University of the Punjab, Jhelum campus

Department of commerce

Project of financial management

Submitted To: Prof. Dr Shahid Imdad
Submitted By: Salma sabir
SEMESTER: 4th
Roll No. B.com-F17-M-30
 contents
introduction ................................................................................................. Error! Bookmark not defined.
company’s information .................................................................................. Error! Bookmark not defined.
VISION ............................................................................................................ Error! Bookmark not defined.
MISSION ......................................................................................................... Error! Bookmark not defined.
CORE VALUES ................................................................................................................................................ 5
BALANCE SHEET ............................................................................................. Error! Bookmark not defined.
INCOME STATEMENT………………………………………………………………………………………………………………………………7
Common Size of Balance Sheet..................................................................................................................... 8
Common Size Of Income Statement ............................................................................................................. 9
INDEX Analysis of Balance Sheet................................................................................................................. 10
INDEX Analysis of Income Statement ......................................................................................................... 11
Financial Ratios ........................................................................................................................................... 12
GRAPHS .......................................................................................................... Error! Bookmark not defined.
Current Ratio .............................................................................................. Error! Bookmark not defined.
Quick ratio:................................................................................................. Error! Bookmark not defined.
Gross Profit Ratio: ...................................................................................... Error! Bookmark not defined.
Inventory Turnover Ratio: .......................................................................... Error! Bookmark not defined.
Return On Equity Ratio: .......................................................................................................................... 16
Operating Profit Ratio: ............................................................................................................................ 17
Earning Per Share Ratio: ......................................................................................................................... 17
Net Profit Ratio: ...................................................................................................................................... 18
Projected Statement Of Balance Sheet....................................................................................................... 19
Projected Statement Of Income Statement ............................................................................................... 20

Financial analysis of Mughal steel

INTROUCTION
Mughal Iron & Steel Industries Limited (“Mughal Steel”) was
incorporated in 2010 as a public limited company. The Company
took over the running business of a partnership concern by the
name of “Mughal Steel” which had been in the steel business for
over 50 years and was owned by the sponsors of the Company.
Today, the Company is one of the leading steel companies in
Pakistan in the long rolled steel sector, equipped with depth of
technical and managerial expertise, a reputation for reliability and
a sharply defined business focus, which has forged the
organization into a modern, highly competitive supplier of steel
products. The management team is being led by Mr. Khurram
Javaid , Director and CEO.
At Mughal Steel we work with passion and expertise to develop
high-quality products and intelligent industrial processes that
create sustainable infrastructures and promote efficient use of
resources. We combine our innovative engineering capabilities
with traditional strengths in materials. This means we create value
for our customers and can successfully exploit the diverse
opportunities in the markets of the future. The Company’s ability
to generate profits throughout the fluctuations of the steel cycle
is testimony to the success of years of intensive business
reengineering and the cultivation of a continuous improvement
culture that has embedded the Company’s position amongst the
highest quality and lowest cash cost producers of steel.
Our primary goal is to supply quality, reliable and durable steel
products into the local and nearby markets. Currently we supply
in Pakistan and export to Afghanista
 Company ‘s Information
 Board Of Directors:
Mirza Javed Iqbal
Syed Salman Ali Shah
Abdul Rehman Qureshi
Khurram Javaid
Muhammad Mubeen Tariq Mughal
Jamshed Iqbal
Fazeel Bin Tariq
Fahad Javaid
Muhammad Mateen Jamshed
 AUDIT COMMITTEE
Syed Salman Ali Shah
Fazeel Bin Tariq
Muhammad Mateen Jamshed
Fahad Javaid
 HUMAN RESOURCE & REMUNERATION COMMITTEE
Abdul Rehman Qureshi
Mirza Javed Iqbal
Fazeel Bin Tariq
Muhammad Mateen Jamshed
 CHIEF OPERATING OFFICER
Shakeel Ahmed
 CHIEF FINANCIAL OFFICER
Muhammad Zafar Iqbal
 COMPANY SECRETARY
Muhammad Fahad Hafeez
 AUDITORS
Fazal Mahmood & Company Chartered Accountants
 LEGAL ADVISOR
H.M. Law Associates
 TAX ADVISORS
Akhtar Ali Associates
Juris Counsel (Butt & Company)
 VISION

