Faran Sugar Mills

Income statement for the years ended 2010-2012

gross sales
less: indirect taxes & commission
net sales
cgs
gross profit
admin expenses
selling and distribution cost
other operation expenses
operating profit
other operating income
share in profit of associate
profit before finance and cost taxation
finance cost
profit before taxation
taxation
profit after taxation
earnings per share (basic and diluted)

2012
2011
2010
4,386,495,561 4,104,897,952 4,189,638,577
285,868,912 249,823,426 199,710,613
4,100,626,649 3,855,074,526 3,989,927,964
3,787,506,928 3,442,701,348 3,746,036,221
313,119,721 412,373,179 243,891,743
70,217,151
16,649,169
17,468,897
104,335,217
208,784,504
41,657,831
170,898,160
212,555,991
421,340,495
52,174,865
369,165,630
64,370,465
304,795,165

55,844,967
9,093,537
21,862,452
86,800,956
325,572,222
43,063,544
40,783,369
83,846,913
409,419,135
99,118,414
310,300,721
75,964,972
234,335,749

49,008,628
4,205,686
14,070,666
67,284,980
176,606,763
24,372,850
8,286,135
32,658,985
209,265,748
51,948,812
157,316,936
49,411,987
107,904,949

14.08

10.82

4.98

Faran Sugar Mills

Balance Sheet for the years ended 2010-2013

2012
assets
non current assets
prop, plant, equip
long term investments
long term deposists
current assets
stores and spares
stock in trade
trade debts (umsecured, considered goods)
short term deposists
loans, advances and other receivables
taxation - net
cash and bank

share capital and reserves

authorized share capital
40,000,000 (2011: 40,000,000) ordinary shares of Rs.10
issued, subscribed and share capital
reserves
liabilities
non current liabilities
deffered liabilities
current liabilities
trade and other payables
accrued mark up
short term finance - secured
taxation - net
contingencies and commitments

2011

2010

1,056,427,512 812,389,308
380,004,152 222,497,204
1,394,039
1,596,299
1,437,825,703 1,036,482,811

595,649,450
179,322,652
1,149,039
776,121,141

50,088,449
552,016,475
119,475,733
5,525,000
180,380,784
57,425,264
23,323,280
988,234,985
2,426,060,688

61,063,477
57,982,709
1,541,972,660 368,208,249
5,352,840 121,109,078
237,412,190 183,015,625
275,419,871 249,272,798
2,121,221,038 979,588,459
3,157,703,849 1,755,709,600

400,000,000
216,510,440
732,927,819
949,438,259

400,000,000
216,510,440
484,101,476
700,611,916

400,000,000
216,510,440
301,502,154
518,012,594

485,448,846

421,078,381

386,830,344

674,434,228 1,801,788,939 824,798,921

9,739,355
16,670,610 307,000,000 191,734,972 25,819,031
26,067,741
991,173,583 2,036,013,552 850,866,662
2,426,060,688 3,157,703,849 1,755,709,600

Faran Sugar Mills

Cash Flow Statements for the years ended 2010-2012

2012

2011

2010

Cash flows from operating activities

cash from operations
income tax paid
finance cost paid
net cash from operating activites

105,535,773
83,244,295
57,873,291
35,581,814

271,091,318
41,965,646
82,447,804
146,677,868

604,184,779
29,461,468
56,973,521
517,749,790

Cash flows from investing activities

capital expenditure
sale of PPE
dividend received from associate
long term deposists
net cash used in investing activities

294,496,956 258,805,032
3,683,410
1,114,135
12,959,091 202,260
447,260
277,652,195 258,138,157

Cash flows from financing activities

dividend paid
short term murabaha finance- net
payment of long term finance
net cash from financing activities
net increase/ decrease in cash
cash at beginning of the year
cash at end of the year

54,127,610
115,265,028

19,000
88,768,202

61,137,418

137,607,362

37,889,327
200,000,000
19,829,569
257,718,896

252,096,591
275,419,871
23,323,280

26,147,073
249,272,798
275,419,871

171,262,692
78,010,106
249,272,798

54,127,610
191,734,972

90,863,265
2,076,423

gross sales
less: indirect taxes & commission
net sales
cgs
gross profit
admin expenses
selling and distribution cost
other operation expenses
operating profit
other operating income
share in profit of associate
profit before finance and cost taxation
finance cost
profit before taxation
taxation
profit after taxation
earnings per share (basic and diluted)

