
2,591,303

4,040,887
4,040,887

888,335
553,293

1,157,113
625,505

3,376,511
3,376,511
0
2,122,144
1,843,781
278,363
1,254,367
1,020,355
797,304
223,051

2,506,003
2,115,987
390,016
1,534,884
900,152
786,593
113,559

4,940,251
4,940,251
0
3,015,502
2,646,778
368,724
1,924,749
1,090,336
850,012
240,324

5,861,096
5,861,096
0
3,633,950
3,059,125
574,825
2,227,146
1,234,534
1,004,044
230,490

282,287
12,449
9,166
645,859
208,396
437,190
0
368,273

109,739
6,863
3,372
910,132
293,437
615,760
0
964,204

120,565
8,066
1,949
1,058,366
343,194
714,282

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

553,293

625,505

346,074
118,925
572,657
0

530,311
152,750
221,674
0

252,199
22,517
20,854
241,656
64,864
0
48,941
351,377

198,982
0
(345,508)
362,367

301,223
0
155,887
242,591

294,153
0
176,792
148,775

442,577
0
273
170,204

596,064
0
935
94,526

702,767
0
890
64,897

0.14
0.30
3.02
3.08
0.76
69.55
3.76
37.76
91.26
91.26
0.40
7.72

0.08
0.59
1.33
3.69
0.74
69.13
2.37
54.05
212.04
212.04
1.70
10.64

0.18
0.67
2.36
3.46
0.88
62.85
2.63
24.28
84.81
81.18

0.27
0.31
2.39
3.71
1.09
62.02
1.69
62.57
191.92
175.33
1.00
11.28
71.46
15.98
0.54
71.04
65.67

0.24
0.14
3.82
2.80
0.88
61.04
2.60
63.72
203.17
175.25
1.00
8.33
270.91
18.42
0.76
100.15
79.83

0.27
0.14
2.49
2.92
0.96
62.00
2.39
56.11
195.54
162.97
1.00
7.81
544.03
18.06
0.57
116.14
95.97

8,710

22,233

806,912

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

230

11.86
0.00
36.89
32.31

14.15
0.00
61.32
48.92

10.11
12.59
7.16
0.50
28.71
43.63

Financial Statement Analysis of Non Financial Sector 2012

Unilever Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

3,525,672

4,435,581

5,773,444

5,979,141

7,262,055

8,421,201

5,873,999

6,964,584

173,571
7,420,413

308,981
7,918,431

1,191,041
8,071,066

1,196,764
9,974,248

3,513,499
372,971

4,428,278
453,671

4,563,048
496,867

4,588,190
553,006

4,526,190
586,874

6,029,015
645,378

12,173

7,303

357,556
200

821,086
200

1,288,730
200

936,797
200

679,069

260,684

255,894

258,425

4,558,504
188,682
2,726,064

6,950,837
106,789
4,261,770

5,698,648
278,644
3,649,070

7,574,893
1,762,650
3,881,007

8,778,754
962,086
5,204,390

10,021,525
751,129
6,244,203

239,313

228,763

506,357

522,795

833,179

1,018,561

95,202
1,309,243

95,202
2,258,313

1,264,577

1,408,441

0
1,779,099

2,007,632

6,041,939
440,830

9,079,720
3,264,845

7,107,469
1,037,911

8,975,421
297,143

10,947,883
839,878

12,066,612
615,006

5,601,109

5,814,875

6,069,558

8,678,278

10,108,005

11,451,606

52,932

77,327

1,019,952

846,461
3,291
0

1,055,075
0
0

954,763
19,818
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

358,802
576,143

462,106
381,064

378,355
676,720

52,932

77,327

327,060
692,892

1,989,305
664,694

2,229,371
669,477

3,344,671
669,477

3,623,850
669,477

4,246,465
669,477

5,321,039
669,477

664,694
0
1,324,611

664,694
4,783
1,559,894

669,477

669,477
0
3,565,319
392,400
3,172,919

669,477

669,477
0
2,942,056
392,400
2,549,656

4,651,562
392,400
4,259,162

12,965

12,317

11,669

29,854,807
29,854,807
0
20,771,722

39,057,172
39,057,172
0
28,121,492

38,187,582
38,187,582

9,083,085
6,635,476

10,935,680
7,785,376

24,852,625
20,593,398
4,259,227
13,334,957
8,583,957
7,179,694
1,404,263

44,671,507
44,671,507
0
30,094,225
25,633,234
4,460,991
14,577,282
9,731,597
8,033,561
1,698,036

51,875,986
51,875,986
0
33,792,460
29,582,667
4,209,793
18,083,526
12,280,529
9,807,202
2,473,327

59,740,969
59,740,969
0
38,070,993
32,175,978
5,895,015
21,669,976
13,753,331
11,149,177
2,604,154

2,061,532
189,657
132,631
4,796,651
1,512,820
3,293,827
0
6,172,170

2,556,755
224,722
44,087
5,943,067
1,837,219
4,110,589
0
4,653,923

3,176,474
429,474
64,991
8,062,123
2,562,077
5,529,880
0
6,330,652

4,578,613
19,818
(9,996)
316,961

5,092,926
3,291
(4,741)
843,169

6,376,114
0
(29,834)
615,006

0.25
0.42
1.17
3.30
0.84
67.37
2.74
38.33
137.67
107.27
1.00
11.51
37.17
10.74
0.62
245.25
270.65

0.16
0.43
1.61
3.23
0.80
65.14
2.78
40.16
151.02
122.90
1.00
9.97
135.80
11.46
0.39
306.65
317.15

0.15
0.72
1.70
3.24
0.83
63.73
2.47
46.76
168.53
140.59
0.99
9.57
125.05
13.50
0.48
410.77
397.40

2,662,229

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,635,476

7,785,376

2,544,617
727,918
1,646,913
0

2,937,217
863,347
1,635,147
0

1,872,013
427,708
229,009
4,515,605
1,459,865
306,620
392,348
5,212,666

2,042,237
0
169,786
440,830

2,306,698
0
438,723
3,264,845

4,364,623
0
2,749,120
1,037,911

0.09
0.37
0.80
3.69
0.75
69.58
3.06
35.06
132.89
131.08
1.10
10.95

0.05
1.19
0.59
3.43
0.77
72.00
4.11
30.17
139.25
135.08
1.27
9.16

109,227

466,166

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

231

8.52
0.00
136.66
149.64

7.52
0.00
156.00
167.70

0.11
1.12
1.33
3.33
0.80
65.08
2.43
39.51
162.02
135.37
9.97
10.47
20.72
11.82
0.64
45.64
49.96

Financial Statement Analysis of Non Financial Sector 2012

Wazir Ali Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

141,901

136,324

182,668

289,129

279,316

279,316

170,611

168,154

166,059

0
177,168

0
175,843

0
175,843

141,901
5,039

136,324
4,498

132,298
4,254

152,388
3,967

147,947
3,972

147,947
3,972

50,000

135,399

0
130,500

0
130,500

370

1,342

869

869

232,400
12,867
104,905

299,898
10,451
176,295

256,141
65,832
131,463

348,652
89,601
144,642

677,487
28,149
573,689

677,487
28,149
573,689

37,236

33,093

11,167

83,754

20,152

20,152

50,000
27,392

50,000
30,059

47,679

0
30,655

0
55,497

0
55,497

354,826
175,161

475,790
122,315

190,254
101,382

408,513
83,354

792,202
183,304

792,202
183,304

179,665

353,475

88,872

325,159

608,898

608,898

17,940

9,027

30,638
0
0

26,732
0
0

361,732
0
335,000

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

870
25,862

870
25,862

17,940

9,027

1,877
28,761

1,535
79,860

(39,568)
79,860

239,528
79,860

198,630
79,860

137,869
79,860

(197,131)
79,860

79,860
0
(78,325)

79,860
0
(119,428)

79,860

79,860

41,421
345,646
(304,225)

(100,826)
360,646
(461,472)

79,860
0
(159,387)
345,646
(505,033)

79,860
0
(494,387)
10,646
(505,033)

118,247

219,596

217,396

217,396

885,114
885,114
0
796,141

922,010
922,010
0
818,217

897,774
897,774

88,973
143,377

103,793
87,926

841,249
658,978
182,271
56,525
109,987
68,629
41,358

0
0
0
0
0
0
0
10,195
0
10,195

797,148
797,148
0
658,456
638,846
19,610
138,692
57,789
36,214
21,575

797,148
797,148
0
658,456
638,846
19,610
138,692
57,789
36,214
21,575

0
66,815
20,961
(75,177)
0
0
0
48,227

1,455
70,045
64,470
15,684
7,994
0
0
(144,286)

1,455
70,045
64,470
15,684
7,994
0
0
(144,286)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

143,377

87,926

(62,764)
4,504
3,993
0

(37,610)
4,698
0
0

50,393
44,668
926
(57,021)
1,117
0
11,778
(124,430)

19,475
0
(71,261)
175,161

(39,568)
0
(42,308)
122,315

248,555
0
(58,138)
101,382

229,268
0
(75,177)
83,354

164,601
0
7,690
183,304

164,601
0
7,690
183,304

0.28
3.70
4.21
2.36
0.65
89.95
242.84
-18.18
-264.76
-119.52
-16.85
8.44

0.20
6.12
3.59
2.11
0.63
88.74
-12.02
-9.28
197.78
374.36

0.40
4.98
1.24
2.05
1.35
93.70
0.83
-13.03
-57.03
-54.57

0.42

0.06
8.79
2.53
0.83
0.86
82.60
5.94
1.97
9.32
7.96

0.06
8.79
2.53
0.83
0.86
82.60
-5.85
1.64
-52.93
9.53

32,753

56,397

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

232

0.00
0.85

2.21
-13.97
-34.32
-31.47

5.23

6.83
-60.58
-6.35
-0.62
-7.28
29.99

0.00
-2.59

1.39
1.24
1.97
-0.18
0.96
17.26

1.39
1.24
1.97
-0.13
0.96
-24.68

-7.09
0.00
-8.42
0.19

-4.08
0.00
-5.30
-4.95

0.11
-9.41
24.87

CHEMICALS, CHEMICAL PRODUCTS &

PHARMA.

233

Financial Statement Analysis of Non Financial Sector 2012

Chemicals, Chemical Products and Pharma. - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

2008

82,883,488

107,679,493

313,374,019

404,036,905

430,235,762

447,314,227

148,975,273

177,716,269

130,764,852
195,625,201

151,593,553
345,698,615

37,130,487
503,472,670

24,303,545
543,818,284

80,841,721
6,129,803

105,619,375
6,776,939

129,257,161
8,805,988

206,336,757
14,959,415

339,668,617
19,179,871

359,352,922
23,115,742

2,041,767

2,060,118

5,551,835
45,784,912

6,658,705
32,837,518

6,535,911
39,683,276

6,509,793
48,952,805

2,015,258

6,610,372

7,217,471

8,195,162

130,375,717
18,366,897
19,999,682

146,793,388
19,418,482
28,446,954

138,381,782
43,904,639
27,966,341

181,586,700
51,742,380
40,813,825

219,741,352
37,641,614
56,189,208

227,804,429
37,406,997
66,631,737

13,457,038

10,172,191

16,896,230

22,694,281

23,458,864

37,040,869

55,419,315
23,132,785

49,775,394
38,980,367

20,717,880
28,896,691

22,679,322
43,656,892

51,111,758
51,339,908

29,273,050
57,451,776

77,403,737
20,842,526

103,838,944
30,868,503

110,939,615
39,583,316

174,827,027
49,555,531

216,727,394
58,934,545

240,870,770
70,188,246

56,561,211

72,970,441

71,356,299

125,271,496

157,792,849

170,682,524

34,157,037

40,298,356

174,657,127
119,966,504
17,727,316

208,089,599
161,584,341
8,928,669

202,734,303
150,009,487
8,497,813

194,441,042
142,977,235
948,583

13,069,395

12,879,902

10,137,858

9,640,111

11,226,127

21,087,642

27,418,454

1,353,172
25,472,277

966,690
36,609,899

748,400
33,838,492

687,821
38,601,276

101,698,431
40,704,617

110,335,581
42,072,022

166,159,054
73,723,547

202,706,979
86,767,108

230,515,417
92,877,353

239,806,844
97,246,252

40,704,617
0
60,993,814

42,072,022
0
68,263,559

82,767,108
4,000,000
104,393,765
27,284,358
77,421,633

88,877,353
4,000,000
126,429,732
27,889,598
98,540,134

97,246,252

73,723,547
0
87,521,988
21,704,237
65,817,751

131,164,369
29,266,484
101,897,885

4,913,520

11,546,106

11,208,332

11,396,223

217,797,896
216,179,445
1,618,451
163,839,624

255,485,929
252,752,148
2,733,781
176,669,468

53,958,272
22,725,914

78,816,461
26,727,743

328,741,867
321,339,241
7,402,627
243,032,804
134,845,561
108,187,243
85,709,063
36,936,641
16,548,939
20,387,702

428,275,398
416,719,338
11,556,060
314,534,757
199,839,173
114,695,584
113,740,641
45,723,049
30,047,358
15,675,691

536,460,276
519,732,349
16,727,927
372,167,319
243,841,132
128,326,187
164,292,957
54,213,016
32,805,290
21,407,726

577,914,998
561,585,994
16,329,004
427,562,200
278,015,562
149,546,638
150,352,798
59,881,276
38,944,289
20,936,987

27,280,164
15,476,691
13,664,988
62,291,408
21,146,649
23,400,331
6,433,900
51,537,539

30,676,055
26,611,692
21,962,046
99,512,182
32,224,358
37,455,659
5,775,428
82,073,769

35,388,506
35,267,071
28,296,726
66,138,130
20,983,476
33,564,577
484,988
50,438,202

410,796,578
161,584,341
17,744,428
211,139,872

433,249,720
159,649,598
29,832,165
218,584,143

434,247,886
154,203,362
11,590,077
224,391,608

0.56
3.61
5.30
0.73
1.04
73.44
1.89
12.01
33.77
16.58
1.76
10.49
5.56
14.54
0.13
4.85
23.89

0.52
4.96
4.37
0.83
1.01
69.37
1.82
16.11
45.94
23.58
1.80
9.55
5.53
18.55
0.20
7.40
25.35

0.43
6.10
6.41
0.86
0.95
73.98
1.82
9.98
28.12
15.25
1.35
8.67
3.34
11.44
0.12
4.55
24.15

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

22,725,914

26,727,743

40,925,058
6,992,715
12,206,516
601,374

50,257,060
10,589,828
15,101,501
205,832

17,756,372
12,970,450
11,774,014
44,063,457
14,636,477
20,210,085
1,164,755
72,991,534

135,855,468
13,069,395
21,725,827
33,911,921

150,633,937
12,879,902
24,565,731
43,748,405

340,816,182
130,104,362
9,216,894
169,687,678

1.13
2.70
6.18
1.02
1.68
75.23
1.10
21.44
44.25
35.84
2.78
10.89

0.76
4.59
3.98
1.00
1.41
69.15
1.31
21.49
47.40
35.08
2.63
8.98

5,890,924

11,733,264

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

234

18.79
0.00
8.14
24.40

19.67
0.00
9.13
25.39

0.73
3.95
5.14
0.73
1.25
73.93
1.72
12.48
31.87
17.93
1.46
11.75
4.74
13.40
0.26
3.99
22.54

Billion Rs

Growth with Composition of Assets & Liabilities

500
450
400
350
300
250
200
150
100
50
0

3.8%

Non-Current
Assets

12%
10%
10.0%
8%
6%
3.9% 4%
2%
0%
-2%
-4%
-4.3%
-6%
Current
Non-Current
Shareholders
Liabilities
Liabilities
Equity
2012
Growth

3.5%

Current Assets
2011

Growth & Composition of Operations

2011

2012

Growth
20%

700
600

10%

7.2%

0%

Billion Rs

500
-9.3%

400

-10%
-20%

300

-30%

200

-40%

100

-50.5%
Sales

Gross Profit

2011
2012

18.55

20

2012
15
28.12
23.58
16.11
9.98

11.44

Percentage

Percentage

2011

45.94

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
50
45
40
35
30
25
20
15
10
5
0

-50%
-60%

10

15.25

7.4
4.55

5
1.01 0.95

Return on
Return on
Assets
Equity

1.82

1.82

0
Return on
Capital
Employed

Current
Ratio

235

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Abbott Laboratories (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,516,821

1,560,835

1,705,391

1,933,748

2,429,566

2,742,498

3,001,118

3,223,208

159,886
330,252

392,954
3,469,184

420,313
3,987,748

341,183
4,583,062

1,516,821
185,830

1,560,835
203,002

1,502,899
206,300

1,484,642
256,102

1,877,749
269,855

2,287,971
319,544

58,835

0
0

76,055

42,606

56,152

55,449

54,509

3,164,547
496,118
1,363,508

3,455,054
1,051,489
1,696,200

3,259,185
770,784
1,675,000

3,856,673
819,087
2,069,633

4,975,763
1,453,327
2,316,562

6,587,364
2,790,212
2,426,561

128,817

139,004

234,185

263,267

411,813

566,734

0
1,176,104

0
568,361

0
579,216

704,686

794,061

803,857

992,095
0

1,447,377
0

1,606,489
0

1,762,700

2,053,927

2,432,911

992,095

1,447,377

1,606,489

1,762,700

2,053,927

2,432,911

165,219

189,557

119,627
0
0

115,182

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
119,627

115,182

165,219

189,557

3,689,273
979,003

3,568,512
979,003

3,238,460
979,003

3,912,539
979,003

5,186,183
979,003

6,707,394
979,003

979,003
0
2,710,270

979,003
0
2,589,509

979,003

979,003

979,003

979,003
0
2,259,457
173,853
2,085,604

2,933,536
197,167
2,736,369

4,207,180
223,247
3,983,933

5,728,391
262,308
5,466,083

6,838,601
6,665,534
173,067
4,104,715

7,377,635
7,219,468
158,167
5,279,982

2,733,886
1,135,050

2,097,653
1,655,672

8,450,118
8,029,624
420,494
6,128,987
3,133,634
2,995,353
2,321,131
1,584,518
1,252,810
331,708

10,995,701
10,370,187
625,514
7,308,663
4,136,863
3,171,800
3,687,038
2,051,330
1,601,101
450,229

12,946,968
12,291,359
655,609
8,280,490
5,021,580
3,258,910
4,666,478
2,430,902
1,894,390
536,512

15,216,253
14,531,073
685,180
9,513,425
5,444,243
4,069,182
5,702,828
2,869,895
2,212,421
657,474

1,561,094
3,530

1,676,813
3,216

1,945,782
2,226

917,503

1,772,876

2,509,703

5,351,402
0
1,133,827
0

6,896,951
0
1,501,940
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,135,050

1,655,672

1,769,028
464,586
1,762,205
0

544,822
204,135
489,502
0

1,309,953
2,525
0
875,978
241,173
1,174,804
0
1,074,757

3,689,273
0
(457,763)
0

3,568,512
0
(148,815)
0

3,358,087
0
(539,999)
0

4,027,721
0
715,852
0

0.63
0.05
1.88
1.46
3.19
60.02
0.27
36.41
44.61
44.61
0.74
5.02

0.82
0.04
1.88
1.47
2.39
71.57
0.41
11.24
15.01
15.01
0.70
4.35

0.63
0.03
2.77
1.70
2.03
72.53
0.53
17.55
25.74
25.29
0.54
5.04

0.61
0.03
2.39
1.90
2.19
66.47
0.48
32.38
48.70
47.15
2.46
5.31

3,202

2,704

1,741,257
535,904
489,502

2,374,826
653,597
587,402

3,014,137
826,895
685,302

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

236

0.91
0.02
3.18
1.75
2.42
63.96
0.43
35.99
52.20
50.64
2.93
5.59

1.38
0.01
3.72
1.63
2.71
62.52
0.39
36.02
50.69
49.22
3.19
6.27

25.87
0.00
13.32
37.68

7.38
0.00
3.48
36.45

10.37
0.62
6.48
33.08

15.84
0.49
12.31
39.96

18.34
0.80
17.58
52.97

19.81
0.96
22.34
68.51

Financial Statement Analysis of Non Financial Sector 2012

Agritech Ltd.
Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

21,262,288

36,495,016

39,634,087

39,863,115

4,287,584
20,444,723

8,088,034
32,358,809

11,804,100
31,070,071

41,676
45,153,439

14,361,612
411,320

25,790,552
499,328

24,479,320
639,080

37,156,269
811,383

2,567,311
0

2,567,311

2,592,443

2,598,254

45,781

49,119

758,224

66,916

5,873,762
293,485
2,289,563

4,448,628
86,497
413,608

4,123,307
120,863
418,950

4,182,841
217,435
667,939

780,726

311,346

68,802

12,740

0
2,509,988

3,637,177

3,514,692

3,284,727

4,346,627
2,010,103

12,535,929
4,787,719

11,046,491
3,169,436

9,602,829
3,338,017

2,336,523

7,748,210

7,877,055

6,264,812

15,031,991
2,027,835
31,135

15,132,258
2,643,985
31,135

19,724,849
6,576,509
31,135

21,579,822
7,193,888
31,135

10,137,858

9,640,111

11,226,127

0
2,835,163

14,073
12,443,065

22,998
3,454,096

10,987
3,117,685

7,757,432
3,924,300

13,275,457
3,924,300

12,986,054
3,924,300

12,863,305
5,517,643

3,924,300
0
3,833,132
0
3,833,132

3,924,300

3,924,300

5,517,643

5,087,566
340,000
4,747,566

4,956,083

3,401,414

4,956,083

3,401,414

4,263,591

4,105,671

3,944,248

12,997,800
12,997,800
0
8,184,905
1,049,077
7,135,828
4,812,895
487,537
272,796
214,742

12,854,551
12,854,551

5,149,162
5,149,162

5,697,064
5,697,064

9,696,606
1,930,381
7,766,225
3,157,945
642,393
383,343
259,050

3,705,748
1,431,022
2,274,726
1,443,414
527,447
244,512
282,935

4,219,245
1,850,116
2,369,129
1,477,819
743,479
213,598
529,881

498,280
2,698,073
2,651,045
1,908,122
0
0
0
(560,155)

641,940
2,429,031
2,314,427
267,959
64,273

732,218
1,947,011
1,855,302
(996,893)
51,786

1,030,886
2,794,227
2,655,755
(1,835,661)
60,969

4,959,937

3,484,142

(567,699)

22,789,423
12,165,693
1,908,122
14,175,797

28,407,715
2,643,985
203,686
7,431,704

32,710,903
16,216,620
(1,048,679)
19,386,056

34,443,127
18,420,015
(1,896,630)
21,758,032

0.25
20.76
6.01
0.48
1.35
62.97
2.50
7.03
24.60
8.37

0.03
18.90
2.42
0.31
0.35
75.43
2.08
0.79
2.55
1.05

0.02
37.81
1.34
0.12
0.37
71.97
2.37
-2.35
-7.59
-3.26

0.02
49.05
0.22
0.13
0.44
74.06
2.42
-4.18
-14.20
-5.47

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

237

5.68
1.72
14.68
-0.03
4.86
19.77

31.08
1.12
2.08
0.18
0.52
33.83

12.29
0.46
-19.36
0.11
-2.67
33.09

8.53
0.31
-32.22
-0.02
-3.44
23.31

Financial Statement Analysis of Non Financial Sector 2012

Bawany Air Products Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

183,837

186,609

186,150

219,455

204,422

196,055

262,397

268,185

0
268,055

295,694

293,399

636
294,035

183,837
3,421

186,609
3,029

182,695
4,002

205,419
7,172

198,640
7,992

192,203
7,407

0
0

3,454

14,036

5,782

3,216

13,766
914
922

17,683
1,602
1,098

18,879
658
1,500

30,560
192
3,258

22,008
258
2,781

21,094
857
1,478

7,309

8,116

9,533

12,996

9,082

8,245

0
4,621

0
6,867

0
7,187

14,114

9,887

10,514

91,398
16,175

131,157
63,033

133,412
79,902

81,597
42,018

50,045
28,308

48,959
26,894

75,223

68,124

53,509

39,579

21,737

22,065

69,763

41,598

49,453
13,137
11,500

74,645
44,001

66,738
33,912

50,877
18,204

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

69,763

41,598

0
24,816

30,644

32,826

32,673

36,442
48,718

31,537
68,205

22,164
68,205

93,773
68,205

109,647
75,025

117,313
75,025

48,718
0
(12,276)

68,205
0
(36,668)

68,205

75,025

75,025

4,676

14,312

22,531

68,205
0
(46,041)
0
(46,041)

4,676

14,312

22,531

20,892

20,310

19,757

77,180
77,180
0
71,859

81,217
81,217
0
73,952

209,508
209,508

195,248
195,248

209,970
209,970

5,321
14,946

7,265
15,724

99,445
99,445
0
75,171
13,908
61,264
24,273
16,115
4,485
11,631

161,321
74,559
86,762
48,187
25,568
5,656
19,912

146,532
61,437
85,095
48,716
23,552
5,284
18,268

161,021
65,180
95,841
48,949
27,848
6,943
20,905

22,891
(12,154)
11,336
35,069
1,051
3,410

19,214
3,473
3,092
22,273
2,040

28,093
7,048
6,529
15,287
2,102

19,580

17,326

21,333

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

14,946

15,724

(11,845)
355
0
0

(24,062)
348
0
0

15,611
17,856
17,080
(9,372)
1
0
0
7,811

106,205
0
(12,200)
16,175

73,135
0
(24,410)
63,033

71,617
13,137
(9,373)
93,039

168,418
44,001
30,608
86,019

176,385
33,912
20,233
62,220

168,190
18,204
13,185
45,098

0.09
4.73
9.47
0.39
0.15
93.11
4.42
-6.14
-27.85
-11.85

0.07
19.90
9.99
0.40
0.13
91.05
5.48
-11.97
-70.79
-26.83

0.08
17.96
9.59
0.49
0.14
75.59
8.25
-4.58
-34.91
-12.95

0.16
-5.80
6.20
0.84
0.37
77.00
1.67
15.41
60.50
29.22
9.98
64.31
4.09
16.74
0.13
4.99
13.75

0.19
1.78
4.65
0.86
0.44
75.05
1.07
9.35
21.90
12.92

0.19
3.36
3.93
0.97
0.43
76.69
0.85
6.89
13.47
8.87

3,647

16,166

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

238

83.71

73.97

66.28
0.45
-9.42
0.04
-1.37
3.25

-15.35
0.00
-2.50
7.48

-29.63
0.00
-3.58
4.62

70.21
8.20
11.41
0.15
2.70
14.61

142.06
3.34
7.28
0.21
1.76
15.64

Financial Statement Analysis of Non Financial Sector 2012

Berger Paints Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

625,723

666,797

1,211,420

889,907

911,078

906,228

752,384

698,857

0
1,143,094

798,013

827,382

4,323
828,169

625,723
29,693

614,447
38,718

1,055,344
50,183

724,211
63,951

689,071
67,211

631,496
68,971

52,350

55,263

40,750
4,179

54,263

111,147

165,696

167,744

215,146

1,474,346
143,167
570,944

2,249,445
192,281
873,297

2,047,777
179,159
1,011,893

2,133,934
289,244
966,347

2,264,801
265,672
1,104,021

2,131,090
148,128
987,881

599,782

569,402

585,602

620,934

668,489

712,848

13,849
146,604

13,849
600,616

0
271,123

257,409

226,619

20,080
262,153

1,541,339
783,194

2,349,519
1,316,511

2,467,755
1,514,263

2,321,981
1,253,553

2,279,954
974,979

2,249,285
1,000,696

758,145

1,033,008

953,492

1,068,428

1,304,975

1,248,589

116,666

4,023

50,000
50,000
0

269,996
220,000

170,540
115,000

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

116,666

0
0

4,023

47,352
2,644

47,865
7,675

558,730
69,376

450,057
81,864

741,442
81,864

697,837
181,864

625,929
181,864

617,493
181,864

69,376
0
489,354

81,864
0
368,193

181,864

181,864

181,864

81,864
0
132,928
70,494
62,434

305,630
72,278
233,352

246,068
71,728
174,340

247,909
71,650
176,259

526,650

210,343

197,997

187,720

3,620,512
3,535,963
84,549
2,839,214

3,988,363
3,901,646
86,717
3,345,206

781,298
608,412

643,157
762,136

3,624,268
3,529,810
94,458
2,765,702
2,626,526
139,176
858,566
824,144
606,045
218,099

3,388,646
3,261,554
127,092
2,588,758
2,278,400
310,358
799,888
793,748
613,993
179,755

3,590,813
3,442,249
148,564
2,841,802
2,554,429
287,373
749,011
679,488
531,662
147,826

4,082,478
3,870,818
211,660
3,272,555
2,868,992
403,563
809,923
693,810
543,132
150,678

222,183
252,413
240,269
(122,369)
19,375

221,378
215,836
206,710
(74,375)
36,855

245,859
205,582
198,156
(2,676)
46,385

49,645

31,108

(10,190)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

608,412

762,136

120,463
28,535
17,344
0

(231,379)
20,231
0
0

228,965
254,009
248,138
38,036
5,430
0
0
(18,518)

558,730
0
74,584
783,194

566,723
0
(251,610)
1,316,511

791,442
50,000
32,606
1,564,263

701,860
0
(141,744)
1,253,553

895,925
220,000
(111,230)
1,194,979

788,033
115,000
(49,061)
1,115,696

0.49
2.49
16.57
1.72
0.96
78.42
2.76
6.25
21.77
21.77
5.30
6.34

0.33
3.48
14.28
1.37
0.96
83.87
5.48
-9.23
-45.87
-41.12

0.31
7.01
16.16
1.11
0.83
76.31
3.40
1.23
6.38
5.60

0.39
7.45
18.32
1.12
0.92
76.40
3.33
-3.90
-17.00
-16.39

0.41
6.01
18.62
1.13
0.99
79.14
4.07
-2.40
-11.24
-9.31

0.39
5.04
17.46
1.34
0.95
80.16
3.92
-0.09
-0.43
-0.32

90,248

138,612

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

239

4.57

3.58
1.15
1.05
-0.01
3.98
90.57

3.51
0.49
-3.61
0.02
-7.79
38.37

3.25
0.64
-2.07
0.01
-6.12
34.42

4.13
0.99
-0.07
0.00
-2.70
33.95

3.33
0.00
13.25
80.54

-5.80
0.00
-30.74
54.98

Financial Statement Analysis of Non Financial Sector 2012

Biafo Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

301,552

282,359

276,279

273,643

268,014

259,994

355,482

357,428

0
370,481

406
273,100

1,360
291,958

1,160
300,692

301,552
25,536

282,359
21,138

275,756
19,982

161,252
18,459

264,447
17,429

256,697
16,684

0
0

523

111,985

2,207

2,137

163,105
28,695
44,061

204,947
35,920
59,807

247,064
70,014
70,147

307,967
51,713
106,413

407,922
33,668
113,374

478,975
39,048
97,476

57,451

64,736

61,008

35,713

101,795

118,207

0
32,898

0
44,484

0
45,895

114,128

159,085

224,244

89,722
15,002

90,203
3,532

48,586
2,837

72,116

140,062
42,666

179,504
45,429

74,720

86,671

45,749

72,116

97,396

134,075

6,251

2,810

36,422

34,449

37,429

36,002
0
0

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

6,251

2,810

795
35,207

36,422

34,449

37,429

368,684
200,000

394,293
200,000

438,755
200,000

473,072
200,000

501,425
200,000

522,036
200,000

200,000
0
168,684

200,000
0
194,293

200,000

200,000

200,000

206,054

237,515

260,919

200,000
0
180,261
0
180,261

206,054

237,515

260,919

58,494

67,018

63,910

61,117

529,969
529,969
0
389,043

560,821
560,821
0
420,544

140,926
33,028

140,277
31,250

581,982
370,708
211,274
396,009
320,133
75,876
185,973
40,533
5,773
34,760

588,495
392,634
195,861
396,688
313,541
83,147
191,807
47,910
7,412
40,498

870,365
587,470
282,895
581,674
440,531
141,143
288,691
59,149
8,097
51,052

951,071
772,706
178,365
653,623
546,513
107,110
297,448
70,036
8,979
61,057

45,794
2,276
742
148,535
37,337
90,000

43,894
3,247
1,771
236,600
61,424
155,000

53,589
5,448
4,130
236,891
67,603
160,000

137,392

129,262

202,411

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

33,028

31,250

104,994
0
50,000
0

105,844
5,688
20,000
0

38,927
3,735
2,504
148,776
36,253
80,000
0
120,058

374,935
0
54,994
15,002

397,103
0
80,156
3,532

474,757
0
32,523
2,837

509,494
0
21,198
0

535,874
0
20,176
42,666

559,465
0
9,288
45,429

0.96
0.73
10.84
1.14
1.82
73.41
0.26
24.74
31.62
30.46
2.10
12.03

1.12
1.50
11.54
1.15
2.27
74.99
0.24
22.24
27.75
27.42
5.01
9.38

2.70
0.64
10.48
1.11
5.09
68.04
0.19
29.44
35.72
34.13
1.41
8.30
60.42
25.56
1.42
5.63
21.94

1.21
0.39
6.07
1.01
4.27
67.41
0.23
26.89
32.58
30.18
1.24
5.53
201.18
25.24
1.27
5.56
23.65

0.97
0.37
11.70
1.29
2.91
66.83
0.35
37.63
48.56
45.27
1.13
7.68
134.60
27.18
0.74
8.76
25.07

0.88
0.57
12.43
1.29
2.67
68.72
0.42
33.49
46.29
43.25
1.06
9.76
58.36
24.91
0.93
8.46
26.10

3,884

8,418

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

240

19.81
0.00
5.25
18.43

18.87
0.00
5.01
19.71

Financial Statement Analysis of Non Financial Sector 2012

Buxly Paints Ltd.

2008

2009

2010

19,077

16,496

2,944

2,826

2,707

27,304

27,470

0
5,533

4,606

4,265

1,791

19,077
2,705

16,496
2,221

2,644
2,158

2,080
230

1,879
93

491
96

0
0

1,449

300

746

828

980

116,146
20,247
27,201

95,847
14,737
19,246

83,918
4,572
15,973

83,825
5,537
14,254

75,397
3,970
18,988

90,917
10,847
26,118

59,030

46,806

49,392

40,545

29,859

35,089

0
9,668

0
15,058

0
13,981

23,489

22,580

18,863

110,292
9,225

82,238
30,152

72,317
32,963

75,307
43,780

73,462
2,822

87,542
1,836

101,067

52,086

39,354

31,527

70,640

85,706

767

429

192
192
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

2,920

767

429

0
0

24,164
14,400

29,676
14,400

14,353
14,400

11,344
14,400

4,642
14,400

6,295
14,400

14,400
0
9,764

14,400
0
15,276

14,400

14,400

14,400

(3,056)

(9,758)

(8,105)

14,400
0
(47)
0
(47)

137,661
137,661
0
104,462

164,089
164,089
0
138,238

33,199
29,181

25,851
22,581

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(3,056)

(9,758)

(8,105)

96,786
96,786
0
67,712
62,009
5,703
29,074
34,742
10,417
24,325

96,036
96,036

81,038
81,038

114,662
114,662

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

29,181

22,581

79,591
75,716
3,875
16,445
32,164
11,171
20,993

68,255
63,912
4,343
12,783
17,819
9,466
8,353

95,981
91,953
4,028
18,681
16,281
10,807
5,474

9,550
6,045
5,641
(2,099)
910

9,232
1,946
1,767
(5,892)
810

9,350
556
394
2,800
1,147

4,098
576
0
0

6,679
0
1,440
0

13,103
7,152
6,612
(6,856)
0
0
0
(12,234)

24,931
0
3,522
9,225

30,105
0
5,239
30,152

14,545
192
(6,856)
33,155

11,344
0
(3,009)
43,780

4,642
0
(6,702)
2,822

6,295
0
1,653
1,836

0.72
1.87
42.88
1.02
1.05
75.88
4.60
2.75
14.58
14.21

0.75
1.73
28.52
1.46
1.17
84.25
2.79
5.40
24.81
24.27
4.64
8.53

0.75
7.39
51.03
1.11
1.16
69.96
5.05
-6.88
-31.14
-30.71

0.61
6.29
42.22
1.11
1.11
82.88
6.64
-2.42
-16.34
-16.22

0.46
2.40
36.85
1.04
1.03
84.23
15.83
-7.15
-73.71
-73.71

0.52
0.48
30.60
1.22
1.04
83.71
13.91
3.26
51.20
51.20

2,571

2,834

(10,309)

44,714

1,973

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.06

241

2.98
0.00
2.45
16.78

4.07
0.00
4.64
20.61

6.06
-0.04
-7.08
-0.17
-4.76
9.97

6.74
0.63
-2.19
-0.14
-2.09
7.88

4.27
-2.33
-7.27
0.61
-4.65
3.22

4.39
8.11
2.44
0.02
1.15
4.37

Financial Statement Analysis of Non Financial Sector 2012

Clariant Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

851,456

989,326

997,116

1,026,471

1,192,979

1,210,643

1,905,560

2,139,689

45,890
2,144,852

117,730
2,180,595

225,553
2,356,328

119,605
2,279,009

851,456
81,876

989,326
103,583

920,298
134,773

883,612
141,938

937,607
155,520

1,052,875
125,141

0
0

30,928

25,129

29,819

38,163

3,404,783
209,729
1,307,084

3,737,164
259,117
1,509,283

3,976,465
379,796
1,359,496

4,335,575
402,830
1,606,557

4,219,914
486,828
1,374,589

5,831,424
507,012
1,108,322

1,457,059

1,604,921

1,778,557

1,451,338

1,393,752

2,030,479

0
430,911

0
363,843

0
458,616

874,850

964,745

2,185,611

2,241,608
1,095,025

2,369,165
1,560,823

2,397,151
1,143,458

2,291,177
490,104

1,991,571
515,982

3,283,117
1,338,649

1,146,583

808,342

1,253,693

1,801,073

1,475,589

1,944,468

500,000

433,333

412,462
333,333

353,135
266,666

128,608

339,544
266,666
0

Items

500,000

433,333

0
72,878

79,129

86,469

128,608

1,514,631
218,355

1,923,992
272,943

2,236,886
272,943

2,658,407
272,943

3,068,187
341,179

3,630,342
341,179

218,355
0
1,296,276

272,943
0
1,651,049

272,943

341,179

341,179

2,385,464

2,727,008

3,289,163

272,943
0
1,963,943
0
1,963,943

2,385,464

2,727,008

3,289,163

6,335,091
6,259,192
75,899
5,000,073

7,723,125
7,423,629
299,496
5,921,260

1,335,018
505,356

1,801,865
612,172

7,697,030
7,292,932
404,098
5,895,796
4,361,262
1,534,534
1,801,234
713,562
461,455
252,107

8,383,872
7,835,600
548,272
6,475,658
4,965,679
1,509,979
1,908,214
778,343
525,294
253,049

5,787,363
5,217,555
569,808
4,388,698
3,384,077
1,004,621
1,398,665
597,534
434,665
162,869

7,126,413
6,058,519
1,067,894
5,107,884
4,087,154
1,020,730
2,018,529
736,191
523,194
212,997

600,315
196,987
180,399
983,529
244,578
368,473
68,236
791,485

419,839
156,537
109,191
662,065
208,015
614,122

522,804
182,997
110,464
1,113,230
241,078
682,358

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

505,356

612,172

664,736
195,577
218,355
54,589

739,776
197,778
272,943
0

600,660
302,944
229,412
831,031
256,010
341,179
0
1,087,306

2,014,631
0
250,804
1,095,025

2,357,325
0
269,055
1,560,823

2,576,430
266,666
233,842
1,410,124

3,070,869
333,333
370,478
823,437

3,421,322
266,666
(160,072)
782,648

3,758,950
0
189,794
1,338,649

0.74
3.18
23.00
1.49
1.52
78.93
1.81
16.93
46.86
32.93
2.15
4.85

0.79
6.40
20.78
1.63
1.58
76.67
1.46
16.47
43.03
33.84
1.99
5.12

0.90
3.94
23.11
1.55
1.66
76.60
1.22
17.13
39.94
33.69
1.69
5.66
4.62
10.80
0.40
21.07
81.95

0.81
2.35
17.31
1.56
1.89
77.24
1.02
19.03
40.18
34.83
2.01
5.22
6.45
11.73
0.29
27.07
97.40

0.94
2.70
24.08
1.07
2.12
75.83
0.76
12.29
23.12
20.40
0.74
4.21
7.06
11.44
0.46
13.31
89.93

0.77
2.57
28.49
1.01
1.78
71.68
0.94
17.88
33.24
31.01
1.28
6.43
11.08
15.62
0.09
25.56
106.41

201,534

494,340

1,075,076

290,137

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

242

10.49
0.00
21.49
69.37

9.58
0.00
19.86
70.49

Financial Statement Analysis of Non Financial Sector 2012

Colgate-Palmolive (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

882,237

977,955

1,235,265

1,928,870

2,722,268

2,889,630

1,343,998

1,523,687

143,778
1,668,694

555,047
2,080,805

592,640
3,016,502

151,642
3,945,952

864,837
87,145

966,355
104,666

1,024,478
132,713

1,318,071
127,345

2,088,144
178,645

2,711,483
325,009

17,400

11,600

18,775

6,341

42,074
0

32,155

24,935

23,597

22,709

20,164

1,768,288
420,696
777,851

2,160,369
592,937
1,006,364

2,705,155
1,024,666
1,128,432

2,877,700
1,088,021
1,322,237

3,687,865
618,843
2,370,938

5,006,017
837,882
2,852,671

144,263

177,983

339,490

316,779

321,073

492,437

0
425,478

180,201
202,884

0
212,567

150,663

377,011

255,329
567,698

937,790
191,481

993,655
47,445

1,072,926
2,500

1,011,144

1,668,040

1,867,801

746,309

946,210

1,070,426

1,011,144

1,668,040

1,867,801

5,625

3,125

368,418

473,620

167,283
625
0

218,280

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

5,625

3,125

0
166,658

218,280

368,418

473,620

1,707,110
152,879

2,141,544
191,098

2,700,211
238,873

3,577,146
274,704

4,373,675
315,909

5,554,226
363,295

152,879
0
1,554,231

191,098
0
1,950,446

274,704

315,909

363,295

238,873
0
2,461,338
13,456
2,447,882

3,302,442
13,456
3,288,986

4,057,766
13,456
4,044,310

5,187,742
13,456
5,174,286

3,189

7,445,820
7,445,820
0
5,566,142

8,976,538
8,976,538
0
6,879,738

11,529,310
11,529,310

14,150,420
14,150,420

18,708,711
18,708,711

1,879,678
1,029,683

2,096,800
1,129,825

11,264,677
11,264,677
0
8,482,756
6,637,554
1,845,202
2,781,921
1,640,246
1,425,714
214,532

7,699,401
5,589,125
2,110,276
3,829,909
2,144,325
1,846,098
298,227

9,989,856
7,621,499
2,368,357
4,160,564
2,437,023
2,115,193
321,830

13,298,699
10,172,130
3,126,569
5,410,012
3,214,122
2,825,054
389,068

547,525
11,036
1,590
1,764,192
560,800
370,850
41,206
1,106,491

637,883
11,933
629
1,784,181
472,892
442,273
47,386
830,734

791,423
17,587
3,696
2,240,495
577,052
508,613
72,659
1,383,192
6,027,846
0
1,154,830
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,029,683

1,129,825

896,605
283,000
244,606
38,220

1,021,009
300,600
191,098
47,775

489,562
48,867
41,794
1,146,105
388,313
274,704
35,831
819,289

1,712,735
0
368,999
191,481

2,144,669
0
529,311
47,445

2,867,494
625
483,088
3,125

3,795,426
0
832,542
0

4,742,093
0
869,016
0

0.60
0.20
1.94
2.81
1.89
74.76
0.55
37.66
59.65
59.36
2.51
9.57

0.96
0.22
1.98
2.86
2.17
76.64
0.47
35.28
53.06
52.94
3.77
8.92

1.27
0.43
3.01
2.86
2.52
75.30
0.46
32.38
47.34
45.73
2.76
9.98
28.42
10.17
0.66
31.72
113.04

1.39
0.10
2.75
2.40
2.85
66.78
0.34
40.34
56.21
52.96
3.24
8.72
1,110.55
15.30
0.90
43.81
130.22

0.56
0.08
2.27
2.21
2.21
70.60
0.47
31.81
44.88
41.80
2.96
5.97
2,837.54
12.61
0.41
41.51
138.45

14,801

19,875

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

243

12.04
0.00
40.14
111.66

11.37
0.00
37.70
112.07

0.85
0.09
2.63
2.37
2.68
71.08
0.42
31.32
45.14
41.61
3.27
6.56
607.19
11.98
0.59
45.79
152.88

Financial Statement Analysis of Non Financial Sector 2012

Data Agro Ltd.

2008

2009

2010

71,191

64,281

58,064

52,952

49,988

165,923

71,329

0
166,154

166,813

169,538

203,209

71,191
7,876

64,281
7,048

58,064
6,310

52,952
5,771

49,988
5,689

78,172
5,487

0
0

32,074
2,752
15,954

39,358
2,031
9,667

46,731
6,885
12,182

54,616
4,393
20,630

59,534
3,041
24,256

58,751
2,892
19,116

6,654

14,579

17,356

16,440

16,530

22,120

0
6,714

0
13,081

0
10,307

13,153

15,707

14,623

12,791
279

52,038
0

4,044
0

5,172

6,922

8,575

12,512

52,038

4,044

5,172

6,922

8,575

40,696

51,723

59,657

50,357
0
40,379

51,607

40,379

40,379

40,379

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

(Thousand Rupees)
2011
2012

2007

Items

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

78,172

40,696

1,874
8,104

11,228

11,344

19,278

49,778
40,000

51,601
40,000

50,394
40,000

50,789
40,000

50,877
40,000

68,691
40,000

40,000
0
9,778

40,000
0
11,601

40,000

40,000

40,000

(11,799)

(9,541)

(15,094)

40,000
0
(14,605)
0
(14,605)

(11,799)

(9,541)

(15,094)

24,999

22,588

20,418

43,785

29,221
29,221
0
22,466

58,896
58,896
0
51,594

58,815
58,815

70,896
70,896

74,822
74,822

6,755
6,167

7,302
7,143

51,466
51,466
0
43,702
25,475
18,227
7,764
7,717
3,063
4,654

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,167

7,143

47,327
14,625
32,702
11,488
9,988
3,986
6,002

59,706
22,025
37,681
11,190
12,011
4,813
7,198

68,076
24,359
43,717
6,746
12,499
3,766
8,733

10,344
624

13,003
541

688
145
0
0

471
289
0
0

7,710
322
0
119
0
0
0
5,264

90,474
0
543
279

51,601
0
182
0

100,751
0
119
0

102,396
0
899
0

102,600
0
(1,533)
0

128,348
0
(7,042)
0

5.99
0.63
33.72
0.49
11.56
84.91
1.08
0.11
0.23
0.16

4.03
0.67
27.95
0.55
10.56
80.47
1.12
1.12
2.36
1.17

2.83
0.88
23.32
0.65
8.60
84.22
1.15
-0.76
-1.62
-0.80

2.92
0.72
29.56
0.55
6.85
90.98
0.99
-5.11
-10.53
-5.45

162

172

392

1,193
294

(824)
709

(6,294)
748

(1,833)

114

930

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.74
0.55
22.77
0.28
2.51
76.88
1.07
0.67
1.39
0.98

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

244

0.32
0.29
24.75
0.57
0.76
87.60
1.01
0.46
0.93
0.66

1.83

6.09

4.22

2.85

2.92

3.91

2.35
0.00
0.14
12.44

0.80
0.00
0.05
12.90

0.23
0.10
0.03
12.60

2.03
-0.03
0.22
12.70

-1.16
0.00
-0.38
12.72

-8.41
0.01
-1.76
17.17

Financial Statement Analysis of Non Financial Sector 2012

Dawood Hercules Chemicals Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,374,029

1,396,334

23,620,706

24,664,680

26,827,741

32,908,773

3,462,669

2,156,195

734,409
3,709,887

366,514
4,420,230

30,890
4,823,924

150,195
4,844,778

1,374,029
121,310

1,396,334
140,572

1,340,588
149,784

1,871,708
207,508

2,093,015
193,847

1,943,368
210,148

0
21,543,286

22,424,778

24,701,636

30,813,827

27,848,674
1,097,824
867,511

24,233,806
933,938
89,568

Items

2,423

1,680

2,200

1,383

5,986,702
278,145
83,285

5,690,322
1,250,263
216,117

4,702,038
730,748
151,267

1,200,003
35,532
52,100

4,742

8,821

10,028

2,131

2,686

329

24,492,479
1,386,118

21,439,053
1,762,426

3,399,314
2,215,930

2,439,931
1,781,880

2,951,088
866,249

2,615
1,109,427

3,833,371
2,281,428

8,247,484
70,139

2,983,100
1,196,603

2,319,925
45,725

679,547

582,447
248,202

1,551,943

8,177,345

1,786,497

2,274,200

679,547

334,245

6,500,000

6,741,595
6,302,500
0

5,675,498
5,042,000

5,722,176
4,800,000

7,798,201
6,832,147

6,500,000

44,595
394,500

51,590
581,908

53,059
869,117

57,440
908,614

18,889,332
828,662

17,382,656
1,093,834

19,882,713
1,093,834

22,359,579
1,203,217

25,128,056
4,812,871

25,728,128
4,812,871

828,662
0
18,060,670

1,093,834
0
16,288,822

1,203,217

4,812,871

4,812,871

20,913,988

21,156,362
135,765
21,332,823

20,315,185

1,093,834
0
18,788,879
3,985
18,784,894

20,315,185

20,913,988

1,269

5,543,477
5,543,477
0
3,681,026

7,665,206
7,665,206
0
4,548,966

8,715,711
8,715,711

6,309,624
6,309,624

4,602,419
4,602,419

1,862,451
365,251

3,116,240
573,781

11,040,361
11,040,361
0
7,080,457
1,721,209
5,359,248
3,959,904
4,670,906
392,030
4,278,876

5,214,376
1,581,249
3,633,127
3,501,335
817,980
267,724
550,256

4,043,873
679,015
3,364,858
2,265,751
1,154,412
67,291
1,087,121

3,817,539
596,039
3,221,500
784,880
528,802
76,209
452,593

880,894
909,596
909,596
4,191,192
686,000
601,609
3,609,651
1,463,390

807,862
810,829
810,812
3,631,667
466,000
481,287

806,763
914,556
914,433
1,104,607
93,500
481,287

701,270

(893,254)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

365,251

573,781

11,126,066
529,000
248,599
0

2,050,288
693,000
273,458
109,383

888,469
984,747
984,486
(213,477)
858,000
437,534
109,383
1,260,397

25,389,332
0
10,348,467
2,281,428

17,382,656
0
1,083,830
70,139

26,624,308
6,302,500
(1,509,011)
7,499,103

28,035,077
5,042,000
2,903,584
5,087,725

30,850,232
4,800,000
2,684,380
4,800,000

33,526,329
6,832,147
529,820
7,080,349

6.68
13.63
0.09
0.19
7.26
66.40
0.55
49.03
79.01
64.20
42.63
6.39

2.71
11.76
0.12
0.30
2.94
59.35
0.47
7.48
11.31
9.59
4.96
85.58

1.24
8.92
0.09
0.37
2.01
64.13
0.49
-0.77
-1.15
-0.97
-2.45
132.56
0.78
-1.93
0.13
-9.80
181.77

1.59
10.44
0.02
0.29
2.45
59.83
0.36
13.98
19.84
15.34
5.83
40.33
5.61
48.09
0.18
29.13
185.83

5.42
12.85
0.04
0.20
6.92
64.09
0.25
11.74
15.30
12.33
6.58
41.71
5.48
57.56
0.11
6.58
52.21

0.07
19.87
0.01
0.13
2.06
82.95
0.33
3.37
4.34
3.43
2.10
88.34
2.21
24.00
-0.11
2.10
53.46

755,841

901,451

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

245

200.71
0.00
127.88
227.95

26.75
0.00
12.41
158.91

Financial Statement Analysis of Non Financial Sector 2012

Descon Chemicals Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

126,933

122,497

851,002

726,932

702,040

651,583

261,634

263,708

61,831
828,563

2,034
934,943

163
935,545

1,332
932,173

126,933
7,418

122,497
7,011

646,433
42,922

623,197
41,978

580,980
49,441

547,125
37,181

0
88,660

41,587
58,205

36,966
83,173

32,345
70,034

54,078

1,909

758

747

268,800
3,052
106,149

404,072
1,488
155,275

1,025,911
28,044
386,825

1,272,239
41,210
532,048

1,068,960
47,128
416,375

928,405
25,213
337,753

141,070

203,690

478,767

486,175

439,262

417,265

0
18,529

0
43,619

0
132,275

212,806

166,195

148,174

252,970
156,722

283,825
156,240

1,071,483
845,252

1,336,317
949,647

1,195,380
803,513

818,759
474,351

96,248

127,585

226,231

386,670

391,867

344,408

70,305

62,495

157,942

144,225
128,185
0

337,059
287,000

89,906
33,500

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

70,305

62,495

16,040
0

16,768
141,174

21,093
35,313

50,059

72,458
315,670

180,249
315,670

661,205
315,670

504,912
997,789

485,714
997,789

424,170
997,789

315,670
0
(243,212)

315,670
0
(135,421)

997,789

997,789

997,789

(531,642)

(550,718)

(612,146)

315,670
0
306,640
0
306,640

(531,642)

(550,718)

(612,146)

38,894

38,765

38,643

38,527

752,041
752,041
0
699,503

1,221,430
1,221,430
0
1,086,614

52,538
13,881

134,816
30,037

2,769,953
2,736,971
32,982
2,551,882
2,344,347
207,535
218,071
195,905
80,928
114,977

2,383,950
2,377,398
6,552
2,072,600
1,890,013
182,587
311,350
190,416
73,689
116,727

2,601,734
2,598,910
2,824
2,287,690
2,071,399
216,291
314,044
198,559
83,020
115,539

2,560,856
2,551,508
9,348
2,341,701
2,188,917
152,784
219,155
107,540
58,892
48,648

128,631
159,606
157,075
(53,183)
11,886

110,703
159,160
156,482
1,222
25,989

74,499
125,670
123,627
(4,264)
42,944

(160,914)

188,337

97,750

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,881

30,037

11,254
3,291
0
0

91,784
5,319
157,835
0

141,365
186,705
182,994
(164,924)
95,708
0
0
135,819

142,763
0
7,963
156,722

242,744
0
(71,370)
156,240

805,430
128,185
(260,632)
973,437

662,854
0
(65,069)
949,647

575,620
33,500
(24,767)
837,013

761,229
287,000
(47,208)
761,351

0.57
3.64
18.76
1.90
1.06
93.01
4.46
3.47
23.41
9.20

0.72
2.27
16.68
2.32
1.42
88.96
1.92
19.90
72.64
47.62
0.55
7.87

0.47
6.74
17.28
1.48
0.96
92.13
1.84
-13.72
-39.20
-31.47

0.39
6.70
20.39
1.19
0.95
86.94
2.96
-2.74
-9.12
-7.24

0.41
6.12
16.88
1.47
0.89
87.93
2.65
0.06
0.25
0.20

0.54
4.91
16.29
1.62
1.13
91.44
2.72
-0.25
-0.94
-0.64

27,403

27,751

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.08

246

1.50
0.00
0.25
2.30

7.51
0.00
1.37
2.86

7.16
0.10
-5.95
0.11
-8.26
20.95

4.48
0.66
-2.23
-0.11
-0.33
2.53

6.25
1.01
0.05
0.15
-0.12
2.43

7.58
0.97
-0.17
0.08
-0.24
2.13

Financial Statement Analysis of Non Financial Sector 2012

Descon Oxychem Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,501,195

2,736,546

2,717,779

2,646,319

2,529,714

43,403
2,649,294

1,429,935

51,186
2,615,780

2,694,830

1,243
2,701,251

1,428,819
966

2,561,241
53,433

2,444,077
158,063

2,330,710
159,640

2,176,729
160,402

72,376

29,759

0
0
0
0

83,329
0

65,473

47,616

40,789

164,826

267,993

321,983

217,701
165,114
0

333,259
3,289
56,069

399,869
60,168
50,995

619,271
37,667
128,052

552,875
11,437
68,001

1,228

26,776

93,475

50,494

0
52,587

0
272,673

261,930

110,347
249,730

121,126
301,817

82,468
0

755,832
259,320

732,269
286,473

473,652
114,188

594,109
160,760

82,468

496,512

445,796

359,464

433,349

955,686

1,469,818
1,469,818
0

1,830,197
1,280,221
408,785

2,055,108
1,476,764
408,785

1,876,422
1,271,663
408,785

955,686

0
0

141,191

169,559

195,974

680,742
695,000

844,155
1,020,000

555,182
1,020,000

736,830
1,020,000

612,058
1,020,000

695,000
0
(14,258)

1,020,000
0
(175,845)
0
(175,845)

1,020,000

1,020,000

1,020,000

(464,818)
437
(465,255)

(283,170)
2,115
(285,285)

(407,942)
3,279
(411,221)

191,335
168,506
22,828
228,165
110,105
118,059
(36,830)
44,670
10,474
34,196

709,672
668,455
41,217
683,402
254,050
429,352
26,270
81,347
42,583
38,764

1,432,576
1,027,749
404,827
892,139
399,605
492,534
540,437
114,806
68,571
46,235

1,192,439
832,021
360,418
951,797
454,960
496,837
240,642
97,505
56,679
40,826

69,682
288,065
283,559
(336,103)
10,681

65,443
351,895
341,543
84,532
14,604

67,626
337,853
333,540
(167,537)
12,389

29,294
96,220
94,935
(177,719)
228
0
0
134,889

(150,548)

153,410

47,770

1,636,428
0
(10,235)
0

2,313,973
1,469,818
(177,947)
1,729,138

2,385,379
1,280,221
(346,784)
1,566,694

2,791,938
1,476,764
69,928
1,590,952

2.00

0.01
50.29
0.64
0.06
0.44
119.25
2.64
-7.42
-23.31
-9.00

0.12
40.59
3.77
0.23
0.55
96.30
4.62
-10.86
-48.04
-14.30

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

0
10,216

10,216

19

(10,235)
0
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

2,488,480
1,271,663
(179,926)
1,432,423

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

247

0.00
2.64

1.53
-0.60
-1.50
-0.63

0.00
-0.15
9.79

0.51
24.56
6.52
0.44
1.31
62.28
3.43
2.65
13.09
3.27

0.31
28.33
4.23
0.39
0.93
79.82
4.04
-5.28
-24.84
-6.35

3.41
-0.87
-92.88
0.06
-1.74
8.28

13.92
-0.19
-47.36
-0.06
-3.40
5.44

11.19
1.25
5.90
0.06
0.69
7.22

17.54
0.50
-14.05
0.02
-1.76
6.00

Financial Statement Analysis of Non Financial Sector 2012

Dewan Salman Fibre Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

12,050,679

11,004,254

10,344,488

9,923,815

9,231,436

8,418,451

22,669,002

23,007,124

142,813
22,938,931

142,813
23,671,795

142,813
23,671,850

142,813
23,671,850

12,050,679
1,237,493

11,004,254
1,130,462

9,815,711
1,048,272

9,608,745
939,830

8,704,465
904,335

7,891,528
812,937

391,743

31,084

240,037

235,778

11,495,120
155,342
6,634,546

10,468,512
87,352
4,683,593

5,874,677
16,575
1,457,460

5,396,277
11,431
811,589

4,753,747
10,482
488,010

4,059,227
14,255
176,743

2,407,652

2,675,370

2,835,872

2,878,916

2,827,167

2,555,987

277,218
2,020,362

148,025
2,874,172

0
1,564,770

1,694,341

1,428,088

1,312,242

13,503,072
5,119,099

15,609,628
7,464,653

17,012,260
9,057,176

17,703,739
9,887,876

17,945,375
10,091,729

17,992,855
10,199,279

8,383,973

8,144,975

7,955,084

7,815,863

7,853,646

7,793,576

2,246,068

2,967,192

2,542,779
1,243,780
0

1,950,657
531,930

1,666,536
328,564

1,625,573
357,879

Items

(5,779)
0

141,173

144,121

148,332

2,246,068

2,967,192

123,738
1,175,261

1,418,727

1,337,972

1,267,694

7,796,659
3,663,211

2,895,946
3,663,211

(3,335,874)
3,663,211

(4,334,304)
3,663,211

(5,626,728)
3,663,211

(7,140,750)
3,663,211

3,663,211
0
4,133,448

3,663,211
0
(767,265)

3,663,211

3,663,211

3,663,211

(10,882,178)

(11,940,867)

(13,244,527)

3,663,211
0
(9,572,222)
0
(9,572,222)

(10,882,178)

(11,940,867)

(13,244,527)

2,573,137

2,884,663

2,650,928

2,440,566

15,021,483
13,940,169
1,081,314
14,749,416

10,762,126
9,991,069
771,057
13,253,410

137,498
137,498

136,534
136,534

183,757
183,757

272,067
325,474

(2,491,284)
535,722

4,169,615
4,094,451
75,164
8,206,331
4,418,818
3,787,513
(4,036,716)
286,099
65,963
220,136

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

325,474

535,722

1,409,779
308,497
1,101,282
(1,272,281)
92,809
15,283
77,526

1,142,881
308,497
834,384
(1,006,347)
98,218
14,253
83,965

1,084,739
308,497
776,242
(900,982)
83,172
12,684
70,488

132,659
282,203
37,042
(1,647,293)
687

129,850
295,876

127,951
648,226

(1,397,878)
0

(1,631,505)
0

(19,957)

(92,922)

70,932

(1,153,822)
75,253
0
0

(4,988,793)
53,821
0
0

721,007
2,050,224
1,446,431
(6,363,619)
752
0
0
214,484

10,042,727
0
(1,229,075)
5,119,099

5,863,138
0
(5,042,614)
7,464,653

(793,095)
1,243,780
(6,364,371)
10,300,956

(2,383,647)
531,930
(1,647,980)
10,419,806

(3,960,192)
328,564
(1,397,878)
10,420,293

(5,515,177)
357,879
(1,631,505)
10,557,158

0.21
7.52
16.03
0.64
0.85
98.19
2.02
-4.78
-14.07
-10.81

0.19
18.25
24.86
0.50
0.67
123.15
6.41
-22.16
-93.31
-62.73

0.17
49.17
68.01
0.26
0.35
196.81
-5.86
-33.77
2,893.03
-251.03

0.16
205.24
2,093.79
0.01
0.30
1,025.31
-4.53
-10.45
42.95
103.71

0.16
216.70
2,070.67
0.01
0.26
837.07
-3.49
-9.54
28.07
44.07

0.14
352.76
1,390.96
0.01
0.23
590.31
-2.75
-12.33
25.56
34.44

1,130,350

1,964,107

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

248

2.26

2.30

2.86
-3.40
-152.62
0.01
-17.37
-9.11

0.17
-43.47
-1,198.05
0.00
-4.50
-11.83

0.28

1.04

-7.68
0.00
-3.36
21.28

-46.36
0.00
-13.77
7.91

-1,023.83
0.00
-3.82
-15.36

-887.86
0.00
-4.45
-19.49

Financial Statement Analysis of Non Financial Sector 2012

Dynea Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

145,891

132,307

124,577

169,480

165,683

405,541

61,460
418,095

400,063

0
417,112

499,394

533,596

145,891
31,367

132,307
25,675

123,265
23,557

104,943
21,182

163,918
23,756

170,053
29,628

0
0

1,312

3,077

1,765

1,792

398,000
9,374
163,819

519,984
17,693
233,112

374,706
24,901
154,890

481,596
67,683
202,093

688,622
63,701
339,106

758,850
62,576
400,047

206,882

207,221

162,547

177,308

207,661

231,319

0
17,925

0
61,958

0
32,368

34,512

78,154

64,908

245,963
156,008

311,062
162,487

102,462
14,062

220,822
66,323

328,358
95,706

321,790
74,641

89,955

148,575

88,399

154,499

232,652

247,149

1,405

4,862

1,210

4,179
2,756
0

59,499
50,375

58,422
45,675

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

171,845

1,405

4,862

0
1,422

1,210

9,124

12,747

296,523
94,362

336,367
94,362

392,642
94,362

429,044
94,362

466,448
94,362

550,483
94,362

94,362
0
202,161

94,362
0
242,005

94,362

94,362

94,362

334,682

372,086

456,121

94,362
0
298,280
0
298,280

334,682

372,086

456,121

1,379,132
1,379,132
0
1,246,969

1,507,129
1,507,129
0
1,319,138

1,355,658
1,355,658

1,727,550
1,727,550

2,151,496
2,151,496

132,163
90,544

187,991
112,511

1,296,974
1,296,974
0
1,083,867
988,864
95,003
213,107
117,074
74,225
42,849

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

90,544

112,511

1,146,390
1,048,631
97,759
209,268
124,083
88,698
35,385

1,478,542
1,189,124
289,418
249,008
152,419
113,628
38,791

1,796,712
1,472,434
324,278
354,784
177,721
126,412
51,309

114,430
8,126
6,609
77,392
29,754
14,154

138,557
19,831
17,112
77,699
18,139
18,872

148,339
22,380
20,235
161,872
52,961
28,309

66,660

(56,275)

72,145

27,119
0
0
0

64,632
27,049
0
0

118,982
20,329
18,595
77,196
27,799
14,154
0
156,505

297,928
0
27,119
156,008

341,229
0
37,583
162,487

396,820
2,756
35,242
16,818

430,254
0
33,484
66,323

525,947
50,375
40,688
146,081

608,905
45,675
80,602
120,316

0.88
1.13
15.00
2.54
1.62
90.42
0.83
4.77
9.20
9.15

0.72
0.73
13.75
2.31
1.67
87.53
0.94
10.81
20.42
20.22

1.83
1.57
12.53
2.60
3.66
83.57
0.27
13.41
21.18
20.92
3.49
8.37
5.15
5.95
1.47
5.23
41.61

1.11
0.60
13.08
2.08
2.18
84.56
0.52
13.46
18.84
18.71
3.37
6.71
12.71
5.71
0.30
2.52
22.73

0.83
1.15
12.02
2.02
2.10
85.59
0.83
10.32
17.35
16.25
3.16
5.09
5.54
4.50
-0.15
3.16
24.72

0.91
1.04
10.75
2.31
2.36
83.51
0.69
18.14
31.84
28.53
3.85
5.38
9.00
7.52
0.19
5.77
29.17

15,648

11,075

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

249

8.42

6.47

1.97
0.00
2.87
31.42

4.29
0.00
1.99
17.82

Financial Statement Analysis of Non Financial Sector 2012

Engro Corporation Ltd.

2007

2008

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

13,945,550

19,924,558

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2009

2010

33,675,770

82,960,567

131,082,013

139,268,014

136,972,061

39,952,133

63,233,217
13,400,008

70,605,573
71,305,485

5,046,647
148,518,600

3,272,833
155,665,136

13,811,683
626,661

33,552,912
641,541

6,156,969
686,456

58,106,575
2,977,594

129,611,671
5,959,530

128,654,876
8,267,370

133,867

122,858

122,704
12,988,657

877,323
514,505

737,803
1,716,692

771,080
1,267,973

459,020

978,037

2,155,201

3,005,299

24,211,101
1,617,524
2,690,153

23,488,969
1,687,038
4,680,896

10,748,871
3,955,342
422,607

33,696,439
4,120,031
8,843,677

44,796,072
4,417,885
11,603,851

52,614,641
4,663,275
16,591,475

Items

1,408,885

261,508

2,514,425

5,131,408

6,214,643

10,637,999

13,918,430
4,576,109

11,159,668
5,699,859

450,857
3,405,640

4,426,188
11,175,135

8,332,154
14,227,539

5,998,027
14,723,865

7,252,214
1,300,000

7,436,369
1,943,035

6,395,469
1,005,853

37,751,045
5,715,775

52,929,444
4,284,404

67,063,094
5,828,090

5,952,214

5,493,334

5,389,616

32,035,270

48,645,040

61,235,004

15,422,520

28,674,764

60,425,731
58,565,354
0

92,912,392
89,151,849

89,244,853
82,560,415

79,276,322
73,257,370

11,422,520

12,879,902

4,000,000

15,794,862

259,366
1,601,011

347,886
3,412,657

19,144
6,665,294

6,018,952

15,481,917
1,934,692

21,053,606
2,128,161

26,888,238
2,979,426

34,115,015
3,277,369

41,889,789
3,932,843

43,247,286
5,112,694

1,934,692
0
13,547,225

2,128,161
0
18,925,445

3,277,369

3,932,843

5,112,694

2,979,426
0
23,908,812
10,228,600
13,680,212

30,837,646
13,632,260
17,205,386

37,956,946
14,542,260
23,414,686

38,134,592
15,282,304
22,852,288

36,625,754
36,625,754
0
28,643,509

23,317,198
23,317,198
0
1,720,635

7,982,245
4,065,253

21,596,563
2,237,371

30,171,520
30,171,520
0
23,240,176
0
23,240,176
6,931,344
2,369,286
1,945,176
424,110

79,975,765
77,313,326
2,662,439
59,702,130
32,253,583
27,448,547
20,273,635
9,126,860
6,078,320
3,048,540

114,611,837
110,970,902
3,640,935
82,530,581
37,752,061
44,778,520
32,081,256
12,106,243
7,144,965
4,961,278

125,151,272
120,642,725
4,508,547
96,631,324
47,351,406
49,279,918
28,519,948
13,318,580
8,816,828
4,501,752

4,136,483
4,321,688
4,100,290
8,277,133
1,333,929
1,966,421
655,474
(142,446)

5,467,275
12,314,593
10,462,595
11,459,152
2,220,775
2,359,706
1,179,853
16,491,624

5,729,483
15,516,238
12,360,763
2,456,790
1,390,506

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,065,253

2,237,371

3,952,829
1,125,461
1,354,284
0

20,604,574
949,607
1,276,897
0

386,500
1,320,579
1,320,579
5,214,946
1,135,050
1,787,656
297,943
6,088,724

30,904,437
11,422,520
1,473,084
12,722,520

49,728,370
12,879,902
18,378,070
14,822,937

87,313,969
58,565,354
2,292,240
59,571,207

127,027,407
89,151,849
4,976,783
94,867,624

131,134,642
82,560,415
6,878,671
86,844,819

122,523,608
73,257,370
1,066,284
79,085,460

2.34
1.96
3.85
0.96
3.34
78.21
1.46
14.60
31.81
18.79
2.09
13.61

1.76
6.47
1.12
0.41
3.16
7.38
1.72
43.23
112.79
51.11
15.39
4.98

1.08
4.38
8.33
0.32
1.68
77.03
2.49
6.91
21.76
7.61
2.28
71.39
4.95
17.28
0.09
13.69
90.25

0.36
5.40
6.42
0.49
0.89
74.65
3.83
6.40
27.14
7.72
3.53
9.04
3.02
10.35
0.00
21.19
104.09

0.36
10.74
5.42
0.62
0.85
72.01
3.39
6.57
30.15
8.88
3.92
9.88
2.10
10.00
0.12
23.49
106.51

0.32
12.40
8.50
0.66
0.78
77.21
3.38
1.32
5.77
1.94

717,658

1,508,948

7,798,915

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

250

10.79
0.00
14.61
80.02

88.37
0.00
92.36
98.93

7.54
1.20
1.96
0.05
2.09
84.59

Financial Statement Analysis of Non Financial Sector 2012

Engro Polymer & Chemicals Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

19,419,977

19,583,286

19,508,627

18,598,847

5,248,606
16,110,197

60,140
22,127,016

162,137
22,498,332

156,980
22,736,861

14,112,080
519,802

19,138,589
1,016,117

18,375,445
1,154,128

17,476,546
1,168,970

11,816
0

20,856

31,104

30,864

47,475

363,701

939,941

934,457

3,379,518
217,531
1,605,438

4,898,054
682,894
2,176,960

5,199,402
114,435
2,508,579

6,492,517
94,732
3,052,436

439,905

369,400

292,605

266,465

61,398
1,055,246

1,668,800

2,283,783

169,545
2,909,339

4,888,922
1,610,634

6,431,165
1,780,388

9,627,613
3,214,168

11,035,304
4,057,065

3,278,288

4,650,777

6,413,445

6,978,239

11,514,930
11,155,098
0

11,064,315
10,903,360

8,839,565
8,620,195

7,728,056
7,531,866

0
38,312
321,520

160,955

62,107
157,263

54,534
141,656

6,395,643
5,203,677

6,985,860
6,634,688

6,240,851
6,634,688

6,328,004
6,634,688

5,203,677
0
1,191,966
984,751
207,215

6,634,688

6,634,688

6,634,688

351,172
900,351
(549,179)

(393,837)
861,808
(1,255,645)

(306,684)
871,952
(1,178,636)

11,632,775
10,169,334
1,463,441
10,418,592
7,904,707
2,513,885
1,214,183
921,567
483,814
437,753

14,618,594
12,524,551
2,094,043
13,314,604
8,839,976
4,474,628
1,303,990
1,125,565
642,782
482,783

17,049,998
15,486,943
1,563,055
14,892,203
9,337,524
5,554,679
2,157,795
1,512,073
891,770
620,303

20,605,601
18,540,773
2,064,828
17,050,461
10,626,249
6,424,212
3,555,140
2,196,373
1,179,186
1,017,187

339,100
606,175
582,898
(197,137)
71,787
0
0
725,974

645,145
1,438,988
1,408,163
(1,224,621)
167,709

856,759
1,758,750
1,403,529
(1,077,115)
184,454

1,022,453
1,659,061
1,204,811
211,901
122,927

(1,395,555)

2,340,903

986,473

17,910,573
11,155,098
(268,924)
12,765,732

18,050,175
10,903,360
(1,392,330)
12,683,748

15,080,416
8,620,195
(1,261,569)
11,834,363

14,056,060
7,531,866
88,974
11,588,931

0.15
5.21
3.78
0.51
0.69
89.56
2.56
-0.86
-3.08
-1.10

0.16
9.84
2.53
0.60
0.76
91.08
2.50
-5.18
-18.30
-6.81

0.04
10.32
1.72
0.69
0.54
87.34
2.96
-4.38
-16.29
-6.50

0.05
8.05
1.29
0.82
0.59
82.75
2.97
0.85
3.37
1.45

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

251

7.25
0.66
-1.69
0.04
-0.52
12.29

6.72
0.13
-8.38
-0.08
-2.10
10.53

6.80
0.23
-6.32
0.13
-1.90
9.41

6.75
1.18
1.03
0.05
0.13
9.54

Financial Statement Analysis of Non Financial Sector 2012

Fatima Fertilizer Co. Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

54,986,079

64,958,358

68,121,129

67,675,785

54,292,989
759,430

64,044,130
1,013,397

1,287,735
67,711,704

1,662,461
68,249,220

684,940
45,203

875,984
64,728

66,827,913
748,226

65,882,892
1,482,540

0
0

33,881
85,190

52,466
7,494
0
(97,121)
0
0
0
(1,969,691)

35,749
8,950
5,146
(121,070)
64,483

(381,357)

7,465,601

6,941,497

52,541,594
28,649,743
(97,121)
29,052,539

62,382,778
37,446,530
(185,553)
37,762,738

66,536,320
29,941,653
2,843,909
32,974,486

63,732,966
27,023,742
4,669,855
33,799,367

0.05

0.08

0.00
0.48

0.00
0.64

0.41
20.65
1.32
0.19
0.84
31.96
1.72
8.35
23.27
9.44
1.95
12.21
2.99
41.04
0.15
2.92
14.03

0.09
19.56
0.47
0.39
0.68
41.51
1.63
11.92
31.86
13.94
2.11
11.77
2.63
30.76
0.15
4.22
13.79

8,150

38,244

5,481

11,361

2,216,453
224,417
0

4,498,680
283,289
539,730

8,226,119
3,839,361
1,215,014

8,329,011
984,144
2,507,927

256,548

195,840

138,480

0
1,992,036

3,419,113

2,975,904

4,698,460

4,660,938
402,796

7,074,260
316,208

9,810,928
3,032,833

12,271,830
6,775,625

4,258,142

6,758,052

6,778,095

5,496,205

34,798,806
28,649,743
2,196,320

38,123,998
37,446,530

38,481,455
29,941,653
4,515,565

34,782,612
27,023,742

54,493
3,898,250

73,796
603,672

102,754
3,921,483

134,599
7,624,271

17,742,788
18,000,000

24,258,780
24,000,000

28,054,865
24,000,000

28,950,354
21,000,000

18,000,000
0
(257,212)
0
(257,212)

20,000,000
4,000,000
258,780
790,000
(531,220)

20,000,000
4,000,000
4,054,865
790,000
3,264,865

21,000,000

0
0
0
0
0
0
0
96,205
0
96,205

0
0

14,833,343
14,833,343

29,518,623
29,518,623

7,950,354
1,790,000
6,160,354

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,740,961
2,329,580
2,411,381
10,092,382
1,075,569
337,946
737,623

12,252,427
4,884,349
7,368,078
17,266,196
2,478,871
1,233,944
1,244,927

711,424
3,063,055
3,051,662
6,087,568
243,659
3,000,000

1,705,889
5,773,821
5,585,927
9,080,537
210,682
4,200,000

0
113,866

113,866

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

252

2.22
-0.17
-0.55
-0.18

1.86
-0.19
-0.58
-0.21

0.00
-22.53

-0.05
-0.05
9.86

-0.01
-0.09
12.13

Financial Statement Analysis of Non Financial Sector 2012

Fauji Fertilizer Bin Qasim Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

16,458,265

15,847,104

17,781,417

17,018,327

17,243,717

17,435,496

23,989,416

24,341,924

0
25,174,496

748,509
25,471,013

1,555,623
26,525,855

323,109
27,069,736

16,458,265
990,138

15,847,104
1,190,072

15,576,899
100,612

13,884,191
1,289,709

12,854,546
1,295,980

13,499,733
1,334,550

0
2,127,972

74,060
2,235,255

46,399
2,710,837

9,280
3,527,062

12,587,706
3,800,569
587,946

30,924,567
7,941,524
5,676,739

Items

76,546

76,312

76,312

76,312

18,443,765
9,648,031
1,227,013

18,317,665
12,720,051
1,270,667

22,932,547
5,384,363
3,406,993

23,268,115
8,788,967
4,876,305

243,751

285,454

476,728

829,985

646,516

2,469,075

5,305,812
2,649,628

2,416,770
14,604,080

4,658,936
2,433,057

1,250,000
2,246,962

8,838,237
4,656,438

1,550,000
5,583,768

19,397,990
6,333,615

35,601,867
18,712,705

16,747,253
8,186,073

15,389,027
5,652,724

19,659,438
7,476,144

23,167,823
9,216,660

13,064,375

16,889,162

8,561,180

9,736,303

12,183,294

13,951,163

1,139,054

683,433

7,736,933

6,881,144

4,904,959

8,818,028
227,810
4,537,404

3,889,203

3,241,002

1,139,054

683,433

0
4,052,814

3,847,730

3,640,142

4,904,959

8,508,927
9,341,100

10,486,371
9,341,100

10,659,901
9,341,100

12,210,032
9,341,100

13,635,682
9,341,100

12,630,829
9,341,100

9,341,100
0
(832,173)

9,341,100
0
1,145,271

9,341,100

9,341,100

9,341,100

9,341,100
0
1,318,801
228,350
1,090,451

2,868,932
234,730
2,634,202

4,294,582
234,730
4,059,852

3,289,729
234,730
3,054,999

13,167,135
13,167,135
0
8,344,557

27,410,756
27,410,756
0
19,184,696

43,256,712
43,256,712

55,868,834
55,868,834

47,911,164
47,911,164

4,822,578
1,543,811

8,226,060
2,548,763

36,724,920
36,724,920
0
27,059,566
15,988,881
11,070,685
9,665,354
3,080,019
2,236,123
843,896

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,543,811

2,548,763

29,793,541
23,636,426
6,157,115
13,463,171
3,997,379
2,584,683
1,412,696

35,753,264
29,547,328
6,205,936
20,115,570
4,508,165
2,553,795
1,954,370

36,450,042
31,463,130
4,986,912
11,461,122
4,214,977
2,665,725
1,549,252

2,157,639
933,996
884,248
9,685,778
3,408,046
6,118,421

2,448,513
1,087,870
816,486
16,169,944
5,668,210
9,341,100

2,413,149
1,821,471
1,370,378
6,469,427
2,092,884
4,203,495

7,387,951

8,353,669

1,442,854

3,899,929
0
934,110
0

4,404,875
1,419,206
2,101,748
0

2,127,948
1,459,792
1,318,482
5,808,303
2,195,215
3,736,440
0
20,743,771

9,647,981
0
2,965,819
6,333,615

11,169,804
0
883,921
18,712,705

19,477,929
227,810
(123,352)
8,413,883

19,946,965
0
159,312
5,652,724

20,516,826
0
1,160,634
7,476,144

17,535,788
0
173,048
9,216,660

0.30
10.19
1.04
0.59
0.87
69.99
3.46
11.62
46.38
42.32
1.42
4.83

0.88
3.97
1.30
1.01
1.10
73.68
2.40
14.00
54.93
37.90
0.97
29.93
5.41
15.82
0.81
3.87
11.41

0.96
2.16
1.92
1.22
1.19
68.88
1.89
27.07
84.70
49.14
1.03
34.04
11.95
22.39
0.32
6.72
13.07

0.76
1.95
1.16
1.39
1.17
64.00
1.95
42.83
125.13
79.92
1.12
16.40
20.80
28.94
0.31
11.24
14.60

0.55
3.80
5.15
1.18
1.00
76.08
2.22
16.00
49.26
34.00
1.04
9.83
5.72
13.50
0.05
4.69
13.52

630,513

2,791,971

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.48
4.79
1.85
0.45
0.65
63.37
2.41
13.75
45.76
39.43
4.18
22.40

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

253

29.62
0.00
4.18
9.11

16.07
0.00
3.20
11.23

Financial Statement Analysis of Non Financial Sector 2012

Fauji Fertilizer Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

11,959,724

14,300,047

37,065,297

38,288,132

45,227,826

52,020,473

25,628,842

28,622,189

0
26,410,997

3,717,118
59,615,617

9,982,946
67,989,308

13,355,597
75,929,154

10,390,490
719,957

12,730,813
891,514

29,570,418
2,293,437

27,179,851
2,516,955

27,178,936
2,492,677

29,323,450
2,711,272

1,569,234

1,569,234

1,569,234
5,505,253

1,643,294
4,859,358

1,615,633
5,753,941

1,687,919
6,651,857

17,281,490
1,350,000
642,836

17,618,916
931,865
258,094

Items

420,392

888,511

696,370

1,001,650

33,106,400
13,497,379
1,371,100

35,728,730
14,074,152
1,482,387

49,162,845
7,404,526
4,043,916

51,279,892
12,573,266
5,318,444

1,722,602

495,929

733,614

1,187,941

733,185

6,080,551

9,352,793
4,213,259

11,256,342
4,676,686

11,427,504
6,076,803

13,270,581
5,713,669

30,632,717
6,348,501

20,300,996
7,006,635

13,839,919
4,163,581

14,255,536
3,857,036

34,387,111
16,073,826

35,367,234
13,928,560

44,353,798
18,475,650

47,309,952
17,955,859

9,676,338

10,398,500

18,313,285

21,438,674

25,878,148

29,354,093

2,671,250

5,378,214

16,448,585
4,806,619
4,537,404

15,380,479
7,708,608

17,585,291
10,080,890

21,455,874
13,643,915

2,671,250

5,378,214

143,808
6,960,754

7,671,871

7,504,401

7,811,959

12,730,045
4,934,742

12,285,213
4,934,742

19,336,001
6,785,271

23,269,149
6,785,271

32,451,582
8,481,588

34,534,539
12,722,382

4,934,742
0
7,795,303

4,934,742
0
7,350,471

6,785,271

8,481,588

12,722,382

6,785,271
0
12,550,730
6,224,069
6,326,661

16,483,878
6,961,291
9,522,587

23,969,994
7,661,232
16,308,762

21,812,157
7,195,982
14,616,175

40,688,779
40,688,779
0
25,731,835

57,433,698
57,433,698
0
36,829,444

88,154,698
88,154,698

111,111,913
111,111,913

122,251,581
122,251,581

14,956,944
4,800,349

20,604,254
6,111,963

72,914,811
72,914,811
0
47,574,610
23,498,010
24,076,600
25,340,201
7,525,534
0
7,525,534

55,103,948
31,655,000
23,448,948
33,050,750
9,372,892
6,554,085
2,818,807

56,625,023
36,478,419
20,146,604
54,486,890
11,562,963
6,947,774
4,615,189

74,774,403
49,942,521
24,831,882
47,477,178
12,475,916
8,249,979
4,225,937

6,088,628
2,001,355
1,962,448
23,505,322
8,508,500
8,820,852
1,696,318
22,070,408

7,222,162
1,824,471
1,580,961
44,737,408
16,407,348
16,963,176
4,240,794
28,909,052

7,553,758
2,691,660
2,303,880
34,810,906
12,098,952
19,719,692
18,429,157

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,800,349

6,111,963

10,407,991
2,505,000
4,441,268
0

13,802,156
4,738,206
6,785,270
19,739

1,399,842
2,336,211
2,253,565
16,860,991
5,837,326
8,922,631
678,527
29,331,554

15,401,295
0
3,461,723
4,163,581

17,663,427
0
2,278,680
3,857,036

35,784,586
4,806,619
2,101,034
20,880,445

38,649,628
7,708,608
6,175,970
21,637,168

50,036,873
10,080,890
11,366,884
28,556,540

55,990,413
13,643,915
2,992,262
31,599,774

0.90
3.26
4.23
1.39
1.25
63.24
1.30
36.73
81.04
70.44
1.78
63.30

0.89
6.07
0.86
1.80
1.24
64.13
1.60
45.13
110.35
83.49
1.34
222.53

0.75
3.20
1.01
1.04
0.96
65.25
2.63
33.03
106.64
63.09
1.24
53.18
8.48
23.12
0.58
16.25
28.50

0.81
2.27
1.35
1.19
1.01
62.51
2.18
32.60
110.34
63.16
1.70
59.47
12.98
26.66
0.43
22.10
34.29

0.87
1.64
0.66
1.18
1.11
50.96
1.91
53.13
160.58
100.89
1.67
27.48
29.30
40.26
0.47
33.40
38.26

0.82
2.20
4.97
1.18
1.08
61.16
1.99
35.22
103.93
65.66
1.15
22.99
16.11
28.47
0.27
17.85
27.14

1,326,920

3,487,342

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

254

25.58
0.00
16.02
25.80

24.03
0.00
18.37
24.90

Financial Statement Analysis of Non Financial Sector 2012

Ferozsons Laboratories Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

539,456

610,987

1,278,225

1,300,404

1,472,952

630,496

732,701

0
1,435,864

1,555,899

1,722,984

1,850,871

539,456
42,106

610,987
33,245

1,273,098
45,403

1,294,927
108,664

1,465,486
131,312

1,479,535
137,804

33

3,714

0
33

5,094

5,444

7,466

7,543

678,905
41,681
133,816

870,642
35,807
180,788

474,850
45,744
280,925

681,611
56,493
389,995

1,091,301
155,394
592,723

1,529,303
97,618
583,052

31,938

24,454

57,955

74,110

158,263

325,691

397,901
231,692

0
90,226

19,715
141,298

23,673
161,248

345,247
177,695

202,560
21,624

245,861
59,150

269,146
95,657

361,241
36,528

410,039
37,806

439,723

180,936

186,711

173,488

324,713

372,233

439,723

76,212

157,520

138,407
79,938

103,349

228,498
174,538
0

121,695

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

1,490,792

336,576
134,894

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

76,212

157,520

0
53,960

58,469

121,695

103,349

939,589
120,561

1,078,248
144,673

1,255,431
173,607

1,482,367
208,328

2,032,519
249,995

2,477,023
287,494

120,561
0
819,028

144,673
0
933,575

208,328

249,995

287,494

173,607
0
834,349
39,312
795,037

1,032,018
24,794
1,007,224

1,392,832
49,998
1,342,834

1,805,323
61,095
1,744,228

247,475

242,021

389,692

384,206

1,022,505
1,022,505
0
515,644

1,045,220
1,045,220
0
504,481

1,536,683
1,536,683

2,202,757
2,202,757

2,766,374
2,766,374

506,861
283,637

540,739
281,219

1,189,257
1,189,257
0
584,147
517,152
66,995
605,110
381,707
271,025
110,682

837,141
632,449
204,692
699,542
440,519
318,253
122,266

1,073,340
758,108
315,232
1,129,417
616,902
457,033
159,869

1,457,075
844,974
612,101
1,309,299
856,324
658,191
198,133

227,124
33,461
31,252
261,432
12,766
41,666
223,474

288,257
20,109
17,849
507,540
27,167
62,499
37,499
360,821

370,886
12,538
8,246
492,520
31,313
129,372
14,375
517,892

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

283,637

281,219

258,513
56,841
78,364
24,112

292,662
74,249
43,402
28,935

202,925
3,779
1,477
249,141
62,063
17,361
34,721
107,095

1,015,801
0
123,308
21,624

1,235,768
0
175,011
59,150

1,483,929
174,538
169,717
270,195

1,620,774
79,938
248,666
116,466

2,154,214
0
417,874
37,806

2,580,372
0
331,835
0

2.03
0.41
3.12
0.84
3.35
50.43
0.30
23.93
30.08
28.71
2.57
7.64

1.86
0.14
2.34
0.71
3.54
48.27
0.37
21.68
29.01
26.00
5.03
5.78

0.39
0.32
4.87
0.68
1.76
49.12
0.40
15.40
21.35
18.32
10.78
4.23
169.73
20.95
0.22
10.78
72.31

0.42
2.18
4.82
0.78
1.89
54.48
0.34
14.00
19.10
16.84

0.82
0.91
7.18
0.86
2.66
48.73
0.26
22.33
28.88
26.89
7.69
3.72
29.44
23.04
0.68
19.22
81.30

1.75
0.45
11.77
0.92
3.48
52.67
0.22
17.64
21.84
20.81
3.56
4.74
60.73
17.80
0.95
16.04
86.16

4,148

1,487

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

255

25.28
0.00
16.73
77.93

28.00
0.00
15.10
74.53

3.94
9.37
17.01
0.45
11.94
71.16

Financial Statement Analysis of Non Financial Sector 2012

Gatron (Industries) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,477,898

2,447,092

4,820,650

5,071,333

5,061,559

5,331,051

5,590,156

5,732,852

44,006
6,860,570

15,896
6,987,445

34,726
7,007,902

48,139
7,140,076

2,477,898
267,844

2,447,092
261,107

2,986,512
287,276

2,882,146
280,749

2,462,787
323,784

2,242,004
359,220

0
1,781,013

2,158,770

2,535,638

3,039,328

9,119

14,521

28,408

1,580

2,767,270
20,185
1,484,363

3,421,747
94,729
1,719,387

3,272,306
172,855
1,956,512

2,852,669
136,418
1,392,237

3,925,672
164,125
1,932,038

3,998,225
233,609
2,145,909

527,080

643,811

544,109

523,609

1,191,968

800,947

300,500
435,142

300,500
663,320

0
598,830

800,405

637,541

817,760

2,603,355
1,054,015

2,652,657
902,852

2,481,070
1,745,657

1,717,945
429,190

2,120,704
393,493

1,798,147
156,514

1,549,340

1,749,805

735,413

1,288,755

1,727,211

1,641,633

458,836

934,108

769,657
298,815

543,116
79,158

437,762

832,783
337,472
0

458,836

934,108

58,999
436,312

68,392
402,450

80,964
382,994

437,762

2,182,977
383,645

2,282,074
383,645

4,779,103
383,645

5,436,400
383,645

6,323,411
383,645

7,093,367
383,645

383,645
0
1,799,332

383,645
0
1,898,429

383,645

383,645

383,645

383,645
0
4,395,458
458,645
3,936,813

5,052,755
458,645
4,594,110

5,939,766
458,645
5,481,121

6,709,722
458,645
6,251,077

6,209,240
5,578,538
630,702
5,684,224

7,056,483
6,105,612
950,871
6,271,176

525,016
206,735

785,307
409,724

7,372,729
6,729,586
643,143
6,551,333
5,024,010
1,527,323
821,396
326,408
130,996
195,412

8,480,372
7,796,519
683,853
7,679,288
5,714,491
1,964,797
801,084
285,299
133,078
152,221

10,599,670
10,088,796
510,874
9,457,681
7,539,294
1,918,387
1,141,989
344,787
174,406
170,381

11,015,200
10,797,944
217,256
9,652,229
7,752,309
1,899,920
1,362,971
483,898
209,737
274,161

558,868
173,062
171,342
349,555
46,330
76,729

632,823
66,508
64,449
748,068
235,604
191,823

704,299
23,083
20,484
859,825
256,531
364,463

1,344,896

429,147

630,557

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

206,735

409,724

180,418
30,135
57,547
0

231,605
17,186
57,547
82,284

495,585
255,629
253,047
253,005
7,225
57,547
0
66,354

2,641,813
0
92,736
1,054,015

3,216,182
0
156,872
902,852

5,611,886
337,472
188,233
2,083,129

6,206,057
298,815
226,496
728,005

6,866,527
79,158
320,642
472,651

7,531,129
0
238,831
156,514

0.39
2.16
9.12
1.20
1.29
88.87
1.57
4.17
10.37
7.91
3.73
4.10

0.29
3.47
7.38
0.91
1.32
88.86
0.69
3.62
7.17
5.73
4.27
3.77
2.00
3.43
0.02
6.41
124.57

0.38
2.04
6.17
1.07
1.66
90.55
0.46
4.36
6.84
5.92
3.95
6.09
3.04
4.12
0.54
7.90
141.70

0.64
0.63
11.25
1.18
1.85
89.23
0.42
8.85
12.72
11.44
2.67
5.49
12.61
7.06
0.16
13.36
164.82

0.58
0.21
7.27
1.18
2.22
87.63
0.32
9.39
12.82
11.94
1.66
5.13
42.98
7.81
0.28
15.73
184.89

171,874

152,715

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.33
2.77
8.49
1.18
1.06
91.54
1.40
3.45
8.45
6.95
2.61
4.18

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

256

2.91
0.00
3.92
56.90

3.28
0.00
5.59
59.48

Financial Statement Analysis of Non Financial Sector 2012

Ghani Gases Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,071,511

1,105,697

1,278,225

1,486,339

196,607
876,971

265,234
885,270

12,102
1,276,804

96,913
1,265,126

860,921
15,535

812,912
56,308

1,174,845
30,093

1,125,140
40,157

0
0

1,120

910

13,983

27,551

90,158

263,376

57,785
8,310
6,735

178,414
85,605
19,035

254,612
104,030
31,880

404,189
259,471
11,182

9,640

19,604

39,731

31,264

0
33,100

54,170

78,971

102,272

64,706
18,474

172,856
24,979

252,257
25,000

355,658
91,058

46,232

147,877

227,257

264,600

354,819
261,692
0

465,688
331,821
100,772

555,569
243,333
250,137

723,008
129,000
437,433

0
93,127

33,095

62,099

156,575

709,771
724,500

645,567
724,500

725,011
724,500

811,862
724,630

724,500
0
(14,729)
30,000
(44,729)

724,500

724,500

724,630

(78,933)
30,000
(108,933)

511
30,000
(29,489)

87,232
30,000
57,232

25,651
25,651
0
23,741
61
23,680
1,910
39,680
10,844
28,836

270,617
270,617

444,463
444,463

740,142
740,142

245,108
2,231
242,877
25,509
106,316
52,335
53,981

298,932
5,689
293,243
145,531
116,280
63,091
53,189

464,608
4,983
459,625
275,534
159,201
94,222
64,979

19,371
2,001
1,811
(38,367)
7,500
0
0
(211,062)

57,674
34,571
34,494
(62,557)
1,617

59,813
57,121
56,619
85,014
5,569

73,545
72,864
71,804
94,624
7,904

87

80,687

134,318

1,064,590
261,692
(45,868)
280,167

1,111,255
331,821
(64,174)
356,800

1,280,580
243,333
79,445
268,333

1,534,870
129,000
86,720
220,058

0.28
7.80
37.58
0.02
0.89
92.56
0.59
-3.40
-5.41
-3.60

0.61
12.77
7.24
0.21
1.03
90.57
0.99
-5.18
-9.23
-5.75

0.57
12.85
8.94
0.29
1.01
67.26
1.11
6.04
12.41
7.11

0.82
9.84
4.22
0.39
1.14
62.77
1.33
5.53
12.31
6.72

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

257

3.81
-20.18
-149.58
-0.50
-0.63
9.80

14.22
-0.81
-23.12
0.00
-0.89
8.91

13.94
2.50
19.13
0.10
1.10
10.01

66.19
2.32
12.78
0.12
1.20
11.20

Financial Statement Analysis of Non Financial Sector 2012

Glaxosmithkline (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,236,720

2,415,255

5,027,966

5,231,199

5,820,702

6,839,156

3,659,024

4,185,025

422,278
5,353,035

822,560
5,620,811

1,267,864
6,068,393

1,160,276
7,370,788

2,236,720
172,362

2,415,255
231,041

3,407,310
310,126

3,367,436
371,834

3,503,311
361,173

4,624,418
386,660

955,742

955,742

956,045
168,687

955,742

73,646

85,461

93,785

98,720

7,927,789
4,252,745
2,277,175

8,210,370
2,724,897
3,494,054

9,402,942
2,053,153
4,543,689

9,660,600
2,808,772
4,312,535

9,616,883
2,128,926
5,602,526

9,404,169
2,117,626
5,080,220

116,847

1,016,968

1,328,457

295,762

343,404

350,362

445,057
835,965

327,366
647,085

644,889
832,754

901,955
1,341,576

196,706
1,345,321

198,118
1,657,843

2,046,868
0

2,270,734
0

3,346,868
4,520

3,560,293

3,881,011

4,151,055

2,046,868

2,270,734

3,342,348

3,560,293

3,881,011

4,151,055

448,002

620,679

490,554
0
0

531,692

72,885
417,669

115,240
416,452

19,706
428,296

50,381
570,298

8,117,641
1,706,719

8,354,891
1,706,718

10,593,486
1,706,718

10,799,814
1,964,118

11,108,572
2,392,691

11,471,591
2,631,960

1,706,719
0
6,410,922

1,706,718
0
6,648,173

1,964,118

2,392,691

2,631,960

1,706,718
0
8,886,768
2,866,368
6,020,400

8,835,696
2,612,811
6,222,885

8,715,881
2,184,238
6,531,643

8,839,631
2,184,238
6,655,393

10,784,802
10,528,472
256,330
6,832,673

13,687,063
13,397,423
289,640
9,831,458

3,952,129
1,921,451

3,855,605
2,057,496

16,753,873
16,310,281
443,592
12,514,592
8,262,577
4,252,015
4,239,281
2,951,749
1,949,079
1,002,670

18,916,191
18,330,228
585,963
14,063,242
8,973,530
5,089,712
4,852,949
3,298,895
2,301,516
997,379

21,750,147
21,037,188
712,959
15,931,728
11,015,437
4,916,291
5,818,419
4,006,932
2,790,373
1,216,559

23,149,964
22,359,604
790,360
17,068,949
10,606,560
6,462,389
6,081,015
4,010,614
3,046,675
963,939

2,150,226
20,026
136
1,931,724
864,298
785,647
294,618
2,433,324

1,372,683
36,526
834
2,236,888
1,059,128
957,076
239,269
127,113

2,519,147
47,512
221
2,312,096
867,000
1,052,784
263,196
2,234,810

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,921,451

2,057,496

2,658,543
877,946
1,280,039
426,680

3,001,040
990,000
1,621,382
0

2,208,089
44,645
16,846
1,706,580
722,067
853,359
0
1,347,341

8,117,641
0
500,558
0

8,354,891
0
389,658
0

11,084,040
0
131,154
4,520

11,331,506
0
281,779
0

11,556,574
0
220,684
0

12,092,270
0
392,312
0

2.35
0.11
1.08
1.06
3.87
63.35
0.25
27.12
33.97
33.97
1.39
4.74

1.79
0.56
7.43
1.29
3.62
71.83
0.27
28.87
36.44
36.44
1.24
3.92

1.20
0.27
7.93
1.16
2.81
74.70
0.36
13.62
18.01
17.56
1.15
3.69
102.30
10.19
0.35
5.77
62.07

1.13
0.11
1.56
1.27
2.71
74.34
0.38
13.18
18.06
17.24
1.36
4.39
14,204.85
10.21
0.59
5.43
54.99

0.69
0.17
1.58
1.41
2.48
73.25
0.39
14.75
20.42
19.55
1.23
3.88
2,683.12
10.28
0.03
4.92
46.43

0.64
0.21
1.51
1.43
2.27
73.73
0.42
14.60
20.48
19.55
1.37
4.56
10,462.97
9.99
0.47
5.49
43.59

11,550

76,859

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

258

24.65
0.00
10.43
47.56

21.93
0.00
11.78
48.95

Financial Statement Analysis of Non Financial Sector 2012

Highnoon Laboratories Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

662,532

749,780

779,574

840,530

828,457

877,840

860,113

957,891

37,199
996,613

13,484
1,135,773

13,633
1,198,721

13,234
1,367,712

618,702
55,527

683,288
56,276

675,428
64,765

696,384
63,767

701,418
65,378

764,632
64,506

43,830

66,492

111,844

98,413

65,385
0

129,099

1,562

1,563

1,562

1,561

676,438
11,857
418,423

726,367
7,178
449,901

966,467
32,177
700,501

901,894
65,485
640,845

730,455
13,214
518,480

805,785
6,462
606,595

187,341

140,987

27,137

42,107

55,168

72,531

20,000
38,817

10,000
118,301

0
206,651

153,457

143,593

120,197

594,336
284,274

680,638
389,580

765,794
611,497

640,562
433,152

444,344
166,291

458,114
230,600

310,062

291,058

154,297

207,410

278,053

227,514

86,182

96,472

297,680
70,554
0

387,956
99,947

349,755
57,659

359,440
50,000

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

86,182

96,472

113,273
113,853

288,009

292,096

309,440

658,452
150,252

699,037
165,277

682,567
165,277

713,906
165,278

764,813
181,805

866,071
181,805

150,252
0
508,200

165,277
0
533,760

165,278

181,805

181,805

360,153

399,855

451,810

165,277
0
322,900
0
322,900

360,153

399,855

451,810

194,389

188,475

183,153

232,456

2,072,087
2,010,232
61,855
1,272,497

2,354,224
2,294,968
59,256
1,547,713

799,590
668,967

806,511
623,662

2,478,391
2,377,409
100,981
1,574,598
1,250,804
323,794
903,793
682,661
483,659
199,002

2,636,538
2,504,383
132,155
1,732,983
1,402,433
330,550
903,555
714,577
538,367
176,210

2,944,907
2,808,654
136,253
2,030,736
1,664,236
366,500
914,171
792,653
568,589
224,064

2,465,621
2,296,292
169,329
1,440,689
1,081,987
358,702
1,024,932
837,433
610,528
226,905

427,809
89,425
79,811
107,901
22,727
41,320
16,528
271,054

464,061
70,371
62,531
143,899
56,938
54,542

506,753
48,183
42,020
157,647
52,930
63,632

386,540

69,261

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

668,967

623,662

97,022
54,829
37,563
15,025

120,202
15,868
41,319
0

436,143
81,530
78,753
152,224
33,572
41,319
0
31,291

744,634
0
4,630
284,274

795,509
0
63,015
389,580

980,247
70,554
77,333
682,051

1,101,862
99,947
43,855
533,099

1,114,568
57,659
32,420
223,950

1,225,511
50,000
41,085
280,600

0.37
2.27
9.04
1.55
1.14
61.41
1.03
7.78
16.41
14.82
1.12
4.95

0.23
3.34
5.99
1.59
1.07
65.74
1.11
8.54
17.71
15.61
2.53
5.23

0.08
3.29
1.09
1.42
1.26
63.53
1.56
9.45
22.04
17.14
2.87
3.54
2.93
6.14
0.03
7.18
41.30

0.17
3.39
1.60
1.51
1.41
65.73
1.44
6.19
15.45
10.36
2.06
4.11
2.35
4.09
0.26
5.15
43.19

0.15
2.39
1.87
1.89
1.64
68.96
1.04
8.72
19.46
12.98
1.59
5.68
3.30
4.89
0.49
4.78
42.07

0.17
1.95
2.94
1.46
1.76
58.43
0.94
9.72
19.33
13.47
1.65
4.06
4.75
6.39
0.08
5.76
47.64

47,114

78,591

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

259

4.68
0.00
2.81
43.82

5.11
0.00
6.31
42.29

Financial Statement Analysis of Non Financial Sector 2012

ICI Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

8,546,473

9,361,469

10,025,878

9,881,626

9,242,008

10,589,128

19,468,875

21,023,833

416,883
22,584,248

285,356
23,291,541

141,524
24,038,345

2,006,732
24,355,984

8,506,736
842,352

9,353,769
774,007

9,445,987
949,609

9,224,944
997,749

8,837,831
1,045,284

8,303,581
1,089,192

39,737

7,700

0
2,500

180,103
2,500

69,118
2,500

40,992
2,500

160,508

188,723

191,035

235,323

10,259,818
3,615,056
2,311,336

9,109,216
1,971,081
2,951,956

11,053,575
4,547,713
3,253,345

11,829,073
4,739,557
3,811,236

11,519,321
4,738,205
3,868,551

10,180,907
904,117
5,411,611

1,049,464

806,612

944,879

818,351

383,169

595,693

582,500
2,701,462

712,500
2,667,067

0
2,307,638

2,459,929

2,529,396

3,269,486

6,395,674
0

5,059,764
0

5,909,528
36,038

5,566,621

9,001,789

8,868,241
2,332,057

6,395,674

5,059,764

5,873,490

5,566,621

9,001,789

6,536,184

1,093,429

1,441,567

1,208,356
0
0

1,681,018
290,270

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

519,579
688,777

223,181
870,248

255,333
1,186,234

299,005
1,091,743

12,410,617
1,388,023

13,410,921
1,388,023

13,961,569
1,388,023

15,050,649
1,388,023

10,317,973
923,591

10,220,776
923,591

1,388,023
0
11,022,594

1,388,023
0
12,022,898

1,388,023

923,591

923,591

1,388,023
0
11,629,422
465,845
11,163,577

12,745,246
465,845
12,279,401

8,426,519
309,643
8,116,876

8,412,318
309,643
8,102,675

944,124

917,380

967,863

884,867

25,973,009
25,973,009
0
21,308,906

27,798,915
27,032,222
766,693
22,303,138

4,664,103
2,060,085

5,495,777
2,677,116

28,336,655
28,010,436
326,219
22,569,672
16,032,649
6,537,023
5,766,983
2,896,980
1,470,174
1,426,806

34,994,489
34,157,479
837,010
28,182,149
20,217,945
7,964,204
6,812,340
3,283,737
1,674,719
1,609,018

35,380,189
35,102,294
277,895
30,667,178
21,489,119
9,178,059
4,713,011
2,227,800
1,012,821
1,214,979

34,557,762
34,243,950
313,812
30,460,513
20,030,761
10,429,752
4,097,249
2,574,863
1,087,169
1,487,694

2,234,802
165,416
1,536
3,779,793
1,457,540
2,429,040

2,091,030
265,149
333
2,529,531
862,046
831,232

2,514,329
294,527
56,052
1,468,425
573,443
507,975

2,498,711

3,951,025

2,726,975

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,060,085

2,677,116

2,604,184
127,702
832,814
0

2,812,778
102,838
902,215
0

2,331,407
185,742
19,965
3,082,098
490,813
1,110,418
0
4,630,885

12,410,617
0
1,643,668
0

13,410,921
0
1,807,725
0

15,169,925
0
1,480,867
36,038

16,144,078
0
(106,787)
0

11,759,540
0
836,253
0

11,901,794
290,270
387,007
2,622,327

0.82
0.59
4.04
1.38
1.60
82.04
0.52
14.57
21.88
21.88
2.97
11.24

0.69
0.79
2.90
1.51
1.80
80.23
0.38
15.09
21.79
21.79
3.00
9.42

0.93
0.66
3.33
1.34
1.87
79.65
0.51
15.59
22.52
21.57
2.33
8.71
155.38
10.88
0.65
18.67
100.59

1.00
0.47
2.34
1.61
2.13
80.53
0.44
17.67
26.06
24.14
0.96
9.18
2,461.80
10.80
0.38
16.73
108.43

0.57
0.75
1.08
1.70
1.28
86.68
1.01
11.91
19.94
18.13
2.01
9.15
7,597.19
7.15
0.38
18.05
111.72

0.17
0.85
1.72
1.66
1.15
88.14
1.03
7.07
14.30
12.41
1.76
6.39
27.20
4.25
0.26
9.69
110.66

154,101

219,308

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

260

10.03
0.00
17.84
89.41

10.12
0.00
19.52
96.62

Financial Statement Analysis of Non Financial Sector 2012

Ittehad Chemicals Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,491,106

2,424,996

2,714,739

2,618,994

2,688,915

2,673,004

3,171,273

3,283,458

32,919
3,676,766

54,380
3,751,613

83,634
3,970,485

42,942
4,176,876

2,489,568
194,701

2,420,855
181,901

2,598,293
206,274

2,470,758
205,356

2,498,639
195,285

2,514,774
194,550

1,538

4,141

6,698

6,566

9,755
61,586

1,462

12,186

92,394

99,944

108,722

1,042,350
29,130
102,285

1,065,915
40,859
144,335

1,211,614
26,494
128,307

1,261,499
15,399
197,815

1,346,803
117,434
219,946

1,346,152
130,406
171,629

444,614

297,437

601,687

501,812

459,683

545,363

65,542
400,779

136,057
447,227

0
455,126

546,473

549,740

498,754

1,323,098
835,414

921,398
345,391

993,984
461,590

1,023,069
301,661

1,333,984
558,018

1,458,858
445,758

Items

487,684

576,007

532,394

721,408

775,966

1,013,100

802,509

1,150,491

1,341,141
953,803
29,810

1,163,117
1,025,653
15,810

942,075
875,062
10,810

645,876
552,753
10,810

802,509

1,150,491

5,515
352,013

121,654

56,203

82,313

1,407,849
360,000

1,419,022
360,000

1,591,228
360,000

1,694,307
360,000

1,759,659
360,000

1,914,422
360,000

360,000
0
1,047,849

360,000
0
1,059,022

360,000

360,000

360,000

793,603

585,748
9,740
576,008

651,100

360,000
0
482,669
4,261
478,408

651,100

793,603

748,559

748,559

748,559

760,819

2,958,555
2,958,555
0
2,336,587

3,170,989
3,170,989
0
2,636,186

621,968
191,202

534,803
226,778

3,633,404
3,633,404
0
2,792,628
413,865
2,378,763
840,776
340,747
218,750
121,997

3,257,935
2,959,386
298,549
2,552,172
566,185
1,985,987
705,763
353,572
229,838
123,734

3,309,968
3,023,445
286,523
2,621,991
314,258
2,307,733
687,977
370,051
247,455
122,596

4,003,771
3,603,943
399,828
3,201,672
344,400
2,857,272
802,099
385,314
238,752
146,562

240,746
216,332
211,878
150,704
60,697
18,000

271,338
228,381
221,607
109,459
34,157
36,000

329,027
205,452
199,692
227,820
47,621
54,000

116,386

313,210

664,775

2,857,424
1,025,653
72,007
1,327,314

2,701,734
875,062
39,302
1,433,080

2,560,298
552,753
126,199
998,511

0.43
6.90
13.89
0.82
1.01
79.21
1.29
2.77
6.34
3.94
2.09
15.05
1.49
3.31
0.14
2.09
48.88

0.46
5.13
13.62
1.00
0.92
79.97
1.10
5.66
12.40
8.66
3.34
23.33
2.14
5.69
0.32
5.01
53.18

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

191,202

226,778

234,795
12,900
54,000
0

91,799
14,411
54,000
0

250,176
250,907
246,920
262,441
36,056
54,000
0
360,628

2,210,358
0
167,895
835,414

2,569,513
0
23,388
345,391

2,932,369
953,803
172,385
1,415,393

0.41
7.02
15.03
0.84
0.79
78.98
1.51
6.62
17.57
10.30
4.11
28.92

0.51
6.88
9.38
0.91
1.16
83.13
1.46
2.61
6.49
3.84
1.43
21.97

0.63
6.91
16.56
0.93
1.22
76.86
1.47
7.08
17.44
9.54
4.19
28.32
2.06
7.22
0.15
6.29
44.20

207,791

218,056

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

261

7.94
0.00
6.16
39.11

2.89
0.00
2.15
39.42

0.51
6.64
15.40
0.84
1.23
78.34
1.29
3.86
9.17
5.21
5.00
16.47
1.71
4.63
0.05
2.50
47.06

Financial Statement Analysis of Non Financial Sector 2012

Leiner Pak Gelatine Ltd.

