Introduction to Business Finance

CHEMICAL INDUSTRY

Submitted To: MA’AM SHAKIRA FAREED

Submitted by Mohtashim Khalid

ID: 20309
 ACKNOWLEDGEMENT

The success and final outcome of this project required a lot of guidance and
assistance from many people and We are extremely privileged to have got this
all along the completion of our project.
All that We have done is only due to such supervision and assistance and we
would not forget to thank them.
I respect and thank our teacher for providing us an opportunity to do the project
work on chemical industry and giving us all support and guidance which made
us complete the project duly. We are extremely thankful to her for providing
such a nice support and guidance, although she had busy schedule managing the
corporate affairs.
I am thankful to and fortunate enough to get constant encouragement, support
and guidance from all the other people who helped us in successfully
completing our project work. Also, I would like to extend our sincere esteems to
all our members for their timely support.
 COLGATE PALMOLIVE
INCOME STATEMENT
  2014 2015 2016 2017 2018 2019
25,515,26 29,367,34 31,174,59 33,135,29 37,498,96
41,421,811
Turnover 5 6 1 1 1
3,869,3 4,668,50 4,962,75 5,278,90 5,954,61
6,568,260
Less: sales tax 46 3 7 3 6
1,378,47 1,472,75 1,901,67 2,038,41 2,207,62
2,512,618
less: trade and discounts 9 7 2 9 0
20,267,44 23,226,08 24,310,16 25,817,96 29,336,72
32,340,933
Net turnover 0 6 2 9 5
             
 14,594,89 16,645,65 16,631,19 16,502,40 18,344,90 20,850,9
Cost of sales 4 5 7 5 0 70
5,672,54 6,580,43 7,678,96 9,315,56 10,991,82
11,489,963
Gross profit 6 1 5 4 5
             
3,811,05 4,214,24 4,870,6 5,803,71
6,392,044
Selling and distribution - 6 8 47 9
3,302,17 223,6 268,31 325,53 392,44
457,590
Administrative expenses 4 72 1 1 3
181,30 209,03 262,92 336,84 397,17
410,310
Other expenses 1 6 6 6 1
89,15 140,72 361,71 416,92 459,5
467,233
Other income 4 8 9 7 09
2,278,22 2,477,39 3,295,19 4,199,46 4,858,00
4,697,252
Profit from operations 5 5 9 7 1
             
15,37 17,79 20,41 23,47 24,53
29,240
Finance cost and Bank charges 6 6 0 6 4
2,262,84 2,459,59 3,274,78 4,175,99 4,833,46
4,668,012
Profit before taxation 9 9 9 1 7
             
673,69 766,34 1,052,62 1,357,10 1,577,04
1,410,957
Taxation 9 6 1 2 5
1,589,15 1,693,25 2,222,16 2,818,88 3,256,42
3,257,055
Profit after taxation 0 3 8 9 2
             

Additions to retained earnings - 1,082,917 1,406,934 1,620,016 1,098,451 1,578,632

BALANCE SHEET
ASSETS 2014 2015 2016 2017 2018 2019
NON CURRRENT ASSETS            
Property, plant and equipment 3,185,014 3,147,236 2,935,589 2,769,966 2,731,203 3,644,294
Intangible assets 4,987 4,810 7,552 6,091 23,154 24,818
Long term loans 13,565 14,306 19,585 30,675 44,221 42,651
Long term security deposits 13,581 14,587 14,267 17,887 17960 17,648
TOTAL NON CURRENT ASSETS 3,217,147 3,180,939 2,976,993 2,824,619 2,816,541 3,729,411
CURRENT ASSESTS            
Stores and spares 83,088 125,720 152,238 158,257 196,150 228,561
Stock in trade 2,787,322 2,473,246 2,607,106 2,827,048 3,107,762 4,110,978
Trade debts 533,353 653,003 666,378 537,994 742,032 736,373
Loans and advances 131,562 122,898 164,821 208,587 242,512 253,582
Trade deposits and short term 39,127 32,960 110,647 116,646 66,597
prepayments 38,198
Other receivables 32,653 25,749 18,101 15,986 11,530 204,338
Profit receivables from banks 9 188 1,482 4,425 14,600 14,693
Taxation 349,712 588,551 886,001 461,116 143,220 522,942
Short term investments 978,272 2,144,508 3,101,198 5,436,147 6,570,291 5,354,454
Cash and bank balances 1,051,925 853,956 936,419 1,122,602 989,140 1,528,039
TOTAL CURRENT ASSETS 5,986,094 7,026,946 8,566,704 10,882,809 12,133,883 13,020,557
10,207,885 11,543,69 13,707,428 14,950,424 16,749,968
TOTAL ASSETS 9,203,241 7
EQUITY AND LIABILITIES            
Authorized share capital 750,000 750,000 750,000 750,000 750,000 750,000
Issued, subscribed and paid up 479,549 479,549 479,549 479,549 479,549
shares capital 435,954
Reserves 6,194,232 7,233,554 8,640,488 10,260,504 11,358,955 12,937,587
Premeasurement of post-retirement -43,623 -67,469 -69,982 -88,621 -112,888
benefits obligations -26,738
Surplus on revaluation of 75,754 1,048 7,296 4,043 5
investments 27,970
TOTAL EQUITY 6,631,418 7,745,234 9,053,616 10,677,367 11,753,926 13,304,253
NON-CURRENT LIABILITIES            
Deferred taxation 445,436 439,239 348,076 265,940 200,925 163,350
Long term deposits 18,459 21,232 25,493 48,644 66,872 86,062
Deferred liability 22,189 37,088 2,683
40,235 - -
TOTAL NON CURRENT 482,660 410,657 317,267 267,797 249,412
LIABILITIES 504,130
CURRENT LIABILITIES            
Trade & other payables 2,067,693 1,979,991 2,079,424 2,712,794 2,919,005 3,183,656
TOTAL CURRENT LIABILITIES 2,067,693 1,979,991 2,079,424 2,712,794 2,928,701 3,196,303
TOTAL LIABILITIES 2,571,823 2,462,651 2,490,081 3,030,061 3,196,498 3,445,715
TOTAL EQUITY & LIABILITIES 10,207,885 11,543,69 13,707,428 14,950,424 16,749,968
9,203,241 7

COMMON SIZE ANALYSIS

ASSETS 2014 2015 2016 2017 2018 2019

NON CURRRENT ASSETS            

Property ,plant and equipment 34.61% 30.83% 25.43% 20.21% 18.27% 21.76%

Intangible assets 0.05% 0.05% 0.07% 0.04% 0.15% 0.15%

Long term loans 0.15% 0.14% 0.17% 0.22% 0.30% 0.25%

Long term security deposits 0.15% 0.14% 0.12% 0.13% 0.12% 0.11%

TOTAL NON CURRENT ASSETS 34.96% 31.16% 25.79% 20.61% 18.84% 22.27%

             

CURRENT ASSETS            

Stores and spares 0.90% 1.23% 1.32% 1.15% 1.31% 1.36%

Stock in trade 30.29% 24.23% 22.58% 20.62% 20.79% 24.54%

Trade debts 5.80% 6.40% 5.77% 3.92% 4.96% 4.40%

Loans and advances 1.43% 1.20% 1.43% 1.52% 1.62% 1.51%

Trade deposits and short term prepayments 0.42% 0.38% 0.29% 0.81% 0.78% 0.40%

Other receivables 0.35% 0.25% 0.16% 0.12% 0.08% 1.22%

Profit receivables from banks 0.00% 0.00% 0.01% 0.03% 0.10% 0.09%

Taxation 3.80% 5.77% 7.68% 3.36% 0.96% 3.12%

Short term investments 10.63% 21.01% 26.86% 39.66% 43.95% 31.97%

Cash and bank balances 11.43% 8.37% 8.11% 8.19% 6.62% 9.12%

TOTAL CURRENT ASSETS 65.04% 68.84% 74.21% 79.39% 81.16% 77.73%

TOTAL ASSETS 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

             
EQUITY AND LIABILITIES
           
Authorized share capital
8.15% 7.35% 6.50% 5.47% 5.02% 4.48%
Issued, subscribed and paid up shares capital
4.74% 4.70% 4.15% 3.50% 3.21% 2.86%
Reserves
67.30% 70.86% 74.85% 74.85% 75.98% 77.24%
Remeasurement of post retirement benefits obligations
-0.29% -0.43% -0.58% -0.51% -0.59% -0.67%
Surplus on revaluation of investments
0.30% 0.74% 0.01% 0.05% 0.03% 0.00%
TOTAL EQUITY
72.06% 75.88% 78.43% 77.89% 78.62% 79.43%

             
NON-CURRENT LIABILITIES
           
Deferred taxation
4.84% 4.30% 3.02% 1.94% 1.34% 0.98%
Long term deposits
0.20% 0.21% 0.22% 0.35% 0.45% 0.51%
Deferred liability
0.44% 0.22% 0.32% 0.02% 0.00% 0.00%
TOTAL NON CURRENT LIABILITIES
5.48% 4.73% 3.56% 2.31% 1.79% 1.49%

             
CURRENT LIABILITIES
           
Trade & other payables
22.47% 19.40% 18.01% 19.79% 19.52% 19.01%
TOTAL CURRENT LIABILITIES
22.47% 19.40% 18.01% 19.79% 19.59% 19.08%
TOTAL LIABILITIES
27.94% 24.12% 21.57% 22.11% 21.38% 20.57%
TOTAL EQUITY & LIABILITIES
100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

INCOME STATEMENT
  2014 2015 2016 2017 2018 2019
Turnover 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Less: sales tax 15.16% 15.90% 15.92% 15.93% 15.88% 15.86%
less: trade and discounts 5.40% 5.01% 6.10% 6.15% 5.89% 6.07%
Net turnover 79.43% 79.09% 77.98% 77.92% 78.23% 78.08%
             
Cost of sales 57.20% 56.68% 53.35% 49.80% 48.92% 50.34%
Gross profit 22.23% 22.41% 24.63% 28.11% 29.31% 27.74%
             
Selling and distribution 0.00% 12.98% 13.52% 14.70% 15.48% 15.43%
Administrative expenses 12.94% 0.76% 0.86% 0.98% 1.05% 1.10%
Other expenses 0.71% 0.71% 0.84% 1.02% 1.06% 0.99%
Other income 0.35% 0.48% 1.16% 1.26% 1.23% 1.13%
Profit from operations 8.93% 8.44% 10.57% 12.67% 12.96% 11.34%
             
Finance cost and Bank charges 0.06% 0.06% 0.07% 0.07% 0.07% 0.07%
Profit before taxation 8.87% 8.38% 10.50% 12.60% 12.89% 11.27%
             
Taxation 2.64% 2.61% 3.38% 4.10% 4.21% 3.41%

Profit after taxation 6.23% 5.77% 7.13% 8.51% 8.68% 7.86%

 STATEMENT OF FINANCIAL POSITION(TREND ANALYSIS)
ASSETS 2014 2015 2016 2017 2018 2019
NON CURRRENT ASSETS            
Property, plant and equipment 100% -1% -7% -6% -1% 33%
Intangible assets 100% -4% 57% -19% 280% 7%
Long term loans 100% 5% 37% 57% 44% -4%
Long term security deposits 100% 7% -2% 25% 0% -2%
TOTAL NON CURRENT ASSETS 100% -1% -6% -5% 0% 32%
             
CURRENT ASSESTS            
Stores and spares 100% 51% 21% 4% 24% 17%
Stock in trade 100% -11% 5% 8% 10% 32%
Trade debts 100% 22% 2% -19% 38% -1%
Loans and advances 100% -7% 34% 27% 16% 5%
Trade deposits and short term prepayments 100% 2% -16% 236% 5% -43%
Other receivables 100% -21% -30% -12% -28% 1672%
1989
Profit receivables from banks 100% % 688% 199% 230% 1%
Taxation 100% 68% 51% -48% -69% 265%
Short term investments 100% 119% 45% 75% 21% -19%
Cash and bank balances 100% -19% 10% 20% -12% 54%
TOTAL CURRENT ASSETS 100% 17% 22% 27% 11% 7%
TOTAL ASSETS 100% 11% 13% 19% 9% 12%
             
EQUITY AND LIABILITIES            
Authorized share capital 100% 0% 0% 0% 0% 0%
Issued, subscribed and paid up shares capital 100% 10% 0% 0% 0% 0%
Reserves 100% 17% 19% 19% 11% 14%
Premeasurement of post-retirement benefits obligations 100% 63% 55% 4% 27% 27%
Surplus on revaluation of investments 100% 171% -99% 596% -45% -100%
TOTAL EQUITY 100% 17% 17% 18% 10% 13%
             
NON-CURRENT LIABILITIES            
Deferred taxation 100% -1% -21% -24% -24% -19%
Long term deposits 100% 15% 20% 91% 37% 29%
Deferred liability 100% -45% 67% -93% #VALUE! #VALUE!
TOTAL NON CURRENT LIABILITIES 100% -4% -15% -23% -16% -7%
             
CURRENT LIABILITIES            
Trade & other payables 100% -4% 5% 30% 8% 9%
TOTAL CURRENT LIABILITIES 100% -4% 5% 30% 8% 9%
TOTAL LIABILITIES 100% -4% 1% 22% 5% 8%
TOTAL EQUITY & LIABILITIES 100% 11% 13% 19% 9% 12%

INCOME STATEMENT
  2014 2015 2016 2017 2018 2019
Turnover 100% 13% 6% 6% 13% 10%
Less: sales tax 100% 17% 6% 6% 13% 10%
less: trade and discounts 100% 6% 29% 7% 8% 14%
Net turnover 100% 13% 5% 6% 14% 10%
             
Cost of sales 100% 12% 0% -1% 11% 14%
Gross profit 100% 14% 17% 21% 18% 5%
             
Selling and distribution #DIV/0! 100% 11% 16% 19% 10%
Administrative expenses 100% -1376% 20% 21% 21% 17%
Other expenses 100% 13% 26% 28% 18% 3%
Other income 100% 37% 157% 15% 10% 2%
Profit from operations 100% 8% 33% 27% 16% -3%
             
