Financial Analysis of N

By: Shahbaz Ali (2017-MBF-

ysis of Nestle Ltd. Prepared
az Ali (2017-MBF-003)
Balance Sheet As of
last 5 years
Rupees in '000' 2017 2016 2015 2014 2013

ASSETS
Current Assets
Cash and bank balances Rs 1,333,984.00 Rs 353,167.00 Rs 253,267.00 Rs 226,143.00 Rs 720,065.00
Current portion of long term loans & advances Rs 135,248.00 Rs 98,565.00 Rs 98,775.00 Rs 76,082.00 Rs 55,784.00
Advances, deposits, prepayments and other receivables Rs 1,268,098.00 Rs 661,325.00 Rs 828,638.00 Rs 758,437.00 Rs 7,633,854.00
Sales Tax Refundable- Net Rs 4,477,768.00 Rs 5,374,745.00 Rs 5,796,612.00 Rs 5,868,716.00 Rs -
Trade Debts Rs 781,116.00 Rs 564,460.00 Rs 314,836.00 Rs 272,321.00 Rs 328,110.00
Stock in trade Rs 15,358,288.00 Rs 11,207,230.00 Rs 9,474,681.00 Rs 9,763,987.00 Rs 7,925,132.00
Stores and spares Rs 1,769,987.00 Rs 1,308,329.00 Rs 1,262,789.00 Rs 1,208,547.00 Rs 1,273,538.00
Income tax - net Rs - Rs - Rs - Rs 231,547.00 Rs -
Total Current Assets Rs 25,124,489.00 Rs 19,567,821.00 Rs 18,029,598.00 Rs 18,405,780.00 Rs 17,936,483.00

Fixed Assets
Long term Loans & Advances Rs 367,359.00 Rs 338,449.00 Rs 276,199.00 Rs 317,600.00 Rs 292,304.00
Long term Deposits & Prepayments Rs 36,147.00 Rs 32,046.00 Rs 43,674.00 Rs 55,599.00 Rs 71,368.00
Capital work in progress Rs 4,059,585.00 Rs 2,765,730.00 Rs 882,230.00 Rs 2,233,971.00 Rs 2,351,556.00
Property , Plant & Equipment Rs 28,734,507.00 Rs 28,046,124.00 Rs 29,996,095.00 Rs 30,550,199.00 Rs 31,467,872.00
Total Fixed Assets Rs 33,197,598.00 Rs 31,182,349.00 Rs 31,198,198.00 Rs 33,157,369.00 Rs 34,183,100.00

Intangible Assets Rs 23,532.00 Rs 31,600.00 Rs 39,668.00 Rs - Rs 2,392.00

Goodwill Rs - Rs - Rs - Rs 167,546.00 Rs 167,546.00
Total Intangible Assets Rs 23,532.00 Rs 31,600.00 Rs 39,668.00 Rs 167,546.00 Rs 169,938.00

Total Assets Rs 58,345,619.00 Rs 50,781,770.00 Rs 49,267,464.00 Rs 51,730,695.00 Rs 52,289,521.00

LIABILITIES
Current Liabilities
Trade & Accounts Payable Rs 26,231,936.00 Rs 24,920,599.00 Rs 16,752,543.00 Rs 14,361,913.00 Rs 9,366,805.00
Customer security deposits Rs 260,369.00 Rs 240,843.00 Rs 221,305.00 Rs 220,957.00 Rs 181,977.00
Interest & Markup Payable Rs 146,856.00 Rs 48,888.00 Rs 83,521.00 Rs 147,652.00 Rs 263,776.00
Income tax - net Rs 1,150,297.00 Rs 1,458,740.00 Rs 1,576,345.00 Rs - Rs -
Short term running finance under markup Rs 513,908.00 Rs 2,013,120.00 Rs 2,461,648.00 Rs 2,934,546.00 Rs 3,356,591.00
Short term borrowings Rs 11,845,986.00 Rs 4,345,157.00 Rs 3,000,000.00 Rs 7,029,193.00 Rs -
Current portion of long term finances Rs 116,343.00 Rs - Rs 1,047,750.00 Rs 3,082,979.00 Rs 4,831,840.00