2008

2009

2010

99,862

172,410

173,156

196,883

206,141

290,410

266,301

346,072

1,499
353,341

26,217
360,277

7,071
397,587

12,322
489,582

99,862
9,897

172,410
9,721

170,743
9,672

169,023
10,218

196,718
10,082

276,685
12,171

36

22

64
0

50

850

1,593

2,316

1,381

171,498
1,166
112,816

187,351
1,144
130,573

210,729
1,244
144,725

168,680
1,130
117,267

189,068
1,183
130,046

211,330
2,403
130,301

33,414

27,013

40,230

19,124

25,102

43,702

0
24,102

0
28,621

0
24,530

31,159

32,737

34,924

129,931
61,175

152,747
82,264

145,340
84,135

132,363
74,653

173,465
85,341

192,881
105,386

68,756

70,483

61,205

57,710

88,124

87,495

1,735

2,357

19,184
7,500

7,982
2,500

5,595

12,529
3,656
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

1,735

2,357

0
8,873

11,684

5,482

5,595

139,694
75,000

204,657
75,000

226,016
75,000

214,016
75,000

213,762
75,000

303,264
75,000

75,000
0
64,694

75,000
0
129,657

75,000

75,000

75,000

60,818

60,564

64,130

75,000
0
72,818
0
72,818

60,818

60,564

64,130

78,198

78,198

78,198

164,134

273,469
118,071
155,398
227,584

254,369
126,800
127,569
216,193

45,885
37,000

38,176
38,213

430,924
257,564
173,360
349,855
171,590
178,265
81,069
43,265
4,013
39,252

476,657
279,359
197,298
422,867
276,781
146,086
53,790
43,374
5,469
37,905

428,796
241,052
187,744
376,062
232,366
143,696
52,734
40,728
5,049
35,679

579,012
313,226
265,786
503,176
275,154
228,022
75,836
53,961
8,460
45,501

56,587
11,698
9,450
491
3,557

57,489
14,963
12,524
1,004
4,470

67,486
14,303
11,822
10,060
5,633
5,625

34,914

17,423

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

37,000

38,213

5,038
3,058
0
0

181
2,371
0
0

64,567
11,635
9,748
29,502
8,682
9,000
0
9,691

141,429
0
1,980
61,175

207,014
0
(2,190)
82,264

238,545
3,656
11,820
87,791

233,200
7,500
(3,066)
82,153

221,744
2,500
(3,466)
87,841

308,859
0
(1,198)
105,386

0.27
2.02
12.22
1.01
1.32
83.22
0.94
1.88
3.42
3.38

0.18
2.79
10.62
0.71
1.23
84.99
0.76
0.06
0.11
0.10

0.29
2.70
9.34
1.12
1.45
81.19
0.70
7.93
13.70
13.24
2.31
2.98
4.03
6.85
0.06
2.78
30.14

0.15
2.45
4.01
1.30
1.27
88.72
0.71
0.13
0.22
0.21

0.15
3.49
5.85
1.08
1.09
87.70
0.85
0.26
0.47
0.44

0.24
2.47
7.55
1.15
1.10
86.90
0.65
2.24
3.89
3.79
0.79
4.44
1.85
1.74
0.00
0.59
40.44

5,528

7,093

(461)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

262

2.42

1.95

1.84
0.00
0.26
18.63

0.07
0.00
-0.29
27.29

4.06
1.05
0.10
0.23
-0.41
28.54

3.30
1.08
0.23
0.10
-0.46
28.50

Financial Statement Analysis of Non Financial Sector 2012

Linde Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

861,190

1,128,372

1,276,004

1,342,471

2,075,442

2,631,493

1,997,891

2,405,066

43,726
2,411,007

185,445
2,619,567

942,963
2,817,935

235,009
4,307,280

861,190
139,319

1,128,372
148,817

1,020,722
171,647

1,063,832
177,492

1,092,612
204,304

2,369,734
268,203

0
199,715

11,841

93,194

39,867

26,750

1,417,822
546,915
156,364

1,183,928
334,478
246,276

1,039,945
500,310
166,801

1,044,764
478,064
184,455

696,191
125,551
155,061

1,006,998
353,549
208,695

128,531

157,555

153,030

168,854

156,553

203,269

0
586,012

0
445,619

72,335
147,469

213,391

259,026

241,485

852,880
0

804,873
0

545,644
0

578,329

692,760

863,816

852,880

804,873

545,644

578,329

692,760

863,816

317,599
0
0

317,776

497,195
200,000

1,095,778
750,000

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

6,079
311,520

6,334
311,442

5,071
292,124

345,778

1,426,132
250,387

1,507,427
250,387

1,452,706
250,387

1,491,130
250,387

1,581,678
250,387

1,678,897
250,387

250,387
0
1,175,745

250,387
0
1,257,040

250,387

250,387

250,387

1,240,743

1,331,291

1,428,510

250,387
0
1,202,319
0
1,202,319

1,240,743

1,331,291

1,428,510

2,436,068
2,436,068
0
1,502,186

2,729,628
2,729,628
0
1,893,981

2,530,022
2,530,022

3,044,800
3,044,800

3,739,405
3,739,405

933,882
323,917

835,647
343,723

2,307,741
2,307,741
0
1,596,752
249,313
1,347,439
710,989
500,324
152,785
347,539

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

323,917

343,723

1,843,248
263,283
1,579,965
686,774
396,764
195,134
201,630

2,275,591
350,577
1,925,014
769,209
423,420
211,490
211,930

2,785,235
376,369
2,408,866
954,170
663,125
231,066
432,059

339,078
2,198
197
411,026
131,037
150,232

366,941
1,916
240
402,723
161,394
175,271

385,692
44,266
42,165
315,414
0
175,271

432,072

573,407

668,620

685,866
237,587
325,503
0

547,693
204,537
250,387
0

331,111
2,125
83
374,284
153,298
225,348
0
552,892

1,426,132
0
122,776
0

1,507,427
0
92,769
0

1,770,305
0
(4,362)
0

1,808,906
0
129,757
0

2,078,873
200,000
66,058
200,000

2,774,675
750,000
140,143
750,000

1.33
0.09
6.63
1.00
1.91
69.19
0.59
16.17
25.29
22.84
0.98
13.84
4,510.45
16.22
0.64
8.83
58.02

1.12
0.09
6.67
1.06
1.81
72.86
0.60
17.48
27.92
22.97
1.86
13.72
2,087.43
16.25
0.48
11.18
59.55

0.41
0.06
5.14
1.10
1.00
74.74
0.75
15.61
26.21
20.72
1.38
19.64
1,679.01
13.23
0.48
9.64
63.17

0.64
1.18
5.44
1.03
1.17
74.48
1.17
9.84
19.35
13.00
1.80
17.92
8.48
8.43
0.34
12.60
67.05

2,702

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.79
0.00
5.28
1.07
1.66
61.66
0.60
32.30
51.99
51.99
1.38
15.58

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

263

0.61
0.10
5.77
1.18
1.47
69.39
0.53
23.86
37.34
37.34
1.37
11.08

28.15
0.00
17.90
56.96

20.06
0.00
13.71
60.20

Financial Statement Analysis of Non Financial Sector 2012

Lotte Pakistan PTA Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

10,745,850

9,952,791

9,432,597

8,863,017

9,999,736

10,191,973

25,453,555

25,856,228

192,706
26,026,418

576,645
27,993,468

2,717,177
28,259,255

82,174
32,598,342

10,745,850
1,175,540

9,952,791
1,193,726

9,141,947
1,205,464

8,177,158
1,245,337

7,134,254
1,316,482

9,981,721
1,503,248

1,156

1,874

861
0

406

97,083

108,808

147,149

126,204

6,568,981
74,186
2,344,637

5,270,119
16,446
1,244,313

9,543,763
5,437,940
1,273,922

13,896,908
6,910,308
2,655,203

13,900,632
4,505,251
4,669,004

10,882,708
879,990
4,440,877

2,818,667

1,089,614

1,800,772

2,937,816

3,143,244

3,300,360

0
1,331,491

0
2,919,746

0
1,031,129

364,644
1,028,937

1,583,133

2,261,481

7,108,190
1,568,267

10,669,595
83,615

5,750,627
119,293

8,054,478

9,616,196

7,947,320

5,539,923

10,585,980

5,631,334

8,054,478

9,616,196

7,947,320

4,379,041

400,188

1,201,472

800,970

7,308,015
351,796
5,322,397

5,043,174

4,379,041

400,188

9,999
1,623,823

14,749
1,590,925

20,787
1,180,685

27,543
773,427

5,827,600
15,142,072

4,153,127
15,142,072

5,917,718
15,142,072

9,662,273
15,142,072

13,082,700
15,142,072

12,326,391
15,142,072

15,142,072
0
(9,314,472)

15,142,072
0
(10,988,945)

15,142,072

15,142,072

15,142,072

15,142,072
0
(9,310,346)
2,345
(9,312,691)

(5,479,799)
2,345
(5,482,144)

(2,059,372)
2,345
(2,061,717)

(2,815,681)
2,345
(2,818,026)

85,992

31,535,535
31,535,535
0
30,185,488

35,975,240
35,975,240
0
35,106,901

1,350,047
286,382

868,339
1,673,308

37,851,240
35,024,042
2,827,198
31,954,429
28,220,736
3,733,693
5,896,811
880,312
121,252
759,060

42,401,588
40,929,998
1,471,590
35,371,568
30,998,548
4,373,020
7,030,020
984,197
109,983
874,214

57,577,198
52,133,599
5,443,599
50,914,635
47,203,914
3,710,721
6,662,563
1,030,163
197,208
832,955

52,823,257
50,789,695
2,033,562
52,617,057
47,925,597
4,691,460
206,200
483,678
132,519
351,159

477,743
229,225
95,532
6,709,596
2,344,659
757,104

553,297
232,437
133,904
6,208,546
2,258,039
757,104

561,531
146,054
69,125
(61,676)
274,421

5,630,598

2,208,812

945,942

Items

3,437,500

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

286,382

1,673,308

199,411
206,830
0
0

(1,678,690)
65,918
0
0

764,858
754,702
245,632
4,719,243
1,296,522
757,104
0
7,051,345

10,206,641
0
(7,419)
1,568,267

4,553,315
0
(1,744,608)
83,615

13,225,733
351,796
2,665,617
471,089

14,705,447
0
3,607,833
0

14,284,172
0
3,193,403
0

13,127,361
0
(336,097)
0

0.41
3.28
8.94
1.82
0.92
95.72
1.97
1.13
3.40
2.40

0.10
2.86
3.03
2.36
0.49
97.59
2.67
-10.32
-33.64
-22.75

1.26
1.99
4.76
1.99
1.66
84.42
2.21
27.60
93.72
53.09
4.52
29.71
20.21
12.47
0.54
2.26
3.91

1.27
0.54
6.93
1.86
1.73
83.42
1.36
32.15
86.13
48.04
5.77
15.97
71.23
15.82
0.43
2.88
6.38

0.80
0.40
5.46
2.41
1.45
88.43
0.83
26.61
54.59
42.83
5.22
12.33
47.37
10.78
0.20
2.61
8.64

0.53
0.28
6.25
2.51
1.37
99.61
0.71
-0.27
-0.49
-0.45

1,033,269

1,027,497

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

264

13.45

28.91

0.63
0.00
0.00
3.85

-4.67
0.00
-1.15
2.74

11.89
0.11
-0.12
0.11
-0.22
8.14

Financial Statement Analysis of Non Financial Sector 2012

Mandviwala Mauser Plastic Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

142,985

113,888

124,070

113,633

102,850

406,765

390,776

0
390,045

390,045

384,300

384,300

142,985
13,834

113,888
13,109

103,634
11,939

93,196
10,630

81,658
9,277

81,658
9,277

0
0

20,436

20,437

21,192

21,192

122,417
3,244
21,336

147,936
1,670
39,290

109,612
967
25,332

103,079
1,193
28,164

87,128
436
19,108

87,128
436
19,108

75,376

63,375

62,702

48,402

51,690

51,690

0
22,461

0
43,601

0
20,611

25,320

15,894

15,894

235,900
39,392

250,323
39,038

237,868
39,169

237,102
32,778

253,077
32,778

253,077
32,778

196,508

211,285

198,699

204,324

220,299

220,299

188,996

196,877

203,931
192,914
0

205,686
191,414

206,255
191,414

206,255
191,414

Items

102,850

188,996

196,877

11,017
0

14,272

14,841

14,841

(159,494)
73,554

(185,376)
73,554

(208,117)
73,554

(226,076)
73,554

(269,354)
73,554

(269,354)
73,554

73,554
0
(233,048)

73,554
0
(258,930)

73,554

73,554

73,554

73,554
0
(281,671)
58,220
(339,891)

(299,630)
58,220
(357,850)

(342,908)
58,605
(401,513)

(342,908)
58,605
(401,513)

303,091
298,588
4,503
276,492

249,258
248,139
1,119
227,053

26,599
47,460

22,205
45,143

233,300
232,237
1,064
212,665
161,720
50,945
20,635
37,929
8,213
29,717

203,530
198,250
5,280
183,104
141,825
41,279
20,426
38,378
10,807
27,571

57,264
55,651
1,613
69,569
38,506
31,063
(12,305)
28,819
2,932
25,887

57,264
55,651
1,613
69,569
38,506
31,063
(12,305)
28,819
2,932
25,887

21,255
4,231
4,102
(16,928)
1,031

13,878
255
182
(43,053)
573

13,878
255
182
(43,053)
573

8,421

3,522

3,522

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

47,460

45,143

(22,970)
1,331
0
0

(24,633)
1,249
0
0

20,823
2,523
2,433
(21,572)
1,169
0
0
8,665

29,502
0
(24,301)
39,392

11,501
0
(25,882)
39,038

(4,186)
192,914
(22,741)
232,083

(20,390)
191,414
(17,959)
224,192

(63,099)
191,414
(43,626)
224,192

(63,099)
191,414
(43,626)
224,192

0.33
1.05
24.87
1.14
0.52
91.22
-2.66
-8.95
16.51
-45.72

0.26
0.69
25.43
0.95
0.59
91.09
-2.41
-9.34
14.29
-120.15

0.27
1.08
26.88
1.00
0.46
91.16
-2.12
-8.71
10.96
-589.78

0.21
2.08
23.78
0.94
0.43
89.96
-1.96
-7.52
7.80
137.76

0.21
0.45
90.27
0.30
0.34
121.49
-1.71
-21.17
17.38
103.13

0.21
0.45
90.27
0.30
0.34
121.49
-1.71
-22.66
15.98
68.23

3,174

1,725

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

265

14.21

6.34

9.21
-7.87
-9.25
0.02
-3.09
-28.29

7.23
-3.13
-8.32
0.02
-2.44
-30.74

3.00
-235.55
-75.18
0.01
-5.93
-36.62

3.00
-235.55
-75.18
0.01
-5.93
-36.62

-7.58
0.00
-3.30
-21.68

-9.88
0.00
-3.52
-25.20

Financial Statement Analysis of Non Financial Sector 2012

Nimir Industrial Chemicals Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,211,452

1,175,067

1,181,699

1,135,977

1,073,395

1,212,905

1,546,502

1,572,676

89,439
1,537,318

78,295
1,560,696

78,087
1,579,730

106,024
1,608,260

1,211,452
57,771

1,175,067
63,357

1,074,138
66,019

1,030,470
67,711

982,374
68,494

947,829
71,861

0
0

18,122

27,212

12,934

159,052

437,330
135,168
123,055

517,350
49,647
210,677

493,032
2,722
180,235

558,663
3,892
202,372

730,740
28,910
257,878

752,140
71,140
163,177

128,771

147,171

208,223

196,424

232,515

312,112

0
50,336

0
109,855

0
101,852

155,975

19,000
192,437

205,711

1,244,691
98,344

1,324,507
70,475

430,664
291,409

516,060
347,220

606,679
374,748

596,840
360,810

1,146,347

1,254,032

139,255

168,840

231,931

236,030

144,195

106,848

1,059,668

1,129,723
126,993
983,026

291,583
261,333

230,841
196,000

Items

1,005,085

144,195

106,848

19,704
0

54,583

30,250

34,841

259,896
1,105,905

261,062
1,105,905

114,344
1,105,905

118,912
1,105,905

905,873
1,105,905

1,137,364
1,105,905

1,105,905
0
(846,009)

1,105,905
0
(844,843)

1,105,905

1,105,905

1,105,905

(986,993)

(200,032)

31,459

1,105,905
0
(991,561)
0
(991,561)

711,436
706,864
4,572
692,600

1,121,549
1,106,166
15,383
970,253

18,836
59,721

151,296
66,639

(986,993)

(200,032)

31,459

1,383,579
1,378,314
5,265
1,282,681
1,009,945
272,736
100,898
73,003
42,143
30,860

1,742,804
1,736,955
5,849
1,562,063
1,339,736
222,327
180,741
98,767
50,405
48,362

2,431,136
2,429,672
1,464
2,119,039
1,818,213
300,826
312,097
118,413
61,094
57,319

2,677,605
2,677,605
2,330,081
1,990,149
339,932
347,524
114,449
61,882
52,567

71,001
51,710
39,931
13,458
8,714

90,020
96,959
74,771
813,048
25,680

96,863
114,364
103,019
112,927
26,776

7,094

88,245

148,457

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

59,721

66,639

(93,943)
5,019
0
0

27,851
5,435
0
0

61,393
88,001
83,772
(146,560)
0
0
0
(359,393)

404,091
0
(98,962)
98,344

367,910
0
22,416
70,475

1,244,067
126,993
(146,560)
418,402

1,178,580
0
4,744
347,220

1,197,456
261,333
787,368
636,081

1,368,205
196,000
86,151
556,810

0.21
7.90
18.10
0.43
0.35
97.35
5.34
-6.06
-30.36
-20.00

0.15
6.12
13.12
0.66
0.39
86.51
5.48
1.67
10.69
7.22

0.49
6.36
15.05
0.83
1.14
92.71
13.65
-8.71
-78.08
-18.18

0.39
2.97
11.27
1.03
1.08
89.63
13.25
0.80
11.54
1.11

0.46
3.99
9.56
1.35
1.20
87.16
0.99
46.48
158.68
68.44

0.64
4.27
11.66
1.36
1.26
87.02
0.73
5.99
11.05
8.80

56,225

68,593

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

266

5.78

5.32

7.68
-0.75
-10.59
-0.23
-1.33
1.03

8.61
1.34
0.77
0.00
0.02
0.54

9.43
11.87
33.44
0.10
3.56
4.10

16.41
2.10
4.22
0.18
0.39
5.14

-13.20
0.00
-0.45
1.18

2.48
0.00
0.10
1.18

Financial Statement Analysis of Non Financial Sector 2012

Otsuka Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

305,666

348,244

332,082

314,853

288,907

278,028

538,654

616,587

5,139
640,546

9,581
665,041

7,536
692,377

13,277
728,341

305,666
27,546

348,244
40,561

321,558
53,892

298,736
58,712

275,423
60,285

257,458
63,515

0
0

5,385

6,536

5,948

7,293

347,114
3,967
151,489

471,503
3,217
185,047

478,726
2,660
216,862

487,360
3,371
257,987

550,513
7,940
267,400

828,909
5,531
530,045

131,530

19,749

172,449

141,556

165,661

171,551

0
60,128

0
263,490

0
86,755

84,446

109,512

121,782

317,469
56,383

458,247
148,723

429,112
150,490

376,233
132,507

392,173
130,424

580,840
318,316

261,086

309,524

278,622

243,726

261,749

262,524

33,333

16,666

31,162

23,425

21,023

37,731
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

33,333

16,666

0
37,731

31,162

23,425

21,023

301,978
100,000

344,834
100,000

343,965
100,000

394,818
100,000

423,822
100,000

505,074
100,000

100,000
0
201,978

100,000
0
244,834

100,000

100,000

100,000

294,818

323,822

405,074

100,000
0
243,965
0
243,965

294,818

323,822

405,074

991,011
991,011
0
688,229

1,217,523
1,217,523
0
868,751

1,446,477
1,446,477

1,495,255
1,495,255

1,594,772
1,594,772

302,782
207,866

348,772
248,959

1,236,300
1,236,300
0
922,723
469,790
452,933
313,577
262,183
172,792
89,391

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

207,866

248,959

1,051,287
47,948
1,003,339
395,190
291,780
203,404
88,376

1,141,001
613,404
527,597
354,254
285,858
191,660
94,198

1,128,322
757,529
370,793
466,450
315,697
209,538
106,159

272,195
19,963
19,963
102,981
45,336

296,559
25,515
25,309
69,438
33,478
15,000

337,909
31,805
31,691
146,290
53,213
12,500

70,777

53,168

(132,793)

100,218
33,752
25,000
0

100,865
11,615
25,000
0

238,912
28,173
27,679
39,534
22,391
15,000
0
69,752

335,311
0
41,466
56,383

361,500
0
64,250
148,723

381,696
0
2,143
150,490

425,980
0
57,645
132,507

447,247
0
20,960
130,424

526,097
0
80,577
318,316

0.43
0.87
13.27
1.52
1.09
69.45
1.16
17.12
35.65
33.66
2.66
6.54

0.05
0.63
1.62
1.49
1.03
71.35
1.38
13.70
31.19
28.95
3.57
6.58

0.41
2.28
13.95
1.52
1.12
74.64
1.36
4.85
11.48
10.64
1.14
5.70
2.43
3.20
0.15
1.71
34.40

0.39
1.38
9.79
1.80
1.30
72.68
1.03
12.77
27.88
25.50

0.44
1.71
11.08
1.78
1.40
76.31
0.98
8.46
16.96
15.90
2.40
5.59
3.74
4.64
0.13
3.60
42.38

0.30
1.99
10.76
1.44
1.43
70.75
1.19
15.03
31.50
30.06
7.45
3.01
5.62
9.17
-0.22
9.31
50.51

8,658

7,699

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

267

10.11
0.00
6.65
30.20

8.28
0.00
8.93
34.48

5.61
6.16
7.12
0.17
5.76
39.48

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Gum & Chemicals Ltd.

2008

2009

2010

26,322

43,887

50,156

50,671

50,205

89,234

115,025

111,092

4,425
116,551

710
124,587

317
131,431

30,815
146,580

26,322
3,366

43,887
3,982

44,955
5,938

49,185
6,974

49,110
7,990

57,557
8,729

0
0

776

776

778

862

249,732
15,452
123,377

294,037
28,592
164,273

404,237
10,406
300,188

267,509
14,344
142,891

562,965
24,482
392,514

438,189
36,693
35,828

63,370

75,064

52,810

76,606

120,530

36,785

0
47,533

0
26,108

0
40,833

3,637
30,031

5,253
20,186

309,384
19,499

139,227
92,400

151,014
120,000

279,104
230,462

196,975
165,000

364,036
217,667

65,162

46,827

31,014

48,642

31,975

146,369

65,162

3,177

0
0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0

3,177

136,827
35,405

186,910
42,486

175,289
42,486

121,205
42,486

249,134
42,486

459,084
42,486

35,405
0
101,422

42,486
0
144,424

42,486

42,486

42,486

42,486
0
132,803
17,553
115,250

78,719
17,553
61,166

206,648
17,553
189,095

416,598
17,553
399,045

619,382
196,994
422,388
555,076

792,845
234,282
558,563
694,077

64,306
36,212

98,768
56,085

566,982
185,460
381,522
499,680
463,420
36,260
67,302
46,845
15,773
31,072

734,117
178,677
555,440
710,978
511,116
199,862
23,139
47,079
20,434
26,645

1,450,778
374,373
1,076,405
1,192,830
912,302
280,528
257,948
76,870
18,313
58,557

1,726,433
271,741
1,454,692
1,369,564
1,252,036
117,528
356,869
89,680
18,471
71,209

74,007
27,898
24,676
156,393
28,464
33,989

74,865
13,857
9,402
267,072
22,000
42,486

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,212

56,085

20,699
7,363
7,081
0

40,501
9,018
0
0

45,249
13,045
1,380
10,728
4,657
4,249
0
(90,249)

136,827
0
6,255
92,400

186,910
0
31,483
120,000

175,289
0
1,822
230,462

121,205
0
(49,835)
165,000

249,134
0
93,940
217,667

462,261
0
202,586
0

0.57
1.80
10.23
2.24
1.79
89.62
1.02
7.35
15.03
15.03
1.88
5.02

0.69
2.02
9.47
2.35
1.95
87.54
0.81
13.19
25.02
25.02

0.23
2.30
9.31
1.25
1.45
88.13
1.59
2.71
5.92
5.92
1.43
1.89
8.77
1.89
-0.32
1.43
41.26

0.48
2.75
10.44
2.31
1.36
96.85
1.63
-10.98
-28.62
-28.62

0.41
1.92
8.31
2.37
1.55
82.22
1.46
33.58
84.46
84.46
3.76
3.70
7.34
10.78
-0.03
30.11
58.64

5.88
0.80
2.13
3.27
6.72
79.33
0.15
46.83
75.42
75.08
5.77
48.19
29.41
15.47
9.09
57.68
108.06

11,174

15,999

20,211
17,620
(42,426)
7,409

103,123

(9,318)

621,494

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

268

4.83

3.34
0.00
3.77
38.65

5.11
0.00
7.41
43.99

5.14
-1.41
-5.78
0.52
-11.73
28.53

Financial Statement Analysis of Non Financial Sector 2012

Pakistan PVC Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

490,333

487,267

187,795

173,602

162,680

379,248

379,161

0
65,735

65,854

198,650

198,671

355,245
3,611

352,179
3,090

56,928
2,778

53,736
3,312

162,470
13,062

150,648
11,843

135,088

135,088

0
0

50

54

130,867

119,866

160

160

8,553
223
898

2,685
52
436

4,510
46
785

6,740
225
959

5,741
134
526

5,686
2,235
579

6,122

1,492

2,249

3,303

3,546

1,457

0
1,310

0
705

0
1,430

2,253

1,535

1,415

315,906
51,007

229,988
47,991

243,809
47,991

253,891
17,752

264,941
50,938

258,091
50,863

264,899

181,997

195,818

236,139

214,003

207,228

162

167

20,212

158
0
0

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

150,862

20,041

158
0

162

167

182,980
149,580

259,964
149,580

(51,662)
149,580

(73,711)
149,580

(96,687)
149,580

(121,755)
149,580

149,580
0
33,400

149,580
0
110,384

149,580

149,580

149,580

(378,391)

(390,009)

(404,860)

149,580
0
(368,961)
0
(368,961)

(378,391)

(390,009)

(404,860)

167,719

155,100

143,742

133,525

16,374
16,374
0
22,978

12,116
12,116
0
17,592

5,748
5,748

6,510
6,510

2,432
2,432

(6,604)
5,543

(5,476)
9,126

3,751
3,751
0
25,808
1,987
23,821
(22,057)
4,433
1,343
3,091

171

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,543

9,126

25,221
2,987
22,234
(19,473)
5,124
1,760
3,364

26,910
4,367
22,543
(20,400)
5,897
2,488
3,409

21,737
1,235
20,502
(19,305)
9,000
2,823
6,177

4,108
7,277
7,239
(20,910)
1,139

5,251
7,277
7,239
(21,832)
1,182

5,743
7,272
7,239
(23,861)
1,161

(19,093)
61
0
0

77,025
40
0
0

2,112
7,293
7,239
(19,934)
414
0
0
(218)

182,980
0
(19,154)
51,007

259,964
0
76,985
47,991

(51,505)
0
(20,348)
47,991

(73,549)
0
(22,049)
17,752

(96,520)
0
(23,014)
50,938

(101,543)
0
(25,022)
50,863

0.02
44.34
37.39
0.03
0.03
140.33
1.73
-3.80
-16.51
-16.51

0.01
60.27
12.31
0.02
0.01
145.20
0.88
15.58
34.78
34.78

0.01
194.43
59.96
0.02
0.02
688.03
-4.72
-5.84
-19.14
-19.13

0.01
126.60
57.46
0.03
0.03
438.78
-3.45
-11.22
33.36
33.44

0.01
111.78
54.47
0.04
0.02
413.36
-2.74
-12.52
25.62
25.67

0.01
299.01
59.91
0.02
0.02
893.79
-2.29
-14.69
21.85
24.09

7,261

7,302

(12,157)

(6,965)

(13,387)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

18.23

27.79

4.78
-1.75
-531.45
0.00
-1.36
-3.45

5.99
-1.89
-363.78
-0.05
-1.47
-4.93

12.38
-2.02
-335.36
-0.03
-1.54
-6.46

4.20
-2.30
-981.13
-0.05
-1.67
-8.14

-116.61
0.00
-1.28
12.23

635.73
0.00
5.15
17.38

269

Financial Statement Analysis of Non Financial Sector 2012

Sanofi-Aventis Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

792,008

1,195,978

1,401,888

1,424,415

1,575,603

1,641,216

1,597,554

2,092,519

618,974
1,779,908

119,808
2,369,446

249,614
2,456,627

256,603
2,717,306

791,082
95,351

1,195,249
105,477

774,373
129,228

1,289,113
174,530

1,281,457
188,096

1,371,570
216,284

926

729

28,188

38

114
0

339

8,427

15,155

16,344

13,005

1,636,045
2,102
1,077,021

1,788,377
2,186
1,104,944

2,037,205
2,286
1,136,737

1,924,012
2,110
1,148,158

2,829,950
3,469
1,652,235

3,814,491
4,994
1,972,178

137,920

151,951

345,808

156,547

301,715

942,657

0
419,002

0
529,296

0
552,374

617,197

872,531

894,662

1,313,929
542,185

1,867,743
872,512

2,075,329
1,367,818

1,368,817
238,744

2,516,026
1,091,099

3,284,043
1,543,440

771,744

995,231

707,511

1,130,073

1,424,927

1,740,603

518,207
375,000

288,192
125,000

156,283

71,315
7,233
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
64,082

143,207

163,192

156,283

1,114,124
96,448

1,116,612
96,448

1,292,449
96,448

1,461,403
96,448

1,601,335
96,448

2,015,381
96,448

96,448
0
1,017,676

96,448
0
1,020,164

96,448

96,448

96,448

96,448
0
1,196,001
55,548
1,140,453

1,364,955
74,176
1,290,779

1,504,887
102,743
1,402,144

1,918,933
129,267
1,789,666

4,203,627
4,190,221
13,406
3,117,555

4,676,542
4,648,737
27,805
3,620,719

1,086,072
872,326

1,055,823
937,154

6,725,708
6,696,389
29,319
5,099,109
2,327,063
2,772,046
1,626,599
1,343,654
1,048,283
295,371

6,158,295
6,097,220
61,075
4,404,751
2,737,003
1,667,748
1,753,544
1,324,082
1,094,063
230,019

7,619,460
7,489,752
129,708
5,585,930
3,472,587
2,113,343
2,033,530
1,660,786
1,398,922
261,864

8,628,385
8,156,137
472,248
5,998,992
3,947,064
2,051,928
2,629,393
2,016,708
1,567,101
449,607

682,304
130,041
126,891
401,641
86,526
96,448

781,728
113,196
63,621
423,416
157,739
96,448

942,240
159,001
30,799
710,366
225,814
120,560

880,332

(6,649)

(141,099)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

872,326

937,154

126,085
35,395
42,437
0

84,365
47,414
13,503
0

721,007
131,012
122,553
253,059
95,708
67,514
0
(233,212)

1,114,124
0
48,253
542,185

1,116,612
0
23,448
872,512

1,363,764
7,233
89,837
1,375,051

1,979,610
375,000
218,667
613,744

1,889,527
125,000
169,229
1,216,099

2,171,664
0
363,992
1,543,440

0.11
2.60
3.28
1.73
1.25
74.16
1.18
5.71
11.31
11.31
2.14
3.90

0.08
1.86
3.25
1.57
0.96
77.42
1.67
3.12
7.56
7.56
2.74
4.23

0.17
1.95
5.14
1.96
0.98
75.82
1.66
7.88
21.01
20.40
2.33
5.92
3.06
3.76
-0.11
16.31
134.00

0.12
2.11
2.54
1.84
1.41
71.53
1.29
11.83
29.17
24.03
3.27
5.36
4.17
6.52
0.47
32.67
151.52

0.12
1.49
3.96
1.73
1.12
73.31
1.75
10.92
27.65
21.89
2.75
4.61
7.66
5.56
0.00
27.55
166.03

0.29
1.84
10.93
1.58
1.16
69.53
1.71
14.41
39.28
34.98
4.02
4.38
24.06
8.23
-0.04
50.24
208.96

109,299

87,113

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

270

3.00
0.00
9.40
115.52

1.80
0.00
3.83
115.77

Financial Statement Analysis of Non Financial Sector 2012

Sardar Chemical Industries Ltd.

2008

2009

2010

37,618

33,007

34,833

30,930

27,511

117,691

117,367

0
117,789

117,764

117,764

119,910

37,618
5,283

33,007
4,505

31,447
4,448

28,415
3,997

24,996
3,419

25,041
3,525

0
0

3,386

2,515

2,515

1,823

125,545
7,398
38,807

131,744
3,032
39,451

127,161
7,684
28,814

131,906
9,362
27,381

131,126
9,284
36,023

134,827
4,934
32,129

65,758

73,414

73,623

76,185

65,776

73,617

0
13,582

0
15,847

0
17,040

18,978

20,043

24,147

68,642
55,199

71,618
57,651

65,764
50,328

66,105
48,032

59,920
42,123

58,965
38,314

13,443

13,967

15,436

18,073

17,797

20,651

4,333

2,380

2,936

3,797

3,502

4,190
4,190
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

(Thousand Rupees)
2011
2012

2007

Items

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

26,864

4,333

2,380

0
0

2,936

3,797

3,502

90,188
60,000

90,753
60,000

92,040
60,000

93,795
60,000

94,920
60,000

99,224
60,000

60,000
0
30,188

60,000
0
30,753

60,000

60,000

60,000

60,000
0
32,040
30,000
2,040

33,795
30,000
3,795

34,920
30,000
4,920

39,224
30,000
9,224

117,550
114,045
3,505
83,969

125,068
122,301
2,767
94,977

33,581
21,096

30,091
19,862

127,708
126,632
1,076
94,859
68,477
26,383
32,849
20,244
6,838
13,406

139,730
137,270
2,460
107,706
83,934
23,772
32,024
20,833
6,999
13,834

146,760
145,037
1,723
117,959
97,727
20,232
28,801
21,444
7,087
14,357

158,708
156,205
2,503
124,814
93,274
31,540
33,894
25,276
8,232
17,044

14,694
8,544
8,219
2,854
999

15,910
3,355
2,788
4,002
1,463

17,486
3,340
2,786
6,379
2,052
3,000

4,888

7,443

605

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

21,096

19,862

4,957
588
1,500
0

2,316
811
0
0

14,467
10,294
9,849
2,568
899
0
0
10,922

94,521
0
2,869
55,199

93,133
0
1,505
57,651

96,230
4,190
1,669
54,518

96,731
0
1,855
48,032

98,717
0
2,539
42,123

102,726
0
1,327
38,314

1.07
6.69
55.94
0.72
1.83
71.43
0.81
3.13
5.58
5.40
2.91
3.03

1.07
6.44
58.70
0.76
1.84
75.94
0.82
1.41
2.56
2.47

1.24
8.06
57.65
0.79
1.93
74.28
0.76
1.57
2.81
2.71

1.29
6.11
54.52
0.86
2.00
77.08
0.74
1.76
3.07
2.96

1.25
2.29
44.82
0.93
2.19
80.38
0.67
2.49
4.24
4.10

1.33
2.10
46.39
0.98
2.29
78.64
0.63
3.98
6.57
6.33
1.44
4.94
3.29
4.02
0.01
0.72
16.54

7,860

8,051

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

271

3.17

4.43
1.26
2.01
0.16
0.28
15.34

5.10
1.35
2.04
0.07
0.31
15.63

4.07
2.44
2.73
0.12
0.42
15.82

4.22
0.00
0.73
15.03

1.85
0.00
0.25
15.13

Financial Statement Analysis of Non Financial Sector 2012

Searle Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

787,845

670,447

707,079

817,865

934,331

2,870,004

1,077,199

1,108,374

0
1,153,939

354
1,358,979

48,620
1,446,495

131,236
3,259,032

687,698
89,793

652,897
86,455

619,920
96,471

740,194
93,183

773,406
93,243

2,523,973
87,988

100,147

17,550

104,352

86,570

82,393
0

69,445

4,766

7,872

7,953

128,225

1,771,538
93,762
385,618

1,626,160
69,274
223,520

1,872,052
232,053
384,931

2,334,006
132,808
545,421

3,053,414
167,590
850,160

2,407,129
80,343
780,345

1,067,121

988,425

1,043,967

1,387,399

1,061,501

1,202,418

0
225,037

200,000
144,941

0
211,101

268,378

974,163

344,023

1,175,336
297,465

963,029
262,650

1,011,197
395,818

1,345,027
385,997

1,871,721
839,011

1,845,624
712,769

877,871

700,379

615,379

959,030

1,032,710

1,132,855

335,908

210,346

117,795

105,281

205,096
106,065
0

1,061,835
966,667

Items

335,908

210,346

25,214
73,817

29,187
88,608

32,472
72,809

95,168

1,048,139
242,109

1,123,232
266,320

1,362,838
266,320

1,689,049
306,268

2,010,743
306,268

2,369,674
336,895

242,109
0
806,030

266,320
0
856,912

306,268

306,268

336,895

266,320
0
866,666
119,513
747,153

1,175,297
124,060
1,051,237

1,524,574
146,818
1,377,756

1,871,396
160,998
1,710,398

229,852

207,484

179,901

161,383

3,114,570
2,964,947
149,623
2,155,732

3,253,347
3,147,068
106,279
2,287,526

958,838
763,506

965,821
654,077

3,123,856
2,942,109
181,747
1,927,370
1,024,560
902,810
1,196,486
830,419
697,611
132,808

4,176,468
3,893,930
282,538
2,389,703
1,429,952
959,751
1,786,765
1,182,102
1,014,855
167,247

4,876,869
4,606,608
270,261
2,817,966
1,461,068
1,356,898
2,058,903
1,304,423
1,092,377
212,046

5,659,437
5,350,428
309,009
3,312,050
1,870,469
1,441,581
2,347,387
1,448,749
1,211,880
236,869

507,273
112,355
89,641
557,427
194,326
91,880
220,117

604,547
306,520
104,649
563,397
169,944
45,940
30,627
295,109

685,807
307,960
127,771
618,823
187,045
33,690
134,758
1,462,108

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

763,506

654,077

141,577
64,131
24,211
24,211

253,314
81,555
26,632
0

464,356
105,080
86,876
325,756
129,588
79,896
0
298,583

1,384,047
0
53,235
297,465

1,333,578
0
145,127
262,650

1,567,934
106,065
116,272
501,883

1,806,844
0
271,221
385,997

2,116,024
0
347,513
839,011

3,431,509
966,667
398,089
1,679,436

0.99
3.12
34.26
1.22
1.51
69.21
1.44
5.75
13.99
10.09
3.20
8.08

1.31
3.45
30.38
1.42
1.69
70.31
1.04
10.43
23.33
18.64
6.45
14.56

1.26
3.36
33.42
1.21
1.85
61.70
0.89
13.36
26.21
22.45
2.46
8.12
4.75
10.43
0.25
7.37
51.17

1.13
2.69
33.22
1.33
1.74
57.22
0.87
19.45
36.53
33.03
3.95
7.66
7.22
13.35
0.15
11.86
55.15

0.66
6.29
21.77
1.22
1.63
57.78
0.98
15.78
30.46
28.72
8.56
5.74
6.38
11.55
0.15
12.85
65.65

0.70
5.44
21.25
1.07
1.30
58.52
1.23
13.36
28.25
22.31
12.82
7.25
5.84
10.93
0.50
12.82
70.34

97,161

112,228

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

272

4.55
0.00
3.20
43.29

7.79
0.00
6.45
42.18

Financial Statement Analysis of Non Financial Sector 2012

Shaffi Chemical Industries Ltd.

2008

2009

2010

31,629

29,061

114,679

124,773

122,878

72,992

72,992

0
72,992

72,992

72,992

72,992

31,629
2,827

29,061
2,568

26,738
2,324

24,632
2,106

22,722
1,911

20,986
1,736

0
87,718

99,918

99,933

95,645

224

223

223

223

242,363
114
14,416

256,693
509
7,012

209,458
613
250

213,482
1,159
651

17,648
1,435
2,110

20,789
1,755
5,943
1,413

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

557

11,605

20,480

14,867

1,839

54,932
182,635

0
188,115

196,805

12,264

11,678

97,712
49,992

113,224
49,992

72,712
49,992

72,176
49,992

71,001
49,992

75,751
49,992

47,720

63,232

22,721

22,184

21,009

25,759

39,032

12,735

13,034

38,798
0
37,940

1.Short term Secured loans

2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

116,854

57,779
169,497

C.Current Liabilities (C1+C2)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

858
0

39,032

12,735

13,034

176,280
120,000

172,530
120,000

212,627
120,000

227,047
120,000

56,790
120,000

48,858
120,000

120,000
0
56,280

120,000
0
52,530

120,000

120,000

120,000

96,673

(72,906)

(80,096)

120,000
0
81,347
0
81,347

96,673

(72,906)

(80,096)

11,280

10,374

9,696

8,954

12,745
12,745
0
12,524

128,624
128,624
0
100,606

136,894
136,894

42,641
42,641

14,069
14,069

221
1,992

28,018
16,925

125,501
125,501
0
105,636
95,470
10,166
19,865
12,528
3,573
8,956

97,799
90,246
7,553
39,095
36,158
24,897
11,261

29,016
19,970
9,046
13,625
183,451
18,325
165,126

13,653
10,033
3,620
416
3,858
460
3,398

14,715
32

4,430
17

2,974
45

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,992

16,925

1,827
92
0
0

11,103
643
0
0

8,848
30
0
40,831
0
0
0
262

176,280
0
1,735
49,992

172,530
0
10,460
49,992

251,424
0
40,831
49,992

266,079
0
3,056
49,992

69,525
0
(170,845)
49,992

61,892
0
(14,511)
49,992

0.60
0.51
4.37
0.05
2.48
98.27
0.55
0.73
1.18
1.18

0.59
0.05
9.02
0.45
2.27
78.22
0.66
3.97
6.37
6.37

0.29
0.02
16.32
0.39
2.88
84.17
0.52
13.39
21.20
19.26

0.22
0.02
10.86
0.40
2.96
71.44
0.49
1.13
1.70
1.45

0.05
0.04
4.31
0.30
0.25
68.05
1.47
-71.19
-120.08
-101.56

0.04
0.32
10.04
0.10
0.27
97.04
1.82
-10.33
-27.20
-21.87

65

70

3,740
684

(170,416)
429

(14,370)
141

1,382

26,965

320

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

273

0.88

18.34

501.54

210.28

20.21

2.37

14.34
0.00
0.14
14.69

8.63
0.00
0.87
14.38

32.53
0.00
3.40
17.72

2.73
0.01
0.25
18.92

-399.65
0.32
-14.24
4.73

-102.14
0.00
-1.21
4.07

Financial Statement Analysis of Non Financial Sector 2012

Sitara Chemical Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,220,212

4,824,079

7,970,084

8,530,981

8,001,028

10,165,372

5,864,276

6,684,164

286,017
7,116,722

186,189
8,157,033

168,725
8,367,317

278,252
6,380,946

4,220,212
260,033

4,824,079
416,078

4,851,602
412,745

5,489,389
435,158

5,210,179
499,888

6,061,686
467,545

0
2,782,841

85,509

1,673,336

2,887,644

49,624

2,769,894

948,788

937,790

2,164,359
252,695
441,676

3,969,314
240,943
526,916

2,143,328
294,165
773,762

1,779,477
142,970
502,292

3,471,236
140,777
885,083

2,715,289
79,862
902,721

561,087

563,788

663,921

433,457

512,398

796,203

82,795
826,106

1,352,350
1,285,317

0
411,481

700,758

1,932,978

936,503

2,596,401
222,628

3,453,388
268,280

2,343,211
540,091

2,128,504
1,447,808

3,940,420
2,223,034

4,279,703
2,407,684

2,373,773

3,185,108

1,803,120

680,696

1,717,386

1,872,019

1,865,953

1,797,673

3,801,664
2,785,752
0

3,876,983
2,735,240

2,824,812
1,810,243

2,732,006
1,334,776

1,646,875

Items

219,078

1,797,673

5,206
1,010,706

1,141,743

1,014,569

1,397,230

1,922,217
185,536

3,542,332
204,090

3,968,537
204,090

4,304,971
204,090

4,707,032
214,294

5,868,952
214,294

185,536
0
1,736,681

204,090
0
3,338,242

204,090

214,294

214,294

204,090
0
2,757,899
86,770
2,671,130

3,131,101
97,490
3,033,611

3,572,116
97,490
3,474,626

4,188,592
97,490
4,091,102

1,006,548

969,780

920,622

1,466,066

5,043,078
4,989,739
53,339
3,958,698

6,355,398
6,292,239
63,159
4,800,113

5,735,796
5,735,796

1,084,380
259,512

1,555,285
330,701

6,178,399
6,103,027
75,372
4,216,644
1,291,999
2,924,645
1,961,755
387,555
68,292
319,263

4,197,071
1,138,194
3,058,877
1,538,725
346,044
62,952
283,092

6,216,880
5,990,251
226,629
4,663,239
1,673,402
2,989,837
1,553,641
383,139
123,094
260,045

7,463,926
6,941,017
522,909
5,393,939
1,428,802
3,965,137
2,069,987
438,908
127,287
311,621

316,684
610,111

324,869
694,926

327,447
685,414

609,962
86,362
51,023
10,205
267,998

518,229
218,293
133,934

984,051
240,421
171,435

1,254,096

889,378

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

259,512

330,701

536,916
21,874
102,044
18,537

919,300
320,947
153,068
0

393,100
604,981
596,474
987,894
303,228
153,067
0
359,439

3,788,170
1,646,875
412,998
1,869,503

5,340,005
0
445,285
268,280

7,770,201
2,785,752
531,599
3,325,843

8,181,954
2,735,240
472,578
4,183,048

7,531,844
1,810,243
166,002
4,033,277

8,600,958
1,334,776
572,195
3,742,460

0.35
6.30
11.13
0.79
0.83
78.50
2.32
9.14
29.99
15.54
5.05
11.42

0.62
5.79
8.87
0.72
1.15
75.53
1.48
12.11
33.65
20.14
3.91
12.06

0.41
9.79
10.75
0.61
0.91
68.25
1.55
10.45
26.31
15.07
4.47
7.98
2.66
15.99
0.06
33.55
194.45

0.27
10.64
7.56
0.56
0.84
73.17
1.40
5.97
14.74
7.65
10.26
11.42

0.17
11.18
8.24
0.54
0.88
75.01
1.44
4.76
11.50
6.60
2.24
7.02

0.20
9.18
10.67
0.58
0.63
72.27
1.19
8.08
18.61
12.20
4.34
8.27

317,624

368,095

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

274

10.65
0.00
27.76
103.60

14.46
0.00
29.32
173.57

10.63
0.04
25.66
210.93

8.34
0.19
14.00
219.65

13.18
0.13
34.70
273.87

Financial Statement Analysis of Non Financial Sector 2012

Sitara Peroxide Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,394,479

2,263,653

2,252,558

2,065,747

157,666
2,384,410

7,375
2,567,467

101,884
2,585,464

47,870
2,618,599

2,228,698
105,239

2,252,573
161,222

2,105,969
165,387

1,971,872
168,196

0
0

8,115

3,705

44,705

46,005

572,625
6,670
343,495

457,794
4,335
254,687

636,039
18,739
377,672

668,874
10,953
421,916

48,651

29,822

24,373

6,884

0
173,809

168,950

215,255

229,121

725,797
523,365

625,265
47,896

804,596
196,227

1,059,253
372,942

202,432

577,369

608,369

686,311

1,321,594
1,223,175
0

1,355,614
1,353,196

1,177,182
1,174,342

967,184
938,006

0
932
97,487

2,418

2,840

29,178

919,713
551,000

740,568
551,000

906,819
551,000

708,184
551,000

551,000
0
(181,635)
0
(181,635)

551,000

551,000

551,000

(331,307)

(133,210)

(302,451)

(331,307)

(133,210)

(302,451)

550,348

520,875

489,029

459,635

628,523
622,727
5,796
525,874
157,277
368,598
102,648
44,762
13,131
31,631

714,986
706,916
8,070
694,845
251,914
442,931
20,141
49,239
13,502
35,737

1,289,332
1,253,012
36,320
785,848
250,981
534,867
503,484
71,337
19,903
51,434

985,001
950,669
34,332
832,488
463,501
368,987
152,513
77,993
23,243
54,750

38,183
245,934
237,349
(188,047)
41
0
0
(234,448)

49,572
243,270
192,913
(272,888)
3,744

56,363
253,263
249,803
179,435
13,183

64,037
248,577
243,742
(172,113)
10,102

(10,446)

154,500

11,886

2,241,307
1,223,175
(188,088)
1,746,540

2,096,182
1,353,196
(276,632)
1,401,092

2,084,001
1,174,342
166,252
1,370,569

1,675,368
938,006
(182,215)
1,310,948

0.08
39.13
7.74
0.21
0.79
83.67
2.23
-6.34
-20.45
-8.39

0.05
34.02
4.17
0.26
0.73
97.18
2.67
-9.59
-32.87
-12.58

0.05
19.64
1.89
0.45
0.79
60.95
2.19
6.40
21.78
8.59

0.02
25.24
0.70
0.36
0.63
84.52
2.86
-6.12
-21.31
-9.16

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

275

1.83
0.21
-29.92
-0.11
-3.41
16.69

2.81
-0.41
-38.17
-0.01
-5.02
13.44

3.41
1.72
13.92
0.08
3.02
16.46

2.33
0.29
-17.47
0.01
-3.31
12.85

Financial Statement Analysis of Non Financial Sector 2012

United Distributors Pakistan Ltd.

2008

2009

2010

32,338

39,574

278,101

347,692

321,119

53,712

65,087

0
65,087

167,056

154,642

80,450

32,338
1,589

39,574
8,924

82,305
13,490

117,010
23,115

89,453
29,817

38,624
19,387

0
191,319

224,408

600
225,533

1,131
325,745

4,477

6,274

5,533

1,540

293,721
10,213
128,294

470,796
3,279
271,236

435,307
29,883
353,480

587,591
46,321
453,228

452,954
6,638
399,073

274,071
40,514
207,857

15,148

4,346

3,218

20,687

12,389

6,628

26,394
113,672

149,305
42,630

0
48,726

67,355

34,854

19,072

216,630
26,484

371,733
48,083

450,178
24,197

702,518
94,107

678,603
98,027

496,554
196,912

190,146

323,650

425,981

608,411

580,576

299,642

13,767

7,113

62,749

22,081

9,850

53,461
37,805
0

13,767

7,113

3,471
12,185

5,494
57,255

5,560
16,521

5,467
4,383

95,662
72,600

131,524
72,600

209,769
83,490

170,016
91,839

73,389
91,839

134,707
91,839

72,600
0
23,062

72,600
0
58,924

91,839

91,839

91,839

78,177

(18,450)

42,868

83,490
0
126,279
0
126,279

78,177

(18,450)

42,868

311,096
311,096
0
252,114

656,785
656,785
0
542,075

1,143,401
1,143,401

1,020,239
1,020,239

502,354
502,354

58,982
87,419

114,710
129,481

773,324
773,324
0
585,932
413,065
172,867
187,392
178,746
158,125
20,621

928,826
718,199
210,627
214,575
286,093
261,109
24,984

816,007
423,717
392,290
204,232
273,292
249,044
24,248

401,768
136,434
265,334
100,586
139,825
124,868
14,957

112,014
41,191
5,294
(19,212)
5,717

119,861
53,636
14,763
(99,396)
8,754

65,158
57,805
21,704
36,721
5,891

(21,184)

(26,335)

(98,648)

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

367,040

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

87,419

129,481

3,547
1,372
0
0

22,307
3,998
0
10,890

67,049
19,832
5,814
84,593
9,635
8,349
8,349
72,897

109,429
0
2,175
26,484

138,637
0
18,309
48,083

263,230
37,805
66,609
62,002

232,765
0
(24,929)
94,107

95,470
0
(108,150)
98,027

144,557
0
30,830
196,912

0.24
3.31
4.87
0.95
1.36
81.04
2.41
1.23
3.76
3.44

0.42
1.87
0.66
1.29
1.27
82.53
2.88
5.33
19.64
17.98

0.07
2.56
0.42
1.08
0.97
75.77
2.40
13.82
49.57
42.10
8.98
2.19
15.55
10.94
0.14
8.98
25.13

0.10
3.60
1.81
1.22
0.84
81.23
4.50
-2.33
-10.12
-7.75

0.03
5.26
1.21
1.32
0.67
79.98
9.55
-11.63
-81.67
-60.56

0.09
11.51
1.32
0.78
0.55
79.98
3.76
5.19
35.29
30.60

10,304

12,254

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

276

2.42

2.42

1.14
0.00
0.30
13.18

3.40
0.00
2.52
18.12

2.52
-2.63
-1.68
-0.03
-2.71
18.51

2.56
-5.73
-9.74
-0.04
-11.78
7.99

2.42
2.69
7.31
-0.19
3.36
14.67

Financial Statement Analysis of Non Financial Sector 2012

Wah Nobel Chemicals Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

117,470

109,852

142,619

138,315

136,067

221,748

222,933

0
109,852

229,759

229,778

229,845

117,470
6,278

109,852
7,420

110,111
6,500

105,209
8,070

100,181
5,047

92,989
7,260

0
32,507

33,106

35,886

36,165

308,866
30,576
57,345

460,246
9,405
117,445

399,766
18,653
50,339

358,411
24,373
51,423

385,464
71,904
37,284

491,637
103,739
111,785

157,117

247,918

283,805

241,500

230,111

218,068

25,703
38,125

31,405
54,073

2,647
44,322

2,671
38,444

2,583
43,582

2,583
55,462

211,209
104,434

270,978
87,091

176,566
60,537

103,584
662

109,815

181,892

106,775

183,887

116,029

102,922

109,815

181,892

10,305

8,755

14,693
0
0

11,025

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

129,154

0
14,693

11,025

10,305

8,755

215,127
90,000

299,120
90,000

351,126
90,000

382,117
90,000

401,411
90,000

430,144
90,000

90,000
0
125,127

90,000
0
209,120

90,000

90,000

90,000

90,000
0
261,126
944
260,182

292,117
944
291,173

311,411
944
310,467

340,144
944
339,200

571,528
571,528
0
490,393

810,196
810,196
0
588,474

712,677
712,677

698,678
698,678

1,147,502
1,147,502

81,135
37,123

221,722
64,229

715,258
715,258
0
490,092
417,785
72,307
225,166
62,558
33,633
28,925

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

37,123

64,229

527,201
467,898
59,303
185,476
66,880
37,364
29,516

546,766
479,150
67,616
151,912
53,089
34,633
18,456

957,652
867,357
90,295
189,850
79,850
43,561
36,289

34,871
7,198
6,809
117,002
44,798
45,000

37,115
4,371
3,711
97,844
34,648
45,000

43,834
569
42
116,968
44,554
45,000

29,503
12,257
18,000
0

152,514
0
45,000
0

40,779
19,701
18,241
146,059
51,799
45,000
0
89,676

215,127
0
(754)
104,434

299,120
0
107,514
87,091

365,819
0
49,260
60,537

393,142
0
27,204
662

411,716
0
18,196
0

438,899
0
27,414
0

1.01
3.01
27.49
1.34
1.46
85.80
0.98
7.03
13.78
13.20
0.96
9.97

1.07
1.70
30.60
1.42
1.70
72.63
0.91
30.61
59.32
59.32
3.39
6.90

1.73
2.75
39.68
1.32
2.26
68.52
0.54
26.26
44.92
43.93
2.09
14.21
9.01
20.42
0.47
10.47
39.01

2.59
1.01
33.89
1.43
3.46
73.97
0.30
22.52
31.91
30.83
1.60
13.86
18.18
16.42
0.99
8.02
42.46

2.77
0.63
32.94
1.34
3.51
78.26
0.30
19.22
24.98
24.31
1.40
18.74
27.37
14.00
0.77
7.02
44.60

1.78
0.05
19.00
1.85
2.70
83.46
0.44
20.48
28.13
27.50
1.61
10.27
2,785.95
10.19
0.40
8.05
47.79

17,203

13,737

113,486

93,048

76,890

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

277

5.16
0.00
1.92
23.90

18.82
0.00
16.95
33.24

Financial Statement Analysis of Non Financial Sector 2012

Wyeth Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

217,458

226,632

193,721

161,701

154,852

164,628

455,508

466,652

0
391,738

159
395,728

2,090
410,159

14,939
427,302

217,458
25,207

226,632
33,956

179,681
33,537

144,728
39,261

132,874
27,704

134,850
28,165

0
0

14,040

16,814

19,888

14,839

1,607,276
51,993
563,189

1,282,920
50,911
756,391

1,258,573
35,648
800,768

1,391,209
828,388

1,569,362
69,797
1,246,265

1,523,495
170,907
1,089,262

138,572

242,804

277,447

50,431

44,300

103,341

720,000
133,522

87,000
145,814

0
144,710

512,390

209,000

159,985

413,281
0

378,700
0

464,793
0

544,087

553,830

382,676

413,281

378,700

464,793

544,087

553,830

382,676

5,238
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
5,238

1,411,453
142,161

1,130,852
142,161

982,263
142,161

1,008,823
142,161

1,170,384
142,161

1,305,447
142,161

142,161
0
1,269,292

142,161
0
988,691

142,161

142,161

142,161

866,662

1,028,223

1,163,286

142,161
0
840,102
0
840,102

866,662

1,028,223

1,163,286

2,170,192
2,005,672
164,520
1,434,932

2,490,972
2,318,685
172,287
1,786,322

735,260
447,382

704,650
541,244

2,306,323
2,105,782
200,541
1,805,262
1,038,556
766,706
501,061
544,076
332,283
211,793

2,310,191
2,182,251
127,940
1,829,653
984,031
845,622
480,538
454,274
340,214
114,060

2,899,363
2,739,923
159,440
2,157,447
1,309,676
847,771
741,916
508,130
386,808
121,322

3,145,950
2,890,425
255,525
2,414,714
1,476,937
937,777
731,236
520,435
400,260
120,175

367,589
3,014
2,158
43,229
28,439
14,216

364,422
870

386,871
877

210,669

(141,266)

190,751

1,008,823
0
574
0

1,170,384
0
127,271
0

1,305,447
0
25,290
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

447,382

541,244

359,067
98,964
107,189
0

229,089
80,702
355,402
0

344,712
3,752
0
(31,593)
58,083
0
0
(12,768)

1,411,453
0
152,914
0

1,130,852
0
(207,015)
0

987,501
0
(89,676)
0

2.20
0.04
6.39
1.19
3.89
66.12
0.29
20.45
26.70
26.70
2.43
3.85

1.01
0.04
9.75
1.65
3.39
71.71
0.33
13.74
18.02
18.02
0.42
3.29

0.67
0.16
12.03
1.59
2.71
78.27
0.48
-2.13
-2.99
-2.98

861

1,106

272,845
88,710
56,864

244,232
105,213
113,729

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

278

2.88

16.55
0.00
182.96
992.86

9.20
0.00
104.38
795.47

-1.37
-0.03
-6.31
69.10

0.09
0.13
2.18
1.49
2.56
79.20
0.54
2.88
4.34
4.33
1.04
2.79
21.03
1.87
0.39
10.40
709.63

0.21
0.03
1.53
1.68
2.83
74.41
0.47
16.65
25.04
25.04
3.24
2.33

0.72
0.03
3.28
1.86
3.98
76.76
0.29
14.31
19.73
19.73
1.22
2.89

9.41
-0.26
129.53
823.28

7.76
0.50
97.79
918.29

OTHER MANUFACTURING N.E.S.

279

Financial Statement Analysis of Non Financial Sector 2012

Other Manufacturing n.e.s. - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

27,342,336

30,352,045

41,947,654

55,683,563

64,544,730

78,701,732

41,982,867

46,252,398

5,523,297
51,333,903

9,207,560
62,991,090

5,993,245
77,727,851

10,967,136
77,680,279

27,329,814
2,326,237

30,321,942
2,461,279

33,159,291
2,704,966

41,597,715
3,356,843

54,022,311
4,574,578

53,875,033
4,249,309

12,522

30,103

61,138
2,122,425

85,734
3,175,380

91,951
2,973,427

79,312
4,387,089

1,081,503

1,617,174

1,463,796

9,393,162

33,656,128
2,781,152
16,420,166

40,706,183
1,454,147
23,360,531

40,842,467
2,983,264
24,744,468

53,489,505
2,894,678
33,772,390

68,926,766
3,345,749
41,980,139

79,388,353
3,872,172
49,542,321

5,480,691

5,437,920

6,145,919

7,815,558

8,309,735

10,134,492

4,615,614
4,358,505

3,460,003
6,993,582

1,184,379
5,784,437

1,473,701
7,533,178

1,170,476
14,120,667

2,385,521
13,453,847

26,066,926
10,151,302

33,893,368
13,531,866

33,953,814
10,905,433

44,872,470
20,521,259

60,711,177
31,871,217

71,281,072
37,847,827

15,915,624

20,361,502

23,048,381

24,351,211

28,839,960

33,433,245

7,413,782

7,563,573

11,674,616
5,468,344
122,000

16,578,832
8,964,483
195,999

17,899,958
11,862,123
510,571

20,580,671
14,322,587
470,523

73,652

787,442

787,442

787,442

787,442

221,287
6,409,621

325,163
4,414,659

385,203
4,614,916

Items

7,340,130

7,563,573

196,868
5,099,962

27,517,756
7,912,226

29,601,287
8,236,856

37,161,691
9,285,477

47,721,766
10,202,057

54,860,361
14,473,922

66,228,342
14,535,320

7,912,226
0
19,605,530

8,236,856
0
21,364,431

9,285,477
0
19,251,399
322,648
18,928,751

10,202,057
0
26,770,101
535,768
26,234,333

14,473,922
0
27,982,765
640,990
27,341,775

14,535,308
12
32,050,817
815,717
31,235,100

8,624,815

10,749,608

12,403,674

19,642,205

112,011,012
107,262,058
4,748,954
92,607,022

133,815,977
127,396,203
6,419,774
111,918,877

19,403,990
9,191,426

21,897,100
11,425,344

94,507,197
88,311,701
6,195,496
70,352,065
50,835,192
19,516,873
24,155,132
13,383,940
8,393,937
4,990,003

121,270,978
107,545,233
13,725,745
94,902,799
64,866,437
30,036,362
26,368,179
16,776,885
9,945,506
6,831,379

129,392,822
112,738,224
16,654,598
103,891,349
80,005,317
23,886,032
25,501,473
18,857,179
9,877,068
8,980,111

166,676,886
145,133,647
21,543,239
134,320,652
97,171,855
37,148,797
32,356,234
19,734,949
12,372,546
7,362,403

9,785,088
2,162,108
1,618,231
9,256,123
3,112,058
2,645,144
4,170,925
1,787,190

12,340,529
3,505,815
2,921,759
6,010,413
2,579,853
2,325,577
170,823
(3,474,254)

10,849,922
5,438,342
4,395,380
8,335,730
3,000,931
2,215,033
109,436
2,312,352

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

9,191,426

11,425,344

10,176,890
2,671,183
2,638,035
238,463

9,668,115
2,793,049
4,110,801
383,165

7,878,314
2,213,131
1,694,143
9,379,188
3,332,128
4,122,551
523,293
10,555,638

34,931,538
73,652
4,867,672
10,224,954

37,164,860
0
2,764,265
13,531,866

48,836,306
6,255,786
1,924,509
17,161,219

64,300,598
9,751,925
3,498,921
30,273,184

72,760,319
12,649,565
1,104,983
44,520,782

86,809,013
15,110,029
3,119,766
52,957,856

0.49
1.25
4.89
1.84
1.29
82.68
1.22
18.30
41.47
32.40
2.85
6.82

0.31
1.26
4.06
1.88
1.20
83.64
1.40
14.64
33.85
26.82
1.67
5.73

0.30
2.34
6.50
1.14
1.20
74.44
1.23
12.19
28.10
21.81
1.47
3.82
6.54
9.92
0.23
6.51
40.02

0.27
1.78
6.44
1.11
1.19
78.26
1.29
9.64
21.81
16.36
2.32
3.59
6.72
7.63
0.03
6.02
46.78

0.21
2.71
6.42
0.97
1.14
80.29
1.43
4.95
11.72
8.77
1.48
3.08
3.06
4.65
-0.04
2.32
37.12

0.23
3.26
6.08
1.05
1.11
80.59
1.39
5.72
13.77
10.45
2.41
3.36
2.90
5.00
0.03
3.58
44.44

1,404,664

1,688,601

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

280

9.09
0.00
9.49
34.78

7.22
0.00
8.35
35.94

Billion Rs

Growth with Composition of Assets & Liabilities

90
80
70
60
50
40
30
20
10
0

20%
18%
17.2%
16%
14.8%
14%
13.2%
13.0%
12%
10%
8%
6%
4%
2%
0%
Current Assets
Current
Non-Current
Shareholders
Liabilities
Liabilities
Equity
2011
2012
Growth

18.0%

Non-Current
Assets

Growth & Composition of Operations

Billion Rs

2011
180
160
140
120
100
80
60
40
20
0

Growth
30%

27.9%

25%
22.4%

21.2%

20%
15%
10%
5%
0%

Sales

Gross Profit

13.77

14

2012

2012

4.65

10.45

10

2011

2011

11.72

12

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

3.58

8.77

8
6

4.95

Percentage

Percentage

2012

5.72

2.32

1.43

1.39

1.14 1.11

2
1

0
Return on
Return on
Assets
Equity

0
Return on
Capital
Employed

Current
Ratio

281

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Al-Khair Gadoon Ltd.

2008

2009

2010

50,880

49,380

82,369

69,197

76,288

84,510

104,784

107,341

0
107,340

0
114,081

4,200
118,137

1,056
116,271

50,880
5,052

49,380
5,139

51,611
4,878

53,550
5,731

56,528
7,205

59,749
5,980

0
29,995

0
14,995

0
14,995

0
0

763

652

565

23,705

203,261
2,179
107,330

230,928
942
123,303

198,603
1,262
130,085

224,305
3,159
85,534

359,805
2,003
211,843

404,687
13,448
235,383

28,430

34,515

33,271

74,125

44,666

3,057

29,995
35,327

30,596
41,572

0
33,985

0
61,487

0
101,293

0
152,799

111,749
39,779

139,568
48,386

126,451
25,978

127,389
103,138

261,982
127,503

285,664
132,264

71,970

91,182

100,473

24,251

134,479

153,400

2,743

962

11,370
1,020
0

14,455
2,108
0

17,330
1,235
0

6,389
223
0

4,660
7,687

5,593
10,502

6,166
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

2,743

962

3,892
6,458

139,649
100,000

139,778
100,000

143,151
100,000

151,658
100,000

156,781
100,000

197,144
100,000

100,000
0
39,649

100,000
0
39,778

100,000
0
43,151
25,000
18,151

100,000
0
51,658
25,000
26,658

100,000
0
56,781
25,000
31,781

100,000
0
97,144
25,000
72,144

275,239
275,239
0
238,284

259,718
259,718
0
223,792

36,955
38,325

35,926
30,812

232,063
232,063
0
197,492
191,191
6,301
34,571
28,099
0
28,099

523,685
523,685
0
444,512
391,699
52,813
79,173
71,465
31,515
39,950

540,467
540,467
0
451,582
451,582
0
88,885
73,189
37,314
35,875

873,529
873,529
0
748,560
722,523
26,037
124,969
88,624
43,484
45,140

4,243
1,975
1,598
9,843
535

9,711
1,227
875
12,862
3,127
0
0
(15,528)

10,804
3,153
2,408
13,341
5,405
10,000
0
(9,926)

227,880
4,264
3,461
35,063
8,735
15,000
0
15,327

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

38,325

30,812

4,457

1,816

(2,208)
1,376
0
0

8,679
1,785
10,000
0

0
23,313

142,392
0
(3,584)
39,779

140,740
0
(3,106)
48,386

154,521
1,020
9,308
26,998

166,113
2,108
9,735
105,246

174,111
1,235
(2,064)
128,738

203,533
223
11,328
132,487

0.54
1.62
10.33
1.08
1.82
86.57
0.82
-0.95
-1.62
-1.60

0.47
0.70
13.29
0.93
1.65
86.17
1.01
3.25
6.21
6.13
0.69
2.11

0.27
0.85
14.34
0.83
1.57
85.10
0.96
3.51
6.96
6.67

0.61
0.23
14.15
1.78
1.76
84.88
0.94
4.48
8.73
8.02

0.18
0.58
8.26
1.24
1.37
83.55
1.78
3.66
8.65
7.84
0.79
2.55
6.54
2.47
-0.04
0.79
15.68

0.06
0.49
0.35
1.79
1.42
85.69
1.48
7.58
19.81
18.57
1.76
3.71
11.13
4.01
0.05
2.63
19.71

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.56

282

-0.80
0.00
-0.36
13.96

3.34
0.00
0.69
13.98

1.78
7.16
4.24
0.17
0.93
14.32

6.12
15.70
2.46
-0.11
0.97
15.17

Financial Statement Analysis of Non Financial Sector 2012

Bata Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

409,363

548,222

652,739

717,753

817,850

904,451

967,934

1,138,879

1,921
1,230,665

1,352
1,352,112

889
1,516,158

0
1,702,732

409,363
39,007

548,222
66,134

580,402
82,270

629,402
86,593

732,806
96,562

833,259
112,481

35,830

9,960
37,823

10,503
36,594

8,012
37,000

34,586

39,216

37,058

26,180

1,463,648
247,713
769,996

1,728,714
88,952
1,274,289

2,577,448
461,249
1,281,862

3,459,297
539,039
1,527,032

3,808,438
430,818
2,247,616

4,733,714
733,195
2,205,030

243,079

94,518

23,735

22,325

130,112

377,155

23,848
179,012

30,650
240,305

350,000
460,602

500,000
870,901

100,000
899,892

500,000
918,334

899,971
0

841,241
0

1,147,336

1,300,867

1,198,488
0

1,554,782
0

899,971

841,241

1,147,336

1,300,867

1,198,488

1,554,782

122,124

134,883

162,792
0
0

150,010
0
0
0

74,211
60,672

79,262
70,748

85,010
77,782

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

69,196
52,928

973,040
75,600

1,435,695
75,600

1,960,727
75,600

2,741,300
75,600

3,277,790
75,600

3,920,591
75,600

75,600
0
897,440

75,600
0
1,360,095

75,600
0
1,885,127
483
1,884,644

75,600
0
2,665,700
483
2,665,217

75,600
0
3,202,190
483
3,201,707

75,600
0
3,844,991
483
3,844,508

4,271,888
4,085,708
186,180
2,634,835

5,521,106
5,347,171
173,935
3,356,960

1,637,053
1,114,855

2,164,146
1,486,159

6,428,490
6,220,863
207,627
3,756,277
1,765,904
1,990,373
2,672,213
1,836,646
1,367,249
469,397

8,329,829
8,206,440
123,389
4,997,901
2,314,351
2,683,550
3,331,928
2,158,219
1,597,220
560,999

9,816,296
9,658,350
157,946
6,275,619
2,999,885
3,275,734
3,540,677
2,507,009
1,831,314
675,695

13,273,459
13,135,416
138,043
9,014,688
3,103,774
5,910,914
4,258,771
2,876,480
2,055,701
820,779

989,665
39,735
4,671
1,189,021
317,728
211,680
0
466,528

1,042,748
51,206
6,023
1,025,008
253,151
151,200
0
(95,575)

1,162,817
53,449
5,282
1,385,586
364,479
151,200
0
1,290,251

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,114,855

1,486,159

503,999
137,302
60,480
0

663,822
173,302
60,480
0

849,876
35,183
5,255
813,022
220,450
90,720
0
905,457

973,040
0
306,217
0

1,435,695
0
430,040
0

2,082,851
0
501,852
0

2,876,183
0
659,613
0

3,427,800
0
620,657
0

4,083,383
0
869,907
0

0.57
0.55
5.69
2.28
1.63
61.68
0.92
30.66
60.34
60.34
6.06
5.55

0.25
0.49
1.71
2.42
2.05
60.80
0.59
31.99
55.12
55.12
8.11
4.33

0.73
0.55
0.37
1.99
2.25
58.43
0.65
29.53
47.88
46.21
6.53
5.01
155.71
12.65
0.71
78.38
259.36

0.82
0.48
0.27
1.99
2.66
60.00
0.52
32.10
50.57
47.95
4.12
5.45
255.55
14.27
0.32
115.25
362.61

0.55
0.52
1.33
2.12
3.18
63.93
0.41
23.29
34.06
32.52
5.10
4.37
171.18
10.44
-0.07
102.10
433.57

1.04
0.40
2.84
2.35
3.04
67.92
0.44
27.00
38.50
36.89
6.75
6.02
263.32
10.44
0.75
135.07
518.60

23,394

27,273

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

283

11.80
0.00
48.50
128.71

12.02
0.00
64.88
189.91

Financial Statement Analysis of Non Financial Sector 2012

Crescent Steel & Allied Products Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,307,144

1,233,851

2,393,484

2,766,007

3,186,778

3,183,468

2,204,695

2,296,279

131,699
2,330,829

300,778
2,350,072

524,366
2,445,625

537,565
1,867,304

1,306,641
172,644

1,233,231
172,336

1,092,889
174,892

956,113
169,539

906,813
156,723

548,604
125,914

503

620

811
1,078,622

24,457
1,275,538

12,964
1,498,023

1,617
1,805,860

3,388,922
36,999
633,452

3,612,839
8,199
606,059

Items

89,463

209,121

244,612

289,822

1,772,089
4,144
616,433

2,128,826
182,657
1,026,614

1,718,447
19,000
840,571

1,896,307
69,366
586,720

181,408

118,696

83,927

276,880

145,072

368,930

2,300,465
236,598

2,737,121
142,764

655,397
412,188

463,746
178,929

490,605
223,199

523,077
348,214

1,141,657
620,299

1,684,569
1,306,382

1,408,211
902,815

1,744,067
780,288

1,123,190
706,966

1,052,002
334,958

521,358

378,187

505,396

963,779

416,224

717,044

354,006

168,117

211,547
55,880

71,587
0
0

180,719
115,000
0

19,811
0
0

73,652

0
65,719

0
19,811

280,354

168,117

155,667

0
71,587

3,200,403
466,612

2,994,004
513,273

2,545,815
564,600

3,079,179
564,600

3,601,316
564,600

4,007,962
564,600

466,612
0
2,733,791

513,273
0
2,480,731

564,600

1,981,215
162,640
1,818,575

564,600
0
2,514,579
274,066
2,240,513

564,600
0
3,036,716
325,764
2,710,952

564,600
0
3,443,362
402,574
3,040,788

3,184,763
3,184,763
0
2,674,299

4,638,189
4,638,189
0
3,741,791

3,310,869
3,310,869

3,704,388
3,704,388

510,464
272,191

896,398
260,711

4,400,006
4,379,945
20,061
3,590,073
2,764,931
825,142
809,933
259,139
38,806
220,333

3,942,869
3,722,500
220,369
3,434,086
2,473,557
960,529
508,783
281,866
46,098
235,768
313,886
109,527
88,183
452,130
47,680
197,610

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

272,191

260,711

128,490

153,018

2,597,190
1,978,467
618,723
713,679
318,986
17,156
301,830

2,887,295
2,114,504
772,791
817,093
250,947
27,017
223,930

195,013
203,571
82,131
(105,071)
134,678

222,339
121,908
75,953
715,826
207,910
169,380
0
455,776

356,117
144,001
115,733
833,940
216,063
197,610

180,623

195,241

727,323
4,113
139,984
46,661

626,622
164,021
153,982
51,327

342,298
335,923

3,554,409
73,652
583,226
693,951

3,162,121
0
308,619
1,306,382

2,757,362
55,880
(239,749)
958,695

3,150,766
0
338,536
780,288

3,782,035
115,000
420,267
821,966

4,027,773
0
206,840
334,958

2.21
4.03
5.70
0.68
2.97
83.97
0.47
17.29
27.77
23.69
5.17
5.03

1.70
3.30
2.56
0.96
2.14
80.67
0.62
13.13
20.23
18.66
3.00
7.65

0.53
6.15
2.53
0.79
1.26
78.44
0.64
-2.33
-3.79
-3.55

0.53
3.29
7.47
0.76
1.22
77.94
0.59
15.80
25.45
24.23
3.00
3.61
10.42
19.32
0.25
9.00
54.54

0.58
3.27
3.30
0.90
1.53
81.59
0.36
17.02
24.97
24.06
3.13
5.23
8.21
18.95
0.14
10.94
63.79

0.91
2.78
9.36
0.78
1.80
87.10
0.27
9.06
11.88
11.58
2.05
6.72
6.13
11.47
0.18
7.16
70.99

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

284

22.84
0.00
15.50
68.59

13.51
0.00
9.01
58.33

5.37
-0.28
-3.17
0.21
-4.25
45.09

Financial Statement Analysis of Non Financial Sector 2012

Dadex Eternit Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

430,407

474,305

437,123

375,989

315,552

1,398,030

1,034,919

611,696

7,808
1,108,219

7,312
1,113,947

7,669
1,113,161

5,659
2,102,897

430,407
48,693

460,718
72,180

392,244
68,516

337,754
61,918

282,668
59,447

1,291,077
60,658

13,587

12,553

5,653
80

451
885

0
494

24,518

25,190

23,879

100,800

1,000,110
9,939
734,882

1,233,971
46,615
776,309

1,103,289
850
846,291

1,062,017
38,001
783,211

931,229
4,741
626,914

1,200,018
4,676
796,422

125,809

125,929

113,998

110,200

151,312

126,616

1,324
128,156

101,123
183,995

16,220
125,930

0
130,605

0
148,262

0
272,304

938,234
491,883

1,055,855
371,557

941,061
472,169

894,590
288,056

738,662
200,547

1,504,930
676,613

446,351

684,298

468,892

606,534

538,115

828,317

120,000

87,344
60,000
0

22,537
0
0

1,916
0
0

0
0
0

0
22,537

0
1,916

0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

120,000

0
27,344

492,283
107,640

532,421
107,640

512,007
107,640

520,879
107,640

506,203
107,640

1,093,118
107,640

107,640
0
384,643

107,640
0
424,781

107,640
0
404,367
5,655
398,712

107,640
0
413,239
5,655
407,584

107,640
0
398,563
5,655
392,908

107,640
0
175,798
5,655
170,143

809,680

1,966,119
1,940,726
25,393
1,570,430

2,332,867
2,306,585
26,282
1,859,884

395,689
296,460

472,983
337,215

2,189,890
2,132,505
57,385
1,652,969
459,188
1,193,781
536,921
418,396
274,197
144,199

2,101,734
2,016,942
84,792
1,635,833
1,150,964
484,869
465,901
410,199
268,019
142,180

2,086,451
1,999,552
86,899
1,680,378
1,169,276
511,102
406,073
395,731
281,455
114,276

2,469,834
2,459,375
10,459
2,116,349
1,518,883
597,466
353,485
564,129
292,434
271,695

224,942
104,766
19,227
42,592
15,015
0

219,084
57,348
54,517
(9,549)
29,740
0
0
181,883

219,202
68,887
63,951
92,612
33,007
0
0
185,424

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

296,460

337,215

49,928
11,305
32,292
0

80,005
10,000
43,056
0

70,475

222,288
74,243
13,056
19,984
9,968
0
0
383,607

492,283
0
6,331
491,883

652,421
0
26,949
371,557

599,351
60,000
27,577
532,169

543,416
0
10,016
288,056

508,119
0
(39,289)
200,547

1,093,118
0
59,605
676,613

0.15
3.40
6.40
1.37
1.07
79.87
1.91
3.42
10.39
10.21
1.20
2.68

0.26
4.11
5.40
1.37
1.17
79.73
2.21
5.10
15.62
13.98
1.63
3.01

0.14
4.78
5.21
1.42
1.17
75.48
2.01
2.62
8.16
6.81

0.17
3.53
5.24
1.46
1.19
77.83
1.76
1.34
3.87
3.50

0.21
2.75
7.25
1.67
1.26
80.54
1.46
-0.71
-1.86
-1.82

0.09
2.79
5.13
0.95
0.80
85.69
1.38
4.82
11.58
11.57

66,864

95,800

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

285

2.54
0.00
3.59
45.73

3.43
0.00
6.50
49.46

2.59
3.22
1.94
0.07
2.56
47.57

2.68
2.53
0.95
0.42
0.93
48.39

3.33
0.82
-0.46
0.25
-3.65
47.03

3.10
2.45
3.75
0.12
5.54
101.55

Financial Statement Analysis of Non Financial Sector 2012

Diamond Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

153,749

141,421

315,357

411,997

349,533

339,202

293,630

293,639

0
293,639

0
287,089

0
287,089

0
237,084

153,749
13,586

141,421
12,337

130,212
11,210

119,733
10,157

110,516
9,217

102,118
8,398

0
145,604

0
292,068

0
238,819

0
236,877

39,541

196

198

207

270,620
519
829

326,768
669
0

364,978
3,514
0

262,125
679
0

245,265
666
22,960

524,754
8,989
169,272

34,591

26,735

110,447

47,747

95,108
139,573

161,631
137,733

12,899
238,118

43,764
169,935

51,220
170,419

48,640
297,853

40,732
0

46,586
0

41,292
0

4,564
0

4,483
0

248,472
0

40,732

46,586

41,292

4,564

4,483

248,472

13,687
0
0

9,005
0
0

1,042
0
0

2,219
0
0

391
8,614

704
338

2,219
0

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

131
13,556

383,637
90,000

421,603
90,000

625,356
90,000

660,553
90,000

589,273
90,000

613,265
90,000

90,000
0
293,637

90,000
0
331,603

90,000
0
462,670
0
462,670

90,000
0
503,510
0
503,510

90,000
0
437,368
0
437,368

90,000
0
468,222
0
468,222

72,686

67,043

61,905

55,043

6,333
6,333
0
15,805

0
0
0
9,537

(9,472)
3,694

(9,537)
31,906

999,894
999,894
0
958,641
949,727
8,914
41,253
57,105
29,551
27,554

132,172
132,172
0
132,219
124,181
8,038
(47)
19,833
2,523
17,310

160
160
0
8,417
160
8,257
(8,257)
83,293
60
83,233

466,245
466,245
0
395,379
160
395,219
70,866
47,438
19,966
27,472

2,099
13
0
(2,688)
754
0
0
97,610

3,582
4
0
(86,219)
535
0
0
(5,347)

20,831
32
0
29,891
5,312
0
0
1,838

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,694

31,906

(723)
140
0
0

(25,004)
258
0
0

8,826
20
20
193,415
124
0
0
40,945

383,637
0
(863)
0

421,603
0
(25,262)
0

639,043
0
193,291
0

669,558
0
(3,442)
0

590,315
0
(86,754)
0

615,484
0
24,579
0

3.20
5.65
546.20
0.01
6.64
249.57
0.11
-0.17
-0.19
-0.19

4.06

3.07
0.00
11.05
1.47
8.84
95.87
0.09
33.68
36.95
36.47

20.20
0.01
36.12
0.20
57.43
100.04
0.02
-0.40
-0.42
-0.41

11.57
2.50
0.00
0.00
54.71
5,260.63
0.01
-13.59
-13.80
-13.69

0.23
0.01
0.00
0.54
2.11
84.80
0.41
4.10
4.97
4.96

0.01

2.75

-2.03
7.19
-0.38
73.39

-53,886.88
-0.97
-9.64
65.47

6.41
0.01
2.73
68.14

358

13

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.64

-11.42
0.00
-0.10
42.63

286

0.00
7.01

0.11
-5.60
-6.21
-6.21

0.00
-2.81
46.84

9,671.75
19.34
0.74
21.48
69.48

Financial Statement Analysis of Non Financial Sector 2012

Dost Steels Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,035,604

2,034,036

2,035,923

2,040,045

1,846,022
171,306

1,846,934
171,306

1,849,955
171,306

1,855,076
171,479

165,715
1,772

164,294
1,420

164,295
0

164,466
0

0
0

0
0

23,867

22,808

21,673

20,503

12,888
174

1,352
175

1,277
129
0

2,072
529
0

0
12,714

0
1,177

0
1,148

0
1,543

1,040,443

1,257,445

1,426,631
0

1,445,502
0

1,040,443

1,257,445

1,426,631

1,445,502

386,293
386,293

166,973
166,973

10,107
5,556
0

4,749
0
0

0
0
0
621,756
674,645
674,645
0
(52,889)

4,551
0

4,749
0

610,970
674,645

600,462
674,645

591,866
674,645

674,645
0
(63,675)

674,645
0
(82,779)
0
(82,779)

(52,889)

(63,675)

674,645
0
(74,183)
0
(74,183)

0
0
0
0
0
0
0
10,654
0
10,654

0
0
0
0
0
0
0
8,730
0
8,730
4,065
0
0
(8,597)
0
0
0
(4,257)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

0
0
12,983

0
0
10,954

12,983

10,954

5,990

4,804

(12,780)
874

(10,786)

0
10,890

0
(36,250)

7,148
0
0
(10,508)
0
0
0
(3,935)

1,008,049
386,293
(13,654)
386,293

777,943
166,973
(10,786)
166,973

610,569
5,556
(10,508)
5,556

596,615
0
(8,597)
0

0.00

0.00

0.00

0.00

0.00
0.01

0.00
0.00

0.00
0.00

0.00
0.00

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

287

2.29
-0.62
-2.06
-1.27

2.33
-0.53
-1.75
-1.21

2.39
-0.52
-1.73
-1.51

2.45
-0.42
-1.44
-1.42

0.01
-0.20
9.22

-0.03
-0.16
9.06

0.00
-0.16
8.90

0.00
-0.13
8.77

Financial Statement Analysis of Non Financial Sector 2012

Eco Pack Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,061,394

1,086,225

1,278,116

1,233,640

1,245,793

1,164,021

1,368,256

1,467,449

11,670
1,718,915

9,490
1,459,393

6,125
1,872,992

6,700
1,231,394

1,061,394
62,559

1,086,225
77,791

1,259,424
97,069

1,078,170
80,886

1,231,394
641,598

1,150,431
98,241

0
0

0
0

7,022

145,980

8,274

6,890

725,355
3,090
386,420

709,329
36,304
319,678

547,952
817
231,836

443,093
1,839
230,817

457,299
10,129
168,292

415,286
5,329
154,891

175,240

252,806

221,211

114,564

146,759

154,644

0
160,605

0
100,541

0
94,088

0
95,873

0
132,119

0
100,422

810,422
309,395

879,729
405,896

843,304

830,727
476,367

991,693
570,694

792,171
304,785

501,027

473,833

843,304

354,360

420,999

487,386

558,662

577,544

589,311
407,807

471,881
298,320

477,304
322,213
0

342,302
159,999
0
0

558,662

577,544

11,916
169,588

18,148
155,413

22,256
160,047

27,246
127,845

417,665
229,770

338,281
229,770

393,453
229,770

374,125
229,770

369,097
229,770

309,832
229,770

229,770
0
187,895

229,770
0
108,511

229,770

229,770
0
(49,315)

229,770
0
(133,404)
0
(133,404)

1,463,414
1,463,414
0
1,262,685

2,056,588
2,056,588
0
1,907,920

200,729
94,379

148,668
109,151

Items

(49,645)

(49,315)

229,770
0
(101,661)
0
(101,661)

213,328

193,670

240,988

213,466

1,764,852
1,764,852

1,742,074
1,742,074

1,921,542
1,921,542
0
1,780,009
1,321,737
458,272
141,533
96,801
57,112
39,689

(49,645)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

94,379

109,151

107,182

142,238

1,577,168
1,089,110
488,058
187,684
104,218
62,762
41,456

1,542,996
1,160,605
382,391
199,078
100,631
59,242
41,389

1,784,754
1,784,754
0
1,677,725
1,207,255
470,470
107,029
95,207
53,558
41,649

120,411
195,368
128,766
(105,810)
20,192

118,732
138,592
81,650
(25,875)
7,482
0
0
113,206

117,821
104,294
47,722
(68,978)
18,329
0
0
68,024

109,980
124,210
71,744
(61,959)
18,954
0
0
132,532

8,558
6,316
0
0

(71,073)
8,843
0
0

0
127,054

976,327
0
2,242
309,395

915,825
0
(79,916)
405,896

982,764
407,807
(126,002)
407,807

846,006
298,320
(33,357)
774,687

711,399
159,999
(87,307)
730,693

787,136
322,213
(80,913)
626,998

0.22
7.32
11.97
0.82
0.90
86.28
3.28
0.55
2.06
0.99

0.33
6.92
12.29
1.15
0.81
92.77
4.31
-3.97
-18.80
-7.51

0.26
11.07
12.53
0.97
0.65
89.37
3.64
-5.84
-28.92
-11.15

0.14
7.96
6.58
1.04
0.53
88.57
3.48
-1.48
-6.74
-2.83

0.16
5.84
8.22
1.05
0.46
94.00
3.61
-4.08
-18.56
-8.86

0.20
6.46
8.05
1.22
0.52
92.63
4.10
-3.78
-18.25
-8.27

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

288

3.79

6.43

7.61
0.18
-6.00
0.09
-5.48
17.12

7.55
0.68
-1.49
0.09
-1.45
16.28

10.61
-0.45
-3.86
0.05
-3.80
16.06

12.41
0.14
-3.22
0.10
-3.52
13.48

0.58
0.00
0.10
18.18

-3.46
0.00
-3.48
14.72

Financial Statement Analysis of Non Financial Sector 2012

Emco Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,013,140

1,143,173

1,220,805

1,251,279

1,186,391

1,112,764

1,714,584

1,924,153

7,265
2,018,903

7,265
2,160,901

0
2,207,621

0
2,241,024

1,013,140
133,026

1,139,456
92,037

1,160,831
86,177

1,209,670
88,329

1,154,812
100,296

1,087,204
103,997

3,717

3,345

3,011

4,740
0

4,266
0

49,364

31,333

26,839

21,294

667,273
50,345
292,316

781,780
38,585
361,022

921,011
58,617
437,345

932,477
51,008
346,808

895,712
70,038
427,750

1,012,826
18,063
440,929

204,082

225,487

278,970

337,710

197,175

342,372

0
120,530

0
156,686

0
146,079

0
196,951

0
200,749

0
211,462

959,560
527,987

1,158,906
645,772

1,041,023
575,411

1,200,553
561,963

1,118,935
530,639

1,306,834
564,359

431,573

513,134

465,612

638,590

588,296

742,475

279,455

344,127

570,806
428,302
90,885

468,243
310,433
87,142

494,355
231,759
202,463

371,298
171,067
159,552

279,455

344,127

3,017
48,602

3,037
67,631

2,328
57,805

15,300
25,379

441,398
153,333

421,920
153,333

529,987
350,000

514,960
350,000

468,813
350,000

447,458
350,000

153,333
0
288,065

153,333
0
268,587

350,000
0
(231,459)
39,899
(271,358)

350,000
0
(286,368)
39,899
(326,267)

350,000
0
(314,006)
39,899
(353,905)

350,000
0
(317,370)
39,899
(357,269)

411,446

451,328

432,819

414,828

1,373,555
1,223,019
150,536
1,109,146

1,427,766
1,348,602
79,164
1,160,608

264,409
159,427

267,158
177,315

1,542,108
1,449,135
92,973
1,283,505
674,796
608,709
258,603
182,976
108,263
74,713

1,860,988
1,696,467
164,521
1,554,592
697,888
856,704
306,396
211,171
128,256
82,915

1,855,343
1,751,678
103,665
1,497,515
658,325
839,190
357,828
228,251
146,978
81,273

1,856,060
1,794,581
61,479
1,539,093
622,728
916,365
316,967
222,948
152,547
70,401

301,332
185,187
52,927
(103,152)
10,132

307,026
174,824
77,931
(76,177)
10,132
0
0
41,955

324,989
174,891
77,289
(34,645)
17,517
0
0
25,429

284,933
139,643
48,648
(14,257)
14,852
0
0
(62,025)

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

159,427

177,315

98,972

112,039

10,870
6,042
0
0

(15,583)
6,302
0
0

720,853
0
4,828
527,987

766,047
0
(21,885)
645,772

1,100,793
428,302
(113,284)
1,003,713

983,203
310,433
(86,309)
872,396

963,168
231,759
(52,162)
762,398

818,756
171,067
(29,109)
735,426

0.27
7.21
14.86
0.82
0.70
80.75
2.81
0.71
3.53
2.01

0.23
7.85
15.79
0.74
0.67
81.29
3.56
-0.86
-3.61
-2.10

0.32
12.01
18.09
0.72
0.88
83.23
3.04
-5.07
-21.67
-11.05

0.32
9.39
18.15
0.85
0.78
83.54
3.24
-3.52
-14.58
-7.31

0.24
9.43
10.63
0.89
0.80
80.71
3.44
-1.62
-7.04
-3.56

0.28
7.52
18.45
0.87
0.78
82.92
3.75
-0.68
-3.11
-1.60

0
18,455

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

289

4.70

3.95

3.53
-0.95
-6.69
0.01
-3.24
15.14

5.37
0.02
-4.09
0.03
-2.47
14.71

4.34
0.55
-1.87
0.02
-1.49
13.39

4.21
0.71
-0.77
-0.04
-0.83
12.78

0.79
0.00
0.31
28.79

-1.09
0.00
-1.43
27.52

Financial Statement Analysis of Non Financial Sector 2012

Fateh Industries Ltd.

