FINANCIAL STATEMENTS ANALYSIS

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

(2009-2014)

STATE BANK OF PAKISTAN

STATISTICS & DWH DEPARTMENT

Team Leader
Shamsul Arifeen

Sr. Joint Director

shamsul.arifeen@sbp.org.pk

Team Members

Zia-ul-Qamar

Joint Director
ziaulqamar@sbp.org.pk

Azam Ali

Joint Director
Azam.Ali@sbp.org.pk

Uzma Maqsood

Assistant Director
Uzma.Maqsood@sbp.org.pk

Faisal Altaf

Assistant Director
Faisal.Altaf@sbp.org.pk

Haider Ali

Assistant Director
Haider.Ali@sbp.org.pk

Faiza Noreen

Assistant Director
Faiza.Noreen@sbp.org.pk

Contents
Page
Preface
Introduction
i) Methodology
ii) Concepts & Definitions
iii) Performance Indicators
Review and Financial Analysis
Review-overall
I. Sectors
(a) All Sector-overall
(b) Private-overall
(c) Public-overall
II. Economic Groups
1. Textile
(i) Spinning, Weaving, Finishing of Textile
(ii) Made-up Textile Articles
(iii) Other Textiles n.e.s.
2. Sugar
3. Food Products
4. Chemicals, Chemical Products & Pharmaceuticals
5. Manufacturing
6. Mineral Products
7. Cement
8. Motor Vehicles, Trailers and Autoparts
9. Fuel & Energy
10. Information, Comm. and Transport Services
11.Coke & Refined Petroleum Products
12. Paper, Paperboard and Products
13. Electrical Machinery and Apparatus
14. Other Services Activities
III. Appendix:1
Appendix:2
Explanatory Notes

i
ii
iii
iii-xiv
xiv-xvii
1-4
5
6
7
8-166
11-148
149-154
155-166
167-201
202-220
221-268
269-303
304-354
315-337
338-361
362-387
388-403
404-417
418-429
430-439
440-453
455-460
461-462
463

Preface
The Non-financial Corporate Sector is an important segment of a countrys economy and a sound, stable and robust
industrial base is accordingly essential for economic well being of a country and its populace.
Non-financial Corporate sector in Pakistan represents a diversified nature of businesses including Textile, Sugar,
Food products, Chemicals and Pharmaceuticals, Manufacturing, Mineral products, Cement, Motor Vehicles, Trailers
and auto parts, Fuel and Energy, Information, Communication and transport services, Coke and refined petroleum
products, Paper and paperboard products, Electrical machinery and apparatus and Other services activities.
Disclosure and transparency in information on business activities are therefore, of crucial importance to all
stakeholders.
An overview of business and financial conditions of non-financial institutions presented in a structured manner is
published in form of financial statements. For large industrial concerns, the financial statements are often complex
and are prepared under international accounting standards. These statements usually include an extensive set of
notes to the financial statements. The notes typically describe each item on the balance sheet, income statement and
cash flow statement in further detail.
The stakeholders and users, on the other hand also require financial indicators that can provide information on how
well a company is performing and what will happen in future. Keeping in view the need of the users, Statistics &
Data Warehouse Department has provided the analysis of the financial statements of non-financial institutions. Allout 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 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 2009-14.
It is hoped that the publication will provide a tool to researchers, policy makers and investors to gauge the
performance of non-financial sector of Pakistan. Comments on the analysis and suggestions for further
improvements in the publication are very welcome.

(Dr Azizullah Khattak)

Director
Statistics & DWH Department

Introduction
The analysis and format of this publication was revamped in the year 2010 to incorporate
changes in the regulations and culture of corporate sector. All listed companies on Karachi
Stock Exchange (KSE) have been classified in line with standard classification of economic
categories. The year-wise distribution of companies by economic group is as under: Table: 1 Distribution of companies by economic groups.
Economic Groups

2013

2014

1) Textile

153
136
6
11
31
17
44
32
8
20
22
19
13
9
9
8
11

152
136
5
11
31
16
45
32
8
20
20
22
13
10
9
7
11

396

396

i) Spinning, weaving, finishing of textile

ii) Made-up textile articles
iii) Other textile n.e.s.

2) Sugar
3) Food products
4) Chemicals, chemical products and Pharmaceuticals
5) Manufacturing
6) Mineral products
7) Cement
8) Motor vehicles, trailers and auto parts
9) Fuel & Energy
10) Information, Communication & transport Services
11) Coke and refined petroleum products
12) Paper, paperboard and products
13) Electrical machinery and apparatus
14) Other services activities
Total:

The analysis in the publication is based on the data provided in published financial statements of
individual companies. The sum of Assets and Liabilities of a company in the analysis tables 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 because it is 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 statement and relevant notes to accounts.

Balance Sheet

Profit and Loss accounts

Statement of changes in Equity

Cash Flow Statement

Total shareholder 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. They 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

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(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
(t) Gain on re-measurement of forward foreign exchange contracts- cash flow hedge

(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

xi

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:
(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

xii

(iii) Mark-up and interest on short term loan

(iv) Interest on private loan

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

xiii

Amortization (loss of intangible asset value over time)

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

Review and Financial Analysis

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Review-Overall
Growth of 13.32 percent was registered in overall assets of non-financial companies listed on Karachi Stock
Exchange (KSE) in 2014 over 2013 to reach Rs. 6,132.31 billion. Overall liabilities (excluding equity liabilities)
increased by 12.58 percent to touch Rs. 3, 780.95 billion and an increase of 14.53 percent was registered in
shareholders equity (Rs. 2,351.36 billion) in 2014 when compared with previous year. Overall assets of private and
public sectors posted an increase of 13.71 percent and 12.30 percent respectively over 2013. Liabilities in private
and public sectors increased by 14.43 percent and 8.25 percent respectively in 2014 over 2013. Shareholders equity
of private sector increased by 12.62 percent in 2014 and that of public sector 20.49 percent as compared to previous
year.
Operational productivity of capital market deciphered an increase of 10.22 percent and 7.76 percent in sales of
private and public sectors respectively. Gross profit of public sector enterprises recorded an increase of Rs. 40.67
billion or 15.58 percent in 2014 to touch Rs. 301.73 billion as compared to Rs. 261.06 billion in 2013. Conversely,
private sector companies posted a downfall of Rs. 21.72 billion or 3.17 percent in 2014, decreased from Rs. 683.95
billion in 2013 to Rs. 662.24 billion in 2014. Net profit before tax of the public sector companies significantly
increased by 33.26 percent in 2014 whereas, that of private sector companies posted a decline of 8.94 percent when
compared with the previous year.
A brief review on important performance indicators during 2013 and 2014 is given below:-

Capital Structure
Total paid-up capital increased by Rs. 35.00 billion
or 5.52 percent from Rs. 634.23 billion in 2013 to

Figure 1: Total Capital Employed

Rs. 669.23 billion in 2014. Total shareholders

2,053.04 billion in 2013 to Rs. 2,351.36 billion in
2014. Total capital employed recorded an increase
of 11.31 percent to reach Rs. 3,531.08 billion in

debentures/TFCs decreased from Rs. 569.67 billion

Growth
20%
15%

14.53%
2,000

10%
7.98%
5%

1,500

0%

-4.34%

1,000

-5%
-10%

500

2014 from Rs. 3,172.15 billion in 2013. Total fixed

liabilities comprising long term secured loans and

2014

2,500

Amount in Billion Rs.

equity increased by 14.53 percent from Rs.

2013

-17.40%

-15%
-18.77%

-25%
SE

LSL

LUSL

TFCs

SE= Shareholders Equity, LSL= Long term Secured Loans

LUSL= Long term Unsecured Loans, TFCs=Term Finance
Certificates, EBO = Employee Benefits Obligations

in 2013 to Rs. 541.80 billion in 2014 showing a

decrease of 4.89 percent.

-20%

EBO

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Components of Balance Sheet:

Figure 2: Components of Balance Sheet

Overall assets touched Rs. 6,132.31 billion in 2014 with

2013.

Amount in Billion Rs.

an increase of 13.32 percent from Rs. 5,411.63 billion in

Total liabilities (excluding equity liabilities)

increased by 12.58 percent to reach Rs. 3,780.95 billion

in 2014 from Rs. 3,358.60 billion in 2013.

Total

7000

15%

6000

14.53%15%

5000

14%

4000

14%

13.32%

3000

13%
12.58%

2000

shareholders equity at Rs. 2,351.36 billion in 2014

1000

reflected an increase of 14.53 percent from Rs. 2,053.04

12%

12%
Total Assets

billion in 2013.

13%

Tota l
Lia bilities
2014

2013

Total SE

Growth

Figure 3: Non-Current Assets

Non-Current Assets:
2500
Amount in Billion Rs

Operating fixed assets after deducting accumulated

depreciation amounted to Rs. 2,368.15 billion in 2014
depicted an increase of 8.16 percent over 2013.
Intangible assets and long term investments increased by
28.03 percent and 9.75 percent respectively. Capital

30%

28.03%

25%

2000
1500

20%

17.63%

15%

1000

9.75% 10%

8.16%

500

5%

0%
Capital Work in Operating fixed
progress
Assets after
Dep.

work in progress, showed an increase of 17.63 percent

over the previous year.

2013

2014

Intangible
Assets

Long Term
Investment

Growth

Current Assets:
Current assets increased to Rs. 2,702.54 billion in 2014

Figure 4: Current Assets

with an increase of 17.51 percent from Rs. 2,299.85

1,200.00
Amount in Billion Rs

billion in 2013. Cash and bank balances scaled up by

5.31 percent and short-term investment by 26.33
percent. Cash & bank balances and short term
investment (liquid assets) together increased by 14.47
percent from Rs. 383.42 billion in 2013 to Rs. 438.89

1,000.00
800.00
600.00
400.00

200.00

5.31%

-0.99%

billion in 2014. Trade debt recorded a substintial

0.00
Cash & bank
balance

increase of 38.46 percent in 2014 when compared to

Inventories

2013

2013. Inventories however, decreased by 0.99 percent

from the previous year.

45%
40%
35%
30%
26.33%25%
20%
15%
10%
5%
0%
-5%
Short Term
Investment

38.46%

2014

Trade Debt
Growth

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Liabilities
Total liabilities increased by 12.58 percent to touch

Figure 5: Liabilities

Rs. 3,780.95 billion in 2014 over Rs. 3,358.60 billion

3000
Amount in Billion Rs.

in 2013. Overall current liabilities reflected an

increase of 16.15 percent in 2014 over 2013 likewise
non-current liabilities posted an increase of 5.41
percent over the previous year.
An increase of 7.65 percent and 4.60 percent is
recorded in non-current liabilities of public and
private

sectors

respectively.

Similarly,

16.15%

2500

2000
1500
1000

5.41%

500

current

Current Liabilities

liabilities of public sector increased by 8.50 percent in

Non-Current Liabilities

2013

2014 and that of private sector by 19.69 percent when

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

2014

Growth

compared with the position in last year.

Shareholders Equity:
Figure 6: Shareholders' Equity

Total paid-up capital increased by Rs. 35.00 billion or

Amount in Billion Rs.

5.52 percent from Rs. 634.23 billion in 2013 to Rs.

669.23 billion in 2014. Reserves increased by Rs.
230.83 billion or 20.52 percent from Rs. 1,124.79
billion in 2013 to Rs. 1,355.61 billion in 2014.
Surplus on revaluation of fixed assets also increased

1600
1400
1200
1000
800
600
400
200
0

25%

20.52%

20%
15%
11.05%

5.52%

10%
5%
0%

Paid Up Capital

Reserves

by Rs. 32.50 billion or 11.05 percent from Rs. 294.02

billion in 2013 to Rs. 326.52 billion in 2014.

2013

2014

Surplus on
Revaluation of Fix
Assets
Growth

Composition of operations
Figure 7: Growth and Composition of Operations

Sales, gross profit and net profit before taxation, are

8000

Amount in Billion Rs.

considered yardstick of operational performance of

capital market. All these indicators showed optimistic
picture of productivity during 2014, with increases of
9.46 percent, 2.01 percent and 7.04 percent on
account of sales, gross profit and net profit before tax

9.46%

7000
6000

7.04%

5000
4000
3000
2000

2.01%

1000
0

0.00%

Sales

for 2014 respectively over the previous year. The

sales of all non-financial listed companies stood at

Gross Profit

2013

2014

Net Profit
Before Tax

Growth

Cash Flows
from Operation

10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Rs. 6,768.21 billion in 2014 against Rs. 6,183.23 billion in 2013, showing an increase of Rs. 584.98 billion. Local
sales increased by 9.55 percent and export sales by Rs. 57.00 billion or 8.69 percent in 2014.
The gross profit increased by Rs. 18.96 billion from

Figure 8: Net Profit (before tax) and Retention

Rs. 945.02 billion in 2013 to Rs. 963.97 billion in

520.20 billion in 2013 increased by Rs. 36.62
billion or 7.04 percent to reach Rs. 556.82 billion in
2014. Out of profit, amount retained in business has
been Rs.184.70 billion in 2014 as against Rs.

600

Amount in Billion Rs.

2014. Net profit before tax, which stood at Rs.

511

557

520

500
378

400

321

300

224.87

212

179.83

200

99.04

100

184.70

104.19

16.25

179.83 billion in 2013 reflecting an increase of 2.71

2009

2010

2011

2012

Net profit (before tax)

percent.

2013

2014

Retention in business

Key Performance Indicators

Figure 9: Key Performance Ratios

increased to 1.04 in 2014 from 1.03 in 2013. Debt to

equity, a ratio of total liabilities to shareholders
equity, declined from 1.64 to 1.61 in 2014 when

Percentage

Current ratio, an appraisal of corporate liquidity,

compared with 2013.

8.41 8.23

9
8
7
6
5
4
3
2
1
0

6.08 6.14

1.64 1.61

1.03 1.04

Current Ratio

Net profit margin slightly reduced to 8.23 in 2014

Debt Equity Ratio Net Profit Margin Earning Per Share

after Tax

2013

whereas it was 8.41 in 2013. Cost of sales ballooned

2014

but far short of outweighing the impact of sales on earning higher profit. Growth in net profit before tax was
recorded in most of the sectors of which Other Services Activities (118.27 percent), Electric Machinery and
Apparatus (24.44 percent), Cement (21.13 percent) and Other Non-Metallic (20.10 percent) in 2014 over 2013.
However, some of the sectors posted significant looser before tax in 2014 (textile (45.88), Food (25.45 percent) and
Information and Communication (21.14 percent). The year 2014 proved to be fortunate for financial stakeholders in
capital market, as earnings per share after tax increased from 6.08 in 2013 to 6.14 in 2014.
Figure 10: Profitability/Efficiency Ratios
30.00

Return on Capital Employed (ROCE), parameters of

25.00

companies profitability, decreased to 9.65 percent,

20.00

Percentage

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

25.28 percent and 16.61 respectively in 2014 as

compared 9.69 percent, 27.07 percent, and 17.16

27.07

25.28

17.16 16.61

15.00
10.00

9.69

9.65

5.00

percent in 2013.

0.00
ROA

ROE
2013

2014

ROCE

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

All Sectors - Overall

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

2,122,907,148
339,740,317
2,346,586,599
1,450,580,359
110,294,393
89,796,642
163,457,753
79,332,077
1,452,894,176
165,977,733
346,339,806
551,260,706
78,703,843
310,612,088
1,397,056,009
440,479,819
956,576,190
985,639,315
449,094,335
114,550,887
51,583,710
52,034,260
318,376,122
1,193,105,996
478,802,009
468,310,031
10,491,978
559,295,888
116,841,776
433,990,697
155,008,100

2,401,658,913
393,354,049
2,711,252,057
1,654,398,111
128,404,701
101,391,029
178,808,335
73,707,389
1,750,058,327
180,832,154
390,336,096
735,610,189
97,156,197
346,123,692
1,695,720,528
504,843,236
1,190,877,292
1,035,668,240
489,220,794
100,020,257
37,640,176
45,156,434
363,630,579
1,420,328,473
535,554,963
518,806,277
16,748,686
676,969,052
128,132,182
547,710,039
207,804,458

2,561,199,148
238,079,674
3,123,687,784
1,939,945,886
158,989,686
98,872,606
205,387,298
78,913,684
2,110,251,720
162,448,176
552,001,569
814,571,106
119,008,976
462,221,893
1,974,394,685
633,573,465
1,340,821,220
1,071,758,335
534,143,143
76,618,532
42,577,398
52,238,384
366,180,879
1,625,297,845
589,101,234
571,993,071
17,108,163
798,630,900
166,096,525
632,534,375
237,565,711

2,694,994,578
195,227,322
3,313,859,855
2,053,625,320
167,363,112
106,237,906
236,790,985
103,113,044
2,628,277,578
157,761,679
552,224,599
1,216,874,333
132,312,419
569,104,548
2,431,040,141
724,000,629
1,707,039,511
1,102,094,573
563,532,094
68,238,846
31,640,203
80,034,018
358,649,412
1,790,137,438
619,783,583
606,767,562
13,016,021
887,251,068
170,528,965
716,722,102
283,102,788

3,111,780,870
183,142,619
3,525,738,947
2,189,541,320
170,334,328
128,929,075
509,270,528
100,897,328
2,299,852,262
216,287,626
596,184,364
765,019,396
167,127,569
555,233,307
2,239,479,046
653,307,052
1,586,171,994
1,119,116,150
547,753,483
62,957,376
21,912,643
86,387,074
400,105,574
2,053,037,936
634,232,057
625,303,646
8,928,411
1,124,784,790
233,382,776
891,402,014
294,021,089

3,429,769,677
215,437,889
3,837,743,980
2,368,154,642
187,759,148
165,072,442
558,922,541
122,182,163
2,702,540,735
227,769,410
590,270,928
1,059,257,637
211,124,899
614,117,861
2,601,232,774
810,129,921
1,791,102,853
1,179,715,038
524,002,616
52,003,527
17,798,788
93,276,454
492,633,653
2,351,362,602
669,228,340
661,577,391
7,650,949
1,355,614,344
249,063,294
1,106,551,050
326,519,918

3,602,904,150
3,236,342,918
366,561,231
3,070,739,065
1,578,343,990
1,490,698,790
532,165,085
255,371,339
96,979,793
158,391,545
149,081,105
111,305,745
211,680,615
77,560,089
117,869,072
7,711,576
307,800,893

4,195,296,507
3,757,466,140
437,830,368
3,568,974,003
1,917,329,451
1,649,963,232
626,322,505
262,917,491
119,465,006
143,452,485
140,063,295
102,436,113
320,802,971
98,378,831
123,384,916
15,957,007
330,953,465

5,044,542,835
4,451,052,850
593,489,985
4,296,499,129
2,288,498,800
2,008,000,329
748,043,706
308,725,835
134,116,255
174,609,580
174,205,349
141,431,510
378,432,633
127,435,662
146,811,666
9,176,350
270,264,745

5,678,343,120
5,146,961,284
531,381,836
4,762,005,985
2,539,758,952
2,222,247,033
916,337,135
334,822,973
148,653,292
186,169,681
201,895,247
149,879,072
510,596,635
126,965,629
158,758,125
5,636,354
279,939,534

6,183,225,466
5,527,093,698
656,131,768
5,238,208,506
2,830,855,033
2,407,353,473
945,016,960
383,414,760
166,596,964
216,817,796
185,306,421
141,146,958
520,202,931
137,617,671
202,755,773
8,185,119
745,344,593

6,768,207,091
6,055,075,085
713,132,006
5,804,233,821
3,057,926,285
2,746,307,536
963,973,270
392,209,766
167,934,128
224,275,638
181,548,010
144,507,515
556,819,429
159,146,040
212,971,168
2,992,117
371,439,032

2,178,745,311
500,678,045
16,251,454
941,157,864
161,947,603

2,455,996,712
526,860,970
99,039,225
1,031,704,205
186,722,086

2,697,056,180
576,720,541
104,185,305
1,210,294,005
240,843,663

2,892,232,011
595,172,297
224,872,881
1,319,172,926
228,827,229

3,172,154,086
569,666,126
179,829,487
1,222,973,178
294,728,191

3,531,077,640
541,801,404
184,702,221
1,351,931,325
316,108,164

0.57
4.14
15.30
1.01
1.04
85.23
2.00
6.56
18.98
11.63
1.14
10.40
2.90
5.88
2.85
25.34

0.60
3.34
17.53
1.01
1.03
85.07
1.92
8.30
24.55
13.84
1.80
10.75
4.13
7.65
4.26
27.20

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.56
3.45
16.15
1.08
1.07
85.17
1.87
8.58
24.85
14.69
1.71
9.14
3.68
7.50
4.35
28.19

0.62
3.56
21.43
1.07
1.08
83.86
1.97
10.22
29.90
18.27
2.42
10.28
4.41
8.99
6.28
29.29

0.51
3.00
12.37
1.14
1.03
84.72
1.64
9.69
27.07
17.16
1.89
10.37
4.69
8.41
6.08
32.64

0.58
2.68
15.65
1.10
1.04
85.76
1.61
9.65
25.28
16.61
1.87
11.47
4.85
8.23
6.14
36.30

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

1,656,044,365
298,962,895
1,829,092,579
1,120,225,495
83,370,094
37,321,582
153,571,477
45,962,917
1,045,318,974
147,789,838
299,461,689
318,828,878
59,854,019
219,384,549
1,039,571,971
391,694,077
647,877,894
718,375,335
397,193,671
105,752,575
31,145,696
27,340,423
156,942,969
943,416,030
388,338,334
377,853,856
10,484,478
444,356,325
108,694,334
327,198,576
110,721,371

1,927,152,956
345,901,900
2,167,251,037
1,323,674,135
99,122,629
39,132,894
170,511,039
47,932,988
1,223,081,780
159,153,858
325,241,924
407,627,134
67,476,594
263,582,271
1,247,133,146
436,970,171
810,162,975
773,617,830
455,017,427
90,769,037
19,395,454
29,956,322
178,479,590
1,129,483,761
440,937,004
424,195,818
16,741,186
507,393,595
119,699,307
386,567,457
181,153,162

2,032,690,182
197,602,046
2,508,159,067
1,563,356,126
125,827,004
36,197,832
181,279,258
54,254,920
1,490,337,001
136,172,324
449,723,460
483,579,345
96,760,724
324,101,148
1,475,594,757
562,304,499
913,290,258
778,187,520
466,182,995
67,294,355
29,851,886
32,695,374
182,162,911
1,269,244,903
487,808,981
470,708,318
17,100,663
582,538,151
154,569,490
427,968,661
198,897,771

2,122,465,957
158,709,249
2,689,324,028
1,642,565,461
129,756,740
37,663,201
207,407,485
76,120,560
1,761,896,370
140,355,275
456,366,797
654,247,697
96,444,596
414,482,005
1,722,243,632
586,381,853
1,135,861,778
808,233,289
476,526,241
59,152,533
25,580,460
49,766,478
197,207,577
1,353,885,402
516,575,212
503,566,691
13,008,521
604,509,095
162,020,191
442,488,903
232,801,096

2,277,687,696
115,190,191
2,900,552,555
1,765,360,025
137,557,243
46,895,318
278,390,831
71,851,331
1,627,147,562
187,278,260
487,510,712
435,588,952
134,569,759
382,199,879
1,530,915,322
569,318,566
961,596,756
819,688,465
472,105,306
53,871,063
21,912,643
51,999,360
219,800,093
1,554,231,471
526,990,311
518,061,900
8,928,411
788,676,838
223,654,798
565,022,040
238,564,322

2,566,095,314
133,908,301
3,182,328,970
1,938,369,352
153,850,785
83,295,127
325,165,571
85,356,963
1,874,051,657
189,815,783
501,058,485
573,792,752
180,375,724
429,008,913
1,832,419,898
648,071,111
1,184,348,787
857,389,525
433,139,407
42,917,214
17,798,788
53,054,888
310,479,228
1,750,337,550
558,371,113
550,720,164
7,650,949
917,172,908
240,666,133
676,506,775
274,793,529

2,409,723,791
2,043,162,559
366,561,231
2,038,196,323
1,389,002,856
647,497,182
371,527,468
195,104,630
84,122,739
110,981,891
127,008,300
96,513,831
107,051,253
44,757,259
70,165,773
6,051,855
233,602,995

2,856,365,723
2,418,535,356
437,830,368
2,424,105,574
1,721,363,016
701,061,238
432,260,150
208,403,358
106,246,117
102,157,241
109,408,743
88,716,810
174,241,333
57,814,525
86,523,650
12,287,412
203,559,917

3,547,703,594
2,954,213,609
593,489,985
2,998,670,171
2,184,086,042
814,584,129
549,033,423
245,258,731
117,316,307
127,942,424
140,166,684
123,958,107
238,238,086
78,399,611
104,052,513
7,287,320
163,689,058

3,874,672,034
3,343,290,198
531,381,836
3,326,266,019
2,419,587,301
906,678,718
548,406,015
274,527,523
127,133,268
147,394,255
164,082,931
126,849,147
180,994,065
63,357,474
107,685,995
1,406,025
203,064,215

4,283,051,971
3,626,920,203
656,131,768
3,599,097,368
2,656,450,451
942,646,917
683,954,603
299,044,081
145,567,920
153,476,161
149,841,710
114,237,967
323,215,626
65,817,826
144,843,396
3,746,064
397,363,121

4,720,616,495
4,007,484,489
713,132,006
4,058,377,264
2,889,806,788
1,168,570,476
662,239,231
320,756,082
146,323,438
174,432,644
142,784,390
115,017,015
294,317,656
71,079,555
142,404,210
2,045,110
320,400,799

1,661,791,365
428,339,367
(7,871,779)
820,033,444
122,241,685

1,903,101,590
474,412,881
29,903,159
911,383,051
143,173,736

2,047,432,423
496,034,881
55,785,961
1,058,339,379
180,401,328

2,162,118,691
502,106,701
9,950,596
1,088,488,554
183,603,605

2,373,919,936
494,017,949
112,554,404
1,063,336,515
221,827,086

2,607,727,075
450,938,195
80,833,891
1,099,009,306
237,183,521

0.51
5.27
13.23
0.89
1.01
84.58
1.86
4.36
11.94
7.60
0.89
8.05
2.11
4.44
1.64
24.80

0.51
3.83
14.27
0.91
0.98
84.87
1.79
5.96
16.81
9.78
1.35
8.78
2.96
6.10
2.72
26.42

0.49
3.95
13.63
1.01
1.01
84.52
1.78
7.14
19.86
12.06
1.54
7.89
2.92
6.72
3.36
26.70

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.52
4.23
16.89
1.00
1.02
85.85
1.87
4.89
13.80
8.60
1.09
8.49
2.43
4.67
2.32
26.65

0.49
3.50
10.17
1.10
1.06
84.03
1.51
8.30
22.25
14.26
1.78
8.79
3.83
7.55
4.93
29.79

0.52
3.02
12.16
1.06
1.02
85.97
1.54
7.05
17.81
11.82
1.57
9.42
3.56
6.23
4.02
31.56

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

466,862,783
40,777,422
517,494,021
330,354,865
26,924,299
52,475,060
9,886,276
33,369,160
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

474,505,957
47,452,149
544,001,020
330,723,976
29,282,072
62,258,135
8,297,296
25,774,401
526,976,547
21,678,296
65,094,172
327,983,055
29,679,603
82,541,421
448,587,382
67,873,065
380,714,317
262,050,410
34,203,367
9,251,220
18,244,722
15,200,112
185,150,989
290,844,712
94,617,959
94,610,459
7,500
169,575,457
8,432,875
161,142,582
26,651,296

528,508,966
40,477,628
615,528,717
376,589,760
33,162,682
62,674,774
24,108,040
24,658,764
619,914,719
26,275,852
102,278,109
330,991,761
22,248,252
138,120,745
498,799,928
71,268,966
427,530,962
293,570,815
67,960,148
9,324,177
12,725,512
19,543,010
184,017,968
356,052,942
101,292,253
101,284,753
7,500
216,092,749
11,527,035
204,565,714
38,667,940

572,528,621
36,518,073
624,535,827
411,059,859
37,606,372
68,574,705
29,383,500
26,992,484
866,381,208
17,406,404
95,857,802
562,626,636
35,867,823
154,622,543
708,796,509
137,618,776
571,177,733
293,861,284
87,005,853
9,086,313
6,059,743
30,267,540
161,441,835
436,252,036
103,208,371
103,200,871
7,500
282,741,973
8,508,774
274,233,199
50,301,692

834,093,174
67,952,428
625,186,392
424,181,295
32,777,085
82,033,757
230,879,697
29,045,997
672,704,700
29,009,366
108,673,652
329,430,444
32,557,810
173,033,428
708,563,724
83,988,486
624,575,238
299,427,685
75,648,177
9,086,313
0
34,387,714
180,305,481
498,806,465
107,241,746
107,241,746
0
336,107,952
9,727,978
326,379,974
55,456,767

863,674,363
81,529,588
655,415,010
429,785,290
33,908,363
81,777,315
233,756,970
36,825,200
828,489,078
37,953,627
89,212,443
485,464,885
30,749,175
185,108,948
768,812,876
162,058,810
606,754,066
322,325,513
90,863,209
9,086,313
0
40,221,566
182,154,425
601,025,052
110,857,227
110,857,227
0
438,441,436
8,397,161
430,044,275
51,726,389

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

1,338,930,784
1,338,930,784
0
1,144,868,429
195,966,435
948,901,994
194,062,355
54,514,133
13,218,889
41,295,244
30,654,552
13,719,303
146,561,638
40,564,306
36,861,266
3,669,596
127,393,548

1,496,839,241
1,496,839,241
0
1,297,828,958
104,412,758
1,193,416,200
199,010,283
63,467,104
16,799,948
46,667,156
34,038,665
17,473,403
140,194,547
49,036,051
42,759,152
1,889,030
106,575,687

1,803,671,086
1,803,671,086
0
1,435,739,966
120,171,651
1,315,568,315
367,931,120
60,295,450
21,520,024
38,775,426
37,812,316
23,029,925
329,602,570
63,608,155
51,072,130
4,230,329
76,875,319

1,900,173,495
1,900,173,495
0
1,639,111,138
174,404,582
1,464,706,556
261,062,357
84,370,679
21,029,044
63,341,635
35,464,711
26,908,991
196,987,305
71,799,845
57,912,377
4,439,055
347,981,472

2,047,590,596
2,047,590,596
0
1,745,856,557
168,119,497
1,577,737,060
301,734,039
71,453,684
21,610,690
49,842,994
38,763,620
29,490,500
262,501,773
88,066,485
70,566,958
947,006
51,038,233

516,953,947
72,338,678
24,123,233
121,124,420
39,705,918

552,895,122
52,448,089
69,136,066
120,321,154
43,548,350

649,623,757
80,685,660
48,399,344
151,954,626
60,442,335

730,113,320
93,065,596
214,922,285
230,684,372
45,223,624

798,234,150
75,648,177
67,275,083
159,636,663
72,901,105

923,350,565
90,863,209
103,868,330
252,922,019
78,924,643

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
7.94
27.60

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

0.76
2.27
22.11
1.30
1.24
86.70
2.23
13.04
43.34
23.32
2.13
14.63
9.02
9.37
9.00
35.15

0.87
2.10
31.19
1.25
1.22
79.60
2.30
25.48
83.20
47.78
5.21
18.82
15.31
18.27
25.77
42.27

0.55
1.87
17.34
1.26
0.95
86.26
2.02
13.37
42.13
25.78
2.16
17.49
8.32
10.37
11.67
46.51

0.72
1.89
23.71
1.21
1.08
85.26
1.82
16.41
47.73
30.50
2.47
22.95
9.90
12.82
18.74
64.56

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

TEXTILE SECTOR
PERFORMANCE AT A GLANCE
The balance sheet size of textile sector expanded by 3.26 percent, with corresponding increase of 1.79
percent in total liabilities and 5.24 percent in equity in 2014 as compared to the previous year. The
growth of textile sector was mainly attributed to an increase of 10.16 percent in the size of balance
sheet of spinning, weaving, finishing of textile sector. On account of earnings, textile sector posted a
decrease of 45.88 percent in profit before taxation. Equity of textile sector recorded an increase of 5.24
percent from the previous year.

ANALYSIS OF SHAREHOLDERS EQUITY

The shareholders equity of textile sector

Shareholders' Equity

increased by 5.24 percent from Rs. 310.07

350.00
Billion Rs.

billion in 2013 to Rs. 326.32 billion in 2014.

The increase in shareholders equity was
mainly

driven by an increase in issued,

14.00%

12.49%

300.00

12.00%

250.00

10.00%

200.00

8.00%

5.28%

5.24%

150.00

6.00%

100.00

4.00%

50.00

subscribed and paid up capital (IS & Paid up

0.00

2013

Shareholder
s' equity
310.07

IS & Paid
up capital
51.66

2014

326.32

58.12

195.31

72.89

Growth

5.24%

12.49%

5.28%

0.00%

capital) which increased from Rs. 51.66 billion

in 2013 to Rs. 58.12 billion in 2014. Reserves
jumped to Rs. 195.31 billion in 2014 as

0.00%

Reserves
185.52

Surplus on
RVFA
72.89

2.00%
0.00%

compared to the previous year showing an

increase of 5.28 percent. Surplus on revaluation of fixed assets (Surplus on RVFA) remained same at
Rs.72.89 billion in 2014 as compared to the previous year.

ANALYSIS OF ASSETS
Total assets rose to Rs. 752.97 billion in 2014 mainly due to 7.12 percent increase in Non-current
assets which increased from Rs. 419.23 billion in 2013 to Rs. 449.09 billion in 2014. Non-Current
assets constituted 59.64 percent share in total assets during 2014. Capital work in progress (CW in
progress) substantially increased from Rs. 12.19 billion in 2013 to Rs. 22.59 billion in 2014 showing
an increase of 85.39 percent. Operating fixed assets after deducting accumulated depreciation
witnessed a slight decrease of 0.10 percent in 2014 decreasing from Rs. 318.80 billion in 2013 to Rs.
318.50 billion 2014.

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Current assets constituted 40.36 percent share in total assets in 2014. Cash and bank balances
decreased from Rs. 14.21 billion in 2013 to Rs. 11.00 billion in 2014 showing a decrease of 22.54
percent. Inventories also recorded a decrease of 1.74 percent from Rs. 152.88 billion in 2013 to Rs.
150.21 billion in 2014. Trade debt, recorded a decrease of 14.45 percent, however short term
investments and other current assets posted increases of 9.43 and 20.84 percent respectively during the
2014.
Non- Current Assets

Current Assets
200

350.00
300.00
250.00
200.00
150.00
100.00
50.00
0.00

2014

2013
236.42%

250.00%

150.00%
100.00%

Long term
investments

40.00%

20.84%

30.00%
20.00%

9.43%

10.00%
-1.74%
0.00%

0.00%

-14.45%

50

-50.00%

Operating Fixed
Assets minus
Accumulated
Depreciation

Growth

100

50.00%
14.58%

2014

150

200.00%

-0.10%

50.00%

Growth

Billion Rs.

Amount in Billion

2013

-10.00%

-22.54%

Other noncurrent assets

-20.00%

-30.00%
1.Cash & bank 2.Inventories 3.Trade Debt 4.Short term 5.Other
balance
investments current assets

ANALYSIS OF LIABILITIES
Total liabilities increased from Rs. 419.13

Components of Total Liabilities

billion in 2013 to Rs. 426.65 billion in 2014

450.00

10.00%

2013

400.00

reflecting an increase of 1.79 percent. Share of

2014

Growth
8.00%

350.00
6.00%

Billion Rs.

Non-current liabilities in total liabilities has

been 29.88 percent in 2014 while current
liabilities has 70.12 percent share in total

300.00
3.40%
250.00

1.79%
200.00

-1.79%

4.00%
2.00%

150.00
0.00%
100.00

liabilities. Non-current liabilities witnessed a

-2.00%

50.00
0.00

decrease of 1.79 percent which decreased from

-4.00%

Total Liabilities

Non-Current Liabilities

Current Liabilities

Rs. 129.80 billion in 2013 to Rs. 127.47 billion

in 2014. Current liabilities increased from Rs. 289.33 billion in 2013 to Rs. 299.18 billion in 2014
showing an increase of 3.40 percent. The growth in current liabilities is mainly attributed to 3.63
percent increase in short term secured loans (ST secured loans) which increased from Rs. 199.04
billion in 2013 to Rs. 206.28 billion in 2014.

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

PROFITABILITY AND OPERATING EFFICIENCY

Profitability of textile sector deteriorated during
the 2014 as compared to the previous year. Net

Profitability Indicators

in 2013 to Rs. 22.88 billion. Decline has been

10

observed in return on assets (ROA), return on

Percentage

profit before tax decreased from Rs. 42.28 billion

15

equity (ROE) and return on capital employed

5
0
ROA

ROE

(ROCE). ROA decreased from 5.98 percent in

2013 to 3.09 percent in 2014, ROE reduced from
14.79 percent in 2013 to 7.19 percent in 2014

ROCE

2013

ROA
5.98

ROE
14.79

ROCE
10.28

2014

3.09

7.19

5.12

and ROCE shrank from 10.28 percent in 2013 to 5.12 percent in 2014.
Earnings per share (EPS) and Break-up value per share also deteriorated during 2014. In 2013 earning
per share was Rs. 7.21 while in 2014 it reduced to Rs. 3.07. Similarly, break-up value per share
decreased from Rs. 60.41 in 2013 to Rs. 56.83 in 2014.

10

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Textile Sector - Overall

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

361,534,030
47,435,018
373,637,025
237,847,935
17,812,848
5,802,132
64,946,871
5,502,073
225,191,650
5,872,868
111,575,239
60,276,973
5,284,651
42,181,919
243,223,714
170,133,031
73,090,683
124,788,653
92,319,601
13,133,074
327,832
3,292,347
15,715,800
218,713,312
49,972,317
48,853,426
1,118,892
119,081,094
32,009,706
88,333,193
49,659,900

345,277,180
11,282,796
406,391,396
263,143,670
18,630,553
194,092
67,345,150
3,311,472
292,865,002
7,640,263
140,656,331
80,823,662
15,606,801
48,137,945
280,410,091
197,427,058
82,983,032
113,172,922
77,493,772
12,718,177
5,756,495
3,672,117
13,532,361
244,559,166
52,625,170
51,141,655
1,483,515
142,233,367
44,503,972
97,729,395
49,700,629

377,428,170
22,477,574
439,199,405
285,930,437
18,955,254
852,718
64,743,383
3,424,058
307,681,608
8,124,837
126,895,926
79,995,717
5,132,621
87,532,508
302,292,052
181,315,762
120,976,289
121,223,991
82,908,133
13,352,950
1,329,583
4,314,912
19,318,413
261,593,733
51,529,389
50,146,056
1,383,333
134,603,281
53,478,808
81,124,473
75,461,063

419,233,513
12,185,837
478,957,072
318,801,511
19,598,357
188,662
84,938,675
3,118,828
309,964,444
14,206,504
152,876,083
81,948,442
9,450,624
51,482,791
289,334,505
199,043,688
90,290,817
129,795,053
91,709,180
13,013,130
1,160,397
5,493,284
18,419,062
310,068,399
51,664,594
50,469,594
1,195,000
185,515,546
71,445,485
114,070,061
72,888,259

449,087,038
22,592,014
494,296,426
318,495,317
21,536,931
186,805
97,320,419
10,492,483
303,878,340
11,004,445
150,211,126
70,109,459
10,342,218
62,211,092
299,180,063
206,278,460
92,901,603
127,467,787
88,180,196
12,950,637
685,685
6,324,828
19,326,441
326,317,529
58,116,335
56,963,002
1,153,333
195,312,497
70,066,141
125,246,356
72,888,697

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

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

713,308,283
315,109,389
398,198,893
623,050,164
468,783,088
154,267,075
90,258,119
31,769,890
17,115,484
14,654,406
37,043,468
33,965,395
34,823,895
7,362,292
6,279,496
707,905
8,123,227

652,649,902
314,671,858
337,978,045
595,197,817
408,606,778
186,591,039
57,452,085
36,030,997
17,504,992
18,526,005
36,011,515
32,011,380
(5,477,621)
5,982,246
6,506,624
257,500
30,326,816

721,550,030
333,696,119
387,853,911
631,296,555
456,539,811
174,756,744
90,253,475
38,285,551
19,472,197
18,813,354
28,107,630
26,895,508
42,280,343
5,270,323
7,975,600
919,391
15,952,183

733,807,999
328,916,392
404,891,607
667,521,363
469,860,451
197,660,912
66,286,636
37,672,515
19,171,873
18,500,642
26,083,681
24,652,746
22,882,683
5,282,787
5,910,354
478,826
29,334,230

310,439,758
102,231,308
(8,845,284)
284,916,452
32,619,338

343,501,965
92,647,433
20,172,139
262,780,464
36,296,492

357,732,088
83,250,267
21,182,108
280,677,325
48,739,302

382,817,724
84,237,716
(17,966,491)
265,553,478
42,242,593

439,863,452
92,869,577
29,034,420
291,913,265
52,655,651

453,785,316
88,865,881
11,689,542
295,144,341
55,976,426

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
-1.51
36.03

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

0.37
5.19
11.33
1.12
1.04
87.35
1.61
5.69
15.03
9.93
4.37
5.07
2.03
4.88
5.30
47.21

0.31
5.52
12.26
0.95
1.02
91.20
1.62
-0.83
-2.16
-1.48
-1.76
5.14
0.83
-0.84
-2.26
51.49

0.36
3.90
11.36
0.99
1.07
87.49
1.35
5.98
14.79
10.28
4.64
4.72
2.57
5.86
7.21
60.41

0.31
3.55
9.55
0.97
1.02
90.97
1.31
3.09
7.19
5.12
2.98
4.89
1.93
3.12
3.07
56.83

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

11

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Spinning, Weaving, Finishing of Textiles - Overall

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

307,476,640
29,677,989
328,982,091
216,354,052
13,870,653
5,766,634
50,370,766
5,307,199
197,137,579
4,627,865
95,384,521
55,743,092
5,156,577
36,225,524
216,090,482
156,991,813
59,098,670
101,442,835
73,266,260
12,069,260
327,832
2,562,884
13,216,600
187,080,899
43,984,054
42,865,162
1,118,892
95,647,976
26,707,328
70,258,695
47,448,869

286,456,486
8,723,346
339,363,508
221,152,160
14,495,036
134,756
53,298,917
3,147,307
245,858,702
6,766,428
114,838,582
69,037,172
15,603,280
39,613,241
237,722,882
170,560,171
67,162,710
88,905,239
58,038,196
11,710,002
5,756,495
2,765,674
10,634,872
205,687,066
46,717,343
45,233,828
1,483,515
111,665,011
37,680,695
73,984,316
47,304,712

306,632,178
8,324,068
366,682,552
241,364,182
15,312,636
808,677
52,900,071
3,235,180
263,284,368
7,580,702
107,485,795
62,718,481
5,131,814
80,367,577
259,944,212
154,782,069
105,162,143
91,063,231
57,434,658
12,448,549
1,329,583
3,132,802
16,717,639
218,909,101
45,201,433
43,818,100
1,383,333
104,450,843
45,685,768
58,765,075
69,256,825

345,061,881
11,803,154
384,946,636
254,859,101
15,048,167
98,862
75,370,510
2,930,254
256,342,879
7,267,860
128,536,593
68,869,413
9,448,732
42,220,281
240,429,482
165,101,678
75,327,804
98,096,113
64,330,097
11,998,143
1,160,397
4,195,650
16,411,826
262,879,165
45,082,723
43,887,723
1,195,000
150,315,020
64,460,479
85,854,541
67,481,422

393,246,819
21,533,628
422,169,756
275,683,912
17,097,049
109,062
85,748,740
10,171,477
269,266,872
10,598,875
129,517,078
67,065,670
10,340,589
51,744,660
263,841,807
184,172,188
79,669,619
108,572,930
73,606,418
12,056,739
685,685
4,960,320
17,263,768
290,098,955
51,297,285
50,143,952
1,153,333
171,030,323
67,814,333
103,215,990
67,771,347

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

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

607,632,817
243,956,487
363,676,330
531,351,476
396,446,888
134,904,588
76,281,341
27,098,753
15,252,618
11,846,135
32,592,778
29,905,253
26,121,340
6,080,067
4,975,850
73,120
8,104,904

539,056,476
232,570,700
306,485,776
491,816,657
332,429,754
159,386,903
47,239,819
31,113,086
15,365,499
15,747,587
29,302,911
25,869,036
(7,947,786)
4,937,270
5,481,964
257,500
27,898,047

597,895,759
239,066,409
358,829,350
521,147,221
372,854,613
148,292,608
76,748,538
32,458,102
17,244,074
15,214,028
22,626,867
21,787,384
35,980,171
4,895,799
6,887,714
595,681
11,236,323

638,780,600
256,911,966
381,868,634
579,948,762
413,825,146
166,123,616
58,831,838
32,326,975
16,617,905
15,709,070
22,640,439
21,396,641
20,977,420
4,956,601
5,549,154
21,780
25,508,130

270,137,875
88,698,349
(4,746,131)
248,149,835
27,738,605

288,523,733
73,594,092
16,560,935
230,585,904
31,376,377

294,592,305
63,794,691
15,065,422
234,354,862
44,918,470

309,972,332
58,764,241
(18,367,020)
213,546,310
36,108,663

360,975,278
65,490,494
24,196,658
230,592,172
45,512,368

398,671,885
74,292,103
10,471,665
258,464,291
48,203,667

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
-0.91
39.42

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

0.38
5.36
11.36
1.14
1.03
87.45
1.59
5.04
13.30
8.96
4.03
5.29
1.87
4.30
4.37
44.82

0.29
5.44
11.63
0.95
1.01
91.24
1.60
-1.44
-3.74
-2.63
-2.35
5.02
0.69
-1.47
-2.90
49.22

0.36
3.78
11.52
0.99
1.07
87.16
1.29
6.14
14.94
10.73
4.51
4.65
2.65
6.02
6.95
58.75

0.33
3.54
10.50
0.96
1.02
90.79
1.28
3.32
7.59
5.52
2.89
4.93
1.98
3.28
3.17
57.33

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

12

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

(Colony) Sarhad Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

291,208
0
296,354
285,621
835
0
5,500
87
14,128
416
0
0
1,500
12,212
196,336
0
196,336
69,646
0
68,300
0
1,346
0
39,354
40,000
40,000
0
(273,556)
1,752
(275,308)
272,910

287,686
0
296,354
284,799
821
0
2,800
87
14,380
349
0
0
0
14,031
213,501
0
213,501
65,887
0
64,541
0
1,346
0
22,678
40,000
40,000
0
(289,676)
(948)
(288,728)
272,354

286,888
0
296,345
284,001
798
0
2,800
87
14,566
437
0
0
0
14,129
228,625
0
228,625
67,357
0
66,033
0
1,324
0
5,472
40,000
40,000
0
(306,334)
(948)
(305,386)
271,806

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

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

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

0
0
0
0
0
0
0
11,317
0
11,317
7,027
6,596
(17,856)
0
0
0
(10,261)

0
0
0
0
0
0
0
11,197
0
11,197
6,339
6,323
(13,976)
0
0
0
(8,502)

0
0
0
0
0
0
0
11,009
0
11,009
6,218
6,211
(17,206)
0
0
0
(8,925)

215,245
0
(72,497)
0
4,226

208,707
0
(14,498)
0
5,163

186,794
0
(24,342)
0
4,913

109,000
0
(17,856)
0
938

88,565
0
(13,976)
0
4,601

72,829
0
(17,206)
0
4,346

0.00

0.02

0.01

0.01

0.00

0.00

0.00
1.12

0.00
0.14

0.00
0.08

0.00
0.07

0.00
0.07

0.00
0.06

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

13

-4.03
-14.12
159.56
-25.48

1.66
-3.61
-1,212.48
-6.84

2.11
-6.53
-18.68
-12.31

6.76
-5.31
-22.68
-12.07

12.32
-4.60
-45.06
-14.15

54.09
-5.70
-122.25
-21.32

0.00
-9.84

0.00
-8.96

-15.72

-1.71

-1.21

-1.77

-18.12
-35.02

-3.62
35.62

-6.09
29.53

-4.46
9.84

-3.49
5.67

-4.30
1.37

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

(Colony) Thal Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

487,236
0
597,547
413,981
14,253
0
0
73,255
34,321
334
0
4,888
0
29,099
191,859
99,432
92,427
282,537
106,852
44,970
0
196
130,519
47,161
55,687
55,687
0
(297,496)
17,887
(315,383)
288,970

473,700
0
597,547
400,445
13,536
0
0
73,255
30,667
907
0
656
0
29,104
192,124
99,432
92,692
282,537
106,852
44,970
0
196
130,519
29,706
55,687
55,687
0
(314,951)
17,887
(332,838)
288,970

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

445,620
445,620
0
432,191
300,489
131,703
13,429
9,365
41
9,324
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
2,395
2,106
3,895
7,036
0
0
(39,328)

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

39,083
39,083
0
64,206
1,381
62,825
(25,123)
3,990
0
3,990
82
0
(29,078)
0
0
0
86

0
0
0
13,266
0
13,266
(13,266)
4,186
0
4,186
4
0
(17,456)
0

277,005
199,204
(34,709)
277,666
7,814

479,237
192,291
(6,177)
243,343
35,864

521,388
119,536
(3,141)
197,286
53,633

521,388
119,536
(3,141)
197,286
53,633

329,698
106,852
(29,078)
206,284
5,175

312,243
106,852
(17,456)
206,284
894

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

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

0.05
0.34
0.72
1.07
0.91
97.65
2.27
0.70
3.30
0.98

0.05
0.34
0.72
1.07
0.91
97.65
2.27
0.59
1.93
0.75

0.03
0.21
12.51
0.07
0.18
164.28
10.06
-4.93
-23.37
-6.83

0.01

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

2014

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

573

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

14

2.12
-0.25
-28.78
-6.23
6.14

11.33
0.71
-0.89
-1.11
37.37

7.89
2.85
0.55
-0.56
36.22

7.89
2.85
0.55
-0.56
36.22

-74.40
-5.22
8.47

0.00
0.16

15.98
-3.40
-45.42
-5.44

-3.13
5.33

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Adil Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

292,268
0
373,548
292,268
15,731
0
0
0
9,204
344
0
0
0
8,860
279,088
154,631
124,457
188,731
0
186,843
0
0
1,888
(166,347)
77,258
77,258
0
(413,639)
0
(413,639)
170,034

277,888
0
656,025
277,888
9,380
0
0
0
9,204
344
0
0
0
8,860
206,761
154,631
52,130
193,596
0
191,708
0
1,888
0
(113,265)
77,258
77,258
0
(358,184)
0
(358,184)
167,661

276,084
0
663,180
276,084
8,959
0
0
0
24,889
372
15,657
0
0
8,860
206,761
154,631
52,130
226,848
0
224,960
0
1,888
0
(132,636)
77,258
77,258
0
(375,214)
0
(375,214)
165,320

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

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

0
0
0
20,612
0
20,612
(20,612)
2,402
0
2,402
0
0
(23,014)
0
0
0
(6,070)

0
0
0
0
0
0
0
143,053
0
143,053
980
980
(134,147)
0
0
0
(3,772)

0
0
0
0
0
0
0
14,245
0
14,245
0
0
53,082
0
0
0
(4,865)

0
0
0
0
0
0
0
19,520
0
19,520
0
0
(19,371)
0
0
0
(26,069)

163,496
0
(38,381)
191,536
749

150,288
0
(19,918)
179,947
1,248

133,577
0
(23,014)
179,947
1,213

22,384
0
(134,147)
154,631
1,621

80,331
0
53,082
154,631
1,719

94,212
0
(19,371)
154,631
2,174

0.06

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

0.06

0.00

0.00

0.00

0.00
0.13

0.00
0.03

0.00
0.04

0.00
0.12

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.00
0.15

-36.16
-7.99
-636.77
-36.15

0.00
-20.01

-4.97
-1.70

15

-554.05
-2.58
-3.67

-9.20
-5.35
57.71
-16.21

-2.81
-37.11
123.22
-172.03

-3.53
18.04
-37.97
103.36

-3.27
-6.59
15.76
-22.20

-17.36
-21.53

6.87
-14.66

-2.98
-6.65

-135.88

0.00

-2.51
-17.17

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ahmed Hassan Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,640,112
18,049
2,232,866
1,582,832
87,721
0
259
38,971
1,058,493
5,470
499,145
373,370
0
180,507
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

1,651,752
66,145
2,280,033
1,546,168
84,387
0
259
39,180
899,568
3,667
458,638
244,239
20,394
172,630
916,145
670,143
246,002
544,827
253,636
105,000
0
0
186,191
1,090,348
144,082
144,082
0
529,586
32,746
496,840
416,680

2,376,299
136,757
3,010,725
2,200,103
89,754
0
259
39,180
905,758
17,937
492,999
227,255
0
167,567
899,727
611,452
288,275
521,577
226,087
105,000
0
0
190,490
1,860,753
144,082
144,082
0
675,819
32,746
643,073
1,040,852

2,533,480
59,937
3,375,736
2,434,363
131,818
0
0
39,180
1,100,794
5,475
586,406
337,489
0
171,424
1,100,726
904,943
195,783
598,311
302,706
105,000
0
0
190,605
1,935,237
144,082
144,082
0
794,127
32,746
761,381
997,028

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

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

3,991,815
1,490,932
2,500,883
3,406,318
2,574,279
832,039
585,497
179,238
136,514
42,724
176,763
174,421
235,895
37,829
18,010
0
134,849

3,376,916
1,541,268
1,835,648
2,951,995
2,344,687
607,308
424,921
139,376
99,462
39,914
117,053
109,412
167,615
33,641
18,010
0
311,253

4,015,813
1,234,276
2,781,537
3,568,467
2,773,814
794,653
447,346
191,303
137,548
53,755
85,757
81,553
182,259
38,442
21,612
0
282,488

3,977,310
1,423,813
2,553,497
3,604,975
2,828,874
776,101
372,335
188,307
131,004
57,303
104,553
98,722
81,609
2,527
0
0
(75,802)

1,598,141
636,443
(99,114)
1,739,530
142,741

1,596,989
547,812
37,931
1,491,614
170,585

1,612,656
365,414
180,056
1,123,292
161,554

1,635,175
253,636
115,964
923,779
139,215

2,382,330
226,087
122,205
837,539
191,107

2,533,548
302,706
79,082
1,207,649
194,262

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

0.16
6.68
5.90
1.20
0.94
87.62
2.37
2.00
7.31
3.62

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

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

0.27
2.14
5.66
1.22
1.01
88.86
0.76
6.25
12.35
9.07
6.65
8.15
3.23
4.54
9.98
129.15

0.31
2.63
8.49
1.09
1.00
90.64
0.88
2.36
4.30
3.32

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

16

3.97
0.64
-3.16
-6.88
51.48

5.52
1.27
1.70
2.63
58.29

6.78
1.83
2.05
5.49
134.31

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Al-Qadir Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

464,223
0
534,502
463,233
32,436
0
0
990
250,712
20,738
146,972
31,314
0
51,688
161,893
60,281
101,612
86,349
0
0
0
5,410
80,939
466,693
75,600
75,600
0
201,526
15,923
185,603
189,567

469,893
0
569,639
468,903
30,742
0
0
990
249,074
34,843
113,743
16,814
0
83,674
124,867
0
124,867
74,399
0
0
0
4,258
70,141
519,701
75,600
75,600
0
256,077
15,923
240,154
188,024

517,893
409
649,305
516,494
36,914
0
0
990
305,478
12,523
212,488
36,679
0
43,788
296,535
206,967
89,568
80,267
0
0
0
3,502
76,765
446,569
75,600
75,600
0
210,706
15,923
194,783
160,263

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

1,106,614
909,480
197,134
998,647
714,000
284,648
107,967
32,077
12,265
19,812
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
27,809
22,118
22,956
13,795
0
0
39,047

1,453,021
900,932
552,089
1,360,656
1,086,650
274,006
92,365
48,418
32,577
15,841
29,620
23,708
14,655
11,194
0
0
(92,145)

1,819,084
989,095
829,989
1,667,344
1,279,572
387,772
151,740
66,814
45,644
21,170
31,951
21,733
53,374
13,196
0
0
108,736

1,610,289
902,177
708,112
1,557,140
1,185,759
371,381
53,149
56,929
37,882
19,047
40,283
31,124
(63,835)
5,335
0
0
(124,775)

380,250
0
4,201
151,000
48,089

550,244
0
25,457
0
84,973

550,151
0
9,161
0
83,359

553,042
0
3,461
60,281
74,572

594,100
0
40,178
0
118,119

526,836
0
(69,170)
206,967
97,845

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
4.37
57.70

0.57
1.73
1.06
2.36
1.45
93.36
0.47
3.47
5.11
4.17

0.32
2.04
2.16
2.03
1.55
93.64
0.53
2.10
3.16
2.66

0.41
1.76
0.92
2.53
1.99
91.66
0.38
7.44
10.82
9.31

0.17
2.50
2.28
1.96
1.03
96.70
0.84
-8.28
-13.21
-11.39

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.67
1.38
1.41
0.56
40.65

17

22.90
2.04
1.43
1.21
61.10

9.89
1.62
1.01
0.46
61.73

15.99
3.46
2.93
5.31
68.74

7.58
-1.05
-3.96
-9.15
59.07

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ali Asghar Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
206,792
338
77,061
69,007
0
60,387
340,803
182,511
158,292
429,779
417,414
3,449
0
8,916
0
238,822
222,133
222,133
0
(541,387)
0
(541,387)
558,075

439,689
0
600,241
431,988
7,929
0
5,000
2,701
38,237
4,208
8,350
145
0
25,534
64,751
28,477
36,274
71,983
68,551
2,247
0
1,185
0
341,192
222,133
222,133
0
(145,726)
0
(145,726)
264,785

408,116
0
569,097
401,684
12,899
0
3,750
2,682
59,483
7,186
1,622
912
0
49,763
72,883
21,684
51,199
68,547
65,984
0
0
2,131
432
326,169
222,133
222,133
0
(159,511)
0
(159,511)
263,547

391,596
0
557,922
386,720
10,775
0
2,500
2,376
51,615
1,706
941
912
0
48,056
74,061
21,518
52,543
63,975
62,185
0
0
1,162
628
305,175
222,133
222,133
0
(179,299)
0
(179,299)
262,341

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

685,088
674,773
10,315
608,818
431,665
177,153
76,270
18,741
655
18,086
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
131,186
122,215
(264,009)
9,309
0
0
(14,568)

44,110
44,110
0
138,876
53,514
85,362
(94,766)
34,665
258
34,407
6
0
102,812
441
0
0
74,527

4,478
4,478
0
25,398
8,556
16,842
(20,920)
14,275
2
14,273
30
0
(15,022)
0
0
0
(5,852)

0
0
0
13,690
0
13,690
(13,690)
16,760
0
16,760
28
0
(20,948)
0
0
0
(9,685)

544,896
314,244
(195,599)
669,176
74,203

718,462
461,384
26,236
700,959
81,015

668,600
417,414
(273,318)
599,925
87,407

413,175
68,551
102,371
97,028
15,869

394,716
65,984
(15,022)
87,668
5,309

369,150
62,185
(20,948)
83,703
4,916

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

0.27
4.36
16.27
0.60
0.73
88.87
3.58
2.65
12.56
4.70

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

0.07
0.01
0.33
0.09
0.59
314.84
0.40
13.83
35.45
19.01

0.11
0.67
20.37
0.01
0.82
567.17
0.43
-3.18
-4.50
-3.72

0.04

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

18

0.00
0.70

0.45
-4.60
-6.64
-5.48

4.59
-1.27
-38.68
-8.81
10.06

5.10
2.01
4.34
1.18
11.24

12.07
-1.16
-28.38
-12.30
10.75

5.28

2.76

0.00

233.08
4.61
15.36

-335.46
-0.68
14.68

-0.94
13.74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Allawasaya Textile & Finishing Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

256,955
0
561,610
254,327
29,426
0
519
2,109
300,586
6,554
139,418
117,830
579
36,205
230,337
124,468
105,869
104,807
45,955
0
0
0
58,852
222,397
8,000
8,000
0
179,626
2,669
176,957
34,771

814,896
0
838,950
812,268
29,954
519
2,109
298,700
723
158,714
111,376
0
27,887
192,769
43,694
149,075
163,475
11,343
0
0
0
152,132
757,352
8,000
8,000
0
263,615
2,669
260,946
485,737

796,073
0
875,855
793,849
55,325
0
0
2,224
312,639
1,430
140,435
136,348
0
34,426
199,187
52,927
146,260
131,438
0
0
0
0
131,438
778,087
8,000
8,000
0
298,692
2,669
296,023
471,395

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

1,464,365
1,464,365
0
1,303,842
989,066
314,776
160,523
42,527
3,775
38,752
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
59,821
56,853
76,460
21,952
8,200
0
(37,563)

2,066,232
2,066,232
0
1,903,476
1,455,851
447,625
162,756
49,140
6,586
42,554
51,592
50,321
64,634
28,474
8,200
0
144,083

2,038,915
2,038,915
0
1,820,065
1,400,219
419,846
218,850
71,626
8,231
63,395
26,153
25,349
121,467
41,934
16,200
0
155,696

2,167,183
2,167,183
0
2,025,925
1,509,587
516,338
141,258
82,257
12,382
69,875
20,376
19,436
38,734
22,493
8,200
0
55,929

230,252
89,585
(39,393)
378,599
70,920

275,567
67,648
61,453
194,681
110,583

334,817
80,567
46,308
299,115
112,534

327,204
45,955
27,960
170,423
118,220

920,827
11,343
63,333
55,037
173,230

909,525
0
8,041
52,927
188,368

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
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
68.14
236.27

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

0.58
1.28
5.46
1.83
1.55
89.27
0.47
14.54
24.80
19.47
4.91
12.85
5.79
5.96
99.42
946.69

0.69
0.94
6.29
1.95
1.57
93.48
0.42
3.49
5.05
4.23
1.98
15.43
2.99
1.79
20.30
972.61

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.79
0.41
-3.69
-49.24
153.74

19

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
50,000
0
108,333
49,394
42,385
6,898,394
2,594,301
2,594,301
0
2,150,431
281,039
1,869,392
2,153,662

5,194,290
106,672
6,119,153
5,065,951
337,424
3,568
0
18,099
11,685,043
134,889
4,763,506
5,535,315
0
1,251,333
10,382,884
7,678,973
2,703,911
2,297,239
1,926,723
0
0
47,358
323,158
4,199,210
2,594,301
2,594,301
0
(420,710)
281,040
(701,750)
2,025,619

5,081,096
63,322
5,209,750
4,984,065
322,706
1,189
0
32,520
10,400,121
136,308
3,727,385
5,324,042
0
1,212,386
11,072,925
7,817,759
3,255,166
2,310,654
1,838,046
0
0
32,109
440,499
2,097,638
2,594,301
2,594,301
0
(2,573,586)
281,039
(2,854,625)
2,076,923

4,735,934
26,017
5,224,234
4,673,949
326,392
0
0
35,968
8,724,630
151,281
2,790,661
4,671,393
0
1,111,295
10,920,487
7,803,577
3,116,910
2,404,265
1,828,729
0
0
33,492
542,044
135,812
2,594,301
2,594,301
0
(4,353,371)
281,039
(4,634,410)
1,894,882

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

3,001,816
1,036,173
1,965,643
2,950,805
1,323,280
1,627,525
51,011
1,427,433
44,153
1,383,280
1,316,363
1,292,834
(2,688,570)
10,615
0
0
(251,129)

2,485,357
1,418,436
1,066,921
3,202,970
1,638,551
1,564,419
(717,613)
746,448
21,247
725,201
913,965
903,123
(2,315,750)
6,307
0
0
83,324

2,812,437
1,924,314
888,123
3,920,739
2,044,587
1,876,152
(1,108,302)
753,816
17,929
735,887
179,907
171,081
(1,959,356)
7,278
0
0
(66,747)

8,164,233
893,641
921,403
9,422,485
673,854

9,318,099
509,601
730,513
8,938,186
550,539

7,148,506
158,333
(1,866,838)
9,238,868
459,299

6,496,449
1,926,723
(2,699,185)
9,605,696
325,578

4,408,292
1,838,046
(2,322,057)
9,655,805
276,471

2,540,077
1,828,729
(1,966,634)
9,632,306
368,442

0.42
11.17
28.29
0.78
1.25
76.00
1.49
5.84
14.57
12.92

0.48
13.17
41.42
0.58
1.35
73.37
1.18
4.49
10.42
9.54

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

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

0.49
36.77
214.22
0.16
0.94
128.87
6.38
-14.31
-73.55
-42.47

0.44
6.40
166.10
0.21
0.80
139.41
98.11
-13.54
-175.46
-56.40

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

20

2.19
1.73
7.47
10.21
80.24

1.69
1.62
7.53
3.03
36.29

1.25
-0.40
-28.25
-7.20
26.59

0.63
-1.08
-89.56
-10.40
16.19

0.67
-1.56
-93.18
-8.95
8.09

1.01
-10.45
-69.67
-7.58
0.52

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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

2014

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

13,813
0
36,865
13,328
1,461
0
0
485
16,408
255
0
7,061
0
9,092
37,629
0
37,629
20,188
0
20,188
0
0
0
(27,596)
8,712
8,712
0
(36,308)
0
(36,308)
0

13,813
0
36,865
13,328
1,461
0
0
485
16,408
255
0
7,061
0
9,092
37,629
0
37,629
20,188
0
20,188
0
0
0
(27,596)
8,712
8,712
0
(36,308)
0
(36,308)
0

13,813
0
36,865
13,328
1,461
0
0
485
16,408
255
0
7,061
0
9,092
37,629
0
37,629
20,188
0
20,188
0
0
0
(27,596)
8,712
8,712
0
(36,308)
0
(36,308)
0

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

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

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

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

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

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

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

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

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

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

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

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

0.19

0.19

0.19

0.19

0.19

0.19

0.00
0.44

0.00
0.44

0.00
0.44

0.00
0.44

0.00
0.44

0.00
0.44

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

21

-2.61
-6.95
10.68
59.27

-2.38
-6.53
9.73
66.53

-2.22
-5.65
7.35
36.29

-2.10
-5.41
6.26
25.22

-2.10
-5.54
6.07
22.61

-2.10
-5.54
6.07
22.61

-2.86
-25.08

-2.56
-27.64

-1.05
-14.88

-0.96
-15.84

-0.96
-15.84

-0.96
-15.84

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Apollo Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,198,944
0
1,942,836
1,131,855
99,620
0
0
67,089
1,731,033
1,684
1,359,364
128,139
0
241,846
1,734,323
1,231,544
502,779
562,876
398,460
0
0
9,543
154,873
632,778
82,847
82,847
0
274,498
0
274,498
275,433

1,106,894
0
1,942,836
1,039,805
92,050
0
0
67,089
1,825,849
20,711
1,250,247
337,357
0
217,534
1,719,441
1,231,544
487,897
545,742
398,460
0
0
12,395
134,887
667,560
82,847
82,847
0
323,797
0
323,797
260,916

1,106,894
0
1,942,836
1,039,805
92,050
0
0
67,089
1,825,849
20,711
1,250,247
337,357
0
217,534
1,719,441
1,231,544
487,897
545,742
398,460
0
0
12,395
134,887
667,560
82,847
82,847
0
323,797
0
323,797
260,916

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

1,211,951
1,184,930
27,021
1,121,187
736,708
384,479
90,764
50,755
5,975
44,780
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
23,298
21,370
575
15,538
0
0
146,747

1,819,835
1,295,864
523,971
1,684,870
1,156,619
528,251
134,965
61,307
18,080
43,227
2,044
0
71,777
17,804
0
0
36,280

3,032,855
936,699
2,096,156
2,890,655
2,196,961
693,694
142,200
70,795
33,132
37,663
17,592
0
54,536
25,469
0
0
19,027

3,032,855
936,699
2,096,156
2,890,655
2,196,961
693,694
142,200
70,795
33,132
37,663
17,592
0
54,536
25,469
0
0
19,027

1,151,086
414,041
(57,119)
1,852,279
105,477

1,173,532
401,041
(6,471)
1,771,787
112,551

1,154,662
399,641
(14,963)
1,639,449
112,055

1,195,654
398,460
53,973
1,630,004
130,745

1,213,302
398,460
29,067
1,630,004
192,618

1,213,302
398,460
29,067
1,630,004
192,618

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

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

0.05
1.50
4.98
0.54
0.92
95.54
3.61
0.02
0.09
0.05

0.07
0.11
7.04
0.62
1.00
92.58
3.63
2.47
11.43
6.11

0.21
0.58
11.12
1.03
1.06
95.31
3.39
1.86
8.39
4.53

0.21
0.58
11.12
1.03
1.06
95.31
3.39
1.86
8.17
4.49

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

22

0.57
0.00
-6.77
-6.89
78.84

0.83
0.99
-0.03
-0.78
79.05

1.14
1.03
0.04
-1.81
75.28

1.34

2.43

2.43

3.94
6.51
76.38

1.80
3.51
80.58

1.80
3.51
80.58

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Artistic Denim Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,435,226
316,900
4,993,089
3,112,798
234,422
0
0
5,528
2,477,008
13,729
703,403
1,437,610
13,654
308,612
2,144,539
1,490,368
654,171
388,684
344,206
0
0
44,478
0
3,379,011
840,000
840,000
0
2,539,011
0
2,539,011
0

3,521,263
209,681
5,399,819
3,305,415
245,367
0
0
6,167
2,455,205
18,653
640,068
1,385,388
14,849
396,247
1,701,194
1,141,373
559,821
232,823
168,489
0
0
64,334
0
4,042,451
840,000
840,000
0
3,202,451
0
3,202,451
0

4,363,862
698,979
6,007,576
3,655,456
260,319
0
0
9,427
3,260,042
7,739
1,096,838
1,538,993
0
616,472
2,695,349
1,868,558
826,791
125,773
39,985
0
0
85,788
0
4,802,782
840,000
840,000
0
3,962,782

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

3,671,610
138,276
3,533,334
2,904,895
2,009,358
895,537
766,715
265,451
129,198
136,253
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
188,641
173,694
395,273
43,829
84,000
0
(363,948)

5,451,844
163,584
5,288,260
4,600,585
2,587,010
2,013,575
851,259
231,949
121,031
110,918
165,143
143,385
496,438
55,904
84,000
0
1,229,730

6,136,793
95,955
6,040,838
4,991,189
3,161,425
1,829,764
1,145,604
313,186
187,068
126,118
149,713
128,634
787,677
29,971
84,000
0
939,381

6,467,591
289,075
6,178,516
5,318,461
3,217,121
2,101,340
1,149,130
343,019
203,398
139,621
108,762
92,353
860,978
8,669
84,000
0
575,843

3,172,393
471,430
209,826
1,669,994
104,120

3,220,833
348,293
166,564
1,987,596
116,159

3,297,557
235,319
267,444
2,584,934
137,223

3,767,695
344,206
356,534
1,834,574
123,447

4,275,274
168,489
673,706
1,309,862
213,860

4,928,555
39,985
768,309
1,908,543
260,645

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
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
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
4.18
36.09

0.68
3.03
26.37
0.92
1.16
84.39
0.75
8.31
15.49
14.05
5.24
7.75
4.46
9.11
5.24
40.23

0.83
2.44
22.58
1.03
1.44
81.33
0.48
13.25
21.23
19.59
9.02
9.59
7.12
12.84
9.02
48.12

0.57
1.68
23.80
0.85
1.21
82.23
0.59
12.66
19.47
18.71
10.15
5.90
10.32
13.31
10.15
57.18

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

2014

3,962,782
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

23

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ashfaq Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

439,500
55,332
489,050
379,663
32,890
0
0
4,505
308,410
48,515
107,621
104,936
0
47,338
227,948
158,448
69,500
149,342
0
139,740
0
9,602
0
370,620
69,970
69,970
0
181,144
0
181,144
119,506

466,235
88,995
512,419
372,735
31,660
0
0
4,505
279,917
14,624
85,961
110,507
0
68,825
155,461
72,964
82,497
14,299
0
0
0
14,299
0
576,392
262,387
262,387

202,745
111,260

747,629
2,087
757,441
741,037
35,975
0
0
4,505
168,258
18,655
45,327
39,199
0
65,077
15,955
0
15,955
15,189
0
0
0
15,189
0
884,743
349,850
349,850
0
164,855
0
164,855
370,038

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

883,856
61,363
822,493
777,919
550,026
227,893
105,937
59,385
41,030
18,356
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
17,374
13,842
40,689
10,959
0
0
39,197

931,187
73,038
858,149
771,901
513,228
258,673
159,286
65,647
32,512
33,135
16,339
9,382
77,300
8,729
0
0
79,224

795,249
133,343
661,906
669,775
416,500
253,275
125,474
60,265
28,340
31,925
12,344
9,582
75,905
7,403
0
153,050
59,799

518,405
283,417
234,988
420,934
124,371
296,563
97,471
46,644
11,188
35,456
9,240
5,471
41,587
0
0
0
178,133

308,754
0
10,666
207,296
46,447

387,351
0
12,752
175,423
59,472

418,012
0
29,730
199,273
64,456

519,962
0
68,571
158,448
75,633

590,691
0
68,502
72,964
80,567

899,932
0
41,587
0
84,742

0.19
4.05
6.17
1.25
0.90
85.99
2.30
3.10
11.08
7.56

0.28
2.86
7.19
1.43
0.85
88.01
1.28
3.65
9.74
6.12

0.24
1.68
4.07
1.54
0.95
88.07
1.24
6.29
14.20
10.10

0.67
1.75
11.27
1.25
1.35
82.89
1.02
10.87
23.01
16.48

0.80
1.55
13.90
1.07
1.80
84.22
0.29
10.16
16.03
13.67

3.63
1.78
7.56
0.57
10.55
81.20
0.04
5.00
5.69
5.58

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

2014

202,745

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

24

4.82
1.87
2.61
1.52
23.63

10.28
2.14
2.41
1.82
38.82

7.75
3.94
3.93
4.25
43.07

8.65
9.24
8.30
9.80
52.97

9.25
8.92
9.54
2.61
21.97

11.44
8.60
8.02
1.19
25.29

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Asim Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

395,505
1,362
657,547
385,790
19,655
0
0
8,353
201,543
120,111
39,933
0
17,987
23,512
242,552
0
242,552
482,849
415,040
0
0
1,627
66,182
(128,353)
151,770
151,770
0
(429,064)
0
(429,064)
148,941

382,466
0
661,393
371,419
18,516
0
0
11,047
303,484
165,529
95,091
3,874
9,338
29,652
232,427
0
232,427
476,540
415,047
0
0
1,570
59,923
(23,017)
151,770
151,770
0
(320,959)
0
(320,959)
146,172

388,199
0
676,730
366,961
19,796
0
0
21,238
358,601
194,556
91,991
29,111
10,097
32,846
235,352
0
235,352
505,059
415,047
0
0
1,542
88,470
6,389
151,770
151,770
0
(285,812)
0
(285,812)
140,431

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

832,727
828,076
4,651
793,288
617,064
176,224
39,439
13,218
297
12,921
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
361
0
44,579
9,746
0
0
49,463

1,054,932
1,054,932
0
1,010,182
801,007
209,175
44,750
16,188
0
16,188
462
0
36,776
10,716
0
0
51,921

1,130,026
1,130,026
0
1,004,831
810,505
194,326
125,195
27,763
0
27,763
159
123
104,065
5,684
0
0
35,005

1,314,143
1,314,143
0
1,226,686
917,728
308,958
87,457
27,244
0
27,244
558
479
70,475
13,250
0
0
43,564

250,201
415,047
(33,877)
415,047
45,886

272,753
415,047
22,990
415,047
51,456

307,812
415,047
34,833
415,047
59,601

354,496
415,040
26,060
415,040
76,102

453,523
415,047
98,381
415,047
90,901

511,448
415,047
57,225
415,047
102,134

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

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

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

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

0.77
0.01
0.34
1.65
1.31
88.92
-30.80
16.22
-137.50
25.76

0.99
0.04
2.22
1.76
1.52
93.34
115.89
9.84
-847.67
14.61

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

25

33.24

22.26

21.02

26.42

11.88
847.06
9.21
6.48
-1.52

14.29
148.13
5.36
3.77
0.42

-5.21
-2.23
-16.18

3.26
1.51
-14.41

4.07
2.30
-11.84

3.49
1.72
-8.46

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ayesha Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,240,474
0
2,424,717
2,205,087
48,033
0
31,181
4,206
608,165
10,435
292,249
73,830
0
231,651
846,344
521,969
324,375
691,073
365,225
110,660
0
4,324
210,864
1,311,222
14,000
14,000
0
218,107
7,077
211,030
1,079,115

2,889,163
0
2,860,573
2,828,260
46,779
0
54,534
6,369
598,285
10,269
303,614
72,533
0
211,869
828,433
539,788
288,645
783,183
302,954
114,078
0
18,966
347,185
1,875,832
14,000
14,000
0
321,309
7,077
314,232
1,540,523

2,776,817
0
2,807,284
2,716,687
59,408
0
50,261
9,869
725,881
1,624
366,965
119,149
0
238,143
972,914
563,161
409,753
727,442
241,337
154,234
0
20,887
310,984
1,802,342
14,000
14,000
0
291,204
7,077
284,127
1,497,138

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

2,371,233
2,042,605
328,628
2,194,076
1,600,305
593,771
177,157
45,016
12,936
32,080
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
127,962
118,073
(41,058)
39,657
0
0
111,077

3,014,311
2,388,270
626,041
2,918,631
2,124,073
794,558
95,680
65,939
19,317
46,622
115,271
108,996
(84,212)
25,496
0
0
84,999

3,370,749
2,385,717
985,032
3,143,233
2,257,875
885,358
227,516
65,516
26,941
38,575
94,503
83,530
75,164
19,554
0
0
104,178

3,256,947
2,759,320
497,627
3,143,450
2,170,086
973,364
113,497
112,292
16,480
95,812
76,689
66,123
(77,106)
30,985
0
0
35,179

2,213,484
425,665
(214,124)
978,025
127,112

2,131,049
326,569
331
845,853
138,536

2,069,752
339,343
(80,715)
960,122
176,003

2,002,295
365,225
(109,708)
887,194
178,974

2,659,015
302,954
55,610
842,742
252,340

2,529,784
241,337
(108,091)
804,498
257,235

0.12
6.37
4.51
0.63
0.75
99.96
1.12
-7.77
-16.99
-11.25

0.13
5.03
3.69
0.83
0.74
92.53
1.05
0.48
1.00
0.64

0.16
3.39
3.44
1.27
0.74
96.54
1.13
-1.41
-2.94
-1.95

0.10
3.82
2.45
1.06
0.72
96.83
1.17
-2.89
-6.22
-4.14

0.10
2.80
2.15
0.97
0.72
93.25
0.86
2.37
4.72
3.23

0.12
2.35
3.66
0.93
0.75
96.52
0.94
-2.21
-4.18
-2.97

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

26

6.55
-0.94
-11.36
-152.95
994.45

11.59
1.13
0.59
0.24
996.11

10.99
0.65
-1.09
-57.65
997.40

10.31
0.23
-2.79
-78.36
936.59

11.10
1.90
2.23
39.72
1,339.88

8.88
-0.17
-2.37
-77.21
1,287.39

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Azgard Nine Ltd.

2009

2010

2011

2012

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

16,557,182
0
19,015,014
13,835,133
1,017,772
8,289
2,692,147
21,613
19,589,674
166,258
3,763,161
3,185,586
10,969,811
1,504,858
14,771,889
9,567,132
5,204,757
7,381,033
3,390,029
0
3,953,869
0
37,135
13,993,934
4,548,719
4,548,719
0
5,720,345
7,566,084
(1,845,739)
3,724,870

14,152,064
7,536
19,110,469
13,408,780
1,352,040
696,249
15
39,484
52,052,860
310,989
3,131,907
2,826,170

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

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

34,035,653
15,684,724
1,176,351
32,086,748
2,693,503
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
2.65
34.76

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

2014

(Thousand Rupees)
2013
2014

45,783,794
53,035,753
15,965,025
37,070,728
2,753,456
24,021

14,705,564
207
19,149,503
12,952,810
514,001
1,302
1,726,767
24,478
5,970,155
132,260
2,211,143
2,149,837
700,000
776,915
9,732,794
5,652,178
4,080,616
6,210,052
6,210,052

(879,443)
7,024,787
(7,904,230)
6,746,439

(3,286,433)
3,417,654
(6,704,087)
3,470,587

15,237,842
35,938
20,497,188
13,501,345
489,436
0
1,681,305
19,254
5,545,151
22,760
1,546,298
2,420,619
700,000
855,474
11,514,296
6,648,483
4,865,813
5,313,305
5,313,305
0
0
0
0
3,955,392
4,548,719
4,548,719
0
(5,297,014)
3,417,655
(8,714,669)
4,703,687

2,729,435
10,415,715
4,548,719
4,548,719

0
4,732,873
4,548,719
4,548,719

17,602,765
2,773,101
14,829,664
17,490,491
11,764,435
5,726,056
112,274
1,359,579
728,453
631,126
3,998,410
3,622,851
(4,528,951)
173,290
0
0
(996,791)

11,907,437
1,622,866
10,284,571
12,949,888
8,950,266
3,999,622
(1,042,451)
1,763,105
1,116,951
646,154
3,387,282
2,115,874
(6,192,838)
115,954
0
0
10,947

13,739,292
2,003,859
11,735,433
13,258,046
9,075,457
4,182,589
481,246
1,634,146
1,058,753
575,393
2,101,750
1,349,162
1,101,484
137,540
0
0
(1,100,781)

13,301,847
2,161,757
11,140,090
12,339,516
8,459,391
3,880,125
962,331
1,485,780
621,181
864,599
1,529,841
1,034,764
(1,992,912)
132,644
0
0
177,974

34,052,068
15,684,725
1,205,942
32,086,749
2,693,503

21,374,967
7,343,898
(4,702,241)
16,911,030
2,523,726

13,169,171
24,021
(6,308,792)
15,989,046
1,964,093

10,942,925
6,210,052
963,944
11,862,230
1,777,578

9,268,697
5,313,305
(2,125,556)
11,961,788
1,723,082

0.21
18.19
17.41
0.45
0.64
68.27
2.70
2.33
8.62
4.00

0.97
22.71
18.10
0.49
1.33
99.36
1.58
-9.57
-30.39
-16.34

0.06
28.45
23.73
0.18
0.98
108.75
5.36
-12.10
-50.74
-35.85

0.31
15.30
15.65
0.66
0.61
96.50
3.37
2.54
14.54
9.14

0.27
11.50
18.20
0.64
0.48
92.77
4.25
-9.61
-45.88
-19.72

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

27

4.40
1.31
5.17
2.47
32.40

4.68
-0.25
-25.73
-10.34
30.76

3.80
-1.93
-52.01
-13.87
22.90

6.21
1.82
8.02
2.12
10.40

8.60
-0.93
-14.98
-4.67
8.70

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Babri Cotton Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
183,430
0
47,068
40,756
90,354
704,754
36,522
36,522
0
228,669
18,290
210,379
439,563

1,388,877
0
1,390,038
1,344,558
35,263
0
42,609
1,710
391,668
2,107
338,540
1,372
0
49,649
391,848
285,187
106,661
367,344
152,332
0

45,676
169,336
1,021,353
36,522
36,522
0
354,287
53,431
300,856
630,544

43,551
215,692
1,222,106
36,522
36,522
0
564,907
43,866
521,041
620,677

55,797
235,316
1,286,562
36,522
36,522
0
643,653
24,896
618,757
606,387

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

1,195,591
1,195,591
0
920,569
620,110
300,459
275,022
43,833
2,615
41,218
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
22,696
21,307
131,960
17,077
0
0
191,479

1,663,021
1,636,516
26,505
1,485,148
1,072,721
412,427
177,873
65,645
13,037
52,608
63,988
63,092
61,963
0
0
0
207,922

2,064,442
2,064,442
0
1,614,222
1,107,646
506,576
450,220
123,102
42,999
80,103
45,824
41,400
302,660
10,339
0
0
365,703

1,927,396
1,927,396
0
1,693,683
1,255,412
438,271
233,713
96,705
9,644
87,061
41,421
39,947
113,915
8,916
0
0
(51,095)

837,722
303,314
(104,001)
701,143
97,232

973,055
266,280
148,919
580,358
139,387

1,066,362
230,498
114,883
547,140
201,833

1,388,697
152,332
61,963
437,519
190,417

1,504,735
23,386
292,321
173,672
237,380

1,577,675
0
104,999
413,282
292,727

0.00
14.46
0.00
0.55
0.66
93.14
1.70
-8.17
-25.38
-13.93

0.00
8.26
0.00
0.87
0.87
77.00
1.18
11.30
27.24
17.11

0.00
1.33
0.00
1.13
1.00
88.29
1.13
9.16
19.75
12.94

0.01
3.85
0.08
0.93
1.00
89.30
0.74
3.77
7.18
5.05

0.05
2.22
0.53
1.14
1.46
78.19
0.48
16.89
26.98
20.92

0.01
2.15
0.02
0.90
1.22
87.87
0.67
5.76
9.08
7.39

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

2014

1,366,549
0
1,400,210
1,305,295
50,643
0
59,425
1,829
437,584
4,786
348,027
11,028

73,743
299,398
150,286
149,112
282,629
23,386
0

1,450,783
14,908
1,496,799
1,359,929
49,366
0
73,430
2,516
698,576
5,706
609,172
367
0
83,331
571,684
413,282
158,402
291,113
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

28

2.33
0.03
-13.92
-35.91
174.62

3.71
2.57
12.96
51.42
218.12

4.59
7.19
7.74
31.46
192.97

4.91
1.98
3.73
16.97
279.65

5.93
8.31
14.66
80.04
334.62

3.16
3.85
5.91
28.75
352.27

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bhanero Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,592,711
45,769
3,101,606
1,534,156
151,676
0
200
12,586
2,201,981
53,237
1,547,310
436,591
0
164,843
1,430,481
1,085,866
344,615
160,459
0
0
0
66,768
93,691
2,203,752
30,000
30,000
0
2,173,752
0
2,173,752
0

1,660,295
118,106
3,237,939
1,530,549
150,049
0
300
11,340
1,970,559
32,754
1,372,934
381,348
0
183,523
1,043,490
701,542
341,948
167,023
0
0
0
78,964
88,059
2,420,341
30,000
30,000
0
2,390,341
0
2,390,341
0

1,583,147
40,293
3,353,352
1,531,891
147,791
0
320
10,643
2,822,476
53,184
2,127,754
414,889
0
226,649
1,303,307
830,250
473,057
154,958
0
0
0
92,005
62,953
2,947,358
30,000
30,000
0
2,917,358
0
2,917,358
0

2,277,780
725,584
3,509,505
1,540,975
145,168
0
0
11,221
3,039,511
30,435
2,164,139
500,933
0
344,004
1,250,450
802,212
448,238
778,353
620,241
0
0
103,621
54,491
3,288,488
30,000
30,000
0
3,258,488
0
3,258,488
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
289,788
258,895
99,624
16,382
6,000
0
435,451

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

6,372,947
993,902
5,379,045
5,562,693
3,778,859
1,783,834
810,254
310,328
191,861
118,467
144,614
128,113
366,132
65,357
60,000
0
677,527

6,997,417
1,199,311
5,798,106
5,897,753
3,984,707
1,913,046
1,099,664
350,675
175,474
175,201
124,896
108,445
628,376
63,055
60,000
0
23,008

8,060,772
1,472,782
6,587,990
7,094,890
4,517,002
2,577,888
965,882
380,326
189,362
190,964
126,836
105,975
470,204
79,121
60,000
0
283,247

1,794,900
517,333
77,242
1,621,632
277,188

1,759,311
89,184
312,492
1,240,800
329,445

2,364,211
0
762,509
1,085,866
369,460

2,587,364
0
240,775
701,542
393,454

3,102,316
0
505,321
830,250
505,507

4,066,841
620,241
331,083
1,422,453
580,788

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
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
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
284.17
734.58

0.40
2.27
5.98
1.76
1.89
87.29
0.50
9.86
15.84
14.79
5.01
4.64
3.86
5.75
100.26
806.78

0.36
1.78
5.93
1.59
2.17
84.28
0.49
15.64
23.41
22.09
9.42
3.29
6.79
8.98
188.44
982.45

0.42
1.57
6.21
1.52
2.43
88.02
0.62
9.67
15.08
13.12
6.52
3.72
5.44
5.83
130.36
1,096.16

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

29

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bilal Fibres Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

880,278
0
946,279
876,684
40,230
0
0
3,594
297,678
9,171
195,196
28,895
0
64,416
438,703
288,132
150,571
623,916
493,629
52,500
0
6,020
71,767
115,337
141,000
141,000
0
(254,269)
0
(254,269)
228,606

1,058,531
0
1,076,051
1,054,930
41,012
0
0
3,601
290,650
6,689
185,159
35,829
0
62,973
313,164
210,758
102,406
753,949
549,656
52,500
0
22,455
129,338
282,068
141,000
141,000
0
(191,557)
0
(191,557)
332,625

1,047,796
4,971
1,110,326
1,039,224
50,100
0
0
3,601
303,972
9,088
149,668
51,008
0
94,208
341,949
177,363
164,586
748,718
518,513
83,738
0
19,236
127,231
261,101
141,000
141,000
0
(203,111)
0
(203,111)
323,212

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

1,309,870
1,232,212
77,658
1,196,175
925,844
270,331
113,695
71,996
14,558
57,438
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
73,295
72,094
23,625
20,084
0
0
78,820

1,634,807
1,535,834
98,973
1,555,311
1,235,428
319,883
79,496
49,529
20,100
29,429
64,848
63,582
(28,265)
16,348
0
0
19,641

1,823,174
1,660,479
162,695
1,686,706
1,264,269
422,437
136,468
58,813
23,249
35,564
55,182
53,810
101,105
9,924
0
0
58,261

2,042,478
1,878,811
163,667
1,936,369
1,432,185
504,184
106,109
64,203
25,662
38,541
45,085
44,193
2,205
19,744
0
0
86,404

599,466
450,782
(92,551)
701,435
8,552

689,890
525,717
(20,994)
767,433
97,764

793,321
490,866
3,541
762,091
108,169

739,253
493,629
(44,613)
781,761
117,938

1,036,017
549,656
91,181
760,414
129,352

1,009,819
518,513
(17,539)
695,876
148,713

0.10
7.04
3.76
0.99
0.65
98.85
11.78
-9.30
-68.07
-16.00

0.18
4.76
2.94
1.30
0.83
91.32
9.10
-1.47
-16.52
-2.24

0.17
3.80
1.73
1.65
0.76
92.70
6.11
2.17
17.87
3.19

0.09
3.97
1.77
1.39
0.68
95.14
9.21
-2.41
-20.19
-3.69

0.14
3.03
1.97
1.35
0.93
92.51
3.78
8.00
50.88
11.39

0.18
2.21
2.50
1.51
0.89
94.80
4.18
0.16
0.81
0.22

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

30

6.75
-0.43
-9.73
-6.56
5.33

9.35
0.76
-1.10
-1.49
7.07

13.16
1.33
1.22
0.25
11.68

8.38
0.56
-1.73
-3.16
8.18

9.85
2.88
5.55
6.47
20.00

13.65
1.05
0.11
-1.24
18.52

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Blessed Textiles Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,741,463
322,805
2,904,849
1,411,360
158,768
0
0
7,298
1,519,068
15,932
1,156,336
132,021
0
214,779
688,450
379,700
308,750
513,314
445,840
0
0
56,574
10,900
2,058,767
64,320
64,320
0
1,994,447
0
1,994,447
0

350,928
1,144,987
787,563
357,424
583,314
475,706
0
0
65,995
41,613
2,421,221
64,320
64,320
0
2,356,901
0
2,356,901
0

420,266
1,404,997
957,651
447,346
1,442,041
1,321,203
0
0
75,912
44,926
2,619,025
64,320
64,320
0
2,554,705
0
2,554,705
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
257,167
231,321
98,108
24,714
4,824
0
575,953

4,054,212
694,014
3,360,198
3,252,897
2,356,379
896,518
801,314
197,228
111,394
85,834
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
192,407
148,077
673,402
63,797
48,240
0
352,430

5,447,991
907,504
4,540,487
4,715,879
3,307,411
1,408,468
732,112
258,153
146,251
111,902
137,939
116,169
338,720
55,520
32,160
0
223,223

5,765,770
1,716,934
4,048,836
4,946,655
3,507,703
1,438,952
819,115
242,089
132,149
109,940
138,293
117,782
444,624
18,406
32,160
0
43,931

7,379,595
3,589,929
3,789,666
6,605,290
4,836,086
1,769,204
774,305
290,484
163,557
126,927
257,648
238,068
228,791
0
16,080
0
523,855

1,494,664
495,842
68,570
1,268,009
204,946

1,894,642
504,014
357,688
815,187
263,162

2,215,484
342,547
561,365
657,022
294,149

2,572,081
445,840
251,040
825,540
312,667

3,004,535
475,706
394,058
1,263,269
359,673

4,061,066
1,321,203
212,711
2,278,854
441,512

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
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
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
94.78
283.54

0.21
2.53
2.42
1.67
2.21
86.56
0.58
11.10
17.45
14.15
8.81
4.71
3.92
6.22
44.03
320.08

0.20
2.40
3.29
1.39
1.88
85.79
0.71
12.00
19.85
15.95
13.25
3.67
4.77
7.71
66.27
376.43

0.22
3.49
3.43
1.35
1.58
89.51
1.09
4.76
9.08
6.48
14.23
4.97
1.96
3.10
35.57
407.19

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

2014

2,001,703
433,922
3,208,971
1,560,483
169,632
0
0
7,298
2,147,819
36,979
1,570,262
189,650

3,248,558
191,275
4,921,237
3,046,158
239,228
0
0
11,125
2,217,505
59,251
1,485,040
252,948

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

31

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Brothers Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

364,646
0
430,146
100,519
10,666
0
0
264,127
12,460
1,038
0
0
0
11,422
29,059
0
29,059
400,001
0
394,951
0
5,050
0
(51,954)
98,010
98,010
0
(176,755)
0
(176,755)
26,791

355,062
0
430,110
90,935
9,584
0
0
264,127
10,794
1,343
0
0
0
9,451
34,934
0
34,934
377,420
0
370,677
0
6,743
0
(46,498)
98,010
98,010
0
(169,764)
0
(169,764)
25,256

678,110
0
778,083
413,983
24,925
0
0
264,127
10,164
1,244
0
0
0
8,920
36,548
0
36,548
422,522
0
351,895
0
2,980
67,647
229,204
98,010
98,010
0
(122,914)
0
(122,914)
254,108

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

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

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

0
0
0
0
0
0
0
20,201
0
20,201
1,031
0
3,861
251
0
0
16,265

0
0
0
0
0
0
0
22,839
0
22,839
1,061
1,058
5,384
146
0
0
18,980

0
0
0
0
0
0
0
35,978
0
35,978
1,293
1,291
(4,778)
325
0
0
18,715

345,794
3,232
(29,908)
44,890
7,444

381,861
0
(20,272)
0
5,025

361,495
0
(5,383)
0
5,505

348,047
0
3,610
0
6,067

330,922
0
5,238
0
7,757

651,726
0
(5,103)
0
6,133

0.00

0.00

0.07

0.04

0.04

0.03

0.00
0.24

0.00
0.64

0.00
0.49

0.00
0.43

0.00
0.31

0.00
0.28

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

32

-12.57
-7.19
145.81
-15.85

-9.02
-4.99
47.34
-5.57

-7.99
-1.32
9.84
-1.40

-8.26
1.01
-7.18
1.09

-8.87
1.45
-10.94
1.59

2.00
-0.91
-5.23
-0.97

-2.14

-4.94

-5.86

6.09

-2.70

-3.05
-3.62

-2.07
-5.12

-0.55
-5.67

0.37
-5.30

0.53
-4.74

-0.52
23.39

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Chakwal Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

884,959
0
1,609,755
874,603
51,099
0
0
10,356
526,574
2,632
275,735
139,661
0
108,546
643,966
236,661
407,305
58,311
0
0
0
11,305
47,006
709,256
400,000
400,000
0
250,507
371,256
(120,749)
58,749

948,633
565
1,724,483
936,286
54,902
0
0
11,782
705,224
728
367,499
104,671
0
232,326
763,619
327,247
436,372
446,558
0
371,256
0
25,296
50,006
443,680
200,000
200,000
0
188,876
0
188,876
54,804

1,150,131
13,842
1,814,451
1,121,980
59,660
0
0
14,309
599,530
9,554
294,934
90,972
0
204,070
777,510
377,613
399,897
367,585
0
271,256
0
34,498
61,831
604,566
200,000
200,000
0
211,166
0
211,166
193,400

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

1,352,246
1,048,025
304,221
1,188,035
846,183
341,852
164,211
43,863
13,650
30,214
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
57,561
41,062
42,423
23,409
0
0
80,545

2,029,439
1,367,805
661,634
1,868,450
1,400,535
467,915
160,989
68,860
23,614
45,246
39,643
35,828
55,893
20,414
0
0
71,692

2,741,832
1,030,643
1,711,189
2,410,682
1,750,787
659,895
331,150
150,832
67,581
83,251
36,161
33,021
138,298
22,456
30,000
0
35,517

2,720,953
1,343,178
1,377,775
2,492,199
1,789,863
702,336
228,754
120,025
56,260
63,765
46,983
39,818
62,443
28,580
30,000
0
194,749

674,305
51,338
(49,508)
326,614
93,487

736,518
42,000
51,466
243,722
143,463

772,821
42,000
19,014
267,653
139,254

767,567
0
35,479
236,661
162,248

890,238
0
85,842
327,247
187,510

972,151
0
3,863
377,613
200,392

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
1.79
5.68

0.20
2.47
3.81
1.67
0.86
93.51
3.61
3.33
16.01
5.62

0.22
1.95
6.88
1.44
0.82
92.07
0.99
3.98
11.05
7.26

0.14
1.32
3.82
1.66
0.92
87.92
2.73
9.02
23.99
16.68
3.86
7.46
5.19
5.04
2.90
11.09

0.13
1.73
3.34
1.56
0.77
91.59
1.89
3.67
11.91
6.71
1.13
9.23
2.57
2.29
0.85
15.11

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.71
0.00
-4.79
-1.24
4.22

33

7.26
2.03
1.82
0.48
7.56

7.36
2.56
2.75
0.89
17.73

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
1,570,081
296,653
0
149,350
51,195
2,860,682
1,950,000
1,150,000
800,000
(4,245,908)
526,410
(4,772,318)
5,156,590

11,471,014
18,999
12,217,259
11,443,210
214,738
0
0
8,805
4,024,000
29,707
649,535
2,332,101
0
1,012,657
10,595,908
7,286,880
3,309,028
3,711,243
2,869,486
296,653
0
114,368
430,736
1,187,863
1,950,000
1,150,000
800,000
(5,915,244)
526,410
(6,441,654)
5,153,107

11,266,437
0
12,239,996
11,253,800
218,832
0
0
12,637
3,779,232
16,723
626,206
2,386,525
0
749,778
10,956,741
7,809,095
3,147,646
3,373,954
2,489,372
296,653
0
90,229
497,700
714,974
1,950,000
1,150,000
800,000
(6,357,550)
526,410
(6,883,960)
5,122,524

11,058,689
0
12,241,829
11,046,052
212,866
0
0
12,637
3,428,352
38,101
615,929
2,137,721
0
636,601
11,070,260
8,169,969
2,900,291
3,198,326
2,033,897
330,853
0
100,794
732,782
218,455
1,950,000
1,150,000
800,000
(6,731,852)
526,410
(7,258,262)
5,000,307

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

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

2,606,632
1,756,152
850,480
3,943,890
1,956,972
1,986,918
(1,337,258)
178,879
29,858
149,021
177,280
153,434
(1,672,947)
15,454
191,160
0
114,133

2,171,726
1,621,095
550,631
2,546,492
1,254,417
1,292,075
(374,766)
156,281
29,320
126,961
105,702
96,155
(488,776)
3,233
0
0
(124,381)

2,265,551
1,760,612
504,939
2,515,062
1,409,663
1,105,399
(249,511)
148,334
18,986
129,348
111,074
103,758
(389,042)
8,186
0
0
72,000

6,568,131
2,420,480
(96,661)
10,233,461
800,405

8,251,017
2,025,846
(2,028,016)
10,420,488
783,588

4,927,962
1,570,081
(2,887,439)
10,225,206
133,511

4,899,106
2,869,486
(1,879,561)
10,156,366
402,776

4,088,928
2,489,372
(492,009)
10,298,467
352,668

3,416,781
2,033,897
(397,228)
10,203,866
325,268

0.31
16.36
34.38
0.54
0.92
78.17
3.64
-0.08
-0.37
-0.22

0.30
14.78
37.29
0.46
0.67
102.23
2.36
-10.68
-41.18
-26.18

0.23
30.68
64.06
0.25
0.45
126.68
5.01
-15.62
-66.26
-43.37

0.22
6.80
89.47
0.17
0.38
151.30
12.04
-10.23
-82.64
-34.05
-8.83
4.01
-9.90
-64.18
-14.68
10.33

0.22
4.87
109.89
0.14
0.34
117.26
20.04
-3.20
-51.37
-10.88

0.20
4.90
94.36
0.16
0.31
111.01
65.32
-2.63
-83.36
-10.37

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

34

2.03
0.99
-0.15
-0.84
31.77

3.56
-0.59
-21.90
-17.63
50.14

3.51
-1.24
-65.33
-25.11
24.88

3.47
-4.08
-22.51
-4.28
6.22

3.68
-2.75
-17.17
-3.45
1.90

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Colony Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
4,389,145
100,000
0
16,954
698,944
2,845,490
2,441,763
2,441,763
0
402,865
0
402,865
862

20,130,696
540,042
21,634,162
19,035,490
368,189
0
252,194
302,970
8,006,425
81,707
5,379,700
1,522,337
594
1,022,087
8,125,915
5,656,678
2,469,237
10,441,234
9,055,165
100,000
0
1,305
1,284,764
9,569,972
200
200
0
9,569,132
8,136,288
1,432,844
640

20,690,197
1,330,478
22,052,483
18,590,082
868,293
0
308,111
461,526
7,677,426
85,165
5,052,032
1,493,260
26
1,046,943
8,281,877
6,002,010
2,279,867
10,310,333
8,678,771
120,000
0
34,755
1,476,807
9,775,413
200
200
0
9,774,576
8,136,288
1,638,288
637

20,803,776
1,319,460
22,998,400
18,703,906
837,786
0
290,602
489,808
7,311,076
64,881
5,179,487
997,097
30
1,069,581
8,876,490
6,201,323
2,675,167
9,674,092
7,341,006
120,000
0
40,117
2,172,969
9,564,270
4,980,100
4,980,100
0
4,583,558
3,156,388
1,427,170
612

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

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
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
1,454,259
1,197,597
298,731
139,738
0
0
547,657

12,173,659
7,980,915
4,192,744
10,832,501
8,334,410
2,498,091
1,341,158
526,132
241,687
284,445
1,178,269
1,031,898
(274,918)
121,383
0
0
99,102

21,087,587
10,906,794
10,180,793
19,545,587
13,398,076
6,147,511
1,542,000
644,069
327,637
316,432
1,574,628
1,536,135
158,832
146,980
0
0
1,148,564

22,285,945
13,935,094
8,350,851
20,611,783
15,507,010
5,104,773
1,674,162
550,446
315,436
235,010
1,474,062
1,429,701
(33,683)
200,600
0
0
1,628,186

7,909,578
5,228,992
(435,213)
9,133,331
435,823

7,787,317
4,743,063
263,934
8,565,519
579,352

8,050,533
4,389,145
158,993
8,262,012
661,752

20,011,206
9,055,165
(396,301)
14,711,843
700,031

20,085,746
8,678,771
11,852
14,680,781
1,401,386

19,238,362
7,341,006
(234,283)
13,542,329
1,600,611

0.09
14.60
7.22
0.53
0.76
88.16
4.61
-3.03
-14.97
-5.25

0.07
11.34
3.63
0.79
0.72
81.44
3.58
2.48
12.58
4.24

0.13
10.42
5.16
1.02
0.81
85.83
3.82
2.26
10.63
3.77

0.20
9.68
12.51
0.43
0.99
88.98
1.94
-1.31
-4.43
-1.96

0.19
7.47
7.08
0.74
0.93
92.69
1.90
0.56
1.64
0.79

0.12
6.61
4.47
0.79
0.82
92.49
1.94
-0.12
-0.35
-0.17

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

35

2.28
0.61
-5.39
-1.78
10.30

3.73
1.36
3.32
1.08
11.38

4.22
1.25
2.14
0.65
11.65

2.26
0.73
-2.26
-19,815.05
478,498.60

4.17
1.10
0.75
592.60
488,770.65

4.30
0.98
-0.15
-0.47
19.20

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Crescent Cotton Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
263,972
687,475
44,404
11,002
8,984
0
13,938
10,480
2,677,392
213,775
213,775
0
(79,661)
18,073
(97,734)
2,543,278

3,113,800
4,005
3,472,026
2,791,724
32,748
0
188,663
129,408
1,054,859
180,944
496,164
90,332
12,278
275,141
1,280,547
352,446
928,101
35,579
27,479
(22,479)
0
21,159
9,420
2,852,533
213,775
213,775
0
97,449
22,266
75,183
2,541,309

3,120,652
65,000
3,489,671
2,785,896
25,356
0
212,450
57,306
933,497
139,238
389,160
96,234
13,374
295,491
822,761
104,476
718,285
48,374
0
0
0
30,257
18,117
3,183,014
213,775
213,775
0
429,289
24,992
404,297
2,539,950

3,135,009
86,790
3,517,119
2,782,023
32,945
0
204,530
61,666
914,918
123,313
413,869
79,410
19,306
279,020
759,746
80,887
678,859
63,969
0
0
0
48,157
15,812
3,226,212
213,775
213,775
0
473,738
30,615
443,123
2,538,699

2,072,000
1,650,965
421,035
2,039,366
1,760,327
279,039
32,634
104,834
21,345
83,489
90,561
88,036
(130,692)
10,466
0
0
29,115

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
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
64,809
55,312
32,871
45,832
0
0
(40,146)

4,246,955
829,210
3,417,745
3,840,872
2,391,809
1,449,063
406,083
193,390
102,810
90,580
68,107
53,557
161,666
22,915
26,722
0
165,958

3,816,579
609,333
3,207,246
3,334,013
2,017,780
1,316,233
482,566
197,562
94,482
103,080
39,789
31,436
284,245
30,023
42,755
200,154

4,958,623
527,558
4,431,065
4,589,610
2,801,889
1,787,721
369,013
255,857
113,557
142,300
40,243
28,367
103,954
15,648
0
0
54,062

165,155
44,958
(141,158)
494,589
194,186

2,726,020
34,972
44,834
487,143
232,342

2,721,796
11,002
(12,961)
274,974
212,501

2,888,112
27,479
112,029
379,925
266,909

3,231,388
0
211,467
104,476
258,120

3,290,181
0
88,306
80,887
369,344

0.25
4.37
3.16
2.07
0.65
98.43
7.97
-11.37
-55.63
-45.64

0.10
2.14
1.77
0.90
0.54
94.75
0.37
2.87
4.79
4.63

0.09
1.43
1.54
1.23
0.62
93.62
0.37
0.90
1.23
1.21

0.22
1.60
2.13
1.02
0.82
90.44
0.46
4.12
5.85
5.76
5.19
8.56
4.02
3.81
6.49
133.44

0.30
1.04
2.52
0.94
1.13
87.36
0.27
6.91
9.42
9.29
5.95
9.81
10.04
7.45
11.89
148.90

0.29
0.81
1.60
1.22
1.20
92.56
0.26
2.57
3.24
3.19

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

36

12.16
-0.48
-6.31
-6.60
5.21

19.99
2.02
2.04
2.10
125.44

18.42
1.59
0.73
-0.61
125.24

11.98
4.66
2.10
4.13
150.92

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Crescent Fibers Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

677,629
0
1,309,397
649,683
67,125
386
2,471
25,089
666,069
68,997
216,963
246,765
41,797
91,547
490,315
230,675
259,640
364,790
257,884
13,675
0
0
93,231
488,593
124,179
124,179
0
364,414
7,930
356,484
0

784,069
13,796
1,463,846
737,620
66,512
0
2,427
30,226
833,093
70,999
231,316
291,907
110,203
128,668
517,175
195,110
322,065
358,208
228,142
0

874,236
544
1,609,424
844,070
80,563
0
2,092
27,530
873,112
141,018
166,894
357,821
126,388
80,991
532,482
209,025
323,457
317,466
185,828
0
0
0
131,638
897,400
124,179
124,179
0
773,221
28,482
744,739
0

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

1,769,385
1,763,107
6,278
1,512,825
1,182,801
330,024
256,560
71,673
7,160
64,513
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
62,998
49,467
158,727
28,690
0
0
3,816

2,790,422
2,761,228
29,194
2,515,100
1,877,416
637,684
275,322
85,650
11,156
74,494
97,053
96,361
108,667
1,373
12,418
0
203,951

3,143,650
3,138,787
4,863
2,699,446
1,995,967
703,479
444,204
106,419
9,441
96,978
70,835
70,422
285,023
4,588
18,627
0
307,477

3,524,062
3,502,466
21,596
3,097,095
2,213,284
883,811
426,967
109,276
11,769
97,507
70,360
69,388
269,451
42,905
12,418
0
297,283

248,757
30,247
12,354
237,342
121,042

368,660
16,527
99,644
187,334
147,467

806,695
333,092
130,036
614,670
162,249

853,383
257,884
94,876
488,559
216,465

1,099,987
228,142
261,808
423,252
251,531

1,214,866
185,828
214,128
394,853
256,905

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
9.02
23.09

0.67
2.32
10.69
2.01
1.21
89.67
2.35
15.19
46.07
27.01

0.73
3.48
8.84
2.08
1.36
90.13
1.75
8.07
24.39
13.09
8.64
12.86
2.13
3.89
8.64
39.35

0.91
2.25
9.29
1.94
1.61
85.87
1.18
19.25
46.33
29.18
15.06
13.59
5.05
9.07
22.58
59.73

1.17
2.00
10.15
2.02
1.64
87.88
0.95
16.02
32.88
23.28
18.24
21.12
4.88
7.65
18.24
72.27

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

2014

130,066
741,779
124,179
124,179
0
617,600
29,934
587,666

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

14.10
1.31
0.93
0.99
14.51

37

12.31
4.21
5.84
10.47
32.41

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

D.M. Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

897,955
0
1,158,175
821,976
20,956
0
1,340
74,639
35,540
384
2,440
43
743
31,930
462,312
193,838
268,474
74,933
0
0
0
8,115
66,818
396,250
30,524
30,524
0
(210,541)
0
(210,541)
576,267

863,407
0
1,130,312
787,975
17,734
0
0
75,432
38,890
455
16,179
0
2,083
20,173
460,239
151,345
308,894
78,971
0
0
0
8,158
70,813
363,087
30,524
30,524

(241,357)
573,920

812,558
0
1,131,585
774,199
15,049
0
0
38,359
24,888
134
3,875
567
2,916
17,396
199,023
32,269
166,754
136,213
60,708
0
0
8,971
66,534
502,210
30,524
30,524
0
(100,061)
0
(100,061)
571,747

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

982,345
982,345
0
903,849
636,741
267,108
78,496
27,837
2,161
25,676
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
36,217
33,659
(80,095)
0
0
0
3,841

27,242
27,242
0
53,339
0
53,339
(26,097)
33,020
879
32,141
30,207
28,622
(58,210)
0
0
0
14,081

44,346
44,346
0
66,546
34,786
31,760
(22,200)
13,756
923
12,833
24,851
24,809
(27,642)
(249)
0
0
(23,965)

428,822
428,822
0
406,944
265,070
141,874
21,878
15,492
2,071
13,421
15,331
14,753
141,873
(4,288)
0
0
14,303

741,424
138,798
(72,454)
310,380
49,178

711,104
89,624
10,872
284,911
79,063

578,196
43,898
(80,095)
247,946
68,989

471,183
0
(58,210)
193,838
9,360

442,058
0
(27,393)
151,345
10,015

638,423
60,708
146,161
92,977
48,616

0.01
9.09
0.63
0.48
0.31
101.57
1.30
-6.28
-13.77
-9.51

0.04
4.47
0.74
0.91
0.21
92.01
1.12
1.42
3.14
2.17

0.01
4.35
0.51
0.81
0.16
101.71
1.28
-7.60
-16.68
-12.42

0.00
110.88
0.16
0.03
0.08
195.80
1.36
-5.95
-13.78
-11.09

0.01
56.04
0.00
0.05
0.08
150.06
1.49
-3.01
-7.28
-6.05

0.02
3.58
0.13
0.51
0.13
94.90
0.67
16.31
32.79
26.26

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

2014

(241,357)

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

38

6.04
-0.51
-13.18
-23.74
161.88

28.12
1.36
1.61
3.56
167.70

28.65
-1.38
-9.63
-26.24
146.88

11.16
-1.03
-213.68
-19.07
129.82

2.74
-0.11
-62.33
-8.97
118.95

110.66
10.62
33.08
47.88
164.53

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

D.S. Industries Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

590,069
0
684,125
480,093
50,886
0
90,904
19,072
85,161
15,723
26,823
23,809
219
18,587
663,544
294,567
368,977
405,822
325,951
15,000
0
9,968
54,903
(394,136)
600,000
600,000
0
(1,101,608)
0
(1,101,608)
107,472

14,104
33,781
(250,822)
600,000
600,000
0
(950,644)
0
(950,644)
99,822

589,324
0
441,897
436,193
43,404
0
134,059
19,072
114,165
2,717
27,356
72,630
640
10,822
461,883
110,721
351,162
529,379
486,196
0
0
15,126
28,057
(287,773)
600,000
600,000
0
(989,760)
0
(989,760)
101,987

653,736
653,736
0
652,940
404,793
248,147
796
513,541
1,245
512,296
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
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
102,170
101,221
(198,899)
0
0
0
(5,427)

943,573
943,412
161
904,367
608,603
295,764
39,206
36,524
7,261
29,263
42,923
42,434
(28,057)
9,434
0
0
105,868

1,085,828
1,085,828
0
922,983
574,313
348,670
162,845
52,343
5,961
46,382
33,568
33,428
127,750
5,429
0
0
167,360

1,130,585
1,130,585
0
1,117,780
724,082
393,698
12,805
50,698
2,295
48,403
2,676
2,148
(45,624)
11,306
0
0
34,946

196,435
261,312
(988,074)
642,498
61,173

93,190
192,500
(33,888)
603,741
75,627

(90,508)
204,312
(198,899)
657,574
105,576

11,686
325,951
(37,491)
620,518
89,036

389,502
592,439
122,321
678,940
136,232

241,606
486,196
(56,930)
596,917
132,284

0.04
19.92
3.57
0.78
0.09
99.88
-6.37
-117.88
632.53
-503.00

0.08
9.65
5.05
1.09
0.16
87.97
-5.68
-3.41
17.06
-19.77

0.06
8.34
3.19
1.57
0.15
104.99
-3.11
-24.52
72.17
-14,830.04

0.06
4.55
2.52
1.40
0.13
95.84
-2.71
-3.85
7.33
71.19

0.28
3.09
4.55
1.40
0.42
85.00
-4.10
17.59
-39.65
63.69

0.16
0.24
6.42
1.61
0.25
98.87
-3.44
-6.16
16.94
-14.46

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

2014

616,026
19,170
687,486
437,429
46,024
0
140,354
19,073
160,902
59,773
37,454
49,446
456
13,773
387,426
86,501
300,925
640,324
592,439

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

39

28.17
-6.66
-151.14
-16.47
-2.60

33.30
0.67
-3.14
-0.56
-2.99

20.83
-0.96
-16.23
-3.31
-6.19

35.18
0.34
-2.97
-0.62
-6.57

28.99
4.82
11.77
2.04
-4.18

41.33
-20.24
-4.04
-0.95
-4.80

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dar Es Salaam Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

862,688
1,910
1,438,811
858,196
88,290
1,240
0
1,342
326,827
4,692
148,428
55,683
0
118,024
629,065
375,996
253,069
274,910
100,859
80,240
0
15,243
78,568
285,540
80,000
80,000
0
(232,495)
0
(232,495)
438,035

795,464
2,004
1,444,368
791,179
75,563
939

(243,149)
411,180

793,866
0
1,500,291
791,572
70,594
645
0
1,649
104,807
7,093
10,116
6,212
0
81,386
553,445
299,267
254,178
110,692
31,993
0
0
12,749
65,950
234,536
80,000
80,000
0
(313,582)
0
(313,582)
468,118

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

1,083,860
899,512
184,348
972,518
751,074
221,444
111,342
47,705
7,550
40,155
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
70,213
66,287
(84,912)
14,413
0
0
(116,473)

1,339,936
1,321,262
18,674
1,325,619
1,035,334
290,285
14,317
54,107
1,203
52,904
64,003
62,020
(97,807)
13,267
0
0
18,360

1,707,873
1,298,029
409,844
1,589,607
1,251,848
337,759
118,266
101,624
12,601
89,023
53,783
50,242
(36,681)
6,538
0
0
94,798

1,363,715
1,363,715
0
1,483,815
1,088,539
395,276
(120,100)
119,017
2,157
116,860
42,212
39,934
(123,247)
0
0
0
34,464

320,081
120,557
(129,674)
451,925
72,926

648,586
134,497
2,767
394,318
76,871

712,627
142,250
(99,325)
553,045
85,458

560,450
100,859
(111,074)
476,855
90,956

494,392
77,624
(43,219)
393,058
118,420

345,228
31,993
(123,247)
331,260
123,744

0.05
9.35
2.16
1.13
0.43
99.79
6.19
-15.17
-81.92
-35.64

0.05
5.13
1.55
1.00
0.46
89.73
1.67
1.00
3.59
1.89

0.03
4.89
0.90
1.08
0.53
98.29
2.24
-7.05
-20.83
-12.48

0.10
4.78
4.16
1.13
0.52
98.93
3.17
-7.77
-28.11
-15.37

0.09
3.15
2.73
1.53
0.51
93.08
3.49
-3.19
-13.75
-6.95

0.02
3.10
0.46
1.52
0.19
108.81
2.83
-12.25
-51.08
-29.36

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

2014

1,342
318,081
6,001
153,823
46,662
0
111,595
619,153
315,434
303,719
246,361
77,624
80,240
0
17,150
71,347
248,031
80,000
80,000

(243,149)

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

40

15.92
-0.77
-15.08
-16.21
13.09

16.09
1.18
0.84
0.35
50.62

7.19
-0.28
-5.91
-12.42
51.31

9.03
-0.58
-7.30
-13.88
35.69

11.10
0.27
-2.15
-5.40
31.00

134.81
-2.09
-9.04
-15.41
29.32

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Data Textiles Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

152,747
0
129,583
61,439
4,091
0
0
91,308
10,050
764
0
6,125
0
3,161
114,394
0
114,394
39,222
0
39,222
0
0
0
9,181
99,096
99,096
0
(114,707)
0
(114,707)
24,792

139,313
0
104,403
660
123
0
0
138,653
3,961
850
0
0
0
3,111
15,743
0
15,743
39,222
0
39,222
0
0
0
88,309
99,096
99,096
0
(10,787)
0
(10,787)
0

558
0
4,179
558
102
0
0
0
3,472
361
0
0
0
3,111
7,708
0
7,708
39,222
0
39,222
0
0
0
(42,900)
99,096
99,096
0
(141,996)
0
(141,996)
0

558
0
4,179
558
102
0
0
0
3,472
361
0
0
0
3,111
7,708
0
7,708
39,222
0
39,222
0
0
0
(42,900)
99,096
99,096
0
(141,996)
0
(141,996)
0

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

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

0
0
0
0
0
0
0
1,418
0
1,418
96
0
(5,444)
0
0
0
(309)

0
0
0
0
0
0
0
859
0
859
105
0
(964)
0
0
0
(64,760)

0
0
0
0
0
0
0
373
0
373
105
0
(478)
0
0
0
(488)

0
0
0
0
0
0
0
373
0
373
105
0
(478)
0
0
0
(488)

59,684
0
(6,431)
0
785

53,847
0
(5,837)
0
665

48,403
0
(5,444)
0
605

127,531
0
(964)
0
302

(3,678)
0
(478)
0
0

(3,678)
0
(478)
0
0

0.08

0.07

0.06

0.05

0.05

0.05

0.00
0.11

0.00
0.10

0.00
0.09

0.00
0.25

0.00
0.45

0.00
0.45

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

41

7.49
-3.64
-27.16
-14.86

10.49
-3.42
-33.27
-10.28

16.73
-3.29
-45.74
-10.65

0.62
-0.63
-1.98
-1.10

-1.09
-0.65
-2.11
-0.77

-1.09
-11.86
1.11
13.00

-0.65
2.06

-0.59
1.48

-0.55
0.93

-0.10
8.91

-0.05
-4.33

-0.05
-4.33

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dawood Lawrencepur Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
60,129
9,552
23,385
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

4,478,918
170,168
381,613
45,398
9,016
24,378
4,228,431
10,543
1,397,951
48,916
295,152
159,017
575,658
319,208
118,355
0
118,355
62,183
0
0
0
62,183
0
5,696,331
590,578
590,578
0
5,105,753
0
5,105,753
0

4,885,629
182,931
393,700
52,278
8,012
24,124
4,615,752
10,544
867,787
35,415
261,306
94,882
107,624
368,560
393,333
0
393,333
11,388
0
0
0
11,388
0
5,348,695
590,578
590,578
0
4,758,117
208,282
4,549,835
0

5,367,250
232,597
630,339
147,625
98,280
37,063
4,939,421
10,544
596,107
49,047
280,519
51,533
72,001
143,007
374,856
0
374,856
20,329
0
0
0
20,329
0
5,568,172
590,578
590,578
0
4,977,594
211,609
4,765,985
0

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

380,862
380,862
0
330,206
122,362
207,844
50,656
96,596
11,349
85,247
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
0
0
789,873
8,541
59,058
0
(114,245)

378,965
378,965
0
334,049
184,386
149,663
44,916
129,055
7,941
121,114
0
0
265,470
11,463
295,289
0
(136,350)

31,987
31,987
0
24,233
2,646
21,587
7,754
123,141
57,423
65,718
5,898
5,131
(88,803)
2,725
59,058
0
(475,599)

129,199
129,199
0
102,148
0
102,148
27,051
265,009
118,897
146,112
31,999
30,421
(249,188)
10,563
0
0
(195,537)

4,582,141
0
(216,907)
0
74,346

5,079,705
0
642,336
0
164,241

5,587,844
0
722,274
0
197,334

5,758,514
0
(41,282)
0
185,373

5,360,083
0
(150,586)
0
217,186

5,588,501
0
(259,751)
0
186,875

1.27
0.08
22.63
0.04
8.41
72.63
0.04
-6.62
-7.05
-7.00

6.16
0.00
18.32
0.07
10.55
86.70
0.04
13.70
14.25
14.11
26.02
1.89

5.49
0.00
22.06
0.07
9.91
90.63
0.04
14.43
14.96
14.81
13.23
1.17

6.62
0.00
41.96
0.06
11.81
88.15
0.03
4.57
4.73
4.68
0.86
1.28

0.60
18.44
296.63
0.01
2.21
75.76
0.08
-1.53
-1.61
-1.60
-1.55
0.12
-16.31
-277.62
-1.55
90.57

0.46
24.77
39.89
0.02
1.59
79.06
0.07
-4.25
-4.57
-4.55

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.89

42

-111.61
-4.22
88.36

178.96
13.01
97.97

210.82
13.23
93.61

70.05
4.30
96.45

0.46
-7.19
-192.87
-4.40
94.28

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Farooque Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,883,407
0
2,625,181
1,856,660
119,718
0
0
26,747
907,081
16,768
406,803
243,255
0
240,255
446,601
263,673
182,928
1,024,207
791,093
0
0
8,191
224,923
1,319,680
977,507
977,507
0
(321,488)
0
(321,488)
663,661

1,751,083
0
2,641,697
1,724,336
148,839
0
0
26,747
918,886
25,197
272,074
335,242
0
286,373
485,854
271,057
214,797
829,199
628,685
0
0
8,107
192,407
1,354,916
977,507
977,507

(247,258)
624,667

1,621,917
0
2,647,743
1,595,170
135,731
0
0
26,747
826,838
13,068
182,656
316,192
0
314,922
473,840
283,692
190,148
673,964
469,150
0
0
8,023
196,791
1,300,951
977,507
977,507
0
(265,541)
0
(265,541)
588,985

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

1,247,720
1,062,439
185,281
1,108,768
711,671
397,097
138,952
43,388
27,183
16,205
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
3,288
2,004
(16,942)
17,911
0
0
(6,222)

1,363,080
1,354,531
8,549
1,380,590
859,033
521,557
(17,510)
58,395
21,881
36,514
31,347
30,609
(105,825)
13,741
0
0
274,884

1,314,388
1,311,147
3,241
1,194,006
748,028
445,978
120,382
58,953
30,901
28,052
52,541
50,819
9,278
6,557
0
0
232,878

1,636,370
1,636,370
0
1,554,486
933,541
620,945
81,884
61,581
31,180
30,401
55,575
52,841
(33,218)
16,364
0
0
199,265

955,118
224,219
(221,009)
698,130
71,467

939,263
126,162
80,252
598,091
91,284

794,114
20,833
(34,853)
814,780
102,395

2,343,887
791,093
(119,566)
1,054,766
110,570

2,184,115
628,685
2,721
899,742
114,153

1,974,915
469,150
(49,582)
752,842
129,010

0.10
13.86
8.21
0.51
0.70
105.91
3.77
-11.99
-42.22
-18.92

0.07
1.08
4.17
0.72
0.74
88.86
2.84
4.86
20.71
9.04

0.19
0.19
12.58
0.89
0.73
98.01
1.59
-0.92
-2.82
-1.95

0.58
2.30
17.85
0.49
2.03
101.28
1.11
-4.47
-10.23
-6.74

0.74
4.00
25.51
0.49
1.89
90.84
0.97
0.34
0.69
0.41

0.69
3.40
19.32
0.67
1.74
95.00
0.88
-1.30
-2.50
-1.60

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

2014

(247,258)

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

43

2.56
-0.90
-23.58
-3.68
6.26

3.72
17.43
6.86
1.34
7.52

4.32
-7.45
-0.98
-0.36
7.67

3.35
-2.46
-7.76
-1.22
13.50

4.83
1.18
0.71
0.03
13.86

8.96
0.37
-2.03
-0.51
13.31

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Khalid Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

782,752
0
1,205,246
729,772
68,497
0
52,939
41
631,155
8,584
253,796
280,405
0
88,370
630,857
330,593
300,264
322,701
227,800
0
0
6,758
88,143
460,349
56,824
56,824
0
64,102
(70,898)
135,000
339,423

741,533
0
1,209,531
660,147
73,910
0
81,345
41
605,767
11,971
203,771
289,744
0
100,281
592,592
309,183
283,409
265,143
182,240
0
0
9,560
73,343
489,565
56,825
56,825
0
124,949
(10,051)
135,000
307,791

662,716
0
1,211,302
595,856
66,062
0
66,819
41
576,169
4,134
179,485
281,680
0
110,870
596,812
336,643
260,169
232,692
136,680
0
0
11,882
84,130
409,381
56,825
56,825
0
72,446
(62,554)
135,000
280,110

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

498,155
498,155
0
485,275
289,517
195,758
12,880
26,905
2,100
24,805
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
1,193
0
(5,203)
14,243
0
0
42,578

1,155,718
1,155,718
0
1,170,185
894,251
275,934
(14,467)
39,118
11,763
27,355
6,246
5,986
(59,831)
11,558
0
0
77,548

1,426,136
1,426,136
0
1,381,491
974,619
406,872
44,645
35,781
11,220
24,561
14,739
13,884
(5,875)
7,247
0
0
89,340

1,244,957
1,244,957
0
1,227,672
868,730
358,942
17,285
41,836
13,513
28,323
16,388
15,409
(40,939)
12,460
0
0
30,309

137,067
0
(108,059)
385,467
85,554

117,971
0
(23,652)
355,368
52,870

132,930
0
(19,446)
351,590
104,782

783,050
227,800
(71,389)
558,393
107,979

754,708
182,240
(13,122)
491,423
128,514

642,073
136,680
(53,399)
473,323
140,216

0.26
7.00
30.30
0.71
0.75
101.30
8.95
-11.05
-56.61
-45.14

0.34
1.43
51.67
0.56
0.75
97.41
10.37
-2.35
-24.88
-16.58

0.38
0.09
22.22
1.46
0.72
98.11
6.29
-0.57
-5.05
-4.15

0.46
0.54
24.26
0.82
1.00
101.25
2.07
-5.09
-20.33
-13.06

0.51
1.03
20.32
1.06
1.02
96.87
1.75
-0.43
-1.24
-0.76

0.48
1.32
22.63
1.00
0.97
98.61
2.03
-3.17
-9.11
-5.86

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

44

2.06
-1.48
-16.57
-19.02
16.23

2.00
-71.71
-4.24
-4.16
13.69

6.83

4.55
-9.00
-5.18
-12.56
81.01

7.00
0.58
-0.41
-2.31
86.15

6.94
-1.66
-3.29
-9.40
72.04

-0.38
-3.42
22.57

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Mushtaq Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

753,747
0
1,271,317
720,329
57,742
0
32,577
841
619,264
12,975
203,134
312,276
0
90,879
213,652
53,250
160,402
601,087
480,082
0
0
22,549
98,456
558,272
34,340
34,340
0
148,755
0
148,755
375,177

716,363
0
1,278,009
665,464
0
50,058
841
685,471
9,736
147,920
413,040
0
114,775
330,641
142,578
188,063
509,011
384,065
0
0
24,762
100,184
562,182
34,340
34,340
0
177,967
0
177,967
349,875

656,086
0
1,283,727
614,126
57,837
0
41,120
840
673,282
8,421
151,592
383,576
0
129,693
383,931
212,760
171,171
419,456
288,049
0
0
29,512
101,895
525,981
34,340
34,340
0
164,509
0
164,509
327,132

1,033,717
1,011,121
22,596
997,035
640,441
356,594
36,682
39,844
18,173
21,671
69,799
67,723
(78,260)
264
0
0
(278,877)

1,051,558
1,051,558
0
979,882
680,650
299,232
71,676
28,376
8,135
20,242
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
299
0
(2,041)
15,696
0
0
(18,856)

1,401,777
1,401,777
0
1,352,881
1,152,959
199,922
48,896
40,418
5,997
34,421
11,109
10,781
(2,318)
14,019
0
0
200,411

1,590,564
1,590,564
0
1,521,546
1,082,290
439,256
69,018
50,199
13,735
36,464
23,213
22,256
(3,889)
7,953
0
0
33,855

1,571,345
1,571,345
0
1,483,135
1,078,570
404,565
88,210
60,209
18,866
41,343
33,075
31,868
(4,831)
15,713
0
0
66,287

332,264
187,500
(78,524)
421,337
102,540

265,620
83,333
32,831
417,935
100,757

185,536
0
(17,738)
440,984
122,402

1,159,359
480,082
(16,337)
533,332
122,467

1,071,193
384,065
(11,842)
526,643
159,343

945,437
288,049
(20,544)
500,809
166,715

0.59
6.75
21.63
1.43
0.99
96.45
7.07
-9.66
-50.09
-28.20

0.63
0.07
32.02
1.30
0.93
93.18
5.19
4.97
34.59
12.74

0.57
0.02
25.04
1.76
0.83
97.97
4.24
-0.25
-1.39
-0.90

1.52
0.79
22.28
1.02
2.90
96.51
1.46
-0.21
-0.64
-0.34

1.28
1.46
25.97
1.13
2.07
95.66
1.49
-0.28
-0.69
-0.35

1.02
2.10
24.41
1.18
1.75
94.39
1.53
-0.35
-0.89
-0.48

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

45

9.22
-0.16
-7.57
-22.87
26.14

9.06
324.17
3.62
9.56
38.00

16.03

6.90
0.78
-0.17
-4.76
162.57

10.75
0.83
-0.24
-3.45
163.71

10.37
0.85
-0.31
-5.98
153.17

-0.14
-5.17
47.51

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,294,336
4,627
3,759,190
2,070,823
143,764
0
171,033
47,853
3,092,354
31,735
1,367,943
1,574,630
0
118,046
1,005,264
554,928
450,336
3,962,760
3,687,994
0
0
27,466
247,300
418,666
135,046
135,046
0
(536,287)
12,515
(548,802)
819,907

1,970,856
5,455
3,799,210
1,911,479
199,364
0
0
53,922
3,641,664
40,407
1,615,175
1,579,944
0
406,138
1,590,857
1,180,832
410,025
3,460,215
3,230,942
0
0
27,034
202,239
561,448
135,046
135,046
0
(341,967)
83,431
(425,398)
768,369

1,881,373
0
3,898,866
1,827,262
184,907
0
0
54,111
3,119,451
14,829
1,494,282
1,231,646
0
378,694
1,723,807
1,278,195
445,612
3,011,200
2,811,361
0
0
39,505
160,334
265,817
135,046
135,046
0
(595,276)
57,359
(652,635)
726,047

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
297,077
256,982
(659,196)
17,386
0
0
(44,688)

3,441,743
3,195,071
246,672
3,265,735
40,274
3,225,460
176,009
81,185
24,302
56,883
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
19,821
14,664
(65,551)
51,404
0
0
96,325

3,157,520
2,598,005
559,515
3,254,774
2,430,930
823,844
(97,254)
84,578
47,007
37,571
143,877
122,488
(317,525)
31,351
0
0
282,180

3,928,180
2,070,275
1,857,905
3,602,513
2,496,924
1,105,589
325,667
171,481
123,423
48,058
109,700
98,903
58,552
29,507
0
0
257,011

3,414,367
2,511,039
903,328
3,387,384
2,278,642
1,108,742
26,983
130,706
83,900
46,806
182,673
173,515
(270,068)
29,403
0
0
699,325

744,212
782,665
(676,582)
2,937,581
72,660

545,467
498,681
48,396
2,698,503
258,925

260,648
216,276
(116,956)
3,025,160
280,925

4,381,426
3,687,994
(348,876)
4,242,922
302,582

4,021,663
3,230,942
29,045
4,411,774
383,776

3,277,017
2,811,361
(299,471)
4,089,556
400,601

0.33
9.54
33.60
0.80
0.77
107.24
-67.88
-16.04
-147.74
-54.03

0.35
0.92
32.06
0.94
0.74
94.89
198.22
1.77
-336.33
10.40

0.38
0.42
33.90
1.04
0.74
99.81
296.98
-1.60
-390.52
-16.26

1.60
4.56
49.87
0.59
3.08
103.08
11.87
-6.41
-146.39
-13.68

1.02
2.79
40.22
0.70
2.29
91.71
9.00
1.06
11.95
1.39

0.72
5.35
36.07
0.68
1.81
99.21
17.81
-5.09
-65.29
-7.40

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

46

2.42
-1.57
-21.17
-50.10
-4.32

3.15
3.93
1.95
3.58
1.36

3.54
-3.47
-1.40
-8.66
1.12

2.31
-1.59
-10.06
-25.83
31.00

2.43
1.59
1.49
2.15
41.57

2.28
-0.56
-7.91
-22.18
19.68

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Din Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
3,975,148
57,830
1,836,369
1,000,965
0
1,079,984
3,031,932
2,629,587
402,345
316,857
173,850
0
0
64,972
78,035
2,276,840
203,834
203,834
0
2,073,007
10,377
2,062,630
0

1,852,817
129,834
3,518,961
1,565,851
167,706
0
0
157,132
2,511,156
74,424
1,128,025
1,005,597
0
303,110
2,398,881
758,828
1,640,053
413,121
321,030
0
0
92,091
0
1,551,971
203,834
203,834
0
1,348,137
10,377
1,337,760
0

1,836,944
15,257
3,726,845
1,620,275
168,307
0
44,682
156,730
4,507,036
54,000
1,636,247
1,579,248
0
1,237,541
3,109,746
401,248
2,708,498
940,566
840,878
0
0
99,688
0
2,293,668
203,833
203,833
0
2,089,835
10,377
2,079,458

2,754,335
23,209
5,341,420
2,647,474
248,553
0
0
83,652
3,388,066
72,766
1,325,019
1,193,936
0
796,345
3,433,022
1,122,204
2,310,818
803,931
664,817
0
0
139,114
0
1,905,448
224,217
224,217
0
1,681,231
0
1,681,231

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
142,461
130,641
84,893
12,021
0
0
86,975

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
213,463
196,789
414,043
40,474
37,061
18,530
307,799

7,574,654
891,012
6,683,643
6,099,469
5,044,382
1,055,087
1,475,185
233,988
85,674
148,314
330,083
303,055
925,683
76,786
40,767
0
(188,524)

7,358,489
4,369,464
2,989,025
7,563,546
5,565,977
1,997,569
(205,057)
245,236
141,184
104,052
405,577
382,758
(833,895)
29,611
0
0
254,778

8,296,374
1,315,037
6,981,337
6,908,178
4,896,925
2,011,253
1,388,196
286,340
112,634
173,706
298,664
277,185
818,586
82,535
101,917
20,383
(90,419)

10,211,074
3,959,559
6,251,515
9,536,725
7,112,979
2,423,746
674,349
259,639
127,603
132,036
418,690
400,936
3,797
58,062
56,054
0
655,219

1,786,817
83,742
72,872
1,254,105
306,478

1,725,945
159,701
336,508
1,313,149
337,492

2,593,697
173,850
808,130
2,803,437
455,190

1,965,092
321,030
(863,506)
1,079,858
451,613

3,234,234
840,878
634,135
1,242,126
636,408

2,709,379
664,817
(110,319)
1,787,021

0.42
3.84
15.11
1.17
1.03
89.56
1.87
2.70
7.80
5.44

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
20.16
78.93

0.35
4.36
13.21
1.35
1.31
80.52
1.47
20.47
49.51
42.86
20.82
4.12
4.05
12.22
41.65
111.70

0.45
5.51
13.67
1.69
1.05
102.79
1.81
-16.70
-43.56
-36.58

0.53
3.60
19.04
1.31
1.45
83.27
1.77
15.29
42.57
31.49
7.22
5.07
3.95
9.87
36.11
112.53

0.37
4.10
11.69
1.66
0.99
93.40
2.22
0.06
0.18
0.13
-0.97
7.71
1.01
0.04
-2.42
84.98

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.20
1.65
2.29
3.93
59.51

47

6.52
-1.18
-11.33
-42.36
76.14

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Elahi Cotton Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

59,761
0
125,551
58,724
3,228
0
0
1,037
12,040
2,107
7,781
657
0
1,495
8,133
0
8,133
92,105
0
80,024
0
3,613
8,468
(28,437)
13,000
13,000
0
(81,469)
0
(81,469)
40,032

58,656
0
127,017
57,022
3,168

1,634
13,181
2,419
7,455
2,067
0
1,240
10,178
0
10,178
87,115
0
75,024
0
4,678
7,413
(25,456)
13,000
13,000
0
(77,513)
0
(77,513)
39,057

102,050
0
173,231
100,281
2,957
0
0
1,769
17,888
3,410
9,924
1,851
0
2,703
10,974
0
10,974
92,776
0
76,524
0
4,481
11,771
16,188
13,000
13,000
0
(73,671)
0
(73,671)
76,859

139,722
139,722
0
143,243
112,926
30,318
(3,521)
1,806
0
1,806
756
0
(4,691)
0
0
0
179,045

150,011
150,011
0
154,779
121,035
33,744
(4,768)
1,563
0
1,563
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
107
19
485
2,157
0
0
(823)

211,215
211,215
0
206,030
159,248
46,782
5,185
3,106
0
3,106
98
0
2,544
2,114
0
0
460

255,845
255,845
0
252,044
192,828
59,216
3,801
3,553
0
3,553
88
80
3,319
1,280
0
0
4,875

301,384
301,384
0
291,408
217,151
74,257
9,976
4,859
0
4,859
102
90
5,134
3,015
0
0
2,046

34,653
0
(4,691)
0
15,034

62,532
0
(6,555)
0
15,860

61,586
0
(1,672)
0
19,453

63,668
0
430
0
22,145

61,659
0
2,039
0
28,962

108,964
0
2,119
0
34,507

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

0.44
0.03
0.81
3.56
1.30
98.51
-3.82
4.62
-12.32
5.30

0.48
0.03
0.61
2.51
1.63
96.69
6.41
5.35
-110.79
6.02

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

48

0.34
0.05
0.31
2.94
1.48
97.55
-3.52
3.57
-8.79
4.06

32.92

39.52

33.38
26.05
0.24
-1.29
-22.66

27.14

34.32
42.49
1.30
1.57
-19.58

30.37
58.04
1.70
1.63
12.45

-3.36
-3.61
-28.41

-4.37
-5.04
-21.25

1.20
0.33
-21.87

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ellcot Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
224,958
0
0
12,665
91,612
903,057
109,500
109,500
0
793,557
7,760
785,797
0

903,094
0
1,860,089
895,585
93,612
0
0
7,509
949,108
16,233
736,731
88,104
45
107,995
566,726
379,639
187,087
316,296
223,505
0
0
17,151
75,640
969,180
109,500
109,500
0
859,680
7,760
851,920
0

1,009,687
0
2,015,892
1,002,596
94,380
0
0
7,091
1,175,588
105,093
697,920
200,970
0
171,605
518,190
262,353
255,837
415,689
303,754
0
0
36,797
75,138
1,251,396
109,500
109,500
0
1,141,896
7,760
1,134,136
0

1,018,613
0
2,096,757
996,737
105,887
14,785
0
7,091
1,338,342
133,269
759,316
310,676
0
135,081
506,375
283,688
222,687
452,532
332,538
0
0
46,469
73,525
1,398,048
109,500
109,500
0
1,288,548
7,760
1,280,788

2,441,020
1,910,310
530,710
2,167,921
1,452,354
715,567
273,099
86,207
38,986
47,221
184,066
175,677
5,254
1,232
8,213
0
50,931

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
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
137,923
124,894
421,921
58,648
76,650
0
234,229

4,025,287
2,366,213
1,659,074
3,592,548
2,801,250
791,298
432,739
116,403
37,817
78,586
129,144
113,170
200,009
41,415
54,750
0
311,552

4,858,426
2,634,867
2,223,559
4,203,543
3,158,938
1,044,605
654,883
155,662
50,724
104,938
81,211
72,502
422,423
70,548
109,500
0
383,938

5,709,484
2,188,915
3,520,569
5,156,964
3,936,728
1,220,236
552,520
156,574
53,093
103,481
83,975
71,090
319,767
65,515
76,650

933,499
407,694
(4,190)
1,185,032
145,179

1,034,427
367,712
112,304
844,277
156,771

1,232,292
224,958
286,623
1,001,041
210,151

1,285,476
223,505
103,844
603,144
215,921

1,667,085
303,754
242,375
566,107
301,792

1,850,580
332,538
177,602
616,226
336,437

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
0.37
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
13.76
53.82

0.34
2.76
1.22
2.23
1.33
86.19
1.48
21.29
56.55
37.23
4.74
5.47
4.38
8.45
33.18
82.47

0.18
3.21
2.19
2.17
1.67
89.25
0.91
9.78
21.37
15.89
2.90
5.46
2.77
4.97
14.48
88.51

0.59
1.67
4.14
2.22
2.27
86.52
0.75
20.93
38.05
28.61
3.21
6.96
6.83
8.69
32.13
114.28

0.88
1.47
5.44
2.42
2.64
90.32
0.69
14.08
24.14
18.18
3.32
7.52
5.50
5.60
23.22
127.68

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

2014

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

194,909

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

49

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Faisal Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
260,186
0
0
59,294
14,075
2,039,065
100,000
100,000
0
1,939,065
1,800,000
139,065
0

1,871,730
46,674
3,080,826
1,439,395
161,237
0
380,629
5,032
1,737,077
35,981
1,189,893
319,241
0
191,962
1,086,663
636,063
450,600
259,081
177,450
0
0
64,851
16,780
2,263,063
100,000
100,000
0
2,163,063
2,100,000
63,063
0

2,234,147
377,112
3,181,943
1,404,362
155,025
0
447,640
5,033
2,856,422
83,427
2,089,299
397,154
0
286,542
1,443,743
1,014,421
429,322
635,532
534,477
0
0
79,050
22,005
3,011,294
100,000
100,000
0
2,911,294
2,800,000
111,294
0

3,037,079
525,689
3,946,304
2,019,622
210,241
0
484,210
7,558
2,801,337
53,654
2,176,380
216,178
0
355,125
1,127,597
625,967
501,630
1,157,876
1,041,909
0
0
87,063
28,904
3,552,943
100,000
100,000
0
3,452,943
3,400,000
52,943
0

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
264,679
235,632
94,133
29,567
7,500
0
704,036

5,230,637
472,128
4,758,509
4,355,164
3,534,449
820,715
875,473
310,596
225,605
84,991
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
223,734
181,857
756,359
96,367
75,000
0
295,579

7,632,725
874,045
6,758,680
6,772,260
5,313,747
1,458,513
860,465
356,922
253,320
103,602
186,617
155,050
375,498
77,166
50,000
0
444,639

8,488,787
1,065,649
7,423,138
7,197,199
5,925,586
1,271,613
1,291,588
332,946
232,421
100,525
154,786
129,409
882,330
76,746
50,000
0
(192,411)

9,780,480
1,297,633
8,482,847
8,501,885
7,254,882
1,247,003
1,278,595
465,879
308,910
156,969
231,377
204,352
633,027
35,784
50,000
0
865,377

1,587,220
380,446
57,066
1,386,368
222,766

1,722,335
121,716
331,868
988,415
278,763

2,372,619
260,186
584,992
964,459
317,075

2,522,144
177,450
248,332
813,513
332,653

3,646,826
534,477
755,584
1,548,898
415,324

4,710,819
1,041,909
547,243
1,667,876
499,628

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
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
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
66.00
203.91

0.33
2.44
4.18
2.12
1.60
88.73
0.59
10.43
17.46
15.34
5.97
6.41
3.42
4.92
29.83
226.31

0.33
1.82
4.68
1.67
1.98
84.78
0.69
20.28
33.46
28.61
16.11
4.06
7.82
10.39
80.56
301.13

0.24
2.37
2.21
1.68
2.48
86.93
0.64
11.58
19.29
15.15
11.94
4.49
4.10
6.47
59.72
355.29

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

50

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fateh Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
4,211,340
51,000
0
5,549
38,529
2,586,439
12,500
12,500
0
1,530,550
2,591
1,527,958
1,043,389

3,073,359
782,334
4,546,434
1,760,794
74,633
0
526,414
3,817
6,495,273
16,698
1,458,155
4,801,692
0
218,728
4,624,913
2,271,752
2,353,161
2,398,154
2,311,589
51,000
0
7,213
28,352
2,545,565
12,500
12,500
0
1,533,311
2,478
1,530,833
999,754

3,073,359
782,334
4,546,434
1,760,794
74,633
0
526,414
3,817
6,495,273
16,698
1,458,155
4,801,692
0
218,728
4,624,913
2,271,752
2,353,161
2,398,154
2,311,589
51,000
0
7,213
28,352
2,545,565
12,500
12,500
0
1,533,311
2,478
1,530,833
999,754

3,073,359
782,334
4,546,434
1,760,794
74,633
0
526,414
3,817
6,495,273
16,698
1,458,155
4,801,692
0
218,728
4,624,913
2,271,752
2,353,161
2,398,154
2,311,589
51,000
0
7,213
28,352
2,545,565
12,500
12,500
0
1,533,311
2,478
1,530,833
999,754

3,050,989
426,985
2,624,004
2,971,848
2,767,606
204,242
79,140
115,536
19,022
96,514
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
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
550,330
549,759
4,952
15,722
1,250
0
310,567

2,684,459
760,249
1,924,210
2,405,538
2,045,257
360,281
278,921
435,605
10,833
424,772
95,237
94,776
12,124
10,000
625
0
1,207,613

2,684,459
760,249
1,924,210
2,405,538
2,045,257
360,281
278,921
435,605
10,833
424,772
95,237
94,776
12,124
10,000
625
0
1,207,613

2,684,459
760,249
1,924,210
2,405,538
2,045,257
360,281
278,921
435,605
10,833
424,772
95,237
94,776
12,124
10,000
625
0
1,207,613

4,032,116
1,263,841
32,776
5,084,832
84,792

3,982,756
1,246,543
17,747
5,082,766
129,650

6,892,857
4,211,340
(12,021)
5,069,542
85,797

4,943,719
2,311,589
1,499
4,583,341
108,645

4,943,719
2,311,589
1,499
4,583,341
108,645

4,943,719
2,311,589
1,499
4,583,341
108,645

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
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
-8.62
2,069.15

1.04
3.55
178.87
0.28
1.40
89.61
2.76
0.12
0.47
0.20
3.40
1.84
1.13
0.45
1.70
2,036.45

1.04
3.55
178.87
0.28
1.40
89.61
2.76
0.13
0.48
0.25
3.40
1.84
1.13
0.45
1.70
2,036.45

1.04
3.55
178.87
0.28
1.40
89.61
2.76
0.13
0.48
0.25
3.40
1.84
1.13
0.45
1.70
2,036.45

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

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
27.22
2,146.32

51

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fatima Enterprises Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

4,153,484
3,693
6,043,626
4,044,564
163,411
0
58,459
46,768
4,631,702
28,895
2,692,314
464,806
0
1,445,687
5,243,881
3,342,994
1,900,887
1,603,408
671,997
859,586
0
31,662
40,163
1,937,897
142,310
142,310
0
861,808
18,648
843,160
933,779

3,976,221
3,693
5,962,884
3,864,055
161,324

682,218
18,648
663,570
933,779

7,993,390
3,693
8,656,441
6,417,427
157,626
0
1,523,967
48,303
3,353,650
40,373
1,832,517
233,499
0
1,247,261
4,063,147
2,088,544
1,974,603
1,981,178
668,519
1,229,123
0
43,734
39,802
5,302,715
142,310
142,310
0
916,317
18,648
897,669
4,244,088

7,654,539
5,868,803
1,785,736
6,735,425
6,679,554
55,871
919,114
154,693
0
154,693
797,091
769,939
501,666
336
0
0
2,327,189

7,894,355
6,301,113
1,593,242
6,908,250
6,410,104
498,146
986,105
121,007
0
121,007
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
633,001
593,253
208,784
92,880
0
0
809,436

5,839,671
3,568,217
2,271,454
5,375,595
5,183,429
192,166
464,076
96,174
0
96,174
548,939
522,384
(186,078)
58,397
0
0
677,619

6,192,425
3,690,480
2,501,945
5,816,257
5,351,597
464,660
376,168
102,993
0
102,993
448,377
423,540
(138,407)
30,962
0
0
970,228

4,071,013
2,841,406
1,229,607
4,469,496
3,518,018
951,478
(398,483)
107,365
0
107,365
322,967
306,923
230,232
40,710
0
0
476,181

3,894,576
1,393,675
501,330
5,324,798
228,531

4,043,872
1,301,973
222,491
4,491,656
566,263

3,859,188
1,035,428
115,904
4,610,911
492,401

3,541,305
671,997
(244,475)
4,014,991
376,002

3,538,391
526,113
(169,369)
3,114,899
431,823

7,283,893
668,519
189,522
2,757,063
292,751

0.10
10.41
4.34
0.84
0.89
87.99
3.98
5.70
35.48
16.12

0.12
7.79
5.74
0.94
0.93
87.51
3.05
2.99
13.41
6.58

0.11
6.82
5.15
1.06
0.90
89.70
3.01
2.44
9.83
5.28

0.09
9.40
7.96
0.66
0.88
92.05
3.53
-2.12
-9.03
-5.03

0.08
7.24
4.81
0.77
0.90
93.93
3.60
-1.64
-7.49
-3.91

0.07
7.93
5.74
0.36
0.83
109.79
1.14
2.37
6.52
4.25

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

2014

58,159
50,314
4,112,679
47,109
2,599,932
298,019
0
1,167,619
4,550,509
2,588,786
1,961,723
1,780,084
526,113
1,168,253
0
45,916
39,802
1,758,307
142,310
142,310

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

52

2.32
1.65
6.55
35.23
128.52

2.95
1.44
3.31
15.63
145.21

3.31
1.35
2.25
8.14
153.35

2.17
0.64
-3.19
-17.18
136.17

2.38
0.67
-2.24
-11.90
123.55

2.22
1.75
5.66
13.32
372.62

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fazal Cloth Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

7,450,116
24,558
8,253,593
5,921,186
266,402
6,221
1,483,753
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
5,485,257
437,552
187,552
250,000
2,625,364
177,616
2,447,748
2,422,341

8,252,260
156,084
9,517,636
6,908,779
286,795
4,539
1,156,822
26,037
6,184,362
191,635
3,410,214
1,767,710
0
814,802
5,444,033
4,546,984
897,049
3,345,622
2,229,955
0
0
71,446
1,044,221
5,646,967
362,552
187,552
175,000
3,091,916
473,780
2,618,136
2,192,499

13,027,650
162,920
14,096,422
11,092,154
411,216
3,398
1,743,404
25,774
6,740,679
71,988
3,774,011
2,012,188
170,497
711,995
5,499,184
4,447,019
1,052,165
5,418,396
3,866,789
0
0
85,598
1,466,009
8,850,749
401,000
226,000
175,000
4,748,042
1,036,666
3,711,376
3,701,707

14,299,878
333,524
16,240,501
12,117,468
534,556
3,628
1,817,108
28,150
9,102,759
217,398
5,928,619
1,995,628
190,495
770,619
7,072,181
5,224,869
1,847,312
6,528,054
4,717,122
0
0
130,453
1,680,479
9,802,402
250,000
250,000
0
5,988,888
1,048,576
4,940,312
3,563,514

17,676,319
301,839
19,994,091
15,259,406
616,412
1,188
2,079,794
34,092
12,279,709
360,063
6,549,617
3,104,021
227,268
2,038,740
10,099,035
7,972,125
2,126,910
8,926,561
7,509,412
0
0
159,337
1,257,812
10,930,432
300,000
300,000
0
7,189,609
1,311,261
5,878,348
3,440,823

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
752,731
704,898
179,526
37,653
0
0
746,180

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
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
816,526
724,176
1,001,407
132,021
93,776
38,448
(130,445)

19,750,444
11,470,375
8,280,069
16,919,254
12,671,610
4,247,644
2,831,190
522,418
242,625
279,793
1,103,134
1,049,352
1,648,622
202,835
45,200
23,956
805,343

20,558,588
11,886,826
8,671,762
17,668,351
13,001,668
4,666,683
2,890,237
590,646
256,770
333,876
1,053,256
937,801
1,466,971
62,014
62,500
50,000
105,464

23,950,709
14,997,444
8,953,265
21,496,409
16,500,873
4,995,536
2,454,300
600,609
266,112
334,497
1,332,564
1,223,254
761,287
254,639
75,000
0
(1,490,291)

6,654,715
1,688,473
141,873
4,355,098
508,179

8,237,329
1,645,081
369,336
4,265,583
707,712

8,992,589
2,229,955
775,610
6,776,939
819,147

14,269,145
3,866,789
1,400,587
8,313,808
994,056

16,330,456
4,717,122
1,342,457
9,941,991
1,473,196

19,856,993
7,509,412
431,648
15,481,537
1,714,202

0.26
8.70
8.54
0.88
1.14
86.17
1.46
1.84
4.56
2.75

0.28
5.54
7.88
0.95
1.22
85.97
1.15
6.76
15.40
9.79
2.97
4.24
2.31
6.50
29.69
292.47

0.36
4.31
9.34
1.31
1.14
89.30
1.56
7.64
17.99
11.62
9.27
5.55
2.38
5.29
46.35
301.09

0.41
5.59
10.19
1.00
1.23
85.67
1.23
9.64
22.74
14.17
31.99
5.23
2.57
8.35
63.97
391.63

0.34
5.12
9.71
0.88
1.29
85.94
1.39
6.80
15.73
9.59
22.48
3.47
2.56
7.14
56.20
392.10

0.37
5.56
12.96
0.80
1.22
89.75
1.74
2.85
7.34
4.21
6.76
3.66
1.62
3.18
16.89
364.35

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.89
1.25
2.08
7.56
212.50

53

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fazal Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,305,283
1,100,859
3,298,307
2,197,596
86,455
0
5,569
1,259
1,920,667
13,054
911,268
792,566
0
203,779
2,739,741
2,298,313
441,428
741,605
0
675,000
0
39,898
26,707
1,744,604
61,875
61,875
0
1,676,194
34,416
1,641,778
6,535

4,693,414
1,969,546
3,878,659
2,704,638
160,816
0
17,971
1,259
2,743,921
19,325
1,285,971
1,154,876
0
283,749
3,038,175
2,385,064
653,111
2,253,965
1,500,000
675,000
0
60,460
18,505
2,145,195
61,875
61,875
0
2,087,073
34,416
2,052,657
(3,753)

5,630,138
2,353,527
4,510,867
3,264,436
210,878
0
10,976
1,199
2,078,565
89,310
754,167
860,014
0
375,074
3,690,380
3,187,668
502,712
1,792,892
1,500,000
425,000
0
82,083
(214,191)
2,225,431
61,875
61,875
0
2,174,437
34,416
2,140,021
(10,881)

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
120,819
109,749
48,218
29,324
9,281
0
704,036

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
37,385
27,550
675,792
42,140
61,875
0
120,197

5,775,193
2,082,804
3,692,389
5,076,895
4,217,740
859,155
698,298
273,359
210,813
62,546
43,331
23,737
393,626
59,230
37,125
0
(72,531)

4,698,249
1,927,707
2,770,542
4,303,727
3,019,304
1,284,423
394,522
214,330
155,229
59,101
22,854
9,126
162,918
46,988
24,750

5,909,410
2,283,588
3,625,822
5,089,069
3,769,133
1,319,936
820,341
280,506
194,889
85,617
89,656
34,521
457,306
16,521
30,938

6,536,510
3,023,785
3,512,725
5,966,619
4,391,803
1,574,816
569,891
245,833
137,901
107,932
148,224
133,843
200,914
42,252
30,938

(402,900)

(21,931)

1,010,687

1,818,788
1,000,000
9,613
1,356,753
219,861

1,454,697
0
571,777
1,564,764
266,162

1,732,506
0
297,271
1,710,991
301,739

2,486,209
0
91,180
2,298,313
336,842

4,399,160
1,500,000
409,848
3,885,064
448,481

4,018,323
1,500,000
127,725
4,687,668
490,997

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
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
102.41
218.39

0.27
0.75
11.66
1.35
0.67
87.91
1.60
9.90
26.29
24.70
9.01
6.85
17.58
6.82
54.04
265.61

0.29
0.49
16.87
0.90
0.70
91.60
2.00
3.43
9.62
7.72
4.68
5.16
18.85
3.47
18.74
281.96

0.39
1.52
19.54
0.79
0.90
86.12
2.47
7.22
23.51
13.28
14.25
4.60
14.25
7.74
71.24
346.70

0.26
2.27
13.16
0.85
0.56
91.28
2.46
2.65
9.19
4.77
5.13
8.67
2.50
3.07
25.64
359.67

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

54

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Feroze1888 Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,965,356
320,415
5,728,768
3,623,995
269,367
16,436
10
4,500
3,747,855
26,380
2,045,404
1,078,197
0
597,874
2,504,644
1,785,598
719,046
568,053
568,053
0
0
0
0
4,640,514
1,244,930
1,244,930
0
2,827,524
754,481
2,073,043
568,060

4,546,948
132,515
6,643,073
4,387,715
339,733
22,208
10
4,500
6,377,347
49,121
3,143,084
2,410,373
0
774,769
5,204,743
4,088,713
1,116,030
964,886
964,886
0
0
0
0
4,754,666
3,768,009
3,768,009
0
418,597
758,663
(340,066)
568,060

4,731,242
44,230
7,259,794
4,661,050
365,022
20,692
10
5,260
5,459,258
105,542
2,769,521
1,776,672
0
807,523
3,592,786
1,869,090
1,723,696
795,827
795,827
0
0
0
0
5,801,887
3,768,009
3,768,009
0
953,215
758,663
194,552
1,080,663

4,565,972
126,103
7,320,212
4,419,133
339,960
15,426
10
5,300
6,749,337
43,791
3,464,152
2,062,540
0
1,178,854
3,963,685
2,258,824
1,704,861
606,252
606,252
0
0
0
0
6,745,372
3,768,009
3,768,009
0
1,896,701
758,663
1,138,038
1,080,662

5,226,510
582,312
7,830,427
4,628,557
354,113
10,283
10
5,348
7,414,038
233,902
3,133,460
2,630,993
0
1,415,683
4,027,760
1,313,872
2,713,888
472,093
472,093
0
0
0
0
8,140,695
3,768,009
3,768,009
0
3,292,024
758,663
2,533,361
1,080,662

1,749,088
204,456
1,544,631
1,500,444
719,181
781,263
248,644
186,941
112,719
74,222
50,877
30,393
10,631
17,500
0
0
(76,646)

1,771,989
162,158
1,609,831
1,448,441
871,321
577,120
323,548
147,744
84,548
63,196
30,758
318
137,249
17,516
248,986
0
(46,145)

11,719,942
199,308
11,520,634
9,594,424
6,501,929
3,092,495
2,125,518
823,825
350,338
473,487
405,385
413,880
896,308
118,550
753,602
0
(1,185,951)

13,272,199
168,040
13,104,159
11,373,914
6,787,722
4,586,192
1,898,285
874,752
357,355
517,397
345,788
379,900
677,745
142,602
753,602
0
2,618,520

13,484,144
(466,645)
13,950,789
10,917,659
6,889,383
4,028,276
2,566,485
963,355
387,507
575,848
217,046
245,891
1,386,084
140,449
1,130,403
130,484

17,697,272
(535,267)
18,232,539
14,351,704
8,563,437
5,788,267
3,345,568
1,122,346
442,629
679,717
331,545
216,518
1,891,677
194,205
1,695,604
0
2,706,627

1,807,492
486,014
(6,869)
897,828
220,371

5,208,567
568,053
(129,253)
2,353,651
183,528

5,719,552
964,886
24,156
5,053,599
816,134

6,597,714
795,827
(218,459)
2,664,917
841,617

7,351,624
606,252
115,232
2,865,076
979,975

8,612,788
472,093
1,868
1,785,965
1,087,613

0.75
2.91
15.51
0.71
1.41
85.78
0.85
0.46
1.36
0.81

0.44
1.74
60.85
0.23
1.50
81.74
0.66
2.70
4.60
3.91
0.48
0.87
432.59
7.75
0.96
37.28

0.47
3.46
20.57
1.07
1.23
81.86
1.30
9.62
19.08
16.40
1.03
3.73
3.17
7.65
2.06
12.62

0.52
2.61
13.39
1.30
1.52
85.70
0.76
6.42
12.84
11.00
0.71
4.79
2.78
5.11
1.42
15.40

0.53
1.61
15.30
1.19
1.70
80.97
0.68
12.89
22.09
19.87
1.10
3.89
6.64
10.28
3.31
17.90

0.71
1.87
14.87
1.40
1.84
81.10
0.55
15.79
25.42
23.70
1.00
5.65
9.74
10.69
4.50
21.60

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

6.63
1.35
0.61
-0.09
17.64

55

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gadoon Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

4,898,236
204,469
8,349,267
4,678,100
290,787
0
0
15,667
5,380,582
255,211
3,297,286
902,934
25,429
899,722
4,673,192
3,534,331
1,138,861
396,786
44,533
0
0
146,895
205,358
5,208,840
234,375
234,375
0
4,974,465
103,125
4,871,340
0

6,761,197
145,845
9,538,214
5,356,683
521,590
0
1,230,711
27,958
7,002,605
480,240
4,149,820
1,172,120
37,612
1,162,813
7,049,549
5,850,552
1,198,997
529,415
26,719
0
0
168,521
334,175
6,184,838
234,375
234,375
0
5,950,463
103,125
5,847,338
0

7,387,695
631,034
10,033,326
5,366,017
558,815
0
1,358,798
31,846
8,717,727
331,879
5,699,647
1,079,098
49,008
1,558,095
8,910,484
7,614,133
1,296,351
695,361
8,905
0
0
218,333
468,123
6,499,577
234,375
234,375
0
6,265,202
103,125
6,162,077
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
620,007
463,911
(297,072)
47,290
0
0
997,762

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
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
147,806
338,304
2,169,597
0
234,375
0
259,765

13,570,317
7,201,922
6,368,395
12,418,585
9,590,951
2,827,634
1,151,732
468,428
247,125
221,303
295,604
257,465
654,466
0
175,781
0
1,494,422

18,673,753
9,854,296
8,819,457
16,427,295
12,451,357
3,975,938
2,246,458
631,453
328,392
303,061
434,061
409,081
1,254,115
0
292,969
0
447,382

20,066,084
11,047,830
9,018,254
18,133,918
13,853,693
4,280,225
1,932,166
607,534
306,987
300,547
739,638
740,764
739,149
20,235
117,188
0
(578,231)

3,087,652
897,974
(344,362)
2,716,639
489,003

3,718,231
630,161
710,625
2,191,051
704,999

5,169,221
62,347
1,935,222
4,459,119
943,571

5,605,626
44,533
478,685
3,578,864
819,724

6,714,253
26,719
961,146
5,877,271
1,231,855

7,194,938
8,905
601,727
7,623,038
1,254,254

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
37.32
119.56

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
92.57
204.56

0.25
2.18
6.65
1.32
1.15
91.51
0.97
6.15
13.09
12.15
3.72
4.12
3.54
4.82
27.92
222.24

0.24
2.32
6.28
1.36
0.99
87.97
1.23
10.43
22.01
20.36
4.28
4.50
4.07
6.72
53.51
263.89

0.16
3.69
5.38
1.25
0.98
90.37
1.48
4.95
11.65
10.63
6.13
3.52
2.00
3.68
30.67
277.32

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.66
0.36
-4.16
-14.69
84.22

56

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ghazi Fabrics International Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,133,033
0
2,940,326
1,120,081
125,601
0
0
12,952
1,232,035
15,060
771,887
253,366
0
191,722
1,282,175
906,758
375,417
1,144,514
182,280
877,965
0
32,371
51,898
(61,621)
326,356
326,356
0
(387,977)
0
(387,977)

1,208,347
17,726
2,404,834
1,177,669
108,266
0
0
12,952
1,567,335
1,617
1,037,516
332,916
0
195,286
1,458,025
1,112,125
345,900
1,320,609
222,922
1,032,743
0
45,659
19,285
(2,952)
326,356
326,356
0
(329,308)
0
(329,308)

1,583,324
113,381
2,736,472
1,456,991
119,013
0
0
12,952
1,687,719
4,452
1,069,597
362,413
0
251,257
1,578,780
1,174,456
404,324
1,673,023
528,666
1,091,005
0
40,190
13,162
19,240
326,356
326,356
0
(307,116)
0
(307,116)

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
161,632
153,372
(130,636)
15,373
0
0
(174,359)

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
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
161,934
150,762
309,564
66,130
32,636
0
188,041

4,847,590
2,194,279
2,653,311
4,555,985
3,474,733
1,081,252
291,605
292,954
164,976
127,978
125,690
113,095
(113,017)
48,461
0
0
129,591

5,381,510
1,838,422
3,543,088
4,848,050
3,567,884
1,280,166
533,460
327,238
211,943
115,295
138,961
122,454
79,393
43,797
0
0
(222,383)

5,338,764
1,435,100
3,903,664
4,822,883
3,563,108
1,259,775
515,881
318,090
202,177
115,913
193,628
172,328
31,237
39,024
0
0
56,205

1,366,506
363,546
(146,008)
1,359,157
226,565

1,184,025
247,394
62,235
1,282,423
256,283

1,369,794
124,575
210,799
1,119,012
308,699

1,082,893
182,280
(161,478)
1,089,038
297,448

1,317,657
222,922
35,596
1,335,047
376,639

1,692,263
528,666
(7,787)
1,703,122
414,316

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
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
7.46
8.24

0.21
2.59
5.23
2.05
0.96
93.98
-39.38
-4.40
-109.01
-9.22

0.23
2.58
6.19
1.94
1.07
90.09
-941.27
3.09
-245.90
6.61

0.23
3.63
6.79
1.63
1.07
90.34
169.01
1.03
383.56
2.08

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.22
0.15
-4.22
-4.47
-1.10

57

6.28
0.00
-2.33
-4.95
-1.89

5.19
1.65
1.48
1.09
-0.09

4.99
1.18
0.59
-0.24
0.59

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Glamour Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

633,133
15,421
1,482,292
614,977
43,560
0
0
2,735
430,195
11,296
271,088
97,979
0
49,832
420,493
332,491
88,002
287,142
0
279,802
0
7,340
0
355,693
116,400
116,400
0
(67,224)
0
(67,224)
306,517

596,459
310
1,503,734
590,732
45,689
0
0
5,417
352,302
9,196
159,454
131,153
0
52,499
275,201
146,436
128,765
143,317
0
129,802
0
13,515
0
530,243
266,400
266,400
0
(29,283)
0
(29,283)
293,126

809,978
740
1,850,217
803,523
46,218
0
0
5,715
437,742
8,651
187,058
159,665
0
82,368
336,204
223,402
112,802
222,238
0
129,802
0
16,406
76,030
689,278
266,400
266,400
0
116,708
0
116,708
306,170

995,547
203,032
1,891,022
786,800
61,089
0
0
5,715
442,838
12,561
171,887
148,190
0
110,200
424,090
176,602
247,488
355,257
100,800
169,802
0
17,736
66,919
659,038
266,400
266,400
0
96,999
0
96,999
295,639

868,203
812,314
55,889
815,897
599,358
216,540
52,306
17,816
9,395
8,421
58,073
56,479
(23,014)
419
0
0
82,793

1,358,437
1,099,599
258,838
1,145,840
869,847
275,993
212,597
55,396
23,260
32,136
49,360
46,575
108,139
8,264
0
0
134,933

2,072,441
1,483,822
588,619
1,915,948
1,704,903
211,045
156,493
50,266
36,127
14,139
74,185
66,329
32,845
21,575
0
0
(79,593)

2,050,235
1,508,939
541,296
1,890,612
1,456,430
434,182
159,623
55,311
39,914
15,397
56,327
49,007
49,066
20,507
26,640
0
136,280

2,322,848
1,167,742
1,155,106
2,029,727
1,596,494
433,233
293,121
88,822
55,456
33,366
58,646
58,028
146,639
10,846
0
0
118,919

2,406,964
1,607,861
799,103
2,323,601
1,772,891
550,710
83,363
68,293
44,054
24,239
48,563
46,502
(27,995)
20,815
0
0
4,831

490,379
0
(23,433)
265,797
60,240

649,652
0
99,875
147,807
87,134

642,835
0
11,270
332,491
86,515

673,560
0
1,919
146,436
93,533

911,516
0
135,793
223,402
127,013

1,014,295
100,800
(48,810)
277,402
124,293

0.34
6.69
11.56
1.10
0.82
93.98
3.24
-2.75
-11.61
-4.68

0.51
3.63
6.52
1.62
1.40
84.35
1.44
13.26
40.73
18.97

0.26
3.58
4.73
1.95
1.02
92.45
1.99
3.45
9.38
5.08

0.51
2.75
6.40
2.16
1.28
92.21
0.79
4.88
11.08
7.45
1.07
12.86
2.00
2.39
1.07
19.90

0.50
2.52
6.87
1.86
1.30
87.38
0.81
13.35
24.05
18.50

0.38
2.02
6.16
1.67
1.04
96.54
1.18
-2.08
-4.15
-2.91

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

58

7.79
0.59
-2.65
-2.01
16.03

10.59
3.32
7.96
8.58
29.59

7.64
1.50
1.58
0.97
30.56

12.42
3.53
6.31
5.10
25.87

14.00
0.40
-1.16
-1.83
24.74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Globe Textile Mills (OE) Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

158,371
0
382,170
149,590
14,609
0
0
8,781
114,283
2,821
28,516
49,646
0
33,300
109,814
27,326
82,488
137,962
56,654
72,865
0
0
8,443
24,878
46,621
46,621
0
(38,305)
0
(38,305)
16,562

174,661
0
405,055
165,881
16,540
0
0
8,780
109,016
3,876
30,961
36,958
0
37,221
130,046
27,890
102,156
128,457
51,606
67,563
0
0
9,288
25,174
46,621
46,621
0
(38,009)
0
(38,009)
16,562

162,352
0
403,545
151,171
14,802
0
0
11,181
104,780
589
17,374
55,471
0
31,346
148,732
34,147
114,585
105,244
38,308
65,058
0
0
1,878
13,156
46,621
46,621
0
(50,027)
0
(50,027)
16,562

206,893
206,893
0
183,194
104,008
79,186
23,699
11,441
1,416
10,025
11,674
11,376
752
0
0
0
29,649

390,301
390,301
0
346,080
239,832
106,248
44,221
19,955
1,960
17,996
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
14,979
14,164
8,324
6,324
0
0
46,876

611,225
611,225
0
566,119
429,476
136,643
45,106
25,783
3,419
22,364
21,174
19,915
1,587
6,112
0
0
4,594

776,402
776,402
0
731,237
578,343
152,894
45,165
31,822
5,892
25,930
10,747
9,707
4,986
3,882
0
0
42,569

544,726
544,726
0
525,766
358,928
166,838
18,960
29,092
4,912
24,180
6,479
5,788
(15,550)
5,447
0
0
13,641

195,005
105,002
752
175,559
25,998

189,693
91,942
5,555
110,347
43,706

147,068
48,082
2,000
80,543
56,052

162,840
56,654
(4,525)
83,980
56,208

153,631
51,606
1,104
79,496
76,428

118,400
38,308
(20,997)
72,455
74,057

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
2.19
4.51

0.60
2.60
10.48
2.31
0.90
91.98
9.65
3.28
37.40
4.94

0.48
3.46
8.12
2.24
1.04
92.62
9.96
0.61
6.56
1.02

0.31
1.38
4.76
2.74
0.84
94.18
10.27
1.79
19.92
3.15

0.38
1.19
10.18
2.04
0.70
96.52
19.30
-5.65
-81.14
-11.43

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

13.55
1.07
0.36
0.16
2.32

59

45.77
1.59
1.44
0.43
5.04

21.43
1.08
0.26
-0.97
5.34

25.08
1.51
0.64
0.24
5.40

31.35
-1.69
-2.85
-4.50
2.82

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Globe Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

196,852
0
679,353
132,684
33,171
0
0
64,168
185,613
13
0
82,270
0
103,330
360
0
360
0
0
0
0
0
0
382,105
163,664
163,664
0
218,441
0
218,441
0

164,709
0
679,353
106,147
26,537
0
0
58,562
20,921
28
0

0
0
0
42,376
0
42,376
(42,376)
50,885
10,108
40,777
0
0
533,633
0
0
0
43,778

0
0
0
22,985
0
22,985
(22,985)
7,894
0
7,894
11
0
(30,591)
0
0
0
(2,648)

0
0
0
41,226
0
41,226
(41,226)
5,479
0
5,479
3
0
(44,570)
0
0
0
(2,470)

0
0
0
32,937
0
32,937
(32,937)
4,608
0
4,608
4
0
(35,604)
0
0
0
(2,232)

0
0
0
26,375
0
26,375
(26,375)
171,661
0
171,661

492,871
0
533,633
0
18,998

462,280
0
(30,591)
0
1,174

417,709
0
(44,570)
0
1,743

183.78

394.58

0.00
397.20

0.00
875.04

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

2014

20,893
284
0
284
0
0
0
0
0
0
185,346
163,664
163,664
0
21,682
0
21,682
0

135,380
0
679,353
84,917
21,230
0
0
50,463
13,222
79
0
0
0
13,143
392
0
392
0
0
0
0
0
0
148,210
163,664
163,664
0
(15,454)
0
(15,454)
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
0
(5,591)

0
0
0
21,114
0
21,114
(21,114)
16,240
0
16,240
2
0
(36,769)
0
0
0
(5,665)

382,105
0
(35,604)
0
1,325

185,346
0
(196,759)
0
1,540

148,210
0
(36,769)
0
1,545

226.97

228.56

0.10

0.20

0.00
509.99

0.00
515.59

0.00
73.67

0.00
33.73

0
(196,759)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

60

0.00
86.53
236.06
116.95

0.00
-6.40
-6.41
-6.41

0.00
-10.12
-10.13
-10.13

0.00
-8.90
-8.90
-8.90

0.00
-69.27
-69.35
-69.35

0.00
-22.00
-22.05
-22.05

32.61
30.11

-1.87
28.25

-2.72
25.52

-2.18
23.35

-12.02
11.32

-2.25
9.06

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gulistan Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,651,809
0
1,657,187
1,637,134
23,422
0
12,667
2,008
487,817
12,495
339,813
69,173

(1,299,771)
25,000
(1,324,771)
1,039,009

(1,361,388)
25,000
(1,386,388)
857,979

(1,365,273)
24,999
(1,390,272)
777,043

1,371,414
716,862
654,551
1,136,128
935,662
200,466
235,285
65,845
38,663
27,182
158,385
154,843
20,710
8,015
0
13,310
(176,935)

1,851,263
967,688
883,575
1,537,307
1,196,439
340,869
313,956
78,369
44,954
33,415
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
174,467
169,121
85,841
25,114
14,641
0
(115,597)

1,602,248
907,353
694,895
2,839,549
2,053,879
785,670
(1,237,301)
133,884
46,417
87,467
122,764
122,347
(1,542,028)
6,922
0
0
(412,153)

603,482
455,106
148,376
657,410
294,498
362,912
(53,928)
53,913
9,301
44,612
14,330
13,067
(116,337)
1,570
0
0
(446)

316,169
316,169
0
399,217
142,198
257,019
(83,048)
27,434
320
27,114
5,897
4,575
(110,351)
0
0
0
27,043

558,400
80,182
12,695
1,054,721
82,206

596,279
36,618
64,465
982,166
99,135

633,515
16,107
46,086
1,067,008
98,715

232,470
0
(1,548,950)
1,440,756
106,708

116,510
0
(117,907)
1,436,215
121,350

76,272
0
(110,351)
1,336,204
88,971

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
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
4.15
31.90

0.04
7.66
4.32
0.75
0.26
177.22
-19.71
-74.47
-874.33
-356.13

0.04
2.37
10.96
0.31
0.20
108.94
-6.50
-5.67
49.36
-66.67

0.02
1.87
7.29
0.17
0.18
126.27
-5.22
-5.77
27.63
-114.48

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

2014

1,595,232
0
1,661,309
1,584,121
57,622
0
9,838
1,273
368,855
6,594
238,102
66,125

66,336
1,907,156
1,440,756
466,400
346,822

58,034
1,847,577
1,436,215
411,362
473,509

103,000

103,000

243,822
(114,352)
146,410
146,410

21,586
348,923
(356,999)
146,410
146,410

1,545,371
0
1,663,091
1,531,855
54,559
0
10,736
2,780
316,992
5,326
232,264
23,038
0
56,364
1,786,091
1,336,204
449,887
518,092
0
177,818
0
14,276
325,998
(441,820)
146,410
146,410

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.07
1.13
1.51
0.95
26.57

61

4.72
-11.60
-96.24
-105.80
-7.81

2.53
-7.90
-19.28
-8.05
-24.38

1.36
-23.12
-34.90
-7.54
-30.18

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gulistan Textile Mills Ltd.

