Professional Documents
Culture Documents
14
Rs mn(Clinker) Mt
Production Capacities FY02 FY03 FY04 FY05
tons
Pezu unit 1 1,320,000 1,440,000 1,440,000 1,440,000
Pezu unit 2 - - - 1,260,000
Karachi unit Line E - - - -
Karachi unit Line F - - - -
1,320,000 1,440,000 1,440,000 2,700,000
Rated Capacity
Clinker 1,200,000 1,200,000 1,257,143 1,257,143
Cement 1,287,487 1,237,097 1,261,838 1,366,537
Actual Production
Clinker 731,145 1,054,200 1,126,045 1,295,655
Cement 784,450 1,086,790 1,130,250 1,408,400
Multiple Regression
Local
Export
Total
Total 9% 9% 8% 17%
1.12 0.95 1.03 1.94
Inflation
Work in process
Opening 127 61 58 91
Closing (61) (58) (91) (42)
66 4 (33) 49
Finished goods
Opening 56 51 18 32
Closing (51) (18) (32) (18)
5 34 (14) 14
COGS 1,537 1,743 1,807 2,601
COGS % change
Raw material consumed 9% 17% 14%
Packing meterial 5% -7% -10%
Salaraies, wages and benefits -27% 13% -2%
Fuel and power -17% 4% 24%
Stores and spares consumed -30% 29% -8%
Repairs and maintenance -39% 71% -12%
Depreciation -21% -3% -12%
Insurance 1% -4% -21%
Other manufacturing expenses -19% 31% -2%
Amortization of quarry development -100%
Inflation
Distribution costs
Salaries and benefits 9 9 11 11
Communication 2 2 2 2
Ttravelling and conveyance 1 1 1 1
Priniting and stationery 0 0 0 0
Insurance 0 0 0 1
Rent, rates and taxes 1 1 1 2
Utilities 0 1 1 1
Vehicles running and maintenance 0 1 1 1
Repairs and maintenance 0 0 0 0
Fees, subscription and periodicals 1 0 0 0
Advertisement and sales promotion 0 0 1 4
Entertainment 0 0 0 0
Depreciation 2 3 3 1
Sales promotion 4 0 - -
Export logistics
Others 1 0 0 0
23 20 23 24
Cost at start
Freehold land 5 5 5
Buildings on freehold land 892 982 996
Plant and machinery 3,120 3,520 3,539
Generators - 634 634
Quarrry equipments 188 188 188
Vehicles subject to financial lease 23 35 37
Furniture and fixture 6 7 8
Office equipments 24 27 29
Othr assests 12 13 13
Total - 4,270 5,411 5,449
Additions
Freehold land - - -
Buildings on freehold land 60 14 588
Plant and machinery 400 19 2,251
Generators - 0 904
Quarrry equipments - - 109
Vehicles subject to financial lease 11 6 24
Furniture and fixture 0 1 4
Office equipments 2 2 14
Other assests 0 0 0
Total - 474 43 3,895
Disposals
Freehold land - - -
Buildings on freehold land - - -
Plant and machinery - - -
Generators - - -
Quarrry equipments - - (25)
Vehicles subject to financial lease (0) (4) (8)
Furniture and fixture - (0) (0)
Office equipments - (0) (0)
Othr assests (0) - (0)
Total - (0) (5) (32)
Adjustments
Freehold land - - -
Buildings on freehold land 31 - -
Plant and machinery - - -
Generators 634 - -
Quarrry equipments - - -
Vehicles subject to financial lease 1 - -
Furniture and fixture 0 - -
Office equipments 1 - -
Othr assests 1 - -
Total - 668 - -
Cost at end
Freehold land - 5 5 5
Buildings on freehold land - 982 996 1,584
