Nishat Balance Sheet and Income Statement

NISHAT MILLS LIMITED
BALANCE SHEETS
Rupees 000
Rupees 000
2,006
2,007
Share capital
1,452,597
1,597,857
Reserves
19,141,812
28,359,567
20,594,409
29,957,424
2,982,353
1,773,820
33,031
3,015,384
1,773,820
960,436
926,593
151,236
4,315,708
1,342,771
131,744
5,018,664
1,341,565
281,382
230,807
7,051,533
10,066,917
7,649,373
9,423,193
30,661,326
39,380,617
10,611,353
10,586,159
Investment properties
Long term investments
10,289,746
15,466,506
Long term loans
6,377
9,523
Long term deposits, prepayments and deferred cost
10,130
9,342
20,917,606
26,071,530
SHARE CAPITAL AND RESERVES
NON-CURRENT LIABILITIES
Long term financing
Deferred tax
Liabilities against assets subject to finance lease
TOTAL NON-CURRENT LIABILITIES
CURRENT LIABILITIES
Trade and other payables
Accrued markup
Short term finances
Current portion of long term liabilities
Provision for taxation
TOTAL CURRENT LIABILITIES
TOTAL LIABILITIES
CONTINGENCIES AND COMMITMENTS
TOTAL LIBILITIES AND ONWERS' EQUITY
NON-CURRENT ASSETS
Fixed assets - property, plant and equipment
TOTAL NON-CURRENT ASSETS
CURRENT ASSETS
Stores and spares
471,520
422,428
Stock-in-trade
3,003,174
3,106,436
Trade debts
Short term investments
1,026,884
4,335,426
831,653
8,118,459
Loans and advances
418,794
411,270
Short term deposits and prepayments
30,525
26,395
Other receivables
407,147
322,839
Accrued interest
Cash and bank balances
0
50,250
0
69,607
9,743,720
30,661,326
13,309,087
39,380,617
TOTAL CURRENT ASSETS

TOTAL ASSETS
INCOME STATEMENTS
Rupees 000
Rupees 000
2,006
2,007
16,659,607
13,701,626
17,180,192
14,335,254
2,957,981
2,844,938
905,920
264,807
78,689
277,961
928,778
320,202
91,758
562,710
Operating profit
1,986,526
2,066,910
Financial charges
755,054
819,267
SHARE OF PROFIT IN ASSOCIATED COMPANIES
527,394
571,527
1,758,866
1,819,170
126,000
145,000
1,632,866
1,674,170
Net sales
Cost of sales
Gross profit
Selling, marketing and distribution expenses
Administrative expenses
Other operating expenses
Other operating income
GAIN ON SALE OF INVESTMENT
Profit before taxation

Taxation
Profit after taxation
Earnings per share (Rs)
10.22
10.48
TED
S
Rupees 000
Rupees 000
Rupees 000
2,008
2,009
2,010
1,597,857
2,424,827
3,515,999
23,549,323
16,905,940
27,860,314
25,147,180
19,330,767
31,376,313
1,047,794
2,334,411
2,980,694
245,243
0
1,256,892
0
1,047,794
2,579,654
4,237,586
1,141,227
1,309,658
2,139,321
201,847
9,175,518
926,025
202,777
7,342,600
433,313
232,247
1,128,632
276,988
313,917
418,768
11,721,605
12,769,399
9,602,265
12,181,919
10,568,415
14,806,001
37,916,579
31,512,686
46,182,314
10,647,310
11,199,635
11,841,667
41,049
132,550
13,321,088
11,952,949
21,959,543
8,122
12,367
498,803
10,541
11,848
16,823
23,987,061
23,217,848
34,449,386
6,649,447
490,229
561,251
688,832
4,103,648
4,092,512
6,060,441
1,329,027
7,129,154
1,300,366
1,414,310
2,041,256
1,554,543
403,295
462,025
504,046
30,400
29,880
31,912
370,013
323,000
724,407
0
73,752
0
111,494
16,906
110,585
13,929,518
37,916,579
8,294,838
31,512,686
11,732,928
46,182,314
Rupees 000
Rupees 000
Rupees 000
2,008
2,009
2,010
19,267,633
16,298,857
23,870,379
19,518,838
31,535,647
25,555,462
2,968,776
4,351,541
5,980,185
961,711
398,757
110,781
746,460
1,315,630
435,012
191,608
599,006
1,714,598
545,166
289,080
981,650
5,060,413
7,304,400
3,008,297
4,412,991
907,432
1,446,796
1,126,922
6,396,968
1,561,501
3,286,069
258,000
293,500
370,608
6,138,968
1,268,001
2,915,461
TS
38.42
6.23
10.50
NISHAT MILLS LIMIT

RATIO'S
RATIO'S
LIQUIDITY RATIO'S
Current Ratio = Current Assets / Current Liabilities
Quick Ratio = Current Assets - Inventory / Current Liabilities
PROFITABILITY RATIO
Gross Profit Margin = (Gross Profit / Sales) * 100
Operating Profit Margin = (Operating Profit / Sales) * 100
Net profit Margin = (EAT / Sales) * 100
Return on Assets = (EAT / Total Assets) * 100
Return on Equity = (EAT / Common Stockholders' Equity) * 100
ACTIVITY RATIO'S
Inventory Turnover = CGS / Avg Inventory
Age of Inventory = 365 / Inventory Turnover
Receivable Turnover = Credit Sales / A/C Receivable
Age of Receivable = 365 / Receivable Turnover
Annual Purchases
Payable Turnover = Purchase / A/C Payable
Age of Payable = 365 / Payable Turnover

