Income Statement

Adam Sugar Mills Ltd.

For the year ending September 30:
in Millions Rs.
Sales

2014

2013
3,174.41

2,069.45

2,241.92

2,151.86

1.41

1.15

Road Cess

13.18

12.65

Stores Consumed

36.89

35.87

2.64

2.14

Salaries, Wages & Allowances

82.45

76.88

Repairs & Maintenance

11.85

23.11

Fuel & Power

27.10

40.43

Insurance

7.58

6.30

Flying Ash Removal Expenses

2.31

2.19

68.76

62.28

2,496.10

2,414.86

Opening stock of sugar in process

4.71

4.35

Closing stock of sugar in process

(7.20)

(4.71)

512.34

(655.19)

Cost of Sales:
Sugar Cane Purchased & Consumed
Handling Expense

Market Committee Fee

Depreciation
Manufacturing Cost

Inventory Adjustment
Cost of Goods Sold

3,005.96

1,759.31

168.45

310.14

28.33

28.90

7.17

7.76

26.08

30.55

4.84

4.76

66.43

71.97

102.03

238.16

9.89

17.72

118.52

72.42

44.91

33.66

-Others

1.95

4.05

-Bank Charges & Commission

5.97

2.74

9.88

171.36

122.75

Gross Profit
Operating Expenses:
-Salaries, Wages & Benefits
-Selling & Distribution Expenses
-Other Expenses
-Depreciation
Total
Operating Profit / (Loss)
Other Income
Other Expenses:
Interest on:
-Short Term Loan
-Long Term Borrowings

Others
Total

Profit before Tax & W/F Workers Fund

(59.43)

133.13

Tax

(89.81)

48.92

30.38

84.20

Net Profit / (Loss)

me Statement
Sugar Mills Ltd.
2012

2011
1,535.41

2010
2,440.69

2,138.54

14%
#DIV/0!

2,034.65

2,253.15

1,495.51

51%

2.41

2.53

1.87

36%

13.09

11.44

5.89

94%

30.26

24.71

12.56

97%

2.51

11.85

1.57

656%

70.99

60.50

42.71

42%

36.66

34.16

26.48

29%

16.79

15.51

10.95

42%

4.12

3.49

1.89

84%

2.76

1.92

1.40

37%

43.56

42.77

42.97

0%

2,257.79

2,462.05

1,643.79

50%

6.37

4.00

2.09

92%

(4.35)

(6.37)

(4.00)

59%

(896.27)

(228.16)

278.14

-182%
16%

1,363.54

2,231.51

1,920.02

171.87

209.18

218.52

28.21

21.99

18.39

3.47

2.27

1.07

21.71

14.89

12.84

2.27

1.77

1.68

55.66

40.91

33.97

116.21

168.27

184.55

26.88

8.97

5.84

67.93

86.63

33.74

1.58

6.28

7.78

3.22

2.07

3.77

3.71

2.24

1.31

4.60

5.31

10.08

81.03

102.54

56.68

62.05

74.70

133.71

19.34

27.77

40.91

42.71

46.93

92.79

Income Statement
Adam Sugar Mills Ltd.
For the year ending September 30:
in Millions Rs.
Sales
Cost of Sales:
Sugar Cane Purchased & Consumed
Handling Expense
Road Cess
Stores Consumed
Market Committee Fee
Salaries, Wages & Allowances
Repairs & Maintenance
Fuel & Power
Insurance
Flying Ash Removal Expenses
Depreciation
Manufacturing Cost
Opening stock of sugar in process
Closing stock of sugar in process
Inventory Adjustment
Cost of Goods Sold
Gross Profit
Operating Expenses:
-Salaries, Wages & Benefits
-Selling & Distribution Expenses
-Other Expenses
-Depreciation
Total
Operating Profit / (Loss)
Other Income
Other Expenses:
Interest on:
-Short Term Loan
-Long Term Borrowings
-Others
-Bank Charges & Commission
Others
Total
Profit before Tax & W/F Workers Fund
Tax
Net Profit / (Loss)
Number of Shares
Earnings Per Share
Equity in Millions Rs.

