Financial Statment of Chenab Limited
13
CHENAB LIMITED BALANCE SHEET AS AT JUNE 30, 2010 2005 2006 2007 2008 2009 2010 Rupees Rupees Rupees Rupees Rupees Rupees EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorised capital 120,000,000 ordinary shares of Rs.10/- each 1,200,000,000 1,200,000,000 # 1,200,000,000 1,200,000,000 1,200,000,000 1,200,000,000 80,000,000 cumulative preference shares of Rs.10/- each 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 Issued, subscribed and paid up capital 1,000,000,000 1,150,000,000 1,150,000,000 1,150,000,000 1,150,000,000 1,150,000,000 Cumulative preference shares 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 Capital reserves 177,838,324 412,124,038 526,409,752 640,695,466 526,409,752 526,409,752 Revenue reserves 389,861,750 383,248,306 282,728,332 (588,344) 17,466,944 (1,919,532,120) 2,367,700,074 2,745,372,344 2,759,138,084 2,590,107,122 2,493,876,696 556,877,632 SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT 269,564,992 1,163,023,827 1,160,874,228 1,160,265,688 1,159,681,490 5,209,204,302 NON-CURRENT LIABILITIES Long term financing 2,138,236,696 1,984,339,719 2,401,726,022 2,201,513,749 2,605,783,508 2,254,543,238 Liabilities against assets subject to finance lease 172,619,205 163,854,161 148,415,629 95,057,452 111,349,515 67,955,648 Long term morabaha - 80,000,000 Deferred liability Staff retirement gratuity 110,404,227 128,256,028 147,712,318 170,046,540 197,439,911 162,437,191 2,421,260,128 2,356,449,908 2,697,853,969 2,466,617,741 2,914,572,934 2,484,936,077 CURRENT LIABILITIES Trade and other payables 1,087,811,102 1,507,709,392 1,848,986,155 1,661,997,209 2,126,296,779 2,080,254,632 Interest / markup payable 101,848,450 167,295,691 174,842,551 285,107,900 350,914,058 572,015,274 Short term borrowings 3,604,661,046 4,971,835,030 5,473,669,120 6,916,842,050 7,129,403,676 7,436,953,608 Current portion of : Long term financing 180,000,000 1,153,506,200 622,602,201 1,041,769,900 624,996,458 870,413,512 Liabilities against assets subject to finance lease - 65,099,778 79,444,898 81,827,892 58,581,487 87,275,444 Long term morabaha - - 80,000,000 - - - Provision for taxation - income tax 23,816,458 43,797,194 85,446,472 82,389,038 82,933,342 88,388,024 4,998,137,056 7,909,243,285 8,364,991,397 10,069,933,989 10,373,125,800 11,135,300,494 CONTINGENCIES AND COMMITMENTS - - 10,056,662,250 14,174,089,364 14,982,857,678 16,286,924,540 16,941,256,920 19,386,318,505 ASSETS NON-CURRENT ASSETS Property, plant and equipment 4,873,500,374 6,106,946,449 7,455,966,993 7,624,816,335 7,393,978,991 11,855,461,204 Intangible asset 3,249,600 1,624,800 - - - - Long term deposits - - - - 20,988,313 19,735,910 4,876,749,974 6,108,571,249 # 7,455,966,993 7,624,816,335 7,414,967,304 11,875,197,114 # CURRENT ASSETS Stores, spares and loose tools 646,839,304 1,062,502,650 1,096,120,106 1,175,542,491 1,354,236,610 1,235,107,734 Stock in trade 2,989,559,065 3,770,941,945 3,997,183,255 4,430,822,969 4,475,234,871 2,491,388,714 Trade debts 862,456,283 1,560,103,030 1,820,814,162 2,429,040,820 3,125,515,062 3,302,962,149 Loans and advances 254,452,555 264,869,379 208,255,648 145,473,360 140,213,315 136,617,136 Deposits and prepayments 66,098,532 55,411,932 68,312,589 54,046,670 41,763,282 20,313,478 