Analysis of Firms

download Analysis of Firms

of 709

Transcript of Analysis of Firms

  • 8/7/2019 Analysis of Firms

    1/707

    BALANCE SHEET ANALYSIS

    OF

    JOINT STOCK COMPANIES

    LISTED ON THE KARACHI STOCK EXCHANGE

    (2004-2009)

    STATE BANK OF PAKISTANSTATISTICS AND DWH DEPARTMENT

  • 8/7/2019 Analysis of Firms

    2/707

    Team Leader

    Dr. Azizullah Khattak [email protected]

    Team Members

    Dr. Ishaque Ahmed Ansari Additional [email protected]

    Sajjad Hussain Senior Joint [email protected]

    Shahid Latif Joint [email protected]

    Muhammad Saeed Assistant [email protected]

    Muhammad Arfan Dilber Assistant [email protected]

    mailto:[email protected]:[email protected]:[email protected]:[email protected]
  • 8/7/2019 Analysis of Firms

    3/707

    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 12

    (b) Private 3 - 4

    (c) Public 5 - 6II. Economic Groups

    1. Textile & Other Textiles

    (a) Textiles 7 - 238

    (b) Other Textiles 239- 265

    2. Chemicals 266323

    3. Engineering 324384

    4. Sugar & Allied Industries 385442

    5. Paper & Board 443460

    6. Cement 461496

    7. Fuel & Energy 497541

    8. Transport & Communication 542565

    9. Other

    (a) Tobacco 566574

    (b) Jute 575584

    (c) Vanaspati & Allied Industries 585594

    (d) Miscellaneous 595682

    III. Appendix:1 684 - 687

    Appendix:2 688 - 689

  • 8/7/2019 Analysis of Firms

    4/707

  • 8/7/2019 Analysis of Firms

    5/707

    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 GroupsYears

    2004 2005 2006 2007 2008 2009

    Cotton and Other TextilesChemicalsEngineeringSugar and Allied Industries

    Paper and BoardCementFuel and EnergyTransportMiscellaneous

    Total:

    1893642351222251377

    451

    1823441351222281574

    443

    1813441351022281273

    436

    1803441361020271277

    437

    1823540361021271274

    437

    167363836

    921271367

    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.

  • 8/7/2019 Analysis of Firms

    6/707

    II. Methodology

    A. Capital Structure

    1.Ordinary Share CapitalThis 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 thancash (e.g. for settlement of receivables/debts or debts redeemable into stock etc.).

    2.ReservesIt is evaluated by aggregating all kinds of reserves except depreciation reserve and reserve for bad anddoubtful 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 lossfigures. 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 ascompared 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 EquityThis 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 SharesAs 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

  • 8/7/2019 Analysis of Firms

    7/707

    a) Ordinary shareholder will receive dividend, which varies according to the prosperity of thecompany 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 thepreference 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 / TFCsThese 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 LiabilitiesThe 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 LiabilitiesIt is the sum of the preference shares, debentures and other fixed liabilities.

    8.Total Capital EmployedIt is the sum of shareholders equity and total fixed liabilities.

    B. Liquidity

    1.Current AssetsAn 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 AssetsBroadly 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

  • 8/7/2019 Analysis of Firms

    8/707

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

  • 8/7/2019 Analysis of Firms

    9/707

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

    11.Net Current AssetsIt has been obtained by deducting the amount of current liabilities from current assets.

    12.Contractual LiabilitiesThis 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 AssetsThis is the difference of liquid assets and the current liabilities.

    C. Fixed Assets

    1.Fixed Assets at CostIn contra distinction to current assets, fixed assets consist of items, which are not readily convertibleinto 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

  • 8/7/2019 Analysis of Firms

    10/707

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

    3.Depreciation for the yearIt 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 AssetsThis 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 expenses5.

    Operating Profit

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

    gives operating profit.

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

    following items;

    vi

  • 8/7/2019 Analysis of Firms

    11/707

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

    8.Tax ProvisionIt is provision of taxation made on current years profit.

    9.Total Amount of DividendIt 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 IssuedThis 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 inbusiness to be negative, for instance where dividends are distributed not out of the current earnings but

    out of the reserves.

    vii

  • 8/7/2019 Analysis of Firms

    12/707

    F. Cash Flow Data

    1.Depreciation for the year plus Retention in BusinessThe 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 EmployedDepreciation for the year is added in the difference of two successive years figures of total capitalemployed.

    G. Operating Financial & Investment Ratios

    1.Gearing RatioThis 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 ordinaryshareholders point of view, both items represent a fixed charge on the profits. Total capitalemployed is shareholders equity plus total fixed liabilities. Gearing becomes inapplicable

    when the shareholders equity becomes zero or negative.