To be a leading corporate entity in the steel sector which is recognized both at the industry level and

national level, end evoking to achieve excellence in core business while striving to explore multiple

growth opportunities, remaining ethically and socially responsible and strengthening the growing

base of satisfied customers by providing quality and durable steel products.

MISION

To meet the expectations of our customers in providing them with

high quality,reliable and durable steel products, through product
research, business process and information system improvement and
up-gradation of technology. To meet the expectations of our
employees by providing opportunities for professional growth and
personal welfare. To meet the expectations of our shareholders by
enhancing profitability and maximizing returns through achieving
excellence in core business and exploring growth opportunities
through diversification.

CORE VALUES

 Integrity: Our actions are driven by Honesty, Ethics and

Transparency.

 Innovation: We encourage creativity and recognize new ideas.

 Team Work: We work collectively towards common goal.

 Excellence: We strive to serve excellence in every field.

 MUGHAL STEEL
BALANCE SHEET
Assets
NON - CURRENT ASSETS 2014 2015 2016 2017 2018
Property, plant and equipment 2,914,824,170 3,334,155,297 3,908,262,437 4,250,865,732 6,304,748,282
Intangible asset - - - - 12,268,143
Long-term loans to employees 824,535 1,751,620 1,909,300 5,640,118 6,570,659
Long-term deposits 18,183,313 18,258,313 18,258,313 18,258,313 20,845,317
Total non - current assets 2,933,832,018 3,354,165,230 3,928,430,050 4,274,764,163 6,344,432,401
CURRENT ASSETS
Stores, spares and loose tools 189,241,050 241,284,628 298,304,684 462,744,037 597,197,788
Stock-in-trade 2,683,315,636 4,812,364,304 4,220,728,921 5,381,802,193 5,319,720,401
Trade debts 321,049,463 473,242,896 939,886,798 1,347,038,735 1,263,279,786
Loans and advances 294,549,694 335,953,875 201,799,022 289,764,961 373,907,586
Deposits, prepayments and 8,832,069 453,297,727 44,511,952 57,838,052 26,945,193
other receivables
Due from the government 519,416,049 817,745,715 1,458,917,102 1,870,882,567 2,298,101,893
Other receivables 5,106,976 4,361,925 3,164,243 - -
Short-term investments - 524,620,436 108,492,583 - -
Cash and bank balances 117,345,747 450,323,976 576,057,937 2,338,891,995 1,251,171,472
Total current assets 4,138,856,684 8,113,195,482 7,851,863,242 11,748,962,54 11,130,324,119
0
Total Assets 7,072,688,702 11,467,360,71 11,780,293,29 16,023,726,70 17,474,756,520
2 2 3
EQUITY AND LIABILITIES 2014 2015 2016 2017 2018
SHARE CAPITAL & RESERVES
Authorized share capital 1,500,000,000 1,500,000,000 1,500,000,000 3,000,000,000 3,000,000,000
Issued, subscribed and paid-up 820,411,530 1,093,911,530 1,257,998,250 2,515,996,500 2,515,996,500
capital
Capital &Revenue Reserves 824,267,952 2,311,046,902 2,977,431,329 2,897,064,570 4,026,299,038
Equity contribution from 1,644,679,482 3,404,958,432 4,235,429,579 1,224,037,217 924,037,217
Directors & their relatives
Total EQUITY 3,289,358,964 6,809,916,864 8,470,859,158 6,637,098,287 7,466,332,755
LIABILITIES
NON - CURRENT LIABILITIES
Long-term financing 1,612,401,800 950,936,943 973,844,194 - 829,000,000
Deferred liabilities 197,282,267 299,538,399 709,382,112 643,052,537 770,956,499
Total NON - CURRENT 1,809,684,067 1,250,475,342 1,683,226,306 643,052,537 1,599,956,499
LIABILITIES
CURRENT LIABILITIES
Trade and other payables 586,300,571 4,270,377,465 2,253,821,055 615,104,317 463,465,446
Unclaimed dividend - - - 16,127,596 3,303,075
Accrued profit / interest / mark- 40,512,933 43,222,437 36,557,576 66,546,870 101,322,923
up
Short-term loans from banking 2,802,741,491 2,358,905,131 3,498,798,248 7,977,002,224 7,540,375,822
companies
Short-term loans from Directors - - - 37,082,301 300,000,000
and their relatives
Current portion of long-term 188,770,159 139,421,905 72,460,528 31,712,571 -
financing
Total CURRENT LIABILITIES 3,618,325,154 6,811,926,938 5,861,637,407 8,743,575,879 8,408,467,266
Total liabilities 5,428,009,220 8,062,402,280 7,544,863,713 9,386,628,416 10,008,423,765
Total EQUITY AND LIABILITIES 7,072,688,702 11,467,360,71 11,780,293,29 16,023,726,70 17,474,756,520
2 2 3