Other receivables 64,015,588 55,242,856 61,405,167 135,968,236 131,097,073 128,805,315 Tax refunds due from Government 207,055,061 293,498,566 209,553,036 231,534,410 194,877,637 178,506,493 Cash and bank balances 89,435,888 127,865,943 65,246,722 59,679,249 63,351,766 17,420,372 5,179,912,276 7,190,436,301 7,526,890,685 8,662,108,205 9,526,289,616 7,511,121,391 Non-current assets classified as held for sale 875,081,814 10,056,662,250 14,174,089,364 14,982,857,678 16,286,924,540 16,941,256,920 19,386,318,505
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Transcript of Financial Statment of Chenab Limited
CHENAB LIMITED BALANCE SHEET AS AT JUNE 30, 2010
2005 2006 2007 2008 2009 2010 Rupees Rupees Rupees Rupees Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital
120,000,000 ordinary shares of Rs.10/- each 1,200,000,000 1,200,000,000 ### 1,200,000,000 1,200,000,000 1,200,000,000 1,200,000,000
80,000,000 cumulative preference shares of Rs.10/- each 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000
Issued, subscribed
and paid up capital 1,000,000,000 1,150,000,000 1,150,000,000 1,150,000,000 1,150,000,000 1,150,000,000
Cumulative preference shares 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000 800,000,000
Capital reserves 177,838,324 412,124,038 526,409,752 640,695,466 526,409,752 526,409,752
Revenue reserves 389,861,750 383,248,306 282,728,332 (588,344) 17,466,944 (1,919,532,120) 2,367,700,074 2,745,372,344 2,759,138,084 2,590,107,122 2,493,876,696 556,877,632
SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT 269,564,992 1,163,023,827 1,160,874,228 1,160,265,688 1,159,681,490 5,209,204,302
NON-CURRENT LIABILITIES
Long term financing 2,138,236,696 1,984,339,719 2,401,726,022 2,201,513,749 2,605,783,508 2,254,543,238
Liabilities against assets subject to finance lease 172,619,205 163,854,161 148,415,629 95,057,452 111,349,515 67,955,648
Long term morabaha - 80,000,000
Deferred liabilityStaff retirement gratuity 110,404,227 128,256,028 147,712,318 170,046,540 197,439,911 162,437,191
2,421,260,128 2,356,449,908 2,697,853,969 2,466,617,741 2,914,572,934 2,484,936,077
CURRENT LIABILITIES
Trade and other payables 1,087,811,102 1,507,709,392 1,848,986,155 1,661,997,209 2,126,296,779 2,080,254,632
Interest / markup payable 101,848,450 167,295,691 174,842,551 285,107,900 350,914,058 572,015,274
Short term borrowings 3,604,661,046 4,971,835,030 5,473,669,120 6,916,842,050 7,129,403,676 7,436,953,608
Current portion of :Long term financing 180,000,000 1,153,506,200 622,602,201 1,041,769,900 624,996,458 870,413,512
Liabilities against assetssubject to finance lease - 65,099,778 79,444,898 81,827,892 58,581,487 87,275,444
Long term morabaha - - 80,000,000 - - -
Provision for taxation - income tax 23,816,458 43,797,194 85,446,472 82,389,038 82,933,342 88,388,024 4,998,137,056 7,909,243,285 8,364,991,397 10,069,933,989 10,373,125,800 11,135,300,494
CONTINGENCIES AND COMMITMENTS - -
10,056,662,250 14,174,089,364 14,982,857,678 16,286,924,540 16,941,256,920 19,386,318,505
ASSETS NON-CURRENT ASSETS
Property, plant and equipment 4,873,500,374 6,106,946,449 7,455,966,993 7,624,816,335 7,393,978,991 11,855,461,204 Intangible asset 3,249,600 1,624,800 - - - -
Long term deposits - - - - 20,988,313 19,735,910 4,876,749,974 6,108,571,249 ### 7,455,966,993 7,624,816,335 7,414,967,304 11,875,197,114 ###