Finance cost and Bank charges 100% 14% 15% 15% 5% 19%
Profit before taxation 100% 8% 33% 28% 16% -3%
             
Taxation 100% 12% 37% 29% 16% -11%
Profit after taxation 100% 6% 31% 27% 16% 0%
 NOTES
2015 2016 2017 2018 2019
PURCHASES          
Raw materials consumed 9,610,219 8,821,060 8,818,744 10,094,072 11,602,595
Packing materials consumed 2,719,640 2,778,634 2,961,066 3,229,165 3,564,521
Stores and spares consumed 64,345 59,552 67,941 67,812 95,762
TOTAL PURCHASES 12,394,204 11,659,246 11,847,751 13,391,049 15,262,878

INTEREST BEARING LIABILITIES          

Deferred liability 22,189 37,088 2,683 0 0
Long term deposits 21,232 25,493 48,644 66,872 86,062
TOTAL 43,421 62,581 51,327 66872 86062

EPS 35.13 46.34 58.78 67.91 67.92

CASHFLOW 853,956 1,736,419 1,798,227 4,415,140 4,291,039
DIVIDENTS 610,336 815,234 1,198,873 2,157,971 1,678,423
SHARE PRICE 68.09 68.09 68.09 68.09 68.09
NO. OF SHARES 47,954 47,954 47,954 47,954 47,954

RATIOS:
LIQUIDIY RATIOS
  2015 2016 2017 2018 2019
CURRENT RATIO 3.55 4.12 4.01 4.14 4.07
QUICK RATIO 1.84 2.26 2.62 2.83 2.38
CASH RATIO 1.51 1.94 2.42 2.58 2.15
CASH CONVERSION CYCLE 9.69 5.16 -1.77 -6.22 2.27

ANALYSIS:
for every 1 Rs. of liability the company has 4.07 Rs. of asset to pay it off. the company has an increasing trend but decreased in
this year, however it is still favorable
for every 1 Rs. of liability the company has 2.38 Rs. of quick asset to pay it off. the company has an increasing trend but
decreased in this year, however it is still favorable
for every 1 Rs. of liability the company has 2.15 Rs. of cash reserves to pay it off. the company has an increasing trend but
decreased in this year, however it is still favorable
the company takes 2 days to covert its receivable, inventory and purchases into sales. it has a decreasing trend but improved this
year. it is favorable.

ACTIVITY RATIOS
  2015 2016 2017 2018 2019
INVENTORY TURNOVER 6.1 6.2 5.7 5.8 5.5
DAY OF INVENTORY ON HAND 60.0 58.8 63.5 62.6 66.9
RECEIVABLES TURNOVER 39.2 36.9 42.9 45.8 43.8
DAYS OF SALES OUTSTANDING 9.3 9.9 8.5 8.0 8.3
PAYABLE TURNOVER 6.1 5.7 4.9 4.8 5.0
WORKING CAPITAL TURNOVER 5.2 4.2 3.5 3.4 3.4
FIXED ASSETS TURNOVER 7.3 7.9 8.9 10.4 9.9
TOTAL ASSETS TURNOVER 2.4 2.2 2.0 2.0 2.0
Numbers of days payable 59.6 63.5 73.8 76.8 73.0

ANALYSIS:
the company has 5.5 times margin to sell of their inventory. it is a decreasing trend, unfavorable
it takes 66.9 days for the company to convert its inventory into sales, decreasing trend, it is unfavorable
the company has 43.8 times margin to collect their receivables. increasing trend but decreased this year. it is favorable
it takes 8.3 days for the company to convert its receivables into sales, decreasing trend, it is favorable
the company has margin of 5 ties to pay its purchases a decreasing tend overall but increased this year. it is favorable
the company has 3.4 times excess cash for sales, decreasing trend, it is unfavorable
the company has a margin of 9.9 times to convert its fixed assets operations into sales. it is favorable
the company has a margin of 2.0 times to convert its total assets operations into sales, decreasing trend but was constant this year.
it is favorable.
it take 73 days for the company to convert its purchases into sales. incrsing trend but decreased this year. it is favorable

PROFITIBILITY RATIOS
  2015 2016 2017 2018 2019
GROSS PROFIT MARGIN 22.2% 22.4% 24.6% 28.1% 29.3%
OPERATING PROFIT MARGIN 8.9% 8.4% 10.6% 12.7% 13.0%
EBT 8.9% 8.4% 10.5% 12.6% 12.9%
NET PROFIT MARGIN/ EAT 6.2% 5.8% 7.1% 8.5% 8.7%
RETURN ON COMMON EQUITY 369.9% 463.4% 587.8% 679.1% 679.2%
RETURN ON ASSETS 17.4% 20.4% 22.3% 22.7% 20.5%
RETURN ON EQUITY 23.6% 26.5% 28.6% 29.0% 26.0%

ANALYSIS:
gross profit is 29.3% of sales. all over it has a increasing trend. it is favorable
0.58% of company assets are financed through debts, shows a increasing trend after 2016, it is favorable
0.64% of company debt and capital are supported through debts, shows a increasing trend after 2016, it is favorable
0.64% of company equity is supported through debts, shows a increasing trend after 2016, it is favorable
for every 1Rs. of equity supports 1.27 Rs of total assets, shows a decreasing trend, it is unfavorable
160.64 times the company EBIT could cover its interest payments, increasing trend but decreased this year. it is
favorable.
operating profit is 13% of sales. all over it has a increasing trend. it is favorable
EQUITY RATIOS
EBT is 12.9% of sales. over all it has a increasing trend. it is favorable
 EAT is 8.7% of the sales. over all has a increasing trend. it is favorable
2015 2016 2017 2018 2019
the RATIO
PE return on common equity is 679.2% which is abnormally1.94 high, increasing1.47 trend, favorable.
1.16 1.00
returnRATIO
P/CF on assets is 20.5%. it has an overall increasing3.82
trend but decreased 1.88this year which
1.82is not good, but for a debt bearing
0.74
company
P/S RATIO the return is favorable 0.14 0.13 0.13 0.11
return on equity is 26%. it has an overall increasing trend
P/BOOKVALUE 6.81but decreased6.81 this year which6.81
is not good, but for
6.81a debt bearing company
the return is favorable
DIVIDENTS PER SHARE 12.73 17.00 25.00 45.00
DIVIDENTS PAYOUT RATIO 36.05% 36.69% 42.53% 66.27% 51.53%
RETAINED EARNING RATIO 63.95% 63.31% 57.47% 33.73% 48.47%

SOLVENCY RATIOS
  2015 2016 2017 2018 2019
DEBT TO ASSETS ANALYSIS: 0.47% 0.61% 0.44% 0.49% 0.58%
DEBT TO CAPITAL 0.56% 0.69% 0.48% 0.57% 0.64%
DEBT TOprice
Company EQUITY 0.56%
over equity ratio is 1, shows a decreasing trend is favorable 0.69% 0.48% 0.57% 0.65%
FINANCIAL
company priceLEVERAGE
over cash flow ratio is 0.76, shows a decreasing 1.35trend , is favorable
1.29 1.28 1.28 1.27
INTEREST
company COVERAGE
price 139.21
to sales ratio is 0.1, decreasing trend, is favorable 161.45 178.88 198.01 160.64
company price to book value ratio is 6.81, is constant, is favorable
Company pays 35 Rs. of dividends per share, increasing trend, is favorable for investors
company DPO is 51.53%, shows a increasing trend trend but decreased this year, favorable
company retained earnings ratio is 48.47%, shows a decreasing trend but increased this year. it is favorable.
ANALYSIS:
BERGER PAINTS
2014 2015 2016 2017 2018 2019
Non-current assets            
Property, plant and equipments
Intangibles
INCOME STATEMENT595,229
52,263
579,585 1,045,323 1,034,257 1,138,904 1,223,549
49,677 44,467 48,532 44,767 40,297
 
Investments in related parties   2014 201512,810 201612,528 201752,557 201874,568 201967,287
Sales
Long term loan to related party –secured 4,167,303
4,0864,509,031
  4,301,830
  5,081,749
  5,122,570
40,0005,453,221
40,000
LomgCost of loans
term sales –secured 3,238,930
20,8393,411,771
22,7313,146,498
32,4723,553,432
46,5543,632,609
50,9294,148,718
54,360
LongGross
term profit
deposites –unsecured 928,373
16,2841,097,260
17,1961,155,332
17,9251,528,317
17,4631,489,961
20,7741,304,503
25,884
 
Deferred taxation   162,901  156,457  36,745      1,859   
Selling and distribution cost 595,123 708,993 681,425
1,189,46 919,830
1,199,361,009,310
1,371,80 898,866
  Administrative and general expenses 153,741
851,602 181,522
838,456 180,459 0 197,651 3 185,199 1 191,387
1,451,377
  assets
Current 748,864
  890,515
  861,884
  1,117,481
  1,194,509
  1,090,253
 
Profit
Stores andfrom
spareoperation
parts 179,509
6,952 206,745 6,288 293,4487,056 410,836
15,422 295,452
16,924 214,250
15,772
Other income
Stock-in-trade 97,244
875,915 117,968
810,836 34,115
717,550 135,695 51,356 36,923
734,991 1,018,236 1,015,911
  debts –unsecured
Trade 276,753
827,388 324,713
1,083,418 327,563
1,093,739 546,531
1,223,283 346,808
1,249,455 251,173
1,164,907
Other
Loans and expenses
advances 11,270
57,023 9,665
63,528 12,621
79,877 134,922
91,541 5,917
102,524 15,820
199,686
Finance
Trade deposits cost
and short term prepayments 164,115
13,724 166,08610,857 148,354
25,829 89,21427,725 74,96030,387 88,142
51,360
 
Other receivables 175,385
42,856 175,751
48,734 160,975
23,050 224,136
113,900 80,877
13,732 103,962
16,363
Profit before
Tax refund due fromtaxation
Government -net 101,368
126,742 148,962
115,023 166,588
209,166 322,395
181,780 265,931
299,289 147,211
291,573
Taxation
Short term investment 18,883   10,018 37,080 42,275 42,275
Cash and bank balances 41,350
217,345 51,454
255,010 57,435
191,738 137,618
78,197 63,820
44,356 45,106
21,420
Profit after taxation 60,018
2,186,82 97,508 109,153 184,777 202,111
2,358,02 2,503,91 2,817,17 102,105
total  current assets   8  255,010  3  9  8  2,819,267
Earnings per share – basic and diluted 3.3 5.36 6 10 11.11 5.61
Additions to retained earnings 88,415 90,966 166,590 283,950 102,105
 3,038,43 3,232,15 3,547,48 3,703,28 4,188,97
  0 0 3 2 9 4,270,644
EQUITY AND LIABILITIES            
Authorised share capital 250,000 250,000 250,000 250,000 250,000 250,000
Share capital and reserves            
Issued, subscribed and paid-up capital 181,864 181,864 181,864 181,864 181,864 181,864
Reserves 280,734 385,317 444,701 638,038 724,418 828,666
  462,598 567,181 626,565 819,902 906,282 1,010,530
Surplus on revaluation of fixed assets -net of tax 186,311 184,878 559,773 542,313 521,363 509,131
Non-current liabilities            
Long term financing – secured 50,000 147,550 41,950 1,350 138,263 69,965
Staff retirement and other long term benefits 60,692 54,535 76,420 103,925 119,977 142,592
Deferred taxation 5,583 4,006 849 5,308   9,000
  116,275 206,091 119,219 110,583 258,240 221,557
Current liabilities            
Trade and other payables 952,876 930,528 1,062,745 1,314,784 1,472,877 1,301,918
Interest / markup accrued on borrowings 37,481 40,164 27,379 11,566 13,394 16,465
Current maturity of long term financing 65,000 105,600 105,600 40,600 68,088 68,298
Short term borrowings –secured 1,215,798 1,196,124 1,043,768 863,534 948,735 1,137,989
2,273,24 2,274,00 2,241,92 2,230,48 2,503,09
  6 0 6 4 4 2,529,426
2,389,52 2,480,09 2,361,14 2,341,06 2,761,33
TOTAL LIABILITIES 1 1 5 7 4 2,750,983
Contingencies and commitments            
3,038,43 3,232,15 3,547,48 3,703,28 4,188,97
  0 0 3 2 9 4,270,644

COMMON SIZING
2015 2016 2017 2018 2019
  2014

Sales 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Cost of sales 128.66% 132.16% 136.72% 143.01% 141.02% 131.44%

Gross profit 448.88% 410.94% 372.35% 332.51% 343.81% 418.03%

             

Selling and distribution cost 700.24% 635.98% 631.30% 552.47% 507.53% 606.68%

Administrative and general expenses 2710.60% 2484.01% 2383.83% 2571.07% 2765.98% 2849.32%

             
 Profit from operation 2321.50% 2180.96% 1465.96% 1236.93% 1733.81% 2545.26%

Other income 4285.41% 3822.25% 12609.79% 3744.98% 9974.63% 14769.17%

             

Other expenses 36976.96% 46653.19% 34084.70% 3766.43% 86573.77% 34470.42%

Finance cost 2539.26% 2714.88% 2899.71% 5696.13% 6833.74% 6186.86%

             

Profit before taxation 4111.06% 3026.97% 2582.32% 1576.25% 1926.28% 3704.36%

Taxation 10078.12% 8763.23% 7489.91% 3692.65% 8026.59% 12089.79%

Profit after taxation 6943.42% 4624.27% 3941.10% 2750.21% 2534.53% 5340.80%

ASSETS            
Non-current assets            
   2014 2015 2016 2017 2018 2019
Property, plant and equipments 19.59% 17.93% 29.47% 27.93% 27.19% 28.65%
Intangibles 1.72% 1.54% 1.25% 1.31% 1.07% 0.94%
Investments in related parties 0.00% 0.40% 0.35% 1.42% 1.78% 1.58%
Long term loan to related party -secured 0.13% 0.00% 0.00% 0.00% 0.95% 0.94%
Long term loans –secured 0.69% 0.70% 0.92% 1.26% 1.22% 1.27%
Long term deposits –unsecured 0.54% 0.53% 0.51% 0.47% 0.50% 0.61%
Deferred taxation 5.36% 4.84% 1.04% 0.00% 0.04% 0.00%
             