INCOME STATEMENT

2014 2015 2016 2017 2018

Sales – net 5,972,672,692 12,241,271,852 18,983,478,792 18,802,810,936 22,225,842,588
Cost of sales 5,244,696,135 10,957,165,760 16,924,658,440 16,860,980,034 19,431,430,949
GROSS PROFIT 727,976,557 1,284,106,092 2,058,820,352 1,941,830,902 2,794,411,639
Distribution cost 11,488,863 61,846,577 94,723,432 164,048,993 246,333,068
Administrative expenses 79,142,164 116,837,977 207,515,370 241,458,943 312,900,945
Total operating expenses 90,631,027 178,684,554 302,238,802 405,507,936 559,234,013
Operating profit 637,345,530 1,105,421,538 1,756,581,550 1,536,322,966 2,235,177,626
other income 3,663,214 14,776,079 47,357,135 33,976,939 36,364,018
641,008,744 1,120,197,617 1,803,938,685 1,570,299,905 2,271,541,644
Other charges 25,778,602 45,187,563 86,658,009 91,450,821 115,353,477
Finance cost 217,599,894 350,032,256 425,032,882 256,551,296 552,460,231
PROFIT BEFORE TAXATION 397,630,248 724,977,798 1,292,247,794 1,222,297,788 1,603,727,936
Taxation 6,770,389 3,616,330 398,836,214 231,537,873 313,513,004
PROFIT AFTER TAXATION 390,859,859 721,361,468 893,411,580 990,759,915 1,290,214,932
 Common size of Balance sheet