2008

2009

2010

40,547

36,845

33,624

30,643

27,948

25,531

172,750

172,750

0
172,750

0
172,750

0
172,750

0
172,750

40,547
4,115

36,845
3,702

33,514
3,331

30,517
2,997

27,821
2,696

25,395
2,426

0
110

0
126

0
0

0
0

127

136

114,824
18
0

121,979
10
0

134,536
11
842

107,773
25
0

108,353
29
0

118,916
59
0

75,047

83,904

98,553

103,436

103,947

114,424

73
39,686

154
37,911

0
35,130

0
4,312

0
4,377

0
4,433

325,241
0

327,493
0

331,139
0

332,878
0

334,077
0

336,717
0

325,241

327,493

331,139

332,878

334,077

336,717

0
0
0

0
0
0

0
0
0

0
0
0

0
0

0
0

0
0

0
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

(169,870)
20,000

(168,669)
20,000

(162,979)
20,000

(194,462)
20,000

(197,776)
20,000

(192,270)
20,000

20,000
0
(189,870)

20,000
0
(188,669)

20,000
0
(182,979)
92
(183,071)

20,000
0
(214,462)
108
(214,570)

20,000
0
(217,776)
109
(217,885)

20,000
0
(212,270)
119
(212,389)

0
0
0
0

0
0
0
0

0
6,754

0
6,242

0
0
0
0
0
0
0
6,457
0
6,457

0
0
0
0
0
0
0
35,566
0
35,566

0
0
0
0
0
0
0
3,744
0
3,744

8,490
8,490
0
7,319
7,319
0
1,171
3,715
992
2,723

0
0
0
(31,499)
0
0
0
8

0
0
0
(3,314)
0
0
0
0

0
144
0
5,582
0
0
0
26

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,754

6,242

(2,071)
0
0
0

1,120
0
0
0

0
1
0
5,732
0
0
0
12

(169,870)
0
(2,071)
0

(168,669)
0
1,120
0

(162,979)
0
5,732
0

(194,462)
0
(31,499)
0

(197,776)
0
(3,314)
0

(192,270)
0
5,582
0

0.23

0.26

0.30

0.31

0.31

0.00
0.35

0.00
0.37

0.00
0.41

0.00
0.32

0.00
0.32

0.34
1.70
1,347.75
0.06
0.35
86.21
-1.75
3.98
-2.86
-2.86

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

290

-1.91
-1.31
1.23
1.23

-1.94
0.71
-0.66
-0.66

-2.03
3.51
-3.46
-3.46

-1.71
-20.55
17.62
17.62

-1.69
-2.41
1.69
1.69

0.00
-1.04
-84.94

0.00
0.56
-84.33

0.00
2.87
-81.49

0.00
-15.75
-97.23

0.00
-1.66
-98.89

0.00

65.75
0.00
2.79
-96.14

Financial Statement Analysis of Non Financial Sector 2012

Gillette Pakistan Ltd.

2008

2009

2010

3,815

2,395

1,578

753

5,432

7,473

16,049

4,279

3,363

3,363

0
6,785

0
9,167

3,815
3,001

2,395
2,651

1,278
742

527
751

5,282
1,503

7,335
1,832

0
0

0
0

300

226

150

138

530,246
130,961
129,154

440,755
68,307
143,362

623,102
8,071
145,372

585,115
8,788
196,761

716,496
1,748
355,182

774,209
41,279
256,824

98,741

176,327

97,922

126,089

135,032

149,678

0
171,390

0
52,759

371,737

253,477

0
224,534

0
326,428

304,781
0

179,491
0

261,267

196,571

357,196
0

355,360
0

304,781

179,491

261,267

196,571

357,196

355,360

0
0
0

0
0
0
0
0

0
0

229,280
192,000

263,659
192,000

363,413
192,000

389,297
192,000

364,732
192,000

426,322
192,000

192,000
0
37,280

192,000
0
71,659

192,000

192,000

171,413

197,297

171,413

197,297

192,000
0
172,732
0
172,732

192,000
0
234,322
0
234,322

743,848
743,848
0
577,558

1,449,258
1,449,258
0
1,118,494

727,573
727,573

796,671
796,671

1,408,301
1,408,301
0
1,017,362
1,017,362

166,290
158,517

330,764
295,921

40,145
314

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

158,517

295,921

274

695

269,610
197,228
147,090
50,138

245,928
229,963
186,207
43,756

1,032,769
1,032,769
0
768,631
768,631
0
264,138
273,408
218,669
54,739

50,807
301

35,619
25

39,052
311

457,963
457,963

550,743
550,743

390,939
289,451
253,704
35,747

27,683
50,684
0
0

72,306
65,195
9,600
0

124,723
15,369

58,461
32,577

247,461

(140,457)

42,417
60,232
0
0
(110,027)

127,571
65,981
0
0
147,953

229,280
0
(23,001)
0

263,659
0
(2,489)
0

363,413
0
109,354
0

389,297
0
25,884
0

364,732
0
(17,815)
0

426,322
0
61,590
0

0.75
0.04
13.27
1.39
1.74
77.64
1.33
6.30
11.50
11.50

1.36
0.05
12.17
3.27
2.46
77.18
0.68
14.80
29.34
29.34
0.74
10.11

0.41
0.04
13.46
1.16
2.38
62.94
0.72
23.36
39.78
39.78

0.69
0.00
15.83
1.36
2.98
69.13
0.50
9.66
15.53
15.53

0.38
0.03
13.07
1.43
2.01
74.42
0.98
6.49
11.25
11.25

0.54
0.02
10.63
1.80
2.18
72.24
0.83
16.97
32.25
32.25

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.76

291

5.00

4.05

2.91

5.48

3.72
0.00
-1.20
11.94

4.99
0.00
0.37
13.73

17.14
0.95
5.70
18.93

7.34
-0.71
1.35
20.28

4.11
-0.31
-0.93
19.00

9.06
0.42
3.21
22.20

Financial Statement Analysis of Non Financial Sector 2012

Goodluck Industries Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,440

3,447

2,914

2,914

2,889

3,272

14,315

15,744

15,757

15,757

0
16,092

0
16,839

2,440
336

3,447
422

2,629
418

2,629
418

2,588
375

2,971
364

0
0

0
0

285

285

301

301

16,125
1,829
12,252

14,158
5,130
6,890

20,269
3,747
13,605

20,269
3,747
13,605

19,325
6,512
10,033

19,204
3,688
12,702

908

1,482

2,342

2,342

1,261

1,223

0
1,136

0
656

575

575

0
1,519

0
1,591

9,475
2,756

7,221
0

2,658
701

2,658
701

2,105
0

1,898
0

6,719

7,221

1,957

1,957

2,105

1,898

7,602

7,602

6,428
0
0

7,106
0
0

7,762
(160)

7,145
(39)

6,551
(123)

6,862
740

9,090
3,000

10,384
3,000

12,923
3,000

12,923
3,000

13,003
3,000

14,150
3,000

3,000
0
6,090

3,000
0
7,384

3,000

3,000

9,923

9,923

9,923

9,923

3,000
0
10,003
0
10,003

3,000
0
11,150
0
11,150

238,908
238,908
0
230,541

301,696
301,696
0
292,560

488,277
488,277

488,277
488,277

8,367
5,529

9,136
5,597

381,582
381,582
0
372,787
353,098
19,689
8,795
7,044
108
6,936

415,326
415,326
0
406,042
391,325
14,717
9,284
6,735
258
6,477
6,247
18
13
2,531
831
600
0
(1,567)
20,578
0
1,100
0

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,529

5,597

477,371
460,162
17,209
10,906
6,784
154
6,630

477,371
460,162
17,209
10,906
6,784
154
6,630

6,508
114
105
4,008
2,643
600

6,508
114
105
4,008
2,441
600

2,822
1,242
600
0

3,447
1,508
600
0

4,574

4,574

6,239
149
138
1,602
763
600
0
4,334

9,090
0
980
2,756

10,384
0
1,339
0

20,525
0
765
701

20,525
0
967
701

20,109
0
239
0

0.29
0.01
0.38
12.87
1.70
96.50
1.04
16.33
25.65
25.65
2.63
19.50

0.92
0.03
0.49
17.14
1.96
96.97
0.70
19.06
35.40
35.40
3.23
43.79

16

92

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

292

1.18
0.00
5.27
30.30

1.14
0.00
6.46
34.61

2.29
0.02
0.48
21.06
7.63
97.77
0.79
19.65
34.39
25.93
2.28
35.89
39.17
0.82
0.45
4.55
43.08

2.29
0.02
0.48
21.06
7.63
97.77
0.79
17.29
31.01
19.53
2.61
35.89
39.17
0.82
0.45
5.22
43.08

3.69
0.04
0.33
17.18
9.18
97.70
0.71
7.06
12.36
7.89
1.40
38.03
12.61
0.42
0.47
2.80
43.34

2.59
0.00
0.29
18.48
10.12
97.76
0.59
11.33
18.64
12.44
2.83
32.70
195.69
0.61
-0.19
5.67
47.17

Financial Statement Analysis of Non Financial Sector 2012

Grays of Cambridge (Pakistan) Ltd.

2008

2009

2010

26,379

36,215

117,943

86,546

68,008

63,339

56,236

67,289

0
70,215

1,314
72,352

161
77,461

1,292
77,563

26,379
3,047

36,215
3,675

35,982
4,390

36,016
4,307

37,108
4,319

34,525
3,971

0
75,377

0
44,653

0
28,184

0
26,879

6,584

4,563

2,555

643

263,624
27,266
55,132

231,755
4,193
63,896

124,191
10,572
71,510

141,546
8,241
79,386

144,705
5,367
90,144

153,352
16,739
91,379

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

28,324

22,975

22,587

29,325

23,150

23,484

105,951
46,951

101,956
38,735

0
19,522

0
24,594

0
26,044

0
21,750

21,371
0

19,683
0

18,940
0

20,205
0

26,303
0

35,425
0

21,371

19,683

18,940

20,205

26,303

35,425

0
0
0

0
0
0

0
0
0

0
0
0

0
0

0
0

0
0

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0

268,632
16,332

248,287
16,332

223,194
16,332

207,887
73,493

186,410
73,493

181,266
73,493

16,332
0
252,300

16,332
0
231,955

16,332

206,862
0
206,862

73,493
0
127,688
0
127,688

73,493
0
112,917
0
112,917

73,493
0
107,773
0
107,773

6,706

130,076
6,650
123,426
84,395

138,542
5,175
133,367
89,735

45,681
34,384

48,807
36,387

134,591
134,591
0
80,398
51,774
28,624
54,193
35,044
15,910
19,134

180,194
180,194
0
111,655
75,981
35,674
68,539
47,740
22,925
24,815

195,409
195,409
0
131,991
86,160
45,831
63,418
63,922
23,993
39,929

186,047
186,047
0
133,843
81,097
52,746
52,204
47,883
24,404
23,479

42,631
697
0
(22,898)
1,597
18,373
0
3,912

48,951
599
0
46
2,497
7,349
0
16,108

51,851
810
366
4,855
2,009
7,349
0
18,532

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,384

36,387

23,265
3,322
28,581
0

10,887
2,486
16,332
0

36,041
705
0
(8,198)
1,735
4,083
57,162
14,273

268,632
0
(8,638)
0

248,287
0
(7,931)
0

223,194
0
(14,016)
0

207,887
0
(42,868)
0

186,410
0
(9,800)
0

181,266
0
(4,503)
0

7.56
0.73
21.77
0.45
12.34
64.88
0.08
7.92
8.49
8.49
0.70
2.36

6.56
0.53
16.58
0.52
11.77
64.77
0.08
3.90
4.21
4.21
0.51
2.17

1.75
0.52
16.78
0.56
6.56
59.74
0.08
-3.21
-3.48
-3.48
-2.43
1.88

1.86
0.39
16.27
0.79
7.01
61.96
0.10
-9.74
-10.62
-10.62
-1.33
2.27

1.08
0.31
11.85
0.92
5.50
67.55
0.14
0.02
0.02
0.02
-0.33
2.17

1.14
0.44
12.62
0.86
4.33
71.94
0.20
2.26
2.64
2.64
0.39
2.04
14.27
2.61
0.52
0.39
24.66

945

741

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

293

17.89
0.00
12.21
164.48

7.86
0.00
5.14
152.02

-6.09
0.75
-6.08
136.66

-12.71
0.19
-3.33
28.29

0.02
0.61
-0.33
25.36

Financial Statement Analysis of Non Financial Sector 2012

Huffaz Seamless Pipe Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,214,181

1,244,052

1,743,351

5,074,621

4,998,612

6,532,584

1,503,484

1,586,584

278
2,127,520

3,925
5,137,167

5,155
5,489,975

9,724
6,593,848

1,213,848
37,688

1,243,886
53,062

1,737,258
58,379

5,055,037
77,262

4,977,677
400,168

6,507,797
390,578

333

166

0
0

0
0

5,815

15,659

15,780

15,063

562,857
18,860
344,924

529,464
61,660
172,381

1,060,297
12,231
779,263

1,134,393
31,797
832,643

1,194,622
31,601
746,597

1,478,381
29,190
1,152,216

63,710

92,626

128,827

96,457

191,980

127,693

0
135,363

0
202,797

0
139,976

0
173,496

0
224,444

0
169,282

691,422
11,155

623,933
4,079

765,323

909,083

1,090,297
0

1,454,389
0

680,267

619,854

765,323

909,083

1,090,297

1,454,389

17,110

13,031

324,741

1,508,416

1,913,078
28,378
0

1,413,146
56,757
0
0

52,157
1,456,259

60,316
1,296,073

71,121
1,813,579

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

17,110

13,031

44,738
280,003

1,068,506
182,394

1,136,552
218,873

1,713,584
341,442

3,791,515
554,844

3,689,791
554,844

4,643,498
554,844

182,394
0
886,112

218,873
0
917,679

341,442
0
409,517

554,844
0
333,374

409,517

333,374

554,844
0
434,861
0
434,861

554,844
0
408,631
0
408,631

962,625

2,903,297

2,700,086

3,680,023

946,766
945,449
1,317
792,146

1,184,837
1,184,837
0
972,219

154,620
37,693

212,618
48,754

1,323,255
1,319,963
3,292
1,026,796
954,663
72,133
296,459
58,040
5,247
52,793

1,285,301
1,252,128
33,173
976,326
601,487
374,839
308,975
60,658
4,062
56,596

1,455,071
1,201,749
253,322
1,368,619
890,467
478,152
86,452
74,830
16,159
58,671

2,052,162
1,968,688
83,474
2,031,700
1,400,627
631,073
20,462
150,317
22,421
127,896

72,614
17,489
142
221,930
33,104

73,154
38,830
20,714
211,153
82,085
0
138,711
238,921

845,430
74,805
26,508
(38,466)
31,715
83,227
109,437
436,031

140,578
76,490
50,801
(201,768)
27,446
83,227
109,437
62,828

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

37,693

48,754

15,292

10,868

104,140
11,610
27,359
0

154,194
47,961
0
65,662

102,433
(27,514)

1,085,616
0
65,171
11,155

1,149,583
0
106,233
4,079

2,038,325
0
188,826
0

5,299,931
0
129,068
0

5,102,937
56,757
(153,408)
56,757

6,556,576
28,378
(312,441)
28,378

0.25
0.92
7.82
0.67
0.85
82.06
0.56
8.69
13.99
13.80

0.18
1.32
9.74
0.47
1.39
77.60
0.64
9.70
15.57
13.92

0.14
3.02
7.50
0.21
1.25
75.96
0.64
4.69
7.67
5.75

0.21
5.14
13.19
0.23
1.10
94.06
0.68
-0.62
-1.03
-0.74
-0.84
1.95
-0.45
-2.64
0.17
-1.26
66.50

0.11
3.73
6.22
0.26
1.02
99.00
0.73
-2.84
-4.84
-3.46
-2.75
1.78
-2.97
-9.83
0.02
-4.13
83.69

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.12
1.62
6.73
0.53
0.81
83.67
0.66
7.43
15.01
14.54
3.38
2.74

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

294

6.87

1.70
1,563.89
16.77
-0.03
5.53
50.19

1.54
11.19
16.43
0.10
2.33
68.33

11.00
0.00
5.07
58.58

13.01
0.00
4.85
51.93

Financial Statement Analysis of Non Financial Sector 2012

International Industries Ltd.

2007

2008

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2,742,437

3,832,413

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2009

2010

4,182,713

6,011,101

10,048,930

11,671,893

11,896,938

5,282,865

1,946,855
5,315,906

6,041,888
5,389,969

445,087
11,473,549

373,991
12,301,618

2,736,859
190,195

4,172,307
221,569

3,987,224
227,824

3,849,399
227,615

11,021,605
361,100

11,326,583
538,671

5,578

10,406

17,959

11,801

14,538
0

22,033
0

59,063

145,842

190,663

174,331

5,857,903
3,923
3,309,927

6,443,498
28,106
4,591,568

5,167,778
1,235,455
2,228,967

8,709,238
21,568
6,114,406

14,056,149
274,883
8,570,938

16,526,083
24,865
12,596,684

Items

914,470

1,401,333

1,083,990

1,579,112

1,924,868

1,960,724

1,359,018
270,565

0
422,491

0
619,366

0
994,152

0
3,285,460

0
1,943,810

5,195,903
4,428,150

5,695,607
4,389,655

4,838,067
3,533,094

8,708,712
7,715,766

13,842,522
12,397,502

17,064,972
14,971,450

767,753

1,305,952

1,304,973

992,946

1,445,020

2,093,522

1,062,500

1,141,665

2,301,952
2,015,460

5,358,990
5,113,227

4,504,254
4,263,550
0

1,062,500

1,141,665

0
286,492

4,837,736
4,573,019
0

2,341,937
569,096

3,788,939
832,587

4,038,860
999,105

569,096
0
1,772,841

832,587
0
2,956,352

999,105
0
1,661,200

1,661,200

11,020,192
9,062,959
1,957,233
9,597,211

13,761,502
10,741,994
3,019,508
11,974,069

1,422,981
413,264

1,787,433
619,724

245,763

0
264,717

0
240,704

4,690,466
999,105

7,047,784
1,198,926

6,853,795
1,198,926

999,105
0
2,324,496
2,324,496

1,198,926
0
2,627,324
0
2,627,324

1,198,926
0
2,483,473
0
2,483,473

1,378,555

1,366,865

3,221,534

3,171,396

12,319,422
9,412,420
2,907,002
11,152,273
8,929,564
2,222,709
1,167,149
483,294
318,172
165,122

13,471,783
9,844,998
3,626,785
11,249,674
13,747,603
(2,497,929)
2,222,109
746,201
384,019
362,182

15,992,338
10,853,470
5,138,868
13,829,976
13,538,451
291,525
2,162,362
846,604
445,793
400,811

28,800,719
21,194,255
7,606,464
25,642,642
25,674,901
(32,259)
3,158,077
767,239
510,779
256,460

497,818
257,090
242,277
1,359,271
373,729
399,642
199,821
(3,490,319)

737,416
948,844
869,505
580,373
247,511
599,463
0
(4,033,251)

2,242,085
1,667,821
274,316
79,190
599,463
0
(1,311,763)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

413,264

619,724

807,357
166,000
213,411
187,802

904,303
140,066
208,147
249,776

381,586
535,081
522,703
468,809
114,000
224,799
0
2,945,001

3,404,437
0
427,946
4,428,150

4,930,604
0
556,090
4,389,655

6,340,812
2,015,460
130,010
5,548,554

10,049,456
5,113,227
585,900
12,828,993

11,885,520
4,573,019
(266,601)
16,970,521

11,358,049
4,263,550
(404,337)
19,235,000

0.44
3.01
8.30
1.28
1.13
87.09
2.67
11.66
37.19
28.43
3.01
3.33

0.25
3.27
10.18
1.30
1.13
87.01
1.80
9.41
29.50
21.70
3.67
3.00

0.48
4.34
8.80
1.10
1.07
90.53
1.77
4.30
11.98
8.32
1.58
5.53
1.90
3.81
0.41
3.55
40.42

0.18
1.91
11.72
0.72
1.00
83.51
3.00
9.08
31.14
16.59
2.47
2.20
6.61
10.09
-0.25
9.86
46.95

0.16
5.93
12.04
0.62
1.02
86.48
2.65
2.61
9.89
5.29
0.56
1.87
1.67
3.63
-0.22
2.78
58.78

0.12
7.78
6.81
1.01
0.97
89.03
3.15
1.01
3.95
2.36
0.33
2.29
1.16
0.95
-0.06
1.63
57.17

331,766

450,227

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

295

7.33
0.00
11.27
41.15

6.57
0.00
9.18
45.51

Financial Statement Analysis of Non Financial Sector 2012

International Steels Ltd.

(Thousand Rupees)
2011
2012

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

8,803,502

8,911,561

428,991
8,657,520

365,371
9,191,284

8,353,933
171,518

8,532,676
355,499

13,414

20,578

100

5,495,046
262,077
3,817,918

6,922,219
3,957
5,273,767

351

287,498

1,414,700

1,356,997

5,608,656
5,057,881

7,765,687
6,447,822

550,775

1,317,865

4,432,078
4,335,519

3,914,750
3,846,883

96,559

67,867

4,257,814
4,350,000

4,153,343
4,350,000

4,350,000

4,350,000

(92,186)

(196,657)

(92,186)

(196,657)

3,690,824
3,690,824
3,341,648
1,484,490
1,857,158
349,176
148,964
27,785
121,179

13,248,983
12,224,990
1,023,993
12,043,061
3,101,741
8,941,320
1,205,922
396,407
74,898
321,509

127,126
383,314
381,491
(62,032)
41,858
0
0
(4,798,701)

298,789
1,027,062
1,023,101
(118,490)
12,673
0
0
(1,069,192)

8,689,892
4,335,519
(103,890)
9,393,400

8,068,093
3,846,883
(131,163)
10,294,705

0.05
10.39
0.01
0.26
0.98
90.54
2.36
-0.43
-1.46
-0.71

0.04
7.75
2.17
0.84
0.89
90.90
2.81
-0.79
-2.82
-1.41

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

296

0.97
0.84
-1.68
-0.48
-0.24
9.79

2.51
0.88
-0.89
-0.09
-0.30
9.55

Financial Statement Analysis of Non Financial Sector 2012

KSB Pumps Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

152,302

216,819

257,835

325,188

366,230

346,165

408,862

494,810

1,212
541,395

13,812
616,450

4,110
657,858

1,360
679,670

152,302
18,709

216,819
25,114

243,000
28,578

292,199
31,890

308,558
40,593

292,199
44,460

4,349
2,077

5,626
1,866

2,150
1,652

1,910
1,439

7,197

11,685

49,760

49,257

929,651
267,011
244,881

1,001,191
75,374
348,155

1,336,274
232,122
370,189

1,483,920
163,301
462,601

1,631,367
70,453
399,185

1,924,463
76,573
584,776

250,061

382,279

526,560

632,844

866,753

920,735

0
167,698

2,289
193,094

0
207,403

0
225,174

0
294,976

0
342,379

491,809
47,795

541,178
16,422

768,815
171

918,665
164,927

1,258,172
57,791

1,367,228
233,370

444,014

524,756

768,644

753,738

1,200,381

1,133,858

52,273

63,843

36,498
0
0

35,446
0
0
0

19,409
44,434

21,688
13,758

23,694
12,804

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

17,239
35,034

590,144
120,000

676,832
120,000

773,021
132,000

826,600
132,000

703,979
132,000

866,902
132,000

120,000
0
470,144

120,000
0
556,832

132,000
0
641,021

132,000
0
694,600

641,021

694,600

132,000
0
571,979
0
571,979

132,000
0
734,902
0
734,902

1,708,235
1,537,357
170,878
1,242,144

1,911,894
1,784,252
127,642
1,404,284

466,091
271,115

507,610
318,339

2,024,247
1,815,201
209,046
1,522,737
929,938
592,799
501,510
319,004
183,402
135,602

2,047,989
1,803,885
244,104
1,564,429
1,047,522
516,907
483,560
355,929
214,023
141,906

1,944,764
1,768,759
176,005
1,628,143
942,356
685,787
316,621
498,826
180,096
318,730

2,630,402
2,388,984
241,418
2,087,813
1,315,480
772,333
542,589
378,256
222,183
156,073

289,639
17,248
12,753
153,250
45,500
16,500
0
(92,165)

289,186
16,235
11,773
(156,121)
19,198
0
0
74,079

30,405
25,586
202,016
29,223
0
0
(130,902)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

271,115

318,339

227,992
62,000
84,000
0

233,919
10,769
51,600
12,000

268,683
10,421
5,700
213,788
66,800
46,200
0
289,729

590,144
0
81,992
47,795

676,832
0
171,550
16,422

825,294
0
100,788
171

890,443
0
91,250
164,927

739,425
0
(175,319)
57,791

903,400
0
172,793
233,370

1.05
0.49
14.64
1.58
1.89
72.72
0.83
23.85
43.11
43.11
1.98
6.98

0.85
0.61
19.99
1.57
1.85
73.45
0.80
20.34
36.93
36.93
4.32
5.49

0.99
0.51
26.01
1.27
1.74
75.22
1.06
15.20
29.49
28.46
3.18
5.47
38.51
10.56
0.35
11.14
58.56

0.87
0.84
30.90
1.13
1.62
76.39
1.19
9.01
19.16
17.86
6.53
4.43
13.02
7.48
-0.09
8.16
62.62

0.74
0.83
44.57
0.97
1.30
83.72
1.84
-8.20
-20.40
-19.16

0.73
1.16
35.00
1.16
1.41
79.37
1.62
9.47
25.72
24.59

8,413

11,639

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

297

13.35
0.00
13.83
49.18

12.23
0.00
18.60
56.40

4.87
-12.26
-8.03
0.06
-13.28
53.33

4.50
8.90
7.68
-0.09
13.09
65.67

Financial Statement Analysis of Non Financial Sector 2012

Khyber Tobacco Co. Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,939

3,921

4,859

10,027

17,666

284,485

37,873

37,873

37,872

40,223

0
52,473

0
299,752

3,939
19

3,921
18

3,903
18

6,072
182

16,711
1,611

283,530
16,222

0
0

0
0

956

3,955

955

955

5,767
126
4,404

31,396
3,147
25,454

48,822
5,589
10,727

104,851
13,046
43,205

227,531
25,622
120,762

490,111
21,741
297,771

23,710

44,599

59,927

128,119

0
1,237

0
2,795

0
8,796

0
4,001

0
21,220

0
42,480

41,187
0

61,037
0

75,820

104,470

135,698
0

268,161
0

41,187

61,037

75,820

104,470

135,698

268,161

22,897
0
0

4,620
0
0
0

0
4,398
18,499

0
0

3,489
1,131

(31,481)
12,018

(25,720)
12,018

(22,139)
12,018

10,408
12,018

104,879
12,018

483,538
12,018

12,018
0
(43,499)

12,018
0
(37,738)

12,018
0
(34,157)

12,018
0
(1,610)

(34,157)

(1,610)

12,018
0
92,861
0
92,861

12,018
0
237,356
0
237,356

234,164

25,706
25,706
0
17,596

69,874
42,767
27,107
61,151

8,110
2,918

8,723
2,637

115,903
97,296
18,607
104,729
64,701
40,028
11,174
4,098
210
3,888

242,451
93,204
149,247
174,883
163,514
11,369
67,568
26,065
15,050
11,015

424,521
112,811
311,710
276,901
261,708
15,193
147,620
38,536
18,219
20,317

701,348
144,640
556,708
493,568
423,705
69,863
207,780
63,504
31,355
32,149

4,175
119

9,050
717

28,676
1,269
0
145,384
12,438
0
0
26,590

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,918

2,637

19,686
1,125
0
0

7,217
1,458
1,803
0

7,027
2,852

0
4,391

40,906
6,069
0
0
12,808

19,842
2,397
0
110,595
14,994
0
0
21,825

(31,481)
0
18,561
0

(25,720)
0
3,956
0

(22,139)
0
4,175
0

10,408
0
34,837
0

109,499
0
95,601
0

506,435
0
132,946
0

0.00
0.09
0.00
2.65
0.14
68.45
-1.31
266.05
-54.00
-54.00

0.05
0.14
0.00
1.98
0.51
87.52
-2.37
32.06
-25.23
-25.23
3.19
2.75

0.39
0.10
20.46
2.16
0.64
90.36
-3.42
15.79
-29.37
-29.37

0.63
0.56
14.12
1.73
1.68
65.23
1.34
61.43
191.86
184.47

0.56
0.18
18.27
0.91
1.83
70.37
0.60
28.51
49.42
47.21

23

101

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.84

298

0.55
0.30
18.40
2.11
1.00
72.13
10.04
48.54
-697.40
-697.40

10.80

5.61

3.52

2.36

76.58
0.00
15.44
-26.19

10.33
0.00
4.79
-21.40

6.06
0.06
3.47
-18.42

16.87
0.12
28.99
8.66

26.05
0.16
79.55
87.27

20.73
0.09
110.62
402.34

Financial Statement Analysis of Non Financial Sector 2012

Leather Up Ltd.
Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

2008

2009

2010

17,257

16,868

17,703

17,394

3,487

16,949

27,911

27,911

0
15,396

0
15,396

0
15,461

0
28,748

17,257
440

16,868
389

4,005
347

3,697
308

3,487
275

16,949
245

0
0

0
0

0
0

0
0

13,698

13,697

50,680
17,896
26,498

50,037
20,945
24,607

30,919
3,649
19,467

24,170
1,742
17,144

70,203
9,063
34,460

47,434
3,103
31,722

1,314

1,544

301

0
4,972

0
2,941

0
7,502

0
5,284

13,697
12,983

0
12,609

26,076
14,495

30,919
19,720

15,719
8,300

17,381
8,300

47,101
8,000

37,932
8,000

11,581

11,199

7,419

9,081

39,101

29,932

1,140
0
0

1,442
0
0

1,928
0
0

2,123
0
0

1,442
0

1,928
0

2,123
0

1,140
0

41,861
60,000

35,986
60,000

31,763
60,000

22,741
60,000

24,661
60,000

24,328
60,000

60,000
0
(18,139)

60,000
0
(24,014)

60,000
0
(35,672)

60,000
0
(37,259)
0
(37,259)

60,000
0
(35,339)

60,000
0
(28,237)
0
(28,237)

(35,339)

(35,672)

30,460
30,460
0
31,521

15,190
15,190
0
17,314

(1,061)
5,418

(2,124)
4,939

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,418

4,939

24,937
(666)
25,603
28,339
16,379
11,960
(3,402)
11,240
2,419
8,821

18,702
2,857
15,845
21,588
14,365
7,223
(2,886)
5,243
1,299
3,944

71,482
504
70,978
56,648
51,117
5,531
14,834
11,037
6,603
4,434

71,535
816
70,719
60,308
36,890
23,418
11,227
9,961
4,862
5,099

3,331
1,137
956
(8,838)
184
0
0
(1,907)

5,857
1,009
924
2,791
742
1,548
0
7,686

7,165
992
908
1,124
709
1,548
0
(5,361)

(6,736)
296
0
0

(5,727)
148
0
0

5,164
3,309
2,861
(3,525)
256
0
0
(4,694)

41,861
0
(7,032)
14,495

35,986
0
(5,875)
19,720

32,902
0
(3,781)
8,300

24,183
0
(9,022)
8,300

26,589
0
501
8,000

26,451
0
(1,133)
8,000

0.74
6.78
4.31
0.45
1.94
103.48
0.62
-9.55
-14.84
-14.84

0.73
17.73
10.16
0.23
1.62
113.98
0.86
-8.49
-14.71
-14.71

0.25
13.27
1.21
0.51
1.97
113.64
0.53
-6.10
-10.41
-10.23

0.10
6.08
0.00
0.45
1.39
115.43
0.83
-19.60
-32.43
-30.96

0.48
1.41
0.00
0.97
1.49
79.25
1.99
4.84
11.78
10.99
1.32
2.07
4.02
3.90
0.16
0.34
4.11

0.08
1.39
0.00
1.11
1.25
84.31
1.65
1.44
4.59
3.16
0.27
2.26
2.24
1.57
-0.13
0.07
4.05

2,066

2,693

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

299

1.15

0.62

1.28
-0.23
-14.14
-0.28
-0.63
5.29

1.09
-8.25
-47.25
-0.10
-1.50
3.79

-22.11
0.00
-1.17
6.98

-37.70
0.00
-0.98
6.00

Financial Statement Analysis of Non Financial Sector 2012

MACPAC Films Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,249,365

840,752

906,392

852,564

719,614

688,556

1,662,052

1,268,211

0
1,183,148

0
1,166,904

0
1,004,346

0
1,020,726

1,245,171
131,302

840,752
98,245

796,741
417

710,062
334

577,507
61,744

540,839
54,920

4,194

417
0

334
0

267
0

214
0

109,234

142,168

141,840

147,503

142,683
1,309
40,362

292,842
62,804
35,105

95,002
3,918
15,252

90,092
177
29,497

261,050
6,274
155,735

435,019
1,625
213,890

50,197

42,413

45,256

28,450

46,996

155,484

0
50,815

0
152,520

0
30,576

0
31,968

0
52,045

0
64,020

514,598
112,089

630,901
185,326

505,349
317,226

473,055
258,661

481,998
128,051

429,542
90,070

402,509

445,575

188,123

214,394

353,947

339,472

642,384

434,439

537,430
308,182
0

538,671
183,093
0

395,545
58,361
196,760

332,676
0
196,760

642,384

434,439

8,527
220,721

9,083
346,495

9,690
130,734

10,141
125,775

235,066
388,860

68,254
388,860

(41,385)
388,860

(69,070)
388,860

103,121
388,860

361,357
388,860

388,860
0
(153,794)

388,860
0
(320,606)

388,860
0
(430,245)
79,930
(510,175)

388,860
0
(457,930)
79,930
(537,860)

388,860
0
(285,739)
79,930
(365,669)

388,860
0
(27,503)
79,930
(107,433)

468,063
463,851
4,212
521,778

404,916
402,169
2,747
433,734

(53,715)
28,071

(28,818)
28,997

Items

133,068
133,068
0
190,446
16,815
173,631
(57,378)
22,711
4,856
17,855

227,956
224,879
3,077
271,803
96,420
175,383
(43,847)
21,900
3,904
17,996

887,948
887,948
0
693,316
502,961
190,355
194,632
42,126
3,455
38,671

1,195,448
1,191,980
3,468
906,080
694,884
211,196
289,368
57,904
5,922
51,982

27,171
24,898
23,713
(60,508)
1,285
0
0
139,127

29,438
13,280
11,583
181,070
8,880
0
0
176,888

275,947
2,357
1,871
270,190
11,954
0
0
171,331

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,071

28,997

(202,007)
2,066
0
0

(230,536)
1,689
0
0

26,777
48,704
52,892
(100,317)
0
0
0
(15,624)

877,450
0
(204,073)
112,089

502,693
0
(232,225)
185,326

496,045
308,182
(100,317)
625,408

469,601
183,093
(61,793)
441,754

498,666
58,361
172,190
186,412

694,033
0
258,236
90,070

0.10
25.94
10.72
0.34
0.28
111.48
4.92
-13.65
-69.00
-25.44

0.17
23.92
10.47
0.36
0.46
107.12
15.61
-18.26
-152.01
-33.41

0.10
36.60
34.01
0.13
0.19
143.12
-25.20
-9.40
-746.71
-20.09

0.06
10.92
12.48
0.24
0.19
119.23
-14.65
-6.22
109.56
-12.53

0.11
1.50
5.29
0.91
0.54
78.08
8.51
18.83
1,063.52
37.40

0.37
0.20
13.01
1.06
1.01
75.79
2.11
25.68
116.34
45.31

121,433

96,845

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

300

11.60

11.53

8.72
-0.90
-75.39
-0.01
-2.58
-1.06

7.73
-1.55
-26.54
0.14
-1.59
-1.78

5.70
16.63
20.39
0.20
4.43
2.65

5.59
145.41
22.60
0.22
6.64
9.29

-43.16
0.00
-5.25
6.05

-56.93
0.00
-5.97
1.76

Financial Statement Analysis of Non Financial Sector 2012

Pak Leather Crafts Ltd.

2008

2009

2010

50,351

48,343

47,344

43,645

28,441

23,935

155,950

158,054

159,327

159,259

0
129,353

0
122,256

50,351
5,727

48,343
4,112

45,649
113,678

42,026
117,233

27,031
2,971

22,525
1,967

0
0

0
0

1,695

1,619

1,410

1,410

401,215
10,049
337,960

467,618
1,635
396,358

407,838
2,515
344,982

314,935
210
258,969

212,778
188
120,304

175,817
182
89,515

31,487

40,537

26,426

42,581

84,571

82,413

0
21,719

0
29,088

0
33,915

0
13,175

0
7,715

0
3,707

379,677
268,284

405,902
266,246

367,023

398,456
280,330

393,400
254,045

418,444
260,434

111,393

139,656

367,023

118,126

139,355

158,010

1,310

37,465

85,177
51,921
31,115

73,627
38,117
33,857

58,321
22,556
33,857

48,087
9,667
36,722

2,141

1,908
0

1,698
0

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

1,310

37,465

1,653
0

70,579
34,000

72,594
34,000

2,982
34,000

(113,503)
34,000

(210,502)
34,000

(266,779)
34,000

34,000
0
36,579

34,000
0
38,594

34,000
0
(31,018)

34,000
0
(147,503)

(31,018)

(147,503)

34,000
0
(244,502)
0
(244,502)

34,000
0
(300,779)
0
(300,779)

599,193
24,694
574,499
519,068

651,452
3,448
648,004
572,248

80,125
44,539

79,204
41,152

377,094
367,308
9,786
375,945
242,788
133,157
1,149
31,864
20,981
10,883

180,114
150,178
29,936
228,453
121,162
107,291
(48,339)
27,760
16,625
11,135

93,142
3,353
89,789
161,255
68,465
92,790
(68,113)
13,849
8,165
5,684

12,040
10,200
1,840
43,057
6,104
36,953
(31,017)
6,477
23
6,454

68,679
34,975
30,522
(65,581)
4,029

33,426
39,081
36,374
(115,044)
1,600

3,233
19,611
18,520
(55,454)
137
0
0
(561)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

44,539

41,152

0
(52,030)

0
(4,609)

7,931
44,587
42,633
(95,991)
931
0
0
(602)

71,889
0
1,484
268,284

110,059
0
1,733
266,246

88,159
51,921
(69,610)
51,921

(39,876)
38,117
(116,644)
318,447

(152,181)
22,556
(96,922)
276,601

(218,692)
9,667
(55,591)
270,101

0.11
4.09
5.25
1.33
1.06
86.63
5.40
2.47
16.38
16.17
1.44
1.77

0.10
4.58
6.22
1.26
1.15
87.84
6.11
1.70
11.50
9.05

0.08
9.27
7.01
0.83
1.11
99.70
151.64
-13.51
-173.55
-66.17

0.11
21.70
23.64
0.50
0.79
126.84
-4.16
-28.27
208.18
-476.54

0.22
47.87
90.80
0.39
0.54
173.13
-2.15
-32.01
59.25
99.96

0.20
162.88
684.49
0.06
0.42
357.62
-1.75
-25.15
23.24
29.90

24,532

29,831

11,384
6,500
3,400
0

8,230
6,497
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

301

1.64

1.09
-1.15
-17.39
-0.12
-20.47
0.88

0.70
-2.16
-63.87
-0.01
-34.31
-33.38

0.77
-1.25
-103.06
0.00
-28.51
-61.91

0.13
-1.99
-460.58
0.00
-16.35
-78.46

1.90
0.00
1.44
20.76

1.26
0.00
0.51
21.35

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Engineering Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,765,647

1,819,125

4,913,690

5,201,551

5,213,867

5,199,843

2,072,913

2,137,195

2,559
4,888,136

5,684
4,937,938

12,971
4,971,193

19,327
4,982,003

1,765,647
12,098

1,819,125
13,077

4,592,772
15,189

4,879,205
30,073

4,884,234
29,981

4,865,129
29,917

0
0

0
0

318,359

316,662

316,662

315,387

866,464
104,921
211,706

902,982
24,482
268,784

1,104,236
28,250
445,460

934,960
83,676
307,565

1,074,134
58,335
421,776

823,851
58,491
397,216

261,185

366,921

347,364

298,301

379,676

190,300

51,500
237,152

31,500
211,295

0
283,162

0
245,418

0
214,347

0
177,844

219,601
41,103

237,692
27,461

366,390
59,725

218,511
22,500

463,792
108,638

356,556
108,638

Items

178,498

210,231

306,665

196,011

355,154

247,918

1,941,110

1,940,555

1,903,879
1,003,406

1,944,079
1,016,293

1,852,175
1,003,406

1,909,333
1,008,183
0

787,442

787,442

787,442

787,442

1,941,110

1,940,555

0
113,031

140,344

0
113,708

61,327

471,400
56,902

543,860
56,902

3,747,657
56,902

3,973,921
56,902

3,914,876
56,902

3,814,963
56,902

56,902
0
414,498

56,902
0
486,958

56,902
0
(1,046,203)

(1,046,203)

(996,015)

56,902
0
(1,035,849)
0
(1,035,849)

56,902
0
(1,124,148)
0
(1,124,148)

1,123,150
1,123,150
0
899,987

1,184,480
1,184,480
0
954,288

223,163
76,248

230,192
72,247

56,902
0
(996,015)

4,736,958

4,913,034

4,893,823

4,882,209

1,361,633
1,361,633

1,677,379
1,677,379

712,177
712,177
0
680,309
592,726
87,583
31,868
80,555
11,460
69,095

522,873
522,873
0
593,414
440,158
153,256
(70,541)
69,602
4,011
65,591

98,846
17,540
4,998
(57,915)
7,896

69,439
25,748
15,498
(152,206)
239

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

76,248

72,247

1,035,306
981,724
53,582
326,327
86,413
14,168
72,245

1,371,129
901,741
469,388
306,250
102,032
11,961
90,071
113,462
26,875
20,382
183,223
69,091
56,902
0
243,425

(59,328)

17,354

5,918,000
1,803,735
57,230
1,826,235

5,824,209
1,795,625
(65,811)
1,904,263

5,667,138
1,790,848
(152,445)
1,899,486

0.94
2.46
53.31
0.11
2.32
95.53
0.61
-0.93
-1.47
-0.99

0.70
4.92
36.40
0.09
2.31
113.49
0.58
-2.47
-3.94
-2.65

201,628
4,917
31,296
0

168,469
59,022
0
0

91,431
83,052
77,292
201,171
67,223
71,128
0
90,487

2,412,510
0
165,415
41,103

2,484,415
0
109,447
27,461

5,651,536
1,790,848
62,821
1,850,573

1.90
0.76
23.25
0.43
3.95
80.13
4.58
7.90
56.72
9.07
6.29
5.31

1.78
0.70
30.98
0.44
3.80
80.57
4.01
6.29
33.19
6.88

8,591

8,260

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

302

4.41

17.95
0.00
34.57
82.84

14.22
0.00
19.23
95.58

1.03
6.10
25.51
0.23
3.01
76.03
0.61
4.60
9.38
4.95
1.88
3.06
3.60
14.77
0.04
23.54
658.62

1.75
1.60
17.78
0.27
4.28
81.74
0.54
3.01
4.75
3.17
2.01
5.45
9.99
10.92
0.11
20.06
698.38

1.69
-10.59
-8.13
-0.02
-11.57
688.00

1.32
-8.82
-29.11
0.01
-26.79
670.44

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Tobacco Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

5,154,326

5,599,758

5,984,333

5,867,528

6,141,232

5,740,752

8,190,852

9,100,682

469,070
9,455,353

201,773
10,220,473

690,845
10,663,710

197,650
10,986,198

5,154,326
537,851

5,599,758
594,843

5,483,038
656,754

5,621,915
744,844

5,426,487
774,143

5,522,359
785,268

0
0

0
0

32,225

43,840

23,900

20,743

4,671,906
166,666
3,998,181

4,795,283
69,172
4,059,063

6,242,528
47,874
5,765,367

6,510,899
51,945
6,002,823

7,177,282
109,631
6,462,330

8,143,075
139,030
7,225,301

2,386

2,666

1,684

1,597

1,202

1,073

5,000
499,673

5,000
659,382

0
427,603

0
454,534

0
604,119

0
777,671

5,803,375
1,038,550

6,786,710
572,397

6,856,780
1,300,832

7,638,759
2,252,218

8,902,541
1,783,623

8,589,511
1,237,772

4,764,825

6,214,313

5,555,948

5,386,541

7,118,918

7,351,739

1,109,847

1,137,581

1,186,916
0
0

1,082,038
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0
1,186,916

0
1,109,847

1,137,581

0
1,082,038

4,022,857
2,554,938

3,608,331
2,554,938

4,260,234
2,554,938

3,602,087
2,554,938

3,333,935
2,554,938

4,107,400
2,554,938

2,554,938
0
1,467,919

2,554,938
0
1,053,393

2,554,938
0
1,705,296

2,554,938
0
1,047,149

1,705,296

1,047,149

2,554,938
0
778,997
0
778,997

2,554,938
0
1,552,462
0
1,552,462

40,889,275
40,889,275
0
34,379,318

49,053,928
49,053,928
0
41,777,169

21,666,525
21,666,525

20,952,629
20,952,629

6,509,957
2,848,699

7,276,759
3,449,869

22,949,974
22,949,974
0
16,709,273
13,063,819
3,645,454
6,240,701
5,634,014
3,129,938
2,504,076

25,880,309
25,880,309
0
17,434,790
13,021,239
4,413,551
8,445,519
5,807,407
3,516,601
2,290,806
2,230,001
73,476

5,294,316
0
1,482,076
1,237,772

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,848,699

3,449,869

13,442,066
10,954,093
2,487,973
8,224,459
3,861,493
2,246,014
1,615,479

14,747,717
10,525,185
4,222,532
6,204,912
4,720,766
3,279,390
1,441,376

2,042,108
(59,024)

2,184,463
112,747

3,713,575
1,165,086
996,426
0

3,893,717
1,246,221
2,443,798
0

4,648,489
1,626,083
3,065,926
0
2,545,368

1,418,009
492,909
855,904
0
1,148,900

2,098,338
101,379
0
559,275
235,348
255,494
0
2,157,914

4,022,857
0
1,552,063
1,038,550

3,608,331
0
203,698
572,397

5,370,081
0
(43,520)
1,300,832

4,739,668
0
69,196
2,252,218

4,415,973
0
68,433
1,783,623

0.01
0.11
0.01
4.72
0.71
85.17
1.88
38.51
102.05
102.05
1.08
12.09

0.01
-0.27
0.01
1.77
0.91
62.04
1.87
41.10
118.15
103.55
0.99
3.76

50,317

53,324

2,655,036
917,466
255,494
0
1,775,492

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.03
0.12
0.01
4.16
0.81
84.08
1.44
40.02
91.00
91.00
2.56
10.23

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

303

0.01
0.54
0.01
1.69
0.85
70.39
2.44
11.53
36.07
28.05
1.08
3.49

0.01
0.44
0.01
1.72
0.81
72.81
2.99
4.35
16.13
12.22
1.27
3.55

0.02
0.28
0.00
1.86
0.95
67.37
2.38
19.52
71.36
54.69
6.80
3.58

9.08
0.00
9.97
15.75

7.94
0.00
10.36
14.12

21.45
0.32
11.83
16.67

6.77
0.13
3.62
14.10

2.44
0.22
1.27
13.05

10.26
0.18
6.80
16.08

Financial Statement Analysis of Non Financial Sector 2012

Philip Morris (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,805,140

3,322,278

3,889,196

3,899,779

4,000,574

5,434,337

4,989,619

5,669,077

679,663
6,202,477

413,365
6,897,418

1,033,489
6,655,141

2,144,395
7,153,670

2,805,140
397,640

3,322,278
398,311

3,166,076
483,052

3,434,314
551,079

2,907,963
534,206

3,208,561
420,274

0
0

0
0

43,457

52,100

59,122

81,381

3,788,069
775,758
2,463,179

6,117,506
46,718
5,327,107

6,703,558
109,559
5,880,236

8,907,484
15,104
7,706,696

8,245,590
28,088
6,776,689

8,321,950
17,373
6,841,159

85,099

36,181

65,847

164,240

210,781

195,376

0
464,033

1
707,499

0
647,916

0
1,021,444

0
1,230,032

0
1,268,042

1,026,216
0

3,445,823
770,668

3,381,825
789,525

5,170,442
2,471,772

5,461,986
2,810,170

7,803,202
4,923,921

1,026,216

2,675,155

2,592,300

2,698,670

2,651,816

2,879,281

391,000

472,000

0
0
0

221,000
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0
0

0
391,000

472,000

0
221,000

5,566,993
615,803

5,993,961
615,803

6,819,929
615,803

7,164,821
615,803

6,563,178
615,803

5,953,085
615,803

615,803
0
4,951,190

615,803
0
5,378,158

615,803
0
6,204,126

615,803
0
6,549,018

6,204,126

6,549,018

615,803
0
5,947,375
0
5,947,375

615,803
0
5,337,282
0
5,337,282

22,425,268
22,425,268
0
17,934,793

24,937,931
24,937,931
0
20,621,464

13,400,669
13,400,669

13,322,352
13,322,352

4,490,475
1,910,073

4,316,467
2,601,867

13,551,169
13,551,169
0
9,743,218
9,743,218
0
3,807,951
4,145,192
2,967,725
1,177,467

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,910,073

2,601,867

19,148

45,639

8,431,334
5,049,456
3,381,878
4,969,335
3,482,977
2,640,804
842,173

8,956,591
5,549,885
3,406,706
4,365,761
3,445,470
2,560,141
885,329

12,217,159
12,217,159
0
9,519,185
9,519,185
0
2,697,974
2,942,200
1,877,952
1,064,248

1,109,809
89,336
71,114
1,500,133
541,749

1,170,341
137,275
128,293
876,679
223,117
30,790
0
(1,062,531)

1,738,162
308,690
299,100
(530,749)
175,057
0
0
1,144,797

2,087,351
329,843
315,590
(634,750)
175,892
0
0
189,172

2,631,296
780,000
523,432
0

1,745,319
537,059
554,223
0

0
1,122,363

5,566,993
0
1,327,864
0

5,993,961
0
654,037
770,668

7,210,929
0
958,384
789,525

7,636,821
0
622,772
2,471,772

6,784,178
0
(705,806)
2,810,170

5,953,085
0
(810,642)
4,923,921

0.02
0.18
0.15
2.64
1.78
82.69
0.57
21.77
30.19
30.19
2.18
4.68

0.05
0.67
0.49
1.27
1.98
62.92
0.55
14.98
23.41
22.72

0.03
1.03
1.23
1.04
1.72
67.23
0.79
7.49
12.54
11.81
21.23
1.73
7.83
6.58
-0.19
10.61
116.35

0.04
2.53
1.73
1.00
1.51
77.92
0.87
-4.24
-7.73
-7.36

0.03
2.43
1.44
0.99
1.07
71.90
1.31
-4.88
-10.14
-9.97

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.84
0.09
0.38
3.40
3.69
79.98
0.18
41.85
50.01
50.01
3.54
9.10

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

304

11.73
0.00
30.06
90.40

7.00
0.00
19.62
97.34

2.28
22.09
11.19
0.30
15.56
110.75

1.80
-0.77
-4.34
0.20
-11.46
106.58

1.98
-1.01
-4.68
0.02
-13.16
96.67

Financial Statement Analysis of Non Financial Sector 2012

Service Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

829,815

887,382

1,034,220

1,439,494

1,636,789

1,684,590

1,477,659

1,611,369

103,005
1,666,076

104,865
2,192,751

67,405
2,546,830

146,072
2,654,499

829,815
81,587

887,382
96,295

920,720
102,644

1,320,304
130,244

1,543,297
158,819

1,502,733
177,114

14,651
0

11,994
0

10,495

14,325

11,436

23,791

1,620,830
7,485
698,556

2,454,492
7,014
1,182,566

2,617,148
208,445
1,253,241

3,103,365
247,951
1,358,128

4,002,546
12,065
1,941,229

4,736,918
13,429
2,132,742

652,980

194,590

793,032

897,675

938,456

1,244,889

0
261,809

0
1,070,322

0
362,430

0
599,611

0
1,110,796

0
1,345,858

1,319,419
606,365

1,989,626
925,853

1,797,360
703,174

2,375,987
1,197,905

3,175,300
1,681,694

3,762,948
2,145,326

713,054

1,063,773

1,094,186

1,178,082

1,493,606

1,617,622

376,086

310,558

331,924
142,073

467,046
214,263

638,609
400,215
0

451,129
218,173
0
0

12,943
239,840

22,899
210,057

32,011
206,383

Items

376,086

310,558

11,462
178,389

755,140
120,288

1,041,690
120,288

1,522,084
120,288

1,699,826
120,288

2,012,906
120,288

2,019,951
120,288

120,288
0
634,852

120,288
0
921,402

120,288
0
1,401,796

120,288
0
1,579,538

1,401,796

1,579,538

120,288
0
1,892,618
0
1,892,618

120,288
0
1,899,663
0
1,899,663

4,871,917
3,788,926
1,082,991
4,155,942

6,877,304
5,327,713
1,549,591
5,839,151

715,975
335,730

1,038,153
406,689

7,680,237
6,030,690
1,649,547
6,086,613
4,284,905
1,801,708
1,593,624
515,450
179,308
336,142

9,421,408
2,041,509
7,379,899
8,127,972
5,881,292
2,246,680
1,293,436
647,425
269,522
377,903

11,549,029
3,237,667
8,311,362
9,979,793
7,655,508
2,324,285
1,569,236
837,492
322,751
514,741

12,167,267
2,910,518
9,256,749
10,620,854
7,755,316
2,865,538
1,546,413
1,089,846
545,476
544,370

1,199,069
177,727
151,661
487,932
94,433
90,216
0
228,195

1,451,548
237,695
209,894
534,619
115,461
150,360
0
(245,570)

1,676,714
322,151
294,487
192,421
53,785
150,360
0
(291,333)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

335,730

406,689

236,180
37,459
54,130
0

478,203
127,803
0
0

954,325
160,425
116,372
935,988
222,271
240,576
0
887,469

1,131,226
0
144,591
606,365

1,352,248
0
350,400
925,853

1,854,008
142,073
473,141
845,247

2,166,872
214,263
303,283
1,412,168

2,464,035
218,173
268,798
1,899,867

2,658,560
400,215
(11,724)
2,545,541

0.50
3.09
13.40
1.99
1.23
85.30
2.25
9.58
34.11
21.83
3.67
6.97

0.10
2.40
2.83
2.06
1.23
84.90
2.21
16.51
53.23
38.51

0.56
2.09
10.33
2.10
1.46
79.25
1.40
26.77
73.02
58.39
2.97
6.13
9.04
12.19
0.42
59.33
126.54

0.48
1.89
9.53
2.07
1.31
86.27
1.67
11.91
30.29
24.27
4.36
6.94
4.22
5.18
0.08
32.71
141.31

0.30
2.06
8.13
2.05
1.26
86.41
1.80
10.50
28.80
23.09
2.79
5.95
3.55
4.63
-0.07
34.85
167.34

0.33
2.65
10.23
1.89
1.26
87.29
2.18
3.19
9.54
7.51
0.92
5.70
1.65
1.58
-0.07
11.53
167.93

150,342

165,194

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

305

5.82

4.85
0.00
16.52
62.78

6.95
0.00
29.13
86.60

Financial Statement Analysis of Non Financial Sector 2012

Shield Corporation Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

125,251

154,782

207,355

275,584

292,063

288,275

252,084

269,002

46,956
160,181

28,385
142,154

18,493
159,250

11,751
178,796

125,251
15,131

154,782
14,099

129,667
16,152

238,273
17,974

259,903
25,688

263,956
27,856

1,569

811
0

77
0

30,732

7,357

12,856

12,491

165,650
799
107,891

145,335
122
99,313

150,879
372
121,530

150,381
469
119,921

329,817
2,341
280,716

342,973
2,171
285,721

35,111

8,120

5,471

4,887

4,583

1,953

0
21,849

0
37,780

0
23,506

0
25,104

0
42,177

0
53,128

162,294
75,358

170,239
72,039

148,218
54,277

146,301
62,332

300,816
169,309

265,886
157,665

86,936

98,200

93,941

83,969

131,507

108,221

78,320

125,833

75,000

140,593
9,196
75,000

151,348
14,765
75,000

15,333
35,500

16,192
40,205

20,952
40,631

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

13,320
65,000

128,607
30,000

129,878
30,000

131,696
30,000

153,831
39,000

180,471
39,000

214,014
39,000

30,000
0
98,607

30,000
0
99,878

30,000
0
101,696

39,000

101,696

114,831

39,000
0
141,471
0
141,471

39,000
0
175,014
0
175,014

430,623
430,030
593
286,043

512,013
510,919
1,094
370,277

144,580
125,033

141,736
125,391

489,090
486,557
2,533
342,278
271,610
70,668
146,812
125,260
109,631
15,629

661,130
660,267
863
462,584
359,401
103,183
198,546
146,919
128,995
17,924

829,901
829,289
612
624,048
543,704
80,344
205,853
151,662
131,338
20,324

1,061,000
1,054,812
6,188
757,080
553,786
203,294
303,920
240,581
215,302
25,279

86,928
8,855
8,383
43,419
3,308
3,900
0
48,681

100,974
15,331
14,326
40,361
9,375
3,900
0
(67,891)

123,808
20,266
16,617
44,476
10,545

114,831

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

125,033

125,391

13,230
2,500
4,500
0

9,430
250
3,000
0

72,793
10,150
9,812
11,863
7,044
0
9,000
61,504

128,607
0
6,230
75,358

129,878
0
6,180
72,039

210,016
0
4,819
54,277

279,664
0
36,211
62,332

321,064
9,196
27,086
178,505

365,362
14,765
33,931
172,430

0.22
1.54
8.15
1.48
1.02
66.43
1.26
5.32
10.18
10.18
2.38
3.99

0.05
1.40
1.59
1.71
0.85
72.32
1.31
3.19
7.30
7.30
3.06
5.16

0.04
2.08
1.12
1.37
1.02
69.98
1.72
3.60
9.07
6.98

0.04
1.34
0.74
1.55
1.03
69.97
1.77
11.07
30.41
17.73
10.28
5.51
6.18
6.57
0.18
10.28
39.44

0.02
1.85
0.55
1.33
1.10
75.20
2.45
7.70
24.15
13.44
7.95
2.96
3.82
4.86
-0.15
7.95
46.27

0.02
1.91
0.18
1.68
1.29
71.36
1.95
7.10
22.55
12.96

6,624

7,186

0
(34,613)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

306

3.07
0.00
3.58
42.87

1.84
0.00
3.06
43.29

4.02
2.21
2.43
0.27
1.61
43.90

3.71
3.68
4.19
-0.08
8.70
54.88

Financial Statement Analysis of Non Financial Sector 2012

Siddiqsons Tin Plate Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

876,761

843,555

819,058

852,923

827,186

799,718

1,337,540

1,298,245

17,540
1,290,654

59,256
1,321,778

18,292
1,378,876

11,825
1,390,787

876,761
49,406

843,555
44,749

793,962
42,869

786,209
42,042

801,335
41,973

776,962
41,237

0
0

0
0

7,556

7,458

7,559

10,931

1,350,967
363,382
159,151

2,134,798
258,849
1,031,817

2,568,425
82,973
1,755,818

1,793,477
35,604
1,035,091

1,991,198
11,305
1,309,839

2,031,066
30,970
1,166,640

702,013

306,647

410,320

308,974

377,254

500,220

0
126,421

0
537,485

0
319,314

0
413,808

0
292,800

0
333,236

605,159
474,326

1,304,416
1,115,541

1,956,180

1,244,752
804,605

1,521,553
1,182,618

1,746,448
155,531

130,833

188,875

1,956,180

440,147

338,935

1,590,917

133,976

144,689

84,217
0
0

147,441
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0
84,217

0
133,976

144,689

0
147,441

1,622,569
785,201

1,673,937
785,201

1,297,327
785,201

1,256,959
785,201

1,149,390
785,201

1,000,119
785,201

785,201
0
837,368

785,201
0
888,736

785,201
0
512,126

785,201
0
471,758

512,126

471,758

785,201
0
364,189
0
364,189

785,201
0
214,918
0
214,918

3,510,254
3,510,254
0
3,101,940

2,922,426
2,922,426
0
2,549,637

408,314
81,981

372,789
119,216

2,639,940
2,625,728
14,212
2,412,527
2,333,731
78,796
227,413
117,290
17,363
99,927

3,247,871
3,244,075
3,796
2,995,235
2,547,336
447,899
252,636
107,362
21,073
86,289

3,305,781
3,296,965
8,816
3,019,551
2,710,421
309,130
286,230
145,952
20,316
125,636

2,509,230
2,503,485
5,745
2,414,844
2,065,414
349,430
94,386
154,844
16,350
138,494

84,334
139,503
128,497
(118,165)
(1,659)
78,520
0
(229,629)

97,317
131,269
123,023
66,611
(28,459)
58,890
0
677,770

121,111
156,577
146,720
(11,516)
34,590
58,890
0
(289,019)

118,207
109,004
101,708
(162,039)
25,287
58,890
(1)
(176,461)

1,401,648
0

1,296,831
0
(104,996)
1,182,618

1,084,336
0
(246,216)
155,531

0.26
4.74
11.41
1.17
1.31
91.34
1.45
-0.42
-0.96
-0.85
-0.78
2.52
0.92
-0.35
-0.17
-0.59
14.64

0.30
4.34
19.94
0.89
1.16
96.24
1.83
-5.74
-15.08
-13.61
-3.18
2.15
-0.59
-6.46
-0.10
-2.39
12.74

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

81,981

119,216

62,223

59,462

266,027
15,210
117,780
0

181,137
11,989
117,780
0

1,622,569
0
133,037
474,326

1,673,937
0
51,368
1,115,541

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

1,431,303
0

804,605

H.Key Performance Indicators

1.76
1.77
20.00
1.58
2.23
88.37
0.37
11.01
17.35
17.35
2.13
22.06

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

307

0.43
2.03
10.49
0.98
1.64
87.24
0.78
6.96
10.99
10.99
1.44
2.83

7.58
0.00
3.19
20.66

6.20
0.00
2.15
21.32

0.25
5.28
15.54
0.78
1.31
91.39
1.61
-3.71
-7.95
-7.61

0.28
4.04
9.51
1.23
1.44
92.22
1.11
2.21
5.22
4.70

1.50
0.08
-4.48
-0.11

3.14
1.54
2.05
0.49

16.52

16.01

Financial Statement Analysis of Non Financial Sector 2012

Thal Ltd.
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

297,619

506,381

6,043,884

5,594,431

5,488,153

11,241,782

868,915

1,121,898

17,033
5,945,044

5,729
6,067,090

8,508
6,239,025

25,522
2,417,238

297,619
67,621

506,381
62,832

4,705,476
354,688

4,453,068
406,840

4,276,583
392,263

1,226,628
333,084

6,912
797,102

3,944
942,948

4,243
1,080,864

647
2,081,956

517,361

188,742

117,955

7,907,029

3,403,463
865,478
1,465,851

5,128,960
76,323
2,012,300

4,305,646
598,641
2,692,050

5,439,504
819,901
3,021,547

6,183,266
1,011,644
3,612,156

6,611,677
1,240,033
3,161,842

507,898

648,702

403,077

951,945

695,710

886,045

368,988
195,248

2,019,658
371,977

25,338
586,540

26,255
619,856

115,598
748,158

915,313
408,444

654,452
190,973

1,518,292
771,312

2,705,623
895,626

3,583,537
1,196,126

3,716,681
907,124

2,626,609
707,505

463,479

746,980

1,809,997

2,387,411

2,809,557

1,919,104

13,515

373,889

958,544
958,544
0

1,246,656
1,246,656
0

864,644
814,635
0

192,631
159,532
0

0
0

0
50,009

0
33,099

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

13,515

373,889

0
0

3,033,115
117,114

3,743,160
152,248

6,685,363
213,147

6,203,742
255,777

7,090,094
306,932

15,034,219
368,330

117,114
0
2,916,001

152,248
0
3,590,912

213,147
0
6,472,216
1,699,465
4,772,751

255,777
0
5,947,965
101,678
5,846,287

306,932
0
6,782,975
67,929
6,715,046

368,318
12
9,319,092
67,929
9,251,163

187

5,346,797

6,896,020
6,431,421
464,599
5,587,524

9,861,759
9,328,651
533,108
8,436,738

1,308,496
345,612

1,425,021
636,266

16,494,313
16,009,425
484,888
14,445,869
5,707,665
8,738,204
2,048,444
1,730,431
200,155
1,530,276

21,712,502
21,087,158
625,344
18,495,635
7,617,814
10,877,821
3,216,867
1,921,689
216,935
1,704,754

14,162,724
13,489,990
672,734
11,745,815
8,366,002
3,379,813
2,416,909
2,033,722
203,684
1,830,038

16,596,472
15,678,740
917,732
13,530,828
9,642,519
3,888,309
3,065,644
0

1,454,824
235,815
230,257
1,799,521
814,944
204,622
51,155
1,007,558

1,407,136
253,575
249,379
1,585,624
478,006
153,466
61,386
663,807

192,262
188,227
2,468,481
727,108
0
0
1,161,291

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

345,612

636,266

31,455

56,638

1,078,935
339,897
81,980
35,134

1,061,047
0
0
60,899

763,818
289,866
284,970
522,227
379,544
42,629
42,629
1,030,382

3,046,630
0
657,058
190,973

4,117,049
0
1,061,047
771,312

7,643,907
958,544
100,054
1,854,170

7,450,398
1,246,656
779,955
2,442,782

7,954,738
814,635
954,152
1,721,759

15,226,850
159,532
1,741,373
867,037

2.66
0.46
7.37
1.86
5.20
81.03
0.22
31.21
39.49
39.29
9.01
4.70

1.81
0.57
6.58
1.75
3.38
85.55
0.51
22.73
31.32
29.62

0.38
1.76
2.44
1.59
1.59
87.58
0.55
6.53
10.02
8.88
3.35
6.13
2.83
3.17
0.28
6.69
313.65

0.50
1.09
4.38
1.97
1.52
85.18
0.78
16.83
27.92
23.84
4.81
7.19
8.82
8.29
0.21
38.49
242.54

0.49
1.79
4.91
1.21
1.66
82.93
0.65
13.97
23.86
20.59
7.22
3.92
7.36
11.20
0.14
18.04
115.50

1.16
1.16
5.34
0.93
2.52
81.53
0.19
16.72
22.31
21.30

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

308

4.90

15.65
0.00
31.55
129.49

10.76
0.00
34.85
122.93

5.25
14.11
14.87
0.41
23.64
204.09

Financial Statement Analysis of Non Financial Sector 2012

Treet Corporation Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

871,003

954,637

2,501,262

2,381,137

2,207,413

2,426,280

1,087,772

1,433,429

231,411
1,879,408

136,090
2,090,792

224,798
2,626,955

325,167
2,584,795

871,003
40,834

954,637
57,719

1,373,630
50,438

1,532,651
61,604

1,792,065
104,751

1,772,161
119,021

754,810

565,283

0
73,411

0
196,584

141,411

147,113

117,139

132,368

1,341,716
133,281
302,397

1,780,788
119,376
548,998

1,053,598
80,224
251,451

1,394,141
83,095
271,940

2,866,966
310,690
169,734

3,331,430
589,921
213,609

93,318

148,333

295,019

319,421

392,644

496,659

538,531
274,189

236,036
728,045

124,590
302,314

434,663
285,022

399,356
1,594,542

398,491
1,632,750

782,678
544,972

1,383,306
1,128,971

1,583,471
1,397,733

1,717,163
1,422,574

2,610,174
1,877,415

2,911,687
1,690,116

237,706

254,335

185,738

294,589

732,759

1,221,571

507

77,547

59,483

84,738
0
2,489

85,142
0
2,491

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
0
82,249

507

0
77,547

59,483

0
82,651

1,429,534
41,822

1,352,119
41,822

1,893,842
41,822

1,998,632
418,222

2,379,063
418,222

2,761,285
418,222

41,822
0
1,387,712

41,822
0
1,310,297

41,822
0
1,081,687
8,949
1,072,738

418,222
0
816,052
8,949
807,103

418,222
0
1,202,457
96,221
1,106,236

418,222
0
1,598,399
194,128
1,404,271

770,333

764,358

758,384

744,664

1,457,197
1,039,320
417,877
1,201,335

1,287,954
833,082
454,872
1,126,540

255,862
216,329

161,414
125,333

2,821,675
2,139,355
682,320
2,300,787
1,655,327
645,460
520,888
413,427
234,959
178,468

1,818,627
934,622
884,005
1,488,080
895,684
592,396
330,547
161,437
51,545
109,892

4,605,309
3,608,650
996,659
3,583,390
1,761,650
1,821,740
1,021,919
467,872
347,983
119,889

5,715,274
4,523,725
1,191,549
4,297,736
2,085,454
2,212,282
1,417,538
794,259
636,894
157,365

669,456
168,827
161,580
(10,493)
21,950

331,528
169,631
164,087
200,948
15,979
209,111
3,763,998
(34,640)

504,152
237,490
227,107
465,230
92,477
41,822
0
115,875

640,692
245,157
235,499
489,777
88,782
83,644
0
297,837

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

216,329

125,333

60,285

83,570

102,261
18,223
8,364
0

31,467
5,085
0
0

0
81,089

1,430,041
0
75,674
544,972

1,352,119
0
26,382
1,128,971

1,971,389
0
(32,443)
1,397,733

2,058,115
0
(24,142)
1,422,574

2,464,205
0
330,931
1,877,415

2,846,023
0
317,351
1,690,116

0.32
5.98
10.46
0.79
0.67
81.54
0.88
-0.33
-0.65
-0.63

0.49
9.33
17.56
0.48
0.81
81.82
0.89
5.48
10.32
9.97
0.88
6.69
2.22
11.05
-0.02
4.42
47.79

0.42
5.16
8.53
0.91
1.10
77.81
1.13
10.51
21.25
20.57
8.91
27.13
3.05
10.10
0.04
8.91
56.89

0.51
4.29
8.69
0.99
1.14
75.20
1.09
9.04
19.06
18.45
4.79
26.76
3.08
8.57
0.10
9.59
66.02

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.98
4.14
6.40
0.66
1.71
82.44
0.55
4.82
7.61
7.60
10.05
4.82

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

309

0.36
6.49
11.52
0.47
1.29
87.47
1.02
1.27
2.26
2.26

2.35

11.22
0.94
-0.37
0.05
-7.76
452.83

7.02
0.00
20.09
341.81

2.44
0.00
6.31
323.30

Financial Statement Analysis of Non Financial Sector 2012

Tri-Pack Films Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,608,744

2,111,285

2,096,745

1,873,582

2,451,676

6,477,587

3,072,196

3,835,189

6,021
4,114,167

9,429
4,243,320

636,408
4,542,656

4,894,753
4,669,631

1,608,744
244,345

2,111,285
265,769

2,069,838
328,074

1,844,554
359,590

1,794,346
356,668

1,572,261
354,832

19,708
0

17,836
0

18,727
0

8,270
0

1,178

1,763

2,195

2,303

1,732,911
325,295
640,772

2,201,911
297,117
950,426

2,420,082
229,766
1,201,391

2,526,163
350,210
1,289,457

3,741,824
476,434
1,542,124

4,922,654
618,872
2,344,940

534,197

681,822

887,659

767,252

991,922

1,204,616

50,389
182,258

0
272,546

0
101,266

0
119,244

0
731,344

0
754,226

1,549,047
216,000

2,176,991
865,878

2,035,195
606,312

2,001,096
295,873

3,544,749
1,229,758

4,821,389
2,565,817

1,333,047

1,311,113

1,428,883

1,705,223

2,314,991

2,255,572

540,000

824,000

885,352
608,000
0

607,524
375,000
0

427,554
250,000
0

4,371,067
4,101,924
0

0
232,524

0
177,554

0
269,143

Items

540,000

824,000

0
277,352

1,252,608
300,000

1,312,205
300,000

1,596,280
300,000

1,791,125
300,000

2,221,197
300,000

2,207,785
300,000

300,000
0
952,608

300,000
0
1,012,205

300,000
0
1,296,280
0
1,296,280

300,000
0
1,491,125
0
1,491,125

300,000
0
1,921,197
0
1,921,197

300,000
0
1,907,785
0
1,907,785

5,386,091
5,348,604
37,487
4,458,389

7,100,211
7,033,541
66,670
6,090,080

927,702
185,894

1,010,131
207,200

6,879,633
6,637,063
242,570
5,888,981
4,695,035
1,193,946
990,652
253,141
120,647
132,494

7,620,571
7,336,595
283,976
6,400,820
4,972,452
1,428,368
1,219,751
318,693
148,458
170,235

10,009,875
9,754,703
255,172
8,252,920
6,546,094
1,706,826
1,756,955
487,794
211,760
276,034

10,240,532
10,093,690
146,842
8,761,569
6,765,024
1,996,545
1,478,963
525,562
243,590
281,972

82,523
205,346
201,083
722,994
275,702
300,000
0
1,309,747

373,801
122,429
117,874
1,199,030
448,541
600,000
0
1,028,692

441,202
171,374
135,459
814,843
235,488
600,000
0
(284,736)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

185,894

207,200

674,370
148,270
300,000
0

723,657
134,210
420,000
0

68,731
221,723
218,625
558,834
168,752
300,000
0
891,315

1,792,608
0
226,100
216,000

2,136,205
0
169,447
865,878

2,481,632
608,000
90,082
1,214,312

2,398,649
375,000
147,292
670,873

2,648,751
250,000
150,489
1,479,758

6,578,852
4,101,924
(20,645)
6,667,741

0.59
1.73
9.92
1.61
1.12
82.78
1.67
21.92
57.77
37.15
1.75
8.41

0.45
1.53
9.60
1.65
1.01
85.77
2.29
18.91
56.43
36.84
1.40
7.47

0.55
3.22
12.90
1.52
1.19
85.60
1.83
12.66
38.43
24.20
1.30
5.73
3.56
8.12
0.31
13.00
53.21

0.56
2.69
10.07
1.73
1.26
83.99
1.46
16.22
42.69
29.63
1.49
5.91
4.60
9.49
0.50
14.91
59.70

0.41
1.22
9.91
1.62
1.06
82.45
1.79
22.64
59.77
47.51
1.25
6.49
11.17
11.98
0.26
25.02
74.04

0.38
1.67
11.76
0.90
1.02
85.56
4.16
9.26
36.80
17.66
0.97
4.37
7.02
7.96
-0.03
19.31
73.59

93,167

108,844

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

310

12.52
0.00
17.54
41.75

10.19
0.00
19.65
43.74

Financial Statement Analysis of Non Financial Sector 2012

United Brands Ltd.

2008

2009

2010

11,578

7,540

5,969

4,991

8,745

7,263

15,632

12,525

12,525

12,525

0
17,831

0
10,778

11,212
2,752

6,927
1,827

6,927
1,298

4,871
1,037

8,745
1,153

7,263
1,692

366

613

340

120

0
0

0
0

(1,298)

113,299
7,208
59,630

147,851
11,396
72,375

161,935
20,200
76,504

194,592
31,757
84,101

242,636
48,576
125,399

269,705
39,598
164,691

147,775

23,005

26,093

45,252

33,795

34,893

0
(101,314)

0
41,075

0
39,138

0
33,482

0
34,866

0
30,523

116,215
1,032

148,532
1,239

106,684
1,382

138,441
249

212,595
1,249

218,277
1,411

115,183

147,293

105,302

138,192

211,346

216,866

3,564

1,786

73,585

72,098

96,764
764
0

84,255
2,175
0
0

3,564

1,786

3,287
70,298

1,058
71,040

0
82,080

0
96,000

5,098
12,000

5,073
12,000

(12,365)
12,000

(10,956)
12,000

(45,469)
12,000

(38,073)
12,000

12,000
0
(6,902)

12,000
0
(6,927)

12,000
0
(24,365)

12,000
0
(22,956)

(24,365)

(22,956)

12,000
0
(57,469)
0
(57,469)

12,000
0
(50,073)
0
(50,073)

334,720
334,720
0
291,039

514,813
514,813
0
468,432

580,269
580,269

43,681
74,040

46,381
74,292

521,829
525,958
(4,129)
58,440
73,778
49,817
23,961

711,461
711,461
0
624,298
0
624,298
87,163
64,635
52,077
12,558

831,475
831,475
0
739,657
0
739,657
91,818
93,999
57,339
36,660

1,069,166
1,069,166
0
942,243
0
942,243
126,923
98,796
75,427
23,369

25,933
1,528

27,053
11,853

38,403
24,490
0
3,863
6,715
0
0
(22,499)

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

74,040

74,292

6,210
3,895
0
0

6,036
2,395
12,000
0

(16,866)

0
(8,268)

10,675
22,877
0
0
12,226

28,968
29,967
0
(31,984)
1,677
0
0
8,691

8,662
0
2,315
1,032

6,859
0
(8,359)
1,239

61,220
0
(16,866)
1,382

61,142
0
(12,202)
249

38,786
2,175
(33,661)
3,424

58,691
764
(2,852)
2,175

1.33
0.47
44.15
2.68
0.97
86.95
23.50
6.62
115.87
86.96

0.23
0.27
4.47
3.31
1.00
90.99
29.63
4.31
118.69
77.78
0.30
7.11

0.43
0.26
4.50
3.46
1.52
89.93
-14.58
-10.43
462.59
-49.55

0.56
1.67
6.36
3.56
1.41
87.75
-19.22
5.81
-91.55
17.45

0.39
3.60
4.06
3.31
1.14
88.96
-6.53
-14.18
113.37
-64.01

0.34
2.29
3.26
3.86
1.24
88.13
-8.27
1.46
-9.25
7.93

1,568

1,378

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.61

311

7.58

8.46

6.63

6.49

1.86
0.00
1.93
4.25

1.17
0.00
3.03
4.23

-2.91
-0.05
-14.06
-10.30

1.50
0.06
-10.17
-9.13

-3.85
0.03
-28.05
-37.89

0.36
-0.07
-2.38
-31.73

Financial Statement Analysis of Non Financial Sector 2012

ZIL Ltd.
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

278,189

274,961

293,088

296,943

349,202

374,026

309,437

330,144

12,342
332,888

8,914
356,787

5,328
440,672

32,880
467,478

276,641
22,514

273,967
25,738

255,653
25,545

262,987
25,601

328,213
35,012

326,788
32,190

1,548

994

1,656

1,423

7,906
0

6,858
0

23,437

23,619

7,755

7,500

280,817
59,067
134,432

369,392
34,161
258,767

433,764
124,573
204,835

465,717
103,246
282,281

516,410
45,299
370,943

598,182
45,688
418,567

4,726

10,633

25,449

21,280

29,780

54,219

27,930
54,662

0
65,831

25,000
53,907

5,000
53,910

0
70,388

0
79,708

251,767
0

324,650
0

273,440

286,115

359,401
80,000

452,447
130,000

251,767

324,650

273,440

286,115

279,401

322,447

86,865

90,164

96,853
0
0

103,122
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
71,824
25,029

86,865

90,164

65,214
37,908

307,239
40,000

319,703
44,000

366,547
48,400

386,381
53,240

403,089
53,240

422,908
53,240

40,000
0
267,239

44,000
0
275,703

48,400

53,240

239,263

249,834

53,240
0
279,733
0
279,733

1,149,029
1,149,029
0
883,475

1,391,181
1,391,181
0
1,105,437

265,554
208,166

285,744
249,557

239,263

249,834

53,240
0
255,901
0
255,901

78,884

83,307

93,948

89,935

1,350,144
1,350,144

1,289,891
1,289,891

1,829,255
1,829,255
0
1,323,117
1,184,930
138,187
506,138
443,995
332,027
111,968

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

208,166

249,557

1,870

3,882

990,889
850,223
140,666
359,255
278,998
223,607
55,391

951,249
782,496
168,753
338,642
302,689
243,349
59,340

1,566,091
1,566,091
0
1,226,184
1,046,890
179,294
339,907
306,554
224,017
82,537

127,727
6,682
6,002
80,326
29,082

142,569
696
34
48,230
17,144
18,634
17,240
(5,657)

178,732
4,715
4,114
33,078
11,364
10,648
0
(67,768)

227,880
23,002
22,039
47,502
24,014
10,648
0
18,603

62,122
12,436
12,000
4,000

36,879
16,865
4,400
4,400

12,400
139,130

307,239
0
37,686
0

319,703
0
15,614
0

453,412
0
51,244
0

476,545
0
12,452
0

506,211
0
11,066
80,000

519,761
0
12,840
130,000

0.36
0.16
0.41
2.06
1.12
76.89
0.82
11.94
22.52
22.46
4.14
8.55

0.14
0.28
0.76
2.16
1.14
79.46
1.02
6.13
11.76
11.76
4.55
5.38

0.64
0.49
1.88
1.86
1.59
73.39
0.98
11.72
23.41
20.78

0.45
0.05
1.65
1.69
1.63
73.75
0.97
6.48
12.81
10.37
1.67
4.57
1,419.53
3.74
-0.02
5.84
72.57

0.21
0.30
1.90
1.81
1.44
78.30
1.15
4.06
8.38
6.73
2.04
4.22
9.04
2.11
-0.15
4.08
75.71

0.22
1.26
2.96
1.88
1.32
72.33
1.30
5.17
11.50
9.26
2.21
4.37
3.16
2.60
0.03
4.41
79.43

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

312

5.41
0.00
12.42
76.81

2.65
0.00
4.55
72.66

6.59
14.38
5.95
0.39
10.59
75.73

OTHER NON-METALLIC MINERAL

PRODUCTS

313

Financial Statement Analysis of Non Financial Sector 2012

Other Non-Metallic Mineral Products - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

169,009,755

186,060,803

248,562,360

264,092,098

266,616,994

266,703,943

209,534,009

244,485,903

37,098,695
266,806,583

28,419,765
305,912,561

32,549,698
309,911,935

6,954,304
325,157,994

168,967,475
7,604,666

186,031,813
7,974,768

198,852,474
8,769,350

221,232,709
9,463,296

217,155,431
10,038,745

241,681,961
12,103,651

42,280

28,990

1,164,285
8,220,202

62,813
9,834,373

73,765
11,385,170

157,658
11,925,249

3,226,704

4,542,438

5,452,930

5,984,771

69,609,507
5,546,088
5,770,903

90,926,915
5,867,688
7,980,484

59,429,939
3,860,859
11,205,337

61,164,963
2,162,237
9,219,222

70,649,757
3,843,855
11,086,570

74,926,339
4,177,374
13,240,636

Items

3,043,208

5,184,918

5,289,276

5,206,674

4,513,693

5,551,784

32,476,821
22,772,487

28,510,519
43,383,306

8,790,729
30,283,738

12,409,183
32,167,647

12,300,929
38,904,710

12,065,936
39,890,609

65,293,742
23,143,834

82,821,989
39,160,520

87,869,525
55,555,079

98,628,508
58,801,747

97,396,562
52,412,319

89,566,667
42,744,510

42,149,908

43,661,469

32,314,446

39,826,761

44,984,243

46,822,157

65,460,790

67,725,849

95,029,267
57,227,152
5,128,049

93,694,914
60,744,797
4,010,144

92,424,521
57,815,279
5,931,022

83,223,542
47,086,298
3,296,978

5,260,825

12,796,715

14,949,680

14,764,800

11,833,000

11,033,000

60,199,965

54,929,134

653,278
17,071,108

722,114
13,453,059

861,062
15,984,158

1,000,809
20,806,457

107,864,730
44,173,506

126,439,880
58,225,147

125,093,507
59,388,857

132,933,639
61,194,985

147,445,668
71,076,802

168,840,073
77,656,646

43,145,040
1,028,466
63,691,224

57,196,681
1,028,466
68,214,733

58,360,391
1,028,466
46,176,451
28,317,005
17,859,446

60,166,519
1,028,466
47,237,419
33,952,203
13,285,217

70,053,482
1,023,320
52,112,087
37,215,210
14,896,877

76,641,391
1,015,255
63,666,459
31,889,321
31,777,138

19,528,199

24,501,235

24,256,779

27,516,968

92,740,709
83,545,605
9,195,104
80,925,139

122,491,518
98,681,928
23,809,590
109,845,503

11,815,570
4,561,089

12,646,015
9,675,382

145,171,686
100,784,042
44,387,644
106,610,552
18,031,354
88,579,198
38,561,134
17,475,040
11,511,525
5,963,515

130,309,424
89,390,818
40,918,606
108,869,326
20,746,137
88,123,189
21,440,098
16,612,624
12,353,598
4,259,026

150,742,720
112,776,051
37,966,669
120,651,508
21,731,940
98,919,568
30,091,212
15,513,443
10,882,048
4,631,395

198,359,684
158,490,735
39,868,949
144,106,133
25,096,721
119,009,412
54,253,551
15,556,116
9,877,927
5,678,189

3,762,307
13,444,733
12,646,478
(5,595,442)
1,614,249
8,373,959
96,985
7,815,271

8,800,349
13,838,873
11,149,560
3,442,105
2,165,017
1,881,247
0
8,420,624

10,173,088
14,310,156
10,691,321
27,438,191
2,071,914
2,043,405
0
37,321,794

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,561,089

9,675,382

5,122,623
379,622
1,456,322
67,306

(4,110,021)
661,330
834,233
191,822

3,379,718
16,227,843
14,685,732
7,171,458
1,681,011
7,381,380
971,032
21,938,050

173,325,520
5,260,825
3,286,679
28,404,659

194,165,729
12,796,715
(5,605,584)
51,957,235

220,122,774
72,176,832
(1,890,933)
127,731,911

226,628,554
75,509,597
(15,583,650)
134,311,344

239,870,189
69,648,279
(604,159)
122,060,598

252,063,615
58,119,298
23,322,873
100,863,808

0.63
6.67
3.28
0.39
1.07
87.26
1.21
2.42
5.47
3.29
3.26
16.07

0.48
7.44
4.23
0.44
1.10
89.68
1.19
-1.59
-3.51
-2.24
-5.72
15.35

0.20
11.18
3.64
0.47
0.68
73.44
1.46
2.45
5.70
3.46
0.74
12.96
1.49
4.94
0.12
0.94
21.30

0.20
10.32
4.00
0.40
0.62
83.55
1.45
-1.77
-4.34
-2.50
-0.86
14.13
0.56
-4.29
0.04
-1.19
21.96

0.21
9.18
2.99
0.45
0.73
80.04
1.29
1.04
2.46
1.48
0.68
13.60
1.31
2.28
0.04
0.18
20.83

0.24
7.21
2.80
0.58
0.84
72.65
1.02
8.08
17.35
11.16
12.41
14.98
3.57
13.83
0.22
3.28
21.82

6,184,085

9,107,723

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

314

5.52
0.00
1.10
24.92

-3.36
0.00
-0.88
23.19

Growth with Composition of Assets & Liabilities

300

15%
12.7%

Billion Rs

250

10%
5.7%

200
150

5%
0%

0.0%

100

-5%
-8.7%

50

-10%

-11.1%

-15%
Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

2011

2012

250
87.5%

Billion Rs

200
150
44.5%

100
24.0%

50
0
Sales

Gross Profit

2011

17.35

Percentage

2012

2.46

13.83

2012

12
10
8
6
3.28

2.28

1.48

2
Return on
Return on
Assets
Equity

2011

14

Percentage

11.16
8.08

1.04

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
18
16
14
12
10
8
6
4
2
0

Growth
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

0.73 0.84

1.29

1.02
0.18

0
Return on
Capital
Employed

Current
Ratio

315

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

CEMENT

316

Financial Statement Analysis of Non Financial Sector 2012

Cement - Overall
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

163,028,547

179,119,158

238,138,598

252,912,686

254,244,834

250,738,125

199,971,801

233,505,335

36,789,721
252,114,730

27,791,952
289,941,096

30,938,893
293,110,626

5,272,888
304,205,568

162,986,267
7,054,871

179,090,168
7,368,612

189,017,987
8,011,304

210,949,962
8,571,321

206,666,277
9,092,647

227,928,627
11,114,578

42,280

28,990

1,164,285
8,220,202

62,813
9,834,373

73,765
11,385,170

157,658
11,925,249

2,946,403

4,273,586

5,180,729

5,453,703

64,948,539
5,304,362
4,221,748

85,454,020
5,629,816
6,259,443

53,237,536
3,593,426
8,838,242

54,554,122
1,886,277
7,044,531

63,713,995
2,906,884
8,749,959

67,274,035
3,453,488
10,730,378

Items

2,010,764

4,015,746

4,304,857

3,267,875

2,979,700

3,782,094

32,469,404
20,942,261

28,503,201
41,045,814

8,790,729
27,710,282

12,409,183
29,946,256

12,300,929
36,776,523

12,065,936
37,242,139

60,025,504
21,061,968

77,604,012
37,196,671

82,656,967
54,166,390

93,050,549
57,278,401

91,079,288
50,866,535

80,681,522
39,579,217

38,963,536

40,407,341

28,490,577

35,772,148

40,212,753

41,102,305

64,291,977

65,372,228

89,326,711
53,117,385
4,419,344

87,887,665
56,696,881
3,412,449

87,807,091
54,874,451
5,335,657

77,643,583
43,875,128
2,725,718

5,260,825

12,796,715

14,949,680

14,764,800

11,833,000

11,033,000

59,031,152

52,575,513

576,102
16,264,200

640,683
12,372,852

775,064
14,988,919

906,563
19,103,174

103,659,605
42,396,793

121,596,938
55,909,628

119,392,456
56,689,291

126,528,594
58,277,252

139,072,450
67,239,445

159,687,055
73,819,289

41,368,327
1,028,466
61,262,812

54,881,162
1,028,466
65,687,310

55,660,825
1,028,466
43,304,704
28,317,005
14,987,699

57,248,786
1,028,466
44,551,024
33,261,806
11,289,219

66,216,125
1,023,320
48,704,216
36,091,166
12,613,050

72,804,034
1,015,255
59,483,304
30,765,277
28,718,027

19,398,461

23,700,318

23,128,789

26,384,462

83,473,415
75,106,250
8,367,165
73,361,455

111,752,228
88,896,079
22,856,149
100,879,207

10,111,960
3,654,536

10,873,021
8,627,277

132,754,165
89,750,783
43,003,382
96,648,470
13,760,456
82,888,014
36,105,695
16,205,230
10,752,560
5,452,670

114,526,565
74,788,742
39,737,823
96,320,698
15,797,490
80,523,208
18,205,867
15,074,970
11,319,326
3,755,644

133,535,398
96,666,821
36,868,577
107,064,158
16,794,694
90,269,464
26,471,240
13,606,945
9,742,924
3,864,021

177,155,589
138,364,798
38,790,791
127,175,772
18,941,620
108,234,152
49,979,817
13,526,510
8,574,964
4,951,546

2,116,093
12,563,351
11,825,364
(6,488,307)
1,231,164
8,072,235
0
6,630,273

6,841,159
13,017,030
10,402,376
2,399,633
1,708,411
1,683,180
0
6,174,451

7,814,914
13,626,241
10,036,326
25,710,737
1,780,011
1,509,989
0
35,307,659

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,654,536

8,627,277

4,553,061
316,689
1,266,644
0

(4,509,355)
482,530
648,108
117,052

1,988,120
15,490,916
14,123,080
6,503,948
1,397,433
7,098,039
882,864
20,627,930

167,951,582
5,260,825
2,969,728
26,322,793

186,969,166
12,796,715
(5,639,993)
49,993,386

208,719,167
68,067,065
(1,991,524)
122,233,455

214,416,260
71,461,681
(15,791,706)
128,740,082

226,879,541
66,707,451
(991,958)
117,573,986

237,330,638
54,908,128
22,420,737
94,487,345

0.66
7.01
2.41
0.37
1.08
87.89
1.20
2.25
5.08
3.03
3.34
19.77

0.49
7.77
3.59
0.42
1.10
90.27
1.18
-1.83
-4.00
-2.54
-7.70
17.85

0.20
11.67
3.24
0.46
0.64
72.80
1.44
2.34
5.40
3.29
0.72
15.02
1.46
4.90
0.12
0.92
21.45

0.19
10.97
2.85
0.37
0.59
84.10
1.43
-2.17
-5.28
-3.07
-0.96
16.26
0.45
-5.67
0.04
-1.35
22.10

0.20
9.75
2.23
0.42
0.70
80.18
1.29
0.77
1.81
1.09
0.41
15.26
1.23
1.80
0.03
0.10
21.00

0.24
7.69
2.13
0.56
0.83
71.79
0.99
8.09
17.21
11.08
15.85
16.51
3.56
14.51
0.22
3.29
21.93

5,853,171

8,680,088

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

317

5.45
0.00
1.02
25.06

-4.04
0.00
-0.96
23.36

Growth with Composition of Assets & Liabilities

300

12.9%

Billion Rs

250

15%
10%

5.3%

200
150

5%
0%

-1.4%

100

-5%

50

-10%
-12.9%

0
Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

-13.1%

-15%

Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

Billion Rs

2011
200
180
160
140
120
100
80
60
40
20
0

90.7%

47.0%
24.6%

Sales

Gross Profit

Percentage

2012
11.08

2011
2012

14.51

14
12
10

8.09

0.77

Net Profit Before Tax

16

Percentage

2011

17.21

Growth
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Key Performance Indicators

Profitability/Efficiency Ratios
18
16
14
12
10
8
6
4
2
0

2012

1.81
1.09

8
6
2

Return on
Return on
Assets
Equity

3.29

4
0.7 0.83

1.29

1.8
0.99
0.1

0
Return on
Capital
Employed

Current
Ratio

318

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Al-Abbas Cement Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,867,044

4,236,771

4,568,379

4,627,456

4,394,724

4,246,251

4,705,282

5,143,264

815,262
4,551,112

0
5,439,563

0
5,449,916

0
5,506,204

3,866,835
69,490

4,236,771
68,046

3,539,718
105,384

4,352,502
77,307

4,268,503
95,047

4,127,698
98,918

209

0
0

0
0

0
0

0
0

213,399

274,954

126,221

118,553

575,922
2,366
144,846

1,037,104
9,366
243,339

1,355,532
12,421
427,276

556,993
3,547
116,666

656,532
14,926
120,422

936,826
3,594
219,066

948

297,892

33,137

63,923

37,173

44,010

0
427,762

0
486,507

0
882,698

0
372,857

0
484,011

0
670,156

1,331,257
596,697

1,165,966
209,212

1,454,512
495,422

1,619,955
988,090

1,443,074
557,377

2,241,036
1,104,276

Items

734,560

956,754

959,090

631,865

885,697

1,136,760

1,730,614

2,512,286

2,751,963
2,506,350
234,076

2,567,673
2,250,000
299,178

2,636,203
2,500,000
0

1,816,631
1,674,780
0

18,495
0

20,276
115,927

25,924
115,927

1,730,614

2,512,286

11,537
0

1,381,095
1,142,781

1,595,623
1,828,450

1,717,436
1,828,450

996,821
1,828,450

971,979
3,656,900

1,125,410
3,656,900

1,142,781
0
238,314

1,828,450
0
(232,827)

1,828,450
0
(111,014)
0
(111,014)

1,828,450
0
(831,629)
0
(831,629)

3,656,900
0
(2,764,921)
(914,225)
(1,850,696)

3,656,900
0
(2,611,490)
(914,225)
(1,697,265)

285,488
285,488
0
414,708

1,362,635
639,467
723,168
1,247,392

(129,220)
28,708

115,243
156,425

80,000

80,000

2,982,686
930,815
2,051,871
2,282,298
405,670
1,876,628
700,388
421,211
390,619
30,592

2,198,443
576,038
1,622,405
2,131,027
310,849
1,820,178
67,416
438,465
413,667
24,798

2,220,360
1,194,607
1,025,753
2,278,304
355,103
1,923,201
(57,944)
310,547
280,854
29,693

2,930,152
2,533,477
396,675
2,633,210
423,243
2,209,967
296,942
136,916
103,400
33,516

17,525
417,189
414,724
(746,498)
15,946
0
0
(353,154)

11,674
407,674
405,794
(755,625)
22,295
0
0
(515,906)

14,208
401,930
398,297
292,672
29,302
0
120,827

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,708

156,425

(168,768)
1,061
0
0

(128,930)
7,232
0
0

15,746
351,206
348,718
(41,973)
23,024
0
0
(51,845)

3,111,709
0
(169,829)
596,697

4,107,909
0
(136,162)
209,212

4,469,399
2,506,350
(64,997)
3,001,772

3,564,494
2,250,000
(762,444)
3,238,090

3,608,182
2,500,000
(777,920)
3,057,377

2,942,041
1,674,780
263,370
2,779,056

0.00
5.86
0.33
0.06
0.43
145.26
2.22
-4.09
-13.28
-5.48

0.26
6.48
21.86
0.26
0.89
91.54
2.31
-2.65
-8.66
-3.57

0.03
11.77
1.11
0.50
0.93
76.52
2.45
-0.75
-2.53
-0.98

0.04
18.98
2.91
0.42
0.34
96.93
4.20
-13.44
-55.01
-18.58

0.04
18.36
1.67
0.44
0.45
102.61
4.20
-14.60
-76.76
-20.73

0.02
13.72
1.50
0.57
0.42
89.87
3.61
5.72
27.91
8.94

16,735

88,330

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

319

1.97

5.60

6.98
0.88
-1.41
-0.01
-0.36
9.39

18.84
-0.80
-33.96
-0.08
-4.17
5.45

18.44
-0.86
-34.03
-0.13
-2.13
2.66

13.38
1.73
9.99
0.03
0.72
3.08

-59.12
0.00
-1.49
12.09

-9.46
0.00
-0.74
8.73

Financial Statement Analysis of Non Financial Sector 2012

Attock Cement Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,443,222

4,333,363

4,210,452

4,266,346

5,395,668

5,543,483

6,812,468

6,955,871

2,009
7,348,179

209,298
7,462,133

1,281,828
7,407,302

135,762
8,932,597

4,443,222
367,191

4,333,363
401,189

4,141,525
474,439

3,992,646
270,794

4,050,123
267,027

4,897,742
308,399

0
4,500

0
4,500

0
4,500

4,500

62,418

59,902

59,217

505,479

1,342,418
265,776
276,428

1,537,584
110,957
409,498

2,762,349
871,826
613,934

2,792,563
442,109
366,170

2,347,481
210,165
541,028

3,358,000
219,762
539,343

Items

19,897

49,799

46,485

55,366

50,772

190,444

208,002
572,315

188,450
778,880

557,265
672,839

1,194,272
734,646

116,064
1,429,452

879,362
1,529,089

1,566,987
15,489

1,716,868
200,109

1,135,564
200,000

1,065,190
0

1,378,379
0

1,334,512
0

1,551,498

1,516,759

935,564

1,065,190

1,378,379

1,334,512

822,609

622,500

1,059,370
422,500
0

598,300
0
0

566,358
0
0

938,078
0
0

0
598,300

0
566,358

0
938,078

822,609

622,500

0
636,870

3,396,044
721,629

3,531,579
721,629

4,777,867
721,629

5,395,419
865,955

5,798,412
865,955

6,628,893
865,955

721,629
0
2,674,415

721,629
0
2,809,950

721,629
0
4,056,238
0
4,056,238

865,955
0
4,529,464
0
4,529,464

865,955
0
4,932,457
0
4,932,457

865,955
0
5,762,938
0
5,762,938

6,237,210
6,237,210
0
4,682,534

6,770,750
6,770,750
0
5,666,446

1,554,676
282,526

1,104,304
303,268

8,510,071
6,020,862
2,489,209
5,801,099
1,081,866
4,719,233
2,708,972
767,016
437,194
329,822

7,668,133
5,477,279
2,190,854
5,710,166
1,080,864
4,629,302
1,957,967
753,561
466,659
286,902

8,553,921
6,108,282
2,445,639
6,823,346
1,309,817
5,513,529
1,730,575
776,023
512,936
263,087

10,638,021
7,990,997
2,647,024
7,691,421
1,405,273
6,286,148
2,946,600
1,045,875
705,125
340,750

135,740
77,628
66,005
1,388,317
422,091
2,264,732
0
1,362,311

742,033
24,287
7,763
1,034,486
382,000
389,680
0
305,498

782,467
11,593
130
2,035,031
228,662
216,489
1,760,520
7,566,971
0
1,589,880
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

282,526

303,268

1,193,377
22,802
324,733
0

674,967
57,706
324,733
0

147,651
119,763
94,016
1,988,726
595,354
2,028,119
811,248
1,923,312

4,218,653
0
845,842
15,489

4,154,079
0
292,528
200,109

5,837,237
422,500
(634,747)
622,500

5,993,719
0
(1,298,506)
0

6,364,770
0
262,806
0

0.32
1.64
0.32
1.08
0.86
75.07
0.70
22.40
37.59
29.30
3.60
22.56

0.20
2.27
0.74
1.15
0.90
83.69
0.66
11.58
19.49
16.12
1.90
16.53

1.30
1.41
0.55
1.22
2.43
68.17
0.46
30.97
47.87
39.81
0.69
13.86
22.15
23.37
0.88
19.31
66.21

1.59
1.01
0.72
1.09
2.62
74.47
0.31
19.79
27.29
23.47
0.43
20.94
22.03
18.11
0.82
11.16
62.31

0.27
0.28
0.59
1.10
1.70
79.77
0.34
13.98
18.48
16.74
1.67
15.81
134.26
12.09
0.16
7.53
66.96

102,072

153,909

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

320

19.13
0.00
16.22
47.06

9.97
0.00
8.55
48.94

0.97
0.11
1.79
1.20
2.52
72.30
0.34
24.45
32.75
29.21
8.34
19.72
15,655.08
19.13
0.77
20.86
76.55

Financial Statement Analysis of Non Financial Sector 2012

Bestway Cement Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

14,452,530

16,004,482

31,596,727

32,555,238

32,479,191

32,355,828

16,577,735

18,606,851

7,073,141
30,734,525

84,073
30,564,296

149,343
30,714,937

29,761
30,884,162

14,452,530
1,978,702

16,004,482
431,938

18,142,808
783,917

25,641,887
999,158

24,662,144
1,063,802

23,806,503
1,075,740

1,135,192
5,130,069

30,000
5,211,856

25,596
5,831,818

45,068
6,775,522

115,517

1,587,422

1,810,290

1,698,974

8,628,902
886,328
290,831

9,411,009
348,574
729,727

6,048,793
462,165
1,253,453

5,885,686
210,645
1,065,834

6,749,084
137,727
1,454,067

7,187,600
190,151
1,740,804

Items

84,634

365,121

588,806

315,857

311,502

462,301

5,514,776
1,852,333

5,589,233
2,378,354

0
3,744,369

0
4,293,350

0
4,845,788

0
4,794,344

4,493,229
756,385

5,794,182
3,511,008

8,730,660
6,779,749

11,711,447
9,103,953

12,603,541
10,102,802

10,178,252
6,954,469

3,736,844

2,283,174

1,950,911

2,607,494

2,500,739

3,223,783

12,607,054

12,764,805

18,507,790
16,179,837
1,750

16,728,930
15,521,502
0

11,968,337
10,968,087
0

10,511,447
8,680,754
0

12,607,054

12,764,805

66,339
2,259,864

85,373
1,122,055

94,040
906,210

115,393
1,715,300

5,981,149
2,575,080

6,856,504
2,832,588

10,407,070
3,257,476

10,000,547
3,257,476

14,656,397
5,782,019

18,853,729
5,782,019

2,575,080
0
3,406,069

2,832,588
0
4,023,916

3,257,476
0
7,149,594
2,931,654
4,217,940

3,257,476
0
6,743,071
2,471,782
4,271,289

5,782,019
0
8,874,378
3,798,441
5,075,937

5,782,019
0
13,071,710
4,089,140
8,982,570

8,409,439
8,409,439
0
7,396,569

10,669,558
10,669,558
0
9,661,298

1,012,870
141,400

1,008,260
420,746

16,146,838
16,146,838
0
11,254,822
1,568,534
9,686,288
4,892,016
1,717,967
1,473,602
244,365

15,154,628
15,154,628
0
13,457,014
2,719,816
10,737,198
1,697,614
1,281,599
1,080,812
200,787

17,074,382
17,074,382
0
13,532,789
2,055,894
11,476,895
3,541,593
550,357
358,037
192,320

22,573,628
22,573,628
0
15,628,827
2,124,927
13,503,900
6,944,801
813,170
290,532
522,638

135,813
2,572,607
2,558,313
(1,362,073)
42,557
0
0
(1,127,366)

520,910
3,275,907
3,241,651
707,000
215,648
0
0
(526,858)

624,906
2,570,714
2,390,672
5,015,644
315,828
0
0
4,916,672

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

141,400

420,746

56,356
4,817
0
0

(419,135)
37,492
0
0

132,737
2,442,877
2,429,702
1,413,175
73,667
0
0
920,025

18,588,203
0
51,539
756,385

19,621,309
0
(456,627)
3,511,008

28,914,860
16,179,837
1,339,508
22,959,586

26,729,477
15,521,502
(1,404,630)
24,625,455

26,624,734
10,968,087
491,352
21,070,889

29,365,176
8,680,754
4,699,816
15,635,223

1.44
14.41
1.01
0.36
1.92
87.96
2.86
0.27
1.04
0.34

1.09
11.59
3.42
0.42
1.62
90.55
2.71
-1.73
-6.53
-2.19

0.12
15.13
3.65
0.43
0.69
69.70
2.62
4.48
16.37
5.82

0.04
16.98
2.08
0.39
0.50
88.80
2.84
-3.58
-13.35
-4.90

0.04
19.19
1.82
0.44
0.54
79.26
1.68
1.82
5.73
2.65

0.06
11.39
2.05
0.57
0.71
69.23
1.10
12.73
29.94
17.92

1,211,746

1,236,140

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

321

28.92

14.62

12.88
1.58
8.75
0.03
4.11
31.95

14.22
0.47
-8.99
-0.04
-4.31
30.70

11.74
1.22
4.14
-0.02
0.85
25.35

12.97
3.10
22.22
0.24
8.13
32.61

0.67
0.00
0.20
23.23

-3.93
0.00

Financial Statement Analysis of Non Financial Sector 2012

Cherat Cement Co. Ltd.