Current assets            
             
Stores and spare parts 0.23% 0.19% 0.20% 0.42% 0.40% 0.37%
Stock-in-trade 28.83% 25.09% 20.23% 19.85% 24.31% 23.79%
Trade debts –unsecured 27.23% 33.52% 30.83% 33.03% 29.83% 27.28%
Loans and advances 1.88% 1.97% 2.25% 2.47% 2.45% 4.68%
Trade deposits and short term prepayments 0.45% 0.34% 0.73% 0.75% 0.73% 1.20%
Other receivables 1.41% 1.51% 0.65% 3.08% 0.33% 0.38%
Tax refund due from Government -net 4.17% 3.56% 5.90% 4.91% 7.14% 6.83%
Short term investment 0.62% 0.00% 0.28% 1.00% 1.01% 0.99%
Cash and bank balances 7.15% 7.89% 5.40% 2.11% 1.06% 0.50%
EQUITY AND LIABILITIES            
Authorized share capital            
Share capital and reserves            
Issued, subscribed and paid-up capital 5.99% 5.63% 5.13% 4.91% 4.34% 4.26%
Reserves 9.24% 11.92% 12.54% 17.23% 17.29% 19.40%
             
Surplus on revaluation of fixed assets -net of
tax 6.13% 5.72% 15.78% 14.64% 12.45% 11.92%
             
Non-current liabilities            
             
Long term financing – secured 1.65% 4.57% 1.18% 0.04% 3.30% 1.64%
Staff retirement and other long term benefits 2.00% 1.69% 2.15% 2.81% 2.86% 3.34%
Deferred taxation 0.18% 0.12% 0.02% 0.14% 0.00% 0.21%
             
Current liabilities            
Trade and other payables 31.36% 28.79% 29.96% 35.50% 35.16% 30.49%
Interest / markup accrued on borrowings 1.23% 1.24% 0.77% 0.31% 0.32% 0.39%
Current maturity of long term financing 2.14% 3.27% 2.98% 1.10% 1.63% 1.60%
Short term borrowings –secured 40.01% 37.01% 29.42% 23.32% 22.65% 26.65%

TREND ANALYSIS
  2014 2015 2016 2017 2018 2019
Sales 100.00% 8.20% -4.60% 18.13% 0.80% 6.45%
Cost of sales 100.00% 5.34% -7.78% 12.93% 2.23% 14.21%
Gross profit 100.00% 18.19% 5.29% 32.28% -2.51% -12.45%
 
 
Selling and distribution cost 100.00% 18.07% -0.59% 9.53% -6.30% 3.34%
Administrative and general expenses 100.00% 18.92% -3.22% 29.66% 6.89% -8.73%
 
Profit from operation 100.00% 21.31% -71.08% 297.76% -62.15% -28.10%
Other income 100.00% 17.33% 0.88% 66.85% -36.54% -27.58%
  100.00% -14.24% 30.58% 969.03% -95.61% 167.37%
Other expenses 100.00% 1.20% -10.68% -39.86% -15.98% 17.59%
Finance cost 100.00% 0.21% -8.41% 39.24% -63.92% 28.54%
  100.00% 46.95% 11.83% 93.53% -17.51% -44.64%
Profit before taxation 100.00% 24.44% 11.62% 139.61% -53.63% -29.32%
Taxation 100.00% 62.46% 11.94% 69.28% 9.38% -49.48%

 Profit after taxation 100.00% 62.42% 11.94% 69.33% 9.35% -49.50%

Non-current assets            
   2014 2015 2016 2017 2018 2019
Property, plant and equipments 100.00% -2.63% 80.36% -1.06% 10.12% 7.43%
Intangibles 100.00% -4.95% -10.49% 9.14% -7.76% -9.99%
Investments in related parties #DIV/0! #DIV/0! -2.20% 319.52% 41.88% -9.76%
Long term loan to related party -secured 100.00% -100.00% #DIV/0! #DIV/0! #DIV/0! 0.00%
Long term loans –secured 100.00% 9.08% 42.85% 43.37% 9.40% 6.74%
Long term deposits –unsecured 100.00% 5.60% 4.24% -2.58% 18.96% 24.60%

Deferred taxation 100.00% -3.96% -76.51% -100.00% #DIV/0! 100.00%

  100.00% -1.54% 41.86% 0.83% 14.38% 5.80%
Current assets
Stores and spare parts 100.00% -9.55% 12.21% 118.57% 9.74% -6.81%
Stock-in-trade 100.00% -7.43% -11.50% 2.43% 38.54% -0.23%
Trade debts –unsecured 100.00% 30.94% 0.95% 11.84% 2.14% -6.77%
Loans and advances 100.00% 11.41% 25.74% 14.60% 12.00% 94.77%
Trade deposits and short term prepayments 100.00% -20.89% 137.90% 7.34% 9.60% 69.02%
Other receivables 100.00% 13.72% -52.70% 394.14% -87.94% 19.16%
Tax refund due from Government -net 100.00% -9.25% 81.85% -13.09% 64.64% -2.58%
Short term investment 100.00% -100.00% #DIV/0! 270.13% 14.01% 0.00%
Cash and bank balances 100.00% 17.33% -24.81% -59.22% -43.28% -51.71%
total current assets 100.00% -88.34% 824.68% 6.19% 12.51% 0.07%
  100.00% 6.38% 9.76% 4.39% 13.12% 1.95%
EQUITY AND LIABILITIES #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
Authorized share capital 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Share capital and reserves #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
Issued, subscribed and paid-up capital 100.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Reserves 100.00% 37.25% 15.41% 43.48% 13.54% 14.39%
  100.00% 22.61% 10.47% 30.86% 10.54% 11.50%
Surplus on revaluation of fixed assets -net of tax 100.00% -0.77% 202.78% -3.12% -3.86% -2.35%
  #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
Long term financing – secured 100.00% 195.10% -71.57% -96.78% ######## -49.40%
Staff retirement and other long term benefits 100.00% -10.14% 40.13% 35.99% 15.45% 18.85%
Deferred taxation 100.00% -28.25% -78.81% 525.21% -100.00% #DIV/0
  100.00% 77.24% -42.15% -7.24% 133.53% -14.21%
Current liabilities #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0
Trade and other payables 100.00% -2.35% 14.21% 23.72% 12.02% -11.61%
Interest / markup accrued on borrowings 100.00% 7.16% -31.83% -57.76% 15.80% 22.93%
Current maturity of long term financing 100.00% 62.46% 0.00% -61.55% 67.70% 0.31%
Short term borrowings –secured 100.00% -1.62% -12.74% -17.27% 9.87% 19.95%
  100.00% 0.03% -1.41% -0.51% 12.22% 1.05%
TOTAL LIABILITIES 100.00% 3.79% -4.80% -0.85% 17.95% -0.37%

NOTES
PURCHASES

2015 2016 2017 2018 2019

3,121,69 2,694,82 3,113,32 3,243,26 3,641,45
Raw and packaging materials consumed 8 8 2 8 0

Stores consumed 4,534 2,632 3,019 4,700 6,585

3,126,23 2,697,46 3,116,34 3,247,96 3,648,03
TOTAL PURCHASES 2 0 1 8 5

Cash flow -783,114 -802,030 -368,257 -504,379 -716,569

Dividends 9,093 18,187 18,187 -81,839  

Share price 329.7 329.7 329.7 329.7 329.7

No of Shares 18,186 18,186 18,186 18,186 18,186

INTEREST BEARING LIABILITY

long term financing 25,123 2,849 603 3,207 2,378

short term financing 14,759 1,027 1,426 1,155 1,553

short term running finances 118,154 23,503 9,537 9,032 12,534

finance cost on leases 1,035        

interest on workers profit participation fund 993        

bank charges 6,154        

           

Total liabilities 166,218 11,566 27,379 13,394 16,465

  2014 2015 2016 2017 2018 2019
liquidity ratios            
current ratio 1.0 0.1 1.1 1.1 1.1 1.1
cash ratio 2.2 2.5 2.4 2.8 2.6 2.6
quick ratio 1.8 2.0 1.9 2.3 2.1 2.2
cash conversion cycle 56.8 34.1 23.5 39.2 51.0 0.0

ANALYSIS:
For every 1 Rs. of liability the company has 1.1 Rs. of asset to pay it off. the company has an constant
trend , however it is still favorable
for every 1 Rs. of liability the company has 2.6 Rs. of cash reserve to pay it off. the company has been constant ,
however it is still favorable
for every 1 Rs. of liability the company has 2.2 Rs. of quick asset to pay it off. the company has an decreasing trend but
increased in this year, however it is still favorable
the company takes 2 days to covert its receivable, inventory and purchases into sales. it has a dcresing trend but
improved this year. it is favorable.
  2015 2016 2017 2018 2019
           
Inventory turnover 4.01 4.08 4.82 4.07 4.01
Days of inventory on hand 91 89 76 90 91
Receivables turnover 4.72 3.95 4.39 4.14 4.52
Days of sales outstanding 77 92 83 88 81
Payables turnover 3.27 2.48 2.69 2.63 3.02
number of days payable 112 147 136 139 121
net working capital -4.28 -4.52 26.09 17.44 18.06
fixed asset turnover 5.34 4.24 4.25 3.98 3.86
Total asset turnover 1.44 1.27 1.40 1.30 1.29
:

ANAYSIS:

it takes 90 days for the company to convert its inventory into sales, increasing trend, it is favorable
the company has 4.52 times margin to collect their receivables. increasing trend . it is favorable
it takes 80 days for the company to convert its receivables into sales, increasing trend , it is unfavorable
the company has margin of 3 times to pay its purchases .a decreasing tend overall but increased this year. it is favorable
it takes 120 days for company to convert purchases into sales. Increasing trend but decreased this year it is favorable
the company has 18.06 times excess cash for sales, increasing trend, it is favorable
the company has margin of 3.8 times to convert its fixed assets operations into sales . It is favorable
the company has the margin of 1.2 times to convert its total asset into sales, decreasing trend but it is favorable

  2015 2016 2017 2018 2019

SOLVENCY RATIOS          
debt to asset 42% 31% 23% 26% 28%
debt to capital 70% 63% 51% 55% 54%
debt to equity ratio 237% 173% 105% 120% 120%
financial leverage ratio 678% 598% 579% 481% 467%
Interest coverage 124% 198% 461% 394% 243%
 ANAYSIS:
0.28% of company assets are financed through debts, shows a increasing trend after 2016, it is favorable
0.54% of company debt and capital are supported through debts, shows a decreasing trend after 2017, it is unfavorable
1.20% of company equity is supported through debts, shows a increasing trend after 2016, it is favorable
for every 1Rs. of equity supports 4.67 Rs of total assets, shows a decresing trend, it is unfavorable
2.43 times the company EBIT could cover its interest payments, decreasing trend. it is unfavorable

  2015 2016 2017 2018 2019

 PROFITABILITY RATIOS          
gross profit margin 24% 27% 30% 29% 24%
operating profit margin 5% 7% 8% 6% 4%
pretax margin 3% 4% 6% 5% 3%
net profit margin 2% 3% 4% 4% 2%
ROA 3% 3% 5% 5% 2%
           
ROE 19% 18% 26% 23% 11%
return on common equity 54% 60% 102% 111% 56%

ANAYSIS:
Gross profit is 24% of sales. it has a decreasing trend from 2017. it is unfavorable
Operating profit is 4% of sales. it has a decreasing trend. it is unfavorable
Pretax margin is 3% of sales .it has a decreasing trend. it is unfavorable
Net profit margin is 2% of the sales. It has a decreasing trend. it is
unfavorable
Return on assets is 2%. it has decreased this year which is not good, but for a debt bearing company the return is
favorable

Return on equity is 11%. it has decreased this year which is not good, but for a debt bearing company the return is
favorable
The return on common equity is 56% , decreasing this year, unfavorable.