Assets Turnover = Net Sales / Total Assets
LEVERAGE RATIO'S
Debt Ratio = Total Debt / Total Assets
Debt-to-Equity = Total Debt / Common Stockholders' Equity
Total Capitalization = Long Term Debt + Stockholders' Equity
Capitalization Ratio = Long Term Debt / Total Capitalization
COVERAGE RATIO
Coverage Ratio = EBIT / Interest Expense
OPERATING CYCLE
Operating Cycle = Inventory Turnover in Days + Receviable Turnover in Days
DUO PONT ANALYSIS

Earning Power = Sales Profitabilities * Assets Efficency
Earning Power = (EAT / Sales) * (Sales / Total Assets)
ROE = Sales Profitabilities * Assets Efficency * Equity Efficency Multiplies
ROE = (EAT / Sales) * (Sales / Total Assets) * (Total Assets / Stockholders' Equity)
MILLS LIMITED
RATIO'S
2,006
IDITY RATIO'S
2,007
2,008
2,009
2,010
1.38
1.74
1.19
0.86
1.11
0.96
1.33
0.84
0.44
0.54
ABILITY RATIO'S
17.76
16.56
15.41
18.23
18.96
11.92
12.03
37.91
12.60
13.99
9.80
9.74
31.86
5.31
9.24
5.33
4.25
16.19
4.02
6.31
112.41
104.78
384.20
52.29
82.92
4.56
4.61
3.97
4.77
4.22
80.00
79.10
91.90
76.53
86.56
16.22
20.66
14.50
18.36
15.45
22.50
17.67
25.18
19.88
23.63
4,488,131.00
4,759,081.00
6,054,256.00
5,517,538.00
7,405,307.00
4.67
5.14
5.31
4.21
3.46
VITY RATIO'S
78.11
71.07
68.80
86.64
105.44
0.54
0.44
0.51
0.76
0.68
0.33
0.24
0.34
0.39
0.32
6.93
5.90
7.99
5.02
4.21
4,467,981.00
3,371,677.00
2,645,651.00
5,004,481.00
7,753,585.00
0.67
0.53
0.40
0.52
0.55
2.63
2.52
8.05
2.08
3.92
102.50
96.76
117.07
96.41
110.19
0.05
0.04
0.16
0.04
0.06
1.12
1.05
3.84
0.52
0.83
RAGE RATIO'S
ERAGE RATIO
ATING CYCLE
ONT ANALYSIS
Rupees 000
2006
Share capital
1,452,597
Reserves
19,141,812
20,594,409
Long term financing
Deferred tax
2,982,353
33,031
3,015,384
CURRENT LIABILITIES
Accrued markup
Short term finances
960,436
151,236
4,315,708
1,342,771

TOTAL LIABILITIES
281,382
7,051,533
10,066,917

30,661,326
NON-CURRENT ASSETS
10,611,353
10,289,746
Long term loans
6,377
10,130
20,917,606
CURRENT ASSETS
Stores and spares
471,520
Stock-in-trade
Trade debts
3,003,174
1,026,884
4,335,426
Loans and advances
418,794
30,525
Other receivables
Accrued interest
407,147
0
50,250

TOTAL ASSETS
9,743,720
30,661,326
Rupees 000
2006
Net sales
Cost of sales
16,659,607
13,701,626
Gross profit
2,957,981

905,920
264,807
78,689
277,961
0
Operating profit
1,986,526
Financial charges
755,054
527,394

Taxation
1,758,866
126,000
1,632,866
Rupees 000
2006
Share capital
Reserves
1,452,597
19,141,812
20,594,409
Long term financing
Deferred tax
CURRENT LIABILITIES
Accrued markup
Short term finances
TOTAL LIABILITIES
NON-CURRENT ASSETS
Long term loans
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
2,982,353
33,031
3,015,384
960,436
151,236
4,315,708
1,342,771
281,382
7,051,533
10,066,917
30,661,326
10,611,353
0
10,289,746
6,377
10,130
20,917,606
471,520
3,003,174
1,026,884
4,335,426
Loans and advances

Other receivables
Accrued interest
TOTAL ASSETS
418,794
30,525
407,147
0
50,250
9,743,720
30,661,326
Rupees 000
2006
Net sales
Cost of sales
Gross profit
Operating profit
Financial charges
Taxation
16,659,607.00
13,701,626.00
2,957,981.00
905,920.00
264,807.00
78,689.00
277,961.00
0.00
1,986,526.00
755,054.00
527,394.00
1,758,866.00
126,000.00
1,632,866.00

