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TABLE OF CONTENT

S. NO. TOPC
1
88lLl ln18CuuC1lCn A8Cu1
C8CAnlZA1lCn
2 CALCuLA1lCn Cl 8A1lCS
3
C8CSS SLC1lCnAL AnAL?SlS 1A8LL Cl
2010
4 C8CSS SLC1lCnAL AnAL?SlS Cl 2010
3
C8APlCAL 8LSLn1A1lCn Cl C8CSS
SLC1lCAL AnAL?SlS
6
CCMMCn SlZL 8ALAnCL SPLL1 Cl
2009 2010
7
CCMMCn SlZL lnCCML S1A1LMLn1
Cl 2009 2010
8 ln1L8nAL C8CW1P 8A1L (lC8)
9 SuS1AlnA8LL C8CW1P 8A1L (SC8)
10 8ClC8MA 8ALAnCL SPLL1
11 8ClC8MA lnCCML S1A1LMLn1
12 8LCCMMLnuA1lCnS






Company rof||e

Chandhara nlssan LlmlLed (CnL) ls a group Company of 8lbo[ee Servlces (vL) LlmlLed 1he
Company was lncorporaLed ln 1981 as a rlvaLe LlmlLed Company havlng Lhe sale llcensee for
Lhe dlsLrlbuLlon of nlssan vehlcles ln C8u condlLlon ln aklsLan laLer ln 1992 lL was converLed ln
Lo a ubllc Company llsLed ln karachl SLock Lxchange

CnL has 1echnlcal AsslsLance AgreemenL wlLh nlssan MoLor Co !apan and [olnL venLure
AgreemenL wlLh nlssan ulesel Co !apan for Lhe progresslve Assembly of assenger Cars LlghL
Commerclal vehlcles and Peavy uuLy vehlcles CnL's Car and 1ruck lanLs are locaLed aL orL
Caslm ad[acenL Lo each oLher

lL ls Lhe only AuLomoblle Company ln Lhe counLry assembllng compleLe range of producL le
passengers cars llghL commerclal vehlcles and heavyduLy Lrucks and buses

1he company ls commlLLed Lo achleve hlgh quallLy producLs cusLomers' saLlsfacLlon markeL
leadershlp conLrlbuLlon ln Lhe economlc growLh of aklsLan and comply wlLh all regulaLory and
oLher requlremenLs for maklng Lhe envlronmenL user frlendly

VISICN (What we str|ve to be)
1o acqulre markeL leadershlp and conLrlbuLe Lo Lhe socleLy by provldlng hlgh quallLy and
envlronmenL frlendly lsuzu vehlcles ln aklsLan markeL

M|ss|on Statement
Chandhara nlssan rovldes compleLe range of vehlcles and servlces LhaL dellver superlor
measurable values Lo all sLakeholders ln alllance wlLh nlssan ulesel MoLor Co and nlssan MoLor
Co !apan












$ NO
RATIO FORMULA 2009 2010
1 current ratio current assets 1573796 1547103

current
liabilities


1480268 1421358

106 108

2 quick ratio quick assets 319709 307241

current
liabilities 1480268 1421358

0215 0216

3 cash ratio cash 36293 72570

Current
liabilities 1480268 1421358

0024 0051

4
working
capital
current assets
- current
liabilities

1573796-
1480268
1547103-
1421358

93528 125745

total debt 1689470 1746749
5 debt ratio
total assets
3392096 3360482




049 0519



6
Debt to equity
ratio Total debts 1689470 1746749


Total
shareholder's
equity
1702626 1613733

099 108





CALCULATION OF RATIO$


$ NO RATIO FORMULA 2009 2010
7 operating profit 484565 123607

Operating
profit margin
interest
expense

344953 147328



140 times 083times

8
account
receivable
turnover
net credit sales 2053959 2402617

average
account
receivable
402976 259036



5096 times 927 times

9 average
collection
period
365 365 365

A/R turnover

5.096 9.27

7162 days 3937 days
10
inventory
turnover
cost of goods
sold 2048631 2283238

average
inventory 921706 1058821

222 times 215 times

11 fixed asset
turnover
net sales 2053959 2402617
fixed assets 209202 1813379

98 times 132 times
12 total assets
turnover
net sales 2053959 2402617
total assets 3392096 3360482

