BALANCE SHEET ANALYSIS OF JOINT STOCK …irfanlal.yolasite.com/resources/bsa.pdfBALANCE SHEET...

BALANCE SHEET ANALYSIS

OF

JOINT STOCK COMPANIES LISTED ON THE KARACHI STOCK EXCHANGE

(2004-2009) STATE BANK OF PAKISTAN STATISTICS AND DWH DEPARTMENT

Team Leader

Dr. Azizullah Khattak Director [email protected]

Team Members

Dr. Ishaque Ahmed Ansari Additional Director [email protected]

Sajjad Hussain Senior Joint Director [email protected]

Shahid Latif Joint Director [email protected]

Muhammad Saeed Assistant Director [email protected]

Muhammad Arfan Dilber Assistant Director [email protected]

mailto:[email protected]

C o n t e n t s

Page No.

Introduction i

Methodology ii - x

Executive Summary xi xv

Key Performance Indicators xvi

Analytical Tables and Profiles:

I. Sectors

(a) Overall

1 2

(b) Private 3 - 4

(c) Public 5 - 6

II. Economic Groups

1. Textile & Other Textiles

(a) Textiles 7 - 238

(b) Other Textiles 239- 265

2. Chemicals 266 323

3. Engineering 324 384

4. Sugar & Allied Industries 385 442

5. Paper & Board 443 460

6. Cement 461 496

7. Fuel & Energy 497 541

8. Transport & Communication 542 565

9. Other

(a) Tobacco 566 574

(b) Jute 575 584

(c) Vanaspati & Allied Industries 585 594

(d) Miscellaneous 595 682

III. Appendix:1 684 - 687

Appendix:2 688 - 689

Introduction

I. Preliminaries

The analysis is based on the published balance sheets of non-financial companies listed at the

Karachi Stock Exchange during the year 2009. For the purpose of comparison, the analysis of the previous

five years is also included in the publication. The number of companies included in the statistical analysis

varied from year to year. All the listed companies (except financial sector) during 2009 have been

classified into economic groups except Tobacco, Jute, Vanaspati & allied and Others which have been

included into the miscellaneous group. The year-wise distribution of companies classified according to the

respective economic group is as under: -

Table: 1 Distribution of companies by economic groups.

Economic Groups Years

2004 2005 2006 2007 2008 2009

Cotton and Other Textiles Chemicals Engineering Sugar and Allied Industries Paper and Board Cement Fuel and Energy Transport Miscellaneous Total:

189 36 42 35 12 22 25 13 77

451

182 34 41 35 12 22 28 15 74

443

181 34

41 35 10 22 28 12 73

436

180

34 41 36 10 20 27 12 77

437

182

35 40 36 10 21 27 12 74

437

167 36 38 36 9

21 27 13 67

414

During 2009, eight new companies were added whereas thirty one companies were excluded from the

analysis mainly due to non-availability of their annual balance sheets for the last three years or more.

Annual reports of twenty one companies (mostly on default counter of KSE) were not available at the

time of the analysis. To present a comparable and consolidated picture, the last available data in respect of

these companies have been repeated.

The sum of Assets and Liabilities of a company may exhibit minor differences due to rounding off

separate items. Ratios and percentages have been worked out after rounding off the figures in thousands,

which may, therefore, slightly differ from ratios obtained from actual amount of balance sheet. The

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

The publication is based on the two sets of analysis:

(a) Overall summary: This gives the consolidated financial analysis of companies listed at KSE.

(b) Company-wise analysis: This provides financial analysis of the individual companies.

II. Methodology

A. Capital Structure

1. Ordinary Share Capital

This represents the total 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.).

2. Reserves

It is evaluated by aggregating all kinds of reserves except depreciation reserve and reserve for bad and

doubtful debts plus the balance of profit and loss account and subtracting there from intangible or

fictitious assets (e.g., goodwill, preliminary expenses, exploration accounts, patents, trade mark) and

adverse balance of profit and loss figures. The reserves entering into the calculation are: -

(i) General

(ii) Capital

(iii) Development

(iv) Dividend equalization

(v) Proposed issue of bonus shares

(vi) Profit on re-issue of forfeited shares

(vii) Premium on shares

(viii) Capital profit arising from the sale of fixed assets

(ix) Special reserves under relevant provision of Income Tax Act

(x) Raw material price equalization

(xi) Tax equalization

(xii) Contingency

(xiii) Leave passage

(xiv) Workmens compensation fund

(xv) Gratuity, pension or provident fund

(xvi) Investment depreciation but not including provision for actual shortfall of market value as

compared with book value

(xvii) Publicity

(xviii) Employees housing and welfare fund

(xix) Charities

(xx) Deferred liabilities

(xxi) Taxation reserves including deferred taxation reserves, but not including provision for tax

assessed or estimated on actual or part of profits.

3. Shareholders Equity

This item purports to represent the total stake of the shareholders in the business and has been

obtained by adding the ordinary share capital to the surplus.

4. Preference Shares

As the name indicates these are ordinary shares of a company and pays a fixed dividend (whether the

company is earning profit or making loss during operation), but its shareholders have no voting privilege.

In case of liquidation of the company its status is normally considered prior to the status of ordinary

shareholders. The difference between ordinary shares and preference shares is as follows:

ii

a) Ordinary shareholder will 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 to claim on the net assets of the company in case of liquidation, while the claim of the preference shareholders is paid earlier.

5. 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, sometimes convertible into stock. At present, debentures have

been replaced by TFCs (Term Finance Certificates).

6. Other Fixed Liabilities

The liabilities, which are required to be discharge after a period of more than one year from the date of

balance sheet, are termed as other fixed liabilities or loan capital. They may consist of the

following items:

(i) Loans from financial institutions. (ii) Loans from non bank financial companies. (iii) Loans from specialized financial institutions (iv) Foreign loans (v) Vendors account

7. Total Fixed Liabilities

It is the sum of the preference shares, debentures and other fixed liabilities.

8. Total Capital Employed

It is the sum of shareholders equity and total fixed liabilities.

B. Liquidity

1. Current Assets

An asset is to be a current asset, which can be readily convertible into cash or equivalent without any

significant loss in value. The current assets comprise of liquid assets, inventories and other current

assets.

a) Liquid Assets

Broadly speaking, liquid assets comprise of all assets like cash, bank balance, marketable security, etc.,

which are easily realisable almost at book value. While there cannot be two opinions regarding the

status of cash, current accounts and government securities in this context, the treatment of savings and

fixed deposits and of shares of joint stock companies not quoted on stock exchange leaves the analyst

in doubt. The classification of borderline cases had therefore, to be made partly in keeping with the

iii

objective of the analysis and partly on ones own subjective judgment. For this study, liquid assets that

are also sometimes referred to as liquid capital have been bifurcated as cash and investments

and comprise of the following items: -

(i) Cash in hand (ii) Cash in transit

(iii) Current deposits

(iv) Saving deposits

(v) Call deposits

(vi) Fixed deposits

(vii) Deposits held abroad

(viii) Government and corporate securities

(ix) Savings and Unit Trust Certificates

(x) Debentures stock of local or foreign companies

b) Inventories

It comprises of stocks of raw material in hand, work in progress and finished goods at the closing

date

c) Other Current Assets

The following items are taken as other current assets:

(i) Book debts including bad and doubtful debts (ii) Stores (iii) Work in progress(current) (iv) Advances, prepayments, etc.

9. Current Liabilities

All liabilities, which are required to be discharge 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. The current liability consists of the following items.

(a) Sundry Creditors

(i) Income tax payable (ii) For expenses (iii) For other finance (iv) 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

iv

(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

10. Total Liabilities

This item pertains to sum of total fixed liabilities and current liabilities except shareholders equity.

11. Net Current Assets

It has been obtained by deducting the amount of current liabilities from current assets.

12. Contractual Liabilities

This item pertains to all secured debentures, long-term loans, finance lease, short term secured loans

and bank overdraft (Interest bearing secured loans).

13. Net Liquid Assets

This is the difference of liquid assets and the current liabilities.

C. Fixed Assets

1. Fixed Assets at Cost

In contra distinction to current assets, fixed assets consist of items, which are not readily convertible

into cash during the course of normal operations of an enterprise. These items are not subject to

periodical exchange through sales and purchases. Fixed assets are of permanent nature and are not

normally liquidated or intended to be turns 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 (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.

v

(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.

2. Fixed Assets After Deducting Accumulated Depreciation

Deducting the accumulated depreciation from the fixed assets of the company gives this item.