INDEX ANALYSIS
BALANCE SHEETS
Base year
Rupees 000
2006
2007
Rupees 000
2007
2008
Rupees 000
2008
2009
100.00
1,597,857
110.00
1,597,857
110.00
2,424,827
100.00
28,359,567
148.16
23,549,323
123.03
16,905,940
100.00
29,957,424
145.46
25,147,180
122.11
19,330,767
100.00
100.00
1,773,820
59.48
1,047,794
35.13
2,334,411
245,243
100.00
0.00
0.00
100.00
1,773,820
58.83
1,047,794
34.75
2,579,654
100.00
100.00
100.00
926,593
131,744
5,018,664
96.48
87.11
116.29
1,141,227
201,847
9,175,518
118.82
133.46
212.61
1,309,658
202,777
7,342,600
100.00
1,341,565
99.91
926,025
68.96
433,313
100.00
230,807
82.03
276,988
98.44
313,917
100.00
108.48
93.61
11,721,605
12,769,399
166.23
100.00
7,649,373
9,423,193
126.85
9,602,265
12,181,919
100.00
39,380,617
128.44
37,916,579
123.66
31,512,686
100.00
10,586,159
99.76
10,647,310
100.34
11,199,635
100.00
100.00
15,466,506
150.31
13,321,088
129.46
11,952,949
100.00
9,523
149.33
8,122
127.36
12,367
100.00
9,342
92.22
10,541
104.06
11,848
100.00
26,071,530
124.64
23,987,061
114.67
23,217,848
41,049
100.00
422,428
89.59
490,229
103.97
561,251
100.00
100.00
3,106,436
831,653
103.44
80.99
4,103,648
1,329,027
136.64
129.42
4,092,512
1,300,366
100.00
8,118,459
187.26
7,129,154
164.44
1,414,310
100.00
411,270
98.20
403,295
96.30
462,025
100.00
26,395
86.47
30,400
99.59
29,880
100.00
100.00
322,839
0
79.29
370,013
0
90.88
323,000
0
100.00
69,607
138.52
73,752
146.77
111,494
100.00
13,309,087
39,380,617
136.59
13,929,518
37,916,579
142.96
8,294,838
31,512,686
100.00
128.44
123.66

INDEX ANALYSIS
INCOME STATEMENTS
Base Year
Rupees 000
2006
2007
Rupees 000
2007
2008
Rupees 000
2008
2009
100.00
100.00
17,180,192
14,335,254
103.12
104.62
19,267,633
16,298,857
115.65
118.96
23,870,379
19,518,838
100.00
2,844,938
96.18
2,968,776
100.36
4,351,541
100.00
100.00
100.00
928,778
320,202
91,758
102.52
120.92
116.61
961,711
398,757
110,781
106.16
150.58
140.78
1,315,630
435,012
191,608
100.00
562,710
202.44
746,460
268.55
599,006
100.00
100.00
2,066,910
104.05
7,304,400
367.70
3,008,297
100.00
819,267
108.50
907,432
120.18
1,446,796
100.00
571,527
108.37
100.00
1,819,170
103.43
6,396,968
363.70
1,561,501
100.00
145,000
115.08
258,000
204.76
293,500
100.00
1,674,170
102.53
6,138,968
375.96
1,268,001
5,060,413

COMMON SIZE ANALYSIS
BALANCE SHEETS
Base year
2006
Rupees 000
2007
1,597,857
28,359,567
4.74
62.43
67.17
29,957,424
9.73
1,773,820
0.11
9.83
3.13
0.49
14.08
4.38
0.92
23.00
1,773,820
926,593
131,744
5,018,664
1,341,565
230,807
32.83
7,649,373
9,423,193
100.00
34.61
0.00
33.56
0.02
0.03
68.22
1.54
9.79
3.35
14.14
2007
4.06
72.01
76.07
4.50
0.00
0.00
4.50
2.35
0.33
12.74
3.41
0.59
19.42
Rupees 000
2008
1,597,857
23,549,323
25,147,180
1,047,794
0
1,047,794
1,141,227
201,847
9,175,518
926,025
276,988
23.93
11,721,605
12,769,399
39,380,617
100.00
10,586,159
0
15,466,506
9,523
9,342
26,071,530
26.88
0.00
39.27
0.02
0.02
66.20
422,428
3,106,436
831,653
8,118,459
1.07
7.89
2.11
20.62
2008
4.21
62.11
66.32
2.76
0.00
0.00
2.76
3.01
0.53
24.20
2.44
0.73
30.91
Rupees 000
2009
2,424,827
16,905,940
19,330,767
2,334,411
245,243
0
2,579,654
1,309,658
202,777
7,342,600
433,313
313,917
33.68
9,602,265
12,181,919
37,916,579
100.00
31,512,686
10,647,310
0
13,321,088
8,122
10,541
11,199,635
41,049
11,952,949
12,367
11,848
23,987,061
28.08
0.00
35.13
0.02
0.03
63.26
23,217,848
490,229
4,103,648
1,329,027
7,129,154
1.29
10.82
3.51
18.80
561,251
4,092,512
1,300,366
1,414,310
1.37
0.10
1.33
0.00
0.16
31.78
100.00
411,270
26,395
322,839
0
69,607
13,309,087
39,380,617
1.04
0.07
0.82
0.00
0.18
33.80
100.00
403,295
30,400
370,013
0
73,752
13,929,518
37,916,579
1.06
0.08
0.98
0.00
0.19
36.74
100.00
462,025
29,880
323,000
0
111,494
8,294,838
31,512,686