Contigencies & Commitments Rs - Rs - Rs - Rs - Rs -

Total Current Liabilities Rs 40,265,695.00 Rs 33,027,347.00 Rs 25,143,112.00 Rs 27,777,240.00 Rs 18,000,989.00
Long-Term Liabilities
Long term Finances Rs 9,291,755.00 Rs 5,637,473.00 Rs 8,000,000.00 Rs 6,951,459.00 Rs 17,464,812.00
Deferred Taxation Rs 2,493,067.00 Rs 1,943,343.00 Rs 2,271,523.00 Rs 3,263,372.00 Rs 4,102,160.00
Retirement Benefits Rs 1,660,762.00 Rs 1,361,555.00 Rs 1,215,067.00 Rs 1,110,999.00 Rs 862,403.00
Total Long-Term Liabilities Rs 13,445,584.00 Rs 8,942,371.00 Rs 11,486,590.00 Rs 11,325,830.00 Rs 22,429,375.00

Total Liabilities Rs 53,711,279.00 Rs 41,969,718.00 Rs 36,629,702.00 Rs 39,103,070.00 Rs 40,430,364.00

STOCKHOLDER'S EQUITY
Share capital and reserves
Authorized capital
75,000,000 (2016: 75,000,000) ordinary shares of Rs. 10 each Rs 750,000.00 Rs 750,000.00 Rs 750,000.00 Rs 750,000.00 Rs 750,000.00

Paid up Capital Rs 453,496.00 Rs 453,496.00 Rs 453,496.00 Rs 453,496.00 Rs 453,496.00

Share premium Rs 249,527.00 Rs 249,527.00 Rs 249,527.00 Rs 249,527.00 Rs 249,527.00
General reserve Rs 280,000.00 Rs 280,000.00 Rs 280,000.00 Rs 280,000.00 Rs 280,000.00
Accumulated Profit Rs 3,642,960.00 Rs 7,839,121.00 Rs 11,652,011.00 Rs 11,658,601.00 Rs 10,876,134.00
Hedging reserve Rs 8,357.00 Rs 10,092.00- Rs 2,728.00 Rs 13,999.00- Rs -
Total Stockholder's Equity Rs 4,634,340.00 Rs 8,812,052.00 Rs 12,637,762.00 Rs 12,627,625.00 Rs 11,859,157.00

Total Liabilities & Stockholder's Equity Rs 58,345,619.00 Rs 50,781,770.00 Rs 49,267,464.00 Rs 51,730,695.00 Rs 52,289,521.00
Profit and Loss Account
For the last 5 years
Rupees in '000'
Sales
Cost of goods sold
Gross Profit

Distribution and Selling expenses

Administration expenses
Operating Profit

Other expenses
Other income
Profit before interest & taxation

Taxation
Finance cost
Profit after interest & taxation

Earnings per share - basic and diluted (Rupees)

 2017 2016 2015
Rs 122,214,698.00 Rs 112,392,654.00 Rs 102,985,916.00
Rs 77,458,749.00- Rs 72,609,392.00- Rs 68,859,344.00-
Rs 44,755,949.00 Rs 39,783,262.00 Rs 34,126,572.00
Rs 18,406,725.00 Rs 17,875,408.00 Rs 15,411,236.00
Rs 2,741,743.00 Rs 2,760,186.00 Rs 2,397,996.00
Rs 23,607,481.00 Rs 19,147,668.00 Rs 16,317,340.00
Rs 1,837,203.00 Rs 1,509,403.00 Rs 2,210,540.00
Rs 313,857.00 Rs 340,660.00 Rs 137,742.00
Rs 22,084,135.00 Rs 17,978,925.00 Rs 14,244,542.00
Rs 6,346,723.00 Rs 5,172,947.00 Rs 3,759,192.00
Rs 1,095,630.00 Rs 959,005.00 Rs 1,724,420.00
Rs 14,641,782.00 Rs 11,846,973.00 Rs 8,760,930.00
Rs 322.86 Rs 261.23 Rs 193.18
 2014 2013
Rs 96,457,743.00 Rs 86,226,869.00
Rs 69,133,753.00- Rs 62,066,072.00-
Rs 27,323,990.00 Rs 24,160,797.00
Rs 11,085,448.00 Rs 10,731,584.00
Rs 2,125,079.00 Rs 1,957,943.00
Rs 14,113,463.00 Rs 11,471,270.00
Rs 1,472,550.00 Rs 1,439,777.00
Rs 523,892.00 Rs 194,565.00
Rs 13,164,805.00 Rs 10,226,058.00
Rs 3,079,897.00 Rs 2,246,199.00
Rs 2,155,637.00 Rs 2,113,096.00
Rs 7,929,271.00 Rs 5,866,763.00
Rs 174.85 Rs 129.37
Cash Flow Statement For
the last 5 years
Rupees in '000' 2017 2016 2015 2014 2013
Cash flow from operating activities
Cash generated from operations Rs 21,925,820.00 Rs 29,534,835.00 Rs 22,369,861.00 Rs 21,106,707.00 Rs 14,846,883.00
(Increase) / decrease in long term deposits and prepayments Rs 4,101.00- Rs 11,628.00 Rs 11,925.00 Rs 15,769.00 Rs 27,295.00
(Increase) / decrease in long term loans and advances Rs 65,593.00- Rs 62,040.00- Rs 18,708.00 Rs 45,594.00- Rs 65,714.00-
Increase in customer security deposits - interest free Rs 19,526.00 Rs 19,538.00 Rs 348.00 Rs 38,980.00 Rs -
Sales tax refundable - net Rs 896,977.00 Rs 421,867.00 Rs 72,104.00 Rs 802,381.00- Rs -
Retirement benefits paid Rs 423,487.00- Rs 387,921.00- Rs 316,866.00- Rs 263,213.00- Rs 235,771.00-
Workers’ profit participation fund paid Rs 11,916.00- Rs 895,145.00- Rs 662,690.00- Rs 613,420.00- Rs 437,176.00-
Workers’ welfare fund paid Rs 323,560.00- Rs 264,986.00- Rs 214,300.00- Rs 164,004.00- Rs 84,436.00-
Income taxes paid Rs 6,012,968.00- Rs 5,622,752.00- Rs 2,880,807.00- Rs 2,336,451.00- Rs 2,974,725.00-
Net cash generated from operating activities Rs 16,000,698.00 Rs 22,755,024.00 Rs 18,398,283.00 Rs 16,936,393.00 Rs 11,076,356.00