Faran Sugar Mills

Common Sized Income Statements for the years ended 2010-20
2012 common size 2012
4,386,495,561 285,868,912 4,100,626,649
100
3,787,506,928
92.36410071
313,119,721
7.635899286
70,217,151

1.712351721

16,649,169
17,468,897
104,335,217
208,784,504
41,657,831
170,898,160
212,555,991
421,340,495
52,174,865
369,165,630
64,370,465
304,795,165

0.406015237
0.426005547
2.544372505
5.09152678
1.015889389
4.167610822
5.183500211
10.27502699
1.272363213
9.002663778
1.569771416
7.432892362

14.08

gar Mills
s for the years ended 2010-2012
2011 common size 2011
4,104,897,952 249,823,426 3,855,074,526
100
3,442,701,348
89.3031075
412,373,179
10.69689253

2010 common size 2010

4,189,638,577 199,710,613 3,989,927,964
100
3,746,036,221
93.88731463
243,891,743
0.061126854

55,844,967

1.448609271

49,008,628

1.228308592

9,093,537
21,862,452
86,800,956
325,572,222
43,063,544
40,783,369
83,846,913
409,419,135
99,118,414
310,300,721
75,964,972
234,335,749

0.235884856
0.567108414
2.251602541
8.445289963
1.117061258
1.057913893
2.174975151
10.62026511
2.571115379
8.049149735
1.970518896
6.078630839

4,205,686
14,070,666
67,284,980
176,606,763
24,372,850
8,286,135
32,658,985
209,265,748
51,948,812
157,316,936
49,411,987
107,904,949

0.105407567
0.352654638
1.686370797
4.426314575
0.610859399
0.207676306
0.818535705
5.24485028
1.301998745
3.942851536
1.238418023
2.704433513

10.82

4.98

Faran Sugar Mills

Common Sized Balance Sheet as at 2010-2012

2012
assets
non current assets
prop, plant, equip
long term investments
long term deposists

1,056,427,512
380,004,152
1,394,039
1,437,825,703

current assets
stores and spares
stock in trade
trade debts (umsecured, considered goods)
short term deposists
loans, advances and other receivables
taxation - net
cash and bank

50,088,449
552,016,475
119,475,733
5,525,000
180,380,784
57,425,264
23,323,280
988,234,985
2,426,060,688

share capital and reserves

authorized share capital
40,000,000 (2011: 40,000,000) ordinary shares of Rs.10
issued, subscribed and share capital
reserves

400,000,000
216,510,440
732,927,819
949,438,259

liabilities
non current liabilities
deffered liabilities
current liabilities
trade and other payables
accrued mark up
short term finance - secured
taxation - net

contingencies and commitments

485,448,846
674,434,228
9,739,355
307,000,000
991,173,583
2,426,060,688

Faran Sugar Mills

ed Balance Sheet as at 2010-2012

common size 2012

43.54497467
15.66342317
0.057461011
59.26585885

2011 common size 2011

812,389,308
222,497,204
1,596,299
1,036,482,811

2010 common size 2010

25.72721657
7.046170719
0.050552524
32.82393982

595,649,450
179,322,652
1,149,039
776,121,141

33.92642211
10.21368522
0.065445846
44.20555318

2.064600001
61,063,477
22.75361361 1,541,972,660
4.92468031
5,352,840
0.227735441 7.435130741
237,412,190
2.367016797 0.961364244
275,419,871
40.73414115 2,121,221,038
100 3,157,703,849

