|
Report Date : |
14.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
HABIB SUGAR MILLS LTD. |
|
|
|
|
Registered Office : |
3rd Floor - Imperial Court Dr. Ziauddin Ahmed Road Karachi, 75530 |
|
|
|
|
Country : |
Pakistan |
|
|
|
|
Financials (as on) : |
30.09.2012 |
|
|
|
|
Date of Incorporation : |
02.06.1968 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
Manufacturing and marketing of refined sugar, molasses,
ethanol, liquid carbon dioxide, household textiles and providing bulk storage
facilities |
|
|
|
|
No. of Employees : |
344 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
HABIB SUGAR MILLS
LTD.
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Habib Sugar Mills Limited is a Pakistan-based company engaged in the manufacturing and marketing of refined sugar, molasses, ethanol, liquid carbon dioxide, household textiles and providing bulk storage facilities. The Company operates through four divisions: sugar, distillery and textile. During the fiscal year ended June 30, 2012, the Company's sugar division produced 91,832 metric tons of sugar from sugarcane; the distillery division produced 29,307 metric tons of ethanol out of its capacity of 34,000 metric tons, and 4,902 metric tons of liquid carbon dioxide (CO2) out of its capacity of 6,000 metric tons; and the textile division produced 676,185 kilograms of textile out of its capacity of 450,000 kilograms. For the three months ended 31 December 2012, Habib Sugar Mills Ltd. revenues increased 1% to PKR758.6M. Net income decreased 25% to PKR54.6M. Revenues reflect Textile segment increase from PKR51M to PKR133.4M, Export segment increase of 9% to PKR439.9M. Net income was offset by Sugar segment income decrease of 84% to PKR6M. Basic Earnings per Share excluding Extraordinary Items decreased from PKR0.49 to PKR0.36.
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Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
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Name |
Title |
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Chief Executive Officer, Director |
|
|
Chief Financial Officer, Company Secretary |
|
|
Company Secretary |
|
|
Chairman of the Board |
|
|
Ali Raza D. D. Habib |
Director |
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|
1 - Profit & Loss Item Exchange Rate: USD 1 = PKR 91.15218
2 - Balance Sheet Item Exchange Rate: USD 1 = PKR 94.56771
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Habib Sugar Mills Limited is a Pakistan-based company engaged in the manufacturing and marketing of refined sugar, molasses, ethanol, liquid carbon dioxide, household textiles and providing bulk storage facilities. The Company operates through four divisions: sugar, distillery and textile. During the fiscal year ended June 30, 2012, the Company's sugar division produced 91,832 metric tons of sugar from sugarcane; the distillery division produced 29,307 metric tons of ethanol out of its capacity of 34,000 metric tons, and 4,902 metric tons of liquid carbon dioxide (CO2) out of its capacity of 6,000 metric tons; and the textile division produced 676,185 kilograms of textile out of its capacity of 450,000 kilograms. For the three months ended 31 December 2012, Habib Sugar Mills Ltd. revenues increased 1% to PKR758.6M. Net income decreased 25% to PKR54.6M. Revenues reflect Textile segment increase from PKR51M to PKR133.4M, Export segment increase of 9% to PKR439.9M. Net income was offset by Sugar segment income decrease of 84% to PKR6M. Basic Earnings per Share excluding Extraordinary Items decreased from PKR0.49 to PKR0.36.