060times 071 times
13 gross profit
margin
gross profit 5328 119379
net sales 2053959 2402617

026% 49%


$ NO RATIO FORMULA 2009 2010










14
operating
profit margin
operating profit (149041) (16233)

net sales
2053959 2402617




72% 067%

15
net profit
margin net profit (312173) (88893)
net sales 2053959 2402617

1519% 369%

16
return on
assets net profit 312173 241986265
total assets

3392096 1735391149





92% 1390%

17
return on
equity




net profit 312173 (88893)

total
shareholder's
equity
1702626 3360482

1833% 2%



CRO$$ $ECTIONAL ANALY$I$ TABLE OF 2010

S.NO. RATOS
COMPANY
RESULT
NDUSTRY
RESULT DECSON
1- current ratio 1.08 1.9 worse
2- Quick ratio 0.216 1.2 worse
3- cash ratio 0.051 1.1 worse
4- Working capital 125745 4500000 worse
5- Debt ratio 0.519 0.45 worse
6- Debt to equity ratio 1.08 0.55 worse
7- Time interest earned 0.83 times 10 times worse
8- Account R/A turnover 9.27 times 20 times worse
9-
Average collection
period 39.37 times 20 days worse
10- nventory turnover 2.15 times 15 times worse
11- Total assets turnover 0.71 times 10 times worse
12-
Total fixed assets
turnover 1.32 times 8 times worse
13- gross profit margin 4.9% 30% worse
14- Operating profit margin 0.67% 25% worse
15- Net profit margin 3.6% 15% worse
16- Return on assets 0.26% 12% worse
17- Return on equity 5.5% 14% worse

CRO$$ $ECTIONAL ANALY$I$
CURRENT RATIO
Current ratio measures firm's ability to meet its short term obligations or commitments. t
shows the relationship between current assets and current liabilities.
n this company, current ratio is 108 times. t means that company's current assets are
1.08 times more than that of its current liabilities.
f we compare the results of company with the results of industry company's results are
showing worse position because company's current ratio is less than that of industry's
current ratio.
QUICK RATIO
Quick ratio measures firm's ability to meet its short term obligations or commitments. t
shows the relationship between quick assets and current liabilities.
n this company, current ratio is 0216 times. t means that company's quick assets are
0.216 times more than that of its current liabilities.
f we compare the results of company with the results of industry company's results are
showing worse position because company's quick ratio is less than that of industry's
quick ratio.
CA$ RATIO
Cash ratio measures firm's ability to meet its short-term obligations or commitments. t
shows the relationship between cash and current liabilities.
n this company, cash ratio is 0051 times. t means that company's cash is 0.051
times more than that of its current liabilities.
f we compare the results of company with the results of industry, company's results
are showing worse position because company's cash ratio is less than that of industry's
cash ratio.
WORKING CAPITAL
n this company, working capital is Rs 125745. f we compare results of company with
the results of industry company's results are showing worse position because
company's working capital is less than that of industry's working capital.
EBT RATIO
Debt ratio measures firm's ability to meet its long- term obligations or commitments. ts
shows the relationship between total liabilities and total assets.
n this company debt ratio is 0519. it means that company's total liabilities are 0.519
times more than that of its total assets.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's debt ratio is more than that of industry's
debt ratio.
EBT TO EQUITY RATIO
Debt to equity ratio measures firm's ability to meet its long- term obligations or
commitments. ts shows the relationship between total liabilities and total shareholder's
equity.
n this company, debt to equity ratio is 108. it means that company's total liabilities are
1.08 times more than that of its total shareholder's equity.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's debt to equity ratio is more than that of
industry's debt to equity ratio.
TIME INTERE$T EARNE
Time interest earned measures firm's ability to meet its long- term obligations or
commitments. ts shows the relationship between operating profit and interest expense.
Time interest earned indicates that how many times a company can its interest expense
from its operating profit.
n this company, time interest earned is 083 times. t means that company can pay its
interest expense 0.83 times from its operating profit.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's time interest earned is less than that of
industry's time interest earned ratio.
ACCOUNT RECIEVABLE TURNOVER
Account receivable turnover indicates that how many times a company converts its
receivable into cash during a particular period.
n this company, account receivable turnover is 927 times. t means that company
converts its receivable 9.27 times into cash.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's account receivable turnover is less than
that of industry's account receivable turnover.
AVERAGE COLLECTION PERIO
Average collection period indicates that after how many days a company converts its
receivable into cash.
n this company, average collection period is 3937 days. t means that company
converts its receivable into cash after every 39.37 days.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's average collection period is more than that
of industry's average collection period.
INVENTORY TURNOVER
nventory turnover indicates that how many times a company converts its inventory into
cash or sales during a particular period.
n this company, inventory turnover is 215 times. t means that company converts its
inventory into cash or sales 2.15 times in a given period of time or in a year.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's inventory turnover is less than that of
industry's inventory turnover.