CURRENT ASSETS
Stores, spares and loose tools 646,839,304 1,062,502,650 1,096,120,106 1,175,542,491 1,354,236,610 1,235,107,734 Stock in trade 2,989,559,065 3,770,941,945 3,997,183,255 4,430,822,969 4,475,234,871 2,491,388,714 Trade debts 862,456,283 1,560,103,030 1,820,814,162 2,429,040,820 3,125,515,062 3,302,962,149 Loans and advances 254,452,555 264,869,379 208,255,648 145,473,360 140,213,315 136,617,136 Deposits and prepayments 66,098,532 55,411,932 68,312,589 54,046,670 41,763,282 20,313,478 Other receivables 64,015,588 55,242,856 61,405,167 135,968,236 131,097,073 128,805,315 Tax refunds due from
Government 207,055,061 293,498,566 209,553,036 231,534,410 194,877,637 178,506,493 Cash and bank balances 89,435,888 127,865,943 65,246,722 59,679,249 63,351,766 17,420,372
5,179,912,276 7,190,436,301 7,526,890,685 8,662,108,205 9,526,289,616 7,511,121,391 Non-current assets classified as held for sale 875,081,814
10,056,662,250 14,174,089,364 14,982,857,678 16,286,924,540 16,941,256,920 19,386,318,505
CHENAB LIMITED BALANCE SHEET VERTICAL ANAYLSIS
2005 2006 2007 Rupees Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Issued, subscribed
and paid up capital 9.94% 8.11% 7.68%
Cumulative preference shares 7.95% 5.64% 5.34%
Capital reserves 1.77% 2.91% 3.51%
Revenue reserves 3.88% 2.70% 1.89%23.54% 19.37% 18.42%
SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT 2.68% 8.21% 7.75%
NON-CURRENT LIABILITIES
Long term financing 21.26% 14.00% 16.03%
Liabilities against assets subject to finance lease 1.72% 1.16% 0.99%
Long term morabaha 0.00% 0.56% 0.00%
Deferred liabilityStaff retirement gratuity 1.10% 0.90% 0.99%
CURRENT LIABILITIES
Trade and other payables 10.82% 10.64% 12.34%
Interest / markup payable 1.01% 1.18% 1.17%
Short term borrowings 35.84% 35.08% 36.53%
Current portion of :Long term financing 1.79% 8.14% 4.16%
Liabilities against assets 0.00% 0.00% 0.00%
subject to finance leaseProvision for taxation - income tax 0.24% 0.31% 0.57%
CONTINGENCIES AND COMMITMENTS
100% 100% 100%
ASSETS NON-CURRENT ASSETS
Property, plant and equipment 48.46% 43.09% 49.76%Intangible asset 0.03% 0.01% 0.00%
Long term deposits 0.00% 0.00% 0.00%
CURRENT ASSETS
Stores, spares and loose tools 6.43% 7.50% 7.32%Stock in trade 29.73% 26.60% 26.68%Trade debts 8.58% 11.01% 12.15%Loans and advances 2.53% 1.87% 1.39%
Deposits and prepayments 0.66% 0.39% 0.46%Other receivables 0.64% 0.39% 0.41%Tax refunds due from
Government 2.06% 2.07% 1.40%Cash and bank balances 0.89% 0.90% 0.44%
Non-current assets classified as held for sale
100.00% 100.00% 100.00%
2008 2009 2010 Rupees Rupees Rupees
7.06% 6.79% 5.93%4.91% 4.72% 4.13%3.93% 3.11% 2.72%
0.00% 0.10% -9.90%15.90% 14.72% 2.87%
7.12% 6.85% 26.87%
13.52% 15.38% 11.63%
0.58% 0.66% 0.35%0.00% 0.00% 0.00%
1.04% 1.17% 0.84%
10.20% 12.55% 10.73%1.75% 2.07% 2.95%
42.47% 42.08% 38.36%
6.40% 3.69% 4.49%0.00% 0.00% 0.00%
0.51% 0.49% 0.46%
100% 100% 100%
46.82% 43.64% 61.15%0.00% 0.00% 0.00%0.00% 0.12% 0.10%
7.22% 7.99% 6.37%27.20% 26.42% 12.85%14.91% 18.45% 17.04%
0.89% 0.83% 0.70%
0.33% 0.25% 0.10%0.83% 0.77% 0.66%
1.42% 1.15% 0.92%0.37% 0.37% 0.09%
100.00% 100.00% 100.00%
(46,042,147.00) 221,101,216.00 307,549,932.00 - 245,417,054.00 -
28,693,957.00 #REF!
