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    ASSIGNMENT ON

    Business Research Methods

    By:

    JALAL KHAN

    Roll No.191

    RAHIM GUL

    Roll No. 192

    HAFEEZULLAH

    Roll No.313

    SHAHAIB

    Roll No. 312

    ABID

    Roll No. 256To:

    Sir, Muhammad Nouman

    INSTITUTE OF BUSINESS AND MANAGEMENT SCIENCES

    KHYBER PAKHTUNKHWA AGRICULTURAL UNIVERSITY

    PESHAWAR, PAKISTAN

    May, 2013

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    It is submitted that an assignment was given to our class by our Respected teacher Sir,

    Muhammad Nouman, Lecturer Department of Management Sciences of Agriculture University.

    For the purpose we made the group of Five friends i.e. Jalalkhan, Roll Number 191, Finance 2

    Rahim gul, Roll Number 192 Finance 2,Abid Roll number 256 finance 2,Hafeez Ullah Roll

    number313 finance 2and Shahzaib Roll number 312 finance2, and conduct the research upto the

    level of Regression. We include the three research paper as was uploaded by our respected Sir,

    under title Determinant of Capital Structure from the paper we conduct the research work on

    Textile Mills of Pakistan and take the sample of 10 Textile Company as under:-

    ApolloTextileMillsLtd.

    ArtisticDenimMillsLtd.

    AshfaqTextileMillsLtd.

    AsimTextileMillsLtd.

    AyeshaTextileMillsLtd.

    AzamTextileMillsLtd.

    AzgardNineLtd.(Legler-NafeesDenimMillsLtd.)

    BabriCottonMillsLtd.

    BilalFibres & Textile Ltd.

    BhaneroTextileMillsLtd.

    The research is conducted to see that how the Leverage (Dependent Variable) is effected by the

    Size (Independent Variable), Tangibility (Independent Variable) and Profitability (Independent

    Variable).

    We have included the research paper of Mr. Syed Kashif Ghani, which was based on the 20

    companies of the Pakistani Market and conducted in 2004-2008. In research he define the

    dependent variable and Independent variable as follow.

    i. Leverage

    Leverage is the dependent variable in this study, defined as the percentage of assets financed bydebt. We use book value of total liabilities divided by total assets as a measure of leverage

    because most firms in Pakistan rely on short-term debt to meet their capital requirements as the

    average firm size is small and banks are more inclined to lend for short-term than for long-term.

    ii. Tangibility

    It is believed that a firm with large amount of fixed assets (i.e. greater tangibility of assets) finds

    it easier to raise debt due to the collateral value of its assets as compared to a firm with lesser

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    tangible assets. Thus firms with large amount of fixed assets are expected to have higher leverage

    due to their ability to raise large amount of debt at relatively cheaper rates (Sevil et al., 2005).

    We measure tangibility of assets as a ratio of fixed assets (net of depreciation) to total assets.

    Thus the first hypothesis for this study is:

    Hypothesis 1: a firm with higher tangibility of assets will have higher leverage

    iii. Size

    Static Tradeoff Theory postulates that larger firms are likely to have higher amount of debt due

    to relatively lower risk of bankruptcy. Thus there should be a positive relationship between size

    of the firm and leverage. We measure size of the firm by natural Logarithm of sales as done,

    among others, by Chen et al. (1998) and Booth et al. (2001). This gives us our next hypothesis:

    Hypothesis 2: there is positive relationship between size of a firm and its leverage

    iv. Profitability

    Profitability is generally expected to be negatively related to leverage of the firm. There is

    contradictory view given by static tradeoff theory and pecking order theory in relation to the

    impact of profitability on firm leverage. The tradeoff theory expects a positive relation between

    profitability and leverage while Pecking order theory expects negative relationship between the

    two variables.

    We measure profitability as earning before taxes divided by firms total assets. So our next

    hypothesis is:

    Hypothesis 4: firms with higher profitability will have lower leverage

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    Theoretical Frame Work

    Independent variable

    Dependent Variable Independent Variable

    Independent variable

    1. There is Positive Relationship B/W Leverage and Tangibility.

    2. There is Positive Relationship B/W Leverage and Size.

    3. There is Negative Relationship B/W Leverage and Profitability.

    L = 1 (T) + 2 (S) + 3 (P) +

    WhereL = LeverageT = Tangibility of assetsS = Size of the firmP = Profitability = the error term

    + Tangibility

    Leverage- Profitability

    + Size

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    Companies included is as under:-

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    APOLLO TEXTILE MILLS Ltd.

    ApolloTextileMillsLtd. (Thousand

    Rupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 1,803,839 1,752,866 1,643,147 1,561,264 1,443,632 1,443,632

    1.Capitalworkinprogress - - - - 0 0

    2.Operatingfixedassetsatcost 1,833,691 1,886,933 1,765,021 1,918,256 1,922,858 1,922,858

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation

    1,803,839 1,752,866 1,643,147 1,561,264 1,437,801 1,437,801

    4.Depreciationfortheyear 42,974 128,772 134,412 126,351 129,194 129,194

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 0 0

    7.Othernon-currentassets - - - - 5,831 5,831

    B.CurrentAssets(B1+B2+B3+B4+B5) 873,367 1,037,967 1,207,679 1,504,190 1,659,504 1,659,504

    1.Cash&bankbalance 22,306 90,427 8,152 9,873 12,133 12,133

    2.Inventories 502,597 532,812 676,485 1,201,697 1,430,647 1,430,647

    3.TradeDebt 167,628 203,072 250,035 121,009 52,273 52,273

    4.Shortterminvestments 879 0 0 5,724 0 0

    5.Othercurrentassets 179,957 211,656 273,007 165,887 164,451 164,451

    C.CurrentLiabilities(C1+C2) 867,294 1,339,764 1,511,982 1,990,411 1,952,051 1,952,051

    1.ShorttermSecuredloans 747,868 860,001 1,035,280 1,391,277 1,438,238 1,438,238

    2.Othercurrentliabilities 119,426 479,763 476,702 599,134 513,813 513,813

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 934,379 786,528 680,002 363,303 497,916 497,916

    1.Longtermsecuredloans - - - - 414,041 414,041

    2.Longtermunsecuredloans - - - - 1,086 1,086

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 7,194 7,194

    5.Othernon-currentliabilities 934,379 786,528 680,002 363,303 75,596 75,596

    E.ShareholdersEquity(E1+E2+E3) 875,533 664,541 658,842 711,740 653,169 653,169

    1.Issued,Subscribed&Paidupcapital 82,847 82,847 82,847 82,847 82,847 82,847

    i).OrdinaryShares 82,847 82,847 82,847 82,847 82,847 82,847

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 792,686 581,694 575,995 628,893 193,674 193,674

    i).CapitalReserve - - - - 0 0

    ii).RevenueReserve - - - - 193,674 193,674

    3.Surplusonrevaluationoffixedassets - - - - 376,648 376,648

    F.Operation:

    1.Sales 1,088,925 1,783,680 1,864,529 1,137,616 821,057 821,057

    i).Localsales(Net) 312,661 504,254 412,968 524,624 735,065 735,065

    ii).ExportSales(Net) 776,264 1,279,426 1,451,561 612,992 85,992 85,992

    2.Costofsales 935,483 1,527,276 1,521,250 899,293 758,734 758,734

    i).Costofmaterial - - - - 594,142 594,142

    ii).Otherinputcost - - - - 164,592 164,592

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    3.GrossProfit 153,442 256,404 343,279 238,323 62,323 62,323

    4.General,administrativeandotherexpenses 67,266 88,470 91,175 58,098 60,141 60,141

    i).Selling&distributionexpenses - - - - 8,618 8,618

    ii).Administrativeandotherexpenses 67,266 88,470 91,175 58,098 51,523 51,523

    5.Salaries,wagesandemployeebenefits - - - - 105,477 105,477

    6.Financialexpenses 58,700 144,351 251,533 228,182 57,781 57,781

    ofwhich:(i)Interestexpenses - - - - 55,702 55,702

    7.Netprofitbeforetax 28,053 28,946 1,666 (43,273) (55,599) (55,599)

    8.Taxprovision(currentyear) 11,100 18,311 23,827 8,674 1,520 1,520

    9.Totalamountofdividend 0 0 0 0 0 0

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - 43,883 43,883

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 1,809,912 1,451,069 1,338,844 1,075,043 1,151,086 1,151,086

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 414,041 414,041

    3.Retentioninbusiness(F7-F8-F9) 16,953 10,635 (22,161) (51,947) (57,119) (57,119)

    4.ContractualLiabilities(G2+C1) 747,868 860,001 1,035,280 1,391,277 1,852,279 1,852,279

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.22 0.22 0.17 0.07 0.03 0.03

    2.Financialexpensesas%ofsales(F6as%ofF1) 5.39 8 .09 13.49 20.06 7.04 7.04

    3.TradeDebtas%ofsales(B3as%ofF1) 15.39 11.39 13.41 10.64 6.37 6.37

    4.Assetsturnoverratio[F1to(A+B)] 0.41 0.64 0.65 0.37 0.26 0.26

    5.Currentratio(BtoC) 1.01 0.77 0.80 0.76 0.85 0.85

    6.Costofgoodssoldtosales(F2as%ofF1) 85.91 85.63 81.59 79.05 92.41 92.41

    7.Debtequityratio[(C+D)toE] 2.06 3.20 3.33 3.31 3.75 3.75

    8.Returnonassets[F7as%ofavg.(A+B)] 1.35 1.06 0.06 -1.46 -1.80 -1.799.Returnofequity(F7as%ofavg.E) 4.96 3.76 0.25 -6.31 -8.15 -8.51

