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Financial Statement Analysis of Non Financial Sector

(Thousand Rupees)

Saritow Spinning Mills Ltd.

Items 2006 2007 2008 2009 2A.Non-Current Assets (A1+A3+A5+A6+A7) 235,286. 243,108. 291,668. 341,762. 359

1.Capital work in progress 0.0 0

2.Operating fixed assets at cost 553,580. 570,683. 633,558. 690,405. 726

3.Operating fixed assets after deducting accumulated depreciation 235,286. 243,108. 291,668. 338,680. 356

4.Depreciation for the year 12,598. 12,403. 14,077. 15,383. 17

5.Intangible assets 0.0 0.0 0.0 0.0 0

6.Long term investments 0.0 0

7.Other non-current assets 3,082. 3,

B.Current Assets (B1+B2+B3+B4+B5) 362,644. 358,165. 303,442. 228,616. 160

1.Cash & bank balance 3,679. 6,634. 6,082. 3,520. 12

2.Inventories 162,389. 156,272. 188,631. 174,447. 108

3.Trade Debt 6,588. 77,602. 7,974. 97. 9

4.Short term investments 0.0 0.0 0.0 0.0 0

5.Other current assets 189,988. 117,657. 100,755. 50,552. 39

C.Current Liabilities (C1+C2) 397,958. 409,656. 332,562. 329,467. 2021.Short term Secured loans 170,658. 154,656. 167,255. 148,188. 99

2.Other current liabilities 227,300. 255,000. 165,307. 181,279. 102

D.Non-Current Liabilities (D1+D2+D3+D4+D5) 111,268. 108,740. 141,009. 214,177. 208

1.Long term secured loans 76,069. 54

2.Long term unsecured loans 90,855. 90

3.Debentures/TFCs 0.0 0.0 0.0 0.0 0

4.Employees benefit obligations 9,903. 13

5.Other non-current liabilities 111,268. 108,740. 141,009. 37,350. 49

E.Shareholders Equity (E1+E2+E3) 88,704. 82,877. 121,539. 26,734. 109

1.Issued, Subscribed & Paid up capital 132,750. 132,750. 132,750. 132,750. 132

i).Ordinary Shares 132,750. 132,750. 132,750. 132,750. 132

ii).Preference shares 0.0 0.0 0.0 0.0 0

2.Reserves -44046 -49873 -11211 -131296 -8

i).Capital Reserve 0.0 0

ii).Revenue Reserve -131296 -8

3.Surplus on revaluation of fixed assets 25,280. 59F.Operation:

1.Sales 411,289. 464,522. 450,555. 472,088. 716

i).Local sales (Net) 411,289. 464,522. 450,555. 472,088. 716

ii).Export Sales (Net) 0.0 0.0 0.0 0.0 0

2.Cost of sales 357,528. 403,983. 388,685. 431,535. 587

i).Cost of material 269,434. 349

ii).Other input cost 162,101. 237

3.Gross Profit 53,761. 60,539. 61,870. 40,553. 129

4.General, administrative and other expenses 14,970. 15,510. 17,193. 17,899. 25

i).Selling & distribution expenses 1,077. 1,

ii).Administrative and other expenses 14,970. 15,510. 17,193. 16,823. 24

5.Salaries, wages and employee benefits 56,215. 66

6.Financial expenses 31,180. 39,241. 34,738. 49,868. 39

of which: (i) Interest expenses 48,450. 38

7.Net profit before tax 8,151. 6,088. 10,516. -26966 648.Tax provision (current year) 2,853. 2,321,151. 2,253. 0.0 3,

9.Total amount of dividend 0.0 0.0 0.0 0.0 0

10.Total value of bonus shares issued 0.0 0.0 0.0 0.0 0

11.Cash flows from operations 93,278. 79

G.Miscellaneous

1.Total capital employed (E+D) 199,972. 191,617. 262,548. 240,911. 318

2.Total fixed liabilities (D1+D3) 0.0 0.0 0.0 76,069. 54

3.Retention in business (F7-F8-F9) 5,298. -2315063 8,263. -26966 60

4.Contractual Liabilities (G2+C1) 170,658. 154,656. 167,255. 224,257. 154

H.Key Performance Indicators

1.Acid test or quick ratio[(B1+B3+B4) to C] .03 .21 .04 .01 .