2009

2010

2011

2012

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

6,668,624
9,648
6,150,342
6,066,071
110,526
0
584,554
8,351
2,313,505
53,213
1,196,782
521,421

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
832,459
772,542
27,837
15,543
0
17,258
(1,197,715)

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
876,279
824,761
311,729
49,563
18,984
0
302,116

3,380,022
708,593
12,294
5,877,402
275,696
0.21
15.87
22.92
0.57
0.96
80.03
2.69
0.33
1.10
0.85

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

2014

(Thousand Rupees)
2013
2014
6,091,266
0
6,152,869
5,925,854
148,189
0
156,977
8,435
1,757,691
38,879
1,118,659
297,739

5,809,555
0
6,155,610
5,795,845
143,693
0
5,275
8,435
1,122,475
36,487
742,850
115,179

542,089
8,574,728
7,024,098
1,550,630
1,286,075

302,414
8,764,947
7,081,290
1,683,657
1,628,847

227,959
8,040,373
6,675,076
1,365,297
1,581,477
0
423,800

423,800

423,800

77,804
784,471
(878,674)
189,839
189,839

103,752
1,101,295
(2,544,837)
189,839
189,839

117,538
1,040,139
(2,689,820)
189,839
189,839

(7,066,020)
379,080
(7,445,100)
5,997,507

(7,784,022)
379,080
(8,163,102)
5,049,346

(5,642,377)
379,080
(6,021,457)
2,762,718

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
929,840
893,570
332,244
81,345
18,984
0
(626,864)

5,689,049
3,831,777
1,857,272
10,163,855
7,024,544
3,139,311
(4,474,806)
1,963,909
152,821
1,811,088
660,447
628,974
(9,411,034)
21,192

(708,475)

2,678,374
2,652,934
25,440
3,427,020
1,891,080
1,535,940
(748,646)
137,776
25,173
112,603
66,614
61,412
(1,129,379)
238
0
0
(190,963)

1,589,255
1,558,611
30,644
2,238,890
768,096
1,470,794
(649,635)
304,686
9,285
295,401
33,480
30,100
(203,539)
237
0
0
62,977

4,093,459
1,150,298
243,182
5,854,353
350,613

4,649,283
1,008,537
231,915
6,382,906
411,268

407,401
0
(9,432,226)
7,024,098
466,474

(915,990)
0
(1,129,617)
7,081,290
493,784

(1,108,343)
0
(203,776)
6,675,076
388,323

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
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
13.22
157.99

0.07
11.61
9.17
0.63
0.27
178.66
-11.22
-92.86
-887.61
-372.22

0.04
2.49
11.12
0.34
0.20
127.95
-4.08
-13.42
65.98
444.12

0.02
2.11
7.25
0.23
0.14
140.88
-3.58
-2.75
7.78
20.11

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.28
1.04
0.53
0.71
145.59

62

4.75
-13.96
-165.42
-496.85
-46.29

2.39
-17.39
-42.17
-59.50
-134.05

2.14
-5.76
-12.81
-10.73
-141.69

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gulshan Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

4,006,434
0
4,141,536
3,895,756
63,629
0
102,028
8,650
1,573,582
22,552
838,904
527,477
0
184,649
3,677,172
2,948,348
728,824
712,057
0
75,000
0
35,524
601,533
1,190,787
222,250
222,250
0
(1,526,099)
316,000
(1,842,099)
2,494,636

(1,723,164)
316,000
(2,039,164)
2,439,344

3,810,564
0
4,147,267
3,709,852
96,183
0
92,045
8,667
939,875
11,491
625,037
137,758
9,014
156,575
3,475,917
2,868,265
607,652
956,804
71,897
0
0
27,915
856,992
317,718
222,250
222,250
0
(1,868,322)
316,000
(2,184,322)
1,963,790

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
383,370
363,957
38,478
15,570
0
16,837
485,881

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
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
470,142
451,780
250,979
51,335
33,338
0
(65,188)

3,191,016
1,842,154
1,348,862
4,636,823
2,983,256
1,653,567
(1,445,807)
422,814
111,963
310,851
434,203
412,963
(2,560,206)
13,560
0
0
(170,976)

1,319,221
1,114,897
204,324
1,411,621
775,835
635,786
(92,400)
101,305
29,749
71,556
40,996
35,418
(212,082)
2,044
0
0
(67,070)

991,069
991,069
0
1,323,592
681,008
642,584
(332,523)
65,514
9,877
55,637
6,661
4,392
(208,803)
0
0
0
73,688

1,489,042
192,019
22,908
2,677,653
174,149

1,561,345
134,820
111,456
2,760,555
184,374

1,719,499
1,601
166,306
2,807,032
219,357

1,902,844
0
(2,573,766)
2,948,348
208,125

1,671,335
0
(214,126)
3,019,405
227,196

1,274,522
71,897
(208,803)
2,940,162
188,348

0.22
14.67
17.88
0.61
0.96
79.33
3.35
0.98
3.94
2.53

0.23
12.22
17.40
0.83
0.98
79.49
3.16
3.66
15.57
10.59
7.02
1.92
1.37
4.30
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
8.98
56.72

0.15
13.61
16.53
0.57
0.43
145.31
3.69
-49.10
-208.87
-141.36

0.11
3.11
28.14
0.25
0.38
107.00
4.60
-3.91
-19.92
-11.87

0.05
0.67
13.90
0.21
0.27
133.55
13.95
-4.17
-33.24
-14.18

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

2014

3,903,943
0
4,147,325
3,803,786
99,599
0
91,490
8,667
1,354,589
17,491
804,480
371,254

161,364
3,587,197
3,019,405
567,792
732,905
0
75,000
0
48,778
609,127
938,430
222,250
222,250

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.43
1.11
1.47
1.36
58.58

63

3.80
-5.20
-80.23
-115.80
53.58

1.64
-4.99
-16.08
-9.63
42.22

1.59
-46.54
-21.07
-9.39
14.30

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hafiz Ltd. (Formerly Hafiz Textile Mills Ltd.)

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
78,501
0
78,272
0
228
1
5,370
12,000
12,000
0
(88,468)
0
(88,468)
81,838

86,423
0
173,131
86,423
1,764
0
0

0
0
0
0
0
0
0
4,411
0
4,411
20
0
7,189
665
900
0
(56,950)

0
0
0
0
0
0
0
4,121
0
4,121
15
0
3,962
775
0
0
6,489

0
0
0
0
0
0
0
4,933
0
4,933
22
0
4,493
1,046
0
0
5,094

0
0
0
0
0
0
0
5,454
0
5,454
18
0
8,015
1,286
1,800
0
6,921

0
0
0
0
0
0
0
6,133
0
6,133
6
0
6,071
1,206
2,400
0
7,316

0
0
0
0
0
0
0
4,564
0
4,564
26
0
21,285
2,401
1,800

85,454
0
5,624
0
621

85,124
0
3,188
0
630

83,871
0
3,447
0
592

85,458
0
4,929
0
480

379,086
0
2,465
0
463

389,427
0
17,084
0
503

0.07

0.36

0.43

0.64

1.09

0.49

0.00
0.17

0.00
0.47

0.00
0.55

0.00
0.86

0.00
1.26

0.00
0.64

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

2014

5,888
4,385
0
0
0
1,503
6,853
0
6,853
73,262
0
73,022
0
240
0
12,196
12,000
12,000
0
(80,533)
0
(80,533)
80,729

376,940
0
62,974
3,478
1,749
0
373,462
0
10,422
8,983
0
0
0
1,439
8,276

8,276
71,692
0
71,456
0
236
0
307,394
12,000
12,000
0
295,394
0
295,394
0

393,155
0
59,937
3,037
442
0
390,118
0
6,579
5,040
0
0
0
1,539
10,307
0
10,307
65,518
0
65,256
0
262
0
323,909
12,000
12,000
0
311,909
0
311,909
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

4,402

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

64

-71.87
7.76
-158.08
18.52
7.25

47.11
4.32
1,249.77
4.65

16.01
4.89
123.26
5.32

0.26
2.53
3.80
2.61
2.03

0.23
5.41
6.74
5.54
10.49

6.57
8.73
91.26
9.47
3.74

5.44
-1.07

2.66
1.60

2.87
4.48

5.61
10.16

4.05
256.16

15.74
269.92

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Haji Mohammad Ismail Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

213,440
0
380,797
212,829
1,294
0
0
611
58,096
3,854
786
35,623
70
17,763
103,769
48,338
55,431
45,623
0
31,381
0
289
13,953
122,144
119,750
119,750
0
(50,906)
0
(50,906)
53,300

0
0
611
52,376
35,491
0
5,198
1,324
10,363
9,000
4,154
4,846
0
0
0
0
0
0
43,987
119,750
119,750
0
(75,763)
0
(75,763)
0

45,779
45,779
0
46,439
14,761
31,678
(660)
2,651
58
2,593
9,962
9,750
(13,266)
0
0
0
7,830

27,900
27,900
0
27,467
743
26,724
433
1,759
0
1,759
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
4,417
4,192
(388)
279
0
0
4,860

22,655
22,655
0
28,037
0
28,037
(5,382)
2,078
0
2,078
780
764
(5,601)
0
0
0
14,576

1,587
1,587
0
2,673
0
2,673
(1,086)
40,953
0
40,953
954
873
(38,809)
0
0
0
(1,065)

(34,856)

195,520
32,963
(13,266)
73,884
2,539

188,742
32,963
(5,461)
73,888
2,622

178,062
22,891
(667)
73,839
353

167,767
0
(5,601)
48,338
3,157

43,987
0
(38,809)
4,154
1,352

46,337
0
1,523
5,678
425

0.46
21.76
58.66
0.18
0.73
101.44
1.03
-4.88
-9.92
-7.39

0.51
15.07
102.91
0.11
0.74
98.45
0.96
-2.10
-4.19
-2.77

0.35
15.83
68.72
0.11
0.64
97.12
0.97
-0.15
-0.30
-0.21

0.38
3.44
157.24
0.08
0.56
123.76
1.22
-2.14
-4.48
-3.24

4.67
60.11
327.54
0.03
5.82
168.43
0.20
-23.92
-46.72
-36.65

6.47

-43.45
-2,445.43
-3.24
3.67

5.09

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

2014

611
0
380,686
0

50
0
0
0
0
0
0
50
53,665
635
0
0
47,120
5,910
7,378
5,678
1,700
0
0
0
0
0
0
46,337
119,751
119,751
0
(73,414)
0
(73,414)
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
0
0
0
0
0
0
3,244
0
3,244
519
516
2,109
586

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

65

29.94
-0.36
-28.98
-1.11
10.48

35.47
-0.42
-19.08
-0.46
10.73

35.47
0.91
-1.39
-0.06
10.67

28.82
-6.33
-24.72
-0.47
10.20

0.00
7.27

0.16
3.95
4.67
4.67

0.13
3.87

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hajra Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

466,671
0
856,147
463,115
20,243
0
5
3,551
136,292
141

447,323
0
856,147
443,765
19,349
0
7
3,551
136,302
151

136,151
517,300
295,727
221,573
363,123
4,070
340,348

136,151
557,337
297,547
259,790
358,148
2,250
340,931

18,705
(277,460)
137,500
137,500

14,967
(331,860)
137,500
137,500

776,073
776,073
0
782,176
598,177
183,999
(6,103)
37,906
6,084
31,822
35,019
32,719
(79,028)
0
0
0
(42,346)

1,007,563
1,007,563
0
992,832
762,879
229,953
14,731
14,698
3,247
11,451
27,226
25,993
(27,193)
5,047
0
0
(11,532)

418,581
168,605
(79,028)
299,912
83,741
0.02
4.51
0.64
1.08
0.64
100.79
-5.85
-11.31
74.58
-28.68

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

2014

(495,968)
10,313
(506,281)
81,008

(547,211)
10,313
(557,524)
77,851

524,711
6,508
1,131,876
515,009
56,623
0
0
3,194
362,242
51,693
184,897
50,974
0
74,678
364,785
214,588
150,197
265,046
42,769
120,823
0
91,883
9,571
257,122
99,200
99,200
0
157,922
0
157,922
0

1,211,958
1,211,958
0
1,211,586
948,608
262,978
372
19,486
3,346
16,140
30,464
29,719
(48,189)
12,140
0
0
(263)

373,603
373,603
0
453,708
307,450
146,258
(80,105)
8,049
889
7,160
46,582
45,941
(88,772)
3,746
0
0
(785)

0
0
0
0
0
0
0
20,033
0
20,033
38,107
38,107
(58,140)
0
0
0
(573)

1,981,874
1,930,837
51,037
1,806,487
1,312,155
494,332
175,387
89,280
20,393
68,887
42,820
40,676
44,723
89,847
0
0
89,847

404,960
169,742
(32,240)
299,797
86,494

200,105
25,433
(60,329)
299,797
98,997

85,663
4,070
(92,518)
299,797
48,722

26,288
2,250
(58,140)
299,797
120

522,168
42,769
(45,124)
257,357
186,565

0.02
2.70
0.63
1.43
0.66
98.54
-5.07
-3.82
16.94
-6.60

0.08
2.51
3.31
1.71
0.44
99.97
-4.65
-6.82
26.27
-15.93

0.00
12.47
0.00
0.62
0.26
121.44
-3.17
-13.54
37.68
-62.13

0.00

-2.76
-9.80
19.08
-103.87

0.28
2.16
2.57
2.23
0.99
91.15
2.45
6.08
-119.68
16.31

-0.93
-23.76
-6.73
-20.18

-0.53

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

66

24.85
-1.42
-10.18
-5.75
-10.77

45.52
-0.05
-2.70
-2.34
-12.59

38.19
-0.62
-3.98
-4.39
-14.09

0.00
0.24

-4.23
-24.14

10.72
2.10
2.26
-4.55
25.92

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hala Enterprises Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

108,331
0
207,811
101,438
5,781
0
3,444
3,449
204,592
1,689
95,958
44,492
0
62,453
203,251
89,240
114,011
51,041
0
1,226
0
49,273
542
58,631
68,040
68,040
0
(64,436)
25,535
(89,971)
55,027

100,134
0
202,561
92,696
4,905
0
3,989
3,449
189,223
2,322
92,940
35,105
0
58,856
178,555
89,201
89,354
36,163
0
0
0
35,622
541
74,639
68,040
68,040
0
(47,552)
52,113
(99,665)
54,151

132,788
0
132,102
122,987
3,788
0
6,135
3,666
184,571
2,799
94,319
31,969
0
55,484
179,895
89,201
90,694
38,921
0
0
0
38,380
541
98,543
68,040
68,040
0
(61,274)
54,259
(115,533)
91,777

454,602
19,777
434,825
348,181
176,768
171,413
106,421
72,869
45,279
27,590
20,434
14,220
13,588
4,391
0
0
17,115

584,908
34,914
549,994
492,217
259,832
232,385
92,691
76,939
42,799
34,140
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
17,069
11,651
(31,704)
3,220
0
0
(2,321)

361,624
17,439
344,185
320,249
193,809
126,440
41,375
50,719
24,629
26,090
19,361
12,460
(24,542)
3,523
0
0
(7,178)

285,527
15,881
269,646
250,876
129,144
121,732
34,651
42,469
18,539
23,930
16,232
11,728
(23,192)
3,523

287,227
16,949
270,278
248,669
135,456
113,213
38,558
43,482
19,051
24,431
13,837
10,868
(14,091)
2,825

(19,291)

(952)

121,971
3,715
9,197
108,217
67,090

120,844
1,992
1,573
87,693
75,165

120,245
256
(34,925)
85,929
54,149

109,672
0
(28,065)
89,240
61,317

110,802
0
(26,715)
89,201
54,046

137,464
0
(16,916)
89,201
53,733

0.24
4.49
9.37
1.49
1.03
76.59
3.49
4.43
21.58
10.94

0.22
2.84
6.54
1.89
1.00
84.15
3.49
2.36
10.59
5.97

0.18
5.17
9.11
1.10
1.03
91.92
3.63
-10.37
-47.31
-26.30

0.23
5.35
12.30
1.16
1.01
88.56
4.34
-7.99
-39.70
-21.35

0.21
5.68
12.29
0.99
1.06
87.86
2.88
-7.70
-34.80
-21.04

0.19
4.82
11.13
0.91
1.03
86.58
2.22
-4.65
-17.87
-11.35

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

67

5.01
1.96
2.99
2.43
17.95

7.35
1.69
1.24
0.42
18.26

3.84
-1.72
-9.60
-5.13
9.56

3.77
-0.97
-6.79
-4.12
8.62

3.07
-0.98
-8.12
-3.93
10.97

3.05
-0.30
-4.91
-2.49
14.48

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hamid Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

245,240
0
408,253
245,240
13,860
0
0
0
50,351
4,044
15,560
9,390
0
21,357
249,238
74,781
174,457
236,882
5,469
225,886
0
5,527
0
(190,529)
132,716
132,716
0
(460,958)
0
(460,958)
137,713

231,716
0
407,432
231,716
13,302
0
0
0
44,187
5,453
8,477
7,366
0
22,891
258,149
77,184
180,965
233,891
1,094
225,886
0
6,911
0
(216,137)
132,716
132,716
0
(479,687)
0
(479,687)
130,834

15,494
194,272
78,277
115,995
60,197
0
38,500
0
6,439
15,258
290,750
132,716
132,716
0
(264,024)
0
(264,024)
422,058

250,142
250,142
0
272,022
176,497
95,525
(21,880)
10,432
1,600
8,832
14,902
14,646
68,660
618
0
0
100,909

326,255
326,255
0
326,997
226,144
100,853
(742)
12,454
2,799
9,655
12,090
11,869
(16,499)
1,683
0
0
(7,164)

313,791
313,791
0
325,482
221,777
103,705
(11,691)
13,964
2,791
11,173
12,272
12,032
(11,212)
3,138
0
0
(15,698)

116,767
116,767
0
125,297
45,370
79,927
(8,530)
10,264
772
9,492
10,716
10,499
(24,331)
1,170
0
0
(16,801)

136,880
136,880
0
136,492
37,927
98,565
388
9,938
256
9,682
2,847
2,598
437
684
0
0
11,946

251,942
251,942
0
250,582
104,895
145,687
1,360
9,923
607
9,316
1,264
1,004
(9,827)
2,519

21,984
20,469
68,042
103,128
30,581

67,827
12,515
(18,182)
88,640
34,079

46,353
5,469
(14,350)
80,250
3,913

17,754
1,094
(25,501)
78,278
25,751

350,947
0
(247)
78,277
36,223

336,004
0
(12,346)
84,009
40,762

0.06
5.96
6.01
0.92
0.32
108.75
-2.16
22.83
-30.80
-91.48

0.07
3.71
4.79
0.97
0.29
100.23
-2.91
-5.44
8.03
-36.74

0.05
3.91
2.99
1.06
0.20
103.73
-2.55
-3.55
6.11
-19.64

0.05
9.18
6.31
0.42
0.17
107.31
-2.28
-8.51
11.97
-75.91

0.05
2.08
6.48
0.25
0.16
99.72
0.88
0.11
1.17
0.24

0.21
0.50
18.37
0.45
0.33
99.46
1.15
-1.79
-3.59
-2.86

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

2014

514,787
0
702,623
514,787
12,120
0
0
0
30,432
62
6,004
8,872

482,467
0
707,083
482,467
36,780
0
0
0
71,608
257
8,915
46,291
0
16,145
218,071
84,009
134,062
78,678
0
34,784
0
7,579
36,315
257,326
132,716
132,716
0
(278,841)
0
(278,841)
403,451

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

20,813

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

68

5.41
5.69
27.45
5.13
-17.67

8.96
-0.39
-5.06
-1.37
-13.27

20.17
0.07
-3.57
-1.08
-14.36

13.77
-1.32
-20.84
-1.92
-16.29

22.80
1.17
0.32
-0.02
21.91

28.26
-8.79
-3.90
-0.93
19.39

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hira Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
200,377
20,500
0
13,064
108,289
1,526,317
715,520
715,520
0
744,904
82,500
662,404
65,893

2,040,735
7,024
2,491,522
1,638,156
84,756
0
364,770
30,785
1,921,574
36,295
1,478,486
147,274
0
259,519
2,050,797
1,720,778
330,019
316,954
143,884
63,300
0
15,485
94,285
1,594,558
715,520
715,520
0
813,145
82,500
730,645
65,893

2,409,673
10,185
2,842,058
1,946,354
89,501
0
421,091
32,043
2,033,590
21,411
1,545,711
131,419
0
335,049
2,221,571
1,695,262
526,309
526,686
258,195
174,900

2,524,728
1,660,526
864,202
2,132,457
1,355,538
776,919
392,271
81,231
41,594
39,637
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
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
326,067
303,084
276,694
46,994
71,552
0
42,507

4,087,240
757,745
3,329,495
3,534,210
2,566,554
967,656
553,030
141,531
63,685
77,846
295,903
272,359
171,746
105,155
71,552
0
105,155

3,985,373
456,596
3,528,777
3,441,951
2,696,165
745,786
543,422
144,804
72,921
71,883
298,442
277,620
158,455
256,901
0
71,552
256,901

4,775,199
847,234
3,927,965
4,328,582
3,331,369
997,213
446,617
129,623
54,092
75,531
285,867
274,279
105,974
4,492

1,494,321
295,752
1,878
1,679,363
152,248

1,646,455
186,297
186,451
1,566,592
198,376

1,868,548
200,377
158,148
1,795,265
210,141

1,911,512
143,884
(4,961)
1,864,662
217,131

2,221,692
258,195
(98,446)
1,953,457
271,604

2,214,621
165,560
101,482
1,976,442
280,047

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
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
3.21
21.33

0.09
7.24
3.60
1.03
0.94
86.47
1.48
4.42
11.01
9.09
0.93
2.76
1.63
4.20
0.93
22.29

0.07
7.49
3.30
0.90
0.92
86.36
1.62
3.77
9.63
7.67

0.07
5.99
2.99
1.06
0.89
90.65
1.47
2.37
6.02
4.78

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

2014

21,037
72,554
1,695,006
715,520
715,520

913,593
82,500
831,093
65,893

2,468,617
0
2,813,179
1,869,300
99,493
0
493,376
105,941
2,046,423
15,934
1,509,707
142,893
0
377,889
2,300,419
1,810,882
489,537
386,544
165,560
165,000
0
14,967
41,017
1,828,077
787,072
787,072
0
975,112
82,500
892,612
65,893

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

71,515

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.08
1.04
0.48
0.03
15.78

69

2.58
1.57
3.98
-1.38
23.69

3.16
1.39
2.22
1.29
23.23

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Husein Industries Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

695,079
0
1,474,537
666,793
43,162
0
569
27,717
1,379,305
1,980
527,290
714,447
0
135,588
423,965
148,542
275,423
1,454,199
1,440,897
0
0
13,302
0
196,220
106,259
106,259
0
(243,754)
33,858
(277,612)
333,715

695,079
0
1,474,537
666,793
43,162
0
569
27,717
1,379,305
1,980
527,290
714,447
0
135,588
423,965
148,542
275,423
1,454,199
1,440,897
0
0
13,302
0
196,220
106,259
106,259
0
(243,754)
33,858
(277,612)
333,715

695,079
0
1,474,537
666,793
43,162
0
569
27,717
1,379,305
1,980
527,290
714,447
0
135,588
423,965
148,542
275,423
1,454,199
1,440,897
0
0
13,302
0
196,220
106,259
106,259
0
(243,754)
33,858
(277,612)
333,715

695,079
0
1,474,537
666,793
43,162
0
569
27,717
1,379,305
1,980
527,290
714,447
0
135,588
423,965
148,542
275,423
1,454,199
1,440,897
0
0
13,302
0
196,220
106,259
106,259
0
(243,754)
33,858
(277,612)
333,715

1,395,273
248,055
1,147,218
1,167,447
718,539
448,908
227,826
55,380
27,445
27,935
160,852
155,163
13,643
6,786
0
0
(291,988)

1,169,922
536,014
633,908
1,114,647
510,384
604,263
55,275
66,771
30,452
36,319
164,521
154,727
(161,151)
7,982
0
0
(26,088)

496,641
112,271
384,370
690,443
356,560
333,883
(193,802)
67,780
20,550
47,230
131,007
88,934
(384,257)
5,416
0
0
(207,526)

496,641
112,271
384,370
690,443
356,560
333,883
(193,802)
67,780
20,550
47,230
131,007
88,934
(384,257)
5,416
0
0
(207,526)

496,641
112,271
384,370
690,443
356,560
333,883
(193,802)
67,780
20,550
47,230
131,007
88,934
(384,257)
5,416
0
0
(207,526)

496,641
112,271
384,370
690,443
356,560
333,883
(193,802)
67,780
20,550
47,230
131,007
88,934
(384,257)
5,416
0
0
(207,526)

661,933
248,818
6,857
1,248,255
124,101

599,364
340,300
(169,132)
1,283,672
113,609

1,650,419
1,440,897
(389,673)
1,589,439
91,393

1,650,419
1,440,897
(389,673)
1,589,439
91,393

1,650,419
1,440,897
(389,673)
1,589,439
91,393

1,650,419
1,440,897
(389,673)
1,589,439
91,393

0.45
11.53
44.01
0.69
1.15
83.67
4.27
0.68
3.49
2.27

0.55
14.06
57.77
0.63
1.15
95.28
6.50
-8.32
-51.05
-25.55

1.69
26.38
143.86
0.24
3.25
139.02
9.57
-19.59
-173.56
-34.16

1.69
26.38
143.86
0.24
3.25
139.02
9.57
-18.52
-195.83
-23.28

1.69
26.38
143.86
0.24
3.25
139.02
9.57
-18.52
-195.83
-23.28

1.69
26.38
143.86
0.24
3.25
139.02
9.57
-18.52
-195.83
-23.28

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

70

1.75
1.09
0.98
0.65
36.21

2.06
-0.04
-13.77
-15.92
23.21

0.94
-3.32
-77.37
-36.67
18.47

0.94
-3.32
-77.37
-36.67
18.47

0.94
-3.32
-77.37
-36.67
18.47

0.94
-3.32
-77.37
-36.67
18.47

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

ICC Textiles Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
63,584
109,150
0
42,027
126,739
271,462
300,011
300,011
0
(489,971)
0
(489,971)
461,422

1,017,394
0
1,030,937
1,015,371
50,876
0
0
2,023
287,548
38,029
144,696
27,659
0
77,164
781,054
520,431
260,623
262,421
31,792
32,735
0
52,571
145,323
261,467
300,011
300,011
0
(554,301)
0
(554,301)
515,757

980,683
0
1,040,005
979,040
47,144
0
0
1,643
259,631
5,499
140,163
25,663
0
88,306
743,315
542,269
201,046
233,704
0
33,299
0
62,635
137,770
263,295
300,011
300,011
0
(535,519)
0
(535,519)
498,803

1,331,862
910,269
421,593
1,242,908
949,367
293,541
88,954
44,477
20,458
24,020
114,720
111,754
(69,801)
4,216
0
0
3,874

1,522,531
1,041,063
481,468
1,511,140
1,156,194
354,946
11,391
45,483
20,104
25,380
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
108,186
105,317
(84,490)
23,595
0
0
(55,732)

1,778,224
1,201,416
576,808
1,833,598
1,286,950
546,648
(55,374)
51,357
20,625
30,732
93,945
84,829
(86,060)
5,987
0
0
11,408

1,728,459
1,394,107
334,352
1,723,664
1,301,020
422,644
4,795
47,401
15,683
31,718
75,048
66,331
4,241
10,386
0
0
(86,842)

1,234,768
924,487
310,281
1,303,684
842,386
461,298
(68,916)
52,581
16,194
36,387
65,575
63,110
(80,077)
3,119

828,676
128,596
(74,017)
616,358
82,533

645,127
95,943
(154,288)
611,895
87,389

612,962
63,584
(108,085)
591,714
94,581

523,888
31,792
(92,047)
552,223
105,628

496,999
0
(6,145)
542,269
125,339

432,392
0
(83,196)
505,060
124,954

0.20
8.61
9.19
0.91
0.66
93.32
3.62
-5.53
-34.72
-13.13

0.09
7.28
3.95
1.10
0.52
99.25
7.11
-10.16
-59.35
-19.57

0.17
4.82
4.26
1.63
0.55
97.12
4.08
-6.12
-38.24
-13.43

0.08
5.28
1.56
1.36
0.37
103.11
3.99
-6.41
-32.30
-15.14

0.04
4.34
1.48
1.39
0.35
99.72
3.71
0.33
1.62
0.83

0.03
5.31
1.67
1.09
0.28
105.58
4.86
-6.75
-35.07
-17.23

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

2014

935,429

1,041,119
933,611
47,461
0
0
1,818
197,705
1,902
76,581
20,595
0
98,627
700,742
505,060
195,682
239,038
0
52,185
0
61,887
124,966
193,354
300,011
300,011
0
(592,182)
0
(592,182)
485,525

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

(75,100)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

71

6.26
0.38
-5.24
-7.40
31.55

6.65
-0.34
-9.47
-15.43
17.04

9.30
0.20
-3.76
-3.60
9.05

12.29
-0.01
-4.84
-3.07
8.72

12.33
1.06
0.25
-0.20
8.78

16.12
-0.27
-6.49
-2.77
6.44

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ideal Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

517,976
7,311
1,074,401
507,434
42,496
0
0
3,231
316,139
20,630
146,229
71,921
0
77,359
324,926
212,309
112,617
282,821
47,337
141,432
0
6,137
87,915
226,368
99,200
99,200
0
127,168
0
127,168
0

524,711
6,508
1,131,876
515,009
56,623
0
0
3,194
362,242
51,693
184,897
50,974
0
74,678
364,785
214,588
150,197
265,046
42,769
120,823
0
91,883
9,571
257,122
99,200
99,200
0
157,922
0
157,922
0

524,711
6,508
1,131,876
515,009
56,623
0
0
3,194
362,242
51,693
184,897
50,974
0
74,678
364,785
214,588
150,197
265,046
42,769
120,823
0
91,883
9,571
257,122
99,200
99,200
0
157,922
0
157,922
0

1,111,393
1,111,393
0
1,050,120
781,381
268,739
61,273
37,912
5,439
32,473
71,792
70,449
(47,391)
0
0
0
83,988

1,475,987
1,472,502
3,485
1,246,183
943,641
302,542
229,804
53,052
8,068
44,984
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
60,477
58,087
177,999
23,947
7,440
0
115,584

2,015,151
1,861,994
153,157
1,859,273
1,460,108
399,165
155,878
71,539
19,580
51,959
44,285
41,357
44,286
19,921
0
0
77,151

1,981,874
1,930,837
51,037
1,806,487
1,312,155
494,332
175,387
89,280
20,393
68,887
42,820
40,676
44,723
89,847
0
0
89,847

1,981,874
1,930,837
51,037
1,806,487
1,312,155
494,332
175,387
89,280
20,393
68,887
42,820
40,676
44,723
89,847
0
0
89,847

489,529
208,422
(47,391)
383,589
101,889

494,817
114,360
109,612
307,788
131,177

512,918
12,569
146,612
247,232
152,210

509,189
47,337
24,365
259,646
150,111

522,168
42,769
(45,124)
257,357
186,565

522,168
42,769
(45,124)
257,357
186,565

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
15.53
20.13

0.28
2.20
3.57
2.42
0.97
92.26
2.68
5.20
20.79
8.67

0.28
2.16
2.57
2.23
0.99
91.15
2.45
5.20
18.50
8.67

0.28
2.16
2.57
2.23
0.99
91.15
2.45
5.04
17.39
8.56

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

72

12.31
0.33
-4.26
-4.78
2.88

17.57
2.98
7.93
11.05
10.74

13.78
2.07
2.20
2.46
22.82

10.72
2.10
2.26
-4.55
25.92

10.72
2.10
2.26
-4.55
25.92

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Idrees Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,001,029
4,709
1,453,781
993,185
74,689
0
0
3,135
680,004
38,678
199,801
354,987
0
86,539
509,395
410,361
99,034
398,446
12,038
100,330
0
14,490
271,588
773,192
180,480
180,480
0
237,739
0
237,739
354,973

1,049,236
0
1,795,211
1,032,682
73,284
0
0
16,554
751,898
47,013
248,333
303,446
0
153,106
538,706
430,878
107,828
461,739
80,179
100,330
0
17,351
263,879
800,689
180,480
180,480
0
278,425
0
278,425
341,784

1,426,947
0
2,242,242
1,401,538
79,391
0
0
25,409
1,078,496
42,834
536,222
400,983
0
98,457
856,539
736,021
120,518
566,650
79,277
100,330
0
20,668
366,375
1,082,254
180,480
180,480
0
345,684
0
345,684
556,090

1,441,827
2,139
2,344,121
1,418,973
85,843
0
0
20,715
1,032,634
14,535
408,577
423,342
32,010
154,170
845,102
539,587
305,515
529,679
67,314
100,330
0
29,898
332,137
1,099,680
180,480
180,480
0
391,661
0
391,661
527,539

751,716
751,716
0
635,400
366,318
269,083
116,315
24,680
1,353
23,327
142,608
141,202
(14,202)
3,063
0
0
(114,222)

1,237,402
1,237,402
0
1,056,855
722,399
334,456
180,547
33,051
1,081
31,970
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
95,933
93,304
91,455
17,265
18,048
0
244,993

1,169,019
1,169,019
0
1,003,061
623,716
379,345
165,958
39,170
872
38,298
81,873
76,841
42,541
12,630
18,048
0
53,273

2,242,355
2,178,211
64,144
1,997,815
1,430,506
567,309
244,540
77,334
8,206
69,128
91,103
82,648
79,260
17,416
18,048
0
(170,427)

2,901,069
2,594,323
306,746
2,687,543
1,985,958
701,585
213,526
90,608
17,521
73,087
106,021
101,893
25,670
22,164
18,048

982,880
99,811
(17,266)
778,484
80,067

1,127,571
45,393
27,423
657,433
102,712

1,171,637
12,038
56,143
422,399
116,655

1,262,428
80,179
11,863
511,057
122,398

1,648,904
79,277
43,796
815,298
179,615

1,629,359
67,314
(14,542)
606,901
190,806

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
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
4.11
42.84

0.65
7.00
25.96
0.65
1.40
85.80
1.25
2.44
5.41
3.50
1.66
4.71
1.55
3.64
1.66
44.36

0.52
4.06
17.88
0.89
1.26
89.09
1.32
3.68
8.42
5.44
3.43
4.18
1.96
3.53
3.43
59.97

0.56
3.65
14.59
1.17
1.22
92.64
1.25
1.03
2.35
1.57
0.19
7.10
1.25
0.88
0.19
60.93

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

2014

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

269,004

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.53
0.90
-1.89
-0.96
33.35

73

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Indus Dyeing & Manufacturing Co. Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

6,627,430
274,495
7,670,812
4,632,079
363,112
0
1,716,263
4,593
4,311,122
160,090
2,903,226
834,427
0
413,379
2,366,040
1,774,660
591,380
1,187,985
892,943
0
0
84,869
210,173
7,384,527
180,737
180,737
0
7,203,790
22,432
7,181,358
0

6,872,003
98,959
8,838,867
5,371,700
491,384
0
1,396,305
5,039
5,826,529
144,239
4,027,035
1,129,122
0
526,133
2,950,413
2,071,589
878,824
808,605
690,369
0
0
118,236
0
8,939,514
180,737
180,737
0
8,756,167
22,432
8,733,735
2,610

10,955,875
103,388
14,988,430
10,812,951
801,969
0
24,198
15,338
9,316,161
84,640
5,712,763
1,954,394
0
1,564,364
7,227,675
5,751,811
1,475,864
2,395,176
2,162,009
0
0
231,706
1,461
10,649,185
180,737
180,737
0
10,465,838
22,432
10,443,406
2,610

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
582,171
514,952
273,694
74,913
27,111
0
59,388

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
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
336,760
253,358
2,275,270
185,247
271,106
0
1,283,520

15,385,496
2,807,196
12,578,300
13,132,878
10,745,333
2,387,545
2,252,618
628,545
323,611
304,934
253,415
230,405
1,789,888
163,565
632,580
0
961,790

20,022,197
3,348,565
16,673,632
16,391,510
13,329,158
3,062,352
3,630,687
920,043
430,696
489,347
343,136
325,935
2,523,383
144,689
180,737
0
1,440,336

24,034,425
3,994,688
20,039,737
21,546,478
17,985,349
3,561,129
2,487,947
1,013,030
606,333
406,697
520,077
496,646
1,866,427
25,337
271,106

4,137,001
1,204,700
171,670
3,777,918
450,661

5,274,099
626,648
1,718,765
1,776,194
618,050

6,823,115
266,503
1,818,918
820,319
677,158

8,572,512
892,943
993,744
2,667,603
698,368

9,748,119
690,369
2,197,957
2,761,958
1,110,676

13,044,361
2,162,009
1,569,985
7,913,820
1,369,743

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
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
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
115.64
346.56

0.42
1.65
5.42
1.41
1.82
85.36
0.48
18.99
26.23
23.25
2.57
5.30
8.77
11.63
89.98
408.58

0.43
1.71
5.64
1.58
1.97
81.87
0.42
21.35
30.92
27.55
13.16
4.97
8.74
12.60
131.61
494.61

0.28
2.16
8.13
1.19
1.29
89.65
0.90
11.32
19.06
16.38
6.79
4.21
4.76
7.77
101.87
589.21

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

2014

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

221,326

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ishaq Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

729,337
25,379
1,511,009
699,155
53,035
0
853
3,950
1,414,012
9,388
721,849
549,549
0
133,226
1,297,014
1,050,554
246,460
244,610
53,750
104,500
0
24,184
62,176
601,725
96,600
96,600
0
391,474
17,250
374,224
113,651

958,076
1,270
1,805,257
945,960
51,488
0
6,831
4,015
1,446,087
55,657
679,963
542,722
0
167,745
1,308,931
1,076,817
232,114
291,350
87,278
99,000
0
19,681
85,391
803,882
96,600
96,600
0
467,013
17,250
449,763
240,269

958,076
1,270
1,805,257
945,960
51,488
0
6,831
4,015
1,446,087
55,657
679,963
542,722
0
167,745
1,308,931
1,076,817
232,114
291,350
87,278
99,000
0
19,681
85,391
803,882
96,600
96,600
0
467,013
17,250
449,763
240,269

2,389,314
1,634,055
755,259
2,093,799
1,573,110
520,689
295,515
94,905
52,005
42,900
230,232
182,282
(20,646)
8,118
0
0
86,666

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
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
135,327
127,694
165,700
41,252
4,830
0
(40,466)

3,748,190
2,381,213
1,366,977
3,386,042
2,389,854
996,188
362,148
164,252
107,606
56,646
168,522
136,806
34,277
36,825
0
0
(71,295)

3,731,271
3,731,271

3,731,271
3,731,271

3,334,671
396,600
172,136
104,577
67,559
139,632
125,124
91,620
27,342
9,660
0
108,388

3,334,671
396,600
172,136
104,577
67,559
139,632
125,124
91,620
27,342
9,660
0
108,388

819,558
264,389
(28,764)
1,262,933
116,370

864,627
206,750
67,340
939,311
141,718

899,051
116,750
119,618
1,006,599
178,672

846,335
53,750
(2,548)
1,104,304
176,947

1,095,232
87,278
54,618
1,164,095
206,756

1,095,232
87,278
54,618
1,164,095
206,756

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
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
12.88
61.27

0.43
4.50
14.66
1.75
1.09
90.34
2.56
1.61
5.74
3.93

0.46
3.74
14.55
1.55
1.10
89.37
1.99
4.03
13.04
9.44
6.65
5.49
1.73
2.46
6.65
83.22

0.46
3.74
14.55
1.55
1.10
89.37
1.99
3.81
11.40
8.37
6.65
5.49
1.73
2.46
6.65
83.22

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

2014

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

3,334,671

3,334,671

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.72
0.89
-0.86
-2.98
44.35

75

5.19
1.25
0.91
-0.26
62.29

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ishtiaq Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

287,784
0
564,610
248,395
17,004
0
0
39,389
144,233
1,304
78,251
46,247
0
18,431
167,268
51,633
115,635
116,725
0
61,778
0
2,565
52,382
148,024
42,500
42,500
0
(5,741)
0
(5,741)
111,265

272,110
0
565,360
232,721
16,424
0
0
39,389
257,239
1,243
135,758
105,560
0
14,678
184,073
98,020
86,053
124,607
0
77,430
0
2,549
44,628
220,669
42,500
42,500
0
73,595
0
73,595
104,574

261,338
0
569,769
221,253
16,177
0
0
40,085
302,056
9,171
222,431
58,322
0
12,132
228,247
103,112
125,135
131,295
0
82,048
0
3,153
46,094
203,852
42,500
42,500
0
63,110
0
63,110
98,242

226,352
226,352
0
239,948
145,376
94,572
(13,596)
6,795
4,431
2,364
20,064
19,756
(40,455)
0
0
0
(28,871)

576,449
576,449
0
533,653
435,780
97,874
42,796
11,180
5,591
5,589
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
21,453
21,112
39,568
5,990
0
0
(89,401)

475,464
475,464
0
538,699
342,317
196,382
(63,235)
9,919
6,108
3,811
14,143
13,524
(87,297)
0
0
0
65,121

693,520
630,814
62,706
630,942
510,629
120,313
62,578
15,794
8,142
7,652
16,208
13,312
67,612
3,837
0
0
(60,696)

586,533
510,745
75,788
563,223
445,417
117,806
23,310
15,724
10,923
4,801
22,053
21,894
(11,986)
5,865
0
0
(40,366)

275,800
0
(40,455)
135,553
27,276

291,461
0
14,551
91,991
39,747

325,916
0
33,579
73,742
34,371

264,749
0
(87,297)
51,633
30,887

345,276
0
63,775
98,020
44,695

335,147
0
(17,851)
103,112
46,114

0.17
8.86
12.34
0.49
0.80
106.01
3.81
-8.66
-35.34
-16.30

0.50
2.46
11.35
1.36
0.97
92.58
2.95
3.92
17.06
6.15

0.23
3.74
8.81
1.04
1.21
87.10
3.11
8.12
32.77
12.82

0.28
2.97
9.73
1.10
0.86
113.30
1.92
-17.76
-61.87
-29.56

0.58
2.34
15.22
1.31
1.40
90.98
1.40
14.07
46.16
22.17

0.30
3.76
9.94
1.04
1.32
96.03
1.76
-2.19
-5.65
-3.52

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

76

2.15
-1.05
-17.87
-9.52
22.85

12.98
2.28
3.02
3.42
25.25

2.84
2.87
6.90
7.90
31.57

6.08
-5.45
-18.36
-20.54
34.83

5.11
6.08
9.75
15.01
51.92

2.64
0.45
-2.04
-4.20
47.97

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Island Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

963,631
22,357
720,057
693,588
26,637
3,999
243,363
324
708,077
21,624
271,047
160,360
0
255,046
255,832
16,584
239,248
91,814
0
0
0
18,299
73,515
1,324,062
5,000
5,000
0
829,962
805
829,157
489,100

1,114,143
41,830
842,058
776,805
39,112
4,194
290,313
1,001
984,270
85,227
350,374
173,251
285,789
89,629
244,745
19,531
225,214
176,153
84,633
0
0
25,984
65,536
1,677,515
5,000
5,000
0
1,195,068
915,502
279,566
477,447

1,202,044
109,159
892,954
786,432
41,935
3,434
302,018
1,001
947,146
64,323
563,588
159,227
25,100
134,908
279,279
0
279,279
115,907
0
0
0
27,851
88,056
1,754,004
5,000
5,000
0
1,295,878
899,920
395,958
453,126

1,403,698
1,043,882
359,816
1,292,376
929,830
362,546
111,322
109,384
48,440
60,944
137,146
119,183
(145,760)
3,480
0
0
30,508

1,750,820
1,004,107
746,713
1,372,136
937,242
434,894
378,684
92,261
51,114
41,147
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
60,713
35,715
440,541
26,152
2,500
0
235,754

2,193,794
566,380
1,627,414
1,876,110
1,389,236
486,874
317,684
117,263
54,578
62,685
31,130
14,688
195,921
22,711
5,000
0
273,336

2,218,984
549,331
1,669,653
1,724,870
1,380,841
344,029
494,114
162,985
82,809
80,176
31,873
21,981
385,956
21,566
2,500
0
235,615

1,948,956
891,383
1,057,573
1,686,062
1,444,308
241,754
262,894
143,991
77,580
66,411
21,815
19,878
131,259
31,152
2,500
0
(67,844)

633,104
155,006
(149,240)
618,789
94,412

774,535
127,418
206,439
307,763
110,170

1,070,768
0
411,889
280,415
136,493

1,415,876
0
168,210
16,584
126,812

1,853,668
84,633
361,890
104,164
160,308

1,869,911
0
97,607
0
164,911

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
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
828.78
1,967.67

0.71
1.42
7.31
1.31
2.77
85.52
0.26
12.04
16.98
15.76
34.64
8.09
14.34
8.93
346.42
2,648.12

2.22
1.44
7.81
1.06
4.02
77.73
0.25
20.47
25.72
23.61
145.76
6.33
18.56
17.39
728.78
3,355.03

0.89
1.12
8.17
0.91
3.39
86.51
0.23
6.18
7.64
7.05
40.04
3.46
7.60
6.73
200.21
3,508.01

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.79
-0.22
-10.38
-298.48
686.56

77

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

J.A. Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

444,557
28,053
540,010
399,306
12,085
0
0
17,198
72,502
18,026
32,505
8,227
270
13,474
77,904
0
77,904
277,019
15,111
177,199
0
0
84,709
162,136
126,012
126,012
0
(208,569)
0
(208,569)
244,693

433,249
1,085
575,398
414,992
20,149
0
0
17,172
138,812
24,391
87,237
7,962
293
18,929
94,409
0
94,409
287,192
15,111
171,068
0
0
101,013
190,460
126,012
126,012
0
(170,731)
0
(170,731)
235,179

441,963
9,028
596,596
415,763
20,426
0
0
17,172
134,941
2,215
89,918
497
317
41,994
181,120
6,578
174,542
248,343
15,111
159,000
0
0
74,232
147,441
126,012
126,012
0
(204,758)
0
(204,758)
226,187

480,345
432,771
47,574
509,677
352,116
157,561
(29,332)
11,396
2,576
8,820
205
0
(40,925)
554
0
0
(9,504)

571,674
539,919
31,756
556,558
389,183
167,375
15,117
13,591
1,691
11,900
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
750
0
(245)
7,651
0
0
16,801

589,264
570,088
19,176
566,984
439,778
127,206
22,280
12,772
599
12,173
150
0
11,720
5,873
0
0
10,678

860,044
846,735
13,309
795,480
591,533
203,947
64,564
20,297
6,058
14,239
231
0
46,292
1,689
0
0
19,174

747,137
11,196
735,941
806,572
556,135
250,437
(59,435)
12,465
222
12,243
300
192
(69,115)
0

309,281
15,111
(41,479)
15,111
46,228

305,035
15,111
(656)
15,111
50,736

299,558
15,111
(7,896)
15,111
41,391

439,155
15,111
5,847
15,111
53,052

477,652
15,111
44,603
15,111
82,943

395,784
15,111
(69,115)
21,689
78,429

0.22
0.04
0.00
1.36
0.70
106.11
3.67
-10.50
-43.52
-18.74

0.41
0.04
0.99
1.54
0.96
97.36
4.34
0.63
3.17
0.75

0.82
0.10
0.00
2.09
1.16
97.88
4.43
-0.07
-0.37
-0.08

0.34
0.03
1.40
1.14
0.93
96.22
2.19
2.73
10.40
3.17

0.35
0.03
0.93
1.50
1.47
92.49
2.00
8.50
26.26
10.10

0.02
0.04
0.07
1.30
0.75
107.96
2.91
-12.03
-40.91
-15.83

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

2014

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

11,160

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

78

35.28

32.61

12,835.51

18.13

9.86

8.31
-358.97
-9.25
-5.48
11.70

-8.52
-3.29
6.00

0.40
-0.05
5.51

-0.03
-0.63
5.01

1.99
0.46
12.87

5.38
3.54
15.11

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

J.K. Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
2,180,061
60,290
1,249,430
528,745
0
341,596
1,698,745
1,248,357
450,388
629,512
65,080
300,000
0
0
264,432
2,483,426
183,750
183,750
0
1,255,536
714,919
540,617
1,044,140

2,842,828
161,956
3,406,442
2,679,805
131,005
0
0
1,067
2,137,382
45,217
1,278,678
451,143
0
362,344
1,491,416
1,157,807
333,609
758,379
194,163
300,000
0
0
264,216
2,730,415
609,033
609,033
0
1,154,623
289,636
864,987
966,759

2,832,655
180,666
3,341,703
2,642,298
145,221
0
0
9,691
2,630,237
59,014
1,592,021
612,751
0
366,451
1,764,128
1,319,855
444,273
690,517
112,693
300,000
0
0
277,824
3,008,247
609,033
609,033
0
1,791,014
289,636
1,501,378
608,200

2,805,095
105,150
3,615,725
2,682,600
269,456
0
0
17,345
2,864,314
27,296
1,652,837
691,322
0
492,859
1,772,708
1,304,846
467,862
598,165
37,602
300,000
0
0
260,563
3,298,536
609,033
609,033
0
2,124,688
289,636
1,835,052
564,815

835,155
687,683
147,472
743,468
517,610
225,858
91,687
35,472
12,520
22,953
71,779
69,993
(1,593)
1,276
0
0
40,183

1,148,043
1,010,578
137,465
906,703
641,933
264,769
241,340
54,791
19,352
35,439
71,254
66,482
118,615
8,024
35,000
8,750
102,124

9,097,849
3,988,005
5,109,844
7,713,396
6,385,909
1,327,487
1,384,453
547,149
396,088
151,061
322,852
284,548
516,869
97,595
36,750
0
(763,089)

7,193,895
3,321,111
3,872,784
6,176,622
4,303,984
1,872,638
1,017,273
437,810
291,775
146,035
241,545
191,889
364,079
72,112
152,258
0
341,837

8,918,973
4,060,467
4,858,506
7,476,268
5,714,535
1,761,733
1,442,705
614,312
404,019
210,293
216,220
168,930
650,492
30,345
304,517
0
373,240

9,734,861
4,564,913
5,169,948
8,765,635
6,650,426
2,115,209
969,226
555,306
343,996
211,310
221,186
127,110
350,930
71,109

899,252
73,710
(2,869)
328,223
63,084

950,055
22,275
75,591
275,399
92,696

3,112,938
65,080
382,524
1,313,437
328,696

3,488,794
194,163
139,709
1,351,970
358,888

3,698,764
112,693
315,631
1,432,548
481,416

3,896,701
37,602
279,821
1,342,448
527,815

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
6.32
34.15

0.35
3.55
5.81
1.89
1.28
84.78
0.94
16.94
33.55
25.44
11.41
7.28
2.82
5.68
22.82
135.15

0.33
3.36
6.27
1.44
1.43
85.86
0.82
7.44
13.97
11.03
1.92
5.63
2.90
5.06
4.79
44.83

0.38
2.42
6.87
1.63
1.49
83.82
0.82
12.46
22.67
18.10
2.04
5.60
4.85
7.29
10.18
49.39

0.41
2.27
7.10
1.72
1.62
90.04
0.72
6.30
11.13
9.24

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

2014

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

285,417

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.78
0.98
-0.19
-0.41
60.19

79

5.89
3.76
3.60
4.59
54.16

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Janana De Malucho Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,357,300
0
2,472,781
2,246,422
62,331
0
108,784
2,094
826,265
3,134
671,596
7,527
0
144,008
770,262
519,469
250,793
460,208
210,892
0
0
48,693
200,623
1,953,095
47,848
47,848
0
602,775
68,274
534,501
1,302,472

2,425,457
0
2,562,142
2,270,452
66,681
0
150,812
4,193
913,681
13,420
688,101
9,404
0
202,756
823,469
574,167
249,302
355,100
278
0
0
88,912
265,910
2,160,569
47,848
47,848
0
822,495
18,453
804,042
1,290,226

2,508,622
1,421
2,662,702
2,309,742
67,722
0
178,740
18,719
1,068,227
67,082
771,782
41,055
0
188,308
867,418
636,485
230,933
399,346
0
0
0
104,139
295,207
2,310,085
47,848
47,848
0
984,741
18,453
966,288
1,277,496

1,071,738
1,071,738
0
1,010,091
630,495
379,596
61,647
40,746
5,870
34,876
143,546
142,723
(149,174)
2,349
0
0
29,787

1,454,537
1,454,537
0
1,142,811
767,405
375,406
311,726
60,547
7,560
52,987
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
36,615
31,821
111,058
21,487
0
0
128,929

2,314,948
2,314,948
0
2,071,385
1,483,781
587,604
243,563
82,940
9,750
73,190
85,679
82,982
109,559
293
0
0
142,846

2,714,679
2,714,679
0
2,245,799
1,672,342
573,457
468,880
97,647
7,930
89,717
104,604
104,604
319,789
5,369
0
0
338,696

2,983,385
2,983,385
0
2,554,361
1,704,926
849,435
429,024
128,735
15,440
113,295
76,784
75,367
249,465
27,454
14,354
0
244,839

1,278,553
326,339
(151,523)
881,339
140,615

1,885,046
285,438
148,577
715,311
174,545

1,953,629
321,057
89,571
847,994
239,026

2,413,303
210,892
109,266
730,361
262,892

2,515,669
278
314,420
574,445
272,390

2,709,431
0
207,657
636,485
386,849

0.04
13.39
2.48
0.54
0.66
94.25
1.38
-7.27
-17.22
-11.22

0.03
8.66
0.83
0.59
0.82
78.57
0.79
7.89
15.86
11.03

0.09
1.72
2.34
0.78
0.91
91.09
0.88
4.30
7.88
5.79

0.01
3.70
0.33
0.73
1.07
89.48
0.63
3.71
6.44
5.02

0.03
3.85
0.35
0.81
1.11
82.73
0.55
9.81
15.55
12.98

0.12
2.57
1.38
0.83
1.23
85.62
0.55
7.21
11.11
9.54
15.47
3.87
4.31
8.36
46.40
482.80

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

80

2.99
-0.05
-13.92
-47.87
262.75

3.99
2.39
11.99
34.50
317.57

4.20
4.49
5.20
18.72
303.43

3.45
2.32
4.73
22.84
408.19

3.95
4.06
11.78
65.71
451.55

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Jubilee Spinning & Weaving Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
64,553
13,076
0
0
32,378
19,099
633,074
324,912
324,912
0
(282,232)
(282,232)
590,394

638,000
5,000
848,215
604,758
16,885
0
26,396
1,846
158,491
1,351
8,698
91,341
29,337
27,764
160,058
27,389
132,669
96,893
0
48,902
0
28,769
19,222
539,540
324,912
324,912
0
(352,208)
64,446
(416,654)
566,836

627,501
5,000
854,898
596,325
15,117
0
24,020
2,156
307,217
1,144
41,079
185,750
49,397
29,847
273,497
45,265
228,232
112,516
0
56,774
0
39,277
16,465
548,705
324,912
324,912
0
(343,943)
78,636
(422,579)
567,736

643,432
5,000
882,733
610,919
13,908
0
25,003
2,510
270,737
2,340,781
1,250
181,830
53,851
(2,306,975)
252,648
0
252,648
125,440
0
63,530
0
43,381
18,529
536,081
324,912
324,912
0
(377,026)
78,830
(455,856)
588,195

763,285
763,285
0
707,363
599,253
108,110
55,922
46,986
1,223
45,762
10,767
10,468
24,158
24,158
0
0
43,709

703,589
703,589
0
665,909
561,217
104,692
37,681
43,625
1,317
42,309
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
5,991
5,610
(105,160)
8,840
0
0
16,445

217,253
217,253
0
230,468
147,514
82,954
(13,215)
20,644
2,137
18,507
4,690
4,132
(107,595)
2,278
0
0
(48,084)

394,451
394,451

332,942
332,942
0
361,576
232,247
129,329
(28,634)
22,146
1,394
20,752
2,336
11,269
(41,487)
30

781,103
57,228
0
97,776
60,895

829,008
29,344
24,691
75,489
64,047

697,628
13,076
(114,000)
62,190
66,434

636,433
0
(109,873)
27,389
56,564

661,221
0
(9,052)
45,265
59,007

661,521
0
(41,517)
0
80,745

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
0.37
-11.45
-15.40
-13.78

0.76
2.16
42.04
0.27
0.99
106.08
0.48
-12.91
-18.35
-16.13

0.86
0.69
47.09
0.42
1.12
101.21
0.70
-0.59
-0.94
-0.78

10.20
0.70
54.61
0.36
1.07
108.60
0.71
-4.49
-7.65
-6.27

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

2014

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

399,231
293,909
105,322
(4,780)
22,121
1,632
20,489
2,720
2,128
(5,087)
3,965
0
0
(22,066)

35,315

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

81

26.67
3.31
3.17
0.00
20.23

21.88
4.28
4.18
0.76
22.56

35.77
-17.74
-13.42
-3.51
19.48

24.98
-25.04
-49.53
-3.38
16.61

9.60
-1.39
-1.29
-0.28
16.89

266.35
-2.68
-12.46
-1.28
16.50

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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

2014

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
15
15
0
0
0
0
1,677
0
1,677
0
0
0
0
0
0
(1,662)
11,833
11,833
0
(13,495)
0
(13,495)
0

0
0
0
0
0
0
0
0
14
14
0
0
0
0
1,857
0
1,857
0
0
0
0
0
0
(1,843)
11,833
11,833
0
(13,676)
0
(13,676)
0

0
0
0
0
0
0
0
0
14
14
0
0
0
0
2,924
0
2,924
0
0
0
0
0
0
(2,910)
11,833
11,833
0
(14,743)
0
(14,743)
0

0
0
0
0
0
0
0
188
0
188
1
0
(189)
0
0
0
(189)

0
0
0
0
0
0
0
247
0
247
0
0
(247)
0
0
0
(247)

0
0
0
0
0
0
0
248
0
248
0
0
(248)
0
0
0
(198)

0
0
0
0
0
0
0
304
0
304
0
0
(304)

0
0
0
0
0
0
0
181
0
181
0
0
(181)

0
0
0
0
0
0
0
1,067
0
1,067
0
0
(1,067)
0

0
0
(112)

0
0
(56)

(863)
0
(189)
0
0

(1,110)
0
(247)
0
0

81
0
(248)
0
0

(1,662)
0
(304)
0
0

(1,843)
0
(181)
0
0

(2,910)
0
(1,067)
0

0.01

0.01

0.01

0.00

0.01

0.00
0.02

0.00
0.02

0.00

0.00
0.01

0.00
0.01

0.00
0.00

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

(942)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

82

-1.09
-219.88
24.59
24.59

-1.07
-301.59
25.03
25.03

-1.06
-306.36
20.09
48.18

-1.01
-633.33
20.13
38.46

-1.01
-1,248.28
10.33
10.33

-1.00
-7,621.43
44.90
44.90

-0.16
-0.73

-0.21
-0.94

-0.21
-1.15

-0.26
-1.40

-0.15
-1.56

-0.90
-2.46

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Khalid Siraj Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

406,493
0
862,675
388,862
38,854
0
0
17,631
121,692
5,693
24,992
8,435
0
82,572
141,034
68,379
72,655
246,813
0
212,460
0
7,558
26,795
140,337
107,000
107,000
0
(161,699)
0
(161,699)
195,036

367,511
0
858,002
349,924
34,864
0
0
17,587
147,857
3,845
59,053
8,519
0
76,440
185,033
95,179
89,854
233,316
0
200,924
0
8,538
23,854
97,019
107,000
107,000
0
(188,627)
0
(188,627)
178,646

82,342
230,309
71,286
159,023
215,225
0
193,788
0
10,698
10,739
66,127
107,000
107,000
0
(204,743)
0
(204,743)
163,870

431,304
430,993
311
487,450
349,815
137,635
(56,146)
13,169
0
13,169
22,104
21,748
(94,103)
2,162
0
0
(12,032)

724,343
640,398
83,945
712,682
521,171
191,511
11,661
17,882
4,188
13,694
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
19,026
18,433
(51,568)
11,477
0
0
(5,136)

796,442
796,442
0
805,160
600,725
204,435
(8,718)
15,088
1,962
13,126
14,818
14,403
(38,624)
7,974
0
0
(20,578)

1,084,471
1,082,068
2,403
1,088,159
806,520
281,639
(3,688)
17,545
1,988
15,557
17,295
16,697
(38,525)
5,482
0
0
37,936

278,100
278,100
0
324,800
191,384
133,416
(46,700)
11,863
934
10,929
8,326
7,956
(66,799)
0

455,315
8,469
(96,265)
48,181
4,803

443,097
0
(28,779)
60,142
60,708

387,150
0
(63,045)
68,379
71,092

330,335
0
(46,598)
95,179
70,752

281,352
0
(44,007)
71,286
101,718

236,966
0
(66,799)
71,246
32,726

0.02
5.12
0.06
0.79
1.09
113.02
2.37
-15.33
-46.22
-23.46

0.11
2.63
0.22
1.25
1.05
98.39
2.18
-4.46
-14.60
-5.60

0.10
1.71
0.76
2.10
0.86
101.48
2.76
-9.30
-31.95
-12.42

0.07
1.86
1.07
1.55
0.80
101.09
4.31
-7.40
-32.55
-10.77

0.07
1.59
0.86
2.12
0.73
100.34
6.74
-7.50
-47.23
-12.60

0.01
2.99
0.39
0.62
0.63
116.79
61.08
-13.87
-182.01
-25.78

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

2014

343,979
0
865,357
326,387
31,626
0
0
17,592
167,682
6,050
69,965
9,325

315,569
0
865,672
297,918
29,285
0
0
17,651
135,903
1,184
42,578
1,094
0
91,047
214,506
71,246
143,260
229,693
0
218,088
0
5,119
6,486
7,273
107,000
107,000
0
(250,276)
0
(250,276)
150,549

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

(29,839)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

83

172.80
-3.33
-21.82
-9.00
15.13

40.24
-0.43
-3.47
-2.69
17.05

44.44
-1.80
-4.64
-5.89
13.12

13.49
-1.68
-4.85
-4.35
9.07

15.50
-1.31
-3.55
-4.11
6.18

6.53
-7.40
-24.02
-6.24
0.68

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Khurshid Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
225,281
99,936
0
6,354
178,068
(45,255)
131,748
131,748
0
(495,337)
0
(495,337)
318,334

530,312
0
840,877
528,383
56,174
0
0
1,929
11,776
625
0
0
0
11,151
140,838
69,266
71,572
504,777
206,303
136,547
0
0
161,927
(103,527)
131,748
131,748
0
(523,633)
0
(523,633)
288,358

508,574
0
821,508
506,645
53,524
0
0
1,929
354
354
0
0
0
0
76,100
38,875
37,225
559,760
196,316
266,341
0
0
97,103
(126,932)
131,748
131,748
0
(461,475)
0
(461,475)
202,795

473,005
0
701,720
375,109
49,054
0
95,967
1,929
180
180
0
0
0
0
82,804
26,531
56,273
518,709
177,280
254,333
0
0
87,096
(128,328)
131,748
131,748
0
(452,264)
0
(452,264)
192,188

292,920
292,920
0
346,600
213,393
133,207
(53,680)
12,540
79
12,461
34,929
33,494
(100,485)
0
0
0
(22,924)

502,293
502,293
0
587,130
417,200
169,930
(84,837)
16,520
1,329
15,191
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
1,522
1,356
(76,087)
155
0
0
(20,360)

104,593
104,593
0
184,266
83,773
100,493
(79,673)
6,594
916
5,678
2,879
2,722
(74,144)
269
0
0
(18,079)

0
0
0
0
0
0
0
66,063
0
66,063
9,541
9,475
23,944
0
0
0
2,567

0
0
0
0
0
0
0
50,810
0
50,810
22,394
22,365
(19,406)
0

323,241
268,496
(100,485)
325,630
31,916

211,949
264,554
(100,151)
311,353
50,485

464,384
225,281
(76,242)
294,547
39,026

401,250
206,303
(74,413)
275,569
13,616

432,828
196,316
23,944
235,191
447

390,381
177,280
(19,406)
203,811
370

0.03
11.92
1.06
0.67
0.89
118.33
-5.76
-21.31
155.57
-37.25

0.04
1.11
0.60
1.54
0.31
116.89
-3.18
-26.21
82.82
-37.43

0.11
0.44
4.65
0.55
0.31
117.19
-15.11
-15.76
77.91
-22.50

0.00
2.75
0.00
0.19
0.08
176.17
-6.24
-12.56
99.67
-17.13

0.00

0.00

0.00
0.00

0.00
0.00

-5.01
4.56
-20.78
5.74

-4.69
-3.95
15.20
-4.71

-26.24
-70.89
-5.65
-7.86

3.53

0.13

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

2014

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

23,604

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

84

3.57
-2.00
-34.30
-7.63
-6.97

42.68
-26.95
-19.94
-7.60
-11.39

33.64
-55.11
-21.75
-5.79
-3.43

1.82
-9.63

-1.47
-9.74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Khyber Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

30,774
0
219,314
30,685
11
0
0
89
6,650
57
0
0
0
6,593
40,568
0
40,568
32,390
0
32,390
0
0
0
(35,534)
12,275
12,275
0
(47,809)
258
(48,067)
0

0
0
0
0
0
0
0
8,716
0
8,716
10
0
(1,433)
0
0
0
4,328

0
0
0
0
0
0
0
2,903
0
2,903
5
0
(2,583)
0
0
0
(9,939)

0
0
0
0
0
0
0
1,582
0
1,582
1
0
(1,015)
2
0
0
(1,016)

0
0
0
0
0
0
0
1,302

(17,118)
9,349
(1,433)
13,504
1,273

(18,987)
5,194
(2,583)
9,349
1,428

(12,566)
0
(1,017)
0
1,026

(3,144)
0
(874)
0
642

451,232
0
(1,587)
0
639

436,777
0
(1,342)
0
733

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.11

0.00
0.12

0.00
0.13

0.00
0.16

0.00
0.08

0.00
0.08

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

2014

488,466
692,732
488,376
2,900
0
0
90
3,313
47
0
0
0
3,266
40,547
0
40,547
194,700
0
33,493
0
0
161,207
256,532
12,275
12,275
0
(55,128)
258
(55,386)
299,385

474,042
0
692,732
473,953
14,423
0
0
89
3,318
51
0
0
0
3,267
40,583
0
40,583
189,568
0
32,493
0
0
157,075
247,209
12,275
12,275
0
(56,777)
258
(57,035)
291,711

0
0
0
0
0
0
0
2,381
0
2,381
0
0
(1,587)
0

0
0
0
0
0
0
0
1,422
0
1,422
0
0
(1,342)
0

(1,113)

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

1,302
0
0
(874)
0
0
0
(874)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

85

-2.27
-2.87
11.76
-65.03

-1.94
-6.14
6.75
14.31

-1.92
-2.71
2.53
6.43

-2.05
-2.34
2.29
11.13

0.92
-0.60
-1.44
-0.71

0.93
-0.28
-0.40
-0.30

-1.17
-30.06

-2.10
-32.32

-0.83
-33.15

-0.71
-28.95

-1.29
208.99

-1.09
201.39

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohat Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

860,287
17,382
1,137,308
795,001
44,667
576
0
47,328
416,780
731
318,780
4,653
0
92,616
461,530
240,942
220,588
284,245
112,500
131,678
0
39,030
1,037
531,292
208,000
208,000
0
(5,474)
0
(5,474)
328,766

854,839
5,644
1,200,856
814,017
50,723
459
0
34,719
718,312
5,829
455,961
153,025
0
103,497
692,174
466,894
225,280
249,028
50,000
130,178
0
43,591
25,259
631,949
208,000
208,000
0
105,407
0
105,407
318,542

1,063,347
458
1,475,575
1,048,788
58,091
342
0
13,759
743,761
4,528
432,863
157,724
0
148,646
704,490
441,707
262,783
428,218
202,088
100,000
0
62,137
63,993
674,400
208,000
208,000
0
156,501
0
156,501
309,899

1,444,643
1,416,986
27,657
1,444,217
927,048
517,169
426
50,255
10,365
39,890
140,849
121,173
(189,993)
258
0
0
190,007

1,686,696
1,686,696
0
1,514,660
1,253,036
261,624
172,036
56,900
6,752
50,148
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
78,762
76,911
27,771
21,336
0
0
158,882

2,418,912
2,418,912
0
2,148,863
1,678,244
470,619
270,049
63,166
8,493
54,673
91,890
84,666
116,623
0
20,800
0
625,661

2,355,043
2,355,043
0
2,008,275
1,597,934
410,341
346,768
78,468
9,030
69,438
72,603
69,089
196,630
5,947
26,000
0
38,715

2,298,760
2,298,760
0
2,038,424
1,608,289
430,135
260,336
85,189
10,669
74,520
74,089
71,144
114,891
0
26,000
0
255,432

714,905
295,473
(190,251)
665,756
105,558

701,883
262,500
13,219
895,520
121,372

697,409
187,500
6,435
769,819
136,779

815,537
112,500
95,823
353,442
168,110

880,977
50,000
164,683
516,894
211,539

1,102,618
202,088
88,891
643,795
223,860

0.45
9.75
16.43
1.16
0.72
99.97
3.18
-14.92
-57.24
-27.46

0.27
5.59
13.12
1.10
0.85
89.80
3.89
1.56
7.08
3.06

0.27
3.69
10.13
1.41
0.88
93.72
3.72
1.82
8.75
3.97

0.01
3.80
0.19
1.89
0.90
88.84
1.40
8.36
27.38
15.42
5.61
7.59
2.38
4.82
5.61
25.54

0.23
3.08
6.50
1.50
1.04
85.28
1.49
13.80
33.68
23.18
7.33
5.17
3.85
8.35
9.17
30.38

0.23
3.22
6.86
1.27
1.06
88.67
1.68
6.80
17.53
11.58
4.42
5.31
2.61
5.00
5.52
32.42

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

86

14.29
-0.57
-13.15
-9.15
14.32

4.01
1.28
1.28
0.64
15.11

4.83
1.36
1.30
0.31
15.42

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohinoor Industries Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
0
0
18,376
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

749,732
0
812,142
744,175
13,185
0
5,188
369
16,941
1,144
0
0
0
15,797
11,756
865
10,891
446,404
0
446,404
0
0
0
308,513
303,025
303,025
0
(631,970)
187,395
(819,365)
637,458

(631,534)
187,395
(818,929)
657,148

750,460
0
761,877
740,792
12,426
0
9,299
369
12,672
6,059
0
0
0
6,613
54,002
865
53,137
408,991
0
408,991
0
0
0
300,139
303,025
303,025
0
(656,937)
187,395
(844,332)
654,051

0
0
0
0
0
0
0
301,814
0
301,814
14,916
14,498
(301,194)
485
0
0
(72,598)

0
0
0
0
0
0
0
54,300
0
54,300
272
196
(35,849)
379
0
0
(6,875)

0
0
0
0
0
0
0
40,384
0
40,384
41
0
(30,244)
712
0
0
(32,276)

0
0
0
0
0
0
0
27,628
0
27,628
18
0
(12,113)
953
0
0
1,803

0
0
0
0
0
0
0
20,420
0
20,420
7
0
16,025
2,921
0
0
20,557

0
0
0
0
0
0
0
50,644
0
50,644
12
0
(23,491)
5,010
0
0
21,347

815,226
426,463
(301,679)
434,405
44,449

790,998
438,463
(36,228)
439,327
13,211

783,586
0
(30,956)
865
8,690

754,917
0
(13,066)
865
7,031

754,518
0
13,104
865
3,974

709,130
0
(28,501)
865
3,357

0.12

0.39

0.42

0.10

0.07

0.11

0.00
0.98

0.00
0.89

0.00
2.56

0.00
1.44

0.00
0.38

0.00
0.23

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

2014

769,123

761,877
753,218
11,743
0
15,536
369
8,886
1,601
0
0
0
7,285
23,491
865
22,626
425,879
0
425,879
0
0
0
328,639
303,025
303,025

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.40
-25.92
-67.82
-42.53

1.33
-4.09
-9.67
-4.46

1.46
-3.75
-8.97
-3.84

1.49
-1.55
-3.84
-1.57

1.37
2.07
5.03
2.12

1.54
-3.05
-7.47
-3.21

-0.43
10.18

0.43
10.85

-0.94
9.90

-9.96
12.83

-1.20
11.63

-1.02
10.61

0.00
-19.78

87

-181.87

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohinoor Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,620,505
38,945
5,700,306
3,544,541
244,042
2,127
0
34,892
2,263,348
109,248
597,269
754,943
129,545
672,343
2,148,126
925,376
1,222,750
3,422,637
3,102,897
272,000
0
0
47,740
313,090
509,110
509,110
0
(1,079,456)
298,923
(1,378,379)
883,436

3,457,392
154,776
5,502,982
3,199,125
225,977
667
82,236
20,588
2,402,673
130,056
614,534
679,533
132,357
846,193
1,804,023
798,767
1,005,256
2,749,148
1,994,125
272,000
0
0
483,023
1,306,894
509,110
509,110
0
12,325
311,488
(299,163)
785,459

3,542,256
34,753
5,919,976
3,405,901
220,920
0
81,014
20,588
2,444,827
155,474
698,232
533,484
176,880
880,757
2,047,454
1,063,878
983,576
2,395,646
1,711,380
176,742
0
0
507,524
1,543,983
509,110
509,110
0
266,154
345,978
(79,824)
768,719

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
706,782
610,484
(694,889)
54,340
0
0
329,628

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
724,448
650,049
(1,118,973)
55,513
0
0
(152,705)

5,389,231
1,243,102
4,146,129
5,502,677
3,221,349
2,281,328
(113,446)
700,001
367,877
332,124
623,162
568,444
(1,234,472)
45,370
0
0
(487,242)

6,449,086
1,250,808
5,198,278
5,548,985
3,395,738
2,153,247
900,101
612,395
384,145
228,250
348,415
317,997
787,562
62,915
0
0
10,137

8,451,771
1,168,697
7,283,074
7,073,457
4,779,358
2,294,099
1,378,314
990,724
618,805
371,919
505,423
274,862
1,087,212
79,975
0
0
498,773

7,772,432
1,035,293
6,737,139
6,727,262
4,599,573
2,127,689
1,045,170
736,237
431,562
304,675
396,668
362,292
149,348
49,029

2,893,492
948,092
(749,229)
5,730,887
590,395

1,294,047
346,049
(1,174,486)
5,778,693
469,125

(630,837)
0
(1,279,842)
4,450,186
321,167

3,735,727
3,102,897
724,647
4,028,273
342,632

4,056,042
1,994,125
1,007,237
2,792,892
398,070

3,939,629
1,711,380
100,319
2,775,258
451,104

0.22
9.17
11.32
0.85
0.56
91.23
3.82
-8.24
-38.81
-23.02

0.15
11.30
12.08
0.74
0.44
94.49
9.12
-12.64
-81.93
-53.44

0.13
11.56
9.26
0.94
0.38
102.11
-9.68
-17.14
-1,277.82
-372.27

0.46
5.40
11.71
1.10
1.05
86.04
17.79
13.54
-451.54
50.73

0.52
5.98
8.04
1.44
1.33
83.69
3.48
18.52
134.23
27.91

0.42
5.10
6.86
1.30
1.19
86.55
2.88
2.51
10.37
3.72

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

2014

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

453,109

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

88

6.28
-0.14
-9.01
-14.72
36.86

5.60
-0.72
-17.45
-23.07
16.80

10.33
-1.17
-22.91
-25.14
-13.00

10.80
3.48
12.21
14.23
6.15

13.75
4.96
12.86
19.78
25.67

11.13
1.41
1.92
1.97
30.33

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohinoor Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
145,723
397,000
0
49,621
399
673,874
650,000
650,000
0
23,874
0
23,874
0

1,556,672
0
2,910,026
1,538,351
72,698
0
795
17,526
1,402,755
6,430
1,105,978
147,623
0
142,724
1,502,740
1,146,789
355,951
279,047
78,279
138,855
0
61,913
0
1,177,640
650,000
650,000
0
527,640
397,000
130,640
0

1,592,091
0
3,022,743
1,566,319
90,678
0
1,081
24,691
2,127,046
9,585
1,581,737
321,608

83,090
0
1,424,513
650,000
650,000
0
774,513
397,000
377,513
0

2,007,037
278,233
3,247,627
1,701,590
90,432
0
790
26,424
2,374,472
10,910
1,772,659
379,249
0
211,654
2,288,976
1,757,418
531,558
254,513
36,793
119,364
0
98,356
0
1,838,020
650,000
650,000
0
1,188,020
700,000
488,020
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
275,053
230,245
(191,207)
11,025
0
0
(248,025)

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
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
301,754
241,878
362,752
71,184
0
0
505,611

5,627,854
4,129,630
1,498,224
5,064,140
4,030,836
1,033,304
563,714
189,386
88,668
100,718
227,553
197,922
155,928
56,279
0
0
9,504

6,230,121
3,626,224
2,603,897
5,383,423
4,296,111
1,087,312
846,698
301,385
135,386
165,999
238,489
196,524
309,694
44,170
260,000
0
(178,895)

6,822,994
4,225,007
2,597,987
6,075,561
4,582,327
1,493,234
747,433
298,726
152,142
146,584
259,815
225,890
189,183
68,230
97,500
0
38,311

1,245,185
575,226
(202,232)
1,525,428
250,108

1,155,424
336,753
78,474
1,474,222
325,109

1,266,617
145,723
291,567
1,090,672
400,828

1,456,687
78,279
99,649
1,225,068
440,260

1,616,529
35,028
5,524
1,579,733
530,013

2,092,533
36,793
23,453
1,794,211
527,703

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
1.10
2.95

0.20
4.43
3.17
2.63
1.00
86.81
2.85
13.75
68.62
29.95

0.10
4.04
2.62
1.90
0.93
89.98
1.51
5.62
16.84
11.45

0.16
3.83
5.16
1.68
1.01
86.41
1.61
9.27
23.80
20.15
1.02
3.94
2.58
4.97
2.04
10.96

0.17
3.81
5.56
1.56
1.04
89.05
1.38
4.67
11.53
10.20
1.24
3.85
1.84
2.77
0.93
14.14

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

2014

214,116
2,102,608
1,544,705
557,903
192,016
35,028
73,898

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.03
0.17
-6.63
-1.56
1.85

89

7.35
2.50
5.33
2.24
5.18

5.09
1.79
2.77
0.77
9.06

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohinoor Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
1,311,233
7,477
0
0
104,984
8,072,133
2,455,262
2,455,262
0
1,931,374
144,919
1,786,455
3,685,497

11,195,746
8,585
9,523,270
6,152,796
412,373
6,284
4,977,566
50,515
4,002,184
385,503
1,529,949
986,683
611
1,099,438
6,329,557
4,981,967
1,347,590
679,811
534,842
4,794
0
0
140,175
8,188,562
2,455,262
2,455,262
0
2,059,475
144,919
1,914,556
3,673,825

10,981,023
39,351
9,698,380
5,919,761
317,036
3,006
4,978,523
40,382
4,339,574
320,852
1,768,203
1,066,724
1,040
1,182,755
6,257,996
4,905,580
1,352,416
389,507
38,958
0
0
0
350,549
8,673,094
2,455,262
2,455,262
0
2,544,007
144,919
2,399,088
3,673,825

10,762,190
11,369
10,077,117
5,896,546
317,114
0
3,014,669
1,839,606
5,359,518
100,937
1,888,177
903,312
975,239
1,491,853
5,868,566
4,642,365
1,226,201
410,396
94,436
0
0
0
315,960
9,842,746
2,455,262
2,455,262
0
3,713,659
144,919
3,568,740
3,673,825

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
1,260,230
998,029
(536,676)
55,753
0
0
106,116

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
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
1,037,294
999,479
688,790
132,181
0
0
1,727,143

11,146,698
5,190,240
5,956,458
9,310,049
4,992,004
4,318,045
1,836,649
728,893
402,526
326,367
870,740
817,908
304,289
109,826
0
0
844,892

14,250,439
7,714,464
6,535,975
12,116,187
8,382,098
3,734,089
2,134,252
747,729
438,598
309,131
640,543
584,092
798,435
103,529
0
0
612,206

15,302,242
6,955,176
8,347,066
13,395,079
8,783,455
4,611,624
1,907,163
925,002
573,592
351,410
565,384
522,031
1,288,592
153,529

6,513,012
2,019,490
(592,429)
7,747,003
807,226

8,888,161
1,695,072
292,624
8,533,966
901,039

9,495,827
1,311,233
556,609
7,053,242
846,286

8,868,373
534,842
194,463
5,516,809
840,114

9,062,601
38,958
694,906
4,944,538
1,065,932

10,253,142
94,436
1,135,063
4,736,801
1,269,838

0.26
14.90
12.41
0.64
0.76
85.11
2.07
-4.01
-11.53
-7.38

0.25
10.03
12.43
0.63
0.80
81.29
1.42
2.48
6.63
4.89

0.17
8.62
5.88
0.74
0.67
84.85
1.02
4.13
9.12
7.49

0.22
7.81
8.85
0.73
0.63
83.52
0.86
1.93
3.74
3.31

0.22
4.49
7.49
0.93
0.69
85.02
0.77
5.23
9.47
8.91

0.34
3.69
5.90
0.95
0.91
87.54
0.64
8.20
13.92
13.34

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

2014

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

228,105

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

90

4.75
0.46
-6.34
-4.07
29.71

4.47
1.37
3.52
2.01
48.34

7.26
1.69
5.72
2.27
32.88

7.29
1.37
2.73
0.79
33.35

8.06
2.37
5.60
2.83
35.32

8.10
3.47
8.42
4.62
40.09

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Landmark Spinning Industries Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

240,573
0
297,391
240,548
4
0
0
25
605
91
0
475
0
39
272
0
272
204,080
0
204,080
0
0
0
36,826
121,237
121,237
0
(172,124)
0
(172,124)
87,713

35,654
121,237
121,237
0
(173,296)
0
(173,296)
87,713

0
0
0
0
0
0
0
924
0
924
2
0
(926)
0
0
0
(827)

0
0
0
0
0
0
0
896
0
896
1
0
(897)
0
0
0
(1,966)

0
0
0
0
0
0
0
1,021
0
1,021
1
0
(1,022)
0
0
0
(1,148)

0
0
0
0
0
0
0
1,081
0
1,081
2
0
(1,083)
0
0
0
(1,057)

0
0
0
0
0
0
0
1,171
0
1,171
1
0
(1,172)
0
0
0
(1,227)

0
0
0
0
0
0
0
17,478
0
17,478
1
0
(17,479)
0

239,721
0
(926)
0
466

240,790
0
(897)
0
488

240,924
0
(1,022)
0
513

240,906
0
(1,083)
0
568

240,981
0
(1,172)
0
598

241,678
0
(17,479)
0

0.38

1.44

2.23

2.08

2.24

0.31

0.00
0.40

0.00
1.54

0.00
2.38

0.00
2.22

0.00
2.37

0.00
0.45

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

2014

240,570
0
297,391
240,545
4
0
0
25
710
110
0
561
0
39
299
0
299
205,327
0
205,327
0
0

241,822
0
298,646
241,797
3,383
0
0
25
120
81
0
0
0
39
264
0
264
210,287
0
210,287
0
0
0
31,391
121,237
121,237
0
(190,775)
0
(190,775)
100,929

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

(4,989)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

91

5.06
-0.38
-2.30
-0.66

5.19
-0.37
-2.28
-0.37

5.36
-0.42
-2.66
-0.42

5.55
-0.45
-2.90
-0.45

5.77
-0.49
-3.23
-0.49

6.71
-7.23
-52.14
-7.24

-0.08
3.29

-0.07
3.21

-0.08
3.13

-0.09
3.04

-0.10
2.94

-1.44
2.59

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mahmood Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,390,955
32,640
4,591,782
2,393,015
242,378
0
921,087
44,213
3,566,166
9,118
2,244,875
693,221
0
618,952
2,404,149
1,308,099
1,096,050
945,174
829,930
0
0
0
115,244
3,607,798
150,000
150,000
0
3,457,798
7,121
3,450,677
0

4,143,098
6,428
5,431,838
3,050,205
280,861
0
1,073,764
12,701
5,041,572
13,846
3,646,587
539,698
275,422
566,019
3,799,073
2,711,508
1,087,565
1,258,873
1,143,629
0
0
0
115,244
4,126,724
150,000
150,000
0
3,976,724
7,121
3,969,603
0

4,259,752
15,240
5,685,375
3,019,423
318,290
0
1,212,505
12,584
4,862,319
8,773
2,667,620
604,766
765,596
815,564
3,518,138
2,727,926
790,212
1,155,509
1,040,265
0
0
0
115,244
4,448,424
150,000
150,000
0
4,298,424
7,121
4,291,303
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
381,250
354,654
190,205
39,950
39,940
50,150
572,819

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
340,467
301,389
646,039
85,000
90,000
0
1,061,188

15,133,883
2,802,379
12,331,504
12,870,810
9,017,774
3,853,037
2,263,073
681,893
446,985
234,908
482,380
438,060
1,275,196
157,000
150,000
0
969,737

14,145,534
2,675,388
11,470,146
12,489,112
8,228,488
4,260,624
1,656,422
644,705
423,839
220,866
471,631
412,487
632,676
148,000
150,000
0
1,181,978

14,225,506
2,307,474
11,918,032
12,289,367
8,628,155
3,661,212
1,936,139
859,770
574,120
285,650
469,608
422,091
817,723
151,000
150,000
0
(23,844)

15,475,222
2,413,020
13,062,202
14,115,778
10,040,586
4,075,192
1,359,444
805,838
429,637
376,201
562,290
507,797
474,636
150,925

2,446,210
595,030
110,315
2,187,376
350,873

3,058,886
688,597
471,039
2,151,327
429,116

4,385,281
986,893
968,196
2,329,453
579,735

4,552,972
829,930
334,676
2,138,029
621,470

5,385,597
1,143,629
516,723
3,855,137
780,826

5,603,933
1,040,265
323,711
3,768,191
836,853

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
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
37.40
149.98

0.26
3.19
4.01
2.25
1.51
85.05
1.05
21.70
46.10
34.26
7.45
6.13
3.91
8.43
74.55
218.88

0.29
3.33
4.90
2.03
1.48
88.29
0.93
9.24
18.36
14.16
3.23
6.30
2.53
4.47
32.31
240.52

0.22
3.30
3.79
1.55
1.33
86.39
1.23
10.13
21.14
16.46
4.44
3.90
2.94
5.75
44.45
275.11

0.39
3.63
3.91
1.70
1.38
91.22
1.05
5.19
11.07
8.64

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

2014

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

1,307,239

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

92

5.80
1.93
3.07
21.58
296.56

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Maqbool Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
545,719
728
200,509
269,930
578
73,974
575,257
279,749
295,508
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

656,841
1,220
1,309,038
649,966
54,691
0
0
5,655
827,814
15,719
375,462
341,213
289
95,131
773,247
426,933
346,314
159,183
26,250
72,941
0
10,484
49,508
552,225
168,000
168,000
0
233,957
0
233,957
150,268

957,312
590
1,683,598
951,056
74,293
0
0
5,666
1,198,123
6,338
505,198
603,949
0
82,638
1,098,725
654,326
444,399
368,729
204,584
88,166
14,233
61,746
687,981
168,000
168,000
0
369,713
0
369,713
150,268

1,796,495
0
2,029,879
1,790,826
81,858
0
0
5,669
779,415
21,089
336,884
292,576
0
128,866
772,682
541,303
231,379
499,943
193,921
62,000
0
15,010
229,012
1,303,285
168,000
168,000
0
355,944
0
355,944
779,341

1,807,314
935,071
872,243
1,636,003
1,181,986
454,017
171,311
80,739
52,471
28,268
115,037
112,872
(16,272)
8,722
0
0
59,799

2,183,978
1,664,916
519,062
1,890,570
1,369,255
521,315
293,408
86,433
43,706
42,727
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
91,036
89,958
179,153
46,808
42,000
0
90,556

3,421,881
1,616,449
1,805,432
3,073,768
2,149,559
924,209
348,113
129,791
50,136
79,655
68,239
67,633
166,769
50,983
37,800
0
(41,246)

4,554,284
2,797,913
1,756,371
4,060,908
2,950,356
1,110,552
493,376
168,318
79,285
89,033
89,120
87,420
236,370
60,241
46,200
0
(18,423)

4,928,431
3,450,220
1,478,211
4,593,307
3,388,160
1,205,147
335,124
177,800
75,014
102,786
118,835
115,670
73,074
52,837
0
0
318,323

448,519
57,075
(24,994)
661,841
120,596

563,390
65,625
67,215
348,192
148,905

645,896
52,500
90,345
332,249
179,658

711,408
26,250
77,986
453,183
186,236

1,056,710
204,584
129,929
858,910
299,138

1,803,228
193,921
20,237
735,224
309,866

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
6.25
23.85

0.47
2.29
6.80
3.25
0.95
90.35
1.61
16.02
41.25
29.63
3.15
19.80
2.99
4.51
7.88
27.85

0.46
1.99
9.97
2.30
1.07
89.83
1.69
12.33
32.69
24.57
3.06
9.11
3.47
4.87
6.89
32.87

0.56
1.96
13.26
2.11
1.09
89.17
2.13
12.99
38.12
26.74
3.81
9.01
3.70
5.19
10.48
40.95

0.41
2.41
5.94
1.91
1.01
93.20
0.98
3.09
7.34
5.11

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

6.31
0.86
-0.90
-1.49
18.55

93

14.63
1.63
1.48
1.20
77.58

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Masood Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
600,000
475,000
2,713,378
600,000
2,113,378
379,420

4,781,042
54,760
6,955,972
4,695,015
398,084
0
0
31,267
11,137,170
925,384
4,646,583
3,550,116
0
2,015,087
8,304,547
5,837,674
2,466,873
2,853,779
2,596,707
0
0
257,072
0
4,759,886
1,008,333
600,000
408,333
3,372,221
541,666
2,830,555
379,332

5,563,253
65,016
8,130,159
5,457,079
428,745
0
0
41,158
13,767,642
525,632
6,501,520
3,832,218
0
2,908,272
11,005,643
8,319,990
2,685,653
2,612,023
2,297,663
0
0
314,360
0
5,713,229
995,000
600,000
395,000
4,111,967
533,333
3,578,634
606,262

5,827,424
122,160
8,610,976
299,691
465,056
0
0
5,405,573
16,286,113
444,849
7,215,963
5,415,608
0
3,209,693
13,650,381
10,744,263
2,906,118
2,038,138
1,611,249
0
0
426,889
0
6,425,018
953,333
600,000
353,333
4,865,452
533,333
4,332,119
606,233

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
719,855
648,177
550,111
98,405
135,000
0
632,821

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
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
923,074
836,617
944,947
214,570
105,000
0
1,317,097

19,274,793
1,051,765
18,223,028
16,052,482
9,468,045
6,584,437
3,222,311
1,286,606
910,442
376,164
999,338
898,252
999,230
181,762
105,000
0
490,895

22,744,589
1,369,065
21,375,524
18,838,816
12,588,563
6,250,253
3,905,773
1,715,977
1,270,852
445,125
1,105,926
963,927
1,129,196
222,712
105,000
0
(1,596,039)

24,371,128
2,679,327
21,691,801
20,435,316
12,434,784
8,000,532
3,935,812
1,664,539
1,159,311
505,228
1,142,456
1,024,857
1,174,144
235,688
90,000

4,470,099
1,800,948
316,706
5,455,542
1,510,507

5,441,676
1,581,643
589,645
6,333,781
2,099,082

5,757,206
1,365,523
625,377
8,167,016
2,410,798

7,613,665
2,596,707
712,468
8,434,381
2,714,043

8,325,252
2,297,663
801,484
10,617,653
3,330,463

8,463,156
1,611,249
848,456
12,355,512
3,574,367

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
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
6.66
32.18

0.40
4.98
16.00
1.24
1.12
83.95
2.59
6.93
24.10
16.88
6.96
3.78
2.13
5.10
12.17
69.46

0.54
5.18
18.42
1.21
1.34
83.28
2.34
6.47
22.38
14.95
7.79
4.15
2.11
5.18
13.62
79.33

0.40
4.86
16.85
1.18
1.25
82.83
2.38
6.41
21.56
14.17
8.63
3.50
2.17
4.96
15.11
95.22

0.43
4.69
22.22
1.10
1.19
83.85
2.44
5.67
19.35
13.99
10.43
3.38
2.15
4.82
15.64
107.08

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

2014

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

(1,067,879)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

94

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mehr Dastagir Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

503
0
3,536
436
74
0
0
67
102,524
1
0
1,014
0
101,509
53,645
0
53,645
0
0
0
0
0
0
49,382
92,000
92,000
0
(42,618)
0
(42,618)
0

503
0
3,536
436
74
0
0
67
102,524
1
0
1,014
0
101,509
53,645
0
53,645
0
0
0
0
0
0
49,382
92,000
92,000
0
(42,618)
0
(42,618)
0

503
0
3,536
436
74
0
0
67
102,524
1
0
1,014
0
101,509
53,645
0
53,645
0
0
0
0
0
0
49,382
92,000
92,000
0
(42,618)
0
(42,618)
0

89,000
89,000
0
111,215
84,561
26,654
(22,215)
5,131
252
4,879
570
400
(13,716)
0
0
0
(132,920)

0
0
0
0
0
0
0
1,941
20
1,922
2
0
(1,944)
0
0
0
(221)

0
0
0
0
0
0
0
991
8
983
7
0
(998)
0
0
0
(111)

0
0
0
0
0
0
0
592
8
584
0
0
(592)
0
0
0
0

0
0
0
0
0
0
0
592
8
584
0
0
(592)
0
0
0
0

0
0
0
0
0
0
0
592
8
584
0
0
(592)
0
0
0
0

53,031
0
(13,716)
32,159
1,274

50,972
0
(1,944)
0
250

49,975
0
(998)
0
134

49,382
0
(592)
0
252

49,382
0
(592)
0
252

49,382
0
(592)
0
252

0.01
0.64
1.18
0.60
1.55
124.96
1.78
-5.67
-10.75
-8.24

0.02

0.02

0.02

0.02

0.02

0.00
1.80

0.00
1.87

0.00
1.91

0.00
1.91

0.00
1.91

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-33.29
-15.41
-1.49
5.76

95

1.22
-1.49
-3.74
-3.74

1.13
-0.91
-1.98
-1.98

1.09
-0.57
-1.19
-1.19

1.09
-0.57
-1.20
-1.20

1.09
-0.57
-1.20
-1.20

-0.21
5.54

-0.11
5.43

-0.06
5.37

-0.06
5.37

-0.06
5.37

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mian Textile Industries Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
449,368
38,564
0
5,149
182,898
(38,001)
221,052
221,052
0
(583,683)
0
(583,683)
324,630

606,924
0
778,028
603,276
31,652
0
0
3,648
81,573
2,121
11,359
18,469
0
49,624
128,335
28,125
100,210
624,489
430,899
38,564
0
6,211
148,815
(64,327)
221,052
221,052
0
(598,724)
0
(598,724)
313,345

578,763
0
777,662
575,115
29,906
0
0
3,648
68,366
9,621
6,567
19,842
0
32,336
108,382
0
108,382
650,691
447,931
38,564
0
5,933
158,263
(111,944)
221,052
221,052
0
(635,722)
0
(635,722)
302,726

431,610
0
468,699
427,961
25,976
0
0
3,649
54,442
1,684
0
12,685
0
40,073
120,809
0
120,809
567,644
366,061
38,564
0
2,612
160,407
(202,401)
221,052
221,052
0
(658,473)
0
(658,473)
235,020

261,679
240,158
21,521
286,394
63,354
223,040
(24,715)
14,886
4,918
9,968
38,321
37,320
(76,127)
0
0
0
(13,434)

268,913
263,344
5,570
258,533
21,638
236,895
10,381
14,902
2,616
12,285
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
19,495
11,832
(36,002)
1,599
0
0
(39,736)

92,965
92,965
0
113,636
18,043
95,593
(20,671)
18,852
2,533
16,319
12,916
12,900
(52,439)
934
0
0
2,060

153,553
153,553
0
142,590
0
142,590
10,963
28,367
2,074
26,293
10,760
10,728
(24,479)
1,194
0
0
19,691

139,868
139,868
0
131,147
7,465
123,682
8,721
41,040
1,518
39,522
3,151
3,132
(33,367)
1,399

584,068
443,456
(76,127)
583,920
59,557

562,107
421,689
(37,446)
533,992
76,995

637,978
449,368
(37,601)
474,181
56,074

560,162
430,899
(53,373)
459,024
39,900

538,747
447,931
(25,673)
447,931
82,805

365,243
366,061
(34,766)
366,061
46,087

0.09
14.64
10.02
0.29
0.52
109.44
23.12
-8.17
-88.21
-12.54

0.09
11.84
7.39
0.34
0.44
96.14
-2,001.38
-4.26
-196.86
-6.29

0.15
12.91
7.65
0.21
0.73
101.23
-20.14
-4.71
187.50
-6.00

0.16
13.89
19.87
0.14
0.64
122.24
-11.70
-7.41
102.49
-8.75

0.27
7.01
12.92
0.24
0.63
92.86
-6.78
-3.67
27.77
-4.46

0.12
2.25
9.07
0.29
0.45
93.76
-3.40
-5.89
21.23
-7.38

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

2014

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

24,592

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

96

3.50
-1.04
-29.09
-3.44
1.68

9.94
-0.17
-13.41
-1.69
-0.02

51.75
-2.04
-23.83
-1.70
-1.72

8.18
-3.07
-56.41
-2.41
-2.91

23.38
-1.28
-15.94
-1.16
-5.06

-9.65
-23.86
-1.57
-9.16

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mohammad Farooq Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
0
1,432,623
0
0
0
0
500,284
803
284,075
91,012
0
124,394
903,679
410,366
493,313
877,357
744,274
82,000
0
46,493
4,590
151,871
188,892
188,892
0
(1,035,709)
42,749
(1,078,458)
998,688

0
0
0
0
0
0
0
0
1,338,095
871
50,653
13,056
0
1,273,515
1,638,316
1,154,173
484,143
0
0
0
0
0
0
(300,221)
188,892
188,892
0
(1,357,953)
42,749
(1,400,702)
868,840

1,247,434
0
1,247,434
1,247,434
76,006
0
0
0
19,600
4,647
0
0
0
14,953
1,606,455
1,160,510
445,945
0
0
0
0
0
0
(339,421)
188,892
188,892
0
(1,397,153)
42,749
(1,439,902)
868,840

1,247,434
0
1,247,434
1,247,434
0
0
0
0
16,024
1,070
0
0
0
14,954
1,619,263
1,160,510
458,753
0
0
0
0
0
0
(355,805)
188,892
188,892
0
(1,413,537)
42,749
(1,456,286)
868,840

42
0
42
42
0
0
0
0
126,129
117,573
0
0
0
8,556
382,471
8,996
373,475
0
0
0
0
0
0
(256,300)
188,892
188,892
0
(445,192)
42,749
(487,941)
0

1,101,670
318,167
783,503
1,293,848
504,768
789,080
(192,178)
135,194
59,701
75,493
99,341
97,050
(402,271)
8,816
0
0
47,469

743,279
317,653
425,626
933,514
431,043
502,471
(190,235)
138,419
38,233
100,186
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
43,282
18,223
(336,328)
23,456
0
0
39,041

37,533
37,533
0
50,653
892
49,761
(13,120)
11,157
0
11,157
21,596
9,522
(41,427)
0
0
0
7,080

0
0
0
0
0
0
0
9,030
0
9,030
7,377
0
(16,384)
0
0
0
(4,077)

0
0
0
0
0
0
0
22,699
0
22,699
0
0
968,344
0

495,975
43,988
(411,087)
948,406
210,516

1,029,228
744,274
(433,152)
1,154,640
202,836

(300,221)
0
(359,784)
1,154,173
57,171

(339,421)
0
(41,427)
1,160,510
3,878

(355,805)
0
(16,384)
1,160,510
2,086

(256,300)
0
968,344
8,996
1,260

0.10
9.02
13.39
0.56
0.48
117.44
4.46
-18.66
-70.10
-57.98

0.10
15.79
12.24
0.38
0.55
125.59
11.73
-22.03
-167.56
-56.49

0.01
19.23
5.80
0.17
0.82
199.66
-5.46
-20.56
453.43
-92.27

0.00
57.54
0.00
0.03
0.01
134.96
-4.73
-3.18
12.95
12.95

0.00

0.31

0.00
0.01

0.00
0.33

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

2014

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

444,234

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

97

2.55
-3.14
-36.51
-21.76
19.18

2.62
-3.05
-57.96
-22.93
8.04

4.44
-17.46
-149.39
-19.05
-15.89

-3.35
-110.37
-2.19
-17.97

-4.55
-1.29
4.71
4.71

-1.49
139.37
-316.40
-316.40

-0.87
-18.84

51.26
-13.57

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mubarak Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

32,079
0
53,479
31,125
1,294
0
0
954
13,013
28
0
11,050
0
1,935
63,276
28,800
34,476
11,264
0
11,264
0
0
0
(29,448)
54,000
54,000
0
(91,657)
0
(91,657)
8,209

53,479
29,920
1,204
0
0
954
12,158
197
0
9,995
0
1,966
62,745
28,784
33,961
11,739
0
11,739
0
0
0
(31,452)
54,000
54,000
0
(93,523)
0
(93,523)
8,071

53,479
28,796
1,123
0
0
954
12,100
43
0
9,903
0
2,154
63,192
28,774
34,418
11,599
0
11,599
0
0
0
(32,941)
54,000
54,000
0
(94,880)
0
(94,880)
7,939

51,564
51,564
0
48,658
16,801
31,857
2,906
3,642
45
3,597
7,022
6,904
(5,132)
606
0
0
3,140

20,391
20,391
0
13,194
559
12,635
7,197
2,563
0
2,563
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
5,125
5,087
(11,987)
314
0
0
(8,329)

0
0
0
1,354
0
1,354
(1,354)
4,076
0
4,076
3,707
3,702
(2,864)
592
0
0
(682)

0
0
0
1,107
0
1,107
(1,107)
4,590
0
4,590
3,796
3,794
(1,211)
793
0
0
(290)

0
0
0
1,046
0
1,046
(1,046)
2,994
0
2,994
2,872
3,794
(530)
793
0
0
(3)

(6,910)
1,297
(5,738)
44,201
6,496

(7,463)
738
806
41,149
2,825

(15,363)
0
(12,301)
28,788
2,261

(18,184)
0
(3,456)
28,800
1,773

(19,713)
0
(2,004)
28,784
2,968

(21,342)
0
(1,323)
28,774
2,968

0.20
13.62
35.76
0.59
0.24
94.36
-7.07
-5.47
45.38
67.97

0.18
30.94
75.61
0.26
0.21
64.71
-6.78
1.39
-8.22
-16.07

0.18
48.81
106.02
0.22
0.21
62.47
-2.80
-19.06
60.46
105.03

0.18

0.16

0.16

0.00
0.21

0.00
0.19

0.00
0.19

-2.53
-6.24
10.33
17.07

-2.37
-2.75
3.98
6.39

-2.27
-1.25
1.65
2.58

0.26
-9.95
-1.06
-2.67

1.18
5.67
0.15
-2.53

-1.36
-114.16
-2.28
-4.81

0.23

0.68

0.86

-0.64
-5.45

-0.37
-5.82

-0.25
-6.10

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

2014

30,874

29,750

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

98

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mukhtar Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

62,331
0
214,104
61,184
4,827
0
0
1,147
62
26
0
0
0
36
20,981
0
20,981
0
0
0
0
0
0
41,412
145,000
145,000
0
(103,588)
0
(103,588)
0

57,982
0
214,104
56,835
4,348
0
0
1,147
53
16
0
0
0
37
20,308
0
20,308
0
0
0
0
0
0
37,727
145,000
145,000
0
(107,273)
0
(107,273)
0

54,063
0
214,104
52,916
3,919
0
0
1,147
45
9
0
0
0
36
19,703
0
19,703
0
0
0
0
0
0
34,406
145,000
145,000
0
(110,594)
0
(110,594)
0

0
0
0
0
0
0
0
29,225
0
29,225
0
0
(29,225)
0
0
0
446

0
0
0
0
0
0
0
6,746
0
6,746
16
0
(6,717)
0
0
0
(15)

0
0
0
1,104
0
1,104
(1,104)
5,014
0
5,014
80
0
(5,428)
0
0
0
2

0
0
0
2,406
0
2,406
(2,406)
1,732
0
1,732
0
0
(4,138)
36
0
0
(1)

0
0
0
3,006
0
3,006
(3,006)
667
0
667
0
0
(3,673)
12
0
0
10

0
0
0
2,593
0
2,593
(2,593)
716
0
716
0
0
(3,309)
12

57,736
0
(29,225)
0
360

51,021
0
(6,717)
0
360

45,594
0
(5,428)
0
270

41,412
0
(4,174)
0
0

37,727
0
(3,685)
0
0

34,406
0
(3,321)
0
0

0.07

0.04

0.04

0.00

0.00

0.00

0.00
0.13

0.00
0.10

0.00
0.10

0.00
0.00

0.00
0.00

0.00
0.00

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

99

0.41
-29.94
-40.39
-40.39

0.47
-8.59
-12.35
-12.35

0.52
-7.52
-11.24
-11.24

0.51
-6.27
-9.51
-9.51

0.54
-6.10
-9.28
-9.28

0.57
-5.90
-9.17
-9.17

-2.02
3.98

-0.46
3.52

-0.37
3.14

-0.29
2.86

-0.25
2.60

-0.23
2.37

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

N.P. Spinning Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

245,916
0
732,380
244,421
26,882
0
0
1,495
741,500
65,327
550,473
37,870
0
87,830
509,276
350,580
158,696
171,410
0
134,000
0
10,680
26,730
306,730
147,000
147,000
0
159,730
0
159,730
0

367,970
0
884,584
366,475
30,154
0
0
1,495
853,198
61,122
538,608
177,668
0
75,800
598,498
379,113
219,385
295,481
82,726
153,500
0
10,220
49,035
327,189
147,000
147,000
0
180,189
0
180,189
0

539,669
0
1,105,455
538,024
50,921
0
0
1,645
1,197,292
5,905
893,024
223,103
0
75,260
1,063,519
453,005
610,514
336,238
123,564
153,500
0
11,287
47,887
337,204
147,000
147,000
0
190,204
0
190,204
0

1,156,970
1,156,970
0
1,089,125
732,469
356,656
67,846
39,318
384
38,934
20,684
19,068
10,125
2,427
0
0
113,562

1,630,785
1,630,785
0
1,452,039
1,029,613
422,425
178,747
75,732
16,494
59,238
8,193
7,198
122,968
39,911
29,400
0
19,228

2,129,405
1,739,714
389,691
1,952,540
1,510,046
442,494
176,865
81,153
21,618
59,535
12,552
10,770
86,153
29,022
17,640
0
(85,608)

1,792,499
1,281,146
511,353
1,756,286
1,273,230
483,056
36,213
79,971
13,483
66,488
25,871
23,913
(57,557)
17,925
0
0
(122,520)

2,172,314
2,164,141
8,173
2,029,305
1,477,589
551,716
143,009
78,941
22,175
56,766
31,845
29,980
39,540
0
0
0
21,945

2,452,312
2,382,236
70,076
2,295,691
1,939,623
356,068
156,621
93,317
50,475
42,842
69,481
65,232
11,030
141

323,695
0
7,698
121,586
102,015

407,947
0
53,657
54,958
148,218

572,285
0
39,491
225,655
197,071

478,140
0
(75,482)
350,580
158,372

622,670
82,726
39,540
461,839
165,074

673,442
123,564
10,889
576,569
204,116

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
5.65
25.41

0.44
0.59
3.58
2.26
1.88
91.69
1.36
10.14
22.27
17.58
3.24
4.60
9.00
4.05
3.89
27.23

0.20
1.44
2.11
1.82
1.46
97.98
2.22
-5.96
-16.28
-10.96

0.40
1.47
8.18
1.78
1.43
93.42
2.73
3.58
12.47
7.18

0.22
2.83
9.10
1.41
1.13
93.61
4.15
0.75
3.33
1.70

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

2014

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

(40,395)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.99
1.53
0.88
0.52
19.81

100

3.26
-1.41
-3.21
-5.13
20.87

4.03
2.32
1.82
2.69
22.26

2.75
1.17
0.45
0.74
22.94

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nadeem Textile Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

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

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

E.Shareholders Equity (E1+E2+E3)

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

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

530,221
13,327
1,047,684
509,071
48,395
0
0
7,823
710,209
4,206
395,271
256,104
4,462
50,167
743,383
591,072
152,311
38,886
7,500
0
0
14,538
16,848
458,161
120,150
120,150
0
338,011
15,575
322,436
0

708,505
221,644
1,124,329
479,037
52,092
0
0
7,824
720,434
7,649
546,893
105,374
5,828
54,690
869,867
689,589
180,278
95,633
52,003
0
0
15,640
27,990
463,439
120,150
120,150
0
343,289
15,575
327,714
0

1,136,429
8,042
1,762,797
1,127,655
58,872
0
0
732
1,152,556
14,783
817,964
176,833
8,322
134,654
1,506,147
866,121
640,026
246,309
170,123
0
0
36,634
39,552
536,529
120,150
120,150
0
416,379
15,575
400,804
0

1,188,627
3,422
1,537,744
1,172,072
112,846
0
0
13,133
1,230,826
7,091
735,553
282,600
764
204,818
1,402,103
835,058
567,045
424,643
227,472
0
0
41,157
156,014
592,707
120,150
120,150
0
472,557
15,575
456,982
0

1,628,484
880,168
748,316
1,472,229
992,553
479,676
156,256
50,904
12,880
38,023
92,856
91,123
11,036
8,082
0
0
231,295

2,629,107
869,130
1,759,977
2,244,275
1,331,541
912,734
384,832
70,762
18,987
51,775
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
117,972
109,347
51,632
37,373
0
0
34,672

3,316,502
1,483,643
1,832,859
3,060,033
1,946,325
1,113,708
256,469
79,663
21,364
58,299
124,960
122,283
53,303
35,120
0
0
80,631

4,322,718
2,375,468
1,947,250
4,007,983
2,746,921
1,261,062
314,735
100,633
26,062
74,571
101,381
97,141
114,478
32,216
0
0
171,413

5,620,595
1,009,248
4,611,347
5,282,539
4,361,550
920,989
338,056
153,421
60,840
92,581
149,041
42,672
82,516
38,147
0
0
(28,100)

313,833
9,571
2,954
489,569
99,094

506,210
15,190
159,842
535,815
132,649

497,047
7,500
14,259
598,572
151,474

559,072
52,003
18,183
741,592
154,935

782,838
170,123
82,262
1,036,244
246,383

1,017,350
227,472
44,369
1,062,530
393,608

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
15.30
37.72

0.36
3.22
6.98
2.96
0.96
93.73
1.71
4.21
11.33
10.29

0.14
3.77
3.18
2.32
0.83
92.27
2.08
3.99
11.57
10.09

0.13
2.35
4.09
1.89
0.77
92.72
3.27
6.16
22.90
17.06

0.21
2.65
5.03
2.32
0.88
93.99
3.08
3.51
14.61
9.17

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

2014

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

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.67
1.12
0.68
0.25
22.41

101

9.28
1.47
1.41
1.19
38.13

6.06
1.44
1.61
1.51
38.57

5.28
2.18
2.65
6.85
44.65

7.64
2.93
1.47
3.69
49.33

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nagina Cotton Mills Ltd.

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

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

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

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
291,068
0
0
19,910
14,203
1,054,261
187,000
187,000
0
867,261
253,964
613,296
0

731,814
19,917
1,630,829
694,133
66,696
0
16,111
1,653
1,119,656
61,419
528,067
399,618
0
130,552
283,305
124,474
158,831
296,939
276,268
0
0
14,217
6,454
1,271,226
187,000
187,000
0
1,084,226
253,964
830,262
0

1,031,602
192,262
1,755,561
822,265
74,288
0
15,758
1,317
1,620,999
1,444
722,761
818,842
0
77,952
339,720
106,870
232,850
530,002
480,765
0
0
49,237
0
1,782,879
187,000
187,000

1,104,687
25,822
2,055,729
1,062,209
100,817
0
15,422
1,234
1,778,967
4,419
638,773
207,322
0
928,453
554,740
300,482
254,258
486,102
427,025
0
0
59,077
0
1,842,812
187,000
187,000
0
1,655,812
253,964
1,401,848
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
109,638
103,218
14,651
0
0
0
17,152

2,746,754
606,709
2,140,045
2,259,995
1,729,229
530,766
486,759
160,841
82,676
78,165
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
94,874
80,956
489,530
50,958
93,500
0
424,529

3,674,769
287,343
3,387,426
3,058,136
2,388,552
669,584
616,633
196,893
109,677
87,216
102,374
85,188
364,032
37,996
93,500
0
655

4,451,553
242,444
4,209,109
3,482,090
2,789,646
692,444
969,463
259,940
121,789
138,151
77,017
56,379
663,938
26,645
187,000
0
127,193

4,569,161
305,982
4,263,179
4,002,306
3,119,351
882,955
566,855
235,184
124,954
110,230
89,748
78,268
270,459
16,627
112,200
0
983,389

704,651
159,429
14,651
637,157
171,199

922,397
206,065
256,422
365,091
238,933

1,379,441
291,068
345,072
777,084
249,368

1,568,165
276,268
232,536
400,742
255,899

2,312,881
480,765
450,293
587,635
386,141

2,328,914
427,025
141,632
727,507
370,800

0.28
5.08
7.26
1.67
1.04
89.95
2.12
1.18
3.58
2.07

0.19
4.23
2.26
2.19
1.50
82.28
0.90
20.62
48.80
32.27

0.05
2.06
0.58
2.24
2.04
80.67
0.94
29.62
57.04
42.53
4.69
8.21
7.05
10.65
23.45
56.38

1.63
2.79
10.87
1.98
3.95
83.22
0.46
18.66
31.31
24.70
3.49
6.96
5.27
9.91
17.44
67.98

2.41
1.73
18.39
1.68
4.77
78.22
0.49
29.48
43.48
34.21
3.41
6.16
12.78
14.91
34.08
95.34

0.38
1.96
4.54
1.58
3.21
87.59
0.56
9.77
14.92
11.65
2.26
7.15
4.46
5.92
13.57
98.55

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,595,879
253,964
1,341,915

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

102

6.39
1.14
0.68
0.78
22.12

6.81
3.46
9.56
13.71
35.41

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nazir Cotton Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

759

657

16,050
759
7,819

16,050
657
103

64,836
194
0
2,828
0
61,814
16,715
10,000
6,715
288,950
155,831
133,119
0
0
0
(240,070)
230,000
230,000
0
(470,070)
(3,111)
(466,959)

64,991
292
0
2,828
772
61,099
21,953
10,000
11,953
288,826
155,831
132,995
0
0
0
(245,131)
230,000
230,000
0
(475,131)
(3,111)
(472,020)

0
0
0
0
0
0
0
7,967
0
7,967
3
0
(2,273)
229
0
0
636

0
0
0
0
0
0
0
9,241
0
9,241
2
0
(4,102)
315
0
0
1,983

0
0
0
0
0
0
0
9,241
0
9,241
2
0
(4,102)
315
0
0
1,983

0
0
0
0
0
0
0
139,464

0
0
0
0
0
0
0
4,037

92,654
191,234
(2,502)
210,912
28

86,192
189,190
(4,417)
208,868
43

86,192
189,190
(4,417)
208,868
43

48,880
155,831
(128,347)
165,831
1,755

43,695
155,831
(5,261)
165,831
2,477

46,393
155,830
(3,426)
165,830

0.11

0.11

0.11

0.18

0.18

0.31

0.00
0.83

0.00
0.82

0.00
0.82

0.00
3.88

0.00
2.96

0.00
3.07

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

569
0
16,050
569
88
0
0
0
67,966
174
0
2,828
3,838
61,126
22,142
10,000
12,142
291,885
155,830
136,055
0
0
0
(245,492)
230,000
230,000
0
(475,492)
(45)
(475,447)
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

139,464
7,929
1
(128,347)

4,037
4,866
0
(5,261)

(49,478)

222

0
0
0
0
0
0
0
3,620
0
3,620
1

(3,426)
0

(111)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

103

-2.25
-1.80
2.33
-7.99

-2.14
-3.40
4.07
-4.59

-2.14
-3.49
3.98
-4.76

-1.27
-140.12
74.82
-190.04

-1.27
-8.02
2.17
-11.37

-1.28
-5.11
1.40
-7.61

-0.15
-10.67

0.00

0.00

0.00

-128,346.00

-0.11
-4.29

-0.19
-4.48

-0.19
-4.48

-5.58
-10.44

-0.23
-10.66

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nishat (Chunian) Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
2,927,683
0
406,250
0
0
5,704,440
1,654,418
1,620,903
33,515
4,050,023
0
4,050,023
0

7,958,060
101,500
11,401,532
5,972,783
549,059
2,266
1,875,858
5,653
9,724,895
47,997
4,010,713
3,027,856
32,495
2,605,834
7,622,371
6,372,853
1,249,518
3,985,590
3,579,340
0
406,250
0
0
6,074,994
1,654,418
1,654,418
0
4,420,576
0
4,420,576
0

9,527,913
1,648,295
11,932,641
5,986,747
522,985
566
1,886,681
5,624
12,396,935
259,238
5,639,884
3,904,387
82,162
2,511,264
9,703,454
8,114,183
1,589,271
4,201,123
3,919,873
0
281,250
0
0
8,020,271
1,819,860
1,819,860
0
6,200,411
0
6,200,411
0

11,392,124
860,190
15,063,421
8,512,710
612,906
9,106
1,986,318
23,800
14,548,838
18,239
7,017,096
4,482,129
22,659
3,008,715
12,801,084
11,104,585
1,696,499
4,722,282
4,691,032
0
31,250
0
0
8,417,596
2,001,846
2,001,846
0
6,415,750
0
6,415,750
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
1,081,536
1,026,191
166,800
65,000
0
0
683,851

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
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
1,482,399
1,410,149
1,662,789
208,513
324,181
0
(349,434)

18,616,943
5,645,639
12,971,304
16,540,145
11,505,963
5,034,182
2,076,798
685,999
499,834
186,165
1,353,445
1,296,299
893,974
194,642
330,884
165,442
298,230

21,213,244
5,630,598
15,582,646
17,617,677
12,319,615
5,298,062
3,595,567
821,778
535,143
286,635
1,243,262
1,171,251
2,530,921
254,760
363,972
181,986
(1,186,723)

22,799,758
7,076,660
15,723,098
21,419,145
15,259,791
6,159,354
1,380,613
892,999
665,489
227,510
1,375,291
1,363,813
927,602
166,306
200,185
0
(2,457,485)

13,757,578
10,296,390
101,800
15,476,175
721,655

7,218,656
2,729,939
998,099
8,940,603
860,883

9,038,373
3,333,933
1,130,094
9,441,610
998,148

10,060,584
3,985,590
368,448
10,358,443
1,103,990

12,221,394
4,201,123
1,912,189
12,315,306
1,462,067

13,139,878
4,722,282
561,111
15,826,867
1,689,625

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

0.32
7.29
10.55
1.25
1.12
83.23
1.85
10.89
32.63
20.46
4.49
4.50
2.18
8.18
8.97
35.19

0.41
7.27
16.26
1.05
1.28
88.84
1.91
5.27
15.18
9.36
2.11
4.64
1.69
4.80
4.23
36.72

0.44
5.86
18.41
0.97
1.28
83.05
1.73
12.78
35.91
22.72
6.25
3.76
3.16
11.93
12.51
44.07

0.35
6.03
19.66
0.88
1.14
93.94
2.08
3.88
11.29
7.32
3.80
3.25
1.68
4.07
3.80
42.05

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

104

4.56
1.16
1.67
1.23
41.82

4.10
2.09
8.51
6.30
28.31

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nishat Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
2,659,328
0
0
0
713,268
35,393,959
3,515,999
3,515,999
0
31,877,960
11,203,616
20,674,344
0

36,778,712
1,821,270
23,524,056
12,497,369
1,254,041
0
22,154,759
305,314
19,847,671
2,358,556
9,695,133
3,489,070
1,589,093
2,715,819
15,126,751
10,772,751
4,354,000
3,736,883
3,426,578
0
0
0
310,305
37,762,749
3,515,999
3,515,999
0
34,246,750
11,204,118
23,042,632
0

53,430,034
1,221,957
26,317,975
14,308,363
1,351,369
0
37,772,969
126,745
27,204,560
1,128,862
10,945,439
6,243,535
4,362,880
4,523,844
18,068,412
13,249,797
4,818,615
3,649,147
3,149,732
0
0
0
499,415
58,917,035
3,515,999
3,515,999
0
55,401,036
27,742,150
27,658,886
0

68,273,585
4,778,790
31,436,298
18,185,198
1,532,590
0
45,158,463
151,134
28,774,992
2,802,316
12,752,495
2,929,054
3,227,560
7,063,567
21,553,219
16,063,776
5,489,443
6,906,182
6,431,304
0
0
0
474,878
68,589,176
3,515,999
3,515,999
0
65,073,177
33,308,138
31,765,039
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
1,446,796
1,240,197
1,561,501
293,500
484,965
0
2,138,364

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
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
1,601,048
1,393,480
5,411,912
568,000
1,160,280
0
260,523

44,924,101
10,429,592
34,494,509
38,134,910
9,521,329
28,613,581
6,789,191
3,630,766
2,555,327
1,075,439
1,760,543
1,536,586
4,081,567
553,000
1,230,600
0
2,760,542

52,426,030
13,122,201
39,303,829
43,381,545
29,661,160
13,720,385
9,044,485
3,809,153
2,529,455
1,279,698
1,617,581
1,424,381
6,356,853
510,000
1,406,400
0
491,795

54,444,091
11,720,001
42,724,090
46,580,317
30,726,081
15,854,236
7,863,774
3,931,381
2,554,627
1,376,754
1,609,882
1,397,392
5,975,552
463,000
1,406,400
0
4,887,376

21,910,421
2,334,411
783,036
10,110,324
2,170,493

35,613,899
2,980,694
2,006,461
10,758,773
2,631,808

38,766,555
2,659,328
3,683,632
14,414,878
3,240,615

41,499,632
3,426,578
2,297,967
14,199,329
3,399,292

62,566,182
3,149,732
4,440,453
16,399,529
4,250,140

75,495,358
6,431,304
4,106,152
22,495,080
4,896,356

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
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
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
13.78
100.67

0.49
3.92
7.77
0.79
1.31
84.89
0.50
7.37
11.16
10.17
2.87
4.63
3.66
9.09
10.04
107.40

0.65
3.09
11.91
0.65
1.51
82.75
0.37
9.26
13.15
12.22
4.16
4.79
5.46
12.13
16.63
167.57

0.42
2.96
5.38
0.56
1.34
85.56
0.41
6.73
9.37
8.66
3.92
4.27
5.28
10.98
15.68
195.08

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

105

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Olympia Spinning & Weaving Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
1,064,805
51,515
0
4,589
8,878
583,713
120,000
120,000
0
(633,520)
92,998
(726,518)
1,097,233

2,045,220
0
2,092,213
1,995,497
59,700
0
44,666
5,057
592,266
7,353
231,617
71,023
0
282,273
1,117,514
354,959
762,555
1,083,834
1,022,335
56,430
0
5,069
0
436,138
120,000
120,000
0
(815,735)
44,666
(860,401)
1,131,873

9,390
0
274,822
120,000
120,000
0
(965,151)
0
(965,151)
1,119,973

1,848,629
22,676
2,021,289
1,822,545
53,203
0
0
3,408
275,704
4,780
107,922
27,546
0
135,456
1,162,254
501,549
660,705
1,075,000
1,049,800
25,122
0
78
0
(112,921)
120,000
120,000
0
(1,336,231)
0
(1,336,231)
1,103,310

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
172,932
142,449
(470,215)
12,407
0
0
(270,726)

2,729,551
742,506
1,987,045
2,567,153
2,096,927
470,226
162,398
86,429
40,123
46,306
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
196,098
151,138
96,105
37,356
0
0
(37,154)

2,278,470
866,779
1,411,691
2,139,174
1,678,161
461,013
139,296
72,748
22,286
50,462
162,368
135,731
(87,527)
21,938
0
0
88,180

2,634,363
572,657
2,061,706
2,440,814
1,907,111
533,703
193,549
156,173
32,269
123,904
148,677
115,348
(85,706)
23,454
0
0
37,548

1,971,662
767,127
1,204,535
2,165,740
1,495,164
670,576
(194,078)
56,303
22,921
33,382
130,932
130,932
(353,727)
12,415
0
0
223,022

1,111,421
285,621
(482,622)
1,316,628
159,692

1,139,137
546,416
(141,867)
1,330,964
171,609

1,713,500
1,064,805
58,749
1,416,051
170,262

1,519,972
1,022,335
(109,465)
1,377,294
120,005

1,428,601
1,120,690
(109,160)
1,392,867
145,519

962,079
1,049,800
(366,142)
1,551,349
124,912

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

0.29
4.56
7.11
1.54
0.66
90.88
3.78
3.49
17.19
6.74

0.07
7.13
3.12
0.86
0.53
93.89
5.05
-3.23
-17.16
-5.41

0.06
5.64
2.27
1.05
0.51
92.65
8.15
-3.33
-24.11
-5.81

0.03
6.64
1.40
0.93
0.24
109.84
-19.81
-15.25
-436.97
-29.59

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,959,626
2,584
2,110,516
1,953,635
61,319
0
0
3,407
555,362
5,289
253,966
59,912
0
236,195
1,086,387
272,177
814,210
1,153,779
1,120,690
23,699

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

106

5.66
-2.30
-19.98
-40.22
63.99

13.44
0.27
-4.20
-11.82
44.52

20.66
1.64
2.24
4.90
48.64

9.84
0.36
-3.84
-9.12
36.34

10.37
0.26
-3.25
-9.10
22.90

18.27
-1.70
-17.94
-30.51
-9.41

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Olympia Textile Mills Ltd.

2009

2010

2011

2012

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
223,337
0
222,937
0
0
400
(128,108)
108,040
108,040
0
(236,148)
0
(236,148)
0

75,540
1,110
459,118
72,439
6,614
0
0
1,991
19,294
398
0
0
0
18,896
15,761
0
15,761
241,230
0
224,015
0
600
16,615
(162,157)
108,040
108,040
0
(270,197)
0
(270,197)

245,373
245,373
0
280,812
212,252
68,560
(35,440)
12,074
106
11,968
6,801
4,851
(54,124)
0
0
0
(72,679)

5,660
5,660
0
15,699
5,660
10,039
(10,039)
10,157
0
10,157
870
196
(20,740)
0
0
0
(14,956)

143,119
0
(54,124)
9,432
17,017

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

2014

(Thousand Rupees)
2013
2014
514,775
43,238
862,687
467,833
8,174
513
0
3,191
129,283
28,283
72,859
0
0
28,141
37,920
0
37,920
232,733
0
108,259
0
1,204
123,270
373,405
108,040
108,040

(23,283)
256,675
(279,958)
288,648

654,694
0
1,106,153
651,094
60,206
409
0
3,191
75,430
8,831
25,677
72
0
40,850
106,107
22,707
83,400
393,467
119,219
130,540
0
1,746
141,962
230,550
108,040
108,040
0
(150,116)
267,655
(417,771)
272,626

0
0
0
8,405
0
8,405
(8,405)
7,448
0
7,448
778
0
(16,601)
0
0
0
14,295

0
0
0
7,517
0
7,517
(7,517)
9,773
0
9,773
962
0
(17,434)
0
0
0
(3,793)

61,548
61,548
0
62,499
40,307
22,192
(951)
14,218
82
14,136
1,218
0
(11,914)
(311)
0
0
(63,383)

1,163,979
1,163,979
0
1,245,180
937,084
308,096
(81,201)
29,604
7,080
22,524
24,808
23,323
(135,143)
0
0
0
5,590

122,852
0
(20,740)
0
1,773

95,229
0
(16,601)
0
945

79,073
0
(17,434)
0
3,562

606,138
0
(11,603)
0
16,467

624,017
119,219
(135,143)
141,926
81,663

0.11
2.77
1.19
1.40
1.69
114.44
-2.93
-23.82
84.42
-93.60

0.28
15.36
51.55
0.04
3.70
277.36
-2.22
-13.38
20.55
-15.60

0.37

0.03

0.00
1.96

0.00
1.22

0.75
1.98
0.00
0.10
3.41
101.55
0.72
-3.22
-11.28
-3.48

0.08
2.13
0.01
1.59
0.71
106.98
2.17
-19.67
-77.83
-21.97

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

43.35
-10.16
-22.06
-5.01
-8.38

107

-104.82
-366.43
-1.92
-10.30

-1.84
-13.69
13.87
-15.22

-1.58
-17.25
12.01
-20.00

-1.54
-11.86

-1.61
-15.01

0.84

45.33
-4.79
-11.61
-12.51
21.34

-19.36
-1.07
34.56

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Paramount Spinning Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,048,440
1,185
2,644,143
2,557,894
46,343
0
485,877
3,484
1,398,634
15,213
827,462
280,098
0
275,861
3,130,809
1,806,926
1,323,883
226,324
0
175,000
0
51,324
0
1,089,941
173,523
173,523
0
(1,939,859)
15,400
(1,955,259)
2,856,277

2,470,518
0
2,546,630
2,410,719
56,644
0
55,067
4,732
1,138,218
12,834
685,540
163,189
0
276,655
3,078,371
1,905,777
1,172,594
195,668
0
0
0
58,119
137,549
334,697
173,523
173,523
0
(2,148,442)
15,400
(2,163,842)
2,309,616

2,368,234
0
2,364,233
2,364,233
52,361
0
0
4,001
680,937
15,160
375,656
63,553
24,731
201,837
3,073,148
1,750,137
1,323,011
325,977
0
142,236
0
32,320
151,421
(349,954)
173,523
173,523
0
(2,057,008)
15,400
(2,072,408)
1,533,531

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
264,120
257,296
35,371
17,429
0
14,341
(80,270)

3,117,790
948,225
2,169,564
2,569,057
1,942,153
626,904
548,733
175,745
106,968
68,777
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
280,440
269,142
193,275
32,599
26,028
0
(76,026)

3,844,878
645,242
3,199,636
5,000,497
3,589,587
1,410,910
(1,155,619)
334,072
169,241
164,831
266,252
254,919
(2,726,622)
38,449
0
0
(36,441)

2,531,007
752,602
1,778,405
2,660,464
1,768,668
891,796
(129,457)
207,554
101,269
106,285
58,949
52,393
(446,955)
18,682
0
0
(442,229)

2,434,279
1,294,792
1,139,487
2,929,218
1,934,938
994,280
(494,939)
164,744
68,930
95,814
30,821
25,692
90,515
12,158

1,140,499
108,650
17,942
1,592,689
276,399

1,236,449
85,058
84,488
1,618,467
318,184

1,587,889
259,354
134,648
1,825,447
448,276

1,316,265
0
(2,765,071)
1,806,926
507,902

530,365
0
(465,637)
1,905,777
519,299

(23,977)
0
78,357
1,750,137
493,234

0.19
9.39
9.76
0.95
0.96
84.05
2.74
1.22
4.59
3.33

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
6.36
56.80

0.17
5.62
5.73
1.38
1.12
86.29
2.38
5.68
19.66
13.69
6.17
3.00
1.72
3.87
9.26
61.69

0.09
6.92
7.28
0.86
0.45
130.06
3.08
-67.59
-252.43
-187.77

0.06
2.33
6.45
0.70
0.37
105.11
9.78
-11.10
-62.75
-48.41

0.03
1.27
2.61
0.80
0.22
120.33
-9.71
2.72
-95.15
35.75

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(65,694)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.23
1.14
1.26
1.25
54.95

108

4.65
-9.70
-70.92
-159.35
62.81

3.69
-7.53
-17.66
-26.83
19.29

6.48
4.52
3.72
4.52
-20.17

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Premium Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
0
40,000
0
6,027
62,731
619,626
61,630
61,630
0
546,948
0
546,948
11,047

725,637
72,865
1,283,388
649,756
69,430
0
1,825
1,191
1,075,782
3,071
651,254
354,972
0
66,485
950,245
741,559
208,686
71,404
0
0
0
6,933
64,471
779,769
61,630
61,630
0
708,309
0
708,309
9,830

1,461,887
373,698
1,802,354
1,085,033
86,960
0
1,965
1,191
2,633,227
4,806
1,678,027
812,551
0
137,843
2,817,346
2,492,369
324,977
45,642
0
0
0
11,002
34,640
1,232,126
61,630
61,630
0
1,161,649
0
1,161,649
8,847

1,844,858
25,710
2,693,973
1,815,678
181,823
0
1,966
1,504
2,809,192
13,775
1,434,906
1,123,870
0
236,641
2,685,433
2,307,746
377,687
752,189
700,000
0
0
17,549
34,640
1,216,428
61,630
61,630
0
1,147,312
0
1,147,312
7,486

2,113,500
2,093,782
19,718
1,899,248
1,560,082
339,166
214,252
41,100
16,401
24,699
172,330
166,055
2,276
336
4,622
0
321,066

3,209,472
3,042,192
167,280
2,706,750
1,987,087
719,663
502,722
79,495
27,000
52,495
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
180,023
168,031
278,969
47,161
33,897
0
(51,260)

4,136,399
1,680,196
2,456,203
3,677,932
2,923,843
754,089
458,467
101,949
41,230
60,719
131,068
120,615
239,697
43,916
36,978
0
423,705

4,932,271
580,838
4,351,433
4,124,263
3,418,183
706,080
808,008
155,219
65,115
90,104
164,588
146,923
508,446
42,814
77,038
0
(892,452)

7,212,829
648,114
6,564,715
6,526,785
5,095,944
1,430,841
686,044
173,471
103,208
70,263
341,284

552,116
248,184
(2,683)
1,012,949
140,150

632,731
105,000
195,928
777,269
159,865

728,384
0
197,912
982,677
182,220

851,173
0
158,803
741,559
195,359

1,277,768
0
388,595
2,492,369
280,137

1,968,617
700,000
13,028
3,007,746

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
0.31
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
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
37.61
100.54

0.38
3.17
8.58
2.30
1.13
88.92
1.31
13.07
34.26
30.35
5.29
6.35
2.99
5.79
31.77
126.52

0.29
3.34
16.47
1.20
0.93
83.62
2.32
17.25
50.54
47.77
6.04
2.94
4.46
10.31
75.55
199.92

0.42
4.73
15.58
1.55
1.05
90.49
2.83
1.16
4.14
3.09
1.60
5.03

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

50,728
16,130
21,571
0
115,249

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

109

0.70
5.61
197.38

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Prosperity Weaving Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
10,054
102,031
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

876,475
51,542
1,992,506
809,717
84,570
0
0
15,216
775,079
56,129
342,948
273,319
79
102,604
737,763
562,924
174,839
315,781
251,000
0
0
28,903
35,878
598,010
184,800
184,800
0
376,027
16,600
359,427
37,183

841,363
107
2,086,267
826,218
83,555
0
0
15,038
932,195
67,455
462,049
250,831
0
151,860
602,277
388,321
213,956
276,898
214,100
0
0
39,000
23,798
894,383
184,800
184,800
0
672,400
16,600
655,800
37,183

1,411,353
560,867
2,137,904
831,045
83,677
0
0
19,441
887,722
31,037
387,735
245,149
0
223,801
632,790
396,313
236,477
703,206
628,484
0
0
51,445
23,277
963,079
184,800
184,800
0
741,096
16,600
724,496
37,183

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
134,405
124,806
108,119
18,866
36,960
0
389,925

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
116,550
106,782
176,389
25,271
55,440
0
47,517

5,952,133
2,675,020
3,277,113
5,468,594
4,578,102
890,492
483,539
168,542
111,451
57,091
118,402
105,919
201,098
57,896
64,680
0
143,741

5,382,234
1,596,922
3,785,312
5,007,540
4,083,995
923,545
374,694
163,329
102,193
61,136
107,068
92,702
108,169
54,150
46,200
0
97,511

6,600,175
1,125,975
5,474,200
5,931,469
5,123,701
807,768
668,706
189,648
104,518
85,130
82,942
66,571
397,872
65,382
110,880
0
315,368

6,346,901
1,419,249
4,927,652
5,866,420
4,822,326
1,044,094
480,481
179,938
93,678
86,260
60,536
47,994
242,895
59,412
92,400
0
306,724

1,160,736
645,345
52,294
842,587
150,713

1,011,950
382,623
95,677
677,409
164,989

1,080,927
430,796
78,522
717,262
217,956

913,791
251,000
7,819
813,924
201,300

1,171,281
214,100
221,610
602,421
269,469

1,666,285
628,484
91,083
1,024,797
287,441

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
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
8.18
27.16

0.49
1.99
3.89
3.78
1.42
91.88
1.69
13.02
36.99
19.22
2.21
16.58
2.90
3.38
7.75
31.66

0.45
1.99
5.08
3.26
1.05
93.04
1.76
6.70
18.28
10.85
1.17
15.69
2.17
2.01
2.92
32.36

0.53
1.26
3.80
3.72
1.55
89.87
0.98
23.23
53.32
38.16
3.00
14.28
6.98
6.03
17.99
48.40

0.44
0.95
3.86
2.76
1.40
92.43
1.39
11.93
26.15
17.12
1.99
16.37
6.06
3.83
9.93
52.11

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

110

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Quality Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

793,433
0
1,323,365
791,268
65,756
0
0
2,165
807,552
1,513
442,069
308,502
0
55,468
737,683
599,947
137,736
105,517
0
0
0
12,895
92,622
757,785
159,778
159,778
0
369,854
0
369,854
228,153

858,985
12,165
1,428,138
844,655
66,775
0
0
2,165
604,378
3,939
312,041
196,129
0
92,269
437,077
273,240
163,837
110,516
0
0
0
16,917
93,599
915,770
159,778
159,778
0
534,150
0
534,150
221,842

903,829
0
1,551,862
900,149
80,396
0
0
3,680
683,482
6,929
401,018
205,166
0
70,369
541,545
393,765
147,780
153,457
34,008
0
0
23,270
96,179
892,309
159,778
159,778
0
521,208

1,220,867
932,960
287,907
1,106,377
835,613
270,764
114,490
34,783
18,310
16,473
70,020
67,441
10,878
2,349
0
0
29,787

1,584,088
1,048,737
535,351
1,335,517
1,082,662
252,855
248,571
66,479
29,779
36,701
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
95,419
9,265
243,654
43,432
55,922
0
98,839

2,075,429
1,335,632
739,797
1,863,192
1,372,077
491,115
212,237
56,654
30,714
25,940
74,127
64,280
86,192
20,355
23,967
0
(79,615)

2,557,194
1,807,432
749,762
2,244,980
1,611,261
633,719
312,214
64,795
29,590
35,205
54,826
47,848
196,225
28,677
31,956
0
466,959

2,589,014
2,062,926
526,088
2,440,132
1,895,172
544,960
148,882
51,509
26,167
25,342
72,826
65,353
34,061
15,896

559,432
35,400
8,529
375,654
67,476

619,786
11,800
66,912
222,493
91,845

809,288
0
144,300
271,597
109,415

863,302
0
41,870
599,947
99,499

1,026,286
0
135,592
273,240
140,256

1,045,766
34,008
18,165
427,773
137,493

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
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
12.53
44.61

0.42
3.57
14.86
1.30
1.09
89.77
1.11
6.03
11.72
10.31
2.75
4.69
2.34
4.15
4.12
47.43

0.46
2.14
7.67
1.75
1.38
87.79
0.60
12.81
23.45
20.77
5.24
8.20
5.10
7.67
10.49
57.32

0.39
2.81
7.92
1.63
1.26
94.25
0.78
2.23
3.77
3.29

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

521,208
211,323

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

5,402

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

6.76
1.16
0.89
0.53
24.21

111

6.46
1.52
1.32
1.14
55.85

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Quetta Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

5,126,910
24,058
8,189,391
5,057,444
243,257
0
0
45,408
4,426,787
8,409
3,254,744
335,898
0
827,736
4,855,243
3,989,841
865,402
1,735,795
206,511
52,900
923,333
77,735
475,316
2,962,659
130,000
130,000
0
2,108,690
766,751
1,341,939
723,969

5,097,275
78,348
8,350,385
4,978,446
242,747
0
0
40,481
4,402,189
37,974
3,139,023
415,052
0
810,140
4,702,128
3,851,184
850,944
1,665,964
136,169
148,457
879,147
104,110
398,081
3,131,372
130,000
130,000
0
2,294,933
651,751
1,643,182
706,439

5,039,352
12,338
8,605,104
4,995,809
238,053
0
0
31,205
5,128,633
46,136
3,769,953
410,866
0
901,678
5,532,754
4,463,169
1,069,585
1,457,865
126,594
160,727
654,435
103,497
412,612
3,177,366
130,000
130,000
0
2,358,036
651,751
1,706,285
689,330

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
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
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
978,217
966,160
773,468
107,811
19,500
0
157,154

11,141,097
4,842,464
6,298,633
9,670,029
6,703,784
2,966,245
1,471,068
424,713
375,466
49,247
893,507
883,519
157,550
98,666
0
0
638,468

12,967,979
5,968,725
6,999,254
11,517,598
8,514,717
3,002,881
1,450,381
453,620
389,561
64,059
725,308
715,328
278,204
87,207
19,500
0
487,709

12,301,405
5,484,116
6,817,289
11,064,701
7,765,513
3,299,188
1,236,704
430,978
361,499
69,479
596,925
585,043
214,910
118,330

4,503,047
2,123,703
61,651
6,230,947
531,160

4,439,070
1,743,355
274,285
5,427,760
619,024

5,095,356
1,619,469
646,157
5,630,838
746,685

4,698,454
1,129,844
58,884
5,119,685
401,620

4,797,336
1,015,316
171,497
4,866,500
903,334

4,635,231
781,029
96,580
5,244,198
952,509

0.20
11.05
11.79
0.84
0.87
82.20
5.98
1.21
11.71
2.69

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
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
51.20
225.78

0.07
8.02
3.01
1.17
0.91
86.80
2.22
1.64
5.34
3.22

0.10
5.59
3.20
1.37
0.94
88.82
2.03
2.92
9.13
5.86
9.79
4.13
1.39
2.15
14.69
240.87

0.08
4.85
3.34
1.21
0.93
89.95
2.20
2.19
6.81
4.56

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(183,811)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.37
1.12
1.32
19.73
408.36

112

3.42
1.18
1.41
4.53
227.90

3.26
1.37
1.75
7.43
244.41

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ravi Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

301,603
0
413,092
301,603
23,876
0
0
0
9,776
51
0
0
0
9,725
204,793
98,350
106,443
30,711
0
832
0
1,887
27,992
75,875
250,000
250,000
0
(340,082)
0
(340,082)
165,957

281,190
0
413,179
281,190
20,501
0
0
0
11,980
19
0
0
0
11,961
217,459
98,350
119,109
27,700
0
832
0
1,687
25,181
48,011
250,000
250,000
0
(364,842)
0
(364,842)
162,853

271,712
2,675
420,392
269,037
19,366
0
0
0
7,856
163
0
0
0
7,693
199,194
83,649
115,545
72,950
0
46,993
0
1,610
24,347
7,424
250,000
250,000
0
(405,980)
0
(405,980)
163,404

316,778
316,778
0
347,095
239,347
107,748
(30,317)
11,180
954
10,226
12,511
12,051
243
0
0
0
179,045

432,368
429,309
3,059
452,614
287,911
164,703
(20,246)
13,521
1,908
11,613
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
13,406
12,984
(104,738)
19
0
0
55,784

0
0
0
0
0
0
0
37,916
0
37,916
11,153
11,046
(39,562)
0
0
0
(182)

0
0
0
0
0
0
0
27,740
0
27,740
10,194
10,076
(30,674)
0
0
0
56

0
0
0
0
0
0
0
42,506
0
42,506
9,792
9,771
(46,930)
0

302,591
0
243
87,705
40,276

261,956
0
(42,209)
80,148
46,065

146,804
0
(104,757)
59,244
20,231

106,586
0
(39,562)
98,350
3,605

75,711
0
(30,674)
98,350
3,346

80,374
0
(46,930)
83,649
6,837

0.07
3.95
2.48
0.72
1.00
109.57
0.82
0.06
0.13
0.10

0.40
2.92
13.22
1.07
0.83
104.68
0.98
-8.58
-16.23
-12.78

0.00
6.91
0.00
0.62
0.08
121.35
2.13
-29.19
-68.77
-51.25

0.00

0.00

0.00

0.00
0.05

0.00
0.06

0.00
0.04

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(26,936)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

113

6.19
1.02
0.08
0.01
9.61

10.75
-1.96
-8.34
-1.69
8.18

169.54
-7.07
-53.95
-4.19
4.01

3.10
-12.67
-44.95
-31.23

5.11
-10.15
-49.52
-33.65

36.66
-16.39
-169.32
-60.13

-2.58

-2.04

-3.80

-1.58
3.04

-1.23
1.92

-1.88
0.30

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Redco Textiles Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

973,696
0
1,522,739
968,760
49,284
0
80
4,856
595,092
15,783
292,714
168,596
0
117,999
278,599
85,001
193,598
665,984
0
646,710
0
1,172
18,102
624,205
492,926
492,926
0
(105,451)
25
(105,476)
236,730

929,476
0
1,526,736
924,456
48,300
0
114
4,906
660,705
20,974
277,217
244,273
0
118,241
306,087
85,551
220,536
642,346
0
621,710

1,035,884
999,307
36,577
994,356
735,408
258,949
41,528
16,838
4,334
12,504
26,914
11,328
(1,953)
366
0
0
(2,821)

1,469,940
1,460,538
9,402
1,410,333
1,096,390
313,943
59,607
36,139
4,097
32,043
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
19,070
15,897
19,898
24,074
0
0
62,280

1,712,919
1,667,353
45,566
1,652,785
1,222,482
430,303
60,134
23,497
5,408
18,089
18,874
15,973
17,774
17,210
0
0
(20,645)

2,438,127
2,384,641
53,486
2,358,300
1,757,899
600,401
79,827
34,772
7,128
27,644
13,573
11,311
32,296
12,381
0
0
46,133

2,211,316
2,175,633
35,683
2,141,951
1,613,468
528,483
69,365
34,320
6,363
27,957
12,695
10,319
24,359
18,698

1,159,592
3,244
(2,319)
116,470
85,564

1,155,741
0
(2,369)
82,272
112,041

1,221,165
432,185
(4,176)
510,155
124,679

1,290,189
0
564
85,001
128,287

1,284,094
0
19,915
85,551
164,108

1,327,607
0
5,661
68,887
174,055

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

0.66
1.10
9.84
1.09
2.14
96.49
1.51
1.16
3.03
1.42

0.87
0.56
10.02
1.53
2.16
96.73
1.48
2.04
5.08
2.51

0.61
0.57
6.75
1.38
2.25
96.86
1.45
1.53
3.74
1.87

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

15,698
4,938
641,748
492,926
492,926
0
(83,193)
59
(83,252)
232,015

987,423
0
1,580,129
930,754
47,773
0
131
56,538
612,400
17,955
283,263
149,259
0
161,923
272,216
68,887
203,329
675,687
0
662,381
0
9,429
3,877
651,920
492,926
492,926
0
(68,538)
76
(68,614)
227,532

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

78,024

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

114

5.07
0.83
-0.19
-0.05
10.86

6.98
1.50
0.34
-0.05
11.01

8.54
2.25
0.87
-0.08
11.17

5.85
2.11
1.04
0.01
12.66

8.80
3.86
1.32
0.40
13.02

7.81
3.36
1.10
0.11
13.23

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Reliance Cotton Spinning Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
73,143
1,307,686
678,478
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

1,308,105
133
1,672,697
966,644
76,844
0
332,052
9,276
1,293,850
5,031
924,964
251,951
0
111,904
1,247,684
1,027,326
220,358
55,286
0
0
0
36,056
19,230
1,298,985
102,920
102,920
0
1,196,065
34,964
1,161,101
0

1,649,182
0
1,864,657
1,201,244
102,684
0
438,944
8,994
1,632,123
11,361
1,080,606
377,974
0
162,182
1,508,516
1,224,183
284,333
143,457
66,667
0

1,544,923
306,469
1,238,453
1,232,407
882,067
350,340
312,516
114,620
84,823
29,796
109,112
101,293
164,966
15,080
15,438
0
(29,498)

1,753,876
239,289
1,514,588
1,358,895
971,220
387,675
394,982
159,357
105,373
53,984
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
120,973
115,917
503,156
22,706
25,730
0
146,820

2,557,935
355,997
2,201,938
2,190,019
1,605,035
584,984
367,916
179,561
126,614
52,947
140,677
130,175
104,472
26,556
12,865
0
115,416

3,853,608
655,611
3,197,997
3,216,441
2,502,359
714,082
637,167
199,945
132,389
67,556
160,493
144,264
350,982
29,038
20,584
0
72,292

4,243,955
828,274
3,415,681
3,826,669
2,891,794
934,875
417,286
163,663
111,971
51,692
168,719
49,485
143,610
24,379
15,438

661,747
0
134,449
710,563
118,107

899,624
75,000
123,665
765,812
143,217

1,261,795
0
454,720
952,488
194,759

1,354,271
0
65,051
1,027,326
203,042

1,772,789
66,667
301,360
1,290,850
292,993

1,936,242
33,333
103,793
1,946,423
323,322

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
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
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
46.68
117.99

0.21
5.50
9.85
0.98
1.04
85.62
1.00
4.18
8.31
7.99
6.06
2.77
1.80
4.08
7.57
126.21

0.26
4.16
9.81
1.17
1.08
83.47
1.01
11.93
23.98
22.45
15.64
3.57
3.43
9.11
31.28
158.31

0.25
3.98
12.89
1.01
0.96
90.17
1.33
3.84
8.34
7.74
7.72
2.90
3.90
3.38
11.58
175.56

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

44,491
32,299
1,629,332
102,920
102,920
0
1,526,412
77,562
1,448,850
0

2,027,971
0
2,352,649
1,436,170
114,091
0
582,886
8,915
2,175,228
19,938
1,462,768
547,110
3,024
142,388
2,266,957
1,913,090
353,867
129,356
33,333
0
0
56,064
39,959
1,806,886
102,920
102,920

1,703,966
153,821
1,550,145
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(285,296)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

115

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Reliance Weaving Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
3,561
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
543,465
3,800
0
22,564
26,243
1,943,650
308,109
308,109
0
1,183,269
107,708
1,075,561
452,271

2,929,117
434
4,296,870
2,857,561
127,547
1,278
0
69,844
3,093,908
29,246
1,489,258
786,123
140,773
648,508
3,400,652
2,865,023
535,629
507,855
469,273
3,800
0
34,782
0
2,114,518
308,109
308,109
0
1,354,138
124,711
1,229,427
452,271

3,832,800
51,250
1,568,576
3,754,412
131,849
8,405
0
18,733
4,298,850
73,089
2,467,183
856,469
65,183
836,926
4,455,154
3,738,641
716,513
1,130,330
1,060,652
0
0
69,678
0
2,546,166
308,109
308,109
0
1,785,786
79,976
1,705,810
452,271

4,969,282
233,032
1,755,326
4,355,912
187,404
7,459
350,300
22,579
4,720,229
115,085
2,383,599
1,028,675
76,130
1,116,740
4,989,468
4,139,657
849,811
1,804,835
1,708,780
0
0
96,055
0
2,895,208
308,109
308,109
0
1,952,774
90,922
1,861,852
634,325

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
646,855
455,545
(174,387)
31,835
0
0
321,749

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
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
481,594
428,756
602,477
101,245
46,216
0
(143,238)

8,698,693
2,189,496
6,509,197
7,785,085
6,196,142
1,588,943
913,608
278,223
132,039
146,184
429,358
356,736
288,551
88,246
0
0
12,001

9,514,177
3,630,979
5,883,198
8,292,495
6,776,775
1,515,720
1,221,682
315,030
125,648
189,382
426,230
327,699
553,813
77,644
61,622
0
(329,575)

11,412,197
3,961,263
7,450,934
10,290,412
8,570,827
1,719,585
1,121,785
365,652
160,760
204,892
499,572
422,364
289,999
115,928
46,216
0
197,005

1,836,573
645,980
(206,222)
2,666,170
267,624

1,955,343
415,179
416,608
2,418,715
316,320

2,539,721
543,465
455,015
3,098,494
418,383

2,622,373
469,273
200,305
3,334,296
387,768

3,676,496
1,060,652
414,547
4,799,293
541,857

4,700,043
1,708,780
127,855
5,848,437
603,869

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
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
16.27
63.08

0.28
4.94
9.04
1.44
0.91
89.50
1.85
4.97
14.22
11.18

0.22
4.48
9.00
1.17
0.96
87.16
2.19
7.83
23.77
17.58
7.73
3.86
2.69
5.82
15.45
82.64

0.24
4.38
9.01
1.18
0.95
90.17
2.35
3.25
10.63
6.92
3.77
4.79
1.69
2.54
5.65
93.97

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.86
0.62
-4.02
-6.69
33.87

116

5.84
1.81
3.32
6.50
68.63

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Resham Textile Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

929,084
0
1,060,073
925,417
73,053
0
0
3,667
637,377
102,097
358,597
84,639
0
92,043
487,665
88,033
399,633
407,375
166,327
0
0
13,033
228,016
671,421
360,000
360,000
0
154,507
0
154,507
156,914

905,679
8,432
1,097,471
893,578
70,075
0
0
3,669
435,976
83,640
242,507
12,099
0
97,730
275,740
51,701
224,039
357,041
120,184
0
0
15,288
221,569
708,874
360,000
360,000
0
203,967
0
203,967
144,907

1,024,612
1,420
1,293,055
1,019,514
72,018
0
0
3,678
774,678
59,197
608,139
14,511
0
92,831
672,317
430,398
241,919
257,788
0
0
0
24,203
233,585
869,185
360,000
360,000
0
376,336
0
376,336
132,849

1,296,940
3,669
1,367,914
1,289,573
82,732
0
0
3,698
520,689
42,406
268,455
101,808
0
108,020
432,060
144,636
287,424
316,746
0
0
0
28,884
287,862
1,068,823
360,000
360,000
0
451,464
0
451,464
257,359

1,542,141
1,520,321
21,819
1,419,120
1,086,537
332,583
123,021
29,174
7,990
21,184
112,166
110,230
(13,737)
218
0
0
(43,989)

2,232,455
2,134,782
97,673
1,811,714
1,462,264
349,450
420,741
55,593
17,022
38,571
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
100,721
97,998
142,334
37,050
54,000
0
93,478

3,245,033
3,170,105
74,928
2,867,911
2,440,139
427,772
377,122
77,741
26,236
51,505
73,434
71,234
232,532
63,326
72,000
0
453,957

3,501,701
3,501,701
0
2,994,130
2,426,752
567,378
507,571
96,882
19,731
77,151
69,154
67,345
349,455
80,045
72,000
0
643

4,051,203
4,051,203
0
3,768,331
3,093,938
674,393
282,872
81,409
22,176
59,233
75,446
73,351
147,099
55,335
54,000
0
443,382

759,969
355,882
(13,955)
663,947
91,432

1,076,248
268,422
229,525
379,238
136,454

1,078,796
166,327
51,284
254,359
141,138

1,065,915
120,184
97,206
171,885
153,310

1,126,973
0
197,410
430,398
207,699

1,385,569
0
37,764
144,636
225,246

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
7.38
17.89

0.38
2.72
2.28
2.37
1.31
92.03
1.33
9.99
21.64
13.21
1.95
10.33
2.45
3.84
2.92
18.65

0.35
2.26
0.37
2.42
1.58
88.38
0.89
15.99
33.69
21.68
2.35
13.38
4.26
7.17
4.70
19.69

0.11
1.97
0.41
1.95
1.15
85.51
1.07
22.25
44.21
31.87
3.74
5.76
6.19
9.98
7.48
24.14

0.33
1.86
2.51
2.23
1.21
93.02
0.70
8.13
15.16
11.71
1.70
15.09
3.01
3.63
2.55
29.69

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.34
0.88
-0.89
-0.39
10.56

117

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ruby Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

982,667
0
1,179,334
974,053
43,413
0
0
8,614
733,803
881
538,190
10,626
0
184,106
608,969
275,260
333,709
521,619
78,416
430,715
0
7,601
4,887
585,882
522,144
522,144
0
(311,326)
102,603
(413,929)
375,064

1,129,116
0
1,150,712
1,124,937
41,216
0
0
4,179
669,138
784
490,633
18,648
0
159,073
558,480
210,524
347,956
282,093
68,666
83,162
0
129,217
1,048
957,681
522,144
522,144
0
(43,222)
102,602
(145,824)
478,759

1,091,792
0
1,160,952
1,086,328
50,887
0
0
5,464
644,692
1,879
437,477
21,237
0
184,099
530,959
469,896
61,063
499,412
64,189
381,555
0
16,862
36,806
706,113
522,144
522,144
0
(281,945)
3,240
(285,185)
465,914

856,602
800,064
56,538
830,094
617,520
212,574
26,508
31,544
15,599
15,945
104,720
103,100
(106,991)
594
0
0
(93,022)

1,379,194
1,247,582
131,612
1,232,461
980,901
251,560
146,733
43,975
22,713
21,262
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
110,339
106,363
(109,412)
16,961
0
0
(146,846)

855,372
827,124
28,248
944,462
690,446
254,016
(89,090)
31,230
2,485
28,745
62,646
61,251
(181,905)
282
0
0
(137,802)

1,113,206
846,693
266,513
1,178,708
941,295
237,413
(65,502)
51,365
15,724
35,641
43,791
41,293
(155,062)
2,612
0
0
(36,493)

927,881
664,260
263,621
1,073,673
774,924
298,749
(145,792)
45,450
20,541
24,909
42,626
41,477
(232,365)
2,683

1,127,107
414,355
(107,585)
629,329
66,455

1,177,975
424,125
26,748
638,567
97,108

1,024,156
365,625
(126,373)
759,683
103,638

1,107,501
78,416
(182,187)
353,676
92,961

1,239,774
68,666
(157,674)
279,190
100,088

1,205,525
64,189
(235,048)
534,085
106,803

0.05
12.23
2.08
0.58
1.05
96.91
1.80
-7.18
-18.59
-10.53

0.04
5.07
0.98
0.89
1.30
89.36
1.89
2.28
6.47
2.98

0.04
6.79
1.64
0.95
1.00
97.10
2.90
-6.73
-22.50
-9.94

0.02
7.32
1.24
0.50
1.20
110.42
1.93
-10.63
-35.55
-17.07

0.03
3.93
1.68
0.62
1.20
105.88
0.88
-8.82
-20.03
-13.21

0.04
4.59
2.29
0.53
1.21
115.71
1.46
-13.15
-27.91
-19.01

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(130,331)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

118

3.83
-0.04
-12.49
-2.74
13.41

4.16
1.52
2.49
0.68
13.65

3.27
-0.03
-6.73
-3.22
11.16

1.59
-1.97
-21.27
-3.49
11.22

2.27
-2.76
-13.93
-3.02
18.34

2.12
-4.60
-25.04
-4.50
13.52

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Safa Textiles Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

93,794
0
145,949
93,794
8,298
0
0
0
189,672
1,053
98,707
27,295
0
62,617
209,798
141,620
68,178
16,511
0
0
0
0
16,511
57,157
40,000
40,000
0
17,157
0
17,157
0

132,010
24,413
169,538
107,492
9,841
105
0
0
167,334
1,561
125,334
6,617
0
33,822
222,167
124,839
97,328
18,894
0
0
0
0
18,894
58,283
40,000
40,000
0
18,283
0
18,283
0

144,219
39,285
176,819
104,684
10,119
250
0
0
182,273
5,931
122,571
1,391
0
52,380
249,860
122,012
127,848
26,555
0
0
0
0
26,555
50,077
40,000
40,000
0
10,077
0
10,077
0

395,271
101,992
293,279
350,243
219,063
131,180
45,028
35,970
8,362
27,608
4,904
2,610
7,447
3,929
0
0
(30,350)

477,113
7,020
470,093
418,628
264,732
153,896
58,485
43,700
12,218
31,482
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
13,725
10,572
6,695
5,082
0
0
(5,741)

501,806
1,787
500,019
418,216
263,129
155,087
83,590
62,513
16,758
45,755
15,501
11,917
6,421
5,055
0
0
6,164

771,762
1
771,761
674,947
421,439
253,508
96,815
70,628
23,413
47,215
18,447
10,715
8,947
7,820
0
0
63,016

731,675
0
731,675
646,005
416,877
229,128
85,670
73,260
17,627
55,633
16,753
9,962
(659)
7,546
0
0
11,759

51,699
0
3,518
82,555
27,069

54,050
0
(3,650)
102,411
29,665

69,915
0
1,613
133,956
38,920

73,668
0
1,366
141,620
47,597

77,177
0
1,127
124,839
66,560

76,632
0
(8,205)
122,012
81,939

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
0.59
13.51

0.10
2.89
3.35
1.95
0.91
86.70
3.37
3.05
12.20
10.80

0.14
3.09
5.44
1.77
0.90
83.34
3.96
2.44
11.38
8.94

0.04
2.39
0.86
2.58
0.75
87.46
4.14
3.07
15.50
11.86

0.03
2.29
0.19
2.24
0.73
88.29
5.52
-0.21
-1.22
-0.86

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.53
3.85
1.88
0.88
12.92

119

4.82
1.63
1.41
0.40
13.92

5.08
1.54
1.28
0.34
14.29

6.16
1.83
1.16
0.28
14.57

5.97
0.93
-0.09
-2.05
12.52

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Saif Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,700,763
28,821
3,659,025
2,465,412
163,164
941
0
205,589
2,382,026
8,786
1,578,859
514,426
5,667
274,288
2,599,737
1,910,337
689,400
1,147,106
585,599
470,100
0
89,699
1,708
1,335,946
264,129
264,129
0
923,714
115,981
807,733
148,103

2,790,314
10,990
4,028,370
2,580,131
172,393
689
0
198,504
2,886,615
16,372
1,694,585
786,239
4,283
385,136
2,825,605
2,208,613
616,992
1,131,017
524,412
494,000
0
109,705
2,900
1,720,307
264,129
264,129
0
1,318,470
115,981
1,202,489
137,708

3,504,392
126,956
4,781,768
3,245,547
197,109
513
0
131,376
2,860,884
24,854
1,485,532
869,841
6,477
474,180
2,973,973
2,185,273
788,700
1,586,338
939,218
493,750
0
149,619
3,751
1,804,965
264,129
264,129

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
346,441
338,276
(691,529)
8,059
0
0
363,328

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
259,307
238,583
103,101
21,923
0
0
(220,498)

7,361,391
5,659,646
1,701,745
6,032,923
4,599,161
1,433,762
1,328,468
382,721
206,762
175,959
216,487
202,056
687,207
73,614
52,826
0
1,128,737

6,483,423
5,134,795
1,348,628
5,721,964
4,415,508
1,306,456
761,459
307,838
157,580
150,258
251,949
222,992
112,743
(101,400)
52,826
0
952,440

7,679,220
6,324,206
1,355,014
6,527,675
4,655,402
1,872,273
1,151,545
364,103
167,269
196,834
276,121
249,917
459,812
12,132
66,032
0
369,466

7,925,862
6,327,089
1,598,773
6,979,424
5,000,854
1,978,570
946,438
397,529
190,441
207,088
315,840
286,335
235,029
0
66,032
0
930,964

2,111,220
1,170,569
(699,588)
2,686,783
277,645

1,854,689
805,022
81,178
3,286,016
317,100

2,240,285
563,671
560,767
2,645,275
434,397

2,483,052
585,599
161,317
2,495,936
437,369

2,851,324
524,412
381,648
2,733,025
617,086

3,391,303
939,218
168,997
3,124,491
628,737

0.40
9.29
19.86
0.93
0.83
97.01
7.01
-16.68
-93.83
-34.84

0.28
5.59
16.70
0.98
0.83
84.69
7.18
2.36
19.15
5.20

0.38
2.94
14.17
1.46
0.95
81.95
3.25
14.08
78.00
33.56
11.62
5.25
4.40
9.34
23.23
44.86

0.20
3.89
7.93
1.28
0.92
88.26
2.80
2.23
8.94
4.77
4.05
4.11
1.51
1.74
8.11
50.58

0.29
3.60
10.24
1.35
1.02
85.00
2.30
8.55
30.09
17.24
6.78
4.53
2.84
5.99
16.95
65.13

0.30
3.98
10.97
1.25
0.96
88.06
2.53
3.90
13.33
7.53
3.56
5.34
1.82
2.97
8.90
68.34

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,409,481
115,981
1,293,500
131,355

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

120

5.44
-1.04
-18.55
-26.49
18.92

3.39
1.43
2.22
3.07
21.85

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sajjad Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
23,824
179,951
212,678
212,678
0
(157,888)
8
(157,896)
125,161

390,407
0
423,478
379,038
16,818
0
0
11,369
105,959
16,112
45,106
15,977
0
28,764
80,856
0
80,856
232,935
0
211,692
0
428
20,815
182,575
212,678
212,678
0
(151,122)
9
(151,131)
121,019

452,377
0
498,310
441,008
16,709
0
0
11,369
258,764
7,893
145,013
69,266
0
36,592
167,955
167,955
260,132
0
211,692
0
823
47,617
283,054
212,678
212,678
0
(95,817)
12
(95,829)
166,193

442,096
0
506,350
430,727
18,452
0
0
11,369
167,636
30,280
37,479
17,159
0
82,718
109,089
0
109,089
232,478
0
209,192
0
1,604
21,682
268,165
212,678
212,678
0
(106,394)
28
(106,422)
161,881

301,111
231,278
69,833
305,483
193,238
112,245
(4,372)
36,618
4,184
32,434
29,894
28,499
(70,884)
1,514
0
0
29,002

0
0
0
23,324
0
23,324
(23,324)
17,337
0
17,337
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
1,381
1,313
1,761
1,980
0
0
(9,642)

307,852
302,074
5,778
287,828
156,410
131,418
20,024
14,454
688
13,766
3,891
3,814
1,679
2,040
0
0
(370)

807,481
638,451
169,030
685,143
484,221
200,922
122,338
32,141
8,985
23,156
5,179
4,749
80,001
1,141
10,634
0
18,950

1,260,200
888,408
371,792
1,239,077
932,146
306,931
21,123
43,344
13,229
30,115
3,496
3,006
(17,375)
12,174
0
0
50,450

170,651
35,869
(72,398)
224,796
14,560

403,690
0
77,002
0
5,150

415,644
0
(219)
0
35,854

415,510
0
(361)
0
39,158

543,186
0
68,226
0
87,894

500,643
0
(29,549)
0
98,992

0.01
9.93
0.21
0.76
0.08
101.45
8.18
-14.39
-153.83
-34.97

0.04

0.32
0.73
5.32
0.41
1.39
95.05
1.57
0.39
0.95
0.43

0.40
1.26
5.19
0.62
1.31
93.50
1.72
0.35
0.93
0.40

0.46
0.64
8.58
1.14
1.54
84.85
1.51
13.25
34.36
16.69
7.42
5.57
17.85
9.91
3.71
13.31

0.43
0.28
1.36
2.07
1.54
98.32
1.27
-2.63
-6.30
-3.33

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-1.49
-23.54
-3.40
2.03

121

0.00
0.61

1.26
18.61
65.69
26.81

3.62
9.00

6.75
2.34
0.93
-0.01
8.46

6.83
1.44
0.55
-0.02
8.58

33.62
-4.78
-1.38
-1.39
12.61

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Saleem Denim Industries Ltd.