ASSETS 2014 2015 2016 2017 2018

NON - CURRENT ASSETS
Property, plant and equipment 41% 29% 33% 27% 36%
Intangible asset 0%
Long-term loans to employees 0% 0% 0% 0% 0%
Long-term deposits 0% 0% 0% 0% 0%
Total non - current assets 41% 29% 33% 27% 36%
CURRENT ASSETS
Stores, spares and loose tools 3% 2% 3% 3% 3%
Stock-in-trade 38% 42% 36% 34% 30%
Trade debts 5% 4% 8% 8% 7%
Loans and advances 4% 3% 2% 2% 2%
Deposits, prepayments and other receivables 0% 4% 0% 0% 0%
Due from the government 7% 7% 12% 12% 13%
Other receivables 0% 0% 0%
Short-term investments 5% 1%
Cash and bank balances 2% 4% 5% 15% 7%
Total current assets 59% 71% 67% 73% 64%
Total Assests 100% 100% 100% 100% 100%
EQUITY AND LIABILITIES 2014 2015 2016 2017 2018
SHARE CAPITAL & RESERVES 0% 0% 0% 0% 0%
Authorized share capital 21% 13% 13% 19% 17%
Issued, subscribed and paid-up capital 12% 10% 11% 16% 14%
Capital &Revenue Reserves 12% 20% 25% 18% 23%
Equity contribution from Directors & their relatives 23% 30% 36% 8% 5%
Total EQUITY 47% 59% 72% 41% 43%
LIABILITIES
NON - CURRENT LIABILITIES
Long-term financing 23% 8% 8% 5%
Deferred liabilities 3% 3% 6% 4% 4%
Total NON - CURRENT LIABILITIES 26% 11% 14% 4% 9%
CURRENT LIABILITIES
Trade and other payables 8% 37% 19% 4% 3%
Unclaimed dividend 0% 0%
Accrued profit / interest / mark-up 1% 0% 0% 0% 1%
Short-term loans from banking companies 40% 21% 30% 50% 43%
Short-term loans from Directors and their relatives 0% 2%
Current portion of long-term financing 3% 1% 1% 0%
Total CURRENT LIABILITIES 51% 59% 50% 55% 48%
Total liabilities 77% 70% 64% 59% 57%
Total EQUITY AND LIABILITIES 100% 100% 100% 100% 100%

Common size of INCOME STATEMENT

Rupees 2014 2015 2016 2017 2018
Sales – net 100% 100 100 100 100%
% % %
Cost of sales 88% 90% 89% 90% 87%
GROSS PROFIT 12% 10% 11% 10% 13%
Distribution cost 0% 1% 0% 1% 1%
Administrative expenses 1% 1% 1% 1% 1%
Total operating expenses 2% 1% 2% 2% 3%
Operating profit 11% 9% 9% 8% 10%
other income 0% 0% 0% 0% 0%
11% 9% 10% 8% 10%
Other charges 0% 0% 0% 0% 1%
Finance cost 4% 3% 2% 1% 2%
PROFIT BEFORE TAXATION 7% 6% 7% 7% 7%
Taxation 0% 0% 2% 1% 1%
PROFIT AFTER TAXATION 7% 6% 5% 5% 6%
 Index analysis of BALANCE SHEET
IIIIIIIIIJNIIIBB
ASSETS 2014 2015 2016 2017 2018
NON - CURRENT ASSETS
Property, plant and equipment 100% 114% 134% 146% 216%
Intangible asset 100%
Long-term loans to employees 100% 212% 232% 684% 797%
Long-term deposits 100% 100% 100% 100% 115%
Total non - current assets 100% 114% 134% 146% 216%
CURRENT ASSETS
Stores, spares and loose tools 100% 128% 158% 245% 316%
Stock-in-trade 100% 179% 157% 201% 198%
Trade debts 100% 147% 293% 420% 393%
Loans and advances 100% 114% 69% 98% 127%
Deposits, prepayments and other receivables 100% 5132% 504% 655% 305%
Due from the government 100% 157% 281% 360% 442%
Other receivables 100% 85% 62%
Short-term investments 100% 21%
Cash and bank balances 100% 384% 491% 1993% 1066%
Total current assets 100% 196% 190% 284% 269%
Total Assets 100% 162% 167% 227% 247%
EQUITY AND LIABILITIES 2014 2015 2016 2017 2018
SHARE CAPITAL & RESERVES
Authorized share capital 100% 100% 100% 200% 200%
Issued, subscribed and paid-up capital 100% 133% 153% 307% 307%
Capital &Revenue Reserves 100% 280% 361% 351% 488%
Equity contribution from Directors & their relatives 100% 207% 258% 74% 56%
Total EQUITY 100% 207% 258% 202% 227%
LIABILITIES
NON - CURRENT LIABILITIES
Long-term financing 100% 59% 60% 51%
Deferred liabilities 100% 152% 360% 326% 391%
Total NON - CURRENT LIABILITIES 100% 69% 93% 36% 88%
CURRENT LIABILITIES
Trade and other payables 100% 728% 384% 105% 79%
Unclaimed dividend 100% 20%
Accrued profit / interest / mark-up 100% 107% 90% 164% 250%
Short-term loans from banking companies 100% 84% 125% 285% 269%
Short-term loans from Directors and their relatives 100% 809%
Current portion of long-term financing 100% 74% 38% 17%
Total CURRENT LIABILITIES 100% 188% 162% 242% 232%
Total liabilities 100% 149% 139% 173% 184%
Total EQUITY AND LIABILITIES 100% 162% 167% 227% 247%