    2.Current RatioThis 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 RatioThe 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 RatioIn debt equity ratio, the total debt is compared with the shareholders equity; the lower the ratio thebetter the companys solvency, the higher ratio is a risk to a present or future creditor.

    5.Return on assetsThis ratio is considered a measure of how effectively assets are used to generate a return.

    6.Self -Financing RatioThe ratio expresses the amounts retained in business as percentage of increase/ decrease in the capital

    employed.

    viii

  • 8/7/2019 Analysis of Firms

    13/707

    7.Cash Flow RatioThis 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 CapitalIt is the shareholders equity to the ordinary share capital, which means the stake of ordinaryshareholders in the total equity of the company.

    9.Overhead and Other Expenses as % of Gross SalesIt 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 agood for a company.

    10.Financial Expenses as % of Gross SalesIt 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 LiabilitiesIt 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 shareholder s equity, expressing the result inpercentage.

    ix

  • 8/7/2019 Analysis of Firms

    14/707

    H. Key Performance Indicators

    1.Dividend Cover RatioThe ratio of net profit after tax to total amount of dividend.

    2.Dividend Ratio to EquityThis item has been worked out by dividing the total amount of dividend by the shareholder s 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 ShareIt 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 AssetsThis item is simple depreciation rate and is intended to give some idea of the companys practice withregard 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 AssetsThis 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 SharesIt is obtained by dividing the sum of ordinary share capital and the surplus by the number of ordinaryshares.

    x

  • 8/7/2019 Analysis of Firms

    15/707

    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 -5.49Other 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 %

  • 8/7/2019 Analysis of Firms

    16/707

    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

    Billion

    Rupees

    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

    Investments80.3 112.6 192.5 239.5 250.0 255.6

    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

    BillionR

    upees

    Figure 2: Aggregate Composition of Assets

  • 8/7/2019 Analysis of Firms

    17/707

    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 wasnoted 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 2008to 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

    BillionR

    upees

    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

    BillionR

    upees

    Figure 3: Composition of Assets

  • 8/7/2019 Analysis of Firms

    18/707

    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. 2.28billion 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 inthe 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

    BillionR

    upees

    Figure 5: Net Profit and Retention

  • 8/7/2019 Analysis of Firms

    19/707

    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 pershare 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 sales7.0 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

    Percent

    Figure 6: Key Financial Ratios

  • 8/7/2019 Analysis of Firms

    20/707

    (Million Rupees)

    Key

    Performance

    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

    FuelandEnergy

    Transport&

    Communications

    Tobacco

    3.4

    13.0

    Cement

    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 the

    Year 2009

    Overall

    Economic Groups

    TextileSector

    OtherTextiles

    Chemicals

    Engineering

    SugarandAllied

    n

    ustres

    Jute

    Vanaspati&

    AlliedIndustries

    Others

    PaperandBoard

    xvi

  • 8/7/2019 Analysis of Firms

    21/707

    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

  • 8/7/2019 Analysis of Firms

    22/707

    0

    50

    100

    150

    200

    250

    2004 2005 2006 2007 2008 2009

    Operating, Financial & Investment Ratios

    Gearing ratio Debt equity ratio Current ratio

    Overall

    %

  • 8/7/2019 Analysis of Firms

    23/707

    Items

    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

    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 41.06.9 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:

    E.Sources of Increase In Capital Employed:

    F.Cash Flow Data

    G.Operating Financial & Investment Ratios:

    H.Key Performance Indicators:

    3

  • 8/7/2019 Analysis of Firms

    24/707

    0

    50

    100

    150

    200

    2004 2005 2006 2007 2008 2009

    Operating, Financial & Investment Ratios

    Gearing ratio Debt equity ratio Current ratio

    Private

    %

  • 8/7/2019 Analysis of Firms

    25/707

    Items

    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

    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 31.67.1 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:

    E.Sources of Increase In Capital Employed:

    F.Cash Flow Data

    G.Operating Financial & Investment Ratios:

    H.Key Performance Indicators:

    5

  • 8/7/2019 Analysis of Firms

    26/707

    0

    50

    100

    150

    200

    250

    300

    350

    2004 2005 2006 2007 2008 2009

    Operating, Financial & Investment Ratios

    Gearing ratio Debt equity ratio Current ratio

    Public

    %

  • 8/7/2019 Analysis of Firms

    27/707

    Textile Sector

  • 8/7/2019 Analysis of Firms

    28/707

  • 8/7/2019 Analysis of Firms

    29/707

    (Million Rupees)