INCOME STATEMENTS
Base Year
2006
Rupees 000
2007
100.00
82.24
17.76
5.44
1.59
0.47
1.67
0.00
11.92
4.53
3.17
10.56
0.76
9.80
17,180,192.00
14,335,254.00
2,844,938.00
928,778.00
320,202.00
91,758.00
562,710.00
0.00
2,066,910.00
819,267.00
571,527.00
1,819,170.00
145,000.00
1,674,170.00
2007
100.00
83.44
16.56
5.41
1.86
0.53
3.28
0.00
12.03
4.77
3.33
10.59
0.84
9.74
Rupees 000
2008
19,267,633.00
16,298,857.00
2,968,776.00
961,711.00
398,757.00
110,781.00
746,460.00
5,060,413.00
7,304,400.00
907,432.00
0.00
6,396,968.00
258,000.00
6,138,968.00
2008
100.00
84.59
15.41
4.99
2.07
0.57
3.87
26.26
37.91
4.71
0.00
33.20
1.34
31.86
Rupees 000
2009
23,870,379.00
19,518,838.00
4,351,541.00
1,315,630.00
435,012.00
191,608.00
599,006.00
0.00
3,008,297.00
1,446,796.00
0.00
1,561,501.00
293,500.00
1,268,001.00
Rupees 000
2009
2010
2010
166.93
3,515,999
242.05
88.32
27,860,314
145.55
93.86
31,376,313
152.35
78.27
2,980,694
1,256,892
99.94
0.00
0.00
85.55
4,237,586
140.53
136.36
134.08
170.14
2,139,321
232,247
6,649,447
222.74
153.57
154.08
32.27
1,128,632
84.05
111.56
418,768
148.83
136.17
149.87
121.01
10,568,415
14,806,001
102.78
46,182,314
150.62
105.54
11,841,667
111.59
147.08
132,550
116.16
21,959,543
193.93
498,803
7,821.91
116.96
16,823
166.07
111.00
34,449,386
164.69
213.41
119.03
688,832
146.09
136.27
126.63
6,060,441
2,041,256
201.80
198.78
32.62
1,554,543
35.86
110.32
504,046
120.36
97.89
31,912
104.54
79.33
724,407
16,906
177.92
221.88
110,585
220.07
85.13
11,732,928
46,182,314
120.42
102.78
150.62
Rupees 000
2009
2010
2010
143.28
142.46
31,535,647
25,555,462
189.29
186.51
147.11
5,980,185
202.17
145.23
164.28
243.50
1,714,598
545,166
289,080
189.27
205.87
367.37
215.50
981,650
353.16
151.44
4,412,991
222.15
191.61
1,126,922
149.25
88.78
3,286,069
186.83
232.94
370,608
294.13
77.65
2,915,461
178.55
2009
7.69
53.65
61.34
7.41
0.78
0.00
8.19
4.16
0.64
23.30
1.38
1.00
30.47
Rupees 000
2010
3,515,999
27,860,314
31,376,313
2,980,694
1,256,892
0
4,237,586
2,139,321
232,247
6,649,447
1,128,632
418,768
2010
7.61
60.33
67.94
6.45
2.72
0.00
9.18
4.63
0.50
14.40
2.44
0.91
22.88
38.66
10,568,415
14,806,001
100.00
46,182,314
100.00
35.54
0.13
37.93
0.04
0.04
73.68
11,841,667
132,550
21,959,543
498,803
16,823
34,449,386
25.64
0.29
47.55
1.08
0.04
74.59
1.78
12.99
4.13
4.49
688,832
6,060,441
2,041,256
1,554,543
1.49
13.12
4.42
3.37
32.06
1.47
0.09
1.02
0.00
0.35
26.32
100.00
2009
100.00
81.77
18.23
5.51
1.82
0.80
2.51
0.00
12.60
6.06
0.00
6.54
1.23
5.31
504,046
31,912
724,407
16,906
110,585
11,732,928
46,182,314
Rupees 000
2010
31,535,647.00
25,555,462.00
5,980,185.00
1,714,598.00
545,166.00
289,080.00
981,650.00
0.00
4,412,991.00
1,126,922.00
3,286,069.00
370,608.00
2,915,461.00
1.09
0.07
1.57
0.04
0.24
25.41
100.00
2010
100.00
81.04
18.96
5.44
1.73
0.92
3.11
0.00
13.99
3.57
0.00
10.42
1.18
9.24

INDEX ANALYSIS
BALANCE SHEET 2010
Rupees 000
2010
2010

Share capital
3,515,999
242.05
Reserves
27,860,314
145.55
31,376,313
152.35
2,980,694
1,256,892
99.94
0.00
Long term financing
Deferred tax
4,237,586
140.53

Accrued markup
Short term finances
2,139,321
232,247
6,649,447
222.74
153.57
154.08
1,128,632
84.05
418,768
148.83
10,568,415
14,806,001
149.87
46,182,314
150.62
11,841,667
111.59

CURRENT LIABILITIES

TOTAL LIABILITIES
147.08

NON-CURRENT ASSETS
132,550
21,959,543
213.41
Long term loans
498,803
7,821.91
16,823
166.07
34,449,386
164.69
CURRENT ASSETS
Stores and spares
688,832
146.09
Stock-in-trade
Trade debts
6,060,441
2,041,256
201.80
198.78
1,554,543
35.86
Loans and advances
504,046
120.36
31,912
104.54
Other receivables
Accrued interest
724,407
16,906
177.92
110,585
220.07
11,732,928
46,182,314
120.42

TOTAL ASSETS
150.62

INDEX ANALYSIS
INCOME STATEMENT 2010
Rupees 000
2010
2010
Net sales
Cost of sales
31,535,647
25,555,462
189.29
186.51
Gross profit
5,980,185
202.17
1,714,598
545,166
289,080
189.27
205.87
367.37
981,650
353.16

Operating profit
4,412,991
222.15
Financial charges
1,126,922
149.25
3,286,069
186.83
370,608
294.13
2,915,461
178.55

