FINANCIAL STATEMENTS ANALYSIS

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

(2006-2011)

STATE BANK OF PAKISTAN

STATISTICS & DWH DEPARTMENT

Vision and Mission (printed version only)

Team Leader
Shamsul Arifeen

Sr. Joint Director

shamsul.arifeen@sbp.org.pk

Team Members

Zia-ul-Qamar

Joint Director
ziaulqamar@sbp.org.pk

Shahid Latif

Joint Director
shahid.latif@sbp.org.pk

Muhammad Saeed

Assistant Director
Muhammad.Saeed2@sbp.org.pk

Asif Ali

Assistant Director
Asif.ali4@sbp.org.pk

Contents
Page
Preface

Introduction

ii

i) Methodology

iii-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

9-10
13-151

(ii) Made-up Textile Articles

154-161

(iii) Other Textiles n.e.s.

164-177

2. Food

180-181

(i) Sugar

184-221

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

224-243

3. Chemicals, Chemical Products & Pharma

246-290

4. Other Manufacturing n.e.s.

293-324

5. Other Non-Metallic Mineral Products - Overall

327-328

(i) Cement

331-352

(ii) Mineral Products

355-364

6. Motor Vehicles, Trailers and Autoparts

367-390

7. Fuel & Energy

393-412

8. Information, Comm. and Transport Services

415-429

9.Coke & Refined Petroleum Products

432-442

10.Paper, Paperboard and Products

445-455

11.Electrical Machinery and Apparatus

458-467

12. Other Services Activities

470-481

III. Appendix:1

483-488

Appendix:2

489-491

Explanatory Notes

492-492

Preface
The Non-financial Corporate Sector is an important segment of a countrys economy and a sound, stable and robust
industrial base is therefore 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 &
petroleum products, Paper & paperboard products, Electrical machinery & apparatus & Other services. Disclosure
and transparency in information on business activities are 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
publication namely, Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock
Exchange. The publication contains analysis of financial statements of Non-financial institutions for the period
2006-11.
It is hoped that the publication will provide a tool to researchers, policy makers and investors to understand the
performance of non-financial sector of Pakistan. Comments on the analysis and suggestions for further
improvements in the publication are highly welcome.

(Dr Azizullah Khattak)

Director
Statistics & DWH Department

Introduction
The analysis and format of this publication was revamped in the year 2011 to incorporate changes in the
regulations and culture of corporate sector. Analysis of last three years (2009, 2010 & 2011) is carried out
on the new format. Also presented in this publication is three years mapped data (2006-2008). All listed
companies 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

2010

2011

164

155

145

137

13
54

12
54

i) Sugar

36

36

ii) Other food products n.e.s

18

18

3) Chemicals, chemical products and Pharmaceuticals

43

43

4) Other manufacturing n.e.s.

33

30

5) Other non-metallic mineral products

29

28

21

20

6) Motor vehicles, trailers and auto parts

22

22

7) Fuel & Energy

18

18

8) Information, Communication & transport Services

13

13

9) Coke and refined petroleum products

10) Paper, paperboard and products

11) Electrical machinery and apparatus

12)Other services activities

10

411

399

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

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.
The symbol appearing in the analytical tables stand for Not applicable or Not available.

ii

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
taken as guides that are useful in evaluating a companys financial position 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.

Balance Sheet

Profit and Loss accounts

Statement of changes in Equity

Cash Flow Statement

Total shareholders equity is computed as the sum of ordinary share capital plus reserve and surplus plus unappropriated 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

(iii) All types of office furnitures and 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. Debentures/TFCs
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. Shareholders equity:
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.

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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) Ordinary shareholder has a right of voting in the companys annual general 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) Interest on workers profit 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
It is provision of taxation made on current years profit.

9. Total amount of dividend

It is the total dividend including interim dividend distributed or proposed to be distributed out of the current
years profit

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:

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:

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
The total of shareholders equity and total non- 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

It is the sum total of the items debentures (TFCs) and other fixed liabilities.
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
liabilities if it needs to convert its quick assets into cash.
Acid test or quick ratio = (Cash & bank balances + Trade debtors + Short term investments)/ Current
Liabilities.

xiv

The ideal quick ratio is 1:1, which measures the firms capacity to payoff claims of current creditors
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

This is a measure of companys financial leverage and calculated by dividing its total 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)/ Shareholders equity
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 = Net profit before taxes/ Average of Shareholders equity

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) = Shareholders equity/ Number of ordinary shares

xvii

Executive Summary
The non-financial sector companies listed at Karachi Stock Exchange (KSE) showed relatively better performance
during the year 2011. Positive outlook has been witnessed on account of sales and profitability in same sectors
except Electrical machinery & Apparatus, Information, Communication and Transport Services, and Other
Manufacturing sectors in 2011 over 2010. A brief review on important performance indicators during 2010 and 2011
is given below:-

Capital Structure
Total paid-up capital increased by Rs.35.73 billion or 6.67 percent from Rs.535.49 billion in 2010 to Rs.571.22
billion in 2011 as against an increase of Rs.56.68 billion or 11.84 percent in 2010 over 2009. Total shareholders
equity increased by 13.47 percent from Rs.1,406 billion in 2010 to Rs.1,595 billion in 2011. Total fixed liabilities
increased from Rs.527 billion in 2010 to Rs. 547 billion in 2011 showing an increase of 3.76 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:

2011 over 2010

2010 over 2009

Shareholders Equity

13.47%

17.74%

Total Fixed Liabilities

3.76%

5.01%

Total Capital Employed

9.61%

11.95%

Positive growths have been observed in shareholders equity and total fixed liabilities in 2011 over 2010. Total
capital employed also depicts growth this year except for Electrical machinery & Apparatus and Information,
Communication and Transport Services sectors. The increases in ordinary share capital, reserves and surplus on
revaluation of fixed assets in the current year over the previous year have been 6.67 percent, 18.56 percent and
14.72 percent respectively.

xviii

2,000

Figure 1: Total Capital Employed

1,500
2010
2011

Billion Rs

1,000
500
0
SE

LSL

LUSL

TFCs

EBO

SE= shareholders Equity, LSL= long term secured loans,

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.4,652 billion in

Rs. 4,145 billion in 2010. Total liabilities

stood at Rs.3,057 billion in 2011 showing
an increase of 11.6% over Rs.2,739 billion
in 2010. Total shareholders equity stood

Billions Rs

2011 with an increase of 12.2% over

at Rs.1,595 billion in 2011 reflecting an

increase of 13.5% over

14.0%

5000.00
4500.00
4000.00
3500.00
3000.00
2500.00
2000.00
1500.00
1000.00
500.00
0.00

13.5% 13.5%
13.0%
12.5%

12.2%

12.0%
11.6%

11.5%
11.0%
10.5%

Total Assets
2010

Rs.1,406 billion

Total Liabilities Total Shareholders'

2011
Growth Equity

in 2010.

Non-Current Assets:
Operating fixed assets (book value) after
accumulated

depreciation

amounted to Rs. 1,915 billion in 2011,

depicting an increase of 16.2% over 2010.
Intangible

assets

and

long

term

investments increased by 2.3% and 26.1%

respectively. Capital work in progress,
however, shows a decline of 35.7% over
the year.

Figure 3:Non Current Assets

2010

2500
2000

Billion Rs

deducting

2011

26.1%

16.2%

1500

2.3%

1000
500
-35.7%

Capital Work in Operation fixed

progress
Assets after
Dep.

xix

Intangible
Assets

Long Term
Investment

30.0%
20.0%
10.0%
0.0%
-10.0%
-20.0%
-30.0%
-40.0%

Current Assets:
Current assets stood at Rs.2,074 billion

Figure 4: Current Assets

in 2011 with an increase of 18.8% over

& bank balances which decreased by

10.9%, inventories increased by 39.9%,
trade debt by 9.4% and short term
investment by 10% over the year. The
liquid assets of non-financial sector
decreased by 3.6 percent from Rs.278

2010

900
800
700
600
500
400
300
200
100
0

billion in 2010 to Rs. 268 billion in

2011

Growth

50.0%
40.0%

39.9%

30.0%

Billion Rs

Rs.1,746 billion in 2010. Except Cash

20.0%
10.0% 10.0%
0.0%

9.4%

-10.0%

-10.9%

-20.0%
Cash & bank Inventories Trade Debt Short Term
balance
Investment

2011 as against an increase of 13.8

percent in the previous year. Cash and

bank balances decreased by Rs. 19.7 billion or 10.9 percent in 2011 as against an increase of 8.9 percent witnessed
during previous year. The short-term investment increased by 10 percent or Rs.9.7 billion in 2011 as compared to an
increase of 23.5 percent in 2010. Working capital at Rs. 98.1 billion showed an increase of 134.9 percent in 2011
from Rs.41.8 billion in 2010.

Liabilities
Figure 5: Liabilites

Total liabilities stood at Rs.3,057 billion

over Rs.2,739 billion in 2010. Current

liabilities reflect an increase of 16.0%
in 2011 over 2010 and non-current

Billon Rs

in 2011 showing an increase of 11.6%

2500
2000
1500
1000
500
0

16.0%
4.4%
Current Liabilities

Non-Current
Liabilities

2010

1703.81

1035.34

2011

1976.00

1080.70

16.0%

4.4%

liabilities 4.4% over the previous year.

Growth

xx

18.0%
16.0%
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%

Shareholders Equity:
Total paid-up capital increased by Rs.35.73

Figure 6: Shareholders' Equity

800
600
400
200
0

billion or 6.67 percent from Rs.535.5 billion

increased by Rs. 123.05 billion or 18.56

percent from Rs. 662.85 billion in 2010 to

Billion Rs

in 2010 to Rs.571.2 billion in 2011. Reserves

2010

Paid Up
Capital

Rs. 785.90 billion in 2011. Surplus on

Reserves

revaluation of fixed assets also increased by

Rs. 30.58 billion or 14.72 percent from
Rs.207.65 billion in 2010 to Rs. 238.23

2011

Surplus on
Revaluation
of Fixed
Assets

billion in 2011.

Composition of operations
Positive deportment has been seen on
Figure 7:Growth & Composition of operations

account of sales, gross profit and net profit

2010

before tax. Increases of 19.1%, 18.5% and

6000

16.9% have been witnessed in sales, gross

5000

profit and net profit before tax respectively

4000

for 2011 over the previous year. The sales of

3000

all non-financial listed companies were

2000

Rs.5,001 billion in 2011 as against Rs.4,200

1000

billion in 2010, showing an increase of 19.1

19.1%

Sales

percent. Local sales increased by 17.47

2011

Growth

18.5%

Gross Profit

16.9%

Net Profit
Before Tax

25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
-5.0%
-10.0%
-13.6%
-15.0%
-20.0%

Cash Flows
from Operation

percent and the export sales increased by Rs.

Figure 8: Net Profit Margin and Retention

144 billion or 32.81 percent in the year

2011. The gross profit increased by Rs. 116

400

billion from Rs. 627 billion in 2010 to Rs.

300

743 billion in 2011. Net profit before tax,

which stood at Rs. 316 billion in 2010

Billion
Rupees

200

increased by Rs. 54 billion or 16.9 percent to

100

touch Rs.370 billion in 2011. Out of profit,

0
2006

amount retained in the business has been

2007

Net profit (before tax)

Rs.98 billion in 2011 as against Rs. 95

billion retained in 2010 reflecting an
increase of Rs. 3 billion or 3.4 percent.

xxi

2008

2009

2010

Retention in business

2011

Key Performance Indicators

Current ratio, debt equity ratio and net profit margin indicated healthy signs in last two years. Slight increase in the
current ratio from the previous year
Figure 9:Key Performance Ratios

indicates that the ability of the non-

has improved. A general guide to

recognize performance of companies
being good is if current ratio is 1.5:1 but
the current ratio appears to be around
1.05:1 which is a bit lower than 1.5,
reflecting the fact that companies need
special

borrowings

to

meet

their

7.53 7.4

2010

6
4.18 4.34

percentages

financial sector to pay short term debts

2011

4
1.95 1.92

1.02 1.05

obligations. Debt to equity is 1.92 in 2011

Current Ratio

and in 2010 it was 1.95. This also shows

Debt Equity
Ratio

Net Profit
Margin

Earning Per
Share after
Tax

a relatively better position this year than

that of the previous year as the smaller the
Figure 10: Profitability/Efficiency Ratios

ratio, the more secured the creditors. Net

profit margin is 7.4 percent in 2011
whereas it was 7.53 in 2010 indicating

in 2011 as compared to 2010. Earnings

per share after tax increased from 4.18 in

20
Percentages

that profit before taxes slightly decreased

24.34 24.66

25

2010 to 4.34 in 2011.

Profitability ratios i.e. return on assets

15

13.69 14.46

2010

8.19 8.41

10

2011

5
0
ROA

(ROA), return on equity (ROE) and return

ROE
ROCE

on capital employed (ROCE) exhibit

overall efficiency of the non-financial

companies in 2011 over 2010. Return on assets is 8.41 in 2011 whereas it was 8.19 in 2010. This highlights the fact
that profitability relative to assets has improved for the companies which is a positive sign, the higher the ROA, the
better, because companies earn more money on less investment. Return on equity is 24.66 in 2011 and it was 23.34
in 2010. This underscores the fact that efficiency of companies to earn profits have improved in 2011, and
companies are utilizing their resources well. Return on capital employed is 14.46 in 2011 as against 13.69 in 2010.
ROCE compares earning with capital invested in the company and therefore, indicates that management has utilized
investment better as compared with previous year.

xxii

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,040,091,047

1,211,065,825

1,671,976,688
1,016,570,378
75,870,066
23,520,669

1,863,049,694
1,160,345,245
86,225,345
50,720,580

1,031,847,650
184,141,804
240,567,907
200,602,772
192,515,974
214,019,193
888,035,989
273,013,633
615,022,356
283,197,903

1,196,256,010
169,690,216
271,532,643
249,058,585
239,471,220
266,503,346
1,041,342,786
294,263,244
747,079,542
352,081,328

31,265,288

45,095,447

1,388,602,765
0
2,090,354,493
1,329,643,724
96,644,794
58,955,617
3,424
0
1,493,811,874
172,892,067
362,026,984
365,627,314
250,034,020
343,231,489
1,422,133,488
420,103,842
1,002,029,646
422,795,522
86,708
0
49,685,847
0
373,022,967
1,037,485,629
429,007,301
419,555,437
9,451,864
608,367,344
0
(61,986)
110,984

2,125,231,136
335,787,126
2,353,342,508
1,457,283,042
110,876,844
89,797,542
163,409,580
78,953,846
1,453,923,996
166,066,865
347,043,271
551,314,713
78,703,843
310,795,304
1,398,365,426
440,740,071
957,625,355
986,589,310
450,041,834
114,550,887
51,583,710
52,036,756
318,376,122
1,194,200,397
478,802,009
468,310,031
10,491,978
559,455,184
116,913,253
434,078,516
155,943,205

2,399,569,382
393,095,611
2,701,730,529
1,648,111,549
123,520,746
101,374,593
178,216,554
78,771,074
1,745,579,018
180,808,851
388,157,796
734,590,612
97,156,197
344,865,562
1,703,807,659
502,986,188
1,200,821,471
1,035,344,071
489,049,840
100,037,791
37,690,370
44,855,411
363,710,659
1,405,996,670
535,485,909
518,737,224
16,748,686
662,854,783
127,681,302
534,039,775
207,655,978

2,577,953,301
252,818,561
3,129,145,255
1,915,393,391
150,883,262
103,669,302
224,655,781
81,416,266
2,074,105,356
161,069,237
542,929,970
803,291,474
106,875,260
459,939,416
1,976,003,646
589,881,367
1,386,122,278
1,080,701,277
517,950,277
106,562,092
28,577,168
40,536,232
387,075,509
1,595,353,730
571,219,169
554,761,006
16,458,163
785,901,517
150,607,959
633,241,468
238,233,045

3,606,873,532
3,240,312,300
366,561,231
3,074,342,741
1,580,683,898
1,491,962,558
532,530,791
255,463,428
96,995,311
158,468,116
162,135,235
149,464,952
111,685,452
211,548,161
77,546,182
117,901,072
7,711,576
309,071,418

4,200,248,214
3,762,417,847
437,830,368
3,573,104,421
1,923,359,883
1,648,063,218
627,143,794
265,355,935
119,485,532
145,870,403
187,430,663
141,479,292
103,852,877
316,411,604
98,288,532
123,173,010
15,957,007
333,910,688

5,001,126,193
4,419,654,200
581,471,993
4,258,028,207
2,369,084,823
1,888,943,384
743,097,986
308,630,106
132,229,698
176,400,408
229,475,900
175,694,628
135,323,037
370,022,790
128,074,196
143,758,558
8,511,590
288,365,870

Items

251,932,615
900,704,805
375,854,763
372,335,475
3,519,288
524,850,042

306,985,881
1,013,897,721
404,678,003
394,509,555
10,168,448
609,219,718

2,570,950,510
2,406,191,233
164,759,277
2,166,348,160

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

404,602,350
162,470,261

406,795,655
185,378,145

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

256,700,453
73,133,159
102,525,688
5,763,814

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

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

1,183,902,708
31,265,288
81,041,606
304,278,921

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

2,180,789,707
501,625,544
16,100,907
942,365,615

2,441,340,741
526,740,210
94,950,063
1,029,726,398

2,676,055,008
546,527,445
98,190,036
1,136,408,812

0.65
1.92
7.80
1.24
1.16
84.26
1.30
13.58
30.16
23.21
1.79
10.69

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
24.84

0.57
4.14
15.29
1.01
1.04
85.24
2.00
6.55
18.96
11.62
1.14
10.39
2.89
5.87
0.13
2.85
25.42

0.59
3.37
17.49
1.01
1.02
85.07
1.95
8.19
24.34
13.69
1.77
10.82
4.05
7.53
0.12
4.18
26.95

0.54
3.51
16.06
1.08
1.05
85.14
1.92
8.41
24.66
14.46
1.68
9.21
3.73
7.40
0.09
4.34
28.59

162,470,261

185,378,145

49,293,805

67,127,434

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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
4.15
20.36

8.08
0.00
4.30
25.82

Growth with Composition of Assets & Liabilities

3000
2500
Billion Rs

18%
16%
14%
11.9% 12%
10%
8%
6%
4%
2%
0%

15.8%
13.8%

2000
1500
6.9%

1000

4.2%

500
0
Non-Current
Assets

Current Assets Current Liabilities

2010

2011

Non-Current
Shareholders
Liabilities
Equity
Growth

Growth & Composition of Operations

2010

2011

Growth

6000

17%
16.0%

5000

16%
15.6%

Billion Rs

4000

16%

3000

15%

2000

14.5%

1000

14%

14%
Sales

Gross Profit

20

2011

15
10

2010

13.69 14.46
8.19 8.41

5
0

2010
7.53

8
7
6
5
4
3
2
1
0

7.4

2011
4.18

Percentage

24.34 24.66

25

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

Percentage

15%

1.95
1.02

1.92

1.05

Current
Ratio

Return on
Return on
Assets
Return on
Equity
Capital
Employed

4.34

Debt
Equity
Ratio

Net Profit Earning

Margin Per Share
after Tax

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

664,763,020

942,329,121

959,600,900
648,283,898
40,324,958
16,479,122

1,473,193,725
920,823,313
66,381,729
21,505,808

621,941,724
89,848,975
200,558,394
88,687,870
123,573,162
119,273,323
548,413,096
227,796,431
320,616,665
202,249,573

923,248,645
140,585,060
235,366,256
160,085,822
200,009,592
187,201,915
783,896,879
249,183,547
534,713,332
262,447,889

18,018,318

31,384,023

1,076,264,789
0
1,641,235,470
1,054,613,962
74,578,793
21,647,403
3,424
0
1,137,493,840
145,111,691
297,817,744
232,019,190
209,965,374
252,579,841
1,059,182,440
361,617,683
697,564,757
305,483,257
86,708
0
37,255,704
0
268,140,845
849,092,932
341,223,957
331,772,093
9,451,864
507,757,991
0
(61,986)
110,984

1,658,368,354
299,008,708
1,831,849,483
1,122,929,174
83,952,545
37,322,482
153,523,304
45,584,687
1,046,348,794
147,878,970
300,165,154
318,882,885
59,854,019
219,567,765
1,040,881,388
391,954,329
648,927,059
719,325,330
398,141,170
105,752,575
31,145,696
27,342,919
156,942,969
944,510,431
388,338,334
377,853,856
10,484,478
444,515,621
108,765,811
327,286,395
111,656,476

1,924,673,429
345,643,462
2,164,840,684
1,321,304,678
97,543,270
39,116,458
169,305,514
49,303,316
1,219,576,382
159,137,227
323,577,285
406,876,634
67,476,594
262,508,642
1,245,408,748
435,113,123
810,295,625
773,293,401
454,846,473
90,786,571
19,395,454
29,946,327
178,318,576
1,125,547,662
440,867,950
424,126,765
16,741,186
503,668,121
119,244,252
383,290,163
181,011,591

2,048,178,178
212,847,072
2,527,435,983
1,550,336,846
120,473,740
40,994,528
182,319,705
61,680,027
1,454,643,990
134,795,206
441,168,610
472,682,168
84,632,311
321,365,696
1,466,327,911
518,707,453
947,620,457
786,822,387
449,990,129
97,237,915
15,851,656
21,130,565
202,612,123
1,249,671,866
469,926,916
453,476,253
16,450,663
580,175,081
142,097,064
436,025,927
199,569,870

2,413,693,173
2,047,131,941
366,561,231
2,041,799,999
1,391,342,764
648,760,950
371,893,174
195,196,719
84,138,257
111,058,462
122,429,317
127,392,147
96,893,538
106,918,799
44,743,352
70,197,773
6,051,855
234,873,520

2,861,308,105
2,423,477,738
437,830,368
2,427,850,312
1,727,393,448
698,775,544
433,457,794
211,218,157
106,266,643
104,951,514
143,882,313
110,824,740
90,133,574
169,849,966
57,724,226
86,509,839
12,287,412
206,517,140

3,510,395,837
2,928,923,844
581,471,993
2,965,453,414
2,143,003,021
822,450,393
544,942,423
245,624,298
115,626,053
129,998,245
179,936,799
141,658,404
121,860,517
230,958,081
79,071,525
100,999,406
6,622,560
184,472,742

Items

184,231,255
536,042,075
190,249,409
186,731,275
3,518,134
345,792,666

231,063,866
819,232,998
318,182,576
308,014,128
10,168,448
501,050,422

1,482,758,907
1,339,144,491
143,614,416
1,265,818,995

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

216,939,912
84,473,592

273,283,465
133,259,219

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

124,875,660
25,621,773
47,163,883
3,988,040

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

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

738,291,648
18,018,318
52,090,004
245,814,749

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

1,663,835,761
429,286,866
(8,022,326)
821,241,195

1,898,841,063
474,241,927
25,615,902
909,355,050

2,036,494,254
465,841,785
50,887,150
984,549,238

0.55
2.62
5.98
1.15
1.13
85.37
1.40
10.63
25.47
18.40
2.10
7.39

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
25.74

0.51
5.28
13.21
0.89
1.01
84.59
1.86
4.35
11.92
7.59
0.89
8.04
2.10
4.43
0.13
1.64
24.90

0.51
3.87
14.22
0.91
0.98
84.85
1.79
5.81
16.41
9.53
1.30
8.84
2.88
5.94
0.10
2.62
26.35

0.47
4.04
13.47
1.00
0.99
84.48
1.80
6.95
19.45
11.74
1.50
7.96
2.90
6.58
0.08
3.33
27.37

84,473,592

133,259,219

38,887,937

55,508,390

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)

8.42
0.00
5.29
28.57

7.22
0.00
3.52
26.76

Growth with Composition of Assets & Liabilities

2500
16.2%

15.1%

Billion Rs

2000
1500

9.9%

1000

6.0%

500
1.7%
0
Non-Current
Assets

Current Assets Current Liabilities

2010

Non-Current
Liabilities

2011

18%
16%
14%
12%
10%
8%
6%
4%
2%
0%

Shareholders
Equity

Growth

Growth & Composition of Operations

2010

4000

2011

Growth

30%
26.5%

3500
3000
Billion Rs

2500

20.5%

18.5%

25%
20%

2000

15%

1500

10%

1000
5%

500
0

0%
Sales

Gross Profit

Key Performance Indicators

19.45

2010

6.58

7
6

2011
11.74
6.95
5.81

2010

5.94

16.41

9.53

2011

5
Percentage

Percentage

Profitability/Efficiency Ratios
20
18
16
14
12
10
8
6
4
2
0

Net Profit Before Tax

3.33
2.62

3
2

1.79 1.80
0.98 0.99

1
Return on
Return on
Assets
Return on
Equity
Capital
Employed

0
Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

375,328,027

268,736,704

312,337,976

712,375,788
368,286,480
35,545,108
7,041,547

389,855,969
239,521,932
19,843,616
29,214,772

449,119,023
275,029,762
22,066,001
37,308,214

409,905,926
94,292,829
40,009,513
111,914,902
68,942,812
94,745,870
339,622,893
45,217,202
294,405,691
80,948,330

273,007,365
29,105,156
36,166,387
88,972,763
39,461,628
79,301,431
257,445,907
45,079,697
212,366,210
89,633,439

356,318,034
27,780,376
64,209,240
133,608,124
40,068,646
90,651,648
362,951,048
58,486,159
304,464,889
117,312,265

13,246,970

13,711,424

12,430,143

67,701,360
364,662,730
185,605,354
185,604,200
1,154
179,057,376

75,922,015
194,664,723
86,495,427
86,495,427
0
108,169,296

104,882,122
188,392,697
87,783,344
87,783,344
0
100,609,353

466,862,782
36,778,418
521,493,025
334,353,869
26,924,299
52,475,060
9,886,276
33,369,159
407,575,202
18,187,895
46,878,117
232,431,828
18,849,823
91,227,539
357,484,038
48,785,742
308,698,296
267,263,980
51,900,664
8,798,312
20,438,014
24,693,837
161,433,153
249,689,967
90,463,675
90,456,175
7,500
114,939,563
8,147,442
106,792,121
44,286,729

474,895,953
47,452,149
536,889,845
326,806,871
25,977,476
62,258,135
8,911,040
29,467,758
526,002,636
21,671,624
64,580,511
327,713,978
29,679,603
82,356,920
458,398,911
67,873,065
390,525,846
262,050,670
34,203,367
9,251,220
18,294,916
14,909,084
185,392,083
280,449,008
94,617,959
94,610,459
7,500
159,186,662
8,437,050
150,749,612
26,644,387

529,775,123
39,971,489
601,709,272
365,056,545
30,409,522
62,674,774
42,336,076
19,736,239
619,461,366
26,274,031
101,761,360
330,609,306
22,242,949
138,573,720
509,675,735
71,173,914
438,501,821
293,878,890
67,960,148
9,324,177
12,725,512
19,405,667
184,463,386
345,681,864
101,292,253
101,284,753
7,500
205,726,436
8,510,895
197,215,541
38,663,175

1,088,191,603
1,067,046,742
21,144,861
900,529,165

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

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

187,662,438
77,996,669

133,512,190
52,118,926

177,735,948
83,927,702

1,338,940,109
1,338,940,109
0
1,145,254,109
195,966,435
949,287,674
193,686,000
54,137,778
13,218,889
40,918,889
43,548,350
30,654,552
13,719,303
146,561,638
40,564,306
36,663,171
3,669,596
127,393,548

1,490,730,356
1,490,730,356
0
1,292,574,793
226,081,802
1,066,492,991
198,155,563
63,005,808
16,603,645
46,402,163
49,539,101
34,036,224
13,462,520
139,064,709
49,002,671
42,759,152
1,889,030
103,893,128

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

131,824,793
47,511,386
55,361,805
1,775,774

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

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

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

445,611,060
13,246,970
28,951,602
58,464,172

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

542,499,678
52,498,283
69,334,161
120,371,348

639,560,754
80,685,660
47,302,886
151,859,574

0.81
0.96
10.28
1.39
1.21
82.75
1.15
20.52
42.96
35.34
1.52
27.20

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

0.83
2.29
24.48
1.34
1.15
85.53
2.57
15.63
55.29
27.67
2.89
20.73
11.68
10.95
0.18
11.20
29.64

0.74
2.28
22.18
1.30
1.22
86.71
2.32
12.94
44.42
23.53
2.11
14.65
11.33
9.33
0.13
8.89
34.13

77,996,669

52,118,926

83,927,702

10,405,868

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)

12.11
0.00
3.31
14.32

9.98
0.00
7.03
22.51

9.22
0.00
7.00
21.46

Growth with Composition of Assets & Liabilities

700

18.9%

600
Billion Rs

15%

15.1%

500
400

10.4%

300

20%

10.8%

10.1%

10%

200

5%

100
0

0%
Non-Current
Assets

Current Assets Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders
Equity

Growth

Growth & Composition of Operations

2010

1600

2011

Growth

10.2%

1400
1200
Billion Rs

1000
2.3%

800
600
400

-5.4%

200
0
Sales

Gross Profit

12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

2010

55.29

Percentage

50

44.42

40
30
20

15.63
12.94

10.95

12
2010
2011
27.67
23.53

10

Return on
Return on
Assets
Return on
Equity
Capital
Employed

11.2
2011

8.89

8
6
4
2

9.33

10
Percentage

60

2.57 2.32
1.151.22

0
Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

TEXTILE

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

212,250,458

228,100,596

220,912,726

317,249,011
208,146,347
14,349,481
4,104,111

337,568,522
223,988,054
16,140,749
4,112,542

341,072,977
220,810,198
17,833,078
102,528

197,687,321
6,235,092
82,927,224
32,402,586
46,168,830
29,953,589
183,180,209
116,186,495
66,993,714
80,275,107

236,377,124
6,495,689
86,741,516
38,073,754
51,321,939
53,744,226
215,101,682
110,907,155
104,194,527
78,166,031

277,744,869
4,621,159
111,657,992
45,946,849
63,622,133
51,896,736
250,538,128
149,626,490
100,911,638
85,972,326

8,555,688

10,547,159

4,626,163

71,719,419
146,482,463
42,115,059
40,482,391
1,632,668
104,367,404

67,618,872
171,210,007
45,054,477
42,621,791
2,432,686
126,155,530

81,346,163
162,147,141
46,973,656
45,317,698
1,655,958
115,173,485

347,034,033
38,700,506
381,238,238
246,590,349
16,509,202
5,810,569
50,853,653
5,078,956
220,764,916
6,268,343
112,960,861
58,409,833
4,563,775
38,562,103
257,359,194
182,685,144
74,674,049
135,542,336
102,228,476
14,708,347
2,832
2,994,925
15,607,755
174,897,422
50,126,281
48,332,051
1,794,230
81,082,580
20,925,458
61,418,927
43,688,561

358,168,583
47,176,580
372,083,989
235,645,803
17,689,475
5,785,696
64,059,960
5,500,544
222,298,091
5,857,507
109,909,355
59,539,067
5,284,651
41,707,510
241,261,254
168,706,556
72,554,698
124,556,495
92,092,033
13,133,074
327,832
3,292,347
15,711,210
214,648,925
49,903,264
48,784,372
1,118,892
115,227,658
31,470,475
85,018,988
49,518,003

380,392,534
22,885,502
433,251,621
283,737,507
19,353,279
5,569,061
64,171,743
4,028,721
281,972,049
7,773,735
138,294,157
80,246,264
4,624,543
51,033,350
288,374,328
198,995,593
89,378,736
130,490,650
96,907,039
12,891,520
1,396,376
3,673,254
15,622,461
243,499,601
49,867,380
49,033,865
833,515
141,031,312
41,809,683
99,221,629
52,600,909

311,856,124
192,202,341
119,653,783
275,649,576

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

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

36,206,548
14,334,820

39,841,421
15,672,433

40,332,666
19,619,114

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
36,296,492
32,794,015
29,723,002
29,435,383
4,867,193
4,382,240
907,088
26,127,141

714,371,468
326,832,148
387,539,320
621,981,502
464,471,370
157,510,131
92,389,966
32,606,618
17,348,019
15,258,599
49,070,512
39,454,266
36,034,069
33,529,619
7,320,587
6,375,328
92,323
14,238,908

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

10,431,678
2,880,023
1,729,135
533,902

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

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

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

226,757,570
8,555,688
5,822,520
124,742,183

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

339,205,420
92,419,865
20,185,949
261,126,421

373,990,251
98,303,415
19,833,704
297,299,008

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
11.76
0.87
0.92
84.10
1.70
5.13
15.11
9.06
5.61
4.61
1.99
5.81
0.07
5.04
44.00

0.32
5.52
11.23
1.08
0.98
87.07
1.72
5.40
14.64
9.40
4.11
5.17
1.93
4.69
0.03
5.34
49.61

14,334,820

15,672,433

19,619,114

16,963,954

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

0.46
5.44
10.39
0.76
1.08
88.39
1.80
2.76
7.97
5.04
4.37
3.76

1.Acid test or quick ratio[(B1+B3+B4) to C]

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

3.35
0.00
1.85
35.96

2.94
0.00
1.26
43.57

1.66
0.00
-2.15
36.32

Growth with Composition of Assets & Liabilities

Billion Rs

400
350
300
250
200
150
100
50
0

25%
21.2%

20%
16.3%

15%
11.8%

5.8%

10%
5%

4.5%

0%
Non-Current
Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders
Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
35%

800
700
Billion Rs

30%

29.1%

600

25%

500

20%

400
300

12.2%

200

10%

100

5%

0%
Sales

Gross Profit

15.11
14.64

16

2010

14
2011

10
8
6
4
2
0

9.06 9.4
5.13 5.4

5
Percentage

12

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

Percentage

15%

12.9%

5.81

2010
4.69

5.04

5.34

2011

4
3
2

1.70 1.72
0.92 0.98

1
Return on
Return on
Assets
Return on
Equity
Capital
Employed

0
Current
Ratio

10

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

SPINNING, WEAVING, FINISHING OF

TEXTILES

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

177,420,107

193,890,922

185,947,125

255,127,090
173,425,926
11,496,599
3,994,181

273,876,718
189,830,658
12,960,866
4,060,264

274,213,189
185,891,248
14,311,281
55,877

156,945,197
4,993,308
64,061,373
26,472,128
37,365,210
24,053,178
145,414,297
97,794,309
47,619,988
68,355,574

193,092,797
5,330,618
68,554,375
30,870,119
41,809,185
46,528,500
175,913,345
95,095,280
80,818,065
67,149,418

229,071,376
3,642,405
91,188,102
37,788,215
53,921,970
42,530,684
204,407,968
129,239,421
75,168,547
72,400,336

8,509,306

10,540,777

4,626,163

59,846,268
120,595,433
31,960,034
30,327,366
1,632,668
88,635,399

56,608,641
143,920,956
34,795,670
32,362,984
2,432,686
109,125,286

67,774,173
138,210,197
36,712,180
35,056,222
1,655,958
101,498,017

296,182,210
34,045,125
315,068,483
214,846,714
13,108,617
5,763,501
37,048,429
4,478,441
189,575,352
4,352,467
97,303,901
51,304,545
4,518,889
32,095,550
215,619,691
159,451,486
56,168,205
116,807,535
88,695,517
13,652,353
2,832
2,305,790
12,151,043
153,330,340
40,477,057
38,682,827
1,794,230
73,737,478
17,834,249
57,221,276
39,115,805

304,111,194
29,419,551
327,429,055
214,151,920
13,747,280
5,750,198
49,483,855
5,305,670
194,244,020
4,612,505
93,718,637
55,005,186
5,156,577
35,751,115
214,128,022
155,565,337
58,562,685
101,210,677
73,038,692
12,069,260
327,832
2,562,884
13,212,010
183,016,512
43,915,000
42,796,108
1,118,892
91,794,540
26,168,097
66,944,490
47,306,972

321,605,196
20,352,432
366,240,764
241,761,717
15,217,351
5,509,726
50,117,229
3,864,092
234,930,077
6,884,478
112,451,727
68,457,196
4,622,837
42,513,840
245,683,596
172,114,885
73,568,711
106,215,095
77,442,617
11,881,107
1,396,376
2,767,335
12,727,659
204,636,580
43,959,553
43,126,038
833,515
110,472,035
34,986,406
75,485,629
50,204,991

251,119,768
146,072,913
105,046,855
221,171,454

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

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

29,948,314
11,750,269

34,948,080
13,133,656

36,687,750
16,426,107

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
31,376,377
29,788,043
27,142,493
23,908,587
3,872,388
3,461,452
887,931
26,817,684

608,805,683
255,513,785
353,291,898
530,483,914
392,179,325
138,304,590
78,321,769
27,938,946
15,486,777
12,452,169
45,251,257
35,013,714
31,973,309
24,722,737
6,039,999
4,436,897
92,323
14,167,148

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,141,009
2,330,512
1,515,176
495,570

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

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

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

188,951,007
8,509,306
4,295,321
106,303,615

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

284,227,189
73,366,524
16,574,746
228,931,861

310,851,674
78,838,993
14,245,841
250,953,878

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
12.72
0.87
0.91
83.49
1.72
4.86
14.22
8.63
5.79
4.62
1.88
5.53
0.09
4.68
42.76

0.33
5.75
11.24
1.09
0.96
87.14
1.72
4.69
12.76
8.31
4.21
5.41
1.77
4.06
0.04
4.33
47.40

11,750,269

13,133,656

16,426,107

14,094,605

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

0.47
5.61
10.54
0.75
1.08
88.07
1.77
2.67
7.62
4.79
3.83
3.92

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

3.24
0.00
1.90
39.43

3.05
0.00
1.23
44.77

2.59
0.00
-2.08
40.20

Growth with Composition of Assets & Liabilities

350

20%
17.3%

300

15%

Billion Rs

250

12.8%

200

10.6% 10%

150
100

5.4%

5%

4.7%

50
0

0%
Non-Current
Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders
Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
35%

700

Billion Rs

600

30%

28.9%

500

25%

400

20%

300

15%

200

10%

8.8%

100

5%

3.3%

0%
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios

2010

16
12

2010
2011

8.63 8.31
4.864.69

4.68

5
Percentage

Percentage

12.76

5.53

14.22

14
10
8
6
4
2
0

Net Profit Before Tax

4.06

2011
4.33

4
3
1.72 1.72

2
0.91 0.96

1
Return on
Return on
Assets
Return on
Equity
Capital
Employed

0
Current
Ratio

14

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

(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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

388,273

386,561

385,645

510,118
388,273
1,757
0

510,118
386,561
3,312
0

509,770
385,645
913
0

214,700
303
99,695
0
5,000
109,702
180,169
0
180,169
343,892

204,887
208
83,964
5
0
120,710
510,756
0
510,756
27,442

216,025
223
83,964
50
16,490
115,298
247,788
0
247,788
304,665

343,892
78,912
40,000
40,000
0
38,912

27,442
53,250
40,000
40,000
0
13,250

304,665
49,217
40,000
40,000
0
9,217

189,040
0
209,629
177,746
4,020
0
11,000
294
235,860
50
83,964
42
0
151,804
209,655
0
209,655
355,331
0
62,427
0
1,283
291,622
(140,086)
40,000
40,000
0
(344,425)
7,252
(351,677)
164,339

354,839
0
357,933
349,251
931
0
5,500
88
23,634
164
2,706
39
2,780
17,945
169,765
0
169,765
66,230
0
64,883
0
1,347
0
142,478
40,000
40,000
0
(233,540)
1,752
(235,292)
336,018

353,027
0
357,454
347,439
1,808
0
5,500
88
13,770
228
0
44
1,500
11,999
180,003
0
180,003
68,684
0
67,338
0
1,346
0
118,110
40,000
40,000
0
(256,265)
1,752
(258,017)
334,375

60,172
60,172
0
71,598

35,952
35,952
0
47,414

0
0
0
5,567

(11,426)
6,332

(11,462)
4,268

(5,567)
3,315

0
0
0
0
0
0
0
11,448
0
11,448
5,163
7,080
1,455
(14,498)
0
0
0
(7,204)

0
0
0
0
0
0
0
12,469
0
12,469
4,913
7,099
1,455
(24,340)
2
0
0
(6,097)

Items

F.Operation:

(24,481)
296
0
0

(21,467)
0
0
0

(14,800)
0
0
32,500

0
0
0
0
0
0
0
13,275
0
13,275
4,226
7,050
6,689
(72,497)
0
0
0
(7,037)

422,804
0
(24,777)
0

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

0.03
11.64
0.00
0.10
1.19
118.99
6.64
-4.02
-26.84
-5.63

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

0.00
0.87

0.00
1.12

0.00
0.14

0.00
0.08

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

6,332

4,268

3,315

7,007

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)

15

11.22
-2.48
-28.89
-6.81

-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

0.60

0.43

0.00

0.00
-8.96

-40.69
0.00
-6.19
19.73

-59.71
0.00
-5.37
13.31

0.00
-9.84

-0.01
-18.12
-35.02

-0.03
-3.62
35.62

-0.02
-6.09
29.53

0.00
-3.70
12.30

-15.72

Financial Statement Analysis of Non Financial Sector 2011

(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)
2010
2011

2006

2007

2008

2009

377,054

380,763

368,221

461,690
377,054
13,177
0

478,752
380,763
13,967
0

479,600
368,221
13,389
0

134,641
3,928
95,939
16,146
0
18,628
197,365
108,943
88,422
157,093

140,511
1,591
85,175
18,874
0
34,871
138,093
84,339
53,754
274,962

103,719
3,252
52,575
22,567
0
25,325
195,057
73,290
121,767
203,095

157,093
157,237
55,688
55,688
0
101,549

274,962
108,219
55,687
55,687
0
52,532

203,095
73,788
55,687
55,687
0
18,101

352,319
0
445,902
322,228
12,691
0
0
30,091
104,176
3,956
56,873
20,384
0
22,962
179,489
78,462
101,028
242,819
199,204
43,402
0
213
0
34,187
55,688
55,688
0
(155,013)
17,887
(172,900)
133,512

544,875
0
626,491
487,513
15,304
0
0
57,362
92,715
4,923
39,345
19,535
0
28,913
158,353
51,052
107,301
271,153
192,291
52,429
0
213
26,220
208,084
55,688
55,688
0
(159,126)
17,887
(177,013)
311,522

534,311
0
593,997
439,631
15,387
0
0
94,680
124,733
1,253
89,213
5,071
0
29,196
137,656
77,750
59,907
319,681
119,536
44,970
0
196
154,979
201,707
55,688
55,688
0
(159,965)
17,887
(177,852)
305,984

881,354
881,354
0
831,276

777,391
777,391
0
748,526

374,912
374,912
0
374,101

50,078
37,093

28,865
16,573

811
9,501

445,620
445,620
0
432,191
300,489
131,703
13,429
9,365
41
9,324
35,864
13,740
13,530
(3,949)
2,228
0
0
(5,316)

703,604
703,604
0
687,046
570,115
116,931
16,558
12,152
50
12,103
53,633
2,395
2,106
3,895
7,036
0
0
(39,328)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(6,542)
4,407
595
0

(13,626)
3,887
0
0

(32,557)
1,875
0
0

120,620
120,620
0
132,840
105,101
27,739
(12,220)
8,814
44
8,770
7,814
28,117
27,850
(34,709)
0
0
0
(11,531)

314,330
0
(11,544)
108,943

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

0.10
2.24
1.83
1.72
0.68
94.32
2.25
-1.26
-4.43
-2.13
-18.40
9.19

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

37,093

16,573

9,501

19,704

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)

16

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

-0.74
0.00
-1.97
28.24

-1.75
0.00
-3.14
19.43

-8.68
0.00
-6.18
13.25

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

473,944

452,717

433,323

743,817
473,944
19,784
0

740,207
452,717
20,454
0

740,208
433,323
20,454
0

111,313
292
74,220
6,839
0
29,962
411,923
184,747
227,176
85,589

88,528
195
51,140
7,025
0
30,168
436,515
77,137
359,378
53,596

64,890
49
17,643
16,487
0
30,711
449,383
41,657
407,726
23,612

85,589
87,745
77,258
77,258
0
10,487

53,596
51,134
77,258
77,258
0
(26,124)

23,612
25,218
77,258
77,258
0
(52,040)

417,138
2,192
740,208
412,722
18,408
0
0
2,224
45,701
45
3,933
16,487
0
25,236
299,343
191,536
107,807
176,659
0
174,771
0
1,888
0
(13,163)
77,258
77,258
0
(256,491)
0
(256,491)
166,070

399,655
2,192
740,208
395,240
17,482
0
0
2,223
38,487
45
0
16,487
0
21,955
287,854
179,947
107,907
178,657
0
176,769
0
0
1,888
(28,369)
77,258
77,258
0
(265,681)
0
(265,681)
160,054

383,044
2,192
740,208
378,629
16,611
0
0
2,223
38,487
45
0
16,487
0
21,955
287,954
179,947
108,007
184,960
0
183,071
0
0
1,889
(51,383)
77,258
77,258
0
(282,956)
0
(282,956)
154,315

310,629
257,941
52,688
290,401

210,680
210,680
0
210,011

44,137
44,137
0
62,497

20,228
16,543

669
8,127

(18,360)
5,929

3,595
3,595
0
21,019
3,888
17,131
(17,424)
2,494
0
2,494
1,248
0
0
(19,918)
0
0
0
4,878

0
0
0
20,612
0
20,612
(20,612)
2,402
0
2,402
1,213
0
0
(23,014)
0
0
0
(6,302)

Items

1.Long term secured loans

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

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & 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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(20,974)
1,553
0
0

(35,557)
1,053
0
0

(25,685)
231
0
0

0
0
0
34,554
0
34,554
(34,554)
2,000
0
2,000
749
1,827
1,827
(38,381)
0
0
0
(948)

173,334
0
(22,527)
184,747

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

0.02
8.53
2.20
0.53
0.27
93.49
5.67
-3.23
-21.05
-11.08

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

16,543

8,127

5,929

26,507

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)

17

0.00
0.15

-36.16
-7.99
-636.77
-36.15

4.19

4.12

2.50

0.00
-20.01

-6.75
0.00
-2.92
11.36

-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

0.00
0.13

-9.20
-5.35
57.71
-16.21

-0.01
-2.98
-6.65

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

997,582

1,188,111

2,017,040

1,505,613
997,582
99,573
0

1,726,247
1,188,111
107,754
0

2,651,459
2,017,040
121,313
0

664,797
8,415
432,459
111,900
0
112,023
860,351
667,428
192,923
431,699

668,211
4,972
426,120
101,996
260
134,863
1,033,368
506,134
527,234
453,191

852,983
1,037
582,795
161,740
260
107,151
1,357,809
897,039
460,770
676,608

431,699
370,329
125,289
125,289
0
245,040

453,191
369,763
144,082
144,082
0
225,681

676,608
835,606
144,082
144,082
0
691,524

1,954,829
0
2,773,973
1,949,987
103,502
0
260
4,582
1,005,863
1,781
688,559
233,831
0
81,692
1,362,550
1,103,087
259,463
856,360
636,443
105,000
0
0
114,917
741,782
144,082
144,082
0
69,839
32,746
37,093
527,861

1,670,722
0
2,237,913
1,665,880
101,271
0
260
4,582
1,161,102
1,080
614,809
199,998
0
345,215
1,234,835
943,802
291,033
757,070
547,812
105,000
0
0
104,258
839,919
144,082
144,082
0
151,823
32,746
119,077
544,015

1,605,723
18,049
2,232,866
1,582,832
87,721
0
259
4,582
1,092,882
5,470
499,145
373,370
0
214,897
1,085,949
757,878
328,071
600,519
365,414
105,000
0
0
130,105
1,012,137
144,082
144,082
0
434,828
32,746
402,082
433,227

2,054,611
1,081,297
973,314
1,855,890

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

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

198,721
51,191

180,955
48,418

205,853
123,147

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

3,991,815
1,490,932
2,500,883
3,409,319
2,574,279
835,039
582,497
176,239
136,514
39,725
161,554
176,763
174,421
235,894
37,829
18,010
0
326,861

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,769
11,651
0
0

2,708
0
0
0

(103,687)
13,183
0
0

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

802,028
0
17,118
667,428

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
180,055
1,123,292

0.14
5.92
5.45
1.24
0.77
90.33
3.49
1.77
7.46
3.45

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
1.01
85.41
1.67
8.53
25.47
14.70
11.00
8.00
2.35
5.91
0.19
13.75
70.25

51,191

48,418

123,147

121,619

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)

18

4.75

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

1.40
0.00
1.37
29.56

0.12
0.00
0.19
25.66

-4.06
0.00
-8.11
58.00

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

401,926

403,423

398,956

433,302
401,926
623
0

460,326
403,423
27,843
0

482,163
398,956
27,585
0

229,016
8,118
188,171
21,154
0
11,573
345,572
175,927
169,645
0

181,050
7,598
103,398
14,758
0
55,296
259,474
168
259,306
0

212,764
6,024
182,471
265
0
24,004
454,929
162,000
292,929
67,455

0
285,370
75,600
75,600
0
209,770

0
324,999
75,600
75,600
0
249,399

67,455
89,336
75,600
75,600
0
13,736

380,742
0
490,256
380,296
25,685
0
0
446
197,867
7,250
163,248
3,334
0
24,035
198,358
151,000
47,358
72,909
0
0
0
3,299
69,610
307,342
75,600
75,600
0
138,710
15,923
122,787
93,032

497,617
0
505,694
497,173
24,206
0
0
445
145,642
51,718
44,284
26,552
0
23,089
93,015
0
93,015
114,041
0
0
0
5,141
108,900
436,203
75,600
75,600
0
172,516
15,923
156,593
188,087

491,152
0
531,896
490,707
33,667
0
0
445
189,644
57,522
70,241
17,024
0
44,857
130,645
0
130,645
88,264
0
0
0
5,980
82,285
461,887
75,600
75,600
0
188,098
15,923
172,175
198,189

876,610
502,943
373,667
790,822

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

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

85,788
28,720

77,579
41,103

39,672
17,848

1,106,614
909,480
197,134
998,647
714,000
284,648
107,967
32,077
12,265
19,812
84,973
23,497
21,649
53,325
20,308
7,560
0
197,585

1,608,282
974,387
633,895
1,501,531
1,218,668
282,864
106,750
56,690
40,466
16,224
83,359
27,809
22,118
22,956
13,795
0
0
39,047

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,091
5,527
0
0

15,414
6,805
0
0

(11,186)
2,240
0
0

761,897
595,787
166,110
705,901
523,894
182,007
55,995
18,113
5,898
12,215
48,089
31,117
28,365
10,733
6,532
0
0
22,769

285,370
0
28,564
175,927

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

0.08
2.78
2.41
1.39
0.66
90.21
1.21
5.47
10.55
10.55

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

28,720

41,103

17,848

24,364

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)

19

4.66

8.33

4.54

4.67
1.38
1.41
0.08
0.56
40.65

3.89
0.00
3.78
37.75

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

886,359

882,090

864,345

978,257
871,880
13,130
14,479

998,769
882,090
34,636
0

1,002,928
864,345
26,885
0

316,463
1,157
135,344
127,781
0
52,181
439,158
241,948
197,210
210,465

360,557
10,145
135,510
154,924
0
59,978
519,037
181,843
337,194
294,953

370,275
1,541
184,950
0
0
183,784
488,689
218,026
270,663
326,801

210,465
553,199
191,494
191,494
0
361,705

294,953
428,657
191,494
191,494
0
237,163

326,801
419,130
222,133
222,133
0
196,997

844,489
0
1,018,314
829,167
25,656
0
0
15,322
255,322
574
110,228
103,326
0
41,195
554,915
354,932
199,983
321,365
314,244
0
0
7,121
0
223,531
222,133
222,133
0
(567,383)
0
(567,383)
568,781

832,017
0
1,002,789
817,113
23,953
0
0
14,904
312,171
1,916
134,318
111,477
0
64,460
425,726
239,575
186,150
468,695
461,384
0
0
7,312
0
249,767
222,133
222,133
0
(535,608)
0
(535,608)
563,242

802,612
0
1,024,979
796,239
23,111
0
0
6,373
204,776
338
77,061
69,007
0
58,371
338,787
182,511
156,276
429,779
417,414
3,449
0
8,916
0
238,822
222,133
222,133
0
(541,387)
0
(541,387)
558,075

589,340
571,077
18,263
510,031

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

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

79,309
20,115

61,337
24,151

52,093
28,952

685,088
674,773
10,315
608,818
431,665
177,153
76,270
18,741
655
18,086
81,015
29,846
29,496
29,715
3,479
0
0
33,335

930,360
850,665
79,695
1,042,424
774,906
267,517
(112,064)
21,007
2,102
18,905
87,407
131,186
122,215
(264,009)
9,309
0
0
(1,148)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,987
2,947
0
0

(26,587)
2,793
0
0

(37,735)
2,429
0
0

505,458
495,197
10,261
574,641
345,926
228,715
(69,183)
29,768
7,656
22,112
74,203
97,204
86,131
(195,497)
103
0
0
(13,798)

763,664
0
9,040
241,948

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

0.29
8.94
21.68
0.49
0.72
86.54
1.17
1.09
2.45
1.87

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
0.60
112.05
3.22
-24.54
-108.07
-38.07

20,115

24,151

28,952

52,706

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)

20

4.35

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
0.00
-12.30
10.75

2.03
0.00
0.24
14.44

-4.83
0.00
-0.77
11.19

-7.77
0.00
-0.90
9.43

Financial Statement Analysis of Non Financial Sector 2011

Allawasaya Textile & Finishing 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)
2010
2011

2006

2007

2008

2009

102,771

98,825

208,983

292,307
102,771
12,353
0

297,845
98,825
11,390
0

407,774
208,983
11,672
0

209,741
5,322
126,671
52,944
1,739
23,065
187,708
131,497
56,211
0

177,324
7,215
95,758
52,367
2,257
19,727
152,220
86,594
65,626
0

343,778
3,059
255,594
49,503
2,256
33,366
384,453
329,406
55,047
84,430

0
124,804
8,000
8,000
0
116,804

0
123,929
8,000
8,000
0
115,929

84,430
83,878
8,000
8,000
0
75,878

268,345
0
500,018
264,021
26,794
0
2,256
2,068
302,191
3,875
184,210
93,900
1
20,205
340,284
289,014
51,270
107,258
89,585
0
0
0
17,673
122,994
8,000
8,000
0
66,646
2,669
63,977
48,348

251,362
0
506,151
247,040
28,325
0
2,255
2,068
222,619
472
91,979
107,431
1
22,736
198,414
127,033
71,381
113,245
67,648
0
0
0
45,597
162,322
8,000
8,000
0
111,023
2,668
108,355
43,300

277,687
0
554,193
274,480
30,722
0
1,097
2,110
381,937
6,529
222,909
105,689
1,157
45,653
324,807
218,548
106,259
145,797
80,567
0
0
0
65,230
189,020
8,000
8,000
0
142,234
2,669
139,566
38,785

790,758
790,758
0
751,142

827,380
827,380
0
792,146

865,665
865,665
0
848,196

39,616
21,103

35,234
18,594

17,469
22,814

1,464,365
1,464,365
0
1,303,842
989,066
314,776
160,523
42,527
3,775
38,752
110,583
44,462
43,374
74,574
7,322
5,800
0
191,288

2,195,229
2,195,229
0
2,013,065
1,781,834
231,231
182,164
49,109
7,607
41,502
112,534
59,821
56,853
76,460
21,952
8,200
0
(37,430)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

7,462
3,954
3,000
0

6,428
4,137
0
0

(31,045)
4,328
0
0

1,067,020
1,067,020
0
1,013,541
787,838
225,703
53,479
24,415
2,280
22,135
70,920
68,778
66,263
(39,393)
0
0
0
27,283

124,804
0
508
131,497

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

0.32
1.51
6.70
2.53
1.12
94.99
1.50
2.79
5.69
5.69
1.17
6.24

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

21,103

18,594

22,814

11,927

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)

21

8.64

3.39

5.79
0.41
-3.69
0.06
-49.24
153.74

0.94
0.00
4.39
156.01

0.78
0.00
2.86
154.91

-3.59
0.00
-44.22
104.85

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

5,657,978
634,332
4,696,802
4,985,475
260,419
10,703
0
27,468
12,395,153
144,263
6,456,145
3,993,788
0
1,800,957
9,888,898
8,528,844
1,360,054
923,378
893,641
0
0
29,737
0
7,240,855
902,451
902,451
0
3,867,410
98,039
3,769,371
2,470,995

5,872,068
844,948
5,053,154
4,997,349
345,680
8,324
0
21,447
13,248,086
145,465
6,541,818
4,583,263
0
1,977,540
9,802,055
8,428,585
1,373,471
553,731
184,601
0
325,000
44,130
0
8,764,368
2,414,901
2,414,901
0
4,008,559
281,039
3,727,520
2,340,908

5,524,844
80,948
6,136,755
5,415,069
340,854
5,946
0
22,881
12,703,617
132,934
5,158,262
5,993,470
0
1,418,951
11,079,955
9,080,535
1,999,420
250,112
92,385
0
108,333
49,394
0
6,898,394
2,594,301
2,594,301
0
2,150,431
281,039
1,869,392
2,153,662

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

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

6,426,927
878,082
5,548,845
6,601,321
5,963,872
637,449
(174,394)
346,437
207,295
139,142
459,299
1,331,605
1,293,028
(1,815,641)
51,197
0
0
(253,461)

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

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

7,148,506
200,718
(1,866,838)
9,281,253

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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)

22

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

27,660

22,443

20,218

36,865
27,660
2,226
0

36,865
22,443
2,471
0

36,865
20,218
2,225
0

30,240
223
12,269
8,219
0
9,529
58,423
3,955
54,468
2,910

16,428
238
0
6,661
0
9,529
55,881
0
55,881
5,488

16,430
240
0
6,661
0
9,529
42,594
0
42,594
18,898

2,910
(3,433)
8,712
8,712
0
(12,145)

5,488
(22,498)
8,712
8,712
0
(31,210)

18,898
(24,844)
8,712
8,712
0
(33,556)

18,700
0
36,865
18,216
2,003
0
0
485
16,387
234
0
7,061
0
9,092
37,554
0
37,554
19,383
0
19,383
0
0
0
(21,850)
8,712
8,712
0
(30,562)
0
(30,562)
0

16,898
0
36,865
16,413
1,803
0
0
485
16,405
253
0
7,061
0
9,091
37,554
0
37,554
19,833
0
19,833
0
0
0
(24,084)
8,712
8,712
0
(32,796)
0
(32,796)
0

15,274
0
36,865
14,789
1,623
0
0
485
16,406
254
0
7,061
0
9,091
37,553
0
37,553
20,048
0
20,048
0
0
0
(25,921)
8,712
8,712
0
(34,633)
0
(34,633)
0

27,605
27,605
0
27,975

0
0
0
2,471

0
0
0
0

(370)
639

(2,471)
330

0
121

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

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

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

(1,016)
138
0
0

(2,802)
0
0
0

(121)
0
0
0

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

(523)
0
(1,154)
3,955

(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

0.14
0.03
29.77
0.48
0.52
101.34
-17.87
-1.75
29.60
194.26

0.12

0.16

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

639

330

121

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

H.Key Performance Indicators

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

2.25

-3.68
0.00
-0.66
-1.97

23

-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

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,752,866

1,643,147

1,561,264

1,886,933
1,752,866
128,772
0

1,765,021
1,643,147
134,412
0

1,918,256
1,561,264
126,351
0

1,037,967
90,427
532,812
203,072
0
211,656
1,339,764
860,001
479,763
786,528

1,207,679
8,152
676,485
250,035
0
273,007
1,511,982
1,035,280
476,702
680,002

1,504,190
9,873
1,201,697
121,009
5,724
165,887
1,990,411
1,391,277
599,134
363,303

786,528
664,541
82,847
82,847
0
581,694

680,002
658,842
82,847
82,847
0
575,995

363,303
711,740
82,847
82,847
0
628,893

1,443,632
0
1,922,858
1,437,801
129,194
0
0
5,831
1,659,504
12,133
1,430,647
52,273
0
164,451
1,952,051
1,438,238
513,813
497,916
414,041
1,086
0
7,194
75,596
653,169
82,847
82,847
0
193,674
0
193,674
376,648

1,374,710
0
1,922,503
1,319,642
118,133
0
0
55,068
1,695,981
8,948
1,461,530
82,291
0
143,212
1,897,159
1,370,746
526,413
518,603
401,041
16,153
0
8,071
93,338
654,929
82,847
82,847
0
237,596
0
237,596
334,486

1,286,386
0
1,930,679
1,219,319
108,500
0
0
67,067
1,588,583
3,180
1,353,841
77,247
0
154,315
1,720,307
1,239,808
480,499
530,983
399,641
16,153
0
5,563
109,626
623,679
82,847
82,847
0
241,031
0
241,031
299,801

1,783,680
504,254
1,279,426
1,527,276

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

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

256,404
88,470

343,279
91,175

238,323
58,098

1,211,951
1,184,930
27,021
1,121,187
736,708
384,479
90,764
50,755
5,975
44,780
112,551
40,396
38,413
(384)
6,087
0
0
111,357

1,549,630
1,413,985
135,645
1,480,456
953,566
526,890
69,174
45,319
7,096
38,223
112,055
23,298
21,370
557
15,538
0
0
146,747

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,946
18,311
0
0

1,666
23,827
0
0

(43,273)
8,674
0
0

821,057
735,065
85,992
758,734
594,142
164,592
62,323
60,141
8,618
51,523
105,477
57,781
55,702
(55,599)
1,520
0
0
43,883

1,451,069
0
10,635
860,001

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
(14,981)
1,639,449

0.22
8.09
11.39
0.64
0.77
85.63
3.20
1.06
3.76
1.78

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

88,470

91,175

58,098

144,351

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)

24

3.35

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

1.62
0.00
1.28
80.21

0.09
0.00
-2.67
79.53

-3.80
0.00
-6.27
85.91

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,708,605

3,115,039

3,260,768

3,477,015
2,708,605
199,963
0

3,582,567
3,115,039
185,353
0

4,328,434
3,260,768
171,955
0

879,163
275,909
355,065
200,415
0
47,774
813,820
686,669
127,151
1,044,444

1,091,569
9,859
567,663
424,061
0
89,986
1,202,388
935,135
267,253
880,968

1,322,021
67,280
796,552
368,877
0
89,312
1,267,566
1,046,483
221,083
842,387

1,044,444
1,729,504
140,000
140,000
0
1,589,504

880,968
2,123,252
700,000
700,000
0
1,423,252

842,387
2,472,836
840,000
840,000
0
1,632,836

3,431,575
84,401
4,608,390
3,341,198
199,900
0
0
5,976
1,220,207
7,481
654,557
416,740
12,200
129,229
1,479,389
1,198,564
280,825
491,136
471,430
0
0
0
19,706
2,681,257
840,000
840,000
0
1,841,257
0
1,841,257
0

3,425,534
26,960
4,852,945
3,393,330
240,434
0
0
5,244
1,705,817
34,965
901,334
579,728
14,623
175,167
1,910,518
1,639,303
271,215
373,040
348,293
0
0
0
24,747
2,847,793
840,000
840,000
0
2,007,793
0
2,007,793
0

3,271,881
16,008
4,954,886
3,250,504
245,806
0
0
5,369
2,769,251
10,628
1,169,686
1,322,268
14,407
252,262
2,743,575
2,349,615
393,960
266,320
235,319
0
0
31,001
0
3,031,237
840,000
840,000
0
2,191,237
0
2,191,237
0

2,491,554
28,520
2,463,034
1,746,532

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

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

745,022
136,146

741,492
145,144

638,014
145,620

3,671,610
138,276
3,533,334
2,904,895
2,009,358
895,537
766,715
265,451
129,198
136,253
116,159
159,563
144,288
370,925
36,361
168,000
0
120,197

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

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

500,490
29,487
112,000
0

438,286
30,000
0
0

373,722
24,679
0
140,000

3,125,384
123,760
3,001,624
2,427,400
1,535,337
892,063
697,984
176,606
94,933
81,673
104,120
186,278
169,568
410,338
32,512
168,000
0
704,036

2,773,948
0
359,003
686,669

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

0.59
4.68
8.04
0.69
1.08
70.10
1.07
15.92
32.30
20.99
4.21
7.02

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

136,146

145,144

145,620

116,539

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)

25

4.40

3.09

20.09
0.00
33.64
123.54

17.53
0.00
5.83
30.33

15.18
0.00
4.16
29.44

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

307,600

347,095

342,052

388,828
307,600
12,552
0

353,574
347,095
14,455
0

362,734
342,052
15,020
0

264,274
29,351
138,527
55,804
0
40,592
410,978
231,687
179,291
56,622

252,610
21,432
138,570
56,861
0
35,747
476,716
213,607
263,109
22,078

255,003
2,735
156,567
72,627
0
23,074
436,419
210,180
226,239
5,645

56,622
104,274
69,970
69,970
0
34,304

22,078
100,911
69,970
69,970
0
30,941

5,645
154,991
69,970
69,970
0
85,021

332,143
0
366,600
331,210
14,708
0
0
933
214,169
3,462
141,035
42,006
0
27,666
237,559
207,296
30,263
143,439
0
137,000
0
6,439
0
165,314
69,970
69,970
0
38,207
0
38,207
57,137

421,333
19,853
338,850
396,495
35,859
0
0
4,985
198,572
2,730
85,946
63,547
0
46,349
232,554
175,423
57,131
115,710
0
107,000
0
8,710
0
271,641
69,970
69,970
0
62,222
0
62,222
139,449

431,289
48,003
455,570
378,786
33,745
0
0
4,500
243,302
18,485
133,779
42,227
0
48,812
256,579
199,273
57,306
116,641
0
107,000
0
9,641
0
301,371
69,970
69,970
0
102,769
0
102,769
128,632

876,657
13,668
862,989
761,507

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

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

115,150
65,991

85,558
44,604

74,746
38,037

883,856
61,363
822,493
777,919
550,026
227,893
105,937
59,385
41,030
18,356
59,472
25,265
18,674
21,286
8,534
0
0
120,271

1,036,471
66,765
969,705
912,843
783,314
129,529
123,627
65,564
42,448
23,117
64,456
17,374
13,842
40,689
10,959
0
0
(1,148)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

21,731
10,349
0
0

14,343
7,380
0
0

9,412
4,645
0
0

680,361
33,384
646,977
585,049
441,367
143,682
95,311
50,001
34,046
15,955
46,447
27,570
20,284
17,740
7,074
0
0
62,534

160,896
0
11,382
231,687

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

0.21
3.13
6.37
1.53
0.64
86.86
4.48
3.99
21.66
12.91

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

65,991

44,604

38,037

27,428

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)

26

6.33

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
0.00
4.25
43.07

2.48
0.00
1.63
14.90

2.41
0.00
1.00
14.42

1.94
0.00
0.68
22.15

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

436,848

422,996

297,483

585,433
436,848
22,617
0

593,607
422,996
22,026
0

594,728
297,483
21,300
0

89,615
2,571
60,947
0
0
26,097
330,065
2,544
327,521
415,047

84,347
9,816
46,530
33
0
27,968
222,128
0
222,128
504,737

235,566
141,776
90,790
20
0
2,980
333,669
2,544
331,125
415,047

415,047
(218,649)
151,770
151,770
0
(370,419)

504,737
(219,522)
151,770
151,770
0
(371,292)

415,047
(215,667)
151,770
151,770
0
(367,437)

397,599
7,299
594,997
382,839
20,247
0
0
7,461
82,109
46,711
19,567
0
0
15,831
229,507
0
229,507
495,720
415,047
0
0
3,491
77,182
(245,519)
151,770
151,770
0
(546,367)
0
(546,367)
149,078

386,331
0
610,699
378,870
19,671
0
0
7,461
122,441
54,557
37,412
2,636
0
27,836
236,019
0
236,019
491,443
415,047
0
0
3,073
73,323
(218,690)
151,770
151,770
0
(512,371)
0
(512,371)
141,911

386,584
0
630,916
379,114
19,973
0
0
7,470
165,402
56,112
52,096
7,865
30,009
19,320
244,174
0
244,174
487,473
415,047
0
0
2,769
69,657
(179,661)
151,770
151,770
0
(466,533)
0
(466,533)
135,102

515,387
502,539
12,848
500,106

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

630,013
630,013
0
620,053

15,281
9,960

7,195
9,809

9,960
7,513

832,727
828,076
4,651
793,288
617,064
176,224
39,439
13,218
297
12,921
51,456
311
0
27,161
4,171
0
0
16,249

1,094,821
1,081,539
13,282
1,035,392
856,502
178,890
59,429
16,429
481
15,948
59,601
361
0
45,078
9,746
0
0
19,954

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(17,743)
2,577
0
0

(2,692)
2,682
0
0

2,426
3,150
0
0

650,364
650,364
0
677,728
512,269
165,459
(27,364)
7,945
0
7,945
45,886
23
0
(33,877)
0
0
0
39,536

196,398
0
(20,320)
2,544

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
35,332
415,047

0.01
4.48
0.00
0.98
0.27
97.04
-3.41
-3.38
10.97
-7.00

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
8.50
-22.63
15.53

9,960

9,809

7,513

23,064

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)

27

8.46

11.53

6.94

33.24

22.26

21.02

-3.44
0.00
-1.34
-14.41

-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

4.12
0.03
2.33
-11.84

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,705,425

1,783,197

1,773,376

1,724,742
1,705,425
66,785
0

1,925,241
1,783,197
133,442
0

1,967,848
1,773,376
69,595
0

574,294
52,321
218,664
91,727
3,500
208,082
679,727
324,039
355,688
199,447

566,748
6,794
262,860
94,082
21,401
181,611
685,348
319,615
365,733
492,187

727,565
21,479
355,568
163,667
16,250
170,601
946,104
443,246
502,858
452,188

199,447
1,400,545
14,000
14,000
0
1,386,545

492,187
1,172,410
14,000
14,000
0
1,158,410

452,188
1,102,649
14,000
14,000
0
1,088,649

2,400,643
0
2,388,516
2,361,725
68,064
0
32,823
6,095
554,886
7,425
284,888
84,176
0
178,397
742,045
552,360
189,685
821,255
425,665
73,752
0
1,889
319,949
1,392,229
14,000
14,000
0
190,682
7,077
183,605
1,187,547

2,320,542
0
2,408,121
2,281,225
100,307
0
33,519
5,798
539,875
10,981
204,567
87,418
0
236,909
729,368
519,284
210,084
736,499
326,569
90,403
0
1,568
317,959
1,394,550
14,000
14,000
0
241,889
7,077
234,812
1,138,661

2,305,139
0
2,442,219
2,267,014
126,896
0
35,519
2,606
668,803
12,453
343,227
129,898
0
183,225
904,190
620,779
283,411
673,395
339,343
97,826
0
789
235,437
1,396,357
14,000
14,000
0
268,349
7,077
261,272
1,114,008

1,920,755
1,507,963
412,792
1,804,280

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

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

116,475
38,463

40,224
34,495

52,808
40,271

2,371,233
2,042,605
328,628
2,194,076
1,600,305
593,771
177,157
45,016
12,936
32,080
138,536
119,379
111,526
13,970
13,639
0
0
59,532

3,772,568
2,946,660
825,908
3,642,103
2,921,911
720,192
130,465
48,406
19,445
28,961
176,003
127,962
118,073
(41,058)
39,657
0
0
111,077

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,693
9,444
0
0

(60,271)
10,375
0
0

(65,726)
10,500
0
0

1,865,360
1,642,051
223,309
1,864,632
1,308,212
556,420
728
80,834
10,615
70,219
127,112
118,910
109,439
(211,891)
2,233
0
0
(108,630)

1,599,992
0
4,249
324,039

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

0.22
3.35
4.78
0.84
0.84
93.94
0.63
0.83
1.55
1.30

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

38,463

34,495

40,271

64,416

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)

8.78

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

0.71
0.00
3.04
1,000.39

-2.85
0.00
-50.46
837.44

-3.10
0.00
-54.45
787.61

28

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

470,201

458,093

440,493

593,515
470,201
24,365
0

605,091
458,093
24,361
0

610,304
440,493
23,829
0

218,351
1,801
126,544
18,207
0
71,799
416,729
151,988
264,741
84,715

238,856
4,694
136,013
18,059
0
80,090
446,699
142,864
303,835
59,665

210,072
4,495
139,811
6,545
0
59,221
505,855
95,615
410,240
57,859

84,715
187,108
132,750
132,750
0
54,358

59,665
190,585
132,750
132,750
0
57,835

57,859
86,851
132,750
132,750
0
(45,899)

522,522
0
713,397
519,874
23,844
0
0
2,649
172,625
1,955
136,696
6,553
0
27,421
197,858
104,820
93,038
363,165
43,500
181,030
0
11,082
127,554
134,124
132,750
132,750
0
(220,405)
0
(220,405)
221,779

515,469
0
722,523
504,601
24,682
0
0
10,869
152,707
5,187
97,491
28,331
0
21,698
123,783
81,200
42,583
337,409
30,000
178,530
0
12,650
116,230
206,984
132,750
132,750
0
(139,110)
0
(139,110)
213,344

515,469
0
722,523
504,601
24,682
0
0
10,869
152,707
5,187
97,491
28,331
0
21,698
123,783
81,200
42,583
337,409
30,000
178,530
0
12,650
116,230
206,984
132,750
132,750
0
(139,110)
0
(139,110)
213,344

428,590
428,590
0
373,221

476,282
476,282
0
423,516

456,409
456,409
0
400,632

55,369
19,498

52,766
18,628

55,777
20,658

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

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

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,875
2,488
0
0

6,160
2,682
0
0

10,491
2,590
0
0

465,245
465,245
0
443,090
288,909
154,181
22,155
20,595
877
19,718
58,556
30,796
30,018
(29,236)
0
0
0
(13,991)

271,823
0
3,387
151,988

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

0.05
7.05
4.25
0.62
0.52
87.08
2.68
0.84
2.80
1.90

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

19,498

18,628

20,658

30,202

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)

29

3.39

3.50

3.26

3.40
0.03
-6.28
-0.02
-2.20
10.10

1.37
0.00
0.26
14.09

1.29
0.00
0.26
14.36

2.30
0.00
0.60
6.54

Financial Statement Analysis of Non Financial Sector 2011

Azgard Nine Ltd.(Legler-Nafees 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)
2010
2011

2006

2007

2008

2009

23,784,946

24,244,939

8,687,158

26,418,548
20,013,878
535,228
3,771,068

27,786,186
20,482,735
729,590
3,762,204

11,275,747
8,653,622
538,506
33,536

7,062,660
1,132,967
2,903,999
1,520,389
49
1,505,256
9,935,874
7,877,741
2,058,133
11,249,254

9,451,173
630,082
2,532,100
2,366,279
882,995
3,039,717
10,686,285
5,429,188
5,257,097
13,441,452

18,684,515
82,074
4,034,103
0
11,540,498
3,027,840
10,353,720
7,302,259
3,051,461
6,674,514

7,712,953

10,404,259

3,962,461

3,536,301
9,662,478
3,788,839
3,127,101
661,738
5,873,639

3,037,193
9,568,375
3,788,823
3,127,135
661,688
5,779,552

2,712,053
10,343,439
3,827,119
3,827,119
0
6,516,320

42,857,047
7,380,422
39,901,859
29,696,709
18,408
5,645,096
37
134,783
15,638,041
437,814
5,985,036
4,586,931
0
4,628,260
24,459,435
16,402,024
8,057,411
18,224,297
15,684,724
392,185
0
0
2,147,388
15,811,356
4,879,344
4,548,719
330,625
6,962,860
3,152,134
3,810,726
3,969,152

42,857,047
7,380,422
39,901,859
29,696,709
1,010,624
5,645,096
37
134,783
15,638,042
437,814
5,985,036
4,586,931
0
4,628,261
24,443,021
16,402,024
8,040,997
18,240,712
15,684,725
392,185
0
16,413
2,147,389
15,811,356
4,879,344
4,879,344
0
6,962,860
3,152,134
3,810,726
3,969,152

56,373,244
11,829,232
49,833,611
38,339,694
1,940,687
5,409,717
13
794,588
14,048,844
304,709
4,430,658
4,480,131
0
4,833,347
26,755,302
14,417,178
12,338,124
26,837,175
23,472,010
371,135
0
20,373
2,973,657
16,829,611
4,548,719
4,548,719
0
5,276,935
5,741,161
(464,227)
7,003,958

6,624,764
2,492,848
4,131,916
4,731,960

12,936,942
7,504,488
5,432,454
8,362,558

11,827,025
11,724,806
102,219
8,238,448

1,892,804
563,152

4,574,384
841,802

3,588,577
1,089,025

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
2,693,503
4,791,419
4,448,379
1,363,061
157,119
0
0
1,292,451

29,048,102
15,751,943
13,296,159
25,361,794
14,106,215
11,255,579
3,686,308
2,856,226
1,264,057
1,592,169
3,669,141
6,849,937
6,038,490
(5,447,817)
258,708
0
0
4,716,399

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

213,982
123,640
210,493
0

1,916,324
100,401
343,981
0

(1,457,675)
13,287,571
0
0

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
2,693,503
4,791,419
4,917,049
1,363,061
157,119
29,591
0
1,292,451

20,911,732
7,712,953
(120,151)
15,590,694

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

43,666,787
23,472,010
(5,706,525)
37,889,188

0.27
17.92
22.95
0.21
0.71
71.43
2.19
1.03
3.28
1.58
0.43
2.28

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

0.18
23.58
15.42
0.41
0.53
87.31
3.18
-8.45
-33.38
-14.02

563,152

841,802

1,089,025

1,187,224

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)

30

2.93

3.23
0.00
0.29
30.90

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

6.56
0.10
-18.75
0.09
-12.55
37.00

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

643,368

825,406

794,266

869,704
643,368
57,267
0

994,782
825,406
32,220
0

999,491
794,266
35,899
0

256,388
436
215,875
4,103
18,751
17,223
447,507
304,326
143,181
249,508

304,906
555
264,408
0
19,830
20,113
723,806
288,645
435,161
86,485

385,770
5,473
332,374
557
22,292
25,074
524,623
417,328
107,295
341,434

249,508
202,741
20,000
20,000
0
182,741

86,485
320,021
20,000
20,000
0
300,021

341,434
313,979
28,960
28,960
0
285,019

1,014,836
9,344
1,218,926
1,000,084
34,429
0
2,182
3,226
349,881
536
321,233
0
0
28,112
526,995
397,829
129,166
332,019
303,314
0
0
20,271
8,434
505,703
28,960
28,960
0
27,268
19,440
7,828
449,475

1,027,619
223
1,257,551
1,005,891
33,751
0
19,144
2,361
349,792
1,035
322,492
0
0
26,265
404,356
314,078
90,278
341,391
266,280
0
0
21,202
53,909
631,664
28,960
28,960
0
158,136
19,440
138,696
444,568

1,067,993
0
1,307,876
1,035,313
34,326
0
31,120
1,560
434,382
640
371,318
0
0
62,424
436,013
316,642
119,371
361,608
226,462
0
47,068
40,756
47,322
704,754
36,522
36,522
0
228,669
18,290
210,379
439,563

610,905
610,905
0
579,968

746,943
746,943
0
672,184

739,868
739,868
0
694,241

30,937
25,513

74,759
27,818

45,627
25,687

1,195,591
1,195,591
0
920,569
620,110
300,459
275,022
43,833
2,615
41,218
139,387
98,774
98,436
154,897
5,978
0
4,344
175,450

1,705,170
1,705,170
0
1,505,537
1,159,649
345,888
199,633
59,066
5,103
53,963
201,833
22,696
21,307
131,960
17,077
0
0
191,479

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(52,254)
3,054
0
0

(14,309)
3,734
0
0

(44,157)
3,699
0
0

746,961
746,961
0
695,754
466,776
228,978
51,207
27,675
2,541
25,134
97,232
108,015
107,734
(104,001)
0
0
0
29,787

452,249
0
(55,308)
304,326

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
273,530
114,883
590,172

0.05
9.12
0.67
0.68
0.57
94.94
3.44
-5.69
-20.72
-10.39

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

25,513

27,818

25,687

55,730

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)

31

2.83

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

-8.55
0.00
-27.65
101.37

-1.92
0.00
-9.02
160.01

-5.97
0.00
-16.52
108.42

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,151,441

2,004,468

1,847,513

2,869,077
2,151,441
162,952
0

2,913,338
2,004,468
203,166
0

2,946,161
1,847,513
187,325
0

919,050
23,859
594,036
180,967
400
119,788
1,166,077
724,207
441,870
1,167,244

1,405,761
55,617
838,621
373,616
425
137,482
1,762,835
922,988
839,847
793,958

1,555,617
18,529
961,826
417,069
375
157,818
1,616,483
1,047,505
568,978
797,086

1,167,244
737,170
30,000
30,000
0
707,170

793,958
853,436
30,000
30,000
0
823,436

797,086
989,561
30,000
30,000
0
959,561

1,767,662
2,578
3,002,510
1,724,335
176,981
0
375
40,373
1,366,387
22,666
799,754
443,989
0
99,978
1,339,149
1,104,299
234,850
810,184
517,333
89,286
0
45,777
157,789
984,716
30,000
30,000
0
954,716
900,000
54,716
0

1,660,535
66,895
3,002,444
1,573,155
164,211
0
63
20,422
1,525,584
36,211
951,780
387,230
0
150,363
1,426,808
1,151,616
275,192
358,758
89,184
100,000
0
52,780
116,794
1,400,553
30,000
30,000
0
1,370,553
0
1,370,553
0

1,592,690
45,769
3,101,606
1,534,156
151,676
0
200
12,565
2,202,001
53,237
1,547,310
436,591
0
164,864
1,430,481
1,085,866
344,615
160,458
6,729
0
0
66,768
86,962
2,203,752
30,000
30,000
0
2,173,752
0
2,173,752
0

2,692,900
2,692,900
0
2,270,797

3,547,048
2,369,098
1,177,950
3,070,479

3,510,404
1,633,599
1,876,805
3,100,964

422,103
80,817

476,569
91,400

409,440
98,467

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
329,445
231,441
180,100
419,128
46,636
60,000
0
475,670

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
369,460
224,088
172,747
933,272
80,763
90,000
0
413,465

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

173,464
20,932
7,500
0

185,609
17,735
0
0

99,967
18,082
6,000
0

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
277,188
289,788
258,895
99,624
16,382
6,000
0
435,451

1,904,414
0
145,032
724,207

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
6,729
762,509
1,092,595

0.18
6.85
6.72
0.88
0.79
84.33
3.17
6.35
24.12
10.26
20.34
4.53

0.24
5.67
10.53
1.04
0.80
86.56
3.00
5.73
23.34
10.45

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

80,817

91,400

98,467

184,391

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

4.23

0.27
6.29
11.88
1.03
0.96
88.34
2.44
2.93
10.85
5.82
13.65
3.65

6.44
0.00
50.84
245.72

5.23
0.00
55.96
284.48

2.85
0.00
27.30
329.85

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

554,381

546,134

727,389

594,282
554,381
23,098
0

587,511
546,134
26,221
0

758,989
727,389
29,358
0

184,738
3,876
111,997
10,023
0
58,842
470,587
235,943
234,644
63,486

230,316
28,316
114,720
5,341
0
81,939
384,518
85,650
298,868
288,392

290,821
3,465
168,200
34,614
0
84,542
468,390
191,906
276,484
354,736

63,486
205,046
141,000
141,000
0
64,046

288,392
103,540
141,000
141,000
0
(37,460)

354,736
195,084
141,000
141,000
0
54,084

725,200
0
785,441
721,687
33,721
0
0
3,513
234,693
1,923
140,027
35,566
0
57,177
360,427
250,653
109,774
524,334
450,782
38,500
0
7,652
27,400
75,132
141,000
141,000
0
(229,930)
0
(229,930)
164,062

744,018
0
827,011
740,645
33,341
0
0
3,373
263,264
17,179
140,135
38,556
0
67,394
317,392
241,717
75,675
590,155
525,717
38,500
0
10,140
15,799
99,735
141,000
141,000
0
(199,729)
0
(199,729)
158,464

882,797
0
908,684
879,202
37,360
0
0
3,595
287,997
32,080
146,656
33,376
0
75,885
377,473
271,225
106,248
628,621
490,866
52,500
0
8,996
76,259
164,700
141,000
141,000
0
(213,530)
0
(213,530)
237,230

764,512
658,986
105,526
717,618

784,998
669,247
115,751
785,345

905,213
711,885
193,328
865,938

46,894
23,539

(347)
27,819

39,275
43,592

1,309,870
1,232,212
77,658
1,196,175
925,844
270,331
113,695
71,996
14,558
57,438
97,764
62,358
61,264
(14,445)
6,549
0
0
59,464

1,930,499
1,805,783
124,716
1,789,575
1,508,179
281,396
140,924
51,554
25,068
26,486
108,169
73,295
72,094
23,625
20,084
0
0
78,820

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

16,425
4,096
0
0

(73,965)
4,312
0
0

(60,869)
36,511
0
0

945,592
887,181
58,411
934,752
712,320
222,432
10,840
37,179
13,299
23,880
8,552
66,582
64,394
(91,967)
584
0
0
(90,329)

268,532
0
12,329
235,943

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

0.03
5.19
1.31
1.03
0.39
93.87
2.60
2.33
7.68
5.44

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

23,539

27,819

43,592

39,699

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)

33

6.83

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

2.15
0.00
0.87
14.54

-9.42
0.00
-5.55
7.34

-6.72
0.00
-6.91
13.84

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,658,154

1,640,013

1,624,083

2,234,273
1,658,154
146,417
0

2,388,468
1,640,013
173,801
0

2,535,503
1,624,083
173,375
0

782,472
14,071
489,630
139,753
0
139,018
945,704
784,198
161,506
871,921

924,834
40,833
532,383
244,751
0
106,867
1,327,328
718,054
609,274
533,903

1,171,036
33,895
846,297
178,208
0
112,636
1,365,871
921,037
444,834
587,718

871,921
623,001
64,320
64,320
0
558,681

533,903
703,616
64,320
64,320
0
639,296

587,718
841,530
64,320
64,320
0
777,210

1,576,841
0
2,648,347
1,565,526
168,880
0
0
11,315
880,145
12,809
670,208
74,092
0
123,036
962,322
772,167
190,155
667,083
495,842
89,286
0
32,621
49,335
827,581
64,320
64,320
0
763,261
750,000
13,261
0

1,636,160
217,380
2,599,938
1,405,916
160,269
0
0
12,864
773,353
30,781
525,224
87,597
0
129,751
514,871
311,172
203,699
648,362
504,014
86,708
0
39,419
18,221
1,246,280
64,320
64,320
0
1,181,960
1,100,000
81,960
0

1,547,493
18,185
2,864,538
1,521,180
152,212
0
0
8,128
1,293,004
16,862
935,161
164,856
0
176,125
625,013
314,476
310,537
391,759
342,547
0
0
49,213
0
1,823,725
64,320
64,320
0
1,759,405
0
1,759,405
0

2,948,008
430,542
2,517,466
2,531,198

2,703,735
1,457,233
1,246,502
2,308,072

2,994,329
1,724,239
1,270,090
2,628,606

416,810
95,235

395,663
91,160

365,723
100,937

4,054,212
694,014
3,360,198
3,252,897
2,356,379
896,518
801,314
197,228
111,394
85,834
263,162
174,156
145,826
429,930
40,082
32,160
0
703,544

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
294,149
192,407
148,077
673,402
63,797
48,240
0
352,607

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

170,517
40,698
4,824
0

125,130
18,793
4,824
0

115,680
20,178
6,432
0

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
204,946
257,167
231,321
98,108
24,714
4,824
0
575,953

1,494,922
0
124,995
784,198

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

0.16
5.14
4.74
1.21
0.83
85.86
2.92
8.11
30.59
13.12
26.91
6.02

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

95,235

91,160

100,937

151,466

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)

34

5.78
0.00
20.18
96.86

4.63
0.00
16.53
109.39

3.86
0.00
14.85
130.83

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

192,075

178,059

141,753

482,524
192,075
21,169
0

487,476
178,059
19,297
0

438,493
141,753
8,480
0

365,507
3,532
81,236
3,411
0
277,328
373,806
153,012
220,794
53,409

330,157
2,627
44,936
791
0
281,803
428,371
76,193
352,178
42,673

279,552
765
0
44
0
278,743
389,826
48,834
340,992
37,036

53,409
130,367
98,010
98,010
0
32,357

42,673
37,172
98,010
98,010
0
(60,838)

37,036
(5,557)
98,010
98,010
0
(103,567)

394,869
0
435,564
132,789
8,394
0
0
262,081
15,377
82
0
44
0
15,251
64,453
41,658
22,795
381,259
3,232
359,929
0
0
18,098
(35,466)
98,010
98,010
0
(165,803)
0
(165,803)
32,327

389,125
0
435,564
124,999
7,789
0
0
264,126
13,091
27
0
44
0
13,020
20,355
0
20,355
432,042
0
411,942
0
3,798
16,302
(50,181)
98,010
98,010
0
(178,681)
0
(178,681)
30,490

375,326
0
430,523
111,200
11,984
0
0
264,126
13,269
1,751
0
44
0
11,474
27,100
0
27,100
417,059
0
412,964
0
4,095
0
(55,564)
98,010
98,010
0
(181,982)
0
(181,982)
28,408

459,802
456,099
3,703
458,218

484,041
450,742
33,299
502,553

166,647
166,647
0
176,242

1,584
17,410

(18,512)
18,839

(9,595)
11,734

0
0
0
0
0
0
0
16,215
0
16,215
5,025
4,057
3,411
(20,272)
0
0
0
(13,563)

0
0
0
0
0
0
0
21,964
0
21,964
5,505
1,463
758
(5,203)
180
0
0
8,464

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(35,681)
3,203
0
0

(61,193)
2,422
0
0

(32,267)
835
0
0

0
0
0
0
0
0
0
20,920
0
20,920
7,444
10,114
9,521
(29,908)
0
0
0
(21,458)

183,776
0
(38,884)
153,012

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

0.02
5.96
0.74
0.82
0.98
99.66
3.28
-6.33
-25.44
-17.58

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

0.00
0.24

0.00
0.64

0.00
0.49

5.66

10.77

17,410

18,839

11,734

27,410

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)

35

-7.76
0.00
-3.97
13.30

-12.64
0.00
-6.49
3.79

-19.36
0.00
-3.38
-0.57

-12.57
-7.19
145.81
-15.85

-9.02
-4.99
47.34
-5.57

-7.99
-1.32
9.84
-1.40

-2.14

-4.94

-5.86

-0.05
-3.05
-3.62

-0.03
-2.07
-5.12

0.02
-0.55
-5.67

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

715,739

752,625

785,734

1,189,344
715,739
37,203
0

1,265,193
752,625
46,531
0

1,337,814
785,734
47,483
0

261,654
35,846
120,820
21,190
0
83,798
373,341
155,916
217,425
402,569

333,104
39,686
150,772
19,535
0
123,111
819,891
205,213
614,678
52,176

372,529
34,387
206,266
43,205
0
88,671
794,233
225,526
568,707
149,431

402,569
201,483
400,000
400,000
0
(198,517)

52,176
213,662
400,000
400,000
0
(186,338)

149,431
214,599
400,000
400,000
0
(185,401)

786,928
0
1,337,814
774,773
48,597
0
0
12,156
345,835
32,437
210,369
44,946
0
58,083
458,458
275,276
183,182
505,417
51,338
371,256
0
8,992
73,831
168,888
400,000
400,000
0
(305,413)
0
(305,413)
74,300

796,322
0
1,379,939
787,788
41,287
0
0
8,534
352,747
32,310
169,279
55,334
0
95,824
412,551
201,722
210,828
509,211
42,000
371,256
0
9,077
86,878
227,307
400,000
400,000
0
(240,483)
0
(240,483)
67,790

856,854
0
1,534,581
848,470
48,845
0
0
8,384
538,223
33,023
320,274
88,692
0
96,233
622,256
225,653
396,603
470,300
42,000
371,256
0
10,038
47,006
302,521
400,000
400,000
0
(160,614)
0
(160,614)
63,136

711,623
92,783
618,840
683,050

853,113
659,518
193,595
783,289

875,542
775,808
99,734
809,061

28,573
26,682

69,824
30,947

66,481
62,948

1,352,246
1,048,025
304,221
1,188,035
846,183
341,852
164,211
43,863
13,650
30,214
143,463
46,385
41,888
79,601
8,134
20,000
0
140,768

2,326,626
1,860,543
466,083
2,175,590
1,793,414
382,177
151,036
56,645
17,199
39,446
139,254
57,561
41,062
42,423
23,409
0
0
80,545

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(20,975)
3,527
0
0

5,790
48,264
0
0

(22,905)
4,378
0
0

989,845
856,916
132,929
950,275
649,737
300,538
39,571
35,529
8,663
26,867
93,487
54,718
47,476
(47,413)
2,095
0
0
24,856

604,052
0
(24,502)
155,916

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

0.15
4.25
2.98
0.73
0.70
95.98
3.85
-2.34
-20.47
-6.58

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

26,682

30,947

62,948

30,220

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)

36

5.89

5.66

4.24

4.71
0.00
-4.79
0.03
-1.24
4.22

-2.95
0.00
-0.61
5.04

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

Financial Statement Analysis of Non Financial Sector 2011

Chenab 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)
2010
2011

2006

2007

2008

2009

30,817

7,455,967

7,613,039

41,645
30,817
60
0

7,429,197
7,455,967
266,825
0

8,144,807
7,613,039
272,521
0

3,096
135
0
0
2,794
167
40,138
0
40,138
0

7,526,891
65,247
3,997,183
0
0
3,464,461
8,710,025
5,473,669
3,236,356
2,352,821

8,674,064
59,858
4,442,600
2,429,041
0
1,742,565
10,240,311
8,004,161
2,236,150
2,296,571

0
(6,225)
7,000
7,000
0
(13,225)

2,352,821
3,920,012
1,950,000
1,150,000
800,000
1,970,012

2,296,571
3,750,221
1,950,000
1,150,000
800,000
1,800,221

7,414,967
4,965
7,566,844
7,389,014
283,376
0
0
20,988
9,526,290
63,352
4,475,235
3,125,515
0
1,862,188
10,373,126
7,812,981
2,560,145
2,914,573
2,420,480
296,653
0
197,440
0
3,653,558
1,950,000
1,150,000
800,000
543,877
526,410
17,467
1,159,681

11,875,197
0
12,336,481
11,855,461
282,209
0
0
19,736
7,511,121
17,420
2,491,389
3,302,962
0
1,699,350
11,135,300
8,394,643
2,740,657
2,484,936
2,025,846
296,653
0
162,437
0
5,766,082
1,950,000
1,150,000
800,000
(1,393,122)
526,410
(1,919,532)
5,209,204

11,668,088
0
12,226,432
11,659,237
231,209
0
0
8,851
5,536,005
19,754
1,246,630
2,802,036
0
1,467,585
12,276,132
8,655,125
3,621,008
2,067,279
1,603,627
296,653
0
149,350
17,648
2,860,682
1,950,000
1,150,000
800,000
(4,245,908)
526,410
(4,772,318)
5,156,590

0
0
0
0

8,338,392
621,909
7,716,483
6,791,142

8,675,256
1,100,855
7,574,401
6,995,951

0
4,884

1,547,250
550,884

1,679,305
578,327

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
783,588
1,308,784
1,222,883
(1,939,628)
88,388
0
0
379,131

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
133,511
1,342,163
1,278,685
(2,857,923)
29,516
0
0
202,488

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

862
312
0
0

160,399
85,446
74,000
0

(15,294)
82,391
0
0

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
800,405
1,487,708
1,358,881
(13,728)
82,933
0
0
(143,040)

(6,225)
0
550
0

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

4,927,961
1,603,627
(2,887,439)
10,258,752

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

4,884

550,884

578,327

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

0.07

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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
0.08

-6.45
2.54
-12.98
-12.98

0.00
0.79
-8.89

37

0.01
10.06
0.00
0.56
0.86
81.44
2.82
2.14
8.20
5.12
1.01
2.09

1.95

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

1.92
0.00
0.65
34.09

-0.18
0.00
-0.85
32.61

Financial Statement Analysis of Non Financial Sector 2011

Colony Mills Ltd. (Colony 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)
2010
2011

2006

2007

2008

2009

4,953,194

5,824,218

7,526,926

5,702,584
4,953,194
64,736
0

6,493,940
5,824,218
203,706
0

7,405,681
7,526,926
242,460
0

2,837,233
4,420
1,298,778
166,086
814,662
553,287
2,798,633
2,158,288
640,345
2,248,641

3,304,725
4,414
1,392,451
305,087
4,526
1,598,247
3,269,833
1,592,204
1,677,629
2,710,048

5,124,297
32,067
1,960,293
331,930
787,243
2,012,764
5,106,304
2,264,789
2,841,515
4,638,568

2,248,641
2,743,153
2,441,763
2,441,763
0
301,390

2,710,048
3,149,062
2,441,763
2,441,763
0
707,299

4,638,568
2,906,351
2,441,763
2,441,763
0
464,588

9,427,936
589,111
9,312,371
7,847,784
309,788
0
972,465
18,576
4,679,809
26,566
3,295,925
543,330
528
813,460
6,198,167
3,904,339
2,293,828
5,395,099
5,228,992
100,000
0
39,580
26,527
2,514,479
2,441,763
2,441,763
0
72,716
0
72,716
0

9,146,199
692,834
9,814,082
8,001,429
348,066
0
432,310
19,626
3,578,601
3,914
2,683,293
363,407
452
527,535
4,937,483
3,822,456
1,115,027
5,009,645
4,743,063
100,000
0
32,219
134,363
2,777,672
2,441,763
2,441,763
0
334,666
0
334,666
1,243

9,104,721
319,957
10,448,993
8,266,387
370,842
0
498,751
19,626
4,613,248
37,300
3,309,326
720,019
488
546,115
5,667,436
3,872,867
1,794,569
5,205,043
4,441,759
100,000
0
16,954
646,330
2,845,490
2,441,763
2,441,763
0
402,865
0
402,865
862

2,063,248
1,318,672
744,576
1,783,472

5,799,875
3,391,796
2,408,079
5,061,725

7,020,730
7,020,730
0
6,026,505

279,776
67,055

738,150
207,464

994,225
319,450

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
579,352
1,135,379
920,810
332,847
68,913
0
0
560,565

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
661,752
1,454,259
1,197,597
298,731
139,738
0
0
738,287

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

119,331
14,414
0
0

458,268
28,999
0
0

363,373
35,907
524,800
0

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
435,823
1,099,274
1,040,784
(405,784)
29,429
0
0
536,414

4,991,794
0
104,917
2,158,288

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
4,441,759
158,993
8,314,626

0.35
7.48
8.05
0.26
1.01
86.44
1.84
1.82
5.86
2.89

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

67,055

207,464

319,450

154,419

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)

38

1.59

4.17

5.78
0.00
0.43
11.23

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
0.07
0.65
11.65

Financial Statement Analysis of Non Financial Sector 2011

Crescent Fibers Ltd. (Crescent Boards 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)
2010
2011

2006

2007

2008

2009

318,319

14,410

0
0
0
0

875,695
318,319
32,760
0

850,141
12,479
31,263
1,931

0
0
0
0
0
0
0
0
0
0

456,125
2,064
109,757
116,676
2,705
224,923
393,963
162,411
231,552
108,175

697,413
1,545
153,456
91,110
2,673
448,629
414,642
195,067
219,575
67,601

0
0
0
0
0
0

108,175
272,306
118,265
118,265
0
154,041

67,601
229,580
124,179
124,179
0
105,401

292,459
884
856,482
282,340
29,456
1,545
2,298
5,392
342,589
29,898
101,269
118,979
41,351
51,092
386,291
207,096
179,195
68,532
30,247
8,675
0
0
29,610
180,225
124,179
124,179
0
56,047
0
56,047
0

294,724
9,875
873,580
274,158
28,151
1,159
2,483
7,050
446,103
48,929
158,475
150,484
35,385
52,829
372,167
170,807
201,360
81,982
16,527
13,675
0
0
51,780
286,678
124,179
124,179
0
162,499
0
162,499
0

695,417
821
1,246,993
651,593
35,601
772
2,550
39,681
653,778
39,408
220,755
290,635
34,916
68,064
542,500
281,578
260,922
404,281
333,092
13,675
0
0
57,515
402,414
124,179
124,179
0
278,235
(4,588)
282,824
0

0
0
0
0

1,189,692
1,189,692
0
1,073,112

1,246,845
1,241,818
5,027
1,160,208

0
0

116,580
48,978

86,637
42,273

1,769,385
1,763,107
6,278
1,512,825
1,182,801
330,024
256,560
71,673
7,160
64,513
147,467
42,049
35,371
154,042
41,980
12,418
0
92,623

2,718,476
2,658,932
59,544
2,437,710
2,069,270
368,440
280,766
79,436
10,461
68,975
162,249
62,998
49,467
158,727
28,690
0
0
3,816

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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
0
0

39,286
5,948
0
5,913

25,224
6,234
62,090
0

1,427,453
1,426,250
1,203
1,318,433
976,520
341,913
109,020
50,676
5,888
44,788
121,042
54,524
42,378
13,233
879
0
0
57,035

0
0
0
0

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

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

48,978

42,273

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)

39

10.84

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 2011

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)
2010
2011

2006

2007

2008

2009

599,756

980,765

963,259

861,245
599,756
16,965
0

0
980,765
0
0

1,245,930
963,259
28,644
0

369,576
3,609
176,180
3,294
376
186,117
512,989
196,540
316,449
175,764

290,409
1,309
155,973
17,456
376
115,295
537,930
150,872
387,058
150,791

208,753
2,416
96,291
4,585
1,650
103,811
389,426
146,741
242,685
224,268

175,764
280,579
30,524
30,524
0
250,055

150,791
582,453
30,524
30,524
0
551,929

224,268
558,318
30,524
30,524
0
527,794

1,012,049
0
1,245,304
936,515
26,992
0
1,139
74,396
122,588
590
90,964
3,452
643
26,939
393,213
171,582
221,631
247,308
138,798
0
0
13,636
94,875
494,116
30,524
30,524
0
(116,358)
0
(116,358)
579,950

1,006,042
0
1,235,665
910,723
25,356
0
1,955
93,364
79,355
6,287
34,937
7,237
0
30,894
374,293
195,287
179,006
199,224
89,624
0
0
12,354
97,246
511,880
30,524
30,524
0
(92,306)
0
(92,306)
573,662

949,084
0
1,181,376
863,162
23,209
0
1,340
84,582
73,108
385
29,039
4,230
743
38,710
443,996
204,048
239,948
129,866
43,898
0
0
10,501
75,467
448,330
30,524
30,524
0
(143,982)
0
(143,982)
561,788

768,053
768,053
0
675,943

805,368
779,253
26,115
731,477

867,583
842,329
25,254
801,391

92,110
27,765

73,891
42,982

66,192
30,814

982,345
982,345
0
903,849
636,741
267,108
78,496
27,837
2,161
25,676
79,063
43,870
43,259
15,784
4,912
0
0
57,292

831,952
831,952
0
846,145
622,954
223,191
(14,193)
29,967
4,094
25,873
68,989
36,217
33,659
(80,095)
0
0
0
3,841

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

33,730
3,854
0
0

(23,394)
4,543
0
0

(17,170)
4,338
0
0

549,766
549,766
0
558,424
402,101
156,323
(8,658)
23,008
1,410
21,598
49,178
49,957
47,824
(72,446)
8
0
0
6,127

456,343
0
29,876
196,540

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

0.01
4.29
0.43
0.79
0.72
88.01
2.45
4.11
9.91
7.00

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

27,765

42,982

30,814

32,938

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)

40

4.36

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

4.39
0.00
9.79
91.92

-2.90
0.00
-9.15
190.82

-1.98
0.00
-7.05
182.91

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

783,304
40,994
652,875
610,505
56,171
0
126,692
5,113
54,877
2,547
23,209
23,351
594
5,176
641,746
381,186
260,560
352,646
261,312
0
0
4,371
86,963
(156,211)
600,000
600,000
0
(898,622)
0
(898,622)
142,411

717,586
0
698,657
596,566
59,721
0
101,947
19,072
122,466
11,249
27,414
46,101
229
37,473
746,862
411,241
335,621
272,782
192,500
0
0
3,825
76,457
(179,592)
600,000
600,000
0
(909,633)
0
(909,633)
130,041

650,820
0
698,130
538,857
57,568
0
92,890
19,073
131,778
12,767
58,818
39,141
198
20,854
873,106
453,262
419,844
281,117
204,312
0
0
7,216
69,589
(371,625)
600,000
600,000
0
(1,090,532)
0
(1,090,532)
118,907

653,736
653,736
0
652,940
404,793
248,147
796
513,541
1,245
512,296
61,173
130,200
129,067
(988,074)
0
0
0
150,806

913,016
909,352
3,665
803,135
513,332
289,803
109,881
26,034
6,014
20,020
75,627
88,072
87,538
(28,637)
5,251
0
0
66,206

1,225,420
1,159,753
65,667
1,286,566
920,224
366,342
(61,146)
34,594
5,663
28,931
105,576
102,170
101,221
(198,899)
0
0
0
10,819

196,435
261,312
(988,074)
642,498

93,190
192,500
(33,888)
603,741

(90,508)
204,312
(198,899)
657,574

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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)

41

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
0.01
-3.31
-6.19

Financial Statement Analysis of Non Financial Sector 2011

Dar Es Salaam 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)
2010
2011

2006

2007

2008

2009

475,956

656,178

613,434

740,830
475,956
43,555
0

746,150
656,178
40,458
0

967,963
612,994
58,894
440

217,859
1,080
129,324
52,268
0
35,187
253,539
204,509
49,030
234,322

295,595
3,171
115,532
126,445
0
50,447
472,836
310,271
162,565
174,155

324,000
4,784
188,012
74,931
0
56,273
537,894
399,576
138,318
191,191

234,322
205,954
80,000
80,000
0
125,954

174,155
304,782
80,000
80,000
0
224,782

191,191
208,349
80,000
80,000
0
128,349

568,100
1,285
967,140
560,702
53,917
352
0
5,761
184,652
1,478
53,389
18,389
0
111,396
432,672
331,368
101,305
215,378
120,557
80,240
0
3,340
11,242
104,702
80,000
80,000
0
(213,005)
0
(213,005)
237,708

884,288
0
1,030,712
882,081
53,937
281
0
1,926
196,790
5,593
67,381
16,801
0
107,016
432,492
259,821
172,670
243,600
134,497
80,240
0
4,910
23,954
404,986
80,000
80,000
0
(181,850)
0
(181,850)
506,836

1,002,002
1,165
1,381,374
998,839
80,379
225
0
1,773
326,427
5,883
199,727
12,939
0
107,878
615,802
410,794
205,008
302,177
142,250
80,240
0
4,765
74,922
410,450
80,000
80,000
0
(235,793)
0
(235,793)
566,243

698,469
411,423
287,046
622,020

779,169
410,368
368,801
716,686

730,695
454,269
276,426
730,207

76,449
40,252

62,483
38,598

488
40,410

1,083,860
899,512
184,348
972,518
751,074
221,444
111,342
47,705
7,550
40,155
76,871
55,637
51,012
9,157
6,390
0
0
120,555

1,436,871
1,436,871
0
1,412,270
1,149,441
262,828
24,601
39,741
307
39,434
85,458
70,213
66,287
(84,912)
14,413
0
0
(116,473)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(19,465)
4,515
0
0

(36,570)
5,495
0
0

(104,766)
3,674
0
0

850,027
707,168
142,859
848,279
614,433
233,846
1,748
50,506
6,757
43,749
72,926
79,489
72,455
(128,220)
1,454
0
0
79,592

440,276
0
(23,980)
204,509

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

0.21
8.11
7.48
1.01
0.86
89.05
2.37
-2.67
-9.08
-4.61

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

40,252

38,598

40,410

56,680

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)

42

5.40

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

-2.79
0.00
-3.00
25.74

-4.69
0.00
-5.26
38.10

-14.34
0.00
-13.56
26.04

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

322,477

291,987

75,179

522,552
322,477
33,451
0

519,926
291,987
29,838
0

129,583
75,179
178,119
0

152,166
2,126
70,658
8,464
0
70,918
286,145
63,697
222,448
50,718

114,263
784
47,431
0
0
66,048
269,711
23,222
246,489
65,592

104,865
715
0
9,685
0
94,465
153,153
0
153,153
0

50,718
137,780
99,096
99,096
0
38,684

65,592
70,947
99,096
99,096
0
(28,149)

0
26,891
99,096
99,096
0
(72,205)

161,399
0
129,583
70,092
5,088
0
0
91,307
12,283
947
0
8,175
0
3,161
113,998
0
113,998
39,222
0
39,222
0
0
0
20,462
99,096
99,096
0
(108,950)
0
(108,950)
30,316

156,838
0
129,583
65,531
4,561
0
0
91,308
11,234
1,073
0
7,000
0
3,161
114,225
0
114,225
39,222
0
39,222
0
0
0
14,625
99,096
99,096
0
(111,880)
0
(111,880)
27,409

156,838
0
129,583
65,531
4,561
0
0
91,308
11,234
1,073
0
7,000
0
3,161
114,225
0
114,225
39,222
0
39,222
0
0
0
14,625
99,096
99,096
0
(111,880)
0
(111,880)
27,409

551,120
551,120
0
555,883

98,741
98,741
0
151,985

0
0
0
0

(4,763)
10,499

(53,244)
3,084

0
1,959

0
0
0
0
0
0
0
1,416
0
1,416
665
55
0
(5,837)
0
0
0
126

0
0
0
0
0
0
0
1,416
0
1,416
665
55
0
(5,837)
0
0
0
126

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(41,687)
2,746
0
0

(66,341)
494
0
0

(12,168)
39,394
0
0

0
0
0
0
0
0
0
1,528
0
1,528
785
57
0
(6,431)
0
0
0
232

188,498
0
(44,433)
63,697

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

53,847
0
(5,837)
0

0.04
4.86
1.54
1.16
0.53
100.86
2.44
-8.78
-41.38
-27.09

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

0.07

0.00
0.68

0.00
0.11

0.00
0.10

0.00
0.10

10,499

3,084

1,959

26,785

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)

43

7.80

2.08

-7.56
0.00
-4.48
13.90

-67.19
0.00
-6.74
7.16

5.70
-4.15
-24.87
-14.89

7.49
-3.64
-27.16
-14.86

10.49
-3.42
-33.27
-10.28

10.49
-3.47
-39.91
-10.84

0.00
-5.20
2.71

0.00
-0.65
2.06

0.00
-0.59
1.48

0.00
-0.59
1.48

Financial Statement Analysis of Non Financial Sector 2011

Dawood Lawrencepur Ltd. (Dawod Coton Mills)

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

801,608

801,608

76,286

1,783,458
801,608
77,094
0

1,783,458
801,608
77,094
0

464,602
76,286
24,234
0

6,127,370
34,441
827,505
327,523
4,738,279
199,622
711,335
505,548
205,787
45,748

6,127,370
34,441
827,505
327,523
4,738,279
199,622
711,335
505,548
205,787
45,748

1,714,810
62,036
196,084
46,917
4,330
1,405,443
208,305
0
208,305
0

45,748
6,171,895
385,835
385,835
0
5,786,060

45,748
6,171,895
385,835
385,835
0
5,786,060

0
1,582,791
466,861
466,861
0
1,115,930

3,472,351
40,120
468,430
65,805
4,560
23,945
3,333,078
9,403
1,259,576
24,052
216,313
43,750
121,794
853,667
149,786
0
149,786
44,695
0
0
0
44,695
0
4,537,446
513,547
513,547
0
4,023,899
0
4,023,899
0

3,751,445
52,269
477,302
67,690
9,837
23,575
3,597,367
10,544
1,467,401
26,633
201,103
69,763
761,362
408,540
139,141
0
139,141
48,557
0
0
0
48,557
0
5,031,148
513,547
513,547
0
4,517,601
0
4,517,601
0

4,305,460
128,228
477,007
60,296
9,552
23,218
4,083,174
10,544
1,426,344
52,314
319,688
82,643
654,837
316,862
143,960
0
143,960
59,674
0
0
0
59,674
0
5,528,170
590,578
590,578
0
4,937,592
0
4,937,592
0

1,870,447
1,850,381
20,066
1,770,237

1,870,447
1,850,381
20,066
1,770,237

368,294
368,294
0
294,373

100,210
148,712

100,210
148,712

73,921
23,807

380,862
380,862
0
330,206
122,362
207,844
50,656
96,596
11,349
85,247
164,241
0
0
681,604
13,591
25,677
77,032
(149,372)

374,667
374,667
0
339,561
168,388
171,173
35,106
155,929
16,232
139,697
197,334
0
0
789,873
8,541
59,058
0
(114,245)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(3,233)
14,263
0
35,076

(3,233)
14,263
0
35,076

134,707
10,083
0
0

193,365
193,365
0
140,441
56,983
83,458
52,924
563,738
5,555
558,183
74,346
155
0
(215,818)
1,089
0
0
20,425

6,217,643
0
(17,496)
505,548

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

7.17
4.05
17.51
0.27
8.61
94.64
0.12
-0.06
-0.06
-0.06

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

148,712

148,712

23,807

75,843

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)

44

2.26

2.26

1.88

0.89

-0.17
0.00
-0.45
159.96

-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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,425,025

1,332,587

1,273,830

1,390,432
1,425,025
59,683
0

1,390,432
1,332,587
140,078
0

1,589,719
1,273,830
126,440
0

428,820
5,718
263,015
23,957
0
136,130
751,201
96,069
655,132
495,869

530,650
1,796
272,089
81,550
0
175,215
890,274
198,959
691,315
351,224

552,785
2,013
325,251
95,251
7,977
122,293
488,303
289,550
198,753
685,908

243,750

495,869
606,775
600,000
600,000
0
6,775

351,224
621,739
600,000
600,000
0
21,739

442,158
652,404
600,000
600,000
0
52,404

1,207,370
25,089
1,613,806
1,177,281
120,635
0
0
5,000
586,138
6,525
359,016
75,547
0
145,050
838,390
473,911
364,480
579,434
224,219
377,507
0
6,648
(28,940)
375,684
600,000
600,000
0
(224,316)
0
(224,316)
0

1,146,037
27,691
1,639,662
1,093,166
110,355
0
0
25,181
586,936
1,978
335,195
52,051
0
197,713
793,710
471,930
321,780
487,915
126,162
377,507
0
8,599
(24,352)
451,348
600,000
600,000
0
(148,652)
0
(148,652)
0

1,099,851
0
1,723,939
1,074,670
102,772
0
0
25,181
846,151
5,130
401,600
218,389
0
221,032
1,151,888
793,947
357,941
43,910
20,833
0
0
8,526
14,551
750,204
977,507
977,507
0
(227,303)
0
(227,303)
0

306,823
73,882
232,941
244,850

880,976
388,304
492,672
745,163

1,015,813
383,770
632,043
894,845

61,973
3,112

135,813
11,439

120,968
51,407

1,247,720
1,062,439
185,281
1,108,768
711,671
397,097
138,952
43,388
27,183
16,205
91,284
13,497
5,213
85,640
5,388
0
0
(40,890)

1,736,128
1,680,004
56,124
1,701,575
1,267,883
433,693
34,553
49,008
25,318
23,690
102,395
3,288
2,004
(16,942)
17,911
0
0
(6,222)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,907
3,356
0
0

6,301
7,101
0
0

(38,366)
96,604
0
0

920,419
522,184
398,235
974,841
639,609
335,232
(54,422)
41,517
30,759
10,759
71,467
127,582
113,986
(217,008)
4,001
0
0
(27,805)

1,102,644
0
10,551
96,069

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

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

3,112

11,439

51,407

44,980

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

0.04
14.66
7.81
0.17
0.57
79.80
2.06
0.75
2.29
1.26

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

1.17

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

4.53
0.00
0.18
10.11

0.72
0.00
-0.01
10.36

-3.78
0.00
-2.25
10.87

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

299,847

296,920

290,074

594,250
299,847
20,008
0

476,370
296,920
19,003
0

584,896
290,074
18,742
0

824,100
3,420
583,135
87,382
65,000
85,163
794,684
366,617
428,067
36,000

1,148,849
1,957
657,194
64,812
340,552
84,334
855,807
391,148
464,659
20,000

749,151
10,224
366,208
107,942
159,785
104,992
697,518
374,691
322,827
52,161

36,000
293,263
51,659
51,659
0
241,604

20,000
569,962
56,824
56,824
0
513,138

52,161
289,546
56,825
56,825
0
232,721

331,456
49,331
593,205
234,278
26,779
0
47,774
73
585,827
2,297
316,758
197,640
0
69,132
780,215
385,467
394,749
44,851
0
0
0
9,488
35,363
92,217
56,825
56,825
0
35,392
0
35,392
0

309,006
49,331
593,482
210,536
24,019
0
49,066
73
575,336
2,032
248,540
257,374
0
67,390
766,370
355,368
411,001
40,185
0
0
0
5,433
34,752
77,787
56,825
56,825
0
20,962
0
20,962
0

357,645
0
680,298
273,322
24,030
0
84,250
73
577,438
2,154
200,220
303,987
0
71,078
802,153
351,590
450,563
4,652
0
0
0
4,652
0
128,278
56,825
56,825
0
71,453
(63,547)
135,000
0

811,875
720,738
91,137
707,225

565,599
534,391
31,208
466,150

1,205,872
1,200,281
5,591
1,173,185

104,650
41,888

99,449
39,882

32,687
50,027

498,155
498,155
0
485,275
289,517
195,758
12,880
26,905
2,100
24,805
52,870
7,120
291
(21,145)
2,508
0
0
41,976

1,368,138
1,368,138
0
1,342,223
1,041,856
300,367
25,915
29,926
4,074
25,852
104,782
1,193
0
(5,203)
14,243
0
0
42,578

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

14,107
5,847
5,166
0

5,639
2,828
0
0

(73,565)
6,034
0
0

652,201
652,201
0
660,706
474,871
185,835
(8,505)
53,882
17,473
36,409
85,554
45,672
43,597
(108,059)
0
0
0
53,240

329,263
0
3,094
366,617

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

0.20
5.99
10.76
0.72
1.04
87.11
2.83
1.29
4.67
4.00
1.60
1.39

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

41,888

39,882

50,027

48,655

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)

46

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

1.74
0.00
1.60
56.77

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 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

391,434

368,431

338,622

719,560
391,434
40,890
0

706,402
368,431
38,466
0

738,776
338,622
35,880
0

861,823
8,417
635,063
77,163
40,000
101,180
1,091,018
307,101
783,917
0

1,012,452
11,526
571,066
124,726
209,571
95,563
1,038,781
274,476
764,305
0

557,613
27,809
257,230
129,845
98,329
44,400
673,495
129,674
543,821
0

0
162,239
31,218
31,218
0
131,021

0
342,102
34,340
34,340
0
307,762

0
222,740
34,340
34,340
0
188,400

334,554
192
739,439
304,122
34,971
0
29,400
841
389,424
6,013
112,120
223,609
0
47,682
391,714
233,837
157,877
242,499
187,500
0
0
23,672
31,327
89,765
34,340
34,340
0
55,425
(5,300)
60,725
0

304,127
192
739,220
272,900
31,253
0
30,195
841
503,798
2,785
116,046
336,673
0
48,295
542,305
334,602
207,703
135,123
83,333
0
0
23,065
28,726
130,497
34,340
34,340
0
96,157
0
96,157
0

301,569
192
742,347
248,690
28,106
0
51,846
841
553,300
3,209
93,868
376,749
0
79,474
669,333
440,984
228,349
22,399
0
0
0
22,399
0
163,137
34,340
34,340
0
128,797
0
128,797
0

1,066,836
987,544
79,292
971,177

1,136,992
1,046,334
90,658
1,043,407

1,526,823
1,446,391
80,432
1,510,847

95,659
42,626

93,585
49,906

15,976
17,819

1,051,558
1,051,558
0
979,882
680,650
299,232
71,676
28,376
8,135
20,242
100,757
763
118
38,092
5,262
0
0
906

1,504,373
1,492,643
11,730
1,473,869
1,164,322
309,547
30,504
32,775
4,876
27,899
122,402
299
0
(2,041)
15,696
0
0
(18,856)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

19,889
6,659
0
3,122

15,713
10,679
0
0

(33,715)
7,909
0
0

1,033,717
1,011,121
22,596
997,035
640,441
356,594
36,682
39,844
18,173
21,671
102,540
69,799
67,723
(78,260)
264
0
0
(278,877)

162,239
0
13,230
307,101

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

0.12
3.11
7.23
0.85
0.79
91.03
6.72
1.55
10.90
9.32

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

42,626

49,906

17,819

33,144

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)

47

1.68

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

1.86
0.00
4.24
51.97

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 2011

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)
2010
2011

2006

2007

2008

2009

1,231,462

1,205,680

1,278,803

2,215,272
1,231,462
91,966
0

2,128,782
1,205,680
101,006
0

2,231,600
1,278,803
109,259
0

3,100,755
1,362
1,456,862
355,689
1,168,034
118,808
2,393,038
1,584,370
808,668
193,095

3,142,846
14,261
1,507,921
430,836
1,100,246
89,582
2,460,394
1,501,197
959,197
139,683

3,038,360
12,507
1,714,936
671,730
516,229
122,958
2,621,321
1,753,896
867,425
745,176

193,095
1,746,084
122,769
122,769
0
1,623,315

139,683
1,748,449
135,046
135,046
0
1,613,403

745,176
950,666
135,046
135,046
0
815,620

1,480,394
153,936
2,461,995
1,156,574
111,345
0
154,347
15,538
2,420,105
6,560
1,284,780
1,046,271
0
82,494
3,156,287
2,154,917
1,001,370
802,532
782,665
0
0
19,867
0
(58,320)
135,046
135,046
0
(193,366)
(27,826)
(165,540)
0

1,362,737
19,654
2,599,113
1,174,381
119,732
0
158,519
10,184
2,308,180
3,825
1,093,251
1,103,460
0
107,644
3,125,450
2,199,822
925,628
527,041
498,681
0
0
28,361
0
18,426
135,046
135,046
0
(116,620)
0
(116,620)
0

1,382,327
23,187
2,621,366
1,076,763
119,871
0
272,194
10,184
3,130,563
19,386
1,326,750
1,592,802
0
191,625
4,252,242
2,808,885
1,443,358
245,503
216,276
0
0
29,227
0
15,145
135,046
135,046
0
(119,901)
113,675
(233,576)
0

2,320,806
2,320,806
0
1,973,765

2,576,064
1,595,052
981,012
2,201,609

3,232,639
1,815,288
1,417,351
3,055,428

347,041
91,611

374,455
107,798

177,211
115,989

3,441,743
3,195,071
246,672
3,265,735
40,274
3,225,460
176,009
81,185
24,302
56,883
258,925
31,599
22,880
67,087
18,692
0
0
108,808

4,698,604
4,418,121
280,483
4,689,552
4,064,786
624,766
9,051
55,707
17,847
37,860
280,925
19,821
14,664
(65,551)
51,404
0
0
96,325

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

43,373
14,372
0
12,277

26,369
13,235
0
0

(212,863)
18,018
0
0

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
72,660
297,077
256,982
(659,196)
17,386
0
0
(44,688)

1,939,179
0
29,001
1,584,370

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

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

91,611

107,798

115,989

215,560

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

0.64
9.29
15.33
0.54
1.30
85.05
1.48
1.12
3.37
2.86

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)

48

0.63
9.50
16.72
0.59
1.28
85.46
1.49
0.61
1.51
1.38

1.59

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

1.87
0.00
2.36
142.23

1.02
0.00
0.97
129.47

-6.58
0.00
-17.10
70.40

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,120,558

2,005,359

1,899,186

3,026,201
2,120,558
213,822
0

3,115,768
2,005,359
210,707
0

3,207,269
1,899,186
200,116
0

927,274
25,881
538,259
213,029
0
150,105
1,657,668
814,148
843,520
665,279

1,156,671
8,570
644,740
0
0
503,361
1,767,707
772,218
995,489
503,091

1,229,579
23,599
559,266
416,960
0
229,754
1,791,938
771,247
1,020,691
263,786

665,279
724,885
185,303
185,303
0
539,582

503,091
891,232
185,303
185,303
0
705,929

263,786
1,073,041
185,303
185,303
0
887,738

1,743,569
3,120
3,221,476
1,733,348
187,217
0
0
7,101
1,423,325
14,403
515,264
560,983
0
332,675
1,380,077
1,170,363
209,714
684,147
83,742
500,000
0
52,008
48,397
1,102,670
185,303
185,303
0
917,367
10,376
906,991
0

1,682,729
85,817
3,231,178
1,584,345
170,199
0
0
12,567
1,734,752
24,666
864,830
547,900
0
297,357
1,691,536
1,153,448
538,088
263,397
159,701
0
0
49,729
53,968
1,462,548
185,303
185,303
0
1,277,245
10,376
1,266,869
0

1,650,481
9,089
3,433,258
1,628,052
165,920
0
0
13,340
3,986,612
57,830
1,798,764
1,000,965
0
1,129,053
3,043,396
2,629,587
413,809
316,857
197,918
0
0
64,972
53,968
2,276,840
203,834
203,834
0
2,073,007
10,377
2,062,630
0

2,510,860
2,504,470
6,390
2,277,337

2,772,414
1,295,142
1,477,272
2,479,012

3,101,040
1,504,079
1,596,961
2,765,929

233,523
64,327

293,402
73,643

335,111
98,555

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
337,492
213,463
196,789
414,043
40,474
37,061
18,530
307,799

7,708,743
891,012
6,817,732
6,099,469
5,044,382
1,055,087
1,609,274
368,077
219,763
148,314
455,190
330,083
303,055
925,683
76,786
40,767
0
(1,111,303)

1,725,945
159,701
336,508
1,313,149

2,593,697
197,918
808,130
2,827,505

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
4.28
12.98
1.37
1.31
79.12
1.48
20.45
49.51
42.86
20.82
4.29
4.05
12.01
-0.33
41.65
111.70

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

34,581
2,016
0
0

90,531
20,271
0
0

132,360
15,823
0
0

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
306,478
142,461
130,641
84,893
12,021
0
0
86,975

1,390,164
0
32,565
814,148

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

0.14
5.68
8.48
0.82
0.56
90.70
3.20
1.10
4.24
1.95

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

64,327

73,643

98,555

142,646

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)

49

0.42
3.84
15.11
1.17
1.03
89.56
1.87
2.70
7.80
5.44

4.66

4.30

5.54

7.20
1.65
2.29
0.04
3.93
59.51

1.38
0.00
1.76
39.12

3.27
0.00

4.27
0.00
6.29
57.91

Financial Statement Analysis of Non Financial Sector 2011

Elahi Cotton Mills Ltd.

2007

2008

2009

46,745

45,286

43,387

106,213
46,745
2,267
0

104,468
45,286
2,101
0

104,015
43,387
1,922
0

7,613
646
4,211
0
0
2,756
93,049
31,741
61,308
3,779

6,711
1,089
3,305
0
0
2,317
98,601
23,883
74,718
0

7,025
568
4,685
0
0
1,772
78,688
0
78,688
4,468

3,779
(42,470)
13,000
13,000
0
(55,470)

0
(46,604)
13,000
13,000
0
(59,604)

4,468
(32,744)
13,000
13,000
0
(45,744)

42,753
0
100,783
41,834
1,737
0
0
919
5,937
573
4,244
0
0
1,120
14,037
0
14,037
71,584
0
66,798
0
2,287
2,500
(36,931)
13,000
13,000
0
(76,599)
0
(76,599)
26,668

63,277
0
123,042
62,358
1,736
0
0
919
9,505
3,789
3,796
0
0
1,921
10,250
0
10,250
90,159
0
78,624
0
2,635
8,900
(27,627)
13,000
13,000
0
(82,530)
0
(82,530)
41,903

60,581
0
123,741
59,662
3,396
0
0
919
10,225
2,396
6,183
0
0
1,646
9,220
0
9,220
91,045
0
78,774
0
3,212
9,060
(29,459)
13,000
13,000
0
(83,757)
0
(83,757)
41,298

71,074
71,074
0
72,511

109,721
109,721
0
111,262

148,163
148,163
0
150,498

(1,437)
2,024

(1,541)
1,376

(2,335)
1,365

150,011
150,011
0
154,779
121,035
33,744
(4,768)
1,563
0
1,563
15,860
416
0
(6,555)
0
0
0
(220)

206,404
206,404
0
203,932
162,455
41,477
2,472
2,515
0
2,515
19,453
107
19
485
2,157
0
0
(823)

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

1.Capital work in progress
2.Operating fixed assets at cost
3.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)
2010
2011

2006

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

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

(3,127)
371
0
0

(4,468)
553
0
0

15,199
747
0
0

139,722
139,722
0
143,243
112,926
30,318
(3,521)
1,806
0
1,806
15,034
756
0
(4,691)
0
0
0
179,045

(38,691)
0
(3,498)
31,741

(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
3.33
0.00
1.31
0.08
102.02
-2.28
-5.75
8.04
11.35

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

2,024

1,376

1,365

2,367

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)

50

16.88

33.20

31.62

32.92

39.52

33.38
26.05
0.24
-0.01
-1.29
-22.66

-4.40
0.00
-2.69
-32.67

-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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

890,215

975,948

957,356

1,330,959
890,215
87,737
0

1,495,215
975,948
89,491
0

1,578,462
957,356
99,665
0

428,397
73,354
249,491
49,179
0
56,373
473,810
374,710
99,100
451,192

713,069
114,343
304,520
98,388
0
195,818
662,193
471,238
190,955
585,713

849,137
53,643
565,470
145,492
0
84,532
850,510
647,875
202,635
471,695

451,192
393,610
109,500
109,500
0
284,110

585,713
441,111
109,500
109,500
0
331,611

471,695
484,288
109,500
109,500
0
374,788

923,594
13,758
1,621,703
904,722
97,355
0
0
5,114
902,086
16,336
583,005
185,809
0
116,936
892,181
777,339
114,842
464,639
407,694
0
0
15,532
41,414
468,860
109,500
109,500
0
359,360
7,760
351,600
0

894,119
0
1,694,203
886,961
91,252
0
0
7,158
831,559
13,259
595,116
119,778
0
103,406
691,251
476,565
214,686
445,146
367,712
0
0
14,025
63,409
589,281
109,500
109,500
0
479,781
7,760
472,021
0

904,403
2,748
1,791,878
894,497
92,906
0
0
7,158
1,332,945
136,528
913,069
61,096
146,238
76,013
1,005,056
776,083
228,973
329,235
242,500
0
0
12,665
74,070
903,057
109,500
109,500
0
793,557
7,760
785,797
0

1,489,239
1,489,239
0
1,291,803

1,608,284
1,082,261
526,023
1,412,133

1,841,530
1,226,018
615,512
1,574,006

197,436
44,393

196,151
60,598

267,524
96,686

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
156,771
140,059
132,903
166,678
16,049
38,325
0
406,102

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
210,151
137,923
124,894
421,921
58,648
0
0
234,229

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

74,866
7,503
16,425
0

64,648
8,044
0
0

84,387
9,207
0
0

2,441,020
1,910,310
530,710
2,167,921
1,452,354
715,567
273,099
86,207
38,986
47,221
145,179
184,066
175,677
5,254
1,232
8,213
0
50,931

844,802
0
50,938
374,710

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
242,500
363,273
1,018,583

0.26
5.49
3.30
1.13
0.90
86.74
2.35
5.58
19.07
8.54
4.10
5.97

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

44,393

60,598

96,686

81,786

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)

51

5.28

3.26

5.03
0.00
6.15
35.95

4.02
0.00
5.17
40.28

4.58
0.00
6.87
44.23

5.47
4.38
8.45
0.18
33.18
82.47

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,671,963

1,725,274

1,603,724

2,377,539
1,671,963
180,395
0

2,605,635
1,725,274
179,011
0

2,666,969
1,603,724
184,328
0

970,372
29,490
588,087
160,238
111,319
81,238
827,264
606,459
220,805
967,013

1,244,592
24,152
685,831
293,439
130,086
111,084
1,310,563
794,000
516,563
631,388

1,438,196
26,622
877,948
265,447
140,845
127,334
1,425,328
902,504
522,824
559,353

967,013
848,058
100,000
100,000
0
748,058

631,388
1,027,915
100,000
100,000
0
927,915

559,353
1,057,239
100,000
100,000
0
957,239

1,624,424
16
2,684,970
1,461,870
164,554
0
153,005
9,534
1,206,601
13,327
822,996
235,948
0
134,330
1,243,805
1,005,922
237,883
551,840
380,446
89,286
0
42,854
39,254
1,035,380
100,000
100,000
0
935,380
850,000
85,380
0

1,623,573
44,241
2,709,472
1,340,344
152,367
0
230,414
8,574
1,300,547
74,334
893,253
190,746
0
142,214
1,201,785
866,699
335,086
291,824
121,716
100,000
0
50,118
19,990
1,430,511
100,000
100,000
0
1,330,511
1,250,000
80,511
0

1,858,301
1,599
2,997,041
1,513,758
137,924
0
337,174
5,770
1,733,162
37,740
1,262,850
243,342
0
189,229
1,218,843
704,273
514,569
333,555
263,195
0
0
59,294
11,066
2,039,065
100,000
100,000
0
1,939,065
1,800,000
139,065
0

3,236,522
560,137
2,676,385
2,843,213

3,396,465
1,522,951
1,873,514
3,040,253

3,725,554
1,722,945
2,002,609
3,353,490

393,309
96,471

356,212
82,718

372,064
95,652

5,230,637
472,128
4,758,509
4,355,164
3,534,449
820,715
875,473
310,596
225,605
84,991
278,763
211,118
173,543
434,382
52,514
50,000
0
539,872

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
317,075
223,734
181,857
756,359
96,367
75,000
0
295,579

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

132,637
43,780
7,500
0

112,985
25,627
0
0

107,659
27,794
1,000
37,000

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
222,766
264,679
235,632
94,133
29,567
7,500
0
704,036

1,815,071
0
81,357
606,459

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
263,195
584,992
967,468

0.36
5.85
4.95
1.22
1.17
87.85
2.12
4.86
16.93
8.10
11.85
5.50

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

96,471

82,718

95,652

189,281

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)

52

4.95

4.10
0.00
8.89
84.81

3.33
0.00
8.74
102.79

2.89
0.00
7.99
105.72

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,466,667

2,300,148

2,140,103

4,376,079
2,466,667
105,211
0

4,384,656
2,300,148
105,681
0

4,385,995
2,140,103
94,877
0

5,263,990
40,604
2,114,227
2,133,093
526,512
449,554
3,052,873
1,640,058
1,412,815
1,865,317

5,620,709
56,872
2,267,554
2,335,579
528,135
432,569
3,494,355
1,885,484
1,608,871
1,644,925

6,753,510
12,598
2,125,628
3,848,164
526,032
241,088
4,680,474
2,708,582
1,971,892
1,501,489

1,865,317
2,812,467
12,500
12,500
0
2,799,967

1,644,925
2,781,577
12,500
12,500
0
2,769,077

1,501,489
2,711,650
12,500
12,500
0
2,699,150

2,636,343
112,655
4,386,395
1,995,513
85,134
0
524,358
3,818
6,983,246
11,005
1,761,621
4,949,819
0
260,801
5,587,473
3,820,992
1,766,482
1,349,221
1,263,841
51,000
0
8,381
26,000
2,682,895
12,500
12,500
0
1,524,652
420
1,524,232
1,145,743

2,809,304
276,563
4,539,688
2,003,223
91,713
0
525,701
3,818
7,267,916
13,412
1,303,099
5,655,316
0
296,089
6,094,464
3,836,223
2,258,241
1,349,016
1,246,543
51,000
0
10,473
41,000
2,633,740
12,500
12,500
0
1,529,368
1,764
1,527,604
1,091,873

2,972,293
568,933
4,540,387
1,873,016
82,422
0
526,527
3,818
7,569,818
24,317
1,495,965
5,850,126
0
199,409
3,649,254
858,201
2,791,053
4,306,418
4,221,869
51,000
0
5,549
28,000
2,586,439
12,500
12,500
0
1,530,550
2,591
1,527,958
1,043,389

6,730,685
6,730,685
0
6,063,786

6,343,519
6,343,519
0
5,799,323

4,794,218
850,404
3,943,814
4,350,438

666,899
450,103

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
84,792
428,826
427,574
39,026
5,000
1,250
0
(220,527)

2,442,559
874,205
1,568,354
2,423,991
2,067,897
356,094
18,568
85,394
18,450
66,944
129,650
561,197
559,746
27,722
8,100
1,875
0
351,294

2,825,315
736,439
2,088,875
2,282,067
2,066,904
215,163
543,248
69,365
12,178
57,187
85,797
550,330
549,759
4,952
15,722
1,250
0
310,567

4,032,116
1,263,841
32,776
5,084,832

3,982,756
1,246,543
17,747
5,082,766

6,892,857
4,221,869
(12,021)
5,080,071

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

450,103

205,030

129,402

311,812

359,551

390,108

138,705
38,000
9,375
0

101,667
51,000
0
0

37,557
29,500
9,375
0

4,677,784
0
91,330
1,640,058

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)

H.Key Performance Indicators

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

0.88
4.63
31.69
0.87
1.72
90.09
1.75
1.90
6.08
3.33
10.74
3.18

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

2.06
0.00
80.56
2,249.97

1.60
0.00
40.53
2,225.26

0.78
0.00
6.45
2,169.32

53

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

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,008,520

2,858,193

3,271,019

2,940,634
2,008,520
119,298
0

3,934,229
2,858,193
151,775
0

4,601,171
3,271,019
252,839
0

3,149,985
131,547
1,421,717
375,300
58,599
1,162,822
3,394,851
2,568,922
825,929
1,010,133

3,618,481
97,094
2,104,908
662,200
58,159
696,120
4,449,466
3,209,134
1,240,332
1,266,632

5,232,393
154,820
3,562,286
671,637
760
842,890
6,173,216
4,674,523
1,498,693
1,331,035

1,010,133
753,521
142,310
142,310
0
611,211

1,266,632
760,576
142,310
142,310
0
618,266

1,331,035
999,161
142,310
142,310
0
856,851

4,445,080
2,626
5,820,275
4,329,858
157,155
0
58,459
54,137
4,655,607
173,006
3,293,669
332,471
0
856,461
5,206,111
3,931,123
1,274,988
2,065,560
1,393,675
597,006
0
35,077
39,802
1,829,016
142,310
142,310
0
752,927
18,648
734,279
933,779

4,354,033
389
5,923,436
4,256,856
176,163
0
58,459
38,329
4,024,649
79,828
2,679,930
453,214
0
811,677
4,334,810
3,189,683
1,145,127
1,977,404
1,301,973
607,516
0
28,113
39,802
2,066,468
142,310
142,310
0
990,379
18,648
971,731
933,779

4,336,452
0
6,068,858
4,232,279
172,780
0
58,459
45,714
4,408,881
67,299
2,803,007
477,935
0
1,060,640
4,886,145
3,575,483
1,310,662
1,676,816
1,035,428
571,957
0
29,629
39,802
2,182,372
142,310
142,310
0
1,106,283
18,648
1,087,635
933,779

5,347,656
3,765,702
1,581,954
5,090,590

6,782,454
5,407,623
1,374,831
6,306,633

9,736,403
8,167,273
1,569,130
8,999,814

257,066
66,109

475,821
79,768

736,589
109,837

7,894,355
6,301,113
1,593,242
6,908,250
6,410,104
498,146
986,105
121,007
0
121,007
566,263
614,905
594,193
261,183
38,692
0
0
1,459,148

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
492,401
633,001
593,253
208,784
92,880
0
0
809,436

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(35,252)
37,700
0
0

27,055
20,000
0
0

115,667
49,100
7,115
0

7,654,539
5,868,803
1,785,736
6,735,425
6,679,554
55,871
919,114
154,693
0
154,693
228,531
797,091
769,939
501,666
336
0
0
2,327,189

1,763,654
0
(72,952)
2,568,922

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

0.17
4.78
7.02
1.04
0.93
95.19
5.85
-0.80
-4.31
-2.30

0.18
5.51
9.76
1.05
0.81
92.98
7.52
0.47
3.57
1.43

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

66,109

79,768

109,837

255,406

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

3.76

3.22

0.13
5.96
6.90
1.14
0.85
92.43
7.51
1.54
13.15
5.31
9.36
2.73

-0.66
0.00
-5.13
52.95

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,573,959

5,557,052

5,763,022

3,626,803
2,569,818
250,040
4,141

6,932,294
5,553,464
248,349
3,588

7,395,952
5,760,032
121,075
2,990

2,574,056
327,267
1,402,392
395,380
252,967
196,050
2,397,346
1,704,748
692,598
1,398,388

2,791,840
293,724
1,345,340
578,350
252,967
321,459
6,833,936
1,463,333
5,370,603
230,921

3,950,588
369,533
2,012,300
694,168
467,888
406,699
3,317,937
2,383,651
934,286
2,511,598

1,398,388
1,352,281
413,089
163,089
250,000
939,192

230,921
1,284,035
437,552
187,552
250,000
846,483

2,511,598
3,884,075
437,552
187,552
250,000
3,446,523

6,214,254
71,598
7,735,510
5,655,304
261,447
7,063
467,888
12,401
3,584,952
77,400
2,222,091
739,100
0
546,361
3,144,491
2,666,625
477,865
2,669,147
1,688,473
0
0
48,482
932,192
3,985,568
437,552
187,552
250,000
1,263,107
127,616
1,135,491
2,284,908

6,563,205
24,558
8,253,593
5,921,186
266,402
6,221
596,842
14,399
4,329,573
123,498
2,645,453
883,730
0
676,893
3,542,361
2,620,502
921,859
2,752,072
1,645,081
0
0
56,057
1,050,934
4,598,345
437,552
187,552
250,000
1,880,350
177,616
1,702,734
2,280,444

7,762,634
156,084
9,517,636
6,908,779
286,795
4,539
667,196
26,037
6,360,365
191,635
3,410,214
1,767,710
0
990,806
5,497,371
4,545,464
951,908
3,468,287
2,229,956
0
0
71,446
1,166,886
5,157,341
362,552
362,552
0
2,602,290
227,616
2,374,674
2,192,499

5,238,209
2,459,386
2,778,823
4,512,010

6,073,963
2,956,861
3,117,102
5,256,698

7,113,961
4,003,841
3,110,120
6,170,241

726,199
229,411

817,265
262,390

943,720
268,811

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
707,712
620,940
557,903
729,257
172,369
187,552
0
1,117,586

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
819,147
816,526
724,176
1,050,460
132,021
181,276
74,323
(130,445)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

181,054
41,682
0
14,826

182,983
46,756
0
0

340,234
35,414
0
0

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
508,179
752,731
704,898
179,526
37,653
0
0
746,180

2,750,669
0
139,372
1,704,748

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

7,350,417
1,645,081
369,336
4,265,583

8,625,629
2,229,956
737,163
6,775,419

0.41
6.05
7.55
1.02
1.07
86.14
2.81
3.82
15.70
7.36

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
1.03
1.22
85.97
1.37
7.05
16.99
10.41
2.97
4.24
2.31
6.50
0.18
29.69
245.18

0.36
4.31
9.34
1.34
1.16
89.30
1.74
8.40
21.54
13.15
5.07
5.55
2.45
5.55
-0.01
25.33
142.25

229,411

262,390

268,811

317,035

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)

55

3.74

4.51

3.54

3.89
1.25
2.08
0.13
7.56
212.50

3.46
0.00
8.55
82.92

3.01
0.00
7.26
68.46

4.78
0.00
16.25
207.09

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

652,327

741,766

1,663,897

1,407,892
652,327
66,420
0

1,550,952
741,766
76,523
0

1,597,122
1,663,897
69,699
0

1,216,469
2,007
484,255
649,618
0
80,589
1,122,958
918,079
204,879
0

1,082,521
1,514
329,953
646,461
0
104,593
1,114,379
747,293
367,086
0

1,664,834
14,552
601,284
841,740
0
207,258
1,529,306
1,324,313
204,993
1,079,477

0
745,838
61,875
61,875
0
683,963

0
709,908
61,875
61,875
0
648,033

1,079,477
719,948
61,875
61,875
0
658,073

2,015,417
1,325,830
1,625,504
679,842
68,976
0
0
9,745
867,052
3,610
501,080
204,001
0
158,361
1,063,681
356,753
706,928
1,082,828
1,000,000
0
0
38,796
44,032
735,960
61,875
61,875
0
674,085
34,416
639,669
0

2,325,364
1,685,793
1,636,775
629,583
63,947
0
0
9,988
1,354,393
299,235
408,158
458,638
0
188,362
2,225,060
1,564,764
660,296
103,435
0
0
0
40,802
62,633
1,351,262
61,875
61,875
0
1,289,387
34,416
1,254,971
0

2,573,993
1,989,952
1,609,644
575,075
59,131
0
0
8,966
1,696,916
9,754
842,611
673,665
0
170,886
2,538,403
1,710,991
827,412
89,023
0
0
0
46,090
42,933
1,643,483
61,875
61,875
0
1,581,608
34,416
1,547,192
0

2,129,845
801,791
1,328,054
1,954,275

2,381,168
575,401
1,805,767
2,259,991

2,582,365
672,118
1,910,247
2,442,461

175,570
53,662

121,177
50,248

139,904
47,315

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
266,162
37,385
27,550
675,792
42,140
61,875
0
120,197

5,607,201
2,007,316
3,599,885
5,076,895
4,217,740
859,155
530,306
105,367
30,240
75,127
301,739
43,331
23,737
393,626
59,230
37,125
0
(71,509)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

51,459
24,457
15,469
0

1,236
28,926
0
0

27,361
20,803
0
0

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
219,861
120,819
109,749
48,218
29,324
9,281
0
704,036

745,838
0
11,533
918,079

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
3.48
30.50
1.14
1.08
91.76
1.51
2.88
6.64
6.64
1.75
4.40

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
0.77
12.01
1.31
0.67
90.54
1.60
9.90
26.29
24.70
9.01
6.65
17.58
7.02
-0.03
54.04
265.61

53,662

50,248

47,315

74,071

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)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

7.22

4.29

2.42
0.00
4.36
120.54

0.05
0.00
-4.48
114.73

1.06
0.00
1.06
116.36

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,680,230

1,648,513

1,365,223

2,561,387
1,680,230
134,551
0

2,651,261
1,648,513
143,871
0

2,312,626
1,365,223
110,601
0

1,086,405
4,737
694,993
80,201
0
306,474
1,563,116
1,190,586
372,530
348,448

540,795
6,226
259,165
81,092
0
194,312
1,556,091
481,355
1,074,736
595,595

823,390
213,721
283,294
50,100
10
276,265
1,371,616
301,618
1,069,998
578,822

348,448
855,071
338,899
338,899
0
516,172

595,595
37,622
338,898
338,898
0
(301,276)

578,822
238,175
338,898
338,898
0
(100,723)

1,547,134
41,491
2,471,670
1,502,605
103,755
0
10
3,028
901,469
211,377
263,997
271,323
0
154,773
641,110
411,815
229,295
486,014
486,014
0
0
0
0
1,321,479
748,966
748,966
0
(21,047)
638,755
(659,802)
593,560

1,486,821
61,977
2,407,720
1,421,863
92,770
0
10
2,971
859,447
11,020
379,520
345,442
0
123,465
542,183
359,123
183,061
335,895
335,895
0
0
0
0
1,468,190
1,175,877
1,175,877
0
(275,747)
215,250
(490,997)
568,060

1,424,237
29,598
2,454,965
1,391,658
86,439
0
10
2,971
1,295,140
31,743
439,230
628,265
0
195,902
923,297
486,907
436,390
176,960
176,960
0
0
0
0
1,619,120
1,175,876
1,175,876
0
(124,816)
215,250
(340,066)
568,060

1,995,000
147,198
1,847,802
1,779,172

1,615,238
249,281
1,365,957
1,817,053

1,278,734
149,932
1,128,802
1,166,221

215,828
146,492

(201,815)
135,021

112,513
149,956

1,771,989
162,158
1,609,831
1,448,441
871,321
577,120
323,548
147,744
84,548
63,196
183,528
30,758
318
137,249
17,516
235,175
0
(46,145)

2,912,929
249,303
2,663,626
2,515,153
1,715,553
799,600
397,776
181,795
97,016
84,779
53,548
55,977
53,398
160,004
23,118
235,175
0
71,208

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(74,978)
21,000
0
0

(481,817)
16,000
0
0

(92,933)
12,750
0
0

1,749,088
204,456
1,544,631
1,500,444
719,181
781,263
248,644
186,941
112,719
74,222
220,371
50,877
30,393
10,631
17,500
0
0
(76,646)

1,203,519
0
(95,978)
1,190,586

633,217
0
(497,817)
481,355

816,997
0
(105,683)
301,618

1,807,492
486,014
(6,869)
897,828

1,804,085
335,895
(115,442)
695,018

1,796,080
176,960
(98,289)
663,867

0.05
7.23
4.02
0.72
0.70
89.18
2.24
-2.89
-11.19
-6.82

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

0.66
1.74
19.49
0.76
1.59
81.74
0.60
5.72
9.84
7.60
0.51
4.67
432.59
7.75
-0.05
1.02
12.49

0.71
1.92
21.57
1.07
1.40
86.34
0.68
6.32
10.37
8.89
0.58
6.63
4.00
5.49
0.06
1.16
13.77