|
The company comprises four units: sugar, distillery, terminal and textile. The sugar unit manufactures sugar from sugar-cane; the distillery unit produces industrial alcohol; the textile unit manufactures terry towels and bathrobes; the terminal unit is engaged in the storage of molasses, industrial alcohol and edible oils at the port of Karachi for export/import purposes |
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Market Data |
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Shareholders |
|||
|
Key Corporate Relationships |
||||||||
|
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Karachi |
Pakistan |
Consulting Services |
300 |
||
|
Subsidiary |
Karachi |
Pakistan |
Banking |
197.4 |
4,882 |
|
|
Subsidiary |
Karachi |
Pakistan |
Food Manufacturing |
77.9 |
344 |
|
|
Subsidiary |
Karachi |
Pakistan |
Property and Causality Insurance |
4.7 |
186 |
|
|
Subsidiary |
Karachi |
Pakistan |
Banking |
|||
|
Subsidiary |
Karachi |
Pakistan |
Computer and Peripheral Equipment Manufacturing |
Board of Directors
|
|
|
|
||||
|
Chairman of the Board |
Chairman |
|
||||
|
Director |
Director/Board Member |
|
||||
|
Director |
Director/Board Member |
|
||||
|
|||||||
|
Director |
Director/Board Member |
|
||||
|
Director |
Director/Board Member |
|
||||
|
Director |
Director/Board Member |
|
||||
|
Director |
Director/Board Member |
|
||||
Executives
|
|
|
|
||||
|
Chief Executive Officer, Director |
Chief Executive Officer |
|
||||
|
Chief Financial Officer, Company Secretary |
Company Secretary |
|
||||
|
|||||||
|
Company Secretary |
Company Secretary |
|||||
|
|
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 |
Ernst & Young Ford Rhodes Sidat Hyder |
Ernst & Young Ford Rhodes Sidat Hyder |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Sales |
77.9 |
87.0 |
69.9 |
56.8 |
63.3 |
|
Revenue |
77.9 |
87.0 |
69.9 |
56.8 |
63.3 |
|
Total Revenue |
77.9 |
87.0 |
69.9 |
56.8 |
63.3 |
|
|
|
|
|
|
|
|
Cost of Revenue |
64.2 |
72.2 |
58.6 |
46.1 |
52.2 |
|
Cost of Revenue, Total |
64.2 |
72.2 |
58.6 |
46.1 |
52.2 |
|
Gross Profit |
13.7 |
14.8 |
11.3 |
10.7 |
11.1 |
|
|
|
|
|
|
|
|
Selling/General/Administrative Expense |
2.4 |
2.2 |
1.9 |
2.1 |
2.6 |
|
Labor & Related Expense |
1.7 |
1.7 |
1.4 |
1.2 |
0.7 |
|
Total Selling/General/Administrative Expenses |
4.1 |
3.9 |
3.3 |
3.3 |
3.3 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Depreciation/Amortization |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expense - Operating |
- |
- |
- |
0.7 |
0.9 |
|
Interest Expense - Net Operating |
- |
- |
- |
0.7 |
0.9 |
|
Investment Income - Operating |
-0.9 |
-0.8 |
-0.4 |
-0.2 |
-0.8 |
|
Interest/Investment Income - Operating |
-0.9 |
-0.8 |
-0.4 |
-0.2 |
-0.8 |
|
Interest Expense (Income) - Net Operating Total |
-0.9 |
-0.8 |
-0.4 |
0.5 |
0.1 |
|
Impairment-Assets Held for Sale |
- |
- |
0.0 |
0.3 |
0.4 |
|
Loss (Gain) on Sale of Assets - Operating |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Unusual Expense (Income) |
0.0 |
-0.1 |
0.0 |
0.3 |
0.3 |
|
Other Operating Expense |
- |
- |
- |
- |
0.6 |
|
Other, Net |
0.0 |
0.0 |
0.0 |
-1.5 |
-0.8 |
|
Other Operating Expenses, Total |
0.0 |
0.0 |
0.0 |
-1.5 |
-0.2 |
|
Total Operating Expense |
67.3 |
75.3 |
61.4 |
48.7 |
55.7 |
|
|
|
|
|
|
|
|
Operating Income |
10.5 |
11.7 |
8.5 |
8.1 |
7.6 |
|
|
|
|
|
|
|
|
Interest Expense - Non-Operating |
-0.5 |
-0.4 |
-0.8 |
- |
- |
|
Interest Expense, Net Non-Operating |
-0.5 |
-0.4 |
-0.8 |
- |
- |
|
Interest Income - Non-Operating |
0.8 |
1.1 |
1.3 |
- |
- |
|
Interest/Investment Income - Non-Operating |
0.8 |
1.1 |
1.3 |
- |
- |
|
Interest Income (Expense) - Net Non-Operating Total |
0.3 |
0.6 |
0.5 |
- |
- |
|