2007

2008

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2,196,964

4,571,505

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2009

2010

2,522,040

3,400,079

3,617,936

3,647,760

3,422,358

5,068,514

1,023,062
4,969,810

14,722
6,379,943

96,472
6,490,561

39,070
6,645,649

2,196,964
236,501

2,522,040
176,722

2,235,295
195,917

3,431,219
219,114

3,291,804
261,453

3,206,282
255,983

5,880
114,157

20,013
122,104

21,167
158,969

19,055
138,658

1,336,386
75,471
117,288

1,860,233
65,529
207,491

Items

21,685

29,878

79,348

19,293

1,343,431
60,689
280,588

1,239,483
53,652
201,186

1,717,555
70,688
377,854

1,289,206
37,728
318,503

2,138

474,627
666,862

103,969
1,483,244

153
1,002,001

114
984,531

0
1,269,013

0
932,975

859,258
307,167

1,843,667
671,874

1,070,994
677,437

1,622,417
1,125,228

1,799,917
1,285,625

1,040,162
636,040

552,091

1,171,793

393,557

497,189

514,292

404,122

437,500

380,500

1,404,112
1,087,500
0

989,037
976,400
0

1,233,634
1,220,844
0

923,382
888,974
0

0
12,637

0
12,790

0
34,408

437,500

380,500

0
316,612

2,236,592
955,801

2,158,106
955,801

2,268,404
955,801

2,245,965
955,801

2,331,764
955,801

2,748,020
955,801

955,801
0
1,280,791

955,801
0
1,202,305

955,801
0
1,312,603
0
1,312,603

955,801
0
1,290,164
0
1,290,164

955,801
0
1,375,963
0
1,375,963

955,801
0
1,792,219
0
1,792,219

3,448,782
2,639,186
809,596
3,071,118

3,881,033
2,746,006
1,135,027
3,701,617

377,664
171,149

179,416
173,429

4,567,409
3,012,338
1,555,071
3,896,647
620,648
3,275,999
670,762
307,247
94,767
212,480

3,469,111
1,847,450
1,621,661
3,379,937
596,281
2,783,656
89,174
242,455
128,620
113,835

4,244,009
2,509,667
1,734,342
3,677,159
673,748
3,003,411
566,850
243,039
124,701
118,338

5,457,207
3,518,892
1,938,315
4,304,750
715,883
3,588,867
1,152,457
290,668
143,982
146,686

146,353
160,917
160,917
(297,398)
25,531
0
0
175,092

480,200
286,469
286,469
55,196
44,194
0
0
214,410

560,762
310,701
310,701
571,617
54,196
0
0
1,394,601

3,565,398
1,220,844
11,002
2,506,469

3,671,402
888,974
517,421
1,525,014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

171,149

173,429

247,027
77,145
95,580
0

(56,498)
15,095
0
0

141,563
114,357
114,357
256,933
16,883
0
0
309,630

2,674,092
0
74,302
307,167

2,538,606
0
(71,593)
671,874

3,672,516
1,087,500
240,050
1,764,937

3,235,002
976,400
(322,929)
2,101,628

0.64
2.19
0.06
0.98
1.56
89.05
0.58
6.91
11.36
9.09
1.78
29.40

0.09
2.10
0.00
0.89
1.01
95.38
1.03
-1.43
-2.57
-2.17

0.06
2.50
0.00
0.96
1.25
85.31
1.09
5.63
11.61
8.27

0.03
4.64
0.00
0.71
0.76
97.43
1.16
-6.20
-13.18
-8.61

75,531

81,576

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

322

0.04
6.75
0.00
0.79
0.95
86.64
1.30
1.08
2.41
1.62

0.04
5.69
0.00
1.16
1.24
78.88
0.71
11.35
22.51
15.80

18.70

16.28
3.25
5.63
0.13
2.51
23.73

17.24
-0.85
-8.57
0.07
-3.38
23.50

11.23
1.19
1.30
0.07
0.12
24.40

17.13
2.84
10.47
0.71
5.41
28.75

7.16
0.00
1.78
23.40

-1.46
0.00
-0.75
22.58

Financial Statement Analysis of Non Financial Sector 2012

D.G. Khan Cement Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

24,157,990

25,471,336

30,438,230

31,565,400

32,270,911

32,947,445

29,666,772

32,265,472

1,750,208
33,872,818

465,650
36,184,047

1,373,820
35,563,891

1,993,512
37,576,757

24,157,990
494,205

25,471,336
1,363,037

25,551,184
1,414,911

26,446,874
1,439,660

24,611,565
1,430,410

25,192,214
1,447,712

0
2,968,879

0
4,493,293

0
5,259,416

73,808
4,864,945

27,586,341
116,173
295,140

26,521,598
226,372
445,856

Items

167,959

159,583

1,026,110

822,966

13,429,542
261,014
1,023,230

16,927,244
262,942
1,636,829

19,000,774
197,821
862,141

19,158,356
428,441
954,645

144,245

366,173

656,986

462,367

459,300

317,970

25,108,264
1,922,519

21,878,273
3,604,924

7,785,979
3,702,333

10,740,986
3,824,120

12,126,349
5,355,163

11,126,051
6,331,249

9,133,558
5,982,129

13,501,626
10,284,628

16,421,691
14,371,037

14,691,352
12,449,670

13,711,193
10,650,719

12,250,514
9,005,292

3,151,429

3,216,998

2,050,654

2,241,682

3,060,474

3,245,222

8,687,588

8,411,051

6,189,955
4,675,992
0

6,866,634
5,229,507
0

6,901,571
4,880,579
0

6,505,304
4,629,083
0

104,029
1,533,098

139,213
1,881,779

185,116
1,691,105

8,687,588

8,411,051

78,622
1,435,341

33,923,185
2,535,412

30,080,257
2,535,412

21,256,126
3,042,494

26,934,658
3,650,993

30,658,921
4,381,192

33,349,983
4,381,192

2,535,412
0
31,387,773

2,535,412
0
27,544,845

3,042,494
0
18,213,632
12,618,827
5,594,805

3,650,993
0
23,283,665
17,416,958
5,866,707

4,381,192
0
24,996,405
19,885,554
5,110,851

4,381,192
0
23,601,636
18,490,785
5,110,851

1,281,324

5,367,155

9,399,132
8,887,306
511,826
7,367,147

17,473,556
14,732,445
2,741,111
15,537,255

2,031,985
308,598

1,936,301
1,269,400

18,368,507
12,566,513
5,801,994
12,563,681
1,614,936
10,948,745
5,804,826
3,107,726
1,881,101
1,226,625

16,973,236
13,274,560
3,698,676
13,928,614
2,206,589
11,722,025
3,044,622
1,386,559
1,005,271
381,288

19,451,360
12,363,838
7,087,522
14,797,866
2,610,855
12,187,011
4,653,494
2,701,549
2,484,622
216,927

23,846,341
16,080,529
7,765,812
16,236,017
2,819,203
13,416,814
7,610,324
2,492,499
2,218,815
273,684

148,755
2,022,399
1,940,669
510,749
100,998
0
0
814,677

1,009,647
2,189,613
2,131,090
681,859
205,769
0
0
408,903

1,181,044
1,782,871
1,728,912
3,962,078
118,954
0
0
3,861,476

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

308,598

1,269,400

1,720,471
33,000
380,312
0

(175,273)
108,214
0
0

126,246
2,777,663
2,445,737
654,458
128,743
0
0
1,574,275

42,610,773
0
1,307,159
5,982,129

38,491,308
0
(283,487)
10,284,628

27,446,081
4,675,992
525,715
19,047,029

33,801,292
5,229,507
409,751
17,679,177

37,560,492
4,880,579
476,090
15,531,298

39,855,287
4,629,083
3,843,124
13,634,375

2.78
4.98
1.53
0.18
3.02
78.38
0.53
4.00
6.47
4.97
4.44
31.85

1.66
10.11
2.10
0.34
1.96
88.92
0.73
-0.34
-0.55
-0.43

0.53
15.12
3.58
0.42
0.82
68.40
1.06
1.37
2.55
1.99

0.78
11.92
2.72
0.35
1.15
82.06
0.80
1.11
2.12
1.67

0.93
11.26
2.36
0.38
1.39
76.08
0.67
1.37
2.37
1.91

0.97
7.48
1.33
0.46
1.56
68.09
0.56
7.67
12.38
10.24

468,173

1,766,298

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

323

39.19

17.95
1.27
3.56
0.07
1.73
69.86

10.37
1.26
3.01
0.04
1.12
73.77

22.56
1.32
3.51
0.02
1.09
69.98

24.98
3.29
16.62
0.21
8.77
76.12

18.30
0.00
6.66
133.80

-1.00
0.00
-1.12
118.64

Financial Statement Analysis of Non Financial Sector 2012

Dadabhoy Cement Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,023,767

4,262,850

4,109,993

4,038,059

4,123,680

4,107,697

3,880,086

4,510,459

10,640
4,471,813

10,640
4,086,371

10,640
4,015,996

10,640
4,088,658

3,021,930
88,497

4,253,045
42,557

4,086,371
24,376

4,015,996
70,375

4,103,129
15,121

4,088,658
710,375

1,837

9,805

7,616
2,597

0
2,420

0
2,420

0
0

2,769

9,003

7,491

8,399

494,207
4,915
63,062

366,425
9,298
56,076

343,846
2,143
44,221

314,994
15
19,444

178,808
13
206

178,811
21
206

Items

444

861

208,963
216,823

3,108
297,943

0
296,621

0
295,535

0
178,589

0
178,584

1,021,465
8,248

1,671,084
33,351

702,252
88,327

648,222
80,828

641,963
76,842

644,719
76,842

1,013,217

1,637,733

613,925

567,394

565,121

567,877

800,022

750,894

1,665,703
743,331
0

1,607,331
740,703
0

1,589,752
740,703
0

1,589,753
740,704
0

3,530
863,098

1,980
847,069

1,980
847,069

800,022

750,894

20,452
901,920

1,696,487
438,556

2,207,297
982,366

2,085,884
982,366

2,097,500
982,366

2,070,773
982,366

2,052,036
982,366

438,556
0
1,257,931

982,366
0
1,224,931

982,366
0
(332,940)
107,410
(440,350)

982,366
0
(315,448)
99,727
(415,175)

982,366
0
(450,887)
93,036
(543,923)

982,366
0
(469,624)
0
(469,624)

991,999
886,133
105,866
986,760

542,563
521,715
20,848
569,179

5,239
169,671

(26,616)
162,920

1,436,458

1,430,582

1,539,294

1,539,294

30,030
30,030
0
66,737
2,738
63,999
(36,707)
80,736
1,828
78,908

0
0
0
0
0
0
0
129,725
0
129,725

0
0
0
0
0
0
0
163,506
0
163,506

0
0
0
0
0
0
0
27,476
0
27,476

12,172
674
240
(38,074)
0
0
0
(1,357)

4,811
9
0
(153,446)
0
0
0
(2,690)

4,250
14
0
(18,736)
0
0
0
8

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

169,671

162,920

149,009
4,873
0
0

(222,117)
2,491
0
0

24,559
7,777
6,629
(92,482)
0
0
0
(14,058)

2,496,509
0
144,136
8,248

2,958,191
0
(224,608)
33,351

3,751,587
743,331
(92,482)
831,658

3,704,831
740,703
(38,074)
821,531

3,660,525
740,703
(153,446)
817,545

3,641,789
740,704
(18,736)
817,546

0.21
0.59
0.04
0.28
0.48
99.47
1.07
4.28
10.10
6.10

0.01
7.26
0.00
0.12
0.22
104.91
1.10
-5.45
-11.38
-8.14

0.00
25.90
2.87
0.01
0.49
222.23
1.14
-2.04
-4.31
-2.76

0.00

0.00

0.00

0.00
0.49

0.00
0.28

0.00
0.28

5,845

39,372

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

324

1.08
-0.86
-1.82
-1.02

1.08
-3.55
-7.36
-4.17

1.09
-0.44
-0.91
-0.51

15.73

9.68

0.68
-12.95
-307.97
-0.01
-0.94
21.23

0.00
-157.64

0.00

0.00

0.00
-0.39
21.35

0.00
-1.56
21.08

0.00
-0.19
20.89

15.02
0.00
3.29
38.68

-40.94
0.00
-2.29
22.47

Financial Statement Analysis of Non Financial Sector 2012

Dandot Cement Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,459,190

2,537,363

2,515,194

2,431,866

2,175,844

2,096,081

4,245,454

4,411,416

190,681
4,271,584

190,681
4,247,662

0
4,247,843

0
4,249,824

2,459,190
67,307

2,537,363
88,057

2,313,958
84,290

2,230,649
79,855

2,155,354
75,477

2,085,626
72,164

0
0

0
0

0
0

10,555

10,536

20,490

10,455

565,083
14,007
30,411

564,462
10,335
42,166

575,499
3,867
19,224

598,906
3,789
41,860

733,866
3,723
92,445

663,718
3,547
104,949

683

17,971

9,899

0
520,665

0
511,278

0
552,408

0
553,257

0
619,727

0
545,323

1,823,571
368,701

1,754,136
376,471

1,410,442
495,832

1,983,460
502,236

2,279,540
430,856

2,702,706
430,856

Items

1,454,870

1,377,665

914,610

1,481,224

1,848,684

2,271,850

723,875

1,020,031

1,662,770
1,020,000
384,415

1,465,947
1,020,000
378,366

1,387,978
1,020,000
365,995

1,321,674
1,020,000
299,966

723,875

1,020,031

70,000
188,355

0
67,581

0
1,983

0
1,708

476,827
678,400

327,658
948,400

17,481
948,400

(418,635)
948,400

(757,808)
948,400

(1,264,581)
948,400

678,400
0
(201,573)

948,400
0
(620,742)

948,400
0
(2,150,588)
31,801
(2,182,389)

948,400
0
(2,544,674)
31,801
(2,576,474)

948,400
0
(2,844,925)
31,801
(2,876,726)

948,400
0
(3,314,459)
31,801
(3,346,260)

1,219,669

1,177,639

1,138,717

1,101,478

1,372,581
1,372,581
0
1,580,013

828,675
814,319
14,356
1,065,295

(207,432)
77,470

(236,620)
92,366

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

77,470

92,366

1,146,062
1,144,246
1,816
1,230,945
80,943
1,150,002
(84,883)
107,713
5,970
101,743

233,286
232,752
534
497,040
41,917
455,123
(263,754)
48,168
1,549
46,619

773,176
773,176
0
1,125,016
81,019
1,043,997
(351,840)
33,937
2,953
30,984

1,103,744
1,103,744
0
1,544,143
94,067
1,450,076
(440,399)
49,530
3,334
46,196

10,526
248,372
247,663
(556,982)
5
0
0
(556,982)

224,585
15,444
14,369
(392,030)
0

(111,035)

232,128
17,405
16,116
(506,774)
0
0
0
27,358

(438,153)
4,490
0
0

(556,402)
2,891
0
0

12,349
266,012
264,231
(457,658)
18
0
0
(457,657)

1,200,702
0
(442,643)
368,701

1,347,689
0
(559,293)
376,471

1,680,251
1,020,000
(457,676)
1,515,832

1,047,313
1,020,000
(556,987)
1,522,236

630,170
1,020,000
(392,030)
1,450,856

57,093
1,020,000
(506,774)
1,450,856

0.01
12.50
0.00
0.45
0.31
115.11
5.34
-16.55
-92.70
-42.66

0.01
27.48
0.08
0.27
0.32
128.55
8.47
-18.16
-138.33
-43.67

0.00
23.21
0.00
0.37
0.41
107.41
175.80
-14.78
-265.20
-30.23

0.00
106.47
0.00
0.08
0.30
213.06
-8.24
-18.20
277.69
-40.84

0.01
2.00
2.32
0.27
0.32
145.51
-4.84
-13.20
66.65
-46.74

0.00
1.58
0.90
0.40
0.25
139.90
-3.18
-17.88
50.12
-147.48

171,555

227,718

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

325

45.13

19.65

59.62
-0.73
-39.93
-0.15
-4.83
0.18

5.57
-1.25
-238.76
-0.16
-5.87
-4.41

8.36
-26.28
-50.70
-0.03
-4.13
-7.99

10.52
-30.45
-45.91
0.01
-5.34
-13.33

-31.92
0.00
-6.52
7.03

-67.14
0.00
-5.90
3.45

Financial Statement Analysis of Non Financial Sector 2012

Dewan Cement Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

19,332,935

19,927,245

20,086,723

19,736,593

19,355,291

19,536,735

20,782,686

21,944,959

804,945
21,693,665

804,945
21,647,156

804,945
21,637,856

1,103,037
21,638,715

19,304,428
463,397

19,927,245
540,033

19,210,188
467,704

18,874,678
289,001

18,503,627
367,873

18,385,983
379,419

28,507

0
0

0
0

0
0

0
0

71,590

56,970

46,719

47,715

2,854,577
224,537
302,825

1,683,842
132,572
127,802

1,510,001
122,311
384,169

1,132,873
60,616
120,024

1,236,236
71,787
149,471

1,504,627
125,785
240,131

510,335

715,855

316,485

347,983

409,929

417,830

9,161
1,807,719

4,656
702,957

2,172
684,864

1,473
602,777

1,410
603,639

4,401
716,480

6,430,697
1,870,703

7,073,266
1,862,043

5,110,161
2,407,789

5,708,438
2,948,558

6,373,406
3,538,000

6,459,736
3,547,149

4,559,994

5,211,223

2,702,372

2,759,880

2,835,406

2,912,587

6,961,722

6,214,411

8,256,814
1,287,819
445,222

7,487,405
646,797
445,222

6,653,022
72,370
127,839

6,714,409
58,799
127,839

4,410,825

3,850,000

3,850,000

3,850,000

3,850,000

3,850,000

2,550,897

2,364,411

0
2,673,773

0
2,545,386

0
2,602,813

0
2,677,771

8,795,093
3,573,750

8,323,410
3,573,750

8,229,749
3,573,750

7,673,623
3,573,750

7,565,099
3,891,133

7,867,217
3,891,133

3,573,750
0
5,221,343

3,573,750
0
4,749,660

3,573,750
0
648,287
0
648,287

3,573,750
0
54,349
0
54,349

3,891,133
0
(301,423)
0
(301,423)

3,891,133
0
138,870
0
138,870

4,007,712

4,045,524

3,975,389

3,837,214

6,307,335
6,144,349
162,986
5,696,811

6,588,350
6,084,997
503,353
6,696,674

610,524
176,178

(108,324)
429,881

5,682,571
4,662,034
1,020,537
5,249,197
684,158
4,565,039
433,374
377,618
192,475
185,143

3,494,784
2,928,825
565,959
3,800,662
474,152
3,326,510
(305,878)
305,500
120,332
185,168

5,088,836
4,622,487
466,349
5,145,286
654,632
4,490,654
(56,450)
288,474
81,652
206,822

7,046,551
6,475,721
570,830
6,173,868
774,798
5,399,070
872,683
428,513
74,446
354,067

243,761
11,153
5,868
(619,485)
17,474
0
0
(10,874)

237,399
10,854
6,477
(338,561)
50,888
0
0
5,747

316,872
27,266
6,654
423,911
70,466
0
0
620,956

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

176,178

429,881

164,982
21,648
0
0

(582,322)
22,990
0
0

232,262
463,191
446,443
(376,490)
10,205
0
0
600,702

15,756,815
4,410,825
143,334
6,281,528

14,537,821
3,850,000
(605,312)
5,712,043

16,486,563
5,137,819
(386,695)
7,545,608

15,161,028
4,496,797
(636,959)
7,445,355

14,218,121
3,922,370
(389,449)
7,460,370

14,581,626
3,908,799
353,445
7,455,948

0.12
8.77
8.09
0.28
0.44
90.32
1.52
1.08
2.83
1.52

0.12
4.94
10.87
0.30
0.24
101.64
1.60
-2.66
-6.80
-3.84

0.09
8.15
5.57
0.26
0.30
92.37
1.62
-1.74
-4.55
-2.43

0.07
0.32
9.96
0.17
0.20
108.75
1.72
-2.92
-7.79
-3.91

0.08
0.21
8.06
0.25
0.19
101.11
1.72
-1.63
-4.44
-2.30

0.08
0.39
5.93
0.33
0.23
87.62
1.67
2.04
5.49
2.94

553,115

325,142

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

326

20.83

51.55

14.79
0.16
-6.63
0.04
-1.08
23.03

29.12
-104.57
-17.73
0.00
-1.78
21.47

34.05
-51.27
-6.65
0.00
-1.00
19.44

29.34
64.71
6.02
0.05
0.91
20.22

2.62
0.00
0.40
24.61

-8.84
0.00
-1.69
23.29

Financial Statement Analysis of Non Financial Sector 2012

Fauji Cement Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

2008

4,392,450

7,106,599

19,792,487

24,709,281

27,418,703

26,543,647

6,960,185

9,973,989

14,538,067
7,412,737

18,431,211
27,316,506

21,607,703
30,540,651

14,833
30,839,144

4,392,450
283,454

7,106,599
302,656

4,239,137
311,749

5,387,829
327,130

5,050,376
392,137

25,883,121
1,070,083

0
0

0
0

0
0

0
0

1,015,283

890,241

760,624

645,693

2,008,238
423,133
183,309

5,347,894
3,783,909
230,089

1,654,014
175,947
137,451

2,070,718
192,217
96,684

4,792,126
978,847
493,922

4,159,818
215,071
955,337

19,558

26,927

54,641

46,981

36,960

64,241

0
1,382,238

0
1,306,969

0
1,285,975

0
1,734,836

0
3,282,397

0
2,925,169

1,790,482
375,510

2,845,512
1,378,365

2,628,010
1,090,778

3,984,915
1,937,111

5,384,740
3,649,475

5,494,173
3,366,349

1,414,972

1,467,147

1,537,232

2,047,804

1,735,265

2,127,824

875,000

325,000

9,127,802
6,224,227
0

13,184,399
11,909,030
400,000

15,812,072
11,805,480
3,189,000

11,304,187
10,174,513
0

14,707
860,662

22,674
794,918

24,851
1,104,823

Items

875,000

325,000

10,766
2,892,809

3,735,206
4,194,422

9,283,981
7,419,887

9,690,689
7,419,887

9,610,685
7,419,887

11,014,017
7,419,887

13,905,105
13,798,150

3,707,430
486,992
(459,216)

6,932,895
486,992
1,864,094

6,932,895
486,992
2,270,802
1,333,879
936,923

6,932,895
486,992
2,190,798
1,037,138
1,153,660

6,932,895
486,992
3,594,130
2,081,694
1,512,436

13,311,158
486,992
106,955
(1,782,498)
1,889,453

4,780,036
4,354,132
425,904
3,688,541

4,749,217
3,889,630
859,587
4,091,105

1,091,495
170,045

658,112
164,168

5,314,538
4,126,742
1,187,796
3,627,110
599,589
3,027,521
1,687,428
231,619
50,260
181,359

3,808,455
2,606,414
1,202,041
3,292,871
554,013
2,738,858
515,584
176,687
47,737
128,950

4,742,593
2,818,523
1,924,070
3,919,540
635,436
3,284,104
823,053
259,031
74,149
184,882

11,523,050
9,181,750
2,341,300
8,454,600
1,242,047
7,212,553
3,068,450
303,279
101,642
201,637

310,175
41,206
34,493
324,911
14,250
0
0
378,916

436,278
103,922
98,187
488,153
56,210
0
0
(736,268)

553,025
1,825,445
1,297,804
966,245
103,750
0
0
4,305,499

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

170,045

164,168

788,180
17,320
0
0

454,564
17,730
0
0

282,856
224,716
218,564
1,421,517
48,894
0
0
1,995,728

4,610,206
0
770,860
375,510

9,608,981
0
436,834
1,378,365

18,818,491
6,224,227
1,372,623
7,315,005

22,795,084
11,909,030
310,661
13,846,141

26,826,089
11,805,480
431,943
15,454,955

25,209,292
10,174,513
862,495
13,540,862

0.25
4.33
0.41
0.75
1.12
77.17
0.71
12.51
22.44
16.90

1.34
3.09
0.57
0.38
1.88
86.14
0.34
4.82
6.98
6.39

0.09
4.23
1.03
0.25
0.63
68.25
1.21
8.39
14.98
10.00

0.06
1.08
1.23
0.14
0.52
86.46
1.79
1.35
3.37
1.56

0.19
2.19
0.78
0.15
0.89
82.65
1.92
1.66
4.73
1.97

0.05
15.84
0.56
0.38
0.76
73.37
1.21
3.07
7.76
3.71

207,105

146,954

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

327

26.08

20.64

38.66
7.50
26.75
0.17
1.98
13.98

39.39
10.42
8.53
0.02
0.45
13.86

9.60
5.97
10.29
-0.03
0.62
15.89

12.06
1.74
8.39
0.26
0.65
10.45

16.49
0.00
2.08
10.07

9.57
0.00
0.63
13.39

Financial Statement Analysis of Non Financial Sector 2012

Fecto Cement Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,201,654

1,178,255

1,559,804

2,182,532

2,202,515

2,172,418

2,935,374

2,964,767

137,468
3,134,115

808,228
3,091,168

1,137
4,023,313

1,092
4,089,391

1,201,654
52,249

1,178,255
56,957

1,339,752
63,284

1,316,405
65,748

2,162,168
87,266

2,136,402
104,577

0
0

0
0

0
0

0
0

82,584

57,899

39,210

34,924

881,249
41,731
78,101

1,051,270
37,458
115,658

1,044,659
19,536
167,862

940,146
19,734
108,718

905,583
24,183
109,682

1,136,351
41,805
227,499

18,897

71,717

65,580

10,892

18,712

25,734

0
742,520

0
826,437

0
791,681

0
800,802

0
753,006

0
841,313

653,546
116,379

977,697
438,409

943,977
402,189

1,336,168
634,597

1,502,939
864,689

1,652,248
897,004

537,167

539,288

541,788

701,571

638,250

755,244

489,604

394,018

488,326
292,074
0

822,608
684,048
0

575,824
456,418
0

280,457
254,648
0

489,604

394,018

0
196,252

0
138,560

0
119,406

0
25,809

939,753
456,000

857,810
456,000

1,172,160
456,000

963,902
501,600

1,029,335
501,600

1,376,064
501,600

456,000
0
483,753

456,000
0
401,810

456,000
0
716,160
0
716,160

501,600
0
462,302
0
462,302

501,600
0
527,735
0
527,735

501,600
0
874,464
0
874,464

3,183,271
3,183,271
0
2,974,837

3,352,771
3,021,527
331,244
3,161,570

208,434
145,321

191,201
150,748

3,455,706
2,538,063
917,643
2,542,303
422,364
2,119,939
913,403
334,724
183,452
151,272

2,902,684
1,790,928
1,111,756
2,749,953
466,626
2,283,327
152,731
375,393
252,758
122,635

3,304,272
2,097,907
1,206,365
2,698,348
502,056
2,196,292
605,924
377,342
242,034
135,308

4,342,634
2,708,070
1,634,564
3,376,972
637,343
2,739,629
965,662
471,296
321,972
149,324

86,898
83,363
82,824
(291,434)
20,129
0
0
150,964

287,276
149,681
167,140
91,960
34,620
0
0
333,774

307,888
205,707
193,534
296,532
43,401
0
0
503,872

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

145,321

150,748

29,104
613
136,800
0

(118,435)
3,092
0
0

93,720
190,589
99,751
396,289
66,022
0
71,616
480,758

1,429,357
0
(108,309)
116,379

1,251,828
0
(121,527)
438,409

1,660,486
292,074
330,267
694,263

1,786,510
684,048
(311,563)
1,318,645

1,605,159
456,418
57,340
1,321,107

1,656,521
254,648
253,131
1,151,652

0.09
2.17
0.59
1.53
1.35
93.45
1.22
1.44
2.95
2.10
0.21
40.76

0.11
5.27
2.14
1.50
1.08
94.30
1.60
-5.49
-13.18
-8.83

0.09
5.52
1.90
1.33
1.11
73.57
1.22
16.40
39.04
27.21

0.02
2.87
0.38
0.93
0.70
94.74
2.24
-10.18
-27.29
-16.91

0.03
4.53
0.57
1.06
0.60
81.66
2.02
2.95
9.23
5.42

0.04
4.74
0.59
1.31
0.69
77.76
1.40
9.24
24.66
18.18

69,193

176,640

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

328

28.99

20.59
4.97
11.47
0.34
7.24
25.71

26.70
-2.52
-10.04
0.07
-6.21
19.22

30.13
1.55
2.78
0.16
1.14
20.52

19.09
2.53
6.83
0.26
5.05
27.43

0.91
0.00
0.62
20.61

-3.53
0.00
-2.67
18.81

Financial Statement Analysis of Non Financial Sector 2012

Flying Cement Company Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2007

2008

238,278
228,480
9,798
515,397

(Thousand Rupees)
2011
2012

2009

2010

4,696,595

4,754,733

4,856,004

4,925,202

4,963,570

5,012,587

1,139,956
4,500,182

336,071
4,596,427

406,073
4,586,494

409,546
4,620,175

4,696,595
76,292

3,614,777
75,402

4,519,933
76,092

4,495,019
91,475

4,530,824
89,351

0
0

0
0

0
0

0
0

24,110

23,200

659,211
14,612
404,629

673,708
6,366
425,982

692,300
944
423,596

529,560
9,739
382,727

636,696
6,091
460,647

11,508

10,792

449

6,261

5,921

0
228,462

0
230,568

0
267,311

0
130,833

0
164,037

1,656,567
117,286

673,113
312,589

745,860
178,532

808,324
261,892

1,088,722
89,861

1,539,281

360,524

567,328

546,432

998,861

46,346

1,264,182
37,693
291,116

1,483,472
185,591
403,326

1,473,408
665,548
12,405

1,310,026
779,469
13,405

46,346

1,931
933,442

929
893,626

0
795,455

0
517,152

3,652,893
1,760,000

3,491,146
1,760,000

3,318,972
1,760,000

3,173,030
1,760,000

3,201,518
1,760,000

1,760,000
0
1,892,893

1,760,000
0
(22,898)
126,979
(149,877)

1,760,000
0
(161,476)
126,979
(288,455)

1,760,000
0
(274,494)
126,979
(401,473)

1,760,000
0
(213,741)
126,979
(340,720)

1,754,044

1,720,448

1,687,524

1,655,259

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

666,072
654,830
11,242
815,030
47,554
767,476
(148,958)
24,777
7,021
17,756

80,617
80,617
0
239,689
10,288
229,401
(159,072)
14,778
2,982
11,796

723,949
723,949
0
886,966
71,645
815,321
(163,017)
14,324
3,999
10,325

1,307,904
1,307,904
0
1,477,298
125,659
1,351,639
(169,394)
13,859
4,635
9,224

5,911
65,715
64,458
(239,450)
0
0
0
95,953

4,332
28,119
25,971
(201,969)
403
0
0
82,439

39,592
45,067
44,066
(222,408)
7,239
0
0
553

44,973
73,321
71,971
(256,574)
0
0
0
257

3,699,239
0
(334,249)
117,286

4,755,328
37,693
(239,450)
350,282

4,802,444
185,591
(202,372)
364,123

4,646,438
665,548
(229,647)
927,440

4,511,544
779,469
(256,574)
869,330

0.02
13.07
4.83
0.04
0.40
216.30
0.47
-6.19
-9.07
-8.96

0.03
9.87
1.62
0.12
1.00
122.36
0.55
-4.44
-6.70
-5.66

0.00
34.88
0.56
0.01
0.93
297.32
0.67
-3.68
-5.93
-4.23

0.02
6.23
0.86
0.13
0.66
122.52
0.72
-4.04
-6.85
-4.71

0.01
5.61
0.45
0.23
0.58
112.95
0.75
-4.64
-8.05
-5.60

(277,119)
23,079

23,079

31,141

(331,339)
2,910
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

329

0.59

1.56
-2.71
-35.95
0.05
-1.36
19.84

0.19
-6.78
-250.53
0.04
-1.15
18.86

1.89
-4.05
-30.72
0.00
-1.30
18.03

2.84
-2.56
-19.62
0.00
-1.46
18.19

-139.06
0.00
-1.90
20.76

Financial Statement Analysis of Non Financial Sector 2012

Gharibwal Cement Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

6,930,982

9,791,842

12,102,784

11,575,148

11,508,424

8,311,930

10,807,390

96,289
11,362,926

136,521
13,878,132

106,195
12,716,023

320,073
12,759,009

6,930,982
117,691

0
108,193

9,633,200
242,022

11,908,348
240,607

11,459,998
324,633

11,177,058
326,089

0
0

0
0

0
0

0
0

62,353

57,915

8,955

11,293

1,294,675
750,932
77,753

10,419,551
156,506
77,753

1,237,044
67,981
401,668

819,327
21,140
109,483

951,541
12,261
115,180

1,019,974
16,760
112,122

Items

52,694

52,694

33,762

61,964

129,592

942
465,048

653
10,131,945

0
714,701

0
654,942

0
762,136

0
761,500

3,273,084
382,022

4,118,132
706,352

5,702,745
3,333,475

4,835,260
1,769,583

5,217,571
787,368

4,190,120
719,316

2,891,062

3,411,780

2,369,270

3,065,677

4,430,203

3,470,804

2,200,147

3,465,255

3,360,334
926,894
1,886,723

4,086,430
3,233,674
137,889

4,280,148
2,985,971
403,583

5,550,741
2,450,190
940,194

225,000

399,840

399,680

1,975,147

3,065,415

10,718
136,319

14,811
700,056

17,356
873,238

20,387
2,139,970

2,752,426
1,718,764

2,836,164
2,318,764

1,965,807
2,318,764

4,000,421
2,318,764

3,028,970
4,002,739

2,787,537
4,002,739

1,718,764
0
1,033,662

2,318,764
0
517,400

2,318,764
0
(1,363,856)
0
(1,363,856)

2,318,764
0
(678,507)
0
(678,507)

4,002,739
0
(3,244,437)
0
(3,244,437)

4,002,739
0
(3,415,404)
0
(3,415,404)

1,010,899

2,360,164

2,270,668

2,200,202

771,759
771,759
0
960,191

0
0
0
75,230

(188,432)
65,757

(75,230)
348,150

2,438,570
1,933,058
505,512
2,205,490
387,370
1,818,120
233,080
221,875
94,414
127,461

2,113,818
1,432,945
680,873
2,532,723
343,263
2,189,460
(418,905)
547,116
292,689
254,427

3,327,031
3,082,919
244,112
3,161,296
534,985
2,626,311
165,735
355,497
17,311
338,186

4,976,032
4,715,773
260,259
3,986,902
651,008
3,335,894
989,130
206,413
25,383
181,030

33,094
1,184,656
817,686
(2,112,763)
6,497
0
0
(82,965)

175,795
764,740
529,948
(935,766)
35,685
0
0
(104,609)

157,975
989,224
634,767
(191,674)
49,760
0
0
319,495

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

65,757

348,150

(202,074)
2,538
0
0

(564,146)
0
0
0

26,261
881,406
669,577
(859,499)
5,638
0
0
792,183

4,952,573
225,000
(204,612)
607,022

6,301,419
399,840
(564,146)
1,106,192

5,326,141
1,326,574
(865,137)
4,660,049

8,086,851
3,233,674
(2,119,260)
5,003,257

7,309,118
2,985,971
(971,451)
3,773,339

8,338,278
2,450,190
(241,434)
3,169,506

0.23
14.57
0.00
0.09
0.40
124.42
1.99
-3.23
-6.85
-4.84

0.05

0.02
36.14
2.16
0.22
0.22
90.44
4.61
-8.01
-35.80
-14.78

0.01
56.04
1.60
0.16
0.17
119.82
2.23
-17.64
-70.82
-31.50

0.01
22.99
1.86
0.27
0.18
95.02
3.14
-7.35
-26.62
-12.16

0.03
19.88
2.60
0.40
0.24
80.12
3.49
-1.52
-6.59
-2.45

112,468

154,047

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.00
2.53

2.67
-6.05
-20.19
-10.03

9.93

0.00

6.07
-0.28
-35.25
0.09
-3.73
8.48

19.31
-1.58
-99.95
-0.01
-9.14
17.25

28.89
-0.77
-28.13
-0.01
-2.43
7.57

44.38
0.70
-3.85
0.03
-0.60
6.96

-26.18
0.00
-1.19
16.01

330

0.00
-2.43
12.23

Financial Statement Analysis of Non Financial Sector 2012

Kohat Cement Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,258,260

6,248,720

6,979,219

7,266,211

7,170,782

6,894,496

6,722,667

7,812,738

584,965
8,076,995

861,363
8,334,941

0
8,334,941

78,547
9,373,580

5,258,260
104,952

6,248,720
103,949

6,352,853
161,943

6,368,030
255,694

7,140,841
310,563

6,789,893
347,552

2,690
0

2,588
0

2,356
0

2,043
0

38,711

34,230

27,585

24,013

606,051
132,402
125,148

1,375,201
36,995
174,318

1,645,675
34,371
139,294

1,407,169
28,022
290,433

1,953,618
40,681
507,527

2,318,382
128,206
500,324

21,381

15,341

17,792

20,010

12,567

4,492

0
327,120

0
1,148,547

0
1,454,218

0
1,068,704

36,156
1,356,687

23,000
1,662,360

821,347
364,554

2,309,319
1,722,564

2,946,392
2,079,132

3,242,473
2,003,265

2,810,539
176,729

2,899,296
1,653,257

Items

456,793

586,755

867,260

1,239,208

2,633,810

1,246,039

2,703,308

2,985,473

3,406,955
2,991,427
0

3,469,937
3,049,320
0

4,211,045
3,536,870
0

2,557,127
1,162,700
0

2,703,308

2,985,473

6,216
409,312

6,197
414,420

6,731
667,444

0
1,394,427

2,339,656
1,017,843

2,329,129
1,170,520

2,271,547
1,287,572

1,960,970
1,287,572

2,102,816
1,287,572

3,756,455
1,287,572

1,017,843
0
1,321,813

1,170,520
0
1,158,609

1,287,572
0
983,975
(35,921)
1,019,896

1,287,572
0
673,398
(18,721)
692,119

1,287,572
0
815,244
59,409
755,835

1,287,572
0
2,468,883
52,537
2,416,346

2,050,321
1,526,852
523,469
1,707,054

1,823,587
1,309,375
514,212
1,736,185

343,267
72,681

87,402
354,017

3,395,581
2,522,198
873,383
2,591,021
375,463
2,215,558
804,560
267,692
111,491
156,201

3,692,038
2,629,156
1,062,882
3,335,018
568,943
2,766,075
357,020
103,879
56,246
47,633

6,085,435
4,567,593
1,517,842
5,158,303
807,116
4,351,187
927,132
106,529
41,199
65,330

9,316,381
7,944,984
1,371,397
6,463,977
1,017,221
5,446,756
2,852,404
221,123
46,243
174,880

99,931
658,590
650,788
(382,238)
24,474
0
0
128,335

121,093
715,247
701,143
125,781
65,294
0
0
223,826

182,366
626,060
614,327
2,035,984
94,492
0
0
2,488,940

5,430,907
3,049,320
(406,712)
5,052,585

6,313,861
3,536,870
60,487
3,713,599

6,313,582
1,162,700
1,941,492
2,815,957

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: nterest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

72,681

354,017

65,589
23,932
0
0

(279,572)
7,123
0
117,052

21,496
549,903
538,225
21,184
8,738
0
0
320,879

5,042,964
0
41,657
364,554

5,314,602
0
(286,695)
1,722,564

5,678,502
2,991,427
12,446
5,070,559

0.19
13.69
1.04
0.35
0.74
83.26
1.51
1.47
2.84
1.73

0.02
2.68
0.84
0.24
0.60
95.21
2.27
-4.15
-11.98
-5.40

280,622

48,935

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

331

0.02
16.19
0.52
0.39
0.56
76.31
2.80
0.26
0.92
0.39

0.01
17.84
0.54
0.43
0.43
90.33
3.42
-4.42
-18.06
-6.88

0.03
11.75
0.21
0.67
0.70
84.76
3.34
1.41
6.19
2.14

0.05
6.72
0.05
1.01
0.80
69.38
1.45
22.21
69.50
32.25

16.38

10.46

24.38
1.04
0.62
0.05
0.10
17.64

12.71
0.41
-10.35
0.02
-3.16
15.23

11.99
1.18
2.07
0.03
0.47
16.33

18.62
4.31
21.85
0.46
15.08
29.17

3.20
0.00
0.41
22.99

-15.33
0.00
-2.45
19.90

Financial Statement Analysis of Non Financial Sector 2012

Lafarge Pak. Cement Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

17,969,367

17,252,017

17,558,751

17,145,507

16,691,496

16,597,344

18,736,451

18,937,394

82,708
18,938,505

137,926
19,101,247

92,969
19,256,815

187,345
19,309,969

17,962,218
736,874

17,247,914
917,135

16,605,289
655,702

16,154,046
622,602

15,699,215
625,394

15,126,037
626,942

7,149

4,103

2,959
0

2,345
0

1,165
0

3,070
0

867,795

851,190

898,147

1,280,892

3,509,323
678,425
498,785

4,732,186
55,473
946,934

2,145,492
71,261
724,361

2,358,841
7,268
624,933

2,525,674
23,242
1,064,741

2,930,523
428,342
1,013,879

74,359

33,927

76,614

417

33,988

62,991

0
2,257,754

0
3,695,852

0
1,273,256

0
1,726,223

0
1,403,703

0
1,425,311

5,242,553
1,324,453

6,539,685
3,743,615

6,865,083
3,630,698

8,927,252
5,815,684

3,560,745
2,049,379

4,332,812
1,052,791

3,918,100

2,796,070

3,234,385

3,111,568

1,511,366

3,280,021

5,735,181

4,410,114

3,075,232
3,075,232
0

1,761,663
1,761,663
0

6,955,636
5,699,628
975,791

5,006,056
3,952,127
1,053,928

0
0

0
280,217

0
1

Items

5,735,181

4,410,114

0
0

10,500,956
11,345,149

11,034,404
13,126,445

9,763,928
13,126,445

8,815,433
13,126,445

8,700,789
13,126,445

10,188,999
13,126,445

11,345,149
0
(844,193)

13,126,445
0
(2,092,041)

13,126,445
0
(3,362,517)
198,966
(3,561,483)

13,126,445
0
(4,311,012)
198,963
(4,509,975)

13,126,445
0
(4,425,656)
202,743
(4,628,399)

13,126,445
0
(2,937,446)
202,743
(3,140,189)

6,224,962
5,116,367
1,108,595
6,724,281

10,079,735
7,804,082
2,275,653
9,504,885

(499,319)
358,977

574,850
555,349

8,129,961
5,709,114
2,420,847
7,146,258
1,153,871
5,992,387
983,703
1,176,470
459,777
716,693

6,880,767
4,005,443
2,875,324
6,024,857
1,087,714
4,937,143
855,910
906,621
491,859
414,762

7,804,378
5,405,559
2,398,819
6,148,726
1,104,933
5,043,793
1,655,652
738,035
246,476
491,559

9,624,089
6,922,765
2,701,324
6,488,928
1,059,989
5,428,939
3,135,161
940,255
225,551
714,704

174,518
980,678
935,852
(918,986)
29,508
0
0
(723,746)

422,283
1,064,480
949,379
(91,236)
80,849

505,431
1,052,757
812,817
1,154,020
62,115

279,669

1,966,349

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

358,977

555,349

(797,784)
0
0
0

(1,414,765)
23,092
0
0

184,025
1,082,955
1,028,044
(1,254,503)
24,262
0
0
1,636,220

16,236,137
0
(797,784)
1,324,453

15,444,518
0
(1,437,857)
3,743,615

12,839,160
3,075,232
(1,278,765)
6,705,930

10,577,096
1,761,663
(948,494)
7,577,347

15,656,425
5,699,628
(172,085)
7,749,007

15,195,055
3,952,127
1,091,905
5,004,918

0.14
12.79
1.19
0.29
0.67
108.02
1.05
-4.28
-9.38
-5.36

0.01
14.70
0.34
0.46
0.72
94.30
0.99
-6.51
-13.14
-8.93

0.02
13.32
0.94
0.41
0.31
87.90
1.02
-6.02
-12.06
-8.87

0.00
14.25
0.01
0.35
0.26
87.56
1.21
-4.69
-9.89
-7.85

0.02
13.64
0.44
0.41
0.71
78.79
1.21
-0.47
-1.04
-0.70

0.11
10.94
0.65
0.49
0.68
67.42
0.92
5.96
12.22
7.48

795,985

1,481,674

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

332

12.48

10.64

11.22
-0.22
-15.43
0.16
-0.97
7.44

11.01
0.02
-13.36
-0.07
-0.72
6.72

7.33
0.90
-1.17
0.03
-0.13
6.63

9.49
2.42
11.99
0.21
0.83
7.76

-12.82
0.00
-0.70
9.26

-14.04
0.00
-1.10
8.41

Financial Statement Analysis of Non Financial Sector 2012

Lucky Cement Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

20,318,908

25,829,520

30,534,420

31,438,780

31,765,389

31,076,594

23,291,771

29,777,481

2,143,111
33,419,153

1,913,121
35,957,625

1,139,945
38,621,844

378,717
40,356,779

20,318,908
883,125

25,829,520
978,869

28,333,761
1,148,218

29,465,134
1,410,996

30,565,211
1,570,545

30,637,815
1,722,633

0
0

2,977
0

1,685
0

1,514
0

57,548

57,548

58,548

58,548

5,404,853
1,239,158
676,256

8,409,554
270,011
709,372

7,857,942
1,049,091
1,196,608

6,871,464
333,629
608,813

9,444,466
351,202
1,248,538

9,554,647
844,422
1,276,433

476,667

720,314

1,267,248

779,305

620,961

1,050,639

0
3,012,772

0
6,709,857

0
4,344,995

0
5,149,717

0
7,223,765

0
6,383,153

8,041,199
4,479,549

8,950,318
3,848,376

9,098,678
6,187,941

9,641,691
6,442,871

10,696,789
6,302,252

3,624,324
0

3,561,650

5,101,942

2,910,737

3,198,820

4,394,537

3,624,324

8,329,012

6,633,333

6,041,712
4,300,000
0

3,572,624
1,658,600
0

2,740,237
658,298
0

3,745,172
392,898
0

319,217
1,594,807

391,837
1,690,102

438,391
2,913,883

Items

8,329,012

6,633,333

234,633
1,507,079

9,353,550
2,633,750

18,655,423
3,233,750

23,251,972
3,233,750

25,095,929
3,233,750

27,772,829
3,233,750

33,261,745
3,233,750

2,633,750
0
6,719,800

3,233,750
0
15,421,673

3,233,750
0
20,018,222
7,343,422
12,674,800

3,233,750
0
21,862,179
7,343,422
14,518,757

3,233,750
0
24,539,079
7,343,422
17,195,657

3,233,750
0
30,027,995
7,343,422
22,684,573

16,623,384
12,309,586
4,313,798
12,948,231

20,819,749
11,538,960
9,280,789
16,457,028

3,675,153
751,244

4,362,721
1,930,742

26,330,404
10,498,578
15,831,826
16,519,138
2,061,014
14,458,124
9,811,266
3,420,549
2,427,837
992,712

24,508,793
9,647,379
14,861,414
16,529,932
2,431,645
14,098,287
7,978,861
3,994,065
3,433,047
561,018

26,017,519
14,381,251
11,636,268
17,306,400
2,857,702
14,448,698
8,711,119
3,875,296
3,236,425
638,871

33,322,535
20,476,429
12,846,106
20,601,261
3,228,004
17,373,257
12,721,274
4,149,267
3,236,721
912,546

153,404
569,184
531,401
3,417,514
195,697
5,807,503
0
5,267,006

1,128,979
517,788
493,165
4,320,521
260,175
1,293,500
0
4,073,582

1,219,159
253,234
229,713
8,323,977
333,225
1,293,500
0
9,374,917

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

751,244

1,930,742

2,690,351
63,146
329,219
0

2,306,529
85,394
323,375
0

116,854
1,236,971
1,194,281
5,177,001
156,744
5,069,920
0
6,514,748

17,682,562
0
2,297,986
4,479,549

25,288,756
0
1,897,760
3,848,376

29,293,684
4,300,000
(49,663)
10,487,941

28,668,553
1,658,600
(2,585,686)
8,101,471

30,513,066
658,298
2,766,846
6,960,550

37,006,917
392,898
6,697,252
392,898

0.21
5.19
2.87
0.65
0.67
77.89
1.75
10.90
32.76
15.41
7.98
24.58

0.11
0.61
3.46
0.61
0.94
79.05
0.84
7.69
16.47
10.74
6.87
29.35

0.25
4.70
4.81
0.69
0.86
62.74
0.65
14.26
24.71
18.97
0.99
22.00
5.33
19.66
0.43
15.52
71.90

0.12
2.32
3.18
0.64
0.71
67.44
0.53
8.91
14.14
11.79
0.55
40.26
7.43
13.94
0.40
9.96
77.61

0.09
1.99
2.39
0.63
0.88
66.52
0.48
10.87
16.34
14.60
3.14
20.84
9.76
16.61
0.30
12.56
85.88

0.52
0.76
3.15
0.82
2.64
61.82
0.22
20.34
27.28
24.66
6.18
26.11
37.24
24.98
1.27
24.71
102.86

862,847

126,743

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

333

16.18
0.00
9.98
35.51

11.08
0.00
6.87
57.69

Financial Statement Analysis of Non Financial Sector 2012

Maple Leaf Cement Factory Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

19,335,444

20,096,530

20,445,961

21,092,008

28,275,751

26,841,888

24,188,139

25,802,361

1,554,064
25,588,614

3,140,444
25,689,208

3,794,285
32,987,590

60,928
36,925,073

19,330,866
439,254

20,081,448
865,546

18,827,414
1,047,685

17,894,924
1,043,975

24,409,108
1,253,266

26,713,389
1,635,375

4,578

15,082

7,332
0

1,774
200

17,591
200

8,797
3,037

57,151

54,666

54,567

55,737

4,101,530
123,359
369,709

6,055,031
118,894
433,952

5,214,877
99,932
650,914

5,002,904
73,435
504,718

5,414,365
288,170
539,084

5,886,085
463,226
903,395

194,587

743,366

682,244

751,400

560,103

575,931

944,669
2,469,206

734,859
4,023,960

406,563
3,375,224

472,338
3,201,013

20,950
4,006,058

33,122
3,910,411

4,919,564
1,806,377

7,591,699
4,637,749

9,962,884
7,113,820

9,348,845
4,928,267

10,355,310
5,461,300

10,604,368
6,119,348

3,113,187

2,953,950

2,849,064

4,420,578

4,894,010

4,485,020

9,524,373

10,198,973

8,980,153
1,688,828
0

11,611,919
3,299,751
0

14,653,399
4,518,551
0

12,995,935
3,746,724
0

8,000,000

7,200,000

8,289,800

7,983,000

7,183,000

9,524,373

2,198,973

18,990
72,335

19,629
2,739

19,149
2,132,699

22,322
2,043,889

8,993,037
4,264,108

8,360,889
4,264,108

6,717,801
4,264,108

5,134,148
4,264,108

8,681,407
5,803,458

9,127,670
5,805,603

3,722,634
541,474
4,728,929

3,722,634
541,474
4,096,781

3,722,634
541,474
2,453,693
2,727,277
(273,584)

3,722,634
541,474
870,040
3,780,433
(2,910,393)

5,267,130
536,328
(2,670,171)
1,906,480
(4,576,651)

5,277,340
528,263
(1,976,742)
1,898,415
(3,875,157)

5,548,120

5,298,809

5,514,208
5,514,208
0
5,204,315

10,552,398
8,195,115
2,357,283
9,228,568

309,893
154,683

1,323,830
980,923

15,251,374
8,766,110
6,485,264
10,296,865
1,507,542
8,789,323
4,954,509
2,533,668
2,339,704
193,964

13,630,511
6,801,693
6,828,818
10,691,883
1,660,770
9,031,113
2,938,628
3,505,691
3,152,889
352,802

13,073,218
9,511,527
3,561,691
10,898,059
1,594,508
9,303,551
2,175,159
2,039,814
1,646,632
393,182

15,461,356
12,442,343
3,019,013
11,446,583
1,573,450
9,873,133
4,014,773
1,254,212
846,098
408,114

105,001
2,059,476
1,929,933
(2,569,508)
103,122
0
0
1,740,128

478,162
2,166,409
98,689
(1,580,911)
131,896
0
0
1,621,937

526,355
2,350,565
236,988
444,066
125,718
0
0
1,693,090

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

154,683

980,923

(140,019)
9,744
0
0

(1,364,244)
44,815
0
0

99,103
3,400,241
2,871,273
(917,651)
64,321
0
0
3,395,018

18,517,410
0
(149,763)
1,806,377

18,559,862
8,000,000
(1,409,059)
12,637,749

15,697,954
8,888,828
(981,972)
16,002,648

16,746,067
11,589,551
(2,672,630)
16,517,818

23,334,806
12,501,551
(1,712,807)
17,962,851

22,123,605
10,929,724
318,348
17,049,072

0.26
6.14
3.53
0.24
0.83
94.38
1.61
-0.66
-1.72
-0.83

0.21
17.18
7.04
0.40
0.80
87.45
2.13
-5.50
-15.72
-7.36

0.12
22.29
4.47
0.59
0.52
67.51
2.82
-3.54
-12.17
-5.36

0.14
15.11
5.51
0.52
0.54
78.44
4.08
-9.93
-43.36
-15.84

0.08
16.57
4.28
0.39
0.52
83.36
2.88
-5.29
-22.89
-7.89

0.10
15.20
3.72
0.47
0.56
74.03
2.59
1.34
5.02
1.95

338,453

1,812,807

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

334

14.91

24.32

23.43
0.68
-6.02
0.18
-2.64
18.05

27.01
-0.33
-18.85
0.08
-7.18
13.79

24.25
-15.02
-12.09
0.06
-3.25
16.48

17.11
2.87
2.87
0.07
0.60
17.30

-2.54
0.00
-0.40
24.16

-12.93
0.00
-3.79
22.46

Financial Statement Analysis of Non Financial Sector 2012

Mustehkam Cement Ltd.

2007

2008

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

3,891,749

4,086,394

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2009

2010

4,229,550

8,342,638

8,996,961

9,064,245

8,708,846

4,627,753

4,682,250
4,227,008

0
9,876,591

20,456
9,014,976

12,220
9,030,282

3,891,749
185,507

4,229,550
204,174

3,643,343
185,463

8,979,916
313,010

8,967,960
328,415

8,655,716
336,424

0
0

0
0

0
0

0
0

17,045

17,045

75,829

40,910

1,032,321
11,048
164,526

1,439,886
19,459
306,835

1,312,827
9,874
197,145

1,412,662
22,868
280,371

1,781,469
23,585
263,769

2,021,032
23,522
438,018

9,054

4,364

3,740

18,669

34,580

42,811

0
847,693

1,109,228

0
1,102,068

0
1,090,754

0
1,459,535

0
1,516,681

1,667,250
454,247

1,708,617
716,962

1,388,528
1,064,495

2,928,562
1,057,073

3,110,085
1,141,151

2,094,849
743,242

Items

1,213,003

991,655

324,033

1,871,489

1,968,934

1,351,607

400,000

1,270,000

4,945,833
4,200,000
0

4,316,361
3,795,833
0

2,827,050
2,637,500
0

3,379,963
3,050,000
0

7,130
513,398

6,565
182,985

9,624
320,339

400,000

1,270,000

5,447
740,386

2,856,820
123,200

2,690,819
150,304

3,321,104
150,304

3,164,700
416,971

4,908,579
1,292,609

5,255,066
1,292,609

123,200
0
2,733,620

150,304
0
2,540,515

150,304
0
1,188,807
909,841
278,966

416,971
0
838,438
750,454
87,984

1,292,609
0
1,268,255
1,188,274
79,981

1,292,609
0
1,701,683
1,188,274
513,409

1,981,993

1,909,291

2,347,715

2,260,774

940,592
940,592
0
1,224,523

1,484,855
1,484,855
0
1,768,471

(283,931)
20,449

(283,616)
22,878

1,351,160
1,351,160
0
1,231,374
137,584
1,093,790
119,786
95,192
82,518
12,674

1,462,412
1,462,412
0
1,532,603
271,341
1,261,262
(70,191)
69,800
11,945
57,855

3,791,897
3,791,897
0
3,159,362
457,539
2,701,823
632,535
31,883
12,864
19,019

4,789,007
4,789,007
0
3,539,159
464,977
3,074,182
1,249,848
93,845
39,616
54,229

52,548
350,690
346,864
(490,209)
461
0
0
(51,362)

79,929
786,608
770,438
(165,663)
40,748
0
0
(472,299)

90,488
654,810
632,897
533,058
50,977
0
0
599,439

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

20,449

22,878

37,445
3,217
0
0

(416,145)
4,940
0
0

30,735
158,209
153,845
(131,374)
3,136
0
0
(188,849)

3,256,820
0
34,228
454,247

3,960,819
0
(421,085)
716,962

8,266,937
4,200,000
(134,510)
5,264,495

7,481,061
3,795,833
(490,670)
4,852,906

7,735,629
2,637,500
(206,411)
3,778,651

8,635,029
3,050,000
482,081
3,793,242

0.01
6.70
0.96
0.19
0.62
130.19
0.72
0.83
1.37
1.27

0.01
7.78
0.29
0.26
0.84
119.10
1.11
-7.86
-15.00
-11.53

0.01
11.71
0.28
0.14
0.95
91.13
1.91
-1.71
-4.37
-2.15

0.01
23.98
1.28
0.14
0.48
104.80
2.29
-4.89
-15.12
-6.23

0.02
20.74
0.91
0.35
0.57
83.32
1.21
-1.56
-4.10
-2.18

0.03
13.67
0.89
0.45
0.96
73.90
1.04
4.94
10.49
6.51

62,991

115,458

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

335

5.72

4.84

6.85
0.15
-9.72
-0.03
-8.95
220.96

5.22
-0.41
-33.52
-0.01
-11.77
75.90

14.38
0.78
-4.37
-0.08
-1.60
37.97

10.93
1.84
11.13
0.11
3.73
40.65

3.98
0.00
2.78
231.88

-28.03
0.00
-28.02
179.03

Financial Statement Analysis of Non Financial Sector 2012

Pioneer Cement Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

7,510,640

9,570,865

9,327,157

8,991,466

8,663,169

8,169,475

9,795,845

12,291,354

745
12,408,101

3,917
12,408,101

15,685
12,444,883

9,200
12,326,622

7,510,640
375,728

9,570,865
435,306

9,253,929
380,318

8,933,987
391,843

8,597,289
379,066

8,121,214
366,680

0
0

0
0

989
0

769
0

72,483

53,562

49,206

38,292

1,099,857
305,491
150,294

901,724
139,183
68,691

1,020,577
159,302
146,066

1,334,028
55,872
132,072

1,184,191
150,172
160,926

1,941,046
268,909
425,858

29,717

40,124

37,402

36,851

21,475

28,236

0
614,355

0
653,726

0
677,807

0
1,109,233

0
851,618

0
1,218,043

5,330,890
1,002,991

3,910,850
1,675,618

3,489,131
2,215,425

4,908,339
3,101,854

4,404,220
2,700,614

4,493,378
2,433,178

Items

4,327,899

2,235,232

1,273,706

1,806,485

1,703,606

2,060,200

609,180

2,016,423

2,277,173
1,344,254
8,731

1,078,308
587,028
2,348

917,738
404,567
0

699,138
115,728
0

33,247
455,685

41,431
471,740

48,846
534,564

609,180

2,016,423

25,155
899,033

2,670,427
1,698,148

4,545,316
1,995,324

4,581,430
1,995,324

4,338,847
2,227,552

4,525,402
2,271,489

4,918,005
2,271,489

1,698,148
0
972,279

1,995,324
0
2,549,992

1,995,324
0
405,217

405,217

2,227,552
0
(9,334)
0
(9,334)

2,271,489
0
195,136
0
195,136

2,271,489
0
864,975
0
864,975

2,180,889

2,120,629

2,058,777

1,781,541

4,648,655
4,276,682
371,973
4,330,477

6,607,418
5,150,358
1,457,060
6,093,805

318,178
148,458

513,613
705,054

5,000,235
3,957,827
1,042,408
3,667,343
542,726
3,124,617
1,332,892
735,168
359,975
375,193

3,872,834
3,192,886
679,948
3,953,814
652,825
3,300,989
(80,980)
405,966
158,842
247,124

5,272,888
4,305,574
967,314
4,531,162
286,960
4,244,202
741,726
332,183
150,576
181,607

6,487,127
5,683,229
803,898
4,900,167
313,134
4,587,033
1,586,960
354,855
78,800
276,055

74,778
392,658
377,394
(859,319)
195,697
0
0
(82,389)

257,706
357,916
344,973
71,824
53,984
0
0
895,756

298,963
328,024
318,012
924,340
65,379
0
0
1,189,927

5,417,155
587,028
(1,055,016)
3,688,882

5,443,140
404,567
17,840
3,105,181

5,617,143
115,728
858,961
2,548,906

0.02
10.14
0.95
0.38
0.27
102.09
1.38
-8.31
-19.27
-14.00

0.04
6.79
0.41
0.54
0.27
85.93
1.18
0.71
1.62
1.32

0.07
5.06
0.44
0.64
0.43
75.54
1.06
9.26
19.58
16.71

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

148,458

705,054

(184,441)
18,300
0
0

(574,014)
24,514
0
0

100,551
451,465
436,764
174,306
156,744
0
0
913,565

3,279,607
0
(202,741)
1,002,991

6,561,739
0
(598,528)
1,675,618

6,858,603
1,344,254
17,562
3,559,679

0.06
7.87
0.64
0.54
0.21
93.16
2.22
-2.17
-6.59
-4.12

0.05
6.25
0.61
0.63
0.23
92.23
1.30
-6.02
-15.91
-11.67

365,848

413,203

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

336

0.06
9.03
0.75
0.48
0.29
73.34
1.26
1.67
3.82
2.60

30.93

96.19

34.23
1.40
3.49
0.16
0.09
22.96

29.32
-1.28
-22.19
-0.01
-4.74
19.48

32.77
1.21
1.36
0.17
0.08
19.92

15.23
3.91
14.25
0.23
3.78
21.65

-3.97
0.00
-1.19
15.73

-8.69
0.00
-3.00
22.78

Financial Statement Analysis of Non Financial Sector 2012

Thatta Cement Company Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

744,289

824,853

851,985

934,555

1,357,567

2,026,105

74,727
2,074,468

0
2,209,451

896
2,212,383

429,257
2,210,567

744,289
46,643

747,422
46,009

848,781
50,731

801,804
52,659

785,397
50,179

2,616
0

3,116
0

3,216
127,847

3,534
138,587

88

88

792

792

594,336
11,815
225,301

585,639
10,266
238,864

1,055,648
296,756
219,291

814,545
6,111
229,279

134,212

56,135

49,649

88,672

138,782

0
285,605

38,597
262,488

0
286,860

0
450,929

440,373

608,941
244,641

507,111
326,434

571,714
333,076

870,285
554,879

984,367
474,265

364,300

180,677

238,638

315,406

510,102

166,662

141,267
83,333
0

90,347
41,666
0

142,259
103,037
0

183,424
103,037
0

166,662

0
57,934

0
48,681

0
39,222

0
80,387

570,749
797,745

770,811
797,745

775,563
797,745

977,659
797,745

1,004,321
997,181

797,745
0
(226,996)

797,745
0
(26,934)
0
(26,934)

797,745
0
(22,182)
0
(22,182)

797,745
0
179,914
276,654
(96,740)

997,181
0
(92,578)
27,000
(119,578)

99,718

1,795,109
1,109,983
685,126
1,298,132
123,118
1,175,014
496,977
185,070
130,108
54,962

1,544,124
823,304
720,820
1,266,771
98,429
1,168,342
277,353
246,114
190,965
55,149

1,854,649
1,202,158
652,491
1,615,681
127,525
1,488,156
238,968
282,961
224,608
58,353

2,314,211
1,819,937
494,274
2,064,119
158,644
1,905,475
250,092
184,177
108,276
75,901

24,785
45,532
43,653
1,769
11,692
0
0
75,239

144,586
78,789
56,720
(64,251)
19,218
0
0
(125,496)

173,105
96,507
94,990
17,175
29,122
0
0
169,944

602,063
6,367
175,879

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,820,866
1,313,319
507,547
1,611,427

16,393
63,718
62,813
263,398
15,040
0
0
165,182

737,411
0
46,534
244,641

912,078
83,333
248,358
409,767

865,910
41,666
(9,923)
374,742

1,119,918
103,037
(83,469)
657,916

1,187,745
103,037
(11,947)
577,302

0.23
4.69
7.37
1.35
0.99
88.50
1.36
4.00
9.43
7.30

0.21
3.55
3.13
1.26
1.17
72.31
0.84
19.05
39.27
31.94

0.10
2.95
3.22
1.07
1.02
82.04
0.85
0.12
0.23
0.20

0.44
4.25
4.78
0.93
1.21
87.12
1.04
-3.75
-7.33
-6.47

0.15
4.17
6.00
1.07
0.83
89.19
1.16
0.83
1.73
1.49

209,439
132,550

132,550

85,428

53,797
7,263
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

337

10.35

7.97
5.19
14.67
0.25
3.11
9.66

6.46
1.04
0.11
0.11
-0.12
9.72

8.46
-0.13
-3.46
-0.12
-1.05
12.26

10.09
1.18
0.74
0.15
-0.12
10.07

2.95
0.00
0.58
7.15

Financial Statement Analysis of Non Financial Sector 2012

Zeal Pak Cement Factory Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,189,122

2,030,061

1,908,234

1,795,364

1,714,810

1,647,978

1,657,107

2,843,445

15,007
2,843,600

15,323
2,842,411

36,501
2,842,411

59,348
2,842,411

1,189,122
78,927

2,030,061
144,994

1,886,003
127,841

1,772,057
113,633

1,671,039
101,018

1,581,055
89,983

0
0

0
0

0
0

0
0

7,224

7,984

7,270

7,575

1,066,368
580
162,539

950,084
6,648
180,801

998,895
19,685
183,234

758,566
1,797
51,828

555,418
1,196
46,938

577,792
1,994
69,940

326,739

345,846

327,272

239,756

196,810

210,270

0
576,510

0
416,789

0
468,704

0
465,185

0
310,474

0
295,588

983,269
700,367

1,437,555
709,913

1,767,395
709,776

1,973,042
700,388

2,126,728
274,586

2,371,228
275,682

282,902

727,642

1,057,619

1,272,654

1,852,142

2,095,546

188

117,278

236,974
94
215,020

239,859
0
218,407

281,420
0
261,044

310,679
0
290,386

13,389
8,063

13,812
6,564

13,729
6,564

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

188

117,278

15,296
6,564

1,272,033
1,700,000

1,425,312
4,278,385

902,760
4,278,385

341,029
4,278,385

(137,920)
4,278,385

(456,137)
4,278,385

1,700,000
0
(427,967)

4,278,385
0
(2,853,073)

4,278,385
0
(4,676,439)
10,904
(4,687,343)

4,278,385
0
(5,178,326)
10,904
(5,189,230)

4,278,385
0
(5,617,566)
10,904
(5,628,470)

4,278,385
0
(5,897,540)
10,904
(5,908,444)

1,300,814

1,240,970

1,201,261

1,163,018

697,250
697,250
0
857,239

453,476
453,476
0
926,407

(159,989)
206,358

(472,931)
200,621

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

206,358

200,621

569,065
569,065
0
990,112
125,096
865,016
(421,047)
42,281
2,697
39,584

227,757
227,757
0
608,897
118,504
490,393
(381,140)
110,210
1,197
109,013

131,525
131,525
0
200,549
73,221
127,328
(69,024)
126,618
896
125,722

95,619
95,619
0
163,570
112,750
50,820
(67,951)
49,282
393
48,889

53,145
70,836
69,798
(560,591)
1,140
0
0
(12,925)

38,221
56,126
54,915
(477,250)
1,699
0
0
405,957

38,549
48,093
47,024
(311,855)
4,664
0
0
(6,488)

(432,898)
2,361
0
0

(738,391)
1,595
0
0

77,088
59,203
57,080
(521,592)
0
0
0
(44,366)

1,272,221
0
(435,259)
700,367

1,542,590
0
(739,986)
709,913

1,139,734
94
(521,592)
709,870

580,888
0
(561,731)
700,388

143,500
0
(478,949)
274,586

(145,458)
0
(316,519)
275,682

0.33
10.75
46.86
0.31
1.08
122.95
0.77
-17.29
-28.79
-28.78

0.25
15.24
76.27
0.15
0.66
204.29
1.09
-28.21
-54.75
-52.46

0.20
10.40
57.51
0.20
0.57
173.99
2.22
-17.72
-44.81
-38.89

0.12
31.10
105.27
0.09
0.38
267.35
6.49
-20.53
-90.14
-65.16

0.09
42.67
149.64
0.06
0.26
152.48
-17.46
-19.79
-469.94
-131.77

0.09
50.30
219.90
0.04
0.24
171.06
-5.88
-13.87
104.99
31,903.32

74,937

69,104

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

338

4.29

2.51

3.11
-8.14
-91.66
-0.02
-1.22
2.11

4.39
-7.03
-246.14
-0.01
-1.31
0.80

2.80
-7.69
-362.86
0.17
-1.12
-0.32

1.37
-5.63
-326.14
0.00
-0.74
-1.07

-62.09
0.00
-2.56
7.48

-162.83
0.00
-1.73
3.33

MINERAL PRODUCTS

339

Financial Statement Analysis of Non Financial Sector 2012

Mineral products - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,981,208

6,941,645

10,423,762

11,179,412

12,372,160

15,965,818

9,562,208

10,980,568

308,974
14,691,853

627,813
15,971,465

1,610,805
16,801,309

1,681,416
20,952,426

5,981,208
549,795

6,941,645
606,156

9,834,487
758,046

10,282,747
891,975

10,489,154
946,098

13,753,334
989,073

280,301

268,852

272,201

531,068

4,660,968
241,726
1,549,155

5,472,895
237,872
1,721,041

6,192,403
267,433
2,367,095

6,610,841
275,960
2,174,691

6,935,762
936,971
2,336,611

7,652,304
723,886
2,510,258

1,032,444

1,169,172

984,419

1,938,799

1,533,993

1,769,690

7,417
1,830,226

7,318
2,337,492

0
2,573,456

0
2,221,391

0
2,128,187

0
2,648,470

5,268,238
2,081,866

5,217,977
1,963,849

5,212,558
1,388,689

5,577,959
1,523,346

6,317,274
1,545,784

8,885,145
3,165,293

3,186,372

3,254,128

3,823,869

4,054,613

4,771,490

5,719,852

1,168,813

2,353,621

5,702,556
4,109,767
708,705

5,807,249
4,047,916
597,695

4,617,430
2,940,828
595,365

5,579,959
3,211,170
571,260

1,168,813

2,353,621

77,176
806,908

81,431
1,080,207

85,998
995,239

94,246
1,703,283

4,205,125
1,776,713

4,842,942
2,315,519

5,701,051
2,699,566

6,405,045
2,917,733

8,373,218
3,837,357

9,153,018
3,837,357

1,776,713
0
2,428,412

2,315,519
0
2,527,423

2,699,566
0
2,871,747

2,871,747

2,917,733
0
2,686,395
690,397
1,995,998

3,837,357
0
3,407,871
1,124,044
2,283,827

3,837,357
0
4,183,155
1,124,044
3,059,111

129,738

800,917

1,127,990

1,132,506

9,267,294
8,439,355
827,939
7,563,684

10,739,290
9,785,849
953,441
8,966,296

1,703,610
906,553

1,772,994
1,048,105

12,417,521
11,033,259
1,384,262
9,962,082
4,270,898
5,691,184
2,455,439
1,269,810
758,965
510,845

15,782,859
14,602,076
1,180,783
12,548,628
4,948,647
7,599,981
3,234,231
1,537,654
1,034,272
503,382

17,207,322
16,109,230
1,098,092
13,587,350
4,937,246
8,650,104
3,619,972
1,906,498
1,139,124
767,374

21,204,095
20,125,937
1,078,158
16,930,361
6,155,101
10,775,260
4,273,734
2,029,606
1,302,963
726,643

1,646,214
881,382
821,114
892,865
383,085
301,724
96,985
1,184,998

1,959,190
821,843
747,184
1,042,472
456,606
198,067
0
2,246,173

2,358,174
683,915
654,995
1,727,454
291,903
533,416
0
2,014,135

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

906,553

1,048,105

569,562
62,933
189,678
67,306

399,334
178,800
186,125
74,770

1,391,598
736,927
562,652
667,510
283,578
283,341
88,168
1,310,120

5,373,938
0
316,951
2,081,866

7,196,563
0
34,409
1,963,849

11,403,607
4,109,767
100,591
5,498,456

12,212,294
4,047,916
208,056
5,571,262

12,990,648
2,940,828
387,799
4,486,612

14,732,977
3,211,170
902,136
6,376,463

0.24
5.93
7.93
0.75
1.19
80.23
1.91
4.60
12.66
7.18
1.36
5.25
2.19
5.38
0.12
1.25
18.63

0.40
5.58
12.28
0.89
1.19
79.51
1.78
5.19
14.75
7.56
1.69
7.26
2.09
5.66
0.10
1.55
19.54

0.39
4.78
8.91
0.89
1.10
78.96
1.31
5.62
14.11
8.27
2.96
7.36
2.40
6.06
0.21
1.29
18.37

0.28
3.23
8.35
0.90
0.86
79.84
1.58
8.05
19.71
12.46
2.69
8.45
3.64
8.15
0.14
3.15
20.08

330,914

427,635

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.24
3.57
11.14
0.87
0.88
81.62
1.53
5.75
14.20
11.36
2.67
5.98

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

340

0.27
3.98
10.89
0.87
1.05
83.49
1.56
3.46
8.83
6.35
1.18
6.24

6.15
0.00
2.65
21.98

3.72
0.00
0.89
19.53

Billion Rs

Growth with Composition of Assets & Liabilities

35%

18
16
14
12
10
8
6
4
2
0

30%

28.9%

25%

22.5%

20%
17.2%

15%

9.4%

8.5%

10%
5%
0%

Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

2011

2012

25
39.7%
Billion Rs

20
15
18.8%

10

15.3%

5
0
Sales

Gross Profit

2011
2012

14.11

12.46
8.05
5.62

Return on
Return on
Assets
Equity

8.27

Percentage

Percentage

19.71

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
20
18
16
14
12
10
8
6
4
2
0

Growth
45%
40%
35%
30%
25%
20%
15%
10%
5%
0%

9
8
7
6
5
4
3
2
1
0

Return on
Capital
Employed

2012

8.15

6.06

3.15

1.1

1.31

1.58

1.29

0.86

Current
Ratio

341

2011

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Balochistan Glass Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,457,054

1,322,720

1,360,688

1,679,680

1,636,090

1,549,839

2,138,134

2,158,179

172,949
2,162,284

139,967
2,631,731

196,210
2,655,910

14,109
2,881,536

1,457,054
114,755

1,322,720
154,379

1,187,739
139,086

1,531,690
125,808

1,416,621
141,458

1,512,471
129,776

8,023

23,259

23,259

1,315,754
13,865
603,174

1,428,705
17,204
586,522

1,433,827
34,484
552,558

979,799
16,105
199,389

595,345
6,306
65,397

723,936
37,414
121,306

232,144

338,833

253,162

256,977

126,298

177,747

0
466,571

0
486,146

0
593,623

0
507,328

0
397,344

0
387,469

1,960,274
1,044,040

1,568,537
776,726

1,561,056
509,324

1,509,598
430,572

1,594,163
308,935

1,503,026
275,010

916,234

791,811

1,051,732

1,079,026

1,285,228

1,228,016

433,063

830,655

1,389,570
888,283
482,080

1,628,368
1,027,535
482,080

1,337,660
738,188
482,080

1,631,316
1,048,472
482,080

433,063

830,655

19,207
0

23,898
94,855

28,542
88,850

32,109
68,655

379,471
429,000

352,233
858,000

(156,111)
858,000

(478,487)
858,000

(700,388)
858,000

(860,567)
858,000

429,000
0
(49,529)

858,000
0
(505,767)

858,000
0
(1,014,111)

858,000
0
(1,613,780)

(1,014,111)

(1,613,780)

858,000
0
(1,827,018)
343,200
(2,170,218)

858,000
0
(1,979,344)
343,200
(2,322,544)

277,293

268,630

260,777

1,369,903
1,030,125
339,778
1,201,151

1,345,472
1,140,567
204,905
1,524,606

168,752
113,224

(179,134)
80,659

1,033,035
505,524
527,511
1,220,379
434,820
785,559
(187,344)
111,744

1,099,308
953,822
145,486
1,451,586
634,616
816,970
(352,278)
50,360

1,098,795
934,895
163,900
1,356,790
525,565
831,225
(257,995)
169,952

1,960,672
1,855,407
105,265
1,883,505
803,051
1,080,454
77,167
65,561

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

113,224

80,659

111,744

50,360

169,952

65,561

166,051

217,686

165,142
209,183
196,043
(503,129)
5,215

187,832
196,970
194,355
(598,460)
5,497

194,096
186,252
168,678
(569,934)
1,639

253,465
167,002
144,099
(144,728)
19,607

(105,600)
6,176
0
0

(476,265)
5,941
0
0

0
3,734

0
10,551

0
24,890

0
125,275

812,534
0
(111,776)
1,044,040

1,182,888
0
(482,206)
776,726

1,233,459
888,283
(508,344)
1,397,607

1,149,881
1,027,535
(603,957)
1,458,107

637,272
738,188
(571,573)
1,047,123

770,749
1,048,472
(164,335)
1,323,482

0.13
12.12
16.95
0.49
0.67
87.68
6.31
-4.11
-24.77
-13.43

0.23
16.18
25.18
0.49
0.91
113.31
6.81
-17.24
-130.18
-47.74

0.18
20.25
24.51
0.37
0.92
118.14
-18.90
-18.14
-513.08
-41.64

0.18
17.92
23.38
0.41
0.65
132.05
-6.56
-21.95
188.61
-50.22

0.08
16.95
11.49
0.49
0.37
123.48
-4.19
-23.31
96.69
-63.78

0.14
8.52
9.07
0.86
0.48
96.06
-3.64
-6.42
18.54
-20.56

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

342

2.27

2.29

1.87
-1.57
-48.70
0.00
-5.92
-1.82

5.51
-2.08
-54.44
0.00
-7.04
-5.58

16.80
-2.38
-51.87
0.01
-6.66
-8.16

16.16
0.00
-7.38
0.04
-1.92
-10.03

-7.71
0.00
-2.61
8.85

-35.40
0.00
-5.62
4.11

Financial Statement Analysis of Non Financial Sector 2012

Frontier Ceramics Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

352,930

344,597

338,567

736,084

753,234

770,302

610,747

617,247

623,970

51,872
983,623

101,272
690,832

136,003
706,616

352,930
13,619

344,597
14,832

286,986
14,337

682,698
13,938

650,447
32,358

632,786
53,222

51,581

1,514

1,515

1,513

187,635
260
91,168

100,478
964
57,949

105,147
3,608
67,662

106,143
1,424
73,375

66,944
3,607
46,672

85,196
2,318
51,668

71,904

22,975

13,401

6,427

405

2,823

0
24,303

0
18,590

0
20,476

0
24,917

16,260

28,387

424,281
0

150,607
0

147,752

223,346
1,910

338,973
1,910

325,172
1,910

150,607

147,752

221,436

337,063

323,262

283,381

207,759

375,543
150,315
100,615

222,498

191,436
88,855
102,005

98,285

89,180

0
124,613

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

424,281

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

283,381

0
576

124,213

118,579

116,284
77,412

11,087
77,412

104,526
77,412

243,338
77,412

258,707
77,412

322,567
77,412

77,412
0
38,872

77,412
0
(66,325)

77,412

77,412

27,114

(231,538)

77,412
0
(200,122)

77,412
0
(141,191)

56,692
56,692
0
62,584

94,326
94,326
0
179,240

(5,892)
11,891

(84,914)
26,532

27,114

(231,538)

(200,122)

(141,191)

397,464

381,417

386,346

124,238
124,238

168,926
168,926

333,246
333,246

329,253
329,253

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,891

26,532

163

236

(17,394)
242
0
0

(104,790)
408
0
0

121,782
40,197
81,585
2,456
21,838
4,642
17,196

145,371
54,648
90,723
23,555
14,864
3,451
11,413

243,654
62,849
180,805
89,592
69,630
3,558
66,072

282,736
66,439
216,297
46,517
18,594
3,472
15,122

20,233
814
512
93,619
180

26,398
1,423
1,218
17,776
845

32,516
1,423
1,064
18,539
3,478

39,436
1,964
1,236
25,959
3,293

0
47,616

0
89,446

0
104,899

0
99,241

116,284
0
(17,636)
0

294,468
0
(105,198)
0

295,962
88,855
93,439
88,855

618,881
150,315
16,931
152,225

481,205
0
15,061
1,910

530,326
0
22,666
1,910

0.17
0.29
126.83
0.10
0.44
110.39
3.65
-3.40
-13.81
-13.81

0.16
0.25
24.36
0.21
0.67
190.02
39.14
-21.26
-164.54
-51.02

0.12
0.66
10.79
0.28
0.71
98.02
3.25
21.07
161.95
31.71

0.04
0.84
3.80
0.20
0.48
86.06
2.46
2.76
10.22
3.89

0.01
0.43
0.12
0.41
0.20
73.12
2.17
2.23
7.39
3.37

0.02
0.60
0.86
0.38
0.26
85.87
1.65
3.10
8.93
5.13

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

343

0.62

1.63

1.84
183.85
75.35
0.14
12.07
13.50

2.30
15.59
10.52
0.15
2.19
31.43

7.14
18.42
5.56
0.19
1.95
33.42

6.37
22.00
7.88
0.19
2.93
41.67

-30.68
0.00
-2.28
15.02

-111.09
0.00
-13.59
1.43

Financial Statement Analysis of Non Financial Sector 2012

Ghani Glass Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,953,395

2,261,022

2,788,400

2,932,225

3,983,946

6,447,205

2,666,077

3,158,541

135,229
3,623,554

203,945
3,873,404

1,155,169
4,299,137

0
7,992,012

1,953,395
204,932

2,261,022
188,342

2,501,292
229,989

2,504,073
249,553

2,622,134
292,121

6,001,503
316,036

151,879

224,207

206,643

445,702

2,022,085
133,179
550,753

2,419,586
44,133
658,121

2,187,798
34,482
792,309

2,793,563
136,836
888,200

3,155,361
367,580
1,104,281

3,581,179
192,348
1,281,602

379,695

427,309

634,559

533,039

528,976

6,592
951,866

6,592
1,283,431

0
1,361,007

0
1,133,968

1,150,461

1,578,253

1,413,640
523,001

1,722,867
515,680

1,106,714
151,836

1,179,018
96,363

1,846,128
610,331

3,806,827
1,953,143

890,639

1,207,187

954,878

1,082,655

1,235,797

1,853,684

24,840

41,693

408,613

403,209

421,508

829,219
78,052

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

24,840

41,693

0
408,613

403,209

421,508

751,167

2,537,000
799,709

2,916,048
839,694

3,460,871
881,679

4,143,561
969,846

4,871,671
1,066,831

5,392,338
1,066,831

799,709
0
1,737,291

839,694
0
2,076,354

881,679
0
2,579,192

2,579,192

969,846
0
3,173,715
502,419
2,671,296

1,066,831
0
3,804,840
502,419
3,302,421

1,066,831
0
4,325,507
502,419
3,823,088

3,594,483
3,212,934
381,549
2,817,343

4,621,198
3,960,868
660,330
3,376,931

777,140
349,323

1,244,267
457,742

5,191,729
4,491,860
699,869
3,665,639
1,477,661
2,187,978
1,526,090
461,921
234,398
227,523

6,533,755
5,732,309
801,446
4,644,760
1,535,082
3,109,678
1,888,995
557,370
291,734
265,636

6,869,476
6,152,172
717,304
4,868,015
1,589,344
3,278,671
2,001,461
642,351
330,980
311,371

8,619,602
7,940,305
679,297
6,620,565
2,269,190
4,351,375
1,999,037
788,474
399,548
388,926

528,609
149,758

734,444
78,893
32,495
1,348,878
360,159
106,683

946,233
52,480
59,328
1,195,972
84,211
533,416

1,347,367

782,546

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

349,323

457,742

475,618
14,374
159,942
39,985

807,801
131,029
167,939
41,985

993,284
280,523
264,504
88,168
1,306,190

601,636
94,886
46,173
1,278,003
330,808
242,462
96,985
883,414

2,561,840
0
301,302
523,001

2,957,741
0
508,833
515,680

3,869,484
0
448,257
151,836

4,546,770
0
704,734
96,363

5,293,179
0
882,036
610,331

6,221,557
78,052
578,346
2,031,195

0.37
1.28
10.56
0.90
1.43
78.38
0.57
12.80
20.09
19.68
2.88
6.53

0.28
1.54
9.25
0.99
1.40
73.07
0.61
18.66
29.63
29.27
4.03
7.02

0.03
2.88
0.00
1.04
1.98
70.61
0.44
20.57
31.15
29.10
2.69
6.55

0.65
1.45
9.71
1.14
2.37
71.09
0.38
23.88
33.61
30.37
3.91
7.36
28.68
19.56
0.56
9.77
42.72

0.49
1.15
7.76
0.96
1.71
70.86
0.47
20.97
29.92
27.42
9.27
6.22
42.51
19.64
0.59
9.27
45.66

0.19
0.61
6.14
0.86
0.94
76.81
0.86
13.93
23.30
20.77
2.08
6.73
21.16
13.88
0.17
10.42
50.55

45,938

70,960

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

344

13.23
0.00
5.77
31.72

17.48
0.00
8.06
34.73

19.13
0.86
8.08
39.25

Financial Statement Analysis of Non Financial Sector 2012

Ghani Value Glass Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

178,184

177,203

189,229

192,505

41
144,965

193,067

7,256
207,274

651
227,603

172,570
7,629

177,340
9,437

187,222
10,447

131,776

46,367

4,633

4,633

4,632

109,699
3,479
57,357

152,021
14,886
82,826

184,655
2,013
106,910

218,144
3,605
72,621

21,658

18,597

30,302

101,847

0
27,205

0
35,712

45,430

40,071

171,141

172,193

216,661

215,763

171,141

172,193

216,661

215,763

12,146

13,489

16,144

0
0
0

12,146

13,489

16,144

116,742
75,350

144,885
75,350

143,734
75,350

178,742
75,350

75,350
0
(41,202)

75,350
0
(13,059)

75,350
0
(14,210)

75,350
0
10,460

(41,202)

(13,059)

(14,210)

10,460

82,594

82,594

82,594

92,932

265,270
229,199
36,071
248,970
237,470
11,500
16,300
16,424
7,060
9,364

390,640
352,912
37,728
318,562
262,370
56,192
72,078
24,458
9,825
14,633

346,419
324,445
21,974
304,677
234,491
70,186
41,742
26,690
13,874
12,816

521,424
492,112
29,312
475,562
359,798
115,764
45,862
30,732
15,775
14,957

9,424

12,103
392

17,782
358

22,193
315

6,552
124
18,838
0
(53,457)

50,557
2,236
18,838
0
24,958

23,097
4,068
7,535
0
27,283

33,993
5,717
0
0
5,928

116,742
0
(12,410)
0

157,031
0
29,484
0

157,223
0
11,494
0

194,886
0
28,276
0

0.15
0.00
8.16
0.92
0.64
93.86
1.47
2.28
5.61
5.61
0.34
4.62

0.19
0.10
4.76
1.19
0.88
81.55
1.27
16.39
38.65
36.93
2.57
4.72

0.15
0.10
8.75
0.93
0.85
87.95
1.60
6.57
16.01
14.70
2.53
3.24

0.49
0.06
19.53
1.27
1.01
91.20
1.30
8.67
21.08
19.31

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

345

7.18

2.47
-0.31
0.85
15.49

12.94
0.14
6.41
19.23

6.67
0.12
2.53
19.08

6.52
0.03
3.75
23.72

Financial Statement Analysis of Non Financial Sector 2012

Karam Ceramics Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

726,184

738,623

675,091

695,198

643,019

1,403,034

1,483,407

1,490,121

84,703
1,490,339

1,588,215

1,665,691

726,184
62,466

738,623
68,095

674,216
71,470

609,621
64,814

642,122
67,930

653,382
67,324

875

874

897

897

102,303
14,515
59,097

145,165
34,433
44,405

208,234
24,316
123,939

212,324
10,231
128,900

223,880
5,489
165,633

290,490
57,400
134,020

18,454

51,748

20,425

23,341

5,324

63,523

0
10,237

0
14,579

0
39,554

0
49,852

0
47,434

0
35,547

313,685
43,000

458,040
85,791

186,702
100,763

204,646
86,437

272,342
132,445

398,308
224,366

270,685

372,249

85,939

118,209

139,897

173,942

210,829

132,000

399,823
231,657

393,580
231,657

279,843
118,004

245,628
84,880

Items

654,279

210,829

132,000

57,533
110,633

57,533
104,390

57,456
104,383

62,137
98,611

303,973
145,487

293,748
145,487

296,800
145,487

309,296
145,487

314,714
145,487

300,833
145,487

145,487
0
158,486

145,487
0
148,261

145,487

145,487

145,487

145,487

104,169

120,243

128,881

117,898

744,902
744,902
0
645,613

834,464
834,464
0
695,597

99,289
65,041

138,867
64,005

104,169

120,243

128,881

117,898

47,144

43,566

40,346

37,448

832,724
832,724

933,333
933,333

1,055,479
1,055,479

1,187,313
1,187,313

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

65,041

64,005

18,245

42,052

702,746
206,902
495,844
129,978
77,056
53,456
23,600

818,887
224,340
594,547
114,446
78,105
57,650
20,455

926,283
275,291
650,992
129,196
75,174
51,866
23,308

1,080,581
303,752
776,829
106,732
60,358
42,574
17,784

102,690
40,006
38,087
13,172
8,067

112,222
35,456
34,470
12,727
8,547
0
0
28,481

135,896
42,287
41,732
12,155
10,807
14,549
0
88,797

134,103
43,256
42,774
3,435
11,873
0
0
144,388

16,659
4,706
18,186
0

32,919
3,865
18,186
0

0
56,718

514,802
0
(6,233)
43,000

425,748
0
10,868
85,791

696,623
231,657
5,105
332,420

702,876
231,657
4,180
318,094

594,557
118,004
(13,201)
250,449

546,461
84,880
(8,438)
309,246

0.11
2.45
2.48
0.90
0.33
86.67
1.73
2.18
6.01
3.81
0.66
12.60

0.19
5.04
6.20
0.94
0.32
83.36
2.01
3.85
11.01
7.00
1.60
18.79

0.24
4.80
2.45
0.94
1.12
84.39
1.98
1.49
4.46
2.35

0.16
3.80
2.50
1.03
1.04
87.74
1.93
1.42
4.20
1.82

0.04
4.01
0.50
1.22
0.82
87.76
1.75
1.37
3.90
1.87
0.09
6.37
1.29
1.15
0.16
0.09
21.63

0.30
3.64
5.35
1.26
0.73
91.01
2.14
0.38
1.12
0.60

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

346

2.24
0.00
0.82
20.89

3.94
0.00
2.00
20.19

6.72
1.35
1.58
0.10
0.35
20.40

7.24
1.37
1.36
0.05
0.29
21.26

8.86
1.08
0.29
0.22
-0.58
20.68

Financial Statement Analysis of Non Financial Sector 2012

Safe Mix Concrete Products Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

139,399

206,917

193,874

192,931

755
160,611

57
246,083

954
242,639

640
253,512

132,112
14,832

201,827
15,757

188,693
11,678

188,071
12,471

6,532

5,033

4,227

4,220

147,391
9,557
28,779

119,101
6,690
19,827

128,379
4,895
35,090

136,059
6,200
28,024

90,342

66,029

59,698

71,918

0
18,713

0
26,555

0
28,696

0
29,917

118,514

77,834
42,250

95,259
41,488

126,251
46,109

118,514

35,584

53,771

80,142

48,903

39,371

23,148

5,647

15,000

15,000

0
0
48,903

24,371

8,148

5,647

119,373
70,000

208,813
200,000

203,846
200,000

197,092
200,000

70,000
0
49,373
49,373

200,000
0
8,813
14,728
(5,915)

200,000
0
3,846
14,728
(10,882)

200,000
0
(2,908)
14,728
(17,636)

707,465
707,465

524,383
524,383

502,190
502,190

544,317
544,317

0
(10,724)