5,454,682.00
CHENAB LIMITED BALANCE SHEET VERTICAL ANAYLSIS
2005 2006 2007 Rupees Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Issued, subscribed
and paid up capital 100.00% 115.00% 115.00%
Cumulative preference shares 100.00% 100.00% 100.00%
Capital reserves 100.00% 231.74% 296.00%
Revenue reserves 100.00% 98.30% 72.52%100.00% 115.95% 116.53%
SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT 100.00% 431.44% 430.65%
NON-CURRENT LIABILITIES
Long term financing 100.00% 92.80% 112.32%
Liabilities against assets subject to finance lease 100.00% 94.92% 85.98%
Long term morabaha 0.00% 0.00% 100.00%
Deferred liabilityStaff retirement gratuity 100.00% 116.17% 133.79%
CURRENT LIABILITIES
Trade and other payables 100.00% 138.60% 169.97%
Interest / markup payable 100.00% 164.26% 171.67%
Short term borrowings 100.00% 137.93% 151.85%
Current portion of :Long term financing 100.00% 640.84% 345.89%
Liabilities against assetssubject to finance lease 0.00% 100.00% 122.04%
Long term morabaha 0.00% 0.00% 100.00%
Provision for taxation - income tax 100.00% 183.89% 358.77%
CONTINGENCIES AND COMMITMENTS
100% 141% 149%
ASSETS NON-CURRENT ASSETS
Property, plant and equipment 100.00% 125.31% 152.99%Intangible asset 100.00% 50.00% 0.00%
Long term deposits 0.00% 0.00% 0.00%
CURRENT ASSETS
Stores, spares and loose tools 100.00% 164.26% 169.46%Stock in trade 100.00% 126.14% 133.70%Trade debts 100.00% 180.89% 211.12%Loans and advances 100.00% 104.09% 81.84%
Deposits and prepayments 100.00% 83.83% 103.35%Other receivables 100.00% 86.30% 95.92%Tax refunds due from
Government 100.00% 141.75% 101.21%Cash and bank balances 100.00% 142.97% 72.95%
Non-current assets classified as held for sale
100.00% 140.94% 148.98%
2008 2009 2010 Rupees Rupees Rupees
115.00% 115.00% 115.00%100.00% 100.00% 100.00%360.27% 296.00% 296.00%
-0.15% 4.48% -492.36%109.39% 105.33% 23.52%
430.42% 430.20% 1932.45%
102.96% 121.87% 105.44%
55.07% 64.51% 39.37%0.00% 0.00% 0.00%
154.02% 178.83% 147.13%
152.78% 195.47% 191.23%279.93% 344.55% 561.63%191.89% 197.78% 206.31%
578.76% 347.22% 483.56%
125.70% 89.99%### 134.06%0.00% 0.00% 0.00%
345.93% 348.22% 371.12%
162% 168% 193%
156.45% 151.72% 243.26%0.00% 0.00% 0.00%0.00% 100.00% 94.03%
181.74% 209.36% 190.95%148.21% 149.70% 83.34%281.64% 362.40% 382.97%
57.17% 55.10% 53.69%
81.77% 63.18% 30.73%212.40% 204.79% 201.21%
111.82% 94.12% 86.21%66.73% 70.83% 19.48%
161.95% 168.46% 192.77%
(46,042,147.00) 221,101,216.00 307,549,932.00 - 245,417,054.00 -
28,693,957.00 #REF!