Cash flow from investing activities

Fixed capital expenditure Rs 5,457,179.00 Rs 4,080,255.00 Rs 2,701,201.00 Rs 2,975,985.00 Rs 3,700,563.00
Sale proceeds of property, plant and equipment Rs 250,451.00 Rs 560,991.00 Rs 348,904.00 Rs 179,653.00 Rs 183,855.00
Net cash used in investing activities Rs 5,206,728.00 Rs 3,519,264.00 Rs 2,352,297.00 Rs 2,796,332.00 Rs 3,516,708.00

Cash flow from financing activities

Finance cost paid Rs 997,662.00- Rs 993,638.00- Rs 1,788,551.00- Rs 2,271,761.00- Rs 2,039,147.00-
Long term finances - net Rs 3,770,625.00 Rs 3,410,127.00- Rs 1,108,715.00- Rs 11,936,789.00- Rs 6,372,935.00
Short term borrowings - net Rs 7,500,829.00 Rs 1,345,157.00 Rs 4,029,193.00- Rs 4,028,883.00 Rs 3,900,000.00-
Dividend paid Rs 18,587,733.00 Rs 15,628,724.00 Rs 8,619,505.00 Rs 7,032,581.00 Rs 5,439,789.00
Payment of finance lease liabilities Rs - Rs - Rs - Rs - Rs 13,630.00-
Net cash used in financing activities Rs 8,313,941.00- Rs 18,687,332.00- Rs 15,545,964.00- Rs 17,212,248.00- Rs 5,006,001.00-

Net increase in cash and cash equivalents Rs 2,480,029.00 Rs 548,428.00 Rs 500,022.00 Rs 3,072,187.00- Rs 2,540,017.00
Cash and cash equivalents at beginning of the year Rs 1,659,953.00- Rs 2,208,381.00- Rs 2,708,403.00- Rs 363,784.00 Rs 5,176,543.00-
Cash and cash equivalents at end of the year Rs 820,076.00 Rs 1,659,953.00- Rs 2,208,381.00- Rs 2,708,403.00- Rs 2,636,526.00-
Financial Ratios
For the last 5 years
Values in '%' 2017 2016 2015

Liquidity Measurement Ratios

Current Ratio 0.62 0.59 0.72
Quick Ratio 0.06 0.03 0.04
Cash Ratio 0.03 0.01 0.01
Cash Conversion Cycle (times) 6.82 7.49 13.16

Profitability Ratios
Gross Profit Margin 0.37 0.35 0.33
Operating Profit Margin 0.19 0.17 0.16
Pretax Profit Margin 0.17 0.15 0.12
Net Profit Margin 0.12 0.11 0.09
Return on Assets 0.27 0.24 0.17
Return on Eqiuty 2.18 1.10 0.69
Return on Capital Employed 0.66 0.54 0.32

