Bhanero Textiles Financial Analysis

8/11/2019 Bhanero Textiles Financial Analysis

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2013 2012Note Rupees Rupees

Sales 25 2,171,725,362 2,606,632,152

Cost of sales 26 2,546,223,527- 3,943,889,711

Gross (loss) 374,498,165- 1,337,257,559-

Other operating income 27 147,973,103 20,470,159

226,525,062- 1,316,787,400-

Selling and distribution expenses 28 29,319,782- 29,857,840

Administrative expenses 29 126,961,704- 149,021,467

Other operating expense - -Loss on disposal of property, plant & equipment - -

Finance cost 30 105,702,543- 177,280,478

261,984,029- 356,159,785

(Loss) before taxation 488,509,091- 1,672,947,185-

Provision for taxation 31 493,798,770- 17,520,405

(Loss) for the year 493,798,770- 1,690,467,590-

(Loss) per share- Basic and diluted 32 4.29- 14.70-

411%

Profit and loss account

For the years 2009 through 2013

CHENAB LIMITED


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2011 2010 2009Rupees Rupees Rupees

4,374,335,091 8,857,795,931 9,091,378,530

5,541,364,694 9,055,286,804 7,107,003,527

1,167,029,603- 197,490,873- 1,984,375,003

5,863,716 135,668,917 1,390,367

1,161,165,887- 61,821,956- 1,985,765,370

164,017,494 363,687,892 307,434,207

190,203,074 198,245,997 197,356,419

- 7,087,892 6,995,759373,124 - -

1,342,163,362 1,308,783,863 1,487,708,495

1,696,757,054 1,877,805,644 1,999,494,880

2,857,922,941- 1,939,627,600- 13,729,510-

29,828,216 88,341,710 82,933,342

2,887,751,157- 2,027,969,310- 96,662,852-

25.11- 17.63- 0.84-


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2013 2012

a) CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation 488,509,091- 1,672,947,185-

Adjustments for:

Depreciation on property, plant and equipment 218,832,051 214,738,465

Provision for staff retirement gratuity 24,395,469 34,118,924

(Gain) / loss on disposal of property,

plant and equipment 3,524,798- 201,802-

Finance cost 105,702,543 177,280,478

Balances written back - net 137,397,193- 16,939,650-

Operating cash flows before working capital changes 280,501,019- 1,263,950,770-

Changes in working capital:

Decrease / (increase) in current assets:

Stores, spares and loose tools 161,538,370 387,176,516

Stock in trade 23,329,205 597,094,727

Trade debts 54,424,194- 469,935,784

Loans and advances 44,308,317 27,192,551-

Deposits and prepayments 2,591,440 1,799,726

Other receivables 43,248,848 20,814,954

Tax refunds due from Government 2,615,478 54,858,330

223,207,464 1,504,487,486

(Decrease) in current liabilities 42,468,097- 64,775,537-

Trade and other payables 180,739,367 1,439,711,949

Cash generated from operations 99,761,652- 175,761,179

Income tax paid 8,933,580- 22,894,968-

Finance cost paid 14,036,970- 23,371,780-

Staff retirement gratuity paid 1,648,938- 15,361,619-

Net cash generated from operating activities 124,381,140- 114,132,812

2013 2012

Rupees Rupees

b) CASH FLOWS FROM INVESTING ACTIVITIES

Additions in property, plant and equipment 24,907,685- 20,074,949-

Proceeds from disposal of property, plant and equipment 508,905 2,566,062

Lomg term deposits 3,832,000-

Net cash (used in) investing activities 28,230,780- 17,508,887-

FOR THE YEAR ENDED JUNE 30, 2013,2012,2011,201

Cash flow staement

CHENAB LIMITED


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2013 2012

Rupees Rupees

c) CASH FLOWS FROM FINANCING ACTIVITIES

Long term financing obtained -

Repayment of:

Long term financing 36,196,000- 69,958,973-Liabilities against assets subject to finance lease 276,258- 2,732,663-

(Decrease) in short term borrowings - net 176,100,585 13,979,205-

Net cash generated from financing activities - -

Net cash (used in) financing activities 139,628,327 86,670,841-

Net increase in cash and cash equivalents (a+b+c) -12,983,593 9,953,084

Cash and cash equivalents at the beginning of the year 29,706,905 19,753,821

Cash and cash equivalents at the end of the year 16,723,312 29,706,905


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6/65

2011 2010 2009

Rupees Rupees Rupees

158,357,630 155,660,000 388,528,001

151,183,990- 261,483,216- 401,031,684-1,494,008- 19,063,768- 24,364,094-

170,475,663- 307,549,932 248,841,145

- 182,662,948 211,972,621

164,796,031-

2,333,449 45,931,294- 3,493,808

17,420,372 63,351,766 59,857,958

19,753,821 17,420,472 63,351,766


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2013 2012

Note Rupees Rupees

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital

120,000,000 ordinary shares

of Rs.10/- each 1,200,000,000 1,200,000,000

80,000,000 cumulative preference

shares of Rs.10/- each 800,000,000 800,000,000

Issued, subscribed

and paid up capital 3 1,150,000,000 1,150,000,000Cumulative preference shares 4 800,000,000 800,000,000

Capital reserves 5 526,409,752 526,409,752

Revenue reserves 6 6,904,869,688- 6,441,653,691-

4,428,459,936- 3,965,243,939-

SURPLUS ON REVALUATION OF

PROPERTY, PLANT AND EQUIPMEN 7 5,122,524,353 5,153,107,126

NON-CURRENT LIABILITIES

Long term financing 8 2,758,868,705 3,166,138,804

Liabilities against assetssubject to finance lease 9 27,156,234 30,276,637

Deferred liabilities 10 608,839,312 514,827,222

Staff retirement gratuity - -

3,394,864,251 3,711,242,663

CURRENT LIABILITIES

Trade and other payables 11 1,842,055,311 1,995,944,596

Interest / markup payable 12 1,302,358,402 1,297,629,472

Short term borrowings 13 5,746,682,704 5,570,582,119

Current portion of :