Other Non-Operating Income (Expense) |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Other, Net |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Income Before Tax |
10.8 |
12.2 |
9.0 |
8.1 |
7.6 |
|
|
|
|
|
|
|
|
Total Income Tax |
2.2 |
3.4 |
2.7 |
2.0 |
1.5 |
|
Income After Tax |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Net Income Before Extraord Items |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
Net Income |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Income Available to Common Excl Extraord Items |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Income Available to Common Incl Extraord Items |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Basic/Primary Weighted Average Shares |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Basic EPS Excl Extraord Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Basic/Primary EPS Incl Extraord Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Diluted Net Income |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
Diluted Weighted Average Shares |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Diluted EPS Excl Extraord Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Diluted EPS Incl Extraord Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Dividends per Share - Common Stock Primary Issue |
0.03 |
0.03 |
0.01 |
0.01 |
0.01 |
|
Gross Dividends - Common Stock |
- |
4.4 |
1.8 |
2.1 |
1.4 |
|
Interest Expense, Supplemental |
0.5 |
0.4 |
0.8 |
0.6 |
0.8 |
|
Depreciation, Supplemental |
0.9 |
0.9 |
0.9 |
1.0 |
1.0 |
|
Total Special Items |
0.0 |
-0.1 |
0.0 |
0.3 |
0.3 |
|
Normalized Income Before Tax |
10.7 |
12.2 |
9.0 |
8.4 |
7.9 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
0.0 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Inc Tax Ex Impact of Sp Items |
2.2 |
3.4 |
2.7 |
2.1 |
1.6 |
|
Normalized Income After Tax |
8.5 |
8.7 |
6.3 |
6.3 |
6.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
8.5 |
8.7 |
6.3 |
6.3 |
6.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Diluted Normalized EPS |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Rental Expenses |
0.3 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Research & Development Exp, Supplemental |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized EBIT |
9.6 |
10.9 |
8.1 |
8.9 |
8.0 |
|
Normalized EBITDA |
10.5 |
11.8 |
9.0 |
9.8 |
9.0 |
|
Current Tax - Domestic |
2.2 |
3.5 |
2.8 |
2.2 |
1.2 |
|
Current Tax - Other |
- |
0.0 |
-0.2 |
-0.1 |
- |
|
Current Tax - Total |
2.2 |
3.5 |
2.7 |
2.0 |
1.2 |
|
Deferred Tax - Domestic |
0.0 |
-0.1 |
0.0 |
0.0 |
0.3 |
|
Deferred Tax - Total |
0.0 |
-0.1 |
0.0 |
0.0 |
0.3 |
|
Income Tax - Total |
2.2 |
3.4 |
2.7 |
2.0 |
1.5 |
|
Interest Cost - Domestic |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Service Cost - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Expected Return on Assets - Domestic |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Actuarial Gains and Losses - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Total Pension Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Discount Rate - Domestic |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Expected Rate of Return - Domestic |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Compensation Rate - Domestic |
10.50% |
11.50% |
13.00% |
12.00% |
12.00% |
|
Total Plan Interest Cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Total Plan Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Expected Return |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
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 |
Ernst & Young Ford Rhodes Sidat Hyder |
Ernst & Young Ford Rhodes Sidat Hyder |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash |
0.1 |
0.9 |
0.1 |
0.2 |
9.4 |
|
Short Term Investments |
6.7 |
13.1 |
15.0 |