Plant and machinery - 3,520 3,539 5,791
Generators - 634 634 1,538
Quarrry equipments - 188 188 273
Vehicles subject to financial lease - 35 37 54
Furniture and fixture - 7 8 12
Office equipments - 27 29 43
Othr assests - 13 13 13
Total - 5,411 5,449 9,312
Depriciation rate
Freehold land
Buildings on freehold land
Plant and machinery
Generators
Quarrry equipments
Vehicles subject to financial lease
Furniture and fixture
Office equipments
Othr assests
Total
Depreciation at start
Freehold land - - -
Buildings on freehold land 223 281 331
Plant and machinery 521 639 757
Generators - 205 236
Quarrry equipments 51 61 70
Vehicles subject to financial lease 17 20 22
Furniture and fixture 3 4 4
Office equipments 11 14 15
Othr assests 5 7 7
Total - 833 1,230 1,442
Disposals
Freehold land - - -
Buildings on freehold land - - -
Plant and machinery - - -
Generators - - -
Quarrry equipments - - (11)
Vehicles subject to financial lease (0) (3) (6)
Furniture and fixture - (0) (0)
Office equipments - (0) (0)
Other assests (0) - (0)
Total - (0) (3) (17)
Adjustments
Freehold land - - -
Buildings on freehold land 8 - -
Plant and machinery - - -
Generators 173 - -
Quarrry equipments - - -
Vehicles subject to financial lease 0 - -
Furniture and fixture 0 - -
Office equipments 1 - -
Othr assests 1 - -
Total - 183 - -
Depriciation at end
Freehold land - - - -
Buildings on freehold land - 281 331 381
Plant and machinery - 639 757 886
Generators - 205 236 272
Quarrry equipments - 61 70 73
Vehicles subject to financial lease - 20 22 23
Furniture and fixture - 4 4 5
Office equipments - 14 15 18
Othr assests - 7 7 8
Total - 1,230 1,442 1,666
Net book value at end
Freehold land - 5 5 5
Buildings on freehold land - 701 665 1,202
Plant and machinery - 2,881 2,783 4,905
Generators - 429 397 1,266
Quarrry equipments - 128 118 200
Vehicles subject to financial lease - 15 15 31
Furniture and fixture - 3 4 7
Office equipments - 14 14 25
Othr assests - 6 5 5
Total - 4,182 4,007 7,646
Depreciation allocation
Cost of sales 193 210 211 233
Distribution costs 2 3 3 1
Administrative expenses 0 1 1 4
Capital WIP - - - 4
196 214 215 241
Capital WIP
Opening
Building and civil works
Plant and machinery
Advances to suppliers vehicles
Advance for gas installation
Additions balance
Building and civil works
Plant and machinery
Advances to suppliers vehicles
Advance for gas installation
Closing balance
Building and civil works
Plant and machinery
Advances to suppliers vehicles
Advance for gas installation
Additions balance
Building and civil works
Plant and machinery
Advances to suppliers vehicles
Administrative expenses
Salaries and benefits 19 19 25 29
Communication 3 3 4 4
Travelling and conveyance 3 1 2 2
Insurance 0 1 1 1
Rent, rates and taxes 0 0 1 1
Vehicles running and maintenance 1 1 1 2