  2015 2016 2017 2018 2019

 EQUITY RATIOS          
P/E 61.5 55.0 32.5 29.7 58.8
P/CF -7.7 -7.5 -16.3 -11.9 -8.4
P/S 1.3 1.4 1.2 1.2 1.1
P/BV 33.0 33.0 33.0 33.0 33.0
Dividends per share 0.5 1.0 1.0 -4.5 0.0
Dividends payout ratio 0.1 0.2 0.1 -0.4 0.0
Retained earnings ratio 1.1 1.2 1.1 0.7 1.0

ANALYSIS:
company price over equity ratio is 1, shows a decreasing trend is favorable
company price over cash flow ratio is 0.76, shows a decreasing trend , is favorable
company price to sales ratio is 1.1, decreased, is favorable
company price to book value ratio is 33.0, is constant , is favorable
company pays 35 Rs. of dividends per share, increasing trend, is favorable for investors
company DPO is 51.53%, shows a increasing trend trend but decreased this year, favorable
 SITARA CHEMICAL
INCOME STATEMENT

2014 2015 2016 2017 2018 2019

809979481 880748211 872287681 981377837 1007406765 1226482659
SALES-NET 2 7 4 5 4 7
559492289 666837097 715119890 768483648
COST OF SALES 6 4 0 6 7762170677 9632096101

250487191 213911114 157168091 212894188

GROSSPROFIT 6 3 4 9 2311896977 2632730496

DISTRIBUTION COST 173756328 199674650 230737924 224860975 205502071 269014032

ADMINISTRATIVE COST 400130526 353114075 442810106 512805184 579700037 607541270
OTHER EXPENSES 98157980 97891659 82637992 8332797 67508185 114497501
FINANCE COST 486828528 404951571 333242327 250950254 370921238 439420093
115887336 134278583 108942834 107194438
TOTAL COST 2 3 9 3 1223631531 1430472896
134599855 105699750
OPERATING PROFIT 4 796325310 482252565 6 1088265446 1202257600
OTHER INCOME 32768795 55427316 632761496 62356299 98658807 109742117
137876734 111501406 111935380
NET OPERATING PROFIT 9 851752626 1 5 1186924253 1312000717
SHARE OF LOSS -NET TO TAX 2276413 6906716 2571094 3703016 6915659 57645
137599093 114581322 111244296 112305682
Profit before taxation 6 0 7 1 1180008594 1311943072
PROVISION FOR TAXATION 338867640 284639086 126011653 353835282 13626906 225758372

103712329
PROFIT FOR THE YEAR 6 861174134 986431314 769221539 1166381688 1086184700
 STATEMENT OF FINANCIAL POSITION
2014 2015 2016 2017 2018 2019
ASSETS:
NON-CURRENT ASSETS:
PROPERTY PLANT & EQUIPMENT 6068941931 5765295502 5790535775 8789142634 9413115264 9572026860
INTANGIBLE ASSETS 19950000 17955000 16159500 14543550 12089195 11780275
INVESTMENT PROPERTY 286837930 3004815378 2716463181 2872992031 2926570048 3033967813
LONG TERM INVESTMENT 63431202 68279962 99192142 100125447 31579359 25038687
LONG TERM LAONS & ADVANCES 819302966 817876172 1265059329 1265176666 1267851503 1349111151
LONG TERM DEPOSITS 110432287 110433287 110433287 110858087 111209478 111209478

TOTAL NON-CURRENT ASSETS 9950437686 9784655301 9997843214 13152838415 13763414847 14103134264

CURRENT ASSETS:
STORES , SPARES & LOOSE TOOLS 336360277 401165384 380378519 413630215 644412208 744642450
STOCK IN TRADE 1010809125 881710696 717460100 1103513578 1194326880 950647289
TRADE DEBTS 936929485 1262557632 1187078233 1124985220 1163484992 1137767758
ADVANCE SALES TAX 0 0 24617271 61213694 0 0
LAONS & ADVANCES 255915080 413258696 1658999791 1597383728 2335623120 2414017943
TRADE DEPOSITS & PREPAYMENTS 9612725 8567010 7777958 6579875 5691809 4998084
OTHER RECEIVABLES 16599019 5901655 11726462 9563828 12053307 9975716
OTHER FINANCIAL ASSETS 162789304 191826521 201064597 197069564 274882920 352254323
CASH & BANK BALANCES 279534490 436767468 256977410 188424647 131002031 79663148

TOTAL CURRENT ASSETS 3008549505 3601755335 4446080341 4702364349 5761477267 5693966711

1444392355
TOTAL ASSETS 12958987191 13386410636 5 17855202764 19524892114 19797100975
EQUITY & LIABILITIES
SHARE CAPITAL & RESERVES:
SHARE CAPITAL 214294070 214294010 214294070 214294070 214294070 214294070
RESERVES 1382095241 1410102556 1363581652 1362766177 1402817034 1365496630
UNAPPROPRIATED PROFIT 3750779545 4477692982 5314312674 5959346996 7007851217 7892906389
SURPLUS ON REVALUATION OF
PROPOERTY. 1429500937 1347409608 1305695730 1355694582 1226133404 1164730520

TOTAL EQUITY 6776669793 7449499153 8841102970 8891101825 9851095725 10637427609

 LIABILITIES
NON- CURRENT LIABILITES:
LONG TERM FINANCING 734474873 566070926 858000824 1655406665 2143016525 1174946885
LONG TERM DEPOSITS 7946055 6385859 9920553 3885303 23742791 30442791
DEFERRED LIABILITES 1304890204 1203820987 1084464281 1017941285 983138661 1183897453
TOTAL NON-CURRENT LIABILITIES 2047311132 1776277772 1952385658 2677233253 3149897977 2389287129
CURRENT LIABILITIES:
TRADE & OTHER PAYABLES 1828764814 1690647587 2121584542 2776104719 2357365442 2293218533
SALES TAX PAYABLE 32424372 36596986 0 0 40126176 8498670
PROFIT/FINANCIAL CHARGES
PAYABLE 70245987 60465805 55225614 82952314 82219754 76973355
SHORT TERM BORROWINGS 1529449755 1682644323 280357144 2672033974 2976169744 3525026677
UNCLAIMED DIVIDEND 0 0 0 14660494 15997160 21775238
CURRENT PORTION OF LONG TERM
FIN. 657250376 690278947 280357144 741116185 872020136 844893764
TOTAL CURRENT LIABILITIES 4135006266 4160633648 4293653771 6286867686 6523898412 6770386237

1444392355
TOTAL EQUITY & LIABILITES 12958987191 13386410636 5 17855202764 19524892114 19797100975
 COMMON SIZING
INCOME STATEMENT
2014 2015 2016 2017 2018 2019
100
SALES-NET 100% 100% 100% 100% 100% %
COST OF SALES 69% 76% 82% 78% 77% 79%

GROSSPROFIT 31% 24% 18% 22% 23% 21%

DISTRIBUTION COST 2% 2% 3% 2% 2% 2%
ADMINISTRATIVE COST 5% 4% 5% 5% 6% 5%
OTHER EXPENSES 1% 1% 1% 0% 1% 1%
FINANCE COST 6% 5% 4% 3% 4% 4%
TOTAL COST 14% 15% 12% 11% 12% 12%

SHARE OF LOSS OFASSOCIATES-NET TO TAX 0% 0% 0% 0% 0% 0%

Profit before taxation 17% 13% 13% 11% 12% 11%
PROVISION FOR TAXATION 4% 3% 1% 4% 0% 2%

PROFIT FOR THE YEAR 13% 10% 11% 8% 12% 9%

 STATEMENT OF FINANCIAL POSITION

2014 2015 2016 2017 2018 2019

ASSETS:
NON-CURRENT ASSETS:
PROPERTY PLANT & EQUIPMENT 47% 43% 40% 49% 48% 48%
INTANGIBLE ASSETS 0% 0% 0% 0% 0% 0%
INVESTMENT PROPERTY 2% 22% 19% 16% 15% 15%
LONG TERM INVESTMENT 0% 1% 1% 1% 0% 0%
LONG TERM LAONS & ADVANCES 6% 6% 9% 7% 6% 7%
LONG TERM DEPOSITS 1% 1% 1% 1% 1% 1%

TOTAL NON-CURRENT ASSETS 77% 73% 69% 74% 70% 71%

CURRENT ASSETS:
STORES , SPARES & LOOSE TOOLS 3% 3% 3% 2% 3% 4%
STOCK IN TRADE 8% 7% 5% 6% 6% 5%
TRADE DEBTS 7% 9% 8% 6% 6% 6%
ADVANCE SALES TAX 0% 0% 0% 0% 0% 0%
LAONS & ADVANCES 2% 3% 11% 9% 12% 12%
TRADE DEPOSITS & PREPAYMENTS 0% 0% 0% 0% 0% 0%
OTHER RECEIVABLES 0% 0% 0% 0% 0% 0%
OTHER FINANCIAL ASSETS 1% 1% 1% 1% 1% 2%
CASH & BANK BALANCES 2% 3% 2% 1% 1% 0%

TOTAL CURRENT ASSETS 23% 27% 31% 26% 30% 29%

TOTAL ASSETS 100% 100% 100% 100% 100% 100%

EQUITY & LIABILITIES

SHARE CAPITAL & RESERVES:
SHARE CAPITAL 2% 2% 1% 1% 1% 1%
RESERVES 11% 11% 9% 8% 7% 7%
UNAPPROPRIATED PROFIT 29% 33% 37% 33% 36% 40%
SURPLUS ON REVALUATION OF PROPERTY. 11% 10% 9% 8% 6% 6%

TOTAL EQUITY 52% 56% 61% 50% 50% 54%

LIABILITIES
NON- CURRENT LIABILITES:
LONG TERM FINANCING 6% 4% 6% 9% 11% 6%
LONG TERM DEPOSITS 0% 0% 0% 0% 0% 0%
DEFERRED LIABILITES 10% 9% 8% 6% 5% 6%
TOTAL NON-CURRENT LIABILITIES 16% 13% 14% 15% 16% 12%

CURRENT LIABILITIES:
TRADE & OTHER PAYABLES 14% 13% 15% 16% 12% 12%
SALES TAX PAYABLE 0% 0% 0% 0% 0% 0%
PROFIT/FINANCIAL CHARGES PAYABLE 1% 0% 0% 0% 0% 0%
SHORT TERM BORROWINGS 12% 13% 2% 15% 15% 18%
UNCLAIMED DIVIDEND 0% 0% 0% 0% 0% 0%
CURRENT PORTION OF LONG TERM FIN. 5% 5% 2% 4% 4% 4%
TOTAL CURRENT LIABILITIES 32% 31% 30% 35% 33% 34%

TOTAL EQUITY & LIABILITES 100% 100% 100% 100% 100% 100%
 TREND ANALYSIS
INCOME STATEMENT

2014 2015 2016 2017 2018 2019

SALES-NET 100% 109% 99% 113% 103% 122%

COST OF SALES 100% 119% 107% 107% 101% 124%

GROSSPROFIT 100% 85% 73% 135% 109% 114%

DISTRIBUTION COST 100% 115% 116% 97% 91% 131%

ADMINISTRATIVE COST 100% 88% 125% 116% 113% 105%
OTHER EXPENSES 100% 100% 84% 10% 810% 170%
FINANCE COST 100% 83% 82% 75% 148% 118%
TOTAL COST 100% 116% 81% 98% 114% 117%

SHARE OF LOSS OFASSOCIATES-NET TO TAX 100% 303% 37% 144% 187% 1%

Profit before taxation 100% 83% 97% 101% 105% 111%
PROVISION FOR TAXATION 100% 84% 44% 281% 4% 1657%

PROFIT FOR THE YEAR 100% 83% 115% 78% 152% 93%
 STATEMENT OF FINANCIAL POSITION

2014 2015 2016 2017 2018 2019

ASSETS:
NON-CURRENT ASSETS:
PROPERTY PLANT & EQUIPMENT 100% 95% 100% 152% 107% 102%
INTANGIBLE ASSETS 100% 90% 90% 90% 83% 97%
INVESTMENT PROPERTY 100% 1048% 90% 106% 102% 104%
LONG TERM INVESTMENT 100% 108% 145% 101% 32% 79%
LONG TERM LAONS & ADVANCES 100% 100% 155% 100% 100% 106%
LONG TERM DEPOSITS 100% 100% 100% 100% 100% 100%

TOTAL NON-CURRENT ASSETS 100% 98% 102% 132% 105% 102%

CURRENT ASSETS:
STORES , SPARES & LOOSE TOOLS 100% 119% 95% 109% 156% 116%
STOCK IN TRADE 100% 87% 81% 154% 108% 80%
TRADE DEBTS 100% 135% 94% 95% 103% 98%
ADVANCE SALES TAX
LAONS & ADVANCES 100% 161% 401% 96% 146% 103%
TRADE DEPOSITS & PREPAYMENTS 100% 89% 91% 85% 87% 88%
OTHER RECEIVABLES 100% 36% 199% 82% 126% 83%
OTHER FINANCIAL ASSETS 100% 118% 105% 98% 139% 128%
CASH & BANK BALANCES 100% 156% 59% 73% 70% 61%

TOTAL CURRENT ASSETS 100% 120% 123% 106% 123% 99%

TOTAL ASSETS 100% 103% 108% 124% 109% 101%

EQUITY & LIABILITIES

SHARE CAPITAL & RESERVES:
SHARE CAPITAL 100% 100% 100% 100% 100% 100%
RESERVES 100% 102% 97% 100% 103% 97%
UNAPPROPRIATED PROFIT 100% 119% 119% 112% 118% 113%
SURPLUS ON REVALUATION OF PROPERTY. 100% 94% 97% 104% 90% 95%

TOTAL EQUITY 100% 110% 119% 101% 111% 108%

LIABILITIES
NON- CURRENT LIABILITES:
LONG TERM FINANCING 100% 77% 152% 193% 129% 55%
LONG TERM DEPOSITS 100% 80% 155% 39% 611% 128%
DEFERRED LIABILITES 100% 92% 90% 94% 97% 120%
TOTAL NON-CURRENT LIABILITIES 100% 87% 110% 137% 118% 76%

CURRENT LIABILITIES:
TRADE & OTHER PAYABLES 100% 92% 125% 131% 85% 97%
SALES TAX PAYABLE 100% 113% 0% 21%
PROFIT/FINANCIAL CHARGES PAYABLE 100% 86% 91% 150% 99% 94%
SHORT TERM BORROWINGS 100% 110% 17% 953% 111% 118%
UNCLAIMED DIVIDEND
CURRENT PORTION OF LONG TERM FIN. 100% 105% 41% 264% 118% 97%
TOTAL CURRENT LIABILITIES 100% 101% 103% 146% 104% 104%

TOTAL EQUITY & LIABILITES 100% 103% 108% 124% 109% 101%
 NOTES
2015 2016 2017 2018 2019
PURCHASES:          
Raw material consumed 2034133644 1827288040 2090515860 2150395217 2713057076
stores & spares 283001429 400615765 397049140 384552462 211822991
TOTAL PURCHASES 2317135073 2227903805 2487565000 2534947679 2924880067
           
INTEREST BEARING LIABILITY          
Short term borrrowing 2381231004 2461483887 3403065614 2979169744 3525026677
TRADE & OTHER PAYABLES 932594794 1441319314 1980857477 2390547171 2241189831
LONG TERM FINANCING 712153446 741116185 741116185 872020136 844893764
OTHERS 544196427 858000824 1655406665 1174946885 1174946885
TOTAL 4570175671 5501920210 7780445941 7416683936 7786057157
           
EPS 48.4 46.03 35.9 54.43 50.69
CASH FLOW PER SHARE 20.38 11.99 8.79 6.11 3.71
DIVIDENDS 213269414 219149384 191921273 245101979 262089951
SHARE PRICE 282.25 310 350 486.75 398.5
NO.OF SHARES 21429407 21429407 21429407 21429407 21429407
407.051712
sales per share 410.999806 4 457.958467 470.104826 572.336257
Additions to retained
earnings 647904720 767281930 577300266 921279709 824094749
Finance cost 414731753 338482518 223223554 371653798 444666492
 LIQUIDITY RATIOS
  2015 2016 2017 2018 2019
CURRENT RATIO 0.865675 1.0355 0.747966 0.883134 0.841011
QUICK RATIO 0.557338 0.774078 0.49691 0.601287 0.590613
CASH RATIO 0.252466 0.494874 0.316447 0.421098 0.421089
CASH COLLECTION CYCLE 61 58 64 64 37