    10.Returnoncapitalemployed(F7as%ofavg.G1) 2.22 1.78 0 .12 -3.59 -5.00 -4.83

    11.Dividendcoverratio[(F7-F8)toF9] - - - - - -

    12.InventoryTurnoverRatio(F1toB2) 2.17 3.35 2.76 0.95 0.57 0.57

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - 0.00 0.00

    14.Netprofitmargin(F7as%ofF1) 2.58 1.62 0.09 -3.80 -6.77 -6.77

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 0 .02 0.02

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    2.05 1.28 -2.67 -6.27 -6.89 -6.89

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares)

    105.68 80.21 79.53 85.91 78.84 78.84

    Artistic Denim Mills Ltd.ArtisticDenimMillsLtd. (ThousandRupees)

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    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 2,071,3292,708,60

    53,115,03

    93,260,76

    83,431,575 3,425,534

    1.Capitalworkinprogress - - - - 84,401 26,960

    2.Operatingfixedassetsatcost 2,643,6423,477,01

    53,582,56

    74,328,43

    44,608,390 4,852,945

    3.Operatingfixedassetsafterdeductingaccumulated

    depreciation 2,071,329

    2,708,60

    5

    3,115,03

    9

    3,260,76

    8 3,341,198 3,393,330

    4.Depreciationfortheyear 82,065 199,963 185,353 171,955 199,900 240,434

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 0 0

    7.Othernon-currentassets - - - - 5,976 5,244

    B.CurrentAssets(B1+B2+B3+B4+B5) 627,637 879,1631,091,56

    91,322,02

    11,220,207 1,705,817

    1.Cash&bankbalance 22,919 275,909 9,859 67,280 7,481 34,965

    2.Inventories 295,490 355,065 567,663 796,552 654,557 901,334

    3.TradeDebt 205,306 200,415 424,061 368,877 416,740 579,728

    4.Shortterminvestments 0 0 0 0 12,200 14,623

    5.Othercurrentassets 103,922 47,774 89,986 89,312 129,229 175,167

    C.CurrentLiabilities(C1+C2) 704,853 813,8201,202,38

    81,267,56

    61,479,389 1,910,518

    1.ShorttermSecuredloans 491,858 686,669 935,1351,046,48

    31,198,564 1,639,303

    2.Othercurrentliabilities 212,995 127,151 267,253 221,083 280,825 271,215

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 625,0001,044,44

    4880,968 842,387 491,136 373,040

    1.Longtermsecuredloans - - - - 471,430 348,293

    2.Longtermunsecuredloans - - - - 0 0

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 0 0

    5.Othernon-currentliabilities 625,000

    1,044,44

    4 880,968 842,387 19,706 24,747

    E.ShareholdersEquity(E1+E2+E3) 1,369,1131,729,50

    42,123,25

    22,472,83

    62,681,257 2,847,793

    1.Issued,Subscribed&Paidupcapital 140,000 140,000 700,000 840,000 840,000 840,000

    i).OrdinaryShares 140,000 140,000 700,000 840,000 840,000 840,000

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 1,229,1131,589,50

    41,423,25

    21,632,83

    61,841,257 2,007,793

    i).CapitalReserve - - - - 0 0

    ii).RevenueReserve - - - - 1,841,257 2,007,793

    3.Surplusonrevaluationoffixedassets - - - - 0 0

    F.Operation:

    1.Sales 3,202,724 2,491,554

    2,499,530

    2,461,865

    3,125,384 3,671,610

    i).Localsales(Net) 22,230 28,520 56,792 102,021 123,760 138,276

    ii).ExportSales(Net) 3,180,4942,463,03

    42,442,73

    82,359,84

    43,001,624 3,533,334

    2.Costofsales 2,346,1861,746,53

    21,758,03

    81,823,85

    12,427,400 2,904,895

    i).Costofmaterial - - - - 1,535,337 2,009,358

    ii).Otherinputcost - - - - 892,063 895,537

    3.GrossProfit 856,538 745,022 741,492 638,014 697,984 766,715

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    4.General,administrativeandotherexpenses 169,227 136,146 145,144 145,620 176,606 265,451

    i).Selling&distributionexpenses - - - - 94,933 129,198

    ii).Administrativeandotherexpenses 169,227 136,146 145,144 145,620 81,673 136,253

    5.Salaries,wagesandemployeebenefits - - - - 104,120 116,159

    6.Financialexpenses 55,221 116,539 172,119 165,183 186,278 159,563

    ofwhich:(i)Interestexpenses - - - - 169,568 144,288

    7.Netprofitbeforetax 651,797 500,490 438,286 373,722 410,338 370,925

    8.Taxprovision(currentyear) 32,091 29,487 30,000 24,679 32,512 36,361

    9.Totalamountofdividend 56,000 112,000 0 0 168,000 168,000

    10.Totalvalueofbonussharesissued 0 0 0 140,000 0 0

    11.Cashflowsfromoperations - - - - 704,036 120,197

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 1,994,1132,773,94

    83,004,22

    03,315,22

    33,172,393 3,220,833

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 471,430 348,293

    3.Retentioninbusiness(F7-F8-F9) 563,706 359,003 408,286 349,043 209,826 166,564

    4.ContractualLiabilities(G2+C1) 491,858 686,669 935,135 1,046,483

    1,669,994 1,987,596

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.32 0.59 0.36 0.34 0.30 0.33

    2.Financialexpensesas%ofsales(F6as%ofF1) 1.72 4.68 6.89 6.71 5.96 4.35

    3.TradeDebtas%ofsales(B3as%ofF1) 6.41 8.04 16.97 14.98 13.33 15.79

    4.Assetsturnoverratio[F1to(A+B)] 1.19 0.69 0.59 0.54 0.67 0.72

    5.Currentratio(BtoC) 0.89 1.08 0.91 1.04 0.82 0.89

    6.Costofgoodssoldtosales(F2as%ofF1) 73.26 70.10 70.33 74.08 77.67 79.12

    7.Debtequityratio[(C+D)toE] 0.97 1.07 0.98 0.85 0.73 0.80

    8.Returnonassets[F7as%ofavg.(A+B)] 31.63 15.92 11.25 8.50 8.89 7.58

    9.Returnofequity(F7as%ofavg.E) 61.62 32.30 22.75 16.26 15.92 13.42

    10.Returnoncapitalemployed(F7as%ofavg.G1) 46.30 20.99 15.17 11.83 12.65 11.60

    11.Dividendcoverratio[(F7-F8)toF9] 11.07 4.21 - - 2.25 1.99

    12.InventoryTurnoverRatio(F1toB2) 10.84 7.02 4.40 3.09 4.77 4.07

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - 3.42 3.57

    14.Netprofitmargin(F7as%ofF1) 20.35 20.09 17.53 15.18 13.13 10.10

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 0.36 0.05

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    44.26 33.64 5.83 4.16 4.50 3.98

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares)

    97.79 123.54 30.33 29.44 31.92 33.90

    Ashfaq Textile Mills Ltd.

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    AshfaqTextileMillsLtd. (ThousandRupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 278,646 307,600 347,095 342,052 332,143 421,332

    1.Capitalworkinprogress - - - - 0 19,853

    2.Operatingfixedassetsatcost 347,322 388,828 353,574 362,734 366,600 338,850

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation 278,646 307,600 347,095 342,052 331,210 396,495

    4.Depreciationfortheyear 9,654 12,552 14,455 15,020 14,708 35,859

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 0 0

    7.Othernon-currentassets - - - - 933 4,984

    B.CurrentAssets(B1+B2+B3+B4+B5) 238,337 264,274 252,610 255,003 214,169 198,572

    1.Cash&bankbalance 4,041 29,351 21,432 2,735 3,462 2,730

    2.Inventories 127,188 138,527 138,570 156,567 141,035 85,946

    3.TradeDebt 48,855 55,804 56,861 72,627 42,006 63,547

    4.Shortterminvestments 0 0 0 0 0 0

    5.Othercurrentassets 58,253 40,592 35,747 23,074 27,666 46,349

    C.CurrentLiabilities(C1+C2) 341,302 410,978 476,716 436,419 237,559 232,554

    1.ShorttermSecuredloans 168,881 231,687 213,607 210,180 207,296 175,423

    2.Othercurrentliabilities 172,421 179,291 263,109 226,239 30,263 57,131

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 79,332 56,622 22,078 5,645 143,439 115,710

    1.Longtermsecuredloans - - - - 0 0

    2.Longtermunsecuredloans - - - - 137,000 107,000

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 6,439 8,710

    5.Othernon-currentliabilities 79,332 56,622 22,078 5,645 0 0

    E.ShareholdersEquity(E1+E2+E3) 96,349 104,274 100,911 154,991 165,314 271,6411.Issued,Subscribed&Paidupcapital 69,970 69,970 69,970 69,970 69,970 69,970

    i).OrdinaryShares 69,970 69,970 69,970 69,970 69,970 69,970

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 26,379 34,304 30,941 85,021 38,207 62,222

    i).CapitalReserve - - - - 0 0

    ii).RevenueReserve - - - - 38,207 62,222

    3.Surplusonrevaluationoffixedassets - - - - 57,137 139,449

    F.Operation:

    1.Sales 757,758 876,657 595,761 485,673 680,361 883,856

    i).Localsales(Net) 18,586 13,668 18,445 19,217 33,384 61,363

    ii).ExportSales(Net) 739,172 862,989 577,316 466,456 646,977 822,493

    2.Costofsales 663,175 761,507 510,203 410,927 585,049 777,919

    i).Costofmaterial - - - - 441,367 550,026

    ii).Otherinputcost - - - - 143,682 227,893

    3.GrossProfit 94,583 115,150 85,558 74,746 95,311 105,937

    4.General,administrativeandotherexpenses 57,213 65,991 44,604 38,037 50,001 59,385

    i).Selling&distributionexpenses - - - - 34,046 41,030

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    ii).Administrativeandotherexpenses 57,213 65,991 44,604 38,037 15,955 18,356