19.0 |
0.0 |
|
Cash and Short Term Investments |
6.7 |
14.0 |
15.2 |
19.2 |
9.4 |
|
Trade Accounts Receivable - Net |
4.2 |
2.1 |
1.3 |
4.2 |
5.2 |
|
Other Receivables |
0.3 |
0.4 |
0.8 |
2.2 |
4.5 |
|
Total Receivables, Net |
4.5 |
2.5 |
2.1 |
6.5 |
9.7 |
|
Inventories - Finished Goods |
7.5 |
4.9 |
1.6 |
1.9 |
5.3 |
|
Inventories - Work In Progress |
0.3 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Inventories - Raw Materials |
2.6 |
2.5 |
2.8 |
1.3 |
1.0 |
|
Inventories - Other |
0.0 |
0.0 |
0.0 |
- |
- |
|
Total Inventory |
10.4 |
7.5 |
4.5 |
3.2 |
6.4 |
|
Prepaid Expenses |
4.8 |
2.2 |
0.1 |
0.1 |
0.1 |
|
Other Current Assets |
- |
0.0 |
0.4 |
0.0 |
- |
|
Other Current Assets, Total |
- |
0.0 |
0.4 |
0.0 |
- |
|
Total Current Assets |
26.4 |
26.2 |
22.2 |
29.0 |
25.6 |
|
|
|
|
|
|
|
|
Buildings |
1.6 |
1.7 |
1.7 |
1.4 |
1.5 |
|
Land/Improvements |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Machinery/Equipment |
18.7 |
19.8 |
19.2 |
19.6 |
18.3 |
|
Construction in Progress |
0.5 |
0.3 |
0.7 |
0.5 |
1.6 |
|
Leases |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Property/Plant/Equipment - Gross |
20.8 |
21.9 |
21.6 |
21.7 |
21.6 |
|
Accumulated Depreciation |
-12.7 |
-12.8 |
-12.2 |
-11.7 |
-11.5 |
|
Property/Plant/Equipment - Net |
8.2 |
9.1 |
9.5 |
10.0 |
10.1 |
|
LT Investments - Other |
21.2 |
10.6 |
8.1 |
6.7 |
7.1 |
|
Long Term Investments |
21.2 |
10.6 |
8.1 |
6.7 |
7.1 |
|
Note Receivable - Long Term |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
Total Assets |
55.8 |
45.9 |
39.8 |
45.8 |
42.9 |
|
|
|
|
|
|
|
|
Accounts Payable |
3.5 |
1.5 |
3.1 |
6.7 |
7.3 |
|
Accrued Expenses |
2.1 |
1.9 |
1.6 |
0.7 |
0.9 |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
5.1 |
5.9 |
|
Dividends Payable |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Customer Advances |
5.7 |
0.3 |
0.5 |
0.7 |
0.6 |
|
Income Taxes Payable |
0.5 |
0.9 |
0.5 |
1.1 |
0.5 |
|
Other Payables |
- |
- |
- |
0.7 |
0.5 |
|
Other Current liabilities, Total |
6.5 |
1.4 |
1.1 |
2.7 |
1.7 |
|
Total Current Liabilities |
12.1 |
4.8 |
5.8 |
15.2 |
15.8 |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Debt |
0.0 |
0.0 |
0.0 |
5.1 |
5.9 |
|
|
|
|
|
|
|
|
Deferred Income Tax - LT Liability |
0.9 |
0.9 |
1.0 |
1.1 |
1.1 |
|
Deferred Income Tax |
0.9 |
0.9 |
1.0 |
1.1 |
1.1 |
|
Total Liabilities |
12.9 |
5.7 |
6.8 |
16.3 |
16.9 |
|
|
|
|
|
|
|
|
Common Stock |
7.9 |
8.6 |
7.0 |
5.8 |
4.6 |
|
Common Stock |
7.9 |
8.6 |
7.0 |
5.8 |
4.6 |
|
Additional Paid-In Capital |
- |
- |
- |
0.4 |
0.4 |
|
Retained Earnings (Accumulated Deficit) |
27.6 |
25.3 |
20.3 |
17.7 |
15.2 |
|
Unrealized Gain (Loss) |
7.3 |
6.4 |
5.8 |
5.6 |
5.7 |
|
Total Equity |
42.9 |
40.2 |
33.0 |
29.5 |
25.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
55.8 |
45.9 |
39.8 |
45.8 |
42.9 |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary Issue |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Total Common Shares Outstanding |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Employees |
- |
- |
- |
- |
344 |
|
Number of Common Shareholders |
5,282 |
5,042 |
4,509 |
4,125 |
4,021 |
|
Deferred Revenue - Current |
0.0 |
0.3 |
0.5 |
0.7 |
0.6 |
|
Total Operating Leases, Supplemental |
0.3 |
0.2 |
0.3 |
0.3 |
0.3 |
|
Operating Lease Payments Due in Year 1 |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Lease Payments Due in Year 2 |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 3 |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 4 |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Operating Lease Payments Due in Year 5 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Operating Lease Pymts. Due in 2-3 Years |
0.2 |
0.1 |
0.1 |
0.2 |
0.2 |
|