0
2,222

0
56

0
24,121

168,276
0
17,614
0

248,184
0
(7,134)
42,250

226,994
0
(18,195)
41,488

202,739
0
(6,474)
46,109

0.84
1.98
12.77
2.47
1.24
92.10
1.40
9.42
22.64
16.06

0.93
2.23
12.59
1.61
1.53
94.51
0.56
-1.47
-2.75
-2.17

0.68
2.67
11.89
1.56
1.35
94.22
0.58
-4.06
-6.38
-5.54

0.62
2.18
13.21
1.65
1.08
98.69
0.67
-0.32
-0.51
-0.48

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

651,559
497,654
153,905
55,906
26,513

495,612
366,330
129,282
28,771
27,047

473,147
379,417
93,730
29,043
35,573

537,202
422,797
114,405
7,115
25,770

26,513

27,047

35,573

25,770

41,723
13,977
13,977
27,025
9,411

43,044
11,670
11,553
(4,512)
2,622

41,077
13,390
13,237
(13,173)
5,022

43,171
11,872
11,712
(1,031)
5,443

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

347

24.58
2.93
3.82
-0.06
2.52
17.05

26.45
0.61
-0.86
0.02
-0.36
10.44

14.31
0.00
-2.62
0.00
-0.91
10.19

19.42
0.91
-0.19
0.18
-0.32
9.85

Financial Statement Analysis of Non Financial Sector 2012

Shabbir Tiles & Ceramics Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

730,863

1,527,609

4,130,006

3,842,484

3,590,477

3,344,882

1,175,521

2,089,019

4,859,706

8,102
4,864,865

4,865,087

2,203
4,830,866

730,863
89,538

1,527,609
117,296

4,113,866
194,761

3,818,024
307,996

3,572,429
277,831

3,323,876
280,438

16,140

16,358

18,048

18,803

637,398
67,694
165,419

960,687
135,230
276,533

1,565,475
147,860
646,498

1,792,732
75,232
637,232

1,627,945
83,808
625,416

1,599,969
93,027
542,267

309,816

311,780

565,391

897,711

742,089

787,206

825
93,644

726
236,418

0
205,726

0
182,557

176,632

177,469

536,134
298,809

788,090
430,376

1,485,960
626,766

1,779,982
826,991

1,478,182
439,926

1,570,402
621,480

237,325

357,714

859,194

952,991

1,038,256

948,922

264,745

955,128

2,944,716
2,769,983

2,640,039
2,543,980

2,105,339
2,037,214

1,664,970
1,530,448

Items

264,745

955,128

0
174,733

96,059

68,125

134,522

567,382
136,605

745,078
163,926

1,264,805
360,638

1,215,195
360,638

1,634,901
721,277

1,709,479
721,277

136,605
0
430,777

163,926
0
581,152

360,638
0
904,167

360,638
0
854,557

721,277
0
913,624

721,277
0
988,202

904,167

854,557

913,624

988,202

1,995,818
1,980,990
14,828
1,555,407

2,363,278
2,339,241
24,037
1,829,628

2,853,257
2,853,257

4,061,423
4,061,423

4,399,779
4,399,779

4,630,457
4,630,457

440,411
264,189

533,650
327,971

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

264,189

327,971

51,813

62,065

126,143
27,921
0
27,321

144,765
31,364
0
32,785

832,127
0
98,222
298,809

1,700,206
0
113,401
430,376

0.71
2.60
15.52
1.46
1.19
77.93
1.41
9.79
23.58
16.22

0.57
2.63
13.19
0.95
1.22
77.42
2.34
7.51
22.06
11.43

2,068,445
1,051,676
1,016,769
784,812
446,795
383,930
62,865

3,002,044
1,455,916
1,546,128
1,059,379
619,320
559,697
59,623

3,268,579
1,404,506
1,864,073
1,131,200
667,580
584,204
83,376

3,337,636
1,361,392
1,976,244
1,292,821
744,908
652,298
92,610

268,485
266,836
263,402
73,548
(25,801)

388,717
495,362
491,412
(51,383)
21,194
0
0
(198,605)

478,596
457,614
453,575
13,492
44,275
0
0
313,105

537,007
365,940
362,991
190,360
46,951
0
0
374,813

3,855,234
2,543,980
(72,577)
3,370,971

3,740,240
2,037,214
(30,783)
2,477,140

3,374,449
1,530,448
143,409
2,151,928

0.55
12.20
22.10
0.72
1.01
73.92
3.64
-0.91
-4.14
-1.27

0.56
10.40
16.87
0.84
1.10
74.29
2.19
0.25
0.95
0.36

0.56
7.90
17.00
0.94
1.02
72.08
1.89
3.75
11.38
5.35

0
(70,871)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

4,209,521
2,769,983

3,396,749

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

348

0.48
9.35
19.82
0.50
1.05
72.49
3.50
1.80
7.32
2.49

12.07

8.55

4.41
1.28
2.58
-0.02

6.37
0.90
-1.27
-0.04
-1.01
16.85

7.03
1.03
0.31
0.09
-0.21
11.33

8.54
1.52
4.11
0.12
0.99
11.85

6.32
0.00
3.60
20.77

6.13
0.00
3.46
22.73

17.54

Financial Statement Analysis of Non Financial Sector 2012

Tariq Glass Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2010

(Thousand Rupees)
2011
2012

2007

2008

2009

613,788

747,074

813,427

909,621

1,382,291

2,813,875

1,278,901

1,474,175

1,626,642

139,167
1,688,353

149,944
2,252,215

1,527,810
2,394,590

613,788
56,759

747,074
63,212

806,500
93,571

762,244
106,480

1,219,368
113,285

1,254,023
119,359

6,927

8,210

12,979

32,042

355,201
11,451
79,544

418,274
5,908
97,511

434,832
9,647
97,993

455,158
14,556
144,942

953,253
463,273
187,212

1,017,331
331,574
278,750

14,303

16,527

20,040

35,158

36,838

35,650

0
249,903

0
298,328

0
307,152

0
260,502

0
265,930

0
371,357

531,595
123,915

529,836
155,276

434,719

431,342
38,823

475,566
10,749

939,396
43,275

407,680

374,560

434,719

392,519

464,817

896,121

145,677

110,764

319,495
130,989
124,620

314,993
94,429

213,945
47,422

979,276
469,318

Items

145,677

110,764

436
63,450

220,564

166,523

509,958

291,717
115,500

524,748
231,000

494,045
231,000

618,444
231,000

1,646,033
693,000

1,912,534
693,000

115,500
0
176,217

231,000
0
293,748

231,000
0
263,045

693,000

693,000

263,045

231,000
0
387,444
173,250
214,194

598,030
263,697
334,333

864,531
263,697
600,834

355,003

355,003

1,400,867
1,309,083
91,784
1,201,177

1,480,552
1,416,383
64,169
1,360,294

199,690
89,593

120,258
91,196

1,409,803
1,288,992
120,811
1,282,562
324,518
958,044
127,241
107,519
75,479
32,040

2,071,091
1,874,968
196,123
1,671,806
415,345
1,256,461
399,285
166,130
111,915
54,215

2,601,938
2,407,024
194,914
2,146,205
465,783
1,680,422
455,733
219,548
154,642
64,906

3,411,057
3,146,773
264,284
2,712,574
568,682
2,143,892
698,483
295,209
189,296
105,913

255,292
56,353
50,631
(36,561)
5,859

274,262
45,223
41,933
188,157
11,336
40,425
0
344,531

324,783
41,626
36,403
209,418
27,158
69,300
0
339,776

382,566
41,086
32,855
423,494
114,808
0
0
457,823

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

89,593

91,196

33,700

34,636

77,368
8,995
11,550
0

(5,096)
6,193
0
0

0
30,914

437,394
0
56,823
123,915

635,512
0
(11,289)
155,276

813,540
130,989
(42,420)
130,989

933,437
94,429
136,396
133,252

1,859,978
47,422
112,960
58,171

2,891,810
469,318
308,686
512,593

0.05
2.41
1.02
1.45
0.67
85.75
2.32
8.89
28.75
20.89
5.92
17.61

0.04
2.34
1.12
1.27
0.79
91.88
1.22
-0.48
-1.25
-0.95

0.07
4.00
1.42
1.13
1.00
90.97
1.53
-3.03
-7.18
-5.05

0.12
2.18
1.70
1.52
1.06
80.72
1.21
14.40
33.83
21.54
4.37
14.29
5.49
9.08
0.46
7.65
26.77

1.05
1.60
1.42
1.11
2.00
82.48
0.42
11.32
18.50
14.99
2.63
13.90
6.75
8.05
0.49
2.63
23.75

0.39
1.20
1.05
0.89
1.08
79.52
1.00
13.73
23.80
17.82

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

349

15.18

14.39
0.28
-2.59
0.04
-1.84
21.39

5.52
0.00
5.92
25.26

-0.34
0.00
-0.49
22.72

12.24
13.89
12.42
0.24
4.45
27.60

MOTOR VEHICLES, TRAILERS AND

AUTOPARTS

350

Financial Statement Analysis of Non Financial Sector 2012

Motor Vehicles, Trailers & Autoparts - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

26,144,111

28,373,770

32,617,761

31,598,315

32,976,630

32,461,990

43,074,221

48,234,261

1,630,026
45,932,836

905,931
53,728,961

1,231,987
57,753,810

1,162,718
60,536,382

25,596,159
2,925,751

27,845,540
3,269,274

25,891,767
2,383,079

27,435,586
2,900,458

28,057,138
3,875,693

27,555,609
4,218,285

547,952

528,230

630,520
925,673

696,588
926,777

438,150
1,135,738

388,827
1,220,204

3,539,775

1,633,433

2,113,617

2,134,632

69,123,185
20,614,201
27,765,573

63,528,768
12,113,151
26,291,808

66,776,479
19,425,078
27,295,725

85,662,782
25,736,609
32,250,154

90,887,970
17,067,809
40,255,395

95,808,579
20,648,086
39,059,462

4,450,132

5,945,807

6,125,388

6,713,582

5,959,350

8,367,246

6,126,994
10,166,285

6,178,649
12,999,353

1,787,425
12,142,863

7,188,563
13,773,874

6,563,972
21,041,444

6,661,042
21,072,743

45,550,585
5,792,357

40,117,110
7,933,026

43,870,792
15,121,189

56,875,951
14,794,788

60,290,009
15,812,348

59,236,818
14,196,822

39,758,228

32,184,084

28,749,603

42,081,163

44,477,661

45,039,996

4,564,770

2,721,626

5,930,420
3,054,426
0

5,697,015
2,777,024
722,552

4,132,861
963,659
722,552

3,228,175
245,844
722,552

468,087
1,729,352

421,078
2,025,572

439,191
1,820,588

Items

4,564,770

2,721,626

321,581
2,554,413

45,151,941
6,434,533

49,063,802
7,232,752

49,593,028
7,653,541

54,688,131
7,836,087

59,441,730
8,239,734

65,805,576
8,397,780

6,434,533
0
38,717,408

7,232,752
0
41,831,050

7,653,541
0
38,721,343
1,792,127
34,772,186

7,836,087
0
43,029,919
425,980
39,553,525

8,239,734
0
46,410,608
451,378
45,959,230

8,397,780
0
52,690,606
458,500
52,232,106

3,218,144

3,822,125

4,791,388

4,717,190

205,866,248
205,695,767
170,481
186,957,291

207,326,876
207,137,804
189,072
192,965,276

18,908,957
6,632,528

14,361,600
6,518,772

162,961,545
162,885,407
76,138
150,538,065
126,798,968
23,724,131
12,423,480
7,602,786
3,122,704
4,480,082

225,770,148
225,599,786
170,362
206,283,256
178,537,165
27,746,091
19,486,892
8,127,767
3,463,342
4,664,425

251,691,693
250,167,496
1,524,197
231,092,089
203,092,371
27,999,718
20,599,604
8,593,428
3,990,829
4,602,599

275,094,208
272,750,719
2,343,489
250,724,096
218,832,929
31,891,167
24,370,112
9,852,306
4,448,089
5,404,217

5,913,110
1,722,657
1,278,386
13,605,657
5,671,202
4,684,136
206,026
18,746,120

7,278,468
2,379,182
1,319,904
13,906,162
5,237,330
4,847,966
158,046
3,031,486

7,584,490
1,812,590
1,458,303
17,163,252
6,264,150
7,128,729
132,069
7,459,933

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,632,528

6,518,772

13,834,060
4,785,379
3,130,947
152,985

9,132,603
3,108,152
2,715,826
94,267

5,036,975
2,695,836
1,197,395
4,853,407
3,052,311
3,354,180
319,563
7,599,530

49,716,711
0
5,917,734
5,792,357

51,785,428
0
3,308,625
7,933,026

55,523,448
3,054,426
(1,553,084)
18,175,615

60,385,146
2,777,024
3,250,319
17,571,812

63,574,591
963,659
3,820,866
16,776,007

69,033,751
245,844
3,770,373
14,442,666

0.68
0.87
2.16
2.16
1.52
90.81
1.11
14.35
32.88
29.73
2.89
7.41

0.60
1.09
2.87
2.26
1.58
93.07
0.87
9.76
19.39
17.99
2.22
7.89

0.62
1.65
3.76
1.64
1.52
92.38
1.00
5.07
9.84
9.05
0.54
5.97
5.05
2.98
0.15
2.25
61.90

0.70
0.76
2.97
1.93
1.51
91.37
1.14
12.56
26.09
23.48
1.69
7.00
11.64
6.03
0.30
9.68
66.74

0.49
0.95
2.37
2.03
1.51
91.82
1.08
11.53
24.37
22.44
1.79
6.25
11.54
5.53
0.05
10.08
69.13

0.60
0.66
3.04
2.14
1.62
91.14
0.95
13.61
27.41
25.89
1.53
7.04
12.77
6.24
0.12
12.45
75.15

1,786,411

2,258,305

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

351

6.72
0.00
13.37
66.70

4.40
0.00
7.96
64.84

Growth with Composition of Assets & Liabilities

120

Billion Rs

100

15%
9.7% 10%
5%
0%
-1.8%
-5%
-10%
-15%
-20%
-25%
-28.0%
-30%
Current
Non-Current
Shareholders
Liabilities
Liabilities
Equity
2012
Growth

5.1%

80

-1.6%

60
40
20
0
Non-Current
Assets

Current Assets
2011

Growth & Composition of Operations

2011

2012

300

19.0%

Billion Rs

250

15.5%

200
150
8.5%
100
50
0
Sales

Gross Profit

24.37

25
Percentage

2011

27.41
22.44

2012

2011
2012

14

12.45

25.89

20

12

10.08

10
Percentage

15

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
30

Growth
20%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%

13.61
11.53

10
5

6.24
5.53

6
4

2
Return on
Return on
Assets
Equity

1.51 1.62

1.08

0.95

0
Return on
Capital
Employed

Current
Ratio

352

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Agriauto Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

152,633

303,374

556,830

347,688

395,546

511,739

364,992

530,829

0
599,080

13,775
623,979

43,266
669,216

414
814,224

152,633
21,607

303,374
21,085

344,480
35,412

331,661
45,744

348,031
49,484

457,371
56,541

0
210,375

50,000

1,975

2,252

4,249

3,954

1,054,575
49,299
310,054

1,168,158
163,353
285,016

1,114,661
225,651
448,686

1,801,777
193,058
630,739

2,051,841
126,541
605,767

2,408,229
344,892
681,927

222,777

190,395

237,009

309,221

355,221

315,856

425,934
46,511

439,230
90,164

152,038
51,277

609,152
59,607

896,603
67,709

966,650
98,904

158,184
7,283

231,554
8,301

195,987

303,069

276,415

300,878

150,901

223,253

195,987

303,069

276,415

300,878

8,639

2,691

33,336

29,070

20,389

51,506

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

8,639

2,691

0
33,336

29,070

20,389

51,506

1,040,385
120,000

1,237,287
120,000

1,442,168
144,000

1,817,326
144,000

2,150,583
144,000

2,567,584
144,000

120,000
0
920,385

120,000
0
1,117,287

144,000
0
1,673,326

144,000
0
2,006,583

144,000
0
2,423,584

144,000
0
1,298,168
1,298,168

1,673,326

2,006,583

2,423,584

2,279,567
2,279,567
0
1,742,995

2,484,873
2,484,873
0
1,973,011

2,413,309
2,413,309

3,906,482
3,906,482

3,980,258
3,980,258

4,286,674
4,286,674

536,572
101,742

511,862
114,385

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

101,742

114,385

1,928,143
1,638,386
289,757
485,166
124,905
43,459
81,446

2,950,248
2,570,657
379,591
956,234
181,649
50,786
130,863

3,170,927
2,659,900
511,027
809,331
204,098
57,830
146,268

3,360,971
2,750,073
610,898
925,703
242,080
62,059
180,021

161,869
1,087
661
685,273
291,031
129,600

234,803
837
494
672,581
246,399
144,000

295,471
434
181
830,446
210,782
216,000

370,771

359,203

488,595

466,166
155,950
42,000
0

427,852
143,460
24,000
24,000

28,745
4,748
1,040
401,878
128,507
57,600
30,000
109,945

1,049,024
0
268,216
7,283

1,239,978
0
260,392
8,301

1,475,504
0
215,771
0

1,846,396
0
264,642
0

2,170,972
0
282,182
0

2,619,090
0
403,664
0

4.41
0.11
9.77
1.89
6.67
76.46
0.16
41.71
49.57
49.04
7.39
7.35

3.42
0.08
7.66
1.69
5.04
79.40
0.19
31.94
37.57
37.38
11.85
8.72

3.14
0.20
9.82
1.44
5.69
79.90
0.16
25.57
30.00
29.60
4.75
5.38
387.42
16.65
0.48
9.49
50.08

3.67
0.03
7.92
1.82
5.95
75.52
0.18
35.87
42.05
41.26
3.04
6.19
1,037.72
17.54
1.12
13.69
63.10

4.99
0.02
8.92
1.63
7.42
79.67
0.14
29.26
33.90
33.48
2.96
6.57
1,362.50
16.90
1.21
14.80
74.67

5.41
0.01
7.37
1.47
8.00
78.41
0.14
30.94
35.20
34.67
2.87
6.29
4,589.10
19.37
1.39
21.52
89.15

2,456

1,960

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

353

20.45
0.00
12.93
43.35

17.22
0.00
11.85
51.55

Financial Statement Analysis of Non Financial Sector 2012

Al-Ghazi Tractors Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

244,928

235,452

255,920

409,533

479,743

450,509

448,614

457,753

499,336

8,378
606,064

129
649,153

11,613
668,812

244,928
28,303

235,452
27,165

252,695
28,614

360,293
31,801

373,166
34,537

361,743
36,828

40,000

74,000

125
55,800

3,225

862

32,448

21,228

6,582,380
4,384,551
708,733

6,850,558
3,348,997
1,931,399

7,124,751
3,522,479
1,253,682

7,256,621
3,112,794
1,073,122

8,059,527
2,477,110
2,731,395

9,011,842
3,782,632
1,543,151

24,271

7,143

20,292

264,063

14,339

386,558

1,018,800
446,025

446,760
1,116,259

0
2,328,298

1,271,464
1,535,178

1,080,849
1,755,834

1,239,729
2,059,772

2,976,087
0

2,658,238
0

1,907,421

1,241,289

1,717,363

1,475,215

2,976,087

2,658,238

1,907,421

1,241,289

1,717,363

1,475,215

53,331

62,144

66,376

66,474

21,871
31,460

24,405
37,739

25,393
40,983

28,132
38,342

3,851,221
214,682

4,427,772
214,682

5,419,919
214,682

6,362,721
214,682

6,755,531
214,682

7,920,662
214,682

214,682
0
3,636,539

214,682
0
4,213,090

214,682
0
5,205,237

214,682
0
6,148,039

214,682
0
6,540,849

214,682
0
7,705,980

5,205,237

6,148,039

6,540,849

7,705,980

9,209,528
9,209,528
0
7,556,042

10,241,887
10,241,887
0
8,664,100

15,764,825
15,764,825

14,936,034
14,936,034

1,653,486
294,878

1,577,787
291,599

14,779,564
14,702,181
77,383
11,988,003
10,503,891
1,484,112
2,791,561
453,896
98,111
355,785
579,350
1,725

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

294,878

291,599

3,012

2,734

13,119,011
11,522,462
1,596,549
2,645,814
395,896
87,569
308,327

11,987,519
11,220,970
766,549
2,948,515
428,718
92,605
336,113

10,113,572
10,036,898
76,674
8,240,616
8,149,894
90,722
1,872,956
368,593
82,474
286,119

308,178
2,154

322,174
1,324

478,630
2,135

1,914,454
662,951
751,387
0

1,682,941
562,000
751,387
0

2,658,834
915,299
858,728
0
227,392

2,900,113
983,529
858,728
0
1,548,399

2,062,675
657,551
858,728
0
(609,573)

2,873,682
959,805
966,069
0
2,121,542

3,851,221
0
500,116
0

4,427,772
0
369,554
0

5,473,250
0
884,807
0

6,424,865
0
1,057,856
0

6,821,907
0
546,396
0

7,987,136
0
947,808
0

1.82
0.03
0.26
1.35
2.21
82.05
0.77
27.14
51.73
51.73
1.67
12.99

1.43
0.03
0.07
1.45
2.58
84.59
0.60
24.19
40.66
40.66
1.49
5.30

1.86
0.01
0.13
2.14
3.74
83.22
0.36
36.76
54.00
53.71
2.03
12.57

2.08
0.02
0.14
1.18
4.69
81.48
0.26
25.46
31.45
31.14
1.64
3.70

3.67
0.01
2.62
1.56
6.11
81.11
0.19
31.93
39.16
38.81
1.98
9.58

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

354

3.74
0.01
1.77
1.95
5.85
80.26
0.20
38.55
49.23
48.75
2.23
13.92

20.79
0.00
29.15
89.70

16.43
0.00
26.11
103.12

16.87
0.12
40.61
126.23

19.42
1.19
44.64
148.19

20.40
-0.34
32.73
157.34

19.44
1.38
44.57
184.47

Financial Statement Analysis of Non Financial Sector 2012

Atlas Battery Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

310,995

517,862

637,733

757,126

907,754

1,135,410

491,479

680,655

58,469
830,023

75,404
986,170

34,280
1,229,297

51,602
1,459,416

310,995
33,896

517,862
35,679

576,825
43,082

680,935
54,226

866,223
67,972

1,076,257
90,380

0
0

6,129

2,439

787

1,122

7,551

444,247
37,501
306,171

688,874
49,274
410,672

588,698
28,892
434,594

756,814
29,869
531,597

1,172,913
93,952
717,004

1,496,313
48,191
811,490

51,834

77,387

88,521

100,396

89,625

112,423

0
48,741

0
151,541

6,132
30,559

26,224
68,728

204,863
67,469

436,291
87,918

419,244
171,200

626,638
313,002

435,472
103,616

544,754
174,598

813,725

938,546

248,044

313,636

331,856

370,156

813,725

938,546

85,627

111,246

138,411

179,325

1,325
84,302

1,453
109,793

1,633
136,778

1,771
177,554

335,998
60,805

580,098
69,926

705,332
69,926

857,940
83,911

1,128,531
100,693

1,513,852
120,832

60,805
0
275,193

69,926
0
510,172

83,911

100,693
0
854,052

120,832
0
1,219,234

69,926
0
461,620
282,500
179,120

600,243

854,052

1,219,234

173,786

173,786

173,786

173,786

2,065,403
2,063,185
2,218
1,773,781

3,376,598
3,376,598
0
2,989,715

4,024,422
4,024,422

5,868,260
5,868,260

291,622
148,619

386,883
183,145

3,156,807
3,153,601
3,206
2,626,740
2,114,974
511,766
530,067
215,799
124,359
91,440

3,433,222
2,841,250
591,972
591,200
235,312
128,861
106,451

5,007,421
4,263,603
743,818
860,839
310,488
165,053
145,435

7,217,116
7,192,571
24,545
6,049,434
5,021,134
1,028,300
1,167,682
445,172
186,367
258,805

102,918
19,857
17,612
341,289
101,989
83,911
16,782
190,487

364,713
37,515
35,430
525,101
148,357
100,693
20,139
280,876

198,855
69,896
64,514
689,649
169,264
120,832
24,166
606,775

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

600,243

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

148,619

183,145

122,257
26,540
36,483
46,649

164,131
59,489
52,445
0

90,174
43,537
41,590
272,880
95,202
69,926
56,926
406,363

335,998
0
59,234
171,200

580,098
0
52,197
313,002

790,959
0
107,752
103,616

969,186
0
155,389
174,598

1,266,942
0
276,051
0

1,693,177
0
399,553
0

0.21
1.07
2.51
2.73
1.06
85.88
1.25
18.55
39.99
37.53
2.62
6.75

0.20
1.23
2.29
2.80
1.10
88.54
1.08
16.73
35.83
35.83
2.00
8.22

0.28
1.38
2.80
2.57
1.35
83.21
0.74
22.43
42.46
39.81
2.54
7.26
7.56
8.64
0.78
25.41
100.87

0.29
0.49
2.49
2.66
1.39
85.31
0.76
24.91
43.66
38.78
2.85
7.57
20.38
8.48
0.29
28.52
102.24

0.48
0.64
1.53
2.82
1.44
85.33
0.84
29.22
52.87
46.97
3.74
8.18
15.82
8.95
0.29
37.42
112.08

0.64
0.97
1.56
2.74
1.59
83.82
0.74
29.27
52.20
46.60
4.31
8.89
11.69
9.56
0.54
43.07
125.29

22,042

41,536

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

355

5.92
0.00
15.74
55.26

4.86
0.00
14.96
82.96

Financial Statement Analysis of Non Financial Sector 2012

Atlas Engineering Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

889,787

876,807

820,473

854,852

829,957

900,197

2,201

1,258,104

1,286,776

44,929
1,284,324

53,306
1,283,340

84,141
1,283,420

889,331
53,776

876,110
53,444

807,450

799,131
44,830

753,948
48,852

792,269
51,186

456

697

510

3,177

86

10,312

10,792

22,617

20,610

247,550
10,132
154,634

332,201
6,778
197,464

330,215
5,051
120,626

382,404
2,767
176,340

512,661
14,979
223,259

528,395
15,337
216,528

44,042

125,307

105,520

156,839

183,046

0
82,784

0
83,917

79,231

97,777

117,584

113,484

460,902
279,845

528,655
306,878

364,390
175,123

395,227
200,744

455,207
276,223

557,800
421,892

181,057

221,777

189,267

194,483

178,984

135,908

120,821

105,362

144,660
61,500

164,247
70,268

197,500
117,691

143,431
85,546

Items

120,821

105,362

22,615
60,545

24,213
69,766

26,060
53,749

20,932
36,953

555,614
123,367

574,991
123,367

641,638
246,734

677,782
246,734

689,911
246,734

727,361
246,734

123,367
0
432,247

123,367
0
451,624

246,734

(20,876)

246,734
0
15,268
0
15,268

246,734
0
86,817
0
86,817

246,734
0
124,267
0
124,267

415,780

415,780

356,360

356,360

1,087,782
1,087,782
0
1,010,107

1,411,651
1,411,651
0
1,269,887

1,135,161
1,135,161

1,529,328
1,529,328

2,117,003
2,117,003

2,235,491
2,235,491

77,675
49,041

141,764
58,619

(20,876)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

49,041

58,619

53,042

53,861

(15,574)
4,629
0
0

29,654
0
9,253
0

1,070,977
62,018
1,008,959
64,184
63,548
18,470
45,078

1,341,549
960,716
380,833
187,779
77,119
20,690
56,429

1,884,915
1,418,595
466,320
232,088
85,611
23,299
62,312

2,016,436
1,453,120
563,316
219,055
95,411
21,427
73,984

158,667
66,355
61,292
(59,274)
11,807

191,676
52,721
51,540
58,062
21,918

211,534
65,800
64,415
82,722
22,110

266,537
77,624
74,336
46,179
22,355

30,133
8,507

0
92,429

0
(16,396)

0
24,950

676,435
0
(20,203)
279,845

680,353
0
20,401
306,878

786,298
61,500
(71,081)
236,623

842,029
70,268
36,144
271,012

887,411
117,691
60,612
393,914

870,792
85,546
23,824
507,438

0.02
4.88
0.00
0.96
0.54
92.86
1.05
-1.53
-3.77
-2.79

0.10
3.82
3.12
1.17
0.63
89.96
1.10
2.53
5.25
4.37
3.20
7.15

0.36
5.85
11.04
0.99
0.91
94.35
0.79
-5.02
-9.74
-8.08

0.27
3.45
6.90
1.24
0.97
87.72
0.83
4.86
8.80
7.13

0.38
3.11
7.41
1.58
1.13
89.04
0.95
6.41
12.10
9.57

0.36
3.47
8.19
1.56
0.95
90.20
0.96
3.33
6.52
5.25

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.03

356

-1.43
0.00
-1.64
45.04

2.10
0.00
2.40
46.61

9.41
0.03
-5.22
0.02
-2.88
26.01

8.67
2.13
3.80
0.17
1.46
27.47

9.48
2.28
3.91
-0.03
2.46
27.96

10.32
1.62
2.07
0.04
0.97
29.48

Financial Statement Analysis of Non Financial Sector 2012

Atlas Honda Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

3,591,255

3,391,418

3,452,825

3,263,096

3,299,498

3,984,177

5,621,763

5,867,597

187,161
5,958,160

64,231
6,237,214

3,153
6,659,182

183,328
7,520,587

3,566,931
459,154

3,376,605
459,144

3,225,740
308,895

3,160,666
440,775

3,256,040
463,286

3,758,282
463,286

24,324

14,813

16,601

8,053

7,137

6,419

23,323

30,146

33,168

36,148

4,445,390
919,623
1,580,925

5,313,233
504,138
1,862,069

3,927,828
636,426
1,792,036

5,259,180
1,641,963
1,664,297

6,321,732
2,090,800
2,003,029

6,976,240
2,149,154
2,161,328

282,246

407,354

320,180

445,689

401,435

598,265

864,989
797,607

1,391,343
1,148,329

455,816
723,370

1,088,996
418,235

1,338,474
487,994

1,460,580
606,913

3,951,557
465,829

4,602,965
436,751

3,108,529

3,517,937

4,349,462
87,500

4,810,168

3,485,728

4,166,214

3,108,529

3,517,937

4,261,962

4,810,168

1,109,267

697,517

1,112,515
512,500

730,315

950,862
375,000

649,354

697,517

97,809
502,206

1,109,267

64,849
511,013

649,354

730,315

2,975,821
411,291

3,404,169
472,985

3,321,262
472,985

3,891,824
543,932

4,622,414
625,522

5,419,934
719,350

411,291
0
2,564,530

472,985
0
2,931,184

472,985
0
2,848,277

2,848,277

543,932
0
3,347,892
40,118
3,307,774

625,522
0
3,996,892
40,118
3,956,774

719,350
0
4,700,584
40,118
4,660,466

19,601,115
19,601,115
0
18,037,342

24,301,710
24,301,710
0
22,745,169

13,747,820
13,747,820

25,554,772
25,554,772

1,563,773
641,602

1,556,541
564,120

38,011,857
36,939,580
1,072,277
35,235,893
28,052,870
7,183,023
2,775,964
1,418,699
965,883
452,816

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

641,602

564,120

12,782,165
10,138,007
2,644,158
965,655
450,843
271,346
179,497

23,555,842
19,025,794
4,530,048
1,998,930
1,048,133
690,794
357,339

32,521,399
31,798,730
722,669
30,080,978
24,069,713
6,011,265
2,440,421
1,235,802
815,463
420,339

400,527
251,777

1,067,039
93,475
80,416
1,410,481
405,478
406,589
93,828
2,147,882

1,030,917
11,717
3,795
1,620,001
388,532
467,578
107,903
1,720,597

803,515
98,000
246,775
61,694

1,004,200
298,000
307,440
0

352,779
128,246
141,896
70,948
807,624

901,072
112,613
97,970
1,077,231
373,580
271,966
81,590
1,768,263

4,085,088
0
458,740
465,829

4,101,686
0
398,760
436,751

4,272,124
375,000
82,638
375,000

5,004,339
512,500
431,685
512,500

5,271,768
0
598,414
87,500

6,150,249
0
763,892
0

0.52
1.37
1.44
2.44
1.12
92.02
1.70
10.26
28.49
19.27
2.86
12.40

0.50
1.04
1.68
2.79
1.15
93.59
1.56
12.00
31.48
24.53
2.30
13.05

0.45
1.83
2.33
1.86
1.26
92.98
1.22
4.39
10.49
8.43
1.58
7.67

0.90
0.44
1.74
3.00
1.49
92.18
1.19
13.55
29.87
23.23
2.59
15.35
12.00
4.22
0.38
12.94
71.55

0.88
0.29
1.23
3.38
1.45
92.50
1.08
15.55
33.13
27.45
2.47
16.24
18.54
4.34
0.43
16.07
73.90

0.87
0.03
1.57
3.47
1.45
92.70
1.02
15.74
32.26
28.37
2.63
17.59
427.88
4.26
0.31
17.12
75.34

269,337

252,091

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

357

4.10
0.00
17.15
72.35

4.13
0.00
14.93
71.97

2.57
0.20
4.75
70.22

Financial Statement Analysis of Non Financial Sector 2012

Baluchistan Wheels Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

353,235

374,795

416,875

405,330

408,172

372,450

793,209

852,908

7,308
924,966

962,266

995,305

200
1,000,729

353,235
28,882

374,795
1,290

403,674
43,432

399,774
45,346

394,140
43,788

360,500
43,071

315

440
611

330
925

220
708

5,578

4,505

12,777

10,822

613,445
68,985
318,348

610,375
52,205
275,420

537,157
30,510
325,773

605,613
12,377
403,513

700,940
41,391
440,673

743,423
48,331
508,184

114,277

98,689

92,550

120,664

133,364

129,508

2,479
109,356

77,562
106,499

88,324

0
69,059

85,512

57,400

278,127
30,756

238,169
20,874

143,988

164,240

205,148
69,141

140,054
3,361

247,371

217,295

143,988

164,240

136,007

136,693

64,745

43,872

51,555

76,814
19,786

55,432

87,439
27,701
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

64,745

43,872

0
59,738

57,028

55,432

51,555

623,808
133,343

703,129
133,343

722,605
133,343

769,889
133,343

848,532
133,343

924,264
133,343

133,343
0
490,465

133,343
0
569,786

133,343
0
589,262

133,343
0
636,546

133,343
0
715,189

133,343
0
790,921

636,546

715,189

790,921

1,344,021
1,323,090
20,931
1,057,512

1,434,873
1,402,842
32,031
1,168,730

286,509
81,999

266,143
93,967

1,095,824
1,050,353
45,471
963,741
131,382
832,359
132,083
84,523
24,054
60,469

1,380,901
1,337,810
43,091
1,113,091
913,884
199,207
267,810
110,011
35,715
74,296

1,465,209
1,429,420
35,789
1,206,963
904,308
302,655
258,246
111,684
34,568
77,116

1,507,907
1,464,853
43,054
1,230,589
970,803
259,786
277,318
103,446
20,582
82,864

125,408
12,219
11,612
148,355
64,698
26,669
0
50,523

141,426
10,100
9,183
138,556
49,793
26,669
0
34,274

150,004
15,057
14,108
162,805
62,230
20,001
0
111,832

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

81,999

93,967

196,129
26,284
26,669
0

170,383
54,321
16,668
0

102,747
18,455
17,029
53,007
16,387
20,001
40,583
107,131

688,553
0
143,176
30,756

747,001
0
99,394
20,874

810,044
27,701
16,619
27,701

846,703
19,786
56,988
19,786

903,964
0
62,094
69,141

975,819
0
80,574
3,361

0.67
1.10
8.50
1.39
2.21
78.68
0.55
21.83
33.98
30.97
6.37
4.22

0.96
0.75
6.88
1.46
2.56
81.45
0.40
17.46
25.68
23.74
6.96
5.21

0.85
1.68
8.45
1.15
3.73
87.95
0.32
5.47
7.44
6.81
1.83
3.36
4.11
4.84
0.46
2.75
54.19

0.81
0.88
8.74
1.37
3.69
80.61
0.31
15.10
19.88
17.91
3.14
3.42
13.78
10.74
0.21
6.27
57.74

0.85
0.69
9.10
1.32
3.42
82.37
0.31
13.07
17.12
15.83
3.33
3.32
16.09
9.46
0.13
6.66
63.64

1.27
1.00
8.59
1.35
5.31
81.61
0.21
14.63
18.37
17.32
5.03
2.97
12.54
10.80
0.58
7.54
69.31

14,849

10,810

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

358

14.59
0.00
12.74
46.78

11.87
0.00
8.70
52.73

Financial Statement Analysis of Non Financial Sector 2012

Bela Automotives Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

200,684

201,302

201,715

196,295

190,097

184,869

354,207

361,356

19,776
345,214

20,347
345,234

20,484
343,790

20,649
343,394

200,684
6,554

201,302
6,531

179,551
6,396

173,504
6,068

167,226
5,720

161,767
5,315

2,388

2,444

2,387

2,453

113,338
1,280
26,469

121,825
1,124
30,300

130,152
557
49,989

133,844
1,319
51,720

141,800
3,826
56,140

145,278
1,081
58,787

11,978

13,825

10,182

11,140

11,426

9,587

0
73,611

0
76,576

69,424

69,665

70,408

75,823

87,077
37,922

88,791
42,060

99,109
34,506

98,041
34,506

99,084
38,254

96,578
38,254

49,155

46,731

64,603

63,535

60,830

58,324

44,354

47,463

45,330
41,997

43,777
41,997

43,981
41,997

44,346
41,997

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

3,333

1,780

44,354

47,463

1,984
0

2,349
0

182,591
58,000

186,873
58,000

187,428
58,000

188,321
58,000

188,832
58,000

189,223
58,000

58,000
0
124,591

58,000
0
128,873

58,000

58,000

(2,273)
14,700
(16,973)

2,452
14,700
(12,248)

58,000
0
6,681
14,700
(8,019)

58,000
0
10,677
14,700
(4,023)

131,701

127,869

124,151

120,546

64,601
64,601
0
55,724

84,545
84,545
0
71,342

41,664
41,664

57,220
57,220

52,818
52,818

52,079
52,079

8,877
6,829

13,203
6,798

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,829

6,798

1,750

2,004

1,714
273
0
0

4,639
357
0
0

32,598
23,649
8,949
9,066
7,681
2,490
5,191

48,524
25,376
23,148
8,696
7,119
2,572
4,547

45,097
22,749
22,348
7,721
6,888
2,815
4,073

45,919
25,194
20,725
6,160
5,311
2,540
2,771

5,695
1,331
1,012
554
263

4,975
399
303
1,178
286

4,956
125
61
1,040
528

5,131
70
25
934
521

0
6,907

0
3,017

0
2,150

0
(2,872)

226,945
0
1,441
37,922

234,336
0
4,282
42,060

232,758
41,997
291
76,503

232,098
41,997
892
76,503

232,813
41,997
512
80,251

233,569
41,997
413
80,251

0.15
2.71
18.54
0.21
1.30
86.26
0.72
0.54
0.94
0.76

0.17
2.37
16.35
0.26
1.37
84.38
0.73
1.46
2.51
2.01

0.11
3.19
24.44
0.13
1.31
78.24
0.77
0.17
0.30
0.24

0.13
0.70
19.47
0.17
1.37
84.80
0.75
0.36
0.63
0.51

0.15
0.24
21.63
0.16
1.43
85.38
0.76
0.31
0.55
0.45

0.11
0.13
18.41
0.16
1.50
88.17
0.74
0.28
0.49
0.40

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

359

2.44

2.79

0.83
1.55
1.33
0.05
0.05
32.32

1.11
4.89
2.06
0.02
0.15
32.47

0.94
18.05
1.97
0.02
0.09
32.56

0.89
38.36
1.79
-0.02
0.07
32.62

2.65
0.00
0.25
31.48

5.49
0.00
0.74
32.22

Financial Statement Analysis of Non Financial Sector 2012

Bolan Castings Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

255,249

252,155

255,171

249,506

249,607

254,185

551,571

575,063

1,918
585,971

1,918
604,773

2,661
627,043

655,047

255,249
17,671

252,155
27,398

239,532
27,682

233,821
26,890

232,528
27,254

240,645
28,854

796
8,050

467
8,337

141
9,171

8,337

4,875

4,963

5,106

5,203

460,390
18,231
206,713

554,791
6,091
157,689

639,502
15,705
149,532

793,498
11,181
193,731

739,686
23,837
289,615

851,915
8,834
334,938

101,690

193,471

278,732

409,893

208,352

241,557

18,975
114,781

0
197,540

0
195,533

0
178,693

217,882

266,586

306,156
208,242

421,675
310,362

444,777
289,830

505,603
221,867

402,024
147,361

495,389
287,733

97,914

111,313

154,947

283,736

254,663

207,656

84,128

50,332

58,436

70,592
14,082

65,124

65,532
14,082
0

84,128

50,332

0
51,450

11,082
45,428

19,366
45,758

12,162
46,274

325,355
55,253

334,939
60,778

384,364
79,012

466,809
94,814

522,145
104,296

552,275
104,296

55,253
0
270,102

60,778
0
274,161

79,012
0
305,352
0
305,352

94,814
0
371,995
0
371,995

104,296
0
417,849
0
417,849

104,296
0
447,979
0
447,979

1,079,737
1,079,737
0
991,137

1,310,852
1,307,275
3,577
1,196,909

88,600
27,298

113,943
52,452

1,707,846
1,705,037
2,809
1,468,284
92,644
1,375,640
239,562
87,377
42,036
45,341

1,946,677
1,946,677

1,604,626
1,604,626
0
1,440,373
926,421
513,952
164,253
71,879
33,778
38,101

1,711,481
132,117
1,579,364
235,196
90,994
44,580
46,414

1,724,539
1,721,791
2,748
1,533,750
141,720
1,392,030
190,789
82,376
37,906
44,470

126,892
44,170
40,905
125,749
43,591
23,704
9,481
83,359

128,142
33,822
31,875
123,799
50,808
15,644
0
186,039

86,397
50,330
42,131
69,003
17,085
20,859
0
(107,379)

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

27,298

52,452

39,870
4,384
0
5,525

34,501
5,653
0
6,078

93,226
58,259
52,442
53,150
19,124
0
11,603
23,627

409,483
0
35,486
208,242

385,271
0
28,848
310,362

449,896
14,082
34,026
303,912

537,401
14,082
58,455
235,949

587,269
0
57,347
147,361

610,711
0
31,059
287,733

0.45
2.26
9.42
1.51
1.50
91.79
1.20
6.26
12.02
9.18

0.47
2.51
14.76
1.62
1.32
91.31
1.41
4.53
10.45
8.68

0.66
3.63
17.37
1.79
1.44
89.76
1.33
6.25
14.78
12.73

0.83
2.59
24.00
1.64
1.57
85.97
1.23
12.98
29.55
25.47
3.47
8.82
4.07
7.36
0.14
8.67
49.23

0.58
1.74
10.70
1.97
1.84
87.92
0.89
12.18
25.04
22.02
4.67
6.72
4.88
6.36
0.40
7.00
50.06

0.51
2.92
14.01
1.56
1.72
88.94
1.00
6.59
12.84
11.52
2.49
5.15
2.64
4.00
-0.19
4.98
52.95

24,429

32,903

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

360

5.22

8.31

10.73
2.01
3.31
0.05
4.31
48.65

3.69
0.00
6.42
58.88

2.63
0.00
4.75
55.11

Financial Statement Analysis of Non Financial Sector 2012

Dewan Automotive Engineering Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

672,613

1,012,468

675,579

620,566

511,645

444,857

870,005

1,046,491

679
713,825

679
711,680

679
654,187

679
595,360

634,088
62,982

975,287
61,375

603,917
66,409

558,392
44,875

460,549
40,350

378,821
36,299

38,525

37,181

27,886

18,591

9,296

43,097

42,904

41,121

65,357

1,278,220
47,694
414,767

985,513
41,723
283,571

516,786
5,982
242,616

402,374
1,154
182,426

354,819
724
156,429

358,321
910
156,429

22,107

12,922

24,569

22,459

12,824

7,407

40,000
753,652

0
647,297

0
243,619

0
196,335

0
184,842

0
193,575

2,183,202
26,808

2,442,094
326,722

1,464,747
49,310

1,540,593

1,650,965
49,310

1,701,991
49,310

2,156,394

2,115,372

1,415,437

1,540,593

1,601,655

1,652,681

43,192

21,274

782,840

779,362

779,708

722,552

722,552

793,177
15,000
722,552

11,025
771,815

10,799
46,011

14,158
42,998

15,416
40,209

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

43,192

21,274

(275,561)
214,000

(465,387)
214,000

(1,055,222)
214,000

(1,297,015)
214,000

(1,564,209)
214,000

(1,691,990)
214,000

214,000
0
(489,561)

214,000
0
(679,387)

214,000
0
(1,424,211)

214,000
0
(1,659,962)

214,000
0
(1,863,564)

214,000
0
(1,981,261)

(1,424,211)

(1,659,962)

(1,863,564)

(1,981,261)

154,989

148,947

85,355

75,271

682,705
682,705
0
746,581

628,699
628,699
0
682,189

283,972
283,972

121,422
121,422

12,465
12,465

(63,876)
143,894

(53,490)
128,568

294,145
151,839
142,306
(10,173)
433,993
35,831
398,162

162,765
66,911
95,854
(41,343)
363,893
16,195
347,698

71,096
13,227
57,869
(58,631)
38,000
3,030
34,970

39,565
(39,565)
20,995
2,054
18,941

79,012
149,342
149,001
(593,326)

44,376
112,644
112,455
(517,575)

18,521
114,460
114,271
(211,085)

10,065
111,932
111,905
(183,092)

0
59,020

0
(14,300)

0
28,875

0
(6,444)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

143,894

128,568

133,889

120,132

39,565

(336,518)
3,242
0
0

(306,021)
2,807
0
0

(232,369)
0
(339,760)
26,808

(444,113)
0
(308,828)
326,722

(272,382)
0
(593,326)
49,310

(517,653)
0
(517,575)
0

(784,501)
0
(211,085)
49,310

(898,813)
15,000
(183,092)
64,310

0.05
19.61
3.24
0.35
0.59
109.36
-8.08
-27.83
159.06
177.14

0.02
19.11
2.06
0.31
0.40
108.51
-5.29
-15.50
82.60
90.47

0.02
52.59
8.65
0.24
0.35
103.58
-2.13
-37.20
78.04
165.62

0.02
92.77
18.50
0.12
0.26
134.05
-1.79
-46.73
44.01
131.03

0.01
918.25
102.88
0.01
0.21
570.37
-1.55
-22.34
14.75
32.42

0.00

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

361

0.00
0.21

-1.47
-21.93
11.25
21.75

1.65

2.22

1.17
-2.98
-208.94
0.03
-27.73
-49.31

0.67
-3.60
-426.26
-0.01
-24.19
-60.61

0.08
-0.85
-1,693.42
0.01
-9.86
-73.09

0.00
-0.64

-49.29
0.00
-15.88
-12.88

-48.68
0.00
-14.43
-21.75

0.00
-8.56
-79.06

Financial Statement Analysis of Non Financial Sector 2012

Dewan Farooque Motors Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,356,285

2,178,035

2,031,497

1,869,073

1,723,752

15,000

3,357,407

3,378,245

15,000
3,351,929

3,365,631

3,365,631

2,350,762
194,551

2,175,667
200,350

1,377,935

1,813,812

1,683,939
144,547

1,553,240
130,700

5,523

2,368

Items

40,343

40,261

1,592,415

598,219

39,813

39,175

4,536,361
87,926
1,567,646

3,676,889
90,574
1,234,219

2,465,420
107,746
746,766

2,335,477
124,450
571,665

2,555,003
146,143
710,485

2,549,218
118,146
623,593

943,005

294,772

29,538

29,700

23,021

25,835

774,682
1,163,102

0
2,057,324

1,581,370

75,906
1,533,756

71,887
1,603,467

95,932
1,685,712

4,835,918
2,209,552

4,091,105
2,290,752

4,270,849
1,929,585

4,485,974
1,931,596

5,786,914
3,217,181

6,038,121
3,404,842

2,626,366

1,800,353

2,341,264

2,554,378

2,569,733

2,633,279

367,518

701,378

697,427
666,853

465,582
437,235

260,980
238,728

42,220
19,968

367,518

701,378

5,071
25,503

4,996
23,351

4,552
17,700

4,552
17,700

1,689,210
770,733

1,062,441
770,733

(471,359)
889,733

(747,006)
889,733

(1,769,139)
1,087,353

(1,938,708)
1,087,353

770,733
0
918,477

770,733
0
291,708

889,733
0
(1,199,235)
0
(1,199,235)

889,733
0
(1,636,739)
0
(1,636,739)

1,087,353
0
(2,856,492)
0
(2,856,492)

1,087,353
0
(3,026,061)
0
(3,026,061)

(161,857)

8,576,807
8,576,807
0
7,710,251

6,327,553
6,327,553
0
6,174,641

866,556
410,854

152,912
432,435

1,025,341
1,025,341
0
1,173,764
838,852
334,912
(148,423)
423,228
81,704
341,524

176,383
176,383
0
478,322
102,911
375,411
(301,939)
184,684
72,572
112,112

3,047
3,047
0
192,160

1,557,016
1,557,016
0
2,382,144
1,826,496
555,648
(825,128)
591,065
196,268
394,797

192,160
(189,113)
98,741
47,437
51,304

97,335
261,018
90,288
(1,510,059)
(120,025)

188,540
8,920

188,801
740,261

111,487
84,979

(432,203)
5,301

(1,224,897)
1,873

(228,637)

0
(227,747)

0
(19,931)

0
(507,459)

0
(80,546)

226,068
666,853

(281,424)
437,235
(437,504)
2,368,831

(1,508,159)
238,728
(1,226,770)
3,455,909

(1,896,488)
19,968
(228,637)
3,424,810

0.05
0.87
2.90
0.24
0.52
114.48
-6.63
-9.93
70.95
1,561.54

0.04
419.69
13.05
0.04
0.44
271.18
-3.42
-28.88
97.36
136.89

0.04
2,788.94
847.88
0.00
0.42
6,306.53
-3.14
-5.43
12.33
13.43

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

410,854

432,435

381,964

316,417

99,354
36,177
0
0

(578,951)
27,289
0
0

2,056,728
0
63,177
2,209,552

1,763,819
0
(606,240)
2,290,752

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

2,596,438

H.Key Performance Indicators

0.37
4.45
10.99
1.24
0.94
89.90
3.08
1.36
5.95
4.50

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

362

0.09
5.00
4.66
1.08
0.90
97.58
4.51
-9.08
-42.08
-30.31

0.03
16.76
1.90
0.35
0.58
152.99
-10.54
-29.17
-510.95
-151.77

5.47

5.13

2.09
-15.72
-96.98
-0.05

1.79

0.25

0.00

1.16
0.00
0.82
21.92

-9.15
0.00
-7.87
13.78

-5.30

-42.15
0.00
-4.92
-8.40

-694.45
-0.08
-11.28
-16.27

-7,503.68
-0.01
-2.10
-17.83

Financial Statement Analysis of Non Financial Sector 2012

Exide Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

502,357

599,749

690,355

796,908

1,051,084

1,040,857

667,294

917,768

41,140
1,017,369

37,448
1,183,411

71,637
1,427,053

19,184
1,558,315

502,357
35,432

599,749
40,208

630,571
71,996

739,094
62,777

956,273
76,738

996,550
94,690

224

224

224

224

18,420

20,142

22,950

24,899

800,805
60,918
556,077

1,439,948
121,025
1,014,506

1,346,232
234,679
859,857

2,107,704
286,206
1,457,671

2,959,417
567,426
1,856,140

2,892,389
743,678
1,497,121

87,462

170,168

162,668

203,098

317,367

346,205

32,531
63,817

224
134,025

89,028

160,729

218,484

305,385

494,026
310,470

1,060,719
545,194

1,011,724
494,734

1,710,480
986,866

2,366,350
1,139,272

1,993,234
1,225,521

183,556

515,525

516,990

723,614

1,227,078

767,713

60,000

100,000

44,131

45,747

55,362

43,899
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

60,000

100,000

0
43,899

44,131

45,747

55,362

749,136
54,057

878,978
54,057

980,964
54,057

1,150,001
56,499

1,598,404
56,499

1,884,650
70,624

54,057
0
695,079

54,057
0
824,921

54,057
0
671,907
259
488,991

56,499
0
844,000
259
843,741

56,499
0
1,091,989
259
1,091,730

70,624
0
1,374,100
259
1,373,841

255,000

249,502

449,916

439,926

2,807,802
2,807,802
0
2,442,169

3,022,276
3,022,276
0
2,661,011

5,630,385
5,630,385

365,633
190,161

361,265
182,586

5,009,813
4,397,285
612,528
620,572
360,041
237,235
122,806

6,189,135
6,189,135
0
5,413,928
4,869,126
544,802
775,207
397,979
296,100
101,879

7,711,452
7,711,452
0
6,643,630
6,301,473
342,157
1,067,822
514,201
399,834
114,367

9,465,724
9,465,724
0
8,191,480
7,320,212
871,268
1,274,244
631,952
459,848
172,104

214,294
78,948
76,640
303,554
106,267
33,899
0
(272,379)

242,500
128,489
114,814
429,726
154,659
33,899
14,125
280,945

278,524
157,099
144,292
500,926
168,500
42,374
282,250

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

190,161

182,586

138,874
52,527
13,514
0

143,154
41,765
16,217
0

198,431
82,521
53,037
182,003
63,797
27,029
0
383,592

809,136
0
72,833
310,470

978,978
0
85,172
545,194

1,024,863
0
91,178
494,734

1,194,132
0
163,388
986,866

1,644,151
0
241,168
1,139,272

1,940,012
0
290,052
1,225,521

0.37
1.47
3.11
2.15
1.62
86.98
0.74
11.31
19.56
17.80
6.39
5.05

0.27
1.62
5.63
1.48
1.36
88.05
1.32
8.56
17.59
16.01
6.25
2.98

0.39
1.47
2.89
2.76
1.33
88.98
1.08
8.93
19.57
18.17
4.37
6.55
4.43
3.23
0.36
21.87
181.47

0.29
1.28
3.28
2.13
1.23
87.47
1.53
12.29
28.49
27.36
5.82
4.25
4.96
4.90
-0.16
34.92
203.54

0.37
1.67
4.12
1.92
1.25
86.15
1.51
12.43
31.27
30.28
8.11
4.15
4.74
5.57
0.12
48.69
282.91

0.55
1.66
3.66
2.41
1.45
86.54
1.09
12.61
28.76
27.95
7.84
6.32
4.47
5.29
0.14
47.07
266.86

41,297

49,099

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

363

4.95
0.00
15.97
138.58

4.74
0.00
18.76
162.60

Financial Statement Analysis of Non Financial Sector 2012

Ghandhara Industries Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,120,100

1,028,798

1,115,744

1,575,202

1,565,041

1,238,463

1,159,504

450
1,163,663

1,601,688

1,614,090

1,617,625

1,120,100
32,082

1,028,798
5,205

1,018,536
15,319

1,476,350
17,993

1,465,156
27,207

1,447,944
27,207

1,400

442
1,400

1,251
1,400

949
1,400

95,358

97,010

97,234

126,980

1,166,258
128,467
649,269

1,113,413
22,939
468,052

807,697
21,510
373,852

1,256,795
149,688
711,728

1,796,949
9,523
691,703

1,917,080
91,218
928,892

83,457

56,903

103,203

84,771

173,375

136,939

1,400
303,665

91,173
474,346

0
309,132

0
310,608

0
922,348

0
760,031

994,851
88,638

839,021
98,328

747,543
327,552

1,116,878
144,317

1,661,733
163,362

1,830,244
843,976

906,213

740,693

419,991

972,561

1,498,371

986,268

15,226

8,165

18,971

56,059

33,453

28,388

15,226

8,165

3,518
15,453

6,778
49,281

11,529
21,924

14,531
13,857

1,276,281
213,045

1,295,025
213,045

1,156,927
213,044

1,659,060
213,044

1,666,804
213,044

1,635,721
213,044

213,045
0
1,063,236

213,045
0
1,081,980

213,044
0
(129,314)

213,044
0
(15,558)

213,044
0
(2,250)

213,044
0
(27,772)

(129,314)

(15,558)

(2,250)

(27,772)

1,921,863
1,921,863
0
1,616,665

1,870,002
1,870,002
0
1,726,975

305,198
95,616

143,027
96,969

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

1,577,273

1,073,197

1,461,574

1,456,010

1,450,449

1,313,808
1,313,808

2,086,520
2,064,367
22,153
1,789,728
1,733,298
56,430
296,792
124,225
71,469
52,756

1,631,208
1,526,397
104,811
1,457,028
1,365,208
91,820
174,180
112,413
56,844
55,569

1,968,409
1,852,668
115,741
1,731,989
1,651,192
80,797
236,420
126,028
74,570
51,458

69,831
57,779
52,774
117,928
17,635
0
0
319,801

89,773
59,201
46,099
7,847
17,052
0
0
(110,497)

104,312
156,288
142,638
(43,263)
19,754
0
0
(582,793)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

95,616

96,969

26,678

28,060

1,184,506
1,081,976
102,530
129,302
200,899
48,596
152,303
58,224
83,506
81,048
(140,427)
2,942

201,243
78,552
0
0

29,520
13,056
0
0

0
224,484

1,291,507
0
122,691
88,638

1,303,190
0
16,464
98,328

1,175,898
0
(143,369)
327,552

1,715,119
0
100,293
144,317

1,700,257
0
(9,205)
163,362

1,664,109
0
(63,017)
843,976

0.17
6.36
7.86
0.68
1.08
90.16
0.66
-6.91
-11.45
-11.33

0.21
2.77
4.06
0.74
1.13
85.78
0.71
4.96
8.38
8.16

0.11
3.63
10.63
0.49
1.08
89.32
1.02
0.25
0.47
0.46

0.12
7.94
6.96
0.56
1.05
87.99
1.14
-1.26
-2.60
-2.54

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.21
1.39
4.34
0.84
1.17
84.12
0.79
8.93
16.73
16.62

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

364

0.20
1.50
3.04
0.87
1.33
92.35
0.65
1.33
2.30
2.28

2.96

4.00

3.51
-0.73
-10.69
0.29
-6.73
54.30

2.93
3.23
5.65
0.27
4.71
77.87

2.36
1.17
0.48
-0.07
-0.43
78.24

2.12
0.70
-2.20
-0.31
-2.96
76.78

10.47
0.00
5.76
59.91

1.58
0.00
0.77
60.79

Financial Statement Analysis of Non Financial Sector 2012

Ghandhara Nissan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

952,316

922,501

1,819,674

1,813,379

1,862,345

1,330,546

1,393,641

8,476
1,393,655

951,897
96,277

922,220
95,239

419

281

1,532,155

11,706

12,091

7,726

1,446,303
49,009
772,798

2,178,816
206,977
789,663

1,572,422
36,293
1,053,749

1,547,103
72,570
1,063,893

1,233,688
31,004
530,701

955,318
33,452
565,196

Items

1,784,788

1,647,131

1,653,172

1,645,663

89,441

1,496,234
67,541

1,441,345
66,873

1,382,669
62,205

188
278,855

375
305,064

281
408,628

211
394,182

522,550

283,402

225,971

535,878

246,889

23,239
601,257

307,510
352,116

0
198,978

0
184,669

0
136,105

0
109,781

1,260,472
418,409

1,635,241
148,407

1,480,268
618,819

1,421,358
665,468

1,187,659
770,977

1,002,353
634,647

842,063

1,486,834

861,449

755,890

416,682

367,706

117,831

209,202

192,550
58,333

107,897

325,391
136,215

117,831

37,983
171,219

43,999
145,177

51,306
82,911

58,837
49,060

1,020,316
450,025

1,466,076
450,025

1,702,626
450,025

1,613,733
450,025

1,715,824
450,025

1,629,856
450,025

450,025
0
570,291

450,025
0
1,016,051

450,025
0
248,225

248,225

450,025
0
183,176
40,000
143,176

450,025
0
212,767
40,000
172,767

450,025
0
148,993
40,000
108,993

1,004,376

980,532

1,053,032

1,030,838

3,019,079
3,019,079
0
2,522,391

3,924,624
3,924,624
0
3,402,786

2,053,959
2,053,959

2,402,617
2,402,617

2,650,068
2,650,068

1,388,002
1,388,002

496,688
162,336

521,838
177,991

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

162,336

177,991

113,903

135,478

285,918
105,489
0
0

279,892
101,650
0
0

2,048,631
1,666,285
382,346
5,328
180,609
35,928
144,681

2,283,238
1,895,009
388,229
119,379
109,903
29,807
80,096

2,397,795
1,943,500
454,295
252,273
142,297
30,865
111,432

1,257,424
991,202
266,222
130,578
130,408
21,387
109,021

177,488
344,953
158,485
(484,565)
172,392

166,391
147,328
131,558
(123,607)
34,714

179,187
175,977
170,553
(15,493)
27,927

177,127
109,137
98,724
(97,683)
14,686

0
(1,036,613)

0
57,514

0
178,369

0
194,962

1,138,147
0
180,429
418,409

1,466,076
0
178,242
148,407

1,911,828
0
(656,957)
618,819

1,939,124
136,215
(158,321)
801,683

1,908,374
58,333
(43,420)
829,310

1,737,753
0
(112,369)
634,647

0.06
3.77
0.00
1.26
1.15
83.55
1.35
10.87
30.44
24.58

0.63
3.45
13.31
1.27
1.33
86.70
1.12
10.18
22.51
21.50

0.22
16.79
13.80
0.61
1.06
99.74
0.99
-14.92
-30.58
-28.69

0.21
6.13
9.41
0.71
1.09
95.03
1.08
-3.66
-7.45
-6.42

0.48
6.64
20.22
0.86
1.04
90.48
0.80
-0.48
-0.93
-0.81

0.28
7.86
17.79
0.51
0.95
90.59
0.68
-3.35
-5.84
-5.36

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

365

3.91

4.97

1.95
-2.06
-23.59
-0.61
-14.60
37.83

2.26
0.06
-5.14
0.03
-3.52
35.86

4.99
0.91
-0.58
0.13
-0.96
38.13

2.46
0.01
-7.04
0.18
-2.50
36.22

9.47
0.00
4.01
22.67

7.13
0.00
3.96
32.58

Financial Statement Analysis of Non Financial Sector 2012

Ghani Automobiles Industries Ltd.

2008

2009

2010

34,947

55,119

54,942

68,418

73,915

47,291

71,286

75,198

75,384

75,418

34,947
2,345

55,119
3,822

20,686
4,519

50,434
4,078

46,949
3,671

43,699
3,284

34,256

17,984

26,966

23,766

109,551
22,906
31,265

328,457
6,096
80,192

286,847
8,603
68,426

363,800
26,192
85,042

434,212
27,951
121,505

386,221
25,031
102,996

34,861

143,034

146,080

177,022

201,017

196,241

0
20,519

0
99,135

0
63,738

0
75,544

0
83,739

0
61,953

15,898
0

239,442
155,962

243,419
75,030

313,615
85,394

390,032
105,237

380,506
97,109

15,898

83,480

168,389

228,221

284,795

283,397

14,400

7,200
7,200

3,600
3,600

10,800
10,800

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

67,465

14,400

128,600
200,000

129,734
200,000

87,570
200,000

111,403
200,000

114,495
200,000

73,180
200,000

200,000
0
(71,400)

200,000
0
(70,266)

200,000
0
0
0

200,000
0
0
0

200,000
0
(126,820)
0
(126,820)

149,521
149,521
0
137,352

283,310
283,310
0
249,431

12,169
46,640

33,879
24,987

200,000
0
(85,505)
0
(85,505)

(112,430)

(88,597)

230,005
230,005

381,699
381,699

429,162
429,162

367,740
367,740

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

46,640

24,987

4,368

6,531

226,355
187,635
38,720
3,650
29,093
18,013
11,080

352,886
343,744
9,142
28,813
28,783
15,197
13,586

398,888
383,922
14,966
30,274
33,771
17,064
16,707

386,858
374,061
12,797
(19,118)
26,650
16,560
10,090

7,451
17,863
17,487
(42,166)

25,807
14,644
14,120
8,516
15,317

32,698
15,077
14,470
(1,574)
4,666

21,794
14,840
14,520
(38,114)

(38,776)
650
0
0

2,361
1,226
0
0

0
55,863

0
(31,022)

0
(15,894)

0
8,543

128,600
0
(39,426)
0

144,134
0
1,135
155,962

98,370
10,800
(42,166)
85,830

118,603
7,200
(6,801)
92,594

118,095
3,600
(6,240)
108,837

73,180
0
(38,114)
97,109

3.63
2.92
23.32
1.03
6.89
91.86
0.12
-33.12
-39.44
-39.44

0.62
2.31
50.49
0.74
1.37
88.04
1.96
0.89
1.83
1.73

0.64
7.77
63.51
0.67
1.18
98.41
2.90
-11.63
-38.81
-34.78

0.65
3.84
46.38
0.88
1.16
92.45
2.88
2.20
8.56
7.85

0.59
3.51
46.84
0.84
1.11
92.95
3.44
-0.33
-1.39
-1.33

0.58
4.04
53.36
0.81
1.02
105.20
5.20
-7.93
-40.62
-39.85

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

366

4.78

3.53

3.36
-1.41
-18.33
0.22
-2.11
4.38

4.49
1.60
2.23
-0.10
-0.34
5.57

3.53
0.89
-0.37
-0.04
-0.31
5.72

3.57
-1.62
-10.36
0.02
-1.91
3.66

-25.93
0.00
-1.97
6.43

0.83
0.00
0.06
6.49

Financial Statement Analysis of Non Financial Sector 2012

Hinopak Motors Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

890,313

954,034

977,628

949,759

1,800,082

1,799,352

1,321,167

1,475,561

11,295
1,464,266

25,192
1,502,603

95,993
2,209,179

24,255
2,357,670

887,117
81,459

948,535
119,932

937,240
119,932

893,401
97,122

1,692,262
96,188

1,755,202
112,088

3,196

5,499

5,499

2,688

2,038

1,089
2,391

23,594

28,478

9,789

16,415

4,021,218
260,915
2,533,159

4,053,012
70,206
2,398,605

4,029,418
70,206
2,398,605

4,793,612
63,263
2,949,130

2,752,862
63,416
1,677,525

4,894,546
124,526
2,410,682

816,386

1,135,332

1,135,332

906,272

482,570

1,823,092

0
410,758

0
448,869

0
425,275

0
874,947

0
529,351

0
536,246

2,738,296
4,299

3,061,501
1,355,557

3,017,057
1,355,557

3,885,809
494,204

1,903,967
296,310

4,001,509
1,238,331

2,733,997

1,705,944

1,661,500

3,391,605

1,607,657

2,763,178

44,444

81,787

120,477

136,625

945
43,499

73,105
8,682

73,105
47,372

67,235
69,390

2,173,235
124,006

1,945,545
124,006

1,945,545
124,006

1,775,775
124,006

2,528,500
124,006

2,555,764
124,006

124,006
0
2,049,229

124,006
0
1,821,539

124,006
0
1,544,049

124,006
0
1,379,973

124,006
0
1,355,480

1,544,049

1,379,973

1,355,480

124,006
0
1,405,508
1,554
1,403,954

277,490

271,796

1,049,014

1,026,250

8,159,187
8,159,187
0
6,771,550

12,630,723
12,630,723
0
11,379,480

12,151,021
12,151,021

1,387,637
477,469

1,251,243
626,499

11,127,551
11,086,716
40,835
10,738,070
10,099,967
638,103
389,481
451,131
288,911
162,220

9,281,822
9,061,827
219,995
8,544,530
7,693,606
850,924
737,292
451,443
279,319
172,124

8,766,997
8,635,067
131,930
7,858,919
7,230,150
628,769
908,078
530,083
328,212
201,871

590,364
145,706
48,150
(130,419)
17,650

665,526
301,874
116,447
40,485
98,050

0
936,198

0
307,035

581,865
318,541
171,724
173,436
99,314
19,221
0
(778,567)

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

477,469

626,499

10,871,886
9,518,258
1,353,628
1,279,135
654,391
427,669
226,722

904,610
333,000
297,214
0

115,828
68,000
21,701
0

688,345
678,526
102,055
115,828
45,905
297,613
0
(950,339)

2,173,235
0
274,396
4,299

1,945,545
0
26,127
1,355,557

1,989,989
0
(227,690)
1,355,557

1,857,562
0
(148,069)
494,204

2,648,977
0
(57,565)
296,310

0.40
5.58
9.34
2.43
1.34
89.47
1.57
2.31
5.95
5.89
0.23
5.07
2.13
0.95
-0.31
5.64
156.89

0.25
1.31
8.14
1.94
1.23
96.50
2.23
-2.43
-7.01
-6.78

0.29
3.25
5.20
2.04
1.45
92.06
0.80
0.79
1.88
1.80

63,168

678,526

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

2,692,389
0
54,901
1,238,331

H.Key Performance Indicators

0.39
0.77
10.01
1.66
1.47
82.99
1.26
19.98
46.55
46.48
1.92
3.22

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

367

0.39
5.37
8.99
2.52
1.32
90.09
1.57
2.34
5.62
5.62
2.20
5.27

11.09
0.00
46.10
175.25

0.92
0.00
3.86
156.89

3.77
-1.71
-1.17
0.24
-11.94
143.20

5.53
1.35
0.44
0.15
-4.64
203.90

0.49
3.63
20.79
1.31
1.22
89.64
1.62
3.08
6.82
6.49
3.86
3.64
2.01
1.98
-0.19
5.98
206.10

Financial Statement Analysis of Non Financial Sector 2012

Honda Atlas Cars (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,340,700

4,009,909

6,012,350

5,434,463

4,909,807

4,850,620

5,639,039

5,757,451

19,226
7,371,727

21,813
7,371,044

11,448
7,415,697

355,812
7,452,009

4,274,797
142,891

3,945,273
464,172

5,190,535
522,267

4,445,810
756,288

3,568,681
653,734

3,255,755
638,345

65,903

64,636

195,830

125,988

87,023

56,366

606,759

840,852

1,242,655

1,182,687

3,964,417
219,859
2,704,946

2,806,835
231,880
1,612,696

3,929,738
20,487
2,954,091

3,511,320
82,046
2,329,161

5,663,620
868,741
3,443,054

4,629,201
82,477
2,853,523

0
1,039,612

0
962,259

0
955,160

0
1,100,113

0
1,351,825

0
1,693,201

3,906,115
583,333

3,087,066
0

5,614,243
2,151,601

5,636,805

8,479,567
416,667

8,251,508
83,333

3,322,782

3,087,066

3,462,642

5,636,805

8,062,900

8,168,175

1,958,334

500,000

1,500,000
1,500,000

1,333,333
1,333,333

416,667
416,667

83,333
83,333

Items

1,958,334

500,000

0
0

2,440,668
714,000

3,229,678
1,428,000

2,827,845
1,428,000

1,975,645
1,428,000

1,677,193
1,428,000

1,144,980
1,428,000

714,000
0
1,726,668

1,428,000
0
1,801,678

1,428,000
0
1,399,845

1,399,845

1,428,000
0
547,645
76,000
471,645

1,428,000
0
249,193
76,000
173,193

1,428,000
0
(283,020)
76,000
(359,020)

20,106,320
20,106,320
0
20,006,386

17,430,805
17,430,805
0
16,803,311

14,149,646
14,149,646

15,854,142
15,854,142

22,026,109
22,026,109

16,599,608
16,599,608

99,934
426,677

627,494
353,815

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

426,677

353,815

305,491

233,651

13,973,144
12,470,229
1,502,915
176,502
640,862
190,088
450,774

16,093,687
13,357,356
2,736,331
(239,545)
319,675
124,916
194,759

21,826,799
19,373,596
2,453,203
199,310
375,859
139,185
236,674

16,643,607
13,960,643
2,682,964
(43,999)
507,335
130,550
376,785

348,360
222,769
818
(622,285)
220,452

361,062
455,128
257,055
(987,980)
94,999
0
0
2,293,934

373,376
152,255
151,061
(244,827)
193,584
0
0
1,440,887

402,705
151,926
150,582
(498,804)
205,497
0
0
117,490

(481,649)
87,785
0
0

63,617
75,764
0
0

0
(1,461,260)

4,399,002
0
(569,434)
583,333

3,729,678
0
(12,147)
0

4,327,845
1,500,000
(842,737)
3,651,601

3,308,978
1,333,333
(1,082,979)
1,333,333

2,093,860
416,667
(438,411)
833,334

1,228,313
83,333
(704,301)
166,666

0.06
1.52
0.00
2.42
1.01
99.50
2.40
-5.51
-18.72
-12.40

0.08
1.34
0.00
2.56
0.91
96.40
1.11
0.84
2.24
1.57

0.00
1.57
0.00
1.42
0.70
98.75
2.52
-7.43
-20.55
-15.45

0.01
2.87
0.00
1.77
0.62
101.51
3.53
-10.46
-41.14
-25.87

0.10
0.69
0.00
2.08
0.67
99.10
5.30
-2.51
-13.40
-9.06

0.01
0.92
0.00
1.75
0.56
100.27
7.28
-4.97
-35.35
-30.03

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

368

7.43

10.81

4.79
-759.74
-4.40
-0.21
-5.90
19.80

6.81
-2.84
-6.23
0.33
-7.58
13.84

6.40
-0.62
-1.11
0.16
-3.07
11.75

5.82
-2.31
-3.00
0.01
-4.93
8.02

-2.40
0.00
-7.98
34.18

0.36
0.00
-0.09
22.62

Financial Statement Analysis of Non Financial Sector 2012

Indus Motor Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,093,852

4,033,762

3,970,204

3,347,025

4,246,881

3,486,743

4,763,379

7,078,037

29,524
7,600,115

62,916
7,771,602

47,288
9,613,259

151,139
9,953,486

2,090,284
381,476

4,033,762
473,894

3,900,977
786,270

3,257,960
861,510

4,176,300
960,973

3,320,456
1,287,776

3,568

3,972

3,457

2,122

1,311

35,731

22,692

21,171

13,837

13,571,198
8,543,263
2,859,951

9,714,347
4,328,585
2,637,629

16,715,319
9,731,166
4,088,858

23,791,253
15,755,980
5,198,367

22,587,737
8,812,199
5,690,052

24,088,975
10,771,300
7,529,571

665,647

1,332,832

1,736,631

1,613,171

1,356,068

1,459,976

0
1,502,337

0
1,415,301

0
1,158,664

0
1,223,735

0
6,729,418

0
4,328,128

7,621,075
3,714

4,311,769
0

9,884,850
5,926,529

14,224,866
8,076,281

12,260,958
6,519,669

10,395,919
3,823,641

7,617,361

4,311,769

3,958,321

6,148,585

5,741,289

6,572,278

503,700

325,797

454,012

165,941

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
503,700

325,797

454,012

165,941

8,043,975
786,000

9,436,340
786,000

10,296,973
786,000

12,587,615
786,000

14,119,648
786,000

17,013,858
786,000

786,000
0
7,257,975

786,000
0
8,650,340

786,000
0
9,504,861
196,500
7,923,250

786,000
0
11,769,264
196,500
8,522,350

786,000
0
13,333,648
196,500
13,137,148

786,000
0
16,227,858
196,500
16,031,358

6,112

32,351

46,384,517
46,384,517
0
41,943,923

49,425,261
49,425,261
0
45,576,774

37,864,604
37,864,604

60,093,139
60,093,139

61,702,677
61,702,677

76,962,642
76,962,642

4,440,594
1,123,718

3,848,487
1,090,850

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,123,718

1,090,850

35,540,418
29,769,541
5,770,877
2,324,186
978,713
469,985
508,728

55,236,625
47,278,987
7,957,638
4,856,514
1,266,177
468,496
797,681

57,613,542
50,650,349
6,963,193
4,089,135
1,508,443
690,130
818,313

70,400,788
63,649,764
6,751,024
6,561,854
1,964,354
820,339
1,144,015

592,951
143,873
77,686
5,242,539
1,799,136
1,179,000
0
7,424,279

732,984
77,115
24,919
4,011,455
1,169,858
1,179,000
0
701,831

881,136
58,805
22,507
6,312,267
2,370,844
2,515,200
0
927,978

4,229,481
1,389,795
1,021,800
0

3,541,711
939,743
825,300
0

729,071
26,540
8,835
2,046,013
660,911
786,000
0
6,536,529

8,043,975
0
1,817,886
3,714

9,436,340
0
1,776,668
0

10,800,673
0
599,102
5,926,529

12,913,412
0
2,264,403
8,076,281

14,573,660
0
1,662,597
6,519,669

17,179,799
0
1,426,223
3,823,641

1.16
0.07
4.59
1.83
1.69
93.86
1.01
11.88
20.74
20.22
1.76
9.26
232.58
5.40
0.63
17.62
131.00

1.22
0.24
2.68
2.21
1.67
91.92
1.16
21.92
45.82
44.21
2.92
11.56
68.48
8.72
0.51
43.81
160.15

0.83
0.12
2.20
2.30
1.84
93.37
0.90
14.86
30.04
29.19
2.41
10.84
161.98
6.50
0.06
36.15
179.64

1.18
0.08
1.90
2.79
2.32
91.47
0.62
23.20
40.55
39.76
1.57
10.22
281.46
8.20
0.09
50.15
216.46

22,685

2,760

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.21
0.05
1.44
2.96
1.78
90.43
0.95
26.86
59.15
59.13
2.78
16.22

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

369

1.31
0.01
2.70
3.60
2.25
92.21
0.46
24.08
40.52
40.52
3.15
18.74

9.12
0.00
36.13
102.34

7.17
0.00
33.10
120.06

Financial Statement Analysis of Non Financial Sector 2012

Millat Tractors Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

631,678

495,202

1,231,991

1,435,960

1,552,325

1,600,396

1,067,624

946,953

104,335
936,692

157,748
987,911

155,201
1,052,689

168,260
1,082,230

615,151
29,694

478,174
34,123

439,208
53,996

446,997
55,622

484,578
62,198

465,893
59,080

16,527

17,028

30,208
381,662

29,357
525,467

17,614
636,364

5,871
701,962

5,632,646
122,142
1,840,082

6,772,594
249,358
1,636,153

276,391

258,568

258,410

10,737,359
1,143,880
2,520,520

7,579,577
405,216
2,663,197

9,355,256
683,991
3,064,117

275,953

102,660

148,677

483,605

208,138

470,198

3,420,398
1,364,025

1,173,439
1,315,820

4,116,821
2,472,533

2,971,296
1,331,730

2,461,860
2,675,090

3,567,744
20,406

4,228,917
0

3,379,931

7,587,912

3,898,195

5,124,404

3,547,338

4,228,917

3,379,931

7,587,912

3,898,195

5,124,404

51,950

18,813

39,749

32,422

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

276,578
5,758,836
1,010,689
2,110,211

2,780,664
613,805

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

0
51,950

18,813

39,749

32,422

2,696,580
187,420

3,038,879
187,420

3,558,946
234,275

4,566,594
292,844

5,193,958
366,055

5,798,826
366,055

187,420
0
2,509,160

187,420
0
2,851,459

234,275
0
3,324,671

3,324,671

292,844
0
4,273,750
58,403
4,215,347

366,055
0
4,827,903
83,801
4,744,102

366,055
0
5,432,771
89,369
5,343,402

11,142,461
11,092,662
49,799
10,002,290

11,432,423
11,278,959
153,464
9,928,548

1,140,171
619,387

1,503,875
670,881

16,091,730
16,064,269
27,461
13,588,934
12,778,035
810,899
2,502,796
862,138
439,983
422,155

22,461,249
22,399,775
61,474
18,379,551
17,527,490
852,061
4,081,698
1,122,345
559,900
562,445

25,194,473
24,956,729
237,744
20,626,228
19,692,323
933,905
4,568,245
1,233,505
556,039
677,466

20,621,671
19,867,353
754,318
17,082,867
16,209,321
873,546
3,538,804
1,076,104
504,975
571,129

438,887
10,007
8,575
3,634,001
1,163,419
1,903,486
73,211
4,265,110

480,701
11,287
8,947
4,220,551
1,269,722
1,738,761

471,992
10,262
9,080
3,062,806
886,862
2,379,358

5,233,707
0
1,212,068
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

619,387

670,881

863,431
200,000
156,183
31,238

1,142,928
291,993
609,115
46,855

402,893
44,759
43,411
1,866,153
537,212
1,054,238
58,569
(51,938)

2,696,580
0
507,248
20,406

3,038,879
0
241,820
0

3,610,896
0
274,704
0

4,585,407
0
567,096
0

0.89
0.17
2.48
1.78
1.58
89.77
1.32
12.59
33.42
33.42
4.25
6.06

0.89
0.23
0.90
1.57
1.60
86.85
1.39
16.89
39.85
39.85
1.40
6.99

0.69
0.28
0.92
2.30
1.70
84.45
0.96
26.18
56.57
56.13
1.26
7.63
43.99
11.60
-0.02
56.73
151.91

0.76
0.04
2.15
1.85
1.42
81.83
1.67
37.92
89.45
88.67
1.30
8.91
424.79
16.18
0.56
84.37
155.94

18,575

26,807

(219,680)

930,414

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

5,831,248
0
(203,414)
0

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

370

7.75
0.00
35.40
143.88

10.00
0.00
45.40
162.14

0.92
0.04
0.83
2.76
1.94
81.87
0.76
39.62
86.48
85.97
1.70
9.46
472.73
16.75
-0.06
80.61
141.89

0.71
0.05
2.28
1.88
1.83
82.84
0.89
30.49
55.72
55.36
0.91
6.73
338.31
14.85
0.18
59.44
158.41

Financial Statement Analysis of Non Financial Sector 2012

Pak Suzuki Motor Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

4,744,930

4,962,244

5,228,101

4,937,232

4,716,123

4,288,413

9,717,231

10,881,196

891,947
10,899,732

272,143
11,944,291

659,952
12,129,970

26,644
12,988,883

4,358,151
1,084,378

4,578,436
965,864

3,792,724
11,883

3,954,439
71,692

3,540,365
823,379

3,712,223
812,061

386,779

383,808

347,732
4,449

505,760
5,413

303,777
4,190

312,028
4,545

191,249

199,477

207,839

232,973

16,456,407
5,484,052
9,184,385

11,993,899
2,499,142
7,732,518

12,427,633
3,545,621
6,879,729

14,313,132
2,917,186
8,748,031

18,608,777
1,139,480
12,922,396

17,060,451
1,417,430
10,562,194

185,739

286,697

376,508

240,719

322,677

588,042

143,301
1,458,930

4,449
1,471,093

0
1,625,775

0
2,407,196

0
4,224,224

0
4,492,785

7,224,302
0

2,803,462
0

3,325,134
80,000

4,752,449
50,000

8,008,085
75,000

5,547,980

7,224,302

2,803,462

3,245,134

4,702,449

7,933,085

5,547,980

5,000

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
5,000

13,977,035
823,000

14,152,681
823,000

14,325,600
822,999

14,497,915
822,999

15,316,815
822,999

15,800,884
822,999

823,000
0
13,154,035

823,000
0
13,329,681

822,999
0
13,502,601
0
13,502,601

822,999
0
13,674,916
0
13,674,916

822,999
0
14,493,816
0
14,493,816

822,999
0
14,977,885
0
14,977,885

60,747,829
60,650,296
97,533
55,987,597

48,240,683
48,240,683
0
47,650,077

4,760,232
1,256,194

590,606
887,873

26,234,061
26,234,061
0
25,679,728
22,161,224
3,503,538
554,333
748,464
214,550
533,914

42,642,762
42,642,762
0
41,638,975
37,563,996
4,074,979
1,003,787
889,501
197,361
692,140

52,718,563
52,718,563
0
50,849,153
46,691,007
4,158,146
1,869,410
1,106,658
263,651
843,007

58,531,137
58,531,137
0
56,185,397
51,649,622
4,535,775
2,345,740
1,328,865
356,960
971,905

487,906
21,349
4,292
668,015
452,000
41,150
0
(165,729)

650,005
17,845
5,409
1,365,297
585,000
164,600
0
(1,296,887)

873,686
11,100
2,381
1,499,760
514,000
205,750
0
701,849

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,256,194

887,873

4,281,263
1,465,000
411,500
0

992,176
330,000
82,300
0

434,080
12,564
3,315
412,877
172,624
41,150
0
1,969,420

13,977,035
0
2,404,763
0

14,152,681
0
579,876
0

14,330,600
0
199,103
80,000

14,497,915
0
174,865
50,000

15,316,815
0
615,697
75,000

15,800,884
0
780,010
0

0.80
0.24
0.31
2.87
2.28
92.16
0.52
19.80
34.39
34.39
6.84
6.61

1.00
0.11
0.59
2.85
4.28
98.78
0.20
5.20
7.05
7.05
8.05
6.24

1.18
0.05
1.44
1.49
3.74
97.89
0.23
2.39
2.90
2.90
5.84
3.81
125.55
1.57
0.59
2.92
174.07

0.66
0.05
0.56
2.22
3.01
97.65
0.33
3.62
4.64
4.63
5.25
4.87
156.64
1.57
-0.03
2.62
176.16

0.18
0.03
0.61
2.26
2.32
96.45
0.52
6.41
9.16
9.16
4.74
4.08
253.41
2.59
-0.16
9.48
186.11

0.36
0.02
1.00
2.74
3.08
95.99
0.35
6.72
9.65
9.65
4.79
5.54
630.89
2.56
0.13
11.98
191.99

143,786

53,470

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

371

7.05
0.00
34.22
169.83

2.06
0.00
8.05
171.96

Financial Statement Analysis of Non Financial Sector 2012

Sazgar Engineering Works Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

127,681

211,667

224,755

234,100

242,471

247,472

176,096

288,949

4,555
312,039

8,243
331,549

4,678
358,758

6,823
362,494

125,334
9,917

209,943
12,404

218,279
15,669

222,297
16,321

233,841
16,267

222,704
16,968

2,347

1,724

1,105

945

551

502

816

2,615

3,401

17,443

242,269
18,383
125,159

469,177
11,951
193,318

381,991
19,832
194,767

521,752
8,880
308,230

667,976
1,075
418,051

787,023
8,984
540,548

43,643

202,015

96,342

89,003

97,290

129,278

0
55,084

0
61,893

0
71,050

115,639

151,560

108,213

186,218
12,881

366,726
75,617

247,501

344,115
71,558

423,861
99,499

445,391
35,831

173,337

291,109

247,501

272,557

324,362

409,560

13,788

16,698

72,538

52,083
1,800

63,155

47,595
4,200

13,788

16,698

16,353
27,042

23,786
26,497

31,911
31,244

31,911
40,627

169,944
78,793

297,420
86,672

311,650
104,007

359,654
124,808

423,431
149,770

516,566
179,724

78,793
0
91,151

86,672
0
210,748

104,007
0
207,643

124,808
0
234,846

149,770
0
273,661

179,724
0
336,842

207,643

234,846

273,661

336,842

724,168
724,168
0
602,087

1,943,723
1,943,723
0
1,640,775

952,540
952,540

1,823,974
1,823,974

2,542,526
2,542,526

2,725,640
2,725,640

122,081
34,504

302,948
82,830

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,504

82,830

5,395

11,557

848,721
719,401
129,320
103,819
63,711
25,391
38,320

1,638,034
1,446,013
192,021
185,940
95,424
40,380
55,044

2,269,358
2,042,451
226,907
273,168
111,830
55,100
56,730

2,396,244
2,108,263
287,981
329,396
129,775
57,428
72,347

104,953
15,338
12,361
25,948
11,718

131,311
11,899
10,054
79,785
31,791
12,481
24,962
(28,336)

156,014
15,480
13,195
147,764
51,098
29,954
29,954
16,374

186,340
11,738
9,409
195,035
69,751
35,945
113,245

82,286
23,209
7,879
7,879

208,831
67,590
0
17,334

20,801
90,452

183,732
0
51,198
12,881

314,118
0
141,241
75,617

359,245
4,200
14,230
4,200

411,737
1,800
35,513
73,358

486,586
0
66,712
99,499

589,104
0
89,339
35,831

0.33
0.74
6.03
1.96
1.30
83.14
1.18
26.32
56.25
52.05
7.50
5.79

0.58
0.59
10.39
2.85
1.28
84.41
1.29
39.75
89.37
83.89

0.47
1.61
10.11
1.57
1.54
89.10
0.95
4.03
8.52
7.71

0.28
0.65
4.88
2.41
1.52
89.81
1.10
11.71
23.77
20.70
3.85
5.92
8.94
4.37
-0.07
3.85
28.82

0.23
0.61
3.83
2.79
1.58
89.26
1.15
17.74
37.74
32.90
3.23
6.08
12.20
5.81
0.03
6.45
28.27

0.31
0.43
4.74
2.63
1.77
87.91
1.00
20.06
41.50
36.26
3.49
5.04
21.73
7.16
0.22
6.97
28.74

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

372

10.05

4.89
3.10
2.72
0.31
1.37
29.96

11.36
0.00
7.50
21.57

10.74
0.00
16.30
34.32

Financial Statement Analysis of Non Financial Sector 2012

The General Tyre & Rubber Co. of Pak. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,622,511

1,707,921

1,903,739

1,890,012

1,834,726

1,761,744

2,871,897

3,104,101

226,566
3,170,187

75,767
3,444,393

27,832
3,577,639

57,975
3,585,193

1,622,245
116,509

1,707,791
155,226

1,667,662
126,555

1,801,390
144,210

1,792,831
149,147

1,688,852
148,593

266

130

50

21

291
836

476
655

9,461

12,834

12,936

13,786

1,893,824
78,397
907,208

2,301,295
100,579
1,051,835

2,062,500
146,292
725,690

2,923,361
99,710
1,372,150

3,930,458
122,406
2,280,412

3,711,170
148,422
1,881,404

467,470

639,921

680,286

856,577

848,001

949,821

0
440,749

0
508,960

0
510,232

0
594,924

0
679,639

0
731,523

1,778,636
889,136

2,434,449
1,472,952

2,383,332
1,489,427

2,996,257
1,633,760

3,821,318
2,318,444

3,577,053
1,986,100

889,500

961,497

893,905

1,362,497

1,502,874

1,590,953

499,026

352,599

486,446
173,286

474,139
86,643

372,827

470,563
321,250

499,026

352,599

130,595
18,718

141,827
171,333

158,026
229,470

179,308
193,519

1,238,673
597,713

1,222,168
597,713

1,112,344
597,713

1,330,670
597,713

1,469,727
597,713

1,523,034
597,713

597,713
0
640,960

597,713
0
624,455

597,713
0
514,631

597,713
0
732,957

597,713
0
872,014

597,713
0
925,321

514,631

732,957

872,014

925,321

4,605,685
4,605,685
0
4,137,767

5,422,320
5,422,320
0
4,912,001

5,351,341
5,351,341

6,355,293
6,355,293

467,918
267,708

510,319
381,692

7,806,470
7,684,977
121,493
6,808,073
4,738,094
2,069,979
998,397
418,539
230,711
187,828

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

267,708

381,692

125,378

183,130

105,925
30,326
119,543
0

7,340
23,404
0
0

1,737,699
0
(43,944)
889,136

1,574,767
0
(16,064)
1,472,952

0.31
2.72
10.15
1.31
1.06
89.84
1.84
3.07
7.89
5.80
0.63
5.08

0.30
3.38
11.80
1.35
0.95
90.59
2.28
0.20
0.60
0.44

4,810,589
3,467,591
1,342,998
540,752
426,498
173,277
253,221

5,389,956
3,826,115
1,563,841
965,337
345,850
206,641
139,209

7,477,695
7,351,180
126,515
6,479,592
5,186,319
1,293,273
998,103
350,080
198,931
151,149

495,170
300,830
295,995
(142,270)
(32,446)

632,871
259,916
256,710
409,286
37,265
119,543
0
(135,750)

809,235
318,633
311,337
395,358
79,091
149,428
0
(158,582)

842,891
381,671
374,943
247,316
80,642
119,543
0
665,798

1,817,116
173,286
252,478
1,807,046

1,943,866
86,643
166,839
2,405,087

1,895,861
0
47,131
1,986,100

0.32
4.09
13.48
1.32
0.98
84.81
2.62
9.32
33.51
24.08
3.11
4.63
2.59
6.44
-0.04
6.22
22.26

0.25
4.26
11.34
1.30
1.03
86.65
2.92
7.47
28.24
21.02
2.12
3.28
2.27
5.29
-0.04
5.29
24.59

0
335,097

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

1,582,907
321,250

1,810,677

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

373

0.35
5.62
12.71
1.35
0.87
89.90
2.57
-3.57
-12.19
-9.01

5.16

7.37
0.52
-2.66
0.12

2.30
0.00
1.26
20.72

0.14
0.00
-0.27
20.45

18.61

0.31
4.89
12.17
1.43
1.04
87.21
2.59
4.40
16.53
12.88
1.39
4.15
1.66
3.17
0.17
2.79
25.48

Financial Statement Analysis of Non Financial Sector 2012

Transmission Engineering Industries Ltd.