146,492

135,021

149,956

144,314

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)

57

2.87

6.23

4.51

6.63
1.35
0.61
-0.07
-0.09
17.64

-3.76
0.00
-2.83
25.23

-29.83
0.00
-14.69
1.11

-7.27
0.00
-3.12
7.03

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

3,020,789

2,947,544

3,063,735

5,140,206
3,020,789
318,992
0

5,338,084
2,947,544
307,152
0

5,713,224
3,063,735
307,195
0

3,123,853
75,580
1,878,052
622,454
0
547,767
3,407,892
2,422,818
985,074
375,000

2,906,215
95,535
1,246,899
924,723
15,238
623,820
3,266,990
1,883,858
1,383,132
50,581

4,479,271
171,612
2,527,576
1,024,204
83,335
672,544
4,918,468
3,679,226
1,239,242
310,253

375,000
2,361,750
234,375
234,375
0
2,127,375

50,581
2,536,188
234,375
234,375
0
2,301,813

310,253
2,314,285
234,375
234,375
0
2,079,910

2,835,300
6,919
5,676,961
2,753,743
303,668
0
0
74,638
3,208,422
118,908
1,951,187
671,114
0
467,213
2,956,070
1,818,665
1,137,405
1,113,633
897,974
0
0
76,541
139,117
1,974,019
234,375
234,375
0
1,739,644
103,125
1,636,519
0

2,804,358
29,127
5,887,425
2,695,557
281,719
0
0
79,674
3,741,677
125,510
2,159,942
998,552
0
457,673
2,827,804
1,560,890
1,266,914
916,021
630,161
0
0
100,246
185,613
2,802,210
234,375
234,375
0
2,567,835
103,125
2,464,710
0

4,194,133
1,612,739
6,006,756
2,569,241
275,534
0
0
12,152
6,803,765
831,124
2,104,434
3,147,275
28,937
691,995
5,828,677
4,396,772
1,431,905
374,819
62,347
0
0
125,715
186,756
4,794,402
234,375
234,375
0
4,560,027
103,125
4,456,902
0

5,718,612
3,099,433
2,619,179
4,918,723

5,205,826
1,611,716
3,594,110
4,455,965

6,857,873
1,717,051
5,140,822
6,112,310

799,889
238,827

749,861
291,700

745,563
550,144

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
704,999
290,551
280,440
874,687
0
164,063
0
775,959

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
943,571
147,806
338,304
2,169,597
0
234,375
0
259,765
5,169,221
62,347
1,935,222
4,459,119

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

363,022
77,601
58,594
0

320,389
81,989
0
0

(132,606)
0
58,594
0

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
489,003
620,007
463,911
(297,072)
47,290
0
0
997,762

2,736,750
0
226,827
2,422,818

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

0.20
3.58
10.88
0.93
0.92
86.01
1.60
6.10
15.50
12.50
4.87
3.04

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

238,827

291,700

550,144

204,840

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)

58

4.18

6.35
0.00
12.18
100.77

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,836,333

1,720,959

1,650,435

2,729,691
1,836,333
152,925
0

2,771,584
1,720,959
167,146
0

2,815,335
1,650,435
156,743
0

504,024
4,593
371,231
81,621
0
46,579
985,140
402,611
582,529
758,793

582,021
3,878
359,710
145,846
0
72,587
1,549,414
296,618
1,252,796
451,345

793,335
290
582,302
119,667
0
91,076
2,012,300
757,792
1,254,508
313,501

758,793
596,424
326,356
326,356
0
270,068

451,345
302,221
326,356
326,356
0
(24,135)

313,501
117,969
326,356
326,356
0
(208,387)

1,535,884
0
2,903,804
1,530,187
149,039
0
0
5,697
1,007,654
7,621
733,463
175,771
0
90,798
1,177,032
995,610
181,422
1,402,504
363,546
936,999
0
24,434
77,525
(35,998)
326,356
326,356
0
(590,573)
0
(590,573)
228,219

1,412,429
158
2,918,237
1,406,574
138,258
0
0
5,697
1,069,371
19,371
732,389
189,741
0
127,870
1,297,775
1,035,029
262,747
1,114,395
247,394
754,289
0
28,856
83,857
69,630
326,356
326,356
0
(460,503)
0
(460,503)
203,777

1,366,587
1,263
1,931,786
1,352,372
121,917
0
0
12,952
1,402,409
5,273
985,308
243,461
0
168,366
1,399,202
994,437
404,765
1,100,826
124,575
869,933
0
33,178
73,140
268,968
326,356
326,356
0
(233,145)
0
(233,145)
175,757

2,397,889
1,273,240
1,124,649
2,211,367

2,715,197
1,484,173
1,231,024
2,666,215

2,923,578
1,778,771
1,144,807
2,857,817

186,522
108,735

48,982
116,455

65,761
126,182

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
256,283
166,452
157,824
133,165
38,295
32,636
0
268,830

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
308,699
161,934
150,762
309,564
66,130
32,636
0
188,041

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

29,014
15,065
3,238
0

(178,344)
14,831
0
0

(161,724)
14,612
0
0

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
226,565
161,632
153,372
(130,636)
15,373
0
0
(174,359)

1,355,217
0
10,711
402,611

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

0.09
4.18
3.40
1.02
0.51
92.22
2.92
1.32
4.61
2.28
4.31
6.46

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

108,735

116,455

126,182

100,162

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)

59

7.55

5.02

4.22
0.15
-4.22
-0.07
-4.47
-1.10

1.21
0.00
0.43
18.28

-6.57
0.00
-5.92
9.26

-5.53
0.00
-5.40
3.61

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

519,673

531,013

568,032

1,060,392
519,673
35,532
0

1,104,648
531,013
38,820
0

176,389
568,032
39,451
0

190,279
3,940
97,230
59,729
0
29,380
416,556
115,949
300,607
66,666

217,792
2,687
96,358
80,597
0
38,150
537,833
206,439
331,394
35,145

316,076
2,118
175,988
100,254
0
37,716
391,354
359,226
32,128
282,758

66,666
226,730
116,400
116,400
0
110,330

35,145
175,827
116,400
116,400
0
59,427

282,758
209,996
116,400
116,400
0
93,596

543,555
4,527
1,395,676
536,294
37,585
0
0
2,735
247,770
1,681
111,415
100,369
0
34,305
300,946
265,797
35,149
303,796
0
299,802
0
3,994
0
186,583
116,400
116,400
0
(203,808)
0
(203,808)
273,991

574,639
0
1,181,631
571,126
35,708
0
0
3,513
264,917
8,121
128,274
88,597
0
39,925
189,905
147,807
42,097
305,228
0
299,802
0
5,426
0
344,423
116,400
116,400
0
(93,426)
0
(93,426)
321,450

574,639
0
1,181,631
571,126
35,708
0
0
3,513
264,917
8,121
128,274
88,597
0
39,925
189,905
147,807
42,097
305,228
0
299,802
0
5,426
0
344,423
116,400
116,400
0
(93,426)
0
(93,426)
321,450

713,618
401,236
312,382
681,352

766,597
382,003
384,594
750,005

731,132
663,490
67,642
689,658

32,266
28,495

16,592
33,129

41,474
19,474

1,358,437
1,099,599
258,838
1,145,840
869,847
275,993
212,597
55,396
23,260
32,136
87,134
49,360
46,575
108,139
8,264
0
0
134,933

1,358,437
1,099,599
258,838
1,145,840
869,847
275,993
212,597
55,396
23,260
32,136
87,134
49,360
46,575
108,139
8,264
0
0
134,933

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(24,605)
4,713
0
0

(45,186)
5,781
0
0

(19,602)
3,666
0
0

868,203
812,314
55,889
815,897
599,358
216,540
52,306
17,816
9,395
8,421
60,240
58,073
56,479
(23,014)
419
0
0
82,793

293,396
0
(29,318)
115,949

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

649,652
0
99,875
147,807

0.15
4.11
8.37
1.01
0.46
95.48
2.13
-3.44
-10.18
-8.20

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

0.51
3.63
6.52
1.62
1.40
84.35
1.44
12.88
31.40
16.65

28,495

33,129

19,474

29,304

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)

60

7.34

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

10.59
3.32
7.96
0.27
8.58
29.59

-3.45
0.00
-2.52
19.48

-5.89
0.00
-4.38
15.11

-2.68
0.00
-2.00
18.04

Financial Statement Analysis of Non Financial Sector 2011

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

238,483

238,483

238,483

389,271
238,483
16,370
0

389,271
238,483
16,370
0

389,271
238,483
16,370
0

308,123
1,279
186,479
25,472
0
94,893
371,646
320,491
51,155
104,713

308,123
1,279
186,479
25,472
0
94,893
371,646
320,491
51,155
104,713

308,123
1,279
186,479
25,472
0
94,893
371,646
320,491
51,155
104,713

104,713
70,247
46,621
46,621
0
23,626

104,713
70,247
46,621
46,621
0
23,626

104,713
70,247
46,621
46,621
0
23,626

181,178
0
377,366
174,515
18,626
0
0
6,663
133,343
194
15,267
36,740
0
81,142
119,516
70,557
48,959
184,189
105,002
79,187
0
0
0
10,816
46,621
46,621
0
(40,805)
0
(40,805)
5,000

173,124
4,455
378,676
160,094
17,219
0
0
8,575
84,567
123
16,274
23,773
0
44,397
67,998
18,406
49,592
168,660
91,942
76,718
0
0
0
21,033
46,621
46,621
0
(30,588)
0
(30,588)
5,000

157,715
0
367,145
149,140
15,948
0
0
8,575
92,353
916
12,610
60,495
0
18,332
103,000
32,461
70,539
123,592
48,082
75,510
0
0
0
23,476
46,621
46,621
0
(28,145)
0
(28,145)
5,000

215,938
215,938
0
214,582

215,938
215,938
0
214,582

215,938
215,938
0
214,582

1,356
12,356

1,356
12,356

1,356
12,356

390,301
390,301
0
346,080
239,832
106,248
44,221
19,955
1,960
17,996
43,706
13,005
12,102
12,177
1,959
4,662
0
60,374

577,223
577,223
0
530,942
405,179
125,763
46,281
23,907
3,247
20,660
56,052
14,979
14,164
8,324
6,324
0
0
46,876

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(23,864)
1,100
0
0

(23,864)
1,100
0
0

(23,864)
1,100
0
0

206,893
206,893
0
183,194
104,008
79,186
23,699
11,441
1,416
10,025
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

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

0.07
11.83
11.80
0.40
0.83
99.37
6.78
-4.68
-28.71
-11.42

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

12,356

12,356

12,356

25,542

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)

61

1.16

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

-11.05
0.00
-5.35
15.07

45.77
1.59
1.44
0.21
0.43
5.04

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

883,965

717,305

603,483

1,730,701
883,965
55,658
0

1,455,757
717,305
95,801
0

1,159,160
603,483
32,979
0

537,995
443
246,815
76,225
0
214,512
927,693
591,402
336,291
408,418

143,421
1,813
0
53,439
0
88,169
343,341
20,718
322,623
534,000

136,614
14
0
53,209
0
83,391
320,376
21,276
299,100
460,483

408,418
85,849
163,674
163,674
0
(77,825)

534,000
(16,615)
163,674
163,674
0
(180,289)

460,483
(40,762)
163,674
163,674
0
(204,436)

299,922
0
678,886
229,636
25,742
0
0
70,286
193,436
6,326
0
83,175
0
103,935
487
0
487
0
0
0
0
0
0
492,871
163,664
163,664
0
329,207
0
329,207
0

274,362
0
679,645
207,401
23,349
0
0
66,961
188,133
2,565
0
82,270
0
103,298
215
0
215
0
0
0
0
0
0
462,280
163,664
163,664
0
298,616
0
298,616
0

231,927
0
679,353
165,856
41,464
0
0
66,071
186,147
574
0
82,270
0
103,303
365
0
365
0
0
0
0
0
0
417,709
163,664
163,664
0
254,045
0
254,045
0

499,508
346,271
153,237
590,118

219,739
219,739
0
301,265

0
0
0
43,216

(90,610)
368,537

(81,526)
13,349

(43,216)
10,179

0
0
0
22,985
0
22,985
(22,985)
7,894
0
7,894
1,174
11
0
(30,591)
0
0
0
(2,648)

0
0
0
41,226
0
41,226
(41,226)
5,479
0
5,479
1,743
3
0
(44,570)
0
0
0
(2,470)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(550,252)
2,500
0
0

(101,365)
1,099
0
0

(24,148)
0
0
0

0
0
0
42,376
0
42,376
(42,376)
50,885
10,108
40,777
18,998
0
0
533,633
0
0
0
43,778

494,267
0
(552,752)
591,402

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

0.08
18.91
15.26
0.35
0.58
118.14
15.56
-31.38
-151.91
-73.35

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

0.00
0.43

0.00
397.20

0.00
875.04

0.00
509.99

368,537

13,349

10,179

94,481

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)

2.02

-110.16
0.00
-33.77
5.25

62

-46.13
0.00

-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
-1.48
-2.49

89.89
32.61
30.11

-12.32
-1.87
28.25

-6.77
-2.72
25.52

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

578,921

571,553

571,553

966,914
578,921
39,222
0

999,685
571,553
44,435
0

999,685
571,553
44,435
0

609,845
54,953
313,375
90,754
21,218
129,545
626,130
562,774
63,356
246,021

773,691
69,657
419,399
144,276
23,290
117,069
961,247
493,202
468,045
60,424

773,691
69,657
419,399
144,276
23,290
117,069
961,247
493,202
468,045
60,424

246,021
316,615
100,000
100,000
0
216,615

60,424
323,573
110,000
110,000
0
213,573

60,424
323,573
110,000
110,000
0
213,573

594,740
21,172
1,020,648
536,416
25,988
0
27,161
9,991
1,084,055
58,776
662,969
225,457
0
136,854
1,120,395
974,540
145,855
204,818
80,182
103,000
0
12,227
9,410
353,582
133,100
133,100
0
136,251
24,895
111,356
84,231

594,192
22,028
1,033,615
523,867
25,516
0
40,854
7,442
1,183,931
102,976
644,142
279,290
0
157,523
1,181,844
945,548
236,296
176,435
36,618
103,000
0
14,837
21,980
419,844
146,410
146,410
0
189,203
25,000
164,203
84,231

603,852
12,130
1,062,384
527,475
25,162
0
58,914
5,333
1,397,975
48,516
1,087,454
154,580
0
107,426
1,368,312
1,050,901
317,411
166,428
16,107
103,000
0
17,010
30,312
467,087
146,410
146,410
0
232,424
25,000
207,424
88,253

930,899
930,899
0
791,517

1,067,204
332,246
734,958
912,384

1,067,204
332,246
734,958
912,384

139,382
37,167

154,820
46,693

154,820
46,693

1,851,263
967,688
883,575
1,537,307
1,196,439
340,869
313,956
78,369
44,954
33,415
99,135
150,047
145,918
92,743
13,636
14,641
0
131,886

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
98,715
174,467
169,121
85,841
25,114
14,641
0
(115,597)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

22,475
9,621
0
10,000

(288,930)
10,939
0
0

(288,930)
10,939
0
0

1,371,414
716,862
654,551
1,136,128
935,662
200,466
235,285
65,845
38,663
27,182
82,206
158,385
154,843
20,710
8,015
0
13,310
(176,935)

562,636
0
12,854
562,774

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

0.27
9.36
9.75
0.78
0.97
85.03
2.75
2.09
8.15
4.64

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

37,167

46,693

46,693

87,165

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)

63

2.97

2.54

2.54

2.07
1.13
1.51
-0.13
0.95
26.57

2.41
0.00
1.29
31.66

-27.07
0.00
-27.26
29.42

-27.07
0.00
-27.26
29.42

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,780,266

1,978,518

2,080,377

3,100,811
1,780,266
135,370
0

3,238,591
1,978,518
140,275
0

3,504,987
2,080,377
89,610
0

3,976,778
34,845
1,573,239
724,447
1,284,914
359,333
2,656,383
2,273,983
382,400
841,045

4,660,688
55,402
1,891,974
896,134
1,460,487
356,691
3,402,749
2,524,293
878,456
756,803

5,741,601
28,828
2,872,063
992,689
1,488,884
359,137
4,660,372
3,380,024
1,280,348
629,293

841,045
2,259,616
132,678
132,678
0
2,126,938

756,803
2,479,654
145,946
145,946
0
2,333,708

629,293
2,532,313
160,540
160,540
0
2,371,773

3,596,318
79,518
3,658,255
2,071,643
95,536
0
1,411,433
33,724
5,680,768
56,809
4,098,002
1,202,179
0
323,779
5,897,064
5,168,809
728,255
867,389
708,593
0
0
50,983
107,813
2,512,633
172,581
172,581
0
1,828,499
379,080
1,449,419
511,553

3,862,593
50,116
3,952,691
2,270,113
97,243
0
1,499,843
42,521
5,659,765
62,625
3,765,348
1,417,133
0
414,659
5,428,899
4,704,055
724,844
1,358,004
1,150,298
0
0
57,636
150,069
2,735,455
189,839
189,839
0
2,034,063
379,080
1,654,983
511,553

4,107,805
21,689
3,952,691
2,398,751
105,680
0
1,649,681
37,685
7,180,124
115,718
5,393,375
1,174,835
0
496,196
6,638,646
5,374,369
1,264,277
1,650,068
1,008,537
423,800
0
67,210
150,520
2,999,215
189,839
189,839
0
2,275,091
379,080
1,896,011
534,285

3,651,710
3,651,710
0
3,082,886

4,326,440
2,900,365
1,426,075
3,756,533

5,249,821
3,517,474
1,732,347
4,513,108

568,824
136,451

569,907
169,914

736,713
154,278

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
350,613
876,279
824,761
311,729
49,563
18,984
0
302,116

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
411,268
929,840
893,570
332,244
81,345
18,984
0
(626,864)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

97,151
18,680
0
13,268

58,447
21,626
0
0

124,379
26,242
0
112,823

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
275,696
832,459
772,542
27,837
15,543
0
17,258
(1,197,715)

3,100,661
0
78,471
2,273,983

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

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

136,451

169,914

154,278

350,335

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

0.77
9.59
19.84
0.63
1.50
84.42
1.55
1.98
5.84
4.03

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.71
9.28
20.71
0.65
1.37
86.83
1.68
0.94
2.47
1.84

0.54
10.20
18.91
0.67
1.23
85.97
2.09
1.72
4.96
3.89

2.32

2.29

1.83

1.28
1.04
0.53
-0.18
0.71
145.59

2.66
0.00
5.91
170.31

1.35
0.00
2.52
169.90

2.37
0.00
6.11
157.74

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,487,422

1,464,102

1,443,232

2,545,043
1,487,422
108,777
0

2,604,072
1,463,795
118,022
307

2,654,081
1,443,079
68,656
153

1,589,892
74,116
815,367
393,426
126,595
180,388
1,547,272
1,346,690
200,582
645,582

1,926,477
88,787
1,159,662
370,112
106,003
201,913
2,006,926
1,233,823
773,103
466,146

2,157,997
129,190
1,302,405
397,970
107,493
220,939
2,043,394
1,250,779
792,615
592,691

645,582
884,460
126,500
126,500
0
757,960

466,146
917,507
139,150
139,150
0
778,357

592,691
965,144
153,065
153,065
0
812,079

1,611,351
1,790
2,703,649
1,416,972
70,139
0
178,715
13,875
2,678,802
161,034
1,825,395
467,208
488
224,678
2,801,111
2,485,633
315,478
502,727
192,019
250,000
0
24,924
35,784
986,315
168,372
168,372
0
574,207
66,000
508,207
243,736

1,624,271
990
2,738,040
1,384,946
67,908
0
225,069
13,266
2,905,887
41,705
1,958,569
653,569
0
252,044
2,968,813
2,625,735
343,079
473,232
134,820
250,000
0
26,116
62,296
1,088,113
185,209
185,209
0
659,169
66,000
593,169
243,736

1,613,173
990
2,759,981
1,339,944
66,636
0
261,743
10,496
3,235,721
67,150
2,327,840
594,739
0
245,992
3,129,396
2,805,431
323,965
458,843
1,601
344,089
0
29,475
83,678
1,260,655
222,250
222,250
0
787,233
66,000
721,233
251,172

2,304,952
1,140,115
1,164,837
1,959,615

2,003,865
643,093
1,360,772
1,653,375

2,210,913
670,842
1,540,071
1,805,055

345,337
87,855

350,490
105,479

405,858
95,950

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
184,374
459,220
439,930
161,524
31,547
18,521
37,042
(127,509)

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
219,357
470,142
451,780
250,979
51,335
33,338
0
(79,092)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

59,045
14,625
0
12,650

28,859
20,292
0
0

62,389
15,091
0
13,915

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
174,149
383,370
363,957
38,478
15,570
0
16,837
485,881

1,530,042
0
44,420
1,346,690

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

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

87,855

105,479

95,950

206,483

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

0.38
8.96
17.07
0.75
1.03
85.02
2.48
2.09
7.90
4.26

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.28
11.45
18.47
0.59
0.96
82.51
2.70
0.89
3.20
1.98

0.31
11.47
18.00
0.61
1.06
81.64
2.73
1.78
6.63
4.24

2.83

1.73

1.70

1.43
1.11
1.47
0.15
1.36
58.58

2.56
0.00
3.51
69.92

1.44
0.00
0.62
65.94

2.82
0.00
3.09
63.05

Financial Statement Analysis of Non Financial Sector 2011

Hafiz 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)
2010
2011

2006

2007

2008

2009

92,321

91,849

170,581
92,321
1,791
0

171,690
91,849
92,321
0

2,754
216
0
484,100
0
(481,562)
76,481
75,552
929
126,756

2,366
725
0
0
1
1,640
102,025
0
102,025
0

90,151
0
171,705
90,151
1,714
0
0
0
983
394
0
0
0
589
5,680
0
5,680
86,740
0
86,277
0
463
0
(1,286)
12,000
12,000
0
(108,071)
0
(108,071)
94,785

88,997
0
172,358
88,997
1,806
0
0
0
3,376
2,598
0
0
0
779
7,249
0
7,249
83,204
0
82,722
0
482
0
1,920
12,000
12,000
0
(103,726)
0
(103,726)
93,646

87,247
0
172,358
87,247
1,750
0
0
0
4,087
3,237
0
0
0
850
7,463
0
7,463
78,500
0
78,272
0
228
0
5,371
12,000
12,000
0
(99,152)
0
(99,152)
92,523

0
0
0
0
0
0
0
4,121
0
4,121
630
15
0
3,962
775
0
0
6,489

0
0
0
0
0
0
0
4,933
0
4,933
592
22
0
4,493
1,046
0
0
5,094

126,756
(108,162)
12,000
12,000
0
(120,162)

0
(7,810)
12,000
12,000
0
(19,810)

0
0
0
0

0
0
0
0

0
4,260

0
3,374

F.Operation:

469
236
0
0

1,128
221
0
0

0
0
0
0
0
0
0
4,411
0
4,411
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

6.33

0.01

0.07

0.36

0.43

0.00
0.04

0.00
0.02

0.00
0.17

0.00
0.47

0.00
0.55

1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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

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)

66

-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

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

162,796

221,673

218,741

289,040
162,796
12,368
0

367,491
221,673
20,143
0

367,491
218,741
5,762
0

209,119
1,409
105,988
31,433
16,941
53,348
211,037
144,606
66,431
10,295

129,418
2,200
64,229
26,420
0
36,569
173,736
80,280
93,456
3,283

70,142
135
27,873
21,204
0
20,930
125,366
46,320
79,046
21,621

10,295
150,583
99,792
99,792
0
50,791

3,283
174,072
119,750
119,750
0
54,322

21,621
141,896
119,750
119,750
0
22,146

211,308
0
250,330
210,697
8,044
0
0
611
43,591
665
1,529
26,852
0
14,545
59,378
40,921
18,457
70,070
32,963
14,516
0
215
22,376
125,451
119,750
119,750
0
(54,316)
0
(54,316)
60,017

205,224
0
253,526
204,614
6,127
0
0
610
46,343
3,588
787
28,713
0
13,256
62,825
40,925
21,900
60,229
32,963
13,216
0
199
13,851
128,513
119,750
119,750
0
(49,138)
0
(49,138)
57,901

204,756
0
370,819
204,146
2,277
0
0
610
46,505
6,570
787
19,181
59
19,908
73,199
50,948
22,251
50,318
22,891
13,196
0
278
13,953
127,744
119,750
119,750
0
(45,673)
0
(45,673)
53,667

625,295
520,904
104,391
604,962

265,277
248,779
16,498
247,839

70,504
70,504
0
79,476

20,333
14,613

17,438
12,702

(8,972)
4,697

27,900
27,900
0
27,467
743
26,724
433
1,759
0
1,759
2,622
4,206
3,757
(5,322)
139
0
0
4,262

27,911
27,911
0
27,106
0
27,106
805
2,168
0
2,168
353
4,417
4,192
(388)
279
0
0
4,860

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

9,853
3,126
0
0

(33,691)
1,326
0
0

(22,910)
353
0
0

45,779
45,779
0
46,439
14,761
31,678
(660)
2,651
58
2,593
2,539
9,962
9,750
(13,266)
0
0
0
7,830

160,878
0
6,727
144,606

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

0.24
0.60
5.03
1.68
0.99
96.75
1.47
2.58
6.53
6.00

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

14,613

12,702

4,697

3,751

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)

67

5.90

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

1.58
0.00
0.67
15.09

-12.70
0.00
-2.92
14.54

-32.49
0.00
-1.94
11.85

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

449,467

433,417

537,276

721,524
449,467
19,101
0

724,305
433,417
19,197
0

724,413
537,276
18,474
0

140,350
30,067
52,210
12,577
4,976
40,520
505,264
70,308
434,956
34,583

160,011
35,648
60,766
10,479
5
53,113
590,045
70,346
519,699
24,656

142,351
4,283
86,696
6,311
3
45,058
547,014
86,510
460,504
196,487

34,583
49,970
137,500
137,500
0
(87,530)

24,656
(21,273)
137,500
137,500
0
(158,773)

196,487
(63,874)
137,500
137,500
0
(201,374)

525,962
0
853,895
522,409
22,613
0
2
3,551
192,453
1,134
31,236
4,964
0
155,119
299,834
131,307
168,527
566,624
168,605
321,649
0
1,999
74,370
(148,043)
137,500
137,500
0
(377,692)
10,313
(388,004)
92,149

508,353
0
858,446
504,800
22,160
0
2
3,551
196,457
1,000
22,134
6,385
0
166,938
299,851
130,055
169,795
578,021
169,742
339,448
0
1,683
67,148
(173,062)
137,500
137,500
0
(398,303)
10,313
(408,615)
87,741

486,910
0
856,147
483,358
21,202
0
2
3,551
220,965
373
31,734
40,146
0
148,712
507,770
274,364
233,406
393,858
25,433
339,748
0
1,167
27,510
(193,753)
137,500
137,500
0
(415,555)
10,313
(425,868)
84,302

624,106
624,106
0
622,340

507,492
507,492
0
554,365

665,164
665,164
0
667,492

1,766
15,539

(46,873)
12,783

(2,328)
26,485

1,007,563
1,007,563
0
992,832
762,879
229,953
14,731
14,698
3,247
11,451
86,494
27,226
25,993
(27,193)
5,047
0
0
(11,532)

1,211,958
1,211,958
0
1,211,586
948,608
262,978
372
19,486
3,346
16,140
98,997
30,464
29,719
(48,189)
12,140
0
0
(263)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

29,788
3,121
0
0

(69,047)
2,537
0
0

(43,188)
3,326
0
0

776,073
776,073
0
782,176
598,177
183,999
(6,103)
37,906
6,084
31,822
83,741
35,019
32,719
(79,028)
0
0
0
(42,346)

84,553
0
26,667
70,308

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

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

15,539

12,783

26,485

13,211

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

0.09
2.12
2.02
1.06
0.28
99.72
10.80
5.14
75.15
17.81

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

11.95

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

4.77
0.00
1.94
3.63

-13.61
0.00
-5.21
-1.55

-6.49
0.00
-3.38
-4.65

Financial Statement Analysis of Non Financial Sector 2011

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

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

120,818

114,784

115,265

199,178
120,818
6,099
0

199,095
114,444
6,879
340

204,192
115,265
6,981
0

211,688
1,500
86,332
39,824
1,572
82,460
247,421
132,735
114,686
28,042

195,347
1,099
87,696
31,265
1,142
74,145
225,140
83,987
141,153
14,850

192,807
620
89,664
20,895
1,591
80,037
181,591
86,981
94,610
68,413

28,042
57,043
37,800
37,800
0
19,243

14,850
70,141
37,800
37,800
0
32,341

68,413
58,068
37,800
37,800
0
20,268

115,571
0
204,384
109,261
6,704
0
2,195
4,115
189,328
1,445
90,763
42,598
0
54,523
182,928
104,502
78,426
54,103
3,715
9,378
0
38,830
2,181
67,868
37,800
37,800
0
(29,007)
3,596
(32,603)
59,075

120,021
0
213,409
114,144
7,162
0
1,762
4,115
189,804
2,650
79,561
38,230
0
69,362
188,980
85,701
103,278
51,836
1,992
5,402
0
43,901
541
69,009
37,800
37,800
0
(26,328)
3,163
(29,490)
57,536

114,283
0
213,098
107,808
6,442
0
2,768
3,708
187,081
2,809
85,896
30,072
0
68,304
181,118
85,673
95,445
55,226
256
6,868
0
47,562
541
65,020
68,040
68,040
0
(59,465)
3,859
(63,324)
56,445

391,344
15,953
375,391
295,561

458,727
21,061
437,666
358,863

429,153
20,252
408,901
358,002

95,783
74,005

99,864
70,275

71,151
66,186

584,908
34,914
549,994
492,217
259,832
232,385
92,691
76,939
42,799
34,140
75,165
16,624
10,517
7,250
5,677
0
0
33,797

330,123
23,915
306,208
303,447
196,774
106,673
26,676
45,307
20,963
24,344
54,149
17,069
11,651
(31,704)
3,220
0
0
(2,321)

Items

1.Long term secured loans

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

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & 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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

10,638
3,721
3,780
0

8,348
4,419
0
0

(8,408)
4,114
0
0

454,602
19,777
434,825
348,181
176,768
171,413
106,421
72,869
45,279
27,590
67,090
20,434
14,220
13,588
4,391
0
0
17,115

85,085
0
3,137
132,735

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

0.17
3.97
10.18
1.18
0.86
75.52
4.83
3.70
22.67
13.65
1.83
4.53

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

74,005

70,275

66,186

15,545

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)

69

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

2.72
0.00
1.83
15.09

1.82
0.00
1.04
18.56

-1.96
0.00
-3.31
15.36

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

213,777

197,916

197,916

317,473
213,777
14,063
0

294,640
197,916
12,555
0

294,640
197,916
12,555
0

169,591
38
94,993
37,733
0
36,827
309,887
153,160
156,727
48,515

132,413
791
70,740
28,775
0
32,107
502,427
127,745
374,682
39,195

132,413
791
70,740
28,775
0
32,107
502,427
127,745
374,682
39,195

48,515
24,966
132,716
132,716
0
(107,750)

39,195
(211,293)
132,716
132,716
0
(344,009)

39,195
(211,293)
132,716
132,716
0
(344,009)

190,676
4,498
324,077
186,178
11,768
0
0
0
80,425
620
46,252
15,023
0
18,530
249,117
82,659
166,457
256,496
20,469
225,886
0
10,142
0
(234,512)
132,716
132,716
0
(442,642)
0
(442,642)
75,414

258,630
142
407,641
258,488
11,799
0
0
0
77,182
2,995
36,429
15,630
0
22,129
267,984
76,125
191,859
244,005
12,515
225,886
0
5,604
0
(176,177)
132,716
132,716
0
(456,392)
0
(456,392)
147,499

258,630
142
407,641
258,488
11,799
0
0
0
77,182
2,995
36,429
15,630
0
22,129
267,984
76,125
191,859
244,005
12,515
225,886
0
5,604
0
(176,177)
132,716
132,716
0
(456,392)
0
(456,392)
147,499

392,861
375,903
16,958
380,991

380,935
367,832
13,103
383,434

380,935
367,832
13,103
383,434

11,870
10,692

(2,499)
19,167

(2,499)
19,167

326,255
326,255
0
326,997
226,144
100,853
(742)
12,454
2,799
9,655
34,079
12,090
11,869
(16,499)
1,683
0
0
(7,164)

326,255
326,255
0
326,997
226,144
100,853
(742)
12,454
2,799
9,655
34,079
12,090
11,869
(16,499)
1,683
0
0
(7,164)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(17,541)
1,951
0
0

4,070
1,895
0
0

4,070
1,895
0
0

250,142
250,142
0
272,022
176,497
95,525
(21,880)
10,432
1,600
8,832
30,581
14,902
14,646
68,660
618
0
0
100,909

73,481
0
(19,492)
153,160

(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

67,827
12,515
(18,182)
88,640

0.12
4.79
9.60
1.02
0.55
96.98
14.36
-4.77
-51.72
-20.25

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

0.07
3.71
4.79
0.97
0.29
100.23
-2.91
-4.91
9.36
-24.32

10,692

19,167

19,167

18,830

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)

70

4.14

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

8.96
-0.39
-5.06
-0.01
-1.37
-13.27

-4.46
0.00
-1.47
1.88

1.07
0.00
0.16
-15.92

1.07
0.00
0.16
-15.92

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,563,628

1,758,240
0
2,144,825
1,500,810
79,606
0
247,653
9,778
1,465,223
17,586
1,214,811
136,600
0
96,226
1,729,143
1,383,611
345,532
365,014
295,752
0
0
69,263
0
1,129,306
715,520
715,520
0
347,894
0
347,894
65,893

1,789,024
0
2,201,618
1,480,324
78,878
0
294,863
13,837
1,567,817
6,021
1,333,960
79,498
0
148,338
1,710,386
1,380,294
330,091
268,321
186,297
0
0
82,024
0
1,378,134
715,520
715,520
0
596,722
0
596,722
65,893

1,969,930
353
2,412,276
1,630,659
83,083
0
313,150
25,768
1,841,681
11,562
1,413,499
186,753
0
229,867
1,943,063
1,594,888
348,174
342,231
227,338
20,500
0
13,064
81,329
1,526,317
715,520
715,520
0
744,904
0
744,904
65,893

1,729,140
1,176,068
553,072
1,471,236

2,524,728
1,660,526
864,202
2,132,457
1,355,538
776,919
392,271
81,231
41,594
39,637
152,248
341,029
333,108
12,232
10,355
0
0
288,961

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
198,376
263,526
253,884
277,578
19,575
71,552
0
163,685

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
210,141
326,067
303,084
276,694
46,994
71,552
0
(28,188)

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
227,338
158,148
1,822,226

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
-0.01
3.21
21.33

2,130,507
1,563,628
69,087
0

1,697,964
2,080
1,198,999
187,558
208,237
101,090
1,734,436
941,044
793,392
399,298

399,298
1,127,858
715,520
715,520
0
412,338

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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)

71

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 2011

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)
2010
2011

2006

2007

2008

2009

484,704

481,297

465,285

1,154,076
484,704
55,800
0

1,201,590
481,297
50,922
0

1,231,652
465,285
46,526
0

1,207,656
8,709
610,017
475,819
499
112,612
1,032,997
626,867
406,130
225,556

1,489,134
4,815
800,063
538,406
0
145,850
1,320,466
720,553
599,913
234,437

1,505,489
4,237
801,381
554,540
0
145,331
1,428,434
707,845
720,589
144,936

225,556
433,807
106,258
106,258
0
327,549

234,437
415,528
106,258
106,258
0
309,270

144,936
397,404
106,258
106,258
0
291,146

452,623
0
1,194,971
442,833
57,415
0
476
9,314
1,574,391
1,306
797,817
614,060
0
161,208
1,365,081
999,438
365,643
277,135
248,818
0
0
11,636
16,682
384,798
106,259
106,259
0
278,539
33,858
244,682
0

415,679
0
1,197,217
391,483
53,596
0
641
23,555
1,433,370
8,390
566,958
675,904
0
182,119
1,249,685
943,372
306,312
352,789
340,300
0
0
12,489
0
246,575
106,259
106,259
0
140,317
33,858
106,459
0

415,679
0
1,197,217
391,483
53,596
0
641
23,555
1,433,370
8,390
566,958
675,904
0
182,119
1,249,685
943,372
306,312
352,789
340,300
0
0
12,489
0
246,575
106,259
106,259
0
140,317
33,858
106,459
0

1,028,202
733,821
294,381
905,672

1,155,170
561,123
594,047
992,130

1,089,447
468,004
621,443
939,386

122,530
55,056

163,040
73,252

150,061
55,926

1,169,922
536,014
633,908
1,114,647
510,384
604,263
55,275
66,771
30,452
36,319
113,609
164,521
154,727
(161,151)
7,982
0
0
(26,088)

1,169,922
536,014
633,908
1,114,647
510,384
604,263
55,275
66,771
30,452
36,319
113,609
164,521
154,727
(161,151)
7,982
0
0
(26,088)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(8,984)
5,150
0
0

(8,396)
7,437
0
0

(16,300)
1,777
0
0

1,395,273
248,055
1,147,218
1,167,447
718,539
448,908
227,826
55,380
27,445
27,935
124,101
160,852
155,163
13,643
6,786
0
0
(291,988)

659,363
0
(14,134)
626,867

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

599,364
340,300
(169,132)
1,283,672

0.47
7.52
46.28
0.61
1.17
88.08
2.90
-0.51
-1.98
-1.59

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

0.55
14.06
57.77
0.63
1.15
95.28
6.50
-8.72
-65.36
-26.89

55,056

73,252

55,926

77,270

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)

72

1.69

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

2.06
-0.04
-13.77
-0.02
-15.92
23.21

-0.87
0.00
-1.33
40.83

-0.73
0.00
-1.49
39.11

-1.50
0.00
-1.70
37.40

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

725,620

682,190

636,685

1,088,457
725,620
55,706
0

1,091,003
682,190
53,129
0

1,102,165
636,685
49,419
0

453,546
24,725
237,417
119,217
0
72,187
663,438
471,487
191,951
189,001

485,357
10,212
246,705
160,088
0
68,352
777,767
491,395
286,372
141,271

428,418
12,100
179,872
164,503
0
71,943
830,722
465,653
365,069
147,791

189,001
326,727
100,008
100,008
0
226,719

141,271
248,509
100,008
100,008
0
148,501

147,791
86,590
100,008
100,008
0
(13,418)

1,045,604
0
1,059,602
1,043,457
1,169
0
0
2,147
412,174
5,914
212,652
122,429
0
71,179
629,102
487,762
141,340
513,143
128,596
209,153
0
30,461
144,933
315,533
100,008
100,008
0
(279,881)
0
(279,881)
495,407

999,661
0
1,063,623
997,659
995
0
0
2,002
381,991
6,113
228,873
60,212
0
86,793
736,525
515,952
220,573
474,732
95,943
209,153
0
33,853
135,783
170,395
100,008
100,008
0
(408,027)
0
(408,027)
478,414

954,470
0
1,065,647
952,641
50,397
0
0
1,829
423,862
32,684
241,483
95,613
0
54,082
765,370
528,130
237,240
341,500
63,689
109,150
0
42,027
126,634
271,462
300,011
300,011
0
(489,971)
0
(489,971)
461,422

1,205,186
663,819
541,367
1,101,371

1,223,415
778,036
445,379
1,151,496

1,248,698
830,205
418,493
1,268,239

103,815
61,567

71,919
62,153

(19,541)
46,662

1,522,531
1,041,063
481,468
1,511,140
1,156,194
354,946
11,391
45,483
20,104
25,380
87,389
110,899
107,887
(144,207)
10,081
0
0
(15,890)

2,246,377
1,787,515
458,862
2,181,623
1,811,103
370,520
64,754
41,342
14,918
26,424
94,581
108,186
105,317
(84,490)
23,595
0
0
(55,732)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(25,909)
6,754
0
0

(72,166)
6,052
0
0

(155,760)
6,159
0
0

1,331,862
910,269
421,593
1,242,908
949,367
293,541
88,954
44,477
20,458
24,020
82,533
114,720
111,754
(69,801)
4,216
0
0
3,874

515,728
0
(32,663)
471,487

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
63,689
(108,085)
591,819

0.22
5.81
9.89
1.02
0.68
91.39
2.61
-2.38
-10.19
-5.57

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

61,567

62,153

46,662

70,029

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)

73

5.08

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

-2.15
0.00
-3.27
32.67

-5.90
0.00
-7.82
24.85

-12.47
0.00
-16.19
8.66

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

539,598

560,418

584,889

869,279
539,598
31,563
0

931,910
560,418
43,658
0

989,022
584,889
45,638
0

175,929
12,081
86,914
27,467
0
49,467
244,866
164,147
80,719
347,793

172,415
39,507
80,966
26,563
0
25,379
296,033
86,900
209,133
326,261

260,318
6,591
179,234
39,905
0
34,588
470,014
170,223
299,791
301,270

347,793
122,868
99,200
99,200
0
23,668

326,261
110,539
99,200
99,200
0
11,339

301,270
73,923
99,200
99,200
0
(25,277)

565,992
0
65,153
563,078
4,901
0
0
2,914
174,247
3,259
90,301
54,401
0
26,286
250,710
175,167
75,543
460,929
208,422
245,675
0
6,832
0
28,600
99,200
99,200
0
(70,600)
0
(70,600)
0

544,946
400
65,153
541,632
2,811
0
0
2,914
234,918
26,997
83,985
80,355
0
43,581
285,047
193,428
91,619
388,272
114,360
234,225
0
8,020
31,667
106,545
99,200
99,200
0
7,345
0
7,345
0

519,744
522
1,041,620
516,683
43,660
0
0
2,539
350,218
27,914
127,827
119,112
0
75,365
357,044
234,663
122,381
313,214
12,569
199,101
0
8,984
92,560
199,704
99,200
99,200
0
100,504
0
100,504
0

694,038
694,038
0
626,519

800,244
800,244
0
734,163

985,088
985,088
0
938,533

67,519
23,098

66,081
24,957

46,555
35,851

1,475,987
1,472,502
3,485
1,246,183
943,641
302,542
229,804
53,052
8,068
44,984
131,177
60,729
59,127
117,023
7,411
0
0
134,480

2,374,878
2,304,339
70,539
2,061,916
1,768,164
293,752
312,962
76,141
20,005
56,136
152,210
60,477
58,087
177,999
23,947
7,440
0
115,584

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,750
3,612
0
0

(13,426)
4,285
0
0

(45,268)
4,925
0
0

1,111,393
1,111,393
0
1,050,120
781,381
268,739
61,273
37,912
5,439
32,473
101,889
71,792
70,449
(47,391)
0
0
0
83,988

470,661
0
9,138
164,147

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

0.16
4.59
3.96
0.97
0.72
90.27
4.82
1.99
9.64
2.96

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

23,098

24,957

35,851

31,844

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)

74

7.99

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

1.84
0.00
0.92
12.39

-1.68
0.00
-1.79
11.14

-4.60
0.00
-5.06
7.45

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

882,319

1,054,945

1,020,024

1,028,696
882,319
50,427
0

1,026,370
1,054,945
52,600
0

1,272,906
1,020,024
63,916
0

605,763
43,624
266,922
207,308
0
87,909
789,825
457,641
332,184
127,793

700,690
65,562
328,242
221,286
0
85,600
901,488
312,365
589,123
247,015

958,806
101,528
489,161
295,770
0
72,347
1,019,379
435,926
583,453
365,958

127,793
570,464
180,480
180,480
0
389,984

247,015
607,132
180,480
180,480
0
426,652

365,958
593,493
180,480
180,480
0
413,013

967,360
3,312
1,047,788
952,280
67,457
0
0
11,768
857,293
30,781
490,090
268,812
0
67,611
841,772
678,673
163,099
381,056
99,811
100,330
0
10,313
170,602
601,825
180,480
180,480
0
126,152
0
126,152
295,193

1,059,889
4,618
1,434,254
1,047,788
65,981
0
0
7,483
777,399
46,077
300,600
381,852
0
48,871
709,716
612,040
97,676
401,065
45,393
100,330
0
11,416
243,926
726,507
180,480
180,480
0
167,600
0
167,600
378,427

1,001,028
4,709
1,453,781
993,185
74,689
0
0
3,134
680,004
38,678
199,801
354,987
0
86,539
509,395
410,361
99,034
398,445
17,315
100,330
0
14,490
266,310
773,192
180,480
180,480
0
237,739
0
237,739
354,973

620,985
602,979
18,006
509,539

754,340
754,340
0
634,188

865,715
865,715
0
711,019

111,446
26,727

120,152
32,488

154,696
44,420

1,237,402
1,237,402
0
1,056,855
722,399
334,456
180,547
33,051
1,081
31,970
102,712
112,397
110,772
52,079
6,608
18,048
0
122,894

1,203,112
1,203,112
0
1,042,953
666,197
376,755
160,159
55,774
3,063
52,711
116,655
95,933
93,304
91,455
17,265
18,048
0
244,993

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

25,554
3,096
0
0

26,329
3,772
0
0

26,110
4,378
0
0

751,716
751,716
0
635,400
366,318
269,083
116,315
24,680
1,353
23,327
80,067
142,608
141,202
(14,202)
3,063
0
0
(114,222)

698,257
0
22,458
457,641

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
17,315
56,143
427,677

0.32
9.74
33.38
0.42
0.77
82.05
1.61
1.88
4.98
3.83

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

26,727

32,488

44,420

60,490

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)

75

2.33

2.30

1.77

1.53
0.90
-1.89
-0.09
-0.96
33.35

4.12
0.00
1.24
31.61

3.49
0.00
1.25
33.64

3.02
0.00
1.20
32.88

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

4,175,945

3,457,490

3,258,316

5,642,271
4,175,945
339,869
0

5,130,639
3,457,490
330,906
0

5,262,687
3,258,316
323,812
0

2,226,048
28,670
1,466,959
416,854
0
313,565
2,545,408
1,907,130
638,278
1,977,592

3,226,123
41,192
1,251,553
764
931,480
1,001,134
2,549,545
1,161,104
1,388,441
1,851,669

3,658,948
49,324
1,511,144
861,127
927,983
309,370
2,682,170
1,470,648
1,211,522
1,933,449

1,977,592
1,878,993
180,737
180,737
0
1,698,256

1,851,669
2,282,399
180,737
180,737
0
2,101,662

1,933,449
2,301,645
180,737
180,737
0
2,120,908

4,092,590
0
5,360,287
3,054,934
309,364
0
1,036,115
1,542
3,039,112
66,894
2,215,792
515,706
0
240,720
2,994,701
2,573,218
421,483
1,659,906
1,204,700
73,000
0
69,694
312,512
2,477,095
180,737
180,737
0
2,296,358
22,432
2,273,926
0

4,333,431
0
5,500,152
2,918,740
289,462
0
1,409,204
5,487
2,606,690
69,268
1,571,944
721,961
0
243,517
1,666,022
1,149,547
516,475
963,705
626,648
0
0
73,877
263,180
4,310,394
180,737
180,737
0
4,129,657
22,432
4,107,225
0

4,316,802
9,815
5,602,898
2,790,546
274,333
0
1,513,134
3,307
3,593,265
81,908
2,013,128
1,195,625
0
302,604
1,086,952
553,816
533,136
559,569
266,503
0
0
79,385
213,681
6,263,546
180,737
180,737
0
6,082,809
22,432
6,060,377
0

6,176,549
1,985,046
4,191,503
5,290,513

6,581,849
2,351,094
4,230,755
5,636,849

7,311,971
3,643,902
3,668,069
6,413,044

886,036
234,822

945,000
249,183

898,927
367,788

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
618,050
495,702
430,194
1,996,637
187,504
90,369
0
2,290,113

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
677,158
336,760
253,358
2,275,270
185,247
271,106
0
1

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

382,413
69,617
27,111
0

539,342
59,726
0
0

160,748
72,383
27,111
31,545

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
450,661
582,171
514,952
273,694
74,913
27,111
0
59,388

3,856,585
0
285,685
1,907,130

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

0.18
4.74
6.75
0.96
0.87
85.65
2.41
6.69
21.50
10.55
11.54
4.21

0.38
5.62
0.01
0.98
1.27
85.64
1.93
8.24
25.92
13.50

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
0.00
115.64
346.56

234,822

249,183

367,788

292,903

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.26

0.69
5.33
11.78
1.06
1.36
87.71
2.01
2.36
7.01
3.84
3.26
4.84

6.19
0.00
17.31
103.96

8.19
0.00
26.54
126.28

2.20
0.00
4.89
127.35

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

916,977

921,459

870,239

1,324,268
916,977
55,842
0

1,438,620
921,459
69,303
0

1,450,359
870,239
67,876
0

915,127
6,900
438,923
43,625
0
425,679
1,037,293
753,582
283,711
343,261

1,086,800
91,109
541,402
360,879
0
93,410
1,200,481
755,784
444,697
338,145

1,260,685
13,739
680,601
454,307
0
112,038
1,227,707
966,008
261,699
451,631

343,261
451,550
96,600
96,600
0
354,950

338,145
469,633
96,600
96,600
0
373,033

451,631
451,586
96,600
96,600
0
354,986

820,456
0
1,460,934
816,760
63,536
0
0
3,696
1,155,320
9,575
641,706
407,323
0
96,716
1,156,218
998,544
157,674
391,153
264,389
66,500
0
16,740
43,524
428,405
96,600
96,600
0
212,191
17,250
194,941
119,614

783,414
558
1,482,528
779,160
59,679
0
0
3,696
1,046,076
11,501
478,356
436,995
0
119,224
964,863
732,561
232,302
390,338
206,750
94,000
0
16,880
72,708
474,289
96,600
96,600
0
260,296
17,250
243,046
117,393

734,709
0
1,490,470
730,850
56,827
0
0
3,859
1,383,501
32,627
732,804
482,797
0
135,273
1,219,159
889,849
329,310
307,197
116,750
94,000
0
18,773
77,674
591,854
96,600
96,600
0
379,763
17,250
362,513
115,491

1,582,588
935,507
647,081
1,388,528

1,732,536
1,105,292
627,244
1,569,252

2,200,687
1,243,521
957,166
1,960,283

194,060
65,320

163,284
53,670

240,404
87,109

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
141,718
139,714
122,297
96,308
21,240
7,728
0
314,862

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
178,672
135,327
127,694
165,700
41,252
4,830
0
(40,466)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

24,968
13,330
4,830
0

(5,643)
9,518
0
0

(14,629)
10,983
0
0

2,389,314
1,634,055
755,259
2,093,799
1,573,110
520,689
295,515
94,905
52,005
42,900
116,370
230,232
182,282
(20,646)
8,118
0
0
86,666

794,811
0
6,808
753,582

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

0.05
6.77
2.76
0.86
0.88
87.74
3.06
1.35
5.19
3.12
2.41
3.61

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

65,320

53,670

87,109

107,206

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)

77

3.20

3.23

3.72
0.89
-0.86
0.06
-2.98
44.35

1.58
0.00
1.20
46.74

-0.33
0.00
-1.57
48.62

-0.66
0.00
-2.65
46.75

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

329,891

312,895

292,793

534,416
329,891
14,818
0

538,931
312,895
21,511
0

538,963
292,793
20,135
0

158,651
806
78,648
33,205
0
45,992
289,879
92,794
197,085
56,370

175,514
689
78,251
47,664
0
48,910
330,428
90,582
239,846
17,769

174,476
656
63,513
58,434
0
51,873
246,729
91,453
155,276
88,667

56,370
142,293
42,500
42,500
0
99,793

17,769
140,212
42,500
42,500
0
97,712

88,667
131,873
42,500
42,500
0
89,373

313,158
0
538,884
273,770
18,944
0
0
39,388
153,437
3,716
105,321
27,935
0
16,465
190,795
135,553
55,242
178,705
0
137,039
0
175
41,492
97,095
42,500
42,500
0
(62,291)
0
(62,291)
116,886

295,481
0
538,884
256,093
17,675
0
0
39,388
127,996
807
44,425
65,424
0
17,340
132,017
91,991
40,026
184,137
0
137,038
0
1,285
45,814
107,323
42,500
42,500
0
(45,318)
0
(45,318)
110,141

279,060
0
538,884
239,672
16,422
0
0
39,388
272,024
1,191
202,332
50,540
0
17,961
225,168
73,742
151,426
191,725
0
137,039
0
2,162
52,524
134,191
42,500
42,500
0
(12,176)
0
(12,176)
103,867

535,945
535,945
0
502,909

549,348
549,348
0
521,025

531,494
531,494
0
519,450

33,036
8,183

28,323
9,281

12,044
8,313

576,449
576,449
0
533,653
435,780
97,874
42,796
11,180
5,591
5,589
39,747
14,183
13,661
17,433
2,882
0
0
65,454

573,844
573,844
0
499,817
511,490
(11,673)
74,027
13,006
7,054
5,952
34,371
21,453
21,112
39,568
5,990
0
0
(89,401)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,996
2,680
0
0

(5,185)
2,747
0
0

(11,631)
2,657
0
0

226,352
226,352
0
239,948
145,376
94,572
(13,596)
6,795
4,431
2,364
27,276
20,064
19,756
(40,455)
0
0
0
(28,871)

198,663
0
6,316
92,794

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

0.12
2.96
6.20
1.10
0.55
93.84
2.43
2.25
10.61
5.94

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

8,183

9,281

8,313

15,857

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)

78

6.81

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

1.68
0.00
1.49
33.48

-0.94
0.00
-1.87
32.99

-2.19
0.00
-3.36
31.03

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

362,335

345,378

594,736

479,947
362,335
30,278
0

495,998
345,378
27,167
0

610,924
594,736
25,596
0

347,162
16,075
134,499
111,678
18,630
66,280
378,057
211,883
166,174
135,606

522,459
23,103
242,202
164,196
17,514
75,444
585,475
345,756
239,719
61,092

655,809
10,976
327,042
164,083
18,162
135,546
615,882
452,261
163,621
284,810

135,606
195,834
5,000
5,000
0
190,834

61,092
221,270
5,000
5,000
0
216,270

284,810
349,853
5,000
5,000
0
344,853

706,659
889
631,522
577,195
30,030
0
128,496
79
569,665
10,674
370,786
119,791
0
68,414
643,220
463,783
179,437
289,826
155,006
50,000
0
12,286
72,534
343,278
5,000
5,000
0
19,883
569
19,314
318,395

720,330
1,472
637,581
555,317
28,716
0
163,470
71
406,777
26,260
251,194
71,139
0
58,185
352,572
180,345
172,227
242,248
127,418
10,000
0
11,355
93,475
532,287
5,000
5,000
0
209,363
558
208,805
317,923

758,405
6,507
641,386
533,121
27,332
0
218,701
75
825,552
11,904
427,256
83,553
0
302,840
513,189
280,415
232,774
86,932
0
0
0
13,286
73,646
983,836
5,000
5,000
0
642,094
549
641,545
336,742

980,169
710,326
269,843
846,818

1,007,651
676,027
331,624
875,429

1,024,973
544,579
480,394
868,071

133,351
51,871

132,222
66,685

156,902
143,180

1,750,820
1,004,107
746,713
1,372,136
937,242
434,894
378,684
92,261
51,114
41,147
110,170
100,568
87,249
221,515
12,576
2,500
0
373,177

2,319,040
287,218
2,031,822
1,742,481
1,646,053
96,429
576,559
118,710
58,593
60,117
136,493
60,713
35,715
440,541
26,152
2,500
0
235,754

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,404
9,353
1,250
0

18,343
11,091
1,250
0

(33,166)
5,744
0
0

1,403,698
1,043,882
359,816
1,292,376
929,830
362,546
111,322
109,384
48,440
60,944
94,412
137,146
119,183
(145,760)
3,480
0
0
30,508

331,440
0
17,801
211,883

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

0.39
5.47
11.39
1.38
0.92
86.40
2.62
3.72
13.08
8.08
15.24
7.29

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

51,871

66,685

143,180

53,621

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)

79

3.13

3.79
-0.22
-10.38
0.03
-298.48
686.56

2.90
0.00
38.10
391.67

1.82
0.00
14.50
442.54

-3.24
0.00
-77.82
699.71

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

191,020

369,728

332,190

315,232
191,020
20,615
0

387,739
369,728
21,324
0

387,927
332,190
37,431
0

65,768
1,396
13,183
2,249
159
48,781
83,240
0
83,240
215,471

100,801
20,874
15,185
6,880
0
57,862
312,367
0
312,367
15,111

94,412
14,891
26,433
0
0
53,088
299,057
0
299,057
15,111

215,471
(41,923)
126,012
126,012
0
(167,935)

15,111
143,051
126,012
126,012
0
17,039

15,111
112,434
126,012
126,012
0
(13,578)

322,372
0
388,471
305,405
27,330
0
0
16,967
30,891
9,661
13,616
0
0
7,613
43,982
0
43,982
233,629
15,111
177,201
0
2,878
38,439
75,652
126,012
126,012
0
(278,773)
0
(278,773)
228,414

307,689
10,663
386,603
280,014
26,186
0
0
17,012
63,223
21,593
17,530
5,637
0
18,463
65,877
0
65,877
235,601
15,111
174,869
0
1,619
44,002
69,434
126,012
126,012
0
(272,807)
0
(272,807)
216,230

292,398
0
403,995
275,376
22,030
0
0
17,022
50,668
8,342
56
0
27,338
14,932
43,508
0
43,508
236,367
15,111
178,060
0
569
42,627
63,191
126,012
126,012
0
(268,728)
0
(268,728)
205,907

470,028
470,028
0
436,967

497,594
446,168
51,426
471,581

572,402
549,096
23,306
590,481

33,061
20,350

26,013
15,383

(18,079)
12,587

571,674
539,919
31,756
556,558
389,183
167,375
15,117
13,591
1,691
11,900
50,736
212
0
2,298
2,954
0
0
27,206

716,222
578,700
137,521
701,008
547,034
153,975
15,213
15,218
4,561
10,657
41,391
750
0
83
7,651
0
0
(10,209)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

10,024
3,833
0
0

12,218
2,488
0
0

(33,719)
2,803
0
0

480,345
432,771
47,574
509,677
352,116
157,561
(29,332)
11,396
2,576
8,820
46,228
205
0
(40,925)
554
0
0
(9,504)

173,548
0
6,191
0

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
(7,568)
15,111

0.05
0.63
0.48
1.83
0.79
92.97
-7.13
3.81
-42.63
10.92

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
0.02
0.13
0.03

20,350

15,383

12,587

2,966

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)

80

35.65

32.77

21.65

35.28

32.61

12,835.51

2.13
0.00
0.49
-3.33

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

0.01
-0.04
-0.60
5.01

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

717,657

1,011,194

951,299

759,741
717,657
19,278
0

1,012,459
1,011,194
29,412
0

997,709
951,299
48,767
0

409,975
7,610
122,167
199,847
7
80,344
612,244
372,279
239,965
242,819

385,820
9,842
122,373
126,031
8
127,566
814,328
288,689
525,639
98,916

423,602
20,752
181,422
96,775
6
124,647
740,857
291,418
449,439
192,791

242,819
272,569
70,000
70,000
0
202,569

98,916
483,770
70,000
70,000
0
413,770

192,791
441,253
70,000
70,000
0
371,253

952,007
26,904
1,017,383
901,636
47,303
0
0
23,467
380,491
5,200
107,406
150,406
0
117,480
433,246
254,513
178,733
477,909
73,710
332,845
0
0
71,354
421,343
70,000
70,000
0
34,901
0
34,901
316,442

937,726
28,034
1,060,472
899,447
45,497
0
0
10,245
354,253
24,454
207,017
73,766
0
49,016
341,923
253,124
88,799
352,415
22,275
228,888
0
0
101,252
597,641
175,000
175,000
0
158,864
0
158,864
263,777

2,631,622
37,617
3,185,468
2,585,725
130,084
0
0
8,280
2,081,273
60,290
1,249,429
528,744
0
242,810
1,599,956
1,160,053
439,903
629,513
71,061
300,000
0
0
258,452
2,483,426
183,750
183,750
0
1,255,536
714,919
540,617
1,044,140

614,837
614,837
0
539,947

637,107
366,778
270,329
515,931

747,616
615,445
132,171
646,216

74,890
61,475

121,176
39,110

101,400
29,247

1,148,043
1,010,578
137,465
906,703
641,933
264,769
241,340
54,791
19,352
35,439
92,696
71,254
66,482
118,615
8,024
35,000
8,750
102,124

9,082,348
3,980,365
5,101,983
7,698,277
6,298,052
1,400,225
1,384,071
537,034
392,008
145,026
318,827
322,852
287,000
516,868
97,595
36,750
0
10,819

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(41,094)
6,994
0
0

14,327
8,738
0
0

(10,455)
4,864
0
0

835,155
687,683
147,472
743,468
517,610
225,858
91,687
35,472
12,520
22,953
63,084
71,779
69,993
(1,593)
1,276
0
0
40,183

515,388
0
(48,088)
372,279

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

3,112,939
71,061
382,523
1,231,114

0.34
8.44
32.50
0.55
0.67
87.82
3.14
-4.13
-13.44
-8.42

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

0.37
3.55
5.82
1.93
1.30
84.76
0.90
17.21
33.55
25.44
11.41
7.27
2.80
5.69
0.00
22.82
135.15

61,475

39,110

29,247

51,906

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)

81

5.03

5.21

4.12

7.78
0.98
-0.19
0.04
-0.41
60.19

-6.68
0.00
-6.87
38.94

2.25
0.00
0.80
69.11

-1.40
0.00
-2.19
63.04

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,225,974

1,547,998

1,524,003

1,556,230
1,225,974
92,991
0

1,836,399
1,547,998
50,386
0

1,825,338
1,524,003
54,970
0

423,188
9,781
308,010
5,714
26,876
72,807
746,631
523,075
223,556
356,658

513,821
4,768
379,028
23,003
28,962
78,060
794,711
468,765
325,946
377,421

604,682
5,092
430,773
37,675
41,016
90,126
748,822
584,510
164,312
478,776

16,521

356,658
545,873
28,777
28,777
0
517,096

360,900
889,687
31,723
31,655
68
857,964

478,776
901,087
31,655
31,655
0
869,432

1,514,602
3,845
1,881,218
1,497,608
53,567
0
10,804
2,345
462,621
3,177
358,881
26,623
0
73,940
698,670
555,000
143,670
446,823
326,339
0
0
10,203
110,281
831,730
31,655
31,655
0
138,462
29,862
108,600
661,613

1,984,048
0
2,217,788
1,929,393
53,561
0
52,228
2,427
460,914
5,850
364,761
12,082
0
78,221
559,916
429,873
130,043
517,481
285,438
0
0
17,569
214,474
1,367,565
43,064
43,064
0
296,063
18,453
277,610
1,028,438

2,023,790
58,433
2,222,911
1,877,956
59,950
0
85,196
2,205
701,481
21,193
508,371
49,957
0
121,960
771,642
526,937
244,705
501,755
257,332
0
63,725
34,403
146,295
1,451,874
47,848
47,848
0
389,983
18,453
371,530
1,014,043

970,377
970,377
0
901,743

1,079,553
1,079,553
0
934,344

1,130,611
1,130,611
0
978,959

68,634
32,504

145,209
37,428

151,652
41,511

1,454,537
1,454,537
0
1,142,811
767,405
375,406
311,726
60,547
7,560
52,987
174,545
125,938
125,132
174,411
25,834
0
0
175,450

2,134,841
2,134,841
0
1,944,643
1,483,199
461,444
190,198
77,061
15,000
62,061
239,026
36,615
31,821
111,058
21,487
0
0
128,214

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(44,382)
4,852
0
0

6,014
5,376
0
10,066

19,436
5,635
0
0

1,071,738
1,071,738
0
1,010,091
630,495
379,596
61,647
40,746
5,870
34,876
140,615
143,546
142,723
(149,174)
2,349
0
0
29,787

902,531
0
(49,234)
523,075

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

0.06
8.60
0.59
0.59
0.57
92.93
2.02
-2.73
-7.22
-4.58

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

32,504

37,428

41,511

83,496

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)

82

3.15

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

-4.57
0.00
-17.11
189.69

0.56
0.00
0.20
281.06

1.72
0.00
4.36
284.66

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

571,433

660,235

667,219

713,638
571,433
22,314
0

570,633
537,353
24,258
122,882

857,186
666,952
200,553
267

189,325
5,848
40,897
8,875
89,757
43,948
375,414
48,224
327,190
141,192

97,211
5,390
22,269
7,353
0
62,199
310,826
6,679
304,147
288,528

147,831
5,412
30,687
9,467
565
101,700
301,480
0
301,480
154,048

141,192
244,152
70,169
70,169
0
173,983

288,528
158,092
70,169
70,169
0
87,923

154,048
359,522
70,169
70,169
0
289,353

790,964
0
871,989
649,735
21,683
0
137,243
3,986
141,534
7,966
28,618
22,719
25,112
57,120
151,395
40,548
110,846
123,882
57,228
0
0
26,309
40,345
657,221
324,912
324,912
0
(182,017)
(11,305)
(170,712)
514,326

859,125
10,897
862,483
636,688
20,068
0
208,387
3,153
106,962
3,975
32,153
13,223
19,978
37,632
137,080
46,145
90,935
96,141
29,344
0
0
30,595
36,202
732,866
324,912
324,912
0
(177,843)
0
(177,843)
585,798

763,045
5,000
848,215
621,643
18,291
0
134,395
2,007
107,426
2,903
21,907
31,064
19,531
32,021
172,844
49,114
123,729
77,280
13,077
0
0
32,378
31,825
620,347
324,912
324,912
0
(282,232)
2,719
(284,952)
577,668

581,319
581,319
0
556,252

651,194
651,194
0
658,830

751,885
751,885
0
741,257

25,067
14,625

(7,636)
13,059

10,628
14,130

703,589
703,589
0
665,909
561,217
104,692
37,681
43,625
1,317
42,309
64,047
9,430
8,984
29,438
4,747
0
0
43,375

783,739
783,739
0
792,221
679,747
112,473
(8,481)
26,777
2,030
24,747
66,434
5,991
5,610
(105,160)
8,840
0
0
16,445

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(4,787)
2,907
0
0

9,096
4,769
0
0

118
3,758
0
0

763,285
763,285
0
707,363
599,253
108,110
55,922
46,986
1,223
45,762
60,895
10,767
10,468
24,158
24,158
0
0
43,709

385,344
0
(7,694)
48,224

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

0.28
2.89
1.53
0.76
0.50
95.69
2.12
-0.81
-6.00
-2.07

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

14,625

13,059

14,130

16,783

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)

83

14.21

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

-0.82
0.00
-1.10
34.79

1.40
0.00
0.62
22.53

0.02
0.00
-0.52
51.24

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

0
0
0
0

0
0
0
0

0
0
0
0

84
17
0
0
0
67
567
0
567
0

83
16
0
0
0
67
654
0
654
0

90
23
0
0
0
67
764
0
764
0

0
(483)
11,833
11,833
0
(12,316)

0
(571)
11,838
11,838
0
(12,409)

0
(674)
11,833
11,833
0
(12,507)

64
0
0
0
0
0
0
64
18
14
0
0
0
4
945
0
945
0
0
0
0
0
0
(863)
11,833
11,833
0
(12,696)
0
(12,696)
0

64
0
0
0
0
0
0
64
18
14
0
0
0
4
1,192
0
1,192
0
0
0
0
0
0
(1,110)
11,833
11,833
0
(12,943)
0
(12,943)
0

63
0
0
0
0
0
0
63
18
14
0
0
0
4
0
0
0
1,439
0
1,179
0
0
260
(1,358)
11,833
11,833
0
(13,191)
0
(13,191)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
78

0
93

0
97

0
0
0
0
0
0
0
247
0
247
0
0
0
(247)
0
0
0
(247)

0
0
0
0
0
0
0
248
0
248
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(78)
0
0
0

(93)
0
0
0

(98)
0
0
0

0
0
0
0
0
0
0
188
0
188
0
1
0
(189)
0
0
0
(189)

(483)
0
(78)
0

(571)
0
(93)
0

(674)
0
(98)
0

(863)
0
(189)
0

(1,110)
0
(247)
0

81
0
(248)
0

0.03

0.02

0.03

0.01

0.01

0.00
0.15

0.00
0.13

0.00
0.12

0.00
0.02

0.00
0.02

-1.17
-92.86
17.59
17.59

-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

0.00

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

78

93

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.00

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

228,941

224,896

473,761

365,774
228,941
12,450
0

381,114
224,896
10,952
0

380,990
473,761
13,857
0

278,132
3,967
73,153
20,799
0
180,213
325,405
132,305
193,100
25,670

266,152
2,768
52,571
33,657
0
177,156
354,216
105,730
248,486
14,225

208,243
2,451
47,132
7,693
0
150,967
335,044
93,405
241,639
101,710

25,670
155,998
107,000
107,000
0
48,998

14,225
122,607
107,000
107,000
0
15,607

101,710
245,250
107,000
107,000
0
138,250

447,133
0
383,665
429,091
9,692
0
0
18,042
98,627
1,663
2,496
247
0
94,221
90,445
39,712
50,733
293,374
8,469
206,993
0
5,240
72,673
161,941
107,000
107,000
0
(122,322)
0
(122,322)
177,263

436,720
0
858,850
419,089
40,515
0
0
17,631
144,138
13,400
18,001
1,600
0
111,137
137,761
60,142
77,619
260,628
0
207,037
0
5,543
48,048
182,469
107,000
107,000
0
(88,738)
0
(88,738)
164,207

406,492
0
862,675
388,861
38,854
0
0
17,630
121,692
5,693
24,992
8,435
0
82,572
141,034
68,379
72,655
255,477
0
212,460
0
7,218
35,798
131,673
107,000
107,000
0
(121,351)
0
(121,351)
146,024

425,287
395,750
29,537
424,897

494,003
479,156
14,847
500,558

657,710
639,582
18,128
691,932

390
15,392

(6,555)
15,078

(34,222)
23,938

724,343
640,398
83,945
712,682
521,171
191,511
11,661
17,882
4,188
13,694
60,708
19,023
17,566
(25,145)
3,634
0
0
(3,129)

1,110,715
1,110,715
0
1,127,120
918,197
208,923
(16,405)
16,767
1,890
14,877
71,092
19,026
18,433
(51,568)
11,477
0
0
(5,136)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(38,419)
2,126
0
0

(46,001)
2,470
0
0

(77,229)
3,288
0
0

431,304
430,993
311
487,450
349,815
137,635
(56,146)
13,169
0
13,169
4,803
22,104
21,748
(94,103)
2,162
0
0
(12,032)

181,668
0
(40,545)
132,305

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

387,150
0
(63,045)
68,379

0.08
5.67
4.89
0.84
0.85
99.91
2.25
-7.48
-17.90
-15.56

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
3.01
-9.30
-32.83
-12.42

15,392

15,078

23,938

24,119

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)

85

5.81

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
12.31

-9.03
0.00
-3.79
14.58

-9.31
0.00
-4.53
11.46

-11.74
0.00
-7.52
22.92

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

426,930

410,171

373,672

518,347
426,930
44,737
0

545,242
410,171
43,654
0

550,575
373,672
41,831
0

101,703
1,466
80,698
1,267
0
18,272
281,558
101,192
180,366
127,936

97,789
4,368
69,554
3,074
0
20,793
365,782
99,483
266,299
111,504

132,430
3,301
99,174
5,348
0
24,607
289,835
110,344
179,491
253,649

127,936
119,139
131,748
131,748
0
(12,609)

111,504
30,674
131,748
131,748
0
(101,074)

253,649
(37,382)
131,748
131,748
0
(169,130)

335,325
0
539,330
331,187
36,125
0
0
4,138
101,694
610
82,127
3,106
0
15,851
113,778
57,134
56,644
415,045
268,496
93,253
0
1,546
51,750
(91,804)
131,748
131,748
0
(346,590)
0
(346,590)
123,038

291,612
0
521,092
289,563
32,038
0
0
2,049
35,593
1,576
11,768
2,990
0
19,259
115,256
46,799
68,457
362,004
264,554
85,406
0
2,194
9,850
(150,055)
131,748
131,748
0
(393,325)
0
(393,325)
111,522

585,424
0
839,695
583,375
31,351
0
0
2,049
53,169
2,937
10,396
16,263
0
23,573
174,209
69,266
104,943
509,639
241,938
99,936
0
6,354
161,411
(45,255)
131,748
131,748
0
(495,337)
0
(495,337)
318,334

408,382
408,382
0
405,768

405,401
405,401
0
454,775

378,624
378,624
0
397,941

2,614
19,965

(49,374)
17,989

(19,317)
18,444

502,293
502,293
0
587,130
417,200
169,930
(84,837)
16,520
1,329
15,191
50,485
5,553
3,583
(100,151)
0
0
0
8,381

349,746
334,985
14,761
409,871
278,118
131,753
(60,125)
15,804
2,641
13,163
39,026
1,522
1,356
(76,087)
155
0
0
(20,360)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(39,345)
2,042
0
0

(88,827)
2,027
0
0

(67,717)
1,893
0
0

292,920
292,920
0
346,600
213,393
133,207
(53,680)
12,540
79
12,461
31,916
34,929
33,494
(100,485)
0
0
0
(22,924)

247,075
0
(41,387)
101,192

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
241,938
(76,242)
311,204

0.01
5.49
0.31
0.77
0.36
99.36
3.44
-7.33
-20.44
-13.04

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

19,965

17,989

18,444

22,428

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)

86

5.06

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

-9.63
0.00
-3.14
9.04

-21.91
0.00
-6.90
2.33

-17.89
0.00
-5.28
-2.84

Financial Statement Analysis of Non Financial Sector 2011

Khyber Textile Mills Ltd.

2007

2008

2009

48,344

41,208

41,190

323,965
48,344
5,372
0

316,232
41,208
4,567
0

316,232
41,190
18
0

71,884
3,715
45,622
0
0
22,547
135,369
23,149
112,220
0

39,259
4,218
17,985
24
0
17,032
67,934
11,039
56,895
0

12,116
213
0
24
0
11,879
31,781
0
31,781
8,992

0
(15,141)
12,275
12,275
0
(27,416)

0
12,533
12,275
12,275
0
258

8,992
12,533
12,275
12,275
0
258

39,995
0
219,314
30,724
17
0
0
9,271
6,725
92
0
0
0
6,633
63,837
4,155
59,682
19,786
9,349
1,445
0
0
8,992
(36,903)
12,275
12,275
0
(49,178)
258
(49,436)
0

30,798
0
219,314
30,709
14
0
0
89
6,642
49
0
0
0
6,593
56,427
4,155
52,272
20,690
5,194
15,496
0
0
0
(39,677)
12,275
12,275
0
(51,952)
258
(52,210)
0

30,785
0
219,314
30,696
13
0
0
89
6,640
47
0
0
0
6,594
49,991
0
49,991
28,127
0
27,088
0
0
1,039
(40,693)
12,275
12,275
0
(52,968)
258
(53,226)
0

405,950
405,950
0
398,241

461,628
461,628
0
466,398

14,694
14,694
0
22,054

7,709
3,890

(4,770)
7,613

(7,360)
2,251

0
0
0
0
0
0
0
2,903
0
2,903
1,428
5
0
(2,583)
0
0
0
(9,939)

0
0
0
0
0
0
0
1,582
0
1,582
1,026
1
0
(1,015)
2
0
0
(1,016)

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

(Thousand Rupees)
2010
2011

2006

Items

1.Long term secured loans

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

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & 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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

967
2,030
0
0

(4,662)
2,360
0
0

(8,636)
80
0
0

0
0
0
0
0
0
0
8,716
0
8,716
1,273
10
0
(1,433)
0
0
0
4,328

(15,141)
0
(1,063)
23,149

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

0.03
0.73
0.00
3.38
0.53
98.10
-8.94
0.76
-15.82
-15.82

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
0.11

0.00
0.12

0.00
0.13

8.90

25.67

3,890

7,613

2,251

2,951

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)

87

0.24
0.00
-0.87
-12.33

-1.01
0.00
-5.72
10.21

-58.77
0.00
-7.10
10.21

-2.27
-2.87
11.76
-65.03

-1.94
-6.14
6.75
14.31

-1.92
-2.71
2.53
6.43

0.05
-1.17
-30.06

-0.13
-2.10
-32.32

-0.01
-0.83
-33.15

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

702,160

664,961

752,160

1,016,987
685,151
56,579
17,009

1,045,242
664,698
56,856
263

1,144,864
752,160
396,943
0

482,675
442
329,439
131,915
0
20,879
566,677
475,670
91,007
273,125

539,486
115
338,671
139,426
0
61,274
571,190
426,308
144,882
311,769

549,278
57
188,602
267,681
0
92,938
632,393
501,734
130,659
302,999

273,125
345,033
208,000
208,000
0
137,033

311,769
321,488
208,000
208,000
0
113,488

302,999
366,046
208,000
208,000
0
158,046

866,002
0
1,129,943
792,683
60,046
0
0
73,319
379,812
811
101,094
237,316
0
40,591
530,909
370,283
160,626
417,150
295,473
100,000
0
20,659
1,018
297,755
208,000
208,000
0
(226,094)
0
(226,094)
315,849

828,870
10,316
1,098,262
748,745
43,450
0
0
69,809
706,212
575
421,020
221,283
0
63,334
833,199
633,020
200,179
387,669
262,500
100,000
0
23,906
1,263
314,214
208,000
208,000
0
(195,256)
0
(195,256)
301,470

796,375
584
1,094,433
726,854
44,084
0
0
68,937
715,731
477
442,184
216,050
0
57,020
814,697
582,319
232,378
376,762
187,500
160,000
0
28,310
952
320,647
208,000
208,000
0
(180,957)
0
(180,957)
293,604

1,180,286
1,173,836
6,450
1,054,752

1,317,002
1,299,712
17,290
1,215,132

1,438,648
1,437,458
1,190
1,370,940

125,534
38,651

101,870
42,698

67,708
42,088

1,686,696
1,686,696
0
1,514,660
1,253,036
261,624
172,036
56,900
6,752
50,148
121,372
94,341
78,237
21,652
8,433
0
0
(147,876)

2,133,636
2,133,636
0
1,999,571
1,788,239
211,332
134,065
46,841
6,250
40,591
136,779
78,762
76,911
27,771
21,336
0
0
158,882

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,470
5,890
0
0

(34,572)
6,575
0
0

(86,099)
7,194
0
0

1,444,643
1,416,986
27,657
1,444,217
927,048
517,169
426
50,255
10,365
39,890
105,558
140,849
121,173
(189,993)
258
0
0
190,007

618,158
0
(1,420)
475,670

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

0.23
7.06
11.18
1.00
0.85
89.36
2.43
0.39
1.39
0.72

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

38,651

42,698

42,088

83,357

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)

88

3.58

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

0.38
0.00
-0.07
16.59

-2.63
0.00
-1.98
15.46

-5.98
0.00
-4.49
17.60

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,558,434

1,506,752

849,283

2,194,486
1,558,434
51,864
0

2,198,850
1,506,752
57,520
0

862,979
849,283
27,373
0

423,134
41,454
239,982
1,638
10,935
129,125
1,066,449
401,279
665,170
2,695

524,981
93,329
215,787
6,854
105,408
103,603
1,032,458
449,172
583,286
115,762

542,666
24,762
14,608
0
51,570
451,726
790,791
25,671
765,120
101,748

2,695
912,424
288,596
288,596
0
623,828

115,762
883,513
288,596
288,596
0
594,917

101,748
499,410
303,025
303,025
0
196,385

817,019
0
827,646
792,782
17,939
0
20,811
3,427
115,194
8,870
5,813
5,075
0
95,436
116,987
7,943
109,044
426,463
426,463
0
0
0
0
388,763
303,025
303,025
0
(556,255)
187,395
(743,650)
641,993

794,214
0
834,381
775,026
17,115
0
15,763
3,425
26,906
8,971
0
2,686
0
15,249
30,122
865
29,257
438,463
438,463
0
0
0
0
352,535
303,025
303,025
0
(590,809)
187,395
(778,204)
640,320

770,210
0
832,783
759,286
15,096
0
7,768
3,156
21,971
3,595
0
3,916
0
14,460
8,595
865
7,730
462,006
0
462,006
0
0
0
321,580
303,025
303,025
0
(620,259)
187,395
(807,654)
638,813

1,005,158
1,005,158
0
894,265

1,012,304
1,012,304
0
949,549

241,479
241,479
0
234,932

110,893
73,801

62,755
117,943

6,547
134,812

0
0
0
0
0
0
0
54,300
0
54,300
13,211
272
196
(35,849)
379
0
0
(6,875)

0
0
0
0
0
0
0
40,384
0
40,384
8,690
41
0
(30,244)
712
0
0
(32,276)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

89,045
5,039
0
0

(118,005)
5,391
0
0

(151,579)
1,880
0
0

0
0
0
0
0
0
0
301,814
0
301,814
44,449
14,916
14,498
(301,194)
485
0
0
(72,598)

915,119
0
84,006
401,279

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

0.05
5.43
0.16
0.51
0.40
88.97
1.17
2.85
8.76
8.75

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

0.87

0.00
0.98

0.00
0.89

0.00
2.56

73,801

117,943

134,812

54,622

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)

89

1.40
-25.92
-67.82
-42.53

1.33
-4.09
-9.67
-4.46

1.46
-3.75
-8.97
-3.84

4.19

4.69

16.53

0.00
-19.78

8.86
0.00
2.91
31.62

-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 2011

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)
2010
2011

2006

2007

2008

2009

4,104,627

4,104,627

4,104,627

5,561,093
4,099,627
268,132
5,000

5,561,093
4,099,627
268,132
5,000

5,561,093
4,099,627
268,132
5,000

3,718,892
181,197
1,614,546
1,038,802
275,634
608,713
4,679,882
3,645,542
1,034,340
1,438,956

3,718,892
181,197
1,614,546
1,038,802
275,634
608,713
4,679,882
3,645,542
1,034,340
1,438,956

3,718,892
181,197
1,614,546
1,038,802
275,634
608,713
4,679,882
3,645,542
1,034,340
1,438,956

119,997

119,997

119,997

1,318,959
1,704,681
330,591
330,591
0
1,374,090

1,318,959
1,704,681
330,591
330,591
0
1,374,090

1,318,959
1,704,681
330,591
330,591
0
1,374,090

5,628,504
76,674
7,643,941
5,483,273
272,679
42,474
0
26,083
3,415,467
281,229
1,226,956
872,369
172,526
862,387
6,150,478
4,782,795
1,367,683
1,016,955
948,092
0
0
0
68,863
1,876,538
509,110
509,110
0
330,102
242,870
87,232
1,037,326

5,416,869
42,653
7,734,568
5,299,081
323,789
40,452
0
34,683
3,240,985
76,535
1,143,915
774,727
272,264
973,544
7,363,807
5,432,644
1,931,163
438,911
346,049
0
0
0
92,862
855,136
509,110
509,110
0
(678,127)
386,720
(1,064,847)
1,024,153

3,306,413
31,501
5,302,144
3,214,533
250,424
36,688
0
23,691
2,439,638
231,874
521,462
498,803
77,889
1,109,611
6,376,888
4,450,186
1,926,702
31,085
0
0
0
0
31,085
(661,922)
509,110
509,110
0
(1,867,570)
253,237
(2,120,806)
696,538

6,450,087
1,346,094
5,103,993
5,728,198

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

721,889
347,377

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
469,125
724,448
650,049
(1,118,973)
55,513
0
0
(152,705)

5,389,231
1,243,102
4,146,129
5,457,331
3,221,349
2,235,982
(68,100)
745,348
368,622
376,726
321,167
623,162
568,444
(1,234,472)
45,370
0
0
(487,242)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,049
59,218
0
0

6,049
59,218
0
0

6,049
59,218
0
0

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
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

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

0.32
6.34
16.11
0.82
0.79
88.81
3.59
0.08
0.36
0.18

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
101.26
-9.68
-17.14
-1,277.82
-372.27

347,377

347,377

347,377

408,655

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)

90

3.99

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

0.09
0.00
-1.61
51.56

0.09
0.00
-1.61
51.56

0.09
0.00
-1.61
51.56

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,124,428

1,123,377

1,201,968

2,105,479
1,124,428
70,455
0

2,004,362
1,123,377
60,999
0

2,003,895
1,201,968
59,336
0

824,581
170,191
542,502
29,758
466
81,664
1,263,358
501,124
762,234
271,907

739,561
144,352
442,694
48,081
482
103,952
1,127,355
488,228
639,127
303,847

1,085,587
8,519
703,921
68,377
1,355
303,415
1,371,711
767,475
604,236
472,618

271,907
413,744
1,300,000
1,300,000
0
(886,256)

303,847
431,736
1,300,000
1,300,000
0
(868,264)

472,618
443,226
1,300,000
1,300,000
0
(856,774)

1,223,999
0
2,387,557
1,218,664
65,480
0
516
4,820
1,369,117
1,357
953,282
88,546
71,500
254,432
1,347,931
950,202
397,729
1,005,031
575,226
397,000
0
32,805
0
240,154
1,300,000
1,300,000
0
(1,059,846)
0
(1,059,846)
0

1,210,883
0
2,382,968
1,199,289
65,916
0
274
11,320
1,472,305
3,004
1,009,537
164,136
41,500
254,127
1,527,764
1,137,469
390,295
772,037
336,753
397,000
0
38,284
0
383,387
1,300,000
1,300,000
0
(916,613)
0
(916,613)
0

1,263,846
0
2,546,922
1,247,945
65,299
0
432
15,469
1,329,722
6,987
926,860
215,970
36,500
143,405
1,326,951
944,949
382,002
592,743
146,121
397,000
0
49,621
0
673,874
650,000
650,000
0
23,874
0
23,874
0

2,152,185
688,760
1,463,425
1,912,039

2,418,373
1,214,997
1,203,376
2,149,715

2,511,538
1,598,760
912,778
2,242,794

240,146
105,818

268,658
123,855

268,744
130,773

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
325,109
303,085
253,281
173,742
30,268
65,000
0
96,950

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
400,828
301,754
241,878
362,752
71,184
0
0
505,611

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,565
21,820
97,500
0

36,964
18,051
0
0

23,269
12,652
0
0

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
250,108
275,053
230,245
(191,207)
11,025
0
0
(248,025)

685,651
0
(82,755)
501,124

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

1,266,616
146,121
291,567
1,091,070

0.16
5.69
1.38
1.10
0.65
88.84
3.71
2.01
-117.09
19.95
0.15
3.97

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

105,818

123,855

130,773

122,363

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)

91

5.46

3.57

3.03
0.17
-6.63
-0.11
-1.56
1.85

1.70
0.00
0.11
3.18

1.53
0.00
0.15
3.32

0.93
0.00
0.08
3.41

7.35
2.50
5.33
0.26
4.49
10.37

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

3,561,259

3,971,021

3,972,540

5,144,283
3,561,259
253,478
0

5,475,591
3,971,021
327,480
0

6,048,099
3,972,540
363,853
0

7,778,730
436,811
1,607,795
887,407
3,828,749
1,017,968
3,909,345
2,938,757
970,588
2,723,236

10,513,032
63,371
1,755,097
1,062,320
5,937,832
1,694,412
4,509,338
2,775,505
1,733,833
2,680,804

9,542,782
75,387
1,673,062
1,340,460
3,756,737
2,697,136
5,485,049
3,994,524
1,490,525
3,044,651

71,250

2,651,986
4,707,408
1,058,374
1,058,374
0
3,649,034

2,680,804
7,293,911
1,455,262
1,455,262
0
5,838,649

3,044,651
4,985,622
1,455,262
1,455,262
0
3,530,360

8,143,655
92,336
6,552,906
4,047,897
369,616
0
3,969,805
33,617
5,131,884
80,297
1,779,826
1,050,101
607,610
1,614,050
6,762,527
5,727,513
1,035,014
2,190,079
2,019,490
0
0
0
170,589
4,322,933
1,455,262
1,455,262
0
1,604,079
583,336
1,020,743
1,263,592

10,501,191
86,324
9,275,570
6,409,975
371,618
0
3,970,005
34,887
6,556,108
78,851
2,393,113
1,329,065
642,111
2,112,968
8,169,138
6,838,894
1,330,244
1,853,068
1,695,072
0
0
0
157,996
7,035,093
1,455,262
1,455,262
0
1,906,006
607,402
1,298,604
3,673,825

11,763,606
1,748
9,967,208
6,745,943
357,745
9,563
4,970,594
35,758
4,539,059
420,996
1,657,252
707,400
600
1,752,811
6,806,838
5,742,009
1,064,829
1,423,694
1,354,076
7,477
0
0
62,141
8,072,133
2,455,262
2,455,262
0
1,931,374
144,919
1,786,455
3,685,497

6,903,625
3,209,128
3,694,497
5,881,818

7,140,167
2,911,779
4,228,388
6,094,641

7,558,322
3,694,079
3,864,243
6,395,622

1,021,807
538,982

1,045,526
520,552

1,162,700
543,540

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
901,039
1,072,768
1,027,891
376,448
83,824
0
0
(403,780)

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
846,286
1,037,294
999,479
688,790
132,181
0
0
1,727,143

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

354,984
33,510
0
105,837

(28,293)
41,671
0
0

130,805
38,350
0
0

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
807,226
1,260,230
998,029
(536,676)
55,753
0
0
106,116

7,430,644
71,250
321,474
3,010,007

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
1,354,076
556,609
7,096,085

1.32
6.49
12.85
0.61
1.99
85.20
1.41
2.60
5.96
3.80

1.57
8.46
14.88
0.49
2.33
85.36
0.99
-0.22
-0.47
-0.33

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

538,982

520,552

543,540

448,072

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.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.94
11.67
17.73
0.56
1.74
84.62
1.71
0.93
2.13
1.45

4.29

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

5.14
0.00
3.04
44.48

-0.40
0.00
-0.48
50.12

1.73
0.00
0.64
34.26

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

152,870

152,862

240,569

209,678
152,870
9
0

209,678
152,862
8
0

297,391
240,569
7
0

870
74
0
0
0
796
199,013
0
199,013
0

613
74
0
0
0
539
199,548
0
199,548
0

611
72
0
475
0
64
200,426
0
200,426
0

0
(45,273)
121,237
121,237
0
(166,510)

0
(46,073)
121,237
121,237
0
(167,310)

0
40,754
121,237
121,237
0
(80,483)

240,589
0
297,391
240,564
6
0
0
25
589
76
0
475
0
39
1,456
0
1,456
199,893
0
199,893
0
0
0
39,829
121,237
121,237
0
(169,122)
0
(169,122)
87,713

240,582
0
297,391
240,557
5
0
0
25
590
76
0
475
0
39
382
0
382
201,859
0
201,859
0
0
0
38,931
121,237
121,237
0
(170,019)
0
(170,019)
87,713

240,577
0
297,391
240,552
5
0
0
25
598
84
0
475
0
39
251
0
251
203,015
0
203,015
0
0
0
37,909
121,237
121,237
0
(171,041)
0
(171,041)
87,713

0
0
0
0

0
0
0
0

0
0
0
0

0
72,708

0
797

0
885

0
0
0
0
0
0
0
896
0
896
488
1
0
(897)
0
0
0
(1,966)

0
0
0
0
0
0
0
1,021
0
1,021
513
1
0
(1,022)
0
0
0
(1,148)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(15,711)
0
0
0

(800)
0
0
0

(885)
0
0
0

0
0
0
0
0
0
0
924
0
924
466
2
0
(926)
0
0
0
(827)

(45,273)
0
(15,711)
0

(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

0.00

0.00

0.00

0.38

1.44

2.23

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.40

0.00
1.54

0.00
2.38

72,708

797

885

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

-4.40
-8.28
41.99
43.73

-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

0.00
-1.30
-3.73

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,665,827

1,656,746

1,755,924

2,964,341
1,665,827
111,865
0

3,122,874
1,656,746
168,750
0

3,206,068
1,755,924
174,020
0

1,525,485
7,584
939,876
69,394
273,300
235,331
1,088,869
843,232
245,637
550,619

2,054,042
8,849
1,130,147
97,238
261,151
556,657
1,407,252
1,030,593
376,659
601,619

2,598,381
7,612
1,646,959
145,331
273,106
525,373
1,924,504
1,549,880
374,624
748,559

550,619
1,551,824
99,850
99,850
0
1,451,974

601,619
1,701,917
99,850
99,850
0
1,602,067

748,559
1,681,242
99,850
99,850
0
1,581,392

1,977,158
143
3,256,301
1,632,149
180,122
0
338,388
6,478
2,441,209
9,226
1,443,806
387,579
262,280
338,317
1,972,157
1,592,346
379,811
734,754
595,030
0
0
0
139,724
1,711,456
99,850
99,850
0
1,611,606
7,120
1,604,486
0

2,341,767
92,958
3,431,711
1,681,073
167,646
0
256,658
311,078
2,672,950
15,358
1,642,560
420,538
269,408
325,087
1,955,831
1,462,730
493,101
809,170
688,597
0
0
0
120,573
2,249,716
150,000
150,000
0
2,099,716
7,120
2,092,596
0

3,178,601
79,756
4,174,885
2,217,824
214,017
0
838,716
42,304
3,560,415
11,556
2,468,739
607,043
0
473,077
2,353,735
1,342,559
1,011,175
1,102,137
986,893
0
0
0
115,244
3,283,144
150,000
150,000
0
3,133,144
7,120
3,126,024
0

3,901,261
1,623,072
2,278,189
3,497,209

4,518,527
1,674,178
2,844,349
4,038,047

5,073,169
2,432,918
2,640,251
4,478,254

404,052
166,900

480,480
180,592

594,915
332,926

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
429,116
340,467
301,389
646,039
85,000
90,000
0
1,061,188

15,098,337
2,802,379
12,295,958
12,870,810
9,017,774
3,853,037
2,227,527
681,893
446,985
234,908
579,735
482,380
438,060
1,275,196
157,000
150,000
0
969,737

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

177,682
34,510
39,940
0

260,510
40,026
0
0

82,715
0
0
0

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
350,873
381,250
354,654
190,205
39,950
39,940
50,150
572,819

2,102,443
0
103,232
843,232

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

0.32
3.26
1.78
1.22
1.40
89.64
1.06
5.96
11.62
8.94
3.58
4.15

0.26
4.22
2.15
1.22
1.46
89.37
1.18
7.55
16.01
11.83

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
4.02
2.24
1.51
85.25
1.05
21.70
46.10
34.26
7.45
6.12
3.91
8.45
0.28
74.55
218.88

166,900

180,592

332,926

127,242

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.22
4.36
2.86
1.17
1.35
88.27
1.59
2.05
4.89
3.49

4.00

3.08

4.55
0.00
14.34
155.42

5.77
0.00
22.08
170.45

1.63
0.00
8.28
168.38

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

628,841

622,921

593,974

952,751
628,841
61,850
0

955,127
622,921
61,651
0

973,944
593,974
56,119
0

333,670
586
211,295
70,179
869
50,741
383,224
260,626
122,598
314,125

390,437
2,380
226,068
109,024
869
52,096
503,516
342,541
160,975
305,123

577,171
2,744
223,708
299,676
868
50,175
742,653
583,018
159,635
250,190

314,125
265,162
168,000
168,000
0
97,162

305,123
204,719
168,000
168,000
0
36,719

250,190
178,302
168,000
168,000
0
10,302

723,032
1,850
1,205,822
716,757
56,778
0
868
3,558
614,221
8,205
286,307
276,956
0
42,753
888,734
604,766
283,968
136,862
57,075
62,807
0
6,791
10,189
311,657
168,000
168,000
0
(6,611)
0
(6,611)
150,268

696,828
3,880
1,235,266
687,580
58,619
0
868
4,500
318,317
494
166,592
114,659
0
36,572
451,755
282,566
169,189
162,754
65,625
62,807
0
9,537
24,785
400,636
168,000
168,000
0
82,368
0
82,368
150,268

675,434
0
1,273,871
669,490
56,696
0
289
5,655
506,892
728
200,509
269,930
0
35,724
536,430
279,749
256,681
177,942
52,500
61,872
0
9,033
54,537
467,954
168,000
168,000
0
149,685
0
149,685
150,268

1,432,671
1,194,586
238,085
1,304,558

1,634,460
1,368,870
265,590
1,566,059

1,797,354
1,337,146
460,208
1,672,579

128,113
38,051

68,401
36,716

124,775
55,035

2,183,978
1,664,916
519,062
1,890,570
1,369,255
521,315
293,408
86,433
43,706
42,727
148,905
94,511
93,709
118,490
13,475
37,800
0
438,355

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
179,658
91,036
89,958
179,153
46,808
42,000
0
90,556

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

30,397
7,102
0
0

(41,707)
8,170
0
0

4,402
8,837
0
0

1,807,314
935,071
872,243
1,636,003
1,181,986
454,017
171,311
80,739
52,471
28,268
120,596
115,037
112,872
(16,272)
8,722
0
0
59,799

579,287
0
23,295
260,626

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

0.19
4.19
4.90
1.49
0.87
91.06
2.63
3.35
11.07
5.17

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

0.50
2.29
6.80
3.36
0.94
90.35
1.53
16.31
41.25
29.63
3.15
19.80
2.99
4.51
0.13
7.88
27.85

38,051

36,716

55,035

60,079

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)

95

6.78

7.23

8.03

6.31
0.86
-0.90
0.06
-1.49
18.55

2.12
0.00
1.39
15.78

-2.55
0.00
-2.97
12.19

0.24
0.00
-0.26
10.61

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,216,416

2,808,261

3,025,599

3,213,760
2,216,416
182,865
0

3,156,186
2,808,261
138,239
0

3,500,076
3,025,599
226,193
0

4,302,876
59,234
1,891,260
1,414,949
0
937,433
4,169,732
3,168,665
1,001,067
685,448

4,517,871
75,568
1,813,977
1,611
0
2,626,715
4,809,285
3,684,328
1,124,957
597,897

5,208,822
137,255
1,838,707
1,933,875
0
1,298,985
3,946,816
2,621,724
1,325,092
2,096,885

685,448
1,664,112
900,000
300,000
600,000
764,112

597,897
1,918,950
900,000
300,000
600,000
1,018,950

2,096,885
2,190,720
900,000
300,000
600,000
1,290,720

3,166,615
22,966
4,488,594
3,126,591
87,216
0
0
17,058
6,455,124
321,026
1,727,771
3,197,857
0
1,208,470
5,151,640
3,654,594
1,497,046
1,949,718
1,800,948
0
0
148,770
0
2,520,381
900,000
900,000
0
1,240,961
300,000
940,961
379,420

3,954,541
135,173
5,355,230
3,807,338
439,278
0
0
12,030
8,342,574
482,074
1,789,329
3,538,815
0
2,532,356
6,855,439
4,752,138
2,103,301
1,767,529
1,581,643
0
0
185,886
0
3,674,147
1,141,667
1,141,667
0
2,153,060
600,000
1,553,060
379,420

4,690,379
169,035
6,388,698
4,500,125
371,470
0
0
21,219
10,279,413
701,416
4,895,990
2,964,896
0
1,717,111
9,212,586
6,801,493
2,411,093
1,589,408
1,365,523
0
0
223,885
0
4,167,798
1,075,000
1,075,000
0
2,713,378
600,000
2,113,378
379,420

5,006,528
224,223
4,782,305
4,116,542

5,936,703
247,127
5,689,576
4,949,527

7,884,785
573,659
7,311,126
6,428,798

889,986
383,500

987,176
386,654

1,455,987
517,713

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
2,099,082
595,274
540,990
904,428
143,533
171,250
0
837,370

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
2,410,798
923,074
836,617
944,947
214,570
188,125
0
1,317,647

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

173,998
52,329
135,000
0

190,752
61,073
110,448
0

408,010
74,257
124,500
0

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
1,510,507
719,855
648,177
550,111
98,405
135,000
0
632,821

2,349,560
0
(13,331)
3,168,665

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
542,252
8,167,016

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
3.88
3.78
2.13
5.10
0.12
6.79
38.77

383,500

386,654

517,713

335,266

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

0.35
6.70
28.26
0.77
1.03
82.22
2.92
2.81
10.55
7.45
0.90
2.65

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.02
7.02
0.03
0.81
0.94
83.37
2.82
2.76
10.65
7.84
1.17
3.27

3.48
0.00
4.06
55.47

3.21
0.00
4.32
63.97

5.17
0.00
11.13
73.02

Financial Statement Analysis of Non Financial Sector 2011

Mehr Dastagir 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)
2010
2011

2006

2007

2008

2009

235,846

225,307

214,369

249,172
235,846
7,594
0

249,226
225,307
10,622
0

248,085
214,369
10,038
0

182,525
1,490
6,970
97,568
300
76,197
181,705
28,880
152,825
146,708

155,564
1,491
3,393
40,110
300
110,270
150,073
12,415
137,658
141,809

121,683
1,492
13,440
14,309
416
92,026
56,225
9,309
46,916
77,764

146,708
89,958
92,000
92,000
0
(2,042)

141,809
88,989
92,000
92,000
0
(3,011)

77,764
202,063
92,000
92,000
0
110,063

1,333
0
3,668
851
115
0
416
66
146,138
33
0
1,047
0
145,059
94,440
32,159
62,282
0
0
0
0
0
0
53,031
92,000
92,000
0
(39,085)
0
(39,085)
116

748
0
3,536
681
109
0
0
66
112,637
112
0
1,047
0
111,479
62,413
0
62,413
0
0
0
0
0
0
50,972
92,000
92,000
0
(41,028)
0
(41,028)
0

625
0
3,536
558
87
0
0
67
105,868
1
0
1,014
0
104,853
56,518
0
56,518
0
0
0
0
0
0
49,975
92,000
92,000
0
(42,025)
0
(42,025)
0

247,932
247,932
0
235,558

239,196
239,196
0
225,324

230,268
230,268
0
262,346

12,374
8,995

13,872
10,747

(32,078)
12,488

0
0
0
0
0
0
0
1,941
20
1,922
250
2
0
(1,944)
0
0
0
(221)

0
0
0
0
0
0
0
991
8
983
134
7
0
(998)
0
0
0
(111)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

850
1,306
0
0

227
(119)
0
0

(42,626)
1,151
0
0

89,000
89,000
0
111,215
84,561
26,654
(22,215)
5,131
252
4,879
1,274
570
400
(13,716)
0
0
0
(132,920)

236,666
0
(456)
28,880

230,798
0

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

0.55
1.02
39.35
0.59
1.00
95.01
3.65
0.16
0.94
0.35

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

0.00
1.80

0.00
1.87

8,995

10,747

12,488

2,541

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)

12,415

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

35.57

70.50

17.13

0.34
0.00
-0.05
9.78

0.09
0.00

-18.51
0.00
-4.76
21.96

9.67

-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

0.00
-0.21
5.54

0.00
-0.11
5.43

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

712,913

631,371

765,745

1,435,404
709,033
34,366
3,880

1,336,828
631,371
33,138
0

822,277
765,745
9,265
0

399,889
1,916
298,516
35,592
0
63,865
502,008
372,659
129,349
321,931

357,883
5,630
251,317
20,054
0
80,882
576,484
298,409
278,075
340,689

203,584
1,696
114,473
14,684
0
72,731
339,371
135,106
204,265
494,390

321,931
288,863
221,052
221,052
0
67,811

340,689
72,081
221,052
221,052
0
(148,971)

494,390
135,568
221,052
221,052
0
(85,484)

734,021
0
816,687
723,526
40,885
0
0
10,495
159,358
463
74,852
26,223
0
57,820
309,311
140,464
168,847
547,022
443,456
38,564
0
5,224
59,779
37,046
221,052
221,052
0
(533,396)
0
(533,396)
349,389

696,299
0
819,230
688,533
37,891
0
0
7,766
104,052
1,412
27,061
19,874
0
55,706
238,244
112,303
125,941
562,507
421,689
38,564
0
6,204
96,051
(400)
221,052
221,052
0
(558,079)
0
(558,079)
336,627

661,922
0
819,273
653,651
35,446
0
0
8,271
65,368
1,813
2,919
11,559
0
49,076
89,312
24,813
64,499
675,979
482,815
38,564
0
5,149
149,452
(38,001)
221,052
221,052
0
(583,683)
0
(583,683)
324,630

927,489
601,994
325,495
901,334

747,920
531,755
216,165
746,229

540,612
468,828
71,784
610,808

26,155
39,143

1,691
59,336

(70,196)
39,463

268,913
263,344
5,570
258,533
21,638
236,895
10,381
14,902
2,616
12,285
76,995
31,844
30,927
(36,071)
1,375
0
0
6,691

151,053
151,053
0
152,911
6,391
146,521
(1,859)
14,649
2,674
11,975
56,074
19,495
11,832
(36,002)
1,599
0
0
(39,736)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(87,461)
4,806
0
0

(145,658)
3,705
0
0

(149,917)
2,670
0
0

261,679
240,158
21,521
286,394
63,354
223,040
(24,715)
14,886
4,918
9,968
59,557
38,321
37,320
(76,127)
0
0
0
(13,434)

610,794
0
(92,267)
372,659

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
482,815
(37,601)
507,628

0.07
8.38
3.84
0.83
0.80
97.18
2.85
-7.71
-27.69
-14.38

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

39,143

59,336

39,463

77,757

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)

98

3.11

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

-9.43
0.00
-4.17
13.07

-19.48
0.00
-6.76
3.26

-27.73
0.00
-6.90
6.13

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,454,173

1,389,831

1,297,346

1,559,119
1,454,173
58,095
0

1,568,000
1,389,831
73,223
0

1,528,241
1,297,346
63,858
0

912,862
8,384
664,718
118,423
0
121,337
1,180,730
806,254
374,476
221,906

945,398
946
640,473
147,757
0
156,222
1,312,944
723,514
589,430
157,883

1,035,925
6,159
692,566
176,425
0
160,775
1,441,696
767,108
674,588
106,292

221,906
964,399
188,892
188,892
0
775,507

157,883
864,402
188,892
188,892
0
675,510

106,292
785,283
188,892
188,892
0
596,391

1,268,908
0
1,528,615
1,246,055
58,082
0
0
22,853
710,077
7,603
431,950
147,557
0
122,967
1,483,010
904,418
578,592
133,603
43,988
80,000
0
9,615
0
362,372
188,892
188,892
0
(614,538)
42,749
(657,287)
788,018

1,432,623
0
1,768,012
1,432,623
53,224
0
0
0
495,133
803
284,075
85,861
0
124,394
903,679
410,366
493,313
877,357
748,864
82,000
0
46,493
0
146,720
188,892
188,892
0
(1,040,860)
42,749
(1,083,609)
998,688

0
0
1,732,016
0
76,006
0
0
0
1,325,039
871
50,653
0
0
1,273,515
1,638,316
1,154,173
484,143
0
0
0
0
0
0
(313,277)
188,892
188,892
0
(1,371,009)
42,749
(1,413,758)
868,840

1,018,136
235,704
782,432
837,747

1,410,318
121,376
1,288,942
1,242,691

1,229,399
93,959
1,135,440
1,119,703

180,389
139,629

167,627
164,379

109,696
156,762

743,279
317,653
425,626
933,514
431,043
502,471
(190,235)
138,419
38,233
100,186
202,836
117,397
106,421
(430,828)
2,324
0
0
(8,127)

225,127
135,450
89,677
449,498
100,091
349,407
(224,371)
90,105
7,567
82,538
57,171
43,282
18,223
(344,233)
23,456
0
0
39,041

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(34,201)
8,149
0
0

(89,762)
12,577
0
0

(106,378)
12,268
0
0

1,101,670
318,167
783,503
1,293,848
504,768
789,080
(192,178)
135,194
59,701
75,493
210,516
99,341
97,050
(402,271)
8,816
0
0
47,469

1,186,305
0
(42,350)
806,254

1,022,285
0
(102,339)
723,514

891,575
0
(118,646)
767,108

495,975
43,988
(411,087)
948,406

1,024,077
748,864
(433,152)
1,159,230

(313,277)
0
(367,689)
1,154,173

0.11
7.92
11.63
0.43
0.77
82.28
1.45
-1.51
-3.48
-2.75

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
11.55
0.39
0.55
125.59
12.14
-22.06
-169.25
-56.69

0.00
19.23
0.00
0.17
0.81
199.66
-5.23
-21.17
413.35
-96.86

139,629

164,379

156,762

80,621

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)

99

1.53

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
7.77

4.44
-17.89
-152.91
0.02
-19.47
-16.58

-3.36
0.00
-2.24
51.06

-6.36
0.00
-5.42
45.76

-8.65
0.00
-6.28
41.57

Financial Statement Analysis of Non Financial Sector 2011

Mubarak Textile Mills Ltd.

2007

2008

2009

65,212

65,114

60,643

149,948
65,212
4,972
0

151,329
65,114
4,716
0

65,280
60,643
4,577
0

40,044
704
4,197
27,458
0
7,685
124,346
69,908
54,438
0

47,396
2,502
0
3,207
0
41,687
105,425
42,499
62,926
1,279

39,338
314
0
26,493
0
12,531
108,172
42,500
65,672
0

0
(19,090)
27,000
27,000
0
(46,090)

1,279
5,806
54,000
54,000
0
(48,194)

0
(8,191)
54,000
54,000
0
(62,191)

64,872
6,835
154,849
56,328
4,492
0
0
1,709
22,698
611
0
18,442
0
3,645
94,481
42,904
51,576
7,516
1,297
4,814
0
1,406
0
(14,427)
54,000
54,000
0
(86,029)
0
(86,029)
17,602

60,972
6,835
154,849
52,284
4,044
0
0
1,853
18,127
424
0
15,417
0
2,286
86,562
40,410
46,151
6,213
738
4,814
0
660
0
(13,676)
54,000
54,000
0
(84,216)
0
(84,216)
16,540

33,373
0
53,479
32,418
3,201
0
0
954
13,310
48
0
11,132
0
2,130
62,046
28,788
33,259
10,614
0
10,614
0
0
0
(25,977)
54,000
54,000
0
(88,331)
0
(88,331)
8,353

76,077
76,077
0
68,678

92,088
92,088
0
79,810

83,483
83,483
0
85,599

7,399
7,881

12,278
11,305

(2,116)
8,559

20,391
20,391
0
13,194
559
12,635
7,197
2,563
0
2,563
2,825
6,310
6,249
1,155
349
0
0
3,008

10,500
10,500
0
6,560
0
6,560
3,941
3,359
0
3,359
2,261
5,125
5,087
(11,987)
314
0
0
8,329

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

F.Operation:

(2,917)
386
0
0

195,337
479
0
0

(12,845)
426
0
0

51,564
51,564
0
48,658
16,801
31,857
2,906
3,642
45
3,597
6,496
7,022
6,904
(5,132)
606
0
0
3,140

(19,090)
0
(3,303)
69,908

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

0.23
4.55
36.09
0.72
0.32
90.27
-6.51
-2.79
16.35
20.27

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

-3.83
0.00
-1.22
-7.07

212.12
0.00
36.08
1.08

-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

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

7,881

11,305

8,559

3,461

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)

18.13

100

Financial Statement Analysis of Non Financial Sector 2011

Mukhtar Textile Mills Ltd.

2007

2008

2009

85,405

77,211

69,870

214,056
85,320
9,055
85

214,104
77,211
8,157
0

214,104
69,870
7,341
0

65,903
201
9,980
31,301
0
24,421
47,602
4,071
43,531
2,250

66,459
85
12,006
31,559
0
22,809
40,600
300
40,300
695

43,790
43
0
27,519
0
16,228
26,699
0
26,699
0

2,250
101,456
145,000
145,000
0
(43,544)

695
102,375
145,000
145,000
0
(42,625)

0
86,961
145,000
145,000
0
(58,039)

78,467
0
214,104
77,320
6,608
0
0
1,147
3,094
40
0
1,661
0
1,393
23,825
0
23,825
0
0
0
0
0
0
57,736
145,000
145,000
0
(87,264)
0
(87,264)
0

72,516
0
214,104
71,369
5,950
0
0
1,147
2,314
25
0
911
0
1,378
23,809
0
23,809
0
0
0
0
0
0
51,021
145,000
145,000
0
(93,979)
0
(93,979)
0

67,157
0
214,104
66,010
5,358
0
0
1,147
2,367
27
0
961
0
1,379
23,930
0
23,930
0
0
0
0
0
0
45,594
145,000
145,000
0
(99,406)
0
(99,406)
0

300,190
300,190
0
289,571

211,142
211,142
0
204,017

114,475
114,475
0
18,499

10,619
5,196

7,125
4,445

95,976
1,725

0
0
0
0
0
0
0
6,746
0
6,746
360
16
0
(6,717)
0
0
0
(15)

0
0
0
1,104
0
1,104
(1,104)
5,014
0
5,014
270
80
0
(5,428)
0
0
0
2

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,449
1,501
0
0

2,685
1,056
0
0

93,691
60
0
0

0
0
0
0
0
0
0
29,225
0
29,225
360
0
0
(29,225)
0
0
0
446

103,706
0
3,948
4,071

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

0.66
0.01
10.43
1.98
1.38
96.46
0.49
3.78
5.63
5.42

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

0.07

0.04

0.04

0.00
0.13

0.00
0.10

0.00
0.10

30.08

17.59

5,196

4,445

1,725

43

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)

101

1.82
0.00
0.27
7.00

1.27
0.00
0.11
7.06

81.84
0.00
6.46
6.00

0.41
-29.94
-40.39
-40.39

0.47
-8.59
-12.35
-12.35

0.52
-7.52
-11.24
-11.24

0.02
-2.02
3.98

0.00
-0.46
3.52

0.00
-0.37
3.14

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

252,797

241,304

234,807

618,565
252,797
27,304
0

629,845
241,304
26,234
0

646,907
234,807
24,705
0

391,872
44,787
275,992
27,392
0
43,701
357,645
166,610
191,035
0

282,303
35,378
182,366
17,636
0
46,923
246,264
48,876
197,388
0

411,778
6,599
352,960
13,181
0
39,038
339,683
151,887
187,796
6,972

0
287,024
147,000
147,000
0
140,024

0
277,343
147,000
147,000
0
130,343

6,972
299,930
147,000
147,000
0
152,930

229,536
0
664,066
228,041
24,558
0
0
1,495
396,091
27,250
290,197
32,628
0
46,016
301,933
121,586
180,346
32,519
0
0
0
3,852
28,668
291,175
147,000
147,000
0
144,175
0
144,175
0

229,248
0
668,023
227,753
22,487
0
0
1,495
527,067
7,446
441,494
26,436
0
51,692
348,369
54,958
293,411
34,369
0
0
0
5,695
28,674
373,577
147,000
147,000
0
226,577
0
226,577
0

246,584
1,679
704,615
243,410
24,652
0
0
1,495
696,850
88,641
463,116
76,245
0
68,847
371,149
225,655
145,493
172,065
0
134,000
0
9,314
28,752
400,220
147,000
147,000
0
253,220
0
253,220
0

894,539
740,053
154,486
757,908

967,270
964,561
2,709
843,837

1,141,696
1,141,696
0
1,023,993

136,631
31,531

123,433
34,152

117,703
41,705

1,630,785
1,630,785
0
1,452,039
1,029,613
422,425
178,747
75,732
16,494
59,238
148,218
8,193
7,198
122,968
39,911
29,400
0
19,228

2,092,185
1,702,495
389,691
1,921,741
1,479,247
442,494
170,444
81,153
21,618
59,535
197,071
12,552
10,770
86,153
29,022
17,640
0
(85,608)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

81,447
25,697
0
0

115,456
26,474
48,510
0

69,489
22,703
49,047
42,000

1,156,970
1,156,970
0
1,089,125
732,469
356,656
67,846
39,318
384
38,934
102,015
20,684
19,068
10,125
2,427
0
0
113,562

287,024
0
55,750
166,610

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

0.20
3.06
3.06
1.39
1.10
84.73
1.25
12.03
31.26
31.10

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
0.60
3.64
2.22
1.88
91.85
1.36
10.14
22.27
17.58
3.24
4.52
9.00
4.12
-0.16
3.89
27.23

31,531

34,152

41,705

27,402

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)

3.24

102

9.10
0.00
3.79
19.53

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

519,394

512,549

484,748

809,325
519,394
45,782
0

846,049
512,549
51,967
0

869,459
484,748
49,395
0

439,698
1,475
229,122
120,528
1,446
87,127
464,114
402,189
61,925
159,443

370,574
1,388
137,062
177,803
0
54,321
507,783
356,728
151,055
89,616

601,674
871
376,331
168,904
0
55,568
747,067
633,466
113,601
78,152

159,443
335,535
120,150
120,150
0
215,385

89,616
285,724
120,150
120,150
0
165,574

78,152
261,203
120,150
120,150
0
141,053

443,858
0
878,644
443,053
46,084
0
0
805
451,943
932
287,024
105,901
7,864
50,222
581,968
479,997
101,971
44,549
9,571
0
0
8,630
26,348
269,284
120,150
120,150
0
149,134
15,575
133,559
0

485,201
9,225
965,171
470,946
50,832
0
0
5,031
727,870
327
362,347
280,631
14,447
70,117
706,861
520,625
186,236
53,051
15,190
0
0
11,421
26,440
453,159
120,150
120,150
0
333,009
15,575
317,434
0

523,165
438
1,047,684
514,904
48,395
0
0
7,824
754,638
4,206
395,271
256,104
4,462
94,596
780,756
591,072
189,684
38,886
7,500
0
0
14,538
16,848
458,161
120,150
120,150
0
338,011
15,575
322,436
0

1,284,433
681,471
602,962
1,182,570

1,633,129
1,022,900
610,229
1,519,166

1,479,651
948,842
530,809
1,383,614

101,863
36,275

113,963
37,767

96,037
35,907

2,629,107
869,130
1,759,977
2,244,275
1,331,541
912,734
384,832
70,762
18,987
51,775
132,649
103,980
94,615
210,995
27,123
24,030
0
50,271

3,668,884
652,988
3,015,896
3,438,715
3,071,975
366,741
230,168
63,698
26,033
37,665
151,474
117,972
109,347
51,632
37,373
0
0
14,731

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,984
9,745
0
0

1,591
9,200
0
0

(21,950)
7,545
0
0

1,628,484
880,168
748,316
1,472,229
992,553
479,676
156,256
50,904
12,880
38,023
99,094
92,856
91,123
11,036
8,082
0
0
231,295

494,978
0
(2,761)
402,189

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

0.27
4.90
9.38
1.34
0.95
92.07
1.86
0.74
2.07
1.45

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

0.34
3.22
6.98
2.87
0.97
93.73
1.79
4.15
11.33
10.29

36,275

37,767

35,907

62,874

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)

103

5.61

11.92

3.93

5.67
1.12
0.68
0.37
0.25
22.41

0.54
0.00
-0.23
27.93

0.10
0.00
-0.63
23.78

-1.48
0.00
-2.45
21.74

9.28
1.47
1.41
0.02
1.19
38.13

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,550,707

600,722

547,022

2,641,271
1,550,707
149,551
0

1,291,270
600,722
64,187
0

1,256,785
547,022
59,553
0

1,104,610
184,875
567,280
214,308
24,680
113,467
982,094
790,266
191,828
726,019

609,844
8,426
185,147
166,331
152,707
97,233
403,006
199,621
203,385
246,583

641,087
2,045
282,318
143,312
159,949
53,463
475,013
322,778
152,235
308,776

726,019
947,204
307,930
187,000
120,930
639,274

246,583
560,977
307,930
187,000
120,930
253,047

308,776
404,320
187,000
187,000
0
217,320

681,103
4,622
1,278,155
512,635
55,442
0
162,155
1,691
609,035
4,887
338,033
156,798
0
109,318
585,487
477,728
107,758
290,923
156,597
60,000
2,832
17,791
53,704
413,728
187,000
187,000
0
224,895
256,898
(32,003)
1,833

754,338
760
1,370,989
553,831
56,234
0
198,126
1,621
501,502
1,774
403,275
62,142
0
34,312
333,443
159,026
174,417
260,157
203,233
0
2,832
19,546
34,547
662,240
187,000
187,000
0
473,407
256,899
216,508
1,833

685,603
155,337
1,383,012
511,963
56,241
0
16,482
1,821
1,363,984
6,415
559,900
26,835
0
770,834
670,145
486,016
184,129
325,181
295,664
0
0
19,910
9,607
1,054,261
187,000
187,000
0
867,261
253,964
613,296
0

2,813,223
2,130,890
682,333
2,465,521

1,540,544
1,051,005
489,539
1,377,098

1,805,851
1,290,095
515,756
1,664,484

347,702
110,659

163,446
71,400

141,367
77,119

2,746,754
606,709
2,140,045
2,259,995
1,729,229
530,766
486,759
160,841
82,676
78,165
238,933
116,311
106,621
262,551
6,129
0
0
357,350

4,596,740
305,830
4,290,910
3,707,995
3,174,067
533,928
888,745
240,689
128,653
112,036
249,368
94,874
80,956
489,530
50,958
0
0
352,607

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

99,111
16,176
57,918
0

54,882
7,700
0
0

12,611
9,000
0
0

2,158,571
1,249,702
908,868
1,941,715
1,429,330
512,385
216,856
110,083
57,315
52,768
171,199
109,638
103,218
14,651
0
0
0
17,152

1,673,223
0
25,017
790,266

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
295,664
438,572
781,680

0.43
5.23
7.62
1.06
1.12
87.64
1.80
3.84
10.61
6.02
1.43
4.96

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

110,659

71,400

77,119

147,219

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)

104

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

8.21
7.05
10.65
0.35
23.45
56.38

3.52
0.00
4.44
50.65

3.56
0.00
2.52
30.00

0.70
0.00

Financial Statement Analysis of Non Financial Sector 2011

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

2007

2008

2009

123,019

103,508

99,951

450,918
107,473
4,418
15,546

450,918
103,508
3,964
0

450,918
99,951
3,557
0

38,520
633
15,117
3,645
599
18,526
65,092
11,355
53,737
74,509

29,552
258
1,273
3,090
944
23,987
152,643
10,000
142,643
70,210

29,383
194
1,117
4,792
588
22,692
165,064
10,000
155,064
60,532

74,509
21,938
230,000
230,000
0
(208,062)

70,210
(89,793)
230,000
230,000
0
(319,793)

60,532
(96,262)
230,000
230,000
0
(326,262)

97,871
0
8,701
95,338
3,194
0
0
2,533
25,726
244
1,117
3,248
0
21,117
30,943
19,678
11,265
191,234
191,234
0
0
0
0
(98,580)
230,000
230,000
0
(328,580)
(2,632)
(325,947)
0

91,925
0
8,701
89,542
5,945
0
0
2,383
25,675
184
1,117
3,248
0
21,127
31,408
19,678
11,730
189,190
189,190
0
0
0
0
(102,998)
230,000
230,000
0
(332,998)
(2,633)
(330,364)
0

91,925
0
8,701
89,542
5,945
0
0
2,383
25,675
184
1,117
3,248
0
21,127
31,408
19,678
11,730
189,190
189,190
0
0
0
0
(102,998)
230,000
230,000
0
(332,998)
(2,633)
(330,364)
0

195,739
195,739
0
207,325

57,346
57,346
0
74,049

166
166
0
156

(11,586)
9,432

(16,703)
2,356

10
7,119

0
0
0
0
0
0
0
9,241
0
9,241
43
2
0
(4,102)
315
0
0
1,983

0
0
0
0
0
0
0
9,241
0
9,241
43
2
0
(4,102)
315
0
0
1,983

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,120
979
0
0

(19,141)
(15,832)
0
0

(6,112)
0
0
0

0
0
0
0
0
0
0
7,967
0
7,967
28
3
0
(2,273)
229
0
0
636

96,447
0
11,141
11,355

(19,583)
0
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

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

0.00
0.83

0.00
0.82

0.00
0.82

9,432

2,356

7,119

1,855

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

0.07
0.95
1.86
1.21
0.59
105.92
6.36
7.54
-56.06
17.57

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

-2.25
-1.80
2.33
-7.99

-2.14
-3.40
4.07
-4.59

-2.14
-3.49
3.98
-4.76

12.95

45.05

0.15

0.00

0.00

0.00

0.00
-0.11
-4.29

0.01
-0.19
-4.48

0.01
-0.19
-4.48

6.19
0.00
0.48
0.95

-33.38
0.00

-3,681.93
0.00
-0.27
-4.19

-3.90

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

6,903,335

6,544,227

6,259,570

9,211,220
6,903,335
530,792
0

9,299,224
6,544,227
661,390
0

9,595,457
6,259,570
626,330
0

2,561,843
10,940
1,572,827
542,878
0
435,198
3,263,316
2,856,063
407,253
3,413,020

3,211,056
60,671
1,799,902
842,113
0
508,370
4,084,958
2,623,592
1,461,366
2,984,127

4,578,546
18,246
2,447,463
134,338
211,733
1,766,766
5,646,893
3,190,716
2,456,177
2,591,029

3,413,020
2,788,842
752,008
752,008
0
2,036,834

2,984,127
2,686,198
752,008
752,008
0
1,934,190

2,591,029
2,600,194
752,008
752,008
0
1,848,186

15,149,988
9,162,762
1,319
5,981,577
518,566
923
0
4,726
4,659,457
34,179
2,183,104
1,516,729
0
925,446
6,051,867
5,179,786
872,081
10,297,942
10,296,390
0
0
0
1,552
3,459,636
1,240,814
827,209
413,605
2,218,822
361,894
1,856,928
0

8,234,930
371,397
10,145,237
5,593,337
517,467
5,520
1,873,469
391,207
6,073,156
90,775
3,254,665
1,518,725
0
1,208,992
7,089,429
6,210,664
878,765
2,729,939
2,729,939
0
0
0
0
4,488,718
1,654,418
1,585,527
68,892
2,834,299
0
2,834,299
0

8,162,183
58,917
11,054,619
6,152,148
535,930
3,965
1,942,768
4,385
8,068,112
135,023
4,513,059
2,144,644
0
1,275,386
7,191,922
6,107,677
1,084,245
3,333,933
3,333,933
0
0
0
0
5,704,440
1,654,418
1,620,903
33,515
4,050,023
0
4,050,023
0

6,550,782
1,028,097
5,522,685
5,382,250

7,659,281
1,400,879
6,258,402
6,702,072

9,138,298
3,250,732
5,887,566
8,097,418

1,168,532
367,887

957,209
286,580

1,040,880
315,397

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
860,883
1,101,054
1,037,505
1,135,616
137,517
0
0
629,970

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
998,148
1,482,399
1,410,149
1,662,789
208,513
329,208
0
(349,434)
9,038,373
3,333,933
1,125,067
9,441,610

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

340,800
90,000
112,801
0

111,157
101,000
11,280
0

76,720
58,000
14,700
0

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
721,655
1,081,536
1,026,191
166,800
65,000
0
0
683,851

6,201,862
0
137,999
2,856,063

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

0.17
7.54
8.29
0.69
0.79
82.16
2.39
3.85
12.47
5.85
2.22
4.16

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

367,887

286,580

315,397

494,045

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)

106

5.20
0.00
3.34
37.09

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
6.56
28.53
10.17
4.42
4.50
2.18
8.18
-0.03
8.97
35.19

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

10,611,353

10,586,159

11,470,608

16,535,153
10,611,353
797,881
0

16,923,939
10,586,159
975,163
0

18,767,115
11,470,608
1,071,665
0

20,567,973
50,250
3,003,174
1,026,884
15,143,172
1,344,493
7,051,533
5,658,479
1,393,054
3,015,384

28,794,458
69,607
3,106,436
831,653
15,466,506
9,320,256
7,649,373
5,018,664
2,630,709
1,773,820

28,806,681
76,549
4,163,194
1,387,146
21,825,276
1,354,516
12,463,307
10,367,499
2,095,808
1,321,912

3,015,384
21,112,409
1,452,597
1,452,597
0
19,659,812

1,773,820
29,957,424
1,597,857
1,597,857
0
28,359,567

1,321,912
26,492,070
1,597,857
1,597,857
0
24,894,213

23,217,848
97,280
19,436,889
11,102,355
1,116,931
0
11,993,998
24,215
8,294,838
111,494
4,092,512
1,300,366
1,414,310
1,376,156
9,602,265
7,775,913
1,826,352
2,579,654
2,334,411
0
0
0
245,243
19,330,767
2,424,827
2,424,827
0
16,905,940
2,627,004
14,278,936
0

34,449,386
365,662
20,681,208
11,476,005
1,099,682
0
22,092,093
515,626
11,732,928
110,585
6,060,441
2,041,256
1,554,543
1,966,103
10,568,415
7,778,079
2,790,336
4,237,586
2,980,694
0
0
0
1,256,892
31,376,313
3,515,999
3,515,999
0
27,860,314
11,150,882
16,709,432
0

35,646,945
923,020
22,303,120
12,380,494
1,168,369
0
21,464,723
878,708
18,441,959
1,132,701
9,846,680
2,481,259
1,781,471
3,199,848
15,322,349
11,755,550
3,566,799
3,372,596
2,861,956
0
0
0
510,640
35,393,959
3,515,999
3,515,999
0
31,877,960
11,203,616
20,674,344
0

16,661,434
2,721,641
13,939,793
13,945,702

17,153,262
2,766,129
14,387,133
14,308,324

19,589,804
4,414,325
15,175,479
16,778,058

2,715,732
1,007,167

2,844,938
1,340,738

2,811,746
1,550,535

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
2,631,808
1,126,922
957,399
3,286,069
400,608
879,000
0
988,193

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
3,240,615
1,601,048
1,393,480
5,411,912
568,000
1,160,280
0
260,523

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,758,866
201,215
217,890
145,260

1,819,170
220,807
217,890
0

6,118,687
261,100
399,464
0

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
2,170,493
1,446,796
1,240,197
1,561,501
293,500
484,965
0
2,138,364

24,127,793
0
1,339,761
5,658,479

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
2,861,956
3,683,632
14,617,506

2.30
4.53
6.16
0.53
2.92
83.70
0.48
6.74
10.65
9.04
7.15
5.55

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

1,007,167

1,340,738

1,550,535

755,054

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)

107

10.56
0.00
10.72
145.34

10.61
0.00
10.00
187.49

31.23
0.00
36.66
165.80

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,453,467

1,477,121

1,680,317

1,881,453
1,453,467
64,581
0

1,959,642
1,477,121
61,212
0

2,218,754
1,680,317
60,080
0

767,175
6,054
466,309
146,119
0
148,693
1,197,831
781,933
415,898
416,338

777,716
6,921
484,732
134,795
0
151,268
958,044
592,570
365,474
523,380

771,373
2,160
408,813
133,372
44,666
182,362
1,074,409
526,862
547,547
444,497

416,338
606,473
24,000
24,000
0
582,473

523,380
773,413
120,000
120,000
0
653,413

444,497
932,784
120,000
120,000
0
812,784

2,066,254
0
2,105,877
1,999,995
63,543
0
0
66,260
711,327
1,706
415,973
160,448
0
133,200
1,666,160
1,031,007
635,152
343,533
285,621
54,980
0
2,932
0
767,888
120,000
120,000
0
(468,944)
44,666
(513,609)
1,116,832

2,096,227
0
2,305,682
2,087,614
67,449
0
0
8,613
619,833
3,931
203,057
110,579
0
302,266
1,576,923
784,548
792,375
604,851
546,416
54,579
0
3,856
0
534,286
120,000
120,000
0
(692,517)
86,915
(779,432)
1,106,803

2,080,011
19,426
2,332,092
2,054,211
63,806
0
0
6,374
710,156
8,239
208,093
305,589
0
188,235
1,076,667
351,246
725,421
1,129,787
1,073,683
51,515
0
4,589
0
583,713
120,000
120,000
0
(633,520)
92,998
(726,518)
1,097,233

1,906,971
520,999
1,385,972
1,701,032

2,258,863
638,554
1,620,309
2,046,115

2,773,016
1,365,178
1,407,838
2,552,674

205,939
65,735

212,748
79,912

220,342
82,591

2,729,551
742,506
1,987,045
2,567,153
2,096,927
470,226
162,398
86,429
40,123
46,306
171,609
193,978
156,264
(114,675)
27,192
0
0
55,221

4,298,252
536,735
3,761,517
3,906,190
3,114,351
791,839
392,062
104,202
48,443
55,759
170,262
196,098
151,138
96,105
37,356
0
0
(37,154)
1,713,500
1,073,683
58,749
1,424,929

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

19,698
20,688
0
0

(21,795)
24,006
0
0

(243)
14,284
0
0

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
159,692
172,932
142,449
(470,215)
12,407
0
0
(270,726)

1,022,811
0
(990)
781,933

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

0.13
6.45
7.66
0.86
0.64
89.20
2.66
0.91
3.60
2.08

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

65,735

79,912

82,591

122,905

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)

108

0.29
4.56
7.11
1.54
0.66
90.88
3.78
3.49
17.19
6.74

4.09

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

1.03
0.00
-0.41
252.70

-0.96
0.00
-3.82
64.45

-0.01
0.00
-1.21
77.73

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

176,686

181,507

168,666

490,991
176,214
18,375
472

515,194
181,507
19,142
0

518,567
168,666
17,380
0

170,410
7,094
73,545
16,720
0
73,051
314,101
113,642
200,459
15,703

154,785
6,296
64,518
19,116
0
64,855
138,247
51,759
86,488
195,530

111,220
5,456
12,824
42,137
0
50,803
307,360
13,410
293,950
10,180

15,703
17,292
108,040
108,040
0
(90,748)

195,530
2,515
108,040
108,040
0
(105,525)

10,180
(37,654)
108,040
108,040
0
(145,694)

121,448
0
518,567
117,879
14,747
0
0
3,569
53,203
613
5,660
2,918
0
44,012
31,532
9,432
22,100
233,685
0
233,685
0
0
0
(90,566)
108,040
108,040
0
(198,606)
0
(198,606)
0

89,285
0
462,687
87,294
8,411
0
0
1,991
46,010
564
0
2,918
0
42,528
12,443
0
12,443
234,158
0
234,158
0
0
0
(111,306)
108,040
108,040
0
(219,346)
0
(219,346)
0

83,636
1,110
459,636
80,535
7,724
0
0
1,991
23,633
1,563
0
2,918
0
19,152
12,040
0
12,040
222,937
0
222,937
0
0
0
(127,708)
108,040
108,040
0
(235,748)
0
(235,748)
0

648,153
648,153
0
628,241

668,257
668,257
0
659,234

638,551
638,551
0
652,613

19,912
15,155

9,023
15,664

(14,062)
14,366

5,660
5,660
0
15,699
5,660
10,039
(10,039)
10,157
0
10,157
1,773
870
196
(20,740)
0
0
0
(14,956)

0
0
0
8,405
0
8,405
(8,405)
7,248
0
7,248
945
778
0
(16,401)
0
0
0
14,295

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(9,189)
3,231
0
0

(21,165)
(3,338)
0
0

(34,115)
3,194
0
0

245,373
245,373
0
280,812
212,252
68,560
(35,440)
12,074
106
11,968
17,017
6,801
4,851
(54,124)
0
0
0
(72,679)

32,995
0
(12,420)
113,642

198,045
0

(27,474)
0
(37,309)
13,410

143,119
0
(54,124)
9,432

122,852
0
(20,740)
0

95,229
0
(16,401)
0

0.08
2.21
2.58
1.87
0.54
96.93
19.07
-2.41
-31.29
-16.18

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

15,155

15,664

14,366

14,299

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)

51,759

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

8.81

10.36

49.79

43.35
-10.16
-22.06
-0.27
-5.01
-8.38

-1.42
0.00
-1.15
1.60

-3.17
0.00

-5.34
0.00
-3.45
-3.49

0.23

-104.82
-366.43
-0.06
-1.92
-10.30

0.00
1.96

-1.84
-13.52
13.72
-15.04

0.06
-1.52
-11.82

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

808,483

772,516

781,892

1,260,874
808,483
71,877
0

1,300,486
772,516
71,390
0

1,336,127
781,892
43,345
0

1,442,113
38,445
523,765
190,081
519,589
170,233
933,039
804,718
128,321
423,294

1,658,935
48,892
702,442
258,659
421,377
227,565
1,487,105
937,445
549,660
216,964

2,080,182
74,635
1,192,148
237,834
420,819
154,746
1,875,410
1,158,306
717,104
233,509

180,599

242,695
894,263
110,250
110,250
0
784,013

216,964
727,382
121,275
121,275
0
606,107

233,509
753,155
133,403
133,403
0
619,752

1,203,979
945
1,384,620
759,398
43,048
0
436,488
7,149
1,746,719
60,141
1,259,506
274,452
2,145
150,475
1,810,199
1,484,039
326,160
352,496
108,650
175,000
0
30,592
38,254
788,003
143,408
143,408
0
574,425
15,400
559,025
70,171

1,218,437
3,266
1,423,359
760,143
42,279
0
448,247
6,781
1,966,189
61,649
1,329,317
353,170
0
222,052
1,948,177
1,533,409
414,768
340,409
85,058
175,000
0
38,869
41,482
896,040
157,748
157,748
0
668,121
15,400
652,721
70,171

1,335,464
4,391
1,538,120
830,911
43,993
0
493,084
7,078
2,285,572
68,220
1,665,286
286,028
0
266,038
2,033,146
1,566,093
467,053
517,490
259,354
175,000
0
47,614
35,522
1,070,400
173,523
173,523
0
807,701
15,400
792,301
89,176

1,658,730
569,890
1,088,840
1,388,523

1,852,295
500,211
1,352,084
1,548,157

2,549,115
1,091,634
1,457,481
2,195,240

270,207
102,331

304,138
120,381

353,875
136,110

3,117,790
948,225
2,169,564
2,569,057
1,942,153
626,904
548,733
175,745
106,968
68,777
318,184
250,718
242,963
125,992
25,729
15,775
15,775
17,331

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
448,276
280,440
269,142
193,275
32,599
0
0
(86,079)

1,236,449
85,058
84,488
1,618,467

1,587,889
259,354
160,676
1,825,447

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

42,537
15,046
0
5,250

30,600
18,950
0
0

73,880
14,586
0
12,127

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
276,399
264,120
257,296
35,371
17,429
0
14,341
(80,270)

1,317,557
180,599
27,491
985,317

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

0.80
7.68
11.46
0.74
1.55
83.71
1.52
2.14
6.44
3.67

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

102,331

120,381

136,110

127,399

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)

110

3.17

2.64

2.14

2.23
1.14
1.26
-0.04
1.25
54.95

2.56
0.00
2.49
81.11

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

0.17
5.62
5.73
1.38
1.12
86.29
2.38
5.68
19.66
13.69

3.00
1.72
3.87
-0.03
9.26
61.69

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

623,028

643,434

637,081

932,106
623,028
62,043
0

942,079
643,434
65,355
0

1,028,793
637,081
64,877
0

610,111
1,108
315,772
227,682
0
65,549
770,191
622,538
147,653
238,798

609,382
2,457
238,924
299,225
0
68,776
815,381
582,335
233,046
218,772

911,145
2,806
347,564
481,520
0
79,255
1,039,662
825,585
214,077
284,450

238,798
224,150
61,630
61,630
0
162,520

218,772
218,663
61,630
61,630
0
157,033

284,450
224,114
61,630
61,630
0
162,484

587,527
0
1,074,008
586,675
61,537
0
0
852
821,259
2,220
323,290
444,457
0
51,292
856,671
764,765
91,906
331,320
248,184
40,000
0
4,689
38,447
220,795
61,630
61,630
0
145,222
0
145,222
13,944

572,825
0
1,107,677
571,982
60,481
0
0
843
884,470
5,898
303,337
528,177
0
47,058
824,564
672,269
152,295
225,010
105,000
40,000
0
6,368
73,642
407,721
61,630
61,630
0
333,678
0
333,678
12,413

641,662
0
1,187,783
640,470
61,149
0
0
1,192
1,224,047
2,241
696,458
461,423
0
63,925
1,137,324
982,677
154,646
108,759
40,000
0
0
6,027
62,731
619,626
61,630
61,630
0
546,948
0
546,948
11,047

1,471,173
1,471,173
0
1,279,157

1,499,671
1,484,635
15,036
1,347,870

1,923,939
1,897,361
26,578
1,727,232

192,016
35,740

151,801
34,973

196,707
39,839

3,209,472
3,042,192
167,280
2,706,750
1,987,087
719,663
502,722
79,495
27,000
52,495
159,865
162,474
151,900
265,435
38,692
30,815
0
473,795

4,645,118
341,001
4,304,117
4,088,940
3,585,961
502,979
556,178
103,572
44,599
58,973
182,220
180,023
168,031
278,969
47,161
33,897
0
211,834

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,206
7,312
9,245
0

15,061
7,419
12,326
0

22,913
9,987
6,163
0

2,113,500
2,093,782
19,718
1,899,248
1,560,082
339,166
214,252
41,100
16,401
24,699
140,150
172,330
166,055
2,276
336
4,622
0
321,066

462,948
0
19,649
622,538

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
40,000
197,912
1,022,677

0.30
8.10
15.48
1.19
0.79
86.95
4.50
2.56
14.12
7.40
3.13
4.66

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
0.17
37.61
100.54

35,740

34,973

39,839

119,182

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)

111

2.46
0.00
4.69
36.37

1.00
0.00
1.24
35.48

1.19
0.00
2.10
36.36

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

998,225

1,053,786

1,021,502

1,628,874
998,225
102,253
0

1,788,209
1,053,786
103,785
0

1,859,778
1,021,502
106,898
0

424,681
2,612
170,338
126,080
0
125,651
501,697
317,278
184,419
527,200

519,031
43,748
264,956
131,417
0
78,910
594,250
238,782
355,468
579,863

535,777
8,998
296,829
145,830
0
84,120
468,313
96,555
371,758
754,703

527,200
394,009
168,000
168,000
0
226,009

579,863
398,704
184,800
184,800
0
213,904

754,703
334,263
184,800
184,800
0
149,463

925,766
0
1,859,395
925,209
98,762
0
0
557
622,035
6,335
154,236
159,256
0
302,207
387,065
197,242
189,823
749,097
645,345
90,000
0
4,441
9,312
411,639
184,800
184,800
0
189,656
16,600
173,056
37,183

844,624
0
1,863,250
844,400
90,027
0
0
225
669,145
80,171
409,863
103,188
0
75,923
501,819
294,786
207,033
509,950
382,623
90,000
0
4,220
33,108
502,000
184,800
184,800
0
280,017
16,600
263,417
37,183

873,044
18,572
1,954,451
854,247
84,937
0
0
225
702,932
404
359,067
231,375
0
112,085
495,048
286,466
208,583
495,762
430,796
0
0
24,474
40,491
585,166
184,800
184,800
0
363,183
16,600
346,583
37,183

2,699,412
2,699,412
0
2,497,608

2,702,593
1,127,461
1,575,132
2,542,748

2,737,590
1,379,104
1,358,486
2,602,563

201,804
58,509

159,845
55,743

135,027
97,900

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
164,989
116,550
106,782
176,389
25,271
55,440
0
47,517

5,952,133
2,675,020
3,277,113
5,467,126
4,578,102
889,024
485,007
170,011
111,451
58,559
217,956
118,402
105,919
201,098
57,896
64,680
0
142,858

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

49,319
17,236
0
16,800

14,854
19,427
0
0

(54,021)
13,876
0
0

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
150,713
134,405
124,806
108,119
18,866
36,960
0
389,925

921,209
0
32,083
317,278

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

0.26
3.59
4.67
1.90
0.85
92.52
2.61
3.38
13.49
5.21

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

0.47
1.99
3.89
3.78
1.42
91.85
1.69
13.02
36.99
19.22
2.21
16.58
2.90
3.38
0.14
7.75
31.66

58,509

55,743

97,900

96,788

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)

112

15.85

10.20

9.22

1.83
0.00
1.91
23.45

0.55
0.00
-0.25
21.57

-1.97
0.00
-3.67
18.09

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

583,253

543,183

507,940

860,184
583,253
35,437
0

864,087
543,183
45,554
0

868,069
507,940
41,927
0

352,999
1,645
224,700
77,630
0
49,024
476,596
371,517
105,079
59,793

307,112
617
179,730
74,522
0
52,243
368,305
260,876
107,429
90,915

390,466
1,005
228,413
103,604
0
57,444
394,030
293,851
100,179
115,619

59,793
399,863
159,778
159,778
0
240,085

90,915
391,075
159,778
159,778
0
231,297

115,619
388,757
159,778
159,778
0
228,979

555,658
6,815
948,451
546,678
42,950
0
0
2,165
389,422
1,920
180,477
178,363
0
28,663
385,648
340,254
45,395
172,682
35,400
0
0
67,220
70,062
386,750
159,778
159,778
0
82,585
0
82,585
144,387

600,393
0
1,031,834
598,228
43,458
0
0
2,165
378,775
1,148
175,931
155,567
0
46,129
359,382
210,693
148,689
102,006
11,800
0
0
82,804
7,402
517,780
159,778
159,778
0
165,107
0
165,107
192,896

691,367
11,306
1,155,345
677,895
49,414
0
0
2,165
566,953
2,052
257,885
248,792
0
58,223
449,032
271,597
177,436
96,444
0
0
0
9,265
87,179
712,844
159,778
159,778
0
367,240
0
367,240
185,826

888,448
888,448
0
788,971

953,928
686,238
267,690
866,538

1,032,951
853,269
179,682
937,957

99,477
22,448

87,390
21,983

94,994
20,587

1,584,088
1,048,737
535,351
1,335,517
1,082,662
252,855
248,571
66,479
29,779
36,701
91,845
65,933
61,119
116,712
25,834
23,967
0
175,450

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
109,415
95,419
9,265
243,654
43,432
55,922
0
98,839

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

32,454
5,741
15,978
0

14,497
4,770
0
0

21,545
5,214
0
0

1,220,867
932,960
287,907
1,106,377
835,613
270,764
114,490
34,783
18,310
16,473
67,476
70,020
67,441
10,878
2,349
0
0
29,787

459,656
0
10,735
371,517

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

0.17
5.16
8.74
0.95
0.74
88.80
1.34
3.91
8.57
7.15
1.67
3.95

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

22,448

21,983

20,587

45,817

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)

113

5.31

4.52

6.76
1.16
0.89
0.05
0.53
24.21

3.65
0.00
1.67
25.03

1.52
0.00
0.61
24.48

2.09
0.00
1.02
24.33

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

3,069,764

3,432,131

4,119,622

4,645,219
3,069,764
248,104
0

5,066,776
3,432,131
151,472
0

6,184,240
4,119,622
178,496
0

2,107,806
6,724
1,210,439
356,123
83,393
451,127
2,887,080
2,179,153
707,927
1,589,721

2,229,078
5,733
1,103,997
376,336
2,011
741,001
2,810,376
1,387,288
1,423,088
2,118,140

3,393,615
2,855
2,074,552
555,620
132,289
628,299
4,647,636
2,735,891
1,911,745
2,451,698

1,589,721
700,769
31,250
31,250
0
669,519

2,118,140
732,693
31,250
31,250
0
701,443

2,451,698
413,903
31,250
31,250
0
382,653

5,054,660
117,383
7,294,131
4,871,288
211,072
0
48,486
17,504
3,857,386
3,113
2,229,194
886,019
0
739,060
4,408,999
4,107,244
301,754
3,226,916
2,123,703
773,162
0
59,491
270,561
1,276,131
31,250
31,250
0
458,943
0
458,943
785,938

4,955,743
136,121
7,431,304
4,775,130
233,820
0
26,988
17,504
3,552,358
3,219
2,269,204
524,062
0
755,874
4,069,031
3,684,405
384,626
2,138,781
1,743,355
23,900
0
67,762
303,764
2,300,289
130,000
130,000
0
1,406,725
651,750
754,975
763,564

5,162,838
43,041
7,980,350
5,090,267
234,534
0
2,787
26,744
4,483,902
24,662
294,778
658,398
0
3,506,064
4,551,383
4,011,369
540,014
2,160,221
442,219
78,776
1,177,250
87,415
374,561
2,935,136
130,000
130,000
0
2,062,120
766,424
1,295,695
743,016

4,735,926
2,130,602
2,605,324
4,339,925

5,093,317
2,467,367
2,625,950
4,592,903

6,015,548
2,696,619
3,318,929
5,421,705

396,001
27,117

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
531,160
830,513
822,916
98,968
37,317
0
0
(400,422)

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
619,024
962,309
955,825
375,592
75,307
26,000
0
833,903

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
746,685
978,217
966,160
773,468
107,811
19,500
0
157,154

4,503,047
2,123,703
61,651
6,230,947

4,439,070
1,743,355
274,285
5,427,760

5,095,356
1,619,469
646,157
5,630,838

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

27,117

32,508

64,002

292,627

348,829

495,258

91,291
38,657
4,688
0

144,333
37,345
4,687
0

46,556
33,307
0
0

2,290,490
0
47,946
2,179,153

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)

H.Key Performance Indicators

0.15
6.18
7.52
0.91
0.73
91.64
6.39
1.91
13.52
4.18
11.23
3.91

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.14
6.85
7.39
0.90
0.79
90.18
6.73
2.66
20.14
5.61
22.83
4.61

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

1.93
0.00
16.84
224.25

2.83
0.00
34.24
234.46

0.77
0.00
4.24
132.45

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

262,273

187,802

326,452

293,300
262,273
13,715
0

262,273
187,802
13,774
0

336,927
326,452
12,128
0

127,117
411
78,587
3,049
0
45,070
211,208
94,315
116,893
32,031

13,425
167
604
133
0
12,521
142,237
17,956
124,281
54,552

56,427
3,904
23,920
3,632
0
24,971
207,378
0
207,378
32,334

32,031
146,151
70,380
70,380
0
75,771

54,552
4,438
70,380
70,380
0
(65,942)

32,334
143,167
70,380
70,380
0
72,787

301,995
1,330
347,737
300,422
17,535
0
0
243
135,028
2,059
51,211
7,871
0
73,888
134,431
87,705
46,726
62,459
0
26,155
0
2,840
33,464
240,133
250,000
250,000
0
(174,866)
0
(174,866)
164,999

286,530
64
352,455
286,223
18,924
0
0
243
117,893
446
40,202
57,170
0
20,076
142,467
80,148
62,319
57,526
0
26,155
0
2,080
29,291
204,430
250,000
250,000
0
(205,957)
0
(205,957)
160,387

299,999
0
387,612
299,999
21,380
0
0
0
13,170
233
1,145
0
0
11,792
166,365
59,244
107,121
46,633
0
26,987
0
1,887
17,759
100,171
250,000
250,000
0
(305,509)
0
(305,509)
155,680

448,248
448,248
0
443,408

282,733
282,733
0
301,396

12,615
12,615
0
27,188

4,840
17,128

(18,663)
36,873

(14,573)
10,945

432,368
429,309
3,059
452,614
287,911
164,703
(20,246)
13,521
1,908
11,613
46,065
12,644
12,182
(36,080)
6,129
0
0
(220)

194,122
194,122
0
235,558
153,549
82,009
(41,436)
52,961
919
52,042
20,231
13,406
12,984
(104,738)
19
0
0
55,784

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(29,844)
2,245
0
0

(63,844)
1,416
0
0

4,561
63
0
0

316,778
316,778
0
347,095
239,347
107,748
(30,317)
11,180
954
10,226
40,276
12,511
12,051
243
0
0
0
179,045

178,182
0
(32,089)
94,315

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

0.02
4.08
0.68
1.15
0.60
98.92
1.66
-7.70
-17.87
-13.99

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

17,128

36,873

10,945

18,302

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)

115

5.70

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

-6.66
0.00
-4.56
20.77

-22.58
0.00
-9.27
0.63

36.16
0.00

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

925,141

974,084

899,641

1,241,771
925,141
35,128
0

1,557,186
974,084
40,911
0

1,232,636
899,641
45,499
0

319,187
188
164,113
84,779
0
70,107
322,332
155,430
166,902
71,236

416,353
744
186,794
88,052
55
140,708
743,885
42,231
701,654
114,333

533,124
22,630
209,422
130,668
2,803
167,601
816,618
75,989
740,629
73,979

71,236
850,760
212,926
212,926
0
637,834

114,333
532,219
212,926
212,926
0
319,293

73,979
542,168
492,926
492,926
0
49,242

900,559
0
1,286,050
896,020
44,506
0
39
4,501
537,277
3,323
204,131
190,191
0
139,633
278,243
113,226
165,017
624,239
3,244
576,714
0
5,736
38,546
535,354
492,926
492,926
0
(167,573)
(8)
(167,565)
210,001

874,853
0
1,303,395
869,167
44,552
0
71
5,615
478,770
4,254
210,643
150,353
0
113,521
197,882
82,272
115,610
613,205
0
579,181
0
5,006
29,018
542,536
492,926
492,926
0
(153,817)
16
(153,833)
203,427

956,021
0
1,427,152
946,697
46,227
0
76
9,248
534,231
2,371
268,656
152,994
0
110,211
269,086
77,970
191,116
670,707
432,185
214,525
0
4,190
19,807
550,459
492,926
492,926
0
(139,649)
21
(139,670)
197,181

493,803
384,807
108,996
443,323

742,453
627,193
115,260
675,224

1,036,276
961,719
74,557
1,029,488

50,480
12,582

67,229
25,358

6,788
21,220

1,469,940
1,460,538
9,402
1,410,333
1,096,390
313,943
59,607
36,139
4,097
32,043
112,041
18,920
10,086
5,048
7,417
0
0
51,563

2,294,236
2,294,236
0
2,235,905
1,907,690
328,215
58,332
19,367
4,045
15,322
124,679
19,070
15,897
19,898
24,074
0
0
62,280

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

47,995
2,315
0
0

471
3,128
0
0

(43,627)
4,777
0
0

1,035,884
999,307
36,577
994,356
735,408
258,949
41,528
16,838
4,334
12,504
85,564
26,914
11,328
(1,953)
366
0
0
(2,821)

921,996
0
45,680
155,430

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

0.26
2.01
17.17
0.40
0.99
89.78
0.46
3.86
5.64
5.21

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

12,582

25,358

21,220

9,911

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)

116

3.01

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

9.72
0.00
2.15
39.96

0.06
0.00
-0.12
25.00

-4.21
0.00
-0.98
11.00

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

165,331

177,421

169,545

329,389
165,331
8,712
0

350,229
177,421
8,869
0

346,297
169,545
9,076
0

68,150
1,257
17,749
3,192
0
45,952
198,231
6,304
191,927
16,792

85,436
1,681
30,238
3,424
4,554
45,539
213,962
31,278
182,684
15,718

98,682
3,002
27,432
27,712
5,184
35,352
222,908
53,185
169,723
11,649

16,792
18,458
47,587
47,587
0
(29,129)

15,718
33,177
47,587
47,587
0
(14,410)

11,649
33,670
47,587
47,587
0
(13,917)

178,231
78
347,358
162,282
8,324
0
5,910
9,961
56,662
486
3,398
23,481
0
29,297
53,007
19,734
33,274
166,416
11,416
155,000
0
0
0
15,470
47,587
47,587
0
(119,366)
908
(120,274)
87,250

169,531
3,802
348,083
155,475
7,532
0
6,818
3,436
85,891
6,897
16,116
26,772
0
36,106
64,139
17,053
47,086
160,878
5,878
155,000
0
0
0
30,405
47,587
47,587
0
(104,348)
908
(105,256)
87,167

171,604
3,750
356,167
155,947
200,220
0
8,049
3,858
53,067
4,059
4,441
1,003
0
43,564
49,897
0
49,897
155,000
0
155,000
0
0
0
19,774
47,587
47,587
0
(114,906)
908
(115,814)
87,093

202,184
202,184
0
181,733

233,537
233,537
0
216,572

281,436
281,436
0
265,117

20,451
2,493

16,965
2,617

16,319
3,395

325,217
325,217
0
292,203
191,843
100,360
33,014
5,244
62
5,182
37,299
6,256
6,100
23,142
1,690
0
0
(6,155)

430,701
430,701
0
436,317
304,105
132,212
(5,616)
4,639
146
4,493
40,107
779
136
(9,809)
4,351
0
0
16,846

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

16,317
1,011
2,379
0

13,059
1,168
0
0

3,477
1,407
0
0

274,758
274,758
0
283,098
175,793
107,305
(8,340)
3,464
132
3,332
33,448
10,667
10,331
(21,011)
52
0
0
(12,569)

35,250
0
12,927
6,304

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

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

2,493

2,617

3,395

2,676

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

0.02
1.32
1.58
0.87
0.34
89.88
11.65
7.44
19.13
16.73
6.43
11.39

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.05
1.24
1.47
0.89
0.40
92.74
6.92
5.26
50.58
31.04

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

8.07
0.00
3.22
3.88

5.59
0.00
2.50
6.97

1.24
0.00
0.43
7.08

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

521,868

495,141

495,141

908,910
521,868
49,213
0

924,711
495,141
50,340
0

924,711
495,141
50,340
0

534,445
3,741
303,659
173,231
0
53,814
501,796
424,498
77,298
160,000

559,000
7,029
314,634
198,365
0
38,972
525,354
372,990
152,364
80,000

559,000
7,029
314,634
198,365
0
38,972
525,354
372,990
152,364
80,000

160,000
394,517
102,920
102,920
0
291,597

80,000
448,787
102,920
102,920
0
345,867

80,000
448,787
102,920
102,920
0
345,867

591,538
0
999,990
470,702
46,298
0
117,829
3,006
903,572
8,846
594,491
240,620
0
59,614
833,363
710,563
122,800
26,338
0
0
0
19,702
6,636
635,409
102,920
102,920
0
532,489
0
532,489
0

786,002
0
1,162,437
589,377
45,990
0
192,573
4,052
955,222
3,115
728,213
142,487
0
81,407
841,600
690,812
150,788
112,815
75,000
0
0
24,406
13,409
786,809
102,920
102,920
0
683,889
0
683,889
0

998,284
0
1,380,829
751,621
57,927
0
242,708
3,955
1,402,604
109,191
995,350
206,650
0
91,413
1,139,094
952,488
186,606
47,412
0
0
0
30,166
17,246
1,214,382
102,920
102,920
0
1,111,462
0
1,111,462
0

1,154,772
205,792
948,980
1,043,168

1,341,136
245,353
1,095,783
1,182,383

1,341,136
245,353
1,095,783
1,182,383

111,604
15,924

158,753
20,501

158,753
20,501

1,753,876
239,289
1,514,588
1,358,895
971,220
387,675
394,982
159,357
105,373
53,984
143,217
114,194
105,823
162,561
18,312
20,584
0
114,704

2,613,864
454,368
2,159,496
1,876,103
1,474,747
401,357
737,760
188,912
110,285
78,627
194,759
120,973
115,917
503,156
22,706
25,730
0
146,820

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,182
9,601
10,292
0

75,210
16,366
10,292
0

75,210
16,366
10,292
0

1,544,923
306,469
1,238,453
1,232,407
882,067
350,340
312,516
114,620
84,823
29,796
118,107
109,112
101,293
164,966
15,080
15,438
0
(29,498)

554,517
0
16,289
424,498

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

0.35
5.68
15.00
1.09
1.07
90.34
1.68
3.37
9.19
6.91
2.58
3.80

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

15,924

20,501

20,501

65,590

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)

118

3.13
0.00
2.58
38.33

5.61
0.00
5.72
43.61

5.61
0.00
5.72
43.61

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,963,229

1,818,923

1,808,375

2,808,667
1,963,229
188,289
0

2,862,630
1,817,889
2,427
1,034

2,932,449
1,807,456
174,510
919

1,382,110
32,572
746,644
229,707
70,523
302,664
1,984,785
1,298,483
686,302
523,483

1,611,087
41,794
772,398
157,754
70,000
569,141
1,613,761
1,336,647
277,114
937,333

2,311,575
75,672
1,343,145
334,841
0
557,917
2,778,101
2,261,986
516,115
573,426

523,483
837,071
246,488
246,488
0
590,583

937,333
878,916
308,109
308,109
0
570,807

573,426
768,423
308,109
308,109
0
460,314

2,320,703
11,915
3,576,660
2,272,586
87,061
804
0
35,398
1,806,018
18,233
1,124,587
198,108
179,681
285,408
2,290,148
2,020,191
269,957
792,918
645,980
137,000
0
9,938
0
1,043,655
308,109
308,109
0
283,275
41,081
242,193
452,271

2,353,261
12,220
3,709,060
2,322,905
92,531
689
0
17,448
1,928,688
36,074
962,681
365,827
225,924
338,182
2,326,606
2,003,536
323,070
465,905
415,179
37,000
0
13,726
0
1,489,438
308,109
308,109
0
729,058
83,712
645,346
452,271

2,795,935
3,560
4,122,869
2,768,840
112,139
574
0
22,960
2,800,871
19,442
1,672,004
574,724
171,856
362,844
3,057,085
2,555,029
502,056
596,071
569,708
3,800
0
22,564
0
1,943,650
308,109
308,109
0
1,183,269
107,708
1,075,561
452,271

3,150,580
1,367,616
1,782,964
2,728,014

3,400,998
1,070,227
2,330,771
3,054,594

3,509,591
867,196
2,642,395
3,193,822

422,566
97,038

346,404
106,002

315,769
145,699

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
316,320
449,962
406,206
478,708
46,695
15,405
0
496,680

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
418,383
481,594
428,756
602,477
101,245
46,216
0
(143,238)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

143,962
17,871
0
61,622

47,365
15,447
0
0

(80,842)
26,415
0
0

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
267,624
646,855
455,545
(174,387)
31,835
0
0
321,749

1,360,554
0
126,091
1,298,483

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
569,708
455,015
3,124,737

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

97,038

106,002

145,699

199,407

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
6.33
7.29
0.94
0.70
86.59
3.00
4.27
18.07
9.16

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.17
6.83
4.64
0.99
1.00
89.81
2.90
1.40
5.52
2.98

4.22

4.40

2.61

3.86
0.62
-4.02
0.10
-6.69
33.87

4.57
0.00
5.12
33.96

1.39
0.00
1.04
28.53

-2.30
0.00
-3.48
24.94

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

775,051

769,906

882,840

852,444
775,051
50,466
0

909,293
769,906
69,873
0

1,089,771
882,840
66,477
0

273,030
2,794
171,603
11,866
0
86,767
348,618
253,655
94,963
279,912

270,281
4,962
186,504
25,865
0
52,950
354,805
185,704
169,101
302,652

286,314
3,951
226,322
9,893
0
46,148
341,347
152,862
188,485
432,739

279,912
419,551
245,178
245,178
0
174,373

302,652
382,730
300,000
300,000
0
82,730

432,739
395,068
360,000
360,000
0
35,068

824,909
0
1,099,190
821,227
72,095
0
0
3,683
355,896
5,623
288,971
23,659
0
37,642
420,836
308,065
112,772
379,651
355,882
0
0
4,010
19,759
380,318
360,000
360,000
0
(69,104)
0
(69,104)
89,422

910,812
8,631
962,156
898,508
65,999
0
0
3,673
373,256
27,438
249,702
45,371
0
50,745
207,820
110,816
97,004
432,278
268,422
0
0
8,062
155,794
643,970
360,000
360,000
0
110,821
0
110,821
173,150

929,085
0
1,060,073
925,417
73,053
0
0
3,668
603,791
102,097
358,597
84,639
0
58,458
454,080
88,033
366,047
407,375
196,652
0
0
13,033
197,690
671,421
360,000
360,000
0
154,507
0
154,507
156,914

977,229
977,229
0
924,959

1,204,135
1,160,812
43,323
1,157,262

1,302,115
1,297,058
5,057
1,265,973

52,270
15,847

46,873
15,315

36,142
17,282

2,232,455
2,134,782
97,673
1,811,714
1,462,264
349,450
420,741
55,593
17,022
38,571
136,454
98,324
95,965
277,176
11,651
36,000
0
321,791

3,704,951
3,689,206
15,745
3,409,780
3,034,158
375,622
295,171
58,442
23,923
34,519
141,138
100,721
97,998
142,334
37,050
54,000
0
93,478

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(6,333)
5,219
0
0

(31,191)
6,345
0
0

(54,366)
6,548
0
0

1,542,141
1,520,321
21,819
1,419,120
1,086,537
332,583
123,021
29,174
7,990
21,184
91,432
112,166
110,230
(13,737)
218
0
0
(43,989)

699,463
0
(11,552)
253,655

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
196,652
51,284
284,685

0.04
5.13
1.21
0.93
0.78
94.65
1.50
-0.62
-1.44
-0.87

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

0.41
2.72
2.28
2.42
1.33
92.03
1.28
10.11
21.64
13.21
1.95
10.33
2.45
3.84
0.11
2.92
18.65

15,847

15,315

17,282

50,177

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)

120

5.69

6.46

5.75

5.34
0.88
-0.89
-0.05
-0.39
10.56

-0.65
0.00
-0.47
17.11

-2.59
0.00
-1.25
12.76

-4.18
0.00
-1.69
10.97

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

628,999

988,503

1,148,843

891,350
628,999
30,290
0

1,233,669
988,503
32,416
0

1,169,496
1,148,843
45,689
0

253,473
3,018
146,355
17,719
0
86,381
278,562
225,811
52,751
158,518

284,419
15,494
93,754
39,052
0
136,119
584,291
176,752
407,539
326,982

359,874
2,534
198,687
34,215
0
124,438
603,275
251,398
351,877
279,855

158,518
445,392
196,000
196,000
0
249,392

326,982
361,649
196,000
196,000
0
165,649

279,855
625,587
392,000
392,000
0
233,587

1,111,024
4,480
1,169,612
1,098,847
50,348
0
0
7,697
359,702
954
223,721
17,775
0
117,252
343,619
214,974
128,645
601,461
414,355
169,581
0
1,393
16,133
525,646
392,000
392,000
0
(281,322)
3,240
(284,562)
414,969

1,067,202
0
1,176,558
1,059,407
47,633
0
0
7,795
476,994
2,396
331,278
13,478
0
129,842
366,221
214,442
151,779
642,935
424,125
182,220
0
3,103
33,487
535,040
392,000
392,000
0
(259,041)
3,240
(262,281)
402,080

1,022,426
0
1,175,900
1,014,032
45,585
0
0
8,393
684,464
813
496,814
26,588
0
160,248
682,734
394,058
288,676
586,627
365,625
212,709
0
3,668
4,625
437,529
392,000
392,000
0
(341,001)
3,240
(344,241)
386,530

643,109
551,698
91,411
613,079

896,751
741,179
155,572
870,066

1,081,060
899,293
181,767
1,029,102

30,030
22,198

26,685
23,807

51,958
28,866

1,379,194
1,247,582
131,612
1,232,461
980,901
251,560
146,733
43,975
22,713
21,262
97,108
69,889
66,465
34,302
7,554
0
0
(18,343)

1,625,000
1,498,625
126,374
1,577,812
1,316,118
261,695
47,187
47,251
19,778
27,472
103,638
110,339
106,363
(109,412)
16,961
0
0
(146,846)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(16,158)
3,216
0
0

(56,440)
4,484
0
0

(52,655)
5,405
0
0

856,602
800,064
56,538
830,094
617,520
212,574
26,508
31,544
15,599
15,945
66,455
104,720
103,100
(106,991)
594
0
0
(93,022)

603,910
0
(19,374)
225,811

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

0.07
3.91
2.76
0.73
0.91
95.33
0.98
-1.99
-3.94
-3.18

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

22,198

23,807

28,866

25,163

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)

121

4.39

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

-2.51
0.00
-0.99
22.72

-6.29
0.00
-3.11
18.45

-4.87
0.00
-1.48
15.96

Financial Statement Analysis of Non Financial Sector 2011

Safa Textiles Ltd.

