MIRA INFORM REPORT
|
Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
TANDLIANWALA SUGAR MILLS LTD. |
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|
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Registered Office : |
32-N, Gulberg-II, Lahore, 54000 |
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Country : |
Pakistan |
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Financials (as on) : |
30.09.2012 |
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Date of Incorporation : |
Not Available |
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Legal Form : |
Public Independent Company |
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Line of Business : |
Subject is engaged in the production and sale of white
crystalline sugar and ethanol. |
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No. of Employees : |
766 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Pakistan |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Pakistan ECONOMIC OVERVIEW
Decades of
internal political disputes and low levels of foreign investment have led to
slow growth and underdevelopment in Pakistan. Agriculture accounts for more than
one-fifth of output and two-fifths of employment. Textiles account for most of
Pakistan's export earnings, and Pakistan's failure to expand a viable export
base for other manufactures has left the country vulnerable to shifts in world
demand. Official unemployment is under 6%, but this fails to capture the true
picture, because much of the economy is informal and underemployment remains
high. Over the past few years, low growth and high inflation, led by a spurt in
food prices, have increased the amount of poverty - the UN Human Development
Report estimated poverty in 2011 at almost 50% of the population. Inflation has
worsened the situation, climbing from 7.7% in 2007 to almost 12% for 2011,
before declining to 10% in 2012. As a result of political and economic
instability, the Pakistani rupee has depreciated more than 40% since 2007. The
government agreed to an International Monetary Fund Standby Arrangement in
November 2008 in response to a balance of payments crisis. Although the economy
has stabilized since the crisis, it has failed to recover. Foreign investment
has not returned, due to investor concerns related to governance, energy,
security, and a slow-down in the global economy. Remittances from overseas
workers, averaging about $1 billion a month since March 2011, remain a bright
spot for Pakistan. However, after a small current account surplus in fiscal
year 2011 (July 2010/June 2011), Pakistan's current account turned to deficit
in fiscal year 2012, spurred by higher prices for imported oil and lower prices
for exported cotton. Pakistan remains stuck in a low-income, low-growth trap,
with growth averaging about 3% per year from 2008 to 2012. Pakistan must
address long standing issues related to government revenues and energy
production in order to spur the amount of economic growth that will be
necessary to employ its growing and rapidly urbanizing population, more than
half of which is under 22. Other long term challenges include expanding
investment in education and healthcare, adapting to the effects of climate
change and natural disasters, and reducing dependence on foreign donors.
|
Source : CIA |
Company name & address
Tandlianwala Sugar Mills Ltd.
32-N, Gulberg-II
Lahore, 54000
Pakistan
Tel: 92-42-5712901
Fax: 92-57-10929
Synthesis
Employees: 766
Company Type: Public Independent
Traded: Karachi
Stock Exchange: TSML
Auditor: KPMG Taseer Hadi & Co.
Financials in: USD
(Millions)
Fiscal Year End: 30-Sep-2012
Reporting Currency: Pakistan
Rupee
Annual Sales: 91.9 1
Net Income: 0.5
Total Assets: 97.4 2
Market Value: 109.1
(09-Apr-2013)
Business Description
Tandlianwala Sugar Mills Ltd is a Pakistan-based company engaged in the production and sale of white crystalline sugar and ethanol. During the season starting on November 26, 2010 and closing on April 7, 2011, the Company's sugar plant produced a total of 140,676 metric tons of sugar and crushed a total of 1,580,017 metric tons of sugarcane. During the season starting on January 7, 2011 and closing on September 30, 2011, the Company's distillery plant produced 23,362,286 liters of ethanol. For the fiscal year ended 30 September 2012, Tandlianwala Sugar Mills Ltd. revenues increased 8% to PKR8.38B. Net income decreased 90% to PKR49.5M. Revenues reflect an increase in demand for the Company's products and services due to favorable market conditions. Basic Earnings per Share excluding Extraordinary Items decreased from PKR4.20 to PKR0.42.
Industry
Industry Food Processing
ANZSIC 2006: 1181 - Sugar Manufacturing
NACE 2002: 1583 - Manufacture
of sugar
NAICS 2002: 311311 - Sugarcane
Mills
UK SIC 2003: 1583 - Manufacture
of sugar
UK SIC 2007: 1081 - Manufacture
of sugar
US SIC 1987: 2061 - Cane Sugar,
Except Refining
Key Executives
|
Name |
Title |
|
Haroon Akhtar Khan |
Chief Executive Officer, Executive Director |
|
Ahmad Jehanzeb Khan |
Chief Financial Officer, Company Secretary |
|
Akbar Khan |
Non-Executive Chairman of the Board |
|
Rasheeda Begum |
Non-Executive Director |
|
Nazli Jamal |
Director |
Significant
Developments
|
* number of
significant developments within the last 12 months
News
|
Financial
Summary
|
Stock Snapshot
|
1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 91.15218
2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 94.56771
Corporate Overview
Location
32-N, Gulberg-II
Lahore, 54000
Pakistan
Tel: 92-42-5712901
Fax: 92-57-10929
Quote Symbol - Exchange
TSML - Karachi
Stock Exchange
Sales PKR(mil): 8,376.9
Assets PKR(mil): 9,208.4
Employees: 766
Fiscal Year End: 30-Sep-2012
Industry: Food
Processing
Company Type: Public
Independent
Quoted Status: Quoted
Chief Executive
Officer, Executive Director:
Haroon Akhtar Khan
Industry Codes
ANZSIC 2006 Codes:
1181 - Sugar Manufacturing
1812 - Basic Organic Chemical Manufacturing
NACE 2002 Codes:
1583 - Manufacture of sugar
2414 - Manufacture of other organic basic chemicals
NAICS 2002 Codes:
311311 - Sugarcane Mills
325199 - All Other Basic Organic Chemical Manufacturing
US SIC 1987:
2061 - Cane Sugar, Except Refining
2869 - Industrial Organic Chemicals, Not Elsewhere Classified
UK SIC 2003:
1583 - Manufacture of sugar
2414 - Manufacture of other organic basic chemicals
UK SIC 2007:
1081 - Manufacture of sugar
2014 - Manufacture of other organic basic chemicals
Business
Description
Tandlianwala Sugar
Mills Ltd is a Pakistan-based company engaged in the production and sale of
white crystalline sugar and ethanol. During the season starting on November 26,
2010 and closing on April 7, 2011, the Company's sugar plant produced a total
of 140,676 metric tons of sugar and crushed a total of 1,580,017 metric tons of
sugarcane. During the season starting on January 7, 2011 and closing on
September 30, 2011, the Company's distillery plant produced 23,362,286 liters
of ethanol. For the fiscal year ended 30 September 2012, Tandlianwala Sugar
Mills Ltd. revenues increased 8% to PKR8.38B. Net income decreased 90% to
PKR49.5M. Revenues reflect an increase in demand for the Company's products and
services due to favorable market conditions. Basic Earnings per Share excluding
Extraordinary Items decreased from PKR4.20 to PKR0.42.