2009

2010

2011

2012

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

25,356
0
30,971
24,859
605
0
0
497
412
5
0
0
0
407
69,733
0
69,733
5,453

0
0
0
0
0
0
0
1,383
0
1,383
0
0
(1,383)
0
0
0
1,783

0
0
0
0
0
0
0
1,165
0
1,165
0
0
(1,165)
0
0
0
0

(39,213)
0
(1,383)
0
144

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

2014

(Thousand Rupees)
2013
2014
24,803
0
30,971
24,306
553
0
0
497
412
5
0
0
0
407
70,182
0
70,182
5,453

24,298
0

5,453

5,453

23,801
506
0
0
497
412
5
0
0
0
407
70,633
0
70,633
5,453
0
5,453

(49,419)
39,018
39,018

(50,420)
39,018
39,018

(51,376)
39,018
39,018

(88,988)

(89,989)

(90,945)

(88,988)
551

(89,989)
551

(90,945)
551

0
0
0
0
0
0
0
1,165
0
1,165
0
0
(1,165)
0
0
0
0

0
0
0
0
0
0
0
1,287
0
1,287
3
0
(1,290)

0
0
0
0
0
0
0
1,001
0
1,001
0
0
(1,001)

0
0
0
0
0
0
0
956
0
956
0
0
(956)

(40,378)
0
(1,165)
0
144

(40,378)
0
(1,165)
0
144

(43,966)
0
(1,290)
0
144

(44,967)
0
(1,001)
0
144

(45,923)
0
(956)
0
144

0.00

0.00

0.00

0.00

0.00

0.00

0.00
0.01

0.00
0.01

0.00
0.01

0.00
0.01

0.00
0.01

0.00
0.01

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

122

-1.61
-2.19
9.07
47.50

-1.58
-4.25
2.51
2.93

-1.58
-4.31
2.48
2.89

-1.52
-4.89
2.68
3.06

-1.50
-3.93
2.01
2.25

-1.48
-3.83
1.88
2.10

-0.35
-11.75

-0.30
-12.05

-0.30
-12.05

-0.33
-12.67

-0.26
-12.92

-0.25
-13.17

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Salfi Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,490,077
4,920
2,125,056
1,998,528
78,024
5,332
480,834
463
1,053,121
56,009
642,292
238,579
0
116,241
887,716
479,633
408,083
435,025
107,523
75,000
0
36,056
216,446
2,220,457
33,426
33,426
0
850,945
5,562
845,383
1,336,086

2,362,633
46,023
2,502,150
2,310,456
78,664
5,276
417
461
1,538,821
53,038
1,049,400
287,022
0
149,361
993,303
652,075
341,228
817,120
634,120
0
0
45,185
137,815
2,091,031
33,426
33,426
0
977,474
0
977,474
1,080,131

2,526,980
218,068
2,591,452
2,302,931
97,851
4,360
609
1,012
1,320,929
36,298
849,720
245,653
0
189,258
1,064,409
621,463
442,946
592,794
538,656
0
0
54,138
0
2,190,706
33,426
33,426
0
1,036,527
0
1,036,527
1,120,753

1,980,144
1,731,950
248,194
1,778,839
1,545,100
233,739
201,305
135,521
33,736
101,785
257,565
247,338
(241,177)
2,359
0
0
(33,940)

3,160,366
2,334,059
826,307
2,537,320
1,695,925
841,395
623,046
119,793
49,366
70,426
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
164,653
136,029
389,480
59,294
10,028
0
(21,992)

3,927,483
1,505,087
2,422,396
3,442,400
2,608,356
834,044
485,083
173,499
96,618
76,881
150,579
123,377
178,470
45,877
10,028
0
250,946

3,925,774
1,335,155
2,590,619
3,243,068
2,507,407
735,661
682,706
287,367
142,092
145,275
121,946
101,661
329,210
0
6,685
0
(155,495)

4,612,764
406,285
4,206,479
4,216,657
3,405,781
810,876
396,107
254,864
145,610
109,254
179,566
159,431
(1,185)
28,004
5,014
0
382,588

2,029,282
574,150
(243,535)
1,427,399
154,256

2,242,506
441,615
383,130
701,351
187,701

2,622,421
265,995
320,158
834,782
213,443

2,655,482
107,523
122,565
587,156
207,873

2,908,151
634,120
322,525
1,286,195
258,812

2,783,500
538,656
(34,203)
1,160,119
266,864

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
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
98.78
596.98

0.33
3.83
6.07
1.11
1.19
87.65
0.60
4.97
8.47
6.76
13.22
6.11
2.45
4.54
39.67
664.29

0.34
3.11
7.31
1.01
1.55
82.61
0.87
8.84
15.27
11.83
49.24
3.74
4.24
8.39
98.49
625.57

0.26
3.89
5.33
1.20
1.24
91.41
0.76
-0.03
-0.06
-0.04
-5.82
5.43
0.99
-0.03
-8.73
655.39

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.83
0.02
-12.18
-72.86
350.75

123

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sally Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
260,036
26,213
113,437
0
44,964
75,422
362,228
87,750
87,750
0
78,385
0
78,385
196,093

995,680
45,879
1,607,792
939,203
44,893
0
0
10,598
669,694
16,010
455,882
97,452
0
100,350
825,194
515,814
309,380
352,204
12,625
128,184
0
51,648
159,747
487,976
87,750
87,750
0
123,007
0
123,007
277,219

1,050,086
18,960
1,736,703
1,019,882
49,135
0
0
11,244
757,578
20,849
477,253
175,991
0
83,485
800,817
447,018
353,799
246,323
0
0
0
87,055
159,268
760,524
87,750
87,750
0
410,288
144,847
265,441
262,486

1,141,213
492
1,899,109
1,129,477
54,135
0
0
11,244
827,650
23,798
518,835
179,494
0
105,523
969,018
519,649
449,369
251,688
0
0
0
105,745
145,943
748,157
87,750
87,750
0
411,956
163,678
248,278
248,451

1,182,377
1,156,112
26,265
1,111,359
783,429
327,930
71,018
28,083
7,815
20,268
39,913
62,020
4,248
0
0
0
103,101

1,745,619
1,669,161
76,458
1,488,831
998,833
489,998
256,788
49,994
14,255
35,739
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
54,755
53,044
248,801
27,078
4,388
0
88,619

2,887,503
2,876,378
11,125
2,646,421
1,930,338
716,083
241,082
64,763
15,771
48,992
61,854
59,837
98,220
28,875
0
0
137,078

3,646,821
2,483,282
1,163,539
3,249,247
2,276,370
972,877
397,574
128,105
42,788
85,317
59,659
58,301
210,556
48,892
17,550
0
194,230

3,796,146
2,465,928
1,330,218
3,614,476
2,439,808
1,174,668
181,670
118,650
39,014
79,636
57,066
55,165
6,837
23,245
0
0
74,871

141,832
83,513
4,248
656,133
119,108

431,786
0
128,847
554,929
149,293

622,264
26,213
217,336
615,484
155,667

840,180
12,625
69,345
528,439
180,745

1,006,847
0
144,114
447,018
308,634

999,845
0
(16,408)
519,649
362,282

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
15.68
17.26

0.15
1.93
4.14
1.94
0.72
89.30
3.05
18.61
96.87
47.21
50.54
7.17
5.69
8.75
25.27
41.28

0.14
2.14
3.37
1.73
0.81
91.65
2.41
6.27
23.11
13.43

0.25
1.64
4.83
2.02
0.95
89.10
1.38
12.13
33.73
22.80
9.21
7.64
4.61
5.77
18.42
86.67

0.21
1.50
4.73
1.93
0.85
95.21
1.63
0.36
0.91
0.68

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.92
1.07
0.36
0.48
-11.74

124

6.33
2.64
3.40
7.90
55.61

7.32
1.12
0.18
-1.87
85.26

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Salman Noman Enterprises Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
83,592
94,757
0
15,556
190,357
398,174
41,748
41,748
0
76,906
0
76,906
279,520

753,127
0
1,090,832
738,324
35,500
0
0
14,803
360,966
14,438
172,134
66,749
0
107,645
364,912
203,998
160,914
476,819
159,618
106,623
0
17,752
192,826
272,362
44,670
44,670
0
(41,352)
0
(41,352)
269,044

806,851
0
1,226,905
799,666
35,057
0
0
7,185
447,248
5,142
268,633
68,385
0
105,088
451,786
277,999
173,787
477,124
225,943
86,623
0
21,584
142,974
325,189
44,670
44,670
0
(44,308)
0
(44,308)
324,827

795,767
0
1,252,894
788,647
37,007
0
0
7,120
427,173
1,831
276,791
62,239
0
86,312
484,948
313,200
171,748
454,556
194,895
116,123
0
20,853
122,685
283,436
44,670
44,670
0
(78,076)
0
(78,076)
316,842

868,393
868,393
0
846,194
633,292
212,902
22,199
51,196
250
50,946
53,581
51,735
(82,150)
0
0
0
(6,577)

1,186,789
1,186,789
0
1,072,082
782,375
289,707
114,707
28,602
627
27,975
58,282
45,974
28,706
5,934
0
1,988
85,940

1,841,189
1,841,189
0
1,711,083
1,413,682
297,401
130,106
19,819
1,975
17,844
70,048
68,058
43,794
19,409
0
2,922
(74,855)

1,533,228
1,533,228
0
1,569,742
1,224,347
345,395
(36,514)
20,928
1,810
19,118
67,961
66,115
(122,721)
0
0
0
(20,308)

1,284,223
1,284,223
0
1,204,506
855,615
348,891
79,717
27,987
1,715
26,272
66,845
64,355
(9,477)
6,448
0
0
(131,284)

1,447,051
1,447,051
0
1,425,997
987,141
438,856
21,054
23,076
928
22,148
50,344
48,572
(52,071)
12,045
0
0
15,895

610,694
263,921
(82,150)
418,721
69,766

617,409
238,170
22,772
355,587
89,957

782,436
83,592
24,385
308,430
90,599

749,181
159,618
(122,721)
363,616
99,932

802,313
225,943
(15,925)
503,942
112,258

737,992
194,895
(64,116)
508,095
132,185

0.09
6.17
2.12
0.96
0.85
97.44
2.48
-9.68
-30.33
-13.51

0.09
4.91
1.62
1.31
0.90
90.33
2.36
3.18
10.88
4.67

0.11
3.80
1.97
1.55
1.00
92.93
1.99
4.18
13.14
6.26

0.22
4.43
4.35
1.38
0.99
102.38
3.09
-10.65
-36.60
-16.03

0.16
5.21
5.33
1.02
0.99
93.79
2.86
-0.80
-3.17
-1.22

0.13
3.48
4.30
1.18
0.88
98.55
3.31
-4.20
-17.11
-6.76

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

125

5.78
-0.59
-9.46
-20.66
65.21

7.85
1.62
2.42
5.73
67.57

6.84
1.64
2.38
5.84
95.38

8.91
-0.86
-8.00
-27.47
60.97

4.78
0.85
-0.74
-3.57
72.80

5.23
-0.07
-3.60
-14.35
63.45

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Samin Textiles Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

801,439
2,960
1,439,577
786,308
74,326
389
2,150
9,632
1,588,732
20,953
356,977
241,418
836,601
132,783
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

1,009,880
139,178
1,533,535
855,312
68,882
3,608
2,150
9,632
1,867,736
4,793
337,065
132,444
1,229,130
164,304
1,108,166
743,246
364,920
501,688
121,487
10,412
0
1,562
368,227
1,267,762
267,280
267,280
0
704,404
830,798
(126,394)
296,078

1,788,431
4,759
1,716,505
961,201
86,134
2,804
806,844
12,823
1,871,720
22,109
372,705
78,152
1,197,225
201,529
1,204,196
851,586
352,610
757,884
181,352
10,412
0
1,562
564,558
1,698,071
267,280
267,280
0
1,146,834
1,400,730
(253,896)
283,957

1,324,257
4,271
1,734,212
899,247
81,153
2,145
405,770
12,824
1,641,570
17,813
320,748
57,620
705,330
540,059
1,290,056
1,006,477
283,579
434,159
115,773
10,412
0
1,562
306,412
1,241,612
267,280
267,280
0
701,452
1,092,011
(390,559)
272,880

1,585,781
739,691
846,090
1,474,120
1,124,935
349,186
111,660
81,528
43,043
38,484
134,367
126,791
(69,235)
9,056
0
0
46,157

1,810,677
869,105
941,571
1,729,173
1,379,726
349,448
81,503
88,702
39,170
49,532
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
139,210
125,920
61,763
33,283
0
0
15,844

2,434,656
1,372,216
1,062,440
2,350,642
1,777,919
572,723
84,014
101,112
41,776
59,336
122,710
113,745
(98,246)
29,591
0
0
(24,801)

2,709,119
1,790,136
918,983
2,656,111
2,093,350
562,761
53,008
101,766
47,154
54,612
136,251
123,664
(141,130)
5,018
0
0
(133,308)

2,537,083
1,840,943
696,140
2,506,059
1,828,881
677,178
31,024
99,042
41,034
58,008
143,353
129,875
(143,211)
29,642
0
0
(116,738)

1,318,880
59,595
(78,291)
769,745
94,185

1,247,738
19,556
(29,468)
751,531
98,653

1,278,422
10,898
28,480
725,389
129,485

1,769,450
121,487
(127,837)
864,733
140,052

2,455,955
181,352
(146,148)
1,032,938
159,159

1,675,771
115,773
(172,853)
1,122,250
176,775

1.20
8.47
7.45
0.68
1.68
92.96
1.69
-2.81
-7.22
-5.02

0.93
7.81
6.04
0.79
1.39
95.50
1.76
-0.59
-1.60
-1.06

0.99
4.50
7.80
1.30
1.43
90.59
1.37
2.64
6.72
4.89

1.23
5.04
5.44
0.85
1.69
96.55
1.27
-3.73
-8.63
-6.45

1.08
5.03
2.88
0.74
1.55
98.04
1.16
-4.32
-9.52
-6.68

0.61
5.65
2.27
0.86
1.27
98.78
1.39
-4.32
-9.74
-6.93

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

126

4.59
0.45
-4.37
-5.86
64.55

5.47
0.90
-0.75
-2.21
62.01

8.67
1.49
1.99
1.07
37.72

7.22
0.14
-4.04
-4.78
47.43

7.27
-0.14
-5.21
-5.47
63.53

7.91
-0.10
-5.64
-6.47
46.45

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sana Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

197,232
476
632,850
195,908
33,673
0
0
848
380,583
10,973
192,270
172,369
0
4,971
273,665
202,384
71,281
23,581
4,234
0
0
894
18,453
280,569
68,750
68,750
0
211,819
0
211,819
0

244,336
4,512
708,278
238,738
36,284
0
0
1,086
423,614
17,155
220,163
165,513
0
20,783
319,915
232,083
87,832
42,644
12,252
0
0
833
29,559
305,391
68,750
68,750
0
236,641
0
236,641
0

340,566
11,920
771,852
327,561
43,518
0
0
1,085
558,798
7,712
269,766
236,647
0
44,673
442,296
351,727
90,569
96,272
54,164
0
0
964
41,144
360,796
85,938
85,938
0
274,858
0
274,858
0

506,145
506,145
0
437,172
281,642
155,530
68,973
17,842
3,826
14,015
18,353
18,223
36,102
0
19,250
0
89,675

713,117
711,005
2,112
613,935
395,586
218,349
99,182
24,483
4,738
19,746
18,018
17,869
58,489
22,818
33,000
0
51,185

965,675
952,829
12,846
819,883
583,187
236,697
145,791
28,988
5,641
23,347
21,841
21,631
105,647
34,845
41,250
13,750
13,540

1,008,972
1,008,972
0
868,592
639,912
228,680
140,380
31,465
3,651
27,814
26,978
26,766
83,608
24,898
44,688
0
33,252

1,195,064
1,181,646
13,418
1,046,568
697,207
349,361
148,496
33,303
5,518
27,785
29,055
0
87,536
17,170
34,375
17,188
84,053

1,382,870
1,379,870
3,000
1,206,647
778,644
428,003
176,223
40,979
8,394
32,585
35,643
0
106,618
20,378
64,454
0
9,592

230,740
2,365
16,852
117,560
60,709

244,796
0
2,671
123,718
74,940

293,182
10,585
29,551
165,688
96,925

304,150
4,234
14,023
206,618
121,532

348,035
12,252
35,991
244,335
148,613

457,068
54,164
21,787
405,891
187,655

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
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
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
12.87
48.02

0.67
2.67
17.08
1.75
1.39
86.09
1.06
15.29
30.70
27.99
1.31
5.25
4.12
8.29
8.54
40.81

0.57
2.43
13.85
1.79
1.32
87.57
1.19
14.05
29.88
26.84
2.05
5.43

0.55
2.58
17.11
1.54
1.26
87.26
1.49
13.61
32.01
26.49
1.34
5.13

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

127

7.32
10.24
44.42

7.71
10.04
41.98

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sapphire Fibres Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

8,466,176
154,569
5,922,208
2,930,957
854,964
6,540
5,355,605
18,505
4,634,171
88,817
2,511,899
886,453
639,355
507,647
3,201,287
316,185
2,885,102
717,098
528,292
0
0
131,457
57,349
9,181,962
196,875
196,875
0
8,985,087
145,740
8,839,347
0

10,567,747
286,559
6,490,398
3,271,221
299,454
4,675
6,984,723
20,569
6,697,936
93,156
3,596,007
1,295,502
1,044,511
668,760
5,025,714
3,818,124
1,207,590
414,730
204,581
0
0
169,798
40,351
11,825,239
196,875
196,875
0
11,628,364
145,740
11,482,624
0

12,919,463
60,302
7,298,573
3,763,786
340,079
2,872
9,064,488
28,015
7,179,686
149,917
3,180,775
1,392,429
1,584,091
872,474
4,967,379
3,482,256
1,485,123
335,002
65,371
0
0
210,997
58,634
14,796,768
196,875
196,875

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
667,756
563,529
630,442
88,403
0
21,875
159,394

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
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
2,272,008
2,165,808
2,637,619
184,720
98,438
0
772,258

27,451,681
15,768,213
11,683,468
21,995,055
18,136,003
3,859,052
5,456,626
971,384
574,455
396,929
2,894,868
2,789,672
1,899,788
131,220
98,438
0
(354,525)

13,892,289
1,717,376
12,174,913
11,618,044
8,698,941
2,919,103
2,274,245
846,143
565,095
281,048
457,872
2,435,941
1,318,477
144,001
236,250
0
(337,432)

14,905,610
2,423,227
12,482,383
13,341,671
9,611,836
3,729,835
1,563,939
865,755
523,336
342,419
462,221
2,125,794
1,498,525
216,293
246,094
0
791,252

18,384,902
10,800,718
542,039
13,085,928
540,919

22,439,419
12,694,512
983,486
16,144,403
129,944

23,182,674
12,298,082
2,354,462
17,633,290
889,563

9,899,060
528,292
1,670,131
844,477
810,627

12,239,969
204,581
938,226
4,022,705
925,983

15,131,770
65,371
1,036,138
3,547,627
1,039,953

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
51.45
484.57

0.54
10.52
17.64
0.68
0.97
75.61
1.95
8.87
26.08
11.56
24.92
7.59
2.22
12.21
124.59
542.97

0.50
10.55
3.23
2.10
1.45
80.12
0.43
8.51
19.12
11.49
17.97
10.93
1.68
6.92
89.83
466.39

0.48
3.30
9.33
0.80
1.33
83.63
0.46
8.68
12.55
11.91
4.97
3.86
1.54
9.49
59.66
600.65

0.63
3.10
9.34
0.74
1.45
89.51
0.36
8.02
11.26
10.95
5.21
4.69
1.70
10.05
65.13
751.58

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

14,599,893
145,740
14,454,153

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.93
2.12
8.46
30.97
408.29

128

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sapphire Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

7,654,401
500,999
9,066,808
4,660,763
445,756
8,335
2,418,580
65,724
6,402,106
250,799
3,317,723
1,337,067
0
1,496,517
4,454,625
3,064,225
1,390,400
1,270,985
1,094,622
0
0
150,129
26,234
8,330,897
200,831
200,831
0
8,130,066
8,130,066
0
0

9,638,413
356,560
10,173,606
5,416,478
518,842
5,573
3,757,484
102,318
9,203,715
228,909
4,908,047
1,710,500
0
2,356,259
6,188,486
4,426,881
1,761,605
1,255,360
1,001,499
0
0
191,732
62,129
11,398,282
200,831
200,831
0
11,197,451
11,197,451
0
0

13,726,531
2,085,956
11,230,304
5,994,977
579,432
3,189
5,509,565
132,844
8,324,019
270,214
3,776,222
1,224,424
0
3,053,159
5,944,456
3,593,883
2,350,573
2,765,479
2,352,644
0
0
229,504
183,331
13,340,615
200,831
200,831
0
13,139,784
13,139,784

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
847,821
725,451
255,872
77,445
30,125
0
1,245,160

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
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
812,212
659,134
2,413,168
266,569
100,416
0
136,213

21,592,424
3,930,368
17,662,056
18,791,122
14,438,250
4,352,872
2,801,302
1,334,138
1,012,717
321,421
713,277
590,354
1,181,665
221,145
100,416
0
1,900,774

25,283,151
5,356,107
19,927,044
21,078,288
16,337,474
4,740,814
4,204,863
1,569,183
1,075,342
493,841
664,152
563,270
2,365,969
196,524
421,745
0
580,260

25,411,302
4,302,485
21,108,817
22,623,272
17,027,327
5,595,945
2,788,030
1,312,687
942,733
369,954
715,768
539,470
1,270,208
211,144
20,083
0
3,115,235

7,412,660
702,714
148,303
4,663,441
835,231

9,297,373
544,445
1,287,792
4,296,064
934,518

8,891,347
952,145
2,046,184
5,331,634
10,388,443

9,601,882
1,094,622
860,105
4,158,847
1,305,918

12,653,642
1,001,499
1,747,700
5,428,380
1,692,689

16,106,094
2,352,644
1,038,981
5,946,527
1,860,824

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
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
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
106.89
380.88

0.36
3.30
6.19
1.54
1.44
87.03
0.69
8.27
14.79
12.78
9.57
6.51
3.00
5.47
47.83
414.82

0.31
2.63
6.77
1.34
1.49
83.37
0.65
14.38
23.98
21.26
5.14
5.15
5.20
9.36
108.02
567.56

0.25
2.82
4.82
1.15
1.40
89.03
0.65
6.21
10.27
8.83
52.73
6.73
3.35
5.00
52.73
664.27

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

129

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sargodha Spinning Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,086,904
0
2,015,938
1,083,044
45,726
0
310
3,550
322,062
445
161,535
75,141
0
84,941
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

1,049,349
0
2,020,034
1,044,771
42,369
0
924
3,654
405,071
878
275,376
64,422
0
64,395
615,415
401,748
213,667
124,047
93,403
30,644
0
0
0
714,958
312,000
312,000
0
(269,474)
734
(270,208)
672,432

1,012,637
54
2,015,525
1,005,825
38,328
0
3,104
3,654
373,763
957
243,961
47,480
0
81,365
509,884
297,079
212,805
95,666
65,022
30,644
0
0
0
780,850
312,000
312,000
0
(199,095)
2,914
(202,009)
667,945

1,139,911
0
2,020,034
1,132,394
38,319
0
3,863
3,654
289,795
2,167
185,934
3,386
0
98,308
496,621
285,325
211,296
71,741
43,276
28,465
0
0
0
861,344
312,000
312,000
0
(229,091)
3,673
(232,764)
778,435

1,402,105
917,052
485,053
1,386,328
1,041,748
344,580
15,777
63,610
35,181
28,429
76,119
73,205
(123,623)
4,983
0
0
8,888

1,928,141
942,831
985,310
1,638,531
1,311,393
327,138
289,610
95,538
57,966
37,572
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
96,357
88,420
46,318
36,539
0
0
86,327

2,337,805
1,057,524
1,280,281
2,206,256
1,728,275
477,981
131,549
97,592
56,131
41,461
79,981
74,883
(38,810)
23,335
0
0
(59,563)

2,975,596
1,234,783
1,740,813
2,704,416
2,050,030
654,386
271,180
137,779
70,219
67,560
61,568
56,239
87,469
23,629
0
0
118,998

3,053,261
1,923,520
1,129,741
2,914,308
2,213,584
700,724
138,953
106,960
57,091
49,869
54,280
43,982
(5,709)
25,560
0
0
75,971

744,383
162,687
(128,606)
424,867
116,852

887,730
186,218
104,387
478,909
143,289

938,623
132,022
9,779
419,757
179,747

839,005
93,403
(62,145)
495,151
167,142

876,516
65,022
63,840
362,101
251,676

933,085
43,276
(31,269)
328,601
258,716

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
3.85
21.50

0.16
2.75
2.15
2.48
0.68
92.69
0.82
3.38
6.40
5.07

0.11
3.42
2.76
1.61
0.66
94.37
1.03
-2.71
-5.21
-4.37

0.09
2.07
1.60
2.15
0.73
90.89
0.78
6.16
11.70
10.20

0.01
1.78
0.11
2.14
0.58
95.45
0.66
-0.41
-0.70
-0.63

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

13.06
-0.69
-8.82
-4.12
17.66

130

21.67
1.52
1.32
0.31
24.87

8.49
0.48
-1.66
-1.99
22.92

12.20
2.56
2.94
2.05
25.03

16.42
0.87
-0.19
-1.00
27.61

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Saritow Spinning Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,047,572
0
1,705,885
1,033,163
41,770
0
0
14,409
468,456
17,983
339,284
42,560
0
68,629
486,038
314,920
171,118
643,556
137,746
270,885
0
28,922
206,003
386,434
298,406
298,406
0
7,431
7,431
80,597

1,020,467
0
1,726,804
1,006,093
49,103
0
0
14,374
398,699
16,256
280,651
33,751
0
68,041
373,418
220,478
152,940
339,772
85,506
8,000
0
29,440
216,826
705,976
298,406
298,406
0
329,140
150,688
178,452
78,430

1,090,612
0
1,838,269
1,074,622
48,652
0
0
15,990
506,908
20,643
369,678
22,257
0
94,330
369,156
159,267
209,889
379,906
118,856
8,000
0
30,000
223,050
848,458
298,406
298,406
0
473,537
173,171
300,366
76,515

1,467,467
264,485
1,969,532
1,182,068
53,194
0
0
20,914
617,332
32,996
452,773
26,968
0
104,595
519,821
314,055
205,766
660,463
386,903
8,000
0
35,282
230,278
904,515
298,406
298,406
0
531,672
199,008
332,664
74,437

472,088
472,088
0
431,535
269,434
162,101
40,553
17,899
1,077
16,823
49,868
48,450
(26,966)
0
0
0
93,278

716,581
716,581
0
587,251
349,277
237,974
129,330
25,653
1,107
24,546
39,640
38,783
64,349
3,583
0
0
79,711

2,038,317
2,038,317
0
1,801,543
1,376,723
424,820
236,774
60,171
3,160
57,011
79,048
74,212
127,996
21,437
0
0
(7,969)

2,010,918
2,010,918
0
1,795,771
1,297,506
498,265
215,147
61,507
5,001
56,506
70,182
67,096
199,806
20,127
0
0
166,136

2,188,429
2,188,429
0
1,884,473
1,267,873
616,600
303,956
66,241
4,059
62,182
58,211
54,642
157,972
47,481
29,841
0
150,695

2,523,328
2,523,328
0
2,291,991
1,573,897
718,094
231,337
62,420
5,908
56,512
80,416
70,764
53,274
0
0
0
38,926

240,911
76,069
(26,966)
224,257
56,215

318,349
54,347
60,766
154,075
66,176

1,029,990
137,746
106,559
452,666
159,411

1,045,748
85,506
179,679
305,984
168,244

1,228,364
118,856
80,650
278,123
214,372

1,564,978
386,903
53,274
700,958
252,939

0.01
10.56
0.02
0.83
0.69
91.41
20.34
-4.63
-36.37
-10.71

0.06
5.53
0.01
1.38
0.79
81.95
3.73
11.80
94.14
23.01

0.12
3.88
2.09
1.34
0.96
88.38
2.92
12.57
51.57
18.99

0.13
3.49
1.68
1.42
1.07
89.30
1.01
13.61
36.58
19.25

0.12
2.66
1.02
1.37
1.37
86.11
0.88
10.47
20.33
13.89
3.70
5.92
3.89
7.22
3.70
28.43

0.12
3.19
1.07
1.21
1.19
90.83
1.30
2.89
6.08
3.81

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

131

2.71
0.44
-5.71
-2.03
2.01

6.59
2.66
8.98
4.58
8.28

6.01
2.72
6.28
3.57
12.95

7.17
3.98
9.94
6.02
23.66

5.57
1.75
2.11
1.79
30.31

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Service Fabrics Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
39
39
0
0
0
0
42,054
0
42,054
142,722
8,781
133,617
0
324
0
(184,737)
157,548
157,548
0
(342,285)
0
(342,285)
0

0
0
0
0
0
0
0
0
39
39
0
0
0
0
41,920
0
41,920
142,943
8,781
133,838
0
324
0
(184,824)
157,548
157,548
0
(342,372)
0
(342,372)
0

0
0
0
0
0
0
0
0
39
39
0
0
0
0
41,845
0
41,845
143,123
8,781
134,018
0
324
0
(184,929)
157,548
157,548
0
(342,477)
0
(342,477)

0
0
0
0
0
0
0
68
0
68
93
91
(161)
0
0
0
(1)

0
0
0
0
0
0
0
110
0
110
0
0
(110)
0
0
0
(150)

0
0
0
0
0
0
0
60
0
60
0
0
(60)
0
0
0
0

0
0
0
0
0
0
0
75
0
75
0
0
37,157
0
0
0
0

0
0
0
0
0
0
0
88

0
0
(221)

0
0
0
0
0
0
0
104
0
104
0
0
(104)
0
0
0
(179)

(221,723)
0
(161)
142,247
0

(221,833)
0
(110)
142,397
0

(79,171)
8,781
(60)
8,781
0

(42,015)
8,781
37,157
8,781
0

(41,881)
8,781
(88)
8,781
0

(41,806)
8,781
(104)
8,781
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

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

88
0
0
(88)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-1.00
-407.59
0.07
0.11

-1.00
-282.05
0.05
0.05

-1.00
-153.85
0.03
0.04

-1.00
95,274.36
-18.28
-61.32

-1.00
-225.64
0.05
0.21

-1.00
-266.67
0.06
0.25

-0.01
-14.07

-0.01
-14.08

0.00
-14.08

2.36
-11.73

-0.01
-11.73

-0.01
-11.74

-0.77

132

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Service Industries Textiles Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

382,603
0
446,129
374,190
18,014
0
0
8,413
61,783
1,406
47,036
0
0
13,341
170,807
130,203
40,604
271,894
56,125
180,191
0
8,856
26,722
1,685
44,492
44,492
0
(308,323)
38,250
(346,573)
265,516

369,958
0
450,900
362,481
16,480
0
0
7,477
77,793
18,280
41,524
0
0
17,989
69,786
26,620
43,166
310,795
38,539
240,032
0
7,988
24,236
67,170
44,492
44,492
0
(237,403)
38,250
(275,653)
260,081

519,497
2,465
520,480
508,165
15,498
0
0
8,867
64,397
17,557
28,116
0
0
18,724
68,865
24,017
44,848
294,963
29,769
213,592
0
9,791
41,811
220,066
44,492
44,492
0
(207,243)
38,250
(245,493)
382,817

242,860
242,860
0
249,183
169,778
79,405
(6,323)
9,391
506
8,885
24,280
24,152
(36,705)
0
0
0
(36,471)

370,869
370,869
0
339,010
244,308
94,702
31,859
10,515
525
9,990
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
20,392
20,295
(46,325)
5,595
0
0
(56,036)

525,055
525,055
0
501,762
364,067
137,695
23,293
15,506
1,502
14,004
28,797
28,743
(19,851)
2,625
33,369
0
7,076

683,246
683,246
0
586,929
437,747
149,182
96,317
22,020
1,247
20,773
8,975
4,641
65,424
3,416
77,861
0
82,037

698,543
698,543
0
649,246
467,847
181,399
49,297
23,543
1,035
22,508
461
0
27,264
6,985
0
0
51,671

43,346
78,077
(36,705)
168,388
31,807

270,873
36,261
1,027
173,219
36,316

184,052
0
(51,920)
229,644
43,306

273,579
56,125
(55,845)
186,328
49,846

377,965
38,539
(15,853)
65,159
66,489

515,029
29,769
20,279
53,786
76,302

0.01
10.00
0.15
1.34
0.15
102.60
-2.00
-19.93
19.86
421.88

0.08
5.56
0.00
0.85
0.18
91.41
5.31
0.93
-5.11
1.82

0.01
3.64
0.00
1.20
0.25
102.51
17.74
-10.27
-98.60
-20.37

0.01
5.48
0.00
1.18
0.36
95.56
262.73
-4.36
-149.54
-8.68
-0.67
11.16
0.31
-3.78
-5.05
0.38

0.26
1.31
0.00
1.53
1.11
85.90
5.67
14.67
190.03
20.08
0.80
16.45
15.10
9.58
13.94
15.10

0.25
0.07
0.00
1.20
0.94
92.94
1.65
5.29
18.98
6.11

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

133

14.07
-0.52
-15.11
-8.25
-40.64

29.80
1.14
0.77
0.23
15.53

8.87
-1.28
-8.28
-11.67
5.59

24.85

3.90
4.56
49.46

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shadab Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

273,718
0
604,346
271,336
28,092
0
0
2,382
255,075
6,652
129,561
60,116
0
58,746
239,090
132,880
106,210
89,465
46,973
0
0
0
42,492
200,238
30,000
30,000
0
170,238
0
170,238
0

340,451
1,582
698,890
336,487
31,084
0
0
2,382
372,401
5,511
211,838
91,522
0
63,530
331,089
173,056
158,033
72,343
23,486
0
0
0
48,857
309,420
30,000
30,000
0
279,420
0
279,420
0

392,837
0
791,954
390,450
39,101
0
0
2,387
361,612
2,881
201,546
73,963
0
83,222
341,618
201,496
140,122
64,562
0
0
0
0
64,562
348,269
30,000
30,000
0
318,269
0
318,269
0

874,380
871,765
2,615
849,672
608,890
240,782
24,708
23,093
778
22,315
43,654
42,284
(41,867)
26
0
0
17,190

1,246,000
1,246,000
0
1,095,568
801,508
294,060
150,432
29,784
1,103
28,681
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
55,612
51,002
79,623
4,147
3,000
0
70,174

1,619,546
1,619,546
0
1,524,589
1,116,745
407,844
94,957
31,403
453
30,950
40,274
37,705
26,338
13,142
3,000
0
56,734

1,785,120
1,785,120
0
1,571,937
1,156,866
415,071
213,183
45,619
943
44,676
32,198
30,326
136,768
15,089
4,500
0
81,747

2,024,029
2,024,029
0
1,884,586
1,321,231
563,355
139,443
42,713
291
42,422
26,739
24,067
72,503
13,450
3,000
0
85,852

165,252
74,904
(41,893)
269,913
86,290

200,075
40,589
66,745
226,613
115,212

300,201
68,290
72,476
188,933
127,944

289,703
46,973
10,196
179,853
138,648

381,763
23,486
117,179
196,542
195,004

412,831
0
56,053
201,496
196,724

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
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
25.16
60.80

0.28
2.49
3.71
3.06
1.07
94.14
1.64
5.13
13.77
8.93
4.40
12.50
1.70
1.63
4.40
66.75

0.29
1.80
5.13
2.50
1.12
88.06
1.30
22.03
53.67
40.74
27.04
8.43
5.51
7.66
40.56
103.14

0.22
1.32
3.65
2.68
1.06
93.11
1.17
9.88
22.05
18.25
19.68
10.04
4.01
3.58
19.68
116.09

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.35
0.01
-4.79
-13.96
27.87

134

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shadman Cotton Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
44,466
99,394
0
27,246
188,852
680,618
176,367
176,367
0
(25,131)
53,219
(78,350)
529,382

1,505,448
4,180
2,739,572
1,487,130
79,220
0
0
14,138
923,326
8,252
458,361
180,587
0
276,126
1,689,819
1,075,816
614,003
394,187
34,944
142,364
0
34,783
182,096
344,768
176,367
176,367
0
(309,706)
53,219
(362,925)
478,107

1,423,616
0
2,393,998
1,408,044
72,742
0
0
15,572
678,437
28,852
216,348
150,200
0
283,037
1,260,478
615,752
644,726
208,157
36,309
0
0
44,767
127,081
633,418
176,367
176,367
0
(178,047)
53,219
(231,266)
635,098

1,423,616
0
2,393,998
1,408,044
72,742
0
0
15,572
678,437
28,852
216,348
150,200
0
283,037
1,260,478
615,752
644,726
208,157
36,309
0
0
44,767
127,081
633,418
176,367
176,367
0
(178,047)
53,219
(231,266)
635,098

3,215,227
2,523,680
691,547
3,070,481
2,488,833
581,648
144,746
84,587
45,805
38,782
253,392
232,011
(188,111)
6,849
0
0
212,543

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
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
204,796
182,731
(32,322)
56,451
0
0
(86,568)

4,281,832
2,602,114
1,679,718
4,277,593
3,133,342
1,144,251
4,239
101,517
33,611
67,906
181,113
169,521
(269,153)
42,919
0
0
138,720

5,689,892
2,709,724
2,980,168
5,453,641
4,112,850
1,340,791
236,251
120,733
31,804
88,929
125,751
121,537
35,410
43,900
0
0
366,336

5,689,892
2,709,724
2,980,168
5,453,641
4,112,850
1,340,791
236,251
120,733
31,804
88,929
125,751
121,537
35,410
43,900
0
0
366,336

1,120,520
251,744
(194,960)
1,498,436
234,114

1,101,288
99,654
100,704
1,177,826
272,662

1,040,576
44,466
(88,774)
1,236,538
285,757

738,955
34,944
(312,072)
1,110,760
308,028

841,575
36,309
(8,490)
652,061
405,542

841,575
36,309
(8,490)
652,061
405,542

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
6.21
39.79

0.23
3.76
7.43
1.91
0.72
95.07
3.19
-1.19
-4.68
-3.02

0.11
4.23
4.22
1.76
0.55
99.90
6.04
-10.20
-52.50
-30.25

0.14
2.21
2.64
2.71
0.54
95.85
2.32
1.56
7.24
4.48

0.14
2.21
2.64
2.71
0.54
95.85
2.32
1.68
5.59
4.21

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.13
0.19
-5.85
-11.05
32.98

135

8.64
0.82
-0.59
-5.03
38.59

9.34
-0.59
-6.29
-17.69
19.55

26.30
1.29
0.62
-0.48
35.91

26.30
1.29
0.62
-0.48
35.91

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shahtaj Textile Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

912,737
0
1,441,868
884,750
75,245
0
0
27,987
937,736
10,771
316,212
510,382
0
100,371
739,563
551,638
187,925
420,081
336,986
0
0
31,620
51,475
690,829
96,600
96,600
0
540,186
0
540,186
54,043

1,023,545
9,839
1,651,721
985,793
87,482
0
0
27,913
764,205
4,590
299,912
322,456
0
137,247
556,064
292,682
263,382
301,215
201,717
0
0
38,978
60,520
930,471
96,600
96,600
0
624,725
0
624,725
209,146

1,015,456
5,966
1,662,034
981,508
100,798
0
0
27,982
797,657
17,122
306,774
277,489
0
196,272
587,128
317,258
269,870
268,640
159,893
0
0
51,675
57,072
957,345
96,600
96,600
0
676,172
0
676,172
184,573

2,424,338
188,292
2,236,046
2,153,858
1,794,021
359,837
270,480
142,138
26,128
116,009
102,803
87,511
50,433
16,778
19,320
0
187,499

2,829,226
981,950
1,847,276
2,495,480
2,139,312
356,168
333,746
138,698
16,509
122,189
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
110,042
106,064
234,481
42,636
57,960
0
(39,490)

3,985,019
1,198,679
2,786,340
3,652,347
3,035,678
616,669
332,672
139,354
46,687
92,667
121,261
116,335
91,596
40,176
33,810
0
268,175

4,208,752
3,139,259
1,069,493
3,775,828
3,202,218
573,610
432,924
191,219
56,976
134,243
96,895
82,312
146,440
36,558
38,640
0
442,328

4,036,097
2,774,781
1,261,316
3,743,757
3,048,144
695,613
292,340
164,013
68,358
95,655
56,659
50,611
73,011
20,134
24,150
0
163,594

792,496
256,740
14,335
672,336
107,972

774,613
154,492
50,205
652,374
113,133

1,223,730
457,044
133,884
1,001,270
149,459

1,110,910
336,986
17,610
888,624
157,944

1,231,686
201,717
71,242
494,399
178,319

1,225,985
159,893
28,727
477,151
193,003

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
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
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
19.86
67.72

0.70
3.04
12.81
2.15
1.27
91.65
1.68
4.73
13.62
7.85
1.52
12.60
1.79
2.30
5.32
71.51

0.59
2.30
7.66
2.35
1.37
89.71
0.92
8.05
18.06
12.50
2.84
14.03
2.78
3.48
11.37
96.32

0.50
1.40
6.88
2.23
1.36
92.76
0.89
4.06
7.73
5.94
2.19
13.16
2.44
1.81
5.47
99.10

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

136

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shahzad Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,501,466
30,337
1,459,045
1,252,212
81,043
0
216,057
2,860
625,543
42,721
361,706
83,502
751
136,863
536,127
250,707
285,420
372,409
120,264
5,000
0
38,577
208,568
1,218,473
179,714
179,714
0
540,019
5,796
534,223
498,740

1,819,623
5,928
1,589,286
1,545,950
80,250
0
254,455
13,290
641,194
33,288
337,354
100,173
612
169,767
635,105
289,557
345,548
327,842
77,014
0
0
56,725
194,103
1,497,870
179,714
179,714
0
801,020
5,796
795,224
517,136

2,001,494
719
1,820,389
1,688,553
90,977
0
298,200
14,022
638,493
78,952
341,087
48,922
795
168,737
600,823
252,285
348,538
345,291
35,224
0
0
72,795
237,272
1,693,873
179,714
179,714
0
1,013,607
5,796
1,007,811
500,552

2,223,397
1,447,248
776,149
2,098,181
1,554,661
543,520
125,216
131,892
35,086
96,806
77,878
75,292
(55,491)
7,761
0
0
200,009

3,116,385
2,171,890
944,494
2,769,740
2,185,317
584,424
346,644
120,623
41,627
78,996
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
79,269
70,742
200,474
45,470
8,986
0
169,241

4,172,217
2,707,493
1,464,724
3,826,931
2,951,302
875,629
345,286
154,331
52,530
101,801
66,885
57,350
143,224
53,965
17,971
0
122,463

4,977,944
3,292,158
1,685,786
4,497,238
3,438,266
1,058,972
480,706
220,550
57,844
162,706
53,130
42,622
258,799
0
26,957
0
332,994

4,997,603
3,376,535
1,621,068
4,598,958
3,496,475
1,102,483
398,645
178,217
48,720
129,497
58,884
47,635
285,627
0
26,957
0
244,364

1,348,802
313,664
(63,253)
490,918
190,264

1,490,098
240,273
137,640
441,675
265,396

1,558,756
185,162
146,018
433,488
275,909

1,590,882
120,264
71,288
370,971
301,852

1,825,712
77,014
231,842
366,571
407,369

2,039,164
35,224
258,670
287,509

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
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
8.63
61.66

0.24
1.60
2.00
1.96
1.17
91.72
0.75
6.99
12.31
9.09
4.97
11.53
3.50
3.43
4.97
67.80

0.21
1.07
2.01
2.02
1.01
90.34
0.64
11.28
19.05
15.15
9.60
14.76
7.07
5.20
14.40
83.35

0.21
1.18
0.98
1.89
1.06
92.02
0.56
11.20
17.90
14.78
10.60
14.65
7.00
5.72
15.89
94.25

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

13.34
0.26
-2.50
-4.67
58.95

137

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shams Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

789,821
62,414
1,604,241
725,831
73,124
0
0
1,576
692,192
4,339
399,801
147,815
27,763
112,474
808,671
443,534
365,137
95,996
89,107
0
0
0
6,889
577,346
86,400
86,400
0
490,946
92,640
398,306
0

854,865
105,922
1,664,889
747,367
73,007
0
0
1,576
769,866
7,563
379,862
191,206
36,617
154,618
641,697
227,603
414,094
123,509
114,271

1,125,887
193,040
1,901,459
931,271
81,570
0
0
1,576
954,306
4,510
544,923
166,652
48,579
189,642
1,066,314
548,353
517,961
223,951
214,537

9,238
859,525
86,400
86,400
0
773,125
101,495
671,630

9,414
789,928
86,400
86,400
0
703,528
113,456
590,072

2,700,814
2,284,774
416,040
2,563,658
1,946,360
617,298
137,156
131,838
43,416
88,422
128,044
123,675
(116,939)
4,162
0
0
45,939

3,351,493
2,561,903
789,590
2,942,753
2,403,229
539,524
408,740
134,682
68,192
66,490
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
130,404
122,653
40,170
43,244
0
0
(146,955)

4,198,758
1,410,649
2,788,109
3,859,588
2,558,849
1,300,739
339,170
139,631
88,905
50,726
123,019
113,351
84,750
41,608
10,800
0
447,305

4,773,213
1,536,064
3,237,149
4,169,070
3,214,046
955,024
604,143
253,789
166,241
87,548
54,481
48,036
312,814
30,045
25,920
0
332,949

4,133,696
921,326
3,212,370
3,998,814
3,330,617
668,197
134,882
125,065
71,188
53,877
72,098
64,726
(37,686)
16,376
0

645,228
206,933
(121,101)
884,659
173,001

642,998
84,633
127,036
684,368
212,762

549,723
11,565
(3,074)
959,660
212,180

673,342
89,107
32,342
532,641
226,139

983,034
114,271
256,849
341,874
314,374

1,013,879
214,537
(54,062)
762,890
272,895

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
16.70
63.05

0.11
3.07
2.21
2.33
0.78
93.49
2.43
2.40
7.47
6.74

0.22
2.93
3.52
2.83
0.86
91.92
1.57
5.13
15.29
13.86
3.99
10.50
1.75
2.02
4.99
66.82

0.37
1.14
4.01
2.94
1.20
87.34
0.89
20.14
43.54
37.77
10.91
12.57
7.51
6.55
32.73
99.48

0.21
1.74
4.03
1.99
0.89
96.74
1.63
-2.03
-4.57
-3.77

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(63,263)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9.34
0.05
-4.33
-14.02
46.13

138

5.62
1.33
0.95
-0.36
61.46

7.59
0.42
-0.91
-6.26
91.43

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sind Fine Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,716
0
14,183
1,661
145
0
0
55
299
88
0
35
0
176
5,856
0
5,856
0
0
0
0
0
0
(3,841)
34,253
34,253
0
(38,094)
(414)
(37,680)
0

13,992
0
26,712
13,937
253
0
0
55
334
64
0
35
0
235
5,619
0
5,619
1,739
0
0
0
0
1,739
6,968
34,253
34,253
0
(37,996)
(414)
(37,582)
10,711

18,963
0
32,159
18,908
476
0
0
55
834
367
0
0
0
467
5,526
0
5,526
1,688
0
0
0
0
1,688
12,583
34,253
34,253
0
(37,642)
(414)
(37,228)
15,972

0
0
0
0
0
0
0
1,596
0
1,596
43
0
(286)
68
0
0
(287)

0
0
0
0
0
0
0
2,300
0
2,300
11
0
10,625
103
0
0
10,626

0
0
0
0
0
0
0
2,797
0
2,797
10
0
(202)
235
0
0
681

0
0
0
0
0
0
0
3,950
0
3,950
15
0
38
364
0
0
(708)

0
0
0
0
0
0
0
3,929
0
3,929
13
0
388
395
0
0
(24)

0
0
0
0
0
0
0
4,248
0
4,248
13
0
175
60
0
0
304

(13,671)
0
(354)
0
838

(3,184)
0
10,522
0
997

(3,621)
0
(437)
0
1,182

(3,841)
0
(326)
0
1,840

8,707
0
(7)
0
1,840

14,271
0
115
0
2,333

0.01

0.03

0.13

0.02

0.02

0.07

0.00
0.03

0.00
0.06

0.00
0.16

0.00
0.05

0.00
0.06

0.00
0.15

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

139

-1.20
-10.13
2.12
2.12

-1.73
425.04
-126.08
-126.08

-1.79
-7.76
5.94
5.94

-1.52
1.55
-1.02
-1.02

1.06
4.75
24.82
15.95

0.57
1.03
1.79
1.52

-0.10
-3.99

3.07
-0.93

-0.13
-1.06

-0.10
-1.12

0.00
2.03

0.03
3.67

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sunrays Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

948,196
32,891
1,711,743
912,528
83,607
0
2,342
435
1,510,943
15,882
708,688
635,068
0
151,305
676,153
462,395
213,758
140,261
85,343
0
0
16,572
38,346
1,642,725
69,000
69,000
0
1,409,499
3,600
1,405,899
164,226

1,171,637
32,891
1,765,219
1,135,969
85,660
0
2,342
435
1,502,259
56,205
859,942
399,651
0
186,461
311,862
28,210
283,652
132,692
57,133
0
0
25,840
49,719
2,229,342
69,000
69,000

1,740,877
3,600
1,737,277
419,465

1,957,653
3,600
1,954,053
414,186

2,197,384
1,614,649
582,736
1,959,896
1,549,319
410,576
237,489
74,555
30,320
44,234
108,394
106,354
73,996
15,458
6,900
0
435,556

2,968,382
513,372
2,455,009
2,369,067
1,902,623
466,444
599,315
124,261
50,862
73,399
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
142,335
136,158
272,684
51,466
20,700
0
(42,203)

4,156,184
1,273,110
2,883,074
3,453,173
2,872,941
580,232
703,011
157,591
68,252
89,339
71,737
66,857
481,454
42,687
69,000
0
234,694

4,385,980
835,495
3,550,485
3,553,092
2,857,086
696,006
832,888
212,300
72,424
139,876
49,545
41,047
577,916
49,218
138,000
0
716,960

4,731,619
887,570
3,844,049
4,211,734
3,353,680
858,054
519,885
203,333
85,899
117,434
34,655
27,833
310,808
45,530
103,500
0
428,540

953,983
210,191
51,639
935,874
123,202

1,175,065
106,306
312,512
445,144
156,496

1,296,351
18,332
200,518
627,250
186,771

1,782,986
85,343
369,767
547,738
195,097

2,362,034
57,133
390,698
85,343
253,821

2,507,865
38,089
161,778
796,079
226,646

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
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
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
32.06
176.15

0.96
1.73
15.28
1.69
2.23
83.09
0.50
21.01
33.69
31.27
6.36
5.86
8.20
11.58
63.59
238.08

1.46
1.13
9.11
1.64
4.82
81.01
0.20
22.52
29.85
27.88
3.83
5.10
15.08
13.18
76.62
323.09

0.53
0.73
10.37
1.32
2.30
89.01
0.46
9.95
13.31
12.76
2.56
7.26
12.17
6.57
38.45
353.74

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,125,892
32,891
1,823,931
1,090,224
104,458
0
2,342
435
2,446,464
72,276
651,322
490,760
0
1,232,106
1,064,491
757,990
306,501
67,026
38,089
0
0
0
28,937
2,440,839
69,000
69,000

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

140

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Suraj Cotton Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
241,213
0
0
0
216,254
2,304,829
180,000
180,000
0
2,124,829
28,429
2,096,400
0

1,882,264
37,266
4,101,829
1,826,297
187,992
0
13
18,688
2,066,041
5,754
1,183,983
383,246
276,823
216,235
938,204
375,230
562,974
430,320
216,934
0
0
0
213,386
2,579,781
198,000
198,000
0
2,381,781
28,914
2,352,867
0

2,009,024
44,209
4,323,029
1,945,841
191,322
0
0
18,974
3,049,809
95,510
1,716,672
406,138
582,982
248,507
1,099,990
308,276
791,714
549,847
337,661
0
0
0
212,186
3,408,996
198,000
198,000

3,210,996
33,984
3,177,012
0

3,729,541
38,667
3,690,874
0

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
232,856
225,890
73,458
11,751
27,000
0
534,056

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
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
161,350
151,332
645,990
130,173
72,000
18,000
34,184

8,257,042
6,035,721
2,221,321
7,432,717
5,345,348
2,087,369
824,325
315,834
189,659
126,175
104,522
94,494
433,975
90,065
79,200
0
873,888

9,593,325
6,511,527
3,081,798
8,145,758
6,443,597
1,702,161
1,447,567
455,185
254,750
200,435
87,772
76,303
1,011,132
108,987
118,800
19,800
563,684

9,924,609
6,883,265
3,041,344
8,808,650
7,320,735
1,487,915
1,115,959
443,895
233,778
210,117
83,924
73,450
768,482
112,671
108,900
21,780
914,367

2,060,582
537,639
34,707
1,374,546
324,804

2,505,859
416,957
497,653
1,055,562
392,072

2,762,296
241,213
443,817
1,116,855
441,477

3,010,101
216,934
264,710
592,164
443,026

3,958,843
337,661
783,345
645,937
597,401

4,415,048
252,172
546,911
573,139
576,389

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
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
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
28.66
128.05

0.71
1.27
4.64
2.09
2.20
90.02
0.53
10.67
17.77
15.04
4.34
6.97
5.59
5.26
17.37
130.29

0.99
0.91
4.23
1.90
2.77
84.91
0.48
22.45
33.77
29.02
7.59
5.59
14.25
10.54
45.56
172.17

1.62
0.85
4.63
1.79
3.04
88.76
0.41
14.49
20.89
18.35
6.02
7.23
11.46
7.74
30.11
181.24

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

2,102,312
45,864
4,458,853
1,936,917
202,598
0
100,000
19,531
3,444,756
190,673
1,372,741
459,258
1,185,844
236,240
1,132,020
320,967
811,053
467,707
252,172
0
0
0
215,535
3,947,341
217,800
217,800

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

141

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Taha Spinning Mills Ltd.

2009

2010

2011

2012

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

120,859
0
199,195
115,335
0
0
0
5,524
24,154
1,745
0
16,331
0
6,078
109,537
79,628
29,909
56,499
14,057
35,771
0
0
6,671
(21,023)
40,500
40,500
0
(89,058)
0
(89,058)
27,535

2,954
2,954
0
13,395
4,838
8,557
(10,441)
1,730
0
1,730
18,945
18,941
(31,116)
0
0
0
157,573

11,222
11,222
0
14,425
0
14,425
(3,203)
2,760
0
2,760
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
2,542
2,527
(39,604)
36
0
0
(27,868)

129,970
49,521
(31,116)
154,866
2,069

113,470
48,118
(14,789)
149,251
3,373

0.22
641.33
990.29
0.01
0.59
453.45
4.42
-8.62
-48.20
-19.14

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

2014

(Thousand Rupees)
2013
2014
943
0
599
397
0

25
0
0
0
0

546
103,282
4,185
0
0
0
99,097
113,540
0
113,540
0
0
0
0
0
0
(9,315)
40,500
40,500
0
(49,815)
0
(49,815)
0

25
13,027
6,921
0
0
0
6,106
65
0
65
0
0
0
0
0
0
12,987
40,500
40,500
0
(27,513)
0
(27,513)
0

0
0
0
0
0
0
0
17,008
0
17,008
2
0
(17,010)
0
0
0
1,557

0
0
0
0
0
0
0
29,879
0
29,879
409
0
(30,129)
0
0
0
(1,306)

0
0
0
0
0
0
0
1,006
0
1,006
689
683
72,738
57
0
0
(3,525)

70,300
29,997
(39,640)
95,386
2,564

35,476
14,057
(17,010)
93,685
1,848

(9,315)
0
(30,129)
0
311

12,987
0
72,681
0
493

0.23
78.15
271.57
0.04
0.49
128.54
6.24
-5.54
-34.19
-12.10

0.22
70.26
534.11
0.02
0.47
353.34
-42.28
-18.71
-250.54
-43.10

0.17

0.04

106.48

0.00
0.22

0.00
0.91

0.00
200.42

0.13
-0.64
-1,053.34
-7.68
12.48

0.88
-0.68
-131.29
-3.65
8.80

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

142

-14.67
-1,094.64
-9.79
-0.99

-7.90
-10.95
135.89
-32.16

-12.19
-24.18
198.62
-230.34

0.01
124.04
3,961.76
3,961.76

-4.20
-5.19

-7.44
-2.30

107.50

17.95
3.21

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Tata Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
90,776
2,651,235
2,196,530
113,681
4,083
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

2,410,051
10,401
2,453,638
2,389,942
115,100
7,768
0
1,940
1,371,909
119,105
933,111
119,081
0
200,612
1,387,803
1,023,886
363,917
296,074
209,982
25,000
0
30,149
30,943
2,098,083
173,248
173,248
0
946,390
0
946,390
978,445

2,462,592
24,749
2,620,227
2,429,349
128,833
6,530
0
1,964
1,967,311
111,693
1,486,943
187,118
0
181,557
1,694,464
1,345,166
349,298
326,541
267,399
0
0
47,037
12,105
2,408,898
173,248
173,248
0
1,299,053
0
1,299,053
936,597

2,564,091
42,309
2,827,380
2,514,482
126,716
5,336
0
1,964
1,791,631
129,168
1,203,400
257,670
0
201,393
1,591,008
1,262,055
328,953
297,920
215,347
0
0
64,485
18,088
2,466,794
173,248
173,248
0
1,425,198
0
1,425,198
868,348

2,804,593
527,339
2,277,254
2,367,017
1,707,201
659,816
437,576
335,027
127,151
207,876
326,381
297,962
(217,729)
22,856
0
0
563,269

3,783,989
634,153
3,149,836
2,836,376
2,080,074
756,303
947,612
240,673
146,125
94,548
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
182,375
154,863
366,052
62,585
51,974
0
(718,431)

5,186,235
292,283
4,893,952
4,564,204
3,120,185
1,444,019
622,031
280,944
175,742
105,202
267,609
235,010
85,120
53,570
17,325
0
1,490,837

4,615,713
206,002
4,409,711
3,764,303
3,028,913
735,390
851,410
333,379
206,549
126,830
184,571
164,006
340,413
26,811
34,650
0
(165,573)

5,297,307
314,102
4,983,205
4,643,041
3,685,704
957,337
654,266
358,108
220,753
137,355
235,089
217,668
124,522
28,713
17,325
0
428,397

1,825,489
467,995
(240,585)
1,892,682
163,541

2,048,898
277,315
366,555
1,583,563
212,206

2,272,707
262,266
251,492
2,562,393
224,668

2,394,157
209,982
14,225
1,233,868
221,030

2,735,439
267,399
278,952
1,612,565
293,355

2,764,714
215,347
78,484
1,477,402
318,340

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
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
17.52
114.42

0.17
5.16
2.30
1.37
0.99
88.01
0.80
1.94
4.17
3.65
1.82
5.56
1.36
1.64
1.82
121.10

0.18
4.00
4.05
1.04
1.16
81.55
0.84
8.29
15.11
13.27
9.05
3.10
3.08
7.38
18.10
139.04

0.24
4.44
4.86
1.22
1.13
87.65
0.77
2.83
5.11
4.53
5.53
4.40
1.57
2.35
5.53
142.39

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.42
0.27
-7.76
-13.89
70.25

143

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

The Crescent Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
512,086
0
0
0
54,621
4,153,273
492,099
492,099
0
2,020,786
103,912
1,916,874
1,640,388

6,598,392
8,768
6,870,055
3,896,630
248,990
3,801
2,615,537
73,656
6,614,593
24,675
1,550,144
4,173,190
50,363
816,221
8,632,409
5,494,610
3,137,799
498,516
498,516
0
0
0

4,082,060
492,099
492,099
0
1,949,587
149,788
1,799,799
1,640,374

5,116,553
492,099
492,099
0
2,333,608
421,863
1,911,745
2,290,846

7,034,416
21,579
7,236,784
4,154,017
215,991
0
2,846,021
12,799
4,943,555
6,935
1,489,590
2,248,287
82,226
1,116,517
6,490,790
5,158,617
1,332,173
122,959
122,959
0
0
0
0
5,364,222
492,099
492,099
0
2,581,356
434,569
2,146,787
2,290,767

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
815,948
714,293
238,518
73,361
0
0
162,421

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
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
527,172
518,496
(13,890)
151,068
0
0
(600,545)

12,728,719
9,399,626
3,329,093
11,214,543
3,821,156
7,393,387
1,514,176
841,845
628,788
213,057
761,125
750,607
(17,441)
120,944
0
0
598,628

13,262,052
8,387,432
4,874,620
11,769,670
4,563,310
7,206,360
1,492,382
896,142
686,176
209,966
584,460
573,777
247,035
119,226
0
0
379,129

12,411,497
5,745,424
6,666,073
11,036,060
5,034,481
6,001,579
1,375,437
872,900
610,760
262,140
472,319
462,478
338,978
122,353
61,512
0
433,977

5,010,249
1,108,019
165,157
6,348,071
674,277

4,978,010
656,351
298,786
5,948,037
745,263

4,719,980
512,086
(164,958)
6,674,177
746,482

4,580,576
498,516
(138,385)
5,993,126
693,112

5,403,558
287,005
127,809
5,774,158
894,060

5,487,181
122,959
155,113
5,281,576
915,172

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
7.57
87.64

0.44
3.57
22.98
1.17
0.74
90.75
2.04
-0.12
-0.33
-0.29

0.49
5.98
32.79
0.96
0.77
88.10
2.24
-0.14
-0.42
-0.38

0.36
4.41
18.67
1.06
0.71
88.75
1.45
1.92
5.37
4.95

0.36
3.81
18.11
1.04
0.76
88.92
1.23
2.76
6.47
6.23
3.52
8.33
1.73
2.73
4.40
109.01

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

7,439,290
0
7,630,486
4,467,905
232,640
1,900
2,911,233
58,252
5,103,923
6,156
1,540,529
2,476,089
56,275
1,024,874
7,139,655
5,487,153
1,652,502
287,005
287,005

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

11.43
1.33
2.22
3.36
79.30

144

8.90
0.97
-0.09
-3.35
84.40

8.21
0.98
-0.14
-2.81
82.95

8.61
1.43
1.86
2.60
103.97

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Towellers Ltd.
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,344,957
0
2,078,419
1,325,684
124,935
0
0
19,273
1,013,868
188,694
394,192
277,049
0
153,933
1,666,991
805,619
861,372
587,389
540,883
0
0
46,506
0
104,445
170,000
170,000
0
(479,407)
(479,407)
0
413,852

1,679,541
892
1,789,389
1,658,505
120,718
0
0
20,144
1,153,493
166,718
453,196
346,646

758,689

371,016

3,419,616
837
3,418,779
2,700,003
779,835
1,920,168
719,613
399,666
163,322
236,343
257,189
202,584
65,080
33,882
8,500
0
23,336

4,003,561
33,912
3,969,649
3,373,145
734,462
2,638,683
630,416
347,291
167,623
179,667
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
249,880
193,968
(336,323)
40,754
0
0
533,430

2,098,926
39,993
2,058,933
2,260,575
644,283
1,616,292
(161,649)
326,619
77,580
249,039
137,003
19,933
(574,098)
29,251
0
0
77,667

2,682,072
161,239
2,520,833
2,377,783
751,750
1,626,033
304,289
252,633
122,197
130,436
44,519
22,962
76,876
32,824
0
0
129,477

3,424,904
72,332
3,352,572
3,067,386
1,011,083
2,056,303
357,518
342,116
191,515
150,601
27,803
28,125
(342,566)
33,634
0
0
(676,114)

1,436,300
267,439
22,698
1,852,977
251,778

1,326,004
186,556
(26,722)
1,799,660
273,650

827,264
80,994
(377,077)
1,406,093
217,115

691,834
540,883
(603,349)
1,346,502
231,006

1,320,627
761,522
44,052
1,556,517
265,098

942,534
765,179
(376,200)
1,512,493
326,238

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
1.84
67.10

0.30
6.74
16.45
1.05
0.94
84.25
2.43
0.38
1.26
1.03

0.28
7.13
11.85
1.23
0.74
93.06
2.87
-10.09
-36.39
-31.24

0.28
6.53
13.20
0.89
0.61
107.70
21.58
-22.05
-136.65
-75.58

0.34
1.66
12.92
0.95
0.76
88.65
4.57
2.96
25.07
7.64

0.27
0.81
8.80
1.42
1.28
89.56
22.56
-13.06
-112.10
-30.27

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

186,933
1,512,407
794,995
717,412
811,838
761,522

50,316

534,493
84,729
578,237
431,002
134,634
0
0
18,762
1,877,782
89,908
442,277
301,252
0
1,044,345
1,469,741
747,314
722,427
840,161
765,179
173

74,809

508,789
170,000
170,000

102,373
170,000
170,000

(419,900)
(419,900)

(438,643)
(438,643)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

145

3.08
1.07
0.35
-1.57
65.46

5.15
-0.73
-9.59
-22.18
43.28

5.32
-27.80
-27.35
-35.49
6.14

5.92
4.35
2.87
2.59
29.93

7.74
-11.18
-10.00
-22.13
6.02

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Yousaf Weaving Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
140,975
263,215
0
29,380
70,499
240,630
400,000
400,000
0
(159,370)
0
(159,370)
0

783,503
0
1,457,999
760,769
64,165
1,359
0
21,375
762,617
5,499
337,689
61,159
0
358,270
980,124
553,913
426,211
459,816
77,639
301,215
0
29,249
51,713
106,180
400,000
400,000
0
(293,820)
0
(293,820)
0

825,804
8,580
1,535,375
791,851
58,292
1,110
0
24,263
937,594
33,485
400,469
90,999
0
412,641
1,003,598
358,930
644,668
623,728
54,827
508,733
0
37,349
22,819
136,072
400,000
400,000
0
(263,928)
0
(263,928)
0

763,807
0
801,275
737,441
58,319
888
0
25,478
914,021
1,244
390,370
112,938
0
409,469
940,102
397,492
542,610
591,265
42,480
481,733
0
39,744
27,308
146,461
400,000
400,000
0
(253,539)
0
(253,539)
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
77,110
64,618
14,898
11,351
0
0
107,280

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
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
104,365
89,372
119,413
38,293
0
0
31,446

2,376,625
1,143,569
1,233,056
2,214,996
1,709,641
505,355
161,629
156,793
72,593
84,200
117,145
91,894
(111,077)
23,766
0
0
53,597

2,839,789
2,077,913
761,876
2,598,569
2,040,804
557,765
241,220
117,274
46,620
70,654
81,736
58,707
58,290
18,242
0
0
129,886

2,748,395
1,620,091
1,128,304
2,490,522
1,779,853
710,669
257,873
154,956
60,184
94,772
74,186
53,723
43,238
28,105
10,000
0
(19,077)

688,142
208,250
3,547
502,054
134,262

755,367
227,124
14,067
568,442
154,079

744,699
140,975
81,121
609,337
208,457

565,996
77,639
(134,843)
631,552
199,324

759,800
54,827
40,048
413,757
228,924

737,726
42,480
5,133
439,972
217,073

0.17
3.67
4.47
1.66
0.79
89.78
6.32
1.16
8.69
2.81

0.23
3.19
5.66
1.83
0.78
91.07
6.96
2.07
15.80
3.87

0.25
2.73
6.50
2.16
0.77
90.47
6.36
7.46
56.77
15.92

0.07
4.93
2.57
1.54
0.78
93.20
13.56
-6.70
-64.06
-16.95

0.12
2.88
3.20
1.61
0.93
91.51
11.96
3.52
48.12
8.79

0.12
2.70
4.11
1.64
0.97
90.62
10.46
2.51
30.61
5.77
1.51
7.04
1.80
1.57

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

146

10.67
1.23
0.71
0.09
4.33

12.42
1.39
1.06
0.35
4.50

14.44
2.34
3.12
2.03
6.02

7.04
-0.21
-4.67
-3.37
2.65

7.09
1.99
2.05
1.00
3.40

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Zahidjee Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,842,239
30,442
1,877,899
1,803,963
49,380
4,552
0
3,282
1,359,089
7,980
533,079
437,367
34,914
345,749
1,172,185
560,918
611,267
131,026
0
0
0
0
131,026
1,898,117
340,509
340,509
0
786,902
366,258
420,644
770,706

1,955,279
141,762
1,945,247
1,803,480
69,430
5,782
0
4,255
2,321,387
475,128
1,054,012
440,859
34,914
316,474
1,916,868
1,472,316
444,552
112,734
0
0
0
0
112,734
2,247,064
408,611
408,611

1,085,367
366,259
719,108
753,086

1,374,958
366,259
1,008,699
738,171

2,109,300
1,176,411
932,889
1,845,784
1,251,351
594,433
263,516
102,999
36,925
66,074
275,303
247,524
(116,195)
0
0
0
76,657

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
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
230,627
225,467
437,172
55,422
34,051
0
495,661

3,792,121
2,065,124
1,726,997
3,401,233
2,268,142
1,133,091
390,888
221,082
78,096
142,986
129,337
122,795
62,879
39,503
0
68,102
294,172

4,611,797
2,640,784
1,971,013
3,926,783
3,126,574
800,209
685,014
214,999
100,258
114,741
119,065
116,370
365,028
34,373
0
81,722
16,811

5,985,119
3,506,797
2,478,322
5,221,886
4,086,884
1,135,002
763,233
236,462
119,908
116,554
164,534
161,106
443,795
57,489
0
0
423,904

978,234
175,000
(116,195)
1,733,467
131,573

997,553
155,000
65,353
1,437,535
168,044

1,225,351
30,000
347,699
831,166
213,628

2,029,143
0
23,376
560,918
200,443

2,359,798
0
330,655
1,472,316
279,364

4,053,292
517,719
386,306
1,767,123
381,363

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
11.21
32.87

0.41
3.41
11.53
1.18
1.16
89.69
0.69
2.18
4.17
3.86

0.50
2.58
9.56
1.08
1.21
85.15
0.90
9.76
17.61
16.63

0.38
2.75
9.82
1.03
1.10
87.25
0.71
8.81
15.75
13.84

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

3,873,148
2,017,968
2,054,851
1,846,041
69,759
4,795
0
4,344
1,925,251
4,500
888,847
587,837
65,116
378,951
1,745,107
1,249,404
495,703
665,297
517,719
0
0
0
147,578
3,387,995
1,274,866
1,274,866

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

147

2.94
0.53
-5.51
-3.41
17.57

5.06
1.32
2.26
1.92
19.90

7.11
1.51
1.66
0.69
55.74

4.38
4.14
7.92
8.09
54.99

6.73
3.75
7.41
3.03
26.58

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Zephyr Textiles Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,750,746
0
2,457,139
1,747,742
153,762
0
0
3,004
1,254,973
11,843
721,380
247,811
57,284
216,655
2,137,103
1,710,539
426,564
200,016
74,156
0
0
27,334
98,526
668,600
594,287
594,287
0
(165,554)
0
(165,554)
239,867

2,075,685
58,840
2,145,890
2,013,546
147,075
0
0
3,299
1,344,433
42,968
670,157
329,322
40,312
261,674
1,836,417
1,357,384
479,033
569,539
322,644
0

(31,341)
451,216

7,873
1,437,004
80,729
732,052
338,289
10,644
275,290
1,857,645
1,311,389
546,256
434,939
198,760
0
0
41,201
194,978
1,079,368
594,287
594,287
0
65,509
0
65,509
419,572

2,601,772
1,672,809
928,963
2,327,132
1,562,719
764,413
274,640
114,395
74,594
39,802
353,589
309,174
(155,991)
9,290
0
0
229,777

2,663,771
1,711,420
952,352
2,415,837
1,746,610
669,228
247,934
90,482
55,921
34,561
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
217,027
204,560
114,831
36,933
59,429
0
313,252

3,135,629
2,983,515
152,114
2,819,589
2,256,037
563,552
316,040
127,542
71,560
55,982
196,080
160,264
35,382
31,387
0
259,562

3,840,907
2,563,506
1,277,401
3,481,673
2,711,351
770,322
359,234
147,164
79,082
68,082
236,684
222,405
122,785
19,267
0
0
258,832

4,199,161
2,877,846
1,321,315
3,793,808
2,890,450
903,358
405,353
135,638
76,654
58,984
193,112
148,408
88,849
42,435
0
0
238,112

1,490,813
694,155
(165,281)
2,113,948
138,412

1,183,436
459,893
(76,618)
2,081,084
129,121

1,055,707
262,255
18,469
1,932,081
147,805

868,616
74,156
3,995
1,784,695
158,837

1,583,701
322,644
103,518
1,680,028
191,455

1,514,307
198,760
46,414
1,510,149
245,757

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
1.31
11.14

0.15
6.25
7.90
1.04
0.59
89.92
3.50
1.14
5.32
3.68

0.22
6.16
8.57
1.12
0.73
90.65
2.37
3.82
14.59
10.01

0.23
4.60
8.06
1.25
0.77
90.35
2.12
2.62
8.49
5.74

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

34,878
212,017
1,014,162
594,287
594,287

(31,341)

1,934,948
0
2,224,664
1,927,075
167,459
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

148

4.28
0.50
-6.00
-2.78
10.90

4.25
0.77
-2.23
-1.29
9.83

4.35
1.22
1.13
0.07
11.25

5.73
1.55
3.20
1.74
17.07

5.74
1.60
2.12
0.78
18.16

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Made-up textile articles - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

27,928,821
629,065
34,974,843
27,194,006
1,271,266
48,243
355
57,152
27,211,133
250,141
14,044,240
10,714,948
1,815
2,199,989
25,589,810
19,238,627
6,351,183
17,325,281
16,827,716
41,589
0
133,982
321,993
12,224,863
1,001,101
1,001,101
0
11,223,762
4,782,248
6,441,513
0

26,926,947
524,741
36,339,140
26,283,063
2,416,481
33,655
2,213
83,275
28,849,359
201,305
9,996,208
16,247,201
0
2,404,645
24,921,434
17,335,500
7,585,934
16,285,150
15,761,856
43,990
0
166,158
313,146
14,569,722
1,635,887
1,635,887
0
12,933,835
5,817,101
7,116,734
0

26,441,485
268,119
38,301,125
26,046,344
2,423,993
29,759
2,375
94,888
35,269,099
6,603,576
13,482,978
11,747,662
266
3,434,617
28,573,960
18,909,951
9,664,009
15,422,443
14,831,221
41,068
0
203,644
346,510
17,714,181
1,889,802
1,889,802
0
15,824,379
5,023,976
10,800,403
0

8,651,147
497,562
16,153,064
8,031,241
885,228
24,020
2,869
95,455
16,690,462
143,104
12,315,233
1,574,742
0
2,657,383
15,802,974
8,039,056
7,763,918
2,702,151
2,248,983
51,068
0
49,551
352,549
6,836,484
1,963,545
1,963,545
0
4,872,939
857
4,872,082
0

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
1,227,781
1,108,870
823,515
151,964
125,608
0
2,366,475

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
1,199,358
1,054,822
1,221,843
251,665
147,178
0
(757,067)

45,831,718
21,747,183
24,084,535
37,504,525
25,916,865
11,587,660
8,327,193
2,645,191
1,320,183
1,325,009
2,963,386
2,786,587
2,890,914
360,464
34,643
634,785
(3,794,615)

58,183,571
33,721,917
24,461,654
47,732,052
32,147,532
15,584,520
10,451,519
3,007,655
1,606,701
1,400,954
5,028,152
4,692,470
2,716,473
367,402
36,255
0
3,573,738

69,493,439
42,333,536
27,159,903
57,302,250
41,211,039
16,091,211
12,191,189
4,155,275
1,861,233
2,294,042
4,135,532
3,888,141
4,011,531
231,754
0
304,697
8,554,906

34,436,968
11,543,143
22,893,825
28,119,599
12,239,445
15,880,154
6,317,369
3,858,883
2,192,818
1,666,065
1,142,003
964,825
1,596,039
243,775
289,607
457,046
2,076,958

12,445,581
5,971,296
545,943
13,767,173
2,368,182

24,179,655
14,598,330
822,999
23,487,987
2,727,317

29,550,144
16,827,716
2,495,807
36,066,344
1,228,830

30,854,872
15,761,856
2,312,816
33,097,356
3,611,161

33,136,624
14,831,221
3,779,777
33,741,172
4,467,255

9,538,635
2,248,983
1,062,657
10,288,039
5,213,919

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
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
9.74
92.27

0.43
6.47
23.38
0.83
1.06
81.83
3.51
6.26
27.00
10.76
73.04
3.26
2.04
6.31
25.28
122.11

0.66
8.64
27.92
1.04
1.16
82.04
2.83
4.90
20.28
8.99
64.79
5.82
1.58
4.67
14.36
89.06

0.64
5.95
16.90
1.13
1.23
82.46
2.48
6.83
24.85
12.54

0.11
3.32
4.57
1.36
1.06
81.66
2.71
3.67
13.00
7.48
4.67
2.80
2.65
4.63
6.89
34.82

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

149

5.15
2.03
5.77
20.00
93.74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Aruj Industries (Formerly Aruj Garment Accessories Ltd.)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

155,543
39,801
220,045
114,527
9,611
0
0
1,215
91,129
12,848
18,805
11,466
0
48,010
108,539
46,906
61,633
49,197
0
29,833
0
2,641
16,723
88,936
61,517
61,517
0
27,419
0
27,419
0

166,305
31,928
251,375
133,492
13,540
0
0
885
169,247
5,394
76,273
27,696
0
59,884
170,704
70,239
100,465
63,013
5,626
38,234
0
2,942
16,211
101,835
61,517
61,517
0
40,318
0
40,318
0

191,196
33,553
288,600
156,956
13,760
0
0
687
210,980
23,712
69,186
48,120
0
69,962
203,789
106,308
97,481
75,233
10,892
41,068
0
3,289
19,984
123,154
61,517
61,517
0
61,637
0
61,637
0

197,433
0
345,235
197,433
17,918
0
0
0
314,036
16,439
148,237
54,327
0
95,033
278,988
140,490
138,498
79,160
9,744
51,068
0
4,735
13,613
153,321
61,517
61,517
0
91,804
0
91,804
0

298,972
220,239
78,733
268,018
201,355
66,663
30,954
12,036
1,911
10,125
12,376
11,485
8,592
788
9,228
0
12,979

345,439
225,433
120,007
314,183
250,498
63,685
31,257
13,999
3,707
10,292
10,696
10,228
6,834
2,328
0
0
18,399

396,388
1,240
395,148
356,439
294,653
61,786
39,949
17,273
5,099
12,174
9,884
9,610
13,761
3,964
0
0
50,960

415,366
1,235
414,131
368,900
287,876
81,024
46,466
19,288
3,569
15,719
8,190
7,447
19,523
4,681
0
0
(18,826)

478,460
1,745
476,715
417,304
318,393
98,911
61,156
19,281
3,805
15,476
12,577
11,874
29,298
3,825
0
0
14,808

545,924
16,404
529,520
469,198
349,617
119,581
76,726
30,648
6,190
24,458
16,890
16,031
30,589
6,586
15,379
0
(21,938)

141,483
14,482
(1,423)
53,959
7,766

136,928
8,542
4,507
69,269
7,680

138,133
0
9,797
46,906
9,257

164,848
5,626
14,842
75,865
10,441

198,387
10,892
25,473
117,200
11,984

232,481
9,744
8,624
150,234
15,386

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
1.27
13.91

0.38
3.10
4.07
1.39
1.15
90.95
2.12
2.84
8.26
4.91

0.22
2.49
2.89
1.61
0.84
89.92
1.77
5.55
16.31
10.01

0.19
1.97
6.67
1.24
0.99
88.81
2.30
6.71
20.47
12.89

0.35
2.63
10.06
1.19
1.04
87.22
2.27
7.94
26.04
16.13

0.25
3.09
9.95
1.07
1.13
85.95
2.34
6.70
22.13
14.20
1.56
3.68
2.91
5.60
3.90
24.92

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

150

7.94
1.67
1.98
0.73
12.98

21.08
2.43
3.47
1.59
14.46

5.45
3.62
4.70
2.41
16.55

6.92
3.47
6.12
4.14
20.02

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fateh Sports Wear Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

17,904
0
94,449
17,904
1,154
0
0
0
324,017
53
5,994
300,119
0
17,851
418,024
89,331
328,693
0
0
0
0
0
0
(76,103)
20,000
20,000
0
(96,103)
0
(96,103)
0

29,888
241
10,826
5
0
18,816
442,288
113,105
329,183
0
0
0
0
0
0
(395,533)
20,000
20,000
0
(415,533)
0
(415,533)
0

16,003
0
94,524
16,003
939
0
0
0
32,869
236
11,814
1,962
0
18,857
291,627
49,857
241,770
0
0
0
0
0
0
(242,755)
20,000
20,000
0
(262,755)
0
(262,755)
0

0
0
0
0
0
0
0
4,012
0
4,012
18,359
18,359
23,444
0
0
0
23,443

0
0
0
0
0
0
0
27,426
0
27,426
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
18,458
0
(18,887)
61
0
0
1,243

15,307
13,270
2,037
13,476
1,351
12,125
1,831
1,950
259
1,691
18,476
0
12,434
34
0
0
(842)

14,955
14,955
0
14,639
185
14,454
316
356,300
0
356,300
(15,870)
(31,507)
(319,325)
104
0
0
(9,812)

35,800
3,871
31,929
35,455
19,417
16,038
345
(54,641)
595
(55,236)
(56,547)
(65,186)
153,767
990
0
0
27,897

(39,037)
0
23,444
89,331
0

(69,555)
0
(30,518)
89,331
0

(88,503)
0
(18,948)
89,331
10

(76,103)
0
12,400
89,331
10,411

(395,533)
0
(319,429)
113,105
11,634

(242,755)
0
152,777
49,857
11,968

0.69

0.70

0.00
0.83

0.00
0.76

0.67
229.81
3,313.28
0.03
0.73
88.09
-4.50
-6.10
23.90
23.90

0.72
120.70
1,960.67
0.04
0.78
88.04
-5.49
3.82
-15.11
-15.11

0.00
-106.12
0.03
0.32
0.07
97.89
-1.12
-164.31
135.41
135.41

0.01
-157.95
5.48
0.73
0.11
99.04
-1.20
321.60
-48.18
-48.18

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

16,867

94,449
16,867
1,036
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

151

-9.23
7.81
-46.19
-46.19

-5.45
-9.67
56.21
56.21

0.00
2.28

0.00
-0.66

1.34

2.55

11.72
-19.52

-15.26
-34.78

-235.14
-9.47
-44.25

81.23
6.20
-38.05

1.38
11.14
-2,135.24
-159.71
-197.77

3.03
-1.36
429.52
76.39
-121.38

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gul Ahmed Textile Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

6,919,602
226,169
12,937,714
6,613,267
745,139
29,465
0
50,701
11,057,508
139,723
7,481,834
2,272,265
0
1,163,686
10,915,209
7,349,525
3,565,684
2,408,851
2,096,432
0
0
27,952
284,467
4,653,050
1,269,571
1,269,571
0
3,383,479
0
3,383,479
0

7,224,853
225,313
13,900,820
6,918,925
775,977
27,242
0
53,373
14,205,968
109,357
9,673,821
2,702,373
0
1,720,417
13,292,159
8,290,416
5,001,743
2,521,828
2,154,999
0
0
40,303
326,526
5,616,834
1,523,486
1,523,486
0
4,093,348
0
4,093,348
0

8,334,862
497,296
15,558,330
7,720,611
856,477
24,020
0
92,935
16,271,383
124,213
12,129,702
1,482,683
0
2,534,785
15,130,060
7,829,770
7,300,290
2,622,991
2,239,239
0
0
44,816
338,936
6,853,194
1,828,182
1,828,182
0
5,025,012
0
5,025,012
0

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
1,035,224
963,252
204,278
83,787
0
0
442,468

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
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
1,093,713
1,017,295
1,551,046
267,652
0
634,785
(2,670,397)

25,278,956
10,187,793
15,091,163
21,620,266
10,225,755
11,394,511
3,658,690
2,396,526
1,337,758
1,058,768
1,401,983
1,190,356
27,313
252,493
0
0
3,496,067

30,633,892
13,182,713
17,451,179
25,678,935
12,897,675
12,781,260
4,954,957
2,861,171
1,536,025
1,325,146
1,283,887
1,148,325
848,932
151,701
0
304,697
(111,375)

33,698,111
11,422,345
22,275,766
27,418,741
11,761,667
15,657,074
6,279,370
3,860,121
2,184,014
1,676,107
1,177,345
1,010,891
1,477,459
234,888
274,227
457,046
2,077,580

5,956,094
2,566,604
120,491
8,494,086
1,982,288

6,149,975
2,222,650
446,546
8,724,072
2,293,895

7,355,392
2,198,591
1,283,394
12,648,990
713,705

7,061,901
2,096,432
(225,180)
9,445,957
2,989,157

8,138,662
2,154,999
697,231
10,445,415
3,704,238

9,476,185
2,239,239
968,344
10,069,009
5,136,716

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
8.28
58.45

0.17
4.27
8.72
1.24
1.05
81.47
3.27
8.75
36.25
22.97

0.22
5.55
8.99
1.41
1.01
85.53
2.86
0.14
0.58
0.38

0.21
4.19
8.82
1.43
1.07
83.83
2.82
4.31
16.53
11.17

0.11
3.49
4.40
1.37
1.08
81.37
2.59
6.42
23.70
16.78
4.53
2.78
2.46
4.38
6.80
37.49

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.61
1.21
1.44
1.90
51.01

152

2.46
2.52
6.05
20.22
76.35

3.38
1.02
0.11
-1.77
36.65

3.17
1.74
2.77
4.58
36.87

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

International Knitwear Ltd.

2014

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

53,720
11,267
69,712
40,447
4,368
0
398
1,608
66,939
636
12,060
46,237
0
8,006
70,822
11,045
59,777
833
833
0
0
0
0
49,004
32,250
32,250
0
16,754
(1)
16,755
0

37,566
503
61,995
34,895
4,860
0
560
1,608
55,888
75
16,112
34,744
0
4,957
59,873
8,582
51,291
0
0
0
0
0
0
33,581
32,250
32,250
0
1,331
136
1,195
0

25,934
266
49,471
23,006
4,388
0
1,054
1,608
57,213
125
25,480
25,770
0
5,838
45,524
4,511
41,013
0
0
0
0
0
0
37,623
32,250
32,250
0
5,373
458
4,915
0

158,532
86,831
71,701
137,103
61,726
75,378
21,428
7,378
0
7,378
4,873
394
12,008
1,700
2,250
0
(19,279)

144,087
94,565
49,522
128,590
60,323
68,267
15,497
7,757
0
7,757
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
3,487
1,613
(10,255)
920
0
0
10,819

63,639
0
63,639
51,977
32,070
19,907
11,662
3,850
0
3,850
1,132
798
7,746
376
1,613
0
16,810

105,441
84,503
20,938
88,638
54,543
34,095
16,803
7,259
0
7,259
1,809
1,389
8,206
626
0
0
(11,265)

145,538
93,630
51,908
127,706
67,662
60,044
17,832
13,522
0
13,522
1,896
844
2,595
976
0
0
(8,720)

46,706
0
8,058
0
15,171

55,284
0
5,860
10,750
16,375

43,851
1,667
(11,175)
6,007
18,883

49,837
833
5,758
11,878
7,119

33,581
0
7,580
8,582
9,994

37,623
0
1,619
4,511
17,232

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
3.44
15.57

0.90
1.10
51.38
1.04
1.27
89.24
1.50
5.99
13.28
13.28

0.77
2.59
34.21
1.25
1.17
98.80
1.54
-8.36
-21.04
-20.69

0.66
1.78
72.66
0.53
0.95
81.67
1.46
6.79
16.99
16.54
4.57
5.28
10.71
12.17
2.29
15.20

0.58
1.72
32.95
1.13
0.93
84.06
1.78
7.67
19.87
19.67

0.57
1.30
17.71
1.75
1.26
87.75
1.21
2.94
7.29
7.29

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

153

11.32
11.96
4.70
1.82
17.14

22.25
-5.36
-7.62
-3.47
13.08

6.54
6.91
7.78
2.35
10.41

5.71
4.07
1.78
0.50
11.67

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Moonlite (Pak) Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

85,740
0
180,107
84,670
6,001
0
0
1,070
137,248
137
111,416
18,881
1,815
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

82,264
0
180,141
79,536
6,001
0
1,815
913
88,326
74
47,134
36,726
0
4,392
66,783
15,000
51,783
0
0
0
0
0
0
103,807
21,596
21,596
0
82,211
399
81,812
0

76,915
0
105,504
74,188
5,506
0
1,815
912
14,961
2,091
0
10,000

2,870
56,775
14,428
42,347
0
0
0
0
0
0
35,101
21,596
21,596
0
13,505
399
13,106
0

2,870
56,775
14,428
42,347
0
0
0
0
0
0
35,101
21,596
21,596
0
13,505
399
13,106
0

105,340
105,340
0
114,726
87,098
27,629
(9,387)
19,044
5,131
13,913
2,007
1,901
(30,303)
0
1,080
0
30,303

88,589
88,589
0
108,755
51,594
57,161
(20,166)
15,540
5,547
9,993
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
2,804
2,443
(18,577)
1,539
0
0
(151)

111,226
111,226
0
139,790
58,209
81,581
(28,564)
19,816
6,992
12,824
2,685
2,478
(50,707)
0
0
0
(38)

11,595
6,893
4,702
68,499
41,082
27,417
(56,904)
9,233
2,019
7,214
2,419
2,245
(68,371)
335
0
0
2,139

11,595
6,893
4,702
68,499
41,082
27,417
(56,904)
9,233
2,019
7,214
2,419
2,245
(68,371)
335
0
0
2,139

215,065
0
(31,383)
16,499
24,272

175,832
0
(39,233)
15,500
24,519

155,752
0
(20,116)
14,999
37,127

103,807
0
(50,707)
15,000
44,690

35,101
0
(68,706)
14,428
32,617

35,101
0
(68,706)
14,428
32,617

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
-14.03
99.59

0.84
3.81
32.24
0.42
3.35
122.76
0.20
-16.19
-19.83
-19.83

0.31
1.83
12.32
0.69
2.04
97.13
0.43
-8.56
-11.20
-11.20

0.55
2.41
33.02
0.65
1.32
125.68
0.64
-25.77
-39.07
-39.07

0.21
20.86
86.24
0.13
0.26
590.76
1.62
-52.10
-98.44
-98.44

0.21
20.86
86.24
0.13
0.26
590.76
1.62
-74.42
-194.78
-194.78

-29.45
-589.66
-31.81
16.25

-29.45
-589.66
-31.81
16.25

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

76,915
0
105,504
74,188
5,506
0
1,815
912
14,961
2,091
0
10,000

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

154

1.06
-12.90
-43.75
-18.17
81.42

1.38
-6.60
-12.12
-9.31
72.12

2.36
-19.46
-45.59
-23.48
48.07

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Other textiles n.e.s. - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
2,627,860
966,585
0
772,461
2,575,496
26,647,238
4,906,726
4,906,726
0
19,344,595
2,041,029
17,303,565
2,395,918

43,869,045
13,628,765
36,177,713
18,283,192
1,226,137
10,386
11,841,099
105,603
15,547,881
342,830
9,413,923
1,030,035
807
4,760,286
17,426,406
9,198,193
8,228,213
13,875,610
9,711,619
860,411
0
1,015,952
2,287,628
28,114,910
4,692,069
4,692,069
0
17,218,603
1,975,939
15,242,664
6,204,238

47,730,147
114,564
55,709,311
37,896,066
2,126,197
60,041
9,565,790
93,686
18,352,466
335,068
10,856,512
1,331,367
1,626
5,827,893
20,331,063
15,032,059
5,299,004
16,276,497
12,547,862
973,919
0
1,093,990
1,660,726
29,475,053
4,692,069
4,692,069
0
19,376,147
1,961,030
17,415,117
5,406,837

47,189,072
560,824
55,973,606
34,780,164
3,554,654
53,723
11,568,810
225,551
17,921,006
262,466
8,378,815
1,469,047
1,629
7,809,049
19,535,282
14,067,216
5,468,066
16,192,706
12,324,795
842,830
0
1,314,957
1,710,124
29,382,090
4,855,505
4,855,505
0
19,409,235
2,250,951
17,158,284
5,117,350

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
3,980,587
3,124,369
(4,129,847)
301,741
213,508
0
3,918,838

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
1,806,614
1,525,687
4,304,953
743,140
773,609
19,157
66,523

59,843,748
49,405,720
10,438,028
54,194,163
46,419,336
7,774,827
5,649,585
2,025,945
542,683
1,483,262
1,487,304
1,273,555
5,811,642
921,760
1,269,003
0
3,812,937

55,409,855
48,379,240
7,030,615
55,649,108
44,029,492
11,619,616
(239,253)
1,910,256
532,792
1,377,463
1,680,451
1,449,874
(246,308)
677,574
988,405
0
(1,144,969)

54,160,832
52,296,174
1,864,658
52,847,084
42,474,159
10,372,925
1,313,748
1,672,174
366,890
1,305,284
1,345,231
1,219,983
2,288,641
142,770
1,087,885
19,013
(3,839,046)

60,590,431
60,461,283
129,148
59,453,002
43,795,860
15,657,142
1,137,429
1,486,657
361,150
1,125,507
2,301,239
2,291,280
309,224
82,411
71,593
0
1,749,142

27,856,302
7,561,662
(4,645,096)
22,999,444
2,512,552

30,798,577
4,455,011
2,788,204
8,706,573
2,192,798

33,589,639
2,627,860
3,620,879
10,256,120
2,592,002

41,990,520
9,711,619
(1,912,287)
18,909,812
2,522,769

45,751,550
12,547,862
1,057,986
27,579,921
2,676,028

45,574,796
12,324,795
155,220
26,392,011
2,558,840

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
-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
7.14
44.95

0.10
2.49
1.79
1.18
1.16
90.56
0.90
12.17
23.68
18.05
3.85
5.08
5.56
9.71
9.97
54.31

0.08
3.03
1.86
0.93
0.89
100.43
1.11
-0.45
-0.90
-0.65
-0.93
5.89
0.83
-0.44
-1.97
59.92

0.08
2.48
2.46
0.82
0.90
97.57
1.24
3.65
7.95
5.22
1.97
4.99
2.88
4.23
4.57
62.82

0.09
3.80
2.42
0.93
0.92
98.12
1.22
0.47
1.05
0.68
3.17
7.23
1.13
0.51
0.47
60.51

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

155

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Al-Abid Silk Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

5,805,926
16,800
7,738,920
5,787,179
162,021
0
0
1,947
3,133,196
45,289
2,427,947
125,640
0
534,320
7,836,025
3,802,705
4,033,320
233,387
42,869
150,000
0
40,518
0
869,710
134,096
134,096
0
(3,586,435)
372,834
(3,959,269)
4,322,049

5,263,876
16,800
5,799,252
5,245,129
521,472
0
0
1,947
554,251
9,873
106,861
58,636
0
378,881
6,438,475
5,125,781
1,312,694
827,605
16,612
305,456
0
22,160
483,377
(1,447,953)
134,096
134,096
0
(5,176,246)
372,834
(5,549,080)
3,594,197

4,803,718
16,800
5,799,662
4,784,971
467,266
0
0
1,947
412,035
8,339
30,997
33,643
0
339,056
6,363,555
5,107,861
1,255,694
868,146
0
445,769
0
22,384
399,993
(2,015,948)
134,096
134,096
0
(5,519,966)
372,834
(5,892,800)
3,369,922

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
436,777
201,370
136,549
91,747
7,184
0
347,756

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
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
548,449
364,329
184,814
107,022
0
0
3,752

7,556,179
586,748
6,969,431
10,945,431
7,509,407
3,436,024
(3,389,252)
592,826
304,579
288,247
680,336
475,864
(4,654,656)
76,420
0
0
26,905

2,757,308
961,494
1,795,814
4,476,714
1,263,742
3,212,972
(1,719,406)
269,040
79,216
189,824
136,632
30,733
(1,810,382)
22,839
0
0
(210,772)

489,196
464,326
24,870
1,020,102
165,335
854,767
(530,906)
124,092
17,065
107,027
163
0
(651,035)
255
0
0
(134,771)

1,792,979
133,772
37,618
2,886,421
304,459

1,866,927
107,259
98,630
3,059,192
450,033

1,959,440
69,597
77,791
3,486,407
509,024

1,103,097
42,869
(4,731,076)
3,845,574
488,983

(620,348)
16,612
(1,833,221)
5,142,393
276,902

(1,147,802)
0
(651,290)
5,107,861
162,229

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
4.68
158.63

0.05
4.19
2.82
1.24
0.95
87.81
4.43
2.54
13.36
11.42

0.05
5.23
2.99
1.15
0.99
87.21
4.10
2.07
10.89
9.66

0.02
9.00
1.66
0.85
0.40
144.85
9.28
-51.62
-350.98
-303.97

0.01
4.96
2.13
0.47
0.09
162.36
-5.02
-24.54
626.17
-750.03

0.01
0.03
6.88
0.09
0.06
208.53
-3.59
-11.80
37.59
73.64

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

156

1.88
2.10
1.93
10.30
168.18

1.72
1.51
1.76
5.80
132.94

3.11
-8.78
-61.60
-352.81
64.86

25.80
-57.91
-65.66
-136.71
-107.98

15.78

-133.08
-48.57
-150.34

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Associated Services ( Formerly Latif Jute Mills Ltd).

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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
0
22,865
0
0
303
65,811
35,574
35,574
0
(20,698)
0
(20,698)
50,935

90,947
0
2,207
1,503
397
0
88,960
484
1,024
186
0
0
0
838
2,844
479
2,365
23,482
0
22,665
0
0
817
65,645
35,574
35,574
0
(20,864)
0
(20,864)
50,935

90,110
0
1,193
776
197
0
88,960
374
1,921
99
0
0
0
1,822
2,670
226
2,444
21,557
0
21,063
0
0
494
67,804
35,574
35,574
0
32,230
0
32,230
0

99,761
0
2,161
1,387
356
0
98,000
374
20,504
219
0
0
0
20,285
22,437
247
22,190
20,753
0
20,488
0
0
265
77,075
35,574
35,574
0
41,501
0
41,501
0

0
0
0
0
0
0
0
3,167
0
3,167
2
2
28,947
236
0
0
1,261

0
0
0
0
0
0
0
4,533
0
4,533
2
0
1,721
581
0
0
1,436

0
0
0
0
0
0
0
3,699
0
3,699
160
0
689
420
0
0
344

0
0
0
0
0
0
0
4,200
0
4,200
105
0
254
420
0
0
811

0
0
0
0
0
0
0
8,096
0
8,096
173
0
3,313
1,067
0
0
1,458

0
0
0
0
0
0
0
8,945
0
8,945
675
563
12,668
3,395
0
0
(14,684)

87,612
0
28,711
0
989

89,010
444
1,140
783
1,015

88,978
0
269
263
1,133

89,127
0
(166)
479
1,166

89,361
0
2,246
226
1,363

97,828
0
9,273
247
1,719

0.10

0.05

0.02

0.07

0.04

0.01

0.00
0.16

0.00
0.22

0.00
0.34

0.00
0.36

0.00
0.72

0.00
0.91

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

(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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.39
37.90
57.85
46.98

0.38
1.91
2.65
1.95

0.38
0.76
1.05
0.77

0.40
0.28
0.39
0.29

0.36
3.60
4.97
3.71

0.56
11.93
17.49
13.53

8.07
18.12

0.32
18.43

0.08
18.50

-0.05
18.45

0.63
19.06

15,236.47

157

23.50

2.61
21.67

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bannu Woollen Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,025,078
0
1,011,860
812,768
17,399
0
209,061
3,249
457,201
1,453
331,816
51,557
0
72,375
88,370
18,059
70,311
179,208
0
0
0
89,275
89,933
1,214,701
76,050
76,050
0
561,921
19,445
542,476
576,730

1,111,966
1,690
1,045,407
812,988
33,327
0
294,480
2,808
674,155
1,349
346,097
243,549
0
83,160
254,754
146,997
107,757
205,114

120,830
84,284
1,326,253
76,050
76,050
0
680,547
19,445
661,102
569,656

1,228,315
1,983
1,127,327
860,163
34,745
0
362,455
3,714
689,877
1,283
416,380
204,214
0
68,000
218,005
104,779
113,226
235,050
12,500
0
0
139,163
83,387
1,465,137
95,063
95,063
0
806,860
19,445
787,415
563,214

391,280
391,280
0
295,269
160,035
135,234
96,011
53,486
16,045
37,441
5,698
5,583
9,709
8,235
0
0
(4,291)

415,428
415,428
0
302,101
199,897
102,204
113,327
65,753
16,951
48,802
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
9,305
8,486
143,757
5,697
38,025
0
22,309

663,406
663,406
0
470,891
302,222
168,669
192,515
94,140
26,916
67,224
16,031
15,206
135,691
0
22,815
0
138,872

807,725
807,725

788,882
788,882

577,291
318,427
258,864
230,434
131,504
35,369
96,135
10,934
10,590
176,130
34,598
0
19,013
(62,174)

562,529
404,643
157,886
226,353
130,913
33,071
97,842
7,395
7,139
152,076
21,840
0
0
119,922

636,451
1,789
1,474
112,758
82,324

752,379
238
76,978
94,196
96,853

1,247,080
0
100,035
99,905
113,722

1,393,909
0
112,876
18,059
132,737

1,531,367
0
141,532
146,997
171,644

1,700,187
12,500
130,236
117,279
190,159

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
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
18.15
147.51

0.60
2.42
7.77
0.45
5.17
70.98
0.22
9.38
11.61
10.28
5.95
2.00
9.92
20.45
17.84
159.72

0.96
1.35
30.15
0.45
2.65
71.47
0.35
10.78
13.86
12.04

0.94
0.94
25.89
0.41
3.16
71.31
0.31
8.21
10.90
9.41

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.93
2.74
2.48
0.19
72.79

158

2.33
17.63
21.81
18.61
174.39

1.89
22.30
19.28
13.70
154.12

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Crescent Jute Products Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

321,070

309,703

425,434
319,944
17,668

423,790
308,576
11,013

999,999
966,739
33,260
871,564
565,923
305,642
128,434
95,005
17,400
77,606
30,776
29,842
5,188
333
0
0
109,655

566,002
547,140
18,862
525,658
446,813
78,845
40,343
85,834
8,966
76,868
39,183
38,540
(84,068)
2,931
0
0
(285,073)

478,249
17,519
4,855
209,198
205,939
0.21
3.08
2.91
1.36
0.94
87.16
1.25
0.67
1.62
1.28

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

334,332
0
257,848
213,660
6,103

134
992
80,394
4,137
47,410
0
615
28,232
409,639
169,733
239,906
112,847

134
993
48,706
6,922
14,822
618
1,329
25,015
433,233
129,193
304,040
108,759

73,222

73,222

39,625
(121,022)
237,635
237,635
0
(614,029)
35,768
(649,797)
255,372

35,537
(183,583)
237,635
237,635
0
(671,985)
35,768
(707,753)
250,767

134
120,538
41,238
8,262
3,612
506
1,174
27,684
434,782
129,004
305,778
8,317
0
0
0
0
8,317
(67,529)
237,635
237,635
0
(503,863)
35,768
(539,631)
198,699

453,768
417,876
35,892
524,173
335,021
189,152
(70,405)
82,701
13,407
69,294
55,081
54,341
(96,532)
412
0
0
(28,969)

28,640
24,514
4,126
127,321
0
127,321
(98,681)
48,502
1,801
46,701
40,174
35,750
(196,593)
90
0
0
74,206

18,677
18,677
0
39,023
0
39,023
(20,346)
35,403
128
35,275
23,925
23,577
(66,600)
49
0
0
15,123

21,618
21,618
0
21,483
0
21,483
135
28,886
51
28,835
20,798
20,740
166,144
2,635
0
0
(175,618)

735,241
17,519
(86,999)
387,335
128,309

543,508
14,267
(96,944)
325,302
110,902

(8,175)
0
(196,682)
169,733
31,469

(74,824)
0
(66,649)
129,193
25,106

(59,212)
0
163,509
129,004
20,694

0.42
6.92
25.14
0.44
0.98
92.87
1.74
-8.32
-21.09
-13.86

0.26
12.14
25.58
0.45
0.68
115.52
2.42
-8.37
-25.12
-15.10

0.01
140.27
0.00
0.07
0.20
444.55
-4.32
-27.67
-222.14
-73.45

0.02
128.10
3.31
0.05
0.11
208.94
-2.95
-17.53
43.73
160.48

0.02
96.21
2.34
0.06
0.09
99.38
-6.56
45.27
-132.33
-247.91

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

159

6.99
1.17
0.52
0.20
13.75

2.21
-1.18
-14.85
-3.66
19.81

3.05
-0.78
-21.27
-4.08
12.54

0.60
-4.50
-686.43
-8.28
-5.09

1.26
-1.82
-356.59
-2.80
-7.73

5.99
9.01
768.54
6.88
-2.84

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ibrahim Fibres Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

32,014,498
13,384,656
17,436,238
7,054,229
710,379
10,386
11,542,754
22,473
7,301,493
52,409
4,378,138
217,279
0
2,653,667
5,656,437
3,548,434
2,108,003
11,777,022
9,262,500
0
0
756,184
1,758,338
21,882,532
3,105,070
3,105,070
0
18,777,462
1,138,978
17,638,484
0

36,491,517
58,114
38,740,626
27,175,451
1,206,119
60,041
9,182,026
15,885
12,743,716
204,837
8,511,618
280,700
0
3,746,561
9,498,807
7,821,621
1,677,186
13,698,473
12,250,000

36,168,004
385,408
38,854,386
24,605,585
2,708,284
53,723
11,108,031
15,257
11,809,352
85,682
6,047,563
417,396
0
5,258,711
7,691,244
5,932,895
1,758,349
13,762,401
11,897,014

824,378
624,095
26,037,953
3,105,070
3,105,070
0
22,932,883
1,123,982
21,808,901
0

1,011,656
853,731
26,523,711
3,105,070
3,105,070
0
23,418,641
1,413,767
22,004,874
0

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
1,387,288
1,379,814
1,926,152
94,430
0
0
2,374,480

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
1,262,093
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
828,975
824,716
4,874,537
644,189
931,521
0
3,681,384

35,852,566
35,797,663
54,903
33,230,401
28,003,130
5,227,271
2,622,165
833,802
158,541
675,261
780,322
771,406
4,452,325
531,392
931,521
0
(1,350,174)

38,839,262
38,770,418
68,844
36,114,077
32,239,087
3,874,990
2,725,185
874,535
191,244
683,291
951,427
941,981
4,374,607
10,468
1,086,775
0
(3,627,424)

47,972,162
47,878,909
93,253
46,642,839
34,431,603
12,211,236
1,329,323
846,414
237,319
609,095
1,983,697
1,979,561
1,099,880
0
0
0
2,420,319

20,086,073
6,161,208
1,831,722
9,440,686
780,302

21,779,469
4,325,000
2,811,508
4,997,269
1,083,456

23,823,098
2,541,667
3,298,827
5,028,649
1,384,727

33,659,554
9,262,500
2,989,412
12,810,934
1,412,702

39,736,426
12,250,000
3,277,365
20,071,621
1,703,497

40,286,112
11,897,014
1,099,880
17,829,909
1,664,871

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
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
13.62
60.47

0.05
2.18
0.61
0.91
1.29
92.69
0.80
12.83
21.90
15.49
4.21
8.19
6.77
12.42
12.63
70.47

0.05
2.45
0.72
0.79
1.34
92.98
0.89
9.88
18.26
11.92
4.02
4.56
5.64
11.26
14.05
83.86

0.07
4.14
0.87
1.00
1.54
97.23
0.81
2.26
4.19
2.75

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.58
2.40
8.73
5.90
38.23

160

7.93
1.56
2.29
3.54
85.42

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Noor Silk Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

959
400
2,774
262
4

1,605
850
2,774
262
4

297
1,143
1,137

493
834
753

6
5,367
0
5,367
6,201
0
6,201
0
0
0
(9,466)
4,000
4,000
0
(13,466)
0
(13,466)

81
5,408
0
5,408
6,201
0
6,201
0
0
0
(9,170)
4,000
4,000
0
(13,170)
0
(13,170)

0
0
0
0
0
0
0
995
0
995
0
0
578
60
0
0
554

0
0
0
0
0
0
0
1,154
0
1,154
0
0
478
122
0
0
365

0
0
0
0
0
0
0
1,134
0
1,134
0
0
515
130
0
0
392

0
0
0
0
0
0
0
1,334

0
0
0
0
0
0
0
1,275

2,177
0
518
0
299

2,151
0
356
0
326

(3,476)
0
385
0
398

(3,265)
0
211
0
418

(2,969)
0
296
0
398

(2,996)
0
(28)
0
434

0.33

0.21

0.14

0.12

0.00

0.00

0.00
0.33

0.00
0.21

0.00
0.15

0.00
0.20

-1.21
27.67
-5.42
-13.20

-1.21
22.09
-4.67
22.08

-1.26
21.96
-5.22
-77.76

-1.22
14.82
-3.59
-10.21

-1.27
19.03
-4.64
-13.86

-1.30
17.04
-4.85
-14.92

1.30
-26.04

0.89
-25.16

0.96
-24.19

0.53
-23.67

0.74
-22.93

-0.07
-22.99

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,602
850
2,774
262
3
0
0
490
1,181
697
0
0
0
484
5,779
0
5,779
6,201
0
6,201
0
0
0
(9,197)
4,000
4,000
0
(13,197)
0
(13,197)
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,334

1,275

344
133

432
136

(432)

265

0
0
0
0
0
0
0
1,293
0
1,293
0
0
445
473
0
0
(56)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

161

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Synthetics Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,187,985
0
3,227,809
1,186,323
150,300
0
0
1,662
1,821,560
161,455
836,101
578,112
0
245,892
1,390,122
829,060
561,062
547,253
406,250
0
0
30,566
110,437
1,072,170
560,400
560,400
0
511,770
0
511,770
0

234,520
1,583,267
690,361
892,906
400,499
281,250
0
0
28,163
91,086
1,117,705
560,400
560,400
0
557,305
0
557,305
0

505,687
1,844,449
1,115,846
728,603
336,821
238,175
0
0
35,915
62,731
1,166,552
560,400
560,400
0
606,152
0
606,152
0

2,452,646
2,452,646
0
2,310,990
1,683,530
627,460
141,656
68,698
10,890
57,808
19,255
15,904
62,823
14,769
70,050
0
348,293

3,280,755
3,280,755
0
3,133,503
2,576,839
556,664
147,252
73,509
11,809
61,700
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
9,417
6,171
440,579
43,812
112,080
0
97,455

4,397,083
4,397,083
0
4,174,499
3,702,046
472,453
222,584
110,124
25,884
84,240
91,887
87,480
40,437
0
0
0
(90,854)

5,123,546
5,123,546
0
4,813,663
4,014,577
799,086
309,883
141,420
45,060
96,360
116,394
113,969
66,017
40,524
0
0
194,277

4,777,295
4,777,295
0
4,428,594
3,517,956
910,638
348,701
134,324
62,626
71,698
146,040
144,755
70,356
47,902
56,040
0
(59,716)

936,709
0
(21,996)
41,215
90,171

906,675
0
23,246
0
106,754

1,281,687
0
284,687
1,088,371
144,384

1,619,423
406,250
40,437
1,235,310
137,149

1,518,204
281,250
25,493
971,611
164,567

1,503,373
238,175
(33,586)
1,354,021
183,336

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
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
7.08
20.82

0.53
2.09
13.15
1.46
1.31
94.94
1.81
1.43
3.61
2.79

0.50
2.27
13.84
1.65
1.28
93.95
1.77
2.16
6.03
4.21

0.42
3.06
15.95
1.43
1.20
92.70
1.87
2.18
6.16
4.66
0.40
5.10
1.49
1.47
0.40
20.82

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,076,885
0
3,234,238
1,075,586
159,142
0
0
1,299
2,024,586
87,397
993,620
709,049

1,132,306
57,459
3,392,823
1,073,075
145,575
0
0
1,772
2,215,516
10,668
937,031
762,130

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

162

10.72
46.18
2.33
0.41
15.71

5.26
1.46
0.92
0.72
19.13

5.16
1.58
1.29
0.45
19.94

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Rupali Polyester Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,542,894
226,909
3,195,563
1,311,704
113,854
0
0
4,281
2,558,210
74,688
1,354,876
36,621
0
1,092,025
1,400,079
639,173
760,906
365,068
0
0
0
82,328
282,740
2,335,957
340,685
340,685
0
1,995,272
71,490
1,923,782
0

1,582,291
37,110
3,564,670
1,540,900
140,333
0
0
4,281
2,088,409
12,157
862,427
8,162
0
1,205,663
1,393,461
933,967
459,494
411,166
0
0
0
80,175
330,991
1,866,073
340,685
340,685

1,634,763
98,324
3,699,396
1,532,078
144,688
0
0
4,361
2,420,290
132,923
894,259
4,748
0
1,388,360
2,075,711
1,457,948
617,763
516,553
146,315
0
0
85,362
284,876
1,462,789
340,685
340,685
0
1,122,104
71,490
1,050,614
0

4,237,268
4,237,268
0
3,937,467
3,075,092
862,375
299,801
124,810
12,376
112,434
3,215
86
261,092
90,972
136,274
0
329,278

4,774,324
4,774,324
0
4,301,276
3,169,957
1,131,319
473,048
260,770
13,669
247,101
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
11,914
6,493
503,881
116,219
187,377
0
62,959

6,390,922
6,390,922
0
6,175,904
4,299,341
1,876,563
215,018
142,834
14,781
128,053
43,516
39,073
81,750
63,909
34,069
0
58,680

6,091,802
6,091,802
0
6,317,322
4,407,474
1,909,848
(225,520)
142,630
15,706
126,924
81,965
78,546
(357,747)
30,459
0
0
(143,507)

5,952,659
5,952,659
0
6,219,222
5,029,799
1,189,423
(266,563)
143,745
10,538
133,207
118,437
117,906
(479,858)
0
0
0
(353,115)

2,492,579
0
33,846
0
221,836

2,562,448
0
41,871
0
227,178

2,826,055
0
200,285
10,817
272,250

2,701,025
0
(16,228)
639,173
269,128

2,277,239
0
(388,206)
933,967
279,171

1,979,342
146,315
(479,858)
1,604,263
281,071

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
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
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
11.38
73.29

0.08
0.68
0.57
1.56
1.83
96.64
0.76
2.03
3.38
2.96
0.52
4.72
3.09
1.28
0.52
68.57

0.01
1.35
0.13
1.66
1.50
103.70
0.97
-9.21
-17.03
-14.37

0.07
1.99
0.08
1.47
1.17
104.48
1.77
-12.42
-28.83
-22.55

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,525,388
71,490
1,453,898

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

163

7.06
-3.55
-5.87
-11.39
54.77

6.66
-3.07
-8.06
-14.09
42.94

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

S.G. Fibres Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

638,246
0
1,809,955
638,150
32,434
0
0
96
64,260
9
1,959
0
0
62,292
297,329
0
297,329
470,528
0
459,426
0
5,364
5,738
(65,351)
150,000
150,000
0
(215,351)
337,400
(552,751)
0

567,401
0
1,549,176
567,305
30,193
0
0
96
63,060
427
200

62,433
360,418
0
360,418
393,211
0
382,109
0
5,364
5,738
(123,168)
150,000
150,000
0
(273,168)
337,400
(610,568)
0

522,917
0
1,453,410
522,822
22,443
0
0
95
63,028
1,172
180
0
0
61,676
416,921
0
416,921
327,559
0
316,457
0
5,364
5,738
(158,535)
150,000
150,000
0
(308,535)
337,400
(645,935)
0

0
0
0
33,474
0
33,474
(33,474)
13,448
0
13,448
32
0
(44,312)
0
0
0
193,551

0
0
0
34,207
0
34,207
(34,207)
11,681
0
11,681
3
0
(39,910)
0
0
0
(7,332)

0
0
0
48,578
0
48,578
(48,578)
10,684
0
10,684
88
0
(55,285)
0
0
0
(5,203)

0
0
0
35,097
0
35,097
(35,097)
13,976
0
13,976
1
0
(45,572)
0
0
0
(3,060)

0
0
0
26,272
0
26,272
(26,272)
8,715
0
8,715
8
0
(57,816)
0
0
0
(300)

0
0
0
18,994
0
18,994
(18,994)
13,016
0
13,016
18
0
(35,367)
0
0
0
(10,968)

655,326
0
(44,312)
0
2,478

623,023
0
(39,910)
0
3,724

570,772
0
(55,285)
0
2,558

405,177
0
(45,572)
0
16

270,043
0
(57,816)
0
22

169,024
0
(35,367)
0
16

0.01

0.01

0.00

0.00

0.00

0.00

0.00
0.54

0.00
0.55

0.00
0.44

0.00
0.22

0.00
0.17

0.00
0.15

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

164

10.20
-4.55
48.73
-11.80

21.70
-4.83
-71.96
-6.24

-38.93
-7.11
-702.89
-9.26

-11.75
-6.27
107.07
-9.34

-6.12
-8.67
61.34
-17.13

-4.70
-5.81
25.11
-16.11

0.00

0.00

0.00

0.00

0.00

0.00

-2.95
5.03

-2.66
2.37

-3.69
-1.32

-3.04
-4.36

-3.85
-8.21

-2.36
-10.57

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Suhail Jute Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

914,707
0
868,988
846,217
8,289
0
190
68,300
34,587
451
824
0
192
33,120
250,908
158,810
92,098
26,928
0
22,975
0
3,953
0
671,458
37,450
37,450
0
(188,815)
24
(188,839)
822,823

344,967
344,967
0
296,144
197,717
98,427
48,823
31,262
5,574
25,688
43,532
42,771
(22,132)
0
0
0
(10,342)

414,395
414,395
0
370,696
243,390
127,306
43,700
29,219
5,918
23,302
26,630
23,984
(4,610)
2,609
0
0
(29,897)

61,385
61,385
0
182,985
16,842
166,143
(121,600)
29,538
274
29,264
19,064
4,749
(176,933)
27
0
0
(23,636)

18,093
18,093
0
18,183
0
18,183
(90)
49,128
40
49,088
23,204
20,909
(69,486)
181
0
0
(15,287)

36,789
18,833
16,025
(54,898)
0
0
0
(22,150)

29,549
19,305
16,585
(47,718)
0
0
0
(12,511)

817,021
0
(22,132)
0
75,889

811,062
0
(7,219)
155,102
70,814

766,829
0
(176,960)
180,650
27,420

698,386
0
(69,667)
158,810
19,085

661,179
0
(54,898)
158,810
10,547

627,833
0
(47,718)
158,810
6,638

0.27
12.62
1.65
0.34
1.03
85.85
0.27
-2.00
-2.58
-2.51

0.43
6.43
10.91
0.40
1.03
89.45
0.32
-0.45
-0.58
-0.57

0.09
31.06
6.84
0.06
0.34
298.09
0.35
-17.36
-23.17
-22.43

0.00
128.25
0.00
0.02
0.14
100.50
0.41
-7.13
-9.83
-9.48

0.00

0.00

0.00
0.11

0.00
0.10

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

903,013
0
868,988
838,282
7,935
0
190
64,541
31,392
172
824

896,898
0
868,988
830,675
7,607
0
190
66,033
30,602
142
824

297
30,099
273,226
158,810
114,416
44,448
0
40,446
0
4,002
0
616,731
37,450
37,450

455
29,181
299,667
158,810
140,857
57,741
0
53,915
0
3,826
0
570,092
37,450
37,450

(236,606)
111
(236,717)
815,887

(276,545)
247
(276,792)
809,187

0
0
0
0
0
0
0
36,789

0
0
0
0
0
0
0
29,549

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

165

0.52
-5.83
-8.52
-8.08

0.63
-5.13
-8.04
-7.40

3.39
0.48
-6.42
-5.91
211.99

6.04
0.81
-1.11
-1.93
209.62

3.23
-36.26
-288.23
-47.25
198.22

21.96
-2.32
-384.05
-18.60
179.29

0.00
-2.43

0.00
-1.88

-14.66
164.68

-12.74
152.23

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

The National Silk & Rayon Mills Ltd.

2009

2010

2011

2012

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

326,735

390,774
371,277
19,497
371,971
166,364
205,607
18,804
21,331
836
20,495
3,762
2,566
(658)
202
0
0
13,113

378,186
367,222
10,964
356,855
155,756
201,099
21,330
17,101
288
16,813
4,413
2,877
1,827
1,944
1,111
0
5,566

172,422
3,594
(859)
8,209
26,834
0.43
0.96
5.97
1.69
1.21
95.19
2.30
-0.26
-0.92
-0.51

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

457,965
324,913
13,392

1,822
94,813
1,616
34,852
20,826

2014

(Thousand Rupees)
2013
2014
331,780
0
479,197
330,811
16,462
0
0
969
121,436
11,082
20,043
30,653

366,456
0
514,831
355,486
17,584
0
0
10,970
217,383
13,079
47,969
46,410

37,519
89,286
31,740
57,546
133,686

11,138
176,329

59,658
87,344
25,103
62,241
159,464
0
145,422
0
8,918
5,124
206,408
11,109
11,109
0
18,969
0
18,969
176,330

109,925
162,732
59,826
102,906
53,164
30,791
0
0
11,287
11,086
367,943
155,532
155,532
0
36,083
0
36,083
176,328

365,110
357,030
8,080
343,775
150,860
192,915
21,335
16,211
383
15,828
4,849
4,270
1,700
3,826
0
0
1,104

502,966
500,811
2,155
471,381
213,346
258,035
31,585
19,390
250
19,139
4,875
4,186
9,198
5,030
0
0
15,364

522,512
522,512
0
482,722
230,852
251,870
39,790
22,767
167
22,600
4,940
4,562
15,585
2,630
1,111
0
16,158

588,619
577,594
11,025
539,239
246,524
292,715
49,380
25,480
480
25,000
4,711
4,031
21,633
5,911
15,553
0
(29,660)

178,392
4,551
(1,228)
12,695
24,311

173,712
2,329
(2,126)
35,756
25,459

332,262
0
4,168
31,740
29,916

365,872
0
11,844
25,103
42,811

421,107
30,791
169
90,617
47,673

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
-0.10
63.73

0.22
1.33
4.24
1.40
1.04
94.16
2.88
0.66
2.46
0.97

0.25
0.97
4.14
1.19
1.06
93.72
1.12
2.69
6.91
3.64

0.48
0.95
5.87
1.15
1.39
92.38
1.20
3.56
7.70
4.46
11.66
26.07
4.42
2.98
11.66
185.80

0.37
0.80
7.88
1.01
1.34
91.61
0.59
4.17
7.53
5.50
1.01
12.27
6.37
3.68
1.01
23.66

125,922

7,764

198,576
11,109
11,109

11,138

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

16.42
0.74
-0.17
-0.77
62.95

166

8.11
1.40
0.47
-1.91
60.72

14.43
3.20
1.83
3.75
178.75

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

SUGAR SECTOR
PERFORMANCE AT A GLANCE
Asset base of Sugar Sector increased by 22.46 percent over the year from Rs. 134.09 billion in 2013
to Rs. 164.20 billion in 2014. The sector showed profit before tax of Rs. 1.11 billion in 2014 as
compared to Rs. 2.64 billion in 2013.

ANALYSIS OF ASSETS
Total assets rose to Rs. 164.20 billion in 2014 mainly due to the significant increase in Non-current
assets which increased from Rs. 83.44 billion in 2013 to Rs. 104.38 billion in 2014 showing an
increase of 25.08 percent.
Non-Current assets constitute 63.56 percent share in total assets during 2014. Capital work in progress
(CW in progress) substantially increased from Rs. 5.32 billion in 2013 to Rs. 11.39 billion in 2014
showing an increase of 114.27 percent. Fixed assets also recorded an increase of 19.71 percent in 2014
from Rs. 71.04 billion in 2013 to Rs. 85.04 billion 2014.
Current assets constitute 36.44 percent share in total assets in 2014. Cash and bank balances
significantly increased from Rs. 2.67 billion in 2013 to Rs. 4.46 billion in 2014 showing an increase of
66.77 percent. Inventories also recorded an increase of 24.66 percent from Rs. 24.01 billion in 2013 to
Rs. 29.93 billion in 2014. Trade debt and other current assets also recorded an increase of 15.75
percent and 15.04 percent respectively, however short term investment showed a decrease of 54.12
percent during the 2014.

Components of Current Assets

2013

2014

Components of Non-Current Assets

2013

Growth
90.00

66.77%

Billion Rs.

30.00

25.00

24.66%

20.00

15.04%
15.75%

60.00%

70.00

100.00%

40.00%

60.00

80.00%

20.00%

-20.00%

10.00
-54.12%

5.00
0.00

Cash/bank Invento.
balance

Trade
Debt

140.00%

114.27%

80.00

0.00%
15.00

Growth

80.00%

Billion Rs.

35.00

2014

120.00%

50.00

60.00%

31.67%

40.00

40.00%

19.71%

30.00

20.00%

2.30%

-40.00%

20.00

0.00%

-60.00%

10.00

-20.00%

-80.00%

0.00

Short term Other CA

Inv.

-10.00

167

-41.10%

-40.00%
CW in
progress

Fixed
Assets

Intangible Long term

Assets
Inv.

Other
NCA

-60.00%

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

ANALYSIS OF SHAREHOLDERS EQUITY

The shareholders equity of sugar sector

Shareholder's Equity

increased by 17.84 percent from Rs. 40.23

FY 13

billion in 2013 to Rs. 47.41 billion in 2014.

FY 14

Growth

50.00

Most of the increase in shareholders equity

45.00%

41.10%

45.00

40.00%

40.00

35.00%

35.00

Billion Rs.

was driven by surplus on revaluation of fixed

assets which increased from Rs. 15.14 billion
in 2013 to Rs. 21.36 billion in 2014 recording

30.00%

30.00

25.00%

25.00
20.00

20.00%

17.84%

15.00%

15.00

an increase of 41.10 percent. Share capital also

10.00

increased by 2.30 percent from Rs. 9.37 billion

0.00

10.00%
5.00%

4.69%

5.00

2.30%
Total Equity

Share Capital

0.00%
Reserves

in 2013 to Rs. 9.58 billion in 2014. Reserves

Surplus on
RVFA

increased by 4.69 percent in 2014 as compared to the previous year.

ANALYSIS OF LIABILITIES

Total liabilities increased from Rs. 93.86

Components of Liabilities

billion in 2013 to Rs. 116.79 billion in 2014

2013

reflecting an increase of 24.44 percent. Share

of Non-Current liabilities in total liabilities
liabilities has 66.35 percent share in total

Growth
45.00%

80.00

39.50%40.00%

70.00

35.00%
31.24%

60.00

Billion Rs.

has been 33.24 percent in 2014 while current

2014

90.00

liabilities. Non-current liabilities (Non-CL)

witnessed an increase of 22.94 percent which

25.19%

50.00

30.00%

22.94%

25.00%

40.00

20.00%

30.00

15.00%

20.00

10.00%

10.00

5.00%

0.00

increased from Rs. 31.58 billion in 2013 to

0.00%
CL

Non-CL

ST Secured
loans

LT secured
loans

Rs. 38.82 billion in 2014. This increase in

Non-CL was majorly resulted from long term secured loans (LT secured loan) which increased from
Rs. 14.77 billion in 2013 to Rs. 20.60 billion in 2014 showing an increase of 39.50 percent. CL
increased from Rs. 62.28 billion in 2013 to Rs. 77.97 billion in 2014 showing an increase of 25.19
percent. The growth in CL is mainly attributed to significant increase of 31.24 percent in short term
secured loans (ST secured loans) which increased from Rs. 35.47 billion in 2013 to Rs. 46.55 billion
in 2014.

168

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

PROFITABILITY AND OPERATING EFFICIENCY

Profitability of sugar sector deteriorated

Profitability Indicators

during the 2014 as compared to the

8.00
7.00

previous year. Decline has been observed

(ROE) and return on capital employed
(ROCE) due to the plunge of 57.84 percent
in profit before taxation in 2014. ROA
decreased from 1.98 percent in 2013 to
0.75 percent in 2014, ROE reduced from

Percent %

in return on assets (ROA), return on equity

6.00
5.00
4.00
3.00
2.00
1.00
0.00

ROA

ROE

ROCE

2013

1.98

6.94

3.87

2014

0.75

2.54

1.41

6.94 percent in 2013 to 2.52 percent in 2014 and ROCE shrank from 3.87 percent in 2013 to 1.41
percent in 2014.
Inventory turn over ratio decreased during the year 2014. In 2013 inventory turn over ratio was 7 times
in a year, while in 2014 this reduced to 6 times in a year. Conversely, trade debt ratio and debt to
equity ratio increased during the year. Trade debt increased from 1.86 percent in 2013 to 2.14 percent
in 2014, whereas, debt to equity ratio touched 2.46 percent in 2014 which were 2.33 percent in 2013.

169

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sugar - Overall
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

60,631,820
2,221,206
78,322,076
52,749,792
3,245,304
626,570
3,060,254
1,973,998
29,527,395
2,730,532
13,163,997
1,521,714
554,071
11,557,082
39,400,712
24,199,932
15,200,780
29,588,466
14,889,139
5,250,895
0
280,692
9,167,741
21,170,034
8,488,374
8,487,874
500
3,911,882
1,994,811
2,283,087
8,769,778

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

71,171,242
4,594,015
90,783,869
60,304,249
11,183,268
622,077
4,468,037
1,182,864
53,777,860
3,133,619
31,898,835
3,533,012
922,287
14,290,107
60,876,181
34,848,654
26,027,527
31,131,622
15,686,132
6,139,372
0
386,804
8,919,314
32,941,299
9,700,916
9,700,416
500
9,203,326
1,685,695
7,517,631
14,037,057

75,246,814
4,524,175
95,324,399
62,814,985
10,011,263
617,947
6,113,667
1,176,040
57,126,572
2,449,047
32,655,261
4,384,143
825,360
16,812,761
68,052,696
38,542,996
29,509,700
28,642,986
14,260,342
5,702,823
0
426,337
8,253,484
35,677,704
9,364,232
9,364,232
0
13,330,307
2,774,126
10,556,181
12,983,165

83,443,670
5,317,370
106,310,647
71,038,848
4,165,355
618,950
4,802,643
1,665,859
50,647,558
2,671,646
24,010,339
3,082,087
3,110,873
17,772,613
62,279,711
35,470,808
26,808,903
31,578,884
14,766,719
5,999,580
0
467,830
10,344,755
40,232,633
9,366,412
9,366,412
0
15,725,287
2,810,445
12,914,842
15,140,934

104,375,000
11,393,295
101,188,041
85,043,561
4,710,241
633,179
6,323,716
981,249
59,827,879
4,455,598
29,931,243
3,567,624
1,427,136
20,446,278
77,970,403
46,550,496
31,419,907
38,823,861
20,599,056
5,546,577
0
567,317
12,110,911
47,408,615
9,581,599
9,581,599
0
16,463,070
3,529,132
12,933,938
21,363,946

80,656,280
74,102,840
6,553,440
68,081,173
54,227,221
13,853,952
12,575,107
4,835,791
804,048
4,031,743
6,706,709
6,543,655
3,253,640
820,732
886,929
176,842
7,721,316

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
6,156,267
5,981,745
4,227,737
1,637,023
1,043,479
241,631
9,815,817

144,796,874
126,709,321
18,087,553
127,664,207
80,803,030
46,861,178
17,132,667
5,654,990
1,186,988
4,468,002
7,951,237
7,602,250
4,922,255
2,175,884
1,514,639
47,239
(5,311,302)

143,710,647
118,985,953
24,724,694
130,503,681
115,469,880
15,033,801
13,206,966
5,889,353
1,672,030
4,217,323
7,476,115
7,203,609
1,889,058
1,061,123
1,294,034
87,337
4,428,145

165,435,704
119,991,100
45,444,604
152,414,262
128,022,473
24,391,789
13,021,442
7,073,536
2,408,514
4,665,022
6,880,553
6,511,708
2,635,685
1,300,613
1,120,008
96,113
12,247,362

166,705,450
126,034,940
40,670,510
154,028,782
141,338,120
12,690,662
12,676,668
6,738,245
2,056,822
4,681,423
8,268,416
7,850,157
1,111,283
851,240
1,228,342
32,031
3,997,448

50,758,500
14,889,139
1,545,979
39,089,070
5,494,748

54,441,787
12,980,222
1,547,234
34,610,656
5,030,031

64,072,921
15,686,132
1,231,732
50,534,786
6,086,380

64,320,690
14,260,342
(466,099)
52,803,338
6,981,765

71,811,517
14,766,719
215,064
50,237,527
6,754,724

86,232,476
20,599,056
(968,299)
67,149,552
7,739,215

0.12
8.32
1.89
0.89
0.75
84.41
3.26
3.75
16.70
7.87
2.74
6.13
1.50
4.03
2.65
23.09

0.15
4.78
1.62
1.40
0.70
89.18
2.32
4.64
17.31
8.04
2.48
14.78
1.71
3.28
2.55
27.27

0.12
5.49
2.44
1.16
0.88
88.17
2.79
4.54
16.24
8.31
1.81
4.54
1.65
3.40
2.58
30.93

0.11
5.20
3.05
1.09
0.84
90.81
2.71
1.47
5.51
2.94
0.64
4.40
1.26
1.31
0.80
34.59

0.14
4.16
1.86
1.23
0.81
92.13
2.33
1.98
6.94
3.87
1.19
6.89
1.40
1.59
1.48
44.55

0.12
4.96
2.14
1.02
0.77
92.40
2.46
0.75
2.54
1.41
0.21
5.57
1.14
0.67
0.25
45.49

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

170

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Abdullah Shah Ghazi Sugar Mills Ltd.(Al-Asif Sugar Mills Ltd

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

850,760
51,691
822,505
794,134
20,589
0
0
4,935
958,891
16,313
667,199
3,993
0
271,386
1,049,817
722,691
327,126
549,885

1,833,571
111,731
2,237,066
1,716,524
38,928
0
0
5,316
1,405,252
12,495
1,059,361
0
0
333,396
1,613,569
802,122
811,447
822,629

3,177
15,115
209,949
792,617
792,617
0
(639,670)
0
(639,670)
57,002

2,885
331,193
802,625
792,617
792,617
0
(634,794)
0
(634,794)
644,802

3,551
320,632
704,198
792,616
792,616
0
(697,068)
0
(697,068)
608,650

1,906,315
355,622
2,249,529
1,545,336
89,409
0
0
5,357
1,678,716
11,388
1,228,948
0
0
438,380
2,338,501
702,634
1,635,867
474,351
0
123,416
0
5,319
345,616
772,179
792,617
792,617
0
(595,160)
0
(595,160)
574,722

728,138
728,138
0
560,525
478,176
82,349
167,613
31,473
0
31,473
40,495
39,355
95,645
3,641
0
0
131,186

1,249,555
1,249,555
0
1,112,092
997,538
114,554
137,463
30,329
954
29,375
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
142,015
154,230
19,449
10,472
0
0
279,323

581,462
581,462
0
435,612
435,612
0
145,850
27,905
1,500
26,405
123,884
128,145
9,250
2,907
0
0
36,935

1,277,459
847,048
430,411
1,232,626
934,472
298,154
44,833
51,353
5,674
45,679
105,009
103,355
(95,540)
12,775
0
0
82,029

1,057,295
1,033,728
23,567
1,157,283
1,110,450
46,833
(99,988)
44,441
4,767
39,674
107,768
106,332
113,463
19,289
0
0
253,774

635,279
0
92,005
0
16,712

754,534
20,068
25,590
399,992
13,820

759,834
0
8,977
722,691
73,394

1,625,254
0
6,343
802,122
78,076

1,516,932
0
(108,315)
790,192
83,863

1,246,530
0
94,174
702,634
103,424

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
0.70
0.91
85.36
7.62
1.24
9.42
2.57

0.01
21.31
0.00
0.18
0.87
74.92
3.04
0.37
1.83
0.78

0.00
8.22
0.00
0.40
0.82
96.49
3.49
-2.98
-12.68
-6.08

0.00
10.19
0.00
0.29
0.72
109.46
3.64
3.36
15.37
8.21

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,817,047
182,843
2,243,611
1,628,828
94,251
0
0
5,376
1,348,259
4,875
1,015,680
0
0
327,704
1,648,374
790,192
858,182
812,734

531,593

488,551

488,551

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

171

6.64
3.43
13.14
6.27
-33.06

4.55
1.52
3.05
0.32
2.56

1.89
1.13
1.54
0.11
2.65

0.55
1.07
1.59
0.08
10.13

1.26
0.08
-7.48
-1.37
8.88

0.86
2.07
10.73
1.19
9.74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Adam Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
239,324
0
1,447
229,570
586,171
57,637
57,637
0
272,538
0
272,538
255,996

1,164,168
280,864
1,376,655
882,595
44,535
669
0
40
1,449,767
46,106
1,133,237
37,843
0
232,581
1,318,683
0
1,318,683
680,780
200,000
239,324
0
1,587
239,869
614,472
57,637
57,637
0
312,186
0
312,186
244,649

1,408,522
0
1,969,154
1,408,055
67,039
427
0
40
2,168,867
66,926
1,788,784
37,806
23,518
251,833
2,045,034
599,982
1,445,052
847,705
318,162
239,324
0
1,220
288,999
684,650
57,636
57,636
0
393,111
0
393,111
233,903

1,532,006
47,643
2,118,839
1,484,138
73,603
185
0
40
1,925,293
100,412
1,278,926
145,668
23,518
376,769
1,911,589
799,984
1,111,605
388,337
247,124
24,960
0
1,135
115,118
1,157,373
172,910
172,910
0
583,000
0
583,000
401,463

1,156,966
1,156,966
0
887,465
690,303
197,161
269,502
48,500
1,178
47,322
57,821
56,715
184,915
5,785
5,764
0
283,908

2,138,541
2,138,541
0
1,920,021
1,495,508
424,513
218,520
44,056
1,066
42,990
46,594
45,280
133,707
34,043
14,409
0
174,085

2,440,693
2,440,693
0
2,231,511
2,253,152
(21,641)
209,182
46,223
2,271
43,952
97,225
92,909
74,701
27,774
14,409
0
63,037

1,535,411
1,535,411
0
1,363,541
2,034,652
(671,111)
171,870
60,262
3,475
56,787
76,434
70,755
62,052
9,043
14,409
0
(267,877)

2,069,448
1,961,121
108,327
1,759,311
2,151,864
(392,553)
310,137
81,849
7,758
74,091
112,876
106,084
133,128
0
14,409
0
(411,627)

3,174,410
3,131,026
43,384
3,005,957
2,241,920
764,037
168,453
66,425
7,171
59,254
171,356
165,382
(59,433)
0
0
0
(115,926)

970,313
55,288
173,366
124,616
19,039

1,055,360
34,657
85,254
54,813
18,388

1,071,179
14,667
32,518
34,657
82,487

1,295,252
200,000
38,600
200,000
103,791

1,532,355
318,162
118,719
918,144
115,537

1,545,710
247,124
(59,433)
1,047,108
110,789

0.06
4.98
2.46
0.59
1.10
88.81
3.25
3.12
10.34
5.24
3.68
1.35
1.88
4.04
9.20
106.61

0.06
5.45
1.83
0.58
1.06
85.01
4.23
4.30
20.50
9.42
9.24
1.16
2.25
6.43
23.10
118.79

0.14
5.40
4.59
0.92
1.01
94.69
1.99
-1.69
-6.45
-3.86

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

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
31.08
80.96

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

172

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
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
8.14
101.70

2.48
0.64
-1.87
-3.44
66.93

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Al-Abbas Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
2,950,301
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

2,112,524
285,262
2,998,871
1,765,774
116,289
1
20,979
40,508
2,640,165
6,973
1,471,452
305,336
30,115
826,289
2,759,267
1,727,712
1,031,555
265,708
214,094
0
0
0
51,614
1,727,714
173,623
173,623
0
1,554,091
0
1,554,091
0

2,234,896
48,330
3,334,444
1,955,605
145,847
0
183,085
47,876
1,995,817
178,979
990,359
19,965
125,831
680,683
2,155,256
1,554,508
600,748
93,009
36,363
0
0
0
56,646
1,982,448
173,623
173,623
0
1,808,825
21,252
1,787,573
0

2,138,108
0
3,427,019
1,912,669
137,851
0
212,693
12,746
2,259,113
17,394
1,435,926
42,997
232,479
530,317
2,108,121
1,179,591
928,530
62,862
0
0
0
0
62,862
2,226,238
173,623
173,623
0
2,052,615
53,701
1,998,914
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
271,735
264,829
337,120
20,983
69,449
0
627,689

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
294,245
287,289
276,059
63,791
86,812
0
303,131

6,220,458
3,363,275
2,857,183
5,280,399
40,734
5,239,665
940,059
295,456
93,289
202,167
356,946
349,035
324,463
71,657
86,812
0
531,453

5,950,464
2,959,888
2,990,576
4,730,439
3,666,402
1,064,037
1,220,025
440,832
208,691
232,141
266,289
256,469
539,337
59,752
138,898
0
549,076

5,849,700
1,836,986
4,012,714
5,021,685
4,410,532
611,153
828,015
311,083
121,323
189,760
224,256
215,005
330,998
64,196
86,812
0
831,528

5,520,740
2,306,893
3,213,847
4,739,773
4,529,351
210,422
780,967
273,060
144,676
128,384
247,173
239,497
388,119
58,170
173,623
0
366,724

2,376,406
874,974
246,688
1,563,009
48,261

1,944,042
653,638
125,457
1,731,142
46,369

1,862,946
433,791
165,995
2,202,465
239,922

1,993,422
214,094
340,687
1,941,806
253,929

2,075,457
36,363
179,991
1,590,871
270,565

2,289,100
0
156,326
1,179,591
301,127

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
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
12.23
71.82

0.15
5.74
7.84
1.17
0.95
84.89
2.86
6.93
24.69
17.05
2.91
2.56
1.93
5.22
14.56
79.57

0.12
4.48
5.13
1.25
0.96
79.50
1.75
10.70
34.69
27.97
3.45
4.04
3.10
9.06
27.62
99.51

0.15
3.83
0.34
1.38
0.93
85.85
1.13
7.37
17.84
16.27
3.07
5.91
2.54
5.66
15.37
114.18

0.14
4.48
0.78
1.26
1.07
85.85
0.98
9.00
18.44
17.79
1.90
3.84
2.62
7.03
19.00
128.22

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

173

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Al-Noor Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,035,040
18,336
4,639,945
2,812,585
217,339
4,860
151,852
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
299,166
0
0
0
612,378
1,831,621
185,703
185,703
0
980,792
0
980,792
665,126

2,896,937
22,478
4,708,649
2,651,554
224,045
3,274
172,566
47,065
3,074,050
63,341
2,519,458
153,506
0
337,745
3,147,017
1,565,640
1,581,377
1,090,539
591,250
0
0
0
499,289
1,733,431
185,703
185,703
0
926,504
0
926,504
621,224

3,703,148
16,010
5,693,368
3,463,912
172,340
983
182,158
40,085
2,406,599
98,123
1,809,154
96,348
0
402,974
1,930,760
982,751
948,009
1,784,142
1,052,362
0
0
0
731,780
2,394,845
194,988
194,988
0
956,392
0
956,392
1,243,465

4,004,305
44,257
6,115,558
3,662,694
227,445
0
246,884
50,470
2,560,809
148,509
1,794,897
55,320
0
562,083
2,236,586
1,713,936
522,650
1,864,242
1,173,671
0
0
0
690,571
2,464,286
204,737
204,737
0
1,028,809
1,000,000
28,809
1,230,740

4,249,981
3,630,845
619,136
3,567,029
3,259,831
307,198
682,952
206,752
14,592
192,160
289,102
281,128
210,749
35,024
74,281
0
231,521

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
329,899
323,594
391,453
66,277
92,852
0
532,050

5,983,046
4,616,565
1,366,481
5,245,840
25,335
5,220,505
737,206
305,935
16,882
289,053
412,252
404,771
59,875
63,479
55,711
0
258,044

6,129,081
4,864,460
1,264,621
5,450,157
4,851,971
598,186
678,924
380,628
44,268
336,360
421,244
339,028
(83,513)
37,091
9,285
9,285
(123,506)

7,594,313
6,004,274
1,590,039
6,756,466
5,485,366
1,271,100
837,847
398,787
35,271
363,516
344,447
338,659
126,267
48,889
9,749
9,749
(363,221)

7,699,097
7,247,001
452,096
6,850,190
6,916,628
(66,438)
848,907
438,437
29,141
409,296
389,784
51,458
76,223
72,294
20,474
0
288,157

2,519,643
357,994
101,444
1,213,126
76,738

2,793,682
407,445
232,325
1,125,477
137,746

2,743,165
299,166
(59,315)
2,358,748
250,008

2,823,970
591,250
(129,889)
2,156,890
312,227

4,178,987
1,052,362
67,629
2,035,113

4,328,528
1,173,671
(16,545)
2,887,607
361,088

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
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
17.51
98.18

0.02
6.89
0.13
1.02
0.91
87.68
2.21
1.18
3.28
2.16
-0.06
2.47
1.15
1.00
-0.19
98.63

0.07
6.87
2.50
1.03
0.98
88.92
2.44
-1.41
-4.69
-3.00
-12.99
2.43
0.75
-1.36
-6.49
93.34

0.10
4.54
1.27
1.24
1.25
88.97
1.55
2.09
6.12
3.61
7.94
4.20
1.37
1.66
3.97
122.82

0.09
5.06
0.72
1.17
1.14
88.97
1.66
1.20
3.14
1.79
0.19
4.29
2.48
0.99
0.19
120.36

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

174

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ansari Sugar Mills Ltd.