    5.Salaries,wagesandemployeebenefits - - - - 46,447 59,472

    6.Financialexpenses 15,356 27,428 26,611 27,779 27,570 25,265

    ofwhich:(i)Interestexpenses - - - - 20,284 18,674

    7.Netprofitbeforetax 22,014 21,731 14,343 9,412 17,740 21,286

    8.Taxprovision(currentyear) 7,243 10,349 7,380 4,645 7,074 8,534

    9.Totalamountofdividend 0 0 0 0 0 0

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - 62,534 120,271

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 175,681 160,896 122,989 160,636 308,754 387,351

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 0 0

    3.Retentioninbusiness(F7-F8-F9) 14,771 11,382 6,963 4,767 10,666 12,752

    4.ContractualLiabilities(G2+C1) 168,881 231,687 213,607 210,180 207,296 175,423

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.15 0.21 0.16 0.17 0.19 0.28

    2.Financialexpensesas%ofsales(F6as%ofF1) 2.03 3.13 4.47 5.72 4.05 2.86

    3.TradeDebtas%ofsales(B3as%ofF1) 6.45 6.37 9.54 14.95 6.17 7.19

    4.Assetsturnoverratio[F1to(A+B)] 1.47 1.53 0.99 0.81 1.25 1.43

    5.Currentratio(BtoC) 0.70 0.64 0.53 0.58 0.90 0.85

    6.Costofgoodssoldtosales(F2as%ofF1) 87.52 86.86 85.64 84.61 85.99 88.01

    7.Debtequityratio[(C+D)toE] 4.37 4.48 4.94 2.85 2.30 1.28

    8.Returnonassets[F7as%ofavg.(A+B)] 5.12 3.99 2.45 1.57 3.10 3.65

    9.Returnofequity(F7as%ofavg.E) 24.82 21.66 13.98 7.36 11.08 9.74

    10.Returnoncapitalemployed(F7as%ofavg.G1) 15.17 12.91 10.10 6.64 7.56 6.12

    11.Dividendcoverratio[(F7-F8)toF9] - - - - - -12.InventoryTurnoverRatio(F1toB2) 5.96 6.33 4.30 3.10 4.82 10.28

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - 1.87 2.14

    14.Netprofitmargin(F7as%ofF1) 2.91 2.48 2.41 1.94 2.61 2.41

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 0.16 0.35

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    2.11 1.63 1.00 0.68 1.52 1.82

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) 13.77 14.90 14.42 22.15 23.63 38.82

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    Asim Textile Mills Ltd.

    AsimTextileMillsLtd. (ThousandRupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 450,851 436,848 422,996 297,483 397,599 386,33

    1.Capitalworkinprogress - - - - 7,299 0

    2.Operatingfixedassetsatcost 576,819 585,433 593,607 594,728 594,997 610,69

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation 450,851 436,848 422,996 297,483 382,839 378,87

    4.Depreciationfortheyear 17,476 22,617 22,026 21,300 20,247 19,671

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 0 0

    7.Othernon-currentassets - - - - 7,461 7,461

    B.CurrentAssets(B1+B2+B3+B4+B5) 72,405 89,615 84,347 235,566 82,109 122,44

    1.Cash&bankbalance 16,444 2,571 9,816 141,776 46,711 54,557

    2.Inventories 33,646 60,947 46,530 90,790 19,567 37,412

    3.TradeDebt 614 0 33 20 0 2,636

    4.Shortterminvestments 0 0 0 0 0 0

    5.Othercurrentassets 21,701 26,097 27,968 2,980 15,831 27,836

    C.CurrentLiabilities(C1+C2) 212,974 330,065 222,128 333,669 229,507 236,01

    1.ShorttermSecuredloans 0 2,544 0 2,544 0 0

    2.Othercurrentliabilities 212,974 327,521 222,128 331,125 229,507 236,01

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 415,047 415,047 504,737 415,047 495,720 491,44

    1.Longtermsecuredloans - - - - 415,047 415,04

    2.Longtermunsecuredloans - - - - 0 0

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 3,491 3,073

    5.Othernon-currentliabilities 415,047 415,047 504,737 415,047 77,182 73,323

    E.ShareholdersEquity(E1+E2+E3)(104,765

    )(218,649

    )(219,522

    )(215,667

    )(245,519) (218,69

    1.Issued,Subscribed&Paidupcapital 151,770 151,770 151,770 151,770 151,770 151,77

    i).OrdinaryShares 151,770 151,770 151,770 151,770 151,770 151,77

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves(256,535

    )(370,419

    )(371,292

    )(367,437

    )(546,367) (512,37

    i).CapitalReserve - - - - 0 0

    ii).RevenueReserve - - - - (546,367) (512,37

    3.Surplusonrevaluationoffixedassets - - - - 149,078 141,91

    F.Operation: 1.Sales 285,576 515,387 536,329 630,013 650,364 832,72

    i).Localsales(Net) 275,149 502,539 513,180 630,013 650,364 828,07

    ii).ExportSales(Net) 10,427 12,848 23,149 0 0 4,651

    2.Costofsales 298,530 500,106 529,134 620,053 677,728 793,28

    i).Costofmaterial - - - - 512,269 617,06

    ii).Otherinputcost - - - - 165,459 176,22

    3.GrossProfit (12,954) 15,281 7,195 9,960 (27,364) 39,439

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    4.General,administrativeandotherexpenses 5,806 9,960 9,809 7,513 7,945 13,218

    i).Selling&distributionexpenses - - - - 0 297

    ii).Administrativeandotherexpenses 5,806 9,960 9,809 7,513 7,945 12,921

    5.Salaries,wagesandemployeebenefits - - - - 45,886 51,456

    6.Financialexpenses 20,809 23,064 78 21 23 311

    ofwhich:(i)Interestexpenses - - - - 0 0

    7.Netprofitbeforetax (39,436) (17,743) (2,692) 2,426 (33,877) 27,161

    8.Taxprovision(currentyear) 1,427 2,577 2,682 3,150 0 4,171

    9.Totalamountofdividend 0 0 0 0 0 0

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - 39,536 16,249

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 310,282 196,398 285,215 199,380 250,201 272,75

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 415,047 415,04

    3.Retentioninbusiness(F7-F8-F9) (40,863) (20,320) (5,374) (724) (33,877) 22,990

    4.ContractualLiabilities(G2+C1) 0 2,544 0 2,544 415,047 415,04

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.08 0.01 0.04 0.42 0.20 0.24

    2.Financialexpensesas%ofsales(F6as%ofF1) 7.29 4.48 0.01 0.00 0.00 0.04

    3.TradeDebtas%ofsales(B3as%ofF1) 0.22 0.00 0.01 0.00 0.00 0.32

    4.Assetsturnoverratio[F1to(A+B)] 0.55 0.98 1.06 1.18 1.36 1.64

    5.Currentratio(BtoC) 0.34 0.27 0.38 0.71 0.36 0.52

    6.Costofgoodssoldtosales(F2as%ofF1) 104.54 97.04 98.66 98.42 104.21 95.26

    7.Debtequityratio[(C+D)toE] -5.99 -3.41 -3.31 -3.47 -2.95 -3.33

    8.Returnonassets[F7as%ofavg.(A+B)] -7.57 -3.38 -0.52 0.47 -6.69 5.50

    9.Returnofequity(F7as%ofavg.E) 46.53 10.97 1.23 -1.11 14.69 -11.7010.Returnoncapitalemployed(F7as%ofavg.G1) -11.94 -7.00 -1.12 1.00 -15.07 10.39

    11.Dividendcoverratio[(F7-F8)toF9] - - - - - -

    12.InventoryTurnoverRatio(F1toB2) 8.49 8.46 11.53 6.94 33.24 22.26

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - - -

    14.Netprofitmargin(F7as%ofF1) -13.81 -3.44 -0.50 0.39 -5.21 3.26

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 0.05 0.02

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    -2.69 -1.34 -0.35 -0.05 -2.23 1.51

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) -6.90 -14.41 -14.46 -14.21 -16.18 -14.41

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    Ayesha Textile Mills Ltd.

    AyeshaTextileMillsLtd. (ThousandRupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 567,6291,705,42

    51,783,19

    71,773,37

    62,400,643 2,320,

    1.Capitalworkinprogress - - - - 0 0

    2.Operatingfixedassetsatcost1,094,14

    61,724,74

    21,925,24

    11,967,84

    82,388,516 2,408,

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation 567,6291,705,42

    51,783,19

    71,773,37

    62,361,725 2,281,

    4.Depreciationfortheyear 42,343 66,785 133,442 69,595 68,064 100,3

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 32,823 33,51

    7.Othernon-currentassets - - - - 6,095 5,79

    B.CurrentAssets(B1+B2+B3+B4+B5) 469,099 574,294 566,748 727,565 554,886 539,8

    1.Cash&bankbalance 26,466 52,321 6,794 21,479 7,425 10,98

    2.Inventories 271,327 218,664 262,860 355,568 284,888 204,5

    3.TradeDebt 95,668 91,727 94,082 163,667 84,176 87,41

    4.Shortterminvestments 3,500 3,500 21,401 16,250 0 0

    5.Othercurrentassets 72,138 208,082 181,611 170,601 178,397 236,9

    C.CurrentLiabilities(C1+C2) 531,762 679,727 685,348 946,104 742,045 729,3

    1.ShorttermSecuredloans 374,033 324,039 319,615 443,246 552,360 519,2

    2.Othercurrentliabilities 157,729 355,688 365,733 502,858 189,685 210,0

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 142,945 199,447 492,187 452,188 821,255 736,4