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

41,979

51,793

60,243

61,906
41,699
3,497
280

73,917
51,570
3,660
223

86,485
60,065
4,824
178

31,543
296
19,922
0
0
11,325
31,996
0
31,996
1,016

82,121
4,287
69,928
0
0
7,906
83,830
44,290
39,540
329

88,056
1,061
68,641
7,737
0
10,617
100,117
54,331
45,786
0

1,016
40,510
40,000
40,000
0
510

329
49,755
40,000
40,000
0
9,755

0
48,182
40,000
40,000
0
8,182

50,645
0
84,074
50,502
5,476
143
0
0
126,060
5,582
52,522
23,128
0
44,827
125,006
82,555
42,451
0
0
0
0
0
0
51,699
40,000
40,000
0
11,699
0
11,699
0

52,681
0
90,074
52,567
5,515
114
0
0
143,833
1,349
61,463
22,529
0
58,492
142,464
102,411
40,052
0
0
0
0
0
0
54,050
40,000
40,000
0
14,050
0
14,050
0

85,688
0
129,527
85,688
6,920
0
0
0
157,313
2,225
98,523
15,912
0
40,653
173,086
133,956
39,130
14,252
0
0
0
0
14,252
55,663
40,000
40,000
0
15,663
0
15,663
0

227,885
17,141
210,744
196,508

265,666
0
265,666
223,935

367,422
0
367,422
328,336

31,377
23,862

41,731
25,390

39,086
29,374

477,113
7,020
470,093
418,628
264,732
153,896
58,485
43,700
12,218
31,482
29,665
8,253
5,604
7,051
4,701
6,000
0
(16,509)

474,758
79
474,679
411,595
279,575
132,020
63,163
42,267
11,549
30,718
38,920
13,725
10,572
6,695
5,082
0
0
(4,851)

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

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

5,236
2,088
0
0

11,903
2,658
0
0

3,943
3,516
0
91

395,271
101,992
293,279
350,243
219,063
131,180
45,028
35,970
8,362
27,608
27,069
4,904
2,610
7,447
3,929
0
0
(30,350)

41,526
0
3,148
0

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

0.01
1.02
0.00
3.10
0.99
86.23
0.81
7.61
13.45
13.27

0.05
1.67
0.00
1.98
0.98
84.29
1.69
11.48
26.37
25.99

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

23,862

25,390

29,374

2,330

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.09
1.50
2.11
2.48
0.88
89.36
2.08
2.79
8.05
8.03

11.44

3.80

5.35

7.53
3.85
1.88
-0.24
0.88
12.92

2.30
0.00
0.79
10.13

4.48
0.00
2.31
12.44

1.07
0.00
0.11
12.05

4.82
1.63
1.41
-0.03
0.20
6.96

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,122,031

2,302,728

2,195,285

2,779,601
2,120,349
189,292
1,682

2,824,189
2,302,015
150,515
713

3,156,565
2,194,375
166,923
910

1,465,859
15,026
955,583
382,206
30,130
82,914
1,704,400
1,357,271
347,129
981,954

1,879,454
3,154
933,599
732,669
0
210,032
2,097,479
1,496,385
601,094
1,070,597

2,098,124
4,892
911,516
89,203
0
1,092,513
2,435,385
1,478,612
956,773
883,642

981,954
901,536
189,129
189,129
0
712,407

1,070,597
1,014,106
264,129
264,129
0
749,977

883,642
974,382
264,129
264,129
0
710,253

2,428,946
13,070
3,149,646
2,200,264
157,896
535
0
215,077
1,571,354
3,206
685,765
740,173
10,019
132,191
1,889,080
1,516,214
372,866
1,611,528
1,170,569
405,600
0
34,827
532
499,692
264,129
264,129
0
53,084
115,981
(62,897)
182,479

2,343,422
24,084
3,214,564
2,110,011
157,180
258
0
209,069
2,378,726
7,104
1,368,010
775,350
12,466
215,796
2,867,459
2,480,994
386,465
1,277,508
805,022
427,100
0
44,780
606
577,181
264,129
264,129
0
141,899
115,981
25,918
171,153

2,387,066
943
3,350,715
2,185,048
155,900
167
0
200,908
2,654,487
3,807
1,400,986
1,042,820
13,917
192,957
2,801,268
2,081,604
719,664
1,055,374
563,671
429,350
0
61,392
961
1,184,911
264,129
264,129
0
761,424
115,981
645,443
159,358

3,473,267
2,685,089
788,178
3,127,149

3,813,037
2,793,718
1,019,319
3,423,596

4,489,205
3,125,656
1,363,549
4,048,768

346,118
113,228

389,441
156,688

440,437
210,563

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
317,100
259,307
238,583
103,101
21,923
0
0
(220,498)

7,361,391
5,659,646
1,701,745
6,021,743
4,599,161
1,422,582
1,339,648
393,901
206,762
187,139
434,397
216,487
202,056
687,207
73,614
52,826
0
1,128,760

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

52,373
17,300
14,185
0

(21,762)
18,961
14,185
0

(79,409)
22,448
0
0

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
277,645
346,441
338,276
(691,529)
8,059
0
0
363,328

1,883,490
0
20,888
1,357,271

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

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
81.80
3.25
14.08
78.00
33.56
11.62
5.25
4.40
9.34
0.29
23.23
44.86

113,228

156,688

210,563

211,500

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

0.25
6.09
11.00
0.97
0.86
90.03
2.98
1.58
6.52
2.90
2.47
3.63

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

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

1.51
0.00
1.85
47.67

-0.57
0.00
-1.54
38.39

-1.77
0.00
-3.86
36.89

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

425,240

411,438

392,108

644,977
425,240
19,010
0

652,110
411,438
21,422
0

653,874
392,108
20,607
0

144,782
7,108
104,013
21,360
0
12,301
250,917
108,602
142,315
114,614

164,266
728
101,106
34,238
0
28,194
346,958
125,898
221,060
87,574

197,250
4,611
123,745
31,398
0
37,496
354,591
179,944
174,647
185,749

114,614
204,491
212,678
212,678
0
(8,187)

87,574
141,172
212,678
212,678
0
(71,506)

185,749
49,018
212,678
212,678
0
(163,660)

376,960
0
653,004
374,318
19,516
292
0
2,350
18,928
1,768
0
646
8
16,506
225,237
188,928
36,309
127,510
35,869
91,566
0
75
0
43,141
212,678
212,678
0
(241,380)
3
(241,383)
71,843

414,698
0
414,723
403,134
17,432
195
0
11,369
17,018
1,150
0
0
14
15,855
28,026
0
28,026
212,374
0
199,437
0
261
12,676
191,316
212,678
212,678
0
(150,570)
0
(150,570)
129,208

397,814
0
414,174
386,347
17,838
97
0
11,369
64,019
4,512
28,070
10,075
17
21,346
46,189
0
46,189
235,693
0
211,692
0
177
23,825
179,951
212,678
212,678
0
(157,888)
0
(157,888)
125,161

642,081
456,324
185,757
605,461

757,011
386,043
370,968
700,569

789,487
572,008
217,479
778,728

36,620
23,396

56,442
36,964

10,759
31,531

0
0
0
23,324
0
23,324
(23,324)
17,337
0
17,337
5,150
415
0
77,002
0
0
0
(30,220)

189,527
189,527
0
180,151
69,941
110,209
9,376
8,549
157
8,392
35,854
1,381
1,313
1,761
1,980
0
0
(9,642)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(13,355)
3,210
0
0

(13,361)
3,736
0
0

(60,850)
3,975
0
0

301,111
231,278
69,833
305,483
193,238
112,245
(4,372)
36,618
4,184
32,434
14,560
29,894
28,499
(70,884)
1,514
0
0
29,002

319,105
0
(16,565)
108,602

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

0.11
4.14
3.33
1.13
0.58
94.30
1.79
-2.48
-6.34
-4.58

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

23,396

36,964

31,531

26,579

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)

124

6.17

7.49

6.38

-2.08
0.00
-0.78
9.62

-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

Financial Statement Analysis of Non Financial Sector 2011

Saleem Denim Industries Ltd.

2007

2008

2009

90,153

90,153

90,153

144,108
90,153
4,706
0

144,108
90,153
4,706
0

144,108
90,153
4,706
0

8,360
18
5,195
0
0
3,147
65,123
12,258
52,865
18,020

8,360
18
5,195
0
0
3,147
65,123
12,258
52,865
18,020

8,360
18
5,195
0
0
3,147
65,123
12,258
52,865
18,020

18,020
15,370
39,018
39,018
0
(23,648)

18,020
15,370
39,018
39,018
0
(23,648)

18,020
15,370
39,018
39,018
0
(23,648)

27,349
0
30,971
26,853
1,014
0
0
496
415
8
0
0
0
407
66,977
0
66,977
6,639
0
5,453
0
1,186
0
(45,852)
39,018
39,018
0
(85,421)
0
(85,421)
551

26,623
0
30,971
26,127
726
0
0
496
415
8
0
0
0
407
67,416
0
67,416
6,639
0
5,453
0
1,186
0
(47,017)
39,018
39,018
0
(86,586)
0
(86,586)
551

26,623
0
30,971
26,127
726
0
0
496
415
8
0
0
0
407
67,416
0
67,416
6,639
0
5,453
0
1,186
0
(47,017)
39,018
39,018
0
(86,586)
0
(86,586)
551

0
0
0
0

0
0
0
0

0
0
0
0

0
5,865

0
5,865

0
5,865

0
0
0
0
0
0
0
1,165
0
1,165
144
0
0
(1,165)
0
0
0
0

0
0
0
0
0
0
0
1,165
0
1,165
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)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

187,608
0
0
0

187,608
0
0
0

187,608
0
0
0

0
0
0
0
0
0
0
1,383
0
1,383
144
0
0
(1,383)
0
0
0
1,783

33,390
0
187,608
12,258

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

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.13

0.00
0.13

0.00
0.13

0.00
0.01

0.00
0.01

0.00
0.01

5,865

5,865

5,865

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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
185.28
-241.01
-292.22

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

0.00
-0.30
-12.05

0.00
-0.30
-12.05

125

0.00

0.00

0.00

0.00
48.08
3.94

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 2011

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)
2010
2011

2006

2007

2008

2009

1,380,413

1,355,518

1,918,615

1,517,104
1,380,413
38,513
0

1,545,281
1,355,518
68,428
0

1,961,285
1,918,615
66,816
0

879,080
5,506
534,305
141,110
103,132
95,027
872,202
628,738
243,464
574,297

691,783
32,669
238,154
184,786
115,795
120,379
471,492
276,489
195,003
815,368

1,367,589
18,635
813,218
254,061
113,796
167,879
1,951,463
798,513
1,152,950
176,230

574,297
812,994
33,426
33,426
0
779,568

815,368
760,441
33,426
33,426
0
727,015

176,230
1,158,511
33,426
33,426
0
1,125,085

2,133,501
4,836
1,969,631
1,848,871
66,722
0
279,176
619
993,437
21,664
700,534
209,546
0
61,692
1,097,656
853,250
244,406
856,871
574,150
145,000
0
19,794
117,928
1,172,411
33,426
33,426
0
(16,678)
5,672
(22,350)
1,155,664

2,207,708
3,995
1,995,867
1,808,691
63,558
0
394,727
296
613,593
31,367
244,289
258,970
0
78,967
578,795
259,736
319,059
750,988
441,615
81,667
0
22,721
204,985
1,491,518
33,426
33,426
0
313,187
5,557
307,629
1,144,905

2,493,251
23,550
2,088,171
2,015,196
60,764
0
454,211
294
1,140,265
86,190
775,930
146,892
0
131,253
1,011,095
568,787
442,309
626,975
265,995
65,000
0
27,745
268,235
1,995,446
33,426
33,426
0
663,925
5,466
658,459
1,298,095

824,655
824,655
0
733,386

1,669,485
1,349,511
319,974
1,508,703

1,942,693
1,646,700
295,993
1,689,297

91,269
43,784

160,782
74,941

253,396
92,881

3,160,366
2,334,059
826,307
2,537,320
1,695,925
841,395
623,046
119,793
49,366
70,426
187,701
194,530
184,580
411,462
19,976
8,356
0
816,604

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
213,443
164,653
136,029
389,480
59,294
10,028
0
(21,992)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

7,390
4,610
3,343
0

(24,519)
8,521
0
0

25,143
10,386
0
0

1,980,144
1,731,950
248,194
1,778,839
1,545,100
233,739
201,305
135,521
33,736
101,785
154,256
257,565
247,338
(241,177)
2,359
0
0
(33,940)

1,387,291
0
(563)
628,738

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

0.29
5.97
17.11
0.36
1.01
88.93
1.78
0.40
0.95
0.65
0.83
1.54

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

43,784

74,941

92,881

49,235

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)

126

7.01

2.39

2.83
0.02
-12.18
-0.02
-72.86
350.75

0.90
0.00
0.83
243.22

-1.47
0.00
-9.88
227.50

1.29
0.00
4.41
346.59

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

478,645

500,282

545,976

762,629
478,645
20,722
0

791,923
500,282
25,082
0

872,121
545,976
26,383
0

249,102
1,165
208,510
2,090
0
37,337
689,167
563,990
125,177
123,390

231,408
12,131
126,303
31,080
0
61,894
723,238
408,507
314,731
133,647

486,079
12,861
398,290
25,744
0
49,184
1,114,213
623,104
491,109
116,250

123,390
(84,810)
87,750
87,750
0
(172,560)

133,647
(125,195)
87,750
87,750
0
(212,945)

116,250
(198,408)
87,750
87,750
0
(286,158)

550,004
0
893,635
538,837
28,786
0
0
11,167
367,458
2,165
301,381
20,161
0
43,751
775,630
572,620
203,010
244,826
83,513
119,898
0
41,415
0
(102,994)
87,750
87,750
0
(278,318)
0
(278,318)
87,574

758,822
13,507
1,218,984
734,772
30,883
0
0
10,543
447,211
2,599
306,354
51,769
0
86,489
774,247
554,929
219,318
280,321
0
163,678
0
43,407
73,236
151,465
87,750
87,750
0
(139,516)
0
(139,516)
203,231

861,764
38,275
1,333,350
812,891
36,973
0
0
10,598
606,259
5,446
396,735
117,623
0
86,455
845,759
589,271
256,488
269,407
35,583
113,437
0
44,964
75,422
352,857
87,750
87,750
0
69,015
0
69,015
196,093

798,115
798,115
0
721,858

883,696
882,492
1,204
828,372

1,035,566
1,024,409
11,157
1,011,064

76,257
21,161

55,324
19,969

24,502
39,973

1,745,619
1,669,161
76,458
1,488,831
998,833
489,998
256,788
49,994
14,255
35,739
149,293
61,743
47,411
145,968
8,346
8,775
0
147,648

2,842,733
2,737,043
105,691
2,538,647
2,029,612
509,035
304,086
67,756
16,533
51,223
155,667
4,514
53,044
239,431
27,078
4,388
0
88,619

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,301
3,984
0
0

(6,846)
4,411
0
0

(60,217)
5,384
0
0

1,182,377
1,156,112
26,265
1,111,359
783,429
327,930
71,018
28,083
7,815
20,268
119,108
39,913
62,020
4,248
0
0
0
103,101

38,580
0
9,317
563,990

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
35,583
207,965
624,854

0.00
5.25
0.26
1.10
0.36
90.45
-9.58
1.89
-14.46
24.16

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
0.16
4.14
1.94
0.72
89.30
3.16
17.91
94.95
45.43
48.40
7.17
5.51
8.42
0.08
24.20
40.21

21,161

19,969

39,973

41,871

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)

127

3.83

7.00

2.60

3.92
1.07
0.36
0.10
0.48
-11.74

1.67
0.00
1.06
-9.66

-0.77
0.00
-1.28
-14.27

-5.81
0.00
-7.48
-22.61

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

275,985

335,786

608,784

406,149
275,985
14,362
0

402,305
335,786
13,889
0

770,920
608,784
19,345
0

97,330
698
68,122
957
0
27,553
195,510
68,808
126,702
16,127

101,737
719
59,799
1,822
0
39,397
246,784
27,758
219,026
15,232

186,844
4,158
93,993
21,602
0
67,091
190,247
107,830
82,417
322,929

16,127
161,678
39,760
39,760
0
121,918

15,232
175,507
39,760
39,760
0
135,747

322,929
282,452
39,760
39,760
0
242,692

653,937
0
861,965
642,417
29,278
0
0
11,520
247,471
7,605
150,334
18,377
0
71,155
290,715
154,800
135,915
351,415
263,921
19,017
0
9,976
58,502
259,278
39,760
39,760
0
37,561
0
37,561
181,958

644,906
0
876,772
627,239
31,324
0
0
17,667
258,837
6,952
151,182
19,190
0
81,514
286,335
117,417
168,918
348,762
238,170
25,932
0
12,485
72,175
268,646
39,760
39,760
0
54,502
0
54,502
174,384

782,156
0
1,085,210
767,848
34,362
0
0
14,309
409,377
7,975
269,089
36,285
0
96,028
409,098
224,838
184,260
384,261
153,708
94,757
0
15,556
120,241
398,174
41,748
41,748
0
76,906
0
76,906
279,520

473,960
473,960
0
452,565

501,920
501,920
0
474,217

584,824
584,824
0
563,438

21,395
9,532

27,703
17,600

21,386
11,235

1,186,789
1,186,789
0
1,072,082
782,375
289,707
114,707
28,602
627
27,975
89,957
58,282
45,974
28,706
5,934
0
1,988
85,940

1,847,896
1,847,896
0
1,711,083
1,413,682
297,401
136,813
26,526
8,682
17,844
90,599
70,048
68,058
43,794
19,409
0
0
(74,855)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,755
2,343
0
0

4,197
2,483
0
0

2,840
1,762
0
0

868,393
868,393
0
846,194
633,292
212,902
22,199
51,196
250
50,946
69,766
53,581
51,735
(82,150)
0
0
0
(6,577)

177,805
0
(588)
68,808

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
153,708
24,385
378,546

0.01
2.22
0.20
1.27
0.50
95.49
1.31
0.47
0.83
0.75

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
3.79
1.96
1.55
1.00
92.60
1.99
4.18
13.14
6.26

9,532

17,600

11,235

10,545

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)

128

6.96

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

6.87
1.64
2.37
-0.09
5.84
95.38

0.37
0.00
-0.15
40.66

0.84
0.00

0.49
0.00
0.27
71.04

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

745,533

733,698

678,626

1,153,659
745,533
59,226
0

1,208,791
733,698
68,754
0

1,221,365
678,626
68,471
0

694,731
14,311
390,012
147,898
73,969
68,541
857,004
704,514
152,490
184,079

793,953
11,559
389,686
2,912
110,199
279,597
1,228,051
620,705
607,346
37,823

1,926,100
22,725
311,068
244,038
0
1,348,269
1,166,941
691,489
475,452
382,722

184,079
399,181
133,640
133,640
0
265,541

37,823
261,777
133,640
133,640
0
128,137

382,722
1,055,063
133,640
133,640
0
921,423

638,614
0
1,236,722
631,361
62,889
0
1,000
6,253
1,680,672
8,468
345,221
118,100
1,078,386
130,497
1,000,406
710,150
290,257
456,273
59,595
133,072
0
1,829
261,777
862,607
133,640
133,640
0
662,317
0
662,317
66,650

847,865
2,310
1,416,186
835,533
59,041
0
2,150
7,873
1,437,998
16,491
330,998
109,438
836,601
144,470
1,038,125
731,974
306,151
418,987
19,556
133,072
0
1,692
264,667
828,751
133,640
133,640
0
470,351
0
470,351
224,760

796,084
2,960
1,439,577
786,309
74,326
389
2,150
4,276
1,594,087
20,953
356,977
241,418
836,601
138,137
1,111,749
714,491
397,258
270,208
10,898
10,412
0
1,575
247,324
1,008,214
267,280
267,280
0
527,451
541,308
(13,857)
213,482

1,634,284
686,704
947,580
1,443,467

1,687,510
708,276
979,234
1,536,078

1,613,642
827,249
786,393
1,565,696

190,817
83,221

151,432
92,392

47,946
91,869

1,810,677
869,105
941,571
1,729,173
1,379,726
349,448
81,503
88,702
39,170
49,532
98,653
141,489
133,352
(13,547)
15,921
0
0
(69,051)

3,096,484
942,776
2,153,708
2,805,198
2,365,337
439,861
291,286
117,424
60,587
56,837
129,485
139,210
125,920
61,763
33,283
0
0
16,587

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

42,178
12,527
0
0

31,500
12,839
0
0

(11,781)
11,300
0
0

1,585,781
739,691
846,090
1,474,120
1,124,935
349,186
111,660
81,528
43,043
38,484
94,185
134,367
126,791
(69,235)
9,056
0
0
46,157

583,260
0
29,651
704,514

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

0.28
6.36
9.05
1.13
0.81
88.32
2.61
2.95
12.74
7.79

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

83,221

92,392

91,869

104,016

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)

129

4.19

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

2.58
0.00
2.22
29.87

1.87
0.00
1.40
19.59

-0.73
0.00
-1.73
78.95

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

144,886

175,732

172,131

452,772
144,886
17,042
0

502,798
175,732
20,228
0

521,224
172,131
23,410
0

191,951
7,528
57,485
122,235
0
4,703
104,145
84,906
19,239
24,295

179,591
15,329
69,204
89,134
0
5,924
278,731
103,096
175,635
21,592

187,498
4,448
78,752
0
0
104,298
161,839
0
161,839
5,115

24,295
208,397
50,000
50,000
0
158,397

21,592
55,000
55,000
55,000
0
0

5,115
192,675
55,000
55,000
0
137,675

172,188
288
532,098
171,204
25,302
0
0
696
204,039
20,322
83,326
85,270
0
15,121
145,487
115,195
30,292
20,116
2,365
0
0
0
17,751
210,624
55,000
55,000
0
155,624
0
155,624
0

166,400
192
551,309
165,111
27,668
0
0
1,098
236,609
9,994
128,960
89,280
0
8,375
158,213
123,718
34,495
16,548
0
0
0
0
16,548
228,248
55,000
55,000
0
173,248
0
173,248
0

179,528
1,155
585,160
177,669
29,802
0
0
704
336,135
12,081
155,188
162,065
0
6,801
222,481
155,103
67,378
29,076
10,585
0
0
0
18,491
264,106
55,000
55,000
0
209,106
0
209,106
0

481,623
481,623
0
427,863

382,759
382,759
0
411,080

385,654
385,654
0
348,008

53,760
16,468

(28,321)
12,637

37,646
14,056

713,117
711,005
2,112
613,935
395,586
218,349
99,182
24,483
4,738
19,746
74,940
18,018
17,869
58,489
22,818
33,000
0
51,185

965,675
864,684
100,991
819,883
583,187
236,697
145,791
28,988
5,641
23,347
96,925
21,841
21,631
105,647
34,845
41,250
0
13,540

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

32,127
12,885
12,500
5,000

(54,888)
2,054
0
0

7,237
2,173
5,500
0

506,145
506,145
0
437,172
281,642
155,530
68,973
17,842
3,826
14,015
60,709
18,353
18,223
36,102
0
19,250
0
89,675

232,692
0
6,742
84,906

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

1.25
1.53
25.38
1.43
1.84
88.84
0.62
10.01
15.65
14.78
1.54
8.38

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

16,468

12,637

14,056

7,375

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)

130

5.53

6.67
0.00
3.85
41.68

-14.34
0.00

1.88
0.00
0.92
35.03

Financial Statement Analysis of Non Financial Sector 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

2,614,510

2,720,531

2,754,877

4,222,604
2,608,312
236,142
6,198

4,519,977
2,712,596
253,745
7,935

4,837,666
2,748,952
254,939
5,925

5,400,682
35,600
1,291,006
652,609
3,159,154
262,313
2,473,996
1,964,522
509,474
502,619

8,286,493
28,041
1,322,712
859,682
5,554,971
521,087
2,742,546
1,922,612
819,934
627,720

8,793,634
38,276
2,082,335
875,712
5,532,135
265,176
3,754,352
2,961,410
792,942
1,082,667

502,619
5,038,577
175,000
175,000
0
4,863,577

627,720
7,636,758
175,000
175,000
0
7,461,758

1,082,667
6,711,492
175,000
175,000
0
6,536,492

19,020,955
13,200,555
4,939,474
2,599,764
256,887
13,235
3,192,722
14,679
3,459,729
108,039
1,894,004
886,258
156,412
415,015
4,095,782
2,285,211
1,810,571
11,239,821
10,800,718
0
0
81,082
358,022
7,145,081
175,000
175,000
0
6,970,081
2,035,587
4,934,494
0

22,771,635
15,900,746
5,122,608
2,550,331
243,996
10,471
4,265,428
44,660
5,172,454
661,757
2,237,874
1,066,667
199,868
1,006,289
5,504,671
3,449,891
2,054,780
12,899,464
12,694,512
0
0
102,943
102,010
9,539,954
196,875
196,875
0
9,343,079
3,383,579
5,959,500
0

23,392,819
224,590
23,176,540
19,959,962
697,099
7,812
3,180,401
20,054
8,156,858
201,799
2,847,249
3,811,691
506,912
789,206
8,367,003
5,335,208
3,031,795
12,492,967
12,298,082
0
0
121,145
73,740
10,689,707
196,875
196,875
0
10,492,832
2,022,513
8,470,319
0

4,811,448
4,811,448
0
4,222,423

5,417,865
1,496,376
3,921,489
4,688,950

6,511,531
1,569,982
4,941,549
5,420,598

589,025
96,668

728,915
116,154

1,090,933
455,321

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
129,944
643,153
557,178
1,118,888
105,870
29,531
0
30,053

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
889,563
2,272,008
2,165,808
2,637,619
184,720
98,438
0
352,607

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

317,324
49,943
43,750
0

549,492
75,783
0
0

1,296,189
75,452
81,795
0

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
540,919
667,756
563,529
630,442
88,403
0
21,875
159,394

5,541,196
0
223,631
1,964,522

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

1.56
5.50
13.56
0.60
2.18
87.76
0.59
4.62
7.90
7.04
6.11
3.73

2.35
5.55
15.87
0.49
3.02
86.55
0.44
5.78
8.67
7.96

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
26.31
11.61
24.92
7.59
2.22
12.21
0.02
124.59
542.97

96,668

116,154

455,321

264,509

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

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

131

4.10

1.72
6.68
13.45
0.56
2.34
83.25
0.72
11.49
18.07
16.14
14.92
3.13

6.60
0.00
15.28
287.92

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 2011

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)
2010
2011

2006

2007

2008

2009

3,926,180

4,108,894

4,074,057

6,143,536
3,923,489
334,612
2,691

6,490,914
4,107,031
387,140
1,863

6,999,236
4,073,022
390,889
1,035

5,292,211
33,312
1,908,735
1,181,491
1,926,421
242,252
4,390,082
3,214,639
1,175,443
934,381

7,017,110
53,774
1,949,146
1,280,852
400,087
3,333,251
4,372,189
3,105,043
1,267,146
734,947

8,250,208
66,875
3,278,653
1,129,634
140,660
3,634,386
5,880,623
4,921,423
959,200
866,151

934,381
3,893,928
200,831
200,831
0
3,693,097

734,947
6,018,868
200,831
200,831
0
5,818,037

866,151
5,577,491
200,831
200,831
0
5,376,660

7,828,234
177,211
7,190,974
3,778,949
396,187
7,405
3,838,669
26,000
4,177,509
89,246
2,603,526
1,112,467
0
372,270
4,593,083
3,960,727
632,356
1,229,653
702,714
0
0
87,194
439,744
6,183,007
200,831
200,831
0
5,982,176
0
5,982,176
0

8,845,946
213,372
7,450,767
3,680,123
379,405
5,920
4,909,434
37,096
5,134,745
121,649
2,984,819
1,251,651
0
776,626
4,683,318
3,751,619
931,699
1,021,329
544,445
0
0
96,702
380,182
8,276,044
200,831
200,831
0
8,075,213
0
8,075,213
0

7,389,555
917,653
7,779,986
3,815,180
389,714
4,355
2,589,780
62,587
7,135,523
106,695
3,944,339
1,691,269
0
1,393,221
5,633,731
4,379,489
1,254,242
1,241,986
952,145
0
0
121,433
168,408
7,649,361
200,831
200,831
0
7,448,529
7,448,529
0
0

8,270,193
4,215,267
4,054,926
7,505,448

9,124,795
4,652,784
4,472,011
8,289,587

9,746,607
5,129,452
4,617,155
8,618,580

764,745
133,353

835,208
143,598

1,128,027
557,902

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
934,518
748,655
643,907
1,573,083
184,875
100,416
0
886,290

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
10,388,443
812,212
659,134
2,413,168
266,569
100,416
0
136,213

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

263,460
55,739
25,104
0

319,710
64,597
0
0

670,601
60,501
24,099
0

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
835,231
847,821
725,451
255,872
77,445
30,125
0
1,245,160

4,828,309
0
182,617
3,214,639

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

0.72
5.17
14.29
0.90
1.21
90.75
1.37
3.19
7.51
5.77
8.27
4.33

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

133,353

143,598

557,902

427,834

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)

132

4.68

3.19
0.00
10.34
193.89

3.50
0.00
12.70
299.70

6.88
0.00
30.38
277.72

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

798,883

821,208

1,094,494

1,547,848
798,883
54,530
0

1,572,175
821,208
62,093
0

1,897,383
1,094,494
58,906
0

347,492
629
199,986
92,990
540
53,347
429,079
310,104
118,975
245,327

272,710
994
149,723
60,889
850
60,254
491,487
196,957
294,530
220,791

283,634
1,695
191,628
35,335
529
54,447
496,411
227,360
269,051
204,981

245,327
471,969
312,000
312,000
0
159,969

220,791
381,640
312,000
312,000
0
69,640

204,981
676,736
312,000
312,000
0
364,736

1,048,694
0
1,899,363
1,042,697
53,322
0
190
5,807
173,604
2,489
107,324
15,453
0
48,338
477,915
262,180
215,735
193,331
162,687
0
0
0
30,644
551,052
312,000
312,000
0
(347,668)
0
(347,668)
586,720

1,001,233
245
1,886,211
997,364
48,277
0
259
3,365
329,060
3,468
185,480
53,008
0
87,104
442,563
292,691
149,872
216,862
186,218
0
0
0
30,644
670,868
312,000
312,000
0
(220,379)
0
(220,379)
579,247

1,086,719
0
2,015,938
1,083,044
45,726
0
310
3,365
322,247
445
161,535
75,141
0
85,126
470,343
287,735
182,608
162,666
132,022
30,644
0
0
0
775,957
312,000
312,000
0
(214,383)
120
(214,503)
678,340

1,430,953
1,098,253
332,700
1,280,791

1,349,123
879,963
469,160
1,309,615

1,505,524
1,182,412
323,112
1,437,053

150,162
56,297

39,508
63,555

68,471
56,923

1,928,141
942,831
985,310
1,638,531
1,311,393
327,138
289,610
95,538
57,966
37,572
143,289
77,694
70,126
135,056
15,069
15,600
0
243,249

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
179,747
96,357
88,420
46,318
36,539
0
0
86,327

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

57,281
7,159
0
0

(83,568)
6,845
0
0

(51,674)
7,528
0
0

1,402,105
917,052
485,053
1,386,328
1,041,748
344,580
15,777
63,610
35,181
28,429
116,852
76,119
73,205
(123,623)
4,983
0
0
8,888

717,296
0
50,122
310,104

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

0.22
2.70
6.50
1.25
0.81
89.51
1.43
5.31
12.73
8.35

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
0.69
92.69
0.82
3.38
6.40
5.07

56,297

63,555

56,923

38,618

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)

133

7.16

9.01

7.86

13.06
-0.69
-8.82
0.01
-4.12
17.66

4.00
0.00
1.61
15.13

-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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

235,286

243,108

291,668

553,580
235,286
12,598
0

570,683
243,108
12,403
0

633,558
291,668
14,077
0

362,644
3,679
162,389
6,588
0
189,988
397,958
170,658
227,300
111,268

358,165
6,634
156,272
77,602
0
117,657
409,656
154,656
255,000
108,740

303,442
6,082
188,631
7,974
0
100,755
332,562
167,255
165,307
141,009

111,268
88,704
132,750
132,750
0
(44,046)

108,740
82,877
132,750
132,750
0
(49,873)

141,009
121,539
132,750
132,750
0
(11,211)

341,762
0
690,405
338,680
15,383
0
0
3,082
228,616
3,520
174,447
97
0
50,552
329,467
148,188
181,279
214,177
76,069
90,855
0
9,903
37,350
26,734
132,750
132,750
0
(131,296)
0
(131,296)
25,280

359,977
0
726,086
356,895
17,467
0
0
3,082
160,492
12,465
108,671
99
0
39,258
202,120
99,728
102,392
208,371
54,347
90,855
0
13,200
49,969
109,978
132,750
132,750
0
(81,994)
0
(81,994)
59,222

359,977
0
726,086
356,895
17,467
0
0
3,082
160,492
12,465
108,671
99
0
39,258
202,120
99,728
102,392
208,371
54,347
90,855
0
13,200
49,969
109,978
132,750
132,750
0
(81,994)
0
(81,994)
59,222

411,289
411,289
0
357,528

464,522
464,522
0
403,983

450,555
450,555
0
388,685

53,761
14,970

60,539
15,510

61,870
17,193

716,581
716,581
0
587,251
349,277
237,974
129,330
25,653
1,107
24,546
66,176
39,640
38,783
64,349
3,583
0
0
79,711

716,581
716,581
0
587,251
349,277
237,974
129,330
25,653
1,107
24,546
66,176
39,640
38,783
64,349
3,583
0
0
79,711

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,151
2,853
0
0

6,088
2,321,151
0
0

10,516
2,253
0
0

472,088
472,088
0
431,535
269,434
162,101
40,553
17,899
1,077
16,823
56,215
49,868
48,450
(26,966)
0
0
0
93,278

199,972
0
5,298
170,658

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

318,349
54,347
60,766
154,075

0.03
7.58
1.60
0.69
0.91
86.93
5.74
1.52
9.13
3.91

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

0.06
5.53
0.01
1.38
0.79
81.95
3.73
12.36
58.51
20.21

14,970

15,510

17,193

31,180

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)

134

2.53

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

6.59
2.66
8.98
0.19
4.58
8.28

1.98
0.00
0.40
6.68

1.31
0.00
-174.39
6.24

2.33
0.00
0.62
9.16

Financial Statement Analysis of Non Financial Sector 2011

Service Fabrics Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

130,309

178,054
130,309
0
0

0
0
0
0

0
0
0
0

3,822
102
1,987
0
0
1,733
368,333
27,877
340,456
0

46
46
0
0
0
0
221,446
9,242
212,204
0

40
40
0
0
0
0
79,122
0
79,122
142,480

0
(234,202)
157,548
157,548
0
(391,750)

0
(221,400)
157,548
157,548
0
(378,948)

142,480
(221,562)
157,548
157,548
0
(379,110)

0
0
0
0
0
0
0
0
39
39
0
0
0
0
221,762
142,247
79,514
0
0
0
0
0
0
(221,723)
157,548
157,548
0
(379,271)
0
(379,271)
0

0
0
0
0
0
0
0
0
39
39
0
0
0
0
221,872
142,397
79,474
0
0
0
0
0
0
(221,833)
157,548
157,548
0
(379,381)
0
(379,381)
0

0
0
0
0
0
0
0
0
39
39
0
0
0
0
79,210
0
79,210
142,722
8,781
133,617
0
324
0
(221,893)
157,548
157,548
0
(379,441)
0
(379,441)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
572

0
0

0
60

0
0
0
0
0
0
0
110
0
110
0
0
0
(110)
0
0
0
(150)

0
0
0
0
0
0
0
60
0
60
0
0
0
(60)
0
0
0
0

Items

F.Operation:

1,224
0
0
0

12,802
1,817
0
0

(162)
0
0
0

0
0
0
0
0
0
0
68
0
68
0
93
91
(161)
0
0
0
(1)

(234,202)
0
1,224
27,877

(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

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.01

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

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

572

60

185

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)

-1.57
0.40
-0.39
-1.23

-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

0.00
0.08
-14.87

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

135

-0.77

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

224,886

200,801

176,379

296,267
224,886
21,321
0

288,292
200,801
20,026
0

270,837
176,379
14,425
0

52,964
2,400
45,905
0
0
4,659
303,477
187,195
116,282
13,270

72,267
409
67,384
0
0
4,474
420,103
193,323
226,780
10,573

10,687
1,137
5,560
0
0
3,990
247,812
123,859
123,953
128,074

13,270
(38,897)
44,491
44,491
0
(83,388)

10,573
(157,608)
44,492
44,492
0
(202,100)

128,074
(188,820)
44,492
44,492
0
(233,312)

160,021
0
257,431
158,333
99,098
0
0
1,688
21,317
1,203
17,265
370
0
2,479
137,992
90,310
47,682
224,181
78,077
139,640
0
2,011
4,452
(180,835)
44,492
44,492
0
(265,319)
38,250
(303,569)
39,993

405,970
580
437,789
403,415
34,392
0
0
1,976
29,898
13,857
12,444
0
0
3,598
164,995
136,958
28,037
201,777
36,261
128,071
0
1,859
35,587
69,096
44,492
44,492
0
(253,469)
38,250
(291,719)
278,073

394,362
0
445,734
391,810
19,532
0
0
2,552
71,512
3,256
63,043
0
0
5,213
281,822
229,644
52,178
159,187
0
125,004
0
2,155
32,028
24,865
44,492
44,492
0
(291,091)
38,250
(329,341)
271,464

274,439
274,439
0
275,789

245,636
245,636
0
276,077

192,849
192,849
0
198,753

(1,350)
12,803

(30,441)
15,678

(5,904)
13,740

370,869
370,869
0
339,010
244,308
94,702
31,859
10,515
525
9,990
36,316
20,622
20,518
2,855
1,828
0
0
4,930

559,500
559,500
0
573,543
482,169
91,374
(14,043)
12,997
629
12,368
43,306
20,392
20,295
(46,325)
5,595
0
0
(56,036)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

18,609
1,372
0
0

(71,897)
1,228
0
0

(36,681)
964
0
15,412

242,860
242,860
0
249,183
169,778
79,405
(6,323)
9,391
506
8,885
31,807
24,280
24,152
(36,705)
0
0
0
(36,471)

(25,627)
0
17,237
187,195

(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

0.01
7.27
0.00
0.99
0.17
100.49
-8.14
6.06
-46.38
150.51

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

12,803

15,678

13,740

19,938

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)

136

5.98

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

6.78
0.00
3.87
-8.74

-29.27
0.00
-16.44
-35.42

-19.02
0.00
-8.46
-42.44

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

274,880

310,821

287,447

446,807
274,880
20,676
0

467,883
310,821
26,331
0

512,262
287,447
31,233
0

148,965
1,096
35,559
21,331
0
90,979
142,381
90,314
52,067
141,615

94,235
1,748
67,402
67,402
0
(42,317)
156,551
77,884
78,667
135,798

173,489
768
127,325
13,119
0
32,277
215,179
120,291
94,888
133,876

141,615
139,849
30,000
30,000
0
109,849

135,798
112,707
30,000
30,000
0
82,707

133,876
111,881
30,000
30,000
0
81,881

269,184
217
524,633
267,925
29,364
0
0
1,042
171,280
1,997
118,954
22,819
0
27,510
275,212
195,009
80,203
81,632
74,904
0
0
0
6,728
83,620
30,000
30,000
0
53,620
0
53,620
0

254,032
0
534,603
251,650
27,257
0
0
2,382
240,487
3,126
123,116
62,525
0
51,720
294,444
186,024
108,420
68,923
40,589
0
0
0
28,334
131,152
30,000
30,000
0
101,152
0
101,152
0

260,444
0
568,032
258,062
27,017
0
0
2,382
238,165
4,361
123,996
37,713
0
72,095
198,408
120,643
77,765
117,807
68,290
0
0
0
49,517
182,394
30,000
30,000
0
152,394
0
152,394
0

684,367
684,367
0
612,855

705,739
701,064
4,675
654,903

868,928
868,928
0
817,939

71,512
21,270

50,836
21,468

50,989
22,343

1,246,000
1,246,000
0
1,095,568
801,508
294,060
150,432
29,784
1,103
28,681
115,212
45,315
42,860
76,030
6,285
3,000
0
34,413

1,832,307
1,832,307
0
1,664,082
1,321,119
342,963
168,225
35,228
2,853
32,375
127,944
55,612
51,002
79,623
4,147
3,000
0
70,174

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

30,550
3,394
3,750
0

3,217
3,529
0
0

(3,147)
4,345
0
0

874,380
871,765
2,615
849,672
608,890
240,782
24,708
23,093
778
22,315
86,290
43,654
42,284
(41,867)
26
0
0
17,190

281,464
0
23,406
90,314

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

0.16
2.95
3.12
1.61
1.05
89.55
2.03
8.14
23.91
12.42
7.24
19.25

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

21,270

21,468

22,343

20,215

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)

137

10.47

6.82

7.35
0.01
-4.79
0.05
-13.96
27.87

4.46
0.00
9.05
46.62

0.46
0.00
-0.10
37.57

-0.36
0.00
-2.50
37.29

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

974,628

907,584

961,358

1,747,310
974,628
88,152
0

1,771,012
907,584
94,197
0

1,847,090
961,358
89,413
0

908,067
7,643
596,315
247,904
0
56,205
1,141,595
960,072
181,523
295,607

916,109
7,217
450,776
303,394
0
154,722
1,231,954
909,827
322,127
309,248

1,268,913
5,350
855,102
232,787
0
175,674
1,623,985
1,251,954
372,031
397,830

295,607
445,493
176,367
176,367
0
269,126

309,248
282,491
176,367
176,367
0
106,124

397,830
208,456
176,367
176,367
0
32,089

1,610,860
4,201
2,628,853
1,594,158
79,848
0
0
12,501
1,089,139
14,326
626,852
276,269
0
171,692
1,579,479
1,246,692
332,788
538,911
251,744
58,183
0
21,141
207,844
581,609
176,367
176,367
0
(96,719)
53,219
(149,938)
501,960

1,566,341
18,968
2,651,235
1,537,151
87,007
0
0
10,222
1,012,625
30,170
466,484
326,459
0
189,512
1,477,677
1,078,172
399,505
399,575
99,654
75,242
0
19,418
205,261
701,714
176,367
176,367
0
27,823
53,219
(25,396)
497,524

1,553,309
4,145
2,718,334
1,543,243
78,474
0
0
5,921
1,297,375
11,521
630,559
404,535
0
250,759
1,810,108
1,192,072
618,035
359,958
100,543
99,394
0
27,246
132,775
680,618
176,367
176,367
0
(25,131)
53,219
(78,350)
529,382

2,464,021
1,640,117
823,904
2,251,634

2,389,606
1,704,454
685,152
2,247,221

2,904,668
2,348,411
556,257
2,735,098

212,387
61,502

142,385
66,864

169,570
71,158

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
272,662
191,702
185,939
135,120
25,598
8,818
0
351,119

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
285,757
204,796
182,731
(32,322)
56,451
0
0
(86,692)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

9,673
12,705
0
0

(77,404)
12,155
0
0

(59,504)
14,401
0
0

3,215,227
2,523,680
691,547
3,070,481
2,488,833
581,648
144,746
84,587
45,805
38,782
234,114
253,392
232,011
(188,111)
6,849
0
0
212,543

741,100
0
(3,032)
960,072

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
100,543
(88,774)
1,292,615

0.22
5.77
10.06
1.31
0.80
91.38
3.23
0.50
2.17
1.18

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

61,502

66,864

71,158

142,156

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)

138

4.13

5.30

3.40

5.13
0.19
-5.85
0.10
-11.05
32.98

0.39
0.00
-0.17
25.26

-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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

754,250

717,543

758,279

1,179,132
754,250
73,956
0

1,187,187
717,543
75,676
0

918,434
758,279
70,478
0

467,692
11,542
130,427
236,656
0
89,067
601,440
372,963
228,477
220,000

568,745
15,254
153,020
337,885
0
62,586
524,665
353,782
170,883
346,067

746,926
35,165
183,970
460,627
0
67,164
735,701
527,686
208,015
400,493

220,000
400,502
96,600
96,600
0
303,902

346,067
415,556
96,600
96,600
0
318,956

400,493
369,011
96,600
96,600
0
272,411

699,386
13,858
1,244,002
682,704
75,754
0
0
2,823
747,906
3,208
174,014
512,401
0
58,284
654,795
415,597
239,198
393,308
256,740
0
0
20,823
115,745
399,189
96,600
96,600
0
243,308
0
243,308
59,281

689,140
32,759
1,282,976
652,412
69,266
0
0
3,969
866,122
7,592
226,846
56,701
0
574,983
780,649
497,882
282,767
286,687
154,492
0
0
24,810
107,386
487,926
96,600
96,600
0
337,738
0
337,738
53,589

887,683
115,344
1,441,868
743,697
67,608
0
0
28,643
1,136,500
10,774
426,416
614,059
0
85,251
800,453
544,226
256,227
569,529
457,044
0
0
26,731
85,754
654,201
96,600
96,600
0
504,861
0
504,861
52,739

1,568,323
307,821
1,260,502
1,401,952

1,752,597
106,158
1,646,439
1,592,446

1,984,070
178,620
1,805,450
1,854,935

166,371
61,185

160,151
64,720

129,135
62,815

2,829,226
981,950
1,847,276
2,495,480
2,139,312
356,168
333,746
138,698
16,509
122,189
113,133
81,831
72,088
133,328
39,653
43,470
0
102,027

4,039,701
804,106
3,235,595
3,596,324
3,378,298
218,026
443,377
123,035
26,460
96,574
149,459
110,042
106,064
234,481
42,636
57,960
0
(39,490)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

57,381
8,274
19,320
0

38,488
9,936
0
0

15,594
12,136
0
0

2,424,338
188,292
2,236,046
2,153,858
1,794,021
359,837
270,480
142,138
26,128
116,009
107,972
102,803
87,511
50,433
16,778
19,320
0
187,499

620,502
0
29,787
372,963

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

0.41
3.73
15.09
1.28
0.78
89.39
2.05
4.92
12.95
8.51
2.54
12.02

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

61,185

64,720

62,815

58,442

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)

139

11.45

10.78

3.66
0.00
5.08
41.46

2.20
0.00
2.96
43.02

0.79
0.00
0.36
38.20

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

741,568

741,568

809,508

1,158,083
741,568
35,609
0

1,158,083
741,568
35,609
0

1,273,018
809,508
34,172
0

310,944
2,917
103,172
23,239
8,243
173,373
340,722
174,471
166,251
275,342

310,944
2,917
103,172
23,239
8,243
173,373
340,722
174,471
166,251
275,342

337,342
4,480
145,633
15,610
13,400
158,219
403,904
117,476
286,428
238,026

275,342
436,448
135,526
135,526
0
300,922

275,342
436,448
135,526
135,526
0
300,922

238,026
504,920
135,526
135,526
0
369,394

1,409,050
20,704
2,265,176
1,265,795
58,961
0
122,073
479
266,197
5,299
166,695
16,873
384
76,946
326,444
177,254
149,190
549,935
313,664
20,977
0
17,228
198,066
798,868
135,526
135,526
0
151,901
49,984
101,917
511,441

1,472,057
22,837
1,338,845
1,267,476
57,124
0
180,110
1,634
385,635
21,446
195,229
53,848
453
114,659
367,594
201,402
166,192
508,724
240,273
42,477
0
21,914
204,060
981,374
135,526
135,526
0
313,954
49,984
263,970
531,894

1,554,126
50,820
1,423,838
1,297,511
57,758
0
204,168
1,628
417,823
8,784
225,498
75,631
747
107,164
413,192
248,326
164,867
450,589
185,162
5,000
0
29,949
230,478
1,108,168
179,714
179,714
0
408,398
5,796
402,602
520,056

921,002
694,349
226,653
815,692

921,002
694,349
226,653
815,692

1,206,388
840,642
365,746
1,154,281

105,310
49,990

105,310
49,990

52,107
47,801

3,116,385
2,171,890
944,494
2,769,740
2,185,317
584,424
346,644
120,623
41,627
78,996
265,396
80,413
76,442
164,838
20,422
6,776
0
115,943

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
275,909
79,269
70,742
200,474
45,470
8,986
0
169,241

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

29,178
4,605
0
0

29,178
4,605
0
0

4,178
6,030
0
0

2,223,397
1,447,248
776,149
2,098,181
1,554,661
543,520
125,216
131,892
35,086
96,806
190,264
77,878
75,292
(55,491)
7,761
0
0
200,009

711,790
0
24,573
174,471

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

0.10
4.24
2.52
0.88
0.91
88.57
1.41
2.93
6.18
4.04

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

49,990

49,990

47,801

39,078

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)

140

8.93

8.93

8.28

13.34
0.26
-2.50
0.23
-4.67
58.95

3.17
0.00
1.81
32.20

3.17
0.00
1.81
32.20

0.35
0.00
-0.14
37.26

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,105,593

1,071,050

985,075

1,537,355
1,105,593
55,628
0

1,542,589
1,071,050
108,361
0

1,533,242
985,075
98,113
0

554,426
13,684
142,737
118,937
204,666
74,402
627,961
466,915
161,046
528,696

803,472
217
211,929
161,056
0
430,270
829,504
458,823
370,681
403,137

751,621
13,962
346,223
203,324
0
188,112
897,859
605,343
292,516
327,930

528,696
503,362
86,400
86,400
0
416,962

403,137
641,881
86,400
86,400
0
555,481

327,930
510,907
86,400
86,400
0
424,507

916,354
37,659
1,538,039
877,084
90,143
0
0
1,611
719,620
14,338
289,186
277,081
29,236
109,779
990,746
677,726
313,020
246,642
206,933
39,709
0
0
0
398,586
86,400
86,400
0
312,186
73,192
238,994
0

850,086
39,435
1,550,545
809,040
82,763
0
0
1,611
679,471
13,735
300,483
204,002
27,278
133,973
886,559
599,735
286,824
98,264
84,633
0
0
0
13,631
544,734
86,400
86,400
0
458,334
88,563
369,771
0

824,451
50,819
1,589,672
772,056
78,129
0
0
1,576
994,748
19,340
754,679
93,753
23,834
103,142
1,269,476
948,095
321,381
18,747
11,565
0
0
0
7,182
530,976
86,400
86,400
0
444,576
88,618
355,958
0

1,559,599
1,360,579
199,020
1,411,674

2,206,713
1,661,066
545,647
2,093,735

2,316,456
1,912,098
404,358
2,205,846

147,925
47,745

112,978
70,185

110,610
83,667

3,351,493
2,561,903
789,590
2,942,753
2,403,229
539,524
408,740
134,682
68,192
66,490
212,762
114,709
107,585
165,296
20,980
17,280
0
266,640

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
212,180
130,404
122,653
40,170
43,244
0
0
(146,955)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

49,991
8,592
15,120
0

203,238
11,329
0
0

(28,016)
11,650
0
0

2,700,814
2,284,774
416,040
2,563,658
1,946,360
617,298
137,156
131,838
43,416
88,422
173,001
128,044
123,675
(116,939)
4,162
0
0
45,939

1,032,058
0
26,279
466,915

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

0.54
4.19
7.63
0.94
0.88
90.52
2.30
3.62
9.56
5.61
2.74
10.93

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

47,745

70,185

83,667

65,294

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)

141

10.41

6.69

9.34
0.05
-4.33
0.04
-14.02
46.13

3.21
0.00
4.79
58.26

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 2011

Sind Fine Textile Mills Ltd.

2007

2008

2009

2,682

2,501

2,289

14,368
2,682
249
0

14,380
2,501
230
0

14,380
2,289
212
0

3,675
246
0
0
0
3,429
18,114
1,250
16,864
0

3,725
249
0
0
0
3,476
18,072
0
18,072
0

690
247
0
0
0
443
16,295
0
16,295
0

0
(11,757)
34,252
34,252
0
(46,009)

0
(11,846)
34,252
34,252
0
(46,098)

0
(13,316)
34,252
28,294
5,958
(47,568)

2,153
0
14,380
2,099
190
0
0
55
519
166
0
0
0
353
16,343
0
16,343
0
0
0
0
0
0
(13,671)
34,253
34,253
0
(47,923)
34
(47,957)
0

1,972
0
14,180
1,917
170
0
0
55
356
185
0
0
0
171
5,512
0
5,512
0
0
0
0
0
0
(3,184)
34,253
34,253
0
(37,436)
34
(37,470)
0

1,842
0
14,176
1,787
156
0
0
55
1,035
820
0
35
0
180
6,498
0
6,498
0
0
0
0
0
0
(3,621)
34,253
34,253
0
(37,874)
(414)
(37,460)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
9,991

0
1,571

0
3,083

0
0
0
0
0
0
0
2,300
0
2,300
997
11
0
10,625
103
0
0
10,626

0
0
0
0
0
0
0
2,797
0
2,797
1,182
10
0
(202)
235
0
0
681

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

F.Operation:

(9,180)
158
0
0

(178)
69
0
0

(1,388)
82
0
0

0
0
0
0
0
0
0
1,596
0
1,596
838
43
0
(286)
68
0
0
(287)

(11,757)
0
(9,338)
1,250

(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

0.01

0.01

0.02

0.01

0.03

0.13

0.00
0.20

0.00
0.21

0.00
0.04

0.00
0.03

0.00
0.06

0.00
0.16

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

9,991

1,571

3,083

594

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

-1.54
-45.31
132.97
229.21

-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

0.00
-2.73
-3.43

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

746,599

939,605

916,580

1,077,162
746,599
70,482
0

1,355,335
939,605
77,655
0

1,419,674
916,580
89,797
0

622,308
37,113
381,341
81,292
2,342
120,220
672,829
530,529
142,300
271,523

620,464
15,119
400,505
106,031
2,342
96,467
1,491,069
428,060
1,063,009
0

1,180,399
25,295
937,918
134,975
2,342
79,869
1,266,922
864,399
402,523
414,319

271,523
424,555
69,000
69,000
0
355,555

0
69,000
69,000
69,000
0
0

414,319
415,738
69,000
69,000
0
346,738

894,124
0
1,477,625
886,669
86,286
0
2,342
5,113
915,113
36,145
495,154
309,278
0
74,536
855,253
725,683
129,569
302,610
210,191
0
0
7,619
84,800
651,374
69,000
69,000
0
410,401
3,600
406,801
171,973

865,941
0
1,515,615
858,486
82,135
0
2,342
5,113
832,088
11,711
320,286
361,352
0
138,739
522,964
338,838
184,127
185,184
106,306
0
0
6,274
72,604
989,881
69,000
69,000
0
752,181
3,600
748,581
168,700

883,715
34,571
1,582,049
846,367
80,604
0
2,342
435
1,240,166
28,652
520,627
527,639
0
163,249
827,530
608,918
218,612
80,950
18,332
0
0
15,016
47,602
1,215,401
69,000
69,000
0
976,873
3,600
973,273
169,528

1,626,907
1,433,317
193,590
1,488,113

1,704,367
1,338,870
365,497
1,572,173

1,902,090
1,658,395
243,695
1,723,301

138,794
39,492

132,194
50,343

178,789
52,776

2,968,382
513,372
2,455,009
2,369,067
1,902,623
466,444
599,315
124,261
50,862
73,399
156,496
120,671
118,045
361,723
28,511
20,700
0
528,100

5,185,456
750,318
4,435,138
4,648,402
3,989,719
658,683
537,054
124,303
59,075
65,229
186,771
142,335
136,158
272,684
51,466
20,700
0
(1,148)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

28,600
8,135
0
0

16,080
227
0
0

19,696
9,510
0
0

2,197,384
1,614,649
582,736
1,959,896
1,549,319
410,576
237,489
74,555
30,320
44,234
123,202
108,394
106,354
73,996
15,458
6,900
0
435,556

696,078
0
20,465
530,529

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

0.18
4.70
5.00
1.19
0.92
91.47
2.22
2.12
6.46
4.05

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
0.00
32.06
176.15

39,492

50,343

52,776

76,515

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)

143

4.27

4.26

2.03

1.76
0.00
2.97
61.53

0.94
0.00
2.30
10.00

1.04
0.00
1.48
60.25

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,335,157

2,232,838

2,291,150

3,395,090
2,335,157
186,519
0

3,450,968
2,232,838
242,532
0

3,717,206
2,291,150
234,691
0

1,103,499
53,714
367,300
281,873
192,341
208,271
1,291,362
858,031
433,331
1,009,468

1,347,205
372,068
404,388
320,947
7,128
242,674
1,642,365
871,003
771,362
571,912

1,417,080
5,666
885,973
281,941
5,172
238,328
1,466,187
881,833
584,354
837,082

1,009,468
1,137,826
180,000
180,000
0
957,826

571,912
1,365,766
180,000
180,000
0
1,185,766

837,082
1,404,961
180,000
180,000
0
1,224,961

2,127,348
29,595
3,774,179
2,081,859
224,540
0
21
15,873
1,223,109
13,543
711,286
285,817
52,345
160,118
1,289,875
836,907
452,968
666,067
537,639
0
0
0
128,428
1,394,515
180,000
180,000
0
1,214,515
17,070
1,197,445
0

1,995,477
35,723
3,833,740
1,936,231
206,529
0
17
23,506
1,634,455
22,241
1,027,331
360,603
58,692
165,588
1,124,073
638,605
485,468
627,935
416,957
0
0
0
210,978
1,877,924
180,000
180,000
0
1,697,924
22,376
1,675,548
0

1,906,901
37,223
3,947,333
1,856,855
196,403
0
13
12,810
2,279,728
14,480
1,567,459
432,174
59,780
205,835
1,424,333
875,642
548,691
457,467
241,524
0
0
0
215,943
2,304,829
180,000
180,000
0
2,124,829
28,429
2,096,400
0

3,721,723
2,435,839
1,285,884
3,301,052

4,128,217
2,804,009
1,324,208
3,701,852

4,130,287
2,962,861
1,167,426
3,728,406

420,671
142,267

426,365
123,537

401,881
140,997

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
392,072
196,239
177,817
698,083
110,430
90,000
0
400,675

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
441,477
161,350
151,332
645,990
130,173
72,000
18,000
34,184

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

161,048
19,314
36,000
0

377,628
20,968
0
0

156,005
20,809
27,000
600

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
324,804
232,856
225,890
73,458
11,751
27,000
0
534,056

2,147,294
0
105,734
858,031

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
241,524
443,817
1,117,166

0.41
3.63
7.57
1.08
0.85
88.70
2.02
5.30
14.16
8.38
3.94
10.13

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

142,267

123,537

140,997

135,053

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)

144

10.21

4.33
0.00
7.87
63.21

9.15
0.00
19.81
75.88

3.78
0.00
7.51
78.05

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

203,578

206,052

186,619

328,689
203,578
11,761
0

336,080
206,052
15,460
0

339,356
186,619
16,065
0

211,612
2,876
166,709
23,145
408
18,474
161,940
144,533
17,407
91,304

207,190
3,152
119,324
39,156
0
45,558
301,543
142,546
158,997
0

260,871
5,939
27,844
29,343
0
197,745
252,382
152,401
99,981
116,569

91,304
161,946
40,500
40,500
0
121,446

0
111,699
40,500
40,500
0
71,199

116,569
78,539
40,500
40,500
0
38,039

188,981
0
339,356
183,457
3,884
0
0
5,524
85,260
3,184
22,006
29,253
0
30,817
144,271
105,345
38,927
79,411
49,521
21,489
0
1,873
6,529
50,559
40,500
40,500
0
(17,357)
0
(17,357)
27,416

187,550
0
339,356
182,026
1,432
0
0
5,524
70,273
2,341
12,784
30,476
0
24,672
144,353
101,133
43,220
77,843
48,118
21,181
0
1,873
6,671
35,627
40,500
40,500
0
(32,407)
0
(32,407)
27,535

120,859
0
199,195
115,335
1,432
0
0
5,524
44,774
1,889
0
19,324
0
23,561
95,333
65,389
29,944
74,312
29,997
35,771
0
1,873
6,671
(4,012)
40,500
40,500
0
(72,047)
0
(72,047)
27,535

478,150
292,821
185,329
426,765

416,304
323,005
93,299
390,143

231,255
228,834
2,421
230,521

51,385
7,400

26,161
9,922

734
4,985

11,222
11,222
0
14,425
0
14,425
(3,203)
2,760
0
2,760
3,373
8,770
8,769
(14,733)
56
0
0
5,131

3,618
3,618
0
12,784
0
12,784
(9,166)
28,131
0
28,131
2,564
2,542
2,527
(39,604)
36
0
0
(27,868)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

16,074
2,780
0
0

(16,881)
2,081
0
0

(31,724)
1,156
0
0

2,954
2,954
0
13,395
4,838
8,557
(10,441)
1,730
0
1,730
2,069
18,945
18,941
(31,116)
0
0
0
157,573

253,250
0
13,294
144,533

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

0.16
5.84
4.84
1.15
1.31
89.25
1.56
4.06
10.33
6.48

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

7,400

9,922

4,985

27,911

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)

145

2.87

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

3.36
0.00
3.28
39.99

-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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,495,267

1,405,254

2,318,568

1,826,995
1,495,267
165,230
0

1,829,834
1,405,254
108,002
0

2,433,224
2,318,568
102,450
0

1,060,508
14,445
755,345
133,145
1,401
156,172
1,202,802
969,306
233,496
746,889

1,203,294
132,989
775,946
117,798
0
176,561
1,108,923
795,652
313,271
897,781

1,823,650
55,623
1,421,759
200,297
0
145,971
1,855,499
1,580,324
275,175
839,839

746,889
606,084
173,248
173,248
0
432,836

897,781
601,844
173,247
173,247
0
428,597

839,839
1,446,880
173,247
173,247
0
1,273,633

2,330,993
2,639
2,554,558
2,327,780
118,940
0
0
574
1,452,118
41,044
1,159,838
142,257
0
108,979
1,957,621
1,424,688
532,933
608,495
467,995
25,000
0
18,580
96,920
1,216,995
173,248
173,248
0
117,405
0
117,405
926,342

2,222,732
2,415
2,565,698
2,219,711
118,830
0
0
606
1,416,780
53,470
1,019,574
190,017
0
153,719
1,590,614
1,306,248
284,366
326,811
277,315
25,000
0
22,793
1,703
1,722,087
173,248
173,248
0
604,190
0
604,190
944,650

2,292,039
94,859
2,651,235
2,196,530
113,681
0
0
650
2,707,393
67,196
2,116,356
295,594
0
228,247
2,726,725
2,300,127
426,598
290,465
262,266
0
0
26,454
1,745
1,982,242
173,248
173,248
0
911,195
0
911,195
897,799

2,123,987
526,394
1,597,593
1,753,966

2,381,985
524,878
1,857,107
1,949,294

2,415,390
398,836
2,016,554
1,990,563

370,021
123,244

432,691
164,540

424,827
189,670

3,783,989
634,153
3,149,836
2,836,376
2,080,074
756,303
947,612
240,673
146,125
94,548
212,206
264,402
246,162
457,293
47,426
43,312
0
333,001

5,198,073
238,930
4,959,143
4,427,677
4,146,417
281,260
770,396
261,354
171,249
90,106
224,668
182,375
154,863
366,052
62,585
51,974
0
(718,431)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

67,334
26,966
17,325
0

81,560
32,219
0
0

27,677
19,109
0
0

2,804,593
527,339
2,277,254
2,367,017
1,707,201
659,816
437,576
335,027
127,151
207,876
163,541
326,381
297,962
(217,729)
22,856
0
0
563,269

1,352,973
0
23,043
969,306

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

0.12
8.47
6.27
0.83
0.88
82.58
3.22
2.70
11.36
4.80
2.33
2.81

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

123,244

164,540

189,670

179,994

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)

146

3.07

1.70

2.42
0.27
-7.76
0.22
-13.89
70.25

3.17
0.00
2.33
34.98

3.42
0.00
2.85
34.74

1.15
0.00
0.49
83.52

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,152,277

4,447,419

4,226,157

3,787,863
2,152,277
214,417
0

6,224,791
4,447,419
261,564
0

6,350,733
4,226,157
297,566
0

4,979,480
40,570
962,695
1,002,954
1,153,175
1,820,086
3,046,814
2,647,407
399,407
1,623,124

5,803,640
7,365
978,266
1,258,121
1,120,161
2,439,727
4,668,085
3,070,846
1,597,239
953,333

6,919,501
8,572
1,240,654
2,106,306
1,121,116
2,442,853
5,805,699
4,984,404
821,295
1,287,373

399,940

299,955

1,223,184
2,461,819
406,693
406,693
0
2,055,126

953,333
4,629,641
447,362
447,362
0
4,182,279

987,418
4,052,586
492,099
492,099
0
3,560,487

6,730,262
2,260
6,509,169
4,180,127
275,864
0
713,218
1,834,657
4,085,672
18,931
940,421
2,562,348
65,253
498,719
5,805,685
5,240,052
565,633
1,108,019
1,108,019
0
0
0
0
3,902,230
492,099
492,099
0
1,769,738
21,131
1,748,607
1,640,393

6,785,795
32,809
6,526,246
3,948,372
262,252
0
873,067
1,931,547
4,202,903
16,419
1,047,150
2,579,901
49,706
509,727
6,010,688
5,291,686
719,002
665,164
656,351
0
0
0
8,813
4,312,846
492,099
492,099
0
2,180,340
75,789
2,104,551
1,640,407

6,789,537
36,906
6,734,609
3,998,049
253,273
0
2,706,984
47,598
5,826,884
18,531
1,658,003
3,391,911
37,444
720,995
7,896,441
6,162,091
1,734,350
566,707
566,707
0
0
0
0
4,153,273
492,099
492,099
0
2,020,786
103,912
1,916,874
1,640,388

5,097,609
1,950,285
3,147,324
4,573,333

5,591,586
1,998,056
3,593,530
5,062,315

8,844,621
2,301,623
6,542,998
7,876,552

524,276
356,473

529,271
445,352

968,069
667,354

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
745,263
536,270
529,391
463,491
90,890
73,815
0
453,363

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
746,482
527,172
518,496
(19,180)
151,068
0
0
(600,545)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(17,020)
41,613
0
40,669

117,109
48,791
0
0

(42,764)
59,405
0
44,737

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
674,277
815,948
714,293
238,518
73,361
0
0
162,421

4,084,943
399,940
(58,633)
3,047,347

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
566,707
(170,248)
6,728,798

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
-0.16
-0.45
-0.40

356,473

445,352

667,354

356,960

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

0.72
7.00
19.67
0.71
1.63
89.72
1.90
-0.24
-0.66
-0.42

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)

147

0.51
8.31
22.50
0.55
1.24
90.53
1.21
1.35
3.30
2.42

5.30

5.72

7.13

11.43
1.33
2.22
0.02
3.36
79.30

-0.33
0.00
-1.44
60.53

2.09
0.00
1.53
103.49

-0.48
0.00
-2.08
82.35

8.90
0.96
-0.13
-0.07
-3.46
84.40

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

987,445

1,526,635

1,536,338

1,187,292
987,445
37,727
0

174,856
1,526,635
92,740
0

1,938,482
1,536,338
139,068
0

1,346,069
91,850
597,505
367,384
0
289,330
1,526,092
1,048,864
477,228
133,000

1,706,276
69,206
867,898
435,045
0
334,127
1,948,568
1,119,721
828,847
305,250

1,988,495
44,397
1,089,454
636,141
0
218,503
2,129,878
1,373,662
756,216
393,901

133,000
674,422
170,000
170,000
0
504,422

305,250
979,093
170,000
170,000
0
809,093

393,901
1,001,054
170,000
170,000
0
831,054

1,580,878
44,866
1,892,139
1,515,015
140,363
0
0
20,997
2,070,924
50,692
1,065,316
715,102
0
239,814
2,215,502
1,585,538
629,964
295,594
267,439
0
0
28,155
0
1,140,706
170,000
170,000
0
495,240
495,240
0
475,466

1,478,253
117
1,970,960
1,456,302
138,429
0
0
21,834
2,340,945
88,068
1,301,378
658,700
0
292,799
2,493,193
1,613,104
880,088
213,140
186,556
0
0
26,584
0
1,112,865
170,000
170,000
0
490,381
490,381
0
452,484

1,357,747
0
1,971,923
1,335,987
131,396
0
0
21,760
1,491,842
141,876
681,364
415,623
0
252,979
2,022,325
1,325,099
697,226
91,476
80,994
0
0
10,482
0
735,788
170,000
170,000
0
133,677
133,677
0
432,111

2,246,544
91,821
2,154,723
1,921,001

2,358,316
27,820
2,330,496
1,926,931

3,626,558
64,185
3,562,373
3,084,518

325,543
276,416

431,385
286,413

542,040
309,579

4,003,561
33,912
3,969,649
3,373,145
734,462
2,638,683
630,416
347,291
167,623
179,667
273,650
269,789
189,312
14,170
40,892
0
0
124,782

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
217,115
249,880
193,968
(336,323)
40,754
0
0
533,430

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

30,358
20,401
0
0

38,717
22,676
0
0

58,254
33,457
0
0

3,419,616
837
3,418,779
2,700,003
779,835
1,920,168
719,613
399,666
163,322
236,343
251,778
257,189
202,584
65,080
33,882
8,500
0
23,336

807,422
0
9,957
1,048,864

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

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

276,416

286,413

309,579

41,132

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

0.30
1.83
16.35
0.96
0.88
85.51
2.46
1.36
4.36
3.43

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)

148

0.26
4.60
18.45
0.73
0.88
81.71
2.30
1.39
4.68
3.70

0.32
4.86
17.54
1.03
0.93
85.05
2.52
1.72
5.88
4.35

3.76

2.72

3.33

1.35
0.00
0.59
39.67

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

637,866

749,125

839,057

1,005,316
637,866
49,764
0

1,177,085
746,863
78,172
2,262

1,305,303
836,464
61,632
2,593

318,862
50,788
113,734
64,539
0
89,801
644,479
144,698
499,781
143,233

431,941
117,151
147,329
47,245
0
120,216
831,104
133,772
697,332
169,886

469,666
3,843
177,849
129,107
0
158,867
937,066
276,529
660,537
202,043

143,233
169,016
400,000
400,000
0
(230,984)

169,886
180,076
400,000
400,000
0
(219,924)

202,043
169,614
400,000
400,000
0
(230,386)

807,152
1,935
1,322,443
786,871
60,569
2,075
0
16,271
460,378
6,546
196,644
93,836
0
163,352
579,388
293,804
285,584
514,982
208,250
285,715
0
21,017
0
173,160
400,000
400,000
0
(226,840)
0
(226,840)
0

907,682
0
1,471,725
877,878
63,579
1,924
0
27,880
525,221
6,973
211,533
148,655
0
158,061
677,536
341,318
336,218
575,273
227,124
285,653
0
24,052
38,444
180,094
400,000
400,000
0
(219,906)
0
(219,906)
0

975,902
13,835
1,515,566
855,807
67,890
1,698
0
104,562
794,695
6,310
265,096
249,071
0
274,218
1,025,898
468,362
557,536
504,069
153,750
263,215
0
29,380
57,724
240,630
400,000
400,000
0
(159,370)
0
(159,370)
0

1,179,178
951,307
227,871
1,054,374

1,573,738
784,565
789,173
1,442,389

1,972,796
946,793
1,026,003
1,797,166

124,804
64,194

131,349
83,206

175,630
112,204

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
154,079
83,927
71,337
27,898
13,831
0
0
21,669

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
208,457
104,365
89,372
119,413
38,293
0
0
31,446

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

39,506
5,874
64,194
0

7,573
9,828
0
0

706
10,175
0
0

2,098,980
955,425
1,143,555
1,884,558
1,441,981
442,577
214,422
129,516
75,787
53,729
134,262
77,110
64,618
14,898
11,351
0
0
107,280

312,249
0
(30,562)
144,698

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
153,750
81,121
622,112

0.18
1.92
5.47
1.23
0.49
89.42
4.66
4.71
80.77
26.98
0.52
10.37

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

64,194

83,206

112,204

22,617

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)

149

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

3.35
0.00
0.84
4.23

0.48
0.00
-0.06
4.50

0.04
0.00
-0.24
4.24

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

332,812

1,302,832

1,268,947

561,757
332,812
33,438
0

1,492,985
1,302,832
102,098
0

1,635,016
1,268,947
104,939
0

305,899
11,015
59,805
34,829
169,273
30,977
245,050
167,957
77,093
49,286

1,218,975
141,545
578,325
280,801
80,000
138,304
1,422,494
1,310,378
112,116
138,093

1,737,007
9,244
695,585
348,418
141,595
542,165
1,866,389
1,402,933
463,456
320,836

49,286
344,375
110,093
110,093
0
234,282

138,093
961,220
110,093
110,093
0
851,127

320,836
818,729
340,509
340,509
0
478,220

1,293,312
68,437
1,687,070
1,108,133
107,263
0
113,460
3,282
1,426,672
7,539
718,190
308,116
149,181
243,645
1,741,750
1,558,467
183,283
379,845
175,000
180,422
0
15,952
8,472
598,389
340,509
340,509
0
190,227
158,709
31,518
67,652

1,128,278
31,086
1,178,239
1,073,510
102,088
0
20,400
3,282
1,370,026
7,774
625,260
442,341
87,232
207,421
1,500,751
1,282,535
218,216
320,024
155,000
145,655
0
19,370
0
677,529
340,509
340,509
0
266,784
177,742
89,042
70,236

1,033,643
36,435
1,767,952
993,926
99,569
0
0
3,282
1,538,835
14,499
649,063
427,353
51,128
396,792
1,347,127
801,166
545,961
106,117
30,000
30,000
0
0
46,117
1,119,234
340,509
340,509
0
723,033
283,195
439,838
55,691

605,451
603,033
2,418
567,564

2,772,551
1,834,156
938,395
2,543,132

1,960,473
1,119,223
841,250
1,794,052

37,887
15,242

229,419
128,002

166,421
86,060

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
168,044
238,581
221,443
71,482
6,129
0
0
319,864

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
213,628
230,627
225,467
437,172
55,422
34,051
0
495,661

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,294
102
8,257
0

148,906
11,636
0
0

(40,990)
9,797
0
0

2,109,300
1,176,411
932,889
1,845,784
1,251,351
594,433
263,516
102,999
36,925
66,074
131,573
275,303
247,524
(116,195)
0
0
0
76,657

393,661
0
(4,065)
167,957

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

0.88
5.09
5.75
0.95
1.25
93.74
0.85
0.70
1.37
1.14
0.51
10.12

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

15,242

128,002

86,060

30,832

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)

150

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

0.71
0.00
0.38
31.28

5.37
0.00
12.47
87.31

-2.09
0.00
-1.49
24.04

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,622,115

1,752,408

2,275,204

1,732,009
1,622,115
74,062
0

1,966,883
1,752,408
143,022
0

1,977,279
2,275,204
368,668
0

942,517
35,543
391,529
215,701
31,895
267,849
1,158,062
954,202
203,860
755,933

1,308,206
59,827
587,888
378,085
0
282,406
1,686,007
1,211,699
474,308
721,330

1,271,366
2,464
672,845
313,228
14,175
268,654
2,064,963
1,586,967
477,996
683,069

755,933
650,637
594,287
594,287
0
56,350

721,330
653,277
594,287
594,287
0
58,990

683,069
798,538
594,287
594,287
0
204,251

2,135,991
2,178
2,357,476
2,127,462
195,838
0
0
6,351
1,192,196
28,924
608,402
283,583
5,388
265,899
1,837,373
1,419,793
417,580
843,273
694,155
0
0
16,915
132,203
647,541
594,287
594,287
0
(263,638)
0
(263,638)
316,891

1,975,871
1,150
2,382,076
1,971,655
182,295
0
0
3,066
1,344,057
7,969
627,299
317,273
2,949
388,567
2,136,492
1,621,191
515,301
599,049
459,893
0
0
19,962
119,195
584,387
594,287
594,287
0
(302,633)
0
(302,633)
292,733

1,900,176
79,329
2,382,059
1,817,843
564,216
0
0
3,004
1,294,551
21,744
670,970
299,836
59,321
242,679
2,139,020
1,669,826
469,194
393,379
262,255
0
0
21,663
109,461
662,328
594,287
594,287
0
(192,134)
0
(192,134)
260,174

1,564,084
605,461
958,623
1,348,172

2,712,659
1,451,909
1,260,750
2,435,600

2,634,595
1,830,030
804,565
2,393,328

215,912
53,931

277,059
83,590

241,267
100,476

2,663,771
1,711,420
952,352
2,415,837
1,746,610
669,228
247,934
90,482
55,921
34,561
129,121
280,054
263,678
(59,378)
17,239
0
0
104,775

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
147,805
217,027
204,560
114,831
36,933
59,429
0
313,252

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

55,367
9,333
0
0

16,204
13,563
0
0

(189,783)
13,161
0
0

2,601,772
1,672,809
928,963
2,327,132
1,562,719
764,413
274,640
114,395
74,594
39,802
138,412
353,589
309,174
(155,991)
9,290
0
0
229,777

1,406,570
0
46,034
954,202

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

0.24
6.96
13.79
0.61
0.81
86.20
2.94
2.58
9.64
4.67

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

53,931

83,590

100,476

108,872

197,880

346,093

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

H.Key Performance Indicators

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

151

3.99

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

3.54
0.00
0.77
10.95

0.60
0.00
0.04
10.99

-7.20
0.00
-3.41
13.44

MADE-UP TEXTILE ARTICLES

Financial Statement Analysis of Non Financial Sector 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

7,304,339

7,918,347

9,098,056

11,369,913
7,192,582
613,485
111,757

13,073,524
7,884,034
668,922
34,313

14,617,269
9,065,963
772,960
32,093

9,969,270
209,975
5,341,671
3,193,609
485,143
738,872
10,232,591
7,099,823
3,132,768
2,737,894

10,586,846
180,222
4,427,778
4,120,389
60,621
1,797,836
10,079,177
5,882,726
4,196,451
2,948,290

12,115,645
234,102
5,225,008
4,628,500
61,464
1,966,571
11,540,776
7,339,162
4,201,614
3,778,802

2,737,894
4,303,124
1,101,202
1,101,202
0
3,201,922

2,948,290
5,477,726
1,193,201
1,193,201
0
4,284,525

3,778,802
5,894,123
1,193,201
1,193,201
0
4,700,922

12,053,141
4,344,248
13,472,856
7,600,018
980,389
38,842
10,333
59,700
11,253,695
1,010,614
4,913,137
3,511,685
500
1,817,759
10,861,255
7,795,877
3,065,378
6,273,126
5,971,296
50,267
0
85,840
165,722
6,172,455
993,999
993,999
0
5,178,456
1,179,452
3,999,004
0

25,113,254
17,418,442
14,181,865
7,596,733
1,061,865
26,570
8,702
62,808
12,148,813
741,391
6,463,503
3,405,488
0
1,538,432
13,082,413
8,889,657
4,192,756
14,987,339
14,598,330
49,827
0
109,963
229,218
9,192,316
996,249
996,249
0
8,196,067
3,393,773
4,802,294
0

27,895,466
602,685
34,957,813
27,178,286
1,271,677
48,242
8,636
57,617
27,246,804
265,563
14,068,920
10,717,526
0
2,194,795
25,593,333
19,252,448
6,340,885
17,333,154
16,836,259
43,827
0
133,458
319,610
12,215,783
1,001,101
1,001,101
0
11,214,682
4,782,248
6,432,434
0

14,151,757
5,378,168
8,773,589
12,083,473

16,760,610
5,686,549
11,074,061
14,274,778

18,881,618
6,248,088
12,633,530
15,987,532

2,068,284
1,001,497

2,485,832
1,115,747

2,894,086
1,279,025

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
2,727,317
1,199,358
1,054,822
1,221,843
251,665
147,178
0
(757,067)

45,780,769
21,971,375
23,809,394
37,462,269
25,872,710
11,589,559
8,318,500
2,641,917
1,318,791
1,323,126
1,227,253
2,964,198
2,787,205
2,883,987
358,828
669,428
0
(3,827,179)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

266,527
115,307
45,220
38,332

869,847
143,938
45,220
0

891,043
134,795
33,915
132,337

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
2,368,182
1,227,781
1,108,870
823,515
151,964
125,608
0
2,366,475

7,041,018
0
106,000
7,099,823

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

29,548,937
16,836,259
1,855,731
36,088,707

0.38
5.99
22.57
0.82
0.97
85.38
3.01
1.58
6.33
3.78
3.34
2.65

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
23.41
0.83
1.06
81.83
3.51
6.24
26.94
10.74
3.77
3.25
2.03
6.30
-0.09
25.22
122.02

1,001,497

1,115,747

1,279,025

847,723

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)

154

1.88
0.00
1.37
39.08

5.19
0.00
6.08
45.91

4.72
0.00
6.34
49.40

Growth with Composition of Assets & Liabilities

30

60%

55.4%

25

50%

48.9%

Billion Rs

20

40%

15

30%
24.8%

10
5

13.5%

10.0%

20%
10%

0%
Non-Current
Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders
Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
70%

50

60%

57.6%

40

50%

Billion Rs

49.1%
43.0%

30

40%
30%

20

20%
10

10%

0%
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
26.94

Percentage

25

30
2010

20

15.9

2011

15
10
5

6.24
4.03

10.74
6.67

25

Return on
Return on
Assets
Return on
Equity
Capital
Employed

25.22

2011

20
15
9.74

10
5

2010

Percentage

30

Net Profit Before Tax

3.05 3.51

4.69

6.3

0.93 1.06

0
Current
Ratio

155

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

Aruj Garment Accessories Ltd.

2007

2008

2009

84,689

88,710

119,907

151,131
84,689
7,306
0

161,910
88,710
8,177
0

201,845
119,907
8,738
0

75,176
3,328
44,786
3,056
0
24,006
73,627
16,494
57,133
4,443

101,111
6,680
65,593
4,655
0
24,183
92,762
31,093
61,669
5,869

93,163
6,276
61,701
1,246
0
23,940
90,099
35,845
54,254
31,108

4,443
81,795
61,517
61,517
0
20,278

5,869
91,190
61,517
61,517
0
29,673

31,108
91,863
61,517
61,517
0
30,346

114,559
0
200,264
112,879
11,237
0
0
1,680
118,111
14,261
66,796
4,060
0
32,994
91,187
39,477
51,710
55,888
14,482
26,511
0
1,571
13,324
85,595
61,517
61,517
0
24,078
0
24,078
0

120,375
13,421
203,015
105,274
10,356
0
0
1,680
128,616
28,273
43,485
14,043
0
42,815
112,062
60,727
51,336
57,072
8,542
32,071
0
2,117
14,341
79,857
61,517
61,517
0
18,340
0
18,340
0

120,375
13,421
203,015
105,274
10,356
0
0
1,680
128,616
28,273
43,485
14,043
0
42,815
112,062
60,727
51,336
57,072
8,542
32,071
0
2,117
14,341
79,857
61,517
61,517
0
18,340
0
18,340
0

193,603
171,639
21,964
166,810

231,206
205,933
25,273
202,267

263,444
56,326
207,118
235,960

26,793
7,522

28,939
8,571

27,484
8,438

345,439
225,433
120,007
314,183
250,498
63,685
31,257
13,999
3,707
10,292
7,680
10,696
10,228
6,834
2,328
0
0
18,399

345,439
225,433
120,007
314,183
250,498
63,685
31,257
13,999
3,707
10,292
7,680
10,696
10,228
6,834
2,328
0
0
18,399

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

1.Capital work in progress
2.Operating fixed assets at cost
3.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)
2010
2011

2006

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

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

17,336
3,356
0
0

16,389
4,101
0
0

12,190
1,317
0
0

298,972
220,239
78,733
268,018
201,355
66,663
30,954
12,036
1,911
10,125
7,766
12,376
11,485
8,592
788
9,228
0
12,979

86,238
0
13,980
16,494

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

136,928
8,542
4,507
69,269

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

0.38
3.10
4.07
1.39
1.15
90.95
2.12
2.74
8.56
4.99

7,522

8,571

8,438

1,947

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

0.09
1.01
1.58
1.21
1.02
86.16
0.95
11.85
22.08
21.20

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.12
2.04
2.01
1.22
1.09
87.48
1.08
9.37
18.95
17.88

4.32

3.52

4.27

8.95
0.00
2.27
13.30

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

7.94
1.67
1.98
0.11
0.73
12.98

Financial Statement Analysis of Non Financial Sector 2011

Fateh Sports Wear Ltd.

2007

2008

2009

26,498

24,577

22,856

94,074
26,498
2,143
0

94,074
24,577
1,920
0

34,074
22,856
1,721
0

244,665
19
18,018
174,877
0
51,751
312,189
111,719
200,470
0

239,437
17
14,765
175,737
0
48,918
328,982
100,331
228,651
0

256,380
11
5,994
203,438
0
46,937
341,716
89,331
252,385
0

0
(41,026)
20,000
20,000
0
(61,026)

0
(64,968)
20,000
20,000
0
(84,968)

0
(62,480)
20,000
20,000
0
(82,480)

21,312
0
94,074
21,312
1,544
0
0
0
300,129
10
5,994
249,253
0
44,873
360,478
89,331
271,147
0
0
0
0
0
0
(39,037)
20,000
20,000
0
(59,037)
53,500
(112,537)
0

19,926
0
94,074
19,926
1,386
0
0
0
289,906
26
6,222
264,524
0
19,133
379,387
89,331
290,056
0
0
0
0
0
0
(69,555)
20,000
20,000
0
(89,555)
53,500
(143,055)
0

18,683
0
94,074
18,683
1,244
0
0
0
290,774
1,269
5,994
266,122
0
17,388
397,960
89,331
308,628
0
0
0
0
0
0
(88,503)
20,000
20,000
0
(108,503)
0
(108,503)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
5,289

0
8,310

0
12,915

0
0
0
0
0
0
0
27,426
0
27,426
0
18,364
18,364
(30,518)
0
0
0
(30,518)

8,032
8,032
0
7,075
4,673
2,403
957
2,983
610
2,373
10
18,458
0
(18,887)
61
0
0
1,243

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(16,846)
0
0
0

(23,942)
0
0
0

2,488
0
0
0

0
0
0
0
0
0
0
4,012
0
4,012
0
18,359
18,359
23,444
0
0
0
23,443

(41,026)
0
(16,846)
111,719

(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

0.56

0.53

0.60

0.69

0.70

0.00
0.78

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

5,289

8,310

12,915

13,226

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)

157

-7.61
-6.17
51.67
51.67

-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

0.00

0.00
-0.66

1.34

0.00
2.28

0.00
-8.42
-20.51

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

4,449,195

4,733,261

5,855,836

6,590,642
4,410,230
379,332
38,965

7,929,859
4,702,826
412,276
30,435

9,200,478
5,827,621
514,617
28,215

5,568,754
39,922
2,887,167
1,839,545
484,643
317,477
5,481,391
4,660,284
821,107
2,151,331

5,350,979
27,845
2,254,144
2,164,671
58,450
845,869
5,653,042
4,010,209
1,642,833
1,772,007

6,541,866
69,034
2,915,550
2,490,258
58,450
1,008,574
7,151,112
5,214,385
1,936,727
2,484,561

2,151,331
2,385,227
459,989
459,989
0
1,925,238

1,772,007
2,659,191
551,987
551,987
0
2,107,204

2,484,561
2,762,029
551,987
551,987
0
2,210,042

6,177,455
35,608
10,473,377
6,077,026
639,458
33,525
0
31,296
7,630,720
162,626
3,940,944
2,672,797
0
854,353
7,852,081
5,927,482
1,924,599
2,717,822
2,566,604
0
0
11,945
139,273
3,238,272
634,785
634,785
0
2,603,487
490,820
2,112,667
0

6,204,139
51,332
11,113,486
6,097,376
681,282
21,253
0
34,178
8,582,802
157,188
4,991,811
2,465,556
0
968,247
8,636,966
6,501,422
2,135,544
2,439,947
2,222,650
0
0
15,016
202,281
3,710,028
634,785
634,785
0
3,075,243
494,491
2,580,752
0

6,741,132
71,643
12,255,966
6,589,869
711,737
42,322
0
37,298
13,929,967
86,638
10,430,214
2,236,402
0
1,176,713
13,315,707
10,450,399
2,865,308
2,509,060
2,198,591
0
0
17,717
292,752
4,846,332
634,785
634,785
0
4,211,547
503,524
3,708,023
0

8,245,862
3,617,337
4,628,525
7,081,209

9,871,996
4,091,601
5,780,395
8,446,095

11,751,955
4,852,168
6,899,787
10,052,884

1,164,653
623,472

1,425,901
693,742

1,699,071
781,553

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
2,293,895
959,259
870,737
707,921
182,027
79,348
0
479,484

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
713,705
1,093,713
1,017,295
1,551,046
267,652
634,785
0
(2,670,397)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,381
47,000
0
38,332

262,191
67,352
0
0

201,838
66,000
0
132,337

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
1,982,288
1,035,224
963,252
204,278
83,787
0
0
442,468

4,536,558
0
(34,619)
4,660,284

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
648,609
12,648,990

0.43
6.50
22.31
0.82
1.02
85.88
3.20
0.12
0.52
0.28

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
2.02
2.46
2.52
6.05
-0.17
20.22
76.35

623,472

693,742

781,553

536,302

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)

158

2.86

4.38

4.03

3.61
1.21
1.44
0.04
1.90
51.01

0.15
0.00
-0.75
51.85

2.66
0.00
3.53
48.17

1.72
0.00
2.46
50.04

Financial Statement Analysis of Non Financial Sector 2011

International Knitwear Ltd.

2007

2008

2009

17,448

17,083

14,365

47,478
17,448
3,808
0

53,862
17,083
4,411
0

55,217
14,365
4,073
0

51,735
551
12,896
29,662
0
8,626
53,823
7,700
46,123
0

72,121
1,406
14,133
46,324
0
10,258
67,516
8,447
59,069
0

87,718
15,951
10,430
49,868
0
11,469
66,277
5,500
60,777
210

0
15,360
30,000
30,000
0
(14,640)

0
21,688
30,000
30,000
0
(8,312)

210
35,596
30,000
30,000
0
5,596

21,589
0
63,068
19,981
4,294
0
0
1,608
66,615
3,776
7,530
45,884
0
9,425
41,498
0
41,498
0
0
0
0
0
0
46,706
30,000
30,000
0
16,706
0
16,706
0

32,867
0
71,249
31,173
4,890
0
86
1,608
105,185
219
12,726
74,038
0
18,202
82,768
10,750
72,018
0
0
0
0
0
0
55,284
32,250
32,250
0
23,034
(6)
23,040
0

32,990
5,463
67,277
25,564
3,510
0
355
1,608
74,368
3,081
6,048
46,023
0
19,216
63,507
4,340
59,167
1,667
1,667
0
0
0
0
42,184
32,250
32,250
0
9,934
5
9,929
0

85,918
51,123
34,795
78,732

145,388
77,743
67,645
130,803

180,260
96,344
83,916
154,243

7,186
4,367

14,585
4,299

26,017
7,052

144,087
94,565
49,522
128,590
60,323
68,267
15,497
7,757
0
7,757
16,375
1,585
618
6,771
911
0
0
1,415

134,540
82,457
52,083
132,923
56,282
76,641
1,617
8,923
0
8,923
18,883
3,487
1,613
(10,255)
920
0
0
10,819

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,087
600
0
0

7,727
1,400
0
0

16,264
1,800
0
0

158,532
86,831
71,701
137,103
61,726
75,378
21,428
7,378
0
7,378
15,171
4,873
394
12,008
1,700
2,250
0
(19,279)

15,360
0
1,487
7,700

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

0.56
1.22
34.52
1.24
0.96
91.64
3.50
3.30
13.84
13.84

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

4,367

4,299

7,052

1,046

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)

159

6.66

10.29

17.28

2.43
0.00
0.50
5.12

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 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

1,280,838

1,269,866

1,300,242

2,131,375
1,280,838
94,607
0

2,009,584
1,269,866
108,136
0

2,301,420
1,300,242
109,809
0

1,433,220
158,258
558,275
547,195
500
168,992
1,719,470
788,349
931,121
146,576

1,708,580
139,232
596,348
701,321
2,171
269,508
1,679,845
776,462
903,383
122,433

2,021,900
137,788
748,538
856,009
3,014
276,551
1,634,542
1,037,917
596,625
214,942

146,576
848,012
226,101
226,101
0
621,911

122,433
1,176,168
226,101
226,101
0
950,067

214,942
1,472,658
226,101
226,101
0
1,246,557

5,610,999
4,308,640
2,409,997
1,264,568
123,956
5,317
8,518
23,957
2,977,435
829,520
783,221
494,723
500
869,471
2,463,164
1,723,087
740,077
3,499,416
3,390,211
23,756
0
72,324
13,125
2,625,854
226,101
226,101
0
2,399,753
634,733
1,765,020
0

18,642,315
17,353,689
2,519,947
1,252,326
123,517
5,317
6,801
24,182
2,925,102
554,971
1,325,688
558,762
0
485,681
3,836,227
2,211,927
1,624,300
12,490,320
12,367,138
17,756
0
92,830
12,596
5,240,870
226,101
226,101
0
5,014,769
2,845,389
2,169,380
0

20,894,731
512,158
22,157,373
20,354,226
538,829
5,920
6,466
15,960
12,687,646
146,165
3,471,763
8,136,055
0
933,663
11,636,861
8,632,652
3,004,209
14,765,355
14,627,458
11,756
0
113,624
12,516
7,180,161
230,953
230,953
0
6,949,208
4,278,320
2,670,888
0

3,783,773
1,128,406
2,655,367
3,265,291

4,428,188
1,014,534
3,413,654
3,790,324

4,602,127
946,512
3,655,615
3,839,156

518,482
208,134

637,864
254,185

762,971
322,427

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
384,847
206,083
152,086
569,589
65,921
67,830
0
(1,187,092)

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
449,848
1,835,040
1,755,626
1,373,825
86,328
34,643
0
(1,187,092)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

243,108
46,144
45,220
0

328,606
52,230
45,220
0

379,387
46,823
33,915
0

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
338,684
154,943
113,479
605,496
65,689
113,051
0
1,876,560

994,588
0
151,744
788,349

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

21,945,517
14,627,458
1,252,855
23,260,110

0.41
1.82
14.46
1.39
0.83
86.30
2.20
9.41
28.58
23.06
4.36
6.78

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

208,134

254,185

322,427

68,707

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)

160

6.43
0.00
8.71
37.51

7.42
0.00
12.22
52.02

8.24
0.00
14.71
65.13

Financial Statement Analysis of Non Financial Sector 2011

Moonlite (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)

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

101,706

82,878

82,878

237,167
101,706
8,066
0

158,094
82,878
5,207
0

158,094
82,878
5,207
0

211,956
660
152,871
47,703
0
10,722
184,646
121,422
63,224
75,324

203,609
2,943
126,763
58,311
0
15,592
21,074
0
21,074
0

203,609
2,943
126,763
58,311
0
15,592
21,074
0
21,074
0

75,324
53,692
21,595
21,595
0
32,097

0
265,413
21,596
21,596
0
243,817

0
265,413
21,596
21,596
0
243,817

107,227
0
232,076
104,253
199,900
0
1,815
1,159
160,685
421
108,652
44,968
0
6,644
52,847
16,499
36,348
0
0
0
0
0
0
215,065
21,596
21,596
0
193,470
399
193,071
0

93,632
0
180,094
90,658
240,434
0
1,815
1,159
117,202
714
83,571
28,565
0
4,353
35,002
15,500
19,503
0
0
0
0
0
0
175,832
21,596
21,596
0
154,236
399
153,837
0

87,555
0
180,107
84,670
6,001
0
1,815
1,070
135,433
137
111,416
18,881
0
4,999
67,236
14,999
52,237
0
0
0
0
0
0
155,752
21,596
21,596
0
134,156
399
133,757
0

249,539
176,764
72,775
221,340

156,674
141,830
14,844
152,198

156,674
141,830
14,844
152,198

28,199
31,956

4,476
23,218

4,476
23,218

88,589
88,589
0
108,755
51,594
57,161
(20,166)
15,540
5,547
9,993
24,519
3,371
2,788
(38,755)
479
0
0
(38,755)

153,246
150,522
2,724
148,855
113,387
35,468
4,391
22,481
9,176
13,305
37,127
2,804
2,443
(18,577)
1,539
0
0
(151)

Items

1.Long term secured loans

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

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & 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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(21,064)
2,509
0
0

211,358
901
0
0

211,358
901
0
0

105,340
105,340
0
114,726
87,098
27,629
(9,387)
19,044
5,131
13,913
24,272
2,007
1,901
(30,303)
0
1,080
0
30,303

129,016
0
(23,573)
121,422

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

0.26
6.57
19.12
0.80
1.15
88.70
4.84
-6.30
-30.49
-13.32

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

0.28
1.83
12.32
0.69
2.01
97.13
0.43
-8.56
-11.20
-11.20

31,956

23,218

23,218

16,393

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)

161

1.63

1.24

1.24

-8.44
0.00
-10.92
24.86

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

OTHER TEXTILES N.E.S.

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

27,526,012

26,291,327

25,867,545

50,752,008
27,527,839
2,239,397
(1,827)

50,618,280
26,273,362
2,510,961
17,965

52,242,519
25,852,987
2,748,837
14,558

30,772,854
1,031,809
13,524,180
2,736,849
8,318,477
5,161,539
27,533,321
11,292,363
16,240,958
9,181,639

32,697,481
984,849
13,759,363
3,083,246
9,452,133
5,417,890
29,109,160
9,929,149
19,180,011
8,068,323

36,557,848
744,652
15,244,882
3,530,134
9,638,699
7,399,481
34,589,384
13,047,907
21,541,477
9,793,188

46,382

6,382

9,135,257
21,583,906
9,053,823
9,053,823
0
12,530,083

8,061,941
21,811,325
9,065,606
9,065,606
0
12,745,719

9,793,188
18,042,821
9,068,275
9,068,275
0
8,974,546

38,798,682
311,133
52,696,899
24,143,617
2,420,196
8,226
13,794,891
540,815
19,935,869
905,262
10,743,823
3,593,603
44,386
4,648,794
30,878,248
15,437,782
15,440,466
12,461,675
7,561,662
1,005,727
0
603,295
3,290,990
15,394,627
8,655,225
8,655,225
0
2,166,646
1,911,758
198,647
4,572,756

28,944,135
338,587
30,473,069
13,897,151
2,880,330
8,928
14,567,403
132,067
15,905,257
503,611
9,727,215
1,128,393
128,074
4,417,963
14,050,819
4,251,562
9,799,257
8,358,480
4,455,011
1,013,987
0
619,500
2,269,983
22,440,097
4,992,015
4,992,015
0
15,237,051
1,908,604
13,272,204
2,211,032

30,891,873
1,930,385
32,053,045
14,797,504
2,864,252
11,093
14,045,878
107,012
19,795,167
623,694
11,773,509
1,071,542
1,706
6,324,716
17,097,399
7,628,260
9,469,139
6,942,402
2,628,163
966,585
0
772,461
2,575,193
26,647,238
4,906,726
4,906,726
0
19,344,595
2,041,029
17,303,565
2,395,918

46,584,599
40,751,260
5,833,339
42,394,649

43,707,855
37,693,770
6,014,085
41,300,346

46,284,830
39,564,506
6,720,324
45,534,000

4,189,950
1,583,054

2,407,509
1,423,030

750,830
1,913,982

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
2,192,798
1,806,614
1,525,687
4,304,953
743,140
773,609
19,157
66,523

59,785,016
49,346,988
10,438,028
54,035,318
46,419,336
7,615,982
5,749,698
2,025,754
542,450
1,483,304
2,592,002
1,476,354
1,273,555
5,922,895
921,760
1,269,003
0
3,898,939

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,024,142
434,204
168,739
0

568,053
305,932
87,141
0

(2,749,048)
465,922
111,360
880,250

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
2,512,552
3,980,587
3,124,369
(4,129,847)
301,741
213,508
0
3,918,838

30,765,545
46,382
1,421,199
11,338,745

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
2,628,163
3,732,132
10,256,423

0.44
4.34
5.88
0.80
1.12
91.01
1.70
3.60
10.18
6.76
9.42
3.44

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
2.47
1.79
1.18
1.16
90.38
0.90
12.40
24.13
18.40
3.94
5.08
5.65
9.91
0.16
10.19
54.31

1,583,054

1,423,030

1,913,982

2,021,626

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)

164

4.35
0.00
1.76
23.84

1.30
0.00
0.44
36.59

-5.94
0.00
-3.55
19.90

Growth with Composition of Assets & Liabilities

35
19.7%

30

25%
20%
15.8% 15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%

17.8%

Billion Rs

25
6.3%

20
15
10
5

-20.4%

0
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010

70

2011

Growth

60
50
Billion Rs

30%
27.3%

20%

20.1%

40

15.4%

15%

30

10%

20
10

5%

0%
Sales

Gross Profit

12.4

14.68

8.31

Return on
Return on
Assets
Return on
Equity
Capital
Employed

10.19

9.91
9.01

2011
8

7.14

6
4
2

2010

10
Percentage

Percentage

12
2011
18.4

20

10

2010

24.13
22.76

25

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios

15

25%

1.13 1.16 1.00 0.90

0
Current
Ratio

165

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,147,810

2,110,162

2,299,777

3,120,758
2,146,161
172,407
1,649

3,245,188
2,110,162
181,840
0

3,532,872
2,299,777
174,177
0

3,247,847
26,399
2,827,763
94,529
0
299,156
3,707,064
2,217,947
1,489,117
583,828

3,637,827
42,564
3,151,303
107,616
0
336,344
4,225,738
2,286,779
1,938,959
236,302

4,756,547
10,770
4,313,862
113,021
0
318,894
5,254,674
2,360,511
2,894,163
319,889

583,828
1,104,765
74,250
74,250
0
1,030,515

236,302
1,285,949
95,783
95,783
0
1,190,166

319,889
1,481,761
95,782
95,782
0
1,385,979

2,222,746
0
3,716,460
2,220,860
177,399
0
0
1,887
5,509,273
36,469
4,964,104
148,791
0
359,909
5,939,040
2,752,649
3,186,391
273,600
133,772
98,861
0
40,966
0
1,519,379
95,783
95,783
0
868,872
257,895
610,977
554,724

2,201,162
35,898
3,824,884
2,163,317
1,661,566
0
0
1,947
6,546,327
63,687
5,761,915
305,548
0
415,178
6,880,562
2,951,933
3,928,629
256,102
107,259
98,861
0
49,981
0
1,610,825
95,783
95,783
0
960,318
257,895
702,423
554,724

2,055,093
0
3,876,469
2,053,147
1,823,323
0
0
1,947
7,041,020
37,465
6,104,611
313,196
0
585,747
7,136,673
3,416,810
3,719,863
176,753
69,597
50,000
0
57,156
0
1,782,687
134,096
134,096
0
1,133,892
372,834
761,058
514,699

4,454,839
257,552
4,197,287
3,732,945

4,584,993
152,849
4,432,144
3,987,632

5,495,613
84,139
5,411,474
4,813,612

721,894
344,393

597,361
230,093

682,001
279,396

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
450,033
453,691
189,518
209,021
110,391
0
19,157
308,795

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
509,024
548,449
364,329
184,814
107,022
0
0
3,752
1,959,440
69,597
77,791
3,486,407

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

105,397
45,541
5,539
0

82,418
46,605
0
0

95,056
56,086
7,184
0

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
304,459
436,777
201,370
136,549
91,747
7,184
0
347,756

1,688,593
0
54,317
2,217,947

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

344,393

230,093

279,396

280,072

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

0.03
6.29
2.12
0.83
0.88
83.80
3.88
1.99
9.72
5.84
10.81
1.58

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)

166

0.04
6.21
2.35
0.80
0.86
86.97
3.47
1.48
6.89
5.13

1.45

0.02
5.65
2.06
0.78
0.91
87.59
3.76
1.48
6.87
5.72
5.42
1.27

2.37
0.00
8.06
148.79

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

1.88
2.10
1.93
0.04
10.30
168.18

1.72
1.51
1.76
0.00
5.80
132.94

Financial Statement Analysis of Non Financial Sector 2011

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

420,630

428,309

419,174

599,926
420,630
22,432
0

623,724
428,309
23,031
0

629,651
419,174
212,742
0

198,491
554
95,312
29,892
29,444
43,289
117,856
7,355
110,501
1,488

240,672
7,106
109,624
35,431
30,370
58,141
73,353
22,776
50,577
67,788

294,325
557
139,999
50,788
31,495
71,486
386,427
70,284
316,143
13,354

1,488
499,777
50,700
50,700
0
449,077

67,788
527,840
50,700
50,700
0
477,140

13,354
313,718
76,050
76,050
0
237,668

500,529
33,180
665,478
440,875
13,445
0
3,380
23,094
301,386
765
202,272
50,106
0
48,243
165,464
110,969
54,495
82,914
1,789
0
0
19,790
61,335
553,537
76,050
76,050
0
236,460
19,445
217,015
241,027

559,793
2,294
700,005
461,878
15,244
0
92,812
2,809
354,769
1,974
265,674
40,981
0
46,140
162,183
93,958
68,225
98,757
238
0
0
33,514
65,005
653,622
76,050
76,050
0
338,704
19,445
319,259
238,868

960,393
1,740
1,011,072
803,062
15,572
0
152,782
2,809
449,985
1,399
323,893
56,386
0
68,307
163,298
99,905
63,393
125,273
0
0
0
47,985
77,288
1,121,807
76,050
76,050
0
476,650
19,445
457,205
569,107

288,932
288,932
0
213,718

296,016
296,016
0
221,960

332,183
332,183
0
319,692

75,214
28,843

74,056
30,651

12,491
32,441

415,428
415,428
0
302,101
199,897
102,204
113,327
65,753
16,951
48,802
96,853
10,617
10,479
94,268
2,080
15,210
0
33,890

569,195
569,195
0
391,726
243,239
148,487
177,469
80,449
23,039
57,410
113,722
9,305
8,486
143,757
5,697
38,025
0
22,309

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

38,193
16,508
0
0

41,698
14,840
0
0

(16,968)
16,300
0
380,250

391,280
391,280
0
295,269
160,035
135,234
96,011
53,486
16,045
37,441
82,324
5,698
5,583
9,709
8,235
0
0
(4,291)

501,265
0
21,685
7,355

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

0.51
1.97
10.35
0.47
1.68
73.97
0.24
5.98
7.56
7.55

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

28,843

30,651

32,441

5,691

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)

167

3.03

2.70

2.37

1.93
2.74
2.48
-0.02
0.19
72.79

13.22
0.00
4.28
98.58

14.09
0.00
5.30
104.11

-5.11
0.00
-4.37
41.25

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

259,543

203,219

513,232

393,508
259,543
17,945
0

355,067
203,219
17,883
0

685,277
513,232
22,244
0

256,892
4,501
126,539
37,447
33,330
55,075
631,560
302,805
328,755
40,000

208,313
7,553
68,915
8,051
72,363
51,431
416,434
130,025
286,409
40,000

310,198
2,955
158,192
84,713
4,258
60,080
491,898
191,679
300,219
17,519

40,000

0
(155,125)
150,635
150,635
0
(305,760)

40,000
(44,902)
150,635
150,635
0
(195,537)

17,519
314,013
237,635
237,635
0
76,378

492,401
0
584,164
488,474
26,364
0
553
3,374
241,100
25,249
143,146
29,113
0
43,592
255,252
191,679
63,573
151,564
17,519
63,105
0
0
70,941
326,685
237,634
237,634
0
(295,068)
35,768
(330,836)
384,119

747,472
0
967,418
745,006
16,198
0
135
2,332
540,450
14,778
255,897
142,284
76,760
50,731
552,681
369,816
182,865
264,575
17,519
59,269
0
0
187,787
470,666
237,635
237,635
0
(369,965)
35,768
(405,733)
602,997

695,960
0
924,806
694,126
37,865
0
135
1,699
323,331
7,722
148,795
116,059
1,524
49,231
475,784
311,035
164,749
245,488
14,267
57,845
0
0
173,376
298,019
237,635
237,635
0
(432,273)
35,768
(468,041)
492,658

443,953
336,955
106,998
433,949

461,600
404,903
56,697
478,928

711,121
634,903
76,218
656,638

10,004
64,884

(17,328)
75,505

54,483
82,890

566,002
547,140
18,862
525,658
446,813
78,845
40,343
85,834
8,966
76,868
128,309
39,183
38,540
(84,068)
2,931
0
0
(285,073)

453,768
417,876
35,892
524,173
335,021
189,152
(70,405)
82,701
13,407
69,294
110,902
55,081
54,341
(96,532)
412
0
0
(28,969)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(52,053)
2,609
0
0

160,830
3,112
0
0

23,493
4,141
0
0

999,999
966,739
33,260
871,564
565,923
305,642
128,434
95,005
17,400
77,606
205,939
30,776
29,842
5,188
333
0
0
109,655

(115,125)
40,000
(54,662)
342,805

(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

0.12
12.03
8.43
0.86
0.41
97.75
-4.33
-9.38
41.64
90.62

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

64,884

75,505

82,890

53,400

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)

168

3.51

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

-11.72
0.00
-3.63
-10.30

34.84
0.00
10.47
-2.98

3.30
0.00
0.81
13.21

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

7,806,259

7,512,306

7,515,665

14,132,676
7,786,968
817,915
19,291

14,073,054
7,494,543
767,223
17,763

14,964,754
7,501,107
743,027
14,558

10,961,259
268,092
1,629,916
156,699
7,590,169
1,316,383
5,484,798
2,014,428
3,470,370
5,511,125

13,155,479
297,480
2,495,261
119,188
8,535,576
1,707,974
6,640,474
1,800,910
4,839,564
4,911,549

16,340,927
244,560
4,173,311
129,139
9,326,015
2,467,902
8,714,898
2,302,166
6,412,732
5,580,842

5,511,125
7,771,595
3,105,070
3,105,070
0
4,666,525

4,911,549
9,115,762
3,105,070
3,105,070
0
6,010,692

5,580,842
9,560,852
3,105,070
3,105,070
0
6,455,782

21,407,628
132,295
16,069,677
7,684,718
723,283
14,005
13,572,874
3,736
5,071,029
169,515
2,909,688
162,983
0
1,828,843
6,392,585
3,279,478
3,113,107
8,215,229
6,161,208
0
0
312,580
1,741,442
11,870,843
3,105,070
3,105,070
0
8,765,773
1,150,373
7,615,400
0

21,547,107
252
16,220,027
7,190,161
758,214
8,928
14,318,836
28,930
5,469,824
72,754
2,355,116
138,790
0
2,903,165
5,237,463
672,269
4,565,193
6,541,364
4,325,000
0
0
401,887
1,814,477
15,238,104
3,105,070
3,105,070
0
12,133,034
1,157,521
10,975,513
0

22,633,606
1,719,740
16,790,565
7,109,168
715,480
11,093
13,769,491
24,114
7,476,830
155,388
2,676,081
162,236
0
4,483,125
6,287,338
2,486,982
3,800,356
5,047,037
2,541,667
0
0
525,356
1,980,014
18,776,061
3,105,070
3,105,070
0
15,670,991
1,164,673
14,506,318
0

17,216,464
17,161,466
54,998
15,270,454

16,330,362
16,267,891
62,471
14,699,851

21,557,329
21,447,443
109,886
19,370,621

1,946,010
385,562

1,630,511
445,666

2,186,708
553,600

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
1,083,456
1,262,093
1,258,590
3,893,805
461,282
621,014
0
(254,615)

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
1,384,727
828,975
824,716
4,874,537
644,189
931,521
0
3,681,384

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,848,453
262,166
0
0

1,768,636
132,484
0
0

2,109,505
262,898
0
500,000

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
780,302
1,387,288
1,379,814
1,926,152
94,430
0
0
2,374,480

13,282,720
0
1,586,287
2,014,428

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

1.46
5.41
0.91
0.92
2.00
88.70
1.41
9.77
25.33
13.72

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

385,562

445,666

553,600

931,897

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)

169

10.56

6.54

5.17

7.58
2.40
8.73
0.16
5.90
38.23

10.74
0.00
5.11
25.03

10.83
0.00

9.79
0.00
5.95
30.79

Financial Statement Analysis of Non Financial Sector 2011

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

2006

2007

2008

2009

63,629

62,764

62,764

75,745
63,629
216
0

62,764
62,764
0
0

62,764
62,764
0
0

883
163
0
0
0
720
29,243
0
29,243
0

716
55
0
0
0
661
29,108
0
29,108
0

461
38
0
0
0
423
27,602
25,170
2,432
0

0
35,269
35,574
35,574
0
(305)

0
34,372
35,574
35,574
0
(1,202)

0
35,623
35,574
35,574
0
49

89,234
0
0
0
0
0
88,960
274
305
191
0
0
0
114
1,927
0
1,927
23,166
0
23,140
0
0
26
64,446
35,574
35,574
0
(22,063)
0
(22,063)
50,935

0
0
0
0

0
0
0
0

0
0
0
0

0
3,104

0
6,022

0
2,795

(Thousand Rupees)
2010
2011
90,282
0
1,095
938
156
0
88,960
384
350
80
0
0
0
270
1,623
339
1,283
23,458
444
23,015
0
0
0
65,551
35,574
35,574

(20,957)
50,935

90,132
0
1,122
788
178
0
88,960
384
596
30
0
0
0
566
1,749
263
1,486
23,168
303
22,865
0
0
0
65,811
35,574
35,574
0
(20,698)
0
(20,698)
50,935

0
0
0
0
0
0
0
4,533
0
4,533
1,015
2
0
1,721
581
0
0
1,436

0
0
0
0
0
0
0
3,699
0
3,699
1,133
160
0
689
420
0
0
344

(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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(1,988)
0
0
0

(1,010)
0
0
0

1,435
173
0
0

0
0
0
0
0
0
0
3,167
0
3,167
989
2
2
28,947
236
0
0
1,261

35,269
0
(1,988)
0

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
303
269
566

0.01

0.00

0.00

0.10

0.05

0.02

0.00
0.03

0.00
0.02

0.00
0.02

0.00
0.16

0.00
0.22

0.00
0.34

3,104

6,022

2,795

43

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)

170

0.83
-3.08
-5.59
-5.59

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

0.00
-0.56
9.91

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

15,236.47

Financial Statement Analysis of Non Financial Sector 2011

Noor Silk Mills Ltd.