Printing and stationery 2 2 2 2
Fees and subscription 1 1 1 4
Security servics 0 0 0 0
Legal and professional 4 4 3 4
Transport and freight 0 0 0 0
Utilities 1 1 1 1
Repairs and maintenance 1 1 0 1
Advertisement 1 1 - -
Donations - - 0 5
Auditors' remuneration 0 1 0 0
Depreciation 0 1 1 4
Octori refundable written off - - - 1
Amortization of deferred cost 5 - - -
Others 1 1 1 1
43 37 44 61
Gratuity 9 (2) 10 13
% of Admin and Distribution 29% 32%
BV of disposals 0 2 15
Sale proceeds 0 3 16
Gain on disposal of assets 0 1 1
Other charges
WPPF 16 18 51 64
Loss on disposalof fixed assets 0 0 3 -
16 18 54 64
Taxation-current 10 11 17 20
-prior years' - 88 1 3
-deferred - 16 268 361
10 115 285 383
Taxation-current 3% 3% 2% 2%
-prior years' 0% 26% 0% 0%
-deferred 0% 5% 28% 30%
BS assumptions
Assets
Non-current assets
Current assets
Stores and spares
Stores 116 134 427 529
Spares 208 188 194 229
Spares in transit 5 4 12 107
329 326 633 864
% of sales
Stores 6% 6% 15% 13%
Spares 11% 9% 7% 6%
Spares in transit 0% 0% 0% 3%
Stock-in-trade
Raw and packing materials- in hand 19 40 50 55
Work-in-process 61 57 91 42
Finished goods 51 18 32 18
131 115 172 116
% of sales
Raw and packing materials- in hand 1% 2% 2% 1%
Work-in-process 3% 3% 3% 1%
Finished goods 3% 1% 1% 0%
% of sales 1% 0% 1% 1%
% of sales
Secured 0% 0%
Unsecured 1% 3%
% of sales
Deposits 0% 0% 0% 0%
Prepayments 0% 0% 0% 0%
Other receivables 21 14 79 20
% of sales
Other receivables 0 1% 3% 1%
Taxation-net - - 37 34
% of sales 1% 1%
Staff Gratuity 33 30 39 49
Retention money 11 11 11 11
Encasment of performance guarantee 56 56 56 56
101 98 106 116
Current liabilities
Trade and other payables
Creditors 161 147 188 264
Accrued liabilities 28 22 27 29
Running account with customers 36 39 66 168
Retention money 4 1 0 53
Bills payable 41 - 52 -
Workers' profit participation fund 18 18 12 64
Sales tax payable 28 20 - 17
Excise duty payable - - 8 -
Mark on long term loan & ST bank
borrowing 12 5 - -
Unclaimed dividend 13 6 2 8
Proposed dividend - - - -
Others 2 0 - 13
343 259 353 615
% of sales
Creditors 8% 7% 6% 7%
Accrued liabilities 1% 1% 1% 1%
Running account with customers 2% 2% 2% 4%
Retention money 0% 0% 0% 1%
Bills payable 2% 0% 2% 0%
Workers' profit participation fund 1% 1% 0% 2%
Sales tax payable 1% 1% 0% 0%
Excise duty payable 0% 0% 0% 0%
Mark on long term loan & ST bank
borrowing 1% 0% 0% 0%
Unclaimed dividend 7% 3%
Others 0% 0% 0% 0%
Accrued mark-up
Lonng term finances - - 3 108
Short term borrowings - - 6 17
- - 9 125
% of LT finances 0% 2%
% of ST borrowings 1% 2%
Gratuity
Present value 33 32 38 58
Unrecognized acturial (loss)/gain - (2) 1 (9)
33 30 39 49
Opening balance 33 30 39
Charge/ (reversal) for the year (2) 10 13
Payment made during the year (1) (2) (3)
Closing balance 33 30 39 49
31 30 30 30 30 30
-13% -5% 0% 0% 0% 0%
68 49 54 60 63 66