Index analysis of INCOME STATEMENT

IIINDE
III

2014 2015 2016 2017 2018

Sales – net 100% 205% 318% 315% 372%
Cost of sales 100% 209% 323% 321% 370%
GROSS PROFIT 100% 176% 283% 267% 384%
Distribution cost 100% 538% 824% 1428% 2144%
Administrative 100% 148% 262% 305% 395%
expenses
Total operating 100% 197% 333% 447% 617%
expenses
Operating profit 100% 173% 276% 241% 351%
other income 100% 403% 1293% 928% 993%
100% 175% 281% 245% 354%
Other charges 100% 175% 336% 355% 447%
Finance cost 100% 161% 195% 118% 254%
PROFIT BEFORE 100% 182% 325% 307% 403%
TAXATION
Taxation 100% 53% 5891% 3420% 4631%
PROFIT AFTER 100% 185% 229% 253% 330%
TAXATION
 Analysis of Financial RATIOS
2014 2015 2016 2017 2018
Profitability Ratios
Gross profit ratio % 12.19% 10.84% 10.85% 10.45% 12.57%
Net profit ratio % 6.07% 5.38% 4.71% 5.27% 5.81%
Operating leverage ratio % 2.35 0.71 1.09 14.59 2.52
Return on equity % 22.05% 19.36% 21.09% 14.93% 17.28%
Return on capital employed % 12.02% 16.60% 18.28% 16.58% 17.24%
Earning per share Rs 2.37 3.23 3.8 4.21 5.13
Liquidity Ratios
Current ratio Times 1.14:1 1.19:1 1.34:1 1.34:1 1.32:1
Quick / Acid test ratio Times 0.35:1 0.45:1 0.57:1 0.68:1 0.62:1
Cash to current liabilities Times 0.03:1 0.07:1 0.1:1 0.27:1 0.15:1
Cash flow from operations to sales Times 0.31:1 0.14:1 0.03:1 0.07:1 0.04:1
Activity / Turnover Ratios
Inventory turnover ratio Times 3.32 2.91 3.75 3.51 3.63
No. of days in Inventory Days 110 125 97 104 100
Receivables turnover ratio Times 13.5 12.16 13.3 8.02 10.7
No. of days in receivables Days 27 30 27 45 34
Payables turnover ratio Times 3.76 2.76 3.34 3.19 3.13
No. of days in payables Days 97 132 110 114 117
Total assets turnover ratio Times 0.84 1.07 1.61 1.17 1.27
Fixed assets turnover ratio Times 2.33 4.17 4.87 4.85 5.08
Operating cycle Days 39.76 23.26 15.71 35.13 17.87
Solvency & Capital structure
ratios
Financial leverage ratio Times 2.81 1.04 1.06 1.21 1.16
Debt to total funds % 8.93% 11.39% 5.42% 4.02% 6.15%
debt to equity ratio Times 1.1 0.32 0.25 0 0.11
Interest cover ratio Times 2.89 2.86 8.62 6.27 4.18
Graphs:
Current Ratio:
2014 2015 2016 2017 2018
Current ratio Times 1.14 1.19 1.34 1.34 1.32

Current ratio Times

1.4
1.35
1.3
1.25
1.2 Current ratio
Times
1.15
1.1
1.05
1
2014 2015 2016 2017 2018