3. Depreciation for the year

It includes all the depreciation charges to the profit and loss account during the year. Owing to the

absence of uniform accounting standards, depreciation is a subjective item and varies from company to

company. It is important for the analyst to know what effect such variation could have on the net

profit.

4. Total Assets

This item is sum of fixed assets at cost after deducting accumulated depreciation, and current assets.

D. Operations

1. Gross Sales

This item represents the sale proceeds of the company. Sales revenue is classified as local sales and

export sales.

2. Gross Profit

Subtracting cost of sales from sales revenue arrives at gross profit.

3. Overhead and Other Expenses

These are total expenses that are incurred on the operational activities of a company except financial

expenses and include:

(i) Cost of sales (ii) Administrative and general expenses (iii) Selling and distribution expenses (iv) Other expenses

5. Operating Profit

Subtracting overhead and other expenses from gross sales and adding thereto-non-operating income

gives operating profit.

6. Financial Expenses

These are interest expense incurred on borrowing of long and short terms loans. It includes the

following items;

vi

(i) Mark-up and interest on long term loan (ii) Mark-up and interest on debentures and redeemable capital (iii) Mark-up and interest on short term loan (iv) Interest on private loan (v) Financial charges against assets subject to finance lease (vi) Interest and mark-up on supplier credit (vii) Interest on workers profit participation fund. (viii) Bank charges and commission. (ix) Excise duty on long and short-term finance. (x) Discounting charges on receivables. (xi) Exchange losses.

7. Net Profit before Tax Provision

It is the profit earned by the company during the year before tax provision.

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 distribute 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 net profit after tax of

the company during the year.

E. Source of Increase in Capital Employed

1.Increase/ Decrease in Capital Employed

The difference in value of total capital employed (i.e., share capital, surplus, preference capital,

debentures and other fixed liabilities) at the beginning of the year and the corresponding figures at the end

of the year and shown as increase (+)/ decrease (-).

2. Retention in Business

This item 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.

3. Finance from outside the company

The difference between the increase in the capital employed and the retention in the business is the

finance from outside the company. It is possible for this item to be negative. Indeed in some

circumstances it is also possible for the increase in the capital employed as well as the retention in

business to be negative, for instance where dividends are distributed not out of the current earnings but

out of the reserves.

vii

F. Cash Flow Data

1. Depreciation for the year plus Retention in Business

The total funds that corporation generates internally for investment in the modernization and

expansion of plant and equipment.

2. Depreciation for the year plus changes in Capital Employed

Depreciation for the year is added in the difference of two successive years figures of total capital

employed.

G. Operating Financial & Investment Ratios

1. Gearing Ratio

This item shows the proportion that the fixed loan capital bears to the total capital employed.

Where there is preference capital, there is an item of Gearing i.e., the fixed loan capital plus the

preference capital as the ratio of the total capital employed. The justification for taking the

preference capital together with the fixed liabilities is that, from the ordinary

shareholders point of view, both items represent a fixed charge on the profits. Total capital

employed is shareholders equity plus total fixed liabilities. Gearing becomes inapplicable

when the shareholders equity becomes zero or negative.

2. Current Ratio

This item tells a lender about the liquidity of the assets and as a result its ability to pay the short - term

debts.

3. Acid Tests 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.

4. Debt Equity Ratio

In debt equity ratio, the total debt is compared with the shareholders equity; the lower the ratio the

better the companys solvency, the higher ratio is a risk to a present or future creditor.

5. Return on assets

This ratio is considered a measure of how effectively assets are used to generate a return.

6. Self -Financing Ratio

The ratio expresses the amounts retained in business as percentage of increase/ decrease in the capital

employed.

viii

7. Cash Flow Ratio

This ratio has a purpose somewhat similar to the self-financing ratio. The only difference being that it

takes into account the amount of depreciation.

8. Shareholders Equity as % of Ordinary Share Capital

It is the shareholders equity to the ordinary share capital, which means the stake of ordinary

shareholders in the total equity of the company.

9. Overhead and Other Expenses as % of Gross Sales

It shows the ratio of overhead and other expenses to the gross sales. This is an important ratio, which

indicates the contribution of operating expenses in the operating revenue through sales of the company.

Lowering the percentage, the company is more viable and efficient.

10. Financial Expenses as % of Operating Profit

This shows the ratio of financial expenses to operating profit. It identifies how much weight the

company will bear from its operating profit before reaching to the net profit before tax. Smaller ratio is a

good for a company.

10. Financial Expenses as % of Gross Sales

It shows the ratio of financial expenses to gross sales. Lowering the ratio indicates the financial

discipline of the company and the increasing ratio indicates that the company is facing financial

expense burden out of its gross sales revenue

11. Financial Expenses as % of Contractual Liabilities

It shows cost incurred (interest/mark up paid) on contractual liabilities.

13. Tax Provision as % of Net Pre-tax Profit

It shows the portion of net profit set aside for tax provisions.

14. Sundry Debtors as % of Gross 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.

15. Net Profit as % of Shareholders Equity

It is worked out by dividing the net profit before tax by the shareholders equity, expressing the result in

percentage.

ix

H. Key Performance Indicators

1. Dividend Cover Ratio

The ratio of net profit after tax to total amount of dividend.

2. Dividend Ratio to Equity

This item has been worked out by dividing the total amount of dividend by the shareholders equity,

expressing the result in percentage.

3. Net Profit Margin.

This ratio shows how much profit comes from every rupee of sales.

4. Earning per Share

It has been arrived by dividing the net profit (before/after tax) by the number of ordinary shares.

5. Average annual % Depreciation on Written Down Fixed Assets

This item is simple depreciation rate and is intended to give some idea of the companys practice with

regard to depreciation. Since there are so many items in the fixed assets schedule, it is not practicable to

calculate depreciation rate for all the items individually. Therefore, an aggregate depreciation rate for all

the items taken together has been worked out. The method is to take total depreciation provided during

the financial year and dividing it by the written down value of the total fixed assets at the beginning of

the financial year. The result is expressed in percentage.

6. Sales as % of Total Assets

This item indicates how efficiently the business of a company generates sales on each rupee of assets.

7. Sales Growth (Current Years Sales - Last Years Sales)

Sales growth is the percentage increase or decrease in sales between two time periods.

8. Break-up Value of Ordinary Shares

It is obtained by dividing the sum of ordinary share capital and the surplus by the number of ordinary

shares.

x

xi

Executive Summary

The non-financial sector companies listed at Karachi Stock Exchange (KSE) showed relatively better

performance during the year 2009. Positive outlook has been seen on account of sales and profitability in

sugar, paper & board and cement sectors while a depression is observed in engineering, jute and other

textile sectors. Brief review of the important indicators during years 2008 and 2009 is given below.

Capital Structure

Total paid up capital of ordinary shareholders increased by Rs. 20.44 billion or 4.87 percent from Rs.

419.56 billion in 2008 to Rs. 439.99 billion in 2009, where as it was increased by Rs. 25.05 billion or 6.35

percent in 2008 over 2007. Sector wise position of capital structure is as under:

Total Capital Employed by Economic Sectors

(Million Rupees)

Economic Sector Total Capital Employed

2009 2008

Change (%)

Cotton Textile 199,425 211,020 -5.49

Other Textile 27,004 31,678 -14.76

Chemicals 219,096 148,574 47.47

Engineering 88,103 84,356 4.44

Sugar and Allied Industries 35,474 31,339 13.20

Paper and Board 44,698 40,919 9.24

Cement 176,777 186,940 -5.44

Fuel and Energy 424,075 390,674 8.55

Transport and Communications 205,629 197,664 4.03

Tobacco 11,060 9,612 15.07

Jute 5,901 5,310 11.12

Vanaspati and Allied Industries -474 -1,225 61.35

Others 65,687 64,316 2.13

Total 1,502,455 1,401,177 7.23

Total shareholders equity increased by 8.32 percent from Rs. 969.08 billion to Rs. 1049.69 billion during

2009. Total fixed liabilities increased by 4.78 percent from Rs. 432.10 billion in 2008 to Rs.452.77 billion

in 2009. A comparison of growth, in the composition of capital structure in the current year with that of

the previous year yields:

2009 over 2008 2008 over 2007

Shareholders equity 8.32 % 1.69 %

Total fixed liabilities 4.78 % 19.28 %

Total capital employed 7.23 % 6.53 %

xii

Positive growth trend observed in shareholders equity and similarly the total fixed liabilities maintain

positive growth momentum but comparatively slower as compare to last year which reflects demand for

finances from banks and other financial institutions. Total capital employed is also quite favorable this

year except textile and cement sector. The increase in ordinary share capital and reserve & surplus during

the year were 4.87 percent and 10.95 percent respectively. The change in reserve and surplus was

negative (-1.61 %) in the previous year.