More Business
Descriptions
Manufacture of sugar from sugarcane
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Executive report
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Board
of Directors |
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Non-Executive Chairman of the Board |
Chairman |
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Non-Executive Director |
Director/Board Member |
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Director |
Director/Board Member |
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Chief Executive Officer, Executive
Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Director |
Director/Board Member |
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Non-Executive Director |
Director/Board Member |
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Executives |
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Chief Executive Officer, Executive
Director |
Chief Executive Officer |
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Chief Financial Officer, Company Secretary |
Company Secretary |
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Significant Developments
Tandlianwala Sugar Mills Ltd Not To Pay Dividend Aug 01, 2012
Tandlianwala Sugar Mills Ltd announced that no cash dividend was declared or recommended for the nine months period ended June 30, 2012.
Tandlianwala Sugar Mills Ltd Not To Pay Dividend Jun 04, 2012
Tandlianwala Sugar Mills Ltd announced that no cash dividend was declared or recommended for the six months period ended March 31, 2012.
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
PKR |
PKR |
PKR |
PKR |
PKR |
|
Exchange Rate
(Period Average) |
91.152184 |
85.837473 |
84.63776 |
80.728123 |
65.977869 |
|
Auditor |
|
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
|
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Net Sales |
91.9 |
- |
- |
- |
- |
|
Gross Revenue |
- |
95.4 |
126.3 |
79.5 |
40.8 |
|
Excise Tax Receipts |
- |
-5.0 |
-6.2 |
-7.6 |
-5.0 |
|
Revenue |
91.9 |
90.4 |
120.2 |
71.9 |
35.9 |
|
Total Revenue |
91.9 |
90.4 |
120.2 |
71.9 |
35.9 |
|
|
|
|
|
|
|
|
Cost of Revenue |
82.4 |
73.6 |
104.0 |
58.8 |
28.0 |
|
Cost of Revenue, Total |
82.4 |
73.6 |
104.0 |
58.8 |
28.0 |
|
Gross Profit |
9.5 |
16.8 |
16.2 |
13.1 |
7.9 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
4.6 |
2.1 |
1.5 |
1.3 |
1.1 |
|
Labor & Related Expense |
- |
1.8 |
1.9 |
1.4 |
0.9 |
|
Total Selling/General/Administrative Expenses |
4.6 |
3.9 |
3.3 |
2.7 |
2.0 |
|
Depreciation |
- |
0.2 |
0.2 |
0.3 |
0.3 |
|
Depreciation/Amortization |
- |
0.2 |
0.2 |
0.3 |
0.3 |
|
Investment Income -
Operating |
- |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Interest/Investment Income - Operating |
- |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Interest Expense (Income) - Net Operating Total |
- |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Loss (Gain) on Sale of Assets - Operating |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unusual Expense (Income) |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Operating Expense |
0.0 |
0.1 |
0.1 |
- |
0.0 |
|
Other, Net |
-0.1 |
-0.1 |
- |
0.0 |
0.0 |
|
Other Operating Expenses, Total |
-0.1 |
0.0 |
0.1 |
0.0 |
0.0 |
|
Total Operating Expense |
86.8 |
77.6 |
107.5 |
61.8 |
30.2 |
|
|
|
|
|
|
|
|
Operating Income |
5.1 |
12.8 |
12.7 |
10.1 |
5.6 |
|
|
|
|
|
|
|
|
Interest Expense -
Non-Operating |
- |
-6.4 |
-5.6 |
-8.6 |
-7.7 |
|
Interest Expense, Net Non-Operating |
- |
-6.4 |
-5.6 |
-8.6 |
-7.7 |
|
Investment Income -
Non-Operating |
- |
0.0 |
0.0 |
- |
- |
|
Interest/Investment Income - Non-Operating |
- |
0.0 |
0.0 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating |
-6.7 |
- |
- |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
-6.7 |
-6.5 |
-5.6 |
-8.6 |