    1.Longtermsecuredloans - - - - 425,665 326,5

    2.Longtermunsecuredloans - - - - 73,752 90,40

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 1,889 1,56

    5.Othernon-currentliabilities 142,945 199,447 492,187 452,188 319,949 317,9

    E.ShareholdersEquity(E1+E2+E3) 362,0211,400,54

    51,172,41

    01,102,64

    91,392,229 1,394,

    1.Issued,Subscribed&Paidupcapital 14,000 14,000 14,000 14,000 14,000 14,00

    i).OrdinaryShares 14,000 14,000 14,000 14,000 14,000 14,00

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 348,0211,386,54

    51,158,41

    01,088,64

    9190,682 241,8

    i).CapitalReserve - - - - 7,077 7,07

    ii).RevenueReserve - - - - 183,605 234,8

    3.Surplusonrevaluationoffixedassets - - - - 1,187,547 1,138,

    F.Operation:

    1.Sales1,298,29

    11,920,75

    52,117,17

    22,119,10

    01,865,360 2,371,

    i).Localsales(Net)1,156,35

    01,507,96

    31,725,44

    61,870,02

    71,642,051 2,042,

    ii).ExportSales(Net) 141,941 412,792 391,726 249,073 223,309 328,6

    2.Costofsales1,200,74

    51,804,28

    02,076,94

    82,066,29

    21,864,632 2,194,

    i).Costofmaterial - - - - 1,308,212 1,600,

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    ii).Otherinputcost - - - - 556,420 593,7

    3.GrossProfit 97,546 116,475 40,224 52,808 728 177,1

    4.General,administrativeandotherexpenses 22,283 38,463 34,495 40,271 80,834 45,01

    i).Selling&distributionexpenses - - - - 10,615 12,93

    ii).Administrativeandotherexpenses 22,283 38,463 34,495 40,271 70,219 32,08

    5.Salaries,wagesandemployeebenefits - - - - 127,112 138,5

    6.Financialexpenses 36,801 64,416 78,119 73,553 118,910 119,3

    ofwhich:(i)Interestexpenses - - - - 109,439 111,5

    7.Netprofitbeforetax 38,674 13,693 (60,271) (65,726) (211,891) 13,97

    8.Taxprovision(currentyear) 7,535 9,444 10,375 10,500 2,233 13,63

    9.Totalamountofdividend 0 0 0 0 0 0

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - (108,630) 59,53

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 504,9661,599,99

    21,664,59

    71,554,83

    72,213,484 2,131,

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 425,665 326,5

    3.Retentioninbusiness(F7-F8-F9) 31,139 4,249 (70,646) (76,226) (214,124) 331

    4.ContractualLiabilities(G2+C1) 374,033 324,039 319,615 443,246 978,025 845,8

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.24 0.22 0.18 0.21 0.12 0.13

    2.Financialexpensesas%ofsales(F6as%ofF1) 2.83 3.35 3.69 3.47 6.37 5.03

    3.TradeDebtas%ofsales(B3as%ofF1) 7.37 4.78 4.44 7.72 4.51 3.69

    4.Assetsturnoverratio[F1to(A+B)] 1.25 0.84 0.90 0.85 0.63 0.83

    5.Currentratio(BtoC) 0.88 0.84 0.83 0.77 0.75 0.74

    6.Costofgoodssoldtosales(F2as%ofF1) 92.49 93.94 98.10 97.51 99.96 92.5

    7.Debtequityratio[(C+D)toE] 1.86 0.63 1.00 1.27 1.12 1.05

    8.Returnonassets[F7as%ofavg.(A+B)] 3.67 0.83 -2.60 -2.71 -7.77 0.48

    9.Returnofequity(F7as%ofavg.E) 11.14 1.55 -4.68 -5.78 -16.99 1.00

    10.Returnoncapitalemployed(F7as%ofavg.G1) 7.40 1.30 -3.69 -4.08 -11.25 0.64

    11.Dividendcoverratio[(F7-F8)toF9] - - - - - -

    12.InventoryTurnoverRatio(F1toB2) 4.78 8.78 8.05 5.96 6.55 11.5

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - -0.94 1.13

    14.Netprofitmargin(F7as%ofF1) 2.98 0.71 -2.85 -3.10 -11.36 0.59

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 -0.07 0.04

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    22.24 3.04 -50.46 -54.45 -152.95 0.24

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) 258.59 1,000.39 837.44 787.61 994.45 996.1

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    Azam Textile Mills Ltd.

    AzamTextileMillsLtd. (ThousandRupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 480,331 470,201 458,093 440,493 522,522 515,469

    1.Capitalworkinprogress - - - - 0 0

    2.Operatingfixedassetsatcost 580,176 593,515 605,091 610,304 713,397 722,523

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation 480,331 470,201 458,093 440,493 519,874 504,601

    4.Depreciationfortheyear 17,286 24,365 24,361 23,829 23,844 24,682

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 0 0

    7.Othernon-currentassets - - - - 2,649 10,869

    B.CurrentAssets(B1+B2+B3+B4+B5) 233,614 218,351 238,856 210,072 172,625 152,707

    1.Cash&bankbalance 2,831 1,801 4,694 4,495 1,955 5,187

    2.Inventories 108,034 126,544 136,013 139,811 136,696 97,491

    3.TradeDebt 11,610 18,207 18,059 6,545 6,553 28,331

    4.Shortterminvestments 0 0 0 0 0 0

    5.Othercurrentassets 111,139 71,799 80,090 59,221 27,421 21,698

    C.CurrentLiabilities(C1+C2) 365,788 416,729 446,699 505,855 197,858 123,783

    1.ShorttermSecuredloans 178,442 151,988 142,864 95,615 104,820 81,200

    2.Othercurrentliabilities 187,346 264,741 303,835 410,240 93,038 42,583

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 115,998 84,715 59,665 57,859 363,165 337,409

    1.Longtermsecuredloans - - - - 43,500 30,000

    2.Longtermunsecuredloans - - - - 181,030 178,530

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 11,082 12,650

    5.Othernon-currentliabilities 115,998 84,715 59,665 57,859 127,554 116,230

    E.ShareholdersEquity(E1+E2+E3) 232,159 187,108 190,585 86,851 134,124 206,984

    1.Issued,Subscribed&Paidupcapital 132,750 132,750 132,750 132,750 132,750 132,750

    i).OrdinaryShares 132,750 132,750 132,750 132,750 132,750 132,750

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 99,409 54,358 57,835(45,899

    )(220,405) (139,110

    i).CapitalReserve - - - - 0 0

    ii).RevenueReserve - - - - (220,405) (139,110

    3.Surplusonrevaluationoffixedassets - - - - 221,779 213,344

    F.Operation:

    1.Sales 260,780 428,590 476,282 456,409 465,245 731,977

    i).Localsales(Net) 260,780 428,590 476,282 456,409 465,245 731,977

    ii).ExportSales(Net) 0 0 0 0 0 0

    2.Costofsales 236,760 373,221 423,516 400,632 443,090 613,464

    i).Costofmaterial - - - - 288,909 394,059

    ii).Otherinputcost - - - - 154,181 219,405

    3.GrossProfit 24,020 55,369 52,766 55,777 22,155 118,513

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    4.General,administrativeandotherexpenses 10,248 19,498 18,628 20,658 20,595 28,503

    i).Selling&distributionexpenses - - - - 877 1,127

    ii).Administrativeandotherexpenses 10,248 19,498 18,628 20,658 19,718 27,377

    5.Salaries,wagesandemployeebenefits - - - - 58,556 404,689

    6.Financialexpenses 13,616 30,202 28,183 25,095 30,796 24,605

    ofwhich:(i)Interestexpenses - - - - 30,018 23,648

    7.Netprofitbeforetax 400 5,875 6,160 10,491 (29,236) 65,469

    8.Taxprovision(currentyear) 1,467 2,488 2,682 2,590 0 3,659

    9.Totalamountofdividend 0 0 0 0 0 9,956

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - (13,991) 60,483

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 348,157 271,823 250,250 144,710 497,289 544,393

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 43,500 30,000

    3.Retentioninbusiness(F7-F8-F9) (1,067) 3,387 3,478 7,901 (29,236) 51,854

    4.ContractualLiabilities(G2+C1) 178,442 151,988 142,864 95,615 148,320 111,199

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.04 0.05 0.05 0.02 0.04 0.27

    2.Financialexpensesas%ofsales(F6as%ofF1) 5.22 7.05 5.92 5.50 6.62 3.36

    3.TradeDebtas%ofsales(B3as%ofF1) 4.45 4.25 3.79 1.43 1.41 3.87

    4.Assetsturnoverratio[F1to(A+B)] 0.37 0.62 0.68 0.70 0.67 1.10

    5.Currentratio(BtoC) 0.64 0.52 0.53 0.42 0.87 1.23

    6.Costofgoodssoldtosales(F2as%ofF1) 90.79 87.08 88.92 87.78 95.24 83.81

    7.Debtequityratio[(C+D)toE] 2.08 2.68 2.66 6.49 4.18 2.23

    8.Returnonassets[F7as%ofavg.(A+B)] 0.06 0.84 0.89 1.56 -4.35 9.60

    9.Returnofequity(F7as%ofavg.E) 0.17 2.80 3.26 7.56 -26.46 38.3910.Returnoncapitalemployed(F7as%ofavg.G1) 0.10 1.90 2.36 5.31 -9.11 12.57

    11.Dividendcoverratio[(F7-F8)toF9] - - - - - 6.21

    12.InventoryTurnoverRatio(F1toB2) 2.41 3.39 3.50 3.26 3.40 7.51

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - 0.03 3.77

    14.Netprofitmargin(F7as%ofF1) 0.15 1.37 1.29 2.30 -6.28 8.94

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 -0.02 0.13

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    -0.08 0.26 0.26 0.60 -2.20 4.66

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) 17.49 14.09 14.36 6.54 10.10 15.59

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    Azgard Nine Ltd. Nafees Denim Mills Ltd.