2014

2013
3,174.41

2,069.45

2,241.92
1.41
13.18
36.89
2.64
82.45
11.85
27.10
7.58
2.31
68.76
2,496.10
4.71
(7.20)
512.34
3,005.96
168.45

2,151.86
1.15
12.65
35.87
2.14
76.88
23.11
40.43
6.30
2.19
62.28
2,414.86
4.35
(4.71)
(655.19)
1,759.31
310.14

28.33
7.17
26.08
4.84
66.43
102.03
9.89

28.90
7.76
30.55
4.76
71.97
238.16
17.72

118.52
44.91
1.95
5.97
171.36
(59.43)
(89.81)
30.38

72.42
33.66
4.05
2.74
9.88
122.75
133.13
48.92
84.20

11,518,709

6,235,360

2.64

13.50

1,157.37

684.65

Income Statement
Adam Sugar Mills Ltd.
For the year ending September 30:
in Millions Rs.
Liquidity and credit Worthiness Ratios
Current Ratio
Quick Test Ratio
Debt : Equity Ratio
Asset Coverage Ratio
Debt service coverage ratios
Efficiency Ratios
Days Receivables
Inventory Turnover (Times)
Days Inventories
Total conversion period for Working Capital (days)
Administrative Expense Control
Operatinng Ratio
Profitability Ratios
Return on Sales
Return on Equity
Return on Capialization
Return on Total Assests

2014

2013
1.01
0.13
25:75
3.95
0.28

1.06
0.05
55:45
1.66
0.29

17
25.80
14

7
21.01
17

31

24

1.12%
2.09%

1.77%
3.48%

0.96%
2.62%
4.87%
0.88%

4.07%
12.30%
7.69%
2.35%

Notes:
Current Ratio = Current Assets / Current Liabilities
Quick Ratio = (Cash + Receivables) / Current Liabilities
Debt to Equity Ratio = Term Debt / (Term Debt + Equity) & Equity / (Term Debt + Equity)
Asset Coverage Ratio = Fixed Asset / Term Debt
Debt service coverage ratio = Funds from Operations / Term Debt
Leverage Ratio = Profit after tax / (Long Term Debt + Reserves)
Days Receivabes = Receivables / Sales per day
Inventory turnover = Cost of goods sold / Inventory
Days Inventory = Inventories / Average Day's Sale
Conversion Period for Working Capital = Days Receivables + Days Inventories
Administrative Expense Control = Total Administrative Expense / Sales
Operating Ratio = Total Operating Expense / Sales
Return on Sales = Profit After Tax / Sales
Return on Equity = Profit After Tax / (Share Capital + Retained Earnings)
Return on Capitalization = (Profit after Tax + Interest on long term debt) / (Equity + Long term Debt)
Return on Total Assets = Profit before interest and taxes / Total Assets

Income Statement
Adam Sugar Mills Ltd.

nding September 30:

Millions Rs.

Consumed

ances

enses

n process
process

fits
Expenses

/ (Loss)

ission

Workers Fund

2014

2013

2012

2011

3,174.41

2,069.45

1,535.41

2,440.69

2,241.92
1.41
13.18
36.89
2.64
82.45
11.85
27.10
7.58
2.31
68.76
2,496.10
4.71
(7.20)
512.34
3,005.96
168.45

2,151.86
1.15
12.65
35.87
2.14
76.88
23.11
40.43
6.30
2.19
62.28
2,414.86
4.35
(4.71)
(655.19)
1,759.31
310.14

2,034.65
2.41
13.09
30.26
2.51
70.99
36.66
16.79
4.12
2.76
43.56
2,257.79
6.37
(4.35)
(896.27)
1,363.54
171.87

2,253.15
2.53
11.44
24.71
11.85
60.50
34.16
15.51
3.49
1.92
42.77
2,462.05
4.00
(6.37)
(228.16)
2,231.51
209.18

28.33
7.17
26.08
4.84
66.43
102.03
9.89

28.90
7.76
30.55
4.76
71.97
238.16
17.72

28.21
3.47
21.71
2.27
55.66
116.21
26.88

21.99
2.27
14.89
1.77
40.91
168.27
8.97

118.52
44.91
1.95
5.97
171.36
(59.43)
(89.81)
30.38

72.42
33.66
4.05
2.74
9.88
122.75
133.13
48.92
84.20

67.93
1.58
3.22
3.71
4.60
81.03
62.05
19.34
42.71

86.63
6.28
2.07
2.24
5.31
102.54
74.70
27.77
46.93

11,518,709

6,235,360

5,763,654

5,763,654

2.64

13.50

7.41

8.14

1,157.37

684.65

614.47

586.17

nding September 30:

Millions Rs.