Taxation

BALANCE SHEETS
Rupees 000
2010
Share capital
Reserves
3,515,999
27,860,314
31,376,313
Long term financing
Deferred tax
CURRENT LIABILITIES
Accrued markup
Short term finances
TOTAL LIABILITIES
NON-CURRENT ASSETS
Long term loans
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
2,980,694
1,256,892
0
4,237,586
2,139,321
232,247
6,649,447
1,128,632
418,768
10,568,415
14,806,001
2010
7.61
60.33
67.94
6.45
2.72
0.00
9.18
4.63
0.50
14.40
2.44
0.91
22.88
32.06
46,182,314
100.00
11,841,667
132,550
21,959,543
498,803
16,823
34,449,386
25.64
0.29
47.55
1.08
0.04
74.59
688,832
6,060,441
2,041,256
1,554,543
1.49
13.12
4.42
3.37
Loans and advances

Other receivables
Accrued interest
TOTAL ASSETS
504,046
31,912
724,407
16,906
110,585
11,732,928
46,182,314
1.09
0.07
1.57
0.04
0.24
25.41
100.00

INCOME STATEMENT 2010
Rupees 000
2010
Net sales
Cost of sales
Gross profit
Operating profit
Financial charges
Taxation
31,535,647.00
25,555,462.00
5,980,185.00
1,714,598.00
545,166.00
289,080.00
981,650.00
0.00
4,412,991.00
1,126,922.00
3,286,069.00
370,608.00
2,915,461.00
2010
100.00
81.04
18.96
5.44
1.73
0.92
3.11
0.00
13.99
3.57
0.00
10.42
1.18
9.24
PROFITABILITY
RATIO'S
LIQUIDITY RATIO'S
Current Ratio = Current Assets / Current Liabilities 2,006 2,007

KOHINOOR TEXTILE MILLS LIMITED
1.38
1.74

2,006 2,007

0.96
1.33
Gross Profit Margin = (Gross Profit / Sales) * 100 2,006 2,007

17.76
2,006 2,007


0.54
16.56
0.44
2,006 2,007
4.67
5.14
2,006 2,007

78.11
71.07

2,006 2,007

Total Capitalization = Long Term Debt +
Stockholders' Equity
0.67
0.53
2,006 2,007

Operating Cycle = Inventory Turnover in Days +
Receviable Turnover in Days
2,006 2,007
102.50
ROE = Sales Profitabilities * Assets Efficency *

Equity Efficency Multiplies
ROE = (EAT / Sales) * (Sales / Total Assets) *
(Total Assets / Stockholders' Equity)

96.76
2,006 2,007
1.12
1.05
PROFITABILITY RATIO'S
2,008 2,009 2,010

1.19
0.86
1.11
0.72
2,008 2,009 2,010

0.84
0.44
0.54
0.43
2,008 2,009 2,010

15.41
18.23
18.96
18.71
2,008 2,009 2,010

0.51
0.76
0.68
0.63
2,008 2,009 2,010

5.31
4.21
3.46
3.36
2,008 2,009 2,010

68.80
86.64
105.44
108.52
2,008 2,009 2,010

0.40
0.52
0.55
0.56
2,008 2,009 2,010
2,008 2,009 2,010

117.07
96.41
110.19
145.85
2,008 2,009 2,010
3.84
0.52
0.83
0.19

RATIO'S
RATIO'S
2006
2007
LIQUIDITY RATIO'S
4.42
4.27
3.04
2.85
38.33
37.25
26.28
25.16
16.50
15.74
17.63
16.43
22.09
20.58
ACTIVITY RATIO'S
12.91
12.73
28.28
28.68
Receivable Activity = Annual Credit Sales / Avg A/C Receivable
34.06
213.67
68.13
427.34
5.36
0.85
Payable Activity = Annual Credit Purchases / Avg A/C Payable
1.95
1.96
2.72
2.74
133.96
132.99
1.07
1.04

LEVERAGE RATIO'S
0.02
0.01
0.02
0.02
Total Capitalization = Long Term Debt / Common Stockholders'

Equity
0.03
0.04
7,536,918.00
8,117,641.00
COVERAGE RATIO
137.25
231.18
OPERATING CYCLE
Operating Cycle = Inventory Turnover in Days + Receviable
Turnover in Days
33.64
29.53
DUO PONT ANALYSIS

0.18
0.16
0.22
0.21
ROE = Sales Profitabilities * Assets Efficency * Equity Efficency

Multiplies
ROE = (EAT / Sales) * (Sales / Total Assets) * (Total Assets /
Stockholders' Equity)
ED
2008
2009
2010
4.11
2.81
2.71
1.73
1.01
1.38
28.77
25.30
25.66
22.96
10.45
10.32
14.59
6.22
5.59
18.40
7.22
7.10
23.40
12.85
9.79
8.69
8.36
11.92
42.00
43.68
30.61
259.95
45.20
19.56
519.91
90.40
39.13
0.70
4.04
9.33
2.56
2.48
2.05
3.58
3.47
2.87
101.98
105.18
127.15
1.26
1.16
1.27
'S
0.10
0.10
0.04
0.12
0.18
0.05
0.04
0.05
0.05
8,354,891.00
8,104,099.00
10,799,814.00
40.05
39.23
97.46
42.70
47.71
39.94
0.18
0.07
0.07
0.23
0.13
0.10

INDEX ANALYSIS
BALANCE SHEETS
Rupees 000
2006
Share capital
Reserves
Staff retirement benefit - staff gratuity
Deferred taxation
CURRENT LIABILITIES
Provision
Taxation - provision less payments
Short-term borrowing-running finance
Mark-up accurued
TOTAL LIABILITIES
Bass Rupees 000