Solvency Ratios
Debt Ratio 0.92 0.83 0.74
Debt - Equity Ratio 11.59 4.76 2.90
Capitalization Ratio 0.67 0.39 0.39
Interest Coverage Ratio (times) 20.16 18.75 8.26
Cash Flow to Debt Ratio 2.14 3.34 2.46

Asset Management Ratios

Fixed Asset Turnover 4.30 3.87 3.40
Operating Cycle 6.82 7.49 13.16

Cash Flow Ratios

Free Cash Flow Ratio 0.09 0.17 0.15
Short-term Debt Coverage Ratio 1.29 3.58 3.37
Capital Expenditure Coverage Ratio 2.93 5.58 6.81
Dividend Coverage Ratio 0.86 1.46 2.13
CapExp + Cash Dividend Coverage Ratio 0.67 1.15 1.63
Dividend Payout Ratio ### ### ###
Investment Valuation Ratios
Price/Book Value Ratio 88070.79 46317.25 32296.07
Price/Cash Flow Ratio 25508.26 17936.70 22184.14
Price/Earnings Ratio 27.88 34.45 46.59
Price/Sales Ratio 3339.61 3631.47 3963.16
Dividend Yield ### ### ###
2014 2013

0.66 1.00
0.04 0.46
0.01 0.04
14.44 21.92

0.28 0.28
0.15 0.13
0.11 0.09
0.08 0.07
0.15 0.11
0.65 0.50
0.25 0.18

0.76 0.77
3.10 3.41
0.36 0.60
6.11 4.84
1.39 0.67

3.11 3.23
14.44 21.92

0.14 0.09
1.70 3.30
5.69 2.99
2.41 2.04
1.69 1.21
### ###
32321.99 34416.44
24098.99 36848.76
51.47 69.57
4231.39 4733.44
### ###
Working of Ratios
Rupees in '000'
Average Inventory
Average Accounts Receivables
Average Accounts Payables
Average Total assets
Average Shareholder's Equity
Average Debt Liabilities
Average Total Debt
Average Property , Plant & Equipment
Inventory Outstanding (Days)
Sales Outstanding (Days)
Payables Outstanding (Days)
 2017 2016 2015 2014
Rs 14,821,917.00 Rs 11,626,514.50 Rs 10,855,002.00 Rs 10,085,602.00
Rs 964,711.50 Rs 744,981.50 Rs 793,537.50 Rs 4,196,145.50
Rs 25,576,267.50 Rs 20,836,571.00 Rs 15,557,228.00 Rs 11,864,359.00
Rs 54,563,694.50 Rs 50,024,617.00 Rs 50,499,079.50 Rs 52,010,108.00
Rs 6,723,196.00 Rs 10,724,907.00 Rs 12,632,693.50 Rs 12,243,391.00
Rs 15,618,357.00 Rs 11,015,190.00 Rs 14,555,690.50 Rs 19,680,141.50
Rs 7,464,614.00 Rs 6,818,736.50 Rs 7,475,729.50 Rs 12,208,135.50
Rs 28,390,315.50 Rs 29,021,109.50 Rs 30,273,147.00 Rs 31,009,035.50
-69.84 -58.45 -57.54 -53.25
2.88 2.42 2.81 15.88
-120.52 -104.74 -82.46 -62.64
 2013
Rs 4,599,335.00
Rs 3,816,927.00
Rs 4,683,402.50
Rs 51,589,784.00
Rs 11,709,710.50
Rs 20,802,651.00
Rs 16,415,888.00
Rs 26,719,414.50
-27.05
16.16
-27.54
Graphical Representation of
Financial Ratios
Liquidity Measurement Ratios
Current Ratio

Current Ratio
1.00 0.50
0.90 0.45
0.80 0.40
0.70 0.35
0.60 Current Ratio
0.30
0.50 0.25
0.40 0.20
0.30 0.15
0.20 0.10
0.10 0.05
0.00 0.00
1 2 3 4 5 1 2

Cash Conversion Cycle (times)

Cash Conversion Cycle (times)

25.00

20.00

Cash Conversion Cycle

15.00 (times)