-7.7 |
|
Other Non-Operating Income (Expense) |
- |
-0.3 |
-0.3 |
- |
- |
|
Other, Net |
- |
-0.3 |
-0.3 |
- |
- |
|
Income Before Tax |
-1.6 |
6.0 |
6.8 |
1.5 |
-2.1 |
|
|
|
|
|
|
|
|
Total Income Tax |
-2.2 |
0.3 |
3.0 |
1.1 |
1.2 |
|
Income After Tax |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
Net Income |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
117.8 |
117.7 |
117.7 |
117.7 |
117.7 |
|
Basic EPS Excl Extraord Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Basic/Primary EPS Incl Extraord Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
Diluted Weighted Average Shares |
117.8 |
117.7 |
117.7 |
117.7 |
117.7 |
|
Diluted EPS Excl Extraord Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Diluted EPS Incl Extraord Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense, Supplemental |
- |
6.4 |
5.6 |
8.0 |
7.1 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
-0.3 |
-0.5 |
|
Depreciation, Supplemental |
- |
3.3 |
3.4 |
1.6 |
1.9 |
|
Total Special Items |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Tax |
-1.6 |
6.0 |
6.8 |
1.5 |
-2.1 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Inc Tax Ex Impact of Sp Items |
-2.2 |
0.3 |
2.9 |
1.1 |
1.2 |
|
Normalized Income After Tax |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Diluted Normalized EPS |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Rental Expenses |
- |
0.1 |
0.0 |
0.0 |
0.0 |
|
Normalized EBIT |
5.1 |
12.7 |
12.5 |
10.1 |
5.5 |
|
Normalized EBITDA |
5.1 |
16.0 |
16.0 |
11.7 |
7.4 |
|
Current Tax - Total |
- |
0.9 |
0.8 |
0.4 |
0.0 |
|
Current Tax - Total |
- |
0.9 |
0.8 |
0.4 |
0.0 |
|
Deferred Tax - Total |
- |
-0.6 |
2.1 |
0.7 |
1.2 |
|
Deferred Tax - Total |
- |
-0.6 |
2.1 |
0.7 |
1.2 |
|
Income Tax - Total |
- |
0.3 |
3.0 |
1.1 |
1.2 |
|
Interest Cost - Domestic |
- |
0.1 |
0.1 |
0.1 |
0.0 |
|
Service Cost - Domestic |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Domestic Pension Plan Expense |
- |
0.2 |
0.2 |
0.1 |
0.1 |
|
Defined Contribution Expense - Domestic |
- |
- |
- |
0.5 |
0.5 |
|
Total Pension Expense |
- |
0.2 |
0.2 |
0.7 |
0.6 |
|
Discount Rate - Domestic |
- |
12.50% |
12.50% |
- |
- |
|
Compensation Rate - Domestic |
- |
11.50% |
11.50% |
- |
- |
|
Total Plan Interest Cost |
- |
0.1 |
0.1 |
0.1 |
0.0 |
|
Total Plan Service Cost |
- |
0.1 |
0.1 |
0.1 |
0.1 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
PKR |
PKR |
PKR |
PKR |
PKR |
|
Exchange Rate |
94.567713 |
87.425 |
86.285 |
83.16 |
78.25 |
|
Auditor |
|
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
|
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Cash |
- |
2.7 |
0.6 |
0.3 |
0.1 |
|
Cash and Short Term Investments |
- |
2.7 |
0.6 |
0.3 |
0.1 |
|
Trade Accounts Receivable - Net |
- |
0.1 |
0.0 |
0.0 |
0.3 |
|
Other Receivables |
- |
1.1 |
0.4 |
3.0 |
2.7 |
|
Total Receivables, Net |
- |
1.2 |
0.4 |
3.0 |
3.0 |
|
Inventories - Finished Goods |
- |
28.9 |
4.8 |
24.8 |
35.3 |
|
Inventories - Other |
- |
6.2 |
5.0 |
5.0 |
5.2 |
|
Total Inventory |
- |
35.1 |
9.8 |
29.7 |
40.6 |
|
Prepaid Expenses |
- |
0.9 |
0.5 |
0.3 |
0.3 |
|
Other Current Assets |
- |
0.3 |
0.1 |
0.0 |
0.0 |
|
Other Current Assets, Total |
- |
0.3 |
0.1 |
0.0 |
0.0 |
|
Total Current Assets |
- |
40.3 |
11.4 |
33.4 |
44.0 |
|
|
|
|
|
|
|
|
Buildings |
- |
12.9 |
12.5 |
11.7 |
10.0 |
|
Land/Improvements |
- |
1.5 |
1.5 |
0.9 |
1.0 |
|
Machinery/Equipment |
- |
55.9 |
55.4 |
56.6 |
45.3 |
|
Construction in
Progress |
- |
4.6 |
0.1 |
0.0 |
15.2 |
|
Leases |
- |
4.8 |
5.7 |
5.9 |
5.1 |
|
Other Property/Plant/Equipment |
- |
0.5 |
0.5 |
0.5 |
0.4 |
|
Property/Plant/Equipment - Gross |
- |
80.1 |
75.7 |
75.7 |
76.9 |
|
Accumulated Depreciation |
- |
-15.8 |
-12.9 |
-9.9 |
-8.9 |
|
Property/Plant/Equipment - Net |
- |
64.3 |
62.8 |
65.8 |
68.0 |
|
LT Investments - Other |