Long term financing 8 2,054,105,760 1,700,531,661

Liabilities against assets

subject to finance lease 9 8,305,654 15,766,430

Provision for taxation - income tax 3,232,808 15,453,941

10,956,740,639 10,595,908,219

CONTINGENCIES 14 - -

15,045,669,307 15,495,014,069

As at June 30, 2013, 20

Balance

CHENAB L


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2013 2012

Note Rupees Rupees

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 15 11,253,800,473 11,462,208,946

Long term deposits 16 12636768 8,804,768

11,266,437,241 11,471,013,714

CURRENT ASSETS

Stores, spares and loose tools 17 559,754,221 721,292,591

Stock in trade 18 626,205,881 649,535,086

Trade debts 19 2,386,524,814 2,332,100,620

Loans and advances 20 50,200,309 107,053,722

Deposits and prepayments 21 12,756,851 15,348,291

Other receivables 22 43,246,866 86,495,714

Tax refunds due from Government 23 83,819,812 82,467,426

Cash and bank balances 24 16,723,312 29,706,9053,779,232,066 4,024,000,355

15,045,669,307 15,495,014,069


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2011 2010 2009


1,200,000,000 1,200,000,000 1,200,000,000

800,000,000 800,000,000 800,000,000

1,150,000,000 1,150,000,000 1,150,000,000800,000,000 800,000,000 800,000,000

526,409,752 526,409,752 526,409,752

4,772,317,801- 1,919,532,120- 17,466,944

2,295,908,049- 556,877,632 2,493,876,696

5,156,590,479 5,209,204,302 1,159,681,490

1,866,733,990 2,254,543,238 2,605,783,508

33,546,581 67,955,648 111,349,515

166,998,188 162,437,191 197,439,911

- - -

2,067,278,759 2,484,936,077 2,914,572,934

2,007,795,137 2,080,254,632 2,126,296,779

1,583,696,780 572,015,274 350,914,058

7,266,477,945 7,436,953,608 7,129,403,676

1,265,396,400 870,413,512 624,996,458

123,250,292 87,275,444 58,581,487

29,515,650 88,388,024 82,933,342

12,276,132,204 11,135,300,494 10,373,125,800 55,337,207,356

-

17,204,093,393 19,386,318,505 16,941,256,920

2, 2011, 2010, 2009

heet

MITED


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2011 2010 2009


11,659,236,722 11,855,461,204 7,393,978,991

8,851,468 19,735,910 20,988,313

11,668,088,190 11,875,197,11 4 7,414,967,304

1,108,469,107 1,235,107,734 1,354,236,610

1,246,629,813 2,491,388,714 4,475,234,871

2,802,036,404 3,302,963,149 3,125,515,062

103,027,030 136,617,136 140,213,315

25,931,317 20,313,478 41,763,282

107,310,668 128,805,315 131,097,073

122,847,043 178,506,493 194,877,637

19,753,821 17,420,372 63,351,7665,536,005,203 7,511,121,391 9,526,289,616

17,204,093,393 19,386,318,505 16,941,256,920


11/65

-4,428,459,936 (3,965,243,939) (2,295,908,049) 556,877,632 2,493,876,696

5,122,524,353 5,153,107,126 5,156,590,479 5,209,204,302 1,159,681,490

694,064,417 1,187,863,187 2,860,682,430 5,766,081,934 3,653,558,186

694,064,417 1,187,863,187 2,860,682,430 5,766,081,934 3,653,558,186

Total Liab 14,351,604,890 14,307,150,882 14,343,410,963 13,620,236,571


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13/65

13,287,698,734


14/65

33.17%

127.83%

-

32.43%Equity

CHENAB LIMITED

Five-Year Growth Rates

Sales

Net Income

Dividends


15/65

Years 2013 2012 2011 2010

Net Sales 100.00% 100% 100% 100%

Cost of sales -117.24% 151% 127% 102%Gross (loss) -17.24% -51.30% -26.68% -2.23%

Other operating income 6.81% 0.79% 0.13% 1.53%

-10.43% -50.52% -26.54% -0.70%

Selling and distribution expenses -1.35% 1.15% 3.75% 4.11%

Administrative expenses -5.85% 5.72% 4.35% 2.24%

Other operating expense - - - -

Loss on disposal of property, plant & equipme - - - -

Finance cost -4.87% 6.80% 30.68% 14.78%

-12.06% 13.66% 38.79% 21.20%

(Loss) before taxation -22.49% -64.18% -65.33% -21.90%Provision for taxation -22.74% 0.67% 0.68% 1.00%

(Loss) for the year -22.74% -64.85% -66.02% -22.89%

(Loss) per share- Basic and diluted 0.00% 0.00% 0.00% 0.00%

CHENAB LIMITED

Common-Size Income Statements

For 2009 through 2013


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2009

100% 2,171,725,362 2,606,632,152 4,374,335,091 8,857,795,931 9,091,378,530

78% 2,546,223,527- 3,943,889,711 5,541,364,694 9,055,286,804 7,107,003,52721.83% 374,498,165- 1,337,257,559- 1,167,029,603- (197,490,873) 1,984,375,003

0.02% 147973103 20,470,159 5,863,716 135,668,917 1,390,367

21.84% 226,525,062- (1,316,787,400) (1,161,165,887) (61,821,956) 1,985,765,370

3.38% -29319782 29,857,840 164,017,494 363,687,892 307,434,207

2.17% -126961704 149,021,467 190,203,074 198,245,997 197,356,419

- - 7,087,892 6,995,759

- - - 373,124 - -

16.36% -105702543 177,280,478 1,342,163,362 1,308,783,863 1,487,708,495

21.99% -261984029 356,159,785 1,696,757,054 1,877,805,644 1,999,494,880

-0.15% 488,509,091- (1,672,947,185) (2,857,922,941) (1,939,627,600) (13,729,510)0.91% 493,798,770- 17,520,405 29,828,216 88,341,710 82,933,342

-1.06% -493,798,770 (1,690,467,590) (2,887,751,157) (2,027,969,310) (96,662,852)

0.00% -4.29 (14.70) (25.11) (17.63) (0.84)