FIXE A$$ET$ TURNOVER
Fixed assets turnover indicates that how many times revenue is generated by the
company from fixed assets of its own worth.
n this company fixed assets turnover is 132 times. t means that a company generate
revenue from fixed assets is 1.32 times in a given period or in a year.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's fixed assets turnover is less than that of
industry's fixed assets turnover.


TOTAL A$$ET$ TURNOVER
Total assets turnover indicates that how many times revenue is generated by the
company from total assets of its own worth.
n this company total assets turnover is 071 times. t means that a company generate
revenue from total assets is 0.71 times in a given period or in a year.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's total assets turnover is less than that of
industry's total assets turnover.

GRO$$ PROFIT MARGIN
t shows the relationship between gross profit and net sales. t is a percentage of gross
profit based on the value of net sales.
n this company, gross profit margin is 049 or 49%. t means that company generates
0.49or 4.9% gross profit based on the value of net sales.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's gross profit margin is less than that of
industry's gross profit margin.

OPERATING PROFIT MARGIN
t shows the relationship between operating profit and net sales. t is a percentage of
operating profit based on the value of net sales.
n this company, operating profit margin is 067%. t means that company generates
0.67% operating profit based on the value of net sales.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's operating profit margin is less than that of
industry's operating profit margin.



NET PROFIT MARGIN
t shows the relationship between net profit and net sales. t is a percentage of net profit
based on the value of net sales.n this company, net profit margin is 0036 or 36%. t
means that company generates 0.036or 3.6% net profit based on the value of net sales.
f we compare the results of company with the results of industry, company's results
are showing worse position because company's net profit margin is less than that of
industry's net profit margin.



BOOK RETURN ON A$$ET$
t shows the relationship between net profit and total assets. t is a percentage of net
profit based on the value of total assets.
n this company, book return on assets is 026%. it means that company generates
0.26% net profit based on the value of total assets.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's book return on assets is less than that of
industry's book return on assets

BOOK RETURN ON EQUITY
t shows the relationship between net profit and total equity. t is a percentage of net
profit based on the value of total equity.
n this company, book return on equity is 055 or 55% t means that company
generates 0.55 or 5.5% net profit based on the value of total equity.
f we compare the results of company with the results of industry, company's results are
showing worse position because company's book return on equity is less than that of
industry's book return on equity




GRAPICAL PRE$ENTATION OF CRO$$ $ECTIONAL ANALY$I$ OF 2010
1 CURRENT RATIO
Company's result: 1.08 ndustry's result: 1.9
0
03
1
13
2
lndusLrys 8esulL Companys resulL
CUkkLN1 kA1IC


2 QUICK RATIO
Company's result: 0.216 ndustry's result: 1.2
0
02
04
06
08
1
12
14
lndusLrys 8esulL Companys resulL
UICk kA1IC