    AzgardNineLtd.(Legler-NafeesDenimMillsLtd.) (ThousandRupees)

    Items 2005 2006 2007 2008 2009 201

    A.Non-CurrentAssets(A1+A3+A5+A6+A7)5,668,39

    523,784,94

    624,244,93

    98,687,158 42,857,047 42,857

    1.Capitalworkinprogress - - - - 7,380,422 7,380,

    2.Operatingfixedassetsatcost6,913,34

    026,418,54

    827,786,18

    611,275,747 39,901,859 39,901

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation

    5,594,458

    20,013,878

    20,482,735

    8,653,622 29,696,709 29,696

    4.Depreciationfortheyear 264,284 535,228 729,590 538,506 18,408 18,4

    5.Intangibleassets 73,937 3,771,068 3,762,204 33,536 5,645,096 5,645,

    6.Longterminvestments - - - - 37 37

    7.Othernon-currentassets - - - - 134,783 134,7

    B.CurrentAssets(B1+B2+B3+B4+B5)4,915,50

    87,062,660 9,451,173 18,684,515 15,638,041 15,638

    1.Cash&bankbalance 46,283 1,132,967 630,082 82,074 437,814 437,8

    2.Inventories

    2,123,66

    5 2,903,999 2,532,100 4,034,103 5,985,036 5,985,

    3.TradeDebt1,034,66

    91,520,389 2,366,279 0 4,586,931 4,586,

    4.Shortterminvestments 760,796 49 882,995 11,540,498 0 0

    5.Othercurrentassets 950,095 1,505,256 3,039,717 3,027,840 4,628,260 4,628,

    C.CurrentLiabilities(C1+C2)4,491,01

    79,935,874

    10,686,285

    10,353,720 24,459,435 24,459

    1.ShorttermSecuredloans3,532,29

    87,877,741 5,429,188 7,302,259 16,402,024 16,402

    2.Othercurrentliabilities 958,719 2,058,133 5,257,097 3,051,461 8,057,411 8,057,

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5)2,718,40

    711,249,25

    413,441,45

    26,674,514 18,224,297 18,224

    1.Longtermsecuredloans - - - - 15,684,724 15,684

    2.Longtermunsecuredloans - - - - 392,185 392,1

    3.Debentures/TFCs2,393,67

    07,712,953

    10,404,259

    3,962,461 0 0

    4.Employeesbenefitobligations - - - - 0 0

    5.Othernon-currentliabilities 324,737 3,536,301 3,037,193 2,712,053 2,147,388 2,147,

    E.ShareholdersEquity(E1+E2+E3)3,374,47

    99,662,478 9,568,375 10,343,439 15,811,356 15,811

    1.Issued,Subscribed&Paidupcapital1,737,30

    83,788,839 3,788,823 3,827,119 4,879,344 4,879,

    i).OrdinaryShares 868,654 3,127,101 3,127,135 3,827,119 4,548,719 4,548,

    ii).Preferenceshares 868,654 661,738 661,688 0 330,625 330,6

    2.Reserves1,637,17

    15,873,639 5,779,552 6,516,320 6,962,860 6,962,

    i).CapitalReserve - - - - 3,152,134 3,152,

    ii).RevenueReserve - - - - 3,810,726 3,810,

    3.Surplusonrevaluationoffixedassets - - - - 3,969,152 3,969,

    F.Operation:

    1.Sales4,662,20

    26,624,764

    12,936,942

    11,827,025 26,276,262 26,276

    i).Localsales(Net) 791,645 2,492,848 7,504,488 11,724,806 14,524,421 14,524

    ii).ExportSales(Net)3,870,55

    74,131,916 5,432,454 102,219 11,751,841 11,751

    2.Costofsales 3,523,72 4,731,960 8,362,558 8,238,448 17,982,858 17,982

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    1

    i).Costofmaterial - - - - 6,401,919 6,401,

    ii).Otherinputcost - - - - 11,580,939 11,580

    3.GrossProfit1,138,48

    11,892,804 4,574,384 3,588,577 8,293,405 8,293,

    4.General,administrativeandotherexpenses 363,755 563,152 841,802 1,089,025 2,141,365 2,141,

    i).Selling&distributionexpenses - - - - 782,580 782,5

    ii).Administrativeandotherexpenses 363,755 563,152 841,802 1,089,025 1,358,784 1,358,

    5.Salaries,wagesandemployeebenefits - - - - 2,693,503 2,693,

    6.Financialexpenses 290,509 1,187,224 2,152,438 4,617,259 4,791,419 4,791,

    ofwhich:(i)Interestexpenses - - - - 4,917,049 4,917,

    7.Netprofitbeforetax 790,070 213,982 1,916,324 (1,457,675) 1,363,061 1,363,

    8.Taxprovision(currentyear) 47,858 123,640 100,401 13,287,571 157,119 157,1

    9.Totalamountofdividend 164,610 210,493 343,981 0 29,591 29,5

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - 1,292,451 1,292,

    G.Miscellaneous

    1.Totalcapitalemployed(E+D)6,092,88

    620,911,73

    223,009,82

    717,017,953 34,035,653 34,035

    2.Totalfixedliabilities(D1+D3)2,393,67

    07,712,953

    10,404,259

    3,962,461 15,684,724 15,684

    3.Retentioninbusiness(F7-F8-F9) 577,602 (120,151) 1,471,942 (14,745,246) 1,176,351 1,176,

    4.ContractualLiabilities(G2+C1)5,925,96

    815,590,69

    415,833,44

    711,264,720 32,086,748 32,086

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.41 0.27 0.36 1.12 0.21 0.2

    2.Financialexpensesas%ofsales(F6as%ofF1) 6.23 17.92 16.64 39.04 18.23 18.2

    3.TradeDebtas%ofsales(B3as%ofF1) 22.19 22.95 18.29 0.00 17.46 17.4

    4.Assetsturnoverratio[F1to(A+B)] 0.44 0.21 0.38 0.43 0.45 0.45.Currentratio(BtoC) 1.09 0.71 0.88 1.80 0.64 0.6

    6.Costofgoodssoldtosales(F2as%ofF1) 75.58 71.43 64.64 69.66 68.44 68.4

    7.Debtequityratio[(C+D)toE] 2.14 2.19 2.52 1.65 2.70 2.7

    8.Returnonassets[F7as%ofavg.(A+B)] 9.36 1.03 5.94 -4.77 3.17 2.3

    9.Returnofequity(F7as%ofavg.E) 25.52 3.28 19.93 -14.64 10.42 8.6

    10.Returnoncapitalemployed(F7as%ofavg.G1) 16.16 1.58 8.73 -7.28 5.34 4.0

    11.Dividendcoverratio[(F7-F8)toF9] 4.51 0.43 5.28 - 40.75 40.7

    12.InventoryTurnoverRatio(F1toB2) 2.20 2.28 5.11 2.93 4.39 4.3

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - 1.28 1.2

    14.Netprofitmargin(F7as%ofF1) 16.95 3.23 14.81 -12.32 5.19 5.1

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 0.03 0.0

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    8.54 0.29 5.81 -38.53 2.65 2.6

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) 38.85 30.90 30.60 27.03 34.76 34.7

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    Babri Cotton and Textile Mills Ltd.

    BabriCottonMillsLtd. (Thousand

    Rupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 646,301 643,368 825,406 794,266 1,014,836 1,027,619

    1.Capitalworkinprogress - - - - 9,344 223

    2.Operatingfixedassetsatcost 818,852 869,704 994,782 999,491 1,218,926 1,257,551

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation 646,301 643,368 825,406 794,266 1,000,084 1,005,891

    4.Depreciationfortheyear 21,356 57,267 32,220 35,899 34,429 33,751

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 2,182 19,144

    7.Othernon-currentassets - - - - 3,226 2,361

    B.CurrentAssets(B1+B2+B3+B4+B5) 291,512 256,388 304,906 385,770 349,881 349,792

    1.Cash&bankbalance 687 436 555 5,473 536 1,035

    2.Inventories 210,766 215,875 264,408 332,374 321,233 322,492

    3.TradeDebt 0 4,103 0 557 0 0

    4.Shortterminvestments 18,135 18,751 19,830 22,292 0 0

    5.Othercurrentassets 61,924 17,223 20,113 25,074 28,112 26,265

    C.CurrentLiabilities(C1+C2) 384,491 447,507 723,806 524,623 526,995 404,356

    1.ShorttermSecuredloans 279,766 304,326 288,645 417,328 397,829 314,078

    2.Othercurrentliabilities 104,725 143,181 435,161 107,295 129,166 90,278

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 251,586 249,508 86,485 341,434 332,019 341,391

    1.Longtermsecuredloans - - - - 303,314 266,280

    2.Longtermunsecuredloans - - - - 0 0

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 20,271 21,2025.Othernon-currentliabilities 251,586 249,508 86,485 341,434 8,434 53,909

    E.ShareholdersEquity(E1+E2+E3) 301,736 202,741 320,021 313,979 505,703 631,664

    1.Issued,Subscribed&Paidupcapital 20,000 20,000 20,000 28,960 28,960 28,960

    i).OrdinaryShares 20,000 20,000 20,000 28,960 28,960 28,960

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 281,736 182,741 300,021 285,019 27,268 158,136

    i).CapitalReserve - - - - 19,440 19,440

    ii).RevenueReserve - - - - 7,828 138,696

    3.Surplusonrevaluationoffixedassets - - - - 449,475 444,568

    F.Operation:

    1.Sales 402,378 610,905 746,943 739,868 746,961 1,195,591

    i).Localsales(Net) 402,378 610,905 746,943 739,868 746,961 1,195,591

    ii).ExportSales(Net) 0 0 0 0 0 0

    2.Costofsales 394,505 579,968 672,184 694,241 695,754 920,569

    i).Costofmaterial - - - - 466,776 620,110

    ii).Otherinputcost - - - - 228,978 300,459

    3.GrossProfit 7,873 30,937 74,759 45,627 51,207 275,022

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    4.General,administrativeandotherexpenses 18,239 25,513 27,818 25,687 27,675 43,833

    i).Selling&distributionexpenses - - - - 2,541 2,615

    ii).Administrativeandotherexpenses 18,239 25,513 27,818 25,687 25,134 41,218

    5.Salaries,wagesandemployeebenefits - - - - 97,232 139,387

    6.Financialexpenses 11,869 55,730 68,823 67,162 108,015 98,774

    ofwhich:(i)Interestexpenses - - - - 107,734 98,436

    7.Netprofitbeforetax(16,440

    )(52,254

    )(14,309

    )(44,157

    )(104,001) 154,897

    8.Taxprovision(currentyear) 1,784 3,054 3,734 3,699 0 5,978

    9.Totalamountofdividend 0 0 0 0 0 0

    10.Totalvalueofbonussharesissued 0 0 0 0 0 4,344

    11.Cashflowsfromoperations - - - - 29,787 175,450

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 553,322 452,249 406,506 655,413 837,722 973,055

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 303,314 266,280

    3.Retentioninbusiness(F7-F8-F9)(18,224

    )(55,308

    )(18,043

    )(47,856

    )(104,001) 148,919

    4.ContractualLiabilities(G2+C1) 279,766 304,326 288,645 417,328 701,143 580,358

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.05 0.05 0.03 0.05 0.00 0.00

    2.Financialexpensesas%ofsales(F6as%ofF1) 2.95 9.12 9.21 9.08 14.46 8.26

    3.TradeDebtas%ofsales(B3as%ofF1) 0.00 0.67 0.00 0.08 0.00 0.00

    4.Assetsturnoverratio[F1to(A+B)] 0.43 0.68 0.66 0.63 0.55 0.87

    5.Currentratio(BtoC) 0.76 0.57 0.42 0.74 0.66 0.87

    6.Costofgoodssoldtosales(F2as%ofF1) 98.04 94.94 89.99 93.83 93.14 77.00

    7.Debtequityratio[(C+D)toE] 2.11 3.44 2.53 2.76 1.70 1.18

    8.Returnonassets[F7as%ofavg.(A+B)] -2.19 -5.69 -1.41 -3.82 -8.17 11.30

    9.Returnofequity(F7as%ofavg.E) -5.96 -20.72 -5.47 -13.93 -25.38 27.24

    10.Returnoncapitalemployed(F7as%ofavg.G1) -3.81 -10.39 -3.33 -8.32 -13.93 17.11

    11.Dividendcoverratio[(F7-F8)toF9] - - - - - -

    12.InventoryTurnoverRatio(F1toB2) 1.91 2.83 2.82 2.23 2.33 3.71

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - 0.03 2.57

    14.Netprofitmargin(F7as%ofF1) -4.09 -8.55 -1.92 -5.97 -13.92 12.96

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 0.03 0.24

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    -9.11 -27.65 -9.02 -16.52 -35.91 51.42

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) 150.87 101.37 160.01 108.42 174.62 218.12

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    Bilal Fibers and Textile Ltd.

    BilalFibres & Textile Ltd. (ThousandRupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7) 527,647 554,381 546,134 727,389 725,200 744,019

    1.Capitalworkinprogress - - - - 0 0

    2.Operatingfixedassetsatcost 544,603 594,282 587,511 758,989 785,441 827,011

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation 527,647 554,381 546,134 727,389 721,687 740,645

    4.Depreciationfortheyear 16,934 23,098 26,221 29,358 33,721 33,341

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 0 0

    7.Othernon-currentassets - - - - 3,513 3,374

    B.CurrentAssets(B1+B2+B3+B4+B5) 141,873 184,738 230,316 290,821 234,693 263,264

    1.Cash&bankbalance 8,753 3,876 28,316 3,465 1,923 17,179

    2.Inventories 68,892 111,997 114,720 168,200 140,027 140,135

    3.TradeDebt 7,636 10,023 5,341 34,614 35,566 38,556

    4.Shortterminvestments 0 0 0 0 0 0

    5.Othercurrentassets 56,592 58,842 81,939 84,542 57,177 67,394

    C.CurrentLiabilities(C1+C2) 334,093 470,587 384,518 468,390 360,427 317,392

    1.ShorttermSecuredloans 184,578 235,943 85,650 191,906 250,653 241,717

    2.Othercurrentliabilities 149,515 234,644 298,868 276,484 109,774 75,675

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 112,957 63,486 288,392 354,736 524,334 590,155

    1.Longtermsecuredloans - - - - 450,782 525,717

    2.Longtermunsecuredloans - - - - 38,500 38,500

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 7,652 10,140

    5.Othernon-currentliabilities 112,957 63,486 288,392 354,736 27,400 15,799

    E.ShareholdersEquity(E1+E2+E3) 222,470 205,046 103,540 195,084 75,132 99,735

    1.Issued,Subscribed&Paidupcapital 141,000 141,000 141,000 141,000 141,000 141,000

    i).OrdinaryShares 141,000 141,000 141,000 141,000 141,000 141,000

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 81,470 64,046(37,460

    )54,084 (229,930) (199,729)

    i).CapitalReserve - - - - 0 0

    ii).RevenueReserve - - - - (229,930) (199,729)

    3.Surplusonrevaluationoffixedassets - - - - 164,062 158,464

    F.Operation:

    1.Sales 507,087 764,512 784,998 905,213 945,592 1,309,870

    i).Localsales(Net) 470,318 658,986 669,247 711,885 887,181 1,232,212

    ii).ExportSales(Net) 36,769 105,526 115,751 193,328 58,411 77,658

    2.Costofsales 467,485 717,618 785,345 865,938 934,752 1,196,175

    i).Costofmaterial - - - - 712,320 925,844

    ii).Otherinputcost - - - - 222,432 270,331

    3.GrossProfit 39,602 46,894 (347) 39,275 10,840 113,695

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    4.General,administrativeandotherexpenses 16,646 23,539 27,819 43,592 37,179 71,996

    i).Selling&distributionexpenses - - - - 13,299 14,558

    ii).Administrativeandotherexpenses 16,646 23,539 27,819 43,592 23,880 57,438

    5.Salaries,wagesandemployeebenefits - - - - 8,552 97,764

    6.Financialexpenses 14,473 39,699 46,390 57,389 66,582 62,358

    ofwhich:(i)Interestexpenses - - - - 64,394 61,264

    7.Netprofitbeforetax 9,643 16,425(73,965

    )(60,869

    )(91,967) (14,445)

    8.Taxprovision(currentyear) 2,262 4,096 4,312 36,511 584 6,549

    9.Totalamountofdividend 0 0 0 0 0 0

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - (90,329) 59,464

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 335,427 268,532 391,932 549,820 599,466 689,890

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 450,782 525,717

    3.Retentioninbusiness(F7-F8-F9) 7,381 12,329(78,277

    )(97,380

    )(92,551) (20,994)

    4.ContractualLiabilities(G2+C1) 184,578 235,943 85,650 191,906 701,435 767,433

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.05 0.03 0.09 0.08 0.10 0.18

    2.Financialexpensesas%ofsales(F6as%ofF1) 2.85 5.19 5.91 6.34 7.04 4.76

    3.TradeDebtas%ofsales(B3as%ofF1) 1.51 1.31 0.68 3.82 3.76 2.94

    4.Assetsturnoverratio[F1to(A+B)] 0.76 1.03 1.01 0.89 0.99 1.30

    5.Currentratio(BtoC) 0.42 0.39 0.60 0.62 0.65 0.83

    6.Costofgoodssoldtosales(F2as%ofF1) 92.19 93.87 100.04 95.66 98.85 91.32

    7.Debtequityratio[(C+D)toE] 2.01 2.60 6.50 4.22 11.78 9.10

    8.Returnonassets[F7as%ofavg.(A+B)] 1.62 2.33 -9.76 -6.78 -9.30 -1.47

    9.Returnofequity(F7as%ofavg.E) 5.55 7.68 -47.94 -40.77 -68.07 -16.52

    10.Returnoncapitalemployed(F7as%ofavg.G1) 3.81 5.44 -22.40 -12.93 -16.00 -2.24

    11.Dividendcoverratio[(F7-F8)toF9] - - - - - -

    12.InventoryTurnoverRatio(F1toB2) 7.36 6.83 6.84 5.38 6.75 9.35

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - -0.43 0.76

    14.Netprofitmargin(F7as%ofF1) 1.90 2.15 -9.42 -6.72 -9.73 -1.10

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 -0.10 0.07

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    0.52 0.87 -5.55 -6.91 -6.56 -1.49

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) 15.78 14.54 7.34 13.84 5.33 7.07

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    Bhanero Textile Mills Ltd.