Liquidity

Overall liquid assets of non-financial sector decreased by 6.60 percent from Rs.422.93 billion in 2008 to

Rs. 395.02 billion in 2009 as against an increase of 3.36 percent last year. The major decrease during the

year was in the sectors

of cement by Rs.

12.98 billion and Fuel

& Energy by Rs.

63.91 billion. Cash

and bank balance

showed a decrease of

Rs. 33.5 billion or

19.38 percent in 2009

as against an increase

of 1.89 percent

witnessed last year.

Whereas short-term

investment increased

by 2.24 percent or Rs.

5.6 billion in 2009 as against an increase of 4.41 percent in 2008. Working capital at Rs. 48.56 billion

showed a decrease of 32.12 percent in 2009 from Rs.71.53 billion in 2008. Total liabilities of the

corporate sector increased by 13.24 percent i.e. from Rs.1854.38 billion in 2008 to Rs.2099.85 billion in

2009.

440.0

609.7

1049.7

452.8

1502.5

0.0

200.0

400.0

600.0

800.0

1000.0

1200.0

1400.0

1600.0

Paid-up Capital

Surplus Shareholders equity

Total fixed liabilities

Total capital employed

Billi

onRu

pees

Figure 1: Capital Structure of Non-Financial sector-2009

2004 2005 2006 2007 2008 2009

Cash and bank balances 160.9 188.3 184.1 169.7 172.9 139.4

Investments 80.3 112.6 192.5 239.5 250.0 255.6

Liquid Assets 241.2 300.9 376.7 409.2 422.9 395.0

Working capital 95.8 159.7 143.8 154.9 71.5 48.6

0.050.0

100.0150.0200.0250.0300.0350.0400.0450.0

Bill

ion

Ru

pe

es

Figure 2: Aggregate Composition of Assets

xiii

Fixed Assets

The fixed assets after deducting accumulated depreciation (book value) of overall position amounted to

Rs.1453.89 billion in

2009. The increase was

noted to be of RS.

124.3 billion or 9.34

percent in 2009 over

the previous year. Total

assets stood at Rs.

3149.53 billion in 2009

shown an increase of

11.55 percent over Rs.

2823.46 billion in

2008.

Operational Activities

The gross sales of all non-financial listed companies were Rs.3431.92 billion in 2009 as against Rs.

3356.39 billion in 2008, showing an increase of Rs. 75.5 billion or 2.25 percent while local sales

remained same,

whereas the export

sales increased by Rs.

75.5 billion or 30.02

percent in the current

year. Cost of goods

sold at Rs. 2938.19

billion in 2009,

showing an increase of

2.74 percent as

compared to the

previous year. The

gross profit decreased

by Rs. 2.8 billion or

0.56 percent from Rs.

496.49 billion in 2008

to Rs. 493.74 billion in 2009. The major sectors which contributed in this decline were paper &

paperboard by 53.08 percent, other textile by 31.85 percent, Transport & communication by 16.00 percent

, Fuel & energy by 10.88 percent, chemical by 11.23 percent, vanaspati & allied industries by 8.89

percent, and engineering by 7.8 percent.

2004 2005 2006 2007 2008 2009

Gross sales 1632.8 2031.2 2571.0 2837.9 3356.4 3431.9

Cost of sales 1360.2 1672.7 2166.3 2431.1 2859.9 2938.2

0.0

500.0

1000.0

1500.0

2000.0

2500.0

3000.0

3500.0

4000.0

Bill

ion

Ru

pe

es

Figure 4: Gross Sales and Cost of Sales

2004 2005 2006 2007 2008 2009

Fixed Assets (book value) 720.3 858.6 1016.6 1160.3 1329.6 1453.9

Total assets 1413.0 1703.5 2048.4 2356.6 2823.5 3149.5

0.0

500.0

1000.0

1500.0

2000.0

2500.0

3000.0

3500.0

Billi

on R

upee

s

Figure 3: Composition of Assets

xiv

Net profit before taxes, which stood at Rs. 202.58 billion in 2008 decreased by Rs. 5.89 billion or 2.90

percent to Rs.196.99 billion in 2009. Increase in net Profit before tax is shown in the sectors of Transport

& communication Rs. 44.52 billion, cement Rs. 11.61 billion, paper and paperboard Rs. 4.27 billion,

sugar and allied

industries Rs. 2.28

billion whereas

decline is witnessed

in fuel & energy

Rs. 40.63 billion,

chemicals Rs.

11.51 billion,

cotton textile Rs.

10.37 billion and

engineering Rs.

6.98 billion. Out of

profit amount

retained in the

business was Rs.

10.47 billion in

2009 as against Rs.

4.68 billion in 2008 showed an increase of Rs. 5.8 billion or 123.72 percent.

The finance inducted from outside sources of the business is increased by 11.78 percent to Rs. 90.81

billion in 2009 as compared to Rs. 81.24 billion in 2008 which shows increased business momentum in

2009. Return on assets, which were 7.2 percent in 2008 further decreased to 6.3 percent in 2009 reflect

the capital market which started declining during the previous year, also continued its downward trend in

the current year.

2004 2005 2006 2007 2008 2009

Net profit (before taxes) 175.5 225.0 256.7 229.3 202.9 197.0

Retention in business 52.1 92.3 81.0 71.1 4.7 10.5

0.0

50.0

100.0

150.0

200.0

250.0

300.0

Billi

on R

upee

s

Figure 5: Net Profit and Retention

xv

Key Financial Ratios

Sundry debtors ratio to gross sales indicates a growth of 43.12 percent, at 15.6 percent in 2009 from 10.9

percent in 2008. Dividend ratio to equity, which was 11 percent in 2008, remains same in 2009. Corporate

sector dividend payout has been grown by 8.60 percent as compared to 8.83 percent in 2008.

Bonus shares issued by the companies in non-financial sector recorded an increase of 1.59 percent as

compared with the 59.06 percent in the previous year. Earnings per share after tax which was Rs. 2.60 per

share in 2008 has increased to Rs. 2.90 per share in 2009 (net increase of 11.54 percent in the value per

share during the current year). The ratio of gross sales to total assets, which was 118.9 percent in 2008,

was decreased to 109 percent in 2009. This is a negative sign for the corporate sector that rising assets did

not succeed to promote more sales, which showed positive relationship in the previous year. Overall it is

evident that during the year 2009 the listed companys of non-financial sector shows a mixed trend in

almost all areas of financial analysis as being the course last year.

2004 2005 2006 2007 2008 2009

Sundry debtors as % of gross sales

7.0 7.8 7.8 8.8 10.9 15.6

Dividend ratio to equity 12.4 8.9 11.7 10.2 11.0 11.0

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

Perc

ent

Figure 6: Key Financial Ratios

(Million Rupees)

KeyPerformance

Indicators

Paid -up-Capital 439,997.9 37,841.0 9,046.9 50,917.7 12,780.7 2,238.9 55,661.4 150,799.1 3,182.8 523.8 12,515.1

Total amount 115,341.4 1,535.1 322.1 19,676.0 4,226.4 3,491.5 1,490.0 66,559.0 3,312.2 42.6 6,217.5

of dividend

Total value of 4,840.7 279.2 0.0 1,196.4 379.6 0.0 784.9 2,027.2 0.0 42.6 231.0

bonus shares issued

Increace/ Decrease(-) 101,277.4 -11,595.3 -4,674.4 70,521.8 3,747.2 3,779.4 -10,163.0 33,400.2 1,448.2 590.6 1,370.6

in capitral employed

Dividend cover 109.1 -331.7 -1,103.9 134.2 80.7 125.6 393.0 116.1 122.2 1,619.5 171.4

ratio (%)

Dividend ratio to 11.0 1.2 1.7 15.1 5.5 12.7 1.3 18.6 29.9 0.8 11.1

equity (%)

Net profit 5.7 -0.9 -5.7 14.2 3.1 18.0 5.5 6.1 17.5 10.3 9.1

margin (%)

Return on equity (%) 18.8 -2.3 -16.9 29.8 10.0 16.7 6.1 32.4 55.7 17.8 27.2

Earning per share 4.5 -0.8 -3.5 7.6 6.0 20.5 1.3 7.7 19.3 19.0 12.2

before tax (Rs./share)

Earning per share 2.9 -1.3 -3.9 5.2 2.7 19.6 1.1 5.1 12.7 13.2 8.5

after tax (Rs./share)