- |
0.7 |
0.6 |
0.7 |
0.6 |
|
Long Term Investments |
- |
0.7 |
0.6 |
0.7 |
0.6 |
|
Total Assets |
- |
105.3 |
74.8 |
99.9 |
112.6 |
|
|
|
|
|
|
|
|
Accounts Payable |
- |
7.9 |
7.8 |
2.3 |
6.0 |
|
Accrued Expenses |
- |
3.6 |
2.9 |
5.2 |
2.1 |
|
Notes Payable/Short Term Debt |
- |
28.0 |
5.6 |
16.9 |
23.3 |
|
Current Portion - Long Term Debt/Capital Leases |
- |
4.6 |
6.0 |
9.7 |
7.2 |
|
Dividends Payable |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Customer Advances |
- |
3.1 |
0.3 |
0.0 |
4.8 |
|
Income Taxes Payable |
- |
1.1 |
0.8 |
0.2 |
0.1 |
|
Other Payables |
- |
0.1 |
0.1 |
0.0 |
0.0 |
|
Other Current Liabilities |
- |
1.5 |
1.3 |
0.5 |
0.2 |
|
Other Current liabilities, Total |
- |
5.9 |
2.6 |
0.8 |
5.2 |
|
Total Current Liabilities |
- |
50.1 |
24.8 |
34.9 |
43.7 |
|
|
|
|
|
|
|
|
Long Term Debt |
- |
8.4 |
10.1 |
13.4 |
23.3 |
|
Capital Lease Obligations |
- |
1.5 |
0.9 |
1.2 |
2.0 |
|
Total Long Term Debt |
- |
9.8 |
11.0 |
14.6 |
25.3 |
|
Total Debt |
- |
42.5 |
22.6 |
41.2 |
55.8 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
- |
3.8 |
4.5 |
2.5 |
1.9 |
|
Deferred Income Tax |
- |
3.8 |
4.5 |
2.5 |
1.9 |
|
Pension Benefits - Underfunded |
- |
0.9 |
0.7 |
0.5 |
0.4 |
|
Other Long Term Liabilities |
- |
13.4 |
11.9 |
28.5 |
21.6 |
|
Other Liabilities, Total |
- |
14.3 |
12.5 |
29.0 |
22.1 |
|
Total Liabilities |
- |
78.0 |
52.9 |
81.1 |
93.0 |
|
|
|
|
|
|
|
|
Common Stock |
- |
13.5 |
13.6 |
14.2 |
15.0 |
|
Common Stock |
- |
13.5 |
13.6 |
14.2 |
15.0 |
|
Additional Paid-In Capital |
- |
3.3 |
3.4 |
3.5 |
3.7 |
|
Retained Earnings (Accumulated Deficit) |
- |
10.5 |
5.0 |
1.2 |
0.8 |
|
Total Equity |
- |
27.3 |
22.0 |
18.8 |
19.6 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
- |
105.3 |
74.8 |
99.9 |
112.6 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
- |
117.7 |
117.7 |
117.7 |
117.7 |
|
Total Common Shares Outstanding |
- |
117.7 |
117.7 |
117.7 |
117.7 |
|
Number of Common Shareholders |
- |
771 |
- |
1,074 |
1,223 |
|
Deferred Revenue - Current |
- |
3.1 |
0.3 |
0.0 |
4.8 |
|
Deferred Revenue - Long Term |
- |
11.6 |
3.6 |
27.7 |
21.4 |
|
Total Long Term Debt, Supplemental |
- |
12.3 |
16.3 |
21.7 |
29.0 |
|
Long Term Debt Maturing within 1 Year |
- |
3.9 |
6.1 |
8.3 |
5.8 |
|
Long Term Debt Maturing in Year 2 |
- |
2.1 |
2.5 |
3.4 |
5.8 |
|
Long Term Debt Maturing in Year 3 |
- |
2.1 |
2.5 |
3.4 |
5.8 |
|
Long Term Debt Maturing in Year 4 |
- |
2.1 |
2.5 |
3.4 |
5.8 |
|
Long Term Debt Maturing in Year 5 |
- |
2.1 |
2.5 |
3.4 |
5.8 |
|
Long Term Debt Maturing in 2-3 Years |
- |
4.2 |
5.1 |
6.7 |
11.6 |
|
Long Term Debt Maturing in 4-5 Years |
- |
4.2 |
5.1 |
6.7 |
11.6 |
|
Long Term Debt Matur. in Year 6 & Beyond |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Capital Leases, Supplemental |
- |
2.2 |
1.3 |
2.5 |
3.4 |
|
Capital Lease Payments Due in Year 1 |
- |
0.7 |
0.4 |
1.3 |
1.4 |
|
Capital Lease Payments Due in Year 2 |
- |
0.4 |
0.2 |
0.3 |
0.5 |
|
Capital Lease Payments Due in Year 3 |
- |
0.4 |
0.2 |
0.3 |
0.5 |
|
Capital Lease Payments Due in Year 4 |
- |
0.4 |
0.2 |
0.3 |
0.5 |
|
Capital Lease Payments Due in Year 5 |
- |
0.4 |
0.2 |
0.3 |
0.5 |
|
Capital Lease Payments Due in 2-3 Years |
- |
0.7 |
0.4 |
0.6 |
1.0 |
|
Capital Lease Payments Due in 4-5 Years |
- |
0.7 |
0.4 |
0.6 |
1.0 |
|
Pension Obligation - Domestic |
- |
0.8 |
0.6 |
0.5 |
0.4 |
|
Funded Status - Domestic |
- |
-0.8 |
-0.6 |
-0.5 |
-0.4 |
|
Total Funded Status |
- |
-0.8 |
-0.6 |
-0.5 |
-0.4 |
|
Discount Rate - Domestic |
- |
12.50% |
12.50% |
- |
- |
|
Compensation Rate - Domestic |
- |
11.50% |
11.50% |
- |
- |
|
Accrued Liabilities - Domestic |
- |
-0.9 |
-0.7 |
-0.5 |
-0.4 |
|
Net Assets Recognized on Balance Sheet |
- |
-0.9 |
-0.7 |
-0.5 |
-0.4 |
|
Total Plan Obligations |
- |
0.8 |
0.6 |