70% 5% 10% 10% 5% 5%
60 61 62 62 63 63
1% 1% 1% 1% 1% 1%
7% 7% 7% 7% 7%
23% 0% 2% 8% 8% 8%
6% -2% -3% -2% 0% -2%
16% 0% 7% 5% 7% 5%
44% 0% 2% 8% 8% 8%
58% 12% 23% 21% 28% 21%
-7% 3% 14% 0% 2% 5%
11% -6% -2% -2% 0% -3%
-33% -14% -18% -22% -22% -19%
18% 7% 14% 9% 12% 10%
8% 8% 7% 7% 7%
21 24 32 44 63 85
2 2 10 10 11 13
1 1 4 5 5 6
0 1 2 2 2 2
1 2 3 3 4 4
2 3 7 8 8 10
0 1 3 3 3 3
1 3 5 5 5 7
0 0 1 1 1 1
0 0 1 1 2 2
1 5 7 9 10 10
0 0 2 2 2 2
4 17 6 6 7 8
- 1 0 0 0 1
439
1 2 2 2 3
34 498 84 99 125 156
225 - 56 70 88 54
1,810 1,070 1,070 1,070 1,070 1,070
5,083 3,064 4,000 2,000 19 19
1,594 57 57 0 0 0
324 46 46 46 46 46
42 341 341 341 341 341
7 17 8 9 10 11
42 32 22 27 31 28
18 15 8 11 13 12
9,145 4,642 5,608 3,574 1,618 1,580
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - (6) (8) (3) (4)
(2) (7) (5) (6) (5) (6)
(0) (0) (0) (0) (0) (0)
(1) (0) (0) (0) (0) (0)
(0) (0) (0) (0) (0) (0)
(3) (8) (12) (14) (9) (10)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
0% 0% 0% 0% 0%
2% 2% 2% 2% 2%
1% 1% 1% 1% 1%
2% 2% 2% 2% 2%
5% 5% 5% 5% 5%
10% 10% 10% 10% 10%
5% 5% 5% 5% 5%
5% 5% 5% 5% 5%
5% 5% 5% 5% 5%
- - - - - -
381 469 677 788 920 1,074
886 1,096 1,531 1,711 1,910 2,110
272 357 517 582 646 711
73 92 124 155 188 225
23 36 61 134 241 382
5 6 9 12 14 17
18 24 39 46 54 64
8 11 14 17 20 24
1,666 2,091 2,973 3,444 3,994 4,607
- - - - - -
87 209 111 132 153 175
209 436 179 199 200 200
85 159 65 65 65 65
19 32 34 36 38 40
14 25 76 110 143 177
1 3 2 3 3 4
7 15 7 8 10 11
2 4 3 3 4 5
426 883 477 556 616 676
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - (3) (3) (2) (2)
(2) (1) (3) (3) (2) (2)
(0) (0) (0) (0) (0) (0)
(0) (0) (0) (0) (0) (0)
(0) (0) (0) (0) (0) (0)
(2) (1) (6) (6) (4) (4)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
469 677 788 920 1,074 1,248
1,096 1,531 1,711 1,910 2,110 2,309
357 517 582 646 711 776
92 124 155 188 225 263
36 61 134 241 382 557
6 9 12 14 17 21
24 39 46 54 64 75
11 14 17 20 24 29
2,091 2,973 3,444 3,994 4,607 5,279
230 230 286 357 444 498
2,925 3,786 4,745 5,683 6,599 7,494
9,779 12,407 16,228 18,028 17,848 17,668
2,774 2,672 2,664 2,600 2,535 2,470
504 518 527 533 539 542
58 366 628 856 1,050 1,211
13 27 33 39 46 54
60 77 92 111 132 149
21 32 38 45 54 62
16,364 20,116 25,241 28,252 29,248 30,146
- 105 - - - -
3 26 (47) (183) (301) (401)
2,801 203 2,625 5,933 9,432 12,462
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
62 53 61 71 81 94
4 5 19 20 21 26
3 3 9 10 11 13
1 1 3 3 4 4
1 1 3 3 4 4
5 6 8 9 11 13
2 3 8 9 10 11
3 3 10 11 14 14
1 2 2 2 2 3
6 7 8 10 12 15
0 0 1 1 1 1
1 2 6 6 6 8
1 7 3 3 3 4
2 2 2 2 3 4
7 4 9 13 17 17
1 4 7 16 39 81
5 9 4 6 7 7
- - 1 1 1 1
- - 2 2 3 4
1 1 5 5 6 7
107 111 171 202 256 332
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
47% 11% 18% 27% 26% 20%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