5 Yr Inc St


17/65

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital120,000,000 ordinary shares

of Rs.10/- each 7.98% 7.74% 6.98%

80,000,000 cumulative preference - - -

shares of Rs.10/- each 5.32% 5.16% 4.65%

Issued, subscribed - - -

and paid up capital 7.64% 7.42% 6.68%

Cumulative preference shares 5.32% 5.16% 4.65%

Capital reserves 3.50% 3.40% 3.06%

Revenue reserves -45.89% -41.57% -27.74%

-29.43% -25.59% -13.35%SURPLUS ON REVALUATION OF - - -

PROPERTY, PLANT AND EQUIPMENT 34.05% 33.26% 29.97%

NON-CURRENT LIABILITIES

Long term financing 18.34% 20.43% 10.85%

Liabilities against assets - - -

subject to finance lease 0.18% 0.20% 0.19%

Deferred liabilities 4.05% 3.32% 0.97%

Staff retirement gratuity - - -

22.56% 23.95% 12.02%

CURRENT LIABILITIES

Trade and other payables 12.24% 12.88% 11.67%

Interest / markup payable 8.66% 8.37% 9.21%

Short term borrowings 38.19% 35.95% 42.24%

Current portion of : - - -

Long term financing 13.65% 10.97% 7.36%

Liabilities against assets - - -

subject to finance lease 0.06% 0.10% 0.72%

Provision for taxation - income tax 0.02% 0.10% 0.17%

72.82% 68.38% 71.36%CONTINGENCIES - - -

TOTAL LIABILITEIS AND EQUITY 100.00% 100.00% 100.00%

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 74.80% 73.97% 67.77%

Long term deposits 0.08% 0.06% 0.05%

COMMON SIZE BALANCE SHEET

YEARS 2009 through 2013


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Total 74.88% 74.03% 67.82%

CURRENT ASSETS

Stores, spares and loose tools 3.72% 4.65% 6.44%

Stock in trade 4.16% 4.19% 7.25%

Trade debts 15.86% 15.05% 16.29%

Loans and advances 0.33% 0.69% 0.60%Deposits and prepayments 0.08% 0.10% 0.15%

Other receivables 0.29% 0.56% 0.62%

Tax refunds due from Government 0.56% 0.53% 0.71%

Cash and bank balances 0.11% 0.19% 0.11%

Total Current Assets 25.12% 25.97% 32.18%

- -

TOTAL ASSETS 100.00% 100.00% 100.00%


19/65

6.19% 7.08% 1,200,000,000 1,200,000,000

- -

4.13% 4.72% 800,000,000 800,000,000

- -

5.93% 6.79% 1,150,000,000 1,150,000,000

4.13% 4.72% 800,000,000 800,000,000

2.72% 3.11% 526,409,752 526,409,752

-9.90% 0.10% -6904869688 (6,441,653,691)