Income Statement
Adam Sugar Mills Ltd.
2014

2013

2012

2011

orthiness Ratios

tios

es)

or Working Capital (days)

Control

1.01
0.13
25:75
3.95
0.28

1.06
0.05
55:45
1.66
0.29

1.10
0.06
53:47
1.71
0.17

1.80
0.49
45:55
1.73
0.35

17
25.80
14

7
21.01
17

9
15.11
24

6
38.82
9

31

24

33

15

1.12%
2.09%

1.77%
3.48%

2.06%
3.63%

0.99%
1.68%

0.96%
2.62%
4.87%
0.88%

4.07%
12.30%
7.69%
2.35%

2.78%
6.95%
3.42%
1.63%

1.92%
8.01%
4.97%
3.44%

Assets / Current Liabilities

eceivables) / Current Liabilities
erm Debt / (Term Debt + Equity) & Equity / (Term Debt + Equity)
Fixed Asset / Term Debt
tio = Funds from Operations / Term Debt
after tax / (Long Term Debt + Reserves)
ivables / Sales per day
t of goods sold / Inventory
ories / Average Day's Sale
orking Capital = Days Receivables + Days Inventories
Control = Total Administrative Expense / Sales
Operating Expense / Sales
After Tax / Sales
t After Tax / (Share Capital + Retained Earnings)
= (Profit after Tax + Interest on long term debt) / (Equity + Long term Debt)
Profit before interest and taxes / Total Assets

Balance Sheet
Adam Sugar Mills Ltd.
As on September 30:
in Millions Rs.
Current Assets:
Biological Assets
Stores & Spares
Stock in Trade
Short Term Investments
Trade Debts - considered good
Loans & advances - considered good
Deposits & prepayments
Other Receivables - considered good
Interest accrued
Tax refund due from government
Cash & bank balances
Sub Total
Non-Current Assets:
Property, plant & Equipment
Long Term deposits
Intengible Assets
Sub Total
Total Assets
Current Liabilities:
Short term Borrowings
Trade & Other payables
Accrued markup
Current Maturity of non-current liabilities
Unclaimed dividend
Provision for taxation
Sub Total
Long Term Liabilities:
Director's sub-ordinated loan
Long term finances
Liabilities against assets subject to finance leases
Deffered liabilities
Sub Total
Equity:
Issued, subscribed and paid-up capital
Reserves
Revenue Reserves
Share Premium

2014

2013
0.29
116.53
1,278.93
23.52
145.67
146.22
56.91
0.97
0.39
55.46
100.41
1,925.29

0.17
83.75
1,788.78
23.52
37.81
82.72
44.98
1.43
0.39
38.40
66.93
2,168.87

1,531.78
0.04
0.19
1,532.01
3,457.30

1,408.06
0.04
0.43
1,408.52
3,577.39

1,304.00
413.90
44.30
100.00
4.68
44.71
1,911.59

1,094.51
805.38
38.11
50.00
4.23
52.81
2,045.03

24.96
247.12

239.32
318.16

116.25
388.34

290.22
847.71

172.91

57.64

172.91

Balance Sheet
Adam Sugar Mills Ltd.
General Reserve
Accumalated Profit
Shareholder's Equity:
Surplus on revaluation of property, plant & Equipment Net
Sub Total
Total Liabilities & Equity
Working Capital
Current Ratio
Debt/Equity Ratio