2.Financial expenses as % of sales (F6 as % of F1) 7.58 8.45 7.71 10.56 5

3.Trade Debt as % of sales (B3 as % of F1) 1.6 16.71 1.77 .02 .

4.Assets turnover ratio [F1 to (A+B)] .69 .77 .76 .83 1

5.Current ratio (B to C) .91 .87 .91 .69 .

6.Cost of goods sold to sales (F2 as % of F1) 86.93 86.97 86.27 91.41 81

7.Debt equity ratio [(C+D) to E] 5.74 6.26 3.9 20.34 3

8.Return on assets [F7 as % of avg.(A+B)] 1.52 1.02 1.76 -4.63 1

9.Return of equity (F7 as % of avg. E) 9.13 7.1 10.29 -36.37 94

10.Return on capital employed ( F7 as % of avg. G1) 3.91 3.11 4.63 -10.71 23

11 Di id d ti [(F7 F8) t F9]


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Saritow Spinning Mills Ltd. Common size analysis (vertical)

Items 2006 2007 2008 2009 20

Total Assets 597,930 601,273 595,110 570,378 520,4

A.Non-Current Assets 39.35% 40.43% 49.01% 59.92% 69.1

1.Capital work in progress 0.00% 0.00% 0.00% 0.00% 0.0

2.Operating fixed assets at cost 92.58% 94.91% 106.46% 121.04% 139.53.Operating fixed assets after deducting accumulated depreciation 39.35% 40.43% 49.01% 59.38% 68.5

4.Depreciation for the year 2.11% 2.06% 2.37% 2.70% 3.3

5.Intangible assets 0.00% 0.00% 0.00% 0.00% 0.0

6.Long term investments 0.00% 0.00% 0.00% 0.00% 0.0

7.Other non-current assets 0.00% 0.00% 0.00% 0.54% 0.5

B.Current Assets 60.65% 59.57% 50.99% 40.08% 30.8

1.Cash & bank balance 0.62% 1.10% 1.02% 0.62% 2.3

2.Inventories 27.16% 25.99% 31.70% 30.58% 20.8

3.Trade Debt 1.10% 12.91% 1.34% 0.02% 0.0

4.Short term investments 0.00% 0.00% 0.00% 0.00% 0.0

5.Other current assets 31.77% 19.57% 16.93% 8.86% 7.5

Total liabilities 509226 518396 473571 543644 4104

C.Current Liabilities 78.15% 79.02% 70.22% 60.60% 49.2

1.Short term Secured loans 33.51% 29.83% 35.32% 27.26% 24.22.Other current liabilities 44.64% 49.19% 34.91% 33.35% 24.9

D.Non-Current Liabilities 21.85% 20.98% 29.78% 39.40% 50.7

1.Long term secured loans 0.00% 0.00% 0.00% 13.99% 13.2

2.Long term unsecured loans 0.00% 0.00% 0.00% 16.71% 22.1

3.Debentures/TFCs 0.00% 0.00% 0.00% 0.00% 0.0

4.Employees benefit obligations 0.00% 0.00% 0.00% 1.82% 3.2

5.Other non-current liabilities 21.85% 20.98% 29.78% 6.87% 12.1

E.Shareholders Equity 88704 82877 121539 26734 1099

1.Issued, Subscribed & Paid up capital 149.66% 160.18% 109.22% 496.56% 120.7

i).Ordinary Shares 149.66% 160.18% 109.22% 496.56% 120.7

ii).Preference shares

2.Reserves -49.66% -60.18% -9.22% -491.12% -74.5

i).Capital Reserve 0.00% 0.0

ii).Revenue Reserve -491.12% -74.5

3.Surplus on revaluation of fixed assets 94.56% 53.8

F.Operation:

1.Sales 411289 464522 450555 472088 7165

i).Local sales (Net) 100.00% 100.00% 100.00% 100.00% 100.0

ii).Export Sales (Net) 0.00% 0.00% 0.00% 0.00% 0.0

2.Cost of sales 86.93% 86.97% 86.27% 91.41% 81.9

i).Cost of material 0.00% 0.00% 0.00% 57.07% 48.7

ii).Other input cost 0.00% 0.00% 0.00% 34.34% 33.2

3.Gross Profit 13.07% 13.03% 13.73% 8.59% 18.0

4.General, administrative and other expenses 3.64% 3.34% 3.82% 3.79% 3.5

i).Selling & distribution expenses 0.00% 0.00% 0.00% 0.23% 0.1

ii).Administrative and other expenses 3.64% 3.34% 3.82% 3.56% 3.4

5.Salaries, wages and employee benefits 0.00% 0.00% 0.00% 11.91% 9.26.Financial expenses 7.58% 8.45% 7.71% 10.56% 5.5

of which: (i) Interest expenses 0.00% 0.00% 0.00% 10.26% 5.4

7.Net profit before tax 1.98% 1.31% 2.33% -5.71% 8.9

8.Tax provision (current year) 0.69% 499.69% 0.50% 0.00% 0.5

9.Total amount of dividend

10.Total value of bonus shares issued

11.Cash flows from operations 0.00% 0.00% 0.00% 19.76% 11.1

G.Miscellaneous

1.Total capital employed (E+D)

2.Total fixed liabilities (D1+D3)

3.Retention in business (F7-F8-F9)

4.Contractual Liabilities (G2+C1)


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Items 2006 2007 2008 20

Total Assets 409,937,779 464,477,720 498,657,595 57

Non-Current Assets 51.78% 49.11% 44.30%

Capital work in progress 0.00% 0.00% 0.00%

Operating fixed assets at cost 77.39% 72.68% 68.40%Operating fixed assets after deducting accumulated depreciation 50.78% 48.22% 44.28%

Depreciation for the year 3.50% 3.48% 3.58%

Intangible assets 1.00% 0.89% 0.02%

Long term investments 0.00% 0.00% 0.00%

Other non-current assets 0.00% 0.00% 0.00%

Current Assets 48.22% 50.89% 55.70%

Cash & bank balance 1.52% 1.40% 0.93%

Inventories 20.23% 18.68% 22.39%

Trade Debt 7.90% 8.20% 9.21%

Short term investments 11.26% 11.05% 12.76%

Other current assets 7.31% 11.57% 10.41%

Total Liabilities 263,455,316 293,267,713 336,510,454

Current Liabilities 69.53% 73.35% 74.45%

Short term Secured loans 44.10% 37.82% 44.46%Other current liabilities 25.43% 35.53% 29.99%

Non-Current Liabilities 30.47% 26.65% 25.55%

Long term secured loans 0.00% 0.00% 0.00%

Long term unsecured loans 0.00% 0.00% 0.00%

Debentures/TFCs 3.25% 3.60% 1.37%

Employees benefit obligations 0.00% 0.00% 0.00%

Other non-current liabilities 27.22% 23.06% 24.17%

Shareholders Equity 146,482,463 171,210,007 162,147,141

Issued, Subscribed & Paid u ca ital 28.75% 26.32% 28.97%

i).Ordinary Shares 27.64% 24.89% 27.95%

ii).Preference shares 1.11% 1.42% 1.02%

Reserves 71.25% 73.68% 71.03%

i).Capital Reserve 0.00% 0.00% 0.00%

ii).Revenue Reserve 0.00% 0.00% 0.00%

Surplus on revaluation of fixed assets 0.00% 0.00% 0.00%

Operation:

Sales 311,856,124 350,130,616 383,786,985

i).Local sales (Net) 61.63% 55.95% 58.01%

ii).Export Sales (Net) 38.37% 44.05% 41.99%

Cost of sales 88.39% 88.62% 89.49%

i).Cost of material 0.00% 0.00% 0.00%

ii).Other input cost 0.00% 0.00% 0.00%

Gross Profit 11.61% 11.38% 10.51%

General, administrative and other expenses 4.60% 4.48% 5.11%

i).Selling & distribution expenses 0.00% 0.00% 0.00%

ii).Administrative and other expenses 4.60% 4.48% 5.11%

Salaries, wages and em loyee benefits 0.00% 0.00% 0.00%

Financial expenses 5.44% 6.32% 7.47% of which: (i) Interest expenses 0.00% 0.00% 0.00%

Net profit before tax 3.35% 2.94% 1.66%

Tax provision (current year) 0.92% 1.52% 4.17%

Total amount of dividend

Total value of bonus shares issued

Cash flows from operations 0.00% 0.00% 0.00%

Miscellaneous

Total capital employed (E+D)

Total fixed liabilities (D1+D3)

Retention in business (F7-F8-F9)

Contractual Liabilities (G2+C1)

Industry's Common Size Analysis (Vertical)


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Saritow Spinning Mills Ltd. Common size analysis (horizontal)

Items 2006 2007 2008 2009 2010

Total Assets 100.00% 100.56% 99.53% 95.39% 87

A.Non-Current Assets 100.00% 103.32% 123.96% 145.25% 1531.Capital work in progress

2.Operating fixed assets at cost 100.00% 103.09% 114.45% 124.72% 131

3.Operating fixed assets after deducting accumulated depreciation 100.00% 103.32% 123.96% 143.94% 151

4.Depreciation for the year 100.00% 98.45% 111.74% 122.11% 138

5.Intangible assets

6.Long term investments

7.Other non-current assets

B.Current Assets 100.00% 98.76% 83.67% 63.04% 441.Cash & bank balance 100.00% 180.32% 165.32% 95.68% 338

2.Inventories 100.00% 96.23% 116.16% 107.43% 66

3.Trade Debt 100.00% 1177.93% 121.04% 1.47% 1

4.Short term investments

5.Other current assets 100.00% 61.93% 53.03% 26.61% 20

Total liabilities 100.00% 101.80% 93.00% 106.76% 80C.Current Liabilities 100.00% 102.94% 83.57% 82.79% 50

1.Short term Secured loans 100.00% 90.62% 98.01% 86.83% 58

2.Other current liabilities 100.00% 112.19% 72.73% 79.75% 45

D.Non-Current Liabilities 100.00% 97.73% 126.73% 192.49% 187

1.Long term secured loans

2.Long term unsecured loans

3.Debentures/TFCs

4.Employees benefit obligations

5.Other non-current liabilities 100.00% 97.73% 126.73% 33.57% 44

E.Shareholders Equity 100.00% 93.43% 137.02% 30.14% 123

1.Issued, Subscribed & Paid up capital 100.00% 100.00% 100.00% 100.00% 100

i).Ordinary Shares 100.00% 100.00% 100.00% 100.00% 100

ii).Preference shares

2.Reserves 100.00% 113.23% 25.45% 298.09% 186

i).Capital Reserve

ii).Revenue Reserve

3.Surplus on revaluation of fixed assets

F.Operation:

1.Sales 100.00% 112.94% 109.55% 114.78% 174

i).Local sales (Net) 100.00% 112.94% 109.55% 114.78% 174

ii).Export Sales (Net)

2.Cost of sales 100.00% 112.99% 108.71% 120.70% 164

i).Cost of material

ii).Other input cost

3.Gross Profit 100.00% 112.61% 115.08% 75.43% 240

4.General, administrative and other expenses 100.00% 103.61% 114.85% 119.57% 171

i).Selling & distribution expensesii).Administrative and other expenses 100.00% 103.61% 114.85% 112.38% 163