1.933793665
48.83208603
0.169516847

57,982,709
368,208,249
121,109,078

3.302522752
20.97204737
6.898013088

8.722156484
67.17606018
100

249,272,798
979,588,459
1,755,709,600

14.19783762
55.79444682
100

16.48763372
8.924362077
30.21061355
39.13497563

400,000,000
216,510,440
484,101,476
700,611,916

12.66743239
6.856578399
15.33080679
22.18738519

400,000,000
216,510,440
301,502,154
518,012,594

22.78281101
12.33179109
17.17266648
29.50445757

20.0097569

421,078,381

13.3349548

386,830,344

22.03270655

27.79956129
0.401447295
12.65425888

1,801,788,939
16,670,610
191,734,972
25,819,031
2,036,013,552

40.85526747
-

100

3,157,703,849

7.518507161

183,015,625

10.42402599
-

57.06009889
824,798,921
0.527934562 6.071974484 0.817652074
26,067,741
64.47766001
850,866,662
100 1,755,709,600

46.97809484

1.484741041
48.46283588
100

Trend Analysis. Base Year 2010 = 100%

stores and spares

stock in trade
trade debts (umsecured, considered goods)
short term deposists
loans, advances and other receivables
taxation - net
cash and bank
prop, plant, equip
long term investments
long term deposists
trade and other payables
accrued mark up
short term finance - secured
taxation - net
40,000,000 (2011: 40,000,000) ordinary shares of Rs.10
net sales
cgs
gross profit
admin expenses
selling and distribution cost
other operation expenses
working capital

2012

2011

552,016,475
119,475,733
5,525,000
180,380,784
57,425,264
23,323,280
988,234,985
1,056,427,512
380,004,152
1,394,039
674,434,228
9,739,355
307,000,000
400,000,000
4,100,626,649
3,787,506,928
313,119,721

1,541,972,660
5,352,840
237,412,190
275,419,871
2,121,221,038
812,389,308
222,497,204
1,596,299
1,801,788,939
16,670,610
191,734,972
25,819,031
400,000,000
3,855,074,526
3,442,701,348
412,373,179

70,217,151
16,649,169
17,468,897

55,844,967
9,093,537
21,862,452

-2,938,598

85,207,486

s. Base Year 2010 = 100%

2010

2102

2011

2010

57,982,709
368,208,249
121,109,078
183,015,625
249,272,798
979,588,459
595,649,450
179,322,652
776,121,141
824,798,921
26,067,741
400,000,000
3,989,927,964
3,746,036,221
243,891,743

952.04%
32.45%
4.56%

2659.37%
1.45%

100.00%
102.77%
101.11%
128.38%

99.05%
100.00%
96.62%
91.90%
169.08%

49,008,628
4,205,686
14,070,666

143.28%
395.87%
124.15%

113.95%
216.22%
155.38%

100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%

128,721,797

-2.28%

66.20%

100%

31.38%
9.36%
100.88%
177.36%
211.91%
0.18%
81.77%
-

110.49%
216.54%
136.39%
124.08%
0.21%
218.45%
-

no. of shares

net sales
profit after tax
dividends per share
shareholders equity

40,000,000
2012
4,100,626,649
304,795,165
14.08
2,426,060,688

2011
3,855,074,526
234,335,749
10.82
3,157,703,849

2010
3,989,927,964
107,904,949
4.98
1,755,709,600

net sales
profit after tax
dividends per share
book value

2012 per share 2011 per share 2010 per share

102.5156662
96.37686315
99.7481991
7.619879125
5.858393725
2.697623725
14.08
10.82
4.98
60.6515172
78.94259623
43.89274

2012
4,100,626,649
3,787,506,928
50,088,449
119,475,733
552,016,475
180,380,784
180,380,784
57,425,264
23,323,280
674,434,228

net sales
cgs
stores and spares
stock in trade
trade debts (umsecured, considered goods)
short term deposists
loans, advances and other receivables
taxation - net
cash and bank
trade and other payables
short term finance - secured
taxation - net
total current liabilities
total current assets

307,000,000
-

991,173,583
988,234,985

2011
3,855,074,526
3,442,701,348
61,063,477
5,352,840
1,541,972,660
-

2010
3,989,927,964
3,746,036,221
57,982,709
368,208,249
368,208,249
-

237,412,190
-

183,015,625
-

275,419,871
1,801,788,939
191,734,972
25,819,031
2,036,013,552
2,121,221,038

249,272,798
824,798,921
26,067,741
850,866,662
979,588,459

Short Term Liquidity Analysis

Liquidity Ratios
current ratio
acid test ratio
accounts receivable turnover
inventory turnover
days' sales in receivables
days' sales in inventory
cash to current assets
cash to current liabilities
working capital
Approx Conversion Period
Days Purchases in Accounts Payable
Average Net Trade Cycle
Cash provided by operations to average current liabilities