2007

2008

2009

333

326

57

3,083
333
54
0

3,036
326
7
0

2,774
57
2,716
0

1,401
1,142
0
0
0
259
13,815
0
13,815
0

1,160
896
0
0
0
264
13,613
0
13,613
0

1,945
1,418
0
0
0
527
12,938
0
12,938
0

0
(12,081)
4,000
4,000
0
(16,081)

0
(12,127)
4,000
4,000
0
(16,127)

0
(10,936)
4,000
4,000
0
(14,936)

573
0
2,774
52
6
0
0
521
1,604
1,598
0
0
0
6
0
0
0
12,595
0
6,586
0
0
6,009
(10,418)
4,000
4,000
0
(14,418)
0
(14,418)
0

567
0
2,774
46
5
0
0
521
1,584
1,578
0
0
0
6
0
0
0
12,214
0
6,201
0
0
6,013
(10,063)
4,000
4,000
0
(14,063)
0
(14,063)
0

563
0
2,774
304
5
0
0
259
1,976
1,970
0
0
0
6
6,015
0
6,015
6,201
0
6,201
0
0
0
(9,677)
4,000
4,000
0
(13,677)
0
(13,677)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
861

0
1,186

0
923

0
0
0
0
0
0
0
1,154
0
1,154
326
0
0
478
122
0
0
365

0
0
0
0
0
0
0
1,134
0
1,134
398
0
0
515
130
0
0
392

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

F.Operation:

339
262
0
0

14
60
0
0

1,316
125
0
0

0
0
0
0
0
0
0
995
0
995
299
0
0
578
60
0
0
554

(12,081)
0
77
0

(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

0.08

0.07

0.11

0.33

0.00
0.10

0.00
0.09

0.00
0.15

0.00

0.00

0.00
0.33

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

861

1,186

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)

171

-1.14
20.87
-2.82
-2.82

-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

0.00
0.19
-30.20

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

454,095

503,267

425,733

1,892,136
454,095
76,421
0

1,942,382
503,132
84,324
135

1,953,648
425,733
98,321
0

838,394
11,682
413,076
246,290
0
167,346
309,791
40,813
268,978
0

771,295
3,641
294,620
291,398
0
181,636
356,499
74,207
282,292
67,376

1,270,075
15,022
683,183
356,525
0
215,345
789,312
184,089
605,223
50,016

0
982,698
560,400
560,400
0
422,298

67,376
850,687
560,400
560,400
0
290,287

50,016
856,480
560,400
560,400
0
296,080

362,415
0
1,990,974
360,693
103,427
0
0
1,722
939,751
121,015
326,747
332,029
0
159,960
365,457
41,215
324,242
37,898
0
0
0
30,602
7,296
898,811
560,400
560,400
0
338,411
0
338,411
0

315,552
0
2,030,733
293,070
108,199
0
0
22,482
1,008,315
173,384
306,111
370,895
0
157,925
417,192
0
417,192
26,093
0
0
0
26,093
0
880,582
560,400
560,400
0
320,182
0
320,182
0

1,155,818
181,907
2,839,463
972,801
129,350
0
0
1,110
1,488,601
388,927
526,186
337,851
0
235,637
1,362,732
1,088,371
274,361
114,801
0
0
0
25,617
89,184
1,166,886
560,400
560,400
0
606,486
0
606,486
0

1,873,043
1,873,043
0
1,797,457

1,559,550
1,559,550
0
1,601,230

2,284,268
2,284,268
0
2,162,806

75,586
51,681

(41,680)
55,545

121,462
80,923

3,280,755
3,280,755
0
3,133,503
2,576,839
556,664
147,252
73,509
11,809
61,700
106,754
7,033
1,695
76,580
53,334
0
0
194,106

4,154,303
4,154,303
0
3,567,817
3,011,953
555,864
586,486
157,587
17,048
140,539
144,384
9,417
6,171
440,579
43,812
112,080
0
71,918

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

27,050
676
56,040
0

(102,945)
7,798
0
0

23,347
11,415
0
0

2,452,646
2,452,646
0
2,310,990
1,683,530
627,460
141,656
68,698
10,890
57,808
90,171
19,255
15,904
62,823
14,769
70,050
0
348,293

982,698
0
(29,666)
40,813

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

0.83
0.50
13.15
1.45
2.71
95.96
0.32
2.09
2.69
2.69
0.47
4.53

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
0.05
7.08
20.82

51,681

55,545

80,923

9,336

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)

172

5.29

3.34

1.44
0.00
0.47
17.54

-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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

740,668

943,955

992,533

2,245,914
740,668
61,704
0

2,422,492
943,955
71,158
0

2,594,338
992,533
85,844
0

1,663,521
403,892
978,179
12,081
77,351
192,018
197,323
0
197,323
0

1,782,874
458,118
774,371
17,325
87,875
445,185
677,816
0
677,816
0

1,938,874
366,644
881,259
3,945
91,844
595,182
516,869
0
516,869
279,678

0
2,206,866
340,685
340,685
0
1,866,181

0
2,049,013
340,685
340,685
0
1,708,328

279,678
2,134,860
340,685
340,685
0
1,794,175

1,113,163
2,845
2,634,322
969,334
88,116
0
92,064
48,920
1,609,448
527,326
607,564
5,481
0
469,077
230,032
0
230,032
263,293
0
0
0
64,871
198,422
2,229,286
340,685
340,685
0
1,888,601
71,490
1,817,111
0

1,244,063
300,143
2,650,301
907,586
85,578
0
32,150
4,184
1,560,041
168,314
687,403
61,302
0
643,022
241,656
0
241,656
261,634
0
0
0
70,672
190,962
2,300,814
340,685
340,685
0
1,960,129
71,490
1,888,639
0

1,224,168
26,998
3,019,111
1,192,889
83,843
0
0
4,281
2,748,464
10,266
1,925,566
65,930
0
746,702
1,146,577
10,817
1,135,760
329,253
0
0
0
79,661
249,592
2,496,802
340,685
340,685
0
2,156,117
71,490
2,084,627
0

3,538,031
3,538,031
0
3,365,209

4,130,672
4,104,562
26,110
3,925,623

4,240,964
4,240,964
0
3,982,831

172,822
91,411

205,049
112,221

258,133
115,006

4,774,324
4,774,324
0
4,301,276
3,169,957
1,131,319
473,048
260,770
13,669
247,101
227,178
2,925
5
286,005
107,860
136,274
0
98,235

6,455,848
6,420,837
35,011
5,804,892
5,664,817
140,075
650,956
185,600
15,397
170,203
272,250
11,914
6,493
503,881
116,219
187,377
0
62,959

2,562,448
0
41,871
0

2,826,055
0
200,285
10,817

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

169,119
12,660
102,206
0

165,044
19,879
85,171
0

227,539
56,428
102,206
0

4,237,268
4,237,268
0
3,937,467
3,075,092
862,375
299,801
124,810
12,376
112,434
221,836
3,215
86
261,092
90,972
136,274
0
329,278

2,206,866
0
54,253
0

2,049,013
0
59,994
0

2,414,538
0
68,905
0

2,492,579
0
33,846
0

91,411

112,221

115,006

1,100

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

2.50
0.03
0.34
1.47
8.43
95.12
0.09
7.11
7.76
7.76
1.53
3.62

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)

173

0.83
0.06
0.42
1.51
2.63
95.04
0.33
6.43
7.76
7.76
1.70
5.33

0.89
0.05
0.09
1.45
3.75
93.91
0.37
8.04
10.88
10.20
1.67
4.81

4.78
0.00
4.59
64.78

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

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

868,132

825,114

782,836

1,820,556
867,783
46,496
349

1,822,875
825,047
45,055
67

1,822,875
782,836
42,211
0

728,895
1,625
329,576
98,535
0
299,159
1,040,936
233,628
807,308
83,940

356,930
2,997
25,156
1,964
0
326,813
751,172
0
751,172
302,317

321,479
969
23,363
51
0
297,096
1,008,566
0
1,008,566
353,037

83,940
472,151
150,000
150,000
0
322,151

302,317
128,555
150,000
150,000
0
(21,445)

353,037
(257,288)
150,000
150,000
0
(407,288)

743,123
0
1,820,349
743,027
39,537
0
0
96
101,848
1,683
6,757
0
0
93,408
189,645
0
189,645
579,909
0
568,807
0
5,364
5,738
75,417
150,000
150,000
0
(74,583)
337,400
(411,983)
0

705,900
0
1,817,189
705,804
37,104
0
0
96
99,995
2,654
3,933
0
0
93,408
182,872
0
182,872
587,515
0
576,413
0
5,364
5,738
35,508
150,000
150,000
0
(114,492)
337,400
(451,892)
0

670,995
0
1,816,368
670,899
34,870
0
0
96
79,237
610
3,933
0
0
74,694
179,460
0
179,460
590,549
0
579,446
0
5,364
5,738
(19,777)
150,000
150,000
0
(169,777)
337,400
(507,177)
0

1,005,312
811,412
193,900
842,996

384,282
351,755
32,527
649,337

0
0
0
37,389

162,316
69,225

(265,055)
38,867

(37,389)
11,602

0
0
0
34,207
0
34,207
(34,207)
11,681
0
11,681
3,724
3
0
(39,910)
0
0
0
(7,332)

0
0
0
48,578
0
48,578
(48,578)
10,684
0
10,684
2,558
88
0
(55,285)
0
0
0
(5,203)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

57,754
5,026
0
0

(337,144)
1,154
0
0

(48,339)
0
0
0

0
0
0
33,474
0
33,474
(33,474)
13,448
0
13,448
2,478
32
0
(44,312)
0
0
0
193,551

556,091
0
52,728
233,628

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

0.10
4.41
9.80
0.63
0.70
83.85
2.38
3.68
12.21
10.40

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
0.32

0.00
0.54

0.00
0.55

0.00
0.44

69,225

38,867

11,602

44,334

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)

174

-5.29
-4.23
75.10
-18.36

10.20
-4.55
48.73
-11.80

21.70
-4.83
-71.96
-6.24

-38.93
-7.11
-702.89
-9.26

3.05

15.28

0.00

0.00

0.00

0.00

5.74
0.00
3.52
31.48

-87.73
0.00
-22.55
8.57

0.00
-3.22
-17.15

0.25
-2.95
5.03

-0.01
-2.66
2.37

-0.01
-3.69
-1.32

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

239,389

235,994

754,940

412,351
239,389
7,440
0

416,020
235,994
7,064
0

342,572
754,940
7,607
0

413,251
10,792
63,788
12,567
221,495
104,609
267,201
170,673
96,528
14,112

488,077
4,493
89,639
5,754
298,362
89,829
295,577
214,003
81,574
7,382

448,218
2,375
90,450
33,991
2,550
318,852
257,545
228,117
29,428
22,682

6,382

6,382

7,730
371,327
37,450
37,450
0
333,877

1,000
421,112
37,450
37,450
0
383,662

22,682
922,931
37,450
37,450
0
885,481

811,866
0
942,614
746,875
8,107
0
2,550
62,441
199,731
2,642
101,728
5,676
44,386
45,298
194,576
0
194,576
23,104
0
0
0
0
23,104
793,917
37,450
37,450
0
37,032
0
37,032
719,435

804,064
0
942,631
739,182
7,710
0
0
64,883
233,761
1,606
68,568
45,195
51,314
67,077
226,763
155,102
71,661
26,038
0
0
0
26,038
0
785,024
37,450
37,450
0
33,446
(10,301)
43,747
714,128

921,618
0
868,761
854,279
676
0
0
67,339
79,276
15,982
19,007
4,200
182
39,904
234,064
180,650
53,414
24,486
0
0
0
24,486
0
742,344
37,450
37,450
0
(14,246)
33
(14,279)
719,139

206,023
185,490
20,533
197,475

236,495
233,782
2,713
236,001

253,742
240,343
13,399
244,434

8,548
23,368

494
28,550

9,308
35,816

414,395
414,395
0
370,696
243,390
127,306
43,700
29,219
5,918
23,302
70,814
26,630
23,984
(4,610)
2,609
0
0
(29,897)

2,653
2,653
0
24,141
16,842
7,299
(21,487)
29,347
41
29,306
27,420
8,114
4,749
(65,679)
27
0
0
87,903

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,968
1,030
1,873
0

(7,627)
1,163
0
0

24,278
1,243
0
0

344,967
344,967
0
296,144
197,717
98,427
48,823
31,262
5,574
25,688
75,889
43,532
42,771
(22,132)
0
0
0
(10,342)

385,439
6,382
2,065
177,055

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
(65,706)
180,650

0.92
11.17
6.10
0.32
1.55
95.85
0.76
0.77
1.40
1.33
2.10
3.23

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
305.81
158.30
0.00
0.34
909.87
0.35
-6.44
-8.60
-8.32

23,368

28,550

35,816

23,011

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)

175

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

0.14
-12.83
-2,475.48
0.34
-17.55
198.22

2.41
0.00
1.05
99.15

-3.23
0.00
-2.35
112.45

9.57
0.00
6.15
246.44

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

138,518

149,480

171,672

220,362
138,518
9,278
0

240,839
149,480
11,932
0

268,800
171,672
11,238
0

71,962
1,077
22,465
37,080
0
11,340
129,772
34,430
95,342
6,441

61,249
1,735
17,833
24,335
0
17,346
133,710
19,545
114,165
11,847

101,264
9,332
29,364
27,377
0
35,191
188,248
27,096
161,152
11,160

6,441
74,267
11,109
11,109
0
63,158

11,847
65,172
11,109
11,109
0
54,063

11,160
73,528
11,109
11,109
0
62,419

160,148
0
268,800
157,175
13,496
0
0
2,973
70,846
1,894
23,803
23,340
0
21,808
58,572
4,616
53,957
102,485
3,594
92,089
0
5,385
1,417
69,937
11,109
11,109
0
9,449
0
9,449
49,379

177,806
0
253,656
174,339
11,613
0
0
3,467
74,972
2,463
22,046
23,187
0
27,276
74,386
8,144
66,242
107,590
4,551
97,089
0
5,951
0
70,802
11,109
11,109
0
10,313
0
10,313
49,379

170,387
0
287,925
167,446
13,171
0
0
2,941
91,332
3,801
45,028
15,472
0
27,031
88,007
33,427
54,580
106,254
2,329
97,089
0
6,836
0
67,458
11,109
11,109
0
6,970
0
6,970
49,379

278,336
261,803
16,533
251,837

302,956
0
302,956
279,479

321,137
0
321,137
300,632

26,499
21,114

23,477
17,057

20,505
15,228

378,186
367,222
10,964
356,855
155,756
201,099
21,330
17,101
288
16,813
24,311
4,413
2,877
1,827
1,944
1,111
0
5,566

365,110
357,030
8,080
343,775
150,860
192,915
21,335
16,211
383
15,828
25,459
4,849
4,270
1,700
3,826
0
0
1,104

Items

1.Long term secured loans

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

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & 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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

640
1,474
1,111
0

594
1,543
0
0

2,983
1,617
0
0

390,774
371,277
19,497
371,971
166,364
205,607
18,804
21,331
836
20,495
26,834
3,762
2,566
(658)
202
0
0
13,113

80,708
0
(1,945)
34,430

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

0.29
1.92
13.32
1.32
0.55
90.48
1.83
0.32
0.85
0.79
-0.75
12.39

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

21,114

17,057

15,228

5,334

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)

176

16.99

10.94

16.42
0.74
-0.17
0.08
-0.77
62.95

0.23
0.00
-0.75
66.85

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

Financial Statement Analysis of Non Financial Sector 2011

Tri-Star 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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

309,610

298,852

288,514

615,009
309,610
11,211
0

615,009
298,852
10,758
0

614,609
288,514
10,326
0

159,110
1,162
35,260
47
114,526
8,115
155,088
58,079
97,009
23,625

170,448
9
4,935
147
150,369
14,988
162,674
0
162,674
0

50,013
5
1,531
172
34,511
13,794
161,029
15,750
145,279
0

23,625
290,007
214,657
214,657
0
75,350

0
306,626
214,657
214,657
0
91,969

0
177,498
214,657
214,657
0
(37,159)

313,140
0
614,609
278,595
9,919
0
34,511
34
14,519
133
410
212
0
13,765
15,702
0
15,702
153,140
0
153,140
0
0
0
158,817
214,657
214,657
0
(55,840)
39,387
(95,227)
0

313,140
0
614,609
278,595
9,919
0
34,511
34
14,519
133
410
212
0
13,765
15,702
0
15,702
153,140
0
153,140
0
0
0
158,817
214,657
214,657
0
(55,840)
39,387
(95,227)
0

313,140
0
614,609
278,595
9,919
0
34,511
34
14,519
133
410
212
0
13,765
15,702
0
15,702
153,140
0
153,140
0
0
0
158,817
214,657
214,657
0
(55,840)
39,387
(95,227)
0

1,877
1,877
0
12,725

29,065
29,065
0
34,302

3,100
3,100
0
13,896

(10,848)
1,099

(5,237)
932

(10,796)
901

1,550
1,550
0
11,094
0
11,094
(9,544)
654
11
643
25
2
0
(10,080)
6
0
0
1,047

1,550
1,550
0
11,094
0
11,094
(9,544)
654
11
643
25
2
0
(10,080)
6
0
0
1,047

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(11,827)
9
0
0

(6,048)
145
0
0

(12,053)
15
0
0

1,550
1,550
0
11,094
0
11,094
(9,544)
654
11
643
25
2
0
(10,080)
6
0
0
1,047

313,632
0
(11,836)
58,079

306,626
0
(6,193)
0

177,498
0
(12,068)
15,750

311,957
0
(10,086)
0

311,957
0
(10,086)
0

311,957
0
(10,086)
0

0.75
0.00
2.50
0.00
1.03
677.94
0.62
-2.28
-6.99
-4.17

0.93
0.00
0.51
0.06
1.05
118.02
0.53
-1.29
-2.03
-1.95

0.22
21.94
5.55
0.01
0.31
448.26
0.91
-2.98
-4.98
-4.98

0.02
0.11
13.66
0.00
0.92
715.77
1.06
-3.03
-5.99
-4.12

0.02
0.11
13.66
0.00
0.92
715.77
1.06
-3.08
-6.35
-3.23

0.02
0.11
13.66
0.00
0.92
715.77
1.06
-3.08
-6.35
-3.23

1,099

932

901

680

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

H.Key Performance Indicators

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

0.05

5.89

2.02

3.79

3.79

3.79

-630.10
0.00
-0.55
13.51

-20.81
0.00
-0.29
14.28

-388.81
0.00
-0.56
8.27

-650.34
0.01
-0.47
7.40

-650.34
0.01
-0.47
7.40

-650.34
0.01
-0.47
7.40

177

FOOD

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

52,266,922

58,263,535

72,014,616

80,737,831
51,758,183
3,418,615
508,739

90,582,196
57,801,327
4,681,418
462,208

106,983,528
71,057,604
4,670,296
957,012

45,617,264
4,230,246
17,499,077
2,941,314
6,513,682
14,432,945
59,456,516
25,116,892
34,339,624
13,566,619

53,140,938
4,138,980
21,732,416
3,855,199
6,520,561
16,893,782
69,304,316
28,952,468
40,351,848
14,659,357

62,306,422
3,176,889
28,517,439
6,348,583
5,682,571
18,580,940
80,265,311
32,869,478
47,395,833
21,199,784

12,495

13,554,124
24,861,051
8,760,194
8,687,194
73,000
16,100,857

14,659,357
27,440,800
9,528,077
9,455,077
73,000
17,912,723

21,199,784
32,855,943
9,900,358
9,822,575
77,783
22,955,585

92,147,060
4,475,529
122,020,132
79,741,953
5,970,163
1,259,712
4,056,255
2,613,611
54,973,861
4,760,072
28,330,111
4,122,967
616,985
17,143,727
65,602,249
30,003,140
35,599,109
40,628,527
17,229,410
9,521,870
0
610,248
13,267,000
40,890,142
11,188,197
11,115,697
72,500
17,209,473
2,790,807
6,664,367
12,492,472

99,198,095
7,065,725
126,701,027
81,276,519
5,960,799
1,749,492
4,989,558
4,116,801
57,708,550
6,390,993
27,472,658
4,600,336
804,921
18,439,642
68,909,614
30,244,671
38,664,942
37,655,178
13,894,942
11,173,538
392,818
1,037,904
11,155,976
50,341,852
12,434,606
12,434,106
500
22,483,646
2,792,702
19,684,070
15,423,600

115,079,932
14,867,571
139,473,627
90,422,574
13,947,662
2,181,375
5,800,727
1,807,685
95,210,179
6,215,303
57,043,801
7,027,101
1,043,443
23,880,531
103,511,055
50,615,948
52,895,107
46,711,035
20,160,218
12,056,913
0
1,401,528
13,092,376
60,068,021
12,825,042
12,824,542
500
30,318,950
2,725,170
27,711,358
16,924,029

140,361,883
134,106,645
6,255,238
114,960,710

150,160,373
142,614,873
7,545,500
123,173,540

191,071,729
175,067,233
16,004,496
154,742,139

25,401,173
14,988,046

26,986,833
17,926,813

36,329,590
22,208,245

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
12,582,073
7,693,650
6,766,542
19,598,319
6,246,397
9,631,837
287,725
23,477,157

318,001,104
292,065,710
25,935,394
253,350,230
159,839,846
93,510,385
64,650,874
33,131,934
21,791,359
11,340,575
15,434,137
10,210,746
9,532,007
23,836,794
7,204,572
10,665,557
99,850
10,758,164

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,173,213
2,062,590
9,388,956
166,693

7,320,645
2,388,852
3,931,077
181,771

9,682,555
3,389,531
4,625,349
227,790

201,409,593
187,301,966
14,107,627
154,792,675
119,230,007
35,562,668
46,616,918
25,685,292
16,353,997
9,331,295
12,662,336
8,808,479
7,669,580
15,100,986
4,628,205
4,981,054
1,486,629
22,865,090

38,427,670
12,495
(3,278,333)
25,129,387

42,100,157
0
1,000,716
28,952,468

54,055,727
0
1,667,675
32,869,478

81,518,669
17,229,410
5,491,727
47,232,549

87,997,029
14,287,760
3,720,084
44,532,432

106,779,056
20,160,218
5,966,666
70,776,166

0.23
2.84
2.10
1.43
0.77
81.90
2.94
9.09
35.19
22.08
0.65
8.02

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

0.14
4.37
2.05
1.37
0.84
76.85
2.60
10.73
40.95
22.28
2.10
7.11
2.97
7.50
0.22
8.92
34.83

0.17
2.86
1.71
1.72
0.84
80.45
2.12
12.89
42.96
23.12
1.39
9.81
3.90
7.27
0.22
10.56
39.82

0.14
3.21
2.21
1.51
0.92
79.67
2.50
12.98
43.18
24.48
1.56
5.57
3.50
7.50
0.07
12.56
45.37

14,988,046

17,926,813

22,208,245

3,983,415

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)

180

5.82
0.00
6.80
27.68

4.88
0.00
5.24
29.16

5.07
0.00
6.52
34.04

Growth with Composition of Assets & Liabilities

140
39.4%

120

33.4%

100
Billion Rs

45%
40%
35%
30%
25%
20%
16.2% 15%
10%
5%
0%

80
60

19.4%
13.8%

40
20
0

Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010
350

18.5%

300

Growth
20%
17.8%

15.3%

250
Billion Rs

2011

15%

200

10%

150
100

5%

50
0

0%
Sales

Gross Profit

Key Performance Indicators

42.96 43.18

2010

14

2011

12

2010

12.56
10.56

2011

10
23.12 24.48
12.8912.98

Percentage

Percentage

Profitability/Efficiency Ratios
45
40
35
30
25
20
15
10
5
0

Net Profit Before Tax

6
4
2

Return on
Return on
Assets
Return on
Equity
Capital
Employed

7.27 7.5

2.12 2.50
0.84 0.92

0
Current
Ratio

181

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

SUGAR

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

35,782,227

38,082,204

46,934,891

55,646,640
35,747,694
2,023,025
34,533

59,934,342
38,045,281
2,798,550
36,923

69,830,500
46,354,656
2,657,270
580,235

28,812,832
2,393,986
9,326,593
1,339,252
6,245,930
9,507,071
36,493,886
18,258,802
18,235,084
12,347,139

32,600,834
2,572,732
11,426,669
1,830,693
5,836,578
10,934,162
41,571,082
21,858,526
19,712,556
13,075,079

36,524,492
2,163,198
14,189,541
3,606,937
4,266,117
12,298,699
51,540,582
22,234,082
29,306,500
14,119,210

12,495

12,334,644
15,754,034
6,206,456
6,206,456
0
9,547,578

13,075,079
16,036,877
6,942,986
6,942,986
0
9,093,891

14,119,210
17,799,591
7,334,284
7,334,284
0
10,465,307

62,955,813
2,267,019
81,824,318
55,311,782
3,505,108
627,470
3,012,081
1,737,461
30,557,215
2,819,664
13,867,462
1,575,721
554,071
11,740,298
40,710,129
25,121,344
15,588,785
30,538,461
15,836,638
5,250,895
0
283,188
9,167,741
22,264,435
8,488,374
8,487,874
500
4,071,178
2,066,288
2,370,906
9,704,883

65,701,458
2,299,689
84,875,173
55,372,496
3,440,173
625,252
3,807,000
3,597,021
26,193,181
2,997,741
8,711,356
2,090,120
599,170
11,794,794
37,452,850
21,630,433
15,822,416
26,755,059
12,587,404
5,489,703
392,818
359,644
7,925,490
27,686,729
9,354,967
9,354,467
500
5,779,087
1,077,154
4,701,934
12,552,675

71,142,956
6,276,641
89,416,623
58,546,548
10,906,164
616,550
4,497,320
1,205,897
53,775,359
3,131,220
31,898,835
3,533,012
853,463
14,358,829
60,659,625
34,910,395
25,749,230
31,756,291
16,472,589
5,856,711
0
386,032
9,040,959
32,502,399
9,700,915
9,700,415
500
8,752,229
1,003,094
7,749,135
14,049,255

65,845,227
61,707,574
4,137,653
59,453,758

60,386,038
55,880,221
4,505,817
56,780,852

77,215,575
64,701,917
12,513,658
68,784,238

6,391,469
2,897,309

3,605,186
3,058,297

8,431,337
4,370,926

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
5,030,031
6,156,267
5,981,745
4,227,737
1,637,023
1,043,479
241,631
9,815,817

144,802,964
126,717,880
18,085,084
127,591,934
60,522,362
67,069,573
17,211,030
5,811,101
1,187,236
4,623,865
5,941,857
7,966,971
7,639,365
4,816,581
2,186,017
1,514,639
47,239
(4,573,576)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,503,757
410,750
261,213
146,811

(581,597)
343,417
223,586
135,072

591,121
425,168
521,747
177,176

84,625,662
78,072,222
6,553,440
71,684,849
56,567,129
15,117,720
12,940,813
4,927,880
819,566
4,108,314
5,682,380
7,090,556
6,923,362
3,121,186
840,644
886,929
176,842
8,991,841

28,101,173
12,495
831,794
18,271,297

29,111,956
0
(1,148,600)
21,858,526

31,918,801
0
(355,794)
22,234,082

52,802,896
15,836,638
1,393,613
40,957,981

54,441,787
12,980,222
1,547,234
34,610,656

64,258,690
16,472,589
1,115,925
51,382,984

0.27
4.82
2.03
1.02
0.79
90.29
3.10
2.52
10.39
5.76
4.18
7.06

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
8.38
1.86
0.90
0.75
84.71
3.20
3.53
15.58
7.37
2.57
6.10
1.45
3.69
0.13
2.49
24.29

0.15
4.78
1.62
1.40
0.70
89.18
2.32
4.56
16.93
7.88
2.48
14.78
1.71
3.28
0.15
2.55
27.27

0.12
5.50
2.44
1.16
0.89
88.11
2.84
4.44
16.00
8.12
1.74
4.54
1.63
3.33
-0.05
2.47
30.52

2,897,309

3,058,297

4,370,926

3,172,437

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)

184

2.28
0.00
1.68
24.23

-0.96
0.00
-1.24
21.58

0.77
0.00
0.22
23.13

Billion Rs

Growth with Composition of Assets & Liabilities

80
70
60
50
40
30
20
10
0

60%
51.3%

50%
40%

38.3%

30%
20%

15.7%

14.8%

7.6%

10%
0%

Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010
160

2011

Growth
20%

19.0%

140
Billion Rs

120

15%

100

12.2%

11.1%

80

10%

60
40

5%

20
0

0%
Sales

Gross Profit

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
16.93

16

2010

3.28 3.33

3.5
2.84

2011

2.32

2.5
7.88 8.12
4.564.44

Percentage

Percentage

2010
18
16
14
12
10
8
6
4
2
0

2011
2.55 2.47

1.5
1

0.7

0.89

0.5
Return on
Return on
Assets
Return on
Equity
Capital
Employed

0
Current
Ratio

185

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

Abdullah Shah Ghazi Sugar Mills Ltd.(Al-Asif 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)
2010
2011

2006

2007

2008

2009

393,173

384,382

395,322

774,018
393,173
20,858
0

785,167
384,382
19,941
0

815,721
395,322
20,462
0

116,480
2,991
0
0
0
113,489
1,205,359
0
1,205,359
0

74,773
842
0
0
0
73,931
1,179,037
3,010
1,176,027
0

91,092
11,165
0
0
0
79,927
1,065,446
0
1,065,446
0

0
(695,706)
146,667
146,667
0
(842,373)

0
(719,882)
146,667
146,667
0
(866,549)

0
(579,032)
146,667
146,667
0
(725,699)

573,619
220,908
793,815
351,657
21,759
0
0
1,055
336,523
59,921
109,737
0
0
166,865
274,863
0
274,863
1,120,104
0
435,551
0
0
684,553
(484,825)
146,667
146,667
0
(695,878)
0
(695,878)
64,386

752,031
391,222
819,304
356,155
20,991
0
0
4,654
586,848
95,178
274,773
0
0
216,896
584,345
379,924
204,421
551,663
20,068
509,882
0
3,263
18,450
202,871
792,617
792,617
0
(650,314)
0
(650,314)
60,568

876,444
532,742
822,505
338,767
20,589
0
0
4,935
958,891
16,313
667,199
3,993
0
271,386
1,053,983
726,856
327,127
569,504
18,596
531,593
0
3,177
16,138
211,848
792,616
792,616
0
(637,770)
0
(637,770)
57,002

106,793
106,793
0
132,678

123,560
123,560
0
141,774

198,914
198,914
0
156,737

(25,885)
9,653

(18,214)
7,767

42,177
18,886

1,249,555
1,249,555
0
1,112,092
997,538
114,554
137,463
30,329
954
29,375
13,820
78,401
73,149
38,085
12,496
0
0
(218,333)

1,263,144
1,263,144
0
1,078,194
9,547
1,068,647
184,950
27,356
1,060
26,296
73,394
142,015
154,230
19,449
10,472
0
0
279,323

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(33,153)
464
0
0

(26,096)
537
0
0

138,554
0
0
0

728,138
728,138
0
560,525
478,176
82,349
167,613
31,473
0
31,473
16,712
40,495
39,355
95,645
3,641
0
0
131,186

(695,706)
0
(33,617)
0

(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
18,596
8,977
745,452

0.00
0.09
0.00
0.21
0.10
124.24
-1.73
-6.25
4.86
5.28

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

-31.04
0.00
-2.29
-47.43

-21.12
0.00
-1.82
-49.08

69.66
0.00
9.45
-39.48

9,653

7,767

18,886

97

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)

186

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

753,498

742,762

800,512

1,000,279
753,498
40,327
0

1,027,862
742,762
38,712
0

1,124,660
800,512
39,046
0

407,203
18,684
289,612
2,698
0
96,209
495,249
169,420
325,829
18,411

397,393
21,335
267,296
0
0
108,762
710,484
236,410
474,074
23,758

517,886
46,142
173,825
197,562
0
100,357
560,031
348,143
211,888
313,940

18,411
647,041
57,636
57,636
0
589,405

23,758
405,913
57,636
57,636
0
348,277

313,940
444,427
57,637
57,637
0
386,790

847,794
0
1,210,293
846,517
41,508
0
0
1,277
425,013
55,102
284,680
0
0
85,232
302,494
69,329
233,165
503,693
55,288
239,324
0
0
209,081
466,620
57,637
57,637
0
128,352
0
128,352
280,632

828,315
1,772
1,232,819
824,398
44,644
867
0
1,277
350,467
34,085
8,449
222,549
0
85,384
123,422
20,156
103,266
501,708
34,657
239,324
0
0
227,727
553,652
57,637
57,637
0
228,038
0
228,038
267,977

837,466
5,428
1,284,016
831,331
44,535
667
0
40
527,671
121,854
238,984
40,743
0
126,090
293,958
19,990
273,968
485,008
14,667
0
0
0
470,341
586,171
57,637
57,637
0
272,538
0
272,538
255,996

901,844
901,844
0
868,831

604,741
604,741
0
728,633

1,042,279
1,017,860
24,419
904,084

33,013
28,424

(123,892)
24,830

138,195
35,195

2,138,541
2,138,541
0
1,920,021
1,495,508
424,513
218,520
44,056
1,066
42,990
18,388
46,594
45,280
133,707
34,043
14,409
0
174,085

2,440,693
2,440,693
0
2,231,511
2,206,797
24,714
209,182
46,223
2,271
43,952
82,487
97,225
92,909
74,701
27,774
14,409
0
63,037

1,055,360
34,657
85,254
54,813

1,071,179
14,667
32,518
34,657

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

41,754
0
0

(172,686)
2,642
0
0

63,392
261
0
0

1,156,966
1,156,966
0
887,465
690,303
197,161
269,502
48,500
1,178
47,322
19,039
57,821
56,715
184,915
5,785
5,764
0
283,908

665,452
0
41,754
169,420

429,671
0
(175,328)
236,410

758,367
0
63,131
348,143

970,313
55,288
173,366
124,616

0.04
3.38
0.30
0.78
0.82
96.34
0.79
4.65
10.61
9.96

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

28,424

24,830

35,195

30,498

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)

187

3.11

2.26

6.00

4.63
0.00
7.24
112.26

-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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

843,213

803,884

2,082,835

1,388,597
843,113
68,212
100

1,429,910
803,884
63,347
0

2,855,262
2,082,835
120,517
0

835,332
10,907
612,481
43,686
0
168,258
932,956
530,118
402,838
93,182

659,198
32,378
300,953
121,125
30,750
173,992
719,556
353,549
366,007
18,637

1,685,877
48,417
1,036,195
37,997
46,432
516,836
1,820,627
653,603
1,167,024
1,078,295

93,182
652,407
173,623
173,623
0
478,784

18,637
724,889
173,623
173,623
0
551,266

1,078,295
869,790
173,623
173,623
0
696,167

2,376,551
65,910
3,163,910
2,249,724
145,233
16,358
28,629
15,930
1,356,024
12,504
813,761
208,254
19,500
302,005
1,356,169
688,035
668,134
1,250,780
874,974
301,346
0
0
74,460
1,125,626
173,623
173,623
0
952,003
952,003
0
0

2,066,027
149,049
2,864,195
1,860,428
123,173
10,768
14,502
31,280
1,972,857
29,613
991,194
343,043
11,550
597,457
2,094,842
1,077,504
1,017,338
697,141
260,820
0
392,818
0
43,503
1,246,901
173,623
173,623
0
1,073,278
0
1,073,278
0

2,038,018
168,810
2,951,901
1,830,364
119,652
613
9,114
29,117
3,291,037
18,179
2,430,743
487,536
10,000
344,579
3,466,109
1,768,674
1,697,435
481,382
433,791
0
0
0
47,591
1,381,564
173,623
173,623
0
1,207,941
0
1,207,941
0

2,514,380
1,702,744
811,636
2,316,212

2,842,348
1,387,822
1,454,526
2,590,847

2,931,151
1,476,625
1,454,526
2,719,120

198,168
99,075

251,501
160,913

212,031
162,126

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
46,369
294,245
287,289
276,059
63,791
86,812
0
303,131

6,217,989
3,363,275
2,854,714
5,280,399
40,734
5,239,665
937,590
292,987
93,289
199,698
239,922
356,946
349,035
324,463
71,657
86,812
0
531,453

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

31,655
11,705
0
0

173,336
13,369
0
0

104,333
45,188
26,043
0

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
48,261
271,735
264,829
337,120
20,983
69,449
0
627,689

745,589
0
19,950
530,118

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

0.06
2.88
1.74
1.50
0.90
92.12
1.57
1.88
4.56
4.27

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
84.92
2.86
6.93
24.69
17.05
2.91
2.56
1.93
5.22
0.13
14.56
79.57

99,075

160,913

162,126

72,310

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)

188

4.11

9.44

1.26
0.00
1.15
37.58

6.10
0.00
9.21
41.75

3.56
0.00
3.41
50.10

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,472,955

1,527,982

2,264,422

2,513,005
1,472,955
109,311
0

2,680,866
1,527,982
113,739
0

3,345,655
2,264,422
116,012
0

600,705
48,694
230,809
43,166
8,607
269,429
1,005,591
502,948
502,643
145,038

810,082
47,597
393,723
144,861
10,263
213,638
1,074,601
389,634
684,967
395,840

1,511,304
86,263
1,009,052
11,314
37,751
366,924
2,037,889
986,492
1,051,397
265,761

145,038
923,031
185,703
185,703
0
737,328

395,840
867,623
185,703
185,703
0
681,920

265,761
1,472,076
185,703
185,703
0
1,286,373

2,480,127
111,297
3,655,933
2,216,624
169,562
0
143,772
8,434
1,322,595
107,769
963,870
0
0
250,956
1,283,079
855,132
427,947
877,137
357,994
0
0
27,622
491,521
1,642,506
185,703
185,703
0
691,371
0
0
765,432

2,835,275
164,615
4,143,691
2,517,327
187,573
0
144,169
9,164
1,389,425
140,429
965,121
0
0
283,875
1,431,018
718,032
712,986
970,364
407,445
0
0
0
562,919
1,823,318
185,703
185,703
0
928,848
0
928,848
708,767

3,040,601
18,336
4,639,945
2,817,445
217,339
0
157,413
47,407
2,850,409
43,316
2,422,829
7,843
0
376,421
3,142,284
2,059,582
1,082,702
911,544
457,449
0
0
0
454,095
1,837,182
185,703
185,703
0
987,599
0
987,599
663,880

3,058,073
2,764,073
294,000
2,642,766

2,722,384
2,470,991
251,393
2,395,181

3,145,250
2,521,130
624,120
2,582,319

415,307
119,600

327,203
131,707

562,931
237,314

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
137,746
329,899
323,594
391,453
66,277
92,852
0
532,050

5,983,046
4,616,565
1,366,481
5,246,478
25,335
5,221,143
736,568
305,297
16,882
288,415
250,008
412,252
404,771
59,875
63,479
55,711
0
295,731

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

182,154
14,188
0
0

39,759
12,824
30,000
0

244,243
11,290
55,711
0

4,249,981
3,630,845
619,136
3,567,029
3,259,831
307,198
682,952
206,752
14,592
192,160
76,738
289,102
281,128
210,749
35,024
74,281
0
231,521

1,068,069
0
167,966
502,948

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

2,748,726
457,449
(59,315)
2,517,031

0.10
4.11
1.41
1.47
0.60
86.42
1.25
8.54
20.85
17.20

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
87.69
2.21
1.18
3.27
2.16
-0.06
2.47
1.15
1.00
0.07
-0.19
98.93

119,600

131,707

237,314

125,693

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)

13.25

189

5.96
0.00
9.04
49.70

1.46
0.00
1.45
46.72

7.77
0.00
12.54
79.27

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

768,342

730,194

730,194

1,326,538
768,342
44,429
0

1,329,270
730,194
42,663
0

1,329,270
730,194
42,663
0

379,008
123,603
130,761
7,029
0
117,615
622,556
232,180
390,376
448,484

330,852
16,354
104,602
80,120
0
129,776
657,688
264,675
393,013
406,307

330,852
16,354
104,602
80,120
0
129,776
657,688
264,675
393,013
406,307

448,484
76,310
244,071
244,071
0
(167,761)

406,307
(2,949)
244,072
244,072
0
(247,021)

406,307
(2,949)
244,072
244,072
0
(247,021)

1,399,558
0
1,943,220
1,266,002
45,202
0
75,093
58,463
704,106
13,824
357,304
158,294
0
174,684
366,682
242,882
123,800
1,276,185
779,151
142,172
0
5,889
348,974
460,797
244,072
244,072
0
216,725
0
216,725
0

2,165,257
3,215
2,849,784
2,079,686
90,035
0
81,626
730
659,865
8,410
285,804
93,548
0
272,104
574,275
474,812
99,463
1,338,452
826,551
162,172
0
5,968
343,761
912,395
244,071
244,071
0
136,882
0
136,882
531,442

2,095,081
7,278
2,854,343
1,990,728
99,491
0
96,328
747
1,915,465
3,711
1,347,518
163,762
0
400,474
1,991,306
1,805,590
185,716
1,265,972
777,587
217,172
0
7,106
264,107
753,268
244,072
244,072
0
(4,170)
0
(4,170)
513,366

1,574,714
1,574,714
0
1,372,513

1,580,281
1,580,281
0
1,584,764

1,580,281
1,580,281
0
1,584,764

202,201
54,280

(4,483)
56,651

(4,483)
56,651

2,635,631
2,635,631
0
2,627,679
2,558,391
69,288
7,952
51,184
2,522
48,662
88,769
131,553
130,603
(168,226)
26,356
0
0
(96,642)

1,927,676
1,927,676
0
1,753,161
40,069
1,713,092
174,515
71,315
3,982
67,333
80,070
300,260
298,352
(181,582)
21,171
0
0
(1,291,802)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

135,064
6,843
0
0

(72,391)
6,869
0
0

(72,391)
6,869
0
0

1,269,457
1,269,457
0
1,166,379
1,278,609
(112,229)
103,078
55,792
2,079
53,712
89,198
71,295
70,371
464,833
6,347
0
0
(304,480)

524,794
0
128,221
232,180

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

0.21
0.86
0.45
1.37
0.61
87.16
14.04
12.46
578.72
27.49

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

54,280

56,651

56,651

13,468

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)

190

12.04

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

8.58
0.00
5.25
3.13

-4.58
0.00
-3.25
-0.12

-4.58
0.00
-3.25
-0.12

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

341,093

360,569

1,132,697

772,123
341,093
11,448
0

803,808
360,569
12,210
0

1,589,050
1,132,697
13,114
0

464,821
79,006
238,426
1,991
0
145,398
586,758
362,602
224,156
134,892

592,573
71,425
406,537
1,189
0
113,422
873,840
627,787
246,053
148,787

155,680
29,413
6,525
663
0
119,079
605,095
57,006
548,089
210,636

134,892
84,264
94,500
94,500
0
(10,236)

148,787
(69,485)
94,500
94,500
0
(163,985)

210,636
472,646
94,500
94,500
0
378,146

1,104,668
4,338
1,584,375
1,075,010
53,011
0
0
25,320
111,586
7,925
4,185
191
0
99,285
346,911
38,674
308,237
502,616
167,621
143,400
0
0
191,596
366,727
94,500
94,500
0
(322,859)
0
0
595,086

1,047,776
0
1,589,299
1,026,556
52,855
0
0
21,220
120,245
2,098
9,752
0
0
108,395
197,048
50,237
146,811
921,138
113,132
612,089
0
0
195,917
49,835
94,500
94,500
0
(616,117)
0
(616,117)
571,452

1,938,356
0
2,527,903
1,917,136
49,698
0
0
21,220
1,007,973
2,733
748,020
167,515
0
89,705
1,265,053
35,632
1,229,421
1,018,963
45,000
675,000
0
0
298,963
662,313
94,500
94,500
0
(817,020)
0
(817,020)
1,384,833

947,795
947,795
0
846,692

588,743
588,743
0
585,960

1,308,397
1,308,397
0
1,251,456

101,103
43,187

2,783
45,732

56,941
45,967

657,510
657,510
0
853,586
733,985
119,601
(196,076)
58,994
3,000
55,994
67,601
59,021
58,756
(305,597)
6,973
0
0
(444,064)

950,031
950,031
0
848,162
1,558,904
(710,742)
101,869
55,789
4,262
51,527
63,315
238,006
237,817
(191,767)
11,258
0
0
(109,508)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(20,732)
4,400
0
0

(139,060)
3,226
0
0

(26,171)
0
0
0

579,326
579,326
0
606,222
519,097
87,125
(26,896)
50,629
2,332
48,298
30,029
39,036
38,961
(129,547)
3,085
0
0
44,939

219,156
0
(25,132)
362,602

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

0.14
8.74
0.21
1.18
0.79
89.33
8.56
-2.53
-55.23
-10.26

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
0.80
89.28
3.45
-9.32
-53.86
-14.46

43,187

45,732

45,967

82,854

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)

191

3.98

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
70.09

-2.19
0.00
-2.66
8.92

-23.62
0.00
-15.06
-7.35

-2.00
0.00
-2.77
50.02

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

246,594

225,517

222,627

786,090
246,594
24,405
0

787,164
225,517
22,350
0

807,166
222,627
22,892
0

131,215
4,865
0
0
0
126,350
704,679
27,852
676,827
407,494

105,850
2,228
0
56,261
0
47,361
410,871
10,850
400,021
697,559

117,731
4,799
0
0
0
112,932
555,401
148,500
406,901
531,255

407,494
(734,364)
87,246
87,246
0
(821,610)

697,559
(777,063)
87,246
87,246
0
(864,309)

531,255
(746,298)
87,246
87,246
0
(833,544)

202,137
0
807,166
201,130
21,498
0
0
1,007
93,967
602
0
0
0
93,365
636,927
155,000
481,927
303,959
303,959
0
0
0
0
(644,782)
87,246
87,246
0
(732,028)
0
2,500
0

202,704
0
827,627
201,697
19,893
0
0
1,007
104,066
1,496
0
0
0
102,570
256,481
87,500
168,981
830,428
815,524
0
0
4,558
10,346
(780,139)
87,246
87,246
0
(867,385)
0
(867,385)
0

285,408
97,547
833,643
186,854
20,859
0
0
1,007
1,001,880
1,150
488,728
38,989
0
473,013
1,121,971
794,040
327,931
1,185,984
801,682
369,398
0
4,558
10,346
(1,020,667)
87,246
87,246
0
(1,107,913)
0
(1,107,913)
0

179,381
179,381
0
223,827

177,287
177,287
0
211,243

291,228
291,228
0
258,593

(44,446)
6,802

(33,956)
8,035

32,635
7,891

100,335
100,335
0
151,678
0
151,678
(51,343)
3,763
0
3,763
387
79,603
79,209
(134,354)
1,003
0
0
(379,557)

1,185,651
1,185,651
0
1,206,125
0
1,206,125
(20,474)
34,327
4,473
29,854
86,066
195,285
191,907
(240,528)
0
0
0
(828,187)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(32,541)
780
0
0

(41,812)
886
0
0

30,764
0
0
0

57,991
57,991
0
148,772
0
148,772
(90,781)
12,169
0
12,169
1,066,597
944
0
101,806
290
0
0
216,844

(326,870)
0
(33,321)
27,852

(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

0.01
5.72
0.00
0.47
0.19
124.78
-1.51
-7.86
4.53
15.01

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

-18.14
0.00
-3.82
-84.17

-23.58
0.00
-4.89
-89.07

10.56
0.00
3.53
-85.54

175.56
0.23
11.64
-73.90

6,802

8,035

7,891

10,266

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)

192

-0.70
-133.90
-0.35
-15.51
-89.42

2.43
-0.25
-20.29
-0.36
-27.57
-116.99

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,802,763

1,902,232

2,720,363

2,560,717
1,801,449
90,990
1,314

2,851,909
1,901,957
177,529
275

3,123,629
2,719,576
227,521
787

619,343
102,471
263,302
58,147
0
195,423
687,348
504,554
182,794
1,248,519

1,558,412
42,590
1,131,242
149,587
0
234,993
2,382,897
2,097,049
285,848
949,515

1,788,876
46,318
1,438,063
19,373
0
285,122
2,462,495
1,582,504
879,991
928,333

1,248,519
486,239
191,280
191,280
0
294,959

949,515
128,232
191,280
191,280
0
(63,048)

928,333
1,118,411
286,920
286,920
0
831,491

2,519,639
45,813
3,110,938
2,450,768
257,133
900
0
22,158
1,015,823
20,971
701,368
54,007
0
239,477
1,405,275
961,725
443,550
1,485,416
1,229,686
0
0
0
255,730
644,771
286,920
286,920
0
(220,208)
0
(220,208)
578,059

2,339,038
2,463
3,209,692
2,313,897
236,640
253
0
22,425
636,060
45,797
256,658
79,534
26,608
227,463
731,639
233,334
498,305
1,289,321
1,059,164
0
0
0
230,157
954,138
286,920
286,920
0
136,652
0
136,652
530,566

3,103,002
76,218
3,245,571
2,993,020
219,657
200
0
33,564
2,544,179
65,127
1,969,291
38,732
179,040
291,989
2,644,522
2,153,466
491,056
1,357,532
848,707
0
0
0
508,825
1,645,127
286,920
286,920
0
291,313
0
291,313
1,066,894

1,360,839
1,322,940
37,899
1,305,515

1,896,549
1,896,549
0
1,967,584

2,858,929
2,093,306
765,623
2,512,915

55,324
42,996

(71,035)
57,076

346,014
75,671

6,362,700
6,362,700
0
5,597,467
4,620,036
977,431
765,233
124,277
14,251
110,026
245,956
300,141
297,573
347,799
63,664
28,692
0
1,354,669

5,882,738
5,882,738
0
5,186,437
79,684
5,106,753
696,301
124,237
13,154
111,083
231,976
446,734
442,767
165,491
58,844
28,692
0
(1,024,070)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(58,326)
5,955
0
0

(377,451)
8,220
0
0

(57,172)
8,447
0
0

3,968,673
3,968,673
0
3,595,629
2,345,472
1,250,157
373,044
87,629
15,518
72,111
176,107
438,721
434,622
(140,786)
19,912
0
0
1,293,854

1,734,758
0
(64,281)
504,554

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

0.23
6.35
4.27
0.56
0.90
95.93
3.98
-3.02
-11.39
-4.40

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

42,996

57,076

75,671

86,418

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)

193

5.17

1.68

1.99

5.66
0.68
-3.55
0.45
-5.60
22.47

-4.29
0.00
-3.36
25.42

-19.90
0.00
-20.16
6.70

-2.00
0.00
-2.29
38.98

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

3,344,118
216,030
3,425,941
3,128,088
153,592
0
0
0
1,491,214
25,662
1,064,542
0
0
401,010
1,983,804
1,153,084
830,720
1,510,347
1,485,362
0
0
2,787
22,198
1,341,181
990,200
990,200
0
350,981
0
350,981
0

3,343,051
320,891
3,467,256
3,022,160
147,243
0
0
0
1,391,773
37,576
827,489
143,247
0
383,461
2,050,349
1,330,254
720,095
1,225,243
1,211,835
0
0
8,060
5,348
1,459,232
990,200
990,200
0
469,032
0
469,032
0

3,515,925
0
4,122,850
3,515,925
161,828
0
0
0
1,570,969
16,959
896,981
324,547
0
332,482
2,446,480
1,762,602
683,878
1,115,471
1,097,528
0
0
12,943
5,000
1,524,943
990,200
990,200
0
534,743
0
534,743
0

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
167,744
577,054
562,575
353,575
23,312
0
0
1,301,735

4,749,066
3,970,587
778,479
4,095,161
3,659,483
435,678
653,905
113,850
25,480
88,370
176,800
411,409
408,510
132,172
29,148
0
0
254,447

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
180,852
406,960
404,359
120,312
54,949
0
0
(4,549)

2,851,528
1,485,362
330,263
2,638,446

2,684,475
1,211,835
103,024
2,542,089

2,640,414
1,097,528
65,363
2,860,130

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: (i) Interest expenses
7.Net profit 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)

194

0.14
7.42
5.92
1.08
0.64
87.94
2.34
2.45
8.06
4.52

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

Financial Statement Analysis of Non Financial Sector 2011

Crescent Sugar Mills And Distillery Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

481,609

459,406

428,062

1,166,654
481,609
42,884
0

1,153,861
459,406
38,377
0

1,204,388
428,062
46,638
0

688,222
19,166
203,171
56,737
256,769
152,379
666,479
410,419
256,060
118,183

992,513
13,344
231,242
74,504
534,155
139,268
752,470
514,353
238,117
81,731

872,674
11,643
310,000
74,828
318,057
158,146
893,201
589,330
303,871
49,085

118,183
385,169
213,775
213,775
0
171,394

81,731
617,718
213,775
213,775
0
403,943

49,085
358,450
213,775
213,775
0
144,675

457,876
451
1,267,012
397,923
43,117
0
56,792
2,710
541,093
3,110
170,442
65,437
142,976
159,128
833,814
449,631
384,183
53,765
44,958
0
0
8,807
0
111,390
213,775
213,775
0
(102,385)
106,047
(208,432)
0

3,159,380
0
3,792,273
2,913,723
42,435
0
241,971
3,686
508,484
30,207
164,332
58,024
9,002
246,919
941,844
452,171
489,673
44,393
34,972
0
0
9,421
0
2,681,627
213,775
213,775
0
(79,479)
19,957
(99,436)
2,547,331

3,087,442
0
3,435,938
2,786,695
35,645
0
238,554
62,193
585,801
11,227
245,892
69,945
8,024
250,713
951,447
321,548
629,899
33,924
11,002
8,984
0
13,938
0
2,687,872
213,775
213,775
0
(79,661)
18,073
(97,734)
2,553,758

2,236,498
1,817,704
418,794
2,092,506

2,395,470
2,028,374
367,096
2,302,063

2,544,949
2,102,412
442,537
2,414,228

143,992
110,472

93,407
106,352

130,721
111,377

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
232,342
70,457
65,485
66,950
22,116
0
0
14,891

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
212,501
64,809
55,312
32,871
45,832
0
0
(40,146)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(26,718)
10,845
0
0

16,442
11,712
0
0

(56,256)
4,348
0
0

2,072,000
1,650,965
421,035
2,039,366
1,760,327
279,039
32,634
104,834
21,345
83,489
194,186
90,561
88,036
(130,692)
10,466
0
0
29,115

503,352
0
(37,563)
410,419

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)
332,550

0.50
3.59
2.54
1.91
1.03
93.56
2.04
-2.28
-5.79
-4.89

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
1.22
1.21

110,472

106,352

111,377

80,295

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)

195

11.01

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
125.73

-1.19
0.00
-1.76
18.02

0.69
0.00
0.22
28.90

-2.21
0.00
-2.83
16.77

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

4,064,222

3,905,234

3,969,842

5,411,068
4,031,103
205,422
33,119

5,579,287
3,869,946
329,375
35,288

5,949,835
3,934,554
308,221
35,288

2,995,473
28,855
577,528
192,139
0
2,196,951
4,472,632
1,907,465
2,565,167
614,756

3,199,070
15,313
862,076
211,640
200,655
1,909,386
5,168,148
2,397,027
2,771,121
256,403

2,962,894
35,277
828,021
1,445,876
58,695
595,025
5,635,204
3,206,434
2,428,770
299,041

12,495

602,261
1,972,307
365,120
365,120
0
1,607,187

256,403
1,679,753
365,120
365,120
0
1,314,633

299,041
998,491
365,120
365,120
0
633,371

3,695,735
362,859
5,587,794
3,328,218
244,672
0
0
4,658
2,641,850
10,613
748,380
40,418
28,392
1,814,047
4,627,235
3,062,171
1,565,064
898,370
586,651
196,605
0
0
115,114
811,980
365,120
365,120
0
(461,563)
0
(461,563)
908,423

4,467,504
0
6,936,903
4,467,474
210,395
0
0
30
1,921,563
13,156
109,124
33,599
17,882
1,747,803
4,236,366
3,072,121
1,164,245
815,886
356,865
0
0
40,505
418,516
1,336,815
365,120
365,120
0
(439,596)
0
(439,596)
1,411,291

3,112,880
0
5,492,264
3,112,880
285,485
0
0
0
2,140,497
37,171
443,833
33,466
41,496
1,584,531
1,305,468
461,577
843,891
3,439,102
3,343,408
0
0
33,302
62,392
508,807
365,120
365,120
0
(643,183)
0
(643,183)
786,870

7,262,920
6,911,194
351,726
6,778,023

4,854,496
4,076,217
778,279
4,702,251

6,200,500
4,876,155
1,324,345
6,158,106

484,897
130,288

152,245
157,845

42,394
159,525

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
155,013
6,087
1,877
49,056
52,000
0
0
316,606

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
159,955
54,553
33,845
(482,636)
35,000
0
0
23,531

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

131,035
42,917
0
0

(352,070)
26,478
0
0

(740,698)
33,300
0
0

2,439,050
2,081,586
357,464
2,419,704
1,752,191
667,514
19,346
115,845
16,812
99,033
198,498
297,870
294,591
(471,094)
3,677
0
0
(1,686)

2,587,063
12,495
88,118
1,919,960

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

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

130,288

157,845

159,525

228,879

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

0.05
3.15
2.65
1.03
0.67
93.32
2.58
1.92
7.91
5.45

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)

196

12.58

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

1.80
0.00
2.41
54.02

-7.25
0.00
-10.37
46.01

-11.95
0.00
-21.20
27.35

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

449,433

499,160

515,881

1,035,470
449,433
28,163
0

1,111,404
499,160
28,088
0

1,157,513
515,881
31,430
0

583,543
40,624
276,023
10,240
84,737
171,919
692,086
124,808
567,278
60,808

537,793
41,210
149,495
41,002
97,932
208,154
693,819
21,827
671,992
94,987

994,979
50,992
482,668
66,154
181,740
213,425
1,128,837
82,694
1,046,143
19,644

60,808
280,082
188,270
188,270
0
91,812

94,987
248,147
188,270
188,270
0
59,877

19,644
362,379
216,510
216,510
0
145,869

710,126
4,222
1,207,517
534,536
34,211
0
170,200
1,168
818,849
78,010
479,118
88,552
0
173,169
700,500
219,830
480,670
381,316
0
0
0
0
381,316
447,159
216,510
216,510
0
230,649
7,130
223,519
0

776,121
35,772
1,263,715
559,877
33,306
0
179,323
1,149
979,588
249,273
368,208
121,109
0
240,998
850,867
0
850,867
386,830
0
0
0
0
386,830
518,012
216,510
216,510
0
301,502
7,967
293,535
0

1,036,483
81,920
1,474,511
730,470
41,648
0
222,497
1,596
2,121,221
275,420
1,541,973
5,353
0
298,475
2,036,014
191,735
1,844,279
421,078
0
0
0
0
421,078
700,612
216,510
216,510
0
484,102
10,359
473,743
0

2,794,993
2,794,993
0
2,521,779

2,093,283
2,093,283
0
2,017,618

1,691,060
1,691,060
0
1,546,542

273,214
42,809

75,665
36,117

144,518
69,296

3,989,928
3,989,928
0
3,746,036
3,371,004
375,032
243,892
67,285
4,206
63,079
129,133
51,949
51,332
157,317
43,898
54,128
0
517,750

3,855,075
3,855,075
0
3,442,701
28,998
3,413,703
412,374
86,801
9,094
77,707
142,782
99,118
98,050
310,302
41,717
54,128
0
146,678

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

181,373
12,201
41,419
0

19,724
9,565
0
0

107,732
16,000
0
0

2,409,498
2,409,498
0
2,218,841
1,965,577
253,264
190,657
67,719
6,071
61,648
122,766
48,791
47,507
116,142
18,532
37,889
0
74,360

340,890
0
127,753
124,808

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
214,458
191,735

0.20
1.91
0.37
2.71
0.84
90.22
2.69
19.20
75.93
61.22
4.08
10.13

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

42,809

36,117

69,296

53,449

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)

197

14.00

3.50

6.49
0.00
8.99
14.88

0.94
0.00
0.54
13.18

6.37
0.00
4.24
16.74

Financial Statement Analysis of Non Financial Sector 2011

Fecto 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)
2010
2011

2006

2007

2008

2009

1,400,160

1,323,023

1,265,629

2,084,755
1,400,160
58,833
0

2,095,956
1,323,023
78,708
0

2,101,572
1,265,629
73,011
0

506,452
8,416
323,502
0
24,839
149,695
1,429,578
459,361
970,217
371,955

522,695
5,124
356,274
0
38
161,259
1,593,916
432,744
1,161,172
264,334

240,042
15,808
33,263
1,618
0
189,353
1,216,445
89,317
1,127,128
337,458

371,955
105,079
50,297
50,297
0
54,782

264,334
(12,532)
145,862
145,862
0
(158,394)

337,458
(48,232)
145,862
145,862
0
(194,094)

1,422,569
41,127
2,228,509
1,349,509
67,479
0
0
31,933
152,969
4,149
1,989
0
0
146,831
356,599
49,475
307,124
1,199,313
313,247
666,000
0
0
220,066
19,626
145,862
145,862
0
(739,957)
0
(739,957)
613,721

1,408,168
52,732
2,276,597
1,323,051
74,546
855
0
31,530
165,780
8,710
11,132
0
0
145,938
413,214
87,373
325,841
1,410,200
275,935
914,200
0
0
220,065
(249,466)
145,862
145,862
0
(977,782)
0
(977,782)
582,454

1,408,168
52,732
2,276,597
1,323,051
74,546
855
0
31,530
165,780
8,710
11,132
0
0
145,938
413,214
87,373
325,841
1,410,200
275,935
914,200
0
0
220,065
(249,466)
145,862
145,862
0
(977,782)
0
(977,782)
582,454

1,001,826
1,001,826
0
938,860

972,001
972,001
0
1,030,814

1,854,387
1,854,387
0
1,745,637

62,966
54,538

(58,813)
60,126

108,750
65,308

1,490,206
1,490,206
0
1,690,340
1,634,058
56,283
(200,134)
80,076
2,882
77,194
95,307
61,793
61,169
(252,998)
16,033
0
0
(272,629)

1,490,206
1,490,206
0
1,690,340
1,634,058
56,283
(200,134)
80,076
2,882
77,194
95,307
61,793
61,169
(252,998)
16,033
0
0
(272,629)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(92,545)
4,689
0
0

(215,934)
4,479
0
0

(51,463)
0
0
0

1,205,361
1,205,361
0
1,146,745
1,052,179
94,565
58,616
71,955
3,913
68,042
89,605
79,755
77,156
(86,463)
6,485
0
0
45,375

477,034
0
(97,234)
459,361

251,802
0
(220,413)
432,744

289,226
0
(51,463)
89,317

1,218,939
313,247
(92,948)
362,722

1,160,734
275,935
(269,031)
363,308

1,160,734
275,935
(269,031)
363,308

0.02
10.88
0.00
0.53
0.35
93.71
17.14
-5.33
-243.63
-19.22

0.00
11.18
0.00
0.53
0.33
106.05
-148.28
-11.51
-466.65
-59.25

0.01
5.24
0.09
1.23
0.20
94.14
-32.22
-3.07
169.39
-19.02

0.01
6.62
0.00
0.77
0.43
95.14
79.28
-5.61
604.52
-11.47

0.02
4.15
0.00
0.95
0.40
113.43
-7.31
-16.89
220.15
-21.26

0.02
4.15
0.00
0.95
0.40
113.43
-7.31
-16.07
101.42
-21.80

54,538

60,126

65,308

109,011

108,631

97,172

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

3.10

2.73

55.75

606.01
-0.12
-7.17
0.03
-6.37
1.35

133.87
-3.14
-16.98
-0.15
-18.44
-17.10

133.87
-3.14
-16.98
-0.15
-18.44
-17.10

-9.24
0.00
-19.33
20.89

-22.22
0.00
-15.11
-0.86

-2.78
0.00
-3.53
-3.31

Financial Statement Analysis of Non Financial Sector 2011

Habib - ADM Ltd.( Habib Arkady LTD.)

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

225,839

289,438

343,466

575,735
225,839
16,969
0

661,311
289,438
22,367
0

721,788
343,466
28,225
0

255,740
16,535
86,206
111,976
0
41,023
109,097
75,617
33,480
0

219,952
14,090
70,302
80,519
0
55,041
62,301
30,916
31,385
0

338,198
10,534
179,304
69,786
1,000
77,574
169,190
82,048
87,142
0

0
372,482
200,000
200,000
0
172,482

0
447,089
200,000
200,000
0
247,089

0
512,474
200,000
200,000
0
312,474

363,284
15,871
774,106
344,071
30,871
0
0
3,343
321,197
52,068
139,742
70,878
0
58,508
70,281
0
70,281
40,490
0
0
0
0
40,490
573,710
200,000
200,000
0
373,710
10,000
363,710
0

354,659
18,557
801,003
332,449
38,667
0
0
3,653
436,433
89,627
230,971
34,668
0
81,167
109,344
864
108,480
45,548
1,428
0
0
0
44,120
636,200
200,000
200,000
0
436,200
10,000
426,200
0

369,204
0
800,929
365,646
38,363
0
0
3,558
400,515
62,232
262,310
4,963
0
71,010
54,469
1,033
53,436
42,445
395
0
0
0
42,050
672,805
200,000
200,000
0
472,805
10,000
462,805
0

559,219
402,022
157,197
404,805

743,653
743,653
0
483,654

1,187,532
1,187,532
0
865,184

154,414
107,384

259,999
152,192

322,348
177,949

1,223,608
949,806
273,802
868,045
655,889
212,157
355,563
159,943
92,136
67,807
106,919
1,675
350
204,845
55,402
80,000
0
144,370

1,323,312
1,059,880
263,432
996,665
733,988
262,677
326,647
158,864
86,677
72,187
108,653
2,602
1,122
169,646
58,209
80,000
0
106,032

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

37,448
5,104
12,000
0

103,462
11,597
24,000
0

139,028
21,644
80,000
0

1,266,208
797,194
469,015
872,234
645,750
226,484
393,975
192,816
120,469
72,347
109,967
3,267
1,916
200,703
13,271
80,000
0
166,208

372,482
0
20,344
75,617

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
395
31,437
1,428

1.18
1.77
20.02
1.16
2.34
72.39
0.29
7.80
10.24
10.24
2.70
6.49

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

107,384

152,192

177,949

9,878

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)

199

6.70
0.00
0.81
9.31

13.91
0.00
2.30
11.18

11.71
0.00
5.87
25.62

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

618,039

680,445

790,841

1,392,015
618,039
65,202
0

1,513,820
680,445
61,986
0

1,687,640
790,841
66,387
0

1,777,667
381,272
419,296
175,255
614,725
187,119
832,639
337,000
495,639
0

2,258,991
638,531
390,494
202,887
801,364
225,715
959,764
488,190
471,574
0

2,563,642
736,537
438,221
403,763
555,721
429,400
1,324,019
465,156
858,863
0

0
1,563,067
216,000
216,000
0
1,347,067

0
1,979,672
288,000
288,000
0
1,691,672

0
2,030,464
360,000
360,000
0
1,670,464

1,397,089
43,533
1,761,039
790,891
77,682
0
555,710
6,955
2,409,420
1,595,667
211,039
353,397
0
249,317
1,265,349
426,000
839,349
87,500
0
0
0
0
87,500
2,453,660
480,000
480,000
0
1,973,660
34,000
1,939,660
0

1,520,100
57,351
1,809,516
760,509
80,199
0
695,432
6,808
1,915,962
1,307,268
319,376
114,178
0
175,140
498,340
0
498,340
86,500
0
0
0
0
86,500
2,851,222
600,000
600,000
0
2,251,222
34,000
2,217,222
0

1,728,857
26,416
1,890,970
768,778
79,559
0
923,856
9,807
2,287,890
1,222,138
580,092
185,699
0
299,961
417,157
0
417,157
81,500
0
0
0
0
81,500
3,518,090
750,000
750,000
0
2,768,090
34,000
2,734,090
0

4,019,324
4,019,324
0
3,601,775

2,838,960
2,838,960
0
2,468,787

4,490,483
2,102,436
2,388,047
3,755,657

417,549
158,575

370,173
173,110

734,826
282,208

5,919,338
5,919,338
0
4,960,283
4,424,738
535,545
959,055
278,924
128,129
150,795
206,819
74,725
67,100
759,535
241,000
150,000
150,000
439,069

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
216,624
0
36,102
1,050,016
300,000
375,000
0
275,682

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

260,589
68,000
21,600
72,000

256,213
47,500
57,600
72,000

503,747
80,000
90,000
119,988

4,584,186
4,584,186
0
3,720,221
2,979,304
740,917
863,965
297,217
141,118
156,099
191,564
56,866
49,686
654,816
175,000
168,000
120,000
1,092,009

1,563,067
0
170,989
337,000

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

1.41
1.22
4.36
1.68
2.13
89.61
0.53
11.80
21.29
21.29
8.92
9.59

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
30.08
14.06
0.55
5.00
23.45

158,575

173,110

282,208

49,036

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)

200

6.48
0.00
4.46
36.18

9.02
0.00
3.62
34.37

11.22
0.00
5.89
28.20

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

963,629

972,410

1,065,485

1,683,479
963,629
58,754
0

1,749,635
972,410
58,911
0

1,135,983
1,065,485
56,736
0

571,631
77,265
277,941
0
0
216,425
965,820
545,959
419,861
33,165

598,586
25,006
417,183
1,383
0
155,014
1,145,516
747,386
398,130
0

431,612
5,044
233,216
8,713
0
184,639
988,497
487,109
501,388
20,340

33,165
536,275
324,000
324,000
0
212,275

0
425,480
324,000
324,000
0
101,480

20,340
488,260
324,000
324,000
0
164,260

1,009,135
193
1,135,791
1,006,148
59,145
0
0
2,794
351,985
146,120
35,240
0
0
170,624
392,148
231,254
160,894
438,388
0
267,000
0
9,783
161,605
530,584
324,000
324,000
0
(76,207)
(76,207)
0
282,791

983,193
0
1,155,711
979,474
56,416
0
0
3,719
575,070
20,293
235,474
0
0
319,304
680,115
486,447
193,668
302,011
54,516
151,653
0
11,921
83,922
576,137
324,000
324,000
0
10,984
0
10,984
241,153

2,634,049
0
2,692,448
2,625,330
53,518
0
0
8,719
863,426
11,625
257,072
4,299
0
590,430
771,677
449,733
321,944
1,053,304
192,933
236,355
0
0
624,016
1,672,494
324,000
324,000
0
9,779
0
9,779
1,338,715

1,091,041
1,043,077
47,964
1,092,936

1,015,361
1,015,361
0
1,013,109

1,324,168
1,324,168
0
1,288,685

(1,895)
26,813

2,252
32,925

35,483
32,411

1,853,587
1,853,587
0
1,727,680
1,552,333
175,348
125,907
32,153
0
32,153
57,559
125,788
123,239
(27,930)
9,268
32,400
0
(298,832)

3,087,853
3,087,853
0
2,900,399
2,719,777
180,622
187,454
32,667
0
32,667
67,232
167,931
48,696
30,708
30,879
0
0
(157,258)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(108,203)
8,779
0
0

(135,787)
4,382
0
0

(98,245)
0
0
0

1,054,857
1,054,857
0
856,746
347,513
509,233
198,110
30,765
0
30,765
50,718
130,065
128,545
37,349
5,732
0
0
374,004

569,440
0
(116,982)
545,959

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

0.08
7.45
0.00
0.71
0.59
100.17
1.86
-7.70
-17.57
-16.05

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

26,813

32,925

32,411

81,248

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)

201

3.93

2.43

5.68

29.93
1.29
3.54
0.45
0.98
16.38

-9.92
0.00
-3.61
16.55

-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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

354,530

337,896

359,132

778,042
354,530
23,971
0

799,031
337,896
40,363
0

862,116
359,132
42,781
0

462,130
7,518
314,577
0
12,941
127,094
383,621
252,198
131,423
28,512

405,451
6,081
249,369
27,268
12,340
110,393
367,395
275,223
92,172
9,651

234,045
33,775
41,430
0
11,738
147,102
181,590
22,739
158,851
10,969

28,512
404,527
121,000
121,000
0
283,527

9,651
366,301
121,000
121,000
0
245,301

10,969
400,618
121,000
121,000
0
279,618

397,093
24,483
895,595
352,404
43,962
0
7,125
13,080
269,247
28,938
103,979
5,252
0
131,078
339,678
127,138
212,540
25,615
24,626
0
0
0
989
301,047
121,000
121,000
0
180,047
25,719
154,329
0

960,850
0
1,415,709
832,998
39,686
750
3,188
123,915
320,699
8,117
129,560
1,042
0
181,980
607,123
278,069
329,054
55,595
9,956
45,000
0
0
639
618,831
121,000
121,000
0
5,147
21,781
(16,635)
492,684

1,011,026
865,137
45,847
34,195
3,876
0
4,877
106,817
386,367
4,850
10,681
1,224
200,786
168,826
372,535
189,517
183,018
285,446
285,157
0
0
0
289
739,412
170,000
170,000
0
76,728
23,470
53,258
492,684

1,153,190
1,153,190
0
1,043,213

1,534,450
1,534,450
0
1,519,353

1,897,466
1,897,466
0
1,724,474

109,977
54,886

15,097
60,620

172,992
78,794

1,824,195
1,824,195
0
1,973,802
1,806,923
166,879
(149,607)
81,724
4,810
76,914
117,910
71,343
70,248
(297,450)
0
0
0
(198,386)

3,477,699
3,477,699
0
3,184,341
2,833,149
351,192
293,358
121,097
7,815
113,282
144,923
66,504
61,268
119,246
35,403
0
0
109,506

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

25,083
5,080
0
0

(70,163)
6,731
0
0

56,780
0
20,570
0

1,468,262
1,468,262
0
1,418,682
1,243,862
174,820
49,580
80,070
5,025
75,045
125,198
62,570
60,649
(87,608)
7,355
0
0
(59,021)

433,039
0
20,003
252,198

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

1,024,858
285,157
83,843
474,674

0.05
3.05
0.00
1.41
1.20
90.46
1.02
3.43
6.07
5.62

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
14.03

54,886

60,620

78,794

35,199

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)

202

3.67

6.15

2.18
0.00
1.65
33.43

-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
0.17
4.93
43.49

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

3,094,551

3,191,943

4,864,442

3,883,662
3,094,551
159,458
0

4,162,471
3,191,943
194,952
0

5,878,169
4,322,276
199,935
542,166

2,084,232
5,357
0
169,524
986,308
923,043
1,670,407
373,993
1,296,414
2,332,649

4,051,494
22,022
358,189
358,189
1,583,808
1,729,286
3,620,464
2,763,918
856,546
2,414,326

3,695,631
3,372
876,392
130,216
1,080,166
1,605,485
4,542,946
2,125,316
2,417,630
2,553,882

2,332,649
1,175,727
260,302
260,302
0
915,425

2,414,326
1,208,647
315,362
315,362
0
893,285

2,553,882
1,463,245
381,254
381,254
0
1,081,991

8,257,771
25,574
9,035,673
6,829,408
434,173
608,311
745,602
48,877
4,074,576
6,578
1,436,297
36,588
0
2,595,114
5,492,666
4,458,967
1,033,699
4,848,826
3,705,738
260,900
0
26,886
855,302
1,990,855
435,458
435,458
0
1,555,398
0
1,555,398
0

8,849,112
46,064
9,484,823
6,893,409
443,216
608,311
1,216,921
84,409
3,322,547
10,942
206,682
143
0
3,104,780
4,365,877
3,298,773
1,067,104
4,396,217
3,100,554
239,324
0
37,955
1,018,383
3,409,565
489,890
489,890
0
2,919,675
0
2,919,675
0

12,068,087
2,152,418
10,715,941
7,768,107
482,211
608,311
1,340,840
198,411
7,234,919
414,068
1,922,057
859,693
0
4,039,101
8,490,644
6,651,899
1,838,745
6,106,432
4,608,516
0
0
45,521
1,452,395
4,705,930
592,767
592,767
0
4,113,163
0
4,113,163
0

6,489,766
6,489,766
0
5,336,752

6,144,673
6,144,673
0
5,328,324

8,718,072
8,718,072
0
7,082,728

1,153,014
370,808

816,349
162,091

1,635,344
358,919

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
827,874
1,168,440
1,137,486
1,949,530
355,300
342,923
48,989
2,961,982

24,729,491
24,729,491
0
20,513,820
163,823
20,349,997
4,215,671
792,933
15,135
777,798
851,324
1,383,695
1,342,850
2,076,459
640,962
533,490
0
944,248

7,805,782
3,100,554
1,251,307
6,399,328

10,812,362
4,608,516
902,007
11,260,415

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

287,146
28,324
78,091
52,060

58,498
0
0
63,072

668,102
27,446
133,439
57,188

9,898,459
9,898,459
0
7,510,054
6,666,948
843,107
2,388,404
357,934
15,188
342,746
633,026
1,127,468
1,103,707
927,036
62,628
174,183
0
(389,380)

3,508,376
0
180,731
373,993

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

370,808

162,091

358,919

495,060

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.70
7.63
2.61
1.25
1.25
82.23
3.40
6.52
26.67
9.76
3.31

0.54
11.36
5.83
0.85
1.12
86.71
4.99
0.94
4.91
1.64

17.15

4.42
0.00
9.94
45.17

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

0.15
5.60
3.48
1.28
0.85
82.95
3.10
13.19
51.17
22.31
2.69
12.87
2.55
8.40
0.06
24.22
79.39

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

839,402

818,108

1,095,307

1,313,278
839,402
51,715
0

1,341,404
818,108
49,419
0

1,670,313
1,095,307
51,710
0

165,387
5,358
59,861
0
0
100,168
632,483
77,823
554,660
329,239

113,781
14,812
5,593
0
0
93,376
335,005
81,260
253,745
615,314

385,923
8,026
252,584
0
0
125,313
1,177,920
73,081
1,104,839
180,728

329,239
43,067
160,175
160,175
0
(117,108)

615,314
(18,430)
160,175
160,175
0
(178,605)

180,728
122,582
160,175
160,175
0
(37,593)

1,322,013
1,754
1,959,237
1,315,592
68,665
0
0
4,667
184,128
39,658
44,594
7,190
0
92,685
646,885
78,152
568,733
708,026
107,647
577,963
0
19,149
3,267
151,230
160,175
160,175
0
(332,114)
0
(332,114)
323,169

1,479,148
176,184
2,009,115
1,297,606
67,865
0
0
5,358
156,074
6,270
24,079
6,421
0
119,304
720,463
73,081
647,382
735,208
34,566
677,089
0
23,554
0
179,551
160,175
160,175
0
(301,580)
0
(301,580)
320,956

1,423,760
0
2,205,357
1,419,551
74,296
0
0
4,209
398,401
20,673
200,259
0
0
177,469
766,956
34,566
732,390
857,298
0
815,162
0
29,457
12,679
197,907
160,175
160,175
0
(250,072)
0
(250,072)
287,804

850,704
850,704
0
820,429

994,344
994,344
0
990,721

716,341
716,341
0
713,614

30,275
39,561

3,623
47,893

2,727
54,098

1,264,672
1,264,672
0
1,153,481
945,914
207,567
111,191
71,554
3,642
67,912
85,099
3,212
0
37,701
12,647
0
0
170,638

1,534,346
1,534,346
0
1,393,271
1,382,523
10,748
141,075
78,649
5,003
73,646
89,741
16,412
14,145
46,377
15,343
0
0
(31,682)
1,055,205
0
31,034
34,566

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(18,464)
3,684
0
0

(57,209)
4,289
0
0

(49,898)
0
0
0

1,075,493
1,075,493
0
989,857
617,642
372,215
85,636
62,286
3,656
58,631
70,593
3,312
0
25,120
5,377
0
0
269,979

372,306
0
(22,148)
77,823

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

0.01
1.16
0.00
0.85
0.26
96.44
22.33
-1.86
-31.13
-4.31

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

39,561

47,893

54,098

9,863

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)

204

0.03
1.07
0.00
0.84
0.52
90.81
8.21
2.68
24.57
4.71

14.21

177.78

2.84

24.12

52.52

7.66
4.28
3.02
-0.02
1.94
12.36

-2.17
0.00
-1.38
2.69

-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 2011

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)
2010
2011

2006

2007

2008

2009

1,303,162

1,507,054

1,559,495

1,617,176
1,303,162
33,939
0

1,857,541
1,507,054
36,572
0

1,970,976
1,559,495
63,340
0

393,162
9,553
218,957
4,168
0
160,484
585,813
348,548
237,265
338,366

352,353
1,171
176,013
4,410
0
170,759
768,918
317,666
451,252
468,648

582,757
8,772
358,440
40,279
0
175,266
1,044,824
250,466
794,358
520,135

338,366
772,145
94,868
94,868
0
677,277

468,648
621,841
109,098
109,098
0
512,743

520,135
577,293
109,098
109,098
0
468,195

1,648,696
433,369
1,664,990
1,196,336
61,901
0
0
18,991
341,213
13,350
92,362
0
0
235,501
500,024
130,771
369,253
817,488
399,310
416,869
0
0
1,309
672,397
109,098
109,098
0
(85,042)
26,879
(111,922)
648,341

1,664,441
473,397
1,613,143
1,124,456
53,684
0
0
66,588
412,015
2,661
124,203
52,445
0
232,706
579,661
286,971
292,691
898,324
300,517
446,498
0
0
151,309
598,471
109,098
109,098
0
(158,968)
26,879
(185,847)
648,341

1,664,123
503,971
1,619,108
1,083,821
48,288
0
0
76,331
827,053
4,921
577,406
884
0
243,842
1,100,122
697,765
402,357
844,392
213,678
454,405
0
0
176,309
546,662
109,098
109,098
0
(210,777)
26,879
(237,656)
648,341

1,037,932
1,037,932
0
900,291

748,644
748,644
0
787,849

1,089,166
1,089,166
0
1,054,212

137,641
54,615

(39,205)
53,074

34,954
60,205

1,387,004
1,387,004
0
1,360,588
1,255,983
104,605
26,416
71,065
2,353
68,712
170,909
81,559
80,492
(113,768)
7,756
0
0
(261,891)

1,640,935
1,640,935
0
1,499,230
1,803,828
(304,598)
141,705
78,046
3,923
74,123
112,899
112,658
111,518
(44,568)
16,435
0
0
(334,324)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

36,940
4,580
14,230
0

(137,233)
3,811
0
0

(104,027)
0
0
0

1,379,043
1,379,043
0
1,196,613
782,886
413,728
182,430
71,447
2,599
68,849
105,548
109,379
87,525
5,789
1,267
0
0
23,797

1,110,511
0
18,130
348,548

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
213,678
(61,003)
911,443

0.02
4.99
0.40
0.61
0.67
86.74
1.20
2.82
5.61
4.20
2.27
4.74

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

54,615

53,074

60,205

51,802

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)

205

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

3.56
0.00
3.41
81.39

-18.33
0.00
-12.93
57.00

-9.55
0.00
-9.54
52.92

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

394,306

419,795

425,336

821,393
394,306
33,113
0

879,904
419,795
34,280
0

916,961
425,336
34,690
0

411,195
26,526
139,740
0
83,654
161,275
525,919
206,386
319,533
49,779

343,838
2,210
118,387
31,073
97,891
94,277
493,018
137,138
355,880
152,204

766,253
1,658
437,058
30,512
151,507
145,518
888,290
182,587
705,703
127,511

49,779
229,803
98,438
98,438
0
131,365

152,204
118,411
98,437
98,437
0
19,974

127,511
175,788
98,438
98,438
0
77,350

688,396
39,019
999,499
473,156
36,497
0
174,229
1,992
430,048
1,341
141,297
112,101
39,053
136,256
482,161
108,033
374,128
302,602
90,631
0
0
4,868
207,103
333,681
118,125
118,125
0
215,556
63,281
152,275
0

1,028,023
38,213
1,380,332
809,740
47,902
0
176,077
3,992
707,368
113,747
253,837
90,561
91,481
157,742
751,722
77,373
674,349
461,255
219,972
0
0
5,742
235,541
522,414
142,931
142,931
0
379,483
63,281
316,202
0

1,314,044
97,094
1,636,135
991,687
75,568
0
216,718
8,545
1,805,469
11,943
1,458,570
4,683
162,989
167,284
1,854,588
128,750
1,725,838
472,087
189,059
0
0
5,682
277,346
792,838
172,947
172,947
0
619,891
63,281
556,610
0

2,259,620
1,900,849
358,771
2,071,125

1,485,943
1,376,942
109,001
1,493,303

1,439,288
1,202,038
237,250
1,320,711

188,495
47,378

(7,360)
46,252

118,577
78,211

3,841,345
3,841,345
0
3,366,566
3,174,120
192,446
474,779
120,774
5,443
115,331
137,798
73,800
72,448
321,129
38,758
50,026
28,586
292,070

4,355,038
4,355,038
0
3,773,643
4,521,189
(747,546)
581,395
152,042
5,164
146,878
173,523
133,757
132,349
416,496
45,595
51,884
34,589
317,288

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

98,923
9,821
0
0

(110,357)
6,450
0
0

60,564
2,414
0
0

2,387,446
2,387,446
0
1,994,378
1,416,671
577,707
393,068
144,200
5,367
138,833
121,462
65,333
64,258
245,693
5,088
41,344
35,438
55,935

279,582
0
89,102
206,386

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
189,059
319,017
317,809

0.21
2.08
0.00
2.81
0.78
91.66
2.51
12.14
50.00
38.16

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

47,378

46,252

78,211

46,939

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)

206

16.17

12.55

3.29

4.38
0.00
9.05
23.34

-7.43
0.00
-11.87
12.03

4.21
0.00
5.91
17.86

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

322,115

398,069

417,044

690,091
322,115
16,796
0

785,035
398,069
20,695
0

822,423
417,044
22,006
0

745,867
12,044
336,408
0
282,023
115,392
549,284
348,915
200,369
114,880

606,163
10,064
183,799
4,691
306,453
101,156
613,380
403,366
210,014
31,826

835,365
13,297
426,595
0
215,486
179,987
810,242
153,802
656,440
177,778

114,880
403,818
63,888
63,888
0
339,930

31,826
359,026
63,888
63,888
0
295,138

177,778
264,389
63,888
63,888
0
200,501

753,477
91,608
916,682
493,340
21,632
0
167,791
738
559,658
35,036
203,171
84,050
63,828
173,573
524,513
214,684
309,829
339,086
133,334
0
0
0
205,752
449,536
63,888
63,888
0
256,592
256,592
0
129,056

986,239
123,281
1,120,505
683,949
31,866
2,200
176,077
732
501,201
31,152
125,715
90,979
56,616
196,739
594,558
206,322
388,236
338,231
88,890
0
0
0
249,341
554,651
70,277
70,277
0
311,318
0
311,318
173,056

1,187,555
73,229
1,364,785
889,924
40,057
4,767
218,903
732
1,267,112
15,651
886,781
13,481
1,251
349,948
1,189,580
519,476
670,104
596,332
344,445
0
0
0
251,887
668,755
84,332
84,332
0
411,367
0
411,367
173,056

1,591,383
1,591,383
0
1,329,888

1,294,507
1,294,507
0
1,242,872

1,128,856
927,144
201,712
980,357

261,495
45,370

51,635
43,876

148,499
80,224

2,823,671
2,823,671
0
2,477,780
2,344,703
133,077
345,891
95,947
4,985
90,962
175,728
103,958
102,155
156,346
30,734
10,542
14,055
375,735

2,739,671
2,739,671
0
2,375,297
217,549
2,157,748
364,374
98,579
5,940
92,639
203,166
145,310
143,606
168,294
30,194
8,433
12,650
79,741

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

211,687
7,771
14,375
0

(50,519)
6,064
0
0

62,882
2,454
6,389
0

1,803,234
1,803,234
0
1,471,620
1,229,396
242,224
331,614
69,309
2,571
66,738
137,473
86,594
85,838
214,218
10,860
15,972
6,389
26,877

518,698
0
189,541
348,915

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

1,265,087
344,445
129,667
863,921

0.54
3.47
0.00
1.49
1.36
83.57
1.64
21.08
60.87
41.19
14.19
4.73

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
1.07
86.70
2.67
8.54
27.51
15.60
16.38
3.09
2.17
6.14
0.04
16.38
79.30

45,370

43,876

80,224

55,175

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)

207

7.04

13.30
0.00
31.92
63.21

-3.90
0.00
-8.86
56.20

5.57
0.00
9.46
41.38

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

262,840

239,349

221,120

688,212
262,840
27,366
0

673,493
239,349
26,903
0

694,223
221,120
22,946
0

44,901
1,289
1,621
150
0
41,841
731,395
373,728
357,667
357,867

52,571
1,671
7,208
8,199
0
35,493
802,594
81,243
721,351
319,294

87,683
1,337
44,856
1,592
0
39,898
885,166
520,540
364,626
220,209

357,867
(781,521)
141,000
141,000
0
(922,521)

319,294
(829,968)
141,000
141,000
0
(970,968)

220,209
(796,572)
141,000
141,000
0
(937,572)

215,849
15,218
692,765
199,204
21,554
0
0
1,427
100,351
2,488
65,590
0
0
32,273
421,886
291,439
130,448
530,471
143,773
0
0
0
386,698
(636,157)
141,000
141,000
0
(777,157)
0
(777,157)
0

207,882
0
720,294
206,455
20,278
0
0
1,427
171,537
18,276
77,650
1,749
0
73,862
425,573
331,355
94,218
450,808
64,110
0
0
0
386,698
(496,962)
141,000
141,000
0
(637,962)
0
(637,962)
0

194,570
0
735,856
194,570
21,448
0
0
0
283,828
14,195
140,827
36,010
0
92,796
553,121
359,692
193,429
403,486
16,788
0
0
0
386,698
(478,209)
141,000
141,000
0
(619,209)
0
(619,209)
0

641,281
641,281
0
605,091

558,900
558,900
0
562,750

732,343
732,343
0
706,238

36,190
25,321

(3,850)
27,302

26,105
37,748

1,328,623
1,328,623
0
1,107,582
1,007,156
100,426
221,042
56,091
1,010
55,081
58,717
12,826
10,342
152,482
13,286
14,100
0
78,188

1,465,478
1,465,478
0
1,355,199
1,418,376
(63,177)
110,279
68,644
1,347
67,297
69,715
9,000
6,759
39,335
14,722
0
0
56,266

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(17,828)
2,800
0
0

(44,745)
2,500
0
0

33,396
0
0
0

649,457
649,457
0
556,161
473,538
82,623
93,295
59,732
835
58,898
50,686
6,822
5,371
166,796
3,300
0
0
40,812

(423,654)
0
(20,628)
373,728

(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

(74,723)
16,788
24,613
376,480

0.00
4.48
0.02
2.08
0.06
94.36
-1.39
-4.67
2.56
5.87

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
3.06
0.51
92.47
-2.00
9.17
-8.07
-65.08

25,321

27,302

37,748

28,760

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)

208

395.61

77.54

16.33

9.90
32.05
25.68
0.04
11.60
-45.12

-2.78
0.00
-1.46
-55.43

-8.01
0.00
-3.35
-58.86

4.56
0.00
2.37
-56.49

10.41
6.82
2.68
0.06
1.75
-33.92

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,284,521

1,461,495

1,349,771

1,873,144
1,284,521
53,242
0

2,092,376
1,461,495
52,924
0

2,118,857
1,349,771
143,319
0

592,497
18,206
374,592
24,115
88,112
87,472
453,489
283,445
170,044
431,053

702,139
14,856
471,149
11,407
81,208
123,519
823,695
645,423
178,272
361,155

584,555
16,250
318,059
40,771
105,304
104,171
759,465
554,942
204,523
266,937

431,053
992,476
113,757
113,757
0
878,719

361,155
978,784
136,508
136,508
0
842,276

266,937
907,924
150,159
150,159
0
757,765

1,351,654
8,803
2,118,216
1,216,649
138,801
0
124,360
1,842
247,118
9,766
133,203
3,112
0
101,037
448,038
387,683
60,355
185,379
132,872
0
0
51,145
1,362
965,355
150,159
150,159
0
815,196
134,233
680,963
0

1,205,594
9,605
2,133,679
1,107,994
126,202
0
85,862
2,133
330,727
38,627
160,060
16,872
0
115,168
781,124
655,848
125,276
50,880
0
0
0
49,757
1,123
704,317
165,175
165,175
0
539,142
119,217
419,925
0

1,186,367
60,017
2,171,479
1,031,767
116,561
0
90,110
4,473
1,103,062
11,704
876,962
48,282
23,722
142,392
1,499,694
1,225,065
274,629
50,094
0
0
0
49,683
411
739,641
165,175
165,175
0
574,466
119,217
455,249
0

1,001,103
788,543
212,560
928,030

1,219,559
963,592
255,967
1,149,279

2,011,741
1,472,806
538,935
1,780,436

73,073
78,742

70,280
86,139

231,305
117,065

1,723,592
1,544,673
178,919
1,719,524
1,431,861
287,663
4,068
97,080
23,433
73,647
115,144
111,415
110,767
(183,237)
17,346
0
0
34,570

3,101,489
2,296,519
804,970
2,695,524
136,884
2,558,640
405,965
161,186
77,595
83,591
153,916
197,925
195,046
62,642
31,374
24,776
0
(302,598)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

80,885
4,480
0
22,751

(61,069)
5,477
0
0

(42,752)
5,389
0
0

1,714,912
1,515,845
199,067
1,443,161
944,883
498,278
271,751
103,836
28,433
75,403
111,737
126,516
125,579
66,148
9,575
15,016
15,016
441,492

1,423,529
0
76,405
283,445

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

0.29
2.59
2.41
0.53
1.31
92.70
0.89
5.06
7.98
6.54

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
0.74
86.91
2.10
3.27
8.68
8.11
1.26
3.54
1.32
2.02
-0.20
1.89
44.78

78,742

86,139

117,065

25,968

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)

209

2.67

2.59

6.33

8.08
0.00
6.72
87.25

-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 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

177,187

160,263

150,498

531,168
177,187
18,850
0

531,205
160,263
16,924
0

537,037
150,498
16,253
0

37,835
922
0
0
0
36,913
781,189
162,691
618,498
87,727

57,342
667
13,384
1,586
0
41,705
882,031
88,229
793,802
22,166

101,518
1,998
53,338
1
0
46,181
943,919
22,595
921,324
0

87,727
(653,894)
108,500
108,500
0
(762,394)

22,166
(686,592)
108,500
108,500
0
(795,092)

0
(691,903)
108,500
108,500
0
(800,403)

71,964
0
550,771
71,832
7,852
0
0
132
162,631
1,397
122,220
0
0
39,014
425,027
157,350
267,676
389,942
22,005
70,000
0
0
297,937
(580,374)
108,500
108,500
0
(688,874)
0
(688,874)
0

65,688
0
551,220
65,630
7,316
0
0
58
204,345
15,699
134,045
0
0
54,602
385,453
146,626
238,827
389,553
21,616
70,000
0
3,930
294,007
(504,973)
108,500
108,500
0
(613,473)
0
(613,473)
0

49,580
0
560,150
49,522
7,411,499
0
0
58
362,451
4,002
202,731
20,234
0
135,484
598,939
144,414
454,525
379,686
14,843
70,000
0
3,930
290,913
(566,594)
108,500
108,500
0
(675,094)
0
(675,094)
0

773,844
773,844
0
738,932

557,037
557,037
0
576,043

731,448
731,448
0
726,137

34,912
16,727

(19,006)
17,368

5,311
19,711

1,069,717
1,069,717
0
951,816
859,047
92,769
117,901
35,997
1,663
34,334
66,445
7,017
1,613
86,098
10,697
10,850
0
27,239

1,411,945
1,411,945
0
1,422,969
8,584
1,414,385
(11,024)
57,062
2,766
54,296
77,510
7,396
4,655
(41,363)
14,159
0
0
19,676

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

12,824
3,500
0
0

(30,197)
2,500
0
0

(5,312)
0
0
0

391,988
391,988
0
349,768
328,897
20,871
42,220
36,045
1,193
34,852
57,339
3,027
977
189,140
1,960
0
0
8,311

(566,167)
0
9,324
162,691

(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

0.00
0.69
0.00
3.60
0.05
95.49
-1.33
4.16
-1.90
-2.37

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
0.52
1.43
3.43
0.61
100.78
-1.73
-12.13
7.72
27.36

41.62

13.71

1.66
0.00
0.86
-60.27

-5.42
0.00
-3.01
-63.28

-0.73
0.00
-0.49
-63.77

3.21
194.66
48.25
0.01
17.25
-53.49

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

16,727

17,368

19,711

5,371

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)

210

6.96
-7.89
-2.93
0.02
-5.12
-52.22

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

676,527

645,049

645,049

1,187,314
676,527
36,888
0

1,190,478
645,049
35,604
0

1,190,478
645,049
35,604
0

199,949
45,306
75,400
1,091
0
78,152
581,844
259,648
322,196
479,919

171,813
27,545
60,707
24,618
0
58,943
743,404
303,915
439,489
380,912

171,813
27,545
60,707
24,618
0
58,943
743,404
303,915
439,489
380,912

479,919
(185,287)
223,080
223,080
0
(408,367)

380,912
(307,454)
223,080
223,080
0
(530,534)

380,912
(307,454)
223,080
223,080
0
(530,534)

1,277,019
0
1,858,068
1,240,081
41,783
0
36,063
875
394,297
1,787
263,009
69,516
0
59,985
601,302
44,560
556,742
549,294
257,964
0
0
4,869
286,460
520,720
223,080
223,080
0
(157,609)
0
(157,609)
455,249

1,306,235
5,000
1,906,277
1,220,658
67,631
0
79,767
812
484,621
24,742
99,076
300,920
0
59,882
540,120
206,310
333,810
671,403
422,473
0
0
5,266
243,664
579,333
223,080
223,080
0
(76,324)
0
(76,324)
432,577

1,267,526
0
1,930,104
1,177,285
67,348
0
89,458
783
674,273
24,350
369,101
222,657
0
58,165
895,491
365,567
529,924
604,139
383,291
0
0
5,925
214,923
442,169
223,080
223,080
0
(192,351)
0
(192,351)
411,440

981,454
981,454
0
866,175

1,144,541
1,144,541
0
1,182,172

1,144,541
1,144,541
0
1,182,172

115,279
34,251

(37,631)
40,856

(37,631)
40,856

3,193,219
3,193,219
0
2,975,748
2,600,676
375,072
217,471
95,284
1,925
93,359
96,506
85,999
78,912
47,753
31,937
0
0
(212,400)

3,125,044
3,125,044
0
3,083,836
0
3,083,836
41,208
103,563
3,300
100,263
103,015
89,943
83,486
(133,212)
31,256
0
0
(95,525)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

39,394
4,268
0
0

(117,215)
4,951
0
0

(117,215)
4,951
0
0

920,514
920,514
0
903,447
758,381
145,065
17,067
96,036
753
95,283
108,833
33,516
33,028
491,665
4,609
0
0
31,137

294,632
0
35,126
259,648

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

0.08
4.41
0.11
1.12
0.34
88.25
-5.73
4.65
-20.23
22.67

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

34,251

40,856

40,856

43,311

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)

211

13.02

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

4.01
0.00
1.57
-8.31

-10.24
0.00
-5.48
-13.78

-10.24
0.00
-5.48
-13.78

Financial Statement Analysis of Non Financial Sector 2011

Saleem Sugar Mills Ltd.

2007

2008

2009

18,892

18,484

18,065

112,691
18,892
428
0

112,691
18,484
408
0

112,691
18,065
420
0

18,377
215
0
0
0
18,162
71,141
26,721
44,420
256,767

18,162
0
0
0
0
18,162
71,575
25,778
45,797
256,767

18,162
0
0
0
0
18,162
66,250
20,941
45,309
256,767

256,767
(290,639)
17,016
17,016
0
(307,655)

256,767
(291,696)
17,016
17,016
0
(308,712)

256,767
(286,790)
17,016
17,016
0
(303,806)

17,657
0
112,691
17,657
419
0
0
0
18,187
26
0
0
0
18,162
70,505
21,215
49,290
256,767
256,767
0
0
0
0
(291,428)
17,016
17,016
0
(308,444)
2,859
(311,303)
0

17,657
0
112,691
17,657
419
0
0
0
18,187
26
0
0
0
18,162
70,505
21,215
49,290
256,767
256,767
0
0
0
0
(291,428)
17,016
17,016
0
(308,444)
2,859
(311,303)
0

17,657
0
112,691
17,657
419
0
0
0
18,188
26
0
0
0
18,162
70,506
21,215
49,291
256,767
256,767
0
0
0
0
(291,428)
17,016
17,016
0
(308,444)
2,859
(311,303)
0

0
0
0
0

0
0
0
0

5,749
5,749
0
0

0
1,101

0
1,456

5,749
843

0
0
0
0
0
0
0
4,656
0
4,656
3,259
0
0
(4,638)
0
0
0
(6,692)

0
0
0
0
0
0
0
4,656
0
4,656
3,259
0
0
(4,656)
0
0
0
(6,692)

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

F.Operation:

1,182
3
0
0

(1,059)
0
0
0

4,906
0
0
0

0
0
0
0
0
0
0
4,656
0
4,656
3,259
0
0
(4,638)
0
0
0
(6,692)

(33,872)
0
1,179
26,721

(34,929)
0
(1,059)
25,778

(30,023)
0
4,906
20,941

(34,661)
256,767
(4,638)
277,982

(34,661)
256,767
(4,638)
277,982

(34,661)
256,767
(4,656)
277,982

0.00

0.00

0.00

0.00

0.00
0.26

0.00
0.25

0.00
0.00
0.00
0.16
0.27
0.00
-1.13
13.46
-1.70
-15.11

0.00

0.00
0.26

0.00
0.26

0.00
0.26

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

1,101

1,456

843

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

H.Key Performance Indicators

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

-1.13
3.16
-0.41
-3.43

-1.13
-2.87
0.36
3.08

0.00
0.69
-170.80

0.00
-0.62
-171.42

212

85.34
0.00
2.88
-168.54

-1.12
-12.87
1.60
14.34

-1.12
-12.94
1.59
13.38

-1.12
-12.99
1.60
13.43

-0.02
-2.73
-171.26

-0.02
-2.73
-171.26

-0.02
-2.74
-171.27

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

539,305

524,078

516,797

671,082
539,305
31,020
0

684,769
524,078
29,541
0

708,109
516,797
30,969
0

129,250
5,407
6,726
33,400
0
83,717
425,580
36,429
389,151
101,415

128,007
2,647
6,747
5,720
0
112,893
461,541
39,597
421,944
84,092

121,230
14,410
30,697
11,366
0
64,757
410,771
51,818
358,953
64,970

101,415
141,560
119,460
119,460
0
22,100

84,092
106,452
119,460
119,460
0
(13,008)

64,970
162,286
119,460
119,460
0
42,826

496,254
771
713,300
493,260
28,746
0
0
2,223
277,084
15,841
139,201
36,728
0
85,314
318,274
45,188
273,086
225,866
44,782
31,030
0
14,826
135,228
229,198
119,460
119,460
0
60,114
0
60,114
49,624

479,731
0
725,125
477,508
27,605
0
0
2,223
240,366
6,148
88,197
49,519
0
96,502
179,171
60,693
118,478
189,251
23,159
0
0
19,674
146,418
351,675
119,460
119,460
0
186,002
0
186,002
46,213

790,401
4,918
1,026,991
749,087
3,611
0
0
36,396
1,471,518
13,638
1,355,937
12,425
0
89,518
1,463,091
393,801
1,069,290
301,336
85,089
0
0
25,284
190,963
497,492
119,460
119,460
0
208,989
0
208,989
169,043

1,204,947
1,177,209
27,738
1,026,227

1,236,738
1,236,738
0
1,165,163

2,170,042
2,103,162
66,880
1,936,420

178,720
51,155

71,575
50,463

233,622
80,119

2,679,922
2,679,922
0
2,302,539
2,272,673
29,866
377,383
96,804
1,726
95,078
102,437
68,479
65,461
213,047
85,086
17,919
0
50,456

1,498,297
1,498,297
0
1,252,341
1,190,280
62,061
245,956
94,353
2,213
92,140
118,513
94,682
92,309
64,344
25,917
0
0
(195,779)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

94,187
5,716
0
0

(12,373)
5,847
0
0

134,232
20,020
0
0

1,679,489
1,679,489
0
1,453,985
1,528,005
(74,020)
225,504
74,405
1,419
72,986
101,012
36,752
34,490
115,257
47,600
11,946
0
148,862

242,975
0
88,471
36,429

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
85,089
38,427
478,890

0.09
2.82
2.77
1.80
0.30
85.17
3.72
14.14
78.65
41.06

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

51,155

50,463

80,119

33,973

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)

213

179.15

183.30

70.69

7.82
0.00
7.41
11.85

-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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,644,117

1,681,232

1,693,408

2,378,770
1,644,117
85,978
0

2,258,832
1,681,232
83,814
0

2,593,022
1,693,408
85,025
0

1,084,727
44,794
343,217
27,800
244,060
424,856
1,458,903
645,425
813,478
819,544

1,180,102
116,416
670,708
3,337
4,215
385,426
1,617,653
751,580
866,073
800,414

1,541,610
6,007
922,664
208,224
4,265
400,450
1,798,429
837,543
960,886
834,124

819,544
450,397
211,187
211,187
0
239,210

800,414
443,267
211,187
211,187
0
232,080

834,124
602,465
211,187
211,187
0
391,278

1,925,508
58,460
2,042,232
1,860,224
62,347
0
4,362
2,462
1,135,115
9,644
831,543
8,478
0
285,450
1,011,608
906,015
105,593
1,156,738
702,556
271,360
0
588
182,234
892,277
211,187
211,187
0
184,529
0
184,529
496,561

1,965,810
121,334
2,915,894
1,836,654
64,986
0
4,601
3,221
1,344,912
14,540
954,493
732
0
375,147
1,502,702
1,049,716
452,986
914,546
510,166
230,855
0
533
172,992
893,474
211,187
211,187
0
208,586
0
208,586
473,701

2,052,534
111,568
3,113,246
1,933,173
100,974
0
2,909
4,884
2,828,149
12,852
2,496,514
15
721
318,047
2,878,103
1,418,226
1,459,877
1,042,477
683,258
230,855
0
675
127,689
960,103
211,187
211,187
0
296,930
0
296,930
451,986

2,059,175
1,383,875
675,300
1,794,604

1,687,217
1,206,048
481,169
1,399,146

2,454,893
718,315
1,736,578
1,869,566

264,571
83,091

288,071
91,791

585,327
212,806

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
93,576
341,664
335,159
67,308
44,357
21,119
0
386,004

4,392,083
2,502,848
1,889,235
3,637,734
0
3,637,734
754,349
219,702
86,974
132,728
105,079
462,637
450,171
88,526
43,970
21,119
0
146,731

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,548
9,826
0
0

(8,968)
9,308
0
0

158,224
16,149
21,119
0

2,887,436
1,904,101
983,335
2,283,799
2,083,668
200,131
603,637
181,637
71,341
110,296
86,155
329,080
318,502
115,012
14,450
31,678
0
117,148

1,269,941
0
3,722
645,425

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
683,258
23,437
2,101,484

0.22
8.57
1.35
0.75
0.74
87.15
5.06
0.50
3.07
1.31

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

83,091

91,791

212,806

176,425

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)

214

6.00

2.52

0.66
0.00
0.18
21.33

-0.53
0.00
-0.87
20.99

6.45
0.00
6.73
28.53

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

287,539

279,668

284,369

968,462
287,539
33,856
0

987,319
279,668
33,114
0

1,017,459
284,369
32,129
0

475,708
82,403
197,104
52,955
26,393
116,853
189,957
0
189,957
0

494,413
298,801
16,130
9,667
23,000
146,815
151,311
0
151,311
0

644,906
221,744
154,038
91,528
50,843
126,753
223,353
0
223,353
0

0
573,290
120,111
120,111
0
453,179

0
622,770
120,111
120,111
0
502,659

0
705,922
120,111
120,111
0
585,811

414,651
4,159
1,095,086
347,352
32,114
0
53,230
9,910
820,806
41,558
10,140
394
0
768,714
237,982
0
237,982
71,827
0
0
0
17,624
54,203
925,648
120,111
120,111
0
779,570
27,534
752,036
25,967

416,621
2,201
1,056,534
316,895
38,136
0
76,064
21,461
517,113
359,781
4,069
1,991
0
151,272
85,607
0
85,607
69,302
0
0
0
18,254
51,048
778,825
120,111
120,111
0
627,488
27,534
599,954
31,226

421,997
1,864
1,080,204
312,976
35,968
0
83,259
23,898
923,837
86,612
609,844
56,088
0
171,293
156,159
0
156,159
76,524
0
0
0
20,075
56,449
1,113,151
120,111
120,111
0
986,919
27,534
959,385
6,121

1,886,594
1,886,594
0
1,661,597

2,502,506
2,502,506
0
2,245,525

1,993,838
1,993,838
0
1,681,710

4,459,414
4,459,414

224,997
85,503

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
173,030
61,056
57,148
(44,779)
36,712
0
0
(237,141)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

139,881
52,000
54,050
0

150,533
54,508
54,050
0

186,876
68,620
60,056
0

2,828,705
2,828,705
0
2,245,547
1,840,204
405,343
583,158
144,575
6,545
138,030
88,666
23,700
20,976
442,365
141,274
120,111
0
647,694

573,290
0
33,831
0

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

0.85
0.94
2.81
2.47
2.50
88.07
0.33
17.99
25.22
25.22
1.63
9.57

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

85,503

101,316

114,943

17,644

19,172

21,011

3,828,790
29,918
3,798,872
630,624
180,293
7,393
172,900
207,148
82,932
79,277
456,511
88,275
150,139
0
(284,224)

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

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

7.41
0.00

6.02
0.00
7.99
51.85

9.37
0.00
9.85
58.77

215

898.05
0.22
-1.23
-1.53
-6.78
64.84

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

5,079,931

5,983,513

6,925,553

6,764,114
5,079,931
313,234
0

7,967,517
5,982,153
362,753
1,360

9,363,532
6,923,559
383,133
1,994

6,638,959
190,335
1,823,806
217,227
3,290,447
1,117,144
7,113,996
6,159,896
954,100
1,245,175

4,927,000
493,241
1,069,930
71,073
1,806,897
1,485,859
4,554,642
3,903,927
650,715
1,930,499

5,481,235
346,394
120,258
407,578
1,325,349
3,281,656
6,394,840
5,137,156
1,257,684
2,347,867

1,245,175
3,359,719
579,365
579,365
0
2,780,354

1,930,499
4,425,372
579,365
579,365
0
3,846,007

2,347,867
3,664,081
695,238
695,238
0
2,968,843

8,572,876
350,667
9,143,508
6,385,995
392,646
1,001
553,296
1,281,917
1,600,545
24,508
1,022,608
13,696
260,322
279,411
7,365,047
5,818,101
1,546,946
1,454,847
1,437,221
0
0
12,314
5,312
1,353,527
695,238
695,238
0
(1,041,155)
0
(1,041,155)
1,699,444

7,614,437
88,462
7,438,004
4,383,526
359,177
1,249
415,682
2,725,518
657,449
33,514
131,989
14,494
143,976
333,476
6,567,466
4,637,080
1,930,386
1,211,387
1,196,503
0
0
12,577
2,307
493,033
695,238
695,238
0
(1,901,630)
452,935
(2,354,565)
1,699,425

5,917,652
272,162
8,285,403
4,969,048
298,818
1,137
618,052
57,253
2,085,396
119,169
1,085,822
491,646
0
388,759
7,376,772
5,002,221
2,374,551
388,543
388,042
0
0
501
0
237,733
695,238
695,238
0
(1,874,183)
376,679
(2,250,862)
1,416,678

6,013,939
5,299,179
714,760
5,747,356

7,006,433
6,198,047
808,386
6,789,474

8,807,730
6,753,788
2,053,942
8,103,625

266,583
431,226

216,959
721,910

704,105
1,007,288

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
348,220
991,063
963,565
(675,690)
53,500
0
0
898,273

13,363,264
9,833,738
3,529,526
12,069,279
11,193,252
876,027
1,293,985
707,422
245,291
462,131
470,643
945,255
886,049
(48,195)
158,309
0
0
(1,079,975)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(286,527)
34,700
0
0

908,988
42,336
57,936
0

(974,625)
21,445
0
0

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
407,017
1,259,768
1,243,602
(1,841,910)
18,835
0
0
(304,480)

4,604,894
0
(321,227)
6,159,896

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
388,042
(206,504)
5,390,263

0.52
11.67
3.61
0.51
0.93
95.57
2.49
-2.62
-8.80
-5.83

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

0.08
7.07
3.68
1.67
0.28
90.32
32.66
-0.59
-13.19
-4.14

431,226

721,910

1,007,288

701,689

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)

3.30

216

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

12.31
0.95
-0.36
-0.14
-2.97
3.42

-4.76
0.00
-5.54
57.99

12.97
0.00
14.96
76.38

-11.07
0.00
-14.33
52.70

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

277,445

260,102

365,605

792,065
277,445
27,336
0

798,678
260,102
27,806
0

932,905
365,605
28,724
0

221,890
5,036
2,326
24,042
0
190,486
277,388
38,141
239,247
136,479

352,222
18,455
139,581
0
0
194,186
513,478
77,651
435,827
50,000

421,095
14,996
177,131
79
0
228,889
511,438
55,000
456,438
145,000

136,479
85,468
104,250
104,250
0
(18,782)

50,000
48,846
104,250
104,250
0
(55,404)

145,000
130,262
104,250
104,250
0
26,012

764,680
0
943,790
763,221
43,801
0
0
1,459
154,991
74,059
6,360
611
0
73,962
145,588
55,000
90,588
472,482
90,000
50,000
0
0
332,482
301,601
104,250
104,250
0
(170,904)
0
(170,904)
368,255

728,114
0
973,625
727,232
76,117
0
0
882
171,862
51,193
5,753
671
0
114,245
133,524
30,000
103,524
424,547
60,000
50,000
0
673
313,874
341,905
104,250
104,250
0
(96,043)
0
(96,043)
333,698

800,693
92,572
1,036,673
707,051
72,936
0
0
1,070
782,708
59,301
572,595
569
0
150,243
655,424
55,000
600,424
528,067
180,000
50,000
0
967
297,100
399,910
104,250
104,250
0
(6,887)
0
(6,887)
302,547

1,049,480
1,049,480
0
939,580

867,894
867,894
0
824,418

1,020,292
776,319
243,973
911,977

109,900
36,846

43,476
34,549

108,315
71,163

1,697,436
1,697,436
0
1,566,047
1,497,722
68,325
131,389
59,977
1,658
58,320
78,089
49,850
49,068
28,128
16,832
10,425
0
71,685

1,469,471
1,469,471
0
1,306,108
5,529
1,300,579
163,363
62,460
2,202
60,258
97,057
45,247
44,500
69,030
17,374
0
0
18,495

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

45,089
4,700
10,425
0

(12,242)
3,746
0
0

8,259
2,440
0
0

1,108,759
1,108,759
0
995,246
749,521
245,725
113,513
195,660
1,715
193,945
70,783
34,635
34,133
(86,831)
17,050
0
0
114,995

221,947
0
29,964
38,141

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

927,977
180,000
51,656
235,000

0.10
2.94
2.29
2.10
0.80
89.53
4.84
8.72
69.08
20.01
3.87
451.20

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
3.08
0.04
0.93
1.19
88.88
2.96
5.56
18.61
8.15

36,846

34,549

71,163

30,894

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)

217

6.22

5.76

174.33
-1.54
-7.83
0.19
-9.96
28.93

4.30
0.00
3.87
8.20

-1.41
0.00
-1.53
4.69

0.81
0.00
0.56
12.50

2.57
2.55
4.70
0.02
4.96
38.36

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

3,051,617

3,867,656

5,324,185

3,560,924
3,051,617
67,074
0

4,440,465
3,867,656
509,307
0

6,017,761
5,324,185
125,383
0

2,343,197
345,928
1,192,408
25,380
0
779,481
2,735,617
1,791,638
943,979
1,531,984

3,394,176
60,739
1,921,053
17,136
0
1,395,248
3,670,658
1,978,366
1,692,292
1,839,953

3,486,798
11,214
2,764,217
22,775
0
688,592
5,725,387
2,386,001
3,339,386
1,553,826

1,531,984
1,127,213
700,139
700,139
0
427,074

1,839,953
1,751,221
1,177,063
1,177,063
0
574,158

1,553,826
1,531,770
1,177,063
1,177,063
0
354,707

5,530,638
0
6,297,399
5,471,066
129,755
0
0
59,573
2,776,644
25,215
2,060,184
0
0
691,245
2,906,310
2,208,045
698,264
3,835,424
758,522
456,574
0
43,790
2,576,538
1,565,548
1,177,063
1,177,063
0
388,485
290,742
97,743
0

5,472,396
6,869
6,527,632
5,415,846
289,370
0
0
49,681
984,104
52,417
412,298
0
0
519,389
2,142,819
1,002,211
1,140,608
2,418,612
380,244
566,818
0
59,743
1,411,807
1,895,069
1,177,063
1,177,063
0
718,006
290,742
427,264
0

5,687,457
403,154
6,602,906
5,221,206
280,281
0
0
63,097
3,520,981
233,938
2,527,963
9,453
0
749,627
4,379,751
2,855,165
1,524,586
2,439,062
149,976
708,787
0
77,731
1,502,568
2,389,625
1,177,063
1,177,063
0
1,212,562
290,742
921,820
0

3,460,480
3,460,480
0
3,068,322

2,415,169
2,415,169
0
1,919,316

2,694,583
2,694,583
0
2,176,382

392,158
108,065

495,853
111,917

518,201
152,773

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
304,184
495,006
472,710
579,487
70,011
0
0
3,067,899

7,759,465
7,759,465
0
6,321,536
4,917,374
1,404,162
1,437,929
347,382
101,796
245,586
332,026
579,568
541,086
517,395
22,839
0
0
(1,233,893)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

72,270
15,302
0
0

24,127
10,558
0
0

(139,425)
0
5,885
0

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
261,941
690,607
678,924
124,729
29,717
0
0
574,732

2,659,197
0
56,968
1,791,638

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

4,828,687
149,976
494,556
3,005,141

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

0.06
7.47
0.12
0.84
0.80
81.47
2.85
6.61
24.15
11.32

108,065

111,917

152,773

215,776

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

0.14
6.24
0.73
0.64
0.86
88.67
3.79
1.63
6.47
2.93

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.02
15.05
0.71
0.33
0.92
79.47
3.15
0.38
1.68
0.77

2.90

1.26

2.09
0.00
0.81
16.10

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

Financial Statement Analysis of Non Financial Sector 2011

The Frontier Sugar Mills & Distillery Ltd.

2007

2008

2009

32,436

29,207

26,291

116,571
32,436
3,624
0

116,571
29,207
3,229
0

116,559
26,291
2,904
0

215,137
140,376
4,890
29
16,872
52,970
26,741
0
26,741
0

184,822
109,916
2,097
29
20,269
52,511
25,680
0
25,680
0

167,085
52,888
2,097
29
17,482
94,589
16,614
0
16,614
0

0
220,832
14,000
14,000
0
206,832

0
188,349
14,000
14,000
0
174,349

0
176,762
14,000
14,000
0
162,762

150,168
0
194,653
111,338
2,671
0
15,338
23,492
113,424
68,161
2,097
0
0
43,166
3,815
0
3,815
11,699
0
0
0
2,496
9,203
248,078
14,000
13,500
500
132,763
134,000
(1,237)
101,315

139,775
0
194,653
108,035
3,303
0
16,048
15,692
115,656
24,836
0
0
50,204
40,616
3,552
0
3,552
3,887
0
0
0
3,887
0
247,992
14,000
13,500
500
134,999
0
134,999
98,993

119,583
0
194,653
105,065
2,970
0
14,426
92
126,616
39,261
0
0
47,018
40,337
3,629
0
3,629
3,459
0
0
0
3,459
0
239,111
14,000
13,500
500
128,207
0
128,207
96,904

19,715
19,715
0
44,282

23,175
23,175
0
58,494

572
572
0
14,970

(24,567)
8,292

(35,319)
9,008

(14,398)
8,178

3,959
3,959
0
11,919
2,097
9,822
(7,960)
9,251
0
9,251
10,600
22
0
(9,999)
0
0
0
(6,157)

0
0
0
6,702
6,702
0
(6,702)
7,135
0
7,135
5,532
26
0
(7,158)
101
0
0
(10,282)

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(11,485)
94
0
0

(35,785)
103
0
0

(8,800)
0
0
0

1,268
1,268
0
10,424
0
10,424
(9,156)
9,096
0
9,096
11,525
41
0
(7,199)
10,860
0
0
(23,329)

220,832
0
(11,579)
0

188,349
0
(35,888)
0

176,762
0
(8,800)
0

259,777
0
(18,059)
0

251,879
0
(9,999)
0

242,570
0
(7,259)
0

5.88
1.63
0.15
0.08
8.05
224.61
0.12
-4.49
-4.91
-4.91

5.07
5.86
0.13
0.11
7.20
252.40
0.14
-15.50
-17.49
-17.49

4.24
5.77
5.07
0.00
10.06
2,617.13
0.09
-4.32
-4.82
-4.82

17.87
3.23
0.00
0.00
29.73
822.08
0.06
-3.15
-3.39
-3.30

21.13
0.56
0.00
0.02
32.56
301.06
0.03
-3.85
-4.03
-3.91

23.77

8,292

9,008

8,178

321

1,357

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)

219

4.03

11.05

0.27

0.60

-58.26
0.00
-8.27
157.74

-154.41
0.00
-25.63
134.54

-1,538.46
0.00
-6.29
126.26

-567.74
-1.50
-13.38
183.76

-252.56
-0.83
-7.41
183.70

0.00
34.89

0.03
-2.85
-2.94
-2.90

-1.45
-5.38
177.12

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

307,633

282,032

256,264

653,964
307,633
25,124
0

651,100
282,032
22,737
0

683,062
256,264
23,496
0

923,798
466,913
75,159
25,877
224,993
130,856
204,954
69,883
135,071
0

787,130
320,822
117,838
11,863
224,965
111,642
111,168
0
111,168
0

992,902
106,042
319,696
16,297
104,206
446,661
257,529
157,795
99,734
0

0
1,026,477
37,500
37,500
0
988,977

0
957,994
37,500
37,500
0
920,494

0
991,637
37,500
37,500
0
954,137

3,467,629
45,813
4,464,103
3,250,880
330,145
900
100,489
69,547
1,557,115
201,472
913,002
55,446
0
387,195
1,367,224
921,412
445,812
1,173,592
947,499
0
0
19,970
206,123
2,483,928
37,500
37,500
0
1,127,056
71,477
1,055,579
1,319,372

1,158,556
0
934,627
620,264
64,351
0
199,690
338,602
512,027
55,644
120,797
29,555
191,852
114,179
35,273
0
35,273
207,256
0
0
0
20,289
186,967
1,428,054
37,500
37,500
0
1,041,751
1
1,041,750
348,803

1,203,934
0
934,873
673,845
57,657
0
170,006
360,083
1,073,399
49,281
668,598
24,472
178,416
152,632
858,848
797,126
61,722
114,601
0
0
0
23,241
91,360
1,303,884
37,500
37,500
0
877,501
1
877,500
388,883

240,742
211,434
29,308
262,694

276,709
276,709
0
394,304

434,778
434,778
0
466,498

(21,952)
33,666

(117,595)
38,597

(31,720)
55,055

297,209
297,209
0
383,608
112,304
271,304
(86,399)
67,304
1,258
66,046
78,197
4,169
2,377
20,424
3,051
3,750
0
(12,526)

395,059
370,882
24,177
732,500
13,487
719,013
(337,441)
58,113
1,846
56,267
96,275
68,670
67,671
(327,986)
1,709
0
0
(878,804)

1,635,310
0
13,623
0

1,418,485
0
(329,695)
797,126

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

48,251
1,800
0
0

(104,827)
1,349
0
0

(5,396)
302
0
0

4,500,780
4,500,780
0
4,074,153
2,531,928
1,542,225
426,627
151,621
17,496
134,125
270,088
401,842
397,349
(85,738)
36,086
11,250
0
1,489,698

1,026,477
0
46,451
69,883

957,994
0
(106,176)
0

991,637
0
(5,698)
157,795

3,657,520
947,499
(133,074)
1,868,911

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

0.19
8.93
1.23
0.90
1.14
90.52
1.02
-2.73
-4.93
-3.69
-10.83
4.93
0.78
-1.90
0.59
-32.49
662.38

33,666

38,597

55,055

3,838

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

3.50
1.59
10.75
0.20
4.51
109.12
0.20
4.06
4.76
4.76

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

3.20

2.35

1.36

20.04
0.00
12.39
273.73

-37.88
0.00
-28.31
255.47

-1.24
0.00
-1.52
264.44

7.85
1.40
9.94
0.18
14.52
129.07
0.17
0.61
1.04
0.77
4.63
2.46
9.59
6.87
-0.05
4.63
380.81

0.29
17.38
6.19
0.17
1.25
185.42
0.75
-16.62
-24.01
-21.48

0.59
-3.85
-83.02
-0.90
-87.92
347.70

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

660,818

664,492

1,086,852

1,167,856
660,818
72,100
0

1,241,032
664,492
70,645
0

1,730,119
1,086,852
67,705
0

516,790
16,403
230,743
15,944
0
253,700
911,217
128,133
783,084
10,897

556,478
53,289
200,583
20,184
0
282,422
966,525
33,584
932,941
0

1,028,665
117,795
278,566
76,375
0
555,929
1,750,319
334,834
1,415,485
17,500

10,897
255,494
150,232
150,232
0
105,262

0
254,445
150,232
150,232
0
104,213

17,500
347,698
150,232
150,232
0
197,466

1,727,795
34,770
2,468,703
1,685,973
139,970
0
0
7,052
1,245,822
24,824
191,207
103,130
0
926,660
1,199,468
545,371
654,097
1,253,112
382,500
724,800
0
9,776
136,036
521,037
150,232
150,232
0
370,805
0
370,805
0

1,706,550
11,440
2,621,906
1,687,123
152,053
0
0
7,987
1,305,885
16,195
600,995
188,526
0
500,168
1,207,049
798,061
408,988
1,195,204
425,000
574,800
0
14,114
181,290
610,182
150,232
150,232
0
459,950
0
459,950
0

1,657,026
571,110
2,697,887
1,082,591
148,966
0
0
3,325
2,368,028
72,920
1,383,590
153,811
0
757,707
2,120,560
1,411,499
709,061
1,133,150
355,000
574,800
0
18,877
184,473
771,344
150,232
150,232
0
621,112
0
621,112
0

1,900,927
1,900,927
0
1,787,092

1,971,003
1,971,003
0
1,850,401

2,434,136
2,023,365
410,771
2,144,556

113,835
48,731

120,602
54,921

289,580
97,941

6,535,895
6,535,895
0
5,848,897
5,186,204
662,693
686,998
173,214
25,147
148,067
207,380
302,048
297,278
229,991
65,545
22,535
0
(4,740)

7,378,520
7,378,520
0
6,427,704
6,588,841
(161,137)
950,816
201,379
45,948
155,431
235,449
478,865
472,177
290,741
104,806
30,046
0
194,933

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

23,263
8,383
15,023
0

28,002
8,603
0
0

151,388
4,108
22,535
0

3,804,992
3,804,992
0
3,145,049
2,972,104
172,945
659,944
168,804
16,814
151,990
212,312
196,218
192,462
307,072
61,211
30,046
0
176,694

266,391
0
(143)
128,133

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

0.04
2.91
0.84
1.61
0.57
94.01
3.61
2.08
8.83
8.07
0.99
8.24

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
0.06
12.38
51.34

48,731

54,921

97,941

55,331

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)

221

9.83

1.22
0.00
0.99
17.01

1.42
0.00
1.29
16.94

6.22
0.00
9.80
23.14

OTHER FOOD PRODUCTS N.E.S.

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

16,484,695

20,181,331

25,079,725

25,091,191
16,010,489
1,395,590
474,206

30,647,854
19,756,046
1,882,868
425,285

37,153,028
24,702,948
2,013,026
376,777

16,804,432
1,836,260
8,172,484
1,602,062
267,752
4,925,874
22,962,630
6,858,090
16,104,540
1,219,480

20,540,104
1,566,248
10,305,747
2,024,506
683,983
5,959,620
27,733,234
7,093,942
20,639,292
1,584,278

25,781,930
1,013,691
14,327,898
2,741,646
1,416,454
6,282,241
28,724,729
10,635,396
18,089,333
7,080,574

1,219,480
9,107,017
2,553,738
2,480,738
73,000
6,553,279

1,584,278
11,403,923
2,585,091
2,512,091
73,000
8,818,832

7,080,574
15,056,352
2,566,074
2,488,291
77,783
12,490,278

29,191,247
2,208,510
40,195,814
24,430,171
2,465,055
632,242
1,044,174
876,150
24,416,646
1,940,408
14,462,649
2,547,246
62,914
5,403,429
24,892,120
4,881,796
20,010,324
10,090,066
1,392,772
4,270,975
0
327,060
4,099,259
18,625,707
2,699,823
2,627,823
72,000
13,138,295
724,519
4,293,461
2,787,589

33,496,637
4,766,036
41,825,854
25,904,023
2,520,626
1,124,240
1,182,558
519,780
31,515,369
3,393,252
18,761,302
2,510,216
205,751
6,644,848
31,456,764
8,614,238
22,842,526
10,900,119
1,307,538
5,683,835
0
678,260
3,230,486
22,655,123
3,079,639
3,079,639
0
16,704,559
1,715,548
14,982,136
2,870,925

43,936,976
8,590,930
50,057,004
31,876,026
3,041,498
1,564,825
1,303,407
601,788
41,434,820
3,084,083
25,144,966
3,494,089
189,980
9,521,702
42,851,430
15,705,553
27,145,877
14,954,744
3,687,629
6,200,202
0
1,015,496
4,051,417
27,565,622
3,124,127
3,124,127
0
21,566,721
1,722,076
19,962,223
2,874,774

74,516,656
72,399,071
2,117,585
55,506,952

89,774,335
86,734,652
3,039,683
66,392,688

113,856,154
110,365,316
3,490,838
85,957,901

19,009,704
12,090,737

23,381,647
14,868,516

27,898,253
17,837,319

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
7,552,042
1,537,383
784,797
15,370,582
4,609,374
8,588,358
46,095
13,661,340

173,198,140
165,347,830
7,850,310
125,758,296
99,317,484
26,440,812
47,439,844
27,320,833
20,604,123
6,716,710
9,492,280
2,243,775
1,892,642
19,020,213
5,018,555
9,150,918
52,611
15,331,740

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,669,456
1,651,840
9,127,743
19,882

7,902,242
2,045,435
3,707,491
46,699

9,091,434
2,964,363
4,103,602
50,614

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
6,979,956
1,717,923
746,218
11,979,800
3,787,561
4,094,125
1,309,787
13,873,249

10,326,497
0
(4,110,127)
6,858,090

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

42,520,366
3,687,629
4,850,740
19,393,182

0.16
1.09
2.15
2.24
0.73
74.49
2.66
22.11
76.19
61.19
0.55
9.12

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
31.86
72.44

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
43.26
91.08

0.16
1.30
2.02
2.03
0.97
72.61
2.10
25.30
75.75
50.00
1.53
6.89
11.05
10.98
0.27
54.09
106.49

12,090,737

14,868,516

17,837,319

810,978

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)

224

8.95
0.00
20.23
36.71

8.80
0.00
29.57
57.59

7.99
0.00
31.32
76.95

Growth with Composition of Assets & Liabilities

50

30%
26.6%

40
Billion Rs

27.1%

25%

23.9%

23.8%

30

17.8%

20%
15%

20

10%

10

5%

0%
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
19%

200
19.2%
Billion Rs

150

19%
19%
19%

18.8%
100

19%
18%

18.4%
50

18%
18%

18%
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
2010

74.47 75.75

Percentage

70

2011

60
50
40
30
20
10
0

49.37 50

25.92 25.3

60

2010

50

2011

54.09

43.26

40

Percentage

80

Net Profit Before Tax

30
20
10.93 10.98

10
1

Return on
Return on
Assets
Return on
Equity
Capital
Employed

0.97

1.87

2.10

0
Current
Ratio

225

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

Clover Pakistan Ltd.

2007

2008

2009

58,031

59,498

82,390

110,168

120,043
58,031
8,540
0

132,083
59,498
11,350
0

159,549
82,390
8,124
0

194,332
105,940
12,431
586

411,406
230,638
105,753
35,668
25,000
14,347
210,899
178
210,721
142

515,201
92,453
104,875
36,200
271,247
10,426
257,680
0
257,680
0

545,815
72,892
208,851
78,626
145,819
39,627
249,146
0
249,146
0

142
258,396
54,600
54,600
0
203,796

0
317,019
65,520
65,520
0
251,499

0
379,059
78,624
78,624
0
300,435

8,848
354,622
94,349
94,349

260,273

275,356

275,356

943,097
939,817
3,280
632,995

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

310,102
192,142

371,303
244,778

374,640
255,520

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

101,585
0
195,925
96,608
12,079
344

3,642
613,309
140,198
230,135
112,097
60,598
70,281
360,007

4,633
660,151
116,781
215,865
111,493
128,731
87,281
384,348
0
384,348
7,683
0
0
0
0
7,683
369,705
94,349
94,349

360,007
8,848

58,885
0
158,907
54,924
9,861
101
0
3,860
753,872
170,255
269,940
116,686
103,532
93,459
410,095
0
410,095
7,026
0
0
0
0
7,026
395,636
94,349
94,349
0
301,287
0
301,287
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

779,506
616,979
162,527
256,111
243,385
212,066
31,319

1,340,896
1,340,896
0
1,072,179
209,992
862,187
268,717
223,098
199,000
24,098
68,734
1,785
720
63,379
23,499
37,740
0
7,256

1,577

2,352

1,636

979,019
714,186
264,833
262,253
238,776
212,501
26,275
69,415
1,647
564
31,986
12,804
14,152
0
45,833

192,142

244,778

255,520

125,336
41,000
32,760
10,920

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

258,538
0
51,576
178

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
2,140
0

1.38
0.17
3.78
2.01
1.95
67.12
0.82
31.15
53.05
53.00
2.57
8.92

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
0.13
8.70
1.65
1.84
79.96
1.05
8.05
16.56
16.25
1.06
4.97
89.03
4.73
0.02
4.23
41.93

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)

226

13.29
0.00
15.45
47.33

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 2011

Indus Fruit 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)
2010
2011

2006

2007

2008

2009

109,289

145,136

136,071

278,292
109,289
10,369
0

323,587
145,136
9,448
0

325,169
136,071
13,616
0

29,199
1,354
11,031
2,250
2,316
12,248
139,904
10,978
128,926
0

26,281
3,104
11,161
902
0
11,114
200,452
0
200,452
0

45,967
647
31,597
602
2,316
10,805
240,229
0
240,229
0

0
(1,416)
90,000
90,000
0
(91,416)

0
(29,035)
90,000
90,000
0
(119,035)

0
(58,191)
90,000
90,000
0
(148,191)

284,262
0
325,169
136,071
13,616
148,191
0
0
45,967
647
31,597
602
2,316
10,805
240,229
0
240,229
0
0
0
0
0
0
90,000
90,000
90,000
0
0
0
0
0

284,262
0
325,169
136,071
13,616
148,191
0
0
45,967
647
31,597
602
2,316
10,805
240,229
0
240,229
0
0
0
0
0
0
90,000
90,000
90,000
0
0
0
0
0

284,262
0
325,169
136,071
13,616
148,191
0
0
45,967
647
31,597
602
2,316
10,805
240,229
0
240,229
0
0
0
0
0
0
90,000
90,000
90,000
0
0
0
0
0

24,208
20,431
3,777
41,721

46,922
46,922
0
69,406

119,336
116,989
2,347
140,316

(17,513)
4,232

(22,484)
5,692

(20,980)
8,868

119,336
116,989
2,347
0
0
0
119,336
8,868
0
8,868
0
1,666
0
108,802
597
0
0
0

119,336
116,989
2,347
0
0
0
119,336
8,868
0
8,868
0
1,666
0
108,802
597
0
0
0

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(14,159)
108
0
0

(28,294)
204
0
0

(29,351)
597
0
0

119,336
116,989
2,347
0
0
0
119,336
8,868
0
8,868
0
1,666
0
108,802
597
0
0
0

(1,416)
0
(14,267)
10,978

(29,035)
0
(28,498)
0

(58,191)
0
(29,948)
0

90,000
0
108,205
0

90,000
0
108,205
0

90,000
0
108,205
0

0.04
0.15
9.29
0.17
0.21
172.34
-98.80
-10.41
-236.85
-123.48

0.02
0.25
1.92
0.27
0.13
147.92
-6.90
-18.26
185.83
185.83

0.01
1.40
0.50
0.66
0.19
117.58
-4.13
-16.61
67.30
67.30

0.01
1.40
0.50
0.36
0.19
0.00
2.67
42.48
684.10
684.10

0.01
1.40
0.50
0.36
0.19
0.00
2.67
32.95
120.89
120.89

0.01
1.40
0.50
0.36
0.19
0.00
2.67
32.95
120.89
120.89

4,232

5,692

8,868

36

118

1,666

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

2.19

4.20

3.78

3.78

3.78

3.78

-58.49
0.00
-1.59
-0.16

-60.30
0.00
-3.17
-3.23

-24.60
0.00
-3.33
-6.47

91.17
0.00
12.02
10.00

91.17
0.00
12.02
10.00

91.17
0.00
12.02
10.00

Financial Statement Analysis of Non Financial Sector 2011

Ismail Industries Ltd.

2006

2007

2008

2009

1,074,441

1,147,681

1,380,469

1,524,215
1,074,441
83,686
0

1,708,026
1,147,681
115,684
0

2,070,030
1,380,469
5,537
0

2,604,511
41,723
2,468,724
1,637,879
143,718

1,266,900
46,400
804,501
127,778
3,747
284,474
1,464,578
1,014,701
449,877
433,336

2,642,954
46,938
1,213,116
189,571
80,808
1,112,521
2,257,694
1,242,506
1,015,188
843,710

3,195,537
28,450
1,587,065
263,792
1,108,526
207,704
2,715,553
1,522,630
1,192,923
1,219,395

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

433,336
443,427
240,575
240,575
0
202,852

843,710
689,231
240,575
240,575
0
448,656

1,219,395
641,058
240,575
240,575
0
400,483

2,207,339
1,925,848
281,491
1,884,913

3,001,414
2,706,886
294,528
2,478,393

4,192,311
3,792,501
399,810
3,449,379

322,426
199,509

523,021
352,793

742,932
438,904

(Thousand Rupees)
2010
2011

914,193
10,716
3,046,543
51,142
2,161,761
454,376

941,230
8,289
3,626,034
59,412
2,704,680
391,153
0
470,789
3,551,008
2,573,313
977,695
1,206,237
1,118,045
0
0
27,248
60,944
1,727,668
505,208
505,208
0
1,222,460
579,265
643,195
0

3,464,893
105,065
3,442,097
2,270,610
193,772
0
1,053,200
36,018
4,867,118
21,598
3,896,776
450,407
0
498,337
4,560,032
3,366,038
1,193,994
1,739,453
1,160,725
352,152
0
28,860
197,716
2,032,526
505,208
505,208
0
1,527,318
579,265
948,053
0
7,737,936
6,982,018
755,918
6,276,293
4,186,120
2,090,173
1,461,643
583,978
484,586
99,392
403,344
526,743
496,913
528,101
81,303
101,042
0
788,334

379,264
2,980,684
1,670,700
1,309,984
1,947,293
1,230,661

716,632
723,077
240,575
240,575

482,502
50,000
432,502

2,858,879
297,304
2,598,248
1,612,056
162,099

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

45,429
11,193
3,609
0

73,268
14,736
24,058
0

126,155
19,875
36,076
0

299,638

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
336,310
474,857
211,482
304,763
36,437
88,411
0
765,268

876,763
0
30,627
1,014,701

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
1,160,725
345,756
4,526,763

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
6.81
5.82
0.93
1.07
81.11
3.10
7.13
28.09
15.75
4.42
1.99
2.06
6.82
0.13
8.84
40.23

199,509

352,793

438,904

102,027

166,545

278,069

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
292,382
489,592
271,136
159,963
9,332
36,086

G.Miscellaneous
1.Total capital employed (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
4.62
5.79
0.94
0.87
85.39
4.28
2.23
10.68
5.77
9.49
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)

228

0.14
5.55
6.32
0.79
1.17
82.57
4.50
2.39
12.94
6.08
2.43
2.47

0.52
6.63
6.29
0.92
1.18
82.28
6.14
3.02
18.97
7.44
2.95
2.64

2.06
0.00
1.42
18.43

2.44
0.00
2.43
28.65

3.01
0.00
4.42
26.65

Financial Statement Analysis of Non Financial Sector 2011

Mitchell'S Fruit Farms Ltd.

2006

2007

2008

2009

233,786

272,348

323,939

431,454
232,166
21,299
1,620

489,169
270,277
22,217
2,071

565,933
322,282
26,088
1,657

329,522
5,197
585,550
316,491
29,879
1,326

249,621
14,699
163,275
19,496
0
52,151
209,658
117,035
92,623
36,842

306,040
26,666
185,037
45,932
0
48,405
293,710
160,597
133,113
22,105

397,433
10,910
288,699
39,068
0
58,756
453,174
303,448
149,726
7,368

36,842
236,907
50,400
50,400
0
186,507

22,105
262,573
50,400
50,400
0
212,173

7,368
260,830
50,400
50,400
0
210,430

863,369
863,369
0
758,716

992,533
992,533
0
832,180

1,190,615
1,190,615
0
1,000,802

104,653
101,719

160,353
103,332

189,813
150,500

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)
2010
2011
312,946
1,332
597,551
302,925
29,278
1,061

66,112
407,588
307,672
99,916
50,479

63,678
274,337
166,616
107,721
75,820
0
0
0
28,566
47,254
306,230
50,400
50,400
0
255,830
9,336
246,494
0

332,169
14,503
623,887
308,926
30,808
1,607
0
7,133
432,222
13,580
312,066
63,245
0
43,331
325,186
154,795
170,391
79,710
0
0
0
36,145
43,565
359,495
50,400
50,400
0
309,095
9,336
299,759
0
1,794,248
1,644,557
149,691
1,400,132
1,205,498
194,634
394,116
258,517
183,404
75,113
176,870
38,360
34,990
108,146
38,699
35,280
0
85,665

6,508
398,387
13,218
260,383
58,674

7,628
343,441
8,128
230,918
40,717

50,479
269,842
50,400
50,400

219,442

209,806

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

(3,480)
3,800
0
0

39,765
4,400
10,080
0

13,113
402
5,040
0

18,532
4,482
10,080
35,780
(36,674)

1,376,861
1,294,029
82,832
1,073,514
894,986
178,528
303,347
204,041
135,993
68,048
143,565
37,613
35,509
69,206
3,964
20,160
0
156,022

273,749
0
(7,280)
117,035

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

0.16
2.24
2.26
1.79
1.19
87.88
1.04
-0.72
-1.40
-1.19

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
1.13
15.22
32.49
26.34
1.97
5.75
4.09
6.03
0.21
13.78
71.33

101,719

103,332

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

19,319

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)

5.29

229

-0.40
0.00
-1.44
47.01

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 2011

Morafco Industries Ltd.

2006

2007

2008

2009

2,320

2,089

1,879

1,694

21,973
2,320
257
0

21,972
2,089
232
0

21,972
1,879
210
0

21,976
1,694
189

1,959
1,295
0
0
0
664
830,883
705,350
125,533
0

743
25
0
0
0
718
830,603
0
830,603
0

824
131
0
0
0
693
831,790
0
831,790
0

0
(826,604)
5,683
5,683
0
(832,287)

0
(827,771)
5,683
5,683
0
(833,454)

0
(829,087)
5,683
5,683
0
(834,770)

0
0
0
0

0
0
0
0

0
0
0
0

0
1,248

0
1,395

0
1,320

0
1,349
336
1,013

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

768
76

692
832,893

832,893
0

(830,431)
5,683
5,683

(836,114)
5,646
(841,760)

(Thousand Rupees)
2010
2011
1,525
0
21,976
1,525
189
0
0
0
784
79
0
0
0
705
834,357
0
834,357
0
0
0
0
0
0
(832,048)
5,683
5,683
0
(837,731)
5,646
(843,377)
0

1,372
0
21,976
1,372
153
0
0
0
815
100
0
0
0
715
836,711
0
836,711
0
0
0
0
0
0
(834,524)
5,683
5,683
0
(840,207)
5,646
(845,853)
0
0
0
0
0
0
0
0
2,480
315
2,165
749
0
0
(2,476)
0
0
0
17

F.Operation:

(846)
0
0
0

(1,167)
0
0
0

(1,316)
0
0
0

(1,344)
0
0

(45)

0
0
0
0
0
0
0
1,620
323
1,297
160
0
0
(1,617)
0
0
0
0

(826,604)
0
(846)
705,350

(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

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

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

1,248

1,395

1,320

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)

-1.01
-19.92
0.10
0.10

-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

0.00
-1.49
-1,454.52

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

230

Financial Statement Analysis of Non Financial Sector 2011

Murree Brewery Co. Ltd.

2006

2007

2008

2009

773,617

743,801

2,906,058

3,028,168

967,861
773,617
58,828
0

1,027,212
743,801
91,203
0

3,258,982
2,906,058
73,510
0

3,548,859
2,946,626
125,210

675,023
139,044
269,072
28,615
75,761
162,531
391,240
1,872
389,368
799

865,468
151,262
347,640
43,860
182,050
140,656
428,652
6,041
422,611
3,440

1,001,153
113,689
492,664
77,581
0
317,219
505,274
1,614
503,660
1,612

78,207
3,335
1,031,676
222,140
503,415
86,697

799
1,056,601
98,582
98,582
0
958,019

3,440
1,177,177
108,440
108,440
0
1,068,737

1,612
3,400,325
119,284
119,284
0
3,281,041

1,672,544
1,672,544
0
1,373,042

2,421,956
2,421,956
0
2,009,874

2,541,283
2,541,283
0
2,034,558

299,502
142,264

412,082
200,916

506,725
244,710

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

219,424
369,718

369,718
154,370

154,370
3,535,756
131,213
131,213

1,046,111
30,681
668,388
2,358,432

(Thousand Rupees)
2010
2011
3,098,614
0
3,380,638
2,997,183
87,174
0
96,405
5,026
1,364,710
552,986
595,396
38,885
74,704
102,739
502,344
1,050
501,294
175,502
1,633
0
0
23,713
150,156
3,785,478
144,334
144,334
0
1,294,452
50,681
1,243,771
2,346,692

3,205,518
0
3,762,060
3,074,902
142,775
0
111,149
19,467
1,751,721
696,290
799,342
55,285
84,132
116,672
553,514
1,996
551,518
170,493
3,258
0
0
29,619
137,616
4,233,232
173,201
173,201
0
1,725,416
50,681
1,674,735
2,334,615

2,578,533
2,578,533
0
1,747,741
1,728,360
19,381
830,792
365,543
177,976
187,567
94,415
2,507
1,692
524,581
209,252
72,167
28,867
564,042

3,349,788
3,349,788
0
2,216,880
2,137,079
79,801
1,132,908
434,653
247,735
186,918
180,039
4,350
2,388
784,686
264,765
86,601
17,320
422,071

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

2,217,358
2,217,358

1,595,963

214,023
23,827
44,810
8,962

259,898
81,452
54,220
10,844

296,616
101,922
59,642
11,928

1,595,963
621,395
293,745
186,218
107,527
84,586
5,350
4,179
340,854
125,022
65,607
128,573
265,273

1,057,400
0
145,386
1,872

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
3,258
433,321
5,254

0.62
0.08
1.71
1.15
1.73
82.09
0.37
15.94
21.17
21.13
4.24
6.22

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
0.58
30.02
244.41

142,264

200,916

244,710

1,347

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)

231

12.80
0.00
19.29
107.18

10.73
0.00
16.46
108.56

11.67
0.00
16.32
285.06

Financial Statement Analysis of Non Financial Sector 2011

National Foods Ltd.

2006

2007

2008

2009

369,938

496,223

637,519

527,565
365,874
28,624
4,064

683,312
493,444
36,212
2,779

876,250
635,325
54,471
2,194

654,835
48,205
875,622
565,799
74,064
35,668

598,022
83,025
367,235
101,940
0
45,822
524,194
224,231
299,963
194,694

692,235
18,146
477,007
112,585
0
84,497
662,172
263,313
398,859
158,406

1,109,136
13,496
755,259
259,091
0
81,290
1,104,468
591,682
512,786
126,262

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

194,694
249,072
42,505
42,505
0
206,567

158,406
367,880
42,505
42,505
0
325,375

126,262
515,925
55,257
55,257
0
460,668

2,465,457
2,251,339
214,118
1,894,194

3,147,341
2,869,311
278,030
2,328,857

4,042,028
3,653,216
388,812
3,056,251

571,263
446,623

818,484
624,293

985,777
717,901

(Thousand Rupees)
2010
2011
824,968
63,604
1,084,154
731,167
76,303
25,688

323,844

327,518

787,694
22,338
1,160,472
752,018
81,978
8,958
0
4,380
2,067,047
14,225
1,732,410
287,742
0
32,670
1,678,278
727,940
950,338
253,652
169,750
0
0
0
83,902
922,811
414,427
414,427
0
508,384
0
508,384
0

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
501,370
99,364
10,317
159,181
48,000
49,731
0
(391,195)

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
564,868
125,696
88,639
361,751
124,500
103,607
0
422,593

5,163
1,180,506
15,205
846,977
274,556

4,509
1,849,392
14,101
1,502,232
253,050

43,768
1,039,476
485,536
553,940
140,479
60,000

80,009
1,826,827
1,189,769
637,058
105,588
20,000

80,479
655,386
331,542
331,542

85,588
741,945
414,427
414,427

323,844

327,518

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

106,471
37,000
0
0

191,722
38,000
8,501
12,751

233,947
42,000
0
12,752

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
436,127
86,841
16,220
220,702
81,241
82,886
318,982
202,147

443,766
0
69,471
224,231

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

0.35
1.01
4.13
2.55
1.14
76.83
2.89
12.70
49.21
30.17

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

446,623

624,293

717,901

24,850

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)

6.71

232

5.35

4.32
0.00
16.34
58.60

6.09
0.00
36.17
86.55

5.79
0.00
34.74
93.37

Financial Statement Analysis of Non Financial Sector 2011

Nestle Pakistan Ltd.

2006

2007

2008

2009

8,228,121

10,137,994

10,896,518

11,615,815
8,093,101
579,843
135,020

14,234,275
10,045,611
953,813
92,383

15,959,381
10,846,774
1,093,921
49,744

11,741,452
914,956
18,321,954
10,700,874
1,270,046
7,106

4,699,781
34,663
1,907,300
238,291
0
2,519,527
10,365,351
2,826,103
7,539,248
31,471

5,710,580
406,225
2,393,306
344,053
0
2,566,996
11,617,267
2,702,662
8,914,605
119,602

5,787,658
419,327
2,488,573
456,813
0
2,422,945
6,977,872
2,278,329
4,699,543
5,317,457

31,471
2,531,080
453,496
453,496
0
2,077,584

119,602
4,111,705
453,496
453,496
0
3,658,209

5,317,457
4,388,847
453,496
453,496
0
3,935,351

24,062,008
22,706,684
1,355,324
17,809,380

30,455,452
28,552,701
1,902,751
22,511,329

36,129,592
33,922,714
2,206,878
27,177,277

6,252,628
3,876,131

7,944,123
4,875,892

8,952,315
6,229,306

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)
2010
2011

3,973,459
249,527
3,443,932

5,128,376
249,526
4,878,850
0

21,784,842
5,370,561
24,357,118
16,230,528
1,613,489
11,954
0
171,799
13,395,017
702,025
7,064,170
276,858
0
5,351,964
16,788,455
9,166,823
7,621,632
10,778,988
2,013,690
5,848,050
0
440,377
2,476,871
7,612,416
453,496
453,496
0
7,158,920
249,527
6,909,393
0

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
3,033,898
513,081
264,983
5,696,180
1,579,337
3,401,220
0
5,449,017

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
4,277,554
1,050,355
903,474
6,502,864
1,010,796
2,947,724
0
5,484,232

118,516
6,845,528
315,770
3,895,038
241,715

2,393,005
8,083,130
756,362
7,326,768
6,076,895

4,210,750

1,866,145
4,426,955
453,496
453,496

14,599,309
3,076,472
18,321,954
11,370,611
1,270,046
16,735
0
135,491
8,352,923
505,516
4,602,019
126,499
0
3,118,889
9,806,572
2,838,629
6,967,943
7,563,788
55,415
5,573,750
0
229,115
1,705,508
5,581,872
453,496
453,496

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

2,005,455
110,724
226,748
0

2,549,756
315,728
453,496
0

2,227,484
791,661
1,134,865
0

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
3,033,898
442,050
111,024
4,186,257
1,181,124
2,720,976
154,769
4,607,863

2,562,551
0
1,667,983
2,826,103

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

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

3,876,131

4,875,892

6,229,306

447,774

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

0.03
1.86
0.99
1.86
0.45
74.01
4.11
18.43
87.69
61.21
8.36
12.62

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)

233

0.06
1.92
1.13
1.92
0.49
73.92
2.85
17.72
76.77
75.06
4.93
12.73

8.33
0.00
41.78
55.81

8.37
0.00
49.26
90.67

6.17
0.00
31.66
96.78

Financial Statement Analysis of Non Financial Sector 2011

Noon Pakistan Ltd.

2006

2007

2008

2009

366,817

360,727

422,206

522,330
366,237
37,707
580

554,408
360,727
39,008
0

631,157
422,206
39,238
0

446,876
5,402
608,916
440,777
43,099
172

182,361
39,890
30,202
35,790
0
76,479
281,743
140,715
141,028
134,983

192,405
14,335
44,283
39,499
0
94,288
361,533
172,314
189,219
59,920

326,041
29,292
73,428
50,952
0
172,369
465,590
152,186
313,404
90,359

134,983
132,452
79,200
7,200
72,000
53,252

59,920
131,679
79,200
7,200
72,000
52,479

90,359
192,298
115,200
43,200
72,000
77,098

1,160,855
1,160,855
0
1,020,175

1,168,184
1,168,184
0
1,004,370

1,657,150
1,657,150
0
1,445,799

140,680
140,706

163,814
126,763

211,351
147,353

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)
2010
2011

82,330
231,850
115,200
43,200
72,000
94,604
15,880
78,724
22,046

28,096
261,719
126,720
126,720
0
113,327
0
113,327
21,672

567,366
0
878,803
565,924
56,417
232
0
1,210
793,342
211,182
177,393
73,624
0
331,143
764,775
280,204
484,571
272,058
229,709
0
0
0
42,349
323,875
126,720
126,720
0
140,113
0
140,113
57,042

1,745,609
1,745,609

2,436,416
2,436,416
0
2,170,498
1,190,134
980,364
265,918
198,011
133,944
64,067
87,985
39,884
11,116
49,568
12,256
15,206
0
170,106

2,957,377
2,957,377
0
2,590,444
1,517,723
1,072,721
366,933
273,316
192,672
80,644
89,833
59,706
50,897
67,487
31,066
0
12,672
88,208

354,637
27,098
22,106
250,403

595,933
229,709
36,421
509,913

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

525
299,074
10,843
90,035
61,764

136,432
369,596
129,948
239,648
144,504
62,174

504,826
100
780,906
503,410
49,194
106
0
1,210
410,964
23,350
84,595
92,008
0
211,011
561,153
223,305
337,848
92,918
27,098
37,724

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

140,706

126,763

147,353

24,862

36,743

35,801

1,528,572
834,997
693,575
217,037
143,937
96,814
47,123
73,057
51,106
12,962
46,070
(2,510)
0
2,200
115,052

(9,666)
5,486
0
0

18,486
5,826
18,317
0

48,950
8,165
0
0

267,435
0
(15,152)
140,715

191,599
0
(5,657)
172,314

282,657
0
40,785
152,186

376,354
62,174

0.27
2.14
3.08
2.11
0.65
87.88
3.15
-1.81
-6.81
-3.62

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

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

192,122

H.Key Performance Indicators

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

38.44

234

22.57

19.39
4.55
2.64
0.22

-0.83
0.00
-21.04
183.96

1.58
0.00
17.58
182.89

2.95
0.00
9.44
44.51

53.67

16.67
2.33
2.28
0.09
2.87
25.56

Financial Statement Analysis of Non Financial Sector 2011

Punjab Oil Mills Ltd.

2006

2007

2008

2009

79,053

184,256

184,334

168,626
79,053
6,422
0

279,635
184,256
6,439
0

289,517
184,334
9,837
0

199,515
3,639
295,917
181,416
9,901

169,057
8,628
65,871
22,970
0
71,588
195,947
54,616
141,331
6,341

199,214
15,533
77,431
30,237
0
76,013
231,545
45,219
186,326
5,835

507,942
39,367
97,437
273,080
0
98,058
507,524
39,790
467,734
4,711

6,341
45,822
20,419
20,419
0
25,403

5,835
146,090
20,419
20,419
0
125,671

4,711
180,041
20,419
20,419
0
159,622

1,226,484
1,226,484
0
1,171,720

1,747,515
1,747,515
0
1,670,913

2,509,214
2,509,214
0
2,385,994

54,764
36,134

76,602
47,529

123,220
67,832

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

14,460
454,215
38,551
168,874
132,323

114,467
403,850

403,850
23,836

23,836
226,044
30,629
30,629

65,926
1,881
8,600
129,489

(Thousand Rupees)
2010
2011
209,972
3,079
311,662
188,518
10,723
0
0
18,375
482,109
30,764
192,573
145,882
0
112,890
394,032
269
393,763
26,280
364
0
0
0
25,916
271,769
38,286
38,286
0
105,939
1,881
104,058
127,544

219,277
5,864
324,240
189,804
11,493
0
0
23,609
630,262
11,011
204,256
252,237
0
162,758
490,643
26,756
463,887
33,490
0
0
0
0
33,490
325,406
53,907
53,907
0
150,878
23,137
127,741
120,621

3,018,442
3,018,442
0
2,837,147
2,731,893
105,254
181,295
109,529
55,120
54,409
24,815
719
389
77,120
44,171
5,743
0
1,557

3,710,267
3,710,267
0
3,473,835
3,307,845
165,990
236,432
136,336
66,336
70,000
74,467
1,892
84,991
102,502
67,909
5,391
5,391
(57,431)

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

2,809,910
2,809,910

16,491
7,855
0
0

27,355
10,550
4,493
0

54,343
18,839
0
10,209

2,625,310
2,357,144
268,166
184,600
92,869
49,004
43,865
24,815
857
273
103,480
63,206
4,594
12,803
37,530

52,163
0
8,636
54,616

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

0.16
0.28
1.87
4.94
0.86
95.53
4.41
7.19
55.25
44.02

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

36,134

47,529

67,832

3,473

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)

18.62

235

25.75

1.34
0.00
4.23
22.44

1.57
0.00
8.23
71.55

2.17
0.00
17.39
88.17

Financial Statement Analysis of Non Financial Sector 2011

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

2007

2008

2009

146,615

137,948

134,255

30,932

27,981

112,203
46,615
5,071
100,000

112,203
37,948
4,105
100,000

112,203
34,255
3,693
100,000

112,203
30,932
3,323

112,242
27,981
2,990

21,658
76
8,121
11,597
0
1,864
77,444
65,000
12,444
20,000

33,008
878
8,052
19,305
0
4,773
92,500
55,000
37,500
0

39,385
215
13,087
23,970
0
2,113
89,224
46,100
43,124
0

20,909
13
251
19,784

24,447
110
408
23,089

20,000
70,829
106,875
106,875
0
(36,046)

0
78,456
106,875
106,875
0
(28,419)

0
84,416
106,875
106,875
0
(22,459)

32,236
32,236
0
24,984

52,159
52,159
0
38,528

53,459
53,459
0
39,613

7,252
4,962

13,631
7,472

13,846
7,603

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

861
20,442

840
16,016

20,442
48,628
19,100
29,378

16,016
48,923
7,100
41,514

150
(17,229)
106,875
106,875

309
(12,511)
106,875
106,875

(124,104)

(119,386)

(130,979)

(126,261)

29,253
29,253

56,604
56,604

23,690
2,284
92,191
21,406
2,613
0
0
0
77,931
3,631
18,293
48,216
0
7,791
18,268
0
18,268
94,056
93,306
0
0
0
750
(10,703)
106,875
106,875
0
(117,578)
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

206,744
161
0
0

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

113,632
113,632
0
106,085
104,140
1,945
7,547
18,010
6,135
11,875
10,501
29
0
4,661
0
0
17,228
(56,248)

90,829
0
206,583
65,000

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

0.15
0.01
35.98
0.19
0.28
77.50
1.38
122.86
291.89
227.62

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

4,962

7,472

7,603

15

23,935
16,321
7,614
5,318
125,480
1,373
124,107
3,264
5

46,659
39,320
7,339
9,945
9,031
4,010
5,021
5,394
51

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

3.97

6.48

4.08

116.55

138.74

6.21

641.35
0.00
19.33
6.63

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

Financial Statement Analysis of Non Financial Sector 2011

Rafhan Maize Products Co. Ltd.

2006

2007

2008

2009

1,613,511

1,590,629

2,056,715

2,936,455
1,613,511
187,916
0

3,042,505
1,590,629
136,824
0

3,647,400
2,056,715
140,081
0

2,772,564
987,851
3,475,452
1,765,365
150,911

1,913,137
236,295
1,160,613
266,787
0
249,442
800,003
0
800,003
0

2,354,982
305,420
1,361,821
328,389
0
359,352
919,915
0
919,915
0

3,172,043
13,730
2,406,062
343,604
0
408,647
1,650,317
493,709
1,156,608
0

0
2,726,645
92,364
92,364
0
2,634,281

0
3,025,696
92,364
92,364
0
2,933,332

0
3,578,441
92,364
92,364
0
3,486,077

260,321
4,007,730
92,364
92,364

6,360,822
6,145,466
215,356
4,789,763

7,893,402
7,389,117
504,285
5,795,230

11,250,797
10,816,972
433,825
8,509,551

1,571,059
342,749

2,098,172
468,126

2,741,246
496,969

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)
2010
2011

3,244,274
973,017
4,027,340
2,174,145
157,026
29,392
0
67,720
4,015,673
39,741
3,125,746
376,923
0
473,263
1,954,308
634,460
1,319,848
351,754
0
0
0
0
351,754
4,953,885
92,364
92,364
0
4,861,521
37,887
4,823,634
0

4,163,733
1,811,331
4,301,109
2,283,486
173,325
23,415
0
45,501
4,116,445
63,026
3,005,990
537,810
0
509,619
2,024,906
397,902
1,627,004
373,682
0
0
0
0
373,682
5,881,590
92,364
92,364
0
5,789,226
37,887
5,751,339
0

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
661,374
31,548
24,166
2,799,989
887,774
1,154,550
0
232,457

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
769,347
57,740
48,567
3,216,190
1,152,930
1,062,186
0
2,440,132

19,348
2,473,347
673,409
1,166,118
315,365

318,455
977,860

977,860
260,321

3,915,366

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,252,394
396,598
6,927,300
0

1,681,101
551,931
831,279
0

2,299,065
815,161
923,640
0

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
608,738
48,766
42,401
2,011,864
714,784
831,276
73,411
2,830,047

2,726,645
0
(6,071,504)
0

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
1,001,074
397,902

0.63
0.32
4.19
1.80
2.39
75.30
0.29
35.69
47.35
47.35
0.12
5.48

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
1.94
6.08
67.22
17.60
1.02
223.38
636.78

342,749

468,126

496,969

20,405

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)

237

19.69
0.00
92.65
295.21

21.30
0.00
122.25
327.58

20.43
0.00
160.66
387.43

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

264,560

256,601

257,871

133,356
264,560
8,704
0

404,269
256,601
8,011
0

413,331
257,871
7,792
0

345,504
23,661
485,569
320,624
9,485

1,219

1,219

383,381
1,476
205,556
88,582
0
87,767
319,863
272,473
47,390
4,500

424,967
13,565
245,033
102,885
0
63,484
417,008
252,323
164,685
0

649,193
61,427
391,035
171,476
0
25,255
629,670
455,586
174,084
0

407,539
3,180
237,981
105,829

518,446
9,441
249,048
71,443

Items

4,500
323,578
56,584
56,584
0
266,994

0
264,560
56,584
56,584
0
207,976

0
277,394
56,584
56,584
0
220,810

911,952
911,952
0
874,740

1,026,554
1,026,554
0
959,708

1,551,861
1,551,861
0
1,464,095

37,212
13,466

66,846
15,929

87,766
27,217

347,083
31,522
486,714
314,342
8,875

60,549
296,510
213,282
83,228
103,406
20,837

188,514
399,266
323,178
76,088
100,075
20,837
0
0
0
79,238
366,188
56,584
56,584
0
166,500

82,569
353,127
56,584
56,584

150,133

150,133
146,410

166,500
143,104

973,683
973,683

1,225,235
1,225,235

337,281
0
530,185
336,062
26,193
0
0
1,219
497,653
10,458
101,941
123,856
0
261,398
327,236
234,217
93,019
102,667
0
0
0
0
102,667
405,031
56,584
56,584
0
215,016
0
215,016
133,431

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

938
4,163
0
0

15,053
4,638
0
0

19,133
7,036
0
0

(43,065)

(94,218)

1,623,310
1,623,310
0
1,508,465
17,617
1,490,848
114,845
21,569
6,272
15,297
17,825
33,480
31,541
62,893
24,049
0
0
103,780

328,078
0
(3,225)
272,473

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

0.28
2.41
9.71
1.41
1.20
95.92
1.00
0.16
0.29
0.28

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

13,466

15,929

27,217

21,987

35,942

41,479

913,542
716,613
196,929
60,141
18,609
8,923
9,686
13,668
30,586
29,411
11,337
15,981

1,148,892
1,056,011
92,881
76,343
15,207
4,762
10,445
14,706
47,575
46,335
15,137
2,077

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

4.44

4.19

3.97

4.09
1.39
1.16
-0.11
-4,118.73
313,186.15

4.92
1.33
1.24
-0.19
11,582.83
324,769.87

15.92
2.99
3.87
0.24
6.86
71.58

0.10
0.00
-0.57
57.19

1.47
0.00
1.84
46.76

1.23
0.00
2.14
49.02

Financial Statement Analysis of Non Financial Sector 2011

Shakarganj Food Ltd. (Al-Jadeed Textile Mills Ltd.)