10.00

5.00

0.00
1 2 3 4 5

Profitability Ratios
Gross Profit Margin

Gross Profit Margin

0.40
0.35
0.30
0.25 Gross Profit Margin
0.20
0.15
0.10
0.05
0.00
1 2 3 4 5

Net Profit Margin

Net Profit Margin

0.12 0.30

0.10 0.25

0.08 0.20
Net Profit Margin
0.06 0.15

0.04 0.10

0.02 0.05

0.00 0.00
1 2 3 4 5 1 2

Return on Capital Employed

Return on Capital Employed

0.70

0.60

0.50

0.40 Return on Capital Employed

0.30

0.20

0.10

0.00
1 2 3 4 5
 0.40 Return on Capital Employed

0.30

0.20

0.10

0.00
1 2 3 4 5

Solvency Ratios
Debt Ratio

Debt Ratio
1.00 12.00
0.90
0.80 10.00
0.70
Debt Ratio 8.00
0.60
0.50 6.00
0.40
0.30 4.00
0.20
2.00
0.10
0.00 0.00
1 2 3 4 5 1 2

Interest Coverage Ratio (times)

Interest Coverage Ratio (times)

25.00

20.00

Interest Coverage Ratio

15.00 (times)

10.00

5.00

0.00
1 2 3 4 5

Asset Management Ratios

Fixed Asset Turnover

Fixed Asset Turnover

4.50
4.00
3.50
3.00
Fixed Asset Turnover
2.50
2.00
1.50
1.00
0.50
0.00
1 2 3 4 5

Cash Flow Ratios

Operating Cash Flow Ratio

Free Cash Flow Ratio

0.18
0.16
0.14
0.12
Free Cash Flow Ratio
0.10
0.08
0.06
0.04
0.02
0.00
1 2 3 4 5

Dividend Coverage Ratio

Dividend Coverage Ratio

2.50

2.00

1.50 Dividend Coverage Ratio

1.00
 2.50

2.00

1.50 Dividend Coverage Ratio

1.00

0.50

0.00
1 2 3 4 5

Investment Valuation Ratios

Price/Book Value Ratio

Price/Book Value Ratio

90000.00
80000.00
70000.00
60000.00
Price/Book Value Ratio
50000.00
40000.00
30000.00
20000.00
10000.00
0.00
1 2 3 4 5

Price/Sales Ratio

Price/Sales Ratio
5000.00
4500.00
4000.00
3500.00
3000.00 Price/Sales Ratio
2500.00
2000.00
1500.00
1000.00
500.00
0.00
1 2 3 4 5
 Quick Ratio

Quick Ratio
0.50
0.45
0.40
0.35
Quick Ratio
0.30
0.25
0.20
0.15
0.10
0.05
0.00
1 2 3 4 5
Operating Profit Margin

Operating Profit Margin P

0.20 0.18
0.18 0.16
0.16 0.14
0.14 0.12
0.12 Operating Profit Margin
0.10
0.10
0.08
0.08
0.06 0.06
0.04 0.04
0.02 0.02
0.00 0.00
1 2 3 4 5 1 2

Return on Assets

Return on Assets
0.30

0.25

0.20 Return on Assets

0.15

0.10

0.05

0.00
1 2 3 4 5
 Debt - Equity Ratio

Debt - Equity Ratio

12.00

10.00

8.00 Debt - Equity Ratio

6.00

4.00

2.00

0.00
1 2 3 4 5

Cash Flow to Debt Ratio

Cash Flow to Debt Ratio

3.50
3.00
2.50
Cash Flow to Debt Ratio
2.00
1.50
1.00
0.50
0.00
1 2 3 4 5
Operating Cycle

Operating Cycle
25.00

20.00

15.00 Operating Cycle

10.00

5.00

0.00
1 2 3 4 5

Short-term Debt Coverage Ratio

Short-term Debt Coverage Ratio Capital E

4.00 7.00
3.50 6.00
3.00 5.00
2.50 Short-term Debt Coverage Ratio
4.00
2.00
3.00
1.50
1.00 2.00

0.50 1.00
0.00 0.00
1 2 3 4 5 1 2

CapExp + Cash Dividend Coverage Ratio

CapExp + Cash Dividend Coverage Ratio

1.80
1.60
1.40
1.20 CapExp + Cash Dividend
1.00 Coverage Ratio
0.80
0.60
 1.80
1.60
1.40
1.20 CapExp + Cash Dividend
1.00 Coverage Ratio
0.80
0.60
0.40
0.20
0.00
1 2 3 4 5

Price/Cash Flow Ratio

Price/Cash Flow Ratio

40000.00
35000.00
30000.00
25000.00 Price/Cash Flow Ratio
20000.00
15000.00
10000.00
5000.00
0.00
1 2 3 4 5