2006
2007
1,365,375
6,171,543
7,536,918
100
100
100
1,706,718
6,410,923
8,117,641
66,057
137,041
203,098
100
100
100
23,192
262,458
285,650
1,598,432
105,374
1,703,806
1,906,904
100
100
100
100
100
100
100
1,698,374
62,844
1,761,218
2,046,868
9,443,822
100
10,614,509
NON-CURRENT ASSETS
Intangibles
Long-term loans to employees
Long-term deposits
Investments
1,774,449
35,786
6,808
96,425
1,913,468
100
100
100
100
100
100
2,236,720
53,755
6,808
346,824
2,644,107
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and prepayments
Accrued return
Refunds due from government
Other receivables
Taxation - payments less provision
64,996
2,195,407
84,697
64,589
76,420
189,829
88,846
-
100
100
100
100
100
100
100
100
100
107,199
2,277,175
116,847
81,039
84,348
109,851
14,898
378,071
Investments
TOTAL ASSETS
99,100
4,666,470
7,530,354
9,443,822
100
100
100
100
98,299
4,252,745
7,520,402
10,164,509
INCOME STATEMENTS
Net sales
Cost of sales
Gross profit
Operating profit
Financial charges
Taxation
Rupees 000 Bass Rupees 000

2006
2006
2007
10,088,247
100 10,610,882
(6,221,581) 100
(6,658,753)
3,866,666
100
3,952,129
(1,053,388) 100
(1,210,818)
(436,821) 100
(486,721)
(221,662) 100
(223,912)
496,390
639,415
100
2,651,185
100
2,670,093
(19,316) 100
(11,550)
2,631,869
100
2,658,543
(966,906) 100
(988,018)
1,664,963
100
1,670,525
AT MILLS LIMITED
NDEX ANALYSIS
ALANCE SHEETS
1st Year Rupees 000
2007
2008
2nd Year Rupees 000

2008
2009
3rd Year Rupees 000

2009
2010
4th Year
2010
125.00
103.88
107.71
1,706,718
6,648,173
8354891
125.00
107.72
110.85
1,706,718
6,397,381
8,104,099
125.00
103.66
107.53
1,964,118
8,835,696
10,799,814
143.85
143.17
143.29
35.11
191.52
140.65
20,802
312,270
333,072
31.49
227.87
164.00
58,894
320,435
379,329
89.16
233.82
186.77
115,240
416,452
531,692
174.46
303.89
261.79
116.82
#VALUE!
#VALUE!
#VALUE!
#VALUE!
113.73
119.08
2,524,426
236,934
4520
2369
3,346,868
3,726,197
157.93
#VALUE!
#VALUE!
#VALUE!
#VALUE!
196.43
195.41
112.51
11,007,854
116.56
106.25
#VALUE!
#VALUE!
#VALUE!
#VALUE!
103.37
107.34
112.40
1,867,275
70,387
1,937,662
2,270,734
10,625,625
3,429,292
214.54
131,001 #VALUE!
#VALUE!
#VALUE!
#VALUE!
3,560,293
208.96
4,091,985
214.59
14,891,799
157.69
126.05
#VALUE!
150.21
100.00
359.68
138.18
2,415,255
136.11
#VALUE!
61,666
172.32
6,788
99.71
171,855
178.23
2,655,564
138.78
3,829,588
215.82
956,045 #VALUE!
61,299
171.29
12,347
181.36
168,687
174.94
5,027,966
262.77
4,189,996
236.13
955,742 #VALUE!
73,590
205.64
11,871
174.37
#VALUE!
5,231,199
273.39
164.93
103.72
137.96
125.47
110.37
#VALUE!
#VALUE!
16.77
#VALUE!
116,084
178.60
3,494,054
159.15
1,016,968
1,200.71
119,242
184.62
93,377
122.19
#VALUE!
80,596 #VALUE!
15,468
17.41
153,864 #VALUE!
142,065
218.57
4,543,689
206.96
1,328,457 1,568.48
914,848 1,416.41
106,224
139.00
22,522
11.86
3,050 #VALUE!
111,196
125.16
352,849 #VALUE!
150,632
231.76
4,312,535
196.43
295,762
349.20
144,267
223.36
96,234
125.93
19,443
10.24
17,534 #VALUE!
290,056
326.47
623,410 #VALUE!
99.19
91.13
99.87
107.63
155,511
2,724,897
7,970,061
10,625,625
156.92
58.39
105.84
112.51
644,889
2,053,153
9,402,942
14,430,908
650.75
44.00
124.87
152.81
901,955
2,808,772
9,660,600
14,891,799
910.15
60.19
128.29
157.69
OME STATEMENTS
1st Year Rupees 000 2nd Year Rupees 000 3rd Year Rupees 000 4th Year
2007
2008
2008
2009
2009
2010
2010
13,403,224
16,753,873
18,916,191
105.18
132.86
166.07
187.51
(9,547,619)
-12,514,592
-14,063,242
107.03
153.46
201.15
226.04
102.21
3,855,605
99.71
4,239,281
109.64
4,852,949
125.51
(1,328,925)
-1,949,079
-2,301,516
114.95
126.16
185.03
218.49
(520,216)
-850,868
-826,236
111.42
119.09
194.79
189.15
(208,355)
-151,802
-171,143
101.02
94.00
68.48
77.21
1,279,790
463,693
397,696
128.81
257.82
93.41
80.12
100.71
3,077,899
116.10
1,751,225
66.05
1,951,750
73.62
(76,859)
-44,645
-20,026
59.79
397.90
231.13
103.68
101.01
3,001,040
114.03
1,706,580
64.84
1,931,724
73.40
(1,045,853)
-665,289
-874,341
102.18
108.16
68.81
90.43
100.33
1,955,187
117.43
1,041,291
62.54
1,057,383
63.51