2007

2008

2009

12,396

41,988
12,396
977
0

0
0
0
0

0
0
0
0

5,818
2,308
2,229
216
0
1,065
66,887
0
66,887
0

470
0
0
0
0
470
940
0
940
30,847

0
0
0
0
0
0
31,575
0
31,575
0

0
(48,673)
23,228
23,228
0
(71,901)

30,847
(31,317)
30,000
30,000
0
(61,317)

0
(31,575)
30,000
30,000
0
(61,575)

0
0
0
0
0
0
0
0
0
0
0
0
0
0
850
0
850
30,847
0
30,847
0
0
0
(31,697)
30,000
30,000
0
(61,697)
0
(61,697)
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
943
0
943
30,847
0
30,847
0
0
0
(31,790)
30,000
30,000
0
(61,790)
0
(61,790)
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0
49
0
49
0
0
0
0
0
0
(49)
30,000
30,000
0
(30,049)
0
(30,049)
0

5,986
5,986
0
1,911

0
0
0
0

0
0
0
0

4,075
9,489

0
201

0
258

0
0
0
0
0
0
0
93
0
93
0
0
0
(93)
0
0
0
0

0
0
0
0
0
0
0
96
0
96
0
0
0
31,742
0
0
0
30,847

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

F.Operation:

(4,844)
26
0
0

(201)
0
0
0

(258)
0
0
0

0
0
0
0
0
0
0
122
0
122
0
0
0
(122)
0
0
0
0

(48,673)
0
(4,870)
0

(470)
0
(201)
0

(31,575)
0
(258)
0

(850)
0
(122)
0

(943)
0
(93)
0

(49)
0
31,742
0

0.04
0.28
3.61
0.33
0.09
31.92
-1.37
-26.59
9.95
9.95

0.00

0.00

0.00

0.00

0.00

0.00
0.50

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

0.39
0.75

0.29
10.37

-199.39
-6,399.60

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

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

9,489

201

258

17

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

H.Key Performance Indicators

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

2.69

-80.92
0.00
-2.10
-20.95

239

Financial Statement Analysis of Non Financial Sector 2011

Shezan International Ltd.

2006

2007

2008

2009

232,678

256,787

292,922

407,700
232,678
25,619
0

451,226
256,787
33,787
0

515,372
292,922
36,219
0

310,979
4,105
551,529
295,665
39,271

769,204
76,694
582,412
42,565
11,050
56,483
406,713
77,206
329,507
43,762

863,560
108,186
610,903
59,749
0
84,722
467,888
39,066
428,822
27,047

1,015,133
84,042
689,438
74,892
9,915
156,846
566,926
23,388
543,538
4,429

43,762
551,407
50,000
50,000
0
501,407

27,047
625,412
50,000
50,000
0
575,412

4,429
736,700
60,000
60,000
0
676,700

2,182,570
2,138,331
44,239
1,622,131

2,634,365
2,574,276
60,089
1,949,316

3,020,443
2,961,277
59,166
2,243,314

560,439
383,675

685,049
427,694

777,129
519,746

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)
2010
2011

427,495
7,050
705,220
409,752
44,875
0
8,105
2,588
1,191,958
99,509
842,482
135,317
0
114,650
680,194
112,948
567,246
91,121
37,228
0
0
0
53,893
848,138
60,000
60,000
0
788,138
3,022
785,116
0

433,769
40,789
731,594
382,308
54,973
0
8,358
2,314
1,511,800
82,608
1,159,551
165,627
0
104,014
920,811
231,174
689,637
71,747
13,900
0
0
0
57,847
953,011
60,000
60,000
0
893,011
3,293
889,718
0

3,528,134
3,311,217
216,917
2,591,790
2,354,285
237,505
936,344
772,607
580,492
192,115
234,816
17,950
15,486
165,219
50,000
36,000
0
170,645

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
190,200
40,343
37,593
210,602
66,046
45,000
0
98,443

11,209
1,043,406
70,844
755,711
86,291

130,560
530,881
30,228
500,653
45,684

45,684
777,820
60,000
60,000

717,820

134,371

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

186,430
55,000
55,000
0

257,655
110,000
50,000
10,000

268,399
90,000
60,000
0

2,728,709
2,604,076
124,633
1,974,446
530,134
1,444,312
754,263
607,290
443,862
163,428
234,816
6,542
2,541
160,570
58,099
36,000
57,625
113,454

595,169
0
76,430
77,206

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
13,900
99,556
245,074

0.32
0.41
1.95
2.18
1.89
74.32
0.82
21.01
36.20
33.92
2.39
3.75

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

383,675

427,694

519,746

8,942

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)

240

8.54
0.00
26.29
110.28

9.78
0.00
29.53
125.08

8.89
0.00
29.73
122.78

Financial Statement Analysis of Non Financial Sector 2011

Unilever Pakistan Foods Ltd. (Rafhan Bestfoods Ltd.)

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

283,455

377,495

488,852

508,699
102,310
21,714
181,145

614,758
196,350
21,425
181,145

731,115
307,707
29,633
181,145

602,997
172,096
279,859
64,279
0
86,763
326,988
0
326,988
0

569,053
16,151
378,002
88,101
0
86,799
747,566
362,367
385,199
0

526,761
8,022
352,394
49,976
0
116,369
714,390
242,591
471,799
0

0
559,464
61,576
61,576
0
497,888

0
198,982
61,576
61,576
0
137,406

0
301,223
61,576
61,576
0
239,647

384,648
3,575
780,556
297,151
39,186
81,637
0
2,285
704,825
80,436
358,094
96,606
0
169,689
646,896
170,204
476,692
38,182
0
0
0
8,939
29,243
404,395
61,576
61,576

374,153
200
737,570
288,672
38,791
81,637
355
3,289
600,683
40,696
333,840
79,649
0
146,498
680,683
148,775
531,908
25,497
0
0
0
0
25,497
268,656
61,576
61,576
0
207,080
25,258
181,822
0

2,373,176
2,373,176
0
1,641,925

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

731,251
467,757

888,335
553,293

1,157,113
625,505

2,506,003
2,115,987
390,016
1,534,884
900,152
786,593
113,559
282,287
12,449
9,166
645,859
208,396
437,190
0
368,273

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
109,739
6,863
3,372
910,132
293,437
615,760
0
964,204

Items

342,819
25,258
317,561
0

730,854
27,154
1,100,287
593,548
39,186
81,637
0
28,515
1,036,314
93,212
593,162
188,563
0
161,377
1,171,104
94,526
1,076,578
104,529
0
0
0
17,519
87,010
491,535
61,576
61,576
0
429,959
25,258
404,701
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

290,116
76,300
215,516
0

346,074
118,925
572,657
0

530,311
152,750
221,674
0

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
252,199
22,517
20,854
241,656
64,864
0
48,941
351,377

559,464
0
(1,700)
0

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

0.72
0.18
2.71
2.68
1.84
69.19
0.58
35.63
52.77
52.77
0.99
8.48

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

467,757

553,293

625,505

4,345

8,710

22,233

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

H.Key Performance Indicators

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

241

12.22
0.00
34.72
90.86

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 2011

Unilever Pakistan Ltd.

2006

2007

2008

2009

2,154,393

3,525,672

4,435,581

4,078,081
2,137,350
287,039
17,043

5,873,999
3,513,499
372,971
12,173

6,964,584
4,428,278
453,671
7,303

4,275,453
585,860
2,156,472
174,722
95,202
1,263,197
4,589,558
200
4,589,358
0

4,558,504
188,682
2,726,064
239,313
95,202
1,309,243
6,041,939
440,830
5,601,109
52,932

6,950,837
106,789
4,261,770
228,763
95,202
2,258,313
9,079,720
3,264,845
5,814,875
77,327

5,773,444
173,571
7,420,413
4,563,048
496,867
357,556
200
679,069
5,698,648
278,644
3,649,070
506,357

0
1,840,288
664,694
664,694
0
1,175,594

52,932
1,989,305
664,694
664,694
0
1,324,611

77,327
2,229,371
669,477
664,694
4,783
1,559,894

26,536,773
26,536,773
0
18,658,571

29,854,807
29,854,807
0
20,771,722

39,057,172
39,057,172
0
28,121,492

7,878,202
5,519,695

9,083,085
6,635,476

10,935,680
7,785,376

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)
2010
2011

1,264,577
7,107,469
1,037,911
6,069,558
1,019,952

1,408,441
8,975,421
297,143
8,678,278
954,763
19,818
0
0
358,802
576,143
3,623,850
669,477
669,477
0
2,942,056
392,400
2,549,656
12,317

7,262,055
1,191,041
8,071,066
4,526,190
586,874
1,288,730
200
255,894
8,779,807
962,086
5,204,390
833,179
0
1,780,152
10,948,936
839,878
10,109,058
846,461
3,291
0
0
462,106
381,064
4,246,465
669,477
669,477
0
3,565,319
392,400
3,172,919
11,669

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
2,061,532
189,657
132,631
4,796,651
1,512,820
3,293,827
0
6,172,170

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
2,556,755
224,722
44,087
5,943,067
1,830,965
4,110,589
0
4,653,923

4,578,613
19,818
(9,996)
316,961

5,092,926
3,291
1,513
843,169

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
307.11
317.15

327,060
692,892
3,344,671
669,477
669,477

2,662,229

12,965

5,979,141
308,981
7,918,431
4,588,190
553,006
821,086
200
260,684
7,574,893
1,762,650
3,881,007
522,795

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

38,187,582
38,187,582

2,434,046
860,016
1,622,000
0

2,544,617
727,918
1,646,913
0

2,937,217
863,347
1,635,147
0

24,852,625
20,593,398
4,259,227
13,334,957
8,583,957
7,179,694
1,404,263
1,872,013
427,708
229,009
4,515,605
1,459,865
306,620
392,348
5,212,666

1,840,288
0
(47,970)
200

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

0.19
0.24
0.66
4.13
0.93
70.31
2.49
39.78
125.88
125.23
0.97
12.31

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

5,519,695

6,635,476

7,785,376

63,946

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)

242

9.17
0.00
23.68
27.69

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 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

103,390

141,901

136,324

182,668

141,100
103,390
5,578
0

170,611
141,901
5,039
0

168,154
136,324
4,498
0

166,059
132,298
4,254

212,826
14,238
43,287
41,367
50,000
63,934
230,662
150,451
80,211
39,677

232,400
12,867
104,905
37,236
50,000
27,392
354,826
175,161
179,665
17,940

299,898
10,451
176,295
33,093
50,000
30,059
475,790
122,315
353,475
0

50,000
370
256,141
65,832
131,463
11,167

39,677
45,877
76,057
76,057
0
(30,180)

17,940
1,535
79,860
79,860
0
(78,325)

0
(39,568)
79,860
79,860
0
(119,428)

135,399
1,342
348,652
89,601
144,642
83,754
0
30,655
408,513
83,354
325,159
30,638
0
0
0
1,877
28,761
198,630
79,860
79,860

1,150,464
1,150,464
0
976,044

885,114
885,114
0
796,141

922,010
922,010
0
818,217

174,420
176,558

88,973
143,377

103,793
87,926

Items

41,421
345,646
(304,225)
118,247

(100,826)
360,646
(461,472)
219,596

279,316
0
175,843
147,947
3,972
0
130,500
869
677,487
28,149
573,689
20,152
0
55,497
792,202
183,304
608,898
26,732
0
0
0
870
25,862
137,869
79,860
79,860
0
(159,387)
345,646
(505,033)
217,396

897,774
897,774

0
0
0
0
0
0
0
10,195
0
10,195
0
66,815
20,961
(75,177)
0
0
0
48,227

797,148
797,148
0
658,456
638,846
19,610
138,692
57,789
36,214
21,575
1,455
70,045
64,470
15,684
7,994
0
0
(144,286)

47,679
190,254
101,382
88,872
9,027

9,027
239,528
79,860
79,860

289,129
0
177,168
152,388
3,967

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

(25,027)
10,396
0
0

(62,764)
4,504
3,993
0

(37,610)
4,698
0
0

841,249
658,978
182,271
56,525
109,987
68,629
41,358
50,393
44,668
926
(57,021)
1,117
0
11,778
(124,430)

85,554
0
(35,423)
150,451

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

0.46
2.15
3.60
3.64
0.92
84.84
5.89
-7.35
-43.26
-24.03

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

176,558

143,377

87,926

24,699

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)

26.58

243

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

-2.18
0.00
-4.66
6.03

-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.

Financial Statement Analysis of Non Financial Sector 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

71,819,647

82,883,488

107,679,493

119,291,767
69,915,245
5,836,364
1,904,402

148,975,273
80,841,721
6,129,803
2,041,767

177,716,269
105,619,375
6,776,939
2,060,118

96,769,788
20,871,730
18,357,462
8,275,105
26,589,626
22,675,865
76,078,336
28,968,779
47,109,557
9,220,472

130,375,717
18,366,897
19,999,682
13,457,038
55,419,315
23,132,785
77,403,737
20,842,526
56,561,211
34,157,037

146,793,388
19,418,482
28,446,954
10,172,191
49,775,394
38,980,367
103,838,944
30,868,503
72,970,441
40,298,356

404,040,260
151,593,553
345,698,615
206,340,112
14,959,415
6,658,705
32,837,518
6,610,372
181,583,247
51,742,380
40,813,825
22,694,281
22,679,322
43,653,439
174,827,027
49,555,531
125,271,496
208,089,599
161,540,340
8,928,669

1,408,633

13,069,395

12,879,902

7,811,839
83,290,627
39,943,911
39,943,911
0
43,346,716

21,087,642
101,698,431
40,704,617
40,704,617
0
60,993,814

27,418,454
110,335,581
42,072,022
42,072,022
0
68,263,559

313,374,014
130,764,852
195,625,201
129,257,161
8,805,988
5,551,835
45,784,912
2,015,253
138,381,782
43,904,639
27,966,341
16,896,230
20,717,880
28,896,691
110,939,615
39,583,316
71,356,299
174,657,127
119,966,504
17,727,316
10,137,858
1,353,172
25,472,277
166,159,054
73,723,547
73,723,547
0
87,521,988
21,704,237
65,817,751
4,913,520

966,690
36,653,900
202,706,881
86,767,108
82,767,108
4,000,000
104,393,667
27,284,358
77,421,535
11,546,106

661,377
41,053,790
236,585,183
93,341,785
89,341,785
4,000,000
131,146,129
28,385,800
102,941,060
12,097,269

198,891,224
194,257,175
4,634,049
151,305,404

217,797,896
216,179,445
1,618,451
163,839,624

255,485,929
252,752,148
2,733,781
176,669,468

47,585,820
20,371,641

53,958,272
22,725,914

78,816,461
26,727,743

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
27,280,164
15,476,691
13,664,988
62,291,408
21,146,649
23,400,331
6,433,900
51,537,539

543,797,417
527,118,245
16,679,172
377,028,548
248,852,418
128,176,130
166,768,869
56,018,939
33,807,622
22,211,317
31,759,790
26,382,267
22,313,119
100,524,289
32,539,098
37,873,647
5,775,428
81,232,248

410,796,480
161,540,340
17,744,428
211,095,871

436,773,738
154,491,140
30,111,544
207,795,613

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
4.85
4.36
0.83
1.03
69.33
1.76
16.25
45.77
23.72
1.80
9.55
5.51
18.49
0.20
7.44
25.88

Items

430,389,266
37,998,953
504,450,036
338,632,457
19,268,322
6,522,004
38,106,420
9,129,432
221,477,940
37,864,788
56,922,469
23,720,330
51,001,508
51,968,845
215,093,468
53,304,473
161,788,995
200,188,555
154,491,140
3,982,248

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

30,159,021
6,403,968
12,223,720
632,716

40,925,058
6,992,715
12,206,516
601,374

50,257,060
10,589,828
15,101,501
205,832

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
17,756,372
12,970,450
11,774,014
44,063,457
14,636,477
20,210,085
1,164,755
72,991,534

92,511,099
1,408,633
11,531,333
30,377,412

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

0.73
2.36
4.16
1.18
1.27
76.07
1.02
18.86
37.85
33.57
1.94
10.83

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

20,371,641

22,725,914

26,727,743

4,693,235

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)

246

15.16
0.00
5.97
20.92

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

Growth with Composition of Assets & Liabilities

500

20%

18.7%

18.0%

14.3% 15%

Billion Rs

400

10%

300

6.1%

5%

200

0%

100

-3.9%

-5%

-10%
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010

2011

600

38.0%

Billion Rs

500

Growth
40%

31.8%

35%
30%

400

25%
21.2%

300

20%
15%

200

10%
100

5%

0%
Sales

Gross Profit

Key Performance Indicators

45.77
2010

33.77

16.25
12.01

18.49

20

2011
23.72
16.58

10

2011

7.44
4.85

5
1.041.03
Return on
Return on
Assets
Return on
Equity
Capital
Employed

2010

14.54
15
Percentage

Percentage

Profitability/Efficiency Ratios
50
45
40
35
30
25
20
15
10
5
0

Net Profit Before Tax

1.89 1.76

0
Current
Ratio

247

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

1,437,023

1,516,821

1,560,835

2,761,341
1,437,023
159,718
0

3,001,118
1,516,821
185,830
0

3,223,208
1,560,835
203,002
0

1,933,748
392,954
3,469,184
1,484,642
256,102

3,598,402
1,608,841
1,256,141
208,742
0
524,678
793,539
0
793,539
0

3,164,547
496,118
1,363,508
128,817
0
1,176,104
992,095
0
992,095
0

3,455,054
1,051,489
1,696,200
139,004
0
568,361
1,447,377
0
1,447,377
0

0
4,241,886
979,003
979,003
0
3,262,883

0
3,689,273
979,003
979,003
0
2,710,270

0
3,568,512
979,003
979,003
0
2,589,509

1,705,391
159,886
330,252
1,502,899
206,300
0
0
42,606
3,259,185
770,784
1,675,000
234,185
0
579,216
1,606,489
0
1,606,489
119,627
0
0
0
0
119,627
3,238,460
979,003
979,003
0
2,259,457
173,853
2,085,604
0

6,103,803
5,939,774
164,029
3,625,175

6,838,601
6,665,534
173,067
4,104,715

7,377,635
7,219,468
158,167
5,279,982

2,478,628
1,143,720

2,733,886
1,135,050

2,097,653
1,655,672

Items

56,152
3,856,673
819,087
2,069,633
263,267

2,429,566
420,313
3,987,748
1,877,749
269,855
76,055

55,449
4,975,763
1,453,327
2,316,562
411,813

704,686
1,762,700

794,061
2,053,927

1,762,700
115,182

2,053,927
165,219

115,182
3,912,539
979,003
979,003

165,219
5,186,183
979,003
979,003

2,933,536
197,167
2,736,369

4,207,180
223,247
3,983,933

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
1,561,094
3,530

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
1,676,813
3,216

917,503

1,772,876
5,351,402
0
1,133,827
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,439,970
417,523
293,701
195,801

1,769,028
464,586
1,762,205
0

544,822
204,135
489,502
0

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
1,309,953
2,525
0
875,978
241,173
1,174,804
0
1,074,757

4,241,886
0
728,746
0

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

2.29
0.06
3.42
1.21
4.53
59.39
0.19
31.43
37.31
37.31
3.48
4.86

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

1,143,720

1,135,050

1,655,672

3,660

3,202

2,704

1,741,257
535,904
489,502

2,374,826
653,597
587,402

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.91
0.02
3.18
1.75
2.42
63.96
0.43
35.99
52.20
50.64
2.93
5.59

23.59
0.00
10.44
43.33

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

21,262,287
4,287,584
20,444,723
14,361,612
411,320
2,567,311
0
45,780
5,873,762
293,485
2,289,563
780,726
0
2,509,988
4,346,627
2,010,103
2,336,523
15,031,991
2,027,835
31,135
10,137,858
0
2,835,163
7,757,432
3,924,300
3,924,300
0
3,833,132
0
3,833,132
0

36,495,016
8,088,034
32,358,809
25,790,552
499,328
2,567,311

5,087,566
340,000
4,747,566
4,263,591

5,296,083
340,000
4,956,083
4,105,671

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
498,280
2,698,073
2,651,045
1,908,122
0
0
0
(560,155)

12,854,551
12,854,551

5,149,162
5,149,162

39,634,087
11,829,232
31,070,071
24,479,320
639,080
2,567,311

49,119
4,448,628
86,497
413,608
311,346

758,224
4,123,307
120,863
395,045
68,802

3,637,177
12,535,929
4,787,719
7,748,210
15,132,258
2,643,985
31,135

3,538,597
11,049,116
3,169,436
7,879,680
19,382,224
6,576,509
31,135

14,073
12,443,065
13,275,457
3,924,300
3,924,300

20,373
12,754,207
13,326,054
3,924,300
3,924,300

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

9,696,606
1,930,381
7,766,225
3,157,945
642,393
383,343
259,050
641,940
2,429,031
2,314,427
267,959
64,273

3,705,748
1,754,727
1,951,021
1,443,414
527,447
244,512
282,935
732,218
1,947,011
1,898,020
(996,893)
51,786

4,959,937

3,484,142

22,789,423
12,165,693
1,908,122
14,175,797

28,407,715
2,643,985
203,686
7,431,704

32,708,278
6,576,509
(1,048,679)
9,745,945

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
2.28
-2.35
-7.50
-3.26

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.68
1.72
14.68
-0.03
4.86
19.77

31.08
1.12
2.08
0.18
0.52
33.83

13.03
0.47
-19.36
0.11
-2.67
33.96

Financial Statement Analysis of Non Financial Sector 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

172,422

183,837

186,609

248,621
172,422
3,851
0

262,397
183,837
3,421
0

268,185
186,609
3,029
0

16,069
568
868
7,896
0
6,737
94,777
64,837
29,940
45,083

13,766
914
922
7,309
0
4,621
91,398
16,175
75,223
69,763

17,683
1,602
1,098
8,116
0
6,867
131,157
63,033
68,124
41,598

45,083
48,631
48,718
48,718
0
(87)

69,763
36,442
48,718
48,718
0
(12,276)

41,598
31,537
68,205
68,205
0
(36,668)

186,150
0
268,055
182,695
4,002
0
0
3,454
18,879
658
1,500
9,533
0
7,187
133,412
79,902
53,509
49,453
13,137
11,500
0
0
24,816
22,164
68,205
68,205
0
(46,041)
0
(46,041)
0

222,810

4,578
20,892

14,138
20,310

61,796
61,796
0
64,548

77,180
77,180
0
71,859

81,217
81,217
0
73,952

209,508
209,508

195,248
195,248

(2,752)
14,091

5,321
14,946

7,265
15,724

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

207,701

295,694
208,774
7,172

296,852
201,919
8,068

14,036
27,107
192
3,258
12,996

5,782
18,555
258
2,781
9,082

10,661
81,597
42,018
39,579
74,645

6,434
50,044
28,308
21,736
66,739

74,645
93,675
68,205
68,205

66,739
109,473
75,025
75,025

4,578

14,138

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(11,885)
275
0
0

(11,845)
355
0
0

(24,062)
348
0
0

99,445
99,445
0
75,171
13,908
61,264
24,273
16,115
4,485
11,631
15,611
17,856
17,080
(9,372)
1
0
0
7,811

93,714
0
(12,160)
64,837

106,205
0
(12,200)
16,175

73,135
0
(24,410)
63,033

0.09
3.44
12.78
0.33
0.17
104.45
2.88
-6.81
-26.60
-12.95

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

14,091

14,946

15,724

2,126

3,647

16,166

161,321
74,559
86,762
48,187
25,568
5,656
19,912
22,891
(12,154)
11,336
35,069
1,051
3,410

146,532
61,437
85,095
48,716
23,628
5,284
18,344
19,214
3,474
9,559
22,196
2,040

19,580

17,326

71,617
13,137
(9,373)
93,039

168,320
0
30,608
42,018

176,212
0
20,156
28,308

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
0.33
77.00
1.67
15.42
60.55
29.23
9.98
64.31
4.09
16.74
0.13
4.99
13.73

0.19
1.78
4.65
0.86
0.37
75.05
1.07
9.32
21.85
12.88

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

71.19

83.71

73.97

66.28
0.45
-9.42
0.04
-1.37
3.25

-19.23
0.00
-2.50
9.98

-15.35
0.00
-2.50
7.48

-29.63
0.00
-3.58
4.62

70.21
3.32
11.37
0.15
2.69
14.59

Financial Statement Analysis of Non Financial Sector 2011

Berger Paints Pakistan Ltd.

2006

2007

2008

2009

560,800

625,723

666,797

665,862
560,800
26,470
0

752,384
625,723
29,693
0

698,857
614,447
38,718
52,350

1,194,276
144,483
454,436
479,390
17,947
98,020
1,207,119
598,647
608,472
0

1,474,346
143,167
570,944
599,782
13,849
146,604
1,541,339
783,194
758,145
0

2,249,445
192,281
873,297
569,402
13,849
600,616
2,349,519
1,316,511
1,033,008
116,666

1,211,420
0
1,143,094
1,055,344
50,183
40,750
4,179
111,147
2,047,777
179,159
1,011,893
585,602
0
271,123
2,467,755
1,514,263
953,492
50,000
50,000
0
0
0
0
741,442
81,864
81,864
0
132,928
70,494
62,434
526,650

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

0
547,957
57,813
57,813
0
490,144

0
558,730
69,376
69,376
0
489,354

116,666
450,057
81,864
81,864
0
368,193

2,999,718
2,933,593
66,125
2,240,113

3,620,512
3,535,963
84,549
2,839,214

3,988,363
3,901,646
86,717
3,345,206

759,605
586,546

781,298
608,412

643,157
762,136

(Thousand Rupees)
2010
2011
889,907

927,109

798,013
724,211
63,951

846,042
705,825
71,164

165,696
2,133,934
289,244
966,347
620,934

221,284
2,264,801
265,672
1,104,021
668,489

257,409
2,321,981
1,253,553
1,068,428
4,023

226,619
2,331,716
974,979
1,356,737
233,732
220,000

4,023
697,837
181,864
181,864

13,732
626,462
181,864
181,864

305,630
72,278
233,352
210,343

246,601
71,728
174,873
197,997

3,388,646
3,261,554
127,092
2,588,758
2,278,400
310,358
799,888
793,748
613,993
179,755
222,183
252,413
240,269
(122,369)
19,375

3,590,813
3,442,249
148,564
2,840,510
2,558,470
282,040
750,303
677,630
530,048
147,582
221,378
217,759
210,708
(73,842)
36,855

49,645

31,108

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

156,342
52,800
40,469
11,563

120,463
28,535
17,344
0

(231,379)
20,231
0
0

3,624,268
3,529,810
94,458
2,765,702
2,626,526
139,176
858,566
824,144
606,045
218,099
228,965
254,009
248,138
38,036
5,430
0
0
(18,518)

547,957
0
63,073
598,647

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

860,194
220,000
(110,697)
1,194,979

0.53
1.89
15.98
1.71
0.99
74.68
2.20
9.97
30.00
30.00
2.56
6.60

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

0.40
6.06
18.62
1.12
0.97
79.10
4.10
-2.38
-11.15
-9.45

586,546

608,412

762,136

56,629

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)

251

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
0.65
-2.06
0.01
-6.09
34.45

5.21
0.00
17.91
94.78

3.33
0.00
13.25
80.54

-5.80
0.00
-30.74
54.98

Financial Statement Analysis of Non Financial Sector 2011

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

281,216

301,552

282,359

310,560
281,216
25,020
0

355,482
301,552
25,536
0

357,428
282,359
21,138
0

273,643
406
273,100
161,252
18,459

268,014
1,360
265,807
152,062
17,429

102,796
7,733
30,869
0
0
64,194
69,601
14,675
54,926
19,022

163,105
28,695
44,061
57,451
0
32,898
89,722
15,002
74,720
6,251

204,947
35,920
59,807
64,736
0
44,484
90,203
3,532
86,671
2,810

111,985
307,967
51,713
106,413
35,713

114,592
407,922
33,668
113,374
101,795

19,022
295,389
200,000
200,000
0
95,389

6,251
368,684
200,000
200,000
0
168,684

2,810
394,293
200,000
200,000
0
194,293

276,279
0
370,481
275,756
19,982
0
0
523
247,064
70,014
70,147
61,008
0
45,895
48,586
2,837
45,749
36,002
0
0
0
795
35,207
438,755
200,000
200,000
0
180,261
0
180,261
58,494

206,054
67,018

237,515
63,910

400,142
400,142
0
302,294

529,969
529,969
0
389,043

560,821
560,821
0
420,544

97,848
22,118

140,926
33,028

140,277
31,250

588,495
392,634
195,861
396,688
313,541
83,147
191,807
47,910
7,412
40,498
45,794
2,276
742
148,535
37,337
90,000

870,365
587,470
282,895
581,674
445,250
136,424
288,691
59,149
8,097
51,052
60,238
3,247
1,771
236,600
61,424
155,000

137,392

129,262

Items

114,128
72,116
72,116
36,422

159,085
140,062
42,666
97,396
34,449

36,422
473,072
200,000
200,000

34,449
501,425
200,000
200,000

206,054

237,515

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

66,921
0
0
0

104,994
0
50,000
0

105,844
5,688
20,000
0

581,982
370,708
211,274
396,009
320,133
75,876
185,973
40,533
5,773
34,760
38,927
3,735
2,504
148,776
36,253
80,000
0
120,058

314,411
0
66,921
14,675

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

0.11
2.28
0.00
1.04
1.48
75.55
0.30
17.53
25.72
21.81

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

22,118

33,028

31,250

9,104

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)

12.96

252

16.72
0.00
3.35
14.77

19.81
0.00
5.25
18.43

18.87
0.00
5.01
19.71

Financial Statement Analysis of Non Financial Sector 2011

Buxly Paints Ltd.

2006

2007

2008

2009

21,091

19,077

16,496

27,481
21,091
2,077
0

27,304
19,077
2,705
0

27,470
16,496
2,221
0

141,781
20,268
76,398
290
0
44,825
130,137
12,023
118,114
692

116,146
20,247
27,201
59,030
0
9,668
110,292
9,225
101,067
767

95,847
14,737
19,246
46,806
0
15,058
82,238
30,152
52,086
429

692
32,043
14,400
14,400
0
17,643

767
24,164
14,400
14,400
0
9,764

429
29,676
14,400
14,400
0
15,276

2,944
0
5,533
2,644
2,158
0
0
300
83,918
4,572
15,973
49,392
0
13,981
72,317
32,963
39,354
192
192
0
0
0
0
14,353
14,400
14,400
0
(47)
0
(47)
0

376,156
376,156
0
292,791

137,661
137,661
0
104,462

164,089
164,089
0
138,238

83,365
96,443

33,199
29,181

25,851
22,581

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)
2010
2011
2,826

2,707

4,606
2,080
230

4,265
1,879
93

746
83,825
5,537
14,254
40,545

828
75,397
3,970
18,988
29,859

23,489
75,307
43,780
31,527
0

22,580
73,462
2,822
70,640
0

0
11,344
14,400
14,400

0
4,642
14,400
14,400

(3,056)

(9,758)

(3,056)

(9,758)

96,036
96,036

81,038
81,038

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(12,999)
1,531
0
0

4,098
576
0
0

6,679
0
1,440
0

96,786
96,786
0
67,712
62,009
5,703
29,074
34,742
10,417
24,325
13,103
7,152
6,612
(6,856)
0
0
0
(12,234)

32,735
0
(14,530)
12,023

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

0.16
0.44
0.08
2.31
1.09
77.84
4.08
-8.22
-33.55
-33.15

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

96,443

29,181

22,581

1,637

2,571

2,834

79,591
75,716
3,875
16,445
32,164
11,171
20,993
9,550
6,045
5,641
(2,099)
910

68,255
63,912
4,343
12,783
17,819
9,466
8,353
9,232
1,946
1,767
(5,892)
810

(10,309)

39,240

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

4.92

5.06

-3.46
0.00
-10.09
22.25

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
0.53
-4.65
3.22

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

600,980

851,456

989,326

1,577,875
600,980
86,790
0

1,905,560
851,456
81,876
0

2,139,689
989,326
103,583
0

1,026,471
117,730
2,180,595
883,612
141,938

1,192,979
225,553
2,356,328
937,607
155,520

2,996,237
244,214
1,170,443
1,231,429
0
350,151
1,574,491
763,457
811,034
700,000

3,404,783
209,729
1,307,084
1,457,059
0
430,911
2,241,608
1,095,025
1,146,583
500,000

3,737,164
259,117
1,509,283
1,604,921
0
363,843
2,369,165
1,560,823
808,342
433,333

25,129
4,335,575
402,830
1,606,557
1,451,338

29,819
4,219,914
486,828
1,374,589
1,393,752

997,116
45,890
2,144,852
920,298
134,773
0
0
30,928
3,976,465
379,796
1,359,496
1,778,557
0
458,616
2,397,151
1,143,458
1,253,693
339,544
266,666
0
0
0
72,878
2,236,886
272,943
272,943
0
1,963,943
0
1,963,943
0

Items

700,000
1,322,726
218,355
218,355
0
1,104,371

500,000
1,514,631
218,355
218,355
0
1,296,276

433,333
1,923,992
272,943
272,943
0
1,651,049

5,582,103
5,542,734
39,369
4,595,458

6,335,091
6,259,192
75,899
5,000,073

7,723,125
7,423,629
299,496
5,921,260

986,645
201,537

1,335,018
505,356

1,801,865
612,172

874,850
2,291,177
490,104
1,801,073
412,462
333,333

964,745
1,991,571
515,982
1,475,589
353,135
266,666

79,129
2,658,407
272,943
272,943

86,469
3,068,187
341,179
341,179

2,385,464

2,727,008

2,385,464

2,727,008

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
600,315
196,987
180,399
983,529
244,578
368,473
68,236
791,485

8,371,140
7,716,628
654,512
6,301,740
4,690,405
1,611,335
2,069,400
838,230
575,302
262,928
631,679
245,163
181,986
1,040,888
285,295
614,122

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

652,872
248,210
272,944
0

664,736
195,577
218,355
54,589

739,776
197,778
272,943
0

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
600,660
302,944
229,412
831,031
256,010
341,179
0
1,087,306

2,022,726
0
131,718
763,457

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
141,471
782,648

0.94
3.33
22.06
1.55
1.90
82.32
1.72
18.59
54.20
36.18
1.48
4.77

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
2.93
16.65
1.55
2.12
75.28
0.76
19.32
36.35
32.07
1.23
6.09
6.72
12.43
0.46
22.15
89.93

201,537

505,356

612,172

186,071

201,534

494,340

1,075,076

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

11.70
0.00
18.53
60.58

10.49
0.00
21.49
69.37

9.58
0.00
19.86
70.49

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

762,481

882,237

977,955

1,133,357
739,281
77,136
23,200

1,343,998
864,837
87,145
17,400

1,523,687
966,355
104,666
11,600

1,928,870
555,047
2,080,805
1,318,071
127,345
32,155

1,349,010
390,638
614,349
105,782
161,367
76,874
803,325
54,637
748,688
9,210

1,768,288
420,696
777,851
144,263
0
425,478
937,790
191,481
746,309
5,625

2,160,369
592,937
1,006,364
177,983
180,201
202,884
993,655
47,445
946,210
3,125

9,210
1,298,956
122,303
122,303
0
1,176,653

5,625
1,707,110
152,879
152,879
0
1,554,231

3,125
2,141,544
191,098
191,098
0
1,950,446

1,235,265
143,778
1,668,694
1,024,478
132,713
42,074
0
24,935
2,705,155
1,024,666
1,128,432
339,490
0
212,567
1,072,926
2,500
1,070,426
167,283
625
0
0
0
166,658
2,700,211
238,873
238,873
0
2,461,338
13,456
2,447,882
0

6,286,355
6,286,355
0
4,671,145

7,445,820
7,445,820
0
5,566,142

8,976,538
8,976,538
0
6,879,738

1,615,210
867,270

1,879,678
1,029,683

2,096,800
1,129,825

Items

2,722,268
592,640
3,016,502
2,088,144
178,645
18,775

23,597
2,877,700
1,088,021
1,322,237
316,779

22,709
3,687,865
618,843
2,370,938
321,073

150,663
1,011,144

377,011
1,668,040

1,011,144
218,280

1,668,040
368,418

218,280
3,577,146
274,704
274,704

368,418
4,373,675
315,909
315,909

3,302,442
13,456
3,288,986

4,057,766
13,456
4,044,310

11,529,310
11,529,310

14,150,420
14,150,420

7,699,401
5,589,125
2,110,276
3,829,909
2,144,325
1,846,098
298,227
547,525
11,036
1,590
1,764,192
560,800
370,850
41,206
1,106,491

9,989,856
7,651,388
2,338,468
4,160,564
2,437,023
2,115,193
321,830
637,883
11,933
629
1,784,181
472,892
442,273
47,386
830,734

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

769,333
263,079
195,685
30,576

896,605
283,000
244,606
38,220

1,021,009
300,600
191,098
47,775

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
489,562
48,867
41,794
1,146,105
388,313
274,704
35,831
819,289

1,308,166
0
310,569
54,637

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

0.82
0.21
1.68
2.98
1.68
74.31
0.63
42.16
68.14
66.29
2.59
10.23

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

867,270

1,029,683

1,129,825

13,309

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)

255

12.24
0.00
41.39
106.21

12.04
0.00
40.14
111.66

11.37
0.00
37.70
112.07

Financial Statement Analysis of Non Financial Sector 2011

Data Agro Ltd.

2006

2007

2008

2009

78,318

71,191

64,281

165,174
78,318
8,743
0

165,923
71,191
7,876
0

71,329
64,281
7,048
0

24,275
1,325
7,305
6,027
0
9,618
52,530
252
52,278
588

32,074
2,752
15,954
6,654
0
6,714
12,791
279
12,512
40,696

39,358
2,031
9,667
14,579
0
13,081
52,038
0
52,038
0

588
49,475
40,000
40,000
0
9,475

40,696
49,778
40,000
40,000
0
9,778

0
51,601
40,000
40,000
0
11,601

58,064
0
166,154
58,064
6,310
0
0
0
46,731
6,885
12,182
17,356
0
10,307
4,044
0
4,044
50,357
0
40,379
0
1,874
8,104
50,394
40,000
40,000
0
(14,605)
0
(14,605)
24,999

29,865
29,865
0
25,706

29,221
29,221
0
22,466

58,896
58,896
0
51,594

4,159
5,686

6,755
6,167

7,302
7,143

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)
2010
2011
52,952

49,988

166,813
52,952
5,771

169,538
49,988
5,689

0
54,616
4,393
20,630
16,440

0
59,534
3,041
24,256
16,530

13,153
5,172

15,707
6,922

5,172
51,607

6,922
51,723

40,379

40,379

11,228
50,789
40,000
40,000

11,344
50,877
40,000
40,000

(11,799)

(9,541)

(11,799)
22,588

(9,541)
20,418

58,815
58,815

70,896
70,896

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(1,542)
147
0
0

688
145
0
0

471
289
0
0

51,466
51,466
0
43,702
25,475
18,227
7,764
7,717
3,063
4,654
7,710
322
0
119
0
0
0
5,264

50,063
0
(1,689)
252

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

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

5,686

6,167

7,143

163

162

172

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

392

624

1,193
294

(824)
709

(1,833)

114

G.Miscellaneous
1.Total capital employed (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
0.55
20.18
0.29
0.46
86.07
1.07
-1.84
-4.43
-4.34

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.74
0.55
22.77
0.28
2.51
76.88
1.07
0.67
1.39
0.98

0.32
0.29
24.75
0.57
0.76
87.60
1.01
0.46
0.93
0.66

4.09

1.83

6.09

4.22

2.85

2.92

-5.16
0.00
-0.42
12.37

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

Financial Statement Analysis of Non Financial Sector 2011

Dawood Hercules Chemicals Ltd.

2006

2007

2008

2009

1,347,374

1,374,029

1,396,334

3,335,259
1,347,374
81,426
0

3,462,669
1,374,029
121,310
0

2,156,195
1,396,334
140,572
0

14,815,317
56,295
237,295
2,503
13,447,765
1,071,459
6,889,547
5,924,515
965,032
0

27,848,674
1,097,824
867,511
4,742
24,492,479
1,386,118
3,833,371
2,281,428
1,551,943
6,500,000

24,233,806
933,938
89,568
8,821
21,439,053
1,762,426
8,247,484
70,139
8,177,345
0

23,620,706
734,409
3,709,887
1,340,588
149,784
0
21,543,286
2,423
5,986,702
278,145
83,285
10,028
3,399,314
2,215,930
2,983,100
1,196,603
1,786,497
6,741,595
6,302,500
0
0
44,595
394,500
19,882,713
1,093,834
1,093,834
0
18,788,879
3,985
18,784,894
0

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

0
9,273,144
828,662
828,662
0
8,444,482

6,500,000
18,889,332
828,662
828,662
0
18,060,670

0
17,382,656
1,093,834
1,093,834
0
16,288,822

4,333,921
4,333,921
0
3,022,417

5,543,477
5,543,477
0
3,681,026

7,665,206
7,665,206
0
4,548,966

1,311,504
306,637

1,862,451
365,251

3,116,240
573,781

(Thousand Rupees)
2010
2011
24,664,680
366,514
4,420,230
1,871,708
207,508

26,820,470
23,619
4,823,924
2,093,015
193,847

22,424,778
1,680
5,690,322
1,250,263
216,117
2,131
2,439,931
1,781,880
2,319,925
45,725
2,274,200
5,675,498
5,042,000

24,701,636
2,200
5,145,401
730,748
151,267
2,686
2,951,088
1,309,612
1,115,639

51,590
581,908
22,359,579
1,203,217
1,203,217

53,059
869,117
25,128,056
4,812,871
4,812,871

1,115,639
5,722,176
4,800,000

21,156,362
135,765
21,332,823

20,315,185

8,715,711
8,715,711

6,309,624
6,309,624

5,214,376
1,581,249
3,633,127
3,501,335
817,980
267,724
550,256
880,894
909,596
909,596
4,191,192
686,000
601,609
3,609,651
1,463,390

4,043,873
679,015
3,364,858
2,265,751
1,154,412
67,291
1,087,121
807,862
810,829
810,812
3,631,667
466,000
481,287

20,495,916

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

2,589,584
104,000
0
0

11,126,066
529,000
248,599
0

2,050,288
693,000
273,458
109,383

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
888,469
984,747
984,486
(213,477)
858,000
437,534
109,383
1,260,397

9,273,144
0
2,485,584
5,924,515

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

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

3.30
12.85
0.04
0.20
4.61
64.09
0.27
11.65
15.30
12.33
6.58
41.71
5.48
57.56
0.10
6.58
52.21

306,637

365,251

573,781

555,469

755,841

901,451

701,270

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

H.Key Performance Indicators

1.96
12.82
0.06
0.27
2.15
69.74
0.74
17.89
27.72
27.72

1.Acid test or quick ratio[(B1+B3+B4) to C]

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

18.26

257

59.75
0.00
30.00
111.91

200.71
0.00
127.88
227.95

26.75
0.00
12.41
158.91

Financial Statement Analysis of Non Financial Sector 2011

Descon Chemicals (Pvt) Ltd. (Nimir Resins Ltd.)

2007

2008

2009

93,842

126,933

122,497

229,895
92,366
7,969
1,476

261,634
126,933
7,418
0

263,708
122,497
7,011
0

159,835
1,197
46,981
94,290
0
17,367
151,875
77,000
74,875
78,115

268,800
3,052
106,149
141,070
0
18,529
252,970
156,722
96,248
70,305

404,072
1,488
155,275
203,690
0
43,619
283,825
156,240
127,585
62,495

726,932
2,034
934,943
623,197
41,978
41,587
58,205
1,909
1,272,239
41,210
532,048
486,175

851,002
61,831
828,563
646,433
42,922
0
88,660
54,078
1,025,911
28,044
386,825
478,767
0
132,275
1,071,483
845,252
226,231
144,225
128,185
0
0
16,040
0
661,205
315,670
315,670
0
306,640
0
306,640
38,894

(531,642)
38,765

(550,718)
38,643

2,383,950
2,377,398
6,552
2,072,600
1,890,013
182,587
311,350
190,416
73,689
116,727
128,631
159,606
157,075
(53,183)
11,886

2,601,734
2,598,910
2,824
2,284,047
2,089,885
194,162
317,687
202,202
83,020
119,182
110,703
159,160
156,939
1,222
25,989

(160,914)

188,337

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

78,115
23,687
315,670
315,670
0
(291,983)

70,305
72,458
315,670
315,670
0
(243,212)

62,495
180,249
315,670
315,670
0
(135,421)

580,125
580,125
0
548,347

752,041
752,041
0
699,503

1,221,430
1,221,430
0
1,086,614

31,778
49,342

52,538
13,881

134,816
30,037

702,040
163
935,545
580,980
49,441
36,966
83,173
758
1,068,960
47,128
416,375
439,262

212,806
1,336,317
949,647
386,670
157,942

166,195
1,195,380
803,513
391,867
89,906
33,500

16,768
141,174
504,912
997,789
997,789

21,093
35,313
485,714
997,789
997,789

(531,642)

(550,718)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(34,816)
2,539
0
0

11,254
3,291
0
0

91,784
5,319
157,835
0

2,769,953
2,736,971
32,982
2,551,882
2,344,347
207,535
218,071
195,905
80,928
114,977
141,365
186,705
182,994
(164,924)
95,708
0
0
135,819

101,802
0
(37,355)
77,000

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

0.63
3.32
16.25
2.29
1.05
94.52
9.71
-12.75
-81.47
-28.81

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
87.79
2.65
0.06
0.25
0.20

49,342

13,881

30,037

19,233

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)

258

12.35

7.08

-6.00
0.00
-1.18
0.75

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,501,195

2,736,546
51,186
2,615,780
2,561,241
53,433
83,329
0
40,789
333,259
3,289
56,069
1,228
0
272,673
755,832
259,320
496,512
1,469,818
1,469,818
0
0
0
0
844,155
1,020,000
1,020,000
0
(175,845)
0
(175,845)
0

2,717,779
43,403
2,649,294
2,444,077
158,063
65,473

0
0
0
0

1,429,935
1,428,819
966
72,376

217,701
165,114
0
0
0
52,587
82,468
0
82,468
955,686

955,686
680,742
695,000
695,000
0
(14,258)

2,646,319

2,694,830
233,710
159,640
47,616

164,826
399,869
60,168
50,995
26,776

2,364,993
619,271
37,667
128,052
93,475

261,930
732,269
286,473
445,796
1,830,197
1,280,221
408,785

360,077
473,652
114,188
359,464
2,055,108
1,476,764
408,785

141,191
555,182
1,020,000
1,020,000

169,559
736,830
1,020,000
1,020,000

(464,818)
437
(465,255)

(283,170)
2,115
(285,285)

709,672
668,455
41,217
683,402
254,050
429,352
26,270
81,347
42,583
38,764
69,682
288,065
283,559
(336,103)
10,681

1,432,576
1,027,749
404,827
892,139
399,605
492,534
540,437
114,806
68,571
46,235
419,205
351,895
341,543
84,532
14,604

191,335
168,506
22,828
228,165
110,105
118,059
(36,830)
44,670
10,474
34,196
29,294
96,220
94,935
(177,719)
228
0
0
134,889

(150,548)

153,410

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: (i) Interest expenses
7.Net profit 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)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.00
2.64

1.53
-0.60
-1.50
-0.63

0.00
-0.15
9.79

0.28
24.56
6.52
0.44
1.31
62.28
3.43
2.65
13.09
3.27

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

Financial Statement Analysis of Non Financial Sector 2011

Dewan Salman Fibre Ltd.

2006

2007

2008

2009

12,983,938

12,050,679

11,004,254

22,813,436
13,007,054
935,500
(23,116)

22,669,002
12,050,679
1,237,493
0

23,007,124
11,004,254
1,130,462
0

11,760,038
294,170
6,843,976
1,938,021
252,161
2,431,710
13,448,471
5,859,541
7,588,930
2,690,560

11,495,120
155,342
6,634,546
2,407,652
277,218
2,020,362
13,503,072
5,119,099
8,383,973
2,246,068

10,468,512
87,352
4,683,593
2,675,370
148,025
2,874,172
15,609,628
7,464,653
8,144,975
2,967,192

10,344,488
142,813
22,938,931
9,815,711
1,048,272
(5,779)
0
391,743
5,874,677
16,575
1,457,460
2,835,872
0
1,564,770
17,012,260
9,057,176
7,955,084
2,542,779
1,243,780
0
0
123,738
1,175,261
(3,335,874)
3,663,211
3,663,211
0
(9,572,222)
0
(9,572,222)
2,573,137

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

2,690,560
8,604,945
3,663,211
3,663,211
0
4,941,734

2,246,068
7,796,659
3,663,211
3,663,211
0
4,133,448

2,967,192
2,895,946
3,663,211
3,663,211
0
(767,265)

16,732,600
15,573,615
1,158,985
15,701,976

15,021,483
13,940,169
1,081,314
14,749,416

10,762,126
9,991,069
771,057
13,253,410

1,030,624
421,202

272,067
325,474

(2,491,284)
535,722

(Thousand Rupees)
2010
2011
9,923,815
142,813
23,671,795
9,608,745
939,830

9,018,224
142,813
23,671,850
8,704,465
904,335

141,173
31,084
5,396,277
11,431
811,589
2,878,916

144,121
26,825
4,966,206
10,482
488,011
2,827,167

1,694,341
17,703,739
9,887,876
7,815,863
1,950,657
531,930

1,640,546
17,918,407
10,194,861
7,723,546
1,666,536
328,564

1,418,727
(4,334,304)
3,663,211
3,663,211

1,337,972
(5,600,513)
3,663,211
3,663,211

(10,882,178)

(11,914,652)

(10,882,178)
2,884,663

(11,914,652)
2,650,928

137,498
137,498

136,534
136,534

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

(101,207)
83,614
0
0

(1,153,822)
75,253
0
0

(4,988,793)
53,821
0
0

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
721,007
2,050,224
1,446,431
(6,363,619)
752
0
0
214,484

11,295,505
0
(184,821)
5,859,541

10,042,727
0
(1,229,075)
5,119,099

5,863,138
0
(5,042,614)
7,464,653

0.18
3.89
11.58
0.68
0.87
93.84
1.88
-0.45
-1.37
-1.01

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

421,202

325,474

535,722

650,062

1,130,350

1,964,107

1,409,779
308,497
1,101,282
(1,272,281)
92,809
15,283
77,526
132,659
282,203
37,042
(1,647,293)
687

1,140,019
308,497
831,522
(1,003,485)
98,218
14,253
83,965
129,850
295,875

(1,395,015)

(19,957)

(92,922)

(793,095)
1,243,780
(6,364,371)
10,300,956

(2,383,647)
531,930
(1,647,980)
10,419,806

(3,933,977)
328,564
(1,395,015)
10,523,425

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
0.28
834.97
-3.50
-9.52
28.08
44.16

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

2.44

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

-0.60
0.00
-0.50
23.49

-7.68
0.00
-3.36
21.28

-46.36
0.00
-13.77
7.91

-1,021.73
0.00
-3.81
-15.29

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

171,034

145,891

132,307

394,319
171,034
17,256
0

400,063
145,891
31,367
0

405,541
132,307
25,675
0

169,480
61,460
418,095
104,943
21,182

421,335
8,932
147,567
229,641
0
35,195
297,508
198,295
99,213
1,894

398,000
9,374
163,819
206,882
0
17,925
245,963
156,008
89,955
1,405

519,984
17,693
233,112
207,221
0
61,958
311,062
162,487
148,575
4,862

3,077
481,596
67,683
202,093
177,308

1,765
688,622
63,701
339,106
207,661

124,576
0
417,112
123,265
23,557
0
0
1,310
374,706
24,901
154,890
162,547
0
32,368
102,462
14,062
88,399
4,179
2,756
0
0
0
1,422
392,642
94,362
94,362
0
298,280
0
298,280
0

165,683

Items

1,894
292,967
94,362
94,362
0
198,605

1,405
296,523
94,362
94,362
0
202,161

4,862
336,367
94,362
94,362
0
242,005

1,305,209
1,305,209
0
1,124,312

1,379,132
1,379,132
0
1,246,969

1,507,129
1,507,129
0
1,319,138

180,897
103,535

132,163
90,544

187,991
112,511

499,394
163,918
23,756

34,512
220,822
66,323
154,499
1,210

78,154
328,358
95,706
232,652
59,499
50,375

1,210
429,044
94,362
94,362

9,124
466,448
94,362
94,362

334,682

372,086

334,682

372,086

1,355,658
1,355,658

1,727,550
1,727,550

66,660

(56,275)

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

60,195
5,570
0
0

27,119
0
0
0

64,632
27,049
0
0

1,296,974
1,296,974
0
1,083,867
988,864
95,003
213,107
117,074
74,225
42,849
118,982
20,329
18,595
77,196
27,799
14,154
0
156,505

294,861
0
54,625
198,295

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

0.80
1.41
17.59
2.20
1.42
86.14
1.02
10.66
21.78
21.71

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
5.18
4.50
-0.15
3.16
24.72

103,535

90,544

112,511

18,429

15,648

11,075

1,146,390
1,048,631
97,759
209,268
124,083
88,698
35,385
114,430
8,126
6,609
77,392
29,754
14,154

1,478,542
1,411,262
67,280
249,008
152,419
113,628
38,791
138,557
19,831
18,576
77,699
18,139
18,872

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

8.84

8.42

6.47

4.61
0.00
5.79
31.05

1.97
0.00
2.87
31.42

4.29
0.00
1.99
17.82

Financial Statement Analysis of Non Financial Sector 2011

Engro Corporation Ltd. (Engro Chemical 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)
2010
2011

2006

2007

2008

2009

6,575,665

13,945,550

33,675,770

11,720,494
6,557,603
614,048
18,062

19,924,558
13,811,683
626,661
133,867

39,952,133
33,552,912
641,541
122,858

9,405,151
1,805,240
923,448
623,349
3,657,596
2,395,518
4,810,719
2,389,782
2,420,937
1,800,000

24,211,101
1,617,524
2,690,153
1,408,885
13,918,430
4,576,109
7,252,214
1,300,000
5,952,214
15,422,520

23,488,969
1,687,038
4,680,896
261,508
11,159,668
5,699,859
7,436,369
1,943,035
5,493,334
28,674,764

131,082,013
70,605,573
71,305,485
58,106,575
2,977,594
877,323
514,505
978,037
33,696,439
4,120,031
8,843,677
5,131,408
4,426,188
11,175,135
37,751,045
5,715,775
32,035,270
92,912,392
89,151,849

138,058,731
4,898,018
148,518,600
129,611,671
5,959,530
737,803
1,716,692
1,094,547
44,945,443
4,417,885
11,603,851
6,214,643
8,332,154
14,376,910
52,930,738
4,284,404
48,646,334
88,183,647
82,560,415

11,422,520

12,879,902

82,960,567
63,233,217
13,400,008
6,156,969
686,456
122,704
12,988,657
459,020
10,748,871
3,955,342
422,607
2,514,425
450,857
3,405,640
6,395,469
1,005,853
5,389,616
60,425,731
58,565,354
0
0
259,366
1,601,011
26,888,238
2,979,426
2,979,426
0
23,908,812
10,228,600
13,680,212
0

347,886
3,412,657
34,115,015
3,277,369
3,277,369

19,144
5,604,088
41,889,789
3,932,843
3,932,843

Items

1,800,000
9,370,097
1,682,340
1,682,340
0
7,687,757

4,000,000
15,481,917
1,934,692
1,934,692
0
13,547,225

15,794,862
21,053,606
2,128,161
2,128,161
0
18,925,445

19,072,233
19,072,233
0
14,834,974

36,625,754
36,625,754
0
28,643,509

23,317,198
23,317,198
0
1,720,635

4,237,259
1,768,906

7,982,245
4,065,253

21,596,563
2,237,371

30,837,646
13,632,260
17,205,386

37,956,946
14,542,260
23,414,686

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
4,136,483
4,321,688
4,100,290
8,277,133
1,333,929
1,966,421
655,474
(142,446)

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
5,467,275
12,314,593
10,462,595
11,459,152
2,220,775
2,359,706
1,179,853
16,491,624

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

3,444,656
834,368
1,514,106
0

3,952,829
1,125,461
1,354,284
0

20,604,574
949,607
1,276,897
0

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
386,500
1,320,579
1,320,579
5,214,946
1,135,050
1,787,656
297,943
6,088,724

11,170,097
0
1,096,182
2,389,782

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

130,073,436
82,560,415
6,878,671
86,844,819

1.27
1.90
3.27
1.19
1.96
77.78
0.71
22.89
40.97
32.03
1.72
20.65

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
0.63
0.85
72.01
3.37
6.59
30.15
8.91
3.92
9.88
2.10
10.00
0.12
23.49
106.51

1,768,906

4,065,253

2,237,371

362,551

717,658

1,508,948

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

18.06
0.00
15.52
55.70

10.79
0.00
14.61
80.02

88.37
0.00
92.36
98.93

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

19,419,977
5,248,606
16,110,197
14,112,080
519,802
11,816
0
47,475
3,379,518
217,531
1,605,438
439,905
61,398
1,055,246
4,888,922
1,610,634
3,278,288
11,514,930
11,155,098
0
0
38,312
321,520
6,395,643
5,203,677
5,203,677
0
1,191,966
984,751
207,215
0

19,583,286
60,140
22,127,016
19,138,589
1,016,117
20,856

19,508,627
162,137
22,498,332
18,375,445
1,154,128
31,104

363,701
4,898,054
682,894
2,176,960
369,400

939,941
5,199,402
114,435
2,508,579
292,605

1,668,800
6,431,165
1,780,388
4,650,777
11,064,315
10,903,360

2,283,783
9,627,613
722,340
8,905,273
8,839,565
8,620,195

160,955
6,985,860
6,634,688
6,634,688

219,370
6,240,851
6,634,688
6,634,688

351,172
900,351
(549,179)

(393,837)
861,808
(1,255,645)

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
339,100
606,175
582,898
(197,137)
71,787
0
0
725,974

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
645,145
1,438,988
1,408,163
(1,224,621)
167,709

17,049,998
15,486,943
1,563,055
14,892,203
9,337,524
5,554,679
2,157,795
1,721,249
891,770
829,479
856,759
1,549,574
1,520,077
(1,077,115)
184,454

(1,395,555)

2,340,903

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)
9,342,535

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
9.09
1.72
0.69
0.54
87.34
2.96
-4.38
-16.29
-6.50

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: (i) Interest expenses
7.Net profit 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)

263

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
0.29
-6.32
0.13
-1.90
9.41

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

54,986,079
54,292,989
759,430
684,940
45,203
0
0
8,150
2,216,453
224,417
0
0
0
1,992,036
4,660,938
402,796
4,258,142
34,798,806
28,649,743
2,196,320
0
54,493
3,898,250
17,742,788
18,000,000
18,000,000
0
(257,212)
0
(257,212)
0

64,958,358
64,044,130
1,013,397
875,984
64,728

68,221,129
1,387,735
67,711,704
66,827,913
748,226

38,244
4,498,680
283,289
539,730
256,548

5,481
8,126,119
3,839,361
1,215,014
195,840

0
0
0
0
0
0
0
96,205
0
96,205
52,466
7,494
0
(97,121)
0
0
0
(1,969,691)

3,419,113
7,074,260
316,208
6,758,052
38,123,998
37,446,530

2,875,904
10,757,984

73,796
603,672
24,258,780
24,000,000
20,000,000
4,000,000
258,780
790,000
(531,220)

102,754
2,974,427
28,054,865
24,000,000
20,000,000
4,000,000
4,054,865
790,000
3,264,865

0
0

14,833,343
14,833,343

10,757,984
37,534,399
34,457,218

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

4,781,491
2,329,580
2,451,911
10,051,852
1,035,039
337,946
697,093
711,424
3,063,055
3,051,662
6,087,568
243,659
3,000,000

0
113,866

113,866
35,749
8,950
5,146
(121,070)
64,483

(381,357)

7,465,601

52,541,594
28,649,743
(97,121)
29,052,539

62,382,778
37,446,530
(185,553)
37,762,738

65,589,264
34,457,218
2,843,909
34,457,218

0.05

0.08

0.00
0.48

0.00
0.64

0.38
20.65
1.32
0.19
0.76
32.23
1.72
8.35
23.27
9.51
1.95
12.21
2.99
41.04
0.15
2.92
14.03

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)

264

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 2011

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)
2010
2011

2006

2007

2008

2009

14,930,339

16,458,265

15,847,104

21,471,656
14,930,339
983,910
0

23,989,416
16,458,265
990,138
0

24,341,924
15,847,104
1,190,072
0

12,751,017
7,235,749
800,535
231,272
1,411,150
3,072,311
17,545,673
4,990,045
12,555,628
1,597,987

12,587,706
3,800,569
587,946
243,751
5,305,812
2,649,628
19,397,990
6,333,615
13,064,375
1,139,054

30,924,567
7,941,524
5,676,739
285,454
2,416,770
14,604,080
35,601,867
18,712,705
16,889,162
683,433

17,018,327
748,509
25,471,013
13,884,191
1,289,709
74,060
2,235,255
76,312
18,317,665
12,720,051
1,270,667
829,985
1,250,000
2,246,962
15,389,027
5,652,724
9,736,303
7,736,933

1,597,987
8,537,696
9,341,100
9,341,100
0
(803,404)

1,139,054
8,508,927
9,341,100
9,341,100
0
(832,173)

683,433
10,486,371
9,341,100
9,341,100
0
1,145,271

17,781,417
0
25,174,496
15,576,899
100,612
0
2,127,972
76,546
18,443,765
9,648,031
1,227,013
476,728
4,658,936
2,433,057
16,747,253
8,186,073
8,561,180
8,818,028
227,810
4,537,404
0
0
4,052,814
10,659,901
9,341,100
9,341,100
0
1,318,801
228,350
1,090,451
0

15,777,640
15,777,640
0
11,093,396

13,167,135
13,167,135
0
8,344,557

27,410,756
27,410,756
0
19,184,696

4,684,244
1,767,118

4,822,578
1,543,811

8,226,060
2,548,763

Items

17,243,717
1,555,623
26,525,855
12,854,546
1,295,980
46,399
2,710,837
76,312
22,932,547
5,384,363
3,406,993
646,516
8,838,237
4,656,438
19,659,438
7,476,144
12,183,294
6,881,144

3,889,203

3,241,002

3,847,730
12,210,032
9,341,100
9,341,100

3,640,142
13,635,682
9,341,100
9,341,100

2,868,932
234,730
2,634,202

4,294,582
234,730
4,059,852

43,256,712
43,256,712

55,868,834
55,868,834

7,387,951

8,353,669

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

3,756,914
0
2,335,275
0

3,899,929
0
934,110
0

4,404,875
1,419,206
2,101,748
0

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
2,127,948
1,459,792
1,318,482
5,808,303
2,195,215
3,736,440
0
20,743,771

10,135,683
0
1,421,639
4,990,045

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

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

1,767,118

1,543,811

2,548,763

412,370

630,513

2,791,971

29,793,541
23,636,426
6,157,115
13,463,171
3,997,379
2,584,683
1,412,696
2,157,639
933,996
884,248
9,685,778
3,408,046
6,118,421

35,753,264
29,547,328
6,205,936
20,115,570
4,508,165
2,553,795
1,954,370
2,448,513
1,087,870
816,486
16,169,944
5,668,210
9,341,100

G.Miscellaneous
1.Total capital employed (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
2.61
1.47
0.57
0.73
70.31
2.24
14.38
46.20
37.72
1.61
19.71

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.48
4.79
1.85
0.45
0.65
63.37
2.41
13.75
45.76
39.43
4.18
22.40

23.81
0.00
4.02
9.14

29.62
0.00
4.18
9.11

16.07
0.00
3.20
11.23

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

11,177,191

11,959,724

14,300,047

23,698,672
9,607,957
665,735
1,569,234

25,628,842
10,390,490
719,957
1,569,234

28,622,189
12,730,813
891,514
1,569,234

16,253,090
1,623,229
952,905
961,427
6,409,382
6,306,147
13,279,988
5,418,417
7,861,571
1,193,750

17,281,490
1,350,000
642,836
1,722,602
9,352,793
4,213,259
13,839,919
4,163,581
9,676,338
2,671,250

17,618,916
931,865
258,094
495,929
11,256,342
4,676,686
14,255,536
3,857,036
10,398,500
5,378,214

38,288,132
3,717,118
59,615,617
27,179,851
2,516,955
1,643,294
4,859,358
888,511
35,728,730
14,074,152
1,482,387
1,187,941
13,270,581
5,713,669
35,367,234
13,928,560
21,438,674
15,380,479
7,708,608

45,227,826
9,982,946
68,097,513
27,132,537
2,529,796
1,615,633
5,753,941
742,769
49,162,845
7,404,526
4,043,916
733,185
30,632,717
6,348,501
44,353,798
18,475,650
25,878,148
17,585,291
10,080,890

216,493

37,065,297
0
26,410,997
29,570,418
2,293,437
1,569,234
5,505,253
420,392
33,106,400
13,497,379
1,371,100
733,614
11,427,504
6,076,803
34,387,111
16,073,826
18,313,285
16,448,585
4,806,619
4,537,404
0
143,808
6,960,754
19,336,001
6,785,271
6,785,271
0
12,550,730
6,224,069
6,326,661
0

7,671,871
23,269,149
6,785,271
6,785,271

7,504,401
32,451,582
8,481,588
8,481,588

Items

977,257
12,956,543
4,934,742
4,934,742
0
8,021,801

2,671,250
12,730,045
4,934,742
4,934,742
0
7,795,303

5,378,214
12,285,213
4,934,742
4,934,742
0
7,350,471

48,595,921
48,595,921
0
34,180,173

40,688,779
40,688,779
0
25,731,835

57,433,698
57,433,698
0
36,829,444

14,415,748
5,247,604

14,956,944
4,800,349

20,604,254
6,111,963

16,483,878
6,961,291
9,522,587

23,969,994
7,661,232
16,308,762

88,154,698
88,154,698

111,111,913
111,111,913

55,103,948
31,655,000
23,448,948
33,050,750
9,372,892
6,554,085
2,818,807
6,088,628
2,001,355
1,962,448
23,505,322
8,508,500
8,820,852
1,696,318
22,070,408

56,625,023
36,478,419
20,146,604
54,486,890
11,562,963
6,947,774
4,615,189
7,222,162
1,824,471
1,580,961
44,737,408
16,407,348
16,963,176
4,240,794
28,909,052

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

9,912,027
2,354,000
4,934,742
0

10,407,991
2,505,000
4,441,268
0

13,802,156
4,738,206
6,785,270
19,739

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
1,399,842
2,336,211
2,253,565
16,860,991
5,837,326
8,922,631
678,527
29,331,554

14,150,293
216,493
2,623,285
5,634,910

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

0.68
1.91
1.98
1.77
1.22
70.34
1.12
35.48
77.00
71.01
1.53
51.00

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

5,247,604

4,800,349

6,111,963

929,732

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)

266

20.40
0.00
15.32
26.26

25.58
0.00
16.02
25.80

24.03
0.00
18.37
24.90

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

486,662

539,456

610,987

539,514
486,662
45,170
0

630,496
539,456
42,106
0

732,701
610,987
33,245
0

455,804
12,301
145,341
12,612
224,968
60,582
157,623
10,835
146,788
5,321

678,905
41,681
133,816
31,938
336,576
134,894
202,560
21,624
180,936
76,212

870,642
35,807
180,788
24,454
397,901
231,692
245,861
59,150
186,711
157,520

5,321
779,522
100,467
100,467
0
679,055

76,212
939,589
120,561
120,561
0
819,028

157,520
1,078,248
144,673
144,673
0
933,575

1,278,224
0
1,435,864
1,273,098
45,403
0
33
5,093
474,850
45,744
280,925
57,955
0
90,226
269,146
95,657
173,488
228,498
174,538
0
0
0
53,960
1,255,431
173,607
173,607
0
834,349
39,312
795,037
247,475

1,300,404

1,032,018
24,794
1,007,224
242,021

1,392,832
49,998
1,342,834
389,692

923,036
923,036
0
476,640

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

446,396
233,925

506,861
283,637

540,739
281,219

Items

1,472,952

1,555,899
1,294,927
108,664

1,722,984
1,465,486
131,312

33
5,444
681,611
56,493
389,995
74,110
19,715
141,298
361,241
36,528
324,713
138,407
79,938

7,466
1,091,301
155,394
592,723
158,263
23,673
161,248
410,039
37,806
372,233
121,695

58,469
1,482,367
208,328
208,328

121,695
2,032,519
249,995
249,995

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

221,591
63,172
40,187
20,093

258,513
56,841
78,364
24,112

292,662
74,249
43,402
28,935

1,189,257
1,189,257
0
584,147
517,152
66,995
605,110
381,707
271,025
110,682
202,925
3,779
1,477
249,141
62,063
17,361
34,721
107,095

784,843
0
118,232
10,835

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

1.59
0.25
1.37
0.98
2.89
51.64
0.21
29.33
36.40
35.89
3.94
6.35

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
28.69
23.04
0.68
19.22
81.30

233,925

283,637

281,219

2,328

4,148

1,487

837,141
632,449
204,692
699,542
440,519
318,253
122,266
227,124
33,461
31,252
261,432
12,766
41,666
223,474

1,073,340
758,108
315,232
1,129,417
616,902
457,033
159,869
288,257
20,109
18,332
507,540
27,167
62,499
37,499
360,821

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)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

24.01
0.00
15.77
77.59

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 2011

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)
2010
2011

2006

2007

2008

2009

2,487,650

2,477,898

2,447,092

5,425,000
2,487,650
203,801
0

5,590,156
2,477,898
267,844
0

5,732,852
2,447,092
261,107
0

5,071,333
15,896
6,987,445
2,882,146
280,749

2,739,192
13,801
1,662,434
331,347
302,204
429,406
2,676,825
845,910
1,830,915
461,013

2,767,270
20,185
1,484,363
527,080
300,500
435,142
2,603,355
1,054,015
1,549,340
458,836

3,421,747
94,729
1,719,387
643,811
300,500
663,320
2,652,657
902,852
1,749,805
934,108

4,820,650
44,006
6,860,570
2,986,512
287,276
0
1,781,013
9,119
3,272,306
172,855
1,956,512
544,109
0
598,830
2,481,070
1,745,657
735,413
832,783
337,472
0
0
58,999
436,312
4,779,103
383,645
383,645
0
4,395,458
458,645
3,936,813
0

Items

461,013
2,089,004
383,645
383,645
0
1,705,359

458,836
2,182,977
383,645
383,645
0
1,799,332

934,108
2,282,074
383,645
383,645
0
1,898,429

4,839,861
4,488,203
351,658
4,488,019

6,209,240
5,578,538
630,702
5,684,224

7,056,483
6,105,612
950,871
6,271,176

351,842
133,275

525,016
206,735

785,307
409,724

5,061,559
34,726
7,035,066
2,462,787
323,784

2,158,770
14,521
2,852,669
136,418
1,392,237
523,609

2,535,638
28,408
3,925,672
164,125
1,932,038
1,191,968

800,405
1,717,945
429,190
1,288,755
769,657
298,815

637,541
2,134,021
393,493
1,740,528
543,116
79,158

68,392
402,450
5,436,400
383,645
383,645

80,964
382,994
6,310,094
383,645
383,645

5,052,755
458,645
4,594,110

5,926,449
458,645
5,467,804

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
558,868
173,062
171,342
349,555
46,330
76,729

10,599,670
10,088,796
510,874
9,457,681
7,781,109
1,676,572
1,141,989
358,104
174,406
183,698
632,823
66,508
64,607
734,751
235,604
191,823

1,344,896

429,147

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

129,849
23,703
57,547
0

180,418
30,135
57,547
0

231,605
17,186
57,547
82,284

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
495,585
255,629
253,047
253,005
7,225
57,547
0
66,354

2,550,017
0
48,599
845,910

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

6,853,210
79,158
307,325
472,651

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
1.84
89.23
0.42
8.69
12.51
11.25
2.60
5.49
12.37
6.93
0.16
13.01
164.48

133,275

206,735

409,724

126,359

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

0.24
2.61
6.85
0.93
1.02
92.73
1.50
2.48
5.26
4.47
1.84
2.91

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.33
2.77
8.49
1.18
1.06
91.54
1.40
3.45
8.45
6.95
2.61
4.18

2.68
0.00
2.77
54.45

2.91
0.00
3.92
56.90

3.28
0.00
5.59
59.48

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,071,511
196,607
876,971
860,921
15,535
0
0
13,983
57,785
8,310
6,735
9,640
0
33,100
64,706
18,474
46,232
354,819
261,692
0
0
0
93,127
709,771
724,500
724,500
0
(14,729)
30,000
(44,729)
0

1,105,697
265,234
885,270
812,912
56,308

27,551
178,414
85,605
19,035
19,604

1,278,224
12,102
1,276,804
1,174,845
30,093
1,120

90,157
254,612
104,030
31,880
39,731

54,170
172,856
24,979
147,877
465,688
331,821
100,772

78,971
252,257
25,000
227,257
555,568
243,333
250,137

33,095
645,567
724,500
724,500

62,098
725,011
724,500
724,500

(78,933)
30,000
(108,933)

511
30,000
(29,489)

25,651
25,651
0
23,741
61
23,680
1,910
39,680
10,844
28,836
19,371
2,001
1,811
(38,367)
7,500
0
0
(211,062)

270,617
270,617

444,462
444,462

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

245,108
2,231
242,877
25,509
106,316
52,335
53,981
57,674
34,571
34,494
(62,557)
1,617

298,932
5,689
293,243
145,530
116,281
63,091
53,190
59,813
57,121
56,619
85,012
5,569

87

80,687

1,064,590
261,692
(45,868)
280,167

1,111,255
331,821
(64,174)
356,800

1,280,579
243,333
79,443
268,333

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

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

H.Key Performance Indicators

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

269

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

Financial Statement Analysis of Non Financial Sector 2011

Glaxosmithkline (Pakistan) Ltd.

2006

2007

2008

2009

1,774,449

2,236,720

2,415,255

3,374,753
1,774,449
152,766
0

3,659,024
2,236,720
172,362
0

4,185,025
2,415,255
231,041
0

7,669,373
4,666,470
2,195,407
84,697
195,525
527,274
1,906,904
0
1,906,904
0

7,927,789
4,252,745
2,277,175
116,847
445,057
835,965
2,046,868
0
2,046,868
0

8,210,370
2,724,897
3,494,054
1,016,968
327,366
647,085
2,270,734
0
2,270,734
0

0
7,536,918
1,365,375
1,365,375
0
6,171,543

0
8,117,641
1,706,719
1,706,719
0
6,410,922

0
8,354,891
1,706,718
1,706,718
0
6,648,173

5,027,966
422,278
5,353,035
3,407,310
310,126
956,045
168,687
73,646
9,402,942
2,053,153
4,543,689
1,328,457
644,889
832,754
3,346,868
4,520
3,342,348
490,554
0
0
0
72,885
417,669
10,593,486
1,706,718
1,706,718
0
8,886,768
2,866,368
6,020,400
0

10,240,065
10,025,453
214,612
6,373,399

10,784,802
10,528,472
256,330
6,832,673

13,687,063
13,397,423
289,640
9,831,458

3,866,666
1,711,871

3,952,129
1,921,451

3,855,605
2,057,496

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)
2010
2011
5,231,199
822,560
5,620,811
3,367,436
371,834
955,742

5,820,702
1,267,864
6,068,393
3,503,311
361,173
955,742

85,461
9,660,600
2,808,772
4,312,535
295,762
901,955
1,341,576
3,560,293

93,785
9,616,883
2,128,926
5,602,526
343,404
196,706
1,345,321
3,881,011

3,560,293
531,692

3,881,011
448,002

115,240
416,452
10,799,814
1,964,118
1,964,118

19,706
428,296
11,108,572
2,392,691
2,392,691

8,835,696
2,612,811
6,222,885

8,715,881
2,184,238
6,531,643

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
2,150,226
20,026
136
1,931,724
864,298
785,647
294,618
2,433,324

21,750,147
21,037,188
712,959
15,931,728
11,055,168
4,876,560
5,818,419
4,006,932
2,790,373
1,216,559
1,372,683
36,526
834
2,236,888
1,059,128
957,076
239,269
127,113

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

2,631,869
944,373
1,092,300
273,075

2,658,543
877,946
1,280,039
426,680

3,001,040
990,000
1,621,382
0

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
2,208,089
44,645
16,846
1,706,580
722,067
853,359
0
1,347,341

7,536,918
0
595,196
0

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

2.59
0.19
0.83
1.08
4.02
62.24
0.25
29.73
36.35
36.35
1.54
4.66

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

1,711,871

1,921,451

2,057,496

19,316

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)

270

25.70
0.00
12.36
55.20

24.65
0.00
10.43
47.56

21.93
0.00
11.78
48.95

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

555,663

662,532

749,780

753,434
515,255
52,925
40,408

860,113
618,702
55,527
43,830

957,891
683,288
56,276
66,492

840,530
13,484
1,135,773
696,384
63,767
129,099

600,964
15,565
359,569
125,547
20,000
80,283
591,515
313,590
277,925
40,881

676,438
11,857
418,423
187,341
20,000
38,817
594,336
284,274
310,062
86,182

726,367
7,178
449,901
140,987
10,000
118,301
680,638
389,580
291,058
96,472

779,574
37,199
996,613
675,428
64,765
65,385
0
1,562
966,467
32,177
700,501
27,137
0
206,651
765,794
611,497
154,297
297,680
70,554
0
0
113,273
113,853
682,567
165,277
165,277
0
322,900
0
322,900
194,389

360,153
188,475

399,855
183,153

2,636,538
2,504,383
132,155
1,732,983
1,402,433
330,550
903,555
714,577
538,367
176,210
427,809
89,425
79,811
107,901
22,727
41,320
16,528
271,054

2,944,907
2,808,654
136,253
2,030,736
1,664,236
366,500
914,171
792,653
568,589
224,064
464,061
70,371
62,531
143,899
56,938
54,542

Items

40,881
524,231
130,654
130,654
0
393,577

86,182
658,452
150,252
150,252
0
508,200

96,472
699,037
165,277
165,277
0
533,760

1,640,490
1,549,389
91,101
976,260

2,072,087
2,010,232
61,855
1,272,497

2,354,224
2,294,968
59,256
1,547,713

664,230
539,667

799,590
668,967

806,511
623,662

828,457
13,633
1,198,721
701,418
65,378
111,844

1,563
901,894
65,485
640,845
42,107

1,562
730,455
13,214
518,480
55,168

153,457
640,562
433,152
207,410
387,956
99,947

143,593
444,344
166,291
278,053
349,755
57,659

288,009
713,906
165,278
165,278

292,096
764,813
181,805
181,805

360,153

399,855

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

99,909
45,005
19,598
19,598

97,022
54,829
37,563
15,025

120,202
15,868
41,319
0

2,478,391
2,377,409
100,981
1,574,598
1,250,804
323,794
903,793
682,661
483,659
199,002
436,143
81,530
78,753
152,224
33,572
41,319
0
31,291

565,112
0
35,306
313,590

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

0.27
2.53
7.65
1.42
1.02
59.51
1.21
8.94
19.10
17.87
2.80
4.56

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

539,667

668,967

623,662

41,508

47,114

78,591

386,540

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

6.09
0.00
4.20
40.12

4.68
0.00
2.81
43.82

5.11
0.00
6.31
42.29

Financial Statement Analysis of Non Financial Sector 2011

ICI Pakistan Ltd.

2006

2007

2008

2009

8,415,034

8,546,473

9,361,469

18,544,997
8,343,260
688,876
71,774

19,468,875
8,506,736
842,352
39,737

21,023,833
9,353,769
774,007
7,700

8,514,550
1,791,151
2,347,790
730,676
212,500
3,432,433
5,540,354
3,613
5,536,741
0

10,259,818
3,615,056
2,311,336
1,049,464
582,500
2,701,462
6,395,674
0
6,395,674
0

9,109,216
1,971,081
2,951,956
806,612
712,500
2,667,067
5,059,764
0
5,059,764
0

0
11,389,230
1,388,023
1,388,023
0
10,001,207

0
12,410,617
1,388,023
1,388,023
0
11,022,594

0
13,410,921
1,388,023
1,388,023
0
12,022,898

10,025,878
416,883
22,584,248
9,445,987
949,609
0
2,500
160,508
11,053,575
4,547,713
3,253,345
944,879
0
2,307,638
5,909,528
36,038
5,873,490
1,208,356
0
0
0
519,579
688,777
13,961,569
1,388,023
1,388,023
0
11,629,422
465,845
11,163,577
944,124

21,885,250
21,885,250
0
17,934,098

25,973,009
25,973,009
0
21,308,906

27,798,915
27,032,222
766,693
22,303,138

3,951,152
1,773,800

4,664,103
2,060,085

5,495,777
2,677,116

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)
2010
2011
9,881,626
285,356
23,291,541
9,224,944
997,749
180,103
2,500
188,723
11,829,073
4,739,557
3,811,236
818,351

10,705,969
183,631
25,023,955
10,147,228
1,102,488
141,051
2,500
231,559
12,799,263
4,961,379
4,625,716
644,117

2,459,929
5,566,621

2,568,051
6,187,780

5,566,621
1,093,429

6,187,780
1,282,970

223,181
870,248
15,050,649
1,388,023
1,388,023

280,394
1,002,576
16,034,482
1,388,023
1,388,023

12,745,246
465,845
12,279,401
917,380

12,789,508
465,845
12,323,663
1,856,951

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
2,234,802
165,416
1,536
3,779,793
1,457,540
2,429,040

39,978,983
39,607,918
371,065
33,485,532
24,597,501
8,888,031
6,493,451
3,590,135
1,851,279
1,738,856
2,692,956
141,484
333
3,147,029
1,098,647
1,249,221

2,498,711

3,118,769

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

1,976,395
2,362
763,413
0

2,604,184
127,702
832,814
0

2,812,778
102,838
902,215
0

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
2,331,407
185,742
19,965
3,082,098
490,813
1,110,418
0
4,630,885

11,389,230
0
1,210,620
3,613

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

17,317,452
0
799,161
0

0.49
1.48
3.34
1.29
1.54
81.95
0.49
12.48
18.33
18.33
2.59
9.32

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

0.91
0.35
1.61
1.70
2.07
83.76
0.47
13.92
20.25
18.81
1.64
8.64
9,451.54
7.87
0.42
14.76
115.52

1,773,800

2,060,085

2,677,116

323,980

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)

272

9.03
0.00
14.22
82.05

10.03
0.00
17.84
89.41

10.12
0.00
19.52
96.62

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,536,078

2,491,106

2,424,996

3,022,524
2,534,327
151,281
1,751

3,171,273
2,489,568
194,701
1,538

3,283,458
2,420,855
181,901
4,141

2,618,994
54,380
3,751,613
2,470,758
205,356
1,462

1,024,421
257,713
144,617
201,342
1,817
418,932
1,211,382
691,847
519,535
1,083,704

1,042,350
29,130
102,285
444,614
65,542
400,779
1,323,098
835,414
487,684
802,509

1,065,915
40,859
144,335
297,437
136,057
447,227
921,398
345,391
576,007
1,150,491

83,266

1,000,438
1,265,413
300,000
300,000
0
965,413

802,509
1,407,849
360,000
360,000
0
1,047,849

1,150,491
1,419,022
360,000
360,000
0
1,059,022

585,748
9,740
576,008
748,559

651,100

2,714,739
32,919
3,676,766
2,598,293
206,274
9,755
61,586
12,186
1,211,614
26,494
128,307
601,687
0
455,126
993,984
461,590
532,394
1,341,141
953,803
29,810
0
5,515
352,013
1,591,228
360,000
360,000
0
482,669
4,261
478,408
748,559

2,519,248
2,519,248
0
2,053,867

2,958,555
2,958,555
0
2,336,587

3,170,989
3,170,989
0
2,636,186

465,381
167,965

621,968
191,202

534,803
226,778

3,257,935
2,959,386
298,549
2,552,172
566,185
1,985,987
705,763
353,572
229,838
123,734
240,746
216,332
211,878
150,704
60,697
18,000

3,309,968
3,023,445
286,523
2,621,991
512,747
2,109,244
687,977
370,051
247,455
122,596
271,338
228,381
221,607
109,459
34,157
36,000

116,386

313,210

2,857,424
1,025,653
72,007
1,327,314

2,701,734
875,062
39,302
1,433,080

Items

2,688,915
83,634
3,970,485
2,498,639
195,285
253

92,394
1,261,499
15,399
197,815
501,812

106,389
1,346,803
117,434
219,946
459,683

546,473
1,023,069
301,661
721,408
1,163,117
1,025,653
15,810

549,740
1,333,984
558,018
775,966
942,075
875,062
10,810

121,654
1,694,307
360,000
360,000

56,203
1,759,659
360,000
360,000

651,100
748,559

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

166,716
11,000
0
60,000

234,795
12,900
54,000
0

91,799
14,411
54,000
0

3,633,404
3,633,404
0
2,792,628
413,865
2,378,763
840,776
340,747
218,750
121,997
250,176
250,907
246,920
262,441
36,056
54,000
0
360,628

2,349,117
83,266
155,716
775,113

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

0.38
5.64
7.99
0.71
0.85
81.53
1.81
5.59
18.53
8.75

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

167,965

191,202

226,778

142,055

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)

17.42

273

6.62
0.00
5.19
42.18

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

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

Financial Statement Analysis of Non Financial Sector 2011

Leiner Pak Gelatine Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

104,686

99,862

172,410

262,358
104,686
10,591
0

266,301
99,862
9,897
0

346,072
172,410
9,721
0

196,883
26,217
360,277
169,023
10,218
50

161,157
1,786
111,927
14,634
0
32,810
108,814
59,037
49,777
2,420

171,498
1,166
112,816
33,414
0
24,102
129,931
61,175
68,756
1,735

187,351
1,144
130,573
27,013
0
28,621
152,747
82,264
70,483
2,357

173,156
1,499
353,341
170,743
9,672
64
0
850
210,729
1,244
144,725
40,230
0
24,530
145,340
84,135
61,205
12,529
3,656
0
0
0
8,873
226,016
75,000
75,000
0
72,818
0
72,818
78,198

60,818
78,198

60,564
78,198

476,657
279,359
197,298
422,867
276,781
146,086
53,790
43,374
5,469
37,905
56,587
11,698
9,450
491
3,557

428,796
241,052
187,744
376,062
245,801
130,261
52,734
40,728
5,049
35,679
57,489
14,963
13,083
1,004
4,470

34,914

17,423

Items

2,420
154,609
75,000
75,000
0
79,609

1,735
139,694
75,000
75,000
0
64,694

2,357
204,657
75,000
75,000
0
129,657

265,847
100,242
165,605
203,487

273,469
118,071
155,398
227,584

254,369
126,800
127,569
216,193

62,360
37,184

45,885
37,000

38,176
38,213

206,141
7,071
397,587
196,718
10,082
36

1,593
168,680
1,130
117,267
19,124

2,316
189,068
1,183
130,046
25,102

31,159
132,363
74,653
57,710
19,184
7,500

32,737
173,465
85,341
88,124
7,982
2,500

11,684
214,016
75,000
75,000

5,482
213,762
75,000
75,000

60,818

60,564

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

20,488
5,386
0
0

5,038
3,058
0
0

181
2,371
0
0

430,924
257,564
173,360
349,855
171,590
178,265
81,069
43,265
4,013
39,252
64,567
11,635
9,748
29,502
8,682
9,000
0
9,691

157,029
0
15,102
59,037

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

0.15
2.41
5.50
1.00
1.48
76.54
0.72
7.50
13.90
13.42

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

37,184

37,000

38,213

6,404

5,528

7,093

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

2.38

2.42

1.95

7.71
0.00
2.01
20.61

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 2011

Linde Pakistan Ltd. (Boc 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)
2010
2011

2006

2007

2008

2009

1,175,894

861,190

1,128,372

2,474,131
1,175,894
187,887
0

1,997,891
861,190
139,319
0

2,405,066
1,128,372
148,817
0

1,342,471
185,445
2,619,567
1,063,832
177,492

2,075,442
942,963
2,817,935
1,092,612
204,304

792,128
298,255
142,132
169,895
0
181,846
755,598
15,000
740,598
0

1,417,822
546,915
156,364
128,531
0
586,012
852,880
0
852,880
0

1,183,928
334,478
246,276
157,555
0
445,619
804,873
0
804,873
0

93,194
1,044,764
478,064
184,455
168,854

39,867
698,491
125,551
155,061
156,553

1,276,004
43,726
2,411,007
1,020,722
171,647
0
199,715
11,841
1,039,945
500,310
166,801
153,030
72,335
147,469
545,644
0
545,644
317,599
0
0
0
6,079
311,520
1,452,706
250,387
250,387
0
1,202,319
0
1,202,319
0

Items

0
1,212,424
250,387
250,387
0
962,037

0
1,426,132
250,387
250,387
0
1,175,745

0
1,507,427
250,387
250,387
0
1,257,040

2,647,017
2,647,017
0
1,698,579

2,436,068
2,436,068
0
1,502,186

2,729,628
2,729,628
0
1,893,981

948,438
414,101

933,882
323,917

835,647
343,723

213,391
578,329

261,326
695,060

578,329
317,776

695,060
497,195
200,000

6,334
311,442
1,491,130
250,387
250,387

5,071
292,124
1,581,678
250,387
250,387

1,240,743

1,331,291

1,240,743

1,331,291

2,530,022
2,530,022

3,044,800
3,044,800

432,072

569,302

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

571,041
231,321
375,580
0

685,866
237,587
325,503
0

547,693
204,537
250,387
0

2,307,741
2,307,741
0
1,596,752
249,313
1,347,439
710,989
500,324
152,785
347,539
331,111
2,125
83
374,284
153,298
225,348
0
552,892

1,212,424
0
(35,860)
15,000

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

0.62
0.48
6.42
1.35
1.05
64.17
0.62
29.04
49.26
48.63
0.90
18.62

0.79
0.00
5.28
1.07
1.66
61.66
0.60
32.30
51.99
51.99
1.38
15.58

1.33
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

414,101

323,917

343,723

12,661

2,702

1,843,248
263,283
1,579,965
686,774
396,764
195,134
201,630
339,078
2,198
197
411,026
131,037
150,232

2,275,591
350,577
1,925,014
769,209
423,420
211,490
211,930
366,941
1,916
240
402,723
161,394
175,271

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.61
0.10
5.77
1.18
1.47
69.39
0.53
23.86
37.34
37.34
1.37
11.08

21.57
0.00
13.57
48.42

28.15
0.00
17.90
56.96

20.06
0.00
13.71
60.20

Financial Statement Analysis of Non Financial Sector 2011

Lotte Pakistan PTA Ltd.(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)
2010
2011

2006

2007

2008

2009

11,704,801

10,745,850

9,952,791

12,430,062
11,704,801
1,372,015
0

25,453,555
10,745,850
1,175,540
0

25,856,228
9,952,791
1,193,726
0

8,863,017
576,645
27,993,468
8,177,158
1,245,337
406

6,211,023
57,703
3,703,077
804,809
0
1,645,434
11,495,391
5,576,034
5,919,357
533,767

6,568,981
74,186
2,344,637
2,818,667
0
1,331,491
7,108,190
1,568,267
5,539,923
4,379,041

5,270,119
16,446
1,244,313
1,089,614
0
2,919,746
10,669,595
83,615
10,585,980
400,188

533,767
5,886,666
15,142,072
15,142,072
0
(9,255,406)

4,379,041
5,827,600
15,142,072
15,142,072
0
(9,314,472)

400,188
4,153,127
15,142,072
15,142,072
0
(10,988,945)

9,432,597
192,706
26,026,418
9,141,947
1,205,464
861
0
97,083
9,543,763
5,437,940
1,273,922
1,800,772
0
1,031,129
5,750,627
119,293
5,631,334
7,308,015
351,796
5,322,397
0
9,999
1,623,823
5,917,718
15,142,072
15,142,072
0
(9,310,346)
2,345
(9,312,691)
85,992

30,815,350
27,577,791
3,237,559
28,579,024

31,535,535
31,535,535
0
30,185,488

35,975,240
35,975,240
0
35,106,901

2,236,326
685,005

1,350,047
286,382

868,339
1,673,308

Items

9,999,736
2,717,177
28,259,255
7,134,254
1,316,482
1,156

108,808
13,896,908
6,910,308
2,655,203
2,937,816
364,644
1,028,937
8,054,478

147,149
13,900,632
4,505,251
4,669,004
3,143,244

1,583,133
9,616,196

8,054,478
5,043,174

9,616,196
1,201,472

14,749
1,590,925
9,662,273
15,142,072
15,142,072

20,787
1,180,685
13,082,700
15,142,072
15,142,072

3,437,500

(5,479,799)
2,345
(5,482,144)

(2,059,372)
2,345
(2,061,717)

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
477,743
229,225
95,532
6,709,596
2,344,659
757,104

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
553,297
232,437
52,455
6,208,546
2,258,039
757,104

5,630,598

2,208,812

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

364,677
485,030
0
0

199,411
206,830
0
0

(1,678,690)
65,918
0
0

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
764,858
754,702
245,632
4,719,243
1,296,522
757,104
0
7,051,345

6,420,433
0
(120,353)
5,576,034

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

0.08
4.12
2.61
1.72
0.54
92.74
2.04
2.06
5.92
4.90

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
119.36
10.78
0.20
2.61
8.64

685,005

286,382

1,673,308

1,270,819

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)

276

8.32

13.45

28.91

1.18
0.00
-0.08
3.89

0.63
0.00
0.00
3.85

-4.67
0.00
-1.15
2.74

Financial Statement Analysis of Non Financial Sector 2011

Mandviwala Mauser Plastic Industries Ltd.

2006

2007

2008

2009

134,422

142,985

113,888

384,367
134,422
12,911
0

406,765
142,985
13,834
0

390,776
113,888
13,109
0

113,560
1,518
16,003
51,580
0
44,459
177,010
43,056
133,954
189,706

122,417
3,244
21,336
75,376
0
22,461
235,900
39,392
196,508
188,996

147,936
1,670
39,290
63,375
0
43,601
250,323
39,038
211,285
196,877

124,071
0
390,045
103,634
11,939
0
0
20,437
109,612
967
25,332
62,702
0
20,611
237,868
39,169
198,699
203,931
192,914
0
0
11,017
0
(208,117)
73,554
73,554
0
(281,671)
58,220
(339,891)
0

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

189,706
(118,734)
73,554
73,554
0
(192,288)

188,996
(159,494)
73,554
73,554
0
(233,048)

196,877
(185,376)
73,554
73,554
0
(258,930)

230,498
225,546
4,952
188,164

303,091
298,588
4,503
276,492

249,258
248,139
1,119
227,053

42,334
38,634

26,599
47,460

22,205
45,143

(Thousand Rupees)
2010
2011
113,633

102,850

390,045
93,196
10,630

384,300
81,658
9,277

20,437
103,079
1,193
28,164
48,402

21,192
87,128
436
19,108
51,690

25,320
237,102
32,778
204,324
205,686
191,414

15,894
253,077
32,778
220,299
206,255
191,414

14,272
(226,076)
73,554
73,554

14,841
(269,354)
73,554
73,554

(299,630)
58,220
(357,850)

(342,908)
58,605
(401,513)

203,530
198,250
5,280
183,104
141,825
41,279
20,426
38,378
10,807
27,571
21,255
4,231
4,102
(16,928)
1,031

57,264
55,651
1,613
69,569
38,506
31,063
(12,305)
28,819
2,932
25,887
13,878
255
182
(43,053)
573

8,421

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

49,423
1,015
0
0

(22,970)
1,331
0
0

(24,633)
1,249
0
0

233,300
232,237
1,064
212,665
161,720
50,945
20,635
37,929
8,213
29,717
20,823
2,523
2,433
(21,572)
1,169
0
0
8,665

70,972
0
48,408
43,056

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

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

38,634

47,460

45,143

7,175

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

0.30
3.11
22.38
0.93
0.64
81.63
-3.09
19.55
-28.94
102.87

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

14.40

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

21.44
0.00
6.58
-16.14

-7.58
0.00
-3.30
-21.68

-9.88
0.00
-3.52
-25.20

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,136,023

1,211,452

1,175,067

1,415,216
1,136,023
45,973
0

1,546,502
1,211,452
57,771
0

1,572,676
1,175,067
63,357
0

1,135,977
78,295
1,560,696
1,030,470
67,711

1,073,395
78,087
1,579,730
982,374
68,494

315,966
93,361
66,871
121,462
0
34,272
916,480
5,032
911,448
176,471

437,330
135,168
123,055
128,771
0
50,336
1,244,691
98,344
1,146,347
144,195

517,350
49,647
210,677
147,171
0
109,855
1,324,507
70,475
1,254,032
106,848

27,212
558,663
3,892
202,372
196,424

12,934
705,060
28,910
257,878
232,515
19,000
166,757
580,999
374,748
206,251
291,583
261,333

1,181,700
89,439
1,537,318
1,074,138
66,019
0
0
18,123
493,032
2,722
180,235
208,223
0
101,852
430,664
291,409
139,255
1,129,723
126,993
983,026
0
19,704
0
114,344
1,105,905
1,105,905
0
(991,561)
0
(991,561)
0

Items

176,471
359,038
1,105,905
1,105,905
0
(746,867)

144,195
259,896
1,105,905
1,105,905
0
(846,009)

106,848
261,062
1,105,905
1,105,905
0
(844,843)

612,904
612,904
0
634,190

711,436
706,864
4,572
692,600

1,121,549
1,106,166
15,383
970,253

(21,286)
58,806

18,836
59,721

151,296
66,639

155,975
516,060
347,220
168,840
1,059,668

1,005,085

54,583
118,912
1,105,905
1,105,905

30,250
905,873
1,105,905
1,105,905

(986,993)

(200,032)

(986,993)

(200,032)

1,742,804
1,736,955
5,849
1,562,063
1,339,736
222,327
180,741
98,767
50,405
48,362
71,001
51,710
39,931
13,458
8,714

2,431,136
2,429,672
1,464
2,119,039
1,818,213
300,826
312,097
118,663
61,094
57,569
90,020
96,959
74,771
813,048
25,680

7,094

88,245

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

(117,101)
3,049
0
0

(93,943)
5,019
0
0

27,851
5,435
0
0

1,383,579
1,378,314
5,265
1,282,681
1,009,945
272,736
100,898
73,003
42,143
30,860
61,393
88,001
83,772
(146,560)
0
0
0
(359,393)

535,509
0
(120,150)
5,032

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

0.23
9.95
19.82
0.42
0.34
103.47
3.04
-8.16
-25.88
-14.32

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

0.48
3.99
9.56
1.37
1.21
87.16
0.96
46.82
158.68
68.44

58,806

59,721

66,639

60,980

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)

278

9.17

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

-19.11
0.00
-1.09
3.25

-13.20
0.00
-0.45
1.18

2.48
0.00
0.10
1.18

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

202,755

305,666

348,244

411,248
202,755
20,843
0

538,654
305,666
27,546
0

616,587
348,244
40,561
0

314,853
9,581
665,041
298,736
58,712

288,907
7,536
692,377
275,423
60,285

315,261
2,917
81,316
139,983
0
91,045
257,776
57,654
200,122
0

347,114
3,967
151,489
131,530
0
60,128
317,469
56,383
261,086
33,333

471,503
3,217
185,047
19,749
0
263,490
458,247
148,723
309,524
16,666

6,536
487,360
3,371
257,987
141,556

5,948
550,513
7,940
267,400
165,661

0
260,240
100,000
100,000
0
160,240

33,333
301,978
100,000
100,000
0
201,978

16,666
344,834
100,000
100,000
0
244,834

332,082
5,139
640,546
321,558
53,892
0
0
5,385
478,726
2,660
216,862
172,449
0
86,755
429,112
150,490
278,622
37,731
0
0
0
0
37,731
343,965
100,000
100,000
0
243,965
0
243,965
0

834,308
834,308
0
588,265

991,011
991,011
0
688,229

1,217,523
1,217,523
0
868,751

246,043
169,666

302,782
207,866

348,772
248,959

Items

84,446
376,233
132,507
243,726
31,162

109,512
392,173
130,424
261,749
23,425

31,162
394,818
100,000
100,000

23,425
423,822
100,000
100,000

294,818

323,822

294,818

323,822

1,446,477
1,446,477

1,495,255
1,495,255

70,777

53,168

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

77,727
11,737
22,500
0

100,218
33,752
25,000
0

100,865
11,615
25,000
0

1,236,300
1,236,300
0
922,723
469,790
452,933
313,577
262,183
172,792
89,391
238,912
28,173
27,679
39,534
22,391
15,000
0
69,752

260,240
0
43,490
57,654

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

0.55
0.78
16.78
1.61
1.22
70.51
0.99
16.05
31.41
31.41
2.93
10.26

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

169,666

207,866

248,959

6,545

8,658

7,699

1,051,287
47,948
1,003,339
395,190
291,780
203,404
88,376
272,195
19,963
19,963
102,981
45,336

1,141,001
47,217
1,093,784
354,254
285,858
191,660
94,198
296,559
25,515
25,309
69,438
33,478
15,000

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

H.Key Performance Indicators

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

279

9.32
0.00
6.60
26.02

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 2011

Pakistan Gum & Chemicals Ltd.

2007

2008

2009

19,857

26,322

43,887

104,178
19,857
3,987
0

115,025
26,322
3,366
0

111,092
43,887
3,982
0

50,671
710
124,587
49,185
6,974

50,205
317
131,431
49,110
7,990

267,225
8,806
185,970
29,256
0
43,193
148,412
70,000
78,412
0

249,732
15,452
123,377
63,370
0
47,533
139,227
92,400
46,827
0

294,037
28,592
164,273
75,064
0
26,108
151,014
120,000
31,014
0

776
267,509
14,344
142,891
76,606
3,637
30,031
196,975
165,000
31,975
0

778
562,965
24,482
392,514
120,530
5,253
20,186
364,036
217,667
146,369
0

0
138,670
32,186
32,186
0
106,484

0
136,827
35,405
35,405
0
101,422

0
186,910
42,486
42,486
0
144,424

0
121,205
42,486
42,486

0
249,134
42,486
42,486

50,156
4,425
116,551
44,955
5,938
0
0
776
404,237
10,406
300,188
52,810
0
40,833
279,104
230,462
48,642
0
0
0
0
0
0
175,289
42,486
42,486
0
132,803
17,553
115,250
0

443,139
167,127
276,012
375,942

619,382
196,994
422,388
555,076

792,845
234,282
558,563
694,077

67,197
32,654

64,306
36,212

98,768
56,085

103,123

(9,318)

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

78,719
17,553
61,166

206,648
17,553
189,095

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
931,201
261,629
257,948
76,870
18,313
58,557

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

29,342
6,300
0
0

20,699
7,363
7,081
0

40,501
9,018
0
0

566,982
185,460
381,522
499,680
463,420
36,260
67,302
46,845
15,773
31,072
45,249
13,045
1,380
10,728
4,657
4,249
0
(90,249)

138,670
0
23,042
70,000

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

0.26
1.22
6.60
1.54
1.80
84.84
1.07
10.22
21.16
21.16

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

32,654

36,212

56,085

5,398

11,174

15,999

20,211
17,620
(42,426)
7,409

27,898
24,676
156,393
28,464
33,989

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

H.Key Performance Indicators

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

2.38

280

4.83

6.62
0.00
7.16
43.08

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 2011

Pakistan PVC Ltd.

2006

2007

2008

2009

198,556

490,333

487,267

85,456
63,468
4,057
135,088

379,248
355,245
3,611
135,088

379,161
352,179
3,090
135,088

307,256
276
1,718
0
0
305,262
457,492
50,514
406,978
0

8,553
223
898
6,122
0
1,310
315,906
51,007
264,899
0

2,685
52
436
1,492
0
705
229,988
47,991
181,997
0

0
48,320
149,580
149,580
0
(101,260)

0
182,980
149,580
149,580
0
33,400

0
259,964
149,580
149,580
0
110,384

187,795
0
65,735
56,928
2,778
0
0
130,867
4,510
46
785
2,249
0
1,430
243,809
47,991
195,818
158
0
0
0
158
0
(51,662)
149,580
149,580
0
(368,961)
0
(368,961)
167,719

15,732
15,732
0
25,273

16,374
16,374
0
22,978

12,116
12,116
0
17,592

(9,541)
5,472

(6,604)
5,543

(5,476)
9,126

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)
2010
2011
173,602

162,680

65,854
53,736
3,312

67,943
52,664
3,161

119,866
6,740
225
959
3,303

50
109,966
5,741
134
526
3,546

2,253
253,891
17,752
236,139
162

1,535
264,941
17,947
246,994
167

162
(73,711)
149,580
149,580

167
(96,687)
149,580
149,580

(378,391)

(390,009)

(378,391)
155,100

(390,009)
143,742

5,748
5,748

6,510
6,510

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

(23,662)
55
0
0

(19,093)
61
0
0

77,025
40
0
0

3,751
3,751
0
25,808
1,987
23,821
(22,057)
4,433
1,343
3,091
2,112
7,293
7,239
(19,934)
414
0
0
(218)

48,320
0
(23,717)
50,514

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)
17,947

0.00
179.20
0.00
0.03
0.67
160.65
9.47
-4.66
-226.48
-226.48

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

5,472

5,543

9,126

28,191

7,261

7,302

25,221
2,987
22,234
(19,473)
5,124
1,760
3,364
4,108
7,277
7,239
(20,910)
1,139

26,910
4,367
22,543
(20,400)
5,897
2,488
3,409
5,251
7,277
7,239
(21,832)
1,182

(12,157)

(6,965)

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)

9.16

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

-150.41
0.00
-1.59
3.23

-116.61
0.00
-1.28
12.23

635.73
0.00
5.15
17.38

281

Financial Statement Analysis of Non Financial Sector 2011

Sanofi aventis(Aventis Pharma)

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

702,001

792,008

1,195,978

1,419,819
702,001
68,558
0

1,597,554
791,082
95,351
926

2,092,519
1,195,249
105,477
729

1,424,415
119,808
2,369,446
1,289,113
174,530
339

1,286,001
3,879
797,286
147,093
0
337,743
871,861
267,256
604,605
0

1,636,045
2,102
1,077,021
137,920
0
419,002
1,313,929
542,185
771,744
0

1,788,377
2,186
1,104,944
151,951
0
529,296
1,867,743
872,512
995,231
0

1,401,888
618,974
1,779,908
774,373
129,228
114
0
8,427
2,037,205
2,286
1,136,737
345,808
0
552,374
2,075,329
1,367,818
707,511
71,315
7,233
0
0
0
64,082
1,292,449
96,448
96,448
0
1,196,001
55,548
1,140,453
0

Items

0
1,116,141
96,448
96,448
0
1,019,693

0
1,114,124
96,448
96,448
0
1,017,676

0
1,116,612
96,448
96,448
0
1,020,164

4,150,225
4,122,612
27,613
2,885,883

4,203,627
4,190,221
13,406
3,117,555

4,676,542
4,648,737
27,805
3,620,719

1,264,342
851,171

1,086,072
872,326

1,055,823
937,154

1,575,603
249,614
2,456,627
1,281,457
188,096
28,188

15,155
1,924,012
2,110
1,148,158
156,547

16,344
2,829,950
3,469
1,652,235
301,715

617,197
1,368,817
238,744
1,130,073
518,207
375,000

872,531
2,516,026
916,099
1,599,927
288,192
125,000

143,207
1,461,403
96,448
96,448

163,192
1,601,335
96,448
96,448

1,364,955
74,176
1,290,779

1,504,887
102,743
1,402,144

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
682,304
130,041
126,891
401,641
86,526
96,448

7,619,460
7,489,752
129,708
5,585,930
3,501,878
2,084,052
2,033,530
1,660,786
1,398,922
261,864
781,728
113,196
108,249
423,416
157,739
96,448

880,332

(6,649)

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

355,568
111,892
68,478
0

126,085
35,395
42,437
0

84,365
47,414
13,503
0

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
721,007
131,012
122,553
253,059
95,708
67,514
0
(233,212)

1,116,141
0
175,198
267,256

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
1,041,099

0.17
1.83
3.54
2.09
1.48
69.54
0.78
17.31
35.20
34.15
3.56
5.21

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
4.91
5.56
0.00
27.55
166.03

851,171

872,326

937,154

75,928

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)

282

8.57
0.00
25.27
115.72

3.00
0.00
9.40
115.52

1.80
0.00
3.83
115.77

Financial Statement Analysis of Non Financial Sector 2011

Sardar Chemical Industries Ltd.

2006

2007

2008

2009

37,103

37,618

33,007

113,370
37,103
4,619
0

117,691
37,618
5,283
0

117,367
33,007
4,505
0

116,454
3,052
40,387
0
0
73,015
64,529
52,499
12,030
1,650

125,545
7,398
38,807
65,758
0
13,582
68,642
55,199
13,443
4,333

131,744
3,032
39,451
73,414
0
15,847
71,618
57,651
13,967
2,380

1,650
87,378
60,000
60,000
0
27,378

4,333
90,188
60,000
60,000
0
30,188

2,380
90,753
60,000
60,000
0
30,753

34,832
0
117,789
31,447
4,448
0
0
3,385
127,161
7,684
28,814
73,623
0
17,040
65,764
50,328
15,436
4,190
4,190
0
0
0
0
92,040
60,000
60,000
0
32,040
30,000
2,040
0

107,089
101,919
5,170
80,307

117,550
114,045
3,505
83,969

125,068
122,301
2,767
94,977

26,782
19,039

33,581
21,096

30,091
19,862

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)
2010
2011
30,930

27,511

117,764
28,415
3,997

117,764
24,996
3,419

2,515
131,906
9,362
27,381
76,185

2,515
131,126
9,284
36,023
65,776

18,978
66,105
48,032
18,073
2,936

20,043
59,920
41,571
18,349
3,797

2,936
93,795
60,000
60,000

3,797
94,920
60,000
60,000

33,795
30,000
3,795

34,920
30,000
4,920

139,730
137,270
2,460
107,706
83,934
23,772
32,024
20,833
6,999
13,834
14,694
8,544
8,219
2,854
999

146,760
145,037
1,723
117,959
97,727
20,232
28,801
21,444
7,087
14,357
15,910
3,355
2,972
4,002
1,463

4,888

7,443

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

949
535
0
0

4,957
588
1,500
0

2,316
811
0
0

127,708
126,632
1,076
94,859
68,477
26,383
32,849
20,244
6,838
13,406
14,467
10,294
9,849
2,568
899
0
0
10,922

89,028
0
414
52,499

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
41,571

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

19,039

21,096

19,862

6,844

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

0.05
6.39
0.00
0.70
1.80
74.99
0.76
0.62
1.09
1.06

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)

2.65

283

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
2.35
2.73
0.12
0.42
15.82

0.89
0.00
0.07
14.56

4.22
0.00
0.73
15.03

1.85
0.00
0.25
15.13

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

769,655

787,845

670,447

1,046,677
726,246
77,597
43,409

1,077,199
687,698
89,793
100,147

1,108,374
652,897
86,455
17,550

817,865
354
1,358,979
740,194
93,183
69,445

1,596,338
73,925
239,555
904,224
200,000
178,634
942,956
237,250
705,706
447,586

1,771,538
93,762
385,618
1,067,121
0
225,037
1,175,336
297,465
877,871
335,908

1,626,160
69,274
223,520
988,425
200,000
144,941
963,029
262,650
700,379
210,346

447,586
975,451
220,099
220,099
0
755,352

335,908
1,048,139
242,109
242,109
0
806,030

210,346
1,123,232
266,320
266,320
0
856,912

707,079
0
1,153,939
619,920
96,471
82,393
0
4,766
1,872,052
232,053
384,931
1,043,967
0
211,101
1,011,197
395,818
615,379
205,096
106,065
0
0
25,214
73,817
1,362,838
266,320
266,320
0
866,666
119,513
747,153
229,852

1,175,297
124,060
1,051,237
207,484

1,524,574
146,818
1,377,756
179,901

3,240,419
3,064,657
175,762
2,289,437

3,114,570
2,964,947
149,623
2,155,732

3,253,347
3,147,068
106,279
2,287,526

950,982
696,434

958,838
763,506

965,821
654,077

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
507,273
112,355
89,641
557,427
194,326
91,880
220,117

4,876,869
4,606,608
270,261
2,817,966
1,461,068
1,356,898
2,058,903
1,291,556
1,092,377
199,179
573,718
319,387
297,326
563,397
169,944
45,940
30,627
295,109

Items

934,331
48,620
1,437,627
773,406
93,243
104,352

7,872
2,334,006
132,808
545,421
1,387,399

7,953
3,053,414
167,590
850,160
1,061,501

268,378
1,345,027
385,997
959,030
117,795

974,163
1,871,721
839,011
1,032,710
105,281

29,187
88,608
1,689,049
306,268
306,268

32,472
72,809
2,010,743
306,268
306,268

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

193,512
71,785
33,015
22,010

141,577
64,131
24,211
24,211

253,314
81,555
26,632
0

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
464,356
105,080
86,876
325,756
129,588
79,896
0
298,583

1,423,037
0
88,712
237,250

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

1.25
2.50
27.90
1.37
1.69
70.65
1.43
8.97
20.07
15.84
3.69
13.53

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
6.55
21.77
1.22
1.63
57.78
0.98
15.78
30.46
28.72
8.56
5.74
2.89
11.55
0.15
12.85
65.65

696,434

763,506

654,077

80,865

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)

284

5.97
0.00
5.53
44.32

4.55
0.00
3.20
43.29

7.79
0.00
6.45
42.18

Financial Statement Analysis of Non Financial Sector 2011

Shaffi Chemical Industries Ltd.

2007

2008

2009

33,673

31,629

29,061

72,642
33,673
3,064
0

72,992
31,629
2,827
0

72,992
29,061
2,568
0

193,456
466
10,785
0
14,225
167,980
94,573
52,593
41,980
0

242,363
114
14,416
557
57,779
169,497
97,712
49,992
47,720
0

256,693
509
7,012
11,605
54,932
182,635
113,224
49,992
63,232
0

0
132,556
120,000
120,000
0
12,556

0
176,280
120,000
120,000
0
56,280

0
172,530
120,000
120,000
0
52,530

114,679
0
72,992
26,738
2,324
0
87,718
224
209,458
613
250
20,480
0
188,115
72,712
49,992
22,721
38,798
0
37,940
0
858
0
212,627
120,000
120,000
0
81,347
0
81,347
11,280

124,773

96,673
10,374

(72,755)
9,545

5,755
5,755
0
9,871

12,745
12,745
0
12,524

128,624
128,624
0
100,606

136,894
136,894

42,641
42,641

(4,116)
1,299

221
1,992

28,018
16,925

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

122,878

72,992
24,632
2,106

72,992
22,722
1,911

99,918
223
213,482
1,159
651
14,867

99,933
223
17,636
1,435
2,110
2,357

196,805
72,176
49,992
22,184
39,032

11,734
70,989
49,992
20,997
12,735

39,032
227,047
120,000
120,000

12,735
56,790
120,000
120,000

96,673

(72,755)

F.Operation:

17,396
31
0
0

1,827
92
0
0

11,103
643
0
0

125,501
125,501
0
105,636
95,470
10,166
19,865
12,528
3,573
8,956
8,848
30
0
40,831
0
0
0
262

132,556
0
17,365
52,593

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

0.16
5.33
0.00
0.03
2.05
171.52
0.71
7.61
14.22
14.22

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
5.53
0.30
0.25
68.05
1.47
-71.19
-120.08
-101.56

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

1,299

1,992

16,925

307

65

70

97,799
90,246
7,553
39,095
36,158
24,897
11,261
14,715
32

29,016
19,970
9,046
13,625
183,451
18,325
165,126
4,430
17

3,740
684

(170,416)
429

1,382

26,392

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)

285

0.53

0.88

18.34

501.54

210.28

20.21

302.28
0.00
1.45
11.05

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

Financial Statement Analysis of Non Financial Sector 2011

Sitara Chemical Industries Ltd.

2006

2007

2008

2009

3,454,742

4,220,212

4,824,079

4,858,301
3,454,742
156,949
0

5,864,276
4,220,212
260,033
0

6,684,164
4,824,079
416,078
0

1,915,733
400,982
407,042
353,050
15,384
739,275
2,249,002
899,457
1,349,545
1,463,581

2,164,359
252,695
441,676
561,087
82,795
826,106
2,596,401
222,628
2,373,773
1,865,953

3,969,314
240,943
526,916
563,788
1,352,350
1,285,317
3,453,388
268,280
3,185,108
1,797,673

1,108,874

1,646,875

7,970,083
286,017
7,116,722
4,851,602
412,745
0
2,782,841
49,623
2,143,328
294,165
773,762
663,921
0
411,481
2,343,211
540,091
1,803,120
3,801,664
2,785,752
0
0
5,206
1,010,706
3,968,537
204,090
204,090
0
2,757,899
86,770
2,671,130
1,006,548

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

354,707
1,657,892
185,586
185,586
0
1,472,306

219,078
1,922,217
185,536
185,536
0
1,736,681

1,797,673
3,542,332
204,090
204,090
0
3,338,242

4,383,298
4,383,298
0
3,678,180

5,043,078
4,989,739
53,339
3,958,698

6,355,398
6,292,239
63,159
4,800,113

705,118
333,290

1,084,380
259,512

1,555,285
330,701

(Thousand Rupees)
2010
2011
8,530,981
186,189
8,157,033
5,489,389
435,158

8,001,028
984,852
8,367,317
5,210,179
499,888

85,509
2,769,894
1,779,477
142,970
502,292
433,457

96,480
1,709,517
3,262,718
140,777
885,083
512,398

700,758
2,128,504
1,447,808
680,696
3,876,983
2,735,240

1,724,460
3,731,902
2,223,034
1,508,868
2,824,812
1,810,243

1,141,743
4,304,971
204,090
204,090

1,014,569
4,707,032
214,294
214,294

3,131,101
97,490
3,033,611
969,780

3,572,116
97,490
3,474,626
920,622

5,735,796
5,735,796

6,216,880
6,216,880

609,962
86,362
51,023
10,205
267,998

518,229
218,293
133,934
1,255,360

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

358,222
1,013
111,322
0

536,916
21,874
102,044
18,537

919,300
320,947
153,068
0

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
393,100
604,981
596,474
987,894
303,228
153,067
0
359,439

3,121,473
1,108,874
245,887
2,008,331

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

0.34
0.54
8.05
0.82
0.85
83.91
2.24
7.97
22.73
13.60
3.21
10.77

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

0.18
11.18
8.24
0.55
0.87
75.01
1.39
4.80
11.50
6.60
2.24
7.02

333,290

259,512

330,701

23,453

317,624

368,095

4,197,071
1,138,194
3,058,877
1,538,725
346,044
62,952
283,092
316,684
610,111

4,663,239
1,673,402
2,989,837
1,553,641
383,139
123,094
260,045
324,869
694,926

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)

286

8.17
0.00
19.25
89.33

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,394,479
157,666
2,384,410
2,228,698
105,239
0
0
8,115
572,625
6,670
343,495
48,651
0
173,809
725,797
523,365
202,432
1,321,594
1,223,175
0
0
932
97,487
919,713
551,000
551,000
0
(181,635)
0
(181,635)
550,348

2,263,653
7,375
2,567,467
2,252,573
161,222

2,252,558
142,884
2,585,464
2,105,969
165,387

3,705
457,794
4,335
254,687
29,822

3,705
622,855
18,739
377,672
24,373

(331,307)
520,875

(133,210)
489,029

628,523
622,727
5,796
525,874
157,277
368,598
102,648
44,762
13,131
31,631
38,183
245,934
237,349
(188,047)
41
0
0
(234,448)

714,986
706,916
8,070
694,845
251,914
442,931
20,141
49,239
13,502
35,737
49,572
243,270
192,913
(272,888)
3,744

1,289,332
1,253,012
36,320
785,848
256,676
529,172
503,484
71,337
19,903
51,434
56,363
253,263
194,568
179,435
13,183

(10,446)

154,500

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

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
2.17
6.41
21.78
8.59

168,950
625,265
47,896
577,369
1,355,614
1,353,196

202,071
791,412
196,227
595,185
1,177,182
1,174,342

2,418
740,568
551,000
551,000

2,840
906,819
551,000
551,000

(331,307)

(133,210)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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)

287

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
1.92
13.92
0.08
3.02
16.46

Financial Statement Analysis of Non Financial Sector 2011

United Distributors Pakistan Ltd.

2007

2008

2009

12,862

32,338

39,574

31,802
12,862
4,791
0

53,712
32,338
1,589
0

65,087
39,574
8,924
0

235,630
5,776
92,014
3,644
26,394
107,802
151,490
27,431
124,059
4,189

293,721
10,213
128,294
15,148
26,394
113,672
216,630
26,484
190,146
13,767

470,796
3,279
271,236
4,346
149,305
42,630
371,733
48,083
323,650
7,113

4,189
92,813
72,600
72,600
0
20,213

13,767
95,662
72,600
72,600
0
23,062

7,113
131,524
72,600
72,600
0
58,924

278,101
0
65,087
82,305
13,490
0
191,319
4,477
435,307
29,883
353,480
3,218
0
48,726
450,178
24,197
425,981
53,461
37,805
0
0
3,471
12,185
209,769
83,490
83,490
0
126,279
0
126,279
0

347,692

130,764
130,764
0
110,197

311,096
311,096
0
252,114

656,785
656,785
0
542,075

20,567
60,849

58,982
87,419

114,710
129,481

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

(Thousand Rupees)
2010
2011

2006

Items

1.Long term secured loans

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

E.Shareholders Equity (E1+E2+E3)

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

321,119

167,056
117,010
23,115

154,642
89,453
29,817
600
225,533
5,533
452,954
6,638
399,073
12,389

224,408
6,274
587,591
46,321
453,228
20,687

67,355
702,518
94,107
608,411
62,749

34,854
678,603
98,027
580,576
22,081

5,494
57,255
170,016
91,839
91,839

5,560
16,521
73,389
91,839
91,839

78,177

(18,450)

78,177

(18,450)

1,143,401
1,143,401

1,020,239
1,020,239

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(11,341)
60
0
0

3,547
1,372
0
0

22,307
3,998
0
10,890

773,324
773,324
0
585,932
413,065
172,867
187,392
178,746
158,125
20,621
67,049
19,832
5,814
84,593
9,635
8,349
8,349
72,897

97,002
0
(11,401)
27,431

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

0.24
3.28
2.79
0.53
1.56
84.27
1.68
-5.25
-11.51
-11.16

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

60,849

87,419

129,481

4,283

10,304

12,254

928,826
718,199
210,627
214,575
286,093
261,109
24,984
112,014
41,191
5,294
(19,212)
5,717

816,007
423,717
392,290
204,232
273,292
249,044
24,248
119,861
53,636
19,178
(99,396)
8,754

(21,184)

(26,335)

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.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

1.42

2.42

2.42

-8.67
0.00
-1.57
12.78

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
-4.18
-9.74
-0.04
-11.78
7.99

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

122,532

117,470

109,852

219,717
122,532
6,426
0

221,748
117,470
6,278
0

222,933
109,852
7,420
0

290,177
8,854
46,329
144,388
25,000
65,606
180,909
99,986
80,923
18,750

308,866
30,576
57,345
157,117
25,703
38,125
211,209
104,434
106,775
0

460,246
9,405
117,445
247,918
31,405
54,073
270,978
87,091
183,887
0

18,750
213,050
90,000
90,000
0
123,050

0
215,127
90,000
90,000
0
125,127

0
299,120
90,000
90,000
0
209,120

142,618
0
109,852
110,111
6,500
0
32,507
0
399,766
18,653
50,339
283,805
2,647
44,322
176,566
60,537
116,029
14,693
0
0
0
0
14,693
351,126
90,000
90,000
0
261,126
944
260,182
0

138,315

643,584
643,584
0
565,477

571,528
571,528
0
490,393

810,196
810,196
0
588,474

78,107
34,120

81,135
37,123

221,722
64,229

Items

136,067

229,759
105,209
8,070

229,778
100,181
5,047

33,106
0
358,411
24,373
51,423
241,500
2,671
38,444
103,584
662
102,922
11,025

35,886
0
385,464
71,904
37,284
230,111
2,680
43,485
109,815

11,025
382,117
90,000
90,000

10,305
401,411
90,000
90,000

109,815
10,305

292,117
944
291,173

311,411
944
310,467

712,677
712,677

698,678
698,678

113,486

92,671

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

34,747
6,700
18,000
0

29,503
12,257
18,000
0

152,514
0
45,000
0

715,258
715,258
0
490,092
417,785
72,307
225,166
62,558
33,633
28,925
40,779
19,701
18,241
146,059
51,799
45,000
0
89,676

231,800
0
10,047
99,986

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
18,195
0

0.99
2.23
22.43
1.56
1.60
87.86
0.94
8.52
16.56
14.60
1.56
13.89

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
24.97
24.31
1.40
18.74
25.98
14.00
0.77
7.02
44.60

34,120

37,123

64,229

14,325

17,203

13,737

527,201
467,898
59,303
185,476
66,880
37,364
29,516
34,871
7,198
6,809
117,002
44,798
45,000

546,766
491,580
55,186
151,912
53,089
34,633
18,456
37,115
4,371
3,917
97,843
34,648
45,000

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.40
0.00
3.12
23.67

5.16
0.00
1.92
23.90

18.82
0.00
16.95
33.24

Financial Statement Analysis of Non Financial Sector 2011

Wyeth Pakistan Ltd.

2006

2007

2008

2009

179,707

217,458

226,632

402,804
179,707
22,631
0

455,508
217,458
25,207
0

466,652
226,632
33,956
0

1,507,341
25,506
610,803
109,399
575,000
186,633
409,001
0
409,001
0

1,607,276
51,993
563,189
138,572
720,000
133,522
413,281
0
413,281
0

1,282,920
50,911
756,391
242,804
87,000
145,814
378,700
0
378,700
0

0
1,278,047
142,161
142,161
0
1,135,886

0
1,411,453
142,161
142,161
0
1,269,292

0
1,130,852
142,161
142,161
0
988,691

193,721
0
391,738
179,681
33,537
0
0
14,040
1,258,573
35,648
800,768
277,447
0
144,710
464,793
0
464,793
5,238
0
0
0
0
5,238
982,263
142,161
142,161
0
840,102
0
840,102
0

2,013,481
1,842,389
171,092
1,256,376

2,170,192
2,005,672
164,520
1,434,932

2,490,972
2,318,685
172,287
1,786,322

757,105
425,537

735,260
447,382

704,650
541,244

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)
2010
2011
161,701
159
395,728
144,728
39,261

154,852
2,090
410,159
132,874
27,704

16,814
1,391,209

19,888
1,569,362
69,797
1,246,265
44,300

828,388
50,431

512,390
544,087

209,000
553,830

544,087
0

553,830
0

0
1,008,823
142,161
142,161

0
1,170,384
142,161
142,161

866,662

1,028,223

866,662

1,028,223

2,310,191
2,182,251
127,940
1,829,653
984,031
845,622
480,538
454,274
340,214
114,060
367,589
3,014
2,158
43,229
28,439
14,216

3,053,934
2,894,494
159,440
2,254,547
1,309,676
944,871
799,387
539,814
411,659
128,155
379,465
870

210,669

(141,266)

1,008,823
0
574
0

1,170,384
0
152,199
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

392,145
119,180
92,405
0

359,067
98,964
107,189
0

229,089
80,702
355,402
0

2,306,323
2,105,782
200,541
1,805,262
1,038,556
766,706
501,061
544,076
332,283
211,793
344,712
3,752
0
(31,593)
58,083
0
0
(12,768)

1,278,047
0
180,560
0

1,411,453
0
152,914
0

1,130,852
0
(207,015)
0

987,501
0
(89,676)
0

1.74
0.04
5.43
1.19
3.69
62.40
0.32
25.25
33.30
33.30
2.95
3.30

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

425,537

447,382

541,244

845

861

1,106

298,632
89,569
56,864

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

2.88

19.48
0.00
192.01
899.01

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
1.45
1.77
2.83
73.82
0.47
18.23
27.41
27.41
3.68
2.45

9.78
-0.26
147.06
823.28

OTHER MANUFACTURING N.E.S.

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

21,856,012

27,342,336

30,352,045

34,557,280
21,780,621
1,983,887
75,391

41,982,867
27,329,814
2,326,237
12,522

46,252,398
30,321,942
2,461,279
30,103

28,340,830
2,441,223
14,689,463
4,286,452
2,727,952
4,195,740
22,302,476
9,773,831
12,528,645
6,333,024

33,656,128
2,781,152
16,420,166
5,480,691
4,615,614
4,358,505
26,066,926
10,151,302
15,915,624
7,413,782

40,706,183
1,454,147
23,360,531
5,437,920
3,460,003
6,993,582
33,893,368
13,531,866
20,361,502
7,563,573

147,753

73,652

6,185,271
21,561,342
7,475,247
7,475,247
0
14,086,095

7,340,130
27,517,756
7,912,226
7,912,226
0
19,605,530

7,563,573
29,601,287
8,236,856
8,236,856
0
21,364,431

41,947,654
5,523,297
51,333,903
33,159,291
2,704,966
61,138
2,122,425
1,081,503
40,842,467
2,983,264
24,744,468
6,145,919
1,184,379
5,784,437
33,953,814
10,905,433
23,048,381
11,674,616
5,468,344
122,000
787,442
196,868
5,099,962
37,161,691
9,285,477
9,285,477
0
19,251,399
322,648
18,928,751
8,624,815

55,683,563
9,207,560
62,991,090
41,597,715
3,356,843
85,734
3,175,380
1,617,174
53,489,505
2,894,678
33,772,390
7,815,558
1,473,701
7,533,178
44,872,470
20,521,259
24,351,211
16,578,832
8,964,483
195,999
787,442
221,287
6,409,621
47,721,766
10,202,057
10,202,057
0
26,770,101
535,768
26,234,333
10,749,608

56,362,149
5,531,751
68,570,085
45,346,430
3,817,551
90,601
3,748,845
1,644,522
62,405,872
2,851,531
38,352,734
8,623,733
1,117,098
11,460,776
54,837,275
26,813,336
28,023,939
13,480,835
7,469,847
501,031
787,442
343,163
4,379,352
50,449,911
10,123,922
10,123,922
0
29,781,595
2,412,909
27,368,686
10,544,394

96,855,704
92,582,947
4,272,757
80,319,341

112,011,012
107,262,058
4,748,954
92,607,022

133,815,977
127,396,203
6,419,774
111,918,877

16,536,363
8,258,867

19,403,990
9,191,426

21,897,100
11,425,344

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
9,785,088
2,162,108
1,618,231
9,256,123
3,112,058
2,645,144
4,170,925
1,787,190

133,815,812
117,150,718
16,665,094
108,145,353
76,388,684
31,756,669
25,670,459
18,907,123
9,932,379
8,974,744
12,076,608
3,080,435
2,568,637
5,780,086
2,465,656
2,325,577
61,386
961,771

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

7,969,948
2,238,205
3,292,016
447,849

10,176,890
2,671,183
2,638,035
238,463

9,668,115
2,793,049
4,110,801
383,165

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
7,878,314
2,213,131
1,694,143
9,379,188
3,332,128
4,122,551
523,293
10,555,638

27,894,366
147,753
2,439,727
9,921,584

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

63,930,746
8,257,289
988,853
35,070,625

0.42
1.11
4.43
1.93
1.27
82.93
1.33
16.93
40.26
30.37
1.74
6.59

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

0.23
2.30
6.44
1.13
1.14
80.82
1.35
5.07
11.78
9.02
1.43
3.49
3.25
4.32
0.01
3.45
52.49

8,258,867

9,191,426

11,425,344

1,079,301

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)

293

8.23
0.00
7.67
28.84

9.09
0.00
9.49
34.78

7.22
0.00
8.47
36.47

Growth with Composition of Assets & Liabilites

70

22.2%

60

16.7%

Billion Rs

50
5.7%

40

1.2%

30
20
10

-18.7%

0
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

25%
20%
15%
10%
5%
0%
-5%
-10%
-15%
-20%
-25%

Shareholders Equity

Growth

Growth & Composition of Operations

2009

2010

Growth
20%

160
140

10.3%

10%

120
Billion Rs

100

0%

-2.6%

80

-10%

60

-20%

40
-30%

20
-37.6%

0
Sales

Gross Profit

16.36
10
5.07

11.78

2010
9.02

4.32
3.45

4
3
2

6.02

6
Percentage

Percentage

2009

20

9.64

7.63

21.81

15

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
25

-40%

1.19 1.14 1.29 1.35

1
Return on
Return on
Assets
Return on
Equity
Capital
Employed

0
Current
Ratio

Debt
Net
Earning
Equity 2009Profit 2010
Per Share
Ratio
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

Al-Khair Gadoon Ltd.

2007

2008

2009

47,342

50,880

49,380

96,645
47,342
3,795
0

104,784
50,880
5,052
0

107,341
49,380
5,139
0

164,034
1,913
73,907
20,744
29,995
37,475
78,036
20,544
57,492
0

203,261
2,179
107,330
28,430
29,995
35,327
111,749
39,779
71,970
2,743

230,928
942
123,303
34,515
30,596
41,572
139,568
48,386
91,182
962

0
133,340
100,000
100,000
0
33,340

2,743
139,649
100,000
100,000
0
39,649

962
139,778
100,000
100,000
0
39,778

82,369
0
107,340
51,611
4,878
0
29,995
763
198,603
1,262
130,085
33,271
0
33,985
126,451
25,978
100,473
11,370
1,020
0
0
3,892
6,458
143,151
100,000
100,000
0
43,151
25,000
18,151
0

69,197
0
114,081
53,550
5,731
0
14,995
652
224,305
3,159
85,534
74,125
0
61,487
127,389
103,138
24,251
14,455
2,108
0
0
4,660
7,687
151,658
100,000
100,000
0
51,658
25,000
26,658
0

76,288
4,200
118,137
56,528
7,205
0
14,995
565
359,805
2,003
211,843
44,666
0
101,293
261,982
127,503
134,479
17,330
1,235
0
0
5,593
10,502
156,781
100,000
100,000
0
56,781
25,000
31,781
0

179,827
179,827
0
155,645

275,239
275,239
0
238,284

259,718
259,718
0
223,792

24,182
20,358

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
4,243
1,975
1,598
9,843
535

523,685
523,685
0
444,512
391,699
52,813
79,173
71,465
31,515
39,950
9,711
1,227
875
12,862
3,127
0
0
(15,528)

540,467
540,467
0
451,582
503,577
(51,995)
88,885
73,189
37,314
35,875
10,804
3,153
2,408
13,341
5,405
10,000
0
(3,921)

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

20,358

38,325

30,812

1,156

4,457

1,816

7,289
1,513
0
0

(2,208)
1,376
0
0

8,679
1,785
10,000
0

0
23,313

133,340
0
5,776
20,544

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

0.67
0.64
11.54
0.85
2.10
86.55
0.59
3.62
5.52
5.52

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
-0.01
0.79
15.68

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

2.43

2.56

4.05
0.00
0.58
13.33

-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 2011

Bata Pakistan Ltd.

2006

2007

2008

2009

332,726

409,363

548,222

850,017
332,726
39,007
0

967,934
409,363
39,007
0

1,138,879
548,222
66,134
0

652,739
1,921
1,230,665
580,402
82,270

1,082,005
82,833
716,738
129,434
22,136
130,864
717,168
0
717,168
0

1,463,648
247,713
769,996
243,079
23,848
179,012
899,971
0
899,971
0

1,728,714
88,952
1,274,289
94,518
30,650
240,305
841,241
0
841,241
0

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)
2010
2011

1,147,336
122,124

1,300,867
134,883

0
697,563
75,600
75,600
0
621,963

0
973,040
75,600
75,600
0
897,440

0
1,435,695
75,600
75,600
0
1,360,095

0
69,196
52,928
1,960,727
75,600
75,600
0
1,885,127
483
1,884,644

74,211
60,672
2,741,300
75,600
75,600
0
2,665,700
483
2,665,217

817,850
889
1,516,158
732,806
96,562
10,503
36,594
37,058
3,808,438
430,818
2,247,616
130,112
100,000
899,892
1,198,488
0
1,198,488
150,010
0
0
0
79,262
70,748
3,277,790
75,600
75,600
0
3,202,190
483
3,201,707
0

3,309,648
3,118,539
191,109
2,196,827

4,271,888
4,085,708
186,180
2,634,835

5,521,106
5,347,171
173,935
3,356,960

1,112,821
920,065

1,637,053
1,114,855

2,164,146
1,486,159

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
989,665
39,735
4,671
1,189,021
317,728
211,680
0
466,528

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
1,042,748
51,206
6,023
1,025,008
253,151
151,200
0
(95,575)

35,830
34,586
2,577,448
461,249
1,281,862
23,735
350,000
460,602
1,147,336

717,753
1,352
1,352,112
629,402
86,593
9,960
37,823
39,216
3,459,297
539,039
1,527,032
22,325
500,000
870,901
1,300,867

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

166,820
64,712
0
0

503,999
137,302
60,480
0

663,822
173,302
60,480
0

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
849,876
35,183
5,255
813,022
220,450
90,720
0
905,457

697,563
0
102,108
0

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

0.33
1.00
3.91
2.34
1.51
66.38
1.03
12.00
24.11
24.11

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

920,065

1,114,855

1,486,159

33,151

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)

4.62

296

5.04
0.00
13.51
92.27

11.80
0.00
48.50
128.71

12.02
0.00
64.88
189.91

Financial Statement Analysis of Non Financial Sector 2011

Crescent Steel & Allied Products Ltd.

2006

2007

2008

2009

1,340,695

1,307,144

1,233,851

2,074,427
1,339,589
97,396
1,106

2,204,695
1,306,641
172,644
503

2,296,279
1,233,231
172,336
620

2,374,054
15,758
468,519
75,147
1,312,551
502,079
1,128,737
876,943
251,794
548,314

3,388,922
36,999
633,452
181,408
2,300,465
236,598
1,141,657
620,299
521,358
354,006

3,612,839
8,199
606,059
118,696
2,737,121
142,764
1,684,569
1,306,382
378,187
168,117

2,393,484
131,699
2,330,829
1,092,889
174,892
811
1,078,622
89,463
1,772,089
4,144
616,433
83,927
655,397
412,188
1,408,211
902,815
505,396
211,547
55,880

147,753

73,652

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

400,561
2,037,698
349,959
349,959
0
1,687,739

280,354
3,200,403
466,612
466,612
0
2,733,791

168,117
2,994,004
513,273
513,273
0
2,480,731

1,859,259
1,859,259
0
1,718,930

3,184,763
3,184,763
0
2,674,299

4,638,189
4,638,189
0
3,741,791

140,329
140,506

510,464
272,191

896,398
260,711

(Thousand Rupees)
2010
2011

2,766,007
300,778
2,350,072
956,113
169,539
24,457
1,275,538
209,121
2,128,826
182,657
1,026,614
276,880
463,746
178,929
1,744,067
780,288
963,779
71,587
0
0
0
0
71,587
3,079,179
564,600
564,600
0
2,514,579
274,066
2,240,513
0

3,186,778
524,366
2,445,625
906,813
156,723
12,964
1,498,023
244,612
1,718,447
19,000
840,571
145,072
490,605
223,199
1,123,190
706,966
416,224
180,719
115,000
0
0
0
65,719
3,601,316
564,600
564,600
0
3,036,716
325,764
2,710,952
0

3,310,869
3,310,869

3,704,388
3,704,388

4,400,006
4,400,006
0
3,590,073
2,764,931
825,142
809,933
259,139
38,806
220,333
256,461
144,001
115,733
833,940
216,063
197,610

155,667
2,545,815
564,600
564,600

1,981,215
162,640
1,818,575

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

140,506

272,191

260,711

82,940

128,490

153,018

2,597,190
1,978,467
618,723
713,679
318,986
17,156
301,830
195,013
203,571
82,131
(105,071)
134,678

2,887,295
2,114,504
772,791
817,093
250,947
27,017
223,930
222,339
121,908
75,953
715,826
207,910
169,380
0
455,776

262,409
4,113
0
48,605

727,323
4,113
139,984
46,661

626,622
164,021
153,982
51,327

342,298
335,923

2,586,012
147,753
258,296
1,024,696

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

1.24
4.46
4.04
0.50
2.10
92.45
0.82
8.39
13.56
11.27

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

180,623

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)

3.97

297

14.11
0.00
7.38
58.23

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 2011

Dadex Eternit Ltd.

2006

2007

2008

2009

343,998

430,407

474,305

906,303
343,998
43,906
0

1,034,919
430,407
48,693
0

611,696
460,718
72,180
13,587

437,123
7,808
1,108,219
392,244
68,516
12,553

1,148,198
2,312
815,806
178,949
5,285
145,846
1,006,263
606,303
399,960
17,104

1,000,110
9,939
734,882
125,809
1,324
128,156
938,234
491,883
446,351
0

1,233,971
46,615
776,309
125,929
101,123
183,995
1,055,855
371,557
684,298
120,000

17,104
468,829
107,640
107,640
0
361,189

0
492,283
107,640
107,640
0
384,643

120,000
532,421
107,640
107,640
0
424,781

1,550,513
1,526,227
24,286
1,255,690

1,966,119
1,940,726
25,393
1,570,430

2,332,867
2,306,585
26,282
1,859,884

294,823
260,147

395,689
296,460

472,983
337,215

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

24,518
1,103,289
850
846,291
113,998
16,220
125,930
941,061
472,169
468,892
87,344
60,000
0
0
0
27,344
512,007
107,640
107,640
0
404,367
5,655
398,712

(Thousand Rupees)
2010
2011
375,989
7,312
1,113,947
337,754
61,918
5,653
80
25,190
1,062,017
38,001
783,211
110,200
0
130,605
894,590
288,056
606,534
22,537
0
0
0
0
22,537
520,879
107,640
107,640
0
413,239
5,655
407,584
0

315,552
7,669
1,113,161
282,668
59,447
451
885
23,879
931,229
4,741
626,914
151,312
0
148,262
738,662
200,547
538,115
1,916
0
0
0
0
1,916
506,203
107,640
107,640
0
398,563
5,655
392,908
0
2,086,451
1,999,552
86,899
1,680,378
1,169,276
511,102
406,073
395,731
281,455
114,276
219,084
57,348
54,517
(9,549)
29,740

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,412
13,000
18,837
0

49,928
11,305
32,292
0

80,005
10,000
43,056
0

70,475

2,101,734
2,016,942
84,792
1,635,833
1,150,964
484,869
465,901
410,199
268,019
142,180
222,288
74,243
13,056
19,984
9,968
0
0
383,607

485,933
0
(20,425)
606,303

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

0.19
3.10
11.54
1.04
1.14
80.99
2.18
0.84
2.37
2.24
-0.08
1.90

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

260,147

296,460

337,215

48,118

66,864

95,800

2,189,890
2,132,505
57,385
1,652,969
459,188
1,193,781
536,921
418,396
274,197
144,199
224,942
104,766
19,227
42,592
15,015
0

181,883

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

H.Key Performance Indicators

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

298

0.74
0.00
-0.15
43.56

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

Financial Statement Analysis of Non Financial Sector 2011

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

167,392

153,749

141,421

293,956
167,392
14,927
0

293,630
153,749
13,586
0

293,639
141,421
12,337
0

244,770
785
4,731
34,710
66,863
137,681
52,890
0
52,890
0

270,620
519
829
34,591
95,108
139,573
40,732
0
40,732
0

326,768
669
0
26,735
161,631
137,733
46,586
0
46,586
0

0
359,272
90,000
90,000
0
269,272

0
383,637
90,000
90,000
0
293,637

0
421,603
90,000
90,000
0
331,603

315,357
0
293,639
130,212
11,210
0
145,604
39,541
364,978
3,514
0
110,447
12,899
238,118
41,292
0
41,292
13,687
0
0
0
131
13,556
625,356
90,000
90,000
0
462,670
0
462,670
72,686

411,997
0
287,089
119,733
10,157
0
292,068
196
262,125
679
0
47,747
43,764
169,935
4,564
0
4,564
9,005
0
0
0
391
8,614
660,553
90,000
90,000
0
503,510
0
503,510
67,043

349,619
0
287,089
110,516
9,217
0
238,906
197
243,423
666
22,960
0
51,401
168,396
2,461
0
2,461
1,042
0
0
0
704
338
589,539
90,000
90,000
0
437,635
0
437,635
61,904

24,370
24,370
0
32,291

6,333
6,333
0
15,805

0
0
0
9,537

(7,921)
10,369

(9,472)
3,694

(9,537)
31,906

132,172
132,172
0
132,219
124,181
8,038
(47)
19,833
2,523
17,310
2,099
13
0
(2,688)
754
0
0
97,610

160
160
0
8,417
160
8,257
(8,257)
83,219
60
83,159
3,582
4
0
(86,146)
535
0
0
(58,263)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(12,833)
322
0
0

(723)
140
0
0

(25,004)
258
0
0

999,894
999,894
0
958,641
949,727
8,914
41,253
57,105
29,551
27,554
8,826
20
20
193,415
124
0
0
40,945

359,272
0
(13,155)
0

383,637
0
(863)
0

421,603
0
(25,262)
0

639,043
0
193,291
0

669,558
0
(3,442)
0

590,581
0
(86,681)
0

1.94
0.25
142.43
0.06
4.63
132.50
0.15
-3.05
-3.52
-3.52

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

21.16
2.50
0.00
0.00
98.91
5,260.63
0.01
-13.60
-13.78
-13.67

0.01

-2.03
7.19
-0.38
73.39

-53,841.25
-16.63
-9.63
65.50

10,369

3,694

31,906

61

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)

299

5.15

7.64

-52.66
0.00
-1.46
39.92

-11.42
0.00
-0.10
42.63

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 2011

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)
2010
2011

2006

2007

2008

2009

2,035,604
1,846,022
171,306
165,715
1,772

2,034,036
1,846,934
171,306
164,294
1,420

23,867
12,888
174

22,808
1,352
175

0
12,714
1,040,443

0
1,177
1,257,445

1,040,443
386,293
386,293

1,257,445
166,973
166,973

0
0
0
621,756
674,645
674,645
0
(52,889)

0
610,970
674,645
674,645
0
(63,675)

(52,889)

(63,675)

2,035,923
1,849,955
171,306
164,295
0
0
0
21,673
1,277
129
0
0
0
1,148
1,426,631
0
1,426,631
10,107
5,556
0
0
4,551
0
600,462
674,645
674,645
0
(74,183)
0
(74,183)
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: (i) Interest expenses
7.Net profit 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
10,890

0
(36,250)

0
0
0
0
0
0
0
10,654
0
10,654
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

0.00

0.00

0.00

0.00
0.01

0.00
0.00

0.00
0.00

0
0
12,983

0
0
10,954

12,983
5,990

10,954
4,804

(12,780)
874

(10,786)

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

2.29
-0.62
-2.06
-1.27

2.33
-0.53
-1.75
-1.21

2.39
-0.52
-1.73
-1.51

0.01
-0.20
9.22

-0.03
-0.16
9.06

0.00
-0.16
8.90

Financial Statement Analysis of Non Financial Sector 2011

Eco Pack Ltd.( Plastobag Ltd.)