Operating Lease Pymts. Due in 4-5 Years |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Pension Obligation - Domestic |
0.8 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Plan Assets - Domestic |
0.8 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Funded Status - Domestic |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Funded Status |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Discount Rate - Domestic |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Expected Rate of Return - Domestic |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Compensation Rate - Domestic |
10.50% |
11.50% |
13.00% |
12.00% |
12.00% |
|
Prepaid Benefits - Domestic |
0.0 |
- |
0.0 |
- |
0.0 |
|
Accrued Liabilities - Domestic |
- |
0.0 |
- |
0.0 |
- |
|
Net Assets Recognized on Balance Sheet |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Plan Obligations |
0.8 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Total Plan Assets |
0.8 |
0.8 |
0.7 |
0.6 |
0.5 |
|
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 |
Ernst & Young Ford Rhodes Sidat Hyder |
Ernst & Young Ford Rhodes Sidat Hyder |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
10.8 |
12.2 |
9.0 |
8.1 |
7.6 |
|
Depreciation |
0.9 |
0.9 |
0.9 |
1.0 |
1.0 |
|
Depreciation/Depletion |
0.9 |
0.9 |
0.9 |
1.0 |
1.0 |
|
Unusual Items |
-0.1 |
-0.4 |
0.0 |
0.3 |
0.3 |
|
Other Non-Cash Items |
-0.8 |
-0.3 |
-0.8 |
-0.9 |
-0.1 |
|
Non-Cash Items |
-0.9 |
-0.7 |
-0.9 |
-0.6 |
0.3 |
|
Accounts Receivable |
-2.3 |
-1.0 |
2.8 |
0.7 |
-3.1 |
|
Inventories |
-3.6 |
-3.1 |
-1.4 |
2.7 |
-0.7 |
|
Other Assets |
-2.8 |
-1.2 |
0.9 |
2.1 |
-3.2 |
|
Other Liabilities |
8.3 |
-1.1 |
-3.6 |
0.0 |
5.7 |
|
Other Operating Cash Flow |
-2.4 |
-2.8 |
-2.5 |
-0.5 |
-1.4 |
|
Changes in Working Capital |
-2.8 |
-9.3 |
-3.9 |
5.0 |
-2.8 |
|
Cash from Operating Activities |
7.9 |
3.2 |
5.2 |
13.5 |
6.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-0.6 |
-1.3 |
-0.8 |
-1.5 |
-2.7 |
|
Capital Expenditures |
-0.6 |
-1.3 |
-0.8 |
-1.5 |
-2.7 |
|
Sale of Fixed Assets |
3.3 |
1.6 |
0.0 |
0.0 |
0.1 |
|
Sale/Maturity of Investment |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Purchase of Investments |
-13.6 |
-3.2 |
-1.4 |
0.0 |
-1.2 |
|
Other Investing Cash Flow |
0.6 |
0.4 |
0.4 |
0.2 |
0.3 |
|
Other Investing Cash Flow Items, Total |
-9.6 |
-1.1 |
-0.9 |
0.2 |
-0.8 |
|
Cash from Investing Activities |
-10.3 |
-2.5 |
-1.6 |
-1.3 |
-3.5 |
|
|
|
|
|
|
|
|
Cash Dividends Paid - Common |
-4.0 |
-1.7 |
-1.9 |
-1.1 |
-0.9 |
|
Total Cash Dividends Paid |
-4.0 |
-1.7 |
-1.9 |
-1.1 |
-0.9 |
|
Cash from Financing Activities |
-4.0 |
-1.7 |
-1.9 |
-1.1 |
-0.9 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-6.4 |
-1.0 |
1.6 |
11.1 |
1.8 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
13.4 |
15.2 |
13.8 |
3.4 |
2.3 |
|
Net Cash - Ending Balance |
7.0 |
14.2 |
15.4 |
14.5 |
4.1 |
|
Cash Interest Paid |
- |
- |
- |
0.7 |
1.0 |
|
Cash Taxes Paid |
2.6 |
3.3 |
3.0 |
1.3 |
1.3 |
|
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 |
Ernst & Young Ford Rhodes Sidat Hyder |
Ernst & Young Ford Rhodes Sidat Hyder |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Sales |
77.9 |
87.0 |
69.9 |
56.8 |
63.3 |
|
Total Revenue |
77.9 |
87.0 |
69.9 |
56.8 |
63.3 |
|
|
|
|
|
|
|
|
Cost of Sales |
64.2 |
72.2 |
58.6 |
46.1 |
52.2 |
|
Salaries, Wages and Other Benefits |
0.9 |
0.8 |
0.7 |
0.6 |
0.7 |
|
Depreciation |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Distribution and Marketing Expenses |
1.8 |
1.7 |
1.4 |
1.6 |
2.1 |
|
Administration Expenses |
0.5 |
0.5 |
0.5 |
0.4 |
0.5 |
|
Other Charges |
- |
- |
- |
- |
0.6 |
|
Finance Costs |
- |
- |
- |
0.6 |
0.8 |
|
Profit on Treasury Call Accounts |
- |
- |
- |
-1.5 |
-0.8 |
|
Bank Charges |
- |
- |
- |
0.1 |
0.2 |