COMMON SIZE ANALYSI
BALANCE SHEETS
Rupees 000
2006
Share capital
Reserves
Staff retirement benefit - staff gratuity
Deferred taxation
CURRENT LIABILITIES
Provision
Taxation - provision less payments
Short-term borrowing-running finance
Mark-up accurued
TOTAL LIABILITIES
1st Year Rupees 000

2006
2007
1,365,375
6,171,543
7,536,918
14.46
65.35
79.81
1,706,718
6,410,923
8,117,641
66,057
137,041
203,098
0.70
1.45
2.15
23,192
262,458
285,650
1,598,432
16.93
#VALUE!
105,374
1.12
#VALUE!
#VALUE!
1,703,806
18.04
1,906,904
20.19
9,443,822
1,698,374
62,844
1,761,218
2,046,868
100.00
10,614,509
NON-CURRENT ASSETS
Intangibles
Long-term loans to employees
Long-term deposits
Investments
1,774,449
18.79
#VALUE!
35,786
0.38
6,808
0.07
96,425
1.02
1,913,468
20.26
2,236,720
53,755
6,808
346,824
2,644,107
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
Loans and advances
Trade deposits and prepayments
Accrued return
Refunds due from government
Other receivables
Taxation - payments less provision
64,996
0.69
2,195,407
23.25
84,697
0.90
64,589
0.68
76,420
0.81
189,829
2.01
#VALUE!
88,846
0.94
#VALUE!
107,199
2,277,175
116,847
81,039
84,348
109,851
14,898
378,071
Investments
TOTAL ASSETS
99,100
4,666,470
7,530,354
9,443,822
1.05
49.41
79.74
100.00
98,299
4,252,745
7,520,402
10,164,509
INCOME STATEMENTS
Net sales
Cost of sales
Gross profit
Operating profit
Financial charges
Taxation
Rupees 000
1st Year Rupees 000
2006
2006
2007
10,088,247
10,610,882
100.00
(6,221,581)
(6,658,753)
(61.67)
3,866,666
38.33
3,952,129
(1,053,388)
(1,210,818)
(10.44)
(436,821)
(486,721)
(4.33)
(221,662)
(223,912)
(2.20)
496,390
639,415
4.92
2,651,185
26.28
2,670,093
(19,316)
(11,550)
(0.19)
2,631,869
26.09
2,658,543
(966,906)
(988,018)
(9.58)
1,664,963
16.50
1,670,525
T MILLS LIMITED
ON SIZE ANALYSIS
LANCE SHEETS
2nd Year Rupees 000
2007
2008
3rd Year Rupees 000

2008
2009
4th Year Rupees 000

2009
2010
5th Year
2010
16.79
63.07
85.96
1,706,718
6,648,173
8354891
16.06
62.57
88.47
1,706,718
6,397,381
8,104,099
11.83
44.33
85.81
1,964,118
8,835,696
10,799,814
13.19
59.33
114.36
0.23
2.58
2.81
20,802
312,270
333,072
0.20
2.94
3.13
58,894
320,435
379,329
0.41
2.22
2.63
115,240
416,452
531,692
0.77
2.80
3.57
2,524,426
17.49
236,934
1.64
#VALUE!
4520
0.03
2369
0.02
3,346,868
23.19
3,726,197
25.82
3,429,292
131,001
16.71
0.62
#VALUE!
#VALUE!
#VALUE!
17.33
20.14
104.43
1,867,275
17.57
70,387
0.66
#VALUE!
#VALUE!
#VALUE!
1,937,662
18.24
2,270,734
21.37
10,625,625
23.03
0.88
#VALUE!
#VALUE!
#VALUE!
3,560,293
23.91
4,091,985
27.48
100.00
11,007,854
76.28
14,891,799
100.00
22.01
#VALUE!
0.53
0.07
3.41
26.01
2,415,255
22.73
#VALUE!
61,666
0.58
6,788
0.06
171,855
1.62
2,655,564
24.99
3,829,588
956,045
61,299
12,347
168,687
5,027,966
26.54
6.62
0.42
0.09
1.17
34.84
4,189,996
28.14
955,742
6.42
73,590
0.49
11,871
0.08
#VALUE!
5,231,199
35.13
1.05
22.40
1.15
0.80
0.83
#VALUE!
1.08
0.15
3.72
116,084
1.09
3,494,054
32.88
1,016,968
9.57
119,242
1.12
93,377
0.88
#VALUE!
80,596
0.76
15,468
0.15
153,864
1.45
142,065
4,543,689
1,328,457
914,848
106,224
22,522
3,050
111,196
352,849
0.98
31.49
9.21
6.34
0.74
0.16
0.02
0.77
2.45
150,632
4,312,535
295,762
144,267
96,234
19,443
17,534
290,056
623,410
1.01
28.96
1.99
0.97
0.65
0.13
0.12
1.95
4.19
0.97
41.84
73.99
100.00
155,511
2,724,897
7,970,061
10,625,625
1.46
25.64
75.01
100.00
644,889
2,053,153
9,402,942
14,430,908
4.47
14.23
65.16
100.00
901,955
2,808,772
9,660,600
14,891,799
6.06
18.86
64.87
100.00
ME STATEMENTS
2nd Year Rupees 000 3rd Year Rupees 000 4th Year Rupees 000 5th Year
2007
2008
2008
2009
2009
2010
2010
13,403,224
16,753,873
18,916,191
100.00
100.00
100.00
100.00
(9,547,619)
(62.75)
(71.23) -12,514,592
(74.70) -14,063,242
(74.34)
37.25
3,855,605
28.77
4,239,281
25.30
4,852,949
25.66
(1,328,925)
-1,949,079
-2,301,516
(11.41)
(9.91)
(11.63)
(12.17)
(520,216)
-850,868
-826,236
(4.59)
(3.88)
(5.08)
(4.37)
(208,355)
-151,802
-171,143
(2.11)
(1.55)
(0.91)
(0.90)
1,279,790
463,693
397,696
6.03
9.55
2.77
2.10
25.16
3,077,899
22.96
1,751,225
10.45
1,951,750
10.32
(76,859)
-44,645
-20,026
(0.11)
(0.57)
(0.27)
(0.11)
25.05
3,001,040
22.39
1,706,580
10.19
1,931,724
10.21
(1,045,853)
-665,289
-874,341
(9.31)
(7.80)
(3.97)
(4.62)
15.74
1,955,187
14.59
1,041,291
6.22
1,057,383
5.59