3 CA$ RATIO
Company's result: 0.051 ndustry's result: 1.1
0
02
04
06
08
1
12
lndusLrys 8esulL Companys resulL
CASn kA1IC



4 WORKING CAPITAL


Company's result: 125745 ndustry's result:4500000
0
300000
1000000
1300000
2000000
2300000
3000000
3300000
4000000
4300000
3000000
lndusLrys 8esulL Companys resulL
WCkkING CAI1AL







5 EBT RATIO
Company's result: 0.519 industry result: 0.45
04
042
044
046
048
03
032
034
lndusLrys 8esulL Companys resulL
DL81 kA1IC



6 EBT TO EQUITY RATI

Company's result: 1. 08 ndustry's result: 0.55
0
02
04
06
08
1
12
lndusLrys 8esulL Companys resulL
DL81 1C LUI1 kA1IC
O




7 TIME INTERE$T EARNE

Company's result: 0.83 ndustry's result: 10
0
2
4
6
8
10
12
lndusLrys 8esulL Companys resulL
1IML IN1LkLS1 LAkNLD kA1IC




8 ACCOUNT RECIEVABLE TURNOVER


Company's result: 9.27 ndustry's result: 20
0
3
10
13
20
23
lndusLrys 8esulL Companys resulL
ACCCUN1 kLCLIVA8LL 1UkN CVLk







9 AVERAGE COLLECTION PERIO
Company's result: 39.37 ndustry's result: 20
0
3
10
13
20
23
30
33
40
43
lndusLrys 8esulL Companys resulL
AVLkAGL CCLLLC1ICN LkICD







10. INVENTORY TURNOVER:



Company's result: 2.15 ndustry's result: 15


0
2
4
6
8
10
12
14
16
lndusLrys 8esulL Companys resulL
INVLN1Ck 1UkNCVLk







11 TOTAL A$$ET$ TURNOVER
Company's result: 0.71 ndustry's result: 10
0
2
4
6
8
10
lndusLrys 8esulL Companys resulL
1C1AL ASSL1S 1UkNCVLk



12 FIXE A$$ET$ TUROVER
Company's result: 1.32 ndustry's result: 8

0
2
4
6
8
10
12
lndusLrys 8esulL Companys resulL
IIkLD ASSL1S 1UkNCVLk



13 GRO$$ PROFIT MARGIN
Company's result: 4.9% ndustry's result: 30%
0
3
10
13
20
23
30
33
lndusLrys 8esulL Companys resulL
GkCSS kCII1 MAkGIN




13 OPERATING PROFIT MARGIN

Company's result: 9.70% ndustry's result: 25%

0
3
10
13
20
23
30
lndusLrys 8esulL Companys resulL
CLkA1ING kCII1 MAkGIN






14 NET PROFIT MARGIN
Company's result: 3.6% ndustry's result: 15%
0
2
4
6
8
10
12
14
16
lndusLrys 8esulL Companys resulL
NL1 kCII1 MAkGIN


15 RETURN ON A$$ET$
Company's result: 0.26% ndustry's result: 12%


0
2
4
6
8
10
12
14
lndusLrys 8esulL Companys resulL
kL1UkN CN ASSL1










16 RETURN ON EQUITY

Company's result: 5.5% ndustry's result: 14%
0
2
4
6
8
10
12
14
16
lndusLrys 8esulL Companys resulL
kL1UkN CN LUI1


GANARA NI$$AN LT
COMMON $IZE BALANCE $EET
FOR TE YEAR ENE $EPT 30, 2009-2010

PARTICULAR$ 2010 2009
AMOUNT % AMOUNT %
A$$ET$
NON-CURRENT
A$$ET$
Property, plant and
equipment 1496234 44.524386 1534924 45.250016
Long-term investment 305064 9.0779834 278855 8.2207284
long-term deposits 11706 0.3483428 5707 0.16824405
1813379 53.9618721 1819674 53.6445312