    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

    23063.4 23232.7 30692.3 32773.5 35312.2 37841.0

    46532.9 66875.1 82835.2 103273.6 99395.5 93207.8

    69596.3 90107.8 113527.5 136047.1 134707.7 131048.8

    241.9 1589.6 1632.7 2432.7 1656.0 2400.2

    1232.3 3809.7 8509.3 10540.8 4626.2 5519.7

    42697.9 56145.9 61886.5 58962.1 70030.0 60455.9

    44172.1 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 53092.2

    4183.1 5119.6 4836.7 4469.9 3549.5 3404.7

    14067.5 16538.3 37247.5 41194.6 51656.7 49687.5

    47823.8 45580.3 51999.6 80538.1 83281.8 81293.7

    48221.5 65966.8 65342.5 69284.4 91723.2 89825.9

    114295.9 133205.0 159426.3 195487.0 230211.2 224211.8

    110989.6 130940.0 150625.6 181364.5 209755.9 222550.5

    155161.7 192485.2 222654.1 253300.1 286068.1 290926.3

    3306.3 2265.0 8800.7 14122.5 20455.3 1661.3

    106246.1 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 325372.1

    110462.1 149387.9 176755.2 193860.4 190564.6 197763.8

    11239.1 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 342209.2

    123172.6 98149.2 139938.1 144851.5 166324.2 169311.6

    103963.9 89214.9 110356.4 143654.6 149233.3 172897.6

    207428.3 164218.8 220338.1 253538.6 278948.1 298906.4

    19708.2 23145.3 29956.4 34967.5 36609.4 43302.8

    216704.8 173186.0 232406.4 266942.1 295240.2 319640.0

    12821.1 17159.6 21874.9 27381.2 32411.6 27772.9

    5788.8 7029.6 14715.2 19380.4 25117.3 30846.7

    7032.3 10130.0 7159.7 8000.8 7294.3 -3073.8

    4212.5 1393.1 2072.0 4605.7 15459.3 2018.2

    1124.2 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 -11595.3

    1695.6 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 7285.3

    29450.8 45845.5 45651.3 35608.2 17681.2 2171.7

    38.8 40.6 38.8 34.6 36.2 34.3

    103.0 101.7 105.8 107.8 109.8 100.7

    59.5 51.4 62.5 69.6 66.0 60.4

    222.9 213.6 196.1 186.2 212.4 222.0

    3.1 3.6 2.1 2.1 1.7 -0.7

    9.3 19.5 10.7 11.3 -316.4 55.9

    43.9 33.5 33.7 44.2 28.5 335.5

    301.8 387.8 369.9 415.1 381.5 346.3

    95.4 92.4 92.9 92.5 93.6 93.4

    45.2 41.0 67.3 70.8 77.5 111.1

    2.5 3.8 5.9 6.7 8.0 9.0

    5.4 4.7 8.5 11.5 12.0 16.6

    59.9 13.8 28.9 57.6 211.9 -65.7

    10.7 13.2 11.2 11.5 12.7 14.1

    10.1 11.2 6.3 5.9 5.4 -2.3

    250.8 651.2 349.0 397.7 -565.0 -366.4

    1.6 1.5 1.3 0.6 1.1 1.1

    3.1 5.4 2.9 2.8 2.3 -0.9

    3.0 4.4 2.3 2.4 2.1 -0.8

    1.2 3.8 1.7 1.0 -2.3 -1.3

    11.9 6.9 8.3 7.3 8.1 7.5

    101.1 66.3 74.5 74.1 75.0 81.1

    -3.2 46.7 -47.7 4.3 -12.5 -138.1

    20.4 -17.5 33.6 15.3 9.4 8.4

    30.2 38.8 37.0 41.5 38.1 34.6

    Textile SectorItems

    9

  • 8/7/2019 Analysis of Firms

    30/707

    0

    50

    100

    150

    200

    250

    2004 2005 2006 2007 2008 2009

    Operating, Financial & Investment Ratios

    Gearing ratio Debt equity ratio Current ratio

    Cotton Textiles

    %

  • 8/7/2019 Analysis of Firms

    31/707

    (Million Rupees)

    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

    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

  • 8/7/2019 Analysis of Firms

    32/707

    (Million Rupees)

    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

    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 10.154.5 -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

  • 8/7/2019 Analysis of Firms

    33/707

    (Million Rupees)

    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

    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

  • 8/7/2019 Analysis of Firms

    34/707

    (Million Rupees)

    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

    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 0.9150.0 -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

  • 8/7/2019 Analysis of Firms

    35/707

    (Million Rupees)

    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

    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 11