BALANCE SHEET
Rupees 000
2,010
Share capital
Reserves
Surplus on revaluation of property
Long term financing
Deferred tax
CURRENT LIABILITIES
Accrued markup
Short term finances
TOTAL LIABILITIES
1,455,262
1,906,006
3,361,268
3,673,825
1,628,067
157,996
67,005
1,853,068
1,040,257
289,987
6,070,435
768,459
8,169,138
10,022,206

17,057,299
NON-CURRENT ASSETS
6,496,299
1,720,835
2,249,170
34,887
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts
10,501,191
345,798
2,393,113
1,329,065
642,111
Loans and advances

596,795
15,578
Other receivables
Taxation recoverable
Accrued interest
Non-current assets classified as held for sale
TOTAL ASSETS
401,928
99,805
141
78,851
5,903,185
652,923
17,057,299

INCOME STATEMENT
Rupees 000
2,010
Net sales
10,693,338
Cost of sales
8,692,529
Gross profit
2,000,809
397,818
195,103
37,323
78,651
Operating profit
1,449,216
Financial charges
1,072,768

Taxation
376,448
277,861
Earnings per share (Rs)
98,587
1.91

RATIO'S
RATIO'S
LIQUIDITY RATIO'S
ACTIVITY RATIO'S
Annual Purchases

LEVERAGE RATIO'S
Total Capitalization = Long Term Debt + Stockholders' Equity
COVERAGE RATIO
OPERATING CYCLE
Operating Cycle = Inventory Turnover in Days + Receviable Turnover
in Days
DUO PONT ANALYSIS

ROE = Sales Profitabilities * Assets Efficency * Equity Efficency
Multiplies
ROE = (EAT / Sales) * (Sales / Total Assets) * (Total Assets /
Stockholders' Equity)
ITED
2010
0.72
0.43
18.71
13.55
2.60
1.63
19.09
3.63
100.49
8.05
45.37
3,498,981
3.36
108.52
0.63
0.59
6.89
3,308,330.00
0.56
1.35
145.85
0.02
0.19

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NISHAT MILLS LIMITED

Long term investments

Long term loans

Long term deposits, prepayments and deferred cost

SHARE CAPITAL AND RESERVES

TOTAL NON-CURRENT ASSETS

Stores and spares

Loans and advances

Short term deposits and prepayments

TOTAL CURRENT ASSETS

SHARE OF PROFIT IN ASSOCIATED COMPANIES

Profit before taxation

Earnings per share (Rs)

NISHAT MILLS LIMIT

Payable Turnover = Purchase / A/C Payable

Age of Payable = 365 / Payable Turnover

Capitalization Ratio = Long Term Debt / Total Capitalization

DUO PONT ANALYSIS

Current portion of long term liabilities

Provision for taxation

CONTINGENCIES AND COMMITMENTS

Long term investments

Long term loans

Long term deposits, prepayments and deferred cost

TOTAL NON-CURRENT ASSETS

Short term investments

Loans and advances

Short term deposits and prepayments

Cash and bank balances

TOTAL CURRENT ASSETS

Other operating income

SHARE OF PROFIT IN ASSOCIATED COMPANIES

Profit before taxation

Loans and advances

NISHAT MILLS LIMITED

NISHAT MILLS LIMITED

NISHAT MILLS LIMITED

NISHAT MILLS LIMITED

NISHAT MILLS LIMITED

SHARE CAPITAL AND RESERVES

Trade and other payables

Current portion of long term liabilities

TOTAL NON-CURRENT LIABILITIES

Provision for taxation

CONTINGENCIES AND COMMITMENTS

Long term investments

Long term loans

Long term deposits, prepayments and deferred cost

TOTAL NON-CURRENT ASSETS

Short term investments

Loans and advances

Short term deposits and prepayments

Cash and bank balances

TOTAL CURRENT ASSETS

NISHAT MILLS LIMITED

Other operating income

SHARE OF PROFIT IN ASSOCIATED COMPANIES

NISHAT MILLS LIMITED

Loans and advances

NISHAT MILLS LIMITED

NISHAT MILLS LIMITED

Quick Ratio = Current Assets - Inventory / Current Liabilities

NISHAT MILLS LIMITED