5.Salaries, wages and employee benefits6.Financial expenses 100.00% 125.85% 111.41% 159.94% 127

of which: (i) Interest expenses

7.Net profit before tax 100.00% 74.69% 129.01% -330.83% 789

8.Tax provision (current year) 100.00% 81358.25% 78.97% 0.00% 125

9.Total amount of dividend

10.Total value of bonus shares issued

11.Cash flows from operations

G.Miscellaneous1.Total capital employed (E+D) 100.00% 95.82% 131.29% 120.47% 159

2.Total fixed liabilities (D1+D3)

3.Retention in business (F7-F8-F9) 100.00% -43696.92% 155.96% -508.98% 11464.Contractual Liabilities (G2+C1) 100.00% 90.62% 98.01% 131.41% 90


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Items 2006 2007 2008 2009 2010

Total Assets 100.00% 113.30% 121.64% 139.15% 147.03%

Non-Current Assets 100.00% 107.47% 104.08% 163.98% 176.54%

Capital work in progress

Operating fixed assets at cost 100.00% 106.40% 107.51% 120.70% 114.31%

Operating fixed assets after deducting accumulated depreciation 100.00% 107.61% 106.08% 118.89% 113.57%

Depreciation for the year 100.00% 112.48% 124.28% 115.36% 106.18%Intangible assets 100.00% 100.21% 2.50% 141.58% 141.03%

Long term investmentsOther non-current assets

Current Assets 100.00% 119.57% 140.50% 112.48% 115.34%

Cash & bank balance 100.00% 104.18% 74.12% 102.17% 118.24%

Inventories 100.00% 104.60% 134.65% 137.62% 134.33%

Trade Debt 100.00% 117.50% 141.80% 181.01% 189.58%

Short term investments 100.00% 111.16% 137.80% 9.89% 11.70%

Other current assets 100.00% 179.42% 173.26% 129.03% 141.61%

Total LiabilitiesCurrent Liabilities 100.00% 117.43% 136.77% 141.41% 134.15%

Short term Secured loans 100.00% 95.46% 128.78% 158.53% 147.83%

Other current liabilities 100.00% 155.53% 150.63% 111.72% 110.43%

Non-Current Liabilities 100.00% 97.37% 107.10% 169.22% 175.22%

Long term secured loansLong term unsecured loans

Debentures/TFCs 100.00% 123.28% 54.07% 0.03% 0.03%

Employees benefit obligations

Other non-current liabilities 100.00% 94.28% 113.42% 21.80% 22.19%

Shareholders Equity 100.00% 116.88% 110.69% 119.83% 147.68%

Issued, Subscribed & Paid up capital 100.00% 106.98% 111.54% 119.11% 118.58%

i).Ordinary Shares 100.00% 105.28% 111.94% 119.48% 119.78%

ii).Preference shares 100.00% 149.00% 101.43% 109.90% 88.78%

Reserves 100.00% 120.88% 110.35% 78.11% 112.02%

i).Capital Reserve

ii).Revenue Reserve

Surplus on revaluation of fixed assets

Operation:

Sales 100.00% 112.27% 123.07% 142.71% 162.38%

i).Local sales (Net) 100.00% 101.93% 115.84% 122.25% 127.43%

ii).Export Sales (Net) 100.00% 128.89% 134.67% 175.57% 218.50%

Cost of sales 100.00% 112.57% 124.60% 140.94% 154.46%

i).Cost of materialii).Other input cost

Gross Profit 100.00% 110.04% 111.40% 156.17% 222.66%

General, administrative and other expenses 100.00% 109.33% 136.86% 200.28% 197.46%

i).Selling & distribution expensesii).Administrative and other expenses 100.00% 109.33% 136.86% 111.71% 98.38%

Salaries, wages and employee benefits

Financial expenses 100.00% 130.54% 169.01% 233.52% 195.06%

of which: (i) Interest expenses

Net profit before tax 100.00% 98.58% 61.24% -41.48% 275.01%

Tax provision (current year) 100.00% 185.29% 555.27% 103.39% 170.02%Total amount of dividend 100.00% 65.14% 95.30% 88.48% 267.87%