Dividend Yield

Dividend Yield
0.00005
0.000045
0.00004
0.000035
0.00003 Dividend Yield
0.000025
0.00002
0.000015
0.00001
0.000005
0
1 2 3 4 5
Cash Ratio

Cash Ratio
0.05
0.04
0.04
0.03
Cash Ratio
0.03
0.02
0.02
0.01
0.01
0.00
1 2 3 4 5
Pretax Profit Margin

Pretax Profit Margin

0.18
0.16
0.14
0.12
Pretax Profit Margin
0.10
0.08
0.06
0.04
0.02
0.00
1 2 3 4 5

Return on Eqiuty

Return on Eqiuty
2.50

2.00

1.50 Return on Eqiuty

1.00

0.50

0.00
1 2 3 4 5
Capitalization Ratio

Capitalization Ratio
0.70
0.60
0.50
Capitalization Ratio
0.40
0.30
0.20
0.10
0.00
1 2 3 4 5
Capital Expenditure Coverage Ratio

Capital Expenditure Coverage Ratio

7.00
6.00
5.00
Capital Expenditure
4.00 Coverage Ratio

3.00
2.00
1.00
0.00
1 2 3 4 5

Dividend Payout Ratio

Dividend Payout Ratio

0.0014
0.0012
0.001
Dividend Payout Ratio
0.0008
0.0006
0.0004
 0.0014
0.0012
0.001
Dividend Payout Ratio
0.0008
0.0006
0.0004
0.0002
0
1 2 3 4 5

Price/Earnings Ratio

Price/Earnings Ratio
70.00
60.00
50.00
Price/Earnings Ratio
40.00
30.00
20.00
10.00
0.00
1 2 3 4 5
Horizontal Analysis
As of last 5 years
Balance Sheet
Values in '%' 2017 2016
ASSETS
Current Assets
Cash and bank balances 185.26% 49.05%
Current portion of long term loans & advances 242.45% 176.69%
Advances, deposits, prepayments and other receivables 16.61% 8.66%
Sales Tax Refundable- Net 100.00% 100.00%
Trade Debts 238.07% 172.03%
Stock in trade 193.79% 141.41%
Stores and spares 138.98% 102.73%
Income tax - net 0.00% 0.00%
Total Current Assets 140.07% 109.10%

Fixed Assets
Long term Loans & Advances 125.68% 115.79%
Long term Deposits & Prepayments 50.65% 44.90%
Capital work in progress 172.63% 117.61%
Property , Plant & Equipment 91.31% 89.13%
Total Fixed Assets 97.12% 91.22%

Intangible Assets 983.78% 1321.07%

Goodwill 0.00% 0.00%
Total Intangible Assets 13.85% 18.60%

Total Assets 111.58% 97.12%

LIABILITIES
Current Liabilities
Trade & Accounts Payable 280.05% 266.05%
Customer security deposits 143.08% 132.35%
Interest & Markup Payable 55.67% 18.53%
Income tax - net 100.00% 100.00%
Short term running finance under markup 15.31% 59.98%
Short term borrowings 100.00% 100.00%
Current portion of long term finances 2.41% 0.00%

Contigencies & Commitments 0.00% 0.00%

Total Current Liabilities 223.69% 183.48%

Long-Term Liabilities
Long term Finances 53.20% 32.28%
Deferred Taxation 60.77% 47.37%
Retirement Benefits 192.57% 157.88%
Total Long-Term Liabilities 59.95% 39.87%

Total Liabilities 132.85% 103.81%

STOCKHOLDER'S EQUITY
Share capital and reserves
Authorized capital
75,000,000 (2016: 75,000,000) ordinary shares of Rs. 10 each 100.00% 100.00%

Paid up Capital 100.00% 100.00%

Share premium 100.00% 100.00%
General reserve 100.00% 100.00%
Accumulated Profit 33.49% 72.08%
Hedging reserve 100.00% -100.00%
Total Stockholder's Equity 39.08% 74.31%

Total Liabilities & Stockholder's Equity 111.58% 97.12%

2015 2014 2013

35.17% 31.41% 100.00%

177.07% 136.39% 100.00%
10.85% 9.94% 100.00%
100.00% 100.00% 0.00%
95.95% 83.00% 100.00%
119.55% 123.20% 100.00%
99.16% 94.90% 100.00%
0.00% 100.00% 0.00%
100.52% 102.62% 100.00%