2008

2009

2010

55,062

49,196

83,660

142,792

126,059

122,843

122,141

146,816

154,507

150,776

150,776

54,943
5,915

49,131
5,724

63,550
5,310

139,191
4,749

122,767
13,528

122,767
13,528

119

65

143

83

83

19,967

3,597

3,209

3,209

42,393
668
6,814

54,558
156
8,822

82,676
701
23,590

67,989
76
27,081

61,775
69
26,863

61,775
69
26,863

15,329

13,695

29,379

14,628

10,523

10,523

0
19,582

0
31,885

0
29,006

0
26,204

0
24,320

0
24,320

106,498
23,634

118,913
25,307

100,521
19,970

88,680
23,629

131,977
22,941

131,977
22,941

82,864

93,606

80,551

65,051

109,036

109,036

57,901

59,875

12,057

50,626
29,322

12,057

77,912
31,043

57,901

59,875

2,098
44,771

2,055
19,249

2,055
10,002

2,055
10,002

(66,944)
45,000

(75,034)
45,000

(12,097)
117,000

71,475
117,000

43,800
117,000

43,800
117,000

45,000
0
(111,944)

45,000
0
(120,034)

117,000
0
(129,097)

117,000
0
(94,110)

117,000
0
(116,964)

117,000
0
(116,964)

(129,097)

(94,110)

(116,964)

(116,964)

48,585

43,764

43,764

106,550
106,550
0
105,642

97,485
97,485
0
98,414

137,421
137,421

108,299
108,299

71,894
71,894

71,894
71,894

908
25,362

(929)
15,711

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

126,059

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

25,362

15,711

8,917

14,788

(29,913)
616
0
0

(28,084)
585
0
0

115,303
45,874
69,429
22,118
17,235
4,365
12,870

93,770
39,010
54,760
14,529
14,215
2,206
12,009

87,730
31,600
56,130
(15,836)
16,086
2,183
13,903

87,730
31,600
56,130
(15,836)
16,086
2,183
13,903

28,203
8,691
6,854
5,875
1,994

31,535
10,126
7,714
(3,433)
15,086

27,904
7,419
6,508
(31,400)
3,726

27,904
7,419
6,508
(31,400)
3,726

0
(24,526)

0
9,483

0
1,714

0
1,714

(9,043)
0
(30,529)
23,634

(15,159)
0
(28,669)
25,307

65,815
31,043
3,881
51,013

122,101
29,322
(18,519)
52,951

55,857
0
(35,126)
22,941

55,857
0
(35,126)
22,941

0.15
8.37
14.39
1.09
0.40
99.15
-2.46
-29.68
57.88
-579.99

0.12
15.17
14.05
0.94
0.46
100.95
-2.38
-27.92
39.56
232.08

0.30
6.32
21.38
0.83
0.82
83.90
-14.75
4.35
-13.49
23.20

0.17
9.35
13.51
0.51
0.77
86.58
1.95
-1.82
-11.56
-3.65

0.08
10.32
14.64
0.38
0.47
122.03
3.29
-15.75
-54.48
-35.29

0.08
10.32
14.64
0.38
0.47
122.03
3.29
-16.72
-71.69
-56.21

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

374

15.64

11.05

5.83
1.86
4.28
-0.14
0.33
-1.03

4.00
0.55
-3.17
0.07
-1.58
6.11

2.68
-3.82
-43.68
0.01
-3.00
3.74

2.68
-3.82
-43.68
0.01
-3.00
3.74

-28.07
0.00
-6.78
-14.88

-28.81
0.00
-6.37
-16.67

FUEL & ENERGY

375

Financial Statement Analysis of Non Financial Sector 2012

Fuel and Energy Sector - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

289,962,821

334,178,737

427,133,881

547,351,592

607,375,129

634,723,232

440,117,238

499,510,987

72,268,204
518,410,733

96,287,638
622,447,975

94,526,987
719,110,030

54,353,323
768,765,877

261,009,820
18,638,554

293,884,018
19,507,057

279,706,656
21,455,386

364,928,127
24,026,472

426,420,396
33,128,507

484,333,802
36,788,172

28,953,001

40,294,719

55,693,547
4,174,812

66,361,573
3,391,757

68,119,326
4,622,709

73,923,814
4,917,054

15,290,662

16,382,497

13,685,711

17,195,239

210,920,033
33,511,123
10,717,470

270,058,175
25,961,514
5,761,004

355,153,899
13,817,661
6,889,728

475,902,030
20,827,662
7,041,071

582,739,399
27,831,994
12,045,786

832,100,017
13,781,483
10,665,535

94,961,392

152,358,124

228,130,154

341,524,881

403,236,060

624,643,627

4,028,871
67,701,177

4,132,223
81,845,310

120,176
106,196,181

197,272
106,311,144

121,636
139,503,923

122,275
182,887,097

235,805,753
29,907,507

326,673,387
55,475,924

295,419,452
39,971,658

408,722,977
59,382,851

478,836,985
104,986,669

654,514,145
124,977,777

205,898,246

271,197,463

255,447,795

349,340,126

373,850,316

529,536,368

47,042,236

59,003,007

251,304,374
64,135,211
55,295,795

301,834,717
88,078,242
47,559,576

327,465,505
141,058,604
19,113,625

338,016,203
140,063,447
13,810,767

3,007,686

980,000

782,500

567,500

292,500

310,000

11,788,953
153,840,446

12,535,920
154,464,856

13,430,427
170,401,562

Items

44,034,550

58,023,007

9,543,787
121,547,081

218,034,865
135,460,347

218,560,518
137,128,510

235,563,954
139,981,198

312,695,928
167,548,429

383,812,038
178,118,625

474,292,901
191,618,871

130,951,046
4,509,301
82,574,518

131,145,103
5,983,407
81,432,008

133,997,791
5,983,407
94,617,490
19,151,333
75,815,709

161,565,022
5,983,407
112,861,505
12,949,112
100,261,945

172,135,218
5,983,407
165,292,369
16,722,956
148,569,413

185,635,464
5,983,407
244,191,967
18,550,500
225,641,467

965,266

32,285,994

40,401,044

38,482,063

511,305,500
511,305,500
0
411,606,943

580,054,194
580,054,194
0
447,036,264

1,114,552,595
1,114,552,595

99,698,557
40,126,193

133,017,930
53,069,684

747,770,055
747,770,055
0
612,941,439
378,655,859
234,203,385
134,828,616
35,974,303
2,865,072
33,109,231

910,624,701
910,624,701

685,430,675
685,430,675
0
566,371,001
333,755,550
232,533,256
119,059,673
34,940,178
2,811,052
32,129,126

758,134,999
476,699,366
281,435,633
152,489,702
43,831,120
4,603,475
39,227,645

897,840,766
581,648,812
316,191,954
216,711,829
47,758,838
5,249,312
42,509,526

30,594,886
30,007,970
17,265,031
101,903,275
27,409,822
36,638,397
1,677,936
94,078,800

40,979,020
41,100,306
35,008,408
107,910,788
33,984,587
42,251,719
877,787
95,772,074

48,747,914
49,894,720
41,218,337
168,703,030
43,145,520
51,710,236
576,561
71,425,377

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

40,126,193

53,069,684

65,979,660
19,730,968
49,643,119
6,469

84,674,562
27,162,734
51,410,636
6,000

28,382,069
24,956,008
18,143,285
85,167,568
20,216,327
45,955,732
367,500
111,788,176

265,077,101
3,007,686
(3,394,427)
32,915,193

277,563,525
980,000
6,101,192
56,455,924

486,868,328
64,917,711
18,995,510
104,889,369

614,530,645
88,645,742
37,855,056
148,028,593

711,277,543
141,351,104
31,674,482
246,337,773

812,309,104
140,373,447
73,847,274
265,351,224

0.56
1.66
18.57
1.02
0.89
80.50
1.30
14.26
30.53
25.98
0.93
47.71

0.56
2.27
26.27
0.96
0.83
77.07
1.76
15.32
38.79
31.21
1.12
100.69

0.82
3.64
33.28
0.88
1.20
82.63
2.32
12.29
37.51
22.28
1.41
99.49
5.69
12.43
0.20
4.85
17.58

0.89
4.01
45.67
0.73
1.16
81.97
2.27
11.29
37.17
18.50
2.03
106.20
6.90
13.63
0.13
4.61
19.35

0.90
4.51
44.28
0.77
1.22
83.25
2.10
9.75
30.99
16.28
1.75
75.60
4.08
11.85
0.12
4.29
22.30

0.98
4.48
56.04
0.76
1.27
80.56
2.09
12.70
39.32
22.15
2.43
104.50
5.09
15.14
0.07
6.76
25.55

8,511,315

13,144,965

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

376

12.90
0.00
3.53
16.65

14.60
0.00
4.39
16.67

Growth with Composition of Assets & Liabilities

35%

Billion Rs

900
800
700
600
500
400
300
200
100
0

30%

30.0%
26.8%

25%
19.1% 20%
15%
10%

4.3%

5%

3.1%

0%
Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

2011

2012

Growth
40%

1200
36.0%

Billion Rs

1000

30%

29.6%

800

35%
25%

600

20%

18.3%

15%

400

10%
200

5%
0%

0
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
39.32

40
35

2011

30.99

2012

25
20
15
10
5
0

2011
2012

15.14

16
14

11.85

12
22.15
12.7

16.28

9.75

Percentage

Percentage

30

Net Profit Before Tax

10
8

6.76

4.29

4
2
Return on
Return on
Assets
Equity

2.10

2.09

1.22 1.27

0
Return on
Capital
Employed

Current
Ratio

377

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Altern Energy Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

23,219,193

25,078,379

26,978,647

26,513,107

25,677,107

27,108,984

24,142,705

27,127,736

22,775
38,235,448

38,713,878

1,538
39,228,634

41,851,142

23,219,193
699,633

25,078,379
1,166,085

26,955,013
1,338,158

26,510,724
1,364,059

25,672,937
1,368,912

27,097,944
1,813,251

0
0

859

2,383

2,632

11,040

5,006,531
1,740,881
277,175

5,591,281
1,072,324
354,962

6,560,502
1,819,418
322,818

7,251,001
322,101
318,057

8,742,335
1,491,485
497,117

12,578,345
567,254
491,285

2,436,594

3,958,616

5,983,422

6,161,625

10,756,568

0
551,881

0
4,163,995

0
459,650

627,421

592,108

763,238

5,502,253
2,296,568

7,311,996
2,965,607

5,355,599
2,845,914

4,157,693

4,402,644
2,155,993

8,179,021
2,779,187

Items

3,205,685

4,346,389

2,509,685

4,157,693

2,246,651

5,399,834

15,528,049

15,670,495

19,034,633
14,256,014
3,508,238

18,225,649
15,109,137
2,070,048

16,222,490
13,330,999
2,216,600

15,893,365
12,504,238
2,551,606

15,670,495

300
1,046,164

15,528,049

13,228
1,257,153

674,891

837,521

7,195,422
3,425,500

7,687,169
3,425,500

9,148,917
3,425,500

11,380,766
3,425,500

13,794,308
3,425,500

15,614,943
3,425,500

3,425,500
0
3,769,922

3,425,500
0
4,261,669

3,425,500

3,425,500

3,425,500

3,425,500
0
5,723,417
3,040,959
2,682,458

7,955,266
4,031,698
3,923,568

10,368,808
5,652,276
4,716,532

12,189,443
6,393,505
5,795,938

0
0
0
37,174

11,402,876
11,402,876
0
8,515,708

16,017,092
16,017,092

16,127,550
16,127,550

17,915,755
17,915,755

(37,174)
13,166

2,887,168
107,406

15,541,603
15,541,603
0
10,597,057
7,659,761
2,937,296
4,944,546
257,067
0
257,067

126,091

89,573

127,716

71,500
2,405,504
2,256,544
2,066,497

78,521
3,173,254
2,067,542
1,328,078
4,317

86,909
2,397,166
1,899,326
1,824,622
3,987

0
1,321,442

0
3,528,882

0
2,362,092

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,166

107,406

11,443,973
8,520,966
2,923,007
4,573,119
126,091

11,595,978
8,782,610
2,813,368
4,531,572
89,573

13,649,189
10,126,752
3,522,437
4,266,566
127,716

(73,159)
525
0
0

1,131,148
455
0
0

61,024
2,579,350
2,369,811
2,136,128
1,115
0
0
4,253,020

22,723,471
0
(73,684)
2,296,568

23,357,664
0
1,130,693
2,965,607

28,183,550
14,256,014
2,135,013
17,101,928

29,606,415
15,109,137
2,066,497
15,109,137

30,016,798
13,330,999
1,323,761
15,486,992

31,508,308
12,504,238
1,820,635
15,283,425

0.76

0.15
15.25
0.00
0.37
0.76
74.68
2.99
3.84
15.20
4.91

1.08
16.60
25.47
0.46
1.22
68.19
2.67
6.65
25.38
8.29

1.52
15.02
37.36
0.47
1.74
71.45
1.97
6.14
20.13
7.15

1.74
19.68
38.21
0.47
1.99
71.90
1.50
3.90
10.55
4.45

1.38
13.38
60.04
0.45
1.54
76.19
1.54
4.92
12.41
5.93

24,320

1,739,234

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.00
0.91

2.92
-0.51
-2.03
-0.64

0.00

32.12

48.14
1.90
13.74
0.17
6.23
26.71

50.36
1.92
12.90
0.06
6.03
33.22

32.44
1.64
8.23
0.17
3.86
40.27

36.47
1.96
10.18
0.10
5.31
45.58

0.00
-0.22
21.01

378

9.92
0.00
3.30
22.44

Financial Statement Analysis of Non Financial Sector 2012

Burshane LPG (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

607,294

547,279

615,134

533,052

502,725

1,041,679

1,059,971

0
1,633,737

918,882

1,932
850,515

849,360

567,044
72,756

513,452
77,626

456,620
77,175

387,181
17,658

332,632
68,228

277,918
59,719

40,250

33,827

29,094
2

24,361
2

31,390
2

26,091
2

129,418

121,508

136,769

90,133

279,033
5,159
71,190

314,437
52,621
22,094

266,931
193,499
25,763

202,590
126,929
25,645

203,831
105,320
21,854

328,814
240,442
11,401

3,233

4,320

2,696

5,525

15,719

6,682

2
199,449

2
235,400

0
44,973

44,491

60,938

70,289

623,687
118,065

560,440
25,892

108,159
0

134,738

117,928
3,203

115,150
2,343

505,622

534,548

108,159

134,738

114,725

112,807

75,000

75,000

252,139

475,470
75,000
0

189,759
10,435

192,982
5,659

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

394,144

75,000

75,000

0
400,470

252,139

179,324

187,323

187,640
32,343

226,276
226,400

298,436
226,400

348,765
226,400

398,869
226,400

414,826
226,400

32,343
0
155,297

226,400
0
(124)

226,400
0
72,036

226,400

226,400

226,400

122,365

172,469

188,426

72,036

122,365

172,469

188,426

1,753,421
1,753,421
0
1,642,324

1,295,154
1,295,154
0
1,256,389

1,225,694
1,225,694

1,471,885
1,471,885

1,977,637
1,977,637

111,097
206,100

38,765
206,326

1,239,600
1,239,600
0
992,825
903,521
89,304
246,775
194,803
93,457
101,346

1,148,089
1,057,013
91,076
77,605
168,174
58,271
109,903

1,366,763
1,273,871
92,892
105,122
133,529
53,116
80,413

1,762,704
1,672,846
89,858
214,933
120,682
59,949
60,733

69,786
11,786
10,086
82,897
6,129
0
0
(220)

71,691
3,924
519
79,896
15,642
22,640
0
(15,230)

70,537
3,640
433
111,831
19,916
56,600
0
182,238

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

206,100

206,326

(80,728)
7,623
0
6,469

(182,730)
5,649
0
0

67,095
12,684
11,328
68,575
0
0
0
179,045

262,640
0
(88,351)
118,065

301,276
0
(188,379)
25,892

773,906
75,000
68,575
75,000

600,904
0
76,768
0

588,628
10,435
41,614
13,638

607,808
5,659
35,315
8,002

0.01
1.01
0.18
1.98
0.45
93.66
3.72
-8.94
-38.14
-32.40

0.10
1.52
0.33
1.50
0.56
97.01
2.81
-20.91
-88.29
-64.81

1.81
1.02
0.22
1.41
2.47
80.09
1.96
7.87
26.14
12.76

0.98
0.96
0.45
1.67
1.50
93.67
1.11
10.25
25.62
12.06

1.03
0.27
1.07
2.08
1.73
92.86
0.77
11.08
21.37
13.43
2.84
67.35
154.94
5.43
-0.05
2.84
17.62

2.15
0.18
0.34
2.74
2.86
89.13
0.74
15.65
27.49
18.69
1.62
173.46
259.27
5.65
0.59
4.06
18.32

17,732

19,735

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

379

24.63

58.62

48.12
7.05
5.53
0.31
3.03
13.18

47.79
9.22
6.76
0.00
3.39
15.40

-4.60
0.00
-27.32
58.02

-14.11
0.00
-8.32
9.99

Financial Statement Analysis of Non Financial Sector 2012

Ideal Energy Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

134,616

130,525

126,504

131,289

128,272

360,667

360,435

0
360,435

369,120

370,178

362,378

134,616
4,249

130,525
4,133

126,494
4,031

131,278
3,943

128,261
4,075

121,833
4,125

0
0

11

11

11

14

81,198
1,475
5,606

73,406
3,315
6,408

57,993
205
0

45,025
268

42,370
280
5,884

36,701
210
7,486

50,077

37,156

34,214

12,087

7,292

1,341

0
24,040

0
26,527

0
23,574

32,670

28,914

27,664

2,993
0

7,097
0

3,972
0

6,404

12,613

15,159

2,993

7,097

3,972

6,404

12,613

15,159

2,160

2,193

1,909
0
0

1,928

1,909
0

1,928
0

2,160
0

2,193
0

212,821
80,000

196,834
80,000

178,616
80,000

167,982
80,000

155,869
80,000

141,196
80,000

80,000
0
132,821

80,000
0
116,834

80,000

80,000

80,000

80,000
0
98,616
80,000
18,616

87,982
80,000
7,982

75,869
80,000
(4,131)

61,196
80,000
(18,804)

7,209
7,209
0
13,290

32,453
32,453
0
45,465

42,195
42,195

43,460
43,460

133,727
133,727

(6,081)
2,653

(13,012)
2,969

21,776
21,776
0
36,925
30,290
6,635
(15,149)
3,052
0
3,052

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

121,847

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,653

2,969

(8,814)
0
0
0

(15,987)
0
0
0

2,321
17
0
(18,218)
0
0
0
3,110

212,821
0
(8,814)
0

196,834
0
(15,987)
0

17.22
1.11
694.65
0.03
27.13
184.35
0.01
-3.95
-4.06
-4.06

80

18

48,703
40,886
7,817
(6,508)
3,617

51,131
44,162
6,969
(7,671)
3,783

143,759
135,981
7,778
(10,032)
4,634

3,617

3,783

4,634

3,174
511

3,435
69

3,992
102

(10,633)

(11,523)

(14,672)

1,600
0
8,788

0
0
1,071

0
0
(4,471)

180,525
0
(18,218)
0

169,910
0
(12,233)
0

158,029
0
(11,523)
0

143,389
0
(14,672)
0

5.70
0.06
114.49
0.16
10.34
140.09
0.04
-7.62
-7.81
-7.81

8.66
0.08
157.12
0.12
14.60
169.57
0.03
-9.38
-9.70
-9.66

0.60
0.16
16.78
0.25
3.36
117.65
0.09
-6.64
-7.12
-7.03

0.10
0.08
1.00
0.84
2.42
107.50
0.12
-8.91
-9.88
-9.74

1.93
1.21
28.65
0.24
7.03
115.42
0.05
-5.89
-6.14
-6.07
-6.65

1.29

5.06

7.39

17.86

-25.20
1.05
-1.33
21.00

-26.51
0.07
-1.44
19.48

-10.97
-0.26
-1.83
17.65

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-122.26
0.00
-1.10
26.60

-49.26
0.00
-2.00
24.60

-83.66
0.53
-2.28
22.33

380

Financial Statement Analysis of Non Financial Sector 2012

Japan Power Generation Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,749,899

5,515,728

5,316,919

5,063,299

5,617,528

5,344,304

7,448,275

7,465,490

30,895
7,484,969

34,312
7,485,426

34,312
8,291,098

36,116
8,317,040

5,749,899
253,390

5,515,728
232,900

5,285,924
236,290

5,028,887
236,775

5,576,913
258,018

5,301,675
3,015,365

0
0

100

100

6,303

6,513

1,247,471
7,698
93,239

1,600,415
20,898
131,696

1,112,711
24,846
105,484

2,695,627
220,703
179,811

2,973,456
130,599
236,435

3,344,976
163,820
303,031

764,455

865,226

680,994

1,798,308

1,930,823

2,111,252

0
382,079

0
582,595

0
301,387

496,805

675,599

766,873

1,336,089
239,952

1,627,703
329,702

1,905,488
693,192

3,720,732
215,000

5,917,375
168,200

7,871,403
168,200

1,096,137

1,298,001

1,212,296

3,505,732

5,749,175

7,703,203

5,122,309

5,027,950

4,656,161
4,650,516
0

4,621,043
4,613,310

4,000,587
3,989,871

3,521,895
3,518,216

Items

5,645

7,733

5,122,309

5,027,950

10,716
0

3,679
0

538,972
1,476,188

460,490
1,476,188

(132,019)
1,560,376

(582,849)
1,560,376

(1,326,978)
1,560,376

(2,704,018)
1,560,376

1,476,188
0
(937,216)

1,476,188
0
(1,015,698)

1,560,376

1,560,376

1,560,376

1,560,376
0
(2,173,108)
935
(2,174,043)

(2,603,202)
2,457
(2,605,659)

(4,083,547)
4,857
(4,088,404)

(5,399,428)
7,923
(5,407,351)

480,713

459,977

1,196,193

1,135,034

4,018,190
4,018,190
0
3,739,777

4,499,145
4,499,145
0
4,214,069

2,731,939
2,731,939

4,724,149
4,724,149

4,999,358
4,999,358

278,413
29,096

285,076
41,783

3,505,758
3,505,758
0
3,281,624
2,808,947
472,677
224,134
71,447
0
71,447

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

29,096

41,783

2,443,209
2,057,603
385,606
288,730
68,045

5,170,336
4,506,018
664,318
(446,187)
114,148

5,050,083
4,555,511
494,572
(50,725)
227,476

68,045

114,148

227,476

38,340
962,710
624,546
(1,501,755)
1,725

51,528
1,122,948
589,910
(1,377,643)
2,463

(216,444)
191
0
0

(162,113)
557
0
0

27,168
760,237
558,458
(593,000)
444
0
0
52,190

5,661,281
0
(216,635)
239,952

5,488,440
0
(162,670)
329,702

4,524,142
4,650,516
(593,444)
5,343,708

4,038,194
4,613,310
(452,352)
4,828,310

2,673,609
3,989,871
(1,503,480)
4,158,071

817,877
3,518,216
(1,380,106)
3,686,416

0.58
11.93
19.02
0.57
0.93
93.07
11.98
-3.06
-33.44
-3.73

0.54
11.65
19.23
0.63
0.98
93.66
14.45
-2.30
-32.44
-2.91

0.37
21.69
19.43
0.55
0.58
93.61
-49.70
-8.76
-361.07
-11.85

0.54
25.31
65.83
0.35
0.72
89.43
-14.31
-6.35
126.10
-10.53

0.35
20.38
40.87
0.55
0.50
109.44
-7.47
-18.37
157.27
-44.75

0.29
22.46
42.23
0.58
0.42
101.01
-4.21
-15.94
68.35
-78.91

479,327

523,976

32,222
691,426
517,044
(450,729)
1,623

0
(219,133)

0
60,368

0
344,106

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

381

43.10

34.16

33.23
-0.06
-16.92
0.01
-3.80
-0.85

15.19
0.13
-16.50
-0.03
-2.90
-3.74

19.98
-1.40
-31.79
0.01
-9.64
-8.50

16.50
-1.34
-27.56
0.03
-8.84
-17.33

-5.39
0.00
-1.47
3.65

-3.60
0.00
-1.10
3.12

Financial Statement Analysis of Non Financial Sector 2012

Karachi Electric Supply Co. Ltd.

2007

2008

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

50,769,714

86,197,282

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2009

2010

63,937,175

83,017,723

141,726,381

167,593,826

169,214,488

113,657,583

23,222,543
111,617,048

20,567,238
177,276,395

50,099,529
181,858,535

10,529,890
229,804,835

50,769,714
3,329,498

63,905,168
3,507,780

58,971,309
2,985,691

120,865,072
4,053,630

117,391,574
8,380,090

158,501,340
7,086,601

32,007

22,927

19,117

20,566
0

37,602

803,305

256,469

79,796

164,141

26,551,325
3,937,319
4,668,113

29,138,502
2,334,148
0

48,918,076
1,127,644
0

65,903,117
1,189,424

68,758,873
1,268,670

103,361,691
1,183,765

8,640,510

12,415,794

19,114,219

29,029,574

39,356,297

49,381,277

607,717
8,697,666

100,259
14,288,301

0
28,676,213

35,684,119

28,133,906

52,796,649

54,501,903
9,391,696

78,161,622
6,254,750

60,261,038
12,919,678

93,497,024
14,151,296

120,670,011
31,869,819

146,328,523
37,637,892

45,110,207

71,906,872

47,341,360

79,345,728

88,800,192

108,690,631

1,136,813

7,994,591

71,757,040
476,063
44,841,769

82,831,568
158,688
39,130,414

89,179,071
36,586,037
10,545,000

83,789,268
35,753,552
5,745,000

5,767,124
37,775,342

5,605,790
36,442,244

5,158,406
37,132,310

Items

1,136,813

7,994,591

5,325,528
21,113,680

21,682,323
50,594,063

6,919,464
52,068,169

(82,279)
52,068,169

31,300,906
74,966,046

26,503,617
80,335,490

42,458,388
92,957,949

46,084,762
4,509,301
(28,911,740)

46,084,762
5,983,407
(45,148,705)

46,084,762
5,983,407
(52,635,001)
8,679,810
(61,314,811)

68,982,639
5,983,407
(75,491,157)
509,172
(76,000,329)

74,352,083
5,983,407
(82,784,778)
509,172
(83,293,950)

86,974,542
5,983,407
(77,594,644)
509,172
(78,103,816)

484,553

31,826,017

28,952,905

27,095,083

44,859,474
44,859,474
0
51,960,650

49,808,514
49,808,514
0
51,462,361

103,936,515
103,936,515

130,721,180
130,721,180

162,815,629
162,815,629

(7,101,176)
5,430,785

(1,653,847)
15,021,549

85,224,084
85,224,084
0
91,856,424
82,371,729
9,484,695
(6,632,340)
5,714,041
0
5,714,041

8,613,751

10,056,862

13,128,804

8,938,118
6,823,638
3,088,629
(14,737,490)

10,411,941
5,127,376
3,164,398
(10,054,299)
874,964

11,080,575
7,702,419
3,932,405
2,568,557
948,584

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,430,785

15,021,549

(11,957,383)
227,496
0
0

(15,752,045)
252,607
0
0

7,493,830
5,589,991
3,018,734
(15,451,004)
33,938
0
0
2,218,050

22,819,136
0
(12,184,879)
9,391,696

14,914,055
0
(16,004,652)
6,254,750

71,674,761
476,063
(15,484,942)
13,395,741

0.24
2.57
19.26
0.58
0.49
115.83
2.57
-16.74
-46.93
-45.90

0.19
3.76
24.93
0.54
0.37
103.32
12.45
-18.49
-110.15
-83.49

-26.66
0.00
-2.64
4.70

-31.63
0.00
-3.47
1.50

1,152,137

1,874,891

107,988,142
97,062,328
10,925,814
(4,051,627)
8,613,751

130,471,788
115,990,488
14,481,300
249,392
10,056,862

146,555,915
133,254,676
13,301,239
16,259,714
13,128,804

0
10,077,433

0
(9,426,734)

114,132,474
158,688
(14,737,490)
14,309,984

115,682,688
36,586,037
(10,929,263)
68,455,856

126,247,656
35,753,552
1,619,973
73,391,444

0.34
6.56
22.43
0.65
0.81
107.78
-1,604.52
-13.73
-451.97
-35.69

0.32
6.57
27.93
0.50
0.70
103.90
5.63
-8.68
-94.41
-15.86

0.34
3.92
30.11
0.55
0.57
99.81
7.92
-4.53
-34.79
-8.75

0.35
4.73
30.33
0.60
0.71
90.01
5.42
1.01
7.45
2.12

-4.12
-18.13
0.02
-3.36
-0.02

-3.77
-14.18
0.01
-2.14
4.54

-2.18
-7.69
0.05
-1.47
3.56

1.65
1.58
-0.04
0.19
4.88

0
2,540,768

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9.61

382

Financial Statement Analysis of Non Financial Sector 2012

Kohinoor Energy Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

4,796,146

4,597,692

4,376,297

4,167,689

4,151,288

4,057,197

7,272,090

7,393,238

5,627
7,412,388

2,142
7,475,790

48,757
7,685,953

2,200
7,912,163

4,790,105
227,774

4,593,147
252,228

4,357,803
256,507

4,151,240
274,354

4,083,855
281,500

4,036,052
278,189

6,041

4,545

3,210

4,296

3,658
0

3,889

9,209

10,418

15,466

14,649

2,396,818
397,952
209,416

2,755,682
139,298
85,560

2,544,811
664,074
311,234

3,329,102
309,924
168,240

4,986,082
135,757
123,477

6,317,713
138,697
195,050

1,155,394

1,939,815

963,309

1,926,050

3,896,021

5,177,717

0
634,056

0
591,009

0
606,194

76,762
848,126

830,827

806,249

787,411
511,500

792,525
578,705

208,096
0

435,082
200,000

1,879,839
1,630,987

2,863,128
2,594,732

275,911

213,820

208,096

235,082

248,852

268,396

75,750

9,995

9,672
0
0

9,995
0

75,750

9,672
0

6,329,803
1,694,586

6,560,849
1,694,586

6,703,340
1,694,586

7,051,714
1,694,586

7,257,531
1,694,586

7,511,782
1,694,586

1,694,586
0
4,635,217

1,694,586
0
4,866,263

1,694,586

1,694,586

1,694,586

5,357,128

5,562,945

5,817,196

1,694,586
0
5,008,754
0
5,008,754

5,357,128

5,562,945

5,817,196

5,333,106
5,333,106
0
4,180,586

7,387,857
7,387,857
0
6,432,159

9,467,394
9,467,394

10,902,089
10,902,089

12,119,914
12,119,914

1,152,520
230,159

955,698
232,198

8,334,341
8,334,341
0
7,239,966
6,392,309
847,657
1,094,375
182,523
0
182,523

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

230,159

232,198

8,629,255
7,820,801
808,454
838,139
184,249

9,988,000
9,213,910
774,090
914,089
210,236

10,820,046
10,071,392
748,654
1,299,868
198,692

184,249

210,236

198,692

193,353
5,545
1,754
707,315
20,023
423,647
0
(118,424)

215,341
79,858
76,702
641,920
12,456
423,647
0
(1,013,711)

237,059
259,633
255,273
850,487
3,130
593,105
0
(192,923)

843,782
7,100
254,188
0

659,693
659,693
338,917
0

160,224
47,796
39,009
918,241
13,185
762,564
0
1,854,745

6,405,553
0
582,494
511,500

6,560,849
0
(338,917)
578,705

6,713,012
0
142,492
0

7,061,709
0
263,646
200,000

7,257,531
0
205,818
1,630,987

7,511,782
0
254,252
2,594,732

1.97
1.87
21.66
0.74
3.04
78.39
0.14
12.12
14.27
13.91
3.29
25.47

2.62
1.14
26.26
1.00
3.48
87.06
0.12
9.07
10.24
10.18
0.00
86.35

7.82
0.57
11.56
1.20
12.23
86.87
0.03
12.87
13.85
13.84
1.19
26.78
24.54
11.02
8.52
5.34
39.56

5.32
0.06
20.34
1.26
7.65
91.15
0.06
9.81
10.28
10.27
1.62
56.27
404.26
7.47
-0.27
4.06
41.61

2.14
0.73
35.74
1.19
2.65
91.62
0.26
7.72
8.97
8.97
1.49
88.29
9.37
5.89
-0.54
3.71
42.83

1.86
2.14
42.72
1.17
2.21
89.27
0.38
8.72
11.52
11.52
1.43
62.14
4.33
7.02
-0.07
5.00
44.33

99,984

84,307

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

383

15.82
0.00
4.94
37.35

8.93
0.00
0.00
38.72

Financial Statement Analysis of Non Financial Sector 2012

Kohinoor Power Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

259,812

252,868

251,506

242,064

233,079

532,622

540,102

0
548,324

549,548

554,188

554,188

259,812
14,626

252,868
14,424

250,183
13,839

240,242
14,630

231,602
14,236

217,870
13,732

0
0

1,323

1,822

1,477

977

333,273
622
7,324

129,048
5,371
10,999

164,763
1,844
31,455

205,121
14,657
32,892

214,264
974
27,963

185,564
25,700
39,310

105,798

64,142

84,488

62,650

94,578

3,822

0
219,529

0
48,536

0
46,976

94,922

90,749

116,732

21,691
1,459

36,544
1,459

21,350
3,062

26,670
3,768

21,704
5,492

47,059
38,823

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

218,847

20,232

35,085

18,287

22,902

16,212

8,236

250,000

11,266
5,298
0

11,494
4,552

11,443
4,020

7,842
1,952

5,890

7,423

5,968
0

6,942

250,000

321,394
120,000

345,372
120,000

383,653
126,000

409,021
126,000

414,196
126,000

349,510
126,000

120,000
0
201,394

120,000
0
225,372

126,000

126,000

126,000

126,000
0
257,653
0
257,653

283,021
34,000
249,021

288,196
34,000
254,196

223,510
34,000
189,510

146,573
146,573
0
186,574

405,613
405,613
0
375,755

747,919
747,919

810,519
810,519

282,312
282,312

(40,001)
4,195

29,858
6,265

737,622
737,622
0
690,268
647,480
42,788
47,354
9,596
0
9,596

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,195

6,265

710,072
665,823
44,249
37,847
11,841

790,159
748,525
41,634
20,360
13,618

305,420
290,630
14,790
(23,108)
38,402

11,841

13,618

38,402

18,932
1,235
945
25,374
6

19,738
2,574
884
5,176
2

4,873
5,816
4,902
(64,961)
275

(36,806)
0
0
0

22,977
0
0
6,000

18,094
245
58
38,289
8
0
0
3,105

571,394
0
(36,806)
1,459

345,372
0
22,977
1,459

394,919
5,298
38,281
8,360

420,515
4,552
25,368
8,320

425,639
4,020
5,174
9,512

357,352
1,952
(65,236)
40,775

4.91
0.06
72.18
0.25
15.36
127.29
0.85
-5.81
-12.47
-8.76

1.90
0.30
15.81
1.06
3.53
92.64
0.11
4.71
6.89
5.01

4.04
0.03
11.45
1.77
7.72
93.58
0.09
9.59
10.50
10.34

2.90
0.17
8.38
1.67
7.69
94.94
0.09
5.88
6.40
6.22

4.40
0.32
11.67
1.81
9.87
97.49
0.08
1.16
1.26
1.22

0.63
2.06
1.35
0.70
3.94
108.19
0.16
-15.25
-17.01
-16.59

91

1,235

0
19,837

0
(8,450)

0
(6,539)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

384

20.01

36.88

23.45
661.15
5.19
0.10
3.04
30.45

22.74
27.85
3.39
0.52
2.01
32.46

28.99
6.86
0.64
-0.25
0.41
32.87

7.18
-12.25
-23.01
-0.12
-5.18
27.74

-25.11
0.00
-3.07
26.78

5.66
0.00
1.91
28.78

Financial Statement Analysis of Non Financial Sector 2012

Kot Addu Power Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

21,267,858

19,855,864

18,796,425

17,965,609

17,421,377

18,496,754

38,213,786

38,339,971

212,606
38,474,561

81,068
39,326,905

362,005
40,100,919

130,768
43,271,417

21,265,184
1,588,597

19,853,466
1,558,171

18,504,118
1,497,750

17,800,135
1,560,380

16,958,177
1,619,820

18,264,486
1,864,189

2,674

2,398

5,791

7,388

3,335
0

2,415

76,366

81,991

95,404

94,112

17,663,168
208,999
1,759,459

37,108,597
179,439
2,191,568

41,162,829
400,353
1,967,212

59,634,484
243,995
2,267,205

77,915,846
276,113
3,341,020

80,848,603
306,770
4,239,457

11,574,384

29,303,453

32,721,969

51,702,270

67,120,940

69,332,911

0
4,120,326

0
5,434,137

0
6,073,295

5,421,014

7,177,773

6,969,465

20,067,578
6,431,343

35,605,529
23,643,655

28,739,296
8,626,494

47,633,863
18,142,891

63,759,143
24,369,670

67,445,191
21,726,691

13,636,235

11,961,874

20,112,802

29,490,972

39,389,473

45,718,500

30,924

8,136,722
46,214
5,147,476

7,471,502
45,728
4,247,761

7,618,135
845,648
4,209,628

8,250,770
2,577,759
4,209,628

412,852
2,765,161

516,649
2,046,210

647,986
815,397

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

30,924

366,299
2,576,733

18,863,448
8,802,532

21,328,008
8,802,532

23,083,236
8,802,532

22,494,728
8,802,532

23,959,945
8,802,532

23,649,396
8,802,532

8,802,532
0
10,060,916

8,802,532
0
12,525,476

8,802,532

8,802,532

8,802,532

8,802,532
0
14,280,704
444,451
13,836,253

13,692,196
444,451
13,247,745

15,157,413
444,451
14,712,962

14,846,864
444,451
14,402,413

37,086,650
37,086,650
0
28,343,289

55,947,078
55,947,078
0
46,600,485

85,934,854
85,934,854

74,350,745
74,350,745

100,504,304
100,504,304

8,743,361
289,613

9,346,593
381,261

69,363,913
69,363,913
0
58,373,072
55,621,836
2,751,236
10,990,841
727,267
0
727,267

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

289,613

381,261

76,010,946
71,741,859
4,269,087
9,923,908
631,290

63,652,527
59,941,657
3,710,870
10,698,218
468,499

89,252,443
85,652,226
3,600,217
11,251,861
496,657

631,290

468,499

496,657

709,886
5,335,919
5,317,502
7,730,531
2,454,277
4,401,266
0
(1,318,553)

878,832
8,704,178
8,633,768
9,906,961
3,299,708
5,721,646
0
(38,924)

977,457
9,782,214
9,693,389
8,635,446
2,205,102
6,073,747
0
11,887,729

7,583,640
2,491,738
5,281,520
0

8,059,525
2,601,032
4,797,380
0

599,771
6,410,224
6,406,030
8,722,880
2,876,292
5,677,633
0
20,427,992

18,863,448
0
(189,618)
6,431,343

21,358,932
0
661,113
23,643,655

31,219,958
46,214
168,955
8,672,708

29,966,230
45,728
874,988
18,188,619

31,578,080
845,648
885,607
25,215,318

31,900,166
2,577,759
356,597
24,304,450

0.59
3.58
31.21
0.95
0.88
76.42
1.06
20.72
38.91
38.91
0.96
21.08

0.83
3.95
52.38
0.98
1.04
83.29
1.67
16.81
40.11
40.07
1.14
25.53

1.15
9.24
47.17
1.16
1.43
84.15
1.60
14.92
39.28
33.18
1.03
35.26
2.36
12.58
0.55
6.64
26.22

1.09
6.21
60.16
1.11
1.25
88.45
2.45
11.24
33.92
25.27
1.20
37.90
2.45
9.00
-0.02
5.99
25.55

1.06
11.71
90.28
0.78
1.22
85.61
2.98
11.46
42.65
32.19
1.15
22.25
2.15
13.32
0.00
7.51
27.22

1.03
9.73
68.99
1.01
1.20
88.80
3.20
8.87
36.28
27.21
1.06
23.71
1.89
8.59
0.16
7.31
26.87

1,327,430

2,208,130

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

385

20.45
0.00
5.78
21.43

14.41
0.00
6.20
24.23

Financial Statement Analysis of Non Financial Sector 2012

Mari Gas Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

3,499,353

6,770,555

10,442,743

10,429,888

12,370,962

12,554,380

6,665,229

4,861,362

2,387,079
5,812,573

887,000
5,812,574

1,355,577
6,061,752

848,770
6,711,281

3,430,295
378,791

3,458,188
137,030

2,492,869
346,033

3,653,056
425,850

3,431,662
492,172

3,623,416
461,738

69,058

3,312,367

7,449,641

7,575,025

4,602,659
0

5,876,104

960,136

13,728

134,082

507,169

5,172,106
2,829,209
0

5,820,346
2,214,611
0

10,008,759
1,694,638
0

11,250,212
3,607,305

13,039,677
3,779,987

20,733,210
2,950,816

1,456,725

2,374,041

7,188,601

6,099,654

7,706,622

15,151,485

0
886,172

0
1,231,694

0
1,125,520

1,543,253

1,553,068

2,630,909

5,423,190
112,100

5,891,871
0

9,110,314
0

8,018,243

9,773,882
420,000

16,449,169
442,222

5,311,090

5,891,871

9,110,314

8,018,243

9,353,882

16,006,947

500,000

4,471,031

3,108,466
1,200,000
0

5,362,275
946,667

4,966,342
1,300,000

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

500,000

70,256
1,838,210

76,196
4,394,835

88,791
3,577,551

105,946
4,309,662

3,248,269
367,500

6,199,030
367,500

8,232,722
367,500

9,190,826
735,000

10,670,415
735,000

11,476,146
918,750

367,500
0
2,880,769

367,500
0
5,831,530

735,000

735,000

918,750

367,500
0
7,865,222
2,591,730
5,273,492

8,455,826
3,164,473
5,291,353

9,935,415
4,547,414
5,388,001

10,557,396
4,570,457
5,986,939

22,211,083
22,211,083
0
18,993,698

21,566,313
21,566,313
0
15,706,262

5,240,117
5,240,117

7,128,270
7,128,270

7,555,915
7,555,915

3,217,385
2,108,025

5,860,051
2,089,539

5,789,203
5,789,203
0
723,650
0
723,650
5,065,553
2,682,282
0
2,682,282

3,251,656

3,591,903

5,217,878

897,691
465,539
196,509
1,351,088
291,021
227,850
0
2,302,035

1,006,478
715,756
249,950
2,708,895
1,269,642
245,490
183,750
2,527,117

1,305,439
770,232
233,631
1,402,495
657,131
309,435

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,108,025

2,089,539

660,553

887,402

968,604

660,553
4,579,564
3,251,656

887,402
6,240,868
3,591,903

968,604
6,587,311
5,217,878

1,382,144
902,166
118,262
0

3,960,305
1,560,794
119,070
0

891,285
321,064
113,355
2,394,725
488,534
118,225
367,500
1,939,909

3,248,269
0
361,716
112,100

6,699,030
0
2,280,441
0

11,341,188
1,200,000
1,787,966
1,200,000

13,661,857
0
832,217
0

15,636,757
1,300,000
1,193,763
1,720,000

16,838,421
946,667
435,929
1,388,889

0.98
5.55
124.17
0.28
1.10
12.50
1.48
14.49
33.19
26.55
16.12

1.21
8.88
116.40
0.24
1.40
12.61
1.36
6.41
15.51
10.81
4.65

1.18
10.04
108.11
0.28
1.33
12.45
1.38
11.51
27.28
18.49
5.86

1.10
10.19
200.52
0.23
1.26
12.82
1.90
4.78
12.67
8.64
2.41

163,898

187,863

(10,393)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

386

0.79
0.74
6.56
2.56
0.95
85.51
1.67
16.37
46.61
45.74
4.06

0.78
0.87
11.01
1.71
0.99
72.83
1.03
37.25
83.84
79.63
20.15

6.22
0.00
13.06
88.39

18.36
0.00
65.29
168.68

22.13
41.37
0.16
51.87
224.02

7.88
25.78
0.18
14.42
125.05

11.84
38.00
0.17
19.58
145.18

7.00
18.56
0.00
8.11
124.91

Financial Statement Analysis of Non Financial Sector 2012

Nishat Chunian Power Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

18,063,899

16,758,405

17,984,649
78,396

18,011,863

18,027,673

76,599
1,098

16,754,300
1,255,766

15,815,864
954,675

2,385

1,908

1,431

266

2,197

961

4,639,129
1,561,222
305,640

8,034,425
39,302
665,371

12,769,317
39,797
376,714

1,732,451

6,909,141

11,710,530

1,039,816

420,611

642,276

3,675,555

6,087,132
4,646,022

9,688,365
6,742,975

15,818,256

3,675,555

1,441,110

2,945,390

15,378,143
14,991,504
386,639

13,811,283
13,811,283

12,898,061
12,898,061

3,649,330
3,673,469

4,894,415
3,673,469

6,001,147
3,673,469

3,673,469

3,673,469

3,673,469

(24,139)

1,220,946

2,327,678

(24,139)

1,220,946

2,327,678

20,353,055
20,353,055

21,585,392
21,585,392

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

0
0
9,411

15,750,441
14,026,289
1,724,152
4,602,614
80,622

16,396,520
14,595,227
1,801,293
5,188,872
105,415

9,411

80,622

105,415

3,267

0
2,079,786

34,016
2,940,579
2,927,429
1,626,013
13,580
734,694
0
(1,677,793)

42,171
3,080,779
3,039,811
2,036,306
11,208
1,285,714
0
(1,344,237)

19,027,473
14,991,504
(7,489)
14,991,504

18,705,698
13,811,283
877,739
18,457,305

18,899,208
12,898,061
739,384
19,641,036

0.90

1.14
14.45
33.95
0.82
1.32
77.39
4.07
6.85
38.06
8.62
2.19
30.59
1.56
7.99
-0.08
4.39
13.32

1.21
14.27
54.25
0.76
1.32
75.96
3.76
7.63
37.38
10.83
1.58
57.30
1.67
9.43
-0.06
5.51
16.34

(6,454)
1,035

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

387

0.00
1.26

5.22
-0.03
-0.18
-0.03

0.00

0.11
-0.02
9.93

Financial Statement Analysis of Non Financial Sector 2012

Nishat Power Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

14,970,510

16,667,306

15,844,744

14,930,588

14,883,152
88,360

16,709,872

1,679
17,091,142

17,111,418

87,358
954

16,667,306
41,564

15,843,065
1,206,006

14,930,588
971,210

0
0

66,906
58,191
129

5,769,292
1,774,674
354,478

7,925,921
11,809
1,012,347

13,221,143
61,406
710,144

2,668,598

6,374,208

10,723,457

0
8,586

971,542

527,557

1,726,136

701,170
253,440

4,924,189
3,531,804

4,852,985
3,810,786

8,982,938
7,455,367

447,730

1,392,385

1,042,199

1,527,571

11,396,546
11,396,546
0

13,897,147
13,424,262
472,885

13,423,335
12,605,115
818,220

11,991,648
11,773,428
218,220

0
0

2,939,700
2,912,500

3,615,262
3,540,885

5,494,345
3,540,885

7,177,145
3,540,885

2,912,500
0
27,200
0
27,200

3,540,885

3,540,885

3,540,885

74,377

1,953,460

3,636,260

74,377

1,953,460

3,636,260

0
0
0
0
0
0
0
8,242
0
8,242

1,018,365
1,018,365

20,986,893
20,986,893

21,090,204
21,090,204

22,656

97,990

90,223

2,007
0
0
49,747
2,291
0
0
29,994

4,611
180,041
179,471
72,200
25,023

42,637
2,914,277
2,905,685
1,892,823
13,739

0
(2,991,368)

0
(1,211,533)

51,414
2,879,509
2,874,179
2,035,337
23,472
708,177
0
(1,792,590)

14,336,247
11,396,546
47,456
11,649,986

17,512,409
13,424,262
47,177
16,956,066

18,917,680
12,605,115
1,879,084
16,415,901

19,168,793
11,773,428
1,303,688
19,228,795

0.08

0.90
17.68
262.05
0.05
1.17
78.12
5.21
0.39
2.20
0.45

1.32
13.89
30.37
0.88
1.63
76.76
3.33
8.19
41.56
10.39

1.20
13.65
50.85
0.75
1.47
76.59
2.92
7.84
32.12
10.69
2.84
29.70
1.71
9.65
-0.09
5.68
20.27

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

795,521
729,320
66,201
222,844
22,656

16,108,746
14,387,594
1,721,152
4,878,147
97,990

16,152,199
14,501,855
1,650,344
4,938,005
90,223

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

388

0.00
0.10

4.12
0.33
1.69
0.35

0.00

2.87
1.40
7.09
-0.16
0.13
10.21

20.73
1.65
9.02
-0.07
5.31
15.52

0.00
0.16
10.09

Financial Statement Analysis of Non Financial Sector 2012

Oil & Gas Development Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

56,715,900

67,706,248

92,531,628

108,433,851

112,174,063

123,444,782

59,039,503

64,653,239

3,999,004
66,012,400

8,913,242
70,038,605

10,903,761
76,463,862

4,346,723
48,461,395

27,965,907
3,234,509

30,898,207
3,354,064

25,856,962
3,807,898

26,085,656
3,981,686

28,242,821
4,464,059

36,619,718
4,777,028

28,749,993

36,808,041

49,057,766
2,903,133

58,630,857
3,231,435

58,926,897
3,568,930

64,671,505
3,987,633

10,714,763

11,572,661

10,531,654

13,819,203

72,622,272
4,720,292
93,788

82,862,139
6,715,048
151,782

85,460,768
3,973,818
108,301

120,433,800
7,843,820
172,084

149,603,465
13,841,889
261,835

214,876,291
3,767,689
210,523

27,873,515

40,626,931

56,140,092

82,992,291

77,911,312

138,095,764

2,945,938
36,988,739

3,175,054
32,193,324

0
25,238,557

29,425,605

57,588,429

72,802,315

28,721,520
0

41,196,962
0

21,287,498
0

34,840,843

21,775,606

24,593,682

28,721,520

41,196,962

21,287,498

34,840,843

21,775,606

24,593,682

38,436,345

45,362,739

30,533,502
0
0

36,634,322

2,008,499
28,525,003

2,699,773
33,934,549

3,301,169
35,135,176

4,623,153
40,739,586

100,616,652
43,009,284

109,371,425
43,009,284

126,171,396
43,009,284

157,392,486
43,009,284

201,565,577
43,009,284

268,364,652
43,009,284

43,009,284
0
57,607,368

43,009,284
0
66,362,141

43,009,284

43,009,284

43,009,284

43,009,284
0
83,162,112
3,658,318
79,503,794

114,383,202
3,859,682
110,523,520

158,556,293
4,059,138
154,497,155

225,355,368
4,906,000
220,449,368

117,134,385
117,134,385
0
47,593,117

139,626,295
139,626,295
0
52,124,138

142,571,863
142,571,863

155,631,290
155,631,290

197,838,726
197,838,726

69,541,268
12,284,544

87,502,157
12,248,887

130,829,579
130,829,579
0
39,352,049
0
39,352,049
91,477,530
13,051,906
0
13,051,906

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,284,544

12,248,887

41,948,928

52,902,800

59,532,473

41,948,928
100,622,935
14,161,202

52,902,800
102,728,490
13,643,914

59,532,473
138,306,253
13,252,446

14,161,202

13,643,914

13,252,446

11,751,673
1,273,312

13,335,227
1,484,781

18,483,994
1,718,651

60,754,509
14,616,005
38,708,356
0

78,307,404
21,039,758
40,858,820
0

10,026,882
926,027
0
80,927,923
16,799,082
35,482,659
0
52,979,320

100,616,652
0
7,430,148
0

109,371,425
0
16,408,826
0

156,704,898
0
28,646,182
0

194,026,808
0
41,770,552
0

240,001,922
0
41,159,175
0

313,727,391
0
65,290,334
0

1.23
0.38
29.10
0.93
2.01
37.33
0.38
55.95
74.58
74.58
1.40
919.91

2.82
0.71
42.91
0.74
4.01
30.08
0.41
49.26
68.72
60.83
1.81
1,208.02

2.61
0.89
58.21
0.62
3.46
29.42
0.45
43.53
62.46
50.50
2.77
828.50

4.21
0.95
50.06
0.59
6.87
33.99
0.30
37.09
50.69
41.92
2.74
594.39

5.77
0.87
69.80
0.58
8.74
30.09
0.26
44.35
56.64
48.07
3.09
939.75

532,670

536,799

88,552,753
23,127,095
23,655,106
0
61,506,185

90,982,204
26,167,923
23,655,106
0
67,924,141

133,082,814
36,610,749
31,181,731
0
48,582,753

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.24
0.45
23.80
0.91
2.53
40.63
0.29
48.48
62.19
62.19
1.19
1,248.93

389

51.87
0.00
10.73
23.39

56.08
0.00
13.32
25.43

61.86
1.02
14.91
29.34

62.11
0.86
15.21
36.60

58.46
1.13
15.07
46.87

67.27
0.69
22.43
62.40

Financial Statement Analysis of Non Financial Sector 2012

Pakgen Power Limited

(Thousand Rupees)
2011
2012

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

7,637,432

8,088,987

364,540
11,338,029

1,154,920
11,363,579

7,272,873
348,460

6,934,052
364,375

19

15

14,224,302
992,177
330,227

15,536,799
113,867
312,842

11,022,948

12,770,094

1,878,950

2,339,996

8,601,828
8,495,145

9,637,256
9,517,160

106,683

120,096

13,259,906
3,720,816

13,988,530
3,720,816

3,720,816

3,720,816

9,539,090
116,959
9,422,131

10,267,714
116,959
10,150,755

31,303,251
31,303,251

33,718,174
33,718,174

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,997,530
28,154,776
842,754
2,305,721
196,023

30,612,069
29,480,092
1,131,977
3,106,105
176,824

196,023

176,824

159,649
806,547
791,280
1,368,223

183,572
1,031,242
1,022,336
2,030,910

2,418,530
0
(1,611,240)

1,116,245
0
(6,997)

13,259,906
0
(1,050,307)
8,495,145

13,988,530
0
914,665
9,517,160

1.40
2.58
35.21
1.43
1.65
92.63
0.65
6.26
10.32
10.32
0.57
94.79
2.73
4.37
-0.19
3.68
35.64

1.34
3.06
37.87
1.43
1.61
90.79
0.69
8.93
14.91
14.91
1.82
107.78
2.99
6.02
0.00
5.46
37.60

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

390

Financial Statement Analysis of Non Financial Sector 2012

S.G. Power Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

109,968

100,045

95,119

95,414

90,815

303,632

299,123

0
299,123

299,123

299,123

299,123

109,968
6,053

100,045
5,415

94,919
5,126

90,064
4,854

85,465
4,599

81,108
4,357

0
0

200

5,350

5,350

5,350

204,153
76
0

192,389
112
0

191,860
44
0

184,606
211

182,769
411

178,092
412

112,756

101,627

101,454

94,036

91,936

90,136

0
91,321

0
90,650

0
90,362

90,359

90,422

87,544

11,791
0

10,011
0

11,739
0

11,867

11,937

11,946

11,791

10,011

11,739

11,867

11,937

11,946

948

1,016

113
0
0

722

113

113
0

113
835

113
903

302,330
178,333

282,423
178,333

275,127
178,333

267,431
178,333

260,699
178,333

251,588
178,333

178,333
0
123,997

178,333
0
104,090

178,333

178,333

178,333

178,333
0
96,794
89,116
7,678

89,098
89,116
(18)

82,366
89,116
(6,750)

73,255
89,116
(15,861)

64,835
64,835
0
78,573

0
0
0
16,256

6,609

6,781

8,873

(13,738)
11,464

(16,256)
5,856

6,609
(6,609)
982

6,781
(6,781)
432

8,873
(8,873)
308

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

609

86,458

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,464

5,856

0
0
0
6,337
0
6,337
(6,337)
956
0
956

(14,380)
0
0
0

(19,906)
0
0
0

0
3
0
(7,296)
0
0
0
(68)

302,330
0
(14,380)
0

282,423
0
(19,906)
0

9.57
0.54
173.91
0.21
17.31
121.19
0.04
-4.37
-4.65
-4.65

350

982

432

308

105

63

115

(7,696)

(6,733)

(9,111)

0
4,705

0
(27)

0
(479)

275,240
0
(7,296)
0

268,153
0
(7,696)
0

261,647
0
(6,733)
0

252,604
0
(9,111)
0

10.16

8.65

7.94

7.74

7.58

0.00
19.22

0.00
16.34

0.00
15.56

0.00
15.31

0.00
14.91

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-22.18
0.00
-0.81
16.95

391

0.04
-6.56
-6.81
-6.81

0.04
-2.52
-2.62
-2.62

0.05
-2.71
-2.84
-2.83

0.05
-2.43
-2.55
-2.54

0.05
-3.39
-3.56
-3.54

0.00
-1.12
15.84

-0.01
-0.41
15.43

0.37
-0.43
15.00

0.00
-0.38
14.62

-0.04
-0.51
14.11

Financial Statement Analysis of Non Financial Sector 2012

Sitara Energy Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

2,105,173

2,204,561

2,323,286

2,492,038

2,393,526

2,178,171

2,829,988

2,987,972

20,669
2,119,623

141,647
2,226,749

144,795
2,250,067

148,323
2,245,046

2,105,173
39,966

2,204,561
60,428

1,372,794
73,641

1,303,458
80,832

1,250,298
73,436

1,170,701
79,249

0
0

63,403

49,995

49,995

929,823

983,530

948,438

809,152

756,331
2,957
41,649

1,095,286
26,217
169,252

1,162,222
24,627
123,266

1,127,173
13,387
156,419

994,313
5,029
134,355

1,110,687
8,093
76,913

220,311

359,979

473,570

405,120

359,376

502,758

50,000
441,414

0
539,838

1,380
539,380

1,715
550,532

2,841
492,712

3,480
519,443

1,009,867
836,873

1,168,255
959,713

1,460,646
1,206,170

1,571,813
1,296,945

1,857,316
1,657,762

1,510,363
1,188,158

172,994

208,542

254,476

274,868

199,554

322,205

882,845

1,075,711

312,110

867,727
300,227

296,814

949,505
167,005
0

20,000

980,000

782,500

567,500

292,500

310,000

862,845

95,711

0
0

4,314

2,110

968,792
190,920

1,055,881
190,920

1,075,357
190,920

1,179,671
190,920

1,233,709
190,920

1,466,385
190,920

190,920
0
777,872

190,920
0
864,961

190,920

190,920

190,920

190,920
0
884,437
141,646
742,791

988,751
141,780
846,971

1,042,789
142,915
899,874

1,275,465
143,554
1,131,911

1,691,898
1,691,898
0
1,515,606

2,643,961
2,643,961
0
2,276,881

3,896,185
3,896,185

3,814,178
3,814,178

4,879,166
4,879,166

176,292
40,183

367,080
61,337

3,026,399
3,026,399
0
2,565,292
2,551,158
14,133
461,107
62,419
0
62,419

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

40,183

61,337

3,414,042
3,397,026
17,016
482,143
73,297

3,354,591
3,305,510
49,081
459,587
71,318

4,353,653
4,058,476
295,177
525,513
100,840

73,297

71,318

100,840

29,202
315,455
312,982
142,233
207
38,184
0
506,920

80,523
306,251
303,654
92,091
1,023
19,092
0
206,284

84,898
269,674
268,182
251,747
590
19,092
0
320,381

1,518
339
0
0

93,359
396
47,730
0

23,319
336,834
332,709
68,212
1,438
38,184
0
428,878

1,851,637
20,000
1,179
856,873

2,131,592
980,000
45,233
1,939,713

2,024,862
949,505
28,590
2,155,675

2,047,398
867,727
103,842
2,164,672

1,530,523
292,500
71,976
1,950,262

1,778,495
310,000
232,065
1,498,158

0.27
8.39
13.02
0.59
0.75
89.58
1.95
0.06
0.16
0.10

0.33
8.57
13.62
0.80
0.94
86.12
2.13
3.03
9.22
4.69
1.95
15.62

0.34
11.13
15.65
0.87
0.80
84.76
2.24
2.01
6.40
3.28
1.75
24.55
1.21
2.25
0.18
3.50
56.33

0.27
8.10
10.40
1.08
0.72
87.63
2.07
4.00
12.61
6.99
3.72
24.91
1.45
3.65
0.21
7.44
61.79

0.20
8.03
9.42
1.13
0.54
87.95
1.75
2.63
7.63
5.15
4.77
28.39
1.30
2.41
0.10
4.77
64.62

0.34
5.53
10.30
1.48
0.74
89.23
1.24
7.54
18.65
15.22
13.16
63.44
1.94
5.16
0.18
13.16
76.81

142,013

226,518

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

40.62

392

0.09
0.00
0.06
50.74

3.53
0.00
4.87
55.30

Financial Statement Analysis of Non Financial Sector 2012

Southern Electric Power Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

6,887,497

7,039,634

7,327,682

7,206,036

6,910,749

8,817,999

9,251,853

0
9,838,573

10,034,059

10,049,985

10,418,910

6,887,497
249,643

7,039,634
283,461

7,327,682
320,801

7,206,036
327,961

6,899,154
330,400

6,937,855
355,438

0
0

11,595

19,662

909,978
99,307
75,364

924,528
41,159
34,747

1,920,860
4,499
79,279

4,251,691
39,824
304,181

3,834,995
150,675
225,725

4,025,438
237,942
272,900

90,428

404,783

1,617,302

3,465,551

2,834,594

2,594,901

0
644,879

0
443,839

0
219,780

442,135

624,001

919,695

3,152,195
1,951,208

3,184,128
2,023,457

4,175,540
2,455,893

7,017,455
3,274,988

10,765,715
3,786,579

13,309,097
4,557,576

1,200,987

1,160,671

1,719,647

3,742,467

6,979,136

8,751,521

2,465,886

2,898,402

3,044,608
3,023,297
0

2,359,196
2,331,321

1,821,085
1,534,234

1,346,796
1,104,641

Items

6,957,517

2,898,402

21,244
67

27,875

2,465,886

23,131
263,720

35,185
206,970

2,179,394
1,366,758

1,881,632
1,366,758

2,028,394
1,366,758

2,081,076
1,366,758

(1,841,056)
1,366,758

(3,672,938)
1,366,758

1,366,758
0
812,636

1,366,758
0
514,874

1,366,758

1,366,758

1,366,758

714,318

(3,207,814)

(5,039,696)

1,366,758
0
661,636
0
661,636

714,318

(3,207,814)

(5,039,696)

4,415,591
4,415,591
0
4,163,225

3,989,257
3,989,257
0
3,712,050

5,842,332
5,842,332

6,579,822
6,579,822

4,825,434
4,825,434

252,366
87,170

277,207
102,863

1,911,237
1,911,237
0
903,706
484,967
418,739
1,007,531
240,771
0
240,771

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

87,170

102,863

4,691,971
3,982,199
709,772
1,150,361
56,018

6,425,944
5,291,990
1,133,954
153,878
3,097,552

5,400,879
3,841,843
1,559,036
(575,445)
63,195

56,018

3,097,552

63,195

74,657
987,884
920,834
121,682

90,569
1,048,433
981,970
(3,917,816)
(4,316)

0
673,201

0
734,933

0
606,888
(2,326,142)
1,104,641
(1,895,092)
5,662,217

(295,124)
0
0
0

(297,762)
0
0
0

63,334
766,957
688,734
146,762
0
0
0
158,927

4,645,280
0
(295,124)
1,951,208

4,780,034
0
(297,762)
2,023,457

5,073,002
3,023,297
146,762
5,479,190

4,440,272
2,331,321
121,682
5,606,309

(19,971)
1,534,234

0.06
10.54
2.05
0.57
0.29
94.28
2.58
-3.81
-12.68
-5.88

0.14
14.36
10.15
0.50
0.29
93.05
3.23
-3.78
-14.66
-6.32

0.39
40.13
84.62
0.21
0.46
47.28
3.56
1.71
7.51
2.98

0.50
16.91
59.32
0.51
0.61
80.31
4.51
1.18
5.92
2.56

0.28
15.93
43.08
0.61
0.36
97.66
-6.84
-35.29
-3,264.57
-177.26

465,547

572,898

106,615
1,261,821
1,016,698
(1,863,487)
31,605

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

5,320,813

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

393

0.21
26.15
53.78
0.44
0.30
111.93
-3.99
-17.15
67.59
158.86

58.59

114.81

24.11
1.21
7.68
0.02
1.07
14.84

19.21
1.13
2.08
0.07
0.89
15.23

29.15
-2.99
-59.54
0.06

17.68
-0.83
-38.62
0.04
-13.87
-26.87

-6.68
0.00
-2.16
15.95

-7.46
0.00
-2.18
13.77

-13.47

Financial Statement Analysis of Non Financial Sector 2012

Sui Northern Gas Pipelines Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

2008

50,053,930

62,194,617

79,211,266

88,240,778

91,263,252

94,371,581

89,298,101

106,078,443

14,949,539
113,137,882

16,553,986
124,929,930

15,588,482
136,553,652

13,981,335
149,535,404

50,036,217
4,583,427

62,165,176
4,929,339

63,395,893
5,971,105

69,819,093
6,917,950

73,909,766
7,638,345

78,788,091
8,209,682

17,713

29,441

270,845
4,900

355,290
4,900

239,427
4,900

133,591
4,900

590,089

1,507,509

1,520,677

1,463,664

33,596,928
13,546,228
473,404

35,453,026
8,137,148
525,370

43,340,696
1,316,877
783,362

50,996,531
2,009,122
741,128

47,467,364
1,954,060
685,757

78,954,165
1,125,264
848,671

16,229,067

18,757,385

25,706,362

42,874,560

36,454,217

73,330,850

4,978
3,343,251

515,996
7,517,127

0
15,534,095

5,371,721

8,373,330

3,649,380

66,698,883
1,286,584

77,728,331
1,561,895

52,595,572
1,013,358

61,376,573
1,000,000

50,431,414
1,000,000

79,895,565
1,000,000

65,412,299

76,166,436

51,582,214

60,376,573

49,431,414

78,895,565

662,500

2,780,463

59,158,657

53,808,874
0
1,798,312

69,570,313
9,500,000
1,324,177

72,206,401
7,500,000
1,086,313

1,232,171
56,675,266

1,134,352
57,611,784

1,009,794
62,610,294

Items

1,251,220

662,500

2,780,463

392,249
51,618,313

16,289,475
5,491,053

17,138,849
5,491,053

16,147,516
5,491,053

18,702,079
5,491,053

18,728,889
5,491,053

21,223,780
5,765,606

5,491,053
0
10,798,422

5,491,053
0
11,647,796

5,491,053

5,491,053

5,765,606

13,211,026

13,237,836

15,458,174

5,491,053
0
10,656,463
0
10,656,463

13,211,026

13,237,836

15,458,174

137,187,372
137,187,372
0
123,778,570

124,155,033
124,155,033
0
109,107,461

161,629,828
161,629,828

187,837,601
187,837,601

216,652,317
216,652,317

13,408,802
12,246,368

15,047,572
14,134,052

168,933,831
168,933,831
0
164,309,992
0
164,309,992
4,623,839
6,737,381
2,001,988
4,735,393

156,016,865
5,612,963
4,855,410
2,092,261
2,763,149

184,237,173
3,600,428
6,699,036
3,577,149
3,121,887

209,422,514
7,229,803
8,180,843
4,158,903
4,021,940

4,650,154
279,380
3,879,931
873,859
1,098,211
0
16,256,271

7,203,357
3,877,833
289,248
1,687,743
975,308
549,105
274,553
2,381,118

8,493,592
3,412,328
1,598,122
4,740,885
1,093,966
1,441,402
576,561
10,215,571

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,246,368

14,134,052

156,016,865

184,237,173

209,422,514

4,249,572
1,107,566
1,647,316
0

3,981,231
626,301
1,921,869
0

5,015,553
653,182
92,534
1,730,285
0
0
0
17,431,999

16,951,975
0
1,494,690
1,286,584

19,919,312
0
1,433,061
1,561,895

69,956,390
0
1,730,285
1,013,358

77,860,736
0
1,907,861
1,000,000

88,299,202
9,500,000
163,330
10,500,000

93,430,181
7,500,000
2,205,518
8,500,000

0.45
0.63
11.83
1.64
0.50
90.23
4.14
5.28
27.07
24.99
1.91
289.79

0.35
0.64
15.11
1.27
0.46
87.88
4.70
4.39
23.82
21.60
1.75
236.32

0.51
0.39
15.22
1.38
0.82
97.26
6.59
1.57
10.40
3.85

0.73
2.88
26.53
1.16
0.83
96.53
6.45
2.96
22.27
5.25
2.74
218.09
14.89
2.40
0.13
5.47
34.06

0.76
2.06
19.41
1.35
0.94
98.08
6.41
1.21
9.02
2.03
1.30
273.91
6.83
0.90
0.02
1.30
34.11

0.93
1.58
33.85
1.25
0.99
96.66
7.17
3.04
23.73
5.22
2.53
255.28
3.97
2.19
0.07
6.33
36.81

860,715

789,247

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

394

3.10
0.00
5.72
29.67

3.21
0.00
6.11
31.21

215.65
19.70
1.02
0.16
3.15
29.41

Financial Statement Analysis of Non Financial Sector 2012

Sui Southern Gas Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

31,395,913

33,877,137

39,521,329

42,924,835

60,785,924

67,515,133

57,756,020

61,543,598

3,537,669
64,620,923

4,750,415
69,404,439

5,663,675
89,611,770

6,913,747
98,871,426

31,333,811
2,248,374

33,807,564
2,215,489

34,557,963
2,772,817

36,915,188
2,957,777

53,980,664
3,354,794

59,553,126
3,786,193

62,102

69,573

43,891
1,266,777

4,510
92,017

15,973
998,882

46,020
874,524

115,029

1,162,705

126,730

127,716

30,523,976
5,267,639
368,903

37,825,767
4,356,367
512,383

61,032,671
1,477,224
490,539

67,834,860
620,956
455,415

79,376,692
1,084,933
702,720

105,770,321
1,509,341
795,567

16,118,951

20,045,028

32,568,205

43,815,667

49,182,342

71,740,913

236,818
8,531,665

157,494
12,754,495

118,796
26,377,907

118,795
22,824,027

118,795
28,287,902

118,795
31,605,705

39,720,789
3,257,266

45,805,157
2,414,615

57,923,004
4,969,490

66,631,297
8,755,336

77,310,321
7,272,259

105,063,453
7,272,259

36,463,523

43,390,542

52,953,514

57,875,961

70,038,062

97,791,194

12,460,197

15,582,621

32,947,402
17,496,775
0

30,055,980
11,644,780

34,825,179
14,471,126

39,855,858
14,471,126

2,987,686

Items

9,472,511

15,582,621

1,308,176
14,142,451

1,530,262
16,880,938

1,825,246
18,528,807

1,825,246
23,559,486

9,738,903
6,711,743

10,315,126
6,711,743

9,683,594
6,711,743

14,072,418
6,711,743

28,027,116
8,389,679

28,366,143
8,809,163

6,711,743
0
3,027,160

6,711,743
0
3,603,383

6,711,743

8,389,679

8,809,163

6,711,743
0
2,971,851
328,681
2,643,170

7,360,675
234,868
7,125,807

9,385,491
234,868
9,150,623

9,305,034
234,868
9,070,166

10,251,946

10,251,946

85,716,663
85,716,663
0
79,789,367

86,829,339
86,829,339
0
79,425,176

107,736,781
107,736,781

114,529,160
114,529,160

130,946,444
130,946,444

5,927,296
6,882,423

7,404,163
8,128,793

108,151,087
108,151,087
0
108,672,507
102,388,858
6,283,649
(521,420)
4,571,844
715,607
3,856,237

104,896,047
95,333,111
9,562,936
2,840,734
3,241,502
714,540
2,526,962

112,284,333
102,889,971
9,394,362
2,244,827
4,726,851
973,210
3,753,641

128,391,923
117,763,432
10,628,491
2,554,521
5,762,670
1,030,460
4,732,210

7,539,687
5,015,893
2,620,138
7,013,418
609,524
1,006,761
1,677,936
6,861,393

6,777,400
5,786,122
6,417,994
5,519,679
1,325,123
2,097,420
419,484
13,097,157

6,854,451
7,531,711
7,947,440
3,880,878
1,528,201
1,982,062
9,466,842

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,882,423

8,128,793

1,335,225
370,219
335,587
0

2,381,632
415,492
838,968
0

3,719,317
4,409,792
2,599,845
416,699
0
0
0
(5,189,460)

22,199,100
2,987,686
629,419
6,244,952

25,897,747
0
1,127,172
2,414,615

42,630,996
17,496,775
416,699
22,466,265

44,128,398
11,644,780
5,397,133
20,400,116

62,852,295
14,471,126
2,097,136
21,743,385

68,222,001
14,471,126
370,615
21,743,385

0.54
2.08
18.80
1.38
0.77
93.09
5.36
2.45
12.73
6.33
2.88
232.36

0.54
2.73
23.09
1.21
0.83
91.47
5.95
3.56
23.75
9.90
2.34
169.46

0.59
4.08
30.11
1.08
1.05
100.48
9.38
0.48
4.17
1.22

0.67
4.66
40.67
0.97
1.02
97.36
6.87
6.64
59.05
16.17
6.36
236.57
3.68
6.51
0.07
9.54
20.97

0.65
5.05
42.94
0.82
1.03
98.04
4.00
4.40
26.22
10.32
2.00
162.98
1.86
4.82
0.12
5.00
33.41

0.70
5.75
54.79
0.76
1.01
98.05
5.11
2.48
13.76
5.92
1.19
164.60
1.49
2.96
0.07
2.67
32.20

1,778,740

2,370,674

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

395

1.56
0.00
1.44
14.51

2.74
0.00
2.93
15.37

220.47
1.16
0.39
-0.06
0.62
14.43

Financial Statement Analysis of Non Financial Sector 2012

The Hub Power Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2010

(Thousand Rupees)
2011
2012

2007

2008

2009

31,861,785

33,940,577

40,843,660

56,067,554

59,820,055

63,820,814

48,914,567

52,652,367

8,996,646
49,653,152

26,371,939
49,737,070

9,956,405
72,438,765

16,260,531
72,798,099

31,856,615
1,657,043

33,938,057
1,665,821

29,225,249
1,709,616

27,609,409
1,723,516

48,374,377
1,965,591

46,060,165
2,689,056

5,170

2,520

1,422,162

1,439,350

1,661,733
0

1,424,160

960,032

662,046

67,111

60,768

13,131,730
742,861
2,563,757

28,756,172
662,226
1,564,183

50,996,546
1,034,660
2,540,887

69,964,674
927,940
1,559,876

94,218,419
2,562,524
3,773,699

157,922,147
1,340,198
1,774,241

7,936,783

24,871,327

46,629,457

66,712,461

85,806,069

151,161,169

0
1,888,329

0
1,658,436

0
791,542

764,397

2,076,127

3,646,539

7,670,092
3,069,062

26,933,980
14,305,840

50,902,674
4,574,332

70,394,638
8,400,189

90,587,592
13,694,752

152,507,677
21,854,192

4,601,030

12,628,140

46,328,342

61,994,449

76,892,840

130,653,485

8,271,160

7,292,098

11,357,733
11,342,483
0

25,511,722
25,454,733

33,090,216
33,069,836

37,020,984
37,008,148

Items

8,271,160

7,292,098

15,001
249

15,689
41,300

20,380
0

12,836
0

29,052,263
11,571,544

28,470,671
11,571,544

29,579,799
11,571,544

30,125,868
11,571,544

30,360,666
11,571,544

32,214,300
11,571,544

11,571,544
0
17,480,719

11,571,544
0
16,899,127

11,571,544

11,571,544

11,571,544

11,571,544
0
18,008,255
95,687
17,912,568

18,554,324
357,415
18,196,909

18,789,122
807,790
17,981,332

20,642,756
1,020,495
19,622,261

49,575,047
49,575,047
0
45,411,178

70,428,588
70,428,588
0
65,678,654

99,694,264
99,694,264

123,309,604
123,309,604

174,712,187
174,712,187

4,163,869
252,919

4,749,934
288,770

82,783,924
82,783,924
0
76,687,113
71,894,694
4,792,419
6,096,811
415,046
0
415,046

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

252,919

288,770

92,006,319
86,246,924
5,759,395
7,687,945
485,576

114,092,576
108,141,995
5,950,581
9,217,028
535,231

159,061,500
151,647,873
7,413,627
15,650,687
465,133

485,576

535,231

465,133

257,127
1,800,556
1,563,213
5,468,837
5,785,772
0
4,645,167

531,325
3,165,721
5,572,839
5,563,212
13,751
6,364,349
0
810,478

628,838
6,664,720
6,842,300
8,580,589
5,141
6,942,926
0
242,140

2,654,237
0
3,297,890
0

2,600,583
0
2,487,882
0

210,845
2,098,138
1,912,680
3,717,099
0
3,876,467
0
15,017,419

37,323,423
0
(643,653)
3,069,062

35,762,769
0
112,701
14,305,840

40,937,532
11,342,483
(159,368)
15,916,815

55,637,590
25,454,733
(316,935)
33,854,922

63,450,882
33,069,836
(814,888)
46,764,588

69,235,284
37,008,148
1,632,522
58,862,340

1.13
2.86
16.01
1.10
1.71
91.60
0.55
6.00
8.99
6.93
0.80
19.34

0.95
2.79
35.31
1.12
1.07
93.26
1.20
4.83
9.04
7.12
1.05
45.03

0.94
2.53
56.33
0.90
1.00
92.64
2.10
4.81
12.81
9.69
0.96
32.58
2.94
4.49
0.24
3.21
25.56

0.96
1.81
66.92
0.79
0.99
92.29
3.18
5.02
18.32
11.33
0.95
63.91
4.50
5.49
0.05
4.73
26.03

0.98
2.57
69.59
0.80
1.04
92.53
4.07
3.97
18.39
9.34
0.87
32.68
2.00
4.51
0.01
4.80
26.24

1.00
3.81
86.52
0.79
1.04
91.04
5.88
4.57
27.42
12.93
1.24
98.47
2.25
4.91
0.00
7.41
27.84

1,417,499

1,965,971

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

396

5.35
0.00
2.29
25.11

3.69
0.00
2.25
24.60

INFORMATION, COMM. & TRANSPORT

SERVICES

397

Financial Statement Analysis of Non Financial Sector 2012

Information, Comm. and Transport Services - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

224,340,744

286,143,105

403,460,952

389,279,703

406,928,236

396,351,764

397,263,273

450,551,828

21,454,052
585,095,108

25,705,519
601,464,918

24,761,680
643,633,409

23,798,989
645,649,456

210,744,172
21,330,151

272,151,792
26,391,984

344,557,079
34,305,274

333,337,895
38,422,966

345,337,049
41,430,990

338,056,251
44,749,089

13,596,572

13,991,313

18,366,996
1,874,944

17,242,971
1,694,338

18,760,714
1,782,907

18,359,286
1,859,739

17,207,881

11,298,980

16,285,886

14,277,499

107,415,911
38,268,676
8,409,092

103,298,100
26,996,242
302,057

117,855,822
30,078,700
5,226,494

106,102,694
21,668,875
5,346,070

100,406,220
25,684,280
5,581,300

127,218,479
14,631,122
5,572,034

21,438,677

22,483,032

29,627,402

30,279,738

28,524,409

29,902,174

19,269,627
20,029,839

17,364,583
36,152,186

27,593,325
25,329,901

16,690,697
32,117,314

4,612,399
36,003,832

28,933,531
48,179,618

112,998,819
37,477,269

177,786,010
50,162,531

170,635,808
27,264,391

187,487,974
63,385,805

205,269,510
67,864,718

262,733,987
105,193,072

75,521,550

127,623,479

143,371,417

124,102,169

137,404,792

157,540,915

79,985,168

113,669,876

212,124,145
51,846,072
7,652,250

188,797,268
37,486,739
8,541,752

207,167,221
56,041,768
13,718,260

200,571,328
74,794,912
17,878,114

12,715,394

16,796,573

23,015,433

19,623,359

13,019,283

6,912,384

22,787,749
100,357,669

27,174,722
97,213,188

32,896,302
68,089,616

119,097,155
104,200,151

94,897,725
107,204,877

60,264,928
107,671,606

Items

67,269,774

96,873,303

32,903,524
96,706,866

138,772,668
91,991,094

97,985,319
92,622,082

138,556,821
97,436,264

90,471,099
1,519,995
46,781,574

92,442,082
180,000
5,363,237

97,428,764
7,500
1,240,759
5,973,338
(4,732,579)

104,192,651
7,500
(7,179,292)
6,233,859
(13,415,386)

107,197,377
7,500
(36,160,916)
8,662,883
(44,825,359)

107,664,106
7,500
(74,715,992)
11,778,607
(86,496,422)

39,879,798

22,076,296

23,853,764

27,309,314

189,668,819
187,797,649
1,871,170
127,060,573

207,058,349
206,093,346
965,003
152,596,362

62,608,246
45,149,053

54,461,987
89,866,684

247,207,824
240,173,980
7,033,844
176,515,245
160,824,456
15,690,789
70,692,579
53,433,569
14,492,787
38,940,782

252,917,485
244,062,084
8,855,401
186,823,752
171,923,297
14,900,455
66,093,733
48,367,598
14,456,022
33,911,576

277,726,784
270,534,066
7,192,718
224,252,494
76,579,087
147,673,407
53,474,290
57,520,005
14,939,558
42,580,447

286,219,902
278,097,988
8,121,914
232,794,798
84,263,104
148,531,694
53,425,104
65,426,685
16,763,242
48,663,443

37,650,893
15,242,239
12,285,847
14,722,235
6,174,683
10,069,922
0
57,580,620

50,071,627
17,367,261
13,405,660
(13,838,370)
4,347,382
10,850,852
0
34,551,123

54,596,209
21,992,424
16,100,800
(32,011,298)
5,831,352
15,013,741
0
23,921,689

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

45,149,053

89,866,684

15,614,323
957,969
10,437,299
89,769

(40,395,933)
1,297,598
791,380
238,950

37,396,948
16,376,525
12,167,347
8,015,976
4,765,212
8,345,679
0
42,516,320

218,757,836
12,715,394
4,219,055
50,192,663

211,655,195
16,796,573
(42,484,911)
66,959,104

350,680,966
74,861,505
(5,094,915)
102,125,896

307,894,423
57,110,098
(1,522,370)
120,495,903

302,064,946
69,061,051
(29,036,604)
136,925,769

260,836,256
81,707,296
(52,856,391)
186,900,368

0.70
5.48
11.30
0.57
0.95
66.99
1.39
4.84
10.79
7.14
1.40
22.56

0.38
6.18
10.86
0.53
0.58
73.70
2.97
-11.20
-34.12
-18.77
-52.68
685.49

0.51
6.62
11.98
0.47
0.69
71.40
2.76
1.76
6.78
2.85
0.39
47.30
1.66
3.24
0.11
0.33
14.22

0.37
6.03
11.97
0.51
0.57
73.87
3.16
2.90
11.43
4.47
0.85
47.31
2.20
5.82
0.15
0.82
11.43

0.29
6.25
10.27
0.55
0.49
80.75
4.35
-2.76
-12.93
-4.54
-1.68
49.76
-0.03
-4.98
0.08
-1.70
8.85

0.28
7.68
10.45
0.55
0.48
81.33
7.69
-6.21
-41.26
-11.37
-2.52
51.37
-0.99
-11.18
0.05
-3.51
5.60

10,387,097

12,787,621

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

398

8.23
0.00
1.62
15.34

-19.51
0.00
-4.51
10.60

Billion Rs

Growth with Composition of Assets & Liabilities

450
400
350
300
250
200
150
100
50
0

21.9%

21.1%
-2.7%

Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

30%
20%
10%
0%
-3.3%
-10%
-20%
-30%
-40%
-50%
-57.5% -60%
-70%
Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

2011

2012

Billion Rs

350

56.8%

Growth
60%

300

50%

250

40%

200

30%

150

20%

100

10%

50

3.0%

0
-50

-0.1%
Gross Profit

Sales

2011

Percentage

-10
-15

Return
-2.76 on
Assets
-6.21

Return on
Equity
-12.93

-20
-25
-30
-35
-40
-45

10

Return on
2012
-4.54
Capital
Employed
-11.37

2011
2012

7.69
4.35
0.49 0.48

0
-5

Current
Ratio

Debt
Equity
Ratio

Net
Earning
-1.7
Profit Per Share
-3.51
-4.98
Margin
after Tax

-10
-11.18
-41.26

-10%

5
Percentage

-5

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
0

0%

-15

399

Financial Statement Analysis of Non Financial Sector 2012

Hum Network Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

173,856

185,498

420,398

489,762

560,268

530,841

218,117

260,051

6,348
323,401

2,277
354,098

0
383,393

5,630
392,723

164,689
26,061

177,320
29,304

211,094
29,803

206,265
45,113

199,569
50,095

179,344
54,736

9,167

8,178

8,092
0

10,294
0

11,737
0

10,784
0

194,864

270,926

348,962

335,083

521,213
31,248
101,787

839,972
63,996
826

778,540
63,856
835

996,774
137,357
1,240

1,035,571
89,154
253

1,127,936
136,441
571

245,087

471,963

408,662

429,946

468,324

476,949

0
143,091

0
303,187

0
305,187

0
428,231

0
477,840

0
513,975

110,084
13,839

240,377
38,619

410,635
152,431

607,433
241,371

518,497
231,371

462,244
186,371

96,245

201,758

258,204

366,062

287,126

275,873

78,005

52,807

62,584
32,667
0

45,248
14,000
0

55,647
0
0

79,455
0
0

27,716
3,532

52,709
2,938

78,265
1,190

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

78,005

52,807

19,554
10,363

506,980
500,000

732,286
500,000

725,719
500,000

833,855
500,000

1,021,695
500,000

1,117,078
500,000

500,000
0
6,980

500,000
0
232,286

500,000
0
225,719
0
225,719

500,000
0
333,855
0
333,855

500,000
0
521,695
0
521,695

500,000
0
617,078
0
617,078

1,154,377
1,154,377
0
863,689

1,453,947
1,453,947
0
864,559

1,284,273
1,284,273

290,688
139,106

589,388
228,958

1,116,856
1,116,856
0
459,622
381,962
77,660
657,234
279,570
129,206
150,364

689,449
528,559
160,890
594,824
270,573
114,951
155,622

1,436,505
1,436,505
0
773,761
664,837
108,924
662,744
359,726
161,643
198,083

1,748,721
1,748,721
0
1,097,261
985,565
111,696
651,460
401,132
198,329
202,803

254,728
28,117
25,976
313,820
110,983
80,000
0
137,139

296,065
38,769
37,586
296,291
114,109
50,000
0
(23,216)

335,948
32,546
30,839
261,176
0
125,000
0
236,875

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

139,106

228,958

146,238
3,111
0
0

355,075
117,932
0
0

257,994
37,315
34,540
363,545
128,131
0
0
188,674

584,985
0
143,127
13,839

785,093
0
237,143
38,619

788,303
32,667
235,414
185,098

879,103
14,000
122,837
255,371

1,077,342
0
132,182
231,371

1,196,533
0
136,176
186,371

2.51
0.70
21.23
1.66
4.73
74.82
0.37
23.89
31.87
28.78

2.23
0.77
32.46
1.42
3.49
59.46
0.40
41.27
57.30
51.83

1.15
3.34
36.59
0.93
1.90
41.15
0.65
32.69
49.87
46.21

0.93
2.19
33.48
0.86
1.64
53.68
0.78
23.37
40.24
37.64
2.54
1,035.70
13.08
24.44
0.21
4.06
16.68

1.08
2.70
32.60
0.90
2.00
53.86
0.56
19.22
31.94
30.29
3.64
5,677.89
8.88
20.63
-0.04
3.64
20.43

1.33
1.86
27.27
1.05
2.44
62.75
0.48
16.05
24.42
22.97
2.09
3,062.56
9.47
14.94
0.44
5.22
22.34

8,028

11,190

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

400

11.34

1,760.23

1,337.55
11.53
32.55
0.40
4.71
14.51

12.67
0.00
2.86
10.14

24.42
0.00
4.74
14.65

Financial Statement Analysis of Non Financial Sector 2012

Media Times Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,673,848

1,643,125

1,720,949

1,275,364

197,943
1,324,678

90,345
1,550,921

217,958
1,541,630

0
1,735,271

1,133,914
855,001

1,234,005
129,397

1,115,047
116,628

944,673
137,298

153,778
0

153,174
0

152,907
0

152,640
0

188,213

165,601

235,037

178,051

529,520
9,178
95,356

379,127
18,461
24,156

268,892
7,824
7,155

153,868
4,676
5,456

189,216

196,072

134,581

103,506

75,000
160,770

0
140,438

0
119,332

0
40,230

355,973
77,607

220,205
51,263

281,373
62,112

349,657
65,977

278,366

168,942

219,261

283,680

408,705
46,563
293,754

436,985
0
391,629

506,568
0
441,485

129,878
0
72,961

36,544
31,844

45,230
126

54,438
10,645

56,917
0

1,438,690
1,341,383

1,365,062
1,341,383

1,201,900
1,341,383

949,697
1,788,510

1,341,383
0
97,307
76,223
21,084

1,341,383
0
23,679
76,223
(52,544)

1,341,383
0
(139,483)
76,223
(215,706)

1,788,510
0
(838,813)
76,223
(915,036)

504,415
504,415
0
324,819
92,784
232,035
179,596
187,098
7,130
179,968

498,588
498,588
0
374,137
88,932
285,205
124,451
193,106
12,242
180,864

378,729
378,729
0
326,926
84,700
242,226
51,803
204,995
7,418
197,577

275,234
275,234
0
729,932
72,235
657,697
(454,698)
216,100
12,026
204,074

145,062
38,145
99,424
(23,759)
735
0
0
(53,056)

148,488
42,452
39,222
(108,304)
2,493
0
0
219,364

137,940
82,929
81,041
(226,498)
4,011

119,327
57,616
54,862
(699,330)
0
447,128
0
(97,080)

1,847,395
46,563
(24,494)
124,170

1,802,047
0
(110,797)
51,263

1,708,468
0
(230,509)
62,112

1,079,575
0
(1,146,458)
65,977

0.77
7.56
37.51
0.23
1.49
64.40
0.53
-1.08
-1.65
-1.29

0.97
8.51
39.33
0.25
1.72
75.04
0.48
-5.13
-7.73
-5.94

0.51
21.90
35.53
0.19
0.96
86.32
0.66
-11.29
-17.65
-12.90

0.31
20.93
37.61
0.19
0.44
265.20
0.50
-40.91
-65.01
-50.17
-1.56
50.45
-11.75
-254.09
-0.20
-3.91
5.31

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

75,624

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

401

5.29
0.76
-4.71
-0.07
-0.18
10.73

20.64
-1.76
-21.72
0.33
-0.83
10.18

52.93
-1.79
-59.80
0.10
-1.72
8.96

Financial Statement Analysis of Non Financial Sector 2012

Netsol Technologies Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

561,990

973,229

1,468,015

2,183,881

3,338,776

3,885,650

468,874

720,030

61,571
705,042

165,433
805,052

219,797
1,450,133

383,040
1,556,821

364,151
31,804

537,541
72,841

519,424
88,071

522,549
314,037

1,045,138
444,106

938,407
618,414

197,839

435,688

871,832
15,188

1,493,810
0

2,073,091
0

2,501,052
0

2,089

750

63,151

1,031,106
67,529
499,012

1,504,269
127,933
0

1,448,651
227,992
0

1,998,831
197,059
0

1,800,187
222,681
0

2,250,718
138,957
0

319,109

432,861

623,499

974,046

1,021,762

993,465

15,188
130,268

15,188
928,287

0
597,160

22,120
805,606

0
555,744

0
1,118,296

286,904
137,273

460,360
214,759

402,704
200,000

565,411
200,000

804,435
200,000

790,173
20,000

149,631

245,601

202,704

365,411

604,435

770,173

13,031

18,092

135,044
87,500
34,520

71,119
62,500
0

146,983
122,832
0

201,075
176,591
0

0
8,619

0
24,151

0
24,484

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

13,031

18,092

0
13,024

1,293,161
408,043

1,999,046
597,375

2,378,918
779,102

3,546,182
779,102

4,187,545
779,102

5,145,120
779,102

408,043
0
885,118

597,375
0
1,401,671

779,102
0
2,767,080
384,063
2,383,017

779,102

779,102
0
1,599,816
273,029
1,326,787

3,408,443
356,878
3,051,565

779,102
0
4,366,018
374,765
3,991,253

1,082,420
174,690
907,730
465,783

1,556,158
1,556,158
0
613,493

616,637
199,326

942,665
285,140

1,081,395
154,449
926,946
628,826
628,826
0
452,569
366,607
85,054
281,553

2,031,256
122,860
1,908,396
665,346
665,346
0
1,365,910
371,234
96,780
274,454

2,058,465
68,373
1,990,092
825,741
825,741
0
1,232,724
504,719
143,439
361,280

2,499,656
125,525
2,374,131
1,031,672
1,031,672
0
1,467,984
506,449
136,752
369,697

84,086
24,641
23,151
979,875
3,448
97,388
0
811,890

556,469
23,603
17,767
811,662
2,524
0
0
1,300,575

624,810
13,873
6,229
992,734
0
194,776
0
644,590

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

199,326

285,140

429,488
4,068
0
89,769

776,488
6,915
59,737
238,950

69,518
19,526
18,389
300,767
6,656
0
0
423,431

1,306,192
0
425,420
137,273

2,017,138
0
709,836
214,759

2,513,962
87,500
294,111
287,500

3,617,301
62,500
879,039
262,500

4,334,528
122,832
809,138
322,832

5,346,195
176,591
797,959
196,591

1.40
0.88
29.48
0.68
3.59
43.03
0.23
32.44
38.45
38.09

1.25
0.92
27.82
0.63
3.27
39.42
0.24
38.15
47.17
46.73
12.88

2.11
1.81
57.66
0.37
3.60
58.15
0.23
11.15
13.74
13.28

2.11
1.21
47.95
0.49
3.54
32.76
0.18
27.60
33.08
31.96
10.03

1.55
1.15
49.64
0.40
2.24
40.11
0.23
17.80
21.57
20.97

1.43
0.55
39.74
0.41
2.85
41.27
0.19
17.61
21.27
20.51
5.10

9,476

14,260

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.17

402

39.68
0.00
10.43
31.69

49.90
0.00
12.88
33.46

17.36
27.81
0.79
3.77
30.53

43.33
48.24
1.28
12.53
45.52

46.68
39.43
1.37
10.39
53.75

160.37
39.71
0.65
12.74
66.04

Financial Statement Analysis of Non Financial Sector 2012

Pak Datacom Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

286,318

357,553

405,267

397,197

381,061

361,320

493,512

614,942

0
690,083

0
753,865

0
794,302

0
835,832

286,318
51,042

357,553
69,996

405,267
75,594

397,197
75,350

370,158
424,144

350,390
485,441

0
0

0
0

2,470
0

1,402
0

8,433

9,528

390,527
63,498
0

475,435
82,415
0

595,909
127,313
0

683,000
151,516
0

597,918
74,267
0

697,736
186,655
0

97,023

172,459

101,599

85,151

98,288

94,440

129,747
100,259

96,421
124,140

234,020
132,977

207,620
238,713

203,680
221,683

296,368
120,273

275,069
0

356,485
0

340,265
0

322,734
0

249,512
2,951

288,104
2,339

275,069

356,485

340,265

322,734

246,561

285,765

69,637
0
0

69,822
0
0

69,839
0
0

48,596
0
0

15,958
53,864

21,518
48,321

24,075
24,521

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

13,525
56,112

401,776
78,408

476,503
78,408

591,274
78,408

687,641
78,408

659,628
78,408

722,356
98,010

78,408
0
323,368

78,408
0
398,095

78,408
0
512,866
12,042
500,824

78,408
0
609,233
12,042
597,191

78,408
0
581,220
12,042
569,178

98,010
0
624,346
0
624,346

523,473
523,473
0
301,001

690,469
688,906
1,563
420,771

222,472
85,717

269,698
126,455

1,042,099
1,042,099
0
748,259
208,523
539,736
293,840
66,198
1,349
64,849

1,058,618
1,058,618
0
752,010
200,229
551,781
306,608
79,513
1,150
78,363

675,119
675,119
0
581,390
0
581,390
93,729
77,228
1,110
76,118

775,691
775,691
0
533,029
0
533,029
242,662
185,716
4,173
181,543

161,010
722
0
249,542
91,980
62,726
0
119,766

147,920
1,193
0
37,379
18,633
19,602
0
22,560

159,169
826
0
121,279
662,480
24,503
0
237,485

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

85,717

126,455

157,947
52,464
39,204
0

175,279
43,000
31,363
0

136,596
583
0
248,947
88,699
54,886
0
342,817

401,776
0
66,279
0

476,503
0
100,916
0

660,911
0
105,362
0

757,463
0
94,836
0

729,467
0
(856)
2,951

770,952
0
(565,704)
2,339

1.06
0.05
18.53
0.77
1.42
57.50
0.68
24.93
43.07
43.07
2.69

0.99
0.04
24.98
0.83
1.33
60.94
0.75
23.22
39.91
39.91
4.22

1.36
0.06
9.75
1.04
1.75
71.80
0.69
27.15
46.63
43.77
2.92

1.38
0.07
8.04
0.98
2.12
71.04
0.57
23.98
39.02
35.19
2.51

1.51
0.18
14.56
0.69
2.40
86.12
0.48
3.63
5.55
5.03
0.96

2.00
0.11
12.17
0.73
2.42
68.72
0.47
11.90
17.55
16.17
-22.09

30.17
0.00
13.45
51.24

25.39
0.00
16.87
60.77

23.89
0.84
20.44
75.41

23.57
0.31
20.10
87.70

5.54
0.07
2.39
84.13

15.63
0.71
-55.22
73.70

265

300

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

403

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Int. Container Terminal Ltd.