Avg. Annual depreciation 8.0 7.5 9.9 13.3 8.9 7.3 4.2 8.1 12.8 7.8 8.0

as % of fixed assets

(Book Value)

Sale as % of 109.0 81.1 81.9 83.6 134.8 45.5 46.2 157.5 153.8 124.7 132.3

total assets

Sales growth (%) 2.3 8.4 -2.5 6.9 -13.7 8.1 16.1 6.4 -52.6 -12.6 2.4

Breakup value of 23.9 34.6 20.8 25.5 59.6 123.1 20.9 23.7 34.7 106.4 44.7

ordinary shares (in Rs)

0.0

4.6

172.8

3.3

0.0

1.2

0.0

184.8

26.1

2.2

89.5

6.1

751.7

-27.5

-14.4

253.3

4.1

0.5

48.8

8.6

2.3

4.2

0.4

0.0

8.4

2.4

Fuel

and

Ene

rgy

Tra

nspo

rt &

Com

mun

icat

ions

Tob

acco

3.4

13.0

Cem

ent

95,822.6

8,460.9

181.9

7,965.0

-4.1

-12.6

10.3

8,495.3

574.4

161.8

4,135.8

359.4

3.6

2.6

Table: Key performance Indicators by Economic Groups for theYear 2009

Overall

Economic Groups

Tex

tile

Sect

or

Oth

er T

extil

es

Che

mic

als

Eng

inee

ring

Suga

r an

d A

llied

Indu

stir

es

Jute

Van

aspa

ti &

Alli

ed In

dust

ries

Oth

ers

Pape

r an

d B

oard

xvi

A.Capital Structure:

B.Liquidity:

C.Fixed Assets:

D.Operation:

E.Sources of Increase In Capital Employed:

F.Cash Flow Data

G.Operating Financial & Investment Ratios:

H.Key Performance Indicators:

1.Ordinary Share Capital 2.Surplus 3.Shareholder's Equity (A1+A2) 4.Prefrence Shares 5.Debentures 6.Other Fixed Liabilities 7.Total Fixed Liabilities (A4+A5+A6) 8.Total Capital Employed (A3+A7)

1.Liquid Assets: (i)Cash (ii)Investments 2.Other Current Assets 3.Inventories 4.Current Assets (B1+B2+B3) 5.Current Liabilities 6.Total Liabilities(A7+B5) 7.Net Current Assets(B4-B5) 8.Contractual Liabilities 9.Net liquid assets (B1-B5)

1.Fixed Asset At Cost 2.Fixed assets after deducting accumulated depreciation 3.Depreciation for the year 4.Total assets (B4+C2)

1.Gross sales (i)Local sales (ii)Export sales 2.Cost of Sales 3.Gross profit 4.Overhead and Other Expenses 5.Operating profit 6.Financial expenses 7.Net profit before tax (D5-D6) 8.Tax provision 9.Total amount of dividend 10.Total value of bonus shares issued

1.Increase/decrease in capital employed (A8 - A8 of preceding year) 2.Retention in business (D7-D8-D9) 3.Finance from outside the company (E1-E2)

1.Depreciation for the year plus retention in business: cash flow (C3+E2) 2.Depreciation for the year plus changes in capital employed (C3+E1)

1.Gearing ratio (A7 as % of A8) 2.Current ratio (B4 as % of B5) 3.Acid test or Quick ratio (B4-B3 as % B5) 4.Debt equity ratio (B6 as % of A3) 5.Return on assets (D7 as % of C4) 6.Self financing ratio (E2 as % of E1) 7.Cash flow ratio F1 as % of F2 8.Shareholders equity as % of ordinary share capital (A3 as % of A1) 9.Overhead and other expenses as % of gross sales (D4 as % D1) 10.Financial expenses as % of operating profit (D6 as % of D5) 11.Financial expense as % of gross sales (D6 as % of D1) 12.Financial expenses as % of contractual liabilities (D6 as % B8) 13.Tax provision as % of net pre-tax profit (D8 as % of D7) 14.Sundry debtors as % of gross sales 15.Return on Equity (D7 as % of A3)

1.Dividend cover ratio [(D7 - D8) as % of D9] 2.Dividend ratio to equity (D9 as % of A3) 3.Net profit margin (D7 as % of D1) 4.Earning per share before tax (D7/No. of ordinary shares) 5.Earning per share after tax [(D7-D8)/No. of ordinary shares] 6.Average annual % depreciation on written down fixed assets 7.Sales as % of total assets (D1 as % of C4) 8.Earning per share before tax growth (current year EPS - last year EPS/ last year EPS) 9.Sales growth (current year's 'sales - last year's sales / last year's sales) 10.Break-up value of ordinary shares (in rupees)