2012
0.99703523
0.87649557
7.42844976
34.3218371
48.4623322
11.3560885
2.36009455
2.35309742
-2,938,598
59.8184207

2011
0.99703523
1
2.50009266
720.19237
143.994663
0.55974138
12.9840251
13.5274085
85,207,486
144.554404

2010
1.15128316
0.718538212
10.83606349
10.83606349
33.2223967
35.38539454
25.44668587
29.29634091
128,721,797
68.60779124

-2938598

85,207,486

128,721,797

assets
non current assets
prop, plant, equip
long term investments
long term deposists
current assets
stores and spares
stock in trade
trade debts (umsecured, considered goods)
short term deposists
loans, advances and other receivables
taxation - net
cash and bank

2012

2011

1,056,427,512
380,004,152
1,394,039
1,437,825,703

812,389,308
222,497,204
1,596,299
1,036,482,811

50,088,449
61,063,477
552,016,475 1,541,972,660
119,475,733
5,352,840
5,525,000 180,380,784
237,412,190
57,425,264 23,323,280
275,419,871
988,234,985 2,121,221,038
2,426,060,688 3,157,703,849

share capital and reserves

authorized share capital
40,000,000 (2011: 40,000,000) ordinary shares of Rs.10
issued, subscribed and share capital
reserves
total equity
liabilities
non current liabilities
deffered liabilities
current liabilities
trade and other payables
accrued mark up
short term finance - secured
taxation - net

contingencies and commitments

400,000,000
216,510,440
732,927,819
949,438,259

400,000,000
216,510,440
484,101,476
700,611,916

485,448,846

421,078,381

674,434,228
9,739,355
307,000,000

1,801,788,939
16,670,610
191,734,972
25,819,031
2,036,013,552

991,173,583

operating profit
finance cost
net cash from operating activites

2,426,060,688

3,157,703,849

208,784,504
52,174,865

325,572,222
99,118,414

35,581,814

146,677,868

2010
Capital Structure and Solvency
595,649,450
179,322,652
1,149,039
776,121,141
57,982,709
368,208,249
121,109,078
183,015,625
249,272,798
979,588,459
1,755,709,600

400,000,000
216,510,440
301,502,154
518,012,594

386,830,344
824,798,921
26,067,741
850,866,662
1,755,709,600

176,606,763
51,948,812
517,749,790

Total debt to equity

Total debt ratio
Long term debt to equity
Equity to total debt
Fixed assets to equity
Current liabities to total liabilities
Earnings to fixed charges
Cash flow to fixed charges

al Structure and Solvency

2012
2011
0.6086502 0.7781261
0.6086502 0.7781261
0.2000976 0.1333495
1.6429797 1.2851387
0.7154351 0.3306304
0.6712438 0.8286273
4.00163 3.2846795
0.6819723 1.4798246

2010
0.7049554
0.7049554
0.2203271
1.4185294
0.4812563
0.6874596
3.2846795
1.4798246

Finance Cost
NI
Equity
LTD
Dividends/share
Shares
Total dividends
Stores
Stocks
Trade debt
Other Recievables
Cash
TOA
EBIT
Tax
NOPAT
TOL
NOA
Sales
NOPAT Margin
NOA Turnover

2012
52,174,865
304,795,165
485,448,846
14.08
40000000
563200000

2011
99,118,414
234,335,749
700,611,916
421,078,381
10.82
40000000
432800000

2010
51,948,812
107,904,949
518,012,594
386,830,344
4.98
40000000
199200000

50,088,449
552,016,475
119,475,733
180,380,784
23,323,280
988,234,985
208,784,504
0.35
304,795,165
485,448,846
925284721
4,100,626,649
0.074328924
4.431745771