94.49% 108.65% 100.00%

61.20% 77.90% 100.00%
37.52% 95.00% 100.00%
95.32% 97.08% 100.00%
91.27% 97.00% 100.00%

1658.36% 0.00% 100.00%

0.00% 100.00% 100.00%
23.34% 98.59% 100.00%

94.22% 98.93% 100.00%

178.85% 153.33% 100.00%

121.61% 121.42% 100.00%
31.66% 55.98% 100.00%
100.00% 0.00% 0.00%
73.34% 87.43% 100.00%
100.00% 100.00% 0.00%
21.68% 63.81% 100.00%

0.00% 0.00% 0.00%

139.68% 154.31% 100.00%

45.81% 39.80% 100.00%

55.37% 79.55% 100.00%
140.89% 128.83% 100.00%
51.21% 50.50% 100.00%

90.60% 96.72% 100.00%

100.00% 100.00% 100.00%

100.00% 100.00% 100.00%

100.00% 100.00% 100.00%
100.00% 100.00% 100.00%
107.13% 107.19% 100.00%
100.00% -100.00% 0.00%
106.57% 106.48% 100.00%

94.22% 98.93% 100.00%

 Profit & Loss Statement
Values in '%' 2017
Sales 142%
Cost of goods sold 125%
Gross Profit 185%
Distribution and Selling expenses 172%
Administration expenses 140%
Operating Profit 206%
Other expenses 128%
Other income 161%
Profit before interest & taxation 216%
Taxation 283%
Finance cost 52%
Profit after interest & taxation 250%
Earnings per share - basic and diluted (Rupees) 250%

Cash Flow Statement

Values in '%' 2017
Cash flow from operating activities
Cash generated from operations 147.68%
(Increase) / decrease in long term deposits and prepayments -15.02%
(Increase) / decrease in long term loans and advances 99.82%
Increase in customer security deposits - interest free 100.00%
Sales tax refundable - net 100.00%
Retirement benefits paid 179.62%
Workers’ profit participation fund paid 2.73%
Workers’ welfare fund paid 383.20%
Income taxes paid 202.14%
Net cash generated from operating activities 144.46%
Cash flow from investing activities
Fixed capital expenditure 147.47%
Sale proceeds of property, plant and equipment 136.22%
Net cash used in investing activities 148.06%

Cash flow from financing activities

Finance cost paid 48.93%
Long term finances - net 59.17%
Short term borrowings - net -192.33%
Dividend paid 341.70%
Payment of finance lease liabilities 0.00%
Net cash used in financing activities 166.08%

Net increase in cash and cash equivalents 97.64%

Cash and cash equivalents at beginning of the year 32.07%
Cash and cash equivalents at end of the year -31.10%
Statement
2016 2015 2014 2013
130% 119% 112% 100%
117% 111% 111% 100%
165% 141% 113% 100%

167% 144% 103% 100%

141% 122% 109% 100%
167% 142% 123% 100%

105% 154% 102% 100%

175% 71% 269% 100%
176% 139% 129% 100%

230% 167% 137% 100%

45% 82% 102% 100%
202% 149% 135% 100%

202% 149% 135% 100%

atement
2016 2015 2014 2013

198.93% 150.67% 142.16% 100.00%

42.60% 43.69% 57.77% 100.00%
94.41% -28.47% 69.38% 100.00%
100.00% 100.00% 100.00% 0.00%
100.00% 100.00% -100.00% 0.00%
164.53% 134.40% 111.64% 100.00%
204.76% 151.58% 140.31% 100.00%
313.83% 253.80% 194.23% 100.00%
189.02% 96.84% 78.54% 100.00%
205.44% 166.10% 152.91% 100.00%
110.26% 72.99% 80.42% 100.00%
305.13% 189.77% 97.71% 100.00%
100.07% 66.89% 79.52% 100.00%

48.73% 87.71% 111.41% 100.00%

-53.51% -17.40% -187.30% 100.00%
-34.49% 103.31% -103.30% 100.00%
287.30% 158.45% 129.28% 100.00%
0.00% 0.00% 0.00% 100.00%
373.30% 310.55% 343.83% 100.00%