2007

2008

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

3,042,511

3,552,126

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2009

2010

4,004,667

5,840,334

5,949,032

6,108,075

5,248,107

4,762,019

1,031,764
5,769,763

454,206
6,849,306

113,453
7,435,539

51,802
7,714,708

3,004,720
212,856

3,990,261
240,331

4,724,746
281,039

5,346,132
465,250

5,434,610
514,490

5,158,005
571,475

37,791

14,406

251
0

64,989
0

476,307
0

37,625
0

83,573

83,705

83,705

675

1,349,662
380,540
168,465

1,749,615
390,458
0

1,882,786
491,188
253,915

2,355,973
1,023,176
301,086

2,926,620
1,702,396
340,791

2,751,653
1,287,694
325,369

137,846

249,275

388,046

237,352

227,340

206,418

461,004
201,807

706,580
403,302

559,847
189,790

592,372
201,987

548,004
108,089

595,458
336,714

917,730
227,768

1,393,366
440,845

1,097,705
0

1,152,357
519,782

1,265,130
535,194

1,430,912
611,411

Items

689,962

952,521

1,097,705

632,575

729,936

819,501

1,665,905

2,041,118

3,660,811
2,656,028
0

3,444,855
2,298,040
0

3,088,615
1,852,896
0

2,860,847
1,732,173
0

1,665,905

2,041,118

0
1,004,783

0
1,146,815

34,928
1,200,791

42,069
1,086,605

1,808,538
938,008

2,319,798
1,089,610

2,964,604
1,089,610

3,707,793
1,271,532

4,680,950
1,271,532

3,708,001
1,271,532

758,008
180,000
870,530

909,610
180,000
1,230,188

1,089,610
0
1,874,994
0
1,874,994

1,271,532
0
2,436,261
0
2,436,261

1,271,532
0
3,409,418
0
3,409,418

1,271,532
0
2,436,469
0
2,436,469

2,218,850
2,218,850
0
1,410,785

3,194,529
3,194,529
0
1,868,933

808,065
175,664

1,325,596
471,765

5,125,117
5,125,117
0
2,942,067
0
2,942,067
2,183,050
583,223
4,201
579,022

6,123,776
6,123,776
0
3,524,660
0
3,524,660
2,599,116
533,067
3,517
529,550

6,692,315
6,692,315

4,564,256
4,564,256
0
2,494,840
0
2,494,840
2,069,416
786,956
1,633
785,323

3,725,889
2,966,426
607,604
6,472
601,132

422,198
185,857
185,401
1,510,777
377,000
508,618
0
1,812,423

609,572
158,319
158,319
2,128,813
720,712
635,766
0
2,068,656

627,157
416,843
403,561
2,170,819
776,393
317,883
0
1,450,850
6,568,848
1,732,173
1,076,543
2,343,584

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

175,664

471,765

520,118
10,931
0
0

740,994
141,264
290,883
0

325,649
208,990
206,054
1,174,528
20,546
435,844
0
1,712,714

3,474,443
0
509,187
227,768

4,360,916
0
308,847
440,845

6,625,415
2,656,028
718,138
2,656,028

7,152,648
2,298,040
625,159
2,817,822

7,769,565
1,852,896
772,335
2,388,090

1.07
8.09
6.21
0.51
1.47
63.58
1.43
12.92
31.39
16.17

0.97
6.27
7.80
0.56
1.26
58.50
1.48
14.61
35.90
18.91
2.06

1.31
4.58
8.50
0.59
1.72
54.66
1.61
17.43
44.45
21.38
2.65
17.98
6.70
25.73
0.36
10.59
27.21

1.61
3.63
4.63
0.62
2.04
57.40
1.24
18.85
45.28
21.93
2.23
17.02
9.15
29.48
0.39
8.92
29.16

1.96
2.59
3.71
0.68
2.31
57.56
0.93
24.55
50.75
28.53
2.21
17.97
14.45
34.76
0.48
11.07
36.81

179,493

200,369

3,725,889

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

13.17

404

23.44
0.00
6.72
23.86

23.20
0.00
6.59
25.50

1.46
6.23
3.08
0.84
1.92
55.67
1.16
25.49
51.75
30.28
4.39
20.57
6.38
32.44
0.34
10.97
29.16

Financial Statement Analysis of Non Financial Sector 2012

Pakistan International Airlines Corporation Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

95,600,626

115,123,491

187,916,288

159,206,297

159,248,372

163,761,035

130,110,253

158,440,614

794,924
213,621,855

1,129,146
190,907,308

1,396,706
195,784,213

2,274,446
194,754,251

95,497,151
5,617,195

115,010,337
8,015,110

174,765,285
10,679,473

145,040,401
7,278,499

144,817,713
8,275,280

151,387,619
8,944,698

103,475

113,154

2,826,422
89,981

2,856,378
141,144

2,973,990
86,088

3,238,045
94,394

9,439,676

10,039,228

9,973,875

6,766,531

23,172,948
1,975,459
3,251,940

24,546,376
789,555
0

21,276,576
4,691,221
4,017,865

23,131,594
5,927,994
3,873,673

20,819,068
3,239,943
3,895,832

28,593,845
6,303,877
4,096,403

5,012,778

5,757,849

8,335,142

8,698,030

8,936,690

10,014,544

4,572,322
8,360,449

4,540,147
13,458,825

144,060
4,088,288

847,453
3,784,444

594,749
4,151,854

517,767
7,661,254

55,420,255
31,016,062

76,073,376
43,105,449

70,022,689
23,982,160

93,743,316
43,862,824

106,993,507
37,118,315

169,390,591
82,138,026

24,404,193

32,967,927

46,040,529

49,880,492

69,875,192

87,252,565

74,284,837

96,926,214

139,888,255
33,300,378
7,000,000

122,842,746
21,454,413
8,000,000

127,778,945
36,633,808
8,000,000

102,875,503
47,313,306
8,000,000

10,723,738

12,430,143

19,592,320

17,457,280

10,925,653

4,394,027

6,408,140
69,522,913

9,228,697
62,990,787

13,206,159
29,962,011

Items

63,561,099

84,496,071

18,307,683
61,687,874

(10,931,518)
20,878,074

(33,329,723)
21,423,014

(718,080)
23,280,356

(34,248,171)
25,774,948

(54,705,012)
28,779,674

(79,911,214)
28,779,674

20,878,074
0
(31,809,592)

21,423,014
0
(54,752,737)

23,272,856
7,500
(62,865,633)
3,473,591
(66,339,224)

25,767,448
7,500
(81,082,544)
3,725,414
(84,807,958)

28,772,174
7,500
(106,339,275)
6,592,522
(112,931,797)

28,772,174
7,500
(134,904,174)
9,771,712
(144,675,886)

38,867,197

21,059,425

22,854,589

26,213,286

70,480,734
70,480,734
0
66,221,976

88,863,258
88,863,258
0
85,275,811

124,777,545
124,777,545
0
120,202,677

4,258,758
11,193,267

3,587,447
37,054,494

117,602,938
117,602,938
0
98,755,193
98,755,193
0
18,847,745
19,099,213
6,301,504
12,797,709

127,476,192
127,476,192
0
121,658,368

103,250,358
103,250,358
0
85,023,610
85,023,610
0
18,226,748
20,967,308
6,124,229
14,843,079

121,658,368
5,817,824
22,714,119
6,830,850
15,883,269

120,202,677
4,574,868
19,929,117
7,630,949
12,298,168

14,958,414
9,622,520
8,830,856
(7,584,809)
1,533,057
0
0
4,889,493

22,263,171
10,487,413
7,254,225
(26,858,145)
1,149,809
0
0
(394,360)

24,647,070
12,169,934
9,471,178
(31,599,456)
794,946
0
0
(10,197,330)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,193,267

37,054,494

(13,070,921)
352,404
0
0

(39,987,775)
0
0
0

14,206,511
9,604,550
9,027,091
(11,784,791)
711,974
0
0
(1,910,730)

63,353,319
10,723,738
(13,423,325)
41,739,800

63,596,491
12,430,143
(39,987,775)
55,535,592

139,170,175
52,892,698
(12,496,765)
76,874,858

88,594,575
38,911,693
(9,117,866)
82,774,517

73,073,933
47,559,461
(28,007,954)
84,677,776

22,964,289
51,707,333
(32,394,402)
133,845,359

0.21
10.12
7.11
0.59
0.42
93.96
-11.87
-11.58
242.21
-20.72

0.15
9.40
6.48
0.64
0.32
95.96
-5.19
-30.95
180.69
-63.00

0.19
9.30
8.07
0.49
0.30
82.35
-292.32
-6.76
69.22
-11.62

0.17
8.18
7.40
0.64
0.25
83.97
-6.32
-3.87
43.38
-6.66

0.12
8.23
7.01
0.71
0.19
95.44
-4.29
-14.82
60.39
-33.23

0.10
9.75
8.03
0.65
0.17
96.33
-3.41
-16.97
46.95
-65.81

-18.55
0.00
-6.43
-5.24

-45.00
0.00
-18.67
-15.56

7,135,845

8,351,648

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

21.67

405

25.70
-0.31
-11.41
-0.01
-5.37
-0.31

30.36
0.14
-6.45
0.02
-3.54
-13.29

32.72
-2.70
-21.07
0.00
-9.73
-19.01

30.46
-2.34
-25.32
-0.04
-11.26
-27.77

Financial Statement Analysis of Non Financial Sector 2012

Pakistan National Shipping Corporation.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

8,041,024

1,010,823

8,729,638

15,304,451

24,527,375

23,851,749

8,758,583

1,102,632

347,599
912,445

668,762
16,941,179

257,703
26,060,281

287,652
25,651,992

8,036,074
1,257,675

1,009,174
93,458

801,558
41,567

13,597,956
3,343,223

23,215,418
2,844,863

22,326,760
3,325,232

4,950

1,649

0
1,581,131

0
970,926

0
996,638

0
1,080,596

8,350,578
907,906
444,341

12,603,513
3,394,350
0

Items

5,999,350

66,807

57,616

156,741

8,070,341
2,217,680
22,622

3,800,783
1,314,633
536,449

4,268,800
2,100,797
537,248

4,746,800
1,742,306
471,684

557,290

236,312

369,276

462,272

654,580

432,070

6,040,632
400,409

5,681,779
3,291,072

5,108,614
352,149

1,207,224
280,205

477,300
498,875

1,531,475
569,265

1,898,097
258,771

7,443,597
245,607

9,763,834
0

1,284,959
0

2,687,282
1,079,763

2,751,389
1,079,763

1,639,326

7,197,990

9,763,834

1,284,959

1,607,519

1,671,626

215,643

219,894
0
0

291,028
0
0

7,375,133
5,929,277
0

6,473,920
5,000,596
0

58,252

1,012,417

878,274

291,028
0

433,439
0

583,701
11,349

215,643

0
161,642

14,277,862
1,320,634

6,170,739
1,320,634

6,816,251
1,320,634

17,529,247
1,320,634

18,733,760
1,320,634

19,373,240
1,320,634

1,320,634
0
12,957,228

1,320,634
0
4,850,105

1,320,634
0
4,814,590
126,843
4,687,747

1,320,634
0
15,529,776
122,668
15,404,873

1,320,634
0
16,745,544
131,344
16,612,640

1,320,634
0
17,272,496
131,344
17,139,329

681,027

678,837

667,582

780,110

9,089,124
9,089,124
0
6,495,702

10,753,528
10,753,528
0
7,277,061

2,593,422
611,539

3,476,467
629,292

3,491,783
3,491,783
0
1,932,155
0
1,932,155
1,559,628
637,029
5,128
631,901

2,068,622
2,068,622
0
965,900
0
965,900
1,102,722
778,976
4,871
774,105

9,193,246
9,193,246
0
7,131,674
0
7,131,674
2,061,572
827,949
196,303
631,646

8,793,743
8,793,743
0
6,698,097
0
6,698,097
2,095,646
1,122,627
514,133
608,494

352,287
19,161
2,877
1,138,962
422,073
396,190
0
5,699,609

78,505
264,435
570,741
2,025,152
200,784
132,063
0
1,562,377

0
1,071,405
1,137,801
724,958
226,292
66,032
0
1,547,467

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

611,539

629,292

2,848,056
487,935
198,095
0

3,487,161
458,862
409,397
0

304,084
48,446
2,622
1,698,302
639,257
198,095
0
1,610,825

14,493,505
0
2,162,026
258,771

6,170,739
0
2,618,902
245,607

7,036,145
58,252
860,950
58,252

17,820,275
0
320,699
0

26,108,893
6,941,694
1,692,305
8,021,457

25,847,160
5,878,870
432,634
6,958,633

3.95
0.85
6.13
0.55
4.40
71.47
0.15
18.99
22.14
21.56
11.91
20.46

1.25
1.63
2.20
0.79
1.69
67.67
1.21
23.24
34.11
33.75
7.40

0.79
1.39
10.58
0.21
0.83
55.33
1.46
11.17
26.15
25.72
5.35
154.35
648.71
48.64
0.16
8.02
51.61

2.32
0.93
22.35
0.11
2.96
46.69
0.09
6.34
9.36
9.16
1.81
3.86
396.89
55.06
3.62
5.43
132.73

1.20
2.88
7.12
0.32
1.59
77.58
0.54
8.46
11.17
9.22
13.81
17.11
4.55
22.03
0.16
13.81
141.85

1.35
12.18
4.91
0.31
1.73
76.17
0.48
2.53
3.80
2.79
7.55
18.64
1.64
8.24
0.17
3.78
146.70

77,353

174,987

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

406

31.33
0.00
17.87
108.11

32.43
0.00
22.93
46.73

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Telecommunication Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

90,032,106

138,405,485

149,513,334

156,245,937

160,741,057

157,684,231

232,722,125

263,052,209

13,297,795
321,339,316

17,959,087
335,810,870

18,957,590
357,309,190

17,218,889
357,015,011

86,801,364
12,345,628

134,650,828
16,142,494

131,909,917
19,006,676

134,123,749
21,162,250

134,582,399
21,408,114

132,674,271
21,767,867

3,230,742

3,754,657

3,865,149
108,095

3,716,981
108,910

3,906,996
107,553

3,547,121
110,870

62,788,754
33,283,660
3,879,206

52,651,550
21,240,745
190,883

11,411,412

12,610,927

10,875,750

7,411,776
6,802,700

3,737,634
14,871,361

21,017,790
12,076,773

41,907,596
2,145,948

79,975,667
3,807,390

62,790,693
0

47,128,440
0

39,761,648

76,168,277

62,790,693

47,128,440

43,164,786

41,659,680

9,100,949

47,096,259
9,000,000
0

52,867,124
13,000,000
0

52,204,849
11,083,439
0

65,338,294
20,075,265
0

15,676,877
24,190,247

17,018,391
24,103,019

18,473,380
26,789,649

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

332,378

337,210

3,186,519

4,133,080

65,626,552
21,185,566
470,673

51,824,385
10,072,560
385,199

51,246,623
16,797,906
569,742

68,902,347
3,872,135
436,067

10,385,233

9,434,885

10,164,030

13,493,865
17,487,528

2,642,378
21,801,712

25,853,301
28,576,814

52,196,861
9,032,075

42,191,663
531,983

9,100,949

14,252,785
23,843,474

110,913,264
51,000,000

101,980,419
51,000,000

105,252,934
51,000,000

108,074,758
51,000,000

107,585,970
51,000,000

119,056,621
51,000,000

51,000,000
0
59,913,264

51,000,000
0
50,980,419

51,000,000
0
54,252,934
0
54,252,934

51,000,000
0
57,074,758
0
57,074,758

51,000,000
0
56,585,970
30,590
56,555,380

51,000,000
0
68,056,621
62,977
67,993,644

86,252,033
86,252,033
0
37,277,838

80,835,886
80,835,886
0
39,727,012

110,793,288
105,045,505
5,747,783
72,204,405
72,204,405

41,108,874
44,666,085

98,905,765
91,958,760
6,947,005
61,995,745
61,995,745
0
36,910,020
20,257,770
7,744,153
12,513,617

102,551,197
97,348,571
5,202,626
66,912,075
66,912,075

48,974,195
26,851,475

92,720,381
86,613,483
6,106,898
55,154,403
55,154,403
0
37,565,978
21,485,010
7,996,056
13,488,954

35,639,122
21,541,594
7,510,628
14,030,966

38,588,883
22,994,691
8,163,769
14,830,922

12,566,801
3,293,496
1,602,130
18,635,765
3,451,037
8,925,000
0
31,179,508

15,587,834
2,774,014
2,360,860
15,782,998
1,989,923
8,925,000
0
31,180,726

16,831,675
3,305,222
2,349,675
16,908,387
3,301,662
12,750,000
0
30,562,800

160,941,882
13,000,000
6,259,728
13,000,000

159,790,819
11,083,439
4,868,075
20,115,514

184,394,915
20,075,265
856,725
20,607,248

0.72
3.33
10.50
0.48
1.10
62.68
0.93
8.81
17.47
11.90
1.70
256.77
12.63
18.84
0.31
2.98
21.19

0.55
2.71
9.20
0.48
0.98
65.25
0.97
7.51
14.64
9.84
1.55
180.00
7.69
15.39
0.30
2.70
21.10

0.95
2.98
9.17
0.49
1.63
65.17
0.90
7.71
14.92
9.83
1.07
254.07
8.20
15.26
0.28
2.67
23.34

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

26,851,475

44,666,085

25,722,225
0
10,200,000
0

(2,502,766)
461,021
0
0

11,215,209
4,473,429
1,319,266
16,739,109
3,080,732
7,650,000
0
37,630,326

110,913,264
0
15,522,225
2,145,948

111,081,368
0
(2,963,787)
3,807,390

152,349,193
9,000,000
6,008,377
9,000,000

1.24
2.18
13.23
0.56
1.50
43.22
0.38
16.86
22.56
22.56
2.52
22.23

0.47
3.29
15.60
0.42
0.66
49.15
0.87
-1.46
-2.35
-2.25

1,880,029

2,661,347

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

407

423.48

29.82
0.00
5.04
21.75

-3.10
0.00
-0.58
20.00

0.85
4.82
11.73
0.43
1.05
59.48
1.04
8.24
16.15
12.71
1.79
197.00
13.69
18.05
0.34
2.68
20.64

Financial Statement Analysis of Non Financial Sector 2012

Southern Networks Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

225,836

194,088

170,735

145,317

130,974

109,186

301,134

302,692

3,891
299,853

3,891
299,087

0
311,023

0
313,588

189,314
32,783

162,785
28,134

136,055
20,487

115,540
23,990

109,208
19,132

95,033
16,740

36,522

31,303

26,402
4,387

21,502
4,384

17,349
4,417

12,235
1,918

45,754
1,939
5,914

29,727
1,022
4,019

13,412
1,150
4,852

11,620
564
2,035

24,737
1,582
8,883

20,221
1,388
6,425

16,247

6,888

1,028

1,798

3,798

2,083

0
21,654

0
17,798

0
6,382

0
7,223

0
10,474

0
10,325

181,148
66,205

221,100
48,794

180,515
4,627

143,620
0

94,910
0

64,784
0

114,943

172,306

175,888

143,620

94,910

64,784

15,222

8,424

28,869
0
27,000

80,029
0
76,197

148,386
0
143,548

171,222
0
165,723

3,832
0

4,838
0

5,499
0

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

15,222

8,424

1,869
0

75,220
499,755

(5,709)
499,755

(25,237)
499,775

(66,712)
499,775

(87,585)
499,775

(106,599)
499,775

499,755
0
(424,535)

499,755
0
(505,464)

499,775
0
(525,012)
27,643
(552,655)

499,775
0
(566,487)
32,703
(599,190)

499,775
0
(587,360)
86,439
(673,799)

499,775
0
(606,374)
86,439
(692,813)

50,113
50,113
0
50,096

55,367
55,367
0
76,343

17
114,007

(20,976)
30,962

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

114,007

30,962

58,796
58,796
0
65,429
14,163
51,266
(6,633)
26,108
16,381
9,727

53,736
53,736
0
63,373
13,838
49,535
(9,637)
26,702
18,058
8,644

60,161
60,161
0
69,294
30,701
38,593
(9,133)
30,047
19,775
10,272

91,696
91,696
0
84,818
48,511
36,307
6,878
34,640
22,406
12,234

17,394
7,057
36
(41,197)
14,419
0
0
(3,849)

20,034
458
0
(20,244)
6,937
124,944
0
21,419

23,692
3,930
0
(18,098)
0
124,944
0
2,317

(167,225)
286
0
0

(80,642)
286
0
0

16,825
344
242
(19,547)
6,842
0
0
15,361

90,442
0
(167,511)
66,205

2,715
0
(80,928)
48,794

3,632
0
(26,389)
4,627

13,317
0
(55,616)
0

60,801
0
(152,125)
0

64,623
0
(143,042)
0

0.10
121.04
32.42
0.18
0.25
99.97
2.61
-51.35
-105.19
-94.35

0.04
55.15
12.44
0.25
0.13
137.89
-40.20
-32.56
-232.03
-173.13

0.01
0.59
1.75
0.32
0.07
111.28
-8.30
-9.58
126.33
-615.94

0.02
13.13
3.35
0.34
0.08
117.93
-3.35
-24.16
89.61
-486.13

0.06
0.76
6.31
0.39
0.26
115.18
-2.78
-12.95
26.24
-54.63
-0.22
6.77

0.05
4.29
2.27
0.71
0.31
92.50
-2.21
-12.70
18.68
-28.76
-0.14
14.27

60,655

30,536

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

8.47

13.78

12.12
-79.77
-33.25
0.07
-0.53
-0.50

26.41
-1,143.36
-76.67
-0.02
-1.11
-1.33

-333.70
0.00
-3.35
1.51

-145.65
0.00
-1.62
-0.11

408

-33.65
0.09
-0.54
-1.75

-19.74
0.01
-0.36
-2.13

Financial Statement Analysis of Non Financial Sector 2012

TRG Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,764,967

791

3,694,825

2,257,231

1,928,827

2,261,055

1,491,603

23,173

12,255
2,622,996

52,904
2,492,618

96,801
2,049,468

62,696
2,638,928

752,482
276,685

791
2,263

996,265
359,558

639,769
364,466

472,320
309,015

594,203
311,852

2,012,485

2,610,075
0

1,397,167
60,461

1,232,525
0

1,341,899
0

76,230

106,930

127,181

262,257

2,885,180
847,015
4,869

1,499,648
2,176
0

2,561,674
321,112
10,550

3,399,636
542,563
12,388

2,608,067
464,415
11,292

2,900,423
341,990
7,952

1,223,827

2,424

1,773,993

1,662,413

1,772,833

2,167,023

9,259
800,210

1,474,704
20,344

0
456,019

0
1,182,272

0
359,527

0
383,458

1,515,181
735,454

35,589
0

5,497,622
973,618

6,092,883
1,024,789

5,804,882
1,069,166

7,085,986
1,410,711

779,727

35,589

4,524,004

5,068,094

4,735,716

5,675,275

83,050

624,025
84,661
296,976

420,207
139,824
73,926

453,164
128,420
215,000

596,541
148,720
263,183

8,791
197,666

14,709
95,035

27,251
157,387

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

83,050

7,669
234,719

4,051,916
5,193,902

1,464,850
3,853,907

134,852
3,853,907

(856,223)
3,853,907

(1,721,152)
3,853,907

(2,521,049)
3,853,907

3,853,907
1,339,995
(1,141,986)

3,853,907
0
(2,389,057)

3,853,907
0
(3,719,055)
1,037,607
(4,756,662)

3,853,907
0
(4,710,130)
959,211
(5,669,341)

3,853,907
0
(5,575,059)
808,100
(6,383,159)

3,853,907
0
(6,374,956)
475,878
(6,850,834)

8,722,720
8,722,720
0
6,157,292

8,841,513
8,841,513
0
7,949,309

2,565,428
3,015,995

892,204
3,263,802

10,378,260
10,378,260
0
8,672,789
79,445
8,593,344
1,705,471
3,416,532
0
3,416,532

9,494,946
9,494,946
0
7,603,558
51,605
7,551,953
1,891,388
3,747,993
0
3,747,993

10,218,657
10,218,657
0
8,393,282
42,329
8,350,953
1,825,375
2,858,842
0
2,858,842

12,396,447
12,396,447
0
10,142,469
47,065
10,095,404
2,253,978
2,589,123
0
2,589,123

7,437,149
204,323
187,916
(1,596,015)
26,043
0
0
(83,486)

8,201,913
195,434
181,568
(1,070,482)
26,320
963,477
0
(1,043,409)

9,148,092
215,271
194,524
(524,144)
0
963,477
0
(6,180)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,015,995

3,263,802

(574,344)
20,716
0
0

(2,118,093)
4,124
0
0

8,535,029
258,844
191,522
(1,915,073)
11,930
3,854
0
(305,740)

4,134,966
0
(595,060)
735,454

1,464,850
0
(2,122,217)
0

758,877
84,661
(1,930,857)
1,058,279

(436,016)
139,824
(1,622,058)
1,164,613

(1,267,988)
128,420
(2,060,279)
1,197,586

(1,924,508)
148,720
(1,487,621)
1,559,431

1.37
1.95
14.03
1.54
1.90
70.59
0.39
-12.34
-18.44
-18.19

41.57
2.98
0.03
5.89
42.14
89.91
0.02
-59.24
-76.79
-75.65

0.36
2.15
17.51
1.68
0.56
80.08
-7.61
-26.79
442.49
-988.67

-6.58
0.00
-1.54
10.51

-23.96
0.00
-5.51
3.80

0.38
2.49
17.09
1.66
0.47
83.57
45.40
-49.38
-239.43
-172.24
-500.01
983.72
-9.00
-18.45
-0.05
-5.00
0.35

0.39
1.91
17.35
2.25
0.45
82.14
-3.64
-21.00
83.07
125.64
-1.14
904.95
-4.90
-10.48
-0.17
-2.85
-4.47

0.35
1.74
17.48
2.40
0.41
81.82
-3.05
-10.81
24.71
32.84
-0.54
1,558.91
-1.69
-4.23
0.00
-1.36
-6.54

170,298

263,823

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1,791.48

409

766.46
-7.49
-16.81
-0.01
-4.21
-2.22

Financial Statement Analysis of Non Financial Sector 2012

Telecard Ltd.
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

7,820,628

8,408,998

6,663,767

5,348,485

4,764,682

4,819,250

6,417,148

6,293,185

535,476
6,466,698

544,525
6,511,884

546,580
6,632,498

542,169
6,692,258

4,601,312
610,302

3,824,829
664,504

2,780,833
786,798

2,095,152
734,078

1,681,843
533,923

1,316,018
431,473

3,219,316

4,584,169

2,900,823
0

2,611,521
0

2,429,939
0

2,248,686
0

446,635

97,287

106,320

712,377

1,783,820
130,191
13,130

1,987,030
35,436
10,220

2,946,006
8,772
8,857

5,196,242
82,541
8,836

4,549,089
17,093
862

4,509,636
21,423
581

203,538

325,894

723,661

1,057,917

448,850

483,901

0
1,436,961

409,722
1,205,758

75,555
2,129,161

9,571
4,037,377

31,799
4,050,485

34,180
3,969,551

4,056,412
665,830

5,854,183
937,405

3,855,443
407,783

3,199,594
269,771

2,605,931
980,462

2,469,997
520,494

3,390,582

4,916,778

3,447,660

2,929,823

1,625,469

1,949,503

2,305,130

1,805,099

2,903,898
464,000
0

3,670,554
502,000
0

2,973,465
201,625
0

3,707,187
304,167
0

1,648,801

1,128,960

23,139
3,145,415

228
2,771,612

0
3,403,020

Items

656,329

676,139

39,361
2,400,537

3,242,906
3,000,000

2,736,746
3,000,000

2,850,432
3,000,000

3,674,579
3,000,000

3,734,375
3,000,000

3,151,702
3,000,000

3,000,000
0
242,906

3,000,000
0
(263,254)

3,000,000
0
(149,568)
0
(149,568)

3,000,000
0
674,579
0
674,579

3,000,000
0
734,375
0
734,375

3,000,000
0
151,702
0
151,702

2,265,329
2,265,329
0
2,258,703

2,848,937
2,848,937
0
2,801,068

2,520,995
2,520,995
0
2,580,981
2,580,981

47,869
752,900

3,664,611
3,664,611
0
2,700,495
2,700,495
0
964,116
674,627
0
674,627

2,589,586
2,589,586
0
2,231,540
2,231,540

6,626
565,822

4,406,184
4,406,184
0
2,944,401
2,944,401
0
1,461,783
761,312
0
761,312

358,046
563,833
0
563,833

(59,986)
583,322
0
583,322

274,549
535,240
349,429
1,367,636
44,761
0
0
(1,045,010)

335,614
277,682
272,460
133,384
30,666
0
0
172,366

337,158
266,078
260,938
(846,755)
31,852
0
0
172,366

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

565,822

752,900

(532,301)
10,738
0
0

(709,147)
26,622
0
0

339,008
594,935
6,701
176,730
2,998
3,000
0
1,004,752

5,548,036
1,648,801
(543,039)
2,314,631

4,541,845
1,128,960
(735,769)
2,066,365

5,754,330
464,000
170,732
871,783

7,345,133
502,000
1,322,875
771,771

6,707,840
201,625
102,718
1,182,087

6,858,889
304,167
(878,607)
824,661

0.08
18.21
8.98
0.24
0.44
99.71
1.96
-5.10
-15.40
-9.27

0.13
16.79
11.44
0.27
0.34
98.32
2.80
-7.09
-23.72
-14.06

0.21
13.50
16.42
0.46
0.76
66.82
2.37
1.77
6.33
3.43
57.91
497.48
27.37
4.01
0.15
0.58
9.50

0.36
14.61
28.87
0.35
1.62
73.69
1.87
13.57
41.92
20.88

0.19
10.72
17.33
0.28
1.75
86.17
1.49
1.34
3.60
1.90

0.22
10.55
19.19
0.27
1.83
102.38
1.96
-9.08
-24.59
-12.48

412,482

478,281

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

410

172.53

278.76

-23.50
0.00
-1.81
10.81

-24.89
0.00
-2.45
9.12

414.74
4.91
37.32
-0.15
4.41
12.25

3,004.16
1.49
5.15
0.03
0.34
12.45

4,339.06
-2.25
-33.59
0.03
-2.93
10.51

Financial Statement Analysis of Non Financial Sector 2012

Wateen Telecom Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

18,290,717

21,737,157

23,531,170

11,971,622

3,513,632
15,510,200

3,883,565
20,297,201

2,304,106
24,032,824

2,190,030
25,839,443

14,062,017
941,294

17,224,136
3,073,065

18,766,578
5,266,246

9,089,468
6,970,074

336,907
0

310,843
318,613

299,775
442,137

280,637
411,487

378,161

1,718,574

7,983,764
397,192
158,864

8,690,288
2,016,491
8,091

4,681,997
639,194
7,341

5,455,652
492,838
13,386

3,720,786

4,073,090

2,069,795

2,138,862

0
3,706,922

0
2,592,616

0
1,965,667

0
2,810,566

10,607,753
1,466,165

24,589,313
17,016,005

22,815,510
16,455,433

24,989,220
16,821,899

9,141,588

7,573,308

6,360,077

8,167,321

10,899,317
6,155,733
0

1,218,962
0
0

6,131,283
0
4,918,227

11,803,854
0
9,376,247

48,592
4,694,992

60,059
1,158,903

10,752
1,202,304

11,291
2,416,316

4,767,411
2,087,373

4,619,170
6,174,746

(733,626)
6,174,746

(19,365,800)
6,174,746

2,087,373
0
2,680,038
179,500
2,500,538

6,174,746
0
(1,555,250)
156,748
(1,711,998)

6,174,746
0
(6,896,720)
(26,567)
(6,870,153)

6,174,746
0
(25,508,334)
(51,901)
(25,456,433)

(326)

(11,652)

(32,212)

16,184,766
16,184,766
0
11,029,489
11,029,489
0
5,155,277
3,097,524
17,307
3,080,217

3,664,611
3,664,611
0
2,700,495
2,700,495
0
964,116
674,627
0
674,627

6,964,138
6,964,138
0
5,811,009
2,013,813
3,797,196
1,153,129
5,843,649
13,935
5,829,714

7,735,746
7,735,746
0
7,172,146
2,980,502
4,191,644
563,600
14,294,819
45,273
14,249,546

1,219,451
568,393
889,654
1,680,741
44,139
0
0
321,128

274,549
535,240
349,429
1,367,636
44,761
0
0
(1,045,010)

1,119,294
2,348,358
1,860,751
(6,979,517)
2,821
0
0
(1,047,188)

1,180,999
3,193,790
1,655,718
(16,882,251)
2,134
0
0
(1,064,230)

15,666,728
6,155,733
1,636,602
7,621,898

5,838,132
0
1,322,875
17,016,005

5,397,657
0
(6,982,338)
16,455,433

(7,561,946)
0
(16,884,385)
16,821,899

0.39
3.51
22.99
0.62
0.75
68.15
4.51
6.40
35.25
10.73

0.25
14.61
111.15
0.12
0.35
73.69
5.59
4.82
29.14
12.72

0.12
33.72
29.72
0.25
0.21
83.44
-39.46
-23.80
-359.26
-124.24

0.11
41.29
27.65
0.44
0.22
92.71
-1.90
-73.98
167.99
1,560.07

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

411

101.88
2.89
10.38
0.01
7.84
22.84

452.92
4.91
37.32
-0.04
2.14
7.48

948.66
-2.75
-100.22
-0.04
-11.31
-1.19

577.90
-9.20
-218.24
-0.03
-27.34
-31.36

Financial Statement Analysis of Non Financial Sector 2012

WorldCall Telecom Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

14,200,689

15,888,289

18,673,786

18,371,831

19,946,650

20,592,354

10,738,499

12,988,982

1,650,854
15,508,778

751,378
17,891,529

650,986
19,848,915

782,635
20,508,630

9,496,190
726,340

10,879,966
891,769

12,110,704
1,139,913

12,795,044
1,414,248

13,527,048
1,224,954

13,002,060
1,113,789

4,704,499

5,008,323

4,767,265
76,162

4,606,312
89,900

5,183,628
146,074

4,987,160
160,474

68,801

129,197

438,914

1,660,025

3,182,063
560,575
35,187

3,496,659
849,040
90,868

4,142,091
336,480
182,105

3,634,441
183,960
192,917

5,578,651
327,028
201,901

5,107,644
100,742
208,140

899,052

900,712

2,116,744

2,016,418

3,252,683

2,624,883

629,699
1,057,550

702,408
953,631

378,439
1,128,323

310,472
930,674

114,489
1,682,550

104,982
2,068,897

4,114,001
1,276,779

3,415,568
390,323

5,309,977
0

8,437,709
200,000

8,951,680
1,097,876

10,469,267
1,804,098

2,837,222

3,025,245

5,309,977

8,237,709

7,853,804

8,665,169

1,214,345

3,607,173

6,126,847
18,542
0

3,338,589
15,962
0

6,234,344
89,471
0

6,284,956
44,094
0

342,855

3,237,470

3,364,861

2,166,079

1,081,213

1,640,083

871,490

369,703

175,942
2,567,502

226,979
929,569

300,075
4,763,585

387,695
4,213,084

12,054,406
7,520,607

12,362,207
8,605,716

11,379,053
8,605,716

10,229,974
8,605,716

10,339,277
8,605,716

8,945,775
8,605,716

7,520,607
0
4,533,799

8,605,716
0
3,756,491

8,605,716
0
2,441,763
766,860
1,674,903

8,605,716
0
1,285,898
764,787
521,111

8,605,716
0
1,390,316
595,312
795,004

8,605,716
0
(8,071)
851,170
(859,241)

331,574

338,360

343,245

348,130

4,678,913
4,678,913
0
2,996,702

4,814,024
4,814,024
0
3,160,996

1,682,211
1,093,458

1,653,028
1,253,154

8,408,275
8,408,275
0
7,036,603
5,266,850
1,769,753
1,371,672
1,356,317
109,314
1,247,003

7,464,404
7,464,404
0
6,615,984
4,222,860
2,393,124
848,420
1,610,041
158,112
1,451,929

8,001,013
8,001,013
0
6,012,774
3,773,351
2,239,423
1,988,239
1,460,237
50,940
1,409,297

7,118,825
7,118,825
0
6,591,422
4,312,168
2,279,254
527,403
1,961,345
28,960
1,932,385

699,240
743,413
689,424
(1,511,453)
52,628
0
0
14,888,783

717,296
714,654
610,342
100,837
80,133
0
0
654,993

561,112
1,245,090
535,475
(2,620,617)
35,593
0
0
431,759

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,093,458

1,253,154

710,995
334
0
0

43,446
22,590
0
0

626,012
523,025
371,842
(623,523)
22,573
0
0
1,535,818

13,268,751
342,855
710,661
1,619,634

15,969,380
3,237,470
20,856
3,627,793

17,505,900
3,383,403
(646,096)
3,383,403

13,568,563
2,182,041
(1,564,081)
2,382,041

16,573,621
1,170,684
20,704
2,268,560

15,230,731
1,684,177
(2,656,210)
3,488,275

0.51
6.70
19.21
0.27
0.77
64.05
0.44
4.27
6.09
5.51

0.72
9.58
18.71
0.25
1.02
65.66
0.57
0.24
0.36
0.30

0.53
6.22
25.17
0.37
0.78
83.69
1.01
-2.96
-5.25
-3.73

0.30
9.96
27.01
0.34
0.43
88.63
1.15
-6.74
-13.99
-9.73

0.41
8.93
40.65
0.31
0.62
75.15
1.47
0.42
0.98
0.67

0.27
17.49
36.87
0.28
0.49
92.59
1.87
-10.23
-27.18
-16.48

313,466

461,173

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

412

132.97

52.98

46.17
-0.68
-7.42
0.13
-0.75
13.22

38.69
-1.19
-20.25
1.26
-1.82
11.89

39.63
1.17
1.26
0.04
0.02
12.01

34.20
-3.89
-36.81
0.03
-3.09
10.40

15.20
0.00
0.94
16.03

0.90
0.00
0.02
14.37

COKE & REFINED PETROLEUM

PRODUCTS

413

Financial Statement Analysis of Non Financial Sector 2012

Coke and Refined Petroleum Products - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

51,533,745

62,476,965

132,829,786

144,406,139

177,853,737

196,443,013

86,763,890

106,336,739

27,165,270
97,488,491

25,301,531
117,578,196

14,792,079
150,650,864

19,703,098
168,766,536

51,184,295
4,549,586

62,141,118
5,285,961

49,810,306
5,662,806

63,435,599
7,266,862

88,336,659
8,745,505

95,420,057
9,308,906

349,450

335,847

585,465
33,740,952

2,130,061
35,948,361

1,869,776
53,360,626

1,456,992
57,421,962

21,527,793

17,590,587

19,494,597

22,440,904

231,547,459
34,223,708
61,516,942

365,829,239
66,825,396
110,890,572

345,051,884
37,239,112
83,988,397

442,772,415
39,387,296
102,761,119

517,775,290
30,612,660
161,993,604

680,204,708
42,808,889
157,013,752

50,252,169

90,711,066

173,064,466

230,217,263

228,740,814

381,178,223

45,953,272
39,601,368

55,532,698
41,869,507

13,248,309
37,511,600

30,410,502
39,996,235

25,094,448
71,333,764

37,148,083
62,055,761

159,829,104
17,542,891

274,564,736
26,543,107

294,254,425
32,958,463

368,372,136
26,312,262

421,997,608
42,046,207

551,350,925
58,481,879

142,286,213

248,021,629

261,295,962

342,059,874

379,951,401

492,869,046

1,521,288

1,013,258

25,692,600
5,534,040
4,023,101

28,905,869
3,378,332
5,000,944

27,174,346
1,608,586

41,527,995
131,115

321,396

107,094

Items

1,199,892

906,164

3,156,809
12,978,650

3,513,495
17,013,098

4,152,141
21,413,619

4,554,065
36,842,815

121,730,812
15,478,346

152,728,210
18,176,971

157,934,645
19,563,775

189,900,549
21,223,467

246,457,073
29,187,842

283,768,801
30,554,041

15,478,346
0
106,252,466

18,176,971
0
134,551,239

19,563,775
0
132,362,778
12,464,644
119,898,134

21,223,467
0
159,748,937
5,670,175
154,078,762

29,187,842
0
199,449,925
7,054,707
192,395,218

30,554,041
0
235,742,496
7,884,940
227,857,556

6,008,092

8,928,145

17,819,306

17,472,264

934,605,000
909,238,404
25,366,596
873,628,110

1,192,132,434
1,152,916,905
39,215,529
1,101,005,662

60,976,890
17,369,070

91,126,772
23,604,031

1,215,005,127
1,159,632,837
55,372,290
1,146,153,131
358,667,810
787,485,321
68,851,996
28,470,867
8,531,877
19,938,990

1,417,587,124
1,346,760,686
70,826,438
1,321,100,130
382,968,417
938,131,713
96,486,994
27,908,506
10,364,333
17,544,173

1,653,348,258
1,568,927,161
84,421,097
1,524,012,333
478,061,802
1,045,950,531
129,335,925
32,495,996
11,387,605
21,108,391

1,991,237,363
1,941,826,124
49,411,239
1,861,691,079
597,818,444
1,263,872,635
129,546,284
39,910,235
10,865,633
29,044,602

13,987,071
16,032,874
3,801,725
70,887,754
20,162,493
20,515,728
2,106,860
51,984,817

16,483,838
16,202,193
7,057,993
102,100,103
30,803,121
29,424,944
1,366,213
30,218,114

17,620,086
22,426,646
7,260,688
103,049,330
34,482,474
33,773,856
3,629,265
39,849,996

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,369,070

23,604,031

48,812,157
15,633,490
11,541,363
1,041,271

71,666,527
25,551,864
23,991,105
1,608,138

11,069,933
21,043,779
6,555,112
34,027,344
18,552,394
20,603,296
1,659,721
(6,220,935)

123,252,100
321,396
21,637,304
17,864,287

153,741,468
107,094
22,123,558
26,650,201

183,627,245
5,534,040
(5,128,346)
38,492,503

218,806,418
3,378,332
30,209,533
29,690,594

273,631,419
1,608,586
41,872,039
43,654,793

325,296,796
131,115
34,793,000
58,612,994

0.82
0.33
5.38
3.30
1.45
93.48
1.33
18.44
43.96
42.50
2.87
15.19

0.78
0.51
7.61
2.78
1.33
92.36
1.80
20.15
52.22
51.75
1.92
10.75

0.76
1.73
14.24
2.54
1.17
94.33
2.03
7.51
21.91
20.17
0.75
14.47
6.19
2.80
-0.02
7.91
80.73

0.81
1.13
16.24
2.41
1.20
93.19
2.09
13.31
40.76
35.23
2.47
13.79
19.65
5.00
0.13
23.90
89.48

0.67
0.98
13.84
2.38
1.23
92.18
1.82
15.92
46.80
41.47
2.42
10.21
15.47
6.18
0.07
24.43
84.44

0.84
1.13
19.14
2.27
1.23
93.49
2.09
13.11
38.87
34.41
2.03
12.68
15.19
5.18
0.07
22.44
92.87

3,071,668

6,127,018

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

414

5.22
0.00
21.44
78.65

6.01
0.00
25.37
84.02

Growth with Composition of Assets & Liabilities

Billion Rs

800
700
600
500
400
300
200
100
0

40%
35%
34.6%
30%
25%
23.9%
23.5%
20%
15%
13.1%
10%
9.5%
5%
0%
Non-Current Current Assets
Current
Non-Current
Shareholders
Assets
Liabilities
Liabilities
Equity
2011
2012
Growth
Growth & Composition of Operations
2011

2500

2012

Growth
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%

17.0%

Billion Rs

2000
1500
1000
500
0.2%
Gross Profit

0
Sales

38.87

41.47

2012

34.41

24.43

25

2011
2012

22.44

20
Percentage

Percentage

2011

46.8

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
50
45
40
35
30
25
20
15
10
5
0

0.9%

15

15.92
13.11

10
6.18

5
1.23 1.23

Return on
Return on
Assets
Equity

1.82

5.18

2.09

0
Return on
Capital
Employed

Current
Ratio

415

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Attock Petroleum Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

601,326

922,621

1,864,272

2,013,419

2,232,955

2,468,346

816,437

1,212,247

191,095
1,294,352

197,475
1,472,927

336,477
1,626,336

259,348
2,103,778

601,326
63,428

922,621
77,187

939,780
82,634

1,019,742
127,298

1,038,290
145,064

1,342,228
175,439

0
733,397

765,739

842,957

856,037

30,463

15,231

10,733

8,382,441
4,066,809
341,702

14,590,715
6,117,891
299,092

16,408,160
7,434,910
141,507

19,429,233
9,275,603
993,282

22,247,396
5,218,037
5,246,705

28,062,795
6,813,730
4,165,895

2,502,998

5,825,869

7,835,521

7,602,060

9,297,292

15,351,310

202,025
1,268,907

1,039,450
1,308,413

0
996,222

831,754
726,534

1,015,930
1,469,432

873,168
858,692

5,529,470
0

9,977,487
0

10,938,626
0

11,917,167

12,613,827

17,735,089

5,529,470

9,977,487

10,938,626

11,917,167

12,613,827

17,735,089

320,316

412,729

251,538
0
0

288,908

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

0
251,538

288,908

320,316

412,729

3,454,297
400,000

5,535,849
480,000

7,082,268
576,000

9,236,577
576,000

11,546,208
691,200

12,383,323
691,200

400,000
0
3,054,297

480,000
0
5,055,849

576,000

691,200

691,200

576,000
0
6,506,268
34,097
6,472,171

8,660,577
17,043
8,643,534

10,855,008
27,407
10,827,601

11,692,123
54,864
11,637,259

49,965,900
49,965,900
0
47,920,929

60,130,125
60,130,125
0
57,381,724

2,044,971
409,649

2,748,401
556,036

61,863,152
55,229,857
6,633,295
58,570,802
53,793,461
4,777,341
3,292,350
702,268
0
702,268

82,791,918
74,841,765
7,950,153
79,032,034
73,914,394
5,117,640
3,759,884
925,687

109,394,725
102,797,638
6,597,087
104,680,507
100,427,084
4,253,423
4,714,218
1,049,021

152,843,437
147,661,642
5,181,795
148,255,584
141,187,387
7,068,197
4,587,853
1,305,321

925,687

1,049,021

1,305,321

624,996
319,865

210,134
682,666

292,670
1,211,047

4,846,309
1,234,000
1,728,000
115,200
3,358,779

6,017,511
1,760,000
2,868,480
0
(2,668,549)

5,646,740
1,574,000
3,456,000
0
4,213,709

9,525,485
0
1,884,309
0

11,866,524
0
1,389,031
0

12,796,052
0
616,740
0

1.23
0.62
8.50
4.47
1.76
95.69
1.12
26.21
57.91
56.26
1.48
20.85

1.30
0.79
10.04
5.01
1.58
97.00
1.47
20.53
47.19
45.79
1.18
36.69

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

409,649

556,036

2,435,606
723,000
560,000
80,000

3,529,552
924,000
960,000
96,000

370,129
28,992
0
4,280,419
1,120,000
1,440,000
0
2,000,812

3,454,297
0
1,152,606
0

5,535,849
0
1,645,552
0

7,333,806
0
1,720,419
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.22
0.00
5.01
5.56
1.52
95.91
1.60
31.29
88.57
88.57
3.06
146.23

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

416

1.30
0.00
9.69
3.88
1.46
95.43
1.80
28.82
78.52
78.52
2.71
201.04

1.40
0.05
12.67
3.39
1.50
94.68
1.58
25.34
67.85
66.52
2.19
437.17

1.49
0.39
9.18
3.86
1.63
95.46
1.32
24.41
59.40
57.49
2.09
83.35

4.87
0.00
42.82
86.36

5.87
0.00
54.28
115.33

6.92
0.18
54.87
122.96

5.85
0.28
62.71
160.36

5.50
-0.21
61.60
167.05

3.69
0.23
58.92
179.16

Financial Statement Analysis of Non Financial Sector 2012

Attock Refinery Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,968,135

2,929,652

18,415,324

19,957,153

28,337,372

28,084,847

6,347,549

6,663,704

336,072
6,383,506

260,908
6,543,471

279,099
13,415,929

469,516
13,496,055

2,968,135
340,410

2,929,652
391,506

2,524,816
127,932

2,565,183
123,925

9,337,332
108,191

9,308,006
113,487

0
15,299,218

16,915,229

18,493,118

18,134,870

255,218

215,833

227,823

172,455

29,219,818
8,880,114
3,852,646

47,151,531
18,944,632
4,844,853

28,140,279
6,803,995
4,869,728

42,297,522
3,971,738
7,179,547

40,600,949
3,865,089
10,873,194

70,524,659
9,850,286
10,651,284

6,234,918

9,207,238

15,510,180

30,430,592

25,053,997

49,116,266

9,261,339
990,801

13,135,579
1,019,229

0
956,376

715,645

808,669

906,823

26,485,949
0

38,458,853
0

32,302,627
0

46,259,902

42,339,112
1,108

70,089,596
3,288

26,485,949

38,458,853

32,302,627

46,259,902

42,338,004

70,086,308

140,022

158,401

120,130
0
0

140,022

120,130
0

158,401
0

5,702,004
568,620

11,622,330
710,775

14,132,846
852,930

15,854,751
852,930

26,440,808
852,930

28,519,910
852,930

568,620
0
5,133,384

710,775
0
10,911,555

852,930

852,930

852,930

852,930
0
11,356,577
5,296,593
6,059,984

13,078,482
4,723,028
8,355,454

16,842,661
5,894,474
10,948,187

18,921,763
6,878,962
12,042,801

1,923,339

1,923,339

8,745,217

8,745,217

74,316,619
66,083,779
8,232,840
73,462,649

93,654,305
82,828,681
10,825,624
89,646,373

88,184,026
88,184,026

116,397,374
116,397,374

154,381,558
154,381,558

853,970
293,975

4,007,932
454,187

77,260,500
69,188,235
8,072,265
75,342,096
72,928,397
2,413,699
1,918,404
367,950
20,809
347,141

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

293,975

454,187

88,693,686
86,477,494
2,216,192
(509,660)
346,870
24,834
322,036

114,900,768
114,444,741
456,027
1,496,606
524,509
32,881
491,628

152,362,204
147,485,041
4,877,163
2,019,354
642,161
37,615
604,546

595,087
308,797
1,344
(181,992)
270,900

1,038,489
994,739
4,718
2,771,228
1,560,200
639,698
0
4,797,847

325,717
476,500
227,448
142,155

2,887,223
1,054,100
568,620
142,155

489,867
1,471,525
0
1,072,629
631,700
0
0
(11,543,764)

5,702,004
0
(378,231)
0

11,622,330
0
1,264,503
0

14,252,976
0
440,929
0

15,994,773
0
(452,892)
0

26,599,209
0
952,793
1,108

28,519,910
0
571,331
3,288

0.92
0.32
8.39
2.31
1.10
98.85
4.65
1.06
6.01
4.57
-0.66
19.29

1.07
1.33
9.83
1.87
1.23
95.72
3.31
7.02
33.33
33.33
3.22
19.33

0.69
1.90
20.08
1.66
0.87
97.52
2.29
2.22
8.33
8.29

0.74
0.35
34.51
1.42
0.91
100.58
2.93
-0.33
-1.21
-1.20

0.68
0.04
21.52
1.69
0.96
98.71
1.61
3.80
11.79
11.70
6.59
10.70
2,599.83
2.14
-0.05
13.17
310.00

0.84
0.64
31.81
1.57
1.01
98.69
2.46
3.31
10.08
10.06
1.89
14.49
588.37
1.80
0.07
14.20
334.38

234,278

1,244,373

0
(3,739,484)

856,538
45,408
959
2,492,279
1,368,900
170,586
0
(1,974,875)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

417

15.87

12.28
-134.41
-0.21
-0.08
-5.31
185.89

0.44
0.00
-2.65
100.28

3.08
0.00
25.79
163.52

1.39
-0.36
5.17
165.70

Financial Statement Analysis of Non Financial Sector 2012

Byco Petruleum Pakistan

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

6,401,691

8,575,551

14,874,321

17,192,986

22,060,622

24,158,532

7,275,720

9,698,575

4,297,952
12,091,616

6,866,005
12,433,065

6,459,916
18,444,991

9,709,039
18,459,679

6,387,534
219,890

8,564,933
249,322

10,480,610
482,019

10,203,285
630,610

15,526,412
701,459

14,337,321
1,190,377

14,157

10,618

32,619

29,661

7,079
0

39,116

88,680

84,580

41,675

82,511

8,840,938
1,788,863
5,177,422

23,486,044
7,906,497
11,934,244

16,744,472
2,078,445
4,487,801

13,629,157
1,046,352
4,927,938

12,038,795
271,254
4,113,023

14,067,286
201,523
2,956,264

1,079,213

3,217,917

9,089,974

6,861,842

6,658,446

9,538,590

300,000
495,440

0
427,386

0
1,088,252

793,025

996,072

1,370,909

8,742,243
859,375

26,027,414
1,605,532

23,129,180
1,660,246

26,333,231
508,809

29,587,919

39,226,507

7,882,868

24,421,882

21,468,934

25,824,422

29,587,919

39,226,507

1,451,589

933,899

11,081,333
5,432,145
4,023,101

10,266,838
3,290,451
5,000,944

4,468,697
1,506,738

2,597,053

321,396

107,094

1,130,193

826,805

12,259
1,613,828

5,048,797
2,450,652

5,100,282
3,921,044

2,450,652
0
2,598,145

3,921,044
0
1,179,238

23,349,577
22,435,606
913,971
23,422,062

40,092,140
40,092,140
0
37,950,232

(72,485)
196,142

2,141,908
1,647,747

Items

22,959
1,952,484

37,313
2,924,646

43,916
2,553,137

(2,591,720)
3,921,044

(5,777,926)
3,921,044

42,801
9,778,587

(3,597,742)
9,778,587

3,921,044
0
(10,597,517)
0
(10,597,517)

3,921,044
0
(13,559,848)

9,778,587
0
(15,665,947)

9,778,587
0
(18,959,448)

(13,559,848)

(15,665,947)

(18,959,448)

4,084,753

3,860,878

5,930,161

5,583,119

44,621,016
39,103,284
5,517,732
48,530,050
46,184,170
2,345,880
(3,909,034)
595,161
192,809
402,352

41,097,707
32,320,908
8,776,799
40,433,035
39,115,366
1,317,669
664,672
1,233,943
637,710
596,233

38,944,270
30,844,800
8,099,470
38,133,858
27,913,678
10,220,180
810,412
1,934,252
982,733
951,519

19,078,804
15,686,935
3,391,869
20,699,581
11,112,671
9,586,910
(1,620,777)
978,802
311,511
667,291

539,700
3,026,132
(2,852,437)
249,373

691,970
2,096,783
1,964,719
(2,244,431)
240,758

411,729
2,965,428
2,595,306
(3,882,726)
35,856

0
2,013,478

0
3,186,089

0
2,447,473

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

196,142

1,647,747

(628,204)
96,859
0
0

183,981
179,031
0
0

365,632
6,431,727
1,989,011
(10,327,182)
55,177
0
0
(5,837,508)

6,500,386
321,396
(725,063)
1,180,771

6,034,181
107,094
4,950
1,712,626

8,489,613
5,432,145
(10,382,359)
7,092,391

4,488,912
3,290,451
(3,101,810)
3,799,260

4,511,498
1,506,738
(2,485,189)
1,506,738

(1,000,689)
0
(3,918,582)
0

0.36
1.74
4.62
1.53
1.01
100.31
2.02
-4.77
-16.09
-12.25

0.43
1.24
8.03
1.25
0.90
94.66
5.29
0.78
3.63
2.94

0.48
14.41
20.37
1.41
0.72
108.76
-13.20
-32.43
-823.35
-142.21

0.30
7.36
16.70
1.33
0.52
98.38
-6.33
-9.14
68.16
-43.96

0.23
5.38
17.10
1.14
0.41
97.92
795.70
-6.91
78.27
-49.87

0.25
15.54
50.00
0.50
0.36
108.50
-11.62
-10.74
218.44
-221.19

405,647

497,179

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

418

4.51

3.36

9.94
-4.19
-23.14
-0.17
-26.48
-6.61

8.34

9.47
-0.14
-5.76
0.09
-2.54
0.04

6.45
-0.50
-20.35
0.06
-4.01
-3.68

-2.69
0.00
-2.96
20.60

0.46
0.00
0.01
13.01

-6.94
0.06
-7.91
-14.74

Financial Statement Analysis of Non Financial Sector 2012

National Refinery Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,361,478

2,613,187

3,188,894

3,771,585

3,327,820

3,629,215

7,416,800

7,907,169

923,463
7,623,624

534,040
8,471,125

231,276
9,032,071

592,552
9,244,588

2,343,352
195,768

2,601,276
239,204

2,095,848
228,331

2,714,181
235,129

3,003,479
280,284

2,939,577
287,364

18,126

11,911

35

1,484

5,938
0

138

163,645

523,226

93,030

95,602

30,280,081
11,492,152
7,687,420

43,991,428
13,122,136
13,288,291

39,155,717
7,800,079
12,251,181

47,867,534
16,209,008
11,798,203

53,366,439
9,058,203
19,346,929

53,485,212
10,078,554
25,359,710

6,130,324

10,173,051

14,841,288

16,291,704

14,100,493

13,262,184

0
4,970,185

3,615,359
3,792,591

0
4,263,169

3,568,619

10,860,814

4,784,764

19,895,170
0

29,185,570
0

24,856,323
0

31,861,654

31,858,318

31,491,948

19,895,170

29,185,570

24,856,323

31,861,654

31,858,318

31,491,948

228,766

396,084

135,547
0
0

139,492

135,547
0

139,492
0

179,857
48,909

223,437
172,647

12,746,389
666,388

17,419,045
799,666

17,352,741
799,666

19,637,973
799,666

24,607,175
799,666

25,226,395
799,666

666,388
0
12,080,001

799,666
0
16,619,379

799,666

799,666

799,666

799,666
0
16,553,075
3,932,897
12,620,178

18,838,307
14,259
18,824,048

23,807,509
14,259
23,793,250

24,426,729
14,259
24,412,470

109,145,970
92,926,185
16,219,785
102,882,180

146,233,271
124,753,735
21,479,536
135,552,515

6,263,790
1,155,225

10,680,756
1,922,197

109,578,364
96,153,149
13,425,215
104,301,665
101,831,561
2,470,104
5,276,699
1,434,003
860,112
573,891

110,186,374
92,404,378
17,781,996
103,853,566
102,309,484
1,544,082
6,332,808
1,779,533
996,099
783,434

148,558,492
123,338,516
25,219,976
138,551,416
134,383,900
4,167,516
10,007,076
2,325,572
1,135,999
1,189,573

174,797,075
147,832,915
26,964,160
170,074,583
165,818,161
4,256,422
4,722,492
2,064,592
1,264,034
800,558

1,050,797
695,757
348,289
5,135,622
2,112,460
1,599,332
0
10,192,154

1,217,674
150,468
113,114
10,028,610
2,978,436
1,999,165
0
(491)

1,321,465
1,342,860
9,189
4,451,872
1,678,338
1,199,499
0
(3,383,413)

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,155,225

1,922,197

6,094,700
2,003,100
133,278
133,278

8,831,292
2,917,200
159,933
0

1,038,419
2,394,388
0
2,813,456
1,024,349
999,583
0
(7,397,293)

12,746,389
0
3,958,322
0

17,419,045
0
5,754,159
0

17,488,288
0
789,525
0

19,777,465
0
1,423,830
0

24,835,941
0
5,051,009
0

25,622,479
0
1,574,035
0

0.89
0.01
5.62
3.34
1.52
94.26
1.56
21.18
55.10
55.10
30.70
14.20

0.92
0.91
6.96
3.14
1.51
92.70
1.68
22.29
58.55
58.55
36.98
11.00

0.91
2.19
13.54
2.59
1.58
95.18
1.44
6.33
16.18
16.12
1.79
8.94

1.02
0.63
14.79
2.13
1.50
94.25
1.63
10.93
27.77
27.56
1.89
9.34
15.75
4.66
0.32
37.81
245.58

0.73
0.10
9.49
2.62
1.68
93.26
1.30
18.51
45.33
44.96
3.53
7.68
89.66
6.75
0.00
88.16
307.72

0.74
0.77
7.59
3.06
1.70
97.30
1.26
7.82
17.87
17.65
2.31
6.89
485.48
2.55
-0.11
34.68
315.46

6,554

1,331,669

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

419

5.58
0.00
61.40
191.28

6.04
0.00
73.96
217.83

2.57
-0.30
22.37
217.00

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Oilfields Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

8,153,327

10,359,216

26,573,959

29,369,919

32,506,659

35,481,810

10,712,568

13,015,437

2,151,621
5,186,238

105,507
7,847,209

135,754
8,482,506

188,670
8,945,937

8,153,327
285,180

10,359,216
580,625

1,922,991
417,283

4,054,371
620,514

4,184,045
617,141

4,039,308
645,691

0
11,330,404

11,829,109

12,787,649

30,420
12,636,293

11,168,943

13,380,932

15,399,211

18,587,119

16,867,069
3,173,303
69,207

22,508,772
7,424,725
57,611

9,957,920
4,074,756
95,971

12,465,495
4,177,531
104,073

17,967,755
6,942,334
133,966

19,599,178
8,870,465
150,799

2,343,639

1,800,233

1,827,533

2,584,625

4,343,778

3,007,355

8,734,654
2,546,266

10,214,926
3,011,277

6,623
3,953,037

2,282,908
3,316,358

3,227,373
3,320,304

4,009,915
3,560,644

5,544,193
0

7,498,072
0

2,804,032
0

3,384,163

5,481,992

6,122,956

5,544,193

7,498,072

2,804,032

3,384,163

5,481,992

6,122,956

8,333,397

11,152,585

6,148,624
0
0

6,993,214

8,758
6,139,866

6,993,214

852
8,332,545

1,310
11,151,275

19,476,203
1,971,216

25,369,916
1,971,216

27,579,223
2,365,459

31,458,037
2,365,459

36,659,025
2,365,459

37,805,447
2,365,459

1,971,216
0
17,504,987

1,971,216
0
23,398,700

2,365,459
0
25,213,764
557,087
24,656,677

2,365,459
0
29,092,578
437,691
28,654,887

2,365,459
0
34,293,566
623,053
33,670,513

2,365,459
0
35,439,988
582,878
34,857,110

16,331,115
16,331,115
0
7,794,591

18,722,408
18,722,408
0
8,087,533

18,418,349
18,418,349

25,670,744
25,670,744

29,515,738
29,515,738

8,536,524
1,001,077

10,634,875
1,736,721

14,545,279
14,545,279
0
6,126,443
0
6,126,443
8,418,836
2,656,910
0
2,656,910

714,525
(753,468)

10,319,241
1,483,928
6,031,920
0
9,334,771

15,900,217
3,457,896
8,279,107
0
12,497,013

16,750,966
4,413,231
12,418,660
0
15,352,393

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,001,077

1,736,721

7,454,688

9,952,235

11,865,361

7,454,688
10,963,661
2,410,994

9,952,235
15,718,509
2,288,449

11,865,361
17,650,377
2,021,964

2,410,994

2,288,449

2,021,964

1,263,363
(1,189,630)

1,516,047
685,437

8,222,587
1,457,000
2,956,824
0

9,576,248
2,479,217
3,153,946
394,243

541,244
512,785
0
7,227,855
572,623
4,257,826
0
5,555,728

19,476,203
0
3,808,763
0

25,369,916
0
3,943,085
0

33,727,847
0
2,397,406
0

38,451,251
0
2,803,393
0

44,992,422
0
4,163,215
0

48,958,032
0
(80,925)
0

2.57
1.38
14.35
0.65
3.04
47.73
0.28
34.08
48.23
46.04
2.29
235.97

2.59
2.08
9.62
0.57
3.00
43.20
0.30
33.09
42.71
42.71
2.25
324.98

2.11
3.53
12.56
0.40
3.55
42.12
0.32
20.83
27.30
24.46
1.56
151.56

2.67
-4.09
14.03
0.44
3.68
40.47
0.33
26.34
34.96
28.59
1.46
176.98

2.65
-4.63
16.92
0.51
3.28
38.77
0.38
34.45
46.68
38.11
1.50
191.62

2.59
2.32
10.19
0.54
3.20
40.20
0.46
31.74
44.99
35.66
0.99
195.73

226,016

389,390

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

420

50.35
0.00
34.32
98.80

51.15
0.00
36.00
128.70

49.69
0.62
28.14
116.59

56.03
0.90
37.35
132.99

61.94
0.90
52.60
154.98

56.75
0.89
52.16
159.82

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Petroleum Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

15,377,148

21,368,020

37,477,478

44,522,467

62,682,907

77,297,268

24,213,098

35,853,636

16,444,583
34,950,465

14,786,064
46,802,606

5,580,023
64,584,833

7,186,248
79,466,682

15,226,821
1,636,347

21,187,166
2,147,646

18,318,870
2,308,665

26,909,324
3,437,317

39,838,249
4,883,082

48,127,203
4,883,082

150,327

180,854

207,264
1,854,333

374,850
1,804,498

487,195
16,102,548

433,569
20,759,505

652,428

647,731

674,892

790,743

34,991,977
787,384
1,474,655

39,655,241
1,094,892
0

45,438,653
1,384,353
0

63,057,116
1,874,393

61,448,104
1,503,126

93,253,919
1,675,160

9,002,094

13,228,456

27,779,864

30,811,189

32,096,358

50,159,492

22,193,282
1,534,562

22,749,486
2,582,407

13,241,686
3,032,750

27,295,840
3,075,694

20,851,145
6,997,475

32,265,000
9,154,267

10,201,922
50,696

17,291,426
44,795

14,648,084
45,946

19,623,088
1,210,728

19,508,473
53,428

21,267,676
82,923

10,151,226

17,246,631

14,602,138

18,412,360

19,455,045

21,184,753

69,152

77,564

5,209,490
100,105
0

8,050,264
87,881

10,199,505
101,848

22,899,324
131,115

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

Items

69,152

77,564

990,685
4,118,700

1,135,029
6,827,354

1,340,573
8,757,084

1,561,710
21,206,499

40,098,051
6,858,376

43,654,271
7,544,200

63,058,557
8,298,606

79,906,231
9,958,298

94,423,033
11,949,930

126,384,187
13,144,909

6,858,376
0
33,239,675

7,544,200
0
36,110,071

8,298,606
0
54,759,951
1,428
54,758,523

9,958,298
0
69,947,933
1,428
69,946,505

11,949,930
0
82,473,103
1,428
82,471,675

13,144,909
0
113,239,278
1,428
113,237,850

51,079,679
51,079,679
0
26,538,401

57,884,679
57,884,679
0
28,378,275

59,961,616
59,961,616

78,252,395
78,252,395

96,221,728
96,221,728

24,541,278
2,600,106

29,506,404
2,085,367

61,580,072
61,580,072
0
20,624,486
0
20,624,486
40,955,586
3,103,270
0
3,103,270

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,600,106

2,085,367

25,349,117

30,597,067

38,522,113

25,349,117
34,612,499
2,567,955

30,597,067
47,655,328
3,591,519

38,522,113
57,699,615
4,654,529

2,567,955

3,591,519

4,654,529

3,868,609
154,832
57,910
34,528,207
9,727,779
8,962,468
1,991,660
26,459,883

4,611,821
205,444
58,839
48,364,644
14,716,650
14,339,916
1,194,993
30,130,644

5,214,363
179,005
29,749
64,528,686
18,341,069
15,116,645
3,286,227
30,340,278

24,356,770
8,015,087
3,086,269
685,838

30,446,555
9,366,685
11,693,510
754,420

3,103,270
93,628
19,236
41,908,420
14,082,203
10,788,188
1,659,721
13,293,274

40,167,203
0
13,255,414
50,696

43,731,835
0
9,386,360
44,795

68,268,047
100,105
17,038,029
146,051

87,956,495
87,881
15,837,960
1,298,609

104,622,538
101,848
19,308,078
155,276

149,283,511
131,115
31,070,972
214,038

3.13
0.10
17.62
1.01
3.43
51.95
0.26
53.28
68.58
68.44
5.29
34.64

2.14
0.12
22.85
0.95
2.29
49.03
0.40
54.67
72.71
72.58
1.80

2.89
0.15
45.11
0.74
3.10
33.49
0.31
58.23
78.54
74.84
2.58

3.06
0.26
51.38
0.56
3.21
42.28
0.35
36.25
48.30
44.20
2.77

2.79
0.26
41.02
0.63
3.15
39.10
0.31
41.75
55.49
50.23
2.35

3.95
0.19
52.13
0.56
4.38
40.03
0.35
43.80
58.45
50.83
3.06

49,424

66,624

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

421

47.68
0.00
23.83
58.47

52.60
0.00
27.94
57.86

2,179.65
68.06
0.67
33.53
75.99

597.24
57.58
0.96
24.90
80.24

822.98
61.81
1.01
28.16
79.02

2,170.10
67.06
0.69
35.14
96.15

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Refinery Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

952,118

989,865

3,412,936

5,696,266

4,448,453

4,560,523

1,841,574

2,030,504

1,381,075
2,131,135

1,562,378
5,361,657

216,642
5,626,275

239,255
5,866,627

930,675
132,110

975,774
143,831

954,988
130,813

4,036,490
155,256

4,142,422
162,512

4,222,326
195,230

21,443

14,091

6,739
57,280

66,663

70,576

77,834

1,012,854

30,735

18,813

21,108

13,734,415
1,698,277
5,107,781

22,782,211
2,646,115
9,102,109

29,153,909
3,909,833
8,367,282

25,163,450
9,590
6,810,970

20,530,314
7,164
9,054,172

29,650,675
306,661
7,828,060

4,779,465

10,427,821

14,431,063

16,120,819

9,979,708

20,714,181

255,846
1,893,046

58,603
547,563

0
2,445,731

2,222,071

1,489,270

801,773

9,881,450
0

16,966,171
0

30,383,131
4,105,936

28,509,765
3,171,710

22,383,185
1,705,128

33,263,371
453,019

9,881,450

16,966,171

26,277,195

25,338,055

20,678,057

32,810,352

1,138

18,665

36,044

4,372
0
0

4,372
0

1,138
0

12,077
6,588

15,839
20,205

4,805,083
300,000

6,805,905
350,000

2,179,342
350,000

2,348,813
350,000

2,576,917
350,000

911,783
350,000

300,000
0
4,505,083

350,000
0
6,455,905

350,000

350,000

350,000

350,000
0
1,829,342
897
1,828,445

(1,145,115)
897
(1,146,012)

(917,011)
897
(917,908)

(2,582,145)
897
(2,583,042)

3,143,928

3,143,928

3,143,928

67,385,920
67,385,920
0
66,609,969

107,300,775
107,300,775
0
102,969,009

775,951
270,663

4,331,766
1,079,720

76,861,057
69,790,188
7,070,869
79,874,195
79,048,218
825,977
(3,013,138)
288,636
120,841
167,795

76,658,272
67,654,609
9,003,663
77,289,144
75,216,281
2,072,863
(630,872)
289,187
126,394
162,793

96,450,545
83,270,461
13,180,084
94,032,891
93,724,259
308,632
2,417,654
1,790,000
164,585
1,625,415

127,174,808
113,303,716
13,871,092
126,289,125
125,078,359
1,210,766
885,683
368,726
160,161
208,565

344,746
1,134,272
429,219
(1,914,433)
91,294
0
(2,830,971)

436,033
212,009
185,985
734,122
575,754
52,500
0
1,638,037

541,205
1,754,884
406,893
(896,509)
706,739
0
0
1,787,387

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

270,663

1,079,720

504,265
288,440
99,000
0

3,254,618
1,153,180
0
50,100

390,389
2,477,467
343,481
(5,501,398)
85,872
0
0
(1,397,205)

4,805,083
0
116,825
0

6,805,905
0
2,101,438
0

2,183,714
0
(5,587,270)
4,105,936

2,349,951
0
(2,005,727)
3,171,710

2,595,582
0
105,868
1,705,128

947,827
0
(1,603,248)
453,019

0.60
3.22
18.78
2.36
0.96
103.92
13.94
-19.53
-122.45
-122.39

0.57
1.48
21.03
2.48
0.88
100.82
12.14
-6.04
-84.56
-84.45

0.45
0.22
10.35
3.86
0.92
97.49
8.69
2.63
29.81
29.69
3.02
10.65
4.95
0.76
0.07
4.52
73.63

0.63
1.38
16.29
3.72
0.89
99.30
36.52
-3.03
-51.40
-50.60

81,718

253,047

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.68
0.12
7.09
4.59
1.39
98.85
2.06
3.78
10.78
10.78
2.18
13.19

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

422

0.77
0.24
9.72
4.51
1.34
95.96
2.49
16.93
56.06
56.06

11.79

9.19
-15.02
-7.16
-0.05
-159.64
62.27

11.26
-3.46
-2.50
-0.10
-57.31
67.11

0.75
0.00
7.19
160.17

3.03
0.00
60.04
194.45

16.25
-1.20
-0.70
0.05
-45.81
26.05

Financial Statement Analysis of Non Financial Sector 2012

Pakistan State Oil Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

8,138,529

7,566,051

14,732,119

8,874,593

9,858,510

9,631,610

16,244,045

16,774,554

698,501
16,692,857

644,850
17,106,763

424,790
18,086,155

492,556
18,858,106

8,012,317
1,098,157

7,460,549
1,119,137

6,288,524
1,141,698

5,730,383
1,137,637

5,659,941
1,120,999

5,339,437
1,127,587

126,212

105,502

68,872
2,153,514

36,250
2,019,270

28,822
2,314,168

29,991
1,968,073

5,522,708

443,840

1,430,789

1,801,553

66,598,786
1,522,276
29,562,055

119,543,969
3,018,640
62,360,067

138,689,524
2,883,118
40,698,209

193,373,148
1,778,056
58,598,668

252,814,896
2,309,006
95,378,393

337,795,984
1,624,025
88,523,794

13,599,966

33,904,728

80,509,830

117,501,074

124,721,832

218,022,292

2,990,591
18,923,898

2,701,097
17,559,437

0
14,598,367

15,495,350

30,405,665

29,625,873

53,798,098
9,064,781

96,144,966
10,997,908

130,023,120
18,654,526

170,075,456
13,021,015

217,513,173
24,541,511

293,773,106
45,772,649

44,733,317

85,147,058

111,368,594

157,054,441

192,971,662

248,000,457

2,836,227

3,257,248

3,694,580

2,527,738
0
0

1,673,020
854,718

1,887,751
948,476

2,233,717
1,023,531

2,518,502
1,176,078

20,939,217
1,715,190

30,965,054
1,715,190

20,870,785
1,715,190

29,336,058
1,715,190

41,902,985
1,715,190

49,959,908
1,715,190

1,715,190
0
19,224,027

1,715,190
0
29,249,864

1,715,190

1,715,190

1,715,190

1,715,190
0
19,155,595
545,595
18,610,000

27,620,868
475,829
27,145,039

40,187,795
493,189
39,694,606

48,244,718
351,652
47,893,066

411,989,979
411,989,979
0
399,730,549

583,213,959
583,213,959
0
553,190,333

742,757,951
742,757,951

820,530,364
820,530,364

1,024,423,605
1,024,423,605

12,259,430
6,012,814

30,023,626
9,283,021

612,695,589
612,695,589
0
609,685,478
0
609,685,478
3,010,111
10,815,121
3,960,953
6,854,168

713,591,707
29,166,244
9,411,885
4,055,238
5,356,647

786,250,059
34,280,305
10,879,122
5,175,233
5,703,889

990,101,083
34,322,522
19,143,220
5,863,170
13,280,050

4,531,488
9,882,010
1,899,519
17,963,152
3,905,704
1,372,152
0
4,957,702

5,618,524
11,903,162
2,867,733
17,974,434
4,414,335
1,715,190
0
(8,416,354)

5,652,730
11,658,928
2,787,424
13,674,417
5,088,478
943,355
343,038
(21,327,060)

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,012,814

9,283,021

713,591,707

786,250,059

990,101,083

7,121,980
2,483,725
3,601,899
0

21,377,412
7,392,666
4,030,696
0

2,871,933
6,232,056
2,953,427
(11,356,864)
201,536
857,595
0
(4,828,554)

20,939,217
0
1,036,356
9,064,781

30,965,054
0
9,954,050
10,997,908

23,398,523
0
(12,415,995)
18,654,526

32,172,285
0
12,685,296
13,021,015

45,160,233
0
11,844,909
24,541,511

53,654,488
0
7,642,585
45,772,649

0.34
0.28
3.30
5.51
1.24
97.02
2.57
9.83
34.12
34.12
1.29
13.94

0.41
0.23
5.81
4.59
1.24
94.85
3.10
21.18
82.37
82.37
3.47
9.35

0.64
1.02
13.14
3.99
1.07
99.51
6.35
-8.10
-43.82
-41.78
-13.48
15.05
-2.85
-1.85
-0.04
-67.39
121.68

0.70
1.33
15.82
3.67
1.14
96.07
5.89
10.10
71.56
64.65
10.24
12.68
10.46
2.42
0.03
81.96
171.04

0.58
1.45
15.20
3.12
1.16
95.82
5.27
7.73
50.46
46.49
7.91
8.60
7.27
2.19
-0.04
79.06
244.31

0.75
1.14
21.28
2.95
1.15
96.65
5.95
4.48
29.77
27.68
9.10
11.57
5.91
1.33
-0.07
50.06
291.28

1,158,112

1,367,898

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

423

1.73
0.00
27.04
122.08

3.67
0.00
81.53
180.53

Financial Statement Analysis of Non Financial Sector 2012

Shell Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

6,579,993

7,152,802

12,290,483

13,007,751

12,398,439

11,130,862

11,896,099

13,180,913

740,908
11,134,698

344,304
11,539,373

1,128,102
11,351,768

565,914
12,325,084

6,560,808
578,296

7,139,931
337,503

6,283,879
743,431

6,202,640
799,176

5,606,489
726,773

5,764,651
690,649

19,185

12,871

289,573
2,312,806

1,679,707
2,547,853

1,321,105
2,749,610

931,867
2,989,350

2,663,317

2,233,247

1,593,133

879,080

22,631,934
814,530
8,244,054

32,119,328
6,549,868
9,004,305

21,363,250
869,623
13,076,718

25,489,760
1,045,025
12,348,438

36,760,642
1,438,447
17,847,222

33,765,000
3,388,485
17,377,946

4,579,552

2,925,753

1,239,213

2,013,358

2,488,910

2,006,553

2,015,535
6,978,263

2,018,198
11,621,204

0
6,177,696

0
10,082,939

14,986,063

10,992,016

19,750,609
7,568,039

33,014,777
13,894,872

25,169,302
8,491,809

30,407,710
8,400,000

40,711,609
15,745,032

38,380,676
12,170,000

12,182,570

19,119,905

16,677,493

22,007,710

24,966,577

26,210,676

547

1,795

189,766

189,351

339,596

213,828
1,790
0

547

1,795

212,038
0

187,104
2,662

189,351
0

189,351
150,245

9,460,771
547,904

6,255,558
684,880

8,270,603
684,880

7,900,035
684,880

8,258,121
684,880

6,175,590
856,100

547,904
0
8,912,867

684,880
0
5,570,678

684,880
0
7,215,155

684,880
0
7,573,241

856,100
0
5,319,490

684,880
0
7,585,723
2,096,050
5,489,673

7,215,155

7,573,241

5,319,490

131,040,241
131,040,241
0
125,266,780

84,900,772
77,990,403
6,910,369
87,849,668

5,773,461
5,429,419

(2,948,896)
4,839,035

156,000,098
141,347,184
14,652,914
143,097,916
4,882,003
138,215,913
12,902,182
8,507,548
3,376,353
5,131,195

197,530,911
170,217,084
27,313,827
185,403,153
5,935,398
179,467,755
12,127,758
8,942,452
4,524,058
4,418,394

219,149,349
187,824,869
31,324,480
206,913,532
7,168,140
199,745,392
12,235,817
8,113,552
3,896,174
4,217,378

212,800,610
212,798,287
2,323
203,521,445
7,136,825
196,384,620
9,279,165
8,730,920
3,229,142
5,501,778

1,717,123
1,264,677
1,065,444
3,044,085
1,087,055
821,856
0
2,238,505

1,577,781
2,095,883
1,866,644
2,832,717
1,290,392
0
171,220
(4,173,400)

1,631,388
1,634,318
1,427,409
4,656
1,084,563
0
0
5,621,382

8,089,801
0
1,135,174
8,400,000

8,447,472
0
1,542,325
15,745,032

6,515,186
0
(1,079,907)
12,170,000

0.10
0.96
1.14
4.46
0.90
94.42
4.95
6.46
35.06
34.26

0.14
0.77
0.94
4.74
0.88
95.64
6.27
0.01
0.06
0.06

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,429,419

4,839,035

378,736
89,779
876,645
0

(8,420,354)
85,785
3,424,400
171,220

1,899,050
1,401,211
1,249,957
3,910,009
778,934
2,260,104
0
3,933,575

9,461,318
0
(587,688)
7,568,039

6,257,353
0
(11,930,539)
13,894,872

8,484,431
1,790
870,971
8,493,599

0.38
0.69
3.49
4.49
1.15
95.59
2.09
1.32
3.87
3.87
0.33
15.90

0.35
1.15
3.45
2.16
0.97
103.47
5.28
-24.59
-107.15
-107.14
-2.48
9.43

0.08
0.90
0.79
4.64
0.85
91.73
3.07
10.72
53.83
53.05
1.39
11.93
4.13
2.51
0.15
45.72
120.76

909,919

976,838

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

424

0.29
0.00
5.27
172.67

-9.92
0.00
-124.20
91.34

0.10
0.64
1.02
5.13
0.84
93.86
3.87
8.44
37.65
36.73
2.38
16.00
3.86
1.54
0.07
28.57
115.35

12.28
2.52
1.29
-0.10
22.52
120.58

12.25
1.00
0.00
0.15
-12.61
72.14

PAPER, PAPERBOARD & PRODUCTS

425

Financial Statement Analysis of Non Financial Sector 2012

Paper, Paperboard and Products - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

29,077,484

32,812,211

41,275,251

44,200,220

47,759,051

39,455,697

36,820,332

34,913,594

371,717
44,015,945

794,331
44,806,246

394,976
46,935,549

599,512
29,841,530

29,069,829
974,168

32,783,525
1,347,443

32,320,378
2,248,049

30,635,851
2,535,868

30,814,868
2,622,441

16,964,584
2,322,987

7,655

28,686

71,634
4,564,542

66,548
12,213,510

90,489
16,172,389

82,600
21,484,102

3,946,980

489,980

286,329

324,899

19,121,735
347,238
3,760,579

22,091,251
403,610
6,818,232

15,811,967
994,853
7,229,244

17,466,744
1,499,578
7,354,756

19,404,458
388,897
9,517,209

31,293,692
676,804
5,963,372

Items

1,813,483

2,318,293

3,237,019

3,385,656

3,801,466

4,818,664

10,400,557
2,799,878

8,801,223
3,749,893

0
4,350,851

0
5,226,754

0
5,696,886

0
19,834,852

7,515,394
1,421,950

13,955,954
5,869,699

7,224,931
430,508

8,602,201
803,756

10,697,859
3,649,812

16,952,536
4,071,818

6,093,444

8,086,255

6,794,423

7,798,445

7,048,047

12,880,718

16,125,907

17,965,664

20,322,878
17,009,459

15,529,224
12,300,041
440,000

15,869,169
9,243,170
2,842,577

10,382,105
4,996,026
2,840,577

1,000,000

1,000,000

16,125,907

17,965,664

7,234
3,306,185

11,691
2,777,492

23,383
2,760,039

98,720
1,446,782

24,557,918
1,904,321

22,981,844
2,164,227

29,539,409
3,844,732

37,535,539
6,848,777

40,596,481
6,941,602

43,414,748
6,941,602

1,904,321
0
22,653,597

2,164,227
0
20,817,617

2,238,857
1,605,875
25,449,253

25,449,253

2,238,856
4,609,921
30,387,323
2,605,875
27,781,448

2,331,681
4,609,921
33,357,227
13,266,697
20,090,530

2,331,681
4,609,921
36,137,466
17,433,725
18,703,741

245,424

299,439

297,652

335,680

19,516,775
19,318,000
198,775
16,906,320

23,603,296
22,993,347
609,949
21,577,634

2,610,455
1,185,201

2,025,662
1,303,203

27,303,483
26,521,409
782,074
25,858,516
17,091,175
8,767,341
1,444,967
3,502,510
591,433
2,911,077

34,933,978
33,651,298
1,282,680
31,305,426
19,668,292
11,637,134
3,628,552
1,837,598
754,873
1,082,725

31,350,846
31,235,579
115,267
26,662,548
19,050,802
7,611,746
4,688,298
1,639,406
606,465
1,032,941

34,147,625
33,982,372
165,253
29,221,161
20,800,721
8,420,440
4,926,464
1,877,695
672,183
1,205,512

2,512,428
2,582,706
1,014,784
831,936
547,064
489,358
35,449
889,305

2,144,569
1,690,481
1,263,746
2,613,363
420,485
395,350
0
(1,890,088)

2,611,533
1,808,018
1,319,872
4,018,220
321,820
652,426
10,000
332,804

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,185,201

1,303,203

6,305,209
294,618
114,979
259,906

332,151
215,891
123,891
105,629

736,219
2,920,060
1,264,049
4,782,153
2,590,104
487,483
0
(611,306)

40,683,825
0
5,895,612
1,421,950

40,947,508
0
(7,631)
5,869,699

49,862,287
17,009,459
1,704,566
17,439,967

53,064,763
12,300,041
(204,486)
13,103,797

56,465,650
10,243,170
1,797,528
13,892,982

53,796,853
5,996,026
3,043,974
10,067,844

1.67
2.88
9.29
0.40
2.54
86.62
0.96
15.79
28.54
18.83
52.28
5.19

0.83
7.81
9.82
0.43
1.58
91.42
1.39
0.64
1.40
0.81
0.94
3.46

0.59
10.69
11.86
0.48
2.19
94.71
0.93
8.54
18.21
10.53
4.50
3.78
4.78
17.51
-0.02
9.66
130.20

0.57
7.39
9.69
0.57
2.03
89.61
0.64
1.40
2.48
1.62
0.58
4.75
1.82
2.38
0.04
1.26
165.44

0.39
5.39
12.13
0.47
1.81
85.05
0.65
4.06
6.69
4.77
5.55
3.29
3.07
8.34
-0.07
9.29
171.90

0.32
5.29
14.11
0.48
1.85
85.57
0.63
5.83
9.57
7.29
5.67
5.73
4.04
11.77
0.01
15.65
183.83

561,295

1,844,149

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

426

32.31
0.00
31.56
128.96

1.41
0.00
0.53
104.74

Growth with Composition of Assets & Liabilities

60

Billion Rs

50
40
30
20
10
0

50%
40%
38.0%
36.9%
30%
20%
6.5% 10%
0%
-10%
-20%
-21.0%
-30%
-40%
-50%
-52.9%
-60%
Non-Current Current Assets
Current
Non-Current
Shareholders
Assets
Liabilities
Liabilities
Equity
2011
2012
Growth
Growth & Composition of Operations
2011

2012

Growth
40%

40

Billion Rs

35

35.0%

30

30%

25

25%

20

20%

15

15%

10

10%

8.2%

5%

4.8%

0%

0
Sales

Gross Profit

2012
7.29

6.69
5.83
4.06

4.77

15.65

2012

14

11.77

12
9.29

10

8.34

8
6
4

1.81 1.85

2
Return on
Return on
Assets
Equity

2011

16

Percentage

Percentage

2011

9.57

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
10
9
8
7
6
5
4
3
2
1
0

35%

0.65

0.63

0
Return on
Capital
Employed

Current
Ratio

427

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2012

Baluchistan Particle Board Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

5,237

4,783

4,487

4,119

3,785

22,880

22,880

22,880

22,880

22,880

22,852

5,237
504

4,783
454

4,374
409

4,006
368

3,672
332

3,374
298

7,885
2,665
0

7,422
2,306
0

3,178

0
5,220

3,499

113

113

113

125

8,155

9,448
4,546

6,414
1,658

5,915
1,573

0
5,116

0
4,977

0
4,902

0
4,756

0
4,342

27,390
0

25,860
0

769

760

760

760

27,390

25,860

769

760

760

760

25,000

25,000
25,000

18,000
0
18,000

20,000
0
20,000

0
25,000

(14,268)
30,000

(13,655)
30,000

(13,127)
30,000

(12,193)
30,000

(10,561)
30,000

(9,346)
30,000

30,000
0
(44,268)

30,000
0
(43,655)

30,000
0
0

30,000
0
(42,193)

30,000
0
(40,561)

30,000
0
(39,346)

(42,193)

(40,561)

(39,346)

(43,127)

0
0
0
0

0
0
0
0

0
1,330

0
1,473

0
1,657

0
1,345

0
1,088

0
1,617

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,330

1,473

1,657

1,345

1,088

1,617

152

98

76
133

84
136

743
215

1,215
281

584
100
0
0

723
110
0
0

1,982
350

1,495
350

0
872

0
1,368

0
2,032

0
1,915

(14,268)
0
484
0

(13,655)
0
613
0

11,873
0
528
0

12,807
25,000
934
25,000

9,439
0
1,632
0

8,654
0
1,145
0

0.10

0.09

0.00

5.98

2.18

2.07

0.00
0.29

0.00
0.29

0.00
10.60

0.00
12.43

0.00
8.44

0.00
7.78

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

428

-1.92
4.54
-4.02
-4.02

-1.89
5.71
-5.18
-5.18

-1.96
5.98
-5.55
-83.39

-2.11
9.27
-9.60
9.85

-1.97
16.68
-17.42
17.82

-2.01
15.24
-15.02
16.53

0.00
0.16
-4.76

0.00
0.10
-2.28

0.03
0.09
-2.19

0.05
0.16
-2.03

0.10
0.27
-1.76

0.10
0.19
-1.56

0.00

Financial Statement Analysis of Non Financial Sector 2012

Central Forest Products Ltd.

2008

2009

2010

69,106

64,726

60,563

56,742

53,252

111,625

111,794

111,353

111,353

111,353

111,353

69,106
4,932

64,726
4,550

60,471
4,144

56,669
3,801

53,179
3,491

49,970
3,208

92

73

73

73

238,171
1,271
230,326

243,669
197
236,946

249,609
118
243,595

251,103
90
245,568

251,289
100
245,568

252,087
797
245,568

0
6,574

0
6,526

0
5,896

0
5,445

0
5,621

0
5,722

326,600
101,531

329,165
101,531

255,405

255,595

254,244

250,048

225,069

227,634

255,405

255,595

254,244

250,048

71,261

71,284

70,761

75,580

0
71,261

84
71,200

314
70,447

314
75,266

(19,323)
30,000

(20,770)
30,000

(16,494)
30,000

(19,034)
30,000

(20,464)
30,000

(23,498)
30,000

30,000
0
(49,323)

30,000
0
(50,770)

30,000
0
(46,494)

30,000
0
(49,034)

30,000
0
(50,464)

30,000
0
(53,498)

(46,494)

(49,034)

(50,464)

(53,498)

0
0
0
0

0
0
0
0

6,880
2,509
4,371
5,104

0
0

0
0

86

86
73

0
1,870

0
1,440

5,104
1,776
2,489
1,731
758

0
0
4,668
180
4,488

0
0
5,741
5,741

73
13
5,007
46
4,961

361
34

143

277

(3,013)
21
0
0
397

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

50,043

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,870

1,440

171

268
1

(2,041)
0
0
0

(1,446)
0
0
0

4,332
56

(2,540)

0
(1,120)

0
0
(46)

(1,401)
29
0
0
303

(19,323)
0
(2,041)
101,531

(20,770)
0
(1,446)
101,531

54,767
0
4,276
0

52,250
0
(2,540)
0

50,297
0
(1,430)
0

52,082
0
(3,034)
0

0.00

0.00

0.00

0.00
0.73

0.00
0.74

0.00
0.49
0.00
0.02
0.98
74.19
-19.81
1.40
-23.25
25.48

0.00

0.00
0.98

0.00
0.99

0.00
1.16
0.00
0.00
1.01
84.88
-13.86
-0.99
13.71
-5.89

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

429

-16.90
-0.67
11.15
11.18

-15.85
-0.47
7.21
7.21

-17.17
-0.82
14.30
-4.75

-15.88
-0.46
7.09
-2.73

0.00

0.00

0.03

0.00

0.00

0.00

0.00
-0.68
-6.44

0.00
-0.48
-6.92

0.00
-0.85
-6.34

0.00
-0.48
-6.82

62.97
0.00
1.43
-5.50

-3,503.49
0.00
-1.01
-7.83

Financial Statement Analysis of Non Financial Sector 2012

Century Paper & Board Mills Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

8,596,373

10,881,147

10,701,086

10,140,633

9,422,576

9,467,431

10,232,680

5,900,257

296,362
12,902,270

28,416
13,330,594

19,198
13,575,787

199,778
14,184,908

8,589,883
246,484

10,855,498
288,791

10,157,985
696,224

9,850,801
743,407

9,365,235
743,768

9,239,066
767,405

6,490

25,649

49,664

41,463

31,286

23,038

197,075

219,953

6,857

5,549

1,040,925
21,806
455,862

2,521,390
16,474
1,496,478

3,076,057
406,851
1,357,453

3,928,645
264,930
1,868,914

4,645,925
129,919
2,669,500

3,994,542
204,424
1,672,327

280,801

413,171

504,129

759,663

735,847

1,046,176

0
282,456

0
595,267

0
807,624

0
1,035,138

1,110,659

1,071,615

3,151,875
567,553

4,948,487
1,643,545

3,003,665

3,949,721

4,393,829
1,692,912

3,657,979
1,325,123

2,584,322

3,304,942

3,003,665

3,949,721

2,700,917

2,332,856

3,580,952

5,521,428

8,895,000
8,895,000

4,225,000
4,225,000

3,375,000
3,375,000

2,989,686
2,845,455

0
0

Items

3,580,952

5,521,428

144,231

2,904,471
642,576

2,932,622
706,834

1,878,478
706,834

5,894,557
3,710,880

6,299,672
3,710,880

6,814,308
3,710,880

642,576
0
2,261,895

706,834
0
2,225,788

706,834
0
1,171,644

1,171,644

706,834
3,004,046
2,183,677
1,000,000
1,183,677

706,834
3,004,046
2,588,792
1,000,000
1,588,792

706,834
3,004,046
3,103,428
1,000,000
2,103,428

4,415,467
4,415,467
0
4,109,883

5,036,261
5,036,261
0
4,717,895

7,152,092
7,152,092

9,702,311
9,702,311

12,923,025
12,923,025

305,584
128,696

318,366
221,743

11,779,054
11,770,857
8,197
9,769,526
6,772,721
2,996,805
2,009,528
394,505
105,160
289,345

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

128,696

221,743

89,768

99,693

7,226,388
4,546,513
2,679,875
(74,296)
280,987
58,067
222,920

8,255,272
5,270,028
2,985,244
1,447,039
309,643
79,532
230,111

427,758
1,300,208

489,143
1,137,075

0
734,798

645,305
910,967
851,248
789,544
130,677
0
0
1,754,841

10,119,557
4,225,000
25,741
4,225,000

9,674,672
3,375,000
616,499
5,067,912

9,803,994
2,845,455
658,867
4,170,578

0.26
11.72
7.83
0.69
0.99
85.09
1.39
0.54
1.92
0.71

0.20
8.22
6.25
0.84
1.06
82.94
1.23
5.22
12.05
7.42

0.34
7.05
8.10
0.96
1.09
83.75
0.98
5.74
12.04
8.11

124,182
38,565
0
64,258

37,053
23,913
0
0

(1,594,609)
540,465

0
(210,604)

74,657
48,916
0
0
(473,173)

6,485,423
0
85,617
567,553

8,454,050
0
13,140
1,643,545

10,773,478
8,895,000
(2,135,074)
8,895,000
0.30
18.18
7.05
0.52
1.02
101.04
6.33
-11.73
-66.29
-16.59

578,788
968,727
960,046
734,694
118,195

10,823,103
7,248,301
3,574,802
2,099,922
489,342
108,056
381,286

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.10
2.03
6.36
0.46
0.33
93.08
2.32
1.76
4.34
2.55

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

430

0.09
1.98
8.20
0.38
0.51
93.68
3.57
0.32
1.27
0.50

9.69

3.37

5.27

5.19

4.41
1.77
6.24
0.09
8.72
89.13

7.73
1.93
6.11
0.26
9.32
96.41

2.81
0.00
1.33
45.20

0.74
0.00
0.19
41.49

-22.30
-0.02
-30.21
26.58

0.77
-0.06
0.36
83.39

Financial Statement Analysis of Non Financial Sector 2012

Cherat Packaging Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

152,484

196,061

398,516

378,106

508,555

1,063,054

256,852

312,948

4,166
526,608

535,580

103,812
547,312

2,346
1,188,348

152,484
13,910

196,061
13,270

389,641
20,080

369,619
32,721

349,788
31,908

940,867
52,152

541
2,994

5,143
2,040

6,375
1,991

7,523
6,553

1,174

1,304

46,589

105,765

717,797
19,998
513,143

1,344,889
9,829
973,484

1,117,554
7,905
700,688

742,856
7,264
386,135

1,281,665
8,770
878,155

1,369,884
31,447
771,357

106,236

4,354

245,388

229,308

268,224

430,164

50,181
28,239

50,471
306,751

0
163,573

0
120,149

0
126,516

0
136,916

445,688
146,458

1,088,448
736,764

993,912

551,753

855,903

1,103,059

299,230

351,684

993,912

551,753

855,903

1,103,059

50,000

25,000

143,882
143,882

95,568
93,750

56,250
56,250

418,750
418,750

0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

50,000

25,000

1,818

374,593
58,752

427,502
73,440

378,276
91,800

473,641
91,800

878,067
172,125

911,129
172,125

58,752
0
315,841

73,440
0
354,062

91,800
0
286,476

91,800
0
381,841

172,125
0
705,942

172,125
0
739,004

286,476

381,841

705,942

739,004

1,350,948
1,344,258
6,690
1,187,865

2,146,812
2,139,949
6,863
1,968,658

2,060,614
2,060,614

1,985,235
1,985,235

2,471,964
2,471,964

3,256,878
3,256,878

163,083
32,982

178,154
35,024

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

32,982

35,024

27,808

48,391

1,919,207
1,821,762
97,445
141,407
33,243
20,253
12,990

1,749,546
1,605,505
144,041
235,689
48,121
25,026
23,095

2,168,243
2,064,036
104,207
303,721
69,653
29,639
40,014

2,978,650
2,836,434
142,216
278,228
74,344
39,401
34,943

6,726
176,748
160,348
(58,351)
23,140

8,926
96,873
96,329
95,442
9,937
0
22,950
574,240

68,244
71,221
70,720
165,811
26,037
43,031

105,242
154,653
154,287
53,491
32,681
25,819

(286,797)

145,982

116,207
13,935
11,750
14,688

104,426
23,937
11,016
18,360

0
127,638

424,593
0
90,522
146,458

452,502
0
69,473
736,764

522,158
143,882
(81,491)
143,882

569,209
93,750
85,505
93,750

934,317
56,250
96,743
56,250

1,329,879
418,750
(5,009)
418,750

0.40
2.06
7.86
1.55
1.61
87.93
1.32
14.81
34.26
28.93
8.70
2.63

0.06
2.25
0.20
1.39
1.24
91.70
2.60
8.66
26.04
23.81
7.31
2.21

0.25
8.58
11.91
1.36
1.12
93.14
3.01
-3.82
-14.48
-11.97

0.43
4.88
11.55
1.77
1.35
88.13
1.37
7.24
22.41
17.49

0.32
2.88
10.85
1.38
1.50
87.71
1.04
11.39
24.53
22.06
3.25
2.81
3.34
6.71
-0.31
8.12
51.01

0.42
4.75
13.21
1.34
1.24
91.46
1.67
2.53
5.98
4.72
0.81
4.22
1.35
1.64
0.10
1.21
52.93

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

431

8.60
0.00
17.41
63.76

4.86
0.00
10.96
58.21

2.94
0.64
-2.83
0.11
-8.88
41.21

5.14
1.99
4.81
0.89
9.31
51.59

Financial Statement Analysis of Non Financial Sector 2012

Dadabhoy Sack Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

54,290

47,805

41,379

40,320

39,405

69,953

60,291

61,486

61,487

61,487

61,487

54,290
5,298

47,805
4,841

36,961
2,377

35,901
1,060

34,986
915

33,935
728

4,418

4,419

4,419

4,418

38,762
320
4,837

34,810
285
0

28,928
291
2,408

27,492
137

25,492
137

25,355

17,977

20,445

20,841

20,841

20,841

20,841

0
15,628

0
14,080

0
5,388

0
6,514

4,514

4,514

18,512
2,932

25,182
5,841

16,677

16,148

14,177

9,699

15,580

19,341

16,677

16,148

14,177

9,699

12,660

8,760

12,346

9,892

4,574

4,160

38,353

12,660

8,760

12,346

2,571
7,321

103
4,471

103
4,057

61,880
40,000

48,673
40,000

41,284
40,000

41,772
40,000

46,146
40,000

49,849
40,000

40,000
0
21,880

40,000
0
8,673

40,000
0
1,284

40,000
0
(12,076)

40,000
0
(7,702)

40,000
0
(3,999)

1,284

(12,076)

(7,702)

(3,999)

13,848

13,848

13,848

69,402
69,402
0
54,709

47,500
47,500
0
50,229

3,750
3,750

3,350

14,693
12,169

(2,729)
9,581

0
1,389

0
3,233

0
1,128

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,350
400
4,561

12,169

9,581

4,561

1,389

3,233

1,128

1,375

1,844

1,533

53

(4,161)

488

(766)
350

3,703
280

0
(154)

694
673
0
0

(13,445)
207
0
0

0
2,445

74,540
0
21
2,932

57,433
0
(13,652)
5,841

53,630
0
(4,161)
0

51,664
0
488
0

50,720
0
(1,116)
0

54,009
0
3,423
0

0.99
2.66
25.90
0.75
2.09
78.83
0.50
0.75
1.14
0.92

0.82
3.23
43.04
0.57
1.38
105.75
0.70
-15.31
-24.32
-20.38

1.27
0.00
555.76
0.05
1.73
89.33
0.70
-5.44
-9.25
-7.49

1.30

1.48

2.15

0.00
1.70

0.00
1.80

0.00
2.61

0.62
0.71
1.18
0.93

0.41
-1.15
-1.74
-1.50

0.28
5.76
7.71
7.07

1.56

1.00
0.00
0.01
15.47

-28.31
0.00
-3.41
12.17

-110.96
0.08
-1.04
10.32

-0.01
0.12
10.44

0.00
-0.28
11.54

-0.03
0.86
12.46

0
0

0
(438)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

14.35

432

Financial Statement Analysis of Non Financial Sector 2012

Merit Packaging Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

420,340

605,166

699,861

663,143

627,285

743,117

2,880
873,720

555,573

2,567
865,666

892,909

1,008,629

419,538
34,090

602,370
31,903

682,915
44,727

649,865
49,309

619,653
51,719

665,872
35,252

802

2,796

4,824

3,843

2,994

1,986

9,555

6,555

4,638

5,580

121,982
270
61,714

236,840
696
110,681

282,561
583
111,183

517,508
499
253,640

645,852
549
255,363

659,546
1,121
276,127

26,755

55,751

100,767

180,821

300,931

264,989

0
33,243

0
69,712

0
70,028

0
82,548

89,009

117,309

183,784
100,736

504,593
140,579

344,074

476,224
292,317

668,345
313,620

527,876
333,053

Items

673,438

83,048

364,014

344,074

183,907

354,725

194,823

118,511

88,234

382,371

467,142

357,231

543,949

440,000

352,000

352,000

118,511

88,234

0
382,371

27,142

5,231

191,949

240,027
27,495

249,179
41,242

255,977
47,429

237,285
47,428

247,561
47,428

261,159
47,428

27,495
0
212,532

41,242
0
207,937

47,429
0
71,210

47,428
0
53,364

47,428
0
64,440

47,428
0
39,246

71,210

53,364

64,440

39,246

137,338

136,493

135,693

174,485

673,574
673,574
0
568,807

652,215
652,215
0
588,695

808,840
808,840

1,076,104
1,076,104

1,753,881
1,753,881

1,693,802
1,693,802

104,767
33,780

63,520
24,968

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

33,780

24,968

25,962

29,395

766,138
584,419
181,719
42,702
32,826
11,287
21,539

984,507
786,327
198,180
91,597
45,073
17,856
27,217

1,589,456
786,327
803,129
164,425
57,255
23,116
34,139

1,557,363
786,327
771,036
136,439
62,774
24,830
37,944

76,377
67,605
66,643
(56,217)
18,872

92,271
76,997
76,462
(28,780)
5,380
0
0
(131,218)

110,716
95,195
94,053
16,622
18,160
0
0
(72,728)

122,736
104,388
103,353
(24,610)
17,063
0
0
12,046

45,623
11,381
0
13,747

10,806
2,789
0
6,186

0
(82,792)

358,538
0
34,242
100,736

337,413
0
8,017
140,579

638,348
0
(75,089)
0

704,427
0
(34,160)
292,317

604,792
0
(1,538)
313,620

805,108
0
(41,673)
333,053

0.15
3.85
3.97
1.24
0.66
84.45
1.26
8.68
19.75
12.80

0.11
4.51
8.55
0.77
0.47
90.26
2.38
1.56
4.42
3.11

0.29
8.36
12.46
0.82
0.82
94.72
2.84
-6.16
-22.26
-11.52

0.38
7.16
16.80
0.91
1.09
91.49
3.98
-2.66
-11.67
-4.29

0.45
5.43
17.16
1.38
0.97
90.63
4.14
1.35
6.86
2.54

0.50
6.16
15.64
1.27
1.25
91.94
4.10
-1.89
-9.68
-3.49

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

433

10.91

5.89

7.27
0.16
-6.95
-0.11
-15.83
53.97

4.24
0.62
-2.67
-0.14
-7.20
50.03

6.87
1.18
0.95
-0.07
-0.32
52.20

6.13
0.76
-1.45
0.01
-8.79
55.06

6.77
0.00
12.45
87.30

1.66
0.00
1.94
60.42

Financial Statement Analysis of Non Financial Sector 2012

Packages Ltd.
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

18,188,354

19,466,067

27,872,034

31,430,629

35,111,548

25,123,142

23,566,349

25,665,119

65,578
27,427,520

753,328
27,671,781

125,683
29,031,170

390,993
9,835,479

18,187,991
554,240

19,465,826
885,611

19,513,093
1,368,499

18,209,643
1,582,728

18,559,649
1,657,404

3,629,740
1,298,528

363

241

16,605
4,561,548

16,099
12,211,470

49,834
16,170,398

50,053
20,899,839

3,715,210

240,089

205,984

152,517

15,250,089
101,022
2,206,191

15,568,566
199,188
3,652,261

8,746,472
497,313
4,483,990

9,461,682
1,166,449
4,163,403

9,803,228
200,320
5,029,241

22,730,534
416,577
2,484,123
2,667,931

Items

1,288,928

1,523,049

2,031,990

1,947,316

2,109,537

10,080,259
1,573,689

8,362,485
1,831,583

0
1,733,179

0
2,184,514

2,464,130

17,161,903

2,921,171
401,019

6,457,661
3,137,819

2,239,661
430,508

2,943,732
511,439

3,938,979
1,551,179

10,790,611
2,251,463

2,520,152

3,319,842

1,809,153

2,432,293

2,387,800

8,539,148

12,346,500

12,304,400

10,634,454
7,970,577

10,469,015
7,956,291

5,426,427
1,216,643
2,470,577

11,400,512
5,485,714
2,470,577
1,000,000

1,000,000

12,346,500

12,304,400

5,218
2,658,659

6,663
2,506,061

20,307
2,423,914

95,040
644,167

18,170,772
733,735

16,272,572
843,795

23,744,391
2,449,670

27,479,564
2,449,670

29,575,285
2,449,670

31,636,638
2,449,670

733,735
0
17,437,037

843,795
0
15,428,777

843,795
1,605,875
21,294,721

21,294,721

843,795
1,605,875
25,029,894
1,605,875
23,424,019

843,795
1,605,875
27,125,615
12,266,697
14,858,918

843,795
1,605,875
29,186,968
16,433,725
12,753,243

11,686,414
11,494,329
192,085
10,180,575

14,300,923
13,697,837
603,086
13,357,624

1,505,839
852,768

943,299
874,938

15,830,208
15,052,505
777,703
15,028,289
9,636,519
5,391,770
801,919
2,956,604
493,158
2,463,446

20,695,791
19,413,111
1,282,680
19,377,734
11,494,979
7,882,755
1,318,057
1,253,803
625,453
628,350

13,660,245
13,553,175
107,070
11,888,452
8,739,726
3,148,726
1,771,793
906,560
439,936
466,624

14,269,614
14,104,447
165,167
12,471,618
9,076,395
3,395,223
1,797,996
999,581
491,432
508,149

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

852,768

874,938

413,266

1,662,094

1,649,188
1,267,253
839,218
119,176
307,213
274,233
0
609,367

1,076,032
543,610
127,981
1,212,339
219,437
126,569
0
(2,574,105)

1,371,209
589,102
162,989
2,622,844
119,582
379,708
0
(1,871,964)

5,537,975
94,800
0
110,060

(307,889)
10,000
0
0

1,370,630
1,034,553
5,950,925
1,831,382
274,233
0
(756,323)

30,517,272
0
5,443,175
401,019

28,576,972
0
(317,889)
3,137,819

34,378,845
7,970,577
3,845,310
8,401,085

37,948,579
7,956,291
(462,270)
8,467,730

40,975,797
6,485,714
866,333
8,036,893

37,063,065
2,216,643
2,123,554
4,468,106

3.93
3.54
11.03
0.35
5.22
87.11
0.84
19.74
34.78
22.07

1.56
11.62
10.65
0.41
2.41
93.40
1.15
-0.90
-1.79
-1.04

1.13
8.66
12.84
0.43
3.91
94.93
0.54
16.61
29.74
18.91
15.02
3.53
6.75
37.59
-0.06
48.82
281.40

1.06
6.12
9.41
0.51
3.21
93.63
0.49
0.31
0.47
0.33
-0.69
4.97
1.14
0.58
0.05
-2.23
325.67

0.59
3.98
15.44
0.30
2.49
87.03
0.52
2.83
4.25
3.07
7.84
2.72
10.47
8.87
-0.17
11.77
350.50

0.29
4.13
18.70
0.30
2.11
87.40
0.51
5.65
8.57
6.72
6.59
5.74
17.09
18.38
-0.12
29.67
374.93

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

434

5.30

3.92

47.39
0.00
74.18
247.65

-2.15
0.00
-3.77
192.85

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Paper Products Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2008

2009

2010

217,734

212,030

215,864

224,906

261,216

322,888

188,319

232,043

241,039

9,707
250,223

2,905
303,973

3,837
376,481

217,734
7,561

212,030
8,122

213,278
7,796

214,983
7,984

258,091
10,816

318,578
13,735

2,586

216

220

473

117,196
20,886
60,256

139,440
16,538
74,973

136,569
12,404
65,329

155,666
5,906
79,329

179,640
9,852
82,118

213,019
4,368
111,711

28,747

37,124

43,615

44,687

39,731

60,660

0
7,307

0
10,805

0
15,221

0
25,744

0
47,939

0
36,280

46,900
3,714

61,470
4,275

33,752

41,247

50,800

80,173

43,186

57,195

33,752

41,247

50,800

80,173

17,284

12,994

17,948

10,063

29,292
10,300

73,587
41,412

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

17,284

12,994

2,016
15,932

2,373
7,690

2,659
16,333

3,263
28,912

270,746
25,000

277,006
25,000

300,733
37,500

329,262
37,500

360,764
50,000

382,147
50,000

25,000
0
245,746

25,000
0
252,006

37,500
0
113,567

37,500
0
142,664

50,000
0
162,653

50,000
0
184,800

113,567

142,664

162,653

184,800

149,666

149,098

148,111

147,347

221,961
221,961
0
160,638

241,726
241,726
0
183,174

312,029
312,029

322,026
322,026

382,683
382,683

433,308
433,308

61,323
17,676

58,552
18,018

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,676

18,018

241,232
181,328
59,904
70,797
22,462
6,937
15,525

244,035
203,190
40,845
77,991
23,991
6,826
17,165

287,852
237,081
50,771
94,831
27,649
8,614
19,035

333,298
285,589
47,709
100,010
30,904
8,418
22,486

35,756
2,632
1,343
52,021
15,991
9,375
12,499
22,586

39,987
5,222
5,032
62,554
12,985
20,000

45,249
5,507
5,324
64,544
10,564

71,725

10,000
26,421

42,791
0
17,500
0

39,440
14,793
10,000
12,500

34,060
3,048
879
46,280
14,918
7,500
0
20,335

288,030
0
25,291
3,714

290,000
0
14,647
4,275

318,681
0
23,862
0

339,325
0
26,655
0

390,056
10,300
29,569
10,300

455,734
41,412
53,980
41,412

1.06
1.01
12.95
0.66
2.50
72.37
0.24
13.70
16.26
15.75
2.45
3.68

0.87
1.04
15.36
0.69
2.27
75.78
0.27
11.49
14.40
13.65
2.46
3.22

1.66
0.98
13.98
0.89
4.05
77.31
0.17
13.15
16.02
15.21
4.18
4.78
53.65
14.83
0.39
8.36
80.20

1.23
0.82
13.88
0.85
3.77
75.78
0.16
14.19
16.51
15.81
3.84
4.06
39.73
16.15
0.44
9.61
87.80

0.98
1.36
10.38
0.87
3.54
75.22
0.22
15.23
18.13
17.15
2.48
4.66
13.43
16.35
0.90
9.91
72.15

0.81
1.27
14.00
0.81
2.66
76.92
0.40
13.22
17.38
15.26

2,252

2,510

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

435

19.28
0.00
17.12
108.30

16.32
0.00
9.86
110.80

3.88
13.12
14.90
0.17
10.80
76.43

Financial Statement Analysis of Non Financial Sector 2012

Security Papers Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,244,199

1,205,059

1,281,461

1,261,622

1,731,429

2,713,849

1,648,193

1,697,237

3,044
1,857,123

1,948,628

143,378
2,388,678

2,558
3,051,993

1,244,199
98,514

1,205,059
101,265

1,261,660
103,793

1,244,364
114,490

1,570,615
122,088

2,083,182
151,681

577,710

16,757

17,258

17,436

50,399

1,584,043
178,977
228,250

1,989,340
158,074
273,409

2,166,062
69,388
261,420

2,372,344
49,757
357,767

2,564,953
37,592
357,264

2,042,810
16,497
402,159

63,777

264,137

290,289

203,020

326,355

327,903

388,267
905,453

0
1,544,965

0
1,761,800

0
1,843,742

0
1,296,251

280,464
0

402,078
1,338

337,016

367,021

520,822
92,101

532,331
162,179

280,464

400,740

337,016

367,021

428,721

370,152

4,848

140,616

156,260

831,966
473,766

555,549
315,906

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

270,117
842,922

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

4,848

0
140,616

156,260

239,643

358,200

2,547,778
285,763

2,787,473
342,916

2,969,891
411,499

3,110,685
411,499

3,220,011
411,499

3,392,362
411,499

285,763
0
2,262,015

342,916
0
2,444,557

411,499
0
2,556,845

411,499
0
2,699,186

411,499
0
2,808,512

411,499
0
2,980,863

2,556,845

2,699,186

2,808,512

2,980,863

1,547

1,099,009
1,099,009
0
643,843

1,177,859
1,177,859
0
711,359

1,129,070
1,129,070

1,152,511
1,152,511

1,303,019
1,303,019

1,570,912
1,570,912

455,166
88,777

466,500
100,865

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

668,808
320,634
348,174
460,262
167,681

694,332
308,263
386,069
458,179
149,565

959,019
450,911
508,108
344,000
173,722

1,057,056
567,675
489,381
513,856
212,998

88,777

100,865

167,681

149,565

173,722

212,998

126

527

236,849
1,875
1,432
520,257
159,346
205,750
0
286,335

270,449
6,371
5,914
421,528
24,942
205,750
0
234,684

321,440
43,211
42,671
510,222
10,602
246,899
0
263,604

454,163
135,164
85,729
57,153

477,452
140,142
102,875
68,583

189,562
1,787
1,626
493,211
161,056
205,750
0
288,243

2,547,778
0
233,270
0

2,792,321
0
234,435
1,338

3,110,507
0
126,406
0

3,266,945
0
155,162
0

3,775,560
315,906
190,837
408,007

4,224,328
473,766
252,721
635,945

1.83
0.01
5.80
0.39
5.65
58.58
0.11
17.07
18.72
18.72
3.72
4.81

2.02
0.04
22.43
0.37
4.95
60.39
0.15
15.86
17.90
17.88
3.28
4.31

1.07
0.16
25.71
0.33
6.43
59.24
0.16
14.85
17.13
16.71
1.61
4.32
304.33
43.68
0.60
8.07
72.17

0.69
0.16
17.62
0.32
6.46
60.25
0.17
14.69
17.11
16.32
1.75
3.22
364.31
45.14
0.55
8.77
75.59

0.70
0.49
25.05
0.30
4.92
73.60
0.33
10.63
13.32
11.97
1.93
3.65
72.28
32.35
0.22
9.64
78.25

0.65
2.75
20.87
0.33
3.84
67.29
0.40
11.27
15.43
12.76
2.02
3.91
12.96
32.48
0.19
12.14
82.44

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

436

41.32
0.00
11.16
89.16

40.54
0.00
9.84
81.29

ELECTRICAL MACHINERY &

APPARATUS

437

Financial Statement Analysis of Non Financial Sector 2012

Electrical Machinery and Apparatus - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

8,499,498

11,289,695

19,904,242

21,347,386

21,974,990

21,282,106

11,085,144

0
14,168,490

128,627
20,927,684

395,576
23,580,425

437,435
25,101,271

396,638
25,621,924

7,906,371
544,027

10,698,965
660,410

16,707,172
612,257

18,030,842
1,120,646

18,671,929
1,129,477

18,131,230
1,093,127

593,127

587,306
3,424

522,249
194,121

464,098
13,447

316,883
4,393

313,503
10,216

Items

2,352,073

2,443,423

2,544,350

2,430,519

27,430,373
4,241,685
7,747,723

37,353,866
4,159,527
10,425,175

32,725,016
1,948,194
9,362,178

37,034,676
2,042,086
11,258,369

32,211,724
1,382,165
9,957,035

31,464,915
1,825,016
9,183,710

11,169,330

16,927,798

18,172,862

20,560,475

18,517,267

18,065,596

76,300
4,195,335

144,522
5,696,844

80,859
3,160,923

17,385
3,156,361

16,690
2,338,567

0
2,390,593

22,106,254
7,428,879

30,623,393
7,143,418

27,181,551
5,580,304

30,565,314
9,372,029

28,569,016
9,745,113

26,038,074
9,086,562

14,677,375

23,479,975

21,601,247

21,193,285

18,823,903

16,951,512

1,964,076

3,288,182
86,708
0

8,266,180
4,451,131
66,319

9,159,389
5,466,927
169,527

7,768,865
4,849,163
188,723

8,687,718
5,808,205
201,188

1,964,076

0
3,201,474

21,706
3,727,024

75,591
3,447,344

85,444
2,645,535

94,339
2,583,986

11,859,541
2,258,528

14,731,986
2,466,022

17,181,527
2,413,651

18,657,359
2,669,943

17,848,833
2,774,056

18,021,229
2,811,581

1,653,528
605,000
9,601,013

1,939,772
526,250
12,154,980
0
(61,986)

2,413,651
0
9,733,929
916,999
8,653,487

2,669,943
10,177,694
825,438
9,352,256

2,774,056
0
9,360,907
1,352,543
8,008,364

2,811,581
0
9,671,278
1,350,853
8,320,425

110,984

5,033,947

5,809,722

5,713,870

5,538,370

48,962,825
48,408,281
554,544
41,042,290
660,538
54,383
7,920,535
3,840,862
6,924
3,833,938

45,938,809
23,913,194
22,025,615
39,560,587
6,798,305
32,762,282
6,378,222
3,033,308
1,889,635
1,143,673

50,824,553
39,350,792
11,473,761
42,177,847
37,747,354
4,430,493
8,646,706
4,644,587
2,949,548
1,695,039

33,875,429
29,124,673
4,750,756
29,959,016
14,032,247
15,926,769
3,916,413
3,678,261
2,460,273
1,217,988

40,475,054
35,406,553
5,068,501
34,535,958
17,902,413
16,633,545
5,939,096
3,341,664
2,033,077
1,308,587

30,381
1,542,308
1,894
3,336,586
973,493
742,230
53,970
14,745

3,429,402
1,261,239
400,617
2,558,610
884,203
771,367
1,042,684
(461,772)

4,276,146
2,396,309
1,918,230
1,865,929
1,055,572
2,479,437
34,114
(3,458,722)

3,773,197
1,924,660
1,665,595
(1,494,229)
391,779
139,395
37,525
1,558,903

4,353,272
2,513,084
2,274,879
358,895
353,676
1,082,142
41,278
1,807,875

13,823,617
0
1,222,994
7,428,879

18,020,168
86,708
1,620,863
7,230,126

25,447,707
4,451,131
903,040
10,031,435

27,816,748
5,466,927
(1,669,080)
14,838,956

25,617,698
4,849,163
(2,025,403)
14,594,276

26,708,947
5,808,205
(1,076,923)
14,894,767

0.70
3.40
25.10
1.24
1.24
84.51
2.03
9.66
31.34
27.62
2.54
5.74

0.69
3.15
34.57
1.01
1.22
83.82
2.30
7.89
25.10
20.96
3.18
4.70
1,762.66
6.81
0.00
12.18
75.95

0.74
2.75
39.56
0.87
1.20
86.12
2.06
5.05
16.03
11.77
2.17
4.91
7.39
5.57
-0.01
6.94
71.18

0.74
4.71
40.45
0.87
1.21
82.99
2.13
3.36
10.41
7.01
0.33
4.51
1.97
3.67
-0.09
3.04
69.88

0.70
5.68
54.66
0.63
1.13
88.44
2.04
-2.65
-8.19
-5.59
-13.53
3.40
0.10
-4.41
0.04
-6.80
64.34

0.76
6.21
44.63
0.77
1.21
85.33
1.93
0.67
2.00
1.37
0.00
4.41
1.16
0.89
0.05
0.02
64.10

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

44,493,378
44,207,530
285,848
37,599,822

6,893,556
3,223,428

3,223,428

1,511,363

3,089,860
1,074,638
792,228
270,306

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

6.94
0.00
12.19
71.72

438

Growth with Composition of Assets & Liabilities

35

15%

Billion Rs

30

10.6%

10%

25

5%

20

1.0% 0%

15

-2.4%

-3.3%

-5%

10
-9.7%

-10%

-15%
Non-Current
Assets

Current Assets

Current
Liabilities
2012

2011

Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

Billion Rs

2011
45
40
35
30
25
20
15
10
5
0
-5

300%
200%
100%
34.1%
Gross Profit

Sales 16.3%

2011

Return on
Equity

-2.65

-4

Return on
Capital
Employed

-6
-5.59

-8
-8.19

Percentage

2012
Return on
Assets

Net Profit Before Tax

0%

Key Performance Indicators

1.37

0.67

0
Percentage

500%
400%

-10

Growth
600%
516.3%

Profitability/Efficiency Ratios

-2

2012

3
2
1
0
-1
-2
-3
-4
-5
-6
-7

439

2.04

2011
2012

1.93

1.13 1.21

0.89
0.02

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax
-4.41

-6.8

Financial Statement Analysis of Non Financial Sector 2012

Ados Pakistan Ltd.