2009

2010

2011

2012

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

2,208,049
6,736
3,053,645
2,091,085
98,945
547
108,039
1,642
2,058,550
2,320
1,197,758
304,926
0
553,546
2,373,526
1,866,564
506,962
1,477,485
1,150,021
59,008

1,269,457
1,269,457
0
1,166,379
1,278,609
(112,229)
103,078
55,792
2,079
53,712
71,295
70,371
464,833
6,347
0
0
(304,480)

2,635,631
2,635,631
0
2,627,679
2,558,391
69,288
7,952
51,184
2,522
48,662
131,553
130,603
(168,226)
26,356
0
0
(96,642)

1,736,982
779,151
458,486
1,022,033
89,198
0.47
5.62
12.47
0.60
1.92
91.88
3.57
29.38
203.05
43.44

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

2014

(Thousand Rupees)
2013
2014

5,490
262,966
415,588
244,072
244,072
0
(324,678)
0
(324,678)
496,194

3,362,336
101,042
4,254,926
3,137,313
155,978
824
121,175
1,982
2,012,999
218,999
483,388
578,844
0
731,768
1,980,062
1,682,682
297,380
2,164,894
1,504,742
236,723
0
5,582
417,847
1,230,379
244,072
244,072
0
(127,666)
0
(127,666)
1,113,973

3,441,037
214,630
4,357,922
3,087,434
152,920
340
135,907
2,726
2,365,424
164,367
968,721
308,437
0
923,899
2,882,434
2,621,304
261,130
1,939,298
1,244,670
0
0
5,612
689,016
984,729
244,072
244,072
0
(316,798)
0
(316,798)
1,057,455

1,927,676
1,927,676
0
1,753,161
40,069
1,713,092
174,515
71,315
3,982
67,333
300,260
298,352
(181,582)
21,171
0
0
(1,291,802)

1,628,242
1,574,090
54,152
1,692,082
1,652,976
39,106
(63,840)
70,937
3,951
66,986
342,765
341,745
(441,444)
542
0
0
(44,058)

2,731,253
1,461,561
1,269,692
2,545,195
1,736,542
808,653
186,058
118,923
26,762
92,161
355,056
326,644
43,956
29,158
0
0
(19,460)

1,481,836
1,315,948
165,888
1,233,347
416,327
817,020
248,489
86,919
1,819
85,100
446,781
443,862
46,691
21,218
0
0
(516,550)

2,250,847
826,551
(194,583)
1,301,363
88,769

2,019,240
777,587
(202,753)
2,583,177
80,070

1,893,073
1,150,021
(441,986)
3,016,585
80,835

3,395,273
1,504,742
14,798
3,187,424
75,111

2,924,027
1,244,670
25,473
3,865,974
74,256

0.18
4.99
3.55
0.93
1.15
99.70
2.10
-6.83
-24.50
-8.44

0.08
15.58
8.50
0.48
0.96
90.95
4.32
-5.31
-21.80
-8.50

0.13
21.05
18.73
0.38
0.87
103.92
9.27
-10.67
-75.53
-22.57

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

175

0.40
13.00
21.19
0.51
1.02
93.19
3.37
0.91
5.34
1.66

0.16
30.15
20.81
0.26
0.82
83.23
4.90
0.84
4.22
1.48

3.55
7.61
36.62
18.78
18.88

9.22
-0.29
-6.38
-7.97
37.38

1.43
0.39
-9.42
-8.31
30.86

1.36
-0.29
-27.11
-18.11
17.03

5.65
1.13
1.61
0.61
50.41

1.53
1.11
3.15
1.04
40.35

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Baba Farid Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,917,724
0
2,527,903
1,917,136
49,698
0
0
588
1,028,605
2,733
748,020
167,515
0
110,337
1,265,053
35,632
1,229,421
1,021,927
45,000
675,000
0
0
301,927
659,349
94,500
94,500
0
(817,020)
0
(817,020)
1,381,869

1,898,864
26,138
2,546,869
1,872,138
63,964
0
0
588
753,205
2,111
384,157
215,955
0
150,982
1,399,756
496,441
903,315
848,838
0
525,000
0
224
323,614
403,475
94,500
94,500
0
(1,040,823)
0
(1,040,823)
1,349,798

1,952,254
20,266
2,668,796
1,931,400
62,665
0
0
588
591,481
31,611
344,810
50,260
0
164,800
1,388,101
261,947
1,126,154
876,362
72,222
500,000
0
565
303,575
279,272
94,500
94,500
0
(1,142,517)
0
(1,142,517)
1,327,289

2,083,261
3,956
2,884,141
2,078,717
68,028
0
0
588
917,497
4,259
604,236
173,434
0
135,568
1,706,451
606,763
1,099,688
868,112
41,667
500,000
0
777
325,668
426,195
94,500
94,500
0
(1,101,737)
0
(1,101,737)
1,433,432

579,326
579,326
0
606,222
519,097
87,125
(26,896)
50,629
2,332
48,298
39,036
38,961
(129,547)
3,085
0
0
44,939

657,510
657,510
0
853,586
733,985
119,601
(196,076)
58,994
3,000
55,994
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
238,006
237,817
(191,767)
11,258
0
0
(109,508)

1,839,791
1,548,298
291,493
1,786,896
1,365,162
421,734
52,895
41,905
7,679
34,226
235,096
234,433
(222,918)
11,269
0
0
168,084

1,955,014
997,793
957,221
1,869,094
1,824,908
44,186
85,920
56,855
21,460
35,395
174,644
174,204
(135,651)
8,740
0
0
413,827

1,754,597
1,754,597
0
1,487,836
1,303,617
184,219
266,761
36,095
3,775
32,320
229,453
228,779
2,845
16,493
0
0
(627,309)

869,343
167,621
(132,632)
206,295
30,029

970,973
113,132
(312,571)
163,369
67,601

1,681,276
45,000
(203,025)
80,632
63,315

1,252,313
0
(234,187)
496,441
61,218

1,155,634
72,222
(144,391)
334,169
74,829

1,294,307
41,667
(13,648)
648,430
65,019

0.02
6.74
0.03
0.48
0.32
104.64
2.32
-10.34
-30.87
-16.69

0.01
8.98
0.00
0.56
0.61
129.82
22.44
-25.63
-146.72
-33.21

0.13
25.05
17.63
0.32
0.81
89.28
3.47
-9.32
-54.08
-14.46

0.16
12.78
11.74
0.69
0.54
97.12
5.57
-7.96
-41.95
-15.20

0.06
8.93
2.57
0.77
0.43
95.61
8.11
-5.22
-39.74
-11.27

0.10
13.08
9.88
0.58
0.54
84.80
6.04
0.10
0.81
0.23

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

176

138.43
-2.33
-22.36
-14.04
38.81

67.42
-4.20
-46.48
-33.08
5.27

1.27
0.19
-20.19
-21.48
69.77

4.79
0.05
-12.12
-24.78
42.70

5.67
0.22
-6.94
-15.28
29.55

2.90
1.01
0.16
-1.44
45.10

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Chashma Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
502,500
0
0
6,325
1,645,127
286,920
286,920
0
291,313
0
291,313
1,066,894

3,171,414
277,588
3,266,622
2,727,325
287,673
100
0
166,401
2,664,029
68,673
1,347,663
681,660
202,154
363,879
2,986,467
2,033,458
953,009
1,451,512
553,882
439,687
0
0
457,943
1,397,464
286,920
286,920
0
138,147
0
138,147
972,397

5,014,393
896,121
4,912,403
4,112,223
261,793
0
0
6,049
2,471,558
27,124
1,318,668
319,517
0
806,249
2,690,112
2,225,043
465,069
2,270,940
920,815
437,000
0
0
913,125
2,524,899
286,920
286,920
0
257,474
0
257,474
1,980,505

6,372,848
2,601,473
4,954,487
3,765,102
392,662
233
0
6,040
2,930,576
122,290
1,703,189
177,856
0
927,241
3,656,615
3,077,346
579,269
3,223,672
2,044,462
437,000
0
0
742,210
2,423,137
286,920
286,920
0
308,794
0
308,794
1,827,423

3,968,673
3,968,673
0
3,595,629
2,345,472
1,250,157
373,044
87,629
15,518
72,111
438,721
434,622
(140,786)
19,912
0
0
1,293,854

6,362,700
6,362,700
0
5,597,467
4,620,036
977,431
765,233
124,277
14,251
110,026
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
446,734
442,767
165,491
58,844
28,692
0
(1,024,070)

5,848,891
5,797,530
51,361
5,702,814
4,425,426
1,277,388
146,077
134,589
15,586
119,003
336,390
333,031
(239,067)
30,688
0
0
697,239

6,673,731
6,671,430
2,301
6,173,254
5,422,077
751,177
500,477
251,165
89,830
161,335
424,522
419,147
56,728
69,144
0
0
88,579

5,831,752
2,796,026
3,035,726
5,725,768
5,233,444
492,324
105,984
243,941
67,121
176,820
359,298
355,501
(275,026)
0
0
0
129,181

2,130,187
1,229,686
(160,698)
2,191,411
176,107

2,243,459
1,059,164
255,443
1,292,498
245,956

3,002,659
848,707
77,955
3,002,173
231,976

2,848,976
553,882
(269,755)
2,587,340
275,812

4,795,839
920,815
(12,416)
3,145,858
358,483

5,646,809
2,044,462
(275,026)
5,121,808
376,014

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
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
3.72
57.34

0.32
5.75
11.65
1.00
0.89
97.50
3.18
-4.16
-15.71
-8.17

0.13
6.36
4.79
0.89
0.92
92.50
1.96
0.85
2.89
1.48

0.08
6.16
3.05
0.63
0.80
98.18
2.84
-3.28
-11.12
-5.27

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.66
0.68
-3.55
-5.60
22.47

177

4.34
0.28
-4.09
-9.40
48.71

5.06
1.14
0.85
-0.43
88.00

3.42
0.23
-4.72
-9.59
84.45

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Colony Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,380,898
0
4,148,369
3,380,898
164,986
0
0
0
1,851,136
11,773
1,226,290
207,732
0
405,341
2,795,196
1,935,915
859,281
752,148
579,613
150,000
0
22,535
0
1,684,690
990,200
990,200
0
694,490
0
694,490
0

3,111,713
10,799
3,971,952
3,100,914
147,955
0
0
0
1,375,976
8,300
572,728
0
0
794,948
2,120,415
1,021,715
1,098,700
425,698
134,583
253,000
0
38,115
0
1,941,576
990,200
990,200
0
951,376
0
951,376
0

3,374,303
421,745
3,962,013
2,952,558
142,754
0
0
0
1,253,173
45,702
179,045
126,598
0
901,828
2,393,378
944,587
1,448,791
424,512
203,745
83,525
0
57,242
80,000
1,809,586
990,200
990,200
0
819,386
0
819,386
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
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
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
406,960
404,359
120,312
54,949
0
0
(4,549)

5,940,236
4,397,703
1,542,533
5,301,598
5,053,167
248,431
638,638
154,855
36,088
118,767
367,700
365,129
126,848
15,425
0
0
216,279

7,234,928
5,165,404
2,069,524
6,617,139
5,161,846
1,455,293
617,789
177,559
41,000
136,559
249,773
248,556
231,917
37,346
0
0
1,146,002

5,298,805
3,834,698
1,464,107
5,048,675
4,001,693
1,046,982
250,130
195,688
49,554
146,134
183,618
180,885
(126,535)
80
0
0
540,203

2,851,528
1,485,362
330,263
2,638,446
167,744

2,684,475
1,211,835
103,024
2,542,089
176,800

2,640,414
1,097,528
65,363
2,860,130
180,852

2,436,838
579,613
111,423
2,515,528
221,927

2,367,274
134,583
194,571
1,156,298
266,550

2,234,098
203,745
(126,615)
1,148,332
275,593

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

0.14
7.42
5.92
1.08
0.64
87.94
2.34
2.45
8.06
4.52

0.08
6.19
3.50
1.14
0.66
89.25
2.11
2.46
7.90
5.00

0.00
3.45
0.00
1.61
0.65
91.46
1.31
4.77
12.79
9.65

0.07
3.47
2.39
1.15
0.52
95.28
1.56
-2.78
-6.74
-5.50

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

178

3.77
1.63
8.82
3.34
13.54

5.74
1.32
2.78
1.04
14.74

6.11
1.30
2.19
0.66
15.40

4.84
1.35
2.14
1.13
17.01

12.63
1.93
3.21
1.96
19.61

29.59
0.30
-2.39
-1.28
18.27

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,970,298
2,740
5,585,479
2,967,558
238,536
0
0
0
2,612,811
22,189
930,478
220,567
33,716
1,405,861
1,730,768
641,404
1,089,364
3,249,561
3,155,099
41,479
0
31,244
21,739
602,780
365,120
365,120
0
(473,710)
0
(473,710)
711,370

3,483,490
0
6,359,416
3,483,490
258,006
0
0
0
2,557,255
45,532
665,105
220,599
66,203
1,559,816
1,972,364
938,404
1,033,960
3,007,972
2,754,905
100,547
0
18,897
133,623
1,060,409
365,120
365,120
0
(268,627)
0
(268,627)
963,916

3,323,748
77,700
6,397,181
3,246,048
275,207
0
0
0
2,554,647
88,850
541,098
325,754
90,909
1,508,036
2,310,504
1,054,084
1,256,420
2,562,884
2,294,074
196,726
0
13,532
58,552
1,005,007
365,120
365,120
0
(261,489)
0
(261,489)
901,376

2,439,050
2,081,586
357,464
2,419,704
1,752,191
667,514
19,346
115,845
16,812
99,033
297,870
294,591
(471,094)
3,677
0
0
(1,686)

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
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
54,553
33,845
(482,636)
35,000
0
0
(23,531)

4,109,865
1,781,014
2,328,851
3,909,886
3,657,709
252,177
199,979
171,616
114,786
56,830
101,576
97,439
(68,464)
32,300
0
0
76,886

4,558,489
1,651,599
2,906,890
4,410,106
3,350,953
1,059,153
148,383
232,378
166,969
65,409
109,884
101,670
60,750
44,600
0
0
304,689

5,575,225
2,923,766
2,651,459
5,572,417
4,583,755
988,662
2,808
234,944
141,764
93,180
124,307
246,022
(99,180)
56,000
0
0
143,064

1,710,351
586,651
(474,770)
3,648,822
198,498

2,152,701
356,865
(2,944)
3,428,986
155,013

3,947,909
3,343,408
(517,636)
3,804,985
159,955

3,852,341
3,155,099
(100,764)
3,796,503
187,071

4,068,381
2,754,905
16,150
3,693,309
204,193

3,567,891
2,294,074
(155,180)
3,348,158
277,636

0.02
12.21
1.66
0.38
0.57
99.21
6.81
-7.10
-52.04
-31.32

0.02
0.14
0.78
0.68
0.45
97.23
3.78
0.77
4.57
2.54

0.09
1.60
0.98
0.65
1.64
104.95
9.32
-8.29
-52.30
-15.82

0.16
2.47
5.37
0.74
1.51
95.13
8.26
-1.26
-12.32
-1.76

0.17
2.41
4.84
0.75
1.30
96.74
4.70
1.05
7.31
1.53

0.22
2.23
5.84
0.95
1.11
99.95
4.85
-1.66
-9.60
-2.60

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

179

3.26
-0.60
-19.31
-13.00
22.24

39.71
27.14
1.13
-0.08
36.61

7.70
-13.26
-14.12
-14.18
13.94

4.42
0.30
-1.67
-2.76
16.51

6.85
1.60
1.33
0.44
29.04

10.30
0.60
-1.78
-4.25
27.53

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Faran Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,437,826
12,916
1,833,074
1,043,512
48,099
0
380,004
1,394
988,235
23,323
552,016
119,476
0
293,420
991,174
307,000
684,174
485,449
0
0
0
0
485,449
949,438
216,510
216,510
0
732,928
8,517
724,411
0

1,554,215
2,268
1,889,679
1,041,163
60,132
0
508,985
1,799
976,400
59,144
614,369
3,131
0
299,756
985,448
299,997
685,451
384,589
0
0
0
0
384,589
1,160,578
238,161
238,161
0
922,417
8,292
914,125
0

1,598,307
8,429
1,930,188
1,024,406
58,876
0
563,635
1,837
1,272,150
19,589
822,354
2,558
0
427,649
1,123,314
110,967
1,012,347
443,061
58,858
0
0
0
384,203
1,304,082
250,070
250,070
0
1,054,012
11,485
1,042,527
0

2,409,498
2,409,498
0
2,218,841
1,965,577
253,264
190,657
67,719
6,071
61,648
48,791
47,507
116,142
18,532
37,889
0
74,360

3,989,928
3,989,928
0
3,746,036
3,371,004
375,032
243,892
67,285
4,206
63,079
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
99,118
98,050
310,302
41,717
54,128
0
146,678

4,100,627
3,809,837
290,790
3,787,507
2,432,326
1,355,181
313,120
104,335
16,649
87,686
52,175
50,942
369,166
0
21,651
21,651
(35,582)

4,166,933
2,841,247
1,325,686
3,803,146
3,451,109
352,037
363,787
157,842
67,156
90,686
89,104
87,567
284,255
34,380
17,862
11,908
113,484

4,555,257
3,039,054
1,516,203
4,250,180
3,998,957
251,223
305,077
180,528
76,667
103,861
84,028
81,923
216,880
48,094
0
0
148,644

828,475
0
59,720
219,830
122,766

904,842
0
59,292
0
129,133

1,121,690
0
214,457
191,735
142,782

1,434,887
0
347,515
307,000
171,812

1,545,167
0
232,013
299,997
186,363

1,747,143
58,858
168,786
169,825
252,419

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
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
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
12.41
32.36

0.14
1.27
2.91
1.69
1.00
92.36
1.56
13.22
44.75
28.88
17.05
7.43
8.25
9.00
17.05
43.85

0.06
2.14
0.08
1.65
0.99
91.27
1.18
11.47
26.94
19.08
13.99
6.78
4.25
6.82
10.49
48.73

0.02
1.84
0.06
1.59
1.13
93.30
1.20
8.03
17.60
13.17

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

180

5.54
3.65
4.76
6.75
52.15

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Habib - ADM Ltd.( Habib Arkady LTD.)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
0
0
0
0
42,445
672,805
200,000
200,000
0
472,805
10,000
462,805
0

363,572
0
872,087
360,314
36,854
0
0
3,258
603,864
87,750
192,208
63,414
0
260,492
126,374
0
126,374
43,460
0
0
0
0
43,460
797,602
200,000
200,000
0
597,602
10,000
587,602
0

345,928
1,217
902,551
341,468
35,449
0
0
3,243
558,772
129,038
176,988
145
0
252,601
83,691
0
83,691
41,450
0
0
0
0
41,450
779,559
200,000
200,000
0
579,559
10,000
569,559
0

354,462
0
918,527
351,384
33,280
0
0
3,078
553,054
260,585
172,567
55,117
0
64,785
75,190
0
75,190
37,920
0
0
0
0
37,920
794,406
200,000
200,000
0
594,406
10,000
584,406
0

1,266,208
797,194
469,015
872,234
645,750
226,484
393,975
192,816
120,469
72,347
3,267
1,916
200,703
13,271
80,000
0
166,208

1,223,608
949,806
273,802
868,045
655,889
212,157
355,563
159,943
92,136
67,807
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
2,602
1,122
169,646
58,209
80,000
0
106,032

1,411,040
1,084,434
326,606
943,273
622,769
320,504
467,767
181,493
91,146
90,347
1,464
80
306,121
97,461
160,000
0
137,490

1,195,722
903,465
292,257
856,822
576,436
280,386
338,900
172,004
90,555
81,449
1,375
469
198,851
58,445
140,000
0
216,040

1,353,714
1,111,679
242,035
1,009,723
623,649
386,074
343,991
167,314
84,600
82,714
1,084
540
203,834
52,517
80,000
0
307,971

614,200
0
107,432
0
109,967

681,748
1,428
69,443
2,293
106,919

715,250
0
31,437
1,033
108,653

841,062
0
48,660
0
133,482

821,009
0
406
0
133,094

832,326
0
71,317
0
169,847

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
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
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
2.79
16.82

1.20
0.10
4.49
1.46
4.78
66.85
0.21
35.24
41.64
39.34
1.30
7.34
3,827.51
21.69
5.22
19.94

1.54
0.11
0.01
1.32
6.68
71.66
0.16
21.24
25.22
23.93
1.00
6.76
424.99
16.63
3.51
19.49

4.20
0.08
4.07
1.49
7.36
74.59
0.14
22.50
25.90
24.66
1.89
7.84
378.47
15.06
3.78
19.86

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

181

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Habib Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,780,309
47,710
1,923,293
724,129
79,368
0
2,001,263
7,207
2,497,320
636,083
897,543
397,115
0
566,579
1,141,278
0
1,141,278
81,500
0
0
0
0
81,500
4,054,851
750,000
750,000
0
3,304,851
34,000
3,270,851
0

1,965,560
108,921
2,124,052
843,209
81,836
0
999,888
13,542
3,918,926
331,639
698,845
284,227
2,127,242
476,973
1,176,719
0
1,176,719
75,000
0
0
0
0
75,000
4,632,767
750,000
750,000
0
3,882,767
34,000
3,848,767
0

2,813,542
148,630
2,559,681
1,180,207
104,315
0
1,451,587
33,118
4,167,349
2,198,559
956,881
619,832
0
392,077
1,441,639
0
1,441,639
90,000
0
0
0
0
90,000
5,449,252
750,000
750,000
0
4,699,252
34,000
4,665,252
0

4,584,186
4,584,186
0
3,720,221
2,979,304
740,917
863,965
297,217
141,118
156,099
56,866
49,686
654,816
175,000
168,000
120,000
1,092,009

5,919,338
5,919,338
0
4,960,283
4,424,738
535,545
959,055
278,924
128,129
150,795
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
0
0
1,050,016
300,000
375,000
0
275,682

7,096,467
3,915,909
3,180,558
5,847,461
5,305,208
542,253
1,249,006
376,990
180,002
196,988
55,861
44,784
981,150
200,000
375,000
0
719,890

8,812,098
4,996,632
3,815,466
7,606,639
6,301,433
1,305,206
1,205,459
430,596
218,357
212,239
51,023
39,200
933,951
161,500
375,000
0
1,131,313

9,050,916
5,982,256
3,068,660
7,983,079
7,343,038
640,041
1,067,837
418,651
204,977
213,674
59,789
50,467
922,091
110,000
375,000
0
414,854

2,541,160
0
311,816
426,000
191,564

2,937,722
0
368,535
0
206,819

3,599,590
0
375,016
0
216,624

4,136,351
0
406,150
0
376,660

4,707,767
0
397,451
0
399,135

5,539,252
0
437,091
0
461,109

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
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
4.32
23.76

3.37
0.00
2.49
1.86
5.48
83.04
0.14
28.18
32.97
32.12
2.00
12.87

0.91
0.79
5.60
1.34
2.19
82.40
0.30
21.11
25.91
25.37
2.08
7.91
22.91
13.83
5.21
27.03

2.33
0.58
3.23
1.50
3.33
86.32
0.27
16.73
21.50
21.12
2.06
12.61
24.83
10.60
5.15
30.89

1.95
0.66
6.85
1.30
2.89
88.20
0.28
14.33
18.29
18.00
2.17
9.46
19.27
10.19
5.41
36.33

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

182

14.06
5.00
23.45

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Haseeb Waqas Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,597,230
0
2,781,083
2,577,209
136,756
0
0
20,021
1,936,742
6,598
1,277,177
0
0
652,967
2,003,174
1,372,915
630,259
1,059,371
245,053
204,615
0
15,890
593,813
1,471,427
324,000
324,000
0
(123,690)
0
(123,690)
1,271,117

2,523,977
0
2,577,209
2,509,730
132,845
0
0
14,247
1,537,721
19,320
881,330
0
0
637,071
2,166,130
1,360,568
805,562
882,389
80,495
205,744
0
20,512
575,638
1,013,179
324,000
324,000
0
(517,158)
0
(517,158)
1,206,337

3,584,792
0
2,847,716
3,570,545
134,112
0
0
14,247
1,134,071
10,606
574,076
0
0
549,389
2,500,330
1,610,579
889,751
1,119,116
12,500
207,372
0
22,792
876,452
1,099,417
324,000
324,000
0
(1,083,737)
0
(1,083,737)
1,859,154

1,054,857
1,054,857
0
856,746
347,513
509,233
198,110
30,765
0
30,765
130,065
128,545
37,349
5,732
0
0
374,004

1,853,587
1,853,587
0
1,727,680
1,552,333
175,348
125,907
32,153
0
32,153
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
167,931
48,696
30,708
30,879
0
0
(157,258)

1,917,277
1,917,277
0
1,848,428
2,537,001
(688,573)
68,849
37,120
0
37,120
254,566
231,720
(205,774)
10,398
0
0
(848,650)

2,571,910
2,524,086
47,824
2,808,114
2,055,388
752,726
(236,204)
34,172
912
33,260
203,436
44,972
(473,780)
0
0
0
38,440

2,173,225
2,173,225
0
2,582,134
1,888,039
694,095
(408,909)
32,955
0
32,955
187,700
183,715
(629,230)
0
0
0
251,195

968,971
0
31,617
231,254
50,718

878,148
54,516
(69,598)
540,963
57,559

2,725,798
192,933
(171)
642,666
67,232

2,530,798
245,053
(216,172)
1,617,968
80,862

1,895,568
80,495
(473,780)
1,441,063
96,758

2,218,533
12,500
(629,230)
1,623,079
97,263

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
-1.15
17.78

0.02
5.44
0.14
0.88
1.12
93.93
1.09
1.21
2.73
1.70

0.00
13.28
0.00
0.42
0.97
96.41
2.08
-5.12
-13.09
-7.83

0.01
7.91
0.00
0.63
0.71
109.18
3.01
-11.02
-38.14
-21.41

0.00
8.64
0.00
0.46
0.45
118.82
3.29
-14.33
-59.57
-30.59

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

29.93
1.29
3.54
0.98
16.38

183

12.01
1.63
0.99
-0.01
51.62

1.50
0.11
-10.73
-6.67
45.41

2.92
-9.53
-18.42
-14.62
31.27

3.79
-2.43
-28.95
-19.42
33.93

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Husein Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
89,982
1,429,916
808,684
39,516
667
4,877
106,816
386,367
4,850
10,681
1,224
200,786
168,826
370,957
189,517
181,440
287,024
279,341
0
0
0
7,683
739,412
170,000
170,000
0
76,728
23,470
53,258
492,684

1,131,438
38,152
1,638,210
973,315
48,821
333
4,129
115,509
319,558
10,758
43,594
21,369
0
243,837
574,318
180,060
394,258
131,093
99,933
0
0
0
31,160
745,585
170,000
170,000
0
82,901
22,722
60,179
492,684

1,181,505
0
1,710,616
999,194
60,517
0
19,428
162,883
1,002,335
13,390
666,453
19,417
0
303,075
1,538,576
969,677
568,899
72,685
67,541
0
0
0
5,144
572,579
170,000
170,000
0
(90,105)
38,021
(128,126)
492,684

2,583,937
89,248
3,211,373
2,468,839
32,153
0
15,944
9,906
565,697
106,466
106,542
15,530
0
337,159
1,411,531
376,748
1,034,783
310,035
7,576
0
0
0
302,459
1,428,068
170,000
170,000
0
(283,734)
34,537
(318,271)
1,541,802

1,468,262
1,468,262
0
1,418,682
1,243,862
174,820
49,580
80,070
5,025
75,045
62,570
60,649
(87,608)
7,355
0
0
(59,021)

1,824,195
1,824,195
0
1,973,802
1,806,923
166,879
(149,607)
81,724
4,810
76,914
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
66,504
61,268
119,246
35,403
0
0
107,929

3,010,669
3,010,669
0
2,812,500
2,572,542
239,958
198,169
123,750
8,922
114,828
84,713
83,041
24,491
15,083
0
0
121,732

2,234,951
1,777,432
457,519
2,210,827
2,210,827
0
24,124
140,516
10,311
130,205
121,179
115,974
(217,022)
11,964
0
0
(685,708)

2,694,801
1,759,636
935,165
2,749,751
1,921,987
827,764
(54,950)
147,281
9,199
138,082
90,544
81,287
(287,974)
6,851
0
0
761,101

326,662
24,626
(94,963)
151,764
125,198

674,426
9,956
(297,450)
288,025
117,910

1,026,436
279,341
83,843
468,858
144,923

876,678
99,933
9,408
279,993
166,335

645,264
67,541
(228,986)
1,037,218
200,396

1,738,103
7,576
(294,825)
384,324
207,616

0.10
4.26
0.36
2.20
0.79
96.62
1.21
-13.91
-24.97
-23.73

0.02
3.91
0.06
1.42
0.53
108.20
1.07
-30.54
-64.67
-59.43

0.56
1.91
0.04
2.49
1.04
91.56
0.89
8.90
17.56
14.02

0.06
2.81
0.71
2.07
0.56
93.42
0.95
1.72
3.30
2.57

0.02
5.42
0.87
1.02
0.65
98.92
2.81
-11.94
-32.93
-28.52

0.09
3.36
0.58
0.86
0.40
102.04
1.21
-10.80
-28.79
-24.17

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

184

14.12
-0.44
-5.97
-7.85
24.88

14.08
-3.23
-16.31
-24.58
51.14

325.60
2.95
3.43
4.93
43.49

69.06
1.29
0.81
0.55
43.86

3.35
-0.87
-9.71
-13.47
33.68

25.29
-2.54
-10.69
-17.34
84.00

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

JDW Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

12,162,255
2,246,586
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
8,594,910
6,651,899
1,943,011
6,106,432
4,068,000
0
0
45,521
1,992,911
4,695,832
592,767
592,767
0
4,103,065
(2,126)
4,105,191
0

13,478,754
582,112
14,230,440
10,716,371
622,829
608,311
1,466,322
105,638
9,790,817
53,601
4,666,382
451,460
0
4,619,374
13,516,471
10,147,940
3,368,531
4,820,529
3,119,611
0
0
37,428
1,663,490
4,932,571
597,767
597,767
0
4,334,804
248
4,334,556
0

15,116,497
1,966,172
15,596,923
11,420,990
688,356
608,742
239,733
880,860
9,405,222
77,765
3,777,690
655,358
0
4,894,409
12,822,958
9,367,614
3,455,344
6,756,864
4,514,434
0
0
44,694
2,197,736
4,941,897
597,767
597,767
0
4,344,130
192
4,343,938
0

22,959,765
4,615,127
2,077,185
15,819,653
862,801
627,112
1,524,478
373,395
12,295,515
108,764
5,970,318
671,430
0
5,545,003
18,400,208
12,627,011
5,773,197
11,435,504
8,869,099
0
0
68,257
2,498,148
5,419,568
597,767
597,767
0
4,821,801
241
4,821,560

9,898,459
9,898,459
0
7,510,054
6,666,948
843,107
2,388,404
357,934
15,188
342,746
1,127,468
1,103,707
927,036
62,628
174,183
0
(389,380)

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
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
20,594,228
20,398,136
196,092
4,135,263
626,218
15,135
611,083
1,375,834
1,353,855
2,170,627
655,418
533,490
0
950,631

25,574,652
24,778,021
796,631
23,089,404
23,227,129
(137,725)
2,485,248
550,265
35,364
514,901
1,703,512
1,678,610
326,072
61,032
358,660
0
1,185,917

34,422,951
28,309,967
6,112,984
30,589,612
26,816,050
3,773,562
3,833,339
1,116,292
316,124
800,168
1,650,949
1,602,335
956,555
281,588
358,660
0
5,015,625

36,886,279
31,112,234
5,774,045
32,737,233
31,911,482
825,751
4,149,046
805,595
130,979
674,616
2,453,036
2,391,176
1,027,471
86,582
418,437
0
4,122,366

6,839,681
3,705,738
690,225
8,164,705
633,026

7,805,782
3,100,554
1,251,307
6,399,328
827,874

10,802,264
4,068,000
981,719
10,719,899
995,847

9,753,100
3,119,611
(93,620)
13,267,551
1,156,552

11,698,761
4,514,434
316,307
13,882,048
1,486,303

16,855,072
8,869,099
522,452
21,496,110
1,578,616

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
19.85
45.72

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
32.54
69.60

0.15
5.56
3.48
1.27
0.84
83.28
3.13
13.75
53.56
23.33
2.84
12.87
2.60
8.78
25.56
79.22

0.04
6.66
1.77
1.10
0.72
90.28
3.72
1.53
6.77
3.17
0.74
5.48
1.19
1.27
4.43
82.52

0.06
4.80
1.90
1.40
0.73
88.86
3.96
4.00
19.37
8.92
1.88
9.11
1.60
2.78
11.29
82.67

0.04
6.65
1.82
1.05
0.67
88.75
5.51
3.44
19.83
7.20
2.25
6.18
1.43
2.79
15.74
90.66

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

185

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Khairpur Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,447,130
0
2,307,059
1,446,454
75,836
0
0
676
551,889
8,358
214,580
37,044
0
291,907
1,033,126
155,000
878,126
935,416
0
900,718
0
34,698
0
30,477
160,175
160,175
0
(403,644)
0
(403,644)
273,946

1,521,658
0
2,456,714
1,520,745
75,401
0
0
913
696,161
119,439
300,047
0
0
276,675
1,410,276
238,097
1,172,179
1,069,985
0
988,672
0
38,515
42,798
(262,442)
160,175
160,175
0
(764,354)
0
(764,354)
341,737

1,495,659
17,607
2,492,502
1,477,790
78,738
0
0
262
648,107
21,205
269,294
0
0
357,608
1,143,019
326,000
817,019
1,234,609
0
1,142,805
0
39,464
52,340
(233,862)
160,175
160,175
0
(719,221)
0
(719,221)
325,184

1,075,493
1,075,493
0
989,857
617,642
372,215
85,636
62,286
3,656
58,631
3,312
0
25,120
5,377
0
0
269,979

1,264,672
1,264,672
0
1,153,481
945,914
207,567
111,191
71,554
3,642
67,912
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
16,412
14,145
46,377
15,343
0
0
(31,682)

1,714,832
1,569,715
145,117
1,789,215
1,583,725
205,490
(74,383)
97,268
8,461
88,807
35,461
32,835
(171,533)
8,574
0
0
(115,551)

2,316,597
2,202,349
114,248
2,576,200
2,430,792
145,408
(259,603)
87,734
7,244
80,490
43,598
42,880
(381,278)
0
0
0
(224,502)

4,247,771
3,353,531
894,240
3,924,515
3,596,497
328,018
323,256
178,776
57,407
121,369
59,308
57,579
77,957

859,256
107,647
19,742
185,799
70,593

914,759
34,566
25,054
107,647
85,099

1,055,205
0
31,034
34,566
89,741

965,893
0
(180,107)
155,000
103,090

807,543
0
(381,278)
238,097
109,359

1,000,747
0
77,957
326,000
162,488

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

0.04
2.07
2.16
0.86
0.53
104.34
64.59
-8.98
-150.21
-16.97

0.08
1.88
0.00
1.04
0.49
111.21
-9.45
-18.08
328.74
-43.00

0.02
1.40
0.00
1.98
0.57
92.39
-10.17
3.57
-31.42
8.62

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
0
(98,738)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

186

0.03
1.07
0.00
0.84
0.52
90.81
8.21
2.68
24.57
4.71

24.12

52.52

7.66
4.28
3.02
1.94
12.36

7.99
-4.22
-10.00
-11.24
1.90

7.72
-7.89
-16.46
-23.80
-16.38

15.77
2.35
1.84
4.87
-14.60

2.34
1.23
9.44

2.98
1.56
11.21

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Jaharabad Sugar Mills Ltd. (Formerly: Kohinoor Sugar Mills Ltd.)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
210,624
454,405
0
0
179,363
546,662
109,098
109,098
0
(210,777)
26,879
(237,656)
648,341

2,451,256
524,072
2,316,727
1,755,165
26,697
0
0
172,019
586,950
5,621
316,801
22,863
0
241,665
1,185,667
444,817
740,850
813,577
185,173
452,095
0
0
176,309
1,038,962
109,098
109,098
0
(408,374)
26,879
(435,253)
1,338,238

2,245,685
524,072
2,336,822
1,721,214
61,509
0
0
399
705,734
4,902
438,688
0
0
262,144
655,619
0
655,619
1,186,366
52,348
649,369
0
0
484,649
1,109,434
109,098
109,098
0
(88,070)
26,880
(114,950)
1,088,406

2,291,818
369,314
2,596,738
1,922,075
60,022
0
0
429
241,072
7,346
40,674
0
0
193,052
236,007
20,000
216,007
1,226,341
26,174
885,311
0
0
314,856
1,070,542
109,098
109,098
0
(105,982)
26,879
(132,861)
1,067,426

1,379,043
1,379,043
0
1,196,613
782,886
413,728
182,430
71,447
2,599
68,849
109,379
87,525
5,789
1,267
0
0
23,797

1,387,004
1,387,004
0
1,360,588
1,255,983
104,605
26,416
71,065
2,353
68,712
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
112,658
111,518
(44,568)
16,435
0
0
(334,324)

1,963,708
1,963,708
0
2,060,072
1,634,677
425,395
(96,364)
83,212
5,884
77,328
95,231
94,051
(276,429)
16,855
0
0
297,633

1,143,759
1,143,759
0
1,485,981
1,406,579
79,402
(342,222)
78,198
3,493
74,705
45,126
37,504
434,805
0
0
0
(562,892)

1,744,056
1,744,056
0
1,900,129
1,239,865
660,264
(156,073)
72,114
7,833
64,281
35,964
34,080
(77,185)
0
0
0
(77,678)

1,489,885
399,310
4,522
530,081
105,548

1,496,795
300,517
(121,524)
587,487
170,909

1,391,054
210,624
(61,003)
908,389
112,899

1,852,539
185,173
(293,284)
629,990
119,713

2,295,800
52,348
434,805
52,348
46,015

2,296,883
26,174
(77,185)
46,174
40,868

0.03
7.93
0.00
0.69
0.68
86.77
1.96
0.28
0.93
0.45

0.10
5.88
3.78
0.67
0.71
98.10
2.47
-5.60
-17.90
-7.62

0.01
6.87
0.05
0.66
0.75
91.36
3.56
-1.95
-7.78
-3.09

0.02
4.85
1.16
0.65
0.50
104.91
1.92
-10.00
-34.87
-17.04

0.01
3.95
0.00
0.39
1.08
129.92
1.66
14.52
40.48
20.96

0.03
2.06
0.00
0.69
1.02
108.95
1.37
-2.81
-7.08
-3.36

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

187

14.93
1.07
0.42
0.41
61.63

11.17
-0.41
-8.20
-11.14
54.86

2.84
0.60
-2.72
-5.59
50.11

6.20
-1.94
-14.08
-26.88
95.23

2.61
12.59
38.02

42.88
-1.26
-4.43

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mehran Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
175,000
0
0
5,682
291,405
792,838
172,947
172,947
0
619,891
63,281
556,610
0

1,770,154
215,948
1,910,379
1,172,731
95,899
0
376,835
4,640
1,767,464
144,770
1,095,298
73,172
204,397
249,827
1,750,103
479,736
1,270,367
749,213
392,581
0
0
6,439
350,193
1,038,302
209,266
209,266
0
829,036
63,281
765,755
0

2,017,421
84,895
2,268,520
1,424,308
112,185
0
505,415
2,803
1,298,614
6,115
688,432
9,964
292,504
301,599
1,092,785
535,517
557,268
837,701
470,309
0
0
7,564
359,828
1,385,549
253,211
253,211
0
1,132,338
0
1,132,338
0

2,144,328
62,436
2,476,052
1,522,441
121,046
0
558,396
1,055
1,269,954
33,192
459,926
42,871
487,902
246,063
1,030,837
609,794
421,043
731,198
340,941
0
0
8,004
382,253
1,652,247
320,312
320,312
0
1,331,935
0
1,331,935
0

2,387,446
2,387,446
0
1,994,378
1,416,671
577,707
393,068
144,200
5,367
138,833
65,333
64,258
245,693
5,088
41,344
35,438
55,935

3,841,345
3,841,345
0
3,366,566
3,174,120
192,446
474,779
120,774
5,443
115,331
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
133,757
132,349
416,496
45,595
51,884
34,589
317,288

4,150,109
3,633,589
516,520
3,771,972
2,975,480
796,492
378,137
143,713
27,576
116,137
116,320
114,406
353,636
8,128
52,317
41,853
19,248

5,797,470
3,968,261
1,829,209
5,215,460
4,279,023
936,437
582,010
241,927
93,924
148,003
186,842
184,463
431,022
25,047
63,303
63,303
16,192

6,498,217
4,689,842
1,808,375
5,866,915
4,975,095
891,820
631,302
283,867
106,902
176,965
209,001
206,596
323,544
60,353
83,281
32,031
408,197

636,283
90,631
199,261
198,664
121,462

983,669
219,972
232,346
297,345
137,798

1,264,925
175,000
319,017
303,750
173,523

1,787,515
392,581
293,192
872,317
178,826

2,223,250
470,309
342,672
1,005,826
227,393

2,383,445
340,941
179,910
950,735
267,691

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
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
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
21.45
45.84

0.24
2.80
1.76
1.17
1.01
90.89
2.41
10.62
38.62
23.17
6.60
3.79
4.09
8.52
16.51
49.62

0.28
3.22
0.17
1.75
1.19
89.96
1.39
12.58
35.57
21.49
6.41
8.42
3.34
7.43
16.03
54.72

0.55
3.22
0.66
1.90
1.23
90.28
1.07
9.61
21.30
14.05
3.16
14.13
2.57
4.98
8.22
51.58

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

188

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mirpurkhas Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
1,193,127
519,476
673,651
592,785
344,445
0
0
0
248,340
668,755
84,332
84,332
0
411,367
0
411,367
173,056

1,640,534
18,595
1,765,285
1,241,331
51,595
3,667
376,209
732
1,100,948
16,477
630,144
9,766
170,188
274,373
1,058,304
291,050
767,254
687,089
439,999
0
0
0
247,090
996,089
96,982
96,982
0
616,555
0
616,555
282,552

1,787,325
9,928
1,844,721
1,268,384
56,043
2,567
505,451
995
731,058
11,494
108,687
13,595
226,968
370,314
596,924
341,446
255,478
735,956
490,000
0
0
0
245,956
1,185,503
111,529
111,529
0
791,422
0
791,422
282,552

2,173,892
19,060
2,217,481
1,593,974
59,070
1,467
558,396
995
1,060,759
20,339
274,256
35,851
296,607
433,706
1,019,325
574,606
444,719
561,916
340,000
0
0
0
221,916
1,653,410
122,682
122,682
0
956,713
0
956,713
574,015

1,803,234
1,803,234
0
1,471,620
1,229,396
242,224
331,614
69,309
2,571
66,738
86,594
85,838
214,218
10,860
15,972
6,389
26,877

2,823,671
2,823,671
0
2,477,780
2,344,703
133,077
345,891
95,947
4,985
90,962
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
145,310
143,606
168,294
30,194
8,433
12,650
79,741

2,541,537
2,261,036
280,501
2,368,501
1,911,740
456,761
173,036
104,199
27,257
76,942
133,720
130,529
109,696
15,568
0
14,547
509,525

3,454,478
2,176,361
1,278,117
3,224,179
2,531,984
692,195
230,299
142,051
42,925
99,126
135,271
134,035
117,467
38,947
0
11,153
110,000

3,330,536
2,199,061
1,131,475
3,074,914
3,206,977
(132,063)
255,622
141,330
26,756
114,574
155,329
152,801
85,077
39,727
0
0
155,756

788,622
133,334
187,386
348,018
137,473

892,882
88,890
115,070
295,212
175,728

1,261,540
344,445
129,667
863,921
203,166

1,683,178
439,999
94,128
731,049
203,859

1,921,459
490,000
78,520
831,446
233,304

2,215,326
340,000
45,350
914,606
281,306

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
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
17.87
78.92

0.03
5.30
0.49
1.12
1.06
86.70
2.67
8.54
27.51
15.62
16.38
3.09
2.17
6.14
16.38
79.30

0.19
5.26
0.38
0.93
1.04
93.19
1.75
4.22
13.18
7.45

0.42
3.92
0.39
1.37
1.22
93.33
1.12
4.47
10.77
6.52

0.35
4.66
1.08
1.03
1.04
92.32
0.96
2.96
5.99
4.11

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

189

4.03
1.84
4.32
9.71
102.71

31.78
1.88
3.40
7.04
106.30

12.14
1.56
2.55
3.70
134.77

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mirza Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
260,359
14,195
140,827
36,010
0
69,327
529,651
359,692
169,959
403,487
16,788
0
0
0
386,699
(478,209)
141,000
141,000
0
(619,209)
0
(619,209)
0

175,726
0
730,767
175,726
19,928
0
0
0
162,400
2,316
87,210
26,951
0
45,923
560,246
342,488
217,758
137,216
16,788
0
0
0
120,428
(359,336)
141,000
141,000
0
(500,336)
0
(500,336)
0

159,149
0
731,983
159,149
17,826
0
0
0
85,007
2,233
22,900
26,259
0
33,615
586,463
342,488
243,975
138,709
16,788
0
0
0
121,921
(481,016)
141,000
141,000
0
(622,016)
0
(622,016)
0

143,304
0
731,983
143,304
15,844
0
0
0
73,628
1,081
1,948
37,329
0
33,270
596,820
342,488
254,332
137,471
16,788
0
0
0
120,683
(517,359)
141,000
141,000
0
(658,359)
0
(658,359)
0

649,457
649,457
0
556,161
473,538
82,623
93,295
59,732
835
58,898
6,822
5,371
166,796
3,300
0
0
40,812

1,328,623
1,328,623
0
1,107,582
1,007,156
100,426
221,042
56,091
1,010
55,081
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
9,000
6,759
39,335
14,722
0
0
32,240

774,361
774,361
0
829,673
776,056
53,617
(55,312)
69,523
1,006
68,517
2,897
1,613
159,150
20,347
0
0
6,718

217,645
217,645
0
290,202
225,893
64,309
(72,557)
48,890
537
48,353
1,173
1,114
(120,186)
0
0
0
1,229

20,963
20,963
0
40,550
19,597
20,953
(19,587)
16,544
121
16,423
1,158
1,122
(37,289)
0
0
0
(1,152)

(105,686)
143,773
163,496
435,212
50,686

(46,154)
64,110
125,095
395,465
58,717

(74,722)
16,788
24,613
376,480
69,715

(222,120)
16,788
138,803
359,276
77,588

(342,307)
16,788
(120,186)
359,276
48,087

(379,888)
16,788
(37,289)
359,276
7,862

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
9.87
-35.25

0.09
0.61
2.46
3.22
0.49
92.47
-1.95
9.43
-8.07
-65.08

0.05
0.37
3.48
2.29
0.29
107.14
-1.94
40.14
-38.00
-107.23

0.05
0.54
12.07
0.89
0.14
133.34
-1.51
-41.28
28.60
42.59

0.06
5.52
178.07
0.10
0.12
193.44
-1.42
-16.17
7.47
10.33

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9.90
32.05
25.68
11.60
-45.12

190

10.41
6.82
2.68
1.75
-33.92

8.88
99.67
20.55
9.84
-25.48

9.50
-106.89
-55.22
-8.52
-34.11

10.76
-32.23
-177.88
-2.64
-36.69

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Noon Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,160,245
60,017
2,171,479
1,031,767
116,561
0
66,388
2,073
1,129,184
14,104
876,962
48,282
23,722
166,114
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

1,196,653
41,614
2,334,364
1,086,471
118,164
0
66,314
2,254
630,140
15,097
346,294
76,010
0
192,739
878,945
641,010
237,935
122,148
72,873
0
0
48,816
459
825,700
165,175
165,175
0
660,525
119,217
541,308
0

1,116,631
28,647
2,403,587
1,039,715
117,672
0
46,027
2,242
639,796
28,181
388,215
6,137
0
217,263
919,959
653,611
266,348
203,526
151,231
0
0
50,946
1,349
632,942
165,175
165,175
467,767
119,217
348,550
0

1,028,024
17,970
2,458,328
983,901
110,555
0
23,976
2,177
762,781
24,086
512,852
31,202
0
194,641
1,126,478
823,140
303,338
143,842
90,000
0
0
52,308
1,534
520,485
165,175
165,175
0
355,310
119,217
236,093
0

1,714,912
1,515,845
199,067
1,443,161
944,883
498,278
271,751
103,836
28,433
75,403
126,516
125,579
66,148
9,575
15,016
15,016
441,492

1,723,592
1,544,673
178,919
1,719,524
1,431,861
287,663
4,068
97,080
23,433
73,647
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
197,925
195,046
62,642
31,374
24,776
0
(335,207)

4,622,657
3,659,083
963,574
4,201,356
3,157,047
1,044,309
421,301
188,033
86,210
101,823
127,689
125,475
120,785
16,213
33,035
0
818,922

3,834,732
2,789,171
1,045,561
3,618,215
3,054,100
564,115
216,517
188,494
88,275
100,219
152,340
149,046
(136,387)
23,270
0
0
157,743

3,252,536
2,444,960
807,576
3,101,236
2,703,235
398,001
151,300
177,968
70,535
107,433
157,105
154,736
(100,808)
28,577
0
0
(33,301)

1,150,734
132,872
41,557
520,555
111,737

755,197
0
(200,583)
655,848
115,144

789,735
0
6,492
1,225,065
153,916

947,848
72,873
71,537
713,883
179,920

836,468
151,231
(159,657)
804,842
190,485

664,327
90,000
(129,385)
913,140
196,981

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
3.77
64.29

0.07
6.46
0.98
1.12
0.42
99.76
1.18
-11.69
-21.95
-19.23

0.06
6.38
1.56
1.35
0.75
86.91
2.10
3.27
8.68
8.11
1.26
3.54
1.32
2.02
1.89
44.78

0.10
2.76
1.64
2.53
0.72
90.89
1.21
5.87
15.43
13.90
3.17
13.35
1.96
2.61
6.33
49.99

0.04
3.97
0.16
2.18
0.70
94.35
1.78
-7.61
-18.70
-15.29

0.05
4.83
0.96
1.82
0.68
95.35
2.44
-5.68
-17.48
-13.43

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

191

10.77
-0.65
-10.63
-12.14
42.64

9.88
0.08
-3.56
-9.67
38.32

6.34
0.35
-3.10
-7.83
31.51

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pangrio Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

50,511
0
566,792
50,453
6,205,618
0
0
58
107,911
2,111
60,597
8,114
0
37,089
495,301
133,742
361,559
372,361
9,556
70,000
0
3,930
288,875
(709,240)
108,500
108,500
0
(817,740)
0
(817,740)
0

45,129
0
566,798
45,071
5,406
0
0
58
48,197
917
7,520
4,591
0
35,169
547,799
136,880
410,919
367,417
6,006
70,000
0
3,930
287,481
(821,890)
108,500
108,500
0
(930,390)
0
(930,390)
0

40,370
0
566,661
40,312
4,662
0
0
58
37,174
794
0
3,656
0
32,724
665,279
227,565
437,714
277,898
2,101
70,000
0
3,929
201,868
(865,633)
108,500
108,500
0
(974,133)
0
(974,133)
0

391,988
391,988
0
349,768
328,897
20,871
42,220
36,045
1,193
34,852
3,027
977
189,140
1,960
0
0
8,311

1,069,717
1,069,717
0
951,816
859,047
92,769
117,901
35,997
1,663
34,334
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
7,396
4,655
(41,363)
14,159
0
0
19,676

627,044
627,044
0
734,736
467,398
267,338
(107,692)
43,157
1,740
41,417
3,635
2,791
(142,645)
0
0
0
21,195

136,824
136,824
0
219,372
91,350
128,022
(82,548)
29,478
847
28,631
2,044
1,713
(112,650)
0
0
0
900

0
0
0
12,470
0
12,470
(12,470)
15,393
0
15,393
1,180
1,167
(43,697)
0
0
0
(219)

(190,432)
22,005
187,180
179,355
57,339

(115,420)
21,616
64,551
168,242
66,445

(186,908)
14,843
(55,522)
159,257
77,510

(336,879)
9,556
(142,645)
143,298
230,784

(454,473)
6,006
(112,650)
142,886
55,039

(587,735)
2,101
(43,697)
229,666

0.00
0.77
0.00
1.67
0.38
89.23
-1.40
77.74
-29.73
-42.87

0.04
0.66
0.00
3.96
0.53
88.98
-1.53
34.12
-15.87
-56.30
6.95
7.98
54.38
8.05
6.95
-46.54

0.04
0.52
1.43
3.43
0.61
100.78
-1.73
-12.13
7.72
27.36

0.02
0.58
1.29
3.96
0.22
117.17
-1.22
-50.01
22.36
54.47

0.01
1.49
3.36
1.47
0.09
160.33
-1.11
-89.49
14.71
28.47

0.01

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.21
194.66
48.25
17.25
-53.49

192

6.96
-7.89
-2.93
-5.12
-52.22

10.35
-50.11
-22.75
-13.15
-65.37

18.19
-64.76
-82.33
-10.38
-75.75

0.00
0.06

-1.09
-51.15
5.18
8.39

-36.44

-4.03
-79.78

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sakrand Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,743,421
0
2,462,322
1,641,428
70,130
0
100,328
1,665
707,817
5,396
432,361
184,809
0
85,251
1,076,656
533,199
543,457
660,117
353,255
0
0
6,073
300,789
714,465
223,080
223,080
0
(287,404)
0
(287,404)
778,789

1,682,660
0
2,469,034
1,568,312
83,393
0
112,518
1,830
553,704
4,960
288,296
185,003
0
75,445
1,230,254
499,163
731,091
606,856
316,625
0
0
6,520
283,711
399,254
223,080
223,080
0
(569,464)
0
(569,464)
745,638

2,720,139
0
3,582,451
2,592,051
91,915
0
126,188
1,900
541,704
31,601
230,499
134,318
0
145,286
1,563,791
463,008
1,100,783
725,778
283,318
45,998
0
9,338
387,124
972,274
223,080
223,080
0
(718,799)
0
(718,799)
1,467,993

920,514
920,514
0
903,447
758,381
145,065
17,067
96,036
753
95,283
33,516
33,028
491,665
4,609
0
0
31,137

3,193,219
3,193,219
0
2,975,748
2,600,676
375,072
217,471
95,284
1,925
93,359
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
89,943
83,486
(133,212)
31,256
0
0
(95,525)

2,463,907
2,463,907
0
2,407,869
2,254,746
153,123
56,038
115,774
3,332
112,442
95,011
94,711
(151,871)
12,322
0
0
(129,141)

2,560,803
2,550,021
10,782
2,694,633
2,311,810
382,823
(133,830)
130,625
3,942
126,683
83,416
82,486
(330,535)
1,639
0
0
84,008

3,486,661
3,486,661
0
3,690,363
3,324,937
365,426
(203,702)
145,494
5,393
140,101
85,437
81,771
(424,327)
0
0
0
72,997

1,070,014
257,964
487,056
302,524
108,833

1,250,736
422,473
15,817
628,783
96,506

1,046,308
383,291
(164,468)
748,858
103,015

1,374,582
353,255
(164,193)
886,454
110,905

1,006,110
316,625
(332,174)
815,788
120,851

1,698,052
283,318
(424,327)
746,326
150,354

0.12
3.64
7.55
0.55
0.66
98.15
2.21
39.52
461.08
86.00

0.60
2.69
9.42
1.78
0.90
93.19
2.09
2.76
8.68
4.12

0.28
2.88
7.12
1.61
0.75
98.68
3.39
-7.14
-26.08
-11.60

0.18
3.86
7.50
1.01
0.66
97.73
2.43
-6.91
-26.26
-12.55

0.15
3.26
7.22
1.15
0.45
105.23
4.60
-14.10
-59.36
-27.77

0.11
2.45
3.85
1.07
0.35
105.84
2.35
-15.44
-61.88
-31.38

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

193

3.50
15.89
53.41
21.83
23.34

32.23
1.61
1.50
0.71
25.97

8.47
-0.60
-4.26
-7.37
19.82

5.70
-0.60
-6.16
-7.36
32.03

8.88
-3.01
-12.91
-14.89
17.90

15.13
-4.19
-12.17
-19.02
43.58

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sanghar Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
302,103
85,089
0
0
25,284
191,730
496,725
119,460
119,460
0
208,222
0
208,222
169,043

783,485
2,722
1,063,442
744,394
42,216
0
0
36,369
935,108
22,128
499,923
317,421
0
95,636
945,772
450,038
495,734
282,649
64,908
0
0
32,727
185,014
490,172
119,460
119,460
0
210,471
0
210,471
160,241

774,985
7,844
757,197
721,841
41,029
0
0
45,300
461,593
21,717
302,300
0
0
137,576
449,759
32,254
417,505
285,253
75,242
0
0
34,757
175,254
501,566
119,460
119,460
0
235,305
0
235,305
146,801

1,156,323
60,036
768,755
1,086,312
39,759
497
0
9,478
670,133
7,274
442,118
0
0
220,741
684,296
526,379
157,917
344,012
23,174
0
0
40,429
280,409
798,148
119,460
119,460
0
251,401
0
251,401
427,287

1,679,489
1,679,489
0
1,453,985
1,528,005
(74,020)
225,504
74,405
1,419
72,986
36,752
34,490
115,257
47,600
11,946
0
148,862

2,679,922
2,679,922
0
2,302,539
2,272,673
29,866
377,383
96,804
1,726
95,078
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
94,682
92,309
64,344
25,917
0
0
(195,779)

3,005,261
2,713,515
291,746
2,809,749
1,946,356
863,393
195,512
105,682
9,578
96,104
93,952
92,565
(424)
16,499
0
0
(10,094)

2,771,454
1,866,017
905,437
2,622,882
2,394,932
227,950
148,572
88,793
6,934
81,859
80,309
69,664
14,271
30,493
0
0
448,249

3,196,951
3,035,724
161,227
2,983,202
3,224,823
(241,621)
213,749
78,109
5,326
72,783
99,355
90,503
36,091
35,995
0
0
(392,106)

455,064
44,782
55,711
89,970
101,012

540,926
23,159
110,042
83,852
102,437

798,828
85,089
38,427
478,890
118,513

772,821
64,908
(16,923)
514,946
126,462

786,819
75,242
(16,222)
107,496
143,585

1,142,160
23,174
96
549,553
146,816

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
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
10.71
29.44

0.02
6.32
0.83
0.66
1.01
83.58
3.55
4.32
15.17
9.61

0.36
3.13
10.56
1.75
0.99
93.49
2.51
-0.02
-0.09
-0.05

0.05
2.90
0.00
2.24
1.03
94.64
1.47
0.97
2.88
1.83

0.01
3.11
0.00
1.75
0.98
93.31
1.29
2.36
5.55
3.74

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

194

1.10
1.70
4.29
3.22
41.58

6.01
1.00
-0.01
-1.42
41.03

9.17
1.20
0.51
-1.36
41.99

7.23
1.40
1.13
0.01
66.81

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shahmurad Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
0
318,768
2,878,103
1,418,226
1,459,877
1,042,477
662,357
230,855
0
0
149,265
960,103
211,187
211,187
0
296,930
0
296,930
451,986

2,158,682
97,349
3,340,457
2,052,479
105,930
0
4,130
4,724
2,150,986
21,325
1,818,048
6,342
0
305,271
2,336,772
1,443,168
893,604
888,034
586,302
230,855
0
0
70,877
1,084,862
211,187
211,187
0
442,188
0
442,188
431,487

2,155,790
37,082
3,502,518
2,104,891
110,716
4,452
4,346
5,019
1,646,273
29,994
1,021,978
189,114
0
405,187
1,901,805
1,570,405
331,400
751,082
495,415
230,836
0
0
24,831
1,149,176
211,187
211,187
0
521,769
0
521,769
416,220

2,438,420
42,386
3,658,647
2,383,222
112,488
2,480
5,101
5,231
2,229,376
32,922
1,755,960
35,370
0
405,124
2,318,096
1,852,344
465,752
790,511
530,833
230,836
0
0
28,842
1,559,189
211,187
211,187
0
736,114
0
736,114
611,888

2,887,436
1,904,101
983,335
2,283,799
2,083,668
200,131
603,637
181,637
71,341
110,296
329,080
318,502
115,012
14,450
31,678
0
117,148

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
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
462,637
450,171
88,526
43,970
21,119
0
146,593

5,362,004
2,916,543
2,445,461
4,666,113
3,944,910
721,203
695,891
250,651
117,363
133,288
352,199
347,977
111,079
23,222
31,678
0
102,169

5,642,437
2,456,135
3,186,302
5,036,115
4,263,855
772,260
606,322
238,868
98,075
140,793
311,586
307,724
84,281
34,403
31,678
0
194,151

5,353,972
2,269,755
3,084,217
4,469,826
4,714,016
(244,190)
884,146
314,745
143,017
171,728
373,654
368,468
243,411
46,907
42,237
0
405,694

2,049,015
702,556
68,884
1,608,571
86,155

1,808,020
510,166
1,832
1,559,882
93,576

2,002,580
662,357
23,437
2,080,583
105,079

1,972,896
586,302
56,179
2,029,470
126,666

1,900,258
495,415
18,200
2,065,820
135,508

2,349,700
530,833
154,267
2,383,177
160,190

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
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
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
2.11
45.46

0.01
6.57
0.12
1.24
0.92
87.02
2.97
2.42
10.86
5.59
2.77
2.95
1.32
2.07
4.16
51.37

0.12
5.52
3.35
1.48
0.87
89.25
2.31
2.08
7.55
4.35
1.57
5.52
1.27
1.49
2.36
54.42

0.03
6.98
0.66
1.15
0.96
83.49
1.99
5.75
17.97
11.45
4.65
3.05
1.66
4.55
9.30
73.83

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

195

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shahtaj Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

539,793
155,435
1,091,754
301,606
35,460
0
80,350
2,402
1,006,059
505,320
204,439
0
0
296,300
301,877
0
301,877
76,619
0
0
0
21,783
54,836
1,167,356
120,111
120,111
0
1,047,245
27,534
1,019,711
0

809,458
421,993
1,105,744
285,630
33,329
0
88,817
13,018
629,578
143,677
261,899
52,334
0
171,668
158,382
25,000
133,382
196,256
175,000
0
0
21,256
0
1,084,398
120,111
120,111
0
964,287
27,534
936,753
0

832,118
16,672
1,608,509
719,583
72,708
0
92,949
2,914
604,773
92,064
185,812
84,029
0
242,868
165,589
50,000
115,589
151,424
125,000
0
0
23,739
2,685
1,119,878
120,111
120,111
0
999,767
27,534
972,233
0

2,828,705
2,828,705
0
2,245,547
1,840,204
405,343
583,158
144,575
6,545
138,030
23,700
20,976
442,365
141,274
120,111
0
647,694

3,654,162
3,654,162
0
3,561,729
3,309,252
252,477
92,433
123,178
6,373
116,805
61,056
57,148
(44,779)
36,712
0
0
(237,141)

4,459,414
4,459,414

5,119,499
5,119,499

4,649,244
4,649,244

4,411,837
4,411,837

3,828,790
29,918
3,798,872
630,624
180,293
7,393
172,900
82,932
79,277
456,511
88,275
150,139
0
(284,224)

4,569,928
3,814,935
754,993
549,571
186,903
10,371
176,532
54,980
52,555
351,866
128,649
84,078
0
715,722

4,493,005
4,177,878
315,127
156,239
162,703
8,987
153,716
55,181
53,418
(33,192)
46,761
0
0
(201,811)

4,148,757
3,658,941
489,816
263,080
179,779
8,454
171,325
90,988
73,741
45,429
460
24,022
0
62,268

997,475
0
180,980
0
88,666

848,127
0
(81,491)
0
173,030

1,189,675
0
218,097
0
207,148

1,243,975
0
139,139
0
249,144

1,280,654
175,000
(79,953)
200,000
260,806

1,271,302
125,000
20,947
175,000
279,668

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
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
30.66
92.68

1.67
1.07
0.00
3.31
3.33
89.27
0.32
24.34
30.86
28.92
2.65
25.04
7.70
6.87
18.58
97.19

1.24
1.19
1.13
3.23
3.98
96.64
0.33
-2.22
-2.95
-2.63

1.06
2.06
1.90
3.07
3.65
94.04
0.28
3.16
4.12
3.56
1.87
23.74
1.62
1.03
3.74
93.24

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

196

898.05
0.22
-1.23
-6.78
64.84

17.75
0.38
-0.71
-6.66
90.28

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shakarganj Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
2,064,613
119,169
1,085,822
491,646
69,545
298,431
7,355,989
5,002,221
2,353,768
388,543
363,205
0
0
501
24,837
237,733
695,238
695,238
0
(1,874,183)
892,985
(2,767,168)
1,416,678

7,219,798
383,172
9,306,372
6,017,847
285,750
1,045
750,895
66,839
2,519,539
69,601
1,765,735
243,138
119,041
322,024
7,569,321
4,466,752
3,102,569
478,757
459,964
0
0
0
18,793
1,691,259
695,238
695,238
0
(1,285,558)
970,230
(2,255,788)
2,281,579

7,400,733
321,145
9,519,488
5,931,522
342,546
955
1,081,722
65,389
1,414,570
100,369
522,007
71,619
248,607
471,968
6,611,816
3,273,090
3,338,726
36,151
26,003
0
0
0
10,148
2,167,336
695,238
695,238
0
(669,816)
1,187,887
(1,857,703)
2,141,914

10,909,608
83,267
10,770,191
10,170,776
327,817
865
603,687
51,013
1,501,818
94,992
479,944
38,888
295,721
592,273
6,669,301
3,226,087
3,443,214
1,099,112
0
0
0
9,287
1,089,825
4,643,013
695,238
695,238
0
(1,350,105)
1,109,735
(2,459,840)
5,297,880

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
1,259,768
1,243,602
(1,841,910)
18,835
0
0
(304,480)

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
991,063
963,565
(675,690)
53,500
0
0
898,273

13,354,705
9,825,179
3,529,526
12,061,782
11,193,252
868,530
1,292,923
714,919
245,043
469,876
945,255
886,049
(48,195)
133,720
0
0
(1,079,975)

14,762,318
9,886,508
4,875,810
13,044,568
11,463,567
1,581,001
1,717,750
785,036
337,108
447,928
729,469
682,283
442,453
137,392
0
0
715,044

13,507,225
8,344,931
5,162,294
12,512,771
9,395,989
3,116,782
994,454
747,014
330,387
416,627
438,130
426,072
329,362
110,647
0
0
2,211,423

11,356,340
6,893,851
4,462,489
11,402,233
9,358,229
2,044,004
(45,893)
684,528
313,341
371,187
328,328
318,811
(584,585)
16,794
0
0
(203,576)

2,808,374
1,437,221
(1,860,745)
7,255,322
407,017

1,704,420
1,196,503
(729,190)
5,833,583
348,220

626,276
363,205
(181,915)
5,365,426
470,643

2,170,016
459,964
305,061
4,926,716
683,031

2,203,487
26,003
218,715
3,299,093
197,532

5,742,125
0
(601,379)
3,226,087
212,259

0.04
24.69
0.27
0.50
0.22
93.77
6.52
-16.31
-73.42
-41.77

0.03
12.72
0.19
0.94
0.10
90.86
15.78
-7.33
-73.18
-29.95

0.09
7.08
3.68
1.67
0.28
90.32
32.58
-0.59
-13.19
-4.14

0.06
4.94
1.65
1.52
0.33
88.36
4.76
4.99
45.87
31.65

0.06
3.24
0.53
1.53
0.21
92.64
3.07
3.55
17.07
15.06

0.06
2.89
0.34
0.91
0.23
100.40
1.67
-5.51
-17.17
-14.71

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

197

4.99
-0.48
-36.10
-26.76
19.47

59.05
0.30
-8.67
-10.49
7.09

12.30
0.95
-0.36
-2.62
3.42

8.36
1.65
3.00
4.39
24.33

25.88
1.77
2.44
3.15
31.17

23.66
-0.83
-5.15
-8.65
66.78

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sindh Abadgar'S Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

812,810
104,689
1,021,450
707,051
314,400
0
0
1,070
782,708
59,300
572,595
569
0
150,244
656,035
55,000
601,035
528,067
180,000
50,000
0
967
297,100
411,416
104,250
104,250
0
4,619
0
4,619
302,547

996,993
310,762
1,070,924
685,016
106,224
0

1,215
897,919
27,314
485,890
843
0
383,872
853,235
0
853,235
606,014
323,000
0
0
967
282,047
435,663
104,250
104,250
0
56,823
0
56,823
274,590

1,692
352,203
11,838
99,300
5,990
0
235,075
501,388
40,741
460,647
603,566
225,000
0
0
907
377,659
746,088
104,250
104,250
0
169,095
0
169,095
472,743

930
580,450
8,648
236,999
720
0
334,083
754,153
67,346
686,807
602,819
247,000
0
0
904
354,915
683,284
104,250
104,250
0
148,529
0
148,529
430,505

1,108,759
1,108,759
0
995,246
749,521
245,725
113,513
195,660
1,715
193,945
34,635
34,133
(86,831)
17,050
0
0
114,995

1,697,436
1,697,436
0
1,566,047
1,497,722
68,325
131,389
59,977
1,658
58,320
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
37,374
32,482
80,536
17,374
0
0
23,644

1,501,815
1,218,994
282,821
1,482,726
1,349,403
133,323
19,089
74,408
12,010
62,398
8,125
7,386
(31,042)
9,764
0
0
5,573

2,326,656
1,113,194
1,213,462
2,282,378
1,817,567
464,811
44,278
131,544
62,129
69,415
40,843
40,270
(106,236)
12,135
0
0
104,860

2,212,511
1,162,663
1,049,848
2,119,935
2,207,553
(87,618)
92,576
145,721
59,499
86,222
48,127
47,443
(96,350)
1,332
0
0
21,244

774,083
90,000
(103,881)
145,000
70,783

766,452
60,000
871
90,000
78,089

939,483
180,000
63,162
235,000
97,057

1,041,677
323,000
(40,806)
323,000
95,076

1,349,654
225,000
(118,371)
265,741
96,852

1,286,103
247,000
(97,682)
314,346
134,310

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
1.08
32.80

0.09
2.54
0.04
0.92
1.19
88.88
2.88
6.45
21.38
9.44

0.03
0.54
0.06
0.79
1.05
98.73
3.35
-1.78
-7.33
-3.13

0.04
1.76
0.26
1.26
0.70
98.10
1.48
-5.67
-17.98
-8.89

0.01
2.18
0.03
1.08
0.77
95.82
1.99
-4.95
-13.48
-7.31

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,498,839
57,457
1,929,884
1,439,690
106,224
0

1,459,806
82,473
2,012,544
1,376,403
145,978
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

174.33
-1.54
-7.83
-9.96
28.93

198

2.57
3.48
5.48
6.06
39.46

3.09
-3.20
-2.07
-3.91
41.79

23.43
-1.64
-4.57
-11.35
71.57

9.34
-1.03
-4.35
-9.37
65.54

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Tandlianwala Sugar Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
3,520,980
233,938
2,527,963
9,453
0
749,626
4,537,880
2,855,165
1,682,715
1,821,769
149,976
249,624
0
77,731
1,344,438
2,848,788
1,177,063
1,177,063
0
1,671,725
459,163
1,212,562
0

6,397,153
876,296
7,119,688
5,460,225
283,811
0
0
60,632
4,211,851
445,297
2,842,061
0
0
924,493
4,673,482
3,390,424
1,283,058
2,004,940
101,627
957,293
0
98,271
847,749
3,930,582
1,177,063
1,177,063
0
2,753,519
1,491,498
1,262,021
0

7,820,956
109,718
9,636,763
7,645,295
334,831
0
0
65,943
4,075,591
765,360
2,136,242
33,233
0
1,140,756
5,886,869
3,712,426
2,174,443
2,616,143
202,324
1,025,014
0
121,245
1,267,560
3,393,535
1,177,063
1,177,063
0
2,216,472
1,337,170
879,302
0

9,946,438
1,861,448
10,373,152
7,974,241
409,294
0
0
110,749
6,542,750
349,344
4,008,365
30,257
0
2,154,784
9,029,243
6,475,282
2,553,961
4,050,116
1,774,444
1,023,828
0
147,780
1,104,064
3,409,829
1,177,063
1,177,063
0
2,232,766
1,101,803
1,130,963
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
690,607
678,924
124,729
29,717
0
0
574,732

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
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
579,568
541,086
517,395
22,839
0
0
(1,233,893)

8,376,917
6,774,764
1,602,153
7,508,390
6,690,823
817,567
868,527
420,944
159,283
261,661
608,896
589,561
(148,230)
24,174
0
0
(755,335)

12,294,796
7,364,154
4,930,642
11,435,215
9,439,009
1,996,206
859,581
620,894
328,319
292,575
642,833
624,454
(284,409)
0
0
0
1,403,266

12,999,789
8,772,369
4,227,420
11,574,518
12,096,737
(522,219)
1,425,271
497,650
179,978
317,672
900,585
879,865
81,197
0
0
0
(2,046,251)

5,400,972
758,522
95,012
2,966,568
261,941

4,313,681
380,244
509,476
1,382,455
304,184

4,670,557
149,976
494,556
3,005,141
332,026

5,935,522
101,627
(172,404)
3,492,051
364,127

6,009,678
202,324
(284,409)
3,914,750
403,957

7,459,945
1,774,444
81,197
8,249,726
428,729

0.01
11.90
0.00
0.70
0.96
81.80
4.31
1.46
8.05
2.94

0.02
4.87
0.00
1.58
0.46
86.51
2.41
7.85
33.49
11.93

0.05
7.47
0.12
0.84
0.78
81.47
2.23
6.61
21.81
11.52

0.10
7.27
0.00
0.79
0.90
89.63
1.70
-1.50
-4.37
-2.80

0.14
5.23
0.27
1.03
0.69
93.01
2.51
-2.53
-7.77
-4.76

0.04
6.93
0.23
0.79
0.72
89.04
3.84
0.57
2.39
1.21

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

199

2.82
1.18
2.15
0.81
13.30

24.67
2.23
5.70
4.33
16.10

3.07
1.96
6.67
4.20
24.20

2.95
0.75
-1.77
-1.46
33.39

5.76
0.54
-2.31

3.24
1.09
0.62
0.69
28.97

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

The Premier Sugar Mills & Distillery Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

1,143,636
0
961,861
688,890
70,341
0
148,662
306,084
527,295
112,340
209,537
1,439
0
203,979
57,807
0
57,807
223,597
0
0
0
17,474
206,123
1,389,527
37,500
37,500
0
967,760
0
967,760
384,267

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

1,148,938
21,431
942,931
619,135
62,897
0
205,304
303,068
1,061,084
83,000
614,293
108,951
65,749
189,091
1,034,340
812,277
222,063
31,345
0
0
0
26,776
4,569
1,144,337
37,500
37,500
0
749,329
0
749,329
357,508

1,175,597
117,775
955,226
573,857
58,220
0
203,895
280,070
661,304
92,062
359,577
3,843
0
205,822
717,425
522,150
195,275
10,403
697
0
0
9,706
0
1,109,073
37,500
37,500
0
737,372
0
737,372
334,201

1,175,597
117,775
955,226
573,857
58,220
0
203,895
280,070
661,304
92,062
359,577
3,843
0
205,822
717,425
522,150
195,275
10,403
697
0
0
9,706
0
1,109,073
37,500
37,500
0
737,372
0
737,372
334,201

531,398
531,398
0
470,477
192,020
278,457
60,921
59,532
1,978
57,554
17,995
17,642
46,716
16,174
11,250
0
219,173

297,209
297,209
0
383,608
112,304
271,304
(86,399)
67,304
1,258
66,046
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
68,670
67,671
(327,986)
1,709
0
0
(878,804)

1,490,368
1,292,938
197,430
1,651,096
1,202,277
448,819
(160,728)
92,303
19,132
73,171
90,706
88,380
(244,535)
3,351
0
0
(62,437)

1,889,547
1,758,015
131,532
1,891,462
1,190,772
700,690
(1,915)
79,985
8,305
71,680
74,370
68,315
(20,934)
18,899
0
0
335,368

1,889,547
1,758,015
131,532
1,891,462
1,190,772
700,690
(1,915)
79,985
8,305
71,680
74,370
68,315
(20,934)
18,899
0
0
335,368

1,613,124
0
19,292
0
82,456

1,635,310
0
13,623
0
78,197

1,418,485
0
(329,695)
797,126
96,275

1,175,682
0
(247,886)
812,277
128,100

1,119,476
697
(39,833)
522,847
191,893

1,119,476
697
(39,833)
522,847
191,893

0.29
17.38
6.19
0.17
1.25
185.42
0.75
-16.62
-24.01
-21.48

0.25
6.09
7.31
0.67
1.03
110.78
0.93
-10.90
-19.98
-18.85

0.13
3.94
0.20
1.03
0.92
100.10
0.66
-1.03
-1.86
-1.82

0.13
3.94
0.20
1.03
0.92
100.10
0.66
-1.14
-1.89
-1.87

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.97
3.39
0.27
0.32
9.12
88.54
0.20
3.20
3.92
3.59
2.71
2.54
3.65
8.79
8.14
370.54

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

200

7.85
1.40
9.94
0.18
14.52
129.07
0.17
1.22
1.45
1.26
4.63
2.46
9.59
6.87
4.63
380.81

0.59
-3.85
-83.02
-87.92
347.70

2.43
-1.77
-16.41
-66.10
305.16

5.25
0.69
-1.11
-10.62
295.75

5.25
0.69
-1.11
-10.62
295.75

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

The Thal Industries Corporation Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
38,405
2,697,887
1,615,296
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

1,815,327
84,805
2,961,081
1,727,369
153,621
0
0
3,153
3,081,126
19,672
1,854,085
49,371
0
1,157,998
2,700,540
1,088,084
1,612,456
1,350,905
544,078
574,800
0
24,016
208,011
845,008
150,232
150,232
0
694,776
0
694,776
0

2,456,173
242,825
3,616,548
2,211,730
184,016
0
0
1,618
2,319,988
17,623
1,259,900
194,788
0
847,677
2,308,188
1,492,460
815,728
1,437,081
607,107
574,800
0
39,348
215,826
1,030,892
150,232
150,232
0
880,660
0
880,660
0

2,348,420
14,391
3,907,462
2,333,589
216,709
0
0
440
3,969,012
230,908
2,335,295
368,759
0
1,034,050
3,754,353
3,018,773
735,580
1,492,505
601,140
574,800
0
47,763
268,802
1,070,574
150,232
150,232
0
920,342
0
920,342
0

3,804,992
3,804,992
0
3,145,049
2,972,104
172,945
659,944
168,804
16,814
151,990
196,218
192,462
307,072
61,211
30,046
0
176,694

6,535,895
6,535,895
0
5,848,897
5,186,204
662,693
686,998
173,214
25,147
148,067
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
478,865
472,177
290,741
104,806
30,046
0
(411,226)

7,374,484
7,369,095
5,389
6,699,994
6,456,688
243,306
674,490
236,738
73,139
163,599
308,870
299,233
164,323
37,074
15,023
0
527,286

9,543,137
9,304,974
238,163
8,556,156
7,121,137
1,435,019
986,981
324,964
104,729
220,235
369,958
364,709
314,921
95,647
22,535
0
267,638

8,595,814
8,269,885
325,929
7,694,411
7,796,509
(102,098)
901,403
353,968
107,745
246,223
512,808
506,333
83,513
54,608
11,267
0
(1,078,504)

1,774,149
382,500
215,815
927,871
212,312

1,805,386
425,000
141,911
1,223,061
207,380

1,904,494
355,000
155,889
1,766,499
235,449

2,195,913
544,078
112,226
1,632,162
257,819

2,467,973
607,107
196,739
2,099,567
342,878

2,563,079
601,140
17,638
3,619,913
365,984

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
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
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
12.38
51.34

0.03
4.19
0.67
1.51
1.14
90.85
4.79
3.68
20.33
8.01
8.47
3.98
1.55
2.23
8.47
56.25

0.09
3.88
2.04
2.00
1.01
89.66
3.63
6.51
33.58
13.50
9.73
7.57
1.86
3.30
14.60
68.62

0.16
5.97
4.29
1.36
1.06
89.51
4.90
1.51
7.95
3.32
2.57
3.68
1.16
0.97
1.92
71.26

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

201

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

FOOD PRODUCTS
PERFORMANCE AT A GLANCE
The balance sheet size of the Food sector reduced by Rs 14.38 billion, to touch Rs. 126.95 billion in 2014
from Rs. 141.34 billion in the previous year recording a decrease of 10.18 percent. The size of the equity
however, improved by Rs. 2.09 billion to register an increase of 4.34 percent over the previous year.
Operational performance of the sector has been slow in 2014 when compared with the last year.

ANALYSIS OF ASSETS

Current Assets

Non-Current Assets
2013
64.53

60.0

2014

Growth

30.0

-4.55%

0.0%

50.0
40.0
30.0

-20.0%
-39.58%

-39.85%

-40.0%

20.0

10.0

8.13

4.91

0.0
-10.0

61.59

2013

20.0%

8.70%

1.650.41
-75.28%

CW in OFA minus Intangible

progress acc. Depr
Assets

1.45
1.58

2.67
1.61

Long term Other NCA

Inv.

-60.0%

Amount in billion

Amount in billions

70.0

2014

Growth

10.0%
5.0%
3.90%
0.0%
17.21
-2.42%
-3.39%
-5.0%
25.98
-10.0%
22.42
6.80
-15.0%
4.62
-20.0%
8.49 -19.92%
1.23
4.73
1.27
-23.23%
-25.0%
26.99

25.0
20.0

15.0
10.0
5.0
0.0

Cash/bank
balance

-80.0%

Invento. Trade Debt Short term Other CA

Inv.

The non-current assets of the sector stood at Rs. 70.10 billion in 2014 as compared to Rs. 78.44 billion in
the last year with a decrease of 10.63 percent. The overall decrease of Rs. 8.34 billion was mainly
attributed to capital work in progress which shared 38.6 percent of the decrease in the non-current assets.
Except inventories, all items under current asset showed downward trend in 2014.

ANALYSIS OF LIABILITIES &

SHAREHOLDERS EQUITY

Liabilities & Shareholders Equity

2013

Food sector reduced its borrowings as short term

70.0

and long term secured loans significantly

60.0

reduced by 5.03 percent and 7.39 percent

respectively.

50.0

30.0

reduced by 3.9 percent in the current year.

20.0

Employee benefits obligations were reduced by

10.0

20.0%
-5.96%
53.81
-36.39%

50.30

-33.47%

-20.0%
-40.0%
-60.0%

57.22

CL

202

-30.57%

22.85

0.0

5.7 percent in 2014 over the previous year.

Growth
4.34%0.0%

40.0

Long term unsecured loans also

2014

35.92

14.68
-88.31%
16.45 11.42 22.06
48.20
4.39 0.51

Non-CL ST Secured LT secured

LT
loans
loans
unsecured
loans

Equity

-80.0%
-100.0%

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Shareholders Equity beefed up in 2014 with an increase of Rs. 2.09 billion recording an increase of 4.34
percent. A decrease of Rs. 0.47 billion in Capital Reserves was offset by an increase of Rs. 3.16 billion in
Revenue Capital in 2014.

PROFITABILITY AND OPERATING EFFICIENCY

Sales of Food sector at Rs. 215.97 billion remained the lowest in 2014 when compared to the
performances in last three years. Exports remained stable but local sales decreased in the current year by
Rs. 40.3 billion. Cost of sales was also reduced by Rs. 21.02 billion with a decrease of 11.50 percent
mainly due to reduction in the cost of material. Asset turnover ratio, an indicator to gauge the efficiency
to use assets to generate sales was recorded as 1.7.
Cost of goods sold to sales ratio increased to 74.9 from 71.34 in the previous current year.
Inventory turnover ratio reflected that sector on average managed to replace and sold its inventory 8
times. However, in the last year the efficiency is reflected as it managed to replace and sale its inventory
for almost ten times.

Productivity
242.28

10.0

215.97

201.75

8.0

200.0
150.0

116.78
9.86

4.0

8.07

7.50

7.26

8.00

7.75

2.0

ROA

250.0

140.69

6.0

Profitability

300.0

256.12

100.0

Amount in billions

12.0

50.0
2.18

2.16

1.98

1.85

1.81

0.0

0.0
2009

2010

Inventory Turnover

2011

2012
Asset Turnover

2013

70.0

74.47

71.13

50.0

EPS

70.83

68.53

56.27
49.37

47.12

40.0
30.0

39.16
22.93

42.30
25.92

10.0

2014

ROCE

60.0

20.0

1.70

ROE

80.0

45.57

41.93

41.57
32.81

24.33

14.82

23.81
20.07

26.26
19.51
18.62

0.0
2009

Sales

2010

2011

2012

2013

15.40

13.38

2014

Return on Assets (ROA), Return on Equity (ROE), and Return on Capital Employed (ROCE) all showed
descending trends in 2014 emphasizing that Food sector could not optimize on its assets, equity and
capital employed in the current year as compared to the previous years.

203

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Food products - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
1,722,423
14,982,136
2,870,925

54,097,232
9,773,889
58,379,819
38,537,816
3,962,501
1,698,423
1,303,407
2,783,697
47,812,193
3,434,811
27,782,782
3,581,210
1,483,980
11,529,410
46,356,377
16,173,143
30,183,234
20,875,908
9,120,468
6,221,039
0
1,114,557
4,419,844
34,677,140
10,642,016
10,642,016
0
21,160,350
2,415,225
18,745,125
2,874,774

72,282,877
15,182,261
72,666,286
50,090,876
4,956,960
1,170,370
1,384,413
4,454,957
58,579,591
4,160,357
31,254,517
4,512,859
3,825,301
14,826,557
53,119,511
18,147,433
34,972,078
31,559,427
16,037,300
6,990,783
0
1,208,189
7,323,155
46,183,530
10,899,754
10,899,754
0
31,804,820
2,067,435
29,737,385
3,478,956

78,443,173
8,132,292
91,040,130
64,528,925
6,366,447
1,653,785
1,453,482
2,674,689
62,895,632
8,488,549
25,981,765
4,733,679
1,268,005
22,423,634
57,217,671
16,446,149
40,771,522
35,917,318
22,064,173
4,388,176
0
1,504,001
7,960,968
48,203,816
11,103,002
11,103,002
0
33,953,485
1,852,748
32,100,737
3,147,329

70,104,192
4,913,345
91,310,673
61,593,380
6,444,070
408,749
1,579,936
1,608,782
56,850,033
6,797,412
26,994,493
4,619,282
1,225,031
17,213,815
53,809,171
11,417,740
42,391,431
22,847,211
14,678,891
512,989
0
1,418,721
6,236,610
50,297,843
10,580,440
10,580,440
0
36,634,748
1,378,998
35,255,750
3,082,655

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
1,717,923
746,218
11,979,800
3,787,561
4,094,125
1,309,787
13,873,249

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
1,537,383
784,797
15,370,582
4,609,374
8,588,358
46,095
13,661,340

201,754,440
193,904,130
7,850,310
147,967,356
121,152,600
26,814,756
53,787,084
31,558,624
24,130,956
7,427,668
3,291,914
2,916,386
20,305,309
5,324,034
9,243,282
35,383
16,368,832

242,280,948
233,192,949
9,087,999
174,371,543
140,167,626
34,203,917
67,909,405
38,285,872
29,346,326
8,939,545
4,176,704
3,654,481
27,707,967
6,906,607
11,204,290
37,652
24,589,616

256,121,872
245,776,410
10,345,462
182,725,200
141,950,614
40,774,586
73,396,672
44,464,839
34,448,196
10,016,643
4,103,310
3,766,130
26,556,768
6,884,772
14,771,771
146,914
27,704,360

215,966,126
205,455,790
10,510,336
161,709,018
123,506,337
38,202,681
54,257,108
30,848,846
22,686,529
8,162,317
4,446,064
4,116,181
20,652,400
6,497,731
10,505,973
7,260
25,414,972

28,715,773
1,392,772
4,098,114
6,274,568
6,979,956

33,555,242
1,307,538
2,172,850
9,921,776
7,552,042

55,553,048
9,120,468
5,737,993
25,293,611
10,763,394

77,742,957
16,037,300
9,597,069
34,184,733
14,762,152

84,121,134
22,064,173
4,900,225
38,510,322
16,176,601

73,145,054
14,678,891
3,648,696
26,096,631
15,004,331

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
39.16
89.02

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
42.30
89.05

0.18
1.63
1.78
1.98
1.03
73.34
1.94
24.33
70.83
45.57
1.62
7.26
7.96
10.06
14.82
34.31

0.24
1.72
1.86
1.85
1.10
71.97
1.83
23.81
68.53
41.57
1.86
7.75
8.58
11.44
20.07
44.56

0.25
1.60
1.85
1.81
1.10
71.34
1.93
19.51
56.27
32.81
1.33
9.86
8.05
10.37
18.62
45.62

0.23
2.06
2.14
1.70
1.06
74.88
1.52
15.40
41.93
26.26
1.35
8.00
6.02
9.56
13.38
47.54

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

204

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Clover Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

110,168

101,585
0
195,925
96,608
12,079
344

58,885
0
158,907
54,924
9,861
101
0
3,860
754,581
170,255
269,940
116,686
103,532
94,168
410,095
0
410,095
7,026
0
0
0
0
7,026
396,345
94,349
94,349
0
301,996
0
301,996
0

8,319
0
25,880
5,554
4,957
0
0
2,765
1,128,743
66,639
43,562
76,267
774,195
168,080
231,322
0
231,322
3,902
0
0
0
0
3,902
901,838
94,349
94,349
0
807,489
0
807,489
0

3,960
0
12,620
3,758
1,095
0
0
202
869,911
8,054
27,730
6,352
728,618
99,157
20,616
0
20,616
0
0
0
0
0
0
853,255
94,349
94,349
0
758,906
0
758,906
0

568
0
7,645
528
710
0
0
40
849,046
3,697
25,353
2,545
729,395
88,056
7,418
0
7,418
0
0
0
0
0
0
842,196
94,349
94,349
0
747,847
0
747,847

22,185
22,185
0
14,204
0
14,204
7,981
58,475
9,932
48,543
67
8
565,234
16,844
94,349
0
(18,707)

28,248
28,248
0
18,791
18,791
0
9,457
28,101
10,787
17,314
62
0
62,212
3,444
56,609
0
(127,183)

41,539
41,539
0
28,172
28,172
0
13,367
29,142
16,299
12,843
170
0
51,657
4,895
127,371
0
(7,390)

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

194,332
105,940
12,431
586

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

8,848
354,622
94,349
94,349

260,273

275,356

275,356

1,035,617
1,035,617

1,241,272
1,241,272

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

779,506
616,979
162,527
256,111
243,385
212,066
31,319
6,182
5,282
14,240
10,357
0
55,349
42,613

979,019
714,186
264,833
262,253
238,776
212,501
26,275
1,647
564
31,986
12,804
14,152
0
45,833

21,063
21,063
0
12,978
0
12,978
8,085
30,776
9,344
21,432
783
720
(14,185)
1,058
37,740
0
7,256

363,470
0
3,883
0

377,388
0
5,030
0
69,415

403,371
0
(52,983)
0
68,734

905,740
0
454,041
0
38,254

853,255
0
2,159
0
11,379

842,196
0
(80,609)
0
10,027

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
2.03
39.18

0.95
3.72
553.99
0.03
1.84
61.62
1.05
-1.80
-3.70
-3.63
-0.40
0.08
-18.70
-67.35
-1.62
42.01

3.96
0.30
343.78
0.02
4.88
64.03
0.26
57.96
87.08
86.35
5.81
0.51
70,655.25
2,547.82
58.12
95.59

36.04
0.22
22.49
0.03
42.20
66.52
0.02
6.19
7.09
7.07
1.04
1.02

99.17
0.41
6.13
0.05
114.46
67.82
0.01
5.99
6.09
6.09
0.37
1.64

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

0.87
0.60
10.82
1.43
1.70
75.27
1.04
2.11
3.88
3.84

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.50
3.70
1.38
0.41
37.59

205

220.24
6.23
90.44

124.36
4.96
89.26

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Engro Food Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2011

2012

10,270,045
1,182,959
8,322,815
6,661,790
921,003
133,598

12,741,150
765,397
10,999,891
8,432,467
1,207,139
104,569

2014

(Thousand Rupees)
2013
2014
16,091,789
3,459,396
13,890,482
11,050,212
1,461,213
603,719

16,214,162
730,627
21,059,858
14,290,892
1,849,878
112,208

2,291,698
6,378,686
350,728
2,637,816
87,121
1,294,000
2,009,021
3,506,970
467,590
3,039,380
5,922,549
5,610,000
0
0
1,870
310,679
7,219,212
7,517,889
7,517,889
0
(298,677)
686,274
(984,951)

3,438,717
9,459,896
422,008
3,494,605
149,074
2,708,750
2,685,459
4,476,747
1,688,412
2,788,335
7,692,980
6,023,070
0
0
0
1,669,910
10,031,319
7,615,776
7,615,776

978,462
8,248,521
575,036
3,199,390
245,767
170,000
4,058,328
4,904,754
1,245,413
3,659,341
8,674,987
7,126,994
0
0
0
1,547,993
10,760,569
7,665,961
7,665,961
0
3,094,608
614,014
2,480,594
0

1,080,435
9,485,552
197,106
3,697,787
95,962
0
5,494,697
7,456,701
3,937,490
3,519,211
6,665,226
5,476,993
0
0
0
1,188,233
11,577,787
7,665,961
7,665,961
0
3,911,826
563,356
3,348,470
0

29,859,226
29,859,226

40,168,919
40,168,919

37,929,238
37,929,238

43,422,187
43,422,187

2,415,543
805,321
1,610,222

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

23,230,445
19,926,540
3,303,905
6,628,781
4,430,113
3,716,489
713,624
1,049,141
1,023,744
1,362,660
321,666
0
0
1,079,520

29,848,301
24,963,306
4,884,995
10,320,618
5,879,728
4,654,275
1,225,453
902,503
870,691
3,920,789
1,325,616
0
0
3,213,639

29,782,081
23,873,607
5,908,474
8,147,157
6,514,496
5,066,178
1,448,318
785,467
754,142
1,174,105
379,824
0
0
2,356,002

35,306,950
28,216,291
7,090,659
8,115,237
6,699,803
4,744,092
1,955,711
1,246,888
1,215,084
473,400
101,671
0
0
715,030

13,141,761
5,610,000
1,040,994
6,077,590
1,271,114

17,724,299
6,023,070
2,595,173
7,711,482
2,145,799

19,435,556
7,126,994
794,281
8,372,407
1,984,309

18,243,013
5,476,993
371,729
9,414,483
2,446,277

0.49
3.51
0.29
1.79
1.82
77.80
1.31
8.18
18.88
10.37

0.73
2.25
0.37
1.81
2.11
74.31
1.21
20.18
45.46
25.41

0.20
2.07
0.65
1.56
1.68
78.52
1.26
5.05
11.29
6.32

0.04
2.87
0.22
1.69
1.27
81.31
1.22
1.89
4.24
2.51

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

206

11.32
2.33
4.56
1.38
9.60

11.49
5.50
9.76
3.41
13.17

11.86
2.56
3.10
1.04
14.04

11.74
1.39
1.09
0.48
15.10

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ismail Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

2,604,511
41,723
2,468,724
1,637,879
143,718

2,858,879
297,304
2,598,248
1,612,056
162,099

3,806,840
164,985
3,895,368
2,489,891
242,108
0
1,109,142
42,822
5,290,028
24,208
4,387,232
577,701
0
300,887
5,135,174
4,228,713
906,461
1,552,231
804,191
352,152
0
29,999
365,889
2,409,463
505,208
505,208
0
1,904,255
579,265
1,324,990
0

4,186,649
251,204
4,323,870
2,668,277
260,935
0
1,239,701
27,467
5,476,861
29,397
4,667,565
477,260
0
302,639
4,714,043
4,042,071
671,972
2,159,753
1,273,708
352,152
0
46,968
486,925
2,789,714
505,208
505,208
0
2,284,506
623,253
1,661,253
0

5,210,975
416,218
5,358,151
3,426,597
281,329
0
1,315,372
52,788
6,388,076
23,599
4,998,983
889,717
0
475,777
5,541,403
4,855,612
685,791
2,804,514
1,872,098
352,152
0
60,300
519,964
3,253,134
505,208
505,208
0
2,747,926
592,561
2,155,365
0

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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
1,000,722
352,152
0
28,860
357,719
2,032,526
505,208
505,208
0
1,527,318
579,265
948,053
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
474,857
211,482
304,763
36,437
88,411
0
765,268

7,754,843
6,998,925
755,918
6,314,109
6,304,688
9,421
1,440,734
583,978
484,586
99,392
526,743
496,913
528,101
81,303
101,042
0
760,605

9,275,522
8,236,872
1,038,650
7,445,004
6,721,529
723,475
1,830,518
679,765
540,010
139,755
624,917
615,123
629,118
92,903
101,042
0
843,287

10,177,476
9,197,227
980,249
8,202,595
7,100,861
1,101,734
1,974,881
1,019,666
853,089
166,577
576,548
566,823
540,075
55,889
113,672
0
890,953

10,776,967
9,798,626
978,341
8,640,706
7,690,203
950,503
2,136,261
1,114,962
954,653
160,309
619,105
597,283
579,742
40,613
113,672
0
1,738,146

2,670,370
1,230,661
114,545
2,901,361
292,382

2,933,905
1,118,045
179,915
3,691,358
336,310

3,771,979
1,000,722
345,756
4,366,760
403,344

3,961,694
804,191
435,173
5,032,904
539,139

4,949,467
1,273,708
370,514
5,315,779
778,516

6,057,648
1,872,098
425,457
6,727,710
739,055

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
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
5.31
34.20

0.10
6.79
5.81
0.93
1.07
81.42
3.10
7.13
28.09
15.75
4.42
1.99
2.06
6.81
8.84
40.23

0.12
6.74
6.23
1.02
1.03
80.27
2.78
7.22
28.33
16.27
5.31
2.11
2.02
6.78
10.61
47.69

0.11
5.66
4.69
1.05
1.16
80.60
2.46
5.76
20.78
12.12
4.26
2.18
1.95
5.31
9.58
55.22

0.16
5.74
8.26
0.93
1.15
80.18
2.57
5.45
19.19
10.53
4.74
2.16
1.97
5.38
10.67
64.39

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

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
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 (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

207

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mitchell's Fruit Farms Ltd.

2009

2010

2011

2012

329,522
5,197
585,550
316,491
29,879
1,326

312,946
1,332
597,551
302,925
29,278
1,061

375,503
13,282
698,735
351,430
34,933
1,285
0
9,506
438,583
12,355
342,533
59,816

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

2014

(Thousand Rupees)
2013
2014

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

332,168
14,503
623,887
308,926
30,808
1,607
0
7,132
431,253
13,580
312,066
63,245
0
42,362
324,216
154,795
169,421
79,710
0
0
0
36,145
43,565
359,495
50,400
50,400
0
309,095
9,336
299,759
0

1,376,861
1,294,029
82,832
1,073,514
894,986
178,528
303,347
204,041
135,993
68,048
37,613
35,509
69,206
3,964
20,160
0
156,022

1,794,248
1,644,557
149,691
1,400,132
1,205,498
194,634
394,116
258,517
183,404
75,113
38,360
34,990
108,146
38,699
35,280
0
85,407

1,884,503
1,721,565
162,938
1,421,736
1,158,998
262,738
462,767
303,468
206,796
96,672
22,964
20,247
152,359
42,214
37,800
12,600
120,891

2,084,262
1,895,669
188,593
1,546,796
1,214,510
332,286
537,466
345,505
248,432
97,073
17,558
13,897
186,937
52,921
47,250
15,750
171,462

1,945,126
1,710,515
234,611
1,423,777
1,152,711
271,066
521,349
380,387
275,836
104,551
38,591
34,866
119,476
0
39,375
0
(21,763)

382,050
0
45,082
166,616
143,565

439,205
0
34,167
154,795
176,870

525,578
0
72,345
140,988
203,850

638,341
0
86,766
97,103
238,085

885,279
149,333
80,101
481,306
270,525

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
12.94
60.76

0.24
2.14
3.52
2.35
1.33
78.03
1.12
15.23
32.49
26.34
1.97
5.75
4.09
6.03
13.78
71.33

0.25
1.22
3.17
2.31
1.52
75.44
0.90
19.32
38.64
31.58
2.91
5.50
8.53
8.08
21.85
85.16

0.33
0.84
2.71
2.25
1.81
74.21
0.78
21.49
39.39
32.12
2.84
6.37
14.45
8.97
21.27
82.53

0.25
1.98
4.97
1.39
1.36
73.20
1.42
10.27
21.75
15.68
3.03
4.79
4.43
6.14
15.17
73.51

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

23,879
288,508
140,988
147,520
96,395
0
0
0
47,652
48,743
429,183
50,400
50,400
0
378,783
9,336
369,447

404,567
6,556
766,085
386,610
37,269
1,078
0
10,323
520,756
37,801
327,371
56,549
0
99,035
286,982
97,103
189,879
118,421
0
0
0
71,595
46,826
519,920
63,000
63,000
0
456,920
9,336
447,584

698,362
43,100
1,066,454
641,699
49,642
2,247
0
11,316
703,215
34,314
405,757
96,602
0
166,542
516,298
331,973
184,325
306,366
149,333
0
0
90,762
66,271
578,913
78,750
78,750
0
500,163
9,336
490,827

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,255,064
1,197,953
57,111
1,020,068
828,745
191,323
234,996
175,939
124,570
51,369
53,487

18,532
4,482
10,080
35,780
(36,674)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

320,321
0
3,970
307,672

H.Key Performance Indicators

0.18
4.26
4.67
1.72
0.98
81.28
1.70
2.56
6.98
6.30
1.39
4.82

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.48
2.79
53.54

208

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Morafco Industries Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

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

2012

1,694

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

1,236
0
21,976
1,236
136
0
0
0
830
104
0
0
0
726
839,673
0
839,673
0
0
0
0
0
0
(837,607)
5,683
5,683
0
(843,290)
5,646
(848,936)
0

0
0
0
0
0
0
0
1,620
323
1,297
0
0
(1,617)
0
0
0
0

0
0
0
0
0
0
0
2,480
315
2,165
0
0
(2,476)
0
0
0
17

0
0
0
0
0
0
0
3,088
296
2,792
0
0
(3,083)
0
0
0
(1)

(832,048)
0
(1,617)
0
160

(834,524)
0
(2,476)
0
749

0.00

0.00

0.00
0.00

0.00
0.00

768
76

692
832,893

832,893
0

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

2011

21,976
1,694
189

B.Current Assets (B1+B2+B3+B4+B5)

C.Current Liabilities (C1+C2)

2010

1.Capital work in progress

2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets
1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2009

(830,431)
5,683
5,683

(836,114)
5,646
(841,760)

2014

(Thousand Rupees)
2013
2014
1,113
0
21,976
1,113
123
0
0
0
867
133
0
0
0
734
842,133
0
842,133
0
0
0
0
0
(840,153)
5,683
5,683
0
(845,836)
5,646
(851,482)

1,002
0
21,976
1,002
111
0
0
0
941
171
0
0
0
770
844,487
0
844,487
0
0
0
0
0
0
(842,544)
5,683
5,683
0
(848,227)
5,646
(853,873)

0
0
0
0
0
0
0
2,552
281
2,271

0
0
0
0
0
0
0
2,404
271
2,133

(2,546)

(2,391)

F.Operation:
0

1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
1,349
336
1,013

(1,344)
0
0

(45)

0
0
23

0
0
25

(837,607)
0
(3,083)
0
1,327

(840,153)
0
(2,546)
0
627

(842,544)
0
(2,391)
0
54

0.00

0.00

0.00

0.00

0.00
0.00

0.00
0.00

0.00
0.00

0.00
0.00

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

(830,431)
0
(1,344)
0

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-1.00
-52.04
0.16
0.16

-1.00
-67.78
0.19
0.19

-1.00
-110.14
0.30
0.30

-1.00
-144.98
0.37
0.37

-1.00
-125.85
0.30
0.30

-1.00
-121.90
0.28
0.28

-2.36
-1,461.25

-2.85
-1,464.10

-4.36
-1,468.46

-5.42
-1,473.88

-4.48
-1,478.36

-4.21
-1,482.57

209

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Murree Brewery Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

3,028,168

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
0
0
0
29,619
140,874
4,233,232
173,201
173,201
0
1,725,416
50,681
1,674,735
2,334,615

3,807,370
0
3,714,748
3,649,647
165,702
0
136,152
21,571
2,164,973
1,104,722
811,577
39,528
82,224
126,922
560,810
2,735
558,075
272,292
4,096
0
0
36,307
231,889
5,139,241
190,520
190,520
0
2,162,850
50,681
2,112,169
2,785,871

3,906,712
0
3,891,729
3,670,403
162,833
0
212,437
23,872
2,737,418
1,654,527
863,675
34,859
31,619
152,738
675,026
2,785
672,241
242,360
1,879
0
0
58,985
181,496
5,726,744
209,572
209,572
0
2,824,302
50,681
2,773,621
2,692,870

3,994,797
0
4,077,766
3,708,169
153,396
0
262,734
23,894
3,620,202
2,524,830
891,006
12,148
34,051
158,167
843,200
2,791
840,409
221,553
1,360
0
0
71,500
148,693
6,550,246
230,530
230,530
0
3,667,771
50,681
3,617,090
2,651,945

3,349,788
3,349,788
0
2,216,880
2,137,079
79,801
1,132,908
434,653
247,735
186,918
4,350
2,388
784,686
264,765
86,601
17,320
407,630

3,628,873
3,628,873
0
2,496,038
2,450,074
45,964
1,132,835
456,283
243,068
213,215
2,133
798
802,809
267,569
95,260
19,052
618,498

4,334,850
4,334,850
0
2,871,710
2,871,710

5,163,496
5,163,496
0
3,340,430
3,340,430

1,595,963
621,395
293,745
186,218
107,527
5,350
4,179
340,854
125,022
65,607
128,573
265,273

2,578,533
2,578,533
0
1,747,741
1,728,360
19,381
830,792
365,543
177,976
187,567
2,507
1,692
524,581
209,252
72,167
28,867
564,042

1,463,140
540,445
287,772
252,673
2,916
0
1,054,065
396,322
125,743
20,957
770,058

1,823,066
652,508
357,971
294,537
1,898
0
1,403,603
466,272
138,318

3,690,126
0
150,226
0
84,586

3,960,980
1,633
243,162
2,683
94,415

4,403,725
0
433,321
1,996
180,039

5,411,533
4,096
439,980
6,831
302,962

5,969,104
1,879
532,000
4,664
359,329

6,771,799
1,360
799,013
4,151
346,343

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
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
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
30.02
244.41

2.19
0.06
1.09
0.61
3.86
68.78
0.16
14.69
17.13
16.36
5.62
4.47
1,007.03
22.12
28.09
269.75

2.55
0.07
0.80
0.65
4.06
66.25
0.16
16.71
19.40
18.52
5.23
5.02

3.05
0.04
0.24
0.68
4.29
64.69
0.16
19.69
22.87
22.03
6.78
5.80

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

3,548,859
2,946,626
125,210

78,207
3,335
1,031,676
222,140
503,415
86,697

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,217,358
2,217,358

1,595,963

1,039,004

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

210

24.32
31.39
273.26

27.18
40.66
284.14

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

National Foods Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

654,835
48,205
875,622
565,799
74,064
35,668

824,968
63,604
1,084,154
731,167
76,303
25,688

957,342
58,341
1,355,476
888,716
89,778
4,473
0
5,812
2,202,427
44,057
1,557,538
288,994
260,132
51,706
1,649,928
508,301
1,141,627
112,652
0
0
0
12,130
100,522
1,397,189
414,427
414,427
0
982,762
0
982,762
0

1,083,739
28,863
1,588,487
1,020,094
28,863
23,086
0
11,696
3,155,604
171,369
1,912,425
652,142
327,908
91,760
2,424,356
950,968
1,473,388
140,287
0
0
0
23,929
116,358
1,674,700
414,427
414,427
0
1,260,273
0
1,260,273
0

1,298,407
98,547
1,843,603
1,141,607
98,547
36,128
0
22,125
3,680,692
98,775
2,230,385
800,356
461,585
89,591
2,595,627
955,268
1,640,359
144,655
0
0
0
29,735
114,920
2,238,817
518,034
518,034
0
1,720,783
0
1,720,783
0

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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
4,627
79,275
922,811
414,427
414,427
0
508,384
0
508,384
0

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
86,841
16,220
220,702
81,241
82,886
318,982
202,147

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
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
125,696
88,639
361,751
124,500
103,607
0
422,593

7,168,603
6,350,306
818,297
4,837,315
3,982,285
855,030
2,331,288
1,466,789
1,187,150
279,639
71,042
60,491
836,249
229,000
248,656
0
1,068,766

8,545,966
7,531,755
1,014,211
5,588,508
4,883,915
704,593
2,957,458
1,964,510
1,611,547
352,963
74,886
62,673
984,983
285,000
310,820
103,607
344,729

9,729,184
8,550,830
1,178,354
6,318,645
5,323,524
995,121
3,410,539
2,333,009
1,870,960
462,049
89,488
68,466
1,058,439
323,365
414,427
0
549,956

795,865
60,000
56,576
545,536
436,127

847,533
20,000
61,450
1,209,769
501,370

1,176,463
169,750
133,644
897,690
564,868

1,509,841
0
358,593
508,301
781,605

1,814,987
0
389,163
950,968
908,776

2,383,472
0
320,647
955,268
1,056,506

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
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
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
5.72
22.27

0.36
0.99
4.03
2.27
1.33
67.48
1.26
27.81
72.09
62.26
2.44
4.60
14.82
11.67
14.65
33.71

0.47
0.88
7.63
2.02
1.30
65.39
1.53
26.62
64.13
59.25
2.25
4.47
16.72
11.53
16.89
40.41

0.52
0.92
8.23
1.95
1.42
64.95
1.22
22.96
54.09
50.42
1.77
4.36
16.46
10.88
14.19
43.22

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

211

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nestle Pakistan Ltd.

2009

2010

2011

2012

11,741,452
914,956
18,321,954
10,700,874
1,270,046
7,106

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

34,030,601
11,549,623
31,830,556
21,970,957
2,131,633
7,173
0
502,848
16,859,446
760,831
8,025,653
491,842

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

2014

(Thousand Rupees)
2013
2014

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

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
442,050
111,024
4,186,257
1,181,124
2,720,976
154,769
4,607,863

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
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
1,050,355
903,474
6,502,864
1,010,796
2,947,724
0
5,484,232

79,087,696
72,971,236
6,116,460
57,564,265
43,228,390
14,335,875
21,523,431
11,877,630
8,787,508
3,090,122
1,827,969
1,768,200
7,977,974
1,191,532
3,174,472
0
8,255,581

86,226,869
79,982,121
6,244,748
62,066,072
44,869,798
17,196,274
24,160,797
14,129,304
10,731,584
3,397,720
2,113,096
2,058,716
8,112,962
1,144,452
5,668,700
0
9,037,209

96,457,743
90,485,378
5,972,365
69,133,753
50,152,486
18,981,267
27,323,990
14,683,077
11,085,448
3,597,629
2,155,637
1,974,910
11,009,168
3,470,398
7,709,432
0
14,626,082

10,503,850
0
284,157
756,362
3,033,898

13,145,660
55,415
715,623
2,894,044
3,033,898

18,391,404
2,013,690
2,544,344
11,180,513
4,277,554

30,869,304
9,084,170
3,611,970
18,963,230
5,538,710

34,288,532
13,519,625
1,299,810
21,708,056
6,170,978

23,953,455
6,951,459
(170,662)
7,451,459
8,187,466

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
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
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
121.11
167.86

0.06
2.31
0.62
1.55
0.84
72.79
3.40
18.54
83.22
32.39
2.14
9.85
5.51
10.09
149.65
254.91

0.06
2.45
0.40
1.65
1.00
71.98
3.41
15.73
69.28
24.90
1.23
10.88
4.94
9.41
153.66
261.51

0.02
2.23
0.28
1.86
0.66
71.67
3.10
21.17
89.92
37.80
0.98
9.88
6.57
11.41
166.24
278.45

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

7,581,120
20,020,743
9,879,060
10,141,683
19,309,040
9,084,170
6,282,794
0
637,985
3,304,091
11,560,264
453,496
453,496
0
11,106,768
249,527
10,857,241
0

34,353,038
2,351,556
43,239,870
31,467,872
3,001,633
169,938
0
363,672
17,936,483
720,065
7,925,132
346,041
0
8,945,245
18,000,989
8,188,431
9,812,558
22,429,375
13,519,625
3,945,187
0
862,403
4,102,160
11,859,157
453,496
453,496
0
11,405,661
249,527
11,156,134
0

33,324,915
2,233,971
44,985,719
30,550,199
3,237,230
167,546
0
373,199
18,405,780
226,143
9,763,987
272,321
0
8,143,329
27,777,240
500,000
27,277,240
11,325,830
6,951,459
0
0
1,110,999
3,263,372
12,627,625
453,496
453,496
0
12,174,129
249,527
11,924,602
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

212

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Noon Pakistan Ltd.

2009

2010

2011

2012

446,876
5,402
608,916
440,777
43,099
172

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

638,088
0
1,010,827
636,753
62,448
116
0
1,219
687,177
36,564
198,185
109,019

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

2014

(Thousand Rupees)
2013
2014

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
1,528,572
834,997
693,575
217,037
143,937
96,814
47,123
51,106
12,962
46,070
(2,510)
0
2,200
115,052

2,436,416
2,436,416
0
2,170,498
1,190,134
980,364
265,918
198,011
133,944
64,067
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
59,706
50,897
67,487
31,066
0
12,672
88,208

3,305,489
3,305,489
0
2,901,264
1,515,663
1,385,601
404,225
317,360
231,378
85,981
62,523
49,518
49,519
33,138
0
0
180,767

2,926,229
2,926,229
0
2,634,441
1,249,394
1,385,047
291,788
393,972
307,287
86,685
53,060
42,695
(144,684)
8,010
0
0
(14,753)

2,194,025
2,194,025
0
1,989,779
1,446,477
543,302
204,246
282,779
154,832
127,947
60,251
51,994
(120,857)
21,059
0
0
(56,340)

376,354
62,174
48,580
192,122
73,057

354,637
27,098
22,106
250,403
87,985

595,933
229,709
36,421
509,913
89,833

467,108
54,036
16,381
283,161
120,696

443,550
141,967
(152,694)
440,091
133,689

457,259
227,648
(141,916)
622,451
115,218

0.20
2.93
3.54
2.34
0.81
87.57
2.22
6.17
21.72
13.98

0.21
1.64
3.78
2.66
0.73
89.09
2.50
5.97
20.09
13.56
2.45
28.80
5.46
2.03
2.94
20.65

0.37
2.02
2.49
2.17
1.04
87.59
3.20
5.93
23.05
14.20

0.17
1.89
3.30
2.49
0.80
87.77
2.69
3.69
14.49
9.32

0.28
1.81
6.04
2.13
0.78
90.03
4.94
-10.71
-48.95
-31.78

0.46
2.75
10.10
1.55
0.87
90.69
14.84
-8.65
-75.25
-26.83

525
299,074
10,843
90,035
61,764

136,432
369,596
129,948
239,648
144,504
62,174

343,409
858,157
229,125
629,032
107,538
54,036
0
0
0
53,502
359,570
139,392
139,392
0
164,390
0
164,390
55,788

647,767
0
1,082,457
645,047
63,706
39
0
2,681
728,577
80,390
73,860
176,824
0
397,503
932,794
298,124
634,670
211,967
141,967
70,000
0
0
0
231,583
139,392
139,392
0
37,375
0
37,375
54,816

581,217
0
1,068,257
576,928
62,774
1,608
0
2,681
838,282
218,124
62,365
221,613
0
336,180
962,240
394,803
567,437
367,648
227,648
140,000
0
0
0
89,611
139,392
139,392

(97,386)

(97,386)
47,605

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

19.39
4.55
2.64
11.25
53.67

213

16.67
2.33
2.28
2.87
25.56

16.68
2.00
1.50
1.18
25.80

39.62
-2.39
-4.94
-10.95
16.61

35.18
-1.32
-5.51
-10.18
6.43

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Punjab Oil Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

199,515
3,639
295,917
181,416
9,901

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
29,614
3,876
325,406
53,907
53,907
0
150,878
23,137
127,741
120,621

418,018
592
411,398
386,400
13,636
13,521
0
17,505
720,719
21,734
230,480
288,180
0
180,325
595,454
42,271
553,183
56,722
0
0
0
30,655
26,067
486,561
53,907
53,907
0
161,577
23,137
138,440
271,077

404,510
3,224
438,792
390,192
25,735
6,146
0
4,948
814,982
41,292
165,915
427,436
0
180,339
622,939
453
622,486
54,013
0
0
0
35,527
18,486
542,540
53,907
53,907
0
227,141
23,137
204,004
261,492

389,332
3,764
448,708
376,505
26,213
0
0
9,063
969,707
36,786
127,316
588,807
0
216,798
698,221
0
698,221
61,370
0
0
0
50,820
10,550
599,448
53,907
53,907
0
290,757
23,137
267,620
254,784

2,625,310
2,357,144
268,166
184,600
92,869
49,004
43,865
857
273
103,480
63,206
4,594
12,803
37,530

3,018,442
3,018,442
0
2,837,147
2,731,893
105,254
181,295
109,529
55,120
54,409
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
1,892
84,991
102,502
67,909
5,391
5,391
(57,431)

4,168,049
4,168,049
0
3,924,977
3,748,665
176,312
243,072
157,750
84,750
73,000
5,011
4,011
83,339
77,560
0
0
36,761

4,525,961
4,525,961
0
4,120,586
3,944,471
176,115
405,375
243,135
165,375
77,760
4,321
3,534
163,216
87,084
13,477
0
79,315

4,772,826
4,772,826
0
4,270,102
4,012,024
258,078
502,724
326,982
208,614
118,368
3,153
1,813
180,315
103,115
18,867
0
11,624

249,880
0
35,680
0
24,815

298,049
364
27,206
633
24,815

358,896
0
29,202
26,756
74,467

543,283
0
5,779
42,271
85,822

596,553
0
62,655
453
99,780

660,818
0
58,333
0
89,007

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
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
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
6.42
60.36

0.52
0.12
6.91
3.66
1.21
94.17
1.34
8.38
20.53
18.48

0.75
0.10
9.44
3.71
1.31
91.04
1.25
13.84
31.72
28.64
5.65
27.28
47.18
3.61
14.12
100.64

0.90
0.07
12.34
3.51
1.39
89.47
1.27
13.99
31.54
28.68
4.09
37.49
100.46
3.78
14.32
111.20

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,809,910
2,809,910

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

214

18.08
21.78
2.00
1.07
90.26

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Quice Food Industries Ltd.

2009

2010

2011

2012

30,932
112,203
30,932
3,323

27,981
0
112,242
27,981
2,990

20,909
13
251
19,784

24,447
110
408
23,089

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)
6,875
(124,453)
0

61,406
5,264
127,106
56,142
4,154
0
0
0
160,479
4,922
25,222
118,701
0
11,634
3,066

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)

16,016
48,923
7,100
41,514

150
(17,229)
106,875
106,875

309
(12,511)
106,875
106,875

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

840
16,016

20,442
48,628
19,100
29,378

1.Short term Secured loans

2.Other current liabilities
1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

861
20,442

(124,104)
(130,979)

(119,386)
6,875
(126,261)

29,253
29,253

56,604
56,604

3,066
68,974
67,737

1,237
149,845
326,735
326,735

2014

(Thousand Rupees)
2013
2014
134,207
45,764
167,411
88,443
8,004
0
0
0
157,298
29,560
24,909
101,125
0
1,704
2,688
0
2,688
2,219
0

2,219

139,369
55,545
171,693
83,824
8,901
0
0
0
192,569
1,974
43,057
134,109
0
13,429
19,932
0
19,932
2,804
0
0

2,804

(213,358)
(125,041)
(88,317)
36,468

286,598
522,006
522,006
0
(268,230)
(183,391)
(84,839)
32,822

309,202
522,006
522,006
0
(242,150)
(183,391)
(58,759)
29,346

182,382
182,382
0
119,386
117,543
1,843
62,996
19,470
8,472
10,998
64
0
34,217
0
0
0
(31,734)

202,773
202,773
0
127,474
109,733
17,741
75,299
53,527
23,121
30,406
292
0
302
0
0
0
60,122

190,187
190,187
0
119,075
106,296
12,779
71,112
49,751
33,803
15,948
42
0
23,776
0
0
0
(12,448)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(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
29
0
4,661
0
0
0
(56,248)

31,399
19,100
(101,645)
19,100
3,264

36,412
7,100
1,738
7,100
5,394

83,353
93,306
4,661
93,306
10,501

218,819
67,737
34,217
67,737
13,427

288,817
0
302
0
16,916

312,006
0
23,776
0
26,121

0.97
0.02
67.63
0.56
1.02
81.82
-4.01
-90.16
-302.57
-175.53

1.45
0.09
40.79
1.08
1.53
82.43
-5.19
6.19
-21.70
9.52

2.84
0.03
42.43
1.12
4.27
93.36
-10.49
6.05
-40.16
7.78

40.32
0.03
65.08
0.82
52.34
65.46
0.48
21.15
49.18
22.65

48.62
0.14
49.87
0.70
58.52
62.87
0.02
0.12
0.14
0.12

6.83
0.02
70.51
0.57
9.66
62.61
0.07
7.63
7.98
7.91

23,935
16,321
7,614
5,318
125,480
1,373
124,107
5

46,659
39,320
7,339
9,945
9,031
4,010
5,021
51

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

116.55

138.74

6.21

7.23

8.14

4.42

-347.47
-9.51
-1.61

5.70
0.16
-1.17

4.10
0.44
-1.00

18.76
1.05
4.59

0.15
0.01
5.49

12.50
0.46
5.92

215

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Rafhan Maize Products Co. Ltd.

2009

2010

2011

2012

2,772,564
987,851
3,475,452
1,765,365
150,911

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

5,136,789
1,312,568
5,966,590
3,749,062
213,369
20,799

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

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
48,766
42,401
2,011,864
714,784
831,276
73,411
2,830,047

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
31,548
24,166
2,799,989
887,774
1,154,550
0
232,457

4,268,051
0
465,804
0
608,738
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
140.43
433.91

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

19,348
2,473,347
673,409
1,166,118
315,365

318,455
977,860

977,860
260,321

260,321
4,007,730
92,364
92,364

3,915,366

2014

(Thousand Rupees)
2013
2014
5,177,589
233,469
7,452,240
4,909,256
371,690
14,087

5,177,006
432,198
7,637,153
4,733,190
446,229
7,375

54,360
5,183,660
506,520
3,093,207
742,382

20,777
6,742,887
57,322
545,310
770,947

4,243
7,721,077
3,115,831
2,727,126
902,666

841,551
2,894,534
0
2,894,534
562,057
0
0
0
0
562,057
6,863,858
92,364
92,364
0
6,771,494
37,887
6,733,607

5,369,308
2,789,464
80,388
2,709,076
708,048
0
0
0
0
708,048
8,422,964
92,364
92,364

975,454
2,541,580
0
2,541,580
675,055
0
0
0
432
674,623
9,681,448
92,364
92,364

8,330,600
37,887
8,292,713

9,589,084
37,887
9,551,197

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
57,740
48,567
3,216,190
1,152,930
1,154,550
0
2,440,132

19,531,398
18,846,757
684,641
15,556,892
10,604,474
4,952,418
3,974,506
896,372
368,192
528,180
56,099
47,613
3,122,804
896,938
1,154,550
0
3,088,555

23,672,632
22,326,138
1,346,494
19,459,818
13,691,188
5,768,630
4,212,814
781,824
223,836
557,988
58,055
44,361
3,593,498
915,254
1,246,914
0
1,229,003

25,196,599
23,996,617
1,199,982
20,539,625
13,791,913
6,747,712
4,656,974
884,164
257,508
626,656
117,018
103,128
3,753,872
1,311,661
1,293,096
0
4,936,957

5,305,639
0
757,665
634,460
661,374

6,255,272
0
908,710
397,902
769,347

7,425,915
0
1,071,316
0
930,237

9,131,012
0
1,431,330
80,388
1,060,522

10,356,503
0
1,149,115
0
758,355

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
207.03
536.34

0.30
0.32
2.94
2.21
2.03
79.20
0.41
41.39
59.36
55.64
1.79
6.08
67.22
17.60
223.38
636.78

0.43
0.29
3.80
1.89
1.79
79.65
0.50
33.58
49.00
45.65
1.93
6.31
66.59
15.99
240.99
743.13

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

216

0.30
0.25
3.26
1.99
2.42
82.20
0.42
32.31
47.01
43.41
2.15
43.41
82.01
15.18
289.97
911.93

1.58
0.46
3.58
1.95
3.04
81.52
0.33
30.25
41.47
38.53
1.89
9.24
37.40
14.90
264.41
1,048.18

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

S.S. Oil Mills Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

345,504
23,661
485,569
320,624
9,485

347,083
31,522
486,714
314,342
8,875

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
20,837
0
5,964
75,866
405,031
56,584
56,584
0
215,016
0
215,016
133,431

328,400
19,189
530,185
307,992
28,070
0
0
1,219
587,949
65,344
230,758
143,230
0
148,617
380,335
254,121
126,214
105,702
0
20,837
0
6,699
78,166
430,312
56,584
56,584
0
261,372
0
261,372
112,356

335,344
0
577,992
330,345
25,454
0
0
4,999
767,730
13,221
320,455
150,814
0
283,240
524,388
406,816
117,572
101,345
0
20,837
0
6,766
73,742
477,341
56,584
56,584

315,428
105,329

347,978
98,975

2,397,218
2,397,218
0
2,282,207
2,070,459
211,748
115,011
23,316
7,733
15,583
40,709
40,198
52,307
24,709
0
0
54,363

2,298,702
2,298,702
0
2,177,614
2,131,180
46,434
121,088
22,408
6,109
16,299
44,328
42,778
55,746
13,142
0
0
(172,418)

1,528,661
1,528,661
0
1,435,275
1,066,905
368,370
93,386
26,490
7,486
19,004
35,459
34,714
31,921
16,432
0
0
179,163

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,219

1,219

407,539
3,180
237,981
105,829

518,446
9,441
249,048
71,443

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

315,023
6,244
577,992
303,754
26,591
0
0
5,025
600,257
25,622
24,541
74,877
0
475,217
320,314
246,323
73,991
91,429
0
20,837
0

70,592
503,537
56,584
56,584

315,428

347,978

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

913,542
716,613
196,929
60,141
18,609
8,923
9,686
30,586
29,411
11,337
15,981

1,148,892
1,056,011
92,881
76,343
15,207
4,762
10,445
47,575
46,335
15,137
2,077

(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
33,480
31,541
62,893
24,049
0
0
103,780

456,533
20,837
(4,644)
234,119
13,668

466,263
20,837
13,060
344,015
14,706

507,698
0
38,844
234,217
17,825

536,014
0
27,598
254,121
23,849

578,686
0
42,604
406,816
27,595

594,966
0
15,489
246,323
29,288

0.37
3.14
10.87
1.29
1.37
93.82
1.13
1.37
3.60
3.09

0.20
3.88
5.83
1.42
1.30
93.77
1.36
1.87
4.21
3.28

0.41
2.06
7.63
1.94
1.52
92.93
1.06
7.40
16.31
12.91

0.55
1.70
5.97
2.62
1.55
95.20
1.13
5.97
12.52
10.02

0.31
1.93
6.56
2.08
1.46
94.73
1.31
5.52
12.28
10.00

0.31
2.32
4.90
1.67
1.87
93.89
0.82
3.16
6.51
5.44

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

217

4.09
1.39
1.16
-0.82
62.41

4.92
1.33
1.24
2.31
64.72

15.92
2.99
3.87
6.86
71.58

10.39
2.30
2.18
4.88
76.05

7.17
2.30
2.43
7.53
84.36

62.29
1.92
2.09
2.74
88.99

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shakarganj Food Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

231

231

231

231
0

231
0

231
0

(231)
30,000
30,000
0
(30,231)
0
(30,231)

(231)
30,000
30,000
0
(30,231)
0
(30,231)

(231)
30,000
30,000
0
(30,231)
0
(30,231)

0
0
0
0
0
0
0
122
0
122
0
0
(122)
0
0
0
0

0
0
0
0
0
0
0
93
0
93
0
0
(93)
0
0
0
0

0
0
0
0
0
0
0
96
0
96
0
0
31,742
0
0
0
30,847

0
182

0
182

0
182

(850)
0
(122)
0
0

(943)
0
(93)
0
0

0.00

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

182

182

182

(182)

(182)

(182)

(49)
0
31,742
0
0

(231)
0
(182)
0

(231)
0
(182)
0

(231)
0
(182)
0

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

-1.00

-1.00

-1.00

-1.00

-1.00

-1.00

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

218

0.39
0.75

0.29
10.37

-199.39
-6,399.60

130.00
130.00

78.79
78.79

78.79
78.79

-0.04
-10.57

-0.03
-10.60

10.58
-0.02

-0.06
-0.08

-0.06
-0.08

-0.06
-0.08

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shezan International Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

310,979
4,105
551,529
295,665
39,271

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
0
0
0
0
71,747
953,011
60,000
60,000
0
893,011
3,293
889,718
0

448,348
56,326
775,598
378,264
56,668
0
8,419
5,339
1,747,094
109,169
1,245,699
243,299
0
148,927
1,023,300
310,500
712,800
56,682
0
0
0
0
56,682
1,115,460
60,000
60,000
0
1,055,460
3,372
1,052,088
0

769,061
79,542
1,201,554
685,167
128,007
0
1,144
3,208
1,508,567
149,601
998,614
248,995
9,860
101,497
916,198
154,948
761,250
50,392
0
0
0
0
50,392
1,311,038
66,000
66,000
0
1,245,038
5,000
1,240,038
0

853,797
84,419
1,376,439
763,206
143,418
0
1,830
4,342
1,833,945
153,416
1,147,773
323,208
0
209,548
1,113,964
164,530
949,434
68,522
0
0
0
0
68,522
1,505,256
72,600
72,600
0
1,432,656
5,000
1,427,656
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
6,542
2,541
160,570
58,099
36,000
57,625
113,454

3,528,134
3,311,217
216,917
2,591,790
2,354,285
237,505
936,344
772,607
580,492
192,115
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
40,343
37,593
210,602
66,046
45,000
0
98,443

5,060,898
4,793,885
267,013
3,603,285
2,610,560
992,725
1,457,613
1,124,082
846,287
277,795
53,118
46,173
318,070
111,865
54,000
6,000
165,672

5,674,500
5,103,333
571,167
3,963,874
2,745,970
1,217,904
1,710,626
1,307,806
1,005,438
302,368
45,756
41,721
394,321
151,290
66,000
6,600
377,732

6,760,527
5,813,844
946,683
4,735,740
3,265,423
1,470,317
2,024,787
1,649,276
1,272,778
376,498
28,571
23,762
400,532
122,870
72,600
7,260
311,683

823,504
0
66,471
30,228
234,816

939,259
37,228
79,219
150,176
234,816

1,024,758
0
99,556
231,174
190,200

1,172,142
0
152,205
310,500
373,925

1,361,430
0
177,031
154,948
432,849

1,573,778
0
205,062
164,530
516,690

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
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
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
24.09
158.84

0.34
1.05
4.81
2.31
1.71
71.20
0.97
15.36
30.75
28.96
3.82
4.06
7.89
6.28
34.37
185.91

0.45
0.81
4.39
2.49
1.65
69.85
0.74
17.63
32.50
31.13
3.68
5.68
10.45
6.95
36.82
198.64

0.43
0.42
4.78
2.52
1.65
70.05
0.79
16.13
28.44
27.29
3.82
5.89
17.86
5.92
38.25
207.34

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

219

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Unilever Pakistan Foods Ltd.

2009

2010

2011

2012

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

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

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
114,403
0
0
0
32,710
81,693
481,661
61,576
61,576
0
420,085
25,258
394,827
0

756,907
39,930
1,151,861
609,403
52,879
81,637
0
25,937
1,248,575
201,902
750,374
146,113

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
22,517
20,854
241,656
64,864
0
48,941
351,377

4,040,887
4,040,887

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

2014

(Thousand Rupees)
2013
2014

150,186
1,302,715
64,897
1,237,818
106,989
0
0
0
3,923
103,066
595,778
61,576
61,576
0
534,202
25,258
508,944

144,216
1,764,535
25,161
1,739,374
111,922
0
0
0
4,328
107,594
449,729
61,576
61,576
0
388,153
25,258
362,895

1,905,260
808,712
1,609,259
995,280
59,101
81,637
0
19,631
1,560,692
137,024
849,057
204,351
0
370,260
2,570,315
28,950
2,541,365
112,239
0
0
0
1,369
110,870
783,398
61,576
61,576
0
721,822
25,258
696,564

2,506,003
2,115,987
390,016
1,534,884
900,152
786,593
113,559
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
6,863
3,372
910,132
293,437
615,760
0
964,204

5,861,096
5,861,096
0
3,630,636
3,059,125
571,511
2,230,460
1,224,039
993,825
230,214
8,066
1,949
1,072,175
322,304
714,282
0
806,912

6,958,846
6,958,846
0
4,051,302
3,445,890
605,412
2,907,544
1,507,195
1,234,866
272,329
9,043
3,115
1,463,855
453,966
1,003,566
0
1,652,146

7,787,059
7,787,059
0
4,426,989
3,913,482
513,507
3,360,070
1,733,930
1,445,978
287,952
49,793
10,161
1,689,929
515,380
578,814
0
1,405,243

294,153
0
176,792
148,775
252,199

442,577
0
273
170,204
282,287

596,064
0
935
94,526
109,739

702,767
0
35,589
64,897
145,407

561,651
0
6,323
25,161
162,462

895,637
0
595,735
28,950
413,399

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
71.04
65.67

0.24
0.14
3.82
2.80
0.88
61.04
2.67
63.72
205.43
175.25
1.00
8.33
270.91
18.42
100.15
78.22

0.27
0.14
2.49
2.92
0.96
61.94
2.37
56.84
199.02
165.10
1.05
7.81
551.12
18.29
121.78
96.75

0.26
0.13
2.63
2.99
0.68
58.22
4.17
67.59
280.03
231.55
1.01
11.71
470.94
21.04
164.01
73.04

0.13
0.64
2.62
2.25
0.61
56.85
3.42
58.35
274.09
231.93
2.03
9.17
167.32
21.70
190.75
127.22

342,819
25,258
317,561
0

1,121,314
385,350
1,234,426
635,064
52,849
81,637
0
19,263
1,204,872
283,754
594,105
182,797

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

10.11
12.59
7.16
28.71
43.63

220

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

CHEMICAL & PHARMACEUTICAL PRODUCTS

PERFORMANCE AT A GLANCE
The balance sheet size of the Chemical & Pharmaceutical Products sector increased by Rs 156.83 billion
to touch Rs. 874.26 billion in 2014 from Rs. 717.43 billion in the previous year recording an increase of
21.86 percent. The size of the equity, also increased by Rs. 67.71 billion to register an increase of 25.32
percent over the previous year. Operational performance of the sector shows upward trend in 2014 when
compared with the last year.

ANALYSIS OF ASSETS
Non-Current Assets
2013

361.74

40.0%

29.46%

94.73
73.21%

20.0%

190.0

10.0%
-7.82%
432.21

0.0%

78.61
101.77

6.906.36

-10.0

7.55
10.37

-10.0%

58.35

60.0

27.70

64.93
31.14

4.03%54.69

20.0%
65.79 11.58%

0.0%

26.63
-10.13%

0.0

-20.0%

60.0%
40.0%

34.65%
41.93

40.0

20.0

80.0%
73.41

80.0

30.0%

290.0

19.45
27.42

Growth

37.29%

19.48%

90.0

2014

100.0

50.0%

41.03%

390.0

Current Assets
2013

Growth

Amount in billion

Amount in billions

490.0

2014

-20.0%
Cash/bank Invento. Trade Debt Short term Other CA
balance
Inv.

CW in OFA minus Intangible Long term Other NCA

progress acc. Depr
Assets
Inv.

The non-current assets of the sector stood at Rs. 578.14 billion in 2014 as compared to Rs. 474.25 billion
in the last year with an increase of 21.91 percent. The overall increase of Rs. 103.89 billion in non-current
assets was mainly attributed to increased value of operating fixed assets after deducting accumulated
depreciation.
The current assets stood at Rs. 296.12 billion in 2014 as compared to Rs. 243.18 billion in the last year
with an increase of 21.77 percent. The overall increase of Rs.52.94 billion in current assets was mainly
due to Cash & bank balance and short term investment.

ANALYSIS OF LIABILITIES &

SHAREHOLDERS EQUITY

Liabilities & Shareholders Equity

2013

2014

400.0

Current liabilities increased by Rs.71.30 billion

from Rs. 256.88 billion in 2013 to Rs. 328.18
billion in 2014 showing an increase of 27.76

Amount in billion

350.0

percent as compared with the previous year.

300.0

25.32%
335.12

20.0%

210.96

150.0

0.0%

-4.51%

-10.0%

100.0
256.88

193.14

0.0
CL

221

10.0%

9.23%

200.0

40.0%
30.0%

27.76%
328.18

250.0

50.0

Growth
36.66%

Non-CL

116.61
-17.31%
75.66141.02
1.46 267.41
79.24
1.07

ST
Secured
loans

LT
LT
secured unsecured
loans
loans

Equity

-20.0%
-30.0%

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Shareholders Equity increased by Rs. 67.71 billion in 2014 as compared with the previous year recording
an increase of 25.32 percent. Capital Reserves remained almost same in 2014, Revenue Reserve however
increased by Rs.47.92 billion showing an increase of 39.03 percent.

PROFITABILITY AND OPERATING EFFICIENCY

Sales of Chemical & Pharmaceutical Products sector at Rs. 685.63 billion increased by 17.76 percent in
2014 when compared to the previous year. Cost of sales also increased by Rs. 92.23 billion reflecting an
increase of 21.86 percent. Asset turnover ratio, an indicator to gauge the efficiency to use assets to
generate sales was recorded as 0.78.
Cost of goods sold to sales ratio increased to 75.00 percent from 72.48 percent in the current year.
Inventory turnover ratio reflected that sector on average managed to replace and sell its inventory 11.75
times.

685.63
536.46

10.0

600.0

428.28

8.0
328.74
11.75

500.0
400.0

10.49

4.0

11.75
9.55

8.67

ROA

700.0

582.22

577.91

800.0

8.97

300.0
200.0

2.0

100.0
0.73

0.73

0.83

0.86

0.81

0.78

0.0

ROE

ROCE

EPS

50.0
Amount in billions

12.0

6.0

Profitability

Productivity

14.0

46.00

40.0
33.77

31.87

30.0

30.57

28.31

26.91

23.60

20.0

17.93

16.58
12.01

12.48

10.0

16.11

15.33
10.02

17.31

16.11

11.11

10.19

0.0
2009

2010

Inventory Turnover

2011

2012
Asset Turnover

2013

2014

0.0

3.92

2009

Sales

4.85

2010

7.40

2011

4.56

5.70

5.22

2012

2013

2014

Return On Assets (ROA), Return On Equity (ROE), and Return On Capital Employed (ROCE) all
showed decreasing trend in 2014.

222

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Chemicals, Chemical Products and Pharma. - Overall

2009

2010

2011

2012

313,374,019
130,764,852
195,625,201
129,257,161
8,805,988
5,551,835
45,784,912
2,015,258
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

404,036,905
151,593,553
345,698,615
206,336,757
14,959,415
6,658,705
32,837,518
6,610,372
181,586,700
51,742,380
40,813,825
22,694,281
22,679,322
43,656,892
174,827,027
49,555,531
125,271,496
208,089,599
161,584,341
8,928,669
966,690
36,609,899
202,706,979
86,767,108
82,767,108
4,000,000
104,393,765
27,284,358
77,421,633
11,546,106

430,250,574
37,130,487
503,472,670
339,683,976
19,179,871
6,535,911
39,683,276
7,216,924
219,736,849
37,640,997
56,189,208
23,458,965
51,111,758
51,335,921
217,415,198
59,389,661
158,025,537
202,584,391
149,767,173
8,498,254
9,640,111
777,307
33,901,546
229,987,834
92,877,353
88,877,353
4,000,000
125,891,891
27,845,992
98,045,899
11,218,590

447,541,803
24,501,995
543,853,999
349,814,720
23,114,094
6,536,014
49,073,757
17,615,317
227,103,983
37,406,997
66,628,719
37,040,870
29,273,050
56,754,347
241,544,068
70,646,945
170,897,123
194,407,124
142,959,255
959,834
11,226,127
664,703
38,597,205
238,694,594
97,246,252
97,246,252

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
12,970,450
11,774,014
44,063,457
14,636,477
20,210,085
1,164,755
72,991,534

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
15,476,691
13,664,988
62,291,408
21,146,649
23,400,331
6,433,900
51,537,539

340,816,182
130,104,362
9,216,894
169,687,678
17,756,372
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
3.92
22.12

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

2014

(Thousand Rupees)
2013
2014

129,949,092
29,231,411
100,717,681
11,499,250

474,247,571
19,445,362
559,502,760
361,741,559
24,561,385
6,904,466
78,605,263
7,550,921
243,183,072
31,137,466
64,932,437
26,626,988
54,693,036
65,793,145
256,882,445
79,237,206
177,645,239
193,139,312
141,015,441
1,071,342
9,516,755
529,891
41,005,883
267,408,886
98,195,671
98,195,671
0
157,289,596
34,497,866
122,791,730
11,923,619

578,135,110
27,424,167
668,542,248
432,213,489
30,135,659
6,364,761
101,766,150
10,366,543
296,123,722
41,927,411
58,351,890
27,700,339
94,732,472
73,411,610
328,181,889
75,662,161
252,519,728
210,956,780
116,607,069
1,464,065
7,974,046
624,623
84,286,977
335,120,163
112,238,805
112,238,805
0
205,181,423
34,468,453
170,712,970
17,699,935

536,460,276
519,732,349
16,727,927
372,167,319
243,841,132
128,326,187
164,292,957
54,213,016
32,805,290
21,407,726
26,611,692
21,962,046
99,512,182
32,224,358
37,455,659
5,775,428
82,073,769

577,914,999
561,574,333
16,340,666
427,443,587
280,504,403
146,939,184
150,471,412
59,837,619
38,906,534
20,931,085
35,267,385
27,258,044
66,342,517
21,030,430
33,564,577
484,988
44,420,732

582,217,537
564,458,340
17,759,197
421,965,944
266,042,578
155,923,366
160,251,593
63,234,435
41,574,689
21,659,746
32,968,357
22,276,129
77,345,963
20,198,882
35,556,683
642,690
95,322,353

685,626,974
662,208,824
23,418,150
514,196,566
314,588,261
199,608,305
171,430,408
76,175,296
49,964,834
26,210,462
34,495,125
27,693,470
81,063,661
21,928,657
41,627,583
278,076
115,591,811

410,796,578
161,584,341
17,744,428
211,139,872
27,280,164

432,572,225
159,407,284
29,832,165
218,796,945
30,676,055

433,101,718
154,185,382
11,747,510
224,832,327
35,254,004

460,548,198
150,532,196
21,590,398
229,769,402
53,223,707

546,076,943
124,581,115
17,507,421
200,243,276
59,401,464

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
4.85
23.89

0.52
4.96
4.37
0.83
1.01
69.37
1.83
16.11
46.00
23.60
1.80
9.55
5.53
18.55
7.40
25.29

0.43
6.10
6.41
0.86
0.94
73.96
1.83
10.02
28.31
15.33
1.35
8.67
3.43
11.48
4.56
24.03

0.44
5.66
4.57
0.81
0.95
72.48
1.68
11.11
30.57
17.31
1.61
8.97
4.47
13.28
5.70
26.67

0.50
5.03
4.04
0.78
0.90
75.00
1.61
10.19
26.91
16.11
1.42
11.75
3.93
11.82
5.22
29.60

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

223

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Abbott Laboratories (Pakistan) Ltd.

2009

2010

2011

2012

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

1,933,748
392,954
3,469,184
1,484,642
256,102

2,429,566
420,313
3,987,748
1,877,749
269,855
76,055

2,742,498
341,183
4,583,062
2,287,971
319,544
58,835

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

56,152
3,856,673
819,087
2,069,633
263,267

2014

(Thousand Rupees)
2013
2014
3,269,414
352,315
5,416,729
2,831,420
380,877
41,615

3,446,467
419,844
5,644,983
2,939,248
418,102
24,395

55,449
4,975,763
1,453,327
2,316,562
411,813

54,509
6,587,364
2,790,212
2,426,561
566,734

44,064
7,898,590
3,897,051
2,762,690
546,093

62,980
10,319,128
6,381,381
2,823,007
482,771

704,686
1,762,700

794,061
2,053,927

803,857
2,432,911

692,756
2,217,177

631,969
2,670,042

1,762,700
115,182

2,053,927
165,219

2,432,911
189,557

2,217,177
203,562

2,670,042
223,953

115,182
3,912,539
979,003
979,003

165,219
5,186,183
979,003
979,003

189,557
6,707,394
979,003
979,003

203,562
8,747,265
979,003
979,003

223,953
10,871,600
979,003
979,003

2,933,536
197,167
2,736,369

4,207,180
223,247
3,983,933

5,728,391
262,308
5,466,083

7,768,262
300,030
7,468,232

9,892,597
339,481
9,553,116

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
2,525
0
875,978
241,173
1,174,804
0
1,074,757

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
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
3,216

15,216,253
14,531,073
685,180
9,513,425
5,444,243
4,069,182
5,702,828
2,869,895
2,212,421
657,474
2,226
0
3,014,137
826,895
685,302

917,503

1,772,876

2,509,703

17,217,258
16,434,328
782,930
10,595,612
5,909,924
4,685,688
6,621,646
3,205,526
2,471,404
734,122
2,956
0
3,686,223
1,047,949
685,302
0
2,483,858

19,692,354
18,829,229
863,125
12,142,212
6,414,133
5,728,079
7,550,142
3,702,494
2,965,120
737,374
4,774
0
4,318,567
1,263,779
763,622
0
3,331,081

3,358,087
0
(539,999)
0
1,309,953

4,027,721
0
715,852
0
1,561,094

5,351,402
0
1,133,827
0
1,676,813

6,896,951
0
1,501,940
0
1,945,782

8,950,827
0
1,952,972
0
2,092,368

11,095,553
0
2,291,166
0
2,510,670

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

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 (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

224

0.91
0.02
3.18
1.75
2.42
63.96
0.43
35.99
52.20
50.64
2.93
5.59

1.38
0.01
3.72
1.63
2.71
62.52
0.39
36.02
50.69
49.22
3.19
6.27

2.00
0.02
3.17
1.54
3.56
61.54
0.28
35.97
47.70
46.52
3.85
6.23

2.57
0.02
2.45
1.43
3.86
61.66
0.27
34.64
44.02
43.09
4.00
6.98

10.37
6.48
33.08

15.84
12.31
39.96

18.34
17.58
52.97

19.81
22.34
68.51

21.41
26.95
89.35

21.93
31.20
111.05

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Agritech Ltd.
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

21,262,288
4,287,584
20,444,723
14,361,612
411,320
2,567,311
0
45,781
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

39,634,087
11,804,100
31,070,071
24,479,320
639,080
2,592,443

39,863,115
41,676
45,153,439
37,156,269
811,383
2,598,254

5,087,566
340,000
4,747,566
4,263,591

4,956,083

3,401,414

(95,497)

(4,495,449)

4,956,083
4,105,671

3,401,414
3,944,248

(95,497)
3,817,887

(4,495,449)
8,889,592

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
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

5,697,064
5,697,064

8,627,669
8,627,669

2,794,628
2,794,628

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

38,614,519
63,578
45,173,041
35,890,050
1,325,576
2,592,026

45,618,428
71,296
55,150,536
42,895,818
932,228
2,586,426

49,119
4,448,628
86,497
413,608
311,346

758,224
4,123,307
120,863
418,950
68,802

66,916
4,182,841
217,435
667,939
12,740

68,865
5,624,664
1,434,826
539,320
14,415

64,888
4,028,042
428,754
348,727
19,859

3,637,177
12,535,929
4,787,719
7,748,210
15,132,258
2,643,985
31,135

3,514,692
11,046,491
3,169,436
7,877,055
19,724,849
6,576,509
31,135
9,640,111
22,998
3,454,096
12,986,054
3,924,300
3,924,300

3,284,727
9,602,829
3,338,017
6,264,812
21,579,822
7,193,888
31,135
11,226,127
10,987
3,117,685
12,863,305
5,517,643
5,517,643

3,636,103
18,250,664
8,737,875
9,512,789
16,748,486
4,969,800
31,135
9,516,755
13,758
2,217,038
9,240,033
5,517,643
5,517,643

3,230,702
24,133,578
11,329,372
12,804,206
15,601,106
3,669,641
31,135
7,974,046
15,170
3,911,114
9,911,786
5,517,643
5,517,643

14,073
12,443,065
13,275,457
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

9,696,606
1,930,381
7,766,225
3,157,945
642,393
383,343
259,050
2,429,031
2,314,427
267,959
64,273

3,705,748
1,431,022
2,274,726
1,443,414
527,447
244,512
282,935
1,947,011
1,855,302
(996,893)
51,786

4,219,245
1,850,116
2,369,129
1,477,819
743,479
213,598
529,881
2,794,227
1,780,041
(1,835,661)
60,969

6,799,473
3,188,729
3,610,744
1,828,196
1,100,039
330,617
769,422
4,659,352
2,369,968
(3,866,609)
0

3,882,893
1,462,599
2,420,294
(1,088,265)
943,718
132,504
811,214
3,214,341
1,702,368
(5,153,160)
28,428

4,959,937

3,484,142

(567,699)

1,315,833

(353,547)

22,789,423
12,165,693
1,908,122
14,175,797
498,280

28,407,715
2,643,985
203,686
7,431,704
641,940

32,710,903
16,216,620
(1,048,679)
19,386,056
732,218

34,443,127
18,420,015
(1,896,630)
21,758,032
1,030,886

25,988,519
14,486,555
(3,866,609)
23,224,430
1,138,034

25,512,892
11,643,687
(5,181,588)
22,973,059
744,985

0.25
20.76
6.01
0.48
1.35
62.97
2.50
7.03
24.60
8.37

0.03
18.90
2.42
0.31
0.35
75.43
2.08
0.79
2.55
1.05

0.02
37.81
1.34
0.12
0.37
71.97
2.37
-2.35
-7.59
-3.26

0.02
49.05
0.22
0.13
0.44
74.06
2.42
-4.18
-14.20
-5.47

0.08
54.00
0.17
0.20
0.31
78.81
3.79
-8.76
-34.99
-12.80

0.02
115.02
0.71
0.06
0.17
138.94
4.01
-10.98
-53.81
-20.01

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

225

5.68
1.72
14.68
4.86
19.77

31.08
1.12
2.08
0.52
33.83

12.29
0.46
-19.36
-2.67
33.09

8.53
-0.03
-32.22
-3.44
23.31

16.00
-0.63
-44.82
-7.01
16.75

8.01
-2.03
-184.40
-9.39
17.96

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Akzo Nobel Pakistan Ltd.

2014

(Thousand Rupees)
2013
2014

Items

1,573,918
9,808
2,248,793
1,346,921
140,709
24,198
0
192,991
2,674,712
1,404,506
593,710
546,949
0
129,547
1,335,467

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

1,538,314
29,621
2,235,105
1,247,850
134,694
6,397
0
254,446
2,435,053
1,479,922
359,589
509,976
0
85,566
1,334,879

1,335,467
34,817

1,334,879
44,227

34,817
2,878,346
464,433
464,433

44,227
2,594,261
464,433
464,433

1,530,721
156,202
1,374,519
883,192

1,249,630
156,202
1,093,428
880,198

5,265,144
5,201,864
63,280
3,326,178
2,720,502
605,676
1,938,966
1,375,036
911,268
463,768
35,219
0
936,935
250,542
116,108

4,901,791
4,854,417
47,374
3,129,630
2,379,242
750,388
1,772,161
1,269,658
820,321
449,337
9,734
0
678,499
278,769
882,423

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

340,979

821,713

2,913,163
0
570,285
0
534,540

2,638,488
0
(482,693)
0
528,038

1.46
0.67
10.39
1.24
2.00
63.17
0.48
22.05
32.55
32.16
5.91
8.87

1.49
0.20
10.40
1.23
1.82
63.85
0.53
16.50
24.80
24.44
0.45
13.63

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

226

17.80
14.78
61.98

13.84
8.61
55.86

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Archroma Pakistan Ltd. (Formerly Clariant Pakistan Ltd)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,026,471
117,730
2,180,595
883,612
141,938

1,192,979
225,553
2,356,328
937,607
155,520

1,210,643
119,605
2,279,009
1,052,875
125,141

941,608
68,520
2,046,364
839,204
138,079

1,049,485
189,139
2,133,539
832,190
102,351

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

38,163
5,831,424
507,012
1,108,322
2,030,479

33,884
5,545,530
528,322
1,442,649
1,859,659

28,156
5,679,159
406,769
1,566,757
2,030,655

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

2,185,611
3,283,117
1,338,649
1,944,468
128,608

1,714,900
1,549,218

1,674,978
2,505,445

1,549,218
87,527

2,505,445
44,953

79,129
2,658,407
272,943
272,943

86,469
3,068,187
341,179
341,179

128,608
3,630,342
341,179
341,179

87,527
4,850,393
341,179
341,179

44,953
4,178,246
341,179
341,179

2,385,464

2,727,008

3,289,163

4,509,214

3,837,067

2,385,464

2,727,008

3,289,163

4,509,214

3,837,067

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
302,944
229,412
831,031
256,010
341,179
0
1,087,306

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
196,987
180,399
983,529
244,578
368,473
68,236
791,485

5,787,363
5,217,555
569,808
4,388,698
3,384,077
1,004,621
1,398,665
597,534
434,665
162,869
156,537
109,191
662,065
208,015
614,122

7,126,413
6,058,519
1,067,894
5,095,784
4,087,154
1,008,630
2,030,629
731,423
521,262
210,161
182,997
110,464
1,130,098
246,982
682,358

7,480,119
6,444,118
1,036,001
5,235,862
3,915,343
1,320,519
2,244,257
945,191
610,628
334,563
181,858
86,400
1,138,426
295,708
1,705,895

6,872,277
5,984,418
887,859
4,945,833
3,590,900
1,354,933
1,926,444
678,420
443,448
234,972
7,378
40,755
1,258,668
297,244
852,948

2,576,430
266,666
233,842
1,410,124
600,660

3,070,869
333,333
370,478
823,437
600,315

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
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
27.07
97.40

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,075,076

290,137

(45,604)

698,359

3,421,322
266,666
(160,072)
782,648
419,839

3,758,950
0
200,758
1,338,649
507,868

4,937,920
0
(863,177)
0
647,042

4,223,199
0
108,477
0
502,525

0.94
2.70
24.08
1.07
2.12
75.83
0.76
12.29
23.12
20.40
0.74
4.21
7.06
11.44
13.31
89.93

0.77
2.57
28.49
1.01
1.78
71.51
0.94
18.15
33.74
31.48
1.29
6.43
11.23
15.86
25.88
106.41

1.54
2.43
24.86
1.15
3.58
70.00
0.34
16.83
26.85
26.18
0.49
5.18
14.18
15.22
24.70
142.17

0.97
0.11
29.55
1.02
2.27
71.97
0.61
19.05
27.88
27.48
1.13
4.39
31.88
18.32
28.18
122.46

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

227

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bawany Air Products Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

219,455

204,422

295,694
205,419
7,172

293,399
198,640
7,992

196,055
636
294,035
192,203
7,407

190,035

14,036
30,560
192
3,258
12,996

5,782
22,008
258
2,781
9,082

4,676
20,892

14,312
20,310

22,531
19,757

36,039
16,887

15,137
16,576

99,445
99,445
0
75,171
13,908
61,264
24,273
16,115
4,485
11,631
17,856
17,080
(9,372)
1
0
0
7,811

209,508
209,508

195,248
195,248

209,970
209,970

238,606
238,606

123,791
123,791

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

181,384

294,629
186,820
7,315

290,355
178,169
7,155

3,216
21,094
857
1,478
8,245

3,215
25,245
828
2,718
6,947

3,215
20,994
502
1,847
4,455

14,114
81,597
42,018
39,579
74,645
44,001

9,887
50,045
28,308
21,737
66,738
33,912

10,514
48,959
26,894
22,065
50,877
18,204

14,752
38,068
21,656
16,412
49,261
9,804

14,190
62,487
37,307
25,180
33,153
2,621

30,644
93,773
68,205
68,205

32,826
109,647
75,025
75,025

32,673
117,313
75,025
75,025

39,457
127,951
75,025
75,025

30,532
106,738
75,025
75,025

4,676

14,312

22,531

36,039

15,137

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

161,321
74,559
86,762
48,187
25,568
5,656
19,912
(12,154)
11,336
35,069
1,051
3,410

146,532
61,437
85,095
48,716
23,552
5,284
18,268
3,473
3,092
22,273
2,040

161,021
65,180
95,841
48,949
27,848
6,943
20,905
7,048
6,529
15,287
2,102

180,921
70,533
110,388
57,685
28,946
6,504
22,442
9,490
9,132
21,949
1,193

125,700
99,061
26,639
(1,909)
25,269
5,010
20,259
4,165
3,645
(28,631)
1,238

19,580

17,326

21,333

17,317

(12,621)

71,617
13,137
(9,373)
93,039
15,611

168,418
44,001
30,608
86,019
22,891

176,385
33,912
20,233
62,220
19,214

168,190
18,204
13,185
45,098
28,111

177,212
9,804
20,756
31,460
27,410

139,891
2,621
(29,869)
39,928
20,932

0.08
17.96
9.59
0.49
0.14
75.59
8.25
-4.58
-34.91
-12.95

0.16
-5.80
6.20
0.84
0.37
77.00
1.67
15.41
60.50
29.22
9.98
64.31
4.09
16.74
4.99
13.75

0.19
1.78
4.65
0.86
0.44
75.05
1.07
9.35
21.90
12.92

0.19
3.36
3.93
0.97
0.43
76.69
0.85
6.89
13.47
8.87

0.20
3.98
2.91
1.11
0.66
75.82
0.68
10.15
17.90
12.71

0.08
3.36
3.60
0.61
0.34
101.54
0.90
-13.71
-24.40
-18.06

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

66.28
0.45
-9.42
-1.37
3.25

228

70.21
8.20
11.41
2.70
14.61

142.06
3.34
7.28
1.76
15.64

87.79
3.40
9.20
2.77
17.05

67.02
-6.85
-23.13
-3.98
14.23

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Berger Paints Pakistan Ltd.

2009

2010

2011

2012

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

889,907

911,078

798,013
724,211
63,951

827,382
689,071
67,211
54,263

906,266
4,323
828,169
631,496
68,971
55,263

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

165,696
2,133,934
289,244
966,347
620,934

2014

(Thousand Rupees)
2013
2014
851,824
1,401
849,229
594,581
63,709
52,263

842,260
3,476
898,086
581,096
64,336
49,677

167,744
2,264,801
265,672
1,104,021
668,489

203,579
2,229,113
222,943
875,915
859,880
18,883
251,492
2,281,718
1,026,348
1,255,370
116,275
50,000

208,011
2,430,372
261,464
810,836
1,107,263

257,409
2,321,981
1,253,553
1,068,428
4,023

226,619
2,279,954
974,979
1,304,975
269,996
220,000

215,184
2,131,090
148,128
987,881
712,848
20,080
262,153
2,249,285
1,000,696
1,248,589
170,540
115,000

47,352
2,644
625,929
181,864
181,864

47,865
7,675
617,531
181,864
181,864

60,692
5,583
682,944
181,864
181,864

54,535
6,409
783,084
181,864
181,864

4,023
697,837
181,864
181,864

250,809
2,281,054
1,042,624
1,238,430
208,494
147,550

305,630
72,278
233,352
210,343

246,068
71,728
174,340
197,997

247,947
71,650
176,297
187,720

314,769
74,411
240,358
186,311

416,342
80,764
335,578
184,878

3,624,268
3,529,810
94,458
2,765,702
2,626,526
139,176
858,566
824,144
606,045
218,099
254,009
248,138
38,036
5,430
0
0
(18,518)

3,388,646
3,261,554
127,092
2,588,758
2,278,400
310,358
799,888
793,748
613,993
179,755
252,413
240,269
(122,369)
19,375

3,590,813
3,442,249
148,564
2,841,802
2,554,429
287,373
749,011
679,488
531,662
147,826
215,836
206,710
(74,375)
36,855

4,082,478
3,870,818
211,660
3,272,555
2,868,992
403,563
809,923
693,810
543,132
150,678
205,544
198,156
(2,638)
46,385

4,210,557
3,996,635
213,922
3,262,062
2,937,084
324,978
948,495
769,266
603,090
166,176
164,384
38,308
107,783
30,758
9,093

4,554,526
4,365,520
189,006
3,446,959
3,121,698
325,261
1,107,567
918,989
723,930
195,059
166,218
39,882
145,728
44,599
18,186

49,645

31,108

(10,190)

(17,521)

(46,768)

791,442
50,000
32,606
1,564,263
228,965

701,860
0
(141,744)
1,253,553
222,183

895,925
220,000
(111,230)
1,194,979
221,378

788,071
115,000
(49,023)
1,115,696
245,859

799,219
50,000
67,932
1,076,348
267,619

991,578
147,550
82,943
1,190,174
325,398

0.31
7.01
16.16
1.11
0.83
76.31
3.40
1.23
6.38
5.60

0.39
7.45
18.32
1.12
0.92
76.40
3.33
-3.90
-17.00
-16.39

0.41
6.01
18.62
1.13
0.99
79.14
4.07
-2.40
-11.24
-9.31

0.39
5.03
17.46
1.34
0.95
80.16
3.92
-0.08
-0.42
-0.31

0.48
3.90
20.42
1.37
0.98
77.47
3.51
3.52
16.58
13.58
8.47
4.81
3.81
2.56
4.24
37.55

0.60
3.65
24.31
1.39
1.07
75.68
3.18
4.59
19.88
16.28
5.56
5.62
4.65
3.20
5.56
43.06

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

229

3.58
1.15
1.05
3.98
90.57

3.51
0.49
-3.61
-7.79
38.37

3.25
0.64
-2.07
-6.12
34.42

4.13
0.99
-0.06
-2.70
33.96

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Biafo Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

273,643
406
273,100
161,252
18,459

268,014
1,360
291,958
264,447
17,429

259,994
1,160
300,692
256,697
16,684

258,898
8,337
315,898
249,015
16,239

285,340
30,952
356,621
252,777
16,499

111,985
307,967
51,713
106,413
35,713

2,207
407,922
33,668
113,374
101,795

2,137
478,975
39,048
97,476
118,207

1,546
651,964
16,433
135,644
185,158

1,611
753,243
13,464
161,265
210,614

206,054
67,018

237,515
63,910

260,919
61,117

299,959
66,084

371,183
63,164

581,982
370,708
211,274
396,009
320,133
75,876
185,973
40,533
5,773
34,760
3,735
2,504
148,776
36,253
80,000
0
120,058

588,495
392,634
195,861
396,688
313,541
83,147
191,807
47,910
7,412
40,498
2,276
742
148,535
37,337
90,000

870,365
587,470
282,895
581,674
440,531
141,143
288,691
59,149
8,097
51,052
3,247
1,771
236,600
61,424
155,000

951,071
772,706
178,365
653,623
546,513
107,110
297,448
70,036
11,589
58,447
5,448
4,130
236,891
67,603
160,000

1,284,691
1,108,411
176,280
827,242
731,516
95,726
457,449
96,473
13,444
83,029
12,209
11,082
371,084
102,725
260,000

1,264,579
1,106,142
158,437
727,123
574,265
152,858
537,456
117,745
19,637
98,108
16,747
15,634
430,946
113,449
280,000

137,392

129,262

202,411

210,555

258,747

474,757
0
32,523
2,837
38,927

509,494
0
21,198
0
45,794

535,874
0
20,176
42,666
43,894

559,465
0
9,288
45,429
53,589

608,112
0
8,359
146,468
64,018

667,051
0
37,497
212,513
86,790

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
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
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
8.76
25.07

0.88
0.57
12.43
1.29
2.67
68.72
0.42
33.49
46.29
43.25
1.06
9.76
58.36
24.91
8.46
26.10

0.67
0.95
14.41
1.41
2.15
64.39
0.61
44.98
68.21
63.56
1.03
9.47
34.49
28.89
13.42
28.30

0.60
1.32
16.65
1.22
2.03
57.50
0.64
44.21
71.80
67.59
1.13
7.84
28.56
34.08
15.87
31.72

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

114,128
72,116
72,116
36,422

159,085
140,062
42,666
97,396
34,449

224,244
179,504
45,429
134,075
37,429

314,729
302,750
146,468
156,282
42,069

367,900
371,532
212,513
159,019
32,704

36,422
473,072
200,000
200,000

34,449
501,425
200,000
200,000

37,429
522,036
200,000
200,000

42,069
566,043
200,000
200,000

32,704
634,347
200,000
200,000

206,054

237,515

260,919

299,959

371,183

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

230

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Buxly Paints 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

2014

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,826

2,707

2,920

8,028

4,606
2,080
230

4,265
1,879
93

1,791
491
96

1,867
453
114

63,697
62,189
94

746
83,825
5,537
14,254
40,545

828
75,397
3,970
18,988
29,859

68,953

1,449
980
90,917
10,847
26,118
35,089

6,587
988
90,231
6,491
28,631
39,453

4,986
1,778
110,074
10,154
35,810
44,953

23,489
75,307
43,780
31,527
0

22,580
73,462
2,822
70,640
0

18,863
87,542
1,836
85,706
0

15,656
91,832

19,157
111,477

91,832
0

111,477
0

0
11,344
14,400
14,400

0
4,642
14,400
14,400

0
6,295
14,400
14,400

0
6,427
14,400
14,400

0
67,550
14,400
14,400

(3,056)

(9,758)

(8,105)

(7,973)

(7,285)

(3,056)

(9,758)

(8,105)

(7,973)

(7,285)
60,435

96,036
96,036

81,038
81,038

114,662
114,662

142,246
142,246

150,028
150,028

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

96,786
96,786
0
67,712
62,009
5,703
29,074
34,742
10,417
24,325
7,152
6,612
(6,856)
0
0
0
(12,234)

79,591
75,716
3,875
16,445
32,164
11,171
20,993
6,045
5,641
(2,099)
910

68,255
63,912
4,343
12,783
17,819
9,466
8,353
1,946
1,767
(5,892)
810

95,981
92,550
3,431
18,681
16,281
10,807
5,474
556
394
2,800
1,147

117,781
115,325
2,456
24,465
25,447
16,687
8,760
319
6
843
711

124,400
123,213
1,187
25,628
25,724
18,275
7,449
214
0
2,199
1,511

(10,309)

44,714

1,973

(35,091)

6,637

14,545
192
(6,856)
33,155
13,103

11,344
0
(3,009)
43,780
9,550

4,642
0
(6,702)
2,822
9,232

6,295
0
1,653
1,836
9,350

6,427
0
132
0
11,186

67,550
0
688
0
10,262

0.75
7.39
51.03
1.11
1.16
69.96
5.05
-6.88
-31.14
-30.71

0.61
6.29
42.22
1.11
1.11
82.88
6.64
-2.42
-16.34
-16.22

0.46
2.40
36.85
1.04
1.03
84.23
15.83
-7.15
-73.71
-73.71

0.52
0.48
30.60
1.22
1.04
83.71
13.91
3.26
51.20
51.20

0.50
0.22
27.74
1.45
0.98
82.80
14.29
0.88
13.25
13.25

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

231

0.49
0.14
29.96
0.84
0.99
82.92
1.65
1.59
5.95
5.95

6.06
-0.04
-7.08
-4.76
9.97

6.74
0.63
-2.19
-2.09
7.88

4.27
-2.33
-7.27
-4.65
3.22

4.39
8.11
2.44
1.15
4.37

4.97
141.50
0.59
0.09
4.46

4.19

1.47
0.48
46.91

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Colgate-Palmolive (Pakistan) Ltd.

2009

2010

2011

2012

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

1,928,870
555,047
2,080,805
1,318,071
127,345
32,155

2,722,268
592,640
3,016,502
2,088,144
178,645
18,775

2,889,630
151,642
3,945,952
2,711,483
325,009
6,341

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

2014

(Thousand Rupees)
2013
2014
3,217,147
398,094
4,386,500
2,786,920
385,493
4,987

3,180,939
99,691
5,076,278
3,047,545
455,959
4,810

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

20,164
5,006,017
837,882
2,852,671
492,437
255,329
567,698
1,867,801

27,146
5,986,094
1,051,925
2,787,322
533,353
978,272
635,222
2,067,693

28,893
7,026,946
853,956
2,473,246
653,003
2,144,508
902,233
1,979,991

150,663
1,011,144

377,011
1,668,040

1,011,144
218,280

1,668,040
371,464

1,867,801
475,008

2,067,693
477,392

1,979,991
439,037

(15,322)
386,786
4,370,629
315,909
315,909

(16,596)
491,604
5,552,838
363,295
363,295

(26,738)
504,130
6,658,156
435,954
435,954

218,280
3,577,146
274,704
274,704

439,037
7,788,857
479,549
479,549

3,302,442
13,456
3,288,986

4,054,720
13,456
4,041,264

5,186,354
13,456
5,172,898
3,189

6,194,232
13,456
6,180,776
27,970

7,233,554
13,456
7,220,098
75,754

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
48,867
41,794
1,146,105
388,313
274,704
35,831
819,289

11,529,310
11,529,310

14,150,420
14,150,420

18,708,711
18,708,711

20,267,440
20,267,440

23,226,086
23,226,086

7,699,401
5,589,125
2,110,276
3,829,909
2,144,325
1,846,098
298,227
11,036
1,590
1,764,192
560,800
370,850
41,206
1,106,491

9,989,856
7,621,499
2,368,357
4,160,564
2,437,023
2,115,193
321,830
11,933
629
1,784,181
472,892
442,273
47,386
830,734

13,297,138
10,172,130
3,125,008
5,411,573
3,213,157
2,824,571
388,586
17,587
3,696
2,243,021
577,052
508,613
72,659
1,383,192

14,594,894
10,675,354
3,919,540
5,672,546
3,483,475
3,120,036
363,439
15,376
65
2,262,849
706,640
610,336
43,595
2,063,509

16,645,655
12,329,859
4,315,796
6,580,431
4,243,764
3,811,056
432,708
17,796
27
2,459,599
776,017
815,233
0
1,838,453

2,867,494
625
483,088
3,125
489,562

3,795,426
0
832,542
0
547,525

4,742,093
0
869,016
0
637,883

6,027,846
0
1,157,356
0
788,897

7,135,548
0
945,873
0
919,482

8,227,894
0
868,349
0
1,084,300

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
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
43.81
130.22

0.56
0.08
2.27
2.21
2.21
70.60
0.47
31.81
44.90
41.80
2.96
5.97
2,837.54
12.61
41.51
138.35

0.85
0.09
2.63
2.37
2.68
71.07
0.42
31.36
45.21
41.65
3.28
6.56
607.88
11.99
45.86
152.85

1.24
0.08
2.63
2.20
2.90
72.01
0.38
26.47
37.06
34.38
2.55
7.27
34,814.06
11.16
35.70
152.73

1.84
0.08
2.81
2.28
3.55
71.67
0.31
25.34
34.05
32.02
2.07
9.39
91,097.26
10.59
35.11
162.42

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

232

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Data Agro Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

52,952

49,988

78,172

70,854

166,813
52,952
5,771

169,538
49,988
5,689

203,209
78,172
5,487

203,209
70,854
7,318

202,346
64,435
6,530

0
54,616
4,393
20,630
16,440

0
59,534
3,041
24,256
16,530

0
58,751
2,892
19,116
22,120

0
54,361
2,612
12,936
22,140

0
58,905
7,142
19,485
18,387

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

64,435

13,153
5,172

15,707
6,922

14,623
8,575

16,673
9,394
451
8,943
62,505

13,891
47,107
245
46,862
19,438

19,438
56,795
40,000
40,000

5,172
51,607

6,922
51,723

8,575
59,657

40,379

40,379

40,379

11,228
50,789
40,000
40,000

11,344
50,877
40,000
40,000

19,278
68,691
40,000
40,000

62,505
53,316
40,000
40,000

(11,799)

(9,541)

(15,094)

(26,091)

(19,318)

(11,799)
22,588

(9,541)
20,418

(15,094)
43,785

(26,091)
39,407

(19,318)
36,113

51,466
51,466
0
43,702
25,475
18,227
7,764
7,717
3,063
4,654
322
0
119
0
0
0
5,264

58,815
58,815

70,896
70,896

74,822
74,822

55,841
55,841

66,028
66,028

100,751
0
119
0
7,710

102,396
0
899
0

5.99
0.63
33.72
0.49
11.56
84.91
1.08
0.11
0.23
0.16

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

47,327
14,625
32,702
11,488
9,988
3,986
6,002
392

59,706
22,025
37,681
11,190
12,011
4,813
7,198
624

68,076
24,359
43,717
6,746
12,499
3,766
8,733
541

54,850
14,318
40,532
11,178
9,828
3,628
6,200
598
0
1,028
660

1,193
294

(824)
709

(6,294)
748

60,312
25,102
35,210
(4,471)
8,945
3,543
5,402
632
0
(13,467)
279

(1,833)

114

930

200

13,093
76,233
0
368
245
11,691

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

102,600
0
(1,533)
0
10,344

128,348
0
(7,042)
0
13,003

115,821
0
(13,746)
451
11,228

4.03
0.67
27.95
0.55
10.56
80.47
1.12
1.12
2.36
1.17

2.83
0.88
23.32
0.65
8.60
84.22
1.15
-0.76
-1.62
-0.80

2.92
0.72
29.56
0.55
6.85
90.98
0.99
-5.11
-10.53
-5.45

2.63
1.13
39.65
0.45
5.79
108.01
1.35
-10.27
-22.08
-11.03

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

233

0.54
0.91
27.85
0.54
1.25
83.07
1.17
0.83
1.87
1.07

4.22

2.85

2.92

3.91

4.32

3.39

0.23
0.03
12.60

2.03
0.22
12.70

-1.16
-0.38
12.72

-8.41
-1.76
17.17

-24.12
-3.44
13.33

1.56
0.09
14.20

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dawood Hercules Chemicals Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

24,664,680
366,514
4,420,230
1,871,708
207,508

26,827,741
30,890
4,823,924
2,093,015
193,847

33,044,120
150,195
4,844,778
1,943,368
210,148
0
30,813,827
136,730
1,064,656
35,532
52,100
329
2,615
974,080
582,447
248,202
334,245
7,821,891
6,832,147

36,232,988
150,560
4,699,735
1,725,664
206,395
267
34,224,346
132,151
2,664,779
142,771
72,357
39,819
1,334,515
1,075,317
3,846,502
2,901,185
945,317
6,279,103
5,005,668

38,248,990
149,056
4,690,281
1,568,696
196,060
3,133
36,306,035
222,070
1,539,408
127,870
60,679
146
175,000
1,175,713
2,899,970
1,763,541
1,136,429
5,637,357
4,195,185

989,744
25,704,438
4,812,871
4,812,871

1,273,435
28,772,162
4,812,871
4,812,871

1,442,172
31,251,071
4,812,871
4,812,871

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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
4,702,038
730,748
151,267
2,686
2,951,088
866,249
679,547

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

679,547
5,722,176
4,800,000

21,156,362
135,765
21,332,823

20,315,185

20,890,298

23,959,291

26,438,200

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
984,747
984,486
(213,477)
858,000
437,534
109,383
1,260,397

8,715,711
8,715,711

5,214,376
1,581,249
3,633,127
3,501,335
817,980
267,724
550,256
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
810,829
810,812
3,631,667
466,000
481,287

3,816,424
596,039
3,220,385
785,995
527,914
75,997
451,917
914,556
914,224
1,106,610
93,500
481,287

4,050,853
614,939
3,435,914
789,289
775,153
95,555
679,598
849,839
849,450
3,893,429
169,636
481,287

3,396,587
586,511
2,810,076
273,712
729,811
106,976
622,835
890,163
889,841
3,401,852
289,635
481,287

701,270

(889,971)

(146,567)

(1,145,053)

26,624,308
6,302,500
(1,509,011)
7,499,103
888,469

28,035,077
5,042,000
2,903,584
5,087,725
880,894

30,850,232
4,800,000
2,684,380
4,800,000
807,862

33,526,329
6,832,147
531,823
7,080,349
811,813

35,051,265
5,005,668
3,242,506
7,906,853
820,093

36,888,428
4,195,185
2,630,930
5,958,726
806,910

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
-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
29.13
185.83

5.42
12.85
0.04
0.20
6.92
64.09
0.25
11.74
15.30
12.33
6.58
41.71
5.48
57.56
6.58
52.21

0.07
19.87
0.01
0.13
1.83
82.92
0.33
3.37
4.35
3.44
2.11
88.34
2.21
24.04
2.11
53.41

0.39
17.56
0.82
0.12
0.69
83.69
0.35
10.67
14.29
11.35
7.74
66.89
5.58
80.44
7.74
59.78

0.10
24.25
0.00
0.09
0.53
92.54
0.27
8.65
11.34
9.46
6.47
60.49
4.82
92.69
6.47
64.93

20,315,185

23,959,291

26,438,200

20,890,298
1,269

6,309,624
6,309,624

4,602,419
4,602,419

4,840,142
4,840,142

3,670,299
3,670,299

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

234

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Descon Chemicals (Pvt) Ltd. (Nimir Resins Ltd.)

2009

2010

2011

2012

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

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

702,040
163
935,545
580,980
49,441
36,966
83,173
758
1,068,960
47,128
416,375
439,262

652,123
1,332
932,173
547,125
37,181
32,345
70,034
1,287
928,404
25,213
337,753
417,265

(531,642)
38,765

2,769,953
2,736,971
32,982
2,551,882
2,344,347
207,535
218,071
195,905
80,928
114,977
186,705
182,994
(164,924)
95,708
0
0
135,819

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

2014

(Thousand Rupees)
2013
2014
634,326
9,950
941,830
525,049
34,614
27,724
64,489
7,114
902,657
11,438
343,559
374,229

605,476
1,131
960,739
513,937
32,874
23,104
56,945
10,359
885,713
8,891
296,484
410,343

212,806
1,336,317
949,647
386,670
157,942

166,195
1,195,380
803,513
391,867
89,906
33,500

148,173
818,759
474,351
344,408
337,068
287,000

173,431
846,599
583,175
263,424
306,543
269,000

169,995
961,745
652,062
309,683
206,581
179,333

50,068
424,700
997,789
997,789

37,543
383,841
997,789
997,789

27,248
322,863
997,789
997,789

16,768
141,174
504,912
997,789
997,789

21,093
35,313
485,714
997,789
997,789

(531,642)

(550,718)
(550,718)
38,643

(611,616)
1,501
(613,117)
38,527

(652,365)
1,366
(653,731)
38,417

(721,985)
1,539
(723,524)
47,059

2,383,950
2,377,398
6,552
2,072,600
1,890,013
182,587
311,350
190,416
73,689
116,727
159,606
157,075
(53,183)
11,886

2,601,734
2,598,910
2,824
2,287,690
2,071,399
216,291
314,044
198,559
83,020
115,539
159,160
156,482
1,222
25,989

2,560,856
2,551,508
9,348
2,341,701
2,188,917
152,784
219,155
107,540
58,892
48,648
125,670
123,627
(4,264)
42,944

2,402,441
2,383,192
19,249
2,186,080
2,038,591
147,489
216,361
151,181
57,763
93,418
110,466
108,822
(43,339)
11,988

2,199,528
2,179,546
19,982
2,012,781
1,828,754
184,027
186,747
140,536
70,484
70,052
111,522
109,424
(57,758)
21,995

(160,914)

188,337

97,750

(80,400)

(52,032)

805,430
128,185
(260,632)
973,437
141,365

662,854
0
(65,069)
949,647
128,631

575,620
33,500
(24,767)
837,013
110,703

761,768
287,000
(47,208)
761,351
81,283

690,384
269,000
(55,327)
852,175
97,020

529,444
179,333
(79,753)
831,395
108,498

0.47
6.74
17.28
1.48
0.96
92.13
1.84
-13.72
-39.20
-31.47

0.39
6.70
20.39
1.19
0.95
86.94
2.96
-2.74
-9.12
-7.24

0.41
6.12
16.88
1.47
0.89
87.93
2.65
0.06
0.25
0.20

0.54
4.91
16.29
1.62
1.13
91.44
2.72
-0.25
-0.94
-0.64

0.46
4.60
15.58
1.56
1.07
90.99
3.00
-2.78
-10.72
-5.97

0.44
5.07
18.66
1.48
0.92
91.51
3.62
-3.81
-16.35
-9.47

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

235

7.16
0.10
-5.95
-4.13
10.47

4.48
0.66
-2.23
-0.33
2.53

6.25
1.01
0.05
-0.12
2.43

7.58
0.97
-0.17
-0.24
2.13

6.99
0.60
-1.80
-0.28
1.92

7.42
0.47
-2.63
-0.40
1.62

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Descon Oxychem Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,646,319
2,694,830
2,330,710
159,640
47,616

2,529,714
1,243
2,701,251
2,176,729
160,402
29,759

2,300,527
2,648
2,708,642
2,024,098
160,341
11,903

164,826
399,869
60,168
50,995
26,776
261,930
732,269
286,473
445,796
1,830,197
1,280,221
408,785

267,993
619,271
37,667
128,052
93,475
110,347
249,730
473,652
114,188
359,464
2,055,108
1,476,764
408,785

321,983
552,875
11,437
68,001
50,494
121,126
301,817
594,109
160,760
433,349
1,876,422
1,271,663
408,785

261,878
611,426
5,677
63,386
118,054
25,172
399,137
432,985
154,597
278,388
1,921,243
1,336,832
408,785

263,873
501,817
5,542
70,459
82,185
16,225
327,406
221,827
59,536
162,291
1,946,890
1,250,000
408,785

141,191
555,182
1,020,000
1,020,000

169,559
736,830
1,020,000
1,020,000

195,974
612,058
1,020,000
1,020,000

175,626
557,725
1,020,000
1,020,000

288,105
496,982
1,020,000
1,020,000

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

2,163,882
308
2,748,520
1,899,701
200,565

(464,818)
437
(465,255)

(283,170)
2,115
(285,285)

(407,942)
3,279
(411,221)

(462,275)
172
(462,447)

(523,018)
720
(523,738)

191,335
168,506
22,828
228,165
110,105
118,059
(36,830)
44,670
10,474
34,196
96,220
94,935
(177,719)
228
0
0
134,889

709,672
668,455
41,217
683,402
254,050
429,352
26,270
81,347
42,583
38,764
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
351,895
341,543
84,532
14,604

1,192,439
832,021
360,418
951,797
454,960
496,837
240,642
97,505
56,679
40,826
337,853
321,815
(167,537)
(12,389)

1,369,547
1,146,757
222,790
1,085,260
400,116
685,144
284,287
100,150
57,584
42,566
255,528
244,865
(45,918)
8,200

1,498,547
1,148,950
349,597
1,199,098
492,094
707,004
299,449
133,155
75,281
57,874
225,340
218,685
(48,132)
15,300

(150,548)

153,410

47,770

58,550

202,193

2,313,973
1,469,818
(177,947)
1,729,138
29,294

2,385,379
1,280,221
(346,784)
1,566,694
69,682

2,791,938
1,476,764
69,928
1,590,952
65,443

2,488,480
1,271,663
(155,148)
1,432,423
67,626

2,478,968
1,336,832
(54,118)
1,491,429
75,467

2,443,872
1,250,000
(63,432)
1,309,536
90,595

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

0.31
28.33
4.23
0.39
0.93
79.82
4.04
-5.28
-24.84
-6.35

0.34
18.66
8.62
0.47
1.41
79.24
4.22
-1.53
-7.85
-1.85

0.47
15.04
5.48
0.56
2.26
80.02
4.36
-1.73
-9.13
-1.96

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

236

0.51
24.56
6.52
0.44
1.31
62.28
3.43
2.65
13.09
3.27

3.41
-0.87
-92.88
-1.74
8.28

13.92
-0.19
-47.36
-3.40
5.44

11.19
1.25
5.90
0.69
7.22

17.54
0.48
-14.05
-1.52
6.00

21.61
0.81
-3.35
-0.53
5.47

21.27
0.78
-3.21
-0.62
4.87

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Salman Fibre Ltd.

2009

2010

2011

2012

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

9,923,815
142,813
23,671,795
9,608,745
939,830

9,231,436
142,813
23,671,850
8,704,465
904,335

8,418,451
142,813
23,671,850
7,891,528
812,937

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

2014

(Thousand Rupees)
2013
2014
7,700,039
142,813
23,678,329
7,167,137
730,870

7,032,653
142,813
23,674,032
6,509,416
657,021

141,173
31,084
5,396,277
11,431
811,589
2,878,916

144,121
240,037
4,753,747
10,482
488,010
2,827,167

148,332
235,778
4,059,227
14,255
176,743
2,555,987

158,569
231,520
3,640,881
8,180
176,743
2,158,899

153,163
227,261
3,175,238
7,224
11,523
1,910,879

1,694,341
17,703,739
9,887,876
7,815,863
1,950,657
531,930

1,428,088
17,945,375
10,091,729
7,853,646
1,666,536
328,564

1,312,242
17,992,855
10,199,279
7,793,576
1,625,573
357,879

1,297,059
18,083,660
10,295,879
7,787,781
1,282,936
112,982

1,245,612
18,119,509
10,294,829
7,824,680
1,110,994
131,675

1,418,727
(4,334,304)
3,663,211
3,663,211

1,337,972
(5,626,728)
3,663,211
3,663,211

1,267,694
(7,140,750)
3,663,211
3,663,211

1,169,954
(8,025,676)
3,663,211
3,663,211

979,319
(9,022,612)
3,663,211
3,663,211

(10,882,178)

(11,940,867)

(13,244,527)

(13,940,127)

(14,764,048)

(10,882,178)
2,884,663

(11,940,867)
2,650,928

(13,244,527)
2,440,566

(13,940,127)
2,251,240

(14,764,048)
2,078,225

137,498
137,498

136,534
136,534

183,757
183,757

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

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
2,050,224
1,446,431
(6,363,619)
752
0
0
214,484

0
0

0
0

1,409,779
308,497
1,101,282
(1,272,281)
92,809
15,283
77,526
282,203
37,042
(1,647,293)
687

1,142,881
308,497
834,384
(1,006,347)
98,218
14,253
83,965
295,876

1,084,739
308,497
776,242
(900,982)
83,172
12,684
70,488
648,226

778,965
308,497
470,468
(778,965)
62,618
8,827
53,791
419,167

693,218
308,497
384,721
(693,218)
40,095
4,161
35,934
413,355

(1,397,878)
0

(1,631,505)
0

(1,256,873)
0

(1,129,531)
0

(19,957)

(92,922)

70,057

(4,801)

(4,776)

(793,095)
1,243,780
(6,364,371)
10,300,956
721,007

(2,383,647)
531,930
(1,647,980)
10,419,806
132,659

(3,960,192)
328,564
(1,397,878)
10,420,293
129,850

(5,515,177)
357,879
(1,631,505)
10,557,158
127,951

(6,742,740)
112,982
(1,256,873)
10,408,861
76,613

(7,911,618)
131,675
(1,129,531)
10,426,504
46,726

0.17
49.17
68.01
0.26
0.35
196.81
-5.86
-33.77
2,893.03
-251.03

0.16
205.24
2,093.79
0.01
0.30
1,025.31
-4.53
-10.45
42.95
103.71

0.16
216.70
2,070.67
0.01
0.26
837.07
-3.49
-9.54
28.07
44.07

0.14
352.76
1,390.96
0.01
0.23
590.31
-2.75
-12.33
25.56
34.44

0.12

0.11

0.00
0.20

0.00
0.18

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-2.41
-10.55
16.57
20.51

-2.13
-10.48
13.25
15.42

2.86
-3.40
-152.62
-17.37
-9.11

0.17
-43.47
-1,198.05
-4.50
-11.83

0.28

1.04

0.00

0.00

-1,023.83
-3.82
-15.36

-887.86
-4.45
-19.49

-3.43
-21.91

-3.08
-24.63

237

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dynea Pakistan Ltd.

2009

2010

2011

2012

124,577
0
417,112
123,265
23,557
0
0
1,312
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

169,480
61,460
418,095
104,943
21,182

165,683

171,845

499,394
163,918
23,756

3,077
481,596
67,683
202,093
177,308

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

2014

(Thousand Rupees)
2013
2014

533,596
170,053
29,628

172,085
31,985
530,240
138,252
33,857

395,192
7,155
811,408
381,875
42,773

1,765
688,622
63,701
339,106
207,661

1,792
758,850
62,576
400,047
231,319

1,848
808,379
67,131
458,104
241,140

6,162
1,016,702
91,721
469,840
305,165

34,512
220,822
66,323
154,499
1,210

78,154
328,358
95,706
232,652
59,499
50,375

64,908
321,790
74,641
247,149
58,422
45,675

42,004
293,882
37,563
256,319
8,082

149,976
425,563
239,327
186,236
230,191

9,124
466,448
94,362
94,362

12,747
550,483
94,362
94,362

8,082
678,500
94,362
94,362

230,191
756,140
94,362
94,362

1,210
429,044
94,362
94,362

334,682

372,086

456,121

584,138

661,778

334,682

372,086

456,121

584,138

661,778

1,296,974
1,296,974
0
1,083,867
988,864
95,003
213,107
117,074
74,225
42,849
20,329
18,595
77,196
27,799
14,154
0
156,505

1,355,658
1,355,658

1,727,550
1,727,550

2,151,496
2,151,496

2,390,922
2,390,922

2,703,246
2,703,246

66,660

(56,275)

72,145

171,381

(72,358)

396,820
2,756
35,242
16,818
118,982

430,254
0
33,484
66,323
114,430

525,947
50,375
40,688
146,081
138,557

608,905
45,675
80,602
120,316
148,339

686,582
0
102,660
37,563
165,768

986,331
0
120,901
239,327
190,813

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
2.62
20.81

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
2.52
22.73

0.83
1.15
12.02
2.02
2.10
85.59
0.83
10.32
17.35
16.25
3.16
5.09
5.54
4.50
3.16
24.72

0.91
1.04
10.75
2.31
2.36
83.51
0.69
18.14
31.84
28.53
3.85
5.38
9.00
7.52
5.77
29.17

1.05
0.54
10.09
2.44
2.75
81.61
0.45
25.34
39.41
37.39
3.18
5.22
23.49
10.13
7.94
35.95

0.93
0.81
11.29
1.91
2.39
86.76
0.87
12.77
21.29
18.26
6.12
5.75
8.60
5.65
7.66
40.07

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,146,390
1,048,631
97,759
209,268
124,083
88,698
35,385
8,126
6,609
77,392
29,754
14,154

1,478,542
1,189,124
289,418
249,008
152,419
113,628
38,791
19,831
17,112
77,699
18,139
18,872

1,796,712
1,472,434
324,278
354,784
177,721
126,412
51,309
22,380
20,235
161,872
52,961
28,309

1,951,122
1,599,781
351,341
439,800
185,847
118,217
67,630
12,989
10,768
242,168
92,327
47,181

2,345,264
1,955,612
389,652
357,982
186,710
121,834
64,876
21,981
20,097
152,742
8,251
23,591

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

238

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Engro Corporation Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

139,266,914
5,046,647
148,518,600
129,611,671
5,959,530
737,803
1,716,692
2,154,101
44,810,376
4,417,885
11,603,851
6,214,643
8,332,154
14,241,843
52,953,589
4,284,404
48,669,185
89,263,124
82,560,415

137,155,687
3,370,684
155,665,136
128,642,997
8,267,370
782,958
1,267,973
3,091,075
52,552,055
4,663,275
16,591,475
10,637,999
5,998,027
14,661,279
67,333,865
5,828,090
61,505,775
79,308,844
73,257,370

137,346,747
7,387,765
159,893,575
124,581,275
8,564,962
807,966
1,873,995
2,695,746
69,816,211
6,899,123
20,699,771
3,033,487
21,366,091
17,817,739
65,025,014
6,380,255
58,644,759
86,455,279
78,321,114

140,796,145
11,566,686
166,599,112
122,940,571
8,834,301
296,093
2,735,157
3,257,638
76,290,467
12,244,533
11,567,174
4,615,213
28,987,084
18,876,463
86,875,180
11,764,678
75,110,502
62,186,920
55,379,841

347,886
3,412,657
34,115,015
3,277,369
3,277,369

19,144
6,683,565
41,860,577
3,932,843
3,932,843

6,051,474
43,065,033
5,112,694
5,112,694

8,134,165
55,682,665
5,112,694
5,112,694

6,807,079
68,024,512
5,237,848
5,237,848

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

30,837,646
13,632,260
17,205,386

37,927,734
14,530,648
23,397,086

37,952,339
15,267,795
22,684,544

50,569,971
19,307,910
31,262,061

62,786,664
24,360,478
38,426,186

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
1,320,579
1,320,579
5,214,946
1,135,050
1,787,656
297,943
6,088,724

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
4,321,688
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
12,314,593
10,462,595
11,459,152
2,220,775
2,359,706
1,179,853
16,491,624

125,151,272
120,642,725
4,508,547
96,631,324
47,351,406
49,279,918
28,519,948
13,318,580
8,816,828
4,501,752
15,516,238
12,360,763
2,456,790
1,390,506

155,359,930
149,704,103
5,655,827
114,763,238
62,044,461
52,718,777
40,596,692
15,578,557
10,396,595
5,181,962
15,634,199
9,944,248
12,725,903
1,974,314

175,958,342
167,442,628
8,515,714
139,769,753
73,388,603
66,381,150
36,188,589
17,303,753
10,840,309
6,463,444
12,344,159
9,710,746
10,982,755
3,761,441
3,142,709

7,798,915

31,505,848

29,160,215

87,313,969
58,565,354
2,292,240
59,571,207
386,500

127,027,407
89,151,849
4,976,783
94,867,624
4,136,483

131,123,701
82,560,415
6,878,671
86,844,819
5,467,275

122,373,877
73,257,370
1,066,284
79,085,460
5,729,483

142,137,944
78,321,114
10,751,589
84,701,369
12,632,851

130,211,432
55,379,841
4,078,605
67,144,519
23,467,519

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
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
21.19
104.09

0.36
10.74
5.42
0.62
0.85
72.01
3.40
6.57
30.17
8.88
3.92
9.88
2.10
10.00
23.49
106.44

0.32
12.40
8.50
0.66
0.78
77.21
3.41
1.31
5.79
1.94

0.48
10.06
1.95
0.75
1.07
73.87
2.72
6.41
25.77
9.62

0.53
7.02
2.62
0.81
0.88
79.43
2.19
5.18
17.76
8.07
2.30
15.21
2.13
6.24
13.79
129.87

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

239

7.54
1.20
1.96
2.09
84.23

7.51
2.28
8.19
21.03
108.91

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Engro Fertilizers Ltd.