2004 2005 2006 2007 2008 2009

305607.6 354203.5 372335.5 394509.6 419555.4 439997.9

289229.7 430745.5 501329.3 558499.1 549522.7 609688.0

594837.3 784949.0 873664.8 953008.7 969078.1 1049685.9

1083.4 3628.2 3519.3 10168.4 9451.9 11989.5

23473.5 30904.9 31265.3 45095.4 49685.8 53487.6

196727.2 198830.9 251932.6 306985.9 372960.9 387291.1

221284.1 233364.0 286717.2 362249.7 432098.6 452768.2

816121.4 1018313.0 1160382.0 1315258.4 1401176.7 1502454.1

241184.3 300873.5 376657.8 409161.4 422926.1 395016.0

160856.8 188306.3 184141.8 169690.2 172892.1 139380.3

80327.5 112567.2 192516.0 239471.2 250034.0 255635.7

267962.8 337303.3 414622.0 515561.9 708862.2 971037.2

183539.6 206674.0 240567.9 271532.6 362027.0 329584.6

692686.7 844850.8 1031847.7 1196255.9 1493815.3 1695637.8

596893.4 685142.3 888036.0 1041342.7 1422282.3 1647077.7

818177.5 918506.3 1174753.2 1403592.4 1854380.9 2099845.9

95793.3 159708.5 143811.7 154913.2 71533.0 48560.1

373561.8 445335.7 556211.5 646344.5 842756.6 802081.5

-355709.1 -384268.8 -511378.2 -632181.3 -999356.2 -1252061.7

1150211.4 1458664.4 1671976.7 1863049.7 2090354.5 2343722.9

720328.2 858604.5 1016570.4 1160345.2 1329643.7 1453894.5

60445.2 69186.1 75870.1 86225.3 96564.7 100172.3

1413014.9 1703455.3 2048418.1 2356601.1 2823459.0 3149532.3

1632833.9 2031217.2 2570950.5 2837922.7 3356386.8 3431922.4

1507135.3 1898311.0 2406191.2 2632698.1 3104745.7 3104739.9

125698.6 132906.2 164759.3 205224.6 251641.1 327182.5

1360160.9 1672723.8 2166348.2 2431127.0 2859893.8 2938185.9

272673.0 358493.4 404602.3 406795.7 496493.0 493736.5

1471056.3 1814613.0 2328818.5 2616505.1 3130055.8 3189172.9

199205.3 254458.2 305994.2 296425.9 298814.2 325319.6

23751.7 29473.3 49293.8 67127.4 95936.5 128333.7

175453.6 224984.9 256700.4 229298.5 202877.7 196985.9

49604.0 62677.7 73133.2 60628.3 91992.7 71173.8

73715.2 70028.1 102525.7 97589.8 106204.7 115341.4

2263.2 3398.8 5763.8 2995.8 4765.0 4840.7

172834.0 202191.6 142069.0 154876.4 85918.3 101277.4

52134.4 92279.1 81041.5 71080.4 4680.3 10470.7

120699.6 109912.5 61027.5 83796.0 81238.0 90806.7

112579.6 161465.2 156911.6 157305.7 101245.0 110643.0

233279.2 271377.7 217939.1 241101.7 182483.0 201449.7

27.1 22.9 24.7 27.5 30.8 30.1

116.0 123.3 116.2 114.9 105.0 102.9

85.3 93.1 89.1 88.8 79.6 82.9

137.5 117.0 134.5 147.3 191.4 200.0

12.4 13.2 12.5 9.7 7.2 6.3

30.2 45.6 57.0 45.9 5.4 10.3

48.3 59.5 72.0 65.2 55.5 54.9

194.6 221.6 234.6 241.6 231.0 238.6

90.1 89.3 90.6 92.2 93.3 92.9

11.9 11.6 16.1 22.6 32.1 39.4

1.5 1.5 1.9 2.4 2.9 3.7

6.4 6.6 8.9 10.4 11.4 16.0

28.3 27.9 28.5 26.4 45.3 36.1

7.0 7.8 7.8 8.8 10.9 15.6

29.5 28.7 29.4 24.1 20.9 18.8

170.7 231.8 179.0 172.8 104.4 109.1

12.4 8.9 11.7 10.2 11.0 11.0

10.7 11.1 10.0 8.1 6.0 5.7

5.7 6.4 6.9 5.8 4.8 4.5

4.1 4.6 4.9 4.3 2.6 2.9

9.2 9.2 8.8 8.6 8.3 8.0

115.6 119.2 125.5 120.4 118.9 109.0

39.0 12.3 7.8 -15.9 -17.2 -6.3

18.1 24.4 26.6 10.4 18.3 2.3

19.5 22.2 23.5 24.2 23.1 23.9

Overall (Million Rupees)Items

1

0

50

100

150

200

250

2004 2005 2006 2007 2008 2009

Operating, Financial & Investment Ratios

Gearing ratio Debt equity ratio Current ratio

Overall

shahid latifText Box%

Items









2004 2005 2006 2007 2008 2009

189177.8 220928.2 236670.1 308092.5 331850.5 349612.6 211634.0 319837.8 402749.4 479868.0 486619.7 471550.8 400811.8 540766.0 639419.5 787960.5 818470.2 821163.4

1082.4 3627.2 3518.3 10168.4 9451.9 11979.5 7546.9 16484.7 18018.3 31384.0 37255.7 33890.1

131238.9 161820.7 184310.6 231063.9 268078.8 291920.7 139868.2 181932.6 205847.2 272616.3 314786.4 337790.3 540680.0 722698.6 845266.7 1060576.8 1133256.6 1158953.7

160047.9 224657.7 266378.1 340787.9 355255.9 347177.0 90921.4 139135.3 108408.3 140648.6 145194.1 125268.1 69126.5 85522.4 157969.8 200139.3 210061.8 221908.9

168720.4 208525.6 260344.2 347485.0 484899.1 565484.2 144697.0 179421.2 200624.0 235366.3 297817.7 286747.0 473465.3 612604.5 727346.3 923639.2 1137972.7 1199408.2 393110.6 486178.7 585272.5 784171.9 1059687.7 1167002.4 532978.8 668111.3 791119.7 1056788.2 1374474.1 1504792.7

80354.7 126425.8 142073.8 139467.3 78285.0 32405.8 270828.5 374633.0 430169.6 511631.4 666958.2 648934.7-233062.7 -261521.0 -318894.4 -443384.0 -704431.8 -819825.4

724104.7 932476.7 1072793.1 1473687.2 1641850.4 1839043.0 460325.2 596272.5 703192.7 921109.6 1054971.5 1126548.5

37306.1 41702.7 47779.6 66432.8 74568.7 80515.2 933790.5 1208877.0 1430539.0 1844748.8 2192944.2 2325956.7

1031308.4 1287627.4 1640222.3 1952451.1 2261888.1 2248470.8 913080.1 1167237.6 1496605.1 1747226.5 2010247.0 1921288.3 118228.3 120389.8 143617.2 205224.6 251641.1 327182.5 853942.3 1040154.0 1337243.2 1678945.1 1942861.4 1932042.0 177366.1 247473.4 302979.1 273506.0 319026.7 316428.8 922263.0 1116097.4 1427524.6 1812290.0 2129222.2 2104045.2 126206.0 195110.0 249914.7 196526.6 184341.7 201204.0

18046.2 23992.7 38928.3 55508.7 82256.1 106622.7 108159.8 171117.3 210986.4 141017.9 102085.6 94581.3

26730.9 39922.5 51181.0 33043.0 52493.8 38791.5 39909.3 60169.1 89644.3 49877.3 46303.5 67494.9 2206.0 3340.5 3988.0 2252.8 3942.0 3181.0

133840.3 182018.6 122568.1 215310.1 72679.8 25697.1 41519.6 71025.7 70161.1 58097.6 3288.3 -11705.1 92320.7 110992.9 52407.0 157212.5 69391.5 37402.2

78825.7 112728.4 117940.7 124530.4 77857.0 68810.1 171146.4 223721.3 170347.7 281742.9 147248.5 106212.3

25.9 25.2 24.4 25.7 27.8 29.1 120.4 126.0 124.3 117.8 107.4 102.8 83.6 89.1 90.0 87.8 79.3 78.2

133.0 123.5 123.7 134.1 167.9 183.3 11.6 14.2 14.7 7.6 4.7 4.1 31.0 39.0 57.2 27.0 4.5 -45.6 46.1 50.4 69.2 44.2 52.9 64.8

211.9 244.8 270.2 255.8 246.6 234.9 89.4 86.7 87.0 92.8 94.1 93.6 14.3 12.3 15.6 28.2 44.6 53.0 1.7 1.9 2.4 2.8 3.6 4.7 6.7 6.4 9.0 10.8 12.3 16.4

24.7 23.3 24.3 23.4 51.4 41.0 6.9 7.2 7.3 8.2 10.3 13.5

27.0 31.6 33.0 17.9 12.5 11.5

204.0 218.0 178.3 216.5 107.1 82.7 10.0 11.1 14.0 6.3 5.7 8.2 10.5 13.3 12.9 7.2 4.5 4.2 5.7 7.7 8.9 4.6 3.1 2.7 4.3 5.9 6.8 3.5 1.5 1.6 8.9 8.3 8.0 8.4 8.0 8.2

110.4 106.5 114.7 105.8 103.1 96.7 54.1 35.1 15.6 -48.3 -32.6 -12.9 22.8 24.9 27.4 19.0 15.8 -0.6 21.2 24.5 27.0 25.6 24.7 23.5

Private (Million Rupees) A.Capital Structure:

B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data



3

0

50

100

150

200

2004 2005 2006 2007 2008 2009



Private


Items









2004 2005 2006 2007 2008 2009

116429.8 133275.3 135665.4 86417.0 87704.9 90385.3 77595.7 110907.7 98580.0 78631.1 62903.1 138137.2

194025.5 244183.0 234245.4 165048.1 150608.0 228522.5 1.0 1.0 1.0 0.0 0.0 10.0

15926.7 14420.3 13247.0 13711.4 12430.1 19597.4 65488.4 37010.2 67622.0 75922.0 104882.1 95370.4 81416.1 51431.5 80870.0 89633.4 117312.2 114977.8

275441.6 295614.5 315115.4 254681.5 267920.2 343500.3

81136.3 76215.7 110279.7 68373.6 67670.2 47839.0 69935.3 49171.0 75733.5 29041.7 27698.0 14112.2 11201.0 27044.7 34546.2 39331.9 39972.2 33726.8 99242.3 128777.7 154277.8 168076.9 223963.2 405553.0 38842.6 27252.7 39943.9 36166.4 64209.2 42837.6

219221.2 232246.1 304501.4 272616.9 355842.6 496229.6 203782.8 198963.7 302763.6 257170.8 362594.6 480075.4 285198.9 250395.2 383633.6 346804.2 479906.8 595053.2

15438.4 33282.4 1737.8 15446.1 -6752.0 16154.2 102733.5 70702.8 126042.0 134713.1 175798.4 153146.8-122646.5 -122748.0 -192483.9 -188797.2 -294924.4 -432236.4

426106.6 526187.7 599183.6 389362.5 448504.1 504679.9 260003.1 262331.9 313377.6 239235.6 274672.2 327346.0

23139.1 27483.4 28090.5 19792.6 21996.0 19657.2 479224.3 494578.0 617879.0 511852.5 630514.8 823575.6

601525.5 743589.7 930728.2 885471.6 1094498.6 1183451.7 594055.2 731073.3 909586.1 885471.6 1094498.6 1183451.7

7470.3 12516.4 21142.1 0.0 0.0 0.0 506218.6 632569.8 829105.0 752181.9 917032.4 1006144.0

95306.9 111019.9 101623.2 133289.7 177466.2 177307.7 548793.3 698515.7 901293.9 804215.1 1000833.6 1085127.8

72999.2 59348.0 56079.5 99899.3 114472.5 124115.5 5705.4 5480.6 10365.5 11618.8 13680.4 21710.9

67293.8 53867.4 45714.0 88280.5 100792.1 102404.6 22873.1 22755.1 21952.1 27585.3 39498.9 32382.3 33805.9 9859.0 12881.4 47712.5 59901.1 47846.5