2008

2009

2010

38,058

40,704

54,907

68,212

61,788

112,340

119,389

138,978

157,255

157,654

157,818

38,058
4,343

40,704
4,699

54,907
84,070

66,101
7,083

58,340
8,160

51,437
7,067

2,111

3,448

3,197

344,732
263,757
3,265

280,290
114,400
128,457

492,297
226,438
3,265

306,037
122,032
3,265

406,321
269,603
4,105

398,799
142,592
12,854

65,515

128,457

205,997

121,520

56,982

179,706

0
12,195

15,960
(106,984)

16,488
40,109

17,385
41,835

16,690
58,941

63,647

312,961
0

243,376
0

411,201

221,493

300,071

273,168

312,961

243,376

411,201

221,493

300,071

273,168

6,026

2,760

5,312

4,148

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

(Thousand Rupees)
2011
2012

2007

Items

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

54,634

2,491
3,535

2,760
0

3,687
1,625

4,148
0

69,829
65,826

77,618
65,826

129,977
65,826

149,996
65,826

162,726
65,826

176,117
65,826

65,826
0
4,003

65,826
0
11,792

65,826

65,826

65,826

84,170
2,385
81,785

96,900
1,690
95,210

110,291

65,826
0
64,151
1,488
62,663

110,291

790,611
790,611
0
702,616

336,974
336,974
0
284,836

795,783
795,783

535,180
535,180

462,366
462,366

291,310
291,310

87,995
66,091

52,138
43,389

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

66,091

43,389

647,225
577,996
69,229
148,558
82,111
41,376
40,735

408,646
352,040
56,606
126,534
85,159
25,260
59,899

394,273
332,805
61,468
68,093
55,974
23,190
32,784

232,733
160,618
72,115
58,577
62,558
14,781
47,777

20,738
1,520
704
49,188
17,574
0
0
(81,531)

18,386
903

21,227
837

24,578
6,130
0
0
139,133

24,466
10,867
0
0
(150,298)

23,175
6,166
0
0

12,338
6,027
0
0

14,033
673
183
76,366
24,536
13,165
0
131,768

69,829
0
17,009
0

77,618
0
6,311
0

136,003
0
38,665
0

152,756
0
31,614
0

168,038
0
18,448
0

180,265
0
13,599
0

1.06
0.21
38.12
1.05
1.15
84.53
3.14
3.51
16.74
16.74

1.09
0.08
25.89
1.45
1.20
81.33
3.21
17.59
73.57
71.50
3.94
243.73
418.30
9.60
0.32
7.87
19.75

1.18
0.28
22.71
1.43
1.38
76.36
1.50
10.68
35.14
34.07

1.14
0.20
12.32
0.99
1.35
85.27
1.88
5.84
15.72
15.32

1.18
0.29
61.69
0.64
1.46
79.89
1.57
5.31
14.44
14.05

1,211

710

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.05
0.15
8.29
2.07
1.10
88.87
4.48
7.16
31.86
31.86

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

440

242.15

2.62

2.93
0.00
2.58
10.61

3.66
0.00
0.96
11.79

163.91
70.87
9.19
-0.36
4.80
22.79

112.63

22.66

5.32
0.46
2.80
24.72

8.40
-0.54
2.07
26.75

Financial Statement Analysis of Non Financial Sector 2012

Johnson & Philips (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

124,414

219,850

210,599

201,036

192,816

162,242

254,064

250,021

254,471

254,666

254,836

124,414
8,798

219,850
10,126

209,386
9,827

199,475
9,992

191,255
8,414

184,117
7,308

0
0

0
0

1,213

1,561

1,561

1,566

189,695
10,252
43,825

206,224
14,232
58,693

173,548
4,110
64,088

175,583
5,574
74,664

264,675
3,121
134,966

243,543
7,395
133,420

55,472

30,900

30,902

24,974

42,633

34,714

9,000
71,146

9,000
93,399

0
74,448

70,371

0
83,955

0
68,014

178,318
0

177,889
10,300

208,016
66,200

204,314
70,591

281,154
70,591

259,728
70,591

178,318

167,589

141,816

133,723

210,563

189,137

94,606

79,199

74,398
0
66,319

78,054
71,636

82,344
75,102

79,330
71,969

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

185,683

94,606

79,199

0
8,079

6,418

7,242

7,361

41,185
54,500

168,986
54,500

101,733
54,500

94,251
54,500

93,993
54,500

90,168
54,500

54,500
0
(13,315)

54,500
0
114,486

54,500

54,500
0
(84,476)
29,727
(114,203)

(90,704)
29,727
(120,431)

54,500
0
(89,708)
29,727
(119,435)

54,500
0
(92,279)
29,727
(122,006)

131,709

130,455

129,201

127,947

377,443
377,443
0
309,295

249,844
249,844
0
193,771

133,741
133,741

127,181
127,181

243,343
243,343

158,181
158,181

68,148
34,989

56,073
26,804

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,989

26,804

9,964

9,520

128,499
94,800
33,699
5,242
25,099
4,422
20,677

102,431
43,769
58,662
24,750
30,138
5,300
24,838

207,885
177,893
29,992
35,458
30,630
5,474
25,156

138,227
113,069
25,158
19,954
25,833
4,992
20,841

20,579
9,544
966
(17,158)
676

19,148
8,068
7,010
(6,845)
637
0
0
10,818

24,516
7,213
7,133
2,206
2,433
0
0
(2,259)

23,103
5,638
5,592
(2,122)
1,596
0
0
4,449

24,820
1,889
0
0

24,977
1,273
0
0

7,187
4,105

135,791
0
22,931
0

248,185
0
23,704
10,300

176,131
0
(17,834)
66,200

172,305
71,636
(7,482)
142,227

176,337
75,102
(227)
145,693

169,498
71,969
(3,718)
142,560

0.42
2.64
14.70
1.20
1.06
81.94
6.63
9.01
77.43
30.60

0.30
3.81
12.37
0.59
1.16
77.56
1.52
6.75
23.77
13.01

0.17
7.14
23.11
0.35
0.83
96.08
2.78
-4.24
-12.68
-8.09

0.15
6.34
19.64
0.34
0.86
80.54
3.00
-1.80
-6.99
-3.93

0.16
2.96
17.52
0.53
0.94
85.43
3.87
0.53
2.34
1.27

0.16
3.56
21.95
0.37
0.94
87.39
3.76
-0.48
-2.30
-1.23

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

441

8.61

4.26

2.09
-16.76
-12.83
0.01
-3.27
18.67

1.70
0.02
-5.38
0.04
-1.37
17.29

1.80
1.31
0.91
-0.01
-0.04
17.25

1.19
0.62
-1.34
0.01
-0.68
16.54

6.58
0.00
4.21
7.56

10.00
0.00
4.35
31.01

Financial Statement Analysis of Non Financial Sector 2012

Pak Elektron Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

4,628,083

6,804,746

14,083,330

13,981,415

14,463,088

14,198,333

5,425,576

7,768,802

15,467,498

298,648
16,129,509

323,356
17,445,963

345,992
17,855,453

4,046,378
201,238

6,231,129
216,451

13,457,138
216,580

13,136,061
698,015

13,765,829
693,645

13,465,258
702,445

581,705

573,617

511,134
22,906

457,744
13,447

314,874
4,393

310,969
10,216

92,152

75,515

54,636

65,898

6,918,696
536,574
2,507,679

9,488,457
434,484
3,571,168

8,851,890
123,263
3,826,744

11,548,724
343,753
5,652,089

9,330,694
161,866
4,247,023

11,016,451
216,349
3,789,580

2,947,646

4,207,741

3,227,219

3,924,775

3,746,881

5,775,681

12,474
914,323

52,945
1,222,119

0
1,674,664

1,628,107

0
1,174,924

0
1,234,841

5,980,918
3,289,151

8,079,773
4,078,256

7,191,289
4,334,131

9,005,974
7,033,103

9,628,526
7,281,235

9,831,765
6,855,820

2,691,767

4,001,517

2,857,158

1,972,871

2,347,291

2,975,945

1,501,246

2,570,444

7,183,256
4,079,149
0

7,795,559
4,954,333

7,601,185
5,587,486
0

6,600,112
4,548,852
0

1,501,246

2,570,444

3,104,107

4,064,615
1,368,591

5,642,986
1,496,677

8,560,675
1,593,720

763,591
605,000
2,696,024

970,427
526,250
4,146,309

1,593,720
0
2,593,186

13,077,670
12,939,700
137,970
10,547,806

12,651,993
12,561,896
90,097
9,801,897

2,529,864
997,966

2,850,096
1,357,315

Items

2,841,226

0
2,051,260

0
2,013,699

8,728,606
1,668,264

7,565,144
1,668,264

7,781,834
1,668,264

1,668,264

2,461,255

2,897,716
164,134
2,733,582

1,668,264
0
1,934,840
164,134
1,770,706

1,668,264
0
2,240,065
164,134
2,075,931

4,373,769

4,162,626

3,962,040

3,873,505

4,631,431
4,574,745
56,686
3,148,401
2,850,735
297,666
1,483,030
684,371
315,170
369,201

17,522,656
17,263,428
259,228
13,814,754
11,070,227
2,744,527
3,707,902
1,879,308
1,057,011
822,297

11,342,830
10,927,832
414,998
10,277,948
7,453,468
2,824,480
1,064,882
1,480,756
792,803
687,953

17,769,888
15,448,963
2,320,925
14,126,276
10,393,734
3,732,542
3,643,612
1,456,178
827,192
628,986

354,793
619,911
224,561
221,894
60,643

958,267
1,623,611
1,496,115
261,208
175,216
1,668,264

746,343
1,423,426
1,303,266
(1,802,160)
123,169

766,921
2,062,783
1,932,032
160,920
88,949

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

997,966

1,357,315

937,109

972,618

707,409
59,067
0
190,898

634,525
39,876
0
0

808,581
1,170,983

(1,397,300)

1,320,271

(245,669)

5,565,861
0
648,342
3,289,151

8,213,430
0
594,649
4,078,256

15,743,931
4,079,149
161,251
8,413,280

16,524,165
4,954,333
(1,582,272)
11,987,436

14,165,256
4,548,852
(1,925,329)
11,830,087

15,383,019
5,587,486
71,971
12,443,306

0.58
7.17
22.54
1.13
1.16
80.66
1.84
6.53
19.62
15.47

0.58
7.69
33.26
0.78
1.17
77.47
1.89
4.56
13.07
9.21

0.47
13.38
69.68
0.20
1.23
67.98
1.68
1.13
3.12
1.85

0.47
9.27
22.40
0.69
1.28
78.84
1.92
1.08
3.02
1.62
0.05
3.10
1.17
1.49
-0.08
0.52
52.32

0.41
12.55
33.03
0.48
0.97
90.61
2.15
-7.31
-22.12
-11.74

0.61
11.61
32.50
0.70
1.12
79.50
2.24
0.66
2.10
1.09

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

442

5.22

3.54

1.21
1.99
4.79
0.08
1.01
53.72

5.41
0.00
8.49
53.23

5.02
0.00
6.13
58.15

2.67
-0.38
-15.89
0.08
-11.54
45.35

4.69
1.08
0.91
-0.01
0.43
46.65

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Cables Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,215,459

1,643,567

753,477

1,752,787

1,698,948

1,518,462

1,549,328

2,030,932

91,608
916,682

1,992
2,218,126

1,089
2,253,657

1,168
2,285,041

1,215,459
59,391

1,643,567
73,044

493,340
21,632

1,623,402
116,271

1,580,444
118,423

1,494,121
121,902

0
167,791

738

127,393

117,415

23,173

1,763,662
7,391
1,133,430

1,702,333
23,743
1,018,606

559,658
35,036
203,171

1,888,162
10,394
982,719

2,108,828
41,830
1,322,151

2,160,695
5,092
1,246,909

504,951

397,375

84,050

636,040

476,898

715,687

47,932
69,958

66,617
195,992

63,828
173,573

259,009

267,949

193,007

1,691,576
1,026,510

1,736,609
1,151,773

524,513
214,684

1,846,750
1,214,652

1,539,111
1,048,738

1,344,012
568,435

665,066

584,836

309,829

632,098

490,373

775,577

135,784

270,770

339,086
133,334
0

394,541
260,958

199,299
26,875

182,748
3,125

Items

135,784

270,770

0
205,752

33,401
100,182

33,700
138,724

37,889
141,734

1,151,761
146,334

1,338,521
195,112

449,536
63,888

1,399,658
214,623

2,069,366
284,623

2,152,397
284,623

146,334
0
1,005,427

195,112
0
1,143,409

214,623

284,623

284,623

504,190

63,888
0
256,592
256,592
0

504,190

1,088,894
527,800
561,094

1,176,220
527,800
648,420

129,056

680,845

695,849

691,554

4,810,838
4,810,838
0
4,196,627

4,442,611
4,442,611
0
4,072,731

3,798,847
3,798,847

4,096,391
4,096,391

5,344,571
5,344,571

614,211
247,212

369,880
369,382

1,803,234
1,803,234
0
1,471,620
1,229,396
242,224
331,614
69,309
2,571
66,738

3,386,498
3,138,488
248,010
412,349
186,281
118,590
67,691

3,576,776
3,302,420
274,356
519,615
296,672
161,885
134,787

4,656,976
4,107,038
549,938
687,595
402,887
189,255
213,632

251,830
154,484
146,663
52,306
20,073
32,193
0
(562,440)

295,364
95,932
91,342
146,682
44,383
56,925
0
(4,029)

333,745
67,704
63,764
240,956
120,237
92,502

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

247,212

369,382

293,276
68,346
49,998
48,778

53,607
19,695
0
19,511

137,473
86,594
85,838
214,218
10,860
15,972
6,389
26,877

1,287,545
0
174,932
1,026,510

1,609,291
0
33,912
1,151,773

788,622
133,334
187,386
348,018

1,794,199
260,958
40
1,475,610

0.35
4.80
4.66
1.37
1.07
81.61
1.92
9.20
23.96
17.87
12.73
8.88
3.50
11.88
0.03
31.83
70.36

0.35
4.07
16.74
1.04
1.02
89.15
1.60
2.11
5.66
4.05
1.00
3.87
1.36
1.38
-0.25
1.50
65.21

112,052

130,378

496,821

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

2,268,665
26,875
45,374
1,075,613

2,335,145
3,125
28,217
571,560

H.Key Performance Indicators

0.33
2.33
10.50
1.61
1.04
87.23
1.59
10.30
26.83
24.37
4.50
4.24

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

443

0.28
2.93
8.94
1.33
0.98
91.67
1.50
1.70
4.31
3.70

4.36

6.10
0.00
15.37
78.71

1.21
0.00
1.74
68.60

0.34
2.34
11.64
1.08
1.37
87.32
0.84
3.94
8.46
7.22
1.80
3.10
2.61
3.58
0.00
3.59
72.71

0.54
1.27
13.39
1.45
1.61
87.13
0.71
6.44
11.41
10.47
1.31
4.29
4.78
4.51
0.33
4.24
75.62

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Telephone Cables Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

356,429

341,947

313,090

283,549

409,515

2,144
451,761

438,913

0
451,649

449,882

609,885

605,605

356,428
36,250

338,523
113,125

307,522
31,113

280,125
27,411

407,341
34,015

370,488
35,602

0
3,424

0
3,424

3,424

2,174

879

311,005
4,599
212,174

267,581
1,286
210,617

116,417
2,164
67,475

225,530
2,137
124,900

263,775
7,997
125,575

68,036

57,935

28,273

14,554

34,481

66,360

0
40,926

0
36,297

0
27,405

32,224

64,012

63,843

393,828
94,853

240,214
100,761

276,990
77,583

240,171
76,275

333,720
85,808

331,036
75,968

298,975

139,453

199,407

163,896

247,912

255,068

10,857

153,740
86,708
0

148,097
95,522
0

230,515

299,415

294,938

169,527

188,723

201,188

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

371,367

300,578
2,825
188,791

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

10,857

0
67,032

0
52,575

9,653
51,335

10,038
100,654

1,593
92,157

252,322
210,000

258,998
210,000

155,584
210,000

(70,720)
210,000

1,910
210,000

9,168
210,000

210,000
0
42,322

210,000
0
(61,986)
0
(61,986)

210,000
0
(157,971)
0
(157,971)

210,000

210,000

210,000

(378,905)

(408,338)

(390,484)

(378,905)

(408,338)

(390,484)

110,984

103,555

98,185

200,248

189,652

783,545
783,545
0
714,921
660,538
54,383
68,624
38,206
6,924
31,282

125,243
125,243
0
165,327
140,247
25,080
(40,084)
25,387
2,125
23,262

163,046
163,046

161,933
161,933

576,890
576,890

191,613
124,298
67,315
(28,567)
21,254
2,559
18,695

154,231
137,694
16,537
7,702
22,516
3,232
19,284

522,823
441,813
81,010
54,067
28,442
8,276
20,166

30,381
30,039
1,894
11,635
6,396
0
0
14,745

20,622
31,220
1,132
(79,841)
6,127
0
0
41,743

15,303
21,632
21,772
(88,005)
389
36,750
0
20,890

9,844
24,870
24,527
(39,068)
2,500
0
0
(30,858)

19,181
21,296
20,005
4,539
5,778
0
0
2,459

263,179
0
(10,573)
94,853

412,738
86,708
5,239
187,469

303,681
95,522
(85,968)
173,105

159,795
0
(125,144)
76,275

301,325
0
(41,568)
85,808

304,106
0
(1,239)
75,968

0.18
4.18
8.81
1.18
0.76
93.19
1.60
-0.91
-2.31
-2.16

0.26
3.83
7.39
1.20
1.29
91.24
1.52
1.78
4.55
3.44

0.11
24.93
22.57
0.22
0.97
132.00
2.73
-12.94
-38.52
-22.29

0.07
13.27
8.93
0.41
0.48
117.52
-6.66
-17.95
-207.40
-37.98
-2.41
2.42
-3.04
-53.98
0.04
-4.21
-3.37

0.11
15.36
21.29
0.25
0.68
95.24
331.48
-7.55
113.55
-16.94

0.22
3.69
11.50
0.91
0.80
90.63
68.28
0.71
81.95
1.50

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

772,689
772,689
0
720,043

52,646
30,924

30,924

32,322

(5,953)
4,620
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.09

3.69
7.14
1.48
0.04
0.25
12.33

0.59
-69.53
-63.75
0.10
-4.09
7.41

-0.77
0.00
-0.50
12.02

444

1.30
-0.59
-24.13
-0.05
-1.98
0.09

4.59
1.23
0.79
0.00
-0.06
0.44

Financial Statement Analysis of Non Financial Sector 2012

Siemens (Pakistan) Engineering Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

1,539,375

1,595,715

3,878,182

3,863,177

3,976,219

3,840,696

2,508,738

2,679,656

8,686
2,926,093

62,009
3,041,230

77,572
3,047,925

13,763
3,108,894

1,532,620
199,333

1,589,664
205,733

1,653,814
214,154

1,616,513
226,575

1,579,464
226,440

1,530,258
180,201

6,755

6,051

250

781

6,032
0

2,747

2,209,650

2,181,908

2,318,933

2,295,894

16,041,641
3,311,908
3,166,741

23,179,667
3,407,239
4,588,682

20,380,263
1,403,094
4,367,431

20,746,763
1,396,266
3,734,297

17,388,728
719,368
3,325,075

14,767,855
1,298,909
2,985,409

6,634,051

11,127,285

13,583,392

14,665,339

12,867,854

9,964,660

0
2,928,941

0
4,056,461

0
1,026,346

950,861

476,431

518,877

12,229,594
2,357,180

18,487,125
907,909

17,149,395
155,706

17,404,634
16,108

14,647,903
109,373

12,027,436
246,116

9,872,414

17,579,216

16,993,689

17,388,526

14,538,530

11,781,320

171,675

82,343

60,731

197,857
0
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

14,042
183,815

171,675

82,343

60,731

5,351,422
82,470

6,288,257
82,470

6,911,193
82,470

7,033,631
82,470

6,634,701
82,470

6,520,384
82,470

82,470
0
5,268,952

82,470
0
6,205,787

82,470

82,470

82,470

82,470
0
6,828,723
624,192
6,204,531

6,951,161
624,192
6,326,969

6,552,231
624,192
5,928,039

6,437,914
624,192
5,813,722

22,238,975
22,133,548
105,427
19,113,846

27,236,492
26,792,225
444,267
23,222,631

3,125,129
1,557,403

4,013,861
1,668,285

36,149,390
14,202,375
21,947,015
32,164,974
1,537,010
30,627,964
3,984,416
1,851,736
1,308,787
542,949

26,248,842
15,086,819
11,162,023
22,367,845
21,847,884
519,961
3,880,997
2,105,197
1,480,011
625,186

15,087,935
10,802,627
4,285,308
13,409,371
1,259,337
12,150,034
1,678,564
1,464,918
1,227,696
237,222

13,834,074
11,104,927
2,729,147
12,918,865
1,266,499
11,652,366
915,209
988,575
702,282
286,293

2,816,271
399,887
78,403
1,590,067
819,640
742,230
0
(1,689,177)

2,464,185
163,798
54,595
158,178
191,999
82,470
0
239,820

2,954,837
133,599
52,200
(63,614)
111,675
989,640
0
1,799,955

7,205,306
0
28,197
16,108

6,717,044
0
(116,291)
109,373

6,581,115
0
(1,164,929)
246,116

0.93
1.09
85.29
0.71
1.19
88.87
2.22
0.69
2.31
2.27
-0.41
4.54
3.90
1.05
0.02
-4.10
804.50

0.94
0.97
72.03
0.74
1.23
93.38
1.85
-0.32
-0.97
-0.96
-0.18
4.63
-0.22
-0.46
0.15
-21.25
790.64

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,557,403

1,668,285

1,964,574
913,864
742,230
0

2,564,203
885,135
742,230
0

2,691,697
336,644
45,843
2,144,439
779,270
742,230
0
(1,871,088)

5,351,422
0
308,480
2,357,180

6,288,257
0
936,838
907,909

7,109,050
0
622,939
155,706

0.81
1.43
29.83
1.26
1.31
85.95
2.29
13.26
48.62
48.62
1.42
7.02

0.79
0.93
40.85
1.10
1.25
85.26
2.94
12.11
44.06
44.06
2.26
5.94

0.87
0.93
37.58
1.49
1.19
88.98
2.51
8.75
32.49
32.01
1.84
8.28
47.78
5.93
-0.11
165.54
838.03

316,939

253,792

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

445

8.83
0.00
127.41
648.89

9.41
0.00
203.60
762.49

0.92
1.52
55.87
1.07
1.19
85.21
2.50
6.51
22.81
22.22
1.04
7.03
21.28
6.06
-0.10
93.42
852.87

Financial Statement Analysis of Non Financial Sector 2012

Singer Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

161,581

219,851

263,289

716,495

703,697

693,736

306,043

278,569

26,189
370,124

32,927
822,674

35,418
824,243

35,715
846,946

156,915
13,627

212,213
18,048

184,310
21,121

629,062
22,547

620,683
28,797

616,702
28,581

4,666

7,638

5,083

3,607

1,759

1,753

47,707

50,899

45,837

39,566

1,401,045
99,413
393,286

1,640,092
129,094
501,985

1,609,991
142,665
456,583

1,831,867
159,056
510,200

2,067,261
183,554
570,600

2,216,944
142,162
710,626

808,842

887,628

923,587

1,053,140

1,150,541

1,162,753

6,894
92,610

0
121,385

0
87,156

109,471

162,566

201,403

951,707
546,347

1,204,838
762,763

1,160,329
672,909

1,339,354
901,815

1,524,999
1,101,368

1,672,944
1,221,632

405,360

442,075

487,420

437,539

423,631

451,312

221,583

213,208

239,975
143,126

402,496
180,000

408,827
198,334

369,110
145,625

Items

221,583

213,208

5,173
91,676

3,929
218,567

8,006
202,487

16,483
207,002

389,336
245,038

441,897
275,668

472,976
310,127

806,512
341,140

837,132
375,253

868,626
412,778

245,038
0
144,298

275,668
0
166,229

341,140

310,127
0
162,849
5,000
126,337

159,757
5,000
154,757

375,253
0
160,508
5,000
155,508

412,778
0
164,511
5,000
159,511

305,615

301,371

291,337

1,744,173
1,744,173
0
1,385,837

2,349,836
2,349,836
0
1,901,382

358,336
219,330

448,454
259,600

1,999,476
1,977,562
21,914
1,559,932
155,270
1,404,662
439,544
257,552
200,449
57,103

2,158,168
2,105,658
52,510
1,656,501
971,529
684,972
501,667
294,176
237,933
56,243

2,291,397
2,240,947
50,450
1,762,747
1,242,708
520,039
528,650
293,911
232,579
61,332

2,331,837
2,313,408
18,429
1,736,225
1,303,584
432,641
595,612
339,102
270,283
68,819

154,104
165,177
42,094
20,716
5,213

154,766
176,516
167,563
39,940
20,690
0
34,114
235,069

176,381
198,074
184,732
45,026
19,271
0
37,525
(109,536)

196,553
212,529
201,286
53,164
12,662
0
41,278
(62,130)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

219,330

259,600

85,876

125,422

62,253
17,644
0
30,630

68,790
11,391
0
34,459

188,474
28,734

610,919
0
44,609
546,347

655,105
0
57,399
762,763

712,951
143,126
15,503
816,035

1,209,008
180,000
19,250
1,081,815

1,245,959
198,334
25,755
1,299,702

1,237,736
145,625
40,502
1,367,257

0.96
4.92
46.37
1.12
1.47
79.46
3.01
4.45
19.31
12.25

0.84
5.34
37.77
1.26
1.36
80.92
3.21
4.02
16.55
10.87

0.92
8.26
46.19
1.07
1.39
78.02
2.96
1.11
4.53
3.03

0.91
8.18
48.80
0.85
1.37
76.75
2.16
1.81
6.24
4.16

0.87
8.64
50.21
0.83
1.36
76.93
2.31
1.69
5.48
3.67

0.78
9.11
49.86
0.80
1.33
74.46
2.35
1.87
6.23
4.28

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

446

4.43

4.68

4.38
1.49
1.04
0.02
0.50
15.25

4.23
1.24
1.85
0.13
0.56
23.64

4.02
1.24
1.97
-0.06
0.69
22.31

3.28
1.26
2.28
-0.03
0.98
21.04

3.57
0.00
1.82
15.89

2.93
0.00
2.08
16.03

Financial Statement Analysis of Non Financial Sector 2012

The Climax Engineering Co. Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

374,597

360,420

347,368

480,715

468,919

406,859

406,432

406,527

507,278

507,278

507,331

374,597
16,817

360,420
15,317

346,755
13,760

480,103
12,752

468,573
11,583

418,849
10,021

613

612

346

346

363,552
1,384
251,860

375,203
6,760
250,946

389,788
12,302
230,279

421,123
2,847
233,660

419,687
686
228,215

396,853
4,520
179,337

53,634

58,517

89,442

120,133

140,997

166,035

0
56,674

0
58,980

543
57,222

64,483

49,789

46,961

286,246
59,826

309,803
58,781

259,818
59,091

302,624
59,485

313,532
48,000

297,985
48,000

226,420

251,022

200,727

243,139

265,532

249,985

821

77,485

83,789

91,213

95,528

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Issued, Subscribed & Paid up capital

i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

419,195

821

77,485

25,848
57,941

30,013
61,200

34,226
61,302

451,903
33,120

424,999
33,120

399,853
33,120

515,425
33,120

483,861
33,120

422,535
33,120

33,120
0
418,783

33,120
0
391,879

33,120
0
70,875

33,120

33,120

33,120

50,309

25,580

25,040

70,875

50,309

25,580

25,040

295,858

431,996

425,161

364,375

232,847
232,847
0
219,725

226,242
226,242
0
217,614

300,511
300,511

270,633
270,633

189,234
189,234

168,303
168,303

13,122
39,828

8,628
38,576

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

(Thousand Rupees)
2011
2012

2007

Items

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

39,828

38,576

6,954

9,200

274,609
212,851
61,758
25,902
37,743
14,735
23,008

249,559
199,119
50,440
21,074
43,074
22,884
20,190

175,785
125,922
49,863
13,449
32,884
13,414
19,470

203,833
116,058
87,775
(35,530)
38,089
16,016
22,073

36,101
11,476

39,823
10,591

38,178
10,444

37,705
8,698

14,291
1,157
0
0

(37,922)
1,100
0
0

(22,024)
(3,122)
0
32,053
5,106

(31,930)
1,353
0
0
4,949

(29,671)
1,894
0
0
6,361

(59,414)
1,912
0
0
(37,712)

451,903
0
13,134
59,826

425,820
0
(39,022)
58,781

477,338
0
(18,902)
59,091

599,214
0
(33,283)
59,485

575,074
0
(31,565)
48,000

518,063
0
(61,326)
48,000

0.19
2.99
23.03
0.32
1.27
94.36
0.63
2.14
4.09
4.09

0.21
4.07
25.86
0.31
1.21
96.19
0.73
-5.15
-8.65
-8.64

0.39
3.82
29.76
0.41
1.50
91.38
0.84
-2.99
-5.34
-4.88

0.41
3.91
44.39
0.30
1.39
92.21
0.75
-3.90
-6.98
-5.93

0.45
5.52
74.51
0.21
1.34
92.89
0.84
-3.31
-5.94
-5.05

0.57
5.17
98.65
0.21
1.33
121.11
0.93
-6.97
-13.11
-10.87

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

447

0.92

0.90

1.30

1.16

0.83

0.94

6.14
0.00
3.97
136.44

-16.76
0.00
-11.78
128.32

-7.33
0.02
-5.71
120.73

-11.80
0.01
-10.05
155.62

-15.68
0.02
-9.53
146.09

-35.30
-0.10
-18.52
127.58

OTHER SERVICES ACTIVITIES

448

Financial Statement Analysis of Non Financial Sector 2012

Other Services Activities - Overall

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

15,907,712

16,308,599

24,944,143

38,930,868

38,171,106

38,547,740

19,282,729

20,127,519

205,355
21,193,988

241,903
32,705,019

169,531
33,985,952

288,399
35,677,684

15,906,208
380,235

16,297,834
466,305

16,547,763
1,127,676

28,302,576
578,228

28,563,222
552,201

29,892,554
587,240

1,504

10,765

79,592
6,897,089

70,313
8,836,445

61,049
6,981,249

60,943
6,382,606

1,214,344

1,479,631

2,396,055

1,923,238

7,537,900
1,154,779
950,581

13,174,698
1,894,262
1,574,736

6,155,964
786,090
1,844,388

5,975,618
606,892
1,471,223

15,196,243
464,662
2,121,959

16,874,776
691,456
2,842,696

1,063,512

1,792,733

2,093,197

2,334,772

1,606,043

1,586,210

3,261,349
1,107,679

6,829,502
1,083,465

0
1,432,289

0
1,562,731

0
11,003,579

0
11,754,414

4,366,474
695,106

7,055,158
919,280

4,054,070
1,342,606

4,632,641
1,535,505

7,190,138
3,344,387

10,173,037
5,064,674

3,671,368

6,135,878

2,711,464

3,097,136

3,845,751

5,108,363

1,020,886

2,374,021

5,416,840
1,891,609
305,841

4,937,581
2,225,325
144,482

7,094,762
3,146,391
68,516

7,072,258
5,585,494
63,951

99,940

1,499,400

1,907,965

1,176,425

1,248,567

270,527
1,120,822

295,056
2,336,232

324,871
1,097,942

Items

920,946

874,621

273,624
1,037,801

18,058,252
3,777,931

20,054,118
3,808,698

21,629,197
4,196,490

35,336,264
4,657,036

39,082,449
5,238,318

38,177,221
5,238,318

3,777,931
0
14,280,321

3,808,698
0
16,245,420

4,196,490
0
6,087,741
2,554,657
3,533,084

4,657,036
0
7,976,940
2,840,132
5,136,808

5,238,318
0
3,471,551
2,246,230
1,225,321

5,238,318
0
2,609,221
2,107,081
502,140

11,344,966

22,702,288

30,372,580

30,329,682

9,626,372
9,626,372
0
6,533,464

10,471,347
10,471,347
0
6,914,742

3,092,908
1,614,997

3,556,605
2,302,979

9,391,499
9,391,499
0
6,993,882
5,502,695
1,491,187
2,397,617
2,348,206
97,044
2,251,162

9,739,980
9,739,980
0
7,319,066
5,558,682
1,760,384
2,420,914
1,618,524
157,553
1,460,971

9,469,709
9,469,709
0
6,993,747
4,666,018
2,327,729
2,475,962
3,400,477
130,216
3,270,261

12,046,049
12,046,049
0
8,827,044
5,916,154
2,910,890
3,219,005
3,008,168
247,350
2,760,818

2,081,428
507,343
452,870
2,000,395
314,530
60,617
0
388,228

2,706,935
1,298,267
1,192,808
(1,739,024)
419,541
261,808
0
822,237

3,263,456
1,322,665
1,082,048
(616,215)
402,554
186,037
0
1,547,759

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,614,997

2,302,979

1,834,720
382,457
571,638
0

2,244,470
259,874
99,300
10,890

1,787,610
602,527
510,862
773,117
237,611
158,285
0
218,637

19,079,138
99,940
880,625
795,046

22,428,139
1,499,400
1,885,296
2,418,680

27,046,037
3,799,574
377,222
5,142,180

40,273,845
3,401,750
1,625,248
4,937,255

46,177,211
4,394,958
(2,420,373)
7,739,345

45,249,479
5,585,494
(1,204,806)
10,650,168

1.25
3.97
11.05
0.41
1.73
67.87
0.30
8.78
11.70
10.98
2.54
10.13

1.49
4.75
17.12
0.36
1.87
66.03
0.47
8.48
11.78
10.81
19.99
6.65

0.71
6.42
22.29
0.30
1.52
74.47
0.44
2.55
3.71
3.13
3.38
5.09
2.51
8.23
0.02
1.27
51.15

0.63
5.21
23.97
0.22
1.29
75.14
0.27
5.26
7.02
5.94
27.81
6.62
5.42
20.54
0.04
3.60
75.36

0.29
13.71
16.96
0.18
2.11
73.85
0.37
-3.54
-4.67
-4.02
-8.24
4.46
-0.46
-18.36
0.06
-4.10
74.16

0.22
10.98
13.17
0.22
1.66
73.28
0.45
-1.13
-1.60
-1.35
-5.48
4.24
0.43
-5.12
0.09
-1.94
72.88

381,958

497,739

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

449

19.06
0.00
3.81
47.40

21.43
0.00
5.21
52.65

Billion Rs

Growth with Composition of Assets & Liabilities

45
40
35
30
25
20
15
10
5
0

35%
30%
29.3%
25%
20%
15%
10%
5%
0%
-0.3%
-2.4%
-5%
Current
Non-Current
Shareholders
Liabilities
Liabilities
Equity
2012
Growth

9.9%
1.0%
Non-Current
Assets

Current Assets
2011

Growth & Composition of Operations

Billion Rs

2011
14
12
10
8
6
4
2
0
-2
-4

Growth
50%

23.1%

21.4%

0%
-50%
-100%
-150%
Sales

Gross Profit

2011

Return on
2012
Capital
Employed
-1.35

-1.6

2.11 1.66

0.45

-5

Current
Ratio

Debt
Equity
Ratio

Net
Earning
-1.94
Profit Per
Share
-4.1
-5.12 after Tax
Margin

-15
-4.02

2011
2012

0.37

-10

-4.67

-200%

0
Percentage

Percentage

Return on
Equity

Net Profit Before Tax

-182.2%

Key Performance Indicators

Profitability/Efficiency Ratios
0
-0.5 Return on
Assets
-1
-1.13
-1.5
-2
-2.5
-3
-3.5
-3.54
-4
-4.5
-5

2012

-20

450

-18.36

Financial Statement Analysis of Non Financial Sector 2012

Dadabhoy Construction Tech. Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

6,574

6,209

6,216

5,874

5,555

5,308

18,847

0
19,165

18,847

0
19,165

19,165

0
19,165

6,574
393

6,209
366

6,158
369

5,816
342

5,497
318

5,200
297

0
0

0
0

0
0

0
0

58

58

58

108

6,330
591
4,331

7,649
736
4,819

6,631
503
3,437

5,364
8
2,192

3,006
8
15

1,236
2
549

346

86

210

401

220

193

0
1,062

0
2,008

0
2,481

0
2,763

0
2,763

0
492

57,037
0

56,969
0

57,661
0

56,129
0

47,916
0

47,685
0

57,037

56,969

57,661

56,129

47,916

47,685

0
0
0

20
0
0

20
0
0

20
0
0

0
20

0
20

0
20

0
0

(44,133)
23,228

(43,111)
23,228

(44,814)
23,228

(44,911)
23,228

(39,375)
23,228

(41,161)
23,228

23,228
0
(67,361)

23,228
0
(66,339)

23,228
0
(68,042)
0
(68,042)

23,228
0
(68,139)
0
(68,139)

23,228
0
(62,603)
0
(62,603)

23,228
0
(64,389)
0
(64,389)

4,791
4,791
0
2,824

3,361
3,361
0
1,513

4,893
4,893

4,464
4,464

4,189
4,189

1,967
1,396

1,848
858

3,404
3,404
0
1,853
1,853
0
1,551
3,250
194
3,056

2,594
2,203
391
2,299
2,366
154
2,212

4,445
3,100
1,345
19
1,648
454
1,194

4,175
1,240
2,935
14
1,792
139
1,653

1,793
5
0
(72)
24
0
0
2,451

659
11
0
5,581
45
0
0
588

556
8
0
(1,786)
0
0
0
890

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,396

858

570
24
0
0

1,040
17
0
0

9
5
0
(1,704)
0
0
0
85

(44,133)
0
546
0

(43,111)
0
1,023
0

(44,814)
0
(1,704)
0

(44,891)
0
(96)
0

(39,355)
0
5,536
0

(41,141)
0
(1,786)
0

0.02
0.02
7.22
0.37
0.11
58.94
-1.29
4.13
-1.28
-1.28

0.01
0.15
2.56
0.24
0.13
45.02
-1.32
7.77
-2.38
-2.38

0.01
0.15
6.17
0.26
0.11
54.44
-1.29
-12.76
3.88
3.88

0.01
0.10
8.20
0.44
0.10
53.01
-1.25
-0.60
0.16
0.16

0.00
0.25
4.93
0.52
0.06
99.57
-1.22
56.38
-13.24
-13.25

0.00
0.19
4.61
0.64
0.03
99.67
-1.16
-23.65
4.44
4.44

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

451

1.11

0.70

0.99

2.23

297.60

7.63

11.90
0.00
0.24
-19.00

30.94
0.00
0.44
-18.56

-50.06
0.00
-0.73
-19.29

-1.47
0.04
-0.04
-19.33

125.02
0.01
2.38
-16.95

-42.64
0.02
-0.77
-17.72

Financial Statement Analysis of Non Financial Sector 2012

Dreamworld Ltd.
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2008

2009

2010

443,925

431,707

429,129

409,625

413,291

411,588

615,657

639,147

21,272
649,665

9,691
671,853

14,074
703,404

19,862
725,725

443,925
38,768

431,707
36,709

407,132
35,093

399,207
33,239

397,852
32,906

389,055
23,517

0
0

0
0

0
0

0
0

725

727

1,365

2,671

44,885
11,595
2,021

44,846
7,325
0

50,855
6,903
2,360

40,216
5,453
7,861

48,942
6,084
9,279

65,280
12,933
9,659

6,167

8,958

11,121

16,609

22,414

28,569

0
25,102

0
28,563

0
30,471

0
10,293

0
11,165

0
14,119

140,380
0

136,261
0

31,468
0

38,678
0

47,429
0

60,660
0

140,380

136,261

31,468

38,678

47,429

60,660

103,273
0
92,800

64,108
0
54,750

63,148
0
54,750

60,200
0
54,750

1,995
7,363

2,065
6,333

0
5,450

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

1,909
8,564

348,430
320,000

340,292
320,000

345,243
320,000

347,055
320,000

351,656
320,000

356,008
320,000

320,000
0
28,430

320,000
0
20,292

320,000
0
25,243
0
25,243

320,000
0
27,055
0
27,055

320,000
0
31,656
0
31,656

320,000
0
36,008
0
36,008

391,359
391,359
0
322,229

321,645
321,645
0
272,363

69,130
58,817

49,282
54,869

314,168
314,168
0
244,299
244,299
0
69,869
64,475
12,743
51,732

385,251
385,251
0
301,229
301,229
0
84,022
78,511
17,179
61,332

453,166
453,166
0
349,185
349,185
0
103,981
95,861
23,398
72,463

484,770
484,770
0
374,917
374,917
0
109,853
101,263
26,905
74,358

86,560
1,497
0
4,014
2,610
0
0
50,659

130,881
0
0
8,120
4,550
32,000
0
36,565

134,160
0
0
8,590
4,850
32,000
0
35,749

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

58,817

54,869

10,205
1,960
0
0

(7,954)
1,625
0
0

65,734
1,543
0
3,851
125
32,000
0
23,371

348,430
0
8,245
0

340,292
0
(9,579)
0

448,516
0
(28,274)
0

411,163
0
1,404
0

414,804
0
(28,430)
0

416,208
0
(28,260)
0

0.13
0.00
1.58
0.80
0.32
82.34
0.40
2.19
2.94
2.94

0.12
0.47
2.79
0.67
0.33
84.68
0.40
-1.65
-2.31
-2.31

0.57
0.39
4.31
0.86
1.04
78.19
0.30
0.86
1.16
0.93

0.60
0.00
4.95
0.98
1.03
77.05
0.31
1.78
2.32
1.97
0.11
48.84

0.68
0.00
5.89
1.02
1.08
77.34
0.34
1.83
2.43
2.07
0.12
50.19

0.57
0.49
3.54
0.65
1.62
77.76
0.39
0.81
1.12
0.98
0.12
133.12

2.61
0.00
0.26
10.89

-2.47
0.00
-0.30
10.63

1,509

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

193.65

452

49.01

1.23
0.17
0.12
10.79

1.04
0.49
0.04
10.85

1.79
0.33
0.11
10.99

1.77
0.30
0.12
11.13

Financial Statement Analysis of Non Financial Sector 2012

Gammon Pakistan Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

166,393

145,353

319,110

312,895

307,969

306,108

248,284

186,945

0
272,923

0
272,621

0
271,925

0
271,885

166,393
5,421

145,353
4,119

226,046
5,284

220,544
5,376

215,477
4,840

211,291
4,202

0
91,719

0
92,026

0
92,167

0
92,333

385,871
48,527
0

425,583
22,207
0

262,247

258,721

6,500
68,597

61,350
83,305

0
300,652

0
298,072

0
258,224

0
262,292

431,704
15,625

427,015
447

240,676
4,925

225,416
4,925

182,438
0

190,330
0

416,079

426,568

235,751

220,491

182,438

190,330

290

627

7,299
0
0

6,384
0
0

7,665
0
0

8,749
0
0

6,137
247

7,665
0

8,749
0

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

1,345

325

325

2,484

391,268
72,551
18,065

348,561
37,540
12,949

304,428
33,423
12,781

302,391
27,204
12,895

290

627

6,835
464

120,270
50,000

143,294
80,761

462,403
282,662

429,656
282,662

422,294
282,662

409,420
282,662

50,000
0
70,270

80,761
0
62,533

282,662
0
(30,596)
15,380
(45,976)

282,662
0
(60,434)
15,380
(75,814)

282,662
0
(64,928)
15,380
(80,308)

282,662
0
(75,125)
15,380
(90,505)

210,337

207,428

204,560

201,883

795,361
795,361
0
749,827

412,348
412,348
0
375,835

45,534
25,868

36,513
37,599

255,363
255,363
0
230,637
76,630
154,007
24,726
29,781
465
29,316

46,446
46,446
0
70,954
12,729
58,225
(24,508)
20,745
0
20,745

46,877
46,877
0
43,720
5,905
37,815
3,157
35,267
0
35,267

54,554
54,554
0
49,800
4,753
45,047
4,754
22,869
0
22,869

19,195
855
764
(32,696)
689
0
0
(35,181)

15,898
214
277
(6,386)
933
28,266
0
1,277

16,683
24
41
(11,827)
1,048
28,266
0
(5,870)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

25,868

37,599

24,852
31,940
0
0

(34,977)
6,000
0
0

41,607
9,128
8,674
24,810
1,070
0
0
2,688

120,560
0
(7,088)
15,625

143,921
0
(40,977)
447

469,702
0
23,740
4,925

436,040
0
(33,385)
4,925

429,959
0
(35,585)
0

418,169
0
(41,141)
0

0.73
1.66
32.97
1.44
0.89
94.28
3.59
4.97
19.55
19.46

0.80
3.52
62.74
0.72
1.00
91.15
2.98
-6.23
-26.54
-26.45

0.30
3.57
0.00
0.36
1.63
90.32
0.54
3.87
8.19
8.09

0.17
1.84
0.00
0.07
1.55
152.77
0.54
-4.77
-7.33
-7.22

3.12
0.00
-1.42
24.05

-8.48
0.00
-5.07
17.74

0.18
0.46
0.00
0.08
1.67
93.27
0.45
-1.00
-1.50
-1.47
-0.26
3.67
-22.05
-13.62
0.01
-0.26
14.94

0.14
0.04
0.00
0.09
1.59
91.29
0.49
-1.94
-2.84
-2.79
-0.46
4.23
-287.46
-21.68
-0.03
-0.46
14.48

13,207

14,507

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

453

14.14
3.86
9.72
0.01
0.84
16.36

3.59
-41.78
-70.40
-0.15
-1.18
15.20

Financial Statement Analysis of Non Financial Sector 2012

Haydari Construction Co. Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

2008

2009

2010

945

867

803

768

745

666

7,109

6,993

0
6,993

0
6,385

0
6,385

0
6,385

945
75

867
70

757
60

705
52

658
47

616
42

0
33

0
50

0
75

0
38

13

13

12

12

25,515
36
0

25,596
80
12,724

25,689
5
12,724

25,709
5
12,724

25,766
60
12,724

17,540
1
4,554

53
25,426

91
12,701

0
12,960

0
12,980

0
12,982

0
12,985

7,786
0

7,898
0

0
0

0
0

8,102
0

5,401

7,786

7,898

8,102

5,401

8,038
0
0

8,243
0
0

0
0
0

0
0
0

0
8,243

0
0

0
0

0
8,038

18,674
32,000

18,565
32,000

18,454
32,000

18,234
32,000

18,409
32,000

12,805
32,000

32,000
0
(13,326)

32,000
0
(13,435)

32,000
0
(13,546)
10,627
(24,173)

32,000
0
(13,766)
10,627
(24,393)

32,000
0
(13,591)
10,627
(24,218)

32,000
0
(19,195)
10,627
(29,822)

0
0
0
0

0
0
0
0

0
290

0
332

0
0
0
0
0
0
0
230
0
230

0
0
0
0
0
0
0
255
0
255

551
551
0
(11)
0
(11)
562
389

389

5,834

0
0
0
(254)
0
0
0
(180)

0
0
0
173
22
0
0
54

0
0
145,875
(5,558)
10
0
0
(59)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

290

332

276
276
0
0
0
0
276
5,834

(289)
0
0
0

(147)
0
0
0

0
0
0
(52)
0
0
0
(302)

18,674
0
(289)
0

18,565
0
(147)
0

26,492
0
(52)
0

26,477
0
(254)
0

18,409
0
151
0

12,805
0
(5,568)
0

0.01

0.02

0.00
3.28

0.00
3.24

0.00

0.00

0.42
-1.09
-1.54
-1.54

0.43
-0.56
-0.79
-0.79

0.44
-0.20
-0.28
-0.23

0.45
-0.96
-1.38
-0.96

0.01
0.00
0.00
0.02
3.18
-2.00
0.44
0.65
0.94
0.77

0.00
0.00
0.00
0.02
3.25
0.00
0.42
-24.86
-35.61
-35.61

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.00
-0.05
2.92

454

0.00

0.00

0.00

0.04

0.00
-0.05
5.80

-0.04
-0.01
2.88

-0.02
-0.04
2.85

0.06
0.96
-2,013.77
-0.01
-1.74
4.00

31.40
0.01
0.02
2.88

Financial Statement Analysis of Non Financial Sector 2012

IBL HealthCare Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

75,116

182,450

179,228

172,470

0
21,550

0
138,121

0
144,717

0
28,863

4,490
2,818

121,067
2,189

126,502
1,715

7,457
3,173

69,641
0

60,941
0

52,241
0

43,541
120,970

985

442

485

502

268,184
42,838
112,859

188,943
28,640
111,244

368,468
16,142
234,702

433,562
71,324
221,114

64,480

33,558

90,153

118,884

0
48,007

0
15,501

0
27,471

0
22,240

96,903
0

115,322
0

239,968
0

269,172
0

96,903

115,322

239,968

269,172

7,372
0
0

7,953
0
0

14,094
0
0

14,866
0
0

7,000
372

7,953
0

9,531
4,563

11,554
3,312

239,025
200,000

248,118
200,000

293,634
200,000

321,994
200,000

200,000
0
39,025
0
39,025

200,000
0
48,118
0
48,118

200,000
0
93,634
0
93,634

200,000
0
121,994
0
121,994

414,882
414,882
0
375,986
0
375,986
38,896
48,370
33,380
14,990

475,248
475,248
0
362,174
0
362,174
113,074
101,078
83,530
17,548

639,195
639,195
0
466,800
0
466,800
172,395
113,180
87,133
26,047

723,387
723,387
0
505,580
0
505,580
217,807
122,533
95,436
27,097

14,686
668
384
(8,339)
7,323
0
0
31,105

33,896
450
162
14,031
4,938
0
0
105,419

42,212
5,509
0
54,078
8,562
50,000
0
(86,047)

45,427
11,991
0
87,726
9,366
50,000
0
128,665

246,397
0
(15,662)
0

256,071
0
9,093
0

307,728
0
(4,484)
0

336,860
0
28,360
0

1.11
0.16
15.54
1.21
2.77
90.62
0.44
-2.43
-3.49
-3.38

0.54
0.09
7.06
1.28
1.64
76.21
0.50
3.93
5.76
5.58

0.44
0.86
14.10
1.17
1.54
73.03
0.87
11.77
19.96
19.18
0.91
2.72

0.71
1.66
16.43
1.19
1.61
69.89
0.88
15.21
28.50
27.22
1.57
3.27

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

455

3.68
-20.72
-2.01
0.30
-0.78
11.95

4.27
87.61
2.95
0.86
0.45
12.41

8.46
-0.34
2.28
14.68

12.13
0.45
3.92
16.10

Financial Statement Analysis of Non Financial Sector 2012

Javedan Corporation Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

833,762

840,707

5,392,722

8,644,909

468,397

911,501

1,698,664

1,721,165

70,416
6,214,820

227,818
8,628,117

10,124
187,904

11,830
62,482

833,762
16,855

840,707
16,319

5,320,060
14,730

8,414,121
213,996

27,606
4,462

43,813
7,158

0
0

0
0

0
0

9,154
0

2,246

2,970

430,667

846,704

452,938
8,152
189,277

528,108
71,298
172,577

468,497
71,829
196,261

851,616
81,770
6,005

9,219,454
10,901
0

9,758,646
31,476

10,908

19,883

9,943

34,238

1,961

705

0
244,601

0
264,350

0
190,464

0
729,603

0
9,206,592

9,726,465

345,589
150,000

428,325
108,125

647,644
184,045

1,555,947
1,177,537

2,603,931
1,947,745

2,192,735
693,372

195,589

320,200

463,599

378,410

656,186

1,499,363

625,000

666,875

4,482,291
30,000
952,291

3,858,481
105,768
1,127,713

2,004,956
2,002,084
0

3,734,191
3,734,191
0

625,000

546,875

3,500,000

2,625,000

0
0

0
2,872

0
0

Items

120,000

0
0

316,111
560,000

273,615
560,000

731,284
290,641

4,082,097
581,282

5,078,964
581,282

4,743,221
581,282

560,000
0
(243,889)

560,000
0
(286,385)

290,641
0
(4,065,340)
11,966
(4,077,306)

581,282
0
(4,194,256)
11,966
(4,206,222)

581,282
0
(3,197,389)
1,127,713
(4,325,102)

581,282
0
(3,533,132)
1,127,713
(4,660,845)

4,505,983

7,695,071

7,695,071

7,695,071

1,572,640
1,539,488
33,152
1,494,707

1,652,758
1,527,645
125,113
1,563,973

77,933
198,123

88,785
50,563

1,622,216
1,500,379
121,837
1,372,868
217,672
1,155,196
249,348
48,911
25,750
23,161

610,134
596,276
13,858
657,227
102,661
554,566
(47,093)
32,618
9,260
23,358

0
0
0
0
0
0
0
84,214
204
84,010

0
0
0
0
0
0
0
250,858
112,063
138,795

92,839
587,424
584,308
(124,040)
3,492
0
0
(541,714)

20,794
489,937
456,195
(558,491)
224
0
0
(111,370)

53,438
507,524
500,183
(745,586)
10
0
0
38,995

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

198,123

50,563

(177,789)
5,620
0
0

(57,484)
5,951
0
0

100,014
582,979
578,572
(370,367)
0
0
0
(253,473)

941,111
625,000
(183,409)
775,000

940,490
546,875
(63,435)
655,000

5,213,575
3,530,000
(370,367)
3,714,045

7,940,578
2,730,768
(127,532)
3,908,305

7,083,920
2,002,084
(558,715)
3,949,829

8,477,412
3,734,191
(745,596)
4,427,563

0.06
4.74
0.69
1.22
1.31
95.04
3.07
-15.79
-43.58
-24.68

0.21
6.02
1.20
1.21
1.23
94.63
4.00
-4.33
-19.50
-6.11

0.13
35.94
0.61
0.28
0.72
84.63
7.01
-10.25
-73.71
-12.04

0.07
96.28
5.61
0.06
0.55
107.72
1.33
-1.62
-5.15
-1.89

0.00

0.01

0.00
3.54

0.00
4.45

74,579

99,469

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

456

8.31

9.58

8.27
0.36
-22.83
-0.05
-12.74
25.16

101.60
0.79
-20.33
-0.10
-2.19
70.23

-11.31
0.00
-3.28
5.64

-3.48
0.00
-1.13
4.89

0.91
-5.82
-12.19
-7.43

1.25
-7.32
-15.18
-9.58

-0.22

-0.49

-0.02
-9.61
87.38

0.01
-12.83
81.60

Financial Statement Analysis of Non Financial Sector 2012

Pace (Pakistan) Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

257,688

510,916

6,474,944

8,513,862

6,373,059

5,049,671

311,854

575,480

71,127
577,191

6,672
693,519

6,672
700,227

127,457
780,107

256,406
13,264

500,373
21,812

474,066
33,739

550,444
42,786

516,419
38,490

577,075
25,929

1,282

10,543

9,951
5,465,782

9,372
7,300,247

8,808
5,139,976

8,248
4,316,917

454,018

647,127

701,184

19,974

3,547,871
307,943
751,408

8,050,206
1,314,880
1,189,809

3,474,664
341,282
1,496,754

3,373,427
177,505
1,111,571

2,985,769
59,592
1,646,405

3,351,781
8,134
2,316,432

310,506

974,764

1,559,785

1,714,345

1,019,495

721,551

1,751,329
426,685

4,181,118
389,635

0
76,843

0
370,006

0
260,277

0
305,664

575,749
109,268

2,480,964
44,843

362,747
35,011

1,064,004
135,958

1,118,132
704,479

4,590,840
3,850,782

466,481

2,436,121

327,736

928,046

413,653

740,058

54,794

1,519,452

3,827,813
1,535,175
202,980

3,216,257
1,755,763
82,328

3,144,421
228,000
5,637

300,553
0
0

1,499,400

1,907,965

1,176,425

1,248,567

33,236
168,505

32,828
1,629,389

36,650
263,903

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

54,794

20,052

33,814
147,879

3,175,016
2,204,650

4,560,706
2,204,656

5,759,048
2,328,220

7,607,028
2,788,766

5,096,275
2,788,766

3,510,059
2,788,766

2,204,650
0
970,366

2,204,656
0
2,356,050

2,328,220
0
3,430,828
418,019
3,012,809

2,788,766
0
4,818,262
675,936
4,142,326

2,788,766
0
2,307,509
635,865
1,671,644

2,788,766
0
721,293
482,740
238,553

612,651
612,651
0
381,151

1,523,872
1,523,872
0
983,974

231,500
143,074

539,898
331,350

1,535,295
1,535,295
0
1,239,402
1,239,402
0
295,893
312,345
6,724
305,621

1,649,336
1,649,336
0
1,489,853
1,489,853
0
159,483
166,386
18,968
147,418

(476,405)
(476,405)
0
(79,609)
(79,609)
0
(396,796)
1,779,978
17,576
1,762,402

(153,026)
981,376
10,980
970,396

36,107
244,000
241,149
1,116,555
9,805
0
0
(380,510)

56,009
505,081
484,868
(2,629,335)
880
0
0
(472,284)

52,879
464,763
145,875
(1,412,076)
1,062
0
0
116,502

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

143,074

331,350

218,747
218,747
0
371,773
371,773

550,958
3,815
385,814
0

1,434,027
11,023
0
0

50,769
272,451
270,554
669,613
775
0
0
(939,524)

3,229,810
0
161,329
109,268

6,080,158
1,499,400
1,423,004
1,544,243

9,586,861
3,443,140
668,838
3,478,151

10,823,285
2,932,188
1,106,750
3,068,146

8,240,696
1,476,567
(2,630,215)
2,181,046

3,810,612
0
(1,413,138)
3,850,782

5.24
17.75
101.60
0.15
9.58
80.73
0.73
7.23
12.98
8.55

1.78
14.79
103.94
0.14
3.17
90.33
0.56
10.23
16.71
10.94

0.97
-106.02
-214.00
-0.05
2.67
16.71
0.84
-24.75
-41.40
-27.58

0.16
212.47
329.86
0.03
0.73
169.96
1.39
-15.90
-32.81
-23.43

92,536

246,260

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

4.12
15.10
50.68
0.16
6.16
62.21
0.20
14.48
17.35
17.06
1.42
0.82

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

457

2.61
16.16
63.97
0.18
3.24
64.57
0.88
23.19
37.08
30.81

1.28

1.03
3.47
43.61
-0.22
2.87
24.74

1.48
5.63
67.70
-0.09
3.97
27.28

-0.29
-4.42
551.91
-0.11
-9.43
18.27

0.09
-8.68
-645.53
0.02
-5.07
12.59

89.93
0.00
2.48
14.40

94.10
0.00
6.45
20.69

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Hotels Developers Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

2008

2009

2010

2,469,004

2,436,112

2,400,673

2,360,573

2,340,322

2,304,002

2,614,195

2,628,269

5,275
2,627,562

8,042
2,627,487

0
2,657,480

0
2,661,639

2,469,004
46,742

2,436,112
49,797

2,392,948
46,357

2,350,081
43,378

2,337,872
43,776

2,301,552
40,906

0
0

0
0

0
0

0
0

2,450

2,450

2,450

2,450

115,119
48,810
521

153,011
76,522
557

102,400
65,533
1,564

146,684
74,580
1,735

163,219
72,914
1,764

205,296
93,140
3,154

51,177

39,350

24,753

35,489

26,472

30,372

0
14,611

19,334
17,248

0
10,550

0
34,880

0
62,069

0
78,630

280,986
19,771

268,087
6,105

44,678
0

42,361
0

42,956
0

50,281
0

261,215

261,982

44,678

42,361

42,956

50,281

1,236

882

216,059
180
10,061

204,736
0
7,404

199,767
0
8,129

193,576
0
9,201

0
197,332

0
191,638

0
184,375

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

Items

1,236

882

0
205,818

2,301,901
180,000

2,320,154
180,000

2,242,336
180,000

2,260,160
180,000

2,260,818
180,000

2,265,441
180,000

180,000
0
2,121,901

180,000
0
2,140,154

180,000
0
164,650
0
164,650

180,000
0
197,980
0
197,980

180,000
0
213,370
0
213,370

180,000
0
231,989
0
231,989

1,897,686

1,882,180

1,867,448

1,853,452

498,334
498,334
0
181,210

390,531
390,531
0
177,877

317,124
96,758

212,654
92,115

323,813
323,813
0
168,772
58,892
109,880
155,041
87,466
1,791
85,675

286,020
286,020
0
177,852
73,879
103,973
108,168
88,325
1,964
86,361

278,522
278,522
0
189,726
72,742
116,984
88,796
90,522
1,451
89,071

341,736
341,736
0
207,296
76,531
130,765
134,440
101,717
1,827
99,890

20,052
2,429
83
24,164
14,723
0
0
12,351

56,303
225
0
670
5,167
0
0
89,765

64,831
851
0
38,723
16,922
0
0
89,765
2,459,017
0
21,801
0

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

96,758

92,115

117,401
41,953
54,000
0

118,446
46,566
0
0

21,720
258
258
16,778
28,378
0
0
96,953

2,303,137
0
21,448
19,771

2,321,036
0
71,880
6,105

2,458,395
180
(11,600)
180

2,464,896
0
9,441
0

2,460,585
0
(4,497)
0

0.50
0.11
10.08
0.15
0.57
45.55
0.12
4.58
5.13
5.12

2.02
0.08
7.64
0.13
2.29
52.12
0.12
0.66
0.74
0.70

2.60
0.85
12.41
0.11
3.46
62.18
0.11
0.96
1.07
0.98

2.31
0.08
9.50
0.11
3.80
68.12
0.11
0.03
0.03
0.03

11,195

420

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

0.36
2.25
10.27
0.19
0.41
36.36
0.12
5.92
7.16
7.15
1.40
956.50

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

458

2.46
0.25
8.89
0.14
4.08
60.66
0.11
1.54
1.71
1.57

701.13

207.04
66.03
5.18
0.37
-0.64
124.57

164.85
292.13
8.45
0.05
0.52
125.56

157.89

108.35

23.56
0.00
4.19
127.88

30.33
0.00
3.99
128.90

0.24
0.37
-0.25
125.60

11.33
0.37
1.21
125.86

Financial Statement Analysis of Non Financial Sector 2012

Pakistan Services Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

10,741,029

10,926,298

12,942,954

24,541,649

25,351,251

25,894,973

13,083,166

13,543,839

0
13,587,649

0
25,258,700

0
25,568,966

0
26,431,453

10,741,029
183,791

10,926,298
229,621

10,860,819
269,815

22,277,858
265,236

22,353,007
240,017

23,016,357
251,471

0
1,339,555

0
1,444,122

0
1,749,031

0
1,852,348

742,580

819,669

1,249,213

1,026,268

2,589,579
537,942
29,161

3,245,083
297,159
45,720

1,292,143
123,008
131,049

1,197,512
99,928
128,389

1,355,518
118,436
139,954

1,576,339
140,790
167,127

Items

269,567

336,103

247,499

312,699

332,043

484,135

1,452,845
300,064

2,294,679
271,422

0
790,587

0
656,496

0
765,085

0
784,287

1,921,891
331,880

2,639,891
745,155

2,425,334
767,230

2,257,090
888,088

1,871,455
441,997

1,658,946
261,918

1,590,011

1,894,736

1,658,104

1,369,002

1,429,458

1,397,028

411,940

199,492

710,151
190,813
0

596,886
86,426
0

928,338
550,884
0

1,090,753
633,217
0

99,940

221,206
289,254

242,967
134,487

267,918
189,618

312,000

199,492

224,066
295,272

10,996,777
325,242

11,331,998
325,242

11,099,612
325,242

22,885,185
325,242

23,906,976
325,242

24,721,613
325,242

325,242
0
10,671,535

325,242
0
11,006,756

325,242
0
2,149,516
2,070,631
78,885

325,242
0
2,552,173
2,098,189
453,984

325,242
0
3,573,964
416,645
3,157,319

325,242
0
4,407,646
430,621
3,977,025

8,624,854

20,007,770

20,007,770

19,988,725

5,679,646
5,679,646
0
3,805,575

5,485,717
5,485,717
0
3,878,201

1,874,071
892,058

1,607,516
969,339

4,595,739
4,595,739
0
3,080,249
3,080,249
0
1,515,490
1,802,289
41,747
1,760,542

4,337,027
4,337,027
0
2,759,207
2,759,207
0
1,577,820
1,160,858
35,758
1,125,100

5,110,651
5,110,651
0
3,077,084
3,077,084
0
2,033,567
1,199,418

5,766,609
5,766,609
0
3,368,665
3,368,665
0
2,397,944
1,419,926

1,199,418

1,419,926

1,173,216
167,066
122,778
554,167
217,532
0
0
217,260

1,336,329
181,610
139,450
1,019,037
330,698
0
0
815,781

1,482,612
186,705
144,199
1,054,623
343,862
0
0
638,641

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

892,058

969,339

1,001,294
299,643
81,310
0

479,916
181,048
48,786
0

1,151,195
209,355
126,038
(138,975)
164,030
0
0
729,526

11,408,717
99,940
620,341
431,820

11,531,490
0
250,082
745,155

11,809,763
190,813
(303,005)
958,043

23,482,071
86,426
336,635
974,514

24,835,314
550,884
688,339
992,881

25,812,366
633,217
710,761
895,135

1.18
3.31
4.75
0.43
1.35
67.00
0.21
7.61
9.35
8.87
8.63
194.77

1.11
2.46
6.13
0.39
1.23
70.70
0.25
3.49
4.30
4.18
6.13
119.99

0.15
4.56
5.39
0.32
0.53
67.02
0.28
-0.98
-1.24
-1.19

0.18
3.85
7.21
0.17
0.53
63.62
0.12
2.77
3.26
3.14

0.24
3.55
6.50
0.19
0.72
60.21
0.12
3.89
4.36
4.22

0.38
3.24
8.40
0.21
0.95
58.42
0.11
3.89
4.34
4.16

187,785

135,216

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

459

17.63
0.00
21.57
338.11

8.75
0.00
9.19
348.42

35.07
-0.10
-3.02
0.23
-9.32
341.27

33.78
5.51
12.78
0.08
10.35
703.64

36.52
8.31
19.94
0.29
21.16
735.05

34.50
8.31
18.29
0.23
21.85
760.10

Financial Statement Analysis of Non Financial Sector 2012

Shifa International Hospitals Ltd.

A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2011
2012

2007

2008

2009

2010

1,773,567

1,797,488

2,295,198

2,603,172

2,731,289

3,491,453

2,306,247

2,441,346

107,681
3,431,290

217,498
3,017,168

138,661
3,725,779

129,250
4,689,980

1,773,567
88,273

1,797,488
112,974

2,175,347
734,141

2,376,854
185,630

2,582,332
185,630

3,340,138
230,545

0
0

0
0

0
0

0
0

12,170

8,820

10,296

22,065

406,221
125,565
29,845

526,437
168,612
44,871

544,130
133,467
65,576

649,202
183,233
82,558

721,673
147,102
64,335

1,162,705
306,452
107,212

131,129

153,180

185,349

221,671

113,285

201,801

0
119,682

0
159,774

0
159,738

0
161,740

0
396,951

0
547,240

708,579
190,730

640,953
73,299

794,603
535,440

833,641
506,534

1,027,811
250,166

1,106,987
258,602

517,849

567,654

259,163

327,107

777,645

848,385

536,990

644,586

536,835
165,441
0

832,994
383,136
0

732,353
365,423
0

1,669,350
1,218,086
0

0
449,858

0
366,930

0
451,264

Items

536,990

644,586

0
371,394

934,219
505,138

1,038,386
505,138

1,507,890
505,138

1,585,739
505,138

1,692,798
505,138

1,877,821
505,138

505,138
0
429,081

505,138
0
533,248

505,138
0
390,663
40,000
350,663

505,138
0
475,691
40,000
435,691

505,138
0
589,929
40,000
549,929

505,138
0
782,132
40,000
742,132

612,089

604,910

597,731

590,551

1,324,650
1,324,650
0
837,893

1,669,050
1,669,050
0
681,757

486,757
301,832

987,293
679,615

1,948,835
1,948,835
0
1,652,684
801,370
851,314
296,151
0
0
0

2,555,759
2,555,759
0
2,155,203
919,582
1,235,621
400,556
0
0
0

3,412,688
3,412,688
0
2,942,407
1,237,611
1,704,796
470,281
0
0
0

4,451,781
4,451,781
0
3,944,838
1,718,275
2,226,563
506,943
0
0
0

710,609
91,041
87,934
320,486
64,209
60,617
0
415,959

1,047,850
115,680
112,018
367,529
68,460
151,541
0
547,908

1,412,870
150,799
145,875
370,956
25,424
75,771
0
504,481

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

301,832

679,615

126,394
0
50,514
0

232,912
8,177
50,514
0

441,890
109,119
104,954
207,135
35,910
126,285
0
274,735

1,471,209
0
75,880
190,730

1,682,972
0
174,221
73,299

2,044,725
165,441
44,941
700,881

2,418,733
383,136
195,660
889,670

2,425,151
365,423
147,528
615,589

3,547,171
1,218,086
269,761
1,476,688

0.36
5.01
9.90
0.61
0.57
63.25
1.33
6.51
14.01
9.82
2.50
44.38

0.50
5.21
9.18
0.72
0.82
40.85
1.24
10.34
23.61
14.77
4.45
37.20

0.40
5.60
9.51
0.69
0.68
84.80
0.88
8.02
16.27
11.11
1.36
29.72
2.97
10.63
0.21
3.39
29.85

0.49
3.56
8.67
0.79
0.78
84.33
1.05
10.52
20.72
14.36
4.23
30.96
4.64
12.54
0.25
5.07
31.39

0.25
3.39
3.32
0.99
0.70
86.22
1.04
10.96
22.42
15.17
1.97
53.05
4.28
10.77
0.31
5.92
33.51

0.46
3.39
4.53
0.96
1.05
88.61
1.48
9.15
20.78
12.42
4.56
41.52
3.54
8.33
0.18
6.84
37.17

66,360

86,996

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

460

9.54
0.00
2.50
18.49

13.95
0.00
4.45
20.56

APPENDICES

461

Appendix:1
Companies Covered in the Financial Statements Analysis for the year 2012 (397)
Company

Page

Textile (155)

i)

Spinning, Weaving, Finishing of Textile (138)*

11

(Colony) Sarhad Textile Mills Ltd.

(Colony) Thal Textile Mills Ltd.
Adil Textile Mills Ltd.
Ahmed Hassan Textile Mills Ltd.
Al-Qadir Textile Mills Ltd.
Ali Asghar Textile Mills Ltd
Allawasaya Textile & Finishing Mills Ltd
Amtex Ltd.
Annoor Textile Mills Ltd.
Apollo Textile Mills Ltd.
Artistic Denim Mills Ltd.
Ashfaq Textile Mills Ltd.
Asim Textile Mills Ltd.
Ayesha Textile Mills Ltd.
Azam Textile Mills Ltd.
Azgard Nine Ltd.
Babri Cotton Mills Ltd.
Bhanero Textile Mills Ltd.
Bilal Fibres Ltd.
Blessed Textiles Ltd.
Brothers Textile Mills Ltd.
Chakwal Spinning Mills Ltd.
Chenab Ltd.
Colony Mills Ltd.
Crescent Cotton Mills Ltd.
Crescent Fibre Ltd.
D.M. Textile Mills Ltd.
D.S. Industries Ltd.
Dar-es-Salaam Textile Mills Ltd.
Data Textiles Ltd.
Dawood Lawrancepur Ltd.**
Dewan Farooque Spinning Mills Ltd.
Dewan Khalid Textile Mills Ltd.
Dewan Mushtaq Textile Mills Ltd.

13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

462

Company
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

Dewan Textile Mills Ltd.

Din Textile Mills Ltd.
Elahi Cotton Mills Ltd.
Ellcot Spinning Mills Ltd.
Faisal Spinning Mills Ltd.
Fateh Textile Mills Ltd.
Fatima Enterprises Ltd.
Fazal Cloth Mills Ltd.
Fazal Textile Mills Ltd.
Feroze 1888 Mills Ltd.
Gadoon Textile Mills Ltd.
Ghazi Fabrics International Ltd.
Glamour Textile Mills Ltd.
Globe Textile Mills (OE) Ltd.
Globe Textile Mills Ltd.
Gulistan Spinning Mills Ltd.
Gulistan Textile Mills Ltd.
Gulshan Spinning Mills Ltd.
Hafiz Textile Mills Ltd.
Haji Muhammad Ismail Mills Ltd.
Hajra Textile Mills Ltd.
Hala Enterprises Ltd.
Hamid Textile Mills Ltd.
Hira Textile Mills Ltd.
Husein Industries Ltd.
ICC Textiles Ltd.
Ideal Spinning Mills Ltd.
Idrees Textile Mills Ltd.
Indus Dyeing & Manufacturing Co. Ltd.
Ishaq Textile Mills Ltd.
Ishtiaq Textile Mills Ltd.
Island Textile Mills Ltd
J. A. Textile Mills Ltd.
J. K. Spinning Mills Ltd.
Janana De Malucho Textile Mills Ltd.
Jubilee Spinning & Weaving Mills Ltd.
Karim Cotton Mills Ltd.
Khalid Siraj Textile Mills Ltd.

Page

47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84

Company
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111

Khurshid Spinning Mills Ltd.

Khyber Textile Mills Ltd.
Kohat Textile Mills Ltd.
Kohinoor Industries Ltd.
Kohinoor Mills Ltd.
Kohinoor Spinning Mills Ltd.
Kohinoor Textile Mills Ltd.
Landmark Spinning Industries Ltd.
Mahmood Textile Mills Ltd.
Maqbool Textile Mills Ltd.
Masood Textile Mills Ltd.
Mehr Dastgir Textile Mills Ltd.
Mian Textile Industries Ltd.
Mohammad Farooq Textile Mills Ltd.
Mubarak Textile Mills Ltd.
Mukhtar Textile Mills Ltd
N. P. Spinning Mills Ltd.
Nadeem Textile Mills Ltd.
Nagina Cotton Mills Ltd.
Nazir Cotton Mills Ltd.
Nishat (Chunian) Ltd.
Nishat Mills Ltd.
Olympia Spinning & Weaving Mills Ltd.
Olympia Textile Mills Ltd.
Paramount Spinning Mills Ltd.
Premium Textile Mills Ltd.
Prosperity Weaving Mills Ltd.
Quality Textile Mills Ltd.
Quetta Textile Mills Ltd.
Ravi Textile Mills Ltd.
Redco Textiles Ltd.
Regent Textile Industries Ltd.
Reliance Cotton Spinning Mills Ltd.
Reliance Weaving Mills Ltd.
Resham Textile Industries Ltd.
Ruby Textile Mills Ltd.
Safa Textiles Ltd.
Saif Textile Mills Ltd.
Sajjad Textile Mills Ltd.

Page

85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123

463

Company
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138

Page

Saleem Denim Industries Ltd.

Salfi Textile Mills Ltd.
Sally Textile Mills Ltd.
Salman Noman Enterprises Ltd.
Samin Textiles Ltd.
Sana Industries Ltd.
Sapphire Fibres Ltd.
Sapphire Textile Mills Ltd.
Sargodha Spinning Mills Ltd.
Saritow Spinning Mills Ltd.
Service Fabrics Ltd.
Service Industries Textile Ltd.
Shadab Textile Mills Ltd.
Shadman Cotton Mills Ltd.
Shahtaj Textile Ltd.
Shahzad Textile Mills Ltd.
Shams Textile Mills Ltd.
Sind Fine Textile Mills Ltd.
Sunrays Textile Mills Ltd.
Suraj Cotton Mills Ltd.
Taha Spinning Mills Ltd.
Tata Textile Mills Ltd.
The Crescent Textile Mills Ltd.
Towellers Ltd.
Yousaf Weaving Mills Ltd.
Zahidjee Textile Mills Ltd.
Zephyr Textile Ltd.

124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150

ii)
1
2
3
4
5
6

Made-up Textile articles (6)*

Aruj Garment Accessories Ltd.
Fateh Sports Wear Ltd.
Gul Ahmed Textile Mills Ltd.
International Knitwear Ltd.
Liberty Mills Ltd.
Moonlite (Pak) Ltd.

152
154
155
156
157
158
159

iii)
1
2

Other Textiles n.e.s. (11)*

Al-Abid Silk Mills Ltd.
Bannu Woollen Mills Ltd.

161
163
164

Company
3
4
5
6
7
8
9
10
11

Crescent Jute Products Ltd.

Ibrahim Fibres Ltd.
Latif Jute Mills Ltd.
Noor Silk Mills Ltd.
Pakistan Synthetics Ltd.
Rupali Polyester Ltd.
S. G. Fibres Ltd.
Suhail Jute Mills Ltd.
The National Silk & Rayon Mills Ltd.

Page

165
166
167
168
169
170
171
172
173

Food (50)

175

i)

Sugar (32)***

178

Abdullah Shah Ghazi Sugar Mills Ltd.

Adam Sugar Mills Ltd.
Al-Abbas Sugar Mills Ltd.
Al-Noor Sugar Mills Ltd.
Ansari Sugar Mills Ltd.
Baba Farid Sugar Mills Ltd
Bawany Sugar Mills Ltd.
Chashma Sugar Mills Ltd.
Colony Sugar Mills Ltd.
Dewan Sugar Mills Ltd.
Faran Sugar Mills Ltd
Habib ADM Ltd.
Habib Sugar Mills Ltd.
Haseeb Waqas Sugar Mills Ltd.
Husein Sugar Mills Ltd.
JDW Sugar Mills Ltd.
Khairpur Sugar Mills Ltd.
Kohinoor Sugar Mills Ltd.
Mehran Sugar Mills Ltd.
Mirpurkhas Sugar Mills Ltd
Mirza Sugar Mills Ltd
Noon Sugar Mills Ltd.
Pangrio Sugar Mills Ltd.
Sakrand Sugar Mills Ltd.

180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24

464

Company

Page

25
26
27
28
29
30
31
32

Sanghar Sugar Mills Ltd.

Shahmurad Sugar Mills Ltd.
Shahtaj Sugar Mills Ltd.
Shakarganj Mills Ltd.
^^D>
Tandlianwala Sugar Mills Ltd.
The Premier Sugar Mills & Dist. Co. Ltd.
The Thal Industries Corporation Ltd.

204
205
206
207
208
209
210
211

ii)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

Other Food Products (18)*

Clover Pakistan Ltd.
Engro Foods Ltd.
Ismail Industries Ltd.
D&Farms Ltd.***
Morafco Industries Ltd.
Murree Brewery Company Ltd.
National Foods Ltd.
Nestle Pakistan Ltd.**
Noon Pakistan Ltd.
Punjab Oil Mills Ltd.
Quice Food Industries Ltd.
Rafhan Maize Products Co. Ltd.**
S. S. Oil Mills Ltd.
Shakarganj Foods Ltd.
Shezan International Ltd.
Unilever Pakistan Foods Ltd.**
Unilever Pakistan Ltd.**
Wazir Ali Industries Ltd.

213
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232

Chemicals, Chemical Products

& Pharmaceuticals (43)*
Abbott Laboratories (Pakistan) Ltd.****
Agritech Ltd.**
Bawany Air Products Ltd.
Berger Paints Pakistan Ltd.
Biafo Industries Ltd
Buxly Paints Ltd.
Clariant Pakistan Ltd.**
Colgate - Polmolive (Pakistan) Ltd.

234

3
1
2
3
4
5
6
7
8

236
237
238
239
240
241
242
243

Company
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43

Page

Data Agro Ltd.

Dawood Hercules Chemicals Ltd.**
Descon Chemicals Ltd.
Descon Oxychem Ltd.
Dewan Salman Fibre Ltd.
Dynea Pakistan Ltd.
Engro Corporation Ltd.**
Engro Polymer & Chemical Ltd.**
Fatima Fertilizer Co. Ltd.**
Fauji Fertilizer Bin Qasim Ltd.**
Fauji Fertilizer Company Ltd.**
Ferozsons Laboratories Ltd.
Gatron Industries Ltd.
Ghani Gases Ltd.
Glaxo Smithkline (Pakistan) Ltd.**
Highnoon Laboratories Ltd.**
ICI Pakistan Ltd.**
Ittehad Chemicals Ltd
Leiner Pak Gelatine Ltd.
Linde Pakistan Ltd.**
Lotte Pakistan PTA Ltd.**
Mandviwala Mauser Plastic Industries Ltd.
Nimir Industrial Chemicals Ltd.
Otsuka Pakistan Ltd.
Pakistan Gum & Chemicals Ltd.**
Pakistan PVC Ltd.
Sanofi-Aventis Pakistan Ltd.**
Sardar Chemical Industries Ltd.
Searle Pakistan Ltd.
Shaffi Chemicals Industries Ltd
Sitara Chemical Industries Ltd.
Sitara Peroxide Ltd.
United Distributors Pakistan Ltd.
Wah Nobel Chemicals Ltd . (Pub.)
Wyeth Pakistan Ltd.**

244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268
269
270
271
272
273
274
275
276
277
278

Other Manufacturing n.e.s. (31)*

280

Al-Khair Gadoon Ltd.

282

465

Company

Page

2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31

Bata Pakistan Ltd.**

Crescent Steel & Allied Products Ltd.
Dadex Eternit Ltd.
Diamond Industries Ltd.
Dost Steels Ltd.
Eco Pack Ltd.
Emco Industries Ltd.
Fateh Industries Ltd.
Gillette Pakistan Ltd.
Goodluck Industries Ltd.
Grays of Cambridge (Pakistan) Ltd.
Huffaz Seamless Pipe Industries Ltd.
International Industries Ltd.
International Steels Ltd.
KSB Pumps Company Ltd.**
Khyber Tobacco Company Ltd.
Leather Up Ltd.
MACPAC Films Ltd.
Pak Leather Crafts Ltd.
Pakistan Engineering Company Ltd. (Pub.)
Pakistan Tobacco Company Ltd.**
Philip Morris (Pakistan) Ltd.**
Service Industries Ltd.**
Shield Corporation Ltd.
Siddiqsons Tin Plate Ltd.
Thal Ltd.
Treet Corporation Ltd.
Tri-Pack Films Ltd.**
United Brands Ltd.
Zil Ltd.

283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312

Other Non-Metallic Mineral Products (28)

314

i)
1
2
3
4

Cement (20)*
Al Abbas Cement Industries Ltd.
Attock Cement Pakistan Ltd.
Bestway Cement Ltd.
Cherat Cement Company Ltd.

317
319
320
321
322

Company

Page

5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

D. G. Khan Cement Company Ltd.

Dadabhoy Cement Industries Ltd.
Dandot Cement Company Ltd.
Dewan Cement Ltd.
Fauji Cement Company Ltd.
Fecto Cement Ltd.
Flying Cement Company Ltd.
Gharibwal Cement Ltd.
Kohat Cement Company Ltd.
Lafarge Pakistan Cement Ltd.**
Lucky Cement Ltd.
Maple Leaf Cement Factory Ltd.
Mustehkam Cement Ltd.
Pioneer Cement Ltd.
Thatta Cement Company Ltd.
Zeal Pak Cement Factory Ltd.

323
324
325
326
327
328
329
330
331
332
333
334
335
336
337
338

ii)
1
2
3
4
5
6
7
8

Mineral Products (8)*

Baluchistan Glass Ltd.
Frontier Ceramics Ltd.
Ghani Glass Ltd.
Ghani Value Glass Ltd.
Karam Ceramics Ltd.
Safe Mix Concrete Products Ltd.
Shabbir Tiles & Ceramics Ltd.
Tariq Glass Industries Ltd.

340
342
343
344
345
346
347
348
349

Motor Vehicles, Trailers & Autoparts (22)*

351

Agriauto Industries Ltd.

Al-Ghazi Tractors Ltd.**
Atlas Battery Ltd.
Atlas Engineering Ltd.
Atlas Honda Ltd.
Baluchistan Wheels Ltd.
Bela Automotives Ltd.
Bolan Castings Ltd.
Dewan Automotive Engineering Ltd.
Dewan Farooque Motors Ltd.

353
354
355
356
357
358
359
360
361
362

6
1
2
3
4
5
6
7
8
9
10

466

Company
11
12
13
14
15
16
17
18
19
20
21
22

Page

Exide Pakistan Ltd.*****

Ghandhara Industries Ltd..
Ghandhara Nissan Ltd.
Ghani Automobiles Industries Ltd.
Hinopak Motors Ltd.*****
Honda Atlas Cars (Pakistan) Ltd.*****
Indus Motor Company Ltd.
Millat Tractors Ltd.
Pak Suzuki Motor Company Ltd.**
Sazgar Engineering Works Ltd.
The General Tyre & Rubber Co. of Pak. Ltd.
Transmission Engineering Industries Ltd.

363
364
365
366
367
368
369
370
371
372
373
374

Fuel & Energy (19)*

376

Altern Energy Ltd.

Burshane LPG (Pakistan) Ltd.
Ideal Energy Ltd
Japan Power Generation Ltd.
Karachi Electric Supply Co. Ltd.
Kohinoor Energy Ltd.
Kohinoor Power Company Ltd.
Kot Addu Power Company Ltd.
Mari Gas Company Ltd.
Nishat Chunian Power Ltd.
Nishat Power Ltd.
Oil & Gas Development Company Ltd. (Pub.)
Pakgen Power Ltd.
S. G. Power Ltd.
Sitara Energy Ltd.
Southern Electric Power Co. Ltd.
Sui Northern Gas Pipelines Ltd. (Pub.)
Sui Southern Gas Co. Ltd. (Pub.)
The Hub Power Company Ltd.

378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396

Information, Comm. & Transport (13)*

398

1
2

HUM Network Ltd.

Media Times Ltd.

400
401

7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Company
3
4
5
6
7
8
9
10
11
12
13
9
1
2
3
4
5
6
7
8
9
10
1
2
3
4
5
6
7
8
9

Page

NetSol Technologies Ltd.

Pak Datacom Ltd. (Pub.)
Pakistan International Container Terminal Ltd.
Pak. International Airlines Corp. Ltd. (PIA) (Pub.)
Pakistan National Shipping Corporation (Pub.)
Pakistan Telecommunication Co. Ltd.
Southern Network Ltd.
TRG Pakistan Ltd.
Telecard Ltd.
Wateen Telecom Ltd.
World Call Telecom Ltd.**

402
403
404
405
406
407
408
409
410
411
412

Coke & Refined Petroleum Products (9)*

414

Attock Petroleum Ltd.

Attock Refinery Ltd.
Byco Petroleum Pakistan
National Refinery Ltd.
Pakistan Oilfields Ltd.
Pakistan Petroleum Ltd. (Pub.)
Pakistan Refinery Ltd.
Pakistan State Oil Company Ltd. (Pub.)
Shell Pakistan Ltd. **

416
417
418
419
420
421
422
423
424

Paper, Paperboard & Products (9)*

426

Baluchistan Particle Board Ltd.

Central Forest Products Ltd.
Century Paper & Board Mills Ltd.
Cherat Packaging Ltd.
Dadabhoy Sack Ltd.
Merit Packaging Ltd.
Packages Ltd.**
Pakistan Paper Products Ltd.
Security Papers Ltd. (Pub)

428
429
430
431
432
433
434
435
436

Company

Page

Electrical Machinery & Apparatus (8)*

438

Ados Pakistan Ltd.

Johnson & Philips (Pakistan) Ltd.
Pak Elektron Ltd.**
Pakistan Cables Ltd.
Pakistan Telephone Cables Ltd.
Siemens (Pakistan) Engineering Co. Ltd.***
Singer Pakistan Ltd.**
The Climax Engineering Company Ltd.

440
441
442
443
444
445
446
447

12

Other Services Activities (10)*

449

1
2
3
4
5
6
7
8
9
10

Dadabhoy Construction Tech. Ltd

Dreamworld Ltd.
Gammon Pakistan Ltd.
Haydari Construction Company Ltd.
IBL Health Care Ltd.
Javedan Corporation Ltd.
Pace (Pakistan) Ltd.
Pakistan Hotels Developers Ltd.
Pakistan Services Ltd.
Shifa International Hospitals Ltd.

451
452
453
454
455
456
457
458
459
460

11
1
2
3
4
5
6
7
8

End Jun-*, End Dec-**, End Sep-***, End Nov-****, End Mar-*****
(For an economic group generally and for an individual company specifically)

467

Appendix: 2
Defaulter Companies of non-financial sectors listed at Karachi Stock Exchange for the year 2012 (92)

Company

Company

1 Textile (57)
i)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35

na
na

36
37
38
39
40
41
42
43
44
45
46
47
48
49
50

Redco Textiles Ltd.

Sadoon Textile Mills Ltd.
Sahrish Textile Mills Ltd.
Saleem Denim Industries Ltd.
Saritow Spinning Mills Ltd.
Schon Textile Mills Ltd.
Service Fabrics Ltd.
Service Textile Mills Ltd.
Shahpur Textile Mills Ltd.
Sind Fine Textile Mills Ltd.
Sunshine Cotton Mills Ltd.
Taj Textile Mills Ltd.
Usman Textile Mills Ltd.
Zahur Cotton Mills Ltd.
Zahur Textile Mills Ltd.

na

ii)

Made-up Textile articles (2)

1
2

Libaas Textile Ltd.

Nina Industries Ltd.

Spinning, Weaving, Finishing of Textile (50)

(Colony) Sarhad Textile Mills Ltd.
(Colony) Thal Textile Mills Ltd.
Accord Textiles Ltd.
Adil Textile Mills Ltd.
Al-Azhar Textile Mills Ltd.
Al-Qaim Textile Mills Ltd
Amin Spinning Mills Ltd.
Annoor Textile Mills Ltd.
Asim Textile Mills Ltd.
Ayaz Textile Mills Ltd.
Azmat Textile Mills Ltd.
Brothers Textile Mills Ltd.
Carvan East Fabrics Ltd.
Data Textiles Ltd.
Elahi Cotton Mills Ltd.
Fatima Enterprises Ltd.
Fawad Textile Mills Ltd.
Globe Textile Mills (OE) Ltd.
Globe Textile Mills Ltd.
Hafiz Textile Mills Ltd.
Hajra Textile Mills Ltd.
Hakkim Textile Mills Ltd.
Hamid Textile Mills Ltd.
Harum Textile Mills Ltd.
Ishtiaq Textile Mills Ltd.
Ittefaq Textile Mills Ltd.
Karim Cotton Mills Ltd.
Khurshid Spinning Mills Ltd.
Khyber Textile Mills Ltd.
Kohinoor Industries Ltd.
Kohinoor Looms Ltd.
Mehr Dastgir Textile Mills Ltd.
Mohib Exports Ltd.
Mukhtar Textile Mills Ltd
Nazir Cotton Mills Ltd.

na
na
na
na

na
na

na
na
na
na
na
na
na
na

na
na

na

na
na

iii)

Other Textiles n.e.s. (5)

1
2
3
4
5

Kaiser Arts & Crafts Ltd.

Kashmir Polytex Ltd.
National Fibres Ltd.
Noor Silk Mills Ltd.
Suhail Jute Mills Ltd.

Food (12)

i)

Sugar (4)

1
2
3
4

Ansari Sugar Mills Ltd.

Mian Mohammad Sugar Mills Ltd.
Sakrand Sugar Mills Ltd.
Saleem Sugar Mills Ltd.

na
na
na

na

na
na

468

na
na

Company
ii)

Company

Other Food Products (8)

1
2
3
4
5
6
7
8

Extraction Pakistan Ltd.

Fazal Vegetable Ghee Mills Ltd.
Indus Fruit Products Ltd.
Morafco Industries Ltd.
Mubarak Daries Ltd.
S. S. Oil Mills Ltd.
Shakarganj Foods Ltd.
Suraj Ghee Industries Ltd.

Chemicals, Chemical Products &

Pharmaceuticals (1)

Pakistan PVC Ltd.

Other Manufacturing n.e.s. (6)

1
2
3
4
5
6

Dost Steels Ltd.

Gauhar Engineering Ltd.
Hashimi Can Company Ltd.
Quality Steel Works Ltd.
Syed Match Co. Ltd.
Taxila Engineering Ltd.

Other Non-metallic Mineral Products (4)

i)

Cement (1)

Dadabhoy Cement Industries Ltd.

ii)

Mineral Products (3)

1
2
3

Mineral Grinding Ltd.

Regal Ceramics Ltd.
Medi Glass Ltd.

Motor Vehicles, Trailers & Auto parts (1)

na
na
na

Bela Automotives Ltd.

Fuel & Energy (2)

na

1
2

Generteck Pakistan Ltd.

Kohinoor Power Company Ltd.

na

Paper, Paperboard & Products (4)

1
2
3
4

na
na
na
na
na

469

Abson Industries Ltd.

Baluchistan Particle Board Ltd.
Central Forest Products Ltd.
Dadabhoy Sack Ltd.

na

Electrical Machinery & Apparatus (2)

1
2

Casspak Industries Ltd.

Saif Nadeem Kawasaki Ltd.

10

Other Services Activities (3)

1
2
3

na
na
na

na

Dadabhoy Construction Tech. Ltd.

M.L.C.
Pan Islamic Steamship Ltd.

na
na

na
na

Explanatory Notes:
x
x
x
x
x
x
x
x
x

In the analysis, consolidated financial statement of a company is used to cover full potential of
the parent company.
Data revisions in the preceding years are due to restated balance sheets by respective
institutions plus error & omissions, if any.
Respective closings of different sectors/companies are mentioned in the appendix.
Data of non-responding existing companies are repeated for 3 years before their removal from
analysis in the publication.
Sector-wise coverage is based on the available financial statements of companies.
Reclassification in sectors and renaming may happen during the year, which would be
reflected in the next yearV publication.
Data rounding on consolidation levels is around 5.
Repeated data of any company is replaced with the actual one upon receipt of its annual report
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470