Total value of bonus shares issued 100.00% 16.14% 306.90% 33.70% 176.84%

Cash flows from operations

Miscellaneous

Total capital employed (E+D) 100.00% 109.97% 109.42% 137.31% 157.43%

Total fixed liabilities (D1+D3) 100.00% 123.28% 54.07% 1196.20% 1264.46%

Retention in business (F7-F8-F9) 100.00% 65.61% -193.23% -151.74% 329.07%

Contractual Liabilities (G2+C1) 100.00% 97.36% 123.66% 229.71% 224.42%

Industry's Common Size Analysis (horizontal)


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409,937,779 464,477,720 498,657,595 570,410,311 602,716,463

212,250,458 228,100,596 220,912,726 348,050,648 374,697,427

38,681,124 65,088,206

317,249,011 337,568,522 341,072,977 382,921,239 362,661,658

208,146,347 223,988,054 220,810,198 247,470,905 236,387,169

14,349,481 16,140,749 17,833,078 16,553,353 15,236,7434,104,111 4,112,542 102,528 5,810,569 5,788,081

51,005,206 62,363,717

5,082,844 5,070,254

197,687,321 236,377,124 277,744,869 222,359,663 228,019,036

6,235,092 6,495,689 4,621,159 6,370,601 7,372,362

82,927,224 86,741,516 111,657,992 114,123,287 111,395,963

32,402,586 38,073,754 45,946,849 58,651,584 61,429,982

46,168,830 51,321,939 63,622,133 4,564,263 5,403,029

29,953,589 53,744,226 51,896,736 38,649,927 42,417,699

183,180,209 215,101,682 250,538,128 259,039,910 245,735,894

116,186,495 110,907,155 149,626,490 184,196,238 171,756,961

66,993,714 104,194,527 100,911,638 74,843,672 73,978,933

80,275,107 78,166,031 85,972,326 135,840,245 140,658,607

102,340,314 108,180,749

14,855,347 13,309,228

8,555,688 10,547,159 4,626,163 2,832 2,832

3,007,623 3,254,239

71,719,419 67,618,872 81,346,163 15,634,129 15,911,559

146,482,463 171,210,007 162,147,141 175,530,155 216,321,961

42,115,059 45,054,477 46,973,656 50,161,552 49,939,812

40,482,391 42,621,791 45,317,698 48,367,323 48,490,295

1,632,668 2,432,686 1,655,958 1,794,230 1,449,517

104,367,404 126,155,530 115,173,485 81,520,537 116,908,924

20,966,563 34,131,866

61,815,778 84,038,862

43,848,066 49,473,226

311,856,124 350,130,616 383,786,985 445,046,300 506,377,977

192,202,341 195,906,902 222,647,661 234,968,117 244,931,255

119,653,783 154,223,714 161,139,324 210,078,183 261,446,721

275,649,576 310,289,195 343,454,319 388,502,763 425,761,413

249,001,822 276,626,970

137,901,817 147,535,319

36,206,548 39,841,421 40,332,666 56,543,537 80,616,563

14,334,820 15,672,433 19,619,114 28,709,761 28,305,332

12,696,010 14,202,417

14,334,820 15,672,433 19,619,114 16,013,751 14,102,915

32,711,281 36,158,563

16,963,954 22,144,033 28,671,518 39,614,060 33,089,703

35,832,430 30,624,886

10,431,678 10,283,156 6,388,872 (4,327,336) 28,688,5162,880,023 5,336,408 15,991,836 2,977,754 4,896,608

1,729,135 1,126,311 1,647,899 1,529,981 4,631,759

533,902 86,189 1,638,520 179,928 944,130

26,555,273 27,909,704

226,757,570 249,376,038 248,119,467 311,370,400 356,980,569

8,555,688 10,547,159 4,626,163 102,343,146 108,183,581

5,822,520 3,820,437 (11,250,863) (8,835,071) 19,160,148

124,742,183 121,454,314 154,252,653 286,539,384 279,940,542

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