|
Profit on Sale of Long Term Investments |
-0.1 |
-0.3 |
0.0 |
0.0 |
0.0 |
|
Dividend Income |
-0.6 |
-0.4 |
-0.4 |
-0.2 |
-0.3 |
|
Exchange Gain |
-0.2 |
-0.1 |
0.0 |
0.0 |
-0.5 |
|
Gain on Disposal of Assets |
0.0 |
-0.1 |
0.0 |
-0.1 |
-0.1 |
|
Other Income |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Impairment of Investments |
- |
- |
0.0 |
0.3 |
0.4 |
|
Workers Profit Participation Fund |
0.6 |
0.7 |
0.5 |
0.4 |
- |
|
Workers Welfare Fund |
0.2 |
0.3 |
0.2 |
0.2 |
- |
|
Impairment in the value of long-term inv |
0.0 |
- |
- |
- |
- |
|
Total Operating Expense |
67.3 |
75.3 |
61.4 |
48.7 |
55.7 |
|
|
|
|
|
|
|
|
Bank Charges |
-0.1 |
-0.1 |
-0.1 |
- |
- |
|
Finance income |
0.8 |
1.1 |
1.3 |
- |
- |
|
Workers Profit Participation Fund |
0.0 |
0.0 |
0.0 |
- |
- |
|
Finance Costs |
-0.5 |
-0.4 |
-0.8 |
- |
- |
|
Net Income Before Taxes |
10.8 |
12.2 |
9.0 |
8.1 |
7.6 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
2.2 |
3.4 |
2.7 |
2.0 |
1.5 |
|
Net Income After Taxes |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
Net Income |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Income Available to Com Excl ExtraOrd |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Basic EPS Including ExtraOrdinary Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Diluted Net Income |
8.6 |
8.8 |
6.3 |
6.1 |
6.1 |
|
Diluted Weighted Average Shares |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Diluted EPS Excluding ExtraOrd Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Diluted EPS Including ExtraOrd Items |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
DPS-Common Stock |
0.03 |
0.03 |
0.01 |
0.01 |
0.01 |
|
Gross Dividends - Common Stock |
- |
4.4 |
1.8 |
2.1 |
1.4 |
|
Normalized Income Before Taxes |
10.7 |
12.2 |
9.0 |
8.4 |
7.9 |
|
|
|
|
|
|
|
|
Inc Tax Ex Impact of Sp Items |
2.2 |
3.4 |
2.7 |
2.1 |
1.6 |
|
Normalized Income After Taxes |
8.5 |
8.7 |
6.3 |
6.3 |
6.4 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
8.5 |
8.7 |
6.3 |
6.3 |
6.4 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Diluted Normalized EPS |
0.06 |
0.06 |
0.04 |
0.04 |
0.04 |
|
Research and Development Expenses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest Expenses |
0.5 |
0.4 |
0.8 |
0.6 |
0.8 |
|
Depreciation |
0.9 |
0.9 |
0.9 |
1.0 |
1.0 |
|
Rental Expenses |
0.3 |
0.2 |
0.2 |
0.2 |
0.3 |
|
Current Tax |
2.2 |
3.5 |
2.8 |
2.2 |
1.2 |
|
Prior Years |
- |
0.0 |
-0.2 |
-0.1 |
- |
|
Current Tax - Total |
2.2 |
3.5 |
2.7 |
2.0 |
1.2 |
|
Deferred Tax |
0.0 |
-0.1 |
0.0 |
0.0 |
0.3 |
|
Deferred Tax - Total |
0.0 |
-0.1 |
0.0 |
0.0 |
0.3 |
|
Income Tax - Total |
2.2 |
3.4 |
2.7 |
2.0 |
1.5 |
|
Service Cost |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Interest cost |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Expected Return on Assets |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Actuarial Gain/Losses |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Domestic Pension Plan Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Total Pension Expense |
0.0 |
0.0 |
0.1 |
0.1 |
0.0 |
|
Discount Rate |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Expected Rate of Return |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Compensation Rate |
10.50% |
11.50% |
13.00% |
12.00% |
12.00% |
|
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 |
Ernst & Young Ford Rhodes Sidat Hyder |
Ernst & Young Ford Rhodes Sidat Hyder |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Stores and Spares |
0.9 |
0.9 |
0.8 |
0.7 |
0.8 |
|
Raw Material |
1.6 |
1.6 |
2.0 |
0.6 |
0.2 |
|
Work-in-Process |
0.3 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Finished Goods |
7.5 |
4.9 |
1.6 |
1.9 |
5.3 |
|
Fertilizers |
0.0 |
0.0 |
0.0 |
- |
- |
|