2.87% 14.72% -4,428,459,936 (3,965,243,939)- -

26.87% 6.85% 5,122,524,353 5,153,107,126

11.63% 15.38% 2,758,868,705 3,166,138,804

- -

0.35% 0.66% 27,156,234 30,276,637

0.84% 1.17% 608,839,312 514,827,222

- - - -

12.82% 17.20% 3,394,864,251 3,711,242,663

10.73% 12.55% 1,842,055,311 1,995,944,596

2.95% 2.07% 1,302,358,402 1,297,629,472

38.36% 42.08% 5,746,682,704 5,570,582,119

- -

4.49% 3.69% 2,054,105,760 1,700,531,661

- -

0.45% 0.35% 8,305,654 15,766,430

0.46% 0.49% 3,232,808 15,453,941

57.44% 61.23% 10,956,740,639 10,595,908,219- - - -

100.00% 100.00% 15,045,669,307 15,495,014,069

61.15% 43.64% 11,253,800,473 11,462,208,946

0.10% 0.12% 12636768 8,804,768


20/65

61.26% 43.77% 11,266,437,241 11,471,013,714

6.37% 7.99% 559,754,221 721,292,591

12.85% 26.42% 626,205,881 649,535,086

17.04% 18.45% 2,386,524,814 2,332,100,620

0.70% 0.83% 50,200,309 107,053,7220.10% 0.25% 12,756,851 15,348,291

0.66% 0.77% 43,246,866 86,495,714

0.92% 1.15% 83,819,812 82,467,426

0.09% 0.37% 16,723,312 29,706,905

38.74% 56.23% 3,779,232,066 4,024,000,355

- -

100.00% 100.00% 15,045,669,307 15,495,014,069


21/65

1,200,000,000 1,200,000,000 1,200,000,000

800,000,000 800,000,000 800,000,000

1,150,000,000 1,150,000,000 1,150,000,000

800,000,000 800,000,000 800,000,000

526,409,752 526,409,752 526,409,752

(4,772,317,801) (1,919,532,120) 17,466,944

(2,295,908,049) 556,877,632 2,493,876,696

5,156,590,479 5,209,204,302 1,159,681,490

1,866,733,990 2,254,543,238 2,605,783,508

33,546,581 67,955,648 111,349,515

166,998,188 162,437,191 197,439,911

- - -

2,067,278,759 2,484,936,077 2,914,572,934

2,007,795,137 2,080,254,632 2,126,296,779

1,583,696,780 572,015,274 350,914,058

7,266,477,945 7,436,953,608 7,129,403,676

1,265,396,400 870,413,512 624,996,458

123,250,292 87,275,444 58,581,487

29,515,650 88,388,024 82,933,342

12,276,132,204 11,135,300,494 10,373,125,800-

17,204,093,393 19,386,318,505 16,941,256,920

11,659,236,722 11,855,461,204 7,393,978,991

8,851,468 19,735,910 20,988,313

ROUGH


22/65

11,668,088,190 11,875,197,114 7,414,967,304

1,108,469,107 1,235,107,734 1,354,236,610

1,246,629,813 2,491,388,714 4,475,234,871

2,802,036,404 3,302,963,149 3,125,515,062

103,027,030 136,617,136 140,213,315

25,931,317 20,313,478 41,763,282

107,310,668 128,805,315 131,097,073

122,847,043 178,506,493 194,877,637

19,753,821 17,420,372 63,351,766

5,536,005,203 7,511,121,391 9,526,289,616

17,204,093,393 19,386,318,505 16,941,256,920


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2013 2012 2011 2010

Cash and bank balances 0.26 0.47 0.31 0.27

Trade debts 0.76 0.75 0.90 1.06Temporary Investment

Inventory = Stock in Trade 0.14 0.15 0.28 0.56

Total C.A 0.32 0.42 0.58 0.79

Total C.L 1.06 1.02 1.18 1.07

Working Capital 9.36 7.76 7.96 4.28

Property, plant and equipmen 1.52 1.55 1.58 1.60

Other Assets = L.T Dep 0.60 0.42 0.42 0.94

Long term Debt 1.06 1.22 0.72 0.87

Total Liabilities 1.08 1.08 1.08 1.03

Shareowners Equity 0.19 0.33 0.78 1.58

Sales 0.24 0.29 0.48 0.97

Cost of sales 0.36- 0.55 0.78 1.27

Administrative expenses 0.64- 0.76 0.96 1.00

Selling and distribution expen 0.10- 0.10 0.53 1.18

Interest Expense = Finance co 0.07- 0.12 0.90 0.88

Total cost and Exp 0.24- 0.18 0.85 0.94

Earnings Before Taxes 62.25 121.85 208.16 141.27

Net Income 5.11 17.49 29.87 20.98

Trend Index of Selected Accounts (2009 = 100%)


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2009 2013

63,351,766 Cash and bank balances 16,723,312

3,125,515,062 Trade debts 2,386,524,814

4,475,234,871 Stock in trade 626,205,881

9,526,289,616 Total C.A 3,029,456,020

10,373,125,800 Total C.L 10,956,740,639

846,836,184- Working Capital 7,927,284,619-

7,393,978,991 Property, plant and equipment 11,253,800,473

20,988,313 Long term deposits 12636768

2,605,783,508 Long term financing 2,758,868,705

13,287,698,734 Total Liabilities 14,351,604,890

3,653,558,186 Shareowners Equity 694,064,417

9,091,378,530 Sales 2,171,725,362

7,107,003,527 Cost of sales 2,546,223,527-

197,356,419 Administrative expenses -126961704

307,434,207 Selling and distribution expenses -29319782

1,487,708,495 Interest Expense -105702543

1,999,494,880 Total Exp -480200708

Total cost and Exp 3,026,424,235-

(13,729,510) (Loss) before taxation 854,698,873-

(96,662,852) Net Income -493,798,770


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2012 2011 2010 2009

29,706,905 19,753,821 17,420,372 63,351,766

2,332,100,620 2,802,036,404 3,302,963,149 3,125,515,062

649,535,086 1,246,629,813 2,491,388,714 4,475,234,871

4,024,000,355 5,536,005,203 7,511,121,391 9,526,289,616

10,595,908,219 12,276,132,204 11,135,300,494 10,373,125,800

6,571,907,864- 6,740,127,001- 3,624,179,103- 846,836,184-

11,462,208,946 11,659,236,722 11,855,461,204 7,393,978,991

8,804,768 8,851,468 19,735,910 20,988,313

3,166,138,804 1,866,733,990 2,254,543,238 2,605,783,508

14,307,150,882 14,343,410,963 13,620,236,571 13,287,698,734

1,187,863,187 2,860,682,430 5,766,081,934 3,653,558,186

2,606,632,152 4,374,335,091 8,857,795,931 9,091,378,530

3,943,889,711 5,541,364,694 9,055,286,804 7,107,003,527

149,021,467 190,203,074 198,245,997 197,356,419

29,857,840 164,017,494 363,687,892 307,434,207

177,280,478 1,342,163,362 1,308,783,863 1,487,708,495

356,159,785 1,696,757,054 1,877,805,644 1,999,494,880

4,300,049,496 7,238,121,748 10,933,092,448 9,106,498,407

(1,672,947,185) (2,857,922,941) (1,939,627,600) (13,729,510)

(1,690,467,590) (2,887,751,157) (2,027,969,310) (96,662,852)


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2013 2012 2011 2010

Sales 18.88 22.67 38.04 77.02

Net Income 4.29- -14.70 -25.11 -17.63

Dividends

Book Value 10.33 24.88 50.14 31.77Avg Share holdings 115,000,000 115,000,000 115,000,000 115,000,000

Per Share Results

CHENAB LIMITED


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2009 2013 2012

79.06 Issued subs paid up cap 1,150,000,000 1,150,000,000

-0.84 No of shares outstanding 115,000,000 115000000

Sales 2,171,725,362 2,606,632,152

- Net Income -493,798,770 (1,690,467,590)115,000,000 Beg O.E 694,064,417 1,187,863,187


28/65

2011 2010 2009

1,150,000,000 1,150,000,000 1,150,000,000

115000000 115000000 115000000

4,374,335,091 8,857,795,931 9,091,378,530

(2,887,751,157) (2,027,969,310) (96,662,852)2,860,682,430 5,766,081,934 3,653,558,186


29/65


30/65

Net cash (used in) financing activities 14.11% -3.95% -3.78%

Net increase in cash and cash equivalents (a+b+c) -1.31% 0.45% 0.05% -0.77%

Cash and cash equivalents at the beginning of the year 3.00% 0.90% 0.40% 1.07%

Cash and cash equivalents at the end of the year 1.69% 1.35% 0.45% 0.29%


31/65

BASE 989,229,755 2,195,558,955

2013 2012

2009 Rupees Rupees

a) CASH FLOWS FROM OPERATING ACTIVITIES

-0.29% Loss before taxation 488,509,091- 1,672,947,185-

Adjustments for:6.06% Depreciation on property, plant and equipment 218,832,051 214,738,465

1.35% Provision for staff retirement gratuity 24,395,469 34,118,924

(Gain) / loss on disposal of property,

- plant and equipment 3,524,798- (201,802)

31.83% Finance cost 105,702,543 177,280,478

0.01% Balances written back - net 137,397,193- (16,939,650)

38.95% Operating cash flows before working capital changes 280,501,019- (1,263,950,770)