0.5 |
0.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
PKR |
PKR |
PKR |
PKR |
PKR |
|
Exchange Rate
(Period Average) |
91.152184 |
85.837473 |
84.63776 |
80.728123 |
65.977869 |
|
Auditor |
|
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
|
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Net Income/Starting Line |
- |
6.0 |
6.8 |
1.5 |
-2.1 |
|
Depreciation |
- |
3.3 |
3.4 |
1.6 |
1.9 |
|
Depreciation/Depletion |
- |
3.3 |
3.4 |
1.6 |
1.9 |
|
Unusual Items |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Non-Cash Items |
- |
7.1 |
6.6 |
8.8 |
7.8 |
|
Non-Cash Items |
- |
7.1 |
6.5 |
8.8 |
7.8 |
|
Accounts Receivable |
- |
-1.1 |
2.5 |
-0.2 |
9.2 |
|
Inventories |
- |
-25.9 |
19.2 |
8.7 |
-14.0 |
|
Accounts Payable |
- |
3.6 |
5.9 |
-5.7 |
-2.1 |
|
Other Operating Cash Flow |
- |
-7.4 |
-8.2 |
-7.6 |
-8.2 |
|
Changes in Working Capital |
- |
-30.8 |
19.4 |
-4.8 |
-15.1 |
|
Cash from Operating Activities |
- |
-14.4 |
36.2 |
7.1 |
-7.5 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
- |
-5.6 |
-2.9 |
-3.1 |
-27.6 |
|
Capital Expenditures |
- |
-5.6 |
-2.9 |
-3.1 |
-27.6 |
|
Sale of Fixed Assets |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Other Investing Cash Flow |
- |
-0.2 |
0.1 |
-0.2 |
6.3 |
|
Other Investing Cash Flow Items, Total |
- |
-0.1 |
0.2 |
-0.1 |
6.3 |
|
Cash from Investing Activities |
- |
-5.7 |
-2.7 |
-3.2 |
-21.2 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
- |
1.7 |
-15.9 |
8.4 |
25.4 |
|
Financing Cash Flow Items |
- |
1.7 |
-15.9 |
8.4 |
25.4 |
|
Cash Dividends Paid - Common |
- |
- |
- |
-0.1 |
0.0 |
|
Total Cash Dividends Paid |
- |
- |
- |
-0.1 |
0.0 |
|
Sale/Issuance of
Common |
- |
- |
- |
- |
0.0 |
|
Common Stock, Net |
- |
- |
- |
- |
0.0 |
|
Issuance (Retirement) of Stock, Net |
- |
- |
- |
- |
0.0 |
|
Short Term Debt Issued |
- |
- |
- |
- |
1.8 |
|
Short Term Debt, Net |
- |
23.0 |
-10.9 |
-5.2 |
1.8 |
|
Long Term Debt Issued |
- |
1.7 |
1.3 |
0.4 |
- |
|
Long Term Debt, Net |
- |
-2.5 |
-6.4 |
-6.9 |
0.8 |
|
Issuance (Retirement) of Debt, Net |
- |
20.5 |
-17.3 |
-12.1 |
2.6 |
|
Cash from Financing Activities |
- |
22.2 |
-33.2 |
-3.7 |
28.0 |
|
|
|
|
|
|
|
|
Net Change in Cash |
- |
2.1 |
0.3 |
0.2 |
-0.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
- |
0.6 |
0.3 |
0.1 |
0.9 |
|
Net Cash - Ending Balance |
- |
2.7 |
0.6 |
0.3 |
0.2 |
|
Cash Interest Paid |
- |
6.3 |
7.7 |
7.4 |
8.0 |
|
Cash Taxes Paid |
- |
1.1 |
0.3 |
0.2 |
0.2 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
30-Sep-2012 |
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
PKR |
PKR |
PKR |
PKR |
PKR |
|
Exchange Rate
(Period Average) |
91.152184 |
85.837473 |
84.63776 |
80.728123 |
65.977869 |
|
Auditor |
|
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
|
|
Auditor Opinion |
|
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
|
Sales |
91.9 |
- |
- |
- |
- |
|
Sugar |
- |
78.6 |
118.7 |
74.2 |
37.9 |
|
Ethanol |
- |
15.8 |
5.2 |
2.3 |
0.0 |
|
Molasses |
- |
1.0 |
2.5 |
3.0 |
3.0 |
|
Sales Tax |
- |
-5.0 |
-6.2 |
-7.6 |
-5.0 |
|
Total Revenue |
91.9 |
90.4 |
120.2 |
71.9 |
35.9 |
|
|
|
|
|
|
|
|
Cost of Sales |
82.4 |
73.6 |
104.0 |
58.8 |
28.0 |
|
AdmininstrativeExpenses |
2.9 |
0.9 |
0.9 |
1.0 |
0.9 |
|
Employee Expenses |
- |
1.5 |
1.4 |
1.3 |
0.9 |
|
Depreciation |
- |
0.2 |
0.2 |
0.3 |
0.3 |
|
Other Expenses |
0.0 |
0.1 |
0.1 |
- |
0.0 |
|
Selling and Distributions |
1.7 |
1.2 |
0.6 |
0.4 |
0.1 |
|
Workers' Profit Participation Fund |
- |
0.3 |
0.4 |
0.1 |
0.0 |
|
Workers Welfare Fund |
- |
- |
0.1 |
0.0 |
0.0 |
|
Workers Welfare Fund |
- |
-0.1 |
- |
- |
- |
|
Profit on Sale of Assets |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Sale of Scrap |
- |
- |
- |
- |
0.0 |
|
Profit on Savings accounts |
- |
-0.1 |
-0.1 |
0.0 |
-0.1 |
|
Other Income |
-0.1 |