57.2 58.3 1775.8 743.0 823.0 1659.7

39937.2 20172.9 19500.9 -60433.9 13238.7 75580.1 10614.8 21253.3 10880.5 12982.7 1392.1 22175.8 29322.4 -1080.4 8620.4 -73416.6 11846.6 53404.3

33753.9 48736.7 38971.0 32775.3 23388.1 41833.0 63076.3 47656.3 47591.4 -40641.3 35234.7 95237.3

29.6 17.4 25.7 35.2 43.8 33.5 107.6 116.7 100.6 106.0 98.1 103.4 88.5 103.0 87.4 91.9 80.4 94.4

147.0 102.5 163.8 210.1 318.6 260.4 14.0 10.9 7.4 17.2 16.0 12.4 26.6 105.4 55.8 -21.5 10.5 29.3 53.5 102.3 81.9 -80.6 66.4 43.9

166.6 183.2 172.7 191.0 171.7 252.8 91.2 93.9 96.8 90.8 91.4 91.7 7.8 9.2 18.5 11.6 12.0 17.5 0.9 0.7 1.1 1.3 1.2 1.8 5.6 7.8 8.2 8.6 7.8 14.2

34.0 42.2 48.0 31.2 39.2 31.6 7.1 8.9 8.6 10.0 12.2 19.6

34.7 22.1 19.5 53.5 66.9 44.8

131.4 315.6 184.5 127.2 102.3 146.3 17.4 4.0 5.5 28.9 39.8 20.9 11.2 7.2 4.9 10.0 9.2 8.7 5.8 4.0 3.4 10.2 11.5 11.3 3.8 2.3 1.8 7.0 7.0 7.7 9.7 10.9 10.4 9.7 9.5 7.4

125.5 150.3 150.6 173.0 173.6 143.7 26.1 -31.0 -15.0 200.0 12.7 -1.7 11.1 23.6 25.2 -4.9 23.6 8.1 16.7 18.3 17.3 19.1 17.2 25.3

Public (Million Rupees) A.Capital Structure:

B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data



5

0

50

100

150

200

250

300

350

2004 2005 2006 2007 2008 2009



Public


Textile Sector

(Million Rupees)


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











2004 2005 2006 2007 2008 2009

23063.4 23232.7 30692.3 32773.5 35312.2 37841.046532.9 66875.1 82835.2 103273.6 99395.5 93207.869596.3 90107.8 113527.5 136047.1 134707.7 131048.8

241.9 1589.6 1632.7 2432.7 1656.0 2400.21232.3 3809.7 8509.3 10540.8 4626.2 5519.7

42697.9 56145.9 61886.5 58962.1 70030.0 60455.944172.1 61545.2 72028.5 71935.6 76312.2 68375.8

113768.4 151653.0 185556.0 207982.7 211019.9 199424.6

18250.6 21657.9 42084.2 45664.5 55206.2 53092.24183.1 5119.6 4836.7 4469.9 3549.5 3404.7

14067.5 16538.3 37247.5 41194.6 51656.7 49687.547823.8 45580.3 51999.6 80538.1 83281.8 81293.748221.5 65966.8 65342.5 69284.4 91723.2 89825.9

114295.9 133205.0 159426.3 195487.0 230211.2 224211.8110989.6 130940.0 150625.6 181364.5 209755.9 222550.5155161.7 192485.2 222654.1 253300.1 286068.1 290926.3

3306.3 2265.0 8800.7 14122.5 20455.3 1661.3106246.1 149646.0 173336.9 168521.5 208489.3 185995.4-92739.0 -109282.1 -108541.4 -135700.0 -154549.7 -169458.3

169461.8 218342.7 258252.5 278657.2 279383.0 325372.1110462.1 149387.9 176755.2 193860.4 190564.6 197763.811239.1 7960.9 11748.3 13181.5 14644.0 13767.0

224758.0 282592.9 336181.5 389347.4 420775.8 421975.6

227136.5 187364.1 250294.5 288506.1 315557.5 342209.2123172.6 98149.2 139938.1 144851.5 166324.2 169311.6103963.9 89214.9 110356.4 143654.6 149233.3 172897.6207428.3 164218.8 220338.1 253538.6 278948.1 298906.419708.2 23145.3 29956.4 34967.5 36609.4 43302.8

216704.8 173186.0 232406.4 266942.1 295240.2 319640.012821.1 17159.6 21874.9 27381.2 32411.6 27772.95788.8 7029.6 14715.2 19380.4 25117.3 30846.77032.3 10130.0 7159.7 8000.8 7294.3 -3073.84212.5 1393.1 2072.0 4605.7 15459.3 2018.21124.2 1341.7 1457.6 853.7 1445.1 1389.7

101.6 572.2 520.0 51.1 615.1 136.0

18211.7 37884.6 33903.0 22426.7 3037.2 -11595.31695.6 7395.2 3630.1 2541.4 -9610.1 -6481.7

16516.1 30489.4 30272.9 19885.3 12647.3 -5113.6

12934.7 15356.1 15378.4 15722.9 5033.9 7285.329450.8 45845.5 45651.3 35608.2 17681.2 2171.7

38.8 40.6 38.8 34.6 36.2 34.3103.0 101.7 105.8 107.8 109.8 100.759.5 51.4 62.5 69.6 66.0 60.4

222.9 213.6 196.1 186.2 212.4 222.03.1 3.6 2.1 2.1 1.7 -0.79.3 19.5 10.7 11.3 -316.4 55.9

43.9 33.5 33.7 44.2 28.5 335.5301.8 387.8 369.9 415.1 381.5 346.395.4 92.4 92.9 92.5 93.6 93.445.2 41.0 67.3 70.8 77.5 111.12.5 3.8 5.9 6.7 8.0 9.05.4 4.7 8.5 11.5 12.0 16.6

59.9 13.8 28.9 57.6 211.9 -65.710.7 13.2 11.2 11.5 12.7 14.110.1 11.2 6.3 5.9 5.4 -2.3

250.8 651.2 349.0 397.7 -565.0 -366.41.6 1.5 1.3 0.6 1.1 1.13.1 5.4 2.9 2.8 2.3 -0.93.0 4.4 2.3 2.4 2.1 -0.81.2 3.8 1.7 1.0 -2.3 -1.3

11.9 6.9 8.3 7.3 8.1 7.5101.1 66.3 74.5 74.1 75.0 81.1-3.2 46.7 -47.7 4.3 -12.5 -138.120.4 -17.5 33.6 15.3 9.4 8.430.2 38.8 37.0 41.5 38.1 34.6

Textile SectorItems

9

0

50

100

150

200

250

2004 2005 2006 2007 2008 2009



Cotton Textiles


(Million Rupees)


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











2004 2005 2006 2007 2008 2009

40.0 40.0 40.0 40.0 40.0 40.0 75.8 63.5 38.9 13.3 9.2 -180.1

115.8 103.5 78.9 53.3 49.2 -140.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

343.2 343.9 343.9 27.4 304.7 0.0 343.2 343.9 343.9 27.4 304.7 0.0 459.0 447.4 422.8 80.7 353.9 -140.1

5.5 5.3 5.3 0.2 16.7 11.1 0.5 0.3 0.3 0.2 0.2 0.1 5.0 5.0 5.0 0.0 16.5 11.0

116.4 110.1 109.7 120.7 115.3 155.4 102.2 109.9 99.7 84.0 84.0 84.0 224.1 225.3 214.7 204.9 216.0 250.5 157.3 167.9 180.2 510.8 247.8 568.3 500.5 511.8 524.1 538.2 552.5 568.3 66.8 57.4 34.5 -305.9 -31.8 -317.8

343.2 343.9 343.9 27.4 304.7 11.8-151.8 -162.6 -174.9 -510.6 -231.1 -557.2

510.1 510.1 510.1 510.1 509.8 209.6 392.2 390.0 388.3 386.6 385.6 177.7

2.0 1.4 1.8 3.3 0.9 4.0 616.3 615.3 603.0 591.5 601.6 428.2

115.0 56.7 60.2 36.0 0.0 0.0 115.0 56.7 60.2 36.0 0.0 0.0

0.0 0.0 0.0 0.0 0.0 0.0 112.2 58.6 71.6 47.4 5.6 9.4

2.8 -1.9 -11.4 -11.4 -5.6 -9.4 119.0 63.9 77.9 51.7 8.9 13.3

-3.6 -6.7 -17.4 -14.4 -7.8 -65.5 7.0 5.2 7.0 7.0 7.0 7.1

-10.6 -11.9 -24.4 -21.4 -14.8 -72.6 0.5 0.2 0.3 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 32.5 0.0