Trade Debts |
4.2 |
2.1 |
1.3 |
4.2 |
5.2 |
|
Loans and Advances, Deposits, Prepayment |
0.1 |
0.2 |
0.7 |
2.0 |
4.3 |
|
Advances Suppliers |
4.7 |
2.0 |
- |
- |
- |
|
Trade Deposits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Short Term Prepayments |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Interest Accrued on Deposit Accounts |
- |
- |
0.0 |
0.1 |
0.1 |
|
Sales tax and excise duty adjustable |
- |
0.0 |
0.4 |
0.0 |
- |
|
Other Receivables |
0.2 |
0.2 |
0.1 |
0.1 |
0.1 |
|
Cash and Bank Balances |
- |
- |
- |
- |
9.4 |
|
Cash in hand |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Current accounts |
0.1 |
0.9 |
0.1 |
0.2 |
- |
|
Treasury call accounts |
6.7 |
5.6 |
2.8 |
19.0 |
- |
|
Term deposits |
0.0 |
7.4 |
12.2 |
0.0 |
- |
|
Total Current Assets |
26.4 |
26.2 |
22.2 |
29.0 |
25.6 |
|
|
|
|
|
|
|
|
Freehold Land |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Leasehold Land |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Buildings on Freehold Land |
1.4 |
1.5 |
1.5 |
1.3 |
1.3 |
|
Buildings on Leasehold Land |
0.2 |
0.2 |
0.2 |
0.2 |
0.2 |
|
Plant and Machinery |
17.8 |
18.9 |
18.3 |
18.7 |
17.4 |
|
Railway Siding |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Electric, Gas and Water Installations |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Furniture, Fittings and Office Equipment |
0.6 |
0.7 |
0.6 |
0.6 |
0.6 |
|
Tractors/Trolleys |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Motor Cars/Vehicles |
0.0 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Depreciation |
-12.7 |
-12.8 |
-12.2 |
-11.7 |
-11.5 |
|
Capital Work in Progress |
0.5 |
0.3 |
0.7 |
0.5 |
1.6 |
|
LongTerm Investment |
21.2 |
10.6 |
8.1 |
6.7 |
7.1 |
|
LongTerm Loans and Deposits |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
|
LongTerm Deposits |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Assets |
55.8 |
45.9 |
39.8 |
45.8 |
42.9 |
|
|
|
|
|
|
|
|
Short Term Running Finances- Secured |
- |
- |
0.0 |
5.1 |
5.9 |
|
Trade Creditors |
3.5 |
1.5 |
3.1 |
6.7 |
7.3 |
|
Accrued Liabilities |
1.4 |
0.8 |
0.7 |
0.7 |
0.9 |
|
Customer Advances |
5.7 |
0.3 |
0.5 |
0.7 |
0.6 |
|
Sales Tax |
0.5 |
0.4 |
0.1 |
0.4 |
0.5 |
|
Workers & Profit Participation Fund |
0.6 |
0.6 |
0.5 |
- |
- |
|
Workers Welfare Fund |
0.2 |
0.4 |
0.4 |
- |
- |
|
Income Tax |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Unclaimed Dividends |
0.2 |
0.2 |
0.2 |
0.1 |
0.1 |
|
Other Payables |
- |
- |
- |
0.7 |
0.5 |
|
Accrued Mark-up on Short Term Borrowings |
- |
- |
0.0 |
0.1 |
0.0 |
|
Provision for Income Tax |
0.0 |
0.5 |
0.3 |
0.7 |
0.0 |
|
Total Current Liabilities |
12.1 |
4.8 |
5.8 |
15.2 |
15.8 |
|
|
|
|
|
|
|
|
Deferred Taxation |
0.9 |
0.9 |
1.0 |
1.1 |
1.1 |
|
Total Liabilities |
12.9 |
5.7 |
6.8 |
16.3 |
16.9 |
|
|
|
|
|
|
|
|
Capital |
7.9 |
8.6 |
7.0 |
5.8 |
4.6 |
|
Capital Reverve |
0.4 |
0.4 |
0.4 |
- |
- |
|
Share Premium |
- |
- |
- |
0.4 |
0.4 |
|
General Reserve |
18.9 |
16.2 |
13.7 |
11.8 |
10.0 |
|
Unappropriated Profit |
8.3 |
8.7 |
6.2 |
5.9 |
5.2 |
|
Unrealized gain on Long Term Investment |
7.3 |
6.4 |
5.8 |
5.6 |
5.7 |
|
Total Equity |
42.9 |
40.2 |
33.0 |
29.5 |
25.9 |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
55.8 |
45.9 |
39.8 |
45.8 |
42.9 |
|
|
|
|
|
|
|
|
S/O-Common Stock |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Total Common Shares Outstanding |
150.0 |
150.0 |
150.0 |
150.0 |
150.0 |
|
Deferred Income |
0.0 |
0.3 |
0.5 |
0.7 |
0.6 |
|
Full-Time Employees |
- |
- |
- |
- |
344 |
|
Number of Shareholders |
5,282 |
5,042 |
4,509 |
4,125 |
4,021 |
|
Operating Leases Due Within 1 Year |
0.0 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Operating Leases Due Within 2 Years |
0.1 |
0.1 |
0.1 |
0.1 |
0.1 |
|