278% 97% 80% 114% 143% 109%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
74 39 53 75 83 107
89% 50% 57% 65% 57% 60%
0 - 3 2 2 3
68
23
539
0 - 1 0 0 1
0 629 3 3 3 4
1 7 6 7 5 6
1 6 9 10 7 9
0 (0) 3 2 2 3
63 31 34 37 41 45
40 63 60 56 66 77
- - - - - -
577 80 650 679 788 892
617 143 711 735 855 969
2% 2% 2% 2% 2% 2%
0% 0% 0% 0% 0% 0%
23% 23% 23% 23% 23% 23%
19,165 20,319 27,866 34,184 38,681 42,608
2 2 2 2 2 2
19,167 20,321 27,868 34,186 38,682 42,610
4% 9% 9% 10% 9% 8%
11% 8% 8% 8% 8% 9%
1% 1% 1% 1% 1% 1%
1% 1% 2% 1% 1% 1%
3% 3% 3% 3% 2% 3%
1% 1% 1% 1% 1% 1%
1% 1% 1% 1% 1% 1%
2 5 9 9 12 14
200 237 450 470 541 659
202 242 459 479 553 673
0% 0% 0% 0% 0% 0%
3% 2% 3% 2% 2% 3%
7 9 34 37 41 46
4 1 5 6 7 9
274 - - - - -
285 10 39 43 48 55
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
1% 1% 1% 1% 1% 1%
0% 1% 1% 1% 1% 1%
- - - - - -
8 11 10 15 15 15
- - 254 380 380 380
13 1 21 28 38 38
1,451 1,547 2,639 3,194 3,738 4,365
6% 7% 6% 6% 6% 6%
1% 1% 1% 1% 1% 1%
2% 2% 3% 3% 3% 3%
7% 2% 2% 2% 3% 3%
1% 1% 1% 1% 1% 1%
1% 1% 1% 1% 1% 1%
0% 1% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0%
3% 5% 4% 4% 4% 4%
0% 0% 0% 0% 0% 0%
2% 2% 2% 2% 2% 2%
1% 1% 2% 1% 2% 2%
263 263
4QF-Y07E 9M
5,652,967 15,380,297
1,119,698 2,145,487
6,772,665 17,525,784
1,000,000
729,808 2,453,250
539,681 917,212
1,269,489 3,370,462
57% 73%
43% 27%
19% 19%
13% 16%
48% 43%
4,427
3,678
3,277
750
626
30
0%
3,051
153
243
20
223
1
222
31
38
153
60
61
153
162
6%
-
21
-
178
199
2%
0%
20%
2,634
EPS 3.14 7.35
FY05 FY06
Rs mn FY02 FY03
Assets
Non-current assets
Property, plant and equipment 4,182 4,222
Long term security deposits 3 2
4,184 4,225
Current assets
Stores and spares 329 326
Stock-in-trade
Trade debts-unsecured considered 131 115
good 16 5
Loans and advances 126 87
Trade deposits and short term
prepayments 6 6
Other receivables 21 14
Tax refunds due from government
Taxation-net - -
Cash and bank balances 53 40
684 593
Current liabilities
Trade and other payables 343 259
Accrued mark-up - -
Short term borrowings 47 278
Current portion of long term finance 120 -
Sales tax payable - -
Provision for taxation 46 32
Dividends paid 184 184
739 753
Contingencies and commitments - -
4,869 4,818
- 0
245
0.8
2.59 3.14 7.35 9.67 8.23 8.61
8 10 285 10 39 43
79 20 84 177 204 253
539
37 34 24 50 108 110
1,000 141 2,063 1,238 (3,733) (8,881)
1,978 1,342 4,455 5,402 1,090 (3,316)
(3) (3) 0 1 - -
anila.mubeen@hotmail.com
FY10 FY11
38,681 42,608
2 2
38,682 42,610
4,058 4,653
1,014 1,293
169 211
553 673
48 55
231 302
148 165
(13,532) (15,027)
(7,311) (7,675)
31,371 34,935
2,634 2,634
9,866 12,448
12,500 15,082
2,609 4,048
3,633 4,526
427 611
124 143
6,793 9,328
3,738 4,365
102 136
3,678 4,214
4,561 1,811
- -
- -
- -
12,079 10,525
- -
31,371 34,935
- -
10,848 10,072
(3,158) (775)
263 263
1.5 1.5
EPS 1.13 0.87 2.59 3.14