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

833,473

1,061,394

1,086,225

1,080,411
833,473
48,744
0

1,368,256
1,061,394
62,559
0

1,467,449
1,086,225
77,791
0

1,278,116
11,670
1,718,915
1,259,424
97,069

1,233,640
9,490
1,459,393
1,078,170
80,886

477,001
7,046
226,971
135,781
0
107,203
562,681
148,362
414,319
334,361

725,355
3,090
386,420
175,240
0
160,605
810,422
309,395
501,027
558,662

709,329
36,304
319,678
252,806
0
100,541
879,729
405,896
473,833
577,544

7,022
547,952
817
231,836
221,211
0
94,088
843,304

145,980
443,093
1,839
230,817
114,564
0
95,873
830,727
476,367
354,360
471,881
298,320

Items

334,361
413,432
164,121
164,121
0
249,311

558,662
417,665
229,770
229,770
0
187,895

577,544
338,281
229,770
229,770
0
108,511

1,341,811
1,341,811
0
1,099,327

1,463,414
1,463,414
0
1,262,685

2,056,588
2,056,588
0
1,907,920

242,484
97,404

200,729
94,379

148,668
109,151

843,304
589,311
407,807

0
11,916
169,588
393,453
229,770
229,770

(49,645)

18,148
155,413
374,125
229,770
229,770
0
(49,315)

(49,645)
213,328

(49,315)
193,670

1,764,852
1,764,852

1,742,074
1,742,074

1,245,793
6,125
1,766,267
1,231,394
91,256
0
0
8,274
457,299
10,129
168,292
146,759
0
132,119
991,693
570,694
420,999
342,302
159,999
0
0
22,256
160,047
369,097
229,770
229,770
0
(101,661)
0
(101,661)
240,988

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

97,404

94,379

109,151

57,373

107,182

142,238

1,577,168
1,089,110
488,058
187,684
104,218
62,762
41,456
120,411
195,368
128,766
(105,810)
20,192

1,542,996
1,160,605
382,391
199,078
100,631
59,242
41,389
118,732
138,592
81,650
(25,875)
7,482
0
0
113,206

1,784,754
1,784,754
0
1,677,725
1,207,255
470,470
107,029
95,207
53,558
41,649
117,821
104,294
47,722
(68,978)
18,329

91,072
5,834
0
21,407

8,558
6,316
0
0

(71,073)
8,843
0
0

0
127,054

747,793
0
85,238
148,362

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

0.25
4.28
10.12
1.02
0.85
81.93
2.17
7.76
24.00
13.37

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

68,024

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.91

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

6.79
0.00
5.19
25.19

0.58
0.00
0.10
18.18

-3.46
0.00
-3.48
14.72

Financial Statement Analysis of Non Financial Sector 2011

Emco Industries Ltd.

2006

2007

2008

2009

691,694

1,013,140

1,143,173

1,328,461
691,694
70,953
0

1,714,584
1,013,140
133,026
0

1,924,153
1,139,456
92,037
3,717

1,220,805
7,265
2,018,903
1,160,831
86,177
3,345

672,832
35,247
288,961
233,345
0
115,279
1,002,102
529,665
472,437
188,540

667,273
50,345
292,316
204,082
0
120,530
959,560
527,987
431,573
279,455

781,780
38,585
361,022
225,487
0
156,686
1,158,906
645,772
513,134
344,127

188,540
173,884
153,333
153,333
0
20,551

279,455
441,398
153,333
153,333
0
288,065

344,127
421,920
153,333
153,333
0
268,587

1,178,984
1,014,498
164,486
967,014

1,373,555
1,223,019
150,536
1,109,146

1,427,766
1,348,602
79,164
1,160,608

211,970
151,141

264,409
159,427

267,158
177,315

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)
2010
2011
1,251,279
7,265
2,160,901
1,209,670
88,329
3,011

1,183,584
0
2,207,621
1,154,812
100,296
4,740
0
24,032
895,712
70,038
427,750
197,175
0
200,749
1,118,935
530,639
588,296
491,548
231,759
195,414
0
2,328
62,047
468,813
350,000
350,000
0
(314,006)
39,899
(353,905)
432,819

49,364
921,011
58,617
437,345
278,970
0
146,079
1,041,023
575,411
465,612
570,806
428,302
90,885
0
3,017
48,602
529,987
350,000
350,000
0
(231,459)
39,899
(271,358)
411,446

31,333
932,477
51,008
346,808
337,710
0
196,951
1,200,553
561,963
638,590
468,243
310,433
87,142

1,542,108
1,449,135
92,973
1,283,505
674,796
608,709
258,603
182,976
108,263
74,713
301,332
185,187
52,927
(103,152)
10,132

1,860,988
1,696,467
164,521
1,554,592
697,888
856,704
306,396
211,171
128,256
82,915
307,026
174,824
77,931
(76,177)
10,132
0
0
41,955

1,855,343
1,751,678
103,665
1,497,515
658,325
839,190
357,828
228,251
146,978
81,273
324,989
174,891
77,289
(34,645)
17,517

3,037
67,631
514,960
350,000
350,000
0
(286,368)
39,899
(326,267)
451,328

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

151,141

159,427

177,315

83,669

98,972

112,039

(14,444)
6,737
0
0

10,870
6,042
0
0

(15,583)
6,302
0
0

362,424
0
(21,181)
529,665

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

960,361
231,759
(52,162)
762,398

0.27
7.10
19.79
0.86
0.67
82.02
6.85
-1.11
-7.02
-3.58

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
-1.63
-7.04
-3.57

0
18,455

25,429

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

4.08

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

-1.23
0.00
-1.38
11.34

0.79
0.00
0.31
28.79

-1.09
0.00
-1.43
27.52

Financial Statement Analysis of Non Financial Sector 2011

Fateh Industries Ltd.

2007

2008

2009

44,661

40,547

36,845

172,750
44,661
4,574
0

172,750
40,547
4,115
0

172,750
36,845
3,702
0

116,649
17
0
75,190
18
41,424
329,164
0
329,164
0

114,824
18
0
75,047
73
39,686
325,241
0
325,241
0

121,979
10
0
83,904
154
37,911
327,493
0
327,493
0

0
(167,854)
20,000
20,000
0
(187,854)

0
(169,870)
20,000
20,000
0
(189,870)

0
(168,669)
20,000
20,000
0
(188,669)

33,624
0
172,750
33,514
3,331
0
110
0
134,536
11
842
98,553
0
35,130
331,139
0
331,139
0
0
0
0
0
0
(162,979)
20,000
20,000
0
(182,979)
92
(183,071)
0

30,643
0
172,750
30,517
2,997
0
126
0
107,773
25
0
103,436
0
4,312
332,878
0
332,878
0
0
0
0
0
0
(194,462)
20,000
20,000
0
(214,462)
108
(214,570)
0

27,948
0
172,750
27,821
2,696
0
0
127
108,353
29
0
103,947
0
4,377
334,077
0
334,077
0
0
0
0
0
0
(197,776)
20,000
20,000
0
(217,776)
109
(217,885)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
5,813

0
6,754

0
6,242

0
0
0
0
0
0
0
35,566
0
35,566
0
0
0
(31,499)
0
0
0
8

0
0
0
0
0
0
0
3,744
0
3,744
0
0
0
(3,314)
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)
2010
2011

2006

Items

F.Operation:

(6,064)
0
0
0

(2,071)
0
0
0

1,120
0
0
0

0
0
0
0
0
0
0
6,457
0
6,457
0
1
0
5,732
0
0
0
12

(167,854)
0
(6,064)
0

(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

0.23

0.23

0.26

0.30

0.31

0.31

0.00
0.35

0.00
0.35

0.00
0.37

0.00
0.41

0.00
0.32

0.00
0.32

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

5,813

6,754

6,242

696

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

-1.96
-3.70
3.68
3.68

-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
-3.03
-83.93

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

Financial Statement Analysis of Non Financial Sector 2011

Gillette Pakistan Ltd.

2007

2008

2009

2,040

3,815

2,395

1,578

753

14,674
2,040
3,133
0

16,049
3,815
3,001
0

4,279
2,395
2,651
0

3,363
1,278
742

3,363
527
751

342,230
21,171
66,925
54,359
0
199,775
91,989
0
91,989
0

530,246
130,961
129,154
98,741
0
171,390
304,781
0
304,781
0

440,755
68,307
143,362
176,327
0
52,759
179,491
0
179,491
0

300
623,102
8,071
145,372
97,922

226
585,115
8,788
196,761
126,089

0
252,281
192,000
192,000
0
60,281

0
229,280
192,000
192,000
0
37,280

0
263,659
192,000
192,000
0
71,659

662,092
662,092
0
491,427

743,848
743,848
0
577,558

1,449,258
1,449,258
0
1,118,494

170,665
138,793

166,290
158,517

330,764
295,921

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

371,737
261,267

253,477
196,571

261,267
0

196,571
0

363,413
192,000
192,000

389,297
192,000
192,000

171,413

197,297

171,413

197,297

727,573
727,573

796,671
796,671

5,432
0
6,785
5,282
1,345
0
0
150
716,496
1,748
355,182
135,032
0
224,534
357,196
0
357,196
0
0
0
0
0
0
364,732
192,000
192,000
0
172,732
0
172,732
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

138,793

158,517

295,921

112

274

695

457,963
457,963

550,743
550,743

269,610
197,228
147,090
50,138
50,807
301

245,928
229,963
186,207
43,756
35,619
25

1,032,769
1,032,769
0
768,631
768,631
0
264,138
273,408
218,669
54,739
40,518
311

50,410
34,216
0
0

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)

252,281
0
16,194
0

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

0.82
0.02
8.21
1.92
3.72
74.22
0.36
14.82
20.98
20.98

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

9.89

5.76

5.00

4.05

2.91

7.61
0.00
0.84
13.14

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

Financial Statement Analysis of Non Financial Sector 2011

Goodluck Industries Ltd.

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

2,706

2,440

3,447

2,914

2,914

14,245
2,706
393
0

14,315
2,440
336
0

15,744
3,447
422
0

15,757
2,629
418

15,757
2,629
418

13,291
488
10,191
358
0
2,254
3,080
0
3,080
0

16,125
1,829
12,252
908
0
1,136
9,475
2,756
6,719
0

14,158
5,130
6,890
1,482
0
656
7,221
0
7,221
0

285
20,269
3,747
13,605
2,342

285
20,269
3,747
13,605
2,342

0
12,917
3,000
3,000
0
9,917

0
9,090
3,000
3,000
0
6,090

0
10,384
3,000
3,000
0
7,384

238,020
238,020
0
231,325

238,908
238,908
0
230,541

301,696
301,696
0
292,560

6,695
4,589

8,367
5,529

9,136
5,597

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

575
2,658
701
1,957
7,602

575
2,658
701
1,957
7,602

6,862
740
12,923
3,000
3,000

7,762
(160)
12,923
3,000
3,000

9,923

9,923

9,923

9,923

488,277
488,277

488,277
488,277

2,889
0
16,092
2,588
375
0
0
301
19,325
6,512
10,033
1,261
0
1,519
2,105
0
2,105
7,106
0
0
0
7,145
(39)
13,003
3,000
3,000
0
10,003
0
10,003
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,025
1,190
600
0

2,822
1,242
600
0

3,447
1,508
600
0

4,574

4,574

381,582
381,582
0
372,787
353,098
19,689
8,795
7,044
108
6,936
6,239
149
138
1,602
763
600
0
4,574

12,917
0
235
0

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

4,589

5,529

5,597

81

16

92

477,371
460,162
17,209
10,906
6,784
154
6,630
6,508
114
105
4,008
2,643
600

477,371
460,162
17,209
10,906
6,784
154
6,630
6,508
114
105
4,008
2,441
600

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

H.Key Performance Indicators

0.27
0.03
0.15
14.88
4.32
97.19
0.24
12.79
16.25
16.25
1.39
23.36

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.85
0.00
2.78
43.06

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
0.50
2.80
43.34

Financial Statement Analysis of Non Financial Sector 2011

Grays Of Cambridge (Pakistan) Ltd.

2006

2007

2008

2009

28,368

26,379

36,215

56,670
28,368
3,327
0

56,236
26,379
3,047
0

67,289
36,215
3,675
0

268,923
32,264
51,920
23,188
101,883
59,668
17,603
0
17,603
0

263,624
27,266
55,132
28,324
105,951
46,951
21,371
0
21,371
0

231,755
4,193
63,896
22,975
101,956
38,735
19,683
0
19,683
0

0
279,688
16,332
16,332
0
263,356

0
268,632
16,332
16,332
0
252,300

0
248,287
16,332
16,332
0
231,955

117,943
0
70,215
35,982
4,390
0
75,377
6,584
124,191
10,572
71,510
22,587
0
19,522
18,940
0
18,940
0
0
0
0
0
0
223,194
16,332
16,332

120,289
4,019
116,270
74,648

130,076
6,650
123,426
84,395

138,542
5,175
133,367
89,735

45,641
33,096

45,681
34,384

48,807
36,387

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)
2010
2011

206,862
0
206,862
0

86,546
1,314
72,352
36,016
4,307
0
44,653
4,563
141,546
8,241
79,386
29,325
0
24,594
20,205
0
20,205
0
0
0
0
0
0
207,887
73,493
73,493
0
127,688
0
127,688
6,706

68,008
161
77,461
37,108
4,319
0
28,184
2,555
144,705
5,367
90,144
23,150
0
26,044
26,303
0
26,303
0
0
0
0
0
0
186,410
73,493
73,493
0
112,917
0
112,917
0

180,194
180,194
0
111,655
75,981
35,674
68,539
47,740
22,925
24,815
42,631
697
0
(22,898)
1,597
18,373
0
3,912

195,409
195,409
0
131,991
86,160
45,831
63,418
63,921
23,993
39,928
48,951
599
0
47
2,497
7,349

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

29,118
4,097
28,581
0

23,265
3,322
28,581
0

10,887
2,486
16,332
0

134,591
134,591
0
80,398
51,774
28,624
54,193
35,044
15,910
19,134
36,041
705
0
(8,198)
1,735
4,083
57,162
14,273

279,688
0
(3,560)
0

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
(9,799)
0

8.94
0.63
19.28
0.40
15.28
62.06
0.06
9.53
10.05
10.05
0.88
2.32

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

33,096

34,384

36,387

752

945

741

16,108

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

24.21
0.00
15.32
171.25

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 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

395,273

1,214,181

1,244,052

661,551
395,273
36,719
0

1,503,484
1,213,848
37,688
333

1,586,584
1,243,886
53,062
166

1,743,351
278
2,127,520
1,737,258
58,379

5,074,621
3,925
5,137,167
5,055,037
77,262

631,777
47,199
366,926
83,698
0
133,954
680,062
9,727
670,335
28,231

562,857
18,860
344,924
63,710
0
135,363
691,422
11,155
680,267
17,110

529,464
61,660
172,381
92,626
0
202,797
623,933
4,079
619,854
13,031

5,815
1,060,297
12,231
779,263
128,827
0
139,976
765,323

15,659
1,134,393
31,797
832,643
96,457
0
173,496
909,083

Items

4,998,612
5,155
5,489,975
4,977,677
400,168
0
0
15,780
1,194,622
31,601
746,597
191,980
0
224,444
1,090,297
0
1,090,297
1,413,146
0
0
0
60,316
1,352,830
3,689,791
554,844
554,844
0
434,861
0
434,861
2,700,086

765,323
324,741

909,083
1,508,416

28,231
318,757
140,303
140,303
0
178,454

17,110
1,068,506
182,394
182,394
0
886,112

13,031
1,136,552
218,873
218,873
0
917,679

0
44,738
280,003
1,713,584
341,442
341,442
0
409,517

409,517
962,625

333,374
2,903,297

1,119,166
1,118,787
379
924,628

946,766
945,449
1,317
792,146

1,184,837
1,184,837
0
972,219

194,538
46,706

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
72,614
17,489
142
221,930
33,104

1,285,301
1,252,128
33,173
976,326
601,487
374,839
308,975
60,658
4,062
56,596
73,154
38,830
20,714
211,153
82,085
0
138,711
238,921

1,455,071
1,201,749
253,322
1,368,619
890,467
478,152
86,452
74,830
16,159
58,671
916,700
74,805
26,508
(38,466)
31,715
83,227

52,157
1,456,259
3,791,515
554,844
554,844
0
333,374

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

46,706

37,693

48,754

8,996

15,292

10,868

157,855
34,555
28,061
42,091

104,140
11,610
27,359
0

154,194
47,961
0
65,662

102,433
(27,514)

346,988
0
95,239
9,727

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
0
(153,408)
0

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
-0.90
-0.74
-0.84
1.95
-0.45
-2.64
0.17
-1.26
66.50

436,031

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

H.Key Performance Indicators

0.19
0.80
7.48
1.09
0.93
82.62
2.22
17.42
56.00
50.12
4.39
3.05

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.12
1.62
6.73
0.53
0.81
83.67
0.66
7.43
15.01
14.54
3.38
2.74

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

14.10
0.00
8.79
22.72

11.00
0.00
5.07
58.58

13.01
0.00
4.85
51.93

Financial Statement Analysis of Non Financial Sector 2011

International Industries Ltd.

2006

2007

2008

2009

1,841,911

2,742,437

4,182,713

2,785,087
1,837,046
173,817
4,865

3,832,413
2,736,859
190,195
5,578

5,282,865
4,172,307
221,569
10,406

6,011,101
1,946,855
5,315,906
3,987,224
227,824
17,959

3,405,379
428,961
2,025,921
597,975
0
352,522
2,972,692
2,442,728
529,964
275,000

5,857,903
3,923
3,309,927
914,470
1,359,018
270,565
5,195,903
4,428,150
767,753
1,062,500

6,443,498
28,106
4,591,568
1,401,333
0
422,491
5,695,607
4,389,655
1,305,952
1,141,665

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)
2010
2011
10,048,930
6,041,888
5,389,969
3,849,399
227,615
11,801

59,063
5,167,778
1,235,455
2,228,967
1,083,990
0
619,366
4,838,067
3,533,094
1,304,973
2,301,952
2,015,460

145,842
8,709,238
21,568
6,114,406
1,579,112
0
994,152
8,708,712
7,715,766
992,946
5,358,990
5,113,227

11,671,893
445,087
11,473,549
11,021,605
361,100
14,538
0
190,663
14,056,149
274,883
8,570,938
1,924,868
0
3,285,460
13,842,522
12,397,502
1,445,020
4,837,736
4,573,019

245,763
4,690,466
999,105
999,105
0
2,324,496

275,000
1,999,598
427,892
427,892
0
1,571,706

1,062,500
2,341,937
569,096
569,096
0
1,772,841

1,141,665
3,788,939
832,587
832,587
0
2,956,352

0
0
286,492
4,038,860
999,105
999,105
0
1,661,200

1,661,200
1,378,555

2,324,496
1,366,865

264,717
7,047,784
1,198,926
1,198,926
0
4,486,515
1,859,191
2,627,324
1,362,343

8,727,002
7,186,363
1,540,639
7,486,474

11,020,192
9,062,959
1,957,233
9,597,211

13,761,502
10,741,994
3,019,508
11,974,069

1,240,528
337,871

1,422,981
413,264

1,787,433
619,724

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
497,818
257,090
242,277
1,359,271
373,729
399,642
199,821
(3,490,319)

15,992,338
10,853,470
5,138,868
13,829,976
13,800,544
29,432
2,162,362
913,188
445,793
467,395
737,416
882,260
869,505
580,373
247,511
599,463
0
(4,033,251)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

725,519
182,000
213,946
141,204

807,357
166,000
213,411
187,802

904,303
140,066
208,147
249,776

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
381,586
535,081
522,703
468,809
114,000
224,799
0
2,945,001

2,274,598
0
329,573
2,442,728

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

0.35
2.06
6.85
1.66
1.15
85.79
1.62
14.24
39.04
33.56
2.54
4.31

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
5.52
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

337,871

413,264

619,724

179,845

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)

308

8.31
0.00
12.70
46.73

7.33
0.00
11.27
41.15

6.57
0.00
9.18
45.51

Financial Statement Analysis of Non Financial Sector 2011

KSB Pumps Co. Ltd.

2007

2008

2009

89,825

152,302

216,819

328,551
89,825
14,355
0

408,862
152,302
18,709
0

494,810
216,819
25,114
0

740,119
136,066
267,057
214,193
2,805
119,998
362,480
47
362,433
0

929,651
267,011
244,881
250,061
0
167,698
491,809
47,795
444,014
0

1,001,191
75,374
348,155
382,279
2,289
193,094
541,178
16,422
524,756
0

257,835
1,212
541,395
243,000
28,578
4,349
2,077
7,197
1,336,274
232,122
370,189
526,560
0
207,403
768,815
171
768,644
52,273

325,188
13,812
616,450
292,199
31,890
5,626
1,866
11,685
1,483,920
163,301
462,601
632,844
0
225,174
918,665
164,927
753,738
63,843

0
467,464
120,000
120,000
0
347,464

0
590,144
120,000
120,000
0
470,144

0
676,832
120,000
120,000
0
556,832

0
17,239
35,034
773,021
132,000
132,000
0
641,021

1,441,911
1,305,612
136,299
1,016,886

1,708,235
1,537,357
170,878
1,242,144

1,911,894
1,784,252
127,642
1,404,284

425,025
258,786

466,091
271,115

507,610
318,339

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

641,021

694,600

366,230
4,110
657,858
308,558
40,593
2,150
1,652
49,760
1,631,367
70,453
399,185
866,753
0
294,976
1,258,172
57,791
1,200,381
35,446
0
0
0
21,688
13,758
703,979
132,000
132,000
0
571,979
0
571,979
0

2,047,989
1,803,885
244,104
1,564,429
1,047,522
516,907
483,560
355,929
214,023
141,906
289,639
17,248
12,753
153,250
45,500
16,500
0
(92,165)

1,944,764
1,768,759
176,005
1,615,960
942,356
673,604
328,804
511,008
181,490
329,518
289,186
16,235
11,773
(156,120)
19,198
0
0
74,079

19,409
44,434
826,600
132,000
132,000
0
694,600

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

190,843
57,450
48,000
0

227,992
62,000
84,000
0

233,919
10,769
51,600
12,000

2,024,247
1,815,201
209,046
1,522,737
929,938
592,799
501,510
319,004
183,402
135,602
268,683
10,421
5,700
213,788
66,800
46,200
0
289,729

467,464
0
85,393
47

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
(175,318)
57,791

0.97
0.40
14.85
1.74
2.04
70.52
0.78
22.78
44.13
44.13
2.78
5.40

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
83.09
1.84
-8.20
-20.40
-19.16

258,786

271,115

318,339

5,790

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)

309

13.24
0.00
11.12
38.96

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

Financial Statement Analysis of Non Financial Sector 2011

Khyber Tobacco Co. Ltd.

2007

2008

2009

3,958

3,939

3,921

4,859

10,027

37,873
3,958
19
0

37,873
3,939
19
0

37,873
3,921
18
0

37,872
3,903
18

40,223
6,072
182

1,135
136
0
0
0
999
46,517
3,431
43,086
0

5,767
126
4,404
0
0
1,237
41,187
0
41,187
0

31,396
3,147
25,454
0
0
2,795
61,037
0
61,037
0

956
48,822
5,589
10,727
23,710
0
8,796
75,820

3,955
104,851
13,046
43,205
44,599
0
4,001
104,470

75,820
0

104,470
0

0
(41,424)
12,018
12,018
0
(53,442)

0
(31,481)
12,018
12,018
0
(43,499)

0
(25,720)
12,018
12,018
0
(37,738)

0
0
0
(22,139)
12,018
12,018
0
(34,157)

11,506
11,506
0
7,750

25,706
25,706
0
17,596

69,874
42,767
27,107
61,151

3,756
2,806

8,110
2,918

8,723
2,637

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

0
10,408
12,018
12,018
0
(1,610)

(34,157)

(1,610)

115,903
97,296
18,607
104,729
64,701
40,028
11,174
4,098
210
3,888
4,175
119

242,451
93,204
149,247
174,883
163,514
11,369
67,568
26,065
15,050
11,015
9,050
717

17,664
0
52,473
16,711
1,611
0
0
953
227,531
25,622
120,762
59,927
0
21,220
135,698
0
135,698
4,620
0
0
0
3,489
1,131
104,877
12,018
12,018
0
92,859
0
92,859
0

F.Operation:

2,855
999
0
0

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

424,521
112,811
311,710
276,901
261,708
15,193
147,620
38,536
18,219
20,317
19,842
2,397
0
110,594
14,994
0
0
21,825

(41,424)
0
1,856
3,431

(31,481)
0
18,561
0

(25,720)
0
3,956
0

(22,139)
0
4,175
0

10,408
0
34,837
0

109,497
0
95,600
0

0.00
0.00
0.00
2.26
0.02
67.36
-1.12
40.15
-6.79
-6.95

0.00
0.09
0.00
2.65
0.14
68.45
-1.31
266.05
-54.00
-54.00

0.39
0.10
20.46
2.16
0.64
90.36
-3.42
15.79
-29.37
-29.37

5.84

0.05
0.14
0.00
1.98
0.51
87.52
-2.37
32.06
-25.23
-25.23
3.19
2.75

24.81
0.00
1.54
-34.47

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

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

2,806

2,918

2,637

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)

310

0.55
0.30
18.40
2.11
1.00
72.13
10.04
48.54
-697.40
-697.40

0.63
0.56
14.12
1.73
1.68
65.23
1.34
61.43
191.86
184.47

10.80

5.61

3.52

Financial Statement Analysis of Non Financial Sector 2011

Leather Up Ltd.
2007

2008

2009

17,698

17,257

16,868

27,911
17,698
499
0

27,911
17,257
440
0

27,911
16,868
389
0

55,393
18,663
30,687
554
0
5,489
24,199
14,895
9,304
0

50,680
17,896
26,498
1,314
0
4,972
26,076
14,495
11,581
0

50,037
20,945
24,607
1,544
0
2,941
30,919
19,720
11,199
0

0
48,892
60,000
60,000
0
(11,108)

0
41,861
60,000
60,000
0
(18,139)

0
35,986
60,000
60,000
0
(24,014)

17,394
0
15,396
3,697
308
0
0
13,697
24,170
1,742
17,144
0
0
5,284
17,381
8,300
9,081
1,442
0
0
0
1,442
0
22,741
60,000
60,000
0
(37,259)
0
(37,259)
0

35,184
0
17,482
4,358
65
0
0
30,826
56,506
9,063
34,460
0
0
12,983
47,101
8,000
39,101
19,928
0
0
0
19,928
0
24,661
60,000
60,000
0
(35,339)

17,703
0
15,396
4,005
347
0
0
13,698
30,919
3,649
19,467
301
0
7,502
15,719
8,300
7,419
1,140
0
0
0
1,140
0
31,763
60,000
60,000
0
(28,237)
0
(28,237)
0

35,387
35,387
0
29,354

30,460
30,460
0
31,521

15,190
15,190
0
17,314

6,033
5,948

(1,061)
5,418

(2,124)
4,939

18,702
2,857
15,845
21,588
14,365
7,223
(2,886)
5,243
1,299
3,944
3,331
1,137
956
(8,838)
184
0
0
(1,907)

71,482
504
70,978
56,648
51,117
5,531
14,834
11,037
6,603
4,434
5,857
1,009
924
2,790
742
1,548
0
7,686

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

Items

(35,339)
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(994)
253
0
0

(6,736)
296
0
0

(5,727)
148
0
0

24,937
(666)
25,603
28,339
16,379
11,960
(3,402)
11,240
2,419
8,821
5,164
3,309
2,861
(3,525)
256
0
0
(4,694)

48,892
0
(1,247)
14,895

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

44,589
0
500
8,000

0.79
6.13
1.57
0.48
2.29
82.95
0.49
-1.20
-1.79
-1.79

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

0.19
1.41
0.00
0.78
1.20
79.25
2.72
4.19
11.77
8.11
1.32
2.07
4.02
3.90
0.11
0.34
4.11

5,948

5,418

4,939

2,170

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)

311

1.15

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

-2.81
0.00
-0.21
8.15

-22.11
0.00
-1.17
6.98

-37.70
0.00
-0.98
6.00

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,378,450

1,249,365

840,752

1,657,805
1,371,859
98,634
6,591

1,662,052
1,245,171
131,302
4,194

1,268,211
840,752
98,245
0

188,609
6,204
50,186
78,587
0
53,632
856,368
344,071
512,297
360,237

142,683
1,309
40,362
50,197
0
50,815
514,598
112,089
402,509
642,384

292,842
62,804
35,105
42,413
0
152,520
630,901
185,326
445,575
434,439

360,237
350,454
388,860
388,860
0
(38,406)

642,384
235,066
388,860
388,860
0
(153,794)

434,439
68,254
388,860
388,860
0
(320,606)

906,392
0
1,183,148
796,741
417
417
0
109,234
95,002
3,918
15,252
45,256
0
30,576
505,349
317,226
188,123
537,430
308,182
0
0
8,527
220,721
(41,385)
388,860
388,860
0
(430,245)
79,930
(510,175)
0

852,564
0
1,166,904
710,062
334
334
0
142,168
90,092
177
29,497
28,450
0
31,968
473,055
258,661
214,394
538,671
183,093
0
0
9,083
346,495
(69,070)
388,860
388,860
0
(457,930)
79,930
(537,860)
0

719,614
0
1,004,346
577,507
61,744
267
0
141,840
252,170
6,274
155,735
46,996
0
43,165
473,118
128,051
345,067
395,545
58,361
196,760
0
9,690
130,734
103,121
388,860
388,860
0
(285,739)
79,930
(365,669)
0

546,816
540,999
5,817
539,511

468,063
463,851
4,212
521,778

404,916
402,169
2,747
433,734

7,305
23,536

(53,715)
28,071

(28,818)
28,997

227,956
224,879
3,077
271,803
96,420
175,383
(43,847)
21,900
3,904
17,996
27,171
24,898
23,713
(60,508)
1,285
0
0
139,127

887,948
887,948
0
693,316
502,961
190,355
194,632
42,126
3,455
38,671
29,438
13,281
11,833
181,069
8,879

176,888

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(89,004)
2,430
0
0

(202,007)
2,066
0
0

(230,536)
1,689
0
0

133,068
133,068
0
190,446
16,815
173,631
(57,378)
22,711
4,856
17,855
26,777
48,704
52,892
(100,317)
0
0
0
(15,624)

710,691
0
(91,434)
344,071

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

0.10
13.31
14.37
0.35
0.22
98.66
3.47
-5.47
-19.58
-9.00

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
0.53
78.08
8.42
18.92
1,063.52
37.40

23,536

28,071

28,997

72,773

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)

312

10.90

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
16.30
20.39
0.20
4.43
2.65

-16.28
0.00
-2.35
9.01

-43.16
0.00
-5.25
6.05

-56.93
0.00
-5.97
1.76

Financial Statement Analysis of Non Financial Sector 2011

Pak Leather Crafts Ltd.

2007

2008

2009

51,447

50,351

48,343

47,344

43,645

152,495
51,447
5,887
0

155,950
50,351
5,727
0

158,054
48,343
4,112
0

159,327
45,649
113,678

159,259
42,026
117,233

417,960
8,742
339,065
40,714
0
29,439
400,498
261,486
139,012
480

401,215
10,049
337,960
31,487
0
21,719
379,677
268,284
111,393
1,310

467,618
1,635
396,358
40,537
0
29,088
405,902
266,246
139,656
37,465

1,695
407,838
2,515
344,982
26,426
0
33,915
367,023

367,023
85,177
51,921
31,115
0
2,141

1,619
314,935
210
258,969
42,581
0
13,175
398,456
280,330
118,126
73,627
38,117
33,857

480
68,429
34,000
34,000
0
34,429

1,310
70,579
34,000
34,000
0
36,579

37,465
72,594
34,000
34,000
0
38,594

2,982
34,000
34,000
0
(31,018)

518,949
12,192
506,757
443,021

599,193
24,694
574,499
519,068

651,452
3,448
648,004
572,248

75,928
39,453

80,125
44,539

79,204
41,152

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

(Thousand Rupees)
2010
2011

2006

Items

1.Long term secured loans

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

E.Shareholders Equity (E1+E2+E3)

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

(31,018)

(147,503)

28,441
0
129,353
27,031
2,971
0
0
1,410
212,778
188
120,304
84,571
0
7,715
393,400
254,045
139,355
58,321
22,556
33,857
0
1,908
0
(210,502)
34,000
34,000
0
(244,502)
0
(244,502)
0

377,094
367,308
9,786
375,945
242,788
133,157
1,149
31,864
20,981
10,883
68,679
34,975
30,522
(65,581)
4,029

180,114
150,178
29,936
228,453
121,162
107,291
(48,339)
27,760
16,625
11,135
33,426
39,081
36,374
(115,044)
1,600

93,142
3,353
89,789
161,255
68,465
92,790
(68,113)
13,849
8,165
5,684
7,931
44,587
42,633
(95,991)
931

1,653
0
(113,503)
34,000
34,000
0
(147,503)

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

39,453

44,539

41,152

25,638

24,532

29,831

10,897
5,725
3,400
0

11,384
6,500
3,400
0

8,230
6,497
0
0

68,909
0
1,772
261,486
0.12
4.94
7.85
1.11
1.04
85.37
5.86
2.32
15.87
15.58
1.52
1.53

0
(52,030)

0
(4,609)

(601)

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

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
-31.92
59.25
99.96

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

H.Key Performance Indicators

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

313

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

2.10
0.00
1.52
20.13

1.90
0.00
1.44
20.76

1.26
0.00
0.51
21.35

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,763,133

1,765,647

1,819,125

2,059,019
1,763,133
11,021
0

2,072,913
1,765,647
12,098
0

2,137,195
1,819,125
13,077
0

4,913,690
2,559
4,888,136
4,592,772
15,189

5,201,551
5,684
4,937,938
4,879,205
30,073

710,086
32,916
214,924
212,784
60,939
188,523
441,319
255,678
185,641
1,792,381

866,464
104,921
211,706
261,185
51,500
237,152
219,601
41,103
178,498
1,941,110

902,982
24,482
268,784
366,921
31,500
211,295
237,692
27,461
210,231
1,940,555

318,359
1,104,236
28,250
445,460
347,364
0
283,162
366,390
59,725
306,665
1,903,879
1,003,406

316,662
934,960
83,676
307,565
298,301
0
245,418
218,511
22,500
196,011
1,944,079
1,016,293

Items

787,442

1,792,381
239,519
56,902
56,902
0
182,617

1,941,110
471,400
56,902
56,902
0
414,498

1,940,555
543,860
56,902
56,902
0
486,958

787,442
0
113,031
3,747,657
56,902
56,902
0
(1,046,203)

(1,046,203)
4,736,958

(996,015)
4,913,034

959,886
959,886
0
742,444

1,123,150
1,123,150
0
899,987

1,184,480
1,184,480
0
954,288

1,361,633
1,361,633

1,677,379
1,677,379

217,442
92,595

223,163
76,248

230,192
72,247

140,344
3,973,921
56,902
56,902
0
(996,015)

5,213,867
12,971
4,971,193
4,884,234
29,981
0
0
316,662
1,074,134
58,335
421,776
379,676
0
214,347
463,792
108,638
355,154
1,909,333
1,008,183
0
787,442
0
113,708
3,914,876
56,902
56,902
0
(1,035,849)
0
(1,035,849)
4,893,823

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,371,129
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
5,918,000
1,803,735
57,230
1,826,235

113,668
4,174
0
0

201,628
4,917
31,296
0

168,469
59,022
0
0

1,035,306
981,724
53,582
326,327
86,413
14,168
72,245
91,431
83,052
77,292
201,171
67,223
71,128
0
90,487

2,031,900
0
109,494
255,678

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

0.69
1.87
22.17
0.39
1.61
77.35
9.33
4.53
61.52
5.75

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

92,595

76,248

72,247

17,994

8,591

8,260

712,177
712,177
0
677,119
590,972
86,147
35,058
80,555
11,460
69,095
98,846
17,540
4,998
(54,725)
7,896

(59,328)

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)

5,824,209
1,795,625
(62,621)
1,904,263

H.Key Performance Indicators

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

4.47

314

4.41

11.84
0.00
19.24
42.09

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

0.94
2.46
53.31
0.11
2.32
95.08
0.61
-0.88
-1.39
-0.93

1.69
-9.95
-7.68
-0.02
-11.01
688.00

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

4,529,366

5,154,326

5,599,758

7,108,415
4,529,366
482,186
0

8,190,852
5,154,326
537,851
0

9,100,682
5,599,758
594,843
0

5,984,333
469,070
9,455,353
5,483,038
656,754

5,867,528
201,773
10,220,473
5,621,915
744,844

4,205,034
62,883
3,790,853
2,406
5,000
343,892
4,595,213
1,293,141
3,302,072
0

4,671,906
166,666
3,998,181
2,386
5,000
499,673
5,803,375
1,038,550
4,764,825
0

4,795,283
69,172
4,059,063
2,666
5,000
659,382
6,786,710
572,397
6,214,313
0

32,225
6,242,528
47,874
5,765,367
1,684
0
427,603
6,856,780
1,300,832
5,555,948
1,109,847

43,840
6,510,899
51,945
6,002,823
1,597
0
454,534
7,638,759
2,252,218
5,386,541
1,137,581

0
4,139,187
2,554,938
2,554,938
0
1,584,249

0
4,022,857
2,554,938
2,554,938
0
1,467,919

0
3,608,331
2,554,938
2,554,938
0
1,053,393

0
0
1,109,847
4,260,234
2,554,938
2,554,938
0
1,705,296

35,715,451
35,715,451
0
30,181,931

40,889,275
40,889,275
0
34,379,318

49,053,928
49,053,928
0
41,777,169

5,533,520
2,689,875

6,509,957
2,848,699

7,276,759
3,449,869

Items

1,137,581
3,602,087
2,554,938
2,554,938
0
1,047,149

1,705,296

1,047,149

21,666,525
21,666,525

20,952,629
20,952,629

6,141,232
690,845
10,663,710
5,426,487
774,143
0
0
23,900
7,177,282
109,631
6,462,330
1,202
0
604,119
8,902,541
1,783,623
7,118,918
1,082,038
0
0
0
0
1,082,038
3,333,935
2,554,938
2,554,938
0
778,997
0
778,997
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,860,673
880,264
1,890,654
0

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

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
2,098,338
101,379
0
559,275
235,348
255,494
0
2,157,914

4,139,187
0
89,755
1,293,141

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

2,689,875

2,848,699

3,449,869

51,060

50,317

53,324

13,442,066
10,954,093
2,487,973
8,224,459
3,861,493
2,246,014
1,615,479
2,042,108
(59,024)

14,747,717
10,525,185
4,222,532
6,204,912
4,720,766
3,279,390
1,441,376
2,184,463
112,747

G.Miscellaneous
1.Total capital employed (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
0.14
0.01
4.09
0.92
84.51
1.11
34.25
73.55
73.55
1.05
9.42

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)

315

0.03
0.12
0.01
4.16
0.81
84.08
1.44
40.02
91.00
91.00
2.56
10.23

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

8.01
0.00
7.75
16.20

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

2,469,399

2,805,140

3,322,278

4,257,470
2,406,862
376,869
62,537

4,989,619
2,805,140
397,640
0

5,669,077
3,322,278
398,311
0

3,889,196
679,663
6,202,477
3,166,076
483,052

3,899,779
413,365
6,897,418
3,434,314
551,079

3,511,604
607,281
2,009,053
100,647
400,115
394,508
1,024,722
0
1,024,722
0

3,788,069
775,758
2,463,179
85,099
0
464,033
1,026,216
0
1,026,216
0

6,117,506
46,718
5,327,107
36,181
1
707,499
3,445,823
770,668
2,675,155
0

43,457
6,703,558
109,559
5,880,236
65,847
0
647,916
3,381,825
789,525
2,592,300
391,000

52,100
8,907,484
15,104
7,706,696
164,240
0
1,021,444
5,170,442
2,471,772
2,698,670
472,000

0
4,956,281
615,803
615,803
0
4,340,478

0
5,566,993
615,803
615,803
0
4,951,190

0
5,993,961
615,803
615,803
0
5,378,158

0
0
391,000
6,819,929
615,803
615,803
0
6,204,126

20,619,711
20,619,711
0
16,443,164

22,425,268
22,425,268
0
17,934,793

24,937,931
24,937,931
0
20,621,464

4,176,547
1,854,028

4,490,475
1,910,073

4,316,467
2,601,867

Items

6,204,126

6,549,018

4,000,574
1,033,489
6,655,141
2,907,963
534,206
0
0
59,122
8,245,590
28,088
6,776,689
210,781
0
1,230,032
5,461,986
2,810,170
2,651,816
221,000
0
0
0
0
221,000
6,563,178
615,803
615,803
0
5,947,375
0
5,947,375

13,400,669
13,400,669

13,322,352
13,322,352

472,000
7,164,821
615,803
615,803
0
6,549,018

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,854,028

1,910,073

2,601,867

10,654

19,148

45,639

8,431,334
5,049,456
3,381,878
4,969,335
3,482,977
2,640,804
842,173
1,109,809
89,336
71,114
1,500,133
541,749

8,956,591
5,549,885
3,406,706
4,365,761
3,445,470
2,560,141
885,329
1,170,341
137,275
128,293
876,679
223,117
30,790
0
(1,062,531)

12,586,982
12,586,982
0
9,460,827
7,743,278
1,717,549
3,126,155
3,370,381
2,254,522
1,115,859
1,738,162
308,690
299,100
(530,749)
175,057
0
0
551,544

2,380,124
822,000
769,754
123,160

2,631,296
780,000
523,432
0

1,745,319
537,059
554,223
0

0
1,122,363

4,956,281
0
788,370
0

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

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
2.45
1.67
1.03
1.51
75.16
0.87
-4.24
-7.73
-7.36

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

1.08
0.05
0.49
3.45
3.43
79.74
0.21
40.78
51.96
51.96
2.02
10.26

1.Acid test or quick ratio[(B1+B3+B4) to C]

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

316

0.84
0.09
0.38
3.40
3.69
79.98
0.18
41.85
50.01
50.01
3.54
9.10

11.54
0.00
25.30
80.48

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

1.86
-0.77
-4.22
0.10
-11.46
106.58

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

692,993

829,815

887,382

1,284,385
692,993
59,386
0

1,477,659
829,815
81,587
0

1,611,369
887,382
96,295
0

1,034,220
103,005
1,666,076
920,720
102,644

1,439,494
104,865
2,192,751
1,320,304
130,244

1,784,671
5,866
836,659
718,959
0
223,187
1,445,040
841,377
603,663
402,878

1,620,830
7,485
698,556
652,980
0
261,809
1,319,419
606,365
713,054
376,086

2,454,492
7,014
1,182,566
194,590
0
1,070,322
1,989,626
925,853
1,063,773
310,558

10,495
2,617,148
208,445
1,253,241
793,032
0
362,430
1,797,360
703,174
1,094,186
331,924
142,073

14,325
3,103,365
247,951
1,358,128
897,675
0
599,611
2,375,987
1,197,905
1,178,082
467,046
214,263

Items

402,878
629,746
120,288
120,288
0
509,458

376,086
755,140
120,288
120,288
0
634,852

310,558
1,041,690
120,288
120,288
0
921,402

4,152,345
3,267,663
884,682
3,572,405

4,871,917
3,788,926
1,082,991
4,155,942

6,877,304
5,327,713
1,549,591
5,839,151

579,940
288,762

715,975
335,730

1,038,153
406,689

1,401,796

1,579,538

1,636,789
68,755
2,546,830
1,543,297
158,819
13,301
0
11,436
4,002,546
12,065
1,941,229
938,456
0
1,110,796
3,175,300
1,681,694
1,493,606
451,129
218,173
0
0
22,899
210,057
2,012,906
120,288
120,288
0
1,892,618
0
1,892,618
0

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
1,199,069
177,727
151,661
487,932
94,433
90,216
0
228,195

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
1,451,548
237,695
210,089
534,619
115,461
150,360
0
(242,756)

0
11,462
178,389
1,522,084
120,288
120,288
0
1,401,796

12,943
239,840
1,699,826
120,288
120,288
0
1,579,538

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

143,881
26,108
36,086
0

236,180
37,459
54,130
0

478,203
127,803
0
0

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
954,325
160,425
116,372
935,988
222,271
240,576
0
887,469

1,032,624
0
81,687
841,377

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

0.50
3.77
17.31
1.68
1.24
86.03
2.93
5.99
24.10
15.45
3.26
4.96

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
3.54
4.63
-0.07
34.85
167.34

288,762

335,730

406,689

156,489

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)

317

5.82

3.47
0.00
9.79
52.35

4.85
0.00
16.52
62.78

6.95
0.00

Financial Statement Analysis of Non Financial Sector 2011

Shield Corporation Ltd.(Transpak Corp.)

2006

2007

2008

2009

114,578

125,251

154,782

228,962
114,578
13,519
0

252,084
125,251
15,131
0

269,002
154,782
14,099
0

207,355
46,956
160,181
129,667
16,152

91,715
1,370
73,461
1,738
0
15,146
75,103
16,502
58,601
0

165,650
799
107,891
35,111
0
21,849
162,294
75,358
86,936
0

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

101,696

114,831

661,130
660,267
863
462,584
359,401
103,183
198,546
146,919
128,995
17,924
86,928
8,855
8,383
43,419
3,308
3,900
0
48,681

829,901
829,289
612
624,048
543,704
80,344
205,853
151,662
131,338
20,324
100,974
15,331
14,326
40,362
9,375
3,900
0
(67,891)

145,335
122
99,313
8,120
0
37,780
170,239
72,039
98,200
0

75,000

0
131,190
30,000
30,000
0
101,190

0
128,607
30,000
30,000
0
98,607

0
129,878
30,000
30,000
0
99,878

0
13,320
65,000
131,696
30,000
30,000
0
101,696

363,685
363,685
0
234,378

430,623
430,030
593
286,043

512,013
510,919
1,094
370,277

129,307
107,208

144,580
125,033

141,736
125,391

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

7,357
150,381
469
119,921
4,887
0
25,104
146,301
62,332
83,969
125,833

1.Cash & bank balance

2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

E.Shareholders Equity (E1+E2+E3)

292,063
18,493
159,250
259,903
25,688
811
0
12,856
329,817
2,341
280,716
4,583
0
42,177
300,816
169,309
131,507
140,593
9,196
75,000
0
16,192
40,205
180,471
39,000
39,000
0
141,471
0
141,471
0

275,584
28,385
142,154
238,273
17,974
1,569

30,732
150,879
372
121,530
5,471
0
23,506
148,218
54,277
93,941
78,320

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

1.Long term secured loans

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

(Thousand Rupees)
2010
2011

15,333
35,500
153,831
39,000
39,000

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,902
2,550
3,750
0

13,230
2,500
4,500
0

9,430
250
3,000
0

489,090
486,557
2,533
342,278
271,610
70,668
146,812
125,260
109,631
15,629
72,793
10,150
9,812
11,863
7,044
0
9,000
61,504

131,190
0
11,602
16,502

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
27,087
178,505

0.04
1.22
0.48
1.76
1.22
64.45
0.57
9.36
14.31
14.31
4.09
4.95

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

107,208

125,033

125,391

4,438

6,624

7,186

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

H.Key Performance Indicators

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

318

4.92
0.00
5.12
43.73

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

Financial Statement Analysis of Non Financial Sector 2011

Siddiqsons Tin Plate

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

944,978

876,761

843,555

1,292,695
944,978
57,457
0

1,337,540
876,761
49,406
0

1,298,245
843,555
44,749
0

819,058
17,540
1,290,654
793,962
42,869

852,923
59,256
1,321,778
786,209
42,042

1,660,388
190,732
1,079,358
394,176
0
(3,878)
1,160,512
1,047,258
113,254
0

1,350,967
363,382
159,151
702,013
0
126,421
605,159
474,326
130,833
0

2,134,798
258,849
1,031,817
306,647
0
537,485
1,304,416
1,115,541
188,875
0

7,556
2,568,425
82,973
1,755,818
410,320
0
319,314
1,956,180

7,458
1,793,477
35,604
1,035,091
308,974
0
413,808
1,244,752
804,605
440,147
144,689

0
1,444,854
713,819
713,819
0
731,035

0
1,622,569
785,201
785,201
0
837,368

0
1,673,937
785,201
785,201
0
888,736

0
0
133,976
1,297,327
785,201
785,201
0
512,126

3,227,930
3,227,930
0
2,734,444

3,510,254
3,510,254
0
3,101,940

2,922,426
2,922,426
0
2,549,637

493,486
77,844

408,314
81,981

372,789
119,216

Items

512,126

471,758

827,186
18,292
1,378,876
801,335
41,973
0
0
7,559
1,991,198
11,305
1,309,839
377,254
0
292,800
1,521,553
1,182,618
338,935
147,441
0
0
0
0
147,441
1,149,390
785,201
785,201
0
364,189
0
364,189
0

2,639,940
2,625,728
14,212
2,412,527
2,333,731
78,796
227,413
117,290
17,363
99,927
84,334
139,503
128,497
(118,165)
(1,659)
78,520
0
(229,629)

3,247,871
3,244,075
3,796
2,995,235
2,547,336
447,899
252,636
107,362
21,073
86,289
97,317
131,269
123,023
66,611
(28,459)
58,890
0
677,770

3,305,781
3,296,965
8,816
3,019,283
2,710,421
308,862
286,498
146,219
20,316
125,903
121,111
156,578
146,721
(11,516)
34,590
58,890
0
(289,019)

1,431,303
0

1,401,648
0

1,296,831
0
(104,996)
1,182,618

1,956,180
133,976

144,689
1,256,959
785,201
785,201
0
471,758

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

77,844

81,981

119,216

61,351

62,223

59,462

355,762
16,929
71,382
71,382

266,027
15,210
117,780
0

181,137
11,989
117,780
0

1,444,854
0
267,451
1,047,258

1,622,569
0
133,037
474,326

1,673,937
0
51,368
1,115,541

0.50
1.90
12.21
1.24
1.43
84.71
0.80
13.65
24.62
24.62
4.75
2.99

1.76
1.77
20.00
1.58
2.23
88.37
0.37
11.01
17.35
17.35
2.13
22.06

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

804,605

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.43
2.03
10.49
0.98
1.64
87.24
0.78
6.96
10.99
10.99
1.44
2.83

11.02
0.00
4.75
20.24

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

0.26
4.74
11.41
1.17
1.31
91.33
1.45
-0.42
-0.96
-0.85
-0.78
2.52
0.92
-0.35
-0.17

Financial Statement Analysis of Non Financial Sector 2011

Thal Ltd. (Thal 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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

272,300

297,619

506,381

789,817
272,300
55,538
0

868,915
297,619
67,621
0

1,121,898
506,381
62,832
0

2,941,183
180,446
1,609,536
613,639
294,439
243,123
767,316
222,141
545,175
14,340

3,403,463
865,478
1,465,851
507,898
368,988
195,248
654,452
190,973
463,479
13,515

5,128,960
76,323
2,012,300
648,702
2,019,658
371,977
1,518,292
771,312
746,980
373,889

14,340
2,431,827
69,566
69,566
0
2,362,261

13,515
3,033,115
117,114
117,114
0
2,916,001

373,889
3,743,160
152,248
152,248
0
3,590,912

6,043,884
17,033
5,945,044
4,705,476
354,688
6,912
797,102
517,361
4,305,646
598,641
2,692,050
403,077
25,338
586,540
2,705,623
895,626
1,809,997
958,544
958,544
0
0
0
0
6,685,363
213,147
213,147
0
6,472,216
1,699,465
4,772,751
0

5,594,431
5,729
6,067,090
4,453,068
406,840
3,944
942,948
188,742
5,439,504
819,901
3,021,547
951,945
26,255
619,856
3,583,537
1,196,126
2,387,411
1,246,656
1,246,656
0
0
0
0
6,203,742
255,777
255,777
0
5,947,965
101,678
5,846,287
0

5,488,153
8,508
6,239,025
4,276,583
392,263
4,243
1,080,864
117,955
6,183,266
1,011,644
3,612,156
695,710
115,598
748,158
3,716,681
907,124
2,809,557
864,644
814,635
0
0
0
50,009
7,090,094
306,932
306,932
0
6,783,063
67,929
6,715,134
99

6,006,405
5,622,165
384,240
4,851,992

6,896,020
6,431,421
464,599
5,587,524

9,861,759
9,328,651
533,108
8,436,738

1,154,413
292,522

1,308,496
345,612

1,425,021
636,266

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
1,454,824
235,815
230,257
1,799,521
814,944
204,622
51,155
1,007,558

24,231,074
23,527,783
703,291
21,224,914
8,366,002
12,858,912
3,006,160
2,033,722
203,684
1,830,038
1,407,136
290,144
285,043
1,465,114
448,122
153,466
61,386
1,067,851

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

963,538
300,053
0
13,913

1,078,935
339,897
81,980
35,134

1,061,047
0
0
60,899

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
763,818
289,866
284,970
522,227
379,544
42,629
42,629
1,030,382

2,446,167
0
663,485
222,141

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
863,526
1,721,759

1.42
0.23
10.22
1.87
3.83
80.78
0.32
39.61
52.97
52.63

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
1.20
2.87
2.08
1.66
87.59
0.65
12.91
22.04
19.02
6.63
6.71
6.14
6.05
0.23
16.57
115.50

292,522

345,612

636,266

13,920

31,455

56,638

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)

3.73

320

4.90

16.04
0.00
47.69
174.79

15.65
0.00
31.55
129.49

10.76
0.00
34.85
122.93

Financial Statement Analysis of Non Financial Sector 2011

Treet Corporation Ltd.

2006

2007

2008

2009

475,402

871,003

954,637

868,314
475,402
27,225
0

1,087,772
871,003
40,834
0

1,433,429
954,637
57,719
0

2,501,262
231,411
1,879,408
1,373,630
50,438

1,556,843
422,593
253,276
22,300
642,902
215,772
772,041
544,272
227,769
1,595

1,341,716
133,281
302,397
93,318
538,531
274,189
782,678
544,972
237,706
507

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)
2010
2011
2,381,137
136,090
2,090,792
1,532,651
61,604

59,483
1,998,632
418,222
418,222
0
816,052
8,949
807,103
764,358

2,799,360
190,945
2,231,413
1,469,246
77,415
0
848,742
290,427
1,865,537
78,549
360,247
706,993
359,494
360,254
2,355,830
1,877,415
478,415
82,904
0
0
0
0
82,904
2,226,163
418,222
418,222
0
1,049,557
8,949
1,040,608
758,384

1,818,627
934,622
884,005
1,488,080
895,684
592,396
330,547
161,437
51,545
109,892
331,528
169,631
164,087
200,948
15,979
209,111
3,763,998
(34,640)

2,280,950
1,284,291
996,659
1,773,942
1,093,080
680,862
507,008
159,641
53,115
106,526
395,219
225,437
219,366
290,118
50,023
41,822
0
(13,736)

1,780,788
119,376
548,998
148,333
236,036
728,045
1,383,306
1,128,971
254,335
0

754,810
141,411
1,053,598
80,224
251,451
295,019
124,590
302,314
1,583,471
1,397,733
185,738
77,547

565,283
147,113
1,394,141
83,095
271,940
319,421
434,663
285,022
1,717,163
1,422,574
294,589
59,483

1,595
1,258,609
41,822
41,822
0
1,216,787

507
1,429,534
41,822
41,822
0
1,387,712

0
1,352,119
41,822
41,822
0
1,310,297

0
0
77,547
1,893,842
41,822
41,822
0
1,081,687
8,949
1,072,738
770,333

1,476,325
1,109,991
366,334
1,198,103

1,457,197
1,039,320
417,877
1,201,335

1,287,954
833,082
454,872
1,126,540

278,222
196,903

255,862
216,329

161,414
125,333

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

196,903

216,329

125,333

22,402

60,285

83,570

2,821,675
2,139,355
682,320
2,300,787
1,655,327
645,460
520,888
413,427
234,959
178,468
669,456
168,827
161,580
(10,493)
21,950

101,201
10,001
8,365
0

102,261
18,223
8,364
0

31,467
5,085
0
0

0
81,089

1,260,204
0
82,835
544,272

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

2,309,067
0
198,273
1,877,415

1.41
1.52
1.51
0.73
2.02
81.15
0.61
5.30
8.06
8.05
10.90
5.83

0.98
4.14
6.40
0.66
1.71
82.44
0.55
4.82
7.61
7.60
10.05
4.82

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

0.49
9.88
31.00
0.49
0.79
77.77
1.10
6.87
13.73
13.29
5.74
6.33
2.32
12.72
-0.01
5.74
53.23

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)

321

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

6.85
0.00
21.81
300.94

7.02
0.00
20.09
341.81

2.44
0.00
6.31
323.30

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,703,966

1,608,744

2,111,285

2,786,027
1,703,966
228,582
0

3,072,196
1,608,744
244,345
0

3,835,189
2,111,285
265,769
0

1,108,323
208,867
276,990
465,422
0
157,044
974,225
216,000
758,225
756,000

1,732,911
325,295
640,772
534,197
50,389
182,258
1,549,047
216,000
1,333,047
540,000

2,201,911
297,117
950,426
681,822
0
272,546
2,176,991
865,878
1,311,113
824,000

756,000
1,082,064
300,000
300,000
0
782,064

540,000
1,252,608
300,000
300,000
0
952,608

824,000
1,312,205
300,000
300,000
0
1,012,205

2,096,745
6,021
4,114,167
2,069,838
328,074
19,708
0
1,178
2,420,082
229,766
1,201,391
887,659
0
101,266
2,035,195
606,312
1,428,883
885,352
608,000
0
0
0
277,352
1,596,280
300,000
300,000
0
1,296,280
0
1,296,280
0

1,873,582
9,429
4,243,320
1,844,554
359,590
17,836
0
1,763
2,526,163
350,210
1,289,457
767,252
0
119,244
2,001,096
295,873
1,705,223
607,524
375,000
0
0
0
232,524
1,791,125
300,000
300,000
0
1,491,125
0
1,491,125
0

2,451,676
636,408
4,542,656
1,794,346
356,668
18,727
0
2,195
3,741,824
476,434
1,542,124
991,922
0
731,344
3,544,749
1,229,758
2,314,991
427,554
250,000
0
0
0
177,554
2,221,197
300,000
300,000
0
1,921,197
0
1,921,197
0

4,350,973
4,027,323
323,650
3,842,205

5,386,091
5,348,604
37,487
4,458,389

7,100,211
7,033,541
66,670
6,090,080

508,768
145,907

927,702
185,894

1,010,131
207,200

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
82,523
205,346
201,083
722,994
275,702
300,000
0
1,309,747

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
373,801
122,429
117,874
1,199,030
448,541
600,000
0
1,028,692

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

244,255
19,198
150,000
0

674,370
148,270
300,000
0

723,657
134,210
420,000
0

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
68,731
221,723
218,625
558,834
168,752
300,000
0
891,315

1,838,064
0
75,057
216,000

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

0.69
3.00
10.70
1.55
1.14
88.31
1.60
8.77
23.59
12.86
1.50
15.71

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

145,907

185,894

207,200

130,595

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)

322

5.61
0.00
7.50
36.07

12.52
0.00
17.54
41.75

10.19
0.00
19.65
43.74

Financial Statement Analysis of Non Financial Sector 2011

United Brands Ltd.(Udl 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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

2,209

11,578

7,540

5,969

4,991

3,676
1,917
215
292

15,632
11,212
2,752
366

12,525
6,927
1,827
613

12,525
6,927
1,298
340

12,525
4,871
1,037
120

60,651
11,914
22,836
10,407
0
15,494
57,239
260
56,979
0

113,299
7,208
59,630
147,775
0
(101,314)
116,215
1,032
115,183
3,564

(24,365)

(22,956)

8,745
0
17,831
8,745
1,153
0
0
0
242,636
48,576
125,399
33,795
0
34,866
212,595
1,249
211,346
84,255
2,175
0
0
0
82,080
(45,469)
12,000
12,000
0
(57,469)
0
(57,469)
0

580,269
580,269

711,461
711,461
0
624,298
0
624,298
87,163
64,635
52,077
12,558
27,053
11,853

831,475
831,475
0
739,657
0
739,657
91,818
93,999
57,339
36,660
28,026
29,967

147,851
11,396
72,375
23,005
0
41,075
148,532
1,239
147,293
1,786

(1,298)
161,935
20,200
76,504
26,093
0
39,138
106,684
1,382
105,302
73,585

0
194,592
31,757
84,101
45,252
0
33,482
138,441
249
138,192
72,098

0
5,621
12,000
12,000
0
(6,379)

3,564
5,098
12,000
12,000
0
(6,902)

1,786
5,073
12,000
12,000
0
(6,927)

0
3,287
70,298
(12,365)
12,000
12,000
0
(24,365)

122,510
122,510
0
108,294

334,720
334,720
0
291,039

514,813
514,813
0
468,432

14,216
9,209

43,681
74,040

46,381
74,292

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

1,058
71,040
(10,956)
12,000
12,000
0
(22,956)

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

9,209

74,040

74,292

492

1,568

1,378

521,829
525,958
(4,129)
58,440
73,778
49,817
23,961
25,933
1,528

4,515
1,580
0
0

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

(31,984)
1,677
0
0
8,691

5,621
0
2,935
260

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

0.39
0.40
8.49
1.95
1.06
88.40
10.18
14.08
135.40
135.40

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.36

5.61

7.58

8.46

6.63

3.69
0.00
2.45
4.68

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

Financial Statement Analysis of Non Financial Sector 2011

ZIL Ltd. (Zulfeqar Industries Ltd.)

2006

2007

2008

2009

211,221

278,189

274,961

252,172
211,221
19,097
0

309,437
276,641
22,514
1,548

330,144
273,967
25,738
994

293,088
12,342
332,888
255,653
25,545
1,656

270,109
47,737
121,857
7,893
49,201
43,421
235,441
19,729
215,712
1,497

280,817
59,067
134,432
4,726
27,930
54,662
251,767
0
251,767
0

369,392
34,161
258,767
10,633
0
65,831
324,650
0
324,650
0

1,497
244,392
40,000
40,000
0
204,392

0
307,239
40,000
40,000
0
267,239

0
319,703
44,000
44,000
0
275,703

1,135,250
1,135,250
0
861,203

1,149,029
1,149,029
0
883,475

1,391,181
1,391,181
0
1,105,437

274,047
181,782

265,554
208,166

285,744
249,557

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)
2010
2011
296,943
8,914
356,787
262,987
25,601
1,423

23,437
433,764
124,573
204,835
25,449
25,000
53,907
273,440

23,619
465,717
103,246
282,281
21,280
5,000
53,910
286,115

273,440
86,865

286,115
90,164

86,865
366,547
48,400
48,400

90,164
386,381
53,240
53,240

239,263

249,834

239,263
78,884

249,834
83,307

1,350,144
1,350,144

1,289,891
1,289,891

349,202
5,328
440,672
328,213
27,549
7,906
0
7,755
516,410
45,299
370,943
29,780
0
70,388
359,401
80,000
279,401
103,122
0
0
0
65,214
37,908
403,089
53,240
53,240
0
255,901
0
255,901
93,948

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

181,782

208,166

249,557

3,158

1,870

3,882

990,889
850,223
140,666
359,255
278,998
223,607
55,391
127,727
6,682
6,002
80,326
29,082

951,249
782,496
168,753
338,642
302,689
243,349
59,340
142,569
696
34
48,230
17,144
18,634
17,240
(5,657)

1,566,091
1,566,091
0
1,226,184
1,046,890
179,294
339,907
306,554
224,017
82,537
178,732
4,715
4,114
33,078
11,364
10,648
0
(67,768)

89,512
26,326
20,000
0

62,122
12,436
12,000
4,000

36,879
16,865
4,400
4,400

12,400
139,130

245,889
0
43,186
19,729

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

0.45
0.28
0.70
2.36
1.15
75.86
0.97
19.91
36.46
34.93
3.16
9.32

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

7.88
0.00
15.80
61.10

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

137,960,505

169,009,755

186,060,803

173,297,285
137,543,567
3,779,998
416,938

209,534,009
168,967,475
7,604,666
42,280

244,485,903
186,031,813
7,974,768
28,990

47,600,651
6,164,815
4,085,836
2,420,473
19,559,631
15,369,896
47,924,452
17,227,615
30,696,837
58,209,190

69,609,507
5,546,088
5,770,903
3,043,208
32,476,821
22,772,487
65,293,742
23,143,834
42,149,908
65,460,790

90,926,915
5,867,688
7,980,484
5,184,918
28,510,519
43,383,306
82,821,989
39,160,520
43,661,469
67,725,849

4,904,612

5,260,825

12,796,715

53,304,578
79,427,514
37,337,798
36,309,332
1,028,466
42,089,716

60,199,965
107,864,730
44,173,506
43,145,040
1,028,466
63,691,224

54,929,134
126,439,880
58,225,147
57,196,681
1,028,466
68,214,733

248,562,360
37,098,695
266,061,246
198,994,163
9,091,997
1,164,285
8,220,202
3,085,015
59,429,939
3,860,859
11,205,337
5,289,276
8,790,729
30,283,738
87,869,525
54,893,919
32,975,606
95,029,267
57,227,152
5,128,049
14,949,680
653,278
17,071,108
125,093,507
59,388,857
58,360,391
1,028,466
46,176,451
28,317,005
17,859,446
19,528,199

264,072,469
28,419,765
305,238,127
221,232,709
9,449,524
62,813
9,834,373
4,522,809
61,302,741
2,162,237
9,219,222
5,206,674
12,409,183
32,305,425
98,628,508
58,371,175
40,257,333
93,813,063
60,845,412
4,027,678
14,764,800
722,114
13,453,059
132,933,639
61,194,985
60,166,519
1,028,466
47,237,419
33,952,203
13,285,217
24,501,235

266,597,153
32,542,442
331,643,887
209,940,828
10,084,424
73,765
11,181,341
12,858,777
70,852,209
3,870,226
11,686,267
4,722,693
12,684,923
37,888,100
97,463,298
52,946,282
44,517,016
92,604,685
57,500,639
6,547,332
11,833,000
861,063
15,862,651
147,381,379
71,076,802
70,053,482
1,023,320
53,409,120
37,825,671
15,583,449
22,895,457

87,711,923
82,394,969
5,316,954
63,719,648

92,740,709
83,545,605
9,195,104
80,925,139

122,491,518
98,681,928
23,809,590
109,845,503

23,992,275
3,760,503

11,815,570
4,561,089

12,646,015
9,675,382

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
3,762,307
13,444,733
12,646,478
(5,595,442)
1,614,249
8,373,959
96,985
7,815,271

150,742,720
113,376,872
37,365,848
120,648,492
20,021,238
100,627,254
30,094,228
15,685,179
10,882,176
4,803,003
9,026,602
13,810,474
13,158,377
3,064,543
2,135,666
1,881,247
0
8,436,457

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,892,101
1,325,181
2,479,202
847,472

5,122,623
379,622
1,456,322
67,306

(4,110,021)
661,330
834,233
191,822

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
3,379,718
16,227,843
14,685,732
7,171,458
1,681,011
7,381,380
971,032
21,938,050

137,636,704
4,904,612
14,087,718
22,132,227

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)
127,070,751

226,746,703
75,610,212
(15,583,650)
133,981,387

239,986,064
69,333,639
(952,370)
122,279,921

0.59
3.82
2.76
0.47
0.99
72.65
1.34
11.74
27.04
16.08
6.68
21.47

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

0.22
9.16
3.13
0.45
0.73
80.04
1.29
0.92
2.19
1.31
0.49
12.90
1.23
2.03
0.04
0.13
20.82

3,760,503

4,561,089

9,675,382

3,352,851

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)

327

20.40
0.00
4.55
21.81

5.52
0.00
1.10
24.92

-3.36
0.00
-0.88
23.19

Growth with Composition of Assets & Liabilities

300
13.5%

250

9.8%

Billion Rs

200
150
100
0.9%

50

-1.2%

-1.3%

0
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

16%
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%

Shareholders Equity

Growth

Growth & Composition of Operations

Billion Rs

2010
160
140
120
100
80
60
40
20
0
-20

282.6%

200%
150%
100%

Sales

28.8%
Gross Profit

13.6%

2010

-2

-3
-4
-5

1.31

Return on Return on
Assets
Equity
-1.77

-4.34

Return on
Capital
Employed
-2.5

0%

2010
3

0
-1

Net Profit Before Tax

2011

2.19
0.92

50%

Key Performance Indicators

Percentage

Percentage

Growth
300%
250%

Profitability/Efficiency Ratios

2011

0.620.73

1.45 1.29

2.03

2011
0.13

0
-1
-2

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per
Share
-1.19
Margin after Tax

-3
-4
-5

-4.29

CEMENT

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

132,804,755

163,028,547

179,119,158

165,653,454
132,365,472
3,287,786
439,283

199,971,801
162,986,267
7,054,871
42,280

233,505,335
179,090,168
7,368,612
28,990

43,579,592
6,003,489
2,701,960
1,367,259
19,558,705
13,948,179
43,401,030
15,522,701
27,878,329
57,371,942

64,948,539
5,304,362
4,221,748
2,010,764
32,469,404
20,942,261
60,025,504
21,061,968
38,963,536
64,291,977

85,454,020
5,629,816
6,259,443
4,015,746
28,503,201
41,045,814
77,604,012
37,196,671
40,407,341
65,372,228

4,904,612

5,260,825

12,796,715

52,467,330
75,611,375
35,785,663
34,757,197
1,028,466
39,825,712

59,031,152
103,659,605
42,396,793
41,368,327
1,028,466
61,262,812

52,575,513
121,596,938
55,909,628
54,881,162
1,028,466
65,687,310

238,138,598
36,789,721
252,114,730
189,017,987
8,011,304
1,164,285
8,220,202
2,946,403
53,237,536
3,593,426
8,838,242
4,304,857
8,790,729
27,710,282
82,656,967
54,166,390
28,490,577
89,326,711
53,117,385
4,419,344
14,949,680
576,102
16,264,200
119,392,456
56,689,291
55,660,825
1,028,466
43,304,704
28,317,005
14,987,699
19,398,461

252,893,057
27,791,952
289,941,096
210,949,962
8,571,321
62,813
9,834,373
4,253,957
54,691,900
1,886,277
7,044,531
3,267,875
12,409,183
30,084,034
93,050,549
57,278,401
35,772,148
88,005,814
56,696,881
3,530,598
14,764,800
640,683
12,372,852
126,528,594
58,277,252
57,248,786
1,028,466
44,551,024
33,261,806
11,289,219
23,700,318

254,218,066
30,938,893
295,541,419
199,444,748
9,136,776
73,765
11,181,341
12,579,319
63,916,553
2,928,513
9,386,389
3,170,683
12,684,923
35,746,045
91,139,876
51,709,433
39,430,443
87,987,161
54,461,526
6,050,252
11,833,000
775,065
14,867,318
139,007,582
67,239,445
66,216,125
1,023,320
50,000,670
36,701,627
13,299,043
21,767,467

79,237,136
74,355,399
4,881,737
56,955,203

83,473,415
75,106,250
8,367,165
73,361,455

111,752,228
88,896,079
22,856,149
100,879,207

22,281,933
3,008,800

10,111,960
3,654,536

10,873,021
8,627,277

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
2,116,093
12,563,351
11,825,364
(6,488,307)
1,231,164
8,072,235
0
6,630,273

133,535,398
97,267,642
36,267,756
107,062,578
16,488,498
90,574,080
26,472,820
13,777,704
9,743,024
4,034,680
7,067,412
12,988,752
12,411,814
2,021,492
1,708,411
1,683,180
0
6,187,293

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

17,064,704
1,227,536
2,270,196
687,530

4,553,061
316,689
1,266,644
0

(4,509,355)
482,530
648,108
117,052

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
1,988,120
15,490,916
14,123,080
6,503,948
1,397,433
7,098,039
882,864
20,627,930

132,983,317
4,904,612
13,566,972
20,427,313

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

214,534,409
71,461,681
(15,791,706)
128,740,082

226,994,743
66,294,526
(1,370,099)
118,003,959

0.62
3.87
1.73
0.45
1.00
71.88
1.33
11.81
27.08
15.91
6.98
29.33

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

0.21
9.73
2.37
0.42
0.70
80.18
1.29
0.65
1.52
0.92
0.19
14.23
1.16
1.51
0.03
0.05
20.99

3,008,800

3,654,536

8,627,277

3,064,713

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)

331

21.54
0.00
4.56
21.75

5.45
0.00
1.02
25.06

-4.04
0.00
-0.96
23.36

Growth with Composition of Assets & Liabilites

300

20%

250

15%

14.4%

Billion Rs

200
9.0%

150

10%
5%

100
0.5%

50

0%

0.0%

-2.1%

-5%
Non-Current Assets

Current Assets

2010

Current Liabilities

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

Billion Rs

2010
160
140
120
100
80
60
40
20
0
-20

421.0%

Sales

31.2%
Gross Profit

14.2%

2
0.92

0
-1
-2
-3

0.59 0.7

1.43 1.29

1.51
0.05

0
Return on
Assets

Return on
Equity

-2.17

-4

Return on
Capital
Employed
-3.07

Percentage

Percentage

1.52
0.65

Net Profit Before Tax

Growth
450%
400%
350%
300%
250%
200%
150%
100%
50%
0%

Key Performance Indicators

Profitability/Efficiency Ratios

2011

-1
-2

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per
Share
-1.35
Margin after Tax

-3
-4
-5

-5
-6

-6

-5.28
2010

2011

-5.67
2010

2011

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

3,198,261

3,867,044

4,236,771

3,970,271
3,197,844
61,131
417

4,705,282
3,866,835
69,490
209

5,143,264
4,236,771
68,046
0

620,954
118,057
136,937
24,745
0
341,215
769,280
136,287
632,993
1,889,731

575,922
2,366
144,846
948
0
427,762
1,331,257
596,697
734,560
1,730,614

1,037,104
9,366
243,339
297,892
0
486,507
1,165,966
209,212
956,754
2,512,286

1,889,731
1,160,204
1,142,781
1,142,781
0
17,423

1,730,614
1,381,095
1,142,781
1,142,781
0
238,314

2,512,286
1,595,623
1,828,450
1,828,450
0
(232,827)

4,568,379
815,262
4,551,112
3,539,718
105,384
0
0
213,399
1,355,532
12,421
427,276
33,137
0
882,698
1,454,512
495,422
959,090
2,751,963
2,506,350
234,076
0
11,537
0
1,717,436
1,828,450
1,828,450
0
(111,014)
0
(111,014)
0

4,607,827
0
5,439,563
4,352,502
77,307
0
0
255,325
694,771
3,547
116,666
63,923
0
510,635
1,619,955
988,090
631,865
2,685,822
2,250,000
417,327
0
18,495
0
996,821
1,828,450
1,828,450
0
(831,629)
0
(831,629)
0

971,979
3,656,900
3,656,900
0
(2,684,921)
(914,225)
(1,770,696)
0

1,258,985
1,172,889
86,096
1,232,541

285,488
285,488
0
414,708

1,362,635
639,467
723,168
1,247,392

26,444
29,881

(129,220)
28,708

115,243
156,425

2,198,443
576,038
1,622,405
2,131,027
310,849
1,820,178
67,416
438,465
413,667
24,798
17,525
417,189
414,724
(746,498)
15,946
0
0
(353,154)

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
175,530
407,674
405,794
(755,625)
22,295
0
0
(515,906)

Items

4,375,089
0
5,449,916
4,268,503
95,047
0
0
106,586
794,316
14,926
120,422
37,173
0
621,795
1,443,074
557,377
885,697
2,754,352
2,500,000
234,076
0
20,276

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

(75,025)
4,598
0
0

(168,768)
1,061
0
0

(128,930)
7,232
0
0

2,982,686
930,815
2,051,871
2,282,298
405,670
1,876,628
700,388
421,211
390,619
30,592
15,746
351,206
348,718
(41,973)
23,024
0
0
(51,845)

3,049,935
0
(79,623)
136,287

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

3,682,643
2,250,000
(762,444)
3,238,090

3,726,331
2,500,000
(777,920)
3,057,377

0.19
5.83
1.97
0.33
0.81
97.90
2.29
-2.63
-9.72
-3.73

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
0.41
0.43
96.93
4.32
-13.30
-55.01
-18.31

0.04
18.36
1.67
0.43
0.55
102.61
4.32
-14.43
-76.76
-20.40

29,881

28,708

156,425

73,356

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)

333

9.19

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
-0.12
-2.13
2.66

-5.96
0.00
-0.70
10.15

-59.12
0.00
-1.49
12.09

-9.46
0.00
-0.74
8.73

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

4,236,094

4,443,222

4,333,363

6,247,760
4,236,094
104,683
0

6,812,468
4,443,222
367,191
0

6,955,871
4,333,363
401,189
0

635,412
94,855
167,171
23,124
4,500
345,762
944,957
331,618
613,339
973,319

1,342,418
265,776
276,428
19,897
208,002
572,315
1,566,987
15,489
1,551,498
822,609

1,537,584
110,957
409,498
49,799
188,450
778,880
1,716,868
200,109
1,516,759
622,500

973,319
2,953,230
721,629
721,629
0
2,231,601

822,609
3,396,044
721,629
721,629
0
2,674,415

622,500
3,531,579
721,629
721,629
0
2,809,950

4,210,452
2,009
7,348,179
4,141,525
474,439
0
4,500
62,418
2,762,349
871,826
613,934
46,485
557,265
672,839
1,135,564
200,000
935,564
1,059,370
422,500
0
0
0
636,870
4,777,867
721,629
721,629
0
4,056,238
0
4,056,238
0

4,266,346
209,298
7,462,133
3,992,646
270,794
0
4,500
59,902
2,792,563
442,109
366,170
55,366
1,194,272
734,646
1,065,190
0
1,065,190
598,300
0
0
0
0
598,300
5,395,419
865,955
865,955
0
4,529,464
0
4,529,464
0

5,395,668
1,281,828
7,407,302
4,050,123
267,027
0
4,500
59,217
2,347,481
210,165
541,028
50,772
116,064
1,429,452
1,378,379
0
1,378,379
566,358
0
0
0
0
566,358
5,798,412
865,955
865,955
0
4,932,457
0
4,932,457
0

4,703,775
4,703,775
0
3,038,728

6,237,210
6,237,210
0
4,682,534

6,770,750
6,770,750
0
5,666,446

1,665,047
254,861

1,554,676
282,526

1,104,304
303,268

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
135,740
77,628
66,005
1,388,317
422,091
2,264,732
0
1,362,311

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
742,033
24,287
7,763
1,034,486
382,000
389,680
0
305,498

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,393,345
487,000
360,815
0

1,193,377
22,802
324,733
0

674,967
57,706
324,733
0

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
147,651
119,763
94,016
1,988,726
595,354
2,028,119
811,248
1,923,312

3,926,549
0
545,530
331,618

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

0.13
0.54
0.49
0.97
0.67
64.60
0.65
33.66
54.91
42.19
2.51
28.14

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

254,861

282,526

303,268

25,387

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)

334

29.62
0.00
12.56
40.92

19.13
0.00
16.22
47.06

9.97
0.00
8.55
48.94

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

10,965,861

14,452,530

16,004,482

12,944,563
10,965,861
201,464
0

16,577,735
14,452,530
1,978,702
0

18,606,851
16,004,482
431,938
0

7,052,138
419,562
150,269
33,191
4,984,929
1,464,187
3,709,204
1,776,961
1,932,243
9,458,832

8,628,902
886,328
290,831
84,634
5,514,776
1,852,333
4,493,229
756,385
3,736,844
12,607,054

9,411,009
348,574
729,727
365,121
5,589,233
2,378,354
5,794,182
3,511,008
2,283,174
12,764,805

9,458,832
4,849,963
2,340,982
2,340,982
0
2,508,981

12,607,054
5,981,149
2,575,080
2,575,080
0
3,406,069

12,764,805
6,856,504
2,832,588
2,832,588
0
4,023,916

31,596,727
7,073,141
30,734,525
18,142,808
783,917
1,135,192
5,130,069
115,517
6,048,793
462,165
1,253,453
588,806
0
3,744,369
8,730,660
6,779,749
1,950,911
18,507,790
16,179,837
1,750
0
66,339
2,259,864
10,407,070
3,257,476
3,257,476
0
7,149,594
2,931,654
4,217,940
0

32,555,238
84,073
30,564,296
25,641,887
999,158
30,000
5,211,856
1,587,422
5,885,686
210,645
1,065,834
315,857
0
4,293,350
11,711,447
9,103,953
2,607,494
16,728,930
15,521,502
0
0
85,373
1,122,055
10,000,547
3,257,476
3,257,476
0
6,743,071
2,471,782
4,271,289
0

32,479,191
149,343
30,714,937
16,283,988
1,063,802
25,596
5,831,818
10,188,446
6,749,084
137,727
1,454,067
311,502
0
4,845,788
12,603,541
10,102,802
2,500,739
11,968,337
10,968,087
0
0
94,040
906,210
14,656,397
5,782,019
5,782,019
0
8,874,378
3,798,441
5,075,937
0

6,131,141
6,131,141
0
3,837,637

8,409,439
8,409,439
0
7,396,569

10,669,558
10,669,558
0
9,661,298

2,293,504
233,550

1,012,870
141,400

1,008,260
420,746

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
135,813
2,572,607
2,558,313
(1,362,073)
42,557
0
0
(1,127,366)

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
520,910
3,275,907
3,241,651
707,000
215,648
0
0
(526,858)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,730,468
27,712
212,817
212,817

56,356
4,817
0
0

(419,135)
37,492
0
0

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
132,737
2,442,877
2,429,702
1,413,175
73,667
0
0
920,025

14,308,795
0
1,489,939
1,776,961

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

1.47
7.65
0.54
0.34
1.90
62.59
2.72
12.80
40.89
16.43
8.00
40.80

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
5.69
2.64

233,550

141,400

420,746

468,727

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)

335

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

28.22
0.00
7.27
20.72

0.67
0.00
0.20
23.23

-3.93
0.00

Financial Statement Analysis of Non Financial Sector 2011

Cherat 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)
2010
2011

2006

2007

2008

2009

2,269,848

2,196,964

2,522,040

4,413,645
2,269,848
162,700
0

4,571,505
2,196,964
236,501
0

5,068,514
2,522,040
176,722
0

1,342,041
383,509
145,227
0
174,313
638,992
848,963
223,672
625,291
650,000

1,336,386
75,471
117,288
2,138
474,627
666,862
859,258
307,167
552,091
437,500

1,860,233
65,529
207,491
0
103,969
1,483,244
1,843,667
671,874
1,171,793
380,500

650,000
2,112,926
831,131
831,131
0
1,281,795

437,500
2,236,592
955,801
955,801
0
1,280,791

380,500
2,158,106
955,801
955,801
0
1,202,305

3,400,079
1,023,062
4,969,810
2,235,295
195,917
5,880
114,157
21,685
1,343,431
60,689
280,588
0
153
1,002,001
1,070,994
677,437
393,557
1,404,112
1,087,500
0
0
0
316,612
2,268,404
955,801
955,801
0
1,312,603
0
1,312,603
0

3,617,936
14,722
6,379,943
3,431,219
219,114
20,013
122,104
29,878
1,239,483
53,652
201,186
0
114
984,531
1,622,417
1,125,228
497,189
989,037
976,400
0
0
0
12,637
2,245,965
955,801
955,801
0
1,290,164
0
1,290,164
0

3,647,760
96,472
6,490,561
3,291,804
261,453
21,167
158,969
79,348
1,717,555
70,688
377,854
0
0
1,269,013
1,799,917
1,285,625
514,292
1,233,634
1,220,844
0
0
0
12,790
2,331,764
955,801
955,801
0
1,375,963
0
1,375,963
0

3,010,523
2,149,365
861,158
2,064,892

3,448,782
2,639,186
809,596
3,071,118

3,881,033
2,746,006
1,135,027
3,701,617

945,631
188,037

377,664
171,149

179,416
173,429

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
146,353
160,917
160,917
(297,398)
25,531
0
0
175,092

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
480,200
286,469
286,469
55,196
44,194
0
0
214,410
3,565,398
1,220,844
11,002
2,506,469

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

718,747
47,552
83,113
124,670

247,027
77,145
95,580
0

(56,498)
15,095
0
0

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
141,563
114,357
114,357
256,933
16,883
0
0
309,630

2,762,926
0
588,082
223,672

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

0.66
2.67
0.00
0.83
1.58
68.59
0.71
21.09
37.19
26.97
8.08
20.73

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

188,037

171,149

173,429

80,364

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)

336

0.04
6.75
0.00
0.79
0.95
86.64
1.30
1.08
2.41
1.62

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

23.87
0.00
8.08
25.42

7.16
0.00
1.78
23.40

-1.46
0.00
-0.75
22.58

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

19,576,458

24,157,990

25,471,336

24,591,348
19,576,458
349,525
0

29,666,772
24,157,990
494,205
0

32,265,472
25,471,336
1,363,037
0

14,727,918
77,167
226,286
74,165
13,025,976
1,324,324
7,634,822
4,189,772
3,445,050
7,401,354

27,586,341
116,173
295,140
144,245
25,108,264
1,922,519
9,133,558
5,982,129
3,151,429
8,687,588

26,521,598
226,372
445,856
366,173
21,878,273
3,604,924
13,501,626
10,284,628
3,216,998
8,411,051

7,401,354
19,268,200
1,843,937
1,843,937
0
17,424,263

8,687,588
33,923,185
2,535,412
2,535,412
0
31,387,773

8,411,051
30,080,257
2,535,412
2,535,412
0
27,544,845

31,565,400
465,650
36,184,047
26,446,874
1,439,660
0
4,493,293
159,583
16,927,244
262,942
1,636,829
462,367
10,740,986
3,824,120
14,691,352
12,449,670
2,241,682
6,866,634
5,229,507
0
0
104,029
1,533,098
26,934,658
3,650,993
3,650,993
0
23,283,665
17,416,958
5,866,707
0

32,270,911
1,373,820
36,902,550
25,707,179
1,474,539
0
5,055,787
134,125
18,970,595
209,299
1,513,014
650,283
12,126,367
4,471,632
13,681,012
11,493,617
2,187,395
6,901,571
4,960,579
0
0
139,213
1,801,779
30,658,923
4,381,192
4,381,192

30,438,230
1,750,208
33,872,818
25,551,184
1,414,911
0
2,968,879
167,959
13,429,542
261,014
1,023,230
656,986
7,785,979
3,702,333
16,421,691
14,371,037
2,050,654
6,189,955
4,675,992
0
0
78,622
1,435,341
21,256,126
3,042,494
3,042,494
0
18,213,632
12,618,827
5,594,805
0

10,955,936
10,348,119
607,817
6,993,093

9,399,132
8,887,306
511,826
7,367,147

17,473,556
14,732,445
2,741,111
15,537,255

3,962,843
348,155

2,031,985
308,598

1,936,301
1,269,400

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
148,755
2,022,399
1,940,669
510,749
100,998
0
0
814,677

19,451,360
12,964,659
6,486,701
14,797,866
2,281,094
12,516,772
4,653,494
2,870,688
2,484,622
386,066
1,009,647
2,162,145
2,131,090
681,860
205,769
0
0
378,777

Items

26,277,731
20,226,964
6,050,767
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,448,533
40,500
276,591
184,394

1,720,471
33,000
380,312
0

(175,273)
108,214
0
0

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
126,246
2,777,663
2,445,737
654,458
128,743
0
0
1,574,275

26,669,554
0
3,131,442
4,189,772

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

37,560,494
4,960,579
476,091
16,454,196

1.73
4.11
0.68
0.32
1.93
63.83
0.78
13.18
24.09
16.80
12.32
48.42

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

0.95
11.12
3.34
0.38
1.39
76.08
0.67
1.37
2.37
1.91

348,155

308,598

1,269,400

450,696

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)

337

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

12.86
1.32
3.51
0.02
1.09
69.98

31.48
0.00
18.48
104.49

18.30
0.00
6.66
133.80

-1.00
0.00
-1.12
118.64

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,921,047

3,023,767

4,262,850

3,745,907
2,917,427
85,437
3,620

3,880,086
3,021,930
88,497
1,837

4,510,459
4,253,045
42,557
9,805

521,303
13,009
3,515
1,897
107,994
394,888
1,050,657
162,820
887,837
1,137,702

494,207
4,915
63,062
444
208,963
216,823
1,021,465
8,248
1,013,217
800,022

366,425
9,298
56,076
0
3,108
297,943
1,671,084
33,351
1,637,733
750,894

1,137,702
1,253,991
438,556
438,556
0
815,435

800,022
1,696,487
438,556
438,556
0
1,257,931

750,894
2,207,297
982,366
982,366
0
1,224,931

4,109,993
10,640
4,471,813
4,086,371
24,376
7,616
2,597
2,769
343,846
2,143
44,221
861
0
296,621
702,252
88,327
613,925
1,665,703
743,331
0
0
20,452
901,920
2,085,884
982,366
982,366
0
(332,940)
107,410
(440,350)
1,436,458

4,038,059
10,640
4,086,371
4,015,996
70,375
0
2,420
9,003
314,994
15
19,444
0
0
295,535
648,222
80,828
567,394
1,607,331
740,703
0
0
3,530
863,098
2,097,500
982,366
982,366
0
(315,448)
99,727
(415,175)
1,430,582

4,123,680
10,640
4,015,996
4,103,129
15,121
0
2,420
7,491
178,808
13
206
0
0
178,589
641,963
76,842
565,121
1,589,752
740,703
0
0
1,980
847,069
2,070,773
982,366
982,366
0
(450,887)
93,036
(543,923)
1,539,294

1,982,886
1,692,928
289,958
1,495,317

991,999
886,133
105,866
986,760

542,563
521,715
20,848
569,179

487,569
165,863

5,239
169,671

(26,616)
162,920

0
0
0
0
0
0
0
129,725
0
129,725
12,172
674
240
(38,074)
0
0
0
(1,357)

0
0
0
0
0
0
0
163,506
0
163,506
4,811
9
0
(153,446)
0
0
0
(2,690)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

173,223
8,037
0
0

149,009
4,873
0
0

(222,117)
2,491
0
0

30,030
30,030
0
66,737
2,738
63,999
(36,707)
80,736
1,828
78,908
24,559
7,777
6,629
(92,482)
0
0
0
(14,058)

2,391,693
0
165,186
162,820

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

0.12
7.67
0.10
0.58
0.50
75.41
1.75
5.19
13.57
7.36

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
0.49

0.00
0.28

165,863

169,671

162,920

152,074

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)

338

1.08
-0.86
-1.82
-1.02

1.08
-3.55
-7.36
-4.17

564.12

15.73

9.68

0.68
-12.95
-307.97
-0.01
-0.94
21.23

0.00
-157.64

0.00

8.74
0.00
3.77
28.59

15.02
0.00
3.29
38.68

-40.94
0.00
-2.29
22.47

0.00
-0.39
21.35

0.00
-1.56
21.08

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,905,371

2,459,190

2,537,363

3,524,812
1,796,987
101,298
108,384

4,245,454
2,459,190
67,307
0

4,411,416
2,537,363
88,057
0

366,718
84,715
32,179
0
0
249,824
1,418,555
188,248
1,230,307
385,078

565,083
14,007
30,411
0
0
520,665
1,823,571
368,701
1,454,870
723,875

564,462
10,335
42,166
683
0
511,278
1,754,136
376,471
1,377,665
1,020,031

385,078
468,456
678,400
678,400
0
(209,944)

723,875
476,827
678,400
678,400
0
(201,573)

1,020,031
327,658
948,400
948,400
0
(620,742)

2,515,194
190,681
4,271,584
2,313,958
84,290
0
0
10,555
575,499
3,867
19,224
0
0
552,408
1,410,442
495,832
914,610
1,662,770
1,020,000
384,415
0
70,000
188,355
17,481
948,400
948,400
0
(2,150,588)
31,801
(2,182,389)
1,219,669

2,431,866
190,681
4,247,662
2,230,649
79,855
0
0
10,536
598,906
3,789
41,860
0
0
553,257
1,983,460
502,236
1,481,224
1,465,947
1,020,000
378,366
0
0
67,581
(418,635)
948,400
948,400
0
(2,544,674)
31,801
(2,576,474)
1,177,639

1,962,988
1,962,988
0
1,742,552

1,372,581
1,372,581
0
1,580,013

828,675
814,319
14,356
1,065,295

220,436
73,134

(207,432)
77,470

(236,620)
92,366

233,286
232,752
534
497,040
41,917
455,123
(263,754)
48,168
1,549
46,619
10,526
248,372
247,663
(556,982)
5
0
0
(556,982)

773,176
773,176
0
1,125,016
81,019
1,043,997
(351,840)
33,937
2,953
30,984
224,585
15,444
14,369
(392,030)
0

Items

2,175,844
0
4,247,843
2,155,354
75,477
0

20,490
733,866
3,723
92,445
17,971
0
619,727
2,279,540
430,856
1,848,684
1,387,978
1,020,000
365,995
0
0
1,983
(757,808)
948,400
948,400
0
(2,844,925)
31,801
(2,876,726)
1,138,717

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

63,940
7,194
0
0

(438,153)
4,490
0
0

(556,402)
2,891
0
0

1,146,062
1,144,246
1,816
1,230,945
80,943
1,150,002
(84,883)
107,713
5,970
101,743
12,349
266,012
264,231
(457,658)
18
0
0
(457,657)

853,534
0
56,746
188,248

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

0.06
4.63
0.00
0.86
0.26
88.77
3.85
2.80
13.26
7.55

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

73,134

77,470

92,366

90,909

171,555

227,718

(111,035)

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)

339

61.00

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

3.26
0.00
0.84
6.91

-31.92
0.00
-6.52
7.03

-67.14
0.00
-5.90
3.45

Financial Statement Analysis of Non Financial Sector 2011

Dewan Cement Ltd. (Pakland 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)
2010
2011

2006

2007

2008

2009

6,125,013

19,332,935

19,927,245

7,902,995
6,113,812
268,038
11,201

20,782,686
19,304,428
463,397
28,507

21,944,959
19,927,245
540,033
0

2,118,107
76,751
186,703
81,841
960,307
812,505
2,290,356
533,311
1,757,045
3,070,007

2,854,577
224,537
302,825
510,335
9,161
1,807,719
6,430,697
1,870,703
4,559,994
6,961,722

1,683,842
132,572
127,802
715,855
4,656
702,957
7,073,266
1,862,043
5,211,223
6,214,411

2,629,795

4,410,825

3,850,000

440,212
2,882,757
1,650,000
1,650,000
0
1,232,757

2,550,897
8,795,093
3,573,750
3,573,750
0
5,221,343

2,364,411
8,323,410
3,573,750
3,573,750
0
4,749,660

19,736,593
804,945
21,647,156
18,874,678
289,001
0
0
56,970
1,132,873
60,616
120,024
347,983
1,473
602,777
5,708,438
2,948,558
2,759,880
7,487,405
646,797
445,222
3,850,000
0
2,545,386
7,673,623
3,573,750
3,573,750
0
54,349
0
54,349
4,045,524

19,365,469
804,945
21,638,715
18,506,856
367,873
0
0
53,668
1,226,058
71,787
149,471
409,929
1,473
593,398
6,363,228
3,538,000
2,825,228
6,618,110
72,370
127,839
3,850,000
0
2,567,901
7,610,189
3,891,133
3,891,133

20,086,723
804,945
21,693,665
19,210,188
467,704
0
0
71,590
1,510,001
122,311
384,169
316,485
2,172
684,864
5,110,161
2,407,789
2,702,372
8,256,814
1,287,819
445,222
3,850,000
0
2,673,773
8,229,749
3,573,750
3,573,750
0
648,287
0
648,287
4,007,712

3,760,310
3,717,567
42,743
3,016,871

6,307,335
6,144,349
162,986
5,696,811

6,588,350
6,084,997
503,353
6,696,674

743,439
111,197

610,524
176,178

(108,324)
429,881

3,494,784
2,928,825
565,959
3,800,662
474,152
3,326,510
(305,878)
305,500
120,332
185,168
243,761
11,153
5,868
(619,485)
17,474
0
0
(10,874)

5,088,836
4,622,487
466,349
5,145,286
654,632
4,490,654
(56,450)
288,474
81,652
206,822
237,399
10,044
6,503
(337,751)
50,888

Items

(256,333)

(256,333)
3,975,389

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

479,337
13,395
0
0

164,982
21,648
0
0

(582,322)
22,990
0
0

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
232,262
463,191
446,443
(376,490)
10,205
0
0
600,702

5,952,764
2,629,795
465,942
3,163,106

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

14,228,299
3,922,370
(388,639)
7,460,370

0.49
6.98
2.18
0.46
0.92
80.23
1.86
6.19
18.58
8.65

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
0.20
8.06
0.25
0.19
101.11
1.71
-1.63
-4.42
-2.30

111,197

176,178

429,881

262,626

553,115

325,142

28,774

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

20.14

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
-50.94
-6.64
0.00
-1.00
19.56

12.75
0.00
2.82
17.47

2.62
0.00
0.40
24.61

-8.84
0.00
-1.69
23.29

Financial Statement Analysis of Non Financial Sector 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

4,563,115

4,392,450

7,106,599

6,848,523
4,563,115
266,532
0

6,960,185
4,392,450
283,454
0

9,973,989
7,106,599
302,656
0

1,634,993
847,590
145,090
25,475
0
616,838
1,482,580
786,353
696,227
1,425,000

2,008,238
423,133
183,309
19,558
0
1,382,238
1,790,482
375,510
1,414,972
875,000

5,347,894
3,783,909
230,089
26,927
0
1,306,969
2,845,512
1,378,365
1,467,147
325,000

1,425,000
3,290,528
4,194,422
3,707,430
486,992
(903,894)

875,000
3,735,206
4,194,422
3,707,430
486,992
(459,216)

325,000
9,283,981
7,419,887
6,932,895
486,992
1,864,094

19,792,487
14,538,067
7,412,737
4,239,137
311,749
0
0
1,015,283
1,654,014
175,947
137,451
54,641
0
1,285,975
2,628,010
1,090,778
1,537,232
9,127,802
6,224,227
0
0
10,766
2,892,809
9,690,689
7,419,887
6,932,895
486,992
2,270,802
1,333,879
936,923
0

24,709,281
18,431,211
27,316,506
5,387,829
327,130
0
0
890,241
2,070,718
192,217
96,684
46,981
0
1,734,836
3,984,915
1,937,111
2,047,804
13,184,399
11,909,030
400,000
0
14,707
860,662
9,610,685
7,419,887
6,932,895
486,992
2,190,798
1,037,138
1,153,660
0

27,418,703
21,607,703
30,540,651
5,050,376
392,137
0
0
760,624
4,792,126
978,847
493,922
36,960
0
3,282,397
5,384,740
3,649,475
1,735,265
15,812,072
11,805,480
3,189,000
0
22,674
794,918
11,014,017
7,419,887
6,932,895
486,992
3,594,130
2,081,694
1,512,436
0

5,683,455
5,194,641
488,814
3,492,344

4,780,036
4,354,132
425,904
3,688,541

4,749,217
3,889,630
859,587
4,091,105

2,191,111
192,450

1,091,495
170,045

658,112
164,168

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
310,175
41,206
34,493
324,911
14,250
0
0
378,916

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
436,278
103,922
98,187
488,153
56,210
0
0
(736,268)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,777,687
21,431
370,743
0

788,180
17,320
0
0

454,564
17,730
0
0

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
282,856
224,716
218,564
1,421,517
48,894
0
0
1,995,728

4,715,528
0
1,385,513
786,353

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

0.59
4.65
0.45
0.92
1.10
61.45
0.88
28.62
61.45
36.53
4.74
39.17

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

192,450

170,045

164,168

264,297

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)

341

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

31.28
0.00
4.74
8.88

16.49
0.00
2.08
10.07

9.57
0.00
0.63
13.39

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,025,725

1,201,654

1,178,255

2,705,356
1,025,725
75,711
0

2,935,374
1,201,654
52,249
0

2,964,767
1,178,255
56,957
0

943,175
250,086
25,360
25,360
0
642,369
632,570
57,900
574,670
304,349

881,249
41,731
78,101
18,897
0
742,520
653,546
116,379
537,167
489,604

1,051,270
37,458
115,658
71,717
0
826,437
977,697
438,409
539,288
394,018

304,349
1,031,981
456,000
456,000
0
575,981

489,604
939,753
456,000
456,000
0
483,753

394,018
857,810
456,000
456,000
0
401,810

1,559,804
137,468
3,134,115
1,339,752
63,284
0
0
82,584
1,044,659
19,536
167,862
65,580
0
791,681
943,977
402,189
541,788
488,326
292,074
0
0
0
196,252
1,172,160
456,000
456,000
0
716,160
0
716,160
0

2,182,532
808,228
3,091,168
1,316,405
65,748
0
0
57,899
940,146
19,734
108,718
10,892
0
800,802
1,336,168
634,597
701,571
822,608
684,048
0
0
0
138,560
963,902
501,600
501,600
0
462,302
0
462,302
0

2,202,515
1,137
4,023,313
2,162,168
87,266
0
0
39,210
905,583
24,183
109,682
18,712
0
753,006
1,502,939
864,689
638,250
575,824
456,418
0
0
0
119,406
1,029,335
501,600
501,600
0
527,735
0
527,735
0

3,375,602
3,375,602
0
2,574,681

3,183,271
3,183,271
0
2,974,837

3,352,771
3,021,527
331,244
3,161,570

800,921
160,082

208,434
145,321

191,201
150,748

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
86,898
83,363
82,824
(291,434)
20,129
0
0
150,964

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
287,276
149,681
167,140
91,960
34,620
0
0
333,774

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

637,516
154,580
136,800
0

29,104
613
136,800
0

(118,435)
3,092
0
0

3,455,706
2,538,063
917,643
2,542,303
422,364
2,119,939
913,403
334,724
183,452
151,272
93,720
190,589
99,751
396,289
66,022
0
71,616
480,758

1,336,330
0
346,136
57,900

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

0.44
0.39
0.75
1.71
1.49
76.27
0.91
36.85
72.98
61.61
3.53
133.11

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

160,082

145,321

150,748

13,077

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)

342

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

18.89
0.00
10.59
22.63

0.91
0.00
0.62
20.61

-3.53
0.00
-2.67
18.81

Financial Statement Analysis of Non Financial Sector 2011

Flying Cement 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)
2010
2011

2006

2007

2008

2009

4,696,595

4,754,733
1,139,956
4,500,182
3,614,777
75,402
0
0
0
673,708
6,366
425,982
10,792
0
230,568
673,113
312,589
360,524
1,264,182
37,693
291,116
0
1,931
933,442
3,491,146
1,760,000
1,760,000
0
(22,898)
126,979
(149,877)
1,754,044

4,856,004
336,071
4,596,427
4,519,933
76,092
0
0
0
692,300
944
423,596
449
0
267,311
745,860
178,532
567,328
1,483,472
185,591
403,326
0
929
893,626
3,318,972
1,760,000
1,760,000
0
(161,476)
126,979
(288,455)
1,720,448

4,901,092
406,073
4,639,130
4,495,019
91,475
0
0
0
553,670
9,739
368,284
6,261
0
169,386
808,324
261,892
546,432
1,473,408
172,623
492,924
0
0
807,861
3,173,030
1,760,000
1,760,000
0
(274,494)
126,979
(401,473)
1,687,524

238,278
228,480
9,798
515,397

666,072
654,830
11,242
815,030
47,554
767,476
(148,958)
24,777
7,021
17,756
5,911
65,715
64,458
(239,450)
0
0
0
95,953

80,617
80,617
0
239,689
10,288
229,401
(159,072)
14,778
2,982
11,796
4,332
28,119
25,971
(201,969)
403
0
0
82,439

723,949
723,949
0
886,966
71,645
815,321
(163,017)
14,323
3,999
10,324
39,592
45,067
44,066
(222,407)
7,239
0
0
553

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
172,623
(229,646)
434,515

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
0.68
122.52
0.72
-4.04
-6.85
-4.71

5,012,587
4,696,595
76,292
0

659,211
14,612
404,629
11,508
0
228,462
1,656,567
117,286
1,539,281
46,346

46,346
3,652,893
1,760,000
1,760,000
0
1,892,893

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

(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)

343

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

1.97
-4.05
-30.72
0.00
-1.30
18.03

-139.06
0.00
-1.90
20.76

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

3,444,239

6,930,982

4,708,083
3,444,239
57,456
0

8,311,930
6,930,982
117,691
0

10,807,390
0
108,193
0

857,855
156,962
135,723
0
162,487
402,683
906,926
276,069
630,857
251,162

1,294,675
750,932
77,753
0
942
465,048
3,273,084
382,022
2,891,062
2,200,147

10,419,551
156,506
77,753
52,694
653
10,131,945
4,118,132
706,352
3,411,780
3,465,255

225,000

399,840

251,162
3,144,006
1,718,764
1,718,764
0
1,425,242

1,975,147
2,752,426
1,718,764
1,718,764
0
1,033,662

3,065,415
2,836,164
2,318,764
2,318,764
0
517,400

9,791,842
96,289
11,362,926
9,633,200
242,022
0
0
62,353
1,237,044
67,981
401,668
52,694
0
714,701
5,702,745
3,333,475
2,369,270
3,360,334
926,894
1,886,723
399,680
10,718
136,319
1,965,807
2,318,764
2,318,764
0
(1,363,856)
0
(1,363,856)
1,010,899

12,102,784
136,521
13,878,132
11,908,348
240,607
0
0
57,915
819,327
21,140
109,483
33,762
0
654,942
4,835,260
1,769,583
3,065,677
4,086,430
3,233,674
137,889
0
14,811
700,056
4,000,421
2,318,764
2,318,764
0
(678,507)
0
(678,507)
2,360,164

11,582,148
106,195
12,716,023
11,459,998
324,633
0
0
15,955
1,032,431
22,261
115,180
61,964
0
833,026
5,305,461
787,368
4,518,093
4,280,148
2,985,971
403,583
0
17,356
873,238
3,028,970
4,002,739
4,002,739
0
(3,244,437)
0
(3,244,437)
2,270,668

2,209,038
2,209,038
0
1,934,241

771,759
771,759
0
960,191

0
0
0
75,230

274,797
99,505

(188,432)
65,757

(75,230)
348,150

2,113,818
1,432,945
680,873
2,532,723
343,263
2,189,460
(418,905)
547,116
292,689
254,427
33,094
1,184,656
817,686
(2,112,763)
6,497
0
0
(82,965)

3,327,031
3,082,919
244,112
3,159,715
572,313
2,587,402
167,316
357,078
17,411
339,667
238,192
764,740
529,948
(935,766)
35,685
0
0
(104,609)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

170,245
3,090
85,938
0

(202,074)
2,538
0
0

(564,146)
0
0
0

2,438,570
1,933,058
505,512
2,205,490
387,370
1,818,120
233,080
221,875
94,414
127,461
26,261
881,406
669,577
(859,499)
5,638
0
0
792,183

3,395,168
0
81,217
276,069

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

0.35
1.96
0.00
0.51
0.95
87.56
0.37
5.06
7.15
6.55
1.95
16.28

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

0.02
22.99
1.86
0.26
0.19
94.97
3.16
-7.33
-26.62
-12.16

99,505

65,757

348,150

43,293

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)

344

0.00
2.53

2.67
-6.05
-20.19
-10.03

9.93

0.00

7.71
0.00
0.97
18.29

-26.18
0.00
-1.19
16.01

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

0.00
-2.43
12.23

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

2,079,393

5,258,260

6,248,720

3,442,970
2,079,393
91,832
0

6,722,667
5,258,260
104,952
0

7,812,738
6,248,720
103,949
0

996,717
656,886
87,870
21,642
6,600
223,719
552,313
135,611
416,702
239,858

606,051
132,402
125,148
21,381
0
327,120
821,347
364,554
456,793
2,703,308

1,375,201
36,995
174,318
15,341
0
1,148,547
2,309,319
1,722,564
586,755
2,985,473

239,858
2,283,939
925,312
925,312
0
1,358,627

2,703,308
2,339,656
1,017,843
1,017,843
0
1,321,813

2,985,473
2,329,129
1,170,520
1,170,520
0
1,158,609

6,979,219
584,965
8,076,995
6,352,853
161,943
2,690
0
38,711
1,645,675
34,371
139,294
17,792
0
1,454,218
2,946,392
2,079,132
867,260
3,406,955
2,991,427
0
0
6,216
409,312
2,271,547
1,287,572
1,287,572
0
983,975
(35,921)
1,019,896
0

7,266,211
861,363
8,334,941
6,368,030
255,694
2,588
0
34,230
1,407,169
28,022
290,433
20,010
0
1,068,704
3,242,473
2,003,265
1,239,208
3,469,937
3,049,320
0
0
6,197
414,420
1,960,970
1,287,572
1,287,572
0
673,398
(18,721)
692,119
0

7,170,782
0
9,373,580
7,140,841
310,563
2,356
0
27,585
1,953,618
40,681
507,527
12,567
36,156
1,356,687
2,810,539
176,729
2,633,810
4,211,045
3,536,870
0
0
6,731
667,444
2,102,816
1,287,572
1,287,572
0
815,244
59,409
755,835
0

2,922,612
2,237,902
684,710
1,722,950

2,050,321
1,526,852
523,469
1,707,054

1,823,587
1,309,375
514,212
1,736,185

1,199,662
125,247

343,267
72,681

87,402
354,017

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
99,931
658,590
650,788
(382,238)
24,474
0
0
128,335

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
121,093
715,247
701,140
125,780
65,294
0
0
223,826

5,430,907
3,049,320
(406,712)
5,052,585

6,313,861
3,536,870
60,486
3,713,599

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,039,424
192,571
0
92,531

65,589
23,932
0
0

(279,572)
7,123
0
117,052

3,395,581
2,522,198
873,383
2,591,021
375,463
2,215,558
804,560
267,692
111,491
156,201
21,496
549,903
538,225
21,184
8,738
0
0
320,879

2,523,797
0
846,853
135,611

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

1.24
1.85
0.74
0.95
1.80
58.95
0.35
43.97
61.48
55.61

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

125,247

72,681

354,017

54,097

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)

345

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

33.26

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

35.56
0.00
9.15
24.68

3.20
0.00
0.41
22.99

-15.33
0.00
-2.45
19.90

Financial Statement Analysis of Non Financial Sector 2011

Lafarge Pak. Cement Ltd. (Pakistan 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)
2010
2011

2006

2007

2008

2009

15,346,720

17,969,367

17,252,017

15,356,630
15,346,720
3,950
0

18,736,451
17,962,218
736,874
7,149

18,937,394
17,247,914
917,135
4,103

429,955
23,216
26,008
0
0
380,731
2,258,363
135,531
2,122,832
7,015,937

3,509,323
678,425
498,785
74,359
0
2,257,754
5,242,553
1,324,453
3,918,100
5,735,181

4,732,186
55,473
946,934
33,927
0
3,695,852
6,539,685
3,743,615
2,796,070
4,410,114

7,015,937
6,502,375
6,768,379
6,768,379
0
(266,004)

5,735,181
10,500,956
11,345,149
11,345,149
0
(844,193)

4,410,114
11,034,404
13,126,445
13,126,445
0
(2,092,041)

17,145,507
137,926
19,101,247
16,154,046
622,602
2,345
0
851,190
2,358,841
7,268
624,933
417
0
1,726,223
8,927,252
5,815,684
3,111,568
1,761,663
1,761,663
0
0
0
0
8,815,433
13,126,445
13,126,445
0
(4,311,012)
198,963
(4,509,975)
0

16,691,496
92,969
19,256,815
15,699,215
625,394
1,165
0
898,147
2,525,674
23,242
1,064,741
33,988
0
1,403,703
3,560,745
2,049,379
1,511,366
6,955,636
5,699,628
975,791
0
0
280,217
8,700,789
13,126,445
13,126,445

17,558,751
82,708
18,938,505
16,605,289
655,702
2,959
0
867,795
2,145,492
71,261
724,361
76,614
0
1,273,256
6,865,083
3,630,698
3,234,385
3,075,232
3,075,232
0
0
0
0
9,763,928
13,126,445
13,126,445
0
(3,362,517)
198,966
(3,561,483)
0

0
0
0
0

6,224,962
5,116,367
1,108,595
6,724,281

10,079,735
7,804,082
2,275,653
9,504,885

0
55,165

(499,319)
358,977

574,850
555,349

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
174,518
980,678
935,852
(918,986)
29,508
0
0
(723,746)

7,804,378
5,405,559
2,398,819
6,148,726
1,091,170
5,057,556
1,655,652
738,035
246,476
491,559
422,283
1,064,480
949,379
(91,236)
80,849

Items

(4,425,656)
202,743
(4,628,399)
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(53,626)
0
0
0

(797,784)
0
0
0

(1,414,765)
23,092
0
0

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
184,025
1,082,955
1,028,044
(1,254,503)
24,262
0
0
1,636,220

13,518,312
0
(53,626)
135,531

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

0.01

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

55,165

358,977

555,349

10

795,985

1,481,674

279,669

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)

0.00
0.19

1.43
-0.44
-0.90
-0.57

0.00

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

0.00
-0.08
9.61

346

-12.82
0.00
-0.70
9.26

-14.04
0.00
-1.10
8.41

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

19,165,108

20,318,908

25,829,520

21,255,834
19,165,108
426,180
0

23,291,771
20,318,908
883,125
0

29,777,481
25,829,520
978,869
0

4,457,669
2,063,755
431,418
98,389
0
1,864,107
6,396,549
3,028,448
3,368,101
10,156,595

5,404,853
1,239,158
676,256
476,667
0
3,012,772
8,041,199
4,479,549
3,561,650
8,329,012

8,409,554
270,011
709,372
720,314
0
6,709,857
8,950,318
3,848,376
5,101,942
6,633,333

10,156,595
7,069,633
2,633,750
2,633,750
0
4,435,883

8,329,012
9,353,550
2,633,750
2,633,750
0
6,719,800

6,633,333
18,655,423
3,233,750
3,233,750
0
15,421,673

30,534,420
2,143,111
33,419,153
28,333,761
1,148,218
0
0
57,548
7,857,942
1,049,091
1,196,608
1,267,248
0
4,344,995
9,098,678
6,187,941
2,910,737
6,041,712
4,300,000
0
0
234,633
1,507,079
23,251,972
3,233,750
3,233,750
0
20,018,222
7,343,422
12,674,800
0

31,438,780
1,913,121
35,957,625
29,465,134
1,410,996
2,977
0
57,548
6,871,464
333,629
608,813
779,305
0
5,149,717
9,641,691
6,442,871
3,198,820
3,572,624
1,658,600
0
0
319,217
1,594,807
25,095,929
3,233,750
3,233,750
0
21,862,179
7,343,422
14,518,757
0

31,765,389
1,139,945
38,621,844
30,565,211
1,570,545
1,685
0
58,548
9,444,466
351,202
1,248,538
620,961
0
7,223,765
10,696,789
6,302,252
4,394,537
2,740,237
658,298
0
0
391,837
1,690,102
27,772,829
3,233,750
3,233,750
0
24,539,079
7,343,422
17,195,657
0

10,707,964
9,379,135
1,328,829
7,797,232

16,623,384
12,309,586
4,313,798
12,948,231

20,819,749
11,538,960
9,280,789
16,457,028

2,910,732
275,150

3,675,153
751,244

4,362,721
1,930,742

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
153,404
569,184
531,401
3,417,514
195,697
5,807,503
0
5,267,006

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
1,128,979
517,788
493,165
4,320,521
260,175
1,293,500
0
4,073,582

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,552,976
39,923
263,375
0

2,690,351
63,146
329,219
0

2,306,529
85,394
323,375
0

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
116,854
1,236,971
1,194,281
5,177,001
156,744
5,069,920
0
6,514,748

17,226,228
0
2,249,678
3,028,448

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

0.34
0.77
0.92
0.45
0.70
72.82
2.34
13.29
41.67
17.64
9.54
24.82

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

275,150

751,244

1,930,742

82,809

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)

347

23.84
0.00
9.54
26.84

16.18
0.00
9.98
35.51

11.08
0.00
6.87
57.69

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

16,088,505

19,335,444

20,096,530

20,517,727
16,088,505
372,734
0

24,188,139
19,330,866
439,254
4,578

25,802,361
20,081,448
865,546
15,082

2,704,907
100,938
200,946
163,459
17,395
2,222,169
3,526,065
1,531,821
1,994,244
7,955,320

4,101,530
123,359
369,709
194,587
944,669
2,469,206
4,919,564
1,806,377
3,113,187
9,524,373

6,055,031
118,894
433,952
743,366
734,859
4,023,960
7,591,699
4,637,749
2,953,950
10,198,973

8,000,000

7,955,320
7,312,027
3,519,581
2,978,107
541,474
3,792,446

9,524,373
8,993,037
4,264,108
3,722,634
541,474
4,728,929

2,198,973
8,360,889
4,264,108
3,722,634
541,474
4,096,781

20,445,961
1,554,064
25,588,614
18,827,414
1,047,685
7,332
0
57,151
5,214,877
99,932
650,914
682,244
406,563
3,375,224
9,962,884
7,113,820
2,849,064
8,980,153
1,688,828
0
7,200,000
18,990
72,335
6,717,801
4,264,108
3,722,634
541,474
2,453,693
2,727,277
(273,584)
0

21,092,008
3,140,444
25,689,208
17,894,924
1,043,975
1,774
200
54,666
5,002,904
73,435
504,718
751,400
472,338
3,201,013
9,348,845
4,928,267
4,420,578
11,611,919
3,299,751
0
8,289,800
19,629
2,739
5,134,148
4,264,108
3,722,634
541,474
870,040
3,780,433
(2,910,393)
0

28,275,551
3,794,285
32,987,590
24,409,108
1,253,266
17,591
0
54,567
5,414,495
288,321
539,084
560,103
404,863
3,622,124
10,368,370
5,461,300
4,907,070
14,750,231
4,518,551
0
7,983,000
19,149
2,229,531
8,571,445
5,803,458
5,267,130
536,328
(2,780,133)
2,175,531
(4,955,664)
5,548,120

7,954,901
7,954,901
0
5,806,321

5,514,208
5,514,208
0
5,204,315

10,552,398
8,195,115
2,357,283
9,228,568

2,148,580
199,459

309,893
154,683

1,323,830
980,923

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
105,001
2,059,476
1,929,933
(2,569,508)
103,122
0
0
1,740,128

13,073,218
9,511,527
3,561,691
10,898,059
1,594,508
9,303,551
2,175,159
2,039,854
1,646,632
393,222
478,162
2,166,409
2,080,448
(1,959,864)
131,896
0
0
1,621,918

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,634,814
28,536
0
0

(140,019)
9,744
0
0

(1,364,244)
44,815
0
0

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
99,103
3,400,241
2,871,273
(917,651)
64,321
0
0
3,395,018

15,267,347
0
1,606,278
1,531,821

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

23,321,676
12,501,551
(2,091,760)
17,962,851

0.08
4.29
2.05
0.42
0.77
72.99
1.57
11.19
24.04
13.76

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

0.12
16.57
4.28
0.39
0.52
83.36
2.93
-6.56
-28.60
-9.78

199,459

154,683

980,923

340,978

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)

348

39.59

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
0.06
-14.99
0.06
-3.97
16.27

20.55
0.00
5.39
24.55

-2.54
0.00
-0.40
24.16

-12.93
0.00
-3.79
22.46

Financial Statement Analysis of Non Financial Sector 2011

Mustehkam 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)
2010
2011

2006

2007

2008

2009

3,653,911

3,891,749

4,229,550

3,663,836
3,653,911
13,764
0

4,086,394
3,891,749
185,507
0

4,627,753
4,229,550
204,174
0

487,769
5,412
128,499
308
0
353,550
1,512,347
342,186
1,170,161
0

1,032,321
11,048
164,526
9,054
0
847,693
1,667,250
454,247
1,213,003
400,000

1,439,886
19,459
306,835
4,364

0
2,629,333
123,200
123,200
0
2,506,133

400,000
2,856,820
123,200
123,200
0
2,733,620

1,270,000
2,690,819
150,304
150,304
0
2,540,515

8,342,638
4,682,250
4,227,008
3,643,343
185,463
0
0
17,045
1,312,827
9,874
197,145
3,740
0
1,102,068
1,388,528
1,064,495
324,033
4,945,833
4,200,000
0
0
5,447
740,386
3,321,104
150,304
150,304
0
1,188,807
909,841
278,966
1,981,993

8,996,961
0
9,876,591
8,979,916
313,010
0
0
17,045
1,412,662
22,868
280,371
18,669
0
1,090,754
2,928,562
1,057,073
1,871,489
4,316,361
3,795,833
0
0
7,130
513,398
3,164,700
416,971
416,971
0
838,438
750,454
87,984
1,909,291

9,064,244
20,456
9,014,976
9,025,744
328,415
0
0
18,044
1,781,470
23,585
263,769
34,580
0
1,459,536
3,110,085
1,141,151
1,968,934
2,827,050
2,637,500
0
0
6,565
182,985
4,908,579
1,292,609
1,292,609
0
1,268,255
1,188,274
79,981
2,347,715

408,686
408,686
0
406,414

940,592
940,592
0
1,224,523

1,484,855
1,484,855
0
1,768,471

2,272
16,582

(283,931)
20,449

(283,616)
22,878

1,462,412
1,462,412
0
1,532,603
271,341
1,261,262
(70,191)
69,800
11,945
57,855
52,548
350,690
346,864
(490,209)
461
0
0
(51,362)

3,791,897
3,791,897
0
3,159,362
457,539
2,701,823
632,535
31,883
12,864
19,019
79,929
786,608
798,094
(165,663)
40,748
0
0
(472,299)

Items

1,109,228
1,708,617
716,962
991,655
1,270,000

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(22,755)
1,604
0
0

37,445
3,217
0
0

(416,145)
4,940
0
0

1,351,160
1,351,160
0
1,231,374
137,584
1,093,790
119,786
95,192
82,518
12,674
30,735
158,209
153,845
(131,374)
3,136
0
0
(188,849)

2,629,333
0
(24,359)
342,186

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

0.00
3.66
0.08
0.10
0.32
99.44
0.58
-0.99
-2.51
-2.51

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

16,582

20,449

22,878

14,938

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)

349

3.18

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
0.79
-4.37
-0.08
-1.60
37.97

-5.57
0.00
-1.98
213.42

3.98
0.00
2.78
231.88

-28.03
0.00
-28.02
179.03

Financial Statement Analysis of Non Financial Sector 2011

Pioneer Cement Ltd.

2006

2007

2008

2009

7,683,391

7,510,640

9,570,865

9,598,453
7,683,391
277,435
0

9,795,845
7,510,640
375,728
0

12,291,354
9,570,865
435,306
0

721,605
71,905
96,757
12,490
0
540,453
2,731,795
528,495
2,203,300
2,746,796

1,099,857
305,491
150,294
29,717
0
614,355
5,330,890
1,002,991
4,327,899
609,180

901,724
139,183
68,691
40,124
0
653,726
3,910,850
1,675,618
2,235,232
2,016,423

2,746,796
2,926,405
1,624,839
1,624,839
0
1,301,566

609,180
2,670,427
1,698,148
1,698,148
0
972,279

2,016,423
4,545,316
1,995,324
1,995,324
0
2,549,992

9,327,157
745
12,408,101
9,253,929
380,318
0
0
72,483
1,020,577
159,302
146,066
37,402
0
677,807
3,489,131
2,215,425
1,273,706
2,277,173
1,344,254
8,731
0
25,155
899,033
4,581,430
1,995,324
1,995,324
0
405,217

4,153,574
3,754,854
398,720
2,922,936

4,648,655
4,276,682
371,973
4,330,477

6,607,418
5,150,358
1,457,060
6,093,805

1,230,638
171,781

318,178
148,458

513,613
705,054

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)
2010
2011

405,217
2,180,889

8,991,466
3,917
12,408,101
8,933,987
391,843
0
0
53,562
1,334,028
55,872
132,072
36,851
0
1,109,233
4,908,339
3,101,854
1,806,485
1,078,308
587,028
2,348
0
33,247
455,685
4,338,847
2,227,552
2,227,552
0
(9,334)
0
(9,334)
2,120,629

8,663,169
15,685
12,444,883
8,597,289
379,066
989
0
49,206
1,184,191
150,172
160,926
21,475
0
851,618
4,404,220
2,700,614
1,703,606
917,738
404,567
0
0
41,431
471,740
4,525,402
2,271,489
2,271,489
0
195,136
0
195,136
2,058,777

3,872,834
3,192,886
679,948
3,953,814
652,825
3,300,989
(80,980)
405,966
158,842
247,124
74,778
392,658
377,394
(859,319)
195,697
0
0
(82,389)

5,272,888
4,305,574
967,314
4,531,162
286,960
4,244,202
741,726
332,183
150,576
181,607
257,706
357,916
344,973
71,824
53,984
0
0
915,716

5,417,155
587,028
(1,055,016)
3,688,882

5,443,140
404,567
17,840
3,105,181

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

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

933,071
17,718
162,484
73,118

(184,441)
18,300
0
0

(574,014)
24,514
0
0

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
100,551
451,465
436,764
174,306
156,744
0
0
913,565

5,673,201
0
752,869
528,495

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

0.03
4.74
0.30
0.49
0.26
70.37
1.87
12.20
36.05
17.96
5.63
42.93

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

171,781

148,458

705,054

196,949

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)

350

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

22.46
0.00
5.63
18.01

-3.97
0.00
-1.19
15.73

-8.69
0.00
-3.00
22.78

Financial Statement Analysis of Non Financial Sector 2011

Thatta Cement 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)
2010
2011

2006

2007

2008

2009

744,289

824,853
74,727
2,074,468
747,422
46,009
2,616
0
88
594,336
11,815
225,301
56,135
38,597
262,488
507,111
326,434
180,677
141,267
83,333
0
0
0
57,934
770,811
797,745
797,745
0
(26,934)
0
(26,934)
0

851,985
0
2,209,451
848,781
50,731
3,116
0
88
585,639
10,266
238,864
49,649
0
286,860
571,714
333,076
238,638
90,347
41,666
0
0
0
48,681
775,563
797,745
797,745
0
(22,182)
0
(22,182)
0

934,555
896
2,212,383
801,804
52,659
3,216
127,847
792
1,055,648
296,756
219,291
88,672
0
450,929
870,285
554,879
315,406
142,259
103,037
0
0
0
39,222
977,659
797,745
797,745
0
179,914
276,654
(96,740)
0

1,820,866
1,313,319
507,547
1,611,427

1,795,109
1,109,983
685,126
1,298,132
123,118
1,175,014
496,977
185,070
130,108
54,962
16,393
63,718
62,813
263,398
15,040
0
0
165,182

1,544,124
823,304
720,820
1,266,771
98,429
1,168,342
277,353
246,114
190,965
55,149
24,785
45,532
43,653
1,769
11,692
0
0
75,239

1,854,649
1,202,158
652,491
1,615,681
127,525
1,488,156
238,968
282,961
224,608
58,353
144,586
78,789
56,720
(64,251)
19,218
0
0
(125,496)

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

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

2,026,105
744,289
46,643
0

602,063
6,367
175,879
134,212
0
285,605
608,941
244,641
364,300
166,662

166,662
570,749
797,745
797,745
0
(226,996)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

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)

351

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

2.95
0.00
0.58
7.15

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

1,568,641

1,189,122

2,030,061

1,658,784
1,266,726
86,469
301,915

1,657,107
1,189,122
78,927
0

2,843,445
2,030,061
144,994
0

1,183,194
6,472
213,188
482,718
0
480,816
1,016,202
654,964
361,238
415

1,066,368
580
162,539
326,739
0
576,510
983,269
700,367
282,902
188

950,084
6,648
180,801
345,846
0
416,789
1,437,555
709,913
727,642
117,278

415
1,735,218
1,700,000
1,700,000
0
35,218

188
1,272,033
1,700,000
1,700,000
0
(427,967)

117,278
1,425,312
4,278,385
4,278,385
0
(2,853,073)

1,908,234
15,007
2,843,600
1,886,003
127,841
0
0
7,224
998,895
19,685
183,234
327,272
0
468,704
1,767,395
709,776
1,057,619
236,974
94
215,020
0
15,296
6,564
902,760
4,278,385
4,278,385
0
(4,676,439)
10,904
(4,687,343)
1,300,814

1,795,364
15,323
2,842,411
1,772,057
113,633
0
0
7,984
758,566
1,797
51,828
239,756
0
465,185
1,973,042
700,388
1,272,654
239,859
0
218,407
0
13,389
8,063
341,029
4,278,385
4,278,385
0
(5,178,326)
10,904
(5,189,230)
1,240,970

1,714,810
36,501
2,842,411
1,671,039
101,018
0
0
7,270
555,418
1,196
46,938
196,810
0
310,474
2,126,725
274,586
1,852,139
281,421
0
261,044
0
13,813
6,564
(137,918)
4,278,385
4,278,385
0
(5,617,566)
10,904
(5,628,470)
1,201,263

1,423,974
1,423,974
0
1,306,731

697,250
697,250
0
857,239

453,476
453,476
0
926,407

117,243
164,895

(159,989)
206,358

(472,931)
200,621

227,757
227,757
0
608,897
118,504
490,393
(381,140)
110,210
1,197
109,013
53,145
70,836
69,798
(560,591)
1,140
0
0
(12,925)

131,525
131,525
0
200,550
73,221
127,329
(69,025)
126,618
896
125,722
38,221
56,126
54,915
(477,249)
1,699
0
0
405,957

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(104,533)
5,053
0
0

(432,898)
2,361
0
0

(738,391)
1,595
0
0

569,065
569,065
0
990,112
125,096
865,016
(421,047)
42,281
2,697
39,584
77,088
59,203
57,080
(521,592)
0
0
0
(44,366)

1,735,633
0
(109,586)
654,964

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

143,503
0
(478,948)
274,586

0.48
4.13
33.90
0.52
1.16
91.77
0.59
-3.88
-5.87
-5.86

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

164,895

206,358

200,621

58,824

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)

352

6.68

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

-7.34
0.00
-0.64
10.21

-62.09
0.00
-2.56
7.48

-162.83
0.00
-1.73
3.33

MINERAL PRODUCTS

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

5,155,750

5,981,208

6,941,645

7,643,831
5,178,095
492,212
(22,345)

9,562,208
5,981,208
549,795
0

10,980,568
6,941,645
606,156
0

10,423,762
308,974
13,946,516
9,976,176
1,080,693

11,179,412
627,813
15,297,031
10,282,747
878,203

12,379,087
1,603,549
36,102,468
10,496,080
947,648

4,021,059
161,326
1,383,876
1,053,214
926
1,421,717
4,523,422
1,704,914
2,818,508
837,248

4,660,968
241,726
1,549,155
1,032,444
7,417
1,830,226
5,268,238
2,081,866
3,186,372
1,168,813

5,472,895
237,872
1,721,041
1,169,172
7,318
2,337,492
5,217,977
1,963,849
3,254,128
2,353,621

837,248
3,816,139
1,552,135
1,552,135
0
2,264,004

1,168,813
4,205,125
1,776,713
1,776,713
0
2,428,412

2,353,621
4,842,942
2,315,519
2,315,519
0
2,527,423

2,871,747
129,738

268,852
6,610,841
275,960
2,174,691
1,938,799
0
2,221,391
5,577,959
1,092,774
4,485,185
5,807,249
4,148,531
497,080
0
81,431
1,080,207
6,405,045
2,917,733
2,917,733
0
2,686,395
690,397
1,995,998
800,917

279,458
6,935,656
941,713
2,299,878
1,552,010
0
2,142,055
6,323,422
1,236,849
5,086,573
4,617,524
3,039,113
497,080

138,612
6,192,403
267,433
2,367,095
984,419
0
2,573,456
5,212,558
727,529
4,485,029
5,702,556
4,109,767
708,705
0
77,176
806,908
5,701,051
2,699,566
2,699,566
0
2,871,747

8,474,787
8,039,570
435,217
6,764,445

9,267,294
8,439,355
827,939
7,563,684

10,739,290
9,785,849
953,441
8,966,296

1,710,342
751,703

1,703,610
906,553

1,772,994
1,048,105

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
1,646,214
881,382
821,114
892,865
383,085
301,724
96,985
1,184,998

17,207,322
16,109,230
1,098,092
13,585,914
3,532,740
10,053,174
3,621,408
1,907,475
1,139,152
768,323
1,959,190
821,722
746,563
1,043,051
427,255
198,067
0
2,249,164

Items

85,998
995,333
8,373,797
3,837,357
3,837,357
0
3,408,450
1,124,044
2,284,406
1,127,990

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

827,397
97,645
209,006
159,942

569,562
62,933
189,678
67,306

399,334
178,800
186,125
74,770

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
1,391,598
736,927
562,652
667,510
283,578
283,341
88,168
1,310,120

4,653,387
0
520,746
1,704,914

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
4,837,296

12,212,294
4,148,531
208,056
5,241,305

12,991,321
3,039,113
417,729
4,275,962

0.27
3.40
12.43
0.92
0.89
79.82
1.40
10.59
26.39
20.59
3.49
6.12

0.24
3.57
11.14
0.87
0.88
81.62
1.53
5.75
14.20
11.36
2.67
5.98

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
9.02
0.89
1.10
78.95
1.31
5.62
14.12
8.28
3.11
7.48
2.40
6.06
0.21
1.35
18.37

751,703

906,553

1,048,105

288,138

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.27
3.98
10.89
0.87
1.05
83.49
1.56
3.46
8.83
6.35
1.18
6.24

9.76
0.00
4.38
22.91

6.15
0.00
2.65
21.98

3.72
0.00
0.89
19.53

Growth with Composition of Assets & Liabilities

14

30%
23.5%

12
Billion Rs

10

11.8%

9.7%

20%
10%

4.7%

0%

-10%

-20%

-25.8%

0
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

-30%

Shareholders Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
16%

20
14.4%
Billion Rs

15

14%
12%

10.7%

10%

8.3%

10

8%
6%

4%
2%

0%
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
16
14

5.66

2011

12
10
8
6
4
2
0

6.06

2010
2011

5
5.195.62

7.56

8.28

Percentage

Percentage

2010

14.75
14.12

Net Profit Before Tax

4
3
2

1.78
1.19 1.1

1.31

1.55 1.35

1
Return on
Return on
Assets
Return on
Equity
Capital
Employed

0
Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,209,237

1,457,054

1,322,720

1,775,562
1,209,237
96,779
0

2,138,134
1,457,054
114,755
0

2,158,179
1,322,720
154,379
0

1,360,688
172,949
2,162,284
1,187,739
139,086

1,679,680
139,967
2,631,731
1,531,690
125,808

1,636,090
196,210
2,655,910
1,416,621
141,458

1,157,238
12,592
554,840
205,426
0
384,380
1,606,720
708,547
898,173
286,570

1,315,754
13,865
603,174
232,144
0
466,571
1,960,274
1,044,040
916,234
433,063

1,428,705
17,204
586,522
338,833
0
486,146
1,568,537
776,726
791,811
830,655

0
1,433,827
34,484
552,558
253,162
0
593,623
1,561,056

8,023
979,799
16,105
199,389
256,977
0
507,328
1,509,598

23,259
595,345
6,306
65,397
126,298
0
397,344
1,594,163

286,570
473,185
429,000
429,000
0
44,185

433,063
379,471
429,000
429,000
0
(49,529)

830,655
352,233
858,000
858,000
0
(505,767)

1,322,374
1,219,626
102,748
1,094,447

1,369,903
1,030,125
339,778
1,201,151

1,345,472
1,140,567
204,905
1,524,606

227,927
82,442

168,752
113,224

(179,134)
80,659

Items

1,561,056
1,389,570
888,283
482,080
0
19,207
0
(156,111)
858,000
858,000
0
(1,014,111)

1,509,598
1,628,368
1,027,535
482,080

1,594,163
1,337,660
738,188
482,080

23,898
94,855
(478,487)
858,000
858,000
0
(1,613,780)

(1,014,111)

(1,613,780)
277,293

28,542
88,850
(700,388)
858,000
858,000
0
(1,827,018)
343,200
(2,170,218)
268,630

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

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

82,442

113,224

80,659

111,744
165,142
209,183
196,043
(503,129)
5,215

50,360
187,832
196,970
194,355
(598,460)
5,497

169,952
194,096
186,252
168,678
(569,934)
1,639

127,738

166,051

217,686

26,998
5,811
0
0

(105,600)
6,176
0
0

(476,265)
5,941
0
0

759,755
0
21,187
708,547
0.14
9.66
15.53
0.56
0.72
82.76
4.00
1.22
6.61
3.49

0
3,734

0
10,551

0
24,890

812,534
0
(111,776)
1,044,040

1,182,888
0
(482,206)
776,726

1,233,459
888,283
(508,344)
888,283

1,149,881
1,027,535
(603,957)
1,027,535

637,272
738,188
(571,573)
738,188

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

2.38

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

2.04
0.00
0.49
11.03

-7.71
0.00
-2.61
8.85

-35.40
0.00
-5.62
4.11

Financial Statement Analysis of Non Financial Sector 2011

Frontier Ceramics Ltd.

2006

2007

2008

2009

335,433

352,930

344,597

338,567

0
335,433
0
0

610,747
352,930
13,619
0

617,247
344,597
14,832
0

147,988
502
61,121
62,681
0
23,684
347,835
84,019
263,816
0

187,635
260
91,168
71,904
0
24,303
424,281
0
424,281
0

100,478
964
57,949
22,975
0
18,590
150,607
0
150,607
283,381

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

0
135,586
77,412
77,412
0
58,174

0
116,284
77,412
77,412
0
38,872

283,381
11,087
77,412
77,412
0
(66,325)

5,362
5,362
0
9,971

56,692
56,692
0
62,584

94,326
94,326
0
179,240

(4,609)
4,374

(5,892)
11,891

(84,914)
26,532

(Thousand Rupees)
2010
2011

623,970
286,986
336,984

736,084
51,872
983,623
682,698
166

753,234
101,272
690,832
650,447
32,357

51,581
105,147
3,608
67,662
13,401
0
20,476
147,752

1,514
106,143
1,424
73,375
6,427
0
24,917
223,346
1,910
221,436
375,543
250,930

1,515
66,944
3,607
46,672
405

147,752
191,436
88,855
102,005
0
0
576
104,526
77,412
77,412

0
0
124,613
243,338
77,412
77,412

27,114

(231,538)

16,260
338,973
1,910
337,063
222,498
98,285

124,213
258,707
77,412
77,412
0
(200,122)

27,114

(231,538)
397,464

(200,122)
381,417

124,238
124,238

168,926
168,926

333,246
333,246

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

4,374

11,891

26,532

163

236

(8,712)
22
0
0

(17,394)
242
0
0

(104,790)
408
0
0

135,586
0
(8,734)
84,019
0.18
0.15
1,168.99
0.01
0.43
185.96
2.57
-1.81
-6.00
-5.94

121,782
40,197
81,585
2,456
21,838
4,642
17,196
20,233
814
512
93,619
180

145,371
54,648
90,723
23,555
14,864
3,451
11,413
26,398
1,423
1,218
17,776
845

243,654
62,849
180,805
89,592
69,630
3,558
66,072
32,516
1,423
1,064
18,539
3,478

0
47,616

0
89,446

0
104,899

116,284
0
(17,636)
0

294,468
0
(105,198)
0

295,962
88,855
93,439
88,855

618,881
250,930
16,931
252,840

481,205
98,285
15,061
100,195

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

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

H.Key Performance Indicators

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

0.09

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

-162.48
0.00
-1.13
17.51

-30.68
0.00
-2.28
15.02

-111.09
0.00
-13.59
1.43

358

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

1,872,284

1,953,395

2,261,022

2,402,593
1,894,629
194,526
(22,345)

2,666,077
1,953,395
204,932
0

3,158,541
2,261,022
188,342
0

2,788,400
135,229
3,623,554
2,501,292
229,989

2,932,225
203,945
3,873,404
2,504,073
249,553

3,983,946
1,155,169
4,299,137
2,622,134
292,121

1,584,064
32,541
462,638
419,644
0
669,241
1,184,072
381,264
802,808
73,679

2,022,085
133,179
550,753
379,695
6,592
951,866
1,413,640
523,001
890,639
24,840

2,419,586
44,133
658,121
427,309
6,592
1,283,431
1,722,867
515,680
1,207,187
41,693

151,879
2,187,798
34,482
792,309

224,207
2,793,563
136,836
888,200
634,559
0
1,133,968
1,179,018
96,363
1,082,655
403,209

206,643
3,155,361
367,580
1,104,281
533,039
1,150,461
1,846,128
610,331
1,235,797
421,508

73,679
2,198,597
639,767
639,767
0
1,558,830

24,840
2,537,000
799,709
799,709
0
1,737,291

41,693
2,916,048
839,694
839,694
0
2,076,354

0
0
408,613
3,460,871
881,679
881,679
0
2,579,192

2,579,192

403,209
4,143,561
969,846
969,846
0
3,173,715
502,419
2,671,296

421,508
4,871,671
1,066,831
1,066,831
0
3,804,840
502,419
3,302,421

3,106,025
2,886,897
219,128
2,396,547

3,594,483
3,212,934
381,549
2,817,343

4,621,198
3,960,868
660,330
3,376,931

709,478
234,067

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
528,609
149,758

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
734,444
78,893
32,495
1,348,878
330,808
106,683

Items

0
1,361,007
1,106,714

1,106,714
408,613

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

558,405
15,407
191,930
159,942

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

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
601,636
94,886
46,173
1,278,003
330,808
242,462
96,985
883,414

2,272,276
0
351,068
381,264

2,561,840
0
301,302
523,001

2,957,741
0
508,833
515,680

3,869,484
0
448,257
0

4,546,770
0
704,734
96,363

5,293,179
0
911,387
610,331

0.38
1.83
13.51
0.90
1.34
77.16
0.57
23.28
34.73
33.50
2.83
6.71

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
9.54
6.22
42.51
19.64
0.59
9.54
45.66

234,067

349,323

457,742

56,856

45,938

70,960

1,347,367

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

17.98
0.00
8.49
34.37

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 2011

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)
2010
2011

2006

2007

2008

2009

178,184
41
144,965
131,776

(41,202)
82,594

(13,059)
82,594

(14,210)
82,594

265,270
229,199
36,071
248,970
237,470
11,500
16,300
16,424
7,060
9,364
9,424

390,640
352,912
37,728
318,562
262,370
56,192
72,078
24,458
9,825
14,633
12,103
392

346,419
324,445
21,974
304,677
234,491
70,186
41,742
26,690
13,874
12,816
17,782
358

6,552
124
18,838
0
(53,457)

50,557
2,236
18,838
0
24,958

23,097
4,068
7,535
0
26,444

116,742
0
(12,410)
0

157,031
0
29,484
0

157,223
0
11,494
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

46,367
109,699
3,479
57,357
21,658
0
27,205
171,141

177,203

189,229

193,067
172,570
7,629

207,272
177,340
9,437

4,633
152,021
14,886
82,826
18,597
0
35,712
172,193

11,889
184,655
2,013
106,910
30,302

45,430
216,661

171,141
0

172,193
12,146

216,661
13,489

12,146
144,885
75,350
75,350
0
(13,059)

13,489
143,734
75,350
75,350
0
(14,210)

0
0
0
116,742
75,350
75,350
0
(41,202)

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: (i) Interest expenses
7.Net profit 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)

360

2.47
-0.31
0.85
15.49

12.94
0.14
6.41
19.23

6.67
0.11
2.53
19.08

Financial Statement Analysis of Non Financial Sector 2011

Karam Ceramics Ltd.

2006

2007

2008

2009

550,316

726,184

738,623

675,091

1,165,311
550,316
60,313
0

1,403,034
726,184
62,466
0

1,483,407
738,623
68,095
0

151,673
24,823
73,144
42,180
0
11,526
341,775
51,885
289,890
109,749

102,303
14,515
59,097
18,454
0
10,237
313,685
43,000
270,685
210,829

145,165
34,433
44,405
51,748
0
14,579
458,040
85,791
372,249
132,000

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

109,749
250,465
109,118
109,118
0
141,347

210,829
303,973
145,487
145,487
0
158,486

132,000
293,748
145,487
145,487
0
148,261

783,484
783,484
0
638,587

744,902
744,902
0
645,613

834,464
834,464
0
695,597

144,897
67,008

99,289
65,041

138,867
64,005

(Thousand Rupees)
2010
2011
643,019

744,784
815,905
71,470

695,198
84,703
815,905
609,621
64,814

(140,814)
208,234
24,316
123,939
20,425
0
39,554
186,702
100,763
85,939
399,823
231,657

874
212,324
10,231
128,900
23,341
0
49,852
204,646
86,437
118,209
393,580
231,657

897
223,880
10,231
128,900
23,341
0
61,408
276,525
132,445
144,080
275,660
118,004

57,533
104,390
309,296
145,487
145,487

57,456
100,200
314,714
145,487
145,487

0
57,533
110,633
296,800
145,487
145,487

880,719
642,122
67,930

104,169

120,243

128,881

104,169
47,144

120,243
43,566

128,881
40,346

832,724
832,724

933,333
933,333

1,055,479
1,055,479

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

67,008

65,041

64,005

13,574

18,245

42,052

702,746
206,902
495,844
129,978
77,056
53,456
23,600
102,690
40,006
38,087
13,172
8,067

818,887
224,340
594,547
114,446
78,105
57,650
20,455
112,222
35,456
34,470
12,727
8,547
0
0
28,481

926,283
275,291
650,992
129,196
75,174
51,866
23,308
135,896
42,287
41,231
12,155
10,807
14,549
0
88,797

65,697
26,690
0
0

16,659
4,706
18,186
0

32,919
3,865
18,186
0

0
56,718

360,214
0
39,007
51,885

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

590,374
118,004
(13,201)
250,449

0.20
1.73
5.38
1.12
0.44
81.51
1.80
9.32
24.79
16.91

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

0.12
4.01
2.21
1.22
0.81
87.76
1.75
1.37
3.90
1.88
0.09
8.19
1.29
1.15
0.16
0.09
21.63

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

H.Key Performance Indicators

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

10.71

361

8.39
0.00
3.57
22.95

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

139,399
755
160,611
132,112
14,832

206,917
57
246,083
201,827
15,757

193,874
954
242,639
188,693
11,678

6,532
147,391
9,557
28,779
90,342
0
18,713
118,514
118,514
48,903

5,033
119,101
6,690
19,827
66,029
0
26,555
77,834
42,250
35,584
39,371

4,227
128,379
4,895
35,090
59,698
0
28,696
95,259
41,488
53,771
23,148

15,000

15,000

49,373

24,371
208,813
200,000
200,000
0
8,813
14,728
(5,915)

8,148
203,846
200,000
200,000
0
3,846
14,728
(10,882)

707,465
707,465

524,383
524,383

502,190
502,190

0
(10,724)

0
2,222

0
211

168,276
0
17,614
0

248,184
0
(7,134)
42,250

226,994
0
(18,195)
41,488

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
0
48,903
119,373
70,000
70,000
0
49,373

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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

26,513
41,723
13,977
13,977
27,025
9,411

27,047
43,044
11,670
11,553
(4,512)
2,622

35,573
41,077
13,390
13,237
(13,173)
5,022

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

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

Financial Statement Analysis of Non Financial Sector 2011

Shabbir Tiles And Ceramics Ltd.

2006

2007

2008

2009

594,628

730,863

1,527,609

4,130,006

952,173
594,628
79,986
0

1,175,521
730,863
89,538
0

2,089,019
1,527,609
117,296
0

614,110
82,322
153,251
307,916
926
69,695
485,588
288,917
196,671
220,573

637,398
67,694
165,419
309,816
825
93,644
536,134
298,809
237,325
264,745

960,687
135,230
276,533
311,780
726
236,418
788,090
430,376
357,714
955,128

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

220,573
502,577
113,838
113,838
0
388,739

264,745
567,382
136,605
136,605
0
430,777

955,128
745,078
163,926
163,926
0
581,152

1,899,695
1,881,331
18,364
1,467,442

1,995,818
1,980,990
14,828
1,555,407

2,363,278
2,339,241
24,037
1,829,628

432,253
259,001

440,411
264,189

533,650
327,971

(Thousand Rupees)
2010
2011
3,590,477

4,859,706
4,113,866
194,761

3,842,484
8,102
4,864,865
3,818,024
307,996

16,140
1,565,475
147,860
646,498
565,391
0
205,726
1,485,960
626,766
859,194
2,944,716
2,769,983

16,358
1,792,732
75,232
637,232
897,711
0
182,557
1,779,982
826,991
952,991
2,640,039
2,543,980

18,048
1,627,945
83,808
625,416
742,089

96,059
1,215,195
360,638
360,638
0
854,557

68,125
1,634,901
721,277
721,277
0
913,624

0
0
174,733
1,264,805
360,638
360,638
0
904,167

4,865,087
3,572,429
277,831

176,632
1,478,182
439,926
1,038,256
2,105,339
2,037,214

904,167

854,557

913,624

2,853,257
2,853,257

4,061,423
4,061,423

4,399,779
4,399,779

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

259,001

264,189

327,971

49,496

51,813

62,065

126,004
44,747
17,076
0

126,143
27,921
0
27,321

144,765
31,364
0
32,785

723,150
0
64,181
288,917

832,127
0
98,222
298,809

1,700,206
0
113,401
430,376

0.81
2.61
16.21
1.57
1.26
77.25
1.41
11.35
26.52
18.75
4.76
12.40

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
268,485
266,836
263,402
73,548
(25,801)

3,002,044
1,455,916
1,546,128
1,059,379
619,320
559,697
59,623
388,717
495,362
491,412
(51,383)
21,194
0
0
(198,605)

3,268,579

3,855,234
2,543,980
(72,577)
3,370,971

3,740,240
2,037,214
(30,783)
2,477,140

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
(70,871)

3,268,579
1,131,200
667,580
584,204
83,376
478,596
457,614
453,575
13,492
44,275
0
0
313,105

G.Miscellaneous
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)

363

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

6.63
0.00
3.57
22.07

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 2011

Tariq Glass Industries Ltd.