Operating Leases Due Within 3 Years |
0.1 |
0.1 |
0.0 |
0.1 |
0.1 |
|
Operating Leases Due Within 4 Years |
0.1 |
0.0 |
0.0 |
0.1 |
0.1 |
|
Operating Leases Due Within 5 Years |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Operating Leases, Supplemental |
0.3 |
0.2 |
0.3 |
0.3 |
0.3 |
|
Fair Value of Plan Assets |
0.8 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Present Value of Benefit Obigation |
0.8 |
0.8 |
0.7 |
0.6 |
0.5 |
|
Funded Status |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Total Funded Status |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Discount Rate |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Expected Rate of Return |
11.50% |
12.50% |
14.00% |
13.00% |
13.00% |
|
Compensation Rate |
10.50% |
11.50% |
13.00% |
12.00% |
12.00% |
|
Accrued Benefit Liability |
- |
0.0 |
- |
0.0 |
- |
|
Prepaid Benefit Cost |
0.0 |
- |
0.0 |
- |
0.0 |
|
Net Assets Recognized on Balance Sheet |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
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 |
Ernst & Young Ford Rhodes Sidat Hyder |
Ernst & Young Ford Rhodes Sidat Hyder |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
Ford Rhodes Sidat Hyder & Co. |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
10.8 |
12.2 |
9.0 |
8.1 |
7.6 |
|
Depreciation |
0.9 |
0.9 |
0.9 |
1.0 |
1.0 |
|
Provision for Obsolescence |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Profit on Sale of Fixed Assets |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Profit on Sale of Long Term Investment |
-0.1 |
-0.3 |
0.0 |
0.0 |
0.0 |
|
Impairment on long-term investments |
0.0 |
- |
0.0 |
0.3 |
0.4 |
|
Financial Charges |
-0.2 |
-0.5 |
-0.4 |
-0.8 |
0.2 |
|
Dividend Income |
-0.6 |
-0.4 |
-0.4 |
-0.2 |
-0.3 |
|
Amount charged to profit and loss accoun |
0.0 |
0.7 |
0.0 |
- |
- |
|
Stores and Spares |
-0.1 |
-0.1 |
-0.1 |
-0.1 |
0.0 |
|
Stock in Trade |
-3.5 |
-3.0 |
-1.3 |
2.8 |
-0.7 |
|
Trade Debts |
-2.3 |
-0.8 |
2.8 |
0.6 |
-3.0 |
|
Loans and Advance, Deposits, Prepayment |
-2.8 |
-1.6 |
1.3 |
2.1 |
-3.2 |
|
Trade Deposits and Short Term Prepayment |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Sales tax and excise duty adjustable |
0.0 |
0.4 |
-0.4 |
0.0 |
- |
|
Other Receivables |
0.0 |
-0.1 |
0.0 |
0.1 |
0.0 |
|
Advance from customers |
5.6 |
- |
- |
- |
- |
|
Increase/ Decrease in Current Liab. |
2.7 |
-1.1 |
-3.6 |
0.0 |
5.7 |
|
Financial Charges Paid |
- |
- |
- |
-0.7 |
-1.0 |
|
Financial Charges Received |
0.2 |
0.5 |
0.5 |
1.4 |
0.8 |
|
Income tax paid |
-2.6 |
-3.3 |
-3.0 |
-1.3 |
-1.3 |
|
LongTerm Loans |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
LongTerm Deposits |
- |
0.0 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
7.9 |
3.2 |
5.2 |
13.5 |
6.2 |
|
|
|
|
|
|
|
|
Capital Expenditure |
-0.6 |
-1.3 |
-0.8 |
-1.5 |
-2.7 |
|
Sale Proceeds of Fixed Assets |
3.3 |
1.6 |
0.0 |
0.0 |
0.1 |
|
Dividend Received |
0.6 |
0.4 |
0.4 |
0.2 |
0.3 |
|
Long Term Investment |
-13.6 |
-3.2 |
-1.4 |
0.0 |
-1.2 |
|
Sale of Long Term Investement |
0.1 |
0.1 |
0.1 |
0.0 |
0.0 |
|
Cash from Investing Activities |
-10.3 |
-2.5 |
-1.6 |
-1.3 |
-3.5 |
|
|
|
|
|
|
|
|
Dividend paid |
-4.0 |
-1.7 |
-1.9 |
-1.1 |
-0.9 |
|
Cash from Financing Activities |
-4.0 |
-1.7 |
-1.9 |
-1.1 |
-0.9 |
|
|
|
|
|
|
|
|
Net Change in Cash |
-6.4 |
-1.0 |
1.6 |
11.1 |
1.8 |
|
|
|
|
|
|
|
|
Net Cash Begining Balance |
13.4 |
15.2 |
13.8 |
3.4 |
2.3 |
|
Net Cash - Ending Balance |
7.0 |
14.2 |
15.4 |
14.5 |
4.1 |
|
Cash Interest Paid |
- |
- |
- |
0.7 |
1.0 |
|
Cash Taxes Paid |
2.6 |
3.3 |
3.0 |
1.3 |
1.3 |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.65 |
|
|
1 |
Rs.101.17 |
|
Euro |
1 |
Rs.85.55 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.