Distribution costs 23 20 23 24
Administrative expenses 43 37 44 61
373 390 1,034 1,294
Finance cost 51 29 11 22
Taxation-current 10 11 17 20
-prior years' - 88 1 3
-deferred - 16 268 361
10 115 285 383
Payout 8% 8% 0% 0%
General reserve
199% 21%
27 10 15
12 15
41% 37%
35% 62%
11
3 6
8 7
8 7
12 15
2 3
12 13
7.35 9.67 8.23 8.61 10.00 11.30
57 107 96 96 97 107
70 - 113 124 129 142
2,723 4,102 4,759 4,876 5,027 5,574
40 63 60 56 66 77
- - - - - -
577 80 650 679 788 892
617 143 711 735 855 969
- - - - - -
(3,000)
37 248
30 48 63 72 82 98
10 7 3 12 15 16
8 13
8 13 39 10 8 7
30 48
3 2
11 9
2 2 1 1
14 14 12 10
1 2 2 2
1% 1% 1% 1%
2.62
3QFY07E
3,238
1,969
5,207
547
457
22
22
1,047
4,160
2,995
1,165
28%
22
47
1,097
(2)
34
1,065
175
890
21
-
178
199
691
2.62
0%
17%
EPS 1.13 0.87 2.59 3.14
Net cash inflow from financing activities (290) (432) 868 5,933
Net increase in cash and cash equivalents 76 (244) 669 (1,077)
Cash and cash equivalents at the beginning (70) 6 (238) 431
Cash and cash equivalent at the end of the period 6 (238) 431 (645)
3 6
3 6
khalid.mahmood@pkic.com
7.35 9.67 8.23 8.61 10.00 11.30
- - - - - -
417 883 474 552 610 670
(0) 0 (3) (2) (2) (3)
74 43 78 113 160 227
(68)
83 863 615 1,062 964 642
3,127 4,412 4,043 4,728 5,220 5,483
10 7 3 13 15 16
PV 42,647
Fair value 162
Capital structure
Debt 58% 65% 58% 46% 40%
Equity 42% 35% 42% 54% 60%
Enterprise Value
Market capitalization 34,976
Plus: market value of debt 12,809
Less: cash and investments 1,238
EV 46,546
EV/share 177
NBP
Amount outstanding 665
No of installments remaining 4
No of installments per year 2
Interest rate 11.30%
Installments 191
Date Balance Installment
Nov FY08 665 191
Jun FY08 513 191
Nov FY09 351 191
Jun FY09 180 191
NBP
Amount outstanding 1,008
No of installments remaining 1
No of installments per year 1
Interest rate 10.00%
Installments $1,108.44
Date Balance Installment
Jul FY09 1,008 $1,108.44
NBP
Amount outstanding 700
No of installments remaining 4
No of installments per year 4
Interest rate 10.00%
Installments $186.07
Date Balance Installment
Sep FY10 700 $186.07
Dec FY10 531.43 $186.07
Mar FY10 358.64 $186.07
Jun FY10 181.53 $186.07
SCB
Amount outstanding 798.77
No of installments remaining 4
No of installments per year 2
Interest rate 11.50%
Installments $229.20
Date Balance Installment
Dec FY08 798.77 $229.20
Jun FY08 615.5 $229.20
Dec FY09 421.69 $229.20
Jun FY09 216.74 $229.20
HBL
Amount outstanding 400
No of installments remaining 2
No of installments per year 2
Interest rate 12.00%
Installments $218.17
Date Balance Installment
Jul FY08 400 $218.17
Jan FY08 205.83 $218.17
HBL
Amount outstanding 1,000
No of installments remaining 2
No of installments per year 2
Interest rate 10.00%
Installments $537.80
Date Balance Installment
Jul FY09 1,000 $537.80
Jan FY09 512.2 $537.80
UBL