Changes in working capital

Decrease / (increase) in current assets

-3.82% Stores, spares and loose tools 161,538,370 387,176,516

-0.70% Stock in trade 23,329,205 597,094,727

-14.90% Trade debts 54,424,194- 469,935,784

0.24% Loans and advances 44,308,317 (27,192,551)

-0.21% Deposits and prepayments 2,591,440 1,799,726

0.31% Other receivables 43,248,848 20,814,954

0.47% Tax refunds due from Government 2,615,478 54,858,330

-18.62% 223,207,464 1,504,487,486

9.20% (Decrease) in current liabilities 42,468,097- (64,775,537)

Trade and other payables

-9.41% 180,739,367 1,439,711,94929.53% Cash generated from operations 99,761,652- 175,761,179

-1.79% Income tax paid 8,933,580- (22,894,968)

-30.05% Finance cost paid 14,036,970- (23,371,780)

-0.76% Staff retirement gratuity paid 1,648,938- (15,361,619)

-3.06% Net cash generated from operating activities -124,381,140 114,132,812

b) CASH FLOWS FROM INVESTING ACTIVITIES

-1.52% Additions in property, plant and equipment -24,907,685 (20,074,949)

0.10% Proceeds from disposal of property, plant and equipment 508,905 2,566,062

0.03% Lomg term deposits -3,832,000

-1.40% Net cash (used in) investing activities 28,230,780- (17,508,887)

c) CASH FLOWS FROM FINANCING ACTIVITIES

8.31% Long term financing obtained -

Repayment of:

-8.58% Long term financing -36,196,000 (69,958,973)

-0.52% Liabilities against assets subject to finance lease -276,258 (2,732,663)

5.32% (Decrease) in short term borrowings - net 176,100,585 (13,979,205)

4.53% Net cash generated from financing activities - -


32/65

Net cash (used in) financing activities 139,628,327 (86,670,841)

0.07% Net increase in cash and cash equivalents (a+b+c) -12,983,593 9,953,084

1.28% Cash and cash equivalents at the beginning of the year 29,706,905 19,753,821

1.36% Cash and cash equivalents at the end of the year 16,723,312 29,706,905


33/65

4,359,971,414 5,944,401,364 4,674,619,665

2011 2010 2009


2,857,922,941- (1,939,627,600) (13,729,510) # #

# #231,209,397 281,930,252 283,375,733 # #

43,366,398 70,366,985 62,976,129 # #

# #

373,124 - - # #

1,342,163,362 1,308,783,863 1,487,708,495 # #

(1,518,233) (130,114,872) 361,100 # #

(1,242,328,893) (408,661,372) 1,820,691,947 # #

# #

# #

126,638,627 119,128,876 (178,694,119) # #

1,244,758,901 1,983,846,157 (32,634,773) # #

500,925,745 (177,447,087) (696,474,242) # #

(15,531,865) 13,661,091 11,050,222 # #

5,266,603 22,702,207 (9,940,175) # #

21,494,647 2,571,029 14,538,561 # #

53,569,811 10,519,404 21,865,019 # #

1,937,122,469 1,974,981,677 (870,289,507) # #

# #

(114,620,054) 8,325,047 430,225,503 # #

# #

1,822,502,415 1,983,306,724 (440,064,004) # #580,173,522 1,574,645,352 1,380,627,943 # #

(37,488,980) (87,100,200) (83,625,362) # #

(327,422,067) (1,083,318,789) (1,404,492,585) # #

(12,774,956) (25,095,324) (35,549,721) # #

202,487,519 379,131,039 (143,039,725) # #

# #

# #

(47,897,168) (611,664,212) (71,284,749) # #

12,539,129 3,938,931 4,610,411 # #

- 1,235,250 # #

(35,358,039) (607,725,281) (65,439,088) # #

# #

158,357,630 155,660,000 388,528,001 # #

# #

(151,183,990) (261,483,216) (401,031,684) # #

(1,494,008) (19,063,768) (24,364,094) # #

(170,475,663) 307,549,932 248,841,145 # #

- 182,662,948 211,972,621 # #


34/65


35/65

Cash Flow adequacy ratio

2013 2012 2011 2010 2009

Cash Reinvestment Ratio: 0.01 0.06 0.06 0.00 -0.03 0.10

CHENAB LIMITED

Analysis of Cash Flow Ratios

6.00


36/65

2013 2012 2011 2010

Net cash from operations -124,381,140 114,132,812 202,487,519 379,131,039

Dividends paid

Stock in trade (inv additions) 573,765,522- -647,664,174 -739,087,256 2,016,480,930

Capital expenditure 11266437 11,471,014 11,668,088 11,875,197

23,329,205 597,094,727 1,244,758,901 1,983,846,157

Cash provided by operations 223,207,464 1,504,487,486 1,937,122,469 1,974,981,677

ACC DEP 986,195,771 774,048,746 567,195,183 -

TA 15,045,669,307 15,495,014,069 17,204,093,393 19,386,318,505

CL 10,956,740,639 10,595,908,219 12,276,132,204 11,135,300,494

986,195,771 774,048,746 567,195,183 -

Cash flow adequacy ratio = 5-yr sum of sources of cash from operations / 5year sum of capit

inventory additions & cash dividends


37/65

2009

(143,039,725) 428,330,505

(38,252,915) 17,711,063

7,414,967 53695703

(32,634,773)

(870,289,507)

806,973,644

16,941,256,920

10,373,125,800

806,973,644

l expenditure,


38/65

2013

Units Measure

Ratio Current Ratio 0.34

Ratio Acid-test ratio 0.29

Times Accounts receivable turnover 0.92Times Inventory Turnover -3.99

Days Days' sales in receivables 391.10

Days Days' sales in inventory -90.19

Days Approximate conversion period 300.91

Percent Cash to current assets -0.03

Percent Cash to current liabilities -0.01

$ Working capital 7,177,508,573-

Days Days' purchases in accounts payable -260.44

Days Average net trade cycle 561.35

Percent

-0.012Cash provided by operations to average current liabilities

Short Term Liquidity Analys

CHENAB LIMITED


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2012 2011 2010 2009 IND AVG

0.38 0.45 0.67 0.92 2.77 CL

0.32 0.35 0.45 0.48 1.88 CA

1.02 1.43 2.76 2.91 9.03 Stock in trade4.16 2.96 2.60 1.41 7.14 Deposits and prepayments