Interpretation:

Ratios started improving from year 2014 and ended in much

better condition in 2018 as compared to year 2014.And
company is able to pay its liabilities.
Quick /Acid test ratio:

2014 2015 2016 2017 2018

Quick / Acid test 0.35 0.45 0.57 0.68 0.62
ratio Times

Quick / Acid test ratio Times

0.8
0.7
0.6
0.5
0.4 Quick / Acid test ratio
Times
0.3
0.2
0.1
0
2014 2015 2016 2017 2018

Interpretation:

Quick ratio of the company is showing that its quick assets are
increasing .And company is in satisfactory short term condition.
Gross profit Ratio:

2014 2015 2016 2017 2018

Gross profit ratio % 12.19% 10.84% 10.85% 10.45% 12.57%

Gross profit ratio %

14.00%

12.00%

10.00%

8.00%
Gross profit ratio
6.00% %
4.00%

2.00%

0.00%
2014 2015 2016 2017 2018

Interpretation:

This graph shows that in 2014 gross profit was

more as compared to all of other years but in the middle it was
at same stage. In 2018 its uplifting again.
Inventory turnover ratio:
2014 2015 2016 2017 2018
Inventory turnover Times 3.32 2.91 3.75 3.51 3.63
ratio

3.5

2.5
Inventory turnover
2 ratio Times
Inventory turnover
1.5
ratio Times
1

0.5

0
2014 2015 2016 2017 2018

Return On Equity Ratio:

2014 2015 2016 2017 2018
Return on equity % 22.05% 19.36% 21.09% 14.93% 17.28%

Return on equity %
25.00%

20.00%

15.00%
Return on equity
10.00% %

5.00%

0.00%
2014 2015 2016 2017 2018
 Operating Profit Ratio:

2014 2015 2016 2017 2018

Operating leverage % 2.35 0.71 1.09 14.59 2.52
ratio

Operating leverage ratio %

16
14
12
10
8 Operating leverage
ratio %
6
4
2
0
2014 2015 2016 2017 2018

Earning per share:

2014 2015 2016 2017 2018

Earning per Rs 2.37 3.23 3.80 4.21 5.13
share
 2019

2018

2017

2016

2015

2014

2013

2012
2014 2015 2016 2017 2018

Net profit ratio:

2014 2015 2016 2017 2018

Net profit ratio % 6.07% 5.38% 4.71% 5.27% 5.81%

%
7.00%

6.00%

5.00%

4.00%

3.00% %

2.00%

1.00%

0.00%
2014 2015 2016 2017 2018
Projected statetment
Projected statement of Balance sheet
ASSETS