2006

2007

2008

2009

446,858

613,788

747,074

813,427

1,058,398
446,858
52,882
0

1,278,901
613,788
56,759
0

1,474,175
747,074
63,212
0

325,394
7,784
78,882
9,239
0
229,489
468,803
141,181
327,622
57,018

355,201
11,451
79,544
14,303
0
249,903
531,595
123,915
407,680
145,677

418,274
5,908
97,511
16,527
0
298,328
529,836
155,276
374,560
110,764

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

57,018
246,431
110,000
110,000
0
136,431

145,677
291,717
115,500
115,500
0
176,217

110,764
524,748
231,000
231,000
0
293,748

1,253,218
1,158,241
94,977
1,077,042

1,400,867
1,309,083
91,784
1,201,177

1,480,552
1,416,383
64,169
1,360,294

176,176
91,519

199,690
89,593

120,258
91,196

(Thousand Rupees)
2010
2011

1,626,642
806,500
93,571

909,621
139,167
1,688,353
762,244
106,480

1,389,218
149,944
22,260,872
1,226,294
114,836

6,927
434,832
9,647
97,993
20,040
0
307,152
434,719

8,210
455,158
14,556
144,942
35,158
0
260,502
431,342
38,823
392,519
314,993
94,429

12,980
953,147
463,273
187,212
36,838
0
265,824
477,531
10,749
466,782
218,222
47,422

170,800
1,646,612
693,000
693,000

263,045

220,564
618,444
231,000
231,000
0
387,444
173,250
214,194

598,609
263,697
334,912
355,003

1,409,803
1,288,992
120,811
1,282,562
324,518
958,044
127,241
107,519
75,479
32,040
255,292
56,353
50,631
(36,561)
5,859

2,071,091
1,874,968
196,123
1,671,806
415,345
1,256,461
399,285
166,130
111,915
54,215
274,262
45,223
41,933
188,157
11,336
40,425
0
344,531

2,601,938
2,407,024
194,914
2,144,769
465,783
1,678,986
457,169
220,525
154,670
65,855
324,783
41,505
36,283
209,997
27,158
69,300
0
343,451

434,719
319,495
130,989
124,620
0
436
63,450
494,045
231,000
231,000
0
263,045

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

91,519

89,593

91,196

25,462

33,700

34,636

62,237
4,449
0
0

77,368
8,995
11,550
0

(5,096)
6,193
0
0

0
30,914

303,449
0
57,788
141,181

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

1,864,834
47,422
113,539
58,171

0.04
2.03
0.74
1.62
0.69
85.94
2.13
8.76
27.74
22.84

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
82.43
0.42
11.33
18.54
15.01
2.64
13.90
6.79
8.07
0.49
2.64
23.76

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

H.Key Performance Indicators

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

15.89

364

15.18

14.39
0.28
-2.59
0.04
-1.84
21.39

4.97
0.00
5.25
22.40

5.52
0.00
5.92
25.26

-0.34
0.00
-0.49
22.72

MOTOR VEHICLES, TRAILERS AND

AUTOPARTS

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

21,574,208

26,144,111

28,373,770

35,830,418
21,234,458
2,587,984
339,750

43,074,221
25,596,159
2,925,751
547,952

48,234,261
27,845,540
3,269,274
528,230

75,967,872
23,043,312
32,573,262
3,781,823
7,346,153
9,223,322
54,203,167
7,826,550
46,376,617
4,349,836

69,123,185
20,614,201
27,765,573
4,450,132
6,126,994
10,166,285
45,550,585
5,792,357
39,758,228
4,564,770

63,528,768
12,113,151
26,291,808
5,945,807
6,178,649
12,999,353
40,117,110
7,933,026
32,184,084
2,721,626

31,598,315
905,931
53,728,961
27,435,586
2,900,458
696,588
926,777
1,633,433
85,662,782
25,736,609
32,250,154
6,713,582
7,188,563
13,773,874
56,837,250
14,794,788
42,042,462
5,710,560
2,777,024
722,552

4,349,836
38,989,077
5,825,501
5,825,501
0
33,163,576

4,564,770
45,151,941
6,434,533
6,434,533
0
38,717,408

2,721,626
49,063,802
7,232,752
7,232,752
0
41,831,050

32,617,761
1,630,026
45,932,836
25,891,767
2,383,079
630,520
925,673
3,539,775
66,776,479
19,425,078
27,295,725
6,125,388
1,787,425
12,142,863
43,870,792
15,121,189
28,749,603
5,930,420
3,054,426
0
0
321,581
2,554,413
49,593,028
7,653,541
7,653,541
0
38,721,343
1,792,127
34,772,186
3,218,144

468,087
1,742,897
54,713,287
7,836,087
7,836,087
0
43,055,075
466,780
39,537,881
3,822,125

527,089
1,932,989
59,443,104
8,239,734
8,239,734
0
46,497,486
451,378
43,695,710
4,705,884

199,008,700
198,903,678
105,022
178,682,699

205,866,248
205,695,767
170,481
186,957,291

207,326,876
207,137,804
189,072
192,965,276

20,326,001
5,871,629

18,908,957
6,632,528

14,361,600
6,518,772

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
5,913,110
1,722,657
1,278,386
13,605,657
5,671,202
4,684,136
206,026
18,746,120

251,691,693
251,016,680
675,013
231,094,607
202,966,842
28,127,765
20,597,086
8,586,359
3,988,311
4,598,048
7,021,725
2,379,182
1,237,281
13,902,143
5,918,955
4,854,633
158,046
7,898,748

Items

32,976,513
1,231,987
57,689,032
28,019,557
3,124,817
438,150
1,175,551
2,111,268
90,864,187
17,067,809
40,255,395
5,959,350
6,563,972
21,017,661
60,251,307
13,917,485
46,333,822
4,146,289
963,659
722,552

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

17,322,380
5,640,382
5,614,899
678,201

13,834,060
4,785,379
3,130,947
152,985

9,132,603
3,108,152
2,715,826
94,267

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
5,036,975
2,695,836
1,197,395
4,853,407
3,052,311
3,354,180
319,563
7,599,530

43,338,913
0
6,067,099
7,826,550

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

60,423,847
2,777,024
3,250,319
17,571,812

63,589,393
963,659
3,128,555
14,881,144

0.63
0.65
1.90
2.04
1.40
89.79
1.50
19.08
50.65
45.82
2.08
6.11

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
23.47
1.69
7.00
11.64
6.03
0.30
9.68
66.77

0.49
0.95
2.37
2.03
1.51
91.82
1.08
11.53
24.36
22.42
1.64
6.25
12.24
5.52
0.12
9.28
69.13

5,871,629

6,632,528

6,518,772

1,285,068

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)

367

8.70
0.00
18.96
63.29

6.72
0.00
13.37
66.70

4.40
0.00
7.96
64.84

Growth with Composition of Assets & Liabilities

100

20%

Billion Rs

80

5.7%

4.2%

8.0%

5.7%

10%
0%

60

-10%

40

-20%
-30%

20

-37.7%

-40%

-50%
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
12%

300
10.3%

250

10%

Billion Rs

200

8%

150

6%

5.4%

100

4%
2.1%

50

2%

0%
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
2010

30

26.09
24.36

2010

2011

2011
23.47
22.42

20
12.56
11.53

10
5

6.03

Return on
Return on
Assets
Return on
Equity
Capital
Employed

9.28

5.52

4
2

9.68

10

Percentage

Percentage

25

15

Net Profit Before Tax

1.51 1.51

1.14 1.08

0
Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

Agriauto Industries Ltd.

2006

2007

2008

2009

127,109

152,633

303,374

319,763
127,109
19,091
0

364,992
152,633
21,607
0

530,829
303,374
21,085
0

900,898
35,301
312,497
156,768
352,920
43,412
175,914
5,233
170,681
11,802

1,054,575
49,299
310,054
222,777
425,934
46,511
158,184
7,283
150,901
8,639

1,168,158
163,353
285,016
190,395
439,230
90,164
231,554
8,301
223,253
2,691

556,830
0
599,080
344,480
35,412
0
210,375
1,975
1,114,661
225,651
448,686
237,009
152,038
51,277
195,987

11,802
840,291
120,000
120,000
0
720,291

8,639
1,040,385
120,000
120,000
0
920,385

2,691
1,237,287
120,000
120,000
0
1,117,287

2,029,029
2,029,029
0
1,496,388

2,279,567
2,279,567
0
1,742,995

2,484,873
2,484,873
0
1,973,011

532,641
89,035

536,572
101,742

511,862
114,385

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)
2010
2011
347,688
13,775
623,979
331,661
45,744

395,546
43,266
669,216
348,031
49,484

2,252
1,801,777
193,058
630,739
309,221
609,152
59,607
303,069

4,249
2,051,841
126,541
605,767
355,221
896,603
67,709
276,415

195,987
33,336

303,069
29,070

276,415
20,389

29,070
1,817,326
144,000
144,000
0
1,673,326

20,389
2,150,583
144,000
144,000
0
2,006,583

0
0
0
33,336
1,442,168
144,000
144,000
0
1,298,168
1,298,168

1,673,326

2,006,583

2,413,309
2,413,309

3,906,482
3,906,482

3,980,258
3,980,258

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

2,950,248
2,570,657
379,591
956,234
181,649
50,786
130,863
161,869
1,087
661
685,273
291,031
129,600

3,170,927
2,659,900
511,027
809,331
204,098
57,830
146,268
184,424
837
494
672,581
233,621
144,000

370,771

359,203

460,688
156,854
42,000
0

466,166
155,950
42,000
0

427,852
143,460
24,000
24,000

1,928,143
1,638,386
289,757
485,166
124,905
43,459
81,446
28,745
4,748
1,040
401,878
128,507
57,600
30,000
109,945

852,093
0
261,834
5,233

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
294,960
0

3.10
0.06
7.73
1.97
5.12
73.75
0.22
53.51
64.57
64.04
7.23
6.49

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
3.05
6.57
1,362.50
16.90
1.21
15.24
74.67

89,035

101,742

114,385

1,116

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)

369

22.70
0.00
12.66
35.01

20.45
0.00
12.93
43.35

17.22
0.00
11.85
51.55

Financial Statement Analysis of Non Financial Sector 2011

Al-Ghazi Tractors Ltd.

2006

2007

2008

2009

252,243

244,928

235,452

255,920

433,906
252,243
16,917
0

448,614
244,928
28,303
0

457,753
235,452
27,165
0

499,336
252,695
28,614

7,026,146
5,142,121
731,002
6,116
526,808
620,099
3,728,509
0
3,728,509
0

6,582,380
4,384,551
708,733
24,271
1,018,800
446,025
2,976,087
0
2,976,087
0

6,850,558
3,348,997
1,931,399
7,143
446,760
1,116,259
2,658,238
0
2,658,238
0

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

3,225
7,124,751
3,522,479
1,253,682
20,292
0
2,328,298
1,907,421

(Thousand Rupees)
2010
2011
409,533
8,378
606,064
360,293
31,801

479,743
129
649,153
373,166
34,537

40,000
862
7,256,621
3,112,794
1,073,122
264,063
1,271,464
1,535,178
1,241,289

74,000
32,448
8,059,527
2,477,110
2,731,395
14,339
1,080,849
1,755,834
1,717,363

1,907,421
53,331

1,241,289
62,144

1,717,363
66,376

0
3,549,880
214,682
214,682
0
3,335,198

0
3,851,221
214,682
214,682
0
3,636,539

0
4,427,772
214,682
214,682
0
4,213,090

0
21,871
31,460
5,419,919
214,682
214,682
0
5,205,237

24,405
37,739
6,362,721
214,682
214,682
0
6,148,039

25,393
40,983
6,755,531
214,682
214,682
0
6,540,849

9,148,272
9,148,272
0
7,513,225

9,209,528
9,209,528
0
7,556,042

10,241,887
10,241,887
0
8,664,100

1,635,047
286,766

1,653,486
294,878

1,577,787
291,599

5,205,237

6,148,039

6,540,849

15,764,825
15,764,825

14,936,034
14,936,034

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
325,756
2,135

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

286,766

294,878

291,599

2,761

3,012

2,734

13,119,011
11,522,462
1,596,549
2,645,814
395,896
87,569
308,327
308,178
2,154

11,987,519
11,220,970
766,549
2,948,515
428,718
92,605
336,113
322,174
1,324

1,910,180
645,000
3,756,935
0

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)

3,549,880
0
(2,491,755)
0

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

1.52
0.03
0.07
1.26
1.88
82.13
1.05
26.30
57.25
57.25
0.34
12.51

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

3.74
0.01
1.77
1.95
5.85
80.26
0.20
38.55
49.23
48.75
2.23
13.92

2.08
0.02
0.14
1.18
4.69
81.48
0.26
25.46
31.45
31.14
1.64
3.70

20.88
0.00
29.47
82.68

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

239,712

310,995

517,862

392,155
239,712
25,250
0

491,479
310,995
33,896
0

680,655
517,862
35,679
0

757,126
75,404
986,170
680,935
54,226

323,175
30,309
218,012
45,864
254
28,736
247,435
106,974
140,461
40,000

444,247
37,501
306,171
51,834
0
48,741
419,244
171,200
248,044
0

688,874
49,274
410,672
77,387
0
151,541
626,638
313,002
313,636
0

637,733
58,469
830,023
576,825
43,082
0
0
2,439
588,698
28,892
434,594
88,521
6,132
30,559
435,472
103,616
331,856
85,627

787
756,814
29,869
531,597
100,396
26,224
68,728
544,754
174,598
370,156
111,246

1,122
1,172,913
93,952
717,004
89,625
204,863
67,469
813,725
434,698
379,027
138,411

40,000
275,452
52,874
52,874
0
222,578

0
335,998
60,805
60,805
0
275,193

0
580,098
69,926
69,926
0
510,172

1,453
109,793
857,940
83,911
83,911

1,633
136,778
1,128,531
100,693
100,693
0
854,052

1,325
84,302
705,332
69,926
69,926
0
461,620
282,500
179,120
173,786

600,243
173,786

854,052
173,786

1,564,081
1,556,340
7,741
1,375,018

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

189,063
115,097

291,622
148,619

386,883
183,145

3,433,222
2,841,250
591,972
591,200
235,312
128,861
106,451
102,918
19,857
17,612
341,289
101,989
83,911
16,782
190,487

5,007,421
4,263,603
743,818
860,839
310,488
165,053
145,435
364,713
37,515
35,430
525,101
148,357
100,693
20,139
280,876

Items

600,243

907,754
34,280
1,229,297
866,223
67,972
6,129

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

66,224
6,070
13,793
6,897

122,257
26,540
36,483
46,649

164,131
59,489
52,445
0

3,156,807
3,153,601
3,206
2,626,740
2,114,974
511,766
530,067
215,799
124,359
91,440
90,174
43,537
41,590
272,880
95,202
69,926
56,926
406,363

315,452
0
46,361
106,974

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
434,698

0.31
1.14
2.93
2.78
1.31
87.91
1.04
12.39
25.70
21.52
4.36
7.17

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

115,097

148,619

183,145

17,877

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)

371

4.23
0.00
11.38
52.10

5.92
0.00
15.74
55.26

4.86
0.00
14.96
82.96

Financial Statement Analysis of Non Financial Sector 2011

Atlas Engineering Ltd. (Allwin Engineering Industries Ltd.)

2006

2007

2008

2009

592,672

889,787

876,807

820,473
2,201

908,668
591,980
44,949
692

1,258,104
889,331
53,776
456

1,286,776
876,110
53,444
697

311,057
13,621
207,842
30,387
0
59,207
464,390
231,816
232,574
169,062

247,550
10,132
154,634
0
0
82,784
460,902
279,845
181,057
120,821

332,201
6,778
197,464
44,042
0
83,917
528,655
306,878
221,777
105,362

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

169,062
270,277
123,367
123,367
0
146,910

120,821
555,614
123,367
123,367
0
432,247

105,362
574,991
123,367
123,367
0
451,624

1,114,687
1,114,687
0
976,487

1,087,782
1,087,782
0
1,010,107

1,411,651
1,411,651
0
1,269,887

138,200
45,878

77,675
49,041

141,764
58,619

807,450

510

(Thousand Rupees)
2010
2011
854,852
44,929
1,284,324
799,131
44,830

10,312
330,215
5,051
120,626
125,307

10,792
382,404
2,767
176,340
105,520

829,957
53,306
1,283,340
753,948
48,852
86

22,617
512,661
14,979
223,259
156,839

79,231
364,390
175,123
189,267
144,660
61,500

97,777
395,227
200,744
194,483
164,247
70,268

117,584
455,207
266,936
188,271
197,500
117,691

22,615
60,545
641,638
246,734
246,734

(20,876)
415,780

24,213
69,766
677,782
246,734
246,734
0
15,268
0
15,268
415,780

26,060
53,749
689,911
246,734
246,734
0
86,817
0
86,817
356,360

1,135,161
1,135,161

1,529,328
1,529,328

2,117,003
2,117,003

(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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

45,878

49,041

58,619

35,653

53,042

53,861

57,181
4,737
12,337
0

(15,574)
4,629
0
0

29,654
0
9,253
0

439,339
0
40,107
231,816
0.09
3.20
2.73
1.23
0.67
87.60
2.34
7.07
21.41
13.16
4.25
5.36

1,070,977
62,018
1,008,959
64,184
63,548
18,470
45,078
158,667
66,355
61,292
(59,274)
11,807

1,341,549
960,716
380,833
187,779
77,119
20,690
56,429
191,676
52,721
51,540
58,062
21,918

1,884,915
1,418,595
466,320
232,088
85,611
23,299
62,312
205,403
65,800
64,415
82,722
11,173

30,133
8,507

0
92,429

0
(16,396)

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
71,549
384,627

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

7.03

5.13
0.00
4.25
21.91

-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
2.90
27.96

Financial Statement Analysis of Non Financial Sector 2011

Atlas Honda Ltd.

2006

2007

2008

2009

3,627,822

3,591,255

3,391,418

5,247,876
3,598,732
399,070
29,090

5,621,763
3,566,931
459,154
24,324

5,867,597
3,376,605
459,144
14,813

3,452,825
187,161
5,958,160
3,225,740
308,895
16,601

4,002,343
682,088
1,937,675
280,448
344,414
757,718
3,374,601
387,191
2,987,410
1,590,097

4,445,390
919,623
1,580,925
282,246
864,989
797,607
3,951,557
465,829
3,485,728
1,109,267

5,313,233
504,138
1,862,069
407,354
1,391,343
1,148,329
4,602,965
436,751
4,166,214
697,517

1,590,097
2,665,467
357,644
357,644
0
2,307,823

1,109,267
2,975,821
411,291
411,291
0
2,564,530

697,517
3,404,169
472,985
472,985
0
2,931,184

20,547,248
20,547,248
0
18,917,531

19,601,115
19,601,115
0
18,037,342

24,301,710
24,301,710
0
22,745,169

1,629,717
604,081

1,563,773
641,602

1,556,541
564,120

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)
2010
2011
3,263,096
64,231
6,237,214
3,160,666
440,775
8,053

3,299,498
3,153
6,659,182
3,256,040
463,286
7,137

23,323
3,927,828
636,426
1,792,036
320,180
455,816
723,370
3,108,529

30,146
5,259,180
1,641,963
1,664,297
445,689
1,088,996
418,235
3,517,937

33,168
6,321,732
2,090,800
2,003,029
401,435
1,338,474
487,994
4,349,462

3,108,529
950,862
375,000

3,517,937
1,112,515
512,500

4,349,462
649,354

2,848,277

97,809
502,206
3,891,824
543,932
543,932
0
3,347,892
40,118
3,307,774

129,329
520,025
4,622,414
625,522
625,522
0
3,996,892
40,118
3,956,774

13,747,820
13,747,820

25,554,772
25,554,772

32,521,399
32,521,399

0
64,849
511,013
3,321,262
472,985
472,985
0
2,848,277

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

12,782,165
10,138,007
2,644,158
965,655
450,843
271,346
179,497
400,527
251,777

30,080,978
24,069,713
6,011,265
2,440,421
1,235,802
815,463
420,339
1,060,237
93,475
80,416
1,410,481
405,478
406,589
93,828
2,009,360

1,047,060
138,014
214,586
53,647

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

23,555,842
19,025,794
4,530,048
1,998,930
1,048,133
690,794
357,339
901,072
112,613
97,970
1,077,231
373,580
271,966
81,590
1,768,263

4,255,564
0
694,460
387,191

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
0

0.39
0.74
1.36
2.69
1.19
92.07
1.86
15.26
43.84
28.69
4.24
10.60

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
0.40
16.07
73.90

604,081

641,602

564,120

151,611

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)

373

5.10
0.00
25.42
74.53

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 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

239,783

353,235

374,795

650,472
238,478
20,677
1,305

793,209
353,235
28,882
0

852,908
374,795
1,290
0

416,875
7,308
924,966
403,674
43,432

590,002
97,684
319,377
106,448
2,371
64,122
251,609
15,554
236,055
47,685

613,445
68,985
318,348
114,277
2,479
109,356
278,127
30,756
247,371
64,745

610,375
52,205
275,420
98,689
77,562
106,499
238,169
20,874
217,295
43,872

47,685
530,491
133,343
133,343
0
397,148

64,745
623,808
133,343
133,343
0
490,465

43,872
703,129
133,343
133,343
0
569,786

0
59,738
722,605
133,343
133,343
0
589,262

636,546

715,189

1,332,150
1,323,964
8,186
1,028,223

1,344,021
1,323,090
20,931
1,057,512

1,434,873
1,402,842
32,031
1,168,730

303,927
77,642

286,509
81,999

266,143
93,967

1,380,901
1,337,810
43,091
1,113,091
913,884
199,207
267,810
110,011
35,715
74,296
125,408
12,219
11,612
148,355
64,698
26,669
0
50,523

1,465,209
1,429,420
35,789
1,206,963
904,308
302,655
258,246
111,684
34,568
77,116
141,426
10,100
9,183
138,556
43,559
33,336
0
34,274

Items

315
5,578
537,157
30,510
325,773
92,550

88,324
143,988

405,330

408,172

962,266
399,774
45,346
440
611
4,505
605,613
12,377
403,513
120,664
0
69,059
164,240

995,305
394,140
43,788
330
925
12,777
700,940
41,391
440,673
133,364

85,512
205,148

143,988
87,439
27,701
0

164,240
76,814
19,786

205,148
55,432

57,028
769,889
133,343
133,343
0
636,546

55,432
848,532
133,343
133,343
0
715,189

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

225,731
75,257
17,393
17,393

196,129
26,284
26,669
0

170,383
54,321
16,668
0

1,095,824
1,050,353
45,471
963,741
131,382
832,359
132,083
84,523
24,054
60,469
102,747
18,455
17,029
53,007
16,387
20,001
40,583
107,131

578,176
0
133,081
15,554

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
61,661
0

0.82
0.56
7.99
1.61
2.34
77.19
0.56
31.74
48.34
44.88
8.65
4.17

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
2.85
3.32
16.09
9.46
0.13
7.12
63.64

77,642

81,999

93,967

7,468

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)

374

16.94
0.00
11.28
39.78

14.59
0.00
12.74
46.78

11.87
0.00
8.70
52.73

Financial Statement Analysis of Non Financial Sector 2011

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

203,760

200,684

201,302

351,968
203,760
6,788
0

354,207
200,684
6,554
0

361,356
201,302
6,531
0

201,715
19,776
345,214
179,551
6,396

196,295
20,347
345,234
173,504
6,068

190,097
20,484
343,790
167,226
5,720

112,011
1,975
23,823
12,967
0
73,246
89,441
37,545
51,896
45,180

113,338
1,280
26,469
11,978
0
73,611
87,077
37,922
49,155
44,354

121,825
1,124
30,300
13,825
0
76,576
88,791
42,060
46,731
47,463

2,388
130,152
557
49,989
10,182

2,444
133,844
1,319
51,720
11,140

2,387
141,800
3,826
56,140
11,426

Items

69,424
99,109
34,506
64,603
45,330
41,997

69,665
98,041
34,506
63,535
43,777
41,997

70,408
99,084
34,758
64,326
43,981
41,997

3,333

1,780

45,180
181,150
58,000
58,000
0
123,150

44,354
182,591
58,000
58,000
0
124,591

47,463
186,873
58,000
58,000
0
128,873

(2,273)
14,700
(16,973)
131,701

2,452
14,700
(12,248)
127,869

1,984
0
188,832
58,000
58,000
0
6,681
14,700
(8,019)
124,151

187,428
58,000
58,000

188,321
58,000
58,000

94,356
94,356
0
83,793

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

10,563
8,133

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,133

6,829

6,798

1,510

1,750

2,004

5,307
381
0
0

1,714
273
0
0

4,639
357
0
0

226,330
0
4,926
37,545
0.17
1.60
13.74
0.30
1.25
88.81
0.74
1.70
2.96
2.36

32,598
23,649
8,949
9,066
7,681
2,490
5,191
5,695
1,331
1,012
554
263

48,524
25,376
23,148
8,696
7,119
2,572
4,547
4,975
399
303
1,178
286

45,097
22,749
22,348
7,721
6,888
2,815
4,073
4,956
125
61
1,040
528

0
6,907

0
3,017

0
2,150

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
76,755

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

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

H.Key Performance Indicators

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

375

3.96

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

5.62
0.00
0.85
31.23

2.65
0.00
0.25
31.48

5.49
0.00
0.74
32.22

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

203,383

255,249

252,155

484,769
203,383
11,895
0

551,571
255,249
17,671
0

575,063
252,155
27,398
0

354,534
37,170
125,315
71,251
16,747
104,051
98,615
43,464
55,151
121,190

460,390
18,231
206,713
101,690
18,975
114,781
306,156
208,242
97,914
84,128

554,791
6,091
157,689
193,471
0
197,540
421,675
310,362
111,313
50,332

249,506
1,918
604,773
233,821
26,890
467
8,337
4,963
793,498
11,181
193,731
409,893
0
178,693
505,603
221,867
283,736
70,592
14,082

121,190
338,112
55,253
55,253
0
282,859

84,128
325,355
55,253
55,253
0
270,102

50,332
334,939
60,778
60,778
0
274,161

255,171
1,918
585,971
239,532
27,682
796
8,050
4,875
639,502
15,705
149,532
278,732
0
195,533
444,777
289,830
154,947
65,532
14,082
0
0
0
51,450
384,364
79,012
79,012
0
305,352
0
305,352
0

977,083
977,083
0
874,842

1,079,737
1,079,737
0
991,137

1,310,852
1,307,275
3,577
1,196,909

102,241
22,985

88,600
27,298

113,943
52,452

Items

249,607
2,661
627,043
232,528
27,254
141
9,171
5,106
739,686
23,837
289,615
208,352

217,882
402,024
147,361
254,663
65,124

11,082
45,428
466,809
94,814
94,814
0
371,995
0
371,995

19,366
45,758
522,145
104,296
104,296
0
417,849
0
417,849

1,707,846
1,705,037
2,809
1,468,284
92,644
1,375,640
239,562
87,377
42,036
45,341
126,892
44,170
40,905
125,749
43,591
23,704
9,481
83,359

1,946,677
1,946,677
1,711,481
132,117
1,579,364
235,196
90,994
44,580
46,414
128,142
33,822
31,875
123,799
45,593
15,644
0
186,039

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

72,910
25,482
0
0

39,870
4,384
0
5,525

34,501
5,653
0
6,078

1,604,626
1,604,626
0
1,440,373
926,421
513,952
164,253
71,879
33,778
38,101
93,226
58,259
52,442
53,150
19,124
0
11,603
23,627

459,302
0
47,428
43,464

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
62,562
147,361

1.27
0.89
7.29
1.75
3.60
89.54
0.65
16.37
24.44
20.31

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
5.00
6.72
4.88
6.36
0.40
7.50
50.06

22,985

27,298

52,452

8,724

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)

376

7.80

5.22

8.31

10.73
2.01
3.31
0.05
4.31
48.65

7.46
0.00
8.58
61.19

3.69
0.00
6.42
58.88

2.63
0.00
4.75
55.11

Financial Statement Analysis of Non Financial Sector 2011

Dewan Automotive Engineering Ltd. (Allied Motors Ltd.)

2006

2007

2008

2009

132,872

672,613

1,012,468

188,377
118,249
12,566
14,623

870,005
634,088
62,982
38,525

1,046,491
975,287
61,375
37,181

675,579
679
713,825
603,917
66,409
27,886

334,957
31,038
212,665
2,450
0
88,804
615,403
0
615,403
0

1,278,220
47,694
414,767
22,107
40,000
753,652
2,183,202
26,808
2,156,394
43,192

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)
2010
2011
620,566
679
711,680
558,392
44,875
18,591

511,645
679
654,187
460,549
40,350
9,296

985,513
41,723
283,571
12,922
0
647,297
2,442,094
326,722
2,115,372
21,274

43,097
516,786
5,982
242,616
24,569
0
243,619
1,464,747
49,310
1,415,437
782,840

42,904
402,374
1,154
182,426
22,459
0
196,335
1,540,593

41,121
354,819
724
156,429
12,824
0
184,842
1,650,965

722,552

722,552

0
(147,574)
90,000
90,000
0
(237,574)

43,192
(275,561)
214,000
214,000
0
(489,561)

21,274
(465,387)
214,000
214,000
0
(679,387)

0
11,025
771,815
(1,055,222)
214,000
214,000
0
(1,424,211)

10,799
46,011
(1,297,015)
214,000
214,000
0
(1,659,962)

14,158
42,998
(1,564,209)
214,000
214,000
0
(1,863,564)

(1,424,211)
154,989

(1,659,962)
148,947

(1,863,564)
85,355

131,086
131,086
0
184,017

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

(52,931)
35,162

(63,876)
143,894

(53,490)
128,568

1,540,593
779,362

1,650,965
779,708

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

35,162

143,894

128,568

8,443

133,889

120,132

294,145
151,839
142,306
(10,173)
433,993
35,831
398,162
79,012
149,342
149,001
(593,326)

162,765
66,911
95,854
(41,343)
363,893
16,195
347,698
44,376
112,644
112,455
(517,575)

71,096
13,227
57,869
(58,631)
38,000
3,030
34,970
18,521
114,460
114,271
(211,085)
3,013

0
59,020

0
(14,300)

0
28,875

(96,035)
656
0
0

(336,518)
3,242
0
0

(306,021)
2,807
0
0

(147,574)
0
(96,691)
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
(214,098)
0

0.05
6.44
1.87
0.28
0.54
140.38
-4.17
-27.62
97.08
97.08

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

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

H.Key Performance Indicators

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

377

0.62

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
-10.00
-73.09

-73.26
0.00
-10.74
-16.40

-49.29
0.00
-15.88
-12.88

-48.68
0.00
-14.43
-21.75

Financial Statement Analysis of Non Financial Sector 2011

Dewan Farooque Motors Ltd.

2006

2007

2008

2009

2,377,137

2,356,285

2,178,035

2,031,497
15,000

3,184,416
2,368,459
172,687
8,678

3,357,407
2,350,762
194,551
5,523

3,378,245
2,175,667
200,350
2,368

5,336,103
148,234
2,519,154
745,843
705,474
1,217,398
5,356,110
2,984,392
2,371,718
706,421

4,536,361
87,926
1,567,646
943,005
774,682
1,163,102
4,835,918
2,209,552
2,626,366
367,518

3,676,889
90,574
1,234,219
294,772
0
2,057,324
4,091,105
2,290,752
1,800,353
701,378

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

706,421
1,650,709
770,733
770,733
0
879,976

367,518
1,689,210
770,733
770,733
0
918,477

701,378
1,062,441
770,733
770,733
0
291,708

10,636,130
10,636,130
0
9,535,648

8,576,807
8,576,807
0
7,710,251

6,327,553
6,327,553
0
6,174,641

1,100,482
492,901

866,556
410,854

152,912
432,435

(Thousand Rupees)
2010
2011
1,723,752

1,377,935

1,869,073
15,000
3,351,929
1,813,812

40,343
598,219
2,465,420
107,746
746,766
29,538

40,261
0
2,335,477
124,450
571,665
29,700
75,906
1,533,756
4,485,974
1,931,596
2,554,378
465,582
437,235

39,813
0
2,555,003
146,143
710,485
23,021
71,887
1,603,467
5,786,914
1,931,596
3,855,318
260,980
238,728

4,996
23,351
(747,006)
889,733
889,733
0
(1,636,739)
0
(1,636,739)

4,552
17,700
(1,769,139)
1,087,353
1,087,353
0
(2,856,492)
0
(2,856,492)

1,025,341
1,025,341
0
1,173,764
838,852
334,912
(148,423)
423,228
81,704
341,524
188,540
8,920

176,383
176,383
0
478,322
102,911
375,411
(301,939)
188,703
72,572
116,131
188,801
740,261

1,581,370
4,270,849
1,929,585
2,341,264
697,427
666,853

0
5,071
25,503
(471,359)
889,733
889,733
0
(1,199,235)
0
(1,199,235)
(161,857)

3,365,631
1,683,939

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

492,901

410,854

432,435

291,557

381,964

316,417

317,017
117,367
115,610
0

99,354
36,177
0
0

(578,951)
27,289
0
0

2,357,130
0
84,040
2,984,392

2,056,728
0
63,177
2,209,552

1,763,819
0
(606,240)
2,290,752

1,557,016
1,557,016
0
2,382,144
1,826,496
555,648
(825,128)
591,065
196,268
394,797
97,335
261,018
90,288
(1,510,059)
(120,025)

(432,203)
5,301

(1,228,916)
1,873

0
(227,747)

0
(19,931)

0
(207,459)

226,068
666,853

(281,424)
437,235
(437,504)
2,368,831

(1,508,159)
238,728
(1,230,789)
2,170,324

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
-28.97
97.68
137.34

G.Miscellaneous
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

0.30
2.74
7.01
1.38
1.00
89.65
3.67
4.52
21.42
14.98
1.73
4.22

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)

378

0.37
4.45
10.99
1.24
0.94
89.90
3.08
1.36
5.95
4.50

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

2.98
0.00
2.59
21.42

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

-696.73
-0.03
-11.32
-16.27

Financial Statement Analysis of Non Financial Sector 2011

Exide Pakistan Ltd.

2006

2007

2008

2009

506,150

502,357

599,749

637,941
506,150
29,247
0

667,294
502,357
35,432
0

917,768
599,749
40,208
0

690,355
41,140
1,017,369
630,571
71,996

646,959
64,679
410,508
104,712
25,531
41,529
402,081
201,110
200,971
80,000

800,805
60,918
556,077
87,462
32,531
63,817
494,026
310,470
183,556
60,000

1,439,948
121,025
1,014,506
170,168
224
134,025
1,060,719
545,194
515,525
100,000

80,000
671,028
54,057
54,057
0
616,971

60,000
749,136
54,057
54,057
0
695,079

100,000
878,978
54,057
54,057
0
824,921

1,853,556
1,853,556
0
1,591,319

2,807,802
2,807,802
0
2,442,169

3,022,276
3,022,276
0
2,661,011

262,237
136,918

365,633
190,161

361,265
182,586

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)
2010
2011
796,908
37,448
1,183,411
739,094
62,777

1,051,084
71,637
1,427,053
956,273
76,738

224
18,420
1,346,232
234,679
859,857
162,668

224
20,142
2,107,704
286,206
1,457,671
203,098

224
22,950
2,959,417
567,426
1,856,140
317,367

89,028
1,011,724
494,734
516,990
43,899
0
0
0
0
43,899
980,964
54,057
54,057
0
671,907
259
488,991
255,000

160,729
1,710,480
986,866
723,614
44,131

218,484
2,366,350
1,139,272
1,227,078
45,747

44,131
1,150,001
56,499
56,499
0
844,000
259
843,741
249,502

45,747
1,598,404
56,499
56,499
0
1,091,989
259
1,091,730
449,916

5,630,385
5,630,385

6,189,135
6,189,135
0
5,413,928
4,869,126
544,802
775,207
397,979
296,100
101,879
214,294
78,948
76,640
303,554
106,267
33,899
0
(272,379)

7,711,452
7,711,452
0
6,643,630
6,301,473
342,157
1,067,822
514,201
399,834
114,367
242,500
128,489
114,814
429,726
153,336
33,899
14,125
280,945

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

97,334
41,447
8,109
0

138,874
52,527
13,514
0

143,154
41,765
16,217
0

5,009,813
4,397,285
612,528
620,572
360,041
237,235
122,806
198,431
82,521
53,037
182,003
63,797
27,029
0
383,592

751,028
0
47,778
201,110

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
242,491
1,139,272

0.48
1.71
5.65
1.61
1.61
85.85
0.72
9.65
18.14
15.99
6.89
4.52

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
8.15
4.15
4.74
5.57
0.12
48.92
282.91

136,918

190,161

182,586

31,692

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)

379

5.25
0.00
10.34
124.13

4.95
0.00
15.97
138.58

4.74
0.00
18.76
162.60

Financial Statement Analysis of Non Financial Sector 2011

General Tyre & Rubber Co. Ltd.

2006

2007

2008

2009

1,456,782

1,622,511

1,707,921

2,617,104
1,456,300
107,319
482

2,871,897
1,622,245
116,509
266

3,104,101
1,707,791
155,226
130

1,903,739
226,566
3,170,187
1,667,662
126,555
50

1,936,617
78,975
1,012,679
409,711
0
435,252
1,479,734
631,543
848,191
466,846

1,893,824
78,397
907,208
467,470
0
440,749
1,778,636
889,136
889,500
499,026

2,301,295
100,579
1,051,835
639,921
0
508,960
2,434,449
1,472,952
961,497
352,599

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

466,846
1,446,819
597,717
597,717
0
849,102

499,026
1,238,673
597,713
597,713
0
640,960

352,599
1,222,168
597,713
597,713
0
624,455

4,323,108
4,323,108
0
3,801,638

4,605,685
4,605,685
0
4,137,767

5,422,320
5,422,320
0
4,912,001

521,470
253,547

467,918
267,708

510,319
381,692

(Thousand Rupees)
2010
2011

9,461
2,062,500
146,292
725,690
680,286
0
510,232
2,383,332
1,489,427
893,905
470,563
321,250

12,834
2,923,361
99,710
1,372,150
856,577
0
594,924
2,996,257
1,633,760
1,362,497
486,446
173,286

1,834,726
27,832
3,577,639
1,792,831
149,147
291
836
12,936
3,930,458
122,406
2,280,412
848,001
0
679,639
3,821,318
2,231,801
1,589,517
474,139
86,643

141,827
171,333
1,330,670
597,713
597,713
0
732,957

158,026
229,470
1,469,727
597,713
597,713
0
872,014

0
130,595
18,718
1,112,344
597,713
597,713
0
514,631

1,890,012
75,767
3,444,393
1,801,390
144,210
21

514,631

732,957

872,014

5,351,341
5,351,341

6,355,293
6,355,293

7,477,695
7,477,695

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

253,547

267,708

381,692

86,967

125,378

183,130

4,810,589
3,467,591
1,342,998
540,752
426,498
173,277
253,221
495,170
300,830
295,995
(142,270)
(32,446)

5,389,956
3,826,115
1,563,841
965,337
345,850
206,641
139,209
632,871
259,916
256,710
409,286
37,265
119,543
0
(135,750)

6,479,592
5,186,319
1,293,273
998,103
350,080
198,931
151,149
779,709
318,633
311,337
395,358
79,091
149,428
0
(158,582)

1,817,116
173,286
252,478
1,807,046

1,943,866
86,643
166,839
2,318,444

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

210,083
57,513
104,600
0

105,925
30,326
119,543
0

7,340
23,404
0
0

1,913,665
0
47,970
631,543

1,737,699
0
(43,944)
889,136

1,574,767
0
(16,064)
1,472,952

1,582,907
321,250

0.33
2.01
9.48
1.27
1.31
87.94
1.35
6.89
14.75
11.34
1.46
4.27

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

0.35
5.62
12.71
1.35
0.87
89.90
2.57
-3.57
-12.19
-9.01

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)

1,810,677

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)

380

5.16

7.37
0.52
-2.66
0.12

4.86
0.00
2.55
24.21

2.30
0.00
1.26
20.72

0.14
0.00
-0.27
20.45

18.61

Financial Statement Analysis of Non Financial Sector 2011

Ghandhara Industries Ltd.

2006

2007

2008

2009

1,033,099

1,120,100

1,028,798

1,114,955
1,033,099
15,750
0

1,238,463
1,120,100
32,082
0

1,159,504
1,028,798
5,205
0

1,115,744
450
1,163,663
1,018,536
15,319

1,189,838
262,436
695,713
4,389
93,091
134,209
1,092,938
318,934
774,004
0

1,166,258
128,467
649,269
83,457
1,400
303,665
994,851
88,638
906,213
15,226

1,113,413
22,939
468,052
56,903
91,173
474,346
839,021
98,328
740,693
8,165

1,400
95,358
807,697
21,510
373,852
103,203
0
309,132
747,543
327,552
419,991
18,971

0
1,129,999
65,553
65,553
0
1,064,446

15,226
1,276,281
213,045
213,045
0
1,063,236

8,165
1,295,025
213,045
213,045
0
1,081,980

0
3,518
15,453
1,156,927
213,044
213,044
0
(129,314)

(129,314)
1,073,197

1,714,721
1,714,721
0
1,489,018

1,921,863
1,921,863
0
1,616,665

1,870,002
1,870,002
0
1,726,975

225,703
52,689

305,198
95,616

143,027
96,969

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)
2010
2011
1,575,202

1,564,924

1,601,688
1,476,350
17,993
442
1,400
97,010
1,256,795
149,688
711,728
84,771
0
310,608
1,078,177
144,317
933,860
69,604

1,614,090
1,465,156
27,207
1,251
1,400
97,117
1,796,949
9,523
691,703
173,375
0
922,348
1,623,031
144,991
1,478,040
46,881

6,778
62,826
1,684,216
213,044
213,044
0
9,598
40,800
(31,202)
1,461,574

11,529
35,352
1,691,961
213,044
213,044
0
22,906

2,086,520
2,064,367
22,153
1,789,728
1,733,298
56,430
296,792
124,225
71,469
52,756
69,831
57,779
52,774
117,928
17,635
0
0
319,801

1,631,208
1,526,397
104,811
1,457,028
1,365,208
91,820
174,180
112,413
56,844
55,569
89,773
59,201
46,099
7,847
17,635
0
0
110,497

22,906
1,456,011

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

52,689

95,616

96,969

18,556

26,678

28,060

1,313,808
1,313,808

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

558,225
34,342
19,666
0

201,243
78,552
0
0

29,520
13,056
0
0

0
224,484

1,129,999
0
504,217
318,934

1,291,507
0
122,691
88,638

1,303,190
0
16,464
98,328

1,175,898
0
(143,369)
327,552

1,753,820
0
100,293
144,317

1,738,842
0
(9,788)
144,991

0.33
1.08
0.26
0.77
1.09
86.84
0.97
37.14
123.39
123.39
26.64
2.46

0.21
1.39
4.34
0.84
1.17
84.12
0.79
8.93
16.73
16.62

0.17
6.36
7.86
0.68
1.08
90.16
0.66
-6.91
-11.45
-11.33

0.22
2.77
4.06
0.74
1.17
85.78
0.68
4.96
8.30
8.05

0.11
3.63
10.63
0.49
1.11
89.32
0.99
0.25
0.46
0.45

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

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
0.28
4.71
79.05

2.36
1.17
0.48
0.07
-0.46
79.42

32.55
0.00
79.92
172.38

10.47
0.00
5.76
59.91

1.58
0.00
0.77
60.79

Financial Statement Analysis of Non Financial Sector 2011

Ghandhara Nissan Ltd.

2006

2007

2008

2009

979,152

952,316

922,501

1,263,729
978,526
99,366
626

1,330,546
951,897
96,277
419

1,393,641
922,220
95,239
281

1,819,674
8,476
1,393,655

1,881,818
36,567
1,346,001
342,112
0
157,138
1,672,856
729,666
943,190
329,747

1,446,303
49,009
772,798
0
23,239
601,257
1,260,472
418,409
842,063
117,831

2,178,816
206,977
789,663
522,550
307,510
352,116
1,635,241
148,407
1,486,834
0

89,441
188
278,855
1,532,155
1,572,422
36,293
1,053,749
283,402
0
198,978
1,480,268
618,819
861,449
209,202

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)
2010
2011
1,813,379

1,647,131
1,496,234
67,541
375
305,064
11,706
1,547,103
72,570
1,063,893
225,971
0
184,669
1,421,358
665,468
755,890
325,391
136,215

1,653,172
1,441,345
66,873
281
408,628
12,091
1,233,688
31,004
530,701
535,878
0
136,105
1,187,659
467,416
720,243
192,550
58,333

51,306
82,911
1,715,824
450,025
450,025
0
212,767
40,000
172,767
1,053,032
2,650,068
2,650,068

329,747
858,367
450,025
450,025
0
408,342

117,831
1,020,316
450,025
450,025
0
570,291

0
1,466,076
450,025
450,025
0
1,016,051

0
37,983
171,219
1,702,626
450,025
450,025
0
248,225

248,225
1,004,376

43,999
145,177
1,613,733
450,025
450,025
0
183,176
40,000
143,176
980,532

5,185,301
5,185,301
0
4,565,059

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

620,242
148,699

496,688
162,336

521,838
177,991

1,862,345

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

148,699

162,336

177,991

101,077

113,903

135,478

390,890
134,005
56,253
0

285,918
105,489
0
0

279,892
101,650
0
0

1,188,114
0
200,632
729,666
0.23
1.95
6.60
1.81
1.12
88.04
2.33
14.16
47.44
31.27
4.57
3.85

2,048,631
1,666,285
382,346
5,328
180,609
35,928
144,681
177,488
344,953
158,485
(484,565)
172,392

2,283,238
1,895,009
388,229
119,379
109,903
29,807
80,096
166,391
147,328
131,558
(123,607)
34,714

2,397,795
1,943,500
454,295
252,273
133,727
30,865
102,862
179,187
175,977
170,553
(15,493)
22,590

0
(1,036,613)

0
57,514

0
178,369

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
(38,083)
525,749

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

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

H.Key Performance Indicators

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

382

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
-0.85
38.13

7.54
0.00
5.71
19.07

9.47
0.00
4.01
22.67

7.13
0.00
3.96
32.58

Financial Statement Analysis of Non Financial Sector 2011

Ghani Automobiles 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)
2010
2011

2006

2007

2008

2009

32,670

34,947

55,119

54,942

68,418

42,851
32,670
992
0

47,291
34,947
2,345
0

71,286
55,119
3,822
0

20,686
4,519

75,198
50,434
4,078

75,384
46,949
3,671

56,978
8,020
7,516
0
0
41,442
21,622
0
21,622
0

109,551
22,906
31,265
34,861
0
20,519
15,898
0
15,898
0

328,457
6,096
80,192
143,034
0
99,135
239,442
155,962
83,480
14,400

34,256
286,847
8,603
68,426
146,080
0
63,738
243,419
75,030
168,389
10,800
10,800

17,984
363,800
26,192
85,042
177,022
0
75,544
313,615
85,394
228,221
7,200
7,200

26,966
434,212
27,951
121,505
201,017
0
83,739
390,032
105,237
284,795
3,600
3,600

87,570
200,000
200,000
0
0
0

111,403
200,000
200,000
0
0
0

114,495
200,000
200,000
0
0
0

0
68,026
100,000
100,000
0
(31,974)

0
128,600
200,000
200,000
0
(71,400)

14,400
129,734
200,000
200,000
0
(70,266)

51,011
51,011
0
50,497

149,521
149,521
0
137,352

283,310
283,310
0
249,431

514
3,721

12,169
46,640

33,879
24,987

0
0

73,915

(112,430)

(88,597)

(85,505)

230,005
230,005

381,699
381,699

429,162
429,162

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

3,721

46,640

24,987

4,368

6,531

1,221
421
0
0

(38,776)
650
0
0

2,361
1,226
0
0

68,026
0
800
0

226,355
187,635
38,720
3,650
29,093
18,013
11,080
7,451
17,863
17,487
(42,166)

352,886
343,744
9,142
28,813
28,783
15,197
13,586
25,807
14,644
14,120
8,516
15,317

398,888
383,922
14,966
30,274
33,771
17,064
16,707
32,698
15,077
14,470
(1,574)
4,666

0
55,863

0
(31,022)

0
(15,894)

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

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

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

H.Key Performance Indicators

0.37
0.00
0.00
0.57
2.64
98.99
0.32
1.53
1.80
1.80

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

6.79

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

2.39
0.00
0.08
6.80

-25.93
0.00
-1.97
6.43

0.83
0.00
0.06
6.49

Financial Statement Analysis of Non Financial Sector 2011

Hinopak Motors Ltd.

2006

2007

2008

2009

865,244

890,313

954,034

1,233,917
864,530
76,569
714

1,321,167
887,117
81,459
3,196

1,475,561
948,535
119,932
5,499

977,628
11,295
1,464,266
937,240
119,932
5,499

3,277,376
118,297
2,381,286
503,226
0
274,567
2,423,535
266,118
2,157,417
5,691

4,021,218
260,915
2,533,159
816,386
0
410,758
2,738,296
4,299
2,733,997
0

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)
2010
2011
949,759
25,192
1,502,603
893,401
97,122
2,688

1,800,082
95,993
2,209,179
1,692,262
96,188
2,038

4,053,012
70,206
2,398,605
1,135,332
0
448,869
3,061,501
1,355,557
1,705,944
0

23,594
4,029,418
70,206
2,398,605
1,135,332
0
425,275
3,017,057
1,355,557
1,661,500
44,444

28,478
4,793,612
63,263
2,949,130
906,272
0
874,947
3,885,809
494,204
3,391,605
81,787

9,789
2,752,862
63,416
1,677,525
482,570
0
529,351
1,903,967
296,310
1,607,657
120,477

5,691
1,713,394
124,006
124,006
0
1,589,388

0
2,173,235
124,006
124,006
0
2,049,229

0
1,945,545
124,006
124,006
0
1,821,539

0
945
43,499
1,945,545
124,006
124,006
0
1,544,049

73,105
8,682
1,775,775
124,006
124,006
0
1,379,973

49,787
70,690
2,528,500
124,006
124,006
0
1,355,480

1,544,049
277,490

1,379,973
271,796

1,355,480
1,049,014

7,200,425
7,200,425
0
6,365,845

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

834,580
347,021

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
590,364
145,706
48,150
(130,419)
17,650

9,281,822
9,061,827
219,995
8,544,530
7,693,606
850,924
737,292
451,443
279,319
172,124
665,526
301,874
48,150
40,485
70,625

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

511,763
194,461
130,206
0

904,610
333,000
297,214
0

115,828
68,000
21,701
0

10,871,886
9,518,258
1,353,628
1,279,135
654,391
427,669
226,722
688,345
678,526
102,055
115,828
45,905
297,613
0
(950,339)

1,719,085
0
187,096
266,118

2,173,235
0
274,396
4,299

1,945,545
0
26,127
1,355,557

0.26
0.67
6.99
1.74
1.35
88.41
1.42
14.00
32.12
31.97
2.44
3.02

0.39
0.77
10.01
1.66
1.47
82.99
1.26
19.98
46.55
46.48
1.92
3.22

347,021

477,469

626,499

48,416

63,168

678,526

0
936,198

0
307,035

1,989,989
0
(227,690)
1,355,557

1,857,562
0
(148,069)
494,204

2,648,977
0
(30,140)
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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.39
5.37
8.99
2.52
1.32
90.09
1.57
2.34
5.62
5.62
2.20
5.27

7.11
0.00
25.59
138.17

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
1.84
0.44
0.15
-2.43
203.90

Financial Statement Analysis of Non Financial Sector 2011

Honda Atlas Cars (Pakistan) Ltd.

2006

2007

2008

2009

2,359,155

4,340,700

4,009,909

3,413,309
2,325,953
142,891
33,202

5,639,039
4,274,797
142,891
65,903

5,757,451
3,945,273
464,172
64,636

6,012,350
19,226
7,371,727
5,190,535
522,267
195,830

6,815,120
360,169
4,169,120
0
1,143,882
1,141,949
5,802,400
1,788,206
4,014,194
666,667

3,964,417
219,859
2,704,946
0
0
1,039,612
3,906,115
583,333
3,322,782
1,958,334

2,806,835
231,880
1,612,696
0
0
962,259
3,087,066
0
3,087,066
500,000

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

666,667
2,705,208
420,000
420,000
0
2,285,208

1,958,334
2,440,668
714,000
714,000
0
1,726,668

500,000
3,229,678
1,428,000
1,428,000
0
1,801,678

30,236,085
30,236,085
0
29,068,571

20,106,320
20,106,320
0
20,006,386

17,430,805
17,430,805
0
16,803,311

1,167,514
365,319

99,934
426,677

627,494
353,815

(Thousand Rupees)
2010
2011
5,434,463
21,813
7,371,044
4,445,810
756,288
125,988

4,909,807
11,448
7,415,697
3,568,681
653,734
87,023

606,759
3,929,738
20,487
2,954,091

840,852
3,511,320
82,046
2,329,161

1,242,655
5,663,620
868,741
3,443,054

0
955,160
5,614,243
2,151,601
3,462,642
1,500,000
1,500,000

0
1,100,113
5,636,805

0
1,351,825
8,479,567

5,636,805
1,333,333
1,333,333

8,479,567
416,667
416,667

1,399,845

0
1,975,645
1,428,000
1,428,000
0
547,645
76,000
471,645

0
1,677,193
1,428,000
1,428,000
0
249,193
76,000
173,193

14,149,646
14,149,646

15,854,142
15,854,142

22,026,109
22,026,109

0
0
0
2,827,845
1,428,000
1,428,000
0
1,399,845

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

365,319

426,677

353,815

46,356

305,491

233,651

13,973,144
12,470,229
1,502,915
176,502
640,862
190,088
450,774
348,360
222,769
818
(622,285)
220,452

16,093,687
13,357,356
2,736,331
(239,545)
319,675
124,916
194,759
361,062
455,128
257,055
(987,980)
94,999
0
0
2,293,934

21,826,799
19,373,596
2,453,203
199,310
375,859
139,185
236,674
373,376
152,255
136,224
(244,827)
193,584
0
0
1,440,887

1,133,704
420,688
0
294,000

(481,649)
87,785
0
0

63,617
75,764
0
0

0
(1,461,260)

3,371,875
0
713,016
1,788,206

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)
416,667

0.26
0.15
0.00
3.30
1.17
96.14
2.39
10.81
47.24
41.48

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

7.25

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
-0.80
-1.11
0.16
-3.07
11.75

3.75
0.00
16.98
64.41

-2.40
0.00
-7.98
34.18

0.36
0.00
-0.09
22.62

Financial Statement Analysis of Non Financial Sector 2011

Indus Motor Co. Ltd.

2006

2007

2008

2009

1,716,590

2,093,852

4,033,762

4,026,659
1,710,467
399,673
6,123

4,763,379
2,090,284
381,476
3,568

7,078,037
4,033,762
473,894
0

3,970,204
29,524
7,600,115
3,900,977
786,270
3,972

14,105,878
7,416,180
3,959,316
738,281
0
1,992,101
9,560,718
5,735
9,554,983
3,871

13,571,198
8,543,263
2,859,951
665,647
0
1,502,337
7,621,075
3,714
7,617,361
0

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)
2010
2011
3,347,025
62,916
7,771,602
3,257,960
861,510
3,457

4,246,881
47,288
9,613,259
4,176,300
960,973
2,122

9,714,347
4,328,585
2,637,629
1,332,832
0
1,415,301
4,311,769
0
4,311,769
0

35,731
16,715,319
9,731,166
4,088,858
1,736,631
0
1,158,664
9,884,850
5,926,529
3,958,321
503,700

22,692
23,791,253
15,755,980
5,198,367
1,613,171
0
1,223,735
14,224,866
8,076,281
6,148,585
325,797

21,171
22,587,737
8,812,199
5,690,052
1,356,068
0
6,729,418
12,260,958
6,519,669
5,741,289
454,012

3,871
6,257,879
786,000
786,000
0
5,471,879

0
8,043,975
786,000
786,000
0
7,257,975

0
9,436,340
786,000
786,000
0
8,650,340

0
0
503,700
10,296,973
786,000
786,000
0
9,504,861
196,500
7,923,250
6,112

325,797
12,587,615
786,000
786,000
0
11,769,264
196,500
8,522,350
32,351

454,012
14,119,648
786,000
786,000
0
13,333,648
196,500
10,786,750

41,787,625
41,787,625
0
37,639,996

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

4,147,629
969,119

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

55,236,625
47,278,987
7,957,638
4,856,514
1,266,177
468,496
797,681
592,951
143,873
77,686
5,242,539
1,799,136
1,179,000
0
7,424,279

57,613,542
50,650,349
6,963,193
4,089,135
1,508,443
690,130
818,313
732,984
77,115
24,919
4,011,455
1,799,136
1,179,000
0
701,831

4,072,777
1,352,842
943,200
0

4,229,481
1,389,795
1,021,800
0

3,541,711
939,743
825,300
0

35,540,418
29,769,541
5,770,877
2,324,186
978,713
469,985
508,728
729,071
26,540
8,835
2,046,013
660,911
786,000
0
6,536,529

6,261,750
0
1,776,735
5,735

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
1,033,319
6,519,669

0.85
0.30
1.77
2.64
1.48
90.07
1.53
29.07
75.61
75.50
2.88
10.55

1.21
0.05
1.44
2.96
1.78
90.43
0.95
26.86
59.15
59.13
2.78
16.22

1.16
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
1.88
10.84
161.98
6.50
0.06
28.15
179.64

969,119

1,123,718

1,090,850

126,945

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.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

1.31
0.01
2.70
3.60
2.25
92.21
0.46
24.08
40.52
40.52
3.15
18.74

9.75
0.00
34.60
79.62

9.12
0.00
36.13
102.34

7.17
0.00
33.10
120.06

Financial Statement Analysis of Non Financial Sector 2011

Millat Tractors Ltd.

2006

2007

2008

2009

287,473

631,678

495,202

716,925
279,210
29,963
8,263

1,067,624
615,151
29,694
16,527

946,953
478,174
34,123
17,028

7,166,069
263,139
2,283,929
0
3,837,899
781,102
4,982,723
0
4,982,723
0

5,632,646
122,142
1,840,082
275,953
2,780,664
613,805
3,567,744
20,406
3,547,338
0

6,772,594
249,358
1,636,153
102,660
3,420,398
1,364,025
4,228,917
0
4,228,917
0

1,231,991
104,335
936,692
439,208
53,996
30,208
381,662
276,578
5,758,836
1,010,689
2,110,211
148,677
1,173,439
1,315,820
3,379,931

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)
2010
2011
1,435,960
157,748
987,911
446,997
55,622
29,357
525,467
276,391
10,737,359
1,143,880
2,520,520
483,605
4,116,821
2,472,533
7,587,912

1,552,325
155,201
987,911
446,997
55,622
17,614
636,364
296,149
7,579,577
405,216
2,663,197
208,138
2,971,296
1,331,730
3,898,195

3,379,931
51,950

7,587,912
18,813

3,898,195
39,749

0
2,470,819
156,183
156,183
0
2,314,636

0
2,696,580
187,420
187,420
0
2,509,160

0
3,038,879
187,420
187,420
0
2,851,459

0
0
51,950
3,558,946
234,275
234,275
0
3,324,671

3,324,671

18,813
4,566,594
292,844
292,844
0
4,273,750
58,403
4,215,347

39,749
5,193,958
366,055
366,055
0
4,827,903
83,801
4,744,102

9,876,649
9,787,554
89,095
8,709,300

11,142,461
11,092,662
49,799
10,002,290

11,432,423
11,278,959
153,464
9,928,548

1,167,349
354,760

1,140,171
619,387

1,503,875
670,881

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
438,887
10,007
8,575
3,634,001
1,163,419
1,903,486
73,211
4,265,110

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
480,701
11,287
8,947
4,220,551
1,382,280
1,738,761

5,233,707
0
1,099,510
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,074,597
342,000
180,211
36,042

863,431
200,000
156,183
31,238

1,142,928
291,993
609,115
46,855

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
402,893
44,759
43,411
1,866,153
537,212
1,054,238
58,569
(51,938)

2,470,819
0
552,386
0

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

0.82
0.03
0.00
1.33
1.44
88.18
2.02
15.60
47.81
47.81
4.07
4.32

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

354,760

619,387

670,881

3,054

18,575

26,807

4,265,110

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)

387

10.88
0.00
46.91
158.20

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
1.63
9.46
472.73
16.75
1.08
77.54
141.89

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

3,765,970

4,744,930

4,962,244

7,695,336
3,532,985
903,939
232,985

9,717,231
4,358,151
1,084,378
386,779

10,881,196
4,578,436
965,864
383,808

18,284,415
8,043,617
9,232,672
126,292
280,552
601,282
11,131,352
0
11,131,352
0

16,456,407
5,484,052
9,184,385
185,739
143,301
1,458,930
7,224,302
0
7,224,302
0

11,993,899
2,499,142
7,732,518
286,697
4,449
1,471,093
2,803,462
0
2,803,462
0

5,228,101
891,947
10,899,732
3,792,724
11,883
347,732
4,449
191,249
12,427,633
3,545,621
6,879,729
376,508
0
1,625,775
3,325,134
80,000
3,245,134
5,000

4,937,232
272,143
11,944,291
3,954,439
71,692
505,760
5,413
199,477
14,313,132
2,917,186
8,748,031
240,719
0
2,407,196
4,752,449
50,000
4,702,449
0

4,716,123
659,952
12,129,970
3,540,365
223,626
303,777
4,190
207,839
18,584,994
1,139,480
12,922,396
322,677
0
4,200,441
8,008,085
75,000
7,933,085
0

0
10,919,033
540,444
540,444
0
10,378,589

0
13,977,035
823,000
823,000
0
13,154,035

0
14,152,681
823,000
823,000
0
13,329,681

0
0
5,000
14,325,600
822,999
822,999
0
13,502,601
0
13,502,601

0
14,497,915
822,999
822,999
0
13,674,916
0
13,674,916

0
15,293,032
822,999
822,999
0
14,470,033
0
14,470,033

47,187,945
47,187,945
0
41,627,212

60,747,829
60,650,296
97,533
55,987,597

48,240,683
48,240,683
0
47,650,077

5,560,733
1,249,700

4,760,232
1,256,194

590,606
887,873

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
487,906
21,349
4,292
668,015
452,000
41,150
0
(165,729)

52,718,563
52,718,563
0
50,849,153
46,562,959
4,286,194
1,869,410
1,106,658
263,651
843,007
650,005
17,845
5,409
1,365,297
585,000
164,600
0
(1,296,887)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,139,012
1,871,000
0
270,222

4,281,263
1,465,000
411,500
0

992,176
330,000
82,300
0

26,234,061
26,234,061
0
25,679,728
22,161,224
3,503,538
554,333
748,464
214,550
533,914
434,080
12,564
3,315
412,877
172,624
41,150
0
1,969,420

10,919,033
0
3,268,012
0

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

15,293,032
0
615,697
75,000

0.76
0.47
0.27
2.14
1.64
88.22
1.02
25.19
54.66
54.66

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
6.42
9.17
9.17
4.74
4.08
253.41
2.59
-0.16
9.48
185.82

1,249,700

1,256,194

887,873

220,510

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)

5.11

388

10.89
0.00
60.47
202.04

7.05
0.00
34.22
169.83

2.06
0.00
8.05
171.96

Financial Statement Analysis of Non Financial Sector 2011

Sazgar Engineering Works Ltd.

2006

2007

2008

2009

106,156

127,681

211,667

163,107
103,363
8,906
2,793

176,096
125,334
9,917
2,347

288,949
209,943
12,404
1,724

224,755
4,555
312,039
218,279
15,669
1,105

149,206
773
79,307
41,489
0
27,637
122,907
29,863
93,044
9,805

242,269
18,383
125,159
43,643
0
55,084
186,218
12,881
173,337
13,788

469,177
11,951
193,318
202,015
0
61,893
366,726
75,617
291,109
16,698

9,805
122,650
71,630
71,630
0
51,020

13,788
169,944
78,793
78,793
0
91,151

16,698
297,420
86,672
86,672
0
210,748

439,346
439,346
0
361,083

724,168
724,168
0
602,087

1,943,723
1,943,723
0
1,640,775

78,263
21,633

122,081
34,504

302,948
82,830

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)
2010
2011
234,100
8,243
331,549
222,297
16,321
945

242,471
4,678
358,758
233,841
16,267
551

816
381,991
19,832
194,767
96,342
0
71,050
247,501

2,615
521,752
8,880
308,230
89,003

3,401
667,976
1,075
418,051
97,290

247,501
47,595
4,200

0
16,353
27,042
311,650
104,007
104,007
0
207,643

115,639
344,115
71,558
272,557
52,083
1,800

151,560
423,861
99,499
324,362
63,155

23,786
26,497
359,654
124,808
124,808
0
234,846

31,911
31,244
423,431
149,770
149,770
0
273,661

207,643

234,846

273,661

952,540
952,540

1,823,974
1,823,974

2,542,526
2,542,526

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

21,633

34,504

82,830

5,130

5,395

11,557

848,721
719,401
129,320
103,819
63,711
25,391
38,320
104,953
15,338
12,361
25,948
11,718

1,638,034
1,446,013
192,021
185,940
95,424
40,380
55,044
131,311
11,899
10,054
79,785
31,791
12,481
24,962
(28,336)

2,271,876
2,044,970
226,906
270,650
109,312
52,582
56,730
144,983
15,480
13,706
147,764
56,540
29,954
29,954
16,374

51,521
14,936
0
0

82,286
23,209
7,879
7,879

208,831
67,590
0
17,334

20,801
90,452

132,455
0
36,585
29,863

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
61,270
99,499

0.34
1.17
9.44
1.72
1.21
82.19
1.08
22.86
49.14
44.18

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
89.36
1.15
17.74
37.74
32.90
3.05
6.08
11.78
5.81
0.03
6.09
28.27

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)

5.54

389

10.05

4.89
3.10
2.72
0.31
1.37
29.96

11.73
0.00
5.11
17.12

11.36
0.00
7.50
21.57

10.74
0.00
16.30
34.32

Financial Statement Analysis of Non Financial Sector 2011

Transmission Engineering Industries Ltd.

2007

2008

2009

50,646

55,062

49,196

83,660

142,792

115,667
50,472
5,399
174

122,843
54,943
5,915
119

122,141
49,131
5,724
65

146,816
63,550
5,310
143

154,507
139,191
4,749
4

150,776
122,767
13,528
83

53,445
199
6,587
13,480
15,800
17,379
84,733
18,875
65,858
55,772

42,393
668
6,814
15,329
0
19,582
106,498
23,634
82,864
57,901

54,558
156
8,822
13,695
0
31,885
118,913
25,307
93,606
59,875

55,772
(36,414)
45,000
45,000
0
(81,414)

57,901
(66,944)
45,000
45,000
0
(111,944)

59,875
(75,034)
45,000
45,000
0
(120,034)

115,643
115,643
0
103,436

106,550
106,550
0
105,642

97,485
97,485
0
98,414

12,207
12,145

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)
2010
2011

2006

Items

126,059

19,967
82,676
701
23,590
29,379
0
29,006
100,521
19,970
80,551
77,912
31,043

3,597
67,989
76
27,081
14,628
0
26,204
88,680
23,629
65,051
50,626
29,322

3,209
61,775
69
26,863
10,523
0
24,320
131,977
22,941
109,036
12,057

2,055
19,249
71,475
117,000
117,000
0
(94,110)

2,055
10,002
43,800
117,000
117,000
0
(116,964)

0
2,098
44,771
(12,097)
117,000
117,000
0
(129,097)

(129,097)

(94,110)
48,585

(116,964)
43,764

137,421
137,421

108,299
108,299

71,894
71,894

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

12,145

25,362

15,711

7,550

8,917

14,788

(3,781)
543
0
0

(29,913)
616
0
0

(28,084)
585
0
0

19,358
0
(4,324)
18,875
0.35
6.53
11.66
1.11
0.63
89.44
-3.86
-3.62
11.22
-20.69

115,303
45,874
69,429
22,118
17,235
4,365
12,870
28,203
8,691
6,854
5,875
1,994

93,770
39,010
54,760
14,529
14,215
2,206
12,009
31,535
10,126
7,714
(3,433)
15,086

87,730
31,600
56,130
(15,836)
16,086
2,183
13,903
27,904
7,419
6,508
(31,400)
3,726

0
(24,526)

0
9,483

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

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

17.56

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

-3.27
0.00
-0.96
-8.09

-28.07
0.00
-6.78
-14.88

-28.81
0.00
-6.37
-16.67

FUEL & ENERGY

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

235,217,495

289,962,821

334,178,737

423,426,276
232,480,628
20,364,090
2,736,867

440,117,238
261,009,820
18,638,554
28,953,001

499,510,987
293,884,018
19,507,057
40,294,719

189,477,823
33,909,069
4,353,984
66,965,399
35,333,608
48,915,763
181,872,022
14,407,747
167,464,275
28,584,135

210,920,033
33,511,123
10,717,470
94,961,392
4,028,871
67,701,177
235,805,753
29,907,507
205,898,246
47,042,236

270,058,175
25,961,514
5,761,004
152,358,124
4,132,223
81,845,310
326,673,387
55,475,924
271,197,463
59,003,007

3,007,686

980,000

28,584,135
214,239,161
127,105,780
127,105,780
0
87,133,381

44,034,550
218,034,865
135,460,347
130,951,046
4,509,301
82,574,518

58,023,007
218,560,518
137,128,510
131,145,103
5,983,407
81,432,008

427,133,881
68,269,200
522,409,737
283,705,660
21,455,386
55,693,547
4,174,812
15,290,662
355,153,899
13,817,661
6,889,728
228,130,154
120,176
106,196,181
295,419,452
39,971,658
255,447,795
251,304,374
64,135,211
55,295,795
782,500
9,543,787
121,547,081
235,563,954
139,981,198
133,997,791
5,983,407
94,617,490
19,151,333
75,815,709
965,266

548,424,465
96,287,638
631,361,217
373,841,369
24,026,472
66,361,573
3,391,757
8,542,128
475,061,471
20,827,662
7,041,071
341,524,881
197,272
105,470,585
409,179,236
59,382,851
349,796,385
301,610,772
88,078,242
47,559,576
567,500
11,778,958
153,626,496
312,695,928
167,548,429
161,565,022
5,983,407
112,861,505
12,949,112
100,261,945
32,285,994

601,939,075
94,162,447
718,675,762
429,679,177
32,780,047
68,119,326
4,636,117
5,342,008
567,284,843
26,839,817
11,709,675
392,213,112
121,636
136,400,603
471,251,144
76,758,152
394,492,992
327,420,642
102,362,132
55,726,497
292,500
12,535,347
156,504,166
370,552,132
174,397,809
168,414,402
5,983,407
155,753,279
16,403,890
139,349,389
40,401,044

441,326,612
441,326,612
0
346,346,886

511,305,500
511,305,500
0
411,606,943

580,054,194
580,054,194
0
447,036,264

879,002,867
879,002,867

94,979,726
32,136,186

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
30,594,886
30,007,970
17,265,031
101,903,275
27,409,822
36,638,397
1,677,936
94,078,800

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

77,914,261
21,882,863
50,815,474
499,187

65,979,660
19,730,968
49,643,119
6,469

84,674,562
27,162,734
51,410,636
6,000

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
28,382,069
24,956,008
18,143,285
85,167,568
20,216,327
45,955,732
367,500
111,788,176

242,823,296
0
5,215,924
14,407,747

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

614,306,700
88,645,742
37,855,056
148,028,593

697,972,774
102,654,632
32,390,769
179,412,784

0.75
1.61
15.17
1.04
1.04
78.48
0.98
19.02
35.54
30.80
1.10
101.36

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
18.51
2.03
106.20
6.90
13.63
0.13
4.61
19.35

0.89
4.58
44.62
0.75
1.20
82.94
2.16
9.69
31.11
16.20
1.81
75.07
4.97
12.09
0.13
4.29
22.00

32,136,186

40,126,193

53,069,684

7,085,791

8,511,315

13,144,965

729,057,469
443,285,990
285,771,479
149,945,398
43,696,639
4,603,475
39,093,164
33,344,772
40,293,759
26,741,395
106,275,287
34,051,329
39,833,189
877,787
101,048,675

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)

393

17.65
0.00
2.86
10.92

12.90
0.00
3.53
16.65

14.60
0.00
4.39
16.67

Growth with Composition of Assets & Liabilities

700
600

13.2%

500
Billion Rs

18%
15.6% 16%
14%
12%
10%
8%
6%
4%
2%
0%

16.3%

400

8.9%

300

7.9%

200
100
0
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010
1000

2011

Growth
16%

14.9%

14%

Billion Rs

800

12%
10.1%

600

10%
8%

400

6%
4.1%

200

4%
2%

0%
Sales

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios
37.17

40

31.11

30
25
20
15
10
5
0

2011

13.63

14

12.09

12

2010
2011

10
11.29
9.69

18.51
16.2

Percentage

Percentage

35

2010

Net Profit Before Tax

8
6
4
2

Return on
Return on
Assets
Return on
Equity
Capital
Employed

4.61 4.29
2.27 2.16
1.16 1.2

0
Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

Altern Energy Ltd.

2006

2007

2008

2009

400,789

23,219,193

25,078,379

624,699
400,789
35,517
0

24,142,705
23,219,193
699,633
0

27,127,736
25,078,379
1,166,085
0

220,840
56,315
0
0
0
164,525
619,617
101,218
518,399
0

5,006,531
1,740,881
277,175
2,436,594
0
551,881
5,502,253
2,296,568
3,205,685
15,528,049

5,591,281
1,072,324
354,962
0
0
4,163,995
7,311,996
2,965,607
4,346,389
15,670,495

0
2,012
221,000
221,000
0
(218,988)

15,528,049
7,195,422
3,425,500
3,425,500
0
3,769,922

15,670,495
7,687,169
3,425,500
3,425,500
0
4,261,669

26,978,647
22,775
38,235,448
26,955,013
1,338,158
0
0
859
6,560,502
1,819,418
322,818
3,958,616
0
459,650
5,355,599
2,845,914
2,509,685
19,034,633
14,256,014
3,508,238
0
13,228
1,257,153
9,148,917
3,425,500
3,425,500
0
5,723,417
3,040,959
2,682,458
0

0
0
0
38,056

0
0
0
37,174

11,402,876
11,402,876
0
8,515,708

(38,056)
35,995

(37,174)
13,166

2,887,168
107,406

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)
2010
2011
26,513,107
38,713,878
26,510,724
1,364,059

25,677,107
1,538
39,228,634
25,672,937
1,368,912

2,383
7,251,001
322,101
318,057
5,983,422

2,632
8,742,335
1,491,485
497,117
6,161,625

627,421
4,157,693

592,108
4,402,644

4,157,693
18,225,649
15,109,137
2,070,048

4,402,644
16,222,490
13,330,999
2,216,600

300
1,046,164
11,380,766
3,425,500
3,425,500

487
674,404
13,794,308
3,425,500
3,425,500

7,955,266
4,031,698
3,923,568

10,368,808
5,652,276
4,716,532

16,017,092
16,017,092

16,127,550
16,127,550

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

(113,234)
1,624
0
0

(73,159)
525
0
0

1,131,148
455
0
0

15,541,603
15,541,603
0
10,597,057
7,659,761
2,937,296
4,944,546
257,067
0
257,067
61,024
2,579,350
2,369,811
2,136,128
1,115
0
0
4,253,020

2,012
0
(114,858)
101,218

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
1,328,078
13,330,999

0.09

0.76

0.00
0.36

0.00
0.91

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

35,995

13,166

107,406

43,822

24,320

1,739,234

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

126,091
71,500
2,405,504
2,256,544
2,066,497

89,573
78,521
3,173,254
2,067,542
1,328,078

0
1,321,442

0
3,528,882

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

H.Key Performance Indicators

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

307.96
-21.05
-188.02
-127.41

2.92
-0.51
-2.03
-0.64

0.00
-5.20
0.09

395

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
3.88
40.27

0.00
-0.22
21.01

9.92
0.00
3.30
22.44

Financial Statement Analysis of Non Financial Sector 2011

Burshane LPG (Pakistan) Ltd. (formerly Shell Gas LPG (Pak.)

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

540,466

607,294

547,279

759,669
498,042
63,614
42,424

1,041,679
567,044
72,756
40,250

1,059,971
513,452
77,626
33,827

379,583
40,447
17,242
17,404
37,002
267,488
684,358
188,043
496,315
0

279,033
5,159
71,190
3,233
2
199,449
623,687
118,065
505,622
75,000

314,437
52,621
22,094
4,320
2
235,400
560,440
25,892
534,548
75,000

0
235,691
26,952
26,952
0
208,739

75,000
187,640
32,343
32,343
0
155,297

75,000
226,276
226,400
226,400
0
(124)

615,134
0
1,633,737
456,620
77,175
29,094
2
129,418
266,931
193,499
25,763
2,696
0
44,973
108,159
0
108,159
475,470
75,000
0
0
0
400,470
298,436
226,400
226,400
0
72,036

72,036
0

122,365

172,469

1,673,935
1,673,935
0
1,469,587

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

204,348
217,096

111,097
206,100

38,765
206,326

1,148,089
1,057,013
91,076
77,605
168,174
58,271
109,903
69,786
11,786
10,086
82,897
6,129
0
0
(220)

1,366,763
1,273,871
92,892
105,122
133,529
53,116
80,413
71,691
3,924

Items

533,052

918,882
387,181
17,658
24,361
2
121,508
202,590
126,929
25,645
5,525

502,725
1,932
850,515
332,632
68,228
31,390
2
136,769
203,831
105,320
21,854
15,719

44,491
134,738

60,938
117,928

134,738
252,139

117,928
189,759

252,139
348,765
226,400
226,400

189,759
398,869
226,400
226,400

122,365

172,469

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

18,420
17,014
13,476
0

(80,728)
7,623
0
6,469

(182,730)
5,649
0
0

1,239,600
1,239,600
0
992,825
903,521
89,304
246,775
194,803
93,457
101,346
67,095
12,684
11,328
68,575
0
0
0
179,045

235,691
0
(12,070)
188,043

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
0
41,614
0

0.14
0.86
1.04
1.82
0.55
87.79
2.90
2.24
7.57
7.57
0.10
97.08

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

217,096

206,100

206,326

14,380

17,732

19,735

79,896
15,642
22,640
0
(15,230)

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

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

1.10
0.00
0.52
87.45

-4.60
0.00
-27.32
58.02

-14.11
0.00
-8.32
9.99

5.43
-0.05
2.84
17.62

Financial Statement Analysis of Non Financial Sector 2011

Ideal Energy Ltd.

2006

2007

2008

2009

138,324

134,616

130,525

360,127
138,324
4,392
0

360,667
134,616
4,249
0

360,435
130,525
4,133
0

92,210
2,221
5,515
60,643
0
23,831
8,899
0
8,899
0

81,198
1,475
5,606
50,077
0
24,040
2,993
0
2,993
0

73,406
3,315
6,408
37,156
0
26,527
7,097
0
7,097
0

0
221,635
80,000
80,000
0
141,635

0
212,821
80,000
80,000
0
132,821

0
196,834
80,000
80,000
0
116,834

126,504
0
360,435
126,494
4,031
0
0
11
57,993
205
0
34,214
0
23,574
3,972
0
3,972
1,909
0
0
0
1,909
0
178,616
80,000
80,000
0
98,616
80,000
18,616
0

9,735
9,735
0
23,977

7,209
7,209
0
13,290

32,453
32,453
0
45,465

(14,242)
2,852

(6,081)
2,653

(13,012)
2,969

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)
2010
2011
131,289

128,272

369,120
131,278
3,943

370,178
128,261
4,075

11
45,025
268

11
42,370
280

12,087

7,292

32,670
6,404

34,798
12,613

6,404
1,928

12,613
2,160

1,928
0
167,982
80,000
80,000

2,160
0
155,869
80,000
80,000

87,982
80,000
7,982

75,869
80,000
(4,131)

42,195
42,195

43,460
43,460

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

(19,886)
3
0
0

(8,814)
0
0
0

(15,987)
0
0
0

21,776
21,776
0
36,925
30,290
6,635
(15,149)
3,052
0
3,052
2,321
17
0
(18,218)
0
0
0
3,110

221,635
0
(19,889)
0

212,821
0
(8,814)
0

196,834
0
(15,987)
0

7.06
29.44
622.94
0.04
10.36
246.30
0.04
-7.44
-8.52
-8.52

17.22
1.11
694.65
0.03
27.13
184.35
0.01
-3.95
-4.06
-4.06

2,852

2,653

2,969

2,866

80

18

48,703
40,886
7,817
(6,508)
3,617

51,131
44,162
6,969
(7,671)
3,783

3,617
3,174
511

3,783
3,435
69

(10,633)

(11,523)

1,600
0
8,788

0
0
1,071

180,525
0
(18,218)
0

169,910
0
(12,233)
0

158,029
0
(11,523)
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

1.93
1.21
28.65
0.24
7.03
115.42
0.05
-5.89
-6.14
-6.07
-6.65

0.60
0.16
16.78
0.25
3.36
117.65
0.09
-6.64
-7.12
-7.03

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)

-204.27
0.00
-2.49
27.70

-122.26
0.00
-1.10
26.60

-49.26
0.00
-2.00
24.60

-83.66
0.53
-2.28
22.33

397

1.77

1.29

5.06

-25.20
1.05
-1.33
21.00

-26.51
0.07
-1.44
19.48

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

6,007,210

5,749,899

5,515,728

6,912,555
6,007,210
236,775
0

7,448,275
5,749,899
253,390
0

7,465,490
5,515,728
232,900
0

5,063,299
34,312
7,485,426
5,028,887
236,775

5,617,528
34,312
8,291,098
5,576,913
258,018

1,130,451
4,004
208,935
540,946
0
376,566
1,187,568
212,786
974,782
5,194,486

1,247,471
7,698
93,239
764,455
0
382,079
1,336,089
239,952
1,096,137
5,122,309

1,600,415
20,898
131,696
865,226
0
582,595
1,627,703
329,702
1,298,001
5,027,950

100
2,695,627
220,703
179,811
1,798,308

6,303
2,973,456
130,599
236,435
1,930,823

5,316,919
30,895
7,484,969
5,285,924
236,290
0
0
100
1,112,711
24,846
105,484
680,994
0
301,387
1,905,488
693,192
1,212,296
4,656,161
4,650,516
0
0
5,645

(132,019)
1,560,376
1,560,376
0
(2,173,108)
935
(2,174,043)
480,713

(582,849)
1,560,376
1,560,376

(1,326,978)
1,560,376
1,560,376

Items

5,194,486
755,607
1,332,000
1,332,000
0
(576,393)

5,122,309
538,972
1,476,188
1,476,188
0
(937,216)

5,027,950
460,490
1,476,188
1,476,188
0
(1,015,698)

3,516,964
3,516,964
0
3,155,485

4,018,190
4,018,190
0
3,739,777

4,499,145
4,499,145
0
4,214,069

361,479
218,058

278,413
29,096

285,076
41,783

496,805
3,720,732
215,000
3,505,732
4,621,043
4,613,310

675,599
5,917,375
168,200
5,749,175
4,000,587
3,989,871

7,733

10,716

(2,603,202)
2,457
(2,605,659)
459,977

(4,083,547)
4,857
(4,088,404)
1,196,193

2,731,939
2,731,939

4,724,149
4,724,149

0
(219,133)

0
60,368

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

(268,251)
326
0
0

(216,444)
191
0
0

(162,113)
557
0
0

3,505,758
3,505,758
0
3,281,624
2,808,947
472,677
224,134
71,447
0
71,447
27,168
760,237
558,458
(593,000)
444
0
0
52,190

5,950,093
0
(268,577)
212,786

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

0.46
12.05
15.38
0.49
0.95
89.72
8.45
-4.01
-49.10
-4.75

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

218,058

29,096

41,783

423,927

479,327

523,976

2,443,209
2,057,603
385,606
288,730
68,045

5,170,336
4,506,018
664,318
(446,187)
114,148

68,045
32,222
691,426
517,044
(450,729)
1,623

114,148
38,340
962,710
600,669
(1,501,755)
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)

398

16.83

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
-1.50
-31.79
0.01
-9.64
-8.50

-7.63
0.00
-2.02
5.67

-5.39
0.00
-1.47
3.65

-3.60
0.00
-1.10
3.12

Financial Statement Analysis of Non Financial Sector 2011

Karachi Electric Supply 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)
2010
2011

2006

2007

2008

2009

42,072,040

50,769,714

63,937,175

85,463,604
42,072,040
3,412,759
0

86,197,282
50,769,714
3,329,498
0

113,657,583
63,905,168
3,507,780
32,007

141,726,381
20,567,238
177,276,395
120,865,072
4,053,630
37,602

23,459,304
1,834,657
0
7,682,994
890,476
13,051,177
36,251,055
3,600,000
32,651,055
0

26,551,325
3,937,319
4,668,113
8,640,510
607,717
8,697,666
54,501,903
9,391,696
45,110,207
1,136,813

29,138,502
2,334,148
0
12,415,794
100,259
14,288,301
78,161,622
6,254,750
71,906,872
7,994,591

0
29,280,289
46,084,762
46,084,762
0
(16,804,473)

1,136,813
21,682,323
50,594,063
46,084,762
4,509,301
(28,911,740)

7,994,591
6,919,464
52,068,169
46,084,762
5,983,407
(45,148,705)

83,017,723
23,222,543
111,617,048
58,971,309
2,985,691
20,566
0
803,305
48,918,076
1,127,644
0
19,114,219
0
28,676,213
60,261,038
12,919,678
47,341,360
71,757,040
476,063
44,841,769
0
5,325,528
21,113,680
(82,279)
52,068,169
46,084,762
5,983,407
(52,635,001)
8,679,810
(61,314,811)
484,553

5,767,124
37,775,342
31,300,906
74,966,046
68,982,639
5,983,407
(75,491,157)
509,172
(76,000,329)
31,826,017

5,605,790
36,416,244
26,503,617
80,335,490
74,352,083
5,983,407
(82,784,778)
509,172
(83,293,950)
28,952,905

41,617,723
41,617,723
0
52,034,719

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

(10,416,996)
6,231,376

(7,101,176)
5,430,785

(1,653,847)
15,021,549

Items

167,593,826
50,099,529
181,858,535
117,391,574
8,380,090
22,927

256,469
65,903,117
1,189,424

79,796
68,758,873
1,268,670

29,029,574

39,356,297

35,684,119
93,497,024
14,151,296
79,345,728
82,831,568
158,688
39,130,414

28,133,906
120,670,011
21,374,141
99,295,870
89,179,071

47,157,037

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

(7,054,184)
212,900
0
0

(11,957,383)
227,496
0
0

(15,752,045)
252,607
0
0

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
7,493,830
5,589,991
3,018,734
(15,451,004)
33,938
0
0
2,218,050

29,280,289
0
(7,267,084)
3,600,000

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

114,132,474
158,688
(14,737,490)
14,309,984

115,682,688
0
(10,929,263)
21,374,141

0.29
0.54
18.46
0.64
0.65
125.03
1.24
-11.24
-20.94
-20.94

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

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

9.61

-16.95
0.00
-0.63
2.54

-26.66
0.00
-2.64
4.70

-31.63
0.00
-3.47
1.50

-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

6,231,376

5,430,785

15,021,549

225,381

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

8,613,751
8,938,118
6,823,638
3,088,629
(14,737,490)

10,056,862
10,411,941
5,127,376
3,164,398
(10,054,299)
874,964

0
2,540,768

0
10,077,433

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

H.Key Performance Indicators

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

399

Financial Statement Analysis of Non Financial Sector 2011

Kohinoor Energy Ltd.

2006

2007

2008

2009

4,681,985

4,796,146

4,597,692

7,004,364
4,677,654
211,322
4,331

7,272,090
4,790,105
227,774
6,041

7,393,238
4,593,147
252,228
4,545

2,050,775
628,914
144,637
561,530
0
715,694
1,010,340
484,812
525,528
226,313

2,396,818
397,952
209,416
1,155,394
0
634,056
787,411
511,500
275,911
75,750

2,755,682
139,298
85,560
1,939,815
0
591,009
792,525
578,705
213,820
0

226,313
5,496,107
1,694,586
1,694,586
0
3,801,521

75,750
6,329,803
1,694,586
1,694,586
0
4,635,217

0
6,560,849
1,694,586
1,694,586
0
4,866,263

4,376,297
5,627
7,412,388
4,357,803
256,507
3,658
0
9,209
2,544,811
664,074
311,234
963,309
0
606,194
208,096
0
208,096
9,672
0
0
0
9,672
0
6,703,340
1,694,586
1,694,586
0
5,008,754
0
5,008,754
0

5,506,125
5,506,125
0
4,271,502

5,333,106
5,333,106
0
4,180,586

7,387,857
7,387,857
0
6,432,159

1,234,623
128,497

1,152,520
230,159

955,698
232,198

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)
2010
2011
4,167,689
2,142
7,475,790
4,151,240
274,354
3,889

4,151,288
48,757
7,685,953
4,083,855
281,500
3,210

10,418
3,329,102
309,924
168,240
1,926,050
76,762
848,126
445,077
200,000
245,077
0

15,466
4,986,082
135,757
123,477
3,896,021

0
7,051,714
1,694,586
1,694,586

0
7,257,531
1,694,586
1,694,586

830,827
1,879,839
1,630,987
248,852
0

5,357,128

5,562,945

5,357,128

5,562,945

9,467,394
9,467,394

10,902,089
10,902,089

184,249
193,353
5,545
1,754
707,315
20,023
423,647
0
(118,424)

210,236
215,341
79,858
76,702
641,920
12,456
423,647
0
(1,013,711)

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

1,023,059
9,800
338,918
0

843,782
7,100
254,188
0

659,693
659,693
338,917
0

8,334,341
8,334,341
0
7,239,966
6,392,309
847,657
1,094,375
182,523
0
182,523
160,224
47,796
39,009
918,241
13,185
762,564
0
1,854,745

5,722,420
0
674,341
484,812

6,405,553
0
582,494
511,500

6,560,849
0
(338,917)
578,705

6,713,012
0
142,492
0

7,051,714
0
263,646
200,000

7,257,531
0
205,818
1,630,987

1.18
2.33
10.20
0.82
2.03
77.58
0.23
15.15
19.83
18.19
2.99
38.07

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

5.20
0.06
20.34
1.26
7.48
91.15
0.06
9.81
10.28
10.28
1.62
56.27
404.26
7.47
-0.27
4.06
41.61

2.14
0.73
35.74
1.19
2.65
91.82
0.26
7.72
8.97
8.97
1.49
88.29
9.37
5.89
-0.54
3.71
42.83

128,497

230,159

232,198

128,262

99,984

84,307

8,629,255
7,820,801
808,454
838,139
184,249

10,010,742
9,236,652
774,090
891,347
210,236

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)

400

18.58
0.00
5.98
32.43

15.82
0.00
4.94
37.35

8.93
0.00
0.00
38.72

Financial Statement Analysis of Non Financial Sector 2011

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

281,278

259,812

252,868

564,354
281,278
14,626
0

532,622
259,812
14,626
0

540,102
252,868
14,424
0

393,487
677
10,914
143,212
0
238,684
405,751
244,247
161,504
0

333,273
622
7,324
105,798
0
219,529
21,691
1,459
20,232
250,000

129,048
5,371
10,999
64,142
0
48,536
36,544
1,459
35,085
0

251,506
0
548,324
250,183
13,839
0
0
1,323
164,763
1,844
31,455
84,488
0
46,976
21,350
3,062
18,287
11,266
5,298
0
0
5,968
0
383,653
126,000
126,000
0
257,653
0
257,653
0

242,064

Items

0
269,014
120,000
120,000
0
149,014

250,000
321,394
120,000
120,000
0
201,394

0
345,372
120,000
120,000
0
225,372

278,144
278,144
0
382,676

146,573
146,573
0
186,574

405,613
405,613
0
375,755

(104,532)
3,394

(40,001)
4,195

29,858
6,265

233,079

549,548
240,242
14,630

554,188
231,602
14,236

1,822
205,121
14,657
32,892
62,650

1,477
214,264
974
27,963
94,578

94,922
26,670
3,768
22,902
11,494
4,552

90,749
21,704
5,492
16,212
11,443
4,020

6,942

7,423

409,021
126,000
126,000

414,196
126,000
126,000

283,021
34,000
249,021

288,196
34,000
254,196

747,919
747,919

810,519
810,519

0
19,837

0
(8,450)

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

(101,149)
1
0
0

(36,806)
0
0
0

22,977
0
0
6,000

737,622
737,622
0
690,268
647,480
42,788
47,354
9,596
0
9,596
18,094
245
58
38,289
8
0
0
3,105

269,014
0
(101,150)
244,247

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

0.35
1.65
51.49
0.41
0.97
137.58
1.51
-14.35
-31.45
-31.45

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

3,394

4,195

6,265

4,601

91

1,235

710,072
665,823
44,249
37,847
11,841

790,159
748,525
41,634
20,360
13,618

11,841
18,932
1,235
945
25,374
6

13,618
19,738
2,574
884
5,176
2

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

25.49

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

-36.37
0.00
-8.43
22.42

-25.11
0.00
-3.07
26.78

5.66
0.00
1.91
28.78

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

22,756,181

21,267,858

19,855,864

38,118,274
22,755,936
1,589,933
245

38,213,786
21,265,184
1,588,597
2,674

38,339,971
19,853,466
1,558,171
2,398

17,965,609
81,068
39,326,905
17,800,135
1,560,380
2,415

11,521,601
4,366,054
1,129,664
3,115,000
0
2,910,883
14,155,945
0
14,155,945
0

17,663,168
208,999
1,759,459
11,574,384
0
4,120,326
20,067,578
6,431,343
13,636,235
0

37,108,597
179,439
2,191,568
29,303,453
0
5,434,137
35,605,529
23,643,655
11,961,874
30,924

0
20,121,837
8,802,532
8,802,532
0
11,319,305

0
18,863,448
8,802,532
8,802,532
0
10,060,916

30,924
21,328,008
8,802,532
8,802,532
0
12,525,476

18,796,425
212,606
38,474,561
18,504,118
1,497,750
3,335
0
76,366
41,162,829
400,353
1,967,212
32,721,969
0
6,073,295
28,739,296
8,626,494
20,112,802
8,136,722
46,214
5,147,476
0
366,299
2,576,733
23,083,236
8,802,532
8,802,532
0
14,280,704
444,451
13,836,253
0

32,833,378
32,833,378
0
22,998,341

37,086,650
37,086,650
0
28,343,289

55,947,078
55,947,078
0
46,600,485

9,835,037
200,901

8,743,361
289,613

9,346,593
381,261

Items

17,421,377
362,005
40,100,919
16,958,177
1,619,820
5,791

81,991
59,634,484
243,995
2,267,205
51,702,270

95,404
77,915,846
276,113
3,341,020
67,120,940

5,421,014
47,633,863
18,142,891
29,490,972
7,471,502
45,728
4,247,761

7,177,773
63,759,143
24,369,670
39,389,473
7,618,135
45,648
4,209,628

412,852
2,765,161
22,494,728
8,802,532
8,802,532

516,649
2,846,210
23,959,945
8,802,532
8,802,532

13,692,196
444,451
13,247,745

15,157,413
444,451
14,712,962

85,934,854
85,934,854

74,350,745
74,350,745

631,290
709,886
5,335,919
5,317,502
7,730,531
2,454,277
4,401,266
0
(1,318,553)

468,499
878,832
8,704,178
8,633,768
9,906,961
3,299,708
5,721,646
0
(38,924)

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

8,596,512
116,000
7,130,051
0

7,583,640
2,491,738
5,281,520
0

8,059,525
2,601,032
4,797,380
0

69,363,913
69,363,913
0
58,373,072
55,621,836
2,751,236
10,990,841
727,267
0
727,267
599,771
6,410,224
6,406,030
8,722,880
2,876,292
5,677,633
0
20,427,992

20,121,837
0
1,350,461
0

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
45,648
885,607
24,415,318

0.53
4.46
9.49
0.96
0.81
70.05
0.70
24.21
40.30
33.37
1.19
29.06

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

200,901

289,613

381,261

1,465,498

1,327,430

2,208,130

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

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

H.Key Performance Indicators

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

402

26.18
0.00
9.63
22.86

20.45
0.00
5.78
21.43

14.41
0.00
6.20
24.23

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

3,395,292

3,499,353

6,770,555

6,217,374
3,325,033
386,581
70,259

6,665,229
3,430,295
378,791
69,058

4,861,362
3,458,188
137,030
3,312,367

11,502,761
887,000
5,812,574
3,653,056
425,850
5,876,104

4,822,656
3,165,311
0
1,211,969
0
445,376
5,423,202
224,100
5,199,102
112,100

5,172,106
2,829,209
0
1,456,725
0
886,172
5,423,190
112,100
5,311,090
0

5,820,346
2,214,611
0
2,374,041
0
1,231,694
5,891,871
0
5,891,871
500,000

112,100
2,682,646
367,500
367,500
0
2,315,146

0
3,248,269
367,500
367,500
0
2,880,769

500,000
6,199,030
367,500
367,500
0
5,831,530

10,442,743
2,387,079
5,812,573
2,492,869
346,033
4,602,659
0
960,136
10,008,759
1,694,638
0
7,188,601
0
1,125,520
9,110,314
0
9,110,314
3,108,466
1,200,000
0
0
70,256
1,838,210
8,232,722
367,500
367,500
0
7,865,222
2,591,730
5,273,492
0

19,651,914
19,651,914
0
17,191,666

22,211,083
22,211,083
0
18,993,698

21,566,313
21,566,313
0
15,706,262

2,460,248
2,179,575

3,217,385
2,108,025

5,860,051
2,089,539

Items

13,942,634
1,355,577
6,061,752
3,431,662
492,172
7,449,641

1,086,601
10,409,653
3,607,305

1,705,754
12,434,851
3,779,987

6,099,654

7,706,622

702,694
8,464,507

948,242
10,789,869

8,464,507
4,257,081

10,789,869
4,917,201

76,196
4,180,885
9,190,826
735,000
735,000

88,791
4,828,410
10,670,415
735,000
735,000

8,455,826
3,164,473
5,291,353

9,935,415
4,547,414
5,388,001

5,240,117
5,240,117

6,809,686
6,809,686

3,251,656
897,691
465,539
196,509
1,351,088
291,021
227,850
0
2,302,035

3,579,877
1,006,478
715,756
244,029
2,442,160
1,336,385
245,490
183,750
2,527,117

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

602,638
516,472
113,850
0

1,382,144
902,166
118,262
0

3,960,305
1,560,794
119,070
0

5,789,203
5,789,203
0
723,650
0
723,650
5,065,553
2,682,282
0
2,682,282
891,285
321,064
113,355
2,394,725
488,534
118,225
367,500
1,939,909

2,794,746
0
(27,684)
224,100

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

13,447,907
0
832,217
0

15,587,616
0
860,285
0

0.81
0.23
6.17
2.39
0.89
87.48
2.06
7.46
22.10
20.42
0.76

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

0.98
5.55
124.17
0.28
1.10
12.50
1.48
14.49
33.19
26.55
16.12

1.15
8.88
116.40
0.24
1.23
12.61
1.38
6.38
15.51
10.90
4.65

1.06
10.51
113.17
0.26
1.15
12.45
1.47
10.11
24.59
16.82
4.50

3.07
0.00
2.34
73.00

6.22
0.00
13.06
88.39

18.36
0.00
65.29
168.68

2,179,575

2,108,025

2,089,539

44,258

163,898

187,863

660,553

847,579

660,553
4,579,564
3,251,656

847,579
5,962,107
3,579,877

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

22.13
41.37
0.16
51.87
224.02

7.88
25.78
0.18
14.42
125.05

11.01
35.86
0.16
15.04
145.18

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

18,063,899
17,984,649
78,396
76,599
1,098
2,385

16,758,405

18,011,863
16,754,300
1,255,766
1,908

266
4,639,129
1,561,222
305,640
1,732,451

2,197
8,034,425
39,302
665,371
6,909,141

1,039,816
3,675,555

420,611
6,087,132

3,675,555
15,378,143
14,991,504
386,639

6,087,132
13,811,283
13,811,283

0
3,649,330
3,673,469
3,673,469

0
4,894,415
3,673,469
3,673,469

(24,139)

1,220,946

(24,139)

1,220,946

20,353,055
20,353,055

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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

9,411
3,267

0
2,079,786

80,622
34,016
2,940,579
2,927,429
1,626,013
13,580
734,694
0
1,677,793

19,027,473
14,991,504
(7,489)
14,991,504

18,705,698
13,811,283
877,739
13,811,283

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

(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)

404

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 2011

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)
2010
2011

2006

2007

2008

2009

14,970,510
14,883,152
88,360
87,358
954
0
0
0
66,906
58,191
129
0
0
8,586
701,170
253,440
447,730
11,396,546
11,396,546
0
0
0
0
2,939,700
2,912,500
2,912,500
0
27,200
0
27,200
0

16,667,306

0
0
0
0
0
0
0
8,242
0
8,242
2,007
0
0
49,747
2,291
0
0
29,994

0
(2,991,368)

0
(1,211,533)

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

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
76.81
3.33
8.19
41.56
10.39

16,709,872
16,667,306
41,564

15,844,744
1,679
17,091,142
15,843,065
1,206,006

0
5,769,292
1,774,674
354,478
2,668,598

0
7,925,921
11,809
1,012,347
6,374,208

971,542
4,924,189
3,531,804
1,392,385
13,897,147
13,424,262
472,885

527,557
4,852,985
3,810,786
1,042,199
13,423,335
12,605,115
818,220

0
3,615,262
3,540,885
3,540,885

0
5,494,345
3,540,885
3,540,885

74,377

1,953,460

74,377

1,953,460

1,018,365
1,018,365

20,986,894
20,986,894

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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

16,119,395
14,398,242
1,721,153
4,867,499
97,990

22,656
4,611
180,041
179,471
72,200
25,023

97,990
42,637
2,914,277
2,905,685
1,892,823
13,739

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)

405

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 2011

Oil & Gas Development Co. Ltd. (OGDC)

2006

2007

2008

2009

44,457,959

56,715,900

67,706,248

89,009,134
41,906,810
5,955,174
2,551,149

59,039,503
27,965,907
3,234,509
28,749,993

64,653,239
30,898,207
3,354,064
36,808,041

76,856,751
1,186,870
65,608
24,498,986
33,939,739
17,165,548
26,544,433
0
26,544,433
0

72,622,272
4,720,292
93,788
27,873,515
2,945,938
36,988,739
28,721,520
0
28,721,520
0

82,862,139
6,715,048
151,782
40,626,931
3,175,054
32,193,324
41,196,962
0
41,196,962
0

0
94,770,277
43,009,284
43,009,284
0
51,760,993

0
100,616,652
43,009,284
43,009,284
0
57,607,368

0
109,371,425
43,009,284
43,009,284
0
66,362,141

92,531,628
0
70,011,404
29,855,966
3,807,898
49,057,766
2,903,133
10,714,763
85,460,768
3,973,818
108,301
56,140,092
0
25,238,557
21,287,498
0
21,287,498
30,533,502
0
0
0
2,008,499
28,525,003
126,171,396
43,009,284
43,009,284
0
83,162,112
3,658,318
79,503,794
0

113,384,416
113,384,416
0
47,458,771

117,134,385
117,134,385
0
47,593,117

139,626,295
139,626,295
0
52,124,138

65,925,645
4,557,241

69,541,268
12,284,544

87,502,157
12,248,887

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)
2010
2011
108,433,851
8,913,242
78,951,847
34,998,898
3,981,686
58,630,857
3,231,435
2,659,419
120,433,800
7,843,820
172,084
82,992,291

112,174,063
10,903,761
87,367,623
38,774,475
4,464,059
58,926,897
3,568,930

149,603,465
13,841,889
261,835
77,911,312

29,425,605
34,840,843

57,588,429
21,775,606

34,840,843
36,634,322

21,775,606
38,436,345

2,699,773
33,934,549
157,392,486
43,009,284
43,009,284

3,301,169
35,135,176
201,565,577
43,009,284
43,009,284

114,383,202
3,859,682
110,523,520

158,556,293
4,059,138
154,497,155

142,571,863
142,571,863

155,631,290
155,631,290

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

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

65,757,228
19,073,941
38,708,356
0

60,754,509
14,616,005
38,708,356
0

78,307,404
21,039,758
40,858,820
0

130,829,579
130,829,579
0
39,352,049
0
39,352,049
91,477,530
13,051,906
0
13,051,906
10,026,882
926,027
0
80,927,923
16,799,082
35,482,659
0
52,979,320

94,770,277
0
7,974,931
0

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

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

4,557,241

12,284,544

12,248,887

9,981

532,670

536,799

41,948,928

52,902,800

41,948,928
100,622,935
14,161,202

52,902,800
102,728,490
13,643,914

14,161,202
11,751,673
1,273,312

13,643,914
13,335,227
1,484,781

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

H.Key Performance Indicators

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

2.25
0.01
21.61
0.93
2.90
41.86
0.28
55.75
73.34
73.34
1.21
1,728.21

406

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

57.99
0.00
10.85
22.03

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

Financial Statement Analysis of Non Financial Sector 2011

S.G. Power Ltd.

2006

2007

2008

2009

114,417

109,968

100,045

302,028
114,417
6,065
0

303,632
109,968
6,053
0

299,123
100,045
5,415
0

228,852
9,090
0
69,405
0
150,357
26,559
1,604
24,955
0

204,153
76
0
112,756
0
91,321
11,791
0
11,791
0

192,389
112
0
101,627
0
90,650
10,011
0
10,011
0

0
316,710
178,333
178,333
0
138,377

0
302,330
178,333
178,333
0
123,997

0
282,423
178,333
178,333
0
104,090

95,119
0
299,123
94,919
5,126
0
0
200
191,860
44
0
101,454
0
90,362
11,739
0
11,739
113
0
0
0
113
0
275,127
178,333
178,333
0
96,794
89,116
7,678
0

200,050
200,050
0
220,296

64,835
64,835
0
78,573

0
0
0
16,256

(20,246)
12,302

(13,738)
11,464

(16,256)
5,856

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)
2010
2011
95,414

90,815

299,123
90,064
4,854

299,123
85,465
4,599

5,350
184,606
211

5,350
182,769
411

94,036

91,936

90,359
11,867

90,422
11,937

11,867
722

11,937
948

609

835

113

113
0
260,699
178,333
178,333

267,431
178,333
178,333

89,098
89,116
(18)

82,366
89,116
(6,750)

6,609

6,781

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

(34,380)
0
0
0

(14,380)
0
0
0

(19,906)
0
0
0

0
0
0
6,337
0
6,337
(6,337)
956
0
956
0
3
0
(7,296)
0
0
0
(68)

316,710
0
(34,380)
1,604

302,330
0
(14,380)
0

282,423
0
(19,906)
0

2.96
0.33
34.69
0.58
8.62
110.12
0.08
-8.99
-10.28
-10.28

9.57
0.54
173.91
0.21
17.31
121.19
0.04
-4.37
-4.65
-4.65

-17.19
0.00
-1.93
17.76

-22.18
0.00
-0.81
16.95

12,302

11,464

5,856

652

350

6,609
(6,609)
982

6,781
(6,781)
432

982

432

105

63

(7,696)

(7,276)

0
4,705

0
(27)

275,240
0
(7,296)
0

268,153
0
(7,696)
0

261,647
0
(7,276)
0

10.16

8.65

7.94

7.74

0.00
19.22

0.00
16.34

0.00
15.56

0.00
15.31

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

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
-2.63
-2.76
-2.75

0.00
-1.12
15.84

-0.01
-0.41
15.43

0.37
-0.43
15.00

0.00
-0.41
14.62

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

992,104

2,105,173

2,204,561

1,678,936
992,104
44,522
0

2,829,988
2,105,173
39,966
0

2,987,972
2,204,561
60,428
0

2,492,038
141,647
2,226,749
1,303,458
80,832

1,103,674
7,240
45,187
385,137
50,000
616,110
1,042,374
888,862
153,512
85,791

756,331
2,957
41,649
220,311
50,000
441,414
1,009,867
836,873
172,994
882,845

1,095,286
26,217
169,252
359,979
0
539,838
1,168,255
959,713
208,542
1,075,711

20,000

980,000

85,791
967,613
190,920
190,920
0
776,693

862,845
968,792
190,920
190,920
0
777,872

95,711
1,055,881
190,920
190,920
0
864,961

2,323,286
20,669
2,119,623
1,372,794
73,641
0
0
929,823
1,162,222
24,627
123,266
473,570
1,380
539,380
1,460,646
1,206,170
254,476
949,505
167,005
0
782,500
0
0
1,075,357
190,920
190,920
0
884,437
141,646
742,791
0

1,558,631
1,558,631
0
1,453,883

1,691,898
1,691,898
0
1,515,606

2,643,961
2,643,961
0
2,276,881

104,748
36,099

176,292
40,183

367,080
61,337

Items

2,393,526
144,795
2,250,067
1,250,298
73,436

63,403
983,530
1,127,173
13,387
156,419
405,120
1,715
550,532
1,571,813
1,296,945
274,868
867,727
300,227

63,403
935,030
994,313
5,029
134,355
359,376
2,841
492,712
1,857,316
1,657,762
199,554
296,814

567,500

292,500

0
1,179,671
190,920
190,920

4,314
1,233,709
190,920
190,920

988,751
141,780
846,971

1,042,789
142,908
899,881

3,896,185
3,896,185

3,814,178
3,814,178

73,297
29,202
315,455
312,982
142,233
207
38,184
0
506,920

71,318
80,523
306,251
303,654
92,091
1,023
19,092
0
516,059

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

7,351
315
0
0

1,518
339
0
0

93,359
396
47,730
0

3,026,399
3,026,399
0
2,565,292
2,551,158
14,133
461,107
62,419
0
62,419
23,319
336,834
332,709
68,212
1,438
38,184
0
428,878

1,053,404
0
7,036
888,862

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

0.42
5.75
24.71
0.74
1.06
93.28
1.17
0.38
0.76
0.71

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
0.24
4.77
64.62

36,099

40,183

61,337

89,662

142,013

226,518

3,414,042
3,397,026
17,016
482,143
73,297

3,354,591
3,305,510
49,081
459,587
71,318

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

H.Key Performance Indicators

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

408

34.49

40.62

0.47
0.00
0.37
50.68

0.09
0.00
0.06
50.74

3.53
0.00
4.87
55.30

Financial Statement Analysis of Non Financial Sector 2011

Southern Electric Power Co. Ltd.

2006

2007

2008

2009

6,973,878

6,887,497

7,039,634

8,655,628
6,973,878
249,923
0

8,817,999
6,887,497
249,643
0

9,251,853
7,039,634
283,461
0

731,210
21,842
55,313
113,423
0
540,632
2,304,949
1,784,147
520,802
2,925,621

909,978
99,307
75,364
90,428
0
644,879
3,152,195
1,951,208
1,200,987
2,465,886

924,528
41,159
34,747
404,783
0
443,839
3,184,128
2,023,457
1,160,671
2,898,402

7,327,682
0
9,838,573
7,327,682
320,801
0
0
0
1,920,860
4,499
79,279
1,617,302
0
219,780
4,175,540
2,455,893
1,719,647
3,044,608
3,023,297
0
0
21,244
67
2,028,394
1,366,758
1,366,758
0
661,636
0
661,636
0

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

2,925,621
2,474,518
1,366,758
1,366,758
0
1,107,760

2,465,886
2,179,394
1,366,758
1,366,758
0
812,636

2,898,402
1,881,632
1,366,758
1,366,758
0
514,874

4,240,616
4,240,616
0
3,691,164

4,415,591
4,415,591
0
4,163,225

3,989,257
3,989,257
0
3,712,050

549,452
86,454

252,366
87,170

277,207
102,863

(Thousand Rupees)
2010
2011
7,206,036

6,899,154

10,034,059
7,206,036
327,961

10,049,985
6,899,154
330,400

0
4,251,691
39,824
304,181
3,465,551

0
3,846,590
150,675
225,725
2,834,594

442,135
7,017,455
3,274,988
3,742,467
2,359,196
2,331,321

635,596
10,765,715
3,786,579
6,979,136
1,821,085
1,534,234

27,875

23,131
263,720
(1,841,056)
1,366,758
1,366,758

2,081,076
1,366,758
1,366,758

714,318

(3,207,814)

714,318

(3,207,814)

5,842,332
5,842,332

6,579,822
6,579,822

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

37,519
0
0
0

(295,124)
0
0
0

(297,762)
0
0
0

1,911,237
1,911,237
0
903,706
484,967
418,739
1,007,531
240,771
0
240,771
63,334
766,957
688,734
146,762
0
0
0
158,927

5,400,139
0
37,519
1,784,147

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
(3,917,816)
5,320,813

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

86,454

87,170

102,863

428,691

465,547

572,898

4,691,971
3,982,199
709,772
1,150,361
56,018

6,425,944

6,425,944
153,878
3,097,552

56,018
74,657
987,884
920,834
121,682

3,097,552
90,569
1,048,433
1,031,081
(3,917,816)

0
673,201

0
734,933

G.Miscellaneous
1.Total capital employed (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
10.11
2.67
0.55
0.32
87.04
2.11
0.49
1.52
0.70

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)

409

76.67

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
-2.80
-59.54
0.06
-28.67
-13.47

0.88
0.00
0.27
18.11

-6.68
0.00
-2.16
15.95

-7.46
0.00
-2.18
13.77

Financial Statement Analysis of Non Financial Sector 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

43,568,193

50,053,930

62,194,617

78,406,554
43,561,473
4,218,128
6,720

89,298,101
50,036,217
4,583,427
17,713

106,078,443
62,165,176
4,929,339
29,441

33,668,376
15,400,518
445,772
14,517,536
4,900
3,299,650
60,178,793
2,559,650
57,619,143
1,949,084

33,596,928
13,546,228
473,404
16,229,067
4,978
3,343,251
66,698,883
1,286,584
65,412,299
662,500

35,453,026
8,137,148
525,370
18,757,385
515,996
7,517,127
77,728,331
1,561,895
76,166,436
2,780,463

88,240,778
16,553,986
124,929,930
69,819,093
6,917,950
355,290
4,900
1,507,509
50,996,531
2,009,122
741,128
42,874,560

1,949,084
15,108,692
4,991,866
4,991,866
0
10,116,826

662,500
16,289,475
5,491,053
5,491,053
0
10,798,422

2,780,463
17,138,849
5,491,053
5,491,053
0
11,647,796

79,211,266
14,949,539
113,137,882
63,395,893
5,971,105
270,845
4,900
590,089
43,340,696
1,316,877
783,362
25,706,362
0
15,534,095
52,595,572
1,013,358
51,582,214
53,808,874
0
1,798,312
0
392,249
51,618,313
16,147,516
5,491,053
5,491,053
0
10,656,463
0
10,656,463
0

107,897,291
107,897,291
0
94,032,495

137,187,372
137,187,372
0
123,778,570

124,155,033
124,155,033
0
109,107,461

13,864,796
11,146,236

13,408,802
12,246,368

15,047,572
14,134,052

Items

91,267,530
15,588,482
136,553,652
73,909,766
7,638,345
239,427
4,900
1,524,955
47,467,364
1,954,060
685,757
36,454,217

5,371,721
61,376,573
1,000,000
60,376,573
59,158,657

8,373,330
50,431,414
1,000,000
49,431,414
69,574,591
9,500,000
1,324,177

1,251,220

1,232,171
56,675,266
18,702,079
5,491,053
5,491,053

1,134,352
57,616,062
18,728,889
5,491,053
5,491,053

13,211,026

13,237,836

13,211,026

13,237,836

161,629,828
161,629,828

187,837,601
187,837,601

4,650,154
279,380
3,879,931
873,859
1,098,211
0
16,256,271

3,877,833
289,248
1,687,743
975,308
549,105
274,553
2,381,118

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

5,119,060
1,515,702
1,497,560
499,187

4,249,572
1,107,566
1,647,316
0

3,981,231
626,301
1,921,869
0

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
5,015,553
653,182
92,534
1,730,285
0
0
0
17,431,999

17,057,776
0
2,105,798
2,559,650

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

88,303,480
9,500,000
163,330
10,500,000

0.50
1.09
13.45
1.40
0.56
87.15
4.11
7.19
26.85
23.51
2.41
242.05

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

11,146,236

12,246,368

14,134,052

1,180,203

860,715

789,247

156,016,865

184,237,173

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

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

4.74
0.00
7.22
30.27

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 2011

Sui Southern Gas Co. Ltd.

2006

2007

2008

2009

24,956,154

31,395,913

33,877,137

49,246,982
24,899,887
2,226,382
56,267

57,756,020
31,333,811
2,248,374
62,102

61,543,598
33,807,564
2,215,489
69,573

22,123,547
3,814,642
281,362
10,898,343
257,237
6,871,963
27,108,774
2,684,236
24,424,538
8,725,052

30,523,976
5,267,639
368,903
16,118,951
236,818
8,531,665
39,720,789
3,257,266
36,463,523
12,460,197

37,825,767
4,356,367
512,383
20,045,028
157,494
12,754,495
45,805,157
2,414,615
43,390,542
15,582,621

2,987,686

39,521,329
3,537,669
64,620,923
34,557,963
2,772,817
43,891
1,266,777
115,029
61,032,671
1,477,224
490,539
32,568,205
118,796
26,377,907
57,923,004
4,969,490
52,953,514
32,947,402
17,496,775
0
0
1,308,176
14,142,451
9,683,594
6,711,743
6,711,743
0
2,971,851
328,681
2,643,170
0

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

8,725,052
11,245,875
6,711,743
6,711,743
0
4,534,132

9,472,511
9,738,903
6,711,743
6,711,743
0
3,027,160

15,582,621
10,315,126
6,711,743
6,711,743
0
3,603,383

77,562,255
77,562,255
0
70,853,144

85,716,663
85,716,663
0
79,789,367

86,829,339
86,829,339
0
79,425,176

6,709,111
6,749,199

5,927,296
6,882,423

7,404,163
8,128,793

(Thousand Rupees)
2010
2011
42,924,835
4,750,415
69,404,439
36,915,188
2,957,777
4,510
92,017
1,162,705
67,834,860
620,956
455,415
43,815,667
118,795
22,824,027
66,631,297
8,755,336
57,875,961
30,055,980
11,644,780

60,785,924
5,663,675
89,611,770
53,980,664
3,354,794
15,973
998,882
126,730
79,376,692
1,084,933
702,720
49,182,342
118,795
28,287,902
77,310,321
7,272,259
70,038,062
34,825,179
14,471,126

1,530,262
16,880,938
14,072,418
6,711,743
6,711,743

1,825,246
18,528,807
28,027,116
8,389,679
8,389,679

7,360,675
234,868
7,125,807

9,385,491
234,868
9,150,623
10,251,946

107,736,781
107,736,781

114,529,160
114,529,160

104,896,047
95,333,111
9,562,936
2,840,734
3,241,502
714,540
2,526,962
7,539,687
5,015,893
2,620,138
7,013,418
609,524
1,006,761
1,677,936
6,861,393

112,210,765
102,889,971
9,320,794
2,318,395
4,800,419
973,210
3,827,209
6,777,400
5,786,122
2,406,762
5,519,679
1,325,123
2,097,420
419,484
13,097,157

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,720,226
417,116
872,527
0

1,335,225
370,219
335,587
0

2,381,632
415,492
838,968
0

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
3,719,317
4,409,792
2,599,845
416,699
0
0
0
(5,189,460)

19,970,927
0
430,583
2,684,236

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

0.55
1.79
14.05
1.65
0.82
91.35
3.19
4.06
15.32
8.97
1.49
275.67

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
97.98
4.00
4.40
26.22
10.32
2.00
162.98
3.29
4.82
0.12
5.00
33.41

6,749,199

6,882,423

8,128,793

1,390,460

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)

411

2.22
0.00
1.94
16.76

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 2011

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

33,324,680

31,861,785

33,940,577

48,733,023
33,319,208
1,652,669
5,472

48,914,567
31,856,615
1,657,043
5,170

52,652,367
33,938,057
1,665,821
2,520

56,067,554
26,371,939
49,737,070
27,609,409
1,723,516
1,424,160

10,190,712
3,363,306
1,890,864
2,938,436
0
1,998,106
4,279,966
979,062
3,300,904
9,250,221

13,131,730
742,861
2,563,757
7,936,783
0
1,888,329
7,670,092
3,069,062
4,601,030
8,271,160

28,756,172
662,226
1,564,183
24,871,327
0
1,658,436
26,933,980
14,305,840
12,628,140
7,292,098

40,843,660
8,996,646
49,653,152
29,225,249
1,709,616
1,661,733
0
960,032
50,996,546
1,034,660
2,540,887
46,629,457
0
791,542
50,902,674
4,574,332
46,328,342
11,357,733
11,342,483
0
0
15,001
249
29,579,799
11,571,544
11,571,544
0
18,008,255
95,687
17,912,568
0

Items

9,250,221
29,985,205
11,571,544
11,571,544
0
18,413,661

8,271,160
29,052,263
11,571,544
11,571,544
0
17,480,719

7,292,098
28,470,671
11,571,544
11,571,544
0
16,899,127

30,915,687
30,915,687
0
26,557,346

49,575,047
49,575,047
0
45,411,178

70,428,588
70,428,588
0
65,678,654

4,358,341
280,729

4,163,869
252,919

4,749,934
288,770

60,457,078
9,956,405
72,438,765
48,374,377
1,965,591
1,422,162

662,046
69,964,674
927,940
1,559,876
66,712,461

704,134
93,581,396
2,562,524
3,773,699
85,806,069

764,397
70,394,638
8,400,189
61,994,449
25,511,722
25,454,733

1,439,104
90,587,592
11,682,276
78,905,316
33,090,216
33,069,836

15,689
41,300
30,125,868
11,571,544
11,571,544

19,320
1,060
30,360,666
11,571,544
11,571,544

18,554,324
357,415
18,196,909

18,789,122
605,690
18,183,432

99,694,264
99,694,264

123,309,604
123,309,604

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

2,768,437
0
2,140,736
0

2,654,237
0
3,297,890
0

2,600,583
0
2,487,882
0

82,783,924
82,783,924
0
76,687,113
71,894,694
4,792,419
6,096,811
415,046
0
415,046
210,845
2,098,138
1,912,680
3,717,099
0
3,876,467
0
15,017,419

39,235,426
0
627,701
979,062

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)
44,752,112

1.47
5.10
9.50
0.71
2.38
85.90
0.45
6.14
8.98
6.82
1.29
16.35

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
1.03
92.53
4.07
3.97
18.39
9.34
0.87
32.68
3.66
4.51
0.01
4.80
26.24

280,729

252,919

288,770

1,577,496

1,417,499

1,965,971

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

485,576
257,127
1,800,556
1,563,213
5,468,837
5,785,772
0
4,645,167

535,231
260,083
3,165,721
2,089,544
5,563,212
13,751
6,364,349
0
810,478

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

8.95
0.00
2.39
25.91

5.35
0.00
2.29
25.11

3.69
0.00
2.25
24.60

INFORMATION, COMM. & TRANSPORT

SERVICES

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

204,377,810

224,340,744

286,143,105

360,922,412
191,909,682
17,548,525
12,468,128

397,263,273
210,744,172
21,330,151
13,596,572

450,551,828
272,151,792
26,391,984
13,991,313

108,736,839
36,698,344
56,517
24,848,616
17,777,643
29,355,719
94,258,602
28,151,886
66,106,716
68,147,372

107,415,911
38,268,676
8,409,092
21,438,677
19,269,627
20,029,839
112,998,819
37,477,269
75,521,550
79,985,168

103,298,100
26,996,242
302,057
22,483,032
17,364,583
36,152,186
177,786,010
50,162,531
127,623,479
113,669,876

15,395,920

12,715,394

16,796,573

52,751,452
150,708,675
86,760,141
86,580,141
180,000
63,948,534

67,269,774
138,772,668
91,991,094
90,471,099
1,519,995
46,781,574

96,873,303
97,985,319
92,622,082
92,442,082
180,000
5,363,237

403,460,952
21,454,052
585,095,108
344,557,079
34,305,274
18,366,996
1,874,944
17,207,881
117,855,822
30,078,700
5,226,494
29,627,402
27,593,325
25,329,901
170,635,808
27,264,391
143,371,417
212,124,145
51,846,072
7,652,250
23,015,433
32,903,524
96,706,866
138,556,821
97,436,264
97,428,764
7,500
1,240,759
5,973,338
(4,732,579)
39,879,798

389,498,677
25,705,519
585,257,618
320,336,526
33,676,129
17,242,971
1,989,469
24,224,192
105,221,911
21,660,438
4,832,409
29,998,258
16,690,697
32,040,109
197,118,476
63,385,805
133,732,671
188,797,528
37,486,739
8,541,752
19,673,553
22,496,721
100,598,763
108,804,584
104,200,151
104,192,651
7,500
(17,465,280)
6,288,285
(23,753,565)
22,069,713

408,658,519
27,798,887
618,717,516
323,261,183
35,457,747
18,336,823
19,568,806
19,692,820
99,443,292
25,692,262
5,072,243
28,113,311
4,606,999
35,958,477
217,332,883
67,861,767
149,471,116
207,050,514
56,138,668
13,524,760
13,019,283
15,978,239
108,389,564
83,718,414
107,204,877
107,197,377
7,500
(47,347,114)
5,648,303
(52,995,417)
23,860,651

173,115,661
171,446,440
1,669,221
109,658,732

189,668,819
187,797,649
1,871,170
127,060,573

207,058,349
206,093,346
965,003
152,596,362

63,456,929
41,363,114

62,608,246
45,149,053

54,461,987
89,866,684

257,870,681
249,015,280
8,855,401
190,954,911
175,668,776
15,286,135
66,915,770
50,805,158
14,476,508
36,328,650
38,361,254
16,658,236
13,702,611
10,332,500
6,141,326
9,871,827
0
60,540,209

273,699,911
266,507,193
7,192,718
220,890,847
203,850,410
17,040,437
52,809,064
57,367,563
14,747,800
42,619,763
46,371,750
17,362,779
13,394,089
(15,077,860)
4,316,398
9,762,431
0
32,114,816

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

21,632,383
11,128,888
308,368
220,940

15,614,323
957,969
10,437,299
89,769

(40,395,933)
1,297,598
791,380
238,950

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
37,396,948
16,376,525
12,167,347
8,015,976
4,765,212
8,345,679
0
42,516,320

218,856,047
15,395,920
10,195,127
43,547,806

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

297,602,112
57,160,292
(5,680,653)
120,546,097

290,768,928
69,157,951
(29,156,689)
137,019,718

0.84
3.81
14.35
0.55
1.15
63.34
1.08
7.59
14.33
10.44
34.06
3,063.07

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

0.35
6.46
11.63
0.52
0.53
74.05
3.55
2.03
8.35
3.19
0.42
53.36
1.75
4.01
0.16
0.40
10.44

0.27
6.34
10.27
0.54
0.46
80.71
5.07
-3.01
-15.66
-5.13
-1.99
53.96
-0.13
-5.51
0.08
-1.81
7.81

41,363,114

45,149,053

89,866,684

6,591,797

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)

415

12.50
0.00
1.21
17.41

8.23
0.00
1.62
15.34

-19.51
0.00
-4.51
10.60

Growth with Composition of Assets & Liabilites

Billion Rs

450
400
350
300
250
200
150
100
50
0

10.3%

15%
10%
5%
0%
-5%
-10%
-15%
-20%
-23.1%
-25%

9.7%

4.9%
-5.5%

Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
50%

300
6.1%

250
200
Billion Rs

0%

-21.1%

-50%

150

-100%

100

-150%

50

-200%
-245.9%

-250%

Net Profit Before Tax

-300%

0
Sales

-50

Gross Profit

Key Performance Indicators

Profitability/Efficiency Ratios

Percentage

2010

8.35

2011

2.03

0
-5

Return on
-3.01
Assets

Return on
Equity

-10

4.01

0.53 0.46

-15.66

2011
0.4

0
-2

Current
Ratio

Debt Equity
Ratio

Net Profit
Margin

-4

-15
-20

Return on
Capital
-5.13
Employed

3.55

3.19

2010

5.07

Percentage

10

-6

-5.51

Earning Per
Share -1.81
after
Tax

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

137,954

173,856

185,498

154,288
126,922
20,380
11,032

218,117
164,689
26,061
9,167

260,051
177,320
29,304
8,178

391,476
12,065
59
160,465
0
218,887
98,200
7,387
90,813
20,358

521,213
31,248
101,787
245,087
0
143,091
110,084
13,839
96,245
78,005

839,972
63,996
826
471,963
0
303,187
240,377
38,619
201,758
52,807

20,358
410,872
500,000
500,000
0
(89,128)

78,005
506,980
500,000
500,000
0
6,980

52,807
732,286
500,000
500,000
0
232,286

420,398
6,348
323,401
211,094
29,803
8,092
0
194,864
778,540
63,856
835
408,662
0
305,187
410,635
152,431
258,204
62,584
32,667
0
0
19,554
10,363
725,719
500,000
500,000
0
225,719
0
225,719
0

489,762
2,277
354,098
206,265
45,113
10,294
0
270,926
996,774
137,357
1,240
429,946
0
428,231
607,433
241,371
366,062
45,248
14,000
0
0
27,716
3,532
833,855
500,000
500,000
0
333,855
0
333,855
0

558,868
0
383,393
199,569
50,095
12,846
0
346,453
1,036,971
89,154
253
468,324
0
479,240
518,497
231,371
287,126
55,647
0
0
0
52,709
2,938
1,021,695
500,000
500,000
0
521,695
0
521,695
0

519,982
519,982
0
439,477

1,154,377
1,154,377
0
863,689

1,453,947
1,453,947
0
864,559

1,284,273
1,284,273

80,505
90,558

290,688
139,106

589,388
228,958

689,449
528,559
160,890
594,824
270,573
114,951
155,622
254,728
28,117
25,976
313,820
110,983
80,000
0
137,139

1,436,505
1,436,505
0
773,761
664,837
108,924
662,744
359,726
161,643
198,083
296,065
38,769
37,586
296,290
114,109
50,000
0
23,216

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(8,437)
1,602
0
0

146,238
3,111
0
0

355,075
117,932
0
0

1,116,856
1,116,856
0
459,622
381,962
77,660
657,234
279,570
129,206
150,364
257,994
37,315
34,540
363,545
128,131
0
0
188,674

431,230
0
(10,039)
7,387

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
132,181
231,371

1.76
0.10
30.86
0.98
3.99
84.52
0.29
-2.14
-2.70
-2.62

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

90,558

139,106

228,958

538

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)

8,813.25

11.34

1,760.23

1,337.55
11.53
32.55
0.40
4.71
14.51

417

-1.62
0.00
-0.20
8.22

12.67
0.00
2.86
10.14

24.42
0.00
4.74
14.65

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,673,848
197,943
1,324,678
1,133,914
855,001
153,778
0
188,213
529,520
9,178
95,356
189,216
75,000
160,770
355,973
77,607
278,366
408,705
46,563
293,754
0
36,544
31,844
1,438,690
1,341,383
1,341,383
0
97,307
76,223
21,084
0

1,643,125
90,345
1,550,921
1,234,005
129,397
153,174
0
165,601
379,127
18,461
24,156
196,072
0
140,438
220,205
51,263
168,942
436,985
0
391,629
0
45,230
126
1,365,062
1,341,383
1,341,383
0
23,679
76,223
(52,544)
0

1,720,950
217,958
1,541,630
1,115,047
116,628
152,907

504,415
504,415
0
324,819
92,784
232,035
179,596
187,098
7,130
179,968
145,062
38,145
99,424
(23,759)
735
0
0
(53,056)

498,588
498,588
0
374,137
88,932
285,205
124,451
193,106
12,242
180,864
148,488
42,452
39,222
(108,304)
2,493
0
0
219,364

378,729
378,729
0
326,926
84,700
242,226
51,803
204,996
7,416
197,580
137,940
82,930
81,041
(226,500)
4,011
0
0
75,624

1,847,395
46,563
(24,494)
124,170

1,802,047
0
(110,797)
51,263

1,708,469
0
(230,511)
62,112

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

235,038
268,892
7,824
7,155
134,581

119,332
281,373
62,112
219,261
506,569
0
441,485

54,438
10,646
1,201,900
1,341,383
1,341,383

(139,483)
76,223
(215,706)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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)

418

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
-59.81
0.10
-1.72
8.96

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

375,990

561,990

973,229

396,703
307,788
32,044
68,202

468,874
364,151
31,804
197,839

720,030
537,541
72,841
435,688

678,624
127,276
0
150,765
15,188
385,395
105,577
45,462
60,115
7,918

1,031,106
67,529
499,012
319,109
15,188
130,268
286,904
137,273
149,631
13,031

1,504,269
127,933
0
432,861
15,188
928,287
460,360
214,759
245,601
18,092

7,918
941,119
354,820
354,820
0
586,299

13,031
1,293,161
408,043
408,043
0
885,118

18,092
1,999,046
597,375
597,375
0
1,401,671

2,183,881
165,433
805,052
522,549
314,037
1,493,810
0
2,089
1,998,831
197,059
0
974,046
22,120
805,606
565,411
200,000
365,411
71,119
62,500
0
0
0
8,619
3,546,182
779,102
779,102
0
2,767,080
384,063
2,383,017
0

3,338,776
219,797
1,450,133
1,045,138
444,106
2,073,091
0
750
1,800,187
222,681
0
1,021,762
0
555,744
804,435
200,000
604,435
146,983
122,832
0
0
0
24,151
4,187,545
779,102
779,102

1,468,015
61,571
705,042
519,424
88,071
871,832
15,188
0
1,448,651
227,992
0
623,499
0
597,160
402,704
200,000
202,704
135,044
87,500
34,520
0
0
13,024
2,378,918
779,102
779,102
0
1,599,816
273,029
1,326,787
0

600,152
109,969
490,183
291,734

1,082,420
174,690
907,730
465,783

1,556,158
1,556,158
0
613,493

308,418
157,141

616,637
199,326

942,665
285,140

2,031,256
122,860
1,908,396
665,346
665,346
0
1,365,910
371,234
96,780
274,454
84,086
24,641
23,151
979,875
3,448
97,388
0
811,890

2,058,465
68,373
1,990,092
825,741
825,741
0
1,232,724
504,719
143,439
361,280
556,469
23,603
17,767
811,662
2,524
0
0
1,300,575

Items

3,408,443
356,878
3,051,565

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

169,218
1,592
0
0

429,488
4,068
0
89,769

776,488
6,915
59,737
238,950

1,081,395
154,449
926,946
628,826
628,826
0
452,569
366,607
85,054
281,553
69,518
19,526
18,389
300,767
6,656
0
0
423,431

949,037
0
167,626
45,462

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

2.78
0.96
25.12
0.57
6.43
48.61
0.12
19.28
21.68
21.54

1.40
0.88
29.48
0.68
3.59
43.03
0.23
32.44
38.45
38.09

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

1.25
0.92
27.82
0.63
3.27
39.42
0.24
38.15
47.17
46.73
12.88

2.17

28.20
0.00
4.72
26.52

39.68
0.00
10.43
31.69

49.90
0.00
12.88
33.46

157,141

199,326

285,140

5,767

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)

419

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

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

239,015

286,318

357,553

395,238
239,015
28,053
0

493,512
286,318
51,042
0

614,942
357,553
69,996
0

351,365
45,598
0
75,210
148,502
82,055
258,728
0
258,728
0

390,527
63,498
0
97,023
129,747
100,259
275,069
0
275,069
0

475,435
82,415
0
172,459
96,421
124,140
356,485
0
356,485
0

0
331,652
71,280
71,280
0
260,372

0
401,776
78,408
78,408
0
323,368

0
476,503
78,408
78,408
0
398,095

405,267
0
690,083
405,267
75,594
0
0
0
595,909
127,313
0
101,599
234,020
132,977
340,265
0
340,265
69,637
0
0
0
13,525
56,112
591,274
78,408
78,408
0
512,866
12,042
500,824
0

397,197
0
753,865
397,197
75,350
0
0
0
683,000
151,516
0
85,151
207,620
238,713
322,734
0
322,734
69,822
0
0
0
15,958
53,864
687,641
78,408
78,408
0
609,233
12,042
597,191
0

372,628
0
794,302
370,158
424,144
2,470
0
0
597,918
74,267
0
98,288
203,680
221,683
246,561
0
246,561
69,801
0
0
0
21,518
48,283
654,184
78,408
78,408
0
575,776
12,042
563,734
0

513,770
510,963
2,807
240,991

523,473
523,473
0
301,001

690,469
688,906
1,563
420,771

272,779
123,354

222,472
85,717

269,698
126,455

1,058,618
1,058,618
0
752,010
200,229
551,781
306,608
79,513
1,150
78,363
161,010
722
0
249,542
91,980
62,726
0
119,766

675,119
675,119
0
589,823
0
589,823
85,296
77,228
1,110
76,118
147,920
1,193
0
28,946
15,711
19,602
0
14,020

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

164,037
48,834
0
0

157,947
52,464
39,204
0

175,279
43,000
31,363
0

1,042,099
1,042,099
0
748,259
208,523
539,736
293,840
66,198
1,349
64,849
136,596
583
0
248,947
88,699
54,886
0
342,817

331,652
0
115,203
0

401,776
0
66,279
0

476,503
0
100,916
0

660,911
0
105,362
0

757,463
0
94,836
0

723,985
0
(6,367)
0

1.04
0.06
14.64
0.87
1.36
46.91
0.78
29.28
55.60
55.60

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

1.53
0.18
14.56
0.70
2.43
87.37
0.48
2.82
4.31
3.91
0.68

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

4.29
0.04
1.69
83.43

123,354

85,717

126,455

316

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)

31.93
0.00
16.16
46.53

420

Financial Statement Analysis of Non Financial Sector 2011

Pakistan Int. Container Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

2,444,995

3,042,511

4,004,667

2,721,046
2,384,036
141,869
60,959

3,552,126
3,004,720
212,856
37,791

4,762,019
3,990,261
240,331
14,406

1,216,658
756,442
0
168,309
1,276
290,631
702,543
171,575
530,968
1,453,221

1,349,662
380,540
168,465
137,846
461,004
201,807
917,730
227,768
689,962
1,665,905

1,749,615
390,458
0
249,275
706,580
403,302
1,393,366
440,845
952,521
2,041,118

1,453,221
1,505,889
938,008
758,008
180,000
567,881

1,665,905
1,808,538
938,008
758,008
180,000
870,530

2,041,118
2,319,798
1,089,610
909,610
180,000
1,230,188

5,840,334
1,031,764
5,769,763
4,724,746
281,039
251
0
83,573
1,882,786
491,188
253,915
388,046
559,847
189,790
1,097,705
0
1,097,705
3,660,811
2,656,028
0
0
0
1,004,783
2,964,604
1,089,610
1,089,610
0
1,874,994
0
1,874,994
0

5,949,032
454,206
6,849,306
5,346,132
465,250
64,989
0
83,705
2,355,973
1,023,176
301,086
237,352
592,372
201,987
1,152,357
519,782
632,575
3,444,855
2,298,040
0
0
0
1,146,815
3,707,793
1,271,532
1,271,532
0
2,436,261
0
2,436,261
0

6,086,523
516,901
7,435,539
5,434,610
514,490
51,307
0
83,705
2,944,117
1,718,893
340,791
227,340
548,004
109,089
1,266,718
535,194
731,524
3,084,989
1,852,896
0
0
34,928
1,197,165
4,678,933
1,271,532
1,271,532
0
3,407,401
0
3,407,401

1,707,760
1,707,760
0
1,067,086

2,218,850
2,218,850
0
1,410,785

3,194,529
3,194,529
0
1,868,933

640,674
143,836

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
422,198
185,857
185,401
1,510,777
377,000
508,618
0
1,812,423

6,123,776
6,123,776
0
3,524,660
0
3,524,660
2,599,116
533,393
3,517
529,876
609,572
158,319
158,319
2,136,154
723,513
635,766
0
2,055,933

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

450,580
8,600
18,000
0

520,118
10,931
0
0

740,994
141,264
290,883
0

4,564,256
4,564,256
0
2,494,840
0
2,494,840
2,069,416
786,956
1,633
785,323
325,649
208,990
206,054
1,174,528
20,546
435,844
0
1,712,714

2,959,110
0
423,980
171,575

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

7,763,922
1,852,896
776,875
2,388,090

1.32
5.21
9.86
0.47
1.73
62.48
1.43
14.53
33.21
17.75
24.55

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

13.17

26.38
0.00
5.83
19.87

23.44
0.00
6.72
23.86

23.20
0.00
6.59
25.50

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

1.97
2.59
3.71
0.68
2.32
57.56
0.93
24.64
50.94
28.64
2.22
17.97
14.49
34.88
0.47
11.11
36.80

143,836

175,664

471,765

88,963

179,493

200,369

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

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

79,062,437

95,600,626

115,123,491

109,507,987
78,964,162
3,449,601
98,275

130,110,253
95,497,151
5,617,195
103,475

158,440,614
115,010,337
8,015,110
113,154

27,829,332
5,459,924
0
6,129,673
4,949,592
11,290,143
44,102,589
23,595,988
20,506,601
62,650,892

23,172,948
1,975,459
3,251,940
5,012,778
4,572,322
8,360,449
55,420,255
31,016,062
24,404,193
74,284,837

24,546,376
789,555
0
5,757,849
4,540,147
13,458,825
76,073,376
43,105,449
32,967,927
96,926,214

13,246,970

10,723,738

12,430,143

49,403,922
138,288
19,473,631
19,473,631
0
(19,335,343)

63,561,099
(10,931,518)
20,878,074
20,878,074
0
(31,809,592)

84,496,071
(33,329,723)
21,423,014
21,423,014
0
(54,752,737)

187,916,288
794,924
213,621,855
174,765,285
10,679,473
2,826,422
89,981
9,439,676
21,276,576
4,691,221
4,017,865
8,335,142
144,060
4,088,288
70,022,689
23,982,160
46,040,529
139,888,255
33,300,378
7,000,000
19,592,320
18,307,683
61,687,874
(718,080)
23,280,356
23,272,856
7,500
(62,865,633)
3,473,591
(66,339,224)
38,867,197

159,206,297
1,129,146
190,907,308
145,040,401
7,278,499
2,856,378
141,144
10,039,228
23,131,594
5,927,994
3,873,673
8,698,030
847,453
3,784,444
93,743,316
43,862,824
49,880,492
122,842,746
21,454,413
8,000,000
17,457,280
6,408,140
69,522,913
(34,248,171)
25,774,948
25,767,448
7,500
(81,082,544)
3,725,414
(84,807,958)
21,059,425

159,248,372
1,396,706
195,784,213
144,817,713
8,275,280
2,973,990
86,088
9,973,875
20,819,068
3,239,943
3,895,832
8,936,690
594,749
4,151,854
106,993,507
37,118,315
69,875,192
127,778,945
36,633,808
8,000,000
10,925,653
9,228,697
62,990,787
(54,705,012)
28,779,674
28,772,174
7,500
(106,339,275)
3,582,443
(109,921,718)
22,854,589

76,435,189
76,435,189
0
74,723,265

70,480,734
70,480,734
0
66,221,976

88,863,258
88,863,258
0
85,275,811

1,711,924
10,205,552

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
14,958,414
9,622,520
8,830,856
(7,584,809)
1,533,057
0
0
4,889,493

127,476,192
127,476,192
0
121,658,368
121,658,368
0
5,817,824
22,714,119
6,830,850
15,883,269
18,563,294
10,487,413
7,254,225
(26,858,145)
1,149,809
0
0
(3,947,766)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(12,985,271)
382,743
0
0

(13,070,921)
352,404
0
0

(39,987,775)
0
0
0

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
14,206,511
9,604,550
9,027,091
(11,784,791)
711,974
0
0
(1,910,730)

62,789,180
13,246,970
(13,368,014)
36,842,958

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

0.38
6.90
8.02
0.72
0.63
97.76
771.96
-14.44
-197.35
-22.80

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

21.67

-16.99
0.00
-6.86
0.07

-18.55
0.00
-6.43
-5.24

-45.00
0.00
-18.67
-15.56

10,205,552

11,193,267

37,054,494

5,275,360

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)

422

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
-0.02
-9.73
-19.01

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

7,439,170

8,041,024

1,010,823

8,882,423
7,430,919
1,104,188
8,251

8,758,583
8,036,074
1,257,675
4,950

1,102,632
1,009,174
93,458
1,649

6,160,521
4,327,054
0
209,936
704,943
918,588
1,673,151
258,557
1,414,594
474,021

8,350,578
907,906
444,341
557,290
6,040,632
400,409
1,898,097
258,771
1,639,326
215,643

12,603,513
3,394,350
0
236,312
5,681,779
3,291,072
7,443,597
245,607
7,197,990
0

474,021
11,452,519
1,320,634
1,320,634
0
10,131,885

215,643
14,277,862
1,320,634
1,320,634
0
12,957,228

0
6,170,739
1,320,634
1,320,634
0
4,850,105

8,729,638
347,599
912,445
801,558
41,567
0
1,581,131
5,999,350
8,070,341
2,217,680
22,622
369,276
5,108,614
352,149
9,763,834
0
9,763,834
219,894
0
0
58,252
0
161,642
6,816,251
1,320,634
1,320,634
0
4,814,590
126,843
4,687,747
681,027

15,694,447
668,762
916,762
767,609
38,627
0
1,584,670
12,673,406
2,826,872
1,307,961
22,788
193,195
1,207,224
95,704
11,096,488
0
11,096,488
291,288
0
0
50,194
0
241,094
7,133,543
1,320,634
1,320,634
0
5,140,981
126,843
5,014,138
671,928

26,303,826
257,703
1,337,075
1,150,549
91,703
0
19,224,674
5,670,900
3,309,308
2,098,976
20,499
272,125
471,900
445,808
14,802,251
1,079,763
13,722,488
7,262,089
5,929,277
0
1,012,417
320,395
0
7,548,794
1,320,634
1,320,634
0
5,565,343
126,843
5,438,500
662,817

7,924,614
7,924,614
0
6,255,047

9,089,124
9,089,124
0
6,495,702

10,753,528
10,753,528
0
7,277,061

1,669,567
529,321

2,593,422
611,539

3,476,467
629,292

2,077,947
2,077,947
0
1,351,580
0
1,351,580
726,367
402,621
4,871
397,750
352,287
19,161
2,877
1,138,962
422,073
198,095
0
5,699,609

3,084,361
3,084,361
0
1,945,834
0
1,945,834
1,138,527
293,085
0
293,085
78,505
261,994
570,884
900,558
169,921
132,063
0
2,442,141

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,391,106
328,140
240,115
120,058

2,848,056
487,935
198,095
0

3,487,161
458,862
409,397
0

3,491,783
3,491,783
0
1,932,155
0
1,932,155
1,559,628
637,029
5,128
631,901
304,084
48,446
2,622
1,698,302
639,257
198,095
0
1,610,825

11,926,540
0
822,851
258,557

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

7,424,831
50,194
518,794
50,194

14,810,883
6,941,694
598,574
8,021,457

3.13
0.95
2.65
0.58
3.68
78.93
0.19
9.75
12.70
12.04
4.43

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

0.24
0.92
9.30
0.11
0.25
65.04
1.60
6.45
16.33
15.75
3.62
91.19
396.89
54.81
0.50
5.43
54.02

0.19
8.49
8.82
0.10
0.22
63.09
2.92
3.74
12.27
8.10
5.53
150.46
2.58
29.20
0.11
5.53
57.16

529,321

611,539

629,292

75,647

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)

17.55
0.00
8.05
86.72

423

31.33
0.00
17.87
108.11

32.43
0.00
22.93
46.73

Financial Statement Analysis of Non Financial Sector 2011

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

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

93,090,976

90,032,106

138,405,485

223,338,718
89,042,100
11,655,477
4,048,876

232,722,125
86,801,364
12,345,628
3,230,742

263,052,209
134,650,828
16,142,494
3,754,657

59,149,046
22,598,785
0
16,059,983
7,118,002
13,372,276
35,139,623
0
35,139,623
0

62,788,754
33,283,660
3,879,206
11,411,412
7,411,776
6,802,700
41,907,596
2,145,948
39,761,648
0

52,651,550
21,240,745
190,883
12,610,927
3,737,634
14,871,361
79,975,667
3,807,390
76,168,277
9,100,949

0
117,100,399
51,000,000
51,000,000
0
66,100,399

0
110,913,264
51,000,000
51,000,000
0
59,913,264

9,100,949
101,980,419
51,000,000
51,000,000
0
50,980,419

149,513,334
13,297,795
321,339,316
131,909,917
19,006,676
3,865,149
108,095
332,378
65,626,552
21,185,566
470,673
10,875,750
21,017,790
12,076,773
62,790,693
0
62,790,693
47,096,259
9,000,000
0
0
14,252,785
23,843,474
105,252,934
51,000,000
51,000,000
0
54,252,934
0
54,252,934
0

156,245,937
17,959,087
335,810,870
134,123,749
21,162,250
3,716,981
108,910
337,210
51,824,385
10,072,560
385,199
10,385,233
13,493,865
17,487,528
47,128,440
0
47,128,440
52,867,124
13,000,000
0
0
15,676,877
24,190,247
108,074,758
51,000,000
51,000,000
0
57,074,758
0
57,074,758
0

160,741,057
21,591,349
357,309,190
134,582,399
21,408,114
3,906,996
107,553
552,760
51,254,315
16,797,906
577,434
9,434,885
2,642,378
21,801,712
52,204,553
9,032,075
43,172,478
52,204,849
11,083,439
0
0
5,934,952
35,186,458
107,585,970
51,000,000
51,000,000
0
56,585,970
30,590
56,555,380

72,684,431
72,684,431
0
17,370,056

86,252,033
86,252,033
0
37,277,838

80,835,886
80,835,886
0
39,727,012

104,590,337
99,387,711
5,202,626
68,684,962
68,684,962

55,314,375
27,916,857

48,974,195
26,851,475

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
12,566,801
3,293,496
1,602,130
18,635,765
3,451,037
8,925,000
0
31,179,508
160,941,882
13,000,000
6,259,728
13,000,000

159,790,819
11,083,439
4,868,075
20,115,514

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
2.65
9.02
0.49
0.98
65.67
0.97
7.51
14.64
9.84
1.55
181.13
7.69
15.09
0.30
2.70
21.10

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

30,974,048
10,327,852
0
0

25,722,225
0
10,200,000
0

(2,502,766)
461,021
0
0

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
11,215,209
4,473,429
1,319,266
16,739,109
3,080,732
7,650,000
0
37,630,326

117,100,399
0
20,646,196
0

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

1.30
0.46
22.10
0.48
1.68
23.90
0.30
21.50
27.16
27.16

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

27,916,857

26,851,475

44,666,085

336,401

1,880,029

2,661,347

35,905,375
21,807,847
7,515,175
14,292,672
15,587,834
2,774,014
2,360,860
15,782,998
1,989,923
8,925,000
0
31,130,323

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)

42.61
0.00
4.05
22.96

424

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 2011

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

270,049

225,836

194,088

301,609
221,860
38,606
48,189

301,134
189,314
32,783
36,522

302,692
162,785
28,134
31,303

109,718
1,253
15,573
32,340
0
60,552
115,729
58,612
57,117
21,306

45,754
1,939
5,914
16,247
0
21,654
181,148
66,205
114,943
15,222

29,727
1,022
4,019
6,888
0
17,798
221,100
48,794
172,306
8,424

21,306
242,732
499,755
499,755
0
(257,023)

15,222
75,220
499,755
499,755
0
(424,535)

8,424
(5,709)
499,755
499,755
0
(505,464)

170,735
3,891
299,853
136,055
20,487
26,402
4,387
0
13,412
1,150
4,852
1,028
0
6,382
180,515
4,627
175,888
28,869
0
27,000
0
1,869
0
(25,237)
499,775
499,775
0
(525,012)
27,643
(552,655)
0

145,317
3,891
299,087
115,540
23,990
21,502
4,384
0
11,620
564
2,035
1,798
0
7,223
143,620
0
143,620
80,029
0
76,197
0
3,832
0
(66,712)
499,775
499,775
0
(566,487)
32,703
(599,190)
0

130,974
0
311,023
109,208
19,132
17,349
4,417
0
24,737
1,582
8,883
3,798
0
10,474
94,485
0
94,485
148,386
0
143,548
0
4,838
0
(87,160)
499,775
499,775
0
(586,935)
86,439
(673,374)
0

95,585
95,585
0
89,829

50,113
50,113
0
50,096

55,367
55,367
0
76,343

5,756
115,682

17
114,007

(20,976)
30,962

53,736
53,736
0
63,373
13,838
49,535
(9,637)
26,702
18,058
8,644
17,394
7,057
36
(41,197)
14,419
0
0
(3,849)

60,161
60,161
0
69,295
30,701
38,594
(9,134)
30,047
19,775
10,272
20,034
32
0
(19,819)
6,937
0
0
21,419

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(112,648)
501
0
0

(167,225)
286
0
0

(80,642)
286
0
0

58,796
58,796
0
65,429
14,163
51,266
(6,633)
26,108
16,381
9,727
16,825
344
242
(19,547)
6,842
0
0
15,361

264,038
0
(113,149)
58,612

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

61,226
0
(26,756)
0

0.29
14.51
33.83
0.25
0.95
93.98
0.56
-23.27
-37.49
-32.32

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
0.05
6.31
0.39
0.26
115.18
-2.79
-12.68
25.76
-53.17

115,682

114,007

30,962

13,868

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)

6.14

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

6.77

-117.85
0.00
-2.26
4.86

-333.70
0.00
-3.35
1.51

-145.65
0.00
-1.62
-0.11

425

-32.94
0.09
-0.54
-1.74

Financial Statement Analysis of Non Financial Sector 2011

TRG Pakistan Ltd.