CURRENT A$$ET$

stores and spare parts 34602 1.0296737 40842 1.20403432
stock-in-trade 1063893 31.6589405 1053749 31.0648342
trade debts 234671 6.98325418 283402 8.35477533
loans and advances 14713 0.43782409 22724 0.66991028
prepayments

3324
0.09891438 4015 0.11836339
other recievables 21193 0.63065357 25885 0.76309750
Taxation payment less
provision 18571 0.552629057 44594 1.31464439
sale tax refundable 83566 2.486726606 60904 1.7954680
cash and bank balances 72570 2.15951164 369293 10.886867
1547103 46.03812786 1572422 46.355468
TOTAL A$$ET$ 3360482 100 3392096 100











PARTICULAR$ 2010 2009
AMOUNT % AMOUNT %
EQUITY AN
LIABILITIE$
$ARE CAPITAL AN
RE$EVE$
tem credit ted to directly
to equity of associated
company 57203 1.70222605 56421 1.66330787
share capital 450025 13.391680 450025 13.391680
Share premium
Accumulated profit
40000
85973
1.1903054
2.558353
40000
151804
1.1903054

633201 18.8425564s 698250 20.584617
NON-CURRENT
LIABILITIE$
long-term financing 136215 4.0534363 -
liabilities against assets
subject to finance lease
15640 0.4654094 2006 0.0591374
deferred liabilities 163925 4.8780204 196585 5.7953843
Long term deposits 9611 0.286000 10611 0.3128154

325391 9.68286692 209202 6.1673372
CURRENT LIABILITIE$
trade and other payables 493118 14.6740259 421161 12.41595167
accured mark up 21375 0.63606946 39076 1.15197211
short-term borrowings 665468 19.8027544 618819 18.2429683
current maturity of
liabilities against assets
subject to finance lease 13363 0.39765128 1204 0.03549427
current portion of long-
term financing 56268 1.67440266 116666 3.439348415
Running financing under
mark up arrangement 171766 5.1113500 283342 8.3530065

1421358 42.2962539 1480268 43.638741
TOTAL EQUITY AN
LIABILITIE$ 3360482 100 3392096 100

GANARA NI$$AN LT
COMMON $IZE BALANCE $EET
FOR TE YEAR ENE $EPT 30, 2009-2010


uescrlpLlon
2010 2009
AMCUN1 AMCUN1
neL sale and servlces 2402617 100 2033939 100
Less CosL of goods sold (22832380) 9304909323 (20486310) 997403983
Gross prof|t 119379 4968707039 3328 02394014
ulsLrlbuLlon cosL (299160) 12431422 (339280) 174920726
AdmlnlsLraLlve expense (1036960) 4399203 (1178910) 373969387
Cperat|ng |oss (162330) 067363827 (1484910) 722930166
llnance cosL (1473280) 727123362 (3449330) 167943417
(1633610) 68076183 (4934440) 240240433
CLher operaLlng lncome 142430 03928931 33669 173639747
CLher operaLlng expense (3000) 002081064 (3300) 002677733
Share of proflL of assoclaLed company 26209 10908321 (262400) 12773338
Loss before taxat|on (1236070) 31446818 (484S6S0) 233917362
LaxaLlon 34714 144484118 172392 839313683
Loss after taxat|on (888930) 3699840632 (3121730) 132
CLher comprehenslve loss for Lhe year (888930) 3699840632 (3121730) 131983994





INTERNAL GROWT RATE

IGR = Return on Assets * Retention Ratio
1- (Return on Assets * Retention Ratio)
ROA = Net Profit / Loss
Total Assets
= 88893
3360482
ROA = 0026
RETENTON RATO = 1 Dividend payout rate
Dividend pay out ratio = dividend paid
Net profit after tax
= 1
88893
= 0.0011
RETENTON RATO = 1-0.0011
= 0.998
GR = Return on Assets * Retention Ratio
1-(Return on Assets * Retention Ratio)
= 0.026*0.998 * 100
1-(0.026*0.998)
= 0.0259 * 100
1-0.0259
= 0.0266 *100
IGR = 266%