200.00
210.09

200.00
193.11

401.46

233.90

1,157.37
3,457.30
13.70
1.01
25:75

684.65
3,577.39
123.83
1.06
55:45

Balance Sheet
Adam Sugar Mills Ltd.
2014

2013

2012

2011

0.29
116.53
1,278.93
23.52
145.67
146.22
56.91
0.97
0.39
55.46
100.41
1,925.29

0.17
83.75
1,788.78
23.52
37.81
82.72
44.98
1.43
0.39
38.40
66.93
2,168.87

0.11
90.23
1,133.24
18.81
37.84
78.10
33.48
0.77
0.56
10.51
46.11
1,449.77

1.23
57.48
238.98
18.81
40.74
57.37
3.44
0.77
0.01
5.80
103.04
527.67

1,531.78
0.04
0.19
1,532.01
3,457.30

1,408.06
0.04
0.43
1,408.52
3,577.39

1,163.46
0.04
0.67
1,164.17
2,613.93

836.76
0.04
0.67
837.47
1,365.14

1,304.00
413.90
44.30
100.00
4.68
44.71
1,911.59

1,094.51
805.38
38.11
50.00
4.23
52.81
2,045.03

515.25
759.62
6.32
2.44
35.04
1,318.68

100.00
110.55
0.09
19.99
2.25
61.08
293.96

24.96
247.12

239.32
318.16

239.32
200.00

239.32
14.67

sets subject to finance leases

116.25
388.34

290.22
847.71

241.46
680.78

231.02
485.01

d paid-up capital

172.91

57.64

57.64

57.64

nts
ered good
considered good
ents
considered good

government
s

:
uipment

gs
les

non-current liabilities

es:
ted loan

172.91

y:
n of property, plant & Equipment -

Equity

Balance Sheet
Adam Sugar Mills Ltd.
200.00
210.09

200.00
193.11

200.00
112.19

100.00
172.54

401.46

233.90

244.65

256.00

1,157.37
3,457.30
13.70
1.01
25:75

684.65
3,577.39
123.83
1.06
55:45

614.47
2,613.93
131.08
1.10
53:47

586.17
1,365.14
233.71
1.80
45:55

Statement of Cash Flow

Adam Sugar Mills Ltd.
Description (Year Ending September 30):
in Millions Rs.
Net Income

2014

2013
(59.43)

133.13

73.60

67.04

0.24

0.24

171.36

112.88

0.22

0.22

Worker's Profit Participation Fund

7.16

Worker's Welfare Fund

2.72

Gain on sale of fixed assets

(1.37)

(0.09)

(0.12)

185.90

321.90

(Inc.) Dec. Biological assets

(0.03)

0.07

(Inc.) Dec. Stores and Spares

(32.78)

6.48

(Inc.) Dec. Stock in trade

509.86

(655.55)

(107.86)

0.04

(Inc.) Dec. Loans and advances

(49.78)

9.76

(Inc.) Dec. Deposits and prepayments

(11.93)

(11.50)

(Inc.) Dec. Interest accrued

0.00

0.17

(Inc.) Dec. Other receivables

0.46

(0.66)

307.93

(651.19)

Inc. (Dec.) Trade & other Payables

(393.43)

49.47

Financial Charges Paid

(163.22)

(77.03)

Depreciation / Amortization
Amortization of intangible assets
Finance Cost
Provision for gratuity

Unrealized farming (loss)/gain -net

Internal Cash Generation
Operating Cash Needs

(Inc.) Dec. Trade Debts

Sub Total
Plus Operating Cash Sources

Workers's profit participation fund paid

(17.65)

Worker's Welfare Fund paid

Gratuity paid

(0.27)

Dividend paid

(13.96)

(12.63)

Taxes paid

(38.88)

(24.49)

Statement of Cash Flow

Adam Sugar Mills Ltd.
Description (Year Ending September 30):
in Millions Rs.
Long Term Deposits

2014

2013
-

Sub Total

(609.76)

(82.33)

Net Operating Cash Gen.

(115.93)

(411.63)

Addition in operating fixed assets -net of transfer

(65.22)

(592.89)

Addition in / (transfer from ) capital work in progress

(47.64)

280.86

Cash Flow From Investing Activities

Purchase of Intengibles

Sale proceeds of fixed assets

1.76

Net Cash used in investing activities

(112.86)

(310.27)

Cash Flow From Financing Activities

Repayment of subordinated loan from director
Proceeds from long term loan - net
Receipts of Long Term Finances

(214.36)
(21.04)
-

Proceeds from short term loan -net

209.49

Proceeds against issue of right shares

288.18

Repayment of lease liabilities

Net Cash Generated from Financing Activities

168.16
579.26
-

262.27

747.42

Net Cash From A+B+C

33.49

25.52

Opening Cash Balance

90.44

64.92

Closing Cash Balance

123.93

90.44

Statement of Cash Flow

Adam Sugar Mills Ltd.
Description (Year Ending September 30):
in Millions Rs.
Net Income

2014

2013

2012

(59.43)

133.13

62.0

73.60

67.04

45.8

0.24

0.24

0.2

171.36

112.88

76.4

0.22

0.22

0.1

Worker's Profit Participation Fund

7.16

3.3

Worker's Welfare Fund

2.72

1.2

Gain on sale of fixed assets

(1.37)

(3.0

(0.09)

(0.12)

2.8

185.90

321.90

189.0

(Inc.) Dec. Biological assets

(0.03)

0.07

(1.6

(Inc.) Dec. Stores and Spares

(32.78)

6.48

(32.7

(Inc.) Dec. Stock in trade

509.86

(655.55)

(894.2

(107.86)

0.04

2.9

(Inc.) Dec. Loans and advances

(49.78)

9.76

(11.5

(Inc.) Dec. Deposits and prepayments

(11.93)

(11.50)