ANALYSIS

 for every 1rs of liability the company has just 0.84rs of assets to payoff. Which is very alarming for the
company
 For every 1rs of liability the company has just 0.59rs of quick/more liquid assets to payoff. This is again
alarming.
 For every 1rs of Liability the company has just 0.42rs of cash to payoff which is even less than half. Worse
situation.
 COMPANY TOOK 37 DAYS TO COLLECT CASH.
 ACTIVITY RATIO
2015 2016 2017 2018 2019
INVENTORY TURNOVER 11.20398 10.93881 9.159839 8.785634 22.72673
DAYS OF INV. ON HAND 33 33 40 42 16
RECEIVABLE TURNOVER 12.83077 14.83892 15.17547 16.02644 17.70848
DAYS OF SALES OUTSTANDING 28 25 24 23 21
PAYABLE TURNOVER ANALYSIS
1.316774 1.168819 1.015812 0.987616 1.257855
NO. OF DAYS PAYABLE 277 312 359 370 290
 NET WORKING CAPITAL
The company has 22.7 times margin to sell of their inventory .increasing trend , favorable.
 it takes TURNOVER -28.9859 115.5636 -11.0102 -25.7437 -18.7177
just 16 days to convert inventory into sales.
 FIXED ASSET TURNOVER 0.820852 0.890432 0.753574 0.729208 0.723022
 TOTALhas
The company ASSET TURNOVER
17 times 0.668616
margin to collect their 0.626861
receivable in a year.0.607681
Which is a 0.539007 0.623815
good sign for company
 It takes just 21 days to convert receivable into cash . Which is a very short time , so favorable.
 The company has 1.25 times pay for their purchases. Which shows a delay ,favorable for liquidity of
company.
 it takes 290 days to pay for their purchases.
 The company has a negative working capital. This is very alarming.
 The company has a margin of 0.72 times to convert its fixed assets into sales. Unfavorable.
 The company has a margin of 0.62 times to convert their assets into sales. Very unfavorable.

PROFITABILITY RATIOS
2015 2016 2017 2018 2019
GROSS PROFIT MARGIN 24% 18% 22% 23% 21%
OPERATING PROFIT MARGIN 10% 13% 11% 12% 11%
EBT MARGIN 13% 13% 11% 12% 11%
NET PROFIT MARGIN 10% 11% 8% 12% 9%
ROA 7% 7% 5% 6% 6%
ROE 12% 12% 9% 12% 11%

`ANALYSIS
 Gross profit is 21% of sales. Which is favorable
 operating profit is 11% of sales.
 EBT is 11% of sales.
 Net profit is 9% of sales ,which is favorable.
 Return on assets is 6%. It has overall decreasing
 trend.
 Return on equity is 11% and has a decreasing trend
overall.

SOLVENCY RATIO
2015 2016 2017 2018 2019
DEBT TO ASSET RATIO 0.341404 0.380916 0.435752 0.379858 0.393293
DEBT TO EQUITY RATIO 0.613488 0.622312 0.875082 0.752879 0.731949
DEBT TO CAPITAL RATIO 0.380225 0.383596 0.46669 0.42951 0.422616
FINANCIAL LEVERAGE
RATIO 1.851897 1.708367 1.821495 1.994435 1.91922
INTEREST COVERAGE 2.053743 3.294156 5.014497 3.193629 2.950528

ANALYSIS
 0.39% of company’s assets are financed by debts.
 0.73% of company’s equity is supported through debts , showing a
decreasing trend.
 0.42% of company’s debts and capital are supported through debts.
 for every 1rs. Of equity supports 1.91rs of total assets.
 2.95 times company’s EBIT can cover finance cost, Favorable.

EQUITY RATIO
2015 2016 2017 2018 2019
P/E RATIO 5.831612 6.734738 9.749304 8.942679 7.861511
P/CF RATIO 13.84936 25.85488 39.81797 79.66448 107.4124
P/S RATIO 0.68674 0.761574 0.764261 1.035407 0.696269
DPS 9.952185 10.22657 8.955977 11.43765 12.23039
DPO 25% 22% 25% 21% 24%
RETAINED EARNING
RATIO 75% 78% 75% 79% 76%
ANALYSIS
 Company’s price over equity ratio is 7.8, decreasing trend after
2016.
  Company’s price over cash flow is 107, shows an increasing
trend.
 Company’s price to sales ratio is 0.69 which decreased rapidly
in 2018.
 Company’s dividend per share is 12rs, increasing trend which is
favorable.
 Company’s dividend payout is 24%.
 Company’s retained earning is 76% of Profit, which shows that
most of the profit is kept in the business, favorable.

ICI PAKISTAN
INCOME STATEMENT
INCOME STATEMENT
2014 2015 2016 2017 2018 2019
Turnover 20,133,977 42,698,659 42,714,445 42,755,505 48,274,029 49,992,068
Less: sales tax 1,893,940 4,620,382 5,199,116 5,801,068 6,502,811 0
Net turnover 18,240,037 38,078,227 37,515,329 36,954,437 41,771,218 49,992,068

Cost of sales 16,105,080 33,280,470 31,611,583 30,382,757 33,755,438 41,060,075

Gross profit 2,134,957 4,797,807 5,903,746 6,571,680 8,015,780 8,931,993

Selling and distribution 523,391 1,530,254 1,781,989 2,118,142 2,688,234 3,048,611

Adminstrative expenses 361,635 896,407 963,890 882,030 1,141,126 1,281,172
Profit from operations 1,249,931 2,371,146 3,157,867 3,571,508 4,186,420 4,602,210

Other expenses 90,550 191,033 244,838 291,692 174,168 326,091

Finance cost and Bank
charges 187,793 388,024 403,568 384,245 403,206 1,084,800
Other income 125,600 321,776 142,415 83,919 115,040 156,355
shar of profit from associate 0 0 202,224 407,318 670,869 585,968
Profit before taxation 1,097,188 2,113,865 2,854,100 3,386,808 4,394,955 3,933,642

Taxation 338,321 278,784 577,786 656,987 1,114,848 635,988

Profit after taxation 758,867 1,835,117 2,276,314 2,729,821 3,280,107 3,297,654

 STATEMENT OF FINANCIAL POSITION
ASSETS 2014 2015 2016 2017 2018 2019
NON CURRRENT ASSETS
Property,plant and equipment 10,727,467 11,808,502 14,388,924 17,164,749 19,958,615 22,375,943
Intangible assets 45,123 64,261 28,318 16,460 783,356 1,688,377
Long term investments 2,500 2,500 774,724 963,667 966,536 1,132,504
Long term loans 202,071 256,525 326,515 357,637 382,421 443,791
Long term security deposits 33,338 27,843 30,777 33,594 38,627 43,602
TOTAL NON CURRENT ASSETS 11,010,499 12,159,631 15,549,258 18,536,127 22,129,555 25,684,217
CURRENT ASSESTS
Stores and spares 615,782 617,688 709,198 861,544 1,011,381 946,642
Stock in trade 4,594,877 4,607,216 4,943,409 5,317,357 5,913,901 9,010,634
Trade debts 891,186 883,710 1,431,094 1,640,067 2,589,878 2,718,120
Loans and advances 160,640 193,000 325,259 392,362 441,985 552,752
Trade deposits and short term
prepayments 161,888 220,018 43,250 430,649 577,426 322,494
Other receivables 1,188,212 1,488,685 984,272 804,400 1,617,870 1,498,166
Taxation 1,474,066 1,765,784 2,054,870 2,234,248 1,253,468 2,592,156
Cash and bank balances 836,143 858,204 120,447 258,962 1,266,464 1,687,351
TOTAL CURRENT ASSETS 9,922,794 10,634,285 10,981,799 11,939,589 14,672,373 19,328,315
TOTAL ASSETS 20,933,293 22,793,916 26,531,057 30,475,716 36,801,928 45,012,532
EQUITY AND LIABILITIES
Authorised share capital 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000 15,000,000
Issued, subscribed and paid up shares
capital 923,591 923,591 923,591 923,591 923,591 923,591
Reserves 309,643 309,643 309,643 309,643 309,643 309,643
surpplus on revelation 843,037 785,517 722,369 995,330 902,788 821,982
Unappropriated profit 9,778,233 11,125,684 11,755,187 13,341,517 15,102,390 16,551,410
attribute to equity holders 0 0 0 15,570,081 17,238,413 18,606,626
Non controlling profit 0 0 0 0 487,360 1,426,208

TOTAL EQUITY 10,621,270 12,144,445 13,710,790 15,570,081 17,725,773 20,032,834

NON-CURRENT LIABILITIES
provision for non management staff
gratuity 79,917 78,081 87,422 90,867 115,030 125,586
Long term deposits 1,887,026 2,314,805 11,493,943 3,652,586 4,919,478 8,243,012
Deferred tax liability 1,101,111 1,093,718 1,181,167 1,430,789 1,225,881 1,903,094
TOTAL NON CURRENT
LIABILITIES 3,068,054 3,486,604 2,762,532 5,174,242 6,260,389 10,271,692
CURRENT LIABILITIES
Trade & other payables 7,243,969 7,163,867 10,057,735 9,731,393 12,815,766 14,708,006
TOTAL CURRENT LIABILITIES 7,243,969 7,163,867 10,057,735 9,731,393 12,815,766 14,708,006
TOTAL LIABILITIES 10,312,023 10,650,471 12,820,267 14,905,635 19,076,155 24,979,698
TOTAL EQUITY & LIABILITIES 20,933,293 22,793,916 26,531,057 30,475,716 36,801,928 45,012,532
 Notes
2015 2016 2017 2018 2019
cash + trade debts 1,741,914 1,551,541 1,899,029 3,856,342 4,405,471

average inventory 8131955 8405806.5 9172829.5 10147233 12377241

average
receivables 1333041 1599257 2251127.5 2935006 3948938

average
tradepayables 10825903 12192735 14923432 16139276 20169769

average working 2032401.

capital 3074621.5 2197241 1566130 5 3238458

average net fixed

assets 17090315 19934260 24817322 29600905 34971664

average total
assets 32330251 36059445 41768915 48876680 59308194

ag total equity 16693493 18999840 21495831 24432968 27742190

12,675,11
total debt 2,988,137 3,408,523 0 5,083,375 6,145,359

avg commom 1385386.

equity 1385386.5 1385386.5 1385386.5 5 1385386.5

EPS 19.87 24.65 29.56 35.54 35.51

Cashflow 420,836 -1,712,800 -784590 -862441 -5644976

share price 633.9 633.9 633.9 633.9 633.9

no of shares 195000 195000 195000 195000 195000

dividends 12563589 14574751 16882983 16183900 17953904

book value per 4.736364

share 4.7363641 4.7363641 4.7363641 1 4.7363641
 COMMON SIZING

BALANCE SHEET
2014 2015 2016 2017 2018 2019
ASSETS
NON CURRRENT ASSETS
Property,plant and equipment 51.25% 51.81% 54.23% 56.32% 54.23% 49.71%
Intangible assets 0.22% 0.28% 0.11% 0.05% 2.13% 3.75%
Long term investments 0.01% 0.01% 2.92% 3.16% 2.63% 2.52%
Long term loans 0.97% 1.13% 1.23% 1.17% 1.04% 0.99%
Long term security deposits 0.16% 0.12% 0.12% 0.11% 0.10% 0.10%
TOTAL NON CURRENT ASSETS 52.60% 53.35% 58.61% 60.82% 60.13% 57.06%

CURRENT ASSESTS
Stores and spares 2.94% 2.71% 2.67% 2.83% 2.75% 2.10%
Stock in trade 21.95% 20.21% 18.63% 17.45% 16.07% 20.02%
Trade debts 4.26% 3.88% 5.39% 5.38% 7.04% 6.04%
Loans and advances 0.77% 0.85% 1.23% 1.29% 1.20% 1.23%
Trade deposits and short term prepayments 0.77% 0.97% 0.16% 1.41% 1.57% 0.72%
Other receivables 5.68% 6.53% 3.71% 2.64% 4.40% 3.33%
Taxation 7.04% 7.75% 7.75% 7.33% 3.41% 5.76%
Cash and bank balances 3.99% 3.77% 0.45% 0.85% 3.44% 3.75%
TOTAL CURRENT ASSETS 47.40% 46.65% 41.39% 39.18% 39.87% 42.94%
100.00 100.00
TOTAL ASSETS 100.00% % 100.00% 100.00% 100.00% %
EQUITY AND LIABILITIES
Authorised share capital 71.66% 65.81% 56.54% 49.22% 40.76% 33.32%
Issued, subscribed and paid up shares capital
4.41% 4.05% 3.48% 3.03% 2.51% 2.05%
Reserves 1.48% 1.36% 1.17% 1.02% 0.84% 0.69%
surpplus on revelation 4.03% 3.45% 2.72% 3.27% 2.45% 1.83%
Unappropriated profit 46.71% 48.81% 44.31% 43.78% 41.04% 36.77%
attribute to equity holders 0.00% 0.00% 0.00% 51.09% 46.84% 41.34%
Non controlling profit 0.00% 0.00% 0.00% 0.00% 1.32% 3.17%

TOTAL EQUITY 50.74% 53.28% 51.68% 51.09% 48.17% 44.51%

NON-CURRENT LIABILITIES
provision for non management staff gratuity 0.38% 0.34% 0.33% 0.30% 0.31% 0.28%
Long term deposits 9.01% 10.16% 43.32% 11.99% 13.37% 18.31%
Deferred tax liability 5.26% 4.80% 4.45% 4.69% 3.33% 4.23%
TOTAL NON CURRENT LIABILITIES 14.66% 15.30% 10.41% 16.98% 17.01% 22.82%
CURRENT LIABILITIES
Trade & other payables 34.61% 31.43% 37.91% 31.93% 34.82% 32.68%
TOTAL CURRENT LIABILITIES 34.61% 31.43% 37.91% 31.93% 34.82% 32.68%
TOTAL LIABILITIES 49.26% 46.73% 48.32% 48.91% 51.83% 55.49%
TOTAL EQUITY & LIABILITIES 100.00 100.00
100.00% % 100.00% 100.00% 100.00% %
 INCOME STATEMENT
2014 2015 2016 2017 2018 2019