-11.3 -11.6 -24.6 -342.1 273.2 -494.0-11.1 -12.1 -24.7 -21.4 -14.8 -72.6

-0.2 0.5 0.1 -320.7 288.0 -421.4

-9.1 -10.7 -22.9 -18.1 -13.9 -68.6-9.3 -10.2 -22.8 -338.8 274.1 -490.0

74.8 76.9 81.3 34.0 86.1 0.0 142.5 134.2 119.1 40.1 87.2 44.1 77.5 68.7 63.8 23.7 53.3 29.3

432.2 494.5 664.3 1009.8 1123.0 0.0-1.7 -1.9 -4.0 -3.6 -2.5 -17.0

100.4 6.3 -5.4 14.7 100.4 5.3 -5.1 14.0

289.5 258.8 197.3 133.3 123.0 -350.3 103.5 112.7 129.4 143.6 0.0 0.0

-40.2 -48.6 -89.7 -10.8 6.1 9.2 11.6 19.4 0.0 0.0 2.0 1.5 2.0 25.5 2.3 60.2

-1.2 0.0 0.0 0.0 1.2 0.2 0.0 0.0 0.0 0.0-9.2 -11.5 -30.9 -40.2 -30.1 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0-9.2 -21.0 -40.5 -59.4 0.0 0.0-2.7 -3.0 -6.1 -5.4 -3.7 -18.2-2.8 -3.0 -6.2 -5.4 -3.7 -18.2 0.5 3.6 0.5 0.8 0.2 1.0

18.7 9.2 10.0 6.1 0.0 0.0-30.8 11.1 103.3 -11.5 -31.5 391.9-16.1 -50.7 6.2 -40.2 -100.0 29.0 25.9 19.7 13.3 12.3 -35.0

(Colony) Sarhad Textile Mills Ltd.Items

- -- -

- -

- -

- -

-

11

(Million Rupees)


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











2004 2005 2006 2007 2008 2009

55.7 55.7 55.7 55.7 55.7 55.7 79.5 82.2 101.5 52.5 18.1 -21.5

135.2 137.9 157.2 108.2 73.8 34.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

135.8 162.2 157.1 275.0 203.1 199.2 135.8 162.2 157.1 275.0 203.1 199.2 271.0 300.1 314.3 383.2 276.9 233.4

34.6 7.1 3.9 1.6 3.3 4.0 34.6 7.1 3.9 1.6 3.3 4.0 0.0 0.0 0.0 0.0 0.0 0.0

50.1 40.1 34.8 53.7 47.9 73.4 24.7 75.5 95.9 85.2 52.6 56.9

109.4 122.7 134.6 140.5 103.8 134.3 219.3 225.7 197.3 138.1 195.1 223.2 355.1 387.9 354.4 413.1 398.2 422.4

-109.9 -103.0 -62.7 2.4 -91.3 -88.9 161.2 251.2 266.0 359.3 276.4 277.7

-184.7 -218.6 -193.4 -136.5 -191.8 -219.2

487.9 470.3 461.7 478.8 479.6 445.9 380.8 403.3 377.1 380.8 368.2 322.2 10.6 10.2 13.2 14.0 13.4 12.7

490.2 526.0 511.7 521.3 472.0 456.5

369.6 542.2 881.4 777.4 374.9 120.6 369.6 542.2 881.4 777.4 374.9 120.6

0.0 0.0 0.0 0.0 0.0 0.0 361.4 516.1 831.3 748.5 374.1 132.8

8.2 26.1 50.1 28.9 0.8 -12.2 383.6 531.2 868.4 765.1 383.6 141.6-12.9 15.2 13.2 12.3 -8.7 -6.6

8.0 10.8 19.7 25.9 23.9 28.1-20.9 4.4 -6.5 -13.6 -32.6 -34.7

0.0 2.4 4.4 3.9 1.9 0.0 0.0 0.0 0.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

60.0 29.1 14.2 68.9 -106.3 -43.5-20.9 2.0 -11.5 -17.5 -34.5 -34.7 80.9 27.1 25.7 86.4 -71.8 -8.8

-10.3 12.2 1.7 -3.5 -21.1 -22.0 70.6 39.3 27.4 82.9 -92.9 -30.8

50.1 54.0 50.0 71.8 73.3 85.3 49.9 54.4 68.2 101.7 53.2 60.2 38.6 20.9 19.6 40.0 26.2 34.7

262.6 281.3 225.4 381.8 539.6 1235.1-4.3 0.8 -1.3 -2.6 -6.9 -7.6

-34.8 6.9 -81.0 -25.4 32.5 79.8-14.6 31.0 6.2 -4.2 22.7 71.4 242.7 247.6 282.2 194.3 132.5 61.4 103.8 98.0 98.5 98.4 102.3 117.4

71.1 149.2 210.6 -274.7 -425.8 2.2 2.0 2.2 3.3 6.4 23.3 5.0 4.3 7.4 7.2 8.6 10.1

54.5 -67.7 -28.7 -5.8 0.0 3.5 5.0 1.8 2.4 6.0 16.9

-15.5 3.2 -4.1 -12.6 -44.2 -101.5

-1816.7 0.0 0.0 0.0 0.0 0.0 0.4 0.0 0.0 0.0-5.7 0.8 -0.7 -1.7 -8.7 -28.8-3.8 0.8 -1.2 -2.4 -5.9 -6.2-3.8 0.4 -2.0 -3.1 -6.2 -6.2 4.3 2.7 3.3 3.7 3.5 3.4

75.4 103.1 172.2 149.1 79.4 26.4-22.4 -121.1 -250.0 100.0 145.8 5.1 71.6 46.7 62.6 -11.8 -51.8 -67.8 24.3 24.8 28.2 19.4 13.2 6.1

(Colony) Thal Textile Mills Ltd.Items

-

-

- -

12

(Million Rupees)


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











2004 2005 2006 2007 2008 2009

93.0 93.0 93.0 93.0 93.0 93.0-319.2 -81.8 -405.2 -437.5 -443.7 -443.7-226.2 11.2 -312.2 -344.5 -350.7 -350.7

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

418.5 179.3 81.0 285.1 229.8 229.8 418.5 179.3 81.0 285.1 229.8 229.8 192.3 190.5 -231.2 -59.4 -120.9 -120.9

8.2 2.7 2.2 1.1 0.4 0.4 8.2 2.7 2.2 1.1 0.4 0.4 0.0 0.0 0.0 0.0 0.0 0.0

28.0 21.2 28.9 36.1 6.8 6.8 47.5 63.0 69.0 13.0 11.6 11.6 83.7 86.9 100.1 50.2 18.8 18.8

198.7 199.5 618.9 383.1 399.6 399.6 617.2 378.8 699.9 668.2 629.4 629.4

-115.0 -112.6 -518.8 -332.9 -380.8 -380.8 607.0 216.9 192.2 290.7 234.0 234.0

-190.5 -196.8 -616.7 -382.0 -399.2 -399.2

449.6 457.1 456.5 456.5 456.5 456.5 307.2 302.9 287.8 273.5 259.9 259.9 16.2 11.8 15.1 14.2 13.6 13.6

390.9 389.8 387.9 323.7 278.7 278.7

273.2 192.4 269.3 387.9 378.8 378.8 273.2 192.4 269.3 387.9 378.8 378.8

0.0 0.0 0.0 0.0 0.0 0.0 303.0 210.4 306.9 415.4 380.9 380.9-29.8 -18.0 -37.6 -27.5 -2.1 -2.1 308.9 214.4 311.6 419.8 384.5 384.5-16.5 -22.0 1.5 -31.6 -5.7 -5.7

1.1 0.0 2.6 0.9 0.5 0.5-17.6 -22.0 -1.1 -32.5 -6.2 -6.2

1.4 0.8 1.3 1.9 1.9 1.9 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

260.1 -1.8 -421.7 171.8 -61.5 0.0-19.0 -22.8 -2.4 -34.4 -8.1 -8.1 279.1 21.0 -419.3 206.2 -53.4 8.1

-2.8 -11.0 12.7 -20.2 5.5 5.5 276.3 10.0 -406.6 186.0 -47.9 13.6

217.6 94.1 0.0 0.0 0.0 0.0 42.1 43.6 16.2 13.1 4.7 4.7 18.2 12.0 5.0 9.7 1.8 1.8

3382.1 0.0 0.0 0.0 0.0-4.5 -5.6 -0.3 -10.0 -2.2 -2.2-7.3 0.6 -20.0 13.2 0.0-1.0 -110.0 -3.1 -10.9 -11.5 40.4