(31.6

(Inc.) Dec. Interest accrued

0.00

0.17

(0.5

(Inc.) Dec. Other receivables

0.46

(0.66)

(0.0

307.93

(651.19)

(969.5

Inc. (Dec.) Trade & other Payables

(393.43)

49.47

642.5

Financial Charges Paid

(163.22)

(77.03)

(68.2

(17.65)

Depreciation / Amortization
Amortization of intangible assets
Finance Cost
Provision for gratuity

Unrealized farming (loss)/gain -net

Internal Cash Generation
Operating Cash Needs

(Inc.) Dec. Trade Debts

Sub Total
Plus Operating Cash Sources

Workers's profit participation fund paid

Worker's Welfare Fund paid

Gratuity paid

(0.27)

(0.0

Dividend paid

(13.96)

(12.63)

(14.2

Taxes paid

(38.88)

(24.49)

(47.3

Statement of Cash Flow

Adam Sugar Mills Ltd.
Description (Year Ending September 30):
in Millions Rs.
Long Term Deposits

2014

2013
-

2012
-

Sub Total

(609.76)

(82.33)

512.6

Net Operating Cash Gen.

(115.93)

(411.63)

(267.8

Addition in operating fixed assets -net of transfer

(65.22)

(592.89)

(97.9

Addition in / (transfer from ) capital work in progress

(47.64)

280.86

(275.4

Cash Flow From Investing Activities

Purchase of Intengibles

(0.2

Sale proceeds of fixed assets

1.76

3.9

(310.27)

(369.6

Net Cash used in investing activities

(112.86)

Cash Flow From Financing Activities

Repayment of subordinated loan from director
Proceeds from long term loan - net
Receipts of Long Term Finances

(214.36)
(21.04)
-

Proceeds from short term loan -net

209.49

Proceeds against issue of right shares

288.18

Repayment of lease liabilities

Net Cash Generated from Financing Activities

168.16
579.26

(29.3

200.0

415.2

(5.3

262.27

747.42

580.6

Net Cash From A+B+C

33.49

25.52

(56.9

Opening Cash Balance

90.44

64.92

121.8

Closing Cash Balance

123.93

90.44

64.9

Break Even Analysis

Adam Sugar Mills Ltd.
For the year ending September 30:
in Millions Rs.
Units Sold (Metric Tonnes)
Sales
Variable Cost
Total Variable Cost
Operating Expenses (Fixed Costs):
-Salaries, Wages & Benefits
-Depreciation
Total Fixed Costs
UVC
Price
P-UVC
Break Even Point (Metric Tonnes)

2014

2013
48,894
3,174.41

50,650
2,069.45

2,937.20

1,697.03

28.33
73.60
101.94
60.07
64.92
4.85
21,011

28.90
67.04
95.94
33.51
40.86
7.35
13,049

60
65
5

34
41
7

Note :
Break Even Point = Fixed Cost / (Price - UVC)
Fixed Cost = Operating Expense + Depreciation
Price - UVC = (Sales - VC)/(Units sold)
UVC
Price
P-UVC

k Even Analysis
Sugar Mills Ltd.
2012

2011

2010

51,530
1,535.41

42,883
2,440.69

27,761
2,138.54

1,319.98

2,188.74

1,877.05

28.21
45.83
74.04
25.62
29.80
4.18
17,710

21.99
44.54
66.52
51.04
56.92
5.88
11,323

18.39
44.64
63.03
67.61
77.03
9.42
6,692

26
30
4

51
57
6

68
77
9

Shria Complaince
Adam Sugar Mills Ltd.
For the year ending September 30:
in Millions Rs.
Interest Based Debt
Total Assets
Invested Capital
Non-Current Assets
Share selling price
Number of shares
Condition 1
Interest based Debt / Total Assets 40%
Condition 2
Total Investment / Total Assets < 33%
Condition 3
Non-Current Assets/ Total Asstes 40%
Condition 4
Value of liquid asset / share < Selling price of share

2014

2013

1,620.38
3,457.30
2,999.11
1,532.01
22
11,518,709

1,690.10
3,577.39
2,733.90
1,408.52
40
6,235,360

47%

47%

87%

76%

44%

39%

167.14

347.83

ia Complaince
Sugar Mills Ltd.
2012

2011

2010

960.89
2,613.93
1,847.99
1,164.17
30
5,763,654

354.08
1,365.14
1,254.50
837.47
30
5,763,654

268.66
1,178.78
1,114.29
828.31
18
5,763,654

37%

26%

23%

71%

92%

95%

45%

61%

70%

251.54

91.55

60.81