2014

(Thousand Rupees)
2013
2014

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

75,175,084
863,917
98,971,686
73,674,133
4,725,153
118,336

61,424,934
61,424,934

75,915,397
0
5,928,038
0
2,729,173

0.84
10.79
1.23
0.55
1.02
63.20
2.23
10.67
34.50
15.67
2.50
55.79
3.09
19.37
7.50
26.15

518,698
36,296,541
4,188,528
1,100,922
757,044
25,075,776
5,174,271
35,556,228

35,556,228
41,437,302

41,437,302
34,478,095
13,183,417
13,183,417

21,294,678
2,206,850
19,087,828

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

38,822,423
23,208,543
15,613,880
22,602,511
6,531,283
4,441,379
2,089,904
6,625,397
5,692,720
11,894,987
2,011,924
3,955,025

19,062,654

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

240

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Engro Polymer & Chemicals Ltd.

2009

2010

2011

2012

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

18,679,826
156,980
22,736,861
17,476,546
1,168,970
30,864

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

2014

(Thousand Rupees)
2013
2014
17,690,437
211,833
23,199,298
16,833,072
1,182,721
50,098

18,007,508
366,659
24,004,109
16,472,475
1,223,646
51,847

363,701
4,898,054
682,894
2,176,960
369,400

939,941
5,199,402
114,435
2,508,579
292,605

595,434
7,677,926
865,040
3,250,590
525,017
465,122
2,572,157
10,740,586
3,008,862
7,731,724
7,574,824
7,494,818

1,116,527
8,329,207
544,017
3,897,503
554,666
218,872
3,114,149
14,228,559
3,616,196
10,612,363
6,143,122
6,098,708

1,668,800
6,431,165
1,780,388
4,650,777
11,064,315
10,903,360

2,283,783
9,627,613
3,214,168
6,413,445
8,839,565
8,620,195

1,015,436
6,411,538
94,732
3,052,436
266,465
169,545
2,828,360
11,035,304
4,057,065
6,978,239
7,733,169
7,531,866

62,107
157,263
6,240,851
6,634,688
6,634,688

59,647
141,656
6,322,891
6,634,688
6,634,688

63,662
16,344
7,052,953
6,634,688
6,634,688

39,737
4,677
5,965,034
6,634,688
6,634,688

160,955
6,985,860
6,634,688
6,634,688

351,172
900,351
(549,179)

(393,837)
861,808
(1,255,645)

(311,797)
871,952
(1,183,749)

418,265
911,225
(492,960)

(669,654)
934,272
(1,603,926)

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
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
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
1,512,073
891,770
620,303
1,758,750
1,403,529
(1,077,115)
184,454

20,605,601
18,540,773
2,064,828
17,050,461
10,626,249
6,424,212
3,555,140
2,196,373
1,179,186
1,017,187
1,659,061
1,204,811
211,901
122,927

24,780,581
22,688,379
2,092,202
19,681,140
12,866,502
6,814,638
5,099,441
2,478,032
1,345,329
1,132,703
1,369,849
1,031,915
1,343,298
255,071

23,819,272
20,288,355
3,530,917
21,998,345
14,349,401
7,648,944
1,820,927
2,366,279
1,428,412
937,867
1,064,980
1,138,919
(1,528,269)
154,409

(1,395,555)

2,340,903

986,473

2,987,769

1,157,862

17,910,573
11,155,098
(268,924)
12,765,732
339,100

18,050,175
10,903,360
(1,392,330)
12,683,748
645,145

15,080,416
8,620,195
(1,261,569)
11,834,363
856,759

14,056,060
7,531,866
88,974
11,588,931
1,022,453

14,627,777
7,494,818
1,088,227
10,503,680
1,202,284

12,108,156
6,098,708
(1,682,678)
9,714,904
1,165,560

0.15
5.21
3.78
0.51
0.69
89.56
2.56
-0.86
-3.08
-1.10

0.16
9.84
2.53
0.60
0.76
91.08
2.50
-5.18
-18.30
-6.81

0.04
10.32
1.72
0.69
0.54
87.34
2.96
-4.38
-16.29
-6.50

0.05
8.05
1.29
0.82
0.58
82.75
2.97
0.85
3.37
1.45

0.17
5.53
2.12
0.98
0.71
79.42
2.60
5.32
20.09
9.37

0.09
4.47
2.33
0.90
0.59
92.36
3.42
-5.91
-23.48
-11.43

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

241

7.25
0.66
-1.69
-0.52
12.29

6.72
0.13
-8.38
-2.10
10.53

6.80
0.23
-6.32
-1.90
9.41

6.75
1.18
1.03
0.13
9.53

7.62
2.30
5.42
1.64
10.63

6.11
-0.34
-6.42
-2.54
8.99

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fatima Fertilizer Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

68,121,129
1,287,735
67,711,704
66,827,913
748,226

38,244
4,498,680
283,289
539,730
256,548

5,481
8,226,119
3,839,361
1,215,014
195,840

67,675,785
1,662,461
68,249,220
65,882,892
1,482,540
33,881
85,190
11,361
8,329,011
984,144
2,507,927
138,480

0
0
0
0
0
0
0
96,205
0
96,205
7,494
0
(97,121)
0
0
0
(1,969,691)

(381,357)

7,465,601

6,941,497

12,231,316

15,000,340

52,541,594
28,649,743
(97,121)
29,052,539
52,466

62,382,778
37,446,530
(185,553)
37,762,738
35,749

66,536,320
29,941,653
2,843,909
32,974,486
711,424

63,732,966
27,023,742
4,669,855
33,799,367
1,705,889

64,796,982
22,647,450
7,070,533
30,888,044
1,943,747

68,513,216
17,335,003
8,374,034
24,309,914
2,307,264

0.05

0.08

0.00
0.48

0.00
0.64

0.41
20.65
1.32
0.19
0.84
31.96
1.72
8.35
23.27
9.44
1.95
12.21
2.99
41.04
2.92
14.03

0.09
19.56
0.47
0.39
0.68
41.51
1.63
11.92
31.86
13.94
2.11
11.77
2.63
30.76
4.22
13.78

0.02
12.45
0.30
0.42
0.81
41.15
1.44
15.79
39.93
19.17
2.35
12.40
4.04
36.78
5.87
15.60

0.10
10.41
1.24
0.44
0.97
40.67
1.26
17.34
40.71
21.23
2.45
13.49
5.12
39.12
6.74
17.50

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

67,726,181
1,892,621
69,581,113
65,695,396
1,519,485
42,726
85,190
10,248
12,345,522
238,294
2,702,076
99,181

68,952,339
2,877,944
71,406,673
65,945,226
1,576,510
30,083
85,806
13,280
14,168,624
948,807
2,681,206
448,314

3,419,113
7,074,260
316,208
6,758,052
38,123,998
37,446,530

2,975,904
9,810,928
3,032,833
6,778,095
38,481,455
29,941,653
4,515,565

4,698,460
12,271,830
6,775,625
5,496,205
34,785,112
27,023,742

9,305,971
15,274,721
8,240,594
7,034,127
32,038,024
22,647,450

10,090,297
14,607,747
6,974,911
7,632,836
31,756,192
17,335,003

9,390,574
32,758,958
21,000,000
21,000,000

14,421,189
36,757,024
21,000,000
21,000,000

73,796
603,672
24,258,780
24,000,000
20,000,000
4,000,000
258,780
790,000
(531,220)

102,754
3,921,483
28,054,865
24,000,000
20,000,000
4,000,000
4,054,865
790,000
3,264,865

0
7,761,370
28,947,854
21,000,000
21,000,000

7,947,854
1,790,000
6,157,854

11,758,958
1,790,000
9,968,958

15,757,024
1,790,000
13,967,024

0
0

14,833,343
14,833,343

29,518,623
29,518,623

33,495,889
33,495,889

36,169,191
36,169,191

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

4,740,961
2,329,580
2,411,381
10,092,382
1,075,569
337,946
737,623
3,063,055
3,051,662
6,087,568
243,659
3,000,000

12,252,427
4,884,349
7,368,078
17,266,196
2,478,871
1,233,944
1,244,927
5,773,821
5,585,927
9,080,537
210,682
4,200,000

13,784,677
6,163,810
7,620,867
19,711,212
3,516,634
1,430,122
2,086,512
4,169,002
4,048,494
12,320,533
0
5,250,000

14,708,355
6,616,344
8,092,011
21,460,836
4,169,212
1,448,837
2,720,375
3,766,899
3,436,724
14,149,034
0
5,775,000

0
113,866

113,866
8,950
5,146
(121,070)
64,483

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

242

2.22
-0.17
-0.55
-0.18

1.86
-0.19
-0.58
-0.21

0.00
-22.53

-0.05
9.86

-0.09
12.13

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fauji Fertilizer Bin Qasim Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

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

17,435,496
323,109
27,069,736
13,499,733
1,334,550
9,280
3,527,062
76,312
23,268,115
8,788,967
4,876,305
2,469,075
1,550,000
5,583,768
23,167,823
9,216,660
13,951,163
4,904,959

23,000,285
565,329
27,658,351
12,494,180
1,377,511
0
9,862,133
78,643
14,155,112
2,479,548
1,129,257
1,603,643
5,323,136
3,619,528
19,329,309
7,985,128
11,344,181
4,044,516

4,044,516
13,781,572
9,341,100
9,341,100

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

4,904,959
12,630,829
9,341,100
9,341,100

25,482,422
3,020,050
30,803,990
11,844,214
1,383,849
0
10,539,515
78,643
21,995,709
5,474,248
1,557,296
1,468,373
9,230,117
4,265,675
19,907,588
3,087,408
16,820,180
13,317,192
10,000,000

3,317,192
14,253,351
9,341,100
9,341,100

2,868,932
234,730
2,634,202

4,294,582
234,730
4,059,852

3,289,729
234,730
3,054,999

4,440,472
234,730
4,205,742

4,912,251
234,730
4,677,521

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
1,459,792
1,318,482
5,808,303
2,195,215
3,736,440
0
20,743,771

43,256,712
43,256,712

55,868,834
55,868,834

47,911,164
47,911,164

54,455,168
54,455,168

49,445,256
49,445,256

7,387,951

8,353,669

1,442,854

9,933,011

8,725,196

19,477,929
227,810
(123,352)
8,413,883
2,127,948

19,946,965
0
159,312
5,652,724
2,157,639

20,516,826
0
1,160,634
7,476,144
2,448,513

17,535,788
0
175,580
9,216,660
2,409,254

17,826,088
0
592,734
7,985,128
2,981,174

27,570,543
10,000,000
481,333
13,087,408
3,226,102

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
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
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
11.24
14.60

0.55
3.80
5.15
1.18
1.00
76.08
2.22
16.01
49.29
34.02
1.04
9.83
5.73
13.51
4.69
13.52

0.49
2.78
2.94
1.47
0.73
73.35
1.70
21.46
63.26
47.25
1.13
48.22
8.51
15.34
5.63
14.75

0.81
2.66
2.97
1.04
1.10
77.57
2.33
14.63
44.18
27.28
1.13
31.75
5.90
12.52
4.52
15.26

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

29,793,541
23,636,426
6,157,115
13,463,171
3,997,379
2,584,683
1,412,696
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
1,087,870
816,486
16,169,944
5,668,210
9,341,100

36,450,042
31,463,130
4,986,912
11,461,122
4,211,082
2,665,725
1,545,357
1,821,471
1,369,457
6,473,322
2,094,247
4,203,495

39,942,664
31,362,416
8,580,248
14,512,504
5,136,790
3,452,539
1,684,251
1,514,931
1,112,322
8,354,876
3,091,592
4,670,550

38,353,303
30,572,588
7,780,715
11,091,953
5,125,882
3,314,174
1,811,708
1,312,956
1,264,177
6,192,252
1,974,479
3,736,440

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

243

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fauji Fertilizer Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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
67,989,308
27,178,936
2,492,677
1,615,633
5,753,941
696,370
49,162,845
7,404,526
4,043,916
733,185
30,632,717
6,348,501
45,017,658
18,475,650
26,542,008
17,375,737
10,080,890

51,803,371
13,355,596
75,929,154
19,894,510
2,711,272
1,687,919
6,651,857
10,213,489
51,279,892
12,573,266
5,318,444
6,080,551
20,300,996
7,006,635
47,684,954
17,955,859
29,729,095
21,267,818
13,643,915

70,632,134
3,055,202
80,857,537
41,259,678
3,393,754
2,014,919
23,478,872
823,463
40,762,467
4,193,929
1,431,214
2,871,255
24,283,431
7,982,638
54,266,240
18,797,314
35,468,926
21,930,522
14,391,192

77,707,274
3,850,887
57,183,361
29,253,733
3,471,748
1,974,531
41,787,131
840,992
37,746,067
2,050,602
985,347
2,221,263
27,432,837
5,056,018
55,800,151
14,656,443
41,143,708
15,983,124
11,406,203

7,671,871
23,269,149
6,785,271
6,785,271

7,294,847
31,997,276
8,481,588
8,481,588

7,623,903
34,130,491
12,722,382
12,722,382

7,539,330
35,197,839
12,722,382
12,722,382

4,576,921
43,670,066
12,722,382
12,722,382

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

16,483,878
6,961,291
9,522,587

23,505,430
7,629,238
15,876,192
10,258

21,400,414
7,158,796
14,241,618
7,695

22,464,949
8,088,382
14,376,567
10,508

30,644,120
611,592
30,032,528
303,564

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
2,336,211
2,253,565
16,860,991
5,837,326
8,922,631
678,527
29,331,554

88,154,698
88,154,698

111,111,913
111,111,913

122,251,581
122,251,581

75,977,433
75,977,433

84,013,999
84,013,999

55,103,948
31,655,000
23,448,948
33,050,750
9,372,892
6,554,085
2,818,807
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
1,824,471
1,580,961
44,737,408
16,407,348
16,963,176
4,240,794
28,909,052

74,750,170
49,942,521
24,807,649
47,501,411
12,464,863
8,249,979
4,214,884
2,691,660
2,303,880
34,846,192
12,111,202
19,719,692

40,417,170
18,614,731
21,802,439
35,560,263
8,795,417
6,168,184
2,627,233
1,373,425
1,288,316
27,274,623
9,194,995
19,528,856

50,878,238
24,372,474
26,505,764
33,135,761
8,920,602
6,453,519
2,467,083
2,149,262
2,041,294
25,455,576
7,873,860
17,366,051

18,429,157

26,553,404

29,651,720

35,784,586
4,806,619
2,101,034
20,880,445
1,399,842

38,649,628
7,708,608
6,175,970
21,637,168
6,088,628

49,373,013
10,080,890
11,366,884
28,556,540
7,222,162

55,398,309
13,643,915
3,015,298
31,599,774
7,518,472

57,128,361
14,391,192
(1,449,228)
33,188,506
5,383,224

59,653,190
11,406,203
215,665
26,062,646
6,429,971

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
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
22.10
34.29

0.86
1.64
0.66
1.18
1.09
50.96
1.95
53.13
161.90
101.65
1.67
27.48
29.30
40.26
33.40
37.73

0.82
2.20
4.97
1.19
1.08
61.14
2.02
35.29
105.39
66.52
1.15
22.99
16.13
28.50
17.87
26.83

0.58
1.81
3.78
0.68
0.75
53.20
2.16
25.43
78.68
48.48
0.93
53.09
22.17
35.90
14.21
27.67

0.57
2.56
2.64
0.73
0.68
60.56
1.64
22.44
64.55
43.60
1.01
85.26
13.47
30.30
13.82
34.33

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

244

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ferozsons Laboratories Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

1,278,225
0
1,435,864
1,273,098
45,403
0
33
5,094
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

1,472,952

1,555,899
1,294,927
108,664

1,722,984
1,465,486
131,312

1,490,792
114,943
1,850,871
1,364,592
137,804
3,714

1,032,018
24,794
1,007,224
242,021

1,392,832
49,998
1,342,834
389,692

1,805,323
61,095
1,744,228
384,206

2,133,442
72,412
2,061,030
378,720

2,388,545
99,072
2,289,473
420,678

1,189,257
1,189,257
0
584,147
517,152
66,995
605,110
381,707
271,025
110,682
3,779
1,477
249,141
62,063
17,361
34,721
107,095

1,536,683
1,536,683

2,202,757
2,202,757

2,766,374
2,766,374

2,878,747
2,722,511
156,236
1,498,327
1,308,456
189,871
1,380,420
896,187
684,910
211,277
15,465
7,621
523,028
95,083
211,308

3,831,560
3,627,818
203,742
2,003,510
1,519,938
483,572
1,828,050
1,126,760
852,798
273,962
18,782
9,184
760,720
189,524
362,242

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

1,528,409
19,786
2,027,272
1,499,006
148,527
1,885

1,642,028
99,554
2,311,621
1,533,777
174,872
939

7,466
1,091,301
155,394
592,723
158,263
23,673
161,248
410,039
37,806
372,233
121,695

7,543
1,529,303
97,618
583,052
325,691
345,247
177,695
439,723
439,723
103,349

7,732
1,737,298
107,036
846,906
206,232
413,500
163,624
386,745
1,242
385,503
64,932

7,758
2,114,594
165,855
863,608
174,178
748,688
162,265
523,699
496
523,203
121,832

58,469
1,482,367
208,328
208,328

121,695
2,032,519
249,995
249,995

103,349
2,477,023
287,494
287,494

64,932
2,814,030
301,868
301,868

121,832
3,111,091
301,868
301,868

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

837,141
632,449
204,692
699,542
440,519
318,253
122,266
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
20,109
17,849
507,540
27,167
62,499
37,499
360,821

1,457,075
844,974
612,101
1,309,299
856,324
658,506
197,818
12,538
8,246
492,520
31,313
129,372
14,375
517,892

1,483,929
174,538
169,717
270,195
202,925

1,620,774
79,938
248,666
116,466
227,124

2,154,214
0
417,874
37,806
288,257

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
10.78
72.31

0.42
2.18
4.82
0.78
1.89
54.48
0.34
14.00
19.10
16.84

0.82
0.91
7.18
0.86
2.66
48.73
0.26
22.33
28.88
26.89
7.69
3.72
29.44
23.04
19.22
81.30

343,991

847,470

2,580,372
0
331,835
0
372,430

2,878,962
0
216,637
1,242
449,619

3,232,923
0
208,954
496
556,824

1.75
0.45
11.77
0.92
3.48
52.67
0.22
17.64
21.84
20.81
3.56
4.74
60.73
17.80
16.04
86.16

1.88
0.54
7.16
0.88
4.49
52.05
0.16
16.64
19.77
19.16
2.03
3.40
69.63
18.17
14.18
93.22

2.08
0.49
4.55
1.02
4.04
52.29
0.21
21.67
25.68
24.89
1.58
4.44
83.83
19.85
18.92
103.06

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

245

3.94
9.37
17.01
11.94
71.16

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gatron (Industries) Ltd.

2009

2010

2011

2012

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

5,071,333
15,896
6,987,445
2,882,146
280,749

5,061,559
34,726
7,007,902
2,462,787
323,784

5,331,051
48,139
7,140,076
2,242,004
359,220
0
3,039,328
1,580
4,011,667
233,609
2,145,909
800,947
0
831,202
1,811,589
156,514
1,655,075
470,668
0
0
0
0
470,668
7,060,461
383,645
383,645

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

2,158,770
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
2,120,704
393,493
1,727,211
543,116
79,158

68,392
402,450
5,436,400
383,645
383,645

80,964
382,994
6,323,411
383,645
383,645

2014

(Thousand Rupees)
2013
2014
5,398,442
196,930
7,254,593
2,036,698
329,472
0
3,163,411
1,403
4,984,376
107,515
2,644,785
1,155,689
0
1,076,387
2,650,068
934,867
1,715,201
426,251
0
0
0
0
426,251
7,306,499
383,645
383,645

6,046,071
40,287
7,744,851
2,223,728
325,391
0
3,780,174
1,882
4,987,787
454,208
2,315,281
1,088,765
0
1,129,533
2,984,509
1,387,334
1,597,175
400,852
0
0
0
0
400,852
7,648,497
383,645
383,645

5,052,755
458,645
4,594,110

5,939,766
458,645
5,481,121

6,676,816
458,645
6,218,171

6,922,854
458,645
6,464,209

7,264,852
458,645
6,806,207

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
255,629
253,047
253,005
7,225
57,547
0
66,354

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
173,062
171,342
349,555
46,330
76,729

10,599,670
10,088,796
510,874
9,457,681
7,539,294
1,918,387
1,141,989
344,787
174,406
170,381
66,508
64,449
748,068
235,604
191,823

11,015,200
10,797,944
217,256
9,652,229
7,752,309
1,899,920
1,362,971
483,546
209,737
273,809
23,435
20,484
859,825
256,531
364,463

11,140,027
10,759,758
380,269
10,374,751
8,096,250
2,278,501
765,276
489,752
199,251
290,501
78,011
73,734
203,369
0
153,458

11,502,456
11,206,227
296,229
10,547,026
7,558,228
2,988,798
955,430
550,957
238,248
312,709
118,966
116,743
299,959
74,285
211,005

1,344,896

429,147

630,557

(648,485)

558,285

5,611,886
337,472
188,233
2,083,129
495,585

6,206,057
298,815
226,496
728,005
558,868

6,866,527
79,158
320,642
472,651
632,823

7,531,129
0
238,831
156,514
704,299

7,732,750
0
49,911
934,867
827,883

8,049,349
0
14,669
1,387,334
914,651

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
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
7.90
141.70

0.64
0.63
11.25
1.18
1.85
89.23
0.42
8.85
12.72
11.44
2.67
5.49
12.61
7.06
13.36
164.82

0.57
0.21
7.27
1.18
2.21
87.63
0.32
9.38
12.85
11.94
1.66
5.13
42.98
7.81
15.73
184.04

0.48
0.70
10.37
1.07
1.88
93.13
0.42
2.06
2.83
2.66
1.33
4.21
3.76
1.83
5.30
190.45

0.52
1.03
9.47
1.04
1.67
91.69
0.44
2.80
4.01
3.80
1.07
4.97
3.57
2.61
5.88
199.36

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

246

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ghani Gases Ltd.

2009

2010

2011

2012

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

1,278,225
12,102
1,276,804
1,174,845
30,093
1,120

1,486,107
96,913
1,265,126
1,124,908
40,389
910

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

27,551
178,414
85,605
19,035
19,604

2014

(Thousand Rupees)
2013
2014
1,649,733
171,827
1,372,402
1,191,106
39,892
630

90,158
254,612
104,030
31,880
39,731

263,376
404,189
259,471
11,182
31,264

286,170
898,157
242,824
13,752
144,349

2,457,767
14,030
2,407,810
2,182,343
41,241
350
45,000
216,044
679,629
234,489
23,225
157,264

54,170
172,856
24,979
147,877
465,688
331,821
100,772

78,971
252,257
25,000
227,257
555,569
243,333
250,137

102,272
355,658
237,992
117,666
723,008
129,000
437,433

497,232
462,651
313,778
148,873
1,157,935
408,146
611,381

264,651
676,662
520,364
156,298
1,460,292
373,088
1,004,104

33,095
645,567
724,500
724,500

62,099
725,011
724,500
724,500

156,575
811,630
724,630
724,630

138,408
927,304
724,630
724,630

83,100
1,000,442
742,746
742,746

(78,933)
30,000
(108,933)

511
30,000
(29,489)

87,000
30,000
57,000

202,674
30,000
172,674

257,696
30,000
227,696

25,651
25,651
0
23,741
61
23,680
1,910
39,680
10,844
28,836
2,001
1,811
(38,367)
7,500
0
0
(211,062)

270,617
270,617

444,463
444,463

740,142
740,142

1,217,455
1,217,455

1,347,426
1,347,426

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

245,108
2,231
242,877
25,509
106,316
52,335
53,981
34,571
34,494
(62,557)
1,617

298,932
5,689
293,243
145,531
116,280
63,091
53,189
57,121
56,619
85,014
5,569

464,840
4,983
459,857
275,302
159,201
94,222
64,979
72,864
52,847
94,392
7,904

1,020,109
12,105
1,008,004
327,317
175,322
105,471
69,851
51,860
41,526
103,536
17,601

87

80,687

134,318

826,848
8,931
817,917
390,607
180,019
110,492
69,527
55,409
36,560
158,003
6,097
36,232
18,116
(282,401)

1,064,590
261,692
(45,868)
280,167
19,371

1,111,255
331,821
(64,174)
356,800
57,674

1,280,580
243,333
79,445
268,333
59,813

1,534,638
129,000
86,488
366,992
73,545

2,085,239
408,146
115,675
721,924
80,594

2,460,734
373,088
85,935
893,452
76,961

0.28
7.80
37.58
0.02
0.89
92.56
0.59
-3.40
-5.41
-3.60

0.61
12.77
7.24
0.21
1.03
90.57
0.99
-5.18
-9.23
-5.75

0.57
12.85
8.94
0.29
1.01
67.26
1.11
6.04
12.41
7.11

0.82
9.84
4.22
0.39
1.14
62.80
1.33
5.51
12.29
6.71

0.84
4.55
11.86
0.48
1.94
67.92
1.75
7.12
18.17
8.73
4.19
88.53
5.32
12.98
2.10
12.80

0.58
3.85
11.67
0.43
1.00
75.71
2.14
3.64
10.74
4.56

351,844

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

3.81
-20.18
-149.58
-0.63
9.80

14.22
-0.81
-23.12
-0.89
8.91

13.94
2.50
19.13
1.10
10.01

66.19
2.79
12.75
1.19
11.20

247

58.02
3.49
7.68
1.16
13.47

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Glaxosmithkline (Pakistan) Ltd.

2009

2010

2011

2012

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

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

6,868,966
1,160,276
7,370,788
4,624,418
386,660
955,742

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

2014

(Thousand Rupees)
2013
2014
7,016,090
854,849
7,842,857
5,075,833
491,914
955,742

7,722,817
1,259,309
8,327,894
5,318,400
478,652
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

128,530
9,381,557
2,117,626
5,080,220
350,362
198,118
1,635,231
4,151,055

129,666
10,922,720
1,872,999
6,271,405
349,950
224,269
2,204,097
5,726,508

189,366
11,378,061
2,060,444
6,308,061
535,116
591,667
1,882,773
6,180,168

3,560,293
531,692

3,881,011
448,002

4,151,055
706,030

5,726,508
862,989

6,180,168
975,607

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

175,280
530,750
11,393,438
2,631,960
2,631,960

250,977
612,012
11,349,313
2,895,156
2,895,156

382,253
593,354
11,945,103
3,184,672
3,184,672

8,835,696
2,612,811
6,222,885

8,715,881
2,184,238
6,531,643

8,761,478
2,184,238
6,577,240

8,454,157
2,184,238
6,269,919

8,760,431
2,184,238
6,576,193

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
44,645
16,846
1,706,580
722,067
853,359
0
1,347,341

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
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
11,015,437
4,916,291
5,818,419
4,006,932
2,790,373
1,216,559
36,526
834
2,236,888
1,059,128
957,076
239,269
127,113

23,149,964
22,347,942
802,022
17,104,983
10,606,560
6,498,423
6,044,981
4,005,847
3,028,364
977,483
47,512

25,230,878
24,307,220
923,658
19,002,112
13,067,837
5,934,275
6,228,766
4,714,593
3,625,389
1,089,204
159,217

27,882,887
26,885,240
997,647
20,537,116
13,295,361
7,241,755
7,345,771
4,968,354
3,694,682
1,273,672
20,363

2,321,747
867,000
1,052,784
263,196
2,056,858

1,809,872
720,999
1,013,305
289,516
1,056,534

2,848,582
1,141,982
1,592,336

11,084,040
0
131,154
4,520
2,208,089

11,331,506
0
281,779
0
2,150,226

11,556,574
0
220,684
0
1,372,683

12,099,468
0
401,963
0
2,509,496

12,212,302
0
75,568
0
14,638,792

12,920,710
0
114,264
0
3,124,331

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
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
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
4.92
46.43

0.64
0.21
1.51
1.42
2.26
73.89
0.43
14.65
20.64
19.63
1.38
4.56

0.43
0.63
1.39
1.41
1.91
75.31
0.58
10.59
15.92
14.89
1.07
4.02

0.52
0.07
1.92
1.46
1.84
73.65
0.60
15.38
24.46
22.67
1.07
4.42

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,431,790

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

248

10.03
5.53
43.29

7.17
3.76
39.20

10.22
5.36
37.51

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Highnoon Laboratories Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

840,530
13,484
1,135,773
696,384
63,767
129,099

829,010
13,633
1,198,721
701,418
65,378
111,844

878,393
13,234
1,402,424
765,185
64,506
98,413

360,153
188,475

385,324
183,153

438,932
232,456

533,568
226,843

731,356
221,160

2,478,391
2,377,409
100,981
1,574,598
1,250,804
323,794
903,793
682,661
483,659
199,002
81,530
78,753
152,224
33,572
41,319
0
31,291

2,636,538
2,504,383
132,155
1,732,983
1,402,433
330,550
903,555
714,577
538,367
176,210
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
70,371
62,531
143,899
56,938
54,542

2,465,621
2,296,292
169,329
1,440,368
1,081,667
358,701
1,025,253
836,294
609,764
226,530
48,183
41,938
159,106
52,930
63,632

386,540

69,878

3,007,925
2,808,088
199,837
1,777,264
1,271,151
506,113
1,230,661
993,244
751,182
242,062
20,424
13,981
232,302
95,100
81,812
0
370,435

3,696,092
3,472,796
223,296
2,040,858
1,584,945
455,913
1,655,234
1,238,426
968,753
269,673
12,371
3,702
414,424
149,874
118,173
21,817
479,594

980,247
70,554
77,333
682,051
436,143

1,101,862
99,947
43,855
533,099
427,809

1,113,426
57,659
32,420
304,692
464,061

1,226,064
50,000
42,544
280,600
506,140

1,280,462
37,500
55,390
151,253
579,217

1,446,822
0
146,377
33,283
703,743

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
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
5.15
43.19

0.15
2.39
1.88
1.89
1.64
68.96
1.08
8.72
19.66
12.99
1.59
5.68
3.30
4.89
4.78
41.27

0.17
1.95
2.94
1.46
1.76
58.42
0.97
9.82
19.85
13.60
1.67
4.06
4.79
6.45
5.84
46.93

0.37
0.68
2.11
1.90
2.45
59.09
0.68
14.22
25.88
18.54
1.68
5.39
17.62
7.72
7.55
51.83

0.82
0.33
2.04
1.90
2.25
55.22
0.71
23.50
39.91
30.39
2.24
5.82
112.95
11.21
14.55
62.39

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

843,995
14,367
1,430,279
747,514
77,034
80,553

824,617
8,302
1,500,484
751,243
78,725
63,511

1,563
901,894
65,485
640,845
42,107

2,115
728,559
12,597
518,480
55,269

1,561
805,785
6,462
606,595
72,532

1,561
738,344
49,533
557,767
63,517

1,561
1,120,377
335,324
634,792
75,535

153,457
640,562
433,152
207,410
387,956
99,947

142,213
444,143
247,033
197,110
363,144
57,659

120,196
458,114
230,600
227,514
372,871
50,000

67,527
301,877
113,753
188,124
338,246
37,500

74,726
498,172
33,283
464,889
312,501

288,009
713,906
165,278
165,278

305,485
750,282
181,805
181,805

322,871
853,193
181,805
181,805

300,746
942,216
181,805
181,805

312,501
1,134,321
181,805
181,805

360,153

385,324

438,932

533,568

731,356

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

249

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

ICI Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

9,242,008
141,524
24,038,345
8,837,831
1,045,284
69,118
2,500
191,035
11,519,321
4,738,205
3,868,551
383,169

10,589,128
2,006,732
24,355,984
8,303,581
1,089,192
40,992
2,500
235,323
10,032,035
904,117
5,411,611
595,693

12,745,246
465,845
12,279,401
917,380

8,426,519
309,643
8,116,876
967,863

8,019,733
309,643
7,710,090
884,867

8,854,642
309,643
8,544,999
843,037

10,435,337
309,643
10,125,694
784,517

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
185,742
19,965
3,082,098
490,813
1,110,418
0
4,630,885

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
165,416
1,536
3,779,793
1,457,540
2,429,040

35,380,189
35,102,294
277,895
30,667,178
21,489,119
9,178,059
4,713,011
2,227,800
1,012,821
1,214,979
265,149
333
2,529,531
862,046
831,232

34,557,762
34,243,950
313,812
30,400,433
22,519,325
7,881,108
4,157,329
2,510,341
1,068,519
1,441,822
294,527
56,052
1,593,027
625,658
507,975

18,240,037
18,035,649
204,388
16,105,080
10,723,978
5,381,102
2,134,957
975,576
523,391
452,185
187,793
137,370
1,097,188
271,336

38,078,277
37,520,259
558,018
33,280,470
21,588,015
11,692,455
4,797,807
2,617,694
1,530,254
1,087,440
388,024
327,724
2,113,865
311,133
738,873

2,498,711

3,951,025

(3,101,235)

(879,326)

3,752,679

15,169,925
0
1,480,867
36,038
2,331,407

16,144,078
0
(106,787)
0
2,234,802

11,759,540
0
836,253
0
2,091,030

11,421,697
290,270
459,394
2,622,327
2,389,727

13,689,324
1,887,026
825,852
4,541,575
716,484

15,630,049
2,314,805
1,063,859
3,624,394
2,071,580

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
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
16.73
108.43

0.57
0.75
1.08
1.70
1.28
86.68
1.01
11.91
19.94
18.13
2.01
9.15
7,597.19
7.15
18.05
111.72

0.16
0.85
1.72
1.68
1.09
87.97
1.10
7.70
15.81
13.74
1.90
6.39
29.42
4.61
10.47
106.41

0.24
1.03
4.89
0.87
1.37
88.30
0.97
5.28
10.73
8.74

0.24
1.02
2.32
1.67
1.48
87.40
0.88
9.67
18.57
14.42
2.44
8.26
7.45
5.55
19.52
131.48

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

11,010,499
2,580,208
24,627,834
8,147,259
559,528
45,123
2,500
235,409
9,922,794
836,143
4,594,877
891,186

12,159,631
899,956
29,572,743
10,908,546
1,334,462
64,261
2,500
284,368
10,634,285
858,204
4,607,216
883,710

2,459,929
5,566,621

2,529,396
9,001,789

3,120,614
9,199,466
2,332,057
6,867,409
1,593,506
290,270

3,600,588
7,243,969
2,654,549
4,589,420
3,068,054
1,887,026

4,285,155
7,163,867
1,309,589
5,854,278
3,486,604
2,314,805

299,005
1,004,231
9,828,191
923,591
923,591

79,917
1,101,111
10,621,270
923,591
923,591

78,081
1,093,718
12,143,445
923,591
923,591

5,566,621
1,093,429

9,001,789
1,441,567

223,181
870,248
15,050,649
1,388,023
1,388,023

255,333
1,186,234
10,317,973
923,591
923,591

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

250

3.97
8.99
6.02
8.94
115.00

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ittehad Chemicals Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,618,994
54,380
3,751,613
2,470,758
205,356
1,462

2,688,915
83,634
3,970,485
2,498,639
195,285
6,698

2,673,004
42,942
4,177,879
2,514,774
194,550
6,566

585,748
9,740
576,008
748,559

651,100

793,603

1,016,226

1,040,602

651,100
748,559

793,603
760,819

1,016,226
760,819

1,040,602
760,819

3,633,404
3,633,404
0
2,792,628
413,865
2,378,763
840,776
340,747
218,750
121,997
250,907
246,920
262,441
36,056
54,000
0
360,628

3,257,935
2,959,386
298,549
2,552,172
566,185
1,985,987
705,763
353,572
229,838
123,734
216,332
211,878
150,704
60,697
18,000

3,309,968
3,023,445
286,523
2,621,991
314,258
2,307,733
687,977
370,051
247,455
122,596
228,381
221,607
109,459
34,157
36,000

4,003,771
3,603,943
399,828
3,201,672
344,400
2,857,272
802,099
385,314
238,752
146,562
205,452
117,704
227,820
47,621
54,000

4,103,853
3,702,118
401,735
3,290,826
397,086
2,893,740
813,027
417,955
231,679
186,276
133,222
122,102
281,150
91,929
50,000

116,386

313,210

664,775

4,278,107
3,638,895
639,212
3,412,772
441,685
2,971,087
865,335
434,121
272,886
161,235
121,899
115,271
333,315
73,251
54,000
139,968
422,646

2,932,369
953,803
172,385
1,415,393
250,176

2,857,424
1,025,653
72,007
1,327,314
240,746

2,701,734
632,748
39,302
1,565,140
271,338

2,560,298
552,753
126,199
1,360,267
329,027

2,548,132
76,390
206,064
942,825
382,175

3,210,674
573,947
139,221
1,594,407
430,027

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
6.29
44.20

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
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
2.09
48.88

0.46
5.13
13.62
1.00
0.92
79.97
1.10
5.66
12.40
8.66
3.34
23.33
2.94
5.69
5.01
53.18

0.46
2.85
14.22
1.00
0.94
79.77
1.00
8.04
16.45
13.05
4.82
15.62
3.89
7.79
7.22
59.36

0.51
3.25
14.85
0.87
1.14
80.19
1.04
6.27
12.67
9.76
3.78
14.46
3.30
6.85
3.78
46.03

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

2,651,002
19,833
4,270,805
2,495,976
183,695
22,133

2,996,990
371,876
4,439,013
2,484,852
181,808
16,904

92,394
1,261,499
15,399
197,815
501,812

99,944
1,346,803
117,434
219,946
459,683

108,722
1,346,152
130,406
171,629
545,363

113,060
1,618,656
180,671
273,876
608,526

123,358
1,704,334
145,024
283,871
609,505

546,473
1,023,069
301,661
721,408
1,163,117
1,025,653
15,810

549,740
1,333,984
932,392
401,592
942,075
632,748

498,754
1,458,858
807,514
651,344
645,876
552,753
10,810

555,583
1,721,526
866,435
855,091
411,087
76,390

665,934
1,490,650
1,020,460
470,190
909,253
573,947

82,313
1,914,422
360,000
360,000

334,697
2,137,045
360,000
360,000

335,306
2,301,421
500,000
500,000

121,654
1,694,307
360,000
360,000

309,327
1,759,659
360,000
360,000

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(137,324)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

251

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Leiner Pak Gelatine Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

196,883
26,217
360,277
169,023
10,218
50

206,141
7,071
397,587
196,718
10,082
36

290,410
12,322
489,582
276,685
12,171
22

283,968

1,593
168,680
1,130
117,267
19,124

2,316
189,068
1,183
130,046
25,102

1,381
211,330
2,403
130,301
43,702

2,643
274,799
3,582
198,011
34,761

11,318
192,196
500
129,367
9,875

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

504,430
281,317
11,689
8

290,061
5,951
506,058
272,792
11,662

31,159
132,363
74,653
57,710
19,184
7,500

32,737
173,465
85,341
88,124
7,982
2,500

34,924
192,881
105,386
87,495
5,595

38,445
246,440
131,186
115,254
9,355

52,454
232,241
106,501
125,740
0

11,684
214,016
75,000
75,000

5,482
213,762
75,000
75,000

5,595
303,264
75,000
75,000

9,355
302,972
75,000
75,000

0
250,016
75,000
75,000

60,818

60,564

64,130

63,838

10,882

60,818
78,198

60,564
78,198

64,130
164,134

63,838
164,134

10,882
164,134

430,924
257,564
173,360
349,855
171,590
178,265
81,069
43,265
4,013
39,252
11,635
9,748
29,502
8,682
9,000
0
9,691

476,657
279,359
197,298
422,867
276,781
146,086
53,790
43,374
5,469
37,905
11,698
9,450
491
3,557

428,796
241,052
187,744
376,062
232,366
143,696
52,734
40,728
5,049
35,679
14,963
12,524
1,004
4,470

705,290
453,386
251,904
626,517
350,158
276,359
78,773
58,569
7,308
51,261
12,203
9,550
9,562
2,681

484,921
330,222
154,699
484,417
263,743
220,674
504
56,434
4,209
52,225
11,021
9,222
(65,313)
5,087

579,012
313,226
265,786
503,176
275,154
228,022
75,836
53,961
8,460
45,501
14,303
11,822
10,060
5,633
5,625

34,914

17,423

(461)

(13,719)

30,274

238,545
3,656
11,820
87,791
64,567

233,200
7,500
(3,066)
82,153
56,587

221,744
2,500
(3,466)
87,841
57,489

308,859
0
(1,198)
105,386
67,486

312,327
0
6,881
131,186
73,572

250,016
0
(70,400)
106,501
68,808

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
2.78
30.14

0.15
2.45
4.01
1.30
1.27
88.72
0.71
0.13
0.22
0.21

0.15
3.49
5.85
1.08
1.09
87.70
0.85
0.26
0.47
0.44

0.24
2.47
7.55
1.15
1.10
86.90
0.65
2.24
3.89
3.79
0.79
4.44
1.85
1.74
0.59
40.44

0.16
1.73
4.93
1.26
1.12
88.83
0.84
1.80
3.15
3.08

0.04
2.27
2.04
1.01
0.83
99.90
0.93
-12.55
-23.62
-23.23

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

252

4.06
1.05
0.10
-0.41
28.54

3.30
1.08
0.23
-0.46
28.50

3.56
2.00
1.36
0.92
40.40

3.75
-6.08
-13.47
-9.39
33.34

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Linde Pakistan Ltd.

2009

2010

2011

2012

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

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

2,631,493
220,666
4,307,280
2,369,734
268,203
14,343

93,194
1,044,764
478,064
184,455
168,854

39,867
696,191
125,551
155,061
156,553

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

2014

(Thousand Rupees)
2013
2014
3,076,995
301,123
4,817,233
2,720,118
242,275
29,026

3,214,373
101,688
5,425,988
3,060,895
286,109
25,370

26,750
1,006,998
353,549
208,695
203,269

26,728
1,112,404
290,199
226,226
248,320

26,420
1,383,442
307,612
276,591
293,490

213,391
578,329

259,026
692,760

241,485
863,816

505,749
1,616,945
528,193
1,088,752
1,289,903
810,000

578,329
317,776

692,760
497,195
200,000

863,816
1,095,778
750,000

347,659
1,045,058
100,000
945,058
1,441,147
995,000

345,778
1,678,897
250,387
250,387

446,147
1,703,194
250,387
250,387

479,903
1,690,967
250,387
250,387

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

1,428,510

1,452,807

1,440,580

1,240,743

1,331,291

1,428,510

1,452,807

1,440,580

2,307,741
2,307,741
0
1,596,752
249,313
1,347,439
710,989
500,324
152,785
347,539
2,125
83
374,284
153,298
225,348
0
552,892

2,530,022
2,530,022

3,044,800
3,044,800

3,739,405
3,739,405

4,016,101
4,016,101

3,925,036
3,925,036

432,072

573,407

668,620

388,327

302,237

1,770,305
0
(4,362)
0
331,111

1,808,906
0
129,757
0
339,078

2,078,873
200,000
66,058
200,000
366,941

2,774,675
750,000
140,143
750,000
385,692

3,144,341
995,000
86,970
1,095,000
354,965

2,980,870
810,000
64,728
1,338,193
367,507

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
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
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
9.64
63.17

0.64
1.18
5.44
1.03
1.17
74.48
1.17
9.84
19.35
13.00
1.80
17.92
8.50
8.43
12.60
67.05

0.52
2.62
6.18
0.96
1.06
80.97
1.46
6.27
14.51
8.29
1.63
17.75
3.38
6.11
8.97
68.02

0.37
3.00
7.48
0.85
0.86
81.90
1.72
4.04
10.45
5.79
1.57
14.19
2.52
4.52
7.09
67.53

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,843,248
263,283
1,579,965
686,774
396,764
195,134
201,630
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
1,916
240
402,723
161,394
175,271

2,785,235
376,369
2,408,866
954,170
663,125
231,066
432,059
44,266
42,044
315,414
0
175,271

3,251,870
412,376
2,839,494
764,231
470,357
209,527
260,830
105,051
102,961
245,408
20,725
137,713

3,214,664
553,692
2,660,972
710,372
501,373
240,854
260,519
117,676
116,540
177,402
0
112,674

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

253

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Lotte Pakistan PTA Ltd.

2009

2010

2011

2012

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

8,863,017
576,645
27,993,468
8,177,158
1,245,337
406

9,999,736
2,717,177
28,259,255
7,134,254
1,316,482
1,156

10,191,973
82,174
32,598,342
9,981,721
1,503,248
1,874

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

2014

(Thousand Rupees)
2013
2014
8,818,892
9,352
32,749,889
8,702,842
1,501,930
1,390

8,423,668
30,868
32,780,340
7,347,819
1,390,125
892

108,808
13,896,908
6,910,308
2,655,203
2,937,816
364,644
1,028,937
8,054,478

147,149
13,886,837
4,505,251
4,669,004
3,143,244

126,204
10,866,869
879,990
4,440,877
3,300,360

105,308
11,077,929
3,068,673
2,961,089
2,780,329

1,044,089
8,469,515
1,025,890
2,784,277
1,316,984

1,569,338
9,616,196

2,245,642
7,947,320

2,267,838
7,652,053

3,342,364
6,133,125

8,054,478
5,043,174

9,616,196
1,226,408

7,947,320
806,457

7,652,053
434,879

6,133,125
54,540

14,749
1,590,925
9,662,273
15,142,072
15,142,072

65,016
1,161,392
13,043,969
15,142,072
15,142,072

43,668
762,789
12,305,065
15,142,072
15,142,072

45,002
389,877
11,809,889
15,142,072
15,142,072

54,540
0
10,705,518
15,142,072
15,142,072

3,437,500

(5,479,799)
2,345
(5,482,144)

(2,098,103)
2,345
(2,100,448)

(2,837,007)
2,345
(2,839,352)

(3,332,183)
2,345
(3,334,528)

(4,436,554)
2,345
(4,438,899)

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
754,702
245,632
4,719,243
1,296,522
757,104
0
7,051,345

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
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
232,437
133,904
6,208,546
2,258,039
757,104

52,823,257
50,789,695
2,033,562
52,614,280
47,925,597
4,688,683
208,977
482,286
132,191
350,095
146,054
20,381
(57,507)
274,421

57,069,684
55,169,494
1,900,190
56,920,556
50,557,171
6,363,385
149,128
545,852
120,104
425,748
83,664
365
(300,048)
569,510

47,800,070
44,115,375
3,684,695
49,769,239
44,542,480
5,226,759
(1,969,169)
591,545
180,268
411,277

5,630,598

2,208,812

945,942

2,339,177

(1,986,896)

13,225,733
351,796
2,665,617
471,089
764,858

14,705,447
0
3,607,833
0
477,743

14,270,377
0
3,193,403
0
553,297

13,111,522
0
(331,928)
0
557,362

12,244,768
0
(869,558)
0
550,390

10,760,058
0
(2,427,440)
0
653,552

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
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
2.88
6.38

0.80
0.40
5.46
2.41
1.44
88.43
0.83
26.62
54.69
42.85
5.22
12.33
47.37
10.78
2.61
8.61

0.53
0.28
6.25
2.51
1.37
99.60
0.71
-0.26
-0.45
-0.42

0.76
0.15
4.87
2.87
1.45
99.74
0.68
-1.47
-2.49
-2.37

0.38
0.00
2.76
2.83
1.38
104.12
0.58
-12.85
-21.00
-20.55

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

38
(2,363,748)
63,692

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

254

11.89
-1.82
-0.11
-0.22
8.13

19.27
-821.05
-0.53
-0.57
7.80

17.17
-62,202.89
-4.95
-1.60
7.07

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mandviwala Mauser Plastic Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

124,070
0
390,045
103,634
11,939
0
0
20,436
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

113,633

102,850

102,850

102,850

390,045
93,196
10,630

384,300
81,658
9,277

384,300
81,658
9,277

384,300
81,658
9,277

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

21,192
87,128
436
19,108
51,690

21,192
87,128
436
19,108
51,690

21,192
87,128
436
19,108
51,690

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

102,850

25,320
237,102
32,778
204,324
205,686
191,414

15,894
253,077
32,778
220,299
206,255
191,414

15,894
253,077
32,778
220,299
206,255
191,414

15,894
253,077
32,778
220,299
206,255
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

14,841
(269,354)
73,554
73,554

14,841
(269,354)
73,554
73,554

14,841
(269,354)
73,554
73,554

(299,630)
58,220
(357,850)

(342,908)
58,605
(401,513)

(342,908)
58,605
(401,513)

(342,908)
58,605
(401,513)

(342,908)
58,605
(401,513)

233,300
232,237
1,064
212,665
161,720
50,945
20,635
37,929
8,213
29,717
2,523
2,433
(21,572)
1,169
0
0
8,665

203,530
198,250
5,280
183,104
141,825
41,279
20,426
38,378
10,807
27,571
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
255
182
(43,053)
573

57,264
55,651
1,613
69,569
38,506
31,063
(12,305)
28,819
2,932
25,887
255
182
(43,053)
573

57,264
55,651
1,613
69,569
38,506
31,063
(12,305)
28,819
2,932
25,887
255
182
(43,053)
573

57,264
55,651
1,613
69,569
38,506
31,063
(12,305)
28,819
2,932
25,887
255
182
(43,053)
573

8,421

3,522

3,522

3,522

3,522

(4,186)
192,914
(22,741)
232,083
20,823

(20,390)
191,414
(17,959)
224,192
21,255

(63,099)
191,414
(43,626)
224,192
13,878

(63,099)
191,414
(43,626)
224,192
13,878

(63,099)
191,414
(43,626)
224,192
13,878

(63,099)
191,414
(43,626)
224,192
13,878

0.27
1.08
26.88
1.00
0.46
91.16
-2.12
-8.71
10.96
-589.78

0.21
2.08
23.78
0.94
0.43
89.96
-1.96
-7.52
7.80
137.76

0.21
0.45
90.27
0.30
0.34
121.49
-1.71
-21.17
17.38
103.13

0.21
0.45
90.27
0.30
0.34
121.49
-1.71
-22.66
15.98
68.23

0.21
0.45
90.27
0.30
0.34
121.49
-1.71
-22.66
15.98
68.23

0.21
0.45
90.27
0.30
0.34
121.49
-1.71
-22.66
15.98
68.23

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

255

9.21
-7.87
-9.25
-3.09
-28.29

7.23
-3.13
-8.32
-2.44
-30.74

3.00
-235.55
-75.18
-5.93
-36.62

3.00
-235.55
-75.18
-5.93
-36.62

3.00
-235.55
-75.18
-5.93
-36.62

3.00
-235.55
-75.18
-5.93
-36.62

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nimir Industrial Chemicals Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

1,181,699
89,439
1,537,318
1,074,138
66,019
0
0
18,122
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

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

1,212,905
106,024
1,608,260
947,829
71,861

27,212
558,663
3,892
202,372
196,424

12,934
730,740
28,910
257,878
232,515
19,000
192,437
606,679
374,748
231,931
291,583
261,333

159,052
752,140
71,140
163,177
312,112

205,711
596,840
360,810
236,030
230,841
196,000

163,852
746,958
552,310
194,648
173,777
130,667

219,559
846,192
536,181
310,011
317,532
196,583

54,583
118,912
1,105,905
1,105,905

30,250
905,873
1,105,905
1,105,905

34,841
1,137,364
1,105,905
1,105,905

43,110
1,264,636
1,105,905
1,105,905

120,949
1,459,027
1,105,905
1,105,905

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

155,975
516,060
347,220
168,840
1,059,668

1,005,085

1,142,856
102,257
1,702,553
965,107
78,863
1,842

1,583,042
610,647
1,764,755
918,797
114,685
1,409

73,650
1,042,515
56,136
312,288
510,239

52,189
1,039,709
62,187
517,669
240,294

(986,993)

(200,032)

31,459

158,731

353,122

(986,993)

(200,032)

31,459

158,731

353,122

1,383,579
1,378,314
5,265
1,282,681
1,009,945
272,736
100,898
73,003
42,143
30,860
88,001
83,772
(146,560)
0
0
0
(359,393)

1,742,804
1,736,955
5,849
1,562,063
1,339,736
222,327
180,741
98,767
50,405
48,362
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
118,413
61,094
57,319
96,959
74,771
813,048
25,680

2,677,605
2,677,605

3,002,335
3,002,335

3,331,794
3,331,794

2,330,081
1,990,149
339,932
347,524
114,450
61,882
52,568
114,364
103,019
112,926
26,776

2,499,182
2,095,831
403,351
503,153
168,629
84,544
84,085
96,854
91,679
232,533
15,012

2,818,866
2,388,411
430,455
512,928
182,094
74,197
107,897
80,567
72,856
259,284
40,599

7,094

88,245

148,457

26,289

450,141

1,244,067
126,993
(146,560)
418,402
61,393

1,178,580
0
4,744
347,220
71,001

1,197,456
261,333
787,368
636,081
90,020

1,368,205
196,000
86,150
556,810
96,863

1,438,413
130,667
217,521
682,977
116,939

1,776,559
196,583
218,685
732,764
160,661

0.49
6.36
15.05
0.83
1.14
92.71
13.65
-8.71
-78.08
-18.18

0.39
2.97
11.27
1.03
1.08
89.63
13.25
0.80
11.54
1.11

0.46
3.99
9.56
1.35
1.20
87.16
0.99
46.48
158.68
68.44

0.64
4.27
11.66
1.36
1.26
87.02
0.73
5.99
11.05
8.80

0.76
3.23
16.99
1.37
1.40
83.24
0.73
11.21
19.36
16.57

0.36
2.42
7.21
1.27
1.23
84.61
0.80
10.79
19.04
16.13

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

256

7.68
-0.75
-10.59
-0.66
0.52

8.61
1.34
0.77
0.02
0.54

9.43
11.87
33.44
3.56
4.10

16.41
2.10
4.22
0.39
5.14

9.61
3.54
7.75
0.98
5.72

6.44
4.56
7.78
1.98
13.19

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Otsuka Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

314,853
9,581
665,041
298,736
58,712

288,907
7,536
692,377
275,423
60,285

278,028
13,277
728,341
257,458
63,515

453,887
201,227
743,651
246,343
64,203

801,708
11,270
1,278,080
704,484
81,149

6,536
487,360
3,371
257,987
141,556

5,948
550,513
7,940
267,400
165,661

7,293
828,909
5,531
530,045
171,551

6,317
772,889
2,654
502,998
125,007

85,954
782,840
3,680
476,290
120,088

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

84,446
376,233
132,507
243,726
31,162

109,512
392,173
130,424
261,749
23,425

121,782
589,979
318,316
271,663
17,916

142,230
632,333
365,344
266,989
106,536
100,000

182,782
1,077,772
665,793
411,979
216,666
216,666

31,162
394,818
100,000
100,000

23,425
423,822
100,000
100,000

17,916
499,042
100,000
100,000

6,536
487,907
100,000
100,000

0
290,110
110,000
110,000

294,818

323,822

399,042

387,907

180,110

294,818

323,822

399,042

387,907

180,110

1,236,300
1,236,300
0
922,723
469,790
452,933
313,577
262,183
172,792
89,391
28,173
27,679
39,534
22,391
15,000
0
69,752

1,446,477
1,446,477

1,495,255
1,495,255

1,594,772
1,594,772

1,293,711
1,293,711

1,077,670
1,077,670

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,051,287
47,948
1,003,339
395,190
291,780
203,404
88,376
19,963
19,963
102,981
45,336

1,141,001
613,404
527,597
354,254
285,858
191,660
94,198
25,515
25,309
69,438
33,478
15,000

1,128,322
757,529
370,793
466,450
317,210
209,538
107,672
31,805
31,691
146,290
53,213
12,500

980,634
521,368
459,266
313,077
300,565
182,155
118,410
46,606
46,181
(3,100)
12,240

1,077,055
292,614
784,441
615
260,148
157,278
102,870
64,276
53,170
(277,597)
8,208

70,777

53,168

381,696
0
2,143
150,490
238,912

425,980
0
57,645
132,507
272,195

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
1.71
34.40

0.39
1.38
9.79
1.80
1.30
72.68
1.03
12.77
27.88
25.50

(132,793)

10,000
97,979

11,000
(161,960)

447,247
0
20,960
130,424
296,559

516,958
0
80,577
318,316
337,909

594,443
100,000
(15,340)
465,344
307,928

506,776
216,666
(285,805)
882,459
288,029

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
3.60
42.38

0.30
1.99
10.76
1.44
1.40
70.75
1.22
15.03
31.70
30.34
7.45
3.01
5.62
9.17
9.31
49.90

0.20
3.60
9.66
1.05
1.22
75.80
1.51
-0.27
-0.63
-0.56

0.11
5.96
11.14
0.68
0.73
99.94
4.46
-19.75
-71.36
-50.42

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

257

5.61
6.16
7.12
5.76
39.48

2.57
0.93
-0.24
-1.53
48.79

2.26
-4.22
-25.76
-25.98
26.37

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Gum & Chemicals Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

50,671
710
124,587
49,185
6,974

50,205
317
131,431
49,110
7,990

89,234
30,815
146,580
57,557
8,729

141,786
81,400
158,584
59,524
11,606

142,316
6,637
246,371
134,801
14,116

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

862
438,189
36,693
35,828
36,785
309,384
19,499
67,829

862
537,952
3,266
209,761
39,773
258,062
27,090
188,027

878
538,617
13,189
380,721
37,061
66,073
41,573
133,206

67,829
3,177

188,027
644

133,206
3,606

0
121,205
42,486
42,486

0
249,134
42,486
42,486

3,177
456,417
42,486
42,486

644
491,067
42,486
42,486

3,606
544,121
42,486
42,486

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

78,719
17,553
61,166

206,648
17,553
189,095

413,931
17,553
396,378

448,581
17,553
431,028

501,635
17,553
484,082

566,982
185,460
381,522
499,680
463,420
36,260
67,302
46,845
15,773
31,072
13,045
1,380
10,728
4,657
4,249
0
(90,249)

734,117
178,677
555,440
710,978
511,116
199,862
23,139
47,079
20,434
26,645
20,211
17,620
(42,426)
7,409

1,450,778
374,373
1,076,405
1,192,830
912,302
280,528
257,948
76,870
18,313
58,557
27,898
24,676
156,393
28,464
33,989

1,726,433
271,741
1,454,692
1,368,775
1,252,036
116,739
357,658
88,230
18,471
69,759
13,857
9,402
269,311
22,000
42,486

1,317,205
208,153
1,109,052
1,158,199
1,073,171
85,028
159,006
72,727
18,007
54,720
9,133
5,746
92,549
16,108
21,243

1,187,576
322,503
865,073
1,004,685
985,214
19,471
182,891
90,664
23,548
67,116
5,240
1,738
91,359
10,232
21,243

103,123

(9,318)

621,494

22,473

(138,213)

175,289
0
1,822
230,462
45,249

121,205
0
(49,835)
165,000

249,134
0
93,940
217,667
74,007

459,594
0
204,825
0
72,626

491,711
0
55,198
0
70,614

547,727
0
59,884
0
84,630

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
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
30.11
58.64

5.64
0.80
2.13
3.27
6.46
79.28
0.16
47.22
76.34
76.00
5.82
48.19
29.64
15.60
58.21
107.43

1.60
0.69
3.02
1.94
2.86
87.93
0.38
15.33
19.54
19.46
3.60
6.28
17.11
7.03
17.99
115.58

0.87
0.44
3.12
1.74
4.04
84.60
0.25
13.43
17.65
17.58
3.82
3.12
53.57
7.69
19.09
128.07

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

258

5.14
-1.41
-5.78
-11.73
28.53

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan PVC Ltd.

2009

2010

2011

2012

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

173,602

162,680

150,862

65,854
53,736
3,312

198,650
162,470
13,062

198,671
150,648
11,843

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

119,866
6,740
225
959
3,303

50
160
5,741
134
526
3,546

54
160
5,686
2,235
579
1,457

2,253
253,891
17,752
236,139
162

1,535
264,941
50,938
214,003
167

1,415
258,091
50,863
207,228
20,212

162
(73,711)
149,580
149,580

167
(96,687)
149,580
149,580

20,041

171
(121,755)
149,580
149,580

(378,391)

(390,009)

(404,856)

(378,391)
155,100

(390,009)
143,742

(404,856)
133,521

5,748
5,748

6,510
6,510

2,432
2,432

2014

(Thousand Rupees)
2013
2014
179,285
0
66,227
56,855
10,774
0
59
122,371
7,343
4,004
1,021
1,475
0
843
262,518
51,749
210,769
20,216
0
20,041
0
0
175
(96,106)
149,580
149,580
0
(407,343)
0
(407,343)
161,657

167,064
0
66,227
54,034
12,226
0
64
112,966
3,227
176
775
1,516
0
760
270,401
51,741
218,660
20,221
0
20,041
0
0
180
(120,331)
149,580
149,580
0
(420,912)
0
(420,912)
151,001
9,514
9,514
0
27,275
5,426
21,849
(17,761)
8,616
3,069
5,547
7,250
7,239
(21,170)
3,038
0
0
(13,318)

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

3,751
3,751
0
25,808
1,987
23,821
(22,057)
4,433
1,343
3,091
7,293
7,239
(19,934)
414
0
0
(218)

25,221
2,987
22,234
(19,473)
5,124
1,760
3,364
7,277
7,239
(20,910)
1,139

26,910
4,367
22,543
(20,400)
5,897
2,488
3,409
7,277
7,239
(21,832)
1,182

21,733
1,235
20,498
(19,301)
9,000
2,823
6,177
7,272
7,239
(23,857)
1,161

(12,157)

(6,965)

(13,383)

3,373
3,373
0
20,571
1,877
18,694
(17,198)
7,333
2,901
4,432
7,247
7,239
(10,440)
1,247
0
0
(10,328)

(51,505)
0
(20,348)
47,991
2,112

(73,549)
0
(22,049)
17,752
4,108

(96,520)
0
(23,014)
50,938
5,251

(101,543)
0
(25,018)
50,863
5,743

(75,890)
0
(11,687)
51,749
5,589

(100,110)
0
(24,208)
51,741
6,004

0.01
194.43
59.96
0.02
0.02
688.03
-4.72
-5.84
-19.14
-19.13

0.01
126.60
57.46
0.03
0.03
438.78
-3.45
-11.22
33.36
33.44

0.01
111.78
54.47
0.04
0.02
413.36
-2.74
-12.52
25.62
25.67

0.01
299.01
59.91
0.02
0.02
893.63
-2.29
-14.68
21.84
24.09

0.02
214.85
43.73
0.02
0.03
609.87
-2.94
-6.08
9.58
11.77

0.01
76.20
15.93
0.06
0.01
286.68
-2.42
-11.86
19.56
24.06

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.78
-1.75
-531.45
-1.36
-3.45

5.99
-1.89
-363.78
-1.47
-4.93

12.38
-2.02
-335.36
-1.54
-6.46

4.20
-2.30
-980.96
-1.67
-8.14

3.30
-0.44
-309.52
-0.78
-6.43

12.28
-1.92
-222.51
-1.62
-8.04

259

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sanofi-aventis Pakistan Ltd.

2009

2010

2011

2012

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

1,424,415
119,808
2,369,446
1,289,113
174,530
339

1,575,603
249,614
2,456,627
1,281,457
188,096
28,188

1,641,216
256,603
2,717,306
1,371,570
216,284
38

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

2014

(Thousand Rupees)
2013
2014
1,856,867
361,557
3,034,890
1,483,551
244,373
343

2,030,549
195,836
3,571,180
1,822,726
253,283
220

15,155
1,924,012
2,110
1,148,158
156,547

16,344
2,829,950
3,469
1,652,235
301,715

13,005
3,814,491
4,994
1,972,178
942,657

11,416
4,676,088
21,925
2,451,046
905,875

11,767
5,802,198
9,280
3,758,056
733,717

617,197
1,368,817
238,744
1,130,073
518,207
375,000

872,531
2,516,026
1,091,099
1,424,927
288,192
125,000

894,662
3,284,043
1,543,440
1,740,603
156,283

1,297,242
3,669,841
1,580,862
2,088,979
636,501

1,301,145
4,808,324

143,207
1,461,403
96,448
96,448

163,192
1,601,335
96,448
96,448

156,283
2,015,381
96,448
96,448

636,501
2,226,613
96,448
96,448

632,276
2,392,147
96,448
96,448

4,808,324
632,276

1,364,955
74,176
1,290,779

1,504,887
102,743
1,402,144

1,918,933
129,267
1,789,666

2,130,165
153,338
1,976,827

2,295,699
188,982
2,106,717

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
131,012
122,553
253,059
95,708
67,514
0
(233,212)

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
130,041
126,891
401,641
86,526
96,448

7,619,460
7,489,752
129,708
5,585,930
3,472,587
2,113,343
2,033,530
1,660,786
1,398,922
261,864
113,196
63,621
423,416
157,739
96,448

8,628,385
8,156,137
472,248
5,998,992
3,947,064
2,051,928
2,629,393
2,016,708
1,567,101
449,607
159,001
30,799
710,366
225,814
120,560

8,791,590
8,081,378
710,212
6,113,665
3,682,315
2,431,350
2,677,925
1,945,034
1,458,545
486,489
233,188
50,323
540,208
228,925
96,448

9,949,460
9,195,366
754,094
7,415,178
4,551,620
2,863,558
2,534,282
2,126,713
1,806,568
320,145
293,678
104,086
335,797
149,861
67,514

880,332

(6,649)

(141,099)

(351,726)

(267,548)

1,363,764
7,233
89,837
1,375,051
721,007

1,979,610
375,000
218,667
613,744
682,304

1,889,527
125,000
169,229
1,216,099
781,728

2,171,664
0
363,992
1,543,440
942,240

2,863,114
0
214,835
1,580,862
1,067,179

3,024,423
0
118,422
0
1,275,588

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
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
32.67
151.52

0.12
1.49
3.96
1.73
1.12
73.31
1.75
10.92
27.65
21.89
2.75
4.61
7.66
5.56
27.55
166.03

0.29
1.84
10.93
1.58
1.16
69.53
1.71
14.41
39.28
34.98
4.02
4.38
24.06
8.23
50.24
208.96

0.25
2.65
10.30
1.35
1.27
69.54
1.93
9.01
25.47
21.46
3.23
3.59
11.73
6.14
32.27
230.86

0.15
2.95
7.37
1.27
1.21
74.53
2.27
4.67
14.54
11.41
2.75
2.65
4.23
3.38
19.28
248.02

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

260

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sardar Chemical Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

34,833
0
117,789
31,447
4,448
0
0
3,386
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

30,930

27,511

26,864

31,363

117,764
28,415
3,997

117,764
24,996
3,419

119,910
25,041
3,525

124,579
28,881
3,954

123,478
24,766
4,044

2,515
131,906
9,362
27,381
76,185

2,515
131,126
9,284
36,023
65,776

1,823
134,827
4,934
32,129
73,617

2,482
123,569
5,090
28,513
71,086

2,482
132,554
5,764
24,000
77,911

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

27,248

18,978
66,105
48,032
18,073
2,936

20,043
59,920
42,123
17,797
3,797

24,147
58,965
38,314
20,651
3,502

18,880
43,853
32,805
11,048
8,273

24,879
45,940
25,455
20,485
6,881

2,936
93,795
60,000
60,000

3,797
94,920
60,000
60,000

3,502
99,224
60,000
60,000

8,273
102,806
60,000
60,000

6,881
106,981
60,000
60,000

33,795
30,000
3,795

34,920
30,000
4,920

39,224
30,000
9,224

42,806
30,000
12,806

46,981
30,000
16,981

127,708
126,632
1,076
94,859
68,477
26,383
32,849
20,244
6,838
13,406
10,294
9,849
2,568
899
0
0
10,922

139,730
137,270
2,460
107,706
83,934
23,772
32,024
20,833
6,999
13,834
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
3,355
2,788
4,002
1,463

174,378
172,398
1,980
136,423
108,213
28,210
37,955
28,350
9,713
18,637
5,870
4,902
4,992
1,350

206,708
203,887
2,821
167,591
138,798
28,793
39,117
28,550
9,332
19,218
4,997
4,004
6,164
1,888

158,708
156,205
2,503
124,814
93,274
31,540
33,894
25,276
8,232
17,044
3,340
2,786
6,379
2,052
3,000

4,888

7,443

605

8,196

9,015

96,230
4,190
1,669
54,518
14,467

96,731
0
1,855
48,032
14,694

98,717
0
2,539
42,123
15,910

102,726
0
1,327
38,314
17,486

111,079
0
3,642
32,805
19,672

113,862
0
4,276
25,455
21,147

1.24
8.06
57.65
0.79
1.93
74.28
0.76
1.57
2.81
2.71

1.29
6.11
54.52
0.86
2.00
77.08
0.74
1.76
3.07
2.96

1.25
2.29
44.82
0.93
2.19
80.38
0.67
2.49
4.24
4.10

1.33
2.10
46.39
0.98
2.29
78.64
0.63
3.98
6.57
6.33
1.44
4.94
3.29
4.02
0.72
16.54

1.74
3.37
40.77
1.13
2.82
78.23
0.51
3.15
4.94
4.67

1.82
2.42
37.69
1.29
2.89
81.08
0.49
3.92
5.88
5.48

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

261

4.43
1.26
2.01
0.28
15.34

5.10
1.35
2.04
0.31
15.63

4.07
2.44
2.73
0.42
15.82

6.12
2.02
2.86
0.61
17.13

8.61
2.54
2.98
0.71
17.83

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Searle Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

817,865
354
1,358,979
740,194
93,183
69,445

949,690
48,620
1,446,495
788,765
93,243
104,352

2,887,243
131,236
3,259,032
2,541,212
86,108
86,570
120,952
7,273
2,407,129
80,343
780,345
1,202,418

1,175,297
124,060
1,051,237
207,484

1,539,933
146,818
1,393,115
179,901

1,879,850
176,119
1,703,731
201,589

2,422,713
201,428
2,221,285
185,020

3,061,776
260,847
2,800,929
168,163

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
105,080
86,876
325,756
129,588
79,896
0
298,583

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
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
1,304,423
1,092,377
212,046
306,520
104,649
563,397
169,944
45,940
30,627
295,109

5,659,437
5,350,428
309,009
3,310,170
1,870,469
1,439,701
2,349,267
1,448,749
1,211,880
236,869
307,960
127,771
620,703
187,045
33,690
134,758
1,451,742

6,013,544
5,772,828
240,716
3,293,140
1,655,825
1,637,315
2,720,404
1,540,241
1,285,781
254,460
233,363
214,012
981,603
273,300
94,330
141,496
821,468

7,608,594
7,242,394
366,200
4,215,087
2,096,991
2,118,096
3,393,507
2,129,114
1,732,102
397,012
216,184
204,266
1,165,879
232,444
0
245,259
348,252

1,567,934
106,065
116,272
501,883
464,356

1,806,844
0
271,221
385,997
507,273

2,131,383
0
347,513
839,011
604,547

3,467,436
966,667
399,969
1,679,436
685,807

4,008,704
858,334
613,973
1,178,269
746,017

4,593,969
675,000
933,435
1,470,882
939,065

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
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
11.86
55.15

0.66
6.29
21.77
1.22
1.63
57.78
0.98
15.75
30.33
28.61
8.56
5.74
6.38
11.55
12.85
66.15

0.70
5.44
21.25
1.07
1.32
58.49
1.19
13.35
27.93
22.17
12.87
7.25
5.86
10.97
12.87
71.78

1.01
3.88
24.11
1.10
1.70
54.76
0.78
18.23
35.71
26.26
7.51
8.33
5.59
16.32
15.02
65.29

0.90
2.84
22.37
1.14
1.65
55.40
0.73
19.21
33.68
27.11

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

7,872
2,334,006
132,808
545,421
1,387,399

7,953
3,053,414
167,590
850,160
1,061,501

2,978,437
765
1,361,059
583,403
84,175
74,071
2,312,986
7,212
2,498,331
29,066
722,177
1,450,142

268,378
1,345,027
385,997
959,030
117,795

974,163
1,871,721
839,011
1,032,710
105,281

344,023
1,826,936
712,769
1,114,167
1,049,102
966,667

296,946
1,468,064
319,935
1,148,129
929,319
858,334

29,187
88,608
1,689,049
306,268
306,268

32,472
72,809
2,026,102
306,268
306,268

37,562
44,873
2,418,334
336,895
336,895

38,461
32,524
3,079,385
471,652
471,652

3,251,775
2,407
1,339,380
557,745
81,795
47,782
2,641,365
2,476
3,406,649
106,799
1,012,255
1,702,218
41,042
544,335
2,064,455
795,882
1,268,573
750,882
675,000

75,882
3,843,087
613,148
613,148

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

262

7.52
6.71
15.32
15.22
62.68

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shaffi Chemical Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

122,878

116,631

53,694

72,992
24,632
2,106

72,992
22,722
1,911

72,992
20,986
1,736

72,992
19,407
1,579
0
34,287
0
6,828
1,533
1,160
1,988
0
2,147
73,832
45,334
28,498
8,737

74,921
73,483
1,438
0
56,286
0
2,771
648
208
0
0
1,915
45,334
45,334
0
26,502

1,818
71,094
45,707
120,000
120,000

307
8,430
(22,047)
120,000
120,000

307
26,195
60,704
120,000
120,000

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

99,918
223
213,482
1,159
651
14,867

99,933
223
14,532
1,435
2,110
1,839

95,645
0
13,239
1,755
5,943
1,413

196,805
72,176
49,992
22,184
39,032

9,148
71,001
49,992
21,009
12,735

4,128
0

39,032
227,047
120,000
120,000

0
84,163

11,251

11,251

1,484
53,674
120,000
120,000

129,769

96,673

(76,022)

(83,247)

(150,323)
3,340
(153,663)
8,276

(122,464)
5
(122,469)
63,168
1,542
1,542
0
2,130
736
1,394
(588)
5,219
69
5,150
338
318
32,849
60

96,673
10,374

(76,022)
9,696

(83,247)
8,954

125,501
125,501
0
105,636
95,470
10,166
19,865
12,528
3,573
8,956
30
0
40,831
0
0
0
262

136,894
136,894

42,641
42,641

14,069
14,069

251,424
0
40,831
49,992
8,848

266,079
0
3,056
49,992
14,715

66,409
0
(170,845)
49,992
4,430

0.29
0.02
16.32
0.39
2.88
84.17
0.52
13.39
21.20
19.26

0.22
0.02
10.86
0.40
2.96
71.44
0.49
1.13
1.70
1.45

0.05
0.04
4.31
0.31
0.20
68.05
1.56
-71.65
-121.41
-102.51

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

3,740
684

(170,416)
429

(14,370)
141

11,265
11,265
0
13,883
7,960
5,923
(2,618)
3,871
129
3,742
33
0
(72,618)
56

1,382

26,965

320

854

(13,755)

129,870
0
(14,511)
0
2,974

(13,310)
0
(72,674)
45,334
4,456

87,206
0
32,789
45,334
2,560

0.05
0.29
17.65
0.19
0.09
123.24
-3.75
-76.28
-613.85
-124.60

0.01
21.92
0.00
0.01
0.06
138.13
1.18
34.03
169.95
88.91

97,799
90,246
7,553
39,095
36,158
24,897
11,261
32

29,016
19,970
9,046
13,625
183,451
18,325
165,126
17

13,653
10,033
3,620
416
3,858
460
3,398
45

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

263

0.32
10.04
0.11

97.04
1.84
-10.75
-28.92
-14.64

501.54

210.28

20.21

2.37

9.71

7.41
104.30
2,130.29
2.73
5.06

32.53
3.40
17.72

2.73
0.25
18.92

-399.65
-14.24
4.47

-102.14
-1.21
3.81

-644.63
-6.06
-1.84

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sitara Chemical Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

7,970,084
286,017
7,116,722
4,851,602
412,745
0
2,782,841
49,624
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

8,530,981
186,189
8,157,033
5,489,389
435,158

8,001,028
168,725
8,367,317
5,210,179
499,888

10,165,372
278,252
6,380,946
6,061,686
467,545

3,131,101
97,490
3,033,611
969,780

3,572,116
97,490
3,474,626
920,622

4,131,837
97,490
4,034,347
1,521,196

5,132,875
97,490
5,035,385
1,429,501

5,887,796
97,490
5,790,306
1,347,409

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
604,981
596,474
987,894
303,228
153,067
0
359,439

5,735,796
5,735,796

6,216,880
5,990,251
226,629
4,663,239
1,673,402
2,989,837
1,553,641
383,139
123,094
260,045
694,926

7,463,927
6,941,018
522,909
5,343,920
1,428,802
3,915,118
2,120,007
488,928
127,287
361,641
685,414

8,099,795
7,545,176
554,619
5,594,923
1,679,007
3,915,916
2,504,872
672,045
173,756
498,289
489,605

8,807,482
8,711,331
96,151
6,668,371
2,034,134
4,634,237
2,139,111
650,681
199,675
451,006
398,045

609,962
86,362
51,023
10,205
267,998

518,229
218,293
133,934

984,051
240,421
171,435

1,375,991
399,313
214,294

1,145,813
428,188
225,009

1,254,096

889,378

1,650,090

739,394

7,770,201
2,785,752
531,599
3,325,843
393,100

8,181,954
2,735,240
472,578
4,183,048
316,684

7,531,844
1,810,243
166,002
4,033,277
324,869

8,601,277
1,334,776
572,195
3,742,460
377,466

8,823,981
734,475
762,384
2,921,175
383,299

9,225,777
566,071
492,616
2,938,994
433,261

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
33.55
194.45

0.27
10.64
7.56
0.56
0.84
73.17
1.40
5.97
14.74
7.65
10.26
11.42

0.17
11.18
8.24
0.54
0.88
75.01
1.44
4.76
11.50
6.60
2.24
7.02

0.22
9.18
10.67
0.59
0.61
71.60
1.15
8.16
18.61
12.20
4.34
8.27

0.29
6.04
11.57
0.63
0.73
69.07
0.91
10.75
21.77
15.79
4.56
8.01

0.41
4.52
14.34
0.66
0.87
75.71
0.80
8.70
16.11
12.70
3.19
9.99

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

85,509
2,769,894
1,779,477
142,970
502,292
433,457

1,673,336
948,788
3,471,236
140,777
885,083
512,398

2,887,644
937,790
2,475,187
79,862
902,721
796,203

9,950,438
109,889
6,838,314
5,959,053
577,892
19,950
2,931,810
929,736
3,008,549
279,534
1,010,809
936,929

9,784,655
57,304
7,115,188
5,707,991
554,041
17,955
3,073,095
928,310
3,601,756
436,767
881,711
1,262,558

700,758
2,128,504
1,447,808
680,696
3,876,983
2,735,240

1,932,978
3,940,420
2,223,034
1,717,386
2,824,812
1,810,243

696,401
4,039,282
2,407,684
1,631,598
2,733,950
1,334,776

781,277
4,135,006
2,186,700
1,948,306
2,047,311
734,475

1,020,720
4,160,634
2,372,923
1,787,711
1,776,278
566,071

1,141,743
4,304,971
204,090
204,090

1,014,569
4,707,032
214,294
214,294

1,399,174
5,867,327
214,294
214,294

1,312,836
6,776,670
214,294
214,294

1,210,207
7,449,499
214,294
214,294

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

4,197,071
1,138,194
3,058,877
1,538,725
346,044
62,952
283,092
610,111

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

264

10.63
25.66
210.93

8.34
14.00
219.65

13.18
34.70
273.80

16.99
45.58
316.23

13.01
33.49
347.63

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sitara Peroxide Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
101,884
2,585,464
2,105,969
165,387

2,065,747
47,870
2,618,599
1,971,872
168,196

1,838,066
6,491
2,644,274
1,826,370
171,177

2,494,576
0
2,699,998
2,490,671
169,547

3,705
457,794
4,335
254,687
29,822

44,705
636,039
18,739
377,672
24,373

46,005
668,874
10,953
421,916
6,884

5,205
750,978
15,972
438,580
35,558

3,905
855,529
848
521,114
31,185

(331,307)
520,875

(133,210)
489,029

(302,451)
459,635

(291,848)
427,709

(256,140)
983,328

628,523
622,727
5,796
525,874
157,277
368,598
102,648
44,762
13,131
31,631
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
243,270
192,913
(272,888)
3,744

1,289,332
1,253,012
36,320
785,848
250,981
534,867
503,484
71,337
19,903
51,434
253,263
249,803
179,435
13,183

985,001
950,669
34,332
832,488
463,501
368,987
152,513
77,993
23,243
54,750
248,577
243,742
(172,113)
10,102

1,110,400
1,101,814
8,586
836,554
328,485
508,069
273,846
95,563
38,662
56,901
189,014
182,961
(9,472)
5,803

1,426,464
1,412,083
14,381
1,139,227
412,701
726,526
287,237
97,510
33,926
63,584
164,972
162,255
33,231
14,625

(10,446)

154,500

11,886

125,515

203,884

2,241,307
1,223,175
(188,088)
1,746,540
38,183

2,096,182
1,353,196
(276,632)
1,401,092
49,572

2,084,001
1,174,342
166,252
1,370,569
56,363

1,657,388
920,026
(182,215)
1,292,969
64,037

1,783,628
987,829
(15,275)
1,623,734
79,398

2,631,288
893,735
18,606
1,376,302
89,220

0.08
39.13
7.74
0.21
0.79
83.67
2.23
-6.34
-20.45
-8.39

0.05
34.02
4.17
0.26
0.73
97.18
2.67
-9.59
-32.87
-12.58

0.05
19.64
1.89
0.45
0.79
60.95
2.19
6.40
21.78
8.59

0.02
25.24
0.70
0.36
0.62
84.52
2.86
-6.12
-21.31
-9.20

0.06
17.02
3.20
0.43
0.93
75.34
2.77
-0.36
-1.36
-0.55

0.04
11.57
2.19
0.43
1.19
79.86
1.62
1.12
3.38
1.51

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

168,950
625,265
47,896
577,369
1,355,614
1,353,196

215,255
804,596
196,227
608,369
1,177,182
1,174,342

229,121
1,077,233
372,943
704,290
949,204
920,026

260,868
805,416
635,905
169,511
1,096,767
987,829

302,382
718,817
482,567
236,250
1,353,100
893,735

2,418
740,568
551,000
551,000

2,840
906,819
551,000
551,000

29,178
708,184
551,000
551,000

108,938
686,861
551,000
551,000

459,365
1,278,188
551,000
551,000

(331,307)

(133,210)

(302,451)

(291,848)

(256,140)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

265

1.83
0.21
-29.92
-3.41
16.69

2.81
-0.41
-38.17
-5.02
13.44

3.41
1.72
13.92
3.02
16.46

2.33
0.29
-17.47
-3.31
12.85

2.53
0.95
-0.85
-0.28
12.47

2.74
1.20
2.33
0.34
23.20

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

United Distributors Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

321,119

367,040

407,723

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

80,450
38,624
19,387
1,131
325,745
1,540
274,071
40,514
207,857
6,628

81,189
36,896
13,189
1,078
369,734
15
219,026
9,723
159,383
40,057

72,794
39,054
12,528
594
463,220
0
348,932
4,559
238,064
61,534
2,000
42,775
232,169
16,295
215,874
18,711

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

19,072
496,554
196,912
299,642
9,850

9,863
196,627
324
196,303
21,162

5,494
57,255
170,016
91,839
91,839

5,560
16,521
73,389
91,839
91,839

5,467
4,383
134,707
91,839
91,839

3,853
17,309
408,960
91,839
91,839

502,868

18,711
600,920
183,679
183,679

78,177

(18,450)

42,868

317,121

417,241

78,177

(18,450)

42,868

317,121

417,241

773,324
773,324
0
585,932
413,065
172,867
187,392
178,746
158,125
20,621
19,832
5,814
84,593
9,635
8,349
8,349
72,897

1,143,401
1,143,401

1,020,239
1,020,239

502,354
502,354

369,847
369,847

402,921
402,921

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

928,826
718,199
210,627
214,575
286,093
261,109
24,984
41,191
5,294
(19,212)
5,717

816,007
423,717
392,290
204,232
273,292
249,044
24,248
53,636
14,763
(99,396)
8,754

401,768
136,434
265,334
100,586
139,825
124,868
14,957
57,805
21,704
36,721
5,891

303,546
31,519
272,027
66,301
147,576
126,913
20,663
26,174
21,183
277,673
31,589

294,720
67,480
227,240
108,201
137,858
122,420
15,438
8,722
2,062
94,844
4,904

(21,184)

(26,335)

(98,648)

(164,540)

(130,892)

263,230
37,805
66,609
62,002
67,049

232,765
0
(24,929)
94,107
112,014

95,470
0
(108,150)
98,027
119,861

144,557
0
30,830
196,912
65,158

430,122
0
246,084
324
60,672

619,631
0
89,940
16,295
59,915

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
8.98
25.13

0.10
3.60
1.81
1.22
0.84
81.23
4.50
-2.33
-10.12
-7.75

0.03
5.26
1.21
1.32
0.67
79.98
9.55
-11.63
-81.67
-60.56

0.09
11.51
1.32
0.78
0.55
79.98
3.76
5.19
35.29
30.60

0.25
7.08
10.83
0.59
1.11
82.07
0.53
43.80
102.15
96.64

0.29
2.16
15.27
0.47
1.50
73.15
0.42
12.83
18.78
18.07

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

266

2.52
-2.63
-1.68
-2.71
18.51

2.56
-5.73
-9.74
-11.78
7.99

2.42
2.69
7.31
3.36
14.67

2.32
14.11
75.08
26.80
44.53

1.69
47.00
23.54
4.90
32.72

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Wah Nobel Chemicals Ltd.

2009

2010

2011

2012

142,619
0
109,852
110,111
6,500
0
32,507
1
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

136,067

129,154

229,759
105,209
8,070

229,778
100,181
5,047

229,845
92,989
7,260

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

2014

(Thousand Rupees)
2013
2014
146,993
22,647
230,957
86,924
7,177

202,723

321,158
167,015
10,110

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
2,583
43,582
109,815

36,165
0
491,637
103,739
111,785
218,068
2,583
55,462
181,892

36,295
1,127
544,733
164,175
77,621
222,564
2,583
77,790
186,641

35,708
0
704,236
10,106
191,369
323,692
2,583
176,486
378,245

109,815
10,305

181,892
8,755

186,641
5,973

378,245
13,556

11,025
382,117
90,000
90,000

10,305
401,411
90,000
90,000

8,755
430,144
90,000
90,000

5,973
499,112
90,000
90,000

13,556
515,158
90,000
90,000

292,117
944
291,173

311,411
944
310,467

340,144
944
339,200

409,112
945
408,167

425,158
944
424,214

715,258
715,258
0
490,092
417,785
72,307
225,166
62,558
33,633
28,925
19,701
18,241
146,059
51,799
45,000
0
89,676

712,677
712,677

698,678
698,678

1,147,502
1,147,502

1,211,238
1,211,238

1,303,980
1,303,980

113,486

93,048

76,890

128,897

(239,032)

365,819
0
49,260
60,537
40,779

393,142
0
27,204
662
34,871

411,716
0
18,196
0
37,115

438,899
0
27,414
0
43,834

505,085
0
46,301
0
68,106

528,714
0
39,337
0
84,499

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
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
8.02
42.46

2.77
0.63
32.94
1.34
3.51
78.26
0.30
19.22
24.98
24.31
1.40
18.74
27.37
14.00
7.02
44.60

1.78
0.05
19.00
1.85
2.70
83.46
0.44
20.48
28.13
27.50
1.61
10.27
2,785.95
10.19
8.05
47.79

2.09
0.04
18.37
1.75
2.92
80.69
0.39
23.76
33.56
33.04
1.94
15.60
1,061.80
12.87
10.64
55.46

0.89
0.77
24.82
1.44
1.86
85.13
0.76
13.09
20.63
20.24
2.09
6.81
11.93
8.02
8.37
57.24

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

527,201
467,898
59,303
185,476
66,880
37,364
29,516
7,198
6,809
117,002
44,798
45,000

546,766
479,150
67,616
151,912
53,089
34,633
18,456
4,371
3,711
97,844
34,648
45,000

957,652
867,357
90,295
189,850
79,850
43,561
36,289
569
42
116,968
44,554
45,000

977,398
863,791
113,607
233,840
88,586
50,102
38,484
481
147
155,938
60,137
49,500

1,110,138
987,766
122,372
193,842
85,517
58,556
26,961
9,998
9,575
104,625
29,288
36,000

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

267

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Wyeth Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

161,701
159
395,728
144,728
39,261

154,852
2,090
410,159
132,874
27,704

161,629
14,939
427,302
134,850
28,165

253,307
38,095
476,688
169,879
27,251

292,974
17,620
562,159
246,575
31,925

16,814
1,391,209

19,888
1,569,362
69,797
1,246,265
44,300

11,840
1,523,495
170,907
1,086,244
103,341

45,333
1,453,802
307,709
900,686
72,975

28,779
1,345,947
149,931
805,259
56,926

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

828,388
50,431

512,390
544,087

209,000
553,830

163,003
370,608

172,432
499,878

333,831
545,626

544,087
0

553,830
0

370,608
0

499,878
0

545,626
0

0
1,008,823
142,161
142,161

0
1,170,384
142,161
142,161

0
1,314,516
142,161
142,161

0
1,207,231
142,161
142,161

0
1,093,295
142,161
142,161

866,662

1,028,223

1,172,355

1,065,070

951,134

866,662

1,028,223

1,172,355

1,065,070

951,134

2,306,323
2,105,782
200,541
1,805,262
1,038,556
766,706
501,061
544,076
332,283
211,793
3,752
0
(31,593)
58,083
0
0
(12,768)

2,310,191
2,182,251
127,940
1,829,653
984,031
845,622
480,538
454,274
340,214
114,060
3,014
2,158
43,229
28,439
14,216

2,899,363
2,739,923
159,440
2,157,447
1,309,676
847,771
741,916
508,130
386,808
121,322
870

3,145,950
2,890,425
255,525
2,414,714
1,476,937
937,777
731,236
520,435
400,260
120,175
877

3,115,717
2,901,473
214,244
2,530,654
1,413,461
1,117,193
585,063
558,103
418,173
139,930
208

3,054,725
2,818,980
235,745
2,595,819
1,483,562
1,112,257
458,906
516,046
445,651
70,395
339

272,845
88,710
56,864

244,232
105,213
113,729

56,444
63,819
28,432

(13,892)
42,654

210,669

(141,266)

186,780

322,939

(68,740)

987,501
0
(89,676)
0
344,712

1,008,823
0
574
0
367,589

1,170,384
0
127,271
0
364,422

1,314,516
0
25,290
0
386,871

1,207,231
0
(35,807)
0
535,101

1,093,295
0
(56,546)
0
580,301

0.67
0.16
12.03
1.59
2.71
78.27
0.48
-2.13
-2.99
-2.98

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
10.40
709.63

0.21
0.03
1.53
1.68
2.83
74.41
0.47
16.65
25.04
25.04
3.24
2.33

0.74
0.03
3.28
1.87
4.11
76.76
0.28
14.33
19.66
19.66
1.22
2.90

0.76
0.01
2.34
1.83
2.91
81.22
0.41
3.33
4.48
4.48
-0.26
3.46

0.38
0.01
1.86
1.86
2.47
84.98
0.50
-0.83
-1.21
-1.21

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.88

-1.37
-63.08
690.95

268

3.79

9.41
129.53
823.28

7.76
97.79
924.67

1.81
-5.19
849.20

-0.45
-39.78
769.05

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

MANUFACTURING
PERFORMANCE AT A GLANCE
The

Balance

sheet

size

of

Manufacturing sector increased

by 10.24 percent during 2014.
during

2014

similarly, shareholders equity

registered an increase of 7.19
percent over the previous year.

14%
12%
10%

60
7.19%
40

Shareholders equity increased

20

by Rs 5.69 billion in 2014

Non-Current
Assets

tax, increased by 14.14 percent

Current
Assets

8%
6%

4.93%

4%
2%

1.04%

weheras, the net profit before

18%
16%

80
Billion Rs

billion

16.46%

16.63%

100

Total liabilities increased by Rs.

13.25

Growth with Composition of Assets & Liabilities

120

Current
Liabilities

2013

Non-Current Shareholders
Liabilities
Equity

2014

0%

Growth

during the year as compared to the previous year.

ANALYSIS OF ASSETS
In 2014, total assets stood at Rs
203.84 billion increased by Rs.

Growth & Composition of Assets

term

investment

14%
12%

150
10.24%

activities increased during 2014.

100

The amount of these investments

50

increased by 7.95 percent in 2014.

Similarly, the trade debt increased

16%

200
Billion Rs

long

Growth
18%

16.63%

previous year. The analysis of

that

2014

250

18.94 billion when compared to

components of total assets reveals

2013

4.93%

10%
8%
6%
4%
2%
0%

Non-Current Assets

Current Assets

Total Assets

by 15.35 percent in 2014 as

compared to 2013. Consequently, share of trade debt in total assets increased from 6.42 percent in
2013 to 6.72 percent in 2014. Inventories also increased by 16.95 percent in 2014, likewise cash and
bank balances inecreased by Rs. 7.78 percent in 2014.

269

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

ANALYSIS OF LIABILITIES
Looking at the liabilities side, total

2013

Growth & Composition of Liabilities

2014

Growth

liabilities increased by 12.53 percent

loans inecreased by 5.69 percent in
2014 and reached to Rs. 43.10 billion
in 2014 from Rs. 40.79 billion in

140

18%
16.46%

16%

120

12.53%

14%

100

Billion Rs

in 2014 of which short term secured

12%

80

10%

60

8%

2013. The share of short term

40

secured loans in total liabilities,

20

however, denecreased by 2.35 per

6%

1.04%

4%
2%
0%
Current Liabilities

cent during the year. Total long term

Non-Current
Liabilities

Total Liablities

secured loans stood at Rs. 19.69 billion witnessing a decrease of 0.19 percent in 2014 over 2013.
These loans contributed around 16.54 percent of total liabilities during 2014.

PROFITABILITY
In terms of profitability, 2014

18

before

tax

16

increased by Rs. 1.63 billion in 2014,

14

Profit

before

similarly, local sales increased by

Rs. 11.58 billion in 2014. Return on
Assets (ROA) increased from 6.52
percent in 2013 to 6.77 percent in
2014, similarly Return on Equity

Percentage

witnessed an increase in profits

tax.

2013

Profitability/Efficiency Ratios
15.55

2014

16.05

11.43

12
10
8

6.52

12.07

6.77

6
4
2
0

ROA

(ROE) increased from 15.55 percent

ROE

ROCE

in 2013 to 16.05 percent in 2014. Return on Capital Employed (ROCE) consequently increased from
Rs 11.43 percent in 2013 to Rs 12.07 percent in 2014.

270

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Manufacturing - Overall
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

64,543,381
5,993,245
77,727,851
54,022,311
4,574,578
91,951
2,973,427
1,462,447
68,927,316
3,345,749
41,980,139
8,309,735
1,170,476
14,121,217
60,711,177
31,871,217
28,839,960
17,897,675
11,862,123
510,571
787,442
336,638
4,400,901
54,861,845
14,473,922
14,473,922
0
27,984,249
640,990
27,343,259
12,403,674

88,611,198
20,168,622
78,094,541
54,225,244
4,246,625
122,200
4,458,024
9,637,108
80,381,104
3,883,984
50,506,962
10,140,859
2,400,504
13,448,795
73,408,835
38,306,164
35,102,671
26,489,729
20,234,619
450,217
787,442
389,463
4,627,988
69,093,738
17,973,521
17,973,509
12
31,479,640
887,989
30,591,651
19,640,577

100,929,546
9,637,233
104,585,717
76,325,691
6,282,484
133,157
4,464,433
10,369,032
83,974,047
3,505,861
46,781,813
11,870,848
5,233,560
16,581,965
78,824,009
40,785,786
38,038,223
26,931,257
19,726,172
387,830
0
490,451
6,326,804
79,148,327
18,106,353
18,106,341
12
41,039,846
6,551,871
34,487,975
20,002,128

105,907,575
8,677,157
114,522,992
81,594,254
6,585,447
125,988
4,819,266
10,690,910
97,937,322
3,778,612
54,712,926
13,693,103
5,719,051
20,033,630
91,796,203
43,104,839
48,691,364
27,210,709
19,687,964
398,179
0
601,639
6,522,927
84,837,985
18,262,808
18,262,796
12
45,233,489
6,549,053
38,684,436
21,341,688

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
2,213,131
1,694,143
9,379,188
3,335,446
4,122,551
523,293
10,555,638

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
2,162,108
1,618,231
9,256,123
3,168,976
2,645,144
4,170,925
1,787,190

129,392,822
112,738,224
16,654,598
103,891,349
80,005,317
23,886,032
25,501,473
18,857,179
9,877,068
8,980,111
3,505,815
2,921,759
5,968,094
2,579,853
2,325,577
170,823
(3,474,254)

163,867,382
148,691,495
15,175,887
131,755,955
95,095,064
36,660,891
32,111,427
20,795,254
12,188,594
8,606,660
5,622,944
3,359,233
8,133,332
2,902,408
4,218,996
355,202
1,578,886

191,234,262
158,318,036
32,916,226
154,420,258
108,711,633
45,708,625
36,814,004
23,593,021
14,085,935
9,507,086
6,200,820
4,441,935
11,529,270
3,842,916
5,115,759
345,983
14,083,229

208,163,519
169,902,126
38,261,393
167,603,358
112,713,507
54,889,851
40,560,161
25,615,629
14,995,419
10,620,210
7,126,874
5,281,134
13,159,807
4,403,324
6,428,211
299,939
10,534,257

48,836,306
6,255,786
1,921,191
17,161,219
7,878,314

64,300,598
9,751,925
3,442,003
30,273,184
9,785,088

72,759,520
12,649,565
1,062,664
44,520,782
12,340,529

95,583,467
21,022,061
1,011,928
59,328,225
13,170,117

106,079,584
19,726,172
2,570,595
60,511,958
15,622,168

112,048,694
19,687,964
2,328,272
62,792,803
14,334,103

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
6.51
40.02

0.27
1.78
6.44
1.11
1.19
78.26
1.29
9.64
21.81
16.36
2.30
3.59
6.72
7.63
5.82
45.63

0.21
2.71
6.42
0.97
1.14
80.29
1.43
4.92
11.64
8.71
1.46
3.08
3.04
4.61
2.29
37.12

0.22
3.43
6.19
0.97
1.09
80.40
1.45
5.38
13.12
9.66
1.24
3.24
3.42
4.96
2.85
37.67

0.26
3.24
6.21
1.03
1.07
80.75
1.34
6.52
15.55
11.43
1.50
4.09
3.60
6.03
4.15
42.76

0.25
3.42
6.58
1.02
1.07
80.52
1.40
6.77
16.05
12.07
1.36
3.80
3.49
6.32
4.69
45.45

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

271

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

AISHA STEEL 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

2014

(Thousand Rupees)
2013
2014

2011

2012

9,791,943
9,221,498
313,211
270,155
13,701
11,343
0
288,947
1,155,131
37,283
489,519
0
0
628,329
2,020,005
563,065
1,456,940
5,929,532
5,912,032
0
0
6,125
11,375
2,997,537
3,438,201
3,438,201
0
(440,664)
0
(440,664)
0

10,486,096
907,853
8,919,114
8,624,421
253,943
20,439
0
933,383
3,864,437
205,860
2,323,306
191,020
0
1,144,251
6,998,423
3,030,158
3,968,265
5,100,410
5,077,297
0
0
15,203
7,910
2,251,700
3,438,201
3,438,201
0
(1,186,501)
0
(1,186,501)
0

11,008,629
1,180,716
9,338,213
8,786,806
341,608
14,804
0
1,026,303
5,271,580
59,845
3,347,294
192,499
0
1,671,942
8,242,848
3,132,027
5,110,821
5,503,539
5,483,867
0
0
14,722
4,950
2,533,822
3,438,201
3,438,201
0
(1,532,979)
0
(1,532,979)
628,600

0
0
0
0
0
0
0
157,992
0
157,992
14,837
0
(132,435)
0
0
0
(777,866)

4,341,602
4,341,602
0
4,409,457
4,414,159
(4,702)
(67,855)
174,436
17,753
156,683
891,223
790,602
(1,114,802)

9,259,027
9,259,027
0
9,200,260
8,176,877
1,023,383
58,767
175,078
35,501
139,577
1,299,141
1,238,120
(408,914)

0
0
(2,121,916)

0
0
(650,749)

8,927,069
5,912,032
(132,435)
6,475,097
66,781

7,352,110
5,077,297
(1,114,802)
8,107,455
217,923

8,037,361
5,483,867
(408,914)
8,615,894
237,979

0.02

0.06
20.53
4.40
0.30
0.55
101.56
5.37
-8.81
-42.47
-13.70

0.03
14.03
2.08
0.57
0.64
99.37
5.43
-2.67
-17.09
-5.31

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

272

0.00
0.57

2.65
-1.21
-4.42
-1.48

0.00

1.87
-0.41
-25.68
-3.24
6.55

2.77
0.67
-4.42
-1.19
7.37

-0.39
8.72

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Al-Khair Gadoon Ltd.

2009

2010

2011

2012

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

84,510
1,056
116,271
59,749
5,980
0
14,995
8,710
404,687
13,448
235,383
3,057
0
152,799
285,665
132,264
153,401
4,541
223
0
0
4,318

232,063
232,063
0
197,492
191,191
6,301
34,571
28,099
0
28,099
1,975
1,598
9,843
535
0
23,313

523,685
523,685
0
444,512
391,699
52,813
79,173
71,465
31,515
39,950
1,227
875
12,862
3,127
0
0
(15,528)

154,521
1,020
9,308
26,998
4,243
0.27
0.85
14.34
0.83
1.57
85.10
0.96
3.51
6.96
6.67

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

2014

(Thousand Rupees)
2013
2014
107,030
5,920
121,981
84,749
7,833

102,451
5,423
153,279
83,639
10,079

13,270
3,091
381,948
11,454
115,737
11,763
0
242,994
274,302
104,690
169,612
5,875
0

13,270
119
346,990
6,616
142,804
13,885
0
183,685
260,332
137,882
122,450
6,801
0

6,801

198,991
100,000
100,000
0
98,991
25,000
73,991
0

5,875
0
208,801
100,000
100,000
0
108,801
25,000
83,801
0

182,308
100,000
100,000
0
82,308
25,000
57,308
0

540,467
540,467
0
451,582
451,582
0
88,885
73,189
37,314
35,875
3,153
2,408
13,341
5,405
10,000
0
(9,926)

873,529
873,529
0
748,560
722,523
26,037
124,969
86,920
43,484
43,436
4,264
3,461
35,063
8,735
15,000
0
15,327

1,145,746
1,145,746
0
1,009,786
944,675
65,111
135,960
87,849
44,682
43,167
3,184
2,210
40,134
9,543
0
0
78,683

513,361
513,361
0
476,674
468,814
7,860
36,687
49,044
26,236
22,808
6,486
5,795
(18,326)
5,134
0
0
(32,067)

166,113
2,108
9,735
105,246
9,711

174,111
1,235
(2,064)
128,738
10,804

203,532
223
11,328
132,487
28,015

214,676
0
30,591
104,690
36,813

189,109
0
(23,460)
137,882
24,090

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
0.79
15.68

0.06
0.49
0.35
1.79
1.42
85.69
1.46
7.58
19.71
18.57
1.76
3.71
11.13
4.01
2.63
19.90

0.08
0.28
1.03
2.34
1.39
88.13
1.34
8.21
19.68
19.19

0.08
1.26
2.70
1.14
1.33
92.85
1.47
-3.91
-9.37
-9.08

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

273

1.78
7.16
4.24
0.93
14.32

6.12
15.70
2.46
0.97
15.17

9.90
19.16
3.50
3.06
20.88

3.59
-2.16
-3.57
-2.35
18.23

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bata Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

652,739
1,921
1,230,665
580,402
82,270

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

904,451
0
1,702,732
833,259
112,481
8,012
37,000
26,180
4,733,714
733,195
2,205,030
377,155
500,000
918,334
1,554,782
0
1,554,782
149,878
0
0
0
72,096
77,782
3,933,505
75,600
75,600
0
3,857,905
483
3,857,422

1,182,732
105,824
1,971,334
1,010,457
131,405
4,941
38,001
23,509
5,206,538
439,939
2,368,302
363,975
968,000
1,066,322
1,746,343
0
1,746,343
142,280
0
0
0
54,424
87,856
4,500,647
75,600
75,600
0
4,425,047
483
4,424,564

1,481,657
55,298
2,434,298
1,336,943
168,974
4,929
38,000
46,487
5,909,432
383,689
2,729,707
503,726
1,130,000
1,162,310
1,977,587
0
1,977,587
158,111
0
0
0
53,135
104,976
5,255,391
75,600
75,600
0
5,179,791
483
5,179,308

13,767,156
13,615,830
151,326
8,388,033
3,469,696
4,918,337
5,379,123
3,623,118
2,604,190
1,018,928
31,405
6,303
1,887,916
522,880
582,120
0
1,091,135

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

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
35,183
5,255
813,022
220,450
90,720
0
905,457

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
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
51,206
6,023
1,025,008
253,151
151,200
0
(95,575)

11,476,817
11,338,774
138,043
7,218,046
3,103,774
4,114,272
4,258,771
2,903,476
2,082,697
820,779
26,453
5,282
1,385,586
364,479
400,680
0
1,290,251

12,774,438
12,590,751
183,687
7,780,325
3,162,637
4,617,688
4,994,113
3,338,845
2,374,414
964,431
26,515

2,082,851
0
501,852
0
849,876

2,876,183
0
659,613
0
989,665

3,427,800
0
620,657
0
1,042,748

4,083,383
0
620,427
0
1,162,817

4,642,927
0
487,597
0

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
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
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
102.10
433.57

1.04
0.23
3.29
2.04
3.04
62.89
0.43
27.00
38.43
36.89
2.55
5.20
263.32
12.07
135.07
520.30

1.01
0.21
2.85
2.00
2.98
60.91
0.42
28.51
40.65
39.29
1.64
5.39

35,830
34,586
2,577,448
461,249
1,281,862
23,735
350,000
460,602
1,147,336

1,147,336
122,124

1,300,867
134,883

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,714,388
470,791
756,000
0
1,261,309

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

5,413,502
0
782,916
0
1,128,749

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

274

13.42
164.50
595.32

1.02
0.23
3.66
1.86
2.99
60.93
0.41
27.40
38.70
37.55
2.34
5.04
300.53
13.71
180.56
695.16

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Crescent Steel & Allied Products Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

3,179,256
537,565
1,867,304
548,604
125,914
1,617
1,805,860
285,610
1,907,973
69,366
586,720
368,930
523,077
359,880
1,051,635
334,958
716,677
19,811
0
0
0
0
19,811
4,015,783
564,600
564,600
0
3,451,183
402,574
3,048,609

3,637,631
598,359
2,042,545
682,345
88,353
13,645
2,040,213
303,069
2,235,111
79,552
662,419
196,857
945,997
350,286
875,156
418,365
456,791
42,034
0
0
0
0
42,034
4,955,552
564,600
564,600
0
4,390,952
555,198
3,835,754

4,328,433
678,043
2,162,600
726,398
90,601
39,292
2,540,064
344,636
1,836,789
144,262
407,199
89,479
757,696
438,153
713,235
228,366
484,869
205,790
0
0
0
0
205,790
5,246,197
621,060
621,060
0
4,625,137
388,388
4,236,749

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

3,310,869
3,310,869

3,704,388
3,704,388

4,400,006
4,379,945
20,061
3,590,073
2,764,931
825,142
809,933
259,139
38,806
220,333
144,001
115,733
833,940
216,063
197,610

3,942,869
3,722,500
220,369
3,434,086
2,473,557
960,529
508,783
281,866
46,098
235,768
109,527
88,183
452,130
47,680
112,920

4,030,170
3,777,592
252,578
3,799,868
2,737,011
1,062,857
230,302
257,165
52,072
205,093
94,911
38,354
707,603
18,715
155,265

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

180,623

436,969

5,001,667
4,502,970
498,697
4,350,808
3,165,230
1,185,578
650,859
413,885
68,065
345,820
62,907
36,433
1,162,728
300,631
197,610
56,460
(85,134)

3,150,766
0
338,536
780,288
222,339

3,782,035
115,000
420,267
821,966
356,117

4,035,594
0
291,530
334,958
313,886

4,997,586
0
664,487
418,365
345,820

5,451,987
0
533,623
228,366

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
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
10.94
63.79

0.91
2.78
9.36
0.78
1.81
87.10
0.27
9.05
11.87
11.57
3.58
6.72
6.13
11.47
7.16
71.13

1.40
1.26
3.94
0.85
2.55
86.99
0.19
21.22
25.92
25.74
4.36
7.55
32.91
23.25
15.27
87.77

1.39
2.36
2.22
0.65
2.58
94.29
0.18
11.76
13.87
13.54
4.44
9.90
19.45
17.56
11.09
84.47

2,597,190
1,978,467
618,723
713,679
318,986
17,156
301,830
203,571
82,131
(105,071)
134,678
342,298
335,923

2,887,295
2,114,504
772,791
817,093
250,947
27,017
223,930
121,908
75,953
715,826
207,910
169,380
0
455,776

2,757,362
55,880
(239,749)
958,695
195,013
0.53
6.15
2.53
0.79
1.26
78.44
0.64
-2.33
-3.79
-3.55

171,930

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

5.37
-0.28
-3.17
-4.25
45.09

275

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dadex Eternit Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

437,123
7,808
1,108,219
392,244
68,516
12,553

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

1,398,030
5,659
2,102,897
1,291,077
60,658
0
494
100,800
1,200,018
4,676
796,422
126,616
0
272,304
1,504,930
676,613
828,317
0
0
0
0
0
0
1,093,118
107,640
107,640
0
175,798
5,655
170,143
809,680

1,412,520
15,828
2,158,543
1,285,694
61,029
0
0
110,998
1,468,540
17,782
982,607
161,080
0
307,071
1,711,363
824,290
887,073
88,889
88,889
0
0
0
0
1,080,808
107,640
107,640
0
177,942
5,655
172,287
795,226

1,695,893
11,723
2,406,037
1,496,501
63,226
0
20
187,649
952,769
6,694
556,245
130,036

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
74,243
13,056
19,984
9,968
0
0
383,607

2,086,451
1,999,552
86,899
1,680,378
1,169,276
511,102
406,073
395,731
281,455
114,276
57,348
54,517
(9,549)
29,740
0
0
181,883

2,469,834
2,459,375
10,459
2,116,349
1,518,883
597,466
353,485
564,129
292,434
271,695
68,887
63,951
92,612
33,007
627,541
0
185,424

2,385,546
2,353,357
32,189
1,872,573
1,428,163
444,410
512,973
481,701
222,014
259,687
120,485
117,588
(237)
22,821
0
0
(50,372)

1,915,705
1,915,041
664
1,762,605
1,163,603
599,002
153,100
342,712
150,870
191,842
147,873
142,153
(228,057)
29,732
0
0
156,899

599,351
60,000
27,577
532,169
224,942

543,416
0
10,016
288,056
222,288

508,119
0
(39,289)
200,547
219,084

1,093,118
0
(567,936)
676,613
219,202

1,169,697
88,889
(23,058)
913,179
250,622

1,128,730
237,256
(257,789)
1,078,127

0.14
4.78
5.21
1.42
1.17
75.48
2.01
2.62
8.16
6.81

0.17
3.53
5.24
1.46
1.19
77.83
1.76
1.34
3.87
3.50

0.21
2.75
7.25
1.67
1.26
80.54
1.46
-0.71
-1.86
-1.82

0.09
2.79
5.13
0.95
0.80
85.69
1.38
4.82
11.58
11.57
0.09
3.10
2.45
3.75
5.54
101.55

0.10
5.05
6.75
0.83
0.86
78.50
1.67
-0.01
-0.02
-0.02

0.09
7.72
6.79
0.72
0.63
92.01
1.97
-8.25
-23.13
-19.84

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

259,794
1,519,932
840,871
679,061
237,256
237,256
0
0
0
0
891,474
107,640
107,640
0
3,062
5,655
(2,593)
780,772

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,189,890
2,132,505
57,385
1,652,969
459,188
1,193,781
536,921
418,396
274,197
144,199
104,766
19,227
42,592
15,015
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

276

2.59
3.22
1.94
2.56
47.57

2.68
2.53
0.95
0.93
48.39

3.33
0.82
-0.46
-3.65
47.03

2.43
1.00
-0.01
-2.14
100.41

3.44
-0.60
-11.90
-23.95
82.82

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Diamond Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

349,533
0
287,089
110,516
9,217
0
238,819
198
245,265
666
22,960
0
51,220
170,419
4,483
0
4,483
1,042
0
0
0
704
338
589,273
90,000
90,000
0
437,368
0
437,368
61,905

339,202
0
287,089
102,118
8,398
0
236,877
207
539,737
8,989
169,272
0
63,623
297,853
245,283
0
245,283
2,219
0
0
0
2,219
0
631,437
90,000
90,000
0
484,212
0
484,212
57,225

290,224
0
288,774
96,105
7,698
0
193,785
334
469,541
19,519
90,179
77,377
66,254
216,212
131,598
85,324
46,274
18,171
0
0
0
6,170
12,001
609,996
90,000
90,000
0
467,035
0
467,035
52,961

287,554
0
293,449
93,258
7,523
0
193,967
329
541,114
6,148
185,076
58,653
77,405
213,832
230,406
169,808
60,598
16,824
0
0
0
5,603
11,221
581,438
90,000
90,000
0
442,367
0
442,367
49,071

999,894
999,894
0
958,641
949,727
8,914
41,253
57,105
29,551
27,554
20
20
193,415
124
0
0
40,945

132,172
132,172
0
132,219
124,181
8,038
(47)
19,833
2,523
17,310
13
0
(2,688)
754
0
0
97,610

160
160
0
8,417
160
8,257
(8,257)
83,293
60
83,233
4
0
(86,219)
535
0
0
(5,347)

466,245
466,245
0
395,379
440,474
(45,095)
70,866
43,839
19,966
23,873
32
0
32,015
648
0
0
1,838

1,794,283
1,794,283
0
1,584,511
1,539,279
45,232
209,772
169,558
108,583
60,975
8,315
0
40,871
9,850
0
0
(81,772)

487,164
487,164
0
413,535
426,783
(13,248)
73,629
99,518
56,168
43,350
19,193
0
(40,589)
5,192
0
0
(96,529)

639,043
0
193,291
0
8,826

669,558
0
(3,442)
0
2,099

590,315
0
(86,754)
0
3,582

633,656
0
31,367
0
20,831

628,167
0
31,021
85,324
70,602

598,262
0
(45,781)
169,808
63,056

3.07
0.00
11.05
1.47
8.84
95.87
0.09
33.68
36.95
36.47

20.20
0.01
36.12
0.20
57.43
100.04
0.02
-0.40
-0.42
-0.41

11.57
2.50
0.00
0.00
54.71
5,260.63
0.01
-13.59
-13.80
-13.69

0.30
0.01
0.00
0.53
2.20
84.80
0.39
4.34
5.25
5.23

1.24
0.46
4.31
2.36
3.57
88.31
0.25
4.99
6.58
6.48

0.62
3.94
12.04
0.59
2.35
84.89
0.43
-5.11
-6.81
-6.62

0.01

2.75

19.90

2.63

-2.03
-0.38
73.39

-53,886.88
-9.64
65.47

6.87
3.49
70.16

2.28
3.45
67.78

-8.33
-5.09
64.60

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9,671.75
19.34
21.48
69.48

277

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dost Steels Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2010

2011

2012

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

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

2,040,045
1,855,076
171,479
164,466
0
0
0
20,503
2,072
529
0
0
0
1,543
1,445,502
0
1,445,502
4,749
0
0
0
4,749
0
591,866
674,645
674,645
0
(82,779)
0
(82,779)
0

2,041,735
1,857,936
171,479
164,466
0
0
0
19,333
6,226
959
0
0
0
5,267
1,457,543
0
1,457,543
4,746
0
0
0
4,746
0
585,672
674,645
674,645
0
(88,973)
0
(88,973)
0

2,041,341
1,858,836
171,538
164,809
0
0
0
17,696
6,854
374
0
0
0
6,480
1,474,913
0
1,474,913
587
0
0
0
587

0
0
0
0
0
0
0
8,730
0
8,730
0
0
(8,597)
0
0
0
(5,675)

0
0
0
0
0
0
0
6,804
0
6,804
15
0
(6,194)
0
0
0
(15,010)

0
0
0
0
0
0
0
13,034
0
13,034
34
0
(12,977)
0
0
0
(30,090)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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)

572,695
674,645
674,645
0
(101,950)
0
(101,950)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
10,890

0
(36,250)

0
0
0
0
0
0
0
10,654
0
10,654
0
0
(10,508)
0
0
0
(3,935)

1,008,049
386,293
(13,654)
386,293
5,990

777,943
166,973
(10,786)
166,973
4,804

610,569
5,556
(10,508)
5,556
7,148

596,615
0
(8,597)
0
4,065

590,418
0
(6,194)
0
3,216

573,282
0
(12,977)
0
4,457

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

0
0
12,983

0
0
10,954

12,983

10,954

(12,780)
874

(10,786)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

278

2.29
-0.62
-2.06
-1.27

2.33
-0.53
-1.75
-1.21

2.39
-0.52
-1.73
-1.51

2.45
-0.42
-1.44
-1.42

2.50
-0.30
-1.05
-1.04

2.58
-0.63
-2.24
-2.23

-0.20
9.22

-0.16
9.06

-0.16
8.90

-0.13
8.77

-0.09
8.68

-0.19
8.49

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Eco Pack Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

1,245,793
6,125
1,872,992
1,231,394
641,598
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

1,164,021
6,700
1,231,394
1,150,431
98,239
0
0
6,890
424,286
14,329
154,891
154,644
0
100,422
801,171
344,392
456,779
486,239
322,213
0
0
27,246
136,780
300,897
229,770
229,770
0
(142,339)
0
(142,339)
213,466

1,084,692
3,072
1,877,944
1,074,154
98,486
712
0
6,754
535,663
24,289
157,447
227,427
0
126,500
940,366
474,777
465,589
363,084
180,890
0
0
34,824
147,370
316,905
229,770
229,770
0
(99,867)
0
(99,867)
187,002

1,080,995
0
1,980,544
1,074,293
91,765
638
0
6,064
579,853
53,737
170,913
222,273
0
132,930
898,818
469,994
428,824
357,356
120,175
0
0
55,223
181,958
404,674
229,770
229,770
0
(4,649)
0
(4,649)
179,553

1,921,542
1,921,542
0
1,780,009
1,321,737
458,272
141,533
96,801
57,112
39,689
124,210
71,744
(61,959)
18,954
0
0
148,301

1,769,998
1,769,998
0
1,518,302
1,091,889
426,413
251,696
104,021
60,653
43,368
116,769
80,251
41,662
8,924
0
0
51,007

2,229,897
2,229,897
0
1,832,874
1,289,216
543,658
397,023
139,045
85,474
53,571
113,873
63,910
123,688
22,413
0
0
155,842

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,577,168
1,089,110
488,058
187,684
104,218
62,762
41,456
195,368
128,766
(105,810)
20,192
0
127,054

1,542,996
1,160,605
382,391
199,078
100,631
59,242
41,389
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
104,294
47,722
(68,978)
18,329
0
0
68,024

982,764
407,807
(126,002)
407,807
120,411

846,006
298,320
(33,357)
774,687
118,732

711,399
159,999
(87,307)
730,693
117,821

787,136
322,213
(80,913)
666,605
109,980

679,989
180,890
32,738
655,667
119,757

762,030
120,175
101,275
590,169
156,322

0.26
11.07
12.53
0.97
0.65
89.37
3.64
-5.84
-28.92
-11.15

0.14
7.96
6.58
1.04
0.53
88.57
3.48
-1.48
-6.74
-2.83

0.16
5.84
8.22
1.05
0.46
94.00
3.61
-4.08
-18.56
-8.86

0.21
6.46
8.05
1.21
0.53
92.63
4.28
-3.76
-18.50
-8.27

0.27
6.60
12.85
1.09
0.57
85.78
4.11
2.60
13.49
5.68

0.31
5.11
9.97
1.34
0.65
82.20
3.10
7.54
34.03
17.15

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

279

7.61
0.18
-6.00
-5.48
17.12

7.55
0.68
-1.49
-1.45
16.28

10.61
-0.45
-3.86
-3.80
16.06

12.41
0.14
-3.22
-3.52
13.10

11.24
1.52
2.35
1.42
13.79

13.05
2.94
5.55
4.41
17.61

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Emco Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

1,220,805
7,265
2,018,903
1,160,831
86,177
3,345

1,251,279
7,265
2,160,901
1,209,670
88,329
3,011

1,112,764
0
2,241,024
1,087,204
103,997
4,266
0
21,294
1,012,826
18,063
440,929
342,372
0
211,462
1,306,834
564,359
742,475
370,318
171,067
139,246
0
15,300
44,705
448,438
350,000
350,000
0
(316,392)
39,899
(356,291)
414,830

1,325,527
0
2,565,912
1,305,834
108,300
3,840
0
15,853
926,847
47,101
363,706
258,081
0
257,959
1,101,545
366,576
734,969
529,653
269,080
125,538
0
12,249
122,786
621,176
350,000
350,000
0
(333,447)
39,899
(373,346)
604,623

1,250,121
5,150
2,571,261
1,227,667
85,190
3,456
0
13,848
868,823
1,854
317,277
322,932
0
226,760
1,080,523
339,247
741,276
510,616
248,605
186,452
0
8,127
67,432
527,805
350,000
350,000
0
(416,432)
39,899
(456,331)
594,237

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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
3,037
67,631
514,960
350,000
350,000
0
(286,368)
39,899
(326,267)
451,328

1,186,391
0
2,207,621
1,154,812
100,296
4,740
0
26,839
895,712
70,038
427,750
197,175
0
200,749
1,118,935
530,639
588,296
494,355
231,759
202,463
0
2,328
57,805
468,813
350,000
350,000
0
(314,006)
39,899
(353,905)
432,819

1,542,108
1,449,135
92,973
1,283,505
674,796
608,709
258,603
182,976
108,263
74,713
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
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
174,891
77,289
(34,645)
17,517
0
0
25,429

1,856,060
1,794,581
61,479
1,539,093
622,728
916,365
316,967
222,948
152,547
70,401
139,643
48,648
(14,257)
14,852
0
0
(62,025)

1,595,788
1,549,595
46,193
1,350,928
461,373
889,555
244,860
234,028
155,437
78,591
108,161
36,277
(39,136)
8,010
0
0
127,306

932,348
881,614
50,734
788,553
234,477
554,076
143,795
163,548
101,246
62,302
99,256
43,354
(105,879)
9,387
0
0
(41,215)

1,100,793
428,302
(113,284)
1,003,713
301,332

983,203
310,433
(86,309)
872,396
307,026

963,168
231,759
(52,162)
762,398
324,989

818,756
171,067
(29,109)
735,426
284,933

1,150,829
269,080
(47,146)
635,656
312,315

1,038,421
248,605
(115,266)
587,852
213,265

0.32
12.01
18.09
0.72
0.88
83.23
3.04
-5.07
-21.67
-11.05

0.32
9.39
18.15
0.85
0.78
83.54
3.24
-3.52
-14.58
-7.31

0.24
9.43
10.63
0.89
0.80
80.71
3.44
-1.62
-7.04
-3.56

0.28
7.52
18.45
0.87
0.78
82.92
3.74
-0.68
-3.11
-1.60

0.28
6.78
16.17
0.71
0.84
84.66
2.63
-1.79
-7.32
-3.97

0.30
10.65
34.64
0.44
0.80
84.58
3.01
-4.84
-18.43
-9.67

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
18,455

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

280

3.53
-0.95
-6.69
-3.24
15.14

5.37
0.02
-4.09
-2.47
14.71

4.34
0.55
-1.87
-1.49
13.39

4.21
0.71
-0.77
-0.83
12.81

4.39
-0.08
-2.45
-1.35
17.75

2.94
-1.44
-11.36
-3.29
15.08

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fateh Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

25,531
0
172,750
25,395
2,426
0
0
136
118,916
59
0
114,424
0
4,433
336,717
0
336,717
0
0
0
0
0
0
(192,270)
20,000
20,000
0
(212,270)
119
(212,389)
0

23,536
0
172,750
23,212
2,183
0
0
324
18,786
690
0
6,462
0
11,634
346,493
0
346,493
0
0
0
0
0
0
(304,171)
20,000
20,000
0
(324,171)
306
(324,477)
0

22,702
0
173,710
22,112
2,060
0
0
590
24,535
2,519
0
135
0
21,881
268,443
0
268,443
0
0
0
0
0
0
(221,206)
20,000
20,000
0
(241,206)
572
(241,778)
0

0
0
0
0
0
0
0
6,457
0
6,457
1
0
5,732
0
0
0
12

0
0
0
0
0
0
0
35,566
0
35,566
0
0
(31,499)
0
0
0
8

0
0
0
0
0
0
0
3,744
0
3,744
0
0
(3,314)
0
0
0
0

8,490
8,490
0
7,319
7,319
0
1,171
3,715
992
2,723
144
0
5,582
0
0
0
26

17,342
887
16,455
14,811
14,811
0
2,531
118,724
1,199
117,525
84
0
(111,848)
0
0
0
(378)

70,972
996
69,976
68,886
68,886
0
2,086
(80,347)
2,634
(82,981)
496
0
84,302
0
0
0
60,919

(162,979)
0
5,732
0
0

(194,462)
0
(31,499)
0
0

(197,776)
0
(3,314)
0
0

(192,270)
0
5,582
0
0

(304,171)
0
(111,848)
0
0

(221,206)
0
84,302
0
0

0.30

0.31

0.31

0.00
0.41

0.00
0.32

0.00
0.32

0.34
1.70
1,347.75
0.06
0.35
86.21
-1.75
3.98
-2.86
-2.86

0.02
0.48
37.26
0.41
0.05
85.41
-1.14
-119.77
45.06
45.06

0.01
0.70
0.19
1.50
0.09
97.06
-1.21
188.26
-32.09
-32.09

65.75
2.79
-96.14

-644.95
-55.92
-152.09

118.78
42.15
-110.60

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-2.03
3.51
-3.46
-3.46

-1.71
-20.55
17.62
17.62

-1.69
-2.41
1.69
1.69

2.87
-81.49

-15.75
-97.23

-1.66
-98.89

0.00

281

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gillette Pakistan Ltd.

2010

2011

2012

1,578

753

3,363
1,278
742

3,363
527
751

300
623,102
8,071
145,372
97,922

226
585,115
8,788
196,761
126,089

5,432
0
6,785
5,282
1,503
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

7,473
0
9,167
7,335
1,832
0
0
138
774,209
41,279
256,824
149,678
0
326,428
355,360
0
355,360
0
0
0
0
0
0
426,322
192,000
192,000
0
234,322
0
234,322
0

438
0
0
0
0
0
0
438
1,211,346
149,071
450,545
144,539
0
467,191
543,466
0
543,466
2,525
0
0
0
2,525
0
665,793
192,000
192,000
0
473,793
0
473,793
0

616
0
0
0
0
0
0
616
1,384,154
176,559
596,236
165,317
0
446,042
661,088
0
661,088
3,821
0
0
0
3,821

1,032,769
1,032,769
0
768,631
768,631
0
264,138
273,408
218,669
54,739
311

1,408,301
1,408,301
0
1,017,362
1,017,362

1,769,225
1,769,225
0
1,143,145
1,143,145

2,060,302
2,060,302
0
1,600,903
1,600,903

A.Non-Current Assets (A1+A3+A5+A6+A7)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

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

1.Long term secured loans

2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2014

171,413

197,297

171,413

197,297

727,573
727,573

796,671
796,671

719,861
192,000
192,000
0
527,861
0
527,861
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

457,963
457,963

550,743
550,743

269,610
197,228
147,090
50,138
301

245,928
229,963
186,207
43,756
25

390,939
289,451
253,704
35,747
314

626,080
334,219
257,467
76,752
50

459,399
349,986
288,009
61,977
45

124,723
15,369

58,461
32,577

247,461

(140,457)

42,417
60,232
0
0
(110,027)

127,571
65,981
0
0
147,953

331,661
81,780
9,600
0
199,906

163,509
105,798
0
0
(57,616)

363,413
0
109,354
0
50,807

389,297
0
25,884
0
35,619

364,732
0
(17,815)
0
39,052

426,322
0
61,590
0
40,145

668,318
0
240,281
0
48,136

723,682
0
57,711
0
61,459

0.41
0.04
13.46
1.16
2.38
62.94
0.72
23.36
39.78
39.78

0.69
0.00
15.83
1.36
2.98
69.13
0.50
9.66
15.53
15.53

0.38
0.03
13.07
1.43
2.01
74.42
0.98
6.49
11.25
11.25

0.54
0.02
10.63
1.80
2.18
72.24
0.83
16.97
32.25
32.25

0.54
0.00
8.17
1.46
2.23
64.61
0.82
33.27
60.74
60.60
26.03
3.93

0.52
0.00
8.02
1.49
2.09
77.70
0.92
12.59
23.60
23.49

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

282

5.00

4.05

2.91

5.48

3.46

17.14
5.70
18.93

7.34
1.35
20.28

4.11
-0.93
19.00

9.06
3.21
22.20

18.75
13.01
34.68

7.94
3.01
37.49

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Goodluck Industries Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2009

2010

2011

2012

2,914

2,914

15,757
2,629
418

15,757
2,629
418

285
20,269
3,747
13,605
2,342

285
20,269
3,747
13,605
2,342

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

3,272
0
16,839
2,971
364
0
0
301
19,204
3,688
12,702
1,223
0
1,591
1,898
0
1,898
6,428
0
0
0
6,551
(123)
14,150
3,000
3,000
0
11,150
0
11,150

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

2014

(Thousand Rupees)
2013
2014

222,330
0
242,699
222,017
6,861
0
0
313
22,132
6,785
12,182
2,187
0
978
2,009
0
2,009
24,111
0
0
0
6,011
18,100
218,342
3,000
3,000
0
19,011
0
19,011
196,331

216,537
0
243,061
216,188
6,192
0
0
349
36,166
11,564
20,522
3,494
0
586
6,541
0
6,541
22,857
0
0
0
6,966
15,891
223,305
3,000
3,000
0
27,838
0
27,838
192,467

415,326
415,326
0
406,042
391,325
14,717
9,284
6,735
258
6,477
18
13
2,531
831
600
0
(1,567)

471,977
471,977
0
467,581
436,749
30,832
4,396
6,856
117
6,739
41
9
(2,469)
1,615
600
0
3,594

693,032
693,032
0
682,624
645,422
37,202
10,408
8,381
136
8,245
12
0
8,713
5,202
600
0
5,646

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

4,574

4,574

381,582
381,582
0
372,787
353,098
19,689
8,795
7,044
108
6,936
149
138
1,602
763
600
0
4,334

20,525
0
765
701
6,508

20,525
0
967
701
6,508

20,109
0
239
0
6,239

20,578
0
1,100
0
6,247

242,453
0
(4,684)
0
6,232

246,162
0
2,911
0

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
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
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
2.80
43.34

2.59
0.00
0.29
18.48
10.12
97.76
0.59
11.33
18.64
12.44
2.83
32.70
195.69
0.61
5.67
47.17

4.47
0.01
0.46
1.93
11.02
99.07
0.12
-1.85
-2.12
-1.88
-6.81
38.74
-273.33
-0.52
-13.61
727.81

2.30
0.00
0.50
2.74
5.53
98.50
0.13
3.51
3.95
3.57
5.85
33.77

477,371
460,162
17,209
10,906
6,784
154
6,630
114
105
4,008
2,643
600

477,371
460,162
17,209
10,906
6,784
154
6,630
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 (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

283

1.26
11.70
744.35

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Grays Of Cambridge (Pakistan) Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

63,339
1,292
77,563
34,525
3,971
0
26,879
643
153,352
16,739
91,379
23,484
0
21,750
35,425
0
35,425
0
0
0
0
0
0
181,266
73,493
73,493
0
107,773
0
107,773
0

63,598
421
80,294
34,267
3,943
0
28,268
642
149,314
12,013
101,430
9,143
0
26,728
29,086
0
29,086
0
0
0
0
0
0
183,826
73,493
73,493
0
110,333
0
110,333
0

71,019
1,697
86,241
40,397
3,777
0
28,302
623
168,330
10,535
101,279
27,004
0
29,512
41,814

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

134,591
134,591
0
80,398
51,774
28,624
54,193
35,044
15,910
19,134
705
0
(8,198)
1,735
4,083
57,162
14,273

180,194
180,194
0
111,655
75,981
35,674
68,539
47,740
22,925
24,815
697
0
(22,898)
1,597
18,373
0
3,912

195,409
195,409
0
131,991
86,160
45,831
63,418
63,922
23,993
39,929
599
0
46
2,497
7,349
0
16,108

186,047
186,047
0
133,843
81,097
52,746
52,204
47,883
24,404
23,479
810
366
4,855
2,009
0
0
18,532

195,925
9,652
186,273
142,369
93,659
48,710
53,556
50,752
25,218
25,534
613
0
5,122
2,570
0
0
(4,995)

229,163
11,642
217,521
161,980
99,197
62,783
67,183
51,403
23,897
27,506
616
0
15,679
2,256
0
0
8,449

223,194
0
(14,016)
0
36,041

207,887
0
(42,868)
0
42,631

186,410
0
(9,800)
0
48,951

181,266
0
2,846
0
51,851

183,826
0
2,552
0
56,677

197,535
0
13,423
0

1.75
0.52
16.78
0.56
6.56
59.74
0.08
-3.21
-3.48
-3.48
-2.43
1.88

1.86
0.39
16.27
0.79
7.01
61.96
0.10
-9.74
-10.62
-10.62
-1.33
2.27

1.08
0.31
11.85
0.92
5.50
67.55
0.14
0.02
0.02
0.02
-0.33
2.17

1.14
0.44
12.62
0.86
4.33
71.94
0.20
2.26
2.64
2.64

0.73
0.31
4.67
0.92
5.13
72.67
0.16
2.38
2.81
2.81

0.90
0.27
11.78
0.96
4.03
70.68
0.21
6.93
8.22
8.22

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

41,814
0
0
0
0
0
0
197,535
73,493
73,493
0
124,042
0
124,042
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

284

-6.09
-6.08
136.66

-12.71
-3.33
28.29

0.02
-0.33
25.36

2.04
14.27
2.61
0.39
24.66

1.93

2.26

2.61
0.35
25.01

6.84
1.83
26.88

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Huffaz Seamless Pipe Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

6,532,584
9,724
6,593,848
6,507,797
390,578
0
0
15,063
1,478,381
29,190
1,152,216
127,693
0
169,282
1,454,389
0
1,454,389
1,907,649
28,378
0
0
62,947
1,816,324
4,648,927
554,844
554,844
0
414,060
0
414,060
3,680,023

6,158,807
20,822
6,681,320
6,122,982
472,287
0
0
15,003
1,131,462
215,216
489,369
179,542
0
247,335
934,241
0
934,241
1,744,904
0
0
0
79,000
1,665,904
4,611,124
554,844
554,844
0
617,614
0
617,614
3,438,666

5,970,919
40,164
6,700,217
5,922,902
219,962
2,210
0
5,643
1,278,618
88,962
901,521
102,396
0
185,739
1,007,066
0
1,007,066
1,670,859
0
0
0
91,444
1,579,415
4,571,612
554,844
554,844
0
687,867
0
687,867
3,328,901

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

409,517
962,625

333,374
2,903,297

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
56,757
0
0
60,316
1,296,073
3,689,791
554,844
554,844
0
434,861
0
434,861
2,700,086

1,323,255
1,319,963
3,292
1,026,796
954,663
72,133
296,459
58,040
5,247
52,793
17,489
142
221,930
33,104
102,433
(27,514)

1,285,301
1,252,128
33,173
976,326
601,487
374,839
308,975
60,658
4,062
56,596
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
74,805
26,508
(38,466)
31,715
83,227
109,437
436,031

2,052,162
1,968,688
83,474
2,031,700
1,400,627
631,073
20,462
150,317
22,421
127,896
76,490
50,801
(201,768)
27,446
83,227
109,437
62,828

2,182,211
2,157,088
25,123
2,129,099
1,008,150
1,120,949
53,112
97,088
20,716
76,372
58,431
42,524
(101,505)
55,575
0
109,437
537,076

1,518,120
1,516,908
1,212
1,486,901
1,021,958
464,943
31,219
68,332
20,104
48,228
34,330
25,379
(54,904)
35,177
0
109,437
(58,946)

2,038,325
0
188,826
0
72,614

5,299,931
0
129,068
0
73,154

5,102,937
56,757
(153,408)
56,757
845,430

6,556,576
28,378
(312,441)
28,378
140,578

6,356,028
0
(157,080)
0
134,246

6,242,471
0
(90,081)
0

0.18
1.32
9.74
0.47
1.39
77.60
0.64
9.70
15.57
13.92

0.14
3.02
7.50
0.21
1.25
75.96
0.64
4.69
7.67
5.75

0.21
5.14
13.19
0.23
1.10
94.06
0.68
-0.62
-1.03
-0.74
-0.84
1.95
-0.45
-2.64
-1.26
66.50

0.11
3.73
6.22
0.26
1.02
99.00
0.72
-2.84
-4.84
-3.46
-2.75
1.78
-2.97
-9.83
-4.13
83.79

0.42
2.68
8.23
0.30
1.21
97.57
0.58
-1.33
-2.19
-1.57

0.19
2.26
6.74
0.21
1.27
97.94
0.59
-0.76
-1.20
-0.87

765,323
324,741

909,083
1,508,416

0
44,738
280,003
1,713,584
341,442
341,442
0
409,517

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.70
1,563.89
16.77
5.53
50.19

1.54
11.19
16.43
2.33
68.33

285

4.46
-1.39
-4.65
-2.83
83.11

1.68
-1.16
-3.62
-1.62
82.39

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

International Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

6,011,101
1,946,855
5,315,906
3,987,224
227,824
17,959

10,048,930
6,041,888
5,389,969
3,849,399
227,615
11,801

11,926,580
373,991
12,326,583
11,326,583
538,671
22,033
0
203,973
16,495,419
24,865
12,596,684
1,960,724
0
1,913,146
17,064,972
14,971,450
2,093,522
4,509,412
4,263,550
0
0
7,646
238,216
6,847,615
1,198,926
1,198,926
0
2,479,285
0
2,479,285
3,169,404

13,618,162
378,070
14,343,554
13,037,370
633,222
21,248
0
181,474
13,238,141
20,262
8,031,310
2,630,422
0
2,556,147
13,947,727
12,062,799
1,884,928
4,357,658
3,821,860
0
0
59,725
476,073
8,550,918
1,198,926
1,198,926
0
2,851,008
0
2,851,008
4,500,984

13,476,947
395,731
14,829,168
12,875,998
734,942
12,850
0
192,368
17,177,568
118,148
10,338,775
3,447,142
0
3,273,503
17,402,010
12,053,418
5,348,592
3,951,529
3,300,990
0
0
93,766
556,773
9,300,976
1,198,926
1,198,926
0
3,329,299
0
3,329,299
4,772,751

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,661,200
1,378,555

2,324,496
1,366,865

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
0
0
0
264,717
7,047,784
1,198,926
1,198,926
0
2,627,324
0
2,627,324
3,221,534

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
535,081
522,703
468,809
114,000
224,799
0
2,945,001

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
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
13,538,451
291,525
2,162,362
846,604
445,793
400,811
948,844
869,505
580,373
247,511
599,463
0
(4,033,251)

28,800,719
21,194,255
7,606,464
25,642,642
25,674,901
(32,259)
3,158,077
767,239
510,779
256,460
2,310,327
1,667,821
274,316
79,190
239,785
0
(1,311,763)

33,511,717
25,697,233
7,814,484
29,825,177
27,879,014
1,946,163
3,686,540
1,048,267
671,500
376,767
1,691,826
1,515,519
1,147,783
152,864
389,651
0
4,628,322

35,855,357
27,011,711
8,843,646
31,491,708
29,900,999
1,590,709
4,363,649
1,344,925
742,965
601,960
1,705,461
1,645,552
1,524,690
203,742
389,651
0
1,532,356

6,340,812
2,015,460
130,010
5,548,554
381,586

10,049,456
5,113,227
585,900
12,828,993
497,818

11,885,520
4,573,019
(266,601)
16,970,521
737,416

11,357,027
4,263,550
(44,659)
19,235,000
890,575

12,908,576
3,821,860
605,268
15,884,659
972,398

13,252,505
3,300,990
931,297
15,354,408
1,105,441

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
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
9.86
46.95

0.16
5.93
12.04
0.62
1.02
86.48
2.65
2.61
9.89
5.29
0.56
1.87
1.67
3.63
2.78
58.78

0.12
8.02
6.81
1.01
0.97
89.03
3.15
1.01
3.95
2.36
0.81
2.29
1.16
0.95
1.63
57.11

0.19
5.05
7.85
1.25
0.95
89.00
2.14
4.15
14.91
9.46
2.55
4.17
1.76
3.43
8.30
71.32

0.20
4.76
9.61
1.17
0.99
87.83
2.30
5.30
17.08
11.66
3.39
3.47
1.93
4.25
11.02
77.58

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

0
0
286,492
4,038,860
999,105
999,105
0
1,661,200

245,763
4,690,466
999,105
999,105
0
2,324,496

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

286

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

International Steel 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

2012

8,803,502
428,991
8,657,520
8,353,933
171,518

8,941,203
365,371
9,191,284
8,562,318
355,499
13,414
0
100
6,891,555
3,957
5,273,767
287,498
0
1,326,333
7,765,687
6,447,822
1,317,865
3,918,289
3,846,883
0
0
5,444
65,962
4,148,782
4,350,000
4,350,000
0
(201,218)
0
(201,218)
0

9,960,401
376,025
10,530,736
9,576,209
428,243
8,067
0
100
4,800,832
13,694
2,616,040
550,880
0
1,620,218
6,083,206
4,121,378
1,961,828
3,597,048
3,371,860
0
0
9,847
215,341
5,080,979
4,350,000
4,350,000
0
158,093
0
158,093
572,886

9,775,430
351,741
10,877,320
9,419,768
507,402
3,821
0
100
7,103,076
36,560
3,667,240
1,185,880
0
2,213,396
7,727,598
4,876,307
2,851,291
3,381,168
3,000,990
0
0
14,698
365,480
5,769,740
4,350,000
4,350,000
0
856,325
0
856,325
563,415

13,248,983
12,224,990
1,023,993
12,043,061
3,115,716
8,927,345
1,205,922
256,650
74,898
181,752
1,168,819

17,602,670
1,724,458
15,878,212
15,997,025
2,773,910
13,223,115
1,605,645
240,489
82,613
157,876
992,695

21,280,155
3,026,245
18,253,910
19,043,439
1,218,957
17,824,482
2,236,716
463,805
142,512
321,293
981,530

20,578
5,495,046
262,077
3,817,918
351

1.Cash & bank balance

2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

1,414,700
5,608,656
5,057,881
550,775
4,432,078
4,335,519

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

96,559
4,257,814
4,350,000
4,350,000

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2011

B.Current Assets (B1+B2+B3+B4+B5)

2014

(92,186)

(92,186)

F.Operation:
3,690,824
3,690,824

1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

3,341,648
1,484,490
1,857,158
349,176
148,964
27,785
121,179
383,314
381,491
(62,032)
41,858
0
0
(4,798,701)

(219,547)
10,359
0
0
(1,069,192)

441,431
18,052
0
0
3,448,979

874,166
30,415
435,000
0
6,867

8,689,892
4,335,519
(103,890)
9,393,400
127,126

8,067,071
3,846,883
(229,906)
10,294,705
278,789

8,678,027
3,371,860
423,379
7,493,238
315,858

9,150,908
3,000,990
408,751
7,877,297
412,525

0.05
10.39
0.01
0.26
0.98
90.54
2.36
-0.43
-1.46
-0.71

0.04
8.82
2.17
0.84
0.89
90.90
2.82
-1.46
-5.22
-2.62

0.09
5.64
3.13
1.19
0.79
90.88
1.91
2.89
9.57
5.27

0.16
4.61
5.57
1.26
0.92
89.49
1.93
5.53
16.11
9.81
1.94
5.80

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

287

0.97
0.84
-1.68
-0.24
9.79

2.51

6.73

-1.66
-0.53
9.54

2.51
0.97
11.68

4.11
1.94
13.26

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

KSB Pumps Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

344,589
1,360
679,670
306,305
44,460
1,910
1,439
33,575
1,921,828
76,573
584,776
920,735
0
339,744
1,367,228
233,370
1,133,858
24,825
0
0
0
24,825
0
874,364
132,000
132,000
0
742,364
0
742,364
0

337,320
6,666
697,931
297,224
46,676
1,826
1,226
30,378
1,987,387
78,528
462,773
1,037,397
0
408,689
1,307,698
177,841
1,129,857
43,860
0
0
0
43,860
0
973,149
132,000
132,000
0
841,149
0
841,149
0

376,759
7,669
797,616
354,761
58,767
853
1,013
12,463
2,530,628
366,033
488,229
1,216,728
0
459,638
1,726,680
529,272
1,197,408
79,192
0
0
0
52,972
26,220
1,101,515
132,000
132,000
0
969,515
0
969,515
0

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

641,021

694,600

364,881
4,110
657,858
308,558
40,593
2,150
1,652
48,411
1,631,917
70,453
399,185
866,753
0
295,526
1,258,172
57,791
1,200,381
33,163
0
0
0
33,163
0
705,463
132,000
132,000
0
573,463
0
573,463
0

2,024,247
1,815,201
209,046
1,522,737
929,938
592,799
501,510
319,004
183,402
135,602
10,421
5,700
213,788
66,800
46,200
0
289,729

2,047,989
1,803,885
244,104
1,564,429
1,047,522
516,907
483,560
355,929
214,023
141,906
17,248
12,753
153,250
45,500
16,500
0
(92,165)

1,944,764
1,768,759
176,005
1,628,143
942,356
685,787
316,621
498,826
180,096
318,730
16,235
11,773
(198,440)
19,198
0
0
74,079

2,630,402
2,388,984
241,418
2,087,813
1,315,480
772,333
542,589
378,614
222,183
156,431
30,405
25,586
201,658
29,223
52,800
0
(130,902)

2,577,686
2,252,046
325,640
1,982,696
1,089,813
892,883
594,990
426,474
223,911
202,563
23,274
17,916
200,962
30,908
52,800
0
156,234

3,152,062
2,918,120
233,942
2,454,451
1,221,093
1,233,358
697,611
458,235
243,578
214,657
47,435
37,486
252,099
60,158
0
0
103,678

825,294
0
100,788
171
268,683

890,443
0
91,250
164,927
289,639

738,626
0
(217,638)
57,791
289,186

899,189
0
119,635
233,370
337,499

1,017,009
0
117,254
177,841
393,536

1,180,707
0
191,941
529,272
428,630

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
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
8.16
62.62

0.74
0.83
44.57
0.97
1.30
83.72
1.83
-10.43
-25.90
-24.36

0.73
1.16
35.00
1.16
1.41
79.37
1.59
9.46
25.53
24.63
3.27
4.50
8.88
7.67
13.06
66.24

0.85
0.90
40.25
1.11
1.52
76.92
1.39
8.75
21.75
20.98
3.22
5.57
12.22
7.80
12.88
73.72

0.92
1.50
38.60
1.08
1.47
77.87
1.64
9.64
24.30
22.94

0
17,239
35,034
773,021
132,000
132,000
0
641,021

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

288

4.87
-15.86
-10.20
-16.49
53.44

6.46
7.73
8.00
14.54
83.45

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Khyber Tobacco Co. Ltd.

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2014

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

4,859

10,027

37,872
3,903
18

40,223
6,072
182

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

17,666
0
52,473
16,711
1,611
0
0
955
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
104,879
12,018
12,018
0
92,861
0
92,861
0

284,485
0
299,752
283,530
16,222
0
0
955
490,111
21,741
297,771
128,119
0
42,480
268,160
0
268,160
22,897
0
0
0
4,398
18,499
483,539
12,018
12,018
0
237,356
0
237,356
234,165

338,338
0
376,214
336,893
24,274
0
0
1,445
495,342
57,391
217,254
177,829
0
42,868
311,623
0
311,623
36,663
0
0
0
0
36,663
485,394
12,018
12,018
0
281,551
0
281,551
191,825

338,338
0
376,214
336,893
24,274
0
0
1,445
495,342
57,391
217,254
177,829
0
42,868
311,623
0
311,623
36,663
0
0
0
0
36,663
485,394
12,018
12,018
0
281,551
0
281,551
191,825

701,348
144,640
556,708
494,538
431,597
62,941
206,810
62,536
31,355
31,181
1,269
0
145,382
12,438
0
0
13,522

914,464
503,525
410,939
824,460
729,435
95,025
90,004
53,335
16,411
36,924
2,993
0
38,244
18,742
6,009
0
109,730

914,464
503,525
410,939
824,460
729,435
95,025
90,004
53,335
16,411
36,924
2,993
0
38,244
18,742
6,009
0
109,730

75,820
0

104,470
0

0
0
0
(22,139)
12,018
12,018
0
(34,157)

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
119

242,451
93,204
149,247
174,883
163,514
11,369
67,568
26,065
15,050
11,015
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

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
2,397
0
110,595
14,994
0
0
21,825

(22,139)
0
4,175
0
4,175

10,408
0
34,837
0
9,050

109,499
0
95,601
0
19,842

506,436
0
132,944
0
28,676

522,057
0
13,493
0
39,554

522,057
0
13,493
0
39,554

0.39
0.10
20.46
2.16
0.64
90.36
-3.42
15.79
-29.37
-29.37

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

0.56
0.18
18.27
0.91
1.83
70.51
0.60
28.51
49.41
47.21

0.75
0.33
19.45
1.10
1.59
90.16
0.72
4.76
7.89
7.44
3.25
4.21

0.75
0.33
19.45
1.10
1.59
90.16
0.72
4.59
7.88
7.33
3.25
4.21

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

289

10.80

5.61

3.52

2.36

6.06
3.47
-18.42

16.87
28.99
8.66

26.05
79.55
87.27

20.73
110.62
402.35

4.18
16.23
403.89

4.18
16.23
403.89

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Leather Up Ltd.
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

3,487
0
15,461
3,487
275
0
0
0
70,203
9,063
34,460
0
13,697
12,983
47,101
8,000
39,101
1,928
0
0
0
1,928
0
24,661
60,000
60,000
0
(35,339)

16,949
0
28,748
16,949
245
0
0
0
47,434
3,103
31,722
3,040
0
9,569
37,932
8,000
29,932
2,123
0
0
0
2,123
0
24,328
60,000
60,000
0
(35,672)

(35,339)
0

(35,672)
0

(37,752)
0

(32,119)
0

24,937
(666)
25,603
28,339
16,379
11,960
(3,402)
11,240
2,419
8,821
3,309
2,861
(3,525)
256
0
0
(4,694)

18,702
2,857
15,845
21,588
14,365
7,223
(2,886)
5,243
1,299
3,944
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
1,009
924
2,791
742
1,548
0
7,686

71,535
816
70,719
60,308
36,890
23,418
11,227
10,125
4,862
5,263
992
908
1,124
743
1,548
0
(5,361)

24,088
374
23,714
19,931
12,140
7,791
4,157
5,466
1,506
3,960
900
855
(2,093)
258
0
0
(2,216)

165,196
1,246
163,950
139,561
114,425
25,136
25,635
16,267
9,405
6,862
2,157
812
7,109
1,666
0
0
604

32,902
0
(3,781)
8,300
5,164

24,183
0
(9,022)
8,300
3,331

26,589
0
501
8,000
5,857

26,451
0
(1,167)
8,000
7,165

24,560
0
(2,351)
8,000
5,583

29,019
0
5,443
9,050

0.25
13.27
1.21
0.51
1.97
113.64
0.53
-6.10
-10.41
-10.23

0.10
6.08
0.00
0.45
1.39
115.43
0.83
-19.60
-32.43
-30.96

0.48
1.41
0.00
0.97
1.49
79.25
1.99
4.84
11.78
10.99
1.32
2.07
4.02
3.90
0.34
4.11

0.16
1.39
4.25
1.11
1.25
84.31
1.65
1.63
4.59
4.24
0.25
2.26
2.24
1.57
0.06
4.05

0.03
3.74
0.00
0.45
1.27
82.74
1.42
-3.54
-8.99
-8.21

0.03
1.31
0.50
2.05
1.21
84.48
1.90
10.57
28.36
26.54

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

16,730
0
28,748
16,730
219
0
0
0
37,087
888
33,606
0
0
2,593
29,257
8,000
21,257
2,312
0
0
0
2,312
0
22,248
60,000
60,000
0
(37,752)

18,232
0
30,585
18,232
334
0
0
0
62,522
705
50,607
820
0
10,390
51,735
9,050
42,685
1,138
0
0
0
1,138

27,881
60,000
60,000
0
(32,119)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

290

1.28
-0.23
-14.14
-0.63
5.29

1.09
-8.25
-47.25
-1.50
3.79

0.72
-1.45
-8.69
-0.39
3.71

3.26
9.75
4.30
0.91
4.65

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

MACPAC Films Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
261,050
6,274
155,735
46,996
0
52,045
481,998
128,051
353,947
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

643,804
0
1,020,726
540,839
54,920
214
0
102,751
422,962
1,625
213,890
155,484
0
51,963
417,485
735
416,750
332,676
0
196,760
0
10,141
125,775
316,605
388,860
388,860
0
(72,255)
79,930
(152,185)

731,069
178,932
1,025,656
494,568
50,876
171
0
57,398
497,658
4,870
238,625
178,536
0
75,627
520,818
0
520,818
236,903
0
196,761
0
11,427
28,715
471,006
388,860
388,860
0
82,146
79,930
2,216

822,840
300,144
1,038,559
460,757
46,713
387
0
61,552
459,611
11,336
248,667
159,776
0
39,832
540,407
50,000
490,407
295,456
0
148,260
0
13,534
133,662
446,588
388,860
388,860
0
57,728
79,930
(22,202)

133,068
133,068
0
190,446
16,815
173,631
(57,378)
22,711
4,856
17,855
48,704
52,892
(100,317)
0
0
0
(15,624)

227,956
224,879
3,077
271,803
96,420
175,383
(43,847)
21,900
3,904
17,996
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
13,280
11,583
181,070
8,880
0
0
176,888

1,195,448
1,191,980
3,468
906,080
694,884
211,196
289,368
57,904
5,922
51,982
2,357
1,871
270,190
11,954
38,886
0
171,331

1,461,755
1,461,755
0
1,203,583
992,568
211,015
258,172
83,300
10,082
73,218
7,301
7,022
294,833
7,310
19,443
0
349,188

1,195,122
1,190,559
4,563
1,077,139
876,968
200,171
117,983
67,726
9,669
58,057
20,667
8,111
31,363
11,216
0
0
68,701

496,045
308,182
(100,317)
625,408
26,777

469,601
183,093
(61,793)
441,754
27,171

498,666
58,361
172,190
186,412
29,438

649,281
0
219,350
735
275,947

707,909
0
268,080
0
45,513

742,044
0
20,147
50,000

0.10
36.60
34.01
0.13
0.19
143.12
-25.20
-9.40
-746.71
-20.09

0.06
10.92
12.48
0.24
0.19
119.23
-14.65
-6.22
109.56
-12.53

0.11
1.50
5.29
0.91
0.54
78.08
8.51
18.83
1,063.52
37.40

0.38
0.20
13.01
1.12
1.01
75.79
2.37
26.39
128.75
47.07
6.64
5.59
145.41
22.60
6.64
8.14

0.35
0.50
12.21
1.19
0.96
82.34
1.61
25.69
74.87
43.45
14.79
6.13
42.99
20.17
7.39
12.11

0.32
1.73
13.37
0.93
0.85
90.13
1.87
2.50
6.84
4.33

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

291

8.72
-0.90
-75.39
-2.58
-1.06

7.73
-1.55
-26.54
-1.59
-1.78

5.70
16.63
20.39
4.43
2.65

4.81
4.87
2.62
0.52
11.48

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pak Leather Crafts Ltd.

2010

2011

2012

47,344

43,645

159,327
45,649
113,678

159,259
42,026
117,233

1,695
407,838
2,515
344,982
26,426
0
33,915
367,023

1,619
314,935
210
258,969
42,581
0
13,175
398,456
280,330
118,126
73,627
38,117
33,857

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

23,935
0
122,256
22,525
1,967
0
0
1,410
175,817
182
89,515
82,413
0
3,707
418,444
260,434
158,010
48,087
9,667
36,722
0
1,698
0
(266,779)
34,000
34,000
0
(300,779)
0
(300,779)
0

22,187
0
121,630
20,777
1,621
0
0
1,410
146,708
237
60,578
84,122
0
1,771
479,938
207,529
272,409
1,662
0
0
0
1,662
0
(312,705)
34,000
34,000
0
(346,705)
0
(346,705)
0

20,732
0
121,630
19,322
1,455
0
0
1,410
139,523
324
53,268
85,128
0
803
492,279
207,529
284,750
1,655
0
0
0
1,655
0
(333,679)
34,000
34,000
0
(367,679)
0
(367,679)

12,040
10,200
1,840
43,057
6,104
36,953
(31,017)
6,477
23
6,454
19,611
18,520
(55,454)
137
0
0
(561)

15,905
15,905
0
41,490
4,038
37,452
(25,585)
6,453
9
6,444
15,947
15,794
(45,790)
159
0
0
(755)

9,005
6,614
2,391
18,921
0
18,921
(9,916)
7,864
2,081
5,783
3,920
3,895
(20,963)
90
0
0
(7,618)

A.Non-Current Assets (A1+A3+A5+A6+A7)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2014

367,023
85,177
51,921
31,115
0
2,141

2,982
34,000
34,000
0
(31,018)

1,653
0
(113,503)
34,000
34,000
0
(147,503)

(31,018)

(147,503)

377,094
367,308
9,786
375,945
242,788
133,157
1,149
31,864
20,981
10,883
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
39,081
36,374
(115,044)
1,600

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
(52,030)

0
(4,609)

93,142
3,353
89,789
161,255
68,465
92,790
(68,113)
13,849
8,165
5,684
44,587
42,633
(95,991)
931
0
0
(602)

88,159
51,921
(69,610)
51,921
68,679

(39,876)
38,117
(116,644)
318,447
33,426

(152,181)
22,556
(96,922)
276,601
7,931

(218,692)
9,667
(55,591)
270,101
3,233

(311,043)
0
(45,949)
207,529
2,745

(332,024)
0
(21,053)
207,529

0.08
9.27
7.01
0.83
1.11
99.70
151.64
-13.51
-173.55
-66.17

0.11
21.70
23.64
0.50
0.79
126.84
-4.16
-28.27
208.18
-476.54

0.22
47.87
90.80
0.39
0.54
173.13
-2.15
-32.01
59.25
99.96

0.20
162.88
684.49
0.06
0.42
357.62
-1.75
-25.15
23.24
29.90

0.18
100.26
528.90
0.09
0.31
260.86
-1.54
-24.84
15.80
17.29

0.17
43.53
945.34
0.06
0.28
210.12
-1.48
-12.74
6.49
6.52

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

292

1.09
-1.15
-17.39
-20.47
0.88

0.70
-2.16
-63.87
-34.31
-33.38

0.77
-1.25
-103.06
-28.51
-61.91

0.13
-1.99
-460.58
-16.35
-78.46

0.26
-1.90
-287.90
-13.51
-91.97

0.17
-4.38
-232.79
-6.19
-98.14

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Engineering Co. Ltd.