Turnover 110% 112% 114% 116% 116% 100%

Less: sales tax 10% 12% 14% 16% 16% 0%
Net turnover 100% 100% 100% 100% 100% 100%

Cost of sales 88% 87% 84% 82% 81% 82%

Gross profit 12% 13% 16% 18% 19% 18%

Selling and distribution 3% 4% 5% 6% 6% 6%

Adminstrative expenses 2% 2% 3% 2% 3% 3%
Profit from operations 7% 6% 8% 10% 10% 9%

Other expenses 0% 1% 1% 1% 0% 1%
Finance cost and Bank charges 1% 1% 1% 1% 1% 2%
Other income 1% 1% 0% 0% 0% 0%
shar of profit from associate 0% 0% 1% 1% 2% 1%
Profit before taxation 6% 6% 8% 9% 11% 8%

Taxation 2% 1% 2% 2% 3% 1%
Profit after taxation 4% 5% 6% 7% 8% 7%
 TREND ANALYSIS
BALANCE SHEET
2014 2015 2016 2017 2018 2019
ASSETS
NON CURRRENT ASSETS
Property,plant and equipment 100% 10% 22% 19% 16% 12%
Intangible assets 100% 42% -56% -42% 4659% 116%
Long term investments 100% 0% 30889% 24% 0% 17%
Long term loans 100% 27% 27% 10% 7% 16%
Long term security deposits 100% -16% 11% 9% 15% 13%
TOTAL NON CURRENT ASSETS 100% 10% 28% 19% 19% 16%

CURRENT ASSESTS
Stores and spares 100% 0% 15% 21% 17% -6%
Stock in trade 100% 0% 7% 8% 11% 52%
Trade debts 100% -1% 62% 15% 58% 5%
Loans and advances 100% 20% 69% 21% 13% 25%
Trade deposits and short term prepayments 100% 36% -80% 896% 34% -44%
Other receivables 100% 25% -34% -18% 101% -7%
Taxation 100% 20% 16% 9% -44% 107%
Cash and bank balances 100% 3% -86% 115% 389% 33%
TOTAL CURRENT ASSETS 100% 7% 3% 9% 23% 32%
TOTAL ASSETS 100% 9% 16% 15% 21% 22%

EQUITY AND LIABILITIES

Authorised share capital
100% 0% 0% 0% 0% 0%
Issued, subscribed and paid up shares capital 100% 0% 0% 0% 0% 0%
Reserves
100% 0% 0% 0% 0% 0%
surpplus on revelation 100% -7% -8% 38% -9% -9%
Unappropriated profit 100% 14% 6% 13% 13% 10%
attribute to equity holders 11% 8%
Non controlling profit 193%
TOTAL EQUITY 100% 14% 13% 14% 14% 13%
NON-CURRENT LIABILITIES
provision for non management staff gratuity 100% -2% 12% 4% 27% 9%
Long term deposits 23% 397% -68% 35% 68%
Deferred tax liability 100% -1% 8% 21% -14% 55%
TOTAL NON CURRENT LIABILITIES 100% 14% -21% 87% 21% 64%

CURRENT LIABILITIES
Trade & other payables 100% -1% 40% -3% 32% 15%
TOTAL CURRENT LIABILITIES -1% 40% -3% 32% 15%
TOTAL LIABILITIES 100% 3% 20% 16% 28% 31%
TOTAL EQUITY & LIABILITIES 100% 9% 16% 15% 21% 22%

 
 INCOME STATEMENT
2014 2015 2016 2017 2018 2019

Turnover 100% 212% 100% 100% 113% 104%

Less: sales tax 100% 244% 113% 112% 112% 0%
Net turnover 100% 209% 99% 99% 113% 120%

Cost of sales 100% 207% 95% 96% 111% 122%

Gross profit 100% 225% 123% 111% 122% 111%

Selling and distribution 100% 292% 116% 119% 127% 113%

Adminstrative expenses 100% 248% 108% 92% 129% 112%
Profit from operations 100% 190% 133% 113% 117% 110%

Other expenses 100% 211% 128% 119% 60% 187%

Finance cost and Bank charges 100% 207% 104% 95% 105% 269%
Other income 100% 256% 44% 59% 137% 136%
shar of profit from associate 0% 0% 0% 201% 165% 87%
Profit before taxation 100% 193% 135% 119% 130% 90%

Taxation 100% 82% 207% 114% 170% 57%

Profit after taxation 100% 242% 124% 120% 120% 101%
LIQUIDITY RATIO
2015 2016 2017 2018 2019

Current ratio 1.48443362 1.09187595 1.22691469 1.14486898 1.314135648

Quick ratio 0.24315276 0.15426346 0.19514462 0.30090609 0.299528774

Cash ratio 0.08057897 0.00939505 0.01737343 0.0663899 0.067548895

cash conversion
cycle 92.24388 105.352868 125.681994 128.487462 128.8086796

ANALYSIS
for every 1 Rs. of liability the company has 1.3 Rs. of asset to pay it off. the company has an increasing and decreasing trend
but decresed in this year, however it is still favorable
for every 1 Rs. of liability the company has 0.22 Rs. of
quick asset to pay it off. the company has an increasing for every 1 Rs. of liability the company has 0.22 Rs. of quick asset
and decreasing both trend trend but decresed in this year, to pay it off. the company has an increasing and decreasing both
however it is still favorable trend trend but decresed in this year, however it is still favorable
for every 1 Rs. of liability the company 0.06 of cash reserves to pay it off. the company has an increasing and
decreasing trend but increased this year, however it is still favorable
the company takes 128 days to covert its receivable,
inventory and purchases into sales. it has an incresing
trend. it is favorable.

PROFITABILITY RATIO
2015 2016 2017 2018 2019

Gross profit margin 13% 16% 18% 19% 18%

Operating profit margin 6% 8% 10% 10% 9%

Pretax margin 44% 48% 52% 55% 44%

Net profit margin 5% 6% 7% 8% 7%

Return on assets 6% 6% 7% 7% 6%
Return on equity 11% 12% 13% 13% 12%
return on common
equity 132% 164% 197% 237% 238%

ANALYSIS
gross profit is 18% of sales. all over it has a increasing trend But decreasing in this year . However,it is favorable

operating profit is 9% of sales. all over it has a increasing trend but decreasing in his year. However it is favorable

EBT is 44% of sales. over all it has a increasing trend but decreasing this year.however it is favorable

EAT is 7% of the sales. it has a increasing trend but decreasing this year. however it is favorable

return on assets is 6%. it has an increasing trend but decreased this year which is not good, but for a debt bearing company the retu
return on equity is 12%. it has an overall increasing trend but decreased this year which is not good, but for a debt bearing company
favorable

the return on common equity is 238% which is abnormally high, increasing trend, favorable.

SOLVENCYRATIO

2015 2016 2017 2018 2019

Debt to asset 13% 13% 42% 14% 14%
Debt to capital 20% 20% 45% 22% 23%
Debt to equity 25% 25% 81% 29% 31%
Finincial leverage ratios 194% 190% 194% 200% 214%
Interest coverage cost 611% 782% 929% 1038% 424%

ANALYSIS
14% of companys assets are financed through debts, shows a decreasing ng trend after 2016, it is
unfavourable
23% of companys debt and capital are supported through debts, show a decreasing trend after 2016, it is
unfavorable
31% of companys equity is supported through debts, shows a increasing trend after 2017, it is favorable
for every 1Rs. of equity supports Rs of total assets, shows a decresing trend, it is unfavorable
times the companys EBIT could cover its interest payments, increasing trend but decreased this year. it is favorable

EQUITY RATIO
2015 2016 2017 2018 2019
21.4445196
P/E ratio 31.90237 25.71602 2 17.83624 17.85131
-
0.00080793
P/CASHFLOW ratio 0.001506 -0.00037 8 -0.00074 -0.00011
47.3774833
P/SALES ratio 48.81824 48.09658 3 53.55284 128.1848
P/BOOKVALUE ratio 133.8368 133.8368 133.836839 133.8368 133.8368
DPS ratio 64.42866 74.74231 86.5794 82.99436 92.0713
7.41680761
DPO ratio 16.55572 7.942137 1 5.928557 5.473573

ANALYSIS

companys price over equity ratio is 17, shows a decresing trend is favorable
companys price over cashflow ratio is -0.0011, shows a negative decreasing trend , is unfavorable
companys price to sales ratio is 128, decreasing trend, is favorable
companys price to book value ratio is 133, is contant, is favorable
company pays 92 Rs. of dividends per share, incresing trend, is favorable for investors
companys DPO is 5.47%, shows a increasing trend trend but decreased this year, favorable
 NIMIR CHEMICALS
INCOME STATEMENT
2014 2015 2016 2017 2018 2019
3,503,988,03 3,917,516,70 4,284,995,88 5,864,139,07 8,624,294,09 14,221,874,66
Turnover 2 1 3 2 3 4
1,254,509,24
2,067,562,281
Less: sales tax 486,008,897 570,773,353 621,495,417 852,776,538 6
less: trade and discounts 15,643,990 14,949,268 1,143 93,950 644,894 -
3,002,335,14 3,331,794,08 3,663,499,32 5,011,268,58 7,369,139,95 12,154,312,38
Net turnover 5 0 3 4 3 3

2,499,182,28 2,818,865,83 3,102,622,03 4,039,193,38 6,304,069,59 10,541,804,26

less: Cost of sales 1 9 1 3 7 4
1,065,070,35
Gross profit 503,152,864 512,928,241 560,877,292 972,075,201 6 1,612,508,119

74,197,305
less: Selling and distribution 84,544,369 76,565,413 104,893,010 114,755,645 149,740,475
less: Administrative
expenses 52,411,633 70,783,975 72,252,354 102,295,839 115,698,790 167,528,649
Operating profit 366,196,862 367,946,961 412,059,525 764,886,352 834,615,921 1,295,238,995

less: Other expenses 31,672,600 37,113,381 23,322,981 47,610,703 50,300,107 13,194,418

Other income 5,559,404 12,381,448 19,640,754 818,657 61,724,546 16,734,751
less: Foreign exchange loss 10,696,630 3,364,029 7,778,704 24,139,486 9,794,917 88,657,880
less: Finance cost and Bank
204,254,459
charges 96,854,212 80,566,752 106,330,524 90,519,682 135,427,376
Profit before taxation 232,532,824 259,284,247 294,268,070 603,435,138 700,818,067 887,117,220

less: Taxation 105,093,693 64,649,400 72,488,860 162,751,481 229,384,775 191,582,093

Profit after taxation 127,439,131 194,634,847 221,779,210 440,683,657 471,433,292 695,535,127
Earnings per ordinary share
- basic and diluted 1.14 1.76 2 3.98 4.26 6.29

STATEMENT OF FINANCIAL POSITION

2014 2015 2016 2017 2018 2019

ASSEST

NON CURRRENT ASSETS

Property, plant and 1,067,364,02 1,529,444,28 1,628,872,22 1,775,453,37 2,230,437,43 2,553,191,60
equipment 9 2 0 3 0 6

Intangile assets 1,841,525 1,408,462 995,445 561,201 1,753,763 962,275

0
Long term Deposits 16,753,742 25,929,616 31,169,128 281,852,260 281,852,260
0 255,500,000
Deferred tax asset 56,896,348 26,259,196 281,852,260 26,285,362
TOTAL NON 1,142,855,64 1,583,041,55 1,658,821,59 2,062,683,70 2,547,922,26 2,862,291,50
CURRENT ASSETS 4 6 3 2 5 3

CURRENT ASSESTS

Stores and spares 45,231,817 54,447,675 71,830,717 130,828,188 170,303,282 141,338,878

1,274,615,05 2,258,597,47
Stock in trade 312,288,492 517,668,865 758,413,596 637,995,522 5 7
1,621,680,98
Trade debts 510,238,708 240,294,157 482,312,500 820,652,695 983,440,014 0

Loans and advances 18,468,954 27,355,586 34,881,194 64,384,238 55,335,840 77,639,694

Trade deposits and
short term prepayments 4,588,731 8,142,808 8,910,026 7,736,013 12,255,680 28,103,403

Other receivables 8,950,275 12,061,88 11,716,515 16,491,350 18,356,270 64,059,950

Tax refund due from
government 86,612,226 117,551,082 111,971,081 226,693,190 396,639,159 528,225,358
Cash and bank 62,186,925 61,676,750
balances 56,135,873 14,118,158 15,516,201 6,445,965
TOTAL CURRENT 1,042,515,07 1,039,708,98 1,494,153,78 1,966,457,94 2,926,461,50 4,726,091,70
ASSETS 6 6 7 6 1 5
2,185,370,72 2,622,750,54 3,152,975,38 4,029,141,64 5,474,383,766 7,588,383,20
TOTAL ASSETS 0 2 0 8 8

EQUITY AND
LIABILITIES
SHARE CAPITAL AND
RESERVES
Authorized share capital 1,450,000,00 1,450,000,00 1,450,000,00 1,450,000,00 1,450,000,00 1,450,000,00
0 0 0 0 0 0
Issued, subscribed and 1,105,905,46 1,105,905,46 1,105,905,46 1,105,905,46 1,105,905,46 1,105,905,46
paid up shares capital 0 5 0 0 0 0
Unappropriated profit 1,038,425,31 1,508,958,52
158,730,698 353,121,555 574,711,100 681,955,668 0 1
TOTAL EQUITY 1,264,636,16 1,459,027,01 1,680,616,56 1,787,861,12 2,144,330,77 2,614,863,98
3 5 0 8 0 1