    BhaneroTextileMillsLtd. (ThousandRupees)

    Items 2005 2006 2007 2008 2009 2010

    A.Non-CurrentAssets(A1+A3+A5+A6+A7)1,308,14

    52,151,44

    12,004,46

    81,847,51

    31,767,663 1,660,

    1.Capitalworkinprogress - - - - 2,578 66,89

    2.Operatingfixedassetsatcost1,866,84

    92,869,07

    72,913,33

    82,946,16

    13,002,510 3,002,

    3.Operatingfixedassetsafterdeductingaccumulateddepreciation1,308,14

    52,151,44

    12,004,46

    81,847,51

    31,724,335 1,573,

    4.Depreciationfortheyear 52,098 162,952 203,166 187,325 176,981 164,2

    5.Intangibleassets 0 0 0 0 0 0

    6.Longterminvestments - - - - 375 63

    7.Othernon-currentassets - - - - 40,374 20,42

    B.CurrentAssets(B1+B2+B3+B4+B5)1,082,75

    7919,050

    1,405,761

    1,555,617

    1,366,387 1,517,

    1.Cash&bankbalance 12,223 23,859 55,617 18,529 22,666 36,21

    2.Inventories 809,544 594,036 838,621 961,826 799,754 951,73.TradeDebt 154,974 180,967 373,616 417,069 443,989 387,2

    4.Shortterminvestments 318 400 425 375 0 0

    5.Othercurrentassets 105,698 119,788 137,482 157,818 99,978 141,9

    C.CurrentLiabilities(C1+C2) 914,6041,166,07

    71,762,83

    51,616,48

    31,339,149 1,418,

    1.ShorttermSecuredloans 713,361 724,207 922,9881,047,50

    51,104,299 1,151,

    2.Othercurrentliabilities 201,243 441,870 839,847 568,978 234,850 266,8

    D.Non-CurrentLiabilities(D1+D2+D3+D4+D5) 775,1141,167,24

    4793,958 797,086 810,184 358,7

    1.Longtermsecuredloans - - - - 517,333 89,18

    2.Longtermunsecuredloans - - - - 89,286 100,0

    3.Debentures/TFCs 0 0 0 0 0 0

    4.Employeesbenefitobligations - - - - 45,777 52,78

    5.Othernon-currentliabilities 775,1141,167,24

    4793,958 797,086 157,789 116,7

    E.ShareholdersEquity(E1+E2+E3) 701,184 737,170 853,436 989,561 984,716 1,400,

    1.Issued,Subscribed&Paidupcapital 30,000 30,000 30,000 30,000 30,000 30,00

    i).OrdinaryShares 30,000 30,000 30,000 30,000 30,000 30,00

    ii).Preferenceshares 0 0 0 0 0 0

    2.Reserves 671,184 707,170 823,436 959,561 954,716 1,370,

    i).CapitalReserve - - - - 900,000 1,300,

    ii).RevenueReserve - - - - 54,716 70,55

    3.Surplusonrevaluationoffixedassets - - - - 0 0

    F.Operation:

    1.Sales1,316,49

    12,692,90

    03,547,04

    83,510,40

    43,781,557 4,737,

    i).Localsales(Net)1,316,49

    12,692,90

    02,369,09

    81,633,59

    92,773,421 648,3

    ii).ExportSales(Net) 0 01,177,95

    01,876,80

    51,008,136 4,088,

    2.Costofsales1,109,06

    12,270,79

    73,070,47

    93,100,96

    43,285,300 3,899,

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    i).Costofmaterial - - - - 2,282,843 2,625,

    ii).Otherinputcost - - - - 1,002,456 1,274,

    3.GrossProfit 207,430 422,103 476,569 409,440 496,257 838,1

    4.General,administrativeandotherexpenses 56,596 80,817 91,400 98,467 109,599 187,9

    i).Selling&distributionexpenses - - - - 44,710 52,04

    ii).Administrativeandotherexpenses 56,596 80,817 91,400 98,467 64,890 135,8

    5.Salaries,wagesandemployeebenefits - - - - 277,188 321,0

    6.Financialexpenses 48,703 184,391 200,980 220,877 289,788 231,4

    ofwhich:(i)Interestexpenses - - - - 258,895 194,4

    7.Netprofitbeforetax 102,746 173,464 185,609 99,967 99,624 427,5

    8.Taxprovision(currentyear) 6,282 20,932 17,735 18,082 16,382 55,01

    9.Totalamountofdividend 15,000 7,500 0 6,000 6,000 60,00

    10.Totalvalueofbonussharesissued 0 0 0 0 0 0

    11.Cashflowsfromoperations - - - - 435,451 475,6

    G.Miscellaneous

    1.Totalcapitalemployed(E+D) 1,476,298 1,904,414 1,647,394 1,786,647 1,794,900 1,759,

    2.Totalfixedliabilities(D1+D3) 0 0 0 0 517,333 89,18

    3.Retentioninbusiness(F7-F8-F9) 81,464 145,032 167,874 75,885 77,242 312,4

    4.ContractualLiabilities(G2+C1) 713,361 724,207 922,9881,047,50

    51,621,632 1,240,

    H.KeyPerformanceIndicators

    1.Acidtestorquickratio[(B1+B3+B4)toC] 0.18 0.18 0.24 0.27 0.35 0.30

    2.Financialexpensesas%ofsales(F6as%ofF1) 3.70 6.85 5.67 6.29 7.66 4.89

    3.TradeDebtas%ofsales(B3as%ofF1) 11.77 6.72 10.53 11.88 11.74 8.17

    4.Assetsturnoverratio[F1to(A+B)] 0.55 0.88 1.04 1.03 1.21 1.49

    5.Currentratio(BtoC) 1.18 0.79 0.80 0.96 1.02 1.07

    6.Costofgoodssoldtosales(F2as%ofF1) 84.24 84.33 86.56 88.34 86.88 82.3

    7.Debtequityratio[(C+D)toE] 2.41 3.17 3.00 2.44 2.18 1.27

    8.Returnonassets[F7as%ofavg.(A+B)] 5.49 6.35 5.73 2.93 3.05 13.5

    9.Returnofequity(F7as%ofavg.E) 15.69 24.12 23.34 10.85 10.09 35.8

    10.Returnoncapitalemployed(F7as%ofavg.G1) 8.96 10.26 10.45 5.82 5.56 24.0

    11.Dividendcoverratio[(F7-F8)toF9] 6.43 20.34 - 13.65 13.87 6.21

    12.InventoryTurnoverRatio(F1toB2) 1.63 4.53 4.23 3.65 4.73 4.98

    13.Interestcoverratio[(F7+F6(i))toF6(i)] - - - - 1.38 3.20

    14.Netprofitmargin(F7as%ofF1) 7.80 6.44 5.23 2.85 2.63 9.02

    15.Operatingcashflowtodebtratio[F11to(C+D)] 0.00 0.00 0.00 0.00 0.20 0.27

    16.Earningpershareaftertax(Rs./share)[(F7-F8)/No.ofOrd.shares]

    32.15 50.84 55.96 27.30 27.75 124.1

    17.Break-upvalueshares(Rs./share)(E/No.ofOrd.shares) 233.73 245.72 284.48 329.85 328.24 466.8

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    Company 01.

    Total Liability1801673.0

    02126292.

    002191984.

    002353714.

    002449967.

    002449967.

    00

    Total Assets 2677206 2790833 2850826 3065454 3103136 3103136

    LV=T.L/T.A 0.67 0.76 0.77 0.77 0.79 0.79

    T.B=F.A/T.A 0.67 0.63 0.58 0.51 0.47 0.47

    SZ=LN OFSALE

    13.90 14.39 14.44 13.94 13.62 13.62

    PT=EBIT/T.A 0.01 0.01 0.00 -0.01 -0.02 -0.02

    Company 02.

    Total Liability1329853.0

    01858264.

    002083356.

    002109953.

    001970525.0

    02283558.

    00

    Total Assets 2698966 3587768 4206608 4582789 4651782 5131351

    LV=T.L/T.A 0.49 0.52 0.50 0.46 0.42 0.45

    T.B=F.A/T.A 0.77 0.75 0.74 0.71 0.74 0.67

    SZ=LN OF SALE 14.98 14.73 14.73 14.72 14.96 15.12

    PT=EBIT/T.A 0.24 0.14 0.10 0.08 0.09 0.07

    Company 03.

    Total Liability 420634.

    00

    467600.

    00

    498794.

    00

    442064.

    00

    380998.00 348264.

    00Total Assets 516983 571874 599705 597055 546312 619904

    LV=T.L/T.A 0.81 0.82 0.83 0.74 0.70 0.56

    T.B=F.A/T.A 0.54 0.54 0.58 0.57 0.61 0.68

    SZ=LN OF SALE 13.54 13.68 13.30 13.09 13.43 13.69

    PT=EBIT/T.A 0.04 0.04 0.02 0.02 0.03 0.03

    Company 04.

    Total Liability 628021.

    00

    745112.

    00

    726865.

    00

    748716.

    00

    725227.00 727462.

    00Total Assets 523256 526463 507343 533049 479708 508772

    LV=T.L/T.A 1.20 1.42 1.43 1.40 1.51 1.43

    T.B=F.A/T.A 0.86 0.83 0.83 0.56 0.83 0.76

    SZ=LN OF SALE 12.56 13.15 13.19 13.35 13.39 13.63

    PT=EBIT/T.A -0.08 -0.03 -0.01 0.00 -0.07 0.05

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    Company 05.

    Total Liability 674707.00

    879174.00

    1177535.00

    1398292.00

    1563300.00

    1465867.00

    Total Assets 1036728 2279719 2349945 2500941 2955529 2860417

    LV=T.L/T.A 0.65 0.39 0.50 0.56 0.53 0.51

    T.B=F.A/T.A 0.55 0.75 0.76 0.71 0.81 0.81

    SZ=LN OFSALE

    14.08 14.47 14.57 14.57 14.44 14.68

    PT=EBIT/T.A 0.04 0.01 -0.03 -0.03 -0.07 0.00

    Company 06.

    Total Liability 481786.0

    501444.0

    506364.0

    563714.0

    561023.0 461192.0

    Total Assets 713945.

    0

    688552.

    0

    696949.

    0

    650565.

    0

    695147.0 668176.

    0LV=T.L/T.A 0.7 0.7 0.7 0.9 0.8 0.7

    T.B=F.A/T.A 0.7 0.7 0.7 0.7 0.8 0.8

    SZ=LN OF SALE 12.5 13.0 13.1 13.0 13.1 13.5

    PT=EBIT/T.A 0.0 0.0 0.0 0.0 0.0 0.1

    Company 7

    Total Liability 7209424.0

    21185128.0

    24127737.0

    17028234.0

    42683732.0

    42683732.0

    Total Assets 10583903.0 30847606.0 33696112.0 27371673.0 58495088.0 58495088.0LV=T.L/T.A 0.7 0.7 0.7 0.6 0.7 0.7

    T.B=F.A/T.A 0.5 0.8 0.7 0.3 0.7 0.7

    SZ=LN OFSALE

    15.4 15.7 16.4 16.3 17.1 17.1

    PT=EBIT/T.A 0.1 0.0 0.1 -0.1 0.0 0.0

    Company 08.