354.54 251.22 130.63 123.76 1251.24 Sales

86.54 121.42 138.48 255.64 511.90 Trade debts

441.08 372.64 269.12 379.40 1763.14 Cost of sales

0.03 0.04 0.05 -0.02 0.07 Stock in trade

0.01 0.02 0.03 -0.01 0.04 Net cash generated from op

6,571,907,864- 6,740,127,001- 3,624,179,103- 846,836,184- -24960558725.00 Trade and other payables

182.19 130.44 82.70 107.71 242.60

258.89 242.20 186.41 271.69 1520.54

0.010 0.017 0.035 -0.028 0.02

is


40/65

2013 2012 2011 2010 2009

10,956,740,639 10,595,908,219 12,276,132,204 11,135,300,494 10,373,125,800 0

3,779,232,066 4,024,000,355 5,536,005,203 7,511,121,391 9,526,289,616

626,205,881 649,535,086 1,246,629,813 2,491,388,714 4,475,234,87112,756,851 15,348,291 25,931,317 20,313,478 41,763,282

2,171,725,362 2,606,632,152 4,374,335,091 8,857,795,931 9,091,378,530

2,386,524,814 2,332,100,620 2,802,036,404 3,302,963,149 3,125,515,062

2,546,223,527- 3,943,889,711 5,541,364,694 9,055,286,804 7,107,003,527

626,205,881 649,535,086 1,246,629,813 2,491,388,714 4,475,234,871 5,618,142,000

-124,381,140 114,132,812 202,487,519 379,131,039 (143,039,725)

1,842,055,311 1,995,944,596 2,007,795,137 2,080,254,632 2,126,296,779


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2013 2012 2011 2010 2009

CURRENT ASSETS

Stores, spares and loose tools 14.8% 17.9% 20.0% 16.4% 14.2%

Stock in trade 16.6% 16.1% 22.5% 33.2% 47.0%

Trade debts 63.1% 58.0% 50.6% 44.0% 32.8%Loans and advances 1.3% 2.7% 1.9% 1.8% 1.5%

Deposits and prepayments 0.3% 0.4% 0.5% 0.3% 0.4%

Other receivables 1.1% 2.1% 1.9% 1.7% 1.4%

Tax refunds due from Government 2.2% 2.0% 2.2% 2.4% 2.0%

Cash and bank balances 0.4% 0.7% 0.4% 0.2% 0.7%

Total Current Assets 100.0% 100.0% 100.0% 100.0% 100.0%

CURRENT LIABILITIES

Trade and other payables 16.8% 18.8% 16.4% 18.7% 20.5%

Interest / markup payable 11.9% 12.2% 12.9% 5.1% 3.4%

Short term borrowings 52.4% 52.6% 59.2% 66.8% 68.7%Current portion of :

Long term financing 18.7% 16.0% 10.3% 7.8% 6.0%


subject to finance lease 0.1% 0.1% 1.0% 0.8% 0.6%

Provision for taxation - income tax 0.0% 0.1% 0.2% 0.8% 0.8%

Total Current Liabilities 100.0% 100.0% 100.0% 100.0% 100.0%

CHENAB LIMITED

Common-size Analysis of Current Assets and Current Liabilities


42/65

2013 2012 # # #

CURRENT ASSETS

Stores, spares an 17 559,754,221 721,292,591 # # #

Stock in trade 18 626,205,881 649,535,086 # # #Trade debts 19 2,386,524,814 2,332,100,620 # # #

Loans and advan 20 50,200,309 107,053,722 # # #

Deposits and pre 21 12,756,851 15,348,291 # # #

Other receivable 22 43,246,866 86,495,714 # # #

Tax refunds due 23 83,819,812 82,467,426 # # #

Cash and bank b 24 16,723,312 29,706,905 # # #

3,779,232,066 4,024,000,355 # # #

CURRENT LIABILITIES

Trade and other 11 1,842,055,311 1,995,944,596 # # #

Interest / marku 12 1,302,358,402 1,297,629,472 # # #

Short term borro 13 5,746,682,704 5,570,582,119 # # #

Current portion of :

Long term financ 8 2,054,105,760 1,700,531,661 # # #


subject to finance 9 8,305,654 15,766,430 # # #

Provision for taxation - income tax 3,232,808 15,453,941 # # #

10,956,740,639 10,595,908,219 # # #


43/65

5,536,005,203 ######### #########

5,536,005,203 ######### #########5,536,005,203 ######### #########

5,536,005,203 ######### #########

5,536,005,203 ######### #########

5,536,005,203 ######### #########

5,536,005,203 ######### #########

5,536,005,203 ######### #########

5,536,005,203 ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########

10,595,908,219 ########## ######### #########


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2013 2012 2011 2010 2009

Total debt to equity 20.68 12.04 5.01 2.36 3.64 43.74

Total debt ratio 0.95 0.92 0.83 0.70 0.78 4.20

Long-term debt to equity 2.96 1.43 0.44 0.15 0.17 5.16

Equity to total debt 0.05 0.08 0.20 0.42 0.27 1.03Fixed assets to equity 16.21 9.65 4.08 2.06 2.02 34.02

Current liabilities to total liabilities 0.76 0.74 0.86 0.82 0.78 3.96

Earnings to fixed charges -99.24 -8.44 -1.13 -0.48 0.99 -108.30

Cash flow to fixed charges 1.18 0.64 0.15 0.29 -0.10 2.16

Capital Structure and Solvency Ratios

2013 I

CHENAB LIMITED


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2013 2012

87.47 TL 14,351,604,890 14,307,150,882

8.40 OE 694,064,417 1,187,863,187

10.31 TA 15,045,669,307 15,495,014,069

2.06 Long term financing 2,054,105,760 1,700,531,66168.04 CL 10,956,740,639 10,595,908,219

7.92 EBT (Loss) before taxation 10,595,908,219 (1,672,947,185)

-216.60 INT -105702543 177,280,478

4.33 EBIT 10,490,205,676 1,495,666,707-

Net cash -124,381,140 114,132,812

(fixed assets) Property, plant and equipment 11,253,800,473 11,462,208,946

dustry


46/65

2011 2010 2009

14,343,410,963 13,620,236,571 13,287,698,734

2,860,682,430 5,766,081,934 3,653,558,186

17,204,093,393 19,386,318,505 16,941,256,920

1,265,396,400 870,413,512 624,996,45812,276,132,204 11,135,300,494 10,373,125,800