NON-CURRENT
LIABILITIES
Deferred liabilities
34,877,824 41,194,711 59,207,398 109,560,554 259,262,449 418,254,615
Long term loans
130,666,677 196,583,310 93,750,000 243,750,000 94,614,453 61,938,930
Liabilities against assets
subject to finance lease 8,232,526 79,754,084 72,005,702 104,377,393 213,099,608 218,877,025
TOTAL NON
CURRENT
LIABILITIES 173,777,027 317,532,105 273,456,278 457,687,947 566,976,510 699,070,570

TOTAL CURRENT 1,198,902,54 1,783,592,57 2,763,076,48 4,274,448,65

LIABILITIES 746,957,530 846,191,422 2 3 6 7
Trade and other payables
167,668,417 238,174,455 213,202,119 327,843,339 414,756,293 910,966,292
Net defined benefit
liability - funded gratuity 0 0 0 49,805,868 47,366,587 56,710,402

Mark up accrued 5,790,299 12,757,047 11,989,038 20,166,754 27,494,527 35,916,282

Unclaimed dividend 687,716 687,266 687,266 11,587,280 2,415,790 5,849,713

1,132,627,99 1,861,588,05 2,774,291,31
Short term borrowings 486,977,416 452,098,206 850,596,045 4 4 3
Current maturity of long
term loans 65,333,328 84,083,340 102,833,310 100,000,000 127,604,162 174,159,225
Current maturity of
liabilities against 4,125,497 16,429,985 17,937,506 28,701,586 36,938,773 46,186,411
Provision for taxation 16,374,857 41,961,123 1,657,258 112,859,752 244,912,300 270,369,019

TOTAL EQUITY & 2,185,370,72 2,622,750,54 3,152,975,380 4,029,141,64 5,474,383,76 7,588,383,20

LIABILITIES 0 2 8 6 8

TREND ANALYSIS
2014 2015 2016 2017 2018 2019

BALANCE SHEET
ASSEST
NON CURRRENT ASSETS
Property,plant and equipment 100% 43% 7% 9% 26% 14%
Intangile assets 100% -24% -29% -44% 213% -45%
Long term Deposits 100% 55% -100% #DIV/0! 804% 0%
Deferred tax asset 100% -54% -100% #DIV/0! 10% -91%
TOTAL NON CURRENT ASSETS 100%
 CURRENT ASSESTS
Stores and spares 100% 20% 32% 82% 30% -17%
Stock in trade 100% 66% 47% -16% 100% 77%
Trade debts 100% -53% 101% 70% 20% 65%
Loans and advances 100% 48% 28% 85% -14% 40%
Trade deposits and short term
prepayments 100% 77% 9% -13% 58% 129%
Other receivables 100% #VALUE! #VALUE! 41% 11% 249%
Tax refund due from government 100% 36% -5% 102% 75% 33%
Cash and bank balances 100% 11% -77% 337% -75% -58%
TOTAL CURRENT ASSETS 100% 0% 44% 32% 49% 61%
TOTAL ASSETS 100% 20% 20% 28% 36% 39%
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised share capital 100% 0% 0% 0% 0% 0%
Issued, subscribed and paid up shares capital
100% 0% 0% 0% 0% 0%
Unappropriated profit 100% 122% 63% 19% 52% 45%
TOTAL EQUITY 100% 15% 15% 6% 20% 22%
NON-CURRENT LIABILITIES
Deferred liabilities 100% 18% 44% 85% 137% 61%
Long term loans 100% 50% -52% 160% -61% -35%
Liabilities against assets subject to finance
lease 100% 869% -10% 45% 104% 3%
TOTAL NON CURRENT LIABILITIES 100% 83% -14% 67% 24% 23%
TOTAL CURRENT LIABILITIES 100% 13% 42% 49% 55% 55%

TOTAL EQUITY & LIABILITIES 100% 20% 20% 28% 36% 39%

TREND ANALYSIS

INCOME STATEMENT
Turnover 100% 12% 9% 37% 47% 65%
Less: sales tax 100% 17% 9% 37% 47% 65%
less:trade and discounts 100% -4% -100% 8120% 586% -100%
Net turnover 100% 11% 10% 37% 47% 65%

less:Cost of sales 100% 13% 10% 30% 56% 67%

Gross profit 100% 2% 9% 73% 10% 51%

less: Selling and distribution 100% -12% 3% 37% 9% 30%

less: Adminstrative expenses 100% 35% 2% 42% 13% 45%
 Operating profit 100% 0% 12% 86% 9% 55%

less: Other expenses 100% 17% -37% 104% 6% -74%

Other income 100% 123% 59% -96% 7440% -73%
less: Foreign exchange loss 100% -69% 131% 210% -59% 805%
less: Finance cost and Bank charges 100% -17% 32% -15% 50% 51%
Profit before taxation 100% 12% 13% 105% 16% 27%

less: Taxation 100% -38% 12% 125% 41% -16%

Profit after taxation 100% 53% 14% 99% 7% 48%

LIQUIDITY RATIOS

Current Ratio 1.23 1.25 1.10 1.06 1.11

Quick Ratio 0.37 0.42 0.50 0.37 0.39

Cash Ratio 0.08 0.02 0.04 0.01 0.01

Cash Conversion
Cycle 70.99 87.95 90.00 90.90 86.40

ANALYSIS
The company has higher current assests in relation to its current liabilites. It has the ability to meet its short term obligations.
The company has slightly lower quick ratio, it indicates that the company had more of a prepayments, advances given off which cannot be called liquid.
The company has unfavourable cash ratio.
The company takes almost 87 days between the point the company invest in its working capital until the point it collects cash.

ACTIVITY RATIOS:

2015 2016 2017 2018 2019

Inventory turnover 6.06 4.42 5.05 5.70 5.48

DOH 60.19 82.49 72.25 64.09 66.56

Recivables turnover 8.88 10.14 7.69 8.17 9.33

DSO 41.11 36.00 47.45 44.68 39.12

Paybles turnover 12.04 11.95 12.29 20.43 18.93

 No. of days payables 30.30 30.54 29.70 17.87 19.28
Net Working Capital
Turnover 1.81 1.60 1.56 1.56 1.65

Fixed Assest turnover 2.44 2.26 2.69 3.20 4.49

Total Assests turnover 1.39 1.27 1.40 1.55 1.86

ANALYSIS
The company has 5.48times margin to sell of its inventory. It has also shown increasing trend, favourbale.
It takes almost 67 days for the company to convert its inventory into cash, number of days decreased, favourable.
The company has 9.33 times margin to collect its recivables
It takes almost 39 days for the company to convert its sales into cash. It has shown decreasing trend, favourable.
The company has 18.93 times margin to pay of its payables.
The company has almost 20 days to pay of its payables, it is favourable and that means the company is easily paying its dues.
The company has 1.65 turnover of working capital, i.e the company earns Rs1.28 as revenue for every Rupee they invest.
The company has 4.49 times turnover of the fixed asset invested, favorable.
Total asset turnover is 1.86, which is more than 1, favorable.

PROFITABILITY RATIOS:

2015 2016 2017 2018 2019

Gross Profit Margin 15% 15% 19% 14% 13%
Operating Profit
Margin 11% 11% 15% 11% 11%
EBT Margin 8% 8% 12% 10% 7%
Net Profit Margin 6% 6% 9% 6% 6%
Return On assest 7% 6% 9% 7% 18%
Return on equity 12% 13% 22% 20% 53%

ANALYSIS
The company has 13% GPM, since it’s a manufacturing firm, cost is higher,
favorable.
The company has 11% OPM, its decreasing trend shows the company seems difficulty in controlling operating costs,
unfavorable
The company EBT margin is 7%, which has decreased, unfavorable.
Net profit margin is 6%, which is quite low and has decreased from 9%, unfavorable.
ROA of the company is 18%, favorable
ROE of the company is 53% i.e. return on the total equity is 53%, favorable.
SOLVENCY RATIOS:

2015 2016 2017 2018 2019

Debt to assest
ratio 6% 7% 3% 6% 2%
Debt to equity
ratio 10% 13% 6% 14% 4%
Debt to capital
ratio 7% 3% 6% 5% 6%
financial
leverage 100% 100% 100% 100% 100%

interest coverage 4.57 3.88 8.45 6.16 6.34

ANALYSIS

Company's debt in relative to its assests is 2%, decreasing trend, favorable

Company's debt in relative to its equity is 4%, decreasing trend, favorable
Debt is 6% of the total capital, increased trend, unfavorable
Financial leverage of the company is 100%
Company has 6.34 times margin to pay its interest payments

EQUITY RATIOS:

2015 2016 2017 2018 2019

P/E Ratio 5.68 5.00 2.51 2.35 1.59

P/CF Ratio (31.19) 23.01 (23.25) 23.96 121.93

P/S Ratio 0.06 0.30 0.22 0.15 0.09

P/Book Value 0.07 0.35 0.27 0.20 0.15

DPS 0.00 - 2.90 1.08 1.97
7.28E- 2.54E+0 3.13E-
DPO 2.31E+00 0.00E+00 01 0 01
Retained Earning Ratio 100% 100% 27% 75% 69%

ANALYSIS
company’s price over equity ratio is 1.59, shows a decreasing trend is favorable
company’s price over cash flow ratio is 121.93, shows an increasing trend , is favorable
company’s price to sales ratio is 0.09, decreasing trend, is favorable
company’s price to book value ratio is 0.15, is decreasing, is unfavorable
company pays 1.97 Rs. of dividends per share, decreasing trend, is unfavorable for investors
 2015
LIQUIDITY RATIOS
COLGAT ICI INDUSTRY
E BERGER PAKISTAN NIMR SITARA AVERAGE
CURRENT RATIO 3.55 2.5 1.4 1.23 0.86 1.91
QUICK RATIO 1.84 2 0.2 0.37 0.55 0.99
CASH RATIO 1.51 0.1 0.08 0.08 0.25 0.40
CASH CONVERSION
CYCLE 9.69 34.1 92.24 70.99 61 53.60

ACTIVITY RATIOS
INVENTORY TURNOVER 6.1 4.01 4.09 6.06 11.2 6.29
DAY OF INVENTORY ON
HAND 60 91 89.18 60.19 33 66.67
RECEIVABLES TURNOVER 39.2 4.72 28.56 8.88 12.8 18.83
DAYS OF SALES
OUTSTANDING 9.3 77 12.77 41.11 28 33.64

PAYABLE TURNOVER 6.1 3.27 37.55 12.04 1.36 12.06

NUMBER OF DAYS
PAYABLE 5.2 112 9.72 30.30 277 86.84
WORKING CAPITAL 7.3 -4.28 12.38 1.81 -28.98 -2.35
TURNOVER
FIXED ASSET TURNOVER 2.4 5.34 2.22 2.44 0.82 2.64
TOTAL ASSET TURNOVER 59.6 1.44 1.177 1.39 0.66 12.85

PROFITABILITY RATIOS
GROSS PROFIT MARGIN 22.20% 24% 13% 15% 24% 0.20
OPERATING PROFIT
MARGIN 8.90% 5% 6% 11% 10% 0.08
EBT 8.90% 3% 44% 8% 13% 0.15
NET PROFIT MARGIN/ EAT 6.20% 2% 5% 6% 10% 0.06
RETURN ON COMMON
EQUITY 369.90% 54% 132% 0% 30% 1.17
RETURN ON ASSETS 17.40% 3% 6% 7% 7% 0.08
RETURN ON EQUITY 23.60% 19% 11% 12% 12% 0.16

SOLVENCY RATIOS
DEBT TO ASSETS 0.47% 42% 13% 6% 34% 0.19
DEBT TO CAPITAL 0.56% 70% 20% 7% 38% 0.27
DEBT TO EQUITY 0.56% 237% 25% 10% 61% 0.67
FINANCIAL LEVERAGE 1.35% 678% 194% 100% 185% 2.32
INTEREST COVERAGE 139.21% 124% 611% 4.57 200% 3.06

EQUITY RATIOS
PE RATIO 1.94 61.5 31.9 5.68 5.83 21.37

P/CF RATIO 3.82 -7.7 0 (31.19) 13.89 -4.24

P/S RATIO 0.14 1.3 48.81 0.06 0.68 10.20
P/BOOKVALUE 6.81 33 133.33 0.07 5.1 35.66
DIVIDENTS PER SHARE 12.73 0.5 64.4 0.00 9.95 17.52
DIVIDENTS PAYOUT
RATIO 36.05% 10% 794% 231% 25% 2.19
RETAINED EARNING
RATIO 63.95% 1.1 0 100% 75% 0.70

2016
COLGAT ICI
E BERGER PAKISTAN NIMR SITARA

LIQUIDITY RATIOS
CURRENT RATIO 4.12 1.1 1.09 1.25 1.03 1.72
QUICK RATIO 2.26 1.9 0.15 0.42 0.77 1.10
CASH RATIO 1.94 2.4 0.09 0.02 0.49 0.99
CASH CONVERSION
CYCLE 5.16 23.5 105.35 87.95 58 55.99

ACTIVITY RATIOS
INVENTORY TURNOVER 6.2 4.08 3.76 4.42 10.9 5.87
DAY OF INVENTORY ON
HAND 58.8 89 97.05 82.49 33 72.07

RECEIVABLES TURNOVER 36.9 3.95 23.45 10.14 14.83 17.85

DAYS OF SALES
OUTSTANDING 9.9 92 15.55 36.00 25 35.69

PAYABLE TURNOVER 5.7 2.48 50.25 11.95 1.16 14.31

NUMBER OF DAYS
PAYABLE 4.2 147 7.2 30.54 312 100.19
WORKING CAPITAL
TURNOVER 7.9 -4.52 17.07 1.60 115 27.41
FIXED ASSET TURNOVER 2.2 4.24 1.88 2.26 0.89 2.29
TOTAL ASSET TURNOVER 63.5 1.27 1.04 1.27 0.66 13.55
PROFITABILITY RATIOS
GROSS PROFIT MARGIN 22.40% 27% 16% 15% 18% 0.20
OPERATING PROFIT
MARGIN 8.40% 7% 8% 11% 13% 0.10
EBT 8.40% 4% 48% 8% 13% 0.16
NET PROFIT MARGIN/ EAT 5.80% 3% 6% 6% 11% 0.06
RETURN ON COMMON
EQUITY 463.40% 60% 164% 0% 40% 1.45
RETURN ON ASSETS 20.40% 3% 6% 6% 7% 0.09
RETURN ON EQUITY 26.50% 18% 12% 13% 12% 0.16

SOLVENCY RATIOS
DEBT TO ASSETS 0.61% 31% 13% 7% 38% 0.18
DEBT TO CAPITAL 0.69% 63% 20% 3% 38% 0.25
DEBT TO EQUITY 0.69% 173% 25% 13% 62% 0.55
FINANCIAL LEVERAGE 1.29 598% 190% 100% 170% 2.37
INTEREST COVERAGE 161.45% 198% 782% 3.88 329% 3.72

EQUITY RATIOS
PE RATIO 1.47 55 25.71 5.00 6.73 18.78

P/CF RATIO 1.88 -7.5 0 23.01 25.85 8.65

P/S RATIO 0.13 1.4 48.09 0.30 0.76 10.14
P/BOOKVALUE 6.81 33 133.83 0.35 7.2 36.24
DIVIDENTS PER SHARE 17 1 74.74 - 10.22 20.59
DIVIDENTS PAYOUT 0.00E+0
RATIO 36.69% 0.2 7.92 0 22% 1.74
RETAINED EARNING
RATIO 63.31% 1.2 0 100% 78% 0.72

201
 7
ICI
COLGATE BERGER PAKISTAN NIMR SITARA

LIQUIDITY RATIOS
CURRENT RATIO 4.01 1.1 1.22 1.10 0.74 1.63
QUICK RATIO 2.62 2.3 0.19 0.50 0.49 1.22
CASH RATIO 2.42 2.8 0.017 0.04 0.31 1.12

CASH CONVERSION CYCLE -1.77 39.2 125.68 90.00 64 63.42

ACTIVITY RATIOS
INVENTORY TURNOVER 5.7 4.82 3.31 5.05 9.15 5.61
DAY OF INVENTORY ON
HAND 63.5 76 110.19 72.25 40 72.39
RECEIVABLES TURNOVER 42.9 4.39 16.41 7.69 15.17 17.31
DAYS OF SALES
OUTSTANDING 8.5 83 22.23 47.45 24 37.04

PAYABLE TURNOVER 4.9 2.69 54.08 12.29 1.01 14.99

NUMBER OF DAYS
PAYABLE 3.5 136 6.74 29.70 359 106.99
WORKING CAPITAL
TURNOVER 8.9 26.09 23.59 1.56 -11.01 9.83
FIXED ASSET TURNOVER 2 4.25 1.48 2.69 0.75 2.23
TOTAL ASSET TURNOVER 73.8 1.4 0.88 1.40 0.6 15.62

PROFITABILITY RATIOS
GROSS PROFIT MARGIN 24.60% 30% 18% 19% 22% 0.23
OPERATING PROFIT
MARGIN 10.60% 8% 10% 15% 11% 0.11
EBT 10.50% 6% 52% 12% 11% 0.18
NET PROFIT MARGIN/ EAT 7.10% 4% 7% 9% 8% 0.07
RETURN ON COMMON
EQUITY 587.80% 102% 197% 0% 110% 1.99
RETURN ON ASSETS 22.30% 5% 7% 9% 5% 0.10
RETURN ON EQUITY 28.60% 26% 13% 22% 9% 0.20

SOLVENCY RATIOS
DEBT TO ASSETS 0.44% 23% 42% 3% 43% 0.22
DEBT TO CAPITAL 0.48% 51% 45% 6% 46% 0.30
DEBT TO EQUITY 0.48% 105% 81% 6% 87% 0.56
FINANCIAL LEVERAGE 1.28% 579% 194% 100% 182% 2.11
INTEREST COVERAGE 178.88% 461% 929% 8.45 501% 5.83

EQUITY RATIOS
PE RATIO 1.16 32.5 21.44 2.51 9.74 13.47

P/CF RATIO 1.82 -16.3 0 (23.25) 39.8 0.41

P/S RATIO 0.13 1.2 47.37 0.22 0.76 9.94
P/BOOKVALUE 6.81 33 133.83 0.27 8.6 36.50
DIVIDENTS PER SHARE 25 1 86.57 2.90 8.95 24.88
DIVIDENTS PAYOUT RATIO 43% 0.1 7.41 7.28E-01 25% 1.78
RETAINED EARNING RATIO 57% 1.1 0 27% 75% 0.54

201
8
ICI
COLGATE BERGER PAKISTAN NIMR SITARA

LIQUIDITY RATIOS
CURRENT RATIO 4.14 1.1 1.14 1.06 0.88 1.66
QUICK RATIO 2.83 2.1 0.3 0.37 0.49 1.22
CASH RATIO 2.58 2.6 0.066 0.01 0.31 1.11

CASH CONVERSION CYCLE -6.22 51 128.48 90.90 64 65.63

ACTIVITY RATIOS
INVENTORY TURNOVER 5.8 4.07 3.32 5.70 8.78 5.53
DAY OF INVENTORY ON
HAND 62.6 90 109.72 64.09 42 73.68
RECEIVABLES TURNOVER 45.8 4.14 14.32 8.17 16.02 17.69
DAYS OF SALES
OUTSTANDING 8 88 25.64 44.68 23 37.86

PAYABLE TURNOVER 4.8 2.63 53.04 20.43 0.98 16.38

NUMBER OF DAYS
PAYABLE 3.4 139 6.88 17.87 370 107.43
WORKING CAPITAL
TURNOVER 10.4 17.44 20.55 1.56 -25.74 4.84
FIXED ASSET TURNOVER 2 3.98 1.41 3.20 0.72 2.26
TOTAL ASSET TURNOVER 76.8 1.3 0.85 1.55 0.53 16.21

PROFITABILITY RATIOS
GROSS PROFIT MARGIN 28.10% 29% 19% 14% 23% 0.23
OPERATING PROFIT
MARGIN 12.70% 6% 10% 11% 12% 0.10
EBT 12.60% 5% 55% 10% 12% 0.19
NET PROFIT MARGIN/ EAT 8.50% 4% 85% 6% 12% 0.23
RETURN ON COMMON
EQUITY 679.10% 111% 237% 0% 80% 2.21
RETURN ON ASSETS 22.70% 5% 7% 7% 6% 0.10
RETURN ON EQUITY 29.00% 23% 13% 20% 12% 0.19

SOLVENCY RATIOS
DEBT TO ASSETS 0.49% 26% 14% 6% 38% 0.17
DEBT TO CAPITAL 0.57% 55% 22% 5% 42% 0.25
DEBT TO EQUITY 0.57% 120% 29% 14% 73% 0.47
FINANCIAL LEVERAGE 1.28% 481% 200% 100% 199% 1.96
INTEREST COVERAGE 198.01% 394% 1038% 6.16 319% 5.13
EQUITY RATIOS
PE RATIO 1 29.7 17.83 2.35 8.94 11.96

P/CF RATIO 0.74 -11.9 0 23.96 79.66 18.49

P/S RATIO 0.11 1.2 53.55 0.15 1.03 11.21
P/BOOKVALUE 6.81 33 133.83 0.20 5.78 35.92
DIVIDENTS PER SHARE 45 -4.5 82.99 1.08 11.43 27.20
2.54E+0
DIVIDENTS PAYOUT RATIO 66.27% -0.4 5.92 0 21% 1.79
RETAINED EARNING RATIO 33.73% 0.7 0 75% 79% 0.51

201
9
ICI
COLGATE BERGER PAKISTAN NIMR SITARA

LIQUIDITY RATIOS
CURRENT RATIO 4.07 2.6 1.31 1.11 0.84 1.99

QUICK RATIO 2.38 2.2 0.29 0.39 0.59 1.17

CASH RATIO 2.15 1.1 0.06 0.01 0.42 0.75

CASH CONVERSION
CYCLE 2.27 0 128.8 86.40 37 50.89
the current ratio of the industry is 1.99 Colgate and Berger are performing above the industry average and the other 3 are below but
sitara needs improvement
the quick ratio of the industry is 1.17 colgate and berger are performing above the industry average and the other 3 are below average
and needs improvements
the cash ratio of the industry is 0.75 colgate is performing above the industry average and the other 4 are below these 4 needs
improvements
yhe cash conversion cycle is 50 days colgate ,berger and sitara are performing well in conversion cycle other 2 needs improvement and
these are below average

ACTIVITY RATIOS
INVENTORY TURNOVER 5.7 4.01 3.31 5.48 22.72 8.24

DAY OF INVENTORY ON 66.5

HAND 63.5 91 110.02 6 16 69.42

RECEIVABLES TURNOVER 42.9 4.52 12.65 9.33 17.7 17.42

DAYS OF SALES 39.1

OUTSTANDING 8.5 81 28.83 2 21 35.69

18.9
PAYABLE TURNOVER 4.9 3.02 36.32 3 1.25 12.88

19.2
NUMBER OF DAYS PAYABLE 3.5 121 10.04 8 290 88.76
WORKING CAPITAL 18.0
TURNOVER 8.9 6 15.43 1.65 -18.71 5.07
FIXED ASSET TURNOVER 2 3.86 1.42 0.72 2.50
 4.49

TOTAL ASSET TURNOVER 73.8 1.29 0.84 1.86 0.62 15.68

the inventory turnover ratio of the industry is 8.24, sitara is performing above the industry average, other 4 are below
average.
The DOH of industry is 69.42 days, ICI is above average and needs to improve, however other 3 are below average and
Sitara is performing very well.
the receivable turnover ratio of the industry is 17.42, Nimir and berger are below average, other 3 are above
average.
the dso of the industry 35.69 days. Nimir and berger are above average and needs to improve. Other 3 companies are
performing well.
The payables turnover ratio of the industry is 12.88,Sitara, berger and colgate are below average other 2 are above
average
Number of days payable for the industry is 88.76 days,Nimir, ICI, and colgate are below average other are above
average
the working capital turnover ratio for the industry is 5.07, Nimir and colagte and sitara are below average and sitara needs a
lot of improvement.
Fixed assest turnover for the industry is 2.50, Sitara, ICI and colgate are below average others are above avrage
Total assest turnover for the industry is 15.68, Except colgate, all the companys are below average and sitara needs
improvement.

PROFITABILITY RATIOS
24
GROSS PROFIT MARGIN 29.30% % 18% 13% 21% 21%
OPERATING PROFIT
MARGIN 13.00% 4% 9% 11% 11% 10%
EBT 12.90% 3% 8% 7% 11% 8%
NET PROFIT MARGIN/ EAT 8.70% 2% 7% 6% 9% 6%
RETURN ON COMMON 679.20 56 238
EQUITY % % % 0% 77% 210%
RETURN ON ASSETS 20.50% 2% 6% 18% 6% 11%
11
RETURN ON EQUITY 26.00% % 12% 53% 11% 23%
Gross profit margin of the industry on average is 21% , which is quite acceptable .However,Nimar should focus
on improving its GP margin.
Operating profit margin of the industry on average is 10% ,a little low, with berger paints having lowest of
4% margin.
Earnings before tax is 8% on average of industry with Berger paints again with the lowest which is alarming and
Colgate with highest EBT margin of 12.9%
Net profit margin on average is 6% which is low according to the industry,other than Berger paints all
companies are satisfactory.
Return on common equity on average is 210%, which shows a huge return on common equity annually showing a good
sign ,however nimr shows a 0% return. Which is a big question.
return on assets is 11% annually on average which is quite low , industry gives a low return on assets . With Ici paints
with only 2% return which is shocking.
return on equity is 23% on average which shows it will take 4 years to return complete on equity with highest
of 53% of Nimr.

SOLVENCY RATIOS
DEBT TO ASSETS 0.58% 28% 14% 2% 39% 17%
DEBT TO CAPITAL 0.64% 54% 23% 6% 42% 25%
120
DEBT TO EQUITY 0.65% % 31% 4% 73% 46%
FINANCIAL 467 214
LEVERAGE 1.27% % % 100% 191% 195%
INTEREST 160.64 243 424
COVERAGE % % % 6.34 295% 351%

The debt to asset ratio of the industry on average is 17%,sitara and berger are performing above the average.remaining
3 are below average.
The debt to capital ratio of the industry on average is 25%,ici and nimir are performing well and remaining 3 needs
improvement.
The debt to capital ratio of the industry on average is 46%,colgate,ici and nimr needs a lot of improvement, whereas berger
and sitara are performing quite well.
The financial leverageratio of the industry on verageis 195% which is abnormally high. Every company is has ratio above the
average except colgate.
The interest coverage of the industry on average is 351% . All companies are below average but ici and sitara are better than
other three companies.

EQUITY RATIOS
PE RATIO 1 58.8 17.85 1.59 7.86 17.42

P/CF RATIO 0.76 -8.4 0 121.93 107.4 44.34

P/S RATIO 0.1 1.1 128.83 0.09 0.69 26.16

P/BOOKVALUE 6.81 33 133.83 0.15 4.3 35.62

DIVIDENTS PER SHARE 35 0 92.07 1.97 12.23 28.25

DIVIDENTS PAYOUT 51.53
RATIO % 0% 547% 31% 24% 1.31
RETAINED EARNING 48.47 100
RATIO % % 0 69% 76% 0.59
the industry average of price to equity ratio is 17.42 nimir and colgate needs improvement
the industry average of price to cashflow ratio is 44.32 berger needs a lot of improvement, nimir and sitara performing
well
the industry average of price to sales ratio is 26.16 ici pak is performing very well whereas nimir and colgate needs
improvement
the industry average of price to book value ratio is 35.62 ici pak is performing well whereas nimir needs improvement
the indutry average for dividends per share is 28.25 ici pak is paying the highest whereas berger and nimir needs to pay
more
the industry average for dividends payout ratio is 1.31 colgate and sitara paying out more whereas berger is not paying any
dividend at all
the industry average for retained earning ratio is 0.59 berger is saving every dollar whereas ici pak is not saving at all