    Total Liability 636077.

    0

    697015.

    0

    810291.

    0

    866057.

    0

    859014.0 745747.

    0Total Assets 937813.

    0899756.0

    1130312.0

    1180036.0

    1364717.0

    1377411.0

    LV=T.L/T.A 0.7 0.8 0.7 0.7 0.6 0.5

    T.B=F.A/T.A 0.7 0.7 0.7 0.7 0.7 0.7

    SZ=LN OF SALE 12.9 13.3 13.5 13.5 13.5 14.0

    PT=EBIT/T.A 0.0 -0.1 0.0 0.0 -0.1 0.1

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    Company 09

    Total Liability447050.

    0534073.

    0672910.

    0823126.

    0884761.0

    907547.0

    Total Assets669520.

    0739119.

    0776450.

    01018210

    .0959893.0

    1007283.0

    LV=T.L/T.A 0.7 0.7 0.9 0.8 0.9 0.9

    T.B=F.A/T.A 0.8 0.8 0.7 0.7 0.8 0.7

    SZ=LN OF SALE 13.1 13.5 13.6 13.7 13.8 14.1

    PT=EBIT/T.A 0.0 0.0 -0.1 -0.1 -0.1 0.0

    Company 10

    Total Liability1689718

    .02333321

    .02556793

    .02413569

    .02149333.0

    1777184.0

    Total Assets2390902

    .03070491

    .03410229

    .03403130

    .03134050.0

    3177736.0

    LV=T.L/T.A 0.7 0.8 0.7 0.7 0.7 0.6

    T.B=F.A/T.A 0.5 0.7 0.6 0.5 0.6 0.5

    SZ=LN OF SALE 14.1 14.8 15.1 15.1 15.1 15.4

    PT=EBIT/T.A 0.0 0.1 0.1 0.0 0.0 0.1

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    Transformation of Data

    S.No. Year Firm Name LV TB Size Proft.ty

    1 2005 ApolloTextileMillsLtd. 0.67 0.67 13.90 0.01

    2 2006 ApolloTextileMillsLtd. 0.76 0.63 14.39 0.013 2007 ApolloTextileMillsLtd. 0.77 0.58 14.44 0.004 2008 ApolloTextileMillsLtd. 0.77 0.51 13.94 -0.01

    5 2009 ApolloTextileMillsLtd. 0.79 0.47 13.62 -0.026 2010 ApolloTextileMillsLtd. 0.79 0.47 13.62 -0.027 2005 ArtisticDenimMillsLtd. 0.49 0.77 14.98 0.248 2006 ArtisticDenimMillsLtd. 0.52 0.75 14.73 0.149 2007 ArtisticDenimMillsLtd. 0.50 0.74 14.73 0.10

    10 2008 ArtisticDenimMillsLtd. 0.46 0.71 14.72 0.08

    11 2009 ArtisticDenimMillsLtd. 0.42 0.74 14.96 0.0912 2010 ArtisticDenimMillsLtd. 0.45 0.67 15.12 0.0713 2005 AshfaqTextileMillsLtd. 0.81 0.54 13.54 0.0414 2006 AshfaqTextileMillsLtd. 0.82 0.54 13.68 0.04

    15 2007 AshfaqTextileMillsLtd. 0.83 0.58 13.30 0.0216 2008 AshfaqTextileMillsLtd. 0.74 0.57 13.09 0.0217 2009 AshfaqTextileMillsLtd. 0.70 0.61 13.43 0.0318 2010 AshfaqTextileMillsLtd. 0.56 0.68 13.69 0.0319 2005 AsimTextileMillsLtd. 1.20 0.86 12.56 -0.08

    20 2006 AsimTextileMillsLtd. 1.42 0.83 13.15 -0.0321 2007 AsimTextileMillsLtd. 1.43 0.83 13.19 -0.0122 2008 AsimTextileMillsLtd. 1.40 0.56 13.35 0.0023 2009 AsimTextileMillsLtd. 1.51 0.83 13.39 -0.0724 2010 AsimTextileMillsLtd. 1.43 0.76 13.63 0.05

    25 2005 AyeshaTextileMillsLtd. 0.65 0.55 14.08 0.0426 2006 AyeshaTextileMillsLtd. 0.39 0.75 14.47 0.0127 2007 AyeshaTextileMillsLtd. 0.50 0.76 14.57 -0.0328 2008 AyeshaTextileMillsLtd. 0.56 0.71 14.57 -0.03

    29 2009 AyeshaTextileMillsLtd. 0.53 0.81 14.44 -0.0730 2010 AyeshaTextileMillsLtd. 0.51 0.81 14.68 0.0031 2005 AzamTextileMillsLtd. 0.67 0.67 12.47 0.0032 2006 AzamTextileMillsLtd. 0.73 0.68 12.97 0.0133 2007 AzamTextileMillsLtd. 0.73 0.66 13.07 0.01

    34 2008 AzamTextileMillsLtd. 0.87 0.68 13.03 0.0235 2009 AzamTextileMillsLtd. 0.81 0.75 13.05 -0.04

    36 2010 AzamTextileMillsLtd. 0.69 0.77 13.50 0.10

    37 2005AzgardNineLtd.(Legler-NafeesDenimMillsLtd.) 0.68 0.54 15.35 0.07

    38 2006

    AzgardNineLtd.(Legler-NafeesDenimMillsLtd.) 0.69 0.77 15.71 0.01

    39 2007AzgardNineLtd.(Legler-NafeesDenimMillsLtd.) 0.72 0.72 16.38 0.06

    40 2008AzgardNineLtd.(Legler-NafeesDenimMillsLtd.) 0.62 0.32 16.29 -0.05

    41 2009AzgardNineLtd.(Legler-NafeesDenimMillsLtd.) 0.73 0.73 17.08 0.02

    42 2010AzgardNineLtd.(Legler-NafeesDenimMillsLtd.) 0.73 0.73 17.08 0.02

    43 2005 BabriCottonMillsLtd. 0.68 0.69 12.91 -0.0244 2006 BabriCottonMillsLtd. 0.77 0.72 13.32 -0.0645 2007 BabriCottonMillsLtd. 0.72 0.73 13.52 -0.01

    46 2008 BabriCottonMillsLtd. 0.73 0.67 13.51 -0.0447 2009 BabriCottonMillsLtd. 0.63 0.74 13.52 -0.0848 2010 BabriCottonMillsLtd. 0.54 0.75 13.99 0.1149 2005 BilalFibres & Textile Mills Ltd. 0.67 0.79 13.14 0.0150 2006 BilalFibres & Textile Mills Ltd. 0.72 0.75 13.55 0.02

    51 2007 BilalFibres & Textile Mills Ltd. 0.87 0.70 13.57 -0.1052 2008 BilalFibres & Textile Mills Ltd. 0.81 0.71 13.72 -0.0653 2009 BilalFibres & Textile Mills Ltd. 0.92 0.76 13.76 -0.1054 2010 BilalFibres & Textile Mills Ltd. 0.90 0.74 14.09 -0.0155 2005 BhaneroTextileMillsLtd. 0.71 0.55 14.09 0.04

    56 2006 BhaneroTextileMillsLtd. 0.76 0.70 14.81 0.0657 2007 BhaneroTextileMillsLtd. 0.75 0.59 15.08 0.05

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    58 2008 BhaneroTextileMillsLtd. 0.71 0.54 15.07 0.0359 2009 BhaneroTextileMillsLtd. 0.69 0.56 15.15 0.0360 2010 BhaneroTextileMillsLtd. 0.56 0.52 15.37 0.13

    SUMMARY OUTPUT

    Regression Statistics

    Multiple R 0.478098408R Square 0.228578088

    Adjusted R Square 0.187251914

    Standard Error 0.22577129

    Observations 60

    ANOVA

    df SS MS F Significanc

    e FRegression 3 0.845800782 0.281933594 5.53107309 0.002132399

    Residual 56 2.854469832 0.050972676

    Total 59 3.700270614

    CoefficientsStandard

    Error t Stat P-value Lower 95%

    Intercept 1.619394069 0.489330401 3.309408256 0.0016389 0.639147492TB 0.198402422 0.270264885 0.734103586 0.465948279 -0.343003198

    Size -0.06955808 0.030624795-

    2.271299435 0.026992387 -0.130906917

    Proft.ty -1.104529477 0.510992246-

    2.161538628 0.034943678 -2.128169943

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    Interpretation of Regression

    01. Cofficient

    The Coefficients of the Regression show us two things one is the

    Magnitude of the Relationship and second tells us about the direction of the relationship

    e.g Crops Yield = + 1(Fertilizer) + 2(pesticide)+e

    is showing that if all the dependent variable when equal to zero what will be the

    dependent variable Crops Yield

    Now the says coefficient is showing the Positive relationship is the value is in

    Positive like e.g = 1.236 or 0.00364 etc and vice versa will be the negative if value is

    equal to negative values

    The magnitude can also be calculated from the coefficient like if the Fertilizer value is

    equal to 10 and the value of the pesticide is equal to 20 and 1=0.2 and 2=0.4 and = 238. Then the crops yield will be

    Crops Yield = 248 tons

    From the above results the magnitude of the size and profitability are negative or inverse

    where the Tangibility is positive .

    02. P Value.

    The P value Results will be as under

    If the Value of P > 0.05 the there is week relationship or Insignificant Relationship

    If the Value of P