2007

2008

2009

10,333

2,764,967

791

23,288
10,251
7,310
82

1,491,603
752,482
276,685
2,012,485

23,173
791
2,263
0

3,650,768
50,388
0
0
3,558,355
42,025
1,481,396
1,406,143
75,253
3,069

2,885,180
847,015
4,869
1,223,827
9,259
800,210
1,515,181
735,454
779,727
83,050

1,499,648
2,176
0
2,424
1,474,704
20,344
35,589
0
35,589
0

3,069
2,176,636
2,408,692
2,408,692
0
(232,056)

83,050
4,051,916
5,193,902
3,853,907
1,339,995
(1,141,986)

0
1,464,850
3,853,907
3,853,907
0
(2,389,057)

3,694,825
12,255
2,622,996
996,265
359,558
2,610,075
0
76,230
2,561,674
321,112
10,550
1,773,993
0
456,019
5,497,622
973,618
4,524,004
624,025
84,661
296,976
0
7,669
234,719
134,852
3,853,907
3,853,907
0
(3,719,055)
1,037,607
(4,756,662)
0

2,257,231
52,904
2,492,618
639,769
364,466
1,397,167
60,461
106,930
3,399,636
542,563
12,388
1,662,413
0
1,182,272
6,092,883
1,024,789
5,068,094
420,207
139,824
73,926
0
8,791
197,666
(856,223)
3,853,907
3,853,907
0
(4,710,130)
959,211
(5,669,341)
0

1,928,827
96,801
2,049,468
472,320
309,015
1,232,525
0
127,181
2,608,067
464,415
11,292
1,772,833
0
359,527
5,804,882
1,069,166
4,735,716
453,164
225,320
21,500
0
14,709
191,635
(1,721,152)
3,853,907
3,853,907
0
(5,575,059)
808,100
(6,383,159)

29,340
29,340
0
19,324

8,722,720
8,722,720
0
6,157,292

8,841,513
8,841,513
0
7,949,309

10,016
6,919

2,565,428
3,015,995

892,204
3,263,802

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
7,437,149
204,323
187,916
(1,596,015)
26,043
0
0
(83,486)

10,218,657
10,218,657
0
8,393,282
42,329
8,350,953
1,825,375
2,858,842

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

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(135,912)
0
0
0

(574,344)
20,716
0
0

(2,118,093)
4,124
0
0

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
8,535,029
258,844
191,522
(1,915,073)
11,930
3,854
0
(305,740)

2,179,705
0
(135,912)
1,406,143

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)
225,320
(1,096,802)
1,294,486

2.44
473.82
0.00
0.01
2.46
65.86
0.68
-4.16
-6.05
-6.04

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

0.39
1.91
17.35
2.25
0.45
82.14
-3.64
-21.00
83.07
125.64

1,791.48

-463.23
0.00
-0.56
9.04

-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

6,919

3,015,995

3,263,802

139,019

170,298

263,823

2,858,842
8,201,913
195,434
181,568
(1,070,482)
26,320
0
0
(1,043,409)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

766.46
-7.49
-16.81
-0.01
-4.21
-2.22

904.95
-4.90
-10.48
-0.17
-2.85
-4.47

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

7,813,223

7,820,628

8,408,998

5,757,483
4,564,313
468,398
3,248,910

6,417,148
4,601,312
610,302
3,219,316

6,293,185
3,824,829
664,504
4,584,169

3,451,071
1,833,593
14,487
166,131
340,537
1,096,323
5,324,194
935,189
4,389,005
2,268,874

1,783,820
130,191
13,130
203,538
0
1,436,961
4,056,412
665,830
3,390,582
2,305,130

1,987,030
35,436
10,220
325,894
409,722
1,205,758
5,854,183
937,405
4,916,778
1,805,099

2,099,041

1,648,801

1,128,960

169,833
3,671,226
3,000,000
3,000,000
0
671,226

656,329
3,242,906
3,000,000
3,000,000
0
242,906

676,139
2,736,746
3,000,000
3,000,000
0
(263,254)

6,663,767
535,476
6,466,698
2,780,833
786,798
2,900,823
0
446,635
2,946,006
8,772
8,857
723,661
75,555
2,129,161
3,855,443
407,783
3,447,660
2,903,898
464,000
0
0
39,361
2,400,537
2,850,432
3,000,000
3,000,000
0
(149,568)
0
(149,568)
0

5,348,485
544,525
6,511,884
2,095,152
734,078
2,611,521
0
97,287
5,196,242
82,541
8,836
1,057,917
9,571
4,037,377
3,199,594
269,771
2,929,823
3,670,554
502,000
0
0
23,139
3,145,415
3,674,579
3,000,000
3,000,000
0
674,579
0
674,579
0

4,760,895
546,580
6,632,498
1,681,843
533,923
2,429,939
0
102,533
4,552,780
16,926
862
448,850
31,799
4,054,343
2,605,835
980,462
1,625,373
2,973,465
201,625
0
0
228
2,771,612
3,734,375
3,000,000
3,000,000
0
734,375
0
734,375
0

3,034,189
3,034,189
0
2,412,725

2,265,329
2,265,329
0
2,258,703

2,848,937
2,848,937
0
2,801,068

621,464
510,378

6,626
565,822

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
274,549
535,240
349,429
1,367,636
44,761
0
0
(1,045,010)

2,589,586
2,589,586
0
2,231,540
2,231,540
0
358,046
563,833
0
563,833
335,614
277,682
272,460
133,384
30,666
0
0
441,809

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(93,289)
12,802
0
0

(532,301)
10,738
0
0

(709,147)
26,622
0
0

4,406,184
4,406,184
0
2,944,401
2,944,401
0
1,461,783
761,312
0
761,312
339,008
594,935
6,701
176,730
2,998
3,000
0
1,004,752

5,940,100
2,099,041
(106,091)
3,034,230

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

0.44
13.82
5.48
0.27
0.65
79.52
2.07
-0.82
-2.53
-1.50

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

510,378

565,822

752,900

419,388

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)

427

209.44

172.53

278.76

-3.07
0.00
-0.35
12.24

-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
0.08
0.34
12.45

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

18,290,717
3,513,632
15,510,200
14,062,017
941,294
336,907
0
378,161
7,983,764
397,192
158,864
3,720,786
0
3,706,922
10,607,753
1,466,165
9,141,588
10,899,317
6,155,733
0
0
48,592
4,694,992
4,767,411
2,087,373
2,087,373
0
2,680,038
179,500
2,500,538
0

21,566,135
3,883,565
20,114,318
17,053,114
1,630,824
310,843
0
318,613
8,783,416
2,014,726
8,091
4,060,687
0
2,699,912
24,408,286
17,016,005
7,392,281
1,218,962
0
0
0
60,059
1,158,903
4,722,303
6,174,746
6,174,746
0
(1,452,443)
206,999
(1,659,442)
0

23,520,173
2,304,106
23,840,137
18,755,581
2,046,163
299,775
0
2,160,711
4,644,087
632,667
7,341
2,041,152
0
1,962,927
22,765,384
16,455,433
6,309,951
6,131,283
0
4,918,227
0
10,752
1,202,304
(732,407)
6,174,746
6,174,746
0
(6,907,153)
(26,567)
(6,880,586)
0

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
1,219,451
568,393
889,654
1,680,741
44,139
0
0
321,128

8,608,482
8,608,482
0
6,445,974
6,445,974
0
2,162,508
3,488,542
20,486
3,468,056
984,910
1,951,237
1,766,193
(3,022,099)
11,404
0
0
1,914,579

7,007,010
7,007,010
0
5,853,881
5,853,881
0
1,153,129
5,959,491
13,935
5,945,556
1,119,294
2,346,742
1,849,037
(7,093,743)
2,821
0
0
(1,054,183)

15,666,728
6,155,733
1,636,602
7,621,898

5,941,265
0
(3,033,503)
17,016,005

5,398,876
0
(7,096,564)
16,455,433

0.39
3.51
22.99
0.62
0.75
68.15
4.51
6.40
35.25
10.73

0.25
22.67
47.17
0.28
0.36
74.88
5.43
-10.67
-63.69
-27.97

0.12
33.49
29.13
0.25
0.20
83.54
-39.45
-24.25
-355.59
-125.11

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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)

428

101.88
2.89
10.38
0.01
7.84
22.84

1,063.96
-0.71
-35.11
0.07
-4.91
7.65

954.50
-2.84
-101.24
-0.04
-11.49
-1.19

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

11,697,499

14,200,689

15,888,289

7,384,099
6,860,685
501,142
4,836,814

10,738,499
9,496,190
726,340
4,704,499

12,988,982
10,879,966
891,769
5,008,323

4,226,410
1,452,789
21,931
701,434
941,248
1,109,008
3,379,975
995,969
2,384,006
1,244,179

3,182,063
560,575
35,187
899,052
629,699
1,057,550
4,114,001
1,276,779
2,837,222
1,214,345

3,496,659
849,040
90,868
900,712
702,408
953,631
3,415,568
390,323
3,025,245
3,607,173

49,909

342,855

3,237,470

1,194,270
11,299,755
6,539,658
6,539,658
0
4,760,097

871,490
12,054,406
7,520,607
7,520,607
0
4,533,799

369,703
12,362,207
8,605,716
8,605,716
0
3,756,491

18,673,786
1,650,854
15,508,778
12,110,704
1,139,913
4,767,265
76,162
68,801
4,142,091
336,480
182,105
2,116,744
378,439
1,128,323
5,309,977
0
5,309,977
6,126,847
18,542
0
3,364,861
175,942
2,567,502
11,379,053
8,605,716
8,605,716
0
2,441,763
766,860
1,674,903
331,574

18,371,831
751,378
17,891,529
12,795,044
1,414,248
4,606,312
89,900
129,197
3,634,441
183,960
192,917
2,016,418
310,472
930,674
8,437,709
200,000
8,237,709
3,338,589
15,962
0
2,166,079
226,979
929,569
10,229,974
8,605,716
8,605,716
0
1,285,898
764,787
521,111
338,360

19,946,650
650,986
19,848,915
13,527,048
1,224,954
5,183,628
146,074
438,914
5,582,845
327,028
201,901
3,252,683
114,489
1,686,744
8,944,402
1,097,876
7,846,526
6,234,344
89,471
0
1,081,213
300,075
4,763,585
10,350,749
8,605,716
8,605,716
0
1,401,788
595,312
806,476
343,245

5,033,763
5,033,763
0
3,351,207

4,678,913
4,678,913
0
2,996,702

4,814,024
4,814,024
0
3,160,996

1,682,556
1,090,851

1,682,211
1,093,458

1,653,028
1,253,154

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
699,240
743,413
689,424
(1,511,453)
52,628
0
0
14,888,783

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
717,296
714,654
610,342
100,837
80,133
0
0
655,114

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,182,220
0
0
0

710,995
334
0
0

43,446
22,590
0
0

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
626,012
523,025
371,842
(623,523)
22,573
0
0
1,535,818

12,543,934
49,909
1,182,220
1,045,878

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

16,585,093
1,170,684
20,704
2,268,560

0.92
3.56
13.93
0.32
1.25
66.57
0.41
10.80
16.85
14.75

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

1,090,851

1,093,458

1,253,154

179,092

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)

429

229.53

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
12.03

23.49
0.00
1.81
17.28

15.20
0.00
0.94
16.03

0.90
0.00
0.02
14.37

COKE & REFINED PETROLEUM

PRODUCTS

430

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

43,353,483

51,533,745

62,476,965

75,019,518
43,025,889
4,413,841
327,594

86,763,890
51,184,295
4,549,586
349,450

106,336,739
62,141,118
5,285,961
335,847

203,019,210
46,757,220
56,037,533
43,809,138
22,826,355
33,588,964
139,908,824
15,885,426
124,023,398
6,117,223

231,547,459
34,223,708
61,516,942
50,252,169
45,953,272
39,601,368
159,829,104
17,542,891
142,286,213
1,521,288

365,829,239
66,825,396
110,890,572
90,711,066
55,532,698
41,869,507
274,564,736
26,543,107
248,021,629
1,013,258

144,406,139
25,301,531
117,578,196
63,435,599
7,266,862
2,130,061
35,948,361
17,590,587
442,772,415
39,387,296
102,761,119
230,217,263
30,410,502
39,996,235
368,372,136
26,312,262
342,059,874
28,905,869
3,378,332
5,000,944

535,698

321,396

107,094

132,829,786
27,165,270
97,488,491
49,810,306
5,662,806
585,465
33,740,952
21,527,793
345,051,884
37,239,112
83,988,397
173,064,466
13,248,309
37,511,600
294,254,425
32,958,463
261,295,962
25,692,600
5,534,040
4,023,101
0
3,156,809
12,978,650
157,934,645
19,563,775
19,563,775
0
132,362,778
12,464,644
119,898,134
6,008,092

Items

5,581,525
100,346,646
15,205,041
15,204,887
154
85,141,605

1,199,892
121,730,812
15,478,346
15,478,346
0
106,252,466

906,164
152,728,210
18,176,971
18,176,971
0
134,551,239

855,252,005
833,677,688
21,574,317
789,803,474

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

65,448,531
16,175,865

60,976,890
17,369,070

91,126,772
23,604,031

177,853,737
14,792,079
150,650,864
88,336,659
8,745,505
1,869,776
53,280,143
19,575,080
517,775,290
30,612,660
161,993,604
228,740,814
25,094,448
71,333,764
421,430,233
34,179,067
387,251,166
27,741,721
1,608,586

3,513,495
17,013,098
189,900,549
21,223,467
21,223,467
0
159,748,937
5,670,175
154,078,762
8,928,145

4,151,289
21,981,846
246,457,073
29,187,842
29,187,842
0
199,449,925
7,054,707
192,395,218
17,819,306

1,417,587,124
1,346,760,686
70,826,438
1,321,100,130
385,253,720
935,846,410
96,486,994
27,908,506
10,364,333
17,544,173
13,987,071
16,032,874
3,801,725
70,887,754
20,162,493
20,515,728
2,106,860
51,984,817

1,653,348,258
1,568,927,161
84,421,097
1,523,810,310
497,226,820
1,026,583,490
129,537,948
32,698,019
11,627,943
21,070,076
16,011,185
16,639,899
5,093,274
101,662,397
30,803,121
29,424,944
1,366,213
30,218,114

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

54,579,548
17,760,686
15,421,728
1,312,665

48,812,157
15,633,490
11,541,363
1,041,271

71,666,527
25,551,864
23,991,105
1,608,138

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
11,069,933
21,043,779
6,555,112
34,027,344
18,552,394
20,603,296
1,659,721
(6,220,935)

106,463,869
535,698
21,397,134
16,421,124

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

274,198,794
1,608,586
41,434,332
35,787,653

0.81
0.30
5.12
3.47
1.45
92.35
1.46
25.98
60.31
58.06
2.39
15.26

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
1.01
13.84
2.38
1.23
92.17
1.82
15.85
46.60
41.24
2.41
10.21
20.96
6.15
0.07
24.28
84.44

16,175,865

17,369,070

23,604,031

2,524,122

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)

432

6.38
0.00
24.22
66.00

5.22
0.00
21.44
78.65

6.01
0.00
25.37
84.02

Growth with Composition of Assets & Liabilities

600

22.9%

500

18.8%
14.5%

Billion Rs

400

25%
20%
15%

12.6%

10%

300

5%

200

0%

100

-4.2%

-5%

-10%
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

Shareholders Equity

Growth

Growth & Composition of Operations

2010
1800
1600
1400
1200
1000
800
600
400
200
0

2011

Growth
35%
30.3%

Billion Rs

25.5%

30%
25%
20%
15%

14.3%

10%
5%
0%
Sales

Gross Profit

Net Profit Before Tax

Key Performance Indicators

Profitability/Efficiency Ratios
50
45
40
35
30
25
20
15
10
5
0

46.6
40.76

2011
41.24
35.23

25

2010

20

2011

23.924.28

Percentage

Percentage

2010

15

15.85
13.31

10
5

5
Return on
Return on
Assets
Return on
Equity
Capital
Employed

1.2 1.23

6.15

2.09 1.82

0
Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax

Financial Statement Analysis of Non Financial Sector 2011

Attock Petroleum Ltd.

2006

2007

2008

2009

520,948

601,326

922,621

673,037
520,948
55,785
0

816,437
601,326
63,428
0

1,212,247
922,621
77,187
0

6,063,168
2,280,904
74,220
2,502,476
353,257
852,311
4,538,425
0
4,538,425
0

8,382,441
4,066,809
341,702
2,502,998
202,025
1,268,907
5,529,470
0
5,529,470
0

14,590,715
6,117,891
299,092
5,825,869
1,039,450
1,308,413
9,977,487
0
9,977,487
0

0
2,045,691
400,000
400,000
0
1,645,691

0
3,454,297
400,000
400,000
0
3,054,297

0
5,535,849
480,000
480,000
0
5,055,849

1,864,272
191,095
1,294,352
939,780
82,634
0
733,397
0
16,408,160
7,434,910
141,507
7,835,521
0
996,222
10,938,626
0
10,938,626
251,538
0
0
0
0
251,538
7,082,268
576,000
576,000
0
6,506,268
34,097
6,472,171
0

46,223,802
46,223,802
0
44,411,947

49,965,900
49,965,900
0
47,920,929

60,130,125
60,130,125
0
57,381,724

1,811,855
342,168

2,044,971
409,649

2,748,401
556,036

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)
2010
2011
2,013,419
197,475
1,472,927
1,019,742
127,298

2,232,955
336,477
1,626,336
1,038,290
145,064

765,739
30,463
19,429,233
9,275,603
993,282
7,602,060
831,754
726,534
11,917,167

842,957
15,231
22,247,396
5,218,037
5,246,705
9,297,292
1,015,930
1,469,432
12,613,827

11,917,167
288,908

12,613,827
320,316

288,908
9,236,577
576,000
576,000

320,316
11,546,208
691,200
691,200

8,660,577
17,043
8,643,534

10,855,008
27,407
10,827,601

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
104,680,507

4,846,309
1,234,000
1,728,000
115,200
3,358,779

5,579,805
1,760,000
2,868,480
0
(2,668,549)

9,525,485
0
1,884,309
0

11,866,524
0
951,325
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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,945,606
553,000
480,000
0

2,435,606
723,000
560,000
80,000

3,529,552
924,000
960,000
96,000

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
370,129
28,992
0
4,280,419
1,120,000
1,440,000
0
2,000,812

2,045,691
0
912,606
0

3,454,297
0
1,152,606
0

5,535,849
0
1,645,552
0

7,333,806
0
1,720,419
0

342,168

409,649

556,036

4,714,218
1,049,021

925,687
624,996
319,865

1,049,021
210,134
1,120,372

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

1.13
0.00
5.41
7.02
1.34
96.08
2.22
43.08
127.21
127.21
2.90
622.79

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

1.22
0.00
5.01
5.56
1.52
95.91
1.60
31.29
88.57
88.57
3.06
146.23

1.30
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

1.23
1.02
8.50
4.47
1.76
95.69
1.12
24.30
53.70
52.17
1.33
20.85

4.21
0.00
34.82
51.14

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

5.10
-0.21
55.26
167.05

Financial Statement Analysis of Non Financial Sector 2011

Attock Refinery Ltd.

2006

2007

2008

2009

3,243,951

2,968,135

2,929,652

6,266,867
3,243,951
340,410
0

6,347,549
2,968,135
340,410
0

6,663,704
2,929,652
391,506
0

25,852,334
8,031,594
3,523,808
4,675,133
8,622,914
998,885
20,554,182
1,136,750
19,417,432
3,410,250

29,219,818
8,880,114
3,852,646
6,234,918
9,261,339
990,801
26,485,949
0
26,485,949
0

47,151,531
18,944,632
4,844,853
9,207,238
13,135,579
1,019,229
38,458,853
0
38,458,853
0

3,410,250
5,131,853
454,896
454,896
0
4,676,957

0
5,702,004
568,620
568,620
0
5,133,384

0
11,622,330
710,775
710,775
0
10,911,555

18,415,324
336,072
6,383,506
2,524,816
127,932
0
15,299,218
255,218
28,140,279
6,803,995
4,869,728
15,510,180
0
956,376
32,302,627
0
32,302,627
120,130
0
0
0
120,130
0
14,132,846
852,930
852,930
0
11,356,577
5,296,593
6,059,984
1,923,339

70,001,269
61,488,286
8,512,983
69,429,575

74,316,619
66,083,779
8,232,840
73,462,649

93,654,305
82,828,681
10,825,624
89,646,373

571,694
264,990

853,970
293,975

4,007,932
454,187

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)
2010
2011
19,957,153
260,908
6,543,471
2,565,183
123,925

28,337,372
279,099
13,415,929
9,337,332
108,191

16,915,229
215,833
42,297,522
3,971,738
7,179,547
30,430,592

18,493,118
227,823
40,600,949
3,865,089
10,873,194
25,053,997

715,645
46,259,902

808,669
42,339,112

46,259,902
140,022

42,339,112
158,401

140,022

158,401

15,854,751
852,930
852,930

26,440,808
852,930
852,930

13,078,482
4,723,028
8,355,454
1,923,339

16,842,661
5,894,474
10,948,187
8,745,217

88,184,026
88,184,026

116,397,374
116,397,374

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

435,362
400,000
0
104,976

325,717
476,500
227,448
142,155

2,887,223
1,054,100
568,620
142,155

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
489,867
1,471,525
0
1,072,629
631,700
0
0
(11,543,764)

8,542,103
0
35,362
1,136,750

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
0

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
98.66
1.61
3.80
11.79
11.70
6.59
10.70
2,599.83
2.14
-0.05
13.17
310.00

264,990

293,975

454,187

498,425

234,278

1,244,373

88,693,686
86,477,494
2,216,192
(509,660)
346,870
24,834
322,036
595,087
308,797
1,344
(181,992)
270,900
0
(3,739,484)

114,839,853
114,444,741
395,112
1,557,521
585,424
28,337
557,087
655,470
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

1.04
0.71
6.68
2.41
1.26
99.18
4.67
1.83
8.76
6.52

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

19.87

435

15.87

12.28
-134.41
-0.21
-0.08
-5.31
185.89

0.62
0.00
0.78
112.81

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 2011

Byco Petruleum (Bosicor Pakistan Ltd.)

2006

2007

2008

2009

3,737,018

6,401,691

8,575,551

4,390,591
3,719,322
325,598
17,696

7,275,720
6,387,534
219,890
14,157

9,698,575
8,564,933
249,322
10,618

7,380,583
2,189,778
3,909,395
1,106,960
0
174,450
7,358,405
890,101
6,468,304
1,000,605

8,840,938
1,788,863
5,177,422
1,079,213
300,000
495,440
8,742,243
859,375
7,882,868
1,451,589

23,486,044
7,906,497
11,934,244
3,217,917
0
427,386
26,027,414
1,605,532
24,421,882
933,899

535,698

321,396

107,094

14,874,321
4,297,952
12,091,616
10,480,610
482,019
7,079
0
88,680
16,744,472
2,078,445
4,487,801
9,089,974
0
1,088,252
23,129,180
1,660,246
21,468,934
11,081,333
5,432,145
4,023,101
0
12,259
1,613,828
(2,591,720)
3,921,044
3,921,044
0
(10,597,517)
0
(10,597,517)
4,084,753

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

464,907
2,758,591
2,450,652
2,450,652
0
307,939

1,130,193
5,048,797
2,450,652
2,450,652
0
2,598,145

826,805
5,100,282
3,921,044
3,921,044
0
1,179,238

21,633,519
21,201,256
432,263
21,008,890

23,349,577
22,435,606
913,971
23,422,062

40,092,140
40,092,140
0
37,950,232

624,629
138,578

(72,485)
196,142

2,141,908
1,647,747

(Thousand Rupees)
2010
2011
17,192,986
6,866,005
12,433,065
10,203,285
630,610
39,116

22,060,622
6,459,916
18,444,991
15,526,412
701,459
32,619

84,580
13,629,157
1,046,352
4,927,938
6,861,842

41,675
12,038,795
271,254
4,113,023
6,658,446

793,025
26,333,231
508,809
25,824,422
10,266,838
3,290,451
5,000,944

996,072
29,020,544

29,020,544
5,036,072
1,506,738

22,959
1,952,484
(5,777,926)
3,921,044
3,921,044
0
(13,559,848)

37,313
3,492,021
42,801
9,778,587
9,778,587
0
(15,665,947)

(13,559,848)
3,860,878

(15,665,947)
5,930,161

41,097,707
32,320,908
8,776,799
40,433,035
41,400,669
(967,634)
664,672
1,233,943
637,710
596,233
539,700
3,026,132

38,944,270
30,844,800
8,099,470
38,237,612
35,478,237
2,759,375
706,658
1,830,498
982,753
847,745
691,970
2,096,783

0
2,013,478

0
3,186,089

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

301,361
89,645
0
0

(628,204)
96,859
0
0

183,981
179,031
0
0

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
365,632
6,431,727
1,989,011
(10,327,182)
55,177
0
0
(5,837,508)

3,759,196
535,698
211,716
1,425,799

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

5,078,873
1,506,738
(2,485,189)
1,506,738

0.45
1.32
5.12
1.95
1.00
97.11
3.03
3.35
11.33
8.44

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

0.24
5.38
17.10
1.14
0.41
98.19
795.70
-6.91
78.27
-46.92

138,578

196,142

1,647,747

285,566

405,647

497,179

(2,852,437)
249,373

(2,244,431)
240,758

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.53

4.51

3.36

9.94
-4.19
-23.14
-0.17
-26.48
-6.61

8.34

9.47

1.39
0.00
0.86
11.26

-2.69
0.00
-2.96
20.60

0.46
0.00
0.01
13.01

-6.94
0.06
-7.91
-14.74

-5.76
0.09
-2.54
0.04

Financial Statement Analysis of Non Financial Sector 2011

National Refinery Ltd.

2006

2007

2008

2009

2,297,379

2,361,478

2,613,187

7,167,360
2,286,751
177,150
10,628

7,416,800
2,343,352
195,768
18,126

7,907,169
2,601,276
239,204
11,911

22,625,162
7,761,060
6,475,195
5,342,764
0
3,046,143
15,545,821
0
15,545,821
0

30,280,081
11,492,152
7,687,420
6,130,324
0
4,970,185
19,895,170
0
19,895,170
0

43,991,428
13,122,136
13,288,291
10,173,051
3,615,359
3,792,591
29,185,570
0
29,185,570
0

0
9,376,720
666,388
666,388
0
8,710,332

0
12,746,389
666,388
666,388
0
12,080,001

0
17,419,045
799,666
799,666
0
16,619,379

3,188,894
923,463
7,623,624
2,095,848
228,331
5,938
0
163,645
39,155,717
7,800,079
12,251,181
14,841,288
0
4,263,169
24,856,323
0
24,856,323
135,547
0
0
0
135,547
0
17,352,741
799,666
799,666
0
16,553,075
3,932,897
12,620,178
0

96,634,962
84,005,891
12,629,071
91,636,209

109,145,970
92,926,185
16,219,785
102,882,180

146,233,271
124,753,735
21,479,536
135,552,515

4,998,753
1,064,284

6,263,790
1,155,225

10,680,756
1,922,197

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)
2010
2011
3,771,585
534,040
8,471,125
2,714,181
235,129
138

3,327,820
231,276
9,032,071
3,003,479
280,284
35

523,226
47,867,534
16,209,008
11,798,203
16,291,704

93,030
53,366,439
9,058,203
19,346,929
14,100,493

3,568,619
31,861,654

10,860,814
31,858,318

31,861,654
139,492

31,858,318
228,766

139,492
0
19,637,973
799,666
799,666

179,857
48,909
24,607,175
799,666
799,666

18,838,307
14,259
18,824,048

23,807,509
14,259
23,793,250

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
1,050,797
695,757
348,289
5,135,622
2,112,460
1,599,332
0
10,192,154

148,558,492
123,338,516
25,219,976
138,551,416
141,730,936
(3,179,520)
10,007,076
2,325,572
1,135,999
1,189,573
1,217,674
150,468
113,114
10,028,610
2,978,436
1,999,165
0
(491)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

5,262,093
1,745,579
1,066,221
0

6,094,700
2,003,100
133,278
133,278

8,831,292
2,917,200
159,933
0

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
1,038,419
2,394,388
0
2,813,456
1,024,349
999,583
0
(7,397,293)

9,376,720
0
2,450,293
0

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

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

1,064,284

1,155,225

1,922,197

9,883

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

0.84
0.01
5.53
3.88
1.46
94.83
1.66
24.27
64.50
64.50
3.30
14.92

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

437

5.45
0.00
52.77
140.71

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 2011

Pakistan Oilfields Ltd.

2006

2007

2008

2009

6,500,547

8,153,327

10,359,216

6,928,639
6,500,547
230,793
0

10,712,568
8,153,327
285,180
0

13,015,437
10,359,216
580,625
0

16,740,701
3,923,783
62,774
2,489,937
8,335,208
1,928,999
6,996,752
1,080,000
5,916,752
1,620,000

16,867,069
3,173,303
69,207
2,343,639
8,734,654
2,546,266
5,544,193
0
5,544,193
0

22,508,772
7,424,725
57,611
1,800,233
10,214,926
3,011,277
7,498,072
0
7,498,072
0

1,620,000
14,624,496
1,971,216
1,971,216
0
12,653,280

0
19,476,203
1,971,216
1,971,216
0
17,504,987

0
25,369,916
1,971,216
1,971,216
0
23,398,700

26,573,959
2,151,621
5,186,238
1,922,991
417,283
0
11,330,404
11,168,943
9,957,920
4,074,756
95,971
1,827,533
6,623
3,953,037
2,804,032
0
2,804,032
6,148,624
0
0
0
8,758
6,139,866
27,579,223
2,365,459
2,365,459
0
25,213,764
557,087
24,656,677
0

17,732,095
17,732,095
0
9,143,418

16,331,115
16,331,115
0
7,794,591

18,722,408
18,722,408
0
8,087,533

8,588,677
620,388

8,536,524
1,001,077

10,634,875
1,736,721

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)
2010
2011
29,369,919
105,507
7,847,209
4,054,371
620,514

32,506,659
135,754
8,482,506
4,184,045
617,141

11,829,109
13,380,932
12,465,495
4,177,531
104,073
2,584,625
2,282,908
3,316,358
3,384,163

12,707,166
15,479,694
17,967,755
6,942,334
133,966
4,343,778
3,227,373
3,320,304
5,481,992

3,384,163
6,993,214

5,481,992
8,333,397

6,993,214
31,458,037
2,365,459
2,365,459
0
29,092,578
437,691
28,654,887

8,333,397
36,659,025
2,365,459
2,365,459
0
34,293,566
623,053
33,670,513

18,418,349
18,418,349

25,670,744
25,670,744

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

8,128,615
2,011,926
2,956,824
985,608

8,222,587
1,457,000
2,956,824
0

9,576,248
2,479,217
3,153,946
394,243

14,545,279
14,545,279
0
6,126,443
0
6,126,443
8,418,836
2,656,910
0
2,656,910
541,244
512,785
0
7,227,855
572,623
4,257,826
0
5,555,728

16,244,496
0
3,159,865
1,080,000

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
4,163,214
0

2.11
2.13
14.04
0.76
2.39
51.56
0.59
41.60
62.75
59.06
2.07
282.48

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

620,388

1,001,077

1,736,721

376,991

226,016

389,390

7,454,688

9,952,235

7,454,688
10,963,661
2,410,994

9,952,235
15,718,509
2,288,449

2,410,994
714,525
(753,468)

2,288,449
1,110,829
(1,189,630)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

438

45.84
0.00
31.03
74.19

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

Financial Statement Analysis of Non Financial Sector 2011

Pakistan Petroleum Ltd.

2006

2007

2008

2009

12,869,583

15,377,148

21,368,020

23,787,811
12,763,021
1,471,407
106,562

24,213,098
15,226,821
1,636,347
150,327

35,853,636
21,187,166
2,147,646
180,854

28,196,514
17,326,903
0
6,941,736
308,396
3,619,479
10,056,167
44,236
10,011,931
79,349

34,991,977
787,384
1,474,655
9,002,094
22,193,282
1,534,562
10,201,922
50,696
10,151,226
69,152

39,655,241
1,094,892
0
13,228,456
22,749,486
2,582,407
17,291,426
44,795
17,246,631
77,564

37,477,478
16,444,583
34,950,465
18,318,870
2,308,665
207,264
1,854,333
652,428
45,438,653
1,384,353
0
27,779,864
13,241,686
3,032,750
14,648,084
45,946
14,602,138
5,209,490
100,105
0
0
990,685
4,118,700
63,058,557
8,298,606
8,298,606
0
54,759,951
1,428
54,758,523
0

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

79,349
30,930,581
6,858,376
6,858,222
154
24,072,205

69,152
40,098,051
6,858,376
6,858,376
0
33,239,675

77,564
43,654,271
7,544,200
7,544,200
0
36,110,071

43,565,270
43,565,270
0
23,724,440

51,079,679
51,079,679
0
26,538,401

57,884,679
57,884,679
0
28,378,275

19,840,830
1,127,195

24,541,278
2,600,106

29,506,404
2,085,367

(Thousand Rupees)
2010
2011
44,522,467
14,786,064
46,802,606
26,909,324
3,437,317
374,850
1,804,498
647,731
63,057,116
1,874,393

62,682,907
5,580,023
64,584,833
39,838,249
4,883,082
487,195
16,102,548
674,892
61,448,104
1,503,126

30,811,189
27,295,840
3,075,694
19,623,088
1,210,728
18,412,360
8,050,264
87,881

32,096,358
20,851,145
6,997,475
19,508,473
53,428
19,455,045
10,199,505
101,848

1,135,029
6,827,354
79,906,231
9,958,298
9,958,298
0
69,947,933
1,428
69,946,505

1,340,573
8,757,084
94,423,033
11,949,930
11,949,930
0
82,473,103
1,428
82,471,675

59,961,616
59,961,616

78,252,395
78,252,395

2,567,955
3,868,609
154,832
57,910
34,528,207
9,727,779
8,962,468
1,991,660
26,459,883

3,591,519
4,611,821
205,444
58,839
48,364,644
14,716,650
14,339,916
1,194,993
30,130,644

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

20,189,533
6,436,482
3,772,068
0

24,356,770
8,015,087
3,086,269
685,838

30,446,555
9,366,685
11,693,510
754,420

61,580,072
61,580,072
0
20,624,486
0
20,624,486
40,955,586
3,103,270
0
3,103,270
3,103,270
93,628
19,236
41,908,420
14,082,203
10,788,188
1,659,721
13,293,274

31,009,930
0
9,980,983
44,236

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

2.44
0.07
15.93
1.06
2.80
54.46
0.33
55.42
73.89
73.70
3.65

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

1,127,195

2,600,106

2,085,367

30,096

49,424

66,624

25,349,117

30,597,067

25,349,117
34,612,499
2,567,955

30,597,067
47,655,328
3,591,519

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

46.34
0.00
20.05
45.10

439

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

Financial Statement Analysis of Non Financial Sector 2011

Pakistan Refinery Ltd.

2006

2007

2008

2009

816,734

952,118

989,865

1,600,580
816,734
110,122
0

1,841,574
930,675
132,110
21,443

2,030,504
975,774
143,831
14,091

11,187,665
2,363,107
3,843,622
3,674,774
50,609
1,255,553
7,452,851
29,080
7,423,771
0

13,734,415
1,698,277
5,107,781
4,779,465
255,846
1,893,046
9,881,450
0
9,881,450
0

22,782,211
2,646,115
9,102,109
10,427,821
58,603
547,563
16,966,171
0
16,966,171
0

0
4,551,548
250,000
250,000
0
4,301,548

0
4,805,083
300,000
300,000
0
4,505,083

0
6,805,905
350,000
350,000
0
6,455,905

3,412,936
1,381,075
2,131,135
954,988
130,813
6,739
57,280
1,012,854
29,153,909
3,909,833
8,367,282
14,431,063
0
2,445,731
30,383,131
4,105,936
26,277,195
4,372
0
0
0
4,372
0
2,179,342
350,000
350,000
0
1,829,342
897
1,828,445
0

71,991,159
71,991,159
0
69,589,746

67,385,920
67,385,920
0
66,609,969

107,300,775
107,300,775
0
102,969,009

2,401,413
391,201

775,951
270,663

4,331,766
1,079,720

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)
2010
2011
5,696,266
1,562,378
5,361,657
4,036,490
155,256

4,448,453
216,642
5,626,275
4,142,422
162,512

66,663
30,735
25,163,450
9,590
6,810,970
16,120,819

70,576
18,813
20,530,314
7,164
9,054,172
9,979,708

2,222,071
28,509,765
3,171,710
25,338,055
1,138

1,489,270
22,383,185
1,705,128
20,678,057
18,665

1,138
0
2,348,813
350,000
350,000

12,077
6,588
2,576,917
350,000
350,000

(1,145,115)
897
(1,146,012)
3,143,928

(917,011)
897
(917,908)
3,143,928

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
344,746
1,134,272
429,219
(1,914,433)
91,294
0
(2,830,971)

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
436,033
212,009
185,985
734,122
575,754
52,500
0
1,638,037

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,063,383
726,621
0
112,500

504,265
288,440
99,000
0

3,254,618
1,153,180
0
50,100

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
390,389
2,477,467
343,481
(5,501,398)
85,872
0
0
(1,397,205)

4,551,548
0
1,336,762
29,080

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

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

391,201

270,663

1,079,720

40,999

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

0.82
0.06
5.10
6.00
1.50
96.66
1.64
20.99
52.57
52.57

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

18.73

440

0.68
0.12
7.09
4.59
1.39
98.85
2.06
3.78
10.78
10.78
2.18
13.19

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

2.87
0.00
53.47
182.06

0.75
0.00
7.19
160.17

3.03
0.00
60.04
194.45

Financial Statement Analysis of Non Financial Sector 2011

Pakistan State Oil Co. Ltd.

2006

2007

2008

2009

7,639,248

8,138,529

7,566,051

13,668,220
7,484,429
1,046,839
154,819

16,244,045
8,012,317
1,098,157
126,212

16,774,554
7,460,549
1,119,137
105,502

62,529,276
1,898,894
28,168,633
11,839,518
3,278,970
17,343,261
49,355,465
7,648,919
41,706,546
0

66,598,786
1,522,276
29,562,055
13,599,966
2,990,591
18,923,898
53,798,098
9,064,781
44,733,317
0

119,543,969
3,018,640
62,360,067
33,904,728
2,701,097
17,559,437
96,144,966
10,997,908
85,147,058
0

0
20,813,059
1,715,190
1,715,190
0
19,097,869

0
20,939,217
1,715,190
1,715,190
0
19,224,027

0
30,965,054
1,715,190
1,715,190
0
29,249,864

14,732,119
698,501
16,692,857
6,288,524
1,141,698
68,872
2,153,514
5,522,708
138,689,524
2,883,118
40,698,209
80,509,830
0
14,598,367
130,023,120
18,654,526
111,368,594
2,527,738
0
0
0
1,673,020
854,718
20,870,785
1,715,190
1,715,190
0
19,155,595
545,595
18,610,000
0

353,833,345
353,833,345
0
336,626,119

411,989,979
411,989,979
0
399,730,549

583,213,959
583,213,959
0
553,190,333

17,207,226
7,101,552

12,259,430
6,012,814

30,023,626
9,283,021

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)
2010
2011
8,874,593
644,850
17,106,763
5,730,383
1,137,637
36,250
2,019,270
443,840
193,373,148
1,778,056
58,598,668
117,501,074

9,858,510
424,790
18,086,155
5,659,941
1,120,999
28,822
2,314,168
1,430,789
252,814,896
2,309,006
95,378,393
124,721,832

15,495,350
170,075,456
13,021,015
157,054,441
2,836,227

30,405,665
217,513,173
24,541,511
192,971,662
3,257,248

1,887,751
948,476
29,336,058
1,715,190
1,715,190

2,233,717
1,023,531
41,902,985
1,715,190
1,715,190

27,620,868
475,829
27,145,039

40,187,795
493,189
39,694,606

742,757,951
742,757,951

820,530,364
820,530,364

713,591,707
29,166,244
9,411,885
4,055,238
5,356,647
4,531,488
9,882,010
1,899,519
17,963,152
3,905,704
1,372,152
0
4,957,702

786,250,059
34,280,305
10,879,122
5,175,233
5,703,889
5,618,524
11,903,162
2,867,733
17,974,434
4,414,335
1,715,190
0
(8,416,354)

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

11,654,101
4,335,720
5,831,646
0

7,121,980
2,483,725
3,601,899
0

21,377,412
7,392,666
4,030,696
0

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
2,871,933
6,232,056
2,953,427
(11,356,864)
201,536
857,595
0
(4,828,554)

20,813,059
0
1,486,735
7,648,919

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

0.34
0.25
3.35
5.04
1.27
95.14
2.37
19.07
59.08
59.08
1.25
12.56

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

7,101,552

6,012,814

9,283,021

884,153

1,158,112

1,367,898

713,591,707

786,250,059

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

3.29
0.00
42.67
121.35

1.73
0.00
27.04
122.08

3.67
0.00
81.53
180.53

Financial Statement Analysis of Non Financial Sector 2011

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

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

5,728,075

6,579,993

7,152,802

10,536,413
5,690,186
655,737
37,889

11,896,099
6,560,808
578,296
19,185

13,180,913
7,139,931
337,503
12,871

22,443,807
981,197
9,979,886
5,235,840
1,877,001
4,369,883
18,050,756
5,056,340
12,994,416
7,019

22,631,934
814,530
8,244,054
4,579,552
2,015,535
6,978,263
19,750,609
7,568,039
12,182,570
547

32,119,328
6,549,868
9,004,305
2,925,753
2,018,198
11,621,204
33,014,777
13,894,872
19,119,905
1,795

13,007,751
344,304
11,539,373
6,202,640
799,176
1,679,707
2,547,853
2,233,247
25,489,760
1,045,025
12,348,438
2,013,358
0
10,082,939
30,407,710
8,400,000
22,007,710
189,766

14,986,063
40,711,609
7,879,000
32,832,609
189,351

7,019
10,114,107
438,323
438,323
0
9,675,784

547
9,460,771
547,904
547,904
0
8,912,867

1,795
6,255,558
684,880
684,880
0
5,570,678

187,104
2,662
7,900,035
684,880
684,880
0
7,215,155

189,351
0
8,258,121
684,880
684,880
0
7,573,241

12,290,483
740,908
11,134,698
6,283,879
743,431
289,573
2,312,806
2,663,317
21,363,250
869,623
13,076,718
1,239,213
0
6,177,696
25,169,302
8,491,809
16,677,493
213,828
1,790
0
0
212,038
0
8,270,603
684,880
684,880
0
7,585,723
2,096,050
5,489,673
0

133,636,584
133,636,584
0
124,233,130

131,040,241
131,040,241
0
125,266,780

84,900,772
77,990,403
6,910,369
87,849,668

9,403,454
5,125,509

5,773,461
5,429,419

(2,948,896)
4,839,035

Items

12,398,439
1,128,102
11,351,768
5,606,489
726,773
1,321,105
2,749,610
1,593,133
36,760,642
1,438,447
17,847,222
2,488,910

7,215,155

7,573,241

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
1,717,123
1,264,677
1,065,444
3,044,085
1,087,055
821,856
0
2,238,505

219,149,349
187,824,869
31,324,480
206,668,670
7,168,140
199,500,530
12,480,679
8,358,414
4,141,036
4,217,378
1,458,730
2,095,883
1,866,644
2,832,717
1,290,392
0
171,220
(4,173,400)

8,089,801
0
1,135,174
8,400,000

8,447,472
0
1,542,325
7,879,000

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

4,599,494
1,461,713
1,314,969
109,581

378,736
89,779
876,645
0

(8,420,354)
85,785
3,424,400
171,220

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
1,899,050
1,401,211
1,249,957
3,910,009
778,934
2,260,104
0
3,933,575

10,121,126
0
1,822,812
5,056,340

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

0.45
0.30
3.92
4.74
1.24
92.96
1.79
18.97
49.72
49.66
2.39
13.39

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

5,125,509

5,429,419

4,839,035

398,009

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)

442

3.44
0.00
71.59
230.75

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

0.10
0.96
1.14
4.46
0.90
94.30
4.95
6.46
35.06
34.26

12.28
2.52
1.29
-0.10
22.52
120.58

PAPER, PAPERBOARD & PRODUCTS

Financial Statement Analysis of Non Financial Sector 2011

Paper, Paperboard and Products - Overall

2006

2007

2008

2009

18,935,247

29,077,484

32,812,211

25,927,002
18,932,507
789,409
2,740

36,820,332
29,069,829
974,168
7,655

34,913,594
32,783,525
1,347,443
28,686

12,711,670
377,652
2,876,546
1,326,840
6,152,731
1,977,901
5,356,139
2,297,361
3,058,778
6,663,200

19,121,735
347,238
3,760,579
1,813,483
10,400,557
2,799,878
7,515,394
1,421,950
6,093,444
16,125,907

22,091,251
403,610
6,818,232
2,318,293
8,801,223
3,749,893
13,955,954
5,869,699
8,086,255
17,965,664

41,275,251
371,717
44,015,945
32,320,378
2,248,049
71,634
4,564,542
3,946,980
15,811,967
994,853
7,229,244
3,237,019
0
4,350,851
7,224,931
430,508
6,794,423
20,322,878
17,009,459

6,663,200
19,627,578
1,803,436
1,803,436
0
17,824,142

16,125,907
24,557,918
1,904,321
1,904,321
0
22,653,597

17,965,664
22,981,844
2,164,227
2,164,227
0
20,817,617

0
7,234
3,306,185
29,539,409
3,844,732
2,238,857
1,605,875
25,449,253

16,792,668
16,602,563
190,105
14,090,569

19,516,775
19,318,000
198,775
16,906,320

23,603,296
22,993,347
609,949
21,577,634

2,702,099
1,187,914

2,610,455
1,185,201

2,025,662
1,303,203

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)
2010
2011
44,200,220
794,331
44,806,246
30,635,851
2,535,868
66,548
12,213,510
489,980
17,466,744
1,499,578
7,354,756
3,385,656
0
5,226,754
8,602,201
803,756
7,798,445
15,529,224
12,300,041
440,000

47,759,051
399,976
46,935,549
30,807,202
2,622,477
90,489
16,172,389
288,995
19,404,458
391,785
9,517,209
3,801,466
0
5,693,998
10,697,859
1,483,847
9,214,012
15,869,169
12,352,795
352,000

25,449,253
245,424

11,691
2,777,492
37,535,539
6,848,777
2,238,856
4,609,921
30,387,323
2,605,875
27,781,448
299,439

23,383
3,140,991
40,596,481
6,941,602
2,331,681
4,609,921
33,357,227
2,605,875
30,751,352
297,652

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
2,512,428
2,582,706
1,014,784
831,936
547,064
489,358
35,449
889,305

39,339,797
39,092,216
247,581
35,536,952
22,466,343
13,070,609
3,802,845
2,139,380
783,153
1,356,227
3,004,564
2,835,116
2,378,099
148,040
507,540
352,319
43,031
(1,287,363)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

6,995,521
349,884
521,158
100,885

6,305,209
294,618
114,979
259,906

332,151
215,891
123,891
105,629

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
736,219
2,920,060
1,264,049
4,782,153
2,590,104
487,483
0
(611,306)

26,290,778
0
6,124,479
2,297,361

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
12,352,795
(711,819)
13,836,642

1.47
1.42
7.90
0.53
2.37
83.91
0.61
26.97
42.87
33.92
12.75
5.84

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
7.21
9.66
0.59
1.81
90.33
0.65
0.23
0.38
0.27
-1.02
4.13
1.06
0.38
-0.05
-1.52
171.90

1,187,914

1,185,201

1,303,203

239,187

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)

445

41.66
0.00
36.25
107.05

32.31
0.00
31.56
128.96

1.41
0.00
0.53
104.74

Growth with Composition of Assets & Liabilities

60

25%

50

20%

19.6%

Billion Rs

40

15%

30
10%

10.0%

20

7.5%

7.5%

5%

10

2.1%

0
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

0%
Shareholders Equity

Growth

Growth & Composition of Operations

2010

Billion Rs

45
40
35
30
25
20
15
10
5
0

11.2%

-200%
-300%
-400%
-462.0%
Gross Profit

2.48

2.5

2010
2011

2
1.62

1.4

1
0.23

0.38
0.27

0
Return on
Return on
Assets
Return on
Equity
Capital
Employed

-500%

Net Profit Before Tax

Key Performance Indicators

2.5
2
1.5
1
0.5
0
-0.5
-1
-1.5
-2

Percentage

Percentage

0%
-100%

Profitability/Efficiency Ratios

0.5

Growth
100%

4.6%

Sales

1.5

2011

2.38
2.03
1.81

2011
1.26
0.64 0.65

Current
Ratio

2010

Debt
Equity
Ratio

0.38

Net Profit Earning

Margin Per Share
after Tax
-1.52

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

5,741

5,237

4,783

4,487

4,119

22,880
5,741
560
0

22,880
5,237
504
0

22,880
4,783
454
0

22,880
4,374
409

22,880
4,006
368

22,880
4,006
368

6,874
1,548
0
0
0
5,326
27,367
0
27,367
0

7,885
2,665
0
0
0
5,220
27,390
0
27,390
0

7,422
2,306
0
0
0
5,116
25,860
0
25,860
0

113
8,155

113
9,448
4,546

(221)
6,414
4,546

0
4,977
769

0
4,902
760

0
1,868
760

769
25,000

760
25,000
25,000

760
20,000
20,000

0
0
25,000
(13,127)
30,000
30,000
0
0

(12,193)
30,000
30,000
0
(42,193)

(10,561)
30,000
30,000
0
(40,561)

0
(14,752)
30,000
30,000
0
(44,752)

0
(14,268)
30,000
30,000
0
(44,268)

0
(13,655)
30,000
30,000
0
(43,655)

0
0
0
0

0
0
0
0

0
1,598

3,178

3,785

(40,561)

(43,127)

(42,193)
0

0
0
0
0

0
1,330

0
1,473

0
1,657

0
1,345

0
912

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,598

1,330

1,473

1,657

1,345
152

912
76

1,215
281

1,982
350

98

235
9
0
0

584
100
0
0

723
110
0
0

(14,752)
0
226
0

743
215

0
872

0
1,368

0
2,032

(14,268)
0
484
0

(13,655)
0
613
0

11,873
0
528
0

12,807
25,000
934
25,000

9,439
20,000
1,632
20,000

0.06

0.10

0.09

0.00

5.98

5.98

0.00
0.25

0.00
0.29

0.00
0.29

0.00
10.60

0.00
12.43

0.00
8.44

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)

447

-1.86
1.80
-1.58
-1.58

-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

0.00
0.04
-2.46

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

0.00

Financial Statement Analysis of Non Financial Sector 2011

Central Forest Products Ltd.

2007

2008

2009

73,416

69,106

64,726

60,563

56,742

111,003
73,416
5,322
0

111,625
69,106
4,932
0

111,794
64,726
4,550
0

111,353
60,471
4,144

111,353
56,669
3,801

111,353
53,179
3,491

231,187
1,236
222,519
0
0
7,432
321,806
114,937
206,869
80

238,171
1,271
230,326
0
0
6,574
326,600
101,531
225,069
0

243,669
197
236,946
0
0
6,526
329,165
101,531
227,634
0

92
249,609
118
243,595

73
251,103
90
245,568

73
251,289
100
245,568

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

Items

53,252

0
5,896
255,405

0
5,445
255,595

0
5,621
254,244

255,405
71,261

255,595
71,284

254,244
70,761

80
(17,283)
30,000
30,000
0
(47,283)

0
(19,323)
30,000
30,000
0
(49,323)

0
(20,770)
30,000
30,000
0
(50,770)

0
0
71,261
(16,494)
30,000
30,000
0
(46,494)

84
71,200
(19,034)
30,000
30,000
0
(49,034)

314
70,447
(20,464)
30,000
30,000
0
(50,464)

(46,494)

(49,034)

(50,464)

0
0
0
0

0
0
0
0

0
0
0
0

6,880
2,509
4,371
5,104

0
0

0
0

0
1,552

0
1,870

0
1,440

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: (i) Interest expenses
7.Net profit 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
4,668
180
4,488
143

0
0
5,741

3,325

171

5,104
1,776
2,489
1,731
758
361
34

(4,877)
0
0
0

(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
(46)

(17,203)
0
(4,877)
114,937

(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

0.00

0.00

0.00

0.00

0.00
0.72

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

1,552

1,870

1,440

5,741
277

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

448

-18.62
-1.62
34.01
34.32

-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

0.00

0.03

0.00

0.00

0.00
-1.63
-5.76

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

Financial Statement Analysis of Non Financial Sector 2011

Century Paper & Board Mills Ltd.

2006

2007

2008

2009

3,377,138

8,596,373

10,881,147

4,904,153
3,376,930
246,486
208

10,232,680
8,589,883
246,484
6,490

5,900,257
10,855,498
288,791
25,649

10,701,086
296,362
12,902,270
10,157,985
696,224
49,664

1,061,371
21,775
424,940
216,038
165,595
233,023
1,177,020
571,796
605,224
440,476

1,040,925
21,806
455,862
280,801
0
282,456
3,151,875
567,553
2,584,322
3,580,952

2,521,390
16,474
1,496,478
413,171
0
595,267
4,948,487
1,643,545
3,304,942
5,521,428

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)
2010
2011
10,140,633
28,416
13,330,594
9,850,801
743,407
41,463

9,422,576
19,198
13,575,787
9,365,235
743,768
31,286

197,075
3,076,057
406,851
1,357,453
504,129
0
807,624
3,003,665

219,953
3,928,645
264,930
1,868,914
759,663
0
1,035,138
3,949,721

6,857
4,645,925
129,919
2,669,500
735,847

1,110,659
4,393,829

3,003,665
8,895,000
8,895,000

3,949,721
4,225,000
4,225,000

4,393,829
3,375,000
3,375,000

1,171,644

5,894,557
3,710,880
706,834
3,004,046
2,183,677
1,000,000
1,183,677

6,299,672
3,710,880
706,834
3,004,046
2,588,792
1,000,000
1,588,792

7,152,092
7,152,092

9,702,311
9,702,311

11,779,054
11,779,054

0
0

440,476
2,821,013
642,576
642,576
0
2,178,437

3,580,952
2,904,471
642,576
642,576
0
2,261,895

5,521,428
2,932,622
706,834
706,834
0
2,225,788

1,878,478
706,834
706,834
0
1,171,644

3,843,935
3,843,935
0
3,385,320

4,415,467
4,415,467
0
4,109,883

5,036,261
5,036,261
0
4,717,895

458,615
121,777

305,584
128,696

318,366
221,743

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

121,777

128,696

221,743

78,071

89,768

99,693

7,226,388
4,546,513
2,679,875
(74,296)
280,987
58,067
222,920
427,758
1,300,208

8,255,272
5,270,028
2,985,244
1,447,039
309,643
79,532
230,111
489,143
1,137,075

9,769,526
6,772,721
2,996,805
2,009,528
400,190
105,160
295,030
578,788
963,042
960,046
734,694
118,195

308,222
17,091
0
0

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)

3,261,489
0
291,131
571,796

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

10,119,557
4,225,000
25,741
4,225,000

9,674,672
3,375,000
616,499
3,375,000

0.34
2.03
5.62
0.87
0.90
88.07
0.57
8.46
14.32
11.68

0.10
2.03
6.36
0.46
0.33
93.08
2.32
1.76
4.34
2.55

0.30
18.18
7.05
0.52
1.02
101.04
6.33
-11.73
-66.29
-16.59

0.26
11.72
7.83
0.69
0.99
85.09
1.39
0.54
1.92
0.71

0.20
8.18
6.25
0.84
1.06
82.94
1.23
5.22
13.13
7.42

0
734,798

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.09
1.98
8.20
0.38
0.51
93.68
3.57
0.32
1.27
0.50

9.05

9.69

3.37

5.27

5.19

4.41
1.77
6.24
0.09
8.72
89.13

8.02
0.00
4.53
43.90

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 2011

Cherat Packaging Ltd.

2006

2007

2008

2009

165,461

152,484

196,061

255,943
165,461
13,592
0

256,852
152,484
13,910
0

312,948
196,061
13,270
0

533,936
39,170
297,100
118,260
44,428
34,978
320,562
135,511
185,051
75,000

717,797
19,998
513,143
106,236
50,181
28,239
445,688
146,458
299,230
50,000

1,344,889
9,829
973,484
4,354
50,471
306,751
1,088,448
736,764
351,684
25,000

398,516
4,166
526,608
389,641
20,080
541
2,994
1,174
1,117,554
7,905
700,688
245,388
0
163,573
993,912

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)
2010
2011
378,106

535,580
369,619
32,721
5,143
2,040
1,304
742,856
7,264
386,135
229,308
0
120,149
551,753

508,555
108,812
547,312
349,788
31,908
6,375
1,991
41,589
1,281,665
8,770
878,155
268,224
0
126,516
855,903

993,912
143,882
143,882

551,753
95,568
93,750

855,903
56,250
56,250

0
0

75,000
303,835
58,752
58,752
0
245,083

50,000
374,593
58,752
58,752
0
315,841

25,000
427,502
73,440
73,440
0
354,062

378,276
91,800
91,800
0
286,476

914,451
906,138
8,313
874,858

1,350,948
1,344,258
6,690
1,187,865

2,146,812
2,139,949
6,863
1,968,658

39,593
21,630

163,083
32,982

178,154
35,024

1,818
473,641
91,800
91,800
0
381,841

878,067
172,125
172,125
0
705,942

286,476

381,841

705,942

2,060,614
2,060,614

1,985,235
1,985,235

2,471,964
2,471,964

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

21,630

32,982

35,024

15,203

27,808

48,391

1,919,207
1,821,762
97,445
141,407
33,243
20,253
12,990
6,726
176,748
160,348
(58,351)
23,140

1,749,546
1,605,505
144,041
235,689
48,121
25,026
23,095
8,926
96,873
96,329
95,442
9,937
0
22,950
574,240

2,168,243
2,064,036
104,207
303,721
69,653
29,639
40,014
68,244
71,221
70,720
165,811
26,037

9,910
3,978
8,813
0

116,207
13,935
11,750
14,688

104,426
23,937
11,016
18,360

0
127,638

378,835
0
(2,881)
135,511

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
139,774
56,250

0.63
1.66
12.93
1.31
1.67
95.67
1.30
1.54
3.29
2.55
0.67
3.08

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

43,031
(286,797)

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

450

1.08
0.00
1.01
51.71

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

2.81
3.34
6.71
-0.31
8.12
51.01

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

59,551

54,290

47,805

41,379

40,320

69,916
59,551
5,995
0

69,953
54,290
5,298
0

60,291
47,805
4,841
0

61,486
36,961
2,377

61,487
35,901
1,060

61,487
34,986
915

33,158
806
11,001
8,502
0
12,849
17,116
2,550
14,566
15,423

38,762
320
4,837
17,977
0
15,628
18,512
2,932
15,580
12,660

34,810
285
0
20,445
0
14,080
25,182
5,841
19,341
8,760

4,418
28,928
291
2,408
20,841
0
5,388
16,677

4,419
27,492
137

4,419
25,492
137

15,423
60,170
40,000
40,000
0
20,170

12,660
61,880
40,000
40,000
0
21,880

1,284

(12,076)
13,848

(7,702)
13,848

96,831
96,831
0
77,793

69,402
69,402
0
54,709

47,500
47,500
0
50,229

3,750
3,750

19,038
17,272

14,693
12,169

(2,729)
9,581

39,405

20,841
0
6,514
16,148

20,841

4,514
14,177

16,677
12,346

16,148
9,892

14,177
4,574

8,760
48,673
40,000
40,000
0
8,673

12,346
41,284
40,000
40,000
0
1,284

2,571
7,321
41,772
40,000
40,000
0
(12,076)

103
4,471
46,146
40,000
40,000
0
(7,702)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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

0
1,389

0
3,233

3,350
400
4,561

17,272

12,169

9,581

4,561
1,375

1,389

3,233

(4,161)

488

(766)

1,200

1,844

1,533

750
1,260
0
0

694
673
0
0

(13,445)
207
0
0

0
2,445

0
(154)

0
0

75,593
0
(510)
2,550

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
(766)
0

0.54
1.24
8.78
1.04
1.94
80.34
0.54
0.97
1.42
1.19

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

0.00
1.70

0.00
1.80

0.62
0.71
1.18
0.93

0.41
-1.15
-1.74
-1.50

8.80

14.35

1.56
-110.96
0.08
-1.04
10.32

-0.01
0.12
10.44

0.00
-0.19
11.54

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

0.77
0.00
-0.13
15.04

1.00
0.00
0.01
15.47

-28.31
0.00
-3.41
12.17

Financial Statement Analysis of Non Financial Sector 2011

Merit Packaging Ltd.

2006

2007

2008

2009

393,771

420,340

605,166

493,606
393,771
32,424
0

555,573
419,538
34,090
802

743,117
602,370
31,903
2,796

699,861
2,567
865,666
682,915
44,727
4,824

115,693
233
56,717
26,292
0
32,451
155,335
92,852
62,483
132,221

121,982
270
61,714
26,755
0
33,243
183,784
100,736
83,048
118,511

236,840
696
110,681
55,751
0
69,712
504,593
140,579
364,014
88,234

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)
2010
2011
663,143
2,880
873,720
649,865
49,309
3,843

627,285

892,909
619,653
51,719
2,994

9,555
282,561
583
111,183
100,767
0
70,028
344,074

4,638
645,852
549
255,363
300,931

344,074
382,371

6,555
517,508
499
253,640
180,821
0
82,548
476,224
292,317
183,907
467,142

440,000

352,000

132,221
221,908
27,495
27,495
0
194,413

118,511
240,027
27,495
27,495
0
212,532

88,234
249,179
41,242
41,242
0
207,937

0
0
382,371
255,977
47,429
47,429
0
71,210

27,142
237,285
47,428
47,428
0
53,364

5,231
247,561
47,428
47,428
0
64,440

71,210
137,338

53,364
136,493

64,440
135,693

606,556
606,556
0
516,423

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

90,133
23,931

104,767
33,780

63,520
24,968

89,009
668,345
313,620
354,725
357,231

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

23,931

33,780

24,968

24,005

25,962

29,395

766,138
584,419
181,719
42,702
32,826
11,287
21,539
76,377
67,605
66,643
(56,217)
18,872

984,507
786,327
198,180
91,597
45,073
17,856
27,217
92,271
76,997
76,462
(28,780)
5,380
0
0
(131,218)

1,589,456
786,327
803,129
164,425
57,255
23,116
34,139
110,716
95,195
94,053
16,622
18,160
0
0
(72,728)

43,042
2,637
9,623
0

45,623
11,381
0
13,747

10,806
2,789
0
6,186

0
(82,792)

354,129
0
30,782
92,852

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

0.17
3.96
4.33
1.19
0.74
85.14
1.30
8.66
20.21
12.18
4.20
10.69

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

452

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

7.10
0.00
14.70
80.71

6.77
0.00
12.45
87.30

1.66
0.00
1.94
60.42

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

13,233,166

18,188,354

19,466,067

18,093,433
13,230,634
376,408
2,532

23,566,349
18,187,991
554,240
363

25,665,119
19,465,826
885,611
241

9,440,310
106,703
1,647,173
821,160
5,775,665
1,089,609
3,000,679
1,281,708
1,718,971
6,000,000

15,250,089
101,022
2,206,191
1,288,928
10,080,259
1,573,689
2,921,171
401,019
2,520,152
12,346,500

15,568,566
199,188
3,652,261
1,523,049
8,362,485
1,831,583
6,457,661
3,137,819
3,319,842
12,304,400

27,872,034
65,578
27,427,520
19,513,093
1,368,499
16,605
4,561,548
3,715,210
8,746,472
497,313
4,483,990
2,031,990
0
1,733,179
2,239,661
430,508
1,809,153
10,634,454
7,970,577

31,430,629
753,328
27,671,781
18,209,643
1,582,728
16,099
12,211,470
240,089
9,461,682
1,166,449
4,163,403
1,947,316
0
2,184,514
2,943,732
511,439
2,432,293
10,469,015
7,956,291

2,464,130
3,938,979
1,170,227
2,768,752
11,400,512
8,575,339

21,294,721

6,663
2,506,061
27,479,564
2,449,670
843,795
1,605,875
25,029,894
1,605,875
23,424,019

20,307
2,804,866
29,575,285
2,449,670
843,795
1,605,875
27,125,615
1,605,875
25,519,740

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

21,649,196
21,401,615
247,581
20,762,856
12,155,267
8,607,589
886,340
1,401,025
616,624
784,401
1,936,027
1,694,063
1,242,334
(1,252,984)
306,437
126,569
0
(1,971,031)

Items

6,000,000
13,672,797
698,795
698,795
0
12,974,002

12,346,500
18,170,772
733,735
733,735
0
17,437,037

12,304,400
16,272,572
843,795
843,795
0
15,428,777

9,998,559
9,816,767
181,792
8,428,941

11,686,414
11,494,329
192,085
10,180,575

14,300,923
13,697,837
603,086
13,357,624

1,569,618
880,026

1,505,839
852,768

943,299
874,938

0
5,218
2,658,659
23,744,391
2,449,670
843,795
1,605,875
21,294,721

35,111,548
125,683
29,031,170
18,559,649
1,657,404
49,834
16,170,398
205,984
9,803,228
200,320
5,029,241
2,109,537

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

116,924

413,266

1,662,094

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
1,649,188
1,267,253
839,218
119,176
307,213
274,233
0
609,367

880,026

852,768

874,938

6,169,017
198,145
419,277
34,940

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)

19,672,797
0
5,551,595
1,281,708

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
8,575,339
(1,685,990)
9,745,566

2.23
1.17
8.21
0.44
3.15
84.30
0.66
35.98
57.59
43.40
14.24
6.07

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
7.83
9.74
0.48
2.49
95.91
0.52
-2.92
-4.39
-3.18
-12.32
4.30
-0.01
-5.79
-0.13
-18.48
350.50

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.30

3.92

61.70
0.00
85.45
195.66

47.39
0.00
74.18
247.65

-2.15
0.00
-3.77
192.85

Financial Statement Analysis of Non Financial Sector 2011

Pakistan Paper Products Ltd.

2006

2007

2008

2009

187,602

217,734

212,030

215,864

192,646
187,602
4,448
0

188,319
217,734
7,561
0

232,043
212,030
8,122
0

102,090
21,031
47,149
28,194
0
5,716
34,181
0
34,181
0

117,196
20,886
60,256
28,747
0
7,307
46,900
3,714
43,186
17,284

139,440
16,538
74,973
37,124
0
10,805
61,470
4,275
57,195
12,994

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)
2010
2011

241,039
213,278
7,796

224,906
9,707
250,223
214,983
7,984

261,216
2,905
303,973
250,091
10,816

2,586
136,569
12,404
65,329
43,615
0
15,221
33,752

216
155,666
5,906
79,329
44,687
0
25,744
41,247

8,220
179,640
9,852
82,118
39,731
0
47,939
50,800

33,752
17,948

41,247
10,063

50,800
29,292
10,300

0
255,511
25,000
25,000
0
230,511

17,284
270,746
25,000
25,000
0
245,746

12,994
277,006
25,000
25,000
0
252,006

0
2,016
15,932
300,733
37,500
37,500
0
113,567

113,567
149,666

142,664
149,098

162,653
148,111

227,670
227,670
0
161,939

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

65,731
18,320

61,323
17,676

58,552
18,018

2,373
7,690
329,262
37,500
37,500
0
142,664

2,659
16,333
360,764
50,000
50,000
0
162,653

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

244,035
203,190
40,845
77,991
23,991
6,826
17,165
35,756
2,632
1,343
52,021
15,991
9,375
12,499
22,586

287,852
237,081
50,771
94,831
27,649
8,614
19,035
39,987
5,222
5,032
62,554
12,985
20,000

48,229
16,872
17,500
0

42,791
0
17,500
0

39,440
14,793
10,000
12,500

241,232
181,328
59,904
70,797
22,462
6,937
15,525
34,060
3,048
879
46,280
14,918
7,500
0
20,335

255,511
0
13,857
0

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

1.44
0.13
12.38
0.79
2.99
71.13
0.13
17.18
19.45
19.45
1.79
4.83

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

18,320

17,676

18,018

289

2,252

2,510

71,725

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)

454

21.18
0.00
12.54
102.20

19.28
0.00
17.12
108.30

16.32
0.00
9.86
110.80

Financial Statement Analysis of Non Financial Sector 2011

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

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

1,310,034

1,244,199

1,205,059

1,615,514
1,310,034
95,539
0

1,648,193
1,244,199
98,514
0

1,697,237
1,205,059
101,265
0

1,281,461
3,044
1,857,123
1,261,660
103,793

1,261,622

1,948,628
1,244,364
114,490

1,731,429
143,378
2,388,678
1,570,615
122,088

1,182,166
185,127
169,947
108,132
167,043
551,917
189,063
0
189,063
0

1,584,043
178,977
228,250
63,777
270,117
842,922
280,464
0
280,464
0

1,989,340
158,074
273,409
264,137
388,267
905,453
402,078
1,338
400,740
4,848

16,757
2,166,062
69,388
261,420
290,289
0
1,544,965
337,016

17,258
2,372,344
49,757
357,767
203,020
0
1,761,800
367,021

17,436
2,564,953
37,592
357,264
326,355
0
1,843,742
520,822

Items

337,016
140,616

367,021
156,260

520,822
555,549
315,906

0
2,303,137
219,818
219,818
0
2,083,319

0
2,547,778
285,763
285,763
0
2,262,015

4,848
2,787,473
342,916
342,916
0
2,444,557

0
0
140,616
2,969,891
411,499
411,499
0
2,556,845

2,556,845
1,547

2,699,186

2,808,512

1,104,666
1,104,666
0
645,295

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

459,371
86,655

455,166
88,777

466,500
100,865

156,260
3,110,685
411,499
411,499
0
2,699,186

239,643
3,220,011
411,499
411,499
0
2,808,512

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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

86,655

88,777

100,865

149,565
236,849
1,875
1,432
520,257
159,346
205,750
0
286,335

173,722
270,449
6,371
5,914
421,528
25,347
205,750
0
234,684

435,962
109,892
65,945
65,945

454,163
135,164
85,729
57,153

477,452
140,142
102,875
68,583

167,681
189,562
1,787
1,626
493,211
161,056
205,750
0
288,243

2,303,137
0
260,125
0

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
190,432
315,906

2.43
0.02
9.79
0.44
6.25
58.42
0.08
18.62
20.17
20.17
4.94
6.50

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
9.63
78.25

170

126

527

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

39.47
0.00
14.83
104.77

41.32
0.00
11.16
89.16

40.54
0.00
9.84
81.29

ELECTRICAL MACHINERY &

APPARATUS

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

6,477,423

8,499,498

8,590,256
5,841,762
410,069
635,661

11,085,144
7,906,371
544,027
593,127

21,554,463
2,615,127
6,637,279
9,028,848
555,654
2,717,555
19,478,010
6,084,953
13,393,057
696,194

27,430,373
4,241,685
7,747,723
11,169,330
76,300
4,195,335
22,106,254
7,428,879
14,677,375
1,964,076

696,194
7,857,682
1,939,693
1,334,693
605,000
5,917,989

1,964,076
11,859,541
2,258,528
1,653,528
605,000
9,601,013

19,904,242
128,627
20,927,684
16,707,172
612,257
522,249
194,121
2,352,073
32,725,016
1,948,194
9,362,178
18,172,862
80,859
3,160,923
27,181,551
5,580,304
21,601,247
8,266,180
4,451,131
66,319
0
21,706
3,727,024
17,181,527
2,413,651
2,413,651
0
9,733,929
916,999
8,653,487
5,033,947

21,347,386
395,576
23,580,425
18,030,842
1,120,646
464,098
13,447
2,443,423
37,034,676
2,042,086
11,258,369
20,560,475
17,385
3,156,361
30,565,314
9,372,029
21,193,285
9,159,389
5,466,927
169,527

11,289,695
0
14,168,490
10,698,965
660,410
587,306
3,424
0
37,353,866
4,159,527
10,425,175
16,927,798
144,522
5,696,844
30,623,393
7,143,418
23,479,975
3,288,182
86,708
0
0
0
3,201,474
14,731,986
2,466,022
1,939,772
526,250
12,154,980
0
(61,986)
110,984

39,348,089
39,040,616
307,473
33,930,825

44,493,378
44,207,530
285,848
37,599,822

5,417,264
2,799,977

6,893,556
3,223,428

Items

21,945,547
437,435
25,101,324
18,645,934
1,129,179
316,883
4,393
2,540,902
32,215,169
1,424,164
9,957,035
18,517,267
16,690
2,300,013
28,569,014
9,661,030
18,907,984
7,768,864
4,849,163
188,723

75,591
3,447,344
18,657,359
2,669,943
2,669,943
10,177,694
825,438
9,352,256
5,809,722

85,444
2,645,534
17,822,838
2,774,056
2,774,056
0
9,334,912
1,352,543
7,982,369
5,713,870

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
3,429,402
1,261,239
400,617
2,558,610
884,203
771,367
1,042,684
(461,772)

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
4,276,146
2,396,309
1,918,230
1,865,929
1,055,572
2,479,437
34,114
(3,458,722)

33,847,048
29,096,292
4,750,756
29,492,731
25,050,091
4,442,640
4,354,317
4,105,939
2,561,403
1,544,536
3,778,851
1,945,525
1,679,882
(1,494,228)
391,779
176,145
37,525
1,980,906

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

2,350,604
1,046,138
536,208
323,304

3,089,860
1,074,638
792,228
270,306

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
30,381
1,542,308
1,894
3,336,586
973,493
742,230
53,970
14,745

8,553,876
0
768,258
6,084,953

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

25,591,702
4,849,163
(2,062,152)
14,510,193

0.63
3.02
22.95
1.40
1.11
86.23
2.57
9.70
31.86
29.08
2.43
5.93

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
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
5.75
54.71
0.62
1.13
87.14
2.04
-2.66
-8.19
-5.60
-10.71
3.40
0.11
-4.41
0.05
-6.80
64.25

2,799,977

3,223,428

1,188,572

1,511,363

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning 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

5.97
0.00
9.77
58.87

6.94
0.00
12.19
71.72

Billion Rs

Growth with Composition of Assets & Liabilities

40
35
30
25
20
15
10
5
0

5%
2.7%
0%
-4.7% -5%

-7.0%

-10%
-15%

-15.0%
-17.9%
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

-20%

Shareholders Equity

Growth

Growth & Composition of Operations

2010

2011

60

224.9%

50

Growth
250%
150%

Billion Rs

40

100%

30

50%

20

0%

10

-50%

-50.2%

-98.6%
Gross Profit

Sales

-10

7.01

2011

3.36

Return on Return on
-2.66
Assets
Equity
-8.19

Return on
Capital
Employed
-5.6

Net Profit Before Tax

3.67

4
2
Percentage

Percentage

2010

10.41

-100%
-150%

Key Performance Indicators

Profitability/Efficiency Ratios
12
10
8
6
4
2
0
-2
-4
-6
-8
-10

200%

1.211.13

3.04

2.13 2.04

0
-2
-4

Current
Ratio

Debt
Equity
Ratio

Net
Earning
Profit Per Share
Margin after Tax
-4.41

-6

-6.8

-8
2010

459

2011

Financial Statement Analysis of Non Financial Sector 2011

Ados Pakistan Ltd.

2007

2008

2009

35,968

38,058

40,704

54,907

68,212

0
35,968
0
0

112,340
38,058
4,343
0

119,389
40,704
4,699
0

138,978
54,907
84,070

157,255
66,101
7,083

157,654
58,340
8,160

228,564
34,797
3,265
163,642
0
26,860
188,865
0
188,865
0

344,732
263,757
3,265
65,515
0
12,195
312,961
0
312,961
0

280,290
114,400
128,457
128,457
15,960
(106,984)
243,376
0
243,376
0

0
492,297
226,438
3,265
205,997
16,488
40,109
411,201

2,111
306,037
122,032
3,265
121,520
17,385
41,835
221,493

0
409,769
269,603
4,105
56,982
16,690
62,389
300,071

0
75,667
65,826
65,826
0
9,841

0
69,829
65,826
65,826
0
4,003

0
77,618
65,826
65,826
0
11,792

359,670
359,670
0
323,888

790,611
790,611
0
702,616

336,974
336,974
0
284,836

35,782
24,166

87,995
66,091

52,138
43,389

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

(Thousand Rupees)
2010
2011

2006

Items

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

58,340

411,201
6,026

221,493
2,760

300,071
5,312

2,491
3,535
129,977
65,826
65,826
0
64,151
1,488
62,663

2,760
0
149,996
65,826
65,826

3,687
1,625
162,726
65,826
65,826

84,170
2,385
81,785

96,900
1,690
95,210

795,783
795,783

535,180
535,180

462,366
462,366

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: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

408,646
352,040
56,606
126,534
85,159
25,260
59,899
20,738
1,520
704
49,188
17,574
0
0
(81,531)

394,273
332,805
61,468
68,093
55,974
23,190
32,784
20,195
903
509
24,578
6,130
0
0
139,133

12,749
1,835
0
0

23,175
6,166
0
0

12,338
6,027
0
0

647,225
577,996
69,229
148,558
82,111
41,376
40,735
14,033
673
183
76,366
24,536
13,165
0
131,768

75,667
0
10,914
0

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

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
1.37
85.27
1.88
5.84
15.72
15.32

24,166

66,091

43,389

841

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
0.23
45.50
1.36
1.21
90.05
2.50
6.69
17.43
17.43

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)

460

1.05
0.15
8.29
2.07
1.10
88.87
4.48
7.16
31.86
31.86

110.16

242.15

2.62

3.54
0.00
1.66
11.50

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
49.29
5.32
0.46
2.80
24.72

Financial Statement Analysis of Non Financial Sector 2011

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

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

122,845

124,414

219,850

210,599

201,036

151,967
122,845
1,109
0

162,242
124,414
8,798
0

254,064
219,850
10,126
0

250,021
209,386
9,827

254,471
199,475
9,992

113,762
3,826
40,935
14,935
0
54,066
210,173
1,439
208,734
3,506

189,695
10,252
43,825
55,472
9,000
71,146
178,318
0
178,318
94,606

206,224
14,232
58,693
30,900
9,000
93,399
177,889
10,300
167,589
79,199

1,561
175,583
5,574
74,664
24,974

70,371
204,314
70,591
133,723
78,054
71,636

1,213
173,548
4,110
64,088
30,902
0
74,448
208,016
66,200
141,816
74,398
0
66,319
0
0
8,079
101,733
54,500
54,500
0
(84,476)
29,727
(114,203)
131,709

254,666
191,255
8,414
0
0
1,561
264,675
3,121
134,966
42,633
0
83,955
281,154
70,591
210,563
82,344
75,102

6,418
94,251
54,500
54,500
(90,704)
29,727
(120,431)
130,455

7,242
93,993
54,500
54,500
0
(89,708)
29,727
(119,435)
129,201

133,741
133,741

127,181
127,181

243,343
243,343

Items

3,506
22,928
54,500
54,500
0
(31,572)

94,606
41,185
54,500
54,500
0
(13,315)

79,199
168,986
54,500
54,500
0
114,486

233,283
233,283
0
207,491

377,443
377,443
0
309,295

249,844
249,844
0
193,771

25,792
27,049

68,148
34,989

56,073
26,804

192,816

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

27,049

34,989

26,804

5,650

9,964

9,520

128,499
94,800
33,699
5,242
25,099
4,422
20,677
20,579
9,544
966
(17,158)
676

102,431
43,769
58,662
24,750
30,138
5,300
24,838
19,148
8,068
7,010
(6,845)
637
0
0
10,818

207,885
46,539
161,346
35,458
30,630
5,474
25,156
24,516
7,213
7,133
2,206
2,433
0
0
(2,259)

6,917
1,166
0
0

24,820
1,889
0
0

24,977
1,273
0
0

7,187
4,105

26,434
0
5,751
1,439

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

0.09
2.42
6.40
0.99
0.54
88.94
9.32
3.17
31.64
22.24

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

461

5.70

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

2.97
0.00
1.06
4.21

6.58
0.00
4.21
7.56

10.00
0.00
4.35
31.01

Financial Statement Analysis of Non Financial Sector 2011

Pak Elektron Ltd.

2006

2007

2008

2009

3,747,369

4,628,083

6,804,746

14,083,330

4,346,617
3,144,904
162,275
602,465

5,425,576
4,046,378
201,238
581,705

7,768,802
6,231,129
216,451
573,617

6,360,372
448,934
2,576,026
2,614,396
11,227
709,789
6,527,926
4,221,968
2,305,958
432,852

6,918,696
536,574
2,507,679
2,947,646
12,474
914,323
5,980,918
3,289,151
2,691,767
1,501,246

9,488,457
434,484
3,571,168
4,207,741
52,945
1,222,119
8,079,773
4,078,256
4,001,517
2,570,444

15,467,498
13,457,138
216,580
511,134
22,906
92,152
8,851,890
123,263
3,826,744
3,227,219
0
1,674,664
7,191,289
4,334,131
2,857,158
7,183,256
4,079,149
0
0

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

432,852
3,146,963
1,215,173
610,173
605,000
1,931,790

1,501,246
4,064,615
1,368,591
763,591
605,000
2,696,024

2,570,444
5,642,986
1,496,677
970,427
526,250
4,146,309

3,104,107
8,560,675
1,593,720
1,593,720
0
2,593,186

2,461,255
4,373,769

11,042,160
10,885,856
156,304
8,994,493

13,077,670
12,939,700
137,970
10,547,806

12,651,993
12,561,896
90,097
9,801,897

2,047,667
878,002

2,529,864
997,966

2,850,096
1,357,315

(Thousand Rupees)
2010
2011
13,981,415
298,648
16,129,509
13,136,061
698,015
457,744
13,447
75,515
11,548,724
343,753
5,652,089
3,924,775

14,463,088
323,356
17,445,963
13,765,829
693,645
314,874
4,393
54,636
9,330,694
161,866
4,247,023
3,746,881

1,628,107
9,005,974
7,033,103
1,972,871
7,795,559
4,954,333

1,174,924
9,628,526
7,281,235
2,347,291
6,600,112
4,548,852

2,841,226
8,728,606
1,668,264
1,668,264

2,051,260
7,565,144
1,668,264
1,668,264

2,897,716
164,134
2,733,582
4,162,626

1,934,840
164,134
1,770,706
3,962,040

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
958,267
1,623,611
1,496,115
261,208
175,216
1,668,264

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
746,343
1,423,426
1,303,266
(1,802,160)
123,169

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

878,002

997,966

1,357,315

742,130

937,109

972,618

516,751
50,000
0
303,793

707,409
59,067
0
190,898

634,525
39,876
0
0

3,579,815
0
466,751
4,221,968
0.47
6.72
23.68
1.09
0.97
81.46
2.21
5.70
17.42
15.03

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
354,793
619,911
224,561
221,894
60,643

808,581
1,170,983

(1,397,300)

1,320,271

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

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

462

4.29

5.22

3.54

1.21
1.99
4.79
0.08
1.01
53.72

4.68
0.00
7.65
51.57

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

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

995,226

1,215,459

1,643,567

1,274,921
995,226
33,138
0

1,549,328
1,215,459
59,391
0

2,030,932
1,643,567
73,044
0

1,752,787
1,992
2,218,126
1,623,402
116,271

1,698,948
1,089
2,253,657
1,580,444
118,423

1,723,036
248,021
984,364
392,953
37,401
60,297
1,598,590
653,110
945,480
84,999

1,763,662
7,391
1,133,430
504,951
47,932
69,958
1,691,576
1,026,510
665,066
135,784

1,702,333
23,743
1,018,606
397,375
66,617
195,992
1,736,609
1,151,773
584,836
270,770

127,393
1,888,162
10,394
982,719
636,040

117,415
2,108,828
41,830
1,322,151
476,898

753,477
91,608
916,682
493,340
21,632
0
167,791
738
559,658
35,036
203,171
84,050
63,828
173,573
524,513
214,684
309,829
339,086
133,334
0
0
0
205,752
449,536
63,888
63,888
0
256,592
256,592
0
129,056

Items

84,999
1,034,673
97,556
97,556
0
937,117

135,784
1,151,761
146,334
146,334
0
1,005,427

270,770
1,338,521
195,112
195,112
0
1,143,409

3,492,213
3,492,213
0
2,997,092

4,810,838
4,810,838
0
4,196,627

4,442,611
4,442,611
0
4,072,731

495,121
174,547

614,211
247,212

369,880
369,382

259,009
1,846,750
1,214,652
632,098
394,541
260,958

267,949
1,539,111
964,655
574,456
199,299
26,875

33,401
100,182
1,399,658
214,623
214,623

33,700
138,724
2,069,366
284,623
284,623

504,190
504,190
680,845

1,088,894
527,800
561,094
695,849

3,798,847
3,798,847

4,096,391
4,096,391

3,386,498
3,138,488
248,010
412,349
186,281
118,590
67,691
251,830
154,484
146,663
52,306
20,073
32,193
0
(562,440)

3,576,776
3,302,420
274,356
519,615
279,545
161,885
117,660
295,364
95,932
91,448
146,682
44,383
56,925
0
(4,029)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

261,214
49,190
23,414
19,511

293,276
68,346
49,998
48,778

53,607
19,695
0
19,511

1,803,234
1,803,234
0
1,471,620
1,229,396
242,224
331,614
69,309
2,571
66,738
137,473
86,594
85,838
214,218
10,860
15,972
6,389
26,877

1,119,672
0
188,610
653,110

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

2,268,665
26,875
45,374
991,530

0.42
2.21
11.25
1.28
1.08
85.82
1.63
11.53
27.62
26.43
9.06
3.55

0.33
2.33
10.50
1.61
1.04
87.23
1.59
10.30
26.83
24.37
4.50
4.24

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

0.34
2.34
11.64
1.08
1.37
87.32
0.84
3.94
8.46
7.22
1.80
3.10
2.60
3.58
0.00
3.59
72.71

174,547

247,212

369,382

77,203

112,052

130,378

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)

463

0.28
2.93
8.94
1.33
0.98
91.67
1.50
1.70
4.31
3.70

4.36

7.48
0.00
21.73
106.06

6.10
0.00
15.37
78.71

1.21
0.00
1.74
68.60

Financial Statement Analysis of Non Financial Sector 2011

Pakistan Telephone Cables Ltd.

2006

2007

2008

2009

386,167

356,429

434,199
386,165
35,407
2

438,913
356,428
36,250
1

270,714
9,847
135,253
13,107
0
112,507
369,439
135,477
233,962
25,133

300,578
2,825
188,791
68,036
0
40,926
393,828
94,853
298,975
10,857

25,133
262,309
210,000
210,000
0
52,309

10,857
252,322
210,000
210,000
0
42,322

341,947
0
451,649
338,523
113,125
0
3,424
0
311,005
4,599
212,174
57,935
0
36,297
240,214
100,761
139,453
153,740
86,708
0
0
0
67,032
258,998
210,000
210,000
0
(61,986)
0
(61,986)
110,984

313,090
2,144
451,761
307,522
31,113
0
3,424
0
267,581
1,286
210,617
28,273
0
27,405
276,990
77,583
199,407
148,097
95,522
0
0
0
52,575
155,584
210,000
210,000
0
(157,971)
0
(157,971)
103,555

1,043,653
1,043,653
0
1,013,276

772,689
772,689
0
720,043

30,377
28,374

52,646
30,924

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)
2010
2011
283,549

409,515

449,882
280,125
27,411

609,885
407,341
33,717

3,424
116,417
2,164
67,475
14,554

2,174
225,530
2,137
124,900
34,481

32,224
240,171
76,275
163,896
230,515

64,012
333,720
85,808
247,912
299,415

169,527

188,723

9,653
51,335
(70,720)
210,000
210,000

10,038
100,654
1,910
210,000
210,000

(378,905)

(408,338)

(378,905)
98,185

(408,338)
200,248

125,243
125,243
0
165,327
140,247
25,080
(40,084)
25,387
2,125
23,262
20,622
31,220
1,132
(79,841)
6,127
0
0
41,743

163,046
163,046

161,932
161,932

191,613
124,298
67,315
(28,567)
21,254
2,559
18,695
15,303
21,632
21,772
(88,005)
389
36,750
0
20,890

154,231
165,836
(11,605)
7,701
22,515
3,232
19,283
9,844
24,870
24,441
(39,068)
2,500
36,750
0
(5,097)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(12,829)
4,619
0
0

(5,953)
4,620
0
0

783,545
783,545
0
714,921
660,538
54,383
68,624
38,206
6,924
31,282
30,381
30,039
1,894
11,635
6,396
0
0
14,745

287,442
0
(17,448)
135,477

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
(78,318)
85,808

0.06
1.97
1.26
1.59
0.73
97.09
1.50
-1.97
-5.44
-5.11

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
-1.13
1.30
-0.60
-24.13
-0.01
-1.98
0.09

28,374

30,924

20,607

32,322

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)

464

7.72

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

-1.23
0.00
-0.83
12.49

-0.77
0.00
-0.50
12.02

Financial Statement Analysis of Non Financial Sector 2011

Siemens (Pakistan) Engineering Co. Ltd.

2006

2007

2008

2009

770,362

1,539,375

1,595,715

1,664,629
737,990
152,186
32,372

2,508,738
1,532,620
199,333
6,755

2,679,656
1,589,664
205,733
6,051

11,283,961
1,767,308
2,285,213
5,098,330
500,000
1,633,110
9,324,127
503,690
8,820,437
0

16,041,641
3,311,908
3,166,741
6,634,051
0
2,928,941
12,229,594
2,357,180
9,872,414
0

23,179,667
3,407,239
4,588,682
11,127,285
0
4,056,461
18,487,125
907,909
17,579,216
0

0
2,730,196
77,696
77,696
0
2,652,500

0
5,351,422
82,470
82,470
0
5,268,952

0
6,288,257
82,470
82,470
0
6,205,787

3,878,182
8,686
2,926,093
1,653,814
214,154
6,032
0
2,209,650
20,380,263
1,403,094
4,367,431
13,583,392
0
1,026,346
17,149,395
155,706
16,993,689
197,857
0
0
0
14,042
183,815
6,911,193
82,470
82,470
0
6,828,723
624,192
6,204,531
0

20,998,187
20,866,564
131,623
18,546,430

22,238,975
22,133,548
105,427
19,113,846

27,236,492
26,792,225
444,267
23,222,631

2,451,757
1,428,822

3,125,129
1,557,403

4,013,861
1,668,285

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)
2010
2011
3,863,177
62,009
3,041,230
1,616,513
226,575
2,747

3,950,224
77,572
3,047,925
1,553,469
226,440
250

2,181,908
20,746,763
1,396,266
3,734,297
14,665,339

2,318,933
17,388,728
719,368
3,325,075
12,867,854

950,861
17,404,634
16,108
17,388,526
171,675

476,431
14,647,903
109,373
14,538,530
82,343

171,675
7,033,631
82,470
82,470

82,343
6,608,706
82,470
82,470

6,951,161
624,192
6,326,969

6,526,236
624,192
5,902,044

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
2,816,271
399,887
78,403
1,590,067
819,640
742,230
0
(1,689,177)

15,059,556
10,774,248
4,285,308
12,943,086
12,380,417
562,669
2,116,470
1,909,726
1,328,827
580,899
2,468,030
184,663
68,353
158,178
191,999
82,470
0
239,820

7,205,306
0
28,197
16,108

6,691,049
0
(116,291)
109,373

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,508,320
926,049
512,794
0

1,964,574
913,864
742,230
0

2,564,203
885,135
742,230
0

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
2,691,697
336,644
45,843
2,144,439
779,270
742,230
0
(1,871,088)

2,730,196
0
69,477
503,690

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

0.79
1.26
24.28
1.74
1.21
88.32
3.42
15.13
57.80
57.80
1.14
9.19

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

1,428,822

1,557,403

1,668,285

264,894

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)

465

7.18
0.00
74.94
351.39

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

0.93
1.23
85.45
0.71
1.19
85.95
2.23
0.69
2.32
2.28
-0.41
4.53
3.31
1.05
0.02
-4.10
801.35

Financial Statement Analysis of Non Financial Sector 2011

Singer Pakistan Ltd.

2006

2007

2008

2009

111,134

161,581

219,851

249,367
110,312
11,535
822

306,043
156,915
13,627
4,666

278,569
212,213
18,048
7,638

263,289
26,189
370,124
184,310
21,121
5,083

1,125,511
72,534
305,452
675,897
7,026
64,602
831,445
467,799
363,646
149,704

1,401,045
99,413
393,286
808,842
6,894
92,610
951,707
546,347
405,360
221,583

1,640,092
129,094
501,985
887,628
0
121,385
1,204,838
762,763
442,075
213,208

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

149,704
255,496
133,173
133,173
0
122,323

221,583
389,336
245,038
245,038
0
144,298

213,208
441,897
275,668
275,668
0
166,229

1,568,992
1,568,992
0
1,288,917

1,744,173
1,744,173
0
1,385,837

2,349,836
2,349,836
0
1,901,382

280,075
170,703

358,336
219,330

448,454
259,600

(Thousand Rupees)
2010
2011
716,495
32,927
822,674
629,062
22,547
3,607

703,697
35,418
824,243
620,683
28,797
1,759

47,707
1,609,991
142,665
456,583
923,587
0
87,156
1,160,329
672,909
487,420
239,975
143,126

50,899
1,831,867
159,056
510,200
1,053,140

45,837
2,067,261
225,554
570,600
1,150,541

109,471
1,339,354
901,815
437,539
402,496
180,000

120,566
1,524,999
1,101,368
423,631
408,827
198,334

5,173
91,676
472,976
310,127
310,127
0
162,849
5,000
126,337

3,929
218,567
806,512
341,140
341,140
159,757
5,000
154,757
305,615

8,006
202,487
837,132
375,253
375,253
0
160,508
5,000
155,508
301,371

2,158,168
2,105,658
52,510
1,656,501
971,529
684,972
501,667
294,176
237,933
56,243
154,766
176,516
167,563
39,940
20,690
0
34,114
235,069

2,291,397
2,240,947
50,450
1,762,747
1,242,684
520,063
528,650
293,911
232,579
61,332
176,381
198,074
184,732
45,026
19,271
0
37,525
290,318

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

170,703

219,330

259,600

70,915

85,876

125,422

1,999,476
1,977,562
21,914
1,559,932
155,270
1,404,662
439,544
257,552
200,449
57,103
154,104
165,177
42,094
20,716
5,213

44,069
11,239
0
0

62,253
17,644
0
30,630

68,790
11,391
0
34,459

188,474
28,734

405,200
0
32,830
467,799

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

0.91
4.52
43.08
1.27
1.35
82.15
3.84
3.87
18.31
11.40

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

0.90
8.64
50.21
0.83
1.36
76.93
2.31
1.69
5.48
3.67

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

466

5.14

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
0.15
0.69
22.31

2.81
0.00
2.47
19.19

3.57
0.00
1.82
15.89

2.93
0.00
2.08
16.03

Financial Statement Analysis of Non Financial Sector 2011

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

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

243,612

374,597

360,420

347,368

480,715

294,444
243,612
11,618
0

406,859
374,597
16,817
0

406,432
360,420
15,317
0

406,527
346,755
13,760

507,278
480,103
12,752

507,331
468,573
11,583

351,888
23,878
246,938
32,418
0
48,654
349,332
48,038
301,294
0

363,552
1,384
251,860
53,634
0
56,674
286,246
59,826
226,420
0

375,203
6,760
250,946
58,517
0
58,980
309,803
58,781
251,022
821

613
389,788
12,302
230,279
89,442
543
57,222
259,818
59,091
200,727
77,485

612
421,123
2,847
233,660
120,133

346
419,684
685
228,215
140,997

64,483
302,624
59,485
243,139
83,789

49,787
313,530
48,000
265,530
91,212

0
246,168
33,120
33,120
0
213,048

0
451,903
33,120
33,120
0
418,783

821
424,999
33,120
33,120
0
391,879

77,485
399,853
33,120
33,120
0
70,875

25,848
57,941
515,425
33,120
33,120

30,013
61,199
483,861
33,120
33,120

70,875
295,858

50,309
431,996

25,580
425,161

224,103
224,103
0
210,108

232,847
232,847
0
219,725

226,242
226,242
0
217,614

300,511
300,511

270,633
270,633

189,233
189,233

13,995
41,158

13,122
39,828

8,628
38,576

Items

468,919

50,309

25,580

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax provision (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

41,158

39,828

38,576

873

6,954

9,200

274,609
212,851
61,758
25,902
37,743
14,735
23,008
36,101
11,476

249,559
199,119
50,440
21,074
43,074
22,884
20,190
39,823
10,591

175,785
125,922
49,863
13,448
32,882
13,413
19,469
38,178
10,444

8,942
1,090
0
0

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

(29,670)
1,894
0
0
2,749

246,168
0
7,852
48,038

451,903
0
13,134
59,826

425,820
0
(39,022)
58,781

477,338
0

599,214
0
(33,283)
59,485

575,073
0
(31,564)
48,000

0.16
0.39
14.47
0.38
1.01
93.76
1.42
1.52
4.24
3.85

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

59,091

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

467

0.91

0.92

0.90

1.30

1.16

0.83

3.99
0.00
2.37
74.33

6.14
0.00
3.97
136.44

-16.76
0.00
-11.78
128.32

-7.33
0.02

-11.80
0.01
-10.05
155.62

-15.68
0.01
-9.53
146.09

120.73

OTHER SERVICES ACTIVITIES

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

14,001,837

15,907,712

16,308,599

17,127,632
14,001,489
387,803
348

19,282,729
15,906,208
380,235
1,504

20,127,519
16,297,834
466,305
10,765

4,363,919
797,974
473,724
516,178
964,109
1,611,934
4,017,236
1,086,098
2,931,138
1,035,531

7,537,900
1,154,779
950,581
1,063,512
3,261,349
1,107,679
4,366,474
695,106
3,671,368
1,020,886

13,174,698
1,894,262
1,574,736
1,792,733
6,829,502
1,083,465
7,055,158
919,280
6,135,878
2,374,021

304,489

99,940

1,499,400

731,042
13,312,989
1,582,962
1,582,962
0
11,730,027

920,946
18,058,252
3,777,931
3,777,931
0
14,280,321

874,621
20,054,118
3,808,698
3,808,698
0
16,245,420

24,944,143
205,355
21,193,988
16,547,763
1,127,676
79,592
6,897,089
1,214,344
6,155,964
786,090
1,844,388
2,093,197
0
1,432,289
4,054,070
1,342,606
2,711,464
5,416,840
1,891,609
305,841
1,907,965
273,624
1,037,801
21,629,197
4,196,490
4,196,490
0
6,087,741
2,554,657
3,533,084
11,344,966

38,931,210
241,903
32,705,019
28,302,918
578,255
70,313
8,836,445
1,479,631
5,976,885
607,387
1,472,468
2,334,581
0
1,562,449
4,634,173
1,535,505
3,098,668
4,937,561
2,225,325
144,482
1,176,425
270,527
1,120,802
35,336,361
4,657,036
4,657,036
0
7,977,037
2,840,132
5,136,905
22,702,288

37,999,825
169,531
33,985,952
28,563,883
552,252
61,049
6,809,306
2,396,056
15,199,868
465,157
2,125,381
1,606,033
0
11,003,297
7,191,781
3,344,387
3,847,394
7,228,318
3,146,391
68,516
1,248,567
295,056
2,469,788
38,779,594
5,238,318
5,238,318
0
3,168,696
3,932,030
(763,334)
30,372,580

10,429,917
9,649,559
780,358
7,880,296

9,626,372
9,626,372
0
6,533,464

10,471,347
10,471,347
0
6,914,742

2,549,621
1,221,699

3,092,908
1,614,997

3,556,605
2,302,979

9,738,491
9,738,491
0
7,318,325
5,558,332
1,759,993
2,420,166
1,619,408
157,593
1,461,815
2,079,644
507,343
452,870
1,998,763
314,506
60,617
0
385,862

9,468,098
9,468,098
0
6,991,166
4,664,771
2,326,395
2,476,932
3,686,414
156,058
3,530,356
2,575,404
1,300,180
1,192,808
(2,128,320)
419,496
233,541
0
764,426

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

1,279,795
414,351
194,824
0

1,834,720
382,457
571,638
0

2,244,470
259,874
99,300
10,890

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
1,787,610
602,527
510,862
773,117
237,611
158,285
0
218,637

14,348,520
304,489
670,620
1,390,587

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

40,273,922
3,401,750
1,623,640
4,937,255

46,007,912
4,394,958
(2,781,357)
7,739,345

0.57
2.94
4.95
0.57
1.09
75.55
0.38
7.22
9.98
9.10
4.44
22.02

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
75.15
0.27
5.26
7.02
5.94
27.79
6.61
5.41
20.52
0.04
3.59
75.36

0.29
13.73
16.96
0.18
2.11
73.84
0.37
-4.34
-5.74
-4.93
-10.91
4.45
-0.78
-22.48
0.05
-4.83
73.58

1,221,699

1,614,997

2,302,979

306,512

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)

470

12.27
0.00
5.47
84.10

19.06
0.00
3.81
47.40

21.43
0.00
5.21
52.65

Billion Rs

Growth with Composition of Assets & Liabilites

45
40
35
30
25
20
15
10
5
0

154.3%

55.2%

46.4%
9.7%

-2.4%
Non-Current Assets

Current Assets

Current Liabilities

2010

Non-Current
Liabilities

2011

180%
160%
140%
120%
100%
80%
60%
40%
20%
0%
-20%

Shareholders Equity

Growth

Growth & Composition of Operations

2010

2011

Growth
50%

12
10
Billion Rs

2.3%

-2.8%

0%
-50%

6
4

-100%

-150%

0
-2

Sales

Gross Profit

-206.5%
Net Profit Before
Tax

-4

-250%

Key Performance Indicators

Profitability/Efficiency Ratios
8

2010

7.02

30
5.94

5.26

2011

10

2
0
-2
-4
-6

Return on
Return on
Assets
Equity
-4.34
-5.74

-4.93

2011
3.59

1.292.11 0.27 0.37

-10

Return on
Capital
Employed

2010

20.52

20
Percentage

Percentage

-200%

-20
-30

Current
Ratio

Debt
Equity
Ratio

Net
Earning
-4.83
Profit Per Share
Margin after Tax
-22.48

Financial Statement Analysis of Non Financial Sector 2011

Dadabhoy Construction Tech. Ltd.(Pak German Prefabs Ltd.

2007

2008

2009

6,808

6,574

6,209

18,687
6,808
790
0

18,847
6,574
393
0

18,847
6,209
366
0

7,903
2,622
4,469
69
0
743
59,390
0
59,390
0

6,330
591
4,331
346
0
1,062
57,037
0
57,037
0

7,649
736
4,819
86
0
2,008
56,969
0
56,969
0

0
(44,679)
23,228
23,228
0
(67,907)

0
(44,133)
23,228
23,228
0
(67,361)

0
(43,111)
23,228
23,228
0
(66,339)

6,216
0
19,165
6,158
369
0
0
58
6,631
503
3,437
210
0
2,481
57,661
0
57,661
0
0
0
0
0
0
(44,814)
23,228
23,228
0
(68,042)
0
(68,042)
0

6,216
0
19,165
6,158
369
0
0
58
6,631
503
3,437
210
0
2,481
57,661
0
57,661
0
0
0
0
0
0
(44,814)
23,228
23,228
0
(68,042)
0
(68,042)
0

6,216
0
19,165
6,158
369
0
0
58
6,631
503
3,437
210
0
2,481
57,661
0
57,661
0
0
0
0
0
0
(44,814)
23,228
23,228
0
(68,042)
0
(68,042)
0

4,682
4,682
0
2,096

4,791
4,791
0
2,824

3,361
3,361
0
1,513

3,404
3,404

2,586
3,274

1,967
1,396

1,848
858

3,404
3,404
0
1,853
1,853
0
1,551
3,250
194
3,056
9
5
0
(1,704)
0
0
0
85

1,853
1,853
0
1,551
3,250
194
3,056
9
5
0
(1,704)
0
0
0
85

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

Items

F.Operation:

4,013
20
0
0

570
24
0
0

1,040
17
0
0

3,404
3,404
0
1,853
1,853
0
1,551
3,250
194
3,056
9
5
0
(1,704)
0
0
0
85

(44,679)
0
3,993
0

(44,133)
0
546
0

(43,111)
0
1,023
0

(44,814)
0
(1,704)
0

(44,814)
0
(1,704)
0

(44,814)
0
(1,704)
0

0.05
0.11
1.47
0.32
0.13
44.77
-1.33
24.38
-8.60
-8.60

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
0.15
6.17
0.26
0.11
54.44
-1.29
-13.26
3.80
3.80

0.01
0.15
6.17
0.26
0.11
54.44
-1.29
-13.26
3.80
3.80

1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

3,274

1,396

858

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

472

1.05

1.11

0.70

0.99

0.99

0.99

85.71
0.00
1.72
-19.23

11.90
0.00
0.24
-19.00

30.94
0.00
0.44
-18.56

-50.06
0.00
-0.73
-19.29

-50.06
0.00
-0.73
-19.29

-50.06
0.00
-0.73
-19.29

Financial Statement Analysis of Non Financial Sector 2011

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

2007

2008

2009

409,789

443,925

431,707

543,613
409,789
34,100
0

615,657
443,925
38,768
0

639,147
431,707
36,709
0

31,275
11,687
0
5,054
0
14,534
95,818
0
95,818
0

44,885
11,595
2,021
6,167
0
25,102
140,380
0
140,380
0

44,846
7,325
0
8,958
0
28,563
136,261
0
136,261
0

0
345,246
320,000
320,000
0
25,246

0
348,430
320,000
320,000
0
28,430

0
340,292
320,000
320,000
0
20,292

429,129
21,272
649,665
407,132
35,093
0
0
725
50,855
6,903
2,360
11,121
0
30,471
31,468
0
31,468
103,273
0
92,800
0
1,909
8,564
345,243
320,000
320,000
0
25,243
0
25,243
0

409,625
9,691
671,853
399,207
33,239
0
0
727
40,216
5,453
7,861
16,609
0
10,293
38,678
0
38,678
64,108
0
54,750
0
1,995
7,363
347,055
320,000
320,000
0
27,055
0
27,055
0

413,291
14,074
703,404
397,852
32,906
0
0
1,365
48,942
6,084
9,279
22,414
0
11,165
47,429
0
47,429
63,148
0
54,750
0
2,065
6,333
351,656
320,000
320,000
0
31,656
0
31,656
0

435,377
435,377
0
369,687

391,359
391,359
0
322,229

321,645
321,645
0
272,363

65,690
48,178

69,130
58,817

49,282
54,869

385,251
385,251
0
301,229
301,229
0
84,022
78,511
17,179
61,332
86,560
1,497
0
4,014
2,610
0
0
50,659

453,166
453,166
0
349,185
349,185
0
103,981
94,103
23,398
70,705

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

10,831
2,425
0
0

10,205
1,960
0
0

(7,954)
1,625
0
0

314,168
314,168
0
244,299
244,299
0
69,869
64,475
12,743
51,732
65,734
1,543
0
3,851
125
32,000
0
23,371

345,246
0
8,406
0

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
(28,429)
0

0.17
0.00
1.16
0.99
0.33
84.91
0.28
2.60
3.18
3.18

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

193.65

0.60
0.39
4.95
0.98
1.03
77.05
0.31
1.78
2.32
1.97
0.11
48.84

0.57
0.49
3.54
0.65
1.62
77.76
0.39
0.81
1.12
0.98
0.12
133.12

2.49
0.00
0.26
10.79

2.61
0.00
0.26
10.89

-2.47
0.00
-0.30
10.63

48,178

58,817

54,869

1,509

1,757
0
8,121
4,550
32,000
0
37,778

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

473

49.01

1.23
0.17
0.12
10.79

1.04
0.49
0.04
10.85

1.79
0.34
0.11
10.99

Financial Statement Analysis of Non Financial Sector 2011

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

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

147,018

166,393

145,353

241,481
147,018
4,428
0

248,284
166,393
5,421
0

186,945
145,353
4,119
0

300,346
58,933
197,026
0
15,826
28,561
312,519
34,880
277,639
922

385,871
48,527
0
262,247
6,500
68,597
431,704
15,625
416,079
290

425,583
22,207
0
258,721
61,350
83,305
427,015
447
426,568
627

922
133,923
50,000
50,000
0
83,923

290
120,270
50,000
50,000
0
70,270

627
143,294
80,761
80,761
0
62,533

319,110
0
272,923
226,046
5,284
0
91,719
1,345
391,268
72,551
18,065
0
0
300,652
240,676
4,925
235,751
7,299
0
0
0
6,835
464
462,403
282,662
282,662
0
(30,596)
15,380
(45,976)
210,337

312,895
0
272,621
220,544
5,376
0
92,026
325
348,561
37,540
12,949
0
0
298,072
225,416
4,925
220,491
6,384
0
0
0
6,137
247
429,656
282,662
282,662
0
(60,434)
15,380
(75,814)
207,428

307,969
0
271,925
215,477
4,840
0
92,167
325
304,428
33,423
12,781
0
0
258,224
182,438
0
182,438
7,665
0
0
0
7,665
0
422,294
282,662
282,662
0
(64,928)
15,380
(80,308)
204,560

532,246
532,246
0
491,408

795,361
795,361
0
749,827

412,348
412,348
0
375,835

40,838
18,606

45,534
25,868

36,513
37,599

46,446
46,446
0
70,954
12,729
58,225
(24,508)
20,745
0
20,745
19,195
855
764
(32,696)
689
0
0
(35,181)

46,877
46,877
0
43,720
5,905
37,815
3,157
22,333
0
22,333
15,898
376
277
6,386
933
0
0
1,277

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

13,513
16,007
0
0

24,852
31,940
0
0

(34,977)
6,000
0
0

255,363
255,363
0
230,637
76,630
154,007
24,726
29,781
465
29,316
41,607
9,128
8,674
24,810
1,070
0
0
2,688

134,845
0
(2,494)
34,880

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
5,453
0

0.24
0.38
0.00
1.19
0.96
92.33
2.34
3.79
14.99
14.75

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

0.18
0.80
0.00
0.08
1.67
93.27
0.45
1.00
1.50
1.47

2.54
0.00
-0.50
26.78

3.12
0.00
-1.42
24.05

-8.48
0.00
-5.07
17.74

18,606

25,868

37,599

2,006

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)

2.70

474

14.14
3.86
9.72
0.01
0.84
16.36

3.59
-41.78
-70.40
-0.15
-1.18
15.20

3.67
24.05
13.62
0.01
0.19
14.94

Financial Statement Analysis of Non Financial Sector 2011

Haydari Construction Co. Ltd.

2007

2008

2009

1,021

945

867

7,109
1,021
86
0

7,109
945
75
0

6,993
867
70
0

25,700
236
0
0
40
25,424
7,771
0
7,771
0

25,515
36
0
0
53
25,426
7,786
0
7,786
0

25,596
80
12,724
0
91
12,701
7,898
0
7,898
0

0
18,950
32,000
32,000
0
(13,050)

0
18,674
32,000
32,000
0
(13,326)

0
18,565
32,000
32,000
0
(13,435)

803
0
6,993
757
60
0
33
13
25,689
5
12,724
0
0
12,960
0
0
0
8,038
0
0
0
0
8,038
18,454
32,000
32,000
0
(13,546)
10,627
(24,173)
0

768
0
6,385
705
52
0
50
13
25,709
5
12,724
0
0
12,980
0
0
0
8,243
0
0
0
0
8,243
18,234
32,000
32,000
0
(13,766)
10,627
(24,393)
0

746
0
6,385
658
47
0
75
13
25,766
60
12,724
0
0
12,982
0
0
0
8,103
0
0
0
0
8,103
18,409
32,000
32,000
0
(13,591)
10,627
(24,218)
0

0
0
0
0

0
0
0
0

0
0
0
0

0
345

0
290

0
332

0
0
0
0
0
0
0
255
0
255
0
0
0
(254)
0
0
0
(180)

0
0
0
0
0
0
0
389
0
389
0
0
0
174
22
0
0
54

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

(341)
1
0
0

(289)
0
0
0

(147)
0
0
0

0
0
0
0
0
0
0
230
0
230
0
0
0
(52)
0
0
0
(302)

18,950
0
(342)
0

18,674
0
(289)
0

18,565
0
(147)
0

26,492
0
(52)
0

26,477
0
(254)
0

26,512
0
152
0

0.04

0.01

0.02

0.00
3.31

0.00
3.28

0.00
3.24

0.00

0.00

0.00

0.41
-1.27
-1.79
-1.79

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

0.44
0.66
0.95
0.66

0.00
-0.11
5.92

0.00
-0.05
2.92

345

290

332

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F7-F8-F9)
4.Contractual Liabilities (G2+C1)

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

475

0.00

0.00

0.00

0.00

0.00
-0.05
5.80

-0.04
-0.01
2.88

-0.02
-0.04
2.85

0.01
0.02
2.88

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

75,116
0
21,550
4,490
2,818
69,641
0
985
268,184
42,838
112,859
64,480
0
48,007
96,903
0
96,903
7,372
0
0
0
7,000
372
239,025
200,000
200,000
0
39,025
0
39,025
0

182,450
0
138,121
121,067
2,189
60,941
0
442
188,943
28,640
111,244
33,558
0
15,501
115,322
0
115,322
7,953
0
0
0
7,953
0
248,118
200,000
200,000
0
48,118
0
48,118
0

179,228
0
144,717
126,502
1,715
52,241
0
485
368,468
16,142
234,702
90,153
0
27,471
239,968
0
239,968
14,094
0
0
0
9,531
4,563
293,634
200,000
200,000
0
93,634
0
93,634
0

414,882
414,882
0
375,986
0
375,986
38,896
48,370
33,380
14,990
14,686
668
384
(8,339)
7,323
0
0
31,105

475,248
475,248
0
362,174
0
362,174
113,074
101,078
83,530
17,548
33,896
450
162
14,031
4,938
0
0
105,419

639,195
639,195
0
466,800
0
466,800
172,395
113,180
87,133
26,047
42,212
5,509
0
54,078
8,562
50,000
0
(86,047)

246,397
0
(15,662)
0

256,071
0
9,093
0

307,728
0
(4,484)
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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit 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)

476

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

Financial Statement Analysis of Non Financial Sector 2011

Javedan Corporation Ltd. (formerly Javedan Cement 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)
2010
2011

2006

2007

2008

2009

152,709

833,762

840,707

1,003,695
152,709
17,229
0

1,698,664
833,762
16,855
0

1,721,165
840,707
16,319
0

811,914
394,931
70,604
0
114,204
232,175
464,877
0
464,877
0

452,938
8,152
189,277
10,908
0
244,601
345,589
150,000
195,589
625,000

528,108
71,298
172,577
19,883
0
264,350
428,325
108,125
320,200
666,875

625,000

546,875

0
499,746
560,000
560,000
0
(60,254)

0
316,111
560,000
560,000
0
(243,889)

120,000
273,615
560,000
560,000
0
(286,385)

5,392,722
70,416
6,214,820
5,320,060
14,730
0
0
2,246
468,497
71,829
196,261
9,943
0
190,464
647,644
184,045
463,599
4,482,291
30,000
952,291
3,500,000
0
0
731,284
290,641
290,641
0
(4,065,340)
11,966
(4,077,306)
4,505,983

8,644,909
227,818
8,628,117
8,414,121
213,996
0
0
2,970
851,616
81,770
6,005
34,238
0
729,603
1,555,947
1,177,537
378,410
3,858,481
105,768
1,127,713
2,625,000
0
0
4,082,097
581,282
581,282
0
(4,194,256)
11,966
(4,206,222)
7,695,071

468,397
10,124
187,904
27,606
4,462
0
0
430,667
9,219,454
10,901
0
1,961
0
9,206,592
2,603,931
1,947,745
656,186
2,004,956
2,002,084
0
0
0
2,872
5,078,964
581,282
581,282
0
(3,197,389)
1,127,713
(4,325,102)
7,695,071

2,410,141
2,410,141
0
1,979,352

1,572,640
1,539,488
33,152
1,494,707

1,652,758
1,527,645
125,113
1,563,973

430,789
40,481

77,933
198,123

88,785
50,563

610,134
596,276
13,858
657,227
102,661
554,566
(47,093)
32,618
9,260
23,358
92,839
587,424
584,308
(124,040)
3,492
0
0
(541,714)

0
0
0
0
0
0
0
72,626
204
72,422
20,794
489,937
456,195
(558,491)
224
0
0
(112,124)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Salaries, wages and employee benefits
6.Financial expenses
of which: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

422,784
111,668
317,520
0

(177,789)
5,620
0
0

(57,484)
5,951
0
0

1,622,216
1,500,379
121,837
1,372,868
217,672
1,155,196
249,348
48,911
25,750
23,161
100,014
582,979
578,572
(370,367)
0
0
0
(253,473)

499,746
0
(6,404)
0

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

1.10
0.05
0.00
2.50
1.75
82.13
0.93
43.37
95.89
95.89
0.98
34.14

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

40,481

198,123

50,563

1,088

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)

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

17.54
0.00
5.56
8.92

-11.31
0.00
-3.28
5.64

-3.48
0.00
-1.13
4.89

Javedan Cement (2006-10)

0.00
3.54

0.91
-5.82
-12.19
-7.43

-0.22

-0.02
-9.61
87.38

Financial Statement Analysis of Non Financial Sector 2011

Pace (Pakistan) 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)
2010
2011

2006

2007

2008

2009

257,688

510,916

311,854
256,406
13,264
1,282

575,480
500,373
21,812
10,543

3,547,871
307,943
751,408
310,506
1,751,329
426,685
575,749
109,268
466,481
54,794

8,050,206
1,314,880
1,189,809
974,764
4,181,118
389,635
2,480,964
44,843
2,436,121
1,519,452

1,499,400

6,474,944
71,127
577,191
474,066
33,739
9,951
5,465,782
454,018
3,474,664
341,282
1,496,754
1,559,785
0
76,843
362,747
35,011
327,736
3,827,813
1,535,175
202,980
1,907,965
33,814
147,879
5,759,048
2,328,220
2,328,220
0
3,430,828
418,019
3,012,809
0

8,513,862
6,672
693,519
550,444
42,786
9,372
7,300,247
647,127
3,373,427
177,505
1,111,571
1,714,345
0
370,006
1,064,004
135,958
928,046
3,216,257
1,755,763
82,328
1,176,425
33,236
168,505
7,607,028
2,788,766
2,788,766
0
4,818,262
675,936
4,142,326
0

6,373,059
6,672
700,227
516,419
38,490
8,808
5,139,976
701,184
2,985,769
59,592
1,646,405
1,019,495
0
260,277
1,118,132
704,479
413,653
3,144,421
228,000
5,637
1,248,567
32,828
1,629,389
5,096,275
2,788,766
2,788,766
0
2,307,509
635,865
1,671,644
0

1,649,336
1,649,336
0
1,489,853
1,489,853
0
159,483
166,386
18,968
147,418
36,107
244,000
241,149
1,116,555
9,805
0
0
(380,510)

(476,405)
(476,405)
0
(79,609)
(79,609)
0
(396,796)
2,176,774
17,576
2,159,198
56,009
505,081
484,868
(3,026,131)
880
0
0
(472,284)

54,794
3,175,016
2,204,650
2,204,650
0
970,366

20,052
4,560,706
2,204,656
2,204,656
0
2,356,050

612,651
612,651
0
381,151

1,523,872
1,523,872
0
983,974

231,500
143,074

539,898
331,350

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

550,958
3,815
385,814
0

1,434,027
11,023
0
0

1,535,295
1,535,295
0
1,239,402
1,239,402
0
295,893
312,345
6,724
305,621
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
(3,027,011)
2,181,046

4.12
15.10
50.68
0.16
6.16
62.21
0.20
14.48
17.35
17.06
1.42
0.82

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
-28.49
-47.64
-31.75

143,074

331,350

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

478

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
-5.24
635.20
-0.11
-10.85
18.27

89.93
0.00
2.48
14.40

94.10
0.00
6.45
20.69

Financial Statement Analysis of Non Financial Sector 2011

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

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2010
2011

2006

2007

2008

2009

1,273,272

2,469,004

2,436,112

1,487,117
1,273,272
48,122
0

2,614,195
2,469,004
46,742
0

2,628,269
2,436,112
49,797
0

106,656
28,028
471
46,803
7,378
23,976
400,653
129,818
270,835
897

115,119
48,810
521
51,177
0
14,611
280,986
19,771
261,215
1,236

153,011
76,522
557
39,350
19,334
17,248
268,087
6,105
261,982
882

897
978,378
180,000
180,000
0
798,378

1,236
2,301,901
180,000
180,000
0
2,121,901

882
2,320,154
180,000
180,000
0
2,140,154

2,400,673
5,275
2,627,562
2,392,948
46,357
0
0
2,450
102,400
65,533
1,564
24,753
0
10,550
44,678
0
44,678
216,059
180
10,061
0
0
205,818
2,242,336
180,000
180,000
0
164,650
0
164,650
1,897,686

2,360,573
8,042
2,627,487
2,350,081
43,378
0
0
2,450
146,684
74,580
1,735
35,489
0
34,880
42,361
0
42,361
204,736
0
7,404
0
0
197,332
2,260,160
180,000
180,000
0
197,980
0
197,980
1,882,180

2,340,322
0
2,657,480
2,337,872
43,776
0
0
2,450
163,219
72,914
1,764
26,472
0
62,069
42,956
0
42,956
199,767
0
8,129
0
0
191,638
2,260,818
180,000
180,000
0
213,370
0
213,370
1,867,448

475,878
475,878
0
168,429

498,334
498,334
0
181,210

390,531
390,531
0
177,877

307,449
83,609

317,124
96,758

212,654
92,115

286,020
286,020
0
177,852
73,879
103,973
108,168
88,325
1,964
86,361
20,052
2,429
83
24,164
14,723
0
0
12,351

278,522
278,522
0
189,726
72,742
116,984
88,796
90,522
1,451
89,071
56,303
225
0
670
5,167
0
0
34,236

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

202,180
77,387
63,000
0

117,401
41,953
54,000
0

118,446
46,566
0
0

323,813
323,813
0
168,772
58,892
109,880
155,041
87,466
1,791
85,675
21,720
258
258
16,778
28,378
0
0
96,953

979,275
0
61,793
129,818

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

83,609

96,758

92,115

13,606

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

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F6 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on assets [F7 as % of avg.(A+B)]
9.Return of equity (F7 as % of avg. E)
10.Return on capital employed ( F7 as % of avg. G1)
11.Dividend cover ratio [(F7-F8) to F9]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F7+ F6(i)) to F6(i)]
14.Net profit margin (F7 as % of F1)
15.Operating cash flow to debt ratio [F11 to (C+D)]
16.Earning per share after tax (Rs./share) [(F7-F8)/No. of Ord. shares]
17.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.21
2.86
9.84
0.34
0.27
35.39
0.41
14.79
21.28
20.32
1.98
1,010.36

479

0.36
2.25
10.27
0.19
0.41
36.36
0.12
5.92
7.16
7.15
1.40
956.50

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

42.49
0.00
6.93
54.35

23.56
0.00
4.19
127.88

30.33
0.00
3.99
128.90

0.24
0.14
-0.25
125.60

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

10,313,296

10,741,029

10,926,298

12,476,224
10,313,296
200,320
0

13,083,166
10,741,029
183,791
0

13,543,839
10,926,298
229,621
0

2,682,018
541,953
35,238
220,358
890,455
994,014
1,822,977
303,312
1,519,665
743,820

2,589,579
537,942
29,161
269,567
1,452,845
300,064
1,921,891
331,880
1,590,011
411,940

3,245,083
297,159
45,720
336,103
2,294,679
271,422
2,639,891
745,155
1,894,736
199,492

299,820

99,940

444,000
10,428,517
325,242
325,242
0
10,103,275

312,000
10,996,777
325,242
325,242
0
10,671,535

199,492
11,331,998
325,242
325,242
0
11,006,756

12,942,954
0
13,587,649
10,860,819
269,815
0
1,339,555
742,580
1,292,143
123,008
131,049
247,499
0
790,587
2,425,334
767,230
1,658,104
710,151
190,813
0
0
224,066
295,272
11,099,612
325,242
325,242
0
2,149,516
2,070,631
78,885
8,624,854

24,541,649
0
25,258,700
22,277,858
265,236
0
1,444,122
819,669
1,197,512
99,928
128,389
312,699
0
656,496
2,257,090
888,088
1,369,002
596,886
86,426
0
0
221,206
289,254
22,885,185
325,242
325,242
0
2,552,173
2,098,189
453,984
20,007,770

25,179,308
0
25,568,966
22,353,007
240,017
0
1,577,088
1,249,213
1,355,518
118,436
139,954
332,043
0
765,085
1,871,455
441,997
1,429,458
1,053,811
550,884
0
0
242,967
259,960
23,609,560
325,242
325,242
0
3,276,548
2,102,445
1,174,103
20,007,770

4,875,539
4,875,539
0
3,346,835

5,679,646
5,679,646
0
3,805,575

5,485,717
5,485,717
0
3,878,201

1,528,704
692,206

1,874,071
892,058

1,607,516
969,339

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
1,173,216
167,066
122,778
554,167
217,532
0
0
217,260

5,110,651
5,110,651
0
3,077,084
3,077,084
0
2,033,567
1,113,237
26,102
1,087,135
1,336,329
181,610
139,450
1,021,048
330,698
0
0
813,543

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

804,823
266,710
81,310
0

1,001,294
299,643
81,310
0

479,916
181,048
48,786
0

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
1,151,195
209,355
126,038
(138,975)
164,030
0
0
729,526

11,172,337
299,820
456,803
603,132

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

24,663,371
550,884
690,350
992,881

0.91
4.16
4.52
0.38
1.47
68.65
0.25
6.34
7.91
7.27
6.62
138.36

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
3.91
4.39
4.24

692,206

892,058

969,339

202,966

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)

480

16.51
0.00
16.55
320.64

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
8.32
19.98
0.28
21.23
725.91

Financial Statement Analysis of Non Financial Sector 2011

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)
2010
2011

2006

2007

2008

2009

1,339,236

1,773,567

1,797,488

1,786,282
1,339,236
74,090
0

2,306,247
1,773,567
88,273
0

2,441,346
1,797,488
112,974
0

364,112
83,457
20,071
149,122
0
111,462
599,916
235,774
364,142
232,801

406,221
125,565
29,845
131,129
0
119,682
708,579
190,730
517,849
536,990

526,437
168,612
44,871
153,180
0
159,774
640,953
73,299
567,654
644,586

232,801
870,631
505,138
505,138
0
365,493

536,990
934,219
505,138
505,138
0
429,081

644,586
1,038,386
505,138
505,138
0
533,248

2,295,198
107,681
3,431,290
2,175,347
734,141
0
0
12,170
544,130
133,467
65,576
185,349
0
159,738
794,603
535,440
259,163
536,835
165,441
0
0
0
371,394
1,507,890
505,138
505,138
0
390,663
40,000
350,663
612,089

2,603,172
217,498
3,017,168
2,376,854
185,630
0
0
8,820
649,202
183,233
82,558
221,671
0
161,740
833,641
506,534
327,107
832,994
383,136
0
0
0
449,858
1,585,739
505,138
505,138
0
475,691
40,000
435,691
604,910

2,731,289
138,661
3,725,779
2,582,332
185,630
0
0
10,296
721,673
147,102
64,335
113,285
0
396,951
1,027,811
250,166
777,645
732,353
365,423
0
0
0
366,930
1,692,798
505,138
505,138
0
589,929
40,000
549,929
597,731

1,111,296
1,111,296
0
766,847

1,324,650
1,324,650
0
837,893

1,669,050
1,669,050
0
681,757

344,449
174,501

486,757
301,832

987,293
679,615

2,555,759
2,555,759
0
2,155,203
919,582
1,235,621
400,556
0
0
0
710,609
91,041
87,934
320,486
64,209
60,617
0
415,959

3,412,688
3,412,688
0
2,942,407
1,237,611
1,704,796
470,281
0
0
0
1,047,850
115,680
112,018
367,529
68,460
151,541
0
547,908

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: (i) Interest expenses
7.Net profit before tax
8.Tax expense (current year)
9.Total amount of dividend
10.Total value of bonus shares issued
11.Cash flows from operations

189,200
5,755
50,514
0

126,394
0
50,514
0

232,912
8,177
50,514
0

1,948,835
1,948,835
0
1,652,684
801,370
851,314
296,151
0
0
0
441,890
109,119
104,954
207,135
35,910
126,285
0
274,735

1,103,432
0
132,931
235,774

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

0.39
3.60
13.42
0.65
0.61
69.00
0.96
11.84
22.35
17.58
3.63
55.37

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

174,501

301,832

679,615

40,011

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)

481

17.03
0.00
3.63
17.24

9.54
0.00
2.50
18.49

13.95
0.00
4.45
20.56

APPENDICES

Appendix:1
Companies Covered in the Financial Statement Analysis for the year 2011 (399)
Company
1
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

Page
9

Textile Sectors (155)*

Spinning, Weaving, Finishing (137)*
(Colony) Sarhad Textile Mills Ltd.
(Colony) Thal Textile Mills Ltd.
Adil Textile Mills Ltd.
Ahmed Hussan 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 Fibre Ltd.
D.M. Textile Mills Ltd.
D.S. Industries Ltd.
Dar-Es-Salam Textile Mills Ltd.
Data Textiles Ltd.
Dawood Lawrancepur Ltd.**
Dewan Farooque Spinning Mills Ltd.
Dewan Khalid Textile Mills Ltd.
Dewan Mushtaq Textile Mills Ltd.
Dewan Textile Mills Ltd.
Din Textile Mills Ltd.

13
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
47
48
49

483

Company
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
73

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 & Manu. Company 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.
Khurshid Spinning Mills Ltd.
Khyber Textile Mills Ltd.

Page
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
85
86
87

Company
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

Kohat Textile Mills Ltd.

Kohinoor Industries Ltd.
Kohinoor Mills Ltd.
Koninoor Spinning Mills Ltd.
Kohinoor Textile Mills Ltd.
Landmark Spinning Industries Ltd.
Mahmood Textile Mills Ltd.
Maqbool Textile Mills Ltd.
Masood Textile Mills Ltd.
Mehr Dastagir 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.
Saleem Denim Industries Ltd.

Page
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
124
125

484

Company

Page

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.
Zephyar Textile Mills Ltd.

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
151

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.

154
156
157
158
159
160
161

iii)
1
2

Other Textiles n.e.s. (12)*

Al-Abid Silk Mills Ltd.
Bannu Woollen Mills Ltd.

164
166
167

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

Company
3
4
5
6
7
8
9
10
11
12
2
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

Page

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 and Rayon Mills Ltd.
Tri-Star Polyester Ltd.

168
169
170
171
172
173
174
175
176
177

Food (54)

180

Sugar (36)***
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.
Crescent Sugar Mills & Distillery Ltd.
Dewan Sugar Mills Ltd.
Faran Sugar Mills Ltd
Fecto 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 Suggar Mills Ltd
Mirza Suggar Mills Ltd
Noon Sugar Mills Ltd.
Pangrio Sugar Mills Ltd.

184
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
202
203
204
205
206
207
208
209
210

485

Company

Page

26
27
28
29
30
31
32
33
34
35
36

Sakrand Sugar Mills Ltd.

Saleem Sugar Mills Ltd.
Sanghar Sugar Mills Ltd.
Shahmurad Sugar Mills Ltd.
Shahtaj Sugar Mills Ltd.
Shakarganj Mills Ltd.
Sindh Abadgars Sugar Mills Ltd
Tandlianwala Sugar Mills Ltd.
The Frontier Sugar Mills & Distillery Ltd.
The Prem.Sugar Mills & Dist. Co. Ltd.
The Thal Ind. Corp. Ltd.

211
212
213
214
215
216
217
218
219
220
221

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.
Indus Fruit Products Ltd.
Ismail Industries Ltd.
Mitchells Fruit 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 Ltd.**
S. S. Oil Mills Ltd.
Shakarganj Foods Ltd.
Shezan International Ltd.
Unilever Pakistan Foods Ltd.**
Unilever Pakistan Ltd.**
Wazir Ali Industries Ltd.

224
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243

Chemicals & Pharmaceuticals (43)*

246

1
2
3
4
5

Abbott Laboratories (Pakistan) Ltd.**

Agritech Ltd.
Bawany Air Products Ltd.
Berger Paints Pakistan Ltd.
Biafo Industries Ltd

248
249
250
251
252

Company
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
36
37
38
39
40
41
42
43

Buxly Paints Ltd.

Clariant Pakistan Ltd.**
Colgate - Polmolive (Pakistan) Ltd.
Data Agro Ltd
Dawood Hercules Chemicals Ltd.**
Descon Chemicals Ltd.
Descon Oxychem Ltd.
Dewan Salman Fibre
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. (Boc Pakistan Ltd.)**
Lotte pakistan PTA Ltd.**
Mandviwal Maser 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 Distributers Pakistan Ltd.
Wah Nobel Chemicals Ltd . (Pub.)
Wyeth Pakistan Ltd.**

Page
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
279
280
281
282
283
284
285
286
287
288
289
290

486

Company

Page

Other Manufacturing n.e.s. (30)*

293

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

Al-Khair Gadoon Ltd.

Bata Pakistan Ltd.**
Crescent Steel & Allied Products Ltd
Dadex Eternit Ltd.
Diamond Industries Ltd.
Dost Steels Ltd.
Eco. Pak. Ltd. (Plastobag 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.
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. (Lakson)**
Service Industries Ltd.**
Shield Corporation Ltd.
Siddiqsons Tinplate Ltd.
Thal Ltd. (Thal Jute Mills Ltd.)
Treet Corporation Ltd.
Tri-Pack Films Ltd.**
United Brand Ltd.
Zil Ltd. (Zulfeqar Industries Ltd.)

295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324

Other Non-Metallic Mineral Products (28)

327

i)
1
2

Cement (20)*
Al- Abbas Cement Ltd. (Essa Cem. Ind. Ltd.)
Attock Cement Pakistan Ltd.

331
333
334

Company

Page

3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Bestway Cement Ltd.

Cherat Cement Company Ltd.
D. G. Khan Cement Company Ltd.
Dadabhoy Cement Industries Ltd.
Dandot Cement Company Ltd.
Dewan Cement Ltd. (Pakland Cem. Ltd.)
Fauji Cement Company Ltd.
Fecto Cement Ltd.
Flying Cement Company Ltd.
Gharibwal Cement Ltd.
Kohat Cement Ltd.
Lafarge Cement Ltd.(Pak. Cem. Ltd.)**
Lucky Cement Ltd.
Maple Leaf Cement Factory Ltd.
Mustehkam Cement Ltd.
Pioneer Cement Ltd.
Thatta Cement Ltd.
Zeal Pak Cement Factory Ltd.

335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352

7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22

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 and Ceramics Ltd.
Tariq Glass Industries Ltd.

355
357
358
359
360
361
362
363
364

Motor Vehicles, Trailers & Autoparts (22)*

367

1
2
3
4
5
6

Agriauto Industries Ltd.

Al-Ghazi Tractors Ltd.**
Atlas Battery Ltd.
Atlas Engineering Ltd.
Atlas Honda Ltd.*****
Baluchistan Wheels Ltd.

369
370
371
372
373
374

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18

487

Company

Page

Bela Automotives Ltd.

Bolan Castings Ltd.
Dewan Auto.Eng. Ltd.(Allied Motors Ltd.)
Dewan Farooque Motors Ltd.
Exide Pakistan Ltd.*****
General Tyre & Rubber Co. 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.
Transmission Engineering Inds. Ltd.

375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390

Fuel & Energy (18)*

393

Altern Energy Ltd.

Burshane LPG (Pakistan) Ltd.
Ideal Energy Ltd
Japan Power Generation Ltd.
Karachi Electric Supply Co.(KESC)
Kohinoor Energy Ltd.
Kohinoor Power Company Ltd.
Kot Adu Power Co. Ltd.
Mari Gas Company Ltd.
Nishat Chunian Power Ltd.
Nishat Power Co. Ltd.
Oil & Gas Dev. Corp. (OGDC) (Pub.)
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.

395
396
397
398
399
400
401
402
403
404
405
406
407
408
409
410
411
412

Company

Page

Information & Comm. & Transport (13)*

415

HUM Network Ltd. (Eye Television Network Ltd.)

Media Times Ltd.
Netsol Technologies Ltd.
Pak Datacom Ltd. (Pub.)
Pakistan International Container Terminal Ltd.
Pak. International Airlines Corp. Ltd. (PIA) (Pub.)
Pakistan National Shipping Corp. Ltd. (Pub.)
Pakistan Telecommunication Co. Ltd. (PTCL)
Southern Network Ltd.
TRG Pakistan Ltd.
Telecard Ltd.
Wateen Telecom Ltd.
World Call Telecom Ltd.**

417
418
419
420
421
422
423
424
425
426
427
428
429

Coke & Refined Petroleum Products (9)*

432

1
2
3
4
5
6
7
8
9

Attock Petroleum Ltd.

Attock Refinery Ltd.
Byco Petruleum Pakistan
National Refinery Ltd.
Pakistan Oilfields Ltd.
Pakistan Petroleum Ltd. (Pub.)
Pakistan Refinery Ltd.
Pakistan State Oil Company Ltd. (Pub.)
Shell Pakistan Ltd. **

434
435
436
437
438
439
440
441
442

Paper, Paperboard & Products (9)*

445

Baluchistan Particle Board Ltd.

Central Forest Products Ltd.
Century Paper & Board Mills Ltd.
Cherat Papersack Ltd.
Dadabhoy Sack Ltd.
Merit Packaging Ltd.
Packages Ltd.**

447
448
449
450
451
452
453

8
1
2
3
4
5
6
7
8
9
10
11
12
13

10
1
2
3
4
5
6
7

Company
Pakistan Paper Products Ltd.
Security Papers Ltd. (Pub)

454
455

Electrical Machinery & Apparatus (8)*

458

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.

460
461
462
463
464
465
466
467

12

Other Services Activities (10)*

470

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.

472
473
474
475
476
477
478
479
480
481

8
9
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)

488

Page

Appendix: II
Defaulter Companies of non-financial sectors listed at Karachi Stock Exchange upto Dec. 31, 2011 (133)

Company
1

Textile Sectors (77)

i)

Spinning, Weaving, Finishing (62)

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

(Colony) Sarhad Textile Mills Ltd.

(Colony) Thal Textile Mills Ltd.
Accord Textiles Ltd.
Adil Textile Mills Ltd.
Al-Azhar Textile Mills Ltd.
Alif Textile Industries Ltd.
Al-Qaim Textile Mills Ltd
Amin Spinning Mills Ltd.
Annoor Textile Mills Ltd.
Apex Fabrics Ltd.
Asim Textile Mills Ltd.
Awan Textile Mills Ltd.
Ayaz Textile Mills Ltd.
Azam Textile Mills Ltd.
Azmat Textile Mills Ltd.
Bahawalpur Textile Mills Ltd.
Brothers Textile Mills Ltd.
Carvan East Fabrics Ltd.
Crescent Spinning Mills 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.

Company
33
34
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

Junaid Cotton Mills Ltd.

Karim Cotton Mills Ltd.
Khurshid Spinning Mills Ltd.
Khyber Textile Mills Ltd.
Kohinoor Industries Ltd.
Kohinoor Looms Ltd.
Mehr Dastagir Textile Mills Ltd.
Modern Textile Mills Ltd.
Mukhtar Textile Mills Ltd
Nazir Cotton Mills Ltd.
Noorie Textile Mills Ltd.
Qayyum Spinning Mills Ltd.
Rashid Textile Mills Ltd.
Redco Textiles Ltd.
Sadoon Textile Mills Ltd.
Sahrish Textile Mills Ltd.
Saitex Spinning Mills Ltd.
Saleem Denim Industries Ltd.
Schon Textile Mills Ltd.
Service Fabrics Ltd.
Service Textile Mills Ltd.
Shahpur Textile Mills Ltd.
Siftaq International Ltd.
Sind Fine Textile Mills Ltd.
Sunshine Cotton Mills Ltd.
Taj Textile Mills Ltd.
Tariq Cotton Mills Ltd.
Usman Textile Mills Ltd.
Zahur Cotton Mills Ltd.
Zahur Textile Mills Ltd.

na

ii)

Made-up Textile articles (4)

na

1
2
3

na
na
na
na
na
na
na
na
na
na
na
na

na

na

489

Fateh Sports Wear Ltd.

Libaas Textile Ltd.
Tawakkal Garments Ltd.

na

na
na

na
na
na
na
na
na
na
na
na
na
na
na
na
na
na
na

na
na

Company
4

Nina Industries Ltd.

iii)

Other Textiles n.e.s. (11)

1
2
3
4
5
6
7
8
9
10
11

Colony Woollen Mills Ltd.

Harnai Woollen Mills Ltd.
Indus Polyester Company Ltd.
Kaiser Arts & Crafts Ltd.
Karim Silk Mills Ltd.
Kashmir Polytex Ltd.
Mehran Jute Mills Ltd.
National Fibres Ltd.
Noor Silk Mills Ltd.
Suhail Jute Mills Ltd.
Valika Woollen Ltd.

Company
na

11
12
13
14

na
na
na
na
na
na
na
na

na

Shakarganj Foods Ltd.

Suraj Ghee Industries Ltd.
Universal Oil & Vegetable Ghee Mills Ltd.
Uqab Breeding Farms Ltd.

Chemicals, Chemical Products &

Pharmaceuticals (7)

1
2
3
4
5
6
7

Adil Polypropylene Products Ltd.

Data Agro Ltd
Kausar Paints Ltd.
Pak Fiber Industries Ltd.
Pakistan PVC Ltd.
Sardar Chemical Industries Ltd.
Sindh Alkalis Ltd.

Food (19)

Other Manufacturing n.e.s. (9)

i)

Sugar (5)

1
2
3
4
5

Ansari Sugar Mills Ltd.

Khairpur Sugar Mills Ltd.
Mian Mohammad Sugar Mills Ltd.
Sakrand Sugar Mills Ltd.
Saleem Sugar Mills Ltd.

1
2
3
4
5
6
7
8
9

Dost Steels Ltd.

Fateh Industries Ltd.
Gauhar Engineering Ltd.
Hashimi Can Company Ltd.
Metropolitan Steel Corporation Ltd.
Quality Steel Works Ltd.
Syed Match Co. Ltd.
Taxila Engineering Ltd.
Turbo Tec Ltd.

Other Non-metallic Mineral Products (4)

i)

Cement (1)

Dadabhoy Cement Industries Ltd.

ii)

Other Food Products (14)

1
2
3
4
5
6
7
8
9
10

Extraction Pakistan Ltd.

Fazal Vegetable Ghee Mills Ltd.
Indus Fruit Products Ltd.
Morafco Industries Ltd.
Mubarak Daries Ltd.
Muslim Ghee Mills Ltd.
Pak Ghee Industries Ltd.
Pakistan Dairies
Quice Food Industries Ltd.
S. S. Oil Mills Ltd.

na

na
na

na
na
na
na

490

ii)

Mineral Products (3)

1
2

Mineral Grinding Ltd.

Regal Ceramics Ltd.

na
na
na

na
na
na

na

na
na
na
na
na
na

na
na

Company
3

Medi Glass Ltd.

Motor Vehicles, Trailers & Autoparts (1)

Bela Automotives Ltd.

Fuel & Energy (2)

1
2

Generteck Pakistan Ltd.

Kohinoor Power Company Ltd.

8
1
2
3
9

Company
na

10

Other Services Activities (6)

na

1
2
3
4
5
6
10

Dadabhoy Construction Tech. Ltd.

M.L.C.
Pan Islamic Steamship Ltd.
Tri-Star Shipping Lines Ltd.
Myfip Video Industries Ltd.
Tawakkal Ltd.
Other Services Activities (6)

Dadabhoy Construction Tech. Ltd.

Paper, Paperboard & Products (3)

Abson Industries Ltd.
Central Forest Products Ltd.
Dadabhoy Sack Ltd.

na

Electrical Machinery & Apparatus (5)

1
2

Bela Engineers Ltd.

Casspak Industries Ltd.

na
na

3
4
5

Saif Nadeem Kawasaki Ltd.

Taga Pakistan Ltd.
The Climax Engineering Company Ltd.

na
na

Note: na. Annual reports of these

defaulting companies are not
available. Thereof their
analysis/profiles are not included in
the booklet.
Default is due to the following
reasons:
1) Quoted below 50% of face value
for continous period of 3 years.
2) Failed to declare dividend/bonus
for 5 years from the datd of last
declaration.
3) Failure to hold Annual General
Meeting for a continous period of 3
years.
4) Under liquidation.
5) failed to pay Annual listing fee for
a period of 2 years.

491

na
na
na
na
na

Explanatory Notes:

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 years publication.
Data rounding on consolidation levels is around 5(000).
Repeated data of any company is replaced with the actual one upon receipt of its annual report
in that years publication.
The symbol - appearing in the analytical tables stands for Not applicable or Not available.

492