(2,857,922,941) (1,939,627,600) (13,729,510)

1,342,163,362 1,308,783,863 1,487,708,495

1,515,759,579- 630,843,737- 1,473,978,985

202,487,519 379,131,039 (143,039,725)

11,659,236,722 11,855,461,204 7,393,978,991


47/65

2013 2012 2011 2010

Return on Net Opt Assets -5% -10% -9% -3%

Return on Common Equity -71% -142% -101% -35%

Return on Longterm Debt and Equity -17% -31% -31% -8%

Equity growth rate -71% -142% -101% -35%Disaggregation

ROCE -43% -85% -83% -31%

Leverage Ratio (NFO/OE) 11.24 6.12 2.98 1.44

Spread -3% -12% -25% -19%

RNOA -169% -255% -93% -10%

Net Profit Margin -33% -58% -35% -7%

Total Assets Turnover 19% 23% 38% 75%

Operating assets 11,253,800,473 11,443,210,355 11,659,236,722 11,855,461,204

ST Borrowings 5,746,682,704 5 ,570,582,119 7,266,477,945 7,436,953,608

Current portion on LT Liab 2,054,105,760 1 ,700,531,661 1,265,396,400 870,413,512

CHENAB LIMITED

Return on Invested Capital Ratios


48/65

2009

-0.27 (Loss) for -493,798,770 (1,690,467,590) (2,887,751,157) (2,027,969,310)

-3.50 Finance c -105702543 177,280,478 1,342,163,362 1,308,783,863

-0.87 (Loss) bef 488,509,091- (1,672,947,185) (2,857,922,941) (1,939,627,600)

-3.50 Provision 493,798,770 17,520,405 29,828,216 88,341,710Total ass 15,045,669,307 15,495,014,069 17,204,093,393 19,386,318,505

-2.41 Opt Liabilities

21.78 staff grat 111,138,359 114,367,833 114,367,833 149,349,841

-0.60

-5.26

-1.33

1.54 Tax rate -1.01082821 -0.010472778 -0.010437026 -0.045545707

Owners 694,064,417 1,187,863,187 2,860,682,430 5,766,081,934

LTL 3,394,864,251 3,711,242,663 2,067,278,759 2,484,936,077

7,393,978,991 Tax rate -1.01083 -0.010473 -0.010437 -0.045546

7,129,403,676 Net Sale 2,171,725,362 2,606,632,152 4,374,335,091 8,857,795,931

624,996,458 (Loss) for -493,798,770 (1,690,467,590) (2,887,751,157) (2,027,969,310)

Finance c -105702543 177,280,478 1,342,163,362 1,308,783,863

(Loss) bef 488,509,091- (1,672,947,185) (2,857,922,941) (1,939,627,600)

Provision 493,798,770 17,520,405 29,828,216 88,341,710

Total ass 15,045,669,307 15,495,014,069 17,204,093,393 19,386,318,505

Opt Liabilities

staff grat 111,138,359 114,367,833 114,367,833 149,349,841

Owners 694,064,417 1,187,863,187 2,860,682,430 5,766,081,934

LTL 3,394,864,251 3,711,242,663 2,067,278,759 2,484,936,077

Tax rate -1.01083 -0.010473 -0.010437 -0.045546

NOPAT -706,348,615 -1,511,330,454 -1,531,579,636 -659,575,577

1-T 2.01083 1.010473 1.010437 1.045546


49/65

(96,662,852)

1,487,708,495

(13,729,510)

82,933,34216,941,256,920

0

-6.040517251

3,653,558,186

2,914,572,934

-6.040517

9,091,378,530

(96,662,852)

1,487,708,495

(13,729,510)

82,933,342

16,941,256,920

0

3,653,558,186

2,914,572,934

-6.040517

10,377,574,098

7.040517


50/65

2013 2012 2011 2010 2009 2013 industry

(Based on year-end amounts)

Sales to cash and equivalents 129.86 87.74 221.44 508.47 143.51 1091.03

Sales to receivables 0.91 1.12 1.56 2.68 2.91 9.18

Sales to inventories 3.47 4.01 3.51 3.56 2.03 16.58Sales to working capital -0.30 -0.40 -0.65 -2.44 -10.74 -14.53

Sales to fixed assets 0.19 0.23 0.38 0.75 1.23 2.77

Sales to total assets 0.14 0.17 0.25 0.46 0.54 1.56

Sales to short-term liabilities 0.20 0.25 0.36 0.80 0.88 2.47

CHENAB LIMITED

Analysis of Profit Margin Ratios


51/65

2013 2012

SALES 2,171,725,362 2,606,632,152

Stock in trade (inv) 626,205,881 649,535,086

Trade debts (a/r) 2,386,524,814 2,332,100,620

Cash and bank balances 16,723,312 29,706,905(fixed assets) Property, plant and equipment 11,253,800,473 11,462,208,946

Total assets 15,045,669,307 15,495,014,069

Current Liabilities 10,956,740,639 10,595,908,219

C A 3,779,232,066 4,024,000,355

work cap 7,177,508,573- 6,571,907,864-


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2011 2010 2009

4,374,335,091 8,857,795,931 9,091,378,530

1,246,629,813 2,491,388,714 4,475,234,871

2,802,036,404 3,302,963,149 3,125,515,062

19,753,821 17,420,372 63,351,76611,659,236,722 11,855,461,204 7,393,978,991

17,204,093,393 19,386,318,505 16,941,256,920

12,276,132,204 11,135,300,494 10,373,125,800

5,536,005,203 7,511,121,391 9,526,289,616

6,740,127,001- 3,624,179,103- 846,836,184-


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Profit Margins 2013 2012 2011 2010 2009