NON - CURRENT ASSETS 2019 2020 2021

Property, plant and equipment 4,142,571,184 4,142,571,184 4,142,571,184
Intangible asset 2453629 2453629 2453629
Long-term loans to employees 3,339,246 3,339,246 3,339,246
Long-term deposits 18,760,714 18,760,714 18,760,714
Total non - current assets 4,167,124,772 4,167,124,772 4,167,124,772
CURRENT ASSETS
Stores, spares and loose tools 357,754,437 357,754,437 357,754,437
Stock-in-trade 4,483,586,291 4,483,586,291 4,483,586,291
Trade debts 868,899,536 868,899,536 868,899,536
Loans and advances 299,195,028 299,195,028 299,195,028
Deposits, prepayments and other receivables 118,284,999 118,284,999 118,284,999
Due from the government 1,393,012,665 1,393,012,665 1,393,012,665
Other receivables 2,526,629 2,526,629 2,526,629
Short-term investments 126622604 126622604 126622604
Cash and bank balances 946,758,225 946,758,225 946,758,225
Total current assets 8,596,640,413 8,596,640,413 8,596,640,413
Total Assests 12,763,765,186 12,763,765,186 12,763,765,186
EQUITY AND LIABILITIES 2019 2020 2021
SHARE CAPITAL & RESERVES
Authorized share capital 2,100,000,000 2,100,000,000 2,100,000,000
Issued, subscribed and paid-up capital 1,640,862,862 1,640,862,862 1,640,862,862
Capital &Revenue Reserves 2,607,221,958 2,607,221,958 2,607,221,958
Equity contribution from Directors & their 2,286,628,385 2,286,628,385 2,286,628,385
relatives
Total EQUITY 6,534,713,206 6,534,713,206 6,534,713,206
LIABILITIES
NON - CURRENT LIABILITIES
Long-term financing 873236587.4 873,236,587 873236587
Deferred liabilities 524,042,363 524,042,363 524,042,363
Total NON - CURRENT LIABILITIES 1,397,278,950 1,397,278,950 1,397,278,950
CURRENT LIABILITIES
Trade and other payables 1,637,813,771 1,637,813,771 1,637,813,771
Unclaimed dividend 3886134.2 3886134.2 3886134.2
Accrued profit / interest / mark-up 57,632,548 57,632,548 57,632,548
Short-term loans from banking companies 4,835,564,583 4,835,564,583 4,835,564,583
Short-term loans from Directors and their relatives 67416460.2 67416460.2 67416460.2
Current portion of long-term financing 86473032.6 86473032.6 86473032.6
Total CURRENT LIABILITIES 6,688,786,529 6,688,786,529 6,688,786,529
Total liabilities 8,086,065,479 8,086,065,479 8,086,065,479
Total EQUITY AND LIABILITIES 12,763,765,186 12,763,765,186 12,763,765,186

Projection of Income statement:

2019 2020 2021
Sales - net 15,645,215,372 15,645,215,372 15,645,215,372
Cost of sales 13,883,786,264 13,883,786,264 13,883,786,264
GROSS PROFIT 1,761,429,108 1,761,429,108 1,761,429,108
Distribution cost 115,688,187 115,688,187 115,688,187
Administrative expenses 191,571,080 191,571,080 191,571,080
Total operating expenses 307,259,266 307,259,266 307,259,266
Operating profit 1,454,169,842 1,454,169,842 1,454,169,842
other income 27,227,477 27,227,477 27,227,477
1,481,397,319 1,481,397,319 1,481,397,319
Other charges 72,885,694 72,885,694 72,885,694
Finance cost 360,335,312 360,335,312 360,335,312
PROFIT BEFORE TAXATION 1,048,176,313 1,048,176,313 1,048,176,313
Taxation 190,854,762 190,854,762 190,854,762
PROFIT AFTER TAXATION 857,321,551 857,321,551 857,321,551
Common size analysis of projected BALANCE SHEET
ASSETS 2019 2020 2021
NON - CURRENT ASSETS
Property, plant and equipment 32% 32% 32%
Intangible asset 0% 0% 0%
Long-term loans to employees 0% 0% 0%
Long-term deposits 0% 0% 0%
Total non - current assets 33% 33% 33%
CURRENT ASSETS
Stores, spares and loose tools 3% 3% 3%
Stock-in-trade 35% 35% 35%
Trade debts 7% 7% 7%
Loans and advances 2% 2% 2%
Deposits, prepayments and other receivables 1% 1% 1%
Due from the government 11% 11% 11%
Other receivables 0% 0% 0%
Short-term investments 1% 1% 1%
Cash and bank balances 7% 7% 7%
Total current assets 67% 67% 67%
Total Assests 100% 100% 100%
EQUITY AND LIABILITIES 2019 2020 2021
SHARE CAPITAL & RESERVES
Authorized share capital 16% 16% 16%
Issued, subscribed and paid-up capital 13% 13% 13%
Capital &Revenue Reserves 20% 20% 20%
Equity contribution from Directors & their relatives 18% 18% 18%
Total EQUITY 51% 51% 51%
LIABILITIES
NON - CURRENT LIABILITIES
Long-term financing 7% 7% 7%
Deferred liabilities 4% 4% 4%
Total NON - CURRENT LIABILITIES 11% 11% 11%
CURRENT LIABILITIES 0% 0% 0%
Trade and other payables 13% 13% 13%
Unclaimed dividend 0% 0% 0%
Accrued profit / interest / mark-up 0% 0% 0%
Short-term loans from banking companies 38% 38% 38%
Short-term loans from Directors and their relatives 1% 1% 1%
Current portion of long-term financing 1% 1% 1%
Total CURRENT LIABILITIES 52% 52% 52%
Total liabilities 63% 63% 63%
Total EQUITY AND LIABILITIES 100% 100% 100%