5,454,682.00
CHENAB LIMITEDPROFIT AND LOSS ACCOUNTFOR THE YEAR ENDED JUNE 30, 2010
2005 2006 2007 2008 2009 2010 Rupees Rupees Rupees Rupees Rupees Rupees
Sales 5,863,108,121 ### 6,957,561,846 8,161,232,830 8,506,910,750 9,091,378,530 8,857,795,931 Cost of sales 4,707,025,163 ### 5,389,463,396 6,613,982,924 6,827,605,550 7,107,003,527 9,055,286,804 Gross (loss) / profit 1,156,082,958 1,568,098,450 1,547,249,906 1,679,305,200 1,984,375,003 (197,490,873)
Other operating income 1,786,304 1,897,562 2,888,745 8,318,792 1,390,367 135,668,917 1,157,869,262 1,569,996,012 1,550,138,651 1,687,623,992 1,985,765,370 (61,821,956)
Selling and distribution expenses 285,378,467 404,581,670 367,092,927 400,213,310 307,434,207 363,687,892 Administrative expenses 168,093,954 198,081,877 168,635,898 177,956,782 197,356,419 198,245,997 Other operating expenses 48,445,603 12,421,579 15,114,318 6,666 6,995,759 7,087,892 Finance cost 423,329,473 738,833,263 838,856,464 1,124,591,364 1,487,708,495 1,308,783,863
925,247,497 1,353,918,389 1,389,699,607 1,702,768,122 1,999,494,880 1,877,805,644 Loss before taxation 232,621,765 216,077,623 160,439,044 (15,144,130) (13,729,510) (1,939,627,600)
Provision for taxation 46,376,756 ### 65,913,075 85,656,748 80,495,372 82,933,342 88,341,710
Loss for the year 186,245,009 150,164,548 74,782,296 (95,639,502) (96,662,852) (2,027,969,310)
Earnings per share- Basic and diluted 1.25 ### 0.67 0.01 (0.83) (0.84) (17.63)
VERTICAL ANALYSIS
Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%Cost of sales 80.28% 77.46% 81.04% 80.26% 78.17% 102.23%Gross (loss) / profit 19.72% 22.54% 18.96% 19.74% 21.83% -2.23%
Other operating income 0.03% 0.03% 0.04% 0.10% 0.02% 1.53%19.75% 22.57% 18.99% 19.84% 21.84% -0.70%
Selling and distribution expenses 4.87% 5.81% 4.50% 4.70% 3.38% 4.11%Administrative expenses 2.87% 2.85% 2.07% 2.09% 2.17% 2.24%Other operating expenses 0.83% 0.18% 0.19% 0.00% 0.08% 0.08%Finance cost 7.22% 10.62% 10.28% 13.22% 16.36% 14.78%
15.78% 19.46% 17.03% 20.02% 21.99% 21.20%Loss before taxation
Provision for taxation 0.79% 0.95% 1.05% 0.95% 0.91% 1.00%
Loss for the year 3.18% 2.16% 0.92% -1.12% -1.06% -22.89%
HOREZONTAL ANALYSIS
Sales 100.00% 118.67% 139.20% 145.09% 155.06% 151.08%Cost of sales 100.00% 114.50% 140.51% 145.05% 150.99% 192.38%Gross (loss) / profit 100.00% 135.64% 133.84% 145.26% 171.65% -17.08%
Other operating income 100.00% 106.23% 161.72% 465.70% 77.83% 7594.95%
Selling and distribution expenses 100.00% 141.77% 128.63% 140.24% 107.73% 127.44%Administrative expenses 100.00% 117.84% 100.32% 105.87% 117.41% 117.94%Other operating expenses 100.00% 25.64% 31.20% 0.01% 14.44% 14.63%Finance cost 100.00% 174.53% 198.16% 265.65% 351.43% 309.16%
Loss before taxation 100.00% 92.89% 68.97% -6.51% -5.90% -833.81%
Provision for taxation 100.00% 142.13% 184.70% 173.57% 178.83% 190.49%
Loss for the year 100.00% 80.63% 40.15% -51.35% -51.90% -1088.87%