$U$TAINABLE GROWT RATE
$GR = ROE * b *100
1-(ROE*b)
ROE = NPAT
S.H.E
= 88893
1613733
ROE = 0.055
RETENTON RATE= 1-Dividend payout rate
= 1- 0.011
= 0.998
$GR = ROE * b *100
1-(ROE*b)
SGR = 0.055*0.998 *100
1-(0.055*0.998)
= 0.0548 *100
0.9452
= 0.057 *100
$GR = 579%

GANARA NI$$AN LT
PROFORMA BALANCE $EET
FOR TE YEAR ENE $EPT 30, 2011
PARTICULAR$ 2010 2011
AMOUNT
$GR RATE
10579
ASSETS

NON-CURRENT ASSETS
Property, plant and equipment 1496234 1582865.949
Long-term investment 305064 322727.2056
long-term deposits
ntegible assets
11706
375
12383.7774
396.7125
1813379 1918373.644

CURRENT ASSETS
Stores and spare parts 34602 36605.4558
Stock-in-trade 1063893 1125492.405
Trade debt 234671 248258.4509
Sale tax refundable 83566 88404.4714
loans and advances 14713 15564.8827
prepayments 3324 3516.4596
other recievables 21193 22420.0747
nvestment at fair value through
profit and loss
- -
Taxation payment less provision 18571 19646.2609
cash and bank balances 72570 76771.803
1547103 1636680.264
TOTAL ASSETS 3360482 3555053.908












PARTICULAR$ 2010 2011
AMOUNT
$GR RATE
10579
SHARE CAPTAL AND
RESEVES

share capital 450025 476081.4475
Share premium
tem credit directly to equity of
associated company
Accumulated profit
40000
57203
85973
42316
60515.0537
90950.8367
$URPLU$ ON REVALUATION
OF FIXE A$$ET$
633201
980532
669863.3379
1037304.803
NON-CURRENT LABLTES
long-term financing 136215 144101.8485
liabilities against assets subject
to finance lease
15640 16545.556
deferred liabilities 163925 173416.2575
Long term financing 9611 10167.4769

325391 344231.1389
CURRENT LABLTES
trade and other payables 493118 521669.5322
accured mark up 21375 22612.6125
short-term finaancing 665468 703998.5972
current maturity of liabilities
against assets subject to finance
lease
13363 14136.717
current portion of long-term
financing
56268 59525.9172
running financing under mark up
arrangement
171766 181711.2514


1421358 1503654.625
TOTAL EQUTY AND
LABLTES
3360482 3555053.908




GANARA NI$$AN LT
PROFORMA INCOME $TATEMENT
FOR TE YEAR ENE $EPT 30, 2011


uescrlpLlon
2010

AMCUN1 10S79

neL sale and servlces 2402617 2341728324

Less CosL of goods sold (22832380) 241343748

Gross prof|t 119379 1262910441

ulsLrlbuLlon cosL (299160) 316481364

AdmlnlsLraLlve expense (1036960) 1118137984

Cperat|ng |oss (162330) 171728907

llnance cosL (1473280) 1338382912

(1633610) 1729994449

CLher operaLlng lncome 142430 130697833

CLher operaLlng expense (3000) 32893

Share of proflL of assoclaLed company 26209 277263011

Loss before taxat|on (1236070) 1307638433

LaxaLlon 34714 367239406

Loss after taxat|on (888930) 940399047

CLher comprehenslve loss for Lhe year (888930) 940399047




RECOMMENATION$

O Company should increase short-term solvency ratios to meet there short-term
obligations or commitments and to compete in industry as industry has high trends
as compared to company's position.
O Company should increase long-term solvency ratios to meet there long-term
obligations or commitments and to compete in industry as industry has high trends
as compared to company's position.
O Company should utilize its assets in generating revenue.
O Company should rapidly turn over its assets to use them efficiently.
O Company should increase profit by increasing sales and minimizing the cost.