Tandlianwala Sugar Mills Ltd. is a Pakistan-based company
engaged in the production and sale of white crystalline sugar and ethanol. The Company
has two segments: Sugar division and Distillery division. The Sugar division is
engaged in the manufacturing and sales of sugar. The Ethanol division is
engaged in the manufacturing and sale 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.
Tandlianwala Sugar Mills Ltd. is a Pakistan-based company
engaged in the production and sale of white crystalline sugar and ethanol. The
Company has two segments: Sugar division and Distillery division. The Sugar
division is engaged in the manufacturing and sales of sugar. The Ethanol
division is engaged in the manufacturing and sale 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.
|
|
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
30-Sep-2012
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2009
|
Updated Normal
30-Sep-2008
|
|
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
|
|
|
30-Sep-2012
|
30-Sep-2011
|
30-Sep-2010
|
30-Sep-2009
|
30-Sep-2008
|
|
UpdateType/Date
|
Updated Normal
30-Sep-2012
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2009
|
Updated Normal
30-Sep-2008
|
|
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
|
|
|
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
30-Sep-2012
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2009
|
Updated Normal
30-Sep-2008
|
|
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
|
|
|
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
30-Sep-2012
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2009
|
Updated Normal
30-Sep-2008
|
|
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%
|
-
|
-
|
|
|
30-Sep-2011
|
30-Sep-2010
|
30-Sep-2009
|
30-Sep-2008
|
30-Sep-2007
|
|
UpdateType/Date
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2009
|
Updated Normal
30-Sep-2008
|
Reclassified
Normal
30-Sep-2008
|
|
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
|
|
|
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
30-Sep-2011
|
Updated Normal
30-Sep-2011
|
Updated Normal
30-Sep-2009
|
Updated Normal
30-Sep-2008
|
Updated Normal
30-Sep-2007
|
|
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
|
|
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
|
----
|