2009

2010

2011

2012

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

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

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

5,199,843
19,327
4,982,003
4,865,129
29,917
0
0
315,387
823,851
58,491
397,216
190,300
0
177,844
356,556
108,638
247,918
1,852,175
1,003,406

61,327
3,814,963
56,902
56,902
0
(1,124,148)
0
(1,124,148)
4,882,209

712,177
712,177
0
680,309
592,726
87,583
31,868
80,555
11,460
69,095
17,540
4,998
(57,915)
7,896

522,873
522,873
0
593,414
440,158
153,256
(70,541)
69,602
4,011
65,591
25,748
15,498
(152,206)
239

(59,328)

17,354

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

787,442
0
113,031
3,747,657
56,902
56,902
0
(1,046,203)

787,442

140,344
3,973,921
56,902
56,902
0
(996,015)

(1,046,203)
4,736,958

(996,015)
4,913,034

1,361,633
1,361,633

1,677,379
1,677,379

787,442

2014

(Thousand Rupees)
2013
2014
8,979,675
2,340
8,718,646
8,661,023
35,367
0
624
315,688
605,845
71,333
191,326
136,869
0
206,317
225,527
108,351
117,176
1,900,505
1,790,848
0
0
0
109,657
7,459,488
56,902
56,902
0
(1,193,064)

8,947,131
2,340
8,725,626
8,628,440
39,563
0
663
315,688
689,779
7,151
322,338
152,677
0
207,613
404,779
108,351
296,428
1,835,894
1,790,848
0
0
0
45,046
7,396,237
56,902
56,902
0
(1,242,912)

(1,193,064)
8,595,650

(1,242,912)
8,582,247

385,771
385,771
0
464,930
118,002
346,928
(79,159)
54,514
5,294
49,220
26,479
24,167
(153,483)
250
0
0
20,860

219,559
219,559
0
277,684
188,091
89,593
(58,125)
54,501
7,307
47,194
20,440
18,276
(127,861)
0
0
0
(54,132)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,035,306
981,724
53,582
326,327
86,413
14,168
72,245
83,052
77,292
201,171
67,223
71,128
0
90,487

1,371,129
901,741
469,388
306,250
102,032
11,961
90,071
26,875
20,382
183,223
69,091
56,902
0
243,425

5,651,536
1,790,848
62,821
1,850,573
91,431

5,918,000
1,803,735
57,230
1,826,235
113,462

5,824,209
1,795,625
(65,811)
1,904,263
98,846

5,667,138
1,790,848
(152,445)
1,899,486
69,439

9,359,993
1,790,848
(153,733)
1,899,199
40,472

9,232,131
1,790,848
(127,861)
1,899,199
36,862

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
20.06
698.38

0.94
2.46
53.31
0.11
2.32
95.53
0.61
-0.93
-1.47
-0.99

0.70
4.92
36.40
0.09
2.31
113.49
0.58
-2.47
-3.94
-2.65

0.92
6.86
35.48
0.04
2.69
120.52
0.29
-1.97
-2.72
-2.04

0.39
9.31
69.54
0.02
1.70
126.47
0.30
-1.33
-1.72
-1.38

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

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
23.54
658.62

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

293

1.69
-10.59
-8.13
-11.57
688.00

1.32
-8.82
-29.11
-26.79
670.44

2.02
-5.35
-39.79
-27.02
1,310.94

0.68
-6.00
-58.24
-22.47
1,299.82

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Tobacco Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

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

5,740,752
197,650
10,986,198
5,522,359
785,268
0
0
20,743
8,143,075
139,030
7,225,301
1,073
0
777,671
8,589,511
1,237,772
7,351,739
1,186,916
0
0
0
0
1,186,916
4,107,400
2,554,938
2,554,938
0
1,552,462
0
1,552,462
0

7,131,122
1,035,852
11,956,387
6,073,717
812,148
0
0
21,553
10,298,974
60,128
9,166,367
764
0
1,071,715
10,710,726
2,436,445
8,274,281
1,307,162
0
0
0
0
1,307,162
5,412,208
2,554,938
2,554,938
0
2,857,270
0
2,857,270
0

8,770,997
1,086,550
14,156,363
7,651,975
833,797
0
0
32,472
13,174,618
149,573
11,894,508
3,225
0
1,127,312
12,433,669
562,870
11,870,799
1,500,583
0
0
0
0
1,500,583
8,011,363
2,554,938
2,554,938
0
5,456,425
0
5,456,425
0

25,880,309
25,880,309
0
17,434,790
13,021,239
4,413,551
8,445,519
5,807,407
3,516,601
2,290,806
73,476

30,622,803
30,622,803
0
20,012,587
15,531,644
4,480,943
10,610,216
6,136,908
4,022,635
2,114,273
72,019

36,619,077
36,619,077
0
22,771,684
17,383,164
5,388,520
13,847,393
6,926,746
3,877,112
3,049,634
99,056

2,655,036
917,466
1,609,611
0
1,775,492

4,666,905
1,575,639
2,554,938
0
2,372,958

7,187,801
2,239,017
3,832,407
0
6,375,471

5,294,316
0
127,959
1,237,772
2,230,001

6,719,370
0
536,328
2,436,445
3,655,834

9,511,946
0
1,116,377
562,870
4,289,854

0.02
0.28
0.00
1.86
0.95
67.37
2.38
19.52
71.36
54.69
1.08
3.58

0.01
0.24
0.00
1.76
0.96
65.35
2.22
29.81
98.05
77.69
1.21
3.34

0.01
0.27
0.01
1.67
1.06
62.19
1.74
36.51
107.09
88.57
1.29
3.08

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

0
0
1,109,847
4,260,234
2,554,938
2,554,938
0
1,705,296

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

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
101,379
0
559,275
235,348
255,494
0
2,157,914

5,370,081
0
(43,520)
1,300,832
2,042,108

4,739,668
0
69,196
2,252,218
2,184,463

4,415,973
0
68,433
1,783,623
2,098,338

13,442,066
10,954,093
2,487,973
8,224,459
3,861,493
2,246,014
1,615,479
(59,024)

14,747,717
10,525,185
4,222,532
6,204,912
4,720,766
3,279,390
1,441,376
112,747

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

0.01
-0.27
0.01
1.77
0.91
62.04
1.87
41.10
118.15
103.55
0.99
3.76

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

294

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

21.45
11.83
16.67

6.77
3.62
14.10

2.44
1.27
13.05

10.26
6.80
16.08

15.24
12.10
21.18

19.63
19.37
31.36

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Philip Morris (Pakistan) Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

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
0

5,437,915
2,144,395
7,153,670
3,208,561
420,274
33,146
1
51,812
8,318,372
17,373
6,841,159
195,376
0
1,264,464
7,803,202
4,923,921
2,879,281
0
0
0
0
0
0
5,953,085
615,803
615,803
0
5,337,282
0
5,337,282
0

7,324,006
2,583,090
8,398,905
4,286,803
522,952
26,195
1
427,917
9,244,851
12,753
7,431,233
996
0
1,799,869
11,075,278
8,776,634
2,298,644
0
0
0
0
0
0
5,493,579
615,803
615,803
0
4,877,776
0
4,877,776

7,980,888
1,990,821
9,990,777
5,383,968
631,434
23,447
1
582,651
10,526,677
36,763
7,960,101
225,182
0
2,304,631
14,518,715
11,090,651
3,428,064
0
0
0
0
0
0
3,988,850
615,803
615,803
0
3,373,047
0
3,373,047

13,551,169
13,551,169
0
9,738,064
7,915,176
1,822,888
3,813,105
4,137,638
2,804,168
1,333,470
329,843
315,590
(622,042)
84,313
0
0
(205,884)

13,728,427
13,728,427
0
10,060,128
8,618,833
1,441,295
3,668,299
4,309,054
3,035,215
1,273,839
440,425
298,085
(708,860)
123,081
0
0
(1,940,360)

13,763,743
13,763,743
0
9,852,699
6,925,928
2,926,771
3,911,044
4,991,675
3,536,256
1,455,419
604,186
292,871
(1,513,269)
131,433
0
0
(1,061,609)

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

0
0
391,000
6,819,929
615,803
615,803
0
6,204,126

472,000
7,164,821
615,803
615,803
0
6,549,018

6,204,126

6,549,018

13,400,669
13,400,669

13,322,352
13,322,352

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

8,431,334
5,049,456
3,381,878
4,969,335
3,482,977
2,640,804
842,173
89,336
71,114
1,500,133
541,749
0
1,122,363

8,956,591
5,549,885
3,406,706
4,365,761
3,445,470
2,560,141
885,329
137,275
128,293
876,679
223,117
30,790
0
(1,062,531)

12,217,159
12,217,159
0
9,519,185
9,519,185
0
2,697,974
2,942,200
1,877,952
1,064,248
308,690
299,100
(530,749)
175,057
0
0
1,144,797

7,210,929
0
958,384
789,525
1,109,809

7,636,821
0
622,772
2,471,772
1,170,341

6,784,178
0
(705,806)
2,810,170
1,738,162

5,953,085
0
(706,355)
4,923,921
2,087,351

5,493,579
0
(831,941)
8,776,634
2,535,088

3,988,850
0
(1,644,702)
11,090,651
2,777,279

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
10.61
116.35

0.04
2.53
1.73
1.00
1.51
77.92
0.87
-4.24
-7.73
-7.36

0.03
2.43
1.44
0.99
1.07
71.86
1.31
-4.78
-9.94
-9.77

0.00
3.21
0.01
0.83
0.83
73.28
2.02
-4.68
-12.39
-12.39

0.02
4.39
1.64
0.74
0.73
71.58
3.64
-8.63
-31.92
-31.92

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.28
22.09
11.19
15.56
110.75

295

1.80
-0.77
-4.34
-11.46
106.58

1.98
-0.97
-4.59
-11.47
96.67

1.85
-1.38
-5.16
-13.51
89.21

1.73
-4.17
-10.99
-26.71
64.77

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Service Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

1,684,590
146,072
2,654,499
1,502,733
177,114
11,994
0
23,791
4,736,918
13,429
2,132,742
1,244,889
0
1,345,858
3,762,948
2,145,326
1,617,622
644,136
400,215
0
0
37,538
206,383
2,014,424
120,288
120,288
0
1,894,136
0
1,894,136
0

2,129,186
81,930
3,124,232
1,819,162
198,735
16,119
177,032
34,943
4,862,543
24,406
2,322,432
1,244,470
0
1,271,235
3,769,905
1,628,302
2,141,603
774,738
514,365
0
0
39,742
220,631
2,447,086
120,288
120,288
0
2,326,798
0
2,326,798
0

3,254,802
365,720
4,136,160
2,618,793
233,039
8,097
204,279
57,913
5,611,282
18,442
2,604,361
1,642,863
0
1,345,616
4,613,660
2,279,717
2,333,943
1,288,475
958,315
0
0
60,759
269,401
2,963,949
120,288
120,288
0
2,843,661
0
2,843,661
0

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,401,796

1,579,538

1,636,789
67,405
2,546,830
1,543,297
158,819
14,651
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

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
160,425
116,372
935,988
222,271
240,576
0
887,469

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
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
237,695
209,894
534,619
115,461
150,360
0
(245,570)

12,167,267
9,277,870
2,889,397
10,620,854
7,755,316
2,865,538
1,546,413
1,089,846
545,476
544,370
322,151
294,487
192,421
53,785
90,216
88,456
(291,333)

14,685,638
10,672,484
4,013,154
12,318,716
8,793,031
3,525,685
2,366,922
1,371,617
603,176
768,441
306,329
274,684
747,405
114,889
210,504
88,456
1,242,964

16,495,123
10,964,611
5,530,512
13,783,455
9,571,841
4,211,614
2,711,668
1,553,100
720,683
832,417
331,581
294,371
944,448
122,436
300,720
88,456
453,355

1,854,008
142,073
473,141
845,247
954,325

2,166,872
214,263
303,283
1,412,168
1,199,069

2,464,035
218,173
268,798
1,899,867
1,451,548

2,658,560
400,215
48,420
2,545,541
1,676,714

3,221,824
514,365
422,012
2,142,667
2,402,591

4,252,424
958,315
521,292
3,238,032
2,357,649

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
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
32.71
141.31

0.30
2.06
8.13
2.05
1.26
86.41
1.80
10.50
28.80
23.09
2.79
5.95
3.55
4.63
34.85
167.34

0.33
2.65
10.23
1.89
1.26
87.29
2.19
3.19
9.56
7.51
1.54
5.70
1.65
1.58
11.53
167.47

0.34
2.09
8.47
2.10
1.29
83.88
1.86
11.14
33.50
25.42
3.00
6.32
3.72
5.09
52.58
203.44

0.36
2.01
9.96
1.86
1.22
83.56
1.99
11.91
34.91
25.27
2.73
6.33
4.21
5.73
68.34
246.40

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

296

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shield Corporation Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

207,355
46,956
160,181
129,667
16,152

275,584
28,385
142,154
238,273
17,974
1,569

288,275
11,751
178,796
263,956
27,856
77
0
12,491
342,973
2,171
285,721
1,953
0
53,128
265,886
157,665
108,221
151,348
14,765
75,000
0
20,952
40,631
214,014
39,000
39,000
0
175,014
0
175,014
0

353,369
34,422
556,075
231,495
30,511
32
0
87,420
341,335
2,044
259,659
25,537
0
54,095
279,588
184,732
94,856
169,408
34,159
63,000
0
27,063
45,186
245,708
39,000
39,000
0
206,708
10,000
196,708
0

368,868
7,184
604,529
246,864
38,206
1,092

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

101,696

114,831

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

489,090
486,557
2,533
342,278
271,610
70,668
146,812
125,260
109,631
15,629
10,150
9,812
11,863
7,044
0
9,000
61,504

661,130
660,267
863
462,584
359,401
103,183
198,546
146,919
128,995
17,924
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
15,331
14,326
40,361
9,375
3,900
0
(67,891)

1,061,000
1,054,812
6,188
757,080
553,786
203,294
303,920
240,581
215,302
25,279
20,266
16,617
44,476
10,545
5,850
0
34,613

1,218,938
1,206,477
12,461
870,451
634,270
236,181
348,487
286,258
259,809
26,449
19,412
13,808
45,227
0
5,850
0
48,496

1,174,857
1,162,827
12,030
809,116
602,187
206,929
365,741
305,538
273,860
31,678
23,968
15,036
37,978
4,985
5,850
0
107,057

210,016
0
4,819
54,277
72,793

279,664
0
36,211
62,332
86,928

321,064
9,196
27,086
178,505
100,974

365,362
14,765
28,081
172,430
123,808

415,116
34,159
39,377
218,891
145,887

434,314
31,742
27,143
61,365
164,856

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
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
7.95
46.27

0.02
1.91
0.18
1.68
1.29
71.36
1.95
7.10
22.55
12.96
5.80
3.71
3.68
4.19
8.70
54.88

0.10
1.59
2.10
1.75
1.22
71.41
1.83
6.82
19.68
11.59
7.73
4.69
4.28
3.71
11.60
63.00

0.01
2.04
0.16
1.60
1.22
68.87
1.81
5.32
14.99
8.94
5.64
4.10
3.53
3.23
8.46
66.90

30,732
150,879
372
121,530
5,471
0
23,506
148,218
54,277
93,941
78,320

7,357
150,381
469
119,921
4,887
0
25,104
146,301
62,332
83,969
125,833

75,000

0
13,320
65,000
131,696
30,000
30,000
0
101,696

15,333
35,500
153,831
39,000
39,000

114,831

113,728
364,392
1,021
286,256
1,883
0
75,232
298,946
29,623
269,323
173,415
31,742
63,000
0
34,019
44,654
260,899
39,000
39,000
0
221,899
10,000
211,899
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.02
2.21
2.43
1.61
43.90

297

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Siddiqsons Tin Plate Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

819,058
17,540
1,290,654
793,962
42,869

852,923
59,256
1,321,778
786,209
42,042

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

799,718
11,825
1,390,787
776,962
41,237
0
0
10,931
2,031,066
30,970
1,166,640
500,220
0
333,236
1,746,448
155,531
1,590,917
84,217
0
0
0
0
84,217
1,000,119
785,201
785,201
0
214,918
0
214,918
0

760,132
6,943
1,394,426
741,995
39,666
0
0
11,194
1,918,269
30,487
1,063,549
539,043
0
285,190
1,682,594
1,542,335
140,259
60,343
0
0
0
0
60,343
935,464
785,201
785,201
0
150,263
0
150,263
0

719,307
3,444
1,390,221
705,373
37,143
0
0
10,490
1,111,395
12,745
470,995
400,405
0
227,250
1,047,498
921,818
125,680
0
0
0
0
0
0
783,204
785,201
785,201
0
(1,997)
0
(1,997)
0

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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
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
131,269
123,023
66,611
28,459
58,890
0
677,770

3,305,781
3,296,965
8,816
3,019,551
2,710,421
309,130
286,230
145,952
20,316
125,636
156,577
146,720
(11,516)
34,590
58,890
0
(289,019)

2,509,230
2,503,485
5,745
2,414,844
2,065,414
349,430
94,386
154,844
16,350
138,494
109,004
101,708
(162,039)
25,287
58,890
(1)
(176,461)

2,770,787
2,770,787
0
2,590,939
2,382,667
208,272
179,848
126,966
18,514
108,452
130,330
124,240
(74,751)
13,973
0
0
55,278

2,092,101
2,092,101
0
2,085,429
1,606,410
479,019
6,672
96,404
12,662
83,742
103,746
100,002
(191,582)
21,140
0
0
598,620

1,431,303
0
(198,344)
0
84,334

1,401,648
0
(20,738)
804,605
97,317

1,296,831
0
(104,996)
1,182,618
121,111

1,084,336
0
(246,216)
155,531
118,207

995,807
0
(88,724)
1,542,335
129,660

783,204
0
(212,722)
921,818
143,732

0.25
5.28
15.54
0.78
1.31
91.39
1.61
-3.71
-7.95
-7.61
-1.53
1.50
0.08
-4.48
-1.53
16.52

0.28
4.04
9.51
1.23
1.44
92.22
1.11
2.21
5.22
4.70
0.65
3.14
1.54
2.05
0.49
16.01

0.26
4.74
11.41
1.17
1.31
91.34
1.45
-0.42
-0.96
-0.85
-0.78
2.52
0.92
-0.35
-0.59
14.64

0.30
4.34
19.94
0.89
1.16
96.24
1.83
-5.74
-15.08
-13.61
-3.18
2.15
-0.59
-6.46
-2.39
12.74

0.34
4.70
19.45
1.03
1.14
93.51
1.86
-2.71
-7.72
-7.19

0.39
4.96
19.14
1.14
1.06
99.68
1.34
-8.50
-22.29
-21.54

1,956,180
133,976

0
0
133,976
1,297,327
785,201
785,201
0
512,126

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

298

2.61
0.40
-2.70
-1.13
11.91

4.44
-0.92
-9.16
-2.71
9.97

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Thal Ltd.
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
6,782,975
67,929
6,715,046
187

11,241,782
19,267
2,417,238
1,226,628
333,084
647
2,081,956
7,913,284
6,607,799
1,240,033
3,161,842
886,045
915,313
404,566
2,607,858
707,505
1,900,353
207,504
159,532
0
0
0
47,972
15,034,219
368,330
368,318
12
9,319,092
67,929
9,251,163
5,346,797

10,669,773
1,908
2,450,607
1,234,762
1,305,845
956
1,757,093
7,675,054
7,681,156
813,455
2,723,622
1,086,991
2,712,928
344,160
1,866,483
7,368
1,859,115
316,153
0
0
0
0
316,153
16,168,293
405,162
405,150
12
15,763,131
5,569,000
10,194,131
0

10,461,558
177,900
2,617,992
1,182,036
1,435,956
379
1,565,041
7,536,202
8,580,837
520,971
3,386,559
942,975
3,121,623
608,709
2,122,276
74,059
2,048,217
308,119
0
0
0
0
308,119
16,612,000
405,162
405,150
12
16,206,838
5,732,726
10,474,112

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
289,866
284,970
522,227
379,544
42,629
42,629
1,030,382

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
235,815
230,257
1,799,521
814,944
204,622
51,155
1,007,558

14,162,724
13,489,990
672,734
11,745,815
8,366,002
3,379,813
2,416,909
2,033,722
203,684
1,830,038
253,575
249,379
1,585,624
478,006
153,466
61,386
663,807

16,596,472
15,678,740
917,732
13,530,828
9,642,519
3,888,309
3,065,644
1,286,847
141,429
1,145,418
192,262
188,227
2,468,481
727,108
515,662
73,666
1,161,291

15,544,225
14,217,767
1,326,458
12,832,632
8,510,563
4,322,069
2,711,593
1,671,979
197,038
1,474,941
24,457
19,727
2,635,679
760,452
810,324
0
2,467,612

14,281,453
13,205,923
1,075,530
12,162,341
8,257,108
3,905,233
2,119,112
1,581,074
185,024
1,396,050
5,543
1,285
2,215,472
759,273
607,743
0
1,109,833

7,643,907
958,544
100,054
1,854,170
763,818

7,450,398
1,246,656
779,955
2,442,782
1,454,824

7,954,738
814,635
954,152
1,721,759
1,407,136

15,241,723
159,532
1,225,711
867,037
1,344,308

16,484,446
0
1,064,903
7,368
1,558,587

16,920,119
0
848,456
74,059

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
3.35
156.83

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
19.25
121.27

0.49
1.79
4.91
1.21
1.66
82.93
0.65
13.97
23.86
20.59
7.22
3.92
7.36
11.20
18.04
115.50

1.17
1.16
5.34
0.93
2.53
81.53
0.19
16.72
22.31
21.28
3.38
5.25
14.11
14.87
23.64
204.09

2.47
0.16
6.99
0.85
4.12
82.56
0.13
14.56
16.89
16.62
2.31
5.71
134.61
16.96
23.14
199.53

2.16
0.04
6.60
0.75
4.04
85.16
0.15
11.85
13.52
13.26
2.40
4.22
1,725.10
15.51
17.97
205.01

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

299

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Treet Corporation Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

2,501,262
231,411
1,879,408
1,373,630
50,438

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

2,207,413
224,798
2,626,955
1,792,065
104,751
0
73,411
117,139
2,866,966
310,690
169,734
392,644
399,356
1,594,542
2,610,174
1,877,415
732,759
85,142
0
2,491
0
0
82,651
2,379,063
418,222
418,222
0
1,202,457
96,221
1,106,236
758,384

2,433,007
325,167
2,578,307
1,788,428
119,021
0
252,523
66,889
3,324,703
589,921
946,859
498,659
398,491
890,773
2,948,945
1,690,116
1,258,829
78,568
0
2,489
0
0
76,079
2,730,197
418,222
418,222
0
1,567,311
266,400
1,300,911
744,664

2,544,392
329,153
2,869,821
1,960,341
136,125
0
214,920
39,978
3,137,969
338,025
927,275
471,524
540,381
860,764
1,714,197
755,597
958,600
1,132,942
0
2,531
0
0
1,130,411
2,835,222
418,222
418,222
0
1,677,490
266,400
1,411,090
739,510

3,366,929
136,341
3,975,193
2,945,120
155,609
0
234,646
50,822
3,878,446
662,752
968,903
613,934
632,327
1,000,530
2,040,193
976,774
1,063,419
952,608
0
467
0
0
952,141
4,252,574
510,231
510,231
0
2,386,384
266,400
2,119,984
1,355,959

0
81,089

1,818,627
934,622
884,005
1,488,080
895,684
592,396
330,547
161,437
51,545
109,892
169,631
164,087
200,948
15,979
209,111
3,763,998
(34,640)

4,605,309
3,608,650
996,659
3,583,390
1,761,650
1,821,740
1,021,919
467,872
347,983
119,889
237,490
227,107
465,230
92,477
41,822
0
115,875

5,715,274
4,523,725
1,191,549
4,297,736
2,085,454
2,212,282
1,417,538
794,259
636,894
157,365
245,157
235,499
489,777
88,782
41,822
83,644
297,837

5,953,868
4,544,169
1,409,699
4,619,065
1,786,932
2,832,133
1,334,803
1,069,730
886,807
182,923
404,091
388,416
226,047
26,211
83,644
83,644
191,314

7,062,133
5,054,320
2,007,813
5,637,817
1,636,645
4,001,172
1,424,316
1,147,545
959,702
187,843
363,905
349,224
246,522
28,978
102,046
102,046
(68,303)

1,971,389
0
(32,443)
1,397,733
669,456

2,058,115
0
(24,142)
1,422,574
331,528

2,464,205
0
330,931
1,877,415
504,152

2,808,765
0
359,173
1,690,116
640,692

3,968,164
0
116,192
755,597
918,731

5,205,182
0
115,498
976,774

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
4.42
47.79

0.42
5.16
8.53
0.91
1.10
77.81
1.13
10.51
21.25
20.57
8.91
27.13
3.05
10.10
8.91
56.89

0.50
4.29
8.73
0.99
1.13
75.20
1.11
9.04
19.17
18.58
9.59
6.04
3.08
8.57
9.59
65.28

0.79
6.79
7.92
1.05
1.83
77.58
1.00
3.95
8.12
6.67
2.39
6.42
1.58
3.80
4.78
67.79

0.94
5.15
8.69
0.97
1.90
79.83
0.70
3.81
6.96
5.37
2.13
7.29
1.71
3.49
4.26
83.35

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

0
0
77,547
1,893,842
41,822
41,822
0
1,081,687
8,949
1,072,738
770,333

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,821,675
2,139,355
682,320
2,300,787
1,655,327
645,460
520,888
413,427
234,959
178,468
168,827
161,580
(10,493)
21,950

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

11.22
0.94
-0.37
-7.76
452.83

300

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Tri-Pack Films Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

6,571,679
4,894,753
4,669,631
1,572,261
354,832
8,270
0
96,395
4,936,383
618,872
2,179,583
1,204,616
0
933,312
5,042,696
2,565,817
2,476,879
4,341,682
4,101,924
0
0
0
239,758
2,123,684
300,000
300,000
0
1,823,684
0
1,823,684
0

7,549,206
1,100,939
10,222,870
6,394,753
736,464
11,165
0
42,349
6,118,137
666,035
2,307,567
1,778,982
0
1,365,553
7,042,096
3,263,531
3,778,565
4,812,030
4,576,924
0
0
0
235,106
1,813,217
300,000
300,000
0
1,513,217
0
1,513,217
0

7,228,143
5,440
11,662,111
7,166,705
676,054
8,338
0
47,660
5,848,431
697,646
1,677,648
1,523,529
0
1,949,608
6,814,843
3,815,223
2,999,620
4,627,278
4,515,176
0
0
0
112,102
1,634,453
300,000
300,000
0
1,334,453
0
1,334,453
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
221,723
218,625
558,834
168,752
300,000
0
891,315

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
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
122,429
117,874
1,199,030
448,541
600,000
0
1,028,692

10,240,532
10,093,690
146,842
8,725,781
6,765,024
1,960,757
1,514,751
512,673
243,590
269,083
171,374
135,459
863,520
235,488
300,000
0
(157,517)

11,950,081
11,237,233
712,848
10,774,985
9,031,158
1,743,827
1,175,096
573,001
334,843
238,158
614,150
607,399
35,901
0
0
0
1,094,403

13,597,081
12,618,925
978,156
12,375,215
10,310,961
2,064,254
1,221,866
735,015
400,593
334,422
923,038
913,460
(330,741)
0
0
0
492,630

2,481,632
608,000
90,082
1,214,312
68,731

2,398,649
375,000
147,292
670,873
82,523

2,648,751
250,000
150,489
1,479,758
373,801

6,465,366
4,101,924
328,032
6,667,741
441,202

6,625,247
4,576,924
35,901
7,840,455
530,989

6,261,731
4,515,176
(330,741)
8,330,399
636,594

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
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
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
25.02
74.04

0.36
1.67
11.76
0.89
0.98
85.21
4.42
9.76
39.75
18.95
2.09
4.70
7.37
8.43
20.93
70.79

0.35
5.14
14.89
0.87
0.87
90.17
6.54
0.29
1.79
0.54

0.33
6.79
11.20
1.04
0.86
91.01
7.00
-2.47
-19.19
-5.13

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

301

5.18
1.06
0.30
1.20
60.44

8.10
0.64
-2.43
-11.02
54.48

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

United Brands 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

2014

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

5,969

4,991

12,525
6,927
1,298
340

12,525
4,871
1,037
120

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

7,263
0
10,778
7,263
1,692
0
0
0
259,729
39,598
164,691
34,893
0
20,547
208,301
1,411
206,890
96,764
764
0
0
0
96,000
(38,073)
12,000
12,000
0
(50,073)
0
(50,073)
0

5,976
0
18,127
5,976
1,373
0
0
0
374,688
38,767
239,019
38,697
0
58,205
307,116
764
306,352
0
0
0
0
0
0
73,548
108,000
108,000
0
(34,452)
0
(34,452)
0

2,709
0
14,203
2,709
3,009
0
0
0
570,538
109,534
316,671
52,268
0
92,065
497,202
0
497,202
0
0
0
0
0
0
76,045
108,000
108,000
0
(31,955)
0
(31,955)
0

1,069,166
1,069,166
0
942,243
0
942,243
126,923
98,796
75,427
23,369
24,490
0
3,863
6,715
0
0
(22,499)

1,198,620
1,198,620
0
1,050,397
0
1,050,397
148,223
111,504
85,930
25,574
12,597
11,765
24,353
8,731
10,800
0
666

1,282,432
1,282,432
0
1,118,131
0
1,118,131
164,301
133,480
99,773
33,707
12,462
11,581
21,411
8,114
10,800
0
79,011

(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
3,287
70,298
(12,365)
12,000
12,000
0
(24,365)

1,058
71,040
(10,956)
12,000
12,000
0
(22,956)

(24,365)

(22,956)

580,269
580,269

711,461
711,461
0
624,298
0
624,298
87,163
64,635
52,077
12,558
11,853

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(16,866)

0
(8,268)

10,675
22,877
0
0
12,226

831,475
831,475
0
739,657
0
739,657
91,818
93,999
57,339
36,660
29,967
0
(31,984)
1,677
0
0
8,691

61,220
0
(16,866)
1,382
25,933

61,142
0
(12,202)
249
27,053

38,786
2,175
(33,661)
3,424
28,968

58,691
764
(2,852)
2,175
38,403

73,548
0
4,822
764
51,750

76,045
0
2,497
0
51,750

0.43
0.26
4.50
3.46
1.52
89.93
-14.58
-10.43
462.59
-49.55

0.56
1.67
6.36
3.56
1.41
87.75
-19.22
5.81
-91.55
17.45

0.39
3.60
4.06
3.31
1.14
88.96
-6.53
-14.18
113.37
-64.01

0.36
2.29
3.26
4.00
1.25
88.13
-8.01
1.49
-9.25
7.93

0.25
1.05
3.23
3.15
1.22
87.63
4.18
7.52
137.30
36.83
1.45
5.01
3.07
2.03
1.45
6.81

0.33
0.97
4.08
2.24
1.15
87.19
6.54
4.49
28.63
28.63
1.23
4.05
2.85
1.67
1.23
7.04

521,829
525,958
(4,129)
58,440
73,778
49,817
23,961
1,528

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

302

7.58

8.46

6.63

6.49

-2.91
-14.06
-10.30

1.50
-10.17
-9.13

-3.85
-28.05
-37.89

0.36
-2.38
-31.73

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

ZIL Ltd.
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

293,088
12,342
332,888
255,653
25,545
1,656

296,943
8,914
356,787
262,987
25,601
1,423

349,202
5,328
440,672
328,213
35,012
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

378,408
19,123
500,047
346,829
15,807
5,257
0
7,199
486,603
11,217
325,796
55,546
0
94,044
336,980
75,000
261,980
106,746
0
0
0
73,147
33,599
421,285
53,240
53,240
0
279,931
0
279,931
88,114

421,606
4,928
456,463
405,190
35,846
3,801
0
7,687
559,234
42,328
372,349
58,336
0
86,221
378,298
200,000
178,298
115,188
0
0
0
73,786
41,402
487,354
53,240
53,240
0
307,650
0
307,650
126,464

418,098
9,082
464,277
384,627
36,793
1,395
0
22,994
406,650
18,159
284,473
29,030
0
74,988
368,544
201,982
166,562
83,119
0
0
0
82,669
450
373,085
61,226
61,226
0
189,969
0
189,969
121,890

816,393
816,393
0
595,034
474,000
121,034
221,359
198,414
143,207
55,207
9,764
8,993
15,447
24,014
23,958
0
18,603

1,621,071
1,621,071
0
1,157,371
919,696
237,675
463,700
398,940
274,324
124,616
18,802
16,644
49,102
19,287
7,986
7,986
(59,748)

1,298,182
1,298,182
0
1,016,412
766,452
249,960
281,770
418,377
309,289
109,088
27,115
25,804
(158,844)
33
0
0
4,398

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

990,889
850,223
140,666
359,255
278,998
223,607
55,391
6,682
6,002
80,326
29,082
12,400
139,130

951,249
782,496
168,753
338,642
302,689
243,349
59,340
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
4,715
4,114
33,078
11,364
10,648
0
(67,768)

453,412
0
51,244
0
127,727

476,545
0
12,452
0
142,569

506,211
0
11,066
80,000
178,732

528,031
0
(32,525)
75,000
128,777

602,542
0
21,829
200,000
275,033

456,204
0
(158,877)
201,982

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
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
4.08
75.71

0.20
1.20
6.80
0.94
1.44
72.89
1.05
1.79
3.75
2.99
-0.36
2.51
2.72
1.89
-1.61
79.13

0.27
1.16
3.60
1.65
1.48
71.40
1.01
5.32
10.81
8.69
3.73
4.35
3.95
3.03
5.60
91.54

0.13
2.09
2.24
1.57
1.10
78.30
1.21
-17.59
-36.92
-30.01

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

6.59
14.38
5.95
10.59
75.73

303

4.56
-5.16
-12.24
-25.95
60.94

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

MINERAL PRODUCTS
PERFORMANCE AT A GLANCE
The balance sheet size of the Mineral Product sector improved by Rs 2.26 billion, to reach Rs. 29.29
billion in 2014 from Rs. 27.03 billion in the previous year. The shareholders equity also improved by
Rs. 0.67 billion to register an increase of 6.44 percent over the previous year. Sales of the mineral
products continued to increase bolstered by increased local demand.

ANALYSIS OF ASSETS

Non-Current Assets
2013

15.0
10.0
5.0

0.0
-5.0
-10.0

2014
14.57%

Growth

20.0%
10.0%
0.00%
0.0%
-10.0%
-20.0%
-30.0%
-45.39%
1.00
0.39
0.20
0.30
17.51
0.000.00
-40.0%
0.45
0.11
-50.0%
CW in OFA minus Intangible Long term Other NCA
-60.0%
-69.84%
progress acc. Depr
Assets
Inv.
-70.0%
-80.0%

2013

16.67
5.00%

Amount in billion

Amount in billions

20.0

Current Assets
4.0
3.5
3.0
2.5
2.0
1.5
1.0
0.5
0.0

2014

3.80

Growth

50.0%
40.0%
30.0%
20.0%
10.0%
3.06 7.78%
0.00%
0.0%
-10.0%
0.00 0.00
-20.0%

46.29%
3.22
37.06%

2.77

2.20

0.60
0.72

-16.56%

Cash/bank
balance

3.29

Invento. Trade Debt Short term Other CA

Inv.

The non-current assets of the sector stood at Rs. 18.37 billion in 2014 as compared to Rs. 18.27 billion in
the last year reflecting an increase of 0.55 percent. Long term investments moved up to Rs. 451.14
million from Rs.393.78 million recording an increase of 14.57 percent. Capital work in progress showed
a substantial decrease of 69.84 percent when compared with the previous year. Under Current Assets, the
inventories raised to Rs. 3.80 billion from Rs. 2.77 billion when compared to the previous year. Trade
debt also increased by 46.29 percent from Rs. 2.20 billion to Rs. 3.22 billion.

ANALYSIS OF LIABILITIES &

SHAREHOLDERS EQUITY

Liabilities & Shareholders Equity

2013

2014

Growth

12.0

Current Liabilities moved up from Rs. 8.78

10.0

billion to Rs. 10.57 billion recording an increase

8.0

of Rs. 1.79 billion. However, non-current

6.0

liabilities decreased from Rs. 7.91 billion to Rs.

7.72 billion. Shareholders equity beefed up to

50.0%
43.83%

11.00

10.57

30.0%
7.72

0.0%

-2.41%
4.33

2.0
8.78

CL

304

10.0%

6.44%

6.23

4.0

Rs. 11.00 billion in the current year from Rs.

20.0%

20.37%

0.0

40.0%

7.91

-10.0%
2.95
-21.73%
3.96 -25.41%
10.34
0.98 0.76

Non-CL ST Secured LT secured

LT
loans
loans
unsecured
loans

Equity

-20.0%
-30.0%

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

10.34 billion in the previous year. Capital reserves, comprising 15.80 percent of overall reserves
registered an increase of Rs. 0.14 billion. Revenue reserves, recorded an increase of more than twice the
amount as compared to capital reserves i.e. Rs. 0.30 billion.

PROFITABILITY AND OPERATING EFFICIENCY

Sales of Mineral Products increased from Rs. 24.54 billion to Rs. 27.64 billion- the highest in last six
years. Exports Sales (Net) recorded an increase of Rs. 0.91 billion to reach Rs. 2.30 billion in 2014.
Massive sales were, however overshadowed by the increase in cost of sales. Cost of sales also increased
by Rs. 2.90 billion or 14.39 percent from the previous year. Cost of goods sold to sales ratio increased to
83.56 percent from 82.27 percent in the previous year.

Productivity

27.64

Profitability

30.0

24.54

15.78

20.0

17.21

12.42

15.0
7.26

7.36

8.46

8.86
7.28

10.0

5.25

5.0
0.75

0.89

0.89

0.90

ROA

25.0

21.23

0.91

0.94

Amount in billions

10.0
9.0
8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

ROE

ROCE

20.0

EPS

18.83

15.0

14.75

14.11

12.66

11.74

12.30

7.58

7.18

10.0
5.0

7.18

7.56

8.27

4.60

5.19

5.62

8.67
5.01
3.29

4.67

0.0
2009

2010

Inventory Turnover

2011

2012
Asset Turnover

2013

2014

0.0

2.93
1.15

2009

Sales

1.55

2010

1.29

2011

2012

1.92

2013

1.19

2014

Inventory turnover ratio reflected that the sector on average managed to replace and sell its inventories
seven times in the current year. However, in the last year it managed to replace and sell its inventories for
almost nine times.
Return On Assets (ROA), Return On Equity (ROE), and Return On Capital Employed (ROCE) after
reaching the highest point in 2012 continued their descent in 2014.

305

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mineral products - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

10,423,762
308,974
14,691,853
9,834,487
758,046

11,179,412
627,813
15,971,465
10,282,747
891,975

12,372,160
1,610,805
16,801,309
10,489,154
946,098

15,965,818
1,681,416
20,971,120
13,761,745
992,661

280,301
6,192,403
267,433
2,367,095
984,419
0
2,573,456
5,212,558
1,388,689
3,823,869
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

272,201
6,935,762
936,971
2,336,611
1,533,993
0
2,128,187
6,317,274
1,545,784
4,771,490
4,617,430
2,940,828
595,365

522,657
7,652,304
723,886
2,510,258
1,769,690
0
2,648,470
8,885,145
4,152,694
4,732,451
5,828,359
2,484,815
591,793

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
1,523,346
4,054,613
5,807,249
4,047,916
597,695
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

85,998
995,239
8,373,218
3,837,357
3,837,357
0
3,407,871
1,124,044
2,283,827
1,127,990

94,246
2,657,505
8,904,618
3,837,357
3,837,357
0
3,934,755
1,244,194
2,690,561
1,132,506

102,737
2,869,153
10,336,743
4,802,040
4,802,040
0
4,383,385
620,989
3,762,396
1,151,318

108,678
3,890,863
11,002,423
5,051,385
5,051,385
0
4,828,803
762,791
4,066,012
1,122,235

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
736,927
562,652
667,510
314,079
283,341
88,168
1,310,120

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
881,382
821,114
892,865
383,085
301,724
96,985
1,184,998

17,207,322
16,109,230
1,098,092
13,587,350
4,937,246
8,650,104
3,619,972
1,906,498
1,139,124
767,374
821,843
747,184
1,042,472
456,606
198,067
0
2,246,173

21,225,902
19,934,758
1,291,144
16,930,361
6,156,554
10,773,807
4,295,541
2,029,606
1,302,963
726,643
784,552
751,885
1,626,816
291,903
533,416
0
2,014,135

24,538,701
23,145,951
1,392,750
20,187,563
7,491,190
12,696,373
4,351,138
2,363,007
1,624,437
738,570
1,003,428
929,177
1,183,074
121,168
75,895
212,091
2,067,414

27,635,299
25,332,937
2,302,362
23,091,961
7,900,881
15,191,080
4,543,338
2,849,242
2,030,943
818,299
1,221,856
847,114
925,158
235,021
51,278
0
236,946

11,403,607
4,109,767
70,090
5,498,456
1,391,598

12,212,294
4,047,916
208,056
5,571,262
1,646,214

12,990,648
2,940,828
387,799
4,486,612
1,959,190

14,732,977
2,484,815
801,498
6,637,509
2,448,891

18,244,488
3,960,738
986,011
8,292,641
2,836,555

18,719,492
2,954,271
638,859
9,185,041
2,110,229

0.24
5.93
7.93
0.75
1.19
80.23
1.91
4.60
12.66
7.18
1.25
5.25
2.19
5.38
1.15
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
1.55
19.54

0.39
4.78
8.91
0.89
1.10
78.96
1.31
5.62
14.11
8.27
2.96
7.36
2.40
6.06
1.29
18.37

0.28
3.70
8.34
0.90
0.86
79.76
1.65
7.58
18.83
11.74
2.50
8.46
3.16
7.66
2.93
19.53

0.33
4.09
8.98
0.91
1.00
82.27
1.61
4.67
12.30
7.18
13.99
8.86
2.27
4.82
1.92
18.71

0.36
4.42
11.66
0.94
1.03
83.56
1.66
3.29
8.67
5.01
13.46
7.28
2.09
3.35
1.19
18.94

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

18,272,645
1,002,627
25,219,575
16,674,759
1,347,597

18,372,666
302,437
27,663,829
17,509,048
1,670,939

393,778
201,481
8,753,723
724,990
2,770,199
2,202,785
0
3,055,749
8,781,880
4,331,903
4,449,977
7,907,745
3,960,738
975,117

451,143
110,038
10,917,501
604,943
3,796,776
3,222,440

3,293,342
10,570,675
6,230,770
4,339,905
7,717,069
2,954,271
763,257

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

306

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Balochistan Glass Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,549,839
14,109
2,881,536
1,512,471
129,776

1,557,415
89,578
2,956,181
1,444,578
142,538

1,456,893
41,897
3,062,806
1,414,996
138,755

0
1,433,827
34,484
552,558
253,162
0
593,623
1,561,056
509,324
1,051,732
1,389,570
888,283
482,080
0
19,207
0
(156,111)
858,000
858,000
0
(1,014,111)

8,023
979,799
16,105
199,389
256,977
0
507,328
1,509,598
430,572
1,079,026
1,628,368
1,027,535
482,080

23,259
595,345
6,306
65,397
126,298
0
397,344
1,594,163
308,935
1,285,228
1,337,660
738,188
482,080

23,259
723,936
37,414
121,306
177,747
0
387,469
1,503,026
451,922
1,051,104
2,001,816
342,700
482,080

23,259
790,840
22,252
194,156
238,193
0
336,239
1,538,323
354,070
1,184,253
2,267,298
291,344
482,080

0
648,460
49,276
140,467
82,607

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

376,110
1,468,158
416,503
1,051,655
2,663,094
214,500
182,080

23,898
94,855
(478,487)
858,000
858,000
0
(1,613,780)

32,109
1,144,927
(1,231,067)
858,000
858,000
0
(2,349,844)
343,200
(2,693,044)
260,777

36,302
1,457,572
(1,457,366)
1,716,000
1,716,000
0
(3,427,022)
(514,800)
(2,912,222)
253,656

43,131
2,223,383
(2,025,899)
1,716,000
1,716,000

1,960,672
1,855,407
105,265
1,883,505
803,051
1,080,454
77,167
65,561

2,714,121
2,675,126
38,995
2,700,132
1,111,810
1,588,322
13,989
93,472

2,203,968
2,125,836
78,132
2,433,151
805,934
1,627,217
(229,183)
98,476

(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

(3,988,995)
(514,800)
(3,474,195)
247,096

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

111,744
209,183
196,043
(503,129)
5,215

50,360
196,970
194,355
(598,460)
5,497

169,952
186,252
168,678
(569,934)
1,639

65,561
267,640
244,737
(245,366)
19,607

98,476
246,191
266,772
(571,513)
781
0
0
(122,898)

0
3,734

0
10,551

0
24,890

0
125,275

93,472
224,710
205,906
(216,368)
13,766
0
0
233,822

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

1,233,459
888,283
(508,344)
1,397,607
165,142

1,149,881
1,027,535
(603,957)
1,458,107
187,832

637,272
738,188
(571,573)
1,047,123
194,096

770,749
342,700
(264,973)
794,622
253,465

809,932
291,344
(230,134)
645,414
366,833

637,195
214,500
(572,294)
631,003
349,672

0.18
20.25
24.51
0.37
0.92
118.14
-18.90
-18.14
-513.08
-41.64

0.18
17.92
23.38
0.41
0.65
132.05
-6.56
-21.95
188.61
-50.22

0.08
16.95
11.49
0.49
0.37
123.48
-4.19
-23.31
96.69
-63.78

0.14
13.65
9.07
0.86
0.48
96.06
-2.85
-10.89
25.41
-34.85

0.17
8.28
8.78
1.16
0.51
99.48
-2.61
-9.36
16.10
-27.38

0.09
11.17
3.75
1.05
0.44
110.40
-2.04
-25.67
32.81
-78.99

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

307

1.87
-1.57
-48.70
-5.92
-1.82

5.51
-2.08
-54.44
-7.04
-5.58

16.80
-2.38
-51.87
-6.66
-8.16

16.16
0.00
-12.51
-3.09
-14.35

13.98
-0.05
-7.97
-1.34
-8.49

15.69
-1.14
-25.93
-3.34
-11.81

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Frontier Ceramics Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

338,567
623,970
286,986
14,337

736,084
51,872
983,623
682,698
13,938

753,234
101,272
690,832
650,447
32,358

770,302
136,003
706,616
632,786
53,222

733,448
148,114
706,616
583,821
48,965

703,409
161,865
706,616
540,031
43,986

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
150,315
100,615
0
0
124,613
243,338
77,412
77,412

1,515
66,944
3,607
46,672
405

1,513
85,196
2,318
51,668
2,823

1,513
84,074
3,513
39,349
2,710

1,513
108,698
7,786
41,768
2,827

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

147,752
191,436
88,855
102,005
0
0
576
104,526
77,412
77,412

27,114

(231,538)

16,260
338,973
1,910
337,063
222,498

28,387
325,172
1,910
323,262
207,759

38,502
298,070
114,130
183,940
195,672

56,317
233,116
4,415
228,701
107,144

98,285

89,130

89,130

124,213
258,707
77,412
77,412
0
(200,122)

118,629
322,567
77,412
77,412
0
(141,191)

106,542
323,780
77,412
77,412
0
(118,847)

107,144
471,847
77,412
77,412

27,114

(231,538)
397,464

(200,122)
381,417

(141,191)
386,346

(118,847)
365,215

48,569
89,457
(40,888)
345,866

124,238
124,238

168,926
168,926

333,246
333,246

329,253
329,253

302,938
302,938

278,788
278,788

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

121,782
40,197
81,585
2,456
21,838
4,642
17,196
814
512
93,619
180

145,371
54,648
90,723
23,555
14,864
3,451
11,413
1,423
1,218
17,776
845

243,654
62,849
180,805
89,592
69,630
3,558
66,072
1,423
1,064
18,539
3,478

282,736
66,439
216,297
46,517
18,594
3,472
15,122
1,964
573
25,959
3,293

310,023
64,469
245,554
(31,235)
39,596
3,301
36,295
3,769
3,371
71,400
12,138
0
0
17,943

0
47,616

0
89,446

0
104,899

0
99,241

281,954
60,544
221,410
20,984
29,639
3,830
25,809
1,890
1,485
(10,377)
1,515
0
0
13,306

295,962
88,855
93,439
88,855
20,233

618,881
150,315
16,931
152,225
26,398

481,205
0
15,061
1,910
32,516

530,326
0
22,666
1,910
39,436

519,452
0
(11,892)
114,130
40,365

578,991
0
59,262
4,415
44,169

0.12
0.66
10.79
0.28
0.71
98.02
3.25
21.07
161.95
31.71

0.04
0.84
3.80
0.20
0.48
86.06
2.46
2.76
10.22
3.89

0.01
0.43
0.12
0.41
0.20
73.12
2.17
2.23
7.39
3.37

0.02
0.60
0.86
0.38
0.26
85.87
1.65
3.10
8.93
5.13

0.02
0.62
0.89
0.37
0.28
93.07
1.52
-1.24
-3.21
-1.98

0.05
1.35
1.01
0.34
0.47
111.20
0.72
8.76
17.95
13.00

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

308

1.84
183.85
75.35
12.07
13.50

2.30
15.59
10.52
2.19
31.43

7.14
18.42
5.56
1.95
33.42

6.37
46.30
7.88
2.93
41.67

7.70
-5.99
-3.43
-1.54
41.83

6.67
22.18
25.61
7.66
60.95

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ghani Glass Ltd.

2009

2010

2011

2012

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

6,447,205
0
7,992,012
6,001,503
316,036

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

445,702
3,581,179
192,348
1,281,602
528,976

2,579,192

403,209
4,143,561
969,846
969,846
0
3,173,715
502,419
2,671,296

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
149,758

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
1,361,007
1,106,714
151,836
954,878
408,613

2014

(Thousand Rupees)
2013
2014
7,234,948
712,511
8,639,505
6,063,072
591,710

7,655,957
9,165
10,383,073
7,167,702
649,889

393,778
65,587
3,712,663
320,806
1,301,612
678,207

451,143
27,947
4,537,801
237,378
1,652,572
1,168,806

1,150,461
1,846,128
610,331
1,235,797
421,508

1,578,253
3,806,827
2,005,178
1,801,649
829,219
78,052

1,412,038
2,787,535
1,599,180
1,188,355
1,897,159
1,148,557

1,479,045
2,792,076
1,681,266
1,110,810
2,222,388
1,263,776

421,508
4,871,671
1,066,831
1,066,831
0
3,804,840
502,419
3,302,421

751,167
5,392,338
1,066,831
1,066,831
0
4,325,507
502,419
3,823,088

748,602
6,262,917
1,173,514
1,173,514
0
5,089,403
502,419
4,586,984

958,612
7,179,294
1,232,190
1,232,190

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
78,893
32,495
1,348,878
360,159
106,683

8,619,602
7,940,305
679,297
6,620,565
2,269,190
4,351,375
1,999,037
788,474
399,548
388,926
52,480
60,825
1,195,972
84,211
533,416

1,347,367

782,546

10,361,879
9,509,383
852,496
8,032,349
2,904,374
5,127,975
2,329,530
1,007,229
652,768
354,461
335,836
311,262
1,067,263
56,072
0
176,027
1,538,572

10,200,399
9,249,019
951,380
7,757,967
2,823,009
4,934,958
2,442,432
1,072,084
688,324
383,760
373,853

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
94,886
46,173
1,278,003
330,808
242,462
96,985
883,414

3,869,484
0
448,257
151,836
528,609

4,546,770
0
704,734
96,363
601,636

5,293,179
0
882,036
610,331
734,444

6,221,557
78,052
578,346
2,083,230
946,233

8,160,076
1,148,557
1,011,191
2,747,737
1,117,621

9,401,682
1,263,776
1,097,248
2,945,042

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
9.77
42.72

0.49
1.15
7.76
0.96
1.71
70.86
0.47
20.97
29.92
27.42
9.27
6.22
42.51
19.64
9.27
45.66

0.19
0.61
6.14
0.86
0.94
76.81
0.86
13.93
23.30
20.77
2.08
6.73
20.66
13.88
10.42
50.55

0
0
408,613
3,460,871
881,679
881,679
0
2,579,192

5,947,104
502,419
5,444,685

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,250,161
152,913
0
0
597,100

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

19.13
8.08
39.25

309

0.36
3.24
6.55
0.95
1.33
77.52
0.75
10.18
18.31
14.84

0.50
3.67
11.46
0.84
1.63
76.06
0.70
10.80
18.60
14.24

7.96
4.43
10.30
8.62
53.37

6.17

12.26
8.90
58.26

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ghani Value Glass Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

178,184
41
144,965
131,776

177,203
193,067
172,570
7,629

189,229
7,256
207,274
177,340
9,437

192,505
651
227,603
187,222
10,447

198,149
6,235
237,712
187,282
10,050

219,538
18,591
257,875
196,314
11,658

4,633
152,021
14,886
82,826
18,597
0
35,712
172,193

4,633
184,655
2,013
106,910
30,302

4,632
218,144
3,605
72,621
101,847

4,632
374,707
120,878
80,057
111,138

4,633
314,373
34,952
63,732
146,464

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

46,367
109,699
3,479
57,357
21,658
0
27,205
171,141

45,430
216,661

40,071
215,763

62,634
240,119

69,225
184,692

171,141
0

172,193
12,146

216,661
13,489

215,763
16,144

240,119
17,534

184,692
17,140

12,146
144,885
75,350
75,350
0
(13,059)

13,489
143,734
75,350
75,350
0
(14,210)

16,144
178,742
75,350
75,350
0
10,460

17,140
332,079
188,375
188,375

630,923
615,918
15,005
563,554
366,579
196,975
67,369
52,001
24,001
28,000
330

0
0
0
116,742
75,350
75,350
0
(41,202)

(41,202)
82,594

(13,059)
82,594

(14,210)
82,594

10,460
92,932

17,534
315,203
75,350
75,350
0
146,921
110,775
36,146
92,932

265,270
229,199
36,071
248,970
237,470
11,500
16,300
16,424
7,060
9,364

390,640
352,912
37,728
318,562
262,370
56,192
72,078
24,458
9,825
14,633
392

346,419
324,445
21,974
304,677
234,491
70,186
41,742
26,690
13,874
12,816
358

521,424
492,112
29,312
475,562
359,798
115,764
45,862
30,732
15,775
14,957
315

570,011
557,054
12,957
499,569
406,831
92,738
70,442
45,439
19,366
26,073
282

50,772

50,772
92,932

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

6,552
124
18,838
0
(53,457)

50,557
2,236
18,838
0
24,958

23,097
4,068
7,535
0
27,283

33,993
5,717
0
0
5,928

36,788
9,712
3,768
0
22,193

29,484
7,351
0
0
(45,745)

116,742
0
(12,410)
0
9,424

157,031
0
29,484
0
12,103

157,223
0
11,494
0
17,782

194,886
0
28,276
0
22,193

332,737
0
23,309
0
39,101

349,219
0
22,133
0
48,346

0.15
0.00
8.16
0.92
0.64
93.86
1.47
2.28
5.61
5.61
0.34
4.62

0.19
0.10
4.76
1.19
0.88
81.55
1.27
16.39
38.65
36.93
2.57
4.72

0.15
0.10
8.75
0.93
0.85
87.95
1.60
6.57
16.01
14.70
2.53
3.24

0.49
0.06
19.53
1.27
1.01
91.20
1.30
8.67
21.08
19.31

0.97
0.05
19.50
1.00
1.56
87.64
0.82
7.48
14.90
13.94
7.19
7.12

0.98
0.05
23.21
1.18
1.70
89.32
0.61
5.33
9.11
8.65

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

310

7.18

9.90

2.47
0.85
15.49

12.94
6.41
19.23

6.67
2.53
19.08

6.52
3.75
23.72

6.45
3.59
41.83

4.67
1.17
17.63

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Karam Ceramics Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

675,091

643,019

654,279

645,131

1,490,121
674,216
71,470

695,198
84,703
1,490,339
609,621
64,814

1,588,215
642,122
67,930

1,665,691
653,382
67,324

1,720,577
644,234
64,369

1,781,156
641,899
62,913

875
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
5,489
165,633
5,324
0
47,434
272,342
132,445
139,897
279,843
118,004

897
231,431
61,822
108,250
23,710

907
229,570
18,333
98,414
69,026

897
290,490
57,400
134,020
63,523
0
35,547
398,308
224,366
173,942
243,678
64,297
20,583

57,533
104,390
309,296
145,487
145,487

57,456
104,383
314,714
145,487
145,487

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

0
57,533
110,633
296,800
145,487
145,487

642,806

37,649
225,273
80,041
145,232
287,260
105,000
28,750

43,797
214,343
68,842
145,501
276,453
106,500
12,326

62,137
96,661
302,783
145,487
145,487

66,435
87,075
364,029
145,487
145,487

65,547
92,080
381,580
145,487
145,487

104,169

120,243

128,881

119,848

134,030

154,755

104,169
47,144

120,243
43,566

128,881
40,346

119,848
37,448

134,030
84,512

154,755
81,338

832,724
832,724

933,333
933,333

1,055,479
1,055,479

1,187,313
1,187,313

1,156,074
1,156,074

1,278,612
1,278,612

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

702,746
206,902
495,844
129,978
77,056
53,456
23,600
40,006
38,087
13,172
8,067
0
56,718

818,887
224,340
594,547
114,446
78,105
57,650
20,455
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
42,287
41,732
12,155
10,807
14,549
0
88,797

1,080,581
303,752
776,829
106,732
60,358
42,574
17,784
43,256
42,010
3,435
11,873
0
0
144,388

1,045,085
244,628
800,457
110,989
62,275
39,973
22,302
34,496
31,506
14,453
16,285
0
0
78,283

1,185,781
334,894
850,887
92,831
48,405
27,110
21,295
23,873
22,456
22,995
12,786
14,549
0
23,574

696,623
231,657
5,105
332,420
102,690

702,876
231,657
4,180
318,094
112,222

594,557
118,004
(13,201)
250,449
135,896

546,461
64,297
(8,438)
288,663
134,103

651,289
105,000
(1,832)
185,041
14,299

658,033
106,500
(4,340)
175,342
13,062

0.24
4.80
2.45
0.94
1.12
84.39
1.98
1.49
4.46
2.35

0.16
3.80
2.50
1.03
1.04
87.74
1.93
1.42
4.20
1.82

0.04
4.01
0.50
1.22
0.82
87.76
1.75
1.37
3.90
1.87
0.09
6.37
1.29
1.15
0.09
21.63

0.30
3.64
5.35
1.26
0.73
91.01
2.12
0.38
1.11
0.60

0.38
2.98
2.05
1.32
1.03
90.40
1.41
1.58
4.35
2.41

0.41
1.87
5.40
1.47
1.07
92.74
1.29
2.63
6.24
3.51
0.70
12.99
2.02
1.80
0.70
26.23

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

311

6.72
1.35
1.58
0.35
20.40

7.24
1.37
1.36
0.29
21.26

8.86
1.08
0.29
-0.58
20.81

10.68
1.46
1.25
-0.13
25.02

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Safe Mix Concrete Products Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

192,931
640
253,512
188,071
12,471

192,166
263,757
183,494
15,169

228,053
10,380
263,676
201,540
12,942

6,532
147,391
9,557
28,779
90,342
0
18,713
118,514

4,227
128,379
4,895
35,090
59,698
0
28,696
95,259
41,488
53,771
23,148

4,220
136,059
6,200
28,024
71,918
0
29,917
126,251
48,557
77,694
5,647

8,672
154,042
2,590
15,117
100,768
0
35,567
133,890
38,151
95,739
0

16,133
185,447
2,634
18,069
110,944

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

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)

5,647
197,092
200,000
200,000
0
(2,908)
14,728
(17,636)

0
212,318
200,000
200,000
0
12,318
14,728
(2,410)

707,465
707,465

524,383
524,383

502,190
502,190

566,124
566,124

646,488
646,488

506,199
506,199

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

0
0
48,903
119,373
70,000
70,000
0
49,373

53,800
165,604
66,064
99,540
23,259

23,259

224,637
200,000
200,000

24,637
14,729
9,908

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

651,559
497,654
153,905
55,906
26,513

495,612
366,330
129,282
28,771
27,047

473,147
379,417
93,730
29,043
35,573

537,202
422,797
114,405
28,922
25,770

466,534

0
(10,724)

0
2,222

0
56

0
24,121

606,657
446,937
159,720
39,831
28,072
1,683
26,389
9,403
9,254
7,887
3,232
0
0
19,091

168,276
0
17,614
0
41,723

248,184
0
(7,134)
42,250
43,044

226,994
0
(18,195)
41,488
41,077

202,739
0
(6,474)
48,557
43,171

212,318
0
4,655
38,151
47,480

247,896
0
2,740
66,064
52,473

0.84
1.98
12.77
2.47
1.24
92.10
1.40
9.42
22.64
16.06

0.93
2.23
12.59
1.61
1.53
94.51
0.56
-1.47
-2.75
-2.17

0.68
2.67
11.89
1.56
1.35
94.22
0.58
-4.06
-6.38
-5.54

0.62
2.10
12.70
1.72
1.08
94.89
0.67
-0.32
-0.51
-0.48

0.77
1.45
15.59
1.87
1.15
93.84
0.63
2.34
3.85
3.80

0.69
1.59
21.92
1.22
1.12
92.16
0.84
2.05
3.57
3.39

26,513
13,977
13,977
27,025
9,411

27,047
11,670
11,553
(4,512)
2,622

35,573
13,390
13,237
(13,173)
5,022

25,770
11,871
11,193
(1,031)
5,443

466,534
39,665
27,826
1,210
26,616
8,068
7,991
7,802
5,062
0
0
(17,690)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

312

24.58
2.93
3.82
2.52
17.05

26.45
0.61
-0.86
-0.36
10.44

14.31
0.00
-2.62
-0.91
10.19

20.20
0.91
-0.18
-0.32
9.85

42.77
1.85
1.22
0.23
10.62

28.01
1.98
1.54
0.14
11.23

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shabbir Tiles And Ceramics Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

4,130,006

3,590,477

4,859,706
4,113,866
194,761

3,842,484
8,102
4,864,865
3,818,024
307,996

4,865,087
3,572,429
277,831

3,344,882
2,203
4,849,560
3,332,287
284,026

3,174,168
32,296
4,909,684
3,130,746
266,168

2,954,617
56,853
4,950,921
2,888,219
290,840

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

10,392
1,599,969
93,027
542,267
787,206

11,126
1,581,957
126,019
425,757
829,689

9,545
1,814,964
124,444
552,836
941,554

176,632
1,478,182
439,926
1,038,256
2,105,339
2,037,214

177,469
1,570,402
1,130,778
439,624
1,664,970
1,530,448

200,492
1,782,472
1,181,651
600,821
1,181,852
1,026,288

196,130
2,443,456
1,813,145
630,311
632,488
447,649

96,059
1,215,195
360,638
360,638
0
854,557

68,125
1,634,901
721,277
721,277
0
913,624

134,522
1,709,479
721,277
721,277
0
988,202

155,564
1,791,801
721,277
721,277
0
1,070,524

184,839
1,693,637
757,341
757,341
0
936,296

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

0
0
174,733
1,264,805
360,638
360,638
0
904,167

904,167

854,557

913,624

988,202

1,070,524

936,296

2,853,257
2,853,257

4,061,423
4,061,423

4,399,779
4,399,779

4,898,217
4,793,812
104,405
3,720,162
1,422,969
2,297,193
1,178,055
747,941
646,662
101,279
303,097
299,314
130,874
20,586
72,128
36,064
585,376

4,779,969
4,663,539
116,430
3,745,292
1,521,731
2,223,561
1,034,677
757,208
631,449
125,759
238,903
235,036
47,229
43,990
0
0
90,349

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,068,445
1,051,676
1,016,769
784,812
446,795
383,930
62,865
266,836
263,402
73,548
4,700
0
(70,871)

3,002,044
1,455,916
1,546,128
1,059,379
619,320
559,697
59,623
495,362
491,412
(51,383)
21,194
0
0
(198,605)

3,268,579
1,404,506
1,864,073
1,131,200
667,580
584,204
83,376
457,614
453,575
13,492
44,275
0
0
313,105

4,630,457
4,417,471
212,986
3,337,636
1,362,845
1,974,791
1,292,821
744,908
652,298
92,610
365,940
362,991
190,360
46,951
0
0
374,813

4,209,521
2,769,983
68,848
3,396,749
268,485

3,855,234
2,543,980
(72,577)
3,370,971
388,717

3,740,240
2,037,214
(30,783)
2,477,140
478,596

3,374,449
1,530,448
143,409
2,661,226
596,906

2,973,653
1,026,288
38,160
2,207,939
655,474

2,326,125
447,649
3,239
2,260,794
744,302

0.48
9.35
19.82
0.50
1.05
72.49
3.50
1.80
7.32
2.49

0.55
12.20
22.10
0.72
1.01
73.92
3.64
-0.91
-4.14
-1.27

0.56
10.40
16.87
0.84
1.10
74.29
2.19
0.25
0.95
0.36

0.56
7.90
17.00
0.94
1.02
72.08
1.89
3.75
11.38
5.35

0.54
6.19
16.94
1.03
0.89
75.95
1.65
2.70
7.48
4.12
1.53
11.50
1.44
2.67
0.76
12.42

0.44
5.00
19.70
1.00
0.74
78.35
1.82
0.99
2.71
1.78

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

313

4.41
1.28
2.58
0.95
17.54

6.37
0.90
-1.27
-1.01
16.85

7.03
1.03
0.31
-0.21
11.33

8.54
1.52
4.11
0.99
11.85

8.65
1.20
0.99
0.02
11.18

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Tariq Glass Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

813,427
1,626,642
806,500
93,571

909,621
139,167
1,688,353
762,244
106,480

1,382,291
149,944
2,252,215
1,219,368
113,285

2,813,875
1,527,810
2,394,590
1,254,023
119,359

4,537,220
13,893
5,785,543
4,437,532
208,628

4,511,393
3,686
6,257,706
4,458,347
459,956

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

12,979
953,253
463,273
187,212
36,838
0
265,930
475,566
10,749
464,817
213,945
47,422

32,042
1,017,331
331,574
278,750
35,650
0
371,357
939,396
289,983
649,413
859,126
469,318

49,360
3,078,188
130,140
1,228,918
700,212

85,795
1,824,009
67,110
605,901
218,370
0
932,628
1,776,198
964,680
811,518
2,060,970
1,389,549
375,157

166,523
1,646,033
693,000
693,000

389,808
2,032,684
693,000
693,000

296,264
2,524,061
693,000
693,000

307,665
2,745,248
734,580
734,580

263,045

220,564
618,444
231,000
231,000
0
387,444
173,250
214,194

1,409,803
1,288,992
120,811
1,282,562
324,518
958,044
127,241
107,519
75,479
32,040
56,353
50,631
(36,561)
5,859

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

434,719
319,495
130,989
124,620
0
436
63,450
494,045
231,000
231,000
0
263,045

1,018,918
3,069,230
2,180,535
888,695
1,775,103
921,846
545,592

598,030
263,697
334,333
355,003

984,681
383,847
600,834
355,003

1,476,058
507,867
968,191
355,003

1,655,665
670,986
984,679
355,003

2,601,938
2,407,024
194,914
2,146,205
465,783
1,680,422
455,733
219,548
154,642
64,906
41,626
36,403
209,418
27,158
69,300
0
339,776

3,411,057
3,146,773
264,284
2,712,574
568,682
2,143,892
698,483
295,209
189,296
105,913
41,086
29,556
423,494
114,808

3,888,973
3,505,076
383,897
3,301,655
893,097
2,408,558
587,318
348,940
260,155
88,785
93,714
70,450
152,554

7,756,441
6,615,026
1,141,415
6,629,659
1,984,265
4,645,394
1,126,782
753,646
655,548
98,098
326,869
311,488
67,600

0
30,914

2,071,091
1,874,968
196,123
1,671,806
415,345
1,256,461
399,285
166,130
111,915
54,215
45,223
41,933
188,157
11,336
40,425
0
344,531

0
457,823

0
0
(423,229)

36,729
0
(305,687)

813,540
130,989
(42,420)
130,989
255,292

933,437
94,429
136,396
133,252
274,262

1,859,978
47,422
112,960
58,171
324,783

2,891,810
469,318
308,686
759,301
413,384

4,585,031
1,389,549
152,554
2,354,229
555,382

4,520,351
921,846
30,871
3,102,381
858,205

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
7.65
26.77

1.05
1.60
1.42
1.11
2.00
82.48
0.42
11.32
18.50
14.99
2.63
13.90
6.75
8.05
2.63
23.75

0.39
1.20
1.05
0.89
1.08
79.52
0.88
13.73
23.02
17.82

0.16
2.41
5.62
0.61
1.03
84.90
1.52
2.99
6.70
4.08

0.27
4.21
9.03
1.02
1.00
85.47
1.76
0.97
2.57
1.48
1.84
6.31
1.22
0.87
0.92
37.37

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

14.39
0.28
-2.59
-1.84
21.39

314

12.24
15.33
12.42
4.45
29.33

6.42
3.17
3.92
2.20
36.42

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

CEMENT SECTOR
PERFORMANCE AT A GLANCE
The Balance sheet size of Cement

Growth with Composition of Balance Sheet Items

Sector increased by 9.24 percent

300

during 2014. Shareholders equity

Rs. 248.57 billion in 2014. Total

25%

19.35%

20%
200

Billion Rs

Rs. 208.28 billion in 2013 to

25.04%

250

also registered an increase of 19.35

percent over the previous year from

30%

15%

150

10%

3.61%

1.57%

100

5%
0%

liabilities decreased by Rs. 5.72

50

billion as compared to the previous

-7.73%

-5%

year. The net profit before tax

-10%
Non-Current
Assets

increased by 21.13 percent during the

Current
Assets

2013

year as compared to the previous

Current Non-Current Shareholders

Liabilities
Liabilities
Equity

2014

Growth

year.

ANALYSIS OF ASSETS
In 2014, total assets stood at Rs.
408.63 billion, increased by 9.24
previous

when
year.

compared
The

to

analysis

the

450

of

400

components of total assets reveals

that long term investment activities
increased during 2014. The amount
of these investments increased by Rs.
3.13 billion during the year. Trade
debt also increased by 25.41 percent

2013

2014

Growth
30%

25.04%

25%

350

Billion Rs

percent

Growth & Composition of Assets

300

20%

250

15%

200
150

10%

9.24%

100

5%

3.61%

50
0

0%
Non-Current Assets

Current Assets

Total Assets

over 2013, consequently, its share in

total assets also increased from 1.55 percent in 2013 to 1.78 percent in 2014. Inventories increased by
Rs. 1.69 billion in 2014, whereas cash and bank balances increased from Rs. 9.80 billion in 2013 to
Rs. 18.26 billion in 2014.

315

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

ANALYSIS OF LIABILITIES
Looking at the liabilities side, short

Growth & Composition of Liabilities

2013

2014

Growth

term secured loans decreased from Rs.

180

23.51 billion in 2013 to Rs. 18.30

140

loans in total liabilities decreased by

120

term secured loans stood at Rs. 33.20

Billion Rs

billion. The share of short term secured

2.74 percent during 2014. Total long

4%

160

2%

1.57%

0%
-2%

100
-3.45%

80

-4%

60

-6%

40

billion witnessing a decrease of Rs. 8.87

-7.73%

20

billion in 2014 over 2013.

-8%

-10%
Current Liabilities

Non-Current
Liabilities

Total Liab

PROFITABILTY &
OPERATING EFFICIENCY

In terms of profitability, 2014 witnessed

an increase in profits before tax. Profit

Profitability/Efficiency Ratios
30.00

in 2014. Overall sales increased by Rs.

25.00

44.31 billion during the year as compared

20.00

to the previous year of which local sales

increased from Rs. 149.62 billion in 2013
to Rs. 171.17 billion and export sales

Percentage

before tax increased by Rs. 10.15 billion

15.00

26.16
14.01

14.88

2013

2014

25.49
18.08

18.51

10.00
5.00
0.00

increased by Rs. 22.76 billion during the

Return on
Assets

year as compared to the previous year.

Return on assets (ROA) increased from

Return on
Equity

Return on
Capital
Employed

14.01 percent in 2013 to 14.88 percent in

2014. Return on capital employed increased from 18.08 percent in 2013 to 18.51 percent in 2014,
however, return on equity (ROE) decreased from 26.16 percent in 2013 to 25.49 percent in 2014.

316

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Cement - Overall
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

252,912,686
27,791,952
289,941,096
210,949,962
8,571,321
62,813
9,834,373
4,273,586
54,554,122
1,886,277
7,044,531
3,267,875
12,409,183
29,946,256
93,050,549
57,278,401
35,772,148
87,887,665
56,696,881
3,412,449
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

250,040,271
30,873,623
292,959,985
207,646,020
9,028,003
73,765
5,564,730
5,882,133
62,068,545
2,883,299
9,673,440
2,945,120
12,300,929
34,265,757
88,105,221
44,868,693
43,236,528
84,976,277
50,362,197
5,335,657
11,833,000
766,397
16,679,026
139,027,318
67,239,446
66,216,126
1,023,320
48,825,523
36,178,449
12,647,074
22,962,349

247,285,371
5,372,736
295,666,463
220,891,351
16,713,768
157,972
17,230,935
3,632,377
64,919,156
3,463,935
11,486,310
4,121,810
12,065,956
33,781,145
78,337,821
36,150,630
42,187,191
74,755,252
38,430,496
5,425,908
11,033,000
892,380
18,973,468
159,111,454
73,819,289
72,804,034
1,015,255
59,035,580
30,829,586
28,205,994
26,256,585

275,739,737
8,525,394
322,794,949
237,154,019
16,867,826
8,173,505
16,752,261
5,134,558
98,318,188
9,806,413
25,169,802
5,797,842
21,830,883
35,713,248
76,268,355
23,506,848
52,761,507
89,514,037
42,069,912
6,029,649
9,943,000
1,045,254
30,426,222
208,275,533
73,432,748
72,945,756
486,992
96,906,635
41,757,593
55,149,042
37,936,150

285,696,242
9,331,083
338,218,312
241,639,851
19,426,391
7,853,874
19,885,703
6,985,731
122,937,831
18,257,457
26,858,671
7,270,831
31,091,120
39,459,752
77,463,810
18,305,119
59,158,691
82,596,594
33,196,351
1,152,094
9,043,000
1,226,740
37,978,409
248,573,670
75,369,864
74,882,872
486,992
129,288,762
50,948,905
78,339,857
43,915,044

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
15,490,916
14,123,080
6,503,948
1,397,433
7,098,039
882,864
20,627,930

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
12,563,351
11,825,364
(6,488,307)
1,231,164
8,072,235
0
6,630,273

133,535,398
96,666,821
36,868,577
107,064,158
16,794,694
90,269,464
26,471,240
13,606,945
9,742,924
3,864,021
13,017,030
10,402,376
2,399,633
1,708,411
1,683,180
0
6,174,451

172,236,824
134,065,322
38,171,502
123,659,872
34,928,355
88,731,517
48,576,952
13,417,615
8,567,710
4,849,905
12,971,431
7,641,605
25,062,424
1,729,034
4,404,735
0
34,758,298

217,888,407
149,616,207
68,272,200
147,012,270
48,964,337
98,047,933
70,876,137
17,721,808
9,500,522
8,221,286
9,277,962
5,043,590
48,059,737
2,222,803
11,487,618
0
52,281,618

262,202,739
171,166,095
91,036,644
182,141,606
65,684,326
116,457,280
80,061,133
19,984,908
10,279,520
9,705,388
7,772,175
4,855,445
58,214,481
8,150,147
14,335,547
0
55,014,470

208,719,167
68,067,065
(1,991,524)
122,233,455
1,988,120

214,416,260
71,461,681
(15,791,706)
128,740,082
2,116,093

224,003,595
62,195,197
(991,958)
107,063,890
6,841,159

233,866,706
49,463,496
18,928,655
85,614,126
7,871,375

297,789,570
52,012,912
34,349,316
75,519,760
10,777,816

331,170,264
42,239,351
35,728,788
60,544,470
12,699,137

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
0.92
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
-1.35
22.10

0.21
9.75
2.21
0.43
0.70
80.18
1.24
0.77
1.81
1.09
0.41
13.80
1.23
1.80
0.10
21.00

0.25
7.53
2.39
0.55
0.83
71.80
0.96
8.03
16.81
10.95
5.30
14.99
4.28
14.55
3.20
21.85

0.49
4.26
2.66
0.58
1.29
67.47
0.80
14.01
26.16
18.08
3.99
8.66
10.53
22.06
6.28
28.55

0.73
2.96
2.77
0.64
1.59
69.47
0.64
14.88
25.49
18.51
3.49
9.76
12.99
22.20
6.69
33.19

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

317

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Attock Cement Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

5,543,483
135,762
8,932,597
4,897,742
308,399

4,500
505,479
3,349,140
219,762
539,343
190,444
879,362
1,520,229
1,334,485
0
1,334,485
945,250
0
0
0
13,171
932,079
6,612,888
865,955
865,955
0
5,746,933
0
5,746,933
0

4,500
509,891
4,623,950
389,014
564,899
349,283
2,282,729
1,038,025
1,652,476
1,862
1,650,614
1,197,446
6,517
0
0
0
1,190,929
7,848,824
995,848
995,848
0
6,852,976
0
6,852,976
0

4,500
437,709
5,719,758
467,835
523,402
262,063
3,165,428
1,301,030
2,223,867
3,927
2,219,940
1,256,082
11,883
0
0
0
1,244,199
8,446,053
1,145,225
1,145,225
0
7,300,828
0
7,300,828
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
119,763
94,016
1,988,726
595,354
2,028,119
811,248
1,923,312

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
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
24,287
7,763
1,034,486
382,000
389,680
0
305,498

10,503,898
7,856,874
2,647,024
7,691,421
7,691,421
0
2,812,477
1,045,875
705,125
340,750
11,593
130
1,900,908
228,662
736,062

11,507,706
8,941,706
2,566,000
7,970,943
7,970,943
0
3,536,763
1,070,549
577,523
493,026
14,894

12,547,251
8,769,377
3,777,874
8,843,288
8,843,288

1,760,520

3,129,055

2,582,949

5,837,237
422,500
(634,747)
622,500
147,651

5,993,719
0
(1,298,506)
0
135,740

6,364,770
0
262,806
0
742,033

7,558,138
0
936,184
0
782,467

9,046,270
6,517
983,747
8,379
1,095,707

9,702,135
11,883
534,273
15,810
1,242,397

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
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
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
7.53
66.96

0.97
0.11
1.81
1.18
2.51
73.22
0.34
22.85
30.63
27.31
2.27
19.48
14,623.37
18.10
19.31
76.37

1.83
0.13
3.04
1.08
2.80
69.27
0.36
27.33
37.00
32.24
1.76
20.37

1.75
0.24
2.09
1.05
2.57
70.48
0.41
23.29
32.34
28.11
1.36
23.97

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

6,074,796
2,692
9,927,671
5,557,713
355,496

6,206,244
311,106
10,209,034
5,452,929
397,649

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

3,703,963
1,308,633
806,050
502,583
29,794

2,678,349
400,000
1,294,602

2,635,065
612,000
1,488,793

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

318

23.27
22.88
78.82

21.00
17.67
73.75

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bestway Cement Ltd.

2009

2010

2011

2012

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

28,274,628
84,073
30,564,296
25,641,887
999,158
25,596
11,378
2,511,694
5,103,634
114,142
2,377,548
276,922
0
2,335,022
9,629,474
4,104,960
5,524,514
9,137,523
6,455,833
0
0
85,373
2,596,317
14,611,265
5,782,020
5,782,020
0
8,995,685
3,885,724
5,109,961
(166,440)

28,526,861
17,541
21,165,518
15,786,137
5,379,381
45,068
12,242,618
435,497
5,167,017
166,629
1,854,153
633,390
0
2,512,845
8,083,854
5,676,729
2,407,125
7,138,806
5,630,754
0
0
105,770
1,402,282
18,471,218
5,782,020
5,782,020
0
12,801,121
4,120,225
8,680,896
(111,923)

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
2,442,877
2,429,702
1,413,175
73,667
0
0
920,025

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
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
3,275,907
3,241,651
707,000
215,648
0
0
(526,858)

28,914,860
16,179,837
1,339,508
22,959,586
132,737

26,729,477
15,521,502
(1,404,630)
24,625,455
135,813

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

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

2014

(Thousand Rupees)
2013
2014
31,892,644
360,533
29,344,469
23,109,681
6,234,788
38,293
7,933,979
450,158
7,976,727
322,669
2,223,435
288,672

33,145,415
492,464
30,952,442
23,731,904
7,220,538
32,374
8,444,559
444,114
8,231,088
216,262
1,932,612
571,981

5,141,951
6,755,390
952,645
5,802,745
9,169,882
5,115,972
0
0
164,451
3,889,459
23,944,099
5,793,849
5,793,849
0
17,771,777
4,267,760
13,504,017
378,473

5,510,233
7,446,036
2,373,832
5,072,204
5,355,771
0
5,988
0
199,730
5,150,053
28,574,696
5,793,849
5,793,849
0
22,578,709
4,295,259
18,283,450
202,138

17,788,986
17,788,986
0
12,093,200
12,029,212
63,988
5,695,786
705,588
283,278
422,310
1,915,904
0
4,501,453
264,851
0
0
4,359,117

24,074,046
24,074,046

28,950,528
28,950,528

8,681,128
266,364
2,317,540
0
7,595,994

11,113,045
1,279,029
4,055,694
0
9,413,263

23,748,788
6,455,833
491,352
10,560,793
520,910

25,610,024
5,630,754
4,236,602
11,307,483
508,783

33,113,981
5,115,972
6,097,224
6,068,617
918,906

33,930,467
0
5,778,322
2,373,832
924,942

0.04
19.19
1.62
0.51
0.53
79.26
1.28
1.97
5.75
2.80

0.10
10.77
3.56
0.53
0.64
67.98
0.82
12.35
27.18
17.24

0.09
4.19
1.20
0.60
1.18
58.58
0.67
23.60
40.93
29.57
3.63
10.83

0.11
1.60
1.98
0.70
1.11
60.69
0.45
27.36
42.32
33.15
2.42
14.98

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

14,103,717
14,048,347
55,370
9,970,329
1,771,660
797,798
973,862
1,009,128

17,570,204
17,431,833
138,371
11,380,324
1,605,831
706,974
898,857
462,030

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

319

12.88
1.58
8.75
4.11
31.95

14.22
0.47
-8.99
-4.31
30.70

7.18
1.22
4.14
0.85
25.27

9.59

25.30
7.33
31.95

36.06
14.52
41.33

38.39
16.97
49.32

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Cherat Cement Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,422,358
39,070
6,645,649
3,206,282
255,983
19,055
138,658
19,293
1,289,206
37,728
318,503
0
0
932,975
1,100,598
636,040
464,558
923,382
888,974
0
0
0
34,408
2,687,584
955,801
955,801
0
1,731,783
0
1,731,783
0

3,530,859
365,515
6,742,912
3,061,855
248,905
16,590
68,236
18,663
1,533,642
25,548
433,768
0
0
1,074,326
781,813
236,948
544,865
573,659
203,852
0
0
0
369,807
3,709,029
955,801
955,801
0
2,753,228
0
2,753,228
0

3,525,793
41,422
7,250,482
3,320,210
258,609
14,125
131,599
18,437
2,905,175
17,116
369,872
0
0
2,518,187
881,141
140,146
740,995
685,559
163,082
0
0
0
522,477
4,864,268
1,051,380
1,051,380
0
3,812,888
0
3,812,888
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
114,357
114,357
256,933
16,883
0
0
309,630

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
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
286,469
286,469
55,196
44,194
0
0
214,410

5,457,207
3,518,892
1,938,315
4,304,750
715,883
3,588,867
1,152,457
290,668
143,982
146,686
310,701
307,287
571,617
54,196
191,160
0
1,394,601

6,294,376
4,008,471
2,285,905
4,104,293
695,210
3,409,083
2,190,083
510,664
159,623
351,041
108,988
104,570
1,585,134
46,437
238,950
0
1,930,576

6,451,330
4,558,953
1,892,377
4,348,680
742,661
3,606,019
2,102,650
462,759
188,395
274,364
28,745
22,430
1,687,739
243,104
841,104
0
1,757,030

3,672,516
1,087,500
240,050
1,764,937
141,563

3,235,002
976,400
(322,929)
2,101,628
146,353

3,565,398
1,220,844
11,002
2,506,469
480,200

3,610,966
888,974
326,261
1,525,014
560,762

4,282,688
203,852
1,299,747
440,800
601,800

5,549,827
163,082
603,531
303,228
696,019

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

0.04
6.75
0.00
0.79
0.95
86.64
1.30
1.08
2.41
1.62

0.03
5.69
0.00
1.16
1.17
78.88
0.75
11.35
22.78
15.93
2.71
17.13
2.86
10.47
5.41
28.12

0.03
1.73
0.00
1.24
1.96
65.21
0.37
32.43
49.56
40.16
6.44
14.51
16.16
25.18
16.10
38.81

0.02
0.45
0.00
1.00
3.30
67.41
0.32
29.36
39.37
34.33
1.72
17.44
76.24
26.16
13.74
46.27

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

320

16.28
3.25
5.63
2.51
23.73

17.24
-0.85
-8.57
-3.38
23.50

11.23
1.19
1.30
0.12
24.40

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

D.G. Khan Cement Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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
35,563,891
24,611,565
1,430,410
0
5,259,416
1,026,110
19,000,774
197,821
862,141
459,300
12,126,349
5,355,163
13,711,193
10,650,719
3,060,474
6,901,571
4,880,579
0
0
139,213
1,881,779
30,658,921
4,381,192
4,381,192
0
24,996,405
19,885,554
5,110,851
1,281,324

33,122,239
1,996,873
38,705,536
26,076,700
1,487,399
73,808
4,661,316
313,542
18,983,562
462,393
1,596,784
486,597
11,126,071
5,311,717
12,250,514
7,559,348
4,691,166
6,536,411
4,649,083
0
0
167,385
1,719,943
33,318,876
4,381,191
4,381,191
0
23,601,636
18,490,785
5,110,851
5,336,049

38,557,405
1,416,180
42,498,881
28,348,192
1,618,213
55,356
8,447,231
290,446
26,662,987
499,289
2,219,664
481,889
17,862,741
5,599,404
10,505,641
6,388,501
4,117,140
6,447,233
3,117,937
0
0
76,060
3,253,236
48,267,518
4,381,191
4,381,191
0
33,824,228
28,713,377
5,110,851
10,062,099

41,995,112
634,318
45,873,783
29,936,360
1,833,157
36,904
11,054,741
332,789
32,831,006
1,312,224
1,953,976
419,631
24,405,190
4,739,985
6,798,473
3,118,137
3,680,336
6,142,368
1,657,884
0
0
112,513
4,371,971
61,885,277
4,381,191
4,381,191
0
42,744,418
37,633,567
5,110,851
14,759,668

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
2,777,663
2,445,737
654,458
128,743
0
0
1,574,275

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
2,022,399
1,940,669
510,749
100,998
0
0
814,677

19,451,360
12,363,838
7,087,522
14,797,866
2,610,855
12,187,011
4,653,494
2,701,549
2,484,622
216,927
2,189,613
2,131,090
681,859
205,769
0
0
408,903

23,846,341
16,699,818
7,146,523
16,236,017
2,612,445
13,623,572
7,610,324
2,492,699
2,218,815
273,884
1,782,871
1,728,912
3,962,078
118,954
657,179
0
3,861,476

25,826,642
18,960,450
6,866,192
16,401,263
2,716,708
13,684,555
9,425,379
2,174,876
1,763,924
410,952
1,105,707
1,059,154
7,025,960
9,244
1,314,357
0
6,596,808

27,748,869
21,700,361
6,048,508
18,196,063
2,964,520
15,231,543
9,552,806
1,950,936
1,462,929
488,007
745,943
711,228
7,946,561

27,446,081
4,675,992
525,715
19,047,029
126,246

33,801,292
5,229,507
409,751
17,679,177
148,755

37,560,492
4,880,579
476,090
15,531,298
1,009,647

39,855,287
4,649,083
3,185,945
12,208,431
1,181,044

54,714,751
3,117,937
5,702,359
9,506,438
1,404,279

68,027,645
1,657,884
6,413,144
4,776,021
1,703,382

0.53
15.12
3.58
0.42
0.82
68.40
1.06
1.37
2.55
1.99

0.78
11.92
2.72
0.35
1.15
82.06
0.80
1.11
2.12
1.67

0.93
11.26
2.36
0.38
1.39
76.08
0.67
1.37
2.37
1.91

0.99
7.48
2.04
0.46
1.55
68.09
0.56
7.67
12.39
10.24
5.85
14.93
3.29
16.62
8.77
76.05

1.79
4.28
1.87
0.40
2.54
63.51
0.35
11.98
17.22
14.86
5.34
11.64
7.63
27.20
16.02
110.17

3.84
2.69
1.51
0.37
4.83
65.57
0.21
11.35
14.43
12.95
5.18
14.20
12.17
28.64
18.14
141.25

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,533,417
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

321

17.95
1.27
3.56
1.73
69.86

10.37
1.26
3.01
1.12
73.77

22.56
1.32
3.51
1.09
69.98

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dadabhoy Cement Industries Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

4,107,697
10,640
4,088,658
4,088,658
710,375
0
0
8,399
178,811
21
206
0
0
178,584
644,719
76,842
567,877
1,589,753
740,704
0
0
1,980
847,069
2,052,036
982,366
982,366
0
(469,624)
33,224
(502,848)
1,539,294

4,096,699
10,640
4,088,658
4,079,173
9,485
0
0
6,886
79,852
31
52,035
0
0
27,786
653,020
571,875
81,145
1,589,753
740,704
0
0
1,980
847,069
1,933,778
982,366
982,366
0
(587,882)
33,224
(621,106)
1,539,294

4,096,699
10,640
4,088,658
4,079,173
9,485
0
0
6,886
79,852
31
52,035
0
0
27,786
653,020
571,875
81,145
1,589,753
740,704
0
0
1,980
847,069
1,933,778
982,366
982,366
0
(587,882)
33,224
(621,106)
1,539,294

30,030
30,030
0
66,737
2,738
63,999
(36,707)
80,736
1,828
78,908
7,777
6,629
(92,482)
0
0
0
(14,058)

0
0
0
0
0
0
0
129,725
0
129,725
674
240
(38,074)
0
0
0
(1,357)

0
0
0
0
0
0
0
163,506
0
163,506
9
0
(153,446)
0
0
0
(2,690)

0
0
0
0
0
0
0
25,964
0
25,964
14
0
(18,736)
0
0
0
(2,739)

0
0
0
0
0
0
0
122,317
0
122,317
3
0
(118,258)
0
0
0
(8,288)

0
0
0
0
0
0
0
122,317
0
122,317
3
0
(118,258)
0
0
0
(8,288)

3,751,587
743,331
(92,482)
831,658
24,559

3,704,831
740,703
(38,074)
821,531
12,172

3,660,525
740,703
(153,446)
817,545
4,811

3,641,789
740,704
(18,736)
817,546
4,250

3,523,531
740,704
(118,258)
1,312,579
4,584

3,523,531
740,704
(118,258)
1,312,579
4,584

0.00
25.90
2.87
0.01
0.49
222.23
1.14
-2.04
-4.31
-2.76

0.00

0.00

0.00

0.00

0.00

0.00
0.49

0.00
0.28

0.00
0.28

0.00
0.12

0.00
0.12

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.08
-0.86
-1.82
-1.02

1.08
-3.55
-7.36
-4.17

1.09
-0.44
-0.91
-0.51

1.16
-2.79
-5.93
-3.30

1.16
-2.83
-6.12
-3.36

0.68
-12.95
-307.97
-0.94
21.23

0.00
-157.64

0.00

0.00

0.00

0.00

-0.39
21.35

-1.56
21.08

-0.19
20.89

-1.20
19.68

-1.20
19.68

322

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dandot Cement Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,175,844
0
4,247,843
2,155,354
75,477
0

2,096,081
0
4,249,824
2,085,626
72,164
0
0
10,455
663,718
3,547
104,949
9,899
0
545,323
2,692,547
430,856
2,261,691
1,321,674
1,020,000
299,966
0
0
1,708
(1,254,422)
948,400
948,400
0
(3,304,300)
31,801
(3,336,101)
1,101,478

2,027,274
0
4,250,107
2,016,895
69,014
0
0
10,379
663,555
3,202
217,026
3,039
0
440,288
3,334,638
680,856
2,653,782
1,059,527
1,020,000
37,995
0
0
1,532
(1,703,336)
948,400
948,400
0
(3,716,989)
31,801
(3,748,790)
1,065,253

2,033,536
0
4,312,548
2,022,858
69,014
0
0
10,678
834,255
40,463
216,117
56,745
0
520,930
3,721,589
540,000
3,181,589
1,371,016
1,343,118
26,016
0
0
1,882
(2,224,814)
948,400
948,400
0
(4,203,323)
31,801
(4,235,124)
1,030,109

1,146,062
1,144,246
1,816
1,230,945
80,943
1,150,002
(84,883)
107,713
5,970
101,743
266,012
264,231
(457,658)
18
0
0
(457,657)

233,286
232,752
534
497,040
41,917
455,123
(263,754)
48,168
1,549
46,619
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
15,444
14,369
(392,030)
0

(111,035)

1,103,744
1,103,744
0
1,544,143
94,067
1,450,076
(440,399)
49,530
3,334
46,196
17,405
16,116
(506,774)
0
0
0
27,358

145,272
145,272
0
520,019
40,199
479,820
(374,747)
44,436
2,940
41,496
19,269
38,304
(463,639)
0
0
0
(120,571)

1,068,198
1,068,198
0
1,416,479
96,480
1,319,999
(348,281)
44,137
3,349
40,788
108,678
38,304
(526,633)
0
0
0
(284,337)

1,680,251
1,020,000
(457,676)
1,515,832
12,349

1,047,313
1,020,000
(556,987)
1,522,236
10,526

630,170
1,020,000
(392,030)
1,450,856
224,585

67,252
1,020,000
(506,774)
1,450,856
232,128

(643,809)
1,020,000
(463,639)
1,700,856
176,569

(853,798)
1,343,118
(526,633)
1,883,118
209,513

0.00
23.21
0.00
0.37
0.41
107.41
175.80
-14.78
-265.20
-30.23

0.00
106.47
0.00
0.08
0.30
213.06
-8.24
-18.20
277.69
-40.84

0.01
2.00
2.32
0.27
0.32
145.51
-4.84
-13.20
66.65
-46.74

0.00
1.58
0.90
0.40
0.25
139.90
-3.20
-17.88
50.37
-145.33

0.00
13.26
2.09
0.05
0.20
357.96
-2.58
-17.01
31.24
158.05

0.03
10.17
5.31
0.37
0.22
132.60
-2.29
-18.95
26.81
70.33

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

323

59.62
-0.73
-39.93
-4.83
0.18

5.57
-1.25
-238.76
-5.87
-4.41

8.36
-26.28
-50.70
-4.13
-7.99

10.52
-30.45
-45.91
-5.34
-13.23

0.67
-11.10
-319.15
-4.89
-17.96

4.94
-12.75
-49.30
-5.55
-23.46

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

19,355,291
804,945
21,637,856
18,503,627
367,873
0
0
46,719
1,236,236
71,787
149,471
409,929
1,410
603,639
6,373,406
3,538,000
2,835,406
6,653,022
72,370
127,839
3,850,000
0
2,602,813
7,565,099
3,891,133
3,891,133
0
(301,423)
0
(301,423)
3,975,389

19,548,215
1,114,517
21,638,715
18,385,983
379,419
0
0
47,715
1,493,147
125,785
240,131
417,830
4,401
705,000
6,459,736
3,547,149
2,912,587
6,714,409
58,799
127,839
3,850,000
0
2,677,771
7,867,217
3,891,133
3,891,133
0
138,870
0
138,870
3,837,214

19,494,692
1,484,963
21,899,704
17,961,686
428,734
0
0
48,043
2,102,776
64,067
671,008
441,664
8,545
917,492
5,572,038
2,691,261
2,880,777
7,773,241
1,309,595
127,839
3,560,000
0
2,775,807
8,252,189
3,891,133
3,891,133
0
652,199
0
652,199
3,708,857

20,758,175
1,682,949
21,903,986
18,969,408
435,135
0
0
105,818
2,611,346
149,722
653,149
600,920
10,551
1,197,004
5,699,795
2,762,355
2,937,440
7,896,833
1,190,367
0
3,460,000
0
3,246,466
9,772,893
3,891,133
3,891,133
0
1,150,327
0
1,150,327
4,731,433

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
463,191
446,443
(376,490)
10,205
0
0
600,702

3,494,784
2,928,825
565,959
3,800,662
474,152
3,326,510
(305,878)
305,500
120,332
185,168
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
10,854
6,477
(338,561)
50,888
0
0
5,747

7,046,551
6,475,721
570,830
6,173,868
774,798
5,399,070
872,683
428,513
74,446
354,067
27,266
6,654
423,911
70,466
0
0
632,437

8,657,569
7,894,024
763,545
7,690,157
920,744
6,769,413
967,412
542,382
90,539
451,843
16,816
8,569
486,197
47,106
0
0
451,468

9,963,458
8,225,897
1,737,561
8,834,554
1,099,940
7,734,614
1,128,904
691,751
231,626
460,125
22,036
2,894
483,323
99,635
0
0
439,763

16,486,563
5,137,819
(386,695)
7,545,608
232,262

15,161,028
4,496,797
(636,959)
7,445,355
243,761

14,218,121
3,922,370
(389,449)
7,460,370
237,399

14,581,626
3,908,799
353,445
7,455,948
316,872

16,025,430
4,869,595
439,091
7,560,856
365,048

17,669,726
4,650,367
383,688
7,412,722
433,840

0.09
8.15
5.57
0.26
0.30
92.37
1.62
-1.74
-4.55
-2.43

0.07
0.32
9.96
0.17
0.20
108.75
1.72
-2.92
-7.79
-3.91

0.08
0.21
8.06
0.25
0.19
101.11
1.72
-1.63
-4.44
-2.30

0.08
0.39
5.93
0.33
0.23
87.62
1.67
2.04
5.49
2.94

0.09
0.19
5.10
0.40
0.38
88.83
1.62
2.28
6.03
3.18

0.13
0.22
6.03
0.43
0.46
88.67
1.39
2.15
5.36
2.87

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

324

14.79
0.16
-6.63
-1.08
23.03

29.12
-104.57
-17.73
-1.78
21.47

34.05
-51.27
-6.65
-1.00
19.44

29.34
64.71
6.02
0.91
20.22

12.90
57.74
5.62
1.13
21.21

15.25
168.01
4.85
0.99
25.12

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fauji Cement Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

26,543,647
14,833
30,839,144
25,883,121
1,070,083
0
0
645,693
4,159,818
215,071
955,337
64,241
0
2,925,169
5,494,173
3,366,349
2,127,824
11,304,187
10,174,513
0
0
24,851
1,104,823
13,905,105
13,798,150
13,311,158
486,992
106,955
(1,782,498)
1,889,453
0

25,265,959
0
30,930,093
24,734,325
1,273,892
0
0
531,634
5,039,090
1,702,171
981,092
205,802
0
2,150,025
4,409,430
2,719,630
1,689,800
9,959,258
7,924,264
0
0
38,152
1,996,842
15,936,361
13,798,150
13,311,158
486,992
2,138,211
(1,637,622)
3,775,833
0

24,192,975
0
31,321,676
23,881,426
1,269,247
0
0
311,549
5,188,357
842,983
1,409,107
580,214
0
2,356,053
4,482,506
2,593,401
1,889,105
9,110,639
5,362,998
0
0
42,611
3,705,030
15,788,187
13,798,150
13,311,158
486,992
1,990,037
(1,522,150)
3,512,187
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
224,716
218,564
1,421,517
48,894
0
0
1,995,728

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
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
103,922
98,187
488,153
56,210
0
0
(736,268)

11,523,050
9,181,750
2,341,300
8,454,600
1,242,047
7,212,553
3,068,450
303,279
101,642
201,637
1,825,445
1,297,804
966,245
103,750
0
0
4,305,499

15,967,900
12,721,711
3,246,189
10,887,427
1,549,574
9,337,853
5,080,473
577,519
143,866
433,653
1,512,148
1,067,354
3,085,525
96,439
1,663,895
0
5,994,240

17,532,277
14,781,658
2,750,619
11,448,142
1,756,737
9,691,405
6,084,135
684,567
125,106
559,461
1,042,144
827,847
4,509,505
175,323
1,996,674
0
5,853,907

18,818,491
6,224,227
1,372,623
7,315,005
282,856

22,795,084
11,909,030
310,661
13,846,141
310,175

26,826,089
11,805,480
431,943
15,454,955
436,278

25,209,292
10,174,513
862,495
13,540,862
553,025

25,895,619
7,924,264
1,325,191
10,643,894
946,044

24,898,826
5,362,998
2,337,508
7,956,399
1,042,671

0.09
4.23
1.03
0.25
0.63
68.25
1.21
8.39
14.98
10.00

0.06
1.08
1.23
0.14
0.52
86.46
1.79
1.35
3.37
1.56

0.19
2.19
0.78
0.15
0.89
82.65
1.92
1.66
4.73
1.97

0.05
15.84
0.56
0.38
0.76
73.37
1.21
3.07
7.76
3.71

0.43
9.47
1.29
0.53
1.14
68.18
0.90
10.12
20.68
12.08
1.80
16.28
3.89
19.32
2.25
11.97

0.32
5.94
3.31
0.60
1.16
65.30
0.86
15.11
28.43
17.76
2.17
12.44
6.45
25.72
3.26
11.86

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

325

38.66
7.50
26.75
1.98
13.98

39.39
10.42
8.53
0.45
13.86

9.60
5.97
10.29
0.62
15.89

12.06
1.74
8.39
0.65
10.45

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fecto Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,161,418
1,092
4,089,391
2,136,402
104,577
0
0
23,924
1,147,351
41,805
227,499
25,734
0
852,313
1,652,248
897,004
755,244
280,457
254,648
0
0
0
25,809
1,376,064
501,600
501,600
0
874,464
0
874,464
0

2,071,432
0
4,094,313
2,051,702
107,207
0
0
19,730
1,287,590
48,381
308,566
15,125
0
915,518
1,206,989
588,847
618,142
242,979
125,000
0
0
0
117,979
1,909,054
501,600
501,600
0
1,407,454
0
1,407,454
0

1,990,836
348
4,113,908
1,964,768
106,529
0
0
25,720
1,902,415
155,352
637,343
16,527
0
1,093,193
1,009,123
547,643
461,480
505,133
260,000
0
0
0
245,133
2,378,995
501,600
501,600
0
1,877,395
0
1,877,395
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
190,589
99,751
396,289
66,022
0
71,616
480,758

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
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
149,681
167,140
91,960
34,620
0
0
333,774

4,342,634
2,708,070
1,634,564
3,376,972
637,343
2,739,629
965,662
471,296
321,972
149,324
205,707
193,534
296,532
43,401
50,160
0
503,872

4,588,064
3,055,741
1,532,323
3,333,514
582,016
2,751,498
1,254,550
425,932
230,577
195,355
143,328
3,993
705,968
30,648
75,240
0
727,826

4,723,814
3,516,274
1,207,540
3,446,595
552,098
2,894,497
1,277,219
424,487
197,828
226,659
104,185
5,116
769,895
47,400
125,400
0
232,769

1,660,486
292,074
330,267
694,263
93,720

1,786,510
684,048
(311,563)
1,318,645
86,898

1,605,159
456,418
57,340
1,321,107
287,276

1,656,521
254,648
202,971
1,151,652
307,888

2,152,033
125,000
600,080
713,847
342,086

2,884,128
260,000
597,095
807,643
397,874

0.09
5.52
1.90
1.33
1.11
73.57
1.22
16.40
39.04
27.21

0.02
2.87
0.38
0.93
0.70
94.74
2.24
-10.18
-27.29
-16.91

0.03
4.53
0.57
1.06
0.60
81.66
2.02
2.95
9.23
5.42

0.04
4.74
0.59
1.31
0.69
77.76
1.40
9.24
24.66
18.18
5.05
19.09
2.53
6.83
5.05
27.43

0.05
3.12
0.33
1.37
1.07
72.66
0.76
21.18
42.98
37.07
8.98
14.87
177.80
15.39
13.46
38.06

0.17
2.21
0.35
1.21
1.89
72.96
0.64
21.23
35.91
30.57
5.76
7.41
151.49
16.30
14.40
47.43

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

326

20.59
4.97
11.47
7.24
25.71

26.70
-2.52
-10.04
-6.21
19.22

30.13
1.55
2.78
1.14
20.52

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Flying Cement Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

4,925,202
406,073
4,586,494
4,495,019
91,475
0
0
24,110
529,560
9,739
382,727
6,261
0
130,833
808,324
261,892
546,432
1,473,408
665,548
12,405
0
0
795,455
3,173,030
1,760,000
1,760,000
0
(274,494)
126,979
(401,473)
1,687,524

4,982,163
409,546
4,620,175
4,530,824
89,351
0
0
41,793
618,103
6,091
460,647
5,921
0
145,444
1,088,722
89,861
998,861
1,310,026
779,469
13,405
0
0
517,152
3,201,518
1,760,000
1,760,000
0
(213,741)
126,979
(340,720)
1,655,259

5,075,219
234,133
4,889,899
4,799,293
90,607
0
0
41,793
778,474
8,410
252,631
8,559
0
508,874
1,395,685
92,448
1,303,237
1,245,503
704,071
13,405
0
0
528,027
3,212,505
1,760,000
1,760,000
0
(171,135)
126,979
(298,114)
1,623,640

5,276,055
519,922
4,809,781
4,714,340
95,441
0
0
41,793
736,288
3,633
360,094
5,122
0
367,439
1,502,532
92,118
1,410,414
1,196,811
620,864
13,005

666,072
654,830
11,242
815,030
47,554
767,476
(148,958)
24,777
7,021
17,756
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
28,119
25,971
(201,969)
403
0
0
82,439

723,949
723,949
0
886,966
71,645
815,321
(163,017)
14,324
3,999
10,325
45,067
44,066
(222,408)
7,239
0
0
553

1,307,904
1,307,904
0
1,477,298
125,659
1,351,639
(169,394)
13,859
4,635
9,224
73,321
71,971
(256,574)
0
0
0
257

841,230
813,923
27,307
846,381
28,362
818,019
(5,151)
15,005
2,800
12,205
23,791
22,481
29,750
0
0
0
266,163

2,064,570
2,041,964
22,606
1,958,592
54,174
1,904,418
105,978
34,363
3,578
30,785
22,870
22,005
151,342
10,323
0
0
375,337

4,755,328
37,693
(239,450)
350,282
5,911

4,802,444
185,591
(202,372)
364,123
4,332

4,646,438
665,548
(229,647)
927,440
39,592

4,511,544
779,469
(256,574)
869,330
44,973

4,458,008
704,071
29,750
796,519
35,384

4,509,811
620,864
141,019
712,982
53,787

0.03
9.87
1.62
0.12
1.00
122.36
0.55
-4.44
-6.70
-5.66

0.00
34.88
0.56
0.01
0.93
297.32
0.67
-3.68
-5.93
-4.23

0.02
6.23
0.86
0.13
0.66
122.52
0.72
-4.04
-6.85
-4.71

0.01
5.61
0.45
0.23
0.57
112.95
0.75
-4.64
-8.05
-5.60

0.01
2.83
1.02
0.14
0.56
100.61
0.82
0.52
0.93
0.66

0.01
1.11
0.25
0.34
0.49
94.87
0.81
2.55
4.64
3.38

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

0
562,942
3,313,000
1,760,000
1,760,000
0
(39,176)
126,979
(166,155)
1,592,176

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

327

1.56
-2.71
-35.95
-1.36
19.84

0.19
-6.78
-250.53
-1.15
18.86

1.89
-4.05
-30.72
-1.30
18.03

2.84
-2.56
-19.62
-1.46
18.19

3.33
2.32
3.54
0.17
18.25

5.73
7.88
7.33
0.80
18.82

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gharibwal Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

11,575,148
106,195
12,716,023
11,459,998
324,633
0
0
8,955
951,541
12,261
115,180
61,964
0
762,136
5,217,571
787,368
4,430,203
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

11,602,084
370,833
12,809,769
11,177,058
1,581,951
0
0
54,193
977,091
16,777
112,122
129,592
0
718,600
3,900,175
0
3,900,175
5,987,206
6,810
3,640,384
0
20,387
2,319,625
2,691,794
4,002,739
4,002,739
0
(3,526,299)
0
(3,526,299)
2,215,354

11,742,875
440,802
13,011,803
11,086,856
343,459
0
0
215,217
1,209,835
22,718
167,020
188,929
0
831,168
3,034,941
0
3,034,941
6,022,347
199,840
3,600,854
0
21,470
2,200,183
3,895,422
4,002,739
4,002,739
0
(2,393,238)
0
(2,393,238)
2,285,921

13,250,212
151,203
15,526,200
13,007,938
593,315
6,117
0
84,954
1,929,682
32,964
887,682
252,013
0
757,023
3,877,147
0
3,877,147
4,992,629

2,438,570
1,933,058
505,512
2,205,490
387,370
1,818,120
233,080
221,875
94,414
127,461
881,406
669,577
(859,499)
5,638
0
0
792,183

2,113,818
1,432,945
680,873
2,532,723
343,263
2,189,460
(418,905)
547,116
292,689
254,427
1,184,656
817,686
(2,112,763)
6,497
0
0
(82,965)

3,327,031
3,082,919
244,112
3,161,296
534,985
2,626,311
165,735
355,497
17,311
338,186
764,740
529,948
(935,766)
35,685
0
0
(104,609)

4,976,032
4,715,773
260,259
3,986,902
651,008
3,335,894
989,130
206,413
25,383
181,030
989,224
634,132
(191,674)
49,760
0
0
319,495

6,230,216
5,772,407
457,809
4,534,105
694,298
3,839,807
1,696,111
240,411
17,140
223,271
757,323
501,764
1,076,529
15,475
0
0
313,759

8,547,263
8,127,402
419,861
6,197,024
1,433,471
4,763,553
2,350,239
307,632
23,848
283,784
634,810
461,566
1,409,932

5,326,141
1,326,574
(865,137)
4,660,049
26,261

8,086,851
3,233,674
(2,119,260)
5,003,257
33,094

7,309,118
2,985,971
(971,451)
3,773,339
175,795

8,679,000
6,810
(241,434)
6,810
157,975

9,917,769
199,840
1,061,054
199,840
234,012

11,302,747
0
1,409,932
0
269,012

0.02
36.14
2.16
0.22
0.22
90.44
4.61
-8.01
-35.80
-14.78

0.01
56.04
1.60
0.16
0.17
119.82
2.23
-17.64
-70.82
-31.50

0.01
22.99
1.86
0.27
0.18
95.02
3.14
-7.35
-26.62
-12.16

0.04
19.88
2.60
0.40
0.25
80.12
3.67
-1.53
-6.70
-2.40

0.07
12.16
3.03
0.48
0.40
72.78
2.33
8.43
32.69
11.58

0.07
7.43
2.95
0.56
0.50
72.50
1.41
10.02
27.63
13.29

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

4,992,629
6,310,118
4,002,739
4,002,739
0
(1,420,184)
0
(1,420,184)
3,727,563

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
0
1,827,204

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

328

6.07
-0.28
-35.25
-3.73
8.48

19.31
-1.58
-99.95
-9.14
17.25

28.89
-0.77
-28.13
-2.43
7.57

44.38
0.70
-3.85
-0.60
6.72

37.30
3.15
17.28
2.65
9.73

9.63
4.05
16.50
3.52
15.76

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohat Cement Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
8,334,941
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

6,894,496
78,547
9,373,580
6,789,893
347,552
2,043
0
24,013
2,318,382
128,206
500,324
4,492
23,000
1,662,360
2,899,296
1,653,257
1,246,039
2,557,127
1,162,700
0
0
0
1,394,427
3,756,455
1,287,572
1,287,572
0
2,468,883
52,537
2,416,346
0

6,668,425
103,010
9,442,761
6,507,332
373,977
1,440
0
56,643
4,126,166
624,158
737,326
12,606
1,363,518
1,388,558
2,294,228
1,084,000
1,210,228
2,459,315
380,300
0
0
0
2,079,015
6,041,048
1,287,572
1,287,572
0
4,753,476
90,769
4,662,707
0

7,161,708
292,486
10,085,597
6,816,809
371,493
885
0
51,528
6,989,750
1,855,340
469,501
82,163
3,197,171
1,385,575
3,695,537
731,800
2,963,737
1,868,453
146,500
0
0
0
1,721,953
8,587,468
1,545,087
1,545,087
0
7,042,381
126,148
6,916,233
0

3,395,581
2,522,198
873,383
2,591,021
375,463
2,215,558
804,560
267,692
111,491
156,201
549,903
538,225
21,184
8,738
0
0
320,879

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
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
715,247
701,143
125,781
65,294
0
0
223,826

9,316,381
7,944,984
1,371,397
6,463,977
1,017,221
5,446,756
2,852,404
221,123
46,243
174,880
626,060
614,327
2,035,984
94,492
386,272
0
2,488,940

11,297,213
9,370,094
1,927,119
6,936,346
1,161,424
5,774,922
4,360,867
378,577
58,400
320,177
248,973
231,571
3,769,540
358,242
643,786
0
3,633,928

12,765,670
11,015,746
1,749,924
7,958,970
1,233,725
6,725,245
4,806,700
540,681
82,622
458,059
154,675
231,571
4,376,599
1,200,178
309,017
0
4,836,154

5,678,502
2,991,427
12,446
5,070,559
21,496

5,430,907
3,049,320
(406,712)
5,052,585
99,931

6,313,861
3,536,870
60,487
3,713,599
121,093

6,313,582
1,162,700
1,555,220
2,815,957
182,366

8,500,363
380,300
2,767,512
1,464,300
223,395

10,455,921
146,500
2,867,404
878,300
259,708

0.01
17.84
0.54
0.43
0.43
90.33
3.42
-4.42
-18.06
-6.88

0.03
11.75
0.21
0.67
0.70
84.76
3.34
1.41
6.19
2.14

0.05
6.72
0.05
1.01
0.80
69.38
1.45
22.21
69.50
32.25
5.03
18.62
4.31
21.85
15.08
29.17

0.87
2.20
0.11
1.05
1.80
61.40
0.79
37.68
76.95
50.89
5.30
15.32
17.28
33.37
26.49
46.92

1.39
1.21
0.64
0.90
1.89
62.35
0.65
35.09
59.84
46.18
10.28
27.19
19.90
34.28
20.56
55.58

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

0.02
16.19
0.52
0.39
0.56
76.31
2.80
0.26
0.92
0.39

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

329

24.38
1.04
0.62
0.10
17.64

12.71
0.41
-10.35
-3.16
15.23

11.99
1.18
2.07
0.47
16.33

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Lafarge Pak. Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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
0
(4,425,656)
202,743
(4,628,399)
0

16,597,344
187,345
19,309,969
15,126,037
626,942
3,070
0
1,280,892
2,930,523
428,342
1,013,879
62,991
0
1,425,311
4,332,812
1,052,791
3,280,021
5,006,056
3,952,127
1,053,928
0
0
1
10,188,999
13,126,445
13,126,445
0
(2,937,446)
202,743
(3,140,189)
0

16,806,146
168,158
19,465,087
14,655,885
633,903
2,853
0
1,979,250
3,390,715
148,811
1,866,309
57,190
0
1,318,405
3,427,200
287,750
3,139,450
3,737,008
3,032,037
1,142,471
0
0
(437,500)
13,032,653
13,126,445
13,126,445
0
(1,528,436)
202,743
(1,731,179)
1,434,644

16,025,386
209,625
19,749,101
14,305,969
635,311
20,719
0
1,489,073
3,218,189
137,296
1,303,876
84,227
0
1,692,790
4,382,922
1,297,482
3,085,440
1,730,847
2,605,847
0
0
0
(875,000)
13,129,806
14,561,090
14,561,090
0
(1,431,284)
196,660
(1,627,944)
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
1,082,955
1,028,044
(1,254,503)
24,262
0
0
1,636,220

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
980,678
935,852
(918,986)
29,508
0
0
(723,746)

7,804,378
5,405,559
2,398,819
6,148,726
1,104,933
5,043,793
1,655,652
738,035
246,476
491,559
1,064,480
949,379
(91,236)
80,849

9,624,089
6,922,765
2,701,324
6,488,928
1,059,989
5,428,939
3,135,161
940,255
225,551
714,704
1,052,757
812,817
1,154,020
62,115
393,793

279,669

1,966,349

10,302,148
7,675,140
2,627,008
7,076,855
1,290,735
5,786,120
3,225,293
1,391,058
308,846
1,082,212
666,640
411,302
1,200,892
105,624
393,793
0
1,853,535

10,336,120
8,773,775
1,562,345
7,336,707
1,206,231
6,130,476
2,999,413
1,431,932
343,133
1,088,799
458,855
418,598
1,270,959
208,057
0
0
1,502,224

12,839,160
3,075,232
(1,278,765)
6,705,930
184,025

10,577,096
1,761,663
(948,494)
7,577,347
174,518

15,656,425
5,699,628
(172,085)
7,749,007
422,283

15,195,055
3,952,127
698,112
5,004,918
505,431

16,769,661
3,032,037
701,475
3,319,787
606,834

14,860,653
2,605,847
1,062,902
3,903,329

0.02
13.32
0.94
0.41
0.31
87.90
1.02
-6.02
-12.06
-8.87

0.00
14.25
0.01
0.35
0.26
87.56
1.21
-4.69
-9.89
-7.85

0.02
13.64
0.44
0.41
0.71
78.79
1.21
-0.47
-1.04
-0.70

0.11
10.94
0.65
0.49
0.68
67.42
0.92
5.96
12.22
7.48
2.77
9.49
2.42
11.99
0.83
7.76

0.06
6.47
0.56
0.51
0.99
68.69
0.55
6.05
10.34
7.51
2.78
5.52
3.92
11.66
0.83
9.93

0.05
4.44
0.81
0.54
0.73
70.98
0.47
6.44
9.72
8.04

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

330

11.22
-0.22
-15.43
-0.97
7.44

11.01
0.02
-13.36
-0.72
6.72

7.33
0.90
-1.17
-0.13
6.63

7.93
4.04
12.30
0.73
9.02

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Lucky Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

31,076,594
378,717
40,356,779
30,637,815
1,722,633
1,514
0
58,548
9,554,647
844,422
1,276,433
1,050,639
0
6,383,153
3,624,324
0
3,624,324
3,745,172
392,898
0
0
438,391
2,913,883
33,261,745
3,233,750
3,233,750
0
30,027,995
7,343,422
22,684,573
0

788,657
23,297,494
3,746,968
12,076,791
2,559,485
0
4,914,250
11,250,020
2,654,549
8,595,471
16,364,917
7,791,524
0
0
631,959
7,941,434
46,620,163
3,233,750
3,233,750
0
37,895,741
7,343,422
30,552,319
5,490,672

3,457,736
32,753,693
11,723,248
13,198,702
2,961,424
0
4,870,319
12,725,029
437,368
12,287,661
18,706,762
9,983,078
0
0
732,276
7,991,408
56,584,271
3,233,750
3,233,750
0
47,145,858
7,343,422
39,802,436
6,204,663

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
1,236,971
1,194,281
5,177,001
156,744
5,069,920
0
6,514,748

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
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
517,788
493,165
4,320,521
260,175
1,293,500
0
4,073,582

33,322,535
20,476,429
12,846,106
20,601,261
3,228,004
17,373,257
12,721,274
4,149,267
3,236,721
912,546
253,234
229,713
8,323,977
333,225
1,940,250
0
9,374,917

56,050,493
14,925,135
41,125,358
37,655,385
14,208,291
23,447,094
18,395,108
6,322,391
4,214,569
2,107,822
564,226
470,794
11,883,184
541,867
2,587,000
0
11,218,342

81,148,219
15,792,786
65,355,433
58,021,048
24,958,135
33,062,913
23,127,171
7,564,319
4,638,361
2,925,958
1,079,480
978,314
15,773,403
3,207,319
2,910,375
0
16,905,296

29,293,684
4,300,000
(49,663)
10,487,941
116,854

28,668,553
1,658,600
(2,585,686)
8,101,471
153,404

30,513,066
658,298
2,766,846
6,960,550
1,128,979

37,006,917
392,898
6,050,502
392,898
1,219,159

62,985,080
7,791,524
8,754,317
10,446,073
2,352,189

75,291,033
9,983,078
9,655,709
10,420,446
3,921,200

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
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
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
12.56
85.88

0.52
0.76
3.15
0.82
2.64
61.82
0.22
20.34
27.28
24.66
4.12
26.11
37.24
24.98
24.71
102.86

0.56
1.01
4.57
0.76
2.07
67.18
0.59
20.69
29.75
23.77
4.38
4.64
26.24
21.20
35.07
144.17

1.15
1.33
3.65
0.92
2.57
71.50
0.56
19.44
30.57
22.81
4.32
6.15
17.12
19.44
38.86
174.98

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

50,937,606
2,777,779
51,337,989
39,313,315
2,462,539
8,057,855

55,262,369
3,329,085
56,092,012
40,734,338
3,436,048
7,741,210

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

331

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Maple Leaf Cement Factory Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

28,275,751
3,794,285
32,987,590
24,409,108
1,253,266
17,591
200
54,567
5,414,365
288,170
539,084
560,103
20,950
4,006,058
10,355,310
5,461,300
4,894,010
14,653,399
4,518,551
0
7,983,000
19,149
2,132,699
8,681,407
5,803,458
5,267,130
536,328
(2,670,171)
1,906,480
(4,576,651)
5,548,120

26,841,888
60,928
36,925,073
26,713,389
1,635,375
8,797
3,037
55,737
5,886,085
463,226
903,395
575,931
33,122
3,910,411
10,604,368
6,119,348
4,485,020
12,995,935
3,746,724
0
7,183,000
22,322
2,043,889
9,127,670
5,805,603
5,277,340
528,263
(1,976,742)
1,898,415
(3,875,157)
5,298,809

25,690,184
87,652
37,388,539
25,542,553
1,638,751
0
1,625
58,354
6,682,906
523,540
938,899
757,944
7,350
4,455,173
8,568,551
1,902,740
6,665,811
11,981,790
3,628,016
0
6,383,000
32,578
1,938,196
11,822,749
5,277,340
5,277,340
0
1,493,573
2,058,137
(564,564)
5,051,836

1,625
58,453
7,145,445
206,844
1,151,460
839,037
6,780
4,941,324
7,132,572
1,033,721
6,098,851
10,137,641
2,259,705
0
5,583,000
45,233
2,249,703
14,641,092
5,277,340
5,277,340
0
4,472,237
2,058,137
2,414,100
4,891,515

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
3,400,241
2,871,273
(917,651)
64,321
0
0
3,395,018

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
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
2,039,814
1,646,632
393,182
2,166,409
98,689
(1,580,911)
131,896
0
0
1,621,937

15,461,356
12,442,343
3,019,013
11,446,583
1,573,450
9,873,133
4,014,773
1,254,212
846,098
408,114
2,350,565
236,988
444,066
125,718
0
0
1,693,090

17,357,376
14,120,244
3,237,132
11,312,341
1,623,902
9,688,439
6,045,035
1,219,055
797,751
421,304
1,704,652
102,423
3,162,615
102,980
0
0
5,042,545

18,968,547
15,743,982
3,224,565
12,445,562
1,821,563
10,623,999
6,522,985
1,548,397
1,054,336
494,061
1,464,772
73,871
3,590,401
492,444
0
0
5,951,030

15,697,954
8,888,828
(981,972)
16,002,648
99,103

16,746,067
11,589,551
(2,672,630)
16,517,818
105,001

23,334,806
12,501,551
(1,712,807)
17,962,851
478,162

22,123,605
10,929,724
318,348
17,049,072
526,355

23,804,539
10,011,016
3,059,635
11,913,756
589,001

24,778,733
7,842,705
3,097,957
8,876,426
589,001

0.12
22.29
4.47
0.59
0.52
67.51
2.82
-3.54
-12.17
-5.36

0.14
15.11
5.51
0.52
0.54
78.44
4.08
-9.93
-43.36
-15.84

0.08
16.57
4.28
0.39
0.52
83.36
2.88
-5.29
-22.89
-7.89

0.10
15.20
3.72
0.47
0.56
74.03
2.59
1.34
5.02
1.95

0.15
9.82
4.37
0.54
0.78
65.17
1.74
9.72
30.19
13.77

0.15
7.72
4.42
0.59
1.00
65.61
1.18
11.17
27.13
14.78

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

24,765,860
44,446
38,157,190
24,661,336
1,690,247

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

332

23.43
0.68
-6.02
-2.64
18.05

27.01
-0.33
-18.85
-7.18
13.79

24.25
-15.02
-12.09
-3.25
16.48

17.11
2.87
2.87
0.60
17.30

18.49
31.88
18.22
5.80
22.40

16.47
49.60
18.93
5.87
27.74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mustehkam Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

9,064,245
20,456
9,014,976
8,967,960
328,415
0
0
75,829
1,781,469
23,585
263,769
34,580
0
1,459,535
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

8,708,846
12,220
9,030,282
8,655,716
336,424
0
0
40,910
2,021,032
23,522
438,018
42,811
0
1,516,681
2,094,849
743,242
1,351,607
3,379,963
3,050,000
0
0
9,624
320,339
5,255,066
1,292,609
1,292,609
0
1,701,683
1,188,274
513,409
2,260,774

8,708,846
12,220
9,030,282
8,655,716
336,424
0
0
40,910
2,021,032
23,522
438,018
42,811
0
1,516,681
2,094,850
743,242
1,351,608
3,379,962
3,050,000
0
0
9,624
320,338
5,255,066
1,292,609
1,292,609
0
1,701,683
1,188,274
513,409
2,260,774

8,708,846
12,220
9,030,282
8,655,716
336,424
0
0
40,910
2,021,032
23,522
438,018
42,811
0
1,516,681
2,094,850
743,242
1,351,608
3,379,963
3,050,000
0
0
9,624
320,339
5,255,066
1,292,609
1,292,609
0
1,701,683
1,188,274
513,409
2,260,774

1,351,160
1,351,160
0
1,231,374
137,584
1,093,790
119,786
95,192
82,518
12,674
158,209
153,845
(131,374)
3,136
0
0
(188,849)

1,462,412
1,462,412
0
1,532,603
271,341
1,261,262
(70,191)
69,800
11,945
57,855
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
786,608
770,438
(165,663)
40,748
0
0
(472,299)

4,789,007
4,789,007
0
3,539,159
464,977
3,074,182
1,249,848
93,845
39,616
54,229
654,810
632,897
533,058
50,977
0
0
599,439

4,789,007
4,789,007
0
3,539,159
464,977
3,074,182
1,249,848
93,845
39,616
54,229
654,810
632,897
533,058
50,977
0
0
599,439

4,789,007
4,789,007
0
3,539,159
464,977
3,074,182
1,249,848
93,845
39,616
54,229
654,810
632,897
533,058
50,977
0
0
599,439

8,266,937
4,200,000
(134,510)
5,264,495
30,735

7,481,061
3,795,833
(490,670)
4,852,906
52,548

7,735,629
2,637,500
(206,411)
3,778,651
79,929

8,635,029
3,050,000
482,081
3,793,242
90,488

8,635,028
3,050,000
482,081
3,793,242
90,488

8,635,029
3,050,000
482,081
3,793,242
90,488

0.01
11.71
0.28
0.14
0.95
91.13
1.91
-1.71
-4.37
-2.15

0.01
23.98
1.28
0.14
0.48
104.80
2.29
-4.89
-15.12
-6.23

0.02
20.74
0.91
0.35
0.57
83.32
1.21
-1.56
-4.10
-2.18

0.03
13.67
0.89
0.45
0.96
73.90
1.04
4.94
10.49
6.51

0.03
13.67
0.89
0.45
0.96
73.90
1.04
4.97
10.14
6.17

0.03
13.67
0.89
0.45
0.96
73.90
1.04
4.97
10.14
6.17

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

333

6.85
0.15
-9.72
-8.95
220.96

5.22
-0.41
-33.52
-11.77
75.90

14.38
0.78
-4.37
-1.60
37.97

10.93
1.84
11.13
3.73
40.65

10.93
1.84
11.13
3.73
40.65

10.93
1.84
11.13
3.73
40.65

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pioneer Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

8,169,475
9,200
12,326,622
8,121,214
366,680
769
0
38,292
1,941,046
268,909
425,858
28,236
0
1,218,043
4,493,378
2,433,178
2,060,200
699,138
115,728
0
0
48,846
534,564
4,918,005
2,271,489
2,271,489
0
864,975
0
864,975
1,781,541

7,900,388
612
12,360,490
7,794,539
377,047
549
65,000
39,688
3,701,769
1,464,792
314,928
49,794
0
1,872,255
3,429,634
497,086
2,932,548
2,003,313
786,718
0
0
55,260
1,161,335
6,169,210
2,271,489
2,271,489
0
2,171,194
0
2,171,194
1,726,527

7,615,045
3,533
12,461,032
7,505,850
396,560
329
65,965
39,368
4,262,024
890,404
674,265
61,307
0
2,636,048
2,982,140

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

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
451,465
436,764
174,306
156,744
0
0
913,565

3,872,834
3,192,886
679,948
3,953,814
652,825
3,300,989
(80,980)
405,966
158,842
247,124
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
357,916
344,973
71,824
53,984
0
0
895,756

6,487,127
5,683,229
803,898
4,900,167
313,134
4,587,033
1,586,960
354,855
78,800
276,055
328,024
318,012
924,340
65,379
0
0
1,189,927

7,568,432
6,555,966
1,012,466
5,163,047
340,147
4,822,900
2,405,385
106,761
89,961
16,800
170,280
82,882
2,248,399
42,576
908,596
0
2,801,561

8,024,777
7,324,486
700,291
5,435,809
416,714
5,019,095
2,588,968
275,352
53,143
222,209
155,177
53,774
2,430,019
361,237
965,383
0
2,267,285

6,858,603
1,344,254
17,562
3,559,679
100,551

5,417,155
587,028
(1,055,016)
3,688,882
74,778

5,443,140
404,567
17,840
3,105,181
257,706

5,617,143
115,728
858,961
2,548,906
298,963

8,172,523
786,718
1,297,227
1,283,804
332,165

8,894,929
562,304
1,103,399
562,304
332,165

0.06
9.03
0.75
0.48
0.29
73.34
1.26
1.67
3.82
2.60

0.02
10.14
0.95
0.38
0.27
102.09
1.38
-8.31
-19.27
-14.00

0.04
6.79
0.41
0.54
0.27
85.93
1.18
0.71
1.62
1.32

0.07
5.06
0.44
0.64
0.43
75.54
1.06
9.26
19.58
16.71

0.44
2.25
0.66
0.65
1.08
68.22
0.88
20.71
40.56
32.61
2.43
24.03
28.13
29.71
9.71
27.16

0.32
1.93
0.76
0.68
1.43
67.74
0.75
20.70
37.47
28.48
2.14
11.90
46.19
30.28
9.11
29.95

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

2,982,140
2,092,604
562,304
0
0
69,053
1,461,247
6,802,325
2,271,489
2,271,489
0
2,863,285
0
2,863,285
1,667,551

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

334

34.23
1.40
3.49
0.09
22.96

29.32
-1.28
-22.19
-4.74
19.48

32.77
1.21
1.36
0.08
19.92

15.23
3.91
14.25
3.78
21.65

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Power Cement
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

4,627,456
0
5,439,563
4,352,502
77,307
0
0
274,954
556,993
3,547
116,666
63,923
0
372,857
1,619,955
988,090
631,865
2,567,673
2,250,000
299,178
0
18,495
0
996,821
1,828,450
1,828,450
0
(831,629)
0
(831,629)
0

4,394,724
0
5,449,916
4,268,503
95,047
0
0
126,221
656,532
14,926
120,422
37,173
0
484,011
1,443,074
557,377
885,697
2,636,203
2,500,000
0
0
20,276
115,927
971,979
3,656,900
3,656,900
0
(2,764,921)
(914,225)
(1,850,696)
80,000

4,288,470
0
5,506,204
4,226,302
98,918
314
42,219
19,635
894,607
3,594
219,066
44,010
0
627,937
2,241,036
1,104,276
1,136,760
1,816,631
1,674,780
0
0
25,924
115,927
1,125,410
3,656,900
3,656,900
0
(2,611,490)
(914,225)
(1,697,265)
80,000

4,334,033
0
5,638,045
4,250,159
108,669
21
64,218
19,635
1,285,111
4,052
324,979
138,445
0
817,635
2,132,000
958,322
1,173,678
1,991,773
1,867,062
0
0
0
124,711
1,495,371
3,656,900
3,656,900
0
(2,241,529)
(914,225)
(1,327,304)
80,000

4,422,305
83,260
5,762,158
4,275,940
99,065
862
42,608
19,635
1,363,510
5,476
177,302
143,038
0
1,037,694
2,199,329
544,182
1,655,147
2,157,944
2,096,795
0
0
0
61,149
1,428,542
3,656,900
3,656,900
0
(2,308,358)
(914,225)
(1,394,133)
80,000

2,982,686
930,815
2,051,871
2,282,298
405,670
1,876,628
700,388
421,211
390,619
30,592
351,206
348,718
(41,973)
23,024
0
0
(51,845)

2,198,443
576,038
1,622,405
2,131,027
310,849
1,820,178
67,416
438,465
413,667
24,798
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
407,674
405,794
(755,625)
22,295
0
0
(515,906)

2,930,152
2,533,477
396,675
2,633,210
423,243
2,209,967
296,942
136,916
103,400
33,516
401,930
398,297
292,672
29,302
0
0
120,287

3,511,774
2,984,049
527,725
2,788,966
429,295
2,359,671
722,808
238,495
137,966
100,529
369,458
127,675
434,854
29,379
0
0
59,792

3,496,103
3,028,725
467,378
3,151,266
420,281
2,730,985
344,837
347,379
260,489
86,890
377,328
164,876
(140,271)
0
0
0
26,756

4,469,399
2,506,350
(64,997)
3,001,772
15,746

3,564,494
2,250,000
(762,444)
3,238,090
17,525

3,608,182
2,500,000
(777,920)
3,057,377
11,674

2,942,041
1,674,780
263,370
2,779,056
186,792

3,487,144
1,867,062
405,475
2,825,384
208,892

3,586,486
2,096,795
(140,271)
2,640,977
226,725

0.03
11.77
1.11
0.50
0.93
76.52
2.45
-0.75
-2.53
-0.98

0.04
18.98
2.91
0.42
0.34
96.93
4.20
-13.44
-55.01
-18.58

0.04
18.36
1.67
0.44
0.45
102.61
4.20
-14.60
-76.76
-20.73

0.02
13.72
1.50
0.57
0.40
89.87
3.61
5.72
27.91
8.94

0.07
10.52
3.94
0.62
0.60
79.42
2.76
8.05
33.19
13.53

0.07
10.79
4.09
0.60
0.62
90.14
3.05
-2.46
-9.59
-3.97

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

335

6.98
0.88
-1.41
-0.36
9.39

18.84
-0.80
-33.96
-4.17
5.45

18.44
-0.86
-34.03
-2.13
2.66

13.38
1.73
9.99
0.72
3.08

10.81
4.41
12.38
1.11
4.09

19.72
0.15
-4.01
-0.38
3.91

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Thatta Cement Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,404,034
475,724
2,210,567
785,397
50,179
3,534
138,587
792
768,078
6,111
229,723
138,782
0
393,462
974,759
488,678
486,081
192,990
131,785
0
0
0
61,205
1,004,363
997,181
997,181
0
(92,536)
27,000
(119,536)
99,718

2,441,891
146,548
3,610,835
2,126,317
76,495
548
167,472
1,006
1,434,856
178,476
349,313
186,605
306,000
414,462
1,202,504
256,810
945,694
1,187,762
1,066,503
0
0
0
121,259
1,486,481
997,181
997,181
0
389,582
242,050
147,532
99,718

2,841,307
598,099
3,676,031
2,101,747
92,903
349
140,106
1,006
1,795,305
170,148
418,063
281,608
306,000
619,486
1,388,895
576,414
812,481
1,292,417
1,141,222
0
0
0
151,195
1,955,300
997,181
997,181

1,795,109
1,109,983
685,126
1,298,132
123,118
1,175,014
496,977
185,070
130,108
54,962
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
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
78,789
56,720
(64,251)
19,218
0
0
(125,496)

2,314,211
1,819,937
494,274
2,064,119
158,644
1,905,475
250,092
184,177
108,276
75,901
96,507
94,990
17,175
29,122
49,859
0
169,944

2,824,199
2,754,077
70,122
2,069,463
147,977
1,921,486
754,736
216,327
66,091
150,236
166,097
157,601
448,569
76,948
49,859
0
74,729

3,021,994
2,902,232
119,762
1,914,575
136,310
1,778,265
1,107,419
286,042
57,545
228,497
204,409
189,898
712,814
160,624
109,690
0
615,972

912,078
83,333
248,358
409,767
16,393

865,910
41,666
(9,923)
374,742
24,785

1,119,918
103,037
(83,469)
657,916
144,586

1,197,353
131,785
(61,806)
620,463
173,105

2,674,243
1,066,503
321,762
1,323,313
212,737

3,247,717
1,141,222
442,500
1,717,636
264,133

0.21
3.55
3.13
1.26
1.17
72.31
0.84
19.05
39.27
31.94

0.10
2.95
3.22
1.07
1.02
82.04
0.85
0.12
0.23
0.20

0.44
4.25
4.78
0.93
1.21
87.12
1.04
-3.75
-7.33
-6.47

0.15
4.17
6.00
1.07
0.79
89.19
1.16
0.83
1.73
1.48
-0.24
10.07
1.18
0.74
-0.12
10.07

0.56
5.88
6.61
0.73
1.19
73.28
1.61
14.83
36.02
23.17
7.45
8.09
3.85
15.88
3.73
14.91

0.55
6.76
9.32
0.65
1.29
63.35
1.37
16.75
41.42
24.07
5.03
7.23
4.75
23.59
5.54
19.61

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

858,401
340,905
517,496
99,718

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

336

7.97
5.19
14.67
3.11
9.66

6.46
1.04
0.11
-0.12
9.72

8.46
-0.13
-3.46
-1.05
12.26

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Zeal Pak Cement Factory Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
2,126,728
274,586
1,852,142
281,420
0
261,044
0
13,812
6,564
(137,920)
4,278,385
4,278,385
0
(5,617,566)
10,904
(5,628,470)
1,201,261

1,647,978
59,348
2,842,411
1,581,055
89,983
0
0
7,575
577,792
1,994
69,940
210,270
0
295,588
2,371,228
275,682
2,095,546
310,679
0
290,386
0
13,729
6,564
(456,137)
4,278,385
4,278,385
0
(5,897,540)
10,904
(5,908,444)
1,163,018

13,720
6,564
(852,651)
4,278,385
4,278,385
0
(6,259,478)
10,904
(6,270,382)
1,128,442

13,720
6,564
(852,651)
4,278,385
4,278,385
0
(6,259,478)
10,904
(6,270,382)
1,128,442

569,065
569,065
0
990,112
125,096
865,016
(421,047)
42,281
2,697
39,584
59,203
57,080
(521,592)
0
0
0
(44,366)

227,757
227,757
0
608,897
118,504
490,393
(381,140)
110,210
1,197
109,013
70,836
69,798
(560,591)
1,140
0
0
(12,925)

131,525
131,525
0
200,549
73,221
127,328
(69,024)
126,618
896
125,722
56,126
54,915
(477,250)
1,699
0
0
405,957

95,619
95,619
0
183,297
115,810
67,487
(87,678)
49,281
393
48,888
48,093
47,024
(311,854)
4,664
0
0
(6,488)

54,744
54,744
0
78,889
51,188
27,701
(24,145)
259,548
592
258,956
21,431
20,256
(394,017)
2,497
0
0
120,717

54,744
54,744
0
78,889
51,188
27,701
(24,145)
259,548
592
258,956
21,431
20,256
(394,017)
2,497
0
0
120,717

1,139,734
94
(521,592)
709,870
77,088

580,888
0
(561,731)
700,388
53,145

143,500
0
(478,949)
274,586
38,221

(145,458)
0
(316,518)
275,682
38,549

274,718
0
(396,514)
197,476
37,696

274,718
0
(396,514)
197,476
37,696

0.20
10.40
57.51
0.20
0.57
173.99
2.22
-17.72
-44.81
-38.89

0.12
31.10
105.27
0.09
0.38
267.35
6.49
-20.53
-90.14
-65.16

0.09
42.67
149.64
0.06
0.26
152.48
-17.46
-19.79
-469.94
-131.77

0.09
50.30
219.90
0.04
0.24
191.70
-5.88
-13.87
104.99
31,854.34

0.01
39.15
18.27
0.02
0.16
144.11
-4.33
-15.55
60.21
-609.65

0.01
39.15
18.27
0.02
0.16
144.11
-4.33
-13.86
46.21
-143.43

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

2,422,364
913,957
2,842,411
1,500,832
80,221
0
0
7,575
419,661
6,594
32,095
10,000
0
370,972
2,567,307
197,476
2,369,831
1,127,369

2,422,364
913,957
2,842,411
1,500,832
80,221
0
0
7,575
419,661
6,594
32,095
10,000
0
370,972
2,567,307
197,476
2,369,831
1,127,369

1,107,085

1,107,085

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

337

3.11
-8.14
-91.66
-1.22
2.11

4.39
-7.03
-246.14
-1.31
0.80

2.80
-7.69
-362.86
-1.12
-0.32

1.37
-5.63
-326.14
-0.74
-1.07

1.71
-18.45
-719.74
-0.93
-1.99

1.71
-18.45
-719.74
-0.93
-1.99

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

MOTOR VEHICLES, TRAILERS AND AUTOPARTS

PERFORMANCE AT A GLANCE
The balance sheet size of the Motor Vehicles, Trailers and Autoparts sector expanded in the year. Total
assets of the sector grew from Rs. 135.70 billion in 2013 to Rs. 143.06 billion in 2014 showing an
increase of 5.43 percent over the previous year. Shareholders equity of the sector posted an increase of
11.16 percent in 2014 whereas, a slight decrease of 0.91 percent is observed in total liabilities when
compared with the position in the last year. There has been a decrease in total companies of the sector as a
couple of companies are no more listed at Karachi Stock Exchange (KSE) and therefore dropped from the
analysis. Profits before tax of the sector significantly increased by 14.24 percent or Rs. 2.57 billion over
the previous year.

ANALYSIS OF ASSETS
Total assets of the Motor Vehicles, Trailers and Autoparts sector increased by Rs. 7.36 billion in 2014.
Non-current assets and current assets grew by 7.12 percent and 4.85 percent respectively in 2014 as
compared to the previous year. The analysis of components of non-current assets reveals that Operating
Fixed Assets (OFA) after deducting accumulated depreciation increased by Rs. 4.13 billion or 15.07
percent over 2013 whereas, decreasing trend is observed in rest of the components of the non-current
assets when compared with the position in the previous year. Capital work in progress decreased from Rs.
2.88 billion in 2013 to Rs. 2.02 billion in 2014 posting a decline of 29.69 percent in 2014. A significant
decrease of 31.46 percent is observed in other non-current assets in the last year, which dropped from Rs.
2.44 billion in 2013 to Rs. 1.67 billion in 2014.
Current assets of the sector increased by Rs. 4.91 billion or 4.85 percent over the previous year to touch
Rs. 106.16 billion in 2014. Under current assets a significant increase of 19.99 percent is observed in cash
Non-Current Assets

Current Assets
2013

2014

Growth (RHS)

2013

50.00

25.00%

45.00

19.99%

40.00

43.57

20.00%

10.00

5.00

Growth (RHS)
20.00%

27.43

31.56

25.00
Billion Rs.

Billion Rs.

5.74%

3.94% 5.00%

22.77

20.08

0.02%

20.00

15.00

30.00

10.00%

30.00

2014

15.07%

10.00%

15.00%

41.21

35.00
25.00

35.00

18.98
8.04
8.04

11.70
13.70

19.32

0.00%
-5.00%

-10.00%
15.00
-20.00%

10.00

-15.00%
-20.00%

5.00

2.88
0.34 0.31

338

1.36

1.33

2.44
1.67

0.00

-30.00%
-40.00%

CW in
progress

Other CA

-31.46%

-29.69%
2.02

0.00

0.00%

-7.50%

20.00

-10.00%

-14.66%

Cash/bank Inventories Trade Debt Short term

balance
Inv.

-2.34%

OFA minus
acc. Depr

Intangible
Assets

Long term
Inv.

Other NCA

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

and bank balances which grew from Rs. 18.98 billion in 2013 to Rs. 22.77 billion in 2014. Trade debt
remained almost same whereas, an increase of 5.74 percent is observed in inventories when compared
with the position of last year. Short term investments in the sector decreased by Rs. 2.01 billion or 14.66
percent over previous year, dropped from Rs. 13.70 billion in 2013 to Rs. 11.70 billion in 2014.

ANALYSIS OF SHAREHOLDERS EQUITY

Shareholders equity of the Motor Vehicles,
Trailers and Autoparts sector grew up to Rs. 79.21

Components of Shareholders' Equity

1.Issued, Subscribed & Paid
up capital

billion in the current year from Rs. 71.26 billion in

2.Reserves

8.57 bn

the previous year indicating an increase of 11.16

8.57 bn

3.Surplus on revaluation of
fixed assets

5.12 bn
4.90 bn

percent or Rs. 7.95 billion over 2013. Reserves

comprising 82.71 percent share of equity remained
major

component

of

shareholders

equity

substantially increased by 13.35 percent or Rs. 7.72

57.80 bn
65.52 bn

billion as compared to the previous year. Capital

reserves remained almost same in 2014 whereas, an

increase of Rs. 7.71 billion or 13.47 percent is observed in revenue reserve when compared with the
position in last year, which increased from Rs. 57.27 billion in 2013 to touch Rs. 64.99 billion in 2014.
Surplus on revaluation of fixed assets increased from Rs. 4.90 billion in 2013 to Rs. 5.12 billion in 2014
witnessing an increase of 4.64 percent over the previous year.

ANALYSIS OF LIABILITIES
Total liabilities of the sector witnessed a decrease

Components of Liabilities

of Rs. 0.59 billion in the year, dropped from Rs.

2013

64.44 billion in 2013 to Rs. 63.85 billion in 2014.

60.00

Analysis of components of total liabilities reveals

50.00

over 2013, whereas a decline of 1.17 percent is

observed in current liabilities when compared with
the position in the last year. Short Term (ST)
secured loan comprising 20.35 percent of total

Growth (RHS) %
30.00%

60.2

22.69%

20.00%
10.00%

3.55%

Billion Rs.

that non-current liabilities increased by 3.55 percent

2014

70.00

0.00% 0.00%

-1.17%

40.00

-10.00%
30.00
-20.00%
20.00

-30.00%

12.3

10.00

3.6
61.0

3.5

10.0

-40.31%
0.3 0.2
0.7 0.7

0.00

-40.00%
-50.00%

CL

Non-CL

ST Secured
loans

LT secured LT unsecured
loans
loans

current liabilities posted an increase of 22.69 percent over 2013, which increased from Rs. 9.99 billion in

339

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

2013 to Rs. 12.26 billion in 2014. Under non-current liabilities, Long Term (LT) unsecured loan remained
same in 2014 whereas, a decrease of 40.31 percent is observed in LT secured loans when compared with
the position in last year, which dropped to Rs. 0.19 billion in 2014 from Rs. 0.32 billion in 2013.

PROFITABILITY AND OPERATING EFFICIENCY

Sales and cost of sales of the sector increased by

Productivity

Rs. 4.58 billion and Rs. 1.88 billion respectively

300.00

in 2014 over 2013. Local sales comprising 99.69

250.00

percent of total sales of the sector increased by Rs.

275.13 billion in 2014 posting an increase of 1.76

Billion Rs.

4.76 billion from Rs. 270.37 billion in 2013 to Rs.

200.00
150.00
100.00

percent over the previous year. On the other hand,

50.00

export sales decreased by 17.50 percent when

2009

compared with the previous year. Cost of material

consisting of 83.04 percent of total cost of sales

2010

2011

2012

2013

2014

Sales (Amount in billions)

Cost of Sales (Amount in billions)

Local Sales (Billion Rs.)

Exports Sales (Billion Rs.)

slightly increased by 0.85 percent over previous

year from Rs. 202.54 billion in 2013 to Rs. 204.26

Profitability

billion in 2014. Gross profit of the sector

30.00

witnessed an increase of Rs. 2.70 billion or 9.88

26.39

27.42
25.15

2013

26.19

25.00
Percent %

percent over 2013.

Inventory turnover ratio decreased during the year
reflecting that sector on average managed to

20.00
15.00

replace and sold its inventory 6 times as against 7

10.00

times in the last year. Return on Assets (ROA),

5.00

Return on Equity (ROE) and Return on Capital

16.93
13.76

ROA

Employed (ROCE) increased during the year.

Similarly Earning per Share (EPS) also increased during the year.

340

14.80

13.63

ROE

ROCE

EPS

2014

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Motor Vehicles, Trailers & Autoparts - Overall

2009

2010

2011

2012

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

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
56,875,951
14,794,788
42,081,163
5,697,015
2,777,024
722,552

32,976,630
1,231,987
57,753,810
28,057,138
3,875,693
438,150
1,135,738
2,113,617
90,939,811
17,067,809
40,255,395
5,959,350
6,567,572
21,089,685
60,290,009
15,812,348
44,477,661
4,138,395
963,659
722,552

32,653,783
1,162,718
60,536,382
27,555,609
4,775,542
388,827
1,310,350
2,236,279
95,705,874
20,648,086
39,059,462
8,414,712
6,673,042
20,910,572
59,321,447
14,657,870
44,663,577
3,244,146
277,579
722,552

468,087
1,729,352
54,688,131
7,836,087
7,836,087
0
43,029,919
425,980
39,553,525
3,822,125

421,078
2,031,106
59,488,037
8,239,734
8,239,734
0
46,456,915
451,378
46,005,537
4,791,388

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
2,695,836
1,197,395
4,853,407
3,052,311
3,354,180
319,563
7,599,530

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
1,722,657
1,278,386
13,605,657
5,671,202
4,684,136
206,026
18,746,120

55,523,448
3,054,426
(1,553,084)
18,175,615
5,036,975
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
2.25
61.90

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

2014

(Thousand Rupees)
2013
2014
36,905,222
2,023,806
76,851,278
31,563,315
4,123,506
313,461
1,330,580
1,674,060
106,158,626
22,770,379
43,573,658
8,040,689
11,695,340
20,078,560
60,242,775
12,260,345
47,982,430
3,609,889
189,315
722,552

693,702
1,550,313
65,794,064
8,397,780
8,397,780
0
52,679,094
642,602
52,036,492
4,717,190

34,451,068
2,878,530
63,449,290
27,428,791
4,213,319
338,860
1,362,457
2,442,430
101,248,453
18,977,270
41,208,868
8,039,477
13,704,927
19,317,911
60,952,985
9,993,076
50,959,909
3,486,046
317,150
722,552
0
817,844
1,628,500
71,260,490
8,566,454
8,566,454
0
57,798,018
523,750
57,274,268
4,896,018

251,691,693
250,167,496
1,524,197
231,092,089
203,092,371
27,999,718
20,599,604
8,593,428
3,990,829
4,602,599
2,379,182
1,319,904
13,906,162
5,237,330
4,847,966
158,046
3,031,486

275,094,208
272,882,649
2,211,559
250,721,299
218,818,138
31,903,161
24,372,909
9,856,732
4,451,956
5,404,776
1,814,766
1,813,175
17,161,496
6,264,150
7,128,729
132,069
7,527,203

271,412,403
270,373,700
1,038,703
244,084,501
202,542,376
41,542,125
27,327,902
11,556,681
5,244,135
6,312,546
1,382,783
1,245,726
18,057,637
5,892,481
6,918,549
408,976
13,923,175

275,988,244
275,131,283
856,961
245,960,191
204,256,833
41,703,358
30,028,053
12,085,328
5,717,278
6,368,050
1,194,209
1,079,310
20,629,588
5,381,955
7,639,033
0
11,651,430

60,385,146
2,777,024
3,250,319
17,571,812
5,913,110

63,626,432
963,659
3,820,866
16,776,007
7,278,468

69,038,210
277,579
3,768,617
14,935,449
7,820,040

74,746,536
317,150
5,246,607
10,310,226
9,456,654

82,821,073
189,315
7,608,600
12,449,660
10,941,599

0.70
0.76
2.97
1.93
1.51
91.37
1.14
12.56
26.09
23.48
1.69
7.00
11.64
6.03
9.68
66.74

0.49
0.95
2.37
2.03
1.51
91.82
1.08
11.53
24.36
22.43
1.79
6.25
11.54
5.53
10.08
69.18

0.60
0.66
3.06
2.14
1.61
91.14
0.95
13.61
27.40
25.87
1.53
7.04
10.46
6.24
12.44
75.14

0.67
0.51
2.96
2.00
1.66
89.93
0.90
13.76
26.39
25.15
1.76
6.59
15.50
6.65
13.63
79.84

0.71
0.43
2.91
1.93
1.76
89.12
0.81
14.80
27.42
26.19
2.00
6.33
20.11
7.47
16.93
87.96

826,843
1,871,179
79,211,184
8,571,428
8,571,428
0
65,516,667
528,197
64,988,470
5,123,089

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

341

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Agriauto Industries Ltd.

2009

2010

2011

2012

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

347,688
13,775
623,979
331,661
45,744

395,546
43,266
669,216
348,031
49,484

511,739
414
814,224
457,371
56,541

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

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

50,000
3,954
2,408,229
344,892
681,927
315,856
966,650
98,904
300,878

195,987
33,336

303,069
29,070

276,415
20,389

300,878
51,506

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

51,506
2,567,584
144,000
144,000
0
2,423,584

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

2,423,584

2,413,309
2,413,309

3,906,482
3,906,482

3,980,258
3,980,258

4,286,674
4,286,674

2014

(Thousand Rupees)
2013
2014
1,040,034
535,583
879,018
492,166
63,095
0
12,285
0
1,917,560
650,457
625,925
472,811
50,341
118,026
289,257
0
289,257
54,440
0
0
0
0
54,440
2,613,897
144,000
144,000
0
2,469,897
0
2,469,897
0

1,318,831
707,230
1,040,748
598,796
70,079

12,805
0
1,741,563
264,132
483,939
245,968
510,410
237,114
273,482

273,482
61,055

61,055
2,725,857
144,000
144,000

2,581,857

2,581,857

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,928,143
1,638,386
289,757
485,166
124,905
43,459
81,446
4,748
1,040
401,878
128,507
57,600
30,000
109,945

2,950,248
2,570,657
379,591
956,234
181,649
50,786
130,863
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
837
494
672,581
246,399
144,000

3,360,971
2,750,073
610,898
925,703
242,080
62,059
180,021
434
181
830,446
210,782
216,000

370,771

359,203

488,595

3,503,624
3,503,624
0
2,929,021
2,293,331
635,690
574,603
254,443
54,754
199,689
185
7
408,177
127,573
158,400
0
127,006

3,158,518
3,158,518
0
2,647,581
2,011,714
635,867
510,937
257,348
56,556
200,792
157
0
365,728
87,581
144,000
0
522,917

1,475,504
0
215,771
0
28,745

1,846,396
0
264,642
0
161,869

2,170,972
0
282,182
0
234,803

2,619,090
0
403,664
0
295,471

2,668,337
0
122,204
0
306,822

2,786,912
0
134,147
0
334,081

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
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
13.69
63.10

4.99
0.02
8.92
1.63
7.42
79.67
0.14
29.26
33.90
33.48
2.96
6.57
1,362.50
16.90
14.80
74.67

5.41
0.01
7.37
1.47
8.00
78.41
0.14
30.94
35.20
34.67
2.87
6.29
4,589.10
19.37
21.52
89.15

4.06
0.01
13.49
1.18
6.63
83.60
0.13
13.89
15.76
15.44
1.77
5.60
58,312.00
11.65
9.74
90.76

3.73
0.00
7.79
1.03
6.37
83.82
0.12
12.04
13.58
13.30
1.93
6.53

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

342

11.58
9.66
94.65

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Al-Ghazi Tractors Ltd.

2009

2010

2011

2012

255,920

409,533
8,378
606,064
360,293
31,801

479,743
129
649,153
373,166
34,537

450,509
11,613
668,812
361,743
36,828
125
55,800
21,228
9,019,772
3,782,632
1,543,151
386,558
1,251,729
2,055,702
1,474,583

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

499,336
252,695
28,614

3,225
7,124,751
3,522,479
1,253,682
20,292
0
2,328,298
1,907,421

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
8,075,804
2,477,110
2,731,395
14,339
1,084,449
1,768,511
1,717,363

1,907,421
53,331

1,241,289
62,144

1,717,363
71,910

1,474,583
69,385

24,405
37,739
6,362,721
214,682
214,682
0
6,148,039

25,393
46,517
6,766,274
214,682
214,682
0
6,551,592

28,132
41,253
7,926,313
214,682
214,682
0
7,711,631

0
21,871
31,460
5,419,919
214,682
214,682
0
5,205,237

5,205,237

6,148,039

6,551,592

7,711,631

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
2,135

14,779,564
14,702,181
77,383
11,988,337
10,503,891
1,484,446
2,791,227
454,449
98,235
356,214
1,725

2014

(Thousand Rupees)
2013
2014
458,566
21,025
719,218
383,277
38,912
131
44,800
9,333
9,367,867
2,308,497
1,693,249
166,306
3,354,256
1,845,559
1,537,894
0
1,537,894
69,580
0
0
0
32,833
36,747
8,218,959
214,682
214,682
0
8,004,277
0
8,004,277
0

511,682
97,128
730,521
369,412
42,079
211
42,800
2,131
9,477,010
3,924,709
2,160,349
13,796
1,909,970
1,468,186
1,349,292

8,780,685
8,695,045
85,640
6,512,542
6,243,344
269,198
2,268,143
472,031
101,463
370,568
1,369
0
2,251,937
678,582
289,821
0
1,078,632

1,349,292
87,905

62,035
25,870
8,551,495
289,821
289,821
0
8,261,674
0
8,261,674

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,658,834
915,299
858,728
0
227,392

2,900,113
983,529
858,728
0
1,548,399

2,062,675
657,551
858,728
0
(609,573)

2,872,795
959,805
966,069
0
2,121,542

9,262,626
9,225,792
36,834
7,193,257
6,584,131
609,126
2,069,369
447,962
125,208
322,754
396
0
2,023,294
640,000
1,073,410
75,139
1,175,686

5,473,250
0
884,807
0
308,178

6,424,865
0
1,057,856
0
322,174

6,838,184
0
546,396
0
478,630

7,995,698
0
946,921
0
579,350

8,288,539
0
309,884
0
537,686

8,639,400
0
1,283,534
0
554,726

1.86
0.01
0.13
2.14
3.74
83.22
0.36
36.76
54.00
53.71
2.03
12.57

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
4.70
81.48
0.26
25.43
31.42
31.10
1.64
3.70

3.68
0.01
2.62
1.56
6.12
81.11
0.19
31.90
39.13
38.78
1.98
9.58

3.79
0.00
1.80
0.94
6.09
77.66
0.20
20.97
25.06
24.85
1.29
5.47

4.33
0.02
0.16
0.88
7.02
74.17
0.17
22.73
26.86
26.61
5.43
4.06

13,119,011
11,522,462
1,596,549
2,645,814
395,896
87,569
308,327
2,154

11,987,519
11,220,970
766,549
2,948,515
428,718
92,605
336,113
1,324

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

343

16.87
40.61
126.23

19.42
44.64
148.19

20.40
32.73
157.59

19.44
44.55
184.61

21.84
32.22
191.42

25.65
27.14
147.53

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Atlas Battery Ltd.

2009

2010

2011

2012

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

757,126
75,404
986,170
680,935
54,226

907,754
34,280
1,229,297
866,223
67,972
6,129

1,135,410
51,602
1,459,416
1,076,257
90,380

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
813,725
138,411

7,551
1,496,313
48,191
811,490
112,423
436,291
87,918
958,948
415,209
543,739
172,051

1,325
84,302
705,332
69,926
69,926
0
461,620
282,500
179,120
173,786

1,453
109,793
857,940
83,911
83,911

1,633
136,778
1,128,531
100,693
100,693
0
854,052

40,928
131,123
1,500,724
120,832
120,832
0
1,206,106

600,243
173,786

854,052
173,786

3,156,807
3,153,601
3,206
2,626,740
2,114,974
511,766
530,067
215,799
124,359
91,440
43,537
41,590
272,880
95,202
69,926
56,926
406,363

4,024,422
4,024,422

5,868,260
5,868,260

3,433,222
2,841,250
591,972
591,200
235,312
128,861
106,451
19,857
17,612
341,289
101,989
83,911
16,782
190,487

790,959
0
107,752
103,616
90,174
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
25.41
100.87

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

2014

(Thousand Rupees)
2013
2014
1,432,965
32,840
1,977,484
1,383,865
130,343
1,117

1,206,106
173,786

1,168,802
18,807
1,618,811
1,137,047
107,879
1,736
0
11,212
2,468,341
33,055
1,477,258
79,987
711,544
166,497
1,480,845
616,691
864,154
192,770
0
0
0
45,825
146,945
1,963,528
144,998
144,998
0
1,644,744
0
1,644,744
173,786

5,007,421
4,263,603
743,818
860,839
310,488
165,053
145,435
37,515
35,430
525,101
148,357
100,693
20,139
280,876

7,217,116
7,192,571
24,545
6,049,434
5,021,134
1,028,300
1,167,682
445,172
186,367
258,805
69,896
64,514
689,649
169,264
120,832
24,166
606,775

8,875,114
8,821,580
53,534
7,559,626
6,396,130
1,163,496
1,315,488
517,783
235,264
282,519
59,946
52,932
824,068
225,912
144,998
29,000
253,691

12,242,719
12,196,255
46,464
10,621,161
8,499,709
2,121,452
1,621,558
581,986
292,373
289,613
126,025
119,640
1,022,768
262,816
173,998
0
(473,489)

969,186
0
155,389
174,598
102,918

1,266,942
0
276,051
0
364,713

1,672,775
0
399,553
415,209
471,486

2,156,298
0
453,158
616,691
570,793

2,769,108
0
585,954
1,622,491
668,773

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
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
37.42
112.08

0.62
0.97
1.56
2.74
1.56
83.82
0.75
29.27
52.46
46.92
4.31
8.89
11.69
9.56
43.07
124.20

0.56
0.68
0.90
2.44
1.67
85.18
0.85
26.29
47.58
43.04
4.13
6.01
16.57
9.29
41.25
135.42

0.38
1.03
1.16
2.30
1.52
86.75
1.08
22.82
45.24
41.53
4.37
4.80
9.55
8.35
43.68
147.03

600,243

15,143
3,894,029
6,089
2,551,256
142,345
824,925
369,414
2,557,886
1,622,491
935,395
210,756

49,741
161,015
2,558,352
173,998
173,998

2,210,568

2,210,568
173,786

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

344

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Atlas Honda Ltd.

2009

2010

2011

2012

3,452,825
187,161
5,958,160
3,225,740
308,895
16,601

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

3,984,177
183,328
7,520,587
3,758,282
463,286
6,419

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

2014

(Thousand Rupees)
2013
2014

2,848,277

97,809
502,206
3,891,824
543,932
543,932
0
3,347,892
40,118
3,307,774

649,354
4,622,414
625,522
625,522
0
3,996,892
40,118
3,956,774

153,878
559,270
5,386,900
719,350
719,350
0
4,667,550
40,118
4,627,432

4,461,281
36,686
8,659,502
4,385,058
621,122
5,555
0
33,982
7,553,157
2,739,988
2,171,536
514,742
1,635,183
491,708
4,634,387
0
4,634,387
850,874
0
0
0
170,248
680,626
6,529,177
827,253
827,253
0
5,701,924
40,118
5,661,806
0

13,747,820
13,747,820

25,554,772
25,554,772

38,011,857
36,939,580
1,072,277
35,235,893
28,052,870
7,183,023
2,775,964
1,418,699
965,883
452,816
11,717
3,795
1,620,001
388,532
467,578
107,903
1,720,597

42,325,242
41,819,557
505,685
38,644,529
30,661,228
7,983,301
3,680,713
1,783,495
1,206,118
577,377
9,726
1,230
2,210,160
501,853
620,440
206,813
2,208,740

44,478,713
44,132,503
346,210
40,253,929
31,675,856
8,578,073
4,224,784
1,947,981
1,293,938
654,043
8,036
476
2,689,418
775,761
1,034,066
0
3,531,566

7,380,051
0
1,087,867
0
1,345,153

8,742,913
0
879,591
0
1,484,403

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
87,500
4,261,962
649,354

36,148
6,976,240
2,149,154
2,161,328
598,265
1,460,580
606,913
4,860,369

3,108,529
950,862
375,000

3,517,937
1,112,515
512,500

0
64,849
511,013
3,321,262
472,985
472,985
0
2,848,277

4,860,369
713,148

4,593,625
146,151
8,916,254
4,406,665
635,270
4,781

36,028
9,771,565
2,843,738
2,042,602
520,321
3,691,241
673,663
5,622,277

5,622,277
829,600

192,042
637,558
7,913,313
1,034,066
1,034,066

6,879,247
40,118
6,839,129

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

12,782,165
10,138,007
2,644,158
965,655
450,843
271,346
179,497
251,777
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
112,613
97,970
1,077,231
373,580
271,966
81,590
1,768,263

32,521,399
31,798,730
722,669
30,080,978
24,069,713
6,011,265
2,440,421
1,235,802
815,463
420,339
93,475
80,416
1,410,481
405,478
406,589
93,828
2,147,882

4,272,124
375,000
82,638
375,000
400,527

5,004,339
512,500
431,685
512,500
901,072

5,271,768
0
598,414
87,500
1,067,039

6,100,048
0
763,892
0
1,030,917

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
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
16.07
73.90

0.87
0.03
1.57
3.47
1.44
92.70
1.03
15.74
32.37
28.49
2.63
17.59
427.88
4.26
17.12
74.89

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.57
4.75
70.22

345

1.06
0.02
1.22
3.52
1.63
91.30
0.84
19.24
36.99
32.67
2.75
19.49
1,797.88
5.22
20.65
78.93

1.25
0.02
1.17
3.10
1.74
90.50
0.82
20.39
37.16
33.26
1.85
21.78
5,651.04
6.05
18.51
76.53

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Baluchistan Wheels Ltd.

2009

2010

2011

2012

416,875
7,308
924,966
403,674
43,432

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

372,450
200
1,000,729
360,500
43,071
220
708
10,822
743,423
48,331
508,184
129,508

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

2014

(Thousand Rupees)
2013
2014

636,546

715,189

790,466

361,673
0
1,031,334
354,354
40,782
110
755
6,454
776,074
34,713
502,672
134,255
20,067
84,367
131,074
4,039
127,035
44,295
1,626
0
0
0
42,669
962,378
133,343
133,343
0
829,035
611
828,424
0

1,095,824
1,050,353
45,471
963,741
131,382
832,359
132,083
84,523
24,054
60,469
18,455
17,029
53,007
16,387
20,001
40,583
107,131

1,380,901
1,337,810
43,091
1,113,091
913,884
199,207
267,810
110,011
35,715
74,296
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
10,100
9,183
138,556
49,793
26,669
0
34,274

1,507,907
1,464,853
43,054
1,230,589
970,803
259,786
277,318
103,446
20,582
82,864
15,057
14,108
162,805
62,230
20,001
0
178,071

1,164,513
1,133,462
31,051
1,024,528
624,548
399,980
139,985
99,981
26,302
73,679
4,984
3,655
36,588
13,110
20,001
0
116,907

1,148,425
1,122,185
26,240
948,811
783,965
164,846
199,614
120,282
38,696
81,586
3,109
1,953
85,237
27,853
30,002
0
152,887

810,044
27,701
16,619
27,701
102,747

846,703
19,786
56,988
19,786
125,408

903,964
0
62,094
69,141
141,426

975,364
5,695
80,574
9,056
162,463

1,006,673
1,626
3,477
5,665
149,174

1,063,003
5,113
27,382
8,941
164,348

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
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
6.27
57.74

0.85
0.69
9.10
1.32
3.42
82.37
0.31
13.07
17.12
15.83
3.33
3.32
16.09
9.46
6.66
63.64

1.27
1.00
8.59
1.35
5.29
81.61
0.21
14.63
18.37
17.33
5.03
2.97
12.54
10.80
7.54
69.28

1.44
0.43
11.53
1.02
5.92
87.98
0.18
3.25
3.88
3.69
1.17
2.32
11.01
3.14
1.76
72.17

1.95
0.27
5.69
0.99
8.69
82.62
0.14
7.44
8.65
8.25
1.91
2.30
44.64
7.42
4.30
75.83

315
5,578
537,157
30,510
325,773
92,550

88,324
143,988

143,988
87,439
27,701
0

164,240
76,814
19,786

0
59,738
722,605
133,343
133,343
0
589,262

85,512
205,148
69,141
136,007
55,432

57,400
140,509
3,361
137,148
51,555
5,695

57,028
769,889
133,343
133,343
0
636,546

55,432
848,532
133,343
133,343
0
715,189

45,860
923,809
133,343
133,343
0
790,466

360,185

1,047,938
351,705
39,777

747
7,733
794,155
28,905
498,712
65,310
83,678
117,550
91,337
3,828
87,509
51,806
5,113

46,693
1,011,197
133,343
133,343

877,854
603
877,251

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

346

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bela Automotives Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2010

2011

2012

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

184,869
20,649
343,394
161,767
5,315

184,869
20,649
343,394
161,767
5,315

184,869
20,649
343,394
161,767
5,315

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

2,453
145,278
1,081
58,787
9,587

2,453
145,278
1,081
58,787
9,587

2,453
145,278
1,081
58,787
9,587

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
38,254
60,830
43,981
41,997

75,823
96,578
38,254
58,324
44,346
41,997

75,823
96,578
38,254
58,324
44,346
41,997

75,823
96,578
38,254
58,324
44,346
41,997

3,333

1,780

187,428
58,000
58,000

188,321
58,000
58,000

2,349
0
189,223
58,000
58,000
0
10,677
14,700
(4,023)
120,546

2,349
0
189,223
58,000
58,000
0
10,677
14,700
(4,023)
120,546

2,349
0
189,223
58,000
58,000
0
10,677
14,700
(4,023)
120,546

52,079
52,079

52,079
52,079

52,079
52,079

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

(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

41,664
41,664

57,220
57,220

52,818
52,818

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

32,598
23,649
8,949
9,066
7,681
2,490
5,191
1,331
1,012
554
263

48,524
25,376
23,148
8,696
7,119
2,572
4,547
399
303
1,178
286

45,097
22,749
22,348
7,721
6,888
2,815
4,073
125
61
1,040
528

45,919
25,194
20,725
6,160
5,311
2,540
2,771
70
25
934
521

45,919
25,194
20,725
6,160
5,311
2,540
2,771
70
25
934
521

45,919
25,194
20,725
6,160
5,311
2,540
2,771
70
25
934
521

0
6,907

0
3,017

0
2,150

0
(2,872)

0
(2,872)

0
(2,872)

232,758
41,997
291
76,503
5,695

232,098
41,997
892
76,503
4,975

232,813
41,997
512
80,251
4,956

233,569
41,997
413
80,251
5,131

233,569
41,997
413
80,251
5,131

233,569
41,997
413
80,251
5,131

0.11
3.19
24.44
0.13
1.31
78.24
0.77
0.17
0.30
0.24

0.13
0.70
19.47
0.17
1.37
84.80
0.75
0.36
0.63
0.51

0.15
0.24
21.63
0.16
1.43
85.38
0.76
0.31
0.55
0.45

0.11
0.13
18.41
0.16
1.50
88.17
0.74
0.28
0.49
0.40

0.11
0.13
18.41
0.16
1.50
88.17
0.74
0.28
0.49
0.40

0.11
0.13
18.41
0.16
1.50
88.17
0.74
0.28
0.49
0.40

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

347

0.83
1.55
1.33
0.05
32.32

1.11
4.89
2.06
0.15
32.47

0.94
18.05
1.97
0.09
32.56

0.89
38.36
1.79
0.07
32.62

0.89
38.36
1.79
0.07
32.62

0.89
38.36
1.79
0.07
32.62

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Bolan Castings Ltd.

2009

2010

2011

2012

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

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

249,607
2,661
627,043
232,528
27,254
141
9,171
5,106
739,686
23,837
289,615
208,352

268,244
0
655,047
240,645
28,854
0
8,338
19,261
819,929
8,834
334,938
241,557

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

2014

(Thousand Rupees)
2013
2014

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

12,162
25,477
540,444
104,296
104,296
0
436,148
12,156
423,992

251,992
0
657,145
219,561
27,285
685
14,088
17,658
1,072,818
11,337
312,184
460,908
0
288,389
734,399
497,243
237,156
43,286
4,895
0
0
18,834
19,557
547,125
104,296
104,296
0
442,829
12,156
430,673
0

1,604,626
1,604,626
0
1,440,373
926,421
513,952
164,253
71,879
33,778
38,101
58,259
52,442
53,150
19,124
0
11,603
23,627

1,707,846
1,705,037
2,809
1,468,284
92,644
1,375,640
239,562
87,377
42,036
45,341
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
33,822
31,875
123,799
50,808
15,644
0
186,039

1,724,539
1,721,791
2,748
1,533,750
141,720
1,392,030
190,789
82,376
37,906
44,470
50,330
42,131
69,003
17,085
20,859
0
(107,379)

1,745,974
1,745,885
89
1,585,275
953,807
631,468
160,699
87,635
47,806
39,829
49,354
48,921
33,421
16,035
0
10,430
(179,106)

1,111,227
1,108,590
2,637
1,133,183
659,146
474,037
(21,956)
75,401
39,619
35,782
62,353
61,723
(146,345)
11,284
0
0
46,340

449,896
14,082
34,026
303,912
93,226

537,401
14,082
58,455
235,949
126,892

587,269
0
57,347
147,361
128,142

583,261
5,178
31,059
293,700
35,988

590,411
4,895
17,386
502,138
124,622

466,009
3,852
(157,629)
449,715
115,755

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
8.67
49.23

0.58
1.74
10.70
1.97
1.84
87.92
0.89
12.18
25.04
22.02
4.67
6.72
4.88
6.36
7.00
50.06

0.50
2.92
14.01
1.58
1.62
88.94
1.01
6.64
12.99
11.79
2.49
5.15
2.64
4.00
4.98
51.82

0.64
2.83
26.40
1.32
1.46
90.80
1.42
2.75
6.08
5.56

0.23
5.61
10.92
1.08
1.35
101.98
1.34
-12.33
-29.26
-26.95

217,882
402,024
147,361
254,663
65,124

234,600
504,912
288,522
216,390
42,817
5,178

268,041
0
645,507
193,925
24,089
443
12,219
61,454
761,620
8,700
291,174
121,387

340,359
563,652
445,863
117,789
25,698
3,852

21,846

440,311
114,725
114,725

325,586
12,156
313,430

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

10.73
2.01
3.31
4.31
48.65

348

5.59
1.68
1.91
1.67
52.46

3.82
-1.37
-13.17
-13.74
38.38

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Automotive Engineering Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

675,579
679
713,825
603,917
66,409
27,886

620,566
679
711,680
558,392
44,875
18,591

511,645
679
654,187
460,549
40,350
9,296

444,857
679
595,360
378,821
36,299

444,857
679
595,360
378,821
36,299

444,857
679
595,360
378,821
36,299

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
49,310
1,601,655
779,708

65,357
358,321
910
156,429
7,407
0
193,575
1,701,991
49,310
1,652,681
793,177
15,000
722,552

65,357
358,321
910
156,429
7,407
0
193,575
1,701,991
49,310
1,652,681
793,177
15,000
722,552

65,357
358,321
910
156,429
7,407
0
193,575
1,701,991
49,310
1,652,681
793,177
15,000
722,552

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

1,540,593
779,362

722,552

722,552

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)

15,416
40,209
(1,691,990)
214,000
214,000
0
(1,981,261)

15,416
40,209
(1,691,990)
214,000
214,000
0
(1,981,261)

15,416
40,209
(1,691,990)
214,000
214,000
0
(1,981,261)

(1,424,211)
154,989

(1,659,962)
148,947

(1,863,564)
85,355

(1,981,261)
75,271

(1,981,261)
75,271

(1,981,261)
75,271

283,972
283,972

121,422
121,422

12,465
12,465

294,145
151,839
142,306
(10,173)
433,993
35,831
398,162
149,342
149,001
(593,326)

162,765
66,911
95,854
(41,343)
363,893
16,195
347,698
112,644
112,455
(517,575)

71,096
13,227
57,869
(58,631)
38,000
3,030
34,970
114,460
114,271
(211,085)

39,565

39,565

39,565

39,565
(39,565)
20,995
2,054
18,941
111,932
111,905
(183,092)

39,565
(39,565)
20,995
2,054
18,941
111,932
111,905
(183,092)

39,565
(39,565)
20,995
2,054
18,941
111,932
111,905
(183,092)

0
59,020

0
(14,300)

0
28,875

0
(6,444)

0
(6,444)

0
(6,444)

(272,382)
0
(593,326)
49,310
79,012

(517,653)
0
(517,575)
0
44,376

(784,501)
0
(211,085)
49,310
18,521

(898,813)
15,000
(183,092)
64,310
10,065

(898,813)
15,000
(183,092)
64,310
10,065

(898,813)
15,000
(183,092)
64,310
10,065

0.02
52.59
8.65
0.24
0.35
103.58
-2.13
-37.20
78.04
165.62

0.02
92.77
18.50
0.12
0.26
134.05
-1.79
-46.73
44.01
131.03

0.01
918.25
102.88
0.01
0.21
570.37
-1.55
-22.34
14.75
32.42

0.00

0.00

0.00

0.00
0.21

0.00
0.21

0.00
0.21

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-1.47
-21.93
11.25
21.75

-1.47
-22.80
10.82
20.37

-1.47
-22.80
10.82
20.37

1.17
-2.98
-208.94
-27.73
-49.31

0.67
-3.60
-426.26
-24.19
-60.61

0.08
-0.85
-1,693.42
-9.86
-73.09

0.00
-0.64

0.00
-0.64

0.00
-0.64

349

-8.56
-79.06

-8.56
-79.06

-8.56
-79.06

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dewan Farooque Motors Ltd.