- |
- |
0.0 |
0.0 |
|
Total Operating Expense |
86.8 |
77.6 |
107.5 |
61.8 |
30.2 |
|
|
|
|
|
|
|
|
Finance cost |
-6.7 |
- |
- |
- |
- |
|
Interest and Mark Up |
- |
-6.3 |
-5.3 |
-8.6 |
-7.7 |
|
Finance Cost on Finance Leases |
- |
-0.1 |
-0.2 |
- |
- |
|
Exchange Loss |
- |
0.0 |
0.0 |
- |
- |
|
Bank and Other Charges |
- |
-0.2 |
-0.3 |
- |
- |
|
Workers' Profit Participation Fund |
- |
-0.1 |
0.0 |
- |
- |
|
Net Income Before Taxes |
-1.6 |
6.0 |
6.8 |
1.5 |
-2.1 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-2.2 |
0.3 |
3.0 |
1.1 |
1.2 |
|
Net Income After Taxes |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
Net Income |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
117.8 |
117.7 |
117.7 |
117.7 |
117.7 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Basic EPS Including ExtraOrdinary Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Dilution Adjustment |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
Diluted Weighted Average Shares |
117.8 |
117.7 |
117.7 |
117.7 |
117.7 |
|
Diluted EPS Excluding ExtraOrd Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Diluted EPS Including ExtraOrd Items |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-1.6 |
6.0 |
6.8 |
1.5 |
-2.1 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
-2.2 |
0.3 |
2.9 |
1.1 |
1.2 |
|
Normalized Income After Taxes |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
0.5 |
5.8 |
3.9 |
0.5 |
-3.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Diluted Normalized EPS |
0.00 |
0.05 |
0.03 |
0.00 |
-0.03 |
|
Interest Expense |
- |
6.4 |
5.6 |
8.0 |
7.1 |
|
Interest Capitalized, Supplemental |
- |
- |
- |
-0.3 |
-0.5 |
|
Depreciation |
- |
3.3 |
3.4 |
1.6 |
1.9 |
|
Rent |
- |
0.1 |
0.0 |
0.0 |
0.0 |
|
Current Tax |
- |
0.9 |
0.8 |
0.4 |
0.0 |
|
Current Tax - Total |
- |
0.9 |
0.8 |
0.4 |
0.0 |
|
Deferred Tax |
- |
-0.6 |
2.1 |
0.7 |
1.2 |
|
Deferred Tax - Total |
- |
-0.6 |
2.1 |
0.7 |
1.2 |
|
Income Tax - Total |
- |
0.3 |
3.0 |
1.1 |
1.2 |
|
Service Cost |
- |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Cost |
- |
0.1 |
0.1 |
0.1 |
0.0 |
|
Domestic Pension Plan Expense |
- |
0.2 |
0.2 |
0.1 |
0.1 |
|
Contribution to Gratuity |
- |
- |
- |
0.5 |
0.5 |
|
Total Pension Expense |
- |
0.2 |
0.2 |
0.7 |
0.6 |
|
Discount Rate - Domestic |
- |
12.50% |
12.50% |
- |
- |
|
Compensation Rate - Domestic |
- |
11.50% |
11.50% |
- |
- |
Annual Balance Sheet
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Reclassified
Normal |
|
Filed Currency |
PKR |
PKR |
PKR |
PKR |
PKR |
|
Exchange Rate |
87.425 |
86.285 |
83.16 |
78.25 |
60.71 |
|
Auditor |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
|
KPMG Taseer Hadi
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
|
Unqualified |
|
|
|
|
|
|
|
|
Cash and Bank Balances |
2.7 |
0.6 |
0.3 |
0.1 |
1.0 |
|
Stores and Spares |
6.2 |
5.0 |
5.0 |
5.2 |
5.4 |
|
Stock in trade |
28.9 |
4.8 |
24.8 |
- |
- |
|
Finished Goods - Sugar |
- |
- |
- |
35.3 |
31.6 |
|
Advances, Deposits and Other |
1.1 |
0.4 |
3.0 |
2.7 |
- |
|
Advance Income tax |
0.9 |
0.4 |
0.3 |
0.2 |
0.1 |
|
Deposits |
0.3 |
0.1 |
0.0 |
0.0 |
- |
|
Prepayments |
0.1 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Deposit |
- |
- |
- |
- |
0.0 |
|
Advances, Deposits and Other |
- |
- |
- |
- |
13.6 |
|
Trade Debtors |
0.1 |
0.0 |
0.0 |
0.3 |
0.3 |
|
Workers welfare fund |
- |
- |
0.0 |
0.0 |
- |
|
Total Current Assets |
40.3 |
11.4 |
33.4 |
44.0 |
52.2 |
|
|
|
|
|
|
|
|
Freehold Land |
1.5 |
1.5 |
0.9 |
1.0 |
1.3 |
|
Building and Roads |
12.9 |
12.5 |
11.7 |
10.0 |
2.1 |
|
Plant and Machinery |
53.3 |
53.3 |
54.6 |
43.7 |
39.7 |
|
Furniture and Fixtures |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Telephone Installations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Vehicles |
1.4 |
1.1 |
1.0 |