-243.2 12.0 -335.7 -370.4 -377.1 -377.1 113.1 111.4 115.7 108.2 101.5 101.5

173.3 -2.8 -8.8 -8.8 0.4 0.0 1.0 0.2 0.1 0.1 0.2 0.0 1.4 0.3 0.2 0.2

-118.2 -5.8 -30.6 -30.6 0.8 1.1 0.9 1.4 0.4 0.4

-196.4 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

-6.4 -11.4 -0.4 -8.4 -1.6 -1.6-1.9 -2.4 -0.1 -3.5 -0.7 -0.7-2.0 -2.5 -0.3 -3.7 -0.9 -0.9 5.0 3.8 5.0 4.9 5.0 5.0

69.9 49.4 69.4 119.8 135.9 135.9-50.0 26.3 -95.8 3400.0 -80.0 0.0

1.8 -29.6 40.0 44.0 -2.3 0.0-24.3 1.2 -33.6 -37.0 -37.7 -37.7

Accord Textiles Ltd.Items

-

-

- -

- -

-

- --

13

(Million Rupees)


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











2004 2005 2006 2007 2008 2009

77.3 77.3 77.3 77.3 77.3 77.3 34.3 34.3 10.5 -26.1 -52.0 -90.4

111.6 111.6 87.8 51.2 25.3 -13.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

102.8 93.7 85.6 53.6 23.6 0.0 102.8 93.7 85.6 53.6 23.6 0.0 214.4 205.3 173.4 104.8 48.9 -13.1

0.4 33.5 0.3 0.2 0.0 0.0 0.4 33.5 0.3 0.2 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

32.5 37.9 36.8 37.2 47.2 43.9 96.3 181.0 74.2 51.1 17.6 3.9

129.2 252.4 111.3 88.5 64.8 47.8 351.5 506.9 411.9 436.5 449.4 476.0 454.3 600.6 497.5 490.1 473.0 476.0

-222.3 -254.5 -300.6 -348.0 -384.6 -428.2 172.8 342.8 270.3 130.7 65.3 194.1

-351.1 -473.4 -411.6 -436.3 -449.4 -476.0

658.3 713.1 743.8 740.2 740.2 740.2 436.6 459.6 473.9 452.7 433.3 414.9 19.6 15.6 19.8 20.5 20.5 18.4

565.8 712.0 585.2 541.2 498.1 462.7

371.8 316.0 310.6 210.7 44.1 0.0 185.6 205.1 257.9 210.7 44.1 0.0 186.2 110.9 52.7 0.0 0.0 0.0 367.0 292.8 290.4 210.0 62.5 34.6

4.8 23.2 20.2 0.7 -18.4 -34.6 385.4 304.5 306.9 218.1 68.4 36.6-12.7 12.7 5.5 -6.5 -24.1 -36.6

8.7 11.7 26.5 29.0 1.5 1.8-21.4 1.0 -21.0 -35.5 -25.6 -38.4

1.7 1.5 1.6 1.1 0.2 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

10.7 -9.1 -31.9 -68.6 -55.9 -62.0-23.1 -0.5 -22.6 -36.6 -25.8 -38.4 33.8 -8.6 -9.3 -32.0 -30.1 -23.6

-3.5 15.1 -2.8 -16.1 -5.3 -20.0 30.3 6.5 -12.1 -48.1 -35.4 -43.6

47.9 45.6 49.4 51.1 48.3 0.0 36.8 49.8 27.0 20.3 14.4 10.0 9.4 14.1 9.0 8.6 10.5 9.2

407.1 538.2 566.6 957.2 1869.6 0.0-3.8 0.1 -3.6 -6.6 -5.1 -8.3

-215.9 70.8 53.4 46.2 61.9-11.6 232.3 23.1 33.5 15.0 45.9 144.4 144.4 113.6 66.2 32.7 -16.9 103.7 96.4 98.8 103.5 155.1 0.0

92.1 481.8 -446.2 -6.2 -4.9 2.3 3.7 8.5 13.8 3.4 0.0 5.0 3.4 9.8 22.2 2.3 0.9

150.0 -7.6 -3.1 -0.8 0.0 0.8 4.1 2.2 3.3 37.4 0.0

-19.2 0.9 -23.9 -69.3 -101.2 0.0

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0-5.8 0.3 -6.8 -16.8 -58.0 0.0-2.8 0.1 -2.7 -4.6 -3.3 -5.0-3.0 -0.1 -2.9 -4.7 -3.3 -5.0 4.7 3.6 4.3 4.3 4.5 4.2

65.7 44.4 53.1 38.9 8.9 0.0-93.8 -103.6 -2800.0 70.4 -28.3 51.5 196.0 -15.0 -1.7 -32.2 -79.1 -100.0 14.4 14.4 11.4 6.6 3.3 -1.7

Adil Textile Mills Ltd.Items

-

-

-

- -

14

(Million Rupees)


B.Liquidity:

C.Fixed Assets:

D.Operation:


F.Cash Flow Data











2004 2005 2006 2007 2008 2009

125.3 125.3 125.3 144.1 144.1 144.1 221.7 275.4 245.0 225.7 691.5 627.7 347.0 400.7 370.3 369.8 835.6 771.8

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

216.0 464.9 431.7 453.2 676.6 636.4 216.0 464.9 431.7 453.2 676.6 636.4 563.0 865.6 802.0 823.0 1512.2 1408.2

0.2 0.6 8.4 5.3 1.3 2.1 0.2 0.6 8.4 5.0 1.0 1.8 0.0 0.0 0.0 0.3 0.3 0.3

202.2 214.8 223.9 236.9 268.9 320.1 228.6 414.9 432.5 426.1 582.8 688.6 431.0 630.3 664.8 668.3 853.0 1010.8 500.7 726.8 860.3 1033.3 1357.8 1552.5 716.7 1191.7 1292.0 1486.5 2034.4 2188.9-69.7 -96.5 -195.5 -365.0 -504.8 -541.7 555.7 1036.6 1099.1 959.3 1573.6 1739.5

-500.5 -726.2 -851.9 -1028.0 -1356.5 -1550.4

995.1 1372.0 1505.6 1726.2 2651.5 2774.0 632.7 962.2 997.6 1188.1 2017.0 1950.0 66.3 47.6 99.6 107.8 121.3 103.5

1063.7 1592.5 1662.4 1856.4 2870.0 2960.8

1845.7 1386.0 2054.6 2169.7 2556.3 2736.4 826.6 727.1 1081.3 1101.8 1279.8 1458.6

1019.1 658.9 973.3 1067.9 1276.5 1277.8 1748.4 1247.0 1855.9 1988.7 2350.5 2404.3

97.3 139.0 198.7 181.0 205.8 332.1 1795.2 1286.3 1907.1 2037.1 2473.6 2498.4

51.6 100.3 150.4 133.5 84.6 243.9 36.0 40.2 121.6 130.7 188.3 296.8 15.6 60.1 28.8 2.8 -103.7 -52.9 5.7 7.4 11.7 0.0 13.2 12.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

-10.5 302.6 -63.6 21.0 689.2 -104.0 9.9 52.7 17.1 2.8 -116.9 -65.5

-20.4 249.9 -80.7 18.2 806.1 -38.5

76.2 100.3 116.7 110.6 4.4 38.0 55.8 350.2 36.0 128.8 810.5 -0.5

38.4 53.7 53.8 55.1 44.7 45.2 86.1 86.7 77.3 64.7 62.8 65.1 40.4 29.6 27.0 23.4 19.9 20.8

206.5 297.4 348.9 402.0 243.5 283.6 1.5 3.8 1.7 0.2 -3.6 -1.8

17.4 -26.9 13.3 -17.0 63.0 136.6 28.6 324.2 85.9 0.5 -7600.0 276.9 319.8 295.5 256.6 579.9 535.6 97.3 92.8 92.8 93.9 96.8 91.3 69.8 40.1 80.9 97.9 222.6 121.7 2.0 2.9 5.9 6.0 7.4 10.8 6.5 3.9 11.1 13.6 12.0 17.1

36.5 12.3 40.6 0.0 -12.7 -23.8 5.3 6.9 5.4 4.7 6.3 8.5 4.5 15.0 7.8 0.8 -12.4 -6.9

0.0 0

BALANCE SHEET ANALYSIS OF JOINT STOCK …irfanlal.yolasite.com/resources/bsa.pdfBALANCE SHEET...

Documents

Transcript of BALANCE SHEET ANALYSIS OF JOINT STOCK …irfanlal.yolasite.com/resources/bsa.pdfBALANCE SHEET...