61,063,477
1,541,972,660
5,352,840
237,412,190
275,419,871
2,121,221,038
325,572,222
0.35
234,335,749
421,078,381
2121221038
3,855,074,526
0.060786308
1.817384637

57,982,709
368,208,249
121,109,078
183,015,625
249,272,798
979,588,459
176,606,763
0.35
107,904,949
386,830,344
979588459
3,989,927,964
0.027044335
4.073065508

949438259

Return on Invested Capital

2012
Return on net operating assets
32.94%
Return on common equity
32.10%
24.88%
Return on long term debt and equity
Equity growth rate
-27.22%
Disaggregation of RNOA
1.68%

2011
11.05%
33.45%

2010
11.02%
20.83%

29.73%

17.67%

-28.33%
3.34%

-17.62%
0.66%

Net sales
Gross profit
Operating profit
Profit after taxation

2012
4,100,626,649
313,119,721
208,784,504
304,795,165

2011
3,855,074,526
412,373,179
325,572,222
234,335,749

2010
3,989,927,964
243,891,743
176,606,763
107,904,949

Analysis of Profit Margins

2012
2011
2010
Gross profit margin
7.6358993 10.696893 6.1126854
Operating profit magin
5.0915268
8.44529 4.4263146
Net profit margin
7.4328924 6.0786308 2.7044335

Net sales
TOTAL ASSETS
Fixed assets
Cash and cash equivalents at end of the year
Total current assets
Stock in trade
Trade debts - unsecured
Working capital
Short term borrowing - secured (liabilities)
Total current liabilities

2012
4,100,626,649
2,426,060,688
1,437,825,703
23,323,280
988,234,985
552,016,475
119,475,733
-2,938,598
307,000,000
991,173,583

2011
2010
3,855,074,526
3,989,927,964
3,157,703,849
1,755,709,600
1,036,482,811
776,121,141
275,419,871
249,272,798
2,121,221,038
979,588,459
1,541,972,660
368,208,249
5,352,840
121,109,078
85,207,486
128,721,797
191,734,972 2,036,013,552
850,866,662

Asset Utilization
2012
Sales to cash (and equivalents)
175.81689
Sales to recievables
34.321837
Sales to inventories
7.4284498
Sales to working capital
-1395.436
Sales to fixed assets
2.8519637
sales to total assets
1.6902408
sales to current liabilities
4.1371428

2011
13.997082
720.19237
2.5000927
45.243378
3.7193811
1.2208474
1.8934425

2010
16.006271
32.944912
10.836063
30.996522
5.1408572
2.2725444
4.6892517

Common Sized Analysis of Current Assets and Current liabilities

2012 2012 common size

current assets
stores and spares
stock in trade
trade debts (umsecured, considered goods)
short term deposists
loans, advances and other receivables
taxation - net
cash and bank

current liabilities
trade and other payables
accrued mark up
short term finance - secured
taxation - net

50,088,449
552,016,475
119,475,733
5,525,000
180,380,784
57,425,264
23,323,280
988,234,985
2,426,060,688

2.064600001
22.75361361
4.92468031
0.227735441
7.435130741
2.367016797
0.961364244
40.73414115
100

674,434,228
9,739,355
307,000,000

27.79956129
0.401447295
12.65425888

991,173,583
2,426,060,688

40.85526747
100

ent Assets and Current liabilities

2011 2011 common size

2010 2010 common size

61,063,477
1,541,972,660
5,352,840
237,412,190
275,419,871
2,121,221,038
3,157,703,849

1.933793665
48.83208603
0.169516847

57,982,709
368,208,249
121,109,078

8.722156484 249,272,798
67.17606018 979,588,459
100 1,755,709,600

14.19783762
55.79444682
100

1,801,788,939
16,670,610
191,734,972
25,819,031
2,036,013,552
3,157,703,849

57.06009889 824,798,921
0.527934562 6.071974484 0.817652074
26,067,741
64.47766001 850,866,662
100 1,755,709,600

46.97809484

7.518507161

3.302522752
20.97204737
6.898013088
-

183,015,625
-

10.42402599
-

1.484741041
48.46283588
100