0.7 |
0.8 |
|
Office Equipment |
0.5 |
0.5 |
0.5 |
0.3 |
0.3 |
|
Eletrical Equipment |
0.5 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Workshop and Agricultural |
0.4 |
0.4 |
0.4 |
0.3 |
0.2 |
|
Tubewell |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Arms and Ammunition |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Laboratory Equipment |
0.1 |
0.1 |
0.1 |
0.1 |
0.0 |
|
Leased Plant and Machinery |
4.4 |
0.8 |
5.1 |
4.0 |
4.1 |
|
Leased Vehicles |
0.3 |
4.9 |
0.8 |
1.0 |
0.9 |
|
Accumulated Depreciation |
-15.8 |
-12.9 |
-9.9 |
-8.9 |
-9.4 |
|
Capital Work In Progress |
4.6 |
0.1 |
0.0 |
15.2 |
26.7 |
|
Long Term Deposits - Unsecured |
0.7 |
0.6 |
0.7 |
0.6 |
- |
|
Security Deposits |
- |
- |
- |
- |
0.6 |
|
Total Assets |
105.3 |
74.8 |
99.9 |
112.6 |
119.6 |
|
|
|
|
|
|
|
|
Current Portion of Long Term Loans |
3.9 |
5.6 |
9.7 |
5.8 |
3.2 |
|
Current Portion of Long Term Lease |
0.7 |
0.4 |
- |
1.4 |
1.3 |
|
Short Term Borrowings |
28.0 |
5.6 |
16.9 |
23.3 |
28.1 |
|
Trade Creditors |
5.8 |
6.8 |
1.7 |
0.7 |
1.3 |
|
Creditors for Capital Expenditure |
1.7 |
0.5 |
0.7 |
5.3 |
6.9 |
|
Contractors & Suppliers |
0.5 |
0.4 |
- |
- |
- |
|
Advances from Customers |
3.1 |
0.3 |
0.0 |
4.8 |
6.8 |
|
Retention Money Payable |
0.1 |
0.1 |
- |
- |
- |
|
Sales Tax Payable |
1.9 |
1.7 |
2.0 |
0.0 |
1.2 |
|
Income Tax Deducted at Source |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Excise Duty Payable |
- |
- |
0.0 |
0.0 |
0.0 |
|
Workers' Profit Participation Fund |
0.7 |
0.4 |
0.1 |
0.0 |
0.0 |
|
Workers Welfare Fund |
0.0 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Dividend Payable |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Accrued Liabilities |
0.4 |
0.2 |
0.4 |
0.2 |
0.3 |
|
Other Liabilities |
0.8 |
0.8 |
0.4 |
0.2 |
0.2 |
|
Markup on Short Term Borrowings |
1.1 |
0.5 |
1.6 |
0.9 |
1.5 |
|
Markup on Long Term Borrowings |
0.2 |
0.5 |
1.2 |
0.9 |
1.1 |
|
Markup on Finance Leases |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Provision for Tax |
1.1 |
0.8 |
0.2 |
0.0 |
0.2 |
|
Total Current Liabilities |
50.1 |
24.8 |
34.9 |
43.7 |
52.4 |
|
|
|
|
|
|
|
|
Loans from Directors |
0.2 |
3.5 |
5.5 |
5.4 |
6.2 |
|
Long Term Loans - Secured |
8.1 |
6.6 |
7.9 |
17.8 |
27.1 |
|
Finance leases |
1.5 |
0.9 |
1.2 |
2.0 |
3.2 |
|
Total Long Term Debt |
9.8 |
11.0 |
14.6 |
25.3 |
36.5 |
|
|
|
|
|
|
|
|
Retention money payable |
- |
- |
0.0 |
0.2 |
- |
|
Other Long Term Liabilities |
- |
- |
- |
- |
0.2 |
|
Deferred Tax |
3.8 |
4.5 |
2.5 |
1.9 |
1.2 |
|
Deferred Gratuity |
0.9 |
0.7 |
0.5 |
0.4 |
0.4 |
|
Advance from Customer |
11.6 |
3.6 |
27.7 |
21.4 |
0.0 |
|
Other long term payable |
1.8 |
8.3 |
0.7 |
0.0 |
- |
|
Total Liabilities |
78.0 |
52.9 |
81.1 |
93.0 |
90.8 |
|
|
|
|
|
|
|
|
Common Shares |
13.5 |
13.6 |
14.2 |
15.0 |
19.4 |
|
Share Premium |
3.3 |
3.4 |
3.5 |
3.7 |
4.8 |
|
Accumulated Profit |
10.5 |
5.0 |
1.2 |
0.8 |
4.7 |
|
Total Equity |
27.3 |
22.0 |
18.8 |
19.6 |
28.8 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
105.3 |
74.8 |
99.9 |
112.6 |
119.6 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
117.7 |
117.7 |
117.7 |
117.7 |
117.7 |
|
Total Common Shares Outstanding |
117.7 |
117.7 |
117.7 |
117.7 |
117.7 |
|
Deferred Revenue Current |
3.1 |
0.3 |
0.0 |
4.8 |
6.8 |
|
Deferred Revenue Non Current |
11.6 |
3.6 |
27.7 |
21.4 |
0.0 |
|
Number of Shareholders |
771 |
- |
1,074 |
1,223 |
1,282 |
|
Long Term Debt Maturing within 1 year |
3.9 |
6.1 |
8.3 |
5.8 |
- |
|
Long Term Debt Maturing within 1-5 years |
8.4 |
10.2 |
13.4 |
23.3 |
- |
|
Total Long Term Debt, Supplemental |
12.3 |
16.3 |
21.7 |
29.0 |
- |
|
Capital Leases Due within 1 Year |
0.7 |
0.4 |
1.3 |
1.4 |
1.3 |
|
Capital Leases Due within 1-5 Years |
1.5 |
0.9 |
1.2 |
2.0 |
3.2 |
|
Total Capital Leases, Supplemental |