2009

2010

2011

2012

2,031,497
15,000

1,723,752

1,592,415

1,377,935

1,869,073
15,000
3,351,929
1,813,812

3,365,631
1,683,939
144,547

3,365,631
1,553,240
130,700

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
2,555,003
146,143
710,485
23,021
71,887
1,603,467
5,786,914
3,217,181
2,569,733
260,980
238,728

39,175
2,549,218
118,146
623,593
25,835
95,932
1,685,712
6,038,121
3,404,842
2,633,279
42,220
19,968

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)

4,552
17,700
(1,938,708)
1,087,353
1,087,353
0
(3,026,061)
0
(3,026,061)

1,557,016
1,557,016
0
2,382,144
1,826,496
555,648
(825,128)
591,065
196,268
394,797
261,018
90,288
(1,510,059)
(120,025)

1,025,341
1,025,341
0
1,173,764
838,852
334,912
(148,423)
423,228
81,704
341,524
8,920

176,383
176,383
0
478,322
102,911
375,411
(301,939)
184,684
72,572
112,112
740,261

3,047
3,047
0
192,160

(432,203)
5,301

(1,224,897)
1,873

(228,637)

0
(227,747)

0
(19,931)

0
(507,459)

226,068
666,853
(1,390,034)
2,596,438
97,335

(281,424)
437,235
(437,504)
2,368,831
188,540

0.03
16.76
1.90
0.35
0.58
152.99
-10.54
-29.17
-510.95
-151.77

0.05
0.87
2.90
0.24
0.52
114.48
-6.63
-9.93
70.95
1,561.54

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

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)

2014

(Thousand Rupees)
2013
2014
1,474,215
0
3,364,381
1,435,040
117,896
0
0
39,175
2,562,046
117,422
611,005
28,002
191,864
1,613,753
6,173,525
3,534,827
2,638,698
22,252
0
0
0
4,552
17,700
(2,159,516)
1,087,353
1,087,353
0
(3,246,869)
0
(3,246,869)
0

1,364,587

3,363,211
1,328,587
106,544

36,000
2,033,337
129,990
143,390
24,405
204,729
1,530,823
5,628,557
3,361,392
2,267,165
21,227

4,527
16,700
(2,251,860)
1,087,353
1,087,353

(3,339,213)

(3,339,213)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
(80,546)

3,044
3,044
0
168,116
386
167,730
(165,072)
270,793
39,255
231,538
2,052
0
(316,740)
0
0
0
(282,646)

986,779
986,779
0
1,041,766
802,243
239,523
(54,987)
133,838
66,138
67,700
18,226
0
(105,209)
0
0
0
169,154

(1,508,159)
238,728
(1,226,770)
3,455,909
188,801

(1,896,488)
19,968
(228,637)
3,424,810
111,487

(2,137,264)
0
(316,740)
3,534,827
103,768

(2,230,633)
0
(105,209)
3,361,392
162,715

0.04
419.69
13.05
0.04
0.44
271.18
-3.42
-28.88
97.36
136.89

0.04
2,788.94
847.88
0.00
0.42
6,306.53
-3.14
-5.43
12.33
13.43

0.05
67.41
919.91
0.00
0.42
5,522.86
-2.87
-7.75
15.46
15.70

0.06
1.85
2.47
0.29
0.36
105.57
-2.51
-2.83
4.77
4.84

192,160
(189,113)
98,741
47,437
51,304
84,979

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

350

2.09
-15.72
-96.98
-15.62
-5.30

1.79

0.25

0.00

0.00

6.88

-42.15
-4.92
-8.40

-694.45
-11.28
-16.27

-7,503.68
-2.10
-17.83

-10,405.39
-2.91
-19.86

-10.66
-0.97
-20.71

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Exide Pakistan Ltd.

2009

2010

2011

2012

690,355
41,140
1,017,369
630,571
71,996

796,908
37,448
1,183,411
739,094
62,777

1,051,084
71,637
1,427,053
956,273
76,738

1,040,857
19,184
1,558,315
996,550
94,690

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

2014

(Thousand Rupees)
2013
2014
1,059,437
33,546
1,655,115
1,005,513
91,051

1,276,618
139,005
1,868,530
1,110,704
113,026

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

224
24,899
2,903,000
743,678
1,497,121
346,205

224
20,154
2,758,215
582,762
1,605,155
286,504

224
26,685
4,792,792
1,266,552
2,355,195
602,809

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

315,996
1,989,460
1,253,521
735,939
60,397

283,794
1,418,485
451,748
966,737
59,030

568,236
3,302,413
2,080,257
1,222,156
65,579

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

60,397
1,894,000
70,624
70,624
0
1,383,450
259
1,383,191
439,926

59,030
2,340,137
70,624
70,624
0
1,839,576
259
1,839,317
429,937

65,579
2,701,418
77,686
77,686

5,630,385
5,630,385

7,711,452
7,711,452
0
6,643,630
6,301,473
342,157
1,067,822
514,201
399,834
114,367
128,489
114,814
429,726
154,659
33,899
14,125
280,945

9,465,724
9,465,724
0
8,191,480
7,320,212
871,268
1,274,244
631,952
459,848
172,104
157,099
144,292
500,926
168,500
42,374
282,250

11,145,295
11,145,295
0
9,565,660
1,156,868
8,408,792
1,579,635
796,982
599,332
197,650
38,327
37,986
753,452
267,948
42,374
7,062
795,817

11,593,822
11,593,822

5,009,813
4,397,285
612,528
620,572
360,041
237,235
122,806
82,521
53,037
182,003
63,797
27,029
0
383,592

6,189,135
6,189,135
0
5,413,928
4,869,126
544,802
775,207
397,979
296,100
101,879
78,948
76,640
303,554
106,267
33,899
0
(272,379)

1,024,863
0
91,178
494,734
198,431

1,194,132
0
163,388
986,866
214,294

1,644,151
0
241,168
1,139,272
242,500

1,954,397
0
290,052
1,253,521
278,524

2,399,167
0
443,130
451,748
321,425

2,766,997
0
345,666
2,080,257
359,941

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
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
34.92
203.54

0.37
1.67
4.12
1.92
1.25
86.15
1.51
12.43
31.27
30.28
8.11
4.15
4.74
5.57
48.69
282.91

0.55
1.66
3.66
2.40
1.46
86.54
1.08
12.60
28.69
27.84
7.84
6.32
4.47
5.29
47.07
268.18

0.61
0.34
2.57
2.92
1.94
85.83
0.63
19.44
35.67
34.73
11.46
6.94
20.83
6.76
68.74
331.35

0.57
0.83
5.20
1.91
1.45
87.64
1.25
12.22
23.99
23.44
7.36
4.92
7.26
5.20
51.50
347.74

2,203,784
259
2,203,525
419,948

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

10,160,746
1,299,387
8,861,359
1,433,076
748,845
576,757
172,088
96,423
96,423
603,457
203,411
54,380
0
(580,544)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

351

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ghandhara Industries Ltd.

2009

2010

2011

2012

1,115,744
450
1,163,663
1,018,536
15,319

1,575,202

1,565,041

1,577,295

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
1,116,878
144,317
972,561
56,059

1,614,090
1,465,156
27,207
1,251
1,400
97,234
1,796,949
9,523
691,703
173,375
0
922,348
1,661,733
163,362
1,498,371
33,453

1,617,625
1,447,944
27,207
949
91,545
36,857
1,917,080
91,218
928,892
136,939
0
760,031
1,830,244
849,646
980,598
28,454
13,614

6,778
49,281
1,659,060
213,044
213,044
0
(15,558)

11,529
21,924
1,666,804
213,044
213,044
0
(2,250)

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

1,400
95,358
807,697
21,510
373,852
103,203
0
309,132
747,543
327,552
419,991
18,971

0
3,518
15,453
1,156,927
213,044
213,044
0
(129,314)

2014

(Thousand Rupees)
2013
2014
1,800,974
1,416
1,865,502
1,701,672
25,526
647
91,295
5,944
2,335,346
40,289
1,355,715
293,428

1,791,681
1,698
1,868,669
1,676,905
28,884
346
91,045
21,687
1,927,344
34,597
1,055,872
220,786

645,914
2,076,963
1,222,022
854,941
63,786
15,102

616,089
1,666,008
1,087,697
578,311
32,805
7,939

14,531
309
1,635,677
213,044
213,044
0
(27,816)

21,677
27,007
1,995,571
213,044
213,044

24,825
41
2,020,212
213,044
213,044

103,933

133,989

(129,314)
1,073,197

(15,558)
1,461,574

(2,250)
1,456,010

(27,816)
1,450,449

103,933
1,678,594

133,989
1,673,179

1,313,808
1,313,808

0
224,484

2,086,520
2,064,367
22,153
1,789,728
1,733,298
56,430
296,792
124,225
71,469
52,756
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
59,201
46,099
7,847
17,052
0
0
(110,497)

1,968,409
1,852,668
115,741
1,731,989
1,651,192
80,797
236,420
126,028
74,570
51,458
156,288
142,638
(43,263)
19,754
0
0
(582,793)

2,812,958
2,676,064
136,894
2,328,334
2,271,716
56,618
484,624
172,205
84,518
87,687
175,895
166,891
183,166
31,089
0
0
(401,667)

2,466,127
2,404,196
61,931
2,165,431
1,702,193
463,238
300,696
174,610
105,267
69,343
177,052
165,366
15,812
33,703
0
0
141,723

1,175,898
0
(143,369)
327,552
58,224

1,715,119
0
100,293
144,317
69,831

1,700,257
0
(9,205)
163,362
89,773

1,664,131
13,614
(63,017)
863,260
104,312

2,059,357
15,102
152,077
1,237,124
139,794

2,053,017
7,939
(17,891)
1,095,636
136,462

0.17
6.36
7.86
0.68
1.08
90.16
0.66
-6.91
-11.45
-11.33

0.21
2.77
4.06
0.74
1.13
85.78
0.71
4.96
8.38
8.16

0.11
3.63
10.63
0.49
1.08
89.32
1.02
0.25
0.47
0.46

0.12
7.94
6.96
0.56
1.05
87.99
1.14
-1.26
-2.62
-2.57

0.16
6.25
10.43
0.68
1.12
82.77
1.07
4.80
10.09
9.84

0.15
7.18
8.95
0.66
1.16
87.81
0.84
0.40
0.79
0.77

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,184,506
1,081,976
102,530
129,302
200,899
48,596
152,303
83,506
81,048
(140,427)
2,942

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

352

3.51
-0.73
-10.69
-6.73
54.30

2.93
3.23
5.65
4.71
77.87

2.36
1.17
0.48
-0.43
78.24

2.12
0.70
-2.20
-2.96
76.78

2.07
2.10
6.51
7.14
93.67

2.34
1.10
0.64
-0.84
94.83

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ghandhara Nissan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

1,819,674
8,476
1,393,655

1,813,379

1,862,345

1,784,788

1,756,388

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
770,977
416,682
192,550
58,333

1,645,663
1,382,669
62,205
211
394,182
7,726
955,318
33,452
565,196
246,889
0
109,781
1,002,353
641,372
360,981
103,104
1,115

1,644,883
1,326,108
58,169
158
422,190
7,932
790,717
52,528
295,470
308,183
0
134,536
771,929
315,160
456,769
99,488
111

2,273,992
11,378
1,950,307
1,759,365
54,540
118
490,326
12,805
1,558,622
171,442
717,386
395,583
38,000
236,211
1,281,456
506,897
774,559
275,451
13,006

51,306
82,911
1,715,824
450,025
450,025
0
212,767
40,000
172,767
1,053,032

81,936
20,053
1,634,649
450,025
450,025
0
153,786
40,000
113,786
1,030,838

88,756
10,621
1,675,688
450,025
450,025
0
210,893
40,000
170,893
1,014,770

94,795
167,650
2,275,707
450,025
450,025

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

2,053,959
2,053,959

2,402,617
2,402,617

2,650,068
2,650,068

1,388,002
1,388,002

1,852,238
1,852,238

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

0
37,983
171,219
1,702,626
450,025
450,025
0
248,225

414,899
40,000
374,899
1,410,783

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,048,631
1,666,285
382,346
5,328
180,609
35,928
144,681
344,953
158,485
(484,565)
172,392

2,283,238
1,895,009
388,229
119,379
109,903
29,807
80,096
147,328
131,558
(123,607)
34,714

2,397,795
1,943,500
454,295
252,273
142,297
30,865
111,432
175,977
170,553
(15,493)
27,927

1,626,438
946,952
679,486
225,800
137,876
18,562
119,314
80,578
76,933
45,701
9,314
0
0
344,712

2,619,910
2,586,043
33,867
2,148,821
1,597,503
551,318
471,089
164,359
19,318
145,041
50,218
39,582
280,901
44,984
90,005
0
(17,590)

0
(1,036,613)

0
57,514

0
178,369

1,257,424
991,202
266,222
130,578
130,408
21,387
109,021
109,137
98,724
(97,683)
14,686
0
0
194,962

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

1,911,828
0
(656,957)
618,819
177,488

1,939,124
136,215
(158,321)
801,683
166,391

1,908,374
58,333
(43,420)
829,310
179,187

1,737,753
1,115
(112,369)
642,487
177,127

1,775,176
111
36,387
315,271
207,030

2,551,158
13,006
145,912
519,903
234,178

0.22
16.79
13.80
0.61
1.06
99.74
0.99
-14.92
-30.58
-28.69

0.21
6.13
9.41
0.71
1.09
95.03
1.08
-3.66
-7.45
-6.42

0.48
6.64
20.22
0.86
1.04
90.48
0.80
-0.48
-0.93
-0.81

0.28
7.86
17.79
0.51
0.95
90.59
0.68
-3.35
-5.83
-5.36

0.47
4.35
16.64
0.73
1.02
87.81
0.52
1.73
2.77
2.60

0.47
1.92
15.10
0.68
1.22
82.02
0.68
8.81
14.22
12.99
2.62
3.65
8.10
10.72
5.24
50.57

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

353

1.95
-2.06
-23.59
-14.60
37.83

2.26
0.06
-5.14
-3.52
35.86

4.99
0.91
-0.58
-0.96
38.13

2.46
0.01
-7.04
-2.50
36.32

6.27
1.59
2.47
0.81
37.24

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ghani Automobiles Industries Ltd.

2010

2011

2012

54,942

68,418

73,915

67,465

64,643

20,686
4,519

75,198
50,434
4,078

75,384
46,949
3,671

75,418
43,699
3,284

75,526
40,877
2,930

75,538
38,255
2,366

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

23,766
386,221
25,031
102,996
196,241
0
61,953
380,506
97,109
283,397
0

23,766
363,639
4,802
104,542
191,350
0
62,945
365,676
91,746
273,930
0

25,010
359,910
108,047
87,521
197,783

0
73,180
200,000
200,000
0
(126,820)
0
(126,820)

0
62,606
200,000
200,000
0
(137,394)
0
(137,394)

0
58,563
200,000
200,000

A.Non-Current Assets (A1+A3+A5+A6+A7)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2014

63,265

(33,441)
364,612
93,854
270,758
0

87,570
200,000
200,000
0
0
0

111,403
200,000
200,000
0
0
0

0
114,495
200,000
200,000
0
(85,505)
0
(85,505)

(112,430)

(88,597)

230,005
230,005

381,699
381,699

429,162
429,162

367,740
367,740

173,262
173,262

124,377
124,377

0
0

(141,437)

(141,437)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

226,355
187,635
38,720
3,650
29,093
18,013
11,080
17,863
17,487
(42,166)

352,886
343,744
9,142
28,813
28,783
15,197
13,586
14,644
14,120
8,516
15,317

398,888
383,922
14,966
30,274
33,771
17,064
16,707
15,077
14,470
(1,574)
4,666

386,858
374,061
12,797
(19,118)
26,650
16,560
10,090
14,840
14,520
(38,114)

0
55,863

0
(31,022)

0
(15,894)

0
0
8,543

172,700
162,961
9,739
562
14,056
10,944
3,112
11,893
0
(9,709)
866
0
0
(98,357)

116,851
76,492
40,359
7,526
13,875
9,867
4,008
8,779
0
(4,043)
0
0
0
1,048

98,370
10,800
(42,166)
85,830
7,451

118,603
7,200
(6,801)
92,594
25,807

118,095
3,600
(6,240)
108,837
32,698

73,180
0
(38,114)
97,109
21,794

62,606
0
(10,575)
91,746
15,342

58,563
0
(4,043)
93,854
16,285

0.64
7.77
63.51
0.67
1.18
98.41
2.90
-11.63
-38.81
-34.78

0.65
3.84
46.38
0.88
1.16
92.45
2.88
2.20
8.56
7.85

0.59
3.51
46.84
0.84
1.11
92.95
3.44
-0.33
-1.39
-1.33

0.58
4.04
53.36
0.81
1.02
105.20
5.20
-7.93
-40.62
-39.85

0.54
6.86
110.44
0.40
0.99
99.68
5.84
-2.20
-14.30
-14.30

0.84
7.06
159.02
0.29
0.99
93.95
6.23
-0.95
-6.67
-6.67

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

354

3.36
-1.41
-18.33
-2.11
4.38

4.49
1.60
2.23
-0.34
5.57

3.53
0.89
-0.37
-0.31
5.72

3.57
-1.62
-10.36
-1.91
3.66

1.66

1.42

-5.60
-0.53
3.13

-3.25
-0.20
2.93

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hinopak Motors Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

977,628
11,295
1,464,266
937,240
119,932
5,499

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

1,739,108
6,249
2,409,901
1,708,258
122,992
438
4,434
19,729
3,321,870
173,347
2,161,904
276,904
0
709,715
2,382,377
645,948
1,736,429
158,007

1,993,068
5,472
9,625,206
1,959,364
118,125
4,905
2,266
21,061
5,543,356
1,419,489
2,656,382
731,067

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

1,799,352
24,255
2,357,670
1,755,202
112,088
1,089
2,391
16,415
4,894,546
124,526
2,410,682
1,823,092
0
536,246
4,001,509
1,238,331
2,763,178
163,442

73,105
8,682
1,775,775
124,006
124,006
0
1,379,973

73,105
47,372
2,528,500
124,006
124,006
0
1,355,480

107,867
55,575
2,528,947
124,006
124,006
0
1,378,691
0
1,378,691
1,026,250

138,624
19,383
2,520,594
124,006
124,006
0
1,393,598
0
1,393,598
1,002,990

96,230
59,583
3,384,669
124,006
124,006

7,528,140
7,528,140
0
6,718,462
5,648,039
1,070,423
809,678
507,688
295,129
212,559
121,942
111,191
48,076
51,169
20,312
0
712,147

9,208,420
9,208,420
0
7,876,925
6,796,116
1,080,809
1,331,495
641,216
306,117
335,099
13,397
4,704
934,998
294,022
467,999
0
1,992,599

0
945
43,499
1,945,545
124,006
124,006
0
1,544,049

1,544,049
277,490

1,379,973
271,796

1,355,480
1,049,014

12,151,021
12,151,021

11,127,551
11,086,716
40,835
10,738,070
10,099,967
638,103
389,481
451,131
288,911
162,220
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
301,874
116,447
40,485
98,050

736,418
3,995,942

3,995,942
155,813

2,011,087

2,011,087
1,249,576

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
936,198

0
307,035

8,766,997
8,766,997
0
7,858,919
7,233,127
625,792
908,078
530,083
328,212
201,871
318,541
171,724
173,436
99,314
19,221
0
(778,567)

1,989,989
0
(227,690)
1,355,557
688,345

1,857,562
0
(148,069)
494,204
590,364

2,648,977
0
(57,565)
296,310
665,526

2,692,389
0
54,901
1,238,331
581,865

2,678,601
0
(23,405)
645,948
564,864

3,540,482
0
172,977
0
834,059

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
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

0.49
3.63
20.79
1.31
1.22
89.64
1.65
3.08
6.86
6.49
3.86
3.64
2.01
1.98
5.98
203.94

0.19
1.62
3.68
1.49
1.39
89.24
1.01
0.82
1.89
1.79
-0.15
3.48
1.43
0.64
-0.25
203.26

0.54
0.15
7.94
1.22
1.39
85.54
1.23
14.84
31.43
30.07
1.37
3.47
199.77
10.15
51.69
272.94

10,871,886
9,518,258
1,353,628
1,279,135
654,391
427,669
226,722
678,526
102,055
115,828
45,905
297,613
0
(950,339)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

355

3.77
-1.71
-1.17
-11.94
143.20

5.53
1.35
0.44
-4.64
203.90

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Honda Atlas Cars (Pakistan) Ltd.

2009

2010

2011

2012

6,012,350
19,226
7,371,727
5,190,535
522,267
195,830

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

4,859,857
355,812
7,452,009
3,255,755
638,345
56,366

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

2014

(Thousand Rupees)
2013
2014
4,587,216
7,857
7,646,025
3,355,778
552,707
139,556

3,490,843
81,293
7,760,728
2,873,067
628,516
86,431

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

1,191,924
4,629,201
82,477
2,853,523

1,084,025
10,558,947
3,534,967
4,311,552

450,052
8,826,546
2,354,150
3,852,540

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
1,693,201
8,251,508
83,333
8,168,175
109,726
83,333

491,680
2,220,748
13,738,855
0
13,738,855
42,634
0

0
2,619,856
9,870,035

5,636,805
1,333,333
1,333,333

0
1,351,825
8,479,567
416,667
8,062,900
416,667
416,667

0
1,677,193
1,428,000
1,428,000
0
249,193
76,000
173,193

26,393
1,127,824
1,428,000
1,428,000
0
(300,176)
249,500
(549,676)

42,634
1,364,674
1,428,000
1,428,000
0
(63,326)
76,000
(139,326)

56,134
2,391,220
1,428,000
1,428,000

1,399,845

0
1,975,645
1,428,000
1,428,000
0
547,645
76,000
471,645

14,149,646
14,149,646

15,854,142
15,854,142

22,026,109
22,026,109

16,599,608
16,599,608

30,274,604
30,274,604

39,153,254
39,153,254

0
0
0
2,827,845
1,428,000
1,428,000
0
1,399,845

9,870,035
56,134

963,220
76,000
887,220

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

13,973,144
12,470,229
1,502,915
176,502
640,862
190,088
450,774
222,769
818
(622,285)
220,452
0
(1,461,260)

16,093,687
13,357,356
2,736,331
(239,545)
319,675
124,916
194,759
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
152,255
151,061
(244,827)
193,584
0
0
1,440,887

16,643,607
13,960,643
2,682,964
(43,999)
507,335
130,550
376,785
151,926
150,582
(498,804)
205,497
0
0
117,490

28,827,522
26,474,350
2,353,172
1,447,082
944,732
218,707
726,025
190,967
187,480
524,817
165,293
42,840
0
4,349,680

36,296,009
33,027,802
3,268,207
2,857,245
992,472
340,556
651,916
38,075
33,948
2,097,246
368,541
428,400
0
(1,536,440)

4,327,845
1,500,000
(842,737)
3,651,601
348,360

3,308,978
1,333,333
(1,082,979)
1,333,333
361,062

2,093,860
416,667
(438,411)
833,334
373,376

1,237,550
83,333
(704,301)
166,666
402,705

1,407,308
0
316,684
0
547,555

2,447,354
0
1,300,305
0
944,326

0.00
1.57
0.00
1.42
0.70
98.75
2.52
-7.43
-20.55
-15.45

0.01
2.87
0.00
1.77
0.62
101.51
3.53
-10.46
-41.14
-25.87

0.10
0.69
0.00
2.08
0.67
99.10
5.30
-2.51
-13.40
-9.06

0.01
0.92
0.00
1.75
0.56
100.27
7.41
-4.97
-35.57
-29.95

0.29
0.63
0.00
2.00
0.77
95.22
10.10
4.26
41.82
39.82
8.39
7.02
3.80
1.73
2.52
9.56

0.24
0.10
0.00
3.18
0.89
92.70
4.15
15.28
110.95
109.19
4.04
10.16
62.78
5.36
12.11
16.75

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.79
-759.74
-4.40
-5.90
19.80

6.81
-2.84
-6.23
-7.58
13.84

6.40
-0.62
-1.11
-3.07
11.75

5.82
-2.31
-3.00
-4.93
7.90

356

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Indus Motor Co. Ltd.

2009

2010

2011

2012

3,970,204
29,524
7,600,115
3,900,977
786,270
3,972

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

3,486,743
151,139
9,953,486
3,320,456
1,287,776
1,311

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

2014

(Thousand Rupees)
2013
2014
2,917,490
178,755
10,162,793
2,563,381
1,257,905
4

6,072,323
285,601
14,166,687
5,746,600
895,036
1,063

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

13,837
24,088,975
10,771,300
7,529,571
1,459,976
0
4,328,128
10,395,919
3,823,641
6,572,278
165,941

175,350
22,188,485
4,195,302
7,883,309
1,382,761
6,698,121
2,028,992
7,412,684
0
7,412,684
0

39,059
20,038,312
6,857,084
4,469,460
1,737,358
4,332,387
2,642,023
5,976,034
0
5,976,034
218,949

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
13,137,148

165,941
17,013,858
786,000
786,000
0
16,227,858
196,500
16,031,358

0
17,693,291
786,000
786,000
0
16,907,291
196,500
16,710,791

218,949
19,915,652
786,000
786,000

37,864,604
37,864,604

60,093,139
60,093,139

61,702,677
61,702,677

76,962,642
76,962,642

63,829,075
63,829,075

57,063,622
57,063,622

19,129,652
196,500
18,933,152

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

35,540,418
29,769,541
5,770,877
2,324,186
978,713
469,985
508,728
26,540
8,835
2,046,013
660,911
786,000
0
6,536,529

55,236,625
47,278,987
7,957,638
4,856,514
1,266,177
468,496
797,681
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
77,115
24,919
4,011,455
1,169,858
1,179,000
0
701,831

70,400,788
63,649,764
6,751,024
6,561,854
1,964,354
820,339
1,144,015
60,981
22,507
6,312,267
2,370,844
2,515,200
0
927,978

57,972,038
49,332,869
8,639,169
5,857,037
1,894,398
814,228
1,080,170
30,704
21,038
4,969,775
1,865,952
1,965,000
0
148,658

51,270,040
43,255,765
8,014,275
5,793,582
1,852,147
793,509
1,058,638
38,254
25,797
5,016,497
952,169
2,318,700
0
5,590,451

10,800,673
0
599,102
5,926,529
729,071

12,913,412
0
2,264,403
8,076,281
592,951

14,573,660
0
1,662,597
6,519,669
732,984

17,179,799
0
1,426,223
3,823,641
881,136

17,693,291
0
1,138,823
0
1,306,412

20,134,601
0
1,745,628
0
1,369,766

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
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
43.81
160.15

0.83
0.12
2.20
2.30
1.84
93.37
0.90
14.86
30.04
29.19
2.41
10.84
161.98
6.50
36.15
179.64

1.18
0.08
1.90
2.79
2.32
91.47
0.62
23.20
40.55
39.76
1.57
10.22
281.46
8.20
50.15
216.46

1.66
0.05
2.17
2.54
2.99
90.82
0.42
18.87
28.64
28.50
1.58
8.10
237.23
7.79
39.49
225.11

2.16
0.07
3.04
2.19
3.35
89.85
0.31
19.59
26.68
26.52
1.75
12.77
195.46
8.79
51.71
253.38

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

357

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Millat Tractors Ltd.

2009

2010

2011

2012

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

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
1,052,689
484,578
62,198
17,614
636,364
258,568
7,579,577
405,216
2,663,197
208,138
2,971,296
1,331,730
3,898,195

1,768,871
168,260
1,082,230
465,893
616,337
5,871
701,962
426,885
9,241,060
683,991
3,064,117
470,198
2,461,860
2,560,894
5,124,404

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

2014

(Thousand Rupees)
2013
2014

3,379,931
51,950

7,587,912
18,813

3,898,195
39,749

5,124,404
32,422

1,970,352
205,131
1,177,073
498,858
61,878
841
768,344
497,178
8,995,849
2,213,524
2,695,174
1,010,625
551,871
2,524,655
5,330,304
0
5,330,304
34,044

39,749
5,193,958
366,055
366,055
0
4,827,903
83,801
4,744,102

32,422
5,853,105
366,055
366,055
0
5,487,050
89,369
5,397,681

34,044
5,601,853
402,660
402,660
0
5,199,193
143,406
5,055,787

34,237
5,167,907
442,926
442,926

3,324,671

18,813
4,566,594
292,844
292,844
0
4,273,750
58,403
4,215,347

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
44,759
43,411
1,866,153
537,212
1,054,238
58,569
(51,938)

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
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
11,287
8,947
4,220,551
1,269,722
1,738,761

20,621,671
19,867,353
754,318
17,082,867
16,209,321
873,546
3,538,804
1,076,104
504,975
571,129
10,262
9,080
3,062,806
886,862
2,379,358

(219,680)

930,414

23,324,378
23,083,116
241,262
19,172,705
18,144,934
1,027,771
4,151,673
1,140,334
518,366
621,968
65,166
62,361
3,379,135
1,065,516
2,214,630
80,532
2,036,221

17,422,122
17,213,021
209,101
14,290,770
13,460,027
830,743
3,131,352
1,080,398
509,872
570,526
81,267
78,908
2,244,106
727,843
1,771,704
0
400,725

3,610,896
0
274,704
0
402,893

4,585,407
0
567,096
0
438,887

5,233,707
0
1,212,068
0
480,701

5,885,527
0
(203,414)
0
471,992

5,635,897
0
98,989
0
523,874

5,202,144
0
(255,441)
0
556,892

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
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
84.37
155.94

0.92
0.04
0.83
2.76
1.94
81.87
0.76
39.62
86.48
85.97
1.70
9.46
472.73
16.75
80.61
141.89

0.71
0.05
2.28
1.87
1.80
82.84
0.88
30.41
55.45
55.09
0.91
6.73
338.31
14.85
59.44
159.90

0.71
0.28
4.33
2.13
1.69
82.20
0.96
30.83
59.28
58.94
1.04
8.65
55.19
14.49
57.46
139.12

0.60
0.47
0.91
2.26
2.28
82.03
0.49
24.03
41.67
41.41
0.86
6.85
29.44
12.88
34.23
116.68

0
0
51,950
3,558,946
234,275
234,275
0
3,324,671

1,989,508
212,431
1,264,637
544,867
66,647
5,888
674,873
551,449
5,719,447
1,257,429
2,543,726
157,743
100,000
1,660,549
2,506,811

2,506,811
34,237

4,724,981
147,861
4,577,120

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

358

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pak Suzuki Motor Co. Ltd.

2009

2010

2011

2012

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
823,379
303,777
4,190
207,839
18,644,341
1,139,480
12,922,396
322,677
0
4,259,788
8,008,085
75,000
7,933,085
0

4,288,413
26,644
12,988,883
3,712,223
812,061
312,028
4,545
232,973
17,076,933
1,417,430
10,562,194
627,054
0
4,470,255
5,547,980

0
0
5,000
14,325,600
822,999
822,999
0
13,502,601
0
13,502,601

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

2014

(Thousand Rupees)
2013
2014
5,246,586
212,480
15,187,155
4,578,026
943,504
205,287
351
250,442
23,107,573
1,841,384
14,976,001
1,352,310

5,547,980
0

5,438,912
1,692,516
13,150,194
3,200,159
739,830
182,638
2,194
361,405
18,372,365
1,964,359
10,726,457
983,273
0
4,698,276
6,166,119
0
6,166,119
0

0
14,497,915
822,999
822,999
0
13,674,916
0
13,674,916

0
15,352,379
822,999
822,999
0
14,529,380
0
14,529,380

0
15,817,366
822,999
822,999
0
14,994,367
0
14,994,367

0
17,645,158
822,999
822,999
0
16,822,159
0
16,822,159

0
19,236,682
822,999
822,999

26,234,061
26,234,061
0
25,679,728
22,161,224
3,503,538
554,333
748,464
214,550
533,914
12,564
3,315
412,877
172,624
41,150
0
1,969,420

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
21,349
4,292
668,015
452,000
41,150
0
(165,729)

52,718,563
52,718,563
0
50,849,153
46,691,007
4,158,146
1,869,410
1,106,658
263,651
843,007
17,845
5,409
1,365,297
585,000
164,600
0
(1,296,887)

58,531,137
58,531,137
0
56,186,266
51,649,622
4,536,644
2,344,871
1,328,865
358,403
970,462
11,100
357,253
1,498,891
514,000
205,750
0
701,849

51,061,333
51,061,333
0
47,818,820
43,370,858
4,447,962
3,242,513
1,694,739
560,239
1,134,500
57,576
859
2,353,439
768,000
329,200
0
2,063,857

53,664,947
53,664,947

14,330,600
0
199,103
80,000
434,080

14,497,915
0
174,865
50,000
487,906

15,352,379
0
615,697
75,000
650,005

15,817,366
0
779,141
0
874,555

17,645,158
0
1,256,239
0
1,265,318

19,236,682
0
1,596,895
0
1,581,508

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
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
2.62
176.16

0.18
0.03
0.61
2.26
2.33
96.45
0.52
6.41
9.15
9.15
4.74
4.08
253.41
2.59
9.48
186.54

0.37
0.02
1.07
2.74
3.08
95.99
0.35
6.70
9.62
9.62
4.79
5.54
5.20
2.56
11.97
192.19

0.48
0.11
1.93
2.14
2.98
93.65
0.35
10.42
14.07
14.07
4.82
4.76
2,740.74
4.61
19.26
214.40

0.35
0.05
2.52
1.89
2.53
92.20
0.47
10.06
14.23
14.23
4.88
3.58
220.83
4.89
24.40
233.74

4,937,878
9,117,477

9,117,477
0

18,413,683

18,413,683

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

49,481,248
45,890,340
3,590,908
4,183,699
2,043,804
746,304
1,297,500
26,709
11,934
2,623,394
615,000
411,500
0
983,845

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

359

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sazgar Engineering Works Ltd.

2009

2010

2011

2012

224,755
4,555
312,039
218,279
15,669
1,105

234,100
8,243
331,549
222,297
16,321
945

242,471
4,678
358,758
233,841
16,267
551

247,472
6,823
362,494
222,704
16,968
502

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

2014

(Thousand Rupees)
2013
2014
259,257
12,773
387,713
235,207
18,544
606

267,761
8,733
420,760
250,089
20,823
449

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

17,443
787,023
8,984
540,548
129,278

10,671
743,990
127,543
388,505
133,661

8,490
704,617
31,792
473,781
104,171

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

108,213
445,391
40,486
404,905
73,629
6,133

94,281
356,030
21,794
334,236
89,571
6,513

94,873
295,623
9,293
286,330
94,489
2,407

31,911
35,585
515,475
179,724
179,724
0
335,751

55,901
27,157
557,646
179,724
179,724
0
377,922

65,364
26,718
582,266
179,723
179,723

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

402,543

207,643

234,846

273,661

335,751

377,922

402,543

952,540
952,540

1,823,974
1,823,974

2,542,526
2,542,526

2,725,640
2,725,640

1,881,496
1,881,496

2,105,849
2,105,849

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

848,721
719,401
129,320
103,819
63,711
25,391
38,320
15,338
12,361
25,948
11,718

2,269,358
2,042,451
226,907
273,168
111,830
55,100
56,730
15,480
13,195
147,764
51,098
29,954
29,954
16,374

2,396,244
2,108,263
287,981
329,396
129,648
57,428
72,220
11,738
9,409
195,035
69,751
35,945

20,801
90,452

1,638,034
1,446,013
192,021
185,940
95,424
40,380
55,044
11,899
10,054
79,785
31,791
12,481
24,962
(28,336)

113,245

1,678,877
1,398,746
280,131
202,619
102,459
44,166
58,293
10,010
8,323
96,091
32,738
17,972
0
181,213

1,897,309
1,669,126
228,183
208,540
118,451
58,340
60,111
6,507
5,236
87,628
27,762
35,945
0
(16,263)

359,245
4,200
14,230
4,200
104,953

411,737
1,800
35,513
73,358
131,311

486,586
0
66,712
99,499
156,014

589,104
6,133
89,339
46,619
186,340

647,217
6,513
45,381
28,307
175,881

676,755
2,407
23,921
11,700
192,771

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
3.85
28.82

0.23
0.61
3.83
2.79
1.58
89.26
1.15
17.74
37.74
32.90
3.23
6.08
12.20
5.81
6.45
28.27

0.31
0.43
4.74
2.63
1.77
87.91
1.01
20.06
41.55
36.26
3.49
5.04
21.73
7.16
6.97
28.68

0.73
0.53
7.10
1.88
2.09
89.23
0.80
9.43
17.89
15.54
3.53
4.84
12.55
5.11
3.53
31.03

0.46
0.31
4.95
2.17
2.38
90.10
0.67
8.87
15.27
13.24
1.67
4.44
17.74
4.16
3.33
32.40

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

4.89
3.10
2.72
1.37
29.96

360

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

The General Tyre & Rubber Co. of Pak Ltd.

2009

2010

2011

2012

1,903,739
226,566
3,170,187
1,667,662
126,555
50

1,890,012
75,767
3,444,393
1,801,390
144,210
21

1,761,744
57,975
3,585,193
1,688,852
148,593
476
655
13,786
3,711,170
148,422
1,881,404
949,821
0
731,523
3,577,053
1,986,100
1,590,953
371,338

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

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
2,318,444
1,502,874
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

177,053
194,285
1,524,523
597,713
597,713
0
926,810

0
130,595
18,718
1,112,344
597,713
597,713
0
514,631

2014

(Thousand Rupees)
2013
2014
1,969,812
66,896
3,893,997
1,871,595
151,972
1,342
1,848
28,131
4,035,930
187,680
1,788,330
1,186,976
0
872,944
3,553,581
2,136,143
1,417,438
658,651
166,667
0
0
201,409
290,575
1,793,510
597,713
597,713

1,959,935
61,038
4,002,644
1,852,530
162,244
2,422
2,924
41,021
4,603,229
220,159
1,999,156
1,390,553

993,361
3,981,312
2,961,209
1,020,103
550,862
100,001

197,673
253,188
2,030,990
597,713
597,713

1,195,797

1,433,277

514,631

732,957

872,014

926,810

1,195,797

1,433,277

5,351,341
5,351,341

6,355,293
6,355,293

7,806,470
7,684,977
121,493
6,808,073
4,738,094
2,069,979
998,397
418,539
230,711
187,828
381,671
374,943
247,316
80,642
119,543
0
665,798

8,167,086
8,133,732
33,354
6,838,301
4,556,517
2,281,784
1,328,785
529,143
306,967
222,176
289,217
285,364
579,975
84,542
268,971
0
182,843

8,606,649
8,561,778
44,871
7,011,584
4,780,911
2,230,673
1,595,065
639,978
357,994
281,984
326,251
321,690
748,216
270,122
388,513
0
(326,815)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

4,810,589
3,467,591
1,342,998
540,752
426,498
173,277
253,221
300,830
295,995
(142,270)
(32,446)
0
335,097

5,389,956
3,826,115
1,563,841
965,337
345,850
206,641
139,209
259,916
256,710
409,286
37,265
119,543
0
(135,750)

7,477,695
7,351,180
126,515
6,479,592
5,186,319
1,293,273
998,103
350,080
198,931
151,149
318,633
311,337
395,358
79,091
149,428
0
(158,582)

1,582,907
321,250
(109,824)
1,810,677
495,170

1,817,116
173,286
252,478
1,807,046
632,871

1,943,866
86,643
166,839
2,405,087
809,235

1,895,861
0
47,131
1,986,100
842,891

2,452,161
166,667
226,462
2,302,810
996,629

2,581,852
100,001
89,581
3,061,210
1,215,414

0.35
5.62
12.71
1.35
0.87
89.90
2.57
-3.57
-12.19
-9.01

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
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
5.29
24.59

0.31
4.89
12.17
1.43
1.04
87.21
2.59
4.40
16.52
12.88
1.39
4.15
1.66
3.17
2.79
25.51

0.39
3.54
14.53
1.36
1.14
83.73
2.35
10.11
34.97
26.68
1.84
4.57
3.03
7.10
8.29
30.01

0.40
3.79
16.16
1.31
1.16
81.47
2.23
11.91
39.07
29.73
1.23
4.31
3.33
8.69
8.00
33.98

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

7.37
0.52
-2.66
-1.84
18.61

361

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

FUEL AND ENERGY

PERFORMANCE AT A GLANCE
The balance sheet size of the fuel and energy sector expended during 2014. Total assets of fuel and
energy sector increased by Rs. 260.63 billion over previous year from Rs. 1,393.43 billion in 2013 to Rs.
1,654.06 billion in 2014, witnessing an increase of 18.70 percent. The volume of the shareholders equity
also improved by Rs. 123.17 billion to register an increase of 22.81 percent over the previous year to
reach Rs. 663.13 billion. An increase of 16.11percent was observed in total liabilities to touch Rs. 990.93
billion in 2014 from Rs. 853.47 billion in 2013. Sales and cost of sales of the sector grew by 9.48 percent
and 9.52 percent respectively during the year.

ANALYSIS OF ASSETS

Current Assets
2013

2014

600.00

Non-Current Assets

Growth (RHS)

Billion Rs.

20.00%
14.80%

300.00

10.00%

200.00

-7.46%

208.71
-2.24%
181.80

-10.00%
-20.00%

-30.81%
41.66
28.82

0.00%

13.33 12.33

0.00

-40.00%
Other CA

40.00%
35.00%

390.00

25.00%

20.04%

20.00%
290.00
15.00%
7.45%

190.00

90.00

57.71
48.08

141.30

83.08 84.57
1.80%

141.28

10.00%
5.00%

-0.01%
16.64

-30.00%

0.19 0.18

Cash/bank Inventories Trade Debt Short term

balance
Inv.

36.25%

30.00%

30.00%
Billion Rs.

400.00

Growth (RHS)

490.00

40.00%
371.20

2014

533.16
496.18

50.00%

500.00

100.00

590.00

60.00%

564.62
52.11%

2013

22.67

-10.00

0.00%
-5.00%

CW in
progress

OFA minus
acc. Depr

Intangible
Assets

Long term
Inv.

Other NCA

The non-current assets of the sector stood at Rs. 839.39 billion in 2014 as compared to Rs. 785.26 billion
in the last year with an increase of 6.89 percent. Long term investments remained almost same whereas, a
substantial increase of 20.04 percent is observed in capital work in progress. Operating fixed assets
(OFA) after deducting accumulated depreciation also witnessed an increase of 7.45 percent in 2014 over
2013 to reach Rs. 533.16 billion. Under current assets a significant decrease of 30.81 percent is observed
in cash and bank balances during 2014 which dropped to Rs. 28.82 billion in 2014 from Rs. 41.66 billion
in 2013. Likewise, the inventories and short term investments also decreased by 7.46 percent and 2.24
percent respectively when compared with the position in the last year. Trade debt being major component
of current assets substantially increased by 52.11 percent over the previous year from Rs. 371.20 billion
in 2013 to Rs. 564.62 billion in 2014.

362

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

ANALYSIS OF LIABILITIES &

SHAREHOLDERS EQUITY

2014

Liabilities & Shareholders Equity

Current liabilities moved up from Rs. 541.83

billion in 2013 to Rs. 678.17 billion in 2014
recording an increase of Rs. 136.34 billion.
Non-current liabilities stood at 312.76 billion in

2013

2014

Growth (RHS)

800.00

80.00%
678.17

700.00

68.11%

663.13

70.00%
60.00%

600.00

541.83

50.00%

539.97

40.00%

500.00

2014 witnessing an increase of Rs. 1.12 billion

400.00

over 2013. A significant increase of 68.11

300.00

30.00%
25.16%
311.64

100.00

Term (ST) secured loan. Shareholders equity

0.00

20.00%
10.00%

0.36%

200.00

percent or Rs. 67.33 billion is observed in Short

22.81%

312.76

166.18

0.00%

-8.62%

121.80
111.29

98.85

-10.00%

-16.37%
7.78 6.50

-20.00%
-30.00%

CL

grew up to Rs. 663.13 billion in the current year

Non-CL

ST Secured LT secured
LT
loans
loans
unsecured
loans

Equity

from Rs. 539.97 billion in the previous year indicating an increase of 22.81 percent. Reserves comprising
63.58 percent of shareholders equity substantially increased by 36.77 percent or Rs. 113.34 billion as
compared to previous year. Revenue reserves, being a major portion of overall reserves increased by Rs.
111.35 billion or 38.88 percent in 2014 whereas, capital reserves recorded an increase of Rs. 1.99 billion
in the last year.

PROFITABILITY AND OPERATING EFFICIENCY

Sales of fuel and energy increased from Rs. 1,169.78 billion in 2013 to Rs. 1,280.69 billion in 2014 with
an increase of 9.48 percent. Massive sales however were overshadowed by the increase in cost of sales.
Cost of sales increased by Rs. 86.83 billion in 2014 from Rs. 912.41 billion in 2013 to Rs. 999.24 billion
in 2014. Increase in cost of sales was mainly attributed to other input cost with an increase of Rs. 66.47
billion or 20.49 percent from the last year. Cost of goods sold to sales ratio remained almost same.

Profitability

Productivity
120.00

1,280.69
106.20
99.49

1,114.55

100.00

ROA

1,400.00
1,200.00

897.87

60.00
40.00

758.13
566.37

612.94

912.41

104.58

800.00
103.84

600.00

Billion Rs.

999.24

747.77
685.43

39.58

400.00

25.00
22.28

0.88

0.73

2010

0.77

Inventory Turnover

2011

0.76

Asset Turnover

2012

0.84

2013

0.77

Sales (RHS)

Cost of Sales (RHS)

363

12.70

13.41

24.73

14.83

9.75

5.00

2014

23.16

16.28
11.29

10.00

2009

22.26
18.50

15.00

200.00

37.56

30.98

30.00

12.29

20.00

38.02

37.17

20.00

87.77
75.52

EPS

35.00

1,000.00

80.00

ROCE

40.00
37.51

910.62

ROE

45.00

1,169.78

4.85

4.61

4.29

2009

2010

2011

6.77

7.19

2012

2013

8.19

2014

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Inventory turnover ratio reflected that sector on average managed to replace and sold its inventory 104
times as against 88 times in the last year.
Return on Assets (ROA) and Return on Capital Employed (ROCE) touched 14.83 percent and 24.73
percents respectively in 2014 whereas, slightly downward trend is observed in ROE which reached 37.56
percent.

364

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Fuel and Energy Sector - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

427,133,881
72,268,204
518,410,733
279,706,656
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

547,351,592
96,287,638
622,447,975
364,928,127
24,026,472
66,361,573
3,391,757
16,382,497
475,902,030
20,827,662
7,041,071
341,524,881
197,272
106,311,144
408,722,977
59,382,851
349,340,126
301,834,717
88,078,242
47,559,576
567,500
11,788,953
153,840,446
312,695,928
167,548,429
161,565,022
5,983,407
112,861,505
12,949,112
100,261,945
32,285,994

607,384,137
94,526,987
719,110,030
426,420,396
33,128,507
68,119,326
4,622,709
13,694,719
582,752,381
27,831,994
12,057,721
403,236,060
121,636
139,504,970
478,838,032
104,986,669
373,851,363
327,411,349
140,438,665
19,059,469
292,500
12,535,920
155,084,795
383,887,137
178,118,625
172,135,218
5,983,407
165,367,468
16,777,112
148,590,356
40,401,044

636,165,105
54,594,212
769,624,030
485,493,702
34,074,650
73,923,814
4,917,054
17,236,323
830,318,238
13,781,071
10,657,402
624,643,627
122,275
181,113,863
662,192,661
125,749,695
536,442,966
335,766,047
140,109,254
12,820,156
310,000
16,268,028
166,258,609
468,524,635
191,618,871
185,618,871
6,000,000
238,423,701
18,590,259
219,833,442
38,482,063

785,263,314
48,076,634
848,018,726
496,175,315
37,492,482
83,076,515
141,296,227
16,638,623
608,167,865
41,659,214
13,327,385
371,195,894
186,424
181,798,948
541,826,078
98,854,464
442,971,614
311,639,458
121,796,992
7,775,646
155,000
18,665,249
163,246,571
539,965,643
195,130,773
195,130,773
0
308,272,522
21,899,768
286,372,754
36,562,348

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
24,956,008
18,143,285
85,167,568
20,216,327
45,955,732
367,500
111,788,176

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
30,007,970
17,265,031
101,903,275
27,409,822
36,638,397
1,677,936
94,078,800

910,624,701
910,624,701

1,114,552,595
1,114,552,595

1,280,693,358
1,280,693,358

758,134,999
476,699,366
281,435,633
152,489,702
43,831,120
4,603,475
39,227,645
41,100,306
35,008,408
107,910,788
33,984,587
42,251,719
877,787
95,772,074

897,866,558
581,678,731
316,187,827
216,686,037
47,753,488
5,251,084
42,502,404
49,894,720
41,775,380
168,682,588
43,145,520
51,710,236
576,561
72,677,755

1,169,777,474
1,169,777,474
0
912,410,894
588,003,551
324,407,343
257,366,580
64,518,788
5,255,770
59,263,018
53,836,428
40,078,446
191,734,762
51,340,040
67,830,230
576,561
311,002,533

486,868,328
64,917,711
18,995,510
104,889,369
28,382,069

614,530,645
88,645,742
37,855,056
148,028,593
30,594,886

711,298,486
140,731,165
31,674,482
245,717,834
40,979,020

804,290,682
140,419,254
73,826,832
266,168,949
49,269,534

851,605,101
121,951,992
72,564,492
220,806,456
50,226,689

975,891,748
111,294,364
102,271,499
277,475,658
55,013,750

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
4.85
17.58

0.89
4.01
45.67
0.73
1.16
81.97
2.27
11.29
37.17
18.50
2.03
106.20
6.90
13.63
4.61
19.35

0.90
4.51
44.28
0.77
1.22
83.25
2.10
9.75
30.98
16.28
1.75
75.52
4.08
11.85
4.29
22.30

0.96
4.48
56.04
0.76
1.25
80.56
2.13
12.70
39.58
22.26
2.43
104.58
5.04
15.13
6.77
25.27

0.76
4.60
31.73
0.84
1.12
78.00
1.58
13.41
38.02
23.16
2.07
87.77
5.78
16.39
7.19
27.67

0.88
3.63
44.09
0.77
1.20
78.02
1.49
14.83
37.56
24.73
2.60
103.84
7.23
17.64
8.19
32.70

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

839,387,582
57,710,113
914,235,353
533,158,524
39,481,407
84,572,902
141,275,321
22,670,722
814,672,097
28,822,974
12,332,942
564,624,584
182,254
208,709,343
678,167,931
166,181,294
511,986,637
312,760,770
111,294,364
6,502,671

19,039,628
175,924,107
663,130,978
202,797,116
202,797,116

421,610,575
23,885,171
397,725,404
38,723,287

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

999,244,463
608,365,201
390,879,262
281,448,895
64,620,020
5,258,328
59,361,692
46,480,808
36,283,612
225,942,545
59,829,791
63,841,255
760,311
69,556,162

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

365

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Altern Energy Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

26,513,107

27,108,984

26,125,579

38,713,878
26,510,724
1,364,059

25,677,107
1,538
39,228,634
25,672,937
1,368,912

41,851,142
27,097,944
1,813,251

42,499,305
26,124,494
1,625,903

42,635,465
24,616,636
1,647,842

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

11,040
12,578,345
567,254
491,285
10,756,568

1,085
11,506,289
4,960,053
487,684
5,402,850

574
14,624,720
3,997,758
485,337
9,348,064

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

24,617,210

627,421
4,157,693

592,108
4,402,644
2,155,993
2,246,651
16,168,334
12,711,060
2,162,444

763,238
8,177,835
2,779,187
5,398,648
15,848,862
12,343,074
2,331,102

655,702
4,570,095
2,179,699
2,390,396
14,173,831
10,871,692
2,613,190

793,561
9,232,872
3,484,458
5,748,414
9,988,678
6,497,406
2,836,404

4,157,693
18,225,649
15,109,137
2,070,048

300
1,046,164
11,380,766
3,425,500
3,425,500

1,294,830
13,848,464
3,425,500
3,425,500

5,581
1,169,105
15,660,632
3,425,500
3,425,500

5,497
683,452
18,887,942
3,633,800
3,633,800

10,095
644,773
20,020,380
3,633,800
3,633,800

7,955,266
4,031,698
3,923,568

10,422,964
5,706,432
4,716,532

12,235,132
6,441,187
5,793,945

15,254,142
7,645,992
7,608,150

16,386,580
7,879,343
8,507,237

15,541,603
15,541,603
0
10,597,057
7,659,761
2,937,296
4,944,546
257,067
0
257,067
2,579,350
2,369,811
2,136,128
1,115
0
0
4,253,020

16,017,092
16,017,092

16,127,550
16,127,550

17,915,755
17,915,755

20,337,512
20,337,512

23,347,539
23,347,539

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

11,443,973
8,520,966
2,923,007
4,573,119
126,091

11,595,978
8,782,610
2,813,368
4,531,572
89,573

13,649,189
10,126,752
3,522,437
4,266,566
127,716

14,681,818
11,777,016
2,904,802
5,655,694
86,146

18,049,888
14,961,367
3,088,521
5,297,651
127,922

126,091
2,405,504
2,256,544
2,066,497

0
1,321,442

89,573
3,173,254
2,067,542
1,328,078
4,317
0
0
3,528,882

127,716
2,397,166
1,899,326
1,824,622
3,987
0
0
2,362,092

86,146
2,614,701
1,572,701
2,989,236
3,290
0
0
6,979,077

127,922
1,556,049
1,209,917
3,884,098
141,941
726,760
0
3,404,513

28,183,550
14,256,014
2,135,013
17,101,928
61,024

29,606,415
15,109,137
2,066,497
15,109,137
71,500

30,016,798
12,711,060
1,323,761
14,867,053
78,521

31,509,494
12,343,074
1,820,635
15,122,261
86,909

33,061,773
10,871,692
2,985,946
13,051,391
79,888

30,009,058
6,497,406
3,015,397
9,981,864
90,542

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
1.49
3.90
10.53
4.45

1.38
13.38
60.04
0.45
1.54
76.19
1.53
4.92
12.37
5.93

2.27
12.86
26.57
0.54
2.52
72.19
0.99
7.73
17.30
9.26

1.45
6.66
40.04
0.59
1.58
77.31
0.96
10.10
19.96
12.32
5.15
48.11
4.21
16.64
10.30
55.09

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

366

48.14
1.90
13.74
6.23
26.71

50.36
1.92
12.90
6.03
33.22

32.44
1.64
8.23
3.86
40.43

36.47
1.96
10.18
5.31
45.72

41.70
2.90
14.70
8.22
51.98

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Burshane LPG (Pakistan) Ltd.

2009

2010

2011

2012

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

533,052

502,725
1,932
850,515
332,632
68,228
31,390
2
136,769
203,831
105,320
21,854
15,719

411,915

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

918,882
387,181
17,658
24,361
2
121,508
202,590
126,929
25,645
5,525

849,360
277,918
59,719
26,091
2
107,904
318,618
240,442
11,401
6,682

2014

(Thousand Rupees)
2013
2014
387,011
0
852,919
226,958
54,519
20,701

346,734
5,408

195,549

37,354

139,352
393,483
203,241
85,920
23,266

108,423
479,211
317,826
11,707
15,450

44,491
134,738

60,938
117,928
3,203
114,725
189,759
10,435

60,093
155,729
2,343
153,386
192,982
5,659

81,056
180,912

134,228
154,626

179,324
398,869
226,400
226,400

134,738
252,139

252,139
348,765
226,400
226,400

180,912
203,141

154,626
269,776

187,323
381,822
226,400
226,400

203,141
396,441
226,400
226,400

269,776
401,543
226,400
226,400

122,365

172,469

155,422

170,041

175,143

72,036
0

122,365

172,469

155,422

170,041

175,143

1,239,600
1,239,600
0
992,825
903,521
89,304
246,775
194,803
93,457
101,346
12,684
11,328
68,575
0
0
0
179,045

1,225,694
1,225,694

1,471,885
1,471,885

1,977,637
1,977,637

2,350,872
2,350,872

2,467,544
2,467,544

1,148,089
1,057,013
91,076
77,605
168,174
58,271
109,903
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
3,924
519
79,896
15,642
22,640
0
(15,230)

1,762,134
1,682,698
79,436
215,503
121,252
61,721
59,531
3,640
433
111,831
19,916
56,600
0
182,238

2,150,733
2,082,823
67,910
200,139
129,056
66,407
62,649
4,073
840
90,125
40,603
63,392
0
3,787

2,319,702
2,250,152
69,550
147,842
130,152
68,965
61,187
3,728
525
45,624
24,921
40,752
0
186,022

773,906
75,000
68,575
75,000
67,095

600,904
0
76,768
0
69,786

588,628
10,435
41,614
13,638
71,691

574,804
5,659
35,315
8,002
82,604

599,582
0
(13,870)
0
141,958

671,319
0
(20,049)
0
81,961

1.81
1.02
0.22
1.41
2.47
80.09
1.96
7.87
26.14
12.76

0.98
0.96
0.45
1.67
1.50
93.67
1.11
10.25
25.62
12.06

1.03
0.27
1.07
2.08
1.73
92.86
0.77
11.08
21.37
13.43
2.84
67.35
154.94
5.43
2.84
17.62

1.59
0.18
0.34
2.71
2.05
89.10
0.91
15.56
28.65
19.22
1.62
173.46
259.27
5.65

1.25
0.17
0.99
3.01
2.17
91.49
0.97
11.99
22.22
14.93
0.78
27.36
108.29
3.83
2.19
17.51

2.16
0.15
0.63
2.99
3.10
94.01
1.06
5.64
11.04
6.93
0.51
210.78
87.90
1.85
0.91
17.74

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

367

48.12
7.05
5.53
3.03
13.18

47.79
9.22
6.76
3.39
15.40

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Engro Powergen Qadirpur Ltd.

2014

(Thousand Rupees)
2014

Items

14,330
64
115
13,132
701
82

A.Non-Current Assets (A1+A3+A5+A6+A7)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

1,052
4,699
3
386
2,193
56
2,061
4,806
3,420
1,386
7,714
7,714

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

0
6,509
3,238
3,238

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

3,271
258
3,013

F.Operation:
12,041
12,041

1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

9,339
7,912
1,427
2,702
256

256
579
757
2,021
0
486
0
1,849

G.Miscellaneous
14,223
7,714
1,535
11,134
440

1.Total capital employed (E+D)

2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

0.47
4.81
18.21
0.63
0.98
77.56
1.92
10.62
31.05
14.21
4.16
31.19
3.67
16.78
6.24
20.10

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

368

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ideal Energy Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

131,289

128,272

121,847

117,153

369,120
131,278
3,943

370,178
128,261
4,075

362,378
121,833
4,125

3,817
117,142
359,690

392,347
129,563
3,636

11
45,025
268

11
42,370
280
5,884
7,292

14
36,701
210
7,486
1,341

11
46,307
824
10,230
7,339

11
35,627
855
12,310
17,497

21,776
21,776
0
36,925
30,290
6,635
(15,149)
3,052
0
3,052
17
0
(18,218)
0
0
0
3,110

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

12,087

129,574

32,670
6,404

28,914
12,613

27,664
15,159

27,914
26,255
2,836
23,419
10,306

4,965
21,883
797
21,086
14,865

6,404
1,928

12,613
2,160

15,159
2,193

8,000

13,300

1,928
0
167,982
80,000
80,000

2,160
0
155,869
80,000
80,000

2,193
0
141,196
80,000
80,000

2,306
0
126,899
80,000
80,000

1,565

128,453
80,000
80,000

87,982
80,000
7,982

75,869
80,000
(4,131)

61,196
80,000
(18,804)

46,899
80,000
(33,101)

15,795
80,000
(64,205)
32,658

42,195
42,195

43,460
43,460

133,727
133,727

152,998
152,998

54,445
54,445

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

48,703
40,886
7,817
(6,508)
3,617

51,131
44,162
6,969
(7,671)
3,783

143,759
135,981
7,778
(10,032)
4,634

164,109
156,466
7,643
(11,111)
3,956

73,822
52,460
21,362
(19,377)
11,343

3,617
511

3,783
69

4,634
102
68
(14,672)

11,343
140
125
(30,617)
0
0
0
(3,201)

1,600
0
8,788

0
0
1,071

0
0
(4,471)

3,956
101
96
(14,608)
0
0
0
(9,655)

180,525
0
(18,218)
0
2,321

169,910
0
(12,233)
0
3,174

158,029
0
(11,523)
0
3,435

143,389
0
(14,672)
0
3,992

137,205
0
(14,608)
2,836
3,412

143,318
0
(30,617)
797
4,831

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

0.10
0.08
1.00
0.84
2.42
107.50
0.12
-8.91
-9.88
-9.74

0.31
0.07
4.80
0.94
1.76
107.26
0.29
-9.07
-10.90
-10.41

0.84
0.26
32.14
0.33
1.63
135.59
0.29
-18.63
-23.98
-21.83

7.39

-25.20
-1.33
21.00

-26.51
-1.44
19.48

17.86
-214.76
-10.97
-1.83
17.65

14.96
-151.17
-9.55
-1.83
15.86

4.42
-243.94
-56.23
-3.83
16.06

(10,633)

(11,523)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-83.66
-2.28
22.33

369

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Japan Power Generation Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

5,344,304
36,116
8,317,040
5,301,675
301,468

5,149,457
141,171
8,318,530
5,001,773
301,670

4,847,574
125,451
8,335,741
4,718,817
301,969

100
2,695,627
220,703
179,811
1,798,308

6,303
2,973,456
130,599
236,435
1,930,823

6,513
3,342,610
163,820
303,031
2,111,252

6,513
3,130,337
17,749
369,883
2,222,783

3,306
5,309,077
1,466
344,485
4,552,576

(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

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

764,507
7,875,082
1,866,510
6,008,572
3,518,216
3,518,216

519,922
8,738,281
2,065,597
6,672,684
3,140,784
3,140,784

410,550
11,872,060
2,443,030
9,429,030
2,763,351
2,763,351

7,733

10,716
0
(1,326,978)
1,560,376
1,560,376

0
(2,706,384)
1,560,376
1,560,376

0
(3,599,271)
1,560,376
1,560,376

0
(4,478,760)
1,560,376
1,560,376

(2,603,202)
2,457
(2,605,659)
459,977

(4,083,547)
4,857
(4,088,404)
1,196,193

(5,401,794)

(6,233,522)

(7,051,852)

(5,401,794)
1,135,034

(6,233,522)
1,073,875

(7,051,852)
1,012,716

3,505,758
3,505,758
0
3,281,624
2,808,947
472,677
224,134
71,447
0
71,447
760,237
558,458
(593,000)
444
0
0
52,190

2,731,939
2,731,939

4,724,149
4,724,149

4,999,358
4,999,358

2,259,243
2,259,243

797,863
797,863

0
(219,133)

4,524,142
4,650,516
(593,444)
5,343,708
27,168
0.37
21.69
19.43
0.55
0.58
93.61
-49.70
-8.76
-361.07
-11.85

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

2,443,209
2,057,603
385,606
288,730
68,045

5,170,336
4,506,018
664,318
(446,187)
114,148

5,050,083
4,555,511
494,572
(50,725)
227,476

2,087,278
1,648,304
438,974
171,965
66,739

375,636
613
375,023
422,227
321,148

68,045
691,426
517,044
(450,729)
1,623

114,148
962,710
624,546
(1,501,755)
1,725
0
60,368

227,476
1,122,948
1,117,793
(1,377,643)
2,463
0
0
344,106

66,739
1,009,179
1,003,069
(892,554)
1,251
0
0
154,262

321,148
993,545
988,616
(879,785)
154
0
0
(16,331)

4,038,194
4,613,310
(452,352)
4,828,310
32,222

2,673,609
3,989,871
(1,503,480)
4,158,071
38,340

811,832
3,518,216
(1,380,106)
5,384,726
51,528

(458,487)
3,140,784
(893,805)
5,206,381
44,375

(1,715,409)
2,763,351
(879,939)
5,206,381
45,592

0.54
25.31
65.83
0.35
0.72
89.43
-14.31
-6.35
126.10
-10.53

0.35
20.38
40.87
0.55
0.50
109.44
-7.47
-18.37
157.27
-44.75

0.29
22.46
42.23
0.58
0.42
101.01
-4.21
-15.95
68.31
-79.05

0.26
44.67
98.39
0.27
0.36
92.39
-3.30
-10.52
28.32
-501.84

0.38
124.53
570.60
0.08
0.45
47.08
-3.27
-9.54
21.78
80.94

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

370

33.23
-0.06
-16.92
-3.80
-0.85

15.19
0.13
-16.50
-2.90
-3.74

19.98
-1.40
-31.79
-9.64
-8.50

16.50
-0.23
-27.56
-8.84
-17.34

6.11
0.11
-39.51
-5.73
-23.07

2.32
0.11
-110.27
-5.64
-28.70

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

K-Electric (formerly KESC)

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

141,726,381
20,567,238
177,276,395
120,865,072
4,053,630
37,602

167,593,826
50,099,529
181,858,535
117,391,574
8,380,090
22,927

170,610,438
10,770,779
229,804,835
159,652,607
7,086,601
19,117

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
36,442,244
26,503,617
80,335,490
74,352,083
5,983,407
(82,784,778)
509,172
(83,293,950)
28,952,905

5,676,957
35,447,389
41,641,869
92,957,949
86,957,949
6,000,000
(78,411,163)
509,172
(78,920,335)
27,095,083

5,299,062
34,304,339
53,714,342
96,261,551
96,261,551

4,946,221
36,936,722
70,967,273
96,261,551
96,261,551

(67,783,736)
509,172
(68,292,908)
25,236,527

(52,720,245)
509,172
(53,229,417)
27,425,967

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
5,589,991
3,018,734
(15,451,004)
33,938
0
0
2,218,050

103,936,515
103,936,515

130,721,180
130,721,180

162,815,629
162,815,629

188,998,648
188,998,648

194,708,315
194,708,315

71,674,761
476,063
(15,484,942)
13,395,741
7,493,830

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

165,332,038
9,421,186
235,427,667
155,260,215
8,792,866
504,823

173,144,165
11,302,258
247,896,743
158,984,712
9,089,038
376,230

256,469
65,903,117
1,189,424

79,796
68,758,873
1,268,670

167,935
101,667,773
1,183,765

145,814
113,547,127
790,396

2,480,965
133,171,401
653,473

29,029,574

39,356,297

49,381,277

62,843,648

75,704,095

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
31,869,819
88,800,192
89,179,071
36,586,037
10,545,000

51,102,731
146,328,523
37,637,892
108,690,631
84,307,819
35,753,552
7,429,921

49,913,083
160,660,079
52,573,519
108,086,560
64,504,744
23,541,422
1,359,921

56,813,833
175,233,959
53,214,457
122,019,502
60,114,334
17,858,372
373,019

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

107,988,142
97,062,328
10,925,814
(4,051,627)
8,613,751

130,471,788
115,990,488
14,481,300
249,392
10,056,862

146,555,915
133,254,676
13,301,239
16,259,714
13,128,804

160,178,970
146,179,489
13,999,481
28,819,678
15,948,339

162,289,892
147,306,835
14,983,057
32,418,423
17,731,064

8,613,751
6,823,638
3,088,629
(14,737,490)

10,056,862
5,127,376
3,164,398
(10,054,299)
874,964

13,128,804
7,702,419
3,932,405
2,568,557
948,584

15,948,339
13,960,441
6,115,642
4,001,242
0

0
10,077,433

0
(9,426,734)

0
1,411,769

17,731,064
11,275,212
5,609,688
9,575,086
0
0
0
14,323,597

114,132,474
158,688
(14,737,490)
14,309,984
8,938,118

115,682,688
36,586,037
(10,929,263)
68,455,856
10,411,941

125,949,688
35,753,552
1,619,973
73,391,444
11,080,575

118,219,086
23,541,422
4,001,242
76,114,941
8,982,404

131,081,607
17,858,372
9,575,086
71,072,829
9,377,007

0.34
6.56
22.43
0.65
0.81
107.78
-1,604.52
-13.73
-451.97
-35.69

0.32
6.57
27.93
0.50
0.70
103.90
5.63
-8.68
-94.41
-15.86

0.34
3.92
30.11
0.55
0.57
99.81
7.92
-4.53
-34.79
-8.75

0.35
4.73
30.33
0.60
0.69
90.01
5.54
1.01
7.54
2.13

0.40
7.39
33.25
0.68
0.71
84.75
4.19
1.45
8.32
3.27

0.44
5.79
38.88
0.64
0.76
83.35
3.32
3.27
15.31
7.67

-4.12
-18.13
-3.36
-0.02

-3.77
-14.18
-2.14
4.54

-2.18
-7.69
-1.47
3.56

1.65
1.58
0.19
4.79

1.65
2.12
0.42
5.58

2.71
4.92
0.99
7.37

0
2,540,768

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

371

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohinoor Energy Ltd.

2009

2010

2011

2012

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

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

4,076,717
2,200
7,912,163
4,036,052
278,189
4,296

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

2014

(Thousand Rupees)
2013
2014
4,069,071
177,856
8,007,577
3,870,266
269,373
3,608

4,324,055
80,865
8,640,923
4,222,938
300,972
3,020

10,418
3,329,102
309,924
168,240
1,926,050
76,762
848,126
435,082
200,000
235,082
9,995

15,466
4,986,082
135,757
123,477
3,896,021

34,169
6,298,193
138,697
195,050
5,177,717

17,341
3,896,296
585,775
294,106
2,158,228

17,232
5,856,887
221,693
295,464
4,598,451

830,827
1,879,839
1,630,987
248,852
0

786,729
2,878,507
2,594,732
283,775
0

858,187
605,832
330,586
275,246
28,657
28,657

741,279
3,490,374
3,172,543
317,831
189,721
189,721

0
7,257,531
1,694,586
1,694,586

0
7,496,403
1,694,586
1,694,586

9,995
0
7,051,714
1,694,586
1,694,586

0
7,330,878
1,694,586
1,694,586

6,500,847
1,694,586
1,694,586

5,357,128

5,562,945

5,801,817

5,636,292

4,806,261

5,357,128

5,562,945

5,801,817

5,636,292

4,806,261

8,334,341
8,334,341
0
7,239,966
6,392,309
847,657
1,094,375
182,523
0
182,523
47,796
39,009
918,241
13,185
762,564
0
1,854,745

9,467,394
9,467,394

10,902,089
10,902,089

12,119,914
12,119,914

12,348,309
12,348,309

14,958,166
14,958,166

184,249
5,545
1,754
707,315
20,023
423,647
0
(118,424)

210,236
79,858
76,702
641,920
12,456
423,647
0
(1,013,711)

198,692
259,633
255,273
850,487
3,130
593,105
0
(192,923)

224,797
310,134
306,943
868,083
3,264
1,991,139
0
3,874,338

253,114
263,240
261,158
1,071,618
3,054
1,101,481
0
(995,114)

6,713,012
0
142,492
0
160,224

7,061,709
0
263,646
200,000
193,353

7,257,531
0
205,818
1,630,987
215,341

7,496,403
0
254,252
2,594,732
237,059

7,359,535
28,657
(1,126,320)
359,243
275,330

6,690,568
189,721
(32,917)
3,362,264
307,965

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
5.34
39.56

5.32
0.06
20.34
1.26
7.65
91.15
0.06
9.81
10.28
10.27
1.62
56.27
404.26
7.47
4.06
41.61

2.14
0.73
35.74
1.19
2.65
91.62
0.26
7.72
8.97
8.97
1.49
88.29
9.37
5.89
3.71
42.83

1.85
2.14
42.72
1.17
2.19
89.27
0.38
8.72
11.53
11.53
1.43
62.14
4.33
7.02
5.00
44.24

4.53
2.51
17.48
1.55
6.43
88.76
0.09
9.47
11.70
11.67
0.43
41.99
3.83
7.03
5.10
43.26

1.38
1.76
30.74
1.47
1.68
89.44
0.57
11.81
15.50
15.25
0.97
50.63
5.10
7.16
6.31
38.36

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

8,629,255
7,820,801
808,454
838,139
184,249

9,988,000
9,213,910
774,090
914,089
210,236

10,820,046
10,071,392
748,654
1,299,868
198,692

10,960,657
10,068,115
892,542
1,387,652
224,797

13,379,179
12,458,361
920,818
1,578,987
253,114

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

372

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kohinoor Power Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

233,079

218,847

221,730

549,548
240,242
14,630

554,188
231,602
14,236

554,188
217,870
13,732

564,977
221,730
12,679

563,106
208,596
12,360

1,822
205,121
14,657
32,892
62,650

1,477
214,264
974
27,963
94,578

977
185,564
25,700
39,310
3,822

0
90,344
16,291
19,980
0

94,922
26,670
3,768
22,902
11,494
4,552

90,749
21,704
5,492
16,212
11,443
4,020

116,732
47,059
38,823
8,236
7,843
1,953

54,073
8,879
2,449
6,430
6,121

42,541
15,872
978
14,894
1,298

6,942

7,423

409,021
126,000
126,000

414,196
126,000
126,000

5,890
0
349,509
126,000
126,000

6,121
0
297,074
126,000
126,000

1,298
0
252,855
126,000
126,000

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

208,596

61,429
700
18,188

283,021
34,000
249,021

288,196
34,000
254,196

223,509
34,000
189,509

171,074
34,000
137,074

126,855
34,000
92,855

737,622
737,622
0
690,268
647,480
42,788
47,354
9,596
0
9,596
245
58
38,289
8
0
0
3,105

747,919
747,919

810,519
810,519

282,312
282,312

0
0

0
0

0
19,837

394,919
5,298
38,281
8,360
18,094
4.04
0.03
11.45
1.77
7.72
93.58
0.09
9.59
10.50
10.34

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

710,072
665,823
44,249
37,847
11,841

790,159
748,525
41,634
20,360
13,618

305,420
290,630
14,790
(23,108)
38,402

0
0
53,041

0
0
44,919

11,841
1,235
945
25,374
6

13,618
2,574
884
5,176
2

53,041
718
656
(52,435)
0
0

0
(8,450)

38,402
5,816
4,902
(64,961)
275
0
0
(6,539)

44,832

44,919
66
63
(44,219)
0
0
0
(15,421)

420,515
4,552
25,368
8,320
18,932

425,639
4,020
5,174
9,512
19,738

357,352
1,953
(65,236)
40,776
19,169

303,195
0
(52,435)
2,449
7,069

254,153
0
(44,219)
978
12,703

2.90
0.17
8.38
1.67
7.69
94.94
0.09
5.88
6.40
6.22

4.40
0.32
11.67
1.81
9.87
97.49
0.08
1.16
1.26
1.22

0.63
2.06
1.35
0.70
3.94
108.19
0.16
-15.25
-17.01
-16.59

1.83

0.04

0.00
10.18

0.00
3.87

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

373

0.05
-14.64
-16.22
-15.88

0.07
-15.19
-16.08
-15.87

23.45
661.15
5.19
3.04
30.45

22.74
27.85
3.39
2.01
32.46

28.99
6.86
0.64
0.41
32.87

7.18
-12.25
-23.01
-5.18
27.74

0.00
-78.93

0.00
-700.89

-4.16
23.58

-3.51
20.07

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Kot Addu Power Co. Ltd.

2009

2010

2011

2012

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

17,965,609
81,068
39,326,905
17,800,135
1,560,380
2,415

17,421,377
362,005
40,100,919
16,958,177
1,619,820
5,791

18,496,754
130,768
43,271,417
18,264,486
1,864,189
7,388

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

2014

(Thousand Rupees)
2013
2014
17,281,834
10,547
43,909,095
17,090,199
1,999,815
14,528

15,994,227
80,060
44,692,977
15,755,465
2,106,517
14,648

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

94,112
80,830,886
306,770
4,239,457
69,332,911

166,560
44,941,994
354,935
4,198,262
34,219,425

144,054
79,357,779
3,330,435
4,128,021
66,087,635

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
845,648
4,209,628

6,951,748
67,445,191
21,726,691
45,718,500
8,198,661
2,577,759
1,754,600

6,169,372
30,525,301
7,532,022
22,993,279
6,223,489
1,644,127
2,708,222

5,811,688
63,427,193
37,923,363
25,503,830
5,136,966
372,862
2,006,818

412,852
2,765,161
22,494,728
8,802,532
8,802,532

516,649
2,046,210
23,959,945
8,802,532
8,802,532

647,986
3,218,316
23,683,788
8,802,532
8,802,532

736,567
1,134,573
25,475,038
8,802,532
8,802,532

904,559
1,852,727
26,787,847
8,802,532
8,802,532

13,692,196
444,451
13,247,745

15,157,413
444,451
14,712,962

14,881,256
444,451
14,436,805

16,672,506
444,451
16,228,055

17,985,315
444,451
17,540,864

69,363,913
69,363,913
0
58,373,072
55,621,836
2,751,236
10,990,841
727,267
0
727,267
6,410,224
6,406,030
8,722,880
2,876,292
5,677,633
0
20,427,992

85,934,854
85,934,854

74,350,745
74,350,745

100,504,304
100,504,304

97,533,226
97,533,226

113,206,047
113,206,047

631,290
5,335,919
5,317,502
7,730,531
2,454,277
4,401,266
0
(1,318,553)

468,499
8,704,178
8,633,768
9,906,961
3,299,708
5,721,646
0
(38,924)

496,657
9,782,214
9,693,389
8,635,446
2,205,102
6,073,747
0
11,887,729

382,061
7,998,910
7,976,169
10,905,412
3,734,258
6,601,899
0
22,386,585

537,288
4,550,475
4,512,560
11,329,995
3,996,275
5,721,646
0
(19,395,504)

31,219,958
46,214
168,955
8,672,708
599,771

29,966,230
45,728
874,988
18,188,619
709,886

31,578,080
845,648
885,607
25,215,318
878,832

31,882,449
2,577,759
356,597
24,304,450
977,853

31,698,527
1,644,127
569,255
9,176,149
1,035,321

31,924,813
372,862
1,612,074
38,296,225
1,163,963

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
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
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
7.51
27.22

1.03
9.73
68.99
1.01
1.20
88.80
3.19
8.87
36.25
27.22
1.06
23.71
1.89
8.59
7.31
26.91

1.13
8.20
35.08
1.57
1.47
86.27
1.44
13.50
44.40
34.29
1.09
23.23
2.37
11.18
8.15
28.94

1.09
4.02
58.38
1.19
1.25
89.22
2.56
14.39
43.26
35.65
1.28
27.42
3.51
10.01
8.33
30.43

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

76,010,946
71,741,859
4,269,087
9,923,908
631,290

63,652,527
59,941,657
3,710,870
10,698,218
468,499

89,252,443
85,652,226
3,600,217
11,251,861
496,657

84,144,758
80,577,099
3,567,659
13,388,468
382,061

101,001,998
95,254,807
5,747,191
12,204,049
537,288

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

374

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

LALPIR POWER Ltd.

2014

(Thousand Rupees)
2013
2014

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

11,100,713
817,537
12,320,040
10,231,231
517,222

30,916,857
30,916,857

14,130,150
1,813,876
412,902
9,909,436
164,699

0.96
3.16
27.43
1.31
1.32
93.92
0.92
3.36
6.45
5.61
2.09
91.68
1.82
2.56
2.09
32.38

2,389
49,556
12,522,547
632,348
337,226
8,480,277

3,072,696
9,493,110
8,095,560
1,397,550
1,831,813
1,813,876

17,937
0
12,298,337
3,798,387
3,798,387

8,499,950
107,004
8,392,946

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

29,037,489

29,037,489
1,879,368
135,130

135,130
975,558
970,272
792,741
0
379,839
0
3,885,712

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

375

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Mari Petroleum Co. Ltd. (Formerly Mari Gas Co. Ltd.)

2009

2010

2011

2012

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

10,429,888
887,000
5,812,574
3,653,056
425,850
5,876,104

12,370,962
1,355,577
6,061,752
3,431,662
492,172
7,449,641

12,554,380
848,770
7,560,051
3,623,416
461,738
7,575,025

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

2014

(Thousand Rupees)
2013
2014
13,720,153
2,416,362
9,426,467
3,442,150
496,284
6,259,465

18,834,095
2,232,339
12,798,635
6,439,570
610,865
8,205,841

13,728
11,250,212
3,607,305

134,082
13,039,677
3,779,987

507,169
20,733,210
2,950,816

1,602,176
20,472,285
6,508,559
0
11,878,669
0
2,085,057
15,274,318
961,603
14,312,715
5,361,387
1,543,207
0
0
212,072
3,606,108
13,556,733
918,750
918,750
0
12,637,983
5,685,638
6,952,345
0

1,956,345
40,628,932
5,307,263

11,777,767
11,777,767
0
1,531,378

14,877,969
14,877,969

6,099,654

7,706,622

15,151,485

1,543,253
8,018,243

1,553,068
9,773,882
420,000
9,353,882
4,966,342
1,300,000

2,630,909
16,449,169
442,222
16,006,947
5,362,275
946,667

88,791
3,577,551
10,670,415
735,000
735,000

105,946
4,309,662
11,476,146
918,750
918,750

8,018,243
4,471,031

76,196
4,394,835
9,190,826
735,000
735,000

31,165,789

4,155,880
37,593,693
1,379,173
36,214,520
5,047,103
332,505

466,146
4,248,452
16,822,231
918,750
918,750

8,455,826
3,164,473
5,291,353

9,935,415
4,547,414
5,388,001

10,557,396
4,570,457
5,986,939

5,789,203
5,789,203
0
723,650
0
723,650
5,065,553
2,682,282
0
2,682,282
321,064
113,355
2,394,725
488,534
118,225
367,500
1,939,909

5,240,117
5,240,117

7,128,270
7,128,270

7,555,915
7,555,915

3,251,656
465,539
196,509
1,351,088
291,021
227,850
0
2,302,035

3,591,903
715,756
249,950
2,708,895
1,269,642
245,490
183,750
2,527,117

5,217,878
770,232
233,631
1,402,495
657,131
309,435
1,241,985

7,342,970
1,273,689
598,351
3,488,491
2,342,072
340,489
0
5,374,004

9,079,629
988,686
378,142
4,377,637
778,662
347,655
183,750
6,096,578

11,341,188
1,200,000
1,787,966
1,200,000
891,285

13,661,857
0
832,217
0
897,691

15,636,757
1,300,000
1,193,763
1,720,000
1,006,478

16,838,421
946,667
435,929
1,388,889
1,305,439

18,918,120
1,543,207
805,930
2,504,810
1,852,276

21,869,334
332,505
3,251,320
1,711,678
2,358,308

0.98
5.55
124.17
0.28
1.10
12.50
1.48
14.49
33.19
26.55
16.12

1.21
8.88
116.40
0.24
1.40
12.61
1.36
6.41
15.51
10.81
4.65

1.18
10.04
108.11
0.28
1.33
12.45
1.38
11.51
27.28
18.49
5.86

1.10
10.19
200.52
0.23
1.26
12.82
1.90
4.78
12.67
8.64
2.41

1.20
10.81
100.86
0.34
1.34
13.00
1.52
10.34
27.87
19.51
3.37

0.97
6.65
209.48
0.25
1.08
12.92
2.53
9.35
28.82
21.47
10.35

15,903,481
6,154,009
9,749,472

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

660,553

887,402

968,604

1,922,086

660,553
4,579,564
3,251,656

887,402
6,240,868
3,591,903

968,604
6,587,311
5,217,878

1,531,378
10,246,389
7,342,970

1,922,086
12,955,883
9,079,629

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

376

22.13
41.37
51.87
224.02

7.88
25.78
14.42
125.05

11.84
38.00
19.58
145.18

7.00
18.56
8.11
124.91

6.83
29.62
12.48
147.56

12.58
29.42
39.17
183.10

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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

2009

2010

2011

2012

18,063,899
17,984,649
78,396
76,599
1,098
2,385

16,767,413

15,826,888

18,011,863
16,754,300
1,255,766
1,908

18,037,056
15,824,497
955,050
1,431

2014

(Thousand Rupees)
2013
2014
14,772,680
2,500
18,038,232
14,768,740
1,102,737
954

14,116,948
4,267
18,101,264
14,111,679
1,160,985
477

266
4,639,129
1,561,222
305,640
1,732,451

11,205
8,047,407
39,302
677,306
6,909,141

960
12,761,210
39,797
368,581
11,710,530

486
7,857,827
270,038
419,779
5,812,566

525
13,281,513
1,043,319
431,071
10,199,010

1,039,816
3,675,555

421,658
6,088,179
4,646,022
1,442,157
13,811,283
13,811,283

642,302
9,688,390
6,742,975
2,945,415
12,898,061
12,898,061

1,355,444
3,523,761
1,065,276
2,458,485
11,836,995
11,836,995

1,608,113
9,746,249
6,931,682
2,814,567
10,604,151
10,604,151

0
3,649,330
3,673,469
3,673,469

0
4,915,358
3,673,469
3,673,469

0
6,001,647
3,673,469
3,673,469

0
7,269,751
3,673,469
3,673,469

0
7,048,061
3,673,469
3,673,469

3,675,555
15,378,143
14,991,504
386,639

(24,139)

1,241,889

2,328,178

3,596,282

3,374,592

(24,139)

1,241,889

2,328,178

3,596,282

3,374,592

20,353,055
20,353,055

21,585,392
21,585,392

25,165,538
25,165,538

27,629,642
27,629,642

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

0
0
9,411

15,750,441
14,026,289
1,724,152
4,602,614
80,622

16,416,962
14,615,294
1,801,668
5,168,430
105,415

20,097,829
18,253,722
1,844,107
5,067,709
86,849

22,694,594
20,771,776
1,922,818
4,935,048
198,893

9,411

0
2,079,786

80,622
2,940,579
2,927,429
1,626,013
13,580
734,694
0
(1,677,793)

105,415
3,080,779
3,068,903
2,015,864
11,208
1,285,714
0
(1,344,237)

86,849
2,424,115
2,421,333
2,712,731
24,761
2,204,081
0
9,617,882

198,893
1,921,675
1,917,475
2,900,759
0
2,387,755
0
(786,747)

19,027,473
14,991,504
(7,489)
14,991,504
3,267

18,726,641
13,811,283
877,739
18,457,305
34,016

18,899,708
12,898,061
718,942
19,641,036
42,171

19,106,746
11,836,995
483,889
12,902,271
53,746

17,652,212
10,604,151
513,004
17,535,833
77,246

0.90

1.14
14.45
33.95
0.82
1.32
77.39
4.05
6.84
37.97
8.61
2.19
30.05
1.56
7.99
4.39
13.38

1.21
14.27
54.25
0.76
1.32
76.06
3.76
7.55
36.93
10.72
1.56
58.56
1.66
9.34
5.46
16.34

1.73
9.63
23.10
1.11
2.23
79.86
2.11
10.59
40.88
14.28
1.22
59.95
2.12
10.78
7.32
19.79

1.15
6.96
36.91
1.01
1.36
82.14
2.89
11.60
40.52
15.78
1.21
64.10
2.51
10.50
7.90
19.19

(6,454)
1,035

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

377

0.00
1.26

5.22
-0.03
-0.18
-0.03

0.00

-0.02
9.93

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Nishat Power Ltd.

2009

2010

2011

2012

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

14,930,588

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
0
0
0
0
0
0
8,242
0
8,242
0
0
49,747
2,291
0
0
29,994

0
(2,991,368)

14,336,247
11,396,546
47,456
11,649,986
2,007
0.08

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

2014

(Thousand Rupees)
2013
2014

17,111,418
14,930,588
971,210

14,011,013
149,632
17,079,056
13,841,220
1,065,803

13,259,224
0
17,307,446
13,239,574
1,071,370

0
7,925,921
11,809
1,012,347
6,374,208

0
13,221,143
61,406
710,144
10,723,457

20,161
11,497,691
3,947,174
718,695
5,794,382

19,650
13,263,344
1,039,426
968,978
10,348,174

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

1,726,136
8,982,938
7,455,367
1,527,571
11,991,648
11,773,428
218,220

1,037,440
5,493,637
3,425,081
2,068,556
10,806,632
10,806,632

906,766
6,484,467
4,165,883
2,318,584
9,682,778
9,682,778

0
3,615,262
3,540,885
3,540,885

0
5,494,345
3,540,885
3,540,885

0
7,177,145
3,540,885
3,540,885

0
9,208,435
3,540,885
3,540,885

10,355,323
3,540,885
3,540,885

74,377

1,953,460

3,636,260

5,667,550

6,814,438

74,377

1,953,460

3,636,260

5,667,550

6,814,438

1,018,365
1,018,365

20,986,893
20,986,893

21,090,204
21,090,204

25,055,257
25,055,257

27,479,286
27,479,286

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

795,521
729,320
66,201
222,844
22,656

16,108,746
14,387,594
1,721,152
4,878,147
97,990

16,152,199
14,501,855
1,650,344
4,938,005
90,223

20,031,222
18,262,484
1,768,738
5,024,035
129,840

22,822,609
20,750,027
2,072,582
4,656,677
157,594

22,656
180,041
179,471
72,200
25,023

97,990
2,914,277
2,905,685
1,892,823
13,739
0
(1,211,533)

90,223
2,879,509
2,874,179
2,035,337
23,472
708,177
0
(1,792,590)

129,840
2,240,582
2,233,416
2,702,300
0
7,516,577
0
10,042,333

157,594
1,611,685
1,603,259
2,917,330
0
1,416,354
0
(749,813)

17,512,409
13,424,262
47,177
16,956,066
4,611

18,917,680
12,605,115
1,879,084
16,415,901
42,637

19,168,793
11,773,428
1,303,688
19,228,795
51,414

20,015,067
10,806,632
(4,814,277)
14,231,713
68,083

20,038,101
9,682,778
1,500,976
13,848,661
82,505

0.90
17.68
262.05
0.05
1.17
78.12
5.21
0.39
2.20
0.45

1.32
13.89
30.37
0.88
1.63
76.76
3.33
8.19
41.56
10.39

1.20
13.65
50.85
0.75
1.47
76.59
2.92
7.84
32.12
10.69
2.84
29.70
1.71
9.65
5.68
20.27

1.77
8.94
23.13
0.98
2.09
79.95
1.77
10.07
32.98
13.79
0.36
34.86
2.21
10.79
7.63
26.01

1.76
5.87
37.66
1.04
2.05
83.05
1.56
11.21
29.82
14.57
2.06
28.36
2.82
10.62
8.24
29.25

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

0.00
0.10

4.12
0.33
1.69
0.35

0.00

2.87
1.40
7.09
0.13
10.21

20.73
1.65
9.02
5.31
15.52

0.16
10.09

378

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Oil & Gas Development Co. Ltd.

2009

2010

2011

2012

92,531,628
3,999,004
66,012,400
25,856,962
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

108,433,851
8,913,242
70,038,605
26,085,656
3,981,686
58,630,857
3,231,435
11,572,661
120,433,800
7,843,820
172,084
82,992,291

112,174,063
10,903,761
76,463,862
28,242,821
4,464,059
58,926,897
3,568,930
10,531,654
149,603,465
13,841,889
261,835
77,911,312

123,444,782
4,346,723
48,461,395
36,619,718
4,777,028
64,671,505
3,987,633
13,819,203
214,846,336
3,767,689
210,523
138,095,764

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

2014

(Thousand Rupees)
2013
2014
279,681,508
13,908,025
96,644,897
38,697,201
5,442,346
74,651,460
140,416,803
12,008,019
134,247,356
2,709,875
263,204
55,874,924

302,072,553
20,636,857
114,547,578
51,167,137
5,485,142
74,329,473
140,393,508
15,545,578
194,160,127
2,852,160
420,626
100,510,995

29,425,605
34,840,843

57,588,429
21,775,606

72,772,360
32,213,722

75,399,353
58,376,592

90,376,346
48,045,567

34,840,843
36,634,322

21,775,606
38,436,345

32,213,722
42,694,322

58,376,592
43,286,251

48,045,567
52,515,908

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

6,940,301
35,754,021
263,383,074
43,009,284
43,009,284

9,564,797
33,721,454
312,266,021
43,009,284
43,009,284

9,827,561
42,688,347
395,671,205
43,009,284
43,009,284

114,383,202
3,859,682
110,523,520

158,556,293
4,059,138
154,497,155

220,373,790
4,906,000
215,467,790

269,256,737
5,756,000
263,500,737

352,661,921
6,606,000
346,055,921

130,829,579
130,829,579
0
39,352,049
0
39,352,049
91,477,530
13,051,906
0
13,051,906
926,027
0
80,927,923
16,799,082
35,482,659
0
52,979,320

142,571,863
142,571,863

155,631,290
155,631,290

197,838,726
197,838,726

223,365,490
223,365,490

257,014,254
257,014,254

88,552,753
23,127,095
23,655,106
0
61,506,185

90,982,204
26,167,923
23,655,106
0
67,924,141

133,082,814
36,610,749
31,181,731
0
48,582,753

146,808,506
42,567,340
35,482,659
0
185,684,663

172,349,905
52,258,517
39,783,588
0
50,389,863

156,704,898
0
28,646,182
0
10,026,882

194,026,808
0
41,770,552
0
11,751,673

240,001,922
0
41,159,175
0
13,335,227

306,077,396
0
65,290,334
0
18,483,994

355,552,272
0
68,758,507
0
21,677,544

448,187,113
0
80,307,800
0
25,083,295

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

4.40
0.87
69.80
0.58
6.67
30.09
0.28
44.36
57.25
48.74
3.09
939.75

1.00
1.04
25.02
0.54
2.30
29.07
0.33
39.03
50.57
43.87
2.94
848.64

2.15
0.86
39.11
0.52
4.04
31.49
0.25
37.87
48.69
42.89
3.02
611.03

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

41,948,928

52,902,800

59,532,473

64,933,010

80,941,450

41,948,928
100,622,935
14,161,202

52,902,800
102,728,490
13,643,914

59,532,473
138,306,253
13,252,446

64,933,010
158,432,480
25,108,002

80,941,450
176,072,804
20,758,776

14,161,202
1,273,312

13,643,914
1,484,781

13,252,446
1,718,651

25,108,002
2,315,324

20,758,776
2,204,287

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

379

61.86
14.91
29.34

62.11
15.21
36.60

58.46
15.07
46.87

67.27
22.43
61.24

65.73
24.24
72.60

67.06
27.92
92.00

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakgen 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

2014

(Thousand Rupees)
2013
2014

2011

2012

7,637,432
364,540
11,338,029
7,272,873
348,460

8,088,987
1,154,920
11,363,579
6,934,052
364,375

8,203,680
689,298
12,313,401
7,514,382
516,561

8,465,608
1,104,464
12,615,661
7,358,455
519,650

19
14,224,302
992,177
330,227
11,022,948

15
15,536,799
113,867
312,842
12,770,094

0
13,108,105
260,599
337,516
10,046,693

2,689
12,491,663
1,494,987
470,121
8,009,287

1,878,950
8,601,828
8,495,145
106,683
0

2,339,996
9,637,256
8,590,768
1,046,488
0

2,463,297
6,957,684
6,529,046
428,638
0

2,517,268
6,549,182
5,270,337
1,278,845
0

0
13,259,906
3,720,816
3,720,816

0
13,988,530
3,720,816
3,720,816

0
14,354,101
3,720,816
3,720,816

0
14,408,089
3,720,816
3,720,816

9,539,090
116,959
9,422,131

10,267,714
116,959
10,150,755

10,633,285
116,959
10,516,326

10,687,273
116,959
10,570,314

31,303,251
31,303,251

33,718,174
33,718,174

37,743,681
37,743,681

34,922,901
34,922,901

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

28,997,530
28,154,776
842,754
2,305,721
196,023

30,617,989
29,480,092
1,137,897
3,100,185
170,904

35,611,924
34,306,941
1,304,983
2,131,757
205,758

33,607,721
32,292,584
1,315,137
1,315,180
148,979

196,023
806,547
791,280
1,368,223

170,904
1,031,242
1,022,336
2,030,910

205,758
834,667
828,910
1,109,735
0
930,204
4,072,695

148,979
578,427
573,772
612,110
0
372,082
0
3,798,272

2,418,530
0
(1,611,240)

1,116,245
0
(6,997)

13,259,906
0
(1,050,307)
8,495,145
159,649

13,988,530
0
914,665
8,590,768
678,433

14,354,101
0
179,531
6,529,046
200,674

14,408,089
0
240,028
5,270,337
213,598

1.40
2.58
35.21
1.43
1.65
92.63
0.65
6.26
10.32
10.32
0.57
94.79
2.73
4.37
3.68
35.64

1.34
3.06
37.87
1.43
1.61
90.81
0.69
8.93
14.91
14.91
1.82
107.78
2.99
6.02
5.46
37.60

1.48
2.21
26.62
1.77
1.88
94.35
0.48
4.94
7.83
7.83
1.19
111.83
2.34
2.94
2.98
38.58

1.45
1.66
22.93
1.67
1.91
96.23
0.45
2.90
4.26
4.26
1.65
74.28
2.07
1.75
1.65
38.72

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

380

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

S.G. Power Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

95,414

90,815

86,458

57,127

299,123
90,064
4,854

299,123
85,465
4,599

299,123
81,108
4,357

195,947
51,777
3,918

195,947
49,122
2,654

5,350
184,606
211

5,350
182,769
411

5,350
178,092
0

5,350
6,368
438
5,797

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

54,472

94,036

91,936

90,136

5,350
5,998
67
5,797
0

90,359
11,867

90,422
11,937

87,956
11,946

134
11,763

133
13,863

11,867
722

11,937
948

11,946
1,016

11,763
116

13,863
116

113
835
260,699
178,333
178,333

113
903
251,588
178,333
178,333

113
3
51,246
178,333
178,333

113
3
46,861
178,333
178,333

609

113

267,431
178,333
178,333

89,098
89,116
(18)

82,366
89,116
(6,750)

73,255
89,116
(15,861)

(127,087)
89,116
(216,203)

(131,472)
89,116
(220,588)

6,609

6,781

8,873

6,609
(6,609)
982

6,781
(6,781)
432

8,873
(8,873)
308

6,030
328
5,702
(6,030)
170,620

4,942
500
4,442
(4,942)
311

F.Operation:
0
0
0
6,337
0
6,337
(6,337)
956
0
956
3
0
(7,296)
0
0
0
(68)

1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

982
105

432
63

308
115

170,620
0

311
2

(7,696)

(6,733)

(9,111)

(4,385)
0

0
4,705

0
(27)

0
0
(479)

(200,342)
0
0
0
(233)

275,240
0
(7,296)
0
0

268,153
0
(7,696)
0

261,647
0
(6,733)
0

252,604
0
(9,111)
0

51,362
0
(200,342)
0

46,977
0
(4,385)
0

8.65

7.94

7.74

7.55

0.01

0.03

0.00
16.34

0.00
15.56

0.00
15.31

0.00
14.91

0.00
0.51

0.00
0.46

370

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

381

0.04
-2.52
-2.62
-2.62

0.05
-2.71
-2.84
-2.83

0.05
-2.43
-2.55
-2.54

0.05
-3.39
-3.56
-3.54

0.23
-122.28
-132.31
-131.82

0.30
-7.07
-8.94
-8.92

-0.41
15.43

-0.43
15.00

-0.38
14.62

-0.51
14.11

0.00

0.00

-11.23
2.87

-0.25
2.63

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

SAIF POWER Ltd.

2014

(Thousand Rupees)
2013
2014

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

15,354,012

18,519,602
18,519,602

15,006,513
7,826,487
1,408,272
11,549,804
61,453

0.79
9.32
23.85
0.89
0.94
79.77
2.00
9.52
28.53
13.25
3.43
81.17
2.16
10.73
5.14
18.03

18,010,093
15,353,287
587,609
213

512
5,533,356
213,839
228,164
4,417,255

674,098
5,880,855
3,723,317
2,157,538
8,037,497
7,826,487
186,817

24,193
0
6,969,016
3,864,718
3,864,718

3,104,298

3,104,298

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

14,773,910

14,773,910
3,745,692
89,945

89,945
1,726,593
1,709,957
1,987,980
0
579,708
0
3,316,354

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

382

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sitara Energy Ltd.

2009

2010

2011

2012

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

2,492,038
141,647
2,226,749
1,303,458
80,832

2,393,526
144,795
2,250,067
1,250,298
73,436

2,178,171
148,323
2,245,046
1,170,701
79,249

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

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

49,995
948,438
994,313
5,029
134,355
359,376
2,841
492,712
1,857,316
1,657,762
199,554
296,814

49,995
809,152
1,110,687
8,093
76,913
502,758
3,480
519,443
1,510,363
1,188,158
322,205
312,110

567,500

292,500

310,000

0
1,179,671
190,920
190,920

4,314
1,233,709
190,920
190,920

2,110
1,466,385
190,920
190,920

988,751
141,780
846,971

1,042,789
142,915
899,874

1,275,465
143,554
1,131,911

3,026,399
3,026,399
0
2,565,292
2,551,158
14,133
461,107
62,419
0
62,419
336,834
332,709
68,212
1,438
38,184
0
428,878

3,896,185
3,896,185

3,814,178
3,814,178

4,879,166
4,879,166

73,297
315,455
312,982
142,233
207
38,184
0
506,920

71,318
306,251
303,654
92,091
1,023
19,092
0
206,284

2,024,862
949,505
28,590
2,155,675
23,319

2,047,398
867,727
103,842
2,164,672
29,202

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
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
7.44
61.79

2014

(Thousand Rupees)
2013
2014
2,169,645
149,043
2,280,217
1,119,017
86,856
0
0
901,585
1,275,280
12,251
123,357
642,413
67,629
429,630
1,293,410
910,686
382,724
455,000
300,000
0
155,000
0
0
1,696,515
190,920
190,920
0
1,505,595
144,299
1,361,296
0

1,970,656
224,639
2,270,135
1,037,319
89,771

708,698
1,335,533
61,431
133,351
612,989
63,403
464,359
1,218,182
599,979
618,203
204,381
204,381

0
1,883,626
190,920
190,920

1,692,706
143,197
1,549,509

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

5,066,358
5,066,358

100,840
269,674
268,182
251,747
590
19,092
0
320,381

5,183,842
5,183,842
0
4,652,085
4,275,378
376,707
531,757
85,560
0
85,560
199,739
198,572
248,488
11
19,092
0
230,169

1,530,523
292,500
71,976
1,950,262
80,523

1,778,495
310,000
232,065
1,498,158
84,898

2,151,515
455,000
229,385
1,365,686
92,866

2,088,007
204,381
168,286
804,360
105,295

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
4.77
64.62

0.34
5.53
10.30
1.48
0.74
89.23
1.24
7.54
18.65
15.22
13.16
63.44
1.94
5.16
13.16
76.81

0.56
3.85
12.39
1.50
0.99
89.74
1.03
7.38
15.71
12.65
13.01
42.02
2.25
4.79
13.01
88.86

0.61
3.06
12.10
1.53
1.10
92.26
0.76
6.12
11.54
9.74
5.41
37.99
2.34
4.08
10.81
98.66

3,414,042
3,397,026
17,016
482,143
73,297

3,354,591
3,305,510
49,081
459,587
71,318

4,353,653
4,058,476
295,177
525,513
100,840

4,674,129
4,275,754
398,375
392,229
110,892

110,892
155,038
154,190
206,531
61
38,184
0
403,239

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

383

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Southern Electric Power Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

7,206,036

6,910,749

6,957,517

6,743,771

10,034,059
7,206,036
327,961

10,049,985
6,899,154
330,400

10,418,910
6,937,855
355,438

10,596,295
6,743,771
373,003

10,555,534
6,318,845
385,686

0
4,251,691
39,824
304,181
3,465,551

11,595
3,834,995
150,675
225,725
2,834,594

19,662
4,025,438
237,942
272,900
2,594,901

0
3,818,576
8,133
101,236
3,270,981

0
4,945,841
3,311
9,037
4,544,502

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

6,318,845

442,135
7,017,455
3,274,988
3,742,467
2,359,196
2,331,321

624,001
10,765,715
3,786,579
6,979,136
1,821,085
1,534,234

919,695
13,309,097
4,557,576
8,751,521
1,346,796
1,311,611

438,226
15,546,057
5,434,501
10,111,556
571,922
571,922

388,991
18,104,677
5,658,526
12,446,151
310,362
310,362

27,875

23,131
263,720
(1,841,056)
1,366,758
1,366,758

35,185
0
(3,672,938)
1,366,758
1,366,758

2,081,076
1,366,758
1,366,758

0
(5,555,632)
1,366,758
1,366,758

(7,150,353)
1,366,758
1,366,758

714,318

(3,207,814)

(5,039,696)

(6,922,390)

(8,517,111)

714,318

(3,207,814)

(5,039,696)

(6,922,390)

(8,517,111)

1,911,237
1,911,237
0
903,706
484,967
418,739
1,007,531
240,771
0
240,771
766,957
688,734
146,762
0
0
0
158,927

5,842,332
5,842,332

6,579,822
6,579,822

4,825,434
4,825,434

2,670,811
2,670,811

1,277,383
1,277,383

0
673,201

5,073,002
3,023,297
146,762
5,479,190
63,334
0.39
40.13
84.62
0.21
0.46
47.28
3.56
1.71
7.51
2.98

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

4,691,971
3,982,199
709,772
1,150,361
56,018

6,425,944
5,291,990
1,133,954
153,878
3,097,552

5,400,879
3,841,843
1,559,036
(575,445)
63,195

3,377,157
1,600,674
1,776,483
(706,346)
61,411

1,931,126
17,134
1,913,992
(653,743)
49,683

56,018
987,884
920,834
121,682

3,097,552
1,048,433
981,970
(3,917,816)
(4,316)
0
734,933

63,195
1,261,821
1,016,698
(1,863,487)
31,605
0
0
606,888

61,411
1,137,343
1,017,466
(1,882,694)
0
0
0
10,211

49,683
903,842
945,859
(1,594,721)
0
0
0
(7,943)

4,440,272
2,331,321
121,682
5,606,309
74,657

(19,971)
1,534,234
(3,913,500)
5,320,813
90,569

(2,326,142)
1,311,611
(1,895,092)
5,869,187
106,615

(4,983,710)
571,922
(1,882,694)
6,006,423
104,469

(6,839,991)
310,362
(1,594,721)
5,968,888
61,717

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

0.21
26.15
53.78
0.44
0.30
111.93
-3.99
-17.15
67.59
158.86

0.21
42.58
122.47
0.25
0.25
126.45
-2.90
-17.48
40.80
51.51

0.25
70.76
355.77
0.11
0.27
151.18
-2.58
-14.47
25.10
26.97

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

384

24.11
1.21
7.68
1.07
14.84

19.21
1.13
2.08
0.89
15.23

29.15
-2.99
-59.54
-28.63
-13.47

17.68
-0.83
-38.62
-13.87
-26.87

26.38
-0.85
-70.49
-13.77
-40.65

141.35
-0.69
-124.84
-11.67
-52.32

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sui Northern Gas Pipelines Ltd.

2009

2010

2011

2012

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

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

91,263,252
15,588,482
136,553,652
73,909,766
7,638,345
239,427
4,900
1,520,677
47,467,364
1,954,060
685,757
36,454,217

94,371,581
13,981,335
149,535,404
78,788,091
8,209,682
133,591
4,900
1,463,664
78,954,165
1,125,264
848,671
73,330,850

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

2014

(Thousand Rupees)
2013
2014
94,371,581
13,981,335
149,535,404
78,788,091
8,209,682
133,591
4,900
1,463,664
78,954,165
1,125,264
848,671
73,330,850

94,371,581
13,981,335
149,535,404
78,788,091
8,209,682
133,591
4,900
1,463,664
78,954,165
1,125,264
848,671
73,330,850

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
69,570,313
9,500,000
1,324,177

3,649,380
79,895,565
1,000,000
78,895,565
72,206,401
7,500,000
1,086,313

3,649,380
79,895,565
1,000,000
78,895,565
72,206,401
7,500,000
1,086,313

3,649,380
79,895,565
1,000,000
78,895,565
72,206,401
7,500,000
1,086,313

1,251,220

1,232,171
56,675,266
18,702,079
5,491,053
5,491,053

1,134,352
57,611,784
18,728,889
5,491,053
5,491,053

1,009,794
62,610,294
21,223,780
5,765,606
5,765,606

1,009,794
62,610,294
21,223,780
5,765,606
5,765,606

1,009,794
62,610,294
21,223,780
5,765,606
5,765,606

13,211,026

13,237,836

15,458,174

15,458,174

15,458,174

13,211,026

13,237,836

15,458,174

15,458,174

15,458,174

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
653,182
92,534
1,730,285
0
0
0
17,431,999

161,629,828
161,629,828

187,837,601
187,837,601

216,652,317
216,652,317

216,652,317
216,652,317

216,652,317
216,652,317

156,016,865
5,612,963
4,855,410
2,092,261
2,763,149
4,650,154
279,380
3,879,931
873,859
1,098,211
0
16,256,271

184,237,173
3,600,428
6,699,036
3,577,149
3,121,887
3,877,833
289,248
1,687,743
975,308
549,105
274,553
2,381,118

209,422,514
7,229,803
8,180,843
4,158,903
4,021,940
3,412,328
1,598,122
4,740,885
1,093,966
1,441,402
576,561
10,215,571

209,422,514
7,229,803
8,180,843
4,158,903
4,021,940
3,412,328
1,598,122
4,740,885
1,093,966
1,441,402
576,561
10,215,571

209,422,514
7,229,803
8,180,843
4,158,903
4,021,940
3,412,328
1,598,122
4,740,885
1,093,966
1,441,402
576,561
10,215,571

69,956,390
0
1,730,285
1,013,358
5,015,553

77,860,736
0
1,907,861
1,000,000

88,299,202
9,500,000
163,330
10,500,000
7,203,357

93,430,181
7,500,000
2,205,518
8,500,000
8,493,592

93,430,181
7,500,000
2,205,518
8,500,000
8,493,592

93,430,181
7,500,000
2,205,518
8,500,000
8,493,592

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
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
1.30
34.11

0.93
1.58
33.85
1.25
0.99
96.66
7.17
3.04
23.73
5.22
2.53
255.28
3.97
2.19
6.33
36.81

0.93
1.58
33.85
1.25
0.99
96.66
7.17
2.74
22.34
5.07
2.53
255.28
3.97
2.19
6.33
36.81

0.93
1.58
33.85
1.25
0.99
96.66
7.17
2.74
22.34
5.07
2.53
255.28
3.97
2.19
6.33
36.81

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

156,016,865

184,237,173

209,422,514

209,422,514

209,422,514

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

215.65
19.70
1.02
3.15
29.41

385

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Sui Southern Gas Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

67,515,133
6,913,747
98,871,426
59,553,126
3,786,193
46,020
874,524
127,716
105,770,321
1,509,341
795,567
71,740,913
118,795
31,605,705
105,063,453
7,272,259
97,791,194
39,855,858
14,471,126

67,515,133
6,913,747
98,871,426
59,553,126
3,786,193
46,020
874,524
127,716
105,770,321
1,509,341
795,567
71,740,913
118,795
31,605,705
105,063,453
7,272,259
97,791,194
39,855,858
14,471,126

67,515,133
6,913,747
98,871,426
59,553,126
3,786,193
46,020
874,524
127,716
105,770,321
1,509,341
795,567
71,740,913
118,795
31,605,705
105,063,453
7,272,259
97,791,194
39,855,858
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

1,825,246
23,559,486
28,366,143
8,809,163
8,809,163

1,825,246
23,559,486
28,366,143
8,809,163
8,809,163

1,825,246
23,559,486
28,366,143
8,809,163
8,809,163

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

7,360,675
234,868
7,125,807

9,385,491
234,868
9,150,623
10,251,946

9,305,034
234,868
9,070,166
10,251,946

9,305,034
234,868
9,070,166
10,251,946

9,305,034
234,868
9,070,166
10,251,946

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
4,409,792
2,599,845
416,699
0
0
0
(5,189,460)

107,736,781
107,736,781

114,529,160
114,529,160

130,946,444
130,946,444

130,946,444
130,946,444

130,946,444
130,946,444

104,896,047
95,333,111
9,562,936
2,840,734
3,241,502
714,540
2,526,962
5,015,893
2,620,138
7,013,418
609,524
1,006,761
1,677,936
6,861,393

112,284,333
102,889,971
9,394,362
2,244,827
4,726,851
973,210
3,753,641
5,786,122
6,417,994
5,519,679
1,325,123
2,097,420
419,484
13,097,157

128,391,923
117,763,432
10,628,491
2,554,521
5,762,670
1,030,460
4,732,210
7,531,711
7,947,440
3,880,878
1,528,201
1,982,062

128,391,923
117,763,432
10,628,491
2,554,521
5,762,670
1,030,460
4,732,210
7,531,711
7,947,440
3,880,878
1,528,201
1,982,062

128,391,923
117,763,432
10,628,491
2,554,521
5,762,670
1,030,460
4,732,210
7,531,711
7,947,440
3,880,878
1,528,201
1,982,062

9,466,842

9,466,842

9,466,842

42,630,996
17,496,775
416,699
22,466,265
3,719,317

44,128,398
11,644,780
5,397,133
20,400,116
7,539,687

62,852,295
14,471,126
2,097,136
21,743,385
6,777,400

68,222,001
14,471,126
370,615
21,743,385
6,854,451

68,222,001
14,471,126
370,615
21,743,385
6,854,451

68,222,001
14,471,126
370,615
21,743,385
6,854,451

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
9.54
20.97

0.65
5.05
42.94
0.82
1.03
98.04
4.00
4.40
26.22
10.32
2.00
162.98
1.86
4.82
5.00
33.41

0.70
5.75
54.79
0.76
1.01
98.05
5.11
2.48
13.76
5.92
1.19
164.60
1.49
2.96
2.67
32.20

0.70
5.75
54.79
0.76
1.01
98.05
5.11
2.24
13.68
5.69
1.19
164.60
1.49
2.96
2.67
32.20

0.70
5.75
54.79
0.76
1.01
98.05
5.11
2.24
13.68
5.69
1.19
164.60
1.49
2.96
2.67
32.20

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

220.47
1.16
0.39
0.62
14.43

386

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

The Hub Power Co. Ltd.

2009

2010

2011

2012

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

56,067,554
26,371,939
49,737,070
27,609,409
1,723,516
1,424,160

59,820,055
9,956,405
72,438,765
48,374,377
1,965,591
1,422,162

63,820,814
16,260,531
72,798,099
46,060,165
2,689,056
1,439,350

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

662,046
69,964,674
927,940
1,559,876
66,712,461

67,111
94,218,419
2,562,524
3,773,699
85,806,069

60,768
157,922,147
1,340,198
1,774,241
151,161,169

764,397
70,394,638
8,400,189
61,994,449
25,511,722
25,454,733

2,076,127
90,587,592
13,694,752
76,892,840
33,090,216
33,069,836

3,646,539
152,507,677
21,854,192
130,653,485
37,020,984
37,008,148

15,689
41,300
30,125,868
11,571,544
11,571,544

20,380
0
30,360,666
11,571,544
11,571,544

12,836
0
32,214,300
11,571,544
11,571,544

18,554,324
357,415
18,196,909

18,789,122
807,790
17,981,332

20,642,756
1,020,495
19,622,261

82,783,924
82,783,924
0
76,687,113
71,894,694
4,792,419
6,096,811
415,046
0
415,046
2,098,138
1,912,680
3,717,099
0
3,876,467
0
15,017,419

99,694,264
99,694,264

123,309,604
123,309,604

174,712,187
174,712,187

2014

(Thousand Rupees)
2013
2014
65,333,150
115,932
93,453,497
63,743,063
2,992,584
1,441,365
0
32,790
53,608,084
18,378,649
4,247,498
25,925,964
0
5,055,973
45,074,204
7,569,304
37,504,900
38,967,823
35,540,428
0
0
3,674
3,423,721
34,899,207
11,571,544
11,571,544
0
23,327,663
1,159,273
22,168,390
0

62,327,277
200,822
93,948,773
60,665,680
3,591,543
1,425,953
0
34,822
92,877,557
5,015,638
2,388,435
80,938,582
0
4,534,902
86,625,423
21,841,532
64,783,891
33,977,699
30,859,272

165,838,385
165,838,385

4,900
3,113,527
34,601,712
11,571,544
11,571,544

23,030,168
1,486,794
21,543,374

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

485,576
1,800,556
1,563,213
5,468,837
5,785,772
0
4,645,167

535,231
3,165,721
5,572,839
5,563,212
13,751
6,364,349
0
810,478

465,133
6,664,720
6,842,300
8,580,589
5,141
6,942,926
0
242,140

167,235,519
167,235,519
0
149,987,499
141,051,280
8,936,219
17,248,020
490,130
0
490,130
6,568,673
6,258,720
10,231,283
1,023
9,257,235
0
41,443,401

40,937,532
11,342,483
(159,368)
15,916,815
210,845

55,637,590
25,454,733
(316,935)
33,854,922
257,127

63,450,882
33,069,836
(814,888)
46,764,588
531,325

69,235,284
37,008,148
1,632,522
58,862,340
628,838

73,867,030
35,540,428
973,025
43,109,732
259,231

68,579,411
30,859,272
295,531
52,700,804
372,587

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
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
4.73
26.03

0.98
2.57
69.59
0.80
1.04
92.53
4.07
3.97
18.39
9.34
0.87
32.68
2.00
4.51
4.80
26.24

1.00
3.81
86.52
0.79
1.04
91.04
5.88
4.57
27.42
12.93
1.24
98.47
2.25
4.91
7.41
27.84

0.98
3.93
15.50
1.41
1.19
89.69
2.41
6.01
30.49
14.30
1.11
39.37
2.63
6.12
8.84
30.16

0.99
3.51
48.81
1.07
1.07
91.37
3.49
5.71
22.50
10.98
1.04
69.43
2.33
4.72
6.76
29.90

92,006,319
86,246,924
5,759,395
7,687,945
485,576

114,092,576
108,141,995
5,950,581
9,217,028
535,231

159,061,500
151,647,873
7,413,627
15,650,687
465,133

151,520,514
140,201,487
11,319,027
14,317,871
789,469

789,469
5,827,942
5,901,715
7,821,074
4,039
7,521,504
0
(13,962,546)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

387

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

INFORMATION & COMMUNICATION

PERFORMANCE AT A GLANCE
The

Balance

sheet

size

of

Information and Communication

Growth with Composition of Balance Sheet Items

500

Sector increased by 6.67 percent

2014.

Total

liabilities

increased by 16.10 percent during

2014

however,

Shareholders

equity registered a significant

2014
40%

24.55%

11.02%

20%

400
Billion Rs.

during

9.08%

2013
Growth

0%

300

-20%

-0.39%

200

-40%
-60%

100

decrease of 112.18 percent over

the previous year. Shareholders

-100

-80%
-100%
-112.18%
Non-Current
Assets

equity decreased by Rs. 45.92

Current
Assets

Current
Liabilities

Non-Current Shareholders
Liabilities
Equity

-120%

billion in 2014 similarly, the net loss before tax, increased by 21.14 percent during the year as
compared to the previous year.

ANALYSIS OF ASSETS
In 2014, total assets stood at Rs.
556.87 billion increased by Rs.

Growth & Composition of Assets

Billion Rs

100

during

the

year,

conversely, trade debt increased by

4%

300

of these investments decreased by

8%
6%

400

200

percent

6.67%

500

decreased during 2014. The amount

9.55

10%
9.08%

600

previous year. The analysis of

that long term investment activities

2014

700

37.15 billion when compared to the

components of total assets reveals

2013
Growth

-0.39%

2%
0%

Current Assets

Non-Current Assets

Total assets

-2%

1.01 percent over 2013 however its share in total assets decreased from 6.97 percent in 2013 to 6.60
percent in 2014. Inventories dcreased by 13.03 percent in 2014, similarly cash and bank balances
decreased by 21.26 percent in 2014.

388

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

ANALYSIS OF LIABILITIES
Looking at the liabilities side, total

Growth & Composition of Liabilities

liabilities incread by 16.10 percent in

term secured loans in total liabilities

decreased by 1.28 percent during
2014. Total long term secured loans

25%

500
Billion Rs

2014. However, the share of short

30%

24.55%

600

loans increased from Rs. 82.63

billion in 2013 to Rs. 88.29 billion in

2014

Growth

700

2014 of which short term secured

2013

400

20%
11.02%

16.10%

15%

300

10%

200

5%

100
0

stood at Rs. 85.14 billion witnessing

Current Liabilities

an increase of Rs. 28.86 billion in

Non-Current
Liabilities

Total Liabilities

0%

2014 over 2013.

PROFITABILITY
In terms of profitability, 2014 witnessed
an increase in loss before tax which

Profitability/Efficiency Ratios
0.00

increased by Rs. 3.95 billion in 2014.

Rs. 10.44 billion in 2014 consequent
upon an increase of Rs. 16.27 billion in
local sales. Export slaes however
decreased by Rs. 5.83 billion during the

Percentage

Overall sales depicted an increase of

-20.00

2013
-7.47

-3.41
-3.93

2014

-9.60

-38.87

-40.00
-60.00
-80.00
-100.00
-120.00
-140.00

year as compared to previous year.

-125.91
ROA

ROE

ROCE

Return on Assets (ROA) decreased from -3.41 percent in 2013 to -3.93 percent in 2014, similarly
Return on Equity (ROE) decreased from 38.87 percent in 2013 to 125.88 percent in 2014. Return on
Capiyal Employed (ROCE) decreased from -7.47 percent in 2013 to -9.60 percent percent in 2014.

389

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Information, Comm. and Transport Services - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

389,279,703
25,705,519
601,464,918
333,337,895
38,422,966
17,242,971
1,694,338
11,298,980
106,102,694
21,668,875
5,346,070
30,279,738
16,690,697
32,117,314
187,487,974
63,385,805
124,102,169
188,797,268
37,486,739
8,541,752
19,623,359
22,787,749
100,357,669
119,097,155
104,200,151
104,192,651
7,500
(7,179,292)
6,233,859
(13,413,151)
22,076,296

406,928,236
24,761,680
643,633,409
345,337,049
41,430,990
18,760,714
1,782,907
16,285,886
100,406,220
25,684,280
5,581,300
28,524,409
4,612,399
36,003,832
205,269,510
67,864,718
137,404,792
207,167,221
56,041,768
13,718,260
13,019,283
27,174,722
97,213,188
94,897,725
107,204,877
107,197,377
7,500
(36,160,916)
8,664,443
(44,825,359)
23,853,764

400,854,380
23,537,429
677,082,818
342,134,851
34,212,460
18,769,493
1,528,010
14,884,597
139,451,727
17,092,843
5,429,838
35,611,889
33,696,629
47,620,528
275,165,201
106,396,805
168,768,396
209,957,364
87,353,547
17,878,114
6,912,384
47,077,950
50,735,369
55,183,542
107,679,106
107,671,606
7,500
(87,979,019)
4,878,245
(92,857,264)
35,483,455

415,254,438
19,183,172
645,586,899
352,014,931
33,576,509
21,282,407
3,661,862
19,112,066
141,613,968
21,871,453
899,480
38,797,921
25,872,087
54,173,027
322,054,511
82,630,988
239,423,523
193,875,312
56,284,714
19,224,962
1,095,824
49,719,050
67,550,762
40,938,583
111,035,921
107,498,221
3,537,700
(107,059,288)
7,164,419
(114,223,707)
36,961,950

452,966,218
18,049,671
674,460,234
354,392,358
35,329,426
58,601,331
3,312,310
18,610,548
141,056,776
17,221,914
782,303
39,188,520
21,822,155
62,041,884
357,530,644
88,287,967
269,242,677
241,478,236
85,144,552
19,577,930
0
54,100,598
82,655,156
(4,985,886)
111,584,902
108,047,203
3,537,699
(150,341,131)
6,177,091
(156,518,222)
33,770,343

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
16,376,525
12,167,347
8,015,976
4,765,212
8,345,679
0
42,516,320

252,917,485
244,062,084
8,855,401
186,823,752
171,923,297
14,900,455
66,093,733
48,367,598
14,456,022
33,911,576
15,242,239
12,285,847
14,722,235
6,174,683
10,069,922
0
57,580,620

277,726,784
270,534,066
7,192,718
224,252,494
76,579,087
147,673,407
53,474,290
57,520,005
14,939,558
42,580,447
17,367,261
13,405,660
(13,838,370)
4,347,382
10,850,852
0
34,551,123

235,460,747
224,230,860
11,229,887
77,842,828
9,564,161
68,278,667
157,617,919
52,298,195
12,936,610
39,361,585
20,558,306
13,541,575
92,318,246
2,054,701
2,376,523
24,503
12,953,920

297,498,431
274,982,396
22,516,035
241,215,487
161,369,842
79,845,645
56,282,944
63,523,268
15,448,098
48,075,170
20,589,938
16,522,387
(18,683,648)
2,590,103
15,741,901
278,572
44,861,564

307,937,551
291,251,392
16,686,159
250,435,062
170,882,125
79,552,937
57,502,489
65,503,037
16,319,969
49,183,068
23,762,381
18,418,896
(22,633,695)
3,082,643
15,172,413
283,500
32,857,767

350,680,966
74,861,505
(5,094,915)
102,125,896
37,396,948

307,894,423
57,110,098
(1,522,370)
120,495,903
37,650,893

302,064,946
69,061,051
(29,036,604)
136,925,769
50,071,627

265,140,906
94,265,931
87,887,022
200,662,736
20,791,841

234,813,895
57,380,538
(37,015,652)
140,011,526
45,391,556

236,492,350
85,144,552
(40,888,751)
173,432,519
48,390,895

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
0.33
14.22

0.37
6.03
11.97
0.51
0.57
73.87
3.16
2.90
11.43
4.47
0.85
47.31
2.20
5.82
0.82
11.43

0.29
6.25
10.27
0.55
0.49
80.75
4.35
-2.76
-12.93
-4.54
-1.68
49.76
-0.03
-4.98
-1.70
8.85

0.31
8.73
15.12
0.44
0.51
33.06
8.79
17.62
123.02
32.55
37.98
43.36
7.82
39.21
8.38
5.13

0.27
6.92
13.04
0.53
0.44
81.08
12.60
-3.41
-38.87
-7.47
-1.35
330.74
-0.13
-6.28
-1.98
3.81

0.22
7.72
12.73
0.52
0.39
81.33
-120.14
-3.93
-125.91
-9.60
-1.69
393.63
-0.23
-7.35
-2.38
-0.46

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

390

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hum Network Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

560,268
0
383,393
199,569
50,095
11,737
0
348,962
1,035,571
89,154
253
468,324
0
477,840
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

530,841
5,630
392,723
179,344
54,736
10,784
0
335,083
1,127,936
136,441
571
476,949
0
513,975
462,244
186,371
275,873
79,455
0
0
0
78,265
1,190
1,117,078
500,000
500,000
0
617,078
0
617,078
0

448,287
8,184
449,840
199,401
38,355
9,923
0
230,779
1,355,678
232,725
26,612
686,258
0
410,083
349,540
1,839
347,701
1,571
0
0
0
0
1,571
1,452,854
500,000
500,000
0
952,854
952,854
0
0

525,202
17,057
481,126
199,008
39,340
33,622
0
275,515
1,403,601
120,518
5,956
790,405
0
486,722
568,912
1,624
567,288
2,734
0
0
0
0
2,734
1,357,157
945,000
945,000
0
412,157
412,157
0
0

1,116,856
1,116,856
0
459,622
381,962
77,660
657,234
279,570
129,206
150,364
37,315
34,540
363,545
128,131
0
0
188,674

1,284,273
1,284,273
689,449
528,559
160,890
594,824
270,573
114,951
155,622
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
38,769
37,586
296,291
114,109
50,000
0
(23,216)

1,748,721
1,748,721
0
1,097,261
985,565
111,696
651,460
401,132
198,329
202,803
32,546
30,839
261,176
0
100,000
0
236,875

2,329,447
2,329,447
0
1,303,523
1,205,633
97,890
1,025,924
522,815
247,596
275,219
7,510
6,605
560,819
157,105
300,000
200,000
394,620

2,933,797
2,933,797
0
1,520,996
1,381,433
139,563
1,412,801
726,159
349,373
376,786
8,091
6,971
777,356
215,690
567,000
283,500
609,773

788,303
32,667
235,414
185,098
257,994

879,103
14,000
122,837
255,371
254,728

1,077,342
0
132,182
231,371
296,065

1,196,533
0
161,176
186,371
335,948

1,454,425
0
103,714
1,839
465,854

1,359,891
0
(5,334)
1,624
593,824

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
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
3.64
20.43

1.33
1.86
27.27
1.05
2.44
62.75
0.48
16.05
24.42
22.97
2.61
3,062.56
9.47
14.94
5.22
22.34

2.63
0.32
29.46
1.29
3.88
55.96
0.24
32.39
43.64
42.31
1.35
87.53
85.91
24.08
8.07
29.06

1.60
0.28
26.94
1.52
2.47
51.84
0.42
41.65
55.33
55.24
0.99
492.58
112.51
26.50
5.94
14.36

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1,337.55
11.53
32.55
4.71
14.51

391

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Media Times Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

1,720,949
217,958
1,541,630
1,115,047
116,628
152,907
0
235,037
268,892
7,824
7,155
134,581
0
119,332
281,373
62,112
219,261
506,568
0
441,485
0
54,438
10,645
1,201,900
1,341,383
1,341,383
0
(139,483)
76,223
(215,706)

1,275,593
0
1,499,701
944,673
137,298
152,640
0
178,280
161,825
4,676
5,456
103,506
0
48,187
358,239
51,640
306,599
128,746
0
72,961
0
55,785
0
950,433
1,788,510
1,788,510
0
(838,077)
76,223
(914,300)
0

1,167,196
0
1,500,304
833,344
(112,582)
152,374
0
181,478
185,586
1,782
3,367
128,815
0
51,622
426,409
94,353
332,056
166,178
0
103,844
0
62,334
0
760,195
1,788,510
1,788,510
0
(1,028,315)
76,223
(1,104,538)
0

730,957
0
1,474,943
717,353
109,447
2,377
0
11,227
178,064
1,052
1,630
114,087
0
61,295
523,204
111,880
411,324
192,340
0
121,599
0
70,741
0
193,477
1,788,510
1,788,510
0
(1,595,033)
76,223
(1,671,256)
0

504,415
504,415
0
324,819
92,784
232,035
179,596
187,098
7,130
179,968
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
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
204,995
7,418
197,577
82,929
81,041
(226,498)
4,011

275,234
275,234
0
729,932
72,235
657,697
(454,698)
216,100
12,026
204,074
57,616
54,862
(699,330)
0
447,128
0
0

305,928
305,928
0
344,565
73,310
271,255
(38,637)
141,187
9,639
131,548
21,022
20,902
(187,414)
1,557
0
0
(30,522)

310,049
310,049
0
374,305
89,394
284,911
(64,256)
319,410
10,190
309,220
17,815
17,627
(388,517)
5,299

1,847,395
46,563
(24,494)
124,170
145,062

1,802,047
0
(110,797)
51,263
148,488

1,708,468
0
(230,509)
62,112
137,940

1,079,179
0
(1,146,458)
51,640
119,327

926,373
0
(188,971)
94,353
108,188

385,817
0
(393,816)
111,880
117,776

0.77
7.56
37.51
0.23
1.49
64.40
0.53
-1.08
-1.65
-1.29

0.97
8.51
39.33
0.25
1.72
75.04
0.48
-5.13
-7.73
-5.94

0.51
21.90
35.53
0.19
0.96
86.32
0.66
-11.29
-17.65
-12.90

0.30
20.93
37.61
0.19
0.45
265.20
0.51
-40.81
-64.98
-50.17
-1.56
50.45
-11.75
-254.09
-3.91
5.31

0.31
6.87
42.11
0.23
0.44
112.63
0.78
-13.43
-21.91
-18.69

0.22
5.75
36.80
0.34
0.34
120.72
3.70
-34.35
-81.48
-59.22

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

75,624

0
(23,043)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

392

5.29
0.76
-4.71
-0.18
10.73

20.64
-1.76
-21.72
-0.83
10.18

52.93
-1.79
-59.80
-1.72
8.96

90.86
-7.97
-61.26
-1.06
4.25

190.21
-21.04
-125.31
-2.20
1.08

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Netsol Technologies Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

3,885,650
383,040
1,556,821
938,407
618,414
2,501,052
0
63,151
2,250,718
138,957
0
993,465
0
1,118,296
790,173
20,000
770,173
201,075
176,591
0
0
0
24,484
5,145,120
779,102
779,102
0
4,366,018
374,765
3,991,253
0

4,792,057
503,883
2,186,533
1,414,216
235,886
2,873,958
0
0
2,503,859
330,827
0
1,159,755
0
1,013,277
757,198
276,889
480,309
192,731
37,500
135,165
0
0
20,066
6,345,987
785,717
785,717
0
5,560,270
278,240
5,282,030
0

5,586,946
261,548
3,382,268
2,456,830
393,935
2,868,568
0
0
1,308,949
389,987
0
537,831
0
381,131
881,840
267,327
614,513
256,580
37,500
175,362
0
0
43,718
5,757,475
889,699
889,699
0
4,867,776
297,320
4,570,456
0

1,081,395
154,449
926,946
628,826
628,826
0
452,569
366,607
85,054
281,553
19,526
18,389
300,767
6,656
0
0
423,431

2,031,256
122,860
1,908,396
665,346
665,346
0
1,365,910
371,234
96,780
274,454
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
23,603
17,767
811,662
2,524
0
0
1,300,575

2,499,656
125,525
2,374,131
1,031,672
1,031,672
0
1,467,984
506,449
136,752
369,697
13,873
6,229
992,734
0
0
0
644,590

2,997,140
109,786
2,887,354
1,322,615
1,322,615
0
1,674,525
568,125
120,317
447,808
9,194
7,543
1,231,650
2,822
78,572
78,572
1,403,594

2,346,996
20,734
2,326,262
2,100,942
2,100,942
0
246,054
739,866
183,448
556,418
11,886
10,497
(442,348)
33,352
0
0
1,493,400

2,513,962
87,500
294,111
287,500
69,518

3,617,301
62,500
879,039
262,500
84,086

4,334,528
122,832
809,138
322,832
556,469

5,346,195
176,591
992,734
196,591
624,810

6,538,718
37,500
1,150,256
314,389
751,374

6,014,055
37,500
(475,700)
304,827
1,144,049

2.11
1.81
57.66
0.37
3.60
58.15
0.23
11.15
13.74
13.28

2.11
1.21
47.95
0.49
3.54
32.76
0.18
27.60
33.08
31.96
10.03

1.55
1.15
49.64
0.40
2.24
40.11
0.23
17.80
21.57
20.97

1.43
0.55
39.74
0.41
2.85
41.27
0.19
17.61
21.27
20.51

1.05
0.51
22.92
0.34
1.48
89.52
0.20
-6.23
-7.31
-7.05

1.97
0.31
38.70
0.41
3.31
44.13
0.15
18.34
21.44
20.73
15.64

43.33
48.24
12.53
45.52

46.68
39.43
10.39
53.75

160.37
39.71
12.74
66.04

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

17.36
27.81
3.77
30.53

393

164.28
41.09
15.64
80.77

-41.14
-18.85
-5.35
64.71

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pak Datacom Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

381,061
0
794,302
370,158
424,144
2,470
0
8,433
597,918
74,267
0
98,288
203,680
221,683
249,512
2,951
246,561
69,839
0
0
0
21,518
48,321
659,628
78,408
78,408
0
581,220
12,042
569,178

361,321
0
835,832
350,390
485,441
9,408
0
1,523
697,736
186,655
0
94,440
296,368
120,273
297,137
2,339
294,798
48,596
0
0
0
24,075
24,521
713,324
98,010
98,010
0
615,314
381,500
233,814
0

318,468
0
850,110
309,813
58,364
7,913
0
742
903,439
59,724
0
137,419
435,440
270,856
433,213
0
433,213
37,650
0
0
0
28,595
9,055
751,044
98,010
98,010
0
653,034
431,500
221,534
0

276,218
0
850,970
268,477
49,652
7,152
0
589
843,655
66,271
0
94,165
295,875
387,344
287,074
0
287,074
34,513
0
0
0
32,221
2,292
798,286
98,010
98,010
0
700,276
481,500
218,776
0

1,042,099
1,042,099
0
748,259
208,523
539,736
293,840
66,198
1,349
64,849
583
0
248,947
88,699
54,886
0
342,817

1,058,618
1,058,618
0
752,010
200,229
551,781
306,608
79,513
1,150
78,363
722
0
249,542
91,980
62,726
0
119,766

675,119
675,119
0
581,390
0
581,390
93,729
77,228
1,110
76,118
1,193
0
37,379
18,633
19,602
0
22,560

775,691
775,691
0
533,029
533,029
0
242,662
185,716
4,173
181,543
826
0
121,279
662,480
49,005
24,503
103,318

771,645
771,645
0
538,527
0
538,527
233,118
103,904
0
103,904
1,317
0
143,682
65,754
49,005
64,415

732,660
732,660
0
529,775
529,775
0
202,885
106,106
0
106,106
1,786
0
150,393
57,639
58,806
0
(91,886)

660,911
0
105,362
0
136,596

757,463
0
94,836
0
161,010

729,467
0
(856)
2,951
147,920

761,920
0
(590,206)
2,339
159,169

788,694
0
28,923
0
187,096

832,799
0
33,948
0
199,539

1.36
0.06
9.75
1.04
1.75
71.80
0.69
27.15
46.63
43.77
2.92

1.38
0.07
8.04
0.98
2.12
71.04
0.57
23.98
39.02
35.19
2.51

1.51
0.18
14.56
0.69
2.40
86.12
0.48
3.63
5.55
5.03
0.96

1.94
0.11
12.17
0.73
2.35
68.72
0.48
11.90
17.67
16.26
-11.04

1.46
0.17
17.81
0.63
2.09
69.79
0.63
12.60
19.62
18.53
1.59

1.59
0.24
12.85
0.65
2.94
72.31
0.40
12.84
19.41
18.55
1.58

23.89
20.44
75.41

23.57
20.10
87.70

5.54
2.39
84.13

15.63
-55.22
72.78

18.62
7.95
76.63

20.53
9.46
81.45

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

394

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Int. Container Terminal Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

6,108,075
113,453
7,435,539
5,434,610
514,490
476,307
0
83,705
2,926,620
1,702,396
340,791
227,340
548,004
108,089
1,265,130
535,194
729,936
3,088,615
1,852,896
0
0
34,928
1,200,791
4,680,950
1,271,532
1,271,532
0
3,409,418
0
3,409,418

5,248,107
51,802
7,714,708
5,158,005
571,475
37,625
0
675
2,751,653
1,287,694
325,369
206,418
595,458
336,714
1,430,912
611,411
819,501
2,860,847
1,732,173
0
0
42,069
1,086,605
3,708,001
1,271,532
1,271,532
0
2,436,469
0
2,436,469
0

4,710,813
314,900
7,682,939
4,378,136
601,346
17,102
0
675
2,952,959
2,015,717
0
303,837
102,580
530,825
2,392,444

2,392,444
2,481,523
1,493,777
0
0
44,987
942,759
2,789,805
1,091,532
1,091,532
0
1,698,273
0
1,698,273
0

1,898,228
1,674,720
896,266
0
0
44,215
734,239
2,583,896
1,091,532
1,091,532
0
1,492,364
0
1,492,364
0

4,564,256
4,564,256
0
2,494,840
0
2,494,840
2,069,416
786,956
1,633
785,323
208,990
206,054
1,174,528
20,546
435,844
0
1,712,714

5,125,117
5,125,117
0
2,942,067
0
2,942,067
2,183,050
583,223
4,201
579,022
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
533,067
3,517
529,550
158,319
158,319
2,128,813
720,712
635,766
0
2,068,656

6,692,315
6,692,315

3,725,889
2,966,426
607,604
6,472
601,132
416,843
403,561
2,170,819
776,393
1,589,415
0
0

7,974,394
7,974,394
0
3,961,824
0
3,961,824
4,012,570
505,492
0
505,492
191,529
181,888
3,429,491
1,287,253
4,857,317
0
3,164,803

7,921,660
7,921,660
0
4,414,468
0
4,414,468
3,507,192
450,180
0
450,180
171,891
161,935
2,997,115
1,105,466
1,473,568
0
2,093,532

6,625,415
2,656,028
718,138
2,656,028
325,649

7,152,648
2,298,040
625,159
2,817,822
422,198

7,769,565
1,852,896
772,335
2,388,090
609,572

6,568,848
1,732,173
(194,989)
2,343,584
627,157

5,271,328
1,493,777
(2,715,079)
1,493,777
611,317

4,258,616
896,266
418,081
896,266
627,633

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
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
8.92
29.16

1.96
2.59
3.71
0.68
2.31
57.56
0.93
24.55
50.75
28.53
2.21
17.97
14.45
34.76
11.07
36.81

1.46
6.23
3.08
0.84
1.92
55.67
1.16
25.49
51.75
30.28
0.88
20.57
6.38
32.44
10.97
29.16

1.01
2.40
3.81
1.04
1.23
49.68
1.75
43.79
105.56
57.93
0.44

0.56
2.17
4.38
1.29
1.05
55.73
1.38
43.37
111.55
62.90
1.28

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

4,168,003
62,502
7,968,351
4,086,982
603,613
16,672
0
1,847
1,988,841
724,044
0
346,590
0
918,207
1,898,228

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

3,725,889

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

395

19.85
43.01
19.63
25.56

19.51
37.83
17.33
23.67

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan International Airlines Corporation Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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)
6,592,522
(112,931,797)
22,854,589

166,161,385
2,274,446
194,754,251
153,020,015
8,944,698
3,250,621
94,394
7,521,909
27,973,776
5,597,237
4,096,403
10,014,544
517,767
7,747,825
169,787,707
82,138,026
87,649,681
102,478,387
58,425,844
8,000,000
4,394,027
13,255,180
18,403,336
(78,130,933)
28,787,174
28,779,674
7,500
(141,305,534)
2,501,038
(143,806,572)
34,387,427

168,612,607
2,080,669
127,000,241
153,953,639
5,071,329
3,538,086
120,386
8,919,827
30,765,002
7,252,505
0
9,368,145
305,019
13,839,333
206,178,357
56,747,538
149,430,819
100,290,784
45,524,850
8,000,000
0
15,308,519
31,457,415
(107,091,532)
28,779,674
28,779,674
0
(171,701,488)
2,501,038
(174,202,526)
35,830,282

156,914,009
2,525,113
122,479,415
141,405,912
4,729,596
3,711,867
151,435
9,119,682
31,100,171
6,112,858
0
10,975,590
197,288
13,814,435
218,848,049
59,772,367
159,075,682
109,207,104
62,194,367
8,000,000
0
19,671,914
19,340,823
(140,040,973)
28,779,674
28,779,674
0
(200,941,770)
2,501,038
(203,442,808)
32,121,123

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
9,604,550
9,027,091
(11,784,791)
711,974
0
0
(1,910,730)

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
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

124,777,545
124,777,545
0
0

113,780,088
113,780,088
0
110,366,513
48,033,885
62,332,628
3,413,575
16,722,705
7,959,695
8,763,010
15,016,848
13,588,232
(27,940,046)
1,286,749
0
0
2,129,106

139,170,175
52,892,698
(12,496,765)
76,874,858
14,206,511
0.19
9.30
8.07
0.49
0.30
82.35
-292.32
-6.76
69.22
-11.62

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

121,658,368
5,817,824
22,714,119
6,830,850
15,883,269
10,487,413
7,254,225
(26,858,145)
1,149,809
0
0
(394,360)

124,777,545
7,630,949
7,630,949
0
12,169,934
9,471,178
108,304,281
0
0
0
(3,425,179)

109,811,240
109,811,240
0
114,814,036
55,116,104
59,697,932
(5,002,796)
26,611,958
7,384,444
19,227,514
13,414,851
11,986,297
(43,444,228)
712,035
0
0
(5,662,555)

88,594,575
38,911,693
(9,117,866)
82,774,517
14,958,414

73,073,933
47,559,461
(28,007,954)
84,677,776
22,263,171

24,347,454
62,819,871
108,304,281
144,957,897
0

(6,800,748)
45,524,850
(44,156,263)
102,272,388
21,278,432

(30,833,869)
62,194,367
(29,226,795)
121,966,734
21,242,044

0.17
8.18
7.40
0.64
0.25
83.97
-6.32
-3.87
43.38
-6.66

0.12
8.23
7.01
0.71
0.19
95.44
-4.29
-14.82
60.39
-33.23

0.09
9.75
8.03
0.64
0.16
0.00
-3.48
57.89
-163.06
222.34

0.08
12.22
8.53
0.55
0.15
104.56
-2.86
-22.08
46.91
-495.18

0.08
13.20
9.65
0.61
0.14
97.00
-2.34
-14.42
22.61
148.48

-2.62
-39.56
-15.34
-37.21

-1.06
-24.56
-10.16
-48.66

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

396

25.70
-0.31
-11.41
-5.37
-0.31

30.36
0.14
-6.45
-3.54
-13.29

32.72
-2.70
-21.07
-9.73
-19.01

30.46
12.44
86.80
37.63
-27.15

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan National Shipping Corporation.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

15,304,451
668,762
16,941,179
13,597,956
3,343,223
0
970,926
66,807
3,800,783
1,314,633
536,449
462,272
1,207,224
280,205
1,284,959
0
1,284,959
291,028
0
0
291,028
0
17,529,247
1,320,634
1,320,634
0
15,529,776
122,668
15,407,108
678,837

24,527,375
257,703
26,060,281
23,215,418
2,844,863
0
996,638
57,616
4,268,800
2,100,797
537,248
654,580
477,300
498,875
2,687,282
1,079,763
1,607,519
7,375,133
5,929,277
0
1,012,417
433,439
0
18,733,760
1,320,634
1,320,634
0
16,745,544
132,904
16,612,640
667,582

23,851,749
287,652
25,488,891
22,220,579
3,325,232
0
1,080,596
262,922
4,746,800
1,742,306
471,684
432,070
1,531,475
569,265
2,751,389
1,079,763
1,671,626
6,473,920
5,000,596
0
878,274
583,701
11,349
19,373,240
1,320,634
1,320,634
0
17,272,496
131,344
17,141,152
780,110

24,410,484
315,260
27,101,853
22,703,824
1,043,458
0
38,211
1,353,189
6,542,647
1,788,301
0
1,117,691
1,995,450
1,641,205
3,287,197
1,316,882
1,970,315
6,439,860
5,873,286
0
0
566,574
0
21,226,074
1,320,634
1,320,634
0
19,126,551
131,344
18,995,207
778,889

23,792,758
454,480
27,084,448
21,894,357
1,056,612
0
53,669
1,390,252
8,591,181
1,852,441
0
2,439,569
2,294,880
2,004,291
3,959,355
1,316,882
2,642,473
5,186,344
4,568,861
0
0
617,483
0
23,238,240
1,320,634
1,320,634
0
21,146,533
131,344
21,015,189
771,073

3,491,783
3,491,783
0
1,932,155
0
1,932,155
1,559,628
637,029
5,128
631,901
48,446
2,622
1,698,302
639,257
198,095
0
1,610,825

2,068,622
2,068,622
0
965,900
0
965,900
1,102,722
778,976
4,871
774,105
19,161
2,877
1,138,962
422,073
396,190
0
5,699,609

9,193,246
9,193,246
0
7,131,674
0
7,131,674
2,061,572
827,949
196,303
631,646
264,435
570,741
2,025,152
200,784
132,063
0
1,562,377

8,793,743
8,793,743
0
6,698,097
0
6,698,097
2,095,646
1,122,627
514,133
608,494
1,071,405
1,137,801
724,958
226,292
66,032
0
1,547,467

12,252,934
12,252,934
0
8,961,723
0
8,961,723
3,291,211
1,035,013
0
1,035,013
714,958
456,166
2,442,158
301,785
132,063
0
1,644,579

15,726,546
15,726,546
0
12,345,060
0
12,345,060
3,381,486
1,119,312
0
1,119,312
548,845
290,053
2,402,230
305,430
198,095
0
2,001,668

7,036,145
58,252
860,950
58,252
304,084

17,820,275
0
320,699
0
352,287

26,108,893
6,941,694
1,692,305
8,021,457
78,505

25,847,160
5,878,870
432,634
6,958,633
0

27,665,934
5,873,286
2,008,310
7,190,168
1,016,859

28,424,584
4,568,861
1,898,705
5,885,743
1,114,149

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
8.02
51.61

2.32
0.93
22.35
0.11
2.96
46.69
0.09
6.34
9.36
9.16
1.81
3.86
396.89
55.06
5.43
132.73

1.20
2.88
7.12
0.32
1.59
77.58
0.54
8.46
11.17
9.22
13.81
17.11
4.55
22.03
13.81
141.85

1.35
12.18
4.91
0.31
1.73
76.17
0.48
2.53
3.80
2.79
7.55
18.64
1.64
8.24
3.78
146.70

1.49
5.83
9.12
0.40
1.99
73.14
0.46
8.20
12.03
9.13
16.21

1.66
3.49
15.51
0.49
2.17
78.50
0.39
7.59
10.81
8.57
10.58

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

397

6.35
19.93
16.21
160.73

9.28
15.28
15.88
175.96

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Telecommunication Co. Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
18,957,590
357,309,190
134,582,399
21,408,114
3,906,996
107,553
3,186,519
51,246,623
16,797,906
569,742
9,434,885
2,642,378
21,801,712
52,196,861
9,032,075
43,164,786
52,204,849
11,083,439
0
0
17,018,391
24,103,019
107,585,970
51,000,000
51,000,000
0
56,585,970
30,590
56,555,380

159,786,267
16,957,329
388,847,044
135,226,656
11,231,238
3,936,746
108,219
3,557,317
81,740,106
7,040,443
293,871
15,873,745
30,616,399
27,915,648
54,211,656
1,750,000
52,461,656
75,147,445
18,750,000
0
0
32,631,927
23,765,518
112,167,272
51,000,000
51,000,000
0
61,167,272
51,789
61,115,483
0

166,723,694
13,606,246
420,269,547
142,821,939
23,884,617
6,191,581
109,259
3,994,669
73,316,556
5,224,080
453,665
17,936,974
22,950,405
26,751,432
59,137,600
605,487
58,532,113
61,538,893
0
0
0
33,320,384
28,218,509
119,363,757
51,000,000
51,000,000
0
68,363,757
0
68,363,757
0

216,552,567
12,936,971
458,684,319
157,630,781
25,387,892
42,874,181
100,441
3,010,193
75,446,813
5,683,502
329,491
15,511,235
18,959,345
34,963,240
77,842,281
0
77,842,281
104,756,256
15,000,000
0
0
33,302,010
56,454,246
109,400,843
51,000,000
51,000,000
0
58,400,843
0
58,400,843
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
4,473,429
1,319,266
16,739,109
3,080,732
7,650,000
0
37,630,326

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
3,293,496
1,602,130
18,635,765
3,451,037
8,925,000
0
31,179,508

102,551,197
97,348,571
5,202,626
66,912,075
66,912,075
35,639,122
21,541,594
7,510,628
14,030,966
2,774,014
2,360,860
15,782,998
1,989,923
8,925,000
0
31,180,726

62,474,688
53,618,932
8,855,756
38,377,117
0
38,377,117
24,097,571
22,130,675
4,337,137
17,793,538
1,927,964
1,446,168
2,097,997
294,220
0
0
14,310,938

131,224,212
111,595,531
19,628,681
84,020,782
84,020,782
0
47,203,430
25,212,886
7,634,914
17,577,972
2,640,298
1,604,626
23,794,135
0
10,200,000
0
44,060,642

129,918,125
115,558,228
14,359,897
88,721,364
88,721,364
0
41,196,761
35,914,158
7,766,075
28,148,083
3,565,814
2,089,746
6,192,436
0
12,750,000
0
25,917,304

152,349,193
9,000,000
6,008,377
9,000,000
11,215,209

160,941,882
13,000,000
6,259,728
13,000,000
12,566,801

159,790,819
11,083,439
4,868,075
20,115,514
15,587,834

187,314,717
18,750,000
1,803,777
20,500,000
9,074,584

180,902,650
0
13,594,135
605,487
17,581,256

214,157,099
15,000,000
(6,557,564)
15,000,000
19,277,655

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
2.68
20.64

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
2.98
21.19

0.55
2.71
9.20
0.48
0.98
65.25
0.97
7.51
14.64
9.84
1.55
180.00
7.69
15.39
2.70
21.10

0.99
3.09
25.41
0.26
1.51
61.43
1.15
0.93
1.91
1.21

0.78
2.01
13.67
0.55
1.24
64.03
1.01
9.88
20.55
12.92
2.33
289.25
15.83
18.13
4.67
23.40

0.52
2.74
11.94
0.44
0.97
68.29
1.67
2.33
5.41
3.13
0.49
394.30
3.96
4.77
1.21
21.45

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

398

212.59
2.45
3.36
0.35
21.99

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Southern Networks Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
94,910
0
94,910
148,386
0
143,548
0
4,838
0
(87,585)
499,775
499,775
0
(587,360)
86,439
(673,799)
0

109,186
0
313,588
95,033
16,740
12,235
1,918
0
20,221
1,388
6,425
2,083
0
10,325
64,784
0
64,784
171,222
0
165,723
0
5,499
0
(106,599)
499,775
499,775
0
(606,374)
86,439
(692,813)
0

109,186
0
313,588
95,033
16,740
12,235
1,918
0
20,221
1,388
6,425
2,083
0
10,325
64,784
0
64,784
171,222
0
165,723
0
5,499
0
(106,599)
499,775
499,775
0
(606,374)
86,439
(692,813)
0

109,186
0
313,588
95,033
16,740
12,235
1,918
0
20,221
1,388
6,425
2,083
0
10,325
64,784
0
64,784
171,222
0
165,723
0
5,499
0
(106,599)
499,775
499,775
0
(606,374)
86,439
(692,813)
0

58,796
58,796
0
65,429
14,163
51,266
(6,633)
26,108
16,381
9,727
344
242
(19,547)
6,842
0
0
15,361

53,736
53,736
0
63,373
13,838
49,535
(9,637)
26,702
18,058
8,644
7,057
36
(41,197)
14,419
0
0
(3,849)

60,161
60,161
0
69,294
30,701
38,593
(9,133)
30,047
19,775
10,272
458
0
(20,244)
6,937
124,944
0
21,419

91,696
91,696
0
84,818
48,511
36,307
6,878
34,640
22,406
12,234
3,930
0
(18,098)
0
124,944
0
2,317

91,696
91,696
0
84,818
48,511
36,307
6,878
34,640
22,406
12,234
3,930
0
(18,098)
0
124,944
0
2,317

91,696
91,696
0
84,818
48,511
36,307
6,878
34,640
22,406
12,234
3,930
0
(18,098)
0
124,944
0
2,317

3,632
0
(26,389)
4,627
16,825

13,317
0
(55,616)
0
17,394

60,801
0
(152,125)
0
20,034

64,623
0
(143,042)
0
23,692

64,623
0
(143,042)
0
23,692

64,623
0
(143,042)
0
23,692

0.01
0.59
1.75
0.32
0.07
111.28
-8.30
-9.58
126.33
-615.94

0.02
13.13
3.35
0.34
0.08
117.93
-3.35
-24.16
89.61
-486.13

0.06
0.76
6.31
0.39
0.26
115.18
-2.78
-12.95
26.24
-54.63
-0.22
6.77

0.05
4.29
2.27
0.71
0.31
92.50
-2.21
-12.70
18.68
-28.76
-0.14
14.27

0.05
4.29
2.27
0.71
0.31
92.50
-2.21
-13.99
16.98
-28.01
-0.14
14.27

0.05
4.29
2.27
0.71
0.31
92.50
-2.21
-13.99
16.98
-28.01
-0.14
14.27

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

399

12.12
-79.77
-33.25
-0.53
-0.50

26.41
-1,143.36
-76.67
-1.11
-1.33

-33.65
-0.54
-1.75

-19.74
-0.36
-2.13

-19.74
-0.36
-2.13

-19.74
-0.36
-2.13

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

TRG Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
128,420
215,000
0
14,709
95,035
(1,721,152)
3,853,907
3,853,907
0
(5,575,059)
808,100
(6,383,159)
0

2,261,055
62,696
2,638,928
594,203
311,852
1,341,899
0
262,257
2,900,423
341,990
7,952
2,167,023
0
383,458
7,085,986
1,410,711
5,675,275
596,541
148,720
263,183
0
27,251
157,387
(2,521,049)
3,853,907
3,853,907
0
(6,374,956)
475,878
(6,850,834)
0

6,045,483
128,740
2,731,493
568,851
265,404
1,370,715
3,231,614
745,563
6,263,114
1,765,306
0
3,126,845
0
1,370,963
8,812,643
2,235,626
6,577,017
212,696
0
0
0
37,041
175,655
3,283,258
3,853,907
3,853,907
0
(570,649)
1,824,730
(2,395,379)
0

7,379,906
222,519
4,382,205
1,606,464
468,517
1,757,807
2,981,647
811,469
5,097,111
481,574
0
3,826,372
0
789,165
9,266,866
2,427,931
6,838,935
1,220,470
0
295,016
0
17,092
908,362
1,989,681
3,853,907
3,853,907
0
(1,864,226)
1,476,014
(3,340,240)
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
258,844
191,522
(1,915,073)
11,930
3,854
0
(305,740)

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
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
0
2,858,842
195,434
181,568
(1,070,482)
26,320
963,477
0
(1,043,409)

10,324,764
10,324,764
0
9,086,036
0
9,086,036
1,238,728
2,352,135
0
2,352,135
201,169
194,524
(1,287,947)
17,082
0
0
(6,180)

14,734,107
14,734,107
0
13,349,673
13,349,673
0
1,384,434
2,749,518
0
2,749,518
223,425
204,633
(1,309,378)
12,020
0
0
(1,594,500)

20,121,975
20,121,975
0
18,275,741
18,275,741
0
1,846,234
4,173,950
0
4,173,950
303,477
213,765
(2,153,160)
23,768
0
0
(1,545,260)

758,877
84,661
(1,930,857)
1,058,279
8,535,029

(436,016)
139,824
(1,622,058)
1,164,613
7,437,149

(1,267,988)
128,420
(2,060,279)
1,197,586
8,201,913

(1,924,508)
148,720
(1,305,029)
1,559,431
8,928,884

3,495,954
0
(1,321,398)
2,235,626
1,581,385

3,210,151
0
(2,176,928)
2,427,931
2,253,687

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
-5.00
0.35

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
-1.14
904.95
-4.90
-10.48
-2.85
-4.47

0.35
1.95
20.99
2.00
0.41
88.00
-3.05
-26.56
60.72
80.69

0.56
1.52
21.22
1.20
0.71
90.60
2.75
-14.99
-343.57
-166.65

0.46
1.51
19.02
1.61
0.55
90.82
5.27
-17.37
-81.67
-64.21

-5.40
-8.89
-3.43
8.52

-9.07
-10.70
-5.65
5.16

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

400

766.46
-7.49
-16.81
-4.21
-2.22

1,298.39
-5.62
-12.47
-3.39
-6.54

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Telecard Ltd.
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

4,764,682
546,580
6,632,498
1,681,843
533,923
2,429,939
0
106,320
4,549,089
17,093
862
448,850
31,799
4,050,485
2,605,931
980,462
1,625,469
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

4,819,250
542,169
6,692,258
1,316,018
431,473
2,248,686
0
712,377
4,509,610
21,476
581
483,901
34,180
3,969,472
2,470,050
520,547
1,949,503
3,707,108
304,167
0
0
0
3,402,941
3,151,702
3,000,000
3,000,000
0
151,702
0
151,702
0

4,015,677
477,994
6,742,754
973,329
383,859
2,067,645
0
496,709
4,860,198
101,879
628
728,802
0
4,028,889
2,886,342
342,932
2,543,410
3,291,271
154,104
0
0
8,126
3,129,041
2,698,262
3,000,000
3,000,000
0
(301,738)
0
(301,738)
0

3,519,554
3,839
7,292,182
1,147,365
380,398
1,886,080
0
482,270
4,357,074
442,913
302
580,448
0
3,333,411
2,881,058
298,420
2,582,638
2,139,902
61,875
0
0
4,841
2,073,186
2,855,668
3,000,000
3,000,000
0
(144,332)
0
(144,332)
0

4,406,184
4,406,184
0
2,944,401
2,944,401
0
1,461,783
761,312
0
761,312
594,935
6,701
176,730
2,998
3,000
0
1,004,752

3,664,611
3,664,611
0
2,700,495
2,700,495
0
964,116
674,627
0
674,627
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

2,520,995
2,520,995
0
2,580,981
2,580,981

358,046
563,833
0
563,833
277,682
272,460
133,384
30,666
0
0
172,366

(59,986)
583,322
0
583,322
266,078
260,938
(846,755)
31,852
0
0
172,366

2,941,117
2,941,117
0
2,190,515
2,190,515
0
750,602
1,253,552
0
1,253,552
238,587
11,280
(703,029)
9,052
0
0
180,756

2,862,271
2,862,271
0
2,046,172
2,046,172
0
816,099
1,195,660
0
1,195,660
216,615
15,580
200,720
16,097
0
0
641,407

5,754,330
464,000
170,732
871,783
339,008

7,345,133
502,000
1,322,875
771,771
274,549

6,707,840
201,625
102,718
1,182,087
335,614

6,858,810
304,167
(878,607)
824,714
337,158

5,989,533
154,104
(712,081)
497,036
366,671

4,995,570
61,875
184,623
360,295
377,819

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
0.58
9.50

0.36
14.61
28.87
0.35
1.62
73.69
1.87
13.57
41.92
20.88

0.19
10.72
17.33
0.28
1.75
86.17
1.49
1.34
3.60
1.90

0.22
10.55
19.19
0.27
1.83
102.38
1.96
-9.08
-24.59
-12.48

0.29
8.11
24.78
0.33
1.68
74.48
2.29
-7.72
-24.04
-10.94

0.36
7.57
20.28
0.36
1.51
71.49
1.76
2.40
7.23
3.65

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

401

414.74
4.91
37.32
4.41
12.25

3,004.16
1.49
5.15
0.34
12.45

4,339.06
-2.25
-33.59
-2.93
10.51

4,683.31
-61.33
-23.90
-2.37
8.99

9,477.72
13.88
7.01
0.62
9.52

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Wateen Telecom Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

21,737,157
3,883,565
20,297,201
17,224,136
3,073,065
310,843
318,613
0
8,690,288
2,016,491
8,091
4,073,090
0
2,592,616
24,589,313
17,016,005
7,573,308
1,218,962
0
0
0
60,059
1,158,903
4,619,170
6,174,746
6,174,746
0
(1,555,250)
156,748
(1,711,998)
(326)

23,531,170
2,304,106
24,032,824
18,766,578
5,266,246
299,775
442,137
1,718,574
4,681,997
639,194
7,341
2,069,795
0
1,965,667
22,815,510
16,455,433
6,360,077
6,131,283
0
4,918,227
0
10,752
1,202,304
(733,626)
6,174,746
6,174,746
0
(6,896,720)
(26,567)
(6,870,153)
(11,652)

11,971,622
2,190,030
25,839,443
9,089,468
6,970,074
280,637
0
411,487
5,455,652
492,838
13,386
2,138,862
0
2,810,566
24,989,220
16,821,899
8,167,321
11,803,854
0
9,376,247
0
11,291
2,416,316
(19,365,800)
6,174,746
6,174,746
0
(25,508,334)
(51,901)
(25,456,433)
(32,212)

12,628,453
729,229
27,534,617
11,242,451
823,859
264,994
0
391,779
6,449,282
595,367
164,885
3,058,239
0
2,630,791
26,312,378
18,321,495
7,990,883
13,249,659
0
10,820,230
0
0
2,429,429
(20,484,302)
6,174,746
6,174,746
0
(26,659,048)
(103,719)
(26,555,329)
0

12,628,453
729,229
27,534,617
11,242,451
823,859
264,994
0
391,779
6,449,282
595,367
164,885
3,058,239
0
2,630,791
26,312,378
18,321,495
7,990,883
13,249,659
0
10,820,230
0
0
2,429,429
(20,484,302)
6,174,746
6,174,746
0
(26,659,048)
(103,719)
(26,555,329)
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
568,393
889,654
1,680,741
44,139
0
0
321,128

3,664,611
3,664,611
0
2,700,495
2,700,495
0
964,116
674,627
0
674,627
535,240
349,429
1,367,636
44,761
0
0
(1,045,010)

6,964,138
6,964,138
0
5,811,009
2,013,813
3,797,196
1,153,129
5,843,649
13,935
5,829,714
2,348,358
1,860,751
(6,979,517)
2,821
0
0
(1,047,188)

7,366,874
7,366,874
0
7,291,697
0
7,291,697
75,177
13,944,621
45,273
13,899,348
3,151,032

8,876,935
8,876,935
0
6,280,187
0
6,280,187
2,596,748
2,674,339
28,782
2,645,557
2,487,135
1,564,349
(1,107,497)
8,844
0
0
382,326

8,876,935
8,876,935
0
6,280,187
6,280,187
0
2,596,748
2,674,339
28,782
2,645,557
2,487,135
1,564,349
(1,107,497)
8,844

15,666,728
6,155,733
1,636,602
7,621,898
1,219,451

5,838,132
0
1,322,875
17,016,005
274,549

5,397,657
0
(6,982,338)
16,455,433
1,119,294

(7,561,946)
0
(16,893,040)
16,821,899

(7,234,643)
0
(1,116,341)
18,321,495
931,757

(7,234,643)
0
(1,116,341)
18,321,495
931,757

0.39
3.51
22.99
0.62
0.75
68.15
4.51
6.40
35.25
10.73

0.25
14.61
111.15
0.12
0.35
73.69
5.59
4.82
29.14
12.72

0.12
33.72
29.72
0.25
0.21
83.44
-39.46
-23.80
-359.26
-124.24

0.11
42.77
29.03
0.42
0.22
98.98
-1.90
-73.98
167.99
1,560.07

0.14
28.02
34.45
0.47
0.25
70.75
-1.93
-6.07
5.56
14.97

0.14
28.02
34.45
0.47
0.25
70.75
-1.93
-5.81
5.41
15.31

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(16,882,251)
10,789
0
0
(1,064,230)

0
382,326

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

402

101.88
2.89
10.38
7.84
22.84

452.92
4.91
37.32
2.14
7.48

948.66
-2.75
-100.22
-11.31
-1.19

550.34

53.84
0.29
-12.48
-1.81
-33.17

53.84
0.29
-12.48
-1.81
-33.17

-229.16
-27.36
-31.36

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Worldcall Telecom Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
5,578,651
327,028
201,901
3,252,683
114,489
1,682,550
8,951,680
1,097,876
7,853,804
6,234,344
89,471
0
1,081,213
300,075
4,763,585
10,339,277
8,605,716
8,605,716
0
1,390,316
595,312
795,004
343,245

20,592,354
782,635
20,508,630
13,002,060
1,113,789
4,987,160
242,883
1,577,616
5,115,271
100,742
208,140
2,624,883
104,982
2,076,524
10,465,704
1,804,098
8,661,606
6,260,168
2,815,456
0
1,640,083
362,907
1,441,722
8,981,753
8,605,716
8,605,716
0
27,907
851,170
(823,263)
348,130

21,272,033
1,018,067
21,223,080
12,520,955
1,265,874
4,775,881
160,474
2,796,656
5,495,427
2,501,852
243,898
1,043,058
83,193
1,623,426
11,016,406
2,687,947
8,328,459
5,801,274
3,201,197
0
1,095,824
336,991
1,167,262
9,949,780
12,143,416
8,605,716
3,537,700
(2,546,415)
985,770
(3,532,185)
352,779

20,782,459
836,413
12,531,802
11,641,345
1,269,825
5,165,776
23,200
3,115,725
4,271,813
749,999
273,614
911,906
74,767
2,261,527
14,196,615
5,770,041
8,426,574
3,386,392
2,385,683
0
0
334,582
666,127
7,471,265
12,143,415
8,605,716
3,537,699
(5,550,297)
818,775
(6,369,072)
878,147

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
523,025
371,842
(623,523)
22,573
0
0
1,535,818

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
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
714,654
610,342
100,837
80,133
0
0
654,993

7,118,825
7,118,825
0
6,606,299
4,312,168
2,294,131
512,526
2,582,225
28,960
2,553,265
1,245,090
535,475
(2,620,617)
35,593
0
0
431,638

3,187,636
3,187,636
0
4,042,699
4,042,699
0
(855,063)
2,109,839
0
2,109,839
636,182
478,098
(3,515,939)
31,876
0
0
851,089

2,314,753
2,314,753
0
3,374,721
3,374,721
0
(1,059,968)
1,326,552
0
1,326,552
1,408,248
460,141
(3,304,279)
24,309
0
0
(752,877)

17,505,900
3,383,403
(646,096)
3,383,403
626,012

13,568,563
2,182,041
(1,564,081)
2,382,041
699,240

16,573,621
1,170,684
20,704
2,268,560
717,296

15,241,921
4,455,539
(2,656,210)
6,259,637
561,112

15,751,054
4,297,021
(3,547,815)
6,984,968
487,675

10,857,657
2,385,683
(3,328,588)
8,155,724
487,271

0.53
6.22
25.17
0.37
0.78
83.69
1.01
-2.96
-5.25
-3.73

0.30
9.96
27.01
0.34
0.43
88.63
1.15
-6.74
-13.99
-9.73

0.41
8.93
40.65
0.31
0.62
75.15
1.47
0.42
0.98
0.67

0.27
17.49
36.87
0.28
0.49
92.80
1.86
-10.23
-27.13
-16.47

0.33
19.96
32.72
0.12
0.50
126.82
1.69
-13.40
-37.14
-22.69

0.12
60.84
39.40
0.09
0.30
145.79
2.35
-12.75
-37.93
-24.84

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

403

46.17
-0.68
-7.42
-0.75
13.22

38.69
-1.19
-20.25
-1.82
11.89

39.63
1.17
1.26
0.02
12.01

34.20
-3.89
-36.81
-3.09
10.44

13.07
-6.35
-110.30
-4.12
11.56

8.46
-6.18
-142.75
-3.87
8.68

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

COKE AND REFINED PETROLEUM PRODUCTS

PERFORMANCE AT A GLANCE
The balance sheet size of the coke and refined petroleum products sector grew by 18.46 percent, with
corresponding increases of 18.29 percent in total liabilities and 18.72 percent in shareholders equity in
2014 as compared to the previous year. The growth of the sector was mainly attributed to significant
increase of 16.01 percent in non-current assets in 2014. Sales of coke and refined petroleum sector posted
an increase of 14.46 percent in 2014 over 2013. Similarly, cost of sales of the sector also increased by
15.01 percent. On account of net profit before tax, coke and refined petroleum product sector showed an
increase of Rs. 13.21 billion or 11.70 percent over the previous year.

ANALYSIS OF ASSETS
Total assets of the coke and refined petroleum products sector grew by Rs. 152.11 billion over the
previous year to touch Rs. 976.30 billion in 2014. The non-current assets of the sector stood at Rs. 351.68
billion in 2014 as compared to Rs. 303.14 billion in the last year reflecting an increase of 16.01 percent.
Long term investments posted slight increase of 1.93 percent in 2014 whereas, a substantial increase of
39.40 percent is observed in Operating Fixed Assets (OFA) after deducting accumulated depreciation
when compared to the previous year. Capital work in progress rose from Rs. 47.68 billion in 2013 to Rs.
51.79 billion in 2014 witnessing an increase of 8.61 percent over the previous year. Under non-current
assets a decrease of 11.42 percent is observed in intangible assets of the sector when compared with the
position in the last year.
Current Assets
2013

2014

Non-Current Assets

Growth (RHS)

2013

350.00

70.00%
293.76
59.06%

300.00

50.00%

40.00%

123.40

120.00

30.00%

163.79

20.00%

150.00

14.21%
68.85

50.00
60.29

180.23

6.18%

184.68
-9.12%

10.00%

125.78

30.00%

30.28

0.00
Cash/bank Inventories Trade Debt Short term
balance
Inv.

65.57
66.06

100.00
20.00%
80.00
60.00

-10.00%

20.00

-20.00%

0.00

10.16%

8.61%

0.00%
101.10

-11.42%
29.39

51.79
47.68

-10.00%

26.68

4.27 3.78

-20.00%
CW in
progress

Other CA

10.00%

1.93%

140.94

40.00

0.75% 0.00%
32.15

Billion Rs.