Amount outstanding 450
No of installments remaining 3
No of installments per year 2
Interest rate 12.00%
Installments $168.35
Date Balance Installment
Dec FY08 450 $168.35
Jun FY08 308.65 $168.35
Dec FY09 158.82 $168.35
Citi Bank
Amount outstanding 225
No of installments remaining 6
No of installments per year 4
Interest rate 11.50%
Installments $41.36
Date Balance Installment
Sep FY08 225 $41.36
Dec FY08 190.11 $41.36
Mar FY08 154.21 $41.36
Jun FY08 117.28 $41.36
Sep FY09 79.29 $41.36
Dec FY09 40.21 $41.36
Citi Bank
Amount outstanding 901
No of installments remaining 10
No of installments per year 2
Interest rate 11.50%
Installments $121.04
Date Balance Installment
Dec FY08 901 $121.04
Jun FY08 832.28 $121.04
DecFY09 759.1 $121.04
Jun FY09 681.71 $121.04
Dec FY10 599.88 $121.04
Jun FY10 513.33 $121.04
Dec FY11 421.81 $121.04
Jun FY11 325.03 $121.04
Dec FY12 222.69 $121.04
Jun FY12 114.45 $121.04
ABL
Amount outstanding 1,500
No of installments remaining 4
No of installments per year 4
Interest rate 10.86%
Installments $400.79
Date Balance Installment
Oct FY10 1,500 $400.79
Jan FY10 1,140 $400.79
Apr FY10 770 $400.79
Jul FY11 390 $400.79
ABL
Amount outstanding 500
No of installments remaining 5
No of installments per year 12
Interest rate 10.86%
Installments $102.73
Date Balance Installment
Aug FY09 500 $102.73
Sep FY09 401.79 $102.73
Oct FY09 302.7 $102.73
Nov FY09 202.71 $102.73
Dec FY09 101.81 $102.73
Bank Al-Habib
Amount outstanding 500
No of installments remaining 6
No of installments per year 2
Interest rate 9.00%
Installments $96.94
Date Balance Installment
Dec FY09 500 $96.94
Jun FY09 425.56 $96.94
Dec FY10 347.77 $96.94
Jun FY10 266.48 $96.94
Dec FY11 181.53 $96.94
Jun FY11 92.76 $96.94
KASB
Amount outstanding 300
No of installments remaining 12
No of installments per year 12
Interest rate 11.00%
Installments $26.51
Date Balance Installment
Jan FY09 300 $26.51
Feb FY09 276.24 $26.51
Mar FY09 252.25 $26.51
Apr FY09 228.05 $26.51
May FY09 203.63 $26.51
Jun FY09 178.98 $26.51
Jul FY10 154.11 $26.51
Aug FY10 129 $26.51
Sep FY10 103.67 $26.51
Oct FY10 78.11 $26.51
Nov FY10 52.31 $26.51
Dec FY10 26.27 $26.51
ABL
Amount outstanding 1300
No of installments remaining 1
No of installments per year 1
Interest rate 9.00%
Installments $1,417.00
Date Balance Installment
Aug FY10 1300 $1,417.00
Profitability ratios
Gross profit to sales 22% 20% 38% 35% 36%
Profit before tax to sales 16% 16% 33% 30% 32%
Net profit after tax to sales 15% 10% 23% 21% 24%
Solvency ratios
Working capital ratio 0.93 0.79 2.12 0.63 0.94
Acid test ratio 0.74 0.63 1.93 0.57 0.85
Assessment ratios
ROE 8% 6% 16% 16% 27%
BV/share 14 14 16 19 27
Debt to equity ratio 0 0 0 1 2
Fair value
DCF based Rs 96/share
FY07 FY08 FY09 FY10 FY11
10,406 11,409 11,086 10,943 12,684
32% 34% 34% 34% 35%
1,899 2,154 2,156 1,984 2,322