Common size analysis of projected Income

statement

2019 2020 2021

Sales - net 100% 100% 100%
Cost of sales 89% 89% 89%
GROSS PROFIT 11% 11% 11%
Distribution cost 1% 1% 1%
Administrative expenses 1% 1% 1%
Total operating expenses 2% 2% 2%
Operating profit 9% 9% 9%
other income 0% 0% 0%
9% 9% 9%
Other charges 0% 0% 0%
Finance cost 2% 2% 2%
PROFIT BEFORE TAXATION 7% 7% 7%
Taxation 1% 1% 1%
PROFIT AFTER TAXATION 5% 5% 5%
Index analysis of Balance sheet:
ASSETS 2019 2020 2021
NON - CURRENT ASSETS
Property, plant and equipment 100% 100% 100%
Intangible asset 100% 100% 100%
Long-term loans to employees 100% 100% 100%
Long-term deposits 100% 100% 100%
Total non - current assets 100% 100% 100%
CURRENT ASSETS
Stores, spares and loose tools 100% 100% 100%
Stock-in-trade 100% 100% 100%
Trade debts 100% 100% 100%
Loans and advances 100% 100% 100%
Deposits, prepayments and other receivables 100% 100% 100%
Due from the government 100% 100% 100%
Other receivables 100% 100% 100%
Short-term investments 100% 100% 100%
Cash and bank balances 100% 100% 100%
Total current assets 100% 100% 100%
Total Assests 100% 100% 100%
EQUITY AND LIABILITIES 2019 2020 2021
SHARE CAPITAL & RESERVES
Authorized share capital 100% 100% 100%
Issued, subscribed and paid-up capital 100% 100% 100%
Capital &Revenue Reserves 100% 100% 100%
Equity contribution from Directors & their relatives 100% 100% 100%
Total EQUITY 100% 100% 100%
LIABILITIES
NON - CURRENT LIABILITIES
Long-term financing 100% 100% 100%
Deferred liabilities 100% 100% 100%
Total NON - CURRENT LIABILITIES 100% 100% 100%
CURRENT LIABILITIES
Trade and other payables 100% 100% 100%
Unclaimed dividend 100% 100% 100%
Accrued profit / interest / mark-up 100% 100% 100%
Short-term loans from banking companies 100% 100% 100%
Short-term loans from Directors and their relatives 100% 100% 100%
Current portion of long-term financing 100% 100% 100%
Total CURRENT LIABILITIES 100% 100% 100%
Total liabilities 100% 100% 100%
Total EQUITY AND LIABILITIES 100% 100% 100%

Index analysis of Income statement:

2019 2020 2021

Sales - net 100% 100% 100%
Cost of sales 100% 100% 100%
GROSS PROFIT 100% 100% 100%
Distribution cost 100% 100% 100%
Administrative expenses 100% 100% 100%
Total operating expenses 100% 100% 100%
Operating profit 100% 100% 100%
other income 100% 100% 100%
100% 100% 100%
Other charges 100% 100% 100%
Finance cost 100% 100% 100%
PROFIT BEFORE TAXATION 100% 100% 100%
Taxation 100% 100% 100%
PROFIT AFTER TAXATION 100% 100% 100%