Billion Rs.

50.00%

140.00

40.00%

200.00

100.00

Growth (RHS)

39.40%

60.00%

250.00

2014

160.00

OFA minus
acc. Depr

Intangible
Assets

Long term
Inv.

Other NCA

Current assets of the sector increased by Rs. 103.57 billion or 19.88 percent over the previous year from
Rs. 521.05 billion in 2013 to Rs. 624.62 billion in 2014. Trade debt being major component of the current
assets substantially increased by 59.06 percent over the previous year from Rs. 184.68 billion in 2013 to

404

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Rs. 293.76 billion in 2014. Under current assets a significant increase of 14.21 percent is observed in cash
and bank balances to touch Rs. 68.85 billion in 2014. Contrarily, inventories dropped by 9.12 percent
from Rs. 180.23 billion in 2013 to Rs. 163.79 billion in 2014. Other current assets remained almost same
whereas, an increase of 6.18 percent is observed in short term investments when compared with the
position in the last year.

ANALYSIS OF LIABILITIES & SHAREHOLDERS EQUITY

Total liabilities of the sector witnessed an increase

Liabilities & Shareholders Equity

of 18.29 percent to touch Rs. 594.56 billion in

2013

2014 over Rs. 502.64 billion in 2013. Current

2014

Growth

600.00

200.00%
181.80%

515.45

liabilities rose from Rs. 435.26 billion in 2013 to

500.00

Rs. 515.45 billion in 2014 showing an increase of

400.00

18.42 percent over the previous year. Non-current

150.00%
381.74

435.26

100.00%
300.00

liabilities touched Rs. 79.11 billion in 2014 which

321.55

50.00%

were at Rs. 67.38 billion in 2013 posting an

200.00

increase of 17.41 percent over 2013. A substantial

100.00

increase of 181.80 percent or Rs. 72.58 billion is

0.00

18.42%

17.41%

67.38

18.72%

112.50
-3.08%

79.11
39.92

15.52 0.00
16.01

0.00%

0.00%
0.00

-50.00%
CL

observed in Short Term (ST) secured loan when

Non-CL

ST Secured LT secured
LT
loans
loans
unsecured
loans

Equity

compared with the previous year which increased from Rs. 39.92 billion in 2013 to Rs. 112.50 billion in
2014. Shareholders equity grew up to Rs. 381.74 billion in the current year from Rs. 321.55 billion in the
previous year indicating an increase of 18.72 percent. Growth in shareholders equity attributed to
increase in reserves of 15.98 percent or Rs. 43.10 billion as compared to previous year. Surplus in
revaluation of fixed assets also increased by 71.38 percent in 2014.

PROFITABILITY AND OPERATING EFFICIENCY

Sales in the sector increased from Rs. 2,187.43 billion in 2013 to Rs. 2,503.81 billion in 2014 posting an
increase of 14.46 percent over the previous year. A substantial increase of 25.59 percent is observed in
export sales in the current year over the previous year. Local sales of the sector increased by Rs. 299.72
billion or 14.12 percent when compared with the previous year. Similarly, exports sales increased from
Rs. 65.11 billion in 2013 to Rs. 81.77 billion in 2014. Cost of sales also increased by Rs. 307.75 billion in
2014 from Rs. 2,050.70 billion in 2013 to Rs. 2,358.45 billion in 2014 posting an increase of 15.01
percent over the previous year. Cost of goods sold to sales ratio increased to 94.19 percent in the current
year from 93.75 percent in the previous year.

405

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Profitability

Productivity
18.00

ROA

3,000.00

1,653.35

8.00

1,417.59

1,500.00

1,215.01
14.47

15.29
13.79

12.68

6.00

12.14

Billion Rs.

2,000.00

10.00

1,000.00

35.23

35.00

29.67

25.00
21.91
20.17 23.90

24.43

2.41

2.38

2.27

2.65

2011

2012
Asset Turnover

2013

22.13

13.31

14.00

13.27

13.11

7.51

2.56

5.00

2009
2010
Inventory turnover

22.47

15.92

10.00

2.00
2.54

35.85

34.66
31.71

15.00
500.00

37.50

30.00

20.00

4.00

39.24
39.21

10.21

EPS

41.59

40.76

40.00

1,991.24

12.00

ROCE
46.90

45.00

2,500.00

2,187.43

ROE

50.00

2,503.81

16.00
14.00

2014

2014
Sales (RHS)

7.91

2009

2010

2011

2012

2013

2014

Inventory turnover ratio reflected that sector on average managed to replace and sold its inventory 15
times as against 12 times in the last year. Trade debt ratio increased up to 11.73 percent in 2014 from 8.44
percent in the previous year.
Return on Assets (ROA) ratio increase from 13.27 percent in 2013 to 14.00 percent in 2014 whereas,
Return on Equity (ROE) and Return of Capital Employed (ROCE) continued their downward trend and
touched 35.85 percent and 29.67 percent respectively in the year under review.

406

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Coke and Refined Petroleum Products - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

178,349,903
15,298,218
150,650,864
88,254,088
8,745,505
1,869,776
53,360,626
19,567,195
517,218,289
30,612,660
161,993,604
228,740,814
25,094,448
70,776,763
423,349,535
42,046,207
381,303,328
26,696,989
1,608,586

198,736,791
20,716,579
168,766,535
95,499,687
11,186,585
1,456,992
57,421,962
23,641,571
678,782,530
42,808,889
156,989,320
381,178,223
37,148,083
60,658,015
554,606,950
67,847,505
486,759,445
42,363,685
131,115

303,138,380
47,684,003
183,856,926
101,104,935
12,135,075
4,268,246
123,401,428
26,679,768
521,048,494
60,286,563
180,234,592
184,680,150
30,277,286
65,569,903
435,261,191
39,921,418
395,339,773
67,376,414
16,010,220

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

4,176,440
20,911,963
245,521,668
29,187,842
29,187,842
0
198,514,520
8,943,755
189,570,765
17,819,306

7,296,394
34,936,176
280,548,686
30,554,041
30,554,041
0
232,522,381
2,757,418
229,764,963
17,472,264

7,151,374
44,214,820
321,549,269
34,594,916
34,594,916

269,727,723
12,316,989
257,410,734
17,226,630

312,832,328
11,527,277
301,305,051
29,522,335

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
21,043,779
6,555,112
34,027,344
18,552,394
20,603,296
1,659,721
(6,220,935)

1,417,587,124
1,346,760,686
70,826,438
1,321,100,130
382,968,417
938,131,713
96,486,994
27,908,506
10,364,333
17,544,173
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
1,524,012,333
478,061,802
1,045,950,531
129,335,925
32,495,996
11,387,605
21,108,391
16,202,193
7,057,993
102,100,103
30,803,121
29,424,944
1,366,213
30,218,114

1,991,237,363
1,921,300,664
69,936,699
1,862,477,935
603,461,611
1,259,016,324
128,759,428
39,920,275
13,136,297
26,783,978
21,592,484
7,260,688
103,132,263
34,488,976
33,773,856
3,629,265
40,938,014

2,187,427,732
2,122,318,207
65,109,525
2,050,702,353
670,933,310
1,379,769,043
136,725,379
37,430,551
13,723,252
23,707,299
15,438,942
9,794,663
112,867,900
36,293,792
34,434,206
4,132,460
150,842,135

2,503,812,829
2,422,039,906
81,772,923
2,358,449,189
786,918,572
1,571,530,617
145,363,640
40,381,620
15,825,627
24,555,993
15,396,752
9,877,823
126,078,125
41,231,635
44,324,627
371,346
10,735,935

183,627,245
5,534,040
(5,128,346)
38,492,503
11,069,933

218,806,418
3,378,332
30,209,533
29,690,594
13,987,071

272,218,657
1,608,586
41,872,039
43,654,793
16,483,838

322,912,371
131,115
34,869,431
67,978,620
17,966,663

388,925,683
16,010,220
42,139,902
55,931,638
20,344,023

460,849,106
15,588,415
40,521,864
128,086,008
22,763,024

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
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
23.90
89.48

0.67
0.98
13.84
2.38
1.22
92.18
1.83
15.92
46.90
41.59
2.42
10.21
15.47
6.18
24.43
84.12

0.83
1.08
19.14
2.27
1.22
93.53
2.13
13.11
39.21
34.66
2.03
12.68
15.20
5.18
22.47
91.82

0.63
0.71
8.44
2.65
1.20
93.75
1.56
13.27
37.50
31.71
2.22
12.14
12.52
5.16
22.13
92.95

0.77
0.61
11.73
2.56
1.21
94.19
1.56
14.00
35.85
29.67
1.91
15.29
13.76
5.04
39.24
176.56

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

351,684,153
51,790,334
234,775,740
140,944,915
14,473,730
3,780,975
125,778,586
29,389,343
624,615,928
68,854,112
163,790,614
293,759,260
32,148,961
66,062,981
515,450,975
112,497,593
402,953,382
79,108,081
15,517,358

71,057
7,958,484
55,561,182
381,741,025
39,386,362
39,386,362

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

407

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Attock Petroleum Ltd.

2009

2010

2011

2012

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

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

2,468,346
259,348
2,103,778
1,342,228
175,439

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

2014

(Thousand Rupees)
2013
2014
2,740,853
292,922
2,552,908
1,569,820
224,327

2,837,045
258,427
2,961,678
1,672,658
321,868

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

856,037
10,733
28,062,795
6,813,730
4,165,895
15,351,310
873,168
858,692
17,735,089

878,111
0
27,356,666
9,970,317
5,156,298
9,309,671
1,943,783
976,597
15,591,191

887,042
18,918
31,248,819
7,650,452
6,787,904
14,247,856
1,782,278
780,329
19,704,460

11,917,167
288,908

12,613,827
320,316

17,735,089
412,729

15,591,191
462,871

19,704,460
581,682

288,908
9,236,577
576,000
576,000

320,316
11,546,208
691,200
691,200

412,729
12,383,323
691,200
691,200

462,871
14,043,457
691,200
691,200

581,682
13,799,722
829,440
829,440

8,660,577
17,043
8,643,534

10,855,008
27,407
10,827,601

11,692,123
54,864
11,637,259

13,352,257
85,584
13,266,673

12,970,282
96,774
12,873,508

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
28,992
0
4,280,419
1,120,000
1,440,000
0
2,000,812

82,791,918
74,841,765
7,950,153
79,032,034
73,914,394
5,117,640
3,759,884
925,687

109,394,725
102,797,638
6,597,087
104,680,507
100,427,084
4,253,423
4,714,218
1,049,021

152,843,437
147,661,642
5,181,795
148,255,584
141,187,387
7,068,197
4,587,853
1,305,321

164,710,177
162,842,983
1,867,194
159,533,376
151,550,103
7,983,273
5,176,801
1,878,507

205,162,911
205,040,627
122,284
199,220,617
190,776,426
8,444,191
5,942,294
2,371,130

4,846,309
1,234,000
1,728,000
115,200
3,358,779

6,017,511
1,760,000
2,868,480
0
(2,668,549)

7,333,806
0
1,720,419
0
370,129

9,525,485
0
1,884,309
0
624,996

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

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

925,687
319,865

1,049,021
682,666

1,305,321
1,211,047
5,646,740
1,574,000
3,456,000
0
4,213,709

1,878,507
1,666,129
1,634,784
5,593,404
1,660,000
3,110,400
138,240
6,035,751

2,371,130
133,630
104,958
5,906,565
1,770,000
3,939,840
0
1,456,813

11,866,524
0
1,389,031
0
210,134

12,796,052
0
616,740
0
708,635

14,506,328
0
823,004
0
745,497

14,381,404
0
196,725
0

1.23
0.62
8.50
4.47
1.76
95.69
1.12
26.21
57.91
56.26
1.48
20.85

1.30
0.79
10.04
5.01
1.58
97.00
1.47
20.53
47.19
45.79
1.18
36.69

1.36
1.01
5.65
5.47
1.75
96.86
1.14
18.45
42.33
40.97
1.26
31.94
4.42
3.40
56.91
203.18

1.20
0.07
6.94
6.02
1.59
97.10
1.47
18.41
42.43
40.89
1.05
30.22
57.28
2.88
49.87
166.37

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

408

6.92
54.87
122.96

5.85
62.71
160.36

5.50
61.60
167.05

3.69
58.92
179.16

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Attock Refinery Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

28,127,434
469,516
13,496,055
9,308,006
112,595

13,078,482
4,723,028
8,355,454
1,923,339

16,842,661
5,894,474
10,948,187
8,745,217

18,839,095
5,948
18,833,147
8,745,217

22,563,522
9,210,134
13,353,388
8,745,217

24,669,945
9,790,851
14,879,094
10,811,949

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
1,471,525
0
1,072,629
631,700
0
0
(11,543,764)

88,184,026
88,184,026

116,397,374
116,397,374

163,300,532
143,225,754
20,074,778
160,259,068
157,340,088
2,918,980
3,041,464
804,735
40,402
764,333
548,555
3,775
4,770,277
2,105,622
426,465
0
77,736

175,067,853
152,520,489
22,547,364
174,930,908
171,008,784
3,922,124
136,945
572,286
43,531
528,755
1,754

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

28,807,980
438,710
13,796,145
9,504,110
113,237

35,560,664
5,073,763
16,094,768
11,694,065
120,584

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

18,134,870
215,042
70,491,364
9,850,286
10,651,284
49,116,266

18,656,872
208,288
41,267,668
11,010,571
11,745,282
17,499,373

18,438,278
354,558
37,144,853
11,272,003
11,556,329
13,239,330

715,645
46,259,902

873,528
70,181,556

1,012,442
37,913,979

1,077,191
35,890,001

46,259,902
140,022

808,669
42,339,112
1,108
42,338,004
158,401

70,181,556
0

37,913,979
0

140,022

158,401
0
26,440,808
852,930
852,930

35,890,001
480,692
480,692

15,854,751
852,930
852,930

0
28,437,242
852,930
852,930

32,161,669
852,930
852,930

36,334,824
852,930
852,930

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

88,693,686
86,477,494
2,216,192
(509,660)
346,870
24,834
322,036
308,797
1,344
(181,992)
270,900
0
(3,739,484)

114,900,768
114,444,741
456,027
1,496,606
524,509
32,881
491,628
45,408
959
2,492,279
1,368,900
170,586
0
(1,974,875)

154,381,558
133,856,098
20,525,460
152,362,204
147,485,041
4,877,163
2,019,354
642,161
37,615
604,546
994,739
4,718
2,771,228
1,560,200
639,698
0
4,791,999

14,252,976
0
440,929
0
489,867

15,994,773
0
(452,892)
0
595,087

26,599,209
0
952,793
1,108
856,538

28,437,242
0
571,331
0
1,038,489

32,161,669
0
2,238,190
0
1,220,934

36,815,516
480,692
564,199
480,692
1,080,605

0.69
1.90
20.08
1.66
0.87
97.52
2.29
2.22
8.33
8.29

0.74
0.35
34.51
1.42
0.91
100.58
2.93
-0.33
-1.21
-1.20

0.68
0.04
21.52
1.69
0.96
98.71
1.61
3.80
11.79
11.70
6.59
10.70
2,599.83
2.14
13.17
310.00

0.84
0.64
31.81
1.57
1.00
98.69
2.47
3.31
10.10
10.07
1.89
14.49
588.37
1.80
14.20
333.41

0.75
0.34
10.72
2.33
1.09
98.14
1.18
5.82
17.10
17.10
6.25
13.90
1,264.65
2.92
31.24
377.07

0.68
0.00
7.56
2.41
1.03
99.92
1.00
1.93
4.20
4.17

1,327,089
762,890
0
0
1,439,043

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

15.87

12.28
-134.41
-0.21
-5.31
185.89

1.39
5.17
165.70

409

15.15

0.76
6.61
426.00

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Byco Petroleum (Formerly Bosicor Pakistan Ltd.)

2009

2010

2011

2012

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

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

24,158,532
9,709,039
18,459,679
14,337,321
1,190,377
29,661

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

2014

(Thousand Rupees)
2013
2014
24,255,866
9,970,866
18,305,383
13,391,603
1,048,725
26,703

39,880,455
1,024,438
46,258,933
37,973,692
1,401,187
23,746

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

82,511
14,067,286
201,523
2,956,264
9,538,590

866,694
20,126,313
561,940
5,703,512
11,731,688

858,579
21,190,911
473,535
8,777,507
9,596,672

793,025
26,333,231
508,809
25,824,422
10,266,838
3,290,451
5,000,944

996,072
29,587,919

1,370,909
39,226,507
9,368,914
29,857,593
2,597,053

2,129,173
32,080,000
8,606,300
23,473,700
18,215,470
15,845,604

2,343,197
41,574,839
8,723,108
32,851,731
21,499,304
14,533,621

52,306
2,317,560
(5,913,291)
9,778,587
9,778,587

65,599
6,900,084
(2,002,777)
9,778,587
9,778,587

29,587,919
4,468,697
1,506,738

22,959
1,952,484
(5,777,926)
3,921,044
3,921,044
0
(13,559,848)

37,313
2,924,646
42,801
9,778,587
9,778,587
0
(15,665,947)

43,916
2,553,137
(3,597,742)
9,778,587
9,778,587
0
(18,959,448)

(20,975,363)

(26,873,272)

(13,559,848)
3,860,878

(15,665,947)
5,930,161

(18,959,448)
5,583,119

(20,975,363)
5,283,485

(26,873,272)
15,091,908

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
6,431,727
1,989,011
(10,327,182)
55,177
0
0
(5,837,508)

41,097,707
32,320,908
8,776,799
40,433,035
39,115,366
1,317,669
664,672
1,233,943
637,710
596,233
3,026,132

38,944,270
30,844,800
8,099,470
38,133,858
27,913,678
10,220,180
810,412
1,934,252
982,733
951,519
2,096,783
1,964,719
(2,244,431)
240,758

0
2,013,478

0
3,186,089

19,078,804
15,686,935
3,391,869
20,699,581
11,112,671
9,586,910
(1,620,777)
978,802
311,511
667,291
2,965,428
2,595,306
(3,882,726)
35,856
0
0
2,447,473

66,149,345
62,600,581
3,548,764
66,044,333
60,779,379
5,264,954
105,012
2,954,469
694,267
2,260,202
2,645,672
2,646,001
(2,133,357)
351,002
0
0
(15,260,851)

92,795,030
83,790,235
9,004,795
92,659,974
77,086,521
15,573,453
135,056
4,193,046
1,513,225
2,679,821
2,980,789
2,959,478
(6,796,710)
521,298
0
0
1,146,408

8,489,613
5,432,145
(10,382,359)
7,092,391
365,632

4,488,912
3,290,451
(3,101,810)
3,799,260
539,700

4,511,498
1,506,738
(2,485,189)
1,506,738
691,970

(1,000,689)
0
(3,918,582)
9,368,914
411,729

12,302,179
15,845,604
(2,484,359)
24,451,904
580,883

19,496,527
14,533,621
(7,318,008)
23,256,729
778,360

0.48
14.41
20.37
1.41
0.72
108.76
-13.20
-32.43
-823.35
-142.21

0.30
7.36
16.70
1.33
0.52
98.38
-6.33
-9.14
68.16
-43.96

0.23
5.38
17.10
1.14
0.41
97.92
795.70
-6.91
78.27
-49.87

0.25
15.54
50.00
0.50
0.36
108.50
-11.62
-10.74
218.44
-221.19

0.38
4.00
17.74
1.49
0.63
99.84
-8.51
-5.17
44.86
-37.75

0.24
3.21
10.34
1.52
0.51
99.85
-31.49
-12.90
128.86
-42.75

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(2,852,437)
249,373

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

410

9.94
-4.19
-23.14
-26.48
-6.61

8.34

9.47
-0.14
-5.76
-2.54
0.04

6.45
-0.50
-20.35
-4.01
-3.68

11.60
0.19
-3.23
-2.54
-6.05

10.57
-1.30
-7.32
-7.48
-2.05

-6.94
-7.91
-14.74

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Hascol Petroleum Ltd.

2014

(Thousand Rupees)
2013
2014

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

4,642,178
1,558,142
2,070,496
1,732,642
132,676
4,288
781,542
565,564
10,975,436
1,761,389
3,473,704
4,548,823
0
1,191,520
12,059,888
1,588,551
10,471,337
459,119
327,275

84,913,812
84,913,812

3,557,726
398,332
171,826
1,986,883
413,069

0.52
0.31
5.36
5.44
0.91
97.60
4.04
5.53
27.89
24.29
1.59
24.44
9.23
1.02
5.10
34.20

71,057
60,787
0
3,098,607
906,000
906,000

1,872,057
1,064,887
807,170
320,550

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

82,877,017
823,146
82,053,871
2,036,795
1,207,113
768,814
438,299
264,086
104,985
864,287
402,541
289,920
99,660
473,924

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

411

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

National Refinery Ltd.

2009

2010

2011

2012

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

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

3,791,333
592,552
9,244,588
2,939,577
287,364
1,484

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

2014

(Thousand Rupees)
2013
2014
4,445,367
1,232,954
9,589,084
2,977,683
308,200
3,106

5,310,952
2,017,277
9,807,964
2,878,179
325,628
1,643

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

257,720
53,323,094
10,078,554
25,359,710
13,262,184

231,624
51,231,551
16,004,875
22,563,754
10,976,992

413,853
47,465,200
8,804,865
23,856,560
10,207,068
3,002,863
1,593,844
25,801,646

3,568,619
31,861,654

10,860,814
31,858,318

4,622,646
31,491,948

1,685,930
28,439,887

31,861,654
139,492

31,858,318
228,766

31,491,948
332,017

28,439,887
443,327

25,801,646
380,867

139,492
0
19,637,973
799,666
799,666

179,857
48,909
24,607,175
799,666
799,666

131,505
200,512
25,290,462
799,666
799,666

396,008
47,319
26,793,704
799,666
799,666

380,867

26,593,639
799,666
799,666

18,838,307
14,259
18,824,048

23,807,509
14,259
23,793,250

24,490,796
14,259
24,476,537

25,994,038
14,259
25,979,779

25,793,973
14,259
25,779,714

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
2,394,388
0
2,813,456
1,024,349
999,583
0
(7,397,293)

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
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
134,383,900
4,167,516
10,007,076
2,325,572
1,135,999
1,189,573
150,468
113,114
10,028,610
2,978,436
1,999,165
0
(491)

174,797,075
147,832,915
26,964,160
170,074,583
169,692,693
381,890
4,722,492
2,064,592
1,264,034
800,558
1,342,860
9,189
4,451,872
1,678,338
1,199,499
0
(3,314,501)

179,184,415
156,778,052
22,406,363
174,117,505
167,422,607
6,694,898
5,066,910
1,899,601
1,037,569
862,032
870,547
14,493
4,476,505
1,759,226
1,199,499
0
4,634,356

207,403,258
180,078,796
27,324,462
204,343,524
197,525,738
6,817,786
3,059,734
1,763,921
1,092,288
671,633
852,319
1,904
1,879,646
1,175,376
0
0
3,315,056

17,488,288
0
789,525
0
1,038,419

19,777,465
0
1,423,830
0
1,050,797

24,835,941
0
5,051,009
0
1,217,674

25,622,479
0
1,574,035
0
1,321,465

27,237,031
0
1,517,780
0
1,927,723

26,974,506
0
704,270
0
1,742,827

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
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
88.16
307.72

0.74
0.77
7.59
3.06
1.69
97.30
1.26
7.82
17.84
17.65
2.31
6.89
485.48
2.55
34.68
316.26

0.95
0.49
6.13
3.22
1.80
97.17
1.08
7.94
17.21
16.94
2.27
7.94
309.87
2.50
33.98
335.06

0.85
0.41
4.92
3.93
1.84
98.52
0.98
3.47
7.03
6.93

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2.57
22.37
217.00

412

8.69
988.21
0.91
8.81
332.56

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Oilfields Ltd.

2009

2010

2011

2012

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

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

35,481,810
188,670
8,945,937
4,039,308
645,691
30,420
12,636,293
18,587,119
19,510,561
8,870,465
150,799
3,007,355
4,009,915
3,472,027
6,208,175

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

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

12,787,649
15,399,211
17,904,965
6,942,334
133,966
4,343,778
3,227,373
3,257,514
5,614,469

2014

(Thousand Rupees)
2013
2014
39,407,552
3,444,666
9,945,290
4,429,991
690,908
23,400
11,904,959
19,604,536
16,918,860
7,503,778
179,750
4,871,286

4,364,046
8,015,509

38,760,615
1,001,476
14,827,368
8,384,782
954,245
16,380
11,514,319
17,843,658
21,408,892
10,973,549
281,634
5,093,846
120,342
4,939,521
8,406,298

3,384,163
6,993,214

5,614,469
8,272,919
0

6,208,175
11,096,617

8,015,509
12,899,029

8,406,298
14,497,019

6,993,214
31,458,037
2,365,459
2,365,459
0
29,092,578
437,691
28,654,887

852
8,272,067
36,524,236
2,365,459
2,365,459
0
34,158,777
623,053
33,535,724

1,310
11,095,307
37,687,579
2,365,459
2,365,459
0
35,322,120
609,277
34,712,843

13,037
12,885,992
35,411,874
2,365,459
2,365,459

13,251
14,483,768
37,266,190
2,365,459
2,365,459

33,046,415
614,957
32,431,458

34,900,731
629,596
34,271,135

14,545,279
14,545,279
0
6,126,443
0
6,126,443
8,418,836
2,656,910
0
2,656,910
512,785
0
7,227,855
572,623
4,257,826
0
5,555,728

18,418,349
18,418,349

25,670,744
25,670,744

29,515,738
29,515,738

29,835,386
29,835,386

36,562,043
36,562,043

10,319,241
1,483,928
6,031,920
0
9,334,771

15,900,217
3,457,896
8,279,107
0
12,497,013

16,764,511
4,419,733
12,418,660
0
15,352,393

14,554,095
3,159,679
10,644,566
0
12,630,875

16,877,264
4,020,690
12,418,660
0
18,307,318

33,727,847
0
2,397,406
0
541,244

38,451,251
0
2,803,393
0
714,525

44,797,155
0
4,163,215
0
1,263,363

48,784,196
0
(73,882)
0
1,516,047

48,310,903
0
749,851
0
957,536

51,763,209
0
437,914
0
1,146,121

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

2.59
-4.63
16.92
0.51
3.19
38.77
0.38
34.47
46.78
38.20
1.50
191.62

2.56
2.32
10.19
0.54
3.14
40.20
0.46
31.81
45.18
35.83
0.99
195.73

1.54
2.79
16.33
0.53
2.11
45.08
0.59
26.15
39.82
29.98
1.07
165.98

1.93
1.79
13.93
0.61
2.55
47.77
0.61
28.97
46.44
33.73
1.04
129.82

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

7,454,688

9,952,235

11,865,361

13,448,829

17,465,218

7,454,688
10,963,661
2,410,994

9,952,235
15,718,509
2,288,449

11,865,361
17,650,377
2,009,064

13,448,829
16,386,557
2,863,188

17,465,218
19,096,825
3,000,826

2,410,994
(753,468)

2,288,449
(1,189,630)

2,009,064
685,437

2,863,188
831,358

3,000,826
655,241

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

413

49.69
28.14
116.59

56.03
37.35
132.99

61.94
52.60
154.41

56.80
52.19
159.32

48.78
48.17
149.70

46.16
54.35
157.54

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Petroleum Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

63,189,046
6,086,162
64,584,833
39,838,249
4,883,082
487,195
16,102,548
674,892
60,941,965
1,503,126

78,310,749
8,199,729
79,466,681
48,127,203
6,761,653
433,569
20,759,505
790,743
92,240,438
1,675,160

61,580,072
61,580,072
0
20,624,486
0
20,624,486
40,955,586
3,103,270
0
3,103,270
93,628
19,236
41,908,420
14,082,203
10,788,188
1,659,721
13,293,274

2,567,955
154,832
57,910
34,528,207
9,727,779
8,962,468
1,991,660
26,459,883

3,591,519
205,444
58,839
48,364,644
14,716,650
14,339,916
1,194,993
30,130,644

4,654,529
179,005
29,749
64,598,074
18,341,069
15,116,645
3,286,227
31,353,759

3,337,346
395,073
333
62,735,256
17,281,143
17,252,657
3,286,220
66,497,552

4,072,035
430,773
105
73,360,906
17,347,828
24,646,619
0
34,026,257

68,268,047
100,105
17,038,029
146,051
3,103,270

87,956,495
87,881
15,837,960
1,298,609
3,868,609

103,386,327
101,848
19,308,078
155,276
4,611,821

147,791,655
131,115
31,140,360
214,038
5,144,975

180,428,935
164,616
28,201,456
273,238
6,236,280

217,367,683
175,770
31,366,459
277,884
7,347,502

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

2.62
0.26
41.02
0.63
2.94
39.10
0.33
41.75
55.75
50.55
2.35

3.70
0.19
52.13
0.56
4.05
39.96
0.36
43.84
59.00
51.44
3.06

2.10
0.38
39.53
0.47
2.36
42.16
0.45
32.32
45.57
38.23
2.63

3.56
0.36
41.39
0.51
4.06
41.27
0.32
32.04
44.25
36.88
2.27

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

129,908,313
30,033,823
93,673,747
54,639,005
7,783,786
3,626,619
40,552,581
1,056,285
87,761,827
9,064,275

147,550,025
35,636,797
109,726,945
61,507,149
9,307,465
3,500,805
45,002,164
1,903,110
92,655,351
3,728,313

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
6,491,336
20,744,684
53,428
20,691,256
9,782,626
101,848

50,159,492
32,265,000
8,140,786
22,759,532
82,923
22,676,609
22,433,012
131,115

40,631,950
28,333,503
9,732,099
37,241,205
108,622
37,132,583
30,457,090
164,616

50,225,864
27,243,478
11,457,696
22,837,693
102,114
22,735,579
35,801,822
175,770

1,135,029
6,827,354
79,906,231
9,958,298
9,958,298
0
69,947,933
1,428
69,946,505

1,364,872
8,315,906
93,603,701
11,949,930
11,949,930
0
81,653,771
1,428
81,652,343

1,647,611
20,654,286
125,358,643
13,144,909
13,144,909
0
112,213,734
1,428
112,212,306

1,812,967
28,479,507
149,971,845
16,431,102
16,431,102

2,053,738
33,572,314
181,565,861
19,717,295
19,717,295

133,540,743
1,428
133,539,315

161,848,566
1,428
161,847,138

59,961,616
59,961,616

78,252,395
78,252,395

96,221,728
96,221,728

102,797,172
102,797,172

121,339,413
121,339,413

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

25,349,117

30,597,067

38,452,725

43,334,925

50,081,064

25,349,117
34,612,499
2,567,955

30,597,067
47,655,328
3,591,519

38,452,725
57,769,003
4,654,529

43,334,925
59,462,247
3,337,346

50,081,064
71,258,349
4,072,035

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

2,179.65
68.06
33.53
75.99

597.24
57.58
24.90
80.24

822.98
61.81
28.16
78.33

2,172.44
67.13
35.19
95.37

188,395.16
61.03
27.66
91.27

698,676.30
60.46
286.92
930.05

414

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Refinery Ltd.

2009

2010

2011

2012

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

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

4,640,153
239,255
5,866,627
4,301,956
195,230

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

2014

(Thousand Rupees)
2013
2014
5,250,848
845,296
4,195,311
4,266,071
200,122

7,551,233
2,501,533

4,905,734
212,702

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

77,834
21,108
29,571,045
306,661
7,828,060
20,714,181

85,455
54,026
22,161,777
85,089
10,978,536
10,803,826

89,757
54,209
21,287,658
2,287,864
9,673,473
8,587,612

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

722,143
33,263,371
453,019
32,810,352
171,029

294,326
25,904,615
7,778,795
18,125,820
293,314

738,709
28,187,797
5,996,984
22,190,813
82,357

1,138
0
2,348,813
350,000
350,000

12,077
6,588
2,576,917
350,000
350,000

150,824
20,205
776,798
350,000
350,000

271,743
21,571
1,214,696
350,000
350,000

59,023
23,334
568,737
350,000
350,000

(1,145,115)
897
(1,146,012)
3,143,928

(917,011)
897
(917,908)
3,143,928

(2,717,130)
2,162
(2,719,292)
3,143,928

(2,333,232)
8,042
(2,341,274)
3,197,928

(3,079,191)
8,203
(3,087,394)
3,297,928

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
2,477,467
343,481
(5,501,398)
85,872
0
0
(1,397,205)

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
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
212,009
185,985
734,122
575,754
52,500
0
1,638,037

127,174,808
113,303,716
13,871,092
127,145,369
126,846,994
298,375
29,439
391,666
160,161
231,505
920,722
406,893
(896,509)
706,739
0
0
1,798,860

132,114,396
116,203,307
15,911,089
130,165,452
126,115,782
4,049,670
1,948,944
547,653
182,889
364,764
358,301
341,542
1,237,594
742,223
99,750
0
(6,886,355)

142,144,452
124,994,364
17,150,088
142,852,397
140,778,814
2,073,583
(707,945)
422,946
197,593
225,353
86,942
514,509
(856,493)
98,247
0
0
3,443,477

2,183,714
0
(5,587,270)
4,105,936
390,389

2,349,951
0
(2,005,727)
3,171,710
344,746

2,595,582
0
105,868
1,705,128
436,033

947,827
0
(1,603,248)
453,019
541,205

1,508,010
0
395,621
7,778,795
602,900

651,094
0
(954,740)
5,996,984
555,312

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
4.52
73.63

0.63
0.72
16.29
3.72
0.89
99.98
43.04
-3.03
-53.46
-50.60

0.42
0.27
8.18
4.82
0.86
98.52
21.57
4.02
116.40
100.79
4.97
12.03
4.62
0.94
14.15
34.71

0.39
0.06
6.04
4.93
0.76
100.50
49.71
-3.05
-84.12
-79.34

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

9.19
-15.02
-7.16
-159.64
62.27

11.26
-3.46
-2.50
-57.31
67.11

415

16.25
-1.20
-0.70
-45.81
22.19

14.69
-0.66
-0.60
-27.28
16.25

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan State Oil Co. Ltd.

2009

2010

2011

2012

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

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

10,469,075
492,556
18,858,106
5,339,437
1,127,587
29,991
1,968,073
2,639,018
337,795,984
1,624,025
88,523,794
218,022,292

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

2014

(Thousand Rupees)
2013
2014
57,593,380
694,180
19,440,988
4,830,587
1,144,961
30,068
48,253,164
3,785,381
224,356,128
5,227,328
106,089,048
76,596,194

58,636,904
1,260,336
20,108,251
4,594,433
1,037,369
48,407
45,789,368
6,944,360
313,514,125
20,606,509
86,297,218
175,386,168

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

29,625,873
294,949,184
45,772,649
249,176,535
4,981,632

36,443,558
217,035,497
17,269,681
199,765,816
4,271,222

31,224,230
288,346,263
92,321,074
196,025,189
5,183,609

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

4,981,632

4,271,222

5,183,609

48,334,243
1,715,190
1,715,190

60,642,789
2,469,872
2,469,872

78,621,157
2,716,860
2,716,860

27,620,868
475,829
27,145,039

40,187,795
493,189
39,694,606

46,619,053
351,652
46,267,401

58,172,917
664,757
57,508,160

75,904,297
(1,582,524)
77,486,821

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
6,232,056
2,953,427
(11,356,864)
201,536
857,595
0
(4,828,554)

742,757,951
742,757,951

820,530,364
820,530,364

1,024,423,605
1,024,423,605

1,100,122,318
1,100,122,318

1,187,639,316
1,187,639,316

713,591,707
29,166,244
9,411,885
4,055,238
5,356,647
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
11,903,162
2,867,733
17,974,434
4,414,335
1,715,190
0
(8,416,354)

990,101,083
34,322,522
19,143,220
8,133,834
11,009,386
11,658,928
2,787,424
13,674,417
5,088,478
943,355
343,038
(21,327,060)

1,065,961,380
34,160,938
13,870,365
8,399,841
5,470,524
7,591,156
4,835,776
19,209,633
8,023,852
1,358,430
493,974
79,444,093

1,150,815,228
36,824,088
14,369,995
8,395,769
5,974,226
9,544,109
5,997,341
32,969,187
13,941,001
2,173,488
271,686
(57,325,643)

23,398,523
0
(12,415,995)
18,654,526
2,871,933

32,172,285
0
12,685,296
13,021,015
4,531,488

45,160,233
0
11,844,909
24,541,511
5,618,524

53,315,875
0
7,642,585
45,772,649
5,652,730

64,914,011
0
9,827,351
17,269,681
6,693,145

83,804,766
0
16,854,698
92,321,074
8,079,787

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
-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
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
79.06
244.31

0.74
1.14
21.28
2.94
1.15
96.65
6.21
4.48
30.31
27.77
9.10
11.57
5.91
1.33
50.06
281.80

0.38
0.69
6.96
3.90
1.03
96.89
3.65
6.10
34.74
32.40
8.23
10.37
4.97
1.75
45.29
245.53

0.68
0.80
14.77
3.19
1.09
96.90
3.73
10.09
46.93
44.13
8.75
13.76
6.50
2.78
70.04
289.38

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

713,591,707

786,250,059

990,101,083

1,065,961,380

1,150,815,228

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

416

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shell Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

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

12,388,466
1,128,102
11,351,768
5,523,918
726,773
1,321,105
2,749,610
1,665,731
36,772,570
1,438,447
17,847,222
2,488,910

11,289,359
565,914
12,325,084
5,764,651
690,649
931,867
2,989,350
1,037,577
33,719,963
3,388,485
17,353,514
2,006,553

14,997,991
40,694,848
15,745,032
24,949,816
189,351

10,971,411
38,791,588
12,170,000
26,621,588
339,596

8,931,732
33,039,308
6,158,020
26,881,288
334,091

10,716,744
32,642,090
3,765,762
28,876,328
141,610

187,104
2,662
7,900,035
684,880
684,880
0
7,215,155

339,596
0
5,878,138
856,100
856,100
0
5,022,038
1,717,828
3,304,210

334,091
0
7,222,526
856,100
856,100

141,610

7,215,155

189,351
0
8,276,837
684,880
684,880
0
7,591,957
1,889,048
5,702,909

6,366,426
1,717,828
4,648,598

4,824,940
1,503,803
3,321,137

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
1,401,211
1,249,957
3,910,009
778,934
2,260,104
0
3,933,575

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
1,264,677
1,065,444
3,044,085
1,087,055
821,856
0
2,238,505

219,149,349
187,824,869
31,324,480
206,913,532
7,168,140
199,745,392
12,235,817
8,113,552
3,896,174
4,217,378
2,095,883
1,866,644
2,832,717
1,290,392
0
171,220
(4,173,400)

212,800,610
212,798,287
2,323
203,521,445
7,136,825
196,384,620
9,279,165
8,730,920
3,229,142
5,501,778
1,634,318
1,427,409
4,656
1,084,563
0
0
5,621,382

249,213,991
247,912,654
1,301,337
237,837,485
7,725,351
230,112,134
11,376,506
9,274,687
3,368,284
5,906,403
532,151
317,959
2,424,493
1,211,045
342,440
214,025
3,668,978

250,784,741
245,160,811
5,623,930
243,203,242
8,919,143
234,284,099
7,581,499
8,408,322
3,814,407
4,593,915
447,109
194,543
546,384
1,191,764
856,100
0
4,453,282

8,484,431
1,790
870,971
8,493,599
1,899,050

8,089,801
0
1,135,174
8,400,000
1,717,123

8,466,188
0
1,542,325
15,745,032
1,577,781

6,217,734
0
(1,079,907)
12,170,000
1,631,388

7,556,617
0
871,008
6,158,020
1,379,125

6,036,675
0
(1,501,480)
3,765,762
1,619,441

0.10
0.96
1.14
4.46
0.90
94.42
4.94
6.46
35.02
34.22

0.14
0.77
0.94
4.73
0.87
95.64
6.66
0.01
0.07
0.06

0.09
0.21
0.91
6.14
0.90
95.44
4.62
5.66
37.01
35.20
3.54
13.99
8.63
0.97
14.17
84.37

0.12
0.18
1.05
6.48
0.85
96.98
5.56
1.38
8.33
8.04
-0.75
19.16
3.81
0.22
-6.03
55.09

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

10,728,221
730,586
12,358,070
5,496,065
620,809
558,350
3,070,286
872,934
29,867,704
858,390
17,818,412
2,259,170

10,954,082
1,458,145
12,919,337
5,601,581
660,006
185,706
3,276,116
432,534
27,724,683
1,295,633
13,086,285
2,626,021

5,895,065
1,070,125
1,070,125

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

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
45.72
120.76

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

417

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
28.57
115.35

12.28
2.52
1.29
22.52
120.85

12.26
1.00
0.00
-12.61
68.66

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

PAPER, PAPERBOARD AND PRODUCTS

PERFORMANCE AT A GLANCE
The balance sheet size of the Paper, paperboard and products sector improved by Rs 7.03 billion to touch
Rs. 86.38 billion in 2014 from Rs. 79.35 billion in the previous year recording an increase of 8.86
percent. The size of the equity, recorded a significant increase of Rs. 8.45 billion to reach Rs. 62.71
billion. Operational performance of the sector continued its positive stride in 2014 as it did in the
previous year.

ANALYSIS OF ASSETS
Current Assets

Non-Current Assets
2014

Growth

Amount in billions

60.0

429.78%

50.0

41.84

40.0

48.14

30.0
16.71

20.0
10.0

0.0
-10.0

0.690.58
-16.16%

16.45
-1.53%

0.060.05
-11.10%

CW in OFA minus Intangible

progress acc. Depr
Assets

15.05%

0.28
1.47

Long term Other NCA

Inv.

2013

500.0%
450.0%
400.0%
350.0%
300.0%
250.0%
200.0%
150.0%
100.0%
50.0%
0.0%
-50.0%

Amount in billion

2013

8.0
7.0
6.0
5.0
4.0
3.0
2.0
1.0
0.0

2014

Growth

7.50

40.00%
6.49

26.55%

20.00%
6.42%

4.44

1.88%0.00%

-1.06%

7.05

-20.00%

6.37
4.49

0.66
0.52

-40.00%

0.62
1.37 -54.53%

Cash/bank
balance

-60.00%

Invento. Trade Debt Short term Other CA

Inv.

The non-current assets of the sector stood at Rs. 66.68 billion in 2014 as compared to Rs. 59.57 billion in
the last year with an increase of 7.11 percent. Current assets slightly reduced by Rs 0.08 billion from Rs.
19.78 billion to Rs. 19.70 billion. Short term investments reduced by 54.53 percent in 2014 when
compared to last year position. Inventories moved up by Rs. 0.45 billion to reach Rs.7.50 billion.

ANALYSIS OF LIABILITIES & SHAREHOLDERS EQUITY

Liabilities & Shareholders Equity

Current liabilities increased from Rs. 12.26

billion to Rs. 12.75 billion in 2014. However,
non-current liabilities decreased from Rs. 12.83
billion in 2013 to Rs. 10.92 billion in current
year.

Long-term secured and unsecured loans

reported decreases of Rs. 1.07 billion and Rs.

2013

2014

Growth

70.0

20.0%

60.0

54.26

50.0

0.16 15.0%

62.71

0.04

40.0
-0.04

30.0
20.0
10.0

12.26
12.75

CL

2013.

418

-0.15

10.92

0.0

0.69 billion respectively in 2014 as compared to

12.83

7.94

5.61

-0.13

6.87
5.41

3.05
2.36
-0.23

Non-CL ST Secured LT secured

LT
loans
loans
unsecured
loans

Equity

10.0%
5.0%
0.0%
-5.0%
-10.0%
-15.0%
-20.0%
-25.0%

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

PROFITABILITY AND OPERATING EFFICIENCY

Sales of Paper, paperboard and products sector bulged to Rs. 43.37 billion. Local (sales) remained
dominant with 98.49 percent share in overall sales. Exports (sales) remained stable with an increase of
0.05 billion in 2014. Cost of sales also increased by Rs. 3.68 billion with an increase of 11.09 percent
from the previous year. Asset turnover ratio, barometer to assess the efficiency to use assets to generate
sales was noted at 0.50.
Cost of goods sold to sales ratio increased to 85.04 percent in the current year from 83.98 percent in the
previous year.

43.38
39.54

6.0
34.93

34.15
31.35

5.0
27.30

4.0
3.0
2.0

5.73

5.61

5.78

4.75
3.78

3.29

1.0
0.48

0.57

0.47

0.48

0.50

0.50

0.0
2009

2010

Inventory Turnover

2011

2012
Asset Turnover

2013

50.0
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0

Profitability
ROA
Amount in billions

Productivity

7.0

2014

ROCE

EPS

18.21

15.0

15.97
14.34

10.0
9.66

10.53
8.54

9.95
9.29 6.73

5.0

4.78
4.06

9.42
7.52 10.057.87
6.54
6.05
5.56

7.44
5.95

2.48
1.62
1.40

0.0

1.26

2009

Sales

ROE

20.0

2010

2011

2012

2013

2014

Return On Assets (ROA), Return On Equity (ROE), and Return On Capital Employed (ROCE) dropped
in 2014 when compared to last years position. Earnings per share also reduced to Rs.10.1.

419

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Paper, Paperboard and Products - Overall

2009

2010

2011

2012

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

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

47,662,106
394,976
46,935,549
30,814,868
2,622,441
90,489
16,161,649
200,124
19,404,458
388,897
9,517,209
3,801,466
0
5,696,886
10,697,859
3,649,812
7,048,047
16,215,573
9,862,218
2,842,577

39,401,070
599,512
29,841,530
16,964,584
2,322,987
82,600
21,482,137
272,237
31,291,047
676,803
5,963,372
4,818,664
1,135,835
18,696,373
16,995,684
5,025,736
11,969,948
11,547,003
6,996,026
3,028,577

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
7,234
3,306,185
29,539,409
3,844,732
2,238,857
1,605,875
25,449,253

2014

(Thousand Rupees)
2013
2014
59,568,987
686,623
31,012,562
16,706,779
1,748,623
58,131
41,840,528
276,926
19,784,544
520,512
7,045,804
4,485,461
1,367,020
6,365,747
12,256,316
5,608,069
6,648,247
12,833,380
7,942,441
3,052,759

66,683,500
575,638
31,958,854
16,450,369
1,849,960
51,677
48,138,726
1,467,090
19,701,823
658,731
7,498,068
4,437,950
621,546
6,485,528
12,751,019
5,409,423
7,341,596
10,919,565
6,874,930
2,357,826

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

409,906
3,100,872
40,153,132
6,941,602
2,331,681
4,609,921
32,913,878
13,266,697
19,647,181
297,652

310,277
1,212,123
42,149,430
6,941,602
2,331,681
4,609,921
34,872,147
17,426,302
17,445,845
335,681

5,467
1,832,713
54,263,835
6,507,081
2,798,374
3,708,707
47,425,730
28,361,552
19,064,178
331,024

6,765
1,680,044
62,714,739
6,139,233
3,666,320
2,472,913
56,148,737
35,652,428
20,496,309
426,769

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
2,920,060
1,264,049
4,782,153
2,590,104
487,483
0
(611,306)

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
2,582,706
1,014,784
831,936
547,064
489,358
35,449
889,305

31,350,846
31,235,579
115,267
26,662,548
19,050,802
7,611,746
4,688,298
1,639,406
606,465
1,032,941
1,690,481
1,263,746
2,613,363
420,485
395,350
0
(1,890,088)

34,147,625
33,982,372
165,253
29,092,489
21,361,991
7,730,498
5,055,136
1,850,124
655,849
1,194,275
1,808,018
1,319,872
4,095,059
323,275
652,426
10,000
332,804

39,540,524
38,937,119
603,405
33,205,428
23,445,001
9,760,427
6,335,096
2,538,377
874,241
1,664,136
1,953,189
1,512,105
4,539,750
484,917
1,124,766
82,300
2,798,321

43,375,754
42,720,885
654,869
36,887,546
26,303,397
10,584,149
6,488,208
2,952,840
908,996
2,043,844
1,825,643
1,463,044
4,603,701
888,529
1,345,463
98,760
2,427,122

49,862,287
17,009,459
1,704,566
17,439,967
736,219

53,064,763
12,300,041
(204,486)
13,103,797
2,512,428

56,368,705
9,862,218
1,797,528
13,512,030
2,144,569

53,696,433
6,996,026
3,119,358
12,021,762
2,516,621

67,097,215
7,942,441
2,930,067
13,550,510
3,120,416

73,634,304
6,874,930
2,369,709
12,284,353
3,358,926

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
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
1.26
165.44

0.39
5.39
12.13
0.47
1.81
85.05
0.67
4.06
6.73
4.78
5.55
3.29
3.07
8.34
9.29
170.02

0.39
5.29
14.11
0.48
1.84
85.20
0.68
5.95
9.95
7.44
5.78
5.73
4.10
11.99
15.97
178.47

0.52
4.94
11.34
0.50
1.61
83.98
0.46
6.05
9.42
7.52
3.61
5.61
4.00
11.48
14.34
191.86

0.45
4.21
10.23
0.50
1.55
85.04
0.38
5.56
7.87
6.54
2.76
5.78
4.15
10.61
10.05
169.67

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

420

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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.Short term Secured loans

2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2010

2011

2012

4,487

4,119

3,785

3,499

3,230

22,880
4,374
409

22,880
4,006
368

22,880
3,672
332

22,852
3,374
298

22,852
3,105
269

22,852
2,863
242

113
8,155

113
9,448
4,546

113
6,414
1,658

125
5,915
1,573

125
8,144
3,805

125
9,492
5,915

0
4,977
769

0
4,902
760

0
4,756
760

0
4,342
760

4,339
795

3,577
1,026

3,178

C.Current Liabilities (C1+C2)

(Thousand Rupees)
2013
2014

2009

1.Cash & bank balance

2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

2014

2,988

769
25,000

760
25,000
25,000

760
20,000
0
20,000

760
18,000
0
18,000

795
18,000

1,026
18,000

18,000

18,000

0
(10,561)
30,000
30,000
0
(40,561)

0
(9,346)
30,000
30,000
0
(39,346)

0
(7,421)
30,000
30,000
0
(37,421)

0
(6,546)
30,000
30,000

0
0
25,000
(13,127)
30,000
30,000
0
0

(12,193)
30,000
30,000
0
(42,193)

(36,546)

(40,561)

(39,346)

(37,421)

(36,546)

(43,127)

(42,193)
0

0
1,657

0
1,345

0
1,088

0
1,617

0
1,154

0
2,034

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,657

1,345

1,088
133

1,617
136

1,154
136

2,034
132

743
215

1,215
281

1,982
350

1,495
280

1,875
1,000

0
872

0
1,368

0
2,032

0
1,915

2,231
306
0
0
2,232

11,873
0
528
0

12,807
25,000
934
25,000
152

9,439
0
1,632
0
76

8,654
0
1,215
0
84

10,579
0
1,925
0
84

11,454
0
875
0
84

0.00

5.98

2.18

2.07

4.79

5.77

0.00
10.60

0.00
12.43

0.00
8.44

0.00
7.78

0.00
10.24

0.00
9.25

2,110

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-1.96
5.98
-5.55
-83.39

-2.11
9.27
-9.60
9.85

-1.97
16.68
-17.42
17.82

-2.01
15.24
-15.02
16.53

-2.53
21.46
-26.61
23.20

-2.91
15.72
-26.85
17.02

0.09
-2.19

0.16
-2.03

0.27
-1.76

0.20
-1.56

0.32
-1.24

0.15
-1.09

0.00

421

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Central Forest Products Ltd.

2010

2011

2012

60,563

56,742

53,252

50,043

47,092

111,353
60,471
4,144

111,353
56,669
3,801

111,353
53,179
3,491

111,353
49,970
3,208

111,353
47,019
2,952

174,522
59,761
3,162

92
249,609
118
243,595

73
251,103
90
245,568

73
251,289
100
245,568

73
252,088
796
245,568

73
251,294
39
245,568

73
133,301
52
129,995

3,254
320,237
101,531
218,706
155

A.Non-Current Assets (A1+A3+A5+A6+A7)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2014

0
5,896
255,405

0
5,445
255,595

0
5,621
254,244

0
5,724
250,048

59,834

255,405
71,261

255,595
71,284

254,244
70,761

250,048
75,581

5,687
249,056
101,531
147,525
75,298

84
71,200
(19,034)
30,000
30,000
0
(49,034)

314
70,447
(20,464)
30,000
30,000
0
(50,464)

103
75,478
(23,498)
30,000
30,000
0
(53,498)

122
75,176
(25,968)
30,000
30,000
0
(55,968)

155
0
(127,257)
30,000
30,000

0
0
71,261
(16,494)
30,000
30,000
0
(46,494)

(179,160)

(46,494)

(49,034)

(50,464)

(53,498)

(55,968)

(179,160)
21,903

6,880
2,509
4,371
5,104

0
0

0
0

86

86
73

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

115,573

5,104
1,776
2,489
1,731
758
34

0
0
4,668
180
4,488

0
0
5,741

73
13
5,007
46
4,961
1

4,332
56

(2,540)

0
(1,120)

0
0
(46)

(3,013)
21
0
0
397

(2,462)
9
0
0
543

(123,682)
70

(1,401)
29
0
0
303

54,767
0
4,276
0
361

52,250
0
(2,540)
0
143

50,297
0
(1,430)
0
277

52,083
0
(3,034)
0
268

49,330
0
(2,471)
101,531

(127,102)
0
(123,752)
101,531

0.00
0.49
0.00
0.02
0.98
74.19
-19.81
1.40
-23.25
25.48

0.00

0.00

0.00

0.00
0.98

0.00
0.99

0.00
1.16
0.00
0.00
1.01
84.88
-13.86
-0.99
13.71
-5.89

0.00

0.00
1.01

0.00
0.42

5,741

0
0

0
4,226

115,573
(115,573)
15,088

4,226
1

15,088
1

3,881

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

-15.88
-0.46
7.09
-2.73

-12.49
-0.82
9.95
-4.86

-2.52
-50.33
161.44
318.06

0.03

0.00

0.00

0.00

0.00

0.00

-0.85
-6.34

-0.48
-6.82

-0.82
-8.66

-41.25
-42.42

62.97
1.43
-5.50

422

-17.17
-0.82
14.30
-4.75

-3,503.49
-1.01
-7.83

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Century Paper & Board Mills Ltd.

2009

2010

2011

2012

10,701,086
296,362
12,902,270
10,157,985
696,224
49,664

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

9,467,431
199,778
14,184,908
9,239,066
767,405
23,038

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

2014

(Thousand Rupees)
2013
2014
8,875,431
48,532
14,618,962
8,808,166
896,069
11,403

8,348,657
202,525
14,805,370
8,137,746
900,128
2,712

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

5,549
3,994,542
204,424
1,672,327
1,046,176

7,330
4,399,660
77,161
2,015,766
1,184,771

5,674
4,830,280
68,975
2,563,413
1,006,753

3,003,665
8,895,000
8,895,000

3,949,721
4,225,000
4,225,000

0
0

1,110,659
4,393,829
1,692,912
2,700,917
3,375,000
3,375,000

1,071,615
3,685,912
1,325,123
2,360,789
3,979,910
2,845,455
1,000,000

1,121,962
2,765,465
1,413,555
1,351,910
4,690,530
4,150,682

1,191,139
3,425,754
1,605,021
1,820,733
4,008,493
3,347,424

1,171,644

5,894,557
3,710,880
706,834
3,004,046
2,183,677
1,000,000
1,183,677

0
6,299,672
3,710,880
706,834
3,004,046
2,588,792
1,000,000
1,588,792

134,455
5,796,151
3,710,880
706,834
3,004,046
2,085,271
992,577
1,092,694

539,848
5,819,096
3,163,084
1,060,252
2,102,832
2,656,012
1,536,507
1,119,505

661,069
5,744,690
2,371,398
1,470,184
901,214
3,373,292
2,761,301
611,991

7,152,092
7,152,092

9,702,311
9,702,311

11,779,054
11,770,857
8,197
9,769,526
6,772,721
2,996,805
2,009,528
394,505
105,160
289,345
968,727
960,046
734,694
118,195

12,923,025
12,923,025

14,235,621
14,235,621

14,667,669
14,667,669

1,878,478
706,834
706,834
0
1,171,644

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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

7,226,388
4,546,513
2,679,875
(74,296)
280,987
58,067
222,920
1,300,208

8,255,272
5,270,028
2,985,244
1,447,039
309,643
79,532
230,111
1,137,075

0
734,798

10,810,486
7,248,301
3,562,185
2,112,539
501,959
108,056
393,903
910,967
851,248
789,544
130,677
0
0
1,754,841

11,689,002
7,677,194
4,011,808
2,546,619
537,431
110,810
426,621
692,907
678,205
1,407,033
72,182
212,050
0
1,678,263

12,646,230
8,147,918
4,498,312
2,021,439
597,745
139,656
458,089
615,478
618,260
913,999
154,726
220,528
0
1,033,571

(1,594,609)
540,465
0
(210,604)

74,657
48,916
0
0
(473,173)

10,773,478
8,895,000
(2,135,074)
8,895,000
427,758

10,119,557
4,225,000
25,741
4,225,000
489,143

9,674,672
3,375,000
616,499
5,067,912
578,788

9,776,061
2,845,455
658,867
4,170,578
703,821

10,509,626
4,150,682
1,122,801
5,564,237
835,398

9,753,183
3,347,424
538,745
4,952,445
830,910

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
8.22
6.25
0.84
1.06
82.94
1.23
5.22
12.05
7.42

0.34
7.05
8.10
0.96
1.08
83.65
1.32
5.74
13.05
8.12

0.46
4.87
8.32
1.07
1.59
82.11
1.28
10.52
24.23
13.87
6.29
7.06
3.07
9.88
12.59
54.88

0.31
4.20
6.86
1.11
1.41
86.22
1.29
6.91
15.81
9.02
3.44
5.72
2.48
6.23
5.16
39.07

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

423

5.27

5.19

4.41
1.77
6.24
8.72
89.13

7.73
1.93
6.11
9.32
82.00

-22.30
-30.21
26.58

0.77
0.36
83.39

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Cherat Packaging Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

378,106

508,555
103,812
547,312
349,788
31,908
6,375
1,991
46,589
1,281,665
8,770
878,155
268,224
0
126,516
855,903

1,426,081
271,315
1,377,556
1,065,150
65,332
6,607
12,874
70,135
2,135,393
20,540
1,171,125
633,907
0
309,821
1,889,630
1,269,320
620,310
460,000
460,000

1,511,414
321
1,856,563
1,454,148
90,009
5,691
15,931
35,323
2,295,302
18,491
1,105,924
659,748
0
511,139
1,641,474
1,301,751
339,723
780,000
780,000

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

993,912
143,882
143,882

551,753
95,568
93,750

855,903
56,250
56,250

1,063,054
2,346
1,188,348
940,867
52,152
7,523
6,553
105,765
1,369,884
31,447
771,357
430,164
0
136,916
1,103,059
953,918
149,141
418,750
418,750

1,818
473,641
91,800
91,800
0
381,841

0
878,067
172,125
172,125
0
705,942

0
911,129
172,125
172,125
0
739,004

0
1,211,844
275,400
275,400
0
936,444

0
1,385,242
275,400
275,400

0
0

378,276
91,800
91,800
0
286,476

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

1,109,842

286,476

381,841

705,942

739,004

936,444

1,109,842

2,060,614
2,060,614

1,985,235
1,985,235

2,471,964
2,471,964

3,256,878
3,256,878

5,355,792
5,247,730
108,062
4,749,192
4,330,269
418,923
606,600
116,314
57,840
58,474
226,009
224,709
268,801
3,788
82,620
0
151,137

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,919,207
1,821,762
97,445
141,407
33,243
20,253
12,990
176,748
160,348
(58,351)
23,140

2,168,243
2,064,036
104,207
303,721
69,653
29,639
40,014
71,221
70,720
165,811
26,037
43,031

0
127,638

1,749,546
1,605,505
144,041
235,689
48,121
25,026
23,095
96,873
96,329
95,442
9,937
0
22,950
574,240

(286,797)

2,978,650
2,836,434
142,216
278,228
74,344
39,401
34,943
154,653
154,287
53,491
32,681
25,819
0
145,982

4,129,334
4,014,843
114,491
3,692,801
3,329,925
362,876
436,533
108,574
54,865
53,709
156,953
156,053
175,395
21,294
55,080
0
89,747

522,158
143,882
(81,491)
143,882
6,726

569,209
93,750
85,505
93,750
8,926

934,317
56,250
96,743
56,250
68,244

1,329,879
418,750
(5,009)
1,372,668
108,057

1,671,844
460,000
99,021
1,729,320
169,638

2,165,242
780,000
182,393
2,081,751
202,326

0.25
8.58
11.91
1.36
1.12
93.14
3.01
-3.82
-14.48
-11.97

0.43
4.88
11.55
1.77
1.35
88.13
1.37
7.24
22.41
17.49

0.32
2.88
10.85
1.38
1.50
87.71
1.04
11.39
24.53
22.06
3.25
2.81
3.34
6.71
8.12
51.01

0.42
4.75
13.21
1.34
1.24
91.46
1.67
2.53
5.98
4.72
0.81
4.22
1.35
1.64
1.21
52.93

0.35
3.80
15.35
1.16
1.13
89.43
1.94
5.85
16.52
11.69
2.80
3.53
2.12
4.25
5.60
44.00

0.41
4.22
12.32
1.41
1.40
88.67
1.75
7.30
20.70
14.01
3.21
4.84
2.20
5.02
9.62
50.30

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

424

2.94
0.64
-2.83
-8.88
41.21

5.14
1.99
4.81
9.31
51.59

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

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
1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

41,379

40,320

39,405

38,353

37,716

61,486
36,961
2,377

61,487
35,901
1,060

61,487
34,986
915

61,487
33,935
728

33,298

33,298

728

728

4,418
28,928
291
2,408
20,841
0
5,388
16,677

4,419
27,492
137

4,419
25,492
137

4,418
25,355

37,716
21,280
0

37,716
21,280
0

20,841
0
6,514
16,148

20,841

20,841

37,716

20,841

20,841

4,514
14,177

4,514
9,699

439
10,198

439
10,198

16,677
12,346

16,148
9,892

14,177
4,574

9,699
4,160

10,198
4,160

10,198
4,160

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)

103
4,057
49,849
40,000
40,000
0
(3,999)

103
4,057
44,638
40,000
40,000

103
4,057
44,638
40,000
40,000

12,346
41,284
40,000
40,000
0
1,284

E.Shareholders Equity (E1+E2+E3)

2014

(9,034)

(9,034)

1,284

(12,076)
13,848

(7,702)
13,848

(3,999)
13,848

(9,034)
13,672

(9,034)
13,672

F.Operation:
3,750
3,750

1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

3,350

0
1,389

0
3,233

0
1,128

0
5,211

0
5,211

3,350
400
4,561

4,561

1,389
1

3,233
2

1,128
53

5,211
0

5,211
0

(4,161)

488

(5,211)

3,703
280

(5,211)

(766)
350

0
2,445

0
(154)

0
0

0
(438)

53,630
0
(4,161)
0
1,375

51,664
0
488
0

50,720
0
(1,116)
0

54,009
0
3,423
0

48,798
0
(5,211)
0

48,798
0
(5,211)
0

1.27
0.00
555.76
0.05
1.73
89.33
0.70
-5.44
-9.25
-7.49

1.30

1.48

2.15

2.04

2.04

0.00
1.70

0.00
1.80

0.00
2.61

0.00
2.09

0.00
2.09

0.62
0.71
1.18
0.93

0.41
-1.15
-1.74
-1.50

0.28
5.76
7.71
7.07

0.32
-8.49
-11.03
-10.14

0.32
-8.83
-11.67
-10.68

0.12
10.44

-0.28
11.54

0.86
12.46

-1.30
11.16

-1.30
11.16

0
0
0

0
0
0

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.56

-110.96
-1.04
10.32

425

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Merit Packaging Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

699,861
2,567
865,666
682,915
44,727
4,824

663,143
2,880
873,720
649,865
49,309
3,843

627,285

673,438

660,126

892,909
619,653
51,719
2,994

1,008,629
665,872
35,252
1,986

1,034,144
655,439
39,975
1,038

1,077,441
657,329
42,704
215

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

722,982

9,555
282,561
583
111,183
100,767
0
70,028
344,074

4,638
645,852
549
255,363
300,931

5,580
659,546
1,121
276,127
264,989

3,649
619,779
922
302,100
202,682

65,438
815,517
7,962
333,201
325,881

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

540,000

540,000

452,000

27,142
237,285
47,428
47,428
0
53,364

5,231
247,561
47,428
47,428
0
64,440

1,438
256,496
47,428
47,428
0
34,582

81
169,136
47,428
47,428
0
(49,759)

41
509,437
403,142
403,142

0
0
382,371
255,977
47,429
47,429
0
71,210

89,009
668,345
313,620
354,725
357,231

117,309
535,050
333,053
201,997
541,438

114,075
570,688
411,364
159,324
540,081

148,473
577,021
346,273
230,748
452,041

(62,226)

71,210
137,338

53,364
136,493

64,440
135,693

34,582
174,486

(49,759)
171,467

(62,226)
168,521

808,840
808,840

1,076,104
1,076,104

1,753,881
1,753,881

1,693,802
1,693,802

1,389,259
1,389,259

1,884,960
1,884,960

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

766,138
584,419
181,719
42,702
32,826
11,287
21,539
67,605
66,643
(56,217)
18,872

1,589,456
786,327
803,129
164,425
57,255
23,116
34,139
95,195
94,053
16,622
18,160
0
0
(72,728)

1,557,363
1,347,597
209,766
136,439
62,774
24,830
37,944
104,388
103,353
(24,610)
17,063
0
0
12,046

1,322,713
1,052,710
270,003
66,546
57,181
24,126
33,055
98,118
97,134
(83,531)
7,040
0
0
(48,382)

1,724,548
1,458,318
266,230
160,412
61,123
26,055
35,068
96,137
95,567
6,971
18,951

0
(82,792)

984,507
786,327
198,180
91,597
45,073
17,856
27,217
76,997
76,462
(28,780)
5,380
0
0
(131,218)

638,348
0
(75,089)
0
76,377

704,427
0
(34,160)
292,317
92,271

604,792
0
(1,538)
313,620
110,716

797,934
0
(41,673)
333,053
122,736

709,217
0
(90,571)
411,364
117,739

961,478
0
(11,980)
346,273
116,603

0.29
8.36
12.46
0.82
0.82
94.72
2.84
-6.16
-22.26
-11.52

0.38
7.16
16.80
0.91
1.09
91.49
3.98
-2.66
-11.67
-4.29

0.45
5.43
17.16
1.38
0.97
90.63
4.14
1.35
6.86
2.54

0.50
6.16
15.64
1.27
1.23
91.94
4.20
-1.89
-9.76
-3.51

0.36
7.06
14.59
1.09
1.09
95.21
6.57
-6.39
-38.82
-11.03

0.58
5.10
17.29
1.23
1.41
91.49
2.02
0.49
2.04
0.83

(182,626)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

426

7.27
0.16
-6.95
-15.83
53.97

4.24
0.62
-2.67
-7.20
50.03

6.87
1.18
0.95
-0.32
52.20

6.13
0.76
-1.45
-8.79
54.08

4.60
0.14
-6.01
-19.10
35.66

5.66
1.07
0.37
-0.30
12.64

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Packages Ltd.
2009

2010

2011

2012

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

35,014,603
125,683
29,031,170
18,559,649
1,657,404
49,834
16,159,658
119,779
9,803,228
200,320
5,029,241
2,109,537

25,068,515
390,993
9,835,479
3,629,740
1,298,528
50,053
20,897,874
99,855
22,730,534
416,577
2,484,123
2,667,931

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

0
5,218
2,658,659
23,744,391
2,449,670
843,795
1,605,875
21,294,721

2014

(Thousand Rupees)
2013
2014
45,655,014
366,374
10,313,696
3,861,098
530,539
39,083
41,245,445
143,014
9,882,566
351,076
2,821,293
2,099,989

52,208,875
254,209
10,424,393
3,932,187
597,384
43,059
46,671,764
1,307,656
9,848,620
460,297
2,935,722
2,057,352

2,464,130
3,938,979
1,551,179
2,387,800
11,746,916
6,104,762
2,470,577

17,161,903
10,790,611
2,251,463
8,539,148
5,607,351
3,216,643
1,470,577

4,610,208
6,070,757
2,232,005
3,838,752
6,307,982
2,979,603
2,494,759

4,395,249
5,967,808
1,878,953
4,088,855
5,104,432
2,566,695
1,887,826

306,808
613,323
31,401,087
2,449,670
843,795
1,605,875
28,951,417
16,433,725
12,517,692

578
833,042
43,158,841
2,449,670
843,795
1,605,875
40,709,171
26,818,947
13,890,224

0
649,911
50,985,255
2,435,494
863,795
1,571,699
48,549,761
32,868,564
15,681,197

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

406,830
2,764,747
29,131,936
2,449,670
843,795
1,605,875
26,682,266
12,266,697
14,415,569
0

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
1,370,630
1,034,553
5,950,925
1,831,382
274,233
0
(756,323)

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
1,267,253
839,218
119,176
307,213
274,233
0
609,367

13,660,245
13,553,175
107,070
11,888,452
8,739,726
3,148,726
1,771,793
906,560
439,936
466,624
543,610
127,981
1,212,339
219,437
126,569
0
(2,574,105)

14,269,614
14,104,447
165,167
12,355,563
9,076,395
3,279,168
1,914,051
959,393
475,098
484,295
589,102
162,989
2,699,683
119,582
379,708
0
(1,871,964)

17,428,145
16,939,231
488,914
14,785,637
10,540,417
4,245,220
2,642,508
1,576,042
675,674
900,368
936,715
512,965
2,518,191
196,612
675,036
0
546,305

18,727,001
18,180,194
546,807
15,682,559
11,356,108
4,326,451
3,044,442
1,900,435
676,228
1,224,207
841,120
479,036
2,856,873
466,155
777,416
0
850,002

34,378,845
7,970,577
3,845,310
8,401,085

37,948,579
7,956,291
(462,270)
8,467,730
1,649,188

40,878,852
6,104,762
866,333
7,655,941
1,076,032

37,008,438
3,216,643
2,200,393
5,468,106
1,214,966

49,466,823
2,979,603
1,646,543
5,211,608
1,592,192

56,089,687
2,566,695
1,613,303
4,445,648
1,767,505

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
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
-2.23
325.67

0.59
3.98
15.44
0.30
2.49
87.03
0.54
2.83
4.28
3.08
7.84
2.72
10.47
8.87
11.77
345.25

0.29
4.13
18.70
0.30
2.11
86.59
0.52
5.83
8.92
6.93
6.79
5.74
17.56
18.92
30.58
372.14

0.40
5.37
12.05
0.31
1.63
84.84
0.29
4.87
6.75
5.82
3.44
6.18
5.91
14.45
27.51
511.48

0.42
4.49
10.99
0.30
1.65
83.74
0.22
4.86
6.07
5.41
3.08
6.38
6.96
15.26
27.68
590.25

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

427

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Paper Products Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

2010

2011

2012

215,864

261,216
2,905
303,973
258,091
10,816

322,888
3,837
376,481
318,578
13,735

309,265

241,039
213,278
7,796

224,906
9,707
250,223
214,983
7,984

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

220
179,640
9,852
82,118
39,731
0
47,939
50,800

1.Short term Secured loans

2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

395,706

382,578
308,740
18,337

400,626
395,182
18,624

473
213,019
4,368
111,711
60,660
0
36,280
80,173

524
242,064
13,826
93,159
82,973
25,270
26,836
60,668
10,131
50,537
67,780
18,574

33,752
17,948

41,247
10,063

50,800
29,292
10,300

80,173
73,587
41,412

525
213,191
29,724
81,737
70,346
0
31,384
59,250
15,141
44,109
61,238
28,705

2,659
16,333
360,764
50,000
50,000
0
162,653

3,263
28,912
382,147
50,000
50,000
0
184,800

4,664
27,869
401,968
60,000
60,000
0
196,083

6,507
42,699
509,322
60,000
60,000

0
2,016
15,932
300,733
37,500
37,500
0
113,567

2,373
7,690
329,262
37,500
37,500
0
142,664

226,649

113,567
149,666

142,664
149,098

162,653
148,111

184,800
147,347

196,083
145,885

226,649
222,673

312,029
312,029

322,026
322,026

382,683
382,683

433,308
433,308

501,239
501,239

504,313
504,313

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

241,232
181,328
59,904
70,797
22,462
6,937
15,525
3,048
879
46,280
14,918
7,500
0
20,335

244,035
203,190
40,845
77,991
23,991
6,826
17,165
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
5,222
5,032
62,554
12,985
20,000

333,298
285,589
47,709
100,010
30,904
8,418
22,486
5,507
5,324
64,544
10,564

394,236
394,236

71,725

10,000
26,421

404,503
301,502
103,001
96,736
31,080
8,766
22,314
7,326
7,205
60,024
22,092
18,000
0
53,058

318,681
0
23,862
0
34,060

339,325
0
26,655
0
35,756

390,056
10,300
29,569
10,300
39,987

455,734
41,412
53,980
41,412
45,249

463,206
28,705
19,932
43,846
50,237

577,102
18,574
29,431
28,705
52,575

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
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
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
9.91
72.15

0.81
1.27
14.00
0.81
2.66
76.92
0.40
13.22
17.38
15.26

1.69
1.46
14.03
0.96
3.60
80.70
0.30
11.34
15.31
13.06
2.11
6.13
9.33
11.98
6.32
66.99

2.01
0.85
16.45
0.79
3.99
78.17
0.25
12.65
16.11
14.11
2.64
5.41
18.83
14.56
7.91
84.89

110,077
33,666
9,217
24,449
4,271
4,116
73,404
25,973
18,000
0
49,428

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

428

3.88
13.12
14.90
10.80
76.43

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Security Papers Ltd.

2009

2010

2011

2012

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

2,713,849
2,558
3,051,993
2,083,182
151,681

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

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

337,016
140,616

367,021
156,260

0
0
140,616
2,969,891
411,499
411,499
0
2,556,845

156,260
3,110,685
411,499
411,499
0
2,699,186

2014

(Thousand Rupees)
2013
2014
2,555,032
402
3,118,123
1,958,062
194,422

3,395,328
118,583
3,163,789
1,811,153
196,979

17,436
2,564,953
37,592
357,264
326,355
0
1,843,742
520,822
92,101
428,721
555,549
315,906

577,710
50,399
2,040,164
16,497
402,159
327,903
1,135,835
157,770
540,372
162,179
378,193
828,226
473,766

582,209
14,359
2,253,237
37,245
408,215
272,925
1,367,020
167,832
640,477
165,153
475,324
676,091
323,451

1,451,031
14,561
1,505,967
83,213
336,654
284,402
596,276
205,422
746,833
165,763
581,070
484,504
162,237

239,643
3,220,011
411,499
411,499
0
2,808,512

354,460
3,385,415
411,499
411,499
0
2,973,916

352,640
3,491,701
411,499
411,499

322,267
3,669,958
493,799
493,799

3,176,159
22,563
3,153,596

2,556,845
1,547

2,699,186

2,808,512

2,973,916

3,080,202
6,098
3,074,104

1,129,070
1,129,070

1,152,511
1,152,511

1,303,019
1,303,019

1,570,912
1,570,912

1,856,926
1,856,926

2,236,019
2,236,019

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

668,808
320,634
348,174
460,262
167,681

694,332
308,263
386,069
458,179
149,565

959,019
450,911
508,108
344,000
173,722

1,057,056
567,675
489,381
513,856
212,998

1,310,772
543,253
767,519
546,154
217,478

1,575,208
616,548
958,660
660,811
221,224

167,681
1,787
1,626
493,211
161,056
205,750
0
288,243

149,565
1,875
1,432
520,257
159,346
205,750
0
286,335

173,722
6,371
5,914
421,528
24,942
205,750
0
234,684

212,998
43,211
42,671
510,222
12,127
246,899
0
263,604

217,478
61,033
60,543
468,080
165,382
164,600
82,300
476,555

221,224
42,495
41,356
610,671
217,866
246,900
98,760
519,619

3,110,507
0
126,406
0
189,562

3,266,945
0
155,162
0
236,849

3,775,560
315,906
190,837
408,007
270,449

4,213,641
473,766
251,196
635,945
321,440

4,167,792
323,451
138,098
488,604
355,128

4,154,462
162,237
145,906
328,000
388,923

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
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
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
9.64
78.25

2.74
2.75
20.87
0.33
3.78
67.29
0.40
11.28
15.45
12.77
2.02
3.91
12.96
32.48
12.10
82.27

2.62
3.29
14.70
0.39
3.52
70.59
0.38
9.79
13.60
11.16
1.84
4.55
8.73
25.21
7.36
84.85

1.29
1.90
12.72
0.46
2.02
70.45
0.34
12.60
17.10
14.73
1.59
6.64
15.77
27.31
7.95
74.32

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

429

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

ELECTRICAL MACHINERY AND APPARATUS

PERFORMANCE AT A GLANCE
The balance sheet size of the Electrical Machinery and Apparatus sector reduced by Rs 2.78 billion to
touch Rs. 50.68 billion in 2014 from Rs. 53.45 billion in the previous year recording a decrease of 5.20
percent. The size of the equity, also decreased by Rs. 0.56 billion to register a decrease of 2.89 percent
over the previous year. Operational performance of the sector has been sluggish in 2014 when compared
with the last year.

ANALYSIS OF ASSETS

Non-Current Assets

25.0

2014

19.19

20.0

Current Assets

60.0%

Growth

2013

50.0%

52.01%

20.0

15.0

40.0%

10.0

30.0%

5.0
0.06 0.10

18.46

0.40 0.38

0.03
0.03

0.0
-5.0

CW in
progress

OFA minus Intangible

acc. Depr
Assets

2.14
2.45
14.80%

Long term Other NCA

Inv.

Amount in billion

Amount in billions

2013

20.0%
10.0%

15.0
10.0
5.0

-10.0

-4.90%

1.68
1.42

16.15

Cash/bank Invento. Trade Debt Short term Other CA

balance
Inv.

0.19%
-3.84%

Growth

20.0%
15.0%
10.0%
5.0%
2.24%
8.20 18.87
0.0%
-2.42%
-5.0%
-7.93%
-10.0%
3.16
8.02
-14.43%
-15.0%
0.08 0.07 3.24
-20.0%

18.18%

0.0

0.0%

2014

-10.0%

The non-current assets of the sector at Rs. 21.41 billion in 2014 as compared to Rs. 21.82 billion in the
last year registered a decrease of 1.87 percent. The overall decrease of Rs. 0.41 billion in non-current
assets was partly due to reduced value of operating fixed assets after deducting accumulated depreciation.
The current assets stood at Rs. 29.26 billion in 2014 as compared to Rs. 31.63 billion in the last year with
a decrease of 7.49 percent. The overall decrease of Rs.2.37 billion in the current assets was mainly due to
trade debts.

ANALYSIS OF LIABILITIES &

SHAREHOLDERS EQUITY

from Rs. 24.67 billion in 2013 to Rs. 22.85

billion in 2014 showing a decrease of 7.38
percent as compared with the previous year.

2013

2014

Growth

30.0

20.0%

25.0
Amount in billion

Current liabilities reduced by Rs.1.82 billion

Liabilities & Shareholders Equity

20.0

-7.38%

-4.26%

-1.89%

0.0%
-2.89%

0.15%

-20.0%

22.85

19.02

15.0

-40.0%
-60.0%

10.0

5.0
24.67

Shareholders Equity decreased by Rs. 0.56

0.0

430

-100.00%
0.00 19.58

Non-CL

ST
LT secured
LT
Secured
loans unsecured
loans
loans

-100.0%
-120.0%

0.26

CL

billion in 2014 as compared with the previous

-80.0%

8.82 10.08 9.89

9.21
5.845.85

Equity

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

year recording a decrease of 2.89 percent. Capital Reserves remained same in 2014, Revenue Reserve
however, decreased by Rs.0.48 billion showing a decrease of 6.67 percent.

PROFITABILITY AND OPERATING EFFICIENCY

Sales of Electrical Machinery and Apparatus sector at Rs. 35.41 billion decreased by 11.82 percent in
2014 when compared to the previous year. Export and local sales also showed downward trend as
compared with the previous year. Local sales decreased in the current year by Rs. 3.94 billion. Cost of
sales was also reduced by Rs. 4.89 billion reflecting with a decrease of 14.32 percent. Asset turnover
ratio, an indicator to gauge the efficiency to use assets to generate sales was recorded as 0.70 as compared
to 0.75 in the previous year.
Cost of goods sold to sales ratio decreased to 82.64 percent from 85.05 percent in the current year.
Inventory turnover ratio reflected that sector on average managed to replace and sell its inventory 4.32
times.

Productivity

6.0

Profitability

60.0

50.82
45.94

4.0

40.16
35.41

33.88

3.0

40.0
30.0

4.91

2.0

ROA

50.0
40.48

4.51

4.41

5.01
4.32

3.40

1.0

20.0

Amount in billions

5.0

0.87

0.63

0.77

0.75

0.70

0.0
2009

2010

2011

Inventory Turnover

2012
Asset Turnover

2013

10.0
5.0

-5.0

0.0
2014

ROCE

EPS

15.0 16.0311.77

6.94

10.41

7.01

5.05
3.04

3.36

0.0

10.0
0.87

ROE

20.0

-10.0

2009

2010

1.80
1.48
1.40
2.64
2.18
2.04
0.98
0.77
0.68
0.04
-0.05
-0.26
-5.59
2011-2.65 2012
2013
2014

-6.80
-8.19

Sales

Return on Assets (ROA), Return on Equity (ROE), and Return on Capital Employed (ROCE) all showed
positive trend in 2014.

431

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Electrical Machinery and Apparatus - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

10,177,694
825,438
9,352,256
5,809,722

21,974,990
437,435
25,101,271
18,671,929
1,129,477
316,883
4,393
2,544,350
32,211,724
1,382,165
9,957,035
18,517,267
16,690
2,338,567
28,569,016
9,745,113
18,823,903
7,768,865
4,849,163
188,723
0
85,444
2,645,535
17,848,833
2,774,056
2,774,056
0
9,360,907
1,352,543
8,008,364
5,713,870

21,285,136
396,638
25,621,924
18,131,230
1,093,127
313,503
28,621
2,415,144
31,461,341
1,825,016
9,183,710
18,065,596
11,663
2,375,356
26,038,178
11,636,889
14,401,289
8,681,187
5,808,205
201,188
0
72,915
2,598,879
18,027,112
2,811,581
2,811,581
0
9,677,161
1,350,853
8,326,308
5,538,370

21,820,847
63,087
27,721,784
19,194,293
1,094,581
398,934
28,061
2,136,472
31,632,146
1,423,626
8,017,874
18,873,424
80,685
3,236,537
24,665,615
10,082,850
14,582,765
9,206,987
5,843,943
261,883
0
81,003
3,020,158
19,580,391
4,315,284
4,315,284
0
8,924,047
1,716,459
7,207,588
6,341,060

21,412,501
95,899
26,980,438
18,456,467
1,061,006
379,373
28,114
2,452,648
29,262,987
1,682,380
8,197,476
16,150,664
74,285
3,158,182
22,845,014
9,892,705
12,952,309
8,815,036
5,852,771
0
0
71,031
2,891,234
19,015,438
4,105,284
4,105,284
0
8,443,458
1,716,459
6,726,999
6,466,696

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
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
2,396,309
1,918,230
1,865,929
1,055,572
2,479,437
34,114
(3,458,722)

33,875,429
29,124,673
4,750,756
29,959,016
14,032,247
15,926,769
3,916,413
3,678,261
2,460,273
1,217,988
1,924,660
1,665,595
(1,494,229)
391,779
139,395
37,525
1,558,903

40,475,054
35,406,553
5,068,501
34,534,347
17,899,165
16,635,182
5,940,707
3,336,149
2,030,197
1,305,952
2,500,355
1,116,040
366,021
356,089
1,082,142
41,278
1,807,875

40,161,129
37,281,379
2,879,750
34,158,681
18,711,742
15,446,939
6,002,448
3,377,585
2,133,948
1,243,637
2,387,152
1,150,547
409,926
522,450
295,246
313,069
851,728

35,413,217
33,343,125
2,070,092
29,265,539
17,069,789
12,195,750
6,147,678
3,427,096
1,886,405
1,540,691
2,400,526
1,205,360
510,126
528,698
210,550
313,069
821,736

25,447,707
4,451,131
903,040
10,031,435
3,429,402

27,816,748
5,466,927
(1,669,080)
14,838,956
4,276,146

25,617,698
4,849,163
(2,025,403)
14,594,276
3,773,197

26,708,299
5,808,205
(1,072,210)
17,445,094
4,346,146

28,787,378
5,843,943
(407,770)
15,926,793
4,111,966

27,830,474
5,852,771
(229,122)
15,745,476
3,641,426

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
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
3.04
69.88

0.70
5.68
54.66
0.63
1.13
88.44
2.04
-2.65
-8.19
-5.59
-13.53
3.40
0.10
-4.41
-6.80
64.34

0.76
6.18
44.63
0.77
1.21
85.32
1.93
0.68
2.04
1.40
0.01
4.41
1.33
0.90
0.04
64.12

0.83
5.94
46.99
0.75
1.28
85.05
1.73
0.77
2.18
1.48
-0.38
5.01
1.36
1.02
-0.26
45.37

0.78
6.78
45.61
0.70
1.28
82.64
1.66
0.98
2.64
1.80
-0.09
4.32
1.42
1.44
-0.05
46.32

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

75,591
3,447,344
18,657,359
2,669,943
2,669,943

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

432

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Ados Pakistan Ltd.

2010

2011

2012

54,907

68,212

61,788

57,664

53,959

138,978
54,907
84,070

157,255
66,101
7,083

157,654
58,340
8,160

157,818
51,437
7,067

157,971
45,461
6,129

165,021
49,395
6,847

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

3,448
406,321
269,603
4,105
56,982
16,690
58,941
300,071

6,227
396,049
142,592
12,854
179,706

8,498
824,415
298,689
6,058
466,414

14,435
732,655
232,119
18,131
379,691

A.Non-Current Assets (A1+A3+A5+A6+A7)

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

Items
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

2014

63,830

60,897
273,168

53,254
598,238

102,714
526,897

411,201
6,026

221,493
2,760

300,071
5,312

273,168
4,971

598,238
5,963

526,897
6,031

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

4,971
0
175,574
65,826
65,826

5,963
0
274,173
65,826
65,826

6,031
0
263,557
65,826
65,826

84,170
2,385
81,785

96,900
1,690
95,210

109,748

208,347

197,731

109,748

208,347

197,731

795,783
795,783

535,180
535,180

462,366
462,366

291,310
291,310

1,061,080
1,061,080

724,179
724,179

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

647,225
577,996
69,229
148,558
82,111
41,376
40,735
673
183
76,366
24,536
13,165
0
131,768

408,646
352,040
56,606
126,534
85,159
25,260
59,899
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
903

232,733
160,618
72,115
58,577
62,558
14,781
47,777
837

787,946
696,897
91,049
273,134
125,797
53,861
71,936
881

600,376
523,599
76,777
123,803
115,060
36,302
78,758
2,645

24,578
6,130
0
0
139,133

24,466
10,867
0
0
(150,298)

152,781
58,580
16,457
0
150,015

31,129
17,646

(50,847)

136,003
0
38,665
0
14,033

152,756
0
31,614
0
20,738

168,038
0
18,448
0
18,386

180,545
0
13,599
0
21,227

280,136
0
77,745
0
26,213

269,588
0
13,483
0
27,876

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
7.87
19.75

1.18
0.28
22.71
1.43
1.38
76.36
1.50
10.68
35.14
34.07

1.14
0.20
12.32
0.99
1.35
85.27
1.88
5.84
15.72
15.32

1.18
0.29
61.69
0.64
1.45
79.89
1.58
5.31
14.46
14.04

1.28
0.08
43.96
1.21
1.38
74.26
2.20
22.94
67.94
66.33
5.72
175.15

1.16
0.37
52.43
0.91
1.39
82.90
2.02
3.72
11.58
11.33

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

433

163.91
70.87
9.19
4.80
22.79

112.63

22.66

39.94

5.32
2.80
24.72

8.40
2.07
26.67

14.40
14.31
41.65

4.30
2.05
40.04

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Johnson & Philips (Pakistan) Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

210,599

201,036

192,816

185,683

211,614

250,021
209,386
9,827

254,471
199,475
9,992

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

1,561
175,583
5,574
74,664
24,974
70,371
204,314
70,591
133,723
78,054
71,636

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

254,836
184,117
7,308
0
0
1,566
243,543
7,395
133,420
34,714
0
68,014
259,728
70,591
189,137
77,922
71,969

242,949
210,048
6,802
0
0
1,566
232,699
9,785
119,160
42,209
0
61,545
248,096
65,331
182,765
79,907
72,732

243,160
201,630
8,787
0
0
1,566
186,476
1,229
77,796
49,806
0
57,645
212,206
55,331
156,875
78,741
73,435

6,418
94,251
54,500
54,500

5,953
91,576
54,500
54,500
0
(90,871)
29,727
(120,598)
127,947

7,175
116,310
54,500
54,500
0
(143,034)
29,727
(172,761)
204,844

5,306
98,725
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

(153,224)
29,727
(182,951)
197,449

133,741
133,741

127,181
127,181

243,343
243,343

158,181
158,181

103,179
103,179

103,813
103,813

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

203,196

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

128,499
94,800
33,699
5,242
25,099
4,422
20,677
9,544
966
(17,158)
676
7,187
4,105

102,431
43,769
58,662
24,750
30,138
5,300
24,838
8,068
7,010
(6,845)
637
0
0
10,818

207,885
177,893
29,992
35,458
30,630
5,474
25,156
7,213
7,133
2,206
2,433
0
0
(2,259)

138,227
109,821
28,406
19,954
25,833
4,992
20,841
5,638
5,592
(2,122)
1,596
0
0
4,449

91,132
56,182
34,950
12,047
25,330
4,183
21,147
5,454
5,400
(7,061)
516
0
0
3,585

93,074
36,274
56,800
10,739
27,766
1,735
26,031
3,346
3,293
(17,470)
1,038
0
0
8,444

176,131
0
(17,834)
66,200
20,579

172,305
71,636
(7,482)
142,227
19,148

176,337
75,102
(227)
145,693
24,516

169,498
71,969
(3,718)
142,560
23,103

196,217
72,732
(7,577)
138,063
22,556

177,466
73,435
(18,508)
128,766
15,799

0.17
7.14
23.11
0.35
0.83
96.08
2.78
-4.24
-12.68
-8.09

0.15
6.34
19.64
0.34
0.86
80.54
3.00
-1.80
-6.99
-3.93

0.16
2.96
17.52
0.53
0.94
85.43
3.87
0.53
2.34
1.27

0.16
3.56
21.95
0.37
0.94
87.39
3.69
-0.48
-2.29
-1.23

0.21
5.29
40.91
0.23
0.94
88.32
2.82
-1.62
-6.79
-3.86

0.24
3.22
47.98
0.27
0.88
89.66
2.95
-4.19
-16.25
-9.35

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

434

2.09
-16.76
-12.83
-3.27
18.67

1.70
0.02
-5.38
-1.37
17.29

1.80
1.31
0.91
-0.04
17.25

1.19
0.62
-1.34
-0.68
16.80

0.87
-0.31
-6.84
-1.39
21.34

1.33
-4.31
-16.83
-3.40
18.11

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pak Elektron Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

14,083,330

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
0
1,174,924
9,628,526
7,281,235
2,347,291
6,600,112
4,548,852
0
0
0
2,051,260
7,565,144
1,668,264
1,668,264
0
1,934,840
164,134
1,770,706
3,962,040

14,198,333
345,992
17,855,453
13,465,258
702,445
310,969
10,216
65,898
11,016,451
216,349
3,789,580
5,775,681
11,663
1,223,178
9,831,765
6,855,820
2,975,945
7,601,185
5,587,486
0
0
0
2,013,699
7,781,834
1,668,264
1,668,264
0
2,240,065
164,134
2,075,931
3,873,505

15,294,994
53,571
20,101,162
14,764,489
717,494
348,962
8,295
119,677
11,847,722
277,804
3,883,379
5,665,870
22,785
1,997,884
7,782,462
5,355,325
2,427,137
8,202,528
5,697,461
0
0
0
2,505,067
11,157,726
3,130,689
3,130,689

3,414,781
529,740
2,885,041
4,612,256

3,414,781
529,740
2,885,041
4,612,256

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
1,423,426
1,303,266
(1,802,160)
123,169

17,769,888
15,448,963
2,320,925
14,126,276
10,393,734
3,732,542
3,643,612
1,456,178
827,192
628,986
2,050,054
773,193
160,920
88,949

16,469,178
15,769,536
699,642
12,414,101
8,908,654
3,505,447
4,055,077
1,485,964
809,246
676,718
1,819,459
690,263
774,905
117,847

16,469,178
15,769,536
699,642
12,414,101
8,908,654
3,505,447
4,055,077
1,485,964
809,246
676,718
1,819,459
690,263
774,905
117,847

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

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

3,104,107
8,560,675
1,593,720
1,593,720
0
2,593,186

2,461,255
4,373,769

1,628,107
9,005,974
7,033,103
1,972,871
7,795,559
4,954,333

2,841,226
8,728,606
1,668,264
1,668,264

2,897,716
164,134
2,733,582
4,162,626

15,294,994
53,571
20,101,162
14,764,489
717,494
348,962
8,295
119,677
11,847,722
277,804
3,883,379
5,665,870
22,785
1,997,884
7,782,462
5,355,325
2,427,137
8,202,528
5,697,461
0
0
0
2,505,067
11,157,726
3,130,689
3,130,689

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

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
619,911
224,561
221,894
60,643

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
1,623,611
1,496,115
261,208
175,216
1,668,264

808,581
1,170,983

(245,669)

313,069
62,948

313,069
62,948

(1,397,300)

1,320,271

15,743,931
4,079,149
161,251
8,413,280
354,793

16,524,165
4,954,333
(1,582,272)
11,987,436
958,267

14,165,256
4,548,852
(1,925,329)
11,830,087
746,343

15,383,019
5,587,486
71,971
12,443,306
766,921

19,360,254
5,697,461
657,058
11,052,786
782,069

19,360,254
5,697,461
657,058
11,052,786
782,069

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
0.52
52.32

0.41
12.55
33.03
0.48
0.97
90.61
2.15
-7.31
-22.12
-11.74

0.61
11.54
32.50
0.70
1.12
79.50
2.24
0.66
2.10
1.09

0.77
11.05
34.40
0.61
1.52
75.38
1.43
2.96
8.18
4.46

0.77
11.05
34.40
0.61
1.52
75.38
1.43
2.85
6.95
4.00

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

1.21
1.99
4.79
1.01
53.72

435

2.67
-0.38
-15.89
-11.54
45.35

4.69
1.21
0.91
0.43
46.65

4.24
2.12
4.71
2.10
35.64

4.24
2.12
4.71
2.10
35.64

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Cables Ltd.

2009

2010

2011

2012

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

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

1,518,462
1,168
2,285,041
1,494,121
121,902

127,393
1,888,162
10,394
982,719
636,040

117,415
2,108,828
41,830
1,322,151
476,898

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

2014

(Thousand Rupees)
2013
2014
1,428,231
2,503
2,302,391
1,399,165
126,102

1,591,583
34,820
2,519,299
1,527,317
131,218

18,405
4,768
2,160,695
5,092
1,246,909
715,687

19,766
6,797
2,163,835
11,371
1,011,004
878,367

19,819
9,627
2,772,666
31,078
1,324,291
1,028,387

259,009
1,846,750
1,214,652
632,098
394,541
260,958

267,949
1,539,111
1,048,738
490,373
199,299
26,875

193,007
1,344,012
568,435
775,577
182,748
3,125

263,093
1,205,257
578,915
626,342
148,455

388,910
1,764,408
903,190
861,218
137,626

33,401
100,182
1,399,658
214,623
214,623

33,700
138,724
2,069,366
284,623
284,623

37,889
141,734
2,152,397
284,623
284,623

42,650
105,805
2,238,354
284,623
284,623

45,069
92,557
2,462,215
284,623
284,623

504,190
504,190
680,845

1,088,894
527,800
561,094
695,849

1,176,220
527,800
648,420
691,554

1,265,003
527,800
737,203
688,728

1,364,058
527,800
836,258
813,534

1,803,234
1,803,234
0
1,471,620
1,229,396
242,224
331,614
69,309
2,571
66,738
86,594
85,838
214,218
10,860
15,972
6,389
26,877

3,798,847
3,798,847

4,096,391
4,096,391

5,344,571
5,344,571

6,164,555
6,164,555

6,599,512
6,599,512

3,386,498
3,138,488
248,010
412,349
186,281
118,590
67,691
154,484
146,663
52,306
20,073
32,193
0
(562,440)

3,576,776
3,302,420
274,356
519,615
296,672
161,885
134,787
95,932
91,342
146,682
44,383
56,925
0
(4,029)

4,656,976
4,107,038
549,938
687,595
402,887
189,255
213,632
67,704
63,764
240,956
120,237
92,502

5,461,564
4,851,629
609,935
702,991
375,347
224,884
150,463
86,042
78,443
259,945
124,263
113,849

5,722,636
5,136,936
585,700
876,876
409,845
210,709
199,136
92,984
88,554
391,096
178,341
128,080

496,821

114,493

(63,370)

788,622
133,334
187,386
348,018
137,473

1,794,199
260,958
40
1,475,610
251,830

2,268,665
26,875
45,374
1,075,613
295,364

2,335,145
3,125
28,217
571,560
333,745

2,386,809
0
21,833
578,915
378,223

2,599,841
0
84,675
903,190
435,221

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
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
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
2.61
3.58
3.59
72.71

0.54
1.27
13.39
1.45
1.61
87.13
0.71
6.44
11.41
10.47
1.31
4.29
4.78
4.51
4.24
75.62

0.74
1.40
14.25
1.72
1.80
88.60
0.60
7.15
11.84
11.01
1.19
6.10
4.31
4.22
4.77
78.64

0.60
1.41
15.58
1.51
1.57
86.71
0.77
9.83
16.64
15.69
1.66
4.98
5.42
5.93
7.47
86.51

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

436

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Siemens (Pakistan) Engineering Co. Ltd.

2009

2010

2011

2012

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

3,863,177
62,009
3,041,230
1,616,513
226,575
2,747

3,976,219
77,572
3,047,925
1,579,464
226,440
250

3,840,696
13,763
3,108,894
1,530,258
180,201
781

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

2014

(Thousand Rupees)
2013
2014
3,362,597
3,571
2,955,731
1,379,476
163,268
16,376

2,843,530
216
2,210,598
562,608
149,819
585

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

2,295,894
14,767,031
1,298,909
2,985,409
9,964,660

1,963,174
13,423,574
663,703
2,085,208
10,098,517

2,280,121
11,314,504
1,052,992
2,317,235
7,531,185

950,861
17,404,634
16,108
17,388,526
171,675

476,431
14,647,903
109,373
14,538,530
82,343

518,053
12,026,612
2,796,443
9,230,169
60,731

576,146
12,269,184
2,618,391
9,650,793
52,283

413,092
10,341,449
2,186,713
8,154,736
27,966

171,675
7,033,631
82,470
82,470

82,343
6,634,701
82,470
82,470

60,731
6,520,384
82,470
82,470

52,283
4,464,704
82,470
82,470

27,966
3,788,619
82,470
82,470

6,951,161
624,192
6,326,969

6,552,231
624,192
5,928,039

6,437,914
624,192
5,813,722

4,382,234
624,192
3,758,042

3,706,149
624,192
3,081,957

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
336,644
45,843
2,144,439
779,270
742,230
0
(1,871,088)

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
399,887
78,403
1,590,067
819,640
742,230
0
(1,689,177)

15,087,935
10,802,627
4,285,308
13,409,371
1,259,337
12,150,034
1,678,564
1,464,918
1,227,696
237,222
163,798
54,595
158,178
191,999
82,470
0
239,820

13,834,074
11,104,927
2,729,147
12,918,865
1,266,499
11,652,366
915,209
988,575
702,282
286,293
133,599
52,200
(63,614)
111,675
989,640
0
1,799,955

13,039,194
10,859,440
2,179,754
12,711,537
2,372,419
10,339,118
327,657
972,832
773,436
199,396
274,379
186,689
(820,859)
196,748
164,940
0
552,246

9,781,082
8,410,632
1,370,450
9,076,372
1,562,520
7,513,852
704,710
753,845
516,403
237,442
282,066
237,255
(234,653)
193,494
82,470

7,109,050
0
622,939
155,706
2,691,697

7,205,306
0
28,197
16,108
2,816,271

6,717,044
0
(116,291)
109,373
2,464,185

6,581,115
0
(1,164,929)
2,796,443
2,954,837

4,516,987
0
(1,182,547)
2,618,391
2,628,194

3,816,585
0
(510,617)
2,186,713
2,156,774

0.93
1.09
85.29
0.71
1.19
88.87
2.22
0.69
2.31
2.27
-0.41
4.54
3.90
1.05
-4.10
804.50

0.94
0.97
72.03
0.74
1.23
93.38
1.85
-0.32
-0.97
-0.96
-0.18
4.63
-0.22
-0.46
-21.25
790.64

0.88
2.10
77.45
0.78
1.09
97.49
2.76
-4.64
-14.94
-14.79
-6.17
6.25
-3.40
-6.30
-123.39
541.37

0.83
2.88
77.00
0.69
1.09
92.80
2.74
-1.52
-5.69
-5.63
-5.19
4.22
0.01
-2.40
-51.92
459.39

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,000,287

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

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
165.54
838.03

1.Acid test or quick ratio[(B1+B3+B4) to C]

2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

437

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
93.42
852.87

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Singer Pakistan Ltd.

2009

2010

2011

2012

263,289
26,189
370,124
184,310
21,121
5,083

716,495
32,927
822,674
629,062
22,547
3,607

703,697
35,418
824,243
620,683
28,797
1,759

693,736
35,715
846,946
616,702
28,581
1,753

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

2014

(Thousand Rupees)
2013
2014
711,424
334
884,901
641,984
32,611
33,596

1,088,998
2,435
1,275,214
1,029,935
38,716
29,826

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
183,554
570,600
1,150,541

39,566
2,216,944
142,162
710,626
1,162,753

109,471
1,339,354
901,815
437,539
402,496
180,000

162,566
1,524,999
1,101,368
423,631
408,827
198,334

201,403
1,673,872
1,221,632
452,240
368,182
145,625

35,510
2,383,136
135,433
631,308
1,396,131
57,900
162,364
1,905,696
1,373,857
531,839
276,547
73,750

26,802
2,035,523
80,542
428,200
1,317,837
51,500
157,444
1,944,960
1,392,146
552,814
270,344
81,875

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

16,483
206,074
868,626
412,778
412,778
0
164,511
5,000
159,511
291,337

19,380
183,417
912,317
454,056
454,056
0
161,667
5,000
156,667
296,594

19,931
168,538
909,217
454,056
454,056
0
(114,991)
5,000
(119,991)
570,152

2,291,397
2,240,947
50,450
1,762,747
1,242,708
520,039
528,650
293,911
232,579
61,332
198,074
184,732
45,026
19,271
0
37,525
(109,536)

2,331,837
2,313,408
18,429
1,734,614
1,303,584
431,030
597,223
333,587
267,403
66,184
212,529
201,286
60,290
15,075
0
41,278
(62,130)

2,222,510
2,222,156
354
1,659,485
988,055
671,430
563,025
336,843
254,884
81,959
184,576
173,842
55,192
18,988
0
0
(26,765)

1,668,291
1,668,291

188,474
28,734

2,158,168
2,105,658
52,510
1,656,501
971,529
684,972
501,667
294,176
237,933
56,243
176,516
167,563
39,940
20,690
0
34,114
235,069

712,951
143,126
15,503
816,035
154,104

1,209,008
180,000
19,250
1,081,815
154,766

1,245,959
198,334
25,755
1,299,702
176,381

1,236,808
145,625
45,215
1,367,257
189,427

1,188,864
73,750
36,204
1,447,607
205,225

1,179,561
81,875
(426,827)
1,474,021
223,687

0.92
8.26
46.19
1.07
1.39
78.02
2.96
1.11
4.53
3.03

0.91
8.18
48.80
0.85
1.37
76.75
2.16
1.81
6.24
4.16

0.87
8.64
50.21
0.83
1.36
76.93
2.31
1.69
5.48
3.67

0.78
9.11
49.86
0.80
1.32
74.39
2.35
2.12
7.07
4.86

0.83
8.30
62.82
0.72
1.25
74.67
2.39
1.84
6.20
4.55

0.75
11.97
78.99
0.53
1.05
76.30
2.44
-13.07
-44.63
-34.33

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,999,476
1,977,562
21,914
1,559,932
155,270
1,404,662
439,544
257,552
200,449
57,103
165,177
42,094
20,716
5,213

1,272,862
851,097
421,765
395,429
618,562
311,062
307,500
199,685
185,706
(406,495)
20,332
0
0
(70,771)

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

438

4.38
1.49
1.04
0.50
15.25

4.23
1.24
1.85
0.56
23.64

4.02
1.24
1.97
0.69
22.31

3.28
1.30
2.59
1.10
21.04

3.52
1.32
2.48
0.80
20.09

3.90
-1.19
-24.37
-9.40
20.02

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

The Climax Engineering Co. Ltd.

2009

2010

2011

2012

347,368

480,715

468,919

419,195

406,527
346,755
13,760

507,278
480,103
12,752

507,278
468,573
11,583

507,331
418,849
10,021

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
419,687
686
228,215
140,997

346
396,853
4,520
179,337
166,035

64,483
302,624
59,485
243,139
83,789

49,789
313,532
48,000
265,532
91,213

46,961
297,985
48,000
249,985
90,510

25,848
57,941
515,425
33,120
33,120

30,013
61,200
483,861
33,120
33,120

11,979
78,531
427,553
33,120
33,120

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

77,485
399,853
33,120
33,120
0
70,875

50,309

25,580

30,058

70,875
295,858

50,309
431,996

25,580
425,161

30,058
364,375

300,511
300,511

270,633
270,633

189,234
189,234

168,303
168,303

2014

(Thousand Rupees)
2013
2014
413,107
2,882
465,954
409,855
9,024
0
0
370
367,714
371
147,461
177,213
0
42,669
322,590
15,033
307,557
100,496
0
0
0
13,010
87,486
357,735
33,120
33,120
0
(34,296)
0
(34,296)
358,911

326,370
4,857
465,984
321,093
8,125
0
0
420
373,441
6,616
148,444
177,888
0
40,493
272,632
0
272,632
91,800
0
0
0
0
91,800
335,379
33,120
33,120
0
28,954
0
28,954
273,305
67,162
67,162
0
86,118
50,709
35,409
(18,956)
16,054
948
15,106
341
289
(28,386)
0
0
0
(64,955)

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

(22,024)
(3,122)
0
32,053
5,106

(31,930)
1,353
0
0
4,949

(29,671)
1,894
0
0
6,361

(59,414)
1,912
0
0
(37,712)

92,523
92,523
0
127,218
60,078
67,140
(34,695)
26,524
4,763
21,761
1,672
1,495
(62,889)
463
0
0
31,602

477,338
0
(18,902)
59,091
36,101

599,214
0
(33,283)
59,485
39,823

575,074
0
(31,565)
48,000
38,178

518,063
0
(61,326)
48,000
37,705

458,231
0
(63,352)
15,033
36,653

427,179
0
(28,386)
0

0.39
3.82
29.76
0.41
1.50
91.38
0.84
-2.99
-5.34
-4.88

0.41
3.91
44.39
0.30
1.39
92.21
0.75
-3.90
-6.98
-5.93

0.45
5.52
74.51
0.21
1.34
92.89
0.84
-3.31
-5.94
-5.05

0.57
5.17
98.65
0.21
1.33
121.11
0.91
-6.97
-13.04
-10.87

0.55
1.81
191.53
0.12
1.14
137.50
1.18
-7.88
-16.02
-12.88

0.68
0.51
264.86
0.10
1.37
128.22
1.09
-3.83
-8.19
-6.41

274,609
212,851
61,758
25,902
37,743
14,735
23,008
11,476

249,559
199,119
50,440
21,074
43,074
22,884
20,190
10,591

175,785
125,922
49,863
13,449
32,884
13,414
19,470
10,444

203,833
116,058
87,775
(35,530)
38,089
16,016
22,073
8,698

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

439

1.30

1.16

0.83

0.94

0.63
-41.07
-67.97
-19.13
108.01

0.45
-97.22
-42.26
-8.57
101.26

-7.33
-5.71
120.73

-11.80
-10.05
155.62

-15.68
-9.53
146.09

-35.30
-18.52
129.09

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

OTHER SERVICES ACTIVITIES

PERFORMANCE AT A GLANCE
The balance sheet size of the Other Services Activities sector increased by Rs 7.06 billion to touch Rs.
67.65 billion in 2014 from Rs. 60.59 billion in the previous year recording an increase of 11.65 percent.
The size of the equity, also increased by Rs. 5.17 billion to register an increase of 12.37 percent over the
previous year. Operational performance of the sector shows upward trend in 2014 when compared with
the last year.

ANALYSIS OF ASSETS

Current Assets

Non-Current Assets
2013

2014

Growth

72.27%
61.69%

30.65

30.0

70.0%
60.0%
50.0%

20.0

40.0%

10.0

14.51%
0.320.56

0.0
-10.0

2013

80.0%

35.10

1.83
1.80
-1.86%

6.27
6.91
10.26%

30.0%
2.904.68

20.0%
10.0%

Amount in billion

Amount in billions

40.0

CW in OFA minus Intangible Long term Other NCA 0.0%

progress acc. Depr
Assets
Inv.
-10.0%

14.0
12.0
10.0
8.0
6.0
4.0
2.0
0.0

2014

Growth

15.0%
10.0%
7.02%
5.0%
0.0%
11.95 -3.65%-5.0%
2.87
-10.0%
-15.0%
2.68
0.05 0.04
-16.93%
-20.0%
11.51

10.62%

-7.40% 3.24

0.93
1.01

2.93

Cash/bank Invento. Trade Debt Short term Other CA

balance
Inv.

The non-current assets of the sector at Rs. 49.05 billion in 2014 as compared to Rs. 41.97 billion in the
last year registered an increase of 16.86 percent. The overall increase of Rs. 7.08 billion in non-current
assets was mainly due to increased value of operating fixed assets after deducting accumulated
depreciation.
The current assets stood at Rs. 18.60 billion in 2014 remained almost same when compared to the last
year.

ANALYSIS OF LIABILITIES & SHAREHOLDERS EQUITY

Liabilities & Shareholders Equity

Current liabilities increased by Rs.2.40 billion from

2013

2014 showing an increase of 18.63 percent as

compared with the previous year.
Shareholders Equity increased by Rs. 5.17 billion
in 2014 as compared with the previous year
recording an increase of 12.37 percent. Capital
Reserves remained almost same in 2014, Revenue
440

Amount in billions

Rs. 12.87 billion in 2013 to Rs. 15.27 billion in

50.0
45.0
40.0
35.0
30.0
25.0
20.0
15.0
10.0
5.0
0.0

2014

Growth

25.0%
20.0%
46.98
15.0%
12.37%
10.0%
8.89%
5.0%
0.0%
0.00%
-5.0%
-8.65%
-10.0%
-15.0%
15.27
-20.0%
-25.0%
8.05 4.253.23-24.03%0.05 41.81
12.87
5.915.40
-30.0%
7.39
0.05
CL
Non-CL
ST LT secured
LT
Equity
Secured
loans unsecured
loans
loans
18.63%

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

2014

Reserve however, increased by Rs.3.57 billion showing an increase of 118.18 percent.

PROFITABILITY AND OPERATING EFFICIENCY

Sales of Other Services Activities sector at Rs. 20.88 billion increased by 13.34 percent in 2014 when
compared to the previous year. Cost of sales also increased by Rs. 1.29 billion reflecting an increase of
10.40 percent. Asset turnover ratio was recorded as 0.31 as compared to 0.30 in the previous year.
Cost of goods sold to sales ratio decreased to 65.62 percent from 67.36 percent in the previous year.
Inventory turnover ratio has been 6.45.

Productivity

7.0

Profitability

25.0
20.88

18.42

ROA
20.0

5.0
13.49

15.0

4.0
3.0

9.39

9.74
6.62

5.09

9.47
4.46

2.0

6.29

6.45

10.0

4.49

5.0

1.0
0.30

0.22

0.18

0.23

0.30

0.0
2009

2010

Inventory Turnover

2011

2012
Asset Turnover

2013

2014

ROE

ROCE

EPS

10.0
8.0
4.0

3.71
3.13
2.55

2.0
0.0
-4.0
-6.0

8.29
7.35
5.74

7.02
5.94
5.26

6.0

-2.0

0.31

0.0

Amount in billions

6.0

1.27

2009

4.22
3.63
2.91

3.60

2010

2011

1.39
-0.79
-1.11 2013
2012-0.94

3.78

2014

-1.23
-3.54
-4.02
-4.67
-4.10

Sales

Return On Assets (ROA), Return On Equity (ROE), and Return On Capital Employed (ROCE) showed
positive trend in 2014.

441

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Other Services Activities - Overall

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

38,930,868
241,903
32,705,019
28,302,576
578,228
70,313
8,836,445
1,479,631
5,975,618
606,892
1,471,223
2,334,772
0
1,562,731
4,632,641
1,535,505
3,097,136
4,937,581
2,225,325
144,482
1,176,425
270,527
1,120,822
35,336,264
4,657,036
4,657,036
0
7,976,940
2,840,132
5,136,808
22,702,288

38,171,106
169,531
33,985,952
28,563,222
552,201
61,049
6,981,249
2,396,055
15,195,310
464,662
2,121,959
1,606,043
0
11,002,646
7,189,205
3,344,387
3,844,818
7,103,718
3,146,391
68,516
1,248,567
295,056
2,345,188
39,073,493
5,238,318
5,238,318
0
3,471,551
2,246,230
1,225,321
30,363,624

41,536,262
311,455
36,610,423
30,316,299
707,136
1,845,456
7,098,672
1,964,380
17,822,502
715,928
3,003,542
2,175,674
2,100
11,925,258
11,079,892
5,423,505
5,656,387
7,628,273
5,541,408
113,951
41,667
324,522
1,606,725
40,650,599
7,110,808
7,110,808
0
2,918,128
4,369,737
(1,451,609)
30,621,663

41,973,981
324,455
37,681,910
30,650,964
884,288
1,833,457
6,269,430
2,895,675
18,620,128
1,007,559
2,927,923
2,684,398
52,159
11,948,089
12,873,774
7,393,799
5,479,975
5,914,947
4,245,688
54,750
41,667
313,639
1,259,203
41,805,388
7,410,808
7,410,808
0
4,882,258
1,862,842
3,019,416
29,512,322

49,052,678
558,930
42,739,562
35,099,794
930,435
1,799,367
6,912,571
4,682,016
18,599,870
933,042
3,238,742
2,872,892
43,330
11,511,864
15,272,202
8,051,009
7,221,193
5,403,450
3,225,528
54,750
25,000
400,559
1,697,613
46,976,896
7,442,779
7,442,779
0
8,460,918
1,873,198
6,587,720
31,073,199

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
602,527
510,862
773,117
237,611
126,285
0
218,637

9,739,980
9,739,980
0
7,319,066
5,558,682
1,760,384
2,420,914
1,618,524
157,553
1,460,971
507,343
452,870
2,000,395
314,530
60,617
0
388,228

9,469,709
9,469,709
0
6,993,747
4,666,018
2,327,729
2,475,962
3,400,477
130,216
3,270,261
1,298,267
1,192,808
(1,739,024)
419,541
201,541
0
822,237

13,488,924
13,488,924
0
9,607,713
6,046,495
3,561,218
3,881,211
3,521,695
702,150
2,819,545
1,415,953
1,172,104
(443,531)
429,166
307,541
0
1,585,335

18,421,260
18,421,260
0
12,409,110
8,126,575
4,282,535
6,012,150
3,733,313
803,030
2,930,283
1,175,929
978,907
1,685,764
652,411
307,541
30,000
1,406,618

20,878,032
20,878,032
0
13,699,177
8,538,485
5,160,692
7,178,855
3,355,144
831,585
2,523,559
1,073,500
883,223
3,679,566
853,882
350,541
69,000
3,264,746

27,046,037
3,799,574
409,222
5,142,180
1,787,610

40,273,845
3,401,750
1,625,248
4,937,255
2,081,428

46,177,211
4,394,958
(2,360,106)
7,739,345
2,706,935

48,278,872
5,583,075
(1,180,238)
11,006,580
3,385,487

47,720,335
4,287,355
725,812
11,681,154
4,029,665

52,380,346
3,250,528
2,475,143
11,301,537
4,733,639

0.71
6.42
22.29
0.30
1.52
74.47
0.44
2.55
3.71
3.13
4.24
5.09
2.51
8.23
1.27
51.15

0.63
5.21
23.97
0.22
1.29
75.14
0.27
5.26
7.02
5.94
27.81
6.62
5.42
20.54
3.60
75.36

0.29
13.71
16.96
0.18
2.11
73.85
0.37
-3.54
-4.67
-4.02
-10.71
4.46
-0.46
-18.36
-4.10
74.14

0.26
10.50
16.13
0.23
1.61
71.23
0.46
-0.79
-1.11
-0.94
-2.84
4.49
0.62
-3.29
-1.23
57.17

0.29
6.38
14.57
0.30
1.45
67.36
0.45
2.91
4.22
3.63
3.36
6.29
2.72
9.15
1.39
56.17

0.25
5.14
13.76
0.31
1.22
65.62
0.44
5.74
8.29
7.35
8.06
6.45
5.17
17.62
3.78
62.85

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

442

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dadabhoy Construction Tech. Ltd.

2009

2010

2011

2012

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

5,874
0
19,165
5,816
342
0
0
58
5,364
8
2,192
401
0
2,763
56,129
0
56,129
20
0
0
0
0
20
(44,911)
23,228
23,228
0
(68,139)
0
(68,139)
0

5,555
19,165
5,497
318
0
0
58
3,006
8
15
220
0
2,763
47,916
0
47,916
20
0
0
0
0
20
(39,375)
23,228
23,228
0
(62,603)
0
(62,603)
0

5,308
0
19,165
5,200
297
0
0
108
1,236
2
549
193
0
492
47,685
0
47,685
20
0
0
0
0
20
(41,161)
23,228
23,228
0
(64,389)
0
(64,389)
0

3,404
3,404
0
1,853
1,853
0
1,551
3,250
194
3,056
5
0
(1,704)
0
0
0
85

4,893
4,893

4,464
4,464

4,189
4,189

2,594
2,203
391
2,299
2,366
154
2,212
5
0
(72)
24
0
0
2,451

4,445
3,100
1,345
19
1,648
454
1,194
11
0
5,581
45
0
0
588

(44,814)
0
(1,704)
0
9

(44,891)
0
(96)
0
1,793

0.01
0.15
6.17
0.26
0.11
54.44
-1.29
-12.76
3.88
3.88

0.01
0.10
8.20
0.44
0.10
53.01
-1.25
-0.60
0.16
0.16

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

2014

(Thousand Rupees)
2013
2014
5,030
0
19,165
4,922
278
0
0
108
1,188
20
484
192
0
492
45,520

45,520
20
0
0
0

4,769
0
19,165
4,662
261
0
0
107
1,296
12
685
107
0
492
45,280
0
45,280
20
0
0
0

20
(39,322)
23,228
23,228
0
(62,550)
0
(62,550)
0

20
(39,235)
23,228
23,228
0
(62,463)
0
(62,463)
0

4,175
1,240
2,935
14
1,792
139
1,653
8
0
(1,786)
0
0
0
6

4,172
4,172
0
3,008
1,786
1,222
1,164
1,040
63
977
2
0
1,838
0
0
0
18

3,039
3,039
0
2,015
868
1,147
1,024
934
73
861
2
0
88
0
0
0
(8)

(39,355)
0
5,536
0
659

(41,141)
0
(1,786)
0
556

(39,302)
0
1,838
0
520

(39,215)
0
88
0
681

0.00
0.25
4.93
0.52
0.06
99.57
-1.22
56.38
-13.24
-13.25

0.00
0.19
4.61
0.64
0.03
99.67
-1.16
-23.65
4.44
4.44

0.00
0.05
4.60
0.67
0.03
72.10
-1.16
28.80
-4.57
-4.57

0.00
0.07
3.52
0.50
0.03
66.30
-1.15
1.43
-0.22
-0.22

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

443

0.99

2.23

297.60

7.63

8.62

4.44

-50.06
-0.73
-19.29

-1.47
-0.04
-19.33

125.02
2.38
-16.95

-42.64
-0.77
-17.72

44.06
0.79
-16.93

2.90
0.04
-16.89

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Dreamworld Ltd.
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

411,588
19,862
725,725
389,055
31,826
0
0
2,671
65,280
12,933
9,659
28,569
0
14,119
60,660
0
60,660
60,200
0
54,750
0
0
5,450
356,008
320,000
320,000
0
36,008
0
36,008
0

405,529
25,897
737,768
373,700
29,985
0
0
5,932
60,436
15,748
8,610
20,563
0
15,515
46,620
0
46,620
59,443
0
54,750
0
0
4,693
359,902
320,000
320,000
0
39,902

314,168
314,168
0
244,299
244,299
0
69,869
64,475
12,743
51,732
1,543
0
3,851
125
0
0
23,371

385,251
385,251
0
301,229
301,229
0
84,022
78,511
17,179
61,332
1,497
0
4,014
2,610
0
0
50,659

453,166
453,166
0
349,185
349,185
0
103,981
95,861
23,398
72,463
0
0
8,120
4,550
0
0
36,565

448,516
0
3,726
0
65,734

411,163
0
1,404
0
86,560

0.57
0.49
3.54
0.65
1.62
77.76
0.39
0.81
1.12
0.98

0.57
0.39
4.31
0.86
1.04
78.19
0.30
0.86
1.16
0.93

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

39,902

416,969
39,810
759,678
370,947
26,819
0
0
6,212
79,123
13,373
8,082
29,707
0
27,961
67,845
0
67,845
58,854
0
54,750
0
0
4,104
369,393
320,000
320,000
0
49,393
0
49,393

484,770
484,770
0
370,350
370,350
0
114,420
105,830
31,472
74,358
0
0
8,590
4,850
0
0
35,749

478,737
478,737
0
363,636
363,636
0
115,101
109,490
32,323
77,167
0
0
5,611
2,394
0
0
26,392

656,866
656,866
0
501,892
501,892
0
154,974
140,003
43,952
96,051
0
0
14,971
6,567
32,000
0
35,448

414,804
0
3,570
0
130,881

416,208
0
3,740
0
134,160

419,345
0
3,217
0
147,266

428,247
0
(23,596)
0
192,401

0.60
0.00
4.95
0.98
1.03
77.05
0.31
1.78
2.32
1.97

0.68
0.00
5.89
1.02
1.08
76.40
0.34
1.83
2.43
2.07

0.78
0.00
4.30
1.03
1.30
75.96
0.29
1.19
1.57
1.34

0.63
0.00
4.52
1.32
1.17
76.41
0.34
3.11
4.11
3.53
0.26
81.28

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

444

133.12

49.01

48.84

50.19

55.60

1.23
0.12
10.79

1.04
0.04
10.85

1.79
0.11
10.99

1.77
0.12
11.13

1.17
0.10
11.25

2.28
0.26
11.54

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Gammon Pakistan Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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
303,495
33,423
12,781
0
0
257,291
181,505
0
181,505
16,621
0
0
0
7,665
8,956
413,338
282,662
282,662
0
(64,928)
15,380
(80,308)
195,604

306,108
0
271,885
211,291
4,202
0
92,333
2,484
301,343
27,204
12,895
0
0
261,244
189,282
0
189,282
14,764
0
0
0
7,698
7,066
403,405
282,662
282,662
0
(73,120)
15,380
(88,500)
193,863

346,752
0
130,066
77,056
3,739
0
228,044
41,652
260,603
13,856
15,106
0
0
231,641
166,126
0
166,126
20,070
0
0
0
7,698
12,372
421,159
282,662
282,662
0
(89,521)
15,380
(104,901)
228,018

311,686
0
77,577
74,962
2,590
0
230,225
6,499
353,255
27,171
35,222
0
0
290,862
221,105
0
221,105
18,407
0

255,363
255,363
0
230,637
76,630
154,007
24,726
29,781
465
29,316
9,128
8,674
24,810
1,070
0
0
2,688

46,446
46,446
0
70,954
12,729
58,225
(24,508)
20,745
0
20,745
855
764
(32,696)
689
0
0
(35,181)

46,877
46,877
0
43,720
5,905
37,815
3,157
35,267
0
35,267
214
277
(6,386)
933
0
0
1,277

54,554
54,554
0
51,423
4,725
46,698
3,131
21,246
0
21,246
117
41
(11,827)
1,048
0
0
(5,988)

59,910
59,910
0
56,258
10,810
45,448
3,652
39,886
0
39,886
62
0
(19,338)
976
0
0
(12,586)

320,762
320,762
0
276,355
162,305
114,050
44,407
44,182
0
44,182
65
0
5,956
3,577
0
0
(6,707)

469,702
0
23,740
4,925
41,607

436,040
0
(33,385)
4,925
19,195

429,959
0
(7,319)
0
15,898

418,169
0
(12,875)
0
16,683

441,229
0
(20,314)
0
26,560

443,836
0
2,379
0
77,093

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
0.46
0.00
0.08
1.67
93.27
0.48
-1.00
-1.52
-1.47

0.14
0.21
0.00
0.09
1.59
94.26
0.51
-1.94
-2.90
-2.79

0.08
0.10
0.00
0.10
1.57
93.90
0.44
-3.18
-4.69
-4.50

0.12
0.02
0.00
0.48
1.60
86.16
0.56
0.94
1.41
1.35

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

0
7,103
11,304
425,429
282,662
282,662
0
(84,188)
15,380
(99,568)
226,955

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

445

14.14
3.86
9.72
0.84
16.36

3.59
-41.78
-70.40
-1.18
15.20

3.67
-22.05
-13.62
-0.26
14.62

4.23
-287.46
-21.68
-0.46
14.27

3.97

9.11

-32.28
-0.72
14.90

1.86
0.08
15.05

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Haydari Construction Co. Ltd.

2009

2010

2011

2012

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

745
0
6,385
658
47
0
75
12
25,766
60
12,724
0
0
12,982
8,102
0
8,102
0
0
0
0
0
0
18,409
32,000
32,000
0
(13,591)
10,627
(24,218)
0

666
0
6,385
616
42
0
38
12
15,022
1
4,554
0
0
10,467
2,883
2,883
0
0
0
0
0
0
12,805
32,000
32,000
0
(19,195)
10,627
(29,822)
0

0
0
0
0
0
0
0
230
0
230
0
0
(52)
0
0
0
(302)

0
0
0
0
0
0
0
255
0
255
0
0
(254)
0
0
0
(180)

551
551
0
(11)
0
(11)
562
389

276
276
0
0
0
0
276
5,834

26,492
0
(52)
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

2014

(Thousand Rupees)
2013
2014
2,913
0
6,385
2,847
38
0
53
13
6,088
771
4,471
0
0
846
2,860
0
2,860
794
0
0
0
0
794
5,347
32,000
32,000

2,728
0
2,847
2,635
212
0
81
12
4,209
831
0
0
0
3,378
2,882
0
2,882
711
0
0
0
0
711
3,344
32,000
32,000

(28,129)
8,580
(36,709)
1,476

(30,037)
8,608
(38,645)
1,381
431
431
0
0
0
0
431
2,545
2,252
293
0
0
(2,114)
0
0
0
60

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

389
0
0
173
22
0
0
54

5,834
0
145,875
(5,558)
10
0
0
(59)

330
330
0
0
0
0
330
9,266
9,049
217
0
0
(8,936)
13
0
0
770

26,477
0
(254)
0
0

18,409
0
151
0
0

12,805
0
(5,568)
0
0

6,141
0
(8,949)
0
0

4,055
0
(2,114)
0
0

0.00

0.00

0.44
-0.20
-0.28
-0.23

0.45
-0.96
-1.38
-0.96

0.01
0.00
0.00
0.02
3.18
-2.00
0.44
0.65
0.94
0.77

0.00
0.00
0.00
0.02
5.21
0.00
0.23
-26.34
-35.61
-35.61

0.27
0.00
0.00
0.04
2.13
0.00
0.68
-72.39
-98.46
-94.33

0.29
0.00
0.00
0.06
1.46
0.00
1.07
-26.53
-48.65
-41.47

-2,707.88
-1.40
0.84

-490.49
-0.33
0.52

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

446

0.00

0.00

0.04

0.07

-0.01
2.88

-0.04
2.85

0.06
0.96
-2,013.77
-1.74
4.00

31.40
0.02
2.88

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

IBL HealthCare Ltd.

2009

2010

2011

2012

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

172,470
0
28,863
7,475
3,173
43,541
120,952
502
433,563
71,324
221,114
118,884
0
22,241
238,931
0
238,931
14,866
0
0
0
0
14,866
352,236
200,000
200,000

414,882
414,882
0
375,986
0
375,986
38,896
48,370
33,380
14,990
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
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
5,509
0
54,078
8,562
50,000
0
(86,047)

246,397
0
(15,662)
0
14,686

256,071
0
9,093
0
33,896

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

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

2014

(Thousand Rupees)
2013
2014
166,366
0
26,958
7,529
2,323
35,064
123,588
185
339,792
15,139
152,835
151,757
0
20,061
102,209
0
102,209
1,096

139,640
0
8,285
1,545
1,343
14,131
123,588
376
470,910
25,360
207,676
177,571
41,042
19,261
88,860
0
88,860
0

1,096
402,853
200,000
200,000

0
521,690
230,000
230,000

152,236

202,853
0
202,853

291,690
0
291,690

723,387
723,387
0
505,580
0
505,580
217,807
122,533
95,436
27,097
11,991
0
87,726
9,366
30,000
0
128,665

863,746
863,746
0
629,144
0
629,144
234,602
118,486
91,860
26,626
3,314
0
121,631
21,014
30,000
30,000
59,598

910,004
910,004
0
584,862
0
584,862
325,142
157,828
109,631
48,197
2,602
0
181,354
32,517
23,000
69,000
76,446

307,728
0
(4,484)
0
42,212

367,102
0
48,360
0
45,427

403,949
0
70,617
0
53,213

521,690
0
125,837
0
61,331

0.44
0.86
14.10
1.17
1.54
73.03
0.87
11.77
19.96
19.18
0.91
2.72

0.80
1.66
16.43
1.19
1.81
69.89
0.72
15.21
27.17
26.00
2.61
3.27

1.63
0.38
17.57
1.71
3.32
72.84
0.26
21.87
32.22
31.55
3.35
5.65

2.75
0.29
19.51
1.49
5.30
64.27
0.17
32.48
39.23
39.18
6.47
4.38

152,236
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.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

447

3.68
-20.72
-2.01
-0.78
11.95

4.27
87.61
2.95
0.45
12.41

8.46
2.28
14.68

12.13
3.92
17.61

14.08
5.03
20.14

19.93
6.47
22.68

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Javedan Corporation Ltd.

2009

2010

2011

2012

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

911,501
11,830
62,482
43,813
7,158
9,154
0
846,704
9,758,646
31,476

9,727,170
2,192,735
693,372
1,499,363
3,734,191
3,734,191
0
0
0
0
4,743,221
581,282
581,282
0
(3,533,132)
1,127,713
(4,660,845)
7,695,071

1,622,216
1,500,379
121,837
1,372,868
217,672
1,155,196
249,348
48,911
25,750
23,161
582,979
578,572
(370,367)
0
0
0
(253,473)

610,134
596,276
13,858
657,227
102,661
554,566
(47,093)
32,618
9,260
23,358
587,424
584,308
(124,040)
3,492
0
0
(541,714)

0
0
0
0
0
0
0
84,214
204
84,010
489,937
456,195
(558,491)
224
0
0
(111,370)

5,213,575
3,530,000
(370,367)
3,714,045
100,014

7,940,578
2,730,768
(127,532)
3,908,305
92,839

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

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

2014

(Thousand Rupees)
2013
2014
1,644,793
0
82,995
55,972

7,459

1,581,362
9,584,887
15,132
0
424,928
0
9,144,827
3,563,254
2,584,300
978,954
2,212,313
2,209,521

2,792
5,454,113
581,282
581,282

3,978,370
0
1,124,535
1,089,173
9,806
5,353
0
2,883,844
8,912,470
7,489
0
337,699
0
8,567,282
4,551,908
3,168,779
1,383,129
1,435,697
1,431,364
0
0
0
4,333
6,903,235
583,253
583,253

(1,997,739)
1,127,713
(3,125,452)
6,870,570

(56,065)
1,120,253
(1,176,318)
6,376,047

0
0
0
0
0
0
0
250,858
112,063
138,795
507,524
500,183
(745,586)
10
0
0
38,995

2,395,273
2,395,273

1,876,433
1,876,433

7,083,920
2,002,084
(558,715)
3,949,829
20,794

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

1,106,204
1,106,204
0
1,289,069
206,195
69,741
136,454
378,054
564,285
722,979
12,067

566,320
566,320
0
1,310,113
135,046
4,453
130,593
387,020
524,322
842,277
143,187

(482,644)

221,763

8,477,412
3,734,191
(745,596)
4,427,563
53,438

7,666,426
2,209,521
710,912
4,793,821
48,172

8,338,932
1,431,364
699,090
4,600,143
53,489

0.00

0.01

0.00
3.54

0.00
4.45

0.08
20.63
18.00
0.15
1.96
30.18
0.87
6.98
13.63
10.52

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

448

8.27
0.36
-22.83
-12.74
25.16

101.60
0.79
-20.33
-2.19
70.23

0.91
-5.82
-12.19
-7.43

1.25
-7.32
-15.18
-9.58

0.12
15.78
17.74
0.21
2.69
46.18
1.06
6.60
14.18
8.96

-0.22

-0.49

-9.61
87.38

-12.83
81.60

2.28
30.18
12.23
93.83

2.61
44.89
11.99
118.36

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pace (Pakistan) Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

5,049,671
127,457
780,107
577,075
25,929
8,248
4,316,917
19,974
3,351,781
8,134
2,316,432
721,551
0
305,664
4,590,840
3,850,782
740,058
300,553
0
0
0
36,650
263,903
3,510,059
2,788,766
2,788,766
0
721,293
482,740
238,553

4,948,203
127,555
758,130
465,635
91,844
7,697
4,331,055
16,261
3,230,748
5,647
2,193,553
650,129
0
381,419
5,101,072
3,949,485
1,151,587
68,804
0
0
0
24,604
44,200
3,009,075
2,788,766
2,788,766
0
220,309
87,678
132,631

5,153,028
135,341
775,613
455,206
23,121
7,145
4,539,604
15,732
3,063,638
1,747
2,302,657
630,767
0
128,467
5,339,323
3,842,540
1,496,783
77,330
0
0
0
34,654
42,676
2,800,013
2,788,766
2,788,766
0
11,247
87,578
(76,331)

1,535,295
1,535,295
0
1,239,402
1,239,402
0
295,893
312,345
6,724
305,621
272,451
270,554
669,613
775
0
0
(939,524)

1,649,336
1,649,336
0
1,489,853
1,489,853
0
159,483
166,386
18,968
147,418
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)
1,779,978
17,576
1,762,402
505,081
484,868
(2,629,335)
880
0
0
(472,284)

218,747
218,747
0
371,773
371,773
(153,026)
971,538
10,980
960,558
464,763
145,875
(1,402,238)
1,062
0
0
116,502

392,294
392,294
0
425,455
425,455
0
(33,161)
285,575
4,762
280,813
370,577
114,015
(506,750)
936

362,622
362,622
0
269,121
269,121
0
93,501
38,637
15,301
23,336
274,177
90,880
(174,911)
3,626

14,044

116,322

9,586,861
3,443,140
668,838
3,478,151
50,769

10,823,285
2,932,188
1,106,750
3,068,146
36,107

8,240,696
1,476,567
(2,630,215)
2,181,046
56,009

3,810,612
0
(1,403,300)
3,850,782
52,879

3,077,879
0
(507,686)
3,949,485
49,759

2,877,343
0
(178,537)
3,842,540
48,031

5.24
17.75
101.60
0.15
9.58
80.73
0.73
7.23
12.98
8.55

1.78
14.79
103.94
0.14
3.17
90.33
0.56
10.23
16.71
10.94

0.97
-106.02
-214.00
-0.05
2.67
16.71
0.84
-24.75
-41.40
-27.58

0.16
212.47
329.86
0.03
0.73
169.96
1.39
-15.79
-32.59
-23.27

0.13
94.46
165.72
0.05
0.63
108.45
1.72
-6.11
-15.55
-14.71

0.12
75.61
173.95
0.04
0.57
74.22
1.93
-2.13
-6.02
-5.87

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

449

1.03
3.47
43.61
2.87
24.74

1.48
5.63
67.70
3.97
27.28

-0.29
-4.42
551.91
-9.43
18.27

0.09
-8.61
-641.03
-5.03
12.59

0.18
-3.44
-129.18
-1.82
10.79

0.16
-0.92
-48.24
-0.64
10.04

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Hotels Developers Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

2,304,002
0
2,661,639
2,301,552
40,906
0
0
2,450
205,296
93,140
3,154
30,372
0
78,630
50,281
0
50,281
193,576
0
9,201
0
0
184,375
2,265,441
180,000
180,000
0
231,989
0
231,989
1,853,452

2,272,941
0
2,667,259
2,269,353
38,714
501
0
3,087
214,717
96,269
1,233
36,766
50,000
30,449
82,948
0
82,948
188,262
0
0
0
0
188,262
2,216,448
180,000
180,000
0
196,288
0
196,288
1,840,160

4,328,221
0
4,531,346
4,324,237
36,837
301
0
3,683
211,712
105,491
2,326
80,558
0
23,337
95,117
0
95,117
252,509
0
0
0
0
252,509
4,192,307
180,000
180,000
0
157,232
0
157,232
3,855,075

323,813
323,813
0
168,772
58,892
109,880
155,041
87,466
1,791
85,675
258
258
16,778
28,378
0
0
96,953

286,020
286,020
0
177,852
73,879
103,973
108,168
88,325
1,964
86,361
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
225
0
670
5,167
0
0
89,765

341,736
341,736
0
207,296
76,531
130,765
134,440
101,717
1,827
99,890
851
0
38,723
16,922
126,000
0
89,765

363,639
363,639
0
227,050
83,775
143,275
136,589
110,294
2,903
107,391
878
0
34,619
15,762
126,000

568,620
568,620
0
280,050
116,395
163,655
288,570
139,702
3,053
136,649
3,608
0
137,639
59,586
144,000

2,458,395
180
(11,600)
180
21,720

2,464,896
0
9,441
0
20,052

2,460,585
0
(4,497)
0
56,303

2,459,017
0
(104,199)
0
64,831

2,404,710
0
(107,143)
0
76,112

4,444,816
0
(65,947)
0
90,639

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

2.46
0.25
8.89
0.14
4.08
60.66
0.11
1.54
1.71
1.57
0.17
108.35

2.21
0.24
10.11
0.15
2.59
62.44
0.12
1.39
1.54
1.42
0.15
294.92

1.96
0.63
14.17
0.13
2.23
49.25
0.08
3.92
4.30
4.02
0.54
244.46

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

44,747

121,876

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

450

207.04
66.03
5.18
-0.64
124.57

164.85
292.13
8.45
0.52
125.56

157.89

0.24
-0.25
125.60

11.33
1.21
125.86

9.52
1.05
123.14

24.21
4.34
232.91

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Pakistan Services Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

25,351,251
0
25,568,966
22,353,007
240,017
0
1,749,031
1,249,213
1,355,518
118,436
139,954
332,043
0
765,085
1,871,455
441,997
1,429,458
928,338
550,884
0
0
242,967
134,487
23,906,976
325,242
325,242
0
3,573,964
416,645
3,157,319
20,007,770

25,894,973
0
26,431,453
23,016,357
251,471
0
1,852,348
1,026,268
1,576,339
140,790
167,127
484,135
0
784,287
1,635,615
261,918
1,373,697
1,165,596
583,333
0
0
267,918
314,345
24,670,101
325,242
325,242
0
4,356,134
2,506,078
1,850,056
19,988,725

25,490,781
0
27,163,455
23,449,336
324,770
0
859,751
1,181,694
2,262,166
129,273
210,303
570,770
0
1,351,820
1,797,109
318,476
1,478,633
739,784
350,000
0
0
281,337
108,447
25,216,054
325,242
325,242
0
4,902,087
416,645
4,485,442
19,988,725

26,947,436
0
28,474,677
24,448,055
371,967
0
1,245,897
1,253,484
2,616,424
188,904
232,640
610,178
0
1,584,702
2,190,189
249,663
1,940,526
944,495
347,667
0
0
358,802
238,026
26,429,176
325,242
325,242
0
6,250,369
416,645
5,833,724
19,853,565

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
209,355
126,038
(138,975)
164,030
0
0
729,526

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
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
1,199,418

6,922,021
6,922,021
0
4,012,612
4,012,612

7,701,528
7,701,528
0
4,362,538
4,362,538

1,199,418
181,610
139,450
1,019,037
330,698
0
0
815,781

5,863,187
5,863,187
0
3,401,602
3,401,602
0
2,461,585
1,503,981
346,689
1,157,292
186,705
144,199
1,063,960
343,862
0
0
638,641

2,909,409
2,297,630
421,616
1,876,014
154,326
105,746
675,818
435,007
0
0
931,614

3,338,990
2,008,316
412,821
1,595,495
132,776
69,130
1,836,650
358,232
0
0
1,452,484

11,809,763
190,813
(303,005)
958,043
1,151,195

23,482,071
86,426
336,635
974,514
1,173,216

24,835,314
550,884
688,339
992,881
1,336,329

25,835,697
583,333
720,098
845,251
1,369,481

25,955,838
350,000
240,811
668,476
1,587,896

27,373,671
347,667
1,478,418
597,330
1,838,487

0.15
4.56
5.39
0.32
0.53
67.02
0.28
-0.98
-1.24
-1.19

0.18
3.85
7.21
0.17
0.53
63.62
0.12
2.77
3.26
3.14

0.24
3.55
6.50
0.19
0.72
60.21
0.12
3.89
4.36
4.22

0.38
3.18
8.26
0.21
0.96
58.02
0.11
3.93
4.38
4.20

0.39
2.23
8.25
0.25
1.26
57.97
0.10
2.45
2.71
2.61

0.36
1.72
7.92
0.26
1.19
56.65
0.12
6.41
7.11
6.89

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

451

35.07
-0.10
-3.02
-9.32
341.27

33.78
5.51
12.78
10.35
703.64

36.52
8.31
19.94
21.16
735.05

35.08
8.38
18.15
22.14
758.52

32.91
7.39
9.76
7.40
775.30

33.10
27.57
23.85
45.46
812.60

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

Shifa International Hospitals Ltd.

1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

(Thousand Rupees)
2013
2014

2009

2010

2011

2012

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

3,491,454
129,250
4,689,980
3,340,138
230,545
0
0
22,066
1,168,264
306,452
201,801
348,672
0
311,339
1,128,439
258,602
869,837
1,663,787
1,218,086
0
0
0
445,701
1,867,492
505,138
505,138
0
771,802
40,000
731,802
590,552

3,647,559
143,010
5,082,203
3,473,508
273,573
0
0
31,041
1,610,108
661,535
205,482
337,976
0
405,115
968,684
70,000
898,684
2,118,224
1,669,500
0
0
0
448,724
2,170,759
505,138
505,138
0
1,082,248
40,000
1,042,248
583,373

4,374,922
218,095
5,748,717
3,818,702
318,971
0
0
338,125
1,480,609
449,052
212,538
343,029
0
475,990
1,597,824
377,508
1,220,316
1,608,133
1,166,667
0
0
0
441,466
2,649,574
505,138
505,138
0
1,384,260
40,000
1,344,260
760,176

1,948,835
1,948,835
0
1,652,684
801,370
851,314
296,151
0
0
0
109,119
104,954
207,135
35,910
126,285
0
274,735

2,555,759
2,555,759
0
2,155,203
919,582
1,235,621
400,556
0
0
0
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
115,680
112,018
367,529
68,460
151,541
0
547,908

4,451,782
4,451,782
0
3,944,838
1,718,275
2,226,563
506,944
0
0
0
150,800
145,875
370,956
25,424
151,541
0
504,482

5,315,589
5,315,589
0
4,625,532
2,017,054
2,608,478
690,057
0
0
0
190,279
183,668
540,318
141,939
151,541

6,393,105
6,393,105
0
5,622,197
2,453,686
3,168,511
770,908
0
0
0
190,462
183,203
636,573
170,171
151,541

670,655

965,561

2,044,725
165,441
44,941
700,881
441,890

2,418,733
383,136
195,660
889,670
710,609

2,425,151
365,423
147,528
615,589
1,047,850

3,531,279
1,218,086
193,991
1,476,688
1,412,870

4,288,983
1,669,500
246,838
1,739,500
1,707,584

4,257,707
1,166,667
314,861
1,544,175
1,966,090

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
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
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
5.92
33.51

0.58
3.39
7.83
0.96
1.04
88.61
1.50
9.15
20.84
12.46
2.28
22.06
3.54
8.33
6.84
36.97

1.03
3.58
6.36
1.01
1.66
87.02
1.42
10.90
26.76
13.82
2.63
25.87
3.94
10.16
7.89
42.97

0.50
2.98
5.37
1.09
0.93
87.94
1.21
11.46
26.41
14.90
3.08
30.08
4.47
9.96
9.23
52.45

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)

2014

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

452

Financial Statements Analysis of Companies (Non-Financial) Listed at Karachi Stock Exchange

TPL Trakker Ltd.

2012

Items
A.Non-Current Assets (A1+A3+A5+A6+A7)
1.Capital work in progress
2.Operating fixed assets at cost
3.Operating fixed assets after deducting accumulated depreciation
4.Depreciation for the year
5.Intangible assets
6.Long term investments
7.Other non-current assets

B.Current Assets (B1+B2+B3+B4+B5)

1.Cash & bank balance
2.Inventories
3.Trade Debt
4.Short term investments
5.Other current assets

C.Current Liabilities (C1+C2)

1.Short term Secured loans
2.Other current liabilities

D.Non-Current Liabilities (D1+D2+D3+D4+D5)

1.Long term secured loans
2.Long term unsecured loans
3.Debentures/TFCs
4.Employees benefit obligations
5.Other non-current liabilities

E.Shareholders Equity (E1+E2+E3)

1.Issued, Subscribed & Paid up capital
i).Ordinary Shares
ii).Preference shares
2.Reserves
i).Capital Reserve
ii).Revenue Reserve
3.Surplus on revaluation of fixed assets

2014

(Thousand Rupees)
2013
2014

2,988,521
23,056
932,739
423,727
111,587
1,784,513
716,084
41,141
945,732
24,472
66,257
443,298
2,100
409,605
942,541
358,831
583,710
480,720
5,798
50,000
41,667
12,256
370,999
2,510,992
1,872,490
1,872,490
0
338,502
187,199
151,303
300,000

3,043,114
27,993
1,007,526
471,106
119,024
1,782,736
726,939
34,340
1,049,395
54,169
135,846
491,317
2,159
365,904
997,372
471,538
525,834
506,137
16,667

3,394,909
165,684
1,217,122
509,670
138,508
1,772,437
773,176
173,942
1,406,224
113,612
236,916
663,276
2,288
390,132
1,071,869
412,519
659,350
1,007,294
279,830

41,667

25,000

447,803
2,589,000
2,172,490
2,172,490

702,464
2,721,970
2,172,490
2,172,490

416,510
166,846
249,664

549,480
184,734
364,746

1,346,296
1,346,296
0
750,676
101,999
648,677
595,620
436,366
103,544
332,822
93,194
90,056
153,509
26,612
0
0
38,577

1,625,549
1,625,549

2,084,622
2,084,622

F.Operation:
1.Sales
i).Local sales (Net)
ii).Export Sales (Net)
2.Cost of sales
i).Cost of material
ii).Other input cost
3.Gross Profit
4.General, administrative and other expenses
i).Selling & distribution expenses
ii).Administrative and other expenses
5.Financial expenses
of which: (i) Interest expenses
6.Net profit before tax
7.Tax expense (current year)
8.Total amount of dividend
9.Total value of bonus shares issued
10.Cash flows from operations

960,211
105,243
854,968
665,338
555,451
170,713
384,738
78,437
11,193
117,974
22,303

1,233,827
105,360
1,128,467
850,795
687,951
240,049
447,902
82,788
15,688
201,083
76,419

154,010

281,501

2,991,712
47,465
126,897
406,296
235,162

3,095,137
58,334
95,671
529,872
332,583

3,729,264
304,830
124,664
717,349
405,397

0.50
6.92
32.93
0.34
1.00
55.76
0.57
3.90
6.11
5.13

0.55
4.83
30.22
0.40
1.05
59.07
0.58
2.94
4.63
3.88

0.73
3.97
31.82
0.43
1.31
59.19
0.76
4.52
7.57
5.89

G.Miscellaneous
1.Total capital employed (E+D)
2.Total fixed liabilities (D1+D3)
3.Retention in business (F6-F7-F8)
4.Contractual Liabilities (G2+C1)
5.Salaries, wages and employee benefits

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C]
2.Financial expenses as % of sales (F5 as % of F1)
3.Trade Debt as % of sales (B3 as % of F1)
4.Assets turnover ratio [F1 to (A+B)]
5.Current ratio (B to C)
6.Cost of goods sold to sales (F2 as % of F1)
7.Debt equity ratio [(C+D) to E]
8.Return on Assets (F6 as a % of Avg {Current year(A+B),previous year (A+B)}
9.Return on Equity (F6 as a % of Avg {Current year E , previous year E}
10.Return on capital employed(F6 as a % of Avg {Current year G1, previous year G1}
11.Dividend cover ratio [(F6-F7) to F8]
12.Inventory Turnover Ratio (F1 to B2)
13.Interest cover ratio [(F6+ F5(i)) to F5(i)]
14.Net profit margin (F6 as % of F1)
15.Earning per share after tax (Rs./share) [(F6-F7)/No. of Ord. shares]
16.Break-up value shares (Rs./share) (E/No. of Ord. shares)

453

20.32
2.70
11.40
0.68
13.41

11.97
11.54
7.26
0.44
11.92

8.80
13.82
9.65
0.57
12.53

APPENDICES

Appendix: 1
Companies Covered in the Financial Statement Analysis for the year 2014 (396)
Company

Textile Sectors (152)*

i)

Spinning, Weaving, Finishing (136)*

11

(Colony) Sarhad Textile Mills Ltd.

(Colony) Thal Textile Mills Ltd.
Adil Textile Mills Ltd.
Ahmed Hassan Textile Mills Ltd.
Al-Qadir Textile Mills Ltd.
Ali Asghar Textile Mills Ltd
Allawasaya Textile & Finishing Mills Ltd
Amtex Ltd.
Annoor Textile Mills Ltd.
Apollo Textile Mills Ltd.
Artistic Denim Mills Ltd.
Ashfaq Textile Mills Ltd.
Asim Textile Mills Ltd.
Ayesha Textile Mills Ltd.
Azgard Nine Ltd.
Babri Cotton Mills Ltd.
Bhanero Textile Mills Ltd.
Bilal Fibres Ltd.
Blessed Textiles Ltd.
Brothers Textile Mills Ltd.
Chakwal Spinning Mills Ltd.
Chenab Ltd.
Colony Mills Ltd.
Crescent Cotton Mills Ltd.
Crescent Fibre Ltd.
D.M. Textile Mills Ltd.
D.S. Industries Ltd.
Dar-es-Salaam Textile Mills Ltd.
Data Textiles Ltd.
Dawood Lawrancepur Ltd.**
Dewan Farooque Spinning Mills Ltd.
Dewan Khalid Textile Mills Ltd.
Dewan Mushtaq Textile Mills Ltd.
Dewan Textile Mills Ltd.

13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34

Company

Page

455

35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72

Din Textile Mills Ltd.

Elahi Cotton Mills Ltd.
Ellcot Spinning Mills Ltd.
Faisal Spinning Mills Ltd.
Fateh Textile Mills Ltd.
Fatima Enterprises Ltd.
Fazal Cloth Mills Ltd.
Fazal Textile Mills Ltd.
Feroze 1888 Mills Ltd.
Gadoon Textile Mills Ltd.
Ghazi Fabrics International Ltd.
Glamour Textile Mills Ltd.
Globe Textile Mills (OE) Ltd.
Globe Textile Mills Ltd.
Gulistan Spinning Mills Ltd.
Gulistan Textile Mills Ltd.
Gulshan Spinning Mills Ltd.
Hafiz Mills Ltd(Formally Hafiz Textile Mills)
Haji Muhammad Ismail Mills Ltd.
Hajra Textile Mills Ltd.
Hala Enterprises Ltd.
Hamid Textile Mills Ltd.
Hira Textile Mills Ltd.
Husein Industries Ltd.
ICC Textiles Ltd.
Ideal Spinning Mills Ltd.
Idrees Textile Mills Ltd.
Indus Dyeing & Manufacturing Co. Ltd.
Ishaq Textile Mills Ltd.
Ishtiaq Textile Mills Ltd.
Island Textile Mills Ltd
J. A. Textile Mills Ltd.
J. K. Spinning Mills Ltd.
Janana De Malucho Textile Mills Ltd.
Jubilee Spinning & Weaving Mills Ltd.
Karim Cotton Mills Ltd.
Khalid Siraj Textile Mills Ltd.
Khurshid Spinning Mills Ltd

Page
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84

Company

Company

Page

73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109

Khyber Textile Mills Ltd.

Kohat Textile Mills Ltd.
Kohinoor Industries Ltd.
Kohinoor Mills Ltd.
Kohinoor Spinning Mills Ltd.
Kohinoor Textile Mills Ltd.
Landmark Spinning Industries Ltd.
Mahmood Textile Mills Ltd.
Maqbool Textile Mills Ltd.
Masood Textile Mills Ltd.
Mehr Dastgir Textile Mills Ltd.
Mian Textile Industries Ltd.
Mohammad Farooq Textile Mills Ltd.
Mubarak Textile Mills Ltd.
Mukhtar Textile Mills Ltd
N. P. Spinning Mills Ltd.
Nadeem Textile Mills Ltd.
Nagina Cotton Mills Ltd.
Nazir Cotton Mills Ltd.
Nishat (Chunian) Ltd.
Nishat Mills Ltd.
Olympia Spinning & Weaving Mills Ltd.
Olympia Textile Mills Ltd.
Paramount Spinning Mills Ltd.
Premium Textile Mills Ltd.
Prosperity Weaving Mills Ltd.
Quality Textile Mills Ltd.
Quetta Textile Mills Ltd.
Ravi Textile Mills Ltd.
Redco Textiles Ltd.
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.

85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121

110

Saleem Denim Industries Ltd.

122

111

Salfi Textile Mills Ltd.

123

456

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

Page

Sally Textile Mills Ltd.

Salman Noman Enterprises Ltd.
Samin Textiles Ltd.
Sana Industries Ltd.
Sapphire Fibres Ltd.
Sapphire Textile Mills Ltd.
Sargodha Spinning Mills Ltd.
Saritow Spinning Mills Ltd.
Service Fabrics Ltd.
Service Industries Textile Ltd.
Shadab Textile Mills Ltd.
Shadman Cotton Mills Ltd.
Shahtaj Textile Ltd.
Shahzad Textile Mills Ltd.
Shams Textile Mills Ltd.
Sind Fine Textile Mills Ltd.
Sunrays Textile Mills Ltd.
Suraj Cotton Mills Ltd.
Taha Spinning Mills Ltd.
Tata Textile Mills Ltd.
The Crescent Textile Mills Ltd.
Towellers Ltd.
Yousaf Weaving Mills Ltd.
Zahidjee Textile Mills Ltd.
Zephyr Textile Ltd.

124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148

ii)
1
2
3
4
5

Made-up Textile articles (5)*

Aruj Garment Accessories Ltd.
Fateh Sports Wear Ltd.
Gul Ahmed Textile Mills Ltd.
International Knitwear Ltd.
Moonlite (Pak) Ltd.

149
150
151
152
153
154

iii)
1
2

Other Textiles n.e.s. (11)*

Al-Abid Silk Mills Ltd.
Associated Services (Formerly Latif Jute
Mills Ltd.)

155
156
157

Company
3
4
5
6
7
8
9
10
11
2
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

Company

Page

27
28
29
30
31

Shakarganj Mills Ltd.

Sindh Abadgars Sugar Mills Ltd
Tandlianwala Sugar Mills Ltd.
The Premier Sugar Mills & Dist. Co. Ltd.
The Thal Industries Corporation Ltd.

172
173
174
175
176

3
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16

Food Products (16)*

Clover Pakistan Ltd.
Engro Foods 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 Co. Ltd.**
S. S. Oil Mills Ltd.
Shakarganj Foods Ltd.
Shezan International Ltd.
Unilever Pakistan Foods Ltd.**

202
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220

Chemicals & Pharmaceuticals (45)*

221

1
2

Abbott Laboratories (Pakistan) Ltd.****

Agritech Ltd.**

224
225

Akzo Nobel Pakistan Ltd.

Archroma Pak Ltd** (formally Clariant Pak)
Bawany Air Products Ltd.
Berger Paints Pakistan Ltd.
Biafo Industries Ltd
Buxly Paints Ltd.
Colgate - Palmolive (Pakistan) Ltd.
Data Agro Ltd.
Dawood Hercules Chemicals Ltd.**

226
227
228
229
230
231
232
233
234

Page

Bannu Woollen Mills Ltd

Crescent Jute Products Ltd.
Ibrahim Fibres Ltd.
Noor Silk Mills Ltd.
Pakistan Synthetics Ltd.
Rupali Polyester Ltd.
S. G. Fibres Ltd.
Suhail Jute Mills Ltd.
The National Silk & Rayon Mills Ltd.

158
159
160
161
162
163
164
165
166

Sugar (31)***

167

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
Chashma Sugar Mills Ltd.
Colony Sugar Mills Ltd.
Dewan Sugar Mills Ltd.
Faran Sugar Mills Ltd
Habib ADM Ltd.
Habib Sugar Mills Ltd.
Haseeb Waqas Sugar Mills Ltd.
Husein Sugar Mills Ltd.
JDW Sugar Mills Ltd.
Khairpur Sugar Mills Ltd.
Joharabad Sugar Mills Ltd. (Formerly: Kohinoor
Sugar Mills Ltd.)
Mehran Sugar Mills Ltd.
Mirpurkhas Sugar Mills Ltd
Mirza Sugar Mills Ltd
Noon Sugar Mills Ltd.
Pangrio Sugar Mills Ltd.
Sakrand Sugar Mills Ltd.
Sanghar Sugar Mills Ltd
Shahmurad Sugar Mills Ltd.
Shahtaj Sugar Mills Ltd.

171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
171
172

457

3
4
5
6
7
8
9
10
11

Company
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
44
45

Company

Page

Descon Chemicals Ltd.

Descon Oxychem Ltd.
Dewan Salman Fibre Ltd.
Dynea Pakistan Ltd.
Engro Corporation Ltd.**
Engro Fertilizers Ltd.**
Engro Polymer & Chemical Ltd.**
Fatima Fertilizer Co. Ltd.**
Fauji Fertilizer Bin Qasim Ltd.**
Fauji Fertilizer Company Ltd.**
Ferozsons Laboratories Ltd.
Gatron Industries Ltd.
Ghani Gases Ltd.
Glaxo Smithkline (Pakistan) Ltd.**
Highnoon Laboratories Ltd.**
ICI Pakistan Ltd.**
Ittehad Chemicals Ltd
Leiner Pak Gelatine Ltd.
Linde Pakistan Ltd.**
Lotte Pakistan PTA Ltd.**
Mandviwalla Mauser Plastic Industries Ltd.
Nimir Industrial Chemicals Ltd.
Otsuka Pakistan Ltd.
Pakistan Gum & Chemicals Ltd.**
Pakistan PVC Ltd.
Sanofi-Aventis Pakistan Ltd.**
Sardar Chemical Industries Ltd.
Searle Pakistan Ltd.
Shaffi Chemicals Industries Ltd
Sitara Chemical Industries Ltd.
Sitara Peroxide Ltd.
United Distributors Pakistan Ltd.
Wah Nobel Chemicals Ltd . (Pub.)
Wyeth Pakistan Ltd.**

235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
267
268

Manufacturing (32)*

269

Aisha Steel Mills.

272

458

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
6
1
2
3
4
5

Page

Al-Khair Gadoon Ltd.

Bata Pakistan Ltd.**
Crescent Steel & Allied Products Ltd.
Dadex Eternit Ltd.
Diamond Industries Ltd.
Dost Steels Ltd.
Eco Pack Ltd.
Emco Industries Ltd.
Fateh Industries Ltd.
Gillette Pakistan Ltd.
Goodluck Industries Ltd.
Grays of Cambridge (Pakistan) Ltd.
Huffaz Seamless Pipe Industries Ltd.
International Industries Ltd.
International Steels Ltd.
KSB Pumps Company Ltd.**
Khyber Tobacco Company Ltd.
Leather Up Ltd.
MACPAC Films Ltd.
Pak Leather Crafts Ltd.
Pakistan Engineering Company Ltd. (Pub.)
Pakistan Tobacco Company Ltd.**
Philip Morris (Pakistan) Ltd.**
Service Industries Ltd.**
Shield Corporation Ltd.
Siddiqsons Tin Plate Ltd.
Thal Ltd.
Treet Corporation Ltd.
Tri-Pack Films Ltd.**
United Brands Ltd.
Zil Ltd.

273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303

Mineral Products (8)*

Baluchistan Glass Ltd
Frontier Ceramics Ltd..
Ghani Glass Ltd.
Ghani Value Glass Ltd.
Karam Ceramics Ltd

304
307
308
309
310
311

Company
6
7
8

Company

Page

Safe Mix Concrete Products Ltd.

Shabbir Tiles & Ceramics Ltd.
Tariq Glass Industries Ltd.

312
313
314

7
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19

Cement (20)
Attock Cement Pakistan Ltd.
Bestway Cement Ltd.
Cherat Cement Company Ltd.
D. G. Khan Cement Company Ltd.
Dadabhoy Cement Industries Ltd.
Dandot Cement Company Ltd.
Dewan Cement Ltd.
Fauji Cement Company Ltd.
Fecto Cement Ltd.
Flying Cement Company Ltd
Gharibwal Cement Ltd.
Kohat Cement Company Ltd.
Lafarge Pakistan Cement Ltd.**
Lucky Cement Ltd.
Maple Leaf Cement Factory Ltd.
Mustehkam Cement Ltd.
Pioneer Cement Ltd.
Power Cement
Thatta Cement Company Ltd.

315
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
335
336

1
2
3
4
5
6
7
8
9
10

20

Zeal Pak Cement Factory Ltd.

337

11

8
1
2
3
4
5
6
7
8
9
10

Motor Vehicles, Trailers & Autoparts (20)*

338

Agriauto Industries Ltd.

Al-Ghazi Tractors Ltd.**
Atlas Battery Ltd.
Atlas Honda Ltd.
Baluchistan Wheels Ltd.
Bela Automotives Ltd.
Bolan Castings Ltd.
Dewan Automotive Engineering Ltd.
Dewan Farooque Motors Ltd.
Exide Pakistan Ltd.*****

342
343
344
345
346
347
348
349
350
351

459

11
12
13
14
15
16
17
18
19
20

12
13
14
15
16
17
18
19
20
21
22

Page

Ghandhara Industries Ltd..

Ghandhara Nissan Ltd.
Ghani Automobiles Industries Ltd.
Hinopak Motors Ltd.*****
Honda Atlas Cars (Pakistan) Ltd.*****
Indus Motor Company Ltd.
Millat Tractors Ltd.
Pak Suzuki Motor Company Ltd.**
Sazgar Engineering Works Ltd.
The General Tyre & Rubber Co. of Pak Ltd

352
353
354
355
356
357
358
359
360
361

Fuel & Energy (22)*

362

Altern Energy Ltd.

Burshane LPG (Pakistan) Ltd.
Engro Powergen Qadirpur Limited (EPQL)
Ideal Energy Ltd
Japan Power Generation Ltd.
Karachi Electric Supply Co.(KESC)
Kohinoor Energy Ltd.
Kohinoor Power Company Ltd.
Kot Adu Power Co. Ltd.
Lalpir Power Ltd.
Mari Petroleum Company Ltd.(
Formally:Mari Gas Co. Ltd)
Nishat Chunian Power Ltd.
Nishat Power Co. Ltd.
Oil & Gas Dev. Corp. (OGDC) (Pub.)
Pakgen Power Ltd.
S. G. Power Ltd.
Saif Power Limited
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.

366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387

Company
10

Information, Comm. & Transport (13)*

388

1
2
3
4
5
6
7
8
9
10
11
12
13

HUM Network Ltd.

Media Times Ltd.
Netsol Technologies Ltd.
Pak Datacom Ltd. (Pub.)
Pakistan International Container Terminal Ltd.
Pak. International Airlines Corp. Ltd. (Pub.)
Pakistan National Shipping Corporation (Pub.)
Pakistan Telecommunication Co. Ltd**/1.
Southern Network Ltd.
TRG Pakistan Ltd.
Telecard Ltd.
Wateen Telecom Ltd.
World Call Telecom Ltd.**

391
392
393
394
395
396
397
398
399
400
401
402
403

11

Coke & Refined Petroleum Products (10)*

404

1
2
3
4
5
6
7
8
9
10

Attock Petroleum Ltd.

Attock Refinery Ltd.
Byco Petroleum Pakistan
Hascol Petroleum Ltd.
National Refinery Ltd.
Pakistan Oilfields Ltd.
Pakistan Petroleum Ltd. (Pub.)
Pakistan Refinery Ltd.
Pakistan State Oil Company Ltd. (Pub.)
Shell Pakistan Ltd. **

408
409
410
411
412
413
414
415
416
417

12

Paper, Paperboard & Products (9)*

418

Baluchistan Particle Board Ltd.

Central Forest Products Ltd.
Century Paper & Board Mills Ltd.
Cherat Packaging Ltd.
Dadabhoy Sack Ltd.
Merit Packaging Ltd.

421
422
423
424
425
426

1
2
3
4
5
6

Company

Page
7
8
9

Packages Ltd.**
Pakistan Paper Products Ltd.
Security Papers Ltd. (Pub)

427
428
429

Electrical Machinery & Apparatus (7)*

430

Ados Pakistan Ltd.

Johnson & Philips (Pakistan) Ltd.
Pak Elektron Ltd.**
Pakistan Cables Ltd.
Siemens (Pakistan) Engineering Co. Ltd.***
Singer Pakistan Ltd.**
The Climax Engineering Company Ltd.

433
434
435
436
437
438
439

14

Other Services Activities (11)*

440

1
2
3
4
5
6
7
8
9
10
11

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 Hospital Ltd.
TPL Trakker Ltd.

443
444
445
446
447
448
449
450
451
452
453

13
1
2
3
4
5
6
7

End Jun-*, End Dec-**, End Sep-***, End Nov-****, End Mar-*****
(For an economic group generally and for an individual company specifically)

/1. PTCL data from 2009 to 2011 is based on End Jun and after that companys information is as on End Dec.

460

Page

Appendix: 2
Defaulter Companies of non-financial sectors listed at Karachi Stock Exchange for the year 2014 (62)

Company

Company

1 Textile Sectors (39)

i)

Spinning, Weaving, Finishing (33)

ii)

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

(Colony) Sarhad Textile Mills Ltd.

(Colony) Thal Textile Mills Ltd.
Adil Textile Mills Ltd.
Al-Azhar Textile Mills Ltd.
Al-Qaim Textile Mills Ltd
Annoor Textile Mills Ltd.
Ayaz Textile Mills Ltd.
Azmat Textile Mills Ltd.
Carvan East Fabrics Ltd.
Data Textiles Ltd.
Elahi Cotton Mills Ltd.
Fateh Textile Mills Ltd
Fatima Enterprises Ltd.
Globe Textile Mills (OE) Ltd.
Globe Textile Mills Ltd.
Gulistan Textile Mills Ltd.
Hajra Textile Mills Ltd.
Hakkim Textile Mills Ltd.
Hamid Textile Mills Ltd.
Husein Industries
Ishtiaq Textile Mills Ltd.
Karim Cotton Mills Ltd.
Khurshid Spinning Mills Ltd.
Mehr Dastgir Textile Mills Ltd.
Mohib Exports Ltd.
Sadoon Textile Mills Ltd.
Saleem Denim Industries Ltd.
Schon Textile Mills Ltd.
Service Fabrics Ltd.
Sunshine Cotton Mills Ltd.
Taj Textile Mills Ltd.
Usman Textile Mills Ltd.
Zahur Cotton Mills Ltd.

1
2
na
na
na
na
na

Made-up Textile articles (2)

Moonlite Pakistan Ltd
Nina Industries Ltd.

iii)

Other Textiles n.e.s. (4)

1
2
3
4

Kaiser Arts & Crafts Ltd.

National Fibres Ltd.
Noor Silk Mills Ltd.
S.G Fibers Ltd

na

na
na

2 Sugar (1)
na

na
na

Saleem Sugar Mills Ltd.

Food Products (3)

1
2
3

Extraction Pakistan Ltd.

Morafco Industries Ltd.
Suraj Ghee Industries Ltd.

na

na
na

4. Manufacturing (5)

na

1
2
3
4
5

na
na
na
na

461

Dost Steels Ltd.

Hashimi Can Company Ltd.
Metropoliton Steel corp. Ltd
Pak Leather Crafts
Quality Steel Works Ltd.

na
na
na

Company

5 Cement (1)
1

Dadabhoy Cement Industries Ltd.

6 ii) Mineral Products (3)

1
2
3

Mineral Grinding Ltd.

Regal Ceramics Ltd.
Medi Glass Ltd.

na
na
na

7 Motor Vehicles, Trailers & Auto parts (3)

1
2
3

Bela Automotives Ltd.

Dewan Automotives Engineering Ltd
Transmission Engineering

na

8 Fuel & Energy (2)

1
2

Generteck Pakistan Ltd.

S.G Power

na

9 Paper, Paperboard & Products (2)

1
2

Abson Industries Ltd.

Dadabhoy Sack Ltd.

na

10 Electrical Machinery & Apparatus (1)

1

Casspak Industries Ltd.

na

11 Other Services Activities (2)

1
2

Dadabhoy Construction Tech. Ltd.

Pan Islamic Steamship Ltd.

na

462

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.
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
Overall summations of Reserves and Cost of sales may differ due to mapping of data in 2009-2010.

463