21.59% 19.69% -120.95% 100.00%

42.66% 52.32% -7.03% 100.00%
62.96% 83.76% 102.73% 100.00%
Vertical Analysis
As of last 5 years
Balance Sheet
Values in '%' 2017 2016
ASSETS
Current Assets
Cash and bank balances 2.29% 0.70%
Current portion of long term loans & advances 0.23% 0.19%
Advances, deposits, prepayments and other receivables 2.17% 1.30%
Sales Tax Refundable- Net 7.67% 10.58%
Trade Debts 1.34% 1.11%
Stock in trade 26.32% 22.07%
Stores and spares 3.03% 2.58%
Income tax - net 0.00% 0.00%
Total Current Assets 43.06% 38.53%

Fixed Assets
Long term Loans & Advances 0.63% 0.67%
Long term Deposits & Prepayments 0.06% 0.06%
Capital work in progress 6.96% 5.45%
Property , Plant & Equipment 49.25% 55.23%
Total Fixed Assets 56.90% 61.40%

Intangible Assets 0.04% 0.06%

Goodwill 0.00% 0.00%
Total Intangible Assets 0.04% 0.06%

Total Assets 100.00% 100.00%

LIABILITIES
Current Liabilities
Trade & Accounts Payable 44.96% 49.07%
Customer security deposits 0.45% 0.47%
Interest & Markup Payable 0.25% 0.10%
Income tax - net 1.97% 2.87%
Short term running finance under markup 0.88% 3.96%
Short term borrowings 20.30% 8.56%
Current portion of long term finances 0.20% 0.00%

Contigencies & Commitments 0.00% 0.00%

Total Current Liabilities 69.01% 65.04%

Long-Term Liabilities
Long term Finances 15.93% 11.10%
Deferred Taxation 4.27% 3.83%
Retirement Benefits 2.85% 2.68%
Total Long-Term Liabilities 23.04% 17.61%

Total Liabilities 92.06% 82.65%

STOCKHOLDER'S EQUITY
Share capital and reserves
Authorized capital
75,000,000 (2016: 75,000,000) ordinary shares of Rs. 10 each 1.29% 1.48%

Paid up Capital 0.78% 0.89%

Share premium 0.43% 0.49%
General reserve 0.48% 0.55%
Accumulated Profit 6.24% 15.44%
Hedging reserve 0.01% -0.02%
Total Stockholder's Equity 7.94% 17.35%

Total Liabilities & Stockholder's Equity 100.00% 100.00%

 Profit & Loss Stat
2015 2014 2013 Values in '%'
Sales

Cost of goods sold

0.51% 0.44% 1.38% Gross Profit
0.20% 0.15% 0.11%
1.68% 1.47% 14.60% Distribution and Selling expenses
11.77% 11.34% 0.00% Administration expenses
0.64% 0.53% 0.63% Operating Profit
19.23% 18.87% 15.16%
2.56% 2.34% 2.44% Other expenses
0.00% 0.45% 0.00% Other income
36.60% 35.58% 34.30% Profit before interest & taxation

Taxation
0.56% 0.61% 0.56% Finance cost
0.09% 0.11% 0.14% Profit after interest & taxation
1.79% 4.32% 4.50%
60.88% 59.06% 60.18%
63.32% 64.10% 65.37%

0.08% 0.00% 0.00%

0.00% 0.32% 0.32%
0.08% 0.32% 0.32%

100.00% 100.00% 100.00%

34.00% 27.76% 17.91%

0.45% 0.43% 0.35%
0.17% 0.29% 0.50%
3.20% 0.00% 0.00%
5.00% 5.67% 6.42%
 6.09% 13.59% 0.00%
2.13% 5.96% 9.24%

0.00% 0.00% 0.00%

51.03% 53.70% 34.43%

16.24% 13.44% 33.40%

4.61% 6.31% 7.85%
2.47% 2.15% 1.65%
23.31% 21.89% 42.89%

74.35% 75.59% 77.32%

1.52% 1.45% 1.43%

0.92% 0.88% 0.87%

0.51% 0.48% 0.48%
0.57% 0.54% 0.54%
23.65% 22.54% 20.80%
0.01% -0.03% 0.00%
25.65% 24.41% 22.68%

100.00% 100.00% 100.00%

& Loss Statement
2017 2016 2015 2014 2013

100% 100% 100% 100% 100%

-63% -65% -67% -72% -72%
37% 35% 33% 28% 28%

15% 16% 15% 11% 12%

2% 2% 2% 2% 2%
19% 17% 16% 15% 13%

2% 1% 2% 2% 2%
0% 0% 0% 1% 0%
18% 16% 14% 14% 12%

5% 5% 4% 3% 3%
1% 1% 2% 2% 2%
12% 11% 9% 8% 7%