Gross Profit Margin 217% -51% -27% -0.02 0.22 1.59

Operating Profit Margin -0.27 -0.57 -0.35 -0.07 0.16 -1.10

Net Profit Margin -0.23 -0.65 -0.66 -0.23 -0.01 -1.78

2013 Industry

Analysis of Profit Margin Ratios

CHENAB LIMITED


54/65

SALES 2,171,725,362 2,606,632,152 4,374,335,091 8,857,795,931

COST OF SALES 2,546,223,527- 3,943,889,711 5,541,364,694 9,055,286,804

PROFIT / (LOSS) BEFORE TAXATI 488,509,091- (1,672,947,185) (2,857,922,941) (1,939,627,600)

OPERATING PROFIT BEFORE FIN 594,211,634- 1,495,666,707- 1,515,759,579- 630,843,737-PROFIT / (LOSS) AFTER TAXATIO -493,798,770 (1,690,467,590) (2,887,751,157) (2,027,969,310)

Finance cost -105702543 177,280,478 1,342,163,362 1,308,783,863


55/65

9,091,378,530

7,107,003,527

(13,729,510)

1,473,978,985(96,662,852)

1,487,708,495


56/65

2013 2012 2011

Accumulated Depreciation as a percent of gross plant assets 8.06% 6.34% 4.64%

Annual depreciation expenses as a percent of gross plant 1.79% 1.76% 1.89%

Annual depreciation expenses as a percent of sales 10.08% 8.24% 5.29%

Analysis of depreciation

CHENAB LIMITED


57/65

2010 2009 2013 2012 2011 2010

- 9.85% 986,195,771 774,048,746 567,195,183 -

- 3.46% 218,832,051 214,738,465 231,209,397 282,209,423

3.19% 3.12% 12,239,996,244 12,217,259,101 12,226,431,905 -

2,171,725,362 2,606,632,152 4,374,335,091 8,857,795,931


58/65

2009

806,973,644 Acc dep

283,375,733 Annual dep

8,195,988,003 Gross plant assets

9,091,378,530 SALES


59/65

2013 2012 2011 2010

Net Sales 2,171,725,362 2,606,632,152 4,374,335,091 8,857,795,931

Plant Assets (net) 11,253,800,473 11,462,208,946 11,659,236,722 11,855,461,204

Maintenance and repairs 13,540,574 11,409,846 10,506,346 13,460,772

Reasearch and Development (R&D) 0 0 0 0Advertising 208,696 194,578 334,946 477,339

Maintenance and repairs / Sales 0.62% 0.44% 0.24% 0.15%

Maintenance and repairs / Plant 0.12% 0.10% 0.09% 0.11%

Advertising / Sales 0.010% 0.007% 0.008% 0.005%

R&D / Sales - - - -

CHENAB LIMITED

Analysis of Discretionary Expenditures


60/65

2009

9,091,378,530

7,393,978,991 Property, pla 11,253,800,473 11,462,208,946 11,659,236,722 11,855,461,204

16,634,173 Sales 2,171,725,362 2,606,632,152 4,374,335,091 8,857,795,931

0422,585

0.18%

0.22%

0.005%

-


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7,393,978,991

9,091,378,530


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2013 2012 2011 2010 2009 IND AVG SUM

Price-to-earnings -0.22 -0.09 -0.09 -0.19 -5.14

Price-to-book -0.03 -0.07 0.45 0.16

Earnings yield -4.56 -10.73 -11.41 -5.15 -0.19

Dividend yield - - - - -Dividend payout - - - - -

CHENAB LIMITED

Market Measures


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2013 2012 2011 2010 2009

(Loss) per share- Basic and diluted -4.29 (14.70) (25.11) (17.63) (0.84)

Price per share 0.94 1.37 2.2 3.42 4.32

Book value -34.48 -19.96 4.84 21.69 -


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Analysis of Cash Flow ratios

1 Cash flow adequacy ratio Industry avg: 8.262

2. Cash reinvestment ratio ind avg: 2.338

Ind Avg

Short term liquidity analysis

Current Ratio 1.110892

Acid-test Ratio 0.529192

Accounts Receivable Turnover 9.895857

Inventory Turnover 4.534805

Days' Sales in Receivables 88.7373

Days' Sales in Inventory 80.41921

Approximate Conversion Period 169.1565

Cash to Current Assets 0.110451

Cash to Current Liabilities 0.122288

Working Capital -1.1E+09

Days' Purchases in Accounts Payable 42.74891

Average Net Trade Cycle 126.4076

Cash Provided by operations to Current Liabilities 0.196093

Capital Strucure and Solv ratio Ind Avg

Total Debt to Equity 5.638641

Total Debt Ratio 0.79443

Long-term Debt to Equity 0.83287Equity to Total Debt 8.029504

Fixed Assets to Equity 4.310872

Current Liabilities to Total Liabilities 1.170682

Earnings to Fixed Charges -6.80432

Cash Flow to Fixed Charges 3.203375


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Ind Avg

Return on Invested Cap Ratios

Return on Net Operating Assets 0.499669

Return on Common Equity 2.734701Return on Long-term Debt and Equity 3.921258

Equity Growth Rate -6.03136

Disaggregation of ROCE: 1.528344

Disaggregation of RNOA: complete 0.257551

Asset utilization ratios Ind avg

Sales to Cash and Equivalents 744.6546

Sales to Receivables 34.14936

Sales to Inventories 5.571425

Sales to Working Capital 13.96539

Sales to Fixed Assets 3.228689

Sales to Other Assets 52.32044

Sales to Total Assets 1.284799

Sales to Short-term Liabilities 3.056425

Analysis of profit margin ratios Ind avg

Gross Profit Margin 2.411229

Operating Profit Margin 0.100798

Net Profit Margin 0.133196

Market Measures Ind Avg

Price to Earnings 0.818396

Price to Book Ratio 6.962469

Earnings Yield -1.42194

Dividend Yield 0.030557

Dividend Payout Ratio 0.405149

Documents

Bhanero Textiles Financial Analysis