2.2 |
1.3 |
2.5 |
3.4 |
4.5 |
|
PV of Defined Benefit Obligation |
0.8 |
0.6 |
0.5 |
0.4 |
0.4 |
|
Funded Status |
-0.8 |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
|
Total Funded Status |
-0.8 |
-0.6 |
-0.5 |
-0.4 |
-0.4 |
|
Compensation Rate - Domestic |
11.50% |
11.50% |
- |
- |
- |
|
Discount Rate - Domestic |
12.50% |
12.50% |
- |
- |
- |
|
Accrued Liabilities |
-0.9 |
-0.7 |
-0.5 |
-0.4 |
-0.4 |
|
Net Assets Recognized on Balance Sheet |
-0.9 |
-0.7 |
-0.5 |
-0.4 |
-0.4 |
Annual Cash Flows
Financials in: USD (mil)
|
|
30-Sep-2011 |
30-Sep-2010 |
30-Sep-2009 |
30-Sep-2008 |
30-Sep-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
PKR |
PKR |
PKR |
PKR |
PKR |
|
Exchange Rate
(Period Average) |
85.837473 |
84.63776 |
80.728123 |
65.977869 |
60.674255 |
|
Auditor |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
KPMG Taseer Hadi
& Co. |
|
KPMG Taseer Hadi
& Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
|
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
6.0 |
6.8 |
1.5 |
-2.1 |
0.4 |
|
Depreciation |
3.3 |
3.4 |
1.6 |
1.9 |
1.1 |
|
Sale of Fixed Asset |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Financial Charges |
6.8 |
5.8 |
8.6 |
7.7 |
6.0 |
|
Wrokers Profit Fund |
0.3 |
0.4 |
0.1 |
0.0 |
0.0 |
|
Workers Welfare Fund |
-0.1 |
0.1 |
0.0 |
0.0 |
0.0 |
|
Staff Retirement Benefits |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Trade Debtors |
-0.1 |
0.0 |
0.3 |
-0.1 |
0.1 |
|
Stores, Spares and Tools |
-1.3 |
-0.3 |
0.0 |
-1.2 |
-0.6 |
|
Advances, Deposits and Other |
-1.0 |
2.5 |
-0.5 |
9.2 |
-9.4 |
|
Stock in Trade |
-24.6 |
19.5 |
8.7 |
-12.8 |
-12.0 |
|
Creditors and Other Liabilities |
3.6 |
5.9 |
-5.7 |
-2.1 |
10.2 |
|
Financial Charges Paid |
-6.3 |
-7.7 |
-7.4 |
-8.0 |
-6.7 |
|
Staff Retirement Benefits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
WPPF Paid |
0.0 |
-0.1 |
0.0 |
0.0 |
-0.1 |
|
Workers Welfare Fund Paid |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Taxes Paid |
-1.1 |
-0.3 |
-0.2 |
-0.2 |
-0.2 |
|
Cash from Operating Activities |
-14.4 |
36.2 |
7.1 |
-7.5 |
-11.2 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-5.6 |
-2.9 |
-3.1 |
-27.6 |
-0.8 |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additions to Capital Work In Progress |
- |
- |
- |
- |
-11.7 |
|
Capital Work in Progress |
- |
- |
- |
6.5 |
- |
|
Lease Deposits |
-0.2 |
0.1 |
-0.2 |
-0.2 |
-0.1 |
|
Cash from Investing Activities |
-5.7 |
-2.7 |
-3.2 |
-21.2 |
-12.6 |
|
|
|
|
|
|
|
|
Change in Long Term Loans |
-4.9 |
-6.7 |
-6.2 |
0.1 |
4.6 |
|
Dividends paid |
- |
- |
-0.1 |
0.0 |
- |
|
Short Term Borrowing |
23.0 |
-10.9 |
-5.2 |
- |
- |
|
Retention money payable |
- |
- |
-0.1 |
- |
- |
|
Increase in Short Term Borrowing |
- |
- |
- |
1.8 |
2.7 |
|
Decrease in Other Long Term Liabilities |
- |
- |
- |
0.1 |
0.1 |
|
Loan from directors |
1.7 |
1.3 |
0.4 |
- |
- |
|
Increase in Loan from Directors |
- |
- |
- |
0.8 |
0.7 |
|
Proceeds from Issue of Right Shares |
- |
- |
- |
0.0 |
10.2 |
|
Lease rentals paid |
0.8 |
-1.1 |
-1.1 |
- |
- |
|
Increase in Lease Liability |
- |
- |
- |
-0.1 |
0.9 |
|
Advance From Customers |
1.7 |
-15.9 |
8.6 |
25.4 |
- |
|
Cash from Financing Activities |
22.2 |
-33.2 |
-3.7 |
28.0 |
19.2 |
|
|
|
|
|
|
|
|
Net Change in Cash |
2.1 |
0.3 |
0.2 |
-0.8 |
-4.7 |
|
|
|
|
|
|
|
|
Cash - Beginning Balance |
0.6 |
0.3 |
0.1 |
0.9 |
5.7 |
|
Cash - Ending Balance |
2.7 |
0.6 |
0.3 |
0.2 |
1.0 |
|
Cash Interest Paid |
6.3 |
7.7 |
7.4 |
8.0 |
6.7 |
|
Cash Taxes Paid |
1.1 |
0.3 |
0.2 |
0.2 |
0.2 |
Financial Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
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Annual Ratios
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
|
UK Pound |
1 